NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES--Mutual Fund Trust (the "Trust")
was organized as a Massachusetts business trust, and is registered under the Investment Company Act of 1940,
as amended, as an open-end, non-diversified management investment company. Vista Tax Free Income Fund
("TFI"), Vista New York Tax Free Income Fund ("NYTFI"), and Vista California Intermediate Tax Free Fund
("CITF") (collectively the "Funds"), are three separate portfolios of the Trust.
The preparation of financial statements in accordance with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
The TFI and NYTFI Funds offer two classes of shares, referred to as Class A Shares and Class B Shares. Class
B Shares were first available on November 4, 1993. Class A shares generally provide for a front-end sales
charge while Class B shares provide for a contingent deferred sales charge. All classes of shares have equal rights
as to earnings, assets and voting privileges, except that each class may bear different distribution expenses and
each class has exclusive voting rights with respect to its distribution plan.
The following is a summary of significant accounting policies followed by the Funds:
A. Valuation of investments--Fixed income securities (other than short-term obligations), including listed issues,
are valued using matrix pricing systems of a major dealer in bonds which take into account factors such as
institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading
characteristics and other market data, without exclusive reliance upon quoted exchange or over-the-counter
prices. Short-term debt securities with 61 days or more to maturity at time of purchase are valued, through the
61st day prior to maturity, at market value based on quotat