MUTUAL FUND TRUST
SUPPLEMENT DATED JULY 18, 1997
TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED DECEMBER 27, 1996




In the section entitled "Administrator" in the Statement of Additional 
Information, the second complete paragraph on page 42 is corrected 
and restated as follows:

"In consideration of the services provided by Chase pursuant to the 
Administration Agreement, Chase receives from each Fund a fee 
computed daily and paid monthly at an annual rate equal to 0.05% 
of each Money Market Fund's average daily net assets, and 0.10% 
of each Income Fund's average daily net assets, on an annualized 
basis for the Fund's then-current fiscal year.  Chase may voluntarily
waive a portion of the fees payable to it with respect to each Fund on 
a month-to-month basis."