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<PAGE> PAGE 2
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<PAGE> PAGE 4
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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 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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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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071 C000900 143454
071 D000900 151
072 A000900 12
072 B000900 7755
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072 Z000900 6859
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072BB000900 2857
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072DD010900 6885
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074 C000900 37548
<PAGE> PAGE 42
074 D000900 103050
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074 M000900 38
074 N000900 152398
074 O000900 3946
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074 R040900 126
074 S000900 0
074 T000900 148326
074 U010900 15477
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074 V020900 0.00
074 W000900 0.0000
074 X000900 224
074 Y000900 0
075 A000900 0
075 B000900 148143
076 000900 0.00
024 001000 Y
025 A001001 DAIWA SECURITIES
025 C001001 D
025 D001001 1282
025 D001002 0
025 D001003 0
025 D001004 0
025 D001005 0
025 D001006 0
025 D001007 0
025 D001008 0
028 A011000 318
028 A021000 28
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028 A041000 162
028 B011000 959
028 B021000 0
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<PAGE> PAGE 43
028 C031000 0
028 C041000 341
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028 E011000 987
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028 F011000 636
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028 G011000 4044
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028 G041000 1154
028 H001000 4056
029 001000 Y
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030 B001000 4.50
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037 001000 N
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039 001000 N
040 001000 N
042 A001000 0
042 B001000 0
042 C001000 0
042 D001000 0
042 E001000 0
042 F001000 0
042 G001000 0
042 H001000 0
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045 001000 Y
046 001000 N
047 001000 Y
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<PAGE> PAGE 44
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
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048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
055 A001000 N
055 B001000 N
056 001000 Y
057 001000 N
058 A001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
061 001000 250
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
063 A001000 0
063 B001000 0.0
066 A001000 Y
066 B001000 N
066 C001000 N
066 D001000 Y
066 E001000 N
066 F001000 N
<PAGE> PAGE 45
066 G001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 Y
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 Y
070 L021000 Y
070 M011000 N
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 Y
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 14222
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071 C001000 13896
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<PAGE> PAGE 46
072 G001000 75
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073 A011000 0.0500
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<PAGE> PAGE 47
074 R041000 34
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076 001000 0.00
024 001100 Y
025 A001101 SALOMON
025 C001101 E
025 D001101 88
025 A001102 TRAVELERS
025 C001102 E
025 D001102 409
025 A001103 GENERAL ELECTRIC
025 C001103 E
025 D001103 2120
025 A001104 DAIWA SECURITIES
025 C001104 D
025 D001104 15868
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025 D001106 0
025 D001107 0
025 D001108 0
028 A011100 3086
028 A021100 1697
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<PAGE> PAGE 48
028 F021100 0
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029 001100 Y
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037 001100 N
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039 001100 N
040 001100 N
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042 D001100 0
042 E001100 0
042 F001100 0
042 G001100 0
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044 001100 0
045 001100 Y
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048 F011100 0
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048 G021100 0.000
048 H011100 0
048 H021100 0.000
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<PAGE> PAGE 49
048 I021100 0.000
048 J011100 0
048 J021100 0.000
048 K011100 0
048 K021100 0.000
055 A001100 N
055 B001100 N
056 001100 Y
057 001100 N
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059 001100 Y
060 A001100 Y
060 B001100 Y
061 001100 250
062 A001100 N
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 0.0
066 A001100 Y
066 B001100 N
066 C001100 N
066 D001100 N
066 E001100 Y
066 F001100 N
066 G001100 N
067 001100 Y
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 Y
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
<PAGE> PAGE 50
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 Y
070 K021100 N
070 L011100 Y
070 L021100 Y
070 M011100 N
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 Y
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 168757
071 B001100 122964
071 C001100 165151
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<PAGE> PAGE 51
072 R001100 17
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072 X001100 1712
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072 Z001100 6436
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072DD011100 6033
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074 N001100 199467
074 O001100 4432
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074 R041100 605
074 S001100 0
074 T001100 194430
074 U011100 19576
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<PAGE> PAGE 52
075 B001100 185212
076 001100 0.00
024 001200 Y
025 A001201 GENERAL ELECTRIC
025 C001201 E
025 D001201 2293
025 A001202 DAIWA SECURITIES
025 C001202 D
025 D001202 6294
025 D001203 0
025 D001204 0
025 D001205 0
025 D001206 0
025 D001207 0
025 D001208 0
028 A011200 643
028 A021200 434
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028 B011200 2376
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028 B041200 241
028 C011200 1275
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028 C041200 297
028 D011200 1624
028 D021200 446
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028 D041200 682
028 E011200 720
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028 E041200 2333
028 F011200 531
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028 F041200 785
028 G011200 7169
028 G021200 880
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028 H001200 6531
029 001200 Y
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030 B001200 4.50
030 C001200 0.25
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032 001200 262
<PAGE> PAGE 53
033 001200 0
037 001200 N
038 001200 0
039 001200 N
040 001200 N
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042 F001200 0
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055 A001200 N
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<PAGE> PAGE 54
062 B001200 0.0
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066 A001200 Y
066 B001200 N
066 C001200 N
066 D001200 N
066 E001200 Y
066 F001200 N
066 G001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
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070 A021200 Y
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070 D011200 Y
070 D021200 N
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070 H011200 N
070 H021200 N
070 I011200 N
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<PAGE> PAGE 55
070 K021200 N
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070 L021200 Y
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070 M021200 N
070 N011200 N
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070 P011200 Y
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070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 145873
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072 X001200 628
072 Y001200 63
072 Z001200 1152
072AA001200 1050
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<PAGE> PAGE 56
072EE001200 0
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074 F001200 85761
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074 L001200 246
074 M001200 30
074 N001200 92301
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074 R031200 0
074 R041200 322
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074 T001200 91979
074 U011200 9582
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST.GEN.GENERAL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> Biltmore Money Market Fund
Investment Shares
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<PERIOD-END> Nov-30-1994
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,185,410
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<NUMBER-OF-SHARES-SOLD> 94,114,744
<NUMBER-OF-SHARES-REDEEMED> 47,851,876
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,594,283)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> Biltmore Money Market Fund
Institutional Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 194,305,717
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<SHARES-COMMON-PRIOR> 177,090,062
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 129,232,911
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<INTEREST-INCOME> 7,076,136
<OTHER-INCOME> 0
<EXPENSES-NET> 744,279
<NET-INVESTMENT-INCOME> 6,331,857
<REALIZED-GAINS-CURRENT> 0
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<NET-CHANGE-FROM-OPS> 6,331,857
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,146,447
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 385,548,512
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,594,283)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
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<EXPENSE-RATIO> 38
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> Biltmore Balanced Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 202,574,532
<INVESTMENTS-AT-VALUE> 196,301,659
<RECEIVABLES> 3,124,878
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<TOTAL-ASSETS> 199,467,157
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<OTHER-ITEMS-LIABILITIES> 604,990
<TOTAL-LIABILITIES> 5,071,988
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 196,851,545
<SHARES-COMMON-STOCK> 19,576,137
<SHARES-COMMON-PRIOR> 16,094,625
<ACCUMULATED-NII-CURRENT> 1,080,144
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,736,353
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,272,873)
<NET-ASSETS> 194,395,169
<DIVIDEND-INCOME> 2,487,572
<INTEREST-INCOME> 5,339,319
<OTHER-INCOME> 0
<EXPENSES-NET> 1,391,211
<NET-INVESTMENT-INCOME> 6,435,680
<REALIZED-GAINS-CURRENT> 2,764,758
<APPREC-INCREASE-CURRENT> (10,096,911)
<NET-CHANGE-FROM-OPS> (896,473)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,032,536
<DISTRIBUTIONS-OF-GAINS> 669,917
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,165,635
<NUMBER-OF-SHARES-REDEEMED> 3,337,297
<SHARES-REINVESTED> 653,174
<NET-CHANGE-IN-ASSETS> 28,124,416
<ACCUMULATED-NII-PRIOR> 677,000
<ACCUMULATED-GAINS-PRIOR> 641,512
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,291,534
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,712,396
<AVERAGE-NET-ASSETS> 185,212,407
<PER-SHARE-NAV-BEGIN> 10.330
<PER-SHARE-NII> 0.350
<PER-SHARE-GAIN-APPREC> (0.380)
<PER-SHARE-DIVIDEND> 0.330
<PER-SHARE-DISTRIBUTIONS> 0.040
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.930
<EXPENSE-RATIO> 75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> Biltmore Equity Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 86,432,152
<INVESTMENTS-AT-VALUE> 86,627,565
<RECEIVABLES> 1,015,453
<ASSETS-OTHER> 15,569
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 87,658,587
<PAYABLE-FOR-SECURITIES> 535,103
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 101,711
<TOTAL-LIABILITIES> 636,814
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 84,771,793
<SHARES-COMMON-STOCK> 8,430,672
<SHARES-COMMON-PRIOR> 6,031,010
<ACCUMULATED-NII-CURRENT> 314,166
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,748,207
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 187,607
<NET-ASSETS> 87,021,773
<DIVIDEND-INCOME> 1,702,801
<INTEREST-INCOME> 379,725
<OTHER-INCOME> 0
<EXPENSES-NET> 636,249
<NET-INVESTMENT-INCOME> 1,446,277
<REALIZED-GAINS-CURRENT> 1,790,525
<APPREC-INCREASE-CURRENT> (922,981)
<NET-CHANGE-FROM-OPS> 2,313,821
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,351,595
<DISTRIBUTIONS-OF-GAINS> 473,495
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,415,092
<NUMBER-OF-SHARES-REDEEMED> 2,185,478
<SHARES-REINVESTED> 170,048
<NET-CHANGE-IN-ASSETS> 25,024,534
<ACCUMULATED-NII-PRIOR> 219,483
<ACCUMULATED-GAINS-PRIOR> 431,177
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 511,439
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 752,714
<AVERAGE-NET-ASSETS> 72,747,056
<PER-SHARE-NAV-BEGIN> 10.280
<PER-SHARE-NII> 0.200
<PER-SHARE-GAIN-APPREC> 0.120
<PER-SHARE-DIVIDEND> 0.200
<PER-SHARE-DISTRIBUTIONS> 0.080
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.320
<EXPENSE-RATIO> 87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> Biltmore Equity Index Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 181,244,672
<INVESTMENTS-AT-VALUE> 183,515,594
<RECEIVABLES> 949,715
<ASSETS-OTHER> 36,783
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 184,502,092
<PAYABLE-FOR-SECURITIES> 365,412
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 284,934
<TOTAL-LIABILITIES> 650,346
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 180,368,811
<SHARES-COMMON-STOCK> 17,903,963
<SHARES-COMMON-PRIOR> 14,252,482
<ACCUMULATED-NII-CURRENT> 783,440
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 580,010
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,119,485
<NET-ASSETS> 183,851,746
<DIVIDEND-INCOME> 4,280,704
<INTEREST-INCOME> 594,674
<OTHER-INCOME> 0
<EXPENSES-NET> 776,147
<NET-INVESTMENT-INCOME> 4,099,231
<REALIZED-GAINS-CURRENT> 596,542
<APPREC-INCREASE-CURRENT> (3,907,225)
<NET-CHANGE-FROM-OPS> 788,548
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,872,917
<DISTRIBUTIONS-OF-GAINS> 255,437
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,136,588
<NUMBER-OF-SHARES-REDEEMED> 1,878,820
<SHARES-REINVESTED> 393,713
<NET-CHANGE-IN-ASSETS> 34,586,020
<ACCUMULATED-NII-PRIOR> 557,126
<ACCUMULATED-GAINS-PRIOR> 238,906
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 503,953
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 910,594
<AVERAGE-NET-ASSETS> 167,920,561
<PER-SHARE-NAV-BEGIN> 10.470
<PER-SHARE-NII> 0.250
<PER-SHARE-GAIN-APPREC> (0.190)
<PER-SHARE-DIVIDEND> 0.240
<PER-SHARE-DISTRIBUTIONS> 0.020
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.270
<EXPENSE-RATIO> 46
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> Biltmore Fixed Income Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 158,632,571
<INVESTMENTS-AT-VALUE> 146,798,909
<RECEIVABLES> 5,352,672
<ASSETS-OTHER> 34,661
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 152,186,242
<PAYABLE-FOR-SECURITIES> 3,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 435,586
<TOTAL-LIABILITIES> 3,435,586
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 164,349,149
<SHARES-COMMON-STOCK> 16,591,943
<SHARES-COMMON-PRIOR> 14,031,227
<ACCUMULATED-NII-CURRENT> 172,040
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,936,871)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (11,833,662)
<NET-ASSETS> 148,750,656
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,500,681
<OTHER-INCOME> 0
<EXPENSES-NET> 1,017,156
<NET-INVESTMENT-INCOME> 8,483,525
<REALIZED-GAINS-CURRENT> (3,910,216)
<APPREC-INCREASE-CURRENT> (10,860,025)
<NET-CHANGE-FROM-OPS> (6,286,716)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,390,071
<DISTRIBUTIONS-OF-GAINS> 893,398
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,885,157
<NUMBER-OF-SHARES-REDEEMED> 3,277,961
<SHARES-REINVESTED> 953,520
<NET-CHANGE-IN-ASSETS> 8,425,287
<ACCUMULATED-NII-PRIOR> 78,586
<ACCUMULATED-GAINS-PRIOR> 866,743
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 862,327
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,209,726
<AVERAGE-NET-ASSETS> 143,607,194
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.550
<PER-SHARE-GAIN-APPREC> (0.970)
<PER-SHARE-DIVIDEND> 0.550
<PER-SHARE-DISTRIBUTIONS> 0.060
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.970
<EXPENSE-RATIO> 71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> Biltmore Tax-Free Money Market Fund
Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 137,600,274
<INVESTMENTS-AT-VALUE> 137,600,274
<RECEIVABLES> 972,051
<ASSETS-OTHER> 28,438
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 138,600,763
<PAYABLE-FOR-SECURITIES> 1,533,878
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 379,867
<TOTAL-LIABILITIES> 1,913,745
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 136,687,018
<SHARES-COMMON-STOCK> 42,820,021
<SHARES-COMMON-PRIOR> 23,976,016
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 42,820,021
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,466,650
<OTHER-INCOME> 0
<EXPENSES-NET> 572,007
<NET-INVESTMENT-INCOME> 2,894,643
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,894,643
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 744,263
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 88,065,585
<NUMBER-OF-SHARES-REDEEMED> 69,221,580
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 53,442,439
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 620,752
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,158,474
<AVERAGE-NET-ASSETS> 124,151,210
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.020
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> Biltmore Tax-Free Money Market Fund
Institutional Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 137,600,274
<INVESTMENTS-AT-VALUE> 137,600,274
<RECEIVABLES> 972,051
<ASSETS-OTHER> 28,438
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 138,600,763
<PAYABLE-FOR-SECURITIES> 1,533,878
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 379,867
<TOTAL-LIABILITIES> 1,913,745
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 136,687,018
<SHARES-COMMON-STOCK> 93,866,997
<SHARES-COMMON-PRIOR> 59,268,563
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 93,866,997
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,466,650
<OTHER-INCOME> 0
<EXPENSES-NET> 572,007
<NET-INVESTMENT-INCOME> 2,894,643
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,894,643
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,150,380
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 175,432,174
<NUMBER-OF-SHARES-REDEEMED> 140,833,740
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 53,442,439
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 620,752
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,158,474
<AVERAGE-NET-ASSETS> 124,151,210
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.020
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> Biltmore U.S. Treasury Money Market Fund
Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 134,433,895
<INVESTMENTS-AT-VALUE> 134,433,895
<RECEIVABLES> 10,886
<ASSETS-OTHER> 9,104
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 134,453,885
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 526,297
<TOTAL-LIABILITIES> 526,297
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133,927,588
<SHARES-COMMON-STOCK> 46,396,154
<SHARES-COMMON-PRIOR> 16,941,416
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 46,396,154
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,087,226
<OTHER-INCOME> 0
<EXPENSES-NET> 433,316
<NET-INVESTMENT-INCOME> 3,653,910
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,653,910
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 946,604
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 111,122,471
<NUMBER-OF-SHARES-REDEEMED> 81,667,733
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 51,633,228
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 501,363
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 975,125
<AVERAGE-NET-ASSETS> 100,290,700
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.030
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> Biltmore U.S. Treasury Money Market Fund
Institutional Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 134,433,895
<INVESTMENTS-AT-VALUE> 134,433,895
<RECEIVABLES> 10,886
<ASSETS-OTHER> 9,104
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 134,453,885
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 526,297
<TOTAL-LIABILITIES> 526,297
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133,927,588
<SHARES-COMMON-STOCK> 87,531,434
<SHARES-COMMON-PRIOR> 65,352,944
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 87,531,434
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,087,226
<OTHER-INCOME> 0
<EXPENSES-NET> 433,316
<NET-INVESTMENT-INCOME> 3,653,910
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,653,910
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,707,306
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 337,402,499
<NUMBER-OF-SHARES-REDEEMED> 315,224,009
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 51,633,228
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 501,363
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 975,125
<AVERAGE-NET-ASSETS> 100,290,700
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.040
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> Biltmore Prime Cash Management Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 816,862,942
<INVESTMENTS-AT-VALUE> 816,862,942
<RECEIVABLES> 2,803,092
<ASSETS-OTHER> 252,865
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 819,918,899
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,911,174
<TOTAL-LIABILITIES> 3,911,174
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 816,007,725
<SHARES-COMMON-STOCK> 816,007,725
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 816,007,725
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26,163,164
<OTHER-INCOME> 0
<EXPENSES-NET> 1,053,251
<NET-INVESTMENT-INCOME> 25,109,913
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 25,109,913
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 25,109,913
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,747,708,257
<NUMBER-OF-SHARES-REDEEMED> 931,700,532
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 816,007,725
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,748,930
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,662,441
<AVERAGE-NET-ASSETS> 586,246,336
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.040
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> Biltmore Quantitative Equity Fund
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 93,712,997
<INVESTMENTS-AT-VALUE> 92,024,586
<RECEIVABLES> 246,155
<ASSETS-OTHER> 30,033
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 92,300,774
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 321,849
<TOTAL-LIABILITIES> 321,849
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95,753,725
<SHARES-COMMON-STOCK> 9,582,109
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 264,051
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,350,440)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,688,411)
<NET-ASSETS> 91,978,925
<DIVIDEND-INCOME> 1,563,933
<INTEREST-INCOME> 153,028
<OTHER-INCOME> 0
<EXPENSES-NET> 565,107
<NET-INVESTMENT-INCOME> 1,151,854
<REALIZED-GAINS-CURRENT> (2,350,440)
<APPREC-INCREASE-CURRENT> (1,688,411)
<NET-CHANGE-FROM-OPS> (2,886,997)
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<DISTRIBUTIONS-OF-INCOME> 887,803
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,458,666
<NUMBER-OF-SHARES-REDEEMED> 966,330
<SHARES-REINVESTED> 89,773
<NET-CHANGE-IN-ASSETS> 91,978,925
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 439,878
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<GROSS-EXPENSE> 627,948
<AVERAGE-NET-ASSETS> 92,739,261
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.120
<PER-SHARE-GAIN-APPREC> (0.430)
<PER-SHARE-DIVIDEND> 0.090
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<PER-SHARE-NAV-END> 9.600
<EXPENSE-RATIO> 90
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> Biltmore Short-Term Fixed Income Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 150,083,233
<INVESTMENTS-AT-VALUE> 146,936,469
<RECEIVABLES> 5,423,298
<ASSETS-OTHER> 38,332
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 152,398,099
<PAYABLE-FOR-SECURITIES> 3,946,090
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 125,603
<TOTAL-LIABILITIES> 4,071,693
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,702,480
<SHARES-COMMON-STOCK> 15,477,202
<SHARES-COMMON-PRIOR> 15,586,073
<ACCUMULATED-NII-CURRENT> 138,211
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,367,521)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,146,764)
<NET-ASSETS> 148,326,406
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,755,311
<OTHER-INCOME> 0
<EXPENSES-NET> 896,129
<NET-INVESTMENT-INCOME> 6,859,182
<REALIZED-GAINS-CURRENT> (2,862,364)
<APPREC-INCREASE-CURRENT> (2,079,336)
<NET-CHANGE-FROM-OPS> 1,917,482
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<DISTRIBUTIONS-OF-INCOME> 6,884,557
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,860,561
<NUMBER-OF-SHARES-REDEEMED> 4,674,812
<SHARES-REINVESTED> 705,380
<NET-CHANGE-IN-ASSETS> (6,132,770)
<ACCUMULATED-NII-PRIOR> 163,586
<ACCUMULATED-GAINS-PRIOR> (505,157)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 816,857
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,158,697
<AVERAGE-NET-ASSETS> 148,942,344
<PER-SHARE-NAV-BEGIN> 9.910
<PER-SHARE-NII> 0.450
<PER-SHARE-GAIN-APPREC> (0.330)
<PER-SHARE-DIVIDEND> 0.450
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.580
<EXPENSE-RATIO> 60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> Biltmore Special Value Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 18,324,505
<INVESTMENTS-AT-VALUE> 17,776,270
<RECEIVABLES> 49,753
<ASSETS-OTHER> 4,229
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,830,252
<PAYABLE-FOR-SECURITIES> 365,653
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,705
<TOTAL-LIABILITIES> 399,358
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,855,871
<SHARES-COMMON-STOCK> 1,788,054
<SHARES-COMMON-PRIOR> 1,178,428
<ACCUMULATED-NII-CURRENT> 15,510
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 107,748
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (548,235)
<NET-ASSETS> 17,430,894
<DIVIDEND-INCOME> 217,148
<INTEREST-INCOME> 40,245
<OTHER-INCOME> 0
<EXPENSES-NET> 165,106
<NET-INVESTMENT-INCOME> 92,287
<REALIZED-GAINS-CURRENT> 107,758
<APPREC-INCREASE-CURRENT> (511,222)
<NET-CHANGE-FROM-OPS> (311,177)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 74,663
<DISTRIBUTIONS-OF-GAINS> 333,979
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 726,898
<NUMBER-OF-SHARES-REDEEMED> 157,522
<SHARES-REINVESTED> 40,250
<NET-CHANGE-IN-ASSETS> 5,359,146
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 333,969
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 117,003
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 324,575
<AVERAGE-NET-ASSETS> 14,636,454
<PER-SHARE-NAV-BEGIN> 10.240
<PER-SHARE-NII> 0.060
<PER-SHARE-GAIN-APPREC> (0.220)
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.280
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.750
<EXPENSE-RATIO> 113
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
