Vision U.S. Government Securities Fund Vision New York Municipal Income Fund
Vision Equity Income Fund Vision Growth and Income Fund Vision Capital
Appreciation Fund Vision Money Market Fund Vision Treasury Money Market Fund
Vision New York Tax-Free Money Market Fund (Portfolios of Vision Group of Funds,
Inc.)
Supplement to Prospectuses dated June 30, 1997 and Prospectus (Vision Equity
Income Fund only) dated September 25, 1997
(All Funds)
1. Please be advised that, effective December 1, 1997, the fees paid to
Federated Services Company and its subsidiaries for administration, fund
accounting, and transfer agency services have been revised in accordance with
the following aggregate fee schedule (other than out-of-pocket expenses), such
fees being calculated daily, payable monthly and not subject to any per
portfolio minimum. This has no material change to the Funds' expense ratios as
set forth in the fee table in the section "A Summary of the Funds' Expenses."
"Aggregate Fee Schedule for Administrative, Fund Accounting and Transfer Agency
Services:
Maximum Aggregate Daily Net Assets
Fee of the Vision Group of Funds, Inc.
0.14% on the first $1.4 billion
0.10% on the next $750 million
0.07% on assets in excess of $2.15 billion"
2. Please add the following as the last sub-section in the Prospectus section
entitled "How to Exchange Shares."
"Systematic Exchange Program
If you desire to automatically exchange shares of a predetermined amount
from one Fund into another Fund on a monthly, quarterly or annual basis,
you may take advantage of a systematic exchange privilege. Exchanges are
subject to investment minimums and any applicable sales charges. The
minimum amount that may be exchanged is $25. Shareholders interested in
participating in this program should contact M&T Bank's Mutual Fund
Services for more information."
(Vision Money Market Fund, Vision Treasury Money Market Fund, and Vision New
York Tax-Free Money Market Fund only)
On page 25 of the Prospectus, please update the subsection entitled
"Certificates and Confirmations" with the following:
"The Funds will no longer issue share certificates."
(Vision Capital Appreciation Fund only)
On page 36 of the Prospectus, in the subsection entitled "Dividends and Capital
Gains," please replace the second sentence with the following two sentences:
"The Growth and Income Fund declares and pays dividends quarterly. The
Capital Appreciation Fund declares and pays dividends annually."
December 29, 1997
[GRAPHIC OMITTED]
Cusip 92830F406 Cusip 92830F505 Cusip 92830F802 Cusip 92830F604 Cusip
92830F703 Cusip 92830F307 Cusip 92830F109 Cusip 92830F208
G00996-05 (12/97) TRG00996-05 (12/97)
