SPARTAN(Registered trademark) MUNICIPAL FUNDS
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 18, 1993
The following table updates that found inthe section entitled
"performance" beginning on page 15.
1994 TAX RATES AND TAX-EQUIVALENT YIELDS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Federal If individual tax-exempt yield is:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Tax 2.00 3.00% 4.00% 5.00% 6.00% 7.00% 8.00%[/R]
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Single Return* Joint Return* Bracket Then taxable-equivalent yield is:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$22,751 $55,100 $38,001 $91,850 28% 2.78% 4.17% 5.56% 6.94% 8.33% 9.72% 11.11%
$55,101 $115,000 $91,851$140,000 31% 2.90% 4.35% 5.80% 7.25% 8.70% 10.14% 11.59%
$115,001 $250,000 $140,001 $250,000 36% 3.13% 4.69% 6.25% 7.81% 9.38% 10.94% 12.50%
$250,001 $250,001 39.6% 3.31% 4.97% 6.62% 8.28% 9.93% 11.59% 13.25%
</TABLE>
* Taxable income (gross income after all exemptions, adjustments, and
deductions) based on 1994 tax rates.
SMUB-94-1 February 18, 1994
