1933 Act File No. 33-37525
1940 Act File No. 811-6201
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 X
Pre-Effective Amendment No. ................................
Post-Effective Amendment No. 7 ............................... X
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. ..............................................
THE BILTMORE MUNICIPAL FUNDS
(Exact Name of Registrant as Specified in Charter)
Federated Investors Tower
Pittsburgh, Pennsylvania 15222-3779
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire, Federated Investors Tower,
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
It is proposed that this filing will become effective:
X immediately upon filing pursuant to paragraph (b)
on _________________ pursuant to paragraph (b)
60 days after filing pursuant to paragraph (a)
on pursuant to paragraph (a) of Rule 485.
Registrant has filed with the Securities and Exchange Commission a
declaration pursuant to Rule 24f-2 under the Investment Company Act of 1940,
and:
X filed the Notice required by that Rule on January 13, 1995; or
intends to file the Notice required by that Rule on or about ;
or
during the most recent fiscal year did not sell any securities pursuant
to Rule 24f-2 under the Investment Company Act of 1940, and, pursuant to
Rule 24f-2(b)(2), need not file the Notice.
Copies to:
Alan C. Porter, Esquire Donald W. Smith, Esquire
Piper & Marbury Kirkpatrick & Lockhart
1200 Nineteenth Street, N.W. 1800 M Street, N.W.
Washington, D.C. 20036-2430 Washington, D.C. 20036-2430
CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933
___________________________________________________________________________
Proposed
Title of Proposed Maximum
Securities Amount Maximum Aggregate Amount of
Being Being Offering Price Offering Registration
Registered Registered Per Unit Price* Fee
Shares of
beneficial
interest 107,067 $10.63 $1,138,122 $100.00
(no par value)
___________________________________________________________________________
___________________________________________________________________________
*Registrant has elected to calculate its filing fee in the manner described
in Rule 24e-2 of the Investment Company Act of 1940. The total amount of
securities redeemed during the previous fiscal year was 2,169,631. The
total amount of redeemed securities used for reductions pursuant to
paragraph (a) of Rule 24e-2 or paragraph (c) of Rule 24f-2 during the
current year was 2,062,564. The amount of redeemed securities being used
for reduction of the registration fee in this Amendment is 107,067.
CONTENTS OF AMENDMENT
This Post-Effective Amendment No. 7 to the Registration Statement of
THE BILTMORE MUNICIPAL FUNDS is comprised of the following papers and
documents:
1. The facing sheet to register a definite number
of shares of beneficial interest, no par value,
of THE BILTMORE MUNICIPAL FUNDS;
2. The opinion of Counsel as to the legality
of shares being offered and as to the eligibility
to become effective pursuant to Paragraph (b)
of Rule 485; and
3. Signature page.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant, THE BILTMORE MUNICIPAL
FUNDS, certifies that it meets all of the requirements for effectiveness of
this Amendment to its Registration Statement pursuant to Rule 485(b) under
the Securities Act of 1933 and has duly caused this Amendment to its
Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Pittsburgh and Commonwealth of
Pennsylvania on the 13th day of January, 1995.
THE BILTMORE MUNICIPAL FUNDS
BY: /s/Mark A. Sheehan
Mark A. Sheehan, Assistant Secretary
Attorney in Fact for the Persons Listed Below
January 13, 1995
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to its Registration Statement has been signed below by the
following person in the capacity and on the date indicated:
NAME TITLE DATE
By:/s/Mark A. Sheehan
Mark A. Sheehan Attorney In Fact January 13, 1995
Assistant Secretary For the Persons
Listed Below
NAME TITLE
John W. McGonigle President and Treasurer
James A. Hanley Trustee
Malcolm T. Hopkins Trustee
Samuel E. Hudgins Trustee
J. Berkeley Ingram, Jr. Trustee
D. Dean Kaylor Trustee
Federated Administrative Services
Federated Investors Tower
Pittsburgh, PA 15222-3779
412-288-1900
January 13, 1995
The Biltmore Municipal Funds
Federated Investors Tower
Pittsburgh, PA 15222-3779
Gentlemen:
You have requested an opinion in connection with the registration by The
Biltmore Municipal Funds ("Trust") of an additional 107,067 Shares of Beneficial
Interest ("Shares") pursuant to Post-Effective Amendment No. 7 to the Trust's
registration statement filed with the Securities and Exchange Commission under
the Securities Act of 1933 (File No.33-37525). The subject Post-effective
Amendment will be filed pursuant to Paragraph (b) of Rule 485 and become
effective pursuant to said Rule on January 13, 1995.
I am familiar with the provisions of the written Declaration of Trust,
dated August 15, 1990, ("Declaration of Trust"), the Bylaws of the Trust and
such other documents and records deemed relevant. I have also reviewed
questions of law and consulted with counsel thereon as deemed necessary or
appropriate for the purposes of this opinion.
On the basis of the foregoing, it is my opinion that:
1. The Trust is duly organized and validly existing pursuant to the
Declaration of Trust.
2. The Shares which are currently being registered by the Registration
Statement referred to above may be legally and validly issued from time to time
in accordance with the Declaration of Trust upon receipt of consideration
sufficient to comply with the relevant provisions of the Declaration of Trust
and subject to compliance with the Securities Act of 1933, as amended, the
Investment Company Act of 1940, as amended, and applicable state laws regulating
the sale of securities. Such Shares, when so issued, will be fully paid and
non-assessable by the Trust.
I hereby consent to the filing of this opinion as part of the Trust's
registration statement filed with the Securities and Exchange Commission under
the Securities Act of 1933 and as a part of any application or registration
statement filed under the securities laws of the States of the United States.
Very truly yours,
/s/ Joseph M. Huber
Joseph M. Huber
Secretary
The Biltmore Municipal Funds
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 15
<NAME> South Carolina Municipal Bond Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 77,547,040
<INVESTMENTS-AT-VALUE> 74,000,683
<RECEIVABLES> 2,348,156
<ASSETS-OTHER> 5,279
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 76,354,118
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 358,757
<TOTAL-LIABILITIES> 358,757
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78,805,042
<SHARES-COMMON-STOCK> 7,558,344
<SHARES-COMMON-PRIOR> 7,496,337
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 736,676
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,546,357)
<NET-ASSETS> 75,995,361
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,850,212
<OTHER-INCOME> 0
<EXPENSES-NET> 503,178
<NET-INVESTMENT-INCOME> 4,347,034
<REALIZED-GAINS-CURRENT> 736,173
<APPREC-INCREASE-CURRENT> (8,983,137)
<NET-CHANGE-FROM-OPS> (3,899,930)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,347,034
<DISTRIBUTIONS-OF-GAINS> 226,365
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,062,564
<NUMBER-OF-SHARES-REDEEMED> 2,169,631
<SHARES-REINVESTED> 169,074
<NET-CHANGE-IN-ASSETS> (7,375,953)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 226,868
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 624,986
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 994,881
<AVERAGE-NET-ASSETS> 83,366,216
<PER-SHARE-NAV-BEGIN> 11.120
<PER-SHARE-NII> 0.560
<PER-SHARE-GAIN-APPREC> (1.040)
<PER-SHARE-DIVIDEND> 0.560
<PER-SHARE-DISTRIBUTIONS> 0.030
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.050
<EXPENSE-RATIO> 60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
