<PAGE> PAGE 1
000 A000000 10/31/95
000 C000000 0000830744
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 VISION GROUP OF FUNDS, INC.
001 B000000 811-5514
001 C000000 4122887403
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 6
007 C010100 1
007 C020100 VISION MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 VISION TREASURY MONEY MARKET FUND
007 C030200 N
007 C010300 3
007 C020300 VISION NEW YORK TAX-FREE MONEY MARKET FUND
007 C030300 N
007 C010400 4
007 C020400 VISION NEW YORK TAX-FREE FUND
007 C030400 N
007 C010500 5
007 C020500 VISION U.S. GOVERNMENT SECURITIES FUND
007 C030500 N
007 C010600 6
007 C020600 VISION GROWTH AND INCOME FUND
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 MANUFACTURERS AND TRADERS TRUST COMPANY
008 B00AA01 A
008 C00AA01 801-0000
008 D01AA01 BUFFALO
008 D02AA01 NY
008 D03AA01 14240
<PAGE> PAGE 2
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15219
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 SK INTERNATIONAL
020 C000001 13
020 A000002 GOLDMAN SACHS & CO.
020 B000002 13-5108880
020 C000002 9
020 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000003 13-5674085
020 C000003 8
020 A000004 PAINEWEBBER, INC.
020 B000004 13-2638166
020 C000004 6
020 A000005 INSTINET
020 B000005 13-3443395
020 C000005 6
020 A000006 MORGAN (J.P.) SECURITIES, INC.
020 B000006 13-3224016
020 C000006 5
020 A000007 SALOMON BROTHERS, INC.
020 B000007 13-3082694
020 C000007 5
020 A000008 SANFORD C. BERNSTEIN & CO., INC.
020 B000008 13-2625874
020 C000008 5
020 A000009 SMITH, BARNEY HARRIS UPHAM & CO., INC.
020 B000009 13-1912900
020 C000009 5
020 A000010 PRUDENTIAL SECURITIES CORP.
<PAGE> PAGE 3
020 B000010 22-2347336
020 C000010 4
021 000000 1256
022 A000001 STATE STREET BANK AND TRUST CO.
022 B000001 04-1867445
022 C000001 7965567
022 D000001 0
022 A000002 MORGAN GUARANTY TRUST CO. OF NEW YORK
022 B000002 13-5123346
022 C000002 4250816
022 D000002 0
022 A000003 NOMURA SECURITIES INTERNATIONAL, INC.
022 B000003 13-2642206
022 C000003 3631222
022 D000003 0
022 A000004 LEHMAN BROTHERS, INC.
022 B000004 13-2518466
022 C000004 2173855
022 D000004 25843
022 A000005 SMITH BARNEY, INC.
022 B000005 13-1912900
022 C000005 1964028
022 D000005 8198
022 A000006 CS FIRST BOSTON CORP.
022 B000006 13-5659485
022 C000006 988497
022 D000006 0
022 A000007 MORGAN STANLEY & CO., INC.
022 B000007 13-2655998
022 C000007 872756
022 D000007 258
022 A000008 GOLDMAN SACHS & CO.
022 B000008 13-5108880
022 C000008 269639
022 D000008 4926
022 A000009 SALOMON BROTHERS, INC.
022 B000009 13-3082694
022 C000009 205501
022 D000009 1026
022 A000010 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000010 13-5674085
022 C000010 202237
022 D000010 2314
023 C000000 23146298
023 D000000 119847
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
<PAGE> PAGE 4
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 N
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
077 A000000 N
078 000000 N
015 A000101 STATE STREET BANK AND TRUST COMPANY
<PAGE> PAGE 5
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02103
015 E010101 X
015 A000102 BANKERS TRUST CO.
015 B000102 S
015 C010102 NEW YORK
015 C020102 NY
015 C030102 10015
015 E010102 X
015 A000103 BANK OF NEW YORK
015 B000103 S
015 C010103 NEW YORK
015 C020103 NY
015 C030103 10006
015 E010103 X
015 A000104 MORGAN GUARANTY BANK & TRUST CO.
015 B000104 S
015 C010104 NEW YORK
015 C020104 NY
015 C030104 10015
015 E010104 X
015 A000105 NATIONSBANC CAPITAL MARKETS, INC.
015 B000105 S
015 C010105 RICHMOND
015 C020105 VA
015 C030105 23261
015 E010105 X
015 A000106 NATIONSBANK OF NORTH CAROLINA
015 B000106 S
015 C010106 CHARLOTTE
015 C020106 NC
015 C030106 28255
015 E010106 X
015 A000107 PNC BANK, NA
015 B000107 S
015 C010107 PITTSBURGH
015 C020107 PA
015 C030107 15265
015 E010107 X
028 A010100 77342
028 A020100 0
028 A030100 0
028 A040100 109462
028 B010100 118349
028 B020100 507
028 B030100 0
028 B040100 110405
028 C010100 118273
028 C020100 513
<PAGE> PAGE 6
028 C030100 0
028 C040100 71570
028 D010100 106167
028 D020100 577
028 D030100 0
028 D040100 92494
028 E010100 118246
028 E020100 631
028 E030100 0
028 E040100 121133
028 F010100 132695
028 F020100 1316
028 F030100 0
028 F040100 142623
028 G010100 671072
028 G020100 3544
028 G030100 0
028 G040100 647687
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 0
033 000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 N
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.500
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
<PAGE> PAGE 7
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
055 A000100 Y
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 500
062 A000100 Y
062 B000100 18.8
062 C000100 13.1
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 68.4
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 66
063 B000100 0.0
064 A000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
<PAGE> PAGE 8
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 6
072 B000100 13516
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 1130
072 G000100 265
072 H000100 0
072 I000100 18
072 J000100 28
072 K000100 0
072 L000100 6
072 M000100 3
072 N000100 20
072 O000100 0
072 P000100 0
072 Q000100 41
072 R000100 8
072 S000100 3
072 T000100 0
072 U000100 0
<PAGE> PAGE 9
072 V000100 0
072 W000100 21
072 X000100 1543
072 Y000100 262
072 Z000100 12235
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 12235
072DD020100 0
072EE000100 0
073 A010100 0.0300
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 660
074 B000100 0
074 C000100 459225
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 955
074 M000100 58
074 N000100 460898
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 2653
074 S000100 0
074 T000100 458245
074 U010100 458245
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9999
074 X000100 7715
074 Y000100 0
075 A000100 449470
075 B000100 0
076 000100 0.00
015 A000201 STATE STREET BANK AND TRUST COMPANY
015 B000201 C
<PAGE> PAGE 10
015 C010201 BOSTON
015 C020201 MA
015 C030201 02103
015 E010201 X
015 A000202 BANK OF NEW YORK
015 B000202 S
015 C010202 NEW YORK
015 C020202 NY
015 C030202 10006
015 E010202 X
015 A000203 PNC BANK, NA
015 B000203 S
015 C010203 PITTSBURGH
015 C020203 PA
015 C030203 15265
015 E010203 X
015 A000204 MORGAN GUARANTY BANK & TRUST CO.
015 B000204 S
015 C010204 NEW YORK
015 C020204 NY
015 C030204 10015
015 E010204 X
015 A000205 BANKERS TRUST CO.
015 B000205 S
015 C010205 NEW YORK
015 C020205 NY
015 C030205 10015
015 E010205 X
015 A000206 NATIONSBANK OF NORTH CAROLINA
015 B000206 S
015 C010206 CHARLOTTE
015 C020206 NC
015 C030206 28255
015 E010206 X
015 A000207 NATIONSBANC CAPITAL MARKETS, INC.
015 B000207 S
015 C010207 RICHMOND
015 C020207 VA
015 C030207 23261
015 E010207 X
028 A010200 233628
028 A020200 0
028 A030200 0
028 A040200 183175
028 B010200 209403
028 B020200 130
028 B030200 0
028 B040200 182955
028 C010200 170059
028 C020200 132
028 C030200 0
<PAGE> PAGE 11
028 C040200 193148
028 D010200 201314
028 D020200 142
028 D030200 0
028 D040200 113877
028 E010200 105294
028 E020200 148
028 E030200 0
028 E040200 179222
028 F010200 143660
028 F020200 335
028 F030200 0
028 F040200 113659
028 G010200 1063358
028 G020200 887
028 G030200 0
028 G040200 966036
028 H000200 0
029 000200 N
030 A000200 0
030 B000200 0.00
030 C000200 0.00
031 A000200 0
031 B000200 0
032 000200 0
033 000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 N
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.500
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
<PAGE> PAGE 12
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 500
062 A000200 Y
062 B000200 46.8
062 C000200 0.0
062 D000200 53.8
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 52
063 B000200 0.0
064 A000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
<PAGE> PAGE 13
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 6
072 B000200 8554
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 724
072 G000200 169
072 H000200 0
072 I000200 13
072 J000200 11
072 K000200 0
072 L000200 1
072 M000200 3
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 18
072 R000200 6
072 S000200 3
072 T000200 0
072 U000200 0
072 V000200 0
<PAGE> PAGE 14
072 W000200 7
072 X000200 955
072 Y000200 143
072 Z000200 7742
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 7742
072DD020200 0
072EE000200 0
073 A010200 0.0300
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 166174
074 C000200 144563
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 96
074 M000200 0
074 N000200 310833
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 2098
074 S000200 0
074 T000200 308735
074 U010200 308735
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 1.0002
074 X000200 1117
074 Y000200 0
075 A000200 287896
075 B000200 0
076 000200 0.00
015 A000301 STATE STREET BANK AND TRUST COMPANY
015 B000301 C
015 C010301 BOSTON
<PAGE> PAGE 15
015 C020301 MA
015 C030301 02103
015 E010301 X
015 A000302 BANKERS TRUST CO.
015 B000302 S
015 C010302 NEW YORK
015 C020302 NY
015 C030302 10015
015 E010302 X
015 A000303 BANK OF NEW YORK
015 B000303 S
015 C010303 NEW YORK
015 C020303 NY
015 C030303 10006
015 E010303 X
015 A000304 MORGAN GUARANTY BANK & TRUST COMPANY
015 B000304 S
015 C010304 NEW YORK
015 C020304 NY
015 C030304 10015
015 E010304 X
015 A000305 NATIONSBANC CAPITAL MARKETS, INC.
015 B000305 S
015 C010305 RICHMOND
015 C020305 VA
015 C030305 23261
015 E010305 X
015 A000306 NATIONSBANK OF NORTH CAROLINA
015 B000306 S
015 C010306 CHARLOTTE
015 C020306 NC
015 C030306 28255
015 E010306 X
015 A000307 PNC BANK, NA
015 B000307 S
015 C010307 PITTSBURGH
015 C020307 PA
015 C030307 15265
015 E010307 X
028 A010300 7204
028 A020300 0
028 A030300 0
028 A040300 5835
028 B010300 7659
028 B020300 29
028 B030300 0
028 B040300 7424
028 C010300 11805
028 C020300 26
028 C030300 0
028 C040300 7673
<PAGE> PAGE 16
028 D010300 11213
028 D020300 30
028 D030300 0
028 D040300 10338
028 E010300 9767
028 E020300 35
028 E030300 0
028 E040300 8639
028 F010300 15956
028 F020300 96
028 F030300 0
028 F040300 9672
028 G010300 63604
028 G020300 216
028 G030300 0
028 G040300 49581
028 H000300 0
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 N
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.500
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
<PAGE> PAGE 17
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
055 A000300 Y
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 500
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 101.7
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 32
063 B000300 0.0
064 A000300 Y
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
<PAGE> PAGE 18
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 Y
070 O020300 Y
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 6
072 B000300 889
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 119
072 G000300 28
072 H000300 0
072 I000300 11
072 J000300 10
072 K000300 0
072 L000300 3
072 M000300 3
072 N000300 1
072 O000300 0
072 P000300 0
072 Q000300 18
072 R000300 6
072 S000300 3
072 T000300 0
072 U000300 0
072 V000300 0
<PAGE> PAGE 19
072 W000300 4
072 X000300 206
072 Y000300 90
072 Z000300 774
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 774
072DD020300 0
072EE000300 0
073 A010300 0.0200
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 5
074 B000300 0
074 C000300 56318
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 100
074 K000300 0
074 L000300 415
074 M000300 0
074 N000300 56838
074 O000300 1265
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 96
074 S000300 0
074 T000300 55477
074 U010300 55477
074 U020300 0
074 V010300 1.00
074 V020300 0.00
074 W000300 1.0000
074 X000300 988
074 Y000300 0
075 A000300 47349
075 B000300 0
076 000300 0.00
015 A000401 STATE STREET BANK AND TRUST COMPANY
015 B000401 C
015 C010401 BOSTON
<PAGE> PAGE 20
015 C020401 MA
015 C030401 02103
015 E010401 X
028 A010400 867
028 A020400 0
028 A030400 0
028 A040400 667
028 B010400 935
028 B020400 77
028 B030400 0
028 B040400 533
028 C010400 785
028 C020400 82
028 C030400 0
028 C040400 682
028 D010400 740
028 D020400 89
028 D030400 0
028 D040400 406
028 E010400 818
028 E020400 90
028 E030400 0
028 E040400 1154
028 F010400 500
028 F020400 184
028 F030400 0
028 F040400 939
028 G010400 4645
028 G020400 522
028 G030400 0
028 G040400 4381
028 H000400 150
029 000400 Y
030 A000400 168
030 B000400 4.50
030 C000400 0.00
031 A000400 19
031 B000400 0
032 000400 149
033 000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 N
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.700
048 A010400 0
048 A020400 0.000
<PAGE> PAGE 21
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
055 A000400 Y
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 500
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.7
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 97.4
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 19.5
064 A000400 Y
064 B000400 N
<PAGE> PAGE 22
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 Y
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 26776
071 B000400 25865
071 C000400 28018
071 D000400 92
072 A000400 6
072 B000400 817
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 102
<PAGE> PAGE 23
072 G000400 25
072 H000400 0
072 I000400 16
072 J000400 12
072 K000400 0
072 L000400 5
072 M000400 2
072 N000400 8
072 O000400 0
072 P000400 0
072 Q000400 24
072 R000400 6
072 S000400 3
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 8
072 X000400 211
072 Y000400 54
072 Z000400 660
072AA000400 0
072BB000400 123
072CC010400 1359
072CC020400 0
072DD010400 656
072DD020400 0
072EE000400 0
073 A010400 0.2300
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 162
074 B000400 0
074 C000400 200
074 D000400 28610
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 613
074 M000400 14
074 N000400 29599
074 O000400 108
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
<PAGE> PAGE 24
074 R040400 120
074 S000400 0
074 T000400 29371
074 U010400 2908
074 U020400 0
074 V010400 10.09
074 V020400 0.00
074 W000400 0.0000
074 X000400 31
074 Y000400 0
075 A000400 0
075 B000400 28728
076 000400 0.00
015 A000501 STATE STREET BANK AND TRUST COMPANY
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02103
015 E010501 X
015 A000502 PNC BANK, NA
015 B000502 S
015 C010502 PITTSBURGH
015 C020502 PA
015 C030502 15265
015 E010502 X
015 A000503 NATIONSBANK OF NORTH CAROLINA
015 B000503 S
015 C010503 CHARLOTTE
015 C020503 NC
015 C030503 28255
015 E010503 X
015 A000504 NATIONSBANC CAPITAL MARKETS, INC.
015 B000504 S
015 C010504 RICHMOND
015 C020504 VA
015 C030504 23261
015 E010504 X
015 A000505 MORGAN GUARANTY BANK & TRUST CO.
015 B000505 S
015 C010505 NEW YORK
015 C020505 NY
015 C030505 10015
015 E010505 X
015 A000506 BANK OF NEW YORK
015 B000506 S
015 C010506 NEW YORK
015 C020506 NY
015 C030506 10006
015 E010506 X
015 A000507 BANKERS TRUST CO.
015 B000507 S
<PAGE> PAGE 25
015 C010507 NEW YORK
015 C020507 NY
015 C030507 10015
015 E010507 X
028 A010500 505
028 A020500 0
028 A030500 0
028 A040500 705
028 B010500 568
028 B020500 75
028 B030500 0
028 B040500 415
028 C010500 468
028 C020500 74
028 C030500 0
028 C040500 234
028 D010500 604
028 D020500 77
028 D030500 0
028 D040500 349
028 E010500 326
028 E020500 78
028 E030500 0
028 E040500 622
028 F010500 449
028 F020500 152
028 F030500 0
028 F040500 193
028 G010500 2920
028 G020500 456
028 G030500 0
028 G040500 2518
028 H000500 2700
029 000500 Y
030 A000500 48
030 B000500 4.50
030 C000500 0.00
031 A000500 5
031 B000500 0
032 000500 43
033 000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 N
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.700
048 A010500 0
<PAGE> PAGE 26
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 500
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 1.1
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 77.9
062 N000500 15.7
062 O000500 0.0
062 P000500 0.0
062 Q000500 3.1
062 R000500 0.0
063 A000500 0
063 B000500 9.3
064 A000500 N
<PAGE> PAGE 27
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 23823
071 B000500 19948
071 C000500 28839
071 D000500 70
072 A000500 6
072 B000500 1040
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 109
<PAGE> PAGE 28
072 G000500 25
072 H000500 0
072 I000500 16
072 J000500 10
072 K000500 0
072 L000500 5
072 M000500 3
072 N000500 8
072 O000500 0
072 P000500 0
072 Q000500 20
072 R000500 6
072 S000500 3
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 8
072 X000500 213
072 Y000500 28
072 Z000500 855
072AA000500 0
072BB000500 385
072CC010500 2055
072CC020500 0
072DD010500 855
072DD020500 0
072EE000500 0
073 A010500 0.2600
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 4
074 B000500 358
074 C000500 0
074 D000500 31052
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 760
074 M000500 7
074 N000500 32181
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
<PAGE> PAGE 29
074 R040500 81
074 S000500 0
074 T000500 32100
074 U010500 3342
074 U020500 0
074 V010500 9.60
074 V020500 0.00
074 W000500 0.0000
074 X000500 1020
074 Y000500 0
075 A000500 0
075 B000500 30932
076 000500 0.00
015 A000601 STATE STREET BANK AND TRUST COMPANY
015 B000601 C
015 C010601 BOSTON
015 C020601 MA
015 C030601 02103
015 E010601 X
028 A010600 1152
028 A020600 0
028 A030600 0
028 A040600 385
028 B010600 1035
028 B020600 58
028 B030600 0
028 B040600 699
028 C010600 798
028 C020600 0
028 C030600 0
028 C040600 387
028 D010600 608
028 D020600 0
028 D030600 0
028 D040600 652
028 E010600 1787
028 E020600 61
028 E030600 0
028 E040600 140
028 F010600 854
028 F020600 0
028 F030600 0
028 F040600 246
028 G010600 6234
028 G020600 119
028 G030600 0
028 G040600 2509
028 H000600 4568
029 000600 Y
030 A000600 53
030 B000600 4.50
<PAGE> PAGE 30
030 C000600 0.00
031 A000600 6
031 B000600 0
032 000600 47
033 000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 Y
041 000600 N
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.700
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
055 A000600 N
055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 500
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
<PAGE> PAGE 31
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 Y
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 N
070 M020600 N
<PAGE> PAGE 32
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 N
071 A000600 21160
071 B000600 16967
071 C000600 44056
071 D000600 39
072 A000600 6
072 B000600 42
072 C000600 464
072 D000600 0
072 E000600 0
072 F000600 159
072 G000600 27
072 H000600 0
072 I000600 17
072 J000600 15
072 K000600 0
072 L000600 8
072 M000600 3
072 N000600 8
072 O000600 0
072 P000600 0
072 Q000600 20
072 R000600 6
072 S000600 3
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 6
072 X000600 272
072 Y000600 1
072 Z000600 234
072AA000600 799
072BB000600 0
072CC010600 4781
072CC020600 0
072DD010600 230
072DD020600 0
072EE000600 0
073 A010600 0.0600
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
<PAGE> PAGE 33
074 A000600 2
074 B000600 0
074 C000600 943
074 D000600 0
074 E000600 2274
074 F000600 45964
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 483
074 K000600 0
074 L000600 84
074 M000600 2
074 N000600 49752
074 O000600 957
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 8
074 S000600 0
074 T000600 48787
074 U010600 4134
074 U020600 0
074 V010600 11.80
074 V020600 0.00
074 W000600 0.0000
074 X000600 2909
074 Y000600 0
075 A000600 0
075 B000600 45158
076 000600 0.00
SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> Vision Funds
Vision Money Market Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 459,224,769
<INVESTMENTS-AT-VALUE> 459,224,769
<RECEIVABLES> 954,456
<ASSETS-OTHER> 718,330
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 460,897,555
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,652,084
<TOTAL-LIABILITIES> 2,652,084
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 458,245,471
<SHARES-COMMON-STOCK> 458,245,471
<SHARES-COMMON-PRIOR> 431,316,361
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 458,245,471
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,515,691
<OTHER-INCOME> 0
<EXPENSES-NET> 1,280,658
<NET-INVESTMENT-INCOME> 12,235,033
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 12,235,033
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12,235,033
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 671,072,211
<NUMBER-OF-SHARES-REDEEMED> 647,686,808
<SHARES-REINVESTED> 3,543,707
<NET-CHANGE-IN-ASSETS> 26,929,110
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,129,814
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,542,659
<AVERAGE-NET-ASSETS> 449,470,138
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.030
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> Vision Funds
Vision Treasury Money Market Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 310,736,677
<INVESTMENTS-AT-VALUE> 310,736,677
<RECEIVABLES> 96,425
<ASSETS-OTHER> 295
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 310,833,397
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,098,860
<TOTAL-LIABILITIES> 2,098,860
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 308,734,537
<SHARES-COMMON-STOCK> 308,734,537
<SHARES-COMMON-PRIOR> 210,526,385
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 308,734,537
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,554,312
<OTHER-INCOME> 0
<EXPENSES-NET> 812,213
<NET-INVESTMENT-INCOME> 7,742,099
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7,742,099
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,742,099
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,063,358,073
<NUMBER-OF-SHARES-REDEEMED> 966,036,486
<SHARES-REINVESTED> 886,565
<NET-CHANGE-IN-ASSETS> 98,208,152
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 723,674
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 955,482
<AVERAGE-NET-ASSETS> 287,896,429
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.030
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.56
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Vision Funds
Vision New York Tax-Free Money Market Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 56,318,531
<INVESTMENTS-AT-VALUE> 56,318,531
<RECEIVABLES> 514,829
<ASSETS-OTHER> 4,563
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 56,837,923
<PAYABLE-FOR-SECURITIES> 1,264,822
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 95,756
<TOTAL-LIABILITIES> 1,360,578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 55,477,345
<SHARES-COMMON-PRIOR> 41,238,058
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 55,477,345
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 889,093
<OTHER-INCOME> 0
<EXPENSES-NET> 115,126
<NET-INVESTMENT-INCOME> 773,967
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 773,967
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 773,967
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 63,603,678
<NUMBER-OF-SHARES-REDEEMED> 49,580,815
<SHARES-REINVESTED> 216,425
<NET-CHANGE-IN-ASSETS> 14,239,287
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 118,992
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 205,560
<AVERAGE-NET-ASSETS> 47,348,789
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.020
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Vision Funds
Vision New York Tax-Free Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 28,022,951
<INVESTMENTS-AT-VALUE> 28,809,884
<RECEIVABLES> 612,449
<ASSETS-OTHER> 176,713
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,599,046
<PAYABLE-FOR-SECURITIES> 108,055
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 119,526
<TOTAL-LIABILITIES> 227,581
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,238,466
<SHARES-COMMON-STOCK> 2,908,356
<SHARES-COMMON-PRIOR> 2,828,152
<ACCUMULATED-NII-CURRENT> 6,389
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (660,323)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 786,933
<NET-ASSETS> 29,371,465
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 816,329
<OTHER-INCOME> 0
<EXPENSES-NET> 156,748
<NET-INVESTMENT-INCOME> 659,581
<REALIZED-GAINS-CURRENT> (123,142)
<APPREC-INCREASE-CURRENT> 1,359,427
<NET-CHANGE-FROM-OPS> 1,895,866
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 656,403
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 468,626
<NUMBER-OF-SHARES-REDEEMED> 440,837
<SHARES-REINVESTED> 52,415
<NET-CHANGE-IN-ASSETS> 2,024,993
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (537,182)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 101,698
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 210,554
<AVERAGE-NET-ASSETS> 28,728,449
<PER-SHARE-NAV-BEGIN> 9.670
<PER-SHARE-NII> 0.230
<PER-SHARE-GAIN-APPREC> 0.420
<PER-SHARE-DIVIDEND> 0.230
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.090
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Vision Funds
Vision U.S. Government Securities Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 30,406,781
<INVESTMENTS-AT-VALUE> 31,409,711
<RECEIVABLES> 759,993
<ASSETS-OTHER> 11,096
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,180,800
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 80,366
<TOTAL-LIABILITIES> 80,366
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,123,892
<SHARES-COMMON-STOCK> 3,342,294
<SHARES-COMMON-PRIOR> 3,252,315
<ACCUMULATED-NII-CURRENT> 24,413
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,050,801)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,002,930
<NET-ASSETS> 32,100,434
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,039,933
<OTHER-INCOME> 0
<EXPENSES-NET> 184,444
<NET-INVESTMENT-INCOME> 855,489
<REALIZED-GAINS-CURRENT> (385,064)
<APPREC-INCREASE-CURRENT> 2,054,725
<NET-CHANGE-FROM-OPS> 2,525,150
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 855,489
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 309,116
<NUMBER-OF-SHARES-REDEEMED> 267,235
<SHARES-REINVESTED> 48,098
<NET-CHANGE-IN-ASSETS> 2,527,028
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (665,737)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 109,133
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 212,644
<AVERAGE-NET-ASSETS> 30,932,285
<PER-SHARE-NAV-BEGIN> 9.090
<PER-SHARE-NII> 0.270
<PER-SHARE-GAIN-APPREC> 0.500
<PER-SHARE-DIVIDEND> 0.260
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.600
<EXPENSE-RATIO> 1.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Vision Funds
Vision Growth and Income Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 41,240,620
<INVESTMENTS-AT-VALUE> 49,181,335
<RECEIVABLES> 566,709
<ASSETS-OTHER> 3,906
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,751,950
<PAYABLE-FOR-SECURITIES> 957,367
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,897
<TOTAL-LIABILITIES> 965,264
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,456,677
<SHARES-COMMON-STOCK> 4,134,171
<SHARES-COMMON-PRIOR> 3,800,869
<ACCUMULATED-NII-CURRENT> 8,928
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,619,634)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,940,715
<NET-ASSETS> 48,786,686
<DIVIDEND-INCOME> 463,904
<INTEREST-INCOME> 42,075
<OTHER-INCOME> 0
<EXPENSES-NET> 271,660
<NET-INVESTMENT-INCOME> 234,319
<REALIZED-GAINS-CURRENT> 798,697
<APPREC-INCREASE-CURRENT> 4,781,058
<NET-CHANGE-FROM-OPS> 5,814,074
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 229,611
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 545,172
<NUMBER-OF-SHARES-REDEEMED> 222,109
<SHARES-REINVESTED> 10,239
<NET-CHANGE-IN-ASSETS> 9,428,972
<ACCUMULATED-NII-PRIOR> 4,220
<ACCUMULATED-GAINS-PRIOR> (2,418,332)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 158,965
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 272,201
<AVERAGE-NET-ASSETS> 45,158,438
<PER-SHARE-NAV-BEGIN> 10.350
<PER-SHARE-NII> 0.060
<PER-SHARE-GAIN-APPREC> 1.450
<PER-SHARE-DIVIDEND> 0.060
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.800
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>