UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported): April 25, 2005

                               CHASE FUNDING, INC.
       (Issuer in respect of Chase Funding Loan Acquisition Trust Mortgage
      Loan Asset-Backed Certificates, Series 2004-AQ1) (the "Certificates")
              ----------------------------------------------------
             (Exact name of registrant as specified in its charter)

          New York                 333-106428-03              13-3840732
------------------------------   -------------------   -------------------------
(State or other jurisdiction        (Commission             (IRS Employer
      of incorporation)             File Number)         Identification No.)

  300 Tice Boulevard, Woodcliff Lake, NJ                        07675
---------------------------------------------           -----------------------
(Address of principal executive offices)                     (Zip Code)

Registrant's telephone number, including area code: (201) 782-9084


--------------------------------------------------------------
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_|   Written communications pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act
      (17 CFR 240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
<PAGE>

Section 8 - Other Events

Item 8.01 Other Events.

Chase Funding, Inc. (the "Depositor") made distributions to holders of its Chase
Funding Loan Acquisition Trust Mortgage Loan Asset-Backed Certificates, Series
2004-AQ1 as contemplated by the Pooling and Servicing Agreement, dated as of
September 1, 2004, among Chase Funding, Inc., as Depositor, Chase Manhattan
Mortgage Corporation, as Servicer and Wachovia Bank National Association, as
Trustee (the "Pooling and Servicing Agreement").

Copies of the Certificateholders' Reports with respect to such distributions
delivered pursuant to Section 6.02 of the Pooling and Servicing Agreement are
being filed as exhibits to this Current Report on Form 8-K.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

Exhibit No.     Description
-----------     -----------
  99.1          Monthly Reports with respect to the April 25, 2005 distribution.
<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                           JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
                           (f/k/a "The Chase Manhattan Bank"),
                           As Paying Agent, on behalf of Chase Funding, Inc.


                           By: /s/ Andrew M. Cooper
                               --------------------------------
                           Name: Andrew M. Cooper
                           Title:  Assistant Vice President
                           Date: May 4, 2005

<PAGE>

                                INDEX TO EXHIBITS

Exhibit No.       Description
-----------       -----------
  99.1            Monthly Reports with respect to the distribution to
                  certificateholders on April 25, 2005.
{"company-data": {"conformed-name": "Chase Funding Loan Acquisition Trust, Series 2004-AQ1", "cik": "0001305630", "assigned-sic": "6189", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-106428-03", "film-number": "05817647"}, "business-address": {"street1": "300 TICE BLVD", "city": "WOODCLIFF LAKE", "state": "NJ", "zip": "07675", "phone": "7322050600"}, "mail-address": {"street1": "343 THORNALL ST", "city": "EDISON", "state": "NJ", "zip": "08837"}, "former-company": {"former-conformed-name": "Chase Funding Loan Acquisition Trust", "date-changed": "20041008"}}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported): April 25, 2005

                               CHASE FUNDING, INC.
       (Issuer in respect of Chase Funding Loan Acquisition Trust Mortgage
      Loan Asset-Backed Certificates, Series 2004-AQ1) (the "Certificates")
              ----------------------------------------------------
             (Exact name of registrant as specified in its charter)

          New York                 333-106428-03              13-3840732
------------------------------   -------------------   -------------------------
(State or other jurisdiction        (Commission             (IRS Employer
      of incorporation)             File Number)         Identification No.)

  300 Tice Boulevard, Woodcliff Lake, NJ                        07675
---------------------------------------------           -----------------------
(Address of principal executive offices)                     (Zip Code)

Registrant's telephone number, including area code: (201) 782-9084

--------------------------------------------------------------
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_|   Written communications pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act
      (17 CFR 240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
Section 8 - Other Events

Item 8.01 Other Events.

Chase Funding, Inc. (the "Depositor") made distributions to holders of its Chase
Funding Loan Acquisition Trust Mortgage Loan Asset-Backed Certificates, Series
2004-AQ1 as contemplated by the Pooling and Servicing Agreement, dated as of
September 1, 2004, among Chase Funding, Inc., as Depositor, Chase Manhattan
Mortgage Corporation, as Servicer and Wachovia Bank National Association, as
Trustee (the "Pooling and Servicing Agreement").

Copies of the Certificateholders' Reports with respect to such distributions
delivered pursuant to Section 6.02 of the Pooling and Servicing Agreement are
being filed as exhibits to this Current Report on Form 8-K.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

Exhibit No.     Description
-----------     -----------
  99.1          Monthly Reports with respect to the April 25, 2005 distribution.
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                           JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
                           (f/k/a "The Chase Manhattan Bank"),
                           As Paying Agent, on behalf of Chase Funding, Inc.

                           By: /s/ Andrew M. Cooper
                               --------------------------------
                           Name: Andrew M. Cooper
                           Title:  Assistant Vice President
                           Date: May 4, 2005
INDEX TO EXHIBITS

Exhibit No.       Description
-----------       -----------
  99.1            Monthly Reports with respect to the distribution to
                  certificateholders on April 25, 2005.