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Previous: BILTMORE MUNICIPAL FUNDS, 485BPOS, 1997-01-29 |
Next: BILTMORE MUNICIPAL FUNDS, 485BPOS, 1997-02-06 |
<PAGE> PAGE 1
000 B000000 11/30/96
000 C000000 0000867502
000 D000000 N
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000 F000000 Y
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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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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<NAME> The Biltmore Municipal Funds
Biltmore South Carolina Municipal Bond Fund
Class A Shares
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<NAME> The Biltmore Municipal Funds
Biltmore South Carolina Municipal Bond Fund
Class Y Shares
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<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.050
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> The Biltmore Municipal Funds
Biltmore North Carolina Municipal Bond Fund
Class A Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 40,014,550
<INVESTMENTS-AT-VALUE> 41,408,652
<RECEIVABLES> 701,261
<ASSETS-OTHER> 18,824
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42,128,737
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93,513
<TOTAL-LIABILITIES> 93,513
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,554,517
<SHARES-COMMON-STOCK> 1,247,114
<SHARES-COMMON-PRIOR> 1,698,863
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 86,605
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,394,102
<NET-ASSETS> 13,751,919
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,422,721
<OTHER-INCOME> 0
<EXPENSES-NET> 234,359
<NET-INVESTMENT-INCOME> 1,188,362
<REALIZED-GAINS-CURRENT> 86,649
<APPREC-INCREASE-CURRENT> 607,688
<NET-CHANGE-FROM-OPS> 1,882,699
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,149,617
<DISTRIBUTIONS-OF-GAINS> 91,423
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,169,547
<NUMBER-OF-SHARES-REDEEMED> 2,674,655
<SHARES-REINVESTED> 53,359
<NET-CHANGE-IN-ASSETS> 23,356,440
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 91,379
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 210,288
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 450,418
<AVERAGE-NET-ASSETS> 28,357,770
<PER-SHARE-NAV-BEGIN> 10.990
<PER-SHARE-NII> 0.450
<PER-SHARE-GAIN-APPREC> 0.090
<PER-SHARE-DIVIDEND> 0.450
<PER-SHARE-DISTRIBUTIONS> 0.050
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.030
<EXPENSE-RATIO> 0.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> The Biltmore Municipal Funds
Biltmore North Carolina Municipal Bond Fund
Class Y Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 40,014,550
<INVESTMENTS-AT-VALUE> 41,408,652
<RECEIVABLES> 701,261
<ASSETS-OTHER> 18,824
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42,128,737
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93,513
<TOTAL-LIABILITIES> 93,513
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,554,517
<SHARES-COMMON-STOCK> 2,564,829
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 86,605
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,394,102
<NET-ASSETS> 28,283,305
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,422,721
<OTHER-INCOME> 0
<EXPENSES-NET> 234,359
<NET-INVESTMENT-INCOME> 1,188,362
<REALIZED-GAINS-CURRENT> 86,649
<APPREC-INCREASE-CURRENT> 607,688
<NET-CHANGE-FROM-OPS> 1,882,699
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 38,745
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,567,467
<NUMBER-OF-SHARES-REDEEMED> 2,814
<SHARES-REINVESTED> 176
<NET-CHANGE-IN-ASSETS> 23,356,440
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 91,379
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 210,288
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 450,418
<AVERAGE-NET-ASSETS> 28,357,770
<PER-SHARE-NAV-BEGIN> 10.710
<PER-SHARE-NII> 0.160
<PER-SHARE-GAIN-APPREC> 0.320
<PER-SHARE-DIVIDEND> 0.160
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.030
<EXPENSE-RATIO> 0.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> The Biltmore Municipal Funds
Biltmore Georgia Municipal Bond Fund
Class A
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 14,086,847
<INVESTMENTS-AT-VALUE> 14,638,229
<RECEIVABLES> 252,991
<ASSETS-OTHER> 14,366
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,905,586
<PAYABLE-FOR-SECURITIES> 494,358
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77,706
<TOTAL-LIABILITIES> 572,064
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,750,931
<SHARES-COMMON-STOCK> 684,798
<SHARES-COMMON-PRIOR> 932,280
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 31,209
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 551,382
<NET-ASSETS> 7,530,797
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 595,433
<OTHER-INCOME> 0
<EXPENSES-NET> 100,403
<NET-INVESTMENT-INCOME> 495,030
<REALIZED-GAINS-CURRENT> 31,331
<APPREC-INCREASE-CURRENT> 79,327
<NET-CHANGE-FROM-OPS> 605,688
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 484,412
<DISTRIBUTIONS-OF-GAINS> 11,785
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 560,134
<NUMBER-OF-SHARES-REDEEMED> 835,094
<SHARES-REINVESTED> 27,478
<NET-CHANGE-IN-ASSETS> 4,113,548
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11,663
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 84,212
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 281,373
<AVERAGE-NET-ASSETS> 11,327,713
<PER-SHARE-NAV-BEGIN> 10.960
<PER-SHARE-NII> 0.470
<PER-SHARE-GAIN-APPREC> 0.050
<PER-SHARE-DIVIDEND> 0.470
<PER-SHARE-DISTRIBUTIONS> 0.010
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.000
<EXPENSE-RATIO> 0.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> The Biltmore Municipal Funds
Biltmore Georgia Municipal Bond Fund
Class Y
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 14,086,847
<INVESTMENTS-AT-VALUE> 14,638,229
<RECEIVABLES> 252,991
<ASSETS-OTHER> 14,366
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,905,586
<PAYABLE-FOR-SECURITIES> 494,358
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77,706
<TOTAL-LIABILITIES> 572,064
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,750,931
<SHARES-COMMON-STOCK> 618,581
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 31,209
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 551,382
<NET-ASSETS> 6,802,725
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 595,433
<OTHER-INCOME> 0
<EXPENSES-NET> 100,403
<NET-INVESTMENT-INCOME> 495,030
<REALIZED-GAINS-CURRENT> 31,331
<APPREC-INCREASE-CURRENT> 79,327
<NET-CHANGE-FROM-OPS> 605,688
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,618
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 618,468
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 113
<NET-CHANGE-IN-ASSETS> 4,113,548
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11,663
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 84,212
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 281,373
<AVERAGE-NET-ASSETS> 11,327,713
<PER-SHARE-NAV-BEGIN> 10.710
<PER-SHARE-NII> 0.170
<PER-SHARE-GAIN-APPREC> 0.290
<PER-SHARE-DIVIDEND> 0.170
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.000
<EXPENSE-RATIO> 0.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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