THE BOULEVARD FUNDS
Supplement to the Prospectus dated January 31, 1994
At a Special Meeting of Shareholders of The Boulevard Funds (the "Trust")
held on March 25, 1994, the shareholders of each portfolio of the Trust (the
"Funds") approved a new investment advisory contract between each of the
Funds and First Bank National Association ("FBNA"), a wholly-owned
subsidiary of First Bank System, Inc. ("FBS"), a publicly-held regional bank
holding company headquartered in Minneapolis, Minnesota. Approval of the
new contract was sought in connection with the acquisition by FBS of
Boulevard Bancorp, Inc. ("BBI"), the former parent company of Boulevard Bank
National Association, the Funds' former investment adviser. The acquisition
of BBI took place on March 25, 1994.
FBNA, 601 Second Avenue South, Minneapolis, Minnesota 55480, has served as
investment adviser to the funds that comprise the First American Family of
Funds since 1982. As of December 31, 1993, FBNA was managing accounts with
an aggregate value of over $6 billion.
The annual investment advisory fees charged by the investment adviser for
managing the Boulevard Blue Chip Growth Fund and the Boulevard Strategic
Balance Fund have been changed from 0.75% of the funds' respective average
daily net assets to 0.70% of the funds' respective average daily net assets.
Martin L. Jones is the
new portfolio manager for the Boulevard Managed Income Fund. Martin is
currently the head portfolio manager for First American's Fixed Income,
Government Bond, Intermediate Term Income, Limited Term Income and Mortgage
Securities Funds. Martin heads up FBNA's Fixed Income group with over 20
years of investment experience. Formerly with Harris Trust & Savings Bank,
Dillon, Read & Co., and Loeb Rhoades & Co., Martin received his bachelor's
degree from Texas Tech University, a master's degree from the University of
Texas, and an MBA from the University of Chicago.
Richard W. Stanley is
the new portfolio manager for the Boulevard Managed Municipal Fund. Dick is
currently the portfolio manager for First American's Municipal Bond Fund,
Minnesota Insured Intermediate Tax Free Fund, and Colorado Intermediate Tax
Free Fund. Dick entered the investment business via investment sales with
Smith Barney & Co. in 1958. He then moved to Heritage Investment Advisors
as head of fixed income investment in 1973. He joined FBNA in early 1986 as
Vice President and Manager of Fixed Income Investment/Personal Trust. Dick
oversees the management of $800 million in common trust funds (seven common
trust funds, of which five are municipal funds). Dick earned an MBA from
Cornell University in 1958 and received his Chartered Financial Analyst
certification in 1977.
Gerald C. Bren is the
new portfolio co-manager for the Boulevard Blue-Chip Growth Fund and
Boulevard Strategic Balance Fund. Gerald has more than 20 years of
investment experience and has been FBNA's Manager of Equity Investments
since 1986. Gerald earned an MBA from the University of Chicago in 1972 and
received his Chartered Financial Analyst certification in 1977.
Albin S. Dubiak is the
new portfolio co-manager of the Boulevard Blue-Chip Growth Fund and
Boulevard Strategic Balance Fund. Al began his investment career as a
security trader with The First National Bank of Chicago in 1963 before
joining FBNA as an investment analyst in 1969. Since 1988, he has been the
Director of Investment Research and Fund Management. Al earned his
bachelor's degree from Indiana University in 1962 and an MBA from the
University of Arizona in 1969.
At the Special Meeting, shareholders elected Welles B. Eastman, Irving D.
Fish, Joseph D. Strauss, Virginia L. Stringer and Gae B. Veit to serve as
the Funds' Board of Trustees. Each of the newly elected trustees serves on
the boards of the First American Family of Funds.
At the Special Meeting, shareholders also ratified the appointment of KPMG
Peat Marwick, 4200 Norwest Center, Minneapolis, Minnesota 55402, as the
Trust's independent public accountants for the current fiscal year.
It is anticipated that the new board will entertain proposals that will
include changes in various service providers for the Trust (including its
distributor, administrator, transfer agent and custodian), none of which
actions require approval by shareholders.
March 31, 1994
FEDERATED SECURITIES CORP.
Distributor
4032401 (3/94)
