MUTUAL FUND INVESTMENT TRUST, 485APOS, 2000-12-05

MUTUAL FUND INVESTMENT TRUST
485APOS, 2000-12-05

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AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 5, 2000
FILE NOS. 33-9421
811-5526
=============================================================================

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 \x\

PRE-EFFECTIVE AMENDMENT NO. \ \

POST-EFFECTIVE AMENDMENT NO. 30 \x\

AND/OR

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 \x\

AMENDMENT NO. 34 \x\

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

MUTUAL FUND INVESTMENT TRUST (formerly AVESTA Trust)
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

1211 Avenue of the Americas, 41st Floor
New York, New York 10036
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)

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

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (212) 492-1600

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

George Martinez, Esq.
BISYS Fund Services, Inc.
3435 Stelzer Road
Columbus, Ohio 43219
(NAME AND ADDRESS OF AGENT FOR SERVICE)

COPY TO:
SARAH COGAN, ESQ.
SIMPSON THACHER & BARTLETT
425 LEXINGTON AVENUE

NEW YORK, NEW YORK 10017

It is proposed that this filing will become effective:

\ \ immediately upon filing pursuant \ \ on pursuant to paragraph (b)
to paragraph (b)

\X\ 60 days after filing pursuant to \ \ on April 30, 1999 pursuant to
paragraph (a)(1) paragraph (a)(1)

1
<PAGE>

\ \ 75 days after filing pursuant \ \ on pursuant to paragraph
to paragraph (a)(2) (a)(2) of Rule 485

If appropriate, check the following box:

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

Registrant has previously elected, pursuant to Rule 24f-2 under the
Investment Company Act of 1940, to register an indefinite number of units of
beneficial interest for sale under the Securities Act of 1933. Registrant's
Rule 24f-2 Notice for the fiscal year 1999 was filed on or about March 21, 2000.
================================================================================

<PAGE>

-------------------------------------------------------------------------------
SUBJECT TO COMPLETION--DECEMBER 1, 2000
-------------------------------------------------------------------------------

Chase Funds

THIS PROSPECTUS OFFERS:
CLASS A, CLASS B AND CLASS C SHARES

CHASE BALANCED
FUND

CHASE EQUITY INCOME
FUND

CHASE CORE EQUITY
FUND

CHASE EQUITY
GROWTH FUND

This Securities and Exchange Commission has not approved or disapproved these
securities or determined if this prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.

[CHASE LOGO]
THE RIGHT RELATIONSHIP IS EVERYTHING.

RHCE-1-1100

The information in this prospectus is not complete and may be changed. We may
not sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. The prospectus is not an offer
to sell these securities and is not soliciting an offer to buy these securities
in any state where the offer or sale is not permitted.
<PAGE>

<TABLE>
<S> <C>
CHASE BALANCED FUND 1

CHASE EQUITY INCOME FUND 10

CHASE CORE EQUITY FUND 18

CHASE EQUITY GROWTH FUND 26

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

THE FUNDS' INVESTMENT ADVISER 34

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

HOW YOUR ACCOUNT WORKS 36

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

ABOUT SALES CHARGES 36

BUYING FUND SHARES 38

SELLING FUND SHARES 40

EXCHANGING FUND SHARES 40

OTHER INFORMATION CONCERNING THE FUNDS 41

DISTRIBUTION ARRANGEMENTS 42

DISTRIBUTIONS AND TAXES 42

SHAREHOLDER SERVICES 43

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

WHAT THE TERMS MEAN 45

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

HOW TO REACH US Back cover

---------------------------------------------
</TABLE>
<PAGE>

--------------------------------------------------------------------------------
CHASE BALANCED FUND
--------------------------------------------------------------------------------

[Start Sidebar]

The Fund's
objective

The Fund aims to provide a balance of current income and growth of capital.

[End Sidebar]

The Fund's main investment
strategy

The Fund seeks a balance of current income and growth by using the following
strategies:

o an active equity management style that focuses on strong earnings momentum
and profitability within the universe of growth-oriented stocks, and

o an active fixed income management style that focuses primarily on domestic
fixed income securities.

The Fund's adviser may adjust the portion of the Fund's assets that are
invested in equity and fixed income securities depending on its analysis of
general market and economic conditions and trends, yields, interest rates and
changes in monetary policies.

The Fund seeks growth of capital by normally investing 30% to 70% of its total
assets in equity securities. The Fund invests primarily in companies with one
or more of the following characteristics:

o a projected rate of earnings growth that's equal to or greater than the
equity markets

o a return on assets and equity that's equal to or greater than the equity
markets

o above-average price/earnings ratios

o below-average dividend yield

1
<PAGE>

CHASE BALANCED FUND

o above-average market volatility

o a market capitalization of more than $500 million.

Market capitalization is the total market value of a company's shares. Equity
securities include common stocks and preferred stocks and securities that are
convertible into common stocks.

The Fund will focus on companies with strong earnings growth and high
profitability levels. The Fund will also examine industry and company specific
characteristics. The Fund's equity portion will emphasize growth sectors of the
economy.

The Fund seeks current income by normally investing at least 25% of its total
assets in U.S. government securities and other fixed income securities,
including mortgage-backed securities. The Fund invests in fixed income
securities only if they are rated as investment grade or the adviser considers
them to be comparable to investment grade.

There is no restriction on the maturity of the Fund's debt portfolio or on any
individual security in the portfolio. The Fund's advisers will adjust the
maturity based on its outlook for the economy.

The Fund may invest up to 30% of its total assets in foreign securities,
including Depositary Receipts. Its equity investments may also include
convertible securities, which generally pay interest or dividends and which can
be converted into common or preferred stock.

The Fund's equity holdings may also include real estate investment trusts
(REITs), which are pools of investments primarily in income-producing real
estate or loans related to real estate.

The Fund may invest in mortgage-related securities issued by governmental
entities and private issuers. These may include investments in collateralized
mortgage obligations and principal-only and interest-only stripped
mortgage-backed securities.

The Fund may enter into "dollar rolls," in which the Fund sells mortgage-backed
securities and at the same time contracts to buy back very similar securities
on a future date. It may also buy asset-backed securities. These receive a
stream of income from a particular asset, such as credit card receivables.

The Fund may invest in floating rate securities, whose interest rate adjusts
automatically whenever a specified interest rate changes, and in variable rate
securities, whose interest rates are changed periodically.

The Fund may invest any portion of its assets that aren't in stocks or fixed
income securities in high quality money market instruments and repurchase
agreements. To temporarily defend its assets, the Fund may put any amount of
its assets in these types of investments.

The Fund may invest in derivatives, which are financial instruments whose value
is based on another security, index or exchange rate. The Fund may use
derivatives to hedge various market risks or to increase the Fund's income or
gain.

The Fund may change any of these investment policies (including its investment
objective) without shareholder approval.[LOGO]

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs,
thus lowering performance, and increase your taxable dividends.

2
<PAGE>

[START SIDEBAR]

An investment in the Fund isn't a deposit of The Chase Manhattan Bank and it
isn't insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.

[END SIDEBAR]

The main investment risks

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

The value of shares of the Fund will be influenced by conditions in stock
markets as well as the performance of the companies selected for the Fund's
portfolio.

The securities of mid-capitalization companies may trade less frequently and in
smaller volumes than securities of larger, more established companies. As a
result, share price changes may be more sudden or more erratic. Mid-sized
companies may have limited product lines, markets or financial resources, and
they may depend on a small management group.

Investments in foreign securities may be riskier than investments in the U.S.
Because foreign securities are usually denominated in foreign currencies, the
value of the Fund's portfolio may be influenced by currency exchange rates and
exchange control regulations. Foreign securities may be affected by political,
social and economic instability. Some securities may be harder to trade without
incurring a loss and may be difficult to convert into cash. There may be less
public information available, differing settlement procedures, or regulations
and standards that don't match U.S. standards. Some countries may nationalize
or expropriate assets or impose exchange controls. These risks increase when
investing in issuers located in developing countries.

Unsponsored depositary receipts may not provide as much information about the
underlying issuer and may not carry the same voting privileges as sponsored
depositary receipts.

In early 1999, the European Monetary Union implemented a new currency called
the

3
<PAGE>

CHASE BALANCED FUND

"euro." It is possible that the euro could increase volatility in financial
markets, which could have a negative effect on the strength and value of the
U.S. dollar and, as a result, the value of shares of the Fund.

The value of the Fund's fixed income securities tends to fall when prevailing
interest rates rise. Such a drop could be worse if the Fund invests a larger
portion of its assets in debt securities with longer maturities. That's because
long-term debt securities are more sensitive to interest rate changes than
other fixed income securities.

When the Fund invests in mortgage-related securities, the value of the Fund
could change more often and to a greater degree than if it did not buy
mortgage-related securities. That's because the prepayment features on some
mortgage-related securities make them more sensitive to interest rate changes.
Mortgage related securities are subject to scheduled and unscheduled principal
payments as property owners pay down or prepay their mortgages. As these
payments are received, they must be reinvested when interest rates may be
higher or lower than on the original mortgage security. When interest rates are
rising, the value of fixed-income securities with prepayment features are
likely to decrease as much or more than securities without prepayment features.
In addition, while the value of fixed-income securities will generally increase
when interest rates decline, the value of mortgage-related securities with
prepayment features may not increase as much as securities without prepayment
features.

Collateral mortgage obligations are issued in multiple classes, and each class
may have its own interest rate and/or final payment date. A class with an
earlier final payment date may have certain preferences in receiving principal
payments or earning interest. As a result, the value of some classes in which
the Fund invests may be more volatile.

The value of interest-only and principal-only mortgage-backed securities are
more volatile than other types of mortgage-related securities. That's because
they are very sensitive not only to changes in interest rates, but also to the
rate of prepayments. A rapid or unexpected increase in prepayments can
significantly depress the price of interest-only securities, while a rapid or
unexpected decrease could have the same effect on principal-only securities. In
addition, these instruments may be illiquid.

Certain securities which the Fund may hold, such as stripped obligations and
zero coupon securities, are more sensitive to changes in interest rates than
ordinary interest-paying securities.

The Fund's performance will also depend on the credit quality of its
investments. Securities which are rated Baa by Moody's or BBB by S&P may have
fewer protective provisions and are generally more risky than higher rated
securities. The issuer may have trouble making principal and interest payments
when difficult economic conditions exist.

Some asset-backed securities may have additional risk because they may receive
little or no collateral protection from the underlying assets.

4
<PAGE>

Because the interest rate changes on floating and variable rate securities, the
Fund's yield may decline and it may lose the opportunity for capital
appreciation when interest rates decline.

Dollar rolls, forward commitments and repurchase agreements involve some risk
to the Fund if the other party does not live up to its obligations under the
agreement.

The market value of convertible securities tends to decline as interest rates
increase. Their value also tends to change whenever the market value of the
underlying common or preferred stock fluctuates.

The value of REITs will depend on the value of the underlying properties or the
underlying loans or interest. The value of REITs may decline when interest
rates rise.

If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements and U.S. Government obligations, including
where the Fund is investing for temporary defensive purposes, it could reduce
the Fund's potential return.

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

5
<PAGE>

CHASE BALANCED FUND

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund has varied from year to year. This provides some
indication of the risks of investing in the Fund. The table shows the average
annual return over the past year, five years and ten years. It compares that
performance to the S&P 500 Index and Lehman Government/Credit Index (formerly
the Lehman Government/Corporate Index), widely recognized market benchmarks,
and the Lipper Balanced Funds Index.

Class A shares were formerly called Investor Class shares, which did not have a
sales load. Because Class B and C shares were not launched until , the
performance shown is based on performance for Class A shares (formerly Investor
Class shares) of the Fund. The actual returns of Class B and C shares would
have been lower than shown because Class B and C shares have higher expenses
than Class A shares.

The S&P 500 Index is an unmanaged, broad-based index of 500 companies and is
generally considered to represent the U.S. market. The Lehman Government/
Credit Index is an unmanaged index that consists of the Lehman government and
corporate bond indices, including U.S. Treasury and agency securities, and
corporate and Yankee bonds. The Lipper Balanced Funds Index represents the
performance of the 30 largest balanced funds.

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

YEAR-BY-YEAR RETURNS

Past performance does not predict how
this Fund will perform in the future.

The performance figures in the bar chart do not reflect any deduction for the
front-end sales load which is assessed on Class A shares. If the load were
reflected, the performance figures would have been lower.

[START BAR CHART]

<TABLE>
<S> <C>
-----------------------------
BEST QUARTER 13.24%
-----------------------------
4th quarter, 1998

-----------------------------
WORST QUARTER -3.30%
-----------------------------
1st quarter, 1994
</TABLE>

6
<PAGE>

AVERAGE ANNUAL TOTAL RETURNS

For the periods ending December 31, 2000

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
-------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A SHARES
-------------------------------------------------------------------------
CLASS B SHARES
-------------------------------------------------------------------------
CLASS C SHARES
-------------------------------------------------------------------------
LEHMAN GOV'T/CREDIT INDEX
-------------------------------------------------------------------------
LIPPER BALANCED FUNDS INDEX
-------------------------------------------------------------------------
</TABLE>

The performance for the Class A shares reflects the deduction of the maximum
front end sales load. The performance for Class B and C shares reflects the
deduction of the applicable contingent deferred sales load.

Because Class B and C shares were not launched until , the performance
shown is based on performance for Class A shares (formerly Investor Class
shares) of the Fund. The actual returns of Class B and C shares would have been
lower than shown because Class B and C shares have higher expenses than Class A
shares.

7
<PAGE>

CHASE BALANCED FUND

Fees and expenses

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

<TABLE>
<CAPTION>
MAXIMUM SALES CHARGE MAXIMUM DEFERRED SALES
(LOAD) WHEN YOU BUY CHARGE (LOAD) SHOWN AS
SHARES, SHOWN AS % OF THE LOWER OF ORIGINAL PURCHASE
OFFERING PRICE(1) PRICE OR REDEMPTION PROCEEDS
--------------------------------------------------------------------------
<S> <C> <C>
CLASS A SHARES 5.75% NONE
--------------------------------------------------------------------------
CLASS B SHARES NONE 5.00%
--------------------------------------------------------------------------
CLASS C SHARES NONE 1.00%
--------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
TOTAL ANNUAL
CLASS OF MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
SHARES FEE (12B-1) FEES EXPENSES EXPENSES
--------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A 0.50% 0.25% 0.68% 1.43%
--------------------------------------------------------------------------
CLASS B 0.50% 0.75% 0.68% 1.93%
--------------------------------------------------------------------------
CLASS C 0.50% 0.75% 0.68% 1.93%
--------------------------------------------------------------------------
</TABLE>

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

* The table is based on estimated expenses for the current fiscal year.

The actual Other Expenses for Class A shares are expected to be 0.50% and Total
Annual Fund Operating Expenses for Class A shares are not expected to exceed
1.25%. That is because The Chase Manhattan Bank (Chase) and some of the Fund's
other service providers have volunteered not to collect a portion of their fees
and to reimburse others. Chase and these other service providers may terminate
this arrangement at any time.

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

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

o you invest $10,000

o you sell all your shares at the end of the period

o your investment has a 5% return each year

o you reinvest all your dividends, and

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

8
<PAGE>

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

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A* $712 $1,001 $1,312 $2,190
-------------------------------------------------------------------------
CLASS B ** $696 $ 906 $1,242 $2,124***
-------------------------------------------------------------------------
CLASS C ** $296 $ 606 $1,042 $2,254
-------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS B $196 $606 $1,042 $2,124***
-------------------------------------------------------------------------
CLASS C $196 $606 $1,042 $2,254
-------------------------------------------------------------------------
</TABLE>

* Assumes sales charge is deducted when shares are purchased.

** Assumes applicable deferred sales charge is deducted when shares are sold.

*** Reflects conversion of Class B shares to Class A shares after they have
been owned for eight years.

9
<PAGE>

--------------------------------------------------------------------------------
CHASE EQUITY INCOME FUND
--------------------------------------------------------------------------------

[START SIDEBAR]

The Fund's
objective

The Fund aims to invest in securities that provide both capital appreciation
and current income.

[END SIDEBAR]

The Fund's main investment strategy

The Fund uses an active equity management style which focuses on both earnings
momentum and value within the universe of income-oriented stocks. The Fund
normally invests at least 70% of its total assets in equity securities.

The Fund seeks capital appreciation by targeting companies with attractive
earnings momentum. It seeks current income by emphasizing companies with
above-average dividend yield and a consistent dividend record. The Fund also
emphasizes securities of companies with below-average market volatility and
price/earnings ratios or a market capitalization of more than $500 million. The
Fund combines growth and value styles of investing.

The Fund may also invest in investment grade debt securities. When the adviser
wishes to limit the Fund's equity investments because of adverse market
conditions, the Fund may temporarily invest any amount in investment grade debt
securities. There is no restriction on the Fund's debt portfolio or on any
individual security in the portfolio.

10
<PAGE>

[START SIDEBAR]

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs,
thus lowering performance, and increase your taxable dividends.

[END SIDEBAR]

The Fund's equity holdings may also include real estate investment trusts
(REITs), which are pools of investments primarily in income-producing real
estate or loans related to real estate.

The Fund may change any of these investment policies (including its investment
objective) without shareholder approval.[LOGO]

11
<PAGE>

CHASE EQUITY INCOME FUND

The main investment risks

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

The value of shares of the Fund will be influenced by conditions in stock
markets as well as the performance of the companies selected for the Fund's
portfolio.

Unsponsored depositary receipts may not pro- vide as much information about the
underlying issuer and may not carry the same voting privileges as sponsored
depositary receipts.

In early 1999, the European Monetary Union implemented a new currency called
the

[START SIDEBAR]

An investment in the Fund isn't a deposit of The Chase Manhattan Bank and it
isn't insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.

[END SIDEBAR]

12
<PAGE>

The market value of convertible securities and debt securities tends to decline
as interest rates increase. Such a drop could be worse if the Fund invests a
larger portion of its assets in debt securities with longer maturities. The
value of convertible securities also tends to change whenever the market value
of the underlying common or preferred stock fluctuates.

The value of REITs will depend on the value of the underlying properties or the
underlying loans or interest. The value of REITs may decline when interest
rates rise.

13
<PAGE>

CHASE EQUITY INCOME FUND

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund has varied from year to year. This provides some
indication of the risks of investing in the Fund. The table shows the average
annual return over the past year, five years and ten years. It compares that
performance to the S&P 500 Index, a widely recognized market benchmark, and the
Lipper Large Cap Value Funds Index.

The S&P 500 Index is an unmanaged, broad-based index of 500 companies that is
generally considered to represent the U.S. market. The Lipper Large Cap Value
Funds Index consists of funds that invest in large-cap value stocks. These
funds usually have a below-average price-to-book ratio and three-year earnings
growth figure compared to the diversified U.S. large cap funds universe.
The calculations assume that all dividends and distributions are reinvested in
the Fund. Some 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.[LOGO]

YEAR-BY-YEAR RETURNS

Past performance does not predict how
this Fund will perform in the future.

[START BAR CHART]

[END BAR CHART]

<TABLE>
<S> <C>
-----------------------------
BEST QUARTER 18.81%
-----------------------------
4th quarter, 1998

-----------------------------
WORST QUARTER -8.07%
-----------------------------
3rd quarter, 1998
</TABLE>

14
<PAGE>

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 2000

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
--------------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A SHARES
--------------------------------------------------------------------------------
CLASS B SHARES
--------------------------------------------------------------------------------
CLASS C SHARES
--------------------------------------------------------------------------------
S&P 500 INDEX
--------------------------------------------------------------------------------
LIPPER LARGE CAP VALUE FUNDS INDEX
--------------------------------------------------------------------------------
</TABLE>

15
<PAGE>

CHASE EQUITY INCOME FUND

Fees and expenses

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

<TABLE>
<CAPTION>
MAXIMUM SALES CHARGE MAXIMUM DEFERRED SALES
(LOAD) WHEN YOU BUY CHARGE (LOAD) SHOWN AS
SHARES, SHOWN AS % OF THE LOWER OF ORIGINAL PURCHASE
OFFERING PRICE(1) PRICE OR REDEMPTION PROCEEDS
--------------------------------------------------------------------------------
<S> <C> <C>
CLASS A SHARES 5.75% NONE
--------------------------------------------------------------------------------
CLASS B SHARES NONE 5.00%
--------------------------------------------------------------------------------
CLASS C SHARES NONE 1.00%
--------------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
TOTAL ANNUAL
CLASS OF MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
SHARES FEES (12B-1 FEES) EXPENSES EXPENSES
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A 0.40% 0.25% 0.76% 1.41%
--------------------------------------------------------------------------------
CLASS B 0.40% 0.75% 0.76% 1.91%
--------------------------------------------------------------------------------
CLASS C 0.40% 0.75% 0.76% 1.91%
--------------------------------------------------------------------------------
</TABLE>

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

* The table is based on estimated expenses for the current fiscal year.

The actual Other Expenses for Class A, Class B and C shares are expected to be
0.60% and Total Annual Fund Operating Expenses are not expected to exceed 1.25%
for Class A shares and 1.75% for Class B and Class C shares. That is because
The Chase Manhattan Bank (Chase) and some of the Fund's other service providers
have volunteered not to collect a portion of their fees and to reimburse
others. Chase and these other service providers may terminate this arrangement
at any time.

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

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

o you invest $10,000

o you sell all your shares at the end of the period

o your investment has a 5% return each year

o you reinvest all your dividends, and

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

16
<PAGE>

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

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A* $710 $996 $1,302 $2,169
--------------------------------------------------------------------------------
CLASS B ** $694 $900 $1,232 $2,103***
--------------------------------------------------------------------------------
CLASS C ** $294 $600 $1,032 $2,233
--------------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS B $194 $600 $1,032 $2,103***
--------------------------------------------------------------------------------
CLASS C $194 $600 $1,032 $2,233
--------------------------------------------------------------------------------
</TABLE>

* Assumes sales charge is deducted when shares are purchased.

** Assumes applicable deferred sales charge is deducted when shares are sold.

*** Reflects conversion of Class B shares to Class A shares after they have
been owned for eight years.

17
<PAGE>

--------------------------------------------------------------------------------
CHASE CORE EQUITY FUND
--------------------------------------------------------------------------------

[START SIDEBAR]

The Fund's
objective

The Fund aims to maximize total investment return with an emphasis on long-term
capital appreciation and current income while taking reasonable risk.

[END SIDEBAR]

The Fund's main investment strategy

The Fund seeks to achieve its objective by investing all of its assets in Core
Equity Portfolio, an open-end investment company which has identical investment
objectives and policies as the Fund. As a result, the strategies and risk
outlined below apply to Core Equity Portfolio as well as to the Fund.

The Fund uses an active equity management style which focuses on strong
earnings momentum and profitability within the universe of S&P 500 stocks. The
Fund normally invests at least 70% of its total assets in equity securities.

The Fund seeks capital appreciation by emphasizing companies with a superior
record of earnings growth relative to the equity markets in general or a
projected rate of earnings growth that's greater than or equal to the equity
markets.

The Fund seeks to earn current income and manage risk by focusing on larger
companies with a stable record of earnings growth. In addition, it diversifies
its portfolio across all sectors of the S&P 500. The Fund also emphasizes
companies with return on assets and return on equity equal to or greater than
the equity markets.

The Fund may invest up to 30% of its total assets in foreign securities,
including Depositary Receipts. Its equity investments may include convertible

18
<PAGE>

securities, which generally pay interest or dividends and which can be
converted into common or preferred stock.

The Fund may change any of these investment policies (including its investment
objective) without shareholder approval.[LOGO]

[START SIDEBAR]

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs,
thus lowering performance, and increase your taxable dividends.

[END SIDEBAR]

19
<PAGE>

CHASE CORE EQUITY FUND

The main investment risks

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

The value of shares of the Fund will be influenced by conditions in stock
markets as well as the performance of the companies selected for the Fund's
portfolio.

Unsponsored depositary receipts may not provide as much information about the
underlying issuer and may not carry the same voting privileges as sponsored
depositary receipts.

In early 1999, the European Monetary Union implemented a new currency called the
"euro." It is possible that the euro could increase volatility in financial
markets, which could have a negative effect on the strength and value of the
U.S. dollar and, as a result, the value of shares of the Fund.

The market value of convertible securities and debt securities tends to decline
as interest rates increase. Such a drop could be worse if

[START SIDEBAR]

An investment in the Fund isn't a deposit of The Chase Manhattan Bank and it
isn't insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.

[END SIDEBAR]

20
<PAGE>

the Fund invests a larger portion of its assets in debt securities with longer
maturities. The value of convertible securities also tends to change whenever
the market value of the underlying common or preferred stock fluctuates.

21
<PAGE>

CHASE CORE EQUITY FUND

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund has varied from year to year. This provides some
indication of the risks of investing in the Fund. The table shows the average
annual return over the past year, five years and since inception. It compares
that performance to the S&P 500 Index, a widely recognized market benchmark,
and the Lipper Large Cap Core Funds Index.

The S&P 500 Index is an unmanaged, broad-based index of 500 companies and is
generally considered to represent the U.S. market.

The Lipper Large Cap Core Funds Index consists of funds that invest in both
growth and value stocks.

YEAR-BY-YEAR RETURNS

Past performance does not predict how
this Fund will perform in the future.

[START BAR CHART]

<TABLE>
<S> <C>
-----------------------------
BEST QUARTER 22.85%
-----------------------------
4th quarter, 1998

-----------------------------
WORST QUARTER -9.57%
-----------------------------
3rd quarter, 1998
</TABLE>

22
<PAGE>

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 2000

<TABLE>
<CAPTION>
SINCE INCEPTION
PAST 1 YEAR PAST 5 YEARS (4/1/93)
---------------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A SHARES
---------------------------------------------------------------------------------
CLASS B SHARES
---------------------------------------------------------------------------------
CLASS C SHARES
---------------------------------------------------------------------------------
S&P 500 INDEX
---------------------------------------------------------------------------------
LIPPER LARGE CAP CORE FUNDS INDEX
---------------------------------------------------------------------------------
</TABLE>

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

The performance for Class B and C shares reflects the deduction of the
applicable contingent deferred sales load.

23
<PAGE>

CHASE CORE EQUITY FUND

Fees and expenses

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

<TABLE>
<CAPTION>
MAXIMUM SALES CHARGE MAXIMUM DEFERRED SALES
(LOAD) WHEN YOU BUY CHARGE (LOAD) SHOWN AS
SHARES, SHOWN AS % OF THE LOWER OF ORIGINAL PURCHASE
OFFERING PRICE(1) PRICE OR REDEMPTION PROCEEDS
--------------------------------------------------------------------------------
<S> <C> <C>
CLASS A SHARES 5.75% NONE
--------------------------------------------------------------------------------
CLASS B SHARES NONE 5.00%
--------------------------------------------------------------------------------
CLASS C SHARES NONE 1.00%
--------------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
TOTAL ANNUAL
CLASS OF MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
SHARES FEES (12B-1) FEES EXPENSES EXPENSES
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A 0.50% 0.25% 0.77% 1.52%
--------------------------------------------------------------------------------
CLASS B 0.50% 0.75% 0.77% 2.02%
--------------------------------------------------------------------------------
CLASS C 0.50% 0.75% 0.77% 2.02%
--------------------------------------------------------------------------------
</TABLE>

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

* The table is based on estimated expenses for the current fiscal year.

The actual Distribution Fees for Class A shares are expected to be 0.10%, the
actual Other Expenses are expected to be 0.65% for Class A shares and 0.75% for
Class B and Class C shares and Total Annual Fund Operating Expenses are not
expected to exceed 1.25% for Class A shares and 2.00% for Class B and Class C
shares. That is because The Chase Manhattan Bank (Chase) and some of the Fund's
other service providers have volunteered not to collect a portion of their fees
and to reimburse others. Chase and these other service providers may terminate
this arrangement at any time.

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

24
<PAGE>

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

o you invest $10,000

o you sell all your shares at the end of the period

o your investment has a 5% return each year

o you reinvest all your dividends, and

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

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

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A* $721 $1,028 $1,356 $2,283
--------------------------------------------------------------------------------
CLASS B ** $705 $ 934 $1,288 $2,220***
--------------------------------------------------------------------------------
CLASS C ** $305 $ 634 $1,088 $2,348
--------------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS B $205 $634 $1,088 $2,220***
--------------------------------------------------------------------------------
CLASS C $205 $634 $1,088 $2,348
--------------------------------------------------------------------------------
</TABLE>

* Assumes sales charge is deducted when shares are purchased.

** Assumes applicable deferred sales charge is deducted when shares are sold.

*** Reflects conversion of Class B shares to Class A shares after they have
been owned for eight years.

25
<PAGE>

--------------------------------------------------------------------------------
CHASE EQUITY GROWTH FUND
--------------------------------------------------------------------------------

[START SIDEBAR]

The Fund's
objective

The Fund aims to provide capital appreciation. Producing current income is a
secondary objective.

[END SIDEBAR]

Investment strategy

The Fund seeks to achieve its objective by investing all of its assets in
Equity Growth Portfolio, an open-end investment company which has identical
investment objectives and policies as the Fund. As a result, the strategies and
risk outlined below apply to Equity Growth Portfolio as well as to the Fund.

The Fund uses an active equity man- agement style which focuses on strong
earnings momentum and profitability within the universe of growth-oriented
stocks. The Fund normally invests at least 70% of its total assets in equity
securities.

The Fund seeks capital appreciation by emphasizing the growth sectors of the
economy. It looks for companies with one or more of the following
characteristics:

o a projected earnings growth rate that's greater than or equal to the equity
markets in general

o a return on assets and return on equity equal to or greater than the equity
markets

o above market average price-earnings ratios

o below-average dividend yield

o above-average market volatility

o a market capitalization of more than $500 million.

The Fund focuses on companies with strong earnings and high levels of

26
<PAGE>

profitability as well as positive industry or company characteristics.

The Fund may invest up to 30% of its total assets in foreign securities,
including Depositary Receipts. Its equity investments may include convertible
securities, which generally pay interest or dividends and which can be
converted into common or preferred stock.

The Fund may change any of these investment policies (including its investment
objective) without shareholder approval.[LOGO]

[START SIDEBAR]

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs
(and thus lower performance) and increase your taxable dividends.

[END SIDEBAR]

27
<PAGE>

CHASE EQUITY GROWTH FUND

The main investment risks

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

The value of shares of the Fund will be influenced by conditions in stock
markets as well as the performance of the companies selected for the Fund's
portfolio.

Unsponsored depositary receipts may not pro- vide as much information about the
underlying issuer and may not carry the same voting privileges as sponsored
depositary receipts.

In early 1999, the European Monetary Union implemented a new currency called the

[START SIDEBAR]

An investment in the Fund isn't a deposit of The Chase Manhattan Bank and it
isn't insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.

[END SIDEBAR]

28
<PAGE>

29
<PAGE>

CHASE EQUITY GROWTH FUND

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund has varied from year to year. This provides some
indication of the risks of investing in the Fund. The table shows the average
annual return over the past year, five years and ten years. It compares that
performance to the S&P 500/BARRA Growth Index, a widely recognized market
benchmark, and the Lipper Large Cap Growth Funds Index.

The S&P 500/BARRA Growth Index includes S&P 500 Index securities that have high
price-to-book ratios, low dividend yields and high price/earnings ratios. It's
a market-weighted index, which means each stock affects the index in proportion
to its market value.

Funds in the Lipper Large Cap Growth Funds Index normally invest in companies
with long-term earnings expected to grow significantly faster than the earnings
of the stocks represented in the major unmanaged stock indices.

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

YEAR-BY-YEAR RETURNS

Past performance does not predict how
this Fund will perform in the future.

[START BAR CHART]

<TABLE>
<S> <C>
-----------------------------
BEST QUARTER 27.32%
-----------------------------
4th quarter, 1998

-----------------------------
WORST QUARTER -9.30%
-----------------------------
3rd quarter, 1998
</TABLE>

30
<PAGE>

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 2000

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
--------------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A SHARES
--------------------------------------------------------------------------------
CLASS B SHARES
--------------------------------------------------------------------------------
CLASS C SHARES
--------------------------------------------------------------------------------
S&P 500/BARRA GROWTH INDEX
--------------------------------------------------------------------------------
LIPPER LARGE CAP GROWTH FUNDS
INDEX
--------------------------------------------------------------------------------
</TABLE>

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

The performance for Class B and C shares reflects the deduction of the
applicable contingent deferred sales load.

31
<PAGE>

CHASE EQUITY GROWTH FUND

Fees and expenses

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

<TABLE>
<CAPTION>
MAXIMUM SALES CHARGE MAXIMUM DEFERRED SALES
(LOAD) WHEN YOU BUY CHARGE (LOAD) SHOWN AS
SHARES, SHOWN AS % OF THE LOWER OF ORIGINAL PURCHASE
OFFERING PRICE(1) PRICE OR REDEMPTION PROCEEDS
--------------------------------------------------------------------------------
<S> <C> <C>
CLASS A SHARES 5.75% NONE
--------------------------------------------------------------------------------
CLASS B SHARES NONE 5.00%
--------------------------------------------------------------------------------
CLASS C SHARES NONE 1.00%
--------------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
TOTAL ANNUAL
CLASS OF MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
SHARES FEES (12B-1) FEES EXPENSES EXPENSES
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A 0.50% 0.25% 0.73% 1.48%
--------------------------------------------------------------------------------
CLASS B 0.50% 0.75% 0.73% 1.98%
--------------------------------------------------------------------------------
CLASS C 0.50% 0.75% 0.73% 1.98%
--------------------------------------------------------------------------------
</TABLE>

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

* The table is based on estimated expenses for the current fiscal year.

The actual Distribution Fees for Class A shares are expected to be 0.02% and
Total Annual Fund Operating Expenses for Class A shares are not expected to
exceed 1.25%. That is because The Chase Manhattan Bank (Chase) and some of the
Fund's other service providers have volunteered not to collect a portion of
their fees and to reimburse others. Chase and these other service providers may
terminate this arrangement at any time.

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

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

o you invest $10,000

o you sell all your shares at the end of the period

o your investment has a 5% return each year

o you reinvest all your dividends, and

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

32
<PAGE>

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

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A* $717 $1,016 $1,336 $2,242
--------------------------------------------------------------------------------
CLASS B ** $701 $ 921 $1,268 $2,177***
--------------------------------------------------------------------------------
CLASS C ** $301 $ 621 $1,068 $2,306
--------------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS B $201 $621 $1,068 $2,177***
--------------------------------------------------------------------------------
CLASS C $201 $621 $1,068 $2,306
--------------------------------------------------------------------------------
</TABLE>

* Assumes sales charge is deducted when shares are purchased.

** Assumes applicable deferred sales charge is deducted when shares are sold.

*** Reflects conversion of Class B shares to Class A shares after they have
been owned for eight years.

33
<PAGE>

--------------------------------------------------------------------------------
THE FUNDS' INVESTMENT ADVISER
--------------------------------------------------------------------------------

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

Chase is entitled to receive an annual fee for its services. The following
chart shows the maximum fee as a percentage of each Fund's average daily net
assets:

<TABLE>
<CAPTION>
FUND FEE
--------------------------------
<S> <C>
BALANCED FUND 0.50%
--------------------------------
EQUITY INCOME FUND 0.40%
--------------------------------
CORE EQUITY FUND 0.50%
--------------------------------
EQUITY GROWTH FUND 0.50%
--------------------------------
</TABLE>

34
<PAGE>

The portfolio managers

CHASE BALANCED FUND

Henry Lartigue, Executive Vice President and Chief Investment Officer at Chase,
and Jeff Phelps, Portfolio Manager at Chase are responsible for the equity
portion of the portfolio. H. Mitchell Harper, Senior Vice President and
Portfolio Manager at Chase is responsible for the fixed income portion of the
portfolio. Mr. Lartigue has managed the equity portion of the portfolio since
July of 1994. He began his career as a securities analyst at Chase in 1984. Mr.
Lartigue then worked as an Equity Fund Manager until 1992. From July 1992 to
June 1994, he worked as an independent registered investment adviser. He
returned to Chase in 1994. Mr. Phelps has managed the equity portion of the
portfolio since October 1999. Mr. Phelps joined Chase in 1997. Prior to joining
Chase, he was employed by Houston Industries. Mr. Harper has managed the fixed
income portion of the portfolio since October 1999. Mr. Harper has been with
Chase since 1987. Previously he worked at John Alden Life Insurance Co. from
1985-1987, as Vice President, Portfolio Management. Prior to that he was Vice
President, Department Head-Investments at Bank Life & Casualty.

CHASE EQUITY INCOME FUND

The portfolio manager is Robert Heintz, a Senior Investment Officer at Chase.
He has managed the portfolio since its inception on March 29, 1988. Mr. Heintz
has worked for Chase Texas since 1983.

CHASE CORE EQUITY FUND

Mr. Lartigue has managed the portfolio since January of 1996. Since January
1999 the fund has been co-managed with Mr. Phelps.

CHASE EQUITY GROWTH FUND

Mr. Lartigue has managed the portfolio since July of 1994.[LOGO]

35
<PAGE>

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

About sales charges

There's a sales charge to buy shares in the Funds. There are also ongoing
charges that all investors pay as long as they own their shares, as explained
later.

You have a choice of three different kinds of charges. Class A shares have a
charge you pay when you invest. Class B shares have a deferred sales charge.
You don't pay any charge when you buy the Class B shares, but you may have to
pay a charge when you sell them, depending on how long you hold them. Class C
shares also have a deferred sales charge you may have to pay if you sell your
shares within one year of buying them.

There are a number of plans and special discounts which can decrease or even
eliminate these charges.

This section explains how the three sales charges work.

36
<PAGE>

CLASS A SHARES

The initial sales charge is deducted directly from the money you invest. As the
table shows, the charge is lower the more you invest. The public offering price
of Class A shares is the net asset value plus the initial sales charge. Net
asset value is the value of everything a Fund owns, minus everything it owes,
divided by the number of shares held by investors. The Funds receive the net
asset value.

<TABLE>
<CAPTION>
TOTAL SALES CHARGE
AS % OF THE
OFFERING AS % OF
AMOUNT OF PRICE NET AMOUNT
INVESTMENT PER SHARE INVESTED
-----------------------------------------
<S> <C> <C>
LESS THAN
$100,000 5.75% 6.10%
-----------------------------------------
$100,000
BUT UNDER
$250,000 3.75% 3.90%
-----------------------------------------
$250,000
BUT UNDER
$500,000 2.50% 2.56%
-----------------------------------------
$500,000
BUT UNDER
$1 MILLION 2.00% 2.04%
-----------------------------------------
</TABLE>

There is no sales charge for investments of $1 million or more.

CLASS B SHARES

The deferred sales charge is deducted directly from your assets when you sell
your shares. It's a percentage of the original purchase price or the current
value of the shares, whichever is lower. As the table shows, the deferred sales
charge gets lower the longer you hold the shares and disappears altogether
after six years. Class B shares automatically convert into Class A shares at
the beginning of the ninth year after you bought them.

<TABLE>
<CAPTION>
YEAR DEFERRED SALES CHARGE
-----------------------------------------
<S> <C>
1 5%
-----------------------------------------
2 4%
-----------------------------------------
3 3%
-----------------------------------------
4 3%
-----------------------------------------
5 2%
-----------------------------------------
6 1%
-----------------------------------------
7 None
-----------------------------------------
8 None
-----------------------------------------
</TABLE>

We calculate the deferred sales charge from the month you buy your shares. We
always sell the shares with the lowest deferred sales charge first. Shares
acquired by reinvestment distribution can be sold without a deferred sales
charge.

CLASS C SHARES

The deferred sales charge is deducted directly from your assets when you sell
your shares. It's equal to 1% of the original purchase price or the current
value of the shares, whichever is lower. The deferred sales charge on Class C
shares disappears altogether after one year. We calculate the deferred sales
charge from the month you buy your charges. We always sell the shares with the
lowest deferred sales charge first.

Like Class B shares, Class C shares have higher combined distribution and
service fees. Unlike Class B shares, Class C shares are never converted to
Class A shares. That means you keep paying the higher service and distribution
fees as long as you hold them. Over the long term, this can add up to higher
total fees than either Class A or Class B shares.

GENERAL

Vista Fund Distributors Inc. (VFD) is the distributor for the Funds. It's

37
<PAGE>

HOW YOUR ACCOUNT WORKS

a subsidiary of BISYS Group, Inc. and is not affiliated with Chase. Each Fund
has adopted Rule 12b-1 distribution plans under which it pays annual
distribution fees of up to 0.25% of the average daily net assets attributed to
Class A shares and up to 0.75% of the average daily net assets attributed to
Class B and Class C shares.

This payment covers such things as compensation for services provided by
broker-dealers and expenses connected to the sale of shares. Payments are not
tied to actual expenses incurred.

Because 12b-1 expenses are paid out of a Fund's assets on an ongoing basis,
over time these fees will increase the cost of your investment and may cost you
more than other types of sales charges.

WHICH CLASS OF SHARES IS BEST?

Your decision about which class of shares to buy depends on a number of
factors, including the amount you're buying and how long you intend to hold
your shares. If you have no plans to sell your shares for at least six years
and you don't want to pay an up-front sales charge, you may consider buying
Class B shares.

Class A shares may be a good choice if you qualify to have the sales charge
reduced or eliminated. In almost all cases, if you plan to buy $250,000 of
shares or more, Class A is the most economical choice.

Class C shares may be best if you prefer not to pay an initial sales charge and
you're not sure how long you intend to hold your investment.

You should also consider the distribution and service fees, which are lower for
Class A shares. These fees appear in the table called Annual Fund operating
expenses (expenses that are deducted from Fund assets) for each Fund.

Your investment representative may be able to advise you about the best class
of shares for you.[LOGO]

Buying Fund shares

You can buy shares three ways:

Through your investment representative

Tell your representative which Funds you want to buy and he or she will contact
us. Your representative may charge you a fee and may offer additional services,
such as special purchase and redemption programs. Some representatives charge a
single fee that covers all services. Your representative may impose different
minimum investments and earlier deadlines to buy and sell shares.

Through the Chase Funds Service Center
Call 1-888-524-2730

Complete the application form and mail it along with a check for the amount you
want to invest to:

Chase Funds Service Center,
P.O. Box 219392
Kansas City, MO 64121-9392

38
<PAGE>

Through a Systematic Investment Plan

You can make regular automatic purchases of at least $100. See There's more on
the Systematic Investment Plan later in this document.

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

Whether you choose Class A, Class B or Class C shares, the price of the shares
is based on the net asset value per share (NAV). NAV is the value of everything
a Fund owns, minus everything it owes, divided by the number of shares held by
investors. You'll pay the public offering price, which is based on the next NAV
calculated after the Chase Funds Service Center accepts your instructions. Each
Fund calculates its NAV once each day at the close of regular trading on the
New York Stock Exchange. Each Fund generally values its assets at their market
value but may use fair value if market prices are unavailable. The Chase Funds
Service Center will not accept your order until it is in proper form. An order
is in proper form only after payment is converted into federal funds.

The Chase Funds Service Center accepts purchase orders on any business day that
the New York Stock Exchange is open. Normally, if the Chase Funds Service
Center receives your order in proper form by the close of regular trading on
the New York Stock Exchange, we'll process your order at that day's price.

You must provide a Social Security Number or Taxpayer Identification Number
when you open an account. Each Fund has the right to refuse any purchase order
or to stop offering shares for sale at any time.

TO OPEN AN ACCOUNT, BUY OR SELL SHARES OR GET FUND INFORMATION, CALL:

------------------------------
THE CHASE FUNDS SERVICE CENTER
------------------------------
1-888-524-2730
------------------------------

MINIMUM INVESTMENTS

<TABLE>
<CAPTION>
INITIAL ADDITIONAL
TYPE OF ACCOUNT INVESTMENT INVESTMENTS
<S> <C> <C>
REGULAR
ACCOUNT $2,500 $100
SYSTEMATIC
INVESTMENT
PLAN $1,000 $100
IRAS $1,000 $100
SEP-IRAS $1,000 $100
EDUCATION
IRAS $ 500 $100
</TABLE>

Make your check out to Chase Funds in U.S. dollars. We won't accept credit
cards, cash, or checks from a third party. You cannot sell your shares until
your check has cleared, which could take more than 15 calendar days. If you buy
through an Automated Clearing House, you can't sell your shares until the
payment clears. That could take more than seven business days.

Your purchase will be canceled if your check doesn't clear and you'll be
responsible for any expenses and losses to the Funds. Orders by wire will be
cancelled if the Chase Funds Service Center doesn't receive payment by 4:00
p.m. Eastern time on the day you buy.

If you're planning to exchange, sell or transfer shares to another person
shortly after buying the shares, you should pay by certified check to avoid
delays. The Funds will not

39
<PAGE>

HOW YOUR ACCOUNT WORKS

issue certificates for Class A or Class C shares unless you request them and
they will not issue certificates for Class B shares.

Selling Fund shares

You can sell your shares three ways:

Through your investment representative

Tell your representative which Funds you want to sell. He or she will send the
necessary documents to the Chase Funds Service Center. Your representative
might charge you for this service.

Through the Chase Funds Service Center

Call 1-888-524-2730. We will mail you a check or send the proceeds via
electronic transfer or wire. You cannot sell by phone if you have changed your
address of record within the previous 30 days. If you sell $25,000 or more
worth of Funds by phone, we'll send it by wire only to a bank account on our
records.

Send a signed letter with your instructions to:

Chase Funds Service Center,
P.O. Box 219392
Kansas City, MO 64121-9392

Through a Systematic Withdrawal Plan

You can automatically sell as little as $50 worth of shares. See Shareholder
Services for details.

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

You can sell your shares on any day the Chase Funds Service Center is accepting
purchase orders. You'll receive the next NAV calculated after the Chase Funds
Service Center accepts your order, less any applicable sales charges.

Under normal circumstances, if the Chase Funds Service Center receives your
order before the close of regular trading on the New York Stock Exchange, each
Fund will send you the proceeds the next business day. We won't accept an order
to sell shares if the Fund hasn't collected your payment for the shares. Each
Fund may stop accepting orders to sell and may postpone payments for more than
seven days, as federal securities laws permit.

You'll need to have signatures guaranteed for all registered owners or their
legal representative if:

o you want to sell shares with a net asset value of $100,000 or more

o you want your payment sent to an address other than the one we have in our
records.

We may also need additional documents or a letter from a surviving joint owner
before selling the shares. Contact the Chase Vista Funds Service Center for
more details.

Exchanging Fund shares

You can exchange your shares for shares of the same class of certain other
Chase Funds at net asset value, beginning 15 days after you buy your shares.
For tax purposes, an exchange is treated a sale of Fund shares. This will
generally result in a capital gain or loss to you.

40
<PAGE>

You can exchange your shares three ways:

Through your investment representative

Tell your representative which Funds you want to exchange from and to. He or
she will send the necessary documents to the Chase Funds Service Center. Your
representative might charge you for this service.

Through the Chase Funds Service Center

Call 1-888-524-2730 to ask for details.

Through a Systematic
Exchange Plan

You can automatically exchange money from one Chase account to another of the
same class. Call the Chase Funds Service Center for details.

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

If you exchange Class B shares of a Fund for Class B shares of another Chase
Vista Fund, or Class C for Class C, you will not pay a deferred sales charge
until you sell the shares of the other Fund. The amount of deferred sales
charge will be based on when you bought the original shares, not when you made
the exchange. Carefully read the prospectus of the Fund you want to buy before
making an exchange. You'll need to meet any minimum investment requirements.

You should not exchange shares as means of short-term trading as this could
increase management cost and affect all shareholders. We reserve the right to
limit the number of exchanges or to refuse an exchange. We may also terminate
this privilege. We charge an administration fee of $5 for each exchange if you
make more than 10 exchanges in a year or three in a quarter. See the Statement
of Additional Information to find out more about the exchange privilege.[LOGO]

Other information
concerning the Funds

We may close your account if the balance falls below $500 because you've sold
shares. We may also close the account if you are in the Systematic Investment
Plan and fail to meet investment minimums over a 12-month period. We'll give
you 60 days' notice before closing your account.

Unless you indicate otherwise on your account application, we are authorized to
act on redemption and transfer instructions received by phone. If someone
trades on your account by phone, we'll ask that person to confirm your account
registration and address to make sure they match those you provided us. If they
give us the correct information, we are generally authorized to follow that
person's instructions. We'll take all reasonable precautions to confirm that
the instructions are genuine. Investors agree that they will not hold a Fund
liable for any loss or expenses from any sales request, if the Fund takes
reasonable precautions. The Funds will be liable for any losses to you from an
unauthorized sale or fraud against you if we do not follow reasonable
procedures.

You may not always reach the Chase Funds Service Center by telephone. This may
be true at times of unusual market changes and shareholder activity. You can
mail us your instructions or contact your investment representative or agent.
We may modify or cancel the sale of shares by phone without notice.

41
<PAGE>

HOW YOUR ACCOUNT WORKS

The Funds have agreements with certain shareholder servicing agents (including
Chase) under which the shareholder servicing agents have agreed to provide
certain support services to their customers. For performing these services,
each shareholder servicing agent receives an annual fee of up to 0.25% of the
average daily net assets of the Class B and Class C shares of the Funds held by
investors by the shareholder servicing agent.

Chase and/or CFD may, at their own expense, make additional payments to certain
selected dealers or other shareholder servicing agents for performing
administrative services for their customers. The amount may be up to an
additional 0.10% annually of the average net assets of the Fund attributable to
shares of the Funds held by customers of those shareholder servicing agents.

Each Fund may issue multiple classes of shares. This prospectus relates to
Class A, Class B and Class C shares of the Funds. Each class may have different
requirements for who may invest, and may have different sales charges and
expense levels. A person who gets compensated for selling Fund shares may
receive a different amount for each class.

Chase and its affiliates and the Funds and their affiliates, agents and
subagents may share information about shareholders and their accounts with each
other and with others unless this sharing is prohibited by contract. The
information can be used for a variety of purposes, including offering
investment and insurance products to shareholders.[LOGO]

Distribution arrangements

The Funds' distributor is CFD Fund Distributors Inc., which we call CFD in this
prospectus. CFD is a subsidiary of The BISYS Group, Inc. and is not affiliated
with Chase.

Each Fund has adopted a Rule 12b-1 distribution plan for Class A, Class B and
Class C shares. It provides for payment of distribution fees at an annual rate
of up to 0.25% of the average daily net assets attributed to Class A shares and
up to 0.75% of the average daily net assets attributed to Class B and Class C
shares of the Funds.

The money from these payments is used to compensate the Funds' distributor and
broker-dealers for the services they provide and the expenses they incur
selling Investor Class shares. Payments are not tied to the actual expenses
incurred.

Because 12b-1 expenses are paid out of a Fund's assets on an ongoing basis,
over time these fees will increase the cost of your investment and may cost you
more than other types of sales charges.[LOGO]

Distributions and taxes

The Funds can earn income and they can realize capital gains. The Funds deduct
any expenses and pay these earnings out to shareholders as distributions. The
Funds distribute any net investment income at least quarterly. Net capital gain
is distributed at least annually.

You have three options for your distributions if your financial services firm
offers them. You may:

42
<PAGE>

o reinvest all of them in additional Fund shares;

o take distributions of net investment income in cash or as a deposit in a
pre-assigned bank account and

o reinvest distributions of net capital gain in additional shares; or

o take all distributions in cash or as a deposit in a pre-assigned bank
account.

If you don't select an option when you open your account, we'll reinvest all
distributions. If we reinvest your distributions, they will be in the same
class of shares. The taxation of dividends won't be affected by the form in
which you receive them.

Dividends of net investment income are usually taxable as ordinary income at
the federal, state and local levels. The state or municipality where you live
may not charge you state and local taxes on dividends earned on certain bonds.
Dividends earned on bonds issued by the U.S. government and its agencies may
also be exempt from some types of state and local taxes.

If you receive distributions of net capital gain, the tax rate will be based on
how long the Fund held a particular asset, not on how long you have owned your
shares. If you buy shares just before a distribution, you will pay tax on the
entire amount of the taxable distribution you receive, even though the NAV will
be higher on that date because it includes the distribution amount.

The Chase Balanced Fund and Chase Equity Income Fund expect that their
distributions will consist primarily of ordinary income. The Chase Core Equity
Fund and Chase Equity Growth Fund expect that their distributions will consist
primarily of capital gains.

Early in each calendar year, each Fund will send you a notice showing the
amount of distributions you received in the preceding year and the tax status
of those distributions.

For tax purposes, an exchange is treated as selling Fund shares. This will
generally result in a capital gain or loss to you.

The above is a general summary of tax implications of investing in the Funds.
Please consult your tax adviser to see how investing in a Fund will affect your
own tax situation.[LOGO]

Shareholder services

SYSTEMATIC INVESTMENT PLAN

You can regularly invest $100 or more in the first or third week of any month.
The money is automatically debited from your checking or savings account. You
must make an initial deposit of at least $1,000 to start the plan.

You can set up a plan when you open an account by completing the appro- priate
section of the application.

Current shareholders can join by send- ing a signed letter and a deposit slip
or void check to the Chase Funds Service Center. Call 1-888-524-2730 for
complete instructions.

SYSTEMATIC WITHDRAWAL PLAN

You can make regular withdrawals of $50 or more. You can have automatic
withdrawals made monthly, quarterly or

43
<PAGE>

HOW YOUR ACCOUNT WORKS

semiannually. Your account must contain at least $5,000 to start the plan. Call
1-888-524-2730 for complete instructions.

SYSTEMATIC EXCHANGE

You can transfer assets automatically from one Chase account to another on a
regular basis. It's a free service.

TELEPHONE PRIVILEGES

You can buy, sell and exchange your shares by calling the Chase Funds Service
Center. Telephone privileges are provided automatically, unless you tell us
otherwise on your account application.[LOGO]

44
<PAGE>

What The Terms Mean

COLLATERALIZED MORTGAGE OBLIGATIONS:

debt securities that are collateralized by a portfolio of mortgages or mortgage
backed securities.

DEBT SECURITIES: securities used by issuers, such as governmental entities and
corporations, to borrow money. The issuer usually pays a fixed, variable or
floating rate of interest and repays the amount borrowed at the maturity date
of the security. However, if a borrower issues a zero coupon debt security, it
does not make regular interest payments.

DEPOSITARY RECEIPTS: instruments which are typically issued by financial
institutions and which represent ownership of securities of foreign
corporations. Depositary receipts are usually designed for use on U.S. and
European securities exchanges.

DISTRIBUTION FEE: a fee that covers the cost of the distribution system used
to sell shares to the public.

DOLLAR-WEIGHTED AVERAGE MATURITY:
The average maturity of the Fund is the average amount of time until the
issuers of the debt securities in the Fund's portfolio must pay off the
principal amount of the debt. "Dollar weighted" means the larger the dollar
value of the debt security in the Fund's portfolio, the more weight it gets in
calculating this average.

DURATION: A mathematical calculation of the average life of a bond that serves
as a useful measure of its price risk. Each year of duration represents an
expected 1% change in interest rates. For example, if a bond has an average
duration of 4 years, its price will move 4% when interest rates move 1%.

FUNDAMENTAL RESEARCH: method which concentrates on "fundamental" information
about an issuer, such as its financial statements, history, management, etc.

GROWTH APPROACH: approach which focuses on identifying securities of companies
whose earnings growth potential appears to the manager to be greater than the
market in general and whose growth in revenue is expected to continue for an
extended period.

MANAGEMENT FEE: a fee paid to the investment adviser to manage the Fund and
make decisions about buying and selling the Fund's investments.

MORTGAGE-RELATED SECURITIES: securities that directly or indirectly represent
an interest in, or are secured by and paid from, mortgage loans secured by real
property.

OTHER EXPENSES: miscellaneous items, including transfer agency, custody and
registration fees.

REPURCHASE AGREEMENTS: a type of short-term investment in which a dealer sells
securities to the Fund and agrees to buy them back later at a set price. In
effect, the dealer is borrowing the Fund's money for a short time, using the
securities as collateral.

SHAREHOLDER SERVICE FEE: a fee to cover the cost of paying shareholder
servicing agents to provide certain support services for your account.

45
<PAGE>

HOW YOUR ACCOUNT WORKS

STRIPPED OBLIGATIONS: debt securities which are separately traded interest-only
or principal-only components of an underlying obligation.

TECHNICAL ANALYSIS: method which focuses on historical price trends in an
attempt to predict future price movements.

VALUE APPROACH: approach which focuses on identifying securities that the
adviser believes are undervalued by the market, as measured by certain
financial formulas.

YIELD CURVE: measure showing relationship among yields of similar bonds with
different maturities.[LOGO]

46
<PAGE>

THIS PAGE INTENTIONALLY LEFT BLANK

<PAGE>

--------------------------------------------------------------------------------
HOW TO REACH US
--------------------------------------------------------------------------------

More information

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

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

STATEMENT OF ADDITIONAL INFORMATION

(SAI) The SAI contains more detailed information about the Funds and their
policies. By law, it's considered to be part of this prospectus.

You can get a free copy of these documents and other information, or ask us any
questions, by calling us at 1-888-524-2730 or writing to:

Chase Funds Service Center
P.O. Box 219211
Kansas City, MO 64121-9210

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

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

Public Reference Section of the SEC
Washington, DC 20549-0102.
1-202-942-8090
E-mail: [email protected]

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

The Fund's Investment Company Act File No. is 811-5526

[CHASE LOGO]

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

<PAGE>
PART C - OTHER INFORMATION

Item 23. Exhibits

1 Declaration of Trust dated as of September 19, 1997.*

2 By-Laws.*

3 None.

4(a) Form of Investment Advisory Agreement between Trust and The Chase
Manhattan Bank.*

4(b) Form of Sub-Advisory Agreement between The Chase Manhattan Bank and
Texas Commerce Bank National Association.*

4(c) Form of Administration Agreement.*

4(d) Form of Investment Advisory Agreement.*

5 Form of Distribution and Sub-Administration Agreement.*

6 None.

7 Form of Custodian Agreement.*

8 Form of Transfer Agency Agreement.*

II-1

<PAGE>

9 Opinion and consent of counsel as to the legality of the securities
being registered.*

10 Consent of Independent Auditors.+

11 Financial Statements and the Reports thereon for the Funds filed herein
for the fiscal year ended December 31, 1999 are incorporated by
reference into this Part B as part of the 1999 Annual Reports to
Shareholders for such Funds as filed with the Securities and Exchange
Commission by the Registrant on Form N-30D on February 18 and 28, 2000,
accession numbers 0000950146-00-000154 and 0000950146-00-000200.

12 None.

13 Distribution Plan.*

14 Financial Data Schedules.+

18 None.

* Previously filed with Registration Statement and Post-effective
Amendments and are herein incorporated by reference.

+ Filed herewith.

II-2

<PAGE>

Item 24. Persons Controlled by or Under Common Control with the Fund.

Inapplicable.

Item 25. Indemnification

Sections 10.2 and 10.4 of the Amended and Restated Declaration of Trust, filed
as Exhibit 1, are incorporated herein by reference. Section 10.2 contains
provisions limiting the liabilities of members of the Supervisory Committee and
Section 10.4 contains provisions for indemnification of the Trustee, members of
the Supervisory Committee and officers of the Trust.

Insofar as indemnification for liabilities arising under the Securities Act of
1933 (the "Act") may be permitted to directors, officers and controlling persons
of the Trust and the Trustee pursuant to the foregoing provisions or otherwise,
the Trust has been advised that, in the opinion of the SEC, such indemnification
is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Trust of expenses incurred or paid by
a director, officer, or controlling person of the Trust and the Trustee in
connection with the successful defense of any action, suit or proceeding) is
asserted against the Trust by such director, officer or controlling person or
the Trustee in connection with the Units being registered, the Trust will,
unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.

Item 26. Business and Other Connections of Investment Adviser

(a) The Chase Manhattan Bank ("Chase") is the investment adviser of the Trust.
Chase is a commercial bank providing a wide range of banking and investment
services.

II-3

<PAGE>

To the knowledge of the Registrant, none of the Directors or executive officers
of Chase, except those described below, are or have been, at any time during the
past two years, engaged in any other business, profession, vocation or
employment of a substantial nature, except that certain Directors and executive
officers of Chase also hold or have held various positions with bank and
non-bank affiliates of Chase, including its parent, The Chase Manhattan
Corporation. Each Director listed below is also a Director of The Chase
Manhattan Corporation.

<TABLE>
<CAPTION>
Name Position with Chase Principal Occupation
---- ------------------- --------------------
<S> <C> <C>
Hans W. Becherer Director Chairman and CEO, Deere & Co.

Frank A. Bennack, Jr. Director Chairman and CEO, The Hearst
Corp.

Susan V. Berresford Director President, The Ford Foundation

Donald L. Boudreau Vice Chairman None
Of the Board

M. Anthony Burns Director Chairman of the Board,
President and Chief Executive
Officer of Ryder System, Inc.

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

Melvin R. Goodes Director Chairman and CEO, Warner-Lambert
Co.

William H. Gray III Director President and CEO, The College
Fund/UNCF

George V. Grune Director Chairman and CEO, The Reader's
Digest Assoc., Inc.

William Harrison Vice Chairman None
Of the Board

Harold S. Hook Director Retired Chairman, American
General Corp.

Helene Kaplan Director Of Counsel, Skaden, Arps, Slate,
Meager & Flom LLP

Thomas G. Labreque President and Chief Chairman, Chief Executive
Operating Officer Officer and a Director of The
and Director Chase Manhattan Corporation and
a Director of AMAX, Inc.

Donald H. Layton Vice Chairman None
Of the Board

James B. Lee Vice Chairman None
Of the Board

Denis O'Leary Executive None
Vice President

Marc J. Shapiro Vice Chairman None
Of the Board

Joseph G. Sponholz Vice Chairman None
Of the Board

Henry B. Schacht Director Chairman and Chief Executive
Officer of Cummins Engine
Company, Inc. and a Director of
each of American Telephone and
Telegraph Company and CBS Inc.

II-4

<PAGE>
Walter V. Shipley Chairman of the None
Board and Chief
Executive Officer

Andrew C. Sigler Director Chairman of the Board and Chief
Executive Officer, Champion
International Corporation

John R. Stafford Director Chairman, President and Chief
Executive Officer, American
Home Products Corporation

Marina V. N. Whitman Director Professor of Business
Administration and Public
Policy, University of Michigan
</TABLE>

(b) Chase Bank of Texas, N.A. ("CBT") is investment sub-adviser with respect to
certain of the Funds. Its business has been solely that of a national bank.

The directors and executive officers (i.e., members of management committee) of
the investment adviser have held during the past two fiscal years the following
positions of a substantial nature:

II-5
<PAGE>

<TABLE>
<CAPTION>
Position(s) Position(s)
and Offices and Offices Other Substantial
with with Business, Profession,
Name CBT Registrant Vocation or Employment
----- -------------- ----------- ----------------------
<S> <C> <C> <C>
John L. Adams Chairman, None None
President and
CEO

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

Alan R. Buckwalter, III Director, None None
Vice Chairman

II-6

<PAGE>
Position(s) Position(s)
and Offices and Offices Other Substantial
with with Business, Profession,
Name CBT Registrant Vocation or Employment
----- -------------- ------------- ----------------------

Robert C. Hunter Director, None None
Vice Chairman

S. Todd Maclin Director, None None
Vice Chairman

Beverly H. McCaskill Director, None None
Executive
Vice President

Scott J. McLean Executive None None
Vice President

Cathy S. Nunnally Executive None None
Vice President

Jeffrey B. Reitman Director, None None
General Counsel

Harriet S. Wasserstrum Director, None None
Vice Chairman

</TABLE>

Item 27. Principal Underwriters

Inapplicable.

Item 28. Location of Accounts and Records

Accounts and other documents are maintained at the offices of the Registrant.

II-7

<PAGE>

Item 29. Management Services.

Inapplicable.

Item 30. Undertakings

(a) Registrant hereby undertakes to call a meeting of
shareholders for the purpose of voting upon the question of
removal of one or more of Registrant's directors when
requested in writing to do so by the holders of at least 10%
of Registrant's outstanding shares of common stock and, in
connection with such meeting, to assist in communications
with other shareholders in this regard, as provided under
Section 16(c) of the 1940 Act.

(b) Registrant hereby undertakes to furnish each person to whom a
prospectus is delivered with a copy of the Registrant's latest
annual report to shareholders, upon request and without change.

II-8

<PAGE>

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant has duly caused this Post-Effective
Amendment to its Registration Statement on Form N-1A to be signed on its behalf
by the undersigned, thereunto duly authorized, in the city of New York and the
State of New York on the 28th day of April, 2000.

MUTUAL FUND INVESTMENT TRUST
By /s/ Sarah Jones
--------------------------
Sarah Jones
Chair

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective
Amendment to the Registration Statement has been signed below by the following
persons in the capacities and on the dates indicated.

<TABLE>
<S> <C> <C>
* Trustee December 5, 2000
-------------------------------
Fergus Reid, III

/s/ H. Richard Vartabedian Trustee December 5, 2000
-------------------------------
H. Richard Vartabedian

* Trustee December 5, 2000
-------------------------------
William J. Armstrong

* Trustee December 5, 2000
-------------------------------
John R.H. Blum

* Trustee December 5, 2000
-------------------------------
Stuart W. Cragin, Jr.

*
------------------------------- Trustee December 5, 2000
Roland R. Eppley, Jr.

* Trustee December 5, 2000
-------------------------------
Joseph J. Harkins

* Chair and December 5, 2000
------------------------------- Trustee
Sarah E. Jones

*
------------------------------- Trustee December 5, 2000
W.D. MacCallan

*
------------------------------- Trustee December 5, 2000
W. Perry Neff

* Trustee December 5, 2000
-------------------------------
Leonard M. Spalding, Jr.

* Trustee December 5, 2000
-------------------------------
Irv Thode

* Trustee December 5, 2000
-------------------------------
Richard E. Ten Haken

/s/ Martin R. Dean Treasurer and December 5, 2000
------------------------------- Principal Financial
Martin R. Dean Officer

/s/ H. Richard Vartabedian Attorney in December 5, 2000
------------------------------- Fact
H. Richard Vartabedian
</TABLE>