N-CSR 1 visionncsrform.htm VISION GROUP OF FUNDS 


                                  United States
                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form N-CSR

   Certified Shareholder Report of Registered Management Investment Companies




                                    811-5514

                      (Investment Company Act File Number)


                              Vision Group of Funds
         _______________________________________________________________

               (Exact Name of Registrant as Specified in Charter)





                              5800 Corporate Drive
                       Pittsburgh, Pennsylvania 15237-7010


                                 (412) 288-1900
                         (Registrant's Telephone Number)


                           C. Grant Anderson, Esquire
                            Federated Investors Tower
                               1001 Liberty Avenue
                       Pittsburgh, Pennsylvania 15222-3779
                     (Name and Address of Agent for Service)
                (Notices should be sent to the Agent for Service)






                        Date of Fiscal Year End: 4/30/03


               Date of Reporting Period: Fiscal year ended 4/30/03


Item 1.     Reports to Stockholders

 

 

 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

FINANCIAL STATEMENTS

INDEPENDENT AUDITORS’ REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS

 

VISION GROUP OF FUNDS

Annual Report to  Shareholders

April 30, 2003

 

 

VISION

International Equity Fund

 

 

 

Over the year ended April 30, 2003, the fund’s Class A Shares returned (14.84)%, or (19.51)% adjusted for the fund’s sales charge, and the fund’s Class B Shares returned (15.56)%, or (19.76)% adjusted for the fund’s contingent deferred sales charge,1 while the fund’s benchmark, the Morgan Stanley Capital International Europe Australasia Far East Free Index2 returned (16.23)%. The fund’s relative outperformance was driven by good stock and sector decisions, we believe reflecting the benefits of a global research platform that provided the opportunity to take advantage of the volatile markets that characterized the period.

 

During the review period, the fund remained balanced between economic recovery sensitive and defensive positions. On an industry level, we maintained overweights to Healthcare and Consumer Discretionary. Within Healthcare, we found attractive valuations in the pharmaceutical sector, and made increases to core holdings—including Sanofi, Aventis and Altana. At period end, this position was one of the fund’s largest overweights. Within Consumer Discretionary, we had overweights in consumer durables and media companies, which benefited fund performance. Some of our holdings here included Fuji Photo, as well as Dutch media stocks Reed Elsevier and VNU.3

 

We generated a modest overweight in Energy as the period progressed, because we felt energy prices were likely to stabilize and decline with the clearing of some of the geopolitical turmoil impacting the markets. As the review year was drawing to a close, this position was contributing strongly to fund performance.

 

In contrast, Consumer Staples was the largest underweight in the portfolio. We believed valuations in this industry were stretched as investors sought out defensive positions. We also maintained an underweight to Telecommunications Services, although we did continue to focus on companies within this industry that we felt had strong market positions and acceptable debt loads, including Telenor and British Telecom.

 

1 Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
2 The MSCI EAFE Free Index is an unmanaged index representing 20 developed and foreign stock markets. Investments cannot be made in an index.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION International Equity Fund, Class A Shares (the “Fund”) from February 9, 1999 (start of performance) to April 30, 2003, compared to the Morgan Stanley Capital International—Europe, Australasia and Far East Index (MCSI-EAFE).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year   Start of Performance (2/9/99)
(19.51)%   (5.02)%

Growth of a $10,000 Investment in VISION International Equity Fund — Class A Shares†

 

 

LOGO

 

 

Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). Effective January 8, 2001, the maximum sales charge increased to 5.50%. The Fund’s performance assumes the reinvestment of all dividends and distributions. The MSCI-EAFE has been adjusted to reflect reinvestment of dividends on securities in the index.
** The MCSI-EAFE is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged.
*** Total returns quoted reflect all applicable sales charges.
† The VISION International Equity Fund is the successor to the Governor International Equity Fund pursuant to a reorganization that took place on January 8, 2001. The information presented above, for the periods prior to January 8, 2001, is historical information for the Governor International Equity Fund.

 

 

 

Other significant industry underweights included Information Technology and Financial Services. We believed few stocks in Financial Services offered favorable valuations, especially in diversified financials and real estate. However, we did add to our UK bank exposure in the second half of the year. These holdings included Royal Bank of Scotland and Barclays. Alternately, we took profits in HSBC, which moved it to a significantly underweight position.

 

Geographically, we maintained underweight positions in Japan and Germany. The economic prospects for Japan remained poor over the year, as much-needed attempts to implement broad-based reforms failed to materialize. In Germany, we felt that a lack of interest relating to the reform of the pension system and labor laws would likely hurt future productivity, and eventually induce German companies to shift their expansion plans elsewhere.

 

Conversely, we overweighted Europe and the UK, since valuations there seemed more attractive. We felt economic data suggested the recovery in the UK was following a path that was very similar to that experienced in past recoveries, with the notable difference that consumer spending was much more robust. This, in turn, cushioned a decline in corporate capital spending.

 

3 International investing involves special risks including currency risk, increased volatility of foreign securities, and differences in auditing and other financial standards.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION International Equity Fund, Class B Shares (the “Fund”) from January 10, 2001 (start of performance) to April 30, 2003, compared to the Morgan Stanley Capital International—Europe, Australasia and Far East Index (MCSI-EAFE).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year   Start of Performance (1/10/01)
(19.76)%   (13.18)%


Growth of a $10,000 Investment in VISION International Equity Fund — Class B Shares

 

 

LOGO

 

 

Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 3.00% contingent deferred sales charge on any redemption less than 3 years from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. MSCI-EAFE has been adjusted to reflect reinvestment of dividends on securities in the index.
** The MCSI-EAFE is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged.
*** Total returns quoted reflect all applicable contingent deferred sales charges.

 

 

 

 

VISION

Small Cap Stock Fund

 

 

For the year ended April 30, 2003, VISION Small Cap Stock Fund’s Class A Shares’ total return was (14.66)%, or (19.36)% adjusted for the fund’s sales charge and the Class B Shares total return was (15.46)%, or (18.72)% adjusted for the fund’s contingent deferred sales charge,1 versus (20.75)% for the Russell 2000 Index.2 Allocation between value and growth securities added to the total performance at net asset value of the Class A Shares as it outperformed its benchmark by 6.09% for the year ending April 30, 2003.

 

The value portion of the fund, managed by LSV Asset Management, generated a return of (14.50)% as compared to its performance index (Russell 2000 Value Index)3 of (18.80)% or an outperformance of 4.30%. LSV’s portion of the fund benefited from selection of better-performing companies within industries, with names such as Flagstar Bancorp, Novastar Financial and OGI Corp. In addition, the Fund’s overall emphasis on lower price per earnings stocks helped it remain more defensive than the overall market for small cap stocks.4

 

The growth portion of the fund, managed by Mazama Capital Management, returned (12.99)% versus (23.50)% for the Russell 2000 Growth Index5 on an outperformance of 10.5%. Mazama continued to emphasize high-growth, low-expectation areas of the market. The use of biotech and emerging pharmaceutical industries are examples of this strategy. During the year, technology exposure was reduced by taking some profits in Red Hat, Polycom, Pixleworks, and MacroVISION.

 

The combination of value and growth management styles has held the performance of the VISION Small Cap Stock Fund in a relatively strong position, benefiting from the best of both styles.

 

1. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

 

2. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index. Indexes are unmanaged and investments cannot be made in an index.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Small Cap Stock Fund, Class A Shares (the “Fund”) from July 1, 1994 (start of performance) to April 30, 2003, compared to the Russell 2000 Index (“Russell 2000”).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year   5 Years   Start of Performance (7/1/94)
(19.36)%   (0.30)%   8.45%

Growth of a $10,000 Investment in VISION Small Cap Stock Fund — Class A Shares†

 

 

LOGO

 

 

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). Effective January 8, 2001, the maximum sales charge increased to 5.50%. The Fund’s performance assumes the reinvestment of all dividends and distributions. The Russell 2000 has been adjusted to reflect reinvestment of dividends on securities in the index.
** The Russell 2000 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged.
*** Total returns quoted reflect all applicable sales charges.
† The VISION Small Cap Stock Fund is the successor to the Governor Aggressive Growth Fund pursuant to the reorganization that took place on January 8, 2001. The information presented above, for the periods prior to January 8, 2001, is historical information for the Governor Aggressive Growth Fund. The quoted performance of VISION Small Cap Stock Fund includes performance of certain predecessor collective trust fund (“commingled”) accounts for periods dating back to 7/1/94 and prior to the Small Cap Stock Fund’s commencement of operations on 2/3/97, as adjusted to reflect the expenses associated with the Fund. The commingled accounts were not registered with the Securities and Exchange Commission and, therefore, were not subject to the investment restrictions imposed by law on registered mutual funds. If the commingled accounts had been registered, the commingled accounts’ performance may have been adversely affected.

 

 

 

 

3. The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Indexes are unmanaged and investments cannot be made in an index.

 

4. Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.

 

5. The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Indexes are unmanaged and investments cannot be made in an index.

 

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Small Cap Stock Fund, Class B Shares (the “Fund”) from January 10, 2001 (start of performance) to April 30, 2003, compared to the Russell 2000 Index (“Russell 2000”).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year   Start of Performance (1/10/01)
(18.72)%   (4.02)%

Growth of a $10,000 Investment in VISION Small Cap Stock  Fund — Class B Shares

 

 

LOGO

 

 

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 3.00% contingent deferred sales charge on any redemption less than 3 years from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The Russell 2000 has been adjusted to reflect reinvestment of dividends on securities in the index.
** The Russell 2000 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged.
*** Total returns quoted reflect all applicable contingent deferred sales charges.

 

 

VISION

Mid Cap Stock Fund

 

 

For the year ended April 30, 2003, your portfolio benefited from a diversified strategy that targets inexpensive mid cap stocks with improving fundamentals. During this period, the fund’s Class A Shares returned (17.23)%, or (21.80)% adjusted for the fund’s sales charge and the fund’s Class B Shares returned (18.03)%, or (22.13)% adjusted for the contingent deferred sales charge1, compared to the S&P Mid Cap 400 Index2 return of (17.51)%.

 

The fund benefited from strong stock selection in the Retail, Financial and Technology sectors, while Health Care detracted from performance. In Retail, AutoZone was one of the top performers. The specialty retailer of automotive parts and accessories has posted consistent earnings growth due to strong merchandising and advertising campaigns and positive external growth factors. Our overweight positions in Family Dollar and Bed Bath & Beyond also added value. Family Dollar outperformed as price-conscious consumers have moved to lower-priced retailers, while Bed Bath & Beyond continues to execute and benefit from a strong housing market.

 

Smaller, traditional regional banks were a bright spot in Financials, while large companies with exposure to capital markets struggled. Holdings in First Tennessee and SouthTrust, regional banks in the Southeast, fared well due to low interest rates, gains from refinancings and consumer and commercial loan growth. The fund also benefited from our holdings in reinsurance stocks PartnerRe and Everest Re.

 

In Technology, overweight positions in Yahoo and Lexmark helped performance. Yahoo, one of the survivors of the Internet boom, was added to the portfolio at the beginning of the period. The now profitable company posted better-than-expected earnings due to solid growth in advertising and premium services. Lexmark, a maker of computer printers, has thrived despite a difficult environment amid sluggish sales of PCs. Strong demand for ink cartridges and toner, the highest margin segment of their business, has driven earnings and the stock higher. Our sale of Intuit at the beginning of 2003 as well as holdings in Electronic Arts and BMC Software also added value.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Mid Cap Stock Fund (Class A Shares) (the “Fund”) from November 29, 1993 (start of performance) to April 30, 2003, compared to the Standard & Poor’s Mid Cap 400 Index (S&P 400) and the Russell Mid Cap Index (RMC).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year   5 Years   Start of Performance (11/29/93)
(21.80)%   (2.12)%   7.30%

Growth of a $10,000 Investment in VISION Mid Cap Stock  Fund — Class A Shares

 

 

LOGO

 

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). Effective July 1, 1996, the maximum sales charge increased to 5.50%. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 400 and the RMC have been adjusted to reflect reinvestment of dividends on securities in the indices.
** The S&P 400 and the RMC are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged.
*** Total returns quoted reflect all applicable sales charges.

 

 

 

On the negative side, our positions in Health Care adversely affected the fund’s performance. King Pharmaceuticals, an overweight holding in the fund, faced a variety of problems: a government investigation of pricing practices, a failed acquisition of two drugs that led to a lawsuit and potential generic competition for its second largest product, the thyroid disorder drug Levoxyl. Triad Hospital, part of the struggling medical services group, also underperformed. A weak flu season and a weak economy coupled with the passing of the healthcare burden to patients have brought volumes down for the medical services industry.

 

The fund remains highly diversified with 134 stocks, which we believe possess the right combination of cheapness and improving fundamentals. We continue to seek out inexpensive stocks with accelerating earnings in all economic sectors and sell stocks that have become expensive or have deteriorating fundamentals.

 

1. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
2. The S&P Mid Cap 400 Index is an unmanaged capitalization-weighted index of common stocks representing all major industries in the mid range of the U.S. stock market. Investments cannot be made in an index.

 

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Mid Cap Stock Fund (Class B Shares) (the “Fund”) from March 15, 2000 (start of performance) to April 30, 2003, compared to the Standard & Poor’s Mid Cap 400 Index (S&P 400) and the Russell Mid Cap Index (RMC).**

 

Average Annual Total Returns For The Periods Ended April 30, 2003***

1 Year   Start of Performance (3/15/00)
(22.13)%   (3.30)%

Growth of a $10,000 Investment in VISION Mid Cap Stock Fund — Class B Shares

 

 

LOGO

 

 

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund. The ending value reflects a maximum 3.00% contingent deferred sales charge on any redemption less than 4 years from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 400 and the RMC have been adjusted to reflect reinvestment of dividends on securities in the indices.
** The S&P 400 and the RMC are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged.
*** Total returns quoted reflect all applicable contingent deferred sales charges.

 

 

 

VISION

Large Cap Growth Fund

 

 

The sub-advisor, Montag & Caldwell, focuses on large capitalization companies that have above-average earnings growth rates which are selling at a reasonable valuation in the stock market.

 

The fund’s Technology, Energy, Consumer Discretionary, and Financial holdings were relatively poor performers when compared against their respective sectors in the benchmarks. The fund had good stock selection within the Consumer Staples and Health Care sectors during the past twelve months; however, this positive performance was unable to completely offset the above negatives.

 

Sluggish economic activity and uncertainties resulting from unsettled geopolitical concerns saw the equity markets continue to struggle in the first calendar quarter of 2003. The fund’s high-quality holdings performed well in this environment. During late March and April, following the commencement of hostilities in Iraq and better than expected first quarter earnings, U. S. equity markets have rallied. For the most part, lower-quality cyclical stocks have out-performed high-quality holdings, and as a result the fund lagged the benchmark in this period.

 

Recent portfolio activity has included the establishment of a position in Microsoft in November following settlement of anti-trust litigation with the Department of Justice. We eliminated the fund’s position in Bank of New York in December, as earnings visibility deteriorated due to ongoing credit problems and sluggish security processing and custody volumes. Citigroup was also reduced as the potential for civil lawsuits arising out of the Wall Street research scandal has grown. While any potential awards may not be significant to Citigroup given the size and breadth of their business, we believe the headline risk from these lawsuits will have a depressing effect on their stock price. We reduced our position in Qualcomm late in 2002 and early 2003, taking profits as it exceeded 5% of the portfolio. We reduced the position further due to expectations of a near term slow-down in earnings momentum in the early part of 2003. We have now begun to increase the Qualcomm position again as we believe the earnings momentum will re-accelerate in the coming quarters. More recently, we took profits in eBay as the stock reached a significant premium to our estimation of its fair valuation.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Large Cap Growth Fund, Class A Shares (the “Fund”) from March 20, 2000 (start of performance) to April 30, 2003, compared to the Standard and Poor’s 500 Index (S&P 500), the Russell 1000 Index (Russell 1000) and the Standard and Poor’s 500/Barra Growth Index (S&P 500/BG).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year   Start of Performance (3/20/00)
(20.19)%   (13.70)%


Growth of a $10,000 Investment in VISION Large Cap Growth Fund — Class A Shares

 

LOGO

 

 

Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500, Russell 1000 and the S&P 500/BG have been adjusted to reflect reinvestment of dividends on securities in the indices.
** The S&P 500, Russell 1000 and the S&P 500/BG are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged.
*** Total returns quoted reflect all applicable sales charges.

 

 

 

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Large Cap Growth Fund, Class B Shares (the “Fund”) from April 6, 2000 (start of performance) to April 30, 2003, compared to the Standard and Poor’s 500 Index (S&P 500), the Russell 1000 Index (Russell 1000) and the Standard and Poor’s 500/Barra Growth Index (S&P 500/BG).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year   Start of Performance (4/6/00)
(20.55)%   (14.83)%

Growth of a $10,000 Investment in VISION Large Cap Growth Fund — Class B Shares

 

 

LOGO

 

 

Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 3.00% contingent deferred sales charge on any redemption less than 4 years from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500, Russell 1000 and the S&P 500/BG have been adjusted to reflect reinvestment of dividends on securities in the indices.
** The S&P 500, Russell 1000 and the S&P 500/BG are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged.
*** Total returns quoted reflect all applicable contingent deferred sales charges.

 

 

 

VISION

Large Cap Core Fund

 

 

The Vision Large Cap Core Fund’s Class A Shares returned (20.08)% based on net asset value (NAV) or (24.51)% adjusted for the fund’s sales charge, and its Class B Shares returned (20.69)% based on NAV, or (24.10)% adjusted for the fund’s contingent deferred sales charge,1 for the twelve months ending April 30, 2003. The (20.08)% total return based on the NAV compares with a (13.31)% total return for the S&P 500 Index2 a commonly referenced unmanaged index of large capitalization stocks. During this same period the Lipper Large Cap Core Fund Average returned (15.19)%.3

 

For the year ended April 30, 2003, the fund underperformed its benchmark primarily due to issue selection in the Utility and Consumer Staples sectors. Significant positive contributors to performance were Comcast, Symbol Technologies, and Best Buy. Performance was negatively impacted by holdings in El Paso Energy, Xcel Energy, and ICN Pharmaceuticals.

 

1. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
2. The S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.
3. Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective categories indicated. These figures do not reflect sales changes.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Large Cap Core Fund, Class A Shares (the “Fund”) from January 1, 1995 (start of performance) to April 30, 2003, compared to the Standard and Poor’s 500 Index (S&P 500).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year   5 Years    Start of Performance (1/1/95)
(24.51)%   (6.95)%    6.71%

Growth of a $10,000 Investment in VISION Large Cap Core Fund — Class A Shares†

 

 

LOGO

 

 

Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). Effective January 8, 2001, the maximum sales charge increased to 5.50%. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.
** The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged.
*** Total returns quoted reflect all applicable sales charges.
† The VISION Large Cap Core Fund is the successor to the Governor Established Growth Fund pursuant to a reorganization that took place on January 8, 2001. The information presented above, for the periods prior to January 8, 2001, is historical information for the Governor Established Growth Fund. The quoted performance of the Large Cap Core Fund includes performance of certain predecessor collective trust fund (“commingled”) accounts, for periods dating back to 1/1/95 and prior to the Large Cap Core Fund’s commencement of operations on 12/2/96, as adjusted to reflect the expenses associated with the Fund. The commingled accounts were not registered with the Securities and Exchange Commission and, therefore, were not subject to the investment restrictions imposed by law on registered mutual funds. If the commingled accounts had been registered, the commingled accounts’ performance may have been adversely affected.

 

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Large Cap Core Fund, Class B Shares (the “Fund”) from January 18, 2001 (start of performance) to April 30, 2003, compared to the Standard and Poor’s 500 Index (S&P 500).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year   Start of Performance (1/18/01)
(24.10)%   (21.49)%

Growth of a $10,000 Investment in VISION Large Cap Core Fund — Class B Shares

 

LOGO

 

Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 3.00% contingent deferred sales charge on any redemption less than 3 years from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.
** The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged.
*** Total returns quoted reflect all applicable contingent deferred sales charges.

 

 

 

VISION

Large Cap Value Fund

 

 

The Vision Large Cap Value Fund’s Class A Shares returned (17.80)% based on net asset value (NAV) or (22.32)% adjusted for the fund’s sales charge, and its Class B Shares returned (18.51)% based on NAV, or (22.59)% adjusted for the contingent deferred sales charge1, for the twelve months ending April 30, 2003. The (17.80)% total return based on the NAV compares with a (14.61)% total return for the S&P/Barra Value Index,2 a commonly referenced unmanaged index of large-capitalization, value-oriented stocks. During this same period the Lipper Large Cap Value Fund Average returned (15.67)%.3

 

For the year ended April 30, 2003, the fund modestly underperformed its benchmark due to issue selection in the Utility and Health Care sectors. The most significant positive contributors to performance were Countrywide Financial, Concord EFS and Best Buy. Performance was negatively affected by holdings in El Paso Energy, Xcel Energy and ICN Pharmaceuticals.

 

1. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
2. The S&P/Barra Value Index is a market capitalization- weighted index of the stocks in the S&P 500 Index having the lowest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. This index is unmanaged and investments cannot be made in an index.
3. Lipper figures represent the average of the total returns reported by all of its mutual funds designated by Lipper, Inc. as falling into the respective categories indicated. These figures do not reflect sales charges.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Large Cap Value Fund, Class A Shares (the “Fund”) from September 26, 1997 (start of performance) to April 30, 2003, compared to the Standard and Poor’s 500/Barra Value Index (S&P 500/BV).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year    5 Years    Start of Performance (9/26/97)
(22.32)%    (4.78)%    (1.78)%

Growth of a $10,000 Investment in VISION Large Cap Value Fund — Class A Shares

 

 

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Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500/BV has been adjusted to reflect reinvestment of dividends on securities in the index.
** The S&P 500/BV is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged.
*** Total returns quoted reflect all applicable sales charges.

 

 

 

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Large Cap Value Fund, Class B Shares (the “Fund”) from December 10, 1999 (start of performance) to April 30, 2003, compared to the Standard and Poor’s 500/Barra Value Index (S&P 500/BV).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year   Start of Performance (12/10/99)
(22.59)%   (7.10)%

Growth of a $10,000 Investment in VISION Large Cap Value Fund — Class B Shares

 

 

LOGO

 

 

Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 3.00% contingent deferred sales charge on any redemption less than 4 years from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500/BV has been adjusted to reflect reinvestment of dividends on securities in the index.
** The S&P 500/BV is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged.
*** Total returns quoted reflect all applicable contingent deferred sales charges.

 

 

 

VISION

Managed Allocation Funds

 

 

Aggressive Growth Fund

 

The VISION Managed Allocation Funds have, since their inception, been highly diversified and regularly re-balanced. In an annual period as challenging as the one just completed, this broad diversification and invest-to-target discipline were paramount in importance. The Aggressive Growth Fund, with its current target exposures of 90% equity, 7% fixed income, and 3% money market, came through a challenging investing environment bruised but not broken. Through the twelve-month period ended April 30, 2003 the Fund posted a (14.78%) total return (net asset value basis), or a (19.04)% total return adjusted for the fund’s sales charge and the fund’s Class B Shares posted a total return of (15.62)% (net asset value basis), or (19.80)% adjusted for the fund’s contingent deferred sales charge.1 In late September 2002, the fund saw a minor change in its holdings whereby its exposure to the U.S. Government Securities Fund was reduced by one percent with an accompanying one percent increase in its Large Cap Core Fund exposure. This move was made in order to take advantage of depressed prices in the U.S. equity markets.

 

Moderate Growth Fund

 

The VISION Managed Allocation Funds have, since their inception, been highly diversified and regularly re-balanced. In an annual period as challenging as the one just completed, this broad diversification and invest-to-target discipline were paramount in importance. The Moderate Growth Fund, with its current target exposures of 60% equity, 34% fixed income, and 6% money market, weathered the market storms through the twelve-month period ended April 30, 2003. For the twelve months ended April 30, 2003, the fund posted a (7.89%) total return (net asset value basis), or a (12.06)% total return adjusted for the fund’s sales charge and the fund’s Class B Shares posted a total return of (8.91)% (net asset value basis), or (13.43)% adjusted for the fund’s contingent deferred sales charge.1 In late September 2002, the fund saw a minor change in its holdings whereby its exposure to the U.S. Government Securities Fund was reduced by one percent with an accompanying one percent increase in its Large Cap Core Fund exposure. This move was made in order to take advantage of depressed prices in the U.S. equity markets.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Managed Allocation Fund—Aggressive Growth, Class A Shares (the “Fund”) from February 18, 1999 (start of performance) to April 30, 2003, compared to the Standard and Poor’s 500 Index (“S&P 500”) and the Lehman Brothers Aggregate Bond Index (“LBAB”).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year   Start of Performance (2/18/99)
(19.04)%   (4.56)%

Growth of a $10,000 Investment in VISION Managed Allocation Fund — Aggressive Growth — Class A Shares†

 

 

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Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). Effective January 8, 2001, the maximum sales charge increased to 5.00%. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and LBAB have been adjusted to reflect reinvestment of dividends on securities in the indices.
** The S&P 500 and LBAB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged.
*** Total returns quoted reflect all applicable sales charges.
† The VISION Managed Allocation Fund—Aggressive Growth is the successor to the Governor Lifestyle Growth Fund pursuant to a reorganization that took place on January 8, 2001. The information presented above, for the periods prior to January 8, 2001, is historical information for the Governor Lifestyle Growth Fund.

 

 

 

 

 

Conservative Growth Fund

 

The VISION Managed Allocation Funds have, since their inception, been highly diversified and regularly re-balanced. In an annual period as challenging as the one just completed, this broad diversification and invest-to-target discipline were paramount in importance. The Conservative Growth Fund, with its current target exposures of 66% fixed income, 9% money market, and 25% equity, managed to keep its head above water through the twelve-month period ended April 30, 2003. For the twelve months ended April 30, 2003, the fund’s Class A Shares, posted a 0.03% total return (net asset value basis), or a (4.01)% total return adjusted for the fund’s sales charge and the fund’s Class B Shares posted a (1.02)%, total return (net asset value basis), or (5.88)% adjusted for the fund’s contingent deferred sales charge.1 In late September 2002, the Fund saw a minor change in its holdings whereby its exposure to the U.S. Government Securities Fund was reduced by one percent with an accompanying one percent increase in its Large Cap Core Fund exposure. This move was made in order to take advantage of depressed prices in the U.S. equity markets.

 

1. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Managed Allocation Fund—Aggressive Growth, Class B Shares (the “Fund”) from May 1, 2002 (start of performance) to April 30, 2003, compared to the Standard and Poor’s 500 Index (“S&P 500”) and the Lehman Brothers Aggregate Bond Index (“LBAB”).**

 

Cumulative Total Return For The Period Ended April 30, 2003***

Start of Performance (5/1/02)
(19.80)%

Growth of a $10,000 Investment in VISION Managed Allocation Fund — Aggressive Growth — Class B Shares

 

 

LOGO

 

 

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund. The ending value reflects a maximum 5.00% contingent deferred sales charge on any redemption less than 1 year from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and LBAB have been adjusted to reflect reinvestment of dividends on securities in the indices.
** The S&P 500 and LBAB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged.
*** Total returns quoted reflect all applicable contingent deferred sales charges.

 

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Managed Allocation Fund—Moderate Growth, Class A Shares (the “Fund”) from February 4, 1999 (start of performance) to April 30, 2003, compared to the Standard and Poor’s 500 Index (“S&P 500”) and the Lehman Brothers Aggregate Bond Index (“LBAB”).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year   Start of Performance (2/4/99)
(12.06)%   (1.41)%

Growth of a $10,000 Investment in VISION Managed Allocation Fund — Moderate Growth — Class A Shares†

 

 

LOGO

 

 

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Your investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and LBAB have been adjusted to reflect reinvestment of dividends on securities in the indices.
** The S&P 500 and LBAB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged.
*** Total returns quoted reflect all applicable sales charges.
† The VISION Managed Allocation Fund—Moderate Growth is the successor to the Governor Lifestyle Moderate Growth Fund pursuant to a reorganization that took place on January 8, 2001. The information presented above, for the periods prior to January 8, 2001, is historical information for the Governor Lifestyle Moderate Growth Fund.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Managed Allocation Fund—Moderate Growth, Class B Shares (the “Fund”) from May 1, 2002 (start of performance) to April 30, 2003, compared to the Standard and Poor’s 500 Index (“S&P 500”) and the Lehman Brothers Aggregate Bond Index (“LBAB”).**

 

Cumulative Total Return For The Period Ended April 30, 2003***

Start of Performance (5/1/02)

(13.43)%

    

Growth of a $10,000 Investment in VISION Managed Allocation Fund — Moderate Growth — Class B Shares

 

 

LOGO

 

 

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund. The ending value reflects a maximum 5.00% contingent deferred sales charge on any redemption less than 1 year from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and LBAB have been adjusted to reflect reinvestment of dividends on securities in the indices.
** The S&P 500 and LBAB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged.
*** Total returns quoted reflect all applicable contingent deferred sales charges.

 

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Managed Allocation Fund—Conservative Growth, Class A Shares (the “Fund”) from February 3, 1999 (start of performance) to April 30, 2003, compared to the Standard and Poor’s 500 Index (“S&P 500”) and the Lehman Brothers Aggregate Bond Index (“LBAB”).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year   Start of Performance (2/3/99)
(4.01)%   1.29%

Growth of a $10,000 Investment in VISION Managed Allocation Fund — Conservative Growth — Class A Shares†

 

 

LOGO

 

 

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). Effective April 1, 2001 the maximum sales charge decreased to 4.00%. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and LBAB have been adjusted to reflect reinvestment of dividends on securities in the indices.
** The S&P 500 and LBAB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged.
*** Total returns quoted reflect all applicable sales charges.
† The VISION Managed Allocation Fund—Conservative Growth is the successor to the Governor Lifestyle Conservative Growth Fund pursuant to a reorganization that took place on January 8, 2001. The information presented above, for the periods prior to January 8, 2001, is historical information for the Governor Lifestyle Conservative Growth Fund.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Managed Allocation Fund —Conservative Growth, Class B Shares (the “Fund”) from May 1, 2002 (start of performance) to April 30, 2003, compared to the Standard and Poor’s 500 Index (“S&P 500”) and the Lehman Brothers Aggregate Bond Index (“LBAB”).**

 

Cumulative Total Return For The Period Ended April 30, 2003***

Start of Performance (5/1/02)
(5.88)%

Growth of a $10,000 Investment in VISION Managed Allocation Fund — Conservative Growth — Class B Shares

 

 

LOGO

 

 

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund. The ending value reflects a maximum 5.00% contingent deferred sales charge on any redemption less than 1 year from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and LBAB have been adjusted to reflect reinvestment of dividends on securities in the indices.
** The S&P 500 and LBAB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged.
*** Total returns quoted reflect all applicable contingent deferred sales charges.

 

 

 

VISION

New York Municipal Income Fund

 

The fund posted a total return of 2.78% over the six months ended April 30, 2003, or (1.82%) adjusted for the fund’s sales charge.1 The Lipper New York Municipal Debt Funds Index2 return for the same period was 2.08%. For the fiscal year ended April 30, 2003, the fund returned 7.29%, or 2.47% adjusted for the fund’s sales charge,1 versus the Lipper return of 7.24%.

 

The fund concentrated its holdings in higher coupon intermediate term bonds. These bonds benefited most from the steepening of the yield curve as short and intermediate yields decreased more than long term rates, while its positions in tobacco-related bonds had a slightly negative impact on performance.

 

The fund continues to emphasize investments in high quality New York municipal securities while keeping the average maturity of the portfolio short to its benchmark. New issuance of municipal bonds continues at high levels, as states and municipalities issue more debt in order to close their budget deficits. In the face of this issuance, demand is running high as municipal bonds continue to offer compelling value versus other fixed income investments.

 

1. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
2. Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective categories indicated. These figures do not reflect sales charges.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION New York Municipal Income Fund (the “Fund”) from September 22, 1993 (start of performance) to April 30, 2003, compared to the Lehman Brothers State General Obligation Bond Index (LBSGO) and the Lehman Brothers New York Tax-Exempt Index (LBNYTE).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year   5 Years   Start of Performance (9/22/93)
2.47%   4.30%   4.99%

Growth of a $10,000 Investment in VISION New York Municipal Income Fund

 

 

LOGO

 

 

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. The LBSGO and the LBNYTE have been adjusted to reflect reinvestment of dividends on securities in the indices.
** The LBSGO and the LBNYTE are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The indices are unmanaged.
*** Total returns quoted reflect all applicable sales charges.

 

 

 

VISION

Pennsylvania Municipal Income Fund

 

 

The VISION Pennsylvania Municipal Income Fund posted a total return of 7.92% (3.07% adjusted for the fund’s sales charge)1 for the twelve month period ended April 30, 2003, compared to an average return of 7.22% for the Lipper PA Intermediate Municipal Debt Universe.2

 

Despite record new municipal supply over the past year and historically low interest rate levels, the VISION Pennsylvania Municipal Income Fund enjoyed positive returns over the period, both from an absolute level and relative to its benchmark comparisons.

 

Municipal-Treasury yield ratios for maturities greater than 10 years remain exceptionally attractive, in the 95-100% range. We began the period targeting a fund duration3 well-above the benchmark and have gradually trimmed that to a position of just slightly above-average benchmark duration at period-end. The longer duration of the fund had a positive influence on performance over this time period, as interest rates declined dramatically and equity market investors sought alternative asset classes to escape the stock market. The credit quality of the fund is very high and we continue to emphasize good diversification both geographically and among issuers across the state.

 

1. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

 

2. Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective categories indicated. These figures do not reflect sales charges.

 

3. Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Pennsylvania Municipal Income Fund (the “Fund”) from October 1, 1996 (start of performance) to April 30, 2003, compared to the Lehman Brothers Pennsylvania 1-12 Year Municipal Bond Index (LBP1-12MB) and the Lehman Brothers State General Obligation Bond Index (LBSGO).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year   5 Years   Start of Performance (10/1/96)
3.07%   4.15%   4.42%

Growth of a $10,000 Investment in VISION Pennsylvania Municipal Income Fund†

 

 

LOGO

 

 

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. The LBP1-12MB and the LBSGO have been adjusted to reflect reinvestment of dividends on securities in the indices.
** The LBP1-12MB and the LBSGO are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged.
*** Total returns quoted reflect all applicable sales charges.
† VISION Pennsylvania Municipal Income Fund is the successor to Governor Pennsylvania Municipal Bond Fund pursuant to a reorganization that took place on January 8, 2001. The information presented above, for the periods prior to January 8, 2001 is historical information for the Governor Pennsylvania Municipal Bond Fund.

 

 

 

VISION

Intermediate Term Bond Fund

 

 

The VISION Intermediate Term Bond Fund posted a total return of 8.10%1 for the twelve month period ended April 30, 2003 (3.22% adjusted for the fund’s sales charge), compared to an average return of 9.26% for the Lipper Intermediate Investment Grade Average.2

 

The duration3 strategy of the fund during much of the past year has been to maintain a shorter duration (90%) than that of the benchmark index. We expected interest rates to bottom near the end of 2002. As it became apparent that economic conditions were not improving, we brought the duration of the fund closer to the benchmark (95%). Sector allocations over the period favored Mortgage-Backed Securities and Agencies. The fund was overweighted in these sectors, underweighted in Treasuries, and relatively neutrally weighted in the Corporate sector. As interest rates continued to fall dramatically this year, our duration and sector strategy proved to be early, and was a drag on overall relative performance to the benchmark comparisons.

 

Credit quality within the corporate sector is higher than the index, which positively influenced performance in the second half of 2002, and hurt relative performance so far in 2003.

 

1. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
2. Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective categories indicated. These figures do not reflect sales changes.
3. Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Intermediate Term Bond Fund (the “Fund”) from December 2, 1996 (start of performance) to April 30, 2003, compared to the Lipper Intermediate Investment Grade Debt Funds Average (LIIGDFA) and the Lehman Brothers Aggregate Bond Index (LBAB).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

1 Year    5 Years   Start of Performance (12/2/96)
3.22%    4.82%   5.18%

Growth of a $10,000 Investment in VISION Intermediate Term Bond Fund†

 

 

LOGO

 

 

Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. The LIIGDFA and LBAB have been adjusted to reflect reinvestment of dividends on securities in the index and average.
** The LIIGDFA and LBAB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index and average are unmanaged.
*** Total returns quoted reflect all applicable sales charges.
† The VISION Intermediate Term Bond Fund is the successor to the Governor Intermediate Term Income Fund pursuant to a reorganization that took place on January 8, 2001. The information presented above, for the periods prior to January 8, 2001, is historical information for the Governor Intermediate Term Income Fund.

 

 

 

VISION

U.S. Government Securities Fund

 

The Fund posted a total return of 3.08% for the six-month period ended April 30, 2003 or (1.55)% adjusted for the fund’s sales charge.1 The Lipper General U.S. Government Fund Average2 return for the same period was 2.62%. For the 12-month period ended April 30, 2003, the Fund returned 9.20%, or 4.25% adjusted for the fund’s sales charge,1 versus the Lipper return of 9.02%.

 

The fund held 30-year Treasury bonds, which contributed positively to Fund performance during the period. The Fund’s underweight in corporate bonds negatively impacted performance, as corporates have outperformed other classes since the beginning of 2003.

 

The Fund continues to emphasize government-guaranteed securities with yield advantages to U.S. Treasury securities.3 Within the mortgage-backed securities sector, we are currently favoring low loan balance mortgages. These mortgages possess lower refinancing risks relative to newer production mortgages. The duration4 of the Fund has been shortened to about a third of a year shorter than the Lehman Brothers Aggregate Bond Index5 for the period ended April 30, 2003.

 

1. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
2. Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective categories indicated. These figures do not reflect sales charges.
3. These securities are guaranteed as to timely payment of principal and interest by the U.S. Government or its agencies or instrumentalities. Fund shares are not guaranteed.
4. Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.
5. Lehman Brothers Aggregate Bond Index is an unmanaged index composed of securities from the Lehman Brothers Government/Corporate Bond Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indices are rebalanced monthly by market capitalization. Investments cannot be made in an index.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION U.S. Government Securities Fund (the “Fund”) from September 22, 1993 (start of performance) to April 30, 2003, compared to the Lehman Brothers Aggregate Bond Index (LBAB).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

 

1 Year   5 Years   Start of Performance (9/22/93)
4.25%   5.72%   5.51%

Growth of a $10,000 Investment in VISION U.S. Government Securities Fund

 

 

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Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. The LBAB has been adjusted to reflect reinvestment of dividends on securities in the index.
** The LBAB is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged.
*** Total returns quoted reflect all applicable sales charges.

 

 

 

VISION International Equity Fund

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value in
U.S. Dollars

Common Stocks—94.5%

      
    Australia—2.7%      
67,867   Lion Nathan Ltd.   $ 240,135
85,452   Mayne Group Ltd.     158,402
74,276   QBE Insurance Group Ltd.     397,241
10,427   Rio Tinto PLC     207,521
69,004   Westpac Banking Corp. Ltd., Sydney     687,531
       
   

Total Australia

         1,690,830
       
    Belgium—0.3%      
10,890   Fortis     183,129
       
    Finland—3.5%      
77,750   Nokia Oyj     1,317,894
25,200   Sampo Oyj, Class A     183,145
44,200   UPM—Kymmene Oyj     647,403
       
   

Total Finland

     2,148,442
       
    France—10.9%      
12,143   AXA     184,784
26,568   Aventis SA     1,351,906
19,772   BNP Paribas SA     929,824
12,296   (1)Cap Gemini SA     383,299
5,331   Compagnie de St. Gobain     184,898
8,918   (1)France Telecom SA     205,507
15,529   Sanofi Synthelabo SA     928,051
24,637   Suez SA     401,905
14,012   Total Fina SA, Class B     1,840,852
5,004   Unibail (Union du Credit-Bail Immobilier)     335,419
       
   

Total France

     6,746,445
       
    Germany, Federal Republic of—2.1%      
2,148   Allianz AG Holding     152,146
7,436   Altana AG     366,822
12,199   (1)Deutsche Telekom AG, Class REG     163,404
3,585   E.On AG     171,920
11,822   Linde AG     446,246
       
   

Total Germany

     1,300,538
       
    Hong Kong—0.8%      
53,000   Cheung Kong     292,895
41,000   Sun Hung Kai Properties     192,408
       
   

Total Hong Kong

     485,303
       
    Ireland—2.3%      
10,261   Bank of Ireland     125,627
52,759   Bank of Ireland     651,838
7,724   CRH PLC     118,748
34,503   CRH PLC     530,831
       
   

Total Ireland

     1,427,044
       
    Italy—2.6%      
16,644   Assicurazioni Generali SpA     383,173
87,504   ENI SpA     1,249,395
       
   

Total Italy

     1,632,568
       

 

Shares
  
  Value in
U.S. Dollars

Common Stocks—continued

      
    Japan—15.9%      
10,700   Aiful Corp.   $ 402,553
9,500   Benesse Corp.     126,848
13,000   Canon, Inc.     526,201
9,000   Daikin Industries     149,950
27,000   Fuji Photo Film Co.     689,285
7,200   Hitachi Credit Cp     72,617
15,200   Honda Motor Co. Ltd.     504,199
15,000   Kao Corp.     273,975
51,000   Mitsubishi Corp.     303,653
45   (1)Mitsubishi Tokyo Financial Group, Inc.     152,670
15,000   Mitsui Fudosan Co.     80,870
15,300   Murata Manufacturing Co. Ltd.     546,061
258   (1)NTT DoCoMo, Inc.     532,986
10,200   Nintendo Corp. Ltd.     798,320
115   Nippon Telegraph & Telephone Corp.     403,678
4,900   Rohm Co.     505,719
85,000   Sanyo Electric Co.     266,250
19,000   Sekisui House Ltd.     139,772
100,000   Sompo Japan Insurance, Inc.     457,676
13,700   Sony Corp.     333,641
93,000   Sumitomo Chemical Co.     252,259
26,300   Takeda Chemical Industries     965,158
4,960   Takefuji Corp.     258,663
34,100   Toyota Motor Corp.     773,178
119   West Japan Railway Co.     371,750
       
   

Total Japan

         9,887,932
       
    Netherlands—7.3%      
15,601   ABN AMRO Holdings NV     264,094
11,694   Akzo Nobel NV     260,455
28,699   Koninklijke (Royal) Philips Electronics NV     534,913
99,054   Reed Elsevier NV     1,129,674
35,069   TNT Post Group NV     548,165
38,279   VNU—Verenigde Nederlandse Uitgeversbedrijven     1,112,780
53,004   Wolters Kluwer NV     691,602
       
   

Total Netherlands

     4,541,683
       
    Norway—0.7%      
108,300   Telenor ASA     433,630
       
    Portugal—1.0%      
213,354   Electricidade de Portugal SA     386,453
34,203   Portugal Telecom SGPS SA     245,134
       
   

Total Portugal

     631,587
       
    Singapore—0.3%      
34,000   DBS Group Holdings Ltd.     166,737
       
    Spain—2.6%      
78,091   Banco Bilbao Vizcaya Argentaria SA     787,569
46,925   Banco Santander Central Hispano, S.A.     369,367

  

 

 

VISION International Equity Fund

 

Shares
  
  Value in
U.S. Dollars

Common Stocks—continued

      
    Spain—continued      
732   (1)Telefonica SA   $            8,114
42,281   (1)Telefonica SA     468,489
       
   

Total Spain

     1,633,539
       
    Sweden—3.6%      
111,000   Nordea AB     589,378
21,770   Svenska Cellulosa AB, Class B     737,767
28,390   Svenska Handelsbanken AB, Class A     451,534
61,720   Swedish Match AB     456,838
       
   

Total Sweden

     2,235,517
       
    Switzerland—6.6%      
14,934   Adecco SA     573,219
26,151   Compagnie Financiere Richemont AG     387,029
491   Givaudan SA     190,275
6,822   Nestle SA     1,392,348
17,061   Novartis AG     673,750
9,635   Roche Holding AG     613,767
4,566   Swiss Re     298,614
       
   

Total Switzerland

     4,129,002
       
    United Kingdom—31.3%      
144,092   (1)ARM Holdings PLC     147,509
72,321   Abbey National Bank PLC, London     514,202
109,770   Allied Domecq PLC     616,295
35,471   Amersham PLC     255,177
18,993   AstraZeneca PLC     745,835
294,659   BP Amoco PLC     1,868,790
173,471   BT Group PLC     497,375
190,401   Barclays PLC     1,316,443
8,727   Brambles Industries PLC     25,964
77,777   Carlton Communications PLC     130,629
63,886   Centrica PLC     169,889
75,889   Compass Group PLC     349,598
109,947   Dixons Group PLC     195,651
64,901   Electrocomponents PLC     324,414
112,442   Gallaher Group PLC     1,065,650
67,032   GlaxoSmithKline PLC     1,344,551

 

Shares
  
  Value in
U.S. Dollars

Common Stocks—continued

      
    United Kingdom—continued      
44,689   HSBC Holdings PLC   $ 490,011
336,353   Invensys PLC     79,357
162,945   Kingfisher PLC     637,261
93,194   Lloyds TSB Group PLC     613,417
98,994   National Grid Transco PLC     650,801
49,180   Prudential Corp. PLC     301,290
279,551   Rentokil Initial PLC     836,181
252,557   Rolls-Royce PLC     366,609
46,818   Royal Bank of Scotland PLC, Edinburgh     1,228,907
63,280   Safeway PLC     275,317
65,026   Scottish & Southern Energy PLC     668,799
234,199   Shell Transport & Trading Co.     1,403,862
242,747   Tesco PLC     768,806
778,159   Vodafone Group PLC     1,537,209
       
   

Total United Kingdom

     19,425,799
       
   

Total Common Stocks
(identified cost $60,039,258)

     58,699,725
       

Preferred Stocks—0.6%

      
    Australia—0.6%      
4,100   National Australia Bank, Conv. Pfd., Series UNIT, $7.88     149,650
42,287   News Corp. Ltd., Pfd.     249,992
       
   

Total Preferred Stocks
(identified cost $354,379)

     399,642
       

Mutual Fund—2.1%

      
    United States—2.1%      
1,294,862   SSGA Money Market Fund
(at net asset value)		     1,294,862
       
   

Total Investments—97.2%
(identified cost $61,688,499)

   $ 60,394,229
       
   

Other Assets and
Liabilities-Net—2.8%

     1,719,857
       
   

Net Assets—100%

   $ 62,114,086
       

 

(See Notes to Portfolios of Investments)

 

 

VISION Small Cap Stock Fund

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value

Common Stocks—97.6%

      
    Air Freight & Logistics—0.6%      
25,100   Ryder Systems, Inc.   $        623,484
       
    Airlines—0.0%      
27,072   (1)Hawaiian Holdings, Inc.     26,801
       
    Auto Components—2.2%      
24,300   (1)American Axle & Manufacturing Holdings, Inc.     605,556
29,000   ArvinMeritor, Inc.     458,780
12,100   Borg-Warner Automotive, Inc.     709,907
44,700   Cooper Tire & Rubber Co.     629,376
       
   

Total

     2,403,619
       
    Banks—10.5%      
64,200   BankAtlantic Bancorp, Inc., Class A     739,584
52,400   Colonial BancGroup, Inc.     667,052
28,600   Commercial Federal Corp.     615,472
5,000   Corus Bankshares, Inc.     215,550
10,800   East West Bancorp, Inc.     365,580
4,500   First Citizens Bancshares, Inc., Class A     437,670
19,400   First Essex Bancorp, Inc.     678,981
38,250   Flagstar Bancorp, Inc.     1,266,075
65,400   Gold Banc Corp., Inc.     575,520
5,300   Harbor Florida Bancshares, Inc.     141,139
9,500   Hudson River Bancorp, Inc.     233,510
35,600   Independence Community Bank     930,940
30,082   Independent Bank Corp.—Michigan     716,854
9,400   IndyMac Bancorp, Inc.     209,432
25,200   NetBank, Inc.     251,496
10,700   Provident Bankshares Corp.     271,780
57,112   Republic Bancorp, Inc.     741,885
32,300   Seacoast Financial Services Corp.     609,501
13,100   Silicon Valley Bancshares     306,278
47,200   Staten Island Bancorp, Inc.     809,952
5,500   (1)Sterling Financial Corp.     131,395
11,200   Umpqua Holdings Corp.     220,080
3,400   WestAmerica Bancorp.     146,540
       
   

Total

     11,282,266
       
    Biotechnology—9.2%      
13,500   (1)AVI BioPharma, Inc.     84,645
97,707   (1)Abgenix, Inc.     928,216
3,900   (1)Albany Molecular Research, Inc.     45,006
141,500   (1)Alkermes, Inc.     1,412,170
29,400   (1)Amylin Pharmaceuticals, Inc.     563,010
102,629   (1)Cell Genesys, Inc.     915,451
74,100   (1)Corixa Corp.     531,297
132,400   (1)Cubist Pharmaceuticals, Inc.     1,222,052
64,100   (1)Dendreon Corp.     305,116
81,000   (1)Genta, Inc.     605,880
33,100   (1)Incyte Genomics, Inc.     114,195
159,400   (1)Isis Pharmaceuticals, Inc.     881,482
32,600   La Jolla Pharmaceutical Co.     72,046
60,800   (1)La Jolla Pharmaceutical Co.     134,368
47,300   (1)Lexicon Genetics, Inc.     236,500
208,100   (1)Paradigm Genetics, Inc.     170,642

 

Shares
  
  Value

Common Stocks—continued

      
    Biotechnology—continued      
33,300   (1)Telik, Inc.   $        437,895
99,300   (1)Third Wave Technologies, Inc.     384,291
68,700   (1)Transgenomic, Inc.     79,005
125,500   (1)Tularik, Inc.     686,485
14,000   (1)ViroPharma, Inc.     35,840
       
   

Total

     9,845,592
       
    Building Products—1.3%      
34,300   (1)Griffon Corp.     467,166
24,800   Universal Forest Products, Inc.     436,480
18,700   York International Corp.     446,930
       
   

Total

     1,350,576
       
    Chemicals—2.0%      
24,000   Albemarle Corp.     648,000
14,800   Fuller (H.B.) Co.     363,044
19,200   Lubrizol Corp.     606,912
32,500   (1)Symyx Technologies, Inc.     507,650
       
   

Total

     2,125,606
       
    Commercial Services & Supplies—4.0%      
23,800   Banta Corp.     738,990
17,700   (1)Headwaters, Inc.     290,280
40,500   (1)Information Resources, Inc.     95,175
27,600   (1)MemberWorks, Inc.     605,268
17,400   New England Business Service, Inc.     442,830
58,000   (1)Princeton Review (The), Inc.     305,660
6,400   Strayer Education, Inc.     416,256
24,300   (1)Sylvan Learning Systems, Inc.     426,222
6,800   (1)TMP Worldwide, Inc.     114,036
34,200   Wallace Computer Services, Inc.     893,646
       
   

Total

     4,328,363
       
    Communications Equipment—2.4%      
27,800   (1)Foundry Networks, Inc.     302,464
22,500   Inter-Tel, Inc.     370,125
191,400   (1)Polycom, Inc.     1,879,548
       
   

Total

     2,552,137
       
    Computers & Peripherals—2.2%      
8,300   (1)ActivCard Corp.     78,435
2,800   (1)Avid Technology, Inc.     76,916
14,800   (1)Imation Corp.     507,640
181,900   (1)Immersion Corp.     225,556
101,800   (1)Maxtor Corp.     559,900
42,000   (1)Pinnacle Systems, Inc.     396,900
21,800   (1)Storage Technology Corp.     538,896
       
   

Total

     2,384,243
       
    Construction & Engineering—1.1%      
4,800   Chicago Bridge & Iron Co., N.V.     96,000
125,100   (1)Integrated Electrical Services     713,070
167,500   (1)Mastec, Inc.     365,150
       
   

Total

     1,174,220
       

 

 

 

VISION Small Cap Stock Fund

 

Shares
  
  Value

Common Stocks—continued

      
    Construction Materials—0.5%      
7,700   Ameron, Inc.   $        517,440
       
    Diversified Financials—2.7%      
404,000   (1)E*Trade Group, Inc.     2,222,000
39,500   (1)Friedman, Billings, Ramsey Group, Inc., Class A     433,710
18,600   (1)Saxon Capital, Inc.     274,350
       
   

Total

     2,930,060
       
    Electric Utilities—1.1%      
11,600   El Paso Electric Co.     131,544
9,400   UIL Holdings Corp.     339,434
42,500   UniSource Energy Corp.     757,775
       
   

Total

     1,228,753
       
    Electrical Equipment—0.8%      
36,500   (1)Active Power, Inc.     50,005
7,900   (1)Genlyte Group, Inc.     297,988
13,100   Woodward Governor Co.     484,962
       
   

Total

     832,955
       
    Electronic Equipment & Instruments—2.6%
1,800   Analogic Corp.     85,950
35,700   (1)Checkpoint Systems, Inc.     476,595
4,500   (1)FLIR Systems, Inc.     234,360
120,999   (1)Identix, Inc.     592,895
60,200   Methode Electronics, Inc., Class A     632,100
62,000   PerkinElmer, Inc.     615,040
3,200   (1)Planar Systems, Inc.     56,288
1,400   (1)Varian, Inc.     44,254
       
   

Total

     2,737,482
       
    Energy Equipment & Services—0.6%      
6,400   (1)Cal Dive International, Inc.     103,040
3,400   (1)Core Laboratories NV     34,000
13,600   Offshore Logistics, Inc.     258,400
38,800   (1)Veritas DGC, Inc.     265,780
       
   

Total

     661,220
       
    Food & Staples Retailing—1.3%      
52,600   (1)7-Eleven, Inc.     472,874
39,600   (1)Duane Reade, Inc.     532,620
5,600   (1)Great Atlantic & Pacific Tea Co., Inc.     34,160
26,000   Ruddick Corp.     346,060
       
   

Total

     1,385,714
       
    Food Products—0.3%      
26,700   Interstate Bakeries Corp.     279,549
       
    Gas Utilities—1.9%      
17,800   NICOR, Inc.     535,068
19,700   Northwest Natural Gas Co.     508,851
30,900   UGI Corp.     976,440
       
   

Total

     2,020,359
       
    Healthcare Equipment & Supplies—1.1%
135,600   (1)AeroGen, Inc.     27,120
7,000   (1)Align Technology, Inc.     52,500
52,100   (1)Bioject Medical Technologies, Inc.     164,636
22,800   (1)Bruker Daltonics, Inc.     77,748

 

Shares
  
  Value

Common Stocks—continued

      
    Healthcare Equipment & Supplies—continued      
25,000   (1)Nektar Therapeutics   $        200,500
7,600   PolyMedica Industries, Inc.     283,100
15,000   West Pharmaceutical Services, Inc.     357,750
       
   

Total

     1,163,354
       
    Healthcare Providers & Services—2.6%
6,500   (1)AMN Healthcare Services, Inc.     59,150
24,300   (1)Alliance Imaging, Inc.     103,761
9,400   (1)Amerigroup Corp.     273,728
11,900   (1)Centene Corp.     381,216
5,500   (1)Cerner Corp.     109,890
18,500   (1)DaVita, Inc.     381,470
15,800   (1)Orthodontic Centers of America, Inc.     91,640
9,800   (1)PacifiCare Health Systems, Inc.     312,032
3,000   (1)Priority HealthCare Corp., Class B     68,400
9,800   (1)Province Healthcare Co.     98,000
79,400   (1)Service Corp. International     268,372
90,100   (1)US Oncology, Inc.     646,918
       
   

Total

         2,794,577
       
    Hotels, Restaurants & Leisure—3.1%      
23,900   (1)Aztar Corp.     340,336
27,200   (1)Gtech Holdings Corp.     915,824
26,900   Landrys Seafood Restaurants, Inc.     503,030
37,900   Lone Star Steakhouse & Saloon     794,763
7,300   (1)P. F. Chang’s China Bistro, Inc.     305,870
33,150   (1)Ryan’s Family Steak Houses, Inc.     410,729
15,300   (1)Smith & Wollensky Restaurant Group, Inc.     65,025
       
   

Total

     3,335,577
       
    Household Durables—3.9%      
48,900   (1)American Greetings Corp., Class A     711,984
12,100   M.D.C. Holdings, Inc.     557,810
28,000   M/I Schottenstein Homes, Inc.     956,480
19,600   Ryland Group, Inc.     1,062,908
27,700   (1)Salton, Inc.     354,560
20,200   (1)Toll Brothers, Inc.     469,650
       
   

Total

     4,113,392
       
    IT Services—0.7%      
39,200   (1)American Management System, Inc.     482,160
36,300   (1)Titan Corp.     291,489
       
   

Total

     773,649
       
    Industrial Conglomerates—0.5%      
55,100   Walter Industries, Inc.     559,265
       
    Insurance—2.7%      
18,500   AmerUs Group Co.     484,515
17,400   Commerce Group, Inc.     644,844
16,500   LandAmerica Financial Group, Inc.     677,655
11,000   Presidential Life Corp.     88,880
7,700   RLI Corp.     227,535
14,200   StanCorp Financial Group, Inc.     762,540
       
   

Total

     2,885,969
       

 

 

 

VISION Small Cap Stock Fund

 

Shares
  
  Value

Common Stocks—continued

      
    Internet & Catalog Retail—0.2%      
25,000   (1)Alloy Online, Inc.   $ 151,250
5,100   (1)Insight Enterprises, Inc.     38,454
       
   

Total

     189,704
       
    Internet Software & Services—3.0%      
36,000   (1)Broadvision, Inc.     143,640
210,990   (1)Corillian Corp.     213,100
72,950   (1)Digital Insight Corp.     1,178,872
131,000   (1)DoubleClick, Inc.         1,126,600
36,000   (1)LendingTree, Inc.     510,120
11,300   (1)TriZetto Group, Inc.     61,020
1,700   (1)WebEx Communications, Inc.     17,510
       
   

Total

     3,250,862
       
    Leisure Equipment & Products—0.8%      
13,600   Action Performance Cos., Inc.     251,464
10,800   Polaris Industries, Inc., Class A     570,996
       
   

Total

     822,460
       
    Machinery—2.7%      
32,700   Albany International Corp., Class A     776,298
17,400   Briggs & Stratton Corp.     785,436
20,800   Harsco Corp.     716,976
35,300   Timken Co.     624,810
       
   

Total

     2,903,520
       
    Media—0.9%      
53,200   (1)Macrovision Corp.     940,044
       
    Metals & Mining—1.5%      
18,400   Commercial Metals Corp.     284,464
19,000   Quanex Corp.     546,440
14,700   Southern Peru Copper Corp.     229,908
21,400   (1)Steel Dynamics, Inc.     258,940
29,700   Steel Technologies, Inc.     326,106
       
   

Total

     1,645,858
       
    Multi-Utilities & Unregulated Power—0.9%
25,400   Avista Corp.     300,482
32,300   ONEOK, Inc.     612,731
       
   

Total

     913,213
       
    Multiline Retail—0.5%      
42,400   Shopko Stores, Inc.     510,072
       
    Office Electronics—0.5%      
1,000   (1)Gerber Scientific, Inc.     8,250
63,400   Ikon Office Solutions, Inc.     491,984
       
   

Total

     500,234
       
    Oil & Gas—0.6%      
16,200   Holly Corp.     461,538
4,900   (1)Stone Energy Corp.     172,137
       
   

Total

     633,675
       
    Pharmaceuticals—1.8%      
32,700   Alpharma, Inc., Class A     609,855
19,900   (1)Antigenics, Inc.     195,816
23,900   (1)AtheroGenics, Inc.     217,490
7,100   (1)Atrix Labs, Inc.     124,676

 

Shares
  
  Value

Common Stocks—continued

      
    Pharmaceuticals—continued      
11,000   (1)Esperion Therapeutics, Inc.   $ 125,400
52,100   ICN Pharmaceuticals, Inc.     455,875
15,700   (1)Vicuron Pharmaceuticals, Inc.     184,475
       
   

Total

     1,913,587
       
    Real Estate—3.3%      
14,100   Bedford Property Investors, Inc.     375,765
55,000   Boykin Lodging Co.     451,550
5,100   Colonial Properties Trust     173,451
67,600   HRPT Properties Trust     610,428
30,000   Koger Equity, Inc.     480,000
32,400   Mission West Properties, Inc.     319,464
18,700   Novastar Financial, Inc.     803,165
12,600   RAIT Investment Trust     283,500
       
   

Total

         3,497,323
       
    Road & Rail—0.6%      
4,800   Arkansas Best Corp.     121,680
27,700   (1)Dollar Thrifty Automotive Group     454,557
4,700   (1)SCS Transportation, Inc.     56,306
       
   

Total

     632,543
       
    Semiconductor Equipment & Products—5.4%
3,400   (1)Dupont Photomasks, Inc.     63,206
42,000   (1)FEI Co.     768,180
191,800   (1)Lattice Semiconductor Corp.     1,664,824
3,200   Microsemi Corp.     37,536
8,400   (1)Mykrolis Corp.     67,368
11,500   (1)Omnivision Technologies, Inc.     279,220
294,300   (1)Pixelworks, Inc.     2,192,535
2,800   (1)Rudolph Technologies, Inc.     42,308
10,800   Skyworks Solutions, Inc.     57,780
12,400   (1)Trident Microsystems, Inc.     47,740
146,400   (1)Triquint Semiconductor, Inc.     513,864
2,300   (1)Zoran Corp.     40,917
       
   

Total

     5,775,478
       
    Software—7.4%      
19,000   (1)Advent Software, Inc.     239,210
83,800   (1)Dendrite International, Inc.     858,112
116,400   (1)Digimarc Corp.     1,494,692
30,400   Henry Jack & Associates, Inc.     396,112
138,500   (1)Mentor Graphics Corp.     1,443,170
127,900   (1)Novell, Inc.     351,725
294,300   (1)ONYX Software Corp.     176,580
11,600   (1)Quest Software, Inc.     124,120
7,600   (1)RadiSys Corp.     64,296
311,300   (1)Red Hat, Inc.     1,867,800
40,100   (1)Sybase, Inc.     513,280
5,700   (1)Take-Two Interactive Software, Inc.     128,250
36,700   (1)Transaction Systems Architects, Inc.,
Class A		     255,065
       
   

Total

     7,912,412
       
    Specialty Retail—3.1%      
4,800   (1)A.C. Moore Arts & Crafts, Inc.     82,704
20,600   (1)Chicos Fas, Inc.     501,404
19,700   (1)Cost Plus, Inc.     605,381

 

 

 

 

VISION Small Cap Stock Fund

 

Shares
  
  Value

Common Stocks—continued

      
    Specialty Retail—continued      
11,000   (1)Gymboree Corp.   $ 183,810
28,500   (1)Hollywood Entertainment Corp.     505,875
27,900   (1)Hot Topic, Inc.     682,155
9,600   (1)Pacific Sunwear of California     219,168
66,900   (1)Sports Authority, Inc.     577,347
       
   

Total

     3,357,844
       
    Textiles Apparel & Luxury Goods—1.7%
31,300   (1)Kenneth Cole Productions, Inc.,
Class A		     721,465
22,000   Phillips Van Heusen Corp.     292,160
18,800   (1)Quiksilver, Inc.     612,880
13,000   Unifirst Corp.     213,850
       
   

Total

     1,840,355
       
    Tobacco—0.8%      
20,400   Standard Commercial Corp.     326,604
12,500   Universal Corp.     488,125
       
   

Total

     814,729
       
   

Total Common Stocks
(identified cost $99,951,409)

     104,370,135
       

 

Shares
  
  Value

Mutual Funds—2.1%

      
2,193,958   SSGA Money Market Fund   $ 2,193,958
71,430   SSGA US Government Money Market Fund     71,430
       
   

Total Mutual Funds
(at net asset value)

     2,265,388
       
   

Total Investments—99.7%
(identified cost $102,216,797)

   $ 106,635,523
       
   

Other Assets and Liabilities–Net—0.3%

     285,805
       
   

Net Assets—100%

   $ 106,921,328
       

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Mid Cap Stock Fund

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value

Common Stocks—98.5%

      
    Aerospace & Defense—1.4%      
40,300   Precision Castparts Corp.   $     1,115,907
17,200   Rockwell Collins     367,736
       
   

Total

     1,483,643
       
    Air Freight & Logistics—2.2%      
15,000   CNF Transportation, Inc.     455,100
38,300   (1)EGL, Inc.     614,332
33,500   Expeditors International Washington, Inc.     1,218,027
       
   

Total

     2,287,459
       
    Auto Components—3.5%      
16,800   Borg-Warner Automotive, Inc.     985,656
30,500   Magna International, Inc., Class A     1,788,215
21,700   Superior Industries International, Inc.     858,452
       
   

Total

     3,632,323
       
    Automobiles—0.5%      
11,700   Harley Davidson, Inc.     519,948
       
    Banks—9.0%      
32,400   Amsouth Bancorporation     682,020
47,300   Charter One Financial, Inc.     1,374,065
8,000   First Community Bancorp     238,320
41,800   First Tennessee National Corp.     1,830,840
45,000   National Commerce Financial Corp.     915,300
37,400   North Fork Bancorp, Inc.     1,210,264
42,100   SouthTrust Corp.     1,130,848
23,800   TCF Financial Corp.     942,480
13,500   Union Planters Corp.     385,290
32,000   W Holding Co., Inc.     630,080
       
   

Total

     9,339,507
       
    Beverages—1.0%      
26,100   (1)Constellation Brands, Inc., Class A     699,741
25,000   PepsiAmericas, Inc.     312,250
       
   

Total

     1,011,991
       
    Biotechnology—1.4%      
25,200   (1)CV Therapeutics, Inc.     503,496
23,000   (1)Genzyme Corp.     926,440
       
   

Total

     1,429,936
       
    Chemicals—2.6%      
14,500   Eastman Chemical Co.     442,685
11,500   Ecolab, Inc.     587,535
10,000   (1)FMC Corp.     181,200
21,200   Georgia Gulf Corp.     479,120
21,000   Lubrizol Corp.     663,810
5,500   Praxair, Inc.     319,440
       
   

Total

     2,673,790
       
    Commercial Services & Supplies—3.0%      
29,400   Arbitron, Inc.     1,001,364
10,500   Avery Dennison Corp.     556,605
32,200   (1)Certegy, Inc.     804,678

 

Shares
  
  Value

Common Stocks—continued

      
    Commercial Services & Supplies—continued      
20,000   Harland (John H.) Co.   $       479,000
8,000   (1)Waste Connections, Inc.     269,120
       
   

Total

     3,110,767
       
    Communications Equipment—0.9%      
98,800   (1)CIENA Corp.     481,156
73,800   (1)Tellabs, Inc.     456,084
       
   

Total

     937,240
       
    Computers & Peripherals—1.3%      
39,600   EMC Corp. Mass     359,964
14,100   (1)Lexmark International Group, Class A     1,050,591
       
   

Total

     1,410,555
       
    Construction & Engineering—0.5%      
12,771   Jacobs Engineering Group, Inc.     525,527
       
    Containers & Packaging—1.6%      
15,600   Ball Corp.     876,096
58,600   (1)Smurfit-Stone Container Corp.     824,502
       
   

Total

     1,700,598
       
    Diversified Financials—0.5%      
10,500   Moody’s Corp.     507,045
       
    Diversified Telecommunication Services—0.3%
11,000   CenturyTel, Inc.     323,950
       
    Electric Utilities—2.5%      
14,600   Constellation Energy Group     427,488
33,500   Entergy Corp.     1,561,435
10,000   FPL Group, Inc.     608,700
       
   

Total

     2,597,623
       
    Electronic Equipment & Instruments—1.2%      
25,000   (1)Tektronix, Inc.     469,250
65,000   (1)Vishay Intertechnology, Inc.     812,500
       
   

Total

     1,281,750
       
    Energy Equipment & Services—4.1%      
33,900   (1)Cooper Cameron Corp.     1,622,454
24,300   Halliburton Co.     520,263
27,300   (1)Noble Corp.     844,935
37,100   (1)Smith International, Inc.     1,319,276
       
   

Total

     4,306,928
       
    Food & Staples Retailing—0.2%      
17,000   (1)Duane Reade, Inc.     228,650
       
    Food Products—2.2%      
43,200   Archer-Daniels-Midland Co.     478,656
24,100   ConAgra, Inc.     506,100
29,800   Hormel Foods Corp.     685,698
27,400   Sensient Technologies Corp.     605,540
       
   

Total

     2,275,994
       

 

 

 

 

VISION Mid Cap Stock Fund

 

Shares
  
  Value

Common Stocks—continued

      
    Gas Utilities—1.0%      
40,200   Sempra Energy   $     1,078,968
       
    Healthcare Equipment & Supplies—1.6%
12,000   Becton, Dickinson & Co.     424,800
21,200   (1)Respironics, Inc.     814,504
7,800   St. Jude Medical, Inc.     409,188
       
   

Total

     1,648,492
       
    Healthcare Providers & Services—6.2%      
24,600   (1)Anthem, Inc.     1,688,544
28,900   (1)Community Health Systems, Inc.     549,100
48,400   (1)DaVita, Inc.     998,008
24,500   (1)LifePoint Hospitals, Inc.     478,240
31,300   (1)Triad Hospitals, Inc.     688,913
21,100   Universal Health Services, Inc., Class B     815,937
16,600   (1)Wellpoint Health Networks, Inc.     1,260,604
       
   

Total

     6,479,346
       
    Hotels, Restaurants & Leisure—2.4%      
30,000   (1)Boyd Gaming Corp.     427,500
14,800   (1)Brinker International, Inc.     469,900
35,800   Darden Restaurants, Inc.     626,858
34,700   Hilton Hotels Corp.     462,204
13,000   (1)Penn National Gaming, Inc.     253,890
7,400   Wendy’s International, Inc.     214,896
       
   

Total

     2,455,248
       
    Household Durables—2.2%      
7,900   Black & Decker Corp.     325,875
14,800   Centex Corp.     977,096
44,700   Maytag Corp.     931,548
       
   

Total

     2,234,519
       
    IT Services—3.5%      
108,100   (1)Accenture Ltd.     1,731,762
31,600   (1)Computer Sciences Corp.     1,041,220
39,000   (1)SunGuard Data Systems, Inc.     838,500
       
   

Total

     3,611,482
       
    Insurance—8.6%      
19,400   Everest Re Group Ltd.     1,351,210
28,400   Fidelity National Financial, Inc.     976,960
20,000   Gallagher (Arthur J.) & Co.     499,800
21,500   Hartford Financial Services Group, Inc.     876,340
53,200   Old Republic International Corp.     1,627,920
13,200   PartnerRe Ltd.     706,200
32,100   Protective Life Corp.     922,233
25,700   Radian Group, Inc.     1,020,290
15,000   Torchmark Corp.     581,250
22,400   Travelers Property Casualty Corp.,
Class A		     363,552
       
   

Total

     8,925,755
       
    Internet Software & Services—0.6%      
24,900   (1)Yahoo, Inc.     617,022
       
    Machinery—0.7%      
3,200   Danaher Corp.     220,736
8,700   ITT Industries, Inc.     507,210
       
   

Total

     727,946
       

 

Shares
  
  Value

Common Stocks—continued

      
    Media—2.3%      
18,200   (1)Entercom Communication Corp.   $        884,338
7,500   (1)Scholastic Corp.     213,075
36,200   Westwood One, Inc.     1,263,380
       
   

Total

     2,360,793
       
    Multi-Utilities & Unregulated Power—0.9%
51,600   Energy East Corp.     940,152
       
    Multiline Retail—1.1%      
23,600   Family Dollar Stores, Inc.     806,884
5,400   (1)Kohl’s Corp.     306,720
       
   

Total

     1,113,604
       
    Oil & Gas—6.1%      
15,000   Apache Corp.     858,750
36,302   Devon Energy Corp.     1,715,260
25,600   Imperial Oil Ltd.     774,656
43,500   Marathon Oil Corp.     990,495
24,500   Murphy Oil Corp.     1,020,425
28,000   Sunoco Inc.     1,041,880
       
   

Total

     6,401,466
       
    Paper & Forest Products—0.7%      
98,400   Abitibi-Consolidated, Inc.     688,800
       
    Pharmaceuticals—2.8%      
31,100   (1)InterMune, Inc.     632,263
57,900   (1)King Pharmaceuticals, Inc.     730,119
41,500   (1)Sepracor, Inc.     794,725
36,500   (1)Shire Pharmaceuticals Group PLC, ADR     726,350
       
   

Total

     2,883,457
       
    Road & Rail—1.0%      
15,000   (1)Genesee & Wyoming, Inc., Class A     259,500
20,000   Norfolk Southern Corp.     424,200
12,000   (1)Yellow Corp.     320,400
       
   

Total

     1,004,100
       
    Semiconductor Equipment & Products—3.4%
42,100   (1)Altera Corp.     665,601
16,700   (1)FEI Co.     305,443
16,800   (1)KLA-Tencor Corp.     688,800
52,800   (1)Novellus Systems, Inc.     1,480,512
33,100   (1)Teradyne, Inc.     383,960
       
   

Total

     3,524,316
       
    Software—5.6%      
70,700   (1)BEA Systems, Inc.     757,197
62,200   (1)BMC Software, Inc.     928,024
25,000   MSC Software Corp.     154,500
12,200   (1)Mercury Interactive Corp.     414,068
45,400   (1)Network Associates, Inc.     518,922
24,800   (1)Progress Software Corp.     483,352
39,300   Reynolds & Reynolds Co., Class A     1,132,233
33,500   (1)Symantec Corp.     1,472,325
       
   

Total

     5,860,621
       

 

 

 

 

VISION Mid Cap Stock Fund

 

Shares
  
  Value

Common Stocks—continued

      
    Specialty Retail—6.1%      
17,900   (1)AutoZone, Inc.   $ 1,446,499
20,800   (1)Bed Bath & Beyond, Inc.     821,808
26,800   (1)CDW Computer Centers, Inc.     1,142,752
45,300   (1)Staples, Inc.     862,512
24,000   TJX Cos., Inc.     462,000
62,800   (1)Williams-Sonoma, Inc.     1,625,264
       
   

Total

     6,360,835
       
    Textiles Apparel & Luxury Goods—0.5%
15,000   Liz Claiborne, Inc.     487,950
       
    Tobacco—1.3%      
44,900   UST, Inc.     1,406,717
       
   

Total Common Stocks
(identified cost $98,052,220)

     102,396,813
       

 

Shares
  
  Value
  

Mutual Fund—2.0%

        
2,107,798   SSGA Money Market Fund
(at net asset value)		   $ 2,107,798  
       
   

Total Investments—100.5%
(identified cost $100,160,018)

   $ 104,504,611  
       
   

Other Assets and Liabilities-
Net—(0.5)%

     (528,330 )
       
   

Net Assets—100%

   $ 103,976,281  
       

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Large Cap Growth Fund

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value

Common Stocks—96.2%

      
    Air Freight & Logistics—2.6%      
7,200   United Parcel Service, Inc.   $        447,264
       
    Beverages—6.5%      
15,700   Coca-Cola Co.     634,280
11,600   PepsiCo, Inc.     502,048
       
   

Total

     1,136,328
       
    Biotechnology—4.8%      
13,500   (1)Amgen, Inc.     827,685
       
    Building Products—2.9%      
24,200   Masco Corp.     509,894
       
    Communications Equipment—6.1%      
36,800   Nokia Oyj, Class A, ADR     609,776
14,000   Qualcomm, Inc.     446,460
       
   

Total

     1,056,236
       
    Diversified Financials—2.1%      
9,400   Citigroup, Inc.     368,950
       
    Energy Equipment & Services—6.9%      
8,700   GlobalSantaFe Corp.     184,092
16,600   Schlumberger Ltd.     696,038
16,400   (1)Transocean Sedco Forex, Inc.     312,420
       
   

Total

     1,192,550
       
    Healthcare Equipment & Supplies—5.1%      
18,700   Medtronic, Inc.     892,738
       
    Hotels Restaurants & Leisure—2.5%      
12,200   Marriott International, Inc., Class A     438,102
       
    Household Durables—2.9%      
16,300   Newell Rubbermaid, Inc.     496,824
       
    Household Products—9.9%      
15,900   Colgate-Palmolive Co.     909,003
9,000   Procter & Gamble Co.     808,650
       
   

Total

     1,717,653
       
    Industrial Conglomerates—3.7%      
5,100   3M Co.     642,804
       
    Insurance—6.6%      
11,650   American International Group, Inc.     675,117
9,900   Marsh & McLennan Cos., Inc.     472,032
       
   

Total

     1,147,149
       

 

Shares
  
  Value
  

Common Stocks—continued

        
    Internet & Catalog Retail—0.8%        
1,500   (1)eBay, Inc.   $ 139,155  
       
    Machinery—1.4%        
4,600   Caterpillar, Inc.     241,960  
       
    Media—6.0%        
6,600   Gannett Co., Inc.     499,752  
29,500   Walt Disney Co.     550,470  
       
   

Total

     1,050,222  
       
    Multiline Retail—4.6%        
8,800   (1)Costco Wholesale Corp.     304,744  
8,600   (1)Kohl’s Corp.     488,480  
       
   

Total

     793,224  
       
    Personal Products—3.7%        
21,300   Gillette Co.     648,585  
       
    Pharmaceuticals—12.5%        
14,600   Johnson & Johnson     822,856  
7,700   Lilly (Eli) & Co.     491,414  
28,160   Pfizer, Inc.     865,920  
       
   

Total

     2,180,190  
       
    Software—4.6%        
7,700   (1)Electronic Arts, Inc.     456,379  
13,400   Microsoft Corp.     342,638  
       
   

Total

     799,017  
       
   

Total Common Stocks

(identified cost $16,818,279)

     16,726,530  
       

Mutual Fund—3.8%

        
665,304   SSGA Money Market Fund
(at net asset value)		     665,304  
       
   

Total Investments—100%

(identified cost $17,483,583)

   $ 17,391,834  
       
   

Other Assets and
Liabilities-Net—0.0%

     (3,232 )
       
   

Net Assets—100%

   $ 17,388,602  
       

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Large Cap Core Fund

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value

Common Stocks—96.2%

      
    Aerospace & Defense—2.2%      
9,189   Boeing Co.   $ 250,676
32,804   Honeywell International, Inc.     774,174
32,179   Raytheon Co.     963,117
       
   

Total

       1,987,967
       
    Banks—4.8%      
32,210   Bank of New York Co., Inc.     851,955
45,902   U.S. Bancorp     1,016,729
34,445   Washington Mutual, Inc.     1,360,578
20,537   Wells Fargo & Co.     991,116
       
   

Total

     4,220,378
       
    Beverages—1.1%      
23,720   Coca-Cola Co.     958,288
       
    Biotechnology—1.7%      
24,436   (1)Amgen, Inc.     1,498,171
       
    Chemicals—1.0%      
19,960   Du Pont (E.I.) de Nemours & Co.     848,899
       
    Commercial Services & Supplies—4.0%      
102,729   (1)Cendant Corp.     1,466,970
74,195   (1)Concord EFS, Inc.     1,026,117
26,712   First Data Corp., Class     1,047,912
       
   

Total

     3,540,999
       
    Communications Equipment—1.8%      
104,896   (1)Cisco Systems, Inc.     1,577,636
       
    Computers & Peripherals—4.0%      
44,035   (1)Dell Computer Corp.     1,273,052
27,041   International Business Machines Corp.     2,295,781
       
   

Total

     3,568,833
       
    Diversified Financials—9.0%      
31,427   Capital One Financial Corp.     1,315,848
80,486   Citigroup, Inc.     3,159,076
23,504   Federal National Mortgage Association     1,701,455
19,439   Merrill Lynch & Co., Inc.     797,971
21,902   Morgan Stanley     980,115
       
   

Total

     7,954,465
       
    Diversified Telecommunication Services—2.1%
50,101   Verizon Communications     1,872,775
       
    Electronic Equipment & Instruments—1.9%
204,117   (1)Solectron Corp.     651,133
96,458   Symbol Technologies, Inc.     1,054,286
       
   

Total

     1,705,419
       
    Energy Equipment & Services—1.6%      
17,334   Schlumberger Ltd.     726,815
37,340   (1)Transocean Sedco Forex, Inc.     711,327
       
   

Total

     1,438,142
       
    Food & Staples Retailing—1.3%      
82,095   (1)Kroger Co.     1,173,959
       

 

Shares
  
  Value

Common Stocks—continued

      
    Healthcare Equipment & Supplies—1.0%      
19,231   Medtronic, Inc.   $ 918,088
       
    Healthcare Providers & Services—4.5%      
53,165   (1)Caremark Rx, Inc.       1,058,515
26,040   (1)Express Scripts, Inc., Class A     1,535,318
79,606   Health Management Association,
Class A		     1,358,078
       
   

Total

     3,951,911
       
    Hotels, Restaurants & Leisure—2.6%      
44,610   Carnival Corp.     1,230,790
62,010   Darden Restaurants, Inc.     1,085,795
       
   

Total

     2,316,585
       
    Household Products—0.8%      
15,120   Kimberly-Clark Corp.     752,522
       
    IT Services—1.6%      
86,060   (1)Accenture Ltd.     1,378,681
       
    Industrial Conglomerates—3.9%      
116,443   General Electric Co.     3,429,246
       
    Insurance—4.9%      
28,105   American International Group, Inc.     1,628,685
20,905   Hartford Financial Services Group, Inc.     852,088
19,385   Jefferson-Pilot Corp.     777,145
32,267   St. Paul Cos., Inc.     1,108,049
       
   

Total

     4,365,967
       
    Leisure Equipment & Products—0.9%      
36,594   Mattel, Inc.     795,554
       
    Media—9.3%      
105,341   (1)AOL Time Warner, Inc.     1,441,065
30,930   (1)Clear Channel Communications, Inc.     1,209,672
58,095   (1)Comcast Corp., Class A     1,853,811
31,540   (1)Cox Communications, Inc., Class A     1,043,974
27,905   (1)Viacom, Inc., Class B     1,211,356
78,752   Walt Disney Co.     1,469,512
       
   

Total

     8,229,390
       
    Metals & Mining—1.5%      
56,230   Alcoa, Inc.     1,289,354
       
    Multiline Retail—1.2%      
18,382   Wal-Mart Stores, Inc.     1,035,274
       
    Oil & Gas—5.2%      
24,956   Burlington Resources, Inc.     1,155,712
13,716   ChevronTexaco Corp.     861,502
18,850   ConocoPhillips     948,155
45,577   Exxon Mobil Corp.     1,604,310
       
   

Total

     4,569,679
       
    Personal Products—1.0%      
27,931   Gillette Co.     850,499
       
    Pharmaceuticals—9.5%      
15,790   Johnson & Johnson     889,924
17,746   Lilly (Eli) & Co.     1,132,550

 

 

 

 

VISION Large Cap Core Fund

 

Shares
  
  Value

Common Stocks—continued

      
    Pharmaceuticals—continued      
34,719   Merck & Co., Inc.   $   2,019,951
106,071   Pfizer, Inc.     3,261,683
24,755   Wyeth     1,077,585
       
   

Total

     8,381,693
       
    Real Estate—1.0%      
37,330   Archstone-Smith Trust     851,124
       
    Semiconductor Equipment & Products—3.1%
34,387   Intel Corp.     632,721
34,568   (1)International Rectifier Corp.     781,928
55,485   (1)Intersil Holding Corp.     1,026,473
18,766   Texas Instruments, Inc.     346,983
       
   

Total

     2,788,105
       
    Software—3.8%      
8,990   (1)Electronic Arts, Inc.     532,837
110,808   Microsoft Corp.     2,833,361
       
   

Total

     3,366,198
       

 

Shares
  
  Value

Common Stocks—continued

      
    Specialty Retail—2.5%      
43,684   Home Depot, Inc.   $ 1,228,831
52,307   (1)Staples, Inc.     995,925
       
   

Total

     2,224,756
       
    Tobacco—1.4%      
41,485   Altria Group, Inc.     1,276,079
       
   

Total Common Stocks
(identified cost $82,712,436)

     85,116,636
       

Mutual Fund—3.8%

      
3,319,513   SSGA Money Market Fund
(at net asset value)		     3,319,513
       
   

Total Investments—100.0%
(identified cost $86,031,949)

   $ 88,436,149
       
   

Other Assets And Liabilities-
Net—0.0%

     40,826
       
   

Net Assets—100%

   $ 88,476,975
       

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Large Cap Value Fund

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value

Common Stocks—94.7%

      
    Aerospace & Defense—2.5%      
8,350   Boeing Co.   $ 227,788
17,300   Honeywell International, Inc.     408,280
19,020   Raytheon Co.     569,269
       
   

Total

       1,205,337
       
    Banks—8.5%      
24,600   Bank of New York Co., Inc.     650,670
28,000   FleetBoston Financial Corp.     742,560
20,200   KeyCorp     487,022
24,692   U.S. Bancorp     546,928
21,200   Washington Mutual, Inc.     837,400
18,800   Wells Fargo & Co.     907,288
       
   

Total

     4,171,868
       
    Chemicals—1.4%      
15,800   Du Pont (E.I.) de Nemours & Co.     671,974
       
    Commercial Services & Supplies—2.6%      
43,100   (1)Cendant Corp.     615,468
49,725   (1)Concord EFS, Inc.     687,697
       
   

Total

     1,303,165
       
    Computers & Peripherals—1.5%      
37,900   (1)Electronics for Imaging, Inc.     727,680
       
    Diversified Financials—13.7%      
16,890   Capital One Financial Corp.     707,184
61,233   Citigroup, Inc.     2,403,395
14,800   Countrywide Financial Corp.     1,000,480
12,225   Federal National Mortgage Association     884,968
18,450   Merrill Lynch & Co., Inc.     757,372
22,320   Morgan Stanley     998,820
       
   

Total

     6,752,219
       
    Diversified Telecommunication Services—2.9%
19,400   BellSouth Corp.     494,506
39,250   SBC Communications, Inc.     916,880
       
   

Total

     1,411,386
       
    Electric Utilities—1.9%      
15,460   DTE Energy Co.     623,347
5,000   FPL Group, Inc.     304,350
       
   

Total

     927,697
       
    Electronic Equipment & Instruments—1.9%
39,500   (1)Solectron Corp.     126,005
74,270   Symbol Technologies, Inc.     811,771
       
   

Total

     937,776
       
    Energy Equipment & Services—1.7%      
8,975   Schlumberger Ltd.     376,322
24,890   (1)Transocean Sedco Forex, Inc.     474,154
       
   

Total

     850,476
       
    Food & Staples Retailing—1.1%      
36,700   (1)Kroger Co.     524,810
       

 

Shares
  
  Value

Common Stocks—continued

      
    Healthcare Providers & Services—2.7%      
28,200   (1)Caremark Rx, Inc.   $ 561,462
45,011   Health Management Association, Class A     767,888
       
   

Total

       1,329,350
       
    Hotels, Restaurants & Leisure—2.5%      
23,190   Carnival Corp.     639,812
33,560   Darden Restaurants, Inc.     587,636
       
   

Total

     1,227,448
       
    Household Products—0.8%      
8,100   Kimberly-Clark Corp.     403,137
       
    Industrial Conglomerates—2.1%      
35,355   General Electric Co.     1,041,205
       
    Insurance—9.5%      
18,700   Allstate Corp.     706,673
29,950   American International Group, Inc.     1,735,602
14,050   Hartford Financial Services Group, Inc.     572,678
17,350   Jefferson-Pilot Corp.     695,561
13,200   Lincoln National Corp.     421,872
16,200   St. Paul Cos., Inc.     556,308
       
   

Total

     4,688,694
       
    Leisure Equipment & Products—0.9%      
19,808   Mattel, Inc.     430,626
       
    Machinery—1.2%      
17,265   (1)SPX Corp.     583,557
       
    Media—11.6%      
78,512   (1)AOL Time Warner, Inc.     1,074,044
17,427   (1)Clear Channel Communications, Inc.     681,570
34,035   (1)Comcast Corp., Class A     1,086,057
16,700   (1)Cox Communications, Inc., Class A     552,770
44,344   (1)Liberty Media Corp., Class A     487,784
26,900   (1)Viacom, Inc., Class B     1,167,729
35,909   Walt Disney Co.     670,062
       
   

Total

     5,720,016
       
    Metals & Mining—1.2%      
25,468   Alcoa, Inc.     583,981
       
    Multi-Utilities & Unregulated Power—1.0%      
28,250   Duke Energy Corp.     496,917
       
    Oil & Gas—10.0%      
18,650   Burlington Resources, Inc.     863,682
21,050   ChevronTexaco Corp.     1,322,151
26,822   ConocoPhillips     1,349,147
39,414   Exxon Mobil Corp.     1,387,373
       
   

Total

     4,922,353
       
    Pharmaceuticals—1.4%      
22,215   Pfizer, Inc.     683,111
       
    Real Estate—0.9%      
20,600   Archstone-Smith Trust     469,680
       
    Road & Rail—1.3%      
19,860   CSX Corp.     635,123
       

 

 

 

 

VISION Large Cap Value Fund

 

Shares
  
  Value

Common Stocks—continued

      
    Semiconductor Equipment & Products—2.4%      
18,950   (1)International Rectifier Corp.   $ 428,649
29,700   (1)Intersil Holding Corp.     549,450
10,000   Texas Instruments, Inc.     184,900
       
   

Total

     1,162,999
       
    Software—1.2%      
47,409   (1)Macromedia, Inc.     597,827
       
    Specialty Retail—3.3%      
35,750   Home Depot, Inc.     1,005,648
31,500   (1)Staples, Inc.     599,760
       
   

Total

     1,605,408
       
    Tobacco—1.0%      
15,320   Altria Group, Inc.     471,243
       
   

Total Common Stocks
(identified cost $49,470,521)

     46,537,063
       

 

Shares
  
  Value

Mutual Funds—5.1%

      
1,974,328   SSGA Money Market Fund   $ 1,974,328
522,326   SSGA US Government Money Market Fund     522,326
       
   

Total Mutual Funds
(at net asset value)

     2,496,654
       
   

Total Investments—99.8%
(identified cost $51,967,175 )

   $ 49,033,717
       
   

Other Assets And Liabilities-
Net—0.2%

     82,903
       
   

Net Assets—100%

   $ 49,116,620
       

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Managed Allocation Fund—Aggressive Growth

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value

Mutual Funds—99.1%

      
    Equity Funds—88.9%      
142,377   VISION International Equity Fund,
Class A		   $ 1,069,249
267,206   VISION Large Cap Core Fund, Class A     1,501,696
178,938   (1)VISION Large Cap Growth Fund,
Class A		     1,195,306
136,220   VISION Large Cap Value Fund, Class A     1,145,609
65,543   (1)VISION Mid Cap Stock Fund, Class A     780,613
107,203   VISION Small Cap Stock Fund, Class A     738,628
       
   

Total

     6,431,101
       

 

Shares
  
  Value

Mutual Funds—continued

      
    Fixed Income Fund—6.8%      
49,626   VISION U.S. Government Securities Fund, Class A   $ 488,818
       
    Money Market Fund—3.4%      
247,552   VISION Institutional Prime Money Market Fund     247,552
       
   

Total Investments—99.1%
(identified cost $8,263,815)

   $ 7,167,471
       
   

Other Assets and Liabilities-Net—0.9%

     66,326
       
   

Net Assets—100%

   $ 7,233,797
       

 

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Managed Allocation Fund—Moderate Growth

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value

Mutual Funds—99.1%

      
    Equity Funds—59.4%      
174,189   VISION International Equity Fund,
Class A		   $   1,308,161
315,914   VISION Large Cap Core Fund,
Class A		     1,775,438
288,568   (1)VISION Large Cap Growth Fund, Class A     1,927,633
269,168   VISION Large Cap Value Fund,
Class A		     2,263,704
122,365   (1)VISION Mid Cap Stock Fund,
Class A		     1,457,362
142,382   VISION Small Cap Stock Fund,
Class A		     981,013
       
   

Total

     9,713,311
       

 

Shares
  
  Value

Mutual Funds—continued

      
    Fixed Income Funds—33.5%      
114,616   VISION Institutional Limited Duration U.S. Government Fund   $ 1,128,965
132,202   VISION Intermediate Term Bond Fund, Class A     1,291,613
311,108   VISION U.S. Government Securities Fund, Class A     3,064,412
       
   

Total

     5,484,990
       
    Money Market Fund—6.2%      
1,018,979   VISION Institutional Prime Money Market Fund     1,018,979
       
   

Total Investments—99.1%
(identified cost $17,096,641)

   $ 16,217,280
       
   

Other Assets and Liabilities- Net—0.9%

     150,023
       
   

Net Assets—100%

   $ 16,367,303
       

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Managed Allocation Fund—Conservative Growth

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value

Mutual Funds—98.9%

      
    Equity Funds—25.2%      
32,778   VISION International Equity Fund,
Class A		   $      246,166
87,413   VISION Large Cap Core Fund, Class A     491,263
58,425   VISION Large Cap Value Fund, Class A     491,356
45,828   VISION Small Cap Stock Fund, Class A     315,757
       
   

Total

     1,544,542
       
    Fixed Income Funds—64.7%      
164,063   VISION Institutional Limited Duration U.S. Government Fund     1,616,024
61,516   VISION Intermediate Term Bond Fund, Class A     601,012
176,757   VISION U.S. Government Securities Fund, Class A     1,741,053
       
   

Total

     3,958,089
       

 

Shares
  
  Value

Mutual Funds—continued

      
    Money Market Fund—9.0%      
552,513   VISION Institutional Prime Money Market Fund   $ 552,513
       
   

Total Investments—98.9%
(identified cost $6,129,659)

   $ 6,055,144
       
   

Other Assets and Liabilities-Net—1.1%

     65,387
       
   

Net Assets—100%

   $ 6,120,531
       

 

(See Notes to Portfolios of Investments)

 

 

 

VISION New York Municipal Income Fund

Portfolio of Investments

April 30, 2003

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—98.3%

          
      Guam—0.5%          
$    375,000   Guam Housing Corp., State Single Family Housing Revenue Bonds, 5.75%, 9/1/2031   AAA/NR   $      415,511
             
      New York—96.2%          
  45,000   34th Street Partnership, Inc., NY, 5.50% (Original Issue Yield: 5.613%), 1/1/2023   NR/Aa3     46,031
  200,000   Albany, NY, Housing Authority, Revenue Bonds, 5.20% (Key Bank, N.A. LOC), 12/1/2013   NR/A1     210,860
  150,000   Albany, NY, Housing Authority, Revenue Bonds, 5.40% (Key Bank, N.A. LOC), 12/1/2018   NR/A1     157,096
  200,000   Albany, NY, Housing Authority, Revenue Bonds, 5.50% (Key Bank, N.A. LOC), 12/1/2028   NR/A1     208,258
  435,000   Albany, NY, Parking Authority, (Series A), 5.00% (Original Issue Yield: 4.79%), 7/15/2008   BBB+/NR     471,249
  500,000   Albany, NY, Parking Authority, (Series A), 5.625% (Original Issue Yield: 5.75%), 7/15/2025   BBB+/NR     516,275
  500,000   Appleridge Retirement Community, Revenue Bonds, 5.60% (GNMA Collateralized Home Mortgage Program)/(GNMA Collateralized Home Mortgage Program LOC), 9/1/2021   NR/Aaa     543,700
  50,000   Broome County, NY, COPs, 5.25% (MBIA INS)/(Original Issue Yield: 5.578%), 4/1/2022   AAA/Aaa     52,584
  10,000   Buffalo & Fort Erie, NY, Public Bridge Authority, 6.00% (MBIA INS)/(Original Issue Yield: 5.05%), 1/1/2004   AAA/Aaa     10,328
  1,000,000   Canton, NY, Human Services, 5.75% (Original Issue Yield: 5.80%), 9/1/2032   NR/Baa2     1,039,820
  50,000   Erie County, NY, Water Authority, (Series A), 6.00% (AMBAC INS)/(Original Issue Yield: 7.25%), 12/1/2008   AAA/Aaa     57,353

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$ 1,000,000   Geneva, NY, Revenue Bond, (Project A), 5.375%, 2/1/2033   A   $   1,053,450
  125,000   Holiday Square Housing Development Corp., NY, (Section 8), Assisted Project, 5.80% (Holiday Square Management Co.)/(FNMA COL)/(Original Issue Yield: 5.943%), 1/15/2024   NR/Aaa      125,207
  20,000   Holland, NY, CSD, GO UT, 6.00% (FGIC INS)/(Original Issue Yield: 5.50%), 6/15/2003   AAA/Aaa     20,119
  100,000   Housing Corp., NY, Revenue Bonds, 5.00% (Original Issue Yield: 5.65%), 11/1/2018   AAA/Aa3     103,698
  25,000   Housing Corp., NY, Revenue Refunding Bonds, 5.00% (Original Issue Yield: 5.60%), 11/1/2013   AAA/Aa3     25,902
  50,000   Lakewood, NY, GO UT Public Improvement Bonds, 5.50% (Original Issue Yield: 5.70%), 4/1/2012   NR/Baa1     52,636
  1,000,000   Mahopac, NY, CSD, GO UT (Series C), Bonds, 5.30% (Original Issue Yield: 5.35%), 6/1/2018   NR/Aaa     1,095,930
  500,000   Metropolitan Transportation Authority, NY, (Series A), 5.00% (FSA LOC)/ (Original Issue Yield: 5.12%), 11/15/2012   AAA     513,160
  1,000,000   Metropolitan Transportation Authority, NY, (Series A), 5.00% (MBIA LOC)/ (Original Issue Yield: 5.21%), 11/15/2012   AAA/Aaa     1,026,320
  100,000   Monroe County, NY, GO UT Public Improvement Bonds, 5.50% (Original Issue Yield: 5.60%), 6/1/2009   AA-/Aa1     111,404
  25,000   Monroe County, NY, IDA, Revenue Bonds, 5.80% (Nazareth College)/(MBIA INS)/(Original Issue Yield: 5.799%), 6/1/2010   AAA/Aaa     27,612
  25,000   Monroe Woodbury, NY, Center School District, GO UT, 6.70% (FGIC INS), 11/15/2010   AAA/Aaa     26,241

 

 

 

 

VISION New York Municipal Income Fund

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$    870,000   Municipal Assistance Corp. of Troy, NY, Revenue Refunding Bonds (Series A), 5.00% (Original Issue Yield: 5.40%), 1/15/2010   AAA/Aaa   $      953,459
  375,000   Nassau County, NY, GO UT, 6.05% (MBIA LOC)/(Original Issue Yield:
6.15%), 5/15/2004		   AAA/Aaa     388,575
  500,000   Nassau County, NY, GO UT, (Series F), 7.00% (FSA LOC), 3/1/2010   AAA/Aaa     615,805
  500,000   Nassau County, NY, GO UT, (Series X), 8.00% (MBIA LOC)/(Original Issue Yield: 8.40%), 11/1/2004   AAA/Aaa     549,340
  500,000   Nassau County, NY, Special Tax, 5.75% (Original Issue Yield: 5.18%), 11/15/2013   AA–/Aa3     564,035
  1,450,000   New York City, NY, (Series B1), 7.20% (Original Issue Yield: 7.30%), 8/15/2008   A/A2     1,577,136
  800,000   New York City, NY, (Series G), 5.75% (Original Issue Yield: 6.27%), 2/1/2014   A/A2     869,952
  1,060,000   New York City, NY, (Series J), 6.125%, 8/1/2011   A/A2     1,188,324
  1,100,000   New York City, NY, Educational Construction Fund, Refunding Revenue Bonds, 5.50% (Original Issue Yield: 5.68%), 4/1/2016   AAA/Aaa     1,212,959
  435,000   New York City, NY, GO UT (Series B), Refunding Bonds, 5.80% (Original Issue Yield: 5.88%), 8/1/2013   A/A2     474,163
  230,000   New York City, NY, GO UT (Series I), Bonds, 6.25% (Original Issue Yield:
5.85%), 4/15/2006		   A/A2     255,627
  275,000   New York City, NY, GO UT (Series L), Refunding Bonds, 8.00%, 8/1/2006   AAA/Aaa     326,870
  500,000   New York City, NY, GO UT (Series 2000A), 5.75% (Original Issue Yield:
5.79%), 5/15/2018		   A/A2     535,845
  1,000,000   New York City, NY, Health and Hospitals Corp., (Series A), 5.45% (Original Issue Yield: 5.48%), 2/15/2012   BBB/A3     1,027,530

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$ 1,000,000   New York City, NY, IDA, Revenue Bonds, 6.00% (Terminal One Group Association)/(Original Issue Yield: 6.40%), 1/1/2015   BBB+/A3   $   1,018,870
  595,000   New York City, NY, Transit Authority Metropolitan Transportation Authority Triborough Bridge and Tunnel Authority, Refunding Revenue Bond, 5.40% (FSA INS)/(Original Issue Yield: 5.53%), 1/1/2018   AAA/Aaa     684,583
  2,690,000   New York City, NY, Transitional Finance Authority, (Series C), 5.25% (Original Issue Yield: 5.05%), 5/1/2008   AA+/Aa2     2,953,432
  65,000   New York City, NY, Transitional Finance Authority, 5.50%, 2/1/2013   AAA/Aaa     73,229
  135,000   New York City, NY, Transitional Finance Authority, Refunding Revenue Bonds, 5.50% (Original Issue Yield: 4.62%), 2/1/2011   AA+/Aa2     151,412
  1,000,000   New York City, NY, Transitional Finance Authority, Refunding Revenue Bond, 5.75%, 11/1/2011   AA+/Aa2     1,142,360
  875,000   New York City, NY, Transitional Finance Authority, Revenue Bonds, 5.75%, 2/15/2015   AA+/Aa2     1,000,011
  25,000   New York City Housing Development Corp., Revenue Refunding Bonds, 5.85% (FHA INS), 5/1/2026   AA/Aa2     25,503
  1,000,000   New York City Municipal Water Finance Authority, (Series C), 5.125% (Original Issue Yield: 5.43%), 6/15/2033   AA/Aa2     1,030,070
  1,000,000   New York City Municipal Water Finance Authority, Revenue Bonds, 5.50% (MBIA INS)/(Original Issue Yield: 5.855%), 6/15/2027   AAA/Aaa     1,087,880
  1,455,000   New York Counties Tobacco Trust II, Refunding Revenue Bonds, 5.25% (Original Issue Yield: 5.30%), 6/1/2025   A/A1     1,223,029

 

 

 

 

VISION New York Municipal Income Fund

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
    New York—continued          
$1,310,000   New York State Dormitory Authority, (Series B), 5.50% (Original Issue Yield: 4.89%), 8/15/2013   AAA/Aaa   $   1,476,278
1,000,000   New York State Dormitory Authority, (Series C), 5.50% (MBIA LOC)/(Original Issue Yield: 4.09%), 10/1/2014   AAA/Aaa     1,148,460
425,000   New York State Dormitory Authority, (Series C), 7.375% (Original Issue Yield: 7.471%), 5/15/2010   AA-/A3     535,504
1,575,000   New York State Dormitory Authority, (Series C), 7.375% (Original Issue Yield: 7.471%), 5/15/2010   AA-/A3     1,902,679
500,000   New York State Dormitory Authority, (Series D), 5.00% (MBIA LOC)/(Original Issue Yield: 5.05%), 10/1/2030   AAA/Aa2     513,015
1,000,000   New York State Dormitory Authority, Health, Hospital, Nursing Home Improvement Revenue Bonds, 5.10% (AMBAC LOC), 2/1/2019   NR/Aaa     1,050,400
20,000   New York State Dormitory Authority, Refunding Revenue Bonds (Series B), 5.25% (Original Issue Yield: 5.75%), 5/15/2019   AA-/A3            22,269
500,000   New York State Dormitory Authority, Refunding Revenue Bonds, 5.00% (Original Issue Yield: 5.13%), 7/1/2012   AA-/A1     509,730
1,000,000   New York State Dormitory Authority, Refunding Revenue Bonds, 5.30%, 7/1/2008   AAA/Aaa     1,076,910
1,000,000   New York State Dormitory Authority, Revenue Bonds, 5.125% (FSA LOC)/ (Original Issue Yield: 5.33%), 8/15/2017   AAA/Aaa     1,054,160
1,000,000   New York State Dormitory Authority, Revenue Bonds, 5.50% (MBIA LOC), 10/1/2017   AAA/Aaa     1,126,350
175,000   New York State Dormitory Authority, Revenue Bonds, 5.85% (Arden Hill)/(FHA INS), 8/1/2026   AAA/NR     201,162

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$    405,000   New York State Dormitory Authority, Revenue Bonds, 5.85% (Wesley Health System)/(FHA INS), 8/1/2026   AAA/NR   $      434,954
  100,000   New York State Dormitory Authority, Revenue Bonds, 6.00% (State University of New York), 5/15/2008   AA-/A3     115,686
  1,000,000   New York State Dormitory Authority, Revenue Bonds, 6.05% (Lutheran Center at Poughkeepsie)/(Key Bank of New York LOC)/(Original Issue Yield: 6.08%), 7/1/2026   NR/A1     1,062,080
  2,315,000   New York State Dormitory Authority, Revenue Bonds, 7.50%, 5/15/2013   AA-/A3     3,021,075
  1,000,000   New York State Dormitory Authority, Revenue Refunding Bonds, 5.30% (Rochester, NY)/(MBIA LOC)/(Original Issue Yield: 5.475%), 7/1/2017   AAA/Aaa     1,098,010
  95,000   New York State Dormitory Authority, Revenue Refunding Bonds, 7.15%
(R & J Jewish Geriatric Center)/(FHA INS), 8/1/2014		   AAA/NR     103,057
  275,000   New York State Dormitory Authority, Schools Program, 5.10% (Original Issue Yield: 5.14%), 7/1/2011   A-/Baa1     303,988
  1,000,000   New York State Dormitory Authority, United Health Services, 5.375% (AMBAC LOC)/(Original Issue Yield: 5.573%), 8/1/2027   AAA/Aaa       1,043,590
  430,000   New York State Environmental Facilities Corp., 5.00%, 10/15/2015   AAA/Aaa     463,824
  15,000   New York State Environmental Facilities Corp., 5.85%, 1/15/2015   AAA/Aaa     17,000
  75,000   New York State Environmental Facilities Corp., Refunding Revenue Bonds, 5.20% (Original Issue Yield: 5.20%), 5/15/2014   AAA/Aaa     85,441

 

 

 

 

VISION New York Municipal Income Fund

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$      75,000   New York State Environmental Facilities Corp., Refunding Revenue Bonds, 5.20% (Original Issue Yield: 5.20%), 5/15/2014   AAA/Aaa   $        84,554
  1,040,000   New York State Environmental Facilities Corp., Revenue Bonds, 5.85%, 1/15/2015   AAA/Aaa     1,153,142
  25,000   New York State Environmental Facilities Corp., Solid Waste Disposal Revenue Bonds (Series A), 5.70% (Occidental Petroleum Corp.)/(Original Issue Yield: 5.75%), 9/1/2028   BBB/Baa2     25,001
  980,000   New York State Environmental Facilities Corp., State Clean Water and Drinking Water, (Series B), 5.875% (Original Issue Yield: 5.56%), 1/15/2017   AAA/Aaa     1,133,938
  20,000   New York State Environmental Facilities Corp., State Clean Water and Drinking Water, (Series B), 5.875% (Original Issue Yield: 5.56%), 1/15/2017   AAA/Aaa     23,816
  1,000,000   New York State Environmental Facilities Corp., State Clean Water and Drinking Water, (Series G), 5.25% (Original Issue Yield: 4.93%), 10/15/2021   AAA/Aaa     1,070,040
  35,000   New York State Environmental Facilities Corp., (Series C), 6.40% (Original Issue Yield: 6.40%), 9/15/2006   AAA/Aaa     35,501
  1,000,000   New York State Environmental Facilities Corp., (Series G), 5.25% (Original Issue Yield: 4.39%), 10/15/2010   AAA/Aaa     1,105,130
  365,000   New York State HFA, (Series A), 6.25% (Original Issue Yield: 6.35%), 9/15/2010   AA-/A3      411,355
  635,000   New York State HFA, (Series A), 6.25% (Original Issue Yield: 6.35%), 9/15/2010   AAA-/A3     735,679

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$      25,000   New York State HFA, (Series A), 6.90%, 8/15/2007   NR/Aa1   $        25,572
  1,000,000   New York State HFA, (Series A), 7.75% (FHA LOC)/(Original Issue Yield: 7.748%), 2/15/2005   NR/A2     1,070,840
  90,000   New York State HFA, Revenue Refunding Bonds, 7.90% (United States Treasury COL), 11/1/2006   AAA/#Aaa     99,615
  885,000   New York State HFA, (Series A), Service Contract Obligation Revenue Bonds, 6.375% (Original Issue Yield: 6.45%), 9/15/2015   AAA/A3     1,040,061
  1,000,000   New York State Local Government Assistance Corp., Revenue Bond, (Series A), 6.00% (Original Issue Yield: 6.106%), 4/1/2016   AA/A1     1,108,820
  50,000   New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home Revenue Bonds, 5.95% (FHA LOC)/(Original Issue Yield: 6.00%), 2/15/2010   AAA/NR     53,935
  30,000   New York State Medical Care Facilities Finance Agency, Hospital & Nursing Home Revenue Bonds (Series B), 6.00% (Buffalo General Hospital)/(FHA INS)/(Original Issue Yield: 6.219%), 8/15/2014   AAA/NR     32,163
  25,000   New York State Medical Care Facilities Finance Agency, Refunding Revenue Bonds, 5.75% (FHA LOC)/(Original Issue Yield: 5.85%), 2/15/2008   AAA/NR     26,893
  500,000   New York State Mortgage Agency, (Series 67), 5.80% (Original Issue Yield: 5.799%), 10/1/2028   NR/Aa1     540,635
  865,000   New York State Mortgage Agency, (Refunding Revenue Bonds), 5.70% (Original Issue Yield: 5.70%), 4/1/2011   NR/Aa1     919,729
  300,000   New York State Mortgage Agency, Revenue Refunding Bonds (Series 53), 5.25%, 10/1/2006   NR/Aa1     327,831

 

 

 

 

VISION New York Municipal Income Fund

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$    500,000   New York State Power Authority, Revenue Bonds (Series 2002A), 5.00%, 11/15/2021   AA-/Aa2   $      524,550
  400,000   New York State Power Authority, Revenue Bonds (Series A), 5.25% (Original Issue Yield: 5.38%), 11/15/2030   AA-/Aa2     416,016
  1,000,000   New York State Thruway Authority, (Series A), 5.125% (Original Issue Yield: 4.601%), 4/1/2011   AAA/Aaa     1,096,850
  1,000,000   New York State Thruway Authority, (Series B), 5.00% (Original Issue Yield: 5.35%), 4/1/2007   AAA/Aaa     1,072,470
  1,600,000   New York State Thruway Authority, (Series B), 5.25% (FGIC LOC)/(Original Issue Yield: 5.02%), 4/1/2013   AAA/Aaa     1,770,400
  1,000,000   New York State Thruway Authority, Highway & Bridge Transportation Fund Revenue Bonds (Series A), 6.00% (Original Issue Yield: 5.69%), 4/1/2015   AAA/Aaa     1,171,520
  1,000,000   New York State Thruway Authority, Highway & Bridge Trust Fund Revenue Bonds (Series A), 6.25% (FSA LOC), 4/1/2011   AAA/Aaa     1,180,940
  1,000,000   New York State Urban Development Corp., Revenue Refunding Bonds, 5.75% (Original Issue Yield: 5.35%), 7/1/2009   AAA/Aaa     1,137,020
  25,000   Niagara Falls, NY, Bridge Commission, (Series B), 5.25% (FGIC INS)/ (Original Issue Yield: 5.35%), 10/1/2015   AAA/Aaa     28,602
  300,000   Niagara Falls, NY, City School District, Certificate Participation, 5.625% (MBIA LOC)/(Original Issue Yield: 5.15%), 6/15/2011   AAA/Baa3     346,017
  20,000   Niagara Frontier Transportation Authority, Revenue Bonds, 6.00% (Greater Buffalo International Airport)/(AMBAC INS)/(Original Issue Yield: 6.15%), 4/1/2007   AAA/Aaa     21,043

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$ 1,000,000   North Babylon Union Free School District, NY, (Series A), 5.50% (FGIC LOC)/(Original Issue Yield: 5.57%), 2/15/2017   NR/Aaa   $   1,123,680
  340,000   Onondaga County, NY, IDA, (Series A), 4.00% (Original Issue Yield: 3.83%), 12/1/2004   NR/Baa2      350,955
  85,000   Onondaga County, NY, IDA, University and College Improvements Revenue Bonds, 5.00%, 3/1/2009   NR/Baa2     91,103
  1,580,000   Orange County, NY, GO UT, 5.10% (Original Issue Yield: 5.29%), 7/15/2019   NR/Aa1     1,667,864
  170,000   Riverton Housing Corp., Revenue Bonds, 6.65% (FHA INS), 8/1/2024   AA-/NR     189,958
  155,000   Schenectady, NY, IDA, (Series A), 5.45% (Union College)/(AMBAC INS)/(Original Issue Yield: 5.467%), 12/1/2029   NR/Aaa     165,170
  10,000   Spackenkill, NY, Unified Free School District, GO UT, 6.125%, 9/15/2014   NR/A1     11,971
  10,000   Springville, NY, GO UT Refunding Bonds, 7.90%, 8/1/2003   NR/Baa1     10,165
  225,000   Syracuse, NY, GO UT (Series A), Refunding Bonds, 5.125%, 2/15/2009   BBB/Baa1     249,075
  500,000   Syracuse, NY, GO UT (Series C), 5.50% (FGIC LOC), 1/1/2009   AAA/Aaa     558,485
  1,500,000   TSASC, Inc. NY, Cash Flow Management, Public Improvement, 6.25%, 7/15/2027   A/A1     1,396,650
  65,000   Tompkins County, NY, GO UT (Series B), 5.625% (Original Issue Yield: 5.80%), 9/15/2013   NR/Aa2     67,302
  280,000   Tompkins, NY, Health Care Corp., 10.80% (FHA INS), 2/1/2028   A /NR     325,234
  880,000   Tompkins County, NY, IDA, Revenue Bonds, 6.05% (Ithacare Center Project)/(FHA INS), 2/1/2017   AAA/NR     960,784
  640,000   Triborough Bridge & Tunnel Authority, NY, (Series A), 5.00% (Original Issue Yield: 5.24%), 1/1/2027   AA-/Aa3     653,274

 

 

 

 

VISION New York Municipal Income Fund

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$    725,000   Triborough Bridge & Tunnel Authority, NY, (Series A), 6.00% (Original Issue Yield: 4.98%), 1/1/2010   AA-/Aa3   $      858,197
  100,000   Triborough Bridge & Tunnel Authority, NY, (Series B), 5.125% (Original Issue Yield: 4.73%), 11/15/2012   AA-/Aa3     103,197
  3,500,000   Triborough Bridge & Tunnel Authority, NY, (Series Y), Refunding Revenue Bond, 6.125% (CapMAC Holdings, Inc.)/(CapMAC Holdings, Inc. LOC)/(Original Issue Yield:
6.20%), 1/1/2021		   AAA/Aaa     4,288,690
  285,000   Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, 6.75% (Original Issue Yield:
6.821%), 1/1/2009		   AA-/Aa3     338,899
  510,000   Utica, NY, Industrial Development Agency Civic Facility, 5.50%, 8/15/2013   A/NR     555,069
  320,000   Utica, NY, Industrial Development Agency Civic Facility, (Series A), 5.375% (Munson Williams Proctor)/(Original Issue Yield:
5.45%), 7/15/2019		   NR/Aa3     345,011
  270,000   Utica, NY, Industrial Development Agency Civic Facility, (Series A), Revenue Bond, 5.50% (Munson Williams Proctor), 7/15/2029   NR/Aa3     285,965
  350,000   Valley Center School District, GO UT, 7.15% (AMBAC LOC)/(Original Issue Yield: 7.10%), 6/15/2005   AAA/Aaa     391,654
  1,000,000   Webster, NY, CSD, GO UT, 5.125% (FGIC LOC)/(Original Issue Yield:
5.40%), 6/15/2019		   NR/Aaa     1,060,260
             
     

Total

         82,629,144
             

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      Puerto Rico—0.0%          
$      25,000   Puerto Rico Industrial, Medical & Environmental PCA, Revenue Bonds, 5.10% (American Home Products Corp.)/(Original Issue Yield: 5.30%), 12/1/2018   NR/A3   $ 25,781
             
      Wisconsin—1.6%          
  1,500,000   Badger, WI, Tobacco Asset Securitization Corp., Refunding Revenue Bonds, 6.125%, 6/1/2027   A-/A3     1,350,540
             
     

Total Long-Term Municipals (identified cost $80,449,931)

         84,420,976
             

Short-Term Municipals—0.9%

          
      New York—0.9%          
  500,000   New York City Municipal Water Finance Authority, (2001 F-1 Bonds), Daily VRDNs, (Dexia Credit Local LIQ)   AA/Aa2     500,000
  300,000   New York City, NY, (Series 1994 A-4), Daily VRDNs, (JPMorgan Chase Bank LOC)   AAA/Aaa     300,000
             
     

Total Short-Term Municipals (at

amortized cost)

         800,000
             
     

Total Investments—99.2% (identified cost $81,249,931)

       $ 85,220,976
             
     

Other Assets and Liabilities-Net—0.8%

         666,455
             
     

Net Assets—100%

       $ 85,887,431
             

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Pennsylvania Municipal Income Fund

Portfolio of Investments

April 30, 2003

 

Principal
Amount
  
  Credit
Rating(5)
   Value

(4)Long-Term Municipals—97.8%

          
      Pennsylvania—97.8%          
$ 1,185,000   Adams County, PA, GO UT Refunding Notes, 5.30% (FGIC INS)/(Original Issue Yield: 5.42%), 11/15/2019   AAA/Aaa   $   1,352,523
  1,450,000   Allegheny County, PA, Airport Authority, Refunding Revenue Bonds, 5.75% (MBIA INS)/(Original Issue Yield: 4.85%), 1/1/2006   AAA/Aaa     1,588,431
  435,000   Allegheny County, PA, Higher Education Building Authority, (Duquesne University Project), 5.125%, 3/1/2013   NR/Aaa     487,413
  2,500,000   Allegheny County, PA, Port Authority, Refunding Revenue Bonds, 6.00% (MBIA INS)/(Original Issue Yield: 6.125%), 3/1/2024   AAA/Aaa     2,959,800
  755,000   Allegheny County, PA, Residential Finance Agency, Revenue Bond, 5.15%, 11/1/2016   NR/Aaa     789,896
  1,210,000   Belle Vernon, PA, Area School District, GO UT, 6.00% (FGIC INS)/(Original Issue Yield: 6.09%), 4/1/2021   AAA/Aaa     1,425,247
  1,330,000   Berks County, PA, Municipal Authority, Refunding Revenue Bonds, 7.10% (FGIC INS)/(Original Issue Yield: 7.226%), 5/15/2022   AAA/Aaa     1,412,447
  1,000,000   Blair County, PA, (Series A), 5.00% (AMBAC INS)/(Original Issue Yield: 3.45%), 8/1/2007   NR/Aaa     1,116,410
  1,000,000   Butler County, PA, IDA, GO UT, 6.00% (FGIC INS)/(Original Issue Yield: 6.00%), 7/15/2011   AAA/Aaa     1,189,060
  1,070,000   Charleroi, PA, Area School District, (Series C), 5.75% (FGIC INS)/(Original Issue Yield: 5.90%), 10/1/2014   AAA/NR     1,255,977
  1,300,000   Charleroi, PA, Area School District, (Series C), 6.00% (FGIC INS), 10/1/2017   AAA/NR     1,544,946

 

Principal
Amount
  
  Credit
Rating(5)
   Value
(4)Long-Term Municipals—continued        
    Pennsylvania—continued        
$      30,000   Charleroi, PA, Area School District, (Series C), 6.00% (FGIC INS), 10/1/2017   AAA/NR   $        35,238
  2,000,000   Commonwealth of Pennsylvania, GO UT, 5.25% (Original Issue Yield: 4.69%), 10/15/2008   AA/Aa2     2,281,160
  3,000,000   Commonwealth of Pennsylvania, GO UT, 6.00% (Original Issue Yield: 5.96%), 1/15/2018   AA/Aa2     3,498,120
  475,000   Commonwealth of Pennsylvania, GO UT, (Series, 2nd), 5.10% (FSA INS)/(Original Issue Yield: 5.20%), 5/1/2022   AAA/Aaa     501,049
  2,150,000   Commonwealth of Pennsylvania, GO UT Bonds, 5.75%, 1/15/2009   AA/Aa2     2,482,713
  640,000   Conestoga Valley, PA, School District, (Series A), 4.50% (FGIC INS)/ (Original Issue Yield: 2.95%), 5/1/2005   NR/Aaa     679,507
  600,000   Dover, PA, Area School District, GO UT, 4.50% (FGIC INS)/(Original Issue Yield: 4.09%), 4/1/2014   Aaa     638,508
  1,365,000   Greater Johnstown, PA, School District, GO UT, 5.00% (FGIC INS), 2/1/2009   AAA     1,518,576
  710,000   Greene County, PA, IDA, Refunding Revenue Bonds, 4.75% (MBIA INS)/ (Original Issue Yield: 4.749%), 2/1/2007   AAA/Aaa     776,222
  505,000   Harbor Creek, PA, School District, (Series C), 4.00% (FGIC INS)/(Original Issue Yield: 3.25%), 8/1/2006   AAA/Aaa     541,461
  1,300,000   Indiana County, PA, IDA, (Series A), 5.875% (AMBAC INS)/(Original Issue Yield: 6.04%), 11/1/2029   AAA/Aaa     1,438,398
  795,000   Keystone, PA, Central School District, GO UT, 2.80%, 9/1/2004   A/NR     810,820
  1,000,000   Lampeter-Strasburg, PA, School District, GO UT, 4.00% (FGIC INS)/(Original Issue Yield: 2.95%), 4/1/2008   Aaa     1,071,170

 

 

 

 

VISION Pennsylvania Municipal Income Fund

 

Principal
Amount
  
  Credit
Rating(5)
   Value
(4)Long-Term Municipals—continued        
    Pennsylvania—continued        
$ 2,000,000   Lancaster County, PA, (Series A), 5.60% (FGIC INS)/(Original Issue Yield: 5.65%), 5/1/2012   NR/Aaa   $   2,279,900
  500,000   Lancaster, PA, School District, GO UT, 2.00% (FGIC INS)/(Original Issue Yield: 2.02%), 2/15/2005   AAA     505,775
  1,020,000   Loyalsock Township, PA, School District, GO UT, 4.00% (MBIA INS)/ (Original Issue Yield: 3.15%), 11/1/2005   AAA/Aaa     1,083,730
  1,500,000   Manheim, PA, Central School District, GO UT, 4.95% (FGIC INS), 6/1/2011   NR/Aaa     1,590,255
  890,000   Millville, PA, Area School District, GO UT, 5.75% (AMBAC INS)/(Original Issue Yield: 5.748%), 6/1/2017   AAA/Aaa     969,717
  1,500,000   Montgomery County, PA, IDA, Refunding Revenue Bonds, 5.35% (MBIA INS)/(Original Issue Yield: 5.46%), 8/15/2027   NR/Aaa     1,599,015
  1,500,000   North Allegheny, PA, School District, GO UT, 5.75% (FGIC INS), 11/10/2012   AAA/Aaa     1,770,570
  1,000,000   North Penn, PA, School District, GO UT, 4.00% (Financial Security Assurance, Inc. INS)/(Original Issue Yield: 3.999%), 9/1/2004   NR/Aaa     1,037,370
  555,000   Northern Tioga, PA, School District, GO UT, 4.40% (Original Issue Yield: 4.45%), 9/15/2012   AAA/Aaa     561,965
  630,000   Owen J. Roberts School District, PA, GO UT Prerefunded (Series A) Bonds, 5.375% (Original Issue Yield: 5.50%), 5/15/2018   AAA/Aaa     710,092
  870,000   Owen J. Roberts School District, PA, GO UT Unrefunded (Series A) Bonds, 5.375% (Original Issue Yield: 5.50%), 5/15/2018   AAA/Aaa     957,235
  1,000,000   Oxford, PA, School District, (Series A), 4.00% (FGIC INS)/(Original Issue Yield: 3.25%), 2/15/2005   AAA/Aaa     1,046,830

 

Principal
Amount
  
  Credit
Rating(5)
   Value
(4)Long-Term Municipals—continued        
    Pennsylvania—continued        
$ 1,000,000   Parkland, PA, School District, GO UT, 5.25% (FGIC INS)/(Original Issue Yield: 3.80%), 9/1/2004   NR/Aaa   $   1,053,890
  1,410,000   Pennsylvania HFA, (Series 58A), 5.85%, 4/1/2017   AA+/Aa2     1,474,155
  2,000,000   Pennsylvania HFA, (Series 68A), 6.10%, 4/1/2021   AA+/Aa2     2,140,260
  1,115,000   Pennsylvania HFA, (Series 69A), 6.15% (FHA/VA MTGS LOC), 10/1/2020   AA+/Aa2     1,198,614
  1,295,000   Pennsylvania HFA, (Series 70A), 5.80%, 10/1/2021   AA+/Aa2     1,376,637
  1,170,000   Pennsylvania HFA, (Series 72A), 3.80% (Original Issue Yield: 3.80%), 10/1/2005   AA+/Aa2     1,222,311
  2,000,000   Pennsylvania Intergovernmental Coop Authority, Special Tax, 5.25% (FGIC INS)/(Original Issue Yield: 5.012%), 6/15/2015   AAA/Aaa     2,208,180
  1,475,000   Pennsylvania State, 5.00%, 8/1/2016         1,586,053
  1,000,000   Pennsylvania State, GO UT, 6.00% (Original Issue Yield: 5.47%), 1/15/2010   AA/Aa2     1,166,240
  1,000,000   Pennsylvania State Higher Education Assistance Agency, (Series 2002 A), 2.35% TOBs (FSA INS)/(Bayerische Landesbank Girozentrale, Lloyds TSB Bank PLC, London, State Street Bank and Trust Co. LIQ) and WestLB AG LOCs), Optional Tender   AAA/Aaa     1,001,890
  250,000   Pennsylvania State Higher Education Facilities Authority, Refunding Revenue Bonds, 5.25% (Bryn Mawr College)/(AMBAC INS)/(Original Issue Yield: 4.06%), 12/1/2012   AAA/Aaa     285,732
  425,000   Pennsylvania State Higher Education Facilities Authority, University and College Improvement Bonds, 5.25% (Temple University)/(MBIA INS), 4/1/2014   AAA/Aaa     470,037
  500,000   Pennsylvania State IDA, Economic Development Revenue Bonds, 5.50% (AMBAC INS), 7/1/2013   AAA/Aaa     576,155

 

 

 

VISION Small Cap Stock Fund

 

Shares
  
  Value

Common Stocks—continued

      
    Internet & Catalog Retail—0.2%      
25,000   (1)Alloy Online, Inc.   $ 151,250
5,100   (1)Insight Enterprises, Inc.     38,454
       
   

Total

     189,704
       
    Internet Software & Services—3.0%      
36,000   (1)Broadvision, Inc.     143,640
210,990   (1)Corillian Corp.     213,100
72,950   (1)Digital Insight Corp.     1,178,872
131,000   (1)DoubleClick, Inc.         1,126,600
36,000   (1)LendingTree, Inc.     510,120
11,300   (1)TriZetto Group, Inc.     61,020
1,700   (1)WebEx Communications, Inc.     17,510
       
   

Total

     3,250,862
       
    Leisure Equipment & Products—0.8%      
13,600   Action Performance Cos., Inc.     251,464
10,800   Polaris Industries, Inc., Class A     570,996
       
   

Total

     822,460
       
    Machinery—2.7%      
32,700   Albany International Corp., Class A     776,298
17,400   Briggs & Stratton Corp.     785,436
20,800   Harsco Corp.     716,976
35,300   Timken Co.     624,810
       
   

Total

     2,903,520
       
    Media—0.9%      
53,200   (1)Macrovision Corp.     940,044
       
    Metals & Mining—1.5%      
18,400   Commercial Metals Corp.     284,464
19,000   Quanex Corp.     546,440
14,700   Southern Peru Copper Corp.     229,908
21,400   (1)Steel Dynamics, Inc.     258,940
29,700   Steel Technologies, Inc.     326,106
       
   

Total

     1,645,858
       
    Multi-Utilities & Unregulated Power—0.9%
25,400   Avista Corp.     300,482
32,300   ONEOK, Inc.     612,731
       
   

Total

     913,213
       
    Multiline Retail—0.5%      
42,400   Shopko Stores, Inc.     510,072
       
    Office Electronics—0.5%      
1,000   (1)Gerber Scientific, Inc.     8,250
63,400   Ikon Office Solutions, Inc.     491,984
       
   

Total

     500,234
       
    Oil & Gas—0.6%      
16,200   Holly Corp.     461,538
4,900   (1)Stone Energy Corp.     172,137
       
   

Total

     633,675
       
    Pharmaceuticals—1.8%      
32,700   Alpharma, Inc., Class A     609,855
19,900   (1)Antigenics, Inc.     195,816
23,900   (1)AtheroGenics, Inc.     217,490
7,100   (1)Atrix Labs, Inc.     124,676

 

Shares
  
  Value

Common Stocks—continued

      
    Pharmaceuticals—continued      
11,000   (1)Esperion Therapeutics, Inc.   $ 125,400
52,100   ICN Pharmaceuticals, Inc.     455,875
15,700   (1)Vicuron Pharmaceuticals, Inc.     184,475
       
   

Total

     1,913,587
       
    Real Estate—3.3%      
14,100   Bedford Property Investors, Inc.     375,765
55,000   Boykin Lodging Co.     451,550
5,100   Colonial Properties Trust     173,451
67,600   HRPT Properties Trust     610,428
30,000   Koger Equity, Inc.     480,000
32,400   Mission West Properties, Inc.     319,464
18,700   Novastar Financial, Inc.     803,165
12,600   RAIT Investment Trust     283,500
       
   

Total

         3,497,323
       
    Road & Rail—0.6%      
4,800   Arkansas Best Corp.     121,680
27,700   (1)Dollar Thrifty Automotive Group     454,557
4,700   (1)SCS Transportation, Inc.     56,306
       
   

Total

     632,543
       
    Semiconductor Equipment & Products—5.4%
3,400   (1)Dupont Photomasks, Inc.     63,206
42,000   (1)FEI Co.     768,180
191,800   (1)Lattice Semiconductor Corp.     1,664,824
3,200   Microsemi Corp.     37,536
8,400   (1)Mykrolis Corp.     67,368
11,500   (1)Omnivision Technologies, Inc.     279,220
294,300   (1)Pixelworks, Inc.     2,192,535
2,800   (1)Rudolph Technologies, Inc.     42,308
10,800   Skyworks Solutions, Inc.     57,780
12,400   (1)Trident Microsystems, Inc.     47,740
146,400   (1)Triquint Semiconductor, Inc.     513,864
2,300   (1)Zoran Corp.     40,917
       
   

Total

     5,775,478
       
    Software—7.4%      
19,000   (1)Advent Software, Inc.     239,210
83,800   (1)Dendrite International, Inc.     858,112
116,400   (1)Digimarc Corp.     1,494,692
30,400   Henry Jack & Associates, Inc.     396,112
138,500   (1)Mentor Graphics Corp.     1,443,170
127,900   (1)Novell, Inc.     351,725
294,300   (1)ONYX Software Corp.     176,580
11,600   (1)Quest Software, Inc.     124,120
7,600   (1)RadiSys Corp.     64,296
311,300   (1)Red Hat, Inc.     1,867,800
40,100   (1)Sybase, Inc.     513,280
5,700   (1)Take-Two Interactive Software, Inc.     128,250
36,700   (1)Transaction Systems Architects, Inc.,
Class A		     255,065
       
   

Total

     7,912,412
       
    Specialty Retail—3.1%      
4,800   (1)A.C. Moore Arts & Crafts, Inc.     82,704
20,600   (1)Chicos Fas, Inc.     501,404
19,700   (1)Cost Plus, Inc.     605,381

 

 

 

 

VISION Small Cap Stock Fund

 

Shares
  
  Value

Common Stocks—continued

      
    Specialty Retail—continued      
11,000   (1)Gymboree Corp.   $ 183,810
28,500   (1)Hollywood Entertainment Corp.     505,875
27,900   (1)Hot Topic, Inc.     682,155
9,600   (1)Pacific Sunwear of California     219,168
66,900   (1)Sports Authority, Inc.     577,347
       
   

Total

     3,357,844
       
    Textiles Apparel & Luxury Goods—1.7%
31,300   (1)Kenneth Cole Productions, Inc.,
Class A		     721,465
22,000   Phillips Van Heusen Corp.     292,160
18,800   (1)Quiksilver, Inc.     612,880
13,000   Unifirst Corp.     213,850
       
   

Total

     1,840,355
       
    Tobacco—0.8%      
20,400   Standard Commercial Corp.     326,604
12,500   Universal Corp.     488,125
       
   

Total

     814,729
       
   

Total Common Stocks
(identified cost $99,951,409)

     104,370,135
       

 

Shares
  
  Value

Mutual Funds—2.1%

      
2,193,958   SSGA Money Market Fund   $ 2,193,958
71,430   SSGA US Government Money Market Fund     71,430
       
   

Total Mutual Funds
(at net asset value)

     2,265,388
       
   

Total Investments—99.7%
(identified cost $102,216,797)

   $ 106,635,523
       
   

Other Assets and Liabilities–Net—0.3%

     285,805
       
   

Net Assets—100%

   $ 106,921,328
       

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Mid Cap Stock Fund

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value

Common Stocks—98.5%

      
    Aerospace & Defense—1.4%      
40,300   Precision Castparts Corp.   $     1,115,907
17,200   Rockwell Collins     367,736
       
   

Total

     1,483,643
       
    Air Freight & Logistics—2.2%      
15,000   CNF Transportation, Inc.     455,100
38,300   (1)EGL, Inc.     614,332
33,500   Expeditors International Washington, Inc.     1,218,027
       
   

Total

     2,287,459
       
    Auto Components—3.5%      
16,800   Borg-Warner Automotive, Inc.     985,656
30,500   Magna International, Inc., Class A     1,788,215
21,700   Superior Industries International, Inc.     858,452
       
   

Total

     3,632,323
       
    Automobiles—0.5%      
11,700   Harley Davidson, Inc.     519,948
       
    Banks—9.0%      
32,400   Amsouth Bancorporation     682,020
47,300   Charter One Financial, Inc.     1,374,065
8,000   First Community Bancorp     238,320
41,800   First Tennessee National Corp.     1,830,840
45,000   National Commerce Financial Corp.     915,300
37,400   North Fork Bancorp, Inc.     1,210,264
42,100   SouthTrust Corp.     1,130,848
23,800   TCF Financial Corp.     942,480
13,500   Union Planters Corp.     385,290
32,000   W Holding Co., Inc.     630,080
       
   

Total

     9,339,507
       
    Beverages—1.0%      
26,100   (1)Constellation Brands, Inc., Class A     699,741
25,000   PepsiAmericas, Inc.     312,250
       
   

Total

     1,011,991
       
    Biotechnology—1.4%      
25,200   (1)CV Therapeutics, Inc.     503,496
23,000   (1)Genzyme Corp.     926,440
       
   

Total

     1,429,936
       
    Chemicals—2.6%      
14,500   Eastman Chemical Co.     442,685
11,500   Ecolab, Inc.     587,535
10,000   (1)FMC Corp.     181,200
21,200   Georgia Gulf Corp.     479,120
21,000   Lubrizol Corp.     663,810
5,500   Praxair, Inc.     319,440
       
   

Total

     2,673,790
       
    Commercial Services & Supplies—3.0%      
29,400   Arbitron, Inc.     1,001,364
10,500   Avery Dennison Corp.     556,605
32,200   (1)Certegy, Inc.     804,678

 

Shares
  
  Value

Common Stocks—continued

      
    Commercial Services & Supplies—continued      
20,000   Harland (John H.) Co.   $       479,000
8,000   (1)Waste Connections, Inc.     269,120
       
   

Total

     3,110,767
       
    Communications Equipment—0.9%      
98,800   (1)CIENA Corp.     481,156
73,800   (1)Tellabs, Inc.     456,084
       
   

Total

     937,240
       
    Computers & Peripherals—1.3%      
39,600   EMC Corp. Mass     359,964
14,100   (1)Lexmark International Group, Class A     1,050,591
       
   

Total

     1,410,555
       
    Construction & Engineering—0.5%      
12,771   Jacobs Engineering Group, Inc.     525,527
       
    Containers & Packaging—1.6%      
15,600   Ball Corp.     876,096
58,600   (1)Smurfit-Stone Container Corp.     824,502
       
   

Total

     1,700,598
       
    Diversified Financials—0.5%      
10,500   Moody’s Corp.     507,045
       
    Diversified Telecommunication Services—0.3%
11,000   CenturyTel, Inc.     323,950
       
    Electric Utilities—2.5%      
14,600   Constellation Energy Group     427,488
33,500   Entergy Corp.     1,561,435
10,000   FPL Group, Inc.     608,700
       
   

Total

     2,597,623
       
    Electronic Equipment & Instruments—1.2%      
25,000   (1)Tektronix, Inc.     469,250
65,000   (1)Vishay Intertechnology, Inc.     812,500
       
   

Total

     1,281,750
       
    Energy Equipment & Services—4.1%      
33,900   (1)Cooper Cameron Corp.     1,622,454
24,300   Halliburton Co.     520,263
27,300   (1)Noble Corp.     844,935
37,100   (1)Smith International, Inc.     1,319,276
       
   

Total

     4,306,928
       
    Food & Staples Retailing—0.2%      
17,000   (1)Duane Reade, Inc.     228,650
       
    Food Products—2.2%      
43,200   Archer-Daniels-Midland Co.     478,656
24,100   ConAgra, Inc.     506,100
29,800   Hormel Foods Corp.     685,698
27,400   Sensient Technologies Corp.     605,540
       
   

Total

     2,275,994
       

 

 

 

 

VISION Mid Cap Stock Fund

 

Shares
  
  Value

Common Stocks—continued

      
    Gas Utilities—1.0%      
40,200   Sempra Energy   $     1,078,968
       
    Healthcare Equipment & Supplies—1.6%
12,000   Becton, Dickinson & Co.     424,800
21,200   (1)Respironics, Inc.     814,504
7,800   St. Jude Medical, Inc.     409,188
       
   

Total

     1,648,492
       
    Healthcare Providers & Services—6.2%      
24,600   (1)Anthem, Inc.     1,688,544
28,900   (1)Community Health Systems, Inc.     549,100
48,400   (1)DaVita, Inc.     998,008
24,500   (1)LifePoint Hospitals, Inc.     478,240
31,300   (1)Triad Hospitals, Inc.     688,913
21,100   Universal Health Services, Inc., Class B     815,937
16,600   (1)Wellpoint Health Networks, Inc.     1,260,604
       
   

Total

     6,479,346
       
    Hotels, Restaurants & Leisure—2.4%      
30,000   (1)Boyd Gaming Corp.     427,500
14,800   (1)Brinker International, Inc.     469,900
35,800   Darden Restaurants, Inc.     626,858
34,700   Hilton Hotels Corp.     462,204
13,000   (1)Penn National Gaming, Inc.     253,890
7,400   Wendy’s International, Inc.     214,896
       
   

Total

     2,455,248
       
    Household Durables—2.2%      
7,900   Black & Decker Corp.     325,875
14,800   Centex Corp.     977,096
44,700   Maytag Corp.     931,548
       
   

Total

     2,234,519
       
    IT Services—3.5%      
108,100   (1)Accenture Ltd.     1,731,762
31,600   (1)Computer Sciences Corp.     1,041,220
39,000   (1)SunGuard Data Systems, Inc.     838,500
       
   

Total

     3,611,482
       
    Insurance—8.6%      
19,400   Everest Re Group Ltd.     1,351,210
28,400   Fidelity National Financial, Inc.     976,960
20,000   Gallagher (Arthur J.) & Co.     499,800
21,500   Hartford Financial Services Group, Inc.     876,340
53,200   Old Republic International Corp.     1,627,920
13,200   PartnerRe Ltd.     706,200
32,100   Protective Life Corp.     922,233
25,700   Radian Group, Inc.     1,020,290
15,000   Torchmark Corp.     581,250
22,400   Travelers Property Casualty Corp.,
Class A		     363,552
       
   

Total

     8,925,755
       
    Internet Software & Services—0.6%      
24,900   (1)Yahoo, Inc.     617,022
       
    Machinery—0.7%      
3,200   Danaher Corp.     220,736
8,700   ITT Industries, Inc.     507,210
       
   

Total

     727,946
       

 

Shares
  
  Value

Common Stocks—continued

      
    Media—2.3%      
18,200   (1)Entercom Communication Corp.   $        884,338
7,500   (1)Scholastic Corp.     213,075
36,200   Westwood One, Inc.     1,263,380
       
   

Total

     2,360,793
       
    Multi-Utilities & Unregulated Power—0.9%
51,600   Energy East Corp.     940,152
       
    Multiline Retail—1.1%      
23,600   Family Dollar Stores, Inc.     806,884
5,400   (1)Kohl’s Corp.     306,720
       
   

Total

     1,113,604
       
    Oil & Gas—6.1%      
15,000   Apache Corp.     858,750
36,302   Devon Energy Corp.     1,715,260
25,600   Imperial Oil Ltd.     774,656
43,500   Marathon Oil Corp.     990,495
24,500   Murphy Oil Corp.     1,020,425
28,000   Sunoco Inc.     1,041,880
       
   

Total

     6,401,466
       
    Paper & Forest Products—0.7%      
98,400   Abitibi-Consolidated, Inc.     688,800
       
    Pharmaceuticals—2.8%      
31,100   (1)InterMune, Inc.     632,263
57,900   (1)King Pharmaceuticals, Inc.     730,119
41,500   (1)Sepracor, Inc.     794,725
36,500   (1)Shire Pharmaceuticals Group PLC, ADR     726,350
       
   

Total

     2,883,457
       
    Road & Rail—1.0%      
15,000   (1)Genesee & Wyoming, Inc., Class A     259,500
20,000   Norfolk Southern Corp.     424,200
12,000   (1)Yellow Corp.     320,400
       
   

Total

     1,004,100
       
    Semiconductor Equipment & Products—3.4%
42,100   (1)Altera Corp.     665,601
16,700   (1)FEI Co.     305,443
16,800   (1)KLA-Tencor Corp.     688,800
52,800   (1)Novellus Systems, Inc.     1,480,512
33,100   (1)Teradyne, Inc.     383,960
       
   

Total

     3,524,316
       
    Software—5.6%      
70,700   (1)BEA Systems, Inc.     757,197
62,200   (1)BMC Software, Inc.     928,024
25,000   MSC Software Corp.     154,500
12,200   (1)Mercury Interactive Corp.     414,068
45,400   (1)Network Associates, Inc.     518,922
24,800   (1)Progress Software Corp.     483,352
39,300   Reynolds & Reynolds Co., Class A     1,132,233
33,500   (1)Symantec Corp.     1,472,325
       
   

Total

     5,860,621
       

 

 

 

 

VISION Mid Cap Stock Fund

 

Shares
  
  Value

Common Stocks—continued

      
    Specialty Retail—6.1%      
17,900   (1)AutoZone, Inc.   $ 1,446,499
20,800   (1)Bed Bath & Beyond, Inc.     821,808
26,800   (1)CDW Computer Centers, Inc.     1,142,752
45,300   (1)Staples, Inc.     862,512
24,000   TJX Cos., Inc.     462,000
62,800   (1)Williams-Sonoma, Inc.     1,625,264
       
   

Total

     6,360,835
       
    Textiles Apparel & Luxury Goods—0.5%
15,000   Liz Claiborne, Inc.     487,950
       
    Tobacco—1.3%      
44,900   UST, Inc.     1,406,717
       
   

Total Common Stocks
(identified cost $98,052,220)

     102,396,813
       

 

Shares
  
  Value
  

Mutual Fund—2.0%

        
2,107,798   SSGA Money Market Fund
(at net asset value)		   $ 2,107,798  
       
   

Total Investments—100.5%
(identified cost $100,160,018)

   $ 104,504,611  
       
   

Other Assets and Liabilities-
Net—(0.5)%

     (528,330 )
       
   

Net Assets—100%

   $ 103,976,281  
       

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Large Cap Growth Fund

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value

Common Stocks—96.2%

      
    Air Freight & Logistics—2.6%      
7,200   United Parcel Service, Inc.   $        447,264
       
    Beverages—6.5%      
15,700   Coca-Cola Co.     634,280
11,600   PepsiCo, Inc.     502,048
       
   

Total

     1,136,328
       
    Biotechnology—4.8%      
13,500   (1)Amgen, Inc.     827,685
       
    Building Products—2.9%      
24,200   Masco Corp.     509,894
       
    Communications Equipment—6.1%      
36,800   Nokia Oyj, Class A, ADR     609,776
14,000   Qualcomm, Inc.     446,460
       
   

Total

     1,056,236
       
    Diversified Financials—2.1%      
9,400   Citigroup, Inc.     368,950
       
    Energy Equipment & Services—6.9%      
8,700   GlobalSantaFe Corp.     184,092
16,600   Schlumberger Ltd.     696,038
16,400   (1)Transocean Sedco Forex, Inc.     312,420
       
   

Total

     1,192,550
       
    Healthcare Equipment & Supplies—5.1%      
18,700   Medtronic, Inc.     892,738
       
    Hotels Restaurants & Leisure—2.5%      
12,200   Marriott International, Inc., Class A     438,102
       
    Household Durables—2.9%      
16,300   Newell Rubbermaid, Inc.     496,824
       
    Household Products—9.9%      
15,900   Colgate-Palmolive Co.     909,003
9,000   Procter & Gamble Co.     808,650
       
   

Total

     1,717,653
       
    Industrial Conglomerates—3.7%      
5,100   3M Co.     642,804
       
    Insurance—6.6%      
11,650   American International Group, Inc.     675,117
9,900   Marsh & McLennan Cos., Inc.     472,032
       
   

Total

     1,147,149
       

 

Shares
  
  Value
  

Common Stocks—continued

        
    Internet & Catalog Retail—0.8%        
1,500   (1)eBay, Inc.   $ 139,155  
       
    Machinery—1.4%        
4,600   Caterpillar, Inc.     241,960  
       
    Media—6.0%        
6,600   Gannett Co., Inc.     499,752  
29,500   Walt Disney Co.     550,470  
       
   

Total

     1,050,222  
       
    Multiline Retail—4.6%        
8,800   (1)Costco Wholesale Corp.     304,744  
8,600   (1)Kohl’s Corp.     488,480  
       
   

Total

     793,224  
       
    Personal Products—3.7%        
21,300   Gillette Co.     648,585  
       
    Pharmaceuticals—12.5%        
14,600   Johnson & Johnson     822,856  
7,700   Lilly (Eli) & Co.     491,414  
28,160   Pfizer, Inc.     865,920  
       
   

Total

     2,180,190  
       
    Software—4.6%        
7,700   (1)Electronic Arts, Inc.     456,379  
13,400   Microsoft Corp.     342,638  
       
   

Total

     799,017  
       
   

Total Common Stocks

(identified cost $16,818,279)

     16,726,530  
       

Mutual Fund—3.8%

        
665,304   SSGA Money Market Fund
(at net asset value)		     665,304  
       
   

Total Investments—100%

(identified cost $17,483,583)

   $ 17,391,834  
       
   

Other Assets and
Liabilities-Net—0.0%

     (3,232 )
       
   

Net Assets—100%

   $ 17,388,602  
       

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Large Cap Core Fund

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value

Common Stocks—96.2%

      
    Aerospace & Defense—2.2%      
9,189   Boeing Co.   $ 250,676
32,804   Honeywell International, Inc.     774,174
32,179   Raytheon Co.     963,117
       
   

Total

       1,987,967
       
    Banks—4.8%      
32,210   Bank of New York Co., Inc.     851,955
45,902   U.S. Bancorp     1,016,729
34,445   Washington Mutual, Inc.     1,360,578
20,537   Wells Fargo & Co.     991,116
       
   

Total

     4,220,378
       
    Beverages—1.1%      
23,720   Coca-Cola Co.     958,288
       
    Biotechnology—1.7%      
24,436   (1)Amgen, Inc.     1,498,171
       
    Chemicals—1.0%      
19,960   Du Pont (E.I.) de Nemours & Co.     848,899
       
    Commercial Services & Supplies—4.0%      
102,729   (1)Cendant Corp.     1,466,970
74,195   (1)Concord EFS, Inc.     1,026,117
26,712   First Data Corp., Class     1,047,912
       
   

Total

     3,540,999
       
    Communications Equipment—1.8%      
104,896   (1)Cisco Systems, Inc.     1,577,636
       
    Computers & Peripherals—4.0%      
44,035   (1)Dell Computer Corp.     1,273,052
27,041   International Business Machines Corp.     2,295,781
       
   

Total

     3,568,833
       
    Diversified Financials—9.0%      
31,427   Capital One Financial Corp.     1,315,848
80,486   Citigroup, Inc.     3,159,076
23,504   Federal National Mortgage Association     1,701,455
19,439   Merrill Lynch & Co., Inc.     797,971
21,902   Morgan Stanley     980,115
       
   

Total

     7,954,465
       
    Diversified Telecommunication Services—2.1%
50,101   Verizon Communications     1,872,775
       
    Electronic Equipment & Instruments—1.9%
204,117   (1)Solectron Corp.     651,133
96,458   Symbol Technologies, Inc.     1,054,286
       
   

Total

     1,705,419
       
    Energy Equipment & Services—1.6%      
17,334   Schlumberger Ltd.     726,815
37,340   (1)Transocean Sedco Forex, Inc.     711,327
       
   

Total

     1,438,142
       
    Food & Staples Retailing—1.3%      
82,095   (1)Kroger Co.     1,173,959
       

 

Shares
  
  Value

Common Stocks—continued

      
    Healthcare Equipment & Supplies—1.0%      
19,231   Medtronic, Inc.   $ 918,088
       
    Healthcare Providers & Services—4.5%      
53,165   (1)Caremark Rx, Inc.       1,058,515
26,040   (1)Express Scripts, Inc., Class A     1,535,318
79,606   Health Management Association,
Class A		     1,358,078
       
   

Total

     3,951,911
       
    Hotels, Restaurants & Leisure—2.6%      
44,610   Carnival Corp.     1,230,790
62,010   Darden Restaurants, Inc.     1,085,795
       
   

Total

     2,316,585
       
    Household Products—0.8%      
15,120   Kimberly-Clark Corp.     752,522
       
    IT Services—1.6%      
86,060   (1)Accenture Ltd.     1,378,681
       
    Industrial Conglomerates—3.9%      
116,443   General Electric Co.     3,429,246
       
    Insurance—4.9%      
28,105   American International Group, Inc.     1,628,685
20,905   Hartford Financial Services Group, Inc.     852,088
19,385   Jefferson-Pilot Corp.     777,145
32,267   St. Paul Cos., Inc.     1,108,049
       
   

Total

     4,365,967
       
    Leisure Equipment & Products—0.9%      
36,594   Mattel, Inc.     795,554
       
    Media—9.3%      
105,341   (1)AOL Time Warner, Inc.     1,441,065
30,930   (1)Clear Channel Communications, Inc.     1,209,672
58,095   (1)Comcast Corp., Class A     1,853,811
31,540   (1)Cox Communications, Inc., Class A     1,043,974
27,905   (1)Viacom, Inc., Class B     1,211,356
78,752   Walt Disney Co.     1,469,512
       
   

Total

     8,229,390
       
    Metals & Mining—1.5%      
56,230   Alcoa, Inc.     1,289,354
       
    Multiline Retail—1.2%      
18,382   Wal-Mart Stores, Inc.     1,035,274
       
    Oil & Gas—5.2%      
24,956   Burlington Resources, Inc.     1,155,712
13,716   ChevronTexaco Corp.     861,502
18,850   ConocoPhillips     948,155
45,577   Exxon Mobil Corp.     1,604,310
       
   

Total

     4,569,679
       
    Personal Products—1.0%      
27,931   Gillette Co.     850,499
       
    Pharmaceuticals—9.5%      
15,790   Johnson & Johnson     889,924
17,746   Lilly (Eli) & Co.     1,132,550

 

 

 

 

VISION Large Cap Core Fund

 

Shares
  
  Value

Common Stocks—continued

      
    Pharmaceuticals—continued      
34,719   Merck & Co., Inc.   $   2,019,951
106,071   Pfizer, Inc.     3,261,683
24,755   Wyeth     1,077,585
       
   

Total

     8,381,693
       
    Real Estate—1.0%      
37,330   Archstone-Smith Trust     851,124
       
    Semiconductor Equipment & Products—3.1%
34,387   Intel Corp.     632,721
34,568   (1)International Rectifier Corp.     781,928
55,485   (1)Intersil Holding Corp.     1,026,473
18,766   Texas Instruments, Inc.     346,983
       
   

Total

     2,788,105
       
    Software—3.8%      
8,990   (1)Electronic Arts, Inc.     532,837
110,808   Microsoft Corp.     2,833,361
       
   

Total

     3,366,198
       

 

Shares
  
  Value

Common Stocks—continued

      
    Specialty Retail—2.5%      
43,684   Home Depot, Inc.   $ 1,228,831
52,307   (1)Staples, Inc.     995,925
       
   

Total

     2,224,756
       
    Tobacco—1.4%      
41,485   Altria Group, Inc.     1,276,079
       
   

Total Common Stocks
(identified cost $82,712,436)

     85,116,636
       

Mutual Fund—3.8%

      
3,319,513   SSGA Money Market Fund
(at net asset value)		     3,319,513
       
   

Total Investments—100.0%
(identified cost $86,031,949)

   $ 88,436,149
       
   

Other Assets And Liabilities-
Net—0.0%

     40,826
       
   

Net Assets—100%

   $ 88,476,975
       

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Large Cap Value Fund

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value

Common Stocks—94.7%

      
    Aerospace & Defense—2.5%      
8,350   Boeing Co.   $ 227,788
17,300   Honeywell International, Inc.     408,280
19,020   Raytheon Co.     569,269
       
   

Total

       1,205,337
       
    Banks—8.5%      
24,600   Bank of New York Co., Inc.     650,670
28,000   FleetBoston Financial Corp.     742,560
20,200   KeyCorp     487,022
24,692   U.S. Bancorp     546,928
21,200   Washington Mutual, Inc.     837,400
18,800   Wells Fargo & Co.     907,288
       
   

Total

     4,171,868
       
    Chemicals—1.4%      
15,800   Du Pont (E.I.) de Nemours & Co.     671,974
       
    Commercial Services & Supplies—2.6%      
43,100   (1)Cendant Corp.     615,468
49,725   (1)Concord EFS, Inc.     687,697
       
   

Total

     1,303,165
       
    Computers & Peripherals—1.5%      
37,900   (1)Electronics for Imaging, Inc.     727,680
       
    Diversified Financials—13.7%      
16,890   Capital One Financial Corp.     707,184
61,233   Citigroup, Inc.     2,403,395
14,800   Countrywide Financial Corp.     1,000,480
12,225   Federal National Mortgage Association     884,968
18,450   Merrill Lynch & Co., Inc.     757,372
22,320   Morgan Stanley     998,820
       
   

Total

     6,752,219
       
    Diversified Telecommunication Services—2.9%
19,400   BellSouth Corp.     494,506
39,250   SBC Communications, Inc.     916,880
       
   

Total

     1,411,386
       
    Electric Utilities—1.9%      
15,460   DTE Energy Co.     623,347
5,000   FPL Group, Inc.     304,350
       
   

Total

     927,697
       
    Electronic Equipment & Instruments—1.9%
39,500   (1)Solectron Corp.     126,005
74,270   Symbol Technologies, Inc.     811,771
       
   

Total

     937,776
       
    Energy Equipment & Services—1.7%      
8,975   Schlumberger Ltd.     376,322
24,890   (1)Transocean Sedco Forex, Inc.     474,154
       
   

Total

     850,476
       
    Food & Staples Retailing—1.1%      
36,700   (1)Kroger Co.     524,810
       

 

Shares
  
  Value

Common Stocks—continued

      
    Healthcare Providers & Services—2.7%      
28,200   (1)Caremark Rx, Inc.   $ 561,462
45,011   Health Management Association, Class A     767,888
       
   

Total

       1,329,350
       
    Hotels, Restaurants & Leisure—2.5%      
23,190   Carnival Corp.     639,812
33,560   Darden Restaurants, Inc.     587,636
       
   

Total

     1,227,448
       
    Household Products—0.8%      
8,100   Kimberly-Clark Corp.     403,137
       
    Industrial Conglomerates—2.1%      
35,355   General Electric Co.     1,041,205
       
    Insurance—9.5%      
18,700   Allstate Corp.     706,673
29,950   American International Group, Inc.     1,735,602
14,050   Hartford Financial Services Group, Inc.     572,678
17,350   Jefferson-Pilot Corp.     695,561
13,200   Lincoln National Corp.     421,872
16,200   St. Paul Cos., Inc.     556,308
       
   

Total

     4,688,694
       
    Leisure Equipment & Products—0.9%      
19,808   Mattel, Inc.     430,626
       
    Machinery—1.2%      
17,265   (1)SPX Corp.     583,557
       
    Media—11.6%      
78,512   (1)AOL Time Warner, Inc.     1,074,044
17,427   (1)Clear Channel Communications, Inc.     681,570
34,035   (1)Comcast Corp., Class A     1,086,057
16,700   (1)Cox Communications, Inc., Class A     552,770
44,344   (1)Liberty Media Corp., Class A     487,784
26,900   (1)Viacom, Inc., Class B     1,167,729
35,909   Walt Disney Co.     670,062
       
   

Total

     5,720,016
       
    Metals & Mining—1.2%      
25,468   Alcoa, Inc.     583,981
       
    Multi-Utilities & Unregulated Power—1.0%      
28,250   Duke Energy Corp.     496,917
       
    Oil & Gas—10.0%      
18,650   Burlington Resources, Inc.     863,682
21,050   ChevronTexaco Corp.     1,322,151
26,822   ConocoPhillips     1,349,147
39,414   Exxon Mobil Corp.     1,387,373
       
   

Total

     4,922,353
       
    Pharmaceuticals—1.4%      
22,215   Pfizer, Inc.     683,111
       
    Real Estate—0.9%      
20,600   Archstone-Smith Trust     469,680
       
    Road & Rail—1.3%      
19,860   CSX Corp.     635,123
       

 

 

 

 

VISION Large Cap Value Fund

 

Shares
  
  Value

Common Stocks—continued

      
    Semiconductor Equipment & Products—2.4%      
18,950   (1)International Rectifier Corp.   $ 428,649
29,700   (1)Intersil Holding Corp.     549,450
10,000   Texas Instruments, Inc.     184,900
       
   

Total

     1,162,999
       
    Software—1.2%      
47,409   (1)Macromedia, Inc.     597,827
       
    Specialty Retail—3.3%      
35,750   Home Depot, Inc.     1,005,648
31,500   (1)Staples, Inc.     599,760
       
   

Total

     1,605,408
       
    Tobacco—1.0%      
15,320   Altria Group, Inc.     471,243
       
   

Total Common Stocks
(identified cost $49,470,521)

     46,537,063
       

 

Shares
  
  Value

Mutual Funds—5.1%

      
1,974,328   SSGA Money Market Fund   $ 1,974,328
522,326   SSGA US Government Money Market Fund     522,326
       
   

Total Mutual Funds
(at net asset value)

     2,496,654
       
   

Total Investments—99.8%
(identified cost $51,967,175 )

   $ 49,033,717
       
   

Other Assets And Liabilities-
Net—0.2%

     82,903
       
   

Net Assets—100%

   $ 49,116,620
       

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Managed Allocation Fund—Aggressive Growth

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value

Mutual Funds—99.1%

      
    Equity Funds—88.9%      
142,377   VISION International Equity Fund,
Class A		   $ 1,069,249
267,206   VISION Large Cap Core Fund, Class A     1,501,696
178,938   (1)VISION Large Cap Growth Fund,
Class A		     1,195,306
136,220   VISION Large Cap Value Fund, Class A     1,145,609
65,543   (1)VISION Mid Cap Stock Fund, Class A     780,613
107,203   VISION Small Cap Stock Fund, Class A     738,628
       
   

Total

     6,431,101
       

 

Shares
  
  Value

Mutual Funds—continued

      
    Fixed Income Fund—6.8%      
49,626   VISION U.S. Government Securities Fund, Class A   $ 488,818
       
    Money Market Fund—3.4%      
247,552   VISION Institutional Prime Money Market Fund     247,552
       
   

Total Investments—99.1%
(identified cost $8,263,815)

   $ 7,167,471
       
   

Other Assets and Liabilities-Net—0.9%

     66,326
       
   

Net Assets—100%

   $ 7,233,797
       

 

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Managed Allocation Fund—Moderate Growth

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value

Mutual Funds—99.1%

      
    Equity Funds—59.4%      
174,189   VISION International Equity Fund,
Class A		   $   1,308,161
315,914   VISION Large Cap Core Fund,
Class A		     1,775,438
288,568   (1)VISION Large Cap Growth Fund, Class A     1,927,633
269,168   VISION Large Cap Value Fund,
Class A		     2,263,704
122,365   (1)VISION Mid Cap Stock Fund,
Class A		     1,457,362
142,382   VISION Small Cap Stock Fund,
Class A		     981,013
       
   

Total

     9,713,311
       

 

Shares
  
  Value

Mutual Funds—continued

      
    Fixed Income Funds—33.5%      
114,616   VISION Institutional Limited Duration U.S. Government Fund   $ 1,128,965
132,202   VISION Intermediate Term Bond Fund, Class A     1,291,613
311,108   VISION U.S. Government Securities Fund, Class A     3,064,412
       
   

Total

     5,484,990
       
    Money Market Fund—6.2%      
1,018,979   VISION Institutional Prime Money Market Fund     1,018,979
       
   

Total Investments—99.1%
(identified cost $17,096,641)

   $ 16,217,280
       
   

Other Assets and Liabilities- Net—0.9%

     150,023
       
   

Net Assets—100%

   $ 16,367,303
       

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Managed Allocation Fund—Conservative Growth

Portfolio of Investments

April 30, 2003

 

Shares
  
  Value

Mutual Funds—98.9%

      
    Equity Funds—25.2%      
32,778   VISION International Equity Fund,
Class A		   $      246,166
87,413   VISION Large Cap Core Fund, Class A     491,263
58,425   VISION Large Cap Value Fund, Class A     491,356
45,828   VISION Small Cap Stock Fund, Class A     315,757
       
   

Total

     1,544,542
       
    Fixed Income Funds—64.7%      
164,063   VISION Institutional Limited Duration U.S. Government Fund     1,616,024
61,516   VISION Intermediate Term Bond Fund, Class A     601,012
176,757   VISION U.S. Government Securities Fund, Class A     1,741,053
       
   

Total

     3,958,089
       

 

Shares
  
  Value

Mutual Funds—continued

      
    Money Market Fund—9.0%      
552,513   VISION Institutional Prime Money Market Fund   $ 552,513
       
   

Total Investments—98.9%
(identified cost $6,129,659)

   $ 6,055,144
       
   

Other Assets and Liabilities-Net—1.1%

     65,387
       
   

Net Assets—100%

   $ 6,120,531
       

 

(See Notes to Portfolios of Investments)

 

 

 

VISION New York Municipal Income Fund

Portfolio of Investments

April 30, 2003

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—98.3%

          
      Guam—0.5%          
$    375,000   Guam Housing Corp., State Single Family Housing Revenue Bonds, 5.75%, 9/1/2031   AAA/NR   $      415,511
             
      New York—96.2%          
  45,000   34th Street Partnership, Inc., NY, 5.50% (Original Issue Yield: 5.613%), 1/1/2023   NR/Aa3     46,031
  200,000   Albany, NY, Housing Authority, Revenue Bonds, 5.20% (Key Bank, N.A. LOC), 12/1/2013   NR/A1     210,860
  150,000   Albany, NY, Housing Authority, Revenue Bonds, 5.40% (Key Bank, N.A. LOC), 12/1/2018   NR/A1     157,096
  200,000   Albany, NY, Housing Authority, Revenue Bonds, 5.50% (Key Bank, N.A. LOC), 12/1/2028   NR/A1     208,258
  435,000   Albany, NY, Parking Authority, (Series A), 5.00% (Original Issue Yield: 4.79%), 7/15/2008   BBB+/NR     471,249
  500,000   Albany, NY, Parking Authority, (Series A), 5.625% (Original Issue Yield: 5.75%), 7/15/2025   BBB+/NR     516,275
  500,000   Appleridge Retirement Community, Revenue Bonds, 5.60% (GNMA Collateralized Home Mortgage Program)/(GNMA Collateralized Home Mortgage Program LOC), 9/1/2021   NR/Aaa     543,700
  50,000   Broome County, NY, COPs, 5.25% (MBIA INS)/(Original Issue Yield: 5.578%), 4/1/2022   AAA/Aaa     52,584
  10,000   Buffalo & Fort Erie, NY, Public Bridge Authority, 6.00% (MBIA INS)/(Original Issue Yield: 5.05%), 1/1/2004   AAA/Aaa     10,328
  1,000,000   Canton, NY, Human Services, 5.75% (Original Issue Yield: 5.80%), 9/1/2032   NR/Baa2     1,039,820
  50,000   Erie County, NY, Water Authority, (Series A), 6.00% (AMBAC INS)/(Original Issue Yield: 7.25%), 12/1/2008   AAA/Aaa     57,353

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$ 1,000,000   Geneva, NY, Revenue Bond, (Project A), 5.375%, 2/1/2033   A   $   1,053,450
  125,000   Holiday Square Housing Development Corp., NY, (Section 8), Assisted Project, 5.80% (Holiday Square Management Co.)/(FNMA COL)/(Original Issue Yield: 5.943%), 1/15/2024   NR/Aaa      125,207
  20,000   Holland, NY, CSD, GO UT, 6.00% (FGIC INS)/(Original Issue Yield: 5.50%), 6/15/2003   AAA/Aaa     20,119
  100,000   Housing Corp., NY, Revenue Bonds, 5.00% (Original Issue Yield: 5.65%), 11/1/2018   AAA/Aa3     103,698
  25,000   Housing Corp., NY, Revenue Refunding Bonds, 5.00% (Original Issue Yield: 5.60%), 11/1/2013   AAA/Aa3     25,902
  50,000   Lakewood, NY, GO UT Public Improvement Bonds, 5.50% (Original Issue Yield: 5.70%), 4/1/2012   NR/Baa1     52,636
  1,000,000   Mahopac, NY, CSD, GO UT (Series C), Bonds, 5.30% (Original Issue Yield: 5.35%), 6/1/2018   NR/Aaa     1,095,930
  500,000   Metropolitan Transportation Authority, NY, (Series A), 5.00% (FSA LOC)/ (Original Issue Yield: 5.12%), 11/15/2012   AAA     513,160
  1,000,000   Metropolitan Transportation Authority, NY, (Series A), 5.00% (MBIA LOC)/ (Original Issue Yield: 5.21%), 11/15/2012   AAA/Aaa     1,026,320
  100,000   Monroe County, NY, GO UT Public Improvement Bonds, 5.50% (Original Issue Yield: 5.60%), 6/1/2009   AA-/Aa1     111,404
  25,000   Monroe County, NY, IDA, Revenue Bonds, 5.80% (Nazareth College)/(MBIA INS)/(Original Issue Yield: 5.799%), 6/1/2010   AAA/Aaa     27,612
  25,000   Monroe Woodbury, NY, Center School District, GO UT, 6.70% (FGIC INS), 11/15/2010   AAA/Aaa     26,241

 

 

 

 

VISION New York Municipal Income Fund

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$    870,000   Municipal Assistance Corp. of Troy, NY, Revenue Refunding Bonds (Series A), 5.00% (Original Issue Yield: 5.40%), 1/15/2010   AAA/Aaa   $      953,459
  375,000   Nassau County, NY, GO UT, 6.05% (MBIA LOC)/(Original Issue Yield:
6.15%), 5/15/2004		   AAA/Aaa     388,575
  500,000   Nassau County, NY, GO UT, (Series F), 7.00% (FSA LOC), 3/1/2010   AAA/Aaa     615,805
  500,000   Nassau County, NY, GO UT, (Series X), 8.00% (MBIA LOC)/(Original Issue Yield: 8.40%), 11/1/2004   AAA/Aaa     549,340
  500,000   Nassau County, NY, Special Tax, 5.75% (Original Issue Yield: 5.18%), 11/15/2013   AA–/Aa3     564,035
  1,450,000   New York City, NY, (Series B1), 7.20% (Original Issue Yield: 7.30%), 8/15/2008   A/A2     1,577,136
  800,000   New York City, NY, (Series G), 5.75% (Original Issue Yield: 6.27%), 2/1/2014   A/A2     869,952
  1,060,000   New York City, NY, (Series J), 6.125%, 8/1/2011   A/A2     1,188,324
  1,100,000   New York City, NY, Educational Construction Fund, Refunding Revenue Bonds, 5.50% (Original Issue Yield: 5.68%), 4/1/2016   AAA/Aaa     1,212,959
  435,000   New York City, NY, GO UT (Series B), Refunding Bonds, 5.80% (Original Issue Yield: 5.88%), 8/1/2013   A/A2     474,163
  230,000   New York City, NY, GO UT (Series I), Bonds, 6.25% (Original Issue Yield:
5.85%), 4/15/2006		   A/A2     255,627
  275,000   New York City, NY, GO UT (Series L), Refunding Bonds, 8.00%, 8/1/2006   AAA/Aaa     326,870
  500,000   New York City, NY, GO UT (Series 2000A), 5.75% (Original Issue Yield:
5.79%), 5/15/2018		   A/A2     535,845
  1,000,000   New York City, NY, Health and Hospitals Corp., (Series A), 5.45% (Original Issue Yield: 5.48%), 2/15/2012   BBB/A3     1,027,530

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$ 1,000,000   New York City, NY, IDA, Revenue Bonds, 6.00% (Terminal One Group Association)/(Original Issue Yield: 6.40%), 1/1/2015   BBB+/A3   $   1,018,870
  595,000   New York City, NY, Transit Authority Metropolitan Transportation Authority Triborough Bridge and Tunnel Authority, Refunding Revenue Bond, 5.40% (FSA INS)/(Original Issue Yield: 5.53%), 1/1/2018   AAA/Aaa     684,583
  2,690,000   New York City, NY, Transitional Finance Authority, (Series C), 5.25% (Original Issue Yield: 5.05%), 5/1/2008   AA+/Aa2     2,953,432
  65,000   New York City, NY, Transitional Finance Authority, 5.50%, 2/1/2013   AAA/Aaa     73,229
  135,000   New York City, NY, Transitional Finance Authority, Refunding Revenue Bonds, 5.50% (Original Issue Yield: 4.62%), 2/1/2011   AA+/Aa2     151,412
  1,000,000   New York City, NY, Transitional Finance Authority, Refunding Revenue Bond, 5.75%, 11/1/2011   AA+/Aa2     1,142,360
  875,000   New York City, NY, Transitional Finance Authority, Revenue Bonds, 5.75%, 2/15/2015   AA+/Aa2     1,000,011
  25,000   New York City Housing Development Corp., Revenue Refunding Bonds, 5.85% (FHA INS), 5/1/2026   AA/Aa2     25,503
  1,000,000   New York City Municipal Water Finance Authority, (Series C), 5.125% (Original Issue Yield: 5.43%), 6/15/2033   AA/Aa2     1,030,070
  1,000,000   New York City Municipal Water Finance Authority, Revenue Bonds, 5.50% (MBIA INS)/(Original Issue Yield: 5.855%), 6/15/2027   AAA/Aaa     1,087,880
  1,455,000   New York Counties Tobacco Trust II, Refunding Revenue Bonds, 5.25% (Original Issue Yield: 5.30%), 6/1/2025   A/A1     1,223,029

 

 

 

 

VISION New York Municipal Income Fund

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
    New York—continued          
$1,310,000   New York State Dormitory Authority, (Series B), 5.50% (Original Issue Yield: 4.89%), 8/15/2013   AAA/Aaa   $   1,476,278
1,000,000   New York State Dormitory Authority, (Series C), 5.50% (MBIA LOC)/(Original Issue Yield: 4.09%), 10/1/2014   AAA/Aaa     1,148,460
425,000   New York State Dormitory Authority, (Series C), 7.375% (Original Issue Yield: 7.471%), 5/15/2010   AA-/A3     535,504
1,575,000   New York State Dormitory Authority, (Series C), 7.375% (Original Issue Yield: 7.471%), 5/15/2010   AA-/A3     1,902,679
500,000   New York State Dormitory Authority, (Series D), 5.00% (MBIA LOC)/(Original Issue Yield: 5.05%), 10/1/2030   AAA/Aa2     513,015
1,000,000   New York State Dormitory Authority, Health, Hospital, Nursing Home Improvement Revenue Bonds, 5.10% (AMBAC LOC), 2/1/2019   NR/Aaa     1,050,400
20,000   New York State Dormitory Authority, Refunding Revenue Bonds (Series B), 5.25% (Original Issue Yield: 5.75%), 5/15/2019   AA-/A3            22,269
500,000   New York State Dormitory Authority, Refunding Revenue Bonds, 5.00% (Original Issue Yield: 5.13%), 7/1/2012   AA-/A1     509,730
1,000,000   New York State Dormitory Authority, Refunding Revenue Bonds, 5.30%, 7/1/2008   AAA/Aaa     1,076,910
1,000,000   New York State Dormitory Authority, Revenue Bonds, 5.125% (FSA LOC)/ (Original Issue Yield: 5.33%), 8/15/2017   AAA/Aaa     1,054,160
1,000,000   New York State Dormitory Authority, Revenue Bonds, 5.50% (MBIA LOC), 10/1/2017   AAA/Aaa     1,126,350
175,000   New York State Dormitory Authority, Revenue Bonds, 5.85% (Arden Hill)/(FHA INS), 8/1/2026   AAA/NR     201,162

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$    405,000   New York State Dormitory Authority, Revenue Bonds, 5.85% (Wesley Health System)/(FHA INS), 8/1/2026   AAA/NR   $      434,954
  100,000   New York State Dormitory Authority, Revenue Bonds, 6.00% (State University of New York), 5/15/2008   AA-/A3     115,686
  1,000,000   New York State Dormitory Authority, Revenue Bonds, 6.05% (Lutheran Center at Poughkeepsie)/(Key Bank of New York LOC)/(Original Issue Yield: 6.08%), 7/1/2026   NR/A1     1,062,080
  2,315,000   New York State Dormitory Authority, Revenue Bonds, 7.50%, 5/15/2013   AA-/A3     3,021,075
  1,000,000   New York State Dormitory Authority, Revenue Refunding Bonds, 5.30% (Rochester, NY)/(MBIA LOC)/(Original Issue Yield: 5.475%), 7/1/2017   AAA/Aaa     1,098,010
  95,000   New York State Dormitory Authority, Revenue Refunding Bonds, 7.15%
(R & J Jewish Geriatric Center)/(FHA INS), 8/1/2014		   AAA/NR     103,057
  275,000   New York State Dormitory Authority, Schools Program, 5.10% (Original Issue Yield: 5.14%), 7/1/2011   A-/Baa1     303,988
  1,000,000   New York State Dormitory Authority, United Health Services, 5.375% (AMBAC LOC)/(Original Issue Yield: 5.573%), 8/1/2027   AAA/Aaa       1,043,590
  430,000   New York State Environmental Facilities Corp., 5.00%, 10/15/2015   AAA/Aaa     463,824
  15,000   New York State Environmental Facilities Corp., 5.85%, 1/15/2015   AAA/Aaa     17,000
  75,000   New York State Environmental Facilities Corp., Refunding Revenue Bonds, 5.20% (Original Issue Yield: 5.20%), 5/15/2014   AAA/Aaa     85,441

 

 

 

 

VISION New York Municipal Income Fund

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$      75,000   New York State Environmental Facilities Corp., Refunding Revenue Bonds, 5.20% (Original Issue Yield: 5.20%), 5/15/2014   AAA/Aaa   $        84,554
  1,040,000   New York State Environmental Facilities Corp., Revenue Bonds, 5.85%, 1/15/2015   AAA/Aaa     1,153,142
  25,000   New York State Environmental Facilities Corp., Solid Waste Disposal Revenue Bonds (Series A), 5.70% (Occidental Petroleum Corp.)/(Original Issue Yield: 5.75%), 9/1/2028   BBB/Baa2     25,001
  980,000   New York State Environmental Facilities Corp., State Clean Water and Drinking Water, (Series B), 5.875% (Original Issue Yield: 5.56%), 1/15/2017   AAA/Aaa     1,133,938
  20,000   New York State Environmental Facilities Corp., State Clean Water and Drinking Water, (Series B), 5.875% (Original Issue Yield: 5.56%), 1/15/2017   AAA/Aaa     23,816
  1,000,000   New York State Environmental Facilities Corp., State Clean Water and Drinking Water, (Series G), 5.25% (Original Issue Yield: 4.93%), 10/15/2021   AAA/Aaa     1,070,040
  35,000   New York State Environmental Facilities Corp., (Series C), 6.40% (Original Issue Yield: 6.40%), 9/15/2006   AAA/Aaa     35,501
  1,000,000   New York State Environmental Facilities Corp., (Series G), 5.25% (Original Issue Yield: 4.39%), 10/15/2010   AAA/Aaa     1,105,130
  365,000   New York State HFA, (Series A), 6.25% (Original Issue Yield: 6.35%), 9/15/2010   AA-/A3      411,355
  635,000   New York State HFA, (Series A), 6.25% (Original Issue Yield: 6.35%), 9/15/2010   AAA-/A3     735,679

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$      25,000   New York State HFA, (Series A), 6.90%, 8/15/2007   NR/Aa1   $        25,572
  1,000,000   New York State HFA, (Series A), 7.75% (FHA LOC)/(Original Issue Yield: 7.748%), 2/15/2005   NR/A2     1,070,840
  90,000   New York State HFA, Revenue Refunding Bonds, 7.90% (United States Treasury COL), 11/1/2006   AAA/#Aaa     99,615
  885,000   New York State HFA, (Series A), Service Contract Obligation Revenue Bonds, 6.375% (Original Issue Yield: 6.45%), 9/15/2015   AAA/A3     1,040,061
  1,000,000   New York State Local Government Assistance Corp., Revenue Bond, (Series A), 6.00% (Original Issue Yield: 6.106%), 4/1/2016   AA/A1     1,108,820
  50,000   New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home Revenue Bonds, 5.95% (FHA LOC)/(Original Issue Yield: 6.00%), 2/15/2010   AAA/NR     53,935
  30,000   New York State Medical Care Facilities Finance Agency, Hospital & Nursing Home Revenue Bonds (Series B), 6.00% (Buffalo General Hospital)/(FHA INS)/(Original Issue Yield: 6.219%), 8/15/2014   AAA/NR     32,163
  25,000   New York State Medical Care Facilities Finance Agency, Refunding Revenue Bonds, 5.75% (FHA LOC)/(Original Issue Yield: 5.85%), 2/15/2008   AAA/NR     26,893
  500,000   New York State Mortgage Agency, (Series 67), 5.80% (Original Issue Yield: 5.799%), 10/1/2028   NR/Aa1     540,635
  865,000   New York State Mortgage Agency, (Refunding Revenue Bonds), 5.70% (Original Issue Yield: 5.70%), 4/1/2011   NR/Aa1     919,729
  300,000   New York State Mortgage Agency, Revenue Refunding Bonds (Series 53), 5.25%, 10/1/2006   NR/Aa1     327,831

 

 

 

 

VISION New York Municipal Income Fund

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$    500,000   New York State Power Authority, Revenue Bonds (Series 2002A), 5.00%, 11/15/2021   AA-/Aa2   $      524,550
  400,000   New York State Power Authority, Revenue Bonds (Series A), 5.25% (Original Issue Yield: 5.38%), 11/15/2030   AA-/Aa2     416,016
  1,000,000   New York State Thruway Authority, (Series A), 5.125% (Original Issue Yield: 4.601%), 4/1/2011   AAA/Aaa     1,096,850
  1,000,000   New York State Thruway Authority, (Series B), 5.00% (Original Issue Yield: 5.35%), 4/1/2007   AAA/Aaa     1,072,470
  1,600,000   New York State Thruway Authority, (Series B), 5.25% (FGIC LOC)/(Original Issue Yield: 5.02%), 4/1/2013   AAA/Aaa     1,770,400
  1,000,000   New York State Thruway Authority, Highway & Bridge Transportation Fund Revenue Bonds (Series A), 6.00% (Original Issue Yield: 5.69%), 4/1/2015   AAA/Aaa     1,171,520
  1,000,000   New York State Thruway Authority, Highway & Bridge Trust Fund Revenue Bonds (Series A), 6.25% (FSA LOC), 4/1/2011   AAA/Aaa     1,180,940
  1,000,000   New York State Urban Development Corp., Revenue Refunding Bonds, 5.75% (Original Issue Yield: 5.35%), 7/1/2009   AAA/Aaa     1,137,020
  25,000   Niagara Falls, NY, Bridge Commission, (Series B), 5.25% (FGIC INS)/ (Original Issue Yield: 5.35%), 10/1/2015   AAA/Aaa     28,602
  300,000   Niagara Falls, NY, City School District, Certificate Participation, 5.625% (MBIA LOC)/(Original Issue Yield: 5.15%), 6/15/2011   AAA/Baa3     346,017
  20,000   Niagara Frontier Transportation Authority, Revenue Bonds, 6.00% (Greater Buffalo International Airport)/(AMBAC INS)/(Original Issue Yield: 6.15%), 4/1/2007   AAA/Aaa     21,043

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$ 1,000,000   North Babylon Union Free School District, NY, (Series A), 5.50% (FGIC LOC)/(Original Issue Yield: 5.57%), 2/15/2017   NR/Aaa   $   1,123,680
  340,000   Onondaga County, NY, IDA, (Series A), 4.00% (Original Issue Yield: 3.83%), 12/1/2004   NR/Baa2      350,955
  85,000   Onondaga County, NY, IDA, University and College Improvements Revenue Bonds, 5.00%, 3/1/2009   NR/Baa2     91,103
  1,580,000   Orange County, NY, GO UT, 5.10% (Original Issue Yield: 5.29%), 7/15/2019   NR/Aa1     1,667,864
  170,000   Riverton Housing Corp., Revenue Bonds, 6.65% (FHA INS), 8/1/2024   AA-/NR     189,958
  155,000   Schenectady, NY, IDA, (Series A), 5.45% (Union College)/(AMBAC INS)/(Original Issue Yield: 5.467%), 12/1/2029   NR/Aaa     165,170
  10,000   Spackenkill, NY, Unified Free School District, GO UT, 6.125%, 9/15/2014   NR/A1     11,971
  10,000   Springville, NY, GO UT Refunding Bonds, 7.90%, 8/1/2003   NR/Baa1     10,165
  225,000   Syracuse, NY, GO UT (Series A), Refunding Bonds, 5.125%, 2/15/2009   BBB/Baa1     249,075
  500,000   Syracuse, NY, GO UT (Series C), 5.50% (FGIC LOC), 1/1/2009   AAA/Aaa     558,485
  1,500,000   TSASC, Inc. NY, Cash Flow Management, Public Improvement, 6.25%, 7/15/2027   A/A1     1,396,650
  65,000   Tompkins County, NY, GO UT (Series B), 5.625% (Original Issue Yield: 5.80%), 9/15/2013   NR/Aa2     67,302
  280,000   Tompkins, NY, Health Care Corp., 10.80% (FHA INS), 2/1/2028   A /NR     325,234
  880,000   Tompkins County, NY, IDA, Revenue Bonds, 6.05% (Ithacare Center Project)/(FHA INS), 2/1/2017   AAA/NR     960,784
  640,000   Triborough Bridge & Tunnel Authority, NY, (Series A), 5.00% (Original Issue Yield: 5.24%), 1/1/2027   AA-/Aa3     653,274

 

 

 

 

VISION New York Municipal Income Fund

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      New York—continued          
$    725,000   Triborough Bridge & Tunnel Authority, NY, (Series A), 6.00% (Original Issue Yield: 4.98%), 1/1/2010   AA-/Aa3   $      858,197
  100,000   Triborough Bridge & Tunnel Authority, NY, (Series B), 5.125% (Original Issue Yield: 4.73%), 11/15/2012   AA-/Aa3     103,197
  3,500,000   Triborough Bridge & Tunnel Authority, NY, (Series Y), Refunding Revenue Bond, 6.125% (CapMAC Holdings, Inc.)/(CapMAC Holdings, Inc. LOC)/(Original Issue Yield:
6.20%), 1/1/2021		   AAA/Aaa     4,288,690
  285,000   Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, 6.75% (Original Issue Yield:
6.821%), 1/1/2009		   AA-/Aa3     338,899
  510,000   Utica, NY, Industrial Development Agency Civic Facility, 5.50%, 8/15/2013   A/NR     555,069
  320,000   Utica, NY, Industrial Development Agency Civic Facility, (Series A), 5.375% (Munson Williams Proctor)/(Original Issue Yield:
5.45%), 7/15/2019		   NR/Aa3     345,011
  270,000   Utica, NY, Industrial Development Agency Civic Facility, (Series A), Revenue Bond, 5.50% (Munson Williams Proctor), 7/15/2029   NR/Aa3     285,965
  350,000   Valley Center School District, GO UT, 7.15% (AMBAC LOC)/(Original Issue Yield: 7.10%), 6/15/2005   AAA/Aaa     391,654
  1,000,000   Webster, NY, CSD, GO UT, 5.125% (FGIC LOC)/(Original Issue Yield:
5.40%), 6/15/2019		   NR/Aaa     1,060,260
             
     

Total

         82,629,144
             

 

Principal

Amount

  
 

Credit

Rating(5)

   Value

(4)Long-Term Municipals—continued

          
      Puerto Rico—0.0%          
$      25,000   Puerto Rico Industrial, Medical & Environmental PCA, Revenue Bonds, 5.10% (American Home Products Corp.)/(Original Issue Yield: 5.30%), 12/1/2018   NR/A3   $ 25,781
             
      Wisconsin—1.6%          
  1,500,000   Badger, WI, Tobacco Asset Securitization Corp., Refunding Revenue Bonds, 6.125%, 6/1/2027   A-/A3     1,350,540
             
     

Total Long-Term Municipals (identified cost $80,449,931)

         84,420,976
             

Short-Term Municipals—0.9%

          
      New York—0.9%          
  500,000   New York City Municipal Water Finance Authority, (2001 F-1 Bonds), Daily VRDNs, (Dexia Credit Local LIQ)   AA/Aa2     500,000
  300,000   New York City, NY, (Series 1994 A-4), Daily VRDNs, (JPMorgan Chase Bank LOC)   AAA/Aaa     300,000
             
     

Total Short-Term Municipals (at

amortized cost)

         800,000
             
     

Total Investments—99.2% (identified cost $81,249,931)

       $ 85,220,976
             
     

Other Assets and Liabilities-Net—0.8%

         666,455
             
     

Net Assets—100%

       $ 85,887,431
             

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Pennsylvania Municipal Income Fund

Portfolio of Investments

April 30, 2003

 

Principal
Amount
  
  Credit
Rating(5)
   Value

(4)Long-Term Municipals—97.8%

          
      Pennsylvania—97.8%          
$ 1,185,000   Adams County, PA, GO UT Refunding Notes, 5.30% (FGIC INS)/(Original Issue Yield: 5.42%), 11/15/2019   AAA/Aaa   $   1,352,523
  1,450,000   Allegheny County, PA, Airport Authority, Refunding Revenue Bonds, 5.75% (MBIA INS)/(Original Issue Yield: 4.85%), 1/1/2006   AAA/Aaa     1,588,431
  435,000   Allegheny County, PA, Higher Education Building Authority, (Duquesne University Project), 5.125%, 3/1/2013   NR/Aaa     487,413
  2,500,000   Allegheny County, PA, Port Authority, Refunding Revenue Bonds, 6.00% (MBIA INS)/(Original Issue Yield: 6.125%), 3/1/2024   AAA/Aaa     2,959,800
  755,000   Allegheny County, PA, Residential Finance Agency, Revenue Bond, 5.15%, 11/1/2016   NR/Aaa     789,896
  1,210,000   Belle Vernon, PA, Area School District, GO UT, 6.00% (FGIC INS)/(Original Issue Yield: 6.09%), 4/1/2021   AAA/Aaa     1,425,247
  1,330,000   Berks County, PA, Municipal Authority, Refunding Revenue Bonds, 7.10% (FGIC INS)/(Original Issue Yield: 7.226%), 5/15/2022   AAA/Aaa     1,412,447
  1,000,000   Blair County, PA, (Series A), 5.00% (AMBAC INS)/(Original Issue Yield: 3.45%), 8/1/2007   NR/Aaa     1,116,410
  1,000,000   Butler County, PA, IDA, GO UT, 6.00% (FGIC INS)/(Original Issue Yield: 6.00%), 7/15/2011   AAA/Aaa     1,189,060
  1,070,000   Charleroi, PA, Area School District, (Series C), 5.75% (FGIC INS)/(Original Issue Yield: 5.90%), 10/1/2014   AAA/NR     1,255,977
  1,300,000   Charleroi, PA, Area School District, (Series C), 6.00% (FGIC INS), 10/1/2017   AAA/NR     1,544,946

 

Principal
Amount
  
  Credit
Rating(5)
   Value
(4)Long-Term Municipals—continued        
    Pennsylvania—continued        
$      30,000   Charleroi, PA, Area School District, (Series C), 6.00% (FGIC INS), 10/1/2017   AAA/NR   $        35,238
  2,000,000   Commonwealth of Pennsylvania, GO UT, 5.25% (Original Issue Yield: 4.69%), 10/15/2008   AA/Aa2     2,281,160
  3,000,000   Commonwealth of Pennsylvania, GO UT, 6.00% (Original Issue Yield: 5.96%), 1/15/2018   AA/Aa2     3,498,120
  475,000   Commonwealth of Pennsylvania, GO UT, (Series, 2nd), 5.10% (FSA INS)/(Original Issue Yield: 5.20%), 5/1/2022   AAA/Aaa     501,049
  2,150,000   Commonwealth of Pennsylvania, GO UT Bonds, 5.75%, 1/15/2009   AA/Aa2     2,482,713
  640,000   Conestoga Valley, PA, School District, (Series A), 4.50% (FGIC INS)/ (Original Issue Yield: 2.95%), 5/1/2005   NR/Aaa     679,507
  600,000   Dover, PA, Area School District, GO UT, 4.50% (FGIC INS)/(Original Issue Yield: 4.09%), 4/1/2014   Aaa     638,508
  1,365,000   Greater Johnstown, PA, School District, GO UT, 5.00% (FGIC INS), 2/1/2009   AAA     1,518,576
  710,000   Greene County, PA, IDA, Refunding Revenue Bonds, 4.75% (MBIA INS)/ (Original Issue Yield: 4.749%), 2/1/2007   AAA/Aaa     776,222
  505,000   Harbor Creek, PA, School District, (Series C), 4.00% (FGIC INS)/(Original Issue Yield: 3.25%), 8/1/2006   AAA/Aaa     541,461
  1,300,000   Indiana County, PA, IDA, (Series A), 5.875% (AMBAC INS)/(Original Issue Yield: 6.04%), 11/1/2029   AAA/Aaa     1,438,398
  795,000   Keystone, PA, Central School District, GO UT, 2.80%, 9/1/2004   A/NR     810,820
  1,000,000   Lampeter-Strasburg, PA, School District, GO UT, 4.00% (FGIC INS)/(Original Issue Yield: 2.95%), 4/1/2008   Aaa     1,071,170

 

 

 

 

VISION Pennsylvania Municipal Income Fund

 

Principal
Amount
  
  Credit
Rating(5)
   Value
(4)Long-Term Municipals—continued        
    Pennsylvania—continued        
$ 2,000,000   Lancaster County, PA, (Series A), 5.60% (FGIC INS)/(Original Issue Yield: 5.65%), 5/1/2012   NR/Aaa   $   2,279,900
  500,000   Lancaster, PA, School District, GO UT, 2.00% (FGIC INS)/(Original Issue Yield: 2.02%), 2/15/2005   AAA     505,775
  1,020,000   Loyalsock Township, PA, School District, GO UT, 4.00% (MBIA INS)/ (Original Issue Yield: 3.15%), 11/1/2005   AAA/Aaa     1,083,730
  1,500,000   Manheim, PA, Central School District, GO UT, 4.95% (FGIC INS), 6/1/2011   NR/Aaa     1,590,255
  890,000   Millville, PA, Area School District, GO UT, 5.75% (AMBAC INS)/(Original Issue Yield: 5.748%), 6/1/2017   AAA/Aaa     969,717
  1,500,000   Montgomery County, PA, IDA, Refunding Revenue Bonds, 5.35% (MBIA INS)/(Original Issue Yield: 5.46%), 8/15/2027   NR/Aaa     1,599,015
  1,500,000   North Allegheny, PA, School District, GO UT, 5.75% (FGIC INS), 11/10/2012   AAA/Aaa     1,770,570
  1,000,000   North Penn, PA, School District, GO UT, 4.00% (Financial Security Assurance, Inc. INS)/(Original Issue Yield: 3.999%), 9/1/2004   NR/Aaa     1,037,370
  555,000   Northern Tioga, PA, School District, GO UT, 4.40% (Original Issue Yield: 4.45%), 9/15/2012   AAA/Aaa     561,965
  630,000   Owen J. Roberts School District, PA, GO UT Prerefunded (Series A) Bonds, 5.375% (Original Issue Yield: 5.50%), 5/15/2018   AAA/Aaa     710,092
  870,000   Owen J. Roberts School District, PA, GO UT Unrefunded (Series A) Bonds, 5.375% (Original Issue Yield: 5.50%), 5/15/2018   AAA/Aaa     957,235
  1,000,000   Oxford, PA, School District, (Series A), 4.00% (FGIC INS)/(Original Issue Yield: 3.25%), 2/15/2005   AAA/Aaa     1,046,830

 

Principal
Amount
  
  Credit
Rating(5)
   Value
(4)Long-Term Municipals—continued        
    Pennsylvania—continued        
$ 1,000,000   Parkland, PA, School District, GO UT, 5.25% (FGIC INS)/(Original Issue Yield: 3.80%), 9/1/2004   NR/Aaa   $   1,053,890
  1,410,000   Pennsylvania HFA, (Series 58A), 5.85%, 4/1/2017   AA+/Aa2     1,474,155
  2,000,000   Pennsylvania HFA, (Series 68A), 6.10%, 4/1/2021   AA+/Aa2     2,140,260
  1,115,000   Pennsylvania HFA, (Series 69A), 6.15% (FHA/VA MTGS LOC), 10/1/2020   AA+/Aa2     1,198,614
  1,295,000   Pennsylvania HFA, (Series 70A), 5.80%, 10/1/2021   AA+/Aa2     1,376,637
  1,170,000   Pennsylvania HFA, (Series 72A), 3.80% (Original Issue Yield: 3.80%), 10/1/2005   AA+/Aa2     1,222,311
  2,000,000   Pennsylvania Intergovernmental Coop Authority, Special Tax, 5.25% (FGIC INS)/(Original Issue Yield: 5.012%), 6/15/2015   AAA/Aaa     2,208,180
  1,475,000   Pennsylvania State, 5.00%, 8/1/2016         1,586,053
  1,000,000   Pennsylvania State, GO UT, 6.00% (Original Issue Yield: 5.47%), 1/15/2010   AA/Aa2     1,166,240
  1,000,000   Pennsylvania State Higher Education Assistance Agency, (Series 2002 A), 2.35% TOBs (FSA INS)/(Bayerische Landesbank Girozentrale, Lloyds TSB Bank PLC, London, State Street Bank and Trust Co. LIQ) and WestLB AG LOCs), Optional Tender   AAA/Aaa     1,001,890
  250,000   Pennsylvania State Higher Education Facilities Authority, Refunding Revenue Bonds, 5.25% (Bryn Mawr College)/(AMBAC INS)/(Original Issue Yield: 4.06%), 12/1/2012   AAA/Aaa     285,732
  425,000   Pennsylvania State Higher Education Facilities Authority, University and College Improvement Bonds, 5.25% (Temple University)/(MBIA INS), 4/1/2014   AAA/Aaa     470,037
  500,000   Pennsylvania State IDA, Economic Development Revenue Bonds, 5.50% (AMBAC INS), 7/1/2013   AAA/Aaa     576,155

 

 

 

 

VISION Pennsylvania Municipal Income Fund

 

Principal
Amount
  
  Credit
Rating(5)
   Value
(4)Long-Term Municipals—continued        
    Pennsylvania—continued        
$    800,000   Pennsylvania State IDA, Revenue Refunding Bonds, 4.50% (AMBAC INS), 7/1/2008   AAA/Aaa   $      877,728
  1,000,000   Pennsylvania State Turnpike Commission, (Series S), 5.625% (FGIC INS)/ (Original Issue Yield: 4.77%), 6/1/2011   AAA0/Aa3     1,146,690
  1,000,000   Pennsylvania State University, Refunding Revenue Bonds, 5.25% (Original Issue Yield: 4.67%), 8/15/2016   AA/Aa2     1,145,090
  1,000,000   Pennsylvania State University, Revenue Refunding Bonds, 5.00%, 8/15/2006   AA/Aa2     1,104,670
  1,000,000   Philadelphia, PA, Authority for Industrial Development, (Series B), 5.25% (FSA INS)/(Original Issue Yield: 4.50%), 10/1/2010   AAA/Aaa     1,133,140
  1,000,000   Philadelphia, PA, GO UT, 5.25% (FSA INS)/(Original Issue Yield: 4.59%), 3/15/2011   AAA/Aaa     1,100,350
  1,520,000   Philadelphia, PA, School District, GO UT, 5.50% (AMBAC INS)/(Original Issue Yield: 5.88%), 9/1/2015   AAA/Aaa     1,691,426
  2,000,000   Philadelphia, PA, Water & Wastewater System, (Series A), 5.00% (AMBAC INS)/(Original Issue Yield: 5.25%), 8/1/2013   AAA/Aaa     2,182,460
  1,900,000   Philadelphia, PA, Water & Wastewater System, Refunding Revenue Bonds, 5.625% (MBIA INS)/(Original Issue Yield: 5.81%), 6/15/2009         2,193,417
  1,000,000   Pittsburgh, PA, Public Parking Authority, Revenue Bond, 3.50% (AMBAC INS), 12/1/2005   AAA     1,051,010
  1,000,000   Pittsburgh, PA, Public Parking Authority, Revenue Bond, 4.00% (AMBAC INS), 12/1/2007   AAA     1,079,550

 

Principal
Amount
  
  Credit
Rating(5)
   Value
(4)Long-Term Municipals—continued        
    Pennsylvania—continued        
$    500,000   Pittsburgh, PA, School District, GO UT, 5.25% (FSA INS)/(Original Issue Yield: 4.12%), 9/1/2009   AAA/Aaa   $      570,400
  2,500,000   Radnor Township, PA, School District, GO UT, 5.75% (Original Issue Yield: 5.92%), 3/15/2019   NR/Aa3       2,771,850
  500,000   Southeastern, PA, Transportation Authority, (Series A) Revenue Bonds, 5.25%, 3/1/2013   AAA/Aaa     554,385
  2,335,000   State Public School Building Authority, PA, Refunding Revenue Bonds, 5.95% (AMBAC INS)/(Original Issue Yield: 6.014%), 7/15/2020   AAA/Aaa     2,767,279
  1,000,000   Tredyffrin-Easttown, PA, School District, GO UT, 5.00% (Original Issue Yield: 3.92%), 2/15/2009   Aaa     1,117,340
  1,000,000   Wilson, PA, School District, 5.00% (FSA INS), 5/15/2012   Aaa     1,116,040
             
     

Total Long-Term Municipals (identified cost $78,412,132)

         84,870,525
             

Mutual Funds—0.2%

          
  145,100   Federated Pennsylvania Municipal Cash Trust, (Series IS)         145,100
  280   Federated Pennsylvania Municipal Cash Trust, (Series SS)         280
  343   SSGA Money Market Fund         343
             
     

Total Mutual Funds (at net asset value)

         145,723
             
     

Total Investments—98.0% (identified cost $78,557,855)

       $ 85,016,248
             
     

Other Assets and Liabilities-Net—2.0%

         1,712,590
             
     

Net Assets—100%

       $ 86,728,838
             

 

(See Notes to Portfolios of Investments)

 

VISION Intermediate Term Bond Fund

Portfolio of Investments

April 30, 2003

 

Principal
Amount
  
  Value

Asset-Backed Securities—1.4%

      
$2,000,000   GMAC Mortgage Corp. Loan Trust 2002-HE2, Class A4, 6.000%, 6/25/2023
(identified cost $2,051,250)		   $     2,060,060
       

Corporate Bonds—28.5%

      
1,000,000   Allstate Corp., Deb., 7.500%, 6/15/2013     1,232,070
2,000,000   American General Finance Corp., Note, 5.875%, 7/14/2006     2,195,180
1,000,000   American Home Products Corp., Note, 6.700%, 3/15/2011     1,145,260
1,500,000   Bank of America Corp., Unsecd. Note, 7.800%, 2/15/2010     1,800,420
1,000,000   Boeing Capital Corp., Medium Term Note, 6.350%, 11/15/2007     1,091,090
1,000,000   Caterpillar Financial Services Corp., Note, 7.590%, 12/10/2003     1,036,280
2,000,000   Citigroup, Inc., 5.750%, 5/10/2006     2,191,900
1,000,000   Coca-Cola Enterprises, Inc., Deb., 6.750%, 9/15/2028     1,152,710
1,000,000   Consolidated Natural Gas Co., Deb., 7.375%, 4/1/2005     1,085,120
1,000,000   Countrywide Home Loans, Inc., Note, (Series K), 3.500%, 12/19/2005     1,023,350
1,000,000   First Data Corp., MTN, (Series MTND), 6.375%, 12/15/2007     1,135,780
1,000,000   Gannett Co., Inc., Note, 4.950%, 4/1/2005     1,059,930
1,000,000   General Electric Capital Corp., Note, (Series MTN), 6.750%, 3/15/2032     1,158,460
1,000,000   Hartford Life, Inc., Sr. Note, 6.900%, 6/15/2004     1,051,790
1,000,000   Honeywell International, Inc., Note, 7.500%, 3/1/2010     1,200,360
1,000,000   Ingersoll-Rand Co., Note, 6.510%, 12/1/2004     1,060,640
1,200,000   International Business Machines Corp., Deb., 7.500%, 6/15/2013     1,491,684
1,000,000   John Deere Capital Corp., Bond, 5.100%, 1/15/2013     1,028,490
1,000,000   May Department Stores Co., Sr. Deb., 7.500%, 6/1/2015     1,186,620
1,000,000   National City Corp., Sub. Note, 6.875%, 5/15/2019     1,153,130
1,000,000   National Rural Utilities Cooperative Finance Corp., Collateral Trust, 6.000%, 5/15/2006     1,098,100
1,000,000   New York Telephone Co., Deb., 6.000%, 4/15/2008     1,107,550
1,000,000   Niagara Mohawk Power Corp., 1st Mtg. Bond, 7.750%, 5/15/2006     1,136,820
1,000,000   PP&L Capital Funding, Inc., Sr. Note, (Series MTN), 7.750%, 4/15/2005     1,095,260

 

Principal
Amount
  
  Value

Corporate Bonds—continued

      
$1,000,000   Phillips Petroleum Co., Note, 6.375%, 3/30/2009   $       1,128,480
1,500,000   SLM Corporation, 5.625%, 4/10/2007     1,644,810
1,000,000   SunTrust Banks, Inc., Sub. Note, 7.375%, 7/1/2006     1,154,680
1,000,000   Target Corp., Unsecd. Note, 7.500%, 8/15/2010     1,202,130
1,000,000   U.S. Bank NA, Sub. Note, 6.300%, 7/15/2008     1,137,300
1,000,000   Union Pacific Corp., Note, 5.750%, 10/15/2007     1,096,620
1,000,000   Wachovia Corp., Sub. Note, 7.500%, 7/15/2006     1,144,280
1,000,000   Walt Disney Co., Note, 6.375%, 3/1/2012     1,094,820
1,000,000   Washington Mutual, Inc., 7.500%, 8/15/2006     1,144,910
       
   

Total Corporate Bonds
(identified cost $38,371,660)

     40,666,024
       

Government Agencies—11.9%

      
    Federal Home Loan Bank System—0.8%
1,000,000   6.500%, 11/13/2009     1,166,960
       
    Federal Home Loan Mortgage Corporation—3.3%      
2,500,000   5.125%, 8/20/2012     2,552,550
2,000,000   5.375%, 8/16/2006     2,090,320
       
   

Total

     4,642,870
       
    Federal National Mortgage Association—6.7%      
2,000,000   4.900%, 6/13/2007     2,112,280
2,000,000   5.250%, 3/22/2007     2,062,140
3,000,000   5.625%, 2/28/2012     3,178,770
2,000,000   6.000%, 12/15/2005     2,206,360
       
   

Total

     9,559,550
       
    Student Loan Marketing Association—1.1%      
1,500,000   5.250%, 3/15/2006     1,632,105
       
   

Total Government Agencies (identified cost $16,335,498)

     17,001,485
       

Mortgage Backed Securities—37.6%

      
    Federal Home Loan Mortgage Corporation—14.9%      
3,534,674   5.000%, 10/1/2017     3,648,455
2,927,267   5.000%, 12/1/2017     3,021,496
21,606   5.500%, 4/1/2014     22,652
1,273,446   6.000%, 4/1/2016     1,331,948
3,892,347   6.000%, 7/1/2029     4,060,185
3,764,630   6.000%, 1/1/2033     3,918,754
1,824,226   6.500%, 12/1/2021     1,916,568
3,037,544   7.500%, 9/1/2019     3,259,649
       
   

Total

     21,179,707
       

 

 

 

VISION Intermediate Term Bond Fund

 

    
Principal
Amount
  
  Value

Mortgage Backed Securities—continued

      
    Federal National Mortgage Association—11.7%      
$2,149,573   5.000%, 2/1/2009   $     2,220,100
3,250,904   5.500%, 7/1/2009     3,365,694
3,450,547   5.500%, 2/1/2017     3,592,882
2,563,582   6.000%, 9/1/2032     2,671,739
960,385   6.500%, 11/1/2030     1,004,197
768,976   7.000%, 12/1/2011     825,926
2,833,313   7.000%, 3/1/2032     2,996,229
       
   

Total

     16,676,767
       
    Government National Mortgage Association—11.0%      
3,296,980   6.000%, 3/20/2031     3,443,300
2,862,920   6.000%, 9/15/2031     3,010,532
2,811,946   6.500%, 7/15/2028     2,970,990
2,774,791   6.500%, 1/20/2029     2,919,608
1,727,958   7.000%, 7/20/2028     1,830,565
1,449,486   7.000%, 12/15/2030     1,540,978
       
   

Total

     15,715,973
       
   

Total Mortgage Backed Securities (identified cost $51,094,039)

     53,572,447
       

U.S. Treasury—17.0%

      
    U.S. Treasury Bonds—5.5%      
1,000,000   7.500%, 11/15/2016     1,316,090
1,000,000   7.500%, 11/15/2024     1,357,970
1,500,000   8.125%, 8/15/2019     2,102,580
1,000,000   8.125%, 5/15/2021     1,414,220
1,000,000   10.625%, 8/15/2015     1,616,090
       
   

Total

     7,806,950
       

 

Principal
Amount
or Shares
  
  Value

U.S. Treasury—continued

      
    U.S. Treasury Notes—11.5%      
$1,500,000   5.625%, 2/15/2006   $ 1,653,750
2,500,000   5.625%, 5/15/2008     2,821,875
2,000,000   5.750%, 11/15/2005     2,198,440
5,000,000   5.875%, 11/15/2004     5,345,300
1,500,000   6.500%, 10/15/2006     1,711,875
1,000,000   6.500%, 2/15/2010     1,190,000
5,000,000   I.O., 8/15/2025     1,553,900
       
   

Total

     16,475,140
       
   

Total U.S. Treasury (identified cost $23,312,673)

     24,282,090
       

Mutual Funds—2.8%

      
1,861,181   SSGA Money Market Fund     1,861,181
2,127,281   SSGA US Government Money Market Fund     2,127,281
       
   

Total Mutual Funds
(at net asset value)

     3,988,462
       
   

Total Investments—99.2% (identified cost $135,153,582)

   $ 141,570,568
       
   

Other Assets and Liabilities-

Net—0.8%

     1,099,772
       
   

Net Assets—100%

   $ 142,670,340
       

 

(See Notes to Portfolios of Investments)

 

 

 

VISION U.S. Government Securities Fund

Portfolio of Investments

April 30, 2003

 

Principal

Amount

  
  Value

Asset-Backed Securities—0.0%

      
$     26,666   Guaranteed Export Trust, Class C, 5.200%, 10/15/2004   $          27,287
17,209   Provident Bank Home Equity Loan Trust 1996-1, Class A1, 7.600%, 10/25/2012     18,188
       
   

Total Asset-Backed Securities
(identified cost $43,148)

     45,475
       

Collateralized Mortgage Obligations—3.1%

      
    Federal Home Loan Mortgage Corporation—1.1%      
65,462   (Series 141-D), REMIC, 5.000%, 5/15/2021     66,910
105,000   (Series 1686-PJ), REMIC, 5.000%, 2/15/2024     106,597
100,122   (Series 1637-GA), REMIC, 5.800%, 6/15/2023     103,855
109,549   (Series 136-E), REMIC, 6.000%, 4/15/2021     112,613
314,000   (Series 1534-H), REMIC, 6.000%, 1/15/2023     323,436
41,879   (Series 112-I), REMIC, 6.500%, 1/15/2021     42,805
279,000   (Series 1577-PK), REMIC, 6.500%, 9/15/2023     305,011
176,000   (Series 1644-K), REMIC, 6.750%, 12/15/2023     189,124
31,482   (Series 33-H), REMIC, 7.500%, 6/25/2023     32,351
97,644   (Series 126-A), REMIC, 9.000%, 3/15/2005     97,900
214,294   (Series 6-C), REMIC, 9.050%, 6/15/2019     234,039
       
   

Total

     1,614,641
       
    Federal National Mortgage Association—2.0%      
30,658   (Series L-DC), REMIC, 5.000%, 1/1/2006     31,351
32,176   (Series 1993-38-L), REMIC, 5.000%, 8/25/2022     32,694
152,000   (Series 1994-3-PL), REMIC, 5.500%, 1/25/2024     157,627
111,000   (Series 1993-198-K), REMIC, 6.000%, 12/25/2022     116,657
861,265   (Series 2002-52-QA), REMIC, 6.000%, 7/18/2032     902,356
26,000   (Series 1993-160-PK), REMIC, 6.500%, 11/25/2022     27,150
175,000   (Series 1993-223-C), REMIC, 6.500%, 5/25/2023     183,834
415,000   (Series 1993-113-PK), REMIC, 6.500%, 7/25/2023     445,270
554,000   (Series 1993-127-H), REMIC, 6.500%, 7/25/2023     593,561

 

Principal

Amount

  
  Value

Collateralized Mortgage Obligations—continued

      
    Federal National Mortgage Association—continued      
$   155,000   (Series 1993-202-J), REMIC, 6.500%, 11/25/2023   $        171,041
181,000   (Series 1994-55-H), REMIC, 7.000%, 3/25/2024     200,696
       
    Total     2,862,237
       
   

Total Collateralized Mortgage Obligations (identified cost $4,060,786)

     4,476,878
       

Corporate Bonds—11.5%

      
1,195,000   Associates Corp. of North America, 6.375%, 11/15/2005     1,313,305
500,000   Bay State Gas Co., 9.200%, 6/6/2011     575,930
1,000,000   Bristol-Myers Squibb Co., 5.750%, 10/1/2011     1,084,010
1,000,000   First Tennessee Bank National Association, 4.625%, 5/15/2013     1,003,500
700,000   Ford Motor Co., 9.215%, 9/15/2021     724,836
1,000,000   General Electric Co., 5.000%, 2/1/2013     1,034,100
1,000,000   J.P. Morgan Chase & Co., 4.000%, 2/1/2008     1,024,960
1,120,083   NYNEX Corp., 9.550%, 5/1/2010     1,349,218
1,000,000   (2) Ohio National Life Insurance Co., 8.500%, 5/15/2026     1,096,170
125,000   Public Service Co., 8.750%, 3/1/2022     133,919
1,000,000   Stanford University,
5.850%, 3/15/2009		     1,122,340
1,000,000   Stanford University,
6.160%, 4/30/2011		     1,124,270
1,000,000   Target Corp., 5.375%, 6/15/2009     1,090,570
1,000,000   Travelers Property Casualty Corp., 6.750%, 11/15/2006     1,092,720
2,000,000   Verizon Global Funding, 7.250%, 12/1/2010     2,340,400
370,000   Weingarten Realty Investors, 6.650%, 7/12/2027     388,052
       
   

Total Corporate Bonds
(identified cost $15,448,024)

     16,498,300
       

Government Agencies—25.0%
    Department of Housing and Urban Development—1.8%
270,000   6.760%, 8/1/2006     272,954
360,000   6.930%, 8/1/2009     364,093
500,000   7.140%, 8/1/2007     554,105
1,200,000   7.660%, 8/1/2015     1,334,232
       
   

Total

     2,525,384
       

 

 

 

 

VISION U.S. Government Securities Fund

 

Principal

Amount

  
  Value

Government Agencies—continued
    Federal Home Loan Bank—1.0%      
$1,500,000   1.300%, 10/8/2004   $     1,500,045
       
    Federal Home Loan Mortgage Corporation—7.2%      
5,000,000   2.500%, 7/28/2005     5,032,350
3,000,000   4.375%, 2/4/2010     3,059,115
2,000,000   5.250%, 11/5/2012     2,022,880
175,000   6.943%, 3/21/2007     203,000
       
   

Total

     10,317,345
       
    Federal National Mortgage Association—1.5%      
53,000   5.125%, 2/13/2004     54,634
2,000,000   6.250%, 2/17/2011     2,067,900
       
   

Total

     2,122,534
       
    Overseas Private Investment Corporation—2.4%      
3,124,100   6.600%, 5/21/2016     3,458,941
       
    Private Export Funding Corporation—2.1%      
500,000   6.490%, 7/15/2007     572,280
2,000,000   7.200%, 1/15/2010     2,423,640
75,000   7.950%, 11/1/2006     81,641
       
   

Total

     3,077,561
       
    Small Business Administration—5.1%      
485,143   5.600%, 9/1/2008     513,683
479,890   6.200%, 11/1/2007     505,048
528,272   6.700%, 3/1/2016     581,014
1,252,794   6.700%, 12/1/2016     1,385,494
3,200,082   6.950%, 11/1/2016     3,560,230
124,906   7.300%, 5/1/2017     140,996
127,735   7.300%, 9/1/2019     146,467
24,402   8.850%, 8/1/2011     26,738
240,220   9.250%, 2/1/2008     257,606
226,208   9.650%, 5/1/2010     246,654
       
   

Total

     7,363,930
       
    Tennessee Valley Authority—0.8%
1,133,129   7.430%, 4/1/2022     1,207,938
       
    Title XI—1.3%
750,000   American Heavy Lift Shipping, 7.180%, 6/1/2017     793,570
900,000   Vessel Management Service, 6.750%, 6/15/2025     1,011,816
       
   

Total

     1,805,386
       
    U.S. Aid—1.8%
2,475,000   El Salvador, Government of, 6.530%, 7/1/2007     2,669,906
       
   

Total Government Agencies
(identified cost $34,321,785)

     36,048,970
       

 

Principal

Amount

  
  Value
Mortgage Backed Securities—28.0%
    Federal Home Loan Mortgage Corporation—9.5%      
$4,994,637   5.500%, 4/1/2033   $     5,131,989
2,479,307   6.500%, 2/1/2032     2,590,876
39,813   7.000%, 11/1/2007     40,989
51,686   7.000%, 7/1/2008     54,173
103,893   7.000%, 8/1/2008     108,891
129,351   7.000%, 11/1/2008     135,899
36,724   7.000%, 11/1/2010     39,364
37,649   7.000%, 11/1/2017     40,261
391,985   7.000%, 11/1/2025     416,115
1,312   7.250%, 1/1/2005     1,332
1,729   7.250%, 11/1/2009     1,740
5,586   7.500%, 7/1/2007     5,809
65,945   7.500%, 3/1/2008     68,898
35,348   7.500%, 6/1/2008     37,469
7,768   7.500%, 11/1/2009     8,214
22,848   7.500%, 12/1/2010     24,162
7,952   7.500%, 3/1/2017     8,593
196,861   7.500%, 8/1/2017     213,287
934,859   7.500%, 7/1/2025     1,005,852
2,745,144   7.500%, 5/1/2032     2,928,739
1,814   8.000%, 5/1/2006     1,898
72,390   8.000%, 11/1/2006     76,793
1,728   8.000%, 3/1/2007     1,796
16,232   8.000%, 9/1/2007     17,277
156,092   8.000%, 11/1/2008     167,847
5,706   8.000%, 1/1/2010     6,073
19,213   8.000%, 12/1/2010     20,660
11,445   8.250%, 12/1/2007     12,173
20,365   8.250%, 5/1/2009     21,988
23,786   8.250%, 8/1/2009     25,607
15,055   8.500%, 7/1/2004     15,227
21,538   8.500%, 9/1/2009     22,891
342,057   8.500%, 8/1/2017     377,330
2,480   9.000%, 9/1/2019     2,739
       
   

Total

     13,632,951
       
    Federal National Mortgage
Association—14.8%		    
2,982,065   5.500%, 3/1/2033     3,064,071
193,279   6.000%, 5/1/2009     204,332
14,341   6.000%, 1/1/2014     15,206
2,212,913   6.000%, 12/1/2028     2,311,122
2,938,739   6.000%, 9/1/2029     3,071,893
8,500   6.500%, 4/1/2004     8,644
663,419   6.500%, 4/1/2029     695,343
2,551,737   6.500%, 4/1/2032     2,667,356
3,365,633   6.500%, 5/1/2032     3,518,130
1,154,152   7.000%, 5/1/2024     1,221,600
1,419,136   7.000%, 1/1/2025     1,519,809
2,422,761   7.000%, 2/1/2032     2,562,070
115,603   7.500%, 2/1/2014     120,366
55,282   8.000%, 1/1/2006     57,944
91,053   8.000%, 6/1/2008     97,483
44,105   8.000%, 1/1/2010     47,591
61,148   8.000%, 8/1/2021     67,205

 

 

 

 

 

VISION U.S. Government Securities Fund

 

    
Principal

Amount

  
  Value

Mortgage Backed Securities—continued
    Federal National Mortgage Association—continued      
$     40,821   8.250%, 7/1/2009   $          43,832
17,283   8.500%, 3/1/2012     18,703
8,626   9.000%, 10/1/2006     8,864
25,290   9.750%, 9/1/2017     28,277
       
   

Total

     21,349,841
       
    Government National Mortgage Association—3.7%      
3,670   6.500%, 12/15/2003     3,676
412,804   7.000%, 5/15/2023     441,444
340,682   7.000%, 10/20/2023     362,295
1,385,388   7.000%, 9/15/2028     1,471,975
2,875   7.250%, 2/15/2005     2,949
4,565   7.250%, 3/15/2005     4,681
9,469   7.250%, 3/15/2005     9,711
22,066   7.250%, 5/15/2005     22,838
3,687   7.250%, 7/15/2005     3,816
2,077   7.250%, 10/15/2005     2,169
5,372   7.250%, 11/15/2005     5,560
14,766   7.250%, 4/15/2006     15,491
9,965   7.500%, 12/15/2005     10,377
21,700   7.500%, 4/15/2007     22,989
27,005   7.500%, 5/15/2007     28,608
14,480   7.500%, 6/15/2007     15,340
5,047   7.500%, 6/20/2007     5,492
5,937   8.000%, 6/15/2006     6,225
5,427   8.000%, 8/15/2006     5,784
11,352   8.000%, 9/15/2006     12,143
58,367   8.000%, 11/15/2006     62,435
290,731   8.000%, 9/15/2007     314,170
50,302   8.000%, 10/15/2007     54,389
37,698   8.000%, 12/15/2009     40,843
66,847   8.000%, 2/15/2010     72,843
11,137   8.000%, 12/15/2016     12,296
9,688   8.000%, 7/15/2024     10,575
29,900   8.250%, 6/15/2008     32,404
25,076   8.375%, 4/15/2010     27,321
166,688   8.500%, 9/15/2008     178,669
1,436,879   8.500%, 10/15/2008     1,541,943
63,702   8.500%, 10/20/2009     68,381
30,595   8.500%, 11/15/2017     34,132
23,004   9.000%, 10/15/2008     25,175
53,265   9.000%, 9/15/2016     59,574
45,502   9.000%, 11/15/2016     50,891
99,158   9.000%, 2/15/2017     110,902
155,060   9.000%, 4/20/2023     170,808
41,798   9.000%, 10/20/2024     45,978
       
   

Total

     5,367,292
       
   

Total Mortgage Backed Securities
(identified cost $38,973,040)

     40,350,084
       

 

Principal

Amount
or Shares

  
  Value
  

Municipals—4.3%
$   913,627   Arkansas Development Finance Authority, 9.750%, 11/15/2005   $ 987,210  
1,375,000   Boston, MA, U.S. Government Guaranteed Notes, 6.930%, 8/1/2008     1,390,634  
225,000   Chicago, IL, Public Building Commission, 7.000%, 1/1/2007     257,978  
250,000   Connecticut Development Authority, 8.550%, 8/15/2008     269,178  
265,000   Connecticut Municipal Electric Energy Cooperative, 5.700%, 1/1/2004     272,362  
100,000   Greater Orlando (FL) Aviation Authority, 8.250%, 10/1/2004     109,151  
185,000   Miami, FL, 8.650%, 7/1/2019     240,589  
1,470,000   Tacoma, WA, 8.200%, 9/15/2013     1,817,846  
885,750   Tobacco Settlement Financing Corp., NJ, 6.360%, 5/15/2025     909,160  
       
   

Total Municipals
(identified cost $6,186,185)

     6,254,108  
       

U.S. Treasury—24.1%
    U.S Treasury Bonds—9.1%
7,000,000   6.375%, 8/15/2027     8,467,830  
4,000,000   13.750%, 8/15/2004     4,642,480  
       
   

Total

     13,110,310  
       
    U.S Treasury Notes—15.0%        
3,000,000   1.500%, 2/28/2005     3,003,750  
3,000,000   3.000%, 11/15/2007     3,040,770  
7,901,180   3.625%, 1/15/2008     8,740,680  
5,000,000   4.000%, 11/15/2012     5,065,650  
1,500,000   6.500%, 2/15/2010     1,785,000  
       
   

Total

     21,635,850  
       
   

Total U.S. Treasury
(identified cost $33,752,241)

     34,746,160  
       

Mutual Funds—6.3%
5,814,893   SSGA Money Market Fund     5,814,893  
3,322,150   SSGA US Government Money Market Fund     3,322,150  
       
   

Total Mutual Funds
(at net asset value)

     9,137,043  
       
   

Total Investments—102.3%

(identified cost $141,922,252)

   $ 147,557,018  
       
   

Other Assets and liabilities- Net—(2.3)%

     (3,347,277 )
       
   

Net Assets—100%

   $ 144,209,741  
       

 

(See Notes to Portfolios of Investments)

 

 

VISION New York Tax-Free Money Market Fund

Portfolio of Investments

April 30, 2003

 

Principal

Amount

  
  Value
(4)Short-Term Municipals—99.2%    
    New York—99.2%    
$   1,455,000   ABN AMRO MuniTOPS Certificates Trust (New York Non-AMT), (Series 1999-2), Weekly VRDNs, (Metropolitan Transportation Authority, NY)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ)   $     1,455,000
  1,864,000   Albany, NY, 2.50% BANs, 8/1/2003     1,868,160
  2,195,000   Albany, NY, IDA, (Series 2002: Corning Preserve/Hudson Riverfront), Weekly VRDNs, (Albany Local Development Corp.)/(Key Bank, N.A. LOC)     2,195,000
  4,720,000   Auburn, NY, 2.50% BANs, 6/13/2003     4,723,820
  2,000,000   Center Moriches, NY, Union Free School District, 2.50% TANs, 6/30/2003     2,002,930
  1,550,000   Chautauqua County, NY IDA, IDRB, Weekly VRDNs, (Belknap Business Forms)/(Key Bank, N.A. LOC)     1,550,000
  1,961,000   Chenango Valley, NY, CSD, 2.375% BANs, 6/27/2003     1,963,030
  2,750,000   Clinton County, NY, IDA, (Series 2002A), Weekly VRDNs, (Champlain Valley Physicians Hospital Medical Center)/(Radian Asset Assurance INS)/(Key Bank, N.A. LIQ)     2,750,000
  2,000,000   Cornwall, NY, CSD, 2.25% BANs, 10/17/2003     2,005,917
  2,444,985   Dansville, NY, CSD, 1.625% BANs, 4/1/2004     2,454,390
  1,598,230   Dansville, NY, CSD, 2.50% BANs, 6/27/2003     1,599,822
  1,850,000   Dutchess County, NY, IDA, (Series 1998-A), Weekly VRDNs, (Marist College)/(Bank of New York LOC)     1,850,000
  3,000,000   East Greenbush, NY, CSD, 1.75% BANs, 3/3/2004     3,014,922
  490,000   East Rochester, NY, Housing Authority, (Series 2002), 3.00% Bonds, (Jewish Home of Rochester)/(FHA INS), 8/15/2003     491,826
  1,795,000   Erie County, NY, IDA, Civic Facility Revenue Bonds, (Series 2002), Weekly VRDNs, (People, Inc.)/(Key Bank, N.A. LOC)     1,795,000
  1,325,000   Erie County, NY, IDA, (Series 1998), Weekly VRDNs, (B & G Properties LLC)/(HSBC Bank USA LOC)     1,325,000
  1,083,638   Galway, NY, CSD, 2.60% BANs, 6/17/2003     1,084,527
  1,509,700   Guilderland, NY, 2.75% BANs, 5/2/2003     1,509,728

 

Principal

Amount

  
  Value
(4)Short-Term Municipals—continued    
    New York—continued    
$   2,475,000   Herkimer County, NY, IDA, Civic Facility Revenue Bonds, (Series 2000), Weekly VRDNs, (Templeton Foundation)/(Key Bank, N.A. LOC)   $     2,475,000
  435,000   Heuvelton, NY, CSD, 2.875% Bonds, (FGIC INS), 6/15/2003     435,515
  1,825,000   Jamesville-Dewitt, NY, CSD, 2.50% BANs, 7/25/2003     1,828,761
  1,843,000   Jordan-Elbridge, NY, CSD, (Series 2002), 2.375% BANs, 7/17/2003     1,845,348
  4,000,000   LeRoy, NY, CSD, 1.50% BANs, 3/18/2004     4,002,956
  1,500,000   Levittown Union Free School District, NY, 2.50% TANs, 6/26/2003     1,501,809
  2,000,000   (2) Long Island Power Authority, (PA-807R), 1.60% TOBs, (FSA INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 9/4/2003     2,000,000
  2,800,000   Long Island Power Authority, (Series 1A), Weekly VRDNs, (Bayerische Hypotheken-und Vereinsbank AG LOC)     2,800,000
  1,200,000   Long Island Power Authority, (Series 1B), Daily VRDNs, (Dexia Credit Local and State Street Bank and Trust Co. LOCs)     1,200,000
  1,160,000   Long Island Power Authority, (Series 3A), Weekly VRDNs, (JPMorgan Chase Bank LOC)     1,160,000
  1,375,000   Long Island Power Authority, Floater Certificates, (Series 1998-66), Weekly VRDNs (MBIA INS)/(Morgan Stanley LIQ)     1,375,000
  1,995,000   (2) Metropolitan Transportation Authority, NY, (PA-1027), 1.20% TOBs, (AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 3/4/2004     1,995,000
  13,300,000   Metropolitan Transportation Authority, NY, MERLOTS, (Series 1997C), Weekly VRDNs, (FGIC INS)/(Wachovia Bank N.A. LIQ)     13,300,000
  1,430,000   Metropolitan Transportation Authority, NY, Trust Receipts, (Series 1997 FR/RI-9), Weekly VRDNs, (FGIC INS)/(Bank of New York LIQ)     1,430,000
  250,000   Morrisville-Eaton, NY, CSD, (Series 2002-B), 2.25% Bonds, (FGIC INS), 6/15/2003     250,076
  2,500,000   Morrisville-Eaton, NY, CSD, 2.50% RANs, 6/27/2003     2,502,298

 

 

 

 

 

VISION New York Tax-Free Money Market Fund

 

Principal

Amount

  
  Value
(4)Short-Term Municipals—continued    
    New York—continued    
$  3,600,000   New York City, NY, IDA, (Series 2000), Weekly VRDNs, (National Center on Addiction and Substance Abuse at Columbia University)/(JPMorgan Chase Bank LOC)   $     3,600,000
8,625,000   New York City, NY, (1995 Series F-4), Weekly VRDNs, (Landesbank Hessen-Thueringen, Frankfurt LOC)     8,625,000
3,105,000   New York City Trust For Cultural Resources, (Series 2000), Weekly VRDNs, (Manhattan School of Music)/(Radian Asset Assurance INS)/(Wachovia Bank N.A. LIQ)     3,105,000
2,100,000   New York City, NY, IDA, Revenue Bonds, Weekly VRDNs, (Children’s Oncology Society)/(Bank of New York LOC)     2,100,000
1,000,000   New York City Municipal Water Finance Authority, Floater Certificates, (Series 2001-687), Weekly VRDNs, (MBIA INS)/(Morgan Stanley LIQ)     1,000,000
3,400,000   New York City, NY, Transitional Finance Authority, MERLOTS, (Series 2002-A40), Weekly VRDNs, (MBIA INS)/(Wachovia Bank N.A. LIQ)     3,400,000
6,400,000   New York City, NY, Transitional Finance Authority, New York City Recovery Bonds, (2003 Series 3-H), Daily VRDNs (Bank of New York LIQ)     6,400,000
1,810,000   New York State Dormitory Authority, (Series 1993 PA-60), Weekly VRDNs, (Rochester General Hospital)/(FHA INS)/(Merrill Lynch & Co., Inc. LIQ)     1,810,000
3,335,000   New York State Dormitory Authority, (Series 2000), Weekly VRDNs, (Glen Eddy, Inc.)/(Fleet National Bank LOC)     3,335,000
2,985,000   New York State Dormitory Authority, MERLOTS, (Series 2001-A30), Weekly VRDNs, (AMBAC INS)/(Wachovia Bank N.A. LIQ)     2,985,000
2,200,000   New York State Environmental Facilities Corp. State Clean Water and Drinking Water, (Series 2001-732), Weekly VRDNs, (Morgan Stanley LIQ)     2,200,000
2,000,000   New York State HFA, (Series 2000A), Weekly VRDNs, (1501 Associates, LP)/(FNMA LOC)     2,000,000
4,300,000   New York State HFA, Service Contract Obligation Revenue Bonds, (2001 Series A), Weekly VRDNs, (Landesbank Hessen-Thueringen, Frankfurt LOC)     4,300,000

 

Principal

Amount

  
  Value
(4)Short-Term Municipals—continued    
    New York—continued    
$  4,200,000   New York State HFA, Service Contract Revenue Bonds, (2003 Series B), Weekly VRDNs, (BNP Paribas SA LOC)   $     4,200,000
2,200,000   New York State Local Government Assistance Corp., (Series 1995B), Weekly VRDNs, (Bank of Nova Scotia, Toronto LOC)     2,200,000
1,100,000   New York State Local Government Assistance Corp., Class A Certificates, (Series 2002-203), Weekly VRDNs, (FSA INS)/(Bear Stearns Cos., Inc. LIQ)     1,100,000
100,000   New York State Medical Care Facilities Finance Agency, Weekly VRDNs, (Pooled Loan Program)/(JPMorgan Chase Bank LOC)     100,000
1,500,000   New York State Mortgage Agency, (PA-406), Weekly VRDNs, (Merrill Lynch & Co., Inc. LIQ)     1,500,000
2,000,000   New York State Mortgage Agency, (PA-422), Weekly VRDNs, (Merrill Lynch & Co., Inc. LIQ)     2,000,000
2,530,000   New York State Thruway Authority, (PA-172), Weekly VRDNs, (Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)     2,530,000
4,000,000   New York State Thruway Authority, (PA-532), Weekly VRDNs, (Merrill Lynch & Co., Inc. LIQ)     4,000,000
3,000,000   New York State Urban Development Corp., Municipal SecuritiesTrust Receipts, (Series 1996-CMC6), Weekly VRDNs, (J.P. Morgan Chase & Co. LIQ)     3,000,000
3,700,000   Niagara County, NY, IDA, (Series 2001B), Weekly VRDNs, (Niagara University)/(Radian Asset Assurance INS)/(HSBC Bank USA LIQ)     3,700,000
2,813,000   Onondaga County, NY, IDA, (Series 1999A), Weekly VRDNs, (Christian Brothers Academy of Syracuse, NY)/(Key Bank, N.A. LOC)     2,813,000
4,000,000   Port Authority of New York and New Jersey, Port Authority Equipment Note Agreement, (Series 2002-2), Weekly VRDNs     4,000,000
1,500,000   Riverhead, NY IDA, IDRB, (Series 1998), Weekly, VRDNs, (Altaire Pharmaceuticals, Inc.)/(Mellon Bank NA, Pittsburgh LOC)     1,500,000
2,200,000   Seneca County, NY, IDA, (Series 2000), Weekly VRDNs, (Kidspeace National Centers of New York, Inc.)/(Key Bank, N.A. LOC)     2,200,000
2,400,000   Seneca Falls, NY, CSD, 2.50% RANs, 6/18/2003     2,401,796

 

 

 

 

 

VISION New York Tax-Free Money Market Fund

 

Principal

Amount

  
  Value
(4)Short-Term Municipals—continued    
    New York—continued    
$  5,750,000   St. Lawrence County, NY, IDA, (Series 1998A), Weekly VRDNs, (Alcoa, Inc.)   $     5,750,000
2,825,000   Suffolk County, NY, IDA, (Series 1997B), Weekly VRDNs, (Maryhaven Center of Hope)/(Key Bank, N.A. LOC)     2,825,000
3,240,000   Tompkins County, NY, IDA, (Series 2001-A), Weekly VRDNs, (Tompkins Cortland Community College Foundation, Inc.)/(HSBC Bank USA LOC)     3,240,000
2,700,000   Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Bonds, (Series 2000A), Weekly VRDNs (FSA INS)/(JPMorgan Chase Bank LIQ)     2,700,000
5,174,062   Ulster County, NY, (2002 Series A), 2.00% BANs, 11/20/2003     5,188,220
4,600,000   VRDC/IVRC Trust, (Series 1993G), Weekly VRDNs, (St. Lukes Roosevelt Hospital Center)/(FHA INS)/(JPMorgan Chase Bank LIQ)     4,600,000

 

Principal

Amount

  
  Value
(4)Short-Term Municipals—continued    
    New York—continued    
$   1,100,000   Washington County, NY, 2.00% BANs, 8/22/2003   $ 1,101,677
  3,150,000   Watkins Glen, NY, CSD, (2002 Series B), 2.50% BANs, 6/17/2003     3,152,386
  2,000,000   William Floyd, NY, Union Free School District, 1.85% TANs, 6/30/2003     2,000,488
  1,619,355   Yonkers, NY, IDA, Civic Facility Revenue Bonds, (Series 1994), Weekly VRDNs, (Consumers Union of United States, Inc.)/(AMBAC INS)/(Bank of New York LIQ)     1,619,355
  210,000   Yorkshire-Pioneer, NY, CSD, 3.00% Bonds, (FGIC INS), 6/15/2003     210,281
         
     

Total Investments—99.2%

(at amortized cost)

   $ 190,233,038
         
     

Other Assets and Liabilities-

Net—0.8%

     1,625,901
         
     

Net Assets—100%

   $ 191,858,939
         

 

(See Notes to Portfolios of Investments)

 

 

 

VISION Money Market Fund

Portfolio of Investments

April 30, 2003

 

Principal
Amount
  
  Value
(3)Commercial Paper—55.0%    
    Asset Backed—10.9%      
$  50,000,000   Apreco, Inc., 1.230%, 5/15/2003   $      49,976,083
50,000,000   Asset Securitization Cooperative Corp., 1.250%, 5/29/2003     49,951,389
45,000,000   CIESCO LP, 1.150%, 5/20/2003     44,972,688
       
   

Total

     144,900,160
       
    Banking—3.8%      
50,000,000   Citicorp, 1.240%, 6/12/2003     49,927,667
       
    Chemicals—3.8%      
50,000,000   Du Pont (E.I.) de Nemours & Co., 1.150%, 6/3/2003     49,947,292
       
    Diversified Manufacturing—5.2%      
70,000,000   General Electric Capital Corp., 1.260%, 8/18/2003     69,732,950
       
    Food & Beverage—3.7%      
50,000,000   Nestle Capital Corp., 1.190%, 7/28/2003     49,854,556
       
    Insurance—14.7%      
50,000,000   AIG Funding, Inc., 1.120%, 8/6/2003     49,849,111
50,000,000   American General Finance Corp., 1.290%, 6/16/2003     49,917,583
50,000,000   Prudential Funding Corp., 1.240%, 5/22/2003     49,963,833
45,000,000   Transamerica Finance Corp., 1.250%, 5/29/2003     44,956,250
       
   

Total

     194,686,777
       
    Media/Newspaper Publishing—3.8%      
50,000,000   Gannett Co., Inc., 1.220%, 5/5/2003     49,993,222
       

 

Principal
Amount
  
  Value
  
(3)Commercial Paper—continued      
    Personal Credit—5.3%        
$  70,000,000   American Express Credit Corp., 1.290%, 5/12/2003   $ 69,972,408  
       
    Telecommunications—3.8%        
50,000,000   Verizon Network Funding, 1.210%, 6/26/2003     49,905,889  
       
   

Total Commercial Paper

     728,920,921  
       

(3)Government Agencies—26.4%

        
    Federal National Mortgage Association—26.4%        
100,000,000   1.175%, 9/17/2003     99,546,320  
50,000,000   1.160%, 7/9/2003     49,888,833  
75,000,000   1.285%, 6/18/2003     74,871,500  
125,000,000   1.445%—1.505%, 5/2/2003     124,994,899  
       
   

Total Government Agencies

     349,301,552  
       

(6)Notes—Variable—5.0%

        
66,000,000   Morgan Stanley, 1.425%, 5/1/2003     66,000,000  
       
Repurchase Agreement—13.7%        
181,626,000   Agreement with State Street Corp., 1.230% dated 4/30/2003 to be repurchased at $181,632,206 on 5/1/2003 collateralized by U.S. Treasury Bills with various maturities to 9/25/2003     181,626,000  
       
   

Total Investments—100.1%
(at amortized cost)

   $ 1,325,848,473  
       
   

Other Assets and Liabilities- Net—(0.1)%

     (1,418,522 )
       
   

Net Assets—100%

   $ 1,324,429,951  
       

 

(See Notes to Portfolios of Investments)

 

 

 

 

VISION Treasury Money Market Fund

Portfolio of Investments

April 30, 2003

 

Principal
Amount
  
  Value

U.S. Treasury Obligations—56.9%

      
    U.S. Treasury Bills      
$365,000,000   United States Treasury Bills, 1.070%-1.240%, 5/1/2003-9/25/2003   $ 364,272,044
       

Repurchase Agreements—43.2%

      
155,000,000   Agreement with C.S. First Boston Corp., 1.230%, dated 4/30/2003, to be repurchased at $155,005,296 on 5/1/2003, collateralized by U.S. Treasury Obligations maturing on 11/15/2008     155,000,000

 

Principal
Amount
  
  Value
  
Repurchase Agreements—continued        
$121,251,000   Agreement with State Street Corp., 1.230%, dated 4/30/2003, to be repurchased at $121,255,143 on 5/1/2003, collateralized by U.S. Treasury Obligations maturing on 9/25/2003   $ 121,251,000  
       
   

Total Repurchase Agreements

     276,251,000  
       
   

Total Investments—100.1%
(at amortized cost)

   $ 640,523,044  
       
   

Other Assets and Liabilities-

Net —(0.1)%

     (426,063 )
       
   

Net Assets—100%

   $ 640,096,981  
       

 

(See Notes to Portfolios of Investments)

 

 

 

Notes to Portfolios of Investments

 

The categories of investments are shown as a percentage of total net assets at April 30, 2003.

 

(1) Non-income producing security.
(2) Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the fund’s Board of Trustees. At April 30, 2003, these securities amounted to $1,096,170 and $3,995,000 which represent 0.8% and 2.1% of net assets for the U.S. Government Securities Fund and New York Tax-Free Money Market Fund, respectively.
(3) Each issue, with the exception of variable rate securities, shows the coupon or rate of discount at the time of purchase, if applicable.
(4) At April 30, 2003, 6.1%, 12.7% and 8.2% of the total investments at market value were subject to alternative minimum tax for New York Municipal Income Fund, Pennsylvania Municipal Income Fund and New York Tax-Free Money Market Fund, respectively. (unaudited)
(5) Please refer to the Appendix of the Statement of Additional Information for an explanation of the credit ratings. Current credit ratings are unaudited.
(6) Denotes variable rate securities with current rate and next demand date.

 

The following acronyms are used throughout this report:

 

ADR—American Depositary Receipt      IDRB—Industrial Development Revenue Bond
AMBAC—American Municipal Bond Assurance Corporation      INS—Insured
AMT—Alternative Minimum Tax      IO—Interest Only
BANs—Bond Anticipation Notes      LIQ—Liquidity Agreement
COL—Collateralized      LOC(s)—Letter(s) of Credit
COPs—Certificates of Participation      MBIA—Municipal Bond Insurance Association
CSD—Central School District      MERLOTS—Municipal Exempt Receipts—Liquidity Optional
FGIC—Financial Guaranty Insurance Corporation      Tender Series
FHA—Federal Housing Administration      MTN—Medium Term Note
FHA/VA—Federal Housing Administration/Veterans Administration      PCA—Pollution Control Authority
FHLMC—Federal Home Loan Mortgage Corporation      RANs—Revenue Anticipation Notes
FNMA—Federal National Mortgage Association      REMIC—Real Estate Mortgage Investment Conduit
FSA—Financial Security Assurance      TANs—Tax Anticipation Notes
GNMA—Government National Mortgage Association      TOBs—Tender Option Bonds
GO—General Obligation      UT—Unlimited Tax
HFA—Housing Finance Agency      VRDNs—Variable Rate Demand Notes
IDA—Industrial Development Authority       

 

VISION Fund

    Cost of
Investments
for Federal Tax
Purposes
  
International Equity Fund    $ 62,477,019  
Small Cap Stock Fund      108,061,376  
Mid Cap Stock Fund      100,207,780  
Large Cap Growth Fund      17,615,188  
Large Cap Core Fund      86,506,988  
Large Cap Value Fund      52,199,230  
Managed Allocation Fund—Aggressive Growth      8,481,923  
Managed Allocation Fund—Moderate Growth      17,458,943  
Managed Allocation Fund—Conservative Growth      6,216,512  
New York Municipal Income Fund      81,237,137  
Pennsylvania Municipal Income Fund      78,557,855  
Intermediate Term Bond Fund      135,715,303  
U.S. Government Securities Fund      142,673,686  
New York Tax-Free Money Market Fund      190,233,038 *
Money Market Fund      1,325,848,473 *
Treasury Money Market Fund      640,523,044 *

 

* at amortized cost

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

 

VISION Group of Funds

Statements of Assets and Liabilities

April 30, 2003

 

   International
Equity
Fund
      Small Cap
Stock
Fund
     Mid Cap
Stock
Fund
  

Assets:

                         
                        
Investments in securities, at value   $ 60,394,229      $ 106,635,523     $ 104,504,611  
                        
Cash denominated in foreign currencies (identified cost $637,030)     652,479        —       —  
                        
Income receivable     442,860        152,196       61,720  
                        
Net receivable for foreign currency exchange contracts     2,194        —       —  
                        
Receivable from advisor     —        —       —  
                        
Receivable for shares sold     636,017        16,385       40,411  
                        
Receivable for investments sold     241,532        1,040,461       1,682,479  
 
  
 

Total assets

     62,369,311        107,844,565       106,289,221  
 
  
 

Liabilities:

                         
                        
Payable for investments purchased     216,991        868,431       2,131,884  
                        
Payable for shares redeemed     6,931        28,189       144,892  
                        
Accrued expenses     31,303        26,617       36,164  
 
  
 

Total liabilities

     255,225        923,237       2,312,940  
 
  
 

Net Assets

   $ 62,114,086      $ 106,921,328     $ 103,976,281  
 
  
 

Net Assets Consist of:

                         
                        
Paid in capital   $ 72,947,961      $ 102,742,682     $ 113,398,419  
                        
Net unrealized appreciation (depreciation) of investments and translation of assets and liabilities in foreign currency     (1,265,003 )      4,418,726       4,344,593  
                        
Accumulated net realized gain (loss) on investments and foreign currency transactions     (10,496,939 )      (240,080 )     (13,766,731 )
                        
Undistributed net investment income     928,067        —       —  
 
  
 

Total Net Assets

   $ 62,114,086      $ 106,921,328     $ 103,976,281  
 
  
 

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

 

 

Large Cap
Growth
Fund
     Large Cap
Core
Fund
        Large Cap
Value
Fund
     Managed
Allocation
Fund—
Aggressive
Growth
        Managed
Allocation
Fund—
Moderate
Growth
  
                                           
$ 17,391,834     $  88,436,149        $ 49,033,717     $  7,167,471        $ 16,217,280  
  —       —          —       —          —  
  18,970       77,601          58,457       1,961          19,838  
  —       —          —       —          —  
  —       —          —       51,000          14,500  
  4,131       4,610          93,283       44,138          140,441  
  —       —          —       —          —  
 
    
 
    
  17,414,935       88,518,360          49,185,457       7,264,570          16,392,059  
 
    
 
    
                                           
  —       —          —       —          —  
  22,024       13,942          50,209       16,820          7,168  
  4,309       27,443          18,628       13,953          17,588  
 
    
 
    
  26,333       41,385          68,837       30,773          24,756  
 
    
 
    
$ 17,388,602     $ 88,476,975        $ 49,116,620     $ 7,233,797        $ 16,367,303  
 
    
 
    
                                           
$ 22,524,657     $ 98,863,124        $ 58,168,308     $ 8,289,609        $ 17,294,495  
  (91,749 )     2,404,200          (2,933,458 )     (1,096,344 )        (879,361 )
  (5,044,306 )     (13,031,387 )        (6,156,811 )     40,532          (47,831 )
  —       241,038          38,581       —          —  
 
    
 
    
$ 17,388,602     $ 88,476,975        $ 49,116,620     $ 7,233,797        $ 16,367,303  
 
    
 
    

 

 

 

 

 

 

Total Net Assets—Continued

    International
Equity
Fund
      Small Cap
Stock
Fund
      Mid Cap
Stock
Fund
  
Class A Shares    $ 62,059,098      $ 106,414,968      $ 102,262,941  
  
  
  
Class B Shares    $ 54,988      $ 506,360      $ 1,713,340  
  
  
  

Shares Outstanding:

                           
                          
Class A Shares      8,261,015        15,455,766        8,589,049  
  
  
  
Class B Shares      7,368        75,083        147,857  
  
  
  

Net Asset Value, Offering Price and Redemption Proceeds Per Share:

                           
                          
Net Asset Value Per Share                           
                          
Class A Shares    $ 7.51      $ 6.89      $ 11.91  
  
  
  
Class B Shares    $ 7.46      $ 6.74      $ 11.59  
  
  
  
Offering Price Per Share*                           
                          
Class A Shares    $ 7.95 **    $ 7.29 **    $ 12.60 **
  
  
  
Class B Shares    $ 7.46      $ 6.74      $ 11.59  
  
  
  
Redemption Proceeds Per Share*                           
                          
Class A Shares    $ 7.51      $ 6.89      $ 11.91  
  
  
  
Class B Shares    $ 7.09 ***    $ 6.40 ***    $ 11.01 ***
  
  
  
Investments, at identified cost    $ 61,688,499      $ 102,216,797      $ 100,160,018  
  
  
  

        * See “What Do Shares Cost?” in the Prospectus.
      ** Computation of offering price per share 100/94.5 of net asset value.

    *** Computation of redemption proceeds per share 95/100 of net asset value.

  **** Computation of offering price per share 100/95 of net asset value.

***** Computation of offering price per share 100/95.5 of net asset value.

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

 

Large Cap
Growth
Fund
     Large Cap
Core
Fund
        Large Cap
Value
Fund
     Managed
Allocation Fund—
Aggressive Growth
        Managed
Allocation Fund—
Moderate Growth
  
$ 16,312,062     $ 87,997,994        $ 48,665,261     $ 5,420,772        $ 10,922,302  
 
    
 
    
$ 1,076,540     $ 478,981        $ 451,359     $ 1,813,025        $ 5,445,001  
 
    
 
    
                                           
  2,442,717       15,660,350          5,783,619       677,564          1,241,724  
 
    
 
    
  165,778       86,965          54,258       228,507          620,541  
 
    
 
    
                                           
                                           
$ 6.68     $ 5.62        $ 8.41     $ 8.00        $ 8.80  
 
    
 
    
$ 6.49     $ 5.51        $ 8.32     $ 7.93        $ 8.77  
 
    
 
    
                                           
$ 7.07 **   $ 5.95 **      $ 8.90 **   $ 8.42 ****      $ 9.21 *****
 
    
 
    
$ 6.49     $ 5.51        $ 8.32     $ 7.93        $ 8.77  
 
    
 
    
                                           
$ 6.68     $ 5.62        $ 8.41     $ 8.00        $ 8.80  
 
    
 
    
$ 6.17 ***   $ 5.23 ***      $ 7.90 ***   $ 7.53 ***      $ 8.33 ***
 
    
 
    
$ 17,483,583     $ 86,031,949        $ 51,967,175     $ 8,263,815        $ 17,096,641  
 
    
 
    

 

 

 

 

 

 

   Managed Allocation
Fund—Conservative
Growth
      New York
Municipal
Income Fund
   Pennsylvania
Municipal
Income
Fund
  

Assets:

                       
                      
Investments in securities, at value   $ 6,055,144      $ 85,220,976   $ 85,016,248  
                      
Investments in repurchase agreements, at amortized cost     —        —     —  
 
  
 
Total investments     6,055,144        85,220,976     85,016,248  
                      
Cash     —        —     —  
                      
Income receivable     14,088        1,254,667     1,070,118  
                      
Receivable from advisor     36,500        —     —  
                      
Receivable for shares sold     23,558        —     883,794  
                      
Receivable for investments sold     —        2,416,612     —  
 
  
 

Total assets

     6,129,290        88,892,255     86,970,160  
 
  
 

Liabilities:

                       
                      
Income distribution payable     —        117,974     219,411  
                      
Payable for investments purchased     —        2,526,567     —  
                      
Payable for shares redeemed     397        59,342     5,107  
                      
Payable to bank     —        288,592     —  
                      
Accrued expenses     8,362        12,349     16,804  
 
  
 

Total liabilities

     8,759        3,004,824     241,322  
 
  
 

Net Assets

   $ 6,120,531      $ 85,887,431   $ 86,728,838  
 
  
 

Net Assets Consist of:

                       
                      
Paid in capital   $ 6,190,429      $ 81,505,482   $ 83,222,565  
                      
Net unrealized appreciation (depreciation) of investments     (74,515 )      3,971,045     6,458,393  
                      
Accumulated net realized gain (loss) on investments     4,617        410,622     (2,955,289 )
                      
Undistributed (distributions in excess of) net investment income     —        282     3,169  
 
  
 

Total Net Assets

   $ 6,120,531      $ 85,887,431   $ 86,728,838  
 
  
 

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

 

 

Intermediate
Term Bond
Fund
     U.S. Government
Securities
Fund
        New York
Tax-Free
Money Market
Fund
     Money Market
Fund
        Treasury
Money Market
Fund
  
                                           
$ 141,570,568     $ 147,557,018        $ 190,233,038     $ 1,144,222,473        $ 364,272,044  
  —       —          —       181,626,000          276,251,000  
 
    
 
    
  141,570,568       147,557,018          190,233,038       1,325,848,473          640,523,044  
  —       —          51,263       297          54,304  
  1,498,427       1,768,660          1,027,821       78,622          9,438  
  —       —          —       —          —  
  151,100       413,868          628,683       642,638          —  
  —       1,067,366          —       —          —  
 
    
 
    
  143,220,095       150,806,912          191,940,805       1,326,570,030          640,586,786  
 
    
 
    
                                           
  480,936       246,822          49,798       344,633          271,387  
  —       6,145,031          —       —          —  
  37,862       175,338          9,905       1,632,611          140,067  
  —       —          —       —          —  
  30,957       29,980          22,163       162,835          78,351  
 
    
 
    
  549,755       6,597,171          81,866       2,140,079          489,805  
 
    
 
    
$ 142,670,340     $ 144,209,741        $ 191,858,939     $ 1,324,429,951        $ 640,096,981  
 
    
 
    
                                           
$ 153,923,049     $ 139,205,631        $ 191,858,878     $ 1,324,415,924        $ 640,099,938  
  6,416,986       5,634,766          —       —          —  
  (17,710,184 )     (718,772 )        (9 )     (13,758 )        (424 )
  40,489       88,116          70       27,785          (2,533 )
 
    
 
    
$ 142,670,340     $ 144,209,741        $ 191,858,939     $ 1,324,429,951        $ 640,096,981  
 
    
 
    

 

 

 

 

 

 

Total Net Assets—Continued

   Managed Allocation
Fund—Conservative
Growth
     New York
Municipal
Income Fund
     Pennsylvania
Municipal
Income Fund
  
Class A Shares   $ 4,120,142     $ 85,887,431     $ 86,728,838  
 
 
 
Class B Shares   $ 2,000,389       —       —  
 
 
 
Class S Shares     —       —       —  
 
 
 
Institutional Shares     —       —       —  
 
 
 

Shares Outstanding:

                        
                       
Class A Shares     434,257       7,996,179       8,150,159  
 
 
 
Class B Shares     211,430       —       —  
 
 
 
Class S Shares     —       —       —  
 
 
 
Institutional Shares     —       —       —  
 
 
 

Net Asset Value, Offering Price and Redemption Proceeds Per Share:

                        
                       
Net Asset Value Per Share                        
                       
Class A Shares   $ 9.49     $ 10.74     $ 10.64  
 
 
 
Class B Shares   $ 9.46       —       —  
 
 
 
Class S Shares     —       —       —  
 
 
 
Institutional Shares     —       —       —  
 
 
 
Offering Price Per Share*                        
                       
Class A Shares   $ 9.89 ****   $ 11.25 ***   $ 11.14 ***
 
 
 
Class B Shares   $ 9.46       —       —  
 
 
 
Redemption Proceeds Per Share*             —          
                       
Class A Shares   $ 9.49     $ 10.74     $ 10.64  
 
 
 
Class B Shares   $ 8.99 *****     —       —  
 
 
 
Investments, at identified cost   $ 6,129,659     $ 81,249,931     $ 78,557,855  
 
 
 

        * See “What Do shares Cost?” in the Prospectus.
      ** Computation of offering price per share 100/94.5 of net asset value.

    *** Computation of offering price per share 100/95.5 of net asset value.

  **** Computation of offering price per share 100/96 of net asset value.

***** Computation of redemption price per share 95/100 of net asset value.

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

 

Intermediate
Term Bond
Fund
     U.S. Government
Securities Fund
       

New York

Tax-Free
Money Market
Fund

   Money Market
Fund
      Treasury
Money Market
Fund
$ 142,670,340     $ 144,209,741        $ 191,858,939   $ 1,240,670,153      $ 622,085,860
 
    
 
    
  —       —          —     —        —
 
    
 
    
  —       —          —   $ 81,002,492      $ 18,011,121
 
    
 
    
  —       —          —   $ 2,757,306        —
 
    
 
    
                                     
  14,604,269       14,634,442          191,858,639     1,240,853,904        622,160,329
 
    
 
    
  —       —          —     —        —
 
    
 
    
  —       —          —     80,804,509        17,938,990
 
    
 
    
  —       —          —     2,757,511        —
 
    
 
    
                                     
                                     
$ 9.77     $ 9.85        $ 1.00   $ 1.00      $ 1.00
 
    
 
    
  —       —          —     —        —
 
    
 
    
  —       —          —   $ 1.00      $ 1.00
 
    
 
    
  —       —          —   $ 1.00        —
 
    
 
    
                                     
$ 10.23 ***   $ 10.31 ***        —     —        —
 
    
 
    
  —       —          —     —        —
 
    
 
    
                                     
$ 9.77     $ 9.85          —     —        —
 
    
 
    
  —       —          —     —        —
 
    
 
    
$ 135,153,582     $ 141,922,252        $ 190,233,038   $ 1,325,848,473      $ 640,523,044
 
    
 
    

 

 

 

 

 

VISION Group of Funds

Statements of Operations

Year Ended April 30, 2003

 

   International
Equity
Fund
     Small Cap
Stock
Fund
     Mid Cap
Stock
Fund
  

Investment Income:

                        
                       
Dividends   $ 1,215,841 (a)   $ 1,108,124     $ 1,278,007 (b)
                       
Interest     17,793       49,063       26,601  
 
 
 

Total investment income

     1,233,634       1,157,187       1,304,608  
                       

Expenses:

                        
                       
Investment adviser fee     458,410       815,840       887,799  
                       
Administrative personnel and services fee     39,590       82,845       90,138  
                       
Custodian fees     132,630       4,799       5,222  
                       
Transfer and dividend disbursing agent fees and expenses     23,242       70,308       173,082  
                       
Directors’ fees     1,170       2,750       2,969  
                       
Auditing fees     3,918       11,103       7,875  
                       
Legal fees     900       1,131       159  
                       
Portfolio accounting fees     20,628       43,191       47,001  
                       
Distribution services fee—Class B Shares     402       3,179       13,274  
                       
Shareholder services fee—Class A Shares     114,469       238,897       256,693  
                       
Shareholder services fee—Class B Shares     134       1,060       4,424  
                       
Share registration costs     22,446       23,856       24,064  
                       
Printing and postage     7,376       8,286       14,522  
                       
Insurance premiums     4,553       5,257       5,368  
                       
Miscellaneous     4,193       2,669       5,282  
 
 
 

Total expenses

     834,061       1,315,171       1,537,872  
 
 
 

Waivers and Reimbursement:

                        
                       
Waiver of investment adviser fee     (45,841 )     —       —  
                       
Waiver of shareholder services fee—Class A Shares     (68,681 )     (95,559 )     (205,354 )
                       
Reimbursement of other operating expenses     —       —       —  
 
 
 

Total waivers and reimbursement

     (114,522 )     (95,559 )     (205,354 )
 
 
 

Net expenses

     719,539       1,219,612       1,332,518  
 
 
 

Net investment income (net operating loss)

     514,095       (62,425 )     (27,910 )
 
 
 
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:                        
                       
Net realized gain (loss) on investments and foreign currency transactions     (3,324,564 )     3,114,944       (7,824,657 )
                       
Net realized gain on capital gain distributions from other investment companies     —       —       —  
                       
Net change in unrealized appreciation (depreciation) of investments and translation of assets and liabilities in foreign currency     (3,255,305 )     (19,010,486 )     (13,467,468 )
 
 
 

Net realized and unrealized loss on investments and foreign currency transactions

     (6,579,869 )     (15,895,542 )     (21,292,125 )
 
 
 

Change in net assets resulting from operations

   $ (6,065,774 )   $ (15,957,967 )   $ (21,320,035 )
 
 
 
(a) Includes dividend tax withheld expense of $188,786.
(b) Includes dividend tax withheld expense of $6,863.
(c) Includes dividend tax withheld expense of $1,512.

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

 

 

Large Cap
Growth
Fund
     Large Cap
Core
Fund
        Large Cap
Value
Fund
     Managed
Allocation
Fund—
Aggressive
Growth
        Managed
Allocation
Fund—
Moderate
Growth
  
                                           
$ 198,768 (c)   $ 1,516,400        $ 797,642     $ 54,213        $ 236,417  
  7,846       24,025          18,559       2,607          9,293  
 
    
 
    
  206,614       1,540,425          816,201       56,820          245,710  
                                           
  131,579       856,795          288,270       13,985          28,785  
  13,367       86,961          35,557       4,831          9,948  
  774       5,040          2,059       280          575  
  34,891       86,677          78,786       51,662          64,608  
  429       2,981          1,021       112          224  
  1,382       4,430          2,860       561          1,622  
  202       1,620          547       132          200  
  6,966       45,360          18,532       2,517          5,181  
  7,953       3,006          3,572       6,836          18,441  
  36,048       250,995          —       —          —  
  2,651       1,002          1,190       2,279          6,147  
  24,252       24,697          22,152       34,341          34,279  
  2,772       13,362          7,380       4,934          6,297  
  1,189       5,369          4,075       3,684          3,785  
  3,132       3,740          854       3,883          2,918  
 
    
 
    
  267,587       1,392,035          466,855       130,037          183,010  
 
    
 
    
                                           
  (37,151 )     —          —       (13,985 )        (28,785 )
  (20,187 )     (100,398 )        —       —          —  
  —       —          —       (51,000 )        (14,500 )
 
    
 
    
  (57,338 )     (100,398 )        —       (64,985 )        (43,285 )
 
    
 
    
  210,249       1,291,637          466,855       65,052          139,725  
 
    
 
    
  (3,635 )     248,788          349,346       (8,232 )        105,985  
 
    
 
    
                                           
  (2,437,193 )     (12,943,567 )        (6,083,380 )     (191,705 )        (315,112 )
  —       —          —       273,128          313,915  
                                           
  (102,064 )     (13,716,800 )        (1,170,649 )     (798,772 )        (730,035 )
 
    
 
    
  (2,539,257 )     (26,660,367 )        (7,254,029 )     (717,349 )        (731,232 )
 
    
 
    
$ (2,542,892 )   $ (26,411,579 )      $ (6,904,683 )   $ (725,581 )      $ (625,247 )
 
    
 
    

 

 

 

 

 

 

  

Managed

Allocation Fund—
Conservative
Growth

     New York
Municipal
Income
Fund
     Pennsylvania
Municipal
Income
Fund
  

Investment Income:

                        
                       
Dividends   $ 143,457     $ —     $ —  
                       
Interest     4,780       3,953,169       3,718,247  
 
 
 

Total investment income

     148,237       3,953,169       3,718,247  
                       

Expenses:

                        
                       
Investment adviser fee     10,660       587,306       601,073  
                       
Administrative personnel and services fee     3,684       72,437       74,129  
                       
Custodian fees     213       4,195       4,294  
                       
Transfer and dividend disbursing agent fees and expenses     26,048       60,970       34,498  
                       
Directors’ fees     82       2,267       2,139  
                       
Auditing fees     2,325       4,702       5,566  
                       
Legal fees     131       454       265  
                       
Portfolio accounting fees     1,919       37,756       38,641  
                       
Distribution services fee—Class B Shares     7,049       —       —  
                       
Distribution services fee—Class S Shares     —       —       —  
                       
Shareholder services fee—Class A Shares     —       —       214,669  
                       
Shareholder services fee—Class B Shares     2,350       —       —  
                       
Shareholder services fee—Class S Shares     —       —       —  
                       
Shareholder services fee—Institutional Shares     —       —       —  
                       
Share registration costs     34,341       14,448       14,261  
                       
Printing and postage     2,387       6,005       6,655  
                       
Insurance premiums     3,773       4,910       4,997  
                       
Miscellaneous     4,236       2,107       5,803  
 
 
 

Total expenses

     99,198       797,557       1,006,990  
 
 
 

Waivers and Reimbursement:

                        
                       
Waiver of investment adviser fee     (10,660 )     (75,511 )     (51,521 )
                       
Waiver of shareholder services fee—Class A Shares     —       —       (85,867 )
                       
Waiver of shareholder services fee—Institutional Shares     —       —       —  
                       
Reimbursement of other operating expenses     (36,500 )     —       —  
 
 
 

Total waivers and reimbursement

     (47,160 )     (75,511 )     (137,388 )
 
 
 

Net expenses

     52,038       722,046       869,602  
 
 
 

Net investment income

     96,199       3,231,123       2,848,645  
 
 
 

Realized and Unrealized Gain (Loss) on Investments:

                        
                       
Net realized gain (loss) on investments     (77,799 )     596,600       636,707  
                       
Net realized gain on capital gain distributions from other investment companies     91,118       —       —  
                       
Net change in unrealized appreciation (depreciation) of investments     (46,651 )     2,004,389       3,119,376  
 
 
 

Net realized and unrealized gain (loss) on investments

     (33,332 )     2,600,989       3,756,083  
 
 
 

Change in net assets resulting from operations

   $ 62,867     $ 5,832,112     $ 6,604,728  
 
 
 

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

 

 

Intermediate
Term

Bond

Fund

     U.S.
Government
Securities
Fund
     

New York

Tax-Free
Money
Market
Fund

     Money
Market
Fund
        Treasury
Money
Market
Fund
  
                                         
$ —     $ —      $ —     $ —        $ —  
  8,086,634       6,859,679        2,907,287       24,534,892          11,119,651  
 
    
 
    
  8,086,634       6,859,679        2,907,287       24,534,892          11,119,651  
                                         
  1,074,654       896,407        988,516       7,559,754          3,605,796  
  132,516       110,582        170,675       1,304,918          622,239  
  7,676       6,403        9,885       46,049          26,264  
  63,064       101,636        67,554       585,025          224,904  
  4,506       3,146        5,296       35,609          21,317  
  7,298       7,095        12,129       106,363          51,366  
  1,707       167        1,564       15,434          10,708  
  69,085       57,626        88,966       680,378          324,522  
  —       —        —       —          —  
  —       —        —       241,068          59,722  
  383,805       —        —       3,531,549          —  
  —       —        —       —          —  
  —       —        —       241,068          —  
  —       —        —       7,261          —  
  13,784       13,142        14,562       36,406          28,626  
  14,430       13,897        14,478       205,507          98,355  
  6,116       1,311        7,278       31,417          3,889  
  5,301       2,169        5,499       15,184          53,052  
 
    
 
    
  1,783,942       1,213,581        1,386,402       14,642,990          5,130,760  
 
    
 
    
                                         
  (353,101 )     —        (177,933 )     (3,023,902 )        (649,043 )
  (230,283 )     —        —       (706,310 )        —  
  —       —        —       (4,356 )        —  
  —       —        —       —          —  
 
    
 
    
  (583,384 )     —        (177,933 )     (3,734,568 )        (649,043 )
 
    
 
    
  1,200,558       1,213,581        1,208,469       10,908,422          4,481,717  
 
    
 
    
  6,886,076       5,646,098        1,698,818       13,626,470          6,637,934  
 
    
 
    
                                         
  1,820,711       2,251,264        —       —          —  
  —       —        —       —          —  
  3,377,680       3,315,077        —       —          —  
 
    
 
    
  5,198,391       5,566,341        —       —          —  
 
    
 
    
$ 12,084,467     $ 11,212,439      $ 1,698,818     $ 13,626,470        $   6,637,934  
 
    
 
    

 

 

 

 

 

VISION Group of Funds

Statements of Changes in Net Assets

 

     International Equity Fund
     Small Cap Stock Fund
  
    

Year Ended
April 30,

2003

    

Year Ended
April 30,

2002

    

Year Ended

April 30,

2003

    

Year Ended
April 30,

2002

  

Increase (Decrease) in Net Assets:

                                 
                                

Operations:

                                 
                                

Net investment income (net operating loss)

    $ 514,095     $ 233,622     $ (62,425 )   $ (621,074 )
                                

Net realized gain (loss) on investments and foreign currency transactions

      (3,324,564 )     (3,512,938 )     3,114,944       19,347,122  
                                

Net change in unrealized appreciation (depreciation) of investments and translation of assets and liabilities in foreign currency

      (3,255,305 )     1,996,503       (19,010,486 )     (9,189,552 )
  
 
 
 

Change in net assets resulting from operations

      (6,065,774 )     (1,282,813 )     (15,957,967 )     9,536,496  
  
 
 
 

Distributions to Shareholders:

                                 
                                

Distributions from net investment income

                                 
                                

Class A Shares

      (632,886 )     (814,278 )     —       —  
                                

Class B Shares

      (330 )     (545 )     —       —  
                                

Distributions from net realized gain on investments

                                
                                

Class A Shares

      —       —       (20,803,787 )     (3,692,802 )
                                

Class B Shares

      —       —       (100,991 )     (4,909 )
  
 
 
 

Change in net assets resulting from distributions to shareholders

      (633,216 )     (814,823 )     (20,904,778 )     (3,697,711 )
  
 
 
 

Share Transactions:

                                 
                                

Proceeds from sale of shares

      29,813,778       20,271,728       32,397,024       20,764,887  
                                

Net asset value of shares issued to shareholders in payment of distributions declared

      281,788       324,947       19,044,483       3,355,762  
                                

Cost of shares redeemed

      (7,093,259 )     (7,609,378 )     (23,055,650 )     (28,094,868 )
  
 
 
 

Change in net assets resulting from share transactions

      23,002,307       12,987,297       28,385,857       (3,974,219 )
  
 
 
 

Change in net assets

      16,303,317       10,889,661       (8,476,888 )     1,864,566  
                                

Net Assets:

                                 
                                

Beginning of period

      45,810,769       34,921,108       115,398,216       113,533,650  
  
 
 
 

End of period

    $ 62,114,086     $ 45,810,769     $ 106,921,328     $ 115,398,216  
  
 
 
 

Undistributed (distributions in excess of) net investment income included in net assets at end of period

    $ 928,067     $ 194,550     $ —     $ —  
  
 
 
 

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

Mid Cap Stock Fund
     Large Cap Growth Fund
     Large Cap Core Fund
  

Year Ended
April 30,

2003

     

Year Ended

April 30,

2002

    

Year Ended
April 30,

2003

     

Year Ended
April 30,

2002

    

Year Ended
April 30,

2003

     

Year Ended
April 30,

2002

  
                                                
                                                
$ (27,910 )    $ (311,349 )   $ (3,635 )    $ (160 )   $ 248,788      $ 297,158  
  (7,824,657 )      (1,957,105 )     (2,437,193 )      (1,191,932 )     (12,943,567 )      22,419,942  
                                                
  (13,467,468 )      1,521,154       (102,064 )      75,012       (13,716,800 )      (52,761,839 )
  
 
  
 
  
  (21,320,035 )      (747,300 )     (2,542,892 )      (1,117,080 )     (26,411,579 )      (30,044,739 )
  
 
  
 
  
                                                
                                                
  —        —       —        —       (301,730 )      —  
  —        —       —        —       —        —  
                                                
  —        —       —        —       (13,932,685 )      (12,319,742 )
  —        —       —        —       (53,681 )      (18,951 )
  
 
  
 
  
  —        —       —        —       (14,288,096 )      (12,338,693 )
  
 
  
 
  
  23,861,115        21,075,801       6,664,113        6,461,101       25,262,392        34,572,346  
                                                
  —        —       —        —       13,583,345        11,352,830  
  (20,022,984 )      (19,643,773 )     (3,263,017 )      (1,383,216 )     (39,540,375 )      (75,355,483 )
  
 
  
 
  
  3,838,131        1,432,028       3,401,096        5,077,885       (694,638 )      (29,430,307 )
  
 
  
 
  
  (17,481,904 )      684,728       858,204        3,960,805       (41,394,313 )      (71,813,739 )
                                                
  121,458,185        120,773,457       16,530,398        12,569,593       129,871,288        201,685,027  
  
 
  
 
  
$ 103,976,281      $ 121,458,185     $ 17,388,602      $ 16,530,398     $ 88,476,975      $ 129,871,288  
  
 
  
 
  
$ —      $ (100 )   $ —      $ —     $ 241,038      $ 293,980  
  
 
  
 
  

 

 

 

 

 

     Large Cap
Value Fund
      Managed Allocation Fund—
Aggressive Growth
  
     Year Ended
April 30,
2003
        Year Ended
April 30,
2002
      Year Ended
April 30,
2003
        Year Ended
April 30,
2002
  

Increase (Decrease) in Net Assets:

                                        
                                       

Operations:

                                        
                                       

Net investment income (net operating loss)

    $ 349,346        $ 218,650      $ (8,232 )      $ 6,485  
                                       

Net realized gain (loss) on investments

      (6,083,380 )        (60,485 )      (191,705 )        (14,249 )
                                       

Net realized gain on capital gain distributions from other investment companies

      —          —        273,128          46,044  
                                       

Net change in unrealized appreciation (depreciation)
of investments

      (1,170,649 )        (5,087,412 )      (798,772 )        (176,449 )
  
    
  
    

Change in net assets resulting from operations

      (6,904,683 )        (4,929,247 )      (725,581 )        (138,169 )
  
    
  
    

Distributions to Shareholders:

                                        
                                       

Distributions from net investment income

                                        
                                       

Class A Shares

      (312,233 )        (217,301 )      —          (6,485 )
                                       

Class B Shares

      —          —        —          —  
                                       

Distributions from net realized gain on investments

                                        
                                       

Class A Shares

      —          (585,946 )      (49,084 )        (39,222 )
                                       

Class B Shares

      —          (5,253 )      (9,972 )        —  
  
    
  
    

Change in net assets resulting from distributions to shareholders

      (312,233 )        (808,500 )      (59,056 )        (45,707 )
  
    
  
    

Share Transactions:

                                        
                                       

Proceeds from sale of shares

      24,188,497          17,149,257        4,428,221          3,663,981  
                                       

Net asset value of shares issued to shareholders in payment of
distributions declared

      207,963          540,425        58,856          45,581  
                                       

Cost of shares redeemed

      (11,376,874 )        (6,713,479 )      (1,340,264 )        (287,898 )
  
    
  
    

Change in net assets resulting from share transactions

      13,019,586          10,976,203        3,146,813          3,421,664  
  
    
  
    

Change in net assets

      5,802,670          5,238,456        2,362,176          3,237,788  
                                       

Net Assets:

                                        
                                       

Beginning of period

      43,313,950          38,075,494        4,871,621          1,633,833  
  
    
  
    

End of period

    $ 49,116,620        $ 43,313,950      $ 7,233,797        $ 4,871,621  
  
    
  
    

Undistributed (distributions in excess of) net investment income included in net assets at end of period

    $ 38,581        $ 1,468      $ —        $ —  
  
    
  
    

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

Managed Allocation Fund—  
Moderate Growth
     Managed Allocation Fund—  
Conservative Growth
     New York Municipal
Income Fund
  
Year Ended
April 30,
2003
        Year Ended
April 30,
2002
     Year Ended
April 30,
2003
        Year Ended
April 30,
2002
     Year Ended
April 30,
2003
        Year Ended
April 30,
2002
  
                                                      
                                                      
$ 105,985        $ 72,428     $ 96,199        $ 51,336     $ 3,231,123        $ 3,144,754  
  (315,112 )        (16,280 )     (77,799 )        (4,492 )     596,600          210,620  
  313,915          40,284       91,118          10,568       —          —  
  (730,035 )        (112,145 )     (46,651 )        (27,670 )     2,004,389          1,102,589  
    
 
    
 
    
  (625,247 )        (15,713 )     62,867          29,742       5,832,112          4,457,963  
    
 
    
 
    
                                                      
                                                      
  (99,924 )        (73,565 )     (80,146 )        (51,899 )     (3,211,133 )        (3,142,739 )
  (6,351 )        —       (16,053 )        —       —          —  
                                                      
  (37,351 )        (8,803 )     (6,893 )        (527 )     (85,625 )        —  
  (10,188 )        —       (2,117 )        —       —          —  
    
 
    
 
    
  (153,814 )        (82,368 )     (105,209 )        (52,426 )     (3,296,758 )        (3,142,739 )
    
 
    
 
    
                                                      
  10,866,345          6,973,217       4,020,838          2,687,249       17,618,682          20,209,605  
  153,396          82,025       103,430          50,990       1,861,128          1,597,624  
  (2,039,764 )        (711,066 )     (749,467 )        (375,485 )     (16,580,118 )        (17,520,654 )
    
 
    
 
    
  8,979,977          6,344,176       3,374,801          2,362,754       2,899,692          4,286,575  
    
 
    
 
    
  8,200,916          6,246,095       3,332,459          2,340,070       5,435,046          5,601,799  
                                                      
  8,166,387          1,920,292       2,788,072          448,002       80,452,385          74,850,586  
    
 
    
 
    
$ 16,367,303        $ 8,166,387     $ 6,120,531        $ 2,788,072     $ 85,887,431        $ 80,452,385  
    
 
    
 
    
$ —        $ 290     $ —        $ —     $ 282        $ (14,558 )
    
 
    
 
    

 

 

 

 

 

    Pennsylvania Municipal
Income Fund
     Intermediate Term
Bond Fund
     U.S. Government
Securities Fund
  
    Year Ended
April 30,
2003
     Year Ended
April 30,
2002
     Year Ended
April 30,
2003
     Year Ended
April 30,
2002
     Year Ended
April 30,
2003
     Year Ended
April 30,
2002
  

Increase (Decrease) in Net Assets:

                                                
                                               

Operations:

                                                
                                               

Net investment income

   $ 2,848,645     $ 3,425,132     $ 6,886,076     $ 10,194,589     $ 5,646,098     $ 4,945,135  
                                               

Net realized gain (loss) on investments

     636,707       737,494       1,820,711       2,369,937       2,251,264       (96,564 )
                                               

Net change in unrealized appreciation (depreciation) of investments

     3,119,376       661,084       3,377,680       (958,516 )     3,315,077       1,822,397  
 
 
 
 
 
 

Change in net assets resulting from operations

     6,604,728       4,823,710       12,084,467       11,606,010       11,212,439       6,670,968  
 
 
 
 
 
 

Distributions to Shareholders:

                                                
                                               

Distributions from net investment income

                                                
                                               

Class A Shares

     (2,847,781 )     (3,457,141 )     (7,854,867 )     (10,537,578 )     (6,517,505 )     (6,139,293 )
                                               

Class S Shares

     —       —       —       —       —       —  
                                               

Institutional Shares

     —       —       —       —       —       —  
                                               

Distributions from net realized gain on investments

                                                
                                               

Class A Shares

     —       —       —       —       —       —  
                                               

Class S Shares

     —       —       —       —       —       —  
                                               

Institutional Shares

     —       —       —       —       —       —  
 
 
 
 
 
 

Change in net assets resulting from distributions to shareholders

     (2,847,781 )     (3,457,141 )     (7,854,867 )     (10,537,578 )     (6,517,505 )     (6,139,293 )
 
 
 
 
 
 

Share Transactions:

                                                
                                               

Proceeds from sale of shares

     13,123,586       12,209,799       22,189,275       26,476,776       52,103,220       46,587,996  
                                               

Net asset value of shares issued to shareholders in payment of
distributions declared

     164,697       155,972       1,350,883       1,837,004       3,543,395       3,210,442  
                                               

Cost of shares redeemed

     (15,074,381 )     (15,275,332 )     (45,045,118 )     (86,429,386 )     (32,482,150 )     (22,959,459 )
 
 
 
 
 
 

Change in net assets resulting from share transactions

     (1,786,098 )     (2,909,561 )     (21,504,960 )     (58,115,606 )     23,164,465       26,838,979  
 
 
 
 
 
 

Change in net assets

     1,970,849       (1,542,992 )     (17,275,360 )     (57,047,174 )     27,859,399       27,370,654  
                                               

Net Assets:

                                                
                                               

Beginning of period

     84,757,989       86,300,981       159,945,700       216,992,874       116,350,342       88,979,688  
 
 
 
 
 
 

End of period

   $ 86,728,838     $ 84,757,989     $ 142,670,340     $ 159,945,700     $ 144,209,741     $ 116,350,342  
 
 
 
 
 
 

Undistributed (distributions in excess of) net investment income included in net assets at end of period

   $ 3,169     $ 2,305     $ 40,489     $ 139,321     $ 88,116     $ (142,691 )
 
 
 
 
 
 

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

New York Tax-Free
Money Market Fund
     Money
Market Fund
     Treasury Money
Market Fund
  
Year Ended
April 30,
2003
      Year Ended
April 30,
2002
     Year Ended
April 30,
2003
      Year Ended
April 30,
2002
     Year Ended
April 30,
2003
      Year Ended
April 30,
2002
  
                                                
                                                
$ 1,698,818      $ 2,982,023     $ 13,626,470      $ 42,149,990     $ 6,637,934      $ 18,531,584  
  —        —       —        (25,337 )     —        —  
  —        —       —        —       —        —  
  
 
  
 
  
  1,698,818        2,982,023       13,626,470        42,124,653       6,637,934        18,531,584  
  
 
  
 
  
                                                
                                                
  (1,698,748 )      (2,982,023 )     (13,134,406 )      (40,321,122 )     (6,590,665 )      (17,978,918 )
  —        —       (408,829 )      (1,823,120 )     (49,802 )      (552,666 )
  —        —       (29,065 )      (5,748 )     —        —  
  —        —       (13,835 )      —       —        —  
  —        —       (943 )      —       —        —  
  —        —       (28 )      —       —        —  
  
 
  
 
  
  (1,698,748 )      (2,982,023 )     (13,587,106 )      (42,149,990 )     (6,640,467 )      (18,531,584 )
  
 
  
 
  
                                                
  1,180,246,328        2,194,740,601       59,207,069,915        135,324,350,616       20,148,264,601        34,053,760,815  
  995,420        1,714,421       6,507,298        22,888,383       682,530        2,061,620  
  (1,176,425,629 )      (2,167,771,022 )     (59,516,580,412 )      (135,379,575,107 )     (20,276,343,242 )      (34,099,703,149 )
  
 
  
 
  
  4,816,119        28,684,000       (303,003,199 )      (32,336,108 )     (127,396,111 )      (43,880,714 )
  
 
  
 
  
  4,816,189        28,684,000       (302,963,835 )      (32,361,445 )     (127,398,644 )      (43,880,714 )
                                                
  187,042,750        158,358,750       1,627,393,786        1,659,755,231       767,495,625        811,376,339  
  
 
  
 
  
$ 191,858,939      $ 187,042,750     $ 1,324,429,951      $ 1,627,393,786     $ 640,096,981      $ 767,495,625  
  
 
  
 
  
$ 70      $ —     $ 27,785      $ (40,093 )   $ (2,533 )    $ —  
  
 
  
 
  

 

 

 

VISION Group of Funds

Financial Highlights

(For a share outstanding throughout each period)

 

Year
Ended
April 30,		     Net Asset
Value,
beginning
of period		   Net
Investment
Income
(Operating
Loss)		     Net
Realized
and
Unrealized
Gain (Loss)
on
Investments
and Foreign
Currency
Transactions		     Total from
Investment
Operations		     Distributions
from Net
Investment
Income		     Distributions
in Excess of
Net
Investment
Income		     Distributions
from Net
Realized
Gain on
Investments
and Foreign
Currency
Transactions		  
International Equity Fund—Class A Shares(c)                        
1999 (d)   $ 10.00   0.11     0.48     0.59     —     —     —  
2000 (f)   $ 10.59   0.08     1.28     1.36     (0.14 )   —     (0.14 )
2001 (g)(h)   $ 11.67   0.01 (i)   (1.31 )   (1.30 )   —     —     (0.71 )
2002     $ 9.66   0.16     (0.71 )   (0.55 )   (0.16 )   —     —  
2003     $ 8.95   0.09 (i)   (1.42 )   (1.33 )   (0.11 )   —     —  
International Equity Fund—Class B Shares                        
2001 (j)   $ 10.25   (0.05 )(i)   (0.55 )   (0.60 )   —     —     —  
2002     $ 9.65   0.20     (0.83 )   (0.63 )   (0.13 )   —     —  
2003     $ 8.89   0.00 (i)(l)   (1.38 )   (1.38 )   (0.05 )   —     —  
Small Cap Stock Fund—Class A Shares(c)                        
1999 (f)   $ 11.41   (0.01 )   1.00     0.99     —     (0.01 )   (0.37 )
2000 (f)   $ 12.02   (0.03 )   1.60     1.57     —     —     (1.71 )
2001 (g)(h)   $ 11.88   (0.08 )(i)   (0.64 )   (0.72 )   —     —     (1.14 )
2002     $ 10.02   0.00 (l)   0.77     0.77     —     —     (0.34 )
2003     $ 10.45   0.00 (i)(l)   (1.63 )   (1.63 )   —     —     (1.93 )
Small Cap Stock Fund—Class B Shares                        
2001 (j)   $ 9.75   (0.05 )(i)   0.31     0.26     —     —     —  
2002     $ 10.01   (0.06 )   0.75     0.69     —     —     (0.34 )
2003     $ 10.36   (0.05 )(i)   (1.64 )   (1.69 )   —     —     (1.93 )
Mid Cap Stock Fund—Class A Shares(m)                        
1999     $ 16.13   0.05     (1.67 )   (1.62 )   (0.07 )   —     (0.99 )
2000     $ 13.45   (0.01 )   2.54     2.53     (0.02 )   —     (0.45 )
2001     $ 15.51   (0.03 )(i)   1.00     0.97     —     —     (1.97 )
2002     $ 14.51   0.00 (l)   (0.12 )   (0.12 )   —     —     —  
2003     $ 14.39   (0.00 )(l)   (2.48 )   (2.48 )   —     —     —  
Mid Cap Stock Fund—Class B Shares                        
2000 (n)   $ 14.28   (0.03 )   1.25     1.22     —     —     —  
2001     $ 15.50   (0.15 )(i)   1.00     0.85     —     —     (1.97 )
2002     $ 14.38   (0.07 )   (0.17 )   (0.24 )   —     —     —  
2003     $ 14.14   (0.11 )   (2.44 )   (2.55 )   —     —     —  
(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
(b) This voluntary expense decrease is reflected in both the expense and net investment income (net operating loss) ratios shown above.
(c) Formerly Governor International Equity Fund and Governor Aggressive Growth Fund, respectively.
(d) Reflects operations for the period from February 9, 1999 (date of initial public investment) to June 30, 1999.
(e) Computed on an annualized basis.
(f) Reflects operations for the year ended June 30.
(g) Reflects operations for the period from July 1, 2000 to April 30, 2001. The Funds have changed their fiscal year end from June 30 to April 30.
(h) Effective January 8, 2001, the Funds changed their investment adviser from Martindale Andres & Company LLC to Manufactures and Traders Trust Company.
(i) Based on average shares outstanding.
(j) Reflects operations for the period from January 10, 2001 (date of initial public investment) to April 30, 2001.
(k) Represents less than 0.01%.
(l) Represents less than $0.01.
(m) Prior to October 15, 1999, reflects operations for VISION Growth and Income Fund.
(n) Reflects operations for the period from March 15, 2000 (date of initial public investment) to April 30, 2000.

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

                Ratios to Average Net Assets
            
Total
Distributions		     Net Asset
Value, end
of period		   Total
Return(a)		     Expenses     Net
Investment
Income
(Operating Loss)		     Expense
Waiver/
Reimbursement(b)		     Net Assets,
end
of period
(000 omitted)		   Portfolio
Turnover
Rate		  
                                             
—     $ 10.59   5.90 %   0.98 %(e)   2.80 %(e)   1.86 %(e)   $ 39,506   17 %
(0.28 )   $ 11.67   12.87 %   0.97 %   0.72 %   1.85 %   $ 44,697   56 %
(0.71 )   $ 9.66   (11.41 )%   1.46 %(e)   0.07 %(e)   0.42 %(e)   $ 34,916   73 %
(0.16 )   $ 8.95   (5.60 )%   1.64 %   0.61 %   0.15 %   $ 45,754   61 %
(0.11 )   $ 7.51   (14.84 )%   1.57 %   1.12 %   0.25 %   $ 62,059   42 %
                                             
—     $ 9.65   (5.85 )%   4.04 %(e)   (0.50 )%(e)   0.00 %(k)(e)   $ 5   73 %
(0.13 )   $ 8.89   (6.42 )%   2.44 %   0.04 %   0.10 %   $ 57   61 %
(0.05 )   $ 7.46   (15.56 )%   2.47 %   0.06 %   0.10 %   $ 55   42 %
                                             
(0.38 )   $ 12.02   9.24 %   1.04 %   (0.05 )%   1.47 %   $ 139,512   18 %
(1.71 )   $ 11.88   16.31 %   1.06 %   (0.25 )%   1.40 %   $ 148,926   43 %
(1.14 )   $ 10.02   (6.57 )%   1.30 %(e)   (0.83 )%(e)   0.17 %(e)   $ 113,499   21 %
(0.34 )   $ 10.45   8.03 %   1.23 %   (0.57 )%   0.07 %   $ 115,011   136 %
(1.93 )   $ 6.89   (14.66 )%   1.27 %   (0.06 )%   0.10 %   $ 106,415   68 %
                                             
—     $ 10.01   2.67 %   0.89 %(e)   (0.72 )%(e)   —     $ 35   21 %
(0.34 )   $ 10.36   7.22 %   2.05 %   (1.35 )%   —     $ 387   136 %
(1.93 )   $ 6.74   (15.46 )%   2.12 %   (0.89 )%   —     $ 506   68 %
                                             
(1.06 )   $ 13.45   (9.26 )%   1.20 %   0.32 %   —     $ 82,203   145 %
(0.47 )   $ 15.51   19.88 %   1.54 %   (0.13 )%   —     $ 110,651   163 %
(1.97 )   $ 14.51   6.51 %   1.39 %   (0.17 )%   —     $ 119,409   112 %
—     $ 14.39   (0.83 )%   1.39 %   (0.26 )%   0.06 %   $ 119,407   91 %
—     $ 11.91   (17.23 )%   1.26 %   (0.01 )%   0.20 %   $ 102,263   80 %
                                             
—     $ 15.50   8.54 %   2.45 %(e)   (1.82 )%(e)   —     $ 53   163 %
(1.97 )   $ 14.38   5.69 %   2.14 %   (1.06 )%   —     $ 1,364   112 %
—     $ 14.14   (1.67 )%   2.20 %   (1.09 )%   —     $ 2,051   91 %
—     $ 11.59   (18.03 )%   2.21 %   (0.96 )%   —     $ 1,713   80 %

 

 

 

 

 

                                           
Year
Ended
April 30,		     Net Asset
Value,
beginning
of period		   Net
Investment
Income
(Operating
Loss)		     Net Realized
and
Unrealized
Gain (Loss) on
Investments		     Total from
Investment
Operations		     Distributions
from Net
Investment
Income		     Distributions
in Excess of
Net
Investment
Income		     Distributions
from Net
Realized
Gain on
Investments		  
Large Cap Growth Fund—Class A Shares                        
2000 (c)   $ 10.00   0.01     0.03     0.04     —     —     —  
2001     $ 10.04   (0.02 )(f)   (1.47 )   (1.49 )   (0.01 )   —     —  
2002     $ 8.54   0.00 (g)   (0.63 )   (0.63 )   —     —     —  
2003     $ 7.91   0.00 (g)   (1.23 )   (1.23 )   —     —     —  
Large Cap Growth Fund—Class B Shares                        
2000 (h)   $ 10.31   0.00 (g)   (0.27 )   (0.27 )   —     —     —  
2001     $ 10.04   (0.10 )(f)   (1.47 )   (1.57 )   (0.01 )   —     —  
2002     $ 8.46   (0.02 )   (0.68 )   (0.70 )   —     —     —  
2003     $ 7.76   (0.05 )   (1.22 )   (1.27 )   —     —     —  
Large Cap Core Fund—Class A Shares (i)                        
1998 (j)   $ 11.13   0.10     2.99     3.09     (0.10 )   —     (0.06 )
1999 (j)   $ 14.06   0.06     2.16     2.22     (0.06 )   —     (0.34 )
2000 (j)   $ 15.88   0.01     1.20     1.21     (0.01 )   (0.00 )(g)   (3.41 )
2001 (k)(l)   $ 13.67   (0.03 )(f)   (1.93 )   (1.96 )   —     —     (1.31 )
2002     $ 10.40   0.02     (1.60 )   (1.58 )   —     —     (0.65 )
2003     $ 8.17   0.02 (f)   (1.69 )   (1.67 )   (0.02 )   —     (0.86 )
Large Cap Core Fund—Class B Shares                        
2001 (m)   $ 11.70   (0.05 )(f)   (1.28 )   (1.33 )   —     —     —  
2002     $ 10.37   (0.04 )   (1.61 )   (1.65 )   —     —     (0.65 )
2003     $ 8.07   (0.04 )(f)   (1.66 )   (1.70 )   —     —     (0.86 )
(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
(b) This voluntary expense decrease is reflected in both the expense and net investment income (net operating loss) ratios shown above.
(c) Reflects operations for the period from March 20, 2000 (date of initial public investment) to April 30, 2000.
(d) Computed on an annualized basis.
(e) Represents less than 0.01%.
(f) Based on average shares outstanding.
(g) Represents less than $0.01.
(h) Reflects operations for the period from April 6, 2000 (date of initial public investment) to April 30, 2000.
(i) Formerly Governor Established Growth Fund.
(j) Reflects operations for the year ended June 30.
(k) Reflects operations for the period from July 1, 2000 to April 30, 2001. The Fund has changed its fiscal year end from June 30 to April 30.
(l) Effective January 8, 2001, the Fund changed its investment adviser from Martindale Andres & Company LLC to Manufactures and Traders Trust Company.  
(m) Reflects operations for the period from January 18, 2001 (date of initial public investment) to April 30, 2001.

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

                Ratios to Average Net Assets
            
Total
Distributions		     Net Asset
Value, end
of period		   Total
Return(a)		     Expenses     Net
Investment
Income
(Operating Loss)		     Expense
Waiver/
Reimbursement(b)		     Net Assets,
end
of period
(000 omitted)		   Portfolio
Turnover
Rate		  
                                             
—     $ 10.04   0.40 %   0.00 %(d)(e)   1.23 %(d)   4.50 %(d)   $ 6,617   1 %
(0.01 )   $ 8.54   (14.87 )%   1.51 %   (0.23 )%   0.14 %   $ 12,128   52 %
—     $ 7.91   (7.38 )%   1.18 %   0.04 %   0.29 %   $ 15,368   45 %
—     $ 6.68   (15.55 )%   1.30 %   0.04 %   0.38 %   $ 16,312   37 %
                                             
—     $ 10.04   (2.62 )%   0.00 %(d)(e)   0.99 %(d)   5.50 %(d)   $ 42   1 %
(0.01 )   $ 8.46   (15.66 )%   2.51 %   (1.16 )%   0.14 %   $ 442   52 %
—     $ 7.76   (8.27 )%   2.15 %   (0.91 )%   0.24 %   $ 1,162   45 %
—     $ 6.49   (16.37 )%   2.19 %   (0.86 )%   0.24 %   $ 1,077   37 %
                                             
(0.16 )   $ 14.06   27.92 %   0.71 %   0.77 %   1.06 %   $ 258,812   6 %
(0.40 )   $ 15.88   16.20 %   0.91 %   0.42 %   1.19 %   $ 260,437   2 %
(3.42 )   $ 13.67   9.31 %   0.94 %   0.07 %   1.13 %   $ 277,934   41 %
(1.31 )   $ 10.40   (15.87 )%   1.12 %(d)   (0.26 )%(d)   0.09 %(d)   $ 201,609   33 %
(0.65 )   $ 8.17   (15.35 )%   1.09 %   0.18 %   0.03 %   $ 129,434   66 %
(0.88 )   $ 5.62   (20.08 )%   1.28 %   0.25 %   0.10 %   $ 87,998   35 %
                                             
—     $ 10.37   (11.37 )%   0.79 %(d)   (0.62 )%(d)   —     $ 76   33 %
(0.65 )   $ 8.07   (16.10 )%   2.07 %   (0.82 )%   —     $ 437   66 %
(0.86 )   $ 5.51   (20.69 )%   2.13 %   (0.60 )%   —     $ 479   35 %

 

 

 

 

                                           

Year

Ended

April 30,

   Net Asset
Value,
beginning
of period		   Net
Investment
Income
(Operating
Loss)		     Net Realized
and
Unrealized
Gain (Loss) on
Investments		     Total from
Investment
Operations		     Distributions
from Net
Investment
Income		     Distributions
in Excess of
Net
Investment
Income		     Distributions
from Net
Realized
Gain on
Investments		  
Large Cap Value Fund—Class A Shares(c)                        
1999   $ 11.47   0.19     0.78     0.97     (0.19 )   —     (0.01 )
2000   $ 12.24   0.18     (0.94 )   (0.76 )   (0.18 )   —     (0.16 )
2001   $ 11.14   0.09 (d)   1.24     1.33     (0.09 )   —     (0.42 )
2002   $ 11.96   0.06     (1.49 )   (1.43 )   (0.06 )   —     (0.16 )
2003   $ 10.31   0.07     (1.91 )   (1.84 )   (0.06 )   —     —  
Large Cap Value Fund—Class B Shares                        
2000(e)   $ 11.18   0.05     0.12     0.17     (0.06 )   —     (0.16 )
2001   $ 11.13   (0.04 )(d)   1.24     1.20     (0.01 )   —     (0.42 )
2002   $ 11.90   (0.01 )   (1.52 )   (1.53 )   —     —     (0.16 )
2003   $ 10.21   (0.02 )   (1.87 )   (1.89 )   —     —     —  
Managed Allocation Fund—Aggressive Growth—Class A Shares(g)                  
1999(h)   $ 10.00   0.02     0.77     0.79     (0.02 )   —     —  
2000(i)   $ 10.77   0.11     0.75     0.86     (0.11 )   (0.03 )   (0.00 )(l)
2001(j)(k)   $ 11.49   0.07     (0.89 )   (0.82 )   (0.07 )   —     (0.34 )
2002   $ 10.26   0.02     (0.63 )   (0.61 )   (0.02 )   —     (0.14 )
2003   $ 9.49   0.00 (l)   (1.41 )   (1.41 )   —     —     (0.08 )
Managed Allocation Fund—Aggressive Growth—Class B Shares(g)                  
2003   $ 9.49   (0.04 )   (1.44 )   (1.48 )   —     —     (0.08 )
Managed Allocation Fund—Moderate Growth—Class A Shares(g)                  
1999(m)   $ 10.00   0.04     0.56     0.60     (0.04 )   —     —  
2000(i)   $ 10.56   0.18     0.54     0.72     (0.18 )   —     (0.01 )
2001(j)(k)   $ 11.09   0.14     (0.48 )   (0.34 )   (0.14 )   —     (0.49 )
2002   $ 10.12   0.15     (0.39 )   (0.24 )   (0.16 )   —     (0.02 )
2003   $ 9.70   0.10     (0.87 )   (0.77 )   (0.10 )   —     (0.03 )
Managed Allocation Fund—Moderate Growth—Class B Shares(g)                  
2003   $ 9.70   0.03     (0.90 )   (0.87 )   (0.03 )   —     (0.03 )
(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
(b) This voluntary expense decrease is reflected in both the expense and net investment income (net operating loss) ratios shown above.
(c) Formerly VISION Equity Income Fund, effective August 30, 1999.
(d) Based on average shares outstanding.
(e) Reflects operations for the period from December 10, 1999 (date of initial public investment) to April 30, 2000.
(f) Computed on an annualized basis.
(g) Formerly Governor Lifestyle Growth Fund and Governor Lifestyle Moderate Growth Fund, respectively.
(h) Reflects operations for the period from February 18, 1999 (date of initial public investment) to June 30, 1999.
(i) Reflects operations for the year ended June 30.
(j) Reflects operations for the period from July 1, 2000 to April 30, 2001. The Funds have changed their fiscal year end from June 30 to April 30.
(k) Effective January 8, 2001, the Funds changed their investment adviser from Martindale Andres & Company LLC to Manufacturers and Traders Trust Company.
(l) Represents less than $0.01.
(m) Reflects operations for the period from February 4, 1999 (date of initial public investment) to June 30, 1999.

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

                Ratios to Average Net Assets
            

Total

Distributions

     Net Asset
Value, end
of period		  

Total

Return(a)

     Expenses    

Net

Investment
Income

(Operating Loss)

    

Expense

Waiver/
Reimbursement(b)

    

Net Assets,
end

of period
(000 omitted)

  

Portfolio

Turnover

Rate

  
                                             
(0.20 )   $ 12.24   8.59 %   1.02 %   1.67 %   —     $ 45,582   55 %
(0.34 )   $ 11.14   (6.15 )%   0.99 %   1.53 %   —     $ 30,721   88 %
(0.51 )   $ 11.96   12.36 %   1.15 %   0.77 %   —     $ 37,847   80 %
(0.22 )   $ 10.31   (11.99 )%   1.13 %   0.56 %   —     $ 42,697   63 %
(0.06 )   $ 8.41   (17.80 )%   1.12 %   0.86 %   —     $ 48,665   32 %
                                             
(0.22 )   $ 11.13   1.62 %   1.99 %(f)   0.17 %(f)   —     $ 10   88 %
(0.43 )   $ 11.90   11.11 %   2.15 %   (0.38 )%   —     $ 229   80 %
(0.16 )   $ 10.21   (12.88 )%   2.13 %   (0.47 )%   —     $ 617   63 %
—     $ 8.32   (18.51 )%   2.12 %   (0.14 )%   —     $ 451   32 %
                                             
(0.02 )   $ 10.77   7.87 %   1.81 %(f)   0.07 %(f)   51.10 %(f)   $ 218   0 %
(0.14 )   $ 11.49   8.00 %   1.64 %   0.26 %   9.53 %   $ 1,352   28 %
(0.41 )   $ 10.26   (7.35 )%   1.40 %(f)   0.76 %(f)   3.43 %(f)   $ 1,634   72 %
(0.16 )   $ 9.49   (5.92 )%   1.00 %   0.23 %   1.22 %   $ 4,872   4 %
(0.08 )   $ 8.00   (14.78 )%   1.00 %   0.03 %   1.16 %   $ 5,421   11 %
                                             
(0.08 )   $ 7.93   (15.62 )%   2.00 %   (1.07 )%   1.16 %   $ 1,813   11 %
                                             
(0.04 )   $ 10.56   6.02 %   1.76 %(f)   1.17 %(f)   36.79 %(f)   $ 285   6 %
(0.19 )   $ 11.09   6.81 %   1.64 %   1.09 %   7.85 %   $ 1,214   32 %
(0.63 )   $ 10.12   (3.18 )%   1.39 %(f)   1.70 %(f)   3.73 %(f)   $ 1,920   76 %
(0.18 )   $ 9.70   (2.39 )%   1.00 %   1.63 %   0.67 %   $ 8,166   2 %
(0.13 )   $ 8.80   (7.89 )%   1.00 %   1.14 %   0.38 %   $ 10,922   10 %
                                             
(0.06 )   $ 8.77   (8.91 )%   2.00 %   0.11 %   0.38 %   $ 5,445   10 %

 

 

 

 

                                     
Year
Ended
April 30,		     Net Asset
Value,
beginning
of period		   Net
Investment
Income		     Net Realized
and
Unrealized
Gain (Loss) on
Investments		     Total from
Investment
Operations		     Distributions
from Net
Investment
Income		     Distributions
from Net
Realized
Gain on
Investments		  
Managed Allocation Fund—Conservative Growth—Class A Shares(c)                  
1999 (d)   $ 10.00   0.07     0.15     0.22     (0.07 )   —  
2000 (f)   $ 10.15   0.25     0.24     0.49     (0.25 )   (0.00 )(g)
2001 (h)(i)   $ 10.39   0.19 (j)   (0.10 )   0.09     (0.20 )   (0.39 )
2002     $ 9.89   0.32 (j)   (0.17 )   0.15     (0.30 )   —  
2003     $ 9.74   0.23     (0.23 )   0.00 (g)   (0.23 )   (0.02 )
Managed Allocation Fund—Conservative Growth—Class B Shares(c)                  
2003     $ 9.74   0.15     (0.25 )   (0.10 )   (0.16 )   (0.02 )
New York Municipal Income Fund                  
1999     $ 10.42   0.46     0.19     0.65     (0.46 )   (0.09 )
2000     $ 10.52   0.46     (0.75 )   (0.29 )   (0.46 )   (0.05 )
2001     $ 9.72   0.45     0.52     0.97     (0.45 )   —  
2002     $ 10.24   0.41 (k)   0.17 (k)   0.58     (0.41 )   —  
2003     $ 10.41   0.41     0.34     0.75     (0.41 )   (0.01 )
Pennsylvania Municipal Income Fund(c)                  
1998 (f)   $ 10.29   0.49     0.11     0.60     (0.50 )   —  
1999 (f)   $ 10.39   0.47     (0.26 )   0.21     (0.48 )   (0.07 )
2000 (f)   $ 10.05   0.46     (0.27 )   0.19     (0.46 )   (0.01 )
2001 (h)(i)   $ 9.77   0.37     0.26     0.63     (0.37 )   —  
2002     $ 10.03   0.41     0.16     0.57     (0.41 )   —  
2003     $ 10.19   0.35     0.45     0.80     (0.35 )   —  
(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
(b) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above.
(c) Formerly Governor Lifestyle Conservative Growth Fund and Governor Pennsylvania Municipal Bond Fund, respectively.
(d) Reflects operations for the period from February 3, 1999 (date of initial public investment) to June 30, 1999.
(e) Computed on an annualized basis.
(f) Reflects operations for the year ended June 30.
(g) Represents less than $0.01.
(h) Reflects operations for the period from July 1, 2000 to April 30, 2001. The Funds have changed their fiscal year end from June 30 to April 30.
(i) Effective January 8, 2001, the Funds changed their investment adviser from Martindale Andres & Company LLC to Manufacturers and Traders Trust Company.
(j) Based on average shares outstanding.
(k) Effective May 1, 2001, New York Municipal Income Fund adopted the provisions of the American Institute of Certified Public Accountants (AICPA) Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long term debt securities. For the year ended April 30, 2002, this change had no effect on net investment income per share and net realized gain/loss per share, and increased the ratio of net investment income to average net assets from 3.97% to 3.98%. Per share, ratios and supplemental data for periods prior to May 1, 2001, have not been restated to reflect this change in presentation.

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

                Ratios to Average Net Assets
            
Total
Distributions		     Net Asset
Value, end
of period		   Total
Return(a)		     Expenses     Net
Investment
Income		     Expense
Waiver/
Reimbursement(b)		     Net Assets,
end
of period
(000 omitted)		   Portfolio
Turnover
Rate		  
                                             
(0.07 )   $ 10.15   2.21 %   1.79 %(e)   2.57 %(e)   92.41 %(e)   $ 150   2 %
(0.25 )   $ 10.39   4.94 %   1.65 %   2.19 %   25.56 %   $ 311   28 %
(0.59 )   $ 9.89   0.94 %   1.38 %(e)   2.71 %(e)   17.68 %(e)   $ 448   91 %
(0.30 )   $ 9.74   1.60 %   1.00 %   3.28 %   1.75 %   $ 2,788   19 %
(0.25 )   $ 9.49   0.03 %   1.00 %   2.49 %   1.11 %   $ 4,120   11 %
                                             
(0.18 )   $ 9.46   (1.02 )%   2.00 %   1.43 %   1.11 %   $ 2,000   11 %
                                             
(0.55 )   $ 10.52   6.37 %   0.82 %   4.38 %   0.20 %   $ 52,860   44 %
(0.51 )   $ 9.72   (2.71 )%   0.85 %   4.60 %   0.20 %   $ 48,081   34 %
(0.45 )   $ 10.24   10.11 %   0.88 %   4.36 %   0.14 %   $ 74,851   50 %
(0.41 )   $ 10.41   5.74 %   0.83 %   3.98 %(k)   0.09 %   $ 80,452   46 %
(0.42 )   $ 10.74   7.29 %   0.86 %   3.85 %   0.09 %   $ 85,887   50 %
                                             
(0.50 )   $ 10.39   5.89 %   0.58 %   4.65 %   0.92 %   $ 118,685   62 %
(0.55 )   $ 10.05   1.94 %   0.59 %   4.45 %   1.00 %   $ 111,893   90 %
(0.47 )   $ 9.77   1.96 %   0.59 %   4.59 %   0.93 %   $ 92,664   96 %
(0.37 )   $ 10.03   6.53 %   0.82 %(e)   4.46 %(e)   0.16 %(e)   $ 86,301   37 %
(0.41 )   $ 10.19   5.80 %   0.89 %   4.03 %   0.09 %   $ 84,758   22 %
(0.35 )   $ 10.64   7.92 %   1.01 %   3.32 %   0.16 %   $ 86,729   24 %

 

 

 

 

                                   
Year
Ended
April 30,		  

Net Asset

Value,

beginning

of period

  

Net

Investment

Income

    

Net Realized

and

Unrealized

Gain (Loss) on

Investments

    

Total from

Investment

Operations

  

Distributions

from Net

Investment

Income

    

Distributions

from Net

Realized

Gain on

Investments

  
Intermediate Term Bond Fund(c)                
1998(d)   $ 9.77   0.62     0.33     0.95   (0.62 )   —  
1999(d)   $ 10.10   0.59     (0.50 )   0.09   (0.59 )   (0.11 )
2000(d)   $ 9.49   0.60     (0.31 )   0.29   (0.60 )   —  
2001(e)(f)   $ 9.18   0.49     0.28     0.77   (0.49 )   —  
2002   $ 9.46   0.55 (h)   0.04 (h)   0.59   (0.54 )   —  
2003   $ 9.51   0.43 (i)   0.33     0.76   (0.50 )   —  
U.S. Government Securities Fund                
1999   $ 9.61   0.58     (0.08 )   0.50   (0.58 )   (0.02 )
2000   $ 9.51   0.59     (0.49 )   0.10   (0.59 )   —  
2001   $ 9.02   0.59     0.41     1.00   (0.58 )   —  
2002   $ 9.44   0.59 (j)   0.03 (j)   0.62   (0.57 )   —  
2003   $ 9.49   0.43 (i)   0.43     0.86   (0.50 )   —  
New York Tax-Free Money Market Fund                
1999   $ 1.00   0.03     —     0.03   (0.03 )   —  
2000   $ 1.00   0.03     —     0.03   (0.03 )   —  
2001   $ 1.00   0.03     —     0.03   (0.03 )   —  
2002   $ 1.00   0.02     —     0.02   (0.02 )   —  
2003   $ 1.00   0.01     —     0.01   (0.01 )   —  
(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
(b) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above.
(c) Formerly Governor Intermediate Term Income Fund.
(d) Reflects operations for the year ended June 30.
(e) Reflects operations for the period from July 1, 2000 to April 30, 2001. The Funds have changed their fiscal year end from June 30 to April 30.
(f) Effective January 8, 2001, the Funds changed their investment adviser from Martindale Andres & Company LLC to Manufactures and Traders Trust Company.
(g) Computed on an annualized basis.
(h) Effective May 1, 2001, Intermediate Term Bond Fund adopted the provisions of the AICPA, Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long term debt securities. The effect of this change for the year ended April 30, 2002 was to increase net investment income per share by $0.04, increase net realized gain/loss per share by $0.04, and decrease the ratio of net investment income to average net assets from 5.68% to 5.45%. Per share, ratios and supplemental data for periods prior to May 1, 2001 have not been restated to reflect this change in presentation.
(i) Based on average shares outstanding.
(j) Effective May 1, 2001, U.S. Government Securities Fund adopted the provisions of the AICPA, Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long-term debt securities. For the year ended April 30, 2002, this change had no effect on the net investment income per share or net realized and unrealized gain (loss) on investment per share, but decreased the ratio of net investment income to average net assets from 6.00% to 4.84%. Per share, ratio and supplemental data for the periods prior to May 1, 2001 have not been restated to reflect this change in presentation.

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

                Ratios to Average Net Assets
            
Total
Distributions		    

Net Asset
Value, end

of period

  

Total

Return(a)

     Expenses    

Net

Investment

Income

    

Expense

Waiver/

Reimbursement(b)

    

Net Assets,

end

of period

(000 omitted)

  

Portfolio

Turnover

Rate

  
                                             
(0.62 )   $ 10.10   9.95 %   0.57 %   6.27 %   0.92 %   $ 275,565   218 %
(0.70 )   $ 9.49   0.82 %   0.56 %   5.97 %   0.98 %   $ 305,981   149 %
(0.60 )   $ 9.18   3.18 %   0.56 %   6.38 %   0.89 %   $ 245,161   192 %
(0.49 )   $ 9.46   8.58 %   0.70 %(g)   6.25 %(g)   0.22 %(g)   $ 216,993   80 %
(0.54 )   $ 9.51   6.34 %   0.70 %   5.45 %(h)   0.27 %   $ 159,946   55 %
(0.50 )   $ 9.77   8.10 %   0.78 %   4.49 %   0.38 %   $ 142,670   73 %
                                             
(0.60 )   $ 9.51   5.31 %   0.92 %   5.95 %   0.05 %   $ 64,100   68 %
(0.59 )   $ 9.02   1.11 %   0.93 %   6.36 %   0.05 %   $ 60,165   46 %
(0.58 )   $ 9.44   11.43 %   0.95 %   6.27 %   0.03 %   $ 88,980   47 %
(0.57 )   $ 9.49   6.72 %   0.96 %   4.84 %(j)   —     $ 116,350   41 %
(0.50 )   $ 9.85   9.20 %   0.95 %   4.41 %   —     $ 144,210   68 %
                                             
(0.03 )   $ 1.00   2.75 %   0.58 %   2.69 %   0.14 %   $ 110,291   —  
(0.03 )   $ 1.00   2.97 %   0.60 %   3.00 %   0.09 %   $ 172,791   —  
(0.03 )   $ 1.00   3.52 %   0.62 %   3.44 %   0.09 %   $ 158,359   —  
(0.02 )   $ 1.00   1.62 %   0.63 %   1.59 %   0.09 %   $ 187,043   —  
(0.01 )   $ 1.00   0.86 %   0.61 %   0.86 %   0.09 %   $ 191,859   —  

 

 

 

 

Year

Ended
April 30,

     Net Asset
Value,
beginning
of period		   Net
Investment
Income		   Net
Realized
and
Unrealized
Gain on
Investments		   Total from
Investment
Operations		   Distributions
From Net
Investment
Income		     Distributions
from Net
Realized
Gain on
Investments		     Total
Distributions		  
Money Market Fund—Class A Shares                      
1999     $ 1.00   0.05   —   0.05   (0.05 )   —     (0.05 )
2000     $ 1.00   0.05   —   0.05   (0.05 )   —     (0.05 )
2001     $ 1.00   0.06   —   0.06   (0.06 )   —     (0.06 )
2002     $ 1.00   0.02   —   0.02   (0.02 )   —     (0.02 )
2003     $ 1.00   0.01   —   0.01   (0.01 )   (0.00 )(c)   (0.01 )
Money Market Fund—Class S Shares                      
1999 (d)   $ 1.00   0.04   —   0.04   (0.04 )   —     (0.04 )
2000     $ 1.00   0.05   —   0.05   (0.05 )   —     (0.05 )
2001     $ 1.00   0.05   —   0.05   (0.05 )   —     (0.05 )
2002     $ 1.00   0.02   —   0.02   (0.02 )   —     (0.02 )
2003     $ 1.00   0.01   —   0.01   (0.01 )   (0.00 )(c)   (0.01 )
Treasury Money Market Fund—Class A Shares                      
1999     $ 1.00   0.04   —   0.04   (0.04 )   —     (0.04 )
2000     $ 1.00   0.05   —   0.05   (0.05 )   —     (0.05 )
2001     $ 1.00   0.05   —   0.05   (0.05 )   —     (0.05 )
2002     $ 1.00   0.02   —   0.02   (0.02 )   —     (0.02 )
2003     $ 1.00   0.01   —   0.01   (0.01 )   —     (0.01 )
Treasury Money Market Fund—Class S Shares                      
1999 (d)   $ 1.00   0.04   —   0.04   (0.04 )   —     (0.04 )
2000     $ 1.00   0.04   —   0.04   (0.04 )   —     (0.04 )
2001     $ 1.00   0.05   —   0.05   (0.05 )   —     (0.05 )
2002     $ 1.00   0.02   —   0.02   (0.02 )   —     (0.02 )
2003     $ 1.00   0.01   —   0.01   (0.01 )   —     (0.01 )
(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
(b) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above.
(c) Represents less than $0.01.
(d) Reflects operations for the period from June 8, 1998 (date of initial public investment) to April 30, 1999.
(e) Computed on an annualized basis.

 

(See Notes which are an integral part of the Financial Statements)

 

 

 

          Ratios to Average Net Assets
      
Net Asset
Value, end
of period
   Total
Return(a)
     Expenses
     Net
Investment
Income
     Expense
Waiver/
Reimbursement(b)
     Net Assets,
end
of period
(000 omitted)
                                 
$ 1.00   4.76 %   0.63 %   4.64 %   0.05 %   $ 932,896
$ 1.00   4.95 %   0.63 %   4.87 %   0.05 %   $ 1,095,128
$ 1.00   5.85 %   0.64 %   5.67 %   0.05 %   $ 1,598,305
$ 1.00   2.41 %   0.71 %   2.39 %   0.18 %   $ 1,512,433
$ 1.00   0.92 %   0.70 %   0.92 %   0.25 %   $ 1,240,670
                                 
$ 1.00   3.98 %   0.88 %(e)   4.42 %(e)   0.05 %(e)   $ 16,368
$ 1.00   4.69 %   0.88 %   4.71 %   0.05 %   $ 48,760
$ 1.00   5.59 %   0.89 %   5.48 %   0.05 %   $ 61,450
$ 1.00   2.13 %   0.98 %   1.96 %   0.17 %   $ 112,156
$ 1.00   0.61 %   1.00 %   0.63 %   0.20 %   $ 81,002
                                 
$ 1.00   4.54 %   0.59 %   4.49 %   0.08 %   $ 498,548
$ 1.00   4.71 %   0.58 %   4.62 %   0.08 %   $ 423,685
$ 1.00   5.60 %   0.59 %   5.45 %   0.09 %   $ 790,307
$ 1.00   2.38 %   0.59 %   2.27 %   0.09 %   $ 741,357
$ 1.00   0.93 %   0.61 %   0.93 %   0.09 %   $ 622,086
                                 
$ 1.00   3.77 %   0.84 %(e)   4.17 %(e)   0.08 %(e)   $ 21,153
$ 1.00   4.45 %   0.83 %   4.36 %   0.08 %   $ 20,704
$ 1.00   5.34 %   0.84 %   5.26 %   0.09 %   $ 21,070
$ 1.00   2.12 %   0.84 %   2.03 %   0.09 %   $ 26,138
$ 1.00   0.68 %   0.86 %   0.70 %   0.09 %   $ 18,011
                                 
                                 

 

 

 

VISION Group of Funds

Notes to Financial Statements

April 30, 2003

 

Organization

 

VISION Group of Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 21 portfolios (individually referred to as the “Fund”, or collectively as the “Funds”). The following Funds are presented herein:

 

Portfolio Name    Investment Objective
VISION International Equity Fund (“International Equity Fund”) (d)    Seeks long-term capital appreciation, primarily through a diversified portfolio of non-U.S. equity securities.
VISION Small Cap Stock Fund (“Small Cap Stock Fund”) (d)    Seeks growth of capital.
VISION Mid Cap Stock Fund (“Mid Cap Stock Fund”) (d)    Seeks total return.
VISION Large Cap Growth Fund (“Large Cap Growth Fund”) (d)    Seeks to provide capital appreciation.
VISION Large Cap Core Fund (“Large Cap Core Fund”) (d)    Provides long-term capital appreciation. Current income is a secondary, non-fundamental investment consideration.
VISION Large Cap Value Fund (“Large Cap Value Fund”) (d)    Seeks to provide current income. Capital appreciation is a secondary investment consideration.
VISION Managed Allocation Fund—Aggressive Growth (“Aggressive Growth Fund”) (d)    Seeks capital appreciation.
VISION Managed Allocation Fund—Moderate Growth (“Moderate Growth Fund”) (d)    Seeks capital appreciation and, secondarily, income.
VISION Managed Allocation Fund—Conservative Growth (“Conservative Growth Fund”) (d)    Seeks capital appreciation and income.
VISION New York Municipal Income Fund (“New York Municipal Income Fund”) (n)    Seeks current income that is exempt from federal regular income tax, and the personal income taxes imposed by the State of New York and New York municipalities and is consistent with preservation of capital.
VISION Pennsylvania Municipal Income Fund (“Pennsylvania Municipal Income Fund”) (n)    Seeks income exempt from both federal and Pennsylvania state income taxes, and preservation of capital.
VISION Intermediate Term Bond Fund (“Intermediate Term Bond Fund”) (d)    Seeks current income with long-term growth of capital as a secondary objective.
VISION U.S. Government Securities Fund (“U.S. Government Securities Fund”) (d)    Seeks current income. Capital appreciation is a secondary, non-fundamental investment consideration.
VISION New York Tax-Free Money Market Fund (“New York Tax-Free Money Market Fund”) (n)    Seeks a high a level of current interest income that is exempt from federal regular income tax as is consistent with liquidity and relative stability of principal.

 

 

 

VISION Group of Funds

 

Portfolio Name    Investment Objective
VISION Money Market Fund (“Money Market Fund”) (d)    Seeks current income with liquidity and stability of principal.
VISION Treasury Money Market Fund (“Treasury Money Market Fund”) (d)    Seeks current income with liquidity and stability of principal.

 

(d)  Diversified

(n)  Non-diversified

 

The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held.

 

Effective May 1, 2002, Class B Shares were added to Aggressive Growth Fund, Moderate Growth Fund, and Conservative Growth Fund.

 

Significant Accounting Policies

 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles (“GAAP”).

 

Investment Valuations—The money market funds use the amortized cost method to value their portfolio securities in accordance with Rule 2a-7 under the Act. For fluctuating funds, listed equity securities are valued at the last sale price reported on a national securities exchange. U.S. government securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Listed corporate bonds, and other fixed income and asset-backed securities, unlisted securities and short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Municipal bonds are valued by an independent pricing service, taking into consideration yield, liquidity, risk, credit quality, coupon, maturity, type of issue, and any other factors or market data the pricing service deems relevant. Investments in other open-end regulated investment companies are valued at net asset value. Securities for which no quotations are readily available are valued at fair value as determined in good faith using methods approved by the Board of Trustees (the “Trustees”).

 

Repurchase Agreements—It is each Fund’s policy to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank’s vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement’s collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement transaction.

 

The Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Funds’ adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities. The Funds along with other affiliated investment companies may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

 

Investment Income, Expenses and Distributions—Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. International Equity Fund, Small Cap Stock Fund, Mid Cap Stock Fund, Large Cap Growth Fund, Large Cap Core Fund, Large Cap Value Fund, Aggressive Growth Fund, Moderate Growth Fund, Conservative Growth Fund, Money Market Fund and Treasury Money Market Fund offer multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of each Fund based on average daily net assets of each class, without distinction between share

 

 

 

classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

 

Premium and Discount Amortization/Paydown Gains and Losses—All premiums and discounts on fixed income securities are amortized/accreted. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.

 

Federal Taxes—It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code (the “Code”) and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for federal tax are necessary.

 

When-Issued and Delayed Delivery Transactions—The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

 

Foreign Exchange Contracts—The International Equity Fund may enter into foreign currency commitments for the delayed delivery of securities or foreign currency exchange transactions. The Fund may enter into foreign currency contract transactions to protect assets against adverse changes in foreign currency exchange rates or exchange control regulations. Purchased contracts are used to acquire exposure to foreign currencies; whereas, contracts to sell are used to hedge the securities against currency fluctuations. Risks may arise upon entering these transactions from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign currency transactions are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date.

 

At April 30, 2003, the International Equity Fund had outstanding foreign currency commitments as set forth below:

 

Settlement Date

   

Contracts to

Deliver/Receive

   

In

Exchange for

    Contracts
at Value
    Net
Unrealized
Appreciation
(Depreciation)
  

Contracts Purchased:

                            

October 16, 2003

    5,600,000 Australian Dollar    $ 3,306,016    $ 3,451,611    $ 145,595  

October 16, 2003

    2,900,000 Danish Krone      414,997      433,991      18,994  

October 16, 2003

    1,500,000 Euro Currency      1,593,975      1,668,014      74,039  

October 16, 2003

    3,900,000 Hong Kong Dollar      499,583      499,414      (169 )

October 16, 2003

    179,000,000 Japanese Yen      1,505,116      1,511,965      6,849  

October 16, 2003

    540,000 Singapore Dollar      303,770      305,240      1,470  

October 16, 2003

    1,2000,000 Swiss Franc      867,993      889,544      21,551  

Contracts Sold:

                            

October 16, 2003

    4,140,000 British Pound Sterling      6,352,850      6,554,055      (201,205 )

October 16, 2003

    350,000 Euro Currency      379,596      389,203      (9,607 )

October 16, 2003

    9,900,000 Swedish Krona      1,143,583      1,198,906      (55,323 )
                       
     Net Unrealized Appreciation on Foreign Exchange Contracts                  $ 2,194  
                       

 

 

 

 

Foreign Currency Translation—The International Equity Fund translates foreign currencies into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchase and sale of securities, and income and expense are translated at the prevailing rate of exchange on the respective dates of such transactions. The changes in foreign exchange rates on investments are not isolated on the Statement of Operations. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

 

Restricted Securities—Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Trustees. The Funds will not incur any registration costs upon such resales. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in good faith using methods approved by the Trustees.

 

Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

 

Other—Investment transactions are accounted for on a trade date basis.

 

Change in Accounting Policy

 

Effective May 1, 2001, the Trust adopted the provisions of the revised American Institute of Certified Public Accountants (AICPA) Audit and Accounting Guide for Investment Companies (the “Guide”). For financial statement purposes, the revised Guide requires the Funds to amortize premium and discount on all fixed income securities and to classify gains and losses realized on principal payments received on mortgage-backed securities (paydown gains and losses) as part of interest income.

 

Upon initial adoption, the Funds adjusted their cost of fixed income securities by the cumulative amount of amortization that would have been recognized had amortization been in effect from the purchase date of each holding with a corresponding reclassification between unrealized appreciation/depreciation on investments and undistributed net investment income. Adoption of these accounting principles does not affect the Funds’ net asset value or distributions, but changes the classification of certain amounts between interest income and realized and unrealized gain/loss on the Statement of Operations. The cumulative effect to the Funds resulting from the adoption of premium and discount amortization and recognition of paydown gains and losses as part of interest income on the financial statements is as follows:

 

     Increase (Decrease)
  
     As of May 1, 2001
    For the Year Ended April 30, 2002
  
     Cost of
Investments
     Undistributed
Net
Investment
Income
     Accumulated
Net Realized
Gain (Loss)
    Net
Investment
Income
     Net
Unrealized
Appreciation
(Depreciation)
     Net
Realized
Gain
(Loss)
  

New York Municipal Income Fund

    $ 12,857     $ 12,857     $ —    $ 2,240     $ (1,370 )   $ (870 )

Intermediate Term Bond Fund

      (110,737 )     (216,252 )     105,515      (416,700 )     200,740       215,960  

U.S. Government Securities Fund

      2,424       (217,393 )     219,817      (1,176,870 )     963,162       213,708  

 

The Statements of Changes in Net Assets and Financial Highlights for prior periods have not been restated to reflect this change in presentation.

 

 

 

Capital Stock

 

At April 30, 2003, there were 1,000,000,000 shares of $0.001 par value capital stock authorized with respect to International Equity Fund, Small Cap Stock Fund, Mid Cap Stock Fund, Large Cap Growth Fund, Large Cap Core Fund, Large Cap Value Fund, Aggressive Growth Fund, Moderate Growth Fund, Conservative Growth Fund, New York Municipal Income Fund, Pennsylvania Municipal Income Fund, Intermediate Term Bond Fund and U.S. Government Securities Fund; and 1,000,000,000 shares of $0.001 par value capital stock authorized with respect to New York Tax-Free Money Market Fund; 6,000,000,000 shares of $0.001 par value capital stock of the Trust (2,000,000,000 authorized as to Class A Shares, 2,000,000,000 authorized as to Class S Shares and 2,000,000,000 authorized as to Institutional Shares) authorized with respect to Money Market Fund and 4,000,000,000 shares of $0.001 par value capital stock of the Trust (2,000,000,000 authorized as to Class A Shares and 2,000,000,000 authorized as to Class S Shares) authorized with respect to Treasury Money Market Fund. Capital paid-in for New York Tax-Free Money Market Fund aggregated $191,858,878, par value was $191,859; Money Market Fund aggregated $1,324,415,924, par value was $1,324,416, and Treasury Money Market Fund aggregated $640,099,938, par value was $640,099. Transactions in capital stock were as follows:

 

    International Equity Fund
  
   

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class A Shares

   Shares
     Amount
     Shares
     Amount
  

Shares sold

   4,042,372     $ 29,799,282     2,317,071     $ 20,220,549  
                           

Shares issued to shareholders in payment of distributions declared

   38,189       281,458     38,391       324,402  
                           

Shares redeemed

   (933,559 )     (7,086,632 )   (856,702 )     (7,608,974 )
 
 
 
 

Net change resulting from Class A Share transactions

   3,147,002     $ 22,994,108     1,498,760     $ 12,935,977  
 
 
 
 

 

    International Equity Fund
  
   

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class B Shares

   Shares
     Amount
     Shares
     Amount
  

Shares sold

   1,871     $ 14,496     5,867     $ 51,179  
                           

Shares issued to shareholders in payment of distributions declared

   45       330     65       545  
                           

Shares redeemed

   (937 )     (6,627 )   (48 )     (404 )
 
 
 
 

Net change resulting from Class B Share transactions

   979     $ 8,199     5,884     $ 51,320  
 
 
 
 

Net change resulting from share transactions

   3,147,981     $ 23,002,307     1,504,644     $ 12,987,297  
 
 
 
 

 

    Small Cap Stock Fund
  
   

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class A Shares

   Shares
     Amount
     Shares
     Amount
  

Shares sold

   4,693,779     $ 32,173,346     2,119,892     $ 20,407,059  
                           

Shares issued to shareholders in payment of distributions declared

   2,892,267       18,944,352     356,474       3,350,853  
                           

Shares redeemed

   (3,135,991 )     (23,014,962 )   (2,797,016 )     (28,068,423 )
 
 
 
 

Net change resulting from Class A Share transactions

   4,450,055     $ 28,102,736     (320,650 )   $ (4,310,511 )
 
 
 
 

 

 

 

     Small Cap Stock Fund
  
    

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class B Shares

    Shares
     Amount
     Shares
     Amount
  

Shares sold

    28,380     $ 223,678     35,927     $ 357,828  
                            

Shares issued to shareholders in payment of distributions declared

    15,548       100,131     524       4,909  
                            

Shares redeemed

    (6,175 )     (40,688 )   (2,585 )     (26,445 )
  
 
 
 

Net change resulting from Class B Share transactions

    37,753     $ 283,121     33,866     $ 336,292  
  
 
 
 

Net change resulting from share transactions

    4,487,808     $ 28,385,857     (286,784 )   $ (3,974,219 )
  
 
 
 
     Mid Cap Stock Fund
  
    

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class A Shares

    Shares
     Amount
     Shares
     Amount
  

Shares sold

    1,919,001     $ 23,583,058     1,470,152     $ 20,279,831  
                            

Shares issued to shareholders in payment of distributions declared

    —       —     —       —  
                            

Shares redeemed

    (1,626,404 )     (19,790,257 )   (1,404,964 )     (19,533,399 )
  
 
 
 

Net change resulting from Class A Share transactions

    292,597     $ 3,792,801     65,188     $ 746,432  
  
 
 
 
     Mid Cap Stock Fund
  
    

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class B Shares

    Shares
     Amount
     Shares
     Amount
  

Shares sold

    22,884     $ 278,057     58,027     $ 795,970  
                            

Shares issued to shareholders in payment of distributions declared

    —       —     —       —  
                            

Shares redeemed

    (20,032 )     (232,727 )   (7,918 )     (110,374 )
  
 
 
 

Net change resulting from Class B Share transactions

    2,852     $ 45,330     50,109     $ 685,596  
  
 
 
 

Net change resulting from share transactions

    295,449     $ 3,838,131     115,297     $ 1,432,028  
  
 
 
 
     Large Cap Growth Fund
  
    

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class A Shares

    Shares
     Amount
     Shares
     Amount
  

Shares sold

    954,664     $ 6,347,393     686,206     $ 5,632,341  
                            

Shares issued to shareholders in payment of distributions declared

    —       —     —       —  
                            

Shares redeemed

    (455,113 )     (3,060,488 )   (163,438 )     (1,338,569 )
  
 
 
 

Net change resulting from Class A Share transactions

    499,551     $ 3,286,905     522,768     $ 4,293,772  
  
 
 
 

 

 

 

     Large Cap Growth Fund
  
    

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class B Shares

    Shares
     Amount
     Shares
     Amount
  

Shares sold

    48,040     $ 316,720     103,098     $ 828,760  
                            

Shares issued to shareholders in payment of distributions declared

    —       —     —       —  
                            

Shares redeemed

    (32,055 )     (202,529 )   (5,564 )     (44,647 )
  
 
 
 

Net change resulting from Class B Share transactions

    15,985     $ 114,191     97,534     $ 784,113  
  
 
 
 

Net change resulting from share transactions

    515,536     $ 3,401,096     620,302     $ 5,077,885  
  
 
 
 
     Large Cap Core Fund
  
    

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class A Shares

    Shares
     Amount
     Shares
     Amount
  

Shares sold

    4,135,940     $ 25,061,874     3,646,229     $ 34,165,283  
                            

Shares issued to shareholders in payment of distributions declared

    2,482,487       13,529,668     1,342,877       11,333,879  
                            

Shares redeemed

    (6,804,727 )     (39,470,425 )   (8,535,161 )     (75,345,853 )
  
 
 
 

Net change resulting from Class A Share transactions

    (186,300 )   $ (878,883 )   (3,546,055 )   $ (29,846,691 )
  
 
 
 
     Large Cap Core Fund
  
    

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class B Shares

    Shares
     Amount
     Shares
     Amount
  

Shares sold

    35,021     $ 200,518     45,687     $ 407,063  
                            

Shares issued to shareholders in payment of distributions declared

    10,033       53,677     2,260       18,951  
                            

Shares redeemed

    (12,231 )     (69,950 )   (1,145 )     (9,630 )
  
 
 
 

Net change resulting from Class B Share transactions

    32,823     $ 184,245     46,802     $ 416,384  
  
 
 
 

Net change resulting from share transactions

    (153,477 )   $ (694,638 )   (3,499,253 )   $ (29,430,307 )
  
 
 
 
     Large Cap Value Fund
  
    

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class A Shares

    Shares
     Amount
     Shares
     Amount
  

Shares sold

    3,009,159     $ 24,138,196     1,545,342     $ 16,665,760  
                            

Shares issued to shareholders in payment of distributions declared

    25,616       207,963     51,256       535,172  
                            

Shares redeemed

    (1,393,775 )     (11,280,908 )   (618,614 )     (6,654,028 )
  
 
 
 

Net change resulting from Class A Share transactions

    1,641,000     $ 13,065,251     977,984     $ 10,546,904  
  
 
 
 

 

 

    Large Cap Value Fund
  
   

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class B Shares

   Shares
     Amount
     Shares
     Amount
  

Shares sold

   5,995     $ 50,301     46,217     $ 483,497  
                           

Shares issued to shareholders in payment of distributions declared

   —       —     509       5,253  
                           

Shares redeemed

   (12,188 )     (95,966 )   (5,492 )     (59,451 )
 
 
 
 

Net change resulting from Class B Share transactions

   (6,193 )   $ (45,665 )   41,234     $ 429,299  
 
 
 
 

Net change resulting from share transactions

   1,634,807     $ 13,019,586     1,019,218     $ 10,976,203  
 
 
 
 

 

    Aggressive Growth Fund
  
   

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class A Shares

   Shares
     Amount
     Shares
     Amount
  

Shares sold

   308,474     $ 2,482,509     379,805     $ 3,663,981  
                           

Shares issued to shareholders in payment of distributions declared

   6,240       49,003     4,835       45,581  
                           

Shares redeemed

   (150,638 )     (1,212,762 )   (30,386 )     (287,898 )
 
 
 
 

Net change resulting from Class A Share transactions

   164,076     $ 1,318,750     354,254     $ 3,421,664  
 
 
 
 
    Aggressive Growth Fund
  
   

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class B Shares

   Shares
     Amount
              

Shares sold

   243,995     $ 1,945,712     —     $ —  
                           

Shares issued to shareholders in payment of distributions declared

   1,258       9,853     —       —  
                           

Shares redeemed

   (16,746 )     (127,502 )   —       —  
 
 
 
 

Net change resulting from Class B Share transactions

   228,507     $ 1,828,063     —     $ —  
 
 
 
 

Net change resulting from share transactions

   392,583     $ 3,146,813     354,254     $ 3,421,664  
 
 
 
 

 

    Moderate Growth Fund
  
   

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class A Shares

   Shares
     Amount
     Shares
     Amount
  

Shares sold

   601,809     $ 5,288,569     716,547     $ 6,973,217  
                           

Shares issued to shareholders in payment of distributions declared

   15,714       136,792     8,505       82,025  
                           

Shares redeemed

   (217,701 )     (1,886,303 )   (72,992 )     (711,066 )
 
 
 
 

Net change resulting from Class A Share transactions

   399,822     $ 3,539,058     652,060     $ 6,344,176  
 
 
 
 

 

 

 

     Moderate Growth Fund
  
    

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class B Shares

    Shares
     Amount
     Shares
     Amount
  

Shares sold

    636,459     $ 5,577,776     —       $ —    
                            

Shares issued to shareholders in payment of distributions declared

    1,910       16,604     —         —    
                            

Shares redeemed

    (17,828 )     (153,461 )   —         —    
  
 
 
 

Net change resulting from Class B Share transactions

    620,541     $ 5,440,919     —       $ —    
  
 
 
 

Net change resulting from share transactions

    1,020,363     $ 8,979,977     652,060     $ 6,344,176  
  
 
 
 
     Conservative Growth Fund
  
    

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class A Shares

    Shares
     Amount
     Shares
     Amount
  

Shares sold

    200,143     $ 1,882,774     274,159     $ 2,687,249  
                            

Shares issued to shareholders in payment of distributions declared

    9,137       85,632     5,272       50,990  
                            

Shares redeemed

    (61,215 )     (574,556 )   (38,557 )     (375,485 )
  
 
 
 

Net change resulting from Class A Share transactions

    148,065     $ 1,393,850     240,874     $ 2,362,754  
  
 
 
 
     Conservative Growth Fund
  
    

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class B Shares

    Shares
     Amount
     Shares
     Amount
  

Shares sold

    228,194     $ 2,138,064     —       $ —    
                            

Shares issued to shareholders in payment of distributions declared

    1,910       17,798     —         —    
                            

Shares redeemed

    (18,674 )     (174,911 )   —         —    
  
 
 
 

Net change resulting from Class B Share transactions

    211,430     $ 1,980,951     —       $ —    
  
 
 
 

Net change resulting from share transactions

    359,495     $ 3,374,801     240,874     $ 2,362,754  
  
 
 
 

 

     New York Municipal Income Fund
  
     Year Ended
April 30, 2003
     Year Ended
April 30, 2002
  
     Shares
     Amount
     Shares
     Amount
  

Shares sold

    1,655,735     $ 17,618,682     1,940,141     $ 20,209,605  
                            

Shares issued to shareholders in payment of distributions declared

    174,546       1,861,128     153,236       1,597,624  
                            

Shares redeemed

    (1,559,173 )     (16,580,118 )   (1,681,248 )     (17,520,654 )
  
 
 
 

Net change resulting from share transactions

    271,108     $ 2,899,692     412,129     $ 4,286,575  
  
 
 
 

 

 

 

    Pennsylvania Municipal Income Fund
  
    Year Ended
April 30, 2003
     Year Ended
April 30, 2002
  
    Shares
     Amount
     Shares
     Amount
  

Shares sold

   1,253,796     $ 13,123,586     1,197,299     $ 12,209,799  
                           

Shares issued to shareholders in payment of distributions declared

   15,680       164,697     15,298       155,972  
                           

Shares redeemed

   (1,438,301 )     (15,074,381 )   (1,494,043 )     (15,275,332 )
 
 
 
 

Net change resulting from share transactions

   (168,825 )   $ (1,786,098 )   (281,446 )   $ (2,909,561 )
 
 
 
 
    Intermediate Term Bond Fund
  
   

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  
    Shares
     Amount
     Shares
     Amount
  

Shares sold

   2,292,335     $ 22,189,275     2,766,941     $ 26,476,776  
                           

Shares issued to shareholders in payment of distributions declared

   139,163       1,350,883     191,924       1,837,004  
                           

Shares redeemed

   (4,648,562 )     (45,045,118 )   (9,079,598 )     (86,429,386 )
 
 
 
 

Net change resulting from share transactions

   (2,217,064 )   $ (21,504,960 )   (6,120,733 )   $ (58,115,606 )
 
 
 
 
    U.S. Government Securities Fund
  
   

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  
    Shares
     Amount
     Shares
     Amount
  

Shares sold

   5,347,162     $ 52,103,220     4,901,159     $ 46,587,996  
                           

Shares issued to shareholders in payment of distributions declared

   362,757       3,543,395     336,732       3,210,442  
                           

Shares redeemed

   (3,331,328 )     (32,482,150 )   (2,407,976 )     (22,959,459 )
 
 
 
 

Net change resulting from share transactions

   2,378,591     $ 23,164,465     2,829,915     $ 26,838,979  
 
 
 
 
    New York Tax-Free Money
Market Fund
              
   

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

              

Shares sold

   1,180,246,098       2,194,740,601                
                           

Shares issued to shareholders in payment of distributions declared

   995,420       1,714,421                
                           

Shares redeemed

   (1,176,425,629 )     (2,167,771,022 )              
 
 
             

Net change resulting from share transactions

   4,815,889       28,684,000                
 
 
             
    Money Market Fund
  
    Year Ended
April 30, 2003
     Year Ended
April 30, 2002
  

Class A Shares

   Shares
     Amount
     Shares
     Amount
  

Shares sold

   47,762,167,345     $ 47,762,167,345     112,180,878,513     $ 112,180,878,513  
                           

Shares issued to shareholders in payment of distributions declared

   6,478,702       6,478,702     22,882,631       22,882,631  
                           

Shares redeemed

   (48,040,248,948 )     (48,040,248,948 )   (112,289,609,561 )     (112,289,609,561 )
 
 
 
 

Net change resulting from Class A Share transactions

   (271,602,901 )   $ (271,602,901 )   (85,848,417 )   $ (85,848,417 )
 
 
 
 

 

 

 

    Money Market Fund
  
    Year Ended
April 30, 2003
     Year Ended
April 30, 2002
  

Class S Shares

   Shares
     Amount
     Shares
     Amount
  

Shares sold

   11,428,135,792     $ 11,428,135,792     23,139,522,831     $ 23,139,522,831  
                           

Shares issued to shareholders in payment of distributions declared

   —       —     4       4  
                           

Shares redeemed

   (11,459,488,844 )     (11,459,488,844 )   (23,088,815,283 )     (23,088,815,283 )
 
 
 
 

Net change resulting from Class S Share transactions

   (31,353,052 )   $ (31,353,052 )   50,707,552     $ 50,707,552  
 
 
 
 
    Money Market Fund
  
    Year Ended
April 30, 2003
     Period Ended
April 30, 2002(a)
  

Institutional Shares

   Shares
     Amount
     Shares
     Amount
  

Shares sold

   16,766,778     $ 16,766,778     3,949,272     $ 3,949,272  
                           

Shares issued to shareholders in payment of distributions declared

   28,596       28,596     5,748       5,748  
                           

Shares redeemed

   (16,842,620 )     (16,842,620 )   (1,150,263 )     (1,150,263 )
 
 
 
 

Net change resulting from Institutional Share transactions

   (47,246 )   $ (47,246 )   2,804,757     $ 2,804,757  
 
 
 
 

Net change resulting from share transactions

   (303,003,199 )   $ (303,003,199 )   (32,336,108 )   $ (32,336,108 )
 
 
 
 
    Treasury Money Market Fund

  
    Year Ended
April 30, 2003
     Year Ended
April 30, 2002
  

Class A Shares

   Shares
     Amount
     Shares
     Amount
  

Shares sold

   17,313,672,978     $ 17,313,673,173     27,305,844,226     $ 27,305,844,226  
                           

Shares issued to shareholders in payment of distributions declared

   682,530       682,530     2,061,616       2,061,616  
                           

Shares redeemed

   (17,433,552,783 )     (17,433,552,783 )   (27,356,854,865 )     (27,356,854,865 )
 
 
 
 

Net change resulting from Class A Share transactions

   (119,197,275 )   $ (119,197,080 )   (48,949,023 )   $ (48,949,023 )
 
 
 
 
    Treasury Money Market Fund

  
    Year Ended
April 30, 2003
     Year Ended
April 30, 2002
  

Class S Shares

   Shares
     Amount
     Shares
     Amount
  

Shares sold

   2,834,591,428     $ 2,834,591,428     6,747,916,589     $ 6,747,916,589  
                           

Shares issued to shareholders in payment of distributions declared

   —       —     4       4  
                           

Shares redeemed

   (2,842,790,459 )     (2,842,790,459 )   (6,742,848,284 )     (6,742,848,284 )
 
 
 
 

Net change resulting from Class S Share transactions

   (8,199,031 )   $ (8,199,031 )   5,068,309     $ 5,068,309  
 
 
 
 

Net change resulting from share transactions

   (127,396,306 )   $ (127,396,111 )   (43,880,714 )   $ (43,880,714 )
 
 
 
 

 

(a) Reflects operations for the period from September 4, 2001 (date of initial public investment) to April 30, 2002.

 

 

 

 

Federal Tax Information

 

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to differing treatments for foreign currency transactions, net operating losses, and discount accretion/premium amortization on debt securities.

 

For the year ended April 30, 2003, permanent differences identified and reclassified among the components of net assets were as follows:

 

Fund Name

   

Paid-In

Capital

    

Undistributed

Net Investment

Income (Loss)

    

Accumulated

Net Realized

Gains (Losses)

  

International Equity Fund

    $ —     $ 852,638     $ (852,638 )

Small Cap Stock Fund

      1,309,695       62,425       (1,372,120 )

Mid Cap Stock Fund

      (28,097 )     28,010       87  

Large Cap Growth Fund

      (3,635 )     3,635       —  

Large Cap Core Fund

      2,250,001       —       (2,250,001 )

Aggressive Growth Fund

      (8,232 )     8,232       —  

New York Municipal Income Fund

      —       (5,150 )     5,150  

Intermediate Term Bond Fund

      —       869,959       (869,959 )

U.S. Government Securities Fund

      —       1,102,214       (1,102,214 )

New York Tax-Free Money Market Fund

      9       —       (9 )

Money Market Fund

      —       13,708       (13,708 )

Treasury Money Market Fund

      424       —       (424 )

 

Net investment income, net realized gains (losses), and net assets were not affected by this reclassification.

 

The tax character of distributions paid as reported in the Statement of Changes in Net Assets for the years ended April 30, 2003 and 2002, were:

 

For the year ended April 30, 2003

   

Ordinary

Income*

    

Long-Term

Capital Gains

International Equity Fund

    $ 633,216     $ —

Small Cap Stock Fund

      2,059,319       18,845,459

Large Cap Core Fund

      301,730       13,986,366

Large Cap Value Fund

      312,233       —

Aggressive Growth Fund

      —       59,056

Moderate Growth Fund

      106,275       47,539

Conservative Growth Fund

      96,199       9,010

New York Municipal Income Fund

      3,211,133 **     85,625

Pennsylvania Municipal Income Fund

      2,847,781 **     —

Intermediate Term Bond Fund

      7,854,867       —

U.S. Government Securities Fund

      6,517,505       —

New York Tax-Free Money Market Fund

      1,698,748 **     —

Money Market Fund

      13,587,106       —

Treasury Money Market Fund

      6,640,467       —

 

* For tax purposes short-term capital gain distributions are considered ordinary income.
** Included in these amounts are tax-exempt income of $3,211,133, $2,846,446, and $1,698,748 for New York Municipal Income Fund, Pennsylvania Municipal Income Fund, and New York Tax-Free Money Market Fund, respectively.

 

 

 

 

For the year ended April 30, 2002

    Ordinary
Income*
     Long-Term
Capital Gains

International Equity Fund

    $ 814,823     $ —

Small Cap Stock Fund

      —       3,697,711

Large Cap Core Fund

      —       12,338,693

Large Cap Value Fund

      808,500       —

Aggressive Growth Fund

      6,485       39,222

Moderate Growth Fund

      73,610       8,758

Conservative Growth Fund

      51,899       527

New York Municipal Income Fund

      3,142,739 **     —

Pennsylvania Municipal Income Fund

      3,457,141 **     —

Intermediate Term Bond Fund

      10,537,578       —

U.S. Government Securities Fund

      6,139,293       —

New York Tax-Free Money Market Fund

      2,982,023 **     —

Money Market Fund

      42,149,990       —

Treasury Money Market Fund

      18,531,584       —

 

* For tax purposes short-term capital gain distributions are considered ordinary income.
** Included in these amounts are tax-exempt income of $3,137,195, $3,457,141 and $2,982,023 for New York Municipal Income Fund, Pennsylvania Municipal Income Fund and New York Tax-Free Money Market Fund, respectively.

 

As of April 30, 2003, the components of distributable earnings on a tax basis were as follows:

 

Fund Name

   

Undistributed

Ordinary

Income

    

Undistributed

Long-Term

Capital Gain

   

Unrealized

Appreciation/
(Depreciation)

    

Capital Loss

Carryforward

International Equity Fund

    $ 972,736     $ —    $ (2,090,744 )   $ 7,562,097

Small Cap Stock Fund

      —       5,604,498      (1,425,853 )     —

Mid Cap Stock Fund

      —       —      4,296,831       9,623,617

Large Cap Growth Fund

      —       —      (223,354 )     4,468,279

Large Cap Core Fund

      241,038       —      1,929,161       5,450,014

Large Cap Value Fund

      38,581       —      (3,165,513 )     4,452,873

Aggressive Growth Fund

      —       258,640      (1,314,452 )     —

Moderate Growth Fund

      —       314,471      (1,241,663 )     —

Conservative Growth Fund

      —       91,471      (161,368 )     —

New York Municipal Income Fund

      118,256 *     397,828      3,983,839       —

Pennsylvania Municipal Income Fund

      222,580 *     —      6,458,393       2,955,289

Intermediate Term Bond Fund

      521,425       —      5,855,265       17,148,463

U.S. Government Securities Fund

      334,938       32,662      4,883,332       —

New York Tax-Free Money Market Fund

      49,868 *     —      —       9

Money Market Fund

      372,418       —      —       13,758

Treasury Money Market Fund

      268,854       —      —       424

 

* Included in these amounts are tax exempt income of $117,981, $221,985, and $49,868 for New York Municipal Income Fund, Pennsylvania Municipal Income Fund, and New York Tax-Free Money Market Fund, respectively.

 

 

 

 

 

For federal income tax purposes, the following amounts apply as of April 30, 2003:

 

Fund Name

    Cost of
Investments
     Unrealized
Appreciation
    Unrealized
Depreciation
   

Net
Unrealized
Appreciation/

(Depreciation)

  

International Equity Fund

    $ 62,477,019     $ 3,464,293    $ 5,547,083    $ (2,082,790 )

Small Cap Stock Fund

      108,061,376       8,463,191      9,889,044      (1,425,853 )

Mid Cap Stock Fund

      100,207,780       10,418,547      6,121,716      4,296,831  

Large Cap Growth Fund

      17,615,188       737,469      960,823      (223,354 )

Large Cap Core Fund

      86,506,988       11,526,278      9,597,117      1,929,161  

Large Cap Value Fund

      52,199,230       2,491,223      5,656,736      (3,165,513 )

Aggressive Growth Fund

      8,481,923       10,924      1,325,376      (1,314,452 )

Moderate Growth Fund

      17,458,943       97,772      1,339,435      (1,241,663 )

Conservative Growth Fund

      6,216,512       45,498      206,866      (161,368 )

New York Municipal Income Fund

      81,237,137       4,434,784      450,945      3,983,839  

Pennsylvania Municipal Income Fund

      78,557,855       6,475,380      16,987      6,458,393  

Intermediate Term Bond Fund

      135,715,303       6,004,455      149,190      5,855,265  

U.S. Government Securities Fund

      142,673,686       5,518,019      634,687      4,883,332  

New York Tax-Free Money Market Fund

      190,233,038 *     —      —      —  

Money Market Fund

      1,325,848,473 *     —      —      —  

Treasury Money Market Fund

      640,523,044 *     —      —      —  

 

*  at amortized cost

 

The difference between book-basis and tax-basis unrealized appreciation/depreciation is attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain forward foreign currency contracts and on investments in passive foreign investment companies and the amortization/accretion tax elections on fixed income securities.

 

At April 30, 2003, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:

 

    Capital Loss Carryforward to Expire in
   Total Capital
Loss
Carryforwards

Fund Name

   2004
   2006
   2007
   2008
   2009
   2010
   2011
  

International Equity Fund

   $ —   $ —   $ —   $ —   $ —   $ 2,833,748   $ 4,728,349   $ 7,562,097

Mid Cap Stock Fund

     —     1,359,961     1,947,176     —     —     2,587,451     3,729,029     9,623,617

Large Cap Growth Fund

     —     —     —     —     725,317     1,368,709     2,374,253     4,468,279

Large Cap Core Fund

     —     —     —     —     —     —     5,450,014     5,450,014

Large Cap Value Fund

     —     —     —     —     —     60,485     4,392,388     4,452,873

Pennsylvania Municipal Income Fund

     —     —     —     —     2,955,289     —     —     2,955,289

Intermediate Term Bond Fund

     —     —     —     8,831,926     8,316,537     —     —     17,148,463

New York Tax-Free Money Market Fund

     9     —     —     —     —     —     —     9

Money Market Fund

     —     —     —     —     —     —     13,758     13,758

Treasury Money Market Fund

     —     —     424     —     —     —     —     424

 

 

 

Under current tax regulations, capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As of April 30, 2003, for federal income tax purposes, the following Funds had post- October losses as shown below which were deferred to May 1, 2003:

 

Fund Name

    Post
October
Losses

International Equity Fund

    $ 2,153,770

Mid Cap Stock Fund

      4,095,352

Large Cap Growth Fund

      444,420

Large Cap Core Fund

      7,106,334

Large Cap Value Fund

      1,471,883

 

Investment Adviser Fee and Other Transactions with Affiliates

 

Investment Adviser Fee—M&T Asset Management, a department of Manufacturers and Traders Trust Company, the Funds’ investment adviser (the “Adviser” or “M&T”), receives for its services an annual investment adviser fee based on a percentage of each Fund’s average daily net assets (see below). The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

 

Fund Name

    Annual
Rate
  

International Equity Fund

    1.00 %

Small Cap Stock Fund

    0.85 %

Mid Cap Stock Fund

    0.85 %

Large Cap Growth Fund

    0.85 %

Large Cap Core Fund

    0.85 %

Large Cap Value Fund

    0.70 %

Aggressive Growth Fund

    0.25 %

Moderate Growth Fund

    0.25 %

Conservative Growth Fund

    0.25 %

New York Municipal Income Fund

    0.70 %

Pennsylvania Municipal Income Fund

    0.70 %

Intermediate Term Bond Fund

    0.70 %

U.S. Government Securities Fund

    0.70 %

New York Tax-Free Money Market Fund

    0.50 %

Money Market Fund

    0.50 %

Treasury Money Market Fund

    0.50 %

 

Sub-Adviser Fee—Federated Investment Management Company (“FIMCO”) is the sub-adviser to New York Tax-Free Money Market Fund, and receives for its services an allocable portion of the adviser fee that the Adviser receives from New York Tax-Free Money Market Fund. FIMCO’s fee is paid by the Advisor and not the Fund. FIMCO is paid by the Adviser as follows: 0.20% on the first $100 million of average daily net assets; 0.18% on the next $100 million of average daily net assets and 0.15% on average daily net assets over $200 million.

 

Independence Investment LLC (“Independence”) is the sub-adviser to the Mid Cap Stock Fund, and receives for its services an allocable portion of the adviser fee that the Adviser receives from Mid Cap Stock Fund. Independence’s fee is paid by the Adviser and not the Fund. The sub-adviser is paid by the Adviser as follows: 0.40% on the first $500 million average daily net assets and 0.35% on average daily net assets over $500 million.

 

Montag & Caldwell, Inc. (“Montag & Caldwell”) is the sub-adviser to the Large Cap Growth Fund, and receives for its services an allocable portion of the adviser fee that the Adviser receives from Large Cap Growth Fund. Montag & Caldwell’s fee is paid by the Adviser and not the Fund. The sub-adviser is paid by the Adviser as follows: 0.50% on the first

 

 

 

$50 million average daily net assets; 0.40% on the next $50 million average daily net assets; 0.30% on the next $100 million average daily net assets and 0.20% on average daily net assets over $200 million.

 

LSV Asset Management (“LSV”) is the sub-adviser of the value component of Small Cap Stock Fund. For its services under the Sub-Advisory Agreement, LSV receives an allocable portion of the advisory fee the Adviser receives from Small Cap Stock Fund. The allocation is based on the amount of securities which LSV manages for the Fund. This fee is paid by the Adviser out of the fees it receives and is not a Fund expense. LSV is paid by the Adviser as follows: 0.65% on the first $50 million of average daily net assets and 0.55% on average daily net assets over $50 million.

 

Mazama Capital Management, Inc. (“Mazama”) is the sub-adviser of the growth component of Small Cap Stock Fund. For its services under the Sub-Advisory Agreement, Mazama receives an allocable portion of the advisory fee that the Adviser receives from Small Cap Stock Fund. The allocation is based on the amount of securities which Mazama manages for the Fund. The fee is paid by the Adviser out of the fees it receives and is not a Fund expense. Mazama is paid by the Adviser as follows: 0.70% of average daily net assets.

 

UBS Global Asset Management (Americas), Inc. (“UBS Global”) is the sub-adviser of International Equity Fund, and receives an allocable portion of the advisory fee the Adviser receives from International Equity Fund. The allocation is based on the amount of securities that UBS Global manages for the Fund. The fee is paid by the Adviser out of the fees it receives and is not a Fund expense. UBS Global is paid by the Adviser as follows: 0.40% on the first $50 million of average daily net assets; 0.35% on the next $150 million of average daily net assets and 0.30% on average daily net assets over $200 million.

 

Administrative Fee—Federated Services Company (“FServ”) and M&T Securities, Inc. (“M&T Securities”) serve as co-administrators to the Trust and provide the Funds with certain administrative personnel and services necessary to operate the Funds. During the period May 1, 2002 through September 30, 2002, administrative services were provided for an aggregate annual fee as specified below:

 

Fees Payable to FServ

 

Maximum Fee

   

Average Aggregate Daily Net Assets

of the VISION Group of Funds

0.06%

    on the first $2 billion

0.03%

    on the next $3 billion

0.015%

    on assets in excess of $5 billion

 

Fees Payable to M&T Securities

 

Maximum Fee

   

Average Aggregate Daily Net Assets
of the VISION Group of Funds

0.04%

    on the first $5 billion

0.015%

    on assets in excess of $5 billion

 

Effective October 1, 2002 the administrative fee has been changed to reflect the following fee schedule.

 

Fees Payable to FServ

 

Maximum Fee

   

Average Aggregate Daily Net Assets
of the VISION Group of Funds

0.06%

    on the first $2 billion

0.03%

    on the next $3 billion

0.02%

    on the next $2 billion

0.0125%

    on the next $3 billion

0.01%

    on assets in excess of $10 billion

 

 

 

Fees Payable to M&T Securities

 

Maximum Fee

   

Average Aggregate Daily Net Assets
of the VISION Group of Funds

0.04%

    on the first $5 billion

0.03%

    on the next $2 billion

0.0175%

    on the next $3 billion

0.015%

    on assets in excess of $10 billion

 

FServ and M&T Securities may each voluntarily choose to waive a portion of its fee, and can each modify or terminate its voluntary waiver at any time at its sole discretion.

 

Transfer and Dividend Disbursing Agent Fees and Expenses—FServ, through its subsidiary, Federated Shareholder Services Company (“FSSC”), serves as transfer and dividend disbursing agent for the Funds. The fee paid to FSSC is based on the size, type and number of accounts made by shareholders.

 

Distribution Services Fee—The Trust has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Funds will compensate Federated Securities Corporation (“FSC”), the principal distributor, from the net assets of the Funds to finance activities intended to result in the sale of the Fund’s Class A Shares, Class B Shares and Class S Shares. The Plan provides that each Fund may incur distribution expenses of up to 0.25%, 0.75% and 0.25% of the average daily net assets of each Funds’ Class A Shares, Class B Shares and Class S Shares, respectively, annually to compensate FSC. For the year ended April 30, 2003, the Funds’ Class A Shares did not pay or accrue a distribution services fee. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.

 

Shareholder Services Fee—Under the terms of a Shareholder Services Agreement with FServ and M&T Securities, M&T Securities may receive from FServ up to 0.25% of average daily net assets of each Fund for the period. The fee paid to M&T Securities is used to finance certain services for shareholders and to maintain shareholder accounts. M&T Securities may voluntarily choose to waive any portion of its fee with respect to the Funds. M&T Securities can modify or terminate this voluntary waiver at any time at its sole discretion.

 

General—Certain of the Officers of the Trust are Officers and Directors or Trustees of the above companies.

 

Interfund Transactions—During the year ended April 30, 2003, New York Tax-Free Money Market Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and or common officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $239,320,000 and $190,700,000, respectively.

 

 

 

Investment Transactions

 

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations (and in-kind contributions), for the year ended April 30, 2003, were as follows:

 

Fund Name

    Purchases
      Sales

International Equity Fund

    $ 42,284,491      $ 18,774,175

Small Cap Stock Fund

      72,784,545        64,241,721

Mid Cap Stock Fund

      87,874,688        82,881,741

Large Cap Growth Fund

      8,631,661        5,477,910

Large Cap Core Fund

      34,508,624        48,578,290

Large Cap Value Fund

      25,762,902        13,060,707

Aggressive Growth Fund

      3,872,852        584,273

Moderate Growth Fund

      9,761,324        1,022,418

Conservative Growth Fund

      3,563,211        404,517

New York Municipal Income Fund

      45,985,656        41,529,053

Pennsylvania Municipal Income Fund

      25,196,947        19,697,496

Intermediate Term Bond Fund

      28,875,374        31,676,747

U.S. Government Securities Fund

      16,081,453        23,133,618

 

Purchases and sales of long-term U.S. government securities for the year ended April 30, 2003 were as follows:

 

Fund Name

    Purchases
      Sales

Intermediate Term Bond Fund

    $ 78,823,535      $ 97,494,163

U.S. Government Securities Fund

      88,500,534        61,477,607

 

Concentration of Credit Risk

 

Since New York Tax-Free Money Market Fund, Pennsylvania Municipal Income Fund and New York Municipal Income Fund invest a substantial portion of their assets in issuers located in one state, they will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2003, 59.7% for New York Tax-Free Money Market Fund, 66.6% for Pennsylvania Municipal Income Fund and 34.0% for New York Municipal Income Fund of the total market value of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The value of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 8.3% for New York Tax-Free Money Market Fund, 28.5% for Pennsylvania Municipal Income Fund and 8.7% for New York Municipal Income Fund of total market value of investments.

 

 

 

International Equity Fund invests in securities of non-U.S. issuers. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

 

At April 30, 2003, the diversification of industries in International Equity Fund was as follows:

 

Industry

    Percentage of
Net Assets
  

Automobiles

    2.1 %

Banking

    15.6 %

Building Materials & Components

    1.8 %

Business & Public Services

    1.6 %

Chemicals

    1.1 %

Commercial Services

    3.3 %

Computers

    0.6 %

Education

    0.2 %

Electrical & Electronics

    3.7 %

Energy Sources

    10.2 %

Financial Services

    1.5 %

Food & Beverage & Tobacco

    6.6 %

Forest Products & Paper

    2.2 %

Health & Personal Care

    12.1 %

Insurance

    3.5 %

Manufacturing

    1.4 %

Media

    0.6 %

Printing & Publishing

    4.7 %

Real Estate

    1.5 %

Recreation, Other Consumer Goods

    2.4 %

Retail

    3.6 %

Telecommunications

    9.4 %

Transportation

    1.5 %

Utilities

    3.3 %

Water

    0.6 %

 

Line of Credit

 

The Funds (except for Aggressive Growth Fund, Moderate Growth Fund and Conservative Growth Fund) entered into a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with State Street Bank & Trust Company. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 0.50% per annum over the Federal Funds Rate. The LOC includes a commitment fee of 0.10% per annum on the daily unused portion. The Funds did not utilize the LOC during the year ended April 30, 2003.

 

Federal Income Tax Information (Unaudited)

 

For the year ended April 30, 2003, the following Funds designated long-term capital gain dividends:

 

Small Cap Stock Fund

    $ 18,845,459

Large Cap Core Fund

      13,986,366

Aggressive Growth Fund

      59,056

Moderate Growth Fund

      47,539

Conservative Growth Fund

      9,010

New York Municipal Income Fund

      85,625

 

 

 

For the fiscal year ended April 30, 2003 certain dividends paid by Large Cap Value Fund, Conservative Growth Fund, and Moderate Growth Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Complete information will be reported in conjunction with your 2003 Form 1099-DIV. For the year ended April 30, 2003, Vision International Equity Fund has elected under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Fund to its shareholders.

 

Subsequent Event

 

On April 1, 2003, M&T Bank Corporation (“M&T Corp.”) acquired Allfirst Financial, Inc. (“Allfirst”) (“Bank Acquisition”). Prior to the Bank Acquisition, Allfirst was the corporate parent of Allied Investment Advisors, Inc. (“AIA”), the investment adviser to the ARK Funds. M&T Corp. is the corporate parent of M&T Asset Management, a department of Manufacturers and Traders Trust Company (“M&T Bank”), the investment adviser to each series of the the VISION Group of Funds (the “VISION Funds”). In an effort to promote more efficient operations, to eliminate certain duplicative costs and to enhance the distribution of fund shares by eliminating redundant investment products, the ARK Funds and the VISION Funds on June 16, 2003 entered into an Agreement and Plan of Reorganization providing that each ARK Fund be reorganized, on a tax-free basis, into a comparable new or existing VISION Fund and that VISION Large Cap Core Fund, VISION Intermediate Term Bond Fund and VISION Pennsylvania Municipal Income Fund be reorganized, on a tax-free basis, together with one or more ARK Funds, into comparable but newly created VISION Funds. A Special Meeting of Shareholders for ARK Funds and for the three VISION Funds will be held in August 2003 to approve these proposed reorganizations.

 

 

Report of Ernst & Young LLP, Independent Auditors

 

To the Board of Trustees and Shareholders of

VISION GROUP OF FUNDS

 

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of  VISION Mid Cap Stock Fund, VISION Large Cap Growth Fund, VISION Large Cap Value Fund, VISION New York Municipal Income Fund, VISION U.S. Government Securities Fund, VISION New York Tax-Free Money Market Fund, VISION Money Market Fund, VISION Treasury Money Market Fund, (collectively the “Existing VISION Funds”) and the VISION International Equity Fund, VISION Small Cap Stock Fund, VISION Large Cap Core Fund, VISION Managed Allocation Fund—Aggressive Growth, VISION Managed Allocation Fund—Moderate Growth, VISION Managed Allocation Fund—Conservative Growth, VISION Pennsylvania Municipal Income Fund, and VISION Intermediate Term Bond Fund (collectively the “Former Governor Funds”) (sixteen of the portfolios constituting the VISION Group of Funds) (the “Funds”), as of April 30, 2003, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for each of the periods presented through the period ended June 30, 2000 for the Former Governor Funds were audited by other auditors whose report, dated August 15, 2000, expressed an unqualified opinion on those financial highlights.

 

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2003, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of VISION Mid Cap Stock Fund, VISION Large Cap Growth Fund, VISION Large Cap Value Fund, VISION New York Municipal Income Fund, VISION U.S. Government Securities Fund, VISION New York Tax-Free Money Market Fund, VISION Money Market Fund, VISION Treasury Money Market Fund, VISION International Equity Fund, VISION Small Cap Stock Fund, VISION Large Cap Core Fund, VISION Managed Allocation Fund—Aggressive Growth, VISION Managed Allocation Fund—Moderate Growth, VISION Managed Allocation Fund—Conservative Growth, VISION Pennsylvania Municipal Income Fund, and VISION Intermediate Term Bond Fund, portfolios of the VISION Group of Funds, at April 30, 2003, the results of their operations for the year then ended, changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

 

/s/ Ernst & Young LLP

 

Boston, Massachusetts

June 16, 2003

 

 

Board of Trustees And Trust Officers

 

The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustees who are “interested persons” of the Trust (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Fund Complex consists of 21 investment company portfolios. Unless otherwise noted, each Trustee oversees all portfolios in the Fund Complex and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge and upon request, by calling 1-800-836-2211.

 

Interested Trustee Background

 

Name

Birth Date

Address

Positions Held with Trust

Length of Time Served

    Principal Occupation(s), Previous Positions and Other Directorships Held
Mark J. Czarnecki†
Manufacturers and Traders
Trust Company
One M&T Plaza
Buffalo, NY 14203
Birthdate: November 3, 1955
Trustee
Began serving: August 2000		   

Principal Occupations: Executive Vice President, Manufacturers and Traders Trust Company (“M&T Bank”), division head for M&T Bank’s investment area, M&T Asset Management.

 

Other Directorships Held: None
† Mark J. Czarnecki is “interested” due to positions he holds with M&T Bank and with M&T Asset Management, the Funds’ adviser.

 

Independent Trustees Background

 

Name

Birth Date

Address

Positions Held with Trust

Length of Time Served

    Principal Occupation(s), Previous Positions and Other Directorships Held
Randall I. Benderson
570 Delaware Avenue
Buffalo, NY
Birth date: January 12, 1955
Trustee
Began serving: February 1990		   

Principal Occupations: President and Chief Operating Officer, Benderson Development Company, Inc. (construction).

 

Other Directorships Held: None
Joseph J. Castiglia
Roycroft Campus
21 South Grove Street, Suite 291
East Aurora, NY 14052
Birth date: July 20, 1934
Trustee
Began serving: February 1988		   

Principal Occupations: Chairman of the Board, HealthNow New York, Inc. (health care company) ; Chairman of the Board, Catholic Health System of Western New York (hospitals, long-term care, home health care); and former President, Chief Executive Officer and Vice Chairman, Pratt & Lambert United, Inc. (manufacturer of paints and chemical specialties).

 

Other Directorships Held: Energy East Corp.
John S. Cramer
4216 Jonathan Lane
Harrisburg, PA 17110
Birth date: February 22, 1942
Trustee
Began serving: December 2000		   

Principal Occupations: Retired President and Chief Executive Officer, Pinnacle Health System (health care).

 

Other Directorships Held: None

 

 

Name

Birth Date

Address

Positions Held with Trust

Length of Time Served

    Principal Occupation(s), Previous Positions and Other Directorships Held
Daniel R. Gernatt, Jr.
Richardson & Taylor Hollow Roads Collins, NY
Birth date: July 14, 1940
Trustee
Began serving: February 1988		   

Principal Occupations: President and CFO, Gernatt Asphalt Products, Inc.; Executive Vice President, Dan Gernatt Gravel Products, Inc.; Vice President, Country Side Sand & Gravel, Inc.

 

Other Directorships Held: None
George K. Hambleton, Jr.
1003 Admiral’s Walk
Buffalo, NY
Birth date: February 8, 1933
Trustee
Began serving: February 1988		   

Principal Occupations: Retired President, Brand Name Sales, Inc. (catalog showroom operator); Retired President, Hambleton & Carr, Inc. (catalog showroom operator).

 

Other Directorships Held: None

 

Officers

 

Name
Birth Date
Address
Positions Held with Trust		    Principal Occupation(s) and Previous Positions

Edward C. Gonzales
Federated Investors Tower
Pittsburgh, PA
Birth date: October 22, 1930
Chairman

Began serving: May 2001

   

Principal Occupations: President and Executive Vice President of other funds distributed by Federated Securities Corp.; Vice Chairman, Federated Investors, Inc.; Trustee, Federated Administrative Services.

 

Previous Positions: Trustee or Director of other funds distributed by Federated Securities Corp.; CEO and Chairman, Federated Administrative Services; Vice President, Federated Investment Management Company, Federated Investment Counseling, Federated Global Investment Management Corp. and Passport Research, Ltd.; Director and Executive Vice President, Federated Securities Corp.; Director, Federated Services Company; Trustee, Federated Shareholder Services Company.

Charles L. Davis
Federated Investors Tower
Pittsburgh, PA
Birth date: March 23, 1960
Chief Executive Officer

Began serving: December 2002

    Principal Occupations: Vice President, Director of Mutual Fund Services and Strategic Relationship Management, Federated Services Company.

Carl W. Jordan
One M&T Plaza
Buffalo, NY
Birth date: January 2, 1955
President

Began serving: May 2001

    Principal Occupations: President, M&T Securities, Inc., since 1998; Administrative Vice President, M&T Bank, 1995-1998.

Kenneth G. Thompson
One M&T Plaza
Buffalo, NY
Birth date: September 4,
1964
Vice President

Began serving: May 2001

    Principal Occupations: Administrative Vice President, M&T Bank; Vice President, M&T Bank, 1999-2002; Regional Sales Manager, M&T Securities, Inc., 1995-1999.

 

 

Name
Birth Date
Address
Positions Held with Trust		    Principal Occupation(s) and Previous Positions

Beth S. Broderick
Federated Investors Tower
Pittsburgh, PA
Birth date: August 2, 1965
Vice President and Assistant
Treasurer

Began serving: February 1998

    Principal Occupations: Vice President, Mutual Fund Services Division, Federated Services Company.

Richard J. Thomas
Federated Investors Tower
Pittsburgh, PA
Birth date: June 17, 1954
Treasurer

Began serving: December 2002

   

Principal Occupations: Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services.

 

Previous Positions: Vice President, Federated Administrative Services; held various management positions within Funds Financial Services Division of Federated Investors, Inc.

C. Grant Anderson
Federated Investors Tower
Pittsburgh, PA
Birth date: November 6, 1940
Secretary

Began serving: December 2000

   

Principal Occupation: Counsel, Reed Smith LLP.

 

Previous Positions: Corporate Counsel, Federated Investors, Inc.; Vice President, Federated Services Company.

 

 

 

Shares of the VISION Group of Funds are not FDIC insured or otherwise protected

by the U.S. government, are not deposits or other obligations of, or

guaranteed by, Manufacturers and Traders Trust Company,

and are subject to investment risks, including possible loss of the

principal amount invested.

 

This report is authorized for distribution to prospective investors only when preceded

or accompanied by the Funds’ prospectus which contains facts concerning their

objectives and policies, management fees, expenses and other information.

 

 

VISION EQUITY FUNDS

VISION International Equity Fund

VISION Small Cap Stock Fund

VISION Mid Cap Stock Fund

VISION Large Cap Growth Fund

VISION Large Cap Core Fund

VISION Large Cap Value Fund

 

VISION FIXED INCOME FUNDS

VISION U.S. Government Securities Fund

VISION New York Municipal Income Fund

VISION Pennsylvania Municipal Income Fund

VISION Intermediate Term Bond Fund

 

VISION FUND-OF-FUNDS

VISION Managed Allocation Fund—

Aggressive Growth

VISION Managed Allocation Fund—

Moderate Growth

VISION Managed Allocation Fund—

Conservative Growth

 

VISION MONEY MARKET FUNDS

VISION New York Tax-Free Money Market Fund

VISION Money Market Fund

VISION Treasury Money Market Fund

 

Cusip 92830F547

Cusip 92830F554

Cusip 92830F562

Cusip 92830F307

Cusip 92830F877

Cusip 92830F109

Cusip 92830F885

Cusip 92830F208

Cusip 92830F406

Cusip 92830F505

Cusip 92830F802

Cusip 92830F810

Cusip 92830F794

Cusip 92830F786

Cusip 92830F851

Cusip 92830F844

Cusip 92830F679

Cusip 92830F661

Cusip 92830F752

Cusip 92830F778

Cusip 92830F760

Cusip 92830F711

Cusip 92830F737

Cusip 92830F729

Cusip 92830F745

Cusip 92830F695

Cusip 92830F687

G00158-07 (6/03)

 

[Logo of Vision Group of Funds]

 

www.visionfunds.net      Ÿ      visionfunds@mandtbank.com

 

Mutual Fund Shareholder Services

P.O. Box 4556

Buffalo, NY 14240-4556

ARK-AR-004-0603

 

Sign up for Fund Document e-delivery by visiting

www.visionfunds.net/myaccount

Institutional Funds

 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

FINANCIAL STATEMENTS

INDEPENDENT AUDITORS’ REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS

 

VISION GROUP OF FUNDS

Annual Report to  Shareholders

April 30, 2003

 

 

VISION  Institutional Limited Duration U.S. Government Fund

 

 

During the fiscal year ended April 30, 2003, the net asset value (NAV) of the Fund increased from $9.80 to $9.85. Incorporating monthly income, the Fund has produced a total return of 5.05% on an NAV basis before taxes, and a total return of 1.93% adjusted for the Fund’s sales charge.†

 

The Fund’s overweight in Agencies positively impacted Fund performance. However, this positive impact was somewhat offset by unprecedented mortgage prepayments during the period, which reflected negatively on Mortgage-Backed Securities.

 

The Fund’s portfolio continues to be comprised of Treasuries, Agencies, Mortgage-Backed Securities, and Collateralized Mortgage Obligations.

 

† Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

 

 

The graph below illustrates the hypothetical investment of $10,000* in the VISION Institutional Limited Duration U.S. Government Fund (the “Fund”) from October 31, 1995 (start of performance) to April 30, 2003, compared to the Lehman Brothers 1-3 Year Government Bond Index (LB1-3GB).**

 

Average Annual Total Returns For The Period Ended April 30, 2003***

 

1 Year   5 Years   Start of Performance
(10/31/95)
1.93%   4.72%   4.84%

 

Growth of a $10,000 Investment in VISION Institutional Limited Duration U.S. Government Fund††

 

 

 

Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

 

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 3.00% ($10,000 investment minus $300 sales charge = $9,700). The Fund’s performance assumes the reinvestment of all dividends and distributions. The LB1-3GB has been adjusted to reflect reinvestment of dividends on securities in the index.
** The LB1-3GB is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged.
*** Total returns quoted reflect all applicable sales charges.
†† The VISION Institutional Limited Duration U.S. Government Fund is the successor to the Governor Limited Duration Government Securities Fund pursuant to a reorganization that took place on January 8, 2001. The information presented above, for the periods prior to January 8, 2001, is historical information for the Governor Limited Duration Government Securities Fund. The quoted performance of the Institutional Limited Duration U.S. Government Fund includes performance of certain predecessor collective trust fund (“commingled”) accounts, for periods dating back to 10/31/95 and prior to the Institutional Limited Duration U.S. Government Fund’s commencement of operations on 7/1/97, as adjusted to reflect the expenses associated with the Fund. The commingled accounts were not registered with the Securities and Exchange Commission and, therefore, were not subject to the investment restrictions imposed by law on registered mutual funds. If the commingled accounts had been registered, the commingled accounts’ performance may have been adversely affected.

 

Annual Report to Shareholders

 

3

VISION Institutional Prime Money Market Fund

Portfolio of Investments

April 30, 2003

 

Principal

Amount

  
  Value

(1)Commercial Paper—52.6%

      
    Asset Backed—9.7%      
$10,000,000   Apreco, Inc., 1.230%, 5/15/2003   $ 9,995,217
9,000,000   Asset Securitization Cooperative Corp., 1.250%, 5/29/2003     8,991,250
5,000,000   CIESCO LP, 1.150%, 5/20/2003     4,996,965
       
   

Total

     23,983,432
       
    Banking—4.0%      
10,000,000   Citicorp, 1.240%, 6/12/2003     9,985,533
       
    Chemicals—4.0%      
10,000,000   Du Pont (E.I.) de Nemours & Co., 1.150%, 6/3/2003     9,989,458
       
    Diversified Manufacturing—4.8%      
12,000,000   General Electric Capital Corp.,
1.260%, 8/18/2003		     11,954,220
       
    Food & Beverage—4.0%      
10,000,000   Nestle Capital Corp.,
1.190%, 7/28/2003		     9,970,911
       
    Insurance—13.3%      
10,000,000   AIG Funding, Inc.,
1.120%, 8/6/2003		     9,969,822
10,000,000   American General Finance Corp., 1.290%, 6/16/2003     9,983,517
8,000,000   Prudential Funding Corp.,
1.240%, 5/22/2003		     7,994,213
5,000,000   Transamerica Finance Corp.,
1.250%, 5/29/2003		     4,995,139
       
   

Total

     32,942,691
       
    Media/Newspaper Publishing—4.0%
10,000,000   Gannett Co., Inc.,
1.220%, 5/5/2003		     9,998,645
       
    Personal Credit—4.8%      
12,000,000   American Express Credit Corp., 1.290%, 5/12/2003     11,995,270
       
    Telecommunications—4.0%      
10,000,000   Verizon Network Funding,
1.210%, 6/26/2003		     9,981,178
       
   

Total Commercial Paper

     130,801,338
       

 

Principal

Amount

  
  Value
  

U.S. Government Agencies—27.5%

        
    Federal National Mortgage Association—27.5%
$20,500,000   1.445%-1.505%, 5/2/2003   $ 20,499,163  
15,000,000   1.285%, 6/18/2003     14,974,300  
8,000,000   1.160%, 7/9/2003     7,982,213  
25,000,000   1.175%, 9/17/2003     24,886,580  
       
   

Total U.S. Government Agencies

     68,342,256  
       

(2)Notes-Variable—4.5%

        
11,300,000   Morgan Stanley,
1.425%, 5/1/2003		     11,300,000  
       

Repurchase Agreement—15.5%

        
38,517,000   Agreement with State Street Corp., 1.230% dated 4/30/2003 to be repurchased at $38,518,316 on 5/1/2003 collateralized by U.S. Treasury Bills with various maturities to 9/25/2003     38,517,000  
       
   

Total Investments—100.1%
(at amortized cost)

   $ 248,960,594  
       
   

Other Assets and Liabilities-Net—(0.1)%

     (149,067 )
       
   

Net Assets—100%

   $ 248,811,527  
       

 

(See Notes to Portfolios of Investments)

 

Annual Report to Shareholders

 

4

 

VISION Institutional Limited Duration U.S. Government Fund

Portfolio of Investments

April 30, 2003

 

Principal

Amount

  
  Value

Collateralized Mortgage Obligations—29.1%

      
    Federal Home Loan Mortgage Corporation—16.8%
$  3,000,000   Series 2399-PM, REMIC,
5.500%, 6/15/2010		   $     3,030,300
5,000,000   Series 2456-CB, REMIC,
5.500%, 9/15/2016		     5,013,741
1,631,809   Series 1601-PH, REMIC,
6.000%, 4/15/2008		     1,686,800
6,387,608   Series 1638-E, REMIC,
6.250%, 4/15/2023		     6,694,149
240,942  

Series 1197-G, REMIC,

6.750%, 12/15/2006

     242,058
571,970   Series 1295-J, REMIC,
7.500%, 3/15/2007		     582,186
2,135,117   Series 1154-GB, REMIC,
8.000%, 10/15/2006		     2,221,098
258,437   Series 1253-E, REMIC,
8.000%, 2/15/2007		     267,403
       
   

Total

       19,737,735
       
    Federal National Mortgage Association—5.5%
3,846,868   Series 1993-52-H, REMIC,
6.500%, 8/25/2007		     3,920,804
688,149   Series 1997-26-K, REMIC,
6.600%, 9/18/2010		     692,753
704,738   Series 1992-43-E, REMIC,
7.500%, 4/25/2022		     754,690
1,017,485   Series 1991-4-G, REMIC,
8.250%, 1/25/2006		     1,069,326
       
   

Total

     6,437,573
       
    Government National Mortgage Association—6.8%
4,000,000   Series 2003-32-MM,
5.000%, 4/16/2006		     4,058,760
3,939,191   Series 2002-22-GA,
5.000%, 7/20/2024		     3,953,687
       
   

Total

     8,012,447
       
   

Total Collateralized Mortgage Obligations
(identified cost $34,394,755)

     34,187,755
       

Sovereign Agency—14.5%

      
    Overseas Private Investment Corp.—14.5%
7,000,000   Overseas Private Investment Corp., 5/15/2004     7,045,710
10,100,000   Overseas Private Investment Corp., 9/15/2008     9,998,000
       
   

Total Sovereign Agency
(identified cost $17,214,165)

         17,043,710
       

 

Principal

Amount

or Shares

  
  Value
  

Government Agencies—29.8%

        
    Federal Home Loan Bank System—21.2%
$  3,000,000   3.000%, 11/21/2008   $ 3,012,120  
5,000,000   4.540%, 8/1/2007     5,242,450  
5,000,000   5.375%, 2/15/2006     5,447,600  
5,000,000   5.945%, 7/28/2008     5,672,150  
5,000,000   7.125%, 2/15/2005     5,493,650  
       
   

Total

     24,867,970  
       
    Federal National Mortgage Association—8.6%
9,500,000   5.420%, 4/4/2007     10,098,595  
       
   

Total Government Agencies
(identified cost $33,716,131)

     34,966,565  
       

Mortgage Backed Securities—2.0%

        
    Federal Home Loan Mortgage Corporation—1.2%
528,666   6.000%, 8/1/2006     548,988  
817,194   9.000%, 4/1/2016     886,149  
       
   

Total

     1,435,137  
       
    Federal National Mortgage Association—0.5%
488,581   9.000%, 6/1/2022     542,477  
       
    Government National Mortgage Association—0.3%
19,553   8.500%, 2/15/2017     21,764  
14,040   8.500%, 4/15/2017     15,646  
58,235   8.500%, 7/15/2021     64,568  
127,593   8.500%, 7/15/2021     141,468  
95,800   8.500%, 1/15/2023     106,219  
       
   

Total

     349,665  
       
   

Total Mortgage Backed Securities (identified cost $1,929,900)

     2,327,279  
       

U.S. Treasury—24.9%

        
    U.S. Treasury Notes –24.9%        
20,000,000   2.875%, 6/30/2004     20,381,200  
8,000,000   6.750%, 5/15/2005     8,836,240  
       
   

Total U.S. Treasury
(identified cost $29,280,508)

     29,217,440  
       

Mutual Fund—1.6%

        
1,829,969   SSGA Money Market Fund (at net asset value)     1,829,969  
       
   

Total Investments—101.9% (identified cost $118,365,428)

   $ 119,572,718  
       
   

Other Assets and Liabilities-Net—(1.9)%

     (2,240,216 )
       
   

Net Assets—100%

   $ 117,332,502  
       

 

(See Notes to Portfolios of Investments)

 

Annual Report to Shareholders

 

5

 

VISION Money Market Fund

Portfolio of Investments

April 30, 2003

 

Principal
Amount
  
  Value

(1) Commercial Paper—55.0%

      
    Asset Backed—10.9%      
$50,000,000   Apreco, Inc.,
1.230%, 5/15/2003		   $ 49,976,083
50,000,000   Asset Securitization Cooperative Corp., 1.250%, 5/29/2003     49,951,389
45,000,000   CIESCO LP,
1.150%, 5/20/2003		     44,972,688
       
   

Total

     144,900,160
       
    Banking—3.8%      
50,000,000   Citicorp, 1.240%, 6/12/2003     49,927,667
       
    Chemicals—3.8%      
50,000,000   Du Pont (E.I.) de Nemours & Co., 1.150%, 6/3/2003     49,947,292
       
    Diversified Manufacturing—5.2%      
70,000,000   General Electric Capital Corp., 1.260%, 8/18/2003     69,732,950
       
    Food & Beverage—3.7%      
50,000,000   Nestle Capital Corp.,
1.190%, 7/28/2003		     49,854,556
       
    Insurance—14.7%      
50,000,000   AIG Funding, Inc.,
1.120%, 8/6/2003		     49,849,111
50,000,000   American General Finance Corp., 1.290%, 6/16/2003     49,917,583
50,000,000   Prudential Funding Corp.,
1.240%, 5/22/2003		     49,963,833
45,000,000   Transamerica Finance Corp., 1.250%, 5/29/2003     44,956,250
       
   

Total

     194,686,777
       
    Media/Newspaper Publishing—3.8%
50,000,000   Gannett Co., Inc.,
1.220%, 5/5/2003		     49,993,222
       
    Personal Credit—5.3%      
70,000,000   American Express Credit Corp., 1.290%, 5/12/2003     69,972,408
       
    Telecommunications—3.8%      
50,000,000   Verizon Network Funding,
1.210%, 6/26/2003		     49,905,889
       
   

Total Commercial Paper

           728,920,921
       

 

Principal
Amount
  
  Value
  

(1) Government Agencies—26.4%

        
    Federal National Mortgage Association—26.4%
$100,000,000   1.175%, 9/17/2003   $ 99,546,320  
  50,000,000   1.160%, 7/9/2003     49,888,833  
75,000,000   1.285%, 6/18/2003     74,871,500  
125,000,000   1.445%—1.505%, 5/2/2003     124,994,899  
       
   

Total Government Agencies

     349,301,552  
       

(2) Notes-Variable—5.0%

        
66,000,000   Morgan Stanley,
1.425%, 5/1/2003		     66,000,000  
       

Repurchase Agreement—13.7%

        
181,626,000   Agreement with State Street Corp., 1.230% dated 4/30/2003 to be repurchased at $181,632,206 on 5/1/2003 collateralized by U.S. Treasury Bills with various maturities to 9/25/2003     181,626,000  
       
   

Total Investments—100.1%
(at amortized cost)

   $ 1,325,848,473  
       
   

Other Assets and Liabilities-Net—(0.1)%

     (1,418,522 )
       
   

Net Assets—100%

   $ 1,324,429,951  
       

 

(See Notes to Portfolios of Investments)

 

Annual Report to Shareholders

 

6

 

Notes to Portfolios of Investments

 

The categories of investments are shown as a percentage of total net assets at April 30, 2003.

 

(1) Each issue, with the exception of variable rate securities, shows the coupon or rate of discount at the time of purchase, if applicable.
(2) Denotes variable rate securities with current rate and next demand date.

 

The following acronym is used throughout this report:

 

REMIC—Real Estate Mortgage Investment Conduit

 

VISION Fund

    Cost of
Investments
for Federal Tax
Purposes
  
Institutional Prime Money Market Fund    $ 248,960,594 *
Institutional Limited Duration U.S. Government Fund      118,912,329  
Money Market Fund      1,325,848,473 *

 

* at amortized cost

 

(See Notes which are an integral part of the Financial Statements)

 

Annual Report to Shareholders

 

7

 

VISION Group of Funds

Statements of Assets and Liabilities

April 30, 2003

 

  

Institutional

Prime

Money Market

Fund

     

Institutional

Limited Duration

U.S. Government

Fund

    

Money Market

Fund

  

Assets:

                         
                         
Investments in securities, at amortized cost and value   $ 210,443,594      $ 119,572,718     $ 1,144,222,473  
                         
Investments in repurchase agreements, at amortized cost     38,517,000        —       181,626,000  
  
  
 
Total investments     248,960,594        119,572,718       1,325,848,473  
                         
Cash     615        —       297  
                         
Income receivable     14,099        930,627       78,622  
                         
Receivable for shares sold     —        79,269       642,638  
  
  
 

Total assets

     248,975,308        120,582,614       1,326,570,030  
  
  
 

Liabilities:

                         
                         
Income distribution payable     134,599        211,364       344,633  
                         
Payable for investments purchased     —        3,000,000       —  
                         
Payable for shares redeemed     —        38,604       1,632,611  
                         
Accrued expenses     29,182        144       162,835  
  
  
 

Total liabilities

     163,781        3,250,112       2,140,079  
  
  
 

Net Assets

   $ 248,811,527      $ 117,332,502     $ 1,324,429,951  
  
  
 

Net Assets Consist of:

                         
                         
Paid in capital   $ 248,779,834      $ 117,960,292     $ 1,324,415,924  
                         
Net unrealized appreciation of investments     —        1,207,290       —  
                         
Accumulated net realized loss on investments     (2,750 )      (1,830,888 )     (13,758 )
                         
Undistributed (distributions in excess of) net investment income     34,443        (4,192 )     27,785  
  
  
 

Total Net Assets

   $ 248,811,527      $ 117,332,502     $ 1,324,429,951  
  
  
 
Class A Shares     —        —     $ 1,240,670,153  
  
  
 
Class S Shares     —        —     $ 81,002,492  
  
  
 
Institutional Shares   $ 248,811,527      $ 117,332,502     $ 2,757,306  
  
  
 

Shares Outstanding:

                         
                         
Class A Shares     —        —       1,240,853,904  
  
  
 
Class S Shares     —        —       80,804,509  
  
  
 
Institutional Shares     248,782,392        11,912,509       2,757,511  
  
  
 

Net Asset Value, Offering Price and Redemption Proceeds Per Share:

                         
                         
Net Asset Value Per Share                         
                         
Class A Shares     —        —     $ 1.00  
  
  
 
Class S Shares     —        —     $ 1.00  
  
  
 
Institutional Shares   $ 1.00      $ 9.85     $ 1.00  
  
  
 
Offering Price Per Share*                         
                         
Institutional Shares     —      $ 10.15 **     —  
  
  
 
Investments, at identified cost   $ 248,960,594      $ 118,365,428     $ 1,325,848,473  
  
  
 
  * See “What Do Shares Cost?” in the Prospectus.
** Computation of offering price per share 100/97 of net asset value.

 

(See Notes which are an integral part of the Financial Statements)

 

Annual Report to Shareholders

 

8

 

VISION Group of Funds

Statements Of Operations

Year Ended April 30, 2003

 

   Institutional
Prime
Money
Market
Fund
     Institutional
Limited
Duration
U.S.
Government
Fund
     Money
Market
Fund
  

Investment Income:

                        
                        
Interest   $ 4,192,051     $ 4,181,152     $ 24,534,892  
  
 
 

Expenses:

                        
                        
Investment adviser fee     1,304,294       624,732       7,559,754  
                        
Administrative personnel and services fee     225,178       89,916       1,304,918  
                        
Custodian fees     12,802       5,206       46,049  
                        
Transfer and dividend disbursing agent fees and expenses     85,029       44,588       585,025  
                        
Directors’ fees     6,912       2,384       35,609  
                        
Auditing fees     12,468       8,071       106,363  
                        
Legal fees     2,511       1,549       15,434  
                        
Portfolio accounting fees     117,387       46,855       680,378  
                        
Distribution services fee—Class S Shares     —       —       241,068  
                        
Shareholder services fee—Class A Shares     —       —       3,531,549  
                        
Shareholder services fee—Class S Shares     —       —       241,068  
                        
Shareholder services fee—Institutional Shares     —       260,305       7,261  
                        
Share registration costs     21,303       16,277       36,406  
                        
Printing and postage     9,646       12,170       205,507  
                        
Insurance premiums     8,062       1,101       31,417  
                        
Miscellaneous     28,977       19,578       15,184  
  
 
 

Total expenses

     1,834,569       1,132,732       14,642,990  
  
 
 

Waivers:

                        
                        
Waiver of investment adviser fee     (782,577 )     (208,244 )     (3,023,902 )
                        
Waiver of shareholder services fee—Class A Shares     —       —       (706,310 )
                        
Waiver of shareholder services fee—Institutional Shares     —       (208,244 )     (4,356 )
  
 
 

Total waivers

     (782,577 )     (416,488 )     (3,734,568 )
  
 
 

Net expenses

     1,051,992       716,244       10,908,422  
  
 
 

Net investment income

     3,140,059       3,464,908       13,626,470  
  
 
 

Realized and Unrealized Gain on Investments:

                        
                        
Net realized gain on investments     —       1,246,757       —  
                        
Net change in unrealized appreciation of investments     —       229,535       —  
  
 
 

Net realized and unrealized gain on investments

     —       1,476,292       —  
  
 
 

Change in net assets resulting from operations

   $ 3,140,059     $ 4,941,200     $ 13,626,470  
  
 
 

 

(See Notes which are an integral part of the Financial Statements)

 

Annual Report to Shareholders

 

9

 

VISION Group of Funds

Statements of Changes in Net Assets

 

   

Institutional Prime

Money Market Fund

    

Institutional
Limited Duration

U.S. Government Fund

     Money Market Fund
  
   

Year Ended

April 30,

2003

    

Year Ended

April 30,

2002

    

Year Ended

April 30,

2003

    

Year Ended

April 30,

2002

    

Year Ended

April 30,

2003

    

Year Ended

April 30,

2002

  

Increase (Decrease) in Net Assets:

                                                
                                                

Operations:

                                                
                                                

Net investment income

   $ 3,140,059     $ 6,042,834     $ 3,464,908     $ 3,045,340     $ 13,626,470     $ 42,149,990  
                                                

Net realized gain (loss) on investments

     —       —       1,246,757       48,737       —       (25,337 )
                                                

Net change in unrealized appreciation/depreciation of investments

     —       —       229,535       532,720       —       —  
  
 
 
 
 
 

Change in net assets resulting from operations

     3,140,059       6,042,834       4,941,200       3,626,797       13,626,470       42,124,653  
  
 
 
 
 
 

Distributions to Shareholders:

                                                
                                                

Distributions from net investment income

                                                
                                                

Class A Shares

     —       —       —       —       (13,134,406 )     (40,321,122 )
                                                

Class S Shares

     —       —       —       —       (408,829 )     (1,823,120 )
                                                

Institutional Shares

     (3,099,195 )     (6,042,834 )     (4,596,450 )     (3,861,010 )     (29,065 )     (5,748 )
                                                

Distributions from net realized gain on investments

                                                
                                                

Class A Shares

     —       —       —       —       (13,835 )     —  
                                                

Class S Shares

     —       —       —       —       (943 )     —  
                                                

Institutional Shares

     (32,174 )     —       —       —       (28 )     —  
  
 
 
 
 
 

Change in net assets resulting from distributions to shareholders

     (3,131,369 )     (6,042,834 )     (4,596,450 )     (3,861,010 )     (13,587,106 )     (42,149,990 )
  
 
 
 
 
 

Share Transactions:

                                                
                                                

Proceeds from sale of shares

     1,160,952,298       922,203,584       55,313,480       56,034,201       59,207,069,915       135,324,350,616  
                                                

Net asset value of shares issued to shareholders in payment of distributions declared

     693,566       1,634,292       1,859,833       928,717       6,507,298       22,888,383  
                                                

Cost of shares redeemed

     (1,131,661,846 )     (891,032,360 )     (29,199,086 )     (23,997,059 )     (59,516,580,412 )     (135,379,575,107 )
  
 
 
 
 
 

Change in net assets resulting from share transactions

     29,984,018       32,805,516       27,974,227       32,965,859       (303,003,199 )     (32,336,108 )
  
 
 
 
 
 

Change in net assets

     29,992,708       32,805,516       28,318,977       32,731,646       (302,963,835 )     (32,361,445 )
                                                

Net Assets:

                                                
                                                

Beginning of period

     218,818,819       186,013,303       89,013,525       56,281,879       1,627,393,786       1,659,755,231  
  
 
 
 
 
 

End of period

   $ 248,811,527     $ 218,818,819     $ 117,332,502     $ 89,013,525     $ 1,324,429,951     $ 1,627,393,786  
  
 
 
 
 
 

Undistributed (distributions in excess of) net investment income included in net assets at end of period

   $ 34,443     $ (9,163 )   $ (4,192 )   $ (21,292 )   $ 27,785     $ (40,093 )
  
 
 
 
 
 

 

(See Notes which are an integral part of the Financial Statements)

 

Annual Report to Shareholders

 

10

 

 

 

[THIS PAGE INTENTIONALLY LEFT BLANK]

 

VISION Group of Funds

Financial Highlights

(For an Institutional Share outstanding throughout each period)

 

Period
Ended
April 30,		     Net Asset
Value,
beginning
of period		   Net
Investment
Income		     Net Realized
and
Unrealized
Gain (Loss) on
Investments		     Total from
Investment
Operations		   Distributions
from Net
Investment
Income		     Distributions
from Net
Realized Gain
on Investments		  
Institutional Prime Money Market Fund(c)                
1998 (d)   $ 1.00   0.05     0.00 (e)   0.05   (0.05 )   —  
1999 (d)   $ 1.00   0.05     0.00 (e)   0.05   (0.05 )   —  
2000 (d)   $ 1.00   0.05     0.00 (e)   0.05   (0.05 )   —  
2001 (f)(g)   $ 1.00   0.05     —     0.05   (0.05 )   —  
2002     $ 1.00   0.03     —     0.03   (0.03 )   —  
2003     $ 1.00   0.01     —     0.01   (0.01 )   (0.00 )(e)
Institutional Limited Duration U.S. Government Fund(i)                
1998 (j)   $ 10.00   0.56     (0.04 )   0.52   (0.56 )   (0.00 )(e)
1999 (d)   $ 9.96   0.54     (0.13 )   0.41   (0.54 )   (0.00 )(e)
2000 (d)   $ 9.83   0.55     (0.14 )   0.41   (0.55 )   —  
2001 (f)(g)   $ 9.69   0.50     0.11     0.61   (0.49 )   —  
2002     $ 9.81   0.62 (k)   (0.06 )(k)   0.56   (0.57 )   —  
2003     $ 9.80   0.33 (l)   0.16     0.49   (0.44 )   —  
Money Market Fund                
2002 (m)   $ 1.00   0.01     —     0.01   (0.01 )   —  
2003     $ 1.00   0.01     —     0.01   (0.01 )   (0.00 )(e)
(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
(b) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above.
(c) Formerly Governor Prime Money Market Fund, effective date January 8, 2001.
(d) Reflects operations for the year ended June 30.
(e) Represents less than $0.01.
(f) Reflects operations for the period from July 1, 2000 to April 30, 2001. The Funds changed their fiscal year end from June 30 to April 30.
(g) Effective January 8, 2001, the Funds changed their investment adviser from Martindale Andres & Company LLC to Manufacturers and Traders Trust Company.
(h) Computed on an annualized basis.
(i) Formerly Governor Limited Duration Government Securities Fund, effective date January 8, 2001.
(j) Reflects operations for the period from July 1, 1997 (date of initial public investment) to June 30, 1998.
(k) Effective May 1, 2001, the Institutional Limited Duration U.S. Government Fund adopted the provisions of the American Institute of Certified Public Accountant (AICPA) Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long term debt securities. The effect of this change for the year ended April 30, 2002 was to increase net investment income per share by $0.05, increase net realized gain/loss per share by $0.05, and decrease the ratio of net investment income to average net assets from 5.68% to 4.55%. Per share, ratios and supplemental data for periods prior to May 1, 2001 have not been restated to reflect this change in presentation.
(l) Based on average shares outstanding.
(m) Reflects operations for the period from September 4, 2001 (date of initial public investment) to April 30, 2002.

 

(See Notes which are an integral part of the Financial Statements)

 

Annual Report to Shareholders

 

12

 

 

                Ratios to Average Net Assets
            
Total
Distributions		     Net Asset
Value, end
of period		   Total
Return(a)		     Expenses     Net
Investment
Income		     Expense
Waiver/
Reimbursement(b)		     Net Assets,
end
of period
(000 omitted)		   Portfolio
Turnover
Rate		  
                                             
(0.05 )   $ 1.00   5.19 %   0.48 %   5.14 %   0.76 %   $ 217,861   —  
(0.05 )   $ 1.00   4.80 %   0.49 %   4.68 %   0.80 %   $ 261,561   —  
(0.05 )   $ 1.00   5.46 %   0.47 %   5.34 %   0.70 %   $ 282,014   —  
(0.05 )   $ 1.00   4.81 %   0.53 %(h)   5.76 %(h)   0.21 %(h)   $ 186,013   —  
(0.03 )   $ 1.00   2.63 %   0.41 %   2.54 %   0.30 %   $ 218,819   —  
(0.01 )   $ 1.00   1.21 %   0.40 %   1.20 %   0.30 %   $ 248,812   —  
                                             
(0.56 )   $ 9.96   5.39 %   0.65 %(h)   5.58 %(h)   1.18 %(h)   $ 29,360   482 %
(0.54 )   $ 9.83   4.25 %   0.59 %   5.51 %   1.03 %   $ 52,041   519 %
(0.55 )   $ 9.69   4.31 %   0.61 %   5.77 %   0.94 %   $ 73,140   237 %
(0.49 )   $ 9.81   6.47 %   0.71 %(h)   6.05 %(h)   0.21 %(h)   $ 56,282   158 %
(0.57 )   $ 9.80   5.87 %   0.63 %   4.55 %(k)   0.27 %   $ 89,014   89 %
(0.44 )   $ 9.85   5.05 %   0.69 %   3.33 %   0.40 %   $ 117,333   96 %
                                             
(0.01 )   $ 1.00   1.19 %   0.61 %(h)   1.55 %(h)   0.36 %(h)   $ 2,805   —  
(0.01 )   $ 1.00   1.02 %   0.60 %   0.99 %   0.35 %   $ 2,757   —  

 

Annual Report to Shareholders

 

13

 

VISION Group of Funds

Notes to Financial Statements

April 30, 2003

 

Organization

 

VISION Group of Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 21 portfolios (individually referred to as the “Fund”, or collectively as the “Funds”). The following Funds are presented herein:

 

Portfolio Name    Investment Objective
VISION Institutional Prime Money Market Fund (“Institutional Prime Money Market Fund”) (d)    Seeks current income with liquidity and stability of principal.
VISION Institutional Limited Duration U.S. Government Fund (“Institutional Limited Duration U.S. Government Fund”) (d)    Seeks current income with preservation of capital as a secondary objective.
VISION Money Market Fund (“Money Market Fund”) (d)    Seeks current income with liquidity and stability of principal.

 

(d)  Diversified

 

The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held.

 

Significant Accounting Policies

 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles (“GAAP”).

 

Investment Valuations—Institutional Prime Money Market Fund and Money Market Fund use the amortized cost method to value their portfolio securities in accordance with Rule 2a-7 under the Act. For Institutional Limited Duration U.S. Government Fund, U.S. government securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Listed corporate bonds, and other fixed income and asset-backed securities, unlisted securities and short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value. Securities for which no quotations are readily available are valued at fair value as determined in good faith using methods approved by the Board of Trustees (the “Trustees”).

 

Repurchase Agreements—It is each Fund’s policy to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank’s vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement’s collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement transaction.

 

The Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Funds’ adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities. The Funds along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

 

Annual Report to Shareholders

 

14

 

VISION Group of Funds

 

Investment Income, Expenses and Distributions—Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Money Market Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

 

Premium and Discount Amortization/Paydown Gains and Losses—All premiums and discounts on fixed income securities are amortized/accreted. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.

 

Federal Taxes—It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code (the “Code”) and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for federal tax are necessary.

 

When-Issued and Delayed Delivery Transactions—The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

 

Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

 

Other—Investment transactions are accounted for on a trade date basis.

 

Change in Accounting Policy

 

Effective May 1, 2001, the Trust adopted the provisions of the revised American Institute of Certified Public Accountants (AICPA) Audit and Accounting Guide for Investment Companies (the “Guide”). For financial statement purposes, the revised Guide requires the Institutional Limited Duration U.S. Government Fund to amortize premium and discount on all fixed income securities and to classify gains and losses realized on principal payments received on mortgage-backed securities (paydown gains and losses) as part of interest income.

 

Upon initial adoption, the Institutional Limited Duration U.S. Government Fund adjusted its cost of fixed income securities by the cumulative amount of amortization that would have been recognized had amortization been in effect from the purchase date of each holding with a corresponding reclassification between unrealized appreciation/depreciation on investments and undistributed net investment income. Adoption of these accounting principles does not affect the Fund’s net asset value or distributions, but changes the classification of certain amounts between interest income and realized and unrealized gain/loss on the Statement of Operations. The cumulative effect to the Fund resulting from the adoption of premium and discount amortization and recognition of paydown gains and losses as part of interest income on the financial statements is as follows:

 

     As of 5/1/2001
   

For the Year Ended

4/30/2002

     Cost of
Investments
     Undistributed
Net
Investment
Income
    

Accumulated

Net

Realized
Gain(Loss)

   

Net

Investment
Income

    

Net Unrealized
Appreciation

(Depreciation)

    Net Realized
Gain(Loss)

Increase (Decrease)

    $ (110,854 )   $ (323,068 )   $ 212,214    $ (757,309 )   $ 219,961    $ 537,348

 

The Statements of Changes in Net Assets and Financial Highlights for prior periods have not been restated to reflect this change in presentation.

 

Annual Report to Shareholders

 

15

 

VISION Group of Funds

 

Capital Stock

 

At April 30, 2003, there were 1,000,000,000 shares (without par value) capital stock authorized with respect to Institutional Prime Money Market Fund; 1,000,000,000 shares (without par value) capital stock authorized with respect to Institutional Limited Duration U.S. Government Fund; and 6,000,000,000 shares of $0.001 par value capital stock (2,000,000,000 authorized as to Class A Shares, 2,000,000,000 authorized as to Class S Shares and 2,000,000,000 authorized as to Institutional Shares) authorized with respect to Money Market Fund. Capital paid-in for Institutional Prime Money Market Fund aggregated $248,779,834 and for Money Market Fund aggregated $1,324,415,924. Transactions in capital stock were as follows:

 

    Institutional Prime Money Market Fund
  
    Year Ended
April 30, 2003
     Year Ended
April 30, 2002
  
    Shares
     Amount
     Shares
     Amount
  

Shares sold

   1,160,929,274     $ 1,160,952,298     922,203,584     $ 922,203,584  
                            

Shares issued to shareholders in payment of distributions declared

   693,566       693,566     1,634,293       1,634,292  
                            

Shares redeemed

   (1,131,661,846 )     (1,131,661,846 )   (891,032,360 )     (891,032,360 )
  
 
 
 

Net change resulting from share transactions

   29,960,994     $ 29,984,018     32,805,517     $ 32,805,516  
  
 
 
 

 

    Institutional Limited Duration U.S. Government Fund
  
    Year Ended
April 30, 2003
     Year Ended
April 30, 2002
  
    Shares
     Amount
     Shares
     Amount
  

Shares sold

   5,599,092     $ 55,313,480     5,685,226     $ 56,034,201  
                            

Shares issued to shareholders in payment of distributions declared

   187,982       1,859,833     94,318       928,717  
                            

Shares redeemed

   (2,954,869 )     (29,199,086 )   (2,437,502 )     (23,997,059 )
  
 
 
 

Net change resulting from share transactions

   2,832,205     $ 27,974,227     3,342,042     $ 32,965,859  
  
 
 
 

 

    Money Market Fund
  
   

Year Ended

April 30, 2003

   

Year Ended

April 30, 2002

  

Class A Shares:

   Shares
     Amount
     Shares
     Amount
  

Shares sold

   47,762,167,345     $ 47,762,167,345     112,180,878,513     $ 112,180,878,513  
                            

Shares issued to shareholders in payment of distributions declared

   6,478,702       6,478,702     22,882,631       22,882,631  
                            

Shares redeemed

   (48,040,248,948 )     (48,040,248,948 )   (112,289,609,561 )     (112,289,609,561 )
  
 
 
 

Net change resulting from Class A Share transactions

   (271,602,901 )   $ (271,602,901 )   (85,848,417 )   $ (85,848,417 )
  
 
 
 

 

Annual Report to Shareholders

 

16

 

VISION Group of Funds

 

    Money Market Fund
  
   

Year Ended

April 30, 2003

    

Year Ended

April 30, 2002

  

Class S Shares:

   Shares
     Amount
     Shares
     Amount
  

Shares sold

   11,428,135,792     $ 11,428,135,792     23,139,522,831     $ 23,139,522,831  
                            

Shares issued to shareholders in payment of distributions declared

   —       —     4       4  
                            

Shares redeemed

   (11,459,488,844 )     (11,459,488,844 )   (23,088,815,283 )     (23,088,815,283 )
  
 
 
 

Net change resulting from Class S Share transactions

   (31,353,052 )   $ (31,353,052 )   50,707,552     $ 50,707,552  
  
 
 
 
    Money Market Fund
  
   

Year Ended

April 30, 2003

    

Period Ended

April 30, 2002(a)

  

Institutional Shares:

   Shares
     Amount
     Shares
     Amount
  

Shares sold

   16,766,778     $ 16,766,778     3,949,272     $ 3,949,272  
                            

Shares issued to shareholders in payment of distributions declared

   28,596       28,596     5,748       5,748  
                            

Shares redeemed

   (16,842,620 )     (16,842,620 )   (1,150,263 )     (1,150,263 )
  
 
 
 

Net change resulting from Institutional Share transactions

   (47,246 )   $ (47,246 )   2,804,757     $ 2,804,757  
  
 
 
 

Net change resulting from share transactions

   (303,003,199 )   $ (303,003,199 )   (32,336,108 )   $ (32,336,108 )
  
 
 
 

 

(a) Reflects operations for the period from September 4, 2001 (date of initial public investment) to April 30, 2002.

 

Federal Tax Information

 

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to differing treatments of amortization/accretion on fixed income securities.

 

For the year ended April 30, 2003, permanent differences identified and reclassified among the components of net assets were as follows:

 

      

Undistributed

Net Investment

Income (Loss)

     

Accumulated

Net Realized

Gains (Losses)

  

Institutional Prime Money Market Fund

      $ 2,742      $ (2,742 )

Institutional Limited Duration U.S. Government Fund

        1,148,642        (1,148,642 )

Money Market Fund

        13,708        (13,708 )

 

Net investment income, net realized gains (losses), and net assets were not affected by this reclassification.

 

The tax character of distributions as reported on the Statements of Changes in Net Assets for the years ended April 30, 2003 and 2002 were:

 

For the year ended April 30, 2003

      Ordinary Income*

Institutional Prime Money Market Fund

      $ 3,131,369

Institutional Limited Duration U.S. Government Fund

        4,596,450

Money Market Fund

        13,587,106

 

Annual Report to Shareholders

 

17

 

VISION Group of Funds

 

For the year ended April 30, 2002

      Ordinary Income*

Institutional Prime Money Market Fund

      $ 6,042,834

Institutional Limited Duration U.S. Government Fund

        3,861,010

Money Market Fund

        42,149,990

 

* For tax purposes short-term capital gain distributions are considered ordinary income.

 

As of April 30, 2003, the components of distributable earnings on a tax basis were as follows:

 

     Undistributed
Ordinary
Income
    Unrealized
Appreciation
    Capital Loss
Carryforward

Institutional Prime Money Market Fund

    $ 169,042    $ —    $ 2,750

Institutional Limited Duration U.S. Government Fund

      207,172      660,389      1,283,987

Money Market Fund

      372,418      —      13,758

 

For federal income tax purposes, the following amounts apply as of April 30, 2003:

 

     Cost of
Investments
     Unrealized
Appreciation
    Unrealized
Depreciation
   

Net Unrealized
Appreciation/

(Depreciation)

Institutional Prime Money Market Fund

    $ 248,960,594 *     —      —      —

Institutional Limited Duration U.S. Government Fund

      118,912,329     $ 1,368,095    $ 707,706    $ 660,389

Money Market Fund

      1,325,848,473 *     —      —      —

 

* at amortized cost

 

The difference between book-basis and tax-basis unrealized appreciation/depreciation is attributable primarily to the amortization/accretion tax elections on fixed income securities.

 

At April 30, 2003, the Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:

 

     Capital Loss Carryforward to Expire in
     

Fund Name

    2007
    2008
    2009
    2010
    2011
    Total

Institutional Prime Money Market Fund

    $ —    $ —    $ —    $ —    $ 2,750    $ 2,750

Institutional Limited Duration U.S. Government Fund

      67,802      616,878      306,358      245,606      47,343      1,283,987

Money Market Fund

      —      —      —      —      13,758      13,758

 

Investment Adviser Fee and Other Transactions with Affiliates

 

Investment Adviser Fee—M&T Asset Management, a department of Manufacturers and Traders Trust Company, the Funds’ investment adviser (the “Adviser” or “M&T”), receives for its services an annual investment adviser fee based on a percentage of each Fund’s average daily net assets (see below). The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

 

Fund Name

   

Annual
Rate

Institutional Prime Money Market Fund

    0.50%

Institutional Limited Duration U.S. Government Fund

    0.60%

Money Market Fund

    0.50%

 

Annual Report to Shareholders

 

18

 

VISION Group of Funds

 

Administrative Fee—Federated Services Company (“FServ’) and M&T Securities, Inc. (“M&T Securities”) serve as co-administrators to the Trust and provide the Funds with certain administrative personnel and services necessary to operate the Funds. During the period May 1, 2002 through September 30, 2002, administrative services are provided for an aggregate annual fee as specified below:

 

Fees Payable to FServ

 

Maximum Fee

   

Average Aggregate Daily Net Assets

of the VISION Group of Funds

0.06%

    on the first $2 billion

0.03%

    on the next $3 billion

0.015%

    on assets in excess of $5 billion

 

Fees Payable to M&T Securities

Maximum Fee

   

Average Aggregate Daily Net Assets

of the VISION Group of Funds

0.04%

    on the first $5 billion

0.015%

    on assets in excess of $5 billion

 

Effective October 1, 2002, the administrative fee has been changed to reflect the following fee schedule.

 

Fees Payable to FServ

 

Maximum Fee

   

Average Aggregate Daily Net Assets

of the VISION Group of Funds

0.06%

    on the first $2 billion

0.03%

    on the next $3 billion

0.02%

    on the next $2 billion

0.0125%

    on the next $3 billion

0.01%

    on assets in excess of $10 billion

 

Fees Payable to M&T Securities

 

Maximum Fee

   

Average Aggregate Daily Net Assets

of the VISION Group of Funds

0.04%

    on the first $5 billion

0.03%

    on the next $2 billion

0.0175%

    on the next $3 billion

0.015%

    on assets in excess of $10 billion

 

Transfer and Dividend Disbursing Agent Fees and Expenses—FServ, through its subsidiary, Federated Shareholder Services Company (“FSSC”), serves as transfer and dividend disbursing agent for the Funds. The fee paid to FSSC is based on the size, type and number of accounts made by shareholders.

 

Distribution Services Fee—The Trust has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Funds will compensate Federated Securities Corp. (“FSC”), the principal distributor, from the net assets of the Funds to finance activities intended to result in the sale of the Funds’ Shares. The Plan provides that each Fund may incur distribution expenses up to 0.25% of the average daily net assets of each Fund, annually, to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion. The Institutional Shares of the Money Market Fund do not pay or accrue a distribution services fee. The Institutional Limited Duration U.S. Government Fund and Institutional Prime Money Market Fund did not pay or accrue distribution services fee during the year ended April 30, 2003.

 

Annual Report to Shareholders

 

19

 

VISION Group of Funds

 

Shareholder Services Fee—Under the terms of a Shareholder Services Agreement with FServ and M&T Securities, M&T Securities may receive from FServ up to 0.25% of average daily net assets of each Fund for the period. The fee paid to M&T Securities is used to finance certain services for shareholders and to maintain shareholder accounts. M&T Securities may voluntarily choose to waive any portion of its fee. M&T Securities can modify or terminate this voluntary waiver at any time at its sole discretion. Institutional Prime Money Market Fund did not pay or accrue shareholder services fees during the year ended April 30, 2003.

 

General—Certain of the Officers of the Trust are Officers and Directors or Trustees of the above companies.

 

Investment Transactions—Purchases and sales, excluding long-term U.S. government securities and short-term obligations (and in-kind contributions), for Institutional Limited Duration U.S. Government Fund for the year ended April 30, 2003, were $17,100,000 and $0, respectively.

 

Purchases and sales of long-term U.S. government securities for Institutional Limited Duration U.S. Government Fund for the year ended April 30, 2003, were $109,521,413 and $97,238,798, respectively.

 

Line of Credit

 

The Funds (except for Managed Allocation Fund-Aggressive Growth, Managed Allocation Fund-Moderate Growth and Managed Allocation Fund-Conservative Growth) entered into a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with State Street Bank & Trust Company. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 0.50% per annum over the Federal Funds Rate. The LOC includes a commitment fee of 0.10% per annum on the daily unused portion. The Funds did not utilize the LOC during the year ended April 30, 2003.

 

Federal Income Tax Information (Unaudited)

 

For the year ended April 30, 2003, the Funds did not designate any long-term capital gain dividends.

 

Subsequent Event

 

On April 1, 2003, M&T Bank Corporation (“M&T Corp.”) acquired Allfirst Financial, Inc. (“Allfirst”) (“Bank Acquisition”). Prior to the Bank Acquisition, Allfirst was the corporate parent of Allied Investment Advisors, Inc. (“AIA”), the investment adviser to the ARK Funds. M&T Corp. is the corporate parent of M&T Asset Management, a department of Manufacturers and Traders Trust Company (“M&T Bank”), the investment adviser to each series of the the VISION Group of Funds (the “VISION Funds”). In an effort to promote more efficient operations, to eliminate certain duplicative costs and to enhance the distribution of fund shares by eliminating redundant investment products, the ARK Funds and the VISION Funds on June 16, 2003 entered into an Agreement and Plan of Reorganization providing that each ARK Fund be reorganized, on a tax-free basis, into a comparable new or existing VISION Fund and that VISION Large Cap Core Fund, VISION Intermediate Term Bond Fund and VISION Pennsylvania Municipal Income Fund be reorganized, on a tax-free basis, together with one or more ARK Funds, into comparable but newly created VISION Funds. A Special Meeting of Shareholders for ARK Funds and for the three VISION Funds will be held in August 2003 to approve these proposed reorganizations.

 

Annual Report to Shareholders

 

20

 

Report of Ernst & Young LLP, Independent Auditors

 

To the Board of Trustees and Shareholders of

VISION GROUP OF FUNDS

 

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of VISION Institutional Prime Money Market Fund, VISION Institutional Limited Duration U.S. Government Fund, and VISION Money Market Fund (three of the portfolios constituting the VISION Group of Funds) (the “Funds”), as of April 30, 2003, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for each of the periods presented through the period ended June 30, 2000 were audited by other auditors whose report, dated August 15, 2000, expressed an unqualified opinion on those financial highlights.

 

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2003, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the VISION Institutional Prime Money Market Fund, VISION Institutional Limited Duration U.S. Government Fund, and VISION Money Market Fund, portfolios of the VISION Group of Funds, at April 30, 2003, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

 

/s/ Ernst & Young LLP

 

Boston, Massachusetts

June 16, 2003

 

Annual Report to Shareholders

 

21

 

Board of Trustees And Trust Officers

 

The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustees who are “interested persons” of the Trust (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Fund Complex consists of 21 investment company portfolios. Unless otherwise noted, each Trustee oversees all portfolios in the Fund Complex and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge and upon request, by calling 1-800-836-2211.

 

Interested Trustee Background

 

Name

Birth Date

Address

Positions Held with Trust

Length of Time Served

    Principal Occupation(s), Previous Positions and Other Directorships Held

Mark J. Czarnecki†

Manufacturers and Traders Trust Company One M&T Plaza

Buffalo, NY 14203

Birthdate: November 3, 1955

Trustee

Began serving: August 2000

   

Principal Occupations: Executive Vice President, Manufacturers and Traders Trust Company (“M&T Bank”), division head for M&T Bank’s investment area, M&T Asset Management.

 

Other Directorships Held: None

† Mark J. Czarnecki is “interested” due to positions he holds with M&T Bank and with M&T Asset Management, the Funds’ adviser.

 

Independent Trustees Background

 

Name

Birth Date

Address

Positions Held with Trust

Length of Time Served

    Principal Occupation(s), Previous Positions and Other Directorships Held

Randall I. Benderson

570 Delaware Avenue

Buffalo, NY

Birth date: January 12, 1955

Trustee

Began serving: February 1990

   

Principal Occupations: President and Chief Operating Officer, Benderson Development Company, Inc. (construction).

 

Other Directorships Held: None

Joseph J. Castiglia

Roycroft Campus

21 South Grove Street, Suite 291

East Aurora, NY 14052

Birth date: July 20, 1934

Trustee

Began serving: February 1988

   

Principal Occupations: Chairman of the Board, HealthNow New York, Inc. (health care company); Chairman of the Board, Catholic Health System of Western New York (hospitals, long-term care, home health care); and former President, Chief Executive Officer and Vice Chairman, Pratt & Lambert United, Inc. (manufacturer of paints and chemical specialties).

 

Other Directorships Held: Energy East Corp.

John S. Cramer
4216 Jonathan Lane
Harrisburg, PA 17110
Birth date: February 22, 1942

Trustee

Began serving: December 2000

   

Principal Occupations: Retired President and Chief Executive Officer, Pinnacle Health System (health care).

 

Other Directorships Held: None

 

Annual Report to Shareholders

 

22

 

Name

Birth Date

Address

Positions Held with Trust

Length of Time Served

    Principal Occupation(s), Previous Positions and Other Directorships Held
Daniel R. Gernatt, Jr.
Richardson & Taylor Hollow Roads Collins, NY
Birth date: July 14, 1940
Trustee
Began serving: February 1988		   

Principal Occupations: President and CFO, Gernatt Asphalt Products, Inc.; Executive Vice President, Dan Gernatt Gravel Products, Inc.; Vice President, Country Side Sand & Gravel, Inc.

 

Other Directorships Held: None

George K. Hambleton, Jr.
1003 Admiral’s Walk
Buffalo, NY
Birth date: February 8, 1933
Trustee
Began serving: February 1988		   

Principal Occupations: Retired President, Brand Name Sales, Inc. (catalog showroom operator); Retired President, Hambleton & Carr, Inc. (catalog showroom operator).

 

Other Directorships Held: None

 

Officers

 

Name

Birth Date

Address

Positions Held with Trust

    Principal Occupation(s) and Previous Positions
Edward C. Gonzales
Federated Investors Tower
Pittsburgh, PA
Birth date: October 22, 1930
Chairman
Began serving: May 2001		   

Principal Occupations: President and Executive Vice President of other funds distributed by Federated Securities Corp.; Vice Chairman, Federated Investors, Inc.; Trustee, Federated Administrative Services.

 

Previous Positions: Trustee or Director of other funds distributed by Federated Securities Corp.; CEO and Chairman, Federated Administrative Services; Vice President, Federated Investment Management Company, Federated Investment Counseling, Federated Global Investment Management Corp. and Passport Research, Ltd.; Director and Executive Vice President, Federated Securities Corp.; Director, Federated Services Company; Trustee, Federated Shareholder Services Company.

Charles L. Davis
Federated Investors Tower
Pittsburgh, PA
Birth date: March 23, 1960
Chief Executive Officer
Began serving: December 2002 		   Principal Occupations: Vice President, Director of Mutual Fund Services and Strategic Relationship Management, Federated Services Company.

Carl W. Jordan

One M&T Plaza

Buffalo, NY

Birth date: January 2, 1955

President
Began serving: May 2001

    Principal Occupations: President, M&T Securities, Inc., since 1998; Administrative Vice President, M&T Bank, 1995-1998.

Kenneth G. Thompson

One M&T Plaza

Buffalo, NY

Birth date: September 4, 1964

Vice President

Began serving: May 2001

    Principal Occupations: Administrative Vice President, M&T Bank; Vice President, M&T Bank, 1999-2002; Regional Sales Manager, M&T Securities, Inc., 1995-1999.

 

Annual Report to Shareholders

 

23

 

Name

Birth Date

Address

Positions Held with Trust

    Principal Occupation(s) and Previous Positions

Beth S. Broderick

Federated Investors Tower

Pittsburgh, PA

Birth date: August 2, 1965

Vice President and Assistant Treasurer

Began serving: February 1998

    Principal Occupations: Vice President, Mutual Fund Services Division, Federated Services Company.

Richard J. Thomas

Federated Investors Tower

Pittsburgh, PA

Birth date: June 17, 1954

Treasurer

Began serving: December 2002

   

Principal Occupations: Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services.

 

Previous Positions: Vice President, Federated Administrative Services; held various management positions within Funds Financial Services Division of Federated Investors, Inc.

C. Grant Anderson

Federated Investors Tower

Pittsburgh, PA

Birth date: November 6, 1940

Secretary

Began serving: December 2000

   

Principal Occupation: Counsel, Reed Smith LLP.

 

Previous Positions: Corporate Counsel, Federated Investors, Inc.; Vice President, Federated Services Company.

 

Shares of the VISION Group of Funds are not FDIC insured or otherwise protected  by the U.S. government, are not deposits or other obligations of, or  guaranteed by, Manufacturers and Traders Trust Company,  and are subject to investment risks, including possible loss of the  principal amount invested.

 

This report is authorized for distribution to prospective investors only when preceded  or accompanied by the Funds’ prospectus which contains facts concerning their  objectives and policies, management fees, expenses and other information.

 

Annual Report to Shareholders

 

24

 

VISION INSTITUTIONAL PRIME

MONEY MARKET FUND

 

VISION INSTITUTIONAL LIMITED

DURATION U.S. GOVERNMENT FUND

 

VISION MONEY MARKET FUND

 

 

 

 

Cusip 92830F653

Cusip 92830F646

Cusip 92830F612

26470 (6/03)

 

 

www.visionfunds.net      Ÿ      visionfunds@mandtbank.com

 

Mutual Fund Shareholder Services

P.O. Box 4556

Buffalo, NY 14240-4556

ARK-AR-005-0603

 

Sign up for Fund Document e-delivery by visiting

www.visionfunds. net/myaccount

 

 


Item 2.     Code of Ethics

            Not Applicable

Item 3.     Audit Committee Financial Expert

            Not Applicable

Item 4.     Principal Accountant Fees and Services

            Not Applicable

Items 5-6   [Reserved]

Item 7.     Disclosure of Proxy Voting Policies and Procedures for Closed-End
            Management Investment Companies

            Not Applicable

Item 8.     [Reserved]

Item 9.     Controls and Procedures

(a)  The registrant's  Chief Executive Officer and Treasurer have concluded that
     the  registrant's  disclosure  controls and  procedures (as defined in rule
     30a-2 under the  Investment  Company Act of 1940 (the "Act")) are effective
     in  design  and  operation  and are  sufficient  to form  the  basis of the
     certifications  required  by Rule  30a-2  under  the  Act,  based  on their
     evaluation of these  disclosure  controls and procedures  within 90 days of
     the filing date of this report on Form N-CSR.

(b)  There were no significant changes in the registrant's internal controls, or
     the internal  controls of its service  providers,  or in other factors that
     could  significantly  affect these controls subsequent to the date of their
     evaluation,  including any  corrective  actions with regard to  significant
     deficiencies and material weaknesses.

Item 10.    Exhibits













                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Registrant  Vision Group of Funds

By          /S/ Richard J. Thomas, Principal Financial Officer

Date        June 24, 2003


Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment  Company  Act of  1940,  this  report  has been  signed  below by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated.


By          /S/ Charles L. Davis, Jr. Principal Executive Officer


Date        June 24, 2003


By          /S/ Richard J. Thomas, Principal Financial Officer

Date        June 24, 2003