Exhibit 23(e)(iv) under N-1A
Exhibit 1 under 601/Reg SK
EXHIBIT C
THE BILTMORE MUNICIPAL FUNDS
(formerly, The Passageway Funds)
CLASS A SHARES*
CLASS Y SHARES
Biltmore Georgia Municipal Bond Fund
Biltmore North Carolina Municipal Bond Fund
Biltmore South Carolina Municipal Bond Fund
In consideration of the mutual covenants set forth in the Distribution
Agreement dated November 30, 1990 between The Biltmore Municipal Funds and
Federated Securities Corp., The Biltmore Municipal Funds executes and delivers
this Exhibit on behalf of the Portfolios first set forth in this Exhibit.
Witness the due execution hereof this 6th day of June, 1996.
THE BILTMORE MUNICIPAL FUNDS
Attest:/S/ XXXXX X. XXXXXXX By:/S/ XXXX X. XXXXXXXXX
Its: SECRETARY Its:PRESIDENT
FEDERATED SECURITIES CORP.
Attest:/S/ XXXXX X. XXXXXX By:/S/ X X XXXXXXXX
Its: SECRETARY Its:EXECUTIVE VICE PRESIDENT
-------------------- -------------------------
