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<PAGE> PAGE 1
000 A000000 05/31/97
000 C000000 0000881299
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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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048 B020500 0.000
<PAGE> PAGE 21
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 5000000
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 19.4
062 E000500 0.0
062 F000500 40.6
062 G000500 0.0
062 H000500 2.4
062 I000500 25.7
062 J000500 3.4
062 K000500 0.0
062 L000500 8.0
062 M000500 0.0
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062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
<PAGE> PAGE 22
062 R000500 0.0
063 A000500 57
063 B000500 0.0
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 6
<PAGE> PAGE 23
072 B000500 34054
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 1844
072 G000500 519
072 H000500 0
072 I000500 19
072 J000500 80
072 K000500 0
072 L000500 6
072 M000500 23
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072 R000500 8
072 S000500 18
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 14
072 X000500 2682
072 Y000500 1576
072 Z000500 32948
072AA000500 0
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072CC010500 0
072CC020500 0
072DD010500 32948
072DD020500 0
072EE000500 0
073 A010500 0.0300
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073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 255419
074 C000500 1054793
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
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<PAGE> PAGE 24
074 P000500 0
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074 R030500 0
074 R040500 6024
074 S000500 0
074 T000500 1316473
074 U010500 1316473
074 U020500 0
074 V010500 1.00
074 V020500 0.00
074 W000500 0.9999
074 X000500 3
074 Y000500 0
075 A000500 1232864
075 B000500 0
076 000500 0.00
008 A000601 WACHOVIA ASSET MANAGEMENT
008 B000601 A
008 C000601 801-0000
008 D010601 WINSTON-SALEM
008 D020601 NC
008 D030601 27101
015 A000601 WACHOVIA BANK, N.A.
015 B000601 C
015 C010601 WINSTON-SALEM
015 C020601 NC
015 C030601 27150
015 E030601 X
024 000600 Y
025 A000601 NOMURA SECURITIES INTERNATIONAL
025 C000601 D
025 D000601 9842
025 D000602 0
025 D000603 0
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 6916
028 A020600 15375
028 A030600 0
028 A040600 3002
028 B010600 5759
028 B020600 0
028 B030600 0
028 B040600 2474
028 C010600 5135
028 C020600 19
<PAGE> PAGE 25
028 C030600 0
028 C040600 1940
028 D010600 5988
028 D020600 295
028 D030600 0
028 D040600 5865
028 E010600 5917
028 E020600 0
028 E030600 0
028 E040600 5168
028 F010600 3618
028 F020600 0
028 F030600 0
028 F040600 1820
028 G010600 33333
028 G020600 15689
028 G030600 0
028 G040600 20269
028 H000600 5611
029 000600 Y
030 A000600 213
030 B000600 4.50
030 C000600 0.00
031 A000600 58
031 B000600 0
032 000600 155
033 000600 0
034 000600 Y
035 000600 3
036 A000600 N
036 B000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 Y
041 000600 Y
042 A000600 0
042 B000600 0
042 C000600 100
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 6
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.700
048 A010600 0
<PAGE> PAGE 26
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
055 A000600 N
055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 250
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
<PAGE> PAGE 27
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 Y
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 Y
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
<PAGE> PAGE 28
070 R010600 N
070 R020600 N
071 A000600 11779
071 B000600 67124
071 C000600 130873
071 D000600 9
072 A000600 6
072 B000600 508
072 C000600 1167
072 D000600 0
072 E000600 0
072 F000600 552
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072 K000600 0
072 L000600 7
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072 N000600 16
072 O000600 0
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072 Q000600 41
072 R000600 8
072 S000600 4
072 T000600 31
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072 V000600 0
072 W000600 12
072 X000600 807
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072 Z000600 934
072AA000600 15865
072BB000600 2231
072CC010600 468
072CC020600 0
072DD010600 114
072DD020600 776
072EE000600 19404
073 A010600 0.0000
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 9842
074 C000600 15660
074 D000600 0
074 E000600 0
074 F000600 148272
074 G000600 0
074 H000600 0
<PAGE> PAGE 29
074 I000600 0
074 J000600 1718
074 K000600 0
074 L000600 419
074 M000600 6
074 N000600 175917
074 O000600 1266
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074 R030600 0
074 R040600 200
074 S000600 0
074 T000600 174451
074 U010600 1833
074 U020600 10566
074 V010600 0.00
074 V020600 0.00
074 W000600 0.0000
074 X000600 2935
074 Y000600 0
075 A000600 0
075 B000600 136603
076 000600 0.00
008 A000701 WACHOVIA ASSET MANAGEMENT
008 B000701 A
008 C000701 801-0000
008 D010701 WINSTON-SALEM
008 D020701 NC
008 D030701 27101
015 A000701 WACHOVIA BANK, N.A.
015 B000701 C
015 C010701 WINSTON-SALEM
015 C020701 NC
015 C030701 27150
015 E030701 X
024 000700 Y
025 A000701 NOMURA SECURITIES INTL
025 C000701 D
025 D000701 3589
025 A000702 LEHMAN BROS.
025 C000702 D
025 D000702 3901
025 A000703 MELLON
025 C000703 D
025 D000703 2693
025 A000704 MERRILL LYNCH
025 C000704 D
025 D000704 5461
025 A000705 MORGAN STANLEY
<PAGE> PAGE 30
025 C000705 D
025 D000705 2027
025 A000706 BANKERS TRUST
025 C000706 D
025 D000706 4851
025 D000707 0
025 D000708 0
028 A010700 7057
028 A020700 795
028 A030700 0
028 A040700 7651
028 B010700 10095
028 B020700 638
028 B030700 0
028 B040700 2785
028 C010700 5300
028 C020700 646
028 C030700 0
028 C040700 4418
028 D010700 5119
028 D020700 635
028 D030700 0
028 D040700 5515
028 E010700 4485
028 E020700 621
028 E030700 0
028 E040700 6565
028 F010700 3393
028 F020700 612
028 F030700 0
028 F040700 3772
028 G010700 35449
028 G020700 3947
028 G030700 0
028 G040700 30707
028 H000700 1203
029 000700 Y
030 A000700 8
030 B000700 4.50
030 C000700 0.25
031 A000700 1
031 B000700 0
032 000700 7
033 000700 0
034 000700 N
035 000700 0
036 B000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 Y
<PAGE> PAGE 31
041 000700 Y
042 A000700 0
042 B000700 0
042 C000700 100
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 0
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.600
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 Y
053 C000700 N
055 A000700 Y
055 B000700 N
056 000700 Y
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
<PAGE> PAGE 32
060 B000700 Y
061 000700 250
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 1.9
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 47.5
062 N000700 17.0
062 O000700 0.0
062 P000700 28.5
062 Q000700 4.3
062 R000700 0.0
063 A000700 0
063 B000700 10.1
064 A000700 N
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 N
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
<PAGE> PAGE 33
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 149532
071 B000700 140154
071 C000700 177410
071 D000700 79
072 A000700 6
072 B000700 6210
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 548
072 G000700 77
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072 M000700 4
072 N000700 20
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072 R000700 8
072 S000700 4
072 T000700 5
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072 W000700 9
072 X000700 794
072 Y000700 113
072 Z000700 5529
072AA000700 1071
072BB000700 2463
072CC010700 0
072CC020700 3682
072DD010700 129
072DD020700 5616
072EE000700 0
<PAGE> PAGE 34
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 3589
074 C000700 0
074 D000700 179202
074 E000700 0
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074 L000700 2463
074 M000700 14
074 N000700 185268
074 O000700 920
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074 Q000700 0
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074 R040700 145
074 S000700 0
074 T000700 184203
074 U010700 460
074 U020700 18825
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074 W000700 0.0000
074 X000700 1069
074 Y000700 0
075 A000700 0
075 B000700 182936
076 000700 0.00
008 A000801 WACHOVIA ASSET MANAGEMENT
008 B000801 A
008 C000801 801-0000
008 D010801 WINSTON-SALEM
008 D020801 NC
008 D030801 27101
015 A000801 WACHOVIA BANK, N.A.
015 B000801 C
015 C010801 WINSTON-SALEM
015 C020801 NC
015 C030801 27150
015 E030801 X
024 000800 Y
025 A000801 BANKERS TRUST
<PAGE> PAGE 35
025 C000801 E
025 D000801 254
025 A000802 DEAN WITTER DISCOVER
025 C000802 E
025 D000802 487
025 A000803 J.P. MORGAN
025 C000803 E
025 D000803 731
025 A000804 MELLON BANK
025 C000804 E
025 D000804 415
025 A000805 MERRILL LYNCH
025 C000805 E
025 D000805 671
025 A000806 MORGAN STANLEY
025 C000806 E
025 D000806 377
025 A000807 SALOMAN, INC.
025 C000807 E
025 D000807 214
025 A000808 SCHWAB CORP.
025 C000808 E
025 D000808 264
025 A000809 TRAVELERS GROUP
025 C000809 E
025 D000809 1287
025 A000810 NOMURA SECURITIES INTERNATIONAL
025 C000810 D
025 D000810 1232
025 D000811 0
025 D000812 0
025 D000813 0
025 D000814 0
025 D000815 0
025 D000816 0
028 A010800 3478
028 A020800 14399
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028 A040800 8958
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028 B030800 0
028 B040800 6011
028 C010800 4887
028 C020800 0
028 C030800 0
028 C040800 4945
028 D010800 6369
028 D020800 1074
028 D030800 0
028 D040800 4534
<PAGE> PAGE 36
028 E010800 11296
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028 E040800 4881
028 F010800 5236
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028 F040800 3653
028 G010800 41077
028 G020800 15473
028 G030800 0
028 G040800 32982
028 H000800 7771
029 000800 Y
030 A000800 177
030 B000800 4.50
030 C000800 0.25
031 A000800 18
031 B000800 0
032 000800 159
033 000800 0
034 000800 N
035 000800 0
036 B000800 0
037 000800 N
038 000800 0
039 000800 N
040 000800 N
042 A000800 0
042 B000800 0
042 C000800 0
042 D000800 0
042 E000800 0
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 0
044 000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.300
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
<PAGE> PAGE 37
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
049 000800 N
050 000800 N
051 000800 N
052 000800 N
053 A000800 Y
053 B000800 Y
053 C000800 N
055 A000800 N
055 B000800 N
056 000800 Y
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 Y
060 B000800 Y
061 000800 250
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
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062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 0.0
066 A000800 Y
066 B000800 N
<PAGE> PAGE 38
066 C000800 N
066 D000800 N
066 E000800 N
066 F000800 N
066 G000800 Y
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 Y
070 B020800 N
070 C010800 N
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 Y
070 F020800 Y
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 73892
071 B000800 62577
071 C000800 215783
071 D000800 29
072 A000800 6
072 B000800 740
<PAGE> PAGE 39
072 C000800 2084
072 D000800 0
072 E000800 0
072 F000800 361
072 G000800 102
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072 I000800 40
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072 S000800 5
072 T000800 22
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072 X000800 621
072 Y000800 46
072 Z000800 2249
072AA000800 4423
072BB000800 74
072CC010800 24111
072CC020800 0
072DD010800 173
072DD020800 2057
072EE000800 13299
073 A010800 0.1400
073 A020800 0.1500
073 B000800 0.9100
073 C000800 0.0000
074 A000800 952
074 B000800 1233
074 C000800 30128
074 D000800 0
074 E000800 0
074 F000800 238997
074 G000800 0
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074 L000800 839
074 M000800 15
074 N000800 272164
074 O000800 1246
074 P000800 0
<PAGE> PAGE 40
074 Q000800 0
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074 R040800 182
074 S000800 0
074 T000800 270736
074 U010800 1542
074 U020800 14538
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074 V020800 16.84
074 W000800 0.0000
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075 A000800 0
075 B000800 241751
076 000800 0.00
008 A000901 WACHOVIA ASSET MANAGEMENT
008 B000901 A
008 C000901 801-0000
008 D010901 WINSTON-SALEM
008 D020901 NC
008 D030901 27101
015 A000901 WACHOVIA BANK, N.A.
015 B000901 C
015 C010901 WINSTON-SALEM
015 C020901 NC
015 C030901 27150
015 E030901 X
024 000900 Y
025 A000901 NOMURA SECURITIES INTL
025 C000901 D
025 D000901 146
025 A000902 LEHMAN BROS.
025 C000902 D
025 D000902 2740
025 D000903 0
025 D000904 0
025 D000905 0
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 5548
028 A020900 533
028 A030900 0
028 A040900 3511
028 B010900 3245
028 B020900 506
028 B030900 0
028 B040900 3372
028 C010900 1175
<PAGE> PAGE 41
028 C020900 503
028 C030900 0
028 C040900 1558
028 D010900 2588
028 D020900 506
028 D030900 0
028 D040900 2872
028 E010900 712
028 E020900 496
028 E030900 0
028 E040900 3521
028 F010900 806
028 F020900 527
028 F030900 0
028 F040900 1529
028 G010900 14074
028 G020900 3071
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028 G040900 16363
028 H000900 591
029 000900 Y
030 A000900 6
030 B000900 2.50
030 C000900 0.00
031 A000900 1
031 B000900 0
032 000900 5
033 000900 0
034 000900 N
035 000900 0
036 B000900 0
037 000900 N
038 000900 0
039 000900 N
040 000900 N
042 A000900 0
042 B000900 0
042 C000900 0
042 D000900 0
042 E000900 0
042 F000900 0
042 G000900 0
042 H000900 0
043 000900 0
044 000900 0
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.550
048 A010900 0
048 A020900 0.000
<PAGE> PAGE 42
048 B010900 0
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 Y
053 B000900 Y
053 C000900 N
055 A000900 N
055 B000900 N
056 000900 Y
057 000900 N
058 A000900 N
059 000900 Y
060 A000900 Y
060 B000900 Y
061 000900 250
062 A000900 Y
062 B000900 77.5
062 C000900 0.0
062 D000900 0.1
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 21.0
062 M000900 0.0
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062 O000900 0.0
<PAGE> PAGE 43
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 1.8
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
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 173917
071 B000900 169620
071 C000900 115989
<PAGE> PAGE 44
071 D000900 146
072 A000900 6
072 B000900 3565
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072 R000900 8
072 S000900 3
072 T000900 2
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072 V000900 0
072 W000900 10
072 X000900 499
072 Y000900 122
072 Z000900 3188
072AA000900 428
072BB000900 360
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072DD010900 51
072DD020900 3105
072EE000900 0
073 A010900 0.2500
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074 C000900 115498
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<PAGE> PAGE 45
074 N000900 117803
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008 A001001 WACHOVIA ASSET MANAGEMENT
008 B001001 A
008 C001001 801-0000
008 D011001 WINSTON-SALEM
008 D021001 NC
008 D031001 27101
015 A001001 WACHOVIA BANK, N.A.
015 B001001 C
015 C011001 WINSTON-SALEM
015 C021001 NC
015 C031001 27150
015 E031001 X
024 001000 Y
025 A001001 EATON VANCE
025 C001001 E
025 D001001 980
025 A001002 JOHN NUVEEN & CO., INC.
025 C001002 E
025 D001002 1180
025 A001003 NOMURA SECURITIES INTERNATIONAL
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025 D001003 7361
025 D001004 0
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<PAGE> PAGE 46
028 B011000 4596
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034 001000 N
035 001000 0
036 B001000 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
<PAGE> PAGE 47
046 001000 N
047 001000 Y
048 001000 0.800
048 A011000 0
048 A021000 0.000
048 B011000 0
048 B021000 0.000
048 C011000 0
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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
049 001000 N
050 001000 N
051 001000 N
052 001000 N
053 A001000 Y
053 B001000 Y
053 C001000 N
055 A001000 N
055 B001000 N
056 001000 Y
057 001000 N
058 A001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
061 001000 250
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
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062 H001000 0.0
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<PAGE> PAGE 48
062 K001000 0.0
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062 P001000 0.0
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063 A001000 0
063 B001000 0.0
066 A001000 Y
066 B001000 N
066 C001000 N
066 D001000 Y
066 E001000 N
066 F001000 N
066 G001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
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
<PAGE> PAGE 49
070 P011000 Y
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 36793
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072 Z001000 204
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072DD021000 307
072EE001000 6937
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074 B001000 7361
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<PAGE> PAGE 50
074 E001000 693
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074 T001000 97244
074 U011000 1009
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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 27101
015 A001101 WACHOVIA BANK, N.A.
015 B001101 C
015 C011101 WINSTON-SALEM
015 C021101 NC
015 C031101 27150
015 E031101 X
024 001100 Y
025 A001101 PRUDENTIAL HOME MORTGAGE
025 C001101 D
025 D001101 1304
025 A001102 BANKERS TRUST
025 C001102 D
025 D001102 884
025 A001103 LEHMAN BROTHERS HOLDING
025 C001103 D
025 D001103 1987
<PAGE> PAGE 51
025 A001104 MERRILL LYNCH
025 C001104 D
025 D001104 705
025 A001105 NOMURA SECURITIES INTERNATIONAL
025 C001105 D
025 D001105 6560
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025 D001107 0
025 D001108 0
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028 C021100 25
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028 D021100 1886
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028 G021100 29825
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028 G041100 28589
028 H001100 7172
029 001100 Y
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030 B001100 4.50
030 C001100 0.25
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031 B001100 0
032 001100 213
033 001100 0
034 001100 Y
035 001100 4
036 A001100 N
036 B001100 0
037 001100 N
<PAGE> PAGE 52
038 001100 0
039 001100 N
040 001100 Y
041 001100 Y
042 A001100 0
042 B001100 0
042 C001100 100
042 D001100 0
042 E001100 0
042 F001100 0
042 G001100 0
042 H001100 0
043 001100 11
044 001100 0
045 001100 Y
046 001100 N
047 001100 Y
048 001100 0.700
048 A011100 0
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048 B011100 0
048 B021100 0.000
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048 C021100 0.000
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048 D021100 0.000
048 E011100 0
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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
049 001100 N
050 001100 N
051 001100 N
052 001100 N
053 A001100 Y
053 B001100 Y
053 C001100 N
055 A001100 N
055 B001100 N
056 001100 Y
057 001100 N
<PAGE> PAGE 53
058 A001100 N
059 001100 Y
060 A001100 Y
060 B001100 Y
061 001100 250
062 A001100 N
062 B001100 0.0
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062 F001100 0.0
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062 H001100 0.0
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062 J001100 0.0
062 K001100 0.0
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062 M001100 0.0
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062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 0.0
066 A001100 Y
066 B001100 N
066 C001100 N
066 D001100 N
066 E001100 Y
066 F001100 N
066 G001100 N
067 001100 Y
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 Y
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
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
<PAGE> PAGE 54
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 168063
071 B001100 153066
071 C001100 255110
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<PAGE> PAGE 55
072AA001100 8705
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072EE001100 28083
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008 A001201 WACHOVIA ASSET MANAGEMENT
008 B001201 A
008 C001201 801-0000
008 D011201 WINSTON-SALEM
008 D021201 NC
008 D031201 27101
008 A001202 TWIN CAPITAL MANAGEMENT, INC.
<PAGE> PAGE 56
008 B001202 S
008 C001202 801-0000
008 D011202 MCMURRAY
008 D021202 PA
008 D031202 15317
015 A001201 WACHOVIA BANK, N.A.
015 B001201 C
015 C011201 WINSTON-SALEM
015 C021201 NC
015 C031201 27150
015 E031201 X
024 001200 Y
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<PAGE> PAGE 57
028 G041200 17669
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<PAGE> PAGE 58
048 J011200 0
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048 K021200 0.000
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 Y
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053 C001200 N
055 A001200 N
055 B001200 N
056 001200 Y
057 001200 N
058 A001200 N
059 001200 Y
060 A001200 Y
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066 F001200 N
066 G001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
<PAGE> PAGE 59
070 A011200 Y
070 A021200 Y
070 B011200 Y
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070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 Y
070 G011200 Y
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070 H011200 N
070 H021200 N
070 I011200 N
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070 J021200 N
070 K011200 Y
070 K021200 N
070 L011200 Y
070 L021200 Y
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070 Q021200 N
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070 R021200 N
071 A001200 54391
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<PAGE> PAGE 60
072 L001200 8
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<PAGE> PAGE 61
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008 A001301 WACHOVIA ASSET MANAGEMENT
008 B001301 A
008 C001301 801-0000
008 D011301 WINSTON-SALEM
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008 D031301 27101
015 A001301 WACHOVIA BANK, N.A.
015 B001301 C
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015 A001302 J.P. MORGAN SECURITIES, INC.
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024 001300 Y
025 A001301 NOMURA SECURITIES INTL
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<PAGE> PAGE 62
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028 G011300 21819
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030 B001300 4.50
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031 B001300 0
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033 001300 0
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039 001300 N
040 001300 N
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042 C001300 0
042 D001300 0
042 E001300 0
042 F001300 0
042 G001300 0
042 H001300 0
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<PAGE> PAGE 63
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048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
049 001300 N
050 001300 N
051 001300 N
052 001300 N
053 A001300 N
055 A001300 N
055 B001300 N
056 001300 Y
057 001300 N
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
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062 C001300 0.0
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062 H001300 0.0
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062 O001300 0.0
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062 Q001300 0.0
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<PAGE> PAGE 64
066 B001300 N
066 C001300 Y
066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 N
067 001300 N
068 A001300 N
068 B001300 Y
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 Y
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 Y
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 Y
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
070 K011300 Y
070 K021300 Y
070 L011300 Y
070 L021300 Y
070 M011300 Y
070 M021300 Y
070 N011300 Y
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070 Q021300 N
070 R011300 N
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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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
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<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May 31,1997
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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
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<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May 31,1997
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<TOTAL-LIABILITIES> 2,639,429
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<PAID-IN-CAPITAL-COMMON> 607,136,925
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<SHARES-COMMON-PRIOR> 104,335,714
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 115,906,265
<DIVIDEND-INCOME> 0
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<NUMBER-OF-SHARES-SOLD> 148,526,562
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<SHARES-REINVESTED> 0
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> The Biltmore Funds
Biltmore Money Market Fund
Institutional Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 416,627,781
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<TOTAL-ASSETS> 421,523,227
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,069,373
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<NUMBER-OF-SHARES-SOLD> 118,037,667
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 995,712
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<GROSS-EXPENSE> 1,840,897
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<PER-SHARE-NAV-BEGIN> 1.000
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<EXPENSE-RATIO> 0.38
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> The Biltmore Funds
Biltmore Money Market Fund
Investment Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 416,627,781
<INVESTMENTS-AT-VALUE> 416,627,781
<RECEIVABLES> 4,893,897
<ASSETS-OTHER> 1,549
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 421,523,227
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,991,762
<TOTAL-LIABILITIES> 1,991,762
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 264,725,098
<SHARES-COMMON-PRIOR> 230,262,858
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 264,725,098
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,069,373
<OTHER-INCOME> 0
<EXPENSES-NET> 1,264,454
<NET-INVESTMENT-INCOME> 9,804,919
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<DISTRIBUTIONS-OF-INCOME> 6,069,923
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 203,006,885
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<SHARES-REINVESTED> 10,049
<NET-CHANGE-IN-ASSETS> 53,520,832
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 1,840,897
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<PER-SHARE-NAV-BEGIN> 1.000
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.78
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> Biltmore Funds
Biltmore Tax-Free Money Market Fund
Institutional Shares
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 253,812,707
<INVESTMENTS-AT-VALUE> 253,812,707
<RECEIVABLES> 2,796,064
<ASSETS-OTHER> 1,565
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<TOTAL-ASSETS> 256,610,336
<PAYABLE-FOR-SECURITIES> 3,563,992
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 4,466,708
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<PAID-IN-CAPITAL-COMMON> 252,143,628
<SHARES-COMMON-STOCK> 167,431,923
<SHARES-COMMON-PRIOR> 118,876,592
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 167,431,923
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,449,453
<OTHER-INCOME> 0
<EXPENSES-NET> 477,178
<NET-INVESTMENT-INCOME> 3,972,275
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<DISTRIBUTIONS-OF-INCOME> 2,744,453
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 143,561,167
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,090,949
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<PER-SHARE-NAV-BEGIN> 1.000
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.24
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> Biltmore Funds
Biltmore Tax-Free Money Market Fund
Investment Shares
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 253,812,707
<INVESTMENTS-AT-VALUE> 253,812,707
<RECEIVABLES> 2,796,064
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<PAID-IN-CAPITAL-COMMON> 252,143,628
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<SHARES-COMMON-PRIOR> 74,922,365
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 84,711,705
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,449,453
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> The Biltmore Funds
Biltmore Prime Cash Management Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
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<NET-ASSETS> 1,316,473,022
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<DISTRIBUTIONS-OF-INCOME> 32,948,166
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,280,314,384
<NUMBER-OF-SHARES-REDEEMED> 1,140,695,902
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 139,618,482
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,844,229
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,681,677
<AVERAGE-NET-ASSETS> 1,232,863,912
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.030
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.18
<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> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 145,993,174
<INVESTMENTS-AT-VALUE> 173,774,844
<RECEIVABLES> 2,136,200
<ASSETS-OTHER> 6,227
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 175,917,271
<PAYABLE-FOR-SECURITIES> 1,266,013
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 200,170
<TOTAL-LIABILITIES> 1,466,183
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 132,622,258
<SHARES-COMMON-STOCK> 1,832,541
<SHARES-COMMON-PRIOR> 1,402,910
<ACCUMULATED-NII-CURRENT> 44,695
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,888,806
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,895,329
<NET-ASSETS> 25,776,683
<DIVIDEND-INCOME> 1,166,665
<INTEREST-INCOME> 508,449
<OTHER-INCOME> 0
<EXPENSES-NET> 740,673
<NET-INVESTMENT-INCOME> 934,441
<REALIZED-GAINS-CURRENT> 13,634,340
<APPREC-INCREASE-CURRENT> 468,178
<NET-CHANGE-FROM-OPS> 15,036,959
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 114,190
<DISTRIBUTIONS-OF-GAINS> 2,671,987
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 334,308
<NUMBER-OF-SHARES-REDEEMED> 122,279
<SHARES-REINVESTED> 217,602
<NET-CHANGE-IN-ASSETS> 23,496,060
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 18,658,604
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 551,611
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 806,905
<AVERAGE-NET-ASSETS> 136,602,538
<PER-SHARE-NAV-BEGIN> 14.810
<PER-SHARE-NII> 0.070
<PER-SHARE-GAIN-APPREC> 1.120
<PER-SHARE-DIVIDEND> 0.070
<PER-SHARE-DISTRIBUTIONS> 1.860
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.070
<EXPENSE-RATIO> 1.11
<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> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 145,993,174
<INVESTMENTS-AT-VALUE> 173,774,844
<RECEIVABLES> 2,136,200
<ASSETS-OTHER> 6,227
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 175,917,271
<PAYABLE-FOR-SECURITIES> 1,266,013
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 200,170
<TOTAL-LIABILITIES> 1,466,183
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 132,622,258
<SHARES-COMMON-STOCK> 156,482
<SHARES-COMMON-PRIOR> 65,986
<ACCUMULATED-NII-CURRENT> 44,695
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,888,806
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,895,329
<NET-ASSETS> 2,196,590
<DIVIDEND-INCOME> 1,166,665
<INTEREST-INCOME> 508,449
<OTHER-INCOME> 0
<EXPENSES-NET> 740,673
<NET-INVESTMENT-INCOME> 934,441
<REALIZED-GAINS-CURRENT> 13,634,340
<APPREC-INCREASE-CURRENT> 468,178
<NET-CHANGE-FROM-OPS> 15,036,959
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,167
<DISTRIBUTIONS-OF-GAINS> 136,881
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 84,969
<NUMBER-OF-SHARES-REDEEMED> 5,256
<SHARES-REINVESTED> 10,783
<NET-CHANGE-IN-ASSETS> 23,496,060
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 18,658,604
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 551,611
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 806,905
<AVERAGE-NET-ASSETS> 136,602,538
<PER-SHARE-NAV-BEGIN> 14.790
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 1.110
<PER-SHARE-DIVIDEND> 0.020
<PER-SHARE-DISTRIBUTIONS> 1.860
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.040
<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> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 145,993,174
<INVESTMENTS-AT-VALUE> 173,774,844
<RECEIVABLES> 2,136,200
<ASSETS-OTHER> 6,227
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 175,917,271
<PAYABLE-FOR-SECURITIES> 1,266,013
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 200,170
<TOTAL-LIABILITIES> 1,466,183
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 132,622,258
<SHARES-COMMON-STOCK> 10,409,713
<SHARES-COMMON-PRIOR> 8,725,212
<ACCUMULATED-NII-CURRENT> 44,695
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,888,806
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,895,329
<NET-ASSETS> 146,477,815
<DIVIDEND-INCOME> 1,166,665
<INTEREST-INCOME> 508,449
<OTHER-INCOME> 0
<EXPENSES-NET> 740,673
<NET-INVESTMENT-INCOME> 934,441
<REALIZED-GAINS-CURRENT> 13,634,340
<APPREC-INCREASE-CURRENT> 468,178
<NET-CHANGE-FROM-OPS> 15,036,959
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 773,389
<DISTRIBUTIONS-OF-GAINS> 16,595,270
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,093,881
<NUMBER-OF-SHARES-REDEEMED> 1,416,692
<SHARES-REINVESTED> 1,007,312
<NET-CHANGE-IN-ASSETS> 23,496,060
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 18,658,604
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 551,611
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 806,905
<AVERAGE-NET-ASSETS> 136,602,538
<PER-SHARE-NAV-BEGIN> 14.810
<PER-SHARE-NII> 0.090
<PER-SHARE-GAIN-APPREC> 1.110
<PER-SHARE-DIVIDEND> 0.080
<PER-SHARE-DISTRIBUTIONS> 1.860
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.070
<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> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 184,543,927
<INVESTMENTS-AT-VALUE> 182,791,559
<RECEIVABLES> 2,462,996
<ASSETS-OTHER> 13,864
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 185,268,419
<PAYABLE-FOR-SECURITIES> 920,035
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 145,285
<TOTAL-LIABILITIES> 1,065,320
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,575,360
<SHARES-COMMON-STOCK> 460,054
<SHARES-COMMON-PRIOR> 493,903
<ACCUMULATED-NII-CURRENT> 114,108
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,734,001)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,752,368)
<NET-ASSETS> 4,391,457
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,210,148
<OTHER-INCOME> 0
<EXPENSES-NET> 680,961
<NET-INVESTMENT-INCOME> 5,529,187
<REALIZED-GAINS-CURRENT> (1,391,664)
<APPREC-INCREASE-CURRENT> (3,681,577)
<NET-CHANGE-FROM-OPS> 455,946
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 128,647
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 129,272
<NUMBER-OF-SHARES-REDEEMED> 173,726
<SHARES-REINVESTED> 10,605
<NET-CHANGE-IN-ASSETS> 3,401,086
<ACCUMULATED-NII-PRIOR> 328,517
<ACCUMULATED-GAINS-PRIOR> (3,342,337)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 547,940
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 794,457
<AVERAGE-NET-ASSETS> 182,935,885
<PER-SHARE-NAV-BEGIN> 9.830
<PER-SHARE-NII> 0.280
<PER-SHARE-GAIN-APPREC> (0.270)
<PER-SHARE-DIVIDEND> 0.290
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.550
<EXPENSE-RATIO> 0.95
<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> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 184,543,927
<INVESTMENTS-AT-VALUE> 182,791,559
<RECEIVABLES> 2,462,996
<ASSETS-OTHER> 13,864
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 185,268,419
<PAYABLE-FOR-SECURITIES> 920,035
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 145,285
<TOTAL-LIABILITIES> 1,065,320
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,575,360
<SHARES-COMMON-STOCK> 12,673
<SHARES-COMMON-PRIOR> 11,459
<ACCUMULATED-NII-CURRENT> 114,108
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,734,001)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,752,368)
<NET-ASSETS> 120,944
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,210,148
<OTHER-INCOME> 0
<EXPENSES-NET> 680,961
<NET-INVESTMENT-INCOME> 5,529,187
<REALIZED-GAINS-CURRENT> (1,391,664)
<APPREC-INCREASE-CURRENT> (3,681,577)
<NET-CHANGE-FROM-OPS> 455,946
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,003
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,148
<NUMBER-OF-SHARES-REDEEMED> 248
<SHARES-REINVESTED> 314
<NET-CHANGE-IN-ASSETS> 3,401,086
<ACCUMULATED-NII-PRIOR> 328,517
<ACCUMULATED-GAINS-PRIOR> (3,342,337)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 547,940
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 794,457
<AVERAGE-NET-ASSETS> 182,935,885
<PER-SHARE-NAV-BEGIN> 9.830
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> (0.280)
<PER-SHARE-DIVIDEND> 0.250
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.540
<EXPENSE-RATIO> 1.76
<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> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 184,543,927
<INVESTMENTS-AT-VALUE> 182,791,559
<RECEIVABLES> 2,462,996
<ASSETS-OTHER> 13,864
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 185,268,419
<PAYABLE-FOR-SECURITIES> 920,035
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 145,285
<TOTAL-LIABILITIES> 1,065,320
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,575,360
<SHARES-COMMON-STOCK> 18,824,731
<SHARES-COMMON-PRIOR> 17,893,196
<ACCUMULATED-NII-CURRENT> 114,108
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,734,001)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,752,368)
<NET-ASSETS> 179,690,698
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,210,148
<OTHER-INCOME> 0
<EXPENSES-NET> 680,961
<NET-INVESTMENT-INCOME> 5,529,187
<REALIZED-GAINS-CURRENT> (1,391,664)
<APPREC-INCREASE-CURRENT> (3,681,577)
<NET-CHANGE-FROM-OPS> 455,946
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,611,946
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,562,190
<NUMBER-OF-SHARES-REDEEMED> 3,032,275
<SHARES-REINVESTED> 401,620
<NET-CHANGE-IN-ASSETS> 3,401,086
<ACCUMULATED-NII-PRIOR> 328,517
<ACCUMULATED-GAINS-PRIOR> (3,342,337)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 547,940
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 794,457
<AVERAGE-NET-ASSETS> 182,935,885
<PER-SHARE-NAV-BEGIN> 9.830
<PER-SHARE-NII> 0.290
<PER-SHARE-GAIN-APPREC> (0.270)
<PER-SHARE-DIVIDEND> 0.300
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.550
<EXPENSE-RATIO> 0.74
<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
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 168,501,555
<INVESTMENTS-AT-VALUE> 270,358,129
<RECEIVABLES> 838,561
<ASSETS-OTHER> 967,728
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 272,164,418
<PAYABLE-FOR-SECURITIES> 1,245,952
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 182,388
<TOTAL-LIABILITIES> 1,428,340
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 165,331,361
<SHARES-COMMON-STOCK> 1,541,560
<SHARES-COMMON-PRIOR> 1,135,858
<ACCUMULATED-NII-CURRENT> 754,002
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 819,871
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 103,830,844
<NET-ASSETS> 25,952,167
<DIVIDEND-INCOME> 2,084,034
<INTEREST-INCOME> 740,268
<OTHER-INCOME> 0
<EXPENSES-NET> 575,297
<NET-INVESTMENT-INCOME> 2,249,005
<REALIZED-GAINS-CURRENT> 4,349,230
<APPREC-INCREASE-CURRENT> 24,111,465
<NET-CHANGE-FROM-OPS> 30,709,700
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 172,616
<DISTRIBUTIONS-OF-GAINS> 1,056,751
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 499,230
<NUMBER-OF-SHARES-REDEEMED> 173,247
<SHARES-REINVESTED> 79,719
<NET-CHANGE-IN-ASSETS> 38,748,434
<ACCUMULATED-NII-PRIOR> 734,120
<ACCUMULATED-GAINS-PRIOR> 9,772,678
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 360,916
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 621,469
<AVERAGE-NET-ASSETS> 241,750,884
<PER-SHARE-NAV-BEGIN> 15.980
<PER-SHARE-NII> 0.130
<PER-SHARE-GAIN-APPREC> 1.770
<PER-SHARE-DIVIDEND> 0.140
<PER-SHARE-DISTRIBUTIONS> 0.910
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.830
<EXPENSE-RATIO> 0.70
<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
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 168,501,555
<INVESTMENTS-AT-VALUE> 270,358,129
<RECEIVABLES> 838,561
<ASSETS-OTHER> 967,728
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 272,164,418
<PAYABLE-FOR-SECURITIES> 1,245,952
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 182,388
<TOTAL-LIABILITIES> 1,428,340
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 165,331,361
<SHARES-COMMON-STOCK> 14,537,579
<SHARES-COMMON-PRIOR> 13,377,938
<ACCUMULATED-NII-CURRENT> 754,002
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 819,871
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 103,830,844
<NET-ASSETS> 244,783,911
<DIVIDEND-INCOME> 2,084,034
<INTEREST-INCOME> 740,268
<OTHER-INCOME> 0
<EXPENSES-NET> 575,297
<NET-INVESTMENT-INCOME> 2,249,005
<REALIZED-GAINS-CURRENT> 4,349,230
<APPREC-INCREASE-CURRENT> 24,111,465
<NET-CHANGE-FROM-OPS> 30,709,700
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,056,507
<DISTRIBUTIONS-OF-GAINS> 12,242,705
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,176,306
<NUMBER-OF-SHARES-REDEEMED> 1,964,908
<SHARES-REINVESTED> 948,243
<NET-CHANGE-IN-ASSETS> 38,748,434
<ACCUMULATED-NII-PRIOR> 734,120
<ACCUMULATED-GAINS-PRIOR> 9,772,678
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 360,916
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 621,469
<AVERAGE-NET-ASSETS> 241,750,884
<PER-SHARE-NAV-BEGIN> 15.980
<PER-SHARE-NII> 0.150
<PER-SHARE-GAIN-APPREC> 1.770
<PER-SHARE-DIVIDEND> 0.150
<PER-SHARE-DISTRIBUTIONS> 0.910
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.840
<EXPENSE-RATIO> 0.46
<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> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 116,373,534
<INVESTMENTS-AT-VALUE> 116,131,547
<RECEIVABLES> 1,655,473
<ASSETS-OTHER> 15,332
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 117,802,352
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93,522
<TOTAL-LIABILITIES> 93,522
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,741,087
<SHARES-COMMON-STOCK> 228,874
<SHARES-COMMON-PRIOR> 171,280
<ACCUMULATED-NII-CURRENT> 182,969
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,972,750)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (241,987)
<NET-ASSETS> 2,224,893
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,565,542
<OTHER-INCOME> 0
<EXPENSES-NET> 377,540
<NET-INVESTMENT-INCOME> 3,188,002
<REALIZED-GAINS-CURRENT> 67,508
<APPREC-INCREASE-CURRENT> (884,665)
<NET-CHANGE-FROM-OPS> 2,370,845
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 50,637
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 60,924
<NUMBER-OF-SHARES-REDEEMED> 7,592
<SHARES-REINVESTED> 4,262
<NET-CHANGE-IN-ASSETS> (103,589)
<ACCUMULATED-NII-PRIOR> 150,693
<ACCUMULATED-GAINS-PRIOR> (4,040,258)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 327,744
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 499,249
<AVERAGE-NET-ASSETS> 116,766,955
<PER-SHARE-NAV-BEGIN> 9.790
<PER-SHARE-NII> 0.250
<PER-SHARE-GAIN-APPREC> (0.070)
<PER-SHARE-DIVIDEND> 0.250
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.720
<EXPENSE-RATIO> 0.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 092
<NAME> Biltmore Funds
Biltmore Short-Term Fixed Income Fund
Class B Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 116,373,534
<INVESTMENTS-AT-VALUE> 116,131,547
<RECEIVABLES> 1,655,473
<ASSETS-OTHER> 15,332
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 117,802,352
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93,522
<TOTAL-LIABILITIES> 93,522
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,741,087
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 182,969
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,972,750)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (241,987)
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,565,542
<OTHER-INCOME> 0
<EXPENSES-NET> 377,540
<NET-INVESTMENT-INCOME> 3,188,002
<REALIZED-GAINS-CURRENT> 67,508
<APPREC-INCREASE-CURRENT> (884,665)
<NET-CHANGE-FROM-OPS> 2,370,845
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (103,589)
<ACCUMULATED-NII-PRIOR> 150,693
<ACCUMULATED-GAINS-PRIOR> (4,040,258)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 327,744
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 499,249
<AVERAGE-NET-ASSETS> 116,766,955
<PER-SHARE-NAV-BEGIN> 0.000
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.00
<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> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 116,373,534
<INVESTMENTS-AT-VALUE> 116,131,547
<RECEIVABLES> 1,655,473
<ASSETS-OTHER> 15,332
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 117,802,352
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93,522
<TOTAL-LIABILITIES> 93,522
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,741,087
<SHARES-COMMON-STOCK> 11,873,073
<SHARES-COMMON-PRIOR> 11,864,487
<ACCUMULATED-NII-CURRENT> 182,969
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,972,750)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (241,987)
<NET-ASSETS> 115,484,426
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,565,542
<OTHER-INCOME> 0
<EXPENSES-NET> 377,540
<NET-INVESTMENT-INCOME> 3,188,002
<REALIZED-GAINS-CURRENT> 67,508
<APPREC-INCREASE-CURRENT> (884,665)
<NET-CHANGE-FROM-OPS> 2,370,845
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,105,089
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,381,990
<NUMBER-OF-SHARES-REDEEMED> 1,685,303
<SHARES-REINVESTED> 311,899
<NET-CHANGE-IN-ASSETS> (103,589)
<ACCUMULATED-NII-PRIOR> 150,693
<ACCUMULATED-GAINS-PRIOR> (4,040,258)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 327,744
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 499,249
<AVERAGE-NET-ASSETS> 116,766,955
<PER-SHARE-NAV-BEGIN> 9.790
<PER-SHARE-NII> 0.260
<PER-SHARE-GAIN-APPREC> (0.060)
<PER-SHARE-DIVIDEND> 0.260
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.730
<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> The Biltmore Funds
Biltmore Special Values Fund
Class A
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 83,324,022
<INVESTMENTS-AT-VALUE> 97,319,030
<RECEIVABLES> 374,204
<ASSETS-OTHER> 43,511
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 97,736,745
<PAYABLE-FOR-SECURITIES> 227,694
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 265,493
<TOTAL-LIABILITIES> 493,187
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 80,032,012
<SHARES-COMMON-STOCK> 1,008,873
<SHARES-COMMON-PRIOR> 423,876
<ACCUMULATED-NII-CURRENT> 127,346
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,089,185
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,995,015
<NET-ASSETS> 15,945,792
<DIVIDEND-INCOME> 493,143
<INTEREST-INCOME> 161,946
<OTHER-INCOME> 0
<EXPENSES-NET> 450,558
<NET-INVESTMENT-INCOME> 204,531
<REALIZED-GAINS-CURRENT> 3,051,404
<APPREC-INCREASE-CURRENT> 6,189,137
<NET-CHANGE-FROM-OPS> 9,445,072
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 37,238
<DISTRIBUTIONS-OF-GAINS> 749,987
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 607,202
<NUMBER-OF-SHARES-REDEEMED> 77,282
<SHARES-REINVESTED> 55,077
<NET-CHANGE-IN-ASSETS> 31,904,876
<ACCUMULATED-NII-PRIOR> 267,242
<ACCUMULATED-GAINS-PRIOR> 6,974,557
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 313,050
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 462,145
<AVERAGE-NET-ASSETS> 78,987,991
<PER-SHARE-NAV-BEGIN> 15.670
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 1.800
<PER-SHARE-DIVIDEND> 0.080
<PER-SHARE-DISTRIBUTIONS> 1.610
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.810
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 102
<NAME> The Biltmore Funds
Biltmore Special Values Fund
Class Y
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 83,324,022
<INVESTMENTS-AT-VALUE> 97,319,030
<RECEIVABLES> 374,204
<ASSETS-OTHER> 43,511
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 97,736,745
<PAYABLE-FOR-SECURITIES> 227,694
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 265,493
<TOTAL-LIABILITIES> 493,187
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 80,032,012
<SHARES-COMMON-STOCK> 5,143,331
<SHARES-COMMON-PRIOR> 3,744,851
<ACCUMULATED-NII-CURRENT> 127,346
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,089,185
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,995,015
<NET-ASSETS> 81,297,766
<DIVIDEND-INCOME> 493,143
<INTEREST-INCOME> 161,946
<OTHER-INCOME> 0
<EXPENSES-NET> 450,558
<NET-INVESTMENT-INCOME> 204,531
<REALIZED-GAINS-CURRENT> 3,051,404
<APPREC-INCREASE-CURRENT> 6,189,137
<NET-CHANGE-FROM-OPS> 9,445,072
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 307,189
<DISTRIBUTIONS-OF-GAINS> 6,186,789
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,311,024
<NUMBER-OF-SHARES-REDEEMED> 177,031
<SHARES-REINVESTED> 264,487
<NET-CHANGE-IN-ASSETS> 31,904,876
<ACCUMULATED-NII-PRIOR> 267,242
<ACCUMULATED-GAINS-PRIOR> 6,974,557
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 313,050
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 462,145
<AVERAGE-NET-ASSETS> 78,987,991
<PER-SHARE-NAV-BEGIN> 15.670
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 1.790
<PER-SHARE-DIVIDEND> 0.080
<PER-SHARE-DISTRIBUTIONS> 1.610
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.810
<EXPENSE-RATIO> 1.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 111
<NAME> The Biltmore Funds
Biltmore Balanced Fund
Class A
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 245,508,222
<INVESTMENTS-AT-VALUE> 281,186,035
<RECEIVABLES> 4,110,368
<ASSETS-OTHER> 16,876
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 285,313,279
<PAYABLE-FOR-SECURITIES> 2,024,289
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 575,192
<TOTAL-LIABILITIES> 2,599,481
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 237,710,796
<SHARES-COMMON-STOCK> 1,894,137
<SHARES-COMMON-PRIOR> 1,400,116
<ACCUMULATED-NII-CURRENT> 1,296,839
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,179,882
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36,526,281
<NET-ASSETS> 23,390,918
<DIVIDEND-INCOME> 1,208,152
<INTEREST-INCOME> 3,920,423
<OTHER-INCOME> 0
<EXPENSES-NET> 1,041,537
<NET-INVESTMENT-INCOME> 4,087,038
<REALIZED-GAINS-CURRENT> 8,704,856
<APPREC-INCREASE-CURRENT> 3,207,968
<NET-CHANGE-FROM-OPS> 15,999,862
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 282,289
<DISTRIBUTIONS-OF-GAINS> 2,073,561
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 429,793
<NUMBER-OF-SHARES-REDEEMED> 131,834
<SHARES-REINVESTED> 196,062
<NET-CHANGE-IN-ASSETS> 26,481,487
<ACCUMULATED-NII-PRIOR> 1,028,420
<ACCUMULATED-GAINS-PRIOR> 26,558,348
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 926,553
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,260,411
<AVERAGE-NET-ASSETS> 265,815,289
<PER-SHARE-NAV-BEGIN> 13.300
<PER-SHARE-NII> 0.170
<PER-SHARE-GAIN-APPREC> 0.490
<PER-SHARE-DIVIDEND> 0.170
<PER-SHARE-DISTRIBUTIONS> 1.440
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.350
<EXPENSE-RATIO> 0.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 112
<NAME> The Biltmore Funds
Biltmore Balanced Fund
Class B
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 245,508,222
<INVESTMENTS-AT-VALUE> 281,186,035
<RECEIVABLES> 4,110,368
<ASSETS-OTHER> 16,876
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 285,313,279
<PAYABLE-FOR-SECURITIES> 2,024,289
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 575,192
<TOTAL-LIABILITIES> 2,599,481
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 237,710,796
<SHARES-COMMON-STOCK> 306,812
<SHARES-COMMON-PRIOR> 137,078
<ACCUMULATED-NII-CURRENT> 1,296,839
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,179,882
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36,526,281
<NET-ASSETS> 3,783,791
<DIVIDEND-INCOME> 1,208,152
<INTEREST-INCOME> 3,920,423
<OTHER-INCOME> 0
<EXPENSES-NET> 1,041,537
<NET-INVESTMENT-INCOME> 4,087,038
<REALIZED-GAINS-CURRENT> 8,704,856
<APPREC-INCREASE-CURRENT> 3,207,968
<NET-CHANGE-FROM-OPS> 15,999,862
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 26,986
<DISTRIBUTIONS-OF-GAINS> 233,430
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 159,458
<NUMBER-OF-SHARES-REDEEMED> 11,710
<SHARES-REINVESTED> 21,986
<NET-CHANGE-IN-ASSETS> 26,481,487
<ACCUMULATED-NII-PRIOR> 1,028,420
<ACCUMULATED-GAINS-PRIOR> 26,558,348
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 926,553
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,260,411
<AVERAGE-NET-ASSETS> 265,815,289
<PER-SHARE-NAV-BEGIN> 13.290
<PER-SHARE-NII> 0.130
<PER-SHARE-GAIN-APPREC> 0.480
<PER-SHARE-DIVIDEND> 0.130
<PER-SHARE-DISTRIBUTIONS> 1.440
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.330
<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> The Biltmore Funds
Biltmore Balanced Fund
Class Y
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 245,508,222
<INVESTMENTS-AT-VALUE> 281,186,035
<RECEIVABLES> 4,110,368
<ASSETS-OTHER> 16,876
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 285,313,279
<PAYABLE-FOR-SECURITIES> 2,024,289
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 575,192
<TOTAL-LIABILITIES> 2,599,481
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 237,710,796
<SHARES-COMMON-STOCK> 20,685,067
<SHARES-COMMON-PRIOR> 17,732,903
<ACCUMULATED-NII-CURRENT> 1,296,839
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,179,882
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36,526,281
<NET-ASSETS> 255,539,089
<DIVIDEND-INCOME> 1,208,152
<INTEREST-INCOME> 3,920,423
<OTHER-INCOME> 0
<EXPENSES-NET> 1,041,537
<NET-INVESTMENT-INCOME> 4,087,038
<REALIZED-GAINS-CURRENT> 8,704,856
<APPREC-INCREASE-CURRENT> 3,207,968
<NET-CHANGE-FROM-OPS> 15,999,862
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,509,344
<DISTRIBUTIONS-OF-GAINS> 25,776,331
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,863,392
<NUMBER-OF-SHARES-REDEEMED> 2,271,545
<SHARES-REINVESTED> 2,360,317
<NET-CHANGE-IN-ASSETS> 26,481,487
<ACCUMULATED-NII-PRIOR> 1,028,420
<ACCUMULATED-GAINS-PRIOR> 26,558,348
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 926,553
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,260,411
<AVERAGE-NET-ASSETS> 265,815,289
<PER-SHARE-NAV-BEGIN> 13.300
<PER-SHARE-NII> 0.190
<PER-SHARE-GAIN-APPREC> 0.480
<PER-SHARE-DIVIDEND> 0.180
<PER-SHARE-DISTRIBUTIONS> 1.440
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.350
<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> The Biltmore Funds
Biltmore Quantative Equity Fund
Class A
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 131,971,719
<INVESTMENTS-AT-VALUE> 188,623,539
<RECEIVABLES> 470,660
<ASSETS-OTHER> 14,870
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 189,109,069
<PAYABLE-FOR-SECURITIES> 982,018
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 212,889
<TOTAL-LIABILITIES> 1,194,907
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 120,971,415
<SHARES-COMMON-STOCK> 1,292,681
<SHARES-COMMON-PRIOR> 1,004,767
<ACCUMULATED-NII-CURRENT> 329,683
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,164,802
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57,448,262
<NET-ASSETS> 21,419,194
<DIVIDEND-INCOME> 1,748,565
<INTEREST-INCOME> 252,547
<OTHER-INCOME> 0
<EXPENSES-NET> 774,123
<NET-INVESTMENT-INCOME> 1,226,989
<REALIZED-GAINS-CURRENT> 10,171,825
<APPREC-INCREASE-CURRENT> 9,102,907
<NET-CHANGE-FROM-OPS> 20,501,721
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 118,317
<DISTRIBUTIONS-OF-GAINS> 807,333
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 302,462
<NUMBER-OF-SHARES-REDEEMED> 76,267
<SHARES-REINVESTED> 61,719
<NET-CHANGE-IN-ASSETS> 18,186,467
<ACCUMULATED-NII-PRIOR> 366,230
<ACCUMULATED-GAINS-PRIOR> 7,364,466
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 599,208
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 853,840
<AVERAGE-NET-ASSETS> 172,702,844
<PER-SHARE-NAV-BEGIN> 15.670
<PER-SHARE-NII> 0.100
<PER-SHARE-GAIN-APPREC> 1.700
<PER-SHARE-DIVIDEND> 0.110
<PER-SHARE-DISTRIBUTIONS> 0.790
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.570
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 122
<NAME> The Biltmore Funds
Biltmore Quantative Equity Fund
Class B
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 131,971,719
<INVESTMENTS-AT-VALUE> 188,623,539
<RECEIVABLES> 470,660
<ASSETS-OTHER> 14,870
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 189,109,069
<PAYABLE-FOR-SECURITIES> 982,018
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 212,889
<TOTAL-LIABILITIES> 1,194,907
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 120,971,415
<SHARES-COMMON-STOCK> 180,406
<SHARES-COMMON-PRIOR> 90,362
<ACCUMULATED-NII-CURRENT> 329,683
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,164,802
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57,448,262
<NET-ASSETS> 2,983,915
<DIVIDEND-INCOME> 1,748,565
<INTEREST-INCOME> 252,547
<OTHER-INCOME> 0
<EXPENSES-NET> 774,123
<NET-INVESTMENT-INCOME> 1,226,989
<REALIZED-GAINS-CURRENT> 10,171,825
<APPREC-INCREASE-CURRENT> 9,102,907
<NET-CHANGE-FROM-OPS> 20,501,721
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,916
<DISTRIBUTIONS-OF-GAINS> 76,012
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 88,082
<NUMBER-OF-SHARES-REDEEMED> 3,657
<SHARES-REINVESTED> 5,619
<NET-CHANGE-IN-ASSETS> 18,186,467
<ACCUMULATED-NII-PRIOR> 366,230
<ACCUMULATED-GAINS-PRIOR> 7,364,466
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 599,208
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 853,840
<AVERAGE-NET-ASSETS> 172,702,844
<PER-SHARE-NAV-BEGIN> 15.650
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 1.680
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.790
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.540
<EXPENSE-RATIO> 1.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 123
<NAME> The Biltmore Funds
Biltmore Quantative Equity Fund
Class Y
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 131,971,719
<INVESTMENTS-AT-VALUE> 188,623,539
<RECEIVABLES> 470,660
<ASSETS-OTHER> 14,870
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 189,109,069
<PAYABLE-FOR-SECURITIES> 982,018
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 212,889
<TOTAL-LIABILITIES> 1,194,907
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 120,971,415
<SHARES-COMMON-STOCK> 9,863,371
<SHARES-COMMON-PRIOR> 9,737,865
<ACCUMULATED-NII-CURRENT> 329,683
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,164,802
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57,448,262
<NET-ASSETS> 163,511,053
<DIVIDEND-INCOME> 1,748,565
<INTEREST-INCOME> 252,547
<OTHER-INCOME> 0
<EXPENSES-NET> 774,123
<NET-INVESTMENT-INCOME> 1,226,989
<REALIZED-GAINS-CURRENT> 10,171,825
<APPREC-INCREASE-CURRENT> 9,102,907
<NET-CHANGE-FROM-OPS> 20,501,721
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,139,303
<DISTRIBUTIONS-OF-GAINS> 7,488,144
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 654,392
<NUMBER-OF-SHARES-REDEEMED> 1,072,395
<SHARES-REINVESTED> 543,509
<NET-CHANGE-IN-ASSETS> 18,186,467
<ACCUMULATED-NII-PRIOR> 366,230
<ACCUMULATED-GAINS-PRIOR> 7,364,466
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 599,208
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 853,840
<AVERAGE-NET-ASSETS> 172,702,844
<PER-SHARE-NAV-BEGIN> 15.670
<PER-SHARE-NII> 0.120
<PER-SHARE-GAIN-APPREC> 1.700
<PER-SHARE-DIVIDEND> 0.120
<PER-SHARE-DISTRIBUTIONS> 0.790
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.580
<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> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 137,206,594
<INVESTMENTS-AT-VALUE> 160,203,417
<RECEIVABLES> 2,661,155
<ASSETS-OTHER> 4,392,558
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 167,257,130
<PAYABLE-FOR-SECURITIES> 2,241,862
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 325,267
<TOTAL-LIABILITIES> 2,567,129
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 138,884,047
<SHARES-COMMON-STOCK> 557,472
<SHARES-COMMON-PRIOR> 470,067
<ACCUMULATED-NII-CURRENT> 895,645
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,907,797
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,002,512
<NET-ASSETS> 7,432,940
<DIVIDEND-INCOME> 1,806,545
<INTEREST-INCOME> 253,741
<OTHER-INCOME> 0
<EXPENSES-NET> 1,136,947
<NET-INVESTMENT-INCOME> 923,339
<REALIZED-GAINS-CURRENT> 1,969,816
<APPREC-INCREASE-CURRENT> 18,163,165
<NET-CHANGE-FROM-OPS> 21,056,320
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,158,562
<DISTRIBUTIONS-OF-GAINS> 1,807
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 180,904
<NUMBER-OF-SHARES-REDEEMED> 97,910
<SHARES-REINVESTED> 4,411
<NET-CHANGE-IN-ASSETS> 36,166,787
<ACCUMULATED-NII-PRIOR> 1,179,511
<ACCUMULATED-GAINS-PRIOR> (17,180)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 748,906
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,136,947
<AVERAGE-NET-ASSETS> 149,523,677
<PER-SHARE-NAV-BEGIN> 11.670
<PER-SHARE-NII> 0.070
<PER-SHARE-GAIN-APPREC> 1.700
<PER-SHARE-DIVIDEND> 0.110
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.330
<EXPENSE-RATIO> 1.72
<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> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 137,206,594
<INVESTMENTS-AT-VALUE> 160,203,417
<RECEIVABLES> 2,661,155
<ASSETS-OTHER> 4,392,558
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 167,257,130
<PAYABLE-FOR-SECURITIES> 2,241,862
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 325,267
<TOTAL-LIABILITIES> 2,567,129
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 138,884,047
<SHARES-COMMON-STOCK> 11,788,463
<SHARES-COMMON-PRIOR> 10,538,413
<ACCUMULATED-NII-CURRENT> 895,645
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,907,797
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,002,512
<NET-ASSETS> 157,257,061
<DIVIDEND-INCOME> 1,806,545
<INTEREST-INCOME> 253,741
<OTHER-INCOME> 0
<EXPENSES-NET> 1,136,947
<NET-INVESTMENT-INCOME> 923,339
<REALIZED-GAINS-CURRENT> 1,969,816
<APPREC-INCREASE-CURRENT> 18,163,165
<NET-CHANGE-FROM-OPS> 21,056,320
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 48,643
<DISTRIBUTIONS-OF-GAINS> 43,032
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,598,581
<NUMBER-OF-SHARES-REDEEMED> 375,796
<SHARES-REINVESTED> 27,265
<NET-CHANGE-IN-ASSETS> 36,166,787
<ACCUMULATED-NII-PRIOR> 1,179,511
<ACCUMULATED-GAINS-PRIOR> (17,180)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 748,906
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,136,947
<AVERAGE-NET-ASSETS> 149,523,677
<PER-SHARE-NAV-BEGIN> 11.670
<PER-SHARE-NII> 0.080
<PER-SHARE-GAIN-APPREC> 1.700
<PER-SHARE-DIVIDEND> 0.110
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.340
<EXPENSE-RATIO> 1.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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