BILTMORE EMERGING MARKETS FUND
(A Portfolio of The Biltmore Funds)
SUPPLEMENT TO PROSPECTUS DATED DECEMBER 10, 1994
Effective immediately, Paige C. Henderson has assumed co-management
responsibilities for the Biltmore Emerging Markets Fund. Accordingly, please
replace the fourth paragraph under the sub-heading "Adviser's Background" on
page 9 with the following:
"The Fund's portfolio managers are Paige C. Henderson, Michael J. Tierney,
B. Scott Sadler and Timothy L. Swanson. Ms. Henderson assumed co-
management responsibility in 1995. Mr. Tierney, Mr. Sadler and Mr. Swanson
have managed the Fund since its inception."
In addition, please add the following biography as the fifth paragraph:
"Paige C. Henderson is an assistant vice president of Wachovia Asset
Management in Winston-Salem, North Carolina. Ms. Henderson is an
equity analyst in the Investment Asset Group and a co-manager of the
Biltmore Emerging Markets Fund. Ms. Henderson joined Wachovia in 1991
as an equity analyst. Ms. Henderson received a Bachelor of Science in
Business Administration in 1986 and an MBA from the University of
North Carolina at Chapel Hill in 1991. Ms. Henderson is a chartered
financial analyst and a certified public accountant."
December 6, 1995
FEDERATED SECURITIES CORP.
Distributor PA
A subsidiary of FEDERATED
INVESTORS
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