<PAGE> PAGE 1
000 B000000 11/30/95
000 C000000 0000867502
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE BILTMORE MUNICIPAL FUNDS
001 B000000 811-6201
001 C000000 4122888260
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 BILTMORE SOUTH CAROLINA MUNICIPAL BOND FUND
007 C030100 N
007 C010200 2
007 C020200 BILTMORE NORTH CAROLINA MUNICIPAL BOND FUND
007 C030200 N
007 C010300 3
007 C020300 BILTMORE GEORGIA MUNICIPAL BOND FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SERVICES COMPANY
<PAGE> PAGE 2
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15219
015 A00AA01 WACHOVIA BANK OF NORTH CAROLINA, N.A.
015 B00AA01 C
015 C01AA01 WINSTON-SALEM
015 C02AA01 NC
015 C03AA01 27150
015 E03AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 GOLDMAN SACHS & CO.
022 B000001 13-5108880
022 C000001 42542009
022 D000001 33897
022 A000002 DAIWA SECURITIES TOKYO, INC.
022 C000002 21802813
022 D000002 1308420
022 A000003 NOMURA SECURITIES INTERNATIONAL, INC.
022 B000003 13-2642206
022 C000003 15163491
022 D000003 22813
022 A000004 LUMMIS & CO.
022 C000004 8672000
022 D000004 0
022 A000005 LEHMAN BROTHERS, INC.
022 B000005 13-2518466
022 C000005 5601092
022 D000005 18921
022 A000006 MORGAN STANLEY & CO., INC.
022 B000006 13-2655998
022 C000006 5146211
022 D000006 22842
<PAGE> PAGE 3
022 A000007 FIRST BOSTON CORP.
022 B000007 13-5659485
022 C000007 1402567
022 D000007 25915
022 A000008 FIRST UNION NATIONAL BANK
022 C000008 1024877
022 D000008 2172
022 A000009 KIDDER, PEABODY & CO., INC.
022 B000009 13-5650440
022 C000009 878292
022 D000009 0
022 A000010 MORGAN GUARANTY TRUST CO.
022 B000010 13-5123346
022 C000010 718578
022 D000010 85316
023 C000000 115905588
023 D000000 2654719
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 N
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
<PAGE> PAGE 4
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.750
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
<PAGE> PAGE 5
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 N
060 B00AA00 N
061 00AA00 500
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 Y
080 A00AA00 THE AETNA CASUALTY AND SURETY COMPANY
080 B00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 85000
081 A00AA00 Y
081 B00AA00 80
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 WACHOVIA BANK OF SOUTH CAROLINA, N.A.
008 B000101 A
008 C000101 801-0000
008 D010101 COLUMBIA
008 D020101 SC
008 D030101 29226
028 A010100 1819
028 A020100 151
028 A030100 0
028 A040100 1071
028 B010100 1287
028 B020100 148
<PAGE> PAGE 6
028 B030100 0
028 B040100 924
028 C010100 1245
028 C020100 149
028 C030100 0
028 C040100 689
028 D010100 1734
028 D020100 149
028 D030100 0
028 D040100 1150
028 E010100 1774
028 E020100 152
028 E030100 0
028 E040100 850
028 F010100 1072
028 F020100 303
028 F030100 0
028 F040100 428
028 G010100 8931
028 G020100 1052
028 G030100 0
028 G040100 5112
028 H000100 8700
029 000100 Y
030 A000100 312
030 B000100 4.50
030 C000100 0.00
031 A000100 34
031 B000100 0
032 000100 278
033 000100 0
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 1.5
062 M000100 0.0
062 N000100 0.0
062 O000100 98.3
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 15.5
<PAGE> PAGE 7
064 A000100 Y
064 B000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 22749
071 B000100 11945
071 C000100 82484
071 D000100 14
072 A000100 12
072 B000100 4960
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 640
072 G000100 77
072 H000100 0
072 I000100 78
<PAGE> PAGE 8
072 J000100 17
072 K000100 0
072 L000100 29
072 M000100 8
072 N000100 18
072 O000100 0
072 P000100 0
072 Q000100 61
072 R000100 15
072 S000100 5
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 16
072 X000100 964
072 Y000100 469
072 Z000100 4465
072AA000100 513
072BB000100 212
072CC010100 8307
072CC020100 0
072DD010100 4465
072DD020100 0
072EE000100 738
073 A010100 0.5600
073 A020100 0.0000
073 B000100 0.1000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 1411
074 D000100 92086
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 2067
074 M000100 1
074 N000100 95565
074 O000100 1468
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 372
074 S000100 0
074 T000100 93725
<PAGE> PAGE 9
074 U010100 8482
074 U020100 0
074 V010100 11.05
074 V020100 0.00
074 W000100 0.0000
074 X000100 1785
074 Y000100 0
075 A000100 0
075 B000100 85128
076 000100 0.00
008 A000201 WACHOVIA BANK OF NORTH CAROLINA, N.A.
008 B000201 A
008 C000201 801-0000
008 D010201 WINSTON-SALEM
008 D020201 NC
008 D030201 27150
028 A010200 1131
028 A020200 32
028 A030200 0
028 A040200 0
028 B010200 1043
028 B020200 32
028 B030200 0
028 B040200 82
028 C010200 919
028 C020200 34
028 C030200 0
028 C040200 112
028 D010200 1162
028 D020200 35
028 D030200 0
028 D040200 28
028 E010200 1057
028 E020200 36
028 E030200 0
028 E040200 20
028 F010200 1170
028 F020200 36
028 F030200 0
028 F040200 76
028 G010200 6482
028 G020200 205
028 G030200 0
028 G040200 318
028 H000200 6530
029 000200 Y
030 A000200 64
030 B000200 4.50
030 C000200 0.00
031 A000200 5
031 B000200 0
<PAGE> PAGE 10
032 000200 59
033 000200 0
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 2.4
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 1.0
062 M000200 0.0
062 N000200 0.0
062 O000200 94.6
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 15.2
064 A000200 Y
064 B000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
<PAGE> PAGE 11
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 18722
071 B000200 1920
071 C000200 10245
071 D000200 19
072 A000200 11
072 B000200 545
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 78
072 G000200 50
072 H000200 0
072 I000200 13
072 J000200 2
072 K000200 0
072 L000200 10
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 47
072 R000200 0
072 S000200 1
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 10
072 X000200 211
072 Y000200 123
072 Z000200 457
072AA000200 91
072BB000200 0
072CC010200 786
072CC020200 0
072DD010200 457
072DD020200 0
072EE000200 0
073 A010200 0.4300
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 2
<PAGE> PAGE 12
074 B000200 0
074 C000200 626
074 D000200 17673
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 425
074 M000200 0
074 N000200 18726
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 47
074 S000200 0
074 T000200 18679
074 U010200 1699
074 U020200 0
074 V010200 10.99
074 V020200 0.00
074 W000200 0.0000
074 X000200 362
074 Y000200 0
075 A000200 0
075 B000200 10398
076 000200 0.00
008 A000301 WACHOVIA BANK OF GEORGIA, N.A.
008 B000301 A
008 C000301 801-0000
008 D010301 ATLANTA
008 D020301 GA
008 D030301 30303
028 A010300 649
028 A020300 23
028 A030300 0
028 A040300 593
028 B010300 377
028 B020300 22
028 B030300 0
028 B040300 347
028 C010300 295
028 C020300 22
028 C030300 0
028 C040300 105
028 D010300 539
<PAGE> PAGE 13
028 D020300 23
028 D030300 0
028 D040300 64
028 E010300 482
028 E020300 24
028 E030300 0
028 E040300 317
028 F010300 375
028 F020300 25
028 F030300 0
028 F040300 33
028 G010300 2717
028 G020300 139
028 G030300 0
028 G040300 1459
028 H000300 2762
029 000300 Y
030 A000300 45
030 B000300 4.50
030 C000300 0.25
031 A000300 4
031 B000300 0
032 000300 41
033 000300 0
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 4.9
062 M000300 0.0
062 N000300 0.0
062 O000300 97.2
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 14.0
064 A000300 Y
064 B000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
<PAGE> PAGE 14
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 10322
071 B000300 849
071 C000300 6341
071 D000300 13
072 A000300 11
072 B000300 345
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 49
072 G000300 50
072 H000300 0
072 I000300 13
072 J000300 1
072 K000300 0
072 L000300 11
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
<PAGE> PAGE 15
072 Q000300 49
072 R000300 0
072 S000300 1
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 10
072 X000300 184
072 Y000300 123
072 Z000300 284
072AA000300 12
072BB000300 0
072CC010300 472
072CC020300 0
072DD010300 284
072DD020300 0
072EE000300 0
073 A010300 0.4100
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 498
074 D000300 9934
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 228
074 M000300 0
074 N000300 10660
074 O000300 397
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 43
074 S000300 0
074 T000300 10220
074 U010300 932
074 U020300 0
074 V010300 10.96
074 V020300 0.00
074 W000300 0.0000
074 X000300 267
074 Y000300 0
<PAGE> PAGE 16
075 A000300 0
075 B000300 6555
076 000300 0.00
SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> The Biltmore Municipal Funds
Biltmore South Carolina Municipal Bond Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 88,736,338
<INVESTMENTS-AT-VALUE> 93,497,183
<RECEIVABLES> 2,067,213
<ASSETS-OTHER> 1,081
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 95,565,477
<PAYABLE-FOR-SECURITIES> 1,467,600
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 373,030
<TOTAL-LIABILITIES> 1,840,630
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88,664,218
<SHARES-COMMON-STOCK> 8,481,452
<SHARES-COMMON-PRIOR> 7,558,344
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 299,783
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,760,846
<NET-ASSETS> 93,724,847
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,959,973
<OTHER-INCOME> 0
<EXPENSES-NET> 494,736
<NET-INVESTMENT-INCOME> 4,465,237
<REALIZED-GAINS-CURRENT> 526,976
<APPREC-INCREASE-CURRENT> 8,307,203
<NET-CHANGE-FROM-OPS> 13,299,416
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,465,237
<DISTRIBUTIONS-OF-GAINS> 963,869
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,737,284
<NUMBER-OF-SHARES-REDEEMED> 1,014,536
<SHARES-REINVESTED> 200,360
<NET-CHANGE-IN-ASSETS> 17,729,486
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 736,676
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 639,686
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 964,143
<AVERAGE-NET-ASSETS> 85,127,607
<PER-SHARE-NAV-BEGIN> 10.050
<PER-SHARE-NII> 0.560
<PER-SHARE-GAIN-APPREC> 1.030
<PER-SHARE-DIVIDEND> 0.560
<PER-SHARE-DISTRIBUTIONS> 0.100
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.980
<EXPENSE-RATIO> 0.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> The Biltmore Municipal Funds
Biltmore North Carolina Municipal Bond Fund
<PERIOD-TYPE> 11-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 17,512,744
<INVESTMENTS-AT-VALUE> 18,299,158
<RECEIVABLES> 425,048
<ASSETS-OTHER> 1,801
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,726,007
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47,223
<TOTAL-LIABILITIES> 47,223
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,800,991
<SHARES-COMMON-STOCK> 1,698,863
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 91,379
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 786,414
<NET-ASSETS> 18,678,784
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 545,193
<OTHER-INCOME> 0
<EXPENSES-NET> 88,319
<NET-INVESTMENT-INCOME> 456,874
<REALIZED-GAINS-CURRENT> 91,379
<APPREC-INCREASE-CURRENT> 786,414
<NET-CHANGE-FROM-OPS> 1,334,667
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 456,874
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,712,554
<NUMBER-OF-SHARES-REDEEMED> 41,290
<SHARES-REINVESTED> 27,599
<NET-CHANGE-IN-ASSETS> 18,678,784
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 77,710
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 211,592
<AVERAGE-NET-ASSETS> 10,397,601
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.430
<PER-SHARE-GAIN-APPREC> 0.990
<PER-SHARE-DIVIDEND> 0.430
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.990
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Biltmore Municipal Funds
Biltmore Georgia Municipal Bond Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 9,960,280
<INVESTMENTS-AT-VALUE> 10,432,335
<RECEIVABLES> 228,160
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,660,495
<PAYABLE-FOR-SECURITIES> 397,017
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,504
<TOTAL-LIABILITIES> 440,521
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,736,256
<SHARES-COMMON-STOCK> 932,280
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,663
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 472,055
<NET-ASSETS> 10,219,974
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 344,815
<OTHER-INCOME> 0
<EXPENSES-NET> 60,644
<NET-INVESTMENT-INCOME> 284,171
<REALIZED-GAINS-CURRENT> 11,663
<APPREC-INCREASE-CURRENT> 472,055
<NET-CHANGE-FROM-OPS> 767,889
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 284,171
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,096,122
<NUMBER-OF-SHARES-REDEEMED> 182,836
<SHARES-REINVESTED> 18,994
<NET-CHANGE-IN-ASSETS> 10,219,974
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 49,436
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 184,395
<AVERAGE-NET-ASSETS> 6,554,857
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.410
<PER-SHARE-GAIN-APPREC> 0.960
<PER-SHARE-DIVIDEND> 0.410
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.960
<EXPENSE-RATIO> 0.92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
