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Previous: STRATEGIC GLOBAL INCOME FUND INC, NSAR-B, 1997-01-29 |
Next: BILTMORE FUNDS, 485BPOS, 1997-01-29 |
<PAGE> PAGE 1
000 B000000 11/30/96
000 C000000 0000881299
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE BILTMORE FUNDS
001 B000000 811-6504
001 C000000 4122888260
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
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007 C010100 1
007 C020100 BILTMORE U.S. TREASURY MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 BILTMORE MONEY MARKET FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C020400 BILTMORE TAX-FREE MONEY MARKET FUND
007 C030400 N
007 C010500 5
007 C020500 BILTMORE PRIME CASH MANAGEMENT FUND
007 C030500 N
007 C010600 6
007 C020600 BILTMORE EQUITY FUND
007 C030600 N
007 C010700 7
007 C020700 BILTMORE FIXED INCOME FUND
007 C030700 N
007 C010800 8
007 C020800 BILTMORE EQUITY INDEX FUND
007 C030800 N
007 C010900 9
007 C020900 BILTMORE SHORT-TERM FIXED INCOME FUND
007 C030900 N
007 C011000 10
007 C021000 BILTMORE SPECIAL VALUES FUND
007 C031000 N
<PAGE> PAGE 2
007 C011100 11
007 C021100 BILTMORE BALANCED FUND
007 C031100 N
007 C011200 12
007 C021200 BILTMORE QUANTITATIVE EQUITY FUND
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007 C011300 13
007 C021300 BILTMORE EMERGING MARKETS FUND
007 C031300 N
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
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020 A000002 RBC DOMINION SECURITIES CORP.
020 C000002 87
020 A000003 SALOMON BROTHERS, INC.
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020 A000004 REYNDERS, GRAY & CO., INC.
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020 A000005 ESI SECURITIES COMPANY
<PAGE> PAGE 3
020 C000005 76
020 A000006 HG ASIA SECURITIES LTD.
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020 A000007 SMITH, BARNEY, INC.
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020 A000009 NOMURA SECURITIES INTERNATIONAL, INC.
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020 A000010 BEAR, STEARNS & CO., INC.
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022 A000009 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
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022 C000009 207350
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<PAGE> PAGE 4
022 A000010 PAINEWEBBER, INC.
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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 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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025 D000904 0
025 D000905 0
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 772
028 A020900 538
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028 B010900 2384
028 B020900 467
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028 C010900 2117
028 C020900 471
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028 D020900 466
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028 E020900 457
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029 000900 Y
<PAGE> PAGE 41
030 A000900 19
030 B000900 2.50
030 C000900 0.00
031 A000900 2
031 B000900 0
032 000900 17
033 000900 0
037 000900 N
038 000900 0
039 000900 N
040 000900 N
042 A000900 0
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042 C000900 0
042 D000900 0
042 E000900 0
042 F000900 0
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042 H000900 0
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046 000900 N
047 000900 Y
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048 B010900 0
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048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
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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
<PAGE> PAGE 42
058 A000900 N
059 000900 Y
060 A000900 Y
060 B000900 Y
061 000900 250
062 A000900 Y
062 B000900 70.9
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062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 24.6
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 1.6
064 A000900 N
064 B000900 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
<PAGE> PAGE 43
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 N
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 167261
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071 C000900 115023
071 D000900 145
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072 R000900 14
072 S000900 1
072 T000900 86
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072 W000900 10
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072 Y000900 297
072 Z000900 6549
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<PAGE> PAGE 44
072DD010900 5949
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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
<PAGE> PAGE 45
015 E031001 X
024 001000 Y
025 A001001 EATAN VANCE
025 C001001 E
025 D001001 301
025 A001002 JOHN NUVEEN, CLASS A
025 C001002 E
025 D001002 434
025 A001003 PEPER JAFFREY
025 C001003 E
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025 A001004 DAIWA SECURITIES
025 C001004 D
025 D001004 2014
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029 001000 Y
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030 C001000 0.25
<PAGE> PAGE 46
031 A001000 8
031 B001000 0
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033 001000 0
037 001000 N
038 001000 0
039 001000 N
040 001000 N
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042 D001000 0
042 E001000 0
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042 G001000 0
042 H001000 0
043 001000 0
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045 001000 Y
046 001000 N
047 001000 Y
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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
<PAGE> PAGE 47
060 B001000 Y
061 001000 250
062 A001000 N
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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
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
<PAGE> PAGE 48
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 50820
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072 X001000 602
072 Y001000 113
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072AA001000 7365
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072CC011000 5820
<PAGE> PAGE 49
072CC021000 0
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072DD021000 0
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073 A011000 0.0800
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074 A001000 22
074 B001000 2014
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074 U021000 3745
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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
<PAGE> PAGE 50
015 C031101 27150
015 E031101 X
024 001100 Y
025 A001101 MORGAN STANLEY
025 C001101 E
025 D001101 721
025 A001102 WELLS FARGO
025 C001102 E
025 D001102 2299
025 A001103 PRUDENTIAL HOME MORTGAGE
025 C001103 D
025 D001103 1037
025 A001104 BANKERS TRUST
025 C001104 D
025 D001104 881
025 A001105 MERRILL LYNCH
025 C001105 D
025 D001105 722
025 A001106 SMITH BARNEY
025 C001106 D
025 D001106 1026
025 A001107 DAIWA SECURITIES
025 C001107 D
025 D001107 7701
025 D001108 0
028 A011100 3766
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028 D021100 1560
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028 G021100 3160
<PAGE> PAGE 51
028 G031100 0
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028 H001100 17596
029 001100 Y
030 A001100 383
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039 001100 N
040 001100 Y
041 001100 Y
042 A001100 0
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042 C001100 100
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048 I021100 0.000
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<PAGE> PAGE 52
048 K021100 0.000
055 A001100 N
055 B001100 N
056 001100 Y
057 001100 N
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059 001100 Y
060 A001100 Y
060 B001100 Y
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066 A001100 Y
066 B001100 N
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066 D001100 N
066 E001100 Y
066 F001100 N
066 G001100 N
067 001100 Y
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 Y
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
<PAGE> PAGE 53
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 247680
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<PAGE> PAGE 54
072 V001100 0
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008 A001201 WACHOVIA ASSET MANAGEMENT
008 B001201 A
<PAGE> PAGE 55
008 C001201 801-0000
008 D011201 WINSTON-SALEM
008 D021201 NC
008 D031201 27150
008 A001202 TWIN CAPITAL MANAGEMENT, INC.
008 B001202 S
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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
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<PAGE> PAGE 56
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<PAGE> PAGE 57
048 J011200 0
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055 A001200 N
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<PAGE> PAGE 58
070 D021200 N
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070 H011200 N
070 H021200 N
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070 M021200 N
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<PAGE> PAGE 59
072 S001200 3
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<PAGE> PAGE 60
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
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015 C031301 27150
015 E031301 X
015 A001302 MORGAN GUARANTY TRUST CO.
015 B001302 S
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028 B011300 2735
028 B021300 0
028 B031300 0
028 B041300 469
028 C011300 2282
028 C021300 0
028 C031300 0
028 C041300 175
028 D011300 30977
028 D021300 0
028 D031300 0
028 D041300 24601
028 E011300 8069
028 E021300 0
028 E031300 0
028 E041300 354
028 F011300 101356
028 F021300 0
<PAGE> PAGE 61
028 F031300 0
028 F041300 93073
028 G011300 148590
028 G021300 0
028 G031300 0
028 G041300 119081
028 H001300 23247
029 001300 Y
030 A001300 97
030 B001300 4.50
030 C001300 0.00
031 A001300 5
031 B001300 0
032 001300 92
033 001300 0
037 001300 N
038 001300 0
039 001300 N
040 001300 N
042 A001300 0
042 B001300 0
042 C001300 0
042 D001300 0
042 E001300 0
042 F001300 0
042 G001300 0
042 H001300 0
043 001300 0
044 001300 0
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
<PAGE> PAGE 62
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
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
<PAGE> PAGE 63
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
071 A001300 81269
071 B001300 27541
071 C001300 88841
071 D001300 31
072 A001300 12
072 B001300 395
072 C001300 1933
072 D001300 0
072 E001300 0
072 F001300 1006
072 G001300 87
072 H001300 0
072 I001300 79
072 J001300 314
072 K001300 0
072 L001300 14
072 M001300 2
072 N001300 36
072 O001300 0
072 P001300 0
072 Q001300 50
072 R001300 15
<PAGE> PAGE 64
072 S001300 14
072 T001300 82
072 U001300 0
072 V001300 0
072 W001300 6
072 X001300 1705
072 Y001300 92
072 Z001300 715
072AA001300 4487
072BB001300 4425
072CC011300 7809
072CC021300 0
072DD011300 220
072DD021300 0
072EE001300 0
073 A011300 0.0300
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 15
074 B001300 4829
074 C001300 0
074 D001300 231
074 E001300 8320
074 F001300 107432
074 G001300 0
074 H001300 0
074 I001300 6329
074 J001300 1095
074 K001300 0
074 L001300 4237
074 M001300 21
074 N001300 132509
074 O001300 3845
074 P001300 0
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 141
074 S001300 0
074 T001300 128523
074 U011300 470
074 U021300 10538
074 V011300 11.67
074 V021300 11.67
074 W001300 0.0000
074 X001300 3493
074 Y001300 0
075 A001300 0
075 B001300 100212
<PAGE> PAGE 65
076 001300 0.00
SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<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-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 408,308,945
<INVESTMENTS-AT-VALUE> 408,308,945
<RECEIVABLES> 70,073
<ASSETS-OTHER> 993
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 408,380,011
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,738,430
<TOTAL-LIABILITIES> 1,738,430
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 406,641,581
<SHARES-COMMON-STOCK> 302,305,867
<SHARES-COMMON-PRIOR> 214,356,136
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 302,305,867
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,842,406
<OTHER-INCOME> 0
<EXPENSES-NET> 1,413,748
<NET-INVESTMENT-INCOME> 17,428,658
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 17,428,658
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,103,649
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 722,628,978
<NUMBER-OF-SHARES-REDEEMED> 634,679,247
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 110,546,270
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,754,090
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,781,685
<AVERAGE-NET-ASSETS> 350,817,995
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.30
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<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-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 408,308,945
<INVESTMENTS-AT-VALUE> 408,308,945
<RECEIVABLES> 70,073
<ASSETS-OTHER> 993
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 408,380,011
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,738,430
<TOTAL-LIABILITIES> 1,738,430
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 406,641,581
<SHARES-COMMON-STOCK> 104,335,714
<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> 104,335,714
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,842,406
<OTHER-INCOME> 0
<EXPENSES-NET> 1,413,748
<NET-INVESTMENT-INCOME> 17,428,658
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 17,428,658
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,325,009
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 188,482,135
<NUMBER-OF-SHARES-REDEEMED> 165,885,596
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 110,546,270
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,754,090
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,781,685
<AVERAGE-NET-ASSETS> 350,817,995
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.040
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<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> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 364,957,550
<INVESTMENTS-AT-VALUE> 364,957,550
<RECEIVABLES> 2,726,381
<ASSETS-OTHER> 1,549
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 367,685,480
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,674,847
<TOTAL-LIABILITIES> 1,674,847
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 366,010,633
<SHARES-COMMON-STOCK> 135,747,775
<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> 135,747,775
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,551,819
<OTHER-INCOME> 0
<EXPENSES-NET> 2,065,475
<NET-INVESTMENT-INCOME> 16,486,344
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 16,486,344
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,851,442
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 333,951,621
<NUMBER-OF-SHARES-REDEEMED> 324,245,481
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 74,333,281
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,682,976
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,149,276
<AVERAGE-NET-ASSETS> 336,595,555
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.37
<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-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 364,957,550
<INVESTMENTS-AT-VALUE> 364,957,550
<RECEIVABLES> 2,726,381
<ASSETS-OTHER> 1,549
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 367,685,480
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,674,847
<TOTAL-LIABILITIES> 1,674,847
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 366,010,633
<SHARES-COMMON-STOCK> 230,262,858
<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> 230,262,858
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,551,819
<OTHER-INCOME> 0
<EXPENSES-NET> 2,065,475
<NET-INVESTMENT-INCOME> 16,486,344
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 16,486,344
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,634,902
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 283,684,561
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<SHARES-REINVESTED> 10,615
<NET-CHANGE-IN-ASSETS> 74,333,281
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,682,976
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,149,276
<AVERAGE-NET-ASSETS> 336,595,555
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.77
<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-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 193,145,945
<INVESTMENTS-AT-VALUE> 193,145,945
<RECEIVABLES> 1,647,876
<ASSETS-OTHER> 1,565
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 194,795,386
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 996,429
<TOTAL-LIABILITIES> 996,429
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 193,798,957
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<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> 118,876,592
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,274,750
<OTHER-INCOME> 0
<EXPENSES-NET> 807,706
<NET-INVESTMENT-INCOME> 5,467,044
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,467,044
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<DISTRIBUTIONS-OF-INCOME> 3,429,242
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 242,033,756
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 57,791,828
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 891,888
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,582,234
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<PER-SHARE-NAV-BEGIN> 1.000
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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> 042
<NAME> Biltmore Funds
Biltmore Tax-Free Money Market Fund
Investment Shares
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 193,145,945
<INVESTMENTS-AT-VALUE> 193,145,945
<RECEIVABLES> 1,647,876
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<TOTAL-ASSETS> 194,795,386
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<TOTAL-LIABILITIES> 996,429
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<SHARES-COMMON-PRIOR> 55,733,173
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 74,922,365
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
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<DISTRIBUTIONS-OF-INCOME> 2,037,802
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 167,880,901
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (150,000)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 891,888
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,582,234
<AVERAGE-NET-ASSETS> 178,377,475
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<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-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 1,172,934,215
<INVESTMENTS-AT-VALUE> 1,172,934,215
<RECEIVABLES> 8,953,689
<ASSETS-OTHER> 99,144
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,181,987,048
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,132,508
<TOTAL-LIABILITIES> 5,132,508
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,176,854,540
<SHARES-COMMON-STOCK> 1,176,854,540
<SHARES-COMMON-PRIOR> 879,603,395
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,176,854,540
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 58,014,096
<OTHER-INCOME> 0
<EXPENSES-NET> 1,897,038
<NET-INVESTMENT-INCOME> 56,117,058
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<NUMBER-OF-SHARES-SOLD> 2,583,312,246
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,161,728
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,687,177
<AVERAGE-NET-ASSETS> 1,051,038,031
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 061
<NAME> Biltmore Funds
Biltmore Equity Fund
Class A Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 122,586,383
<INVESTMENTS-AT-VALUE> 150,514,129
<RECEIVABLES> 841,957
<ASSETS-OTHER> 12,937
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 151,369,023
<PAYABLE-FOR-SECURITIES> 281,091
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 132,904
<TOTAL-LIABILITIES> 413,995
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 103,869,273
<SHARES-COMMON-STOCK> 1,402,910
<SHARES-COMMON-PRIOR> 10,238,873
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,658,604
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,427,151
<NET-ASSETS> 20,774,228
<DIVIDEND-INCOME> 2,488,170
<INTEREST-INCOME> 997,821
<OTHER-INCOME> 0
<EXPENSES-NET> 1,284,304
<NET-INVESTMENT-INCOME> 2,201,687
<REALIZED-GAINS-CURRENT> 19,131,328
<APPREC-INCREASE-CURRENT> 10,638,899
<NET-CHANGE-FROM-OPS> 31,971,914
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,069,120
<DISTRIBUTIONS-OF-GAINS> 7,457,396
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,573,564
<NUMBER-OF-SHARES-REDEEMED> 13,058,201
<SHARES-REINVESTED> 648,674
<NET-CHANGE-IN-ASSETS> 20,804,864
<ACCUMULATED-NII-PRIOR> 185,003
<ACCUMULATED-GAINS-PRIOR> 6,844,895
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,003,098
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,504,233
<AVERAGE-NET-ASSETS> 142,626,558
<PER-SHARE-NAV-BEGIN> 12.710
<PER-SHARE-NII> 0.220
<PER-SHARE-GAIN-APPREC> 2.830
<PER-SHARE-DIVIDEND> 0.220
<PER-SHARE-DISTRIBUTIONS> 0.730
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.810
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 062
<NAME> Biltmore Funds
Biltmore Equity Fund
Class B Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 122,586,383
<INVESTMENTS-AT-VALUE> 150,514,129
<RECEIVABLES> 841,957
<ASSETS-OTHER> 12,937
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 151,369,023
<PAYABLE-FOR-SECURITIES> 281,091
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 132,904
<TOTAL-LIABILITIES> 413,995
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 103,869,273
<SHARES-COMMON-STOCK> 65,986
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,658,604
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,427,151
<NET-ASSETS> 975,964
<DIVIDEND-INCOME> 2,488,170
<INTEREST-INCOME> 997,821
<OTHER-INCOME> 0
<EXPENSES-NET> 1,284,304
<NET-INVESTMENT-INCOME> 2,201,687
<REALIZED-GAINS-CURRENT> 19,131,328
<APPREC-INCREASE-CURRENT> 10,638,899
<NET-CHANGE-FROM-OPS> 31,971,914
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 554
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 68,238
<NUMBER-OF-SHARES-REDEEMED> 2,290
<SHARES-REINVESTED> 38
<NET-CHANGE-IN-ASSETS> 20,804,864
<ACCUMULATED-NII-PRIOR> 185,003
<ACCUMULATED-GAINS-PRIOR> 6,844,895
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,003,098
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,504,233
<AVERAGE-NET-ASSETS> 142,626,558
<PER-SHARE-NAV-BEGIN> 12.430
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 2.370
<PER-SHARE-DIVIDEND> 0.030
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.790
<EXPENSE-RATIO> 1.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 063
<NAME> Biltmore Funds
Biltmore Equity Fund
Class y Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 122,586,383
<INVESTMENTS-AT-VALUE> 150,514,129
<RECEIVABLES> 841,957
<ASSETS-OTHER> 12,937
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 151,369,023
<PAYABLE-FOR-SECURITIES> 281,091
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 132,904
<TOTAL-LIABILITIES> 413,995
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 103,869,273
<SHARES-COMMON-STOCK> 8,725,212
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,658,604
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,427,151
<NET-ASSETS> 129,204,836
<DIVIDEND-INCOME> 2,488,170
<INTEREST-INCOME> 997,821
<OTHER-INCOME> 0
<EXPENSES-NET> 1,284,304
<NET-INVESTMENT-INCOME> 2,201,687
<REALIZED-GAINS-CURRENT> 19,131,328
<APPREC-INCREASE-CURRENT> 10,638,899
<NET-CHANGE-FROM-OPS> 31,971,914
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 317,016
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,334,286
<NUMBER-OF-SHARES-REDEEMED> 1,632,543
<SHARES-REINVESTED> 23,469
<NET-CHANGE-IN-ASSETS> 20,804,864
<ACCUMULATED-NII-PRIOR> 185,003
<ACCUMULATED-GAINS-PRIOR> 6,844,895
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,003,098
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,504,233
<AVERAGE-NET-ASSETS> 142,626,558
<PER-SHARE-NAV-BEGIN> 12.430
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 2.400
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.810
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 071
<NAME> Biltmore Funds
Biltmore Fixed Income Fund
Class A Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 180,076,672
<INVESTMENTS-AT-VALUE> 182,005,881
<RECEIVABLES> 2,926,137
<ASSETS-OTHER> 13,864
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 184,945,882
<PAYABLE-FOR-SECURITIES> 3,748,125
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 395,744
<TOTAL-LIABILITIES> 4,143,869
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 181,886,624
<SHARES-COMMON-STOCK> 493,903
<SHARES-COMMON-PRIOR> 17,151,389
<ACCUMULATED-NII-CURRENT> 328,517
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,342,337)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,929,209
<NET-ASSETS> 4,853,055
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,923,280
<OTHER-INCOME> 0
<EXPENSES-NET> 1,291,865
<NET-INVESTMENT-INCOME> 10,631,415
<REALIZED-GAINS-CURRENT> 1,687,779
<APPREC-INCREASE-CURRENT> (2,913,248)
<NET-CHANGE-FROM-OPS> 9,405,946
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,570,109
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,715,943
<NUMBER-OF-SHARES-REDEEMED> 24,034,268
<SHARES-REINVESTED> 660,839
<NET-CHANGE-IN-ASSETS> 10,956,402
<ACCUMULATED-NII-PRIOR> 183,406
<ACCUMULATED-GAINS-PRIOR> (4,914,228)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,047,666
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,601,812
<AVERAGE-NET-ASSETS> 173,996,490
<PER-SHARE-NAV-BEGIN> 9.900
<PER-SHARE-NII> 0.610
<PER-SHARE-GAIN-APPREC> (0.090)
<PER-SHARE-DIVIDEND> 0.590
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.830
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 072
<NAME> Biltmore Funds
Biltmore Fixed Income Fund
Class B Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 180,076,672
<INVESTMENTS-AT-VALUE> 182,005,881
<RECEIVABLES> 2,926,137
<ASSETS-OTHER> 13,864
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 184,945,882
<PAYABLE-FOR-SECURITIES> 3,748,125
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 395,744
<TOTAL-LIABILITIES> 4,143,869
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 181,886,624
<SHARES-COMMON-STOCK> 11,459
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 328,517
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,342,337)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,929,209
<NET-ASSETS> 112,618
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,923,280
<OTHER-INCOME> 0
<EXPENSES-NET> 1,291,865
<NET-INVESTMENT-INCOME> 10,631,415
<REALIZED-GAINS-CURRENT> 1,687,779
<APPREC-INCREASE-CURRENT> (2,913,248)
<NET-CHANGE-FROM-OPS> 9,405,946
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,660
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,286
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 173
<NET-CHANGE-IN-ASSETS> 10,956,402
<ACCUMULATED-NII-PRIOR> 183,406
<ACCUMULATED-GAINS-PRIOR> (4,914,228)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,047,666
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,601,812
<AVERAGE-NET-ASSETS> 173,996,490
<PER-SHARE-NAV-BEGIN> 9.450
<PER-SHARE-NII> 0.150
<PER-SHARE-GAIN-APPREC> 0.400
<PER-SHARE-DIVIDEND> 0.170
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.830
<EXPENSE-RATIO> 1.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 073
<NAME> Biltmore Funds
Biltmore Fixed Income Fund
Class Y Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 180,076,672
<INVESTMENTS-AT-VALUE> 182,005,881
<RECEIVABLES> 2,926,137
<ASSETS-OTHER> 13,864
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 184,945,882
<PAYABLE-FOR-SECURITIES> 3,748,125
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 395,744
<TOTAL-LIABILITIES> 4,143,869
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 181,886,624
<SHARES-COMMON-STOCK> 17,893,196
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 328,517
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,342,337)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,929,209
<NET-ASSETS> 175,836,340
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,923,280
<OTHER-INCOME> 0
<EXPENSES-NET> 1,291,865
<NET-INVESTMENT-INCOME> 10,631,415
<REALIZED-GAINS-CURRENT> 1,687,779
<APPREC-INCREASE-CURRENT> (2,913,248)
<NET-CHANGE-FROM-OPS> 9,405,946
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,030,423
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,920,202
<NUMBER-OF-SHARES-REDEEMED> 1,212,034
<SHARES-REINVESTED> 185,028
<NET-CHANGE-IN-ASSETS> 10,956,402
<ACCUMULATED-NII-PRIOR> 183,406
<ACCUMULATED-GAINS-PRIOR> (4,914,228)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,047,666
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,601,812
<AVERAGE-NET-ASSETS> 173,996,490
<PER-SHARE-NAV-BEGIN> 9.450
<PER-SHARE-NII> 0.170
<PER-SHARE-GAIN-APPREC> 0.400
<PER-SHARE-DIVIDEND> 0.190
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.830
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 081
<NAME> The Biltmore Funds
Biltmore Equity Index Fund
Class A Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 154,778,007
<INVESTMENTS-AT-VALUE> 231,169,945
<RECEIVABLES> 1,033,574
<ASSETS-OTHER> 15,038
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 232,218,557
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 230,912
<TOTAL-LIABILITIES> 230,912
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 141,764,048
<SHARES-COMMON-STOCK> 1,135,858
<SHARES-COMMON-PRIOR> 13,717,964
<ACCUMULATED-NII-CURRENT> 734,120
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,772,678
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 79,716,798
<NET-ASSETS> 18,156,802
<DIVIDEND-INCOME> 3,930,920
<INTEREST-INCOME> 1,509,273
<OTHER-INCOME> 0
<EXPENSES-NET> 986,083
<NET-INVESTMENT-INCOME> 4,454,110
<REALIZED-GAINS-CURRENT> 10,769,067
<APPREC-INCREASE-CURRENT> 35,375,170
<NET-CHANGE-FROM-OPS> 50,598,347
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,509,012
<DISTRIBUTIONS-OF-GAINS> 10,955,920
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,245,012
<NUMBER-OF-SHARES-REDEEMED> 17,907,828
<SHARES-REINVESTED> 1,080,710
<NET-CHANGE-IN-ASSETS> 45,146,240
<ACCUMULATED-NII-PRIOR> 782,872
<ACCUMULATED-GAINS-PRIOR> 9,959,531
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 616,302
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,221,016
<AVERAGE-NET-ASSETS> 204,652,456
<PER-SHARE-NAV-BEGIN> 13.620
<PER-SHARE-NII> 1.100
<PER-SHARE-GAIN-APPREC> 2.360
<PER-SHARE-DIVIDEND> 0.310
<PER-SHARE-DISTRIBUTIONS> 0.780
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.990
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 082
<NAME> The Biltmore Funds
Biltmore Equity Index Fund
Class Y Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 154,778,007
<INVESTMENTS-AT-VALUE> 231,169,945
<RECEIVABLES> 1,033,574
<ASSETS-OTHER> 15,038
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 232,218,557
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 230,912
<TOTAL-LIABILITIES> 230,912
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 141,764,048
<SHARES-COMMON-STOCK> 13,377,938
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 734,120
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,772,678
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 79,716,798
<NET-ASSETS> 213,830,842
<DIVIDEND-INCOME> 3,930,920
<INTEREST-INCOME> 1,509,273
<OTHER-INCOME> 0
<EXPENSES-NET> 986,083
<NET-INVESTMENT-INCOME> 4,454,110
<REALIZED-GAINS-CURRENT> 10,769,067
<APPREC-INCREASE-CURRENT> 35,375,170
<NET-CHANGE-FROM-OPS> 50,598,347
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 993,850
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,081,776
<NUMBER-OF-SHARES-REDEEMED> 772,944
<SHARES-REINVESTED> 69,106
<NET-CHANGE-IN-ASSETS> 45,146,240
<ACCUMULATED-NII-PRIOR> 782,872
<ACCUMULATED-GAINS-PRIOR> 9,959,531
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 616,302
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,221,016
<AVERAGE-NET-ASSETS> 204,652,456
<PER-SHARE-NAV-BEGIN> 13.370
<PER-SHARE-NII> 0.060
<PER-SHARE-GAIN-APPREC> 2.630
<PER-SHARE-DIVIDEND> 0.080
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.980
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 091
<NAME> Biltmore Funds
Biltmore Short-Term Fixed Income Fund
Class A Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 121,346,810
<INVESTMENTS-AT-VALUE> 121,989,488
<RECEIVABLES> 2,913,771
<ASSETS-OTHER> 15,332
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 124,918,591
<PAYABLE-FOR-SECURITIES> 6,996,080
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 109,603
<TOTAL-LIABILITIES> 7,105,683
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,059,795
<SHARES-COMMON-STOCK> 171,280
<SHARES-COMMON-PRIOR> 12,606,182
<ACCUMULATED-NII-CURRENT> 150,693
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,040,258)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 642,678
<NET-ASSETS> 1,674,804
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,292,778
<OTHER-INCOME> 0
<EXPENSES-NET> 743,493
<NET-INVESTMENT-INCOME> 6,549,285
<REALIZED-GAINS-CURRENT> (495,516)
<APPREC-INCREASE-CURRENT> (187,582)
<NET-CHANGE-FROM-OPS> 5,866,187
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,949,042
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,790,753
<NUMBER-OF-SHARES-REDEEMED> 14,822,145
<SHARES-REINVESTED> 596,490
<NET-CHANGE-IN-ASSETS> (6,906,732)
<ACCUMULATED-NII-PRIOR> 762,893
<ACCUMULATED-GAINS-PRIOR> (3,358,512)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 649,181
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,040,663
<AVERAGE-NET-ASSETS> 117,996,881
<PER-SHARE-NAV-BEGIN> 9.890
<PER-SHARE-NII> 0.200
<PER-SHARE-GAIN-APPREC> 0.300
<PER-SHARE-DIVIDEND> 0.600
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.790
<EXPENSE-RATIO> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 093
<NAME> Biltmore Funds
Biltmore Short-Term Fixed Income Fund
Class Y Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 121,346,810
<INVESTMENTS-AT-VALUE> 121,989,488
<RECEIVABLES> 2,913,771
<ASSETS-OTHER> 15,332
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 124,918,591
<PAYABLE-FOR-SECURITIES> 6,996,080
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 109,603
<TOTAL-LIABILITIES> 7,105,683
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,059,795
<SHARES-COMMON-STOCK> 11,864,487
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 150,693
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,040,258)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 642,678
<NET-ASSETS> 116,138,104
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,292,778
<OTHER-INCOME> 0
<EXPENSES-NET> 743,493
<NET-INVESTMENT-INCOME> 6,549,285
<REALIZED-GAINS-CURRENT> (495,516)
<APPREC-INCREASE-CURRENT> (187,582)
<NET-CHANGE-FROM-OPS> 5,866,187
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,398,673
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,375,109
<NUMBER-OF-SHARES-REDEEMED> 653,343
<SHARES-REINVESTED> 142,721
<NET-CHANGE-IN-ASSETS> (6,906,732)
<ACCUMULATED-NII-PRIOR> 762,893
<ACCUMULATED-GAINS-PRIOR> (3,358,512)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 649,181
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,040,663
<AVERAGE-NET-ASSETS> 117,996,881
<PER-SHARE-NAV-BEGIN> 9.670
<PER-SHARE-NII> 0.150
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.170
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.790
<EXPENSE-RATIO> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 101
<NAME> Biltmore Funds
Biltmore Special Value Fund
Class A Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 57,516,998
<INVESTMENTS-AT-VALUE> 65,322,876
<RECEIVABLES> 511,787
<ASSETS-OTHER> 24,174
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 65,858,837
<PAYABLE-FOR-SECURITIES> 342,973
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 177,182
<TOTAL-LIABILITIES> 520,155
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,291,005
<SHARES-COMMON-STOCK> 423,876
<SHARES-COMMON-PRIOR> 1,977,435
<ACCUMULATED-NII-CURRENT> 267,242
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,974,557
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,805,878
<NET-ASSETS> 6,642,067
<DIVIDEND-INCOME> 640,715
<INTEREST-INCOME> 126,621
<OTHER-INCOME> 0
<EXPENSES-NET> 488,364
<NET-INVESTMENT-INCOME> 278,972
<REALIZED-GAINS-CURRENT> 6,976,279
<APPREC-INCREASE-CURRENT> 5,819,755
<NET-CHANGE-FROM-OPS> 13,075,006
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 159,350
<DISTRIBUTIONS-OF-GAINS> 1,814,204
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,051,670
<NUMBER-OF-SHARES-REDEEMED> 3,768,276
<SHARES-REINVESTED> 163,047
<NET-CHANGE-IN-ASSETS> 41,254,904
<ACCUMULATED-NII-PRIOR> 147,620
<ACCUMULATED-GAINS-PRIOR> 1,812,482
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 324,764
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 601,768
<AVERAGE-NET-ASSETS> 40,929,865
<PER-SHARE-NAV-BEGIN> 12.180
<PER-SHARE-NII> 0.350
<PER-SHARE-GAIN-APPREC> 4.130
<PER-SHARE-DIVIDEND> 0.080
<PER-SHARE-DISTRIBUTIONS> 0.910
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.670
<EXPENSE-RATIO> 1.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 102
<NAME> Biltmore Funds
Biltmore Special Value Fund
Class Y Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 57,516,998
<INVESTMENTS-AT-VALUE> 65,322,876
<RECEIVABLES> 511,787
<ASSETS-OTHER> 24,174
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 65,858,837
<PAYABLE-FOR-SECURITIES> 342,973
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 177,182
<TOTAL-LIABILITIES> 520,155
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,291,005
<SHARES-COMMON-STOCK> 3,744,851
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 267,242
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,974,557
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,805,878
<NET-ASSETS> 58,696,615
<DIVIDEND-INCOME> 640,715
<INTEREST-INCOME> 126,621
<OTHER-INCOME> 0
<EXPENSES-NET> 488,364
<NET-INVESTMENT-INCOME> 278,972
<REALIZED-GAINS-CURRENT> 6,976,279
<APPREC-INCREASE-CURRENT> 5,819,755
<NET-CHANGE-FROM-OPS> 13,075,006
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,761,852
<NUMBER-OF-SHARES-REDEEMED> 17,001
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 41,254,904
<ACCUMULATED-NII-PRIOR> 147,620
<ACCUMULATED-GAINS-PRIOR> 1,812,482
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 324,764
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 601,768
<AVERAGE-NET-ASSETS> 40,929,865
<PER-SHARE-NAV-BEGIN> 13.620
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 2.020
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.670
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 111
<NAME> Biltmore Funds
Biltmore Balanced Fund
Class A Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 222,520,573
<INVESTMENTS-AT-VALUE> 254,558,981
<RECEIVABLES> 3,870,599
<ASSETS-OTHER> 16,876
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 258,446,456
<PAYABLE-FOR-SECURITIES> 1,994,844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 219,301
<TOTAL-LIABILITIES> 2,214,145
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 195,327,230
<SHARES-COMMON-STOCK> 1,400,116
<SHARES-COMMON-PRIOR> 17,399,546
<ACCUMULATED-NII-CURRENT> 1,028,420
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,558,348
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,318,313
<NET-ASSETS> 18,619,496
<DIVIDEND-INCOME> 2,298,125
<INTEREST-INCOME> 6,250,593
<OTHER-INCOME> 0
<EXPENSES-NET> 1,720,276
<NET-INVESTMENT-INCOME> 6,828,442
<REALIZED-GAINS-CURRENT> 27,473,989
<APPREC-INCREASE-CURRENT> 5,189,140
<NET-CHANGE-FROM-OPS> 39,491,571
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,630,367
<DISTRIBUTIONS-OF-GAINS> 5,927,062
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,734,155
<NUMBER-OF-SHARES-REDEEMED> 21,667,531
<SHARES-REINVESTED> 933,946
<NET-CHANGE-IN-ASSETS> 48,810,816
<ACCUMULATED-NII-PRIOR> 1,273,687
<ACCUMULATED-GAINS-PRIOR> 5,141,162
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,588,214
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,236,214
<AVERAGE-NET-ASSETS> 227,507,636
<PER-SHARE-NAV-BEGIN> 11.920
<PER-SHARE-NII> 0.380
<PER-SHARE-GAIN-APPREC> 1.720
<PER-SHARE-DIVIDEND> 0.380
<PER-SHARE-DISTRIBUTIONS> 0.340
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.300
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 112
<NAME> Biltmore Funds
Biltmore Balanced Fund
Class B Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 222,520,573
<INVESTMENTS-AT-VALUE> 254,558,981
<RECEIVABLES> 3,870,599
<ASSETS-OTHER> 16,876
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 258,446,456
<PAYABLE-FOR-SECURITIES> 1,994,844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 219,301
<TOTAL-LIABILITIES> 2,214,145
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 195,327,230
<SHARES-COMMON-STOCK> 137,078
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,028,420
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,558,348
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,318,313
<NET-ASSETS> 1,821,409
<DIVIDEND-INCOME> 2,298,125
<INTEREST-INCOME> 6,250,593
<OTHER-INCOME> 0
<EXPENSES-NET> 1,720,276
<NET-INVESTMENT-INCOME> 6,828,442
<REALIZED-GAINS-CURRENT> 27,473,989
<APPREC-INCREASE-CURRENT> 5,189,140
<NET-CHANGE-FROM-OPS> 39,491,571
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,544
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 138,824
<NUMBER-OF-SHARES-REDEEMED> 1,945
<SHARES-REINVESTED> 199
<NET-CHANGE-IN-ASSETS> 48,810,816
<ACCUMULATED-NII-PRIOR> 1,273,687
<ACCUMULATED-GAINS-PRIOR> 5,141,162
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,588,214
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,236,214
<AVERAGE-NET-ASSETS> 227,507,636
<PER-SHARE-NAV-BEGIN> 11.680
<PER-SHARE-NII> 0.090
<PER-SHARE-GAIN-APPREC> 1.590
<PER-SHARE-DIVIDEND> 0.070
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.290
<EXPENSE-RATIO> 1.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 113
<NAME> Biltmore Funds
Biltmore Balanced Fund
Class Y Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 222,520,573
<INVESTMENTS-AT-VALUE> 254,558,981
<RECEIVABLES> 3,870,599
<ASSETS-OTHER> 16,876
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 258,446,456
<PAYABLE-FOR-SECURITIES> 1,994,844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 219,301
<TOTAL-LIABILITIES> 2,214,145
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 195,327,230
<SHARES-COMMON-STOCK> 17,732,903
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,028,420
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,558,348
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,318,313
<NET-ASSETS> 235,791,406
<DIVIDEND-INCOME> 2,298,125
<INTEREST-INCOME> 6,250,593
<OTHER-INCOME> 0
<EXPENSES-NET> 1,720,276
<NET-INVESTMENT-INCOME> 6,828,442
<REALIZED-GAINS-CURRENT> 27,473,989
<APPREC-INCREASE-CURRENT> 5,189,140
<NET-CHANGE-FROM-OPS> 39,491,571
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,430,793
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,394,067
<NUMBER-OF-SHARES-REDEEMED> 777,484
<SHARES-REINVESTED> 116,320
<NET-CHANGE-IN-ASSETS> 48,810,816
<ACCUMULATED-NII-PRIOR> 1,273,687
<ACCUMULATED-GAINS-PRIOR> 5,141,162
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,588,214
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,236,214
<AVERAGE-NET-ASSETS> 227,507,636
<PER-SHARE-NAV-BEGIN> 11.680
<PER-SHARE-NII> 0.080
<PER-SHARE-GAIN-APPREC> 1.630
<PER-SHARE-DIVIDEND> 0.090
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.300
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 121
<NAME> Biltmore Funds
Biltmore Quantitative Equity Fund
Class A
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 122,040,119
<INVESTMENTS-AT-VALUE> 169,378,581
<RECEIVABLES> 442,425
<ASSETS-OTHER> 14,870
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 169,835,876
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,181
<TOTAL-LIABILITIES> 108,181
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 113,651,644
<SHARES-COMMON-STOCK> 1,004,767
<SHARES-COMMON-PRIOR> 9,294,572
<ACCUMULATED-NII-CURRENT> 370,439
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,360,257
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48,345,355
<NET-ASSETS> 15,742,439
<DIVIDEND-INCOME> 3,006,198
<INTEREST-INCOME> 470,591
<OTHER-INCOME> 0
<EXPENSES-NET> 1,221,873
<NET-INVESTMENT-INCOME> 2,254,916
<REALIZED-GAINS-CURRENT> 7,530,844
<APPREC-INCREASE-CURRENT> 21,813,876
<NET-CHANGE-FROM-OPS> 31,599,636
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,630,989
<DISTRIBUTIONS-OF-GAINS> 2,223,749
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,247,495
<NUMBER-OF-SHARES-REDEEMED> 10,818,173
<SHARES-REINVESTED> 280,873
<NET-CHANGE-IN-ASSETS> 47,833,182
<ACCUMULATED-NII-PRIOR> 244,905
<ACCUMULATED-GAINS-PRIOR> 2,053,162
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 984,868
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,423,110
<AVERAGE-NET-ASSETS> 141,222,415
<PER-SHARE-NAV-BEGIN> 13.110
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> 2.770
<PER-SHARE-DIVIDEND> 0.210
<PER-SHARE-DISTRIBUTIONS> 0.240
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.670
<EXPENSE-RATIO> 0.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 122
<NAME> Biltmore Funds
Biltmore Quantitative Equity Fund
Class B
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 122,040,119
<INVESTMENTS-AT-VALUE> 169,378,581
<RECEIVABLES> 442,425
<ASSETS-OTHER> 14,870
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 169,835,876
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,181
<TOTAL-LIABILITIES> 108,181
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 113,651,644
<SHARES-COMMON-STOCK> 90,362
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 370,439
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,360,257
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48,345,355
<NET-ASSETS> 1,413,914
<DIVIDEND-INCOME> 3,006,198
<INTEREST-INCOME> 470,591
<OTHER-INCOME> 0
<EXPENSES-NET> 1,221,873
<NET-INVESTMENT-INCOME> 2,254,916
<REALIZED-GAINS-CURRENT> 7,530,844
<APPREC-INCREASE-CURRENT> 21,813,876
<NET-CHANGE-FROM-OPS> 31,599,636
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,415
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 90,413
<NUMBER-OF-SHARES-REDEEMED> 151
<SHARES-REINVESTED> 100
<NET-CHANGE-IN-ASSETS> 47,833,182
<ACCUMULATED-NII-PRIOR> 244,905
<ACCUMULATED-GAINS-PRIOR> 2,053,162
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 984,868
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,423,110
<AVERAGE-NET-ASSETS> 141,222,415
<PER-SHARE-NAV-BEGIN> 13.090
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 2.560
<PER-SHARE-DIVIDEND> 0.040
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.650
<EXPENSE-RATIO> 1.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 123
<NAME> Biltmore Funds
Biltmore Quantitative Equity Fund
Class Y
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 122,040,119
<INVESTMENTS-AT-VALUE> 169,378,581
<RECEIVABLES> 442,425
<ASSETS-OTHER> 14,870
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 169,835,876
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,181
<TOTAL-LIABILITIES> 108,181
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 113,651,644
<SHARES-COMMON-STOCK> 9,737,865
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 370,439
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,360,257
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48,345,355
<NET-ASSETS> 152,571,342
<DIVIDEND-INCOME> 3,006,198
<INTEREST-INCOME> 470,591
<OTHER-INCOME> 0
<EXPENSES-NET> 1,221,873
<NET-INVESTMENT-INCOME> 2,254,916
<REALIZED-GAINS-CURRENT> 7,530,844
<APPREC-INCREASE-CURRENT> 21,813,876
<NET-CHANGE-FROM-OPS> 31,599,636
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 496,978
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,959,050
<NUMBER-OF-SHARES-REDEEMED> 256,357
<SHARES-REINVESTED> 35,172
<NET-CHANGE-IN-ASSETS> 47,833,182
<ACCUMULATED-NII-PRIOR> 244,905
<ACCUMULATED-GAINS-PRIOR> 2,053,162
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 984,868
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,423,110
<AVERAGE-NET-ASSETS> 141,222,415
<PER-SHARE-NAV-BEGIN> 13.090
<PER-SHARE-NII> 0.060
<PER-SHARE-GAIN-APPREC> 2.580
<PER-SHARE-DIVIDEND> 0.060
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.670
<EXPENSE-RATIO> 0.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 131
<NAME> Biltmore Funds
Biltmore Emerging Markets Fund
Class A
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 122,299,443
<INVESTMENTS-AT-VALUE> 127,140,635
<RECEIVABLES> 5,332,106
<ASSETS-OTHER> 37,485
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132,510,226
<PAYABLE-FOR-SECURITIES> 3,844,760
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 141,493
<TOTAL-LIABILITIES> 3,986,253
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 122,521,536
<SHARES-COMMON-STOCK> 470,067
<SHARES-COMMON-PRIOR> 6,850,061
<ACCUMULATED-NII-CURRENT> 1,478,908
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,180)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,839,347
<NET-ASSETS> 5,488,335
<DIVIDEND-INCOME> 1,932,566
<INTEREST-INCOME> 395,084
<OTHER-INCOME> 0
<EXPENSES-NET> 1,612,145
<NET-INVESTMENT-INCOME> 715,505
<REALIZED-GAINS-CURRENT> 61,826
<APPREC-INCREASE-CURRENT> 7,809,461
<NET-CHANGE-FROM-OPS> 8,586,792
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 220,244
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,906,620
<NUMBER-OF-SHARES-REDEEMED> 10,296,117
<SHARES-REINVESTED> 9,503
<NET-CHANGE-IN-ASSETS> 57,248,090
<ACCUMULATED-NII-PRIOR> 329,370
<ACCUMULATED-GAINS-PRIOR> (367,477)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,006,829
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,704,506
<AVERAGE-NET-ASSETS> 100,211,824
<PER-SHARE-NAV-BEGIN> 10.410
<PER-SHARE-NII> 0.080
<PER-SHARE-GAIN-APPREC> 1.210
<PER-SHARE-DIVIDEND> 0.030
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.670
<EXPENSE-RATIO> 1.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 132
<NAME> Biltmore Funds
Biltmore Emerging Markets Fund
Class Y
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 122,299,443
<INVESTMENTS-AT-VALUE> 127,140,635
<RECEIVABLES> 5,332,106
<ASSETS-OTHER> 37,485
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132,510,226
<PAYABLE-FOR-SECURITIES> 3,844,760
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 141,493
<TOTAL-LIABILITIES> 3,986,253
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 122,521,536
<SHARES-COMMON-STOCK> 10,538,413
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,478,908
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,180)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,839,347
<NET-ASSETS> 123,035,638
<DIVIDEND-INCOME> 1,932,566
<INTEREST-INCOME> 395,084
<OTHER-INCOME> 0
<EXPENSES-NET> 1,612,145
<NET-INVESTMENT-INCOME> 715,505
<REALIZED-GAINS-CURRENT> 61,826
<APPREC-INCREASE-CURRENT> 7,809,461
<NET-CHANGE-FROM-OPS> 8,586,792
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,575,616
<NUMBER-OF-SHARES-REDEEMED> 37,203
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 57,248,090
<ACCUMULATED-NII-PRIOR> 329,370
<ACCUMULATED-GAINS-PRIOR> (367,477)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,006,829
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,704,506
<AVERAGE-NET-ASSETS> 100,211,824
<PER-SHARE-NAV-BEGIN> 11.920
<PER-SHARE-NII> 0.060
<PER-SHARE-GAIN-APPREC> (0.310)
<PER-SHARE-DIVIDEND> 0.000
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.670
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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