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<PAGE> PAGE 2
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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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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<NAME> The Biltmore Municipal Funds
Biltmore Georgia Municipal Bond Fund
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<SHARES-COMMON-STOCK> 994,657
<SHARES-COMMON-PRIOR> 932,280
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 10,582,209
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 48,247
<NET-INVESTMENT-INCOME> 229,794
<REALIZED-GAINS-CURRENT> 26,033
<APPREC-INCREASE-CURRENT> (337,340)
<NET-CHANGE-FROM-OPS> (81,513)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 229,794
<DISTRIBUTIONS-OF-GAINS> 11,785
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 182,229
<NUMBER-OF-SHARES-REDEEMED> 132,166
<SHARES-REINVESTED> 12,314
<NET-CHANGE-IN-ASSETS> 362,235
<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<AVERAGE-NET-ASSETS> 10,511,556
<PER-SHARE-NAV-BEGIN> 10.960
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> (0.310)
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.640
<EXPENSE-RATIO> 0.92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
