Fountain Square International Equity Fund
(A Portfolio of Fountain Square Funds)
Supplement to Prospectus dated August 1, 1994
1. Please insert the following paragraph immediately after the section
entitled "Adviser's Background" on page 9:
Portfolio Manager. John B. Schmitz is a senior member of the
Investment Department of Fifth Third Trust and Investment
Services and is a Chartered Financial Analyst. He is a Vice
President and Trust Officer of Fifth Third Bank. Mr. Schmitz
graduated with a B.B.A. in Finance and Real Estate from the
University of Cincinnati. He is also a member of the Cincinnati
Society of Financial Analysts. Mr. Schmitz has over ten years
of investment experience and has been with Fifth Third Bank for
over nine years. Mr. Schmitz has assisted in the management of
the International Equity Fund, from time to time since its
inception.
2. Please delete the paragraph entitled "Portfolio Manager" under the
section entitled "Sub-Adviser" on page 9 and replace it with the
following:
Portfolio Managers. Barton M. Biggs has been Chairman and a
Director of the Sub-Adviser since 1980 and Managing Director of
Morgan Stanley & Co. Incorporated since 1975. He is also a
Director of Morgan Stanley Group, Inc. and a Director and
Officer of six registered investment companies to which the Sub-
Adviser and certain of its affiliates provides investment
advisory services. Mr. Biggs holds a B.A. from Yale University
and an M.B.A. from New York University.
Madhav Dhar is a Managing Director of Morgan Stanley & Co.
Incorporated. He joined the Sub-Adviser in 1984 to focus on
global asset allocation and investment strategy and now heads
the Sub-Adviser's emerging markets group and serves as the
group's principal portfolio manager. He holds a B.S. (honors)
from St. Stephens College, Delhi University (India), and an
M.B.A. from Carnegie-Mellon University.
Francine Bovich joined the Sub-Adviser as a Principal in 1993.
She is responsible for product development, portfolio management
and communication of the Sub-Adviser's asset allocation strategy
to institutional investor clients. Previously, Ms. Bovich was a
Principal and Executive Vice President of Westwood Management
Corp., a registered investment adviser. Before joining Westwood
Management Corp., she was a Managing Director of Citicorp
Investment Management, Inc. (now Chancellor Capital Management),
where she was responsible for the Institutional Investment
Management Group. Ms. Bovich began her investment career with
Banker's Trust Company. She holds a B.A. in Economics from
Connecticut College and an M.B.A. in Finance from New York
University.
Ann Thivierge is a Vice President of the Sub-Adviser. She is a
member of the Sub-Adviser's asset allocation committee,
primarily representing the Total Fund Management Team since its
inception in 1991. Ms. Thivierge holds a B.A. in International
Relations from James Madison College, Michigan State University,
and an M.B.A. in Finance from New York University.
July 31, 1995
FIFTH THIRD BANK
Investment Adviser
Federated Securities Corp. is the distributor of the Funds
Cusip 350756854
G01062-02 (7/95)
