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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 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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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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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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070 H020900 N
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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024 001000 Y
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025 C001002 E
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025 A001003 PIPER JAFFRAY
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<PAGE> PAGE 44
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<PAGE> PAGE 45
048 I011000 0
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<PAGE> PAGE 46
068 B001000 N
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070 H011000 Y
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070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 Y
070 L021000 Y
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
048 J011100 0
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<PAGE> PAGE 51
070 D011100 Y
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
057 001200 N
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> Biltmore U.S. Treasury Money Market Fund
Institutional Shares
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<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 208,938,341
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<SHARES-COMMON-STOCK> 138,296,718
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,391,699
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<EXPENSES-NET> 387,109
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<DISTRIBUTIONS-OF-INCOME> 3,319,868
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<NUMBER-OF-SHARES-SOLD> 236,074,600
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<NET-CHANGE-IN-ASSETS> 73,991,318
<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> Biltmore U.S. Treasury Money Market Fund
Investment Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 69,622,188
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,391,699
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<EXPENSES-NET> 387,109
<NET-INVESTMENT-INCOME> 5,004,590
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> Biltmore Money Market Fund
Institutional Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 270,546,554
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<TOTAL-LIABILITIES> 1,314,762
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 145,969,597
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,921,600
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<EXPENSES-NET> 568,185
<NET-INVESTMENT-INCOME> 6,353,415
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<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> Biltmore Money Market Fund
Investment Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 270,546,554
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<RECEIVABLES> 950,021
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<TOTAL-ASSETS> 271,507,813
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<OTHER-ITEMS-LIABILITIES> 1,314,762
<TOTAL-LIABILITIES> 1,314,762
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 270,193,051
<SHARES-COMMON-STOCK> 124,223,454
<SHARES-COMMON-PRIOR> 56,104,966
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 124,223,454
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,921,600
<OTHER-INCOME> 0
<EXPENSES-NET> 568,185
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<DISTRIBUTIONS-OF-INCOME> 2,456,392
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 135,677,350
<NUMBER-OF-SHARES-REDEEMED> 67,558,862
<SHARES-REINVESTED> 0
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<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 1.000
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> Biltmore Tax-Free Money Market Fund
Institutional Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 139,113,633
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<RECEIVABLES> 1,510,526
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 501,481
<TOTAL-LIABILITIES> 501,481
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 140,144,483
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<ACCUMULATED-NII-CURRENT> 0
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<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 85,985,338
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,885,953
<OTHER-INCOME> 0
<EXPENSES-NET> 310,521
<NET-INVESTMENT-INCOME> 2,575,432
<REALIZED-GAINS-CURRENT> (150,000)
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<NUMBER-OF-SHARES-SOLD> 114,830,670
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<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 663,220
<AVERAGE-NET-ASSETS> 145,562,694
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.018
<PER-SHARE-GAIN-APPREC> (0.001)
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 32
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> Biltmore Tax-Free Money Market Fund
Investment Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
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<TOTAL-LIABILITIES> 501,481
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<NET-ASSETS> 54,159,145
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<INTEREST-INCOME> 2,885,953
<OTHER-INCOME> 0
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<GROSS-EXPENSE> 663,220
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<PER-SHARE-NAV-BEGIN> 1.000
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<PER-SHARE-GAIN-APPREC> (0.001)
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<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> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 974,258,017
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<RECEIVABLES> 4,545,338
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<TOTAL-ASSETS> 979,029,910
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,745,593
<TOTAL-LIABILITIES> 4,745,593
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<PAID-IN-CAPITAL-COMMON> 974,284,317
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<SHARES-COMMON-PRIOR> 816,007,725
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<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 974,284,317
<DIVIDEND-INCOME> 0
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<EXPENSES-NET> 761,702
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 827,480,221
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<GROSS-EXPENSE> 1,864,662
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<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 Equity Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 101,631,033
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<RECEIVABLES> 967,595
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<TOTAL-ASSETS> 114,961,363
<PAYABLE-FOR-SECURITIES> 1,968,485
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<OTHER-ITEMS-LIABILITIES> 386,961
<TOTAL-LIABILITIES> 2,355,446
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<PAID-IN-CAPITAL-COMMON> 98,834,842
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<SHARES-COMMON-PRIOR> 8,430,672
<ACCUMULATED-NII-CURRENT> 383,653
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 574,021
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,813,401
<NET-ASSETS> 112,605,917
<DIVIDEND-INCOME> 1,114,145
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<OTHER-INCOME> 0
<EXPENSES-NET> 428,316
<NET-INVESTMENT-INCOME> 1,071,864
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,002,376
<DISTRIBUTIONS-OF-GAINS> 1,933,454
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,347,629
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<AVERAGE-NET-ASSETS> 100,021,742
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<PER-SHARE-NAV-END> 11.580
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> Biltmore Fixed Income Fund
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> May-31-1995
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<RECEIVABLES> 3,401,757
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<SHARES-COMMON-PRIOR> 16,591,943
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<ACCUMULATED-NET-GAINS> (6,059,380)
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<ACCUM-APPREC-OR-DEPREC> 1,903,641
<NET-ASSETS> 164,240,863
<DIVIDEND-INCOME> 0
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<EXPENSES-NET> 560,390
<NET-INVESTMENT-INCOME> 4,760,068
<REALIZED-GAINS-CURRENT> (2,122,508)
<APPREC-INCREASE-CURRENT> 13,737,303
<NET-CHANGE-FROM-OPS> 16,374,863
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,720,725
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,408,264
<NUMBER-OF-SHARES-REDEEMED> 2,481,304
<SHARES-REINVESTED> 464,719
<NET-CHANGE-IN-ASSETS> 15,490,207
<ACCUMULATED-NII-PRIOR> 172,040
<ACCUMULATED-GAINS-PRIOR> (3,936,871)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 454,371
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 636,118
<AVERAGE-NET-ASSETS> 154,638,715
<PER-SHARE-NAV-BEGIN> 8.970
<PER-SHARE-NII> 0.290
<PER-SHARE-GAIN-APPREC> 0.700
<PER-SHARE-DIVIDEND> 0.290
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.670
<EXPENSE-RATIO> 74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> Biltmore Equity Index Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 161,440,579
<INVESTMENTS-AT-VALUE> 189,484,490
<RECEIVABLES> 1,517,276
<ASSETS-OTHER> 31,469
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 191,033,235
<PAYABLE-FOR-SECURITIES> 91,970
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 79,404
<TOTAL-LIABILITIES> 171,374
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 159,324,543
<SHARES-COMMON-STOCK> 15,892,102
<SHARES-COMMON-PRIOR> 17,903,963
<ACCUMULATED-NII-CURRENT> 785,251
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,532,011
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,220,056
<NET-ASSETS> 190,861,861
<DIVIDEND-INCOME> 2,250,107
<INTEREST-INCOME> 472,564
<OTHER-INCOME> 0
<EXPENSES-NET> 426,862
<NET-INVESTMENT-INCOME> 2,295,809
<REALIZED-GAINS-CURRENT> 1,550,244
<APPREC-INCREASE-CURRENT> 27,100,571
<NET-CHANGE-FROM-OPS> 30,946,624
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,293,998
<DISTRIBUTIONS-OF-GAINS> 598,243
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,903,439
<NUMBER-OF-SHARES-REDEEMED> 4,179,938
<SHARES-REINVESTED> 264,638
<NET-CHANGE-IN-ASSETS> 7,010,115
<ACCUMULATED-NII-PRIOR> 783,440
<ACCUMULATED-GAINS-PRIOR> 580,010
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 267,420
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 472,443
<AVERAGE-NET-ASSETS> 177,964,569
<PER-SHARE-NAV-BEGIN> 10.270
<PER-SHARE-NII> 0.140
<PER-SHARE-GAIN-APPREC> 1.760
<PER-SHARE-DIVIDEND> 0.130
<PER-SHARE-DISTRIBUTIONS> 0.030
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.010
<EXPENSE-RATIO> 48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> Biltmore Short-Term Fixed Income Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 139,126,109
<INVESTMENTS-AT-VALUE> 140,241,893
<RECEIVABLES> 2,301,583
<ASSETS-OTHER> 32,581
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 142,576,057
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 237,761
<TOTAL-LIABILITIES> 237,761
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 144,764,526
<SHARES-COMMON-STOCK> 14,461,774
<SHARES-COMMON-PRIOR> 15,477,202
<ACCUMULATED-NII-CURRENT> 533,261
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,075,275)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,115,784
<NET-ASSETS> 142,338,296
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,630,990
<OTHER-INCOME> 0
<EXPENSES-NET> 466,844
<NET-INVESTMENT-INCOME> 4,164,146
<REALIZED-GAINS-CURRENT> (707,754)
<APPREC-INCREASE-CURRENT> 4,262,548
<NET-CHANGE-FROM-OPS> 7,718,940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,769,096
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,514,182
<NUMBER-OF-SHARES-REDEEMED> 2,916,872
<SHARES-REINVESTED> 387,262
<NET-CHANGE-IN-ASSETS> (5,988,110)
<ACCUMULATED-NII-PRIOR> 138,211
<ACCUMULATED-GAINS-PRIOR> (3,367,521)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 407,562
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 577,997
<AVERAGE-NET-ASSETS> 145,168,749
<PER-SHARE-NAV-BEGIN> 9.580
<PER-SHARE-NII> 0.280
<PER-SHARE-GAIN-APPREC> 0.230
<PER-SHARE-DIVIDEND> 0.250
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.840
<EXPENSE-RATIO> 63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> Biltmore Special Value Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 19,288,794
<INVESTMENTS-AT-VALUE> 20,777,093
<RECEIVABLES> 270,856
<ASSETS-OTHER> 3,602
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,051,551
<PAYABLE-FOR-SECURITIES> 57,889
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,876
<TOTAL-LIABILITIES> 102,765
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,814,638
<SHARES-COMMON-STOCK> 1,877,695
<SHARES-COMMON-PRIOR> 1,788,054
<ACCUMULATED-NII-CURRENT> 86,180
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 559,669
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,488,299
<NET-ASSETS> 20,948,786
<DIVIDEND-INCOME> 201,721
<INTEREST-INCOME> 17,206
<OTHER-INCOME> 0
<EXPENSES-NET> 119,508
<NET-INVESTMENT-INCOME> 99,419
<REALIZED-GAINS-CURRENT> 559,551
<APPREC-INCREASE-CURRENT> 2,036,534
<NET-CHANGE-FROM-OPS> 2,695,504
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 28,749
<DISTRIBUTIONS-OF-GAINS> 107,630
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 224,315
<NUMBER-OF-SHARES-REDEEMED> 148,069
<SHARES-REINVESTED> 13,394
<NET-CHANGE-IN-ASSETS> 3,517,892
<ACCUMULATED-NII-PRIOR> 15,510
<ACCUMULATED-GAINS-PRIOR> 107,748
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 74,123
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 156,569
<AVERAGE-NET-ASSETS> 18,731,448
<PER-SHARE-NAV-BEGIN> 9.750
<PER-SHARE-NII> 0.060
<PER-SHARE-GAIN-APPREC> 1.430
<PER-SHARE-DIVIDEND> 0.020
<PER-SHARE-DISTRIBUTIONS> 0.060
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.160
<EXPENSE-RATIO> 129
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> Biltmore Balanced Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 177,194,214
<INVESTMENTS-AT-VALUE> 192,418,344
<RECEIVABLES> 2,495,370
<ASSETS-OTHER> 34,581
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 194,948,295
<PAYABLE-FOR-SECURITIES> 1,137,189
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 523,588
<TOTAL-LIABILITIES> 1,660,777
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 176,366,930
<SHARES-COMMON-STOCK> 17,695,193
<SHARES-COMMON-PRIOR> 19,576,137
<ACCUMULATED-NII-CURRENT> 1,208,059
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 488,399
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,224,130
<NET-ASSETS> 193,287,518
<DIVIDEND-INCOME> 1,361,678
<INTEREST-INCOME> 3,049,900
<OTHER-INCOME> 0
<EXPENSES-NET> 761,323
<NET-INVESTMENT-INCOME> 3,650,255
<REALIZED-GAINS-CURRENT> 810,412
<APPREC-INCREASE-CURRENT> 21,461,813
<NET-CHANGE-FROM-OPS> 25,922,480
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,522,340
<DISTRIBUTIONS-OF-GAINS> 3,058,366
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,139,134
<NUMBER-OF-SHARES-REDEEMED> 5,672,203
<SHARES-REINVESTED> 652,125
<NET-CHANGE-IN-ASSETS> (1,142,841)
<ACCUMULATED-NII-PRIOR> 1,080,144
<ACCUMULATED-GAINS-PRIOR> 2,736,353
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 700,419
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 911,413
<AVERAGE-NET-ASSETS> 198,048,937
<PER-SHARE-NAV-BEGIN> 9.930
<PER-SHARE-NII> 0.190
<PER-SHARE-GAIN-APPREC> 1.140
<PER-SHARE-DIVIDEND> 0.180
<PER-SHARE-DISTRIBUTIONS> 0.160
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.920
<EXPENSE-RATIO> 76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> Biltmore Quantitative Equity Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 91,335,191
<INVESTMENTS-AT-VALUE> 103,506,314
<RECEIVABLES> 1,730,540
<ASSETS-OTHER> 108,953
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 105,345,807
<PAYABLE-FOR-SECURITIES> 2,092,484
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 217,125
<TOTAL-LIABILITIES> 2,309,609
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,074,890
<SHARES-COMMON-STOCK> 9,218,455
<SHARES-COMMON-PRIOR> 9,582,109
<ACCUMULATED-NII-CURRENT> 352,513
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,818,238)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,427,033
<NET-ASSETS> 103,036,198
<DIVIDEND-INCOME> 1,333,004
<INTEREST-INCOME> 140,658
<OTHER-INCOME> 0
<EXPENSES-NET> 415,202
<NET-INVESTMENT-INCOME> 1,058,460
<REALIZED-GAINS-CURRENT> 532,202
<APPREC-INCREASE-CURRENT> 14,115,444
<NET-CHANGE-FROM-OPS> 15,706,106
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 969,998
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 866,201
<NUMBER-OF-SHARES-REDEEMED> 1,324,757
<SHARES-REINVESTED> 94,902
<NET-CHANGE-IN-ASSETS> 11,057,273
<ACCUMULATED-NII-PRIOR> 264,051
<ACCUMULATED-GAINS-PRIOR> (2,350,440)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 334,070
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 462,926
<AVERAGE-NET-ASSETS> 97,879,162
<PER-SHARE-NAV-BEGIN> 9.600
<PER-SHARE-NII> 0.110
<PER-SHARE-GAIN-APPREC> 1.570
<PER-SHARE-DIVIDEND> 0.100
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.180
<EXPENSE-RATIO> 87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 15
<NAME> Biltmore Emerging Markets Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> May-31-1995
<INVESTMENTS-AT-COST> 36,066,709
<INVESTMENTS-AT-VALUE> 38,084,718
<RECEIVABLES> 2,980,454
<ASSETS-OTHER> 2,732,019
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43,797,191
<PAYABLE-FOR-SECURITIES> 5,907,841
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,163
<TOTAL-LIABILITIES> 5,916,004
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,716,281
<SHARES-COMMON-STOCK> 3,405,343
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 189,530
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (42,515)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,017,891
<NET-ASSETS> 37,881,187
<DIVIDEND-INCOME> 119,354
<INTEREST-INCOME> 186,769
<OTHER-INCOME> 0
<EXPENSES-NET> 116,593
<NET-INVESTMENT-INCOME> 189,530
<REALIZED-GAINS-CURRENT> (42,515)
<APPREC-INCREASE-CURRENT> 2,017,891
<NET-CHANGE-FROM-OPS> 2,164,906
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,650,880
<NUMBER-OF-SHARES-REDEEMED> 245,537
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 37,881,187
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 64,774
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 116,593
<AVERAGE-NET-ASSETS> 14,008,644
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.120
<PER-SHARE-GAIN-APPREC> 1.000
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.120
<EXPENSE-RATIO> 180
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
