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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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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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<PAGE> PAGE 44
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000830744
<NAME> Vision Group of Funds, Inc.
<SERIES>
<NUMBER> 070
<NAME> Vision Capital Appreciation Fund
<S> <C>
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<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
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<NUMBER-OF-SHARES-REDEEMED> (3,856,786)
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<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<PER-SHARE-DISTRIBUTIONS> (0.380)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.040
<EXPENSE-RATIO> 1.50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 12 - MOS
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 39,692,835
<INVESTMENTS-AT-VALUE> 45,189,923
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<TOTAL-ASSETS> 45,596,805
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<OTHER-ITEMS-LIABILITIES> 15,048
<TOTAL-LIABILITIES> 15,048
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,822,636
<SHARES-COMMON-STOCK> 3,723,621
<SHARES-COMMON-PRIOR> 3,260,662
<ACCUMULATED-NII-CURRENT> 21,235
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 240,798
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,497,088
<NET-ASSETS> 45,581,757
<DIVIDEND-INCOME> 981,174
<INTEREST-INCOME> 136,419
<OTHER-INCOME> 0
<EXPENSES-NET> 423,609
<NET-INVESTMENT-INCOME> 693,984
<REALIZED-GAINS-CURRENT> 240,798
<APPREC-INCREASE-CURRENT> 2,976,378
<NET-CHANGE-FROM-OPS> 3,911,160
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (701,886)
<DISTRIBUTIONS-OF-GAINS> (35,324)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,806,743
<NUMBER-OF-SHARES-REDEEMED> (3,375,899)
<SHARES-REINVESTED> 32,115
<NET-CHANGE-IN-ASSETS> 8,178,832
<ACCUMULATED-NII-PRIOR> 29,028
<ACCUMULATED-GAINS-PRIOR> 35,433
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 290,500
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 423,609
<AVERAGE-NET-ASSETS> 41,500,027
<PER-SHARE-NAV-BEGIN> 11.470
<PER-SHARE-NII> 0.190
<PER-SHARE-GAIN-APPREC> 0.780
<PER-SHARE-DIVIDEND> (0.190)
<PER-SHARE-DISTRIBUTIONS> (0.010)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.240
<EXPENSE-RATIO> 1.02
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000830744
<NAME> Vision Group of Funds, Inc.
<SERIES>
<NUMBER> 060
<NAME> Vision Growth and Income Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 75,244,303
<INVESTMENTS-AT-VALUE> 83,410,226
<RECEIVABLES> 191,328
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 74,233
<TOTAL-ASSETS> 83,675,787
<PAYABLE-FOR-SECURITIES> 1,412,005
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 60,443
<TOTAL-LIABILITIES> 1,472,448
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76,104,400
<SHARES-COMMON-STOCK> 6,111,388
<SHARES-COMMON-PRIOR> 8,891,228
<ACCUMULATED-NII-CURRENT> 1,656
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,068,640)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,165,923
<NET-ASSETS> 82,203,339
<DIVIDEND-INCOME> 1,506,147
<INTEREST-INCOME> 107,014
<OTHER-INCOME> 0
<EXPENSES-NET> 1,271,933
<NET-INVESTMENT-INCOME> 341,228
<REALIZED-GAINS-CURRENT> (2,004,995)
<APPREC-INCREASE-CURRENT> (17,284,916)
<NET-CHANGE-FROM-OPS> (18,948,683)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (595,621)
<DISTRIBUTIONS-OF-GAINS> (7,857,216)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,212,792
<NUMBER-OF-SHARES-REDEEMED> (4,618,805)
<SHARES-REINVESTED> 626,173
<NET-CHANGE-IN-ASSETS> 33,799,208
<ACCUMULATED-NII-PRIOR> 254,517
<ACCUMULATED-GAINS-PRIOR> 7,795,106
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 739,869
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,271,933
<AVERAGE-NET-ASSETS> 105,695,510
<PER-SHARE-NAV-BEGIN> 16.130
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> (1.670)
<PER-SHARE-DIVIDEND> (0.070)
<PER-SHARE-DISTRIBUTIONS> (0.990)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.450
<EXPENSE-RATIO> 1.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000830744
<NAME> Vision Group of Funds, Inc.
<SERIES>
<NUMBER> 011
<NAME> Vision Money Market Fund - Class A Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 950,405,125
<INVESTMENTS-AT-VALUE> 950,405,125
<RECEIVABLES> 3,922,201
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,524,088
<TOTAL-ASSETS> 955,451,414
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,187,549
<TOTAL-LIABILITIES> 6,187,549
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 949,263,865
<SHARES-COMMON-STOCK> 932,895,947
<SHARES-COMMON-PRIOR> 686,258,693
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 932,895,947
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 43,440,709
<OTHER-INCOME> 0
<EXPENSES-NET> 5,214,136
<NET-INVESTMENT-INCOME> 38,226,573
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (37,596,521)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29,012,257,251
<NUMBER-OF-SHARES-REDEEMED> (28,783,813,244)
<SHARES-REINVESTED> 18,193,247
<NET-CHANGE-IN-ASSETS> 263,005,172
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,118,744
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,616,631
<AVERAGE-NET-ASSETS> 809,475,052
<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> 0.63
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000830744
<NAME> Vision Group of Funds, Inc.
<SERIES>
<NUMBER> 012
<NAME> Vision Money Market Fund - Class S Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 950,405,125
<INVESTMENTS-AT-VALUE> 950,405,125
<RECEIVABLES> 3,522,201
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,524,088
<TOTAL-ASSETS> 955,451,414
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,187,549
<TOTAL-LIABILITIES> 6,187,549
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 949,263,865
<SHARES-COMMON-STOCK> 16,367,918
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 16,367,918
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 43,440,709
<OTHER-INCOME> 0
<EXPENSES-NET> 5,214,136
<NET-INVESTMENT-INCOME> 38,226,573
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (630,052)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,627,306,766
<NUMBER-OF-SHARES-REDEEMED> (3,610,938,857)
<SHARES-REINVESTED> 9
<NET-CHANGE-IN-ASSETS> 263,005,172
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,118,744
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,616,631
<AVERAGE-NET-ASSETS> 15,895,090
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.040)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.88
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000830744
<NAME> Vision Group of Funds, Inc.
<SERIES>
<NUMBER> 040
<NAME> Vision New York Municipal Income Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 50,113,451
<INVESTMENTS-AT-VALUE> 51,410,471
<RECEIVABLES> 1,032,330
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 503,584
<TOTAL-ASSETS> 52,946,385
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 86,669
<TOTAL-LIABILITIES> 86,669
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,308,286
<SHARES-COMMON-STOCK> 5,024,095
<SHARES-COMMON-PRIOR> 4,170,692
<ACCUMULATED-NII-CURRENT> 309
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 254,101
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,297,020
<NET-ASSETS> 52,859,716
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,499,807
<OTHER-INCOME> 0
<EXPENSES-NET> 394,605
<NET-INVESTMENT-INCOME> 2,105,202
<REALIZED-GAINS-CURRENT> 592,035
<APPREC-INCREASE-CURRENT> 182,293
<NET-CHANGE-FROM-OPS> 2,879,530
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,105,013)
<DISTRIBUTIONS-OF-GAINS> (418,108)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,398,178
<NUMBER-OF-SHARES-REDEEMED> (708,022)
<SHARES-REINVESTED> 163,247
<NET-CHANGE-IN-ASSETS> 9,404,039
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 80,177
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 336,546
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 488,378
<AVERAGE-NET-ASSETS> 48,078,034
<PER-SHARE-NAV-BEGIN> 10.420
<PER-SHARE-NII> 0.460
<PER-SHARE-GAIN-APPREC> 0.190
<PER-SHARE-DIVIDEND> (0.460)
<PER-SHARE-DISTRIBUTIONS> (0.090)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.520
<EXPENSE-RATIO> 0.82
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000830744
<NAME> Vision Group of Funds, Inc."
<SERIES>
<NUMBER> 030
<NAME> Vision New York Tax - Free Money Market Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
"<INVESTMENTS-AT-COST> 108,752,484"
"<INVESTMENTS-AT-VALUE> 108,752,484"
"<RECEIVABLES> 1,522,519"
<ASSETS-OTHER> 0
"<OTHER-ITEMS-ASSETS> 598,795"
"<TOTAL-ASSETS> 110,873,798"
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
"<OTHER-ITEMS-LIABILITIES> 583,244"
"<TOTAL-LIABILITIES> 583,244"
<SENIOR-EQUITY> 0
"<PAID-IN-CAPITAL-COMMON> 110,290,554"
"<SHARES-COMMON-STOCK> 110,290,554"
"<SHARES-COMMON-PRIOR> 73,344,906"
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
"<NET-ASSETS> 110,290,554"
<DIVIDEND-INCOME> 0
"<INTEREST-INCOME> 3,500,074"
<OTHER-INCOME> 0
"<EXPENSES-NET> 620,061"
"<NET-INVESTMENT-INCOME> 2,880,013"
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
"<DISTRIBUTIONS-OF-INCOME> (2,880,013)"
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
"<NUMBER-OF-SHARES-SOLD> 2,421,854,703"
"<NUMBER-OF-SHARES-REDEEMED> (2,386,434,196)"
"<SHARES-REINVESTED> 1,525,141"
"<NET-CHANGE-IN-ASSETS> 36,945,648"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
"<GROSS-ADVISORY-FEES> 534,508"
<INTEREST-EXPENSE> 0
"<GROSS-EXPENSE> 774,513"
"<AVERAGE-NET-ASSETS> 48,078,034"
<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> 0.58
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000830744
<NAME> Vision Group of Funds, Inc.
<SERIES>
<NUMBER> 021
<NAME> Vision Treasury Money Market Fund - Class A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 520,369,989
<INVESTMENTS-AT-VALUE> 520,369,989
<RECEIVABLES> 1,813,829
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 362,251
<TOTAL-ASSETS> 522,546,069
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,844,979
<TOTAL-LIABILITIES> 2,844,979
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 519,701,090
<SHARES-COMMON-STOCK> 498,547,650
<SHARES-COMMON-PRIOR> 441,422,142
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 498,547,650
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 29,577,077
<OTHER-INCOME> 0
<EXPENSES-NET> 3,484,555
<NET-INVESTMENT-INCOME> 26,092,522
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25,161,937)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,764,115,227
<NUMBER-OF-SHARES-REDEEMED> (16,710,318,302)
<SHARES-REINVESTED> 3,328,583
<NET-CHANGE-IN-ASSETS> 78,278,948
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,915,638
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,951,057
<AVERAGE-NET-ASSETS> 560,831,744
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.040)
<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>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000830744
<NAME> Vision Group of Funds, Inc.
<SERIES>
<NUMBER> 022
<NAME> Vision Treasury Money Market Fund Class S Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 520,369,989
<INVESTMENTS-AT-VALUE> 520,369,989
<RECEIVABLES> 1,813,829
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 362,251
<TOTAL-ASSETS> 522,546,069
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,844,979
<TOTAL-LIABILITIES> 2,844,979
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 519,701,090
<SHARES-COMMON-STOCK> 21,153,440
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 21,153,440
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 29,577,077
<OTHER-INCOME> 0
<EXPENSES-NET> 3,484,555
<NET-INVESTMENT-INCOME> 26,092,522
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (930,585)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,680,271,327
<NUMBER-OF-SHARES-REDEEMED> (5,659,117,896)
<SHARES-REINVESTED> 9
<NET-CHANGE-IN-ASSETS> 78,278,948
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,915,638
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,951,057
<AVERAGE-NET-ASSETS> 24,886,902
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.040)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.84
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000830744
<NAME> Vision Group of Funds, Inc.
<SERIES>
<NUMBER> 050
<NAME> Vision U. S. Government Securities Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 61,915,095
<INVESTMENTS-AT-VALUE> 61,630,150
<RECEIVABLES> 2,696,328
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 64,326,478
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 226,520
<TOTAL-LIABILITIES> 226,520
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64,569,655
<SHARES-COMMON-STOCK> 6,741,658
<SHARES-COMMON-PRIOR> 5,613,021
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (93,083)
<ACCUMULATED-NET-GAINS> (91,669)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (284,945)
<NET-ASSETS> 64,099,958
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,209,114
<OTHER-INCOME> 0
<EXPENSES-NET> 562,515
<NET-INVESTMENT-INCOME> 3,646,599
<REALIZED-GAINS-CURRENT> 736,927
<APPREC-INCREASE-CURRENT> (1,381,493)
<NET-CHANGE-FROM-OPS> 3,002,033
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,687,390)
<DISTRIBUTIONS-OF-GAINS> (143,679)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,079,153
<NUMBER-OF-SHARES-REDEEMED> (2,156,921)
<SHARES-REINVESTED> 206,405
<NET-CHANGE-IN-ASSETS> 10,178,130
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (686,113)
<OVERDISTRIB-NII-PRIOR> (51,098)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 429,164
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 592,430
<AVERAGE-NET-ASSETS> 61,309,134
<PER-SHARE-NAV-BEGIN> 9.610
<PER-SHARE-NII> 0.580
<PER-SHARE-GAIN-APPREC> (0.080)
<PER-SHARE-DIVIDEND> (0.580)
<PER-SHARE-DISTRIBUTIONS> (0.020)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.510
<EXPENSE-RATIO> 0.92
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
To the Shareholders and Board of Directors of
Vision Group of Funds, Inc.
In planning and performing our audit of the financial statements of Vision
Group of Funds, Inc. (comprised of 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, and Vision New York Tax-Free Money
Market Fund) for the year ended April 30, 1999, we considered its internal
control, including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR,
not to provide assurance on the internal control.
The management of Vision Group of Funds, Inc. is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of controls. Generally, controls that are relevant
to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce to
a relatively low level the risk that errors or fraud in amounts that would be
material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
the internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
April 30, 1999.
This report is intended solely for the information and use of the board of
directors, management and the Securities and Exchange Commission.
June 11, 1999
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
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
Item 77(Q1)
VISION GROUP OF FUNDS, INC.
INVESTMENT ADVISORY CONTRACT
This Contract is made this 1st day of September 1998, between
MANUFACTURERS AND TRADERS TRUST COMPANY ("M&T Bank"), a New York state bank
and trust company, having its principal place of business in Buffalo, New
York (the "Adviser"), and VISION GROUP OF FUNDS, INC., a Maryland corporation
having its principal place of business at 5800 Corporate Drive, Pittsburgh,
Pennsylvania 15237-7010 (the "Corporation").
WHEREAS the Corporation is an open-end management investment company as
that term is defined in the Investment Company Act of 1940, as amended
("1940 Act") , and is registered as such with the Securities and
Exchange Commission; and
WHEREAS Adviser is engaged in the business of rendering investment
advisory and management services.
NOW, THEREFORE, the parties hereto, intending to be legally bound,
hereby agree as follows:
1. The Corporation hereby appoints Adviser as Investment Adviser for
each of the portfolios ("Funds") of the Corporation which executes an exhibit
to this Contract, and Adviser accepts the appointments. Subject to the
direction of the Directors of the Corporation, Adviser shall provide
investment research and supervision of the investments of the Funds and
conduct a continuous program of investment evaluation and of appropriate sale
or other disposition and reinvestment of each Fund's assets.
2. Adviser, in its supervision of the investments of each of the Funds
will be guided by each of the Fund's investment objective and policies and
the provisions and restrictions contained in the Articles of Incorporation
and By-Laws of the Corporation and as set forth in the Registration
Statements and exhibits as may be on file with the Securities and Exchange
Commission.
3. Each Fund shall pay or cause to be paid all of its own expenses and
its allocable share of Corporation expenses, including, without limitation,
the expenses of organizing the Corporation and continuing its existence; fees
and expenses of Directors and officers of the Corporation; fees for
investment advisory services and administrative personnel and services;
expenses incurred in the distribution of its shares ("Shares"), including
expenses of administrative support services; fees and expenses of preparing
and printing its Registration Statements under the Securities Act of 1933 and
the 1940 Act, and any amendments thereto; expenses of registering and
qualifying the Corporation, the Funds, and Shares of the Funds under federal
and state laws and regulations; expenses of preparing, printing, and
distributing prospectuses (and any amendments thereto) to shareholders;
interest expense, taxes, fees, and commissions of every kind; expenses of
issue (including cost of Share certificates), purchase, repurchase, and
redemption of Shares, including expenses attributable to a program of
periodic issue; charges and expenses of custodians, transfer agents, dividend
disbursing agents, shareholder servicing agents, and registrars; printing and
mailing costs, auditing, accounting, and legal expenses; reports to
shareholders and governmental officers and commissions; expenses of meetings
of Directors and shareholders and proxy solicitations therefor; insurance
expenses; association membership dues and such nonrecurring items as may
arise, including all losses and liabilities incurred in administering the
Corporation and the Funds. Each Fund will also pay its allocable share of
such extraordinary expenses as may arise including expenses incurred in
connection with litigation, proceedings, and claims and the legal obligations
of the Corporation to indemnify its officers and Directors and agents with
respect thereto.
4. Each of the Funds shall pay to Adviser, for all services rendered
to each Fund by Adviser hereunder, the fees set forth in the exhibits
attached hereto.
5. The net asset value of each Fund's Shares as used herein will be
calculated to the nearest 1/10th of one cent.
6. The Adviser may from time to time and for such periods as it deems
appropriate reduce its compensation (and, if appropriate, assume expenses of
one or more of the Funds) to the extent that any Fund's expenses exceed such
lower expense limitation as the Adviser may, by notice to the Fund,
voluntarily declare to be effective.
7. This Contract shall begin for each Fund as of the date of execution
of the applicable exhibit and shall continue in effect with respect to each
Fund presently set forth on an exhibit (and any subsequent Funds added
pursuant to an exhibit during the initial term of this Contract) for two
years from the date of this Contract set forth above and thereafter for
successive periods of one year, subject to the provisions for termination and
all of the other terms and conditions hereof if: (a) such continuation shall
be specifically approved at least annually by the vote of a majority of the
Directors of the Corporation, including a majority of the Directors who are
not parties to this Contract or interested persons of any such party cast in
person at a meeting called for that purpose; and (b) Adviser shall not have
notified a Fund in writing at least sixty (60) days prior to the anniversary
date of this Contract in any year thereafter that it does not desire such
continuation with respect to that Fund. If a Fund is added after the first
approval by the Directors as described above, this Contract will be effective
as to that Fund upon execution of the applicable exhibit and will continue in
effect until the next annual approval of this Contract by the Directors and
thereafter for successive periods of one year, subject to approval as
described above.
8. Notwithstanding any provision in this Contract, it may be
terminated at any time with respect to any Fund, without the payment of any
penalty, by the Directors of the Corporation or by a vote of the shareholders
of that Fund on sixty (60) days' written notice to Adviser.
9. This Contract may not be assigned by Adviser and shall
automatically terminate in the event of any assignment. Adviser may employ
or contract with such other person, persons, corporation, or corporations
(including a sub-adviser) at its own cost and expense as it shall determine
in order to assist it in carrying out this Contract, subject to any approval
required under the 1940 Act. Notwithstanding the foregoing, the Adviser
shall be liable to the Corporation for the acts and omissions of any sub-
investment adviser to the extent that such sub-investment adviser is liable
to the Adviser for such acts or omissions under any sub-advisory agreement.
10. In the absence of willful misfeasance, bad faith, gross negligence,
or reckless disregard of the obligations or duties under this Contract on the
part of Adviser, Adviser shall not be liable to the Corporation or to any of
the Funds or to any shareholder for any act or omission in the course of or
connected in any way with rendering services or for any losses that may be
sustained in the purchase, holding, or sale of any security.
11. This Contract may be amended at any time by agreement of the
parties provided that the amendment shall be approved both by the vote of a
majority of the Directors of the Corporation, including a majority of the
Directors who are not parties to this Contract or interested persons of any
such party to this Contract (other than as Directors of the Corporation) cast
in person at a meeting called for that purpose, and, to the extent required
by the 1940 Act, on behalf of a Fund by a majority of the outstanding voting
securities of such Fund.
12. The Adviser acknowledges that all sales literature for investment
companies (such as the Corporation) are subject to strict regulatory
oversight. The Adviser agrees to submit any proposed sales literature for
the Corporation (or any Fund) or for itself or its affiliates which mentions
the Corporation (or any Fund) to the Corporation's distributor for review and
filing with the appropriate regulatory authorities prior to the public
release of any such sales literature, provided, however, that nothing herein
shall be construed so as to create any obligation or duty on the part of the
Adviser to produce sales literature for the Corporation (or any Fund). The
Corporation agrees to cause its distributor to promptly review all such sales
literature to ensure compliance with relevant requirements, to promptly
advise Adviser of any deficiencies contained in such sales literature, to
promptly file complying sales literature with the relevant authorities, and
to cause such sales literature to be distributed to prospective investors in
the Corporation.
13. The parties hereto acknowledge that M&T Bank, has reserved the
right to grant the non-exclusive use of the name "Vision" or any derivative
thereof to any other investment company, investment company portfolio,
investment adviser, distributor or other business enterprise, and to withdraw
from the Corporation and one or more of the Funds the use of the name
"Vision". The parties also acknowledge that the investment management
services furnished by the Adviser are not to be deemed exclusive and the
Adviser shall be free to furnish similar services to others whether or not
for compensation so long as its services under this Agreement are not
impaired thereby.
14. This Contract shall be construed in accordance with and governed by
the laws of the Commonwealth of Pennsylvania.
15. This Contract will become binding on the parties hereto upon their
execution of the attached exhibits to this Contract.
16. In compliance with the requirements of the 1940 Act, the Adviser
hereby agrees that all records which it maintains for the Corporation are the
property of the Corporation and further agrees to surrender promptly to the
Corporation any of such records upon the Corporation's request. The Adviser
further agrees to preserve for the periods prescribed by the 1940 Act the
records required to be maintained under the 1940 Act.
MANUFACTURERS AND TRADERS TRUST COMPANY
By:/s/ Anthony M. Alessi
Name: Anthony M. Alessi
Title: Assistant Vice President
VISION GROUP OF FUNDS, INC.
By:/s/ Beth S. Broderick
Name: Beth S. Broderick
Title: Vice President
EXHIBIT A
to the
Investment Advisory Contract
Vision New York Tax-Free Money Market Fund
For all services rendered by Adviser hereunder, the above-named Fund(s)
of the Corporation shall pay to Adviser and Adviser agrees to accept as full
compensation for all services rendered hereunder, an annual investment
advisory fee equal to .50 of 1% of the average daily net assets of the
Fund(s).
The portion of the fee based upon the average daily net assets of the
Fund(s) shall be accrued at the rate of 1/365th of .50 of 1% applied to the
daily net assets of the Fund(s).
The advisory fee so accrued shall be accrued daily and paid to the
Adviser monthly.
Witness the due execution hereof this 1st day of September, 1998.
MANUFACTURERS AND TRADERS TRUST COMPANY
By:/s/ Anthony M. Alessi
Name: Anthony M. Alessi
Title: Assistant Vice President
VISION GROUP OF FUNDS, INC.
By:/s/ Beth S. Broderick
Name: Beth S. Broderick
Title: Vice President
