VISION U.S. GOVERNMENT SECURITIES FUND
VISION NEW YORK TAX-FREE FUND
VISION GROWTH AND INCOME FUND
(PORTFOLIOS OF VISION GROUP OF FUNDS, INC.)
Supplement to the Prospectuses dated May 31, 1994 and June 30, 1994
1. Under the section entitled "Adviser's Background" on page 13 of the
VISION U.S. Government Securities Fund and the VISION New York Tax-Free
Fund Prospectuses, please delete the third and fourth paragraphs, and
replace them with the following:
"Mr. Robert J. Truesdell served as the Fund's portfolio
manager from August 1994 through February 1995. Since the
Fund's inception, Mr. Truesdell was also responsible for
overseeing the Fund's management, and has supervised the
Fund's investment decisions. Mr. Truesdell oversees
investment activities of M&T Bank's money market funds in
the Vision Group of Funds, Inc. and the Vision Fiduciary
Funds, Inc. Mr. Truesdell joined M&T Bank as Vice President
and Fixed Income Manager in 1988. In addition to the Vision
money market funds, he also manages individual investment
management accounts. Mr. Truesdell holds an M.B.A. in
accounting from S.U.N.Y. at Buffalo.
Mr. Thomas R. Pierce is the Fund's portfolio manager
effective March 1995. Mr. Pierce joined M&T Bank in January
1995 as Vice President from Merit Investment Advisors where
he acted as Director of Fixed Income Product and Trading
since 1993. For the period from 1987 to 1993, Mr. Pierce
served as Fixed Income Manager at ANB Investment Management
Company, where he directed the management of $3.5 billion of
active and passive fixed income portfolios. Mr. Pierce
holds an A.B. in Economics from Washington University, and
an M.B.A. from the University of Chicago."
2. Under the section entitled "Purchases at Net Asset Value" of the
prospectuses of all the Funds, please delete the paragraph and replace
it with the following:
"Shares of the Fund may be purchased, subject to applicable
law and regulation from time to time, at net asset value,
without a sales charge, by the following investors, their
spouses and their immediate relatives: (i) current and
retired employees and directors of M&T Bank, The East New
York Savings Bank, First Empire State Corporation and their
subsidiaries; (ii) current and former Directors of the
Corporation; (iii) clients of the Trust & Investment
Services Division of M&T Bank; (iv) employees (including
registered representatives) of a dealer which has a selling
group agreement with the Fund's distributor and consents to
such purchases; (v) current and retired employees of any
sub-adviser to the Vision Group of Funds, Inc.; and (vi)
investors referred by any sub-adviser to the Vision Group of
Funds, Inc. Immediate relatives include grandparents,
parents, siblings, children, and grandchildren of a
qualified investor, and the spouse of any immediate
relative.
Shares of the Fund may also be purchased, subject to
applicable law and regulation from time to time, at net
asset value, without a sales charge, by employees of clients
of the Trust & Investment Services and Commercial Lending
Divisions of M&T Bank within an automatic deduction
program._ The distributor will uniformly and periodically
offer to pay cash payments as incentives to broker/dealers
whose customers or clients purchase shares of the Fund under
this "no-load" purchase provision. This payment will be
made out of the distributor's assets and not by the
Corporation, the Fund, or its shareholders.
A special application form, which is available from the
Shareholder Servicing Agent, must be submitted with the
initial purchase."
March 2, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
92830F406
92830F505
92830F604
G00162-04 (2/95)
SRI # MTC502083
