<PAGE> PAGE 1
000 B000000 04/30/98
000 C000000 0000830744
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
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 8
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 MUNICIPAL INCOME 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 C020700 VISION CAPITAL APPRECIATION FUND
007 C030700 N
007 C010800 8
007 C020800 VISION EQUITY INCOME FUND
007 C030800 N
007 C010900 9
007 C011000 10
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
<PAGE> PAGE 2
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 SHAREHOLDER 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
015 A00AA01 STATE STREET BANK & TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02266
015 C04AA01 8609
015 E01AA01 X
015 A00AA02 BANKERS TRUST CO.
015 B00AA02 S
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 10015
015 E01AA02 X
015 A00AA03 BANK OF NEW YORK
015 B00AA03 S
015 C01AA03 NEW YORK
015 C02AA03 NY
015 C03AA03 10006
015 E01AA03 X
015 A00AA04 THE CHASE MANHATTAN CORP.
015 B00AA04 S
015 C01AA04 NEW YORK
015 C02AA04 NY
015 C03AA04 10006
015 E01AA04 X
015 A00AA05 NATIONSBANK OF NORTH CAROLINA
015 B00AA05 S
015 C01AA05 CHARLOTTE
015 C02AA05 NC
015 C03AA05 28255
015 E01AA05 X
015 A00AA06 PNC BANK,NA
<PAGE> PAGE 3
015 B00AA06 S
015 C01AA06 PITTSBURGH
015 C02AA06 PA
015 C03AA06 15265
015 E01AA06 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 CS FIRST BOSTON CORP.
020 B000001 13-5659485
020 C000001 61
020 A000002 BEAR,STEARNS & CO.,INC.
020 B000002 13-3299429
020 C000002 60
020 A000003 NATIONSBANC MONTGOMERY SECURITY
020 C000003 39
020 A000004 CIBC OPPENHEIMER & CO.
020 C000004 38
020 A000005 BT ALEX BROWN
020 C000005 25
020 A000006 C.J.LAWRENCE/DEUTSCHE BANK SEC
020 C000006 20
020 A000007 STANDARD & POORS SECURITIES, INC.
020 B000007 13-2671951
020 C000007 18
020 A000008 MORGAN STANLEY & CO.,INC.
020 B000008 13-2655998
020 C000008 15
020 A000009 MORGAN STANLEY & CO., INC.(INTL)
020 C000009 15
020 A000010 ROBINSON-HUMPHREY COMPANY, INC.
020 B000010 58-1472560
020 C000010 14
021 000000 381
022 A000001 J.P. MORGAN SECURITIES, INC.
022 B000001 13-3224016
022 C000001 16052684
022 D000001 24884
022 A000002 NOMURA SECURITIES INTERNATIONAL, INC.
022 B000002 13-2642206
022 C000002 15267896
022 D000002 0
022 A000003 LEHMAN BROTHERS, INC.
022 B000003 13-2518466
022 C000003 11582002
022 D000003 57150
022 A000004 STATE STREET BANK AND TRUST COMPANY
022 B000004 04-1867445
022 C000004 8169685
022 D000004 0
022 A000005 SSB-BANK PORTFOLIO
<PAGE> PAGE 4
022 C000005 5640980
022 D000005 0
022 A000006 CS FIRST BOSTON CORP.
022 B000006 13-5659485
022 C000006 2877814
022 D000006 34781
022 A000007 MORGAN GUARANTY TRUST CO. OF NEW YORK
022 B000007 13-5123346
022 C000007 1965695
022 D000007 0
022 A000008 GOLDMAN,SACHS & CO.
022 B000008 13-5108880
022 C000008 1258255
022 D000008 6300
022 A000009 TEXACO FINL SERVICES
022 C000009 1011635
022 D000009 0
022 A000010 MERRILL,LYNCH,PIERCE,FENNER & SMITH, INC.
022 B000010 13-5674085
022 C000010 537024
022 D000010 1000
023 C000000 66260504
023 D000000 383785
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
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
<PAGE> PAGE 5
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 TRAVELERS CASUALTY & SURETY CO. OF AMERICA
080 C00AA00 85000
081 A00AA00 Y
081 B00AA00 285
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 MANUFACTURERS AND TRADERS TRUST COMPANY
008 B000101 A
008 C000101 801-0000
008 D010101 BUFFALO
008 D020101 NY
008 D030101 14240
<PAGE> PAGE 6
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 1472313
028 A020100 2544
028 A030100 0
028 A040100 1438760
028 B010100 1874926
028 B020100 1231
028 B030100 0
028 B040100 1913374
028 C010100 1778464
028 C020100 1308
028 C030100 0
028 C040100 1767658
028 D010100 1661069
028 D020100 1253
028 D030100 0
028 D040100 1635764
028 E010100 1914283
028 E020100 1152
028 E030100 0
028 E040100 1899336
028 F010100 1942070
028 F020100 1306
028 F030100 0
028 F040100 1934487
028 G010100 10643125
028 G020100 8794
028 G030100 0
028 G040100 10589379
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
041 000100 N
<PAGE> PAGE 7
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
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
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
<PAGE> PAGE 8
061 000100 500
062 A000100 Y
062 B000100 0.0
062 C000100 9.1
062 D000100 5.6
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 85.4
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 48
063 B000100 0.0
064 A000100 N
064 B000100 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
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
<PAGE> PAGE 9
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 12
072 B000100 35654
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 3158
072 G000100 736
072 H000100 0
072 I000100 233
072 J000100 29
072 K000100 0
072 L000100 12
072 M000100 23
072 N000100 19
072 O000100 80
072 P000100 0
072 Q000100 41
072 R000100 17
072 S000100 17
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 17
072 X000100 4382
072 Y000100 337
072 Z000100 31609
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 31609
072DD020100 0
072EE000100 0
073 A010100 0.0500
<PAGE> PAGE 10
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 38678
074 C000100 648322
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 542
074 K000100 0
074 L000100 420
074 M000100 0
074 N000100 687962
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1703
074 S000100 0
074 T000100 686259
074 U010100 686259
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9998
074 X000100 3308
074 Y000100 0
075 A000100 631647
075 B000100 0
076 000100 0.00
008 A000201 MANUFACTURERS AND TRADERS TRUST COMPANY
008 B000201 A
008 C000201 801-0000
008 D010201 BUFFALO
008 D020201 NY
008 D030201 14240
024 000200 N
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
<PAGE> PAGE 11
028 A010200 485640
028 A020200 541
028 A030200 0
028 A040200 519611
028 B010200 2079490
028 B020200 272
028 B030200 0
028 B040200 1900132
028 C010200 2191058
028 C020200 297
028 C030200 0
028 C040200 2182780
028 D010200 1984966
028 D020200 295
028 D030200 0
028 D040200 2051278
028 E010200 2135520
028 E020200 276
028 E030200 0
028 E040200 2140099
028 F010200 1987498
028 F020200 168
028 F030200 0
028 F040200 2028231
028 G010200 10864173
028 G020200 1849
028 G030200 0
028 G040200 10822131
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
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
<PAGE> PAGE 12
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
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
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 53.6
062 C000200 0.0
062 D000200 46.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
<PAGE> PAGE 13
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 40
063 B000200 0.0
064 A000200 N
064 B000200 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
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
<PAGE> PAGE 14
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 25570
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 2305
072 G000200 543
072 H000200 0
072 I000200 40
072 J000200 33
072 K000200 0
072 L000200 14
072 M000200 9
072 N000200 42
072 O000200 28
072 P000200 0
072 Q000200 31
072 R000200 14
072 S000200 18
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 9
072 X000200 3086
072 Y000200 380
072 Z000200 22864
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 22864
072DD020200 0
072EE000200 0
073 A010200 0.0500
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 1
074 B000200 203119
074 C000200 236751
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
<PAGE> PAGE 15
074 H000200 0
074 I000200 0
074 J000200 430
074 K000200 0
074 L000200 3076
074 M000200 0
074 N000200 443376
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 1954
074 S000200 0
074 T000200 441422
074 U010200 441422
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 0.9998
074 X000200 846
074 Y000200 0
075 A000200 460963
075 B000200 0
076 000200 0.00
008 A000301 MANUFACTURERS AND TRADERS TRUST COMPANY
008 B000301 A
008 C000301 801-0000
008 D010301 BUFFALO
008 D020301 NY
008 D030301 14240
024 000300 N
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 106326
028 A020300 213
028 A030300 0
028 A040300 104493
028 B010300 143003
028 B020300 110
028 B030300 0
028 B040300 141721
028 C010300 108394
028 C020300 115
<PAGE> PAGE 16
028 C030300 0
028 C040300 106501
028 D010300 89560
028 D020300 106
028 D030300 0
028 D040300 90775
028 E010300 109994
028 E020300 95
028 E030300 0
028 E040300 111395
028 F010300 106221
028 F020300 110
028 F030300 0
028 F040300 117907
028 G010300 663498
028 G020300 749
028 G030300 0
028 G040300 672791
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
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
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
<PAGE> PAGE 17
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
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
055 A000300 N
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 100.0
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 41
<PAGE> PAGE 18
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
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 12
072 B000300 2796
072 C000300 0
<PAGE> PAGE 19
072 D000300 0
072 E000300 0
072 F000300 390
072 G000300 91
072 H000300 0
072 I000300 31
072 J000300 7
072 K000300 0
072 L000300 9
072 M000300 0
072 N000300 13
072 O000300 11
072 P000300 0
072 Q000300 28
072 R000300 13
072 S000300 5
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 11
072 X000300 609
072 Y000300 218
072 Z000300 2406
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 2406
072DD020300 0
072EE000300 0
073 A010300 0.0300
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 73020
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 1493
074 K000300 0
074 L000300 388
074 M000300 0
074 N000300 74901
074 O000300 0
074 P000300 0
074 Q000300 0
<PAGE> PAGE 20
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 1556
074 S000300 0
074 T000300 73345
074 U010300 73345
074 U020300 0
074 V010300 1.00
074 V020300 0.00
074 W000300 0.9998
074 X000300 715
074 Y000300 0
075 A000300 77953192
075 B000300 0
076 000300 0.00
008 A000401 MANUFACTURERS AND TRADERS TRUST COMPANY
008 B000401 A
008 C000401 801-0000
008 D010401 BUFFALO
008 D020401 NY
008 D030401 14240
024 000400 N
025 D000401 0
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 626
028 A020400 214
028 A030400 0
028 A040400 387
028 B010400 517
028 B020400 229
028 B030400 0
028 B040400 94
028 C010400 807
028 C020400 104
028 C030400 0
028 C040400 253
028 D010400 1110
028 D020400 106
028 D030400 0
028 D040400 619
028 E010400 1373
028 E020400 113
028 E030400 0
028 E040400 440
<PAGE> PAGE 21
028 F010400 1205
028 F020400 112
028 F030400 0
028 F040400 626
028 G010400 5638
028 G020400 878
028 G030400 0
028 G040400 2419
028 H000400 5743
029 000400 Y
030 A000400 173
030 B000400 4.50
030 C000400 0.00
031 A000400 153
031 B000400 0
032 000400 20
033 000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 N
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 0
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.700
048 A010400 0
048 A020400 0.000
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
<PAGE> PAGE 22
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
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
055 A000400 N
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 0.0
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 98.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 10.0
064 A000400 Y
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
<PAGE> PAGE 23
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 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 23582
071 B000400 17532
071 C000400 38835
071 D000400 45
072 A000400 12
072 B000400 2115
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 279
072 G000400 53
072 H000400 0
072 I000400 41
072 J000400 3
072 K000400 0
072 L000400 21
<PAGE> PAGE 24
072 M000400 0
072 N000400 18
072 O000400 6
072 P000400 0
072 Q000400 49
072 R000400 13
072 S000400 6
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 16
072 X000400 505
072 Y000400 123
072 Z000400 1733
072AA000400 401
072BB000400 0
072CC010400 919
072CC020400 0
072DD010400 1735
072DD020400 0
072EE000400 150
073 A010400 0.4600
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 42
074 B000400 0
074 C000400 0
074 D000400 42605
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 905
074 M000400 1
074 N000400 43553
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 97
074 S000400 0
074 T000400 43456
074 U010400 4172
074 U020400 0
074 V010400 10.42
<PAGE> PAGE 25
074 V020400 0.00
074 W000400 0.0000
074 X000400 82
074 Y000400 0
075 A000400 0
075 B000400 39794
076 000400 0.00
008 A000501 MANUFACTURERS AND TRADERS TRUST COMPANY
008 B000501 A
008 C000501 801-0000
008 D010501 BUFFALO
008 D020501 NY
008 D030501 14240
024 000500 N
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 1638
028 A020500 352
028 A030500 0
028 A040500 156
028 B010500 3211
028 B020500 166
028 B030500 0
028 B040500 258
028 C010500 2364
028 C020500 181
028 C030500 0
028 C040500 2814
028 D010500 710
028 D020500 183
028 D030500 0
028 D040500 282
028 E010500 3133
028 E020500 181
028 E030500 0
028 E040500 464
028 F010500 1644
028 F020500 188
028 F030500 0
028 F040500 10892
028 G010500 12700
028 G020500 1251
028 G030500 0
028 G040500 14866
028 H000500 12811
<PAGE> PAGE 26
029 000500 Y
030 A000500 39
030 B000500 4.50
030 C000500 0.00
031 A000500 34
031 B000500 0
032 000500 5
033 000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 N
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.700
048 A010500 0
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
049 000500 N
050 000500 N
<PAGE> PAGE 27
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
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 0.0
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 0.3
062 M000500 3.7
062 N000500 84.9
062 O000500 18.0
062 P000500 13.9
062 Q000500 1.5
062 R000500 0.0
063 A000500 0
063 B000500 9.4
064 A000500 N
064 B000500 N
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
<PAGE> PAGE 28
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 Y
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 48973
071 B000500 36924
071 C000500 52413
071 D000500 70
072 A000500 12
072 B000500 3966
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 378
072 G000500 64
072 H000500 0
072 I000500 41
072 J000500 8
072 K000500 0
072 L000500 15
072 M000500 1
072 N000500 18
072 O000500 6
072 P000500 0
072 Q000500 35
072 R000500 15
072 S000500 7
072 T000500 0
072 U000500 0
<PAGE> PAGE 29
072 V000500 0
072 W000500 17
072 X000500 605
072 Y000500 47
072 Z000500 3408
072AA000500 336
072BB000500 0
072CC010500 1402
072CC020500 0
072DD010500 3408
072DD020500 0
072EE000500 0
073 A010500 0.6000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 52846
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 1275
074 M000500 1
074 N000500 54122
074 O000500 136
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 64
074 S000500 0
074 T000500 53922
074 U010500 5613
074 U020500 0
074 V010500 9.61
074 V020500 0.00
074 W000500 0.0000
074 X000500 357
074 Y000500 0
075 A000500 0
075 B000500 53375
076 000500 0.00
008 A000601 MANUFACTURERS AND TRADERS TRUST COMPANY
008 B000601 A
<PAGE> PAGE 30
008 C000601 801-0000
008 D010601 BUFFALO
008 D020601 NY
008 D030601 14240
024 000600 N
025 D000601 0
025 D000602 0
025 D000603 0
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 3661
028 A020600 0
028 A030600 0
028 A040600 633
028 B010600 5905
028 B020600 19110
028 B030600 0
028 B040600 2676
028 C010600 8013
028 C020600 250
028 C030600 0
028 C040600 3063
028 D010600 3137
028 D020600 1
028 D030600 0
028 D040600 1096
028 E010600 2604
028 E020600 223
028 E030600 0
028 E040600 6567
028 F010600 2865
028 F020600 -5
028 F030600 0
028 F040600 5563
028 G010600 26185
028 G020600 19579
028 G030600 0
028 G040600 19598
028 H000600 25616
029 000600 Y
030 A000600 277
030 B000600 5.50
030 C000600 0.00
031 A000600 250
031 B000600 0
032 000600 27
033 000600 0
037 000600 N
<PAGE> PAGE 31
038 000600 0
039 000600 N
040 000600 Y
041 000600 N
042 A000600 0
042 B000600 0
042 C000600 0
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 0
044 000600 0
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
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 N
055 A000600 N
055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
<PAGE> PAGE 32
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
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
<PAGE> PAGE 33
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 Y
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 Y
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 N
071 A000600 119597
071 B000600 129842
071 C000600 135906
071 D000600 88
072 A000600 12
072 B000600 237
072 C000600 2337
072 D000600 0
072 E000600 0
072 F000600 968
072 G000600 161
072 H000600 0
072 I000600 294
072 J000600 15
072 K000600 0
072 L000600 28
072 M000600 2
072 N000600 18
072 O000600 11
072 P000600 0
072 Q000600 34
072 R000600 13
072 S000600 6
072 T000600 106
072 U000600 0
072 V000600 0
072 W000600 15
072 X000600 1672
072 Y000600 0
072 Z000600 902
072AA000600 22827
072BB000600 8842
<PAGE> PAGE 34
072CC010600 21897
072CC020600 0
072DD010600 757
072DD020600 0
072EE000600 24820
073 A010600 0.0900
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 138393
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 10973
074 M000600 1
074 N000600 149367
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 5963
074 S000600 0
074 T000600 143404
074 U010600 8891
074 U020600 0
074 V010600 16.00
074 V020600 16.13
074 W000600 0.0000
074 X000600 474
074 Y000600 0
075 A000600 0
075 B000600 136781
076 000600 0.00
008 A000701 MANUFACTURERS AND TRADERS TRUST COMPANY
008 B000701 A
008 C000701 801-0000
008 D010701 BUFFALO
008 D020701 NY
008 D030701 14240
024 000700 Y
025 A000701 BEAR STEARNS
025 C000701 E
<PAGE> PAGE 35
025 D000701 1536
025 A000702 LEHMAN BROTHERS
025 C000702 E
025 D000702 1002
025 D000703 0
025 D000704 0
025 D000705 0
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 2129
028 A020700 0
028 A030700 0
028 A040700 210
028 B010700 2978
028 B020700 2821
028 B030700 0
028 B040700 192
028 C010700 3735
028 C020700 16
028 C030700 0
028 C040700 1077
028 D010700 3276
028 D020700 0
028 D030700 0
028 D040700 161
028 E010700 4192
028 E020700 0
028 E030700 0
028 E040700 545
028 F010700 4547
028 F020700 0
028 F030700 0
028 F040700 2715
028 G010700 20857
028 G020700 2837
028 G030700 0
028 G040700 4900
028 H000700 20750
029 000700 Y
030 A000700 232
030 B000700 5.50
030 C000700 0.00
031 A000700 209
031 B000700 0
032 000700 23
033 000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 Y
<PAGE> PAGE 36
041 000700 N
042 A000700 0
042 B000700 0
042 C000700 0
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 0
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.850
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 Y
053 C000700 N
055 A000700 N
055 B000700 N
056 000700 Y
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
<PAGE> PAGE 37
060 B000700 Y
061 000700 500
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 0.0
066 A000700 Y
066 B000700 N
066 C000700 Y
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
<PAGE> PAGE 38
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 Y
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700 69900
071 B000700 43260
071 C000700 50179
071 D000700 86
072 A000700 12
072 B000700 173
072 C000700 284
072 D000700 0
072 E000700 0
072 F000700 453
072 G000700 66
072 H000700 0
072 I000700 118
072 J000700 8
072 K000700 0
072 L000700 10
072 M000700 2
072 N000700 21
072 O000700 4
072 P000700 0
072 Q000700 32
072 R000700 18
072 S000700 4
072 T000700 54
072 U000700 0
072 V000700 0
072 W000700 11
072 X000700 801
072 Y000700 3
072 Z000700 -341
072AA000700 8460
072BB000700 3667
072CC010700 11433
<PAGE> PAGE 39
072CC020700 0
072DD010700 0
072DD020700 0
072EE000700 0
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 74845
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 243
074 K000700 0
074 L000700 52
074 M000700 16
074 N000700 75156
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 62
074 S000700 0
074 T000700 75094
074 U010700 5085
074 U020700 0
074 V010700 14.77
074 V020700 0.00
074 W000700 0.0000
074 X000700 277
074 Y000700 0
075 A000700 0
075 B000700 695018
076 000700 0.00
008 A000801 MANUFACTURERS AND TRADERS TRUST COMPANY
008 B000801 A
008 C000801 801-0000
008 D010801 BUFFALO
008 D020801 NY
008 D030801 14240
024 000800 Y
025 A000801 ALEX BROWN
025 C000801 E
025 D000801 4720
<PAGE> PAGE 40
025 D000802 0
025 D000803 0
025 D000804 0
025 D000805 0
025 D000806 0
025 D000807 0
025 D000808 0
028 A010800 529
028 A020800 0
028 A030800 0
028 A040800 11
028 B010800 920
028 B020800 39
028 B030800 0
028 B040800 1
028 C010800 1524
028 C020800 0
028 C030800 0
028 C040800 435
028 D010800 2070
028 D020800 0
028 D030800 0
028 D040800 54
028 E010800 7973
028 E020800 52
028 E030800 0
028 E040800 73
028 F010800 5932
028 F020800 0
028 F030800 0
028 F040800 21
028 G010800 18948
028 G020800 91
028 G030800 0
028 G040800 595
028 H000800 18642
029 000800 Y
030 A000800 244
030 B000800 5.50
030 C000800 0.00
031 A000800 220
031 B000800 0
032 000800 24
033 000800 0
037 000800 N
038 000800 0
039 000800 N
040 000800 N
041 000800 N
042 A000800 0
042 B000800 0
<PAGE> PAGE 41
042 C000800 0
042 D000800 0
042 E000800 0
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 0
044 000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.700
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
049 000800 N
050 000800 N
051 000800 N
052 000800 N
053 A000800 Y
053 B000800 Y
053 C000800 N
055 A000800 N
055 B000800 N
056 000800 Y
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 Y
060 B000800 Y
061 000800 500
062 A000800 N
<PAGE> PAGE 42
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 0.0
066 A000800 Y
066 B000800 N
066 C000800 N
066 D000800 N
066 E000800 N
066 F000800 Y
066 G000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 N
070 B010800 Y
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
<PAGE> PAGE 43
070 K020800 Y
070 L010800 Y
070 L020800 Y
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 Y
070 R020800 N
071 A000800 36273
071 B000800 2466
071 C000800 22418
071 D000800 11
072 A000800 12
072 B000800 30
072 C000800 270
072 D000800 0
072 E000800 0
072 F000800 84
072 G000800 22
072 H000800 0
072 I000800 0
072 J000800 1
072 K000800 0
072 L000800 11
072 M000800 0
072 N000800 20
072 O000800 1
072 P000800 0
072 Q000800 16
072 R000800 0
072 S000800 5
072 T000800 21
072 U000800 0
072 V000800 0
072 W000800 11
072 X000800 192
072 Y000800 62
072 Z000800 169
072AA000800 248
072BB000800 213
072CC010800 2521
072CC020800 0
072DD010800 140
072DD020800 0
<PAGE> PAGE 44
072EE000800 0
073 A010800 1.4100
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 0
074 B000800 0
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 37167
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 281
074 M000800 0
074 N000800 37448
074 O000800 0
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 45
074 S000800 0
074 T000800 37403
074 U010800 3261
074 U020800 0
074 V010800 11.47
074 V020800 0.00
074 W000800 0.0000
074 X000800 802
074 Y000800 0
075 A000800 0
075 B000800 21065
076 000800 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> 12-MOS
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 687,000,156
<INVESTMENTS-AT-VALUE> 687,000,156
<RECEIVABLES> 961,407
<ASSETS-OTHER> 393
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 687,961,956
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,703,263
<TOTAL-LIABILITIES> 1,703,263
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 686,258,693
<SHARES-COMMON-STOCK> 686,258,693
<SHARES-COMMON-PRIOR> 599,817,242
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 686,258,693
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,654,620
<OTHER-INCOME> 0
<EXPENSES-NET> 4,045,440
<NET-INVESTMENT-INCOME> 31,609,180
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 31,609,180
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 31,609,180
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,911,301,933
<NUMBER-OF-SHARES-REDEEMED> 18,839,268,923
<SHARES-REINVESTED> 14,408,441
<NET-CHANGE-IN-ASSETS> 86,441,451
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,158,235
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,382,063
<AVERAGE-NET-ASSETS> 631,647,002
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.64
<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> 12-MOS
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 439,869,671
<INVESTMENTS-AT-VALUE> 439,869,671
<RECEIVABLES> 3,505,513
<ASSETS-OTHER> 908
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 443,376,092
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,953,950
<TOTAL-LIABILITIES> 1,953,950
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 441,422,142
<SHARES-COMMON-STOCK> 441,422,142
<SHARES-COMMON-PRIOR> 373,484,637
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 441,422,142
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,569,696
<OTHER-INCOME> 0
<EXPENSES-NET> 2,705,955
<NET-INVESTMENT-INCOME> 22,863,741
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 22,863,741
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22,863,741
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,346,041,424
<NUMBER-OF-SHARES-REDEEMED> 13,281,571,255
<SHARES-REINVESTED> 3,467,336
<NET-CHANGE-IN-ASSETS> 67,937,505
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,304,815
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,085,552
<AVERAGE-NET-ASSETS> 460,962,941
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.59
<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> 12-MOS
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 73,019,996
<INVESTMENTS-AT-VALUE> 73,019,996
<RECEIVABLES> 1,880,693
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 74,900,689
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,555,783
<TOTAL-LIABILITIES> 1,555,783
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 73,344,906
<SHARES-COMMON-STOCK> 73,344,906
<SHARES-COMMON-PRIOR> 56,617,940
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 73,344,906
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,796,471
<OTHER-INCOME> 0
<EXPENSES-NET> 390,319
<NET-INVESTMENT-INCOME> 2,406,152
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,406,152
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,406,152
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,153,995,180
<NUMBER-OF-SHARES-REDEEMED> 1,138,416,526
<SHARES-REINVESTED> 1,148,312
<NET-CHANGE-IN-ASSETS> 16,726,966
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 389,766
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 608,583
<AVERAGE-NET-ASSETS> 77,953,192
<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> 0.50
<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 Municipal Income Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 41,489,956
<INVESTMENTS-AT-VALUE> 42,604,683
<RECEIVABLES> 903,264
<ASSETS-OTHER> 45,043
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43,552,990
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 97,313
<TOTAL-LIABILITIES> 97,313
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,260,773
<SHARES-COMMON-STOCK> 4,170,692
<SHARES-COMMON-PRIOR> 3,518,501
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 80,177
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,114,727
<NET-ASSETS> 43,455,677
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,115,236
<OTHER-INCOME> 0
<EXPENSES-NET> 382,111
<NET-INVESTMENT-INCOME> 1,733,125
<REALIZED-GAINS-CURRENT> 400,518
<APPREC-INCREASE-CURRENT> 919,002
<NET-CHANGE-FROM-OPS> 3,052,645
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,735,765
<DISTRIBUTIONS-OF-GAINS> 150,071
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,147,398
<NUMBER-OF-SHARES-REDEEMED> 626,243
<SHARES-REINVESTED> 131,036
<NET-CHANGE-IN-ASSETS> 7,975,892
<ACCUMULATED-NII-PRIOR> 2,640
<ACCUMULATED-GAINS-PRIOR> (170,270)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 279,035
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 505,447
<AVERAGE-NET-ASSETS> 39,793,894
<PER-SHARE-NAV-BEGIN> 10.080
<PER-SHARE-NII> 0.460
<PER-SHARE-GAIN-APPREC> 0.380
<PER-SHARE-DIVIDEND> 0.460
<PER-SHARE-DISTRIBUTIONS> 0.040
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.420
<EXPENSE-RATIO> 0.96
<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> 12-MOS
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 51,749,810
<INVESTMENTS-AT-VALUE> 52,846,358
<RECEIVABLES> 1,272,696
<ASSETS-OTHER> 3,077
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 54,122,131
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 200,303
<TOTAL-LIABILITIES> 200,303
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,562,491
<SHARES-COMMON-STOCK> 5,613,021
<SHARES-COMMON-PRIOR> 4,791,270
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (51,098)
<ACCUMULATED-NET-GAINS> (686,113)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,096,548
<NET-ASSETS> 53,921,828
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,965,859
<OTHER-INCOME> 0
<EXPENSES-NET> 558,208
<NET-INVESTMENT-INCOME> 3,407,651
<REALIZED-GAINS-CURRENT> 335,832
<APPREC-INCREASE-CURRENT> 1,401,949
<NET-CHANGE-FROM-OPS> 5,145,432
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,407,651
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 75,412
<NUMBER-OF-SHARES-SOLD> 2,474,532
<NUMBER-OF-SHARES-REDEEMED> 1,860,431
<SHARES-REINVESTED> 207,650
<NET-CHANGE-IN-ASSETS> 9,436,787
<ACCUMULATED-NII-PRIOR> 24,314
<ACCUMULATED-GAINS-PRIOR> (1,021,945)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 378,409
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 604,776
<AVERAGE-NET-ASSETS> 53,375,254
<PER-SHARE-NAV-BEGIN> 9.280
<PER-SHARE-NII> 0.600
<PER-SHARE-GAIN-APPREC> 0.340
<PER-SHARE-DIVIDEND> 0.600
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.010
<PER-SHARE-NAV-END> 9.610
<EXPENSE-RATIO> 1.03
<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> 12-MOS
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 112,941,932
<INVESTMENTS-AT-VALUE> 138,392,771
<RECEIVABLES> 10,971,812
<ASSETS-OTHER> 2,370
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 149,366,953
<PAYABLE-FOR-SECURITIES> 5,711,994
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 250,892
<TOTAL-LIABILITIES> 5,962,886
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 109,903,605
<SHARES-COMMON-STOCK> 8,891,228
<SHARES-COMMON-PRIOR> 7,548,395
<ACCUMULATED-NII-CURRENT> 254,517
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,795,106
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25,450,839
<NET-ASSETS> 143,404,067
<DIVIDEND-INCOME> 2,336,597
<INTEREST-INCOME> 237,458
<OTHER-INCOME> 0
<EXPENSES-NET> 1,671,688
<NET-INVESTMENT-INCOME> 902,367
<REALIZED-GAINS-CURRENT> 13,984,928
<APPREC-INCREASE-CURRENT> 21,896,866
<NET-CHANGE-FROM-OPS> 36,784,161
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 757,244
<DISTRIBUTIONS-OF-GAINS> 24,819,846
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,600,661
<NUMBER-OF-SHARES-REDEEMED> 2,585,548
<SHARES-REINVESTED> 1,327,720
<NET-CHANGE-IN-ASSETS> 29,313,760
<ACCUMULATED-NII-PRIOR> 109,394
<ACCUMULATED-GAINS-PRIOR> 18,630,024
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 968,660
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,671,688
<AVERAGE-NET-ASSETS> 136,781,405
<PER-SHARE-NAV-BEGIN> 15.110
<PER-SHARE-NII> 0.110
<PER-SHARE-GAIN-APPREC> 4.340
<PER-SHARE-DIVIDEND> 0.090
<PER-SHARE-DISTRIBUTIONS> 3.340
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.130
<EXPENSE-RATIO> 1.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> Vision Funds
Vision Capital Appreciation Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 63,056,422
<INVESTMENTS-AT-VALUE> 74,845,406
<RECEIVABLES> 295,177
<ASSETS-OTHER> 16,079
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 75,156,662
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62,048
<TOTAL-LIABILITIES> 62,048
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61,676,100
<SHARES-COMMON-STOCK> 5,085,531
<SHARES-COMMON-PRIOR> 2,970,646
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,659,530
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,758,984
<NET-ASSETS> 75,094,614
<DIVIDEND-INCOME> 284,216
<INTEREST-INCOME> 173,354
<OTHER-INCOME> 0
<EXPENSES-NET> 798,101
<NET-INVESTMENT-INCOME> (340,531)
<REALIZED-GAINS-CURRENT> 4,792,594
<APPREC-INCREASE-CURRENT> 11,433,260
<NET-CHANGE-FROM-OPS> 15,885,323
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 3,397,390
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,401,323
<NUMBER-OF-SHARES-REDEEMED> 509,464
<SHARES-REINVESTED> 223,026
<NET-CHANGE-IN-ASSETS> 41,654,098
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 604,857
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 453,674
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 800,786
<AVERAGE-NET-ASSETS> 53,462,906
<PER-SHARE-NAV-BEGIN> 11.260
<PER-SHARE-NII> (0.070)
<PER-SHARE-GAIN-APPREC> 4.440
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.860
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.770
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> Vision Funds
Vision Equity Income Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 34,646,449
<INVESTMENTS-AT-VALUE> 37,167,159
<RECEIVABLES> 280,407
<ASSETS-OTHER> 253
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,447,819
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,894
<TOTAL-LIABILITIES> 44,894
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,817,754
<SHARES-COMMON-STOCK> 3,260,662
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 29,028
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 35,433
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,520,710
<NET-ASSETS> 37,402,925
<DIVIDEND-INCOME> 269,680
<INTEREST-INCOME> 29,517
<OTHER-INCOME> 0
<EXPENSES-NET> 129,756
<NET-INVESTMENT-INCOME> 169,441
<REALIZED-GAINS-CURRENT> 35,433
<APPREC-INCREASE-CURRENT> 2,520,710
<NET-CHANGE-FROM-OPS> 2,725,584
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 140,413
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,309,512
<NUMBER-OF-SHARES-REDEEMED> 57,101
<SHARES-REINVESTED> 8,251
<NET-CHANGE-IN-ASSETS> 37,402,925
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 83,847
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 191,839
<AVERAGE-NET-ASSETS> 21,065,303
<PER-SHARE-NAV-BEGIN> 9.990
<PER-SHARE-NII> 0.080
<PER-SHARE-GAIN-APPREC> 1.47
<PER-SHARE-DIVIDEND> 0.070
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.47
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
