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<PAGE> PAGE 2
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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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 21
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<PAGE> PAGE 22
070 D010500 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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015 A000601 WACHOVIA BANK OF NORTH CAROLINA, N.A.
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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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015 A000701 WACHOVIA BANK OF NORTH CAROLINA, N.A.
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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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038 000900 0
039 000900 N
040 000900 N
042 A000900 0
042 B000900 0
042 C000900 0
042 D000900 0
042 E000900 0
042 F000900 0
042 G000900 0
042 H000900 0
043 000900 0
044 000900 0
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.550
048 A010900 0
048 A020900 0.000
048 B010900 0
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
<PAGE> PAGE 41
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
055 A000900 N
055 B000900 N
056 000900 Y
057 000900 N
058 A000900 N
059 000900 Y
060 A000900 Y
060 B000900 Y
061 000900 250
062 A000900 Y
062 B000900 81.3
062 C000900 0.0
062 D000900 3.1
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 14.5
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 2.0
064 A000900 N
064 B000900 N
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
<PAGE> PAGE 42
070 A010900 Y
070 A020900 Y
070 B010900 N
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 N
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 Y
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 102087
071 B000900 106765
071 C000900 120922
071 D000900 84
072 A000900 6
072 B000900 3859
072 C000900 0
072 D000900 0
072 E000900 0
072 F000900 341
072 G000900 54
072 H000900 0
072 I000900 16
072 J000900 12
072 K000900 0
<PAGE> PAGE 43
072 L000900 7
072 M000900 7
072 N000900 13
072 O000900 0
072 P000900 0
072 Q000900 23
072 R000900 8
072 S000900 7
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 10
072 X000900 498
072 Y000900 107
072 Z000900 3468
072AA000900 302
072BB000900 384
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072CC020900 1748
072DD010900 4398
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072EE000900 0
073 A010900 0.3500
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073 B000900 0.0000
073 C000900 0.0000
074 A000900 0
074 B000900 3777
074 C000900 116452
074 D000900 0
074 E000900 0
074 F000900 0
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 0
074 K000900 0
074 L000900 1253
074 M000900 21
074 N000900 121503
074 O000900 0
074 P000900 0
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074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 90
074 S000900 0
074 T000900 121413
074 U010900 12550
074 U020900 0
<PAGE> PAGE 44
074 V010900 9.67
074 V020900 0.00
074 W000900 0.0000
074 X000900 217
074 Y000900 0
075 A000900 0
075 B000900 123863
076 000900 0.00
008 A001001 WACHOVIA ASSET MANAGEMENT
008 B001001 A
008 C001001 801-0000
008 D011001 WINSTON-SALEM
008 D021001 NC
008 D031001 27150
015 A001001 WACHOVIA BANK OF NORTH CAROLINA, N.A.
015 B001001 C
015 C011001 WINSTON-SALEM
015 C021001 NC
015 C031001 27150
015 E031001 X
024 001000 Y
025 A001001 JOHN NUVEEN
025 C001001 E
025 D001001 243
025 A001002 PIPER JAFFRAY CO.
025 C001002 E
025 D001002 267
025 A001003 DAIWA SECURITIES
025 C001003 D
025 D001003 272
025 D001004 0
025 D001005 0
025 D001006 0
025 D001007 0
025 D001008 0
028 A011000 454
028 A021000 1869
028 A031000 0
028 A041000 96
028 B011000 751
028 B021000 0
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028 B041000 190
028 C011000 2026
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028 C041000 64
028 D011000 3287
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028 D041000 375
<PAGE> PAGE 45
028 E011000 2753
028 E021000 0
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028 F011000 2158
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028 F041000 797
028 G011000 11429
028 G021000 1869
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028 G041000 1603
028 H001000 11695
029 001000 Y
030 A001000 51
030 B001000 4.50
030 C001000 0.00
031 A001000 0
031 B001000 0
032 001000 51
033 001000 0
037 001000 N
038 001000 0
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
043 001000 0
044 001000 0
045 001000 Y
046 001000 N
047 001000 Y
048 001000 0.800
048 A011000 0
048 A021000 0.000
048 B011000 0
048 B021000 0.000
048 C011000 0
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
<PAGE> PAGE 46
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 Y
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
066 G001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
<PAGE> PAGE 47
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 18335
071 B001000 7095
071 C001000 30295
071 D001000 23
072 A001000 6
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072 F001000 123
072 G001000 38
072 H001000 0
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072 J001000 3
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072 L001000 10
<PAGE> PAGE 48
072 M001000 1
072 N001000 5
072 O001000 0
072 P001000 0
072 Q001000 25
072 R001000 8
072 S001000 1
072 T001000 0
072 U001000 0
072 V001000 0
072 W001000 4
072 X001000 237
072 Y001000 38
072 Z001000 57
072AA001000 2617
072BB001000 0
072CC011000 4497
072CC021000 0
072DD011000 159
072DD021000 0
072EE001000 1814
073 A011000 0.0800
073 A021000 0.0000
073 B001000 0.9100
073 C001000 0.0000
074 A001000 0
074 B001000 272
074 C001000 0
074 D001000 238
074 E001000 389
074 F001000 39923
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 176
074 K001000 0
074 L001000 78
074 M001000 2
074 N001000 41078
074 O001000 58
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 36
074 S001000 0
074 T001000 40984
074 U011000 2897
074 U021000 0
074 V011000 14.15
<PAGE> PAGE 49
074 V021000 0.00
074 W001000 0.0000
074 X001000 909
074 Y001000 0
075 A001000 0
075 B001000 31386
076 001000 0.00
008 A001101 WACHOVIA ASSET MANAGEMENT
008 B001101 A
008 C001101 801-0000
008 D011101 WINSTON-SALEM
008 D021101 NC
008 D031101 27150
015 A001101 WACHOVIA BANK OF NORTH CAROLINA, N.A.
015 B001101 C
015 C011101 WINSTON-SALEM
015 C021101 NC
015 C031101 27150
015 E031101 X
024 001100 Y
025 A001101 MORGAN STANLEY
025 C001101 E
025 D001101 168
025 A001102 PRUDENTIAL
025 C001102 D
025 D001102 1122
025 A001103 BANKERS TRUST
025 C001103 D
025 D001103 827
025 A001104 BEAR STEARNS
025 C001104 D
025 D001104 1239
025 A001105 LEHMAN BROTHERS
025 C001105 D
025 D001105 964
025 A001106 MERRILL LYNCH
025 C001106 D
025 D001106 693
025 A001107 DAIWA SECURITIES
025 C001107 D
025 D001107 8180
025 D001108 0
028 A011100 3262
028 A021100 7466
028 A031100 0
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028 B011100 10219
028 B021100 0
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028 B041100 2248
028 C011100 5504
<PAGE> PAGE 50
028 C021100 0
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028 C041100 2171
028 D011100 7410
028 D021100 1712
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028 E011100 8240
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028 G011100 39144
028 G021100 9178
028 G031100 0
028 G041100 33944
028 H001100 39176
029 001100 Y
030 A001100 234
030 B001100 4.50
030 C001100 0.00
031 A001100 1
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032 001100 233
033 001100 0
037 001100 N
038 001100 0
039 001100 N
040 001100 N
042 A001100 0
042 B001100 0
042 C001100 0
042 D001100 0
042 E001100 0
042 F001100 0
042 G001100 0
042 H001100 0
043 001100 0
044 001100 0
045 001100 Y
046 001100 N
047 001100 Y
048 001100 0.700
048 A011100 0
048 A021100 0.000
048 B011100 0
048 B021100 0.000
048 C011100 0
<PAGE> PAGE 51
048 C021100 0.000
048 D011100 0
048 D021100 0.000
048 E011100 0
048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
048 H021100 0.000
048 I011100 0
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
058 A001100 N
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
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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
<PAGE> PAGE 52
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
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 Y
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 151583
071 B001100 154314
071 C001100 213795
071 D001100 71
072 A001100 6
072 B001100 3053
072 C001100 1179
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<PAGE> PAGE 53
072 F001100 776
072 G001100 97
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072 R001100 8
072 S001100 7
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072 W001100 11
072 X001100 1006
072 Y001100 164
072 Z001100 3390
072AA001100 12233
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072DD011100 3662
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072EE001100 5927
073 A011100 0.2000
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073 B001100 0.3400
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074 C001100 0
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074 M001100 23
074 N001100 228103
074 O001100 1218
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<PAGE> PAGE 54
074 R031100 0
074 R041100 1191
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074 T001100 225694
074 U011100 18630
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074 V011100 12.11
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075 A001100 0
075 B001100 22109
076 001100 0.00
008 A001201 WACHOVIA ASSET MANAGEMENT
008 B001201 A
008 C001201 801-0000
008 D011201 WINSTON-SALEM
008 D021201 NC
008 D031201 27150
008 A001202 TWIN CAPITAL MANAGEMENT, INC.
008 B001202 S
008 C001202 801-0000
008 D011202 MCMURRAY
008 D021202 PA
008 D031202 15317
015 A001201 WACHOVIA BANK OF NORTH CAROLINA, N.A.
015 B001201 C
015 C011201 WINSTON-SALEM
015 C021201 NC
015 C031201 27150
015 E031201 X
024 001200 Y
025 A001201 TRAVELERS
025 C001201 E
025 D001201 933
025 A001202 DAIWA SECURITIES
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025 D001202 4226
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028 A011200 3075
028 A021200 2639
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<PAGE> PAGE 55
028 B031200 0
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028 H001200 18676
029 001200 Y
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039 001200 N
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<PAGE> PAGE 56
048 B011200 0
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055 A001200 N
055 B001200 N
056 001200 Y
057 001200 N
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059 001200 Y
060 A001200 Y
060 B001200 Y
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062 H001200 0.0
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066 A001200 Y
066 B001200 N
<PAGE> PAGE 57
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
070 A011200 Y
070 A021200 Y
070 B011200 Y
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 Y
070 G011200 Y
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 N
070 L011200 Y
070 L021200 Y
070 M011200 N
070 M021200 N
070 N011200 N
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 66028
071 B001200 55124
071 C001200 129045
071 D001200 43
072 A001200 6
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<PAGE> PAGE 58
072 C001200 1438
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074 C001200 759
074 D001200 6691
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074 N001200 145840
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<PAGE> PAGE 59
074 Q001200 0
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076 001200 0.00
008 A001301 WACHOVIA ASSET MANAGEMENT
008 B001301 A
008 C001301 801-0000
008 D011301 WINSTON-SALEM
008 D021301 NC
008 D031301 27150
015 A001301 WACHOVIA BANK OF NORTH CAROLINA, N.A.
015 B001301 C
015 C011301 WINSTON-SALEM
015 C021301 NC
015 C031301 27150
015 E031301 X
015 A001302 MORGAN GUARANTY TRUST CO.
015 B001302 S
015 C011302 NEW YORK
015 C021302 NY
015 C031302 10260
015 C041302 0023
015 E041302 X
024 001300 Y
025 A001301 HSBC HOLDINGS
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025 A001302 GUDCO GROUP
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<PAGE> PAGE 60
028 A011300 1302
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039 001300 N
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042 E001300 0
042 F001300 0
042 G001300 0
042 H001300 0
043 001300 0
044 001300 0
<PAGE> PAGE 61
045 001300 Y
046 001300 N
047 001300 Y
048 001300 1.000
048 A011300 0
048 A021300 0.000
048 B011300 0
048 B021300 0.000
048 C011300 0
048 C021300 0.000
048 D011300 0
048 D021300 0.000
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
048 G021300 0.000
048 H011300 0
048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
055 A001300 N
055 B001300 N
056 001300 Y
057 001300 N
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 250
062 A001300 N
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 0.0
062 N001300 0.0
062 O001300 0.0
062 P001300 0.0
<PAGE> PAGE 62
062 Q001300 0.0
062 R001300 0.0
063 A001300 0
063 B001300 0.0
066 A001300 Y
066 B001300 N
066 C001300 Y
066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 N
067 001300 N
068 A001300 N
068 B001300 Y
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 Y
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 Y
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 Y
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 Y
070 K011300 Y
070 K021300 Y
070 L011300 Y
070 L021300 Y
070 M011300 Y
070 M021300 Y
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 Y
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
<PAGE> PAGE 63
071 A001300 36242
071 B001300 15437
071 C001300 81746
071 D001300 19
072 A001300 6
072 B001300 188
072 C001300 1203
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072 E001300 0
072 F001300 446
072 G001300 39
072 H001300 0
072 I001300 9
072 J001300 246
072 K001300 0
072 L001300 14
072 M001300 2
072 N001300 6
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072 P001300 0
072 Q001300 34
072 R001300 6
072 S001300 12
072 T001300 0
072 U001300 0
072 V001300 0
072 W001300 6
072 X001300 820
072 Y001300 2
072 Z001300 573
072AA001300 1640
072BB001300 1284
072CC011300 12619
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072DD021300 0
072EE001300 0
073 A011300 0.0300
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 0
074 B001300 4253
074 C001300 0
074 D001300 490
074 E001300 8245
074 F001300 80511
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074 H001300 0
074 I001300 6836
074 J001300 1357
<PAGE> PAGE 64
074 K001300 0
074 L001300 440
074 M001300 2306
074 N001300 104438
074 O001300 200
074 P001300 221
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 40
074 S001300 0
074 T001300 103977
074 U011300 8516
074 U021300 0
074 V011300 12.21
074 V021300 0.00
074 W001300 0.0000
074 X001300 3061
074 Y001300 0
075 A001300 0
075 B001300 89032
076 001300 0.00
SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> Biltmore Funds
Biltmore U.S. Treasury Money Market Fund
Institutional Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 352,776,964
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<ASSETS-OTHER> 3,927
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<SHARES-COMMON-STOCK> 257,411,896
<SHARES-COMMON-PRIOR> 214,356,136
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<ACCUMULATED-NET-GAINS> 0
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<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 257,411,896
<DIVIDEND-INCOME> 0
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<DISTRIBUTIONS-OF-INCOME> 5,653,148
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 298,441,698
<NUMBER-OF-SHARES-REDEEMED> 255,385,939
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 55,319,110
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,215,475
<AVERAGE-NET-ASSETS> 305,950,811
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
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<EXPENSE-RATIO> 0.32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> Biltmore Funds
Biltmore U.S. Treasury Money Market Fund
Investment Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 352,776,964
<INVESTMENTS-AT-VALUE> 352,776,964
<RECEIVABLES> 30,411
<ASSETS-OTHER> 3,927
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,396,881
<TOTAL-LIABILITIES> 1,396,881
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 351,414,421
<SHARES-COMMON-STOCK> 94,002,525
<SHARES-COMMON-PRIOR> 81,739,175
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 94,002,525
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,302,185
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<EXPENSES-NET> 658,639
<NET-INVESTMENT-INCOME> 7,643,546
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<DISTRIBUTIONS-OF-INCOME> 1,990,398
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 110,400,684
<NUMBER-OF-SHARES-REDEEMED> 98,137,333
<SHARES-REINVESTED> 0
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 1,215,475
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.72
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> Biltmore Funds
Biltmore Money Market Fund
Institutional Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 321,651,345
<INVESTMENTS-AT-VALUE> 321,651,345
<RECEIVABLES> 3,184,413
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<TOTAL-ASSETS> 324,842,235
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<OTHER-ITEMS-LIABILITIES> 1,474,412
<TOTAL-LIABILITIES> 1,474,412
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 323,367,823
<SHARES-COMMON-STOCK> 116,890,999
<SHARES-COMMON-PRIOR> 126,041,635
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 116,890,999
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,868,856
<OTHER-INCOME> 0
<EXPENSES-NET> 990,597
<NET-INVESTMENT-INCOME> 7,878,259
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<NET-CHANGE-FROM-OPS> 7,878,259
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<DISTRIBUTIONS-OF-INCOME> 3,365,876
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 186,155,007
<NUMBER-OF-SHARES-REDEEMED> 195,305,643
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 31,690,471
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 803,014
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,527,478
<AVERAGE-NET-ASSETS> 321,206,049
<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> 0.38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> Biltmore Funds
Biltmore Money Market Fund
Investment Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 321,651,345
<INVESTMENTS-AT-VALUE> 321,651,345
<RECEIVABLES> 3,184,413
<ASSETS-OTHER> 6,477
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 324,842,235
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,474,412
<TOTAL-LIABILITIES> 1,474,412
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 323,367,823
<SHARES-COMMON-STOCK> 206,476,824
<SHARES-COMMON-PRIOR> 165,635,717
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 206,476,824
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,868,856
<OTHER-INCOME> 0
<EXPENSES-NET> 990,597
<NET-INVESTMENT-INCOME> 7,878,259
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7,878,259
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,512,383
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 160,057,761
<NUMBER-OF-SHARES-REDEEMED> 119,216,654
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 31,690,471
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 803,014
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,527,478
<AVERAGE-NET-ASSETS> 321,206,049
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 0.000
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> Biltmore Funds
Biltmore Tax-Free Money Market Fund
Institutional Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 181,949,922
<INVESTMENTS-AT-VALUE> 181,949,922
<RECEIVABLES> 1,806,213
<ASSETS-OTHER> 6,259
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 183,762,394
<PAYABLE-FOR-SECURITIES> 2,500,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 621,369
<TOTAL-LIABILITIES> 3,121,369
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 180,641,025
<SHARES-COMMON-STOCK> 111,827,634
<SHARES-COMMON-PRIOR> 80,273,956
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 111,827,634
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,945,437
<OTHER-INCOME> 0
<EXPENSES-NET> 404,191
<NET-INVESTMENT-INCOME> 2,541,246
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<NET-CHANGE-FROM-OPS> 2,541,246
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<DISTRIBUTIONS-OF-INCOME> 1,555,469
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 122,843,764
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 44,633,896
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 413,586
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 773,493
<AVERAGE-NET-ASSETS> 165,434,157
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.32
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> Biltmore Funds
Biltmore Tax-Free Money Market Fund
Investment Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 181,949,922
<INVESTMENTS-AT-VALUE> 181,949,922
<RECEIVABLES> 1,806,213
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 183,762,394
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<TOTAL-LIABILITIES> 3,121,369
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 180,641,025
<SHARES-COMMON-STOCK> 68,813,391
<SHARES-COMMON-PRIOR> 55,733,173
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 68,813,391
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,945,437
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 2,541,246
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<NUMBER-OF-SHARES-SOLD> 85,123,219
<NUMBER-OF-SHARES-REDEEMED> 72,043,001
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<NET-CHANGE-IN-ASSETS> 44,633,896
<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 773,493
<AVERAGE-NET-ASSETS> 165,434,157
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.010
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<PER-SHARE-NAV-END> 1.000
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Biltmore Funds
Biltmore Prime Cash Management Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 960,442,723
<INVESTMENTS-AT-VALUE> 960,442,723
<RECEIVABLES> 8,858,615
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<TOTAL-LIABILITIES> 4,429,364
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<PAID-IN-CAPITAL-COMMON> 964,971,118
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<SHARES-COMMON-PRIOR> 879,603,395
<ACCUMULATED-NII-CURRENT> 0
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<NET-ASSETS> 964,971,118
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<OTHER-INCOME> 0
<EXPENSES-NET> 886,990
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.18
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Biltmore Funds
Biltmore Equity Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 128,172,710
<INVESTMENTS-AT-VALUE> 150,986,945
<RECEIVABLES> 1,141,227
<ASSETS-OTHER> 8,563
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 152,136,735
<PAYABLE-FOR-SECURITIES> 262,460
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 285,870
<TOTAL-LIABILITIES> 548,330
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,073,345
<SHARES-COMMON-STOCK> 11,521,256
<SHARES-COMMON-PRIOR> 10,238,873
<ACCUMULATED-NII-CURRENT> 218,230
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,016,270
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,280,560
<NET-ASSETS> 151,588,405
<DIVIDEND-INCOME> 1,337,148
<INTEREST-INCOME> 538,822
<OTHER-INCOME> 0
<EXPENSES-NET> 637,604
<NET-INVESTMENT-INCOME> 1,238,366
<REALIZED-GAINS-CURRENT> 7,488,994
<APPREC-INCREASE-CURRENT> 5,492,308
<NET-CHANGE-FROM-OPS> 14,219,668
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,205,139
<DISTRIBUTIONS-OF-GAINS> 7,457,396
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,068,401
<NUMBER-OF-SHARES-REDEEMED> 1,391,151
<SHARES-REINVESTED> 605,133
<NET-CHANGE-IN-ASSETS> 21,438,241
<ACCUMULATED-NII-PRIOR> 185,003
<ACCUMULATED-GAINS-PRIOR> 6,844,895
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 495,915
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 656,047
<AVERAGE-NET-ASSETS> 141,863,831
<PER-SHARE-NAV-BEGIN> 12.710
<PER-SHARE-NII> 0.110
<PER-SHARE-GAIN-APPREC> 1.180
<PER-SHARE-DIVIDEND> 0.110
<PER-SHARE-DISTRIBUTIONS> 0.730
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.160
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> Biltmore Funds
Biltmore Fixed Income Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 179,298,170
<INVESTMENTS-AT-VALUE> 173,180,540
<RECEIVABLES> 13,243,079
<ASSETS-OTHER> 19,063
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 186,442,682
<PAYABLE-FOR-SECURITIES> 12,312,165
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 134,503
<TOTAL-LIABILITIES> 12,446,668
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 182,250,803
<SHARES-COMMON-STOCK> 18,433,010
<SHARES-COMMON-PRIOR> 17,151,389
<ACCUMULATED-NII-CURRENT> 261,244
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,398,403)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,117,630)
<NET-ASSETS> 173,996,014
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,911,588
<OTHER-INCOME> 0
<EXPENSES-NET> 641,156
<NET-INVESTMENT-INCOME> 5,270,432
<REALIZED-GAINS-CURRENT> 2,631,713
<APPREC-INCREASE-CURRENT> (10,960,087)
<NET-CHANGE-FROM-OPS> (3,057,942)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,308,482
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,373,381
<NUMBER-OF-SHARES-REDEEMED> 3,528,502
<SHARES-REINVESTED> 436,742
<NET-CHANGE-IN-ASSETS> 4,150,403
<ACCUMULATED-NII-PRIOR> 183,406
<ACCUMULATED-GAINS-PRIOR> (4,914,228)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 519,856
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 718,768
<AVERAGE-NET-ASSETS> 172,555,913
<PER-SHARE-NAV-BEGIN> 9.900
<PER-SHARE-NII> 0.300
<PER-SHARE-GAIN-APPREC> (0.460)
<PER-SHARE-DIVIDEND> 0.300
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.440
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> Biltmore Funds
Biltmore Equity Index Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 156,148,705
<INVESTMENTS-AT-VALUE> 216,751,600
<RECEIVABLES> 805,892
<ASSETS-OTHER> 20,494
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 217,577,986
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 383,424
<TOTAL-LIABILITIES> 383,424
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 153,527,570
<SHARES-COMMON-STOCK> 15,344,250
<SHARES-COMMON-PRIOR> 13,717,964
<ACCUMULATED-NII-CURRENT> 742,537
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,626,710
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 61,297,745
<NET-ASSETS> 217,194,562
<DIVIDEND-INCOME> 2,020,230
<INTEREST-INCOME> 681,607
<OTHER-INCOME> 0
<EXPENSES-NET> 488,059
<NET-INVESTMENT-INCOME> 2,213,778
<REALIZED-GAINS-CURRENT> 2,623,099
<APPREC-INCREASE-CURRENT> 16,956,117
<NET-CHANGE-FROM-OPS> 21,792,994
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,254,113
<DISTRIBUTIONS-OF-GAINS> 10,955,920
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,664,427
<NUMBER-OF-SHARES-REDEEMED> 2,041,391
<SHARES-REINVESTED> 1,003,250
<NET-CHANGE-IN-ASSETS> 30,353,158
<ACCUMULATED-NII-PRIOR> 782,872
<ACCUMULATED-GAINS-PRIOR> 9,959,531
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 305,036
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 526,924
<AVERAGE-NET-ASSETS> 203,550,293
<PER-SHARE-NAV-BEGIN> 13.620
<PER-SHARE-NII> 0.150
<PER-SHARE-GAIN-APPREC> 1.320
<PER-SHARE-DIVIDEND> 0.160
<PER-SHARE-DISTRIBUTIONS> 0.780
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.150
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 09
<NAME> Biltmore Funds
Biltmore Short-Term Fixed Income Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 121,145,939
<INVESTMENTS-AT-VALUE> 120,228,594
<RECEIVABLES> 1,252,869
<ASSETS-OTHER> 21,082
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121,502,545
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 89,625
<TOTAL-LIABILITIES> 89,625
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125,936,526
<SHARES-COMMON-STOCK> 12,549,675
<SHARES-COMMON-PRIOR> 12,606,182
<ACCUMULATED-NII-CURRENT> 20,201
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,626,462)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (917,345)
<NET-ASSETS> 121,412,920
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,859,017
<OTHER-INCOME> 0
<EXPENSES-NET> 390,251
<NET-INVESTMENT-INCOME> 3,468,766
<REALIZED-GAINS-CURRENT> (81,720)
<APPREC-INCREASE-CURRENT> (1,747,605)
<NET-CHANGE-FROM-OPS> 1,639,441
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,397,688
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,134,247
<NUMBER-OF-SHARES-REDEEMED> 1,632,961
<SHARES-REINVESTED> 442,207
<NET-CHANGE-IN-ASSETS> (3,306,720)
<ACCUMULATED-NII-PRIOR> 949,123
<ACCUMULATED-GAINS-PRIOR> (3,544,742)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 340,694
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 497,690
<AVERAGE-NET-ASSETS> 123,862,876
<PER-SHARE-NAV-BEGIN> 9.890
<PER-SHARE-NII> 0.280
<PER-SHARE-GAIN-APPREC> 0.150
<PER-SHARE-DIVIDEND> 0.350
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.670
<EXPENSE-RATIO> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> Biltmore Funds
Biltmore Special Value Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 34,339,479
<INVESTMENTS-AT-VALUE> 40,822,418
<RECEIVABLES> 253,367
<ASSETS-OTHER> 2,349
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,078,134
<PAYABLE-FOR-SECURITIES> 57,898
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36,020
<TOTAL-LIABILITIES> 93,918
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,840,883
<SHARES-COMMON-STOCK> 2,896,710
<SHARES-COMMON-PRIOR> 1,977,435
<ACCUMULATED-NII-CURRENT> 45,572
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,614,822
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,482,939
<NET-ASSETS> 40,984,216
<DIVIDEND-INCOME> 226,492
<INTEREST-INCOME> 29,062
<OTHER-INCOME> 0
<EXPENSES-NET> 198,252
<NET-INVESTMENT-INCOME> 57,302
<REALIZED-GAINS-CURRENT> 2,616,544
<APPREC-INCREASE-CURRENT> 4,496,816
<NET-CHANGE-FROM-OPS> 7,170,662
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 159,350
<DISTRIBUTIONS-OF-GAINS> 1,814,204
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 877,836
<NUMBER-OF-SHARES-REDEEMED> 121,608
<SHARES-REINVESTED> 163,047
<NET-CHANGE-IN-ASSETS> 16,891,142
<ACCUMULATED-NII-PRIOR> 147,620
<ACCUMULATED-GAINS-PRIOR> 1,812,482
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 122,947
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 236,512
<AVERAGE-NET-ASSETS> 31,386,266
<PER-SHARE-NAV-BEGIN> 12.180
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 2.940
<PER-SHARE-DIVIDEND> 0.080
<PER-SHARE-DISTRIBUTIONS> 0.910
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.150
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> The Biltmore Funds
Biltmore Balanced Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 198,563,203
<INVESTMENTS-AT-VALUE> 224,477,909
<RECEIVABLES> 3,602,749
<ASSETS-OTHER> 22,501
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 228,103,159
<PAYABLE-FOR-SECURITIES> 1,217,585
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,191,291
<TOTAL-LIABILITIES> 2,408,876
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 187,395,411
<SHARES-COMMON-STOCK> 18,630,002
<SHARES-COMMON-PRIOR> 17,399,546
<ACCUMULATED-NII-CURRENT> 991,239
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,215,795
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26,091,838
<NET-ASSETS> 225,694,283
<DIVIDEND-INCOME> 1,179,321
<INTEREST-INCOME> 3,052,844
<OTHER-INCOME> 0
<EXPENSES-NET> 842,453
<NET-INVESTMENT-INCOME> 3,389,712
<REALIZED-GAINS-CURRENT> 12,131,436
<APPREC-INCREASE-CURRENT> (2,037,335)
<NET-CHANGE-FROM-OPS> 13,483,813
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,662,155
<DISTRIBUTIONS-OF-GAINS> 5,927,062
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,284,700
<NUMBER-OF-SHARES-REDEEMED> 2,843,924
<SHARES-REINVESTED> 789,680
<NET-CHANGE-IN-ASSETS> 18,272,788
<ACCUMULATED-NII-PRIOR> 1,263,682
<ACCUMULATED-GAINS-PRIOR> 5,011,421
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 775,921
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,006,767
<AVERAGE-NET-ASSETS> 222,109,335
<PER-SHARE-NAV-BEGIN> 11.920
<PER-SHARE-NII> 0.180
<PER-SHARE-GAIN-APPREC> 0.550
<PER-SHARE-DIVIDEND> 0.200
<PER-SHARE-DISTRIBUTIONS> 0.340
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.110
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> Biltmore Funds
Biltmore Quantitative Equity Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 116,287,272
<INVESTMENTS-AT-VALUE> 145,279,558
<RECEIVABLES> 541,541
<ASSETS-OTHER> 18,588
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 145,839,687
<PAYABLE-FOR-SECURITIES> 1,554,949
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 265,038
<TOTAL-LIABILITIES> 1,819,987
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 107,567,852
<SHARES-COMMON-STOCK> 10,393,661
<SHARES-COMMON-PRIOR> 9,294,572
<ACCUMULATED-NII-CURRENT> 330,993
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,840,705
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,280,150
<NET-ASSETS> 144,019,700
<DIVIDEND-INCOME> 1,437,698
<INTEREST-INCOME> 211,714
<OTHER-INCOME> 0
<EXPENSES-NET> 566,808
<NET-INVESTMENT-INCOME> 1,082,604
<REALIZED-GAINS-CURRENT> 7,011,292
<APPREC-INCREASE-CURRENT> 2,748,671
<NET-CHANGE-FROM-OPS> 10,842,567
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 996,516
<DISTRIBUTIONS-OF-GAINS> 2,223,748
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,398,206
<NUMBER-OF-SHARES-REDEEMED> 541,333
<SHARES-REINVESTED> 242,216
<NET-CHANGE-IN-ASSETS> 22,125,187
<ACCUMULATED-NII-PRIOR> 244,905
<ACCUMULATED-GAINS-PRIOR> 2,053,162
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 456,052
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 599,243
<AVERAGE-NET-ASSETS> 131,096,478
<PER-SHARE-NAV-BEGIN> 13.110
<PER-SHARE-NII> 0.120
<PER-SHARE-GAIN-APPREC> 0.980
<PER-SHARE-DIVIDEND> 0.110
<PER-SHARE-DISTRIBUTIONS> 0.240
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.860
<EXPENSE-RATIO> 0.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> Biltmore Funds
Biltmore Emerging Markets Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 90,682,759
<INVESTMENTS-AT-VALUE> 100,334,923
<RECEIVABLES> 1,797,131
<ASSETS-OTHER> 2,306,352
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104,438,406
<PAYABLE-FOR-SECURITIES> 200,430
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 261,292
<TOTAL-LIABILITIES> 461,722
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93,657,072
<SHARES-COMMON-STOCK> 8,515,522
<SHARES-COMMON-PRIOR> 6,850,061
<ACCUMULATED-NII-CURRENT> 681,961
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (11,595)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,649,246
<NET-ASSETS> 103,976,684
<DIVIDEND-INCOME> 1,202,746
<INTEREST-INCOME> 188,356
<OTHER-INCOME> 0
<EXPENSES-NET> 818,267
<NET-INVESTMENT-INCOME> 572,835
<REALIZED-GAINS-CURRENT> 355,882
<APPREC-INCREASE-CURRENT> 12,619,360
<NET-CHANGE-FROM-OPS> 13,548,077
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 220,244
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,907,431
<NUMBER-OF-SHARES-REDEEMED> 251,474
<SHARES-REINVESTED> 9,504
<NET-CHANGE-IN-ASSETS> 32,700,801
<ACCUMULATED-NII-PRIOR> 329,370
<ACCUMULATED-GAINS-PRIOR> (367,477)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 446,352
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 819,702
<AVERAGE-NET-ASSETS> 89,031,678
<PER-SHARE-NAV-BEGIN> 10.410
<PER-SHARE-NII> 0.070
<PER-SHARE-GAIN-APPREC> 1.760
<PER-SHARE-DIVIDEND> 0.030
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.210
<EXPENSE-RATIO> 1.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
