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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<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
048 G010500 0
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066 A000500 N
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<PAGE> PAGE 22
070 F010500 N
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<PAGE> PAGE 23
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008 B000601 A
<PAGE> PAGE 24
008 C000601 801-0000
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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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062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 78.8
062 N000900 0.0
<PAGE> PAGE 41
062 O000900 0.0
062 P000900 13.4
062 Q000900 6.3
062 R000900 0.0
063 A000900 0
063 B000900 2.0
064 A000900 N
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
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 N
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 195372
071 B000900 217047
071 C000900 133271
<PAGE> PAGE 42
071 D000900 147
072 A000900 12
072 B000900 9023
072 C000900 0
072 D000900 0
072 E000900 0
072 F000900 768
072 G000900 126
072 H000900 0
072 I000900 33
072 J000900 28
072 K000900 0
072 L000900 15
072 M000900 11
072 N000900 26
072 O000900 0
072 P000900 0
072 Q000900 46
072 R000900 16
072 S000900 14
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 18
072 X000900 1101
072 Y000900 221
072 Z000900 8143
072AA000900 1288
072BB000900 1465
072CC010900 3977
072CC020900 0
072DD010900 7332
072DD020900 0
072EE000900 0
073 A010900 0.5200
073 A020900 0.0000
073 B000900 0.0000
073 C000900 0.0000
074 A000900 0
074 B000900 212
074 C000900 0
074 D000900 122909
074 E000900 0
074 F000900 0
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 1004
074 K000900 0
074 L000900 1645
074 M000900 27
<PAGE> PAGE 43
074 N000900 125797
074 O000900 1003
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 74
074 S000900 0
074 T000900 124720
074 U010900 12606
074 U020900 0
074 V010900 9.89
074 V020900 0.00
074 W000900 0.0000
074 X000900 215
074 Y000900 0
075 A000900 0
075 B000900 138808
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
024 001000 Y
025 A001001 JEFFERIES
025 C001001 E
025 D001001 170
025 A001002 JOHN NUVEEN CO.
025 C001002 E
025 D001002 268
025 A001003 PIPER JAFFRAY, INC.
025 C001003 E
025 D001003 255
025 A001004 DAIWA SECURITIES OF AMERICA
025 C001004 D
025 D001004 1609
025 D001005 0
025 D001006 0
025 D001007 0
025 D001008 0
028 A011000 357
028 A021000 0
028 A031000 0
028 A041000 3152
028 B011000 225
028 B021000 0
028 B031000 0
028 B041000 80
<PAGE> PAGE 44
028 C011000 2508
028 C021000 0
028 C031000 0
028 C041000 86
028 D011000 521
028 D021000 0
028 D031000 0
028 D041000 34
028 E011000 749
028 E021000 0
028 E031000 0
028 E041000 85
028 F011000 604
028 F021000 0
028 F031000 0
028 F041000 195
028 G011000 4964
028 G021000 0
028 G031000 0
028 G041000 3632
028 H001000 0
029 001000 Y
030 A001000 30
030 B001000 4.50
030 C001000 0.25
031 A001000 2
031 B001000 0
032 001000 28
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
<PAGE> PAGE 45
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
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
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
<PAGE> PAGE 46
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 12557
071 B001000 10806
071 C001000 18961
071 D001000 57
072 A001000 12
072 B001000 79
072 C001000 341
072 D001000 0
072 E001000 0
072 F001000 161
072 G001000 75
072 H001000 0
<PAGE> PAGE 47
072 I001000 26
072 J001000 4
072 K001000 0
072 L001000 19
072 M001000 1
072 N001000 12
072 O001000 0
072 P001000 0
072 Q001000 49
072 R001000 15
072 S001000 3
072 T001000 0
072 U001000 0
072 V001000 0
072 W001000 10
072 X001000 375
072 Y001000 116
072 Z001000 161
072AA001000 2027
072BB001000 215
072CC011000 2534
072CC021000 0
072DD011000 29
072DD021000 0
072EE001000 108
073 A011000 0.0200
073 A021000 0.0000
073 B001000 0.0600
073 C001000 0.0000
074 A001000 0
074 B001000 1610
074 C001000 0
074 D001000 0
074 E001000 615
074 F001000 21780
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 0
074 K001000 0
074 L001000 201
074 M001000 3
074 N001000 24209
074 O001000 89
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 27
074 S001000 0
<PAGE> PAGE 48
074 T001000 24093
074 U011000 1977
074 U021000 0
074 V011000 12.18
074 V021000 0.00
074 W001000 0.0000
074 X001000 495
074 Y001000 0
075 A001000 0
075 B001000 20136
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
024 001100 Y
025 A001101 LEGG MASON
025 C001101 E
025 D001101 80
025 A001102 MORGAN STANLEY
025 C001102 E
025 D001102 313
025 A001103 RAYMOND JAMES FINANCIAL
025 C001103 E
025 D001103 113
025 A001104 SALOMON, INC.
025 C001104 E
025 D001104 406
025 A001105 UNITED ASSET MANAGEMENT
025 C001105 E
025 D001105 115
025 A001106 DAIWA
025 C001106 D
025 D001106 2902
025 A001107 LEHMAN BROTHERS
025 C001107 D
025 D001107 1020
025 A001108 MERRILL LYNCH
025 C001108 D
025 D001108 730
028 A011100 5342
028 A021100 1673
028 A031100 0
028 A041100 13304
028 B011100 3566
028 B021100 0
028 B031100 0
028 B041100 5087
028 C011100 4373
<PAGE> PAGE 49
028 C021100 0
028 C031100 0
028 C041100 2067
028 D011100 4218
028 D021100 1608
028 D031100 0
028 D041100 1394
028 E011100 2761
028 E021100 0
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028 E041100 1305
028 F011100 4856
028 F021100 0
028 F031100 0
028 F041100 8589
028 G011100 25116
028 G021100 3281
028 G031100 0
028 G041100 31746
028 H001100 25164
029 001100 Y
030 A001100 127
030 B001100 4.50
030 C001100 0.00
031 A001100 10
031 B001100 0
032 001100 117
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 50
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
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
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 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
<PAGE> PAGE 51
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 189864
071 B001100 205610
071 C001100 185441
071 D001100 102
072 A001100 12
072 B001100 6083
072 C001100 2548
072 D001100 0
072 E001100 0
072 F001100 1395
072 G001100 179
072 H001100 0
072 I001100 37
072 J001100 40
072 K001100 0
072 L001100 20
072 M001100 15
072 N001100 27
072 O001100 0
<PAGE> PAGE 52
072 P001100 0
072 Q001100 68
072 R001100 16
072 S001100 15
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 18
072 X001100 1830
072 Y001100 316
072 Z001100 7117
072AA001100 6453
072BB001100 1120
072CC011100 34367
072CC021100 0
072DD011100 6933
072DD021100 0
072EE001100 3058
073 A011100 0.3800
073 A021100 0.0000
073 B001100 0.1600
073 C001100 0.0000
074 A001100 10
074 B001100 2902
074 C001100 0
074 D001100 84892
074 E001100 0
074 F001100 118958
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 1320
074 K001100 0
074 L001100 1482
074 M001100 29
074 N001100 209593
074 O001100 960
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 1212
074 S001100 0
074 T001100 207421
074 U011100 17400
074 U021100 0
074 V011100 11.92
074 V021100 0.00
074 W001100 0.0000
074 X001100 890
<PAGE> PAGE 53
074 Y001100 0
075 A001100 0
075 B001100 198341
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
008 D041202 3153
024 001200 Y
025 A001201 TRAVELERS, INC.
025 C001201 E
025 D001201 893
025 A001202 DAIWA SECURITIES
025 C001202 D
025 D001202 619
025 D001203 0
025 D001204 0
025 D001205 0
025 D001206 0
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028 A011200 706
028 A021200 534
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028 A041200 1291
028 B011200 907
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028 B041200 4096
028 C011200 6486
028 C021200 0
028 C031200 0
028 C041200 2139
028 D011200 953
028 D021200 488
028 D031200 0
028 D041200 1248
028 E011200 1275
028 E021200 0
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028 E041200 357
028 F011200 1513
<PAGE> PAGE 54
028 F021200 0
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028 F041200 2741
028 G011200 11840
028 G021200 1022
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028 G041200 11872
028 H001200 11844
029 001200 Y
030 A001200 85
030 B001200 4.50
030 C001200 0.00
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031 B001200 0
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033 001200 0
037 001200 N
038 001200 0
039 001200 N
040 001200 N
042 A001200 0
042 B001200 0
042 C001200 0
042 D001200 0
042 E001200 0
042 F001200 0
042 G001200 0
042 H001200 0
043 001200 0
044 001200 0
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047 001200 Y
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048 G021200 0.000
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048 H021200 0.000
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<PAGE> PAGE 55
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
058 A001200 N
059 001200 Y
060 A001200 Y
060 B001200 Y
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062 A001200 N
062 B001200 0.0
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062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 0.0
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062 O001200 0.0
062 P001200 0.0
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063 B001200 0.0
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
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
<PAGE> PAGE 56
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 68572
071 B001200 64476
071 C001200 102006
071 D001200 63
072 A001200 12
072 B001200 270
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072 G001200 93
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072 M001200 3
072 N001200 19
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072 R001200 16
072 S001200 8
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072 U001200 0
<PAGE> PAGE 57
072 V001200 0
072 W001200 12
072 X001200 995
072 Y001200 89
072 Z001200 2012
072AA001200 5015
072BB001200 611
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072DD011200 2032
072DD021200 0
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074 N001200 122320
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075 B001200 104176
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008 A001301 WACHOVIA ASSET MANAGEMENT
008 B001301 A
<PAGE> PAGE 58
008 C001301 801-0000
008 D011301 WINSTON-SALEM
008 D021301 NC
008 D031301 27150
024 001300 N
025 D001301 0
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<PAGE> PAGE 59
038 001300 0
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040 001300 N
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060 A001300 Y
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<PAGE> PAGE 60
062 H001300 0.0
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066 A001300 Y
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066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 N
067 001300 N
068 A001300 N
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070 A011300 Y
070 A021300 Y
070 B011300 Y
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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 N
070 K011300 Y
070 K021300 Y
070 L011300 Y
070 L021300 Y
070 M011300 Y
070 M021300 Y
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<PAGE> PAGE 61
070 N021300 N
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070 O021300 N
070 P011300 Y
070 P021300 Y
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 71237
071 B001300 5680
071 C001300 32939
071 D001300 17
072 A001300 11
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<PAGE> PAGE 62
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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> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
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<NET-ASSETS> 214,356,136
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,432,665
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<NET-INVESTMENT-INCOME> 11,504,543
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<NUMBER-OF-SHARES-SOLD> 564,789,151
<NUMBER-OF-SHARES-REDEEMED> 437,964,449
<SHARES-REINVESTED> 0
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<EXPENSE-RATIO> 0.32
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<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> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 302,244,970
<INVESTMENTS-AT-VALUE> 302,244,970
<RECEIVABLES> 27,272
<ASSETS-OTHER> 5,049
<OTHER-ITEMS-ASSETS> 0
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,287,729
<TOTAL-LIABILITIES> 6,181,980
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 81,739,175
<SHARES-COMMON-PRIOR> 46,396,154
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 81,739,175
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,432,665
<OTHER-INCOME> 0
<EXPENSES-NET> 928,122
<NET-INVESTMENT-INCOME> 11,504,543
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<DISTRIBUTIONS-OF-INCOME> 3,851,662
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<NUMBER-OF-SHARES-SOLD> 188,617,803
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<GROSS-EXPENSE> 1,819,399
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> Biltmore Funds
Biltmore Money Market Fund
Institutional Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 290,525,592
<INVESTMENTS-AT-VALUE> 290,525,592
<RECEIVABLES> 2,525,185
<ASSETS-OTHER> 8,009
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 293,058,786
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 1,381,434
<TOTAL-LIABILITIES> 1,381,434
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 126,041,635
<SHARES-COMMON-PRIOR> 129,232,911
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 126,041,635
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,568,611
<OTHER-INCOME> 0
<EXPENSES-NET> 1,396,334
<NET-INVESTMENT-INCOME> 14,172,277
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<DISTRIBUTIONS-OF-INCOME> 7,893,466
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<NUMBER-OF-SHARES-SOLD> 304,354,414
<NUMBER-OF-SHARES-REDEEMED> 307,545,690
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 106,339,476
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,299,430
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,357,396
<AVERAGE-NET-ASSETS> 258,747,243
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.060
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.060
<PER-SHARE-DISTRIBUTIONS> 0.000
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<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> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 290,525,592
<INVESTMENTS-AT-VALUE> 290,525,592
<RECEIVABLES> 2,525,185
<ASSETS-OTHER> 8,009
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 293,058,786
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,381,434
<TOTAL-LIABILITIES> 1,381,434
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 165,635,717
<SHARES-COMMON-PRIOR> 56,104,965
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 165,635,717
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,568,611
<OTHER-INCOME> 0
<EXPENSES-NET> 1,396,334
<NET-INVESTMENT-INCOME> 14,172,277
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 14,172,277
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<DISTRIBUTIONS-OF-INCOME> 6,278,811
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 248,483,015
<NUMBER-OF-SHARES-REDEEMED> 138,952,263
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 106,339,476
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,299,430
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,357,396
<AVERAGE-NET-ASSETS> 258,747,243
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.72
<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> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 136,393,932
<INVESTMENTS-AT-VALUE> 136,393,932
<RECEIVABLES> 1,148,791
<ASSETS-OTHER> 6,258
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 137,548,981
<PAYABLE-FOR-SECURITIES> 1,100,556
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 441,296
<TOTAL-LIABILITIES> 1,541,852
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 136,157,129
<SHARES-COMMON-STOCK> 80,273,956
<SHARES-COMMON-PRIOR> 93,866,997
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (150,000)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 80,273,956
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,506,243
<OTHER-INCOME> 0
<EXPENSES-NET> 638,618
<NET-INVESTMENT-INCOME> 4,867,625
<REALIZED-GAINS-CURRENT> (150,000)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,717,625
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<DISTRIBUTIONS-OF-INCOME> 3,129,608
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 178,161,731
<NUMBER-OF-SHARES-REDEEMED> 191,754,772
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (679,889)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 713,058
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,332,490
<AVERAGE-NET-ASSETS> 142,613,600
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.32
<AVG-DEBT-OUTSTANDING> 0
<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> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 136,393,932
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<RECEIVABLES> 1,148,791
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<SHARES-COMMON-STOCK> 55,733,173
<SHARES-COMMON-PRIOR> 42,820,021
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (150,000)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 55,733,173
<DIVIDEND-INCOME> 0
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<EXPENSES-NET> 638,618
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<NUMBER-OF-SHARES-SOLD> 148,219,691
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (679,889)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,332,490
<AVERAGE-NET-ASSETS> 142,613,600
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
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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> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 887,970,436
<INVESTMENTS-AT-VALUE> 887,970,436
<RECEIVABLES> 6,354,449
<ASSETS-OTHER> 146,555
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<TOTAL-ASSETS> 894,471,440
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<SHARES-COMMON-STOCK> 879,603,395
<SHARES-COMMON-PRIOR> 816,007,725
<ACCUMULATED-NII-CURRENT> 0
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<NET-INVESTMENT-INCOME> 50,526,020
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<NUMBER-OF-SHARES-SOLD> 2,119,577,815
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<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 3,924,001
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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> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 111,938,956
<INVESTMENTS-AT-VALUE> 129,603,585
<RECEIVABLES> 631,172
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<TOTAL-ASSETS> 130,245,655
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<SHARES-COMMON-STOCK> 10,238,873
<SHARES-COMMON-PRIOR> 8,430,672
<ACCUMULATED-NII-CURRENT> 185,003
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,928,029
<NET-ASSETS> 130,150,164
<DIVIDEND-INCOME> 2,291,496
<INTEREST-INCOME> 819,498
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<EXPENSES-NET> 970,196
<NET-INVESTMENT-INCOME> 2,140,798
<REALIZED-GAINS-CURRENT> 7,030,142
<APPREC-INCREASE-CURRENT> 17,740,421
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<DISTRIBUTIONS-OF-INCOME> 2,269,960
<DISTRIBUTIONS-OF-GAINS> 1,933,454
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<NUMBER-OF-SHARES-SOLD> 4,282,287
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<SHARES-REINVESTED> 351,282
<NET-CHANGE-IN-ASSETS> 43,128,391
<ACCUMULATED-NII-PRIOR> 314,165
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 754,597
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<GROSS-EXPENSE> 1,047,191
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<PER-SHARE-NAV-BEGIN> 10.320
<PER-SHARE-NII> 0.230
<PER-SHARE-GAIN-APPREC> 2.640
<PER-SHARE-DIVIDEND> 0.250
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<PER-SHARE-NAV-END> 12.710
<EXPENSE-RATIO> 0.90
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> Biltmore Funds
Biltmore Fixed Income Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 164,105,331
<INVESTMENTS-AT-VALUE> 168,947,788
<RECEIVABLES> 3,309,662
<ASSETS-OTHER> 24,263
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 172,281,713
<PAYABLE-FOR-SECURITIES> 1,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,436,102
<TOTAL-LIABILITIES> 2,436,102
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 169,733,976
<SHARES-COMMON-STOCK> 17,151,389
<SHARES-COMMON-PRIOR> 16,591,943
<ACCUMULATED-NII-CURRENT> 183,406
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,914,228)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,842,457
<NET-ASSETS> 169,845,611
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,755,717
<OTHER-INCOME> 0
<EXPENSES-NET> 1,180,778
<NET-INVESTMENT-INCOME> 9,574,939
<REALIZED-GAINS-CURRENT> (977,357)
<APPREC-INCREASE-CURRENT> 16,676,119
<NET-CHANGE-FROM-OPS> 25,273,701
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,563,573
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,450,994
<NUMBER-OF-SHARES-REDEEMED> 4,785,329
<SHARES-REINVESTED> 893,781
<NET-CHANGE-IN-ASSETS> 21,094,955
<ACCUMULATED-NII-PRIOR> 172,040
<ACCUMULATED-GAINS-PRIOR> (3,936,871)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 957,389
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,340,203
<AVERAGE-NET-ASSETS> 159,274,816
<PER-SHARE-NAV-BEGIN> 8.970
<PER-SHARE-NII> 0.570
<PER-SHARE-GAIN-APPREC> 0.930
<PER-SHARE-DIVIDEND> 0.570
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.900
<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> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 142,752,214
<INVESTMENTS-AT-VALUE> 186,287,686
<RECEIVABLES> 965,838
<ASSETS-OTHER> 26,083
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 187,279,607
<PAYABLE-FOR-SECURITIES> 328,048
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 110,155
<TOTAL-LIABILITIES> 438,203
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 131,757,373
<SHARES-COMMON-STOCK> 13,717,964
<SHARES-COMMON-PRIOR> 17,903,963
<ACCUMULATED-NII-CURRENT> 782,872
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,959,531
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 44,341,628
<NET-ASSETS> 186,841,404
<DIVIDEND-INCOME> 4,306,941
<INTEREST-INCOME> 909,177
<OTHER-INCOME> 0
<EXPENSES-NET> 871,654
<NET-INVESTMENT-INCOME> 4,344,464
<REALIZED-GAINS-CURRENT> 9,977,764
<APPREC-INCREASE-CURRENT> 42,222,143
<NET-CHANGE-FROM-OPS> 56,544,371
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,345,032
<DISTRIBUTIONS-OF-GAINS> 598,243
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,643,231
<NUMBER-OF-SHARES-REDEEMED> 8,252,788
<SHARES-REINVESTED> 423,558
<NET-CHANGE-IN-ASSETS> 2,989,658
<ACCUMULATED-NII-PRIOR> 783,440
<ACCUMULATED-GAINS-PRIOR> 580,010
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 545,415
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 968,825
<AVERAGE-NET-ASSETS> 181,412,687
<PER-SHARE-NAV-BEGIN> 10.270
<PER-SHARE-NII> 0.280
<PER-SHARE-GAIN-APPREC> 3.370
<PER-SHARE-DIVIDEND> 0.270
<PER-SHARE-DISTRIBUTIONS> 0.030
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.620
<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> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 122,290,924
<INVESTMENTS-AT-VALUE> 123,121,184
<RECEIVABLES> 2,649,006
<ASSETS-OTHER> 26,832
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 125,797,022
<PAYABLE-FOR-SECURITIES> 1,003,354
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 74,028
<TOTAL-LIABILITIES> 1,077,382
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 126,484,999
<SHARES-COMMON-STOCK> 12,606,182
<SHARES-COMMON-PRIOR> 15,477,202
<ACCUMULATED-NII-CURRENT> 762,893
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,358,512)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 830,260
<NET-ASSETS> 124,719,640
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,836,940
<OTHER-INCOME> 0
<EXPENSES-NET> 880,046
<NET-INVESTMENT-INCOME> 7,956,894
<REALIZED-GAINS-CURRENT> 9,009
<APPREC-INCREASE-CURRENT> 3,977,024
<NET-CHANGE-FROM-OPS> 11,942,927
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,332,212
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,200,207
<NUMBER-OF-SHARES-REDEEMED> 5,816,573
<SHARES-REINVESTED> 745,346
<NET-CHANGE-IN-ASSETS> (23,606,766)
<ACCUMULATED-NII-PRIOR> 138,211
<ACCUMULATED-GAINS-PRIOR> (3,367,521)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 768,294
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,101,035
<AVERAGE-NET-ASSETS> 138,807,583
<PER-SHARE-NAV-BEGIN> 9.580
<PER-SHARE-NII> 0.570
<PER-SHARE-GAIN-APPREC> 0.260
<PER-SHARE-DIVIDEND> 0.520
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.890
<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> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 22,018,561
<INVESTMENTS-AT-VALUE> 24,004,684
<RECEIVABLES> 200,878
<ASSETS-OTHER> 2,976
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,208,538
<PAYABLE-FOR-SECURITIES> 89,206
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,258
<TOTAL-LIABILITIES> 115,464
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,146,849
<SHARES-COMMON-STOCK> 1,977,435
<SHARES-COMMON-PRIOR> 1,788,054
<ACCUMULATED-NII-CURRENT> 147,620
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,812,482
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,986,123
<NET-ASSETS> 24,093,074
<DIVIDEND-INCOME> 341,240
<INTEREST-INCOME> 78,959
<OTHER-INCOME> 0
<EXPENSES-NET> 259,341
<NET-INVESTMENT-INCOME> 160,858
<REALIZED-GAINS-CURRENT> 1,812,363
<APPREC-INCREASE-CURRENT> 2,534,358
<NET-CHANGE-FROM-OPS> 4,507,579
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 28,748
<DISTRIBUTIONS-OF-GAINS> 107,629
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 640,769
<NUMBER-OF-SHARES-REDEEMED> 464,783
<SHARES-REINVESTED> 13,395
<NET-CHANGE-IN-ASSETS> 6,662,180
<ACCUMULATED-NII-PRIOR> 15,510
<ACCUMULATED-GAINS-PRIOR> 107,748
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 160,840
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 375,371
<AVERAGE-NET-ASSETS> 20,136,335
<PER-SHARE-NAV-BEGIN> 9.750
<PER-SHARE-NII> 0.090
<PER-SHARE-GAIN-APPREC> 2.420
<PER-SHARE-DIVIDEND> 0.020
<PER-SHARE-DISTRIBUTIONS> 0.060
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.180
<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> Biltmore Funds
Biltmore Balanced Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 178,980,118
<INVESTMENTS-AT-VALUE> 206,752,155
<RECEIVABLES> 2,802,144
<ASSETS-OTHER> 38,475
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 209,592,774
<PAYABLE-FOR-SECURITIES> 959,925
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,211,354
<TOTAL-LIABILITIES> 2,171,279
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 173,017,219
<SHARES-COMMON-STOCK> 17,399,546
<SHARES-COMMON-PRIOR> 19,576,137
<ACCUMULATED-NII-CURRENT> 1,273,687
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,141,162
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,989,427
<NET-ASSETS> 207,421,495
<DIVIDEND-INCOME> 2,558,124
<INTEREST-INCOME> 6,082,763
<OTHER-INCOME> 0
<EXPENSES-NET> 1,513,907
<NET-INVESTMENT-INCOME> 7,126,980
<REALIZED-GAINS-CURRENT> 5,463,175
<APPREC-INCREASE-CURRENT> 34,227,110
<NET-CHANGE-FROM-OPS> 46,817,265
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,933,437
<DISTRIBUTIONS-OF-GAINS> 3,058,366
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,362,908
<NUMBER-OF-SHARES-REDEEMED> 8,483,555
<SHARES-REINVESTED> 944,056
<NET-CHANGE-IN-ASSETS> 12,991,136
<ACCUMULATED-NII-PRIOR> 1,080,144
<ACCUMULATED-GAINS-PRIOR> 2,736,353
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,394,516
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,830,253
<AVERAGE-NET-ASSETS> 198,341,116
<PER-SHARE-NAV-BEGIN> 9.930
<PER-SHARE-NII> 0.400
<PER-SHARE-GAIN-APPREC> 2.130
<PER-SHARE-DIVIDEND> 0.380
<PER-SHARE-DISTRIBUTIONS> 0.160
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.920
<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> 12-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 95,528,569
<INVESTMENTS-AT-VALUE> 121,893,668
<RECEIVABLES> 403,756
<ASSETS-OTHER> 22,305
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 122,319,729
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 425,216
<TOTAL-LIABILITIES> 425,216
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93,064,967
<SHARES-COMMON-STOCK> 9,294,572
<SHARES-COMMON-PRIOR> 9,582,109
<ACCUMULATED-NII-CURRENT> 244,905
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,053,162
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26,531,479
<NET-ASSETS> 121,894,513
<DIVIDEND-INCOME> 2,647,572
<INTEREST-INCOME> 270,026
<OTHER-INCOME> 0
<EXPENSES-NET> 905,170
<NET-INVESTMENT-INCOME> 2,012,428
<REALIZED-GAINS-CURRENT> 4,403,602
<APPREC-INCREASE-CURRENT> 28,219,890
<NET-CHANGE-FROM-OPS> 34,635,920
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,031,574
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,840,666
<NUMBER-OF-SHARES-REDEEMED> 2,308,489
<SHARES-REINVESTED> 180,286
<NET-CHANGE-IN-ASSETS> 29,915,588
<ACCUMULATED-NII-PRIOR> 264,051
<ACCUMULATED-GAINS-PRIOR> (2,350,440)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 728,298
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 994,673
<AVERAGE-NET-ASSETS> 104,175,693
<PER-SHARE-NAV-BEGIN> 9.600
<PER-SHARE-NII> 0.220
<PER-SHARE-GAIN-APPREC> 3.510
<PER-SHARE-DIVIDEND> 0.220
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.110
<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 Funds
<PERIOD-TYPE> 11-mos
<FISCAL-YEAR-END> Nov-30-1995
<PERIOD-END> Nov-30-1995
<INVESTMENTS-AT-COST> 72,324,819
<INVESTMENTS-AT-VALUE> 69,354,941
<RECEIVABLES> 302,962
<ASSETS-OTHER> 1,720,710
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71,378,613
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 102,730
<TOTAL-LIABILITIES> 102,730
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,284,104
<SHARES-COMMON-STOCK> 6,850,061
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 329,370
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (367,477)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,970,114)
<NET-ASSETS> 71,275,883
<DIVIDEND-INCOME> 599,285
<INTEREST-INCOME> 385,750
<OTHER-INCOME> 0
<EXPENSES-NET> 669,110
<NET-INVESTMENT-INCOME> 315,925
<REALIZED-GAINS-CURRENT> (366,282)
<APPREC-INCREASE-CURRENT> (2,970,114)
<NET-CHANGE-FROM-OPS> (3,020,471)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,143,913
<NUMBER-OF-SHARES-REDEEMED> 293,852
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 71,275,883
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 371,458
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 771,873
<AVERAGE-NET-ASSETS> 37,066,304
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.360
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.410
<EXPENSE-RATIO> 1.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
