<PAGE> PAGE 1
000 B000000 11/30/1999
000 C000000 0000869393
000 D000000 N
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000 F000000 Y
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000 J000000 A
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002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
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002 D010000 15222
002 D020000 3779
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C020200 FIRSTMERIT EQUITY FUND
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007 C010400 4
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007 C010600 6
007 C010700 7
007 C010800 8
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008 A00AA01 FIRSTMERIT BANK, N.A.
008 B00AA01 A
008 C00AA01 801-0000
008 D01AA01 AKRON
008 D02AA01 OH
008 D03AA01 44308
008 D04AA01 1440
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
<PAGE> PAGE 2
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 ARTHUR ANDERSEN LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
018 00AA00 Y
019 A00AA00 N
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020 A000001 PAINE WEBBER INC
020 B000001 13-0263816
020 C000001 13
020 A000002 SG COWEN SECURITIES
020 B000002 13-5616116
020 C000002 5
020 A000003 SOUNDVIEW TECH GROUP INC.
020 B000003 13-2998183
020 C000003 5
020 A000004 BEAR STEARNS SECURITIES
020 B000004 13-3299429
020 C000004 5
020 A000005 ROCKE FINANCIAL PLANNING
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020 C000006 3
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020 A000008 CIBC WORLD MARKETS
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020 A000009 BT ALEX BROWN
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022 A000003 MORGAN STANLEY & CO., INC.
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<PAGE> PAGE 3
022 A000004 DIRECTORS MANAGEMENT
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<PAGE> PAGE 4
042 D00AA00 0
042 E00AA00 0
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053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
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077 A000000 Y
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077 F000000 N
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<PAGE> PAGE 5
077 Q020000 N
077 Q030000 N
078 000000 N
086 A010000 0
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015 A000101 STATE STREET BANK & TRUST COMPANY
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015 A000102 BANKERS TRUST CO.
015 B000102 S
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015 C020102 NY
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015 E010102 X
015 A000103 BANK OF NEW YORK
015 B000103 S
015 C010103 NEW YORK
015 C020103 NY
015 C030103 10006
015 E010103 X
015 A000104 THE CHASE MANHATTAN CORP
015 B000104 S
015 C010104 NEW YORK
015 C020104 NY
015 C030104 10006
015 E010104 X
015 A000105 NATIONSBANK OF NORTH CAROLINA
015 B000105 S
015 C010105 CHARLOTTE
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015 C030105 28255
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015 A000106 PNC BANK NA
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<PAGE> PAGE 6
015 E010106 X
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<PAGE> PAGE 7
048 C020100 0.000
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055 A000100 N
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062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
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063 B000100 0.0
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064 B000100 N
066 A000100 N
067 000100 N
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068 B000100 N
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070 A010100 Y
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<PAGE> PAGE 8
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
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070 Q020100 N
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071 A000100 0
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<PAGE> PAGE 9
072 O000100 0
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<PAGE> PAGE 10
074 X000100 1685
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015 A000201 STATE STREET BANK AND TRUST COMPANY
015 B000201 C
015 C010201 BOSTON
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015 C030201 02266
015 C040201 8600
015 E010201 X
015 A000202 BANKERS TRUST CO.
015 B000202 S
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015 A000203 BANK OF NEW YORK
015 B000203 S
015 C010203 NEW YORK
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015 A000204 THE CHASE MANHATTAN CORP.
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015 C020204 NY
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015 A000205 NATIONSBANK OF NORTH CAROLINA
015 B000205 S
015 C010205 CHARLOTTE
015 C020205 NC
015 C030205 28255
015 E010205 X
015 A000206 PNC BANK, NA
015 B000206 S
015 C010206 PITTSBURGH
<PAGE> PAGE 11
015 C020206 PA
015 C030206 15265
015 E010206 X
028 A010200 869
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<PAGE> PAGE 12
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<PAGE> PAGE 13
067 000200 N
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071 A000200 19050
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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080 A000200 LLOYD'S OF LONDON
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000869393
<NAME> Newpoint Funds
<SERIES>
<NUMBER> 001
<NAME> Newpoint Government Money Market Fund
<S> <C>
<PERIOD-TYPE> 12 - MOS
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> Nov-30-1999
<INVESTMENTS-AT-COST> 211,378,519
<INVESTMENTS-AT-VALUE> 211,378,519
<RECEIVABLES> 862,623
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 212,241,142
<PAYABLE-FOR-SECURITIES> 10,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 813,396
<TOTAL-LIABILITIES> 10,813,396
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 201,427,746
<SHARES-COMMON-STOCK> 201,427,746
<SHARES-COMMON-PRIOR> 134,989,087
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 201,427,746
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,036,888
<OTHER-INCOME> 0
<EXPENSES-NET> (910,213)
<NET-INVESTMENT-INCOME> 7,126,675
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7,126,675
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,126,675)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 315,285,511
<NUMBER-OF-SHARES-REDEEMED> (251,669,671)
<SHARES-REINVESTED> 2,822,819
<NET-CHANGE-IN-ASSETS> 66,438,659
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 801,855
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,230,870
<AVERAGE-NET-ASSETS> 160,331,296
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.040)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.57
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000869393
<NAME> Newpoint Funds
<SERIES>
<NUMBER> 002
<NAME> Newpoint Equity Fund
<S> <C>
<PERIOD-TYPE> 12 - MOS
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> Nov-30-1999
<INVESTMENTS-AT-COST> 38,537,680
<INVESTMENTS-AT-VALUE> 78,629,418
<RECEIVABLES> 84,136
<ASSETS-OTHER> 732
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<TOTAL-ASSETS> 78,714,286
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 76,305
<TOTAL-LIABILITIES> 76,305
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,623,656
<SHARES-COMMON-STOCK> 3,014,923
<SHARES-COMMON-PRIOR> 2,959,607
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,922,587
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 40,091,738
<NET-ASSETS> 78,637,981
<DIVIDEND-INCOME> 481,145
<INTEREST-INCOME> 56,262
<OTHER-INCOME> 0
<EXPENSES-NET> (713,102)
<NET-INVESTMENT-INCOME> (175,695)
<REALIZED-GAINS-CURRENT> 3,922,588
<APPREC-INCREASE-CURRENT> 17,352,205
<NET-CHANGE-FROM-OPS> 21,099,098
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,882)
<DISTRIBUTIONS-OF-GAINS> (1,916,014)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 174,519
<NUMBER-OF-SHARES-REDEEMED> (211,314)
<SHARES-REINVESTED> 92,111
<NET-CHANGE-IN-ASSETS> 20,317,324
<ACCUMULATED-NII-PRIOR> 12,379
<ACCUMULATED-GAINS-PRIOR> 1,916,090
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 508,453
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 746,998
<AVERAGE-NET-ASSETS> 67,792,510
<PER-SHARE-NAV-BEGIN> 19.710
<PER-SHARE-NII> (0.060)
<PER-SHARE-GAIN-APPREC> 7.080
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.650)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 26.080
<EXPENSE-RATIO> 1.05
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Trustees of
FirstMerit Equity Fund (formerly Newpoint Equity Fund):
In planning and performing our audit of the financial statements of FirstMerit
Equity Fund (an investment portfolio of FirstMerit Funds, a Massachusetts
business trust) for the year ended November 30, 1999, we considered its
internal control structure, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of FirstMerit Equity Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those control activities include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control structure, errors or
fraud may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as
defined above as of November 30, 1999.
This report is intended solely for the information and use of management,
and Board of Trustees of FirstMerit Equity Fund, and the Securities and
Exchange Commission.
Boston, Massachusetts
January 11, 2000
- - 2 -
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Trustees of
FirstMerit Government Money Market Fund
(formerly Newpoint Government Money Market Fund):
In planning and performing our audit of the financial statements of FirstMerit
Government Money Market Fund (an investment portfolio of FirstMerit Funds, a
Massachusetts business trust) for the year ended November 30, 1999, we
considered its internal control structure, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on internal
control.
The management of FirstMerit Government Money Market Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of internal control structure policies
and procedures. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those control activities include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control structure, errors or
fraud may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as
defined above as of November 30, 1999.
This report is intended solely for the information and use of management, and
Board of Trustees of FirstMerit Government Money Market Fund, and the
Securities and Exchange Commission.
Boston, Massachusetts
January 11, 2000
- - 2 -
Item 77 C -- Submission of Matters to a Vote of Security Holders
A Special Meeting of Shareholders of Newpoint Funds was
held on
December 17, 1999 . The following items, which are
required to be
reported under this Item 77C, were approved at the meeting:
AGENDA ITEM 1. To elect seven Trustees.* (for all Funds)
1) Thomas G. Bigley
Shares voted affirmatively
..................................133,633,340
2) Nicholas P. Constantakis
Shares voted affirmatively
..................................133,622,391
3) John F. Cunningham
Shares voted affirmatively
..................................133,633,340
4) J. Christopher Donahue
Shares voted affirmatively
..................................133,633,340
5) Charles F. Mansfield, Jr.
Shares voted affirmatively
..................................133,633,340
6) John E. Murray, Jr., S.J.D.
Shares voted affirmatively
..................................133,633,340
7) John S. Walsh
Shares voted affirmatively
..................................133,622,391
* The following Trustees continued their terms as Trustees:
John F. Donahue, John T. Conroy, Jr., William J. Copeland,
Lawrence D. Ellis, M.D, Edward C. Gonzales , Peter E. Madden
and Marjorie P. Smuts.
AGENDA ITEM 2. To make changes to the Funds'
fundamental investment
policies:
(a) To amend the Newpoint Equity Fund's fundamental
investment policy
regarding diversification:
Shares voted affirmatively
..................................2,907,051
Shares voted negatively ................................0
Shares abstaining
..................................................2,154
(b) To amend the Funds' fundamental investment policies regarding
borrowing money and issuing senior securities:
For Newpoint Equity Fund:
Shares voted affirmatively
..................................2,907,009
Shares voted negatively ...............................0
Shares abstaining
..................................................2,196
For shareholders of Newpoint Government Money Market Fund :
Shares voted affirmatively
..................................129,587,257
Shares voted negatively
.......................................426,704
Shares abstaining
..................................................670,663
(c) To amend the Funds' fundamental investment policies regarding
investments in real estate:
For shareholders of Newpoint Equity Fund:
Shares voted affirmatively
..................................2,907,051
Shares voted negatively ...............................0
Shares abstaining
..................................................2,154
For shareholders of Newpoint Government Money Market Fund:
Shares voted affirmatively
..................................129,387,337
Shares voted negatively
.......................................589,431
Shares abstaining
..................................................707,856
(d) To amend the Funds' fundamental investment policies
regarding investments in commodities:
For shareholders of Newpoint Equity Fund:
Shares voted affirmatively
..................................2,906,192
Shares voted negatively .............................859
Shares abstaining
..................................................2,154
For shareholders of Newpoint Government Money Market Fund:
Shares voted affirmatively
..................................129,360,657
Shares voted negatively
.......................................620,746
Shares abstaining
..................................................703,221
(e) To amend the Funds' fundamental investment policies
regarding
underwriting securities:
For shareholders of Newpoint Equity Fund:
Shares voted affirmatively
..................................2,907,051
Shares voted negatively ..............................0
Shares abstaining
..................................................2,154
For shareholders of Newpoint Government Money Market Fund:
Shares voted affirmatively
..................................129,544,275
Shares voted negatively
.......................................449,345
Shares abstaining
..................................................691,004
(f) To amend the Funds' fundamental investment policies
regarding lending assets:
For shareholders of Newpoint Equity Fund:
Shares voted affirmatively
..................................2,906,956
Shares voted negatively ..................0
Shares abstaining ....................2,249
For shareholders of Newpoint Government Money Market Fund:
Shares voted affirmatively
..................................129,505,638
Shares voted negatively ..............462,556
Shares abstaining ....................716,430
(g) To amend the Funds' fundamental investment policies
regarding concentration of each Fund's investments in the
securities of companies in the same industry:
For shareholders of Newpoint Equity Fund:
Shares voted affirmatively .........2,907,051
Shares voted negatively ....................0
Shares abstaining ......................2,154
For shareholders of Newpoint Government Money Market Fund :
Shares voted affirmatively ........129,491,177
Shares voted negatively ...............509,834
Shares abstaining .....................683,613
(h) To amend, and to make non-fundamental, the Funds'
fundamental investment policies regarding buying
securities on margin:
For shareholders of Newpoint Equity Fund:
Shares voted affirmatively ................2,905,838
Shares voted negatively .........................859
Shares abstaining .............................2,508
For shareholders of Newpoint Government Money Market Fund:
Shares voted affirmatively ..............129,329,072
Shares voted negatively .....................760,418
Shares abstaining ...........................595,134
(i) To amend, and to make non-fundamental, the Funds'
fundamental investment policies regarding pledging assets:
For for shareholders of Newpoint Equity Fund:
Shares voted affirmatively ................2,907,051
Shares voted negatively ... .......................0
Shares abstaining .............................2,154
For shareholders of Newpoint Government Money Market Fund:
Shares voted affirmatively ...............128,900,606
Shares voted negatively ......................551,794
Shares abstaining ..........................1,232,224
(j) To amend, and to make non-fundamental, the
Government Money Market Fund's fundamental investment
policy regarding investing in restricted securities:
Shares voted affirmatively ........129,430,170
Shares voted negatively ...............536,684
Shares abstaining ....................717,770
AGENDA ITEM 3. To eliminate the Funds' fundamental
investment policies on selling securities short:
For shareholders of Newpoint Equity Fund:
Shares voted affirmatively .........2,906,192
Shares voted negatively ..................859
Shares abstaining ......................2,154
For shareholders of Newpoint Government Money Market Fund:
Shares voted affirmatively ........129,350,733
Shares voted negatively ...............608,824
Shares abstaining......................725,067
AGENDA ITEM 4. To amend the Equity Fund's fundamental
investment objective
Shares voted affirmatively .......2,906,192
Shares voted negatively ................859
Shares abstaining ...................2,154
AGENDA ITEM 5. To approve an amendment to, and a
restatement of, the Trust's Declaration of Trust:
(for all Funds)
(a) To require the approval of a majority of the
outstanding voting securities of the Trust in the
event of the sale and conveyance
of the assets of the Trust to another trust or
corporation:
and
Shares voted affirmatively .....132,512,886
Shares voted negatively ............416,309
Shares abstaining...................664,634
(b) To permit the Board of Trustees to liquidate
assets of the Trust,or of its series or classes,
and distribute the proceeds of such assets to the
holders of such shares representing such interests,
without seeking shareholder approval.
(for all Funds)
The voting results for shareholders of Newpoint Equity
Fund were as
follows:
Shares voted affirmatively .....131,790,106
Shares voted negatively ..........1,125,039
Shares abstaining...................678,684
The Definitive Proxy Statement for the Special
Meeting held on December 17, 1999 was filed
with the Securities and Exchange Commission
on November 12, 1999, and is incorporated
by reference. (File No. 811-6224)
