VISION GROUP OF FUNDS INC
NSAR-A, 1996-01-02
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<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
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025 D00AA05       0
<PAGE>      PAGE  4
025 D00AA06       0
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026 A000000 N
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034  00AA00 N
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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
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015 A000101 STATE STREET BANK AND TRUST COMPANY
<PAGE>      PAGE  5
015 B000101 C
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015 A000102 BANKERS TRUST CO.
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015 C010102 NEW YORK
015 C020102 NY
015 C030102 10015
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015 A000103 BANK OF NEW YORK
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015 C010103 NEW YORK
015 C020103 NY
015 C030103 10006
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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
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<PAGE>      PAGE  6
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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
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<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
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060 A000100 Y
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062 A000100 Y
062 B000100  18.8
062 C000100  13.1
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062 O000100   0.0
062 P000100   0.0
062 Q000100   0.0
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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
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072 G000100      265
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072 I000100       18
072 J000100       28
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072 N000100       20
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072 Q000100       41
072 R000100        8
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<PAGE>      PAGE  9
072 V000100        0
072 W000100       21
072 X000100     1543
072 Y000100      262
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072CC010100        0
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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
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074 C000100   459225
074 D000100        0
074 E000100        0
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074 L000100      955
074 M000100       58
074 N000100   460898
074 O000100        0
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074 R020100        0
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074 R040100     2653
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074 T000100   458245
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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
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028 C010200    170059
028 C020200       132
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<PAGE>      PAGE  11
028 C040200    193148
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028 G010200   1063358
028 G020200       887
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029  000200 N
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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
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048 F020200 0.000
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048 G020200 0.000
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<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
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062 H000200   0.0
062 I000200   0.0
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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
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<PAGE>      PAGE  14
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015 A000301 STATE STREET BANK AND TRUST COMPANY
015 B000301 C
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<PAGE>      PAGE  15
015 C020301 MA
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015 A000302 BANKERS TRUST CO.
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015 C010302 NEW YORK
015 C020302 NY
015 C030302 10015
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015 A000303 BANK OF NEW YORK
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015 C010303 NEW YORK
015 C020303 NY
015 C030303 10006
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015 A000304 MORGAN GUARANTY BANK & TRUST COMPANY
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015 C010304 NEW YORK
015 C020304 NY
015 C030304 10015
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015 A000305 NATIONSBANC CAPITAL MARKETS, INC.
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015 C010305 RICHMOND
015 C020305 VA
015 C030305 23261
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015 A000306 NATIONSBANK OF NORTH CAROLINA
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<PAGE>      PAGE  16
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032  000300      0
033  000300      0
037  000300 N
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039  000300 N
040  000300 N
045  000300 Y
046  000300 N
047  000300 Y
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<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
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062 H000300   0.0
062 I000300   0.0
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062 P000300   0.0
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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
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070 N020300 N
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072 R000300        6
072 S000300        3
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072 U000300        0
072 V000300        0
<PAGE>      PAGE  19
072 W000300        4
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072 Y000300       90
072 Z000300      774
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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
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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
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028 C040400       682
028 D010400       740
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028 F040400       939
028 G010400      4645
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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
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048 C020400 0.000
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048 F020400 0.000
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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
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028 C010500       468
028 C020500        74
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028 C040500       234
028 D010500       604
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028 E010500       326
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028 G010500      2920
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028 G030500         0
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028 H000500      2700
029  000500 Y
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030 B000500  4.50
030 C000500  0.00
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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
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048 G010500        0
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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
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072 F000500      109
<PAGE>      PAGE  28
072 G000500       25
072 H000500        0
072 I000500       16
072 J000500       10
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072 L000500        5
072 M000500        3
072 N000500        8
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072 R000500        6
072 S000500        3
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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
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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
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028 B010600      1035
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028 D040600       652
028 E010600      1787
028 E020600        61
028 E030600         0
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028 F010600       854
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028 G010600      6234
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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
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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
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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
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072 R000600        6
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072 X000600      272
072 Y000600        1
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072AA000600      799
072BB000600        0
072CC010600     4781
072CC020600        0
072DD010600      230
072DD020600        0
072EE000600        0
073 A010600   0.0600
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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>


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