BILTMORE NORTH CAROLINA MUNICIPAL BOND FUND
(A Portfolio of The Biltmore Municipal Funds)
SUPPLEMENT TO PROSPECTUS DATED JANUARY 31, 1995 FOR INVESTORS IN THE STATE
OF OHIO
Ohio Administrative Code 1301:6-3-09(E)(12) prohibits an investment
company from investing more than fifteen per cent of its total assets in
restricted securities. Ohio Administrative Code 1301:6-3-09(F) permits
an investment company to exceed this fifteen percent limit provided that
the investment company informs investors of its intentions.
THE PURPOSE OF THIS SUPPLEMENT IS TO INFORM OHIO INVESTORS THAT THE FUND,
THROUGH ITS INVESTMENT IN CERTAIN SECURITIES DETERMINED BY THE TRUST'S
BOARD OF TRUSTEES TO BE LIQUID, MAY EXCEED THE FIFTEEN PERCENT LIMITATION
ESTABLISHED BY THE STATE OF OHIO WITH RESPECT TO RESTRICTED SECURITIES.
January 31, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
090313-10-7
G00807-01(1/95)
