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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 2
<NAME> Biltmore North Carolina Municipal Bond Fund
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> Biltmore Georgia Municipal Bond Fund
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<PERIOD-END> May-31-1995
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<REALIZED-GAINS-CURRENT> 11,810
<APPREC-INCREASE-CURRENT> 253,393
<NET-CHANGE-FROM-OPS> 348,703
<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 842,992
<NUMBER-OF-SHARES-REDEEMED> 46,928
<SHARES-REINVESTED> 6,157
<NET-CHANGE-IN-ASSETS> 8,599,119
<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42,901
<AVERAGE-NET-ASSETS> 4,246,146
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.180
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<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.720
<EXPENSE-RATIO> 92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
