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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 803744
<NAME> Vision Group of funds
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<NAME> Vision Money Market
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> Vision Group of funds
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 803744
<NAME> Vision Group of funds
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 803744
<NAME> Vision Group of funds
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<NUMBER> 021
<NAME> Vision Treasury Money Market
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> Vision Group of funds
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<DIVIDEND-INCOME> 778,593
<INTEREST-INCOME> 63,680
<OTHER-INCOME> 0
<EXPENSES-NET> (705,478)
<NET-INVESTMENT-INCOME> 136,795
<REALIZED-GAINS-CURRENT> (7,978,215)
<APPREC-INCREASE-CURRENT> (24,846,489)
<NET-CHANGE-FROM-OPS> (32,687,909)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (382,519)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 772,821
<NUMBER-OF-SHARES-REDEEMED> (1,545,364)
<SHARES-REINVESTED> 23,790
<NET-CHANGE-IN-ASSETS> (42,661,463)
<ACCUMULATED-NII-PRIOR> 254,517
<ACCUMULATED-GAINS-PRIOR> 7,795,106
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 411,079
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 705,478
<AVERAGE-NET-ASSETS> 116,493,772
<PER-SHARE-NAV-BEGIN> 16.130
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> (3.730)
<PER-SHARE-DIVIDEND> (0.050)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.370
<EXPENSE-RATIO> 1.200
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000830744
<NAME> VISION GROUP OF FUNDS INC.
<SERIES>
<NUMBER> 070
<NAME> VISION CAPITAL APPRECIATION FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 51,076,003
<INVESTMENTS-AT-VALUE> 49,999,217
<RECEIVABLES> 672,154
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 10,465
<TOTAL-ASSETS> 50,681,836
<PAYABLE-FOR-SECURITIES> 1,109,020
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,858
<TOTAL-LIABILITIES> 1,217,878
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,072,629
<SHARES-COMMON-STOCK> 4,474,502
<SHARES-COMMON-PRIOR> 5,085,531
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (182,327)
<ACCUMULATED-NET-GAINS> (2,349,558)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,076,786)
<NET-ASSETS> 49,463,958
<DIVIDEND-INCOME> 116,498
<INTEREST-INCOME> 93,878
<OTHER-INCOME> 0
<EXPENSES-NET> (392,703)
<NET-INVESTMENT-INCOME> (182,327)
<REALIZED-GAINS-CURRENT> (4,009,088)
<APPREC-INCREASE-CURRENT> (12,835,770)
<NET-CHANGE-FROM-OPS> (17,027,185)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,042,366
<NUMBER-OF-SHARES-REDEEMED> (1,653,404)
<SHARES-REINVESTED> 9
<NET-CHANGE-IN-ASSETS> (25,630,656)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,659,530
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 240,533
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 392,703
<AVERAGE-NET-ASSETS> 56,134,522
<PER-SHARE-NAV-BEGIN> 14.770
<PER-SHARE-NII> (0.050)
<PER-SHARE-GAIN-APPREC> (3.670)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.050
<EXPENSE-RATIO> 1.390
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
Item 77Q1(a)(i)
VISION GROUP OF FUNDS, INC.
ARTICLES OF AMENDMENT
VISION GROUP OF FUNDS, INC., a Maryland corporation having
its principal office in the State of Maryland in the City of Baltimore
(hereinafter called the "Corporation"), hereby certifies to the State
Department of Assessments and Taxation of Maryland that:
FIRST: The Charter of the Corporation is hereby amended by
renaming all of the issued and unissued shares of Class A Common Stock
and Class B Common Stock, respectively, as shares of Class A Common
Stock Series A and Class B Common Stock Series A of the Corporation,
respectively.
SECOND: The foregoing amendment to the Charter of the
Corporation was approved by a majority of the entire Board of Directors;
the foregoing amendment is limited to a change expressly permitted by
Section 2-605 of Title 2 of Subtitle 6 of the Maryland General
Corporation Law to be made without action by the stockholders of the
Corporation; and the Corporation is registered as an open-end investment
company under the Investment Company Act of 1940, as amended.
The undersigned Vice President acknowledges that these
Articles of Amendment are the act of the Corporation and states that to
the best of his knowledge, information and belief, the matters and facts
set forth in these Articles with respect to authorization and approval
are true in all material respects and that this statement is made under
the penalties of perjury.
IN WITNESS WHEREOF, Vision Group of Funds, Inc. has caused
these presents to be signed in its name and on its behalf by its Vice
President and witnessed by its Secretary as of this 20th day of April,
1998.
VISION GROUP OF FUNDS, INC.
By: /s/ Charles L. Davis
Charles L. Davis
Vice President
WITNESS:
/s/ Victor R. Siclari
Victor R. Siclari
Secretary
Item 77Q1(ii)
VISION GROUP OF FUNDS, INC.
ARTICLES SUPPLEMENTARY
VISION GROUP OF FUNDS, INC., a Maryland corporation having
its principal office in the State of Maryland in the City of Baltimore
(hereinafter called the "Corporation"), hereby certifies to the State
Department of Assessments and Taxation of Maryland that:
FIRST: The aggregate number of shares of capital stock that
the Corporation has authority to issue is increased by ten billion
(10,000,000,000) shares. Six billion (6,000,000,000) of such additional
shares shall be classified as set forth below, the other four billion
(4,000,000,000) remaining unclassified:
Name Number of
Shares
Class A Common Stock Series A 1,000,000,000
Class A Common Stock Series S 2,000,000,000
Class B Common Stock Series A 1,000,000,000
Class B Common Stock Series S 2,000,000,000
SECOND: The shares of Class A Common Stock Series A, and
Class B Common Stock Series A, respectively, classified hereby shall
have the preferences, conversion and other rights, voting powers,
restrictions, limitations as to dividends, qualifications, and terms and
conditions of redemption of the said respective classes and series of
shares as set forth in the Corporation's Charter. The shares of Class A
Common Stock Series S, and Class B Common Stock Series S classified
hereby shall have the preferences, conversion and other rights, voting
powers, restrictions, limitations as to dividends, qualifications and
terms and conditions of redemption set forth in Article VI of the
Corporation's Charter and shall be subject to all provisions of the
Charter relating to stock of the Corporation generally and to the
following:
(1) The assets attributable to the Class A Common Stock
Series S shall be invested in the same investment portfolio of the
Corporation as the assets attributable to the other series of Class A
Common Stock. The assets attributable to the Class B Common Stock
Series S shall be invested in the same investment portfolio of the
Corporation as the assets attributable to the other series of Class B
Common Stock.
(2) The dividends and distributions of investment income
and capital gains with respect to the Class A Common Stock Series S and
Class B Common Stock Series S, respectively, shall be in such amounts as
may be declared from time to time by the Board of Directors, and such
dividends and distributions may vary from the dividends and
distributions of investment income and capital gains with respect to the
other series of Class A Common Stock and Class B Common Stock,
respectively, to reflect differing allocations of the expenses of the
Corporation and of the classes among the holders of the various series
in each class and any resultant differences among the net asset values
per share of the various series in each class, to such extent and for
such purposes as the Board of Directors may deem appropriate. The
allocation of investment income, capital gains and losses, expenses, and
liabilities of the Corporation and of the various classes, and the
amounts distributable in the event of dissolution of the Corporation or
liquidation of the Corporation or of a class of capital stock of the
Corporation among the classes and among the series of a given class
shall be determined by the Board of Directors in a manner that is
consistent with the Investment Company Act of 1940, and the rules and
regulations thereunder, in each case as from time to time amended,
modified or superseded.
(3) Except as may otherwise be required by law pursuant to
any applicable order, rule or interpretation issued by the Securities
and Exchange Commission, or otherwise, the holders of the Class A Common
Stock Series S and Class B Common Stock Series S, respectively, shall
have (i) exclusive voting rights with respect to any matter submitted to
a vote of stockholders that affects only holders of the Class A Common
Stock Series S or Class B Common Stock Series S, respectively, and (ii)
no voting rights with respect to any matter submitted to a vote of
stockholders that does not affect holders of the Class A Common Stock
Series S or Class B Common Stock Series S, respectively.
THIRD: Immediately before the increase in the aggregate
number of shares of capital stock as set forth in Article FIRST hereto,
the Corporation was authorized to issue ten billion (10,000,000,000)
shares of capital stock, all of which were of the par value of one mill
($.001) per share, with the aggregate par value of $10,000,000,
classified as follows:
Name Number of
Shares
Class A Common Stock Series A 1,000,000,000
Class B Common Stock Series A 1,000,000,000
Class C Common Stock 1,000,000,000
Class D Common Stock 1,000,000,000
Class E Common Stock 1,000,000,000
Class F Common Stock 1,000,000,000
Class G Common Stock 1,000,000,000
Class H Common Stock 1,000,000,000
Unclassified 2,000,000,000
Total 10,000,000,000
FOURTH: As hereby increased and classified, the total
number of shares of capital stock which the Corporation has authority to
issue is twenty billion (20,000,000,000) shares of capital stock, all of
which are of the par value of one mill ($.001) per share, and with the
aggregate par value of $20,000,000, classified as follows:
Name Number of
Shares
Class A Common Stock Series A 2,000,000,000
Class A Common Stock Series S 2,000,000,000
Class B Common Stock Series A 2,000,000,000
Class B Common Stock Series S 2,000,000,000
Class C Common Stock 1,000,000,000
Class D Common Stock 1,000,000,000
Class E Common Stock 1,000,000,000
Class F Common Stock 1,000,000,000
Class G Common Stock 1,000,000,000
Class H Common Stock 1,000,000,000
Unclassified 6,000,000,000
Total 20,000,000,000
FIFTH: The Corporation is registered as an open-end
investment company under the Investment Company Act of 1940, as amended.
SIXTH: The Board of Directors of the Corporation increased
the total number of shares of capital stock that the Corporation has
authority to issue pursuant to Section 2-105(c) of the Maryland General
Corporation Law and classified six billion (6,000,000,000) of the
additional shares as set forth herein pursuant to authority provided in
the Corporation's Charter.
The undersigned Vice President acknowledges these Articles
Supplementary to be the corporate act of the Corporation and states that
to the best of his knowledge, information and belief, the matters and
facts set forth in these Articles with respect to authorization and
approval are true in all material respects and that this statement is
made under the penalties of perjury.
IN WITNESS WHEREOF, Vision Group of Funds, Inc. has caused
these presents to be signed in its name and on its behalf by its Vice
President and witnessed by its Secretary as of this 20th day of April,
1998.
VISION GROUP OF FUNDS, INC.
By: /s/ Charles L. Davis
Charles L. Davis
Vice President
WITNESS:
/s/ Victor R. Siclari
Victor R. Siclari
Secretary
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000830744
<NAME> VISION GROUP OF FUNDS INC.
<SERIES>
<NUMBER> 080
<NAME> VISION EQUITY INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 39,114,207
<INVESTMENTS-AT-VALUE> 39,693,564
<RECEIVABLES> 1,199,374
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 192
<TOTAL-ASSETS> 40,893,130
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,022,728
<TOTAL-LIABILITIES> 1,022,728
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,485,732
<SHARES-COMMON-STOCK> 3,704,661
<SHARES-COMMON-PRIOR> 3,260,662
<ACCUMULATED-NII-CURRENT> 67,511
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (262,198)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 579,357
<NET-ASSETS> 39,870,402
<DIVIDEND-INCOME> 450,193
<INTEREST-INCOME> 51,666
<OTHER-INCOME> 0
<EXPENSES-NET> (187,137)
<NET-INVESTMENT-INCOME> 314,722
<REALIZED-GAINS-CURRENT> (297,631)
<APPREC-INCREASE-CURRENT> (1,941,353)
<NET-CHANGE-FROM-OPS> (1,924,262)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (276,239)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,089,564
<NUMBER-OF-SHARES-REDEEMED> (1,658,762)
<SHARES-REINVESTED> 13,197
<NET-CHANGE-IN-ASSETS> 2,467,477
<ACCUMULATED-NII-PRIOR> 29,028
<ACCUMULATED-GAINS-PRIOR> 35,433
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 129,102
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 187,137
<AVERAGE-NET-ASSETS> 36,585,718
<PER-SHARE-NAV-BEGIN> 11.470
<PER-SHARE-NII> 0.090
<PER-SHARE-GAIN-APPREC> (0.720)
<PER-SHARE-DIVIDEND> (0.080)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.760
<EXPENSE-RATIO> 1.010
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
