NEWPOINT EQUITY FUND
(A Portfolio of Newpoint Funds)
SUPPLEMENT TO PROSPECTUS DATED JANUARY 31, 1996.
There will be a "Special No-Load Offering" period during which shares of the
Newpoint Equity Fund may be purchased with no sales load. This offering
period will commence March 1, 1996 and end May 31, 1996. Shares may be
purchased through FirstMerit Securities, a brokerage subsidiary of the First
National Bank of Ohio. The following sections in the Prospectus should be
noted in regard to this offering only for the aformentioned time period:
"Summary of Fund Expenses"; "What Shares Cost"; "Eliminating the Sales
Load"; and "Systematic Investment Program".
February 26, 1996
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of FEDERATED INVESTORS
Federated Investors Tower
PITTSBURGH, PA 15222-3779
CUSIP 651722209
