Biltmore Balanced Fund
(A PORTFOLIO OF THE BILTMORE FUNDS)
Supplement to Prospectus dated January 31, 1994
1.In the section entitled "Adviser's Background" on page 13 of the Prospectus,
please delete the third sentence of the third paragraph and replace
it with the following:
- -"Wachovia Bank of North Carolina, N.A., together with its affiliates,
Wachovia Bank of Georgia, N.A. and Wachovia Bank of South Carolina, N.A.
(formerly known as The South Carolina National Bank)
(collectively, the "Wachovia Banks"), have been managing
trust assets for over 100 years, with approximately $16.4
billion in managed assets as of March 31, 1994."
2.Please delete the section entitled "Administrative Services" which appears
on page 14 of the Prospectus and replace it with the following:
"Administrative Services. Federated Administrative Services, Pittsburgh,
Pennsylvania, a subsidiary of Federated Investors, provides the
Fund with the administrative personnel and services
necessary to operate the Fund. Such services include the
preparation of filings with the Securities and Exchange
Commission and other regulatory authorities, assistance
with respect to meetings of the Trustees, shareholder
servicing and accounting services, and other administrative
services. Federated Administrative Services provides these
at an annual rate, computed and payable daily, as specified
below:
Average Aggregate Daily Net
Assets of The Biltmore Funds
Maximum Administrative Fee and The Biltmore Municipal Funds
0.150 of 1% on the first $250 million
0.125 of 1% on the next $250 million
0.100 of 1% on the next $250 million
0.075 of 1% on assets in excess of $750
million
The administrative fee received during any fiscal year for the Fund
and each of the other portfolios of The Biltmore Funds shall aggregate
at least $75,000. Federated Administrative Services may
choose voluntarily to waive or reimburse a portion of its
fee at any time."
July 27, 1994
FEDERATED SECURITIES CORP.
Distributor
G00454-01 (7/94)
823-12
Biltmore Equity Fund
(A PORTFOLIO OF THE BILTMORE FUNDS)
Supplement to Prospectus dated January 31, 1994
1.In the section entitled "Adviser's Background" on page 8 of the Prospectus,
please delete the third sentence of the third paragraph and replace
it with the following:
"Wachovia Bank of North Carolina, N.A., together with its affiliates,
Wachovia Bank of Georgia, N.A. and Wachovia Bank of South Carolina, N.A.
(formerly known as The South Carolina National Bank)
(collectively, the "Wachovia Banks"), have been managing
trust assets for over 100 years, with approximately $16.4
billion in managed assets as of March 31, 1994."
2.Please delete the section entitled "Administrative Services" which appears
on page 10 of the Prospectus and replace it with the following:
"Administrative Services. Federated Administrative Services,
Pittsburgh, Pennsylvania, a subsidiary of Federated Investors, provides the
Fund with the administrative personnel and services
necessary to operate the Fund. Such services include the
preparation of filings with the Securities and Exchange
Commission and other regulatory authorities, assistance
with respect to meetings of the Trustees, shareholder
servicing and accounting services, and other administrative
services. Federated Administrative Services provides these
at an annual rate, computed and payable daily, as specified
below:
Average Aggregate Daily Net
Assets of The Biltmore Funds
Maximum Administrative Fee and The Biltmore Municipal Funds
0.150 of 1% on the first $250 million
0.125 of 1% on the next $250 million
0.100 of 1% on the next $250 million
0.075 of 1% on assets in excess of $750 million
The administrative fee received during any fiscal year for the Fund
and each of the other portfolios of The Biltmore Funds shall aggregate
at least $75,000. Federated Administrative Services may
choose voluntarily to waive or reimburse a portion of its
fee at any time."
July 27, 1994
FEDERATED SECURITIES CORP.
Distributor
G00455-01 (7/94)
823-10
Biltmore Equity Index Fund
(A PORTFOLIO OF THE BILTMORE FUNDS)
Supplement to Prospectus dated January 31, 1994
1.In the section entitled "Adviser's Background" on page 8 of the Prospectus,
please delete the third sentence of the third paragraph and replace
it with the following:
"Wachovia Bank of North Carolina, N.A., together with its affiliates, Wachovia
Bank of Georgia, N.A. and Wachovia Bank of South Carolina, N.A.
(formerly known as The South Carolina National Bank)
(collectively, the "Wachovia Banks"), have been managing
trust assets for over 100 years, with approximately $16.4
billion in managed assets as of March 31, 1994."
2.Please delete the section entitled "Administrative Services" which appears on
page 9 of the Prospectus and replace it with the following:
"Administrative Services. Federated Administrative Services, Pittsburgh,
Pennsylvania, a subsidiary of Federated Investors, provides the
Fund with the administrative personnel and services
necessary to operate the Fund. Such services include the
preparation of filings with the Securities and Exchange
Commission and other regulatory authorities, assistance
with respect to meetings of the Trustees, shareholder
servicing and accounting services, and other administrative
services. Federated Administrative Services provides these
at an annual rate, computed and payable daily, as specified
below:
Average Aggregate Daily Net
Assets of The Biltmore Funds
Maximum Administrative Fee and The Biltmore Municipal Funds
0.150 of 1% on the first $250 million
0.125 of 1% on the next $250 million
0.100 of 1% on the next $250 million
0.075 of 1% on assets in excess of $750 million
The administrative fee received during any fiscal year for the Fund and
each of the other portfolios of The Biltmore Funds shall aggregate
at least $75,000. Federated Administrative Services may
choose voluntarily to waive or reimburse a portion of its
fee at any time."
July 27, 1994
FEDERATED SECURITIES CORP.
Distributor
G00456-01 (7/94)
823-11
Biltmore Fixed Income Fund
(A PORTFOLIO OF THE BILTMORE FUNDS)
Supplement to Prospectus dated January 31, 1994
1.In the section entitled "Adviser's Background" on page 12 of the Prospectus,
please delete the third sentence of the third paragraph and replace
it with the following:
"Wachovia Bank of North Carolina, N.A., together with its affiliates, Wachovia
Bank of Georgia, N.A. and Wachovia Bank of South Carolina, N.A.
(formerly known as The South Carolina National Bank)
(collectively, the "Wachovia Banks"), have been managing
trust assets for over 100 years, with approximately $16.4
billion in managed assets as of March 31, 1994."
2.Please delete the section entitled "Administrative Services" which appears on
page 13 of the Prospectus and replace it with the following:
"Administrative Services. Federated Administrative Services, Pittsburgh,
Pennsylvania, a subsidiary of Federated Investors, provides the
Fund with the administrative personnel and services
necessary to operate the Fund. Such services include the
preparation of filings with the Securities and Exchange
Commission and other regulatory authorities, assistance
with respect to meetings of the Trustees, shareholder
servicing and accounting services, and other administrative
services. Federated Administrative Services provides these
at an annual rate, computed and payable daily, as specified
below:
Average Aggregate Daily Net
Assets of The Biltmore Funds
Maximum Administrative Fee and The Biltmore Municipal Funds
0.150 of 1% on the first $250 million
0.125 of 1% on the next $250 million
0.100 of 1% on the next $250 million
0.075 of 1% on assets in excess of $750 million
The administrative fee received during any fiscal year for the Fund and
each of the other portfolios of The Biltmore Funds shall aggregate
at least $75,000. Federated Administrative Services may
choose voluntarily to waive or reimburse a portion of its
fee at any time."
July 27, 1994
FEDERATED SECURITIES CORP.
Distributor
G00457-01 (7/94)
823-13
Biltmore U.S. Treasury Money Market Fund
(A PORTFOLIO OF THE BILTMORE FUNDS)
Supplement to Prospectus dated January 31, 1994
1.In the section entitled "General Information" on page 3 of the Prospectus,
please delete the first sentence of the second paragraph and replace
it with the following:
"Institutional Shares are offered only for purchase through the bank
subsidiaries of Wachovia Corporation: Wachovia Bank of North Carolina,
N.A., Wachovia Bank of Georgia, N.A., Wachovia Bank of South
Carolina, N.A. (formerly known as The South Carolina
National Bank), and their affiliates (collectively, the
"Wachovia Banks")."
2.In the section entitled "Adviser's Background" on page 5 of the Prospectus,
please delete the third sentence of the third paragraph and replace
it with the following:
"Wachovia Bank of North Carolina, N.A., together with its affiliates, Wachovia
Bank of Georgia, N.A. and Wachovia Bank of South Carolina, N.A.
(formerly known as The South Carolina National Bank), have
been managing trust assets for over 100 years, with
approximately $16.4 billion in managed assets as of March
31, 1994."
3.Please delete the section entitled "Administrative Services" which appears
on page 6 of the Prospectus and replace it with the following:
"Administrative Services. Federated Administrative Services, Pittsburgh,
Pennsylvania, a subsidiary of Federated Investors, provides the
Fund with the administrative personnel and services
necessary to operate the Fund. Such services include the
preparation of filings with the Securities and Exchange
Commission and other regulatory authorities, assistance
with respect to meetings of the Trustees, shareholder
servicing and accounting services, and other administrative
services. Federated Administrative Services provides these
at an annual rate, computed and payable daily, as specified
below:
Average Aggregate Daily Net
Assets of The Biltmore Funds
Maximum Administrative Fee and The Biltmore Municipal Funds
0.150 of 1% on the first $250 million
0.125 of 1% on the next $250 million
0.100 of 1% on the next $250 million
0.075 of 1% on assets in excess of $750 million
The administrative fee received during any fiscal year for the Fund and
each of the other portfolios of The Biltmore Funds shall aggregate
at least $75,000. Federated Administrative Services may
choose voluntarily to waive or reimburse a portion of its
fee at any time."
July 27, 1994
FEDERATED SECURITIES CORP.
Distributor
G00231-01 (7/94)
823-17
Biltmore Short-Term Fixed Income Fund
(A PORTFOLIO OF THE BILTMORE FUNDS)
Supplement to Prospectus dated January 31, 1994
1.In the section entitled "Adviser's Background" on page 12 of the Prospectus,
please delete the third sentence of the third paragraph and replace
it with the following:
"Wachovia Bank of North Carolina, N.A., together with its affiliates, Wachovia
Bank of Georgia, N.A. and Wachovia Bank of South Carolina, N.A.
(formerly known as The South Carolina National Bank)
(collectively, the "Wachovia Banks"), have been managing
trust assets for over 100 years, with approximately $16.4
billion in managed assets as of March 31, 1994."
2.Please delete the section entitled "Administrative Services" which appears
on page 13 of the Prospectus and replace it with the following:
"Administrative Services. Federated Administrative Services, Pittsburgh,
Pennsylvania, a subsidiary of Federated Investors, provides the
Fund with the administrative personnel and services
necessary to operate the Fund. Such services include the
preparation of filings with the Securities and Exchange
Commission and other regulatory authorities, assistance
with respect to meetings of the Trustees, shareholder
servicing and accounting services, and other administrative
services. Federated Administrative Services provides these
at an annual rate, computed and payable daily, as specified
below:
Average Aggregate Daily Net
Assets of The Biltmore Funds
Maximum Administrative Fee and The Biltmore Municipal Funds
0.150 of 1% on the first $250 million
0.125 of 1% on the next $250 million
0.100 of 1% on the next $250 million
0.075 of 1% on assets in excess of $750 million
The administrative fee received during any fiscal year for the Fund and
each of the other portfolios of The Biltmore Funds shall aggregate
at least $75,000. Federated Administrative Services may
choose voluntarily to waive or reimburse a portion of its
fee at any time."
July 27, 1994
FEDERATED SECURITIES CORP.
Distributor
G00460-01 (7/94)
823-14
