Sterling Capital Equity Income Fund (BAEIX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-06719

                      BB&T Funds                      

(Exact name of registrant as specified in charter)

434 Fayetteville Street Mall, 5th Floor

                Raleigh, NC 27601-0575            

(Address of principal executive offices) (Zip code)

E.G. Purcell, III, President

BB&T Funds

434 Fayetteville Street Mall, 5th Floor

              Raleigh, NC 27601-0575              

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 228-1872

Date of fiscal year end: September 30

Date of reporting period: March 31, 2009

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

BB&T Funds

     Table of Contents

Letter from the President and the Investment Advisor	1
Summary of Portfolio Holdings	2
Expense Example	5
Schedules of Portfolio Investments
Large Cap Fund	9
Mid Cap Value Fund	10
Mid Cap Growth Fund	11
Small Cap Fund	12
International Equity Fund	13
Special Opportunities Equity Fund	17
Equity Income Fund	18
Short U.S. Government Fund	19
Intermediate U.S. Government Fund	20
Total Return Bond Fund	22
Kentucky Intermediate Tax-Free Fund	25
Maryland Intermediate Tax-Free Fund	27
North Carolina Intermediate Tax-Free Fund	29
South Carolina Intermediate Tax-Free Fund	32
Virginia Intermediate Tax-Free Fund	34
West Virginia Intermediate Tax-Free Fund	36
National Tax-Free Money Market Fund	39
Prime Money Market Fund	42
U.S. Treasury Money Market Fund	44
Capital Manager Conservative Growth Fund	45
Capital Manager Moderate Growth Fund	46
Capital Manager Growth Fund	47
Capital Manager Equity Fund	48
Financial Statements	50
Notes to Financial Statements	106
Other Information	120

Letter from the President and the Investment Advisor

Dear Shareholders:

We are pleased to present this BB&T Funds semiannual report covering the six months between October 1, 2008 and March 31, 2009. The widening global recession led to substantial declines in equities for much of the period, though the market ticked up in March. High-quality bonds posted the strong gains, as investors favored the financial markets’ most stable and liquid securities.

Economic growth figures declined sharply. U.S. gross domestic product decreased at an annualized rate of 6.3% during the first half of this semiannual period. According to preliminary figures, GDP declined at an annualized 6.1% rate during the second half of the period. Lenders were extremely cautious about extending credit in the wake of the sub-prime mortgage crisis, and employers laid off hundreds of thousands of workers in reaction to the deepening recession.

Consumer spending fell during four of the six months under review, as individuals reacted to the struggling housing market, weak income growth, mounting job losses, the need to rebuild savings and tighter credit. The decline in consumer spending also reflected falling prices on goods and services, and particularly lower oil and gas prices. Spending did increase in January and

February, but it slumped again in the final month of the period. Business spending shrank as well, as corporations continued to react to the weak economy.

The Federal Reserve took aggressive action to stem the credit crisis and spur economic growth. It lowered its target short-term interest rate from 2.00% to a range between 0% and 0.25% in the first half of this semiannual period, and kept the rate at that historically low level through the second half of the period.

That environment led to a decline in the stock market. The S&P 500 peaked in early October, then fell nearly 42% through early March before making a small recovery during the final weeks of the period. All told, the index lost 31.95% during the six months under review. Large-cap stocks outperformed smaller shares, with the Russell 2000 index of small-cap stocks falling 38.16%.The decline in consumer spending particularly hurt restaurants, consumer products companies and retailers.

Among fixed-income securities, the soft economic outlook, poor housing market, weakening credit picture and widespread market fears sent investors fleeing to the safety of the highest-quality investments. Long- term Treasury bonds continued to outpace other bond sectors during the period under review. Meanwhile, investors’ pursuit of stability led them to favor high-

quality corporate issues over lower-quality corporate bonds. Credit and liquidity concerns weighed on municipal bonds’ performance. As a result, municipal bonds during much of the period offered higher yields than Treasury securities with comparable maturities. Despite the challenging environment, many of the BB&T Funds performed very well against their peers.

Thank you for your continued confidence in BB&T Funds. We will continue to monitor the evolving economic and market climate, and will manage the BB&T Funds accordingly. We look forward to serving your investment needs during the months and years ahead.

Sincerely,

E.G. Purcell, III

President

BB&T Funds

Jeffrey J. Schappe, CFA

Chief Investment Officer

BB&T Asset Management, Inc.

 Past performance does not guarantee future results.

This report is authorized for distribution only when preceded or accompanied by a prospectus. Please read the prospectus carefully before investing or sending money. BB&T Asset Management, Inc., a wholly owned subsidiary of BB&T Corporation, serves as investment advisor to the BB&T Funds and is paid a fee for its services. Shares of the BB&T Funds (each a “Fund” and collectively, the “Funds”) are not deposits or obligations of, or guaranteed or endorsed by, Branch Banking and Trust Company or its affiliates. The Funds are not insured by the FDIC or any other government agency. The Funds currently are distributed by BB&T AM Distributors, Inc. The distributor is not affiliated with Branch Banking and Trust Company or its affiliates.

The foregoing information and opinions are for general information only. BB&T Asset Management, Inc. does not guarantee their accuracy or completeness, nor assume liability for any loss, which may result from the reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice, are for general information only and are not intended as an offer or solicitation with respect to the purchase or sale of any security or offering individual or personalized investment advice.

1

BB&T Funds

Summary of Portfolio Holdings (Unaudited)

The BB&T Funds invested, as a percentage of net assets, in the following industry sectors, countries, states, funds or security types, as of March 31, 2009.

Large Cap Fund	Percentage  of net assets
Consumer Discretionary	12.1%
Consumer Staples	16.3%
Energy	10.4%
Exchange Traded Funds	14.7%
Financials	18.0%
Health Care	1.4%
Industrials	19.2%
Information Technology	2.9%
Put Options Purchased	0.3%
Cash and Cash Equivalents	5.6%
	100.9%
Mid Cap Value Fund	Percentage  of net assets
Consumer Discretionary	24.1%
Financial Services	31.1%
Health Care	16.8%
Materials & Processing	3.8%
Other Energy	1.4%
Producer Durables	1.4%
Technology	20.4%
Cash and Cash Equivalents	3.9%
	102.9%
Mid Cap Growth Fund	Percentage  of net assets
Consumer Discretionary	15.6%
Consumer Staples	3.0%
Energy	10.3%
Financials	5.6%
Health Care	15.1%
Industrials	5.4%
Information Technology	29.8%
Materials	4.1%
Telecommunication Services	4.0%
Cash and Cash Equivalents	11.0%
	103.9%
Small Cap Fund	Percentage  of net assets
Consumer Discretionary	9.3%
Consumer Staples	4.5%
Energy	1.0%
Exchange Traded Funds	7.8%
Financials	6.9%
Health Care	18.9%
Industrials	13.6%
Information Technology	22.4%
Materials	2.6%
Telecommunication Services	1.4%
Utilities	2.6%
Cash and Cash Equivalents	12.3%
	103.3%

International Equity Fund	Percentage  of net assets
Australia	6.2%
Austria	0.9%
Belgium	0.3%
Brazil	1.2%
Canada	1.8%
China	1.9%
Czech Republic	1.4%
Denmark	0.4%
Finland	0.7%
France	14.0%
Germany	7.5%
Greece	0.2%
Hong Kong	0.8%
Hungary	0.9%
Ireland	2.1%
Italy	3.7%
Japan	13.1%
Korea (South)	2.5%
Netherlands	6.4%
New Zealand	0.0%
Norway	1.0%
Poland	0.5%
Portugal	0.1%
Romania	0.2%
Russia	0.5%
Spain	2.3%
Sweden	1.9%
Switzerland	9.1%
Taiwan	0.6%
Ukraine	0.1%
United Kingdom	12.6%
United States	0.1%
Cash and Cash Equivalents	6.9%
	101.9%
Special Opportunities Equity Fund	Percentage  of net assets
Consumer Discretionary	8.4%
Consumer Staples	4.0%
Energy	16.5%
Financials	2.2%
Health Care	20.3%
Industrials	9.1%
Information Technology	24.5%
Materials	3.4%
Cash and Cash Equivalents	12.3%
	100.7%
Equity Income Fund	Percentage  of net assets
Consumer Discretionary	3.6%
Consumer Staples	16.5%
Energy	22.6%
Financials	9.8%
Health Care	9.9%
Industrials	12.5%
Information Technology	14.6%
Utilities	4.0%
Cash and Cash Equivalents	8.4%
	101.9%

2

BB&T Funds

Summary of Portfolio Holdings (Unaudited)

Short U.S. Government Fund	Percentage  of net assets
Corporate Bonds	12.8%
Fannie Mae	26.3%
Freddie Mac	19.6%
Ginnie Mae	5.9%
Federal Farm Credit Bank	15.7%
Federal Home Loan Bank	8.0%
U.S. Treasury Notes	5.6%
Cash and Cash Equivalents	13.5%
	107.4%
Intermediate U.S. Government Fund	Percentage  of net assets
Collateralized Mortgage Obligations	0.3%
Corporate Bonds	11.1%
Fannie Mae	39.5%
Freddie Mac	17.2%
Federal Home Loan Bank	3.6%
Municipal Bonds	1.4%
Private Export Funding Corp	6.8%
U.S. Treasury Bills	6.6%
U.S. Treasury Notes	5.3%
Cash and Cash Equivalents	8.3%
	100.1%
Total Return Bond Fund	Percentage  of net assets
Asset Backed Securities	6.7%
Collateralized Mortgage Obligations	0.9%
Commercial Mortgage-Backed Securities	2.7%
Corporate Bonds	28.0%
Fannie Mae	26.0%
Freddie Mac	27.6%
Foreign Government Bonds	0.3%
Ginnie Mae	1.9%
Municipal Bonds	5.5%
Supranational Bonds	1.4%
U.S. Treasury Notes	0.2%
Cash and Cash Equivalents	1.4%
	102.6%
Kentucky Intermediate Tax-Free Fund	Percentage  of net assets
Kentucky Municipal Bonds	94.9%
Cash and Cash Equivalents	4.1%
	99.0%
Maryland Intermediate Tax-Free Fund	Percentage  of net assets
District of Columbia Municipal Bonds	4.0%
Maryland Municipal Bonds	87.2%
Cash and Cash Equivalents	7.4%
	98.6%
North Carolina Intermediate Tax-Free Fund	Percentage  of net assets
North Carolina Municipal Bonds	96.1%
Puerto Rico Municipal Bonds	2.3%
Cash and Cash Equivalents	1.9%
	100.3%

South Carolina Intermediate Tax-Free Fund	Percentage  of net assets
South Carolina Municipal Bonds	97.3%
Cash and Cash Equivalents	1.6%
	98.9%
Virginia Intermediate Tax-Free Fund	Percentage  of net assets
District of Columbia Municipal Bonds	1.6%
Virginia Municipal Bonds	96.5%
Cash and Cash Equivalents	2.7%
	100.8%
West Virginia Intermediate Tax-Free Fund	Percentage  of net assets
West Virginia Municipal Bonds	97.5%
Cash and Cash Equivalents	1.4%
	98.9%
National Tax-Free Money Market Fund	Percentage  of net assets
Arizona	0.9%
Colorado	3.0%
Connecticut	0.7%
District of Columbia	2.3%
Florida	5.3%
Georgia	4.0%
Illinois	14.5%
Maine	3.3%
Massachusetts	1.5%
Mississippi	1.6%
Missouri	3.6%
New Jersey	0.9%
North Carolina	5.6%
Ohio	27.8%
Pennsylvania	0.5%
Tennessee	1.4%
Texas	7.9%
Utah	1.1%
Virginia	5.4%
Washington	5.5%
Wisconsin	6.3%
Cash and Cash Equivalents	0.0%
	103.1%
Prime Money Market Fund	Percentage  of net assets
Asset Backed Securities	2.7%
Certificates of Deposit	23.3%
Commercial Paper	46.8%
Corporate Bonds	1.3%
Federal Home Loan Bank	4.4%
Repurchase Agreement	8.8%
Variable Rate Notes	13.0%
	100.3%
U.S. Treasury Money Market Fund	Percentage  of net assets
Repurchase Agreements	55.3%
U.S. Treasury Bills	29.2%
U.S. Treasury Notes	15.4%
Cash and Cash Equivalents	0.1%
	100.0%

3

BB&T Funds

Summary of Portfolio Holdings (Unaudited)

Capital Manager Conservative Growth Fund
BB&T Equity Income Fund	4.2%
BB&T International Equity Fund	9.8%
BB&T Large Cap Fund	3.9%
BB&T Mid Cap Growth Fund	3.9%
BB&T Mid Cap Value Fund	6.2%
BB&T Special Opportunities Equity Fund	2.2%
BB&T Total Return Bond Fund	55.3%
BB&T U.S. Treasury Money Market Fund	1.4%
Exchange Traded Funds	12.9%
	99.8%
Capital Manager Moderate Growth Fund	Percentage  of Net Assets
BB&T Equity Income Fund	6.2%
BB&T International Equity Fund	14.8%
BB&T Large Cap Fund	5.6%
BB&T Mid Cap Growth Fund	5.6%
BB&T Mid Cap Value Fund	9.0%
BB&T Special Opportunities Equity Fund	3.0%
BB&T Total Return Bond Fund	34.6%
BB&T U.S. Treasury Money Market Fund	2.4%
Exchange Traded Funds	18.7%
	99.9%

Capital Manager Growth Fund
BB&T Equity Income Fund	7.5%
BB&T International Equity Fund	18.5%
BB&T Large Cap Fund	6.9%
BB&T Mid Cap Growth Fund	6.9%
BB&T Mid Cap Value Fund	11.0%
BB&T Special Opportunities Equity Fund	3.8%
BB&T Total Return Bond Fund	20.1%
BB&T U.S. Treasury Money Market Fund	2.5%
Exchange Traded Funds	22.9%
	100.1%
Capital Manager Equity Fund
BB&T Equity Income Fund	9.5%
BB&T International Equity Fund	23.8%
BB&T Large Cap Fund	8.6%
BB&T Mid Cap Growth Fund	8.6%
BB&T Mid Cap Value Fund	13.9%
BB&T Special Opportunities Equity Fund	4.8%
BB&T U.S. Treasury Money Market Fund	2.3%
Exchange Traded Funds	28.7%
	100.2%

4

BB&T Funds

Expense Example (Unaudited)

As a shareholder of the BB&T Funds (each a “Fund” and collectively, the “Funds”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and (2) ongoing costs, including management fees; distribution fees; and other Fund expenses.

These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds’ and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2008 through March 31, 2009.

Actual Example

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 10/1/08	Ending Account Value 3/31/09	Expenses Paid During Period* 10/1/08 - 3/31/09	Annualized Expense Ratio During Period 10/1/08 - 3/31/09
Large Cap Fund
Class A Shares	$1,000.00	$  698.60	$  4.66	1.10%
Class B Shares	1,000.00	695.70	7.82	1.85%
Class C Shares	1,000.00	695.50	7.82	1.85%
Institutional Shares	1,000.00	699.10	3.60	0.85%
Mid Cap Value Fund
Class A Shares	1,000.00	702.00	5.13	1.21%
Class B Shares	1,000.00	697.90	8.34	1.97%
Class C Shares	1,000.00	696.00	8.29	1.96%
Institutional Shares	1,000.00	700.40	4.11	0.97%
Mid Cap Growth Fund
Class A Shares	1,000.00	642.60	5.00	1.22%
Class B Shares	1,000.00	639.00	8.01	1.96%
Class C Shares	1,000.00	639.40	7.93	1.94%
Institutional Shares	1,000.00	642.50	3.97	0.97%
Small Cap Fund
Class A Shares	1,000.00	636.10	5.79	1.42%
Class B Shares	1,000.00	633.50	8.84	2.17%
Class C Shares	1,000.00	632.80	8.75	2.15%
Institutional Shares	1,000.00	636.40	4.77	1.17%
International Equity Fund
Class A Shares	1,000.00	667.90	7.44	1.79%
Class B Shares	1,000.00	665.30	10.55	2.54%
Class C Shares	1,000.00	666.10	10.55	2.54%
Institutional Shares	1,000.00	670.80	6.37	1.53%
Special Opportunities Equity Fund
Class A Shares	1,000.00	764.70	5.63	1.28%
Class B Shares	1,000.00	761.60	8.87	2.02%
Class C Shares	1,000.00	761.80	8.87	2.02%
Institutional Shares	1,000.00	765.00	4.53	1.03%
Equity Income Fund
Class A Shares	1,000.00	754.30	5.16	1.18%
Class B Shares	1,000.00	751.40	8.43	1.93%
Class C Shares	1,000.00	751.30	8.43	1.93%
Institutional Shares	1,000.00	754.80	4.07	0.93%
Short U.S. Government Fund
Class A Shares	1,000.00	1,032.50	5.07	1.00%
Institutional Shares	1,000.00	1,033.80	3.55	0.70%
Intermediate U.S. Government Fund
Class A Shares	1,000.00	1,065.30	4.84	0.94%
Class B Shares	1,000.00	1,061.50	8.69	1.69%
Class C Shares	1,000.00	1,061.40	8.69	1.69%
Institutional Shares	1,000.00	1,065.50	3.55	0.69%
Total Return Bond Fund
Class A Shares	1,000.00	1,040.00	4.83	0.95%
Class B Shares	1,000.00	1,035.10	8.57	1.69%
Class C Shares	1,000.00	1,036.10	8.58	1.69%
Institutional Shares	1,000.00	1,040.30	3.51	0.69%
Kentucky Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,061.30	4.57	0.89%
Institutional Shares	1,000.00	1,062.60	3.29	0.64%

5

BB&T Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/08	Ending Account Value 3/31/09	Expenses Paid During Period* 10/1/08 - 3/31/09	Annualized Expense Ratio During Period 10/1/08 - 3/31/09
Maryland Intermediate Tax-Free Fund
Class A Shares	$1,000.00	$1,069.30	$4.28	0.83%
Institutional Shares	1,000.00	1,070.50	2.99	0.58%
North Carolina Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,055.50	4.61	0.90%
Institutional Shares	1,000.00	1,056.80	3.33	0.65%
South Carolina Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,060.90	4.88	0.95%
Institutional Shares	1,000.00	1,061.50	3.60	0.70%
Virginia Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,073.90	4.71	0.91%
Institutional Shares	1,000.00	1,075.20	3.41	0.66%
West Virginia Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,046.30	4.64	0.91%
Institutional Shares	1,000.00	1,047.50	3.37	0.66%
National Tax-Free Money Market Fund
Class A Shares	1,000.00	1,005.60	3.35	0.67%
Institutional Shares	1,000.00	1,006.80	2.10	0.42%
Prime Money Market Fund
Class A Shares	1,000.00	1,005.20	5.15	1.03%
Class B Shares	1,000.00	1,003.30	6.99	1.40%
Class C Shares	1,000.00	1,003.30	6.89	1.38%
Institutional Shares	1,000.00	1,007.70	2.65	0.53%
U.S. Treasury Money Market Fund
Class A Shares	1,000.00	1,000.20	1.94	0.39%
Class B Shares	1,000.00	1,000.20	1.75	0.35%
Class C Shares	1,000.00	1,000.30	1.65	0.33%
Institutional Shares	1,000.00	1,000.30	1.70	0.34%
Capital Manager Conservative Growth Fund
Class A Shares	1,000.00	881.40	2.25	0.48%
Class B Shares	1,000.00	879.20	5.81	1.24%
Class C Shares	1,000.00	878.00	5.81	1.24%
Institutional Shares	1,000.00	883.50	0.70	0.15%
Capital Manager Moderate Growth Fund
Class A Shares	1,000.00	814.40	1.85	0.41%
Class B Shares	1,000.00	810.30	5.24	1.16%
Class C Shares	1,000.00	810.40	5.24	1.16%
Institutional Shares	1,000.00	815.10	0.63	0.14%
Capital Manager Growth Fund
Class A Shares	1,000.00	758.50	1.84	0.42%
Class B Shares	1,000.00	756.80	5.12	1.17%
Class C Shares	1,000.00	757.00	5.13	1.17%
Institutional Shares	1,000.00	760.80	0.61	0.14%
Capital Manager Equity Fund
Class A Shares	1,000.00	682.50	2.10	0.50%
Class B Shares	1,000.00	679.00	5.23	1.25%
Class C Shares	1,000.00	680.30	4.65	1.11%
Institutional Shares	1,000.00	683.20	0.71	0.17%

* Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

6

BB&T Funds

Expense Example (Unaudited)

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/08	Ending Account Value 3/31/09	Expenses Paid During Period 10/1/08 - 3/31/09	Annualized Expense Ratio During Period 10/1/08 - 3/31/09
Large Cap Fund
Class A Shares	$1,000.00	$1,019.45	$5.54	1.10%
Class B Shares	1,000.00	1,015.71	9.30	1.85%
Class C Shares	1,000.00	1,015.71	9.30	1.85%
Institutional Shares	1,000.00	1,020.69	4.28	0.85%
Mid Cap Value Fund
Class A Shares	1,000.00	1,018.90	6.09	1.21%
Class B Shares	1,000.00	1,015.11	9.90	1.97%
Class C Shares	1,000.00	1,015.16	9.85	1.96%
Institutional Shares	1,000.00	1,020.09	4.89	0.97%
Mid Cap Growth Fund
Class A Shares	1,000.00	1,018.85	6.14	1.22%
Class B Shares	1,000.00	1,015.16	9.85	1.96%
Class C Shares	1,000.00	1,015.26	9.75	1.94%
Institutional Shares	1,000.00	1,020.09	4.89	0.97%
Small Cap Fund
Class A Shares	1,000.00	1,017.85	7.14	1.42%
Class B Shares	1,000.00	1,014.11	10.90	2.17%
Class C Shares	1,000.00	1,014.21	10.80	2.15%
Institutional Shares	1,000.00	1,019.10	5.89	1.17%
International Equity Fund
Class A Shares	1,000.00	1,016.01	9.00	1.79%
Class B Shares	1,000.00	1,012.27	12.74	2.54%
Class C Shares	1,000.00	1,012.27	12.74	2.54%
Institutional Shares	1,000.00	1,017.30	7.70	1.53%
Special Opportunities Equity Fund
Class A Shares	1,000.00	1,018.55	6.44	1.28%
Class B Shares	1,000.00	1,014.86	10.15	2.02%
Class C Shares	1,000.00	1,014.86	10.15	2.02%
Institutional Shares	1,000.00	1,019.80	5.19	1.03%
Equity Income Fund
Class A Shares	1,000.00	1,019.05	5.94	1.18%
Class B Shares	1,000.00	1,015.31	9.70	1.93%
Class C Shares	1,000.00	1,015.31	9.70	1.93%
Institutional Shares	1,000.00	1,020.29	4.68	0.93%
Short U.S. Government Fund
Class A Shares	1,000.00	1,019.95	5.04	1.00%
Institutional Shares	1,000.00	1,021.44	3.53	0.70%
Intermediate U.S. Government Fund
Class A Shares	1,000.00	1,020.24	4.73	0.94%
Class B Shares	1,000.00	1,016.50	8.50	1.69%
Class C Shares	1,000.00	1,016.50	8.50	1.69%
Institutional Shares	1,000.00	1,021.49	3.48	0.69%
Total Return Bond Fund
Class A Shares	1,000.00	1,020.19	4.78	0.95%
Class B Shares	1,000.00	1,016.50	8.50	1.69%
Class C Shares	1,000.00	1,016.50	8.50	1.69%
Institutional Shares	1,000.00	1,021.49	3.48	0.69%
Kentucky Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,020.49	4.48	0.89%
Institutional Shares	1,000.00	1,021.74	3.23	0.64%

7

BB&T Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/08	Ending Account Value 3/31/09	Expenses Paid During Period 10/1/08 - 3/31/09	Annualized Expense Ratio During Period 10/1/08 - 3/31/09
Maryland Intermediate Tax-Free Fund
Class A Shares	$1,000.00	$1,020.79	$4.18	0.83%
Institutional Shares	1,000.00	1,022.04	2.92	0.58%
North Carolina Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,020.44	4.53	0.90%
Institutional Shares	1,000.00	1,021.69	3.28	0.65%
South Carolina Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,020.19	4.78	0.95%
Institutional Shares	1,000.00	1,021.44	3.53	0.70%
Virginia Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,020.39	4.58	0.91%
Institutional Shares	1,000.00	1,021.64	3.33	0.66%
West Virginia Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,020.39	4.58	0.91%
Institutional Shares	1,000.00	1,021.64	3.33	0.66%
National Tax-Free Money Market Fund
Class A Shares	1,000.00	1,021.59	3.38	0.67%
Institutional Shares	1,000.00	1,022.84	2.12	0.42%
Prime Money Market Fund
Class A Shares	1,000.00	1,019.80	5.19	1.03%
Class B Shares	1,000.00	1,017.95	7.04	1.40%
Class C Shares	1,000.00	1,018.05	6.94	1.38%
Institutional Shares	1,000.00	1,022.29	2.67	0.53%
U.S. Treasury Money Market Fund
Class A Shares	1,000.00	1,022.99	1.97	0.39%
Class B Shares	1,000.00	1,023.19	1.77	0.35%
Class C Shares	1,000.00	1,023.29	1.66	0.33%
Institutional Shares	1,000.00	1,023.24	1.72	0.34%
Capital Manager Conservative Growth Fund
Class A Shares	1,000.00	1,022.54	2.42	0.48%
Class B Shares	1,000.00	1,018.75	6.24	1.24%
Class C Shares	1,000.00	1,018.75	6.24	1.24%
Institutional Shares	1,000.00	1,024.18	0.76	0.15%
Capital Manager Moderate Growth Fund
Class A Shares	1,000.00	1,022.89	2.07	0.41%
Class B Shares	1,000.00	1,019.15	5.84	1.16%
Class C Shares	1,000.00	1,019.15	5.84	1.16%
Institutional Shares	1,000.00	1,024.23	0.71	0.14%
Capital Manager Growth Fund
Class A Shares	1,000.00	1,022.84	2.12	0.42%
Class B Shares	1,000.00	1,019.10	5.89	1.17%
Class C Shares	1,000.00	1,019.10	5.89	1.17%
Institutional Shares	1,000.00	1,024.23	0.71	0.14%
Capital Manager Equity Fund
Class A Shares	1,000.00	1,022.44	2.52	0.50%
Class B Shares	1,000.00	1,018.70	6.29	1.25%
Class C Shares	1,000.00	1,019.40	5.59	1.11%
Institutional Shares	1,000.00	1,024.08	0.86	0.17%

8

BB&T Large Cap Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Shares		Fair Value
COMMON STOCKS (92.1%)
	Consumer Discretionary (12.1%)
502,099	Comcast Corp., Class A		$	6,848,630
557,853	KB Home(h)			7,352,503
32,376	McDonald’s Corp.			1,766,758
122,257	Target Corp.			4,204,418
84,069	Tiffany & Co.(h)			1,812,528
				21,984,837
	Consumer Staples (16.3%)
142,187	Clorox Co. (The)			7,319,787
82,771	Costco Wholesale Corp.			3,833,953
148,216	Kraft Foods, Inc., Class A			3,303,735
79,881	Kroger Co. (The)			1,695,075
86,324	Procter & Gamble Co. (The)			4,064,997
183,756	Wal-Mart Stores, Inc.			9,573,687
				29,791,234
	Energy (10.4%)
126,290	ConocoPhillips			4,945,516
28,610	EOG Resources, Inc.			1,566,684
155,997	Exxon Mobil Corp.			10,623,396
34,180	Occidental Petroleum Corp.			1,902,117
				19,037,713
	Financials (14.7%)
3,382	Berkshire Hathaway, Inc. Class B(a)			9,537,240
264,862	JPMorgan Chase & Co.			7,040,032
89,863	Loews Corp.			1,985,972
32,734	Northern Trust Corp.			1,958,148
76,298	T. Rowe Price Group, Inc.(h)			2,201,960
288,852	Wells Fargo & Co.			4,113,253
				26,836,605
	Health Care (18.0%)
63,538	Eli Lilly & Co.			2,122,805
183,201	Johnson & Johnson			9,636,373
65,054	Medco Health Solutions, Inc.(a)			2,689,332
212,862	Medtronic, Inc.			6,273,043
305,737	Merck & Co., Inc.			8,178,465
290,073	Pfizer, Inc.			3,950,794
				32,850,812
	Industrials (1.4%)
285,649	Terex Corp.(a)			2,642,253
	Information Technology (19.2%)
349,311	Cisco Systems, Inc.(a)			5,857,946
315,285	eBay, Inc.(a)			3,959,979
18,148	Google, Inc., Class A(a)			6,316,593
370,294	Intel Corp.			5,572,925
348,837	Microsoft Corp.			6,408,136

Shares		Fair Value
COMMON STOCKS — (continued)
	Information Technology — (continued)
176,295	QUALCOMM, Inc.		$	6,859,638
				34,975,217
	Total Common Stocks (Cost $200,708,578)			168,118,671
EXCHANGE TRADED FUNDS (2.9%)
197,190	Industrial Select Sector SPDR Fund			3,634,212
17,909	SPDR Gold Trust(a)			1,616,824
	Total Exchange Traded Funds (Cost $5,228,897)			5,251,036
Contracts
PUT OPTIONS PURCHASED (0.3%)
	Financials (0.3%)
920	Wells Fargo & Co., Strike Price $20.00,     Expiration Date 04/18/09			551,080
	Total Put Options Purchased     (Cost $573,160)			551,080
Shares
INVESTMENT COMPANY (4.5%)
8,143,968	Federated Treasury Obligations Fund,     Institutional Shares			8,143,968
	Total Investment Company     (Cost $8,143,968)			8,143,968
Principal Amount
SECURITIES HELD AS COLLATERAL FOR     SECURITIES ON LOAN (1.1%)
$2,316,585	Pool of Various Securities(i)			1,929,981
	Total Securities Held as Collateral for     Securities on Loan     (Cost $2,316,585)			1,929,981
Total Investments — 100.9%     (Cost $216,971,188)				183,994,736
Net Other Assets (Liabilities) — (0.9)%				(1,559,262	)
NET ASSETS — 100.0%			$	182,435,474

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

9

BB&T Mid Cap Value Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Shares		Fair Value
COMMON STOCKS (99.0%)
	Consumer Discretionary (24.1%)
666,750	Chico’s FAS, Inc.(a)		$	3,580,447
401,650	EarthLink, Inc.(a)			2,638,841
407,750	eBay, Inc.(a)			5,121,340
80,250	Gannett Co., Inc.(h)			176,550
114,650	International Speedway Corp., Class A			2,529,179
980,800	Interpublic Group of Cos., Inc.(a)			4,040,896
125,600	Kohl’s Corp.(a)			5,315,392
81,200	Omnicom Group, Inc.			1,900,080
104,150	R.H. Donnelley Corp.(a)(h)			31,766
282,030	Select Comfort Corp.(a)(h)			203,062
173,650	Universal Technical Institute, Inc.(a)			2,083,800
258,900	Viacom, Inc., Class B(a)			4,499,682
				32,121,035
	Financial Services (31.1%)
80,000	Alliance Data Systems Corp.(a)(h)			2,956,000
176,600	Annaly Capital Management, Inc., REIT			2,449,442
132,600	Assured Guaranty, Ltd.(h)			897,702
187,302	Endurance Specialty Holdings, Ltd.(h)			4,671,312
231,950	Fair Isaac Corp.			3,263,537
276,905	Fidelity National Information Services, Inc.			5,039,671
33,029	Jefferies Group, Inc.			455,800
245,900	Leucadia National Corp.(a)			3,661,451
204,950	Marshall & Ilsley Corp.			1,153,868
56,843	Mercury General Corp.			1,688,237
112,300	Piper Jaffray Cos.(a)			2,896,217
114,890	StanCorp Financial Group, Inc.			2,617,194
394,150	Synovus Financial Corp.(h)			1,280,988
237,900	Waddell & Reed Financial, Inc., Class A			4,298,853
186,300	Willis Group Holdings, Ltd.			4,098,600
				41,428,872
	Health Care (16.8%)
101,500	Coventry Health Care, Inc.(a)			1,313,410
163,054	Covidien, Ltd.			5,419,915
87,810	Genzyme Corp.(a)			5,215,036
272,242	IMS Health, Inc.			3,394,858
413,050	King Pharmaceuticals, Inc.(a)			2,920,263
53,900	Wellpoint, Inc.(a)			2,046,583
58,450	Zimmer Holdings, Inc.(a)			2,133,425
				22,443,490
	Materials & Processing (3.8%)
250,225	Valspar Corp.			4,996,993

Shares		Fair Value
COMMON STOCKS — (continued)
	Other Energy (1.4%)
145,200	Forest Oil Corp.(a)		$	1,909,380
	Producer Durables (1.4%)
502,650	Axcelis Technologies, Inc.(a)			191,007
96,100	Lexmark International, Inc., Class A(a)			1,621,207
				1,812,214
	Technology (20.4%)
66,300	Affiliated Computer Services, Inc., Class A(a)			3,175,107
94,750	BMC Software, Inc.(a)			3,126,750
352,460	CA, Inc.			6,206,821
84,100	Computer Sciences Corp.(a)			3,098,244
96,050	General Dynamics Corp.			3,994,719
10,200	MicroStrategy, Inc., Class A(a)			348,738
134,600	Progress Software Corp.(a)			2,336,656
238,500	Synopsys, Inc.(a)			4,944,105
				27,231,140
	Total Common Stocks     (Cost $194,017,733)			131,943,124
INVESTMENT COMPANY (1.3%)
1,754,301	Federated Treasury Obligations Fund,     Institutional Shares			1,754,301
	Total Investment Company     (Cost $1,754,301)			1,754,301
Principal Amount
SECURITIES HELD AS COLLATERAL FOR     SECURITIES ON LOAN (2.6%)
$4,111,389	Pool of Various Securities(i)			3,375,873
	Total Securities Held as Collateral for     Securities on Loan     (Cost $4,111,389)			3,375,873
Total Investments — 102.9%     (Cost $199,883,423)				137,073,298
Net Other Assets (Liabilities) — (2.9)%				(3,808,077	)
NET ASSETS — 100.0%			$	133,265,221

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

10

BB&T Mid Cap Growth Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Shares		Fair Value
COMMON STOCKS (92.9%)
	Consumer Discretionary (15.6%)
26,700	Amazon.com, Inc.(a)		$	1,960,848
42,200	Best Buy Co., Inc.			1,601,912
85,800	Burger King Holdings, Inc.			1,969,110
147,525	Cheesecake Factory (The)(a)			1,689,161
50,470	Darden Restaurants, Inc.			1,729,102
21,975	DeVry, Inc.			1,058,756
83,300	GameStop Corp., Class A(a)			2,334,066
73,760	P.F. Chang’s China Bistro, Inc.(a)(h)			1,687,629
55,270	Polo Ralph Lauren Corp.			2,335,157
				16,365,741
	Consumer Staples (3.0%)
18,400	Chattem, Inc.(a)(h)			1,031,320
124,315	Whole Foods Market, Inc.(h)			2,088,492
				3,119,812
	Energy (10.3%)
95,480	Alpha Natural Resources, Inc.(a)			1,694,770
32,250	Anadarko Petroleum Corp.			1,254,202
26,975	Core Laboratories NV			1,973,491
76,000	National Oilwell Varco, Inc.(a)			2,181,960
57,700	Petroleo Brasileiro SA, ADR			1,758,119
67,400	Southwestern Energy Co.(a)			2,001,106
				10,863,648
	Financials (5.6%)
47,000	Assurant, Inc.			1,023,660
8,870	CME Group, Inc.			2,185,479
139,705	Fidelity National Financial, Inc., Class A			2,725,645
				5,934,784
	Health Care (15.1%)
96,945	Alexion Pharmaceuticals, Inc.(a)			3,650,948
35,500	Amedisys, Inc.(a)(h)			975,895
23,625	Celgene Corp.(a)			1,048,950
15,900	Cephalon, Inc.(a)(h)			1,082,790
118,000	Mylan, Inc.(a)			1,582,380
74,900	Myriad Genetics, Inc.(a)			3,405,703
56,800	NuVasive, Inc.(a)(h)			1,782,384
76,615	Watson Pharmaceuticals, Inc.(a)			2,383,493
				15,912,543
	Industrials (5.4%)
28,900	Fluor Corp.			998,495
170,770	Quanta Services, Inc.(a)			3,663,016
22,350	Stericycle, Inc.(a)			1,066,766
				5,728,277

Shares		Fair Value
COMMON STOCKS — (continued)
	Information Technology (29.8%)
153,500	Activision Blizzard, Inc.(a)		$	1,605,610
191,955	Altera Corp.			3,368,810
21,455	Baidu, Inc., ADR(a)(h)			3,788,953
66,475	Equinix, Inc.(a)(h)			3,732,571
61,850	InterDigital, Inc.(a)			1,596,967
200,060	Macrovision Solutions Corp.(a)			3,559,068
334,265	Nuance Communications, Inc.(a)			3,630,118
121,955	Sina China Corp.(a)			2,835,454
114,180	Synaptics, Inc.(a)(h)			3,055,457
117,735	Varian Semiconductor Equipment Associates, Inc.(a)			2,550,140
85,715	Xilinx, Inc.			1,642,299
				31,365,447
	Materials (4.1%)
69,100	Freeport-McMoRan Copper & Gold, Inc.			2,633,401
20,500	Monsanto Co.			1,703,550
				4,336,951
	Telecommunication Services (4.0%)
47,160	Leap Wireless International, Inc.(a)			1,644,469
149,590	MetroPCS Communications, Inc.(a)			2,554,997
				4,199,466
	Total Common Stocks     (Cost $102,910,617)			97,826,669
INVESTMENT COMPANY (2.1%)
2,184,875	Federated Treasury Obligations Fund,     Institutional Shares			2,184,875
	Total Investment Company     (Cost $2,184,875)			2,184,875
Principal Amount
SECURITIES HELD AS COLLATERAL FOR     SECURITIES ON LOAN (8.9%)
$9,907,489	Pool of Various Securities(i)			9,419,116
	Total Securities Held as Collateral for     Securities on Loan     (Cost $9,907,489)			9,419,116
Total Investments — 103.9%     (Cost $115,002,981)				109,430,660
Net Other Assets (Liabilities) — (3.9)%				(4,143,557	)
NET ASSETS — 100.0%			$	105,287,103

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

11

BB&T Small Cap Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Shares		Fair Value
COMMON STOCKS (83.2%)
	Consumer Discretionary (9.3%)
21,150	Buffalo Wild Wings, Inc.(a)(h)		$	773,667
5,375	Capella Education Co.(a)			284,875
19,400	CEC Entertainment, Inc.(a)			502,072
21,950	Cheesecake Factory (The)(a)			251,328
10,975	P.F. Chang’s China Bistro, Inc.(a)			251,108
17,000	Polaris Industries, Inc.(h)			364,480
				2,427,530
	Consumer Staples (4.5%)
4,575	Chattem, Inc.(a)(h)			256,429
16,200	Sanderson Farms, Inc.			608,310
18,750	Whole Foods Market, Inc.(h)			315,000
				1,179,739
	Energy (1.0%)
14,175	Alpha Natural Resources, Inc.(a)			251,606
	Financials (6.9%)
11,650	Assurant, Inc.			253,737
58,952	Dime Community Bancshares			552,970
85,186	NewAlliance Bancshares, Inc.			1,000,083
				1,806,790
	Health Care (18.9%)
13,900	Alexion Pharmaceuticals, Inc.(a)			523,474
8,650	Amedisys, Inc.(a)(h)			237,788
46,150	American Medical Systems Holdings, Inc.(a)			514,572
24,600	CardioNet, Inc.(a)			690,276
63,500	Geron Corp.(a)(h)			283,845
12,600	Haemonetics Corp.(a)			694,008
18,850	Myriad Genetics, Inc.(a)			857,110
8,650	NuVasive, Inc.(a)(h)			271,437
29,000	SonoSite, Inc.(a)			518,520
11,575	Watson Pharmaceuticals, Inc.(a)			360,098
				4,951,128
	Industrials (13.6%)
40,900	Celadon Group, Inc.(a)			226,995
19,395	Curtiss-Wright Corp.			544,030
40,200	GrafTech International, Ltd.(a)			247,632
64,300	LaBarge, Inc.(a)			538,191
17,000	Moog, Inc., Class A(a)			388,790
34,000	Quanta Services, Inc.(a)			729,300
22,530	RBC Bearings, Inc.(a)			344,258
17,275	Regal-Beloit Corp.			529,306
				3,548,502
	Information Technology (22.4%)
13,800	Equinix, Inc.(a)(h)			774,870
15,350	InterDigital, Inc.(a)			396,337
18,045	Longtop Financial Technologies, Ltd.     ADR(a)			383,095
30,125	Macrovision Solutions Corp.(a)			535,924
50,000	Nuance Communications, Inc.(a)			543,000

Shares		Fair Value
COMMON STOCKS — (continued)
	Information Technology — (continued)
40,500	Perot Systems Corp., Class A(a)	$	521,640
32,100	Silicon Laboratories, Inc.(a)		847,440
20,000	Sina China Corp.(a)		465,000
17,100	Synaptics, Inc.(a)(h)		457,596
17,700	Varian Semiconductor Equipment Associates, Inc.(a)		383,382
20,500	VistaPrint, Ltd.(a)(h)		563,545
			5,871,829
	Materials (2.6%)
49,000	Calgon Carbon Corp.(a)		694,330
	Telecommunication Services (1.4%)
10,550	Leap Wireless International, Inc.(a)		367,879
	Utilities (2.6%)
8,723	Laclede Group, Inc. (The)		340,022
15,056	UIL Holdings Corp.		336,050
			676,072
	Total Common Stocks     (Cost $24,223,253)		21,775,405
EXCHANGE TRADED FUNDS (7.8%)
6,300	Energy Select Sector SPDR Fund		267,498
44,734	iShares Russell 2000 Value Index Fund		1,765,204
	Total Exchange Traded Funds     (Cost $2,502,343)		2,032,702
INVESTMENT COMPANY (2.8%)
744,827	Federated Treasury Obligations Fund,     Institutional Shares		744,827
	Total Investment Company     (Cost $744,827)		744,827
Principal Amount
SECURITIES HELD AS COLLATERAL FOR     SECURITIES ON LOAN (9.5%)
$2,692,053	Pool of Various Securities(i)		2,475,111
	Total Securities Held as Collateral for     Securities on Loan     (Cost $2,692,053)		2,475,111
Total Investments — 103.3%     (Cost $30,162,476)			27,028,045
Net Other Assets (Liabilities) — (3.3)%			(860,719	)
NET ASSETS — 100.0%		$	26,167,326

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

12

BB&T International Equity Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Shares			Fair Value
COMMON STOCKS (87.6%)
		Australia (6.2%)
72,917		BHP Billiton, Ltd.		$	1,611,557
16,721		Foster’s Group, Ltd.			58,805
153,412		Macquarie Airports			193,669
35,726		Rio Tinto, Ltd.			1,418,876
53,020		Telstra Corp, Ltd.			118,354
11,651		Woodside Petroleum, Ltd.			310,338
10,040		Woolworths, Ltd.			174,261
					3,885,860
		Austria (0.9%)
4,315		Flughafen Wien AG			126,047
11,829		OMV AG			395,728
2,624		Telekom Austria AG			39,724
					561,499
		Belgium (0.3%)
5,628		Anheuser-Busch InBev NV			154,969
	��	Brazil (1.2%)
54,981		Companhai Vale do Rio Doce ADR			731,247
		Canada (1.8%)
10,760		EnCana Corp.			440,368
14,994		Petro-Canada			402,797
1,866		Research In Motion, Ltd.(a)			80,369
16,590		Talisman Energy, Inc.			175,663
					1,099,197
		China (1.9%)
138,854		Beijing Capital International Airport Co., Ltd.,     Series H			61,747
44,000		China Mobile, Ltd.			383,280
504,000		China Petroleum & Chemical Corp., Series H			322,963
88,000		China Telecom Corp., Ltd., Series H			36,349
111,000		CNOOC, Ltd.			111,539
374,000		PetroChina, Co., Ltd., Series H			298,375
					1,214,253
		Czech Republic (1.4%)
8,642		Komercni Banka AS			870,424
		Denmark (0.4%)
4,604		Novo Nordisk AS, Class B			220,743
		Finland (0.7%)
1,504		Kone OYJ, Class B			31,157
25,501		Nokia OYJ			298,246
6,245		Orion OYJ, Class B			90,371
6,436		Stora Enso OYJ, R Shares(a)			22,798
3,220		UPM-Kymmene OYJ			18,584
					461,156
		France (14.0%)
841		Accor SA			29,270
3,906		Aeroports de Paris			207,955
4,081		Air Liquide SA			331,894
2,545		Alstom SA			131,974
18,099		ArcelorMittal			369,287
1,462		BNP Paribas			60,317
1,949		Bouygues SA			69,648
4,245		Carrefour SA			165,598
2,543		Casino Guichard Perrachon SA			165,467
2,511		Cie de Saint-Gobain			70,356

Shares		Fair Value
COMMON STOCKS — (continued)
	France — (continued)
903	Compagnie Generale des Etablissements Michelin, Class B		$	33,469
5,214	Credit Agricole SA			57,529
47,954	France Telecom SA			1,093,217
18,078	GDF Suez			619,979
24,727	Groupe Danone			1,203,305
485	L’Oreal SA			33,342
5,262	LVMH Moet Hennessy Louis Vuitton SA			330,200
3,140	Pernod-Ricard SA			174,991
1,007	PPR			64,559
2,541	Publicis Groupe			65,139
1,510	Renault SA			31,049
6,353	Sanofi-Aventis SA			356,539
2,446	Schneider Electric SA			162,676
1,489	Societe Generale			58,245
3,368	Suez Environnement SA(a)			49,526
45,263	Total SA			2,238,234
9,251	Vinci SA			343,440
8,664	Vivendi			229,154
				8,746,359
	Germany (7.5%)
2,023	Adidas AG			67,142
12,386	BASF SE			377,277
5,546	Bayer AG			269,385
14,731	Bayerische Motoren Werke AG			423,164
8,617	Daimler AG			220,864
8,806	Deutsche Post AG			95,003
20,686	Deutsche Telekom AG			256,765
14,279	E.ON AG			398,668
22,272	Fraport AG Frankfurt Airport Services Worldwide			712,819
2,843	Fresenius SE			108,006
867	Linde AG			58,891
3,139	MAN AG			136,213
1,220	Merck KGaA(a)			107,520
495	Muenchener Rueckversicherungs AG			60,406
4,022	RWE AG			283,264
9,318	SAP AG			328,267
12,802	Siemens AG			734,771
729	Volkswagen AG, Preference shares			41,862
				4,680,287
	Greece (0.2%)
6,454	Hellenic Telecommunications Organization SA			96,743
	Hong Kong (0.8%)
77,564	China Merchants Holdings International Co., Ltd.			178,538
7,900	Esprit Holdings, Ltd.			40,309
199,056	GOME Electrical Appliances Holdings, Ltd.(f)(i)			28,764
51,000	Hutchison Whampoa, Ltd.			250,363
92,164	Shun Tak Holdings, Ltd.			28,665
				526,639
	Hungary (0.9%)
68,312	OTP Bank Nyrt(a)			575,557
	Ireland (1.7%)
47,767	CRH PLC			1,039,531

Continued

13

BB&T International Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2009 (Unaudited)

Shares		Fair Value
COMMON STOCKS — (continued)
	Italy (3.7%)
63,067	Enel SpA		$	302,424
98,371	ENI SpA			1,904,687
3,616	Snam Rete Gas SpA			19,402
74,609	Telecom Italia SpA			96,189
				2,322,702
	Japan (6.3%)
1,800	Aisin Seiki Co., Ltd.			28,884
5,386	Canon, Inc.			157,012
10	Central Japan Railway Co.			56,388
1,400	Daikin Industries, Ltd.			38,545
4,231	Denso Corp.			85,531
2,100	East Japan Railway Co.			109,482
1,700	Eisai Co., Ltd.			50,039
3,425	Fanuc, Ltd.			234,260
26	Fuji Media Holdings, Inc.			29,224
14,706	Honda Motor Co., Ltd.			350,088
41,000	Itochu Corp.			202,295
12	KDDI Corp.			56,510
4,900	Komatsu, Ltd.			54,227
4,202	Kubota Corp.			23,286
700	Kyocera Corp.			46,724
29,700	Mitsubishi Corp.			393,725
14,000	Mitsubishi Electric Corp.			63,624
41,000	Mitsui & Co., Ltd.			417,679
5,000	NGK Insulators, Ltd.			78,203
2,800	Nidec Corp.			126,041
766	Nintendo Co., Ltd.			224,079
1,200	Nippon Telegraph & Telephone Corp.			45,797
48	NTT DoCoMo, Inc.			65,397
10,408	Panasonic Corp.			114,892
3,000	Ricoh Co., Ltd.			36,276
1,500	Shin-Etsu Chemical Co., Ltd.			73,695
2,066	Sony Corp.			42,734
7,300	Suzuki Motor Corp.			122,783
1,800	Takeda Pharmaceutical Co., Ltd.			62,450
17,054	Toyota Motor Corp.			541,701
				3,931,571
	Korea (South) (2.5%)
1,044	Hyundai Heavy Industries Co., Ltd.			149,472
4,141	Hyundai Motor Co.			167,565
2,288	KT&G Corp.			126,291
1,145	POSCO			305,119
1,180	Samsung Electronics Co., Ltd.			487,526
440	Shinsegae Co., Ltd.			138,191
1,381	SK Telecom Co., Ltd.			192,092
				1,566,256
	Netherlands (6.4%)
10,623	Heineken NV			301,770
33,989	Koninklijke KPN NV			453,790
22,603	Koninklijke Philips Electronics NV(h)			334,574
13,817	Reed Elsevier NV			147,854
87,082	Royal Dutch Shell PLC, Class A			1,942,723
3,877	TNT NV			66,453
37,871	Unilever NV			746,104
				3,993,268
	New Zealand (0.0%)
18,688	Auckland International Airport, Ltd.			18,232

Shares		Fair Value
COMMON STOCKS — (continued)
	Norway (1.0%)
36,558	StatoilHydro ASA		$	639,791
	Poland (0.5%)
47,142	Powszechna Kasa Oszczednosci Bank Polski SA			291,538
	Portugal (0.1%)
15,543	Energias de Portugal SA			53,882
	Russia (0.5%)
3,762	Inter Rao Ues OAO, GDR(a)(e)			9,781
1,251	Kuzbassenergo OJSC, GDR(a)(e)			1,126
2,850	LUKOIL, ADR			107,445
16,921	MMC Norilsk Nickel, OJSC, ADR			103,218
17,316	OGK-1 OAO, GDR(a)(e)			6,667
4,500	OGK-2 OAO, GDR(a)(e)			3,708
5,247	OGK-6 OAO, GDR(a)(e)			4,434
900,000	RAO Energy System of East OAO(a)(f)			1,440
8,650	Severstal, GDR			29,410
10,784	Sistema-Hals, GDR(a)(d)			5,122
6,876	TGK-1, GDR(a)(e)			3,438
288	TGK-14, GDR(a)(e)			519
1,161	TGK-2, GDR(a)(e)			1,045
2,853	TGK-4, GDR(a)(e)			2,283
3,024	TGK-9 OAO, GDR(a)(e)			1,814
3,006	Volga Territorial Generating Co., GDR(a)(e)			2,567
3,096	Yenisei Territorial Generating Co., OJSC, GDR(a)(e)			1,238
				285,255
	Spain (2.3%)
20,515	EDP Renovaveis SA(a)			167,563
11,216	Iberdrola Renovables(a)(h)			46,454
45,340	Iberdrola SA(h)			318,106
9,712	Inditex SA(h)			378,467
25,531	Telefonica SA			509,123
				1,419,713
	Sweden (1.9%)
18,211	Atlas Copco AB, Class A(h)			136,743
7,213	Getinge AB, Class B			69,858
9,983	Hennes & Mauritz AB, Class B(h)			374,264
52,158	Sandvik AB			298,784
2,974	Skanska AB, Class B			25,670
21,744	SKF AB, Class B			188,216
8,893	Svenska Cellulosa AB, Class B			67,495
10,104	TeliaSonera AB(h)			48,597
				1,209,627
	Switzerland (9.1%)
36,118	ABB, Ltd.(a)			503,729
1,857	Compagnie Financiere Richemont SA, Class A			28,994
890	Flughafen Zuerich AG			160,229
109	Givaudan SA(a)			56,417
1,917	Holcim, Ltd.			68,281
59,226	Nestle SA			2,000,913
1,670	Nobel Biocare Holding AG(a)			28,505
16,204	Novartis AG			613,055
2,833	Roche Holding AG			388,830
243	Swatch Group AG (The)			29,308
511	Swisscom AG			143,477
2,365	Syngenta AG			475,395

Continued

14

BB&T International Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2009 (Unaudited)

Shares		Fair Value
COMMON STOCKS — (continued)
	Switzerland — (continued)
174,275	Xstrata PLC		$	1,169,028
				5,666,161
	Taiwan (0.6%)
43,010	Taiwan Semiconductor Manufacturing Co., Ltd., ADR			384,939
	Ukraine (0.1%)
933,947	Raiffeisen Bank Aval(a)			9,050
2,656	Ukrnafta Oil Co.(a)			28,375
1,101,903	Ukrsotsbank JSCB(a)			10,953
33,222	UkrTelecom, GDR			41,710
				90,088
	United Kingdom (12.6%)
13,544	Anglo American PLC			230,635
56,647	BHP Billiton PLC			1,117,393
150,867	BP PLC			1,011,617
18,371	British American Tobacco PLC			424,384
38,643	Cadbury PLC			291,486
16,434	Diageo PLC			183,515
12,290	GlaxoSmithKline PLC			191,412
11,655	Imperial Tobacco Group PLC			261,752
32,995	Marks & Spencer Group PLC			139,885
16,979	National Grid PLC			130,407
15,619	Pearson PLC			157,069
30,106	Rio Tinto PLC			1,010,899
19,872	Rolls-Royce Group PLC(a)			83,708
10,171	Scottish & Southern Energy PLC			161,617
13,436	Smith & Nephew PLC(h)			83,631
175,569	Tesco PLC			838,822
34,190	Tullow Oil PLC			393,101
521,091	Vodafone Group PLC			908,496
17,271	WM Morrison Supermarkets PLC			63,232
36,250	WPP PLC			203,862
				7,886,923
	United States (0.1%)
2,421	Dr Pepper Snapple Group, Inc.(a)			40,937
	Total Common Stocks     (Cost $66,388,429)			54,665,347
EXCHANGE TRADED FUNDS (6.8%)
	Japan (6.8%)
14,757	Nomura - Nikkei 225			1,243,354
368,570	Nomura TOPIX			2,967,624
	Total Exchange Traded Funds     (Cost $4,746,309)			4,210,978
RIGHTS/WARRANTS (0.6%)
	Ireland (0.4%)
12,341	CRH PLC, Rights, Expire 04/09/09			268,408

Shares		Fair Value
RIGHTS/WARRANTS — (continued)
	Romania (0.2%)
41,596	BRD-Group Societe Generale, Warrants, Expire 06/30/17(a)(d)		$	81,511
	Russia (0.0%)
9	Unified Energy System Warrants, Expire 12/31/09(a)(e)			12,575
9	Unified Energy System Warrants, Expire 12/31/09(a)(e)			1,670
				14,245
	Total Rights/Warrants     (Cost $705,641)			364,164
INVESTMENT COMPANY (6.6%)
	United States (6.6%)
4,137,023	Federated Treasury Obligations Fund,     Institutional Shares			4,137,023
	Total Investment Company     (Cost $4,137,023)			4,137,023
Principal Amount
SECURITIES HELD AS COLLATERAL FOR     SECURITIES ON LOAN (0.3%)
$220,444	Pool of Various Securities(i)			200,315
	Total Securities Held as Collateral for     Securities on Loan     (Cost $220,444)			200,315
Total Investments — 101.9%     (Cost $76,197,846)				63,577,827
Net Other Assets (Liabilities) — (1.9)%				(1,190,862	)
NET ASSETS — 100.0%			$	62,386,965
Sector			Percentage of net assets
Consumer Discretionary				7.3	%
Consumer Staples				12.1	%
Energy				17.2	%
Exchange Traded Funds				6.7	%
Financials				3.4	%
Health Care				4.2	%
Industrials				11.5	%
Information Technology				3.5	%
Investment Company				6.6	%
Materials				17.6	%
Telecommunication Services				7.3	%
Utilities				4.2	%
Cash and Cash Equivalents				0.3	%
				101.9	%

Continued

15

BB&T International Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2009 (Unaudited)

Forward Foreign Currency Contracts	Delivery Date	Contract Amount in Local Currency		Contract Amount in U.S. Dollar			Fair Value		Unrealized Appreciation
Short
Czech Koruna vs. U.S. Dollar	05/21/2009	(2,808,952	)		$   (139,575	)	$   (136,210	)	$   3,365
Czech Koruna vs. U.S. Dollar	07/14/2009	(717,078	)		(39,078	)	(34,730	)	4,348
Czech Koruna vs. U.S. Dollar	10/14/2009	(719,814	)		(39,078	)	(34,813	)	4,265
Czech Koruna vs. U.S. Dollar	10/27/2009	(10,547,622	)		(532,152	)	(510,034	)	22,117
Hungary Forint vs. U.S. Dollar	05/12/2009	(98,441,419	)		(456,778	)	(420,383	)	36,395
Polish Zloty vs. U.S. Dollar	05/11/2009	(962,068	)		(335,806	)	(276,039	)	59,768
Total Short Contracts					$(1,542,467	)	$(1,412,209	)	$130,258
Long
Canadian Dollar vs. U.S. Dollar	04/13/2009	1,865,128			$ 1,427,904		$ 1,479,351		$  51,448
Total Long Contracts					$ 1,427,904		$ 1,479,351		$  51,448

See footnote legend to the Schedule of Portfolio Investments.

See accompanying notes to the financial statements.

16

BB&T Special Opportunities Equity Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Shares		Fair Value
COMMON STOCKS (88.4%)
	Consumer Discretionary (8.4%)
953,000	Comcast Corp., Class A		$12,998,920
915,000	News Corp., Class A		6,057,300
299,000	Yum! Brands, Inc.(g)		8,216,520
			27,272,740
	Consumer Staples (4.0%)
117,000	Energizer Holdings, Inc.(a)(g)		5,813,730
754,000	Smithfield Foods, Inc.(a)(g)(h)		7,132,840
			12,946,570
	Energy (16.5%)
193,000	Apache Corp.(g)		12,369,370
240,000	Chesapeake Energy Corp.(g)		4,094,400
382,000	Consol Energy, Inc.(g)		9,641,680
407,000	Halliburton Co.(g)		6,296,290
485,000	Petroleo Brasileiro SA, ADR(g)		11,882,500
827,000	Weatherford International, Ltd.(a)		9,154,890
			53,439,130
	Financials (2.2%)
24,700	Markel Corp.(a)		7,011,836
	Health Care (20.3%)
761,000	Allscripts-Misys Healthcare Solutions, Inc.(h)		7,830,690
616,000	Bristol-Myers Squibb Co.		13,502,720
276,000	McKesson Corp.		9,671,040
312,220	Medcath Corp.(a)		2,269,839
331,000	Teva Pharmaceutical Industries, Ltd., ADR(h)		14,911,550
609,000	UnitedHealth Group, Inc.		12,746,370
151,000	Varian Medical Systems, Inc.(a)		4,596,440
			65,528,649
	Industrials (9.1%)
121,000	L-3 Communications Holdings, Inc.		8,203,800
744,800	Spirit Aerosystems Holdings, Inc., Class A(a)		7,425,656
295,400	SPX Corp.(g)		13,886,754
			29,516,210
	Information Technology (24.5%)
790,000	Activision Blizzard, Inc.(a)		8,263,400

Shares		Fair Value
COMMON STOCKS — (continued)
	Information Technology — (continued)
858,000	Akamai Technologies, Inc.(a)(g)		$	16,645,200
820,000	Cisco Systems, Inc.(a)			13,751,400
1,205,000	Dell, Inc.(a)			11,423,400
651,000	eBay, Inc.(a)			8,176,560
406,000	Harris Corp.			11,749,640
611,000	Symantec Corp.(a)(g)			9,128,340
				79,137,940
	Materials (3.4%)
826,000	Nalco Holding Co.			10,795,820
	Total Common Stocks     (Cost $374,001,793)			285,648,895
INVESTMENT COMPANY (11.5%)
37,168,527	Federated Treasury Obligations Fund,     Institutional Shares			37,168,527
	Total Investment Company     (Cost $37,168,527)			37,168,527
Principal Amount
SECURITIES HELD AS COLLATERAL FOR     SECURITIES ON LOAN (0.8%)
$3,314,273	Pool of Various Securities(i)			2,550,974
	Total Securities Held as Collateral for     Securities on Loan     (Cost $3,314,273)			2,550,974
Total Investments — 100.7%     (Cost $414,484,593)				325,368,396
Net Other Assets (Liabilities) — (0.7)%				(2,188,579	)
NET ASSETS — 100.0%			$	323,179,817

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

17

BB&T Equity Income Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Shares		Fair Value
COMMON STOCKS (93.5%)
	Consumer Discretionary (3.6%)
893,000	Pearson PLC, ADR(h)		$	8,938,930
	Consumer Staples (16.5%)
198,000	Diageo PLC, ADR			8,860,500
225,000	Kimberly-Clark Corp.			10,374,750
210,000	PepsiCo, Inc.			10,810,800
299,000	Philip Morris International, Inc.			10,638,420
				40,684,470
	Energy (22.6%)
197,000	BP PLC, ADR			7,899,700
149,000	Chevron Corp.			10,018,760
306,000	Kinder Morgan Management LLC(a)(h)			12,472,575
546,000	Natural Resource Partners LP			12,192,180
308,000	Teekay Corp.(h)			4,382,840
529,900	Teekay LNG Partners LP(g)			8,897,021
				55,863,076
	Financials (9.8%)
323,000	Allstate Corp. (The)			6,185,450
323,000	Federated Investors, Inc., Class B(g)			7,189,980
180,000	Metlife, Inc.(g)			4,098,600
75,600	Realty Income Corp., REIT(g)			1,422,792
373,000	U.S. Bancorp(g)			5,449,530
				24,346,352
	Health Care (9.9%)
127,000	Abbott Laboratories			6,057,900
254,000	Novartis AG, ADR			9,608,820
653,000	Pfizer, Inc.			8,893,860
				24,560,580
	Industrials (12.5%)
212,000	Boeing Co. (The)			7,542,960
218,000	Eaton Corp.			8,035,480
687,000	General Electric Co.			6,945,570
331,000	Waste Management, Inc.(h)			8,473,600
				30,997,610

Shares		Fair Value
COMMON STOCKS — (continued)
	Information Technology (14.6%)
738,000	Intel Corp.(g)		$	11,106,900
710,000	Nokia Corp., ADR			8,285,700
389,000	Paychex, Inc.			9,985,630
760,000	Taiwan Semiconductor Manufacturing Co.,     Ltd., ADR(g)			6,802,000
				36,180,230
	Utilities (4.0%)
320,000	Dominion Resources, Inc.			9,916,800
	Total Common Stocks     (Cost $295,226,678)			231,488,048
INVESTMENT COMPANY (6.4%)
15,854,282	Federated Treasury Obligations Fund,     Institutional Shares			15,854,282
	Total Investment Company     (Cost $15,854,282)			15,854,282
Principal Amount
SECURITIES HELD AS COLLATERAL FOR     SECURITIES ON LOAN (2.0%)
$5,508,734	Pool of Various Securities(i)			4,969,530
	Total Securities Held as Collateral for     Securities on Loan     (Cost $5,508,734)			4,969,530
Total Investments — 101.9%     (Cost $316,589,694)				252,311,860
Net Other Assets (Liabilities) — (1.9)%				(4,822,482	)
NET ASSETS — 100.0%			$	247,489,378

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

18

BB&T Short U.S. Government Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Principal Amount		Fair Value
COLLATERALIZED MORTGAGE     OBLIGATIONS (15.2%)
	Fannie Mae(j) (2.6%)
$     269,017	5.000%, 10/25/15, Series 2003-16, Class PC		$	271,835
544,012	4.500%, 8/25/26, Series 2005-65, Class WG			548,039
				819,874
	Freddie Mac(j) (6.7%)
267,418	5.000%, 6/15/24, Series 2915, Class KA			270,661
355,000	4.000%, 5/15/26, Series 2750, Class KP			358,097
447,752	5.000%, 9/15/26, Series 3018, Class UM			454,732
1,049,183	4.500%, 5/15/27, Series 2682, Class XJ			1,067,281
				2,150,771
	Ginnie Mae (5.9%)
1,861,770	4.500%, 4/16/28, Series 2003-97, Class NC			1,886,632
	Total Collateralized Mortgage Obligations     (Cost $4,841,720)			4,857,277
CORPORATE BONDS (12.8%)
	Financials (12.8%)
1,000,000	American Express Bank FSB, 3.150%, 12/9/11			1,033,282
1,000,000	General Electric Capital Corp., 2.200%, 6/8/12			1,006,457
1,000,000	Goldman Sachs Group, Inc. (The), 3.250%,     6/15/12			1,043,782
1,000,000	JPMorgan Chase & Co., 2.200%, 6/15/12			1,007,900
	Total Corporate Bonds     (Cost $4,058,980)			4,091,421
MORTGAGE-BACKED SECURITIES (10.7%)
	Fannie Mae(j) (6.4%)
640,180	4.500%, 1/1/10, Pool #254626			645,770
237,400	6.500%, 8/1/13, Pool #251901			249,661
240,112	6.000%, 3/1/16, Pool #253702			252,513
232,692	6.000%, 4/1/16, Pool #535846			244,710
425,369	6.500%, 4/1/16, Pool #253706			446,673
176,923	6.000%, 8/1/16, Pool #545125			186,392
				2,025,719
	Freddie Mac(j) (4.3%)
859,699	4.500%, 1/1/10, Pool #M80792			869,918
106,760	6.500%, 5/1/13, Pool #E00548			111,071
385,414	6.000%, 9/1/16, Pool #E01049			402,940
				1,383,929
	Total Mortgage-Backed Securities     (Cost $3,311,868)			3,409,648
U.S. GOVERNMENT AGENCIES (49.6%)
	Fannie Mae(j) (17.3%)
2,500,000	3.875%, 2/15/10			2,563,225
1,000,000	6.250%, 2/1/11			1,056,320
1,750,000	4.375%, 3/15/13(h)			1,896,769
				5,516,314

Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — (continued)
	Federal Farm Credit Bank (15.7%)
$1,000,000	4.125%, 4/15/09		$	1,001,422
1,000,000	5.375%, 7/18/11			1,082,224
2,750,000	4.250%, 7/8/13			2,931,783
				5,015,429
	Federal Home Loan Bank (8.0%)
1,500,000	4.750%, 4/24/09			1,504,062
1,000,000	4.625%, 2/18/11, Series 616			1,059,575
				2,563,637
	Freddie Mac(j) (8.6%)
1,500,000	3.375%, 4/15/09			1,501,554
1,250,000	0.240%, 7/6/09**			1,249,300
				2,750,854
	Total U.S. Government Agencies     (Cost $15,351,322)			15,846,234
U.S. TREASURY NOTES (5.6%)
500,000	4.250%, 10/15/10			528,457
1,150,000	4.125%, 8/31/12(h)			1,259,430
	Total U.S. Treasury Notes     (Cost $1,673,188)			1,787,887
Shares
INVESTMENT COMPANY (3.7%)
1,187,880	Federated Treasury Obligations Fund,     Institutional Shares			1,187,880
	Total Investment Company     (Cost $1,187,880)			1,187,880
Principal Amount
SECURITIES HELD AS COLLATERAL FOR     SECURITIES ON LOAN (9.8%)
$3,242,938	Pool of Various Securities(i)			3,140,041
	Total Securities Held as Collateral for     Securities on Loan     (Cost $3,242,938)			3,140,041
Total Investments — 107.4%     (Cost $33,667,896)				34,320,388
Net Other Assets (Liabilities) — (7.4)%				(2,355,722	)
NET ASSETS — 100.0%			$	31,964,666

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

19

BB&T Intermediate U.S. Government Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE     OBLIGATIONS (0.3%)
$     731,497	Chase Mortgage Finance Corp., Series 2005-S3,     Class A6, 5.500%, 11/25/35			$	466,558
	Total Collateralized Mortgage Obligations     (Cost $475,473)				466,558
CORPORATE BONDS (11.1%)
	Consumer Staples (0.7%)
1,000,000	Procter & Gamble, Co. (The), 4.700%, 2/15/19				1,008,675
	Energy (1.4%)
2,000,000	ConocoPhillips, 4.750%, 2/1/14				2,080,308
	Financials (6.2%)
5,000,000	American Express Bank FSB, 3.150%, 12/9/11				5,166,410
2,000,000	Goldman Sachs Group, Inc. (The), 5.125%,     1/15/15				1,802,264
2,000,000	MBNA Corp., 5.000%, 6/15/15				1,463,476
1,000,000	Unilever Capital Corp., 4.800%, 2/15/19				996,370
					9,428,520
	Industrials (1.4%)
1,000,000	General Dynamics Corp., 5.250%, 2/1/14				1,066,454
1,000,000	General Dynamics Corp., 5.375%, 8/15/15				1,049,992
					2,116,446
	Information Technology (1.4%)
1,000,000	Cisco Systems, Inc., 4.950%, 2/15/19				983,865
1,000,000	International Business Machines Corp., 7.625%,     10/15/18				1,147,194
					2,131,059
	Total Corporate Bonds     (Cost $16,867,084)				16,765,008
MORTGAGE-BACKED SECURITIES (30.1%)
	Fannie Mae(j) (23.1%)
4,178,607	5.000%, 1/1/18, Pool #650205				4,366,992
3,634,162	4.500%, 3/1/18, Pool #555292				3,768,475
1,473,894	5.500%, 1/1/33, Pool #678321	��			1,536,649
2,929,840	5.000%, 7/1/33, Pool #724965				3,031,996
750,586	5.000%, 8/1/33, Pool #724365				783,745
926,664	5.000%, 8/1/33, Pool #738751				959,910
772,304	5.000%, 10/1/33, Pool #753298				799,406
2,305,530	6.500%, 11/1/34, Pool #783476				2,426,368
8,576,683	5.500%, 9/1/35, Pool #835787				8,920,420
7,939,461	5.500%, 8/1/37, Pool #946238				8,188,189
					34,782,150
	Freddie Mac(j) (7.0%)
4,861,566	4.500%, 2/1/18, Pool #E94445				5,035,164
5,213,431	5.500%, 2/1/29, Pool #A18613				5,438,166
					10,473,330
	Total Mortgage-Backed Securities     (Cost $43,393,282)				45,255,480

Principal Amount		Fair Value
MUNICIPAL BONDS (1.4%)
	Wisconsin (1.4%)
$  2,095,000	Wisconsin State, Public Improvements G.O.,     Series B, Callable 5/1/15 @ 100 (FSA),     5.000%, 5/1/25		$	2,145,301
	Total Municipal Bonds     (Cost $2,142,180)			2,145,301
U.S. GOVERNMENT AGENCIES (37.0%)
	Fannie Mae(j) (16.4%)
3,000,000	4.050%, 2/22/13			3,202,686
6,970,000	5.125%, 1/2/14			7,203,565
10,000,000	5.210%, 1/25/23			10,173,580
4,000,000	5.210%, 3/3/23			4,065,064
				24,644,895
	Federal Home Loan Bank (3.6%)
5,000,000	5.000%, 11/17/17			5,463,085
	Freddie Mac(j) (10.2%)
3,000,000	5.875%, 3/21/11			3,150,075
10,000,000	3.000%, 2/4/14			10,037,690
2,000,000	4.875%, 6/13/18			2,217,908
				15,405,673
	Private Export Funding Corp. (6.8%)
4,350,000	4.974%, 8/15/13			4,790,851
5,000,000	4.550%, 5/15/15			5,390,380
				10,181,231
	Total U.S. Government Agencies     (Cost $54,257,018)			55,694,884
U.S. TREASURY NOTES (5.3%)
6,000,000	6.250%, 8/15/23			7,893,750
	Total U.S. Treasury Notes     (Cost $7,517,897)			7,893,750
U.S. TREASURY BILLS** (6.6%)
10,000,000	0.270%, 5/21/09			9,997,542
	Total U.S. Treasury Bills     (Cost $9,996,257)			9,997,542
Shares
INVESTMENT COMPANY (8.3%)
12,471,591	Federated Treasury Obligations Fund,     Institutional Shares			12,471,591
	Total Investment Company     (Cost $12,471,591)			12,471,591

Continued

20

BB&T Intermediate U.S. Government Fund

Schedule of Portfolio Investments — (continued)

March 31, 2009 (Unaudited)

Principal Amount		Fair Value
SHORT TERM INVESTMENTS (0.0%)
$108,843	BNY Institutional Cash Reserve, Series B		$	13,061
66,086	BNY Institutional Cash Reserve, Series C(i)			44,608
	Total Short Term Investments (Cost $174,929)			57,669
Total Investments — 100.1%     (Cost $147,295,711)				150,747,783
Net Other Assets (Liabilities) — (0.1)%				(123,374	)
NET ASSETS — 100.0%			$	150,624,409

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

21

BB&T Total Return Bond Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Principal Amount		Fair Value
ASSET BACKED SECURITIES (6.7%)
$2,006,000	American Express Credit Account Master Trust, Series 2004-5, Class A, 0.646%, 4/16/12*(b)		$	1,977,221
5,095,000	Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-4, Class 1A5, STEP, 5.416%, 5/25/33(f)			2,668,247
1,250,000	Chase Issuance Trust, Series 2005-A13, Class A13, 0.596%, 2/15/13*			1,184,445
800,000	Chase Issuance Trust, Series 2006-A1, Class A, 0.596%, 4/15/13*			759,142
2,517,000	Chase Manhattan Auto Owner Trust, Series 2006-B, Class A4, 5.110%, 4/15/14			2,571,144
3,282,842	Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB5, Class AF2, STEP, 4.831%, 8/25/35(f)			2,852,044
4,030,000	Honda Auto Receivables Owner Trust, Series 2008-1, Class A4, 4.880%, 9/18/14			4,071,950
2,154,000	MBNA Credit Card Master Note Trust, Series 2002-A5, Class A5, 0.736%, 10/17/11*(b)			2,147,837
2,829,000	MBNA Credit Card Master Note Trust, Series 2002-A8, Class A8, 1.244%, 12/15/11*(b)			2,809,499
1,290,000	Nissan Auto Receivables Owner Trust, Series 2009-A, Class A4, 4.740%, 8/17/15			1,294,654
2,370,000	USAA Auto Owner Trust, Series 2008-1, Class A4, 4.500%, 10/15/13			2,380,368
	Total Asset Backed Securities (Cost $27,610,855)			24,716,551
COLLATERALIZED MORTGAGE     OBLIGATIONS (0.9%)
3,590,835	Chase Mortgage Finance Corp., Series 2003-S7, Class A1, 0.922%, 8/25/18*			3,155,829
	Total Collateralized Mortgage Obligations (Cost $3,088,265)			3,155,829
COMMERCIAL MORTGAGE-BACKED     SECURITIES (2.7%)
5,510,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB18, Class A4, 5.440%, 6/12/47			3,556,156
2,600,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A3, 5.389%, 7/12/46*			2,040,882
6,300,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A3, 5.903%, 2/15/51*			4,340,482
	Total Commercial Mortgage-Backed Securities (Cost $12,525,971)			9,937,520
CORPORATE BONDS (28.0%)
	Consumer Discretionary (3.3%)
2,904,000	Comcast Corp., 6.950%, 8/15/37			2,704,240
2,110,000	Historic TW, Inc., 9.125%, 1/15/13			2,216,620
3,794,000	Time Warner Cable, Inc., 8.750%, 2/14/19			4,028,568
2,864,000	Time Warner, Inc., 5.875%, 11/15/16			2,710,541
600,000	Walt Disney Co. (The), 4.500%, 12/15/13			613,227
				12,273,196
	Consumer Staples (2.2%)
1,600,000	Altria Group, Inc., 9.250%, 8/6/19			1,710,710
3,960,000	CVS Caremark Corp., 4.875%, 9/15/14(b)			3,924,879

Principal Amount		Fair Value
CORPORATE BONDS — (continued)
	Consumer Staples — (continued)
$1,125,000	Kraft Foods, Inc., 6.125%, 2/1/18		$	1,127,541
1,165,000	PepsiCo, Inc., 7.900%, 11/1/18			1,431,386
				8,194,516
	Energy (1.7%)
2,030,000	ConocoPhillips, 5.750%, 2/1/19			2,043,457
2,276,000	Peabody Energy Corp., Series B, 6.875%, 3/15/13(b)			2,219,100
2,000,000	Shell International Finance BV (Netherlands), 4.000%, 3/21/14			2,028,062
				6,290,619
	Financials (8.5%)
2,600,000	Bank of America Corp., 5.125%, 11/15/14(b)			2,221,313
2,042,000	Bank of America Corp., 5.750%, 12/1/17			1,714,843
3,160,000	Bear Stearns Cos., Inc. (The), 7.250%, 2/1/18(b)			3,263,376
1,250,000	Citigroup, Inc., 4.125%, 2/22/10(b)			1,206,510
2,355,000	ERP Operating LP, 5.125%, 3/15/16(b)			1,858,234
3,459,000	GATX Financial Corp., 5.125%, 4/15/10(b)			3,272,740
3,710,000	General Electric Capital Corp., 5.625%, 5/1/18(b)			3,225,923
1,450,000	General Electric Capital Corp., Series MTN, 6.875%, 1/10/39			1,182,605
334,000	Goldman Sachs Group, Inc. (The), 5.300%, 2/14/12			322,284
2,380,000	Goldman Sachs Group, Inc. (The), 6.125%, 2/15/33			1,982,107
1,259,000	Morgan Stanley, 4.250%, 5/15/10			1,224,085
3,888,000	Morgan Stanley, MTN, Series F, 6.625%, 4/1/18(b)			3,707,235
2,585,000	Prudential Financial, Inc., MTN, Series B, 5.100%, 9/20/14(b)			1,935,558
1,455,000	Wachovia Corp., 4.375%, 6/1/10			1,414,026
2,855,000	Wells Fargo & Co., 5.625%, 12/11/17(b)			2,604,936
				31,135,775
	Health Care (1.2%)
2,167,000	Cardinal Health, Inc., 4.000%, 6/15/15			1,830,227
2,940,000	Laboratory Corp. of America Holdings, 5.625%, 12/15/15(b)			2,602,341
				4,432,568
	Industrials (3.5%)
3,593,000	Allied Waste North America, Inc., 6.875%, 6/1/17(b)			3,269,630
3,893,000	Corrections Corp. of America, 6.250%, 3/15/13(b)			3,727,548
3,730,000	Goodrich (BF) Corp., 6.290%, 7/1/16(b)			3,735,244
2,100,000	L-3 Communications Corp., 5.875%, 1/15/15			1,947,750
				12,680,172
	Information Technology (4.7%)
2,237,000	Cisco Systems, Inc., 5.500%, 2/22/16(b)			2,367,052
2,340,000	Hewlett-Packard Co., 6.500%, 7/1/12(b)			2,528,677
1,100,000	Hewlett-Packard Co., 4.750%, 6/2/14			1,112,020
540,000	Hewlett-Packard Co., 5.400%, 3/1/17			553,604
2,185,000	International Business Machines Corp., 5.700%, 9/14/17			2,263,380
1,555,000	International Business Machines Corp., 8.000%, 10/15/38			1,847,864
3,206,000	Oracle Corp., 5.250%, 1/15/16			3,268,927

Continued

22

BB&T Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2009 (Unaudited)

Principal Amount		Fair Value
CORPORATE BONDS — (continued)
	Information Technology — (continued)
$  1,311,000	Oracle Corp., 5.750%, 4/15/18		$	1,368,185
2,450,000	Xerox Corp., 6.350%, 5/15/18			1,825,250
				17,134,959
	Telecommunication Services (2.0%)
900,000	AT&T, Inc., 5.800%, 2/15/19			881,039
3,930,000	AT&T, Inc., 6.400%, 5/15/38(b)			3,496,552
655,000	Verizon Communications, Inc., 6.350%, 4/1/19			647,101
2,342,000	Verizon Communications, Inc., 7.350%, 4/1/39			2,281,248
				7,305,940
	Utilities (0.9%)
1,470,000	Duke Energy Corp., 6.250%, 6/15/18			1,426,303
1,909,000	Ohio Power Co., Series K, 6.000%, 6/1/16			1,835,227
				3,261,530
	Total Corporate Bonds     (Cost $107,405,126)			102,709,275
MORTGAGE-BACKED SECURITIES (55.5%)
	Fannie Mae(j) (26.0%)
61,458	6.000%, 10/1/13, Pool #252061			64,632
147,777	5.500%, 4/1/18, Pool #685496			154,968
220,380	5.000%, 8/1/20, Pool #832058			229,351
398,613	5.000%, 8/1/20, Pool #838787			414,840
942,257	5.500%, 11/1/20, Pool #843972			985,169
455,616	5.500%, 6/1/21, Pool #831526			475,796
110,110	5.000%, 5/1/22, Pool #256716			114,334
1,426,994	6.000%, 7/1/22, Pool #944967			1,495,483
1,224,382	5.000%, 9/1/25, Pool #255892			1,269,406
3,177,453	5.500%, 2/1/27, Pool #256600			3,312,288
614,551	6.500%, 1/1/35, Pool #809198			650,361
4,549,477	5.500%, 3/1/35, Pool #787561			4,731,811
3,992,808	5.500%, 4/1/35, Pool #822982			4,156,576
323,117	6.000%, 4/1/35, Pool #735503			339,238
479,208	7.000%, 6/1/35, Pool #255820			511,555
718,376	7.000%, 6/1/35, Pool #830686			766,867
2,031,881	5.500%, 10/1/35, Pool #817568			2,113,315
1,531,018	5.500%, 2/1/36, Pool #256101			1,592,379
989,201	5.500%, 2/1/36, Pool #831295			1,028,846
1,409,996	6.500%, 3/1/36, Pool #866062			1,487,092
1,510,490	6.000%, 6/1/36, Pool #886959			1,580,424
1,236,859	6.500%, 7/1/36, Pool #885493			1,304,488
530,119	5.500%, 12/1/36, Pool #922224			550,868
7,709,390	5.500%, 1/1/37, Pool #256552			8,011,141
8,487,981	5.500%, 3/1/37, Pool #888221			8,820,206
3,244,133	6.000%, 4/1/37, Pool #256674			3,392,123
3,564,060	6.000%, 7/1/37, Pool #256800			3,726,643
1,160,307	6.000%, 9/1/37, Pool #955005			1,213,238
3,361,748	5.000%, 3/1/38, Pool #929182			3,472,655
4,186,440	5.500%, 3/1/38, Pool #969064			4,349,410
10,110,365	4.500%, 4/1/38, Pool #933828			10,344,092
6,611,577	5.000%, 5/1/38, Pool #981481			6,829,697
2,179,955	5.500%, 7/1/38, Pool #934323			2,264,816
2,911,275	5.000%, 10/1/38, Pool #992154			3,007,320
961,006	5.000%, 11/1/38, Pool #995074			992,710
8,593,524	4.500%, 1/1/39, Pool #AA0841			8,792,185
994,706	4.500%, 2/1/39, Pool #930492			1,017,701
				95,564,024
	Freddie Mac(j) (27.6%)
1,250,887	5.000%, 5/1/20, Pool #B19275			1,301,417

Principal Amount		Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
	Freddie Mac(j) — (continued)
$  331,264	5.500%, 3/1/21, Pool #J01432		$	346,040
2,194,763	5.500%, 10/1/21, Pool #G12425			2,291,287
1,042,000	5.000%, 12/1/21, Pool #J04025			1,082,790
1,950,739	5.000%, 7/1/25, Pool #C90908			2,019,570
1,801,802	4.500%, 6/1/35, Pool #G01842			1,841,815
4,011,499	5.500%, 6/1/35, Pool #A35148			4,171,528
2,542,735	5.500%, 7/1/35, Pool #A36540			2,644,171
921,736	6.000%, 7/1/35, Pool #A36304			965,132
1,014,406	5.500%, 8/1/35, Pool #A36652			1,054,873
1,482,965	5.000%, 9/1/35, Pool #A37961			1,533,319
750,136	5.500%, 9/1/35, Pool #G08080			780,061
3,681,383	5.097%, 12/1/35, Pool #847603*			3,773,442
1,128,976	5.500%, 12/1/35, Pool #A40359			1,174,014
1,555,773	5.000%, 3/1/36, Pool #G08115			1,608,600
2,885,937	5.500%, 4/1/36, Pool #A44445			2,997,908
1,185,895	6.500%, 5/1/36, Pool #A48509			1,251,698
529,620	5.000%, 7/1/36, Pool #G02291			547,024
3,893,151	6.000%, 9/1/36, Pool #A52325			4,075,224
1,813,091	5.500%, 12/1/36, Pool #A80368			1,883,436
4,624,302	5.881%, 12/1/36, Pool #1J1390*			4,816,294
4,000,002	5.000%, 4/1/37, Pool #G08191			4,129,972
3,212,601	6.000%, 4/1/37, Pool #A58853			3,362,345
9,414,586	5.000%, 7/1/37, Pool #G03050			9,720,490
1,293,839	6.000%, 8/1/37, Pool #A64067			1,354,147
4,787,044	5.500%, 9/1/37, Pool #G03202			4,972,507
2,299,246	5.500%, 1/1/38, Pool #A71523			2,388,325
2,800,001	5.500%, 1/1/38, Pool #G04507			2,908,480
2,855,579	5.210%, 4/1/38, Pool #783255*			2,973,112
2,721,648	5.500%, 7/1/38, Pool #A79017			2,827,092
1,603,840	5.500%, 7/1/38, Pool #G04388			1,665,977
4,795,442	4.500%, 9/1/38, Pool #G04953			4,900,916
2,170,258	6.000%, 9/1/38, Pool #A81453			2,271,294
4,685,684	4.000%, 1/1/39, Pool #A84293			4,716,075
946,573	4.500%, 1/1/39, Pool #A84147			967,393
5,865,522	4.500%, 1/1/39, Pool #A84268			5,994,532
2,090,194	4.500%, 2/1/39, Pool #A84295			2,136,167
1,762,000	4.500%, 4/15/39(c)			1,798,341
				101,246,808
	Ginnie Mae (1.9%)
6,796,744	5.000%, 4/15/39(g)			7,047,374
	Total Mortgage-Backed Securities (Cost $196,921,511)			203,858,206
MUNICIPAL BONDS (5.5%)
	California (0.2%)
780,000	Los Angeles Harbor Department, Crossover Refunding Revenue, Series A, Callable 8/1/12 @ 100 (AMBAC), 5.500%, 8/1/14			805,771
	District of Columbia (0.4%)
1,310,000	Metropolitan Washington Airports Authority, Refunding Revenue Bonds, Series D (NATL-RE), 5.000%, 10/1/11			1,363,815
	Florida (0.4%)
1,300,000	Greater Orlando Aviation Authority, FL, Port, Airport & Marina Improvements Revenue, Series A, Callable 10/1/09 @ 101 (NATL-RE FGIC), 5.250%, 10/1/12			1,319,071

Continued

23

BB&T Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2009 (Unaudited)

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	Illinois (0.7%)
$1,055,000	Chicago Board of Education, IL, Refunding Bonds G.O., Series A (AMBAC), 5.500%, 12/1/19		$	1,159,202
1,380,000	Illinois State, Refunding Bonds G.O., Series B, 5.000%, 1/1/15			1,536,271
				2,695,473
	Iowa (1.4%)
7,050,000	Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Series E, Taxable, Callable 4/13/09 @ 100 (AMBAC, GTD STD LNS), 15.591%, 12/1/31*(f)(i)			5,146,500
	New Jersey (1.2%)
7,100,000	Higher Education Student Assistance Authority, NJ, Student Loan Revenue, Series A (NATL-RE, GTD STD LNS), 1.103%, 6/1/36*(f)(i)			4,402,000
	New York (0.5%)
1,785,000	New York & New Jersey Port Authority, Port, Airport & Marina Improvements Revenue, Series 122, Callable 5/1/09 @ 101 (General Obligation of Authority), 5.500%, 7/15/15			1,804,510
	Virginia (0.7%)
2,205,000	Virginia Public Building Authority, VA, Public Improvements Revenue, Series C, 5.000%, 8/1/15			2,520,139
	Total Municipal Bonds     (Cost $24,591,485)			20,057,279
U.S. TREASURY NOTES (0.2%)
750,000	4.500%, 5/15/38(b)			875,625
	Total U.S. Treasury Notes     (Cost $758,285)			875,625

Principal Amount		Fair Value
FOREIGN GOVERNMENT BONDS (0.3%)
	Brazil (0.3%)
$1,235,000	Brazilian Government International Bond, 6.000%, 1/17/17		$	1,231,913
	Total Foreign Government Bonds (Cost $1,255,802)			1,231,913
SUPRANATIONAL BONDS (1.4%)
950,000	European Investment Bank, 2.375%, 3/14/14			936,738
1,400,000	International Bank for Reconstruction & Development, 2.000%, 4/2/12			1,395,576
2,800,000	Kreditanstalt fuer Wiederaufbau (Germany), 3.500%, 3/10/14			2,814,098
	Total Supranational Bonds (Cost $5,180,213)			5,146,412
Shares
INVESTMENT COMPANY (1.3%)
4,755,111	Federated Treasury Obligations Fund, Institutional Shares			4,755,111
	Total Investment Company (Cost $4,755,111)			4,755,111
Principal Amount
SHORT TERM INVESTMENTS (0.1%)
$596,576	BNY Institutional Cash Reserve, Series B			71,589
166,243	BNY Institutional Cash Reserve, Series C(i)			112,214
	Total Short Term Investments (Cost $762,819)			183,803
Total Investments — 102.6%     (Cost $384,855,443)				376,627,524
Net Other Assets (Liabilities) — (2.6)%				(9,447,180	)
NET ASSETS — 100.0%			$	367,180,344

Futures	Contracts	Unrealized Appreciation
Long
U.S. Treasury Two Year Note, June 2009	93		$	95,656
U.S. Treasury Ten Year Note, June 2009	108			182,748
U.S. Treasury Thirty Year Bond, June 2009	31			197,066
Total Long Contracts			$	475,470

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

24

BB&T Kentucky Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Principal Amount		Fair Value
MUNICIPAL BONDS (94.9%)
	Kentucky (94.9%)
$320,000	Boone County, KY, School District Finance Corp. Revenue, Callable 8/1/15 @ 100 (XLCA), OID, 4.000%, 8/1/17		$	316,234
125,000	Bullitt County, KY, School District Finance Corp., Bullitt County School Building Revenue, Callable 3/1/18 @ 100, OID, 4.750%, 3/1/22			129,406
300,000	Campbell & Kenton Counties, KY, Santation District No. 1, Sewer Improvements Revenue, Callable 8/1/17 @ 100 (NATL-RE), 5.000%, 8/1/25			306,627
500,000	Christian County Public Courthouse Corp., KY, Court Facility Project Refunding Revenue (AMBAC), 4.000%, 8/1/16			511,865
300,000	Christian County, KY, Jennie Stuart Medical Center Revenue (Assured Guaranty), 5.250%, 2/1/18			309,213
85,000	Grayson County, KY, Public Properties Corp., Judicial Center Project Public Improvement Revenue (CIFG), 4.375%, 9/1/17			86,091
400,000	Jefferson County, KY, First Mortgage Christian Church Homes Revenue, Callable 5/8/09 @ 100, OID, 6.125%, 11/15/18			392,996
100,000	Kenton County, KY, Public Properties Corp., First Mortgage Court Facilities Project Refunding Revenue (AMBAC), 4.125%, 3/1/16			106,143
30,000	Kentucky Area Development Districts Financing, City of Ewing Trust Lease Program Revenue , Series E, Callable 6/1/10 @ 102 (Wachovia Bank N.A.), 5.400%, 6/1/14			28,860
250,000	Kentucky Area Development Districts, Trust Lease Acquisition Program Certificate of Participation, Series M, Callable 5/8/09 @ 100, 4.300%, 8/1/09			252,088
800,000	Kentucky Area Development Districts, Trust Lease Acquisition Program Certificate of Participation, Series M, Callable 5/8/09 @ 100, 4.000%, 11/1/09			802,008
500,000	Kentucky Asset/Liability Commission, Project Notes-Federal Highway Transit Revenue, First Series (NATL-RE), 4.500%, 9/1/17			540,065
500,000	Kentucky Asset/Liability Commission, Project Notes-First Series Revenue (NATL-RE), 5.000%, 5/1/13			540,430
300,000	Kentucky Asset/Liability Commission, University of Kentucky Project Notes Refunding Revenue, Series A, Callable 10/1/17 @ 100 (AMBAC), 5.000%, 10/1/18			323,568
480,000	Kentucky Asset/Liability Commission, University of Kentucky Project Notes Revenue (NATL-RE FGIC), 5.000%, 10/1/15			522,029
510,000	Kentucky Asset/Liability Commission, University of Kentucky Project Notes Revenue, Series B, Callable 10/1/17 @ 100, 5.000%, 10/1/21			531,395
500,000	Kentucky Economic Development Finance Authority, Baptist Healthcare System Revenue, Series A, Callable 8/15/18 @ 100, OID, 4.750%, 8/15/19			479,400

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	Kentucky — (continued)
$510,000	Kentucky Economic Development Finance Authority, Catholic Health Initiatives Revenue, Series A, Prerefunded 6/1/10 @ 101, OID, 5.750%, 12/1/15		$	545,425
285,000	Kentucky Housing Corp. Refunding Revenue, Series F, Callable 7/1/13 @ 100, 4.850%, 1/1/24			279,100
165,000	Kentucky Municipal Power Agency, Prairie State Project Revenue, Series A (NATL-RE), 5.250%, 9/1/17			177,207
255,000	Kentucky Municipal Power Agency, Prairie State Project Revenue, Series A, Callable 9/1/17 @ 100 (NATL-RE), 5.250%, 9/1/20			265,060
200,000	Kentucky State Property & Buildings Commission, Project No. 66 Revenue, Series A, Prerefunded 5/1/10 @ 100 (MBIA-IL-RE), OID, 5.500%, 5/1/15			210,588
170,000	Kentucky State Property & Buildings Commission, Project No. 69 Refunding Revenue, Series A (FSA), 5.250%, 8/1/10			179,120
300,000	Kentucky State Property & Buildings Commission, Project No. 69 Refunding Revenue, Series A (FSA), 5.500%, 8/1/11			326,397
200,000	Kentucky State Property & Buildings Commission, Project No. 73 Road Funding Revenue, 5.250%, 11/1/11			217,264
150,000	Kentucky State Property & Buildings Commission, Project No. 74 Revenue, Prerefunded 2/1/12 @ 100 (FSA), 5.375%, 2/1/14			167,111
380,000	Kentucky State Property & Buildings Commission, Project No. 76 Refunding Revenue (AMBAC), 5.500%, 8/1/21			417,647
500,000	Kentucky State Property & Buildings Commission, Project No. 81 Revenue, Callable 11/1/13 @ 100 (AMBAC), 5.000%, 11/1/16			527,720
475,000	Kentucky State Property & Buildings Commission, Project No. 83 Refunding Revenue (AMBAC), 5.000%, 10/1/19			503,600
205,000	Kentucky Turnpike Authority Revenue, Series B (AMBAC), 5.000%, 7/1/15			228,942
250,000	Kentucky Turnpike Authority, Revitalization Project Refunding Revenue, Series A (AMBAC), 5.500%, 7/1/12			279,065
145,000	Kentucky Turnpike Authority, Revitalization Project Refunding Revenue, Series A (AMBAC), 5.500%, 7/1/15			165,690
175,000	Kentucky Turnpike Authority, Revitalization Project Refunding Revenue, Series B, Callable 7/1/15 @ 100 (AMBAC), 5.000%, 7/1/19			188,366
260,000	Knott County, KY, Recreational Facilities Improvements Youth & Recreation Center Project G.O., 5.000%, 9/1/12			271,027
70,000	Larue County, KY, School District Finance Corp., Larue County School Building Revenue (NATL-RE), 4.250%, 7/1/15			73,342
405,000	Laurel County, KY, Judicial Center Public Properties Corp. Revenue, Callable 3/1/18 @ 100, OID, 4.500%, 3/1/24			405,486

Continued

25

BB&T Kentucky Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2009 (Unaudited)

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	Kentucky — (continued)
$150,000	Louisville & Jefferson County, KY, Metropolitan Government G.O., Series A, 4.000%, 11/1/13		$	164,176
500,000	Louisville & Jefferson County, KY, Metropolitan Government Jewish Hospital St. Mary’s Healthcare Refunding Revenue, Callable 2/1/13 @ 100, 6.000%, 2/1/22			506,770
530,000	Louisville & Jefferson County, KY, Metropolitan Government Norton Healthcare, Inc. Refunding Revenue, Callable 10/1/16 @ 100, 5.250%, 10/1/36			411,126
430,000	Louisville & Jefferson County, KY, Metropolitan Sewer District, Sewer Refunding Revenue, Seres A, Callable 5/8/09 @ 101 (NATL-RE FGIC), 5.500%, 5/15/09			432,399
350,000	Louisville, KY, Parking Authority Revenue, 7.500%, 7/1/09			356,198
535,000	Owensboro, KY, Water Refunding & Improvements Revenue, Callable 9/15/18 @ 100 (Assured Guaranty), 5.250%, 9/15/21			578,934
585,000	Owensboro-Daviess County, KY, Regional Water Resource Agency Refunding & Improvements Revenue, Series A (XLCA), 4.000%, 1/1/16			598,531
655,000	Pulaski County, KY, Public Properties Corp. First Mortgage Revenue, AOC Judicial Facility, Callable 12/1/18 @ 100, OID, 5.500%, 12/1/24			694,346
250,000	Pulaski County, KY, Public Properties Corp. First Mortgage Revenue, AOC Judicial Facility, Callable 12/1/18 @ 100, OID, 5.625%, 12/1/25			265,010
375,000	Warren County, KY, Community Hospital Corp. Project Refunding Revenue, Series A, 5.000%, 8/1/14			373,448
500,000	Western Kentucky University, KY, General Receipts Revenue (Assured Guaranty), 3.000%, 9/1/13			506,885
	Total Municipal Bonds (Cost $16,204,614)			16,494,398

Shares		Fair Value
INVESTMENT COMPANY (4.1%)
709,434	Federated Tax-Free Obligations Fund, Institutional Service Class		$	709,434
	Total Investment Company (Cost $709,434)			709,434
Total Investments — 99.0%     (Cost $16,914,048)				17,203,832
Net Other Assets (Liabilities) — 1.0%				173,572
NET ASSETS — 100.0%			$	17,377,404

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

26

BB&T Maryland Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Principal Amount		Fair Value
MUNICIPAL BONDS (91.2%)
	District of Columbia (4.0%)
$690,000	Washington, D.C., Metropolitan Area Transit Authority, Refunding Revenue (NATL-RE), 5.000%, 7/1/12		$	745,745
55,000	Washington, D.C., Metropolitan Area Transit Authority, Refunding Revenue (NATL-RE), 5.000%, 1/1/14			59,353
				805,098
	Maryland (87.2%)
375,000	Anne Arundel County, MD, G.O., Prerefunded 3/1/12 @ 100, 5.375%, 3/1/13			419,887
395,000	Baltimore County, MD, Oak Crest Village, Inc. Facilities Refunding Revenue, Series A, Callable 1/1/17 @ 100, 5.000%, 1/1/22			336,481
215,000	Baltimore County, MD, Shelter Elder Care, Series A, Prerefunded 11/1/09 @ 102, OID, 7.375%, 11/1/21			226,511
105,000	Cumberland County, MD, G.O., Public Improvements (Assured Guaranty), 4.000%, 9/1/14			114,113
125,000	Cumberland County, MD, G.O., Public Improvements (Assured Guaranty), 4.125%, 9/1/16			136,072
500,000	Frederick County, MD, Public Facilities Improvements G.O., 5.000%, 6/1/16			575,445
250,000	Frederick, MD, Public Improvements G.O., Series A, 4.000%, 3/1/19			265,672
350,000	Frederick, MD, Public Improvements G.O., Series A, Callable 3/1/19 @ 100, OID, 4.500%, 3/1/24			361,218
500,000	Harford County, MD, G.O., Public Improvements, Callable 7/15/15 @ 100, 5.000%, 7/15/23			529,640
445,000	Howard County, MD, Construction & Public Improvements Refunding G.O., Series A, 4.000%, 4/15/17			484,400
250,000	Maryland Economic Development Corp., Electricity Lights & Power Improvements Revenue, Callable 3/1/19 @ 100, 6.200%, 9/1/22			255,555
350,000	Maryland Health & Higher Educational Facilities Authority, Carroll County General Hospital Revenue, Callable 7/1/12 @ 100, 6.000%, 7/1/16			355,628
65,000	Maryland Health & Higher Educational Facilities Authority, Helix Health Issue Refunding Revenue (AMBAC), OID, 5.125%, 7/1/12			73,063
645,000	Maryland Health & Higher Educational Facilities Authority, Helix Health Issue Refunding Revenue (AMBAC), OID, 5.000%, 7/1/27			689,344
75,000	Maryland Health & Higher Educational Facilities Authority, Howard County General Hospital Refunding Revenue, Callable 5/11/09 @ 100, OID, 5.500%, 7/1/13			79,285
700,000	Maryland Health & Higher Educational Facilities Authority, Johns Hopkins Health System Revenue, 5.000%, 5/15/46*			751,380

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	Maryland — (continued)
$750,000	Maryland Health & Higher Educational Facilities Authority, Lifebridge Health Refunding Revenue, 5.000%, 7/1/15		$	761,198
170,000	Maryland Health & Higher Educational Facilities Authority, Medlantic / Helix Issue Revenue, Series B, Callable 5/11/09 @ 101 (AMBAC), 5.250%, 8/15/13			171,618
500,000	Maryland Health & Higher Educational Facilities Authority, Medstar Health Refunding Revenue, Callable 8/15/14 @ 100, OID, 5.375%, 8/15/24			464,130
275,000	Maryland Health & Higher Educational Facilities Authority, Mercy Ridge Refunding Revenue, Callable 7/1/17 @ 100, 4.750%, 7/1/34			179,520
300,000	Maryland Health & Higher Educational Facilities Authority, Mercy Ridge Revenue, Series A, Prerefunded 4/1/13 @ 101, 6.000%, 4/1/35			350,196
100,000	Maryland Health & Higher Educational Facilities Authority, North Arundel Hospital Revenue, Prerefunded 7/1/10 @ 101, OID, 6.500%, 7/1/31			108,354
95,000	Maryland Health & Higher Educational Facilities Authority, Peninsula Regional Medical Center Revenue, Callable 7/1/16 @ 100, 5.000%, 7/1/26			85,151
75,000	Maryland Health & Higher Educational Facilities Authority, Union Hospital of Cecil County Issue Revenue, Callable 7/1/12 @ 100, 5.750%, 7/1/20			75,722
120,000	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System Refunding Revenue, 5.000%, 7/1/12			123,468
250,000	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System Refunding Revenue, Prerefunded 7/1/12 @ 100, 5.750%, 7/1/17			283,745
410,000	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System Refunding Revenue, Series F, 5.000%, 7/1/15			417,454
150,000	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical, Prerefunded 7/1/11 @ 100, OID, 5.250%, 7/1/34			163,304
400,000	Maryland Health & Higher Educational Facilities Authority, Washington County Hospital Revenue, 5.000%, 1/1/17			366,848
250,000	Maryland State Department of Transportation, County Transportation Transit Improvements Revenue, 5.250%, 12/15/17			293,558
500,000	Maryland State Department of Transportation, County Transportation Transit Improvements Revenue, Second Issue, Callable 9/1/18 @ 100, 5.000%, 9/1/23			541,755
270,000	Maryland State Economic Development Corp., Lutheran World Relief Refugee Refunding Revenue, Callable 4/1/17 @ 100, 5.250%, 4/1/19			240,530

Continued

27

BB&T Maryland Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2009 (Unaudited)

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	Maryland — (continued)
$750,000	Maryland State Transportation Authority Grant & Revenue Anticipate, MD Transit Improvements Revenue, 5.000%, 3/1/16		$	859,372
240,000	Maryland State Transportation Authority, MD Transportation Facility Projects Revenue, Callable 7/1/14 @ 100 (FSA), 5.000%, 7/1/15			269,717
395,000	Maryland State, State & Local Facilities Loan Cash Flow Management G.O., Second Series, 5.000%, 8/1/11			431,154
500,000	Maryland State, State & Local Facilities Loan Public Improvements G.O., First Series, 5.500%, 3/1/12			560,425
500,000	Maryland State, State & Local Facilities Loan Public Improvements G.O., First Series, 5.000%, 3/1/16			576,670
300,000	Maryland State, State & Local Facilities Loan Public Improvements G.O., First Series, 5.000%, 3/15/16			346,158
245,000	Maryland State, State & Local Facilities Loan Public Improvements G.O., First Series, Callable 3/15/17 @ 100, 5.000%, 3/15/22			267,089
500,000	Maryland State, State & Local Facilities Loan Public Improvements G.O., Second Series, Callable 7/15/18 @ 100, 5.000%, 7/15/23			545,090
250,000	Maryland Water Quality Financing Administration, Revolving Loan Fund Sewer Improvements Revenue, 5.000%, 3/1/18			280,415
170,000	Montgomery County, MD, Construction & Public Improvement G.O., Prerefunded 2/1/11 @ 101, OID, 4.750%, 2/1/16			183,490
445,000	Montgomery County, MD, Construction & Public Improvements Refunding G.O., Series A, 5.000%, 5/1/15			511,830
700,000	Montgomery County, MD, Construction & Public Improvements Refunding G.O., Series A, 5.000%, 7/1/15			807,219

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
	Maryland — (continued)
$370,000	Montgomery County, MD, Construction & Public Improvements Refunding G.O., Series A, 5.000%, 7/1/17			$	429,577
250,000	Prince Georges County, MD, Construction & Public Improvements G.O., 5.000%, 10/1/14				286,005
175,000	Prince Georges County, MD, Construction & Public Improvements Refunding G.O. (FSA), 5.500%, 5/15/09				176,094
100,000	University System of Maryland, Auxiliary Facilities & Tuition Refunding Revenue, Series A, 5.000%, 4/1/15				114,358
275,000	Washington Suburban Sanitation District, MD, Sewer Disposal Refunding G.O., 5.000%, 6/1/12				306,806
100,000	Washington Suburban Sanitation District, MD, Water Supply Refunding G.O., Prerefunded 6/1/11 @ 100, OID, 4.700%, 6/1/18				107,977
					17,339,691
	Total Municipal Bonds (Cost $17,546,055)				18,144,789
Shares
INVESTMENT COMPANY (7.4%)		��
1,469,261	Federated Maryland Municipal Cash Trust				1,469,261
	Total Investment Company (Cost $1,469,261)				1,469,261
Total Investments — 98.6%     (Cost $19,015,316)					19,614,050
Net Other Assets (Liabilities) — 1.4%					270,476
NET ASSETS — 100.0%				$	19,884,526

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

28

BB&T North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Principal Amount		Fair Value
MUNICIPAL BONDS (98.4%)
	North Carolina (96.1%)
$1,000,000	Alamance County, NC, School Improvements G.O., Callable 2/1/16 @ 100, 5.000%, 2/1/19		$	1,112,380
360,000	Albemarle, NC, Healthcare Authority Refunding Revenue, OID, 4.500%, 10/1/11			352,271
265,000	Albemarle, NC, Hospital Authority Refunding Revenue, OID, 4.500%, 10/1/12			255,566
1,150,000	Bladen County, NC, School Improvements G.O., Prerefunded 5/1/10 @ 101.50 (FSA), 5.600%, 5/1/13			1,229,914
1,065,000	Broad River Water Authority, NC, Water System Refunding Revenue, Callable 6/1/15 @ 100 (XLCA), 5.000%, 6/1/18			1,021,431
775,000	Broad River Water Authority, NC, Water System Refunding Revenue, Callable 6/1/15 @ 100 (XLCA), 5.000%, 6/1/19			731,515
1,000,000	Cabarrus County, NC, Installment Financing Contract Certificate of Participation, Series C, Callable 6/1/18 @ 100, OID, 5.000%, 6/1/23			1,037,010
800,000	Caldwell County, NC, Public Improvements G.O., Series A, Callable 5/8/09 @ 102, OID, 4.700%, 6/1/12			817,456
1,000,000	Cape Fear Public Utility Authority, NC, Water & Sewer System Revenue, Callable 8/1/18 @ 100, 5.000%, 8/1/26			1,030,780
1,015,000	Catawba County, NC, Public School & Community College Improvements Projects Certificate of Participation, Callable 6/1/14 @ 100 (NATL-RE), 5.250%, 6/1/23			1,037,005
1,010,000	Charlotte, NC, Refunding G.O., Series B, 5.000%, 6/1/15			1,163,217
1,280,000	Charlotte, NC, Storm Water Fee Public Improvements Revenue, Callable 6/1/16 @ 100, 5.000%, 6/1/20			1,400,461
1,000,000	Charlotte, NC, Storm Water Fee Public Improvements Revenue, Callable 6/1/16 @ 100, 5.000%, 6/1/23			1,063,520
3,215,000	Charlotte-Mecklenburg Hospital Authority, NC, Carolinas Health Care System Revenue, Series A, Prerefunded 1/15/15 @ 100, OID, 5.000%, 1/15/45			3,680,050
1,180,000	Cumberland County, NC, County Improvements Projects Certificate of Participation, Series A, Callable 12/1/19 @ 100, OID, 4.875%, 12/1/25			1,174,065
2,710,000	Cumberland County, NC, Refunding G.O. (NATL-RE), 5.000%, 5/1/13			3,055,932
2,205,000	Cumberland County, NC, Refunding G.O. (NATL-RE), 5.000%, 5/1/14			2,505,255
2,295,000	Davidson County, NC, School Improvements G.O., Callable 6/1/17 @ 100 (FSA), 5.000%, 6/1/26			2,401,304
2,000,000	Durham County, NC, Public Improvements Certificate of Participation, Series A, Callable 6/1/19 @ 100, 5.000%, 6/1/24			2,066,220
1,000,000	Durham, NC, Refunding G.O., 5.000%, 2/1/13			1,124,040
1,000,000	Durham, NC, Refunding G.O., 5.000%, 4/1/15			1,148,700
1,000,000	Durham, NC, Water & Sewer Utilities System Revenue, Callable 6/1/11 @ 101, 5.000%, 6/1/12			1,086,650

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	North Carolina — (continued)
$1,000,000	Gastonia, NC, Combined Utilities Systems Refunding Revenue (NATL-RE), 5.000%, 5/1/10		$	1,036,690
400,000	Goldsboro, NC, Sewer Improvements G.O., Callable 5/8/09 @ 102, 4.250%, 6/1/13			408,708
1,455,000	Greenville, NC, Greenville Enterprise Systems Refunding Revenue (FSA), 5.500%, 9/1/10			1,540,874
1,000,000	Guilford County, NC, Public Improvements G.O., Series B, 5.000%, 10/1/09			1,022,700
2,075,000	Guilford County, NC, Public Improvements G.O., Series B, Prerefunded 10/1/10 @ 102, OID, 5.250%, 10/1/15			2,254,072
70,000	Harnett County, NC, School Improvements Certificate of Participation, Series A, Callable 12/1/17 @ 100 (FSA), 5.000%, 12/1/21			72,059
595,000	High Point, NC, High Point Combined Enterprise Systems Revenue, Callable 11/1/18 @ 100 (FSA), 5.000%, 11/1/26			608,620
1,180,000	Iredell County Public Facilities Corp., NC, School Projects Revenue, Prerefunded 6/1/10 @ 101 (AMBAC), 6.000%, 6/1/14			1,266,105
870,000	Iredell County, NC, School Projects Certificate of Participation (FSA), 5.250%, 6/1/17			971,338
1,070,000	Johnston County Finance Corp., NC, School & Museum Projects Revenue, Prerefunded 8/1/09 @ 101 (FSA), 5.500%, 8/1/10			1,098,954
850,000	Johnston County, NC, Public Improvements G.O., Callable 2/1/15 @ 100 (NATL-RE FGIC), 5.250%, 2/1/16			970,708
100,000	Johnston County, NC, Refunding G.O. (NATL-RE FGIC), 5.000%, 2/1/13			112,048
1,110,000	Johnston Memorial Hospital Authority Revenue (FSA FHA), 5.000%, 10/1/16			1,143,222
200,000	Lincolnton, NC, Lincolnton Enterprise Systems Refunding Revenue (XLCA), 4.000%, 5/1/12			198,524
600,000	Lumberton, NC, Sewer Improvements G.O., Callable 5/8/09 @ 100.5, 4.750%, 2/1/10			604,278
590,000	Mooresville, NC, Telecommunications Improvements Certificate of Participation, 5.000%, 9/1/13			645,023
1,415,000	Mooresville, NC, Telecommunications Improvements Certificate of Participation, 5.000%, 9/1/16			1,541,260
1,000,000	New Hanover County, NC, New Hanover Regional Medical Center Project Revenue, Callable 10/1/09 @ 101 (NATL-RE), 5.250%, 10/1/12			1,013,470
350,000	North Carolina Capital Facilities Finance Agency, Brevard College Corp. Refunding Revenue, 4.250%, 10/1/15			289,775
150,000	North Carolina Capital Facilities Finance Agency, Brevard College Corp. Refunding Revenue, OID, 4.000%, 10/1/12			136,069
235,000	North Carolina Capital Facilities Finance Agency, Brevard College Corp. Refunding Revenue, OID, 4.125%, 10/1/13			206,772
295,000	North Carolina Capital Facilities Finance Agency, Brevard College Corp. Refunding Revenue, OID, 4.125%, 10/1/14			250,617

Continued

29

BB&T North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2009 (Unaudited)

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	North Carolina — (continued)
$   645,000	North Carolina Capital Facilities Finance Agency, Meredith College Refunding Revenue, 5.000%, 6/1/16		$	602,830
1,230,000	North Carolina Capital Facilities Finance Agency, Meredith College Refunding Revenue, 5.000%, 6/1/17			1,129,755
1,165,000	North Carolina Capital Facilities Finance Agency, Meredith College Refunding Revenue, Callable 6/1/18 @ 100, OID, 5.000%, 6/1/19			1,037,153
570,000	North Carolina Capital Facilities Finance Agency, Meredith College Refunding Revenue, OID, 4.250%, 6/1/14			525,489
1,555,000	North Carolina Eastern Municipal Power Agency, Power System Refunding Revenue, Series A, 5.000%, 1/1/14			1,591,154
2,065,000	North Carolina Eastern Municipal Power Agency, Power System Refunding Revenue, Series A, Callable 1/1/16 @ 100 (AMBAC), 5.250%, 1/1/20			1,997,330
130,000	North Carolina Eastern Municipal Power Agency, Power System Refunding Revenue, Series A, Callable 1/1/18 @ 100 (Assured Guaranty), 5.250%, 1/1/19			135,166
850,000	North Carolina Eastern Municipal Power Agency, Power System Refunding Revenue, Series A, OID, 5.000%, 1/1/17			964,860
2,315,000	North Carolina Eastern Municipal Power Agency, Power System Revenue, Series A, OID, 6.400%, 1/1/21			2,856,062
130,000	North Carolina Medical Care Commission, Arbor Acres Unlimited Refunding Revenue, 4.500%, 1/1/17			121,486
515,000	North Carolina Medical Care Commission, Carolina Medicorp Project Revenue, OID, 5.250%, 5/1/09			516,370
1,000,000	North Carolina Medical Care Commission, First Mortgage Deerfield Revenue, Series A, Callable 11/1/18 @ 100, OID, 6.000%, 11/1/33			777,470
2,000,000	North Carolina Medical Care Commission, First Mortgage Givens Estates Revenue, Series A, Prerefunded 7/1/13 @ 101, OID, 6.500%, 7/1/32			2,393,220
2,140,000	North Carolina Medical Care Commission, Health Care Housing ARC Projects Revenue, Series A (HUD Section 8), 4.650%, 10/1/14			1,981,747
1,725,000	North Carolina Medical Care Commission, Health Care Housing ARC Projects Revenue, Series A, Callable 10/1/14 @ 101 (HUD Section 8), 5.500%, 10/1/24			1,380,949
1,500,000	North Carolina Medical Care Commission, Novant Health Obligation Group Refunding Revenue, Group A, 5.000%, 11/1/13			1,580,625
1,875,000	North Carolina Medical Care Commission, Novant Health Obligation Group Refunding Revenue, Group A, Callable 11/1/13 @ 100, 5.000%, 11/1/14			1,940,831
1,000,000	North Carolina Medical Care Commission, Novant Health Refunding Revenue, Callable 11/1/13 @ 100 (FSA-CR), 5.000%, 11/1/15			1,040,320

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	North Carolina — (continued)
$1,000,000	North Carolina Medical Care Commission, Stanly Memorial Hospital Project Revenue, Callable 10/1/09 @ 101, OID, 6.250%, 10/1/19		$	942,760
3,000,000	North Carolina Medical Care Commission, Universal Health System Refunding Revenue, Series E2, 6.000%, 12/1/36*			3,070,170
2,000,000	North Carolina Medical Care Commission, Wakemed Revenue, Series A, Callable 10/1/14 @ 100 (Assured Guaranty), 4.000%, 10/1/17			1,978,280
2,000,000	North Carolina Medical Care Commission, Wakemed Revenue, Series A, Callable 10/1/14 @ 100 (Assured Guaranty), 5.625%, 10/1/29			2,010,780
1,115,000	North Carolina Medical Care Commission, Wilson Medical Center Refunding Revenue, 5.000%, 11/1/17			1,048,111
1,895,000	North Carolina Municipal Power Agency No. 1, Catawba Electric Power Refunding Revenue, Series A, 5.250%, 1/1/13			2,016,659
1,000,000	North Carolina Municipal Power Agency No. 1, Catawba Electric Power Refunding Revenue, Series A, 5.250%, 1/1/17			1,049,210
1,000,000	North Carolina State University at Raleigh Revenue, Series B, 4.000%, 10/1/12			1,084,040
1,350,000	North Carolina State University at Raleigh Revenue, Series B, 4.000%, 10/1/14			1,464,656
500,000	North Carolina State University at Raleigh Revenue, Series B, 4.000%, 10/1/15			540,525
1,000,000	North Carolina State, Clean Water G.O., Series A, Callable 3/1/16 @ 100, 5.000%, 3/1/17			1,140,890
1,385,000	North Carolina State, G.O., Series A, 5.000%, 6/1/12			1,544,732
1,500,000	North Carolina State, Public Improvements G.O., Series A, Callable 3/1/17 @ 100, 5.000%, 3/1/20			1,670,265
2,900,000	North Carolina State, Refunding G.O., Series A, 5.000%, 9/1/16			3,365,827
2,000,000	North Carolina State, Refunding G.O., Series B, 5.000%, 4/1/17			2,319,620
1,030,000	North Carolina State, Vehicle Grant Revenue, Highway Improvements (NATL-RE), 5.000%, 3/1/16			1,146,215
1,070,000	North Carolina State, Vehicle Grant Revenue, Highway Improvements (NATL-RE), 5.000%, 3/1/17			1,189,016
1,000,000	North Carolina State, Vehicle Grant Revenue, Highway Improvements, Callable 3/1/17 @ 100 (NATL-RE), 5.000%, 3/1/18			1,095,230
165,000	Onslow County, NC, School Project, Certificate of Participation, Callable 6/1/16 @ 100 (XLCA), 5.000%, 6/1/18			165,610
65,000	Onslow Water & Sewer Authority, Combined Enterprise Systems Revenue, Series A (NATL-RE), 5.000%, 6/1/18			69,342
1,720,000	Onslow Water & Sewer Authority, Combined Enterprise Systems Revenue, Series B, Callable 6/1/14 @ 100 (XLCA), 5.000%, 6/1/21			1,749,395

Continued

30

BB&T North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2009 (Unaudited)

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	North Carolina — (continued)
$   930,000	Pasquotank County, NC, Refunding Certificate of Participation (NATL-RE), 5.250%, 6/1/18		$	980,071
1,280,000	Piedmont Triad Airport Authority, NC, Refunding Revenue, Series A, Prerefunded 7/1/09 @ 101 (FSA), 6.375%, 7/1/16			1,311,962
2,440,000	Pitt County, NC, Pitt County Memorial Hospital Project Refunding Revenue, Callable 5/8/09 @ 100, OID, 5.500%, 12/1/15			2,569,735
1,000,000	Randolph County, NC, Public Improvements Certificate of Participation, Prerefunded 6/1/09 @ 101 (FSA), OID, 5.300%, 6/1/13			1,018,190
415,000	Randolph County, NC, Refunding Certificate of Participation (FSA), 5.000%, 6/1/15			456,683
1,390,000	Rockingham County, NC, Certificate of Participation (Assured Guaranty), 5.000%, 4/1/17			1,545,152
160,000	Surry County, NC, Northern Hospital District Revenue, 4.000%, 10/1/10			156,971
1,085,000	Surry County, NC, Northern Hospital District Revenue, Callable 4/1/18 @ 100, OID, 5.500%, 10/1/21			937,852
210,000	Surry County, NC, Northern Hospital District Revenue, OID, 4.000%, 10/1/11			202,121
600,000	Thomasville, NC, Thomasville Enterprise Systems Revenue, Series B, Callable 5/8/09 @ 101 (FSA), OID, 5.100%, 6/1/17			607,854
1,615,000	Union County, NC, School Improvements G.O., Series A, Callable 3/1/19 @ 100, 4.000%, 3/1/22			1,633,702
1,050,000	Union County, NC, School Improvements G.O., Series D (NATL-RE), 5.000%, 3/1/14			1,187,014
4,745,000	Union County, NC, School Improvements G.O., Series D, Callable 3/1/17 @ 100 (NATL-RE), 5.000%, 3/1/19			5,301,114
1,000,000	University of North Carolina at Chapel Hill Revenue, Series A, Callable 12/1/15 @ 100, 5.000%, 12/1/34			1,005,560
1,355,000	University of North Carolina at Wilmington Revenue, Callable 1/1/13 @ 100 (AMBAC), 5.250%, 1/1/21			1,400,948
55,000	University of North Carolina at Wilmington, Student Housing Projects Certificate of Participation (Assured Guaranty), 4.250%, 6/1/18			56,679
400,000	University of North Carolina System College Improvements Revenue, Series A (AMBAC), 5.000%, 4/1/14			432,700

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	North Carolina — (continued)
$   500,000	University of North Carolina System College Improvements Revenue, Series B (AMBAC), 4.000%, 4/1/14		$	544,125
3,000,000	Wake County, NC, Public Improvements G.O., 5.000%, 3/1/12			3,321,570
1,310,000	Wake County, NC, Public Improvements G.O., Callable 5/4/09 @ 102, OID, 4.600%, 3/1/13			1,339,475
1,900,000	Wake County, NC, School Improvements G.O., Callable 5/1/15 @ 100, 5.000%, 5/1/21			2,051,316
1,000,000	Wake County, NC, Wake County Hospital Revenue (MBIA-IL-RE), OID, 5.125%, 10/1/13			1,145,900
1,000,000	Winston-Salem, NC, Water & Sewer System Refunding Revenue, Series A, Callable 6/1/17 @ 100, 5.000%, 6/1/19			1,121,020
1,000,000	Winston-Salem, NC, Water & Sewer Systems Refunding Revenue, Callable 6/1/15 @ 100, 5.000%, 6/1/20			1,079,010
				132,527,502
	Puerto Rico (2.3%)
3,000,000	Puerto Rico Infrastructure Financing Authority, Refunding Special Obligation Bonds, Series A, Callable 10/1/10 @ 101, 5.500%, 10/1/19			3,146,490
	Total Municipal Bonds     (Cost $132,689,183)			135,673,992
Shares
INVESTMENT COMPANY (1.9%)
2,675,217	Federated North Carolina Municipal Money Market Portfolio, Institutional Class			2,675,217
	Total Investment Company     (Cost $2,675,217)			2,675,217
Total Investments — 100.3%     (Cost $135,364,400)				138,349,209
Net Other Assets (Liabilities) — (0.3)%				(386,590	)
NET ASSETS — 100.0%			$	137,962,619

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

31

BB&T South Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Principal Amount		Fair Value
MUNICIPAL BONDS (97.3%)
	South Carolina (97.3%)
$100,000	Anderson County, SC, Water & Sewer System Revenue, Callable 7/1/12 @ 101 (NATL-RE FGIC), OID, 5.000%, 7/1/20		$	102,569
180,000	Cayce, SC, Waterworks & Sewer Revenue Refunding & Improvements Revenue, Series A (XLCA), 4.250%, 7/1/13			190,420
125,000	Cayce, SC, Waterworks & Sewer Revenue Refunding & Improvements Revenue, Series A (XLCA), 4.500%, 7/1/15			132,280
225,000	Cayce, SC, Waterworks & Sewer Systems Refunding & Improvements Revenue, Series A (XLCA), 5.250%, 7/1/16			246,238
185,000	Cayce, SC, Waterworks & Sewer Systems Refunding & Improvements Revenue, Series A (XLCA), 5.250%, 7/1/17			201,509
310,000	Charleston County, SC, Hospital Facilities Revenue Care Alliance Health Series B1 (FSA), 5.000%, 8/15/16			326,331
30,000	Charleston, SC, Refunding & Capital Improvements Revenue, 5.125%, 1/1/12			32,799
415,000	College of Charleston, SC, Academic & Administrative Facilities Revenue, Series D (XLCA), 4.250%, 4/1/12			433,663
485,000	College of Charleston, SC, Academic & Administrative Facilities Revenue, Series D (XLCA), 4.500%, 4/1/17			494,967
345,000	Dorchester County, SC, Transition Projects G.O., Series A (XLCA), 5.000%, 5/1/15			373,794
275,000	Dorchester County, SC, Waterworks Revenue (NATL-RE), 5.000%, 10/1/15			299,079
200,000	Educational Facilities Authority, SC, Wofford College Revenue, Series A, 4.000%, 4/1/15			198,420
125,000	Educational Facilities Authority, SC, Wofford College Revenue, Series A, 4.250%, 4/1/17			122,345
630,000	Florence County, SC, McLeod Regional Medical Center Project Refunding Revenue, Series A, Callable 5/8/09 @ 102 (NATL-RE), 5.250%, 11/1/11			638,833
100,000	Florence, SC, New Public Housing Authority Revenue, Callable 8/1/09 @ 100 (U.S. Government Guaranteed), 5.750%, 8/1/10			106,191
440,000	Fort Mill School Facilities Corp., SC, Installment Purchase Revenue, 5.000%, 12/1/12			469,942
335,000	Fort Mill School Facilities Corp., SC, Installment Purchase Revenue, Callable 12/1/16 @ 100, 5.250%, 12/1/18			345,311
260,000	Georgetown County School District, SC, Refunding G.O., Series B, Callable 3/1/12 @ 102 (FSA, SCSDE), 5.000%, 3/1/16			283,439
275,000	Georgetown County School District, SC, School Improvements G.O., Prerefunded 3/1/11 @ 100 (SCSDE), 5.750%, 3/1/13			299,937
250,000	Georgetown County, SC, Refunding G.O., Series A, Callable 3/1/13 @ 100 (NATL-RE FGIC, State Aid Withholding), OID, 4.375%, 3/1/18			252,908
100,000	Greenville, SC, Sewer System Revenue, Callable 4/1/12 @ 100 (NATL-RE), OID, 4.600%, 4/1/15			104,895

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	South Carolina — (continued)
$   380,000	Greenville, SC, Waterworks Revenue, Callable 2/1/13 @ 100, 5.250%, 2/1/19		$	412,737
480,000	Horry County School District, SC, School Improvements G.O., Series A (SCSDE), 5.000%, 3/1/11			516,394
250,000	Horry County School District, SC, School Improvements G.O., Series A, Callable 3/1/12 @ 100 (SCSDE), 5.375%, 3/1/15			271,317
1,000,000	Horry County, SC, Correctional Facilities Improvements G.O., Callable 3/1/18 @ 100, OID, 4.125%, 3/1/22			1,013,170
305,000	Kershaw County, SC, Correctional Facilities Improvements G.O., Series A, Callable 5/8/09 @ 100 (FSA, State Aid Withholding), 4.000%, 4/1/13			305,427
415,000	Laurens County School District No. 55, SC, Refunding Revenue, Callable 12/1/15 @ 100, 5.250%, 12/1/24			370,827
265,000	Lexington County, SC, Health Services District Income Hospital Refunding & Improvements Revenue, Prerefunded 11/1/13 @ 100, OID, 5.500%, 11/1/32			306,467
690,000	Lexington County, SC, Health Services District Income Hospital Refunding Revenue, 5.000%, 11/1/15			701,696
500,000	Lexington County, SC, School District No. 3, Refunding G.O., Callable 3/1/12 @ 102 (FSA), 5.000%, 3/1/16			542,695
500,000	Medical University Hospital Authority, SC, Refunding Revenue, Series A, 6.000%, 8/15/12			576,385
250,000	Medical University of South Carolina, Hospital Facilities Revenue, Prerefunded 7/1/09 @ 101, OID, 5.700%, 7/1/12			255,790
115,000	Myrtle Beach, SC, Public Improvements G.O., Series A (Assured Guaranty), 5.000%, 3/1/18			132,525
420,000	Piedmont Municipal Power Agency, SC, Power System Refunding Revenue (MBIA-IL-RE), OID, 5.375%, 1/1/25			470,484
500,000	Piedmont Municipal Power Agency, SC, Power System Refunding Revenue, Series A3, 5.000%, 1/1/16			514,965
285,000	Piedmont Municipal Power Agency, SC, Power System Refunding Revenue, Series A3 (Assured Guaranty), 5.000%, 1/1/18			304,115
500,000	Richland County School District No. 2, SC, School Improvements G.O., Series B, Callable 2/1/12 @ 100, (NATL-RE FGIC, SCSDE), 5.000%, 2/1/21			518,330
350,000	Richland County, SC, Environmental Improvements Refunding Revenue, Series A, 4.600%, 9/1/12			310,982
425,000	Scago Educational Facilities Corp. for Colleton School District, SC, Pickens County Project Revenue (FSA), 5.000%, 12/1/14			459,943
35,000	Scago Educational Facilities Corp. for Colleton School District, SC, Pickens County Project Revenue, Callable 12/1/16 @ 100 (FSA), 5.000%, 12/1/23			34,933

Continued

32

BB&T South Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2009 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	280,000	Scago Educational Facilities Corp. for Colleton School District, SC, School Improvements Revenue (Assured Guaranty), 5.000%, 12/1/15		$	296,212
	205,000	South Carolina Educational Facilities Authority for Private Nonprofit Institutions, Wofford College Project Revenue, 4.000%, 4/1/15			208,061
	190,000	South Carolina Educational Facilities Authority for Private Nonprofit Institutions, Wofford College Project Revenue, 4.000%, 4/1/16			190,346
	525,000	South Carolina Jobs-Economic Development Authority, Anderson Area Medical Center Revenue, Callable 5/8/09 @ 101 (FSA), 5.500%, 2/1/11			531,657
	800,000	South Carolina Jobs-Economic Development Authority, Kershaw County Medical Center Project Revenue, OID, 5.000%, 9/15/18			717,760
	200,000	South Carolina Jobs-Economic Development Authority, Refunding & Improvement- Palmetto Health Facilities Revenue, Series C, 6.000%, 8/1/12			202,698
	530,000	South Carolina State Public Service Authority Refunding Revenue, Series A, Callable 1/1/17 @ 100 (AMBAC), 5.000%, 1/1/23			553,134
	305,000	South Carolina State Public Service Authority Refunding Revenue, Series A, Callable 1/1/17 @ 100 (AMBAC), 5.000%, 1/1/26			310,469
	150,000	South Carolina State Public Service Authority, Electricity Lights & Power Improvements Revenue, Series A, Callable 1/1/10 @ 101 (NATL-RE), 5.500%, 1/1/11			155,730
	150,000	South Carolina State Public Service Authority, Electricity Lights & Power Refunding & Improvements Revenue, Series A, Callable 1/1/12 @ 101 (FSA), 5.250%, 1/1/17			161,769
	115,000	South Carolina Transportation Infrastructure Bank, Highway Improvements Revenue, Series A, Callable 10/1/13 @ 100 (AMBAC), 5.000%, 10/1/14			122,307
	250,000	South Carolina Transportation Infrastructure Bank, Junior Lien Revenue, Series B (AMBAC), 5.250%, 10/1/11			267,472
	415,000	South Carolina Transportation Infrastructure Bank, Refunding Revenue, Series B (AMBAC), 5.250%, 10/1/15			451,537

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	450,000	South Carolina Transportation Infrastructure Bank, Transit Improvements Revenue, Series A (XLCA), 5.000%, 10/1/15		$	482,908
	250,000	South Carolina Transportation Infrastructure Bank, Transit Improvements Revenue, Series A, Callable 10/1/16 @ 100 (XLCA), 5.000%, 10/1/22			252,570
	525,000	Spartanburg County School District No. 5, SC, School Improvements G.O. (SCSDE), 5.250%, 5/1/10			551,728
	40,000	Spartanburg County, SC, Regional Health Services District Refunding Revenue, Series D (Assured Guaranty), 4.250%, 4/15/16			40,502
	280,000	York County, SC, G.O., Callable 11/1/16 @ 100, OID, 5.100%, 11/1/21			303,010
	500,000	York County, SC, Rock Hill School District No. 3, G.O., Series A, Callable 5/8/09 @ 101 (SCSDE), OID, 5.000%, 3/1/12			506,435
	510,000	York County, SC, School District No. 3, G.O., Callable 3/1/17 @ 100 (FSA, SCSDE), 5.000%, 3/1/22			544,726
	140,000	York County, SC, School District No. 4, Fort Mill G.O., Callable 3/1/14 @ 100 (SCSDE), 5.000%, 3/1/34			140,055
		Total Municipal Bonds (Cost $20,348,235)			20,666,138
Shares
	INVESTMENT COMPANY (1.6%)
	344,916	Federated Tax-Free Obligations Fund, Institutional Service Class			344,916
		Total Investment Company (Cost $344,916)			344,916
	Total Investments — 98.9%     (Cost $20,693,151)				21,011,054
	Net Other Assets (Liabilities) — 1.1%				226,886
	NET ASSETS — 100.0%			$	21,237,940

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

33

BB&T Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS (98.1%)
		District of Columbia (1.6%)
$	1,290,000	Washington Metropolitan Area Transit Authority, Refunding Revenue (NATL-RE FGIC), 6.000%, 7/1/09		$	1,302,590
		Virginia (96.5%)
	1,000,000	Alexandria, VA, Construction & Public Improvements G.O., 5.000%, 1/1/13			1,122,080
	1,000,000	Alexandria, VA, Public Improvements G.O., Series A, 5.000%, 6/15/16			1,158,450
	1,000,000	Alexandria, VA, Refunding G.O. (State Aid Withholding), 5.000%, 6/15/21			1,145,550
	1,000,000	Arlington County, VA, Industrial Development Authority, VA Hospital Center Arlington Health System Revenue, 5.500%, 7/1/10			1,031,520
	1,095,000	Arlington County, VA, Refunding & Improvements G.O., Callable 5/15/14 @ 100, 5.000%, 5/15/15			1,235,368
	1,080,000	Chesapeake Bay Bridge & Tunnel District, General Resolution Refunding Revenue (BHAC-CR MBIA), 5.500%, 7/1/25			1,202,137
	2,500,000	Chesterfield County, VA, Industrial Development Authority, Electric & Power Co. Refunding Revenue, Callable 5/8/09 @ 100, 5.500%, 10/1/09			2,504,700
	2,325,000	Chesterfield County, VA, Refunding Public Improvements G.O., 5.000%, 1/1/14			2,634,969
	775,000	Hampton Roads Regional Jail Authority Refunding Revenue, Callable 7/1/14 @ 100 (NATL-RE), 5.250%, 7/1/22			774,930
	1,390,000	Henrico County, VA, Economic Development Authority, Virginia United Methodist Refunding Revenue, Series A, Prerefunded 6/1/12 @100, OID, 6.700%, 6/1/27			1,614,554
	1,000,000	Henrico County, VA, Water & Sewer Refunding Revenue, Callable 5/1/09 @ 102, 5.250%, 5/1/11			1,024,030
	1,000,000	Loudoun County, VA, Public Improvements G.O., Series B (State Aid Withholding), 5.000%, 12/1/14			1,152,870
	1,000,000	Loudoun County, VA, Public Improvements G.O., Series B (State Aid Withholding), 5.000%, 12/1/15			1,159,930
	1,020,000	Loudoun County, VA, Public Improvements G.O., Series B (State Aid Withholding), 5.000%, 12/1/16			1,188,127
	1,000,000	Loudoun County, VA, Sanitation Authority, Water Utility Improvements Revenue (FSA), 5.750%, 1/1/11			1,082,000
	1,500,000	Loudoun County, VA, School Improvements G.O., Series A, Callable 7/1/19 @ 100, 5.000%, 7/1/26			1,595,160
	1,435,000	Montgomery County, VA, Industrial Development Authority Revenue, 5.000%, 2/1/18			1,510,467
	2,500,000	New River Valley Regional Jail Authority, Grant Anticipation Notes Correctional Facility Improvements Revenue, Callable 4/1/10 @ 100, 4.000%, 4/1/11			2,546,300

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		Virginia — (continued)
$	1,205,000	Newport News Economic Development Authority, Public Improvements Revenue, Series A, Callable 1/15/16 @ 100, 5.250%, 1/15/25		$	1,250,139
	1,105,000	Newport News, VA, Refunding G.O., Series B, (State Aid Withholding), 5.000%, 2/1/15			1,254,750
	1,000,000	Newport News, VA, Refunding Public Improvements-Water G.O., Series B, 5.250%, 7/1/21			1,143,020
	1,000,000	Newport News, VA, School Improvements G.O., Series A, Prerefunded 5/1/10 @ 102, OID, 5.500%, 5/1/13			1,073,040
	1,030,000	Norfolk, VA, Water Utility Improvements Refunding Revenue, Callable 5/8/09 @ 101 (FSA), 5.125%, 11/1/11			1,043,524
	1,000,000	Norfolk, VA, Water Utility Improvements Revenue, Callable 11/1/18 @ 100, 5.000%, 11/1/23			1,076,040
	400,000	Northern Virginia Transportation District Commission, VA, Commuter Rail Refunding Revenue, Virginia Railway Express Project, Callable 5/8/09 @ 102 (FSA), 5.375%, 7/1/14			409,132
	1,000,000	Pittsylvania County, VA, School Improvements G.O., Series B, 5.000%, 2/1/19			1,062,270
	1,320,000	Pittsylvania County, VA, School Improvements G.O., Series B, Callable 2/1/19 @ 100, OID, 5.200%, 2/1/20			1,413,496
	1,775,000	Pittsylvania County, VA, School Improvements G.O., Series B, Callable 2/1/19 @ 100, OID, 5.375%, 2/1/21			1,906,403
	1,065,000	Pittsylvania County, VA, School Improvements G.O., Series B, Callable 3/1/11 @ 102 (NATL-RE, School Board Resolution Federal), 5.625%, 3/1/15			1,154,321
	1,440,000	Portsmouth, VA, Refunding G.O., Series B, Callable 7/15/19 @ 100, 5.250%, 7/15/23			1,546,978
	975,000	Prince William County, VA, Industrial Development Authority Potomac Hospital Corporation Revenue, Callable 10/1/13 @ 102, 5.500%, 10/1/18			910,621
	825,000	Prince William County, VA, Service Authority, Water & Sewer Systems Refunding Revenue, Callable 7/1/13 @ 102, 5.000%, 7/1/14			934,329
	1,480,000	Richmond Metropolitan Authority, VA, Expressway Refunding Revenue (NATL-RE FGIC), 5.250%, 7/15/16			1,580,063
	1,000,000	Spotsylvania County, VA, Public Improvements G.O., Callable 1/15/16 @ 100 (FSA), 5.000%, 1/15/17			1,135,450
	2,925,000	Spotsylvania County, VA, Refunding G.O. (FSA), 5.500%, 7/15/12			3,313,645
	375,000	Stafford County & Staunton Industrial Development Authority, VA, Virginia Municipal League Association Counties Program B Revenue (CIFG), OID, 4.250%, 8/1/15			358,849
	195,000	Stafford County & Staunton Industrial Development Authority, VA, Virginia Municipal League Association Counties Program Revenue (XLCA), 4.000%, 8/1/15			199,442

Continued

34

BB&T Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2009 (Unaudited)

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	Virginia — (continued)
$  330,000	Stafford County & Staunton Industrial Development Authority, VA, Virginia Municipal League Association Counties Program Revenue (XLCA), OID, 4.000%, 8/1/17		$	328,644
600,000	Stafford County & Staunton Industrial Development Authority, VA, Virginia Municipal League Association Counties Program Revenue (XLCA), OID, 4.000%, 8/1/18			588,426
1,300,000	Suffolk, VA, Refunding Public Improvements Refunding G.O., Series A (NATL-RE), 5.000%, 2/1/16			1,478,529
2,395,000	Suffolk, VA, Refunding Public Improvements Refunding G.O., Series A (NATL-RE), 5.000%, 2/1/17			2,734,084
300,000	Tobacco Settlement Financing Corp. Revenue, VA, Prerefunded 6/1/15 @ 100, OID, 5.625%, 6/1/37			343,149
2,500,000	Virginia Beach, VA, Public Improvements G.O., Prerefunded 3/1/10 @ 101 (State Aid Withholding), OID, 5.250%, 3/1/11			2,633,200
1,610,000	Virginia College Building Authority, 21st Century College & Equipment Program Revenue, Series B, Callable 2/1/17 @ 100, 5.000%, 2/1/18			1,808,255
2,000,000	Virginia College Building Authority, 21st Century College Program Refunding Revenue, Series B, 5.250%, 2/1/13			2,252,280
1,000,000	Virginia College Building Authority, Hampton University Project Revenue, 5.500%, 4/1/10			1,041,800
680,000	Virginia College Building Authority, Public Higher Education Financing Program Refunding Revenue, Series B (State Aid Withholding), 4.250%, 9/1/17			739,262
1,000,000	Virginia College Building Authority, Public Higher Education Financing Program Revenue, Series A, Callable 9/1/15 @ 100, 5.000%, 9/1/22			1,063,410
25,000	Virginia College Building Authority, Public Higher Education Financing Program Revenue, Series A, Callable 9/1/16 @ 100 (State Aid Withholding), OID, 3.500%, 9/1/25			21,293
1,525,000	Virginia Commonwealth, Public Improvements G.O., Series B, 5.000%, 6/1/17			1,771,974
1,370,000	Virginia Commonwealth, Refunding G.O., Series B, 5.000%, 6/1/14			1,565,472
2,240,000	Virginia Public Building Authority, Public Facilities Refunding Revenue, Series A, 5.000%, 8/1/11			2,438,128

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		Virginia — (continued)
$	1,000,000	Virginia Public Building Authority, Virginia Public Facilities Building Revenue, Series A, Callable 8/1/17 @ 100 (NATL-RE), 5.000%, 8/1/18		$	1,131,180
	1,000,000	Virginia Public School Authority, School Financing 1997 Resolution Revenue, Series B, Callable 8/1/17 @100 (NATL-RE), 5.000%, 8/1/26			1,037,180
	1,000,000	Virginia Public School Authority, Unrefunded Balance Refunding School Financing Revenue, Series I, 5.250%, 8/1/10			1,060,080
	1,000,000	Virginia Resources Authority, State Revolving Fund Refunding Revenue, 5.500%, 10/1/17			1,187,420
	805,000	Virginia Resources Authority, State Revolving Fund Revenue, 5.250%, 10/1/15			936,263
	1,385,000	Virginia State Resources Authority, Clean Water State Revolving Fund Revenue, Callable 10/1/17 @ 100, 4.750%, 10/1/24			1,444,513
	1,500,000	Virginia University, Refunding Revenue, Callable 6/1/18 @ 100, 5.000%, 6/1/40			1,520,835
	400,000	Watkins Centre Community Development Authority, VA, Transit Improvements Revenue, Callable 3/1/15 @ 100, OID, 5.400%, 3/1/20			309,308
	1,000,000	Western Virginia Regional Jail Authority, Aniticipation Notes Correctional Facility Improvements Revenue, Callable 5/8/09 @ 100, 4.125%, 12/1/09			1,002,790
					78,886,129
		Total Municipal Bonds (Cost $76,517,694)			80,188,719
Shares
	INVESTMENT COMPANY (2.7%)
	2,187,478	Federated Virginia Municipal Money Market Portfolio, Institutional Class			2,187,478
		Total Investment Company (Cost $2,187,478)			2,187,478
	Total Investments — 100.8%     (Cost $78,705,172)				82,376,197
	Net Other Assets (Liabilities) — (0.8)%				(667,188	)
	NET ASSETS — 100.0%			$	81,709,009

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

35

BB&T West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS (97.5%)
		West Virginia (97.5%)
$	1,250,000	Berkeley County Board of Education, WV, School Improvements G.O., Callable 5/1/12 @ 101 (NATL-RE FGIC), 5.000%, 5/1/16		$	1,357,250
	670,000	Braxton County, WV, Board of Education Public Schools Improvements G.O., Callable 5/1/18 @ 100 (FSA), 5.000%, 5/1/23			701,852
	1,110,000	Brooke County, WV, Board of Education School Improvements G.O., Callable 5/1/11 @ 100 (NATL-RE FGIC), 5.000%, 5/1/16			1,170,528
	500,000	Brooke, Pleasants, Tyler & Wetzel Counties, WV, Housing Revenue, 7.400%, 8/15/10			543,760
	200,000	Cabell County, WV, Board of Education School Improvements G.O. (NATL-RE), 5.000%, 5/1/11			214,944
	1,350,000	Cabell County, WV, Board of Education School Improvements G.O. (NATL-RE), 5.000%, 5/1/16			1,509,232
	490,000	Cabell, Putnam & Wayne Counties, WV, State Housing Revenue (FGIC), 7.375%, 4/1/11			548,580
	1,030,000	Charleston, WV, Urban Renewal Authority, Public Improvements Lease Revenue, Callable 12/15/09 @ 103 (FSA), 5.250%, 12/15/18			1,081,881
	1,860,000	Clarksburg, WV, Water Refunding Revenue, Callable 9/1/12 @ 101 (NATL-RE FGIC), 5.250%, 9/1/19			1,939,441
	1,000,000	Fairmont State College, WV, University & College Improvements Revenue, Series A, Callable 6/1/13 @ 100 (NATL-RE FGIC), 5.250%, 6/1/22			1,010,910
	680,000	Fairmont, WV, Waterworks Refunding Revenue, Callable 5/8/09 @ 101 (NATL-RE), OID, 5.375%, 7/1/13			685,059
	2,000,000	Greenbrier County, WV, Board of Education Public Schools Improvements G.O. (FSA), 5.000%, 5/1/18			2,221,300
	1,455,000	Harrison County, WV, County Commission Tax Allocation Refunding Revenue, Charles Pointe Project No. 2, Series A, Callable 6/1/18 @ 100, 6.500%, 6/1/23			1,119,593
	545,000	Harrison County, WV, County Commission Tax Allocation Refunding Revenue, Charles Pointe Project No. 2, Series B, OID, 5.500%, 6/1/13			500,882
	250,000	Huntington, WV, Sewer Refunding Revenue, Series A, Callable 11/1/11 @ 100, 4.700%, 11/1/14			256,562
	690,000	Logan County, WV, 1st Mortgage-Logan County Health Revenue, 8.000%, 12/1/16			925,518
	1,350,000	Monongalia County, WV, Building Commission, Monongalia General Hospital Revenue, Series A, Callable 7/1/15 @ 100, 5.250%, 7/1/20			1,195,911
	1,370,000	Ohio County, WV, County Commission Sewage System, Fort Henry Centre Tax Allocation Revenue, District A, 5.350%, 6/1/17			1,172,857
	685,000	Ohio County, WV, Board of Education, Refunding G.O., Callable 6/1/09 @ 101 (NATL-RE-IBC), OID, 5.000%, 6/1/13			697,125

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	1,115,000	Ohio County, WV, County Commission Sewage System, Fort Henry Centre Tax Allocation Revenue, District A, Callable 6/1/17 @ 100, 5.625%, 6/1/22		$	863,021
	1,190,000	Parkersburg, WV, Combined Waterworks & Sewer Systems Refunding Revenue, Series C (NATL-RE FGIC), 5.000%, 9/1/14			1,197,235
	1,330,000	Parkersburg, WV, Combined Waterworks & Sewer Systems Refunding Revenue, Series C (NATL-RE FGIC), 5.000%, 9/1/15			1,328,284
	1,100,000	Pleasants County, WV, Industrial Development, Monongahela Power Co. Refunding Revenue, Series C, Callable 5/8/09 @ 100 (AMBAC), 6.150%, 5/1/15			1,099,901
	1,000,000	Shepherd University Board of Governors, WV, Shepherd University Wellness Center Project Revenue, Callable 12/1/17 @100 (NATL-RE), 5.000%, 6/1/22			1,024,310
	565,000	West Virginia Commissioner of Highways, Surface Transportation Improvements Revenue, Series A (FSA), 4.500%, 9/1/09			574,080
	1,260,000	West Virginia Commissioner of Highways, Surface Transportation Improvements Revenue, Series A (FSA), 5.000%, 9/1/14			1,405,971
	480,000	West Virginia Economic Development Authority, Berkeley Co. Development Authority Refunding Revenue, OID, 4.700%, 2/1/17			410,606
	2,000,000	West Virginia Economic Development Authority, Correctional Juvenile & Public Lease Revenue, Series A (NATL-RE), 5.500%, 6/1/12			2,165,620
	1,000,000	West Virginia Economic Development Authority, Correctional Juvenile & Public Lease Revenue, Series A, Callable 6/1/12 @ 101 (NATL-RE), 5.500%, 6/1/15			1,059,830
	1,000,000	West Virginia Economic Development Authority, Correctional Juvenile & Public Lease Revenue, Series A, Callable 6/1/12 @ 101 (NATL-RE), 5.500%, 6/1/18			1,073,040
	1,040,000	West Virginia Economic Development Authority, Correctional Juvenile & Public Lease Revenue, Series A, Callable 6/1/12 @ 101 (NATL-RE), 5.500%, 6/1/19			1,115,254
	1,000,000	West Virginia Economic Development Authority, Correctional Juvenile & Public Lease Revenue, Series A, Callable 6/1/12 @101 (NATL-RE), 5.500%, 6/1/13			1,078,810
	450,000	West Virginia Economic Development Authority, Department of Environmental Protection Lease Revenue, 4.750%, 11/1/11			486,000
	240,000	West Virginia Economic Development Authority, State Energy Savings Project Lease Revenue, 4.250%, 6/1/12			252,202
	250,000	West Virginia Economic Development Authority, State Energy Savings Project Lease Revenue, Callable 6/1/15 @ 100, 4.750%, 6/1/21			247,458

Continued

36

BB&T West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2009 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	1,250,000	West Virginia Economic Development Authority, State Office Building Lease Revenue, Series A, Callable 10/1/11 @ 101, 5.000%, 10/1/15		$	1,344,200
	820,000	West Virginia Higher Education Policy Commission, Higher Education Facilities Refunding Revenue, Series B (NATL-RE FGIC), 5.000%, 4/1/14			884,280
	1,000,000	West Virginia Higher Education Policy Commission, Higher Education Facilities Refunding Revenue, Series B, Callable 4/1/14 @ 100 (NATL-RE FGIC), 5.000%, 4/1/16			1,052,550
	1,795,000	West Virginia Higher Education Policy Commission, Higher Education Facilities Refunding Revenue, Series B, Callable 4/1/14 @ 100 (NATL-RE FGIC), 5.000%, 4/1/23			1,829,159
	1,220,000	West Virginia Higher Education Policy Commission, Higher Education Facilities Refunding Revenue, Series B, Callable 4/1/14 @ 100 (NATL-RE FGIC), 5.000%, 4/1/34			1,143,945
	330,000	West Virginia Housing Development Fund, Marion Unity Apartments Project Refunding Revenue, Series A, Callable 7/1/11 @ 100, 5.400%, 1/1/16			289,314
	1,790,000	West Virginia School Building Authority Excess, Lottery Revenue, Callable 7/1/18 @ 100, OID, 5.000%, 7/1/27			1,817,691
	1,500,000	West Virginia School Building Authority, Capital Improvements Refunding Revenue, Series A (NATL-RE FGIC), 5.000%, 7/1/15			1,628,310
	2,100,000	West Virginia School Building Authority, Capital Improvements Refunding Revenue, Series A (NATL-RE FGIC), 5.000%, 7/1/16			2,272,095
	1,960,000	West Virginia School Building Authority, Capital Improvements Refunding Revenue, Series A, Callable 7/1/17 @ 100 (NATL-RE FGIC), 5.000%, 7/1/18			2,078,776
	1,465,000	West Virginia School Building Authority, Capital Improvements Refunding Revenue, Series A, Callable 7/1/17 @ 100 (NATL-RE FGIC), 5.000%, 7/1/19			1,533,943
	275,000	West Virginia School Building Authority, Capital Improvements Revenue (NATL-RE), 5.250%, 1/1/14			300,913
	1,020,000	West Virginia School Building Authority, Capital Improvements Revenue (NATL-RE), 5.250%, 7/1/14			1,122,592
	1,300,000	West Virginia School Building Authority, Excess Lottery Revenue, 5.000%, 7/1/18			1,443,663
	1,295,000	West Virginia State Building Commission, Regional Jail Refunding Revenue, Series A (AMBAC), 5.250%, 7/1/10			1,341,840
	35,000	West Virginia State Hospital Finance Authority, Camden Clark Memorial Hospital Revenue, Series A, Callable 2/15/14 @ 100 (FSA), 5.250%, 2/15/18			36,010
	640,000	West Virginia State Hospital Finance Authority, Charleston Area Medical Center, Inc. Revenue, Series A, OID, 6.500%, 9/1/16			784,602

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	450,000	West Virginia State Hospital Finance Authority, Charleston Medical Center Revenue, Prerefunded 9/1/10 @ 101, OID, 6.750%, 9/1/30		$	489,609
	800,000	West Virginia State Hospital Finance Authority, Department of Health & Human Resource Refunding Revenue, Callable 5/8/09 @ 100 (FSA), 5.000%, 8/1/09			801,800
	1,090,000	West Virginia State Hospital Finance Authority, Linked Bears & Bulls Refunding Revenue, Callable 5/8/09 @ 100 (NATL-RE), 6.100%, 1/1/18			1,090,349
	810,000	West Virginia State Hospital Finance Authority, West Virginia United Health System Refunding Revenue, Series E, Callable 12/1/18 @ 100, OID, 5.375%, 6/1/28			696,592
	900,000	West Virginia State Parkways Economic Development & Tourism Authority, Refunding Revenue (MBIA-RE FGIC General Obligation of Authority), 5.000%, 5/15/10			933,975
	1,000,000	West Virginia State Parkways Economic Development & Tourism Authority, Refunding Revenue (MBIA-RE FGIC General Obligation of Authority), 5.250%, 5/15/12			1,085,080
	700,000	West Virginia State Parkways Economic Development & Tourism Authority, Refunding Revenue (MBIA-RE FGIC General Obligation of Authority), 5.250%, 5/15/17			763,840
	360,000	West Virginia University, Projects Refunding Revenue, Series B, Callable 10/1/14 @ 100 (NATL-RE FGIC), 5.000%, 10/1/21			371,693
	1,440,000	West Virginia University, Projects Revenue, Series A (NATL-RE), 5.500%, 4/1/11			1,535,875
	955,000	West Virginia University, Projects Revenue, Series A (NATL-RE), 5.250%, 4/1/28			951,591
	560,000	West Virginia Water Development Authority, Infrastructure Jobs Refunding Revenue, Series A, Callable 10/1/16 @ 100 (FSA), 5.000%, 10/1/26			562,083
	615,000	West Virginia Water Development Authority, Infrastructure Jobs Revenue, Series A, Callable 10/1/16 @ 100 (FSA), 4.750%, 10/1/23			616,421
	890,000	West Virginia Water Development Authority, Loan Programs Refunding Revenue, Series A1, Callable 11/1/12 @ 102 (AMBAC), 5.250%, 11/1/23			910,684
	1,040,000	West Virginia, State Road Highway Improvements G.O. (FSA), 5.500%, 6/1/10			1,098,250
	300,000	West Virginia, State Road Highway Improvements G.O., Prerefunded 6/1/09 @ 101, 5.750%, 6/1/13			305,616
	150,000	West Virginia, State Road Refunding G.O. (NATL-RE FGIC), 5.000%, 6/1/12			164,673

Continued

37

BB&T West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2009 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	2,090,000	West Virginia, State Road Refunding G.O. (NATL-RE FGIC), 5.000%, 6/1/15		$	2,327,131
		Total Municipal Bonds (Cost $69,290,943)			69,843,952

Shares		Fair Value
INVESTMENT COMPANY (1.4%)
994,537	Federated Tax-Free Obligations Fund, Institutional Service Class		$	994,537
	Total Investment Company (Cost $994,537)			994,537
Total Investments — 98.9%     (Cost $70,285,480)				70,838,489
Net Other Assets (Liabilities) — 1.1%				818,900
NET ASSETS — 100.0%			$	71,657,389

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

38

BB&T National Tax-Free Money Market Fund

Schedule of Portfolio Investments

March 31, 2009 (Unaudited)

Principal Amount			Amortized Cost
	MUNICIPAL BONDS (103.1%)
		Arizona (0.9%)
$	400,000	Yavapai County, AZ, Industrial Development Authority Hospital Facilities Revenue, Yavapai Regional Medical Center, Series B (FSA), 3.250%, 4/2/09*		$	400,000
	1,500,000	Yuma Industrial Development Authority, Regional Medical Center Refunding Revenue (JP Morgan Chase Bank), 0.350%, 4/1/09*			1,500,000
					1,900,000
		Colorado (3.0%)
	5,000,000	Colorado Educational & Cultural Facilities Authority, Fuller Theological Project Revenue (Keybank N.A.), 0.750%, 4/2/09*			5,000,000
	1,600,000	Thornton, CO, Kroger Co. Industrial Development Refunding Revenue (U.S. Bank N.A.), 0.640%, 4/2/09*			1,600,000
					6,600,000
		Connecticut (0.7%)
	1,500,000	Milford, CT, G.O. Bond Anticipation Notes Cash Flow Management (State Aid Withholding), 3.750%, 5/5/09			1,501,569
		District of Columbia (2.3%)
	5,000,000	Metropolitan Washington, D.C., Airport Authority System Refunding Revenue, SubSeries A-1 (SPA-Landesbank Baden-Wurttm), 0.500%, 4/1/09*			5,000,000
		Florida (5.3%)
	4,385,000	Miami, FL, Health Facilities Authority Refunding Revenue, Mercy Hospital Project (NationsBank N.A.), 0.500%, 4/1/09*			4,385,000
	4,300,000	Orange County, FL, Industrial Development Authority, Catholic Diocese Project Revenue (Suntrust Bank), 0.630%, 4/1/09*			4,300,000
	3,070,000	Volusia County, FL, Educational Facility Authority, Bethune Cookman College Project Revenue (Suntrust Bank), 0.580%, 4/1/09*			3,070,000
					11,755,000
		Georgia (4.0%)
	4,500,000	Clayton County, GA, Housing Authority Refunding Revenue, Summerwind, Series A (FNMA), 0.530%, 4/2/09*			4,500,000
	1,700,000	Fulton County, GA, Development Authority Refunding Revenue, 0.750%, 4/15/09*			1,700,000
	2,500,000	Gainesville & Hall County, GA, Hospital Authority, Northeast Georgia Health System Refunding Revenue, Series G (Bayerische Landesbank), 0.500%, 4/1/09*			2,500,000
					8,700,000
		Illinois (14.5%)
	6,140,000	Chicago Board of Education, IL, School Improvements G.O., Series B (FSA), 3.000%, 4/2/09*			6,140,000
	5,000,000	Chicago School Finance Authority, IL, School Financing Refunding G.O., Series B (FSA), 5.000%, 6/1/09			5,025,557
	1,750,000	Cook County, IL, Capital Improvements G.O., Series B, 0.550%, 4/1/09*			1,750,000

Principal Amount			Amortized Cost
	MUNICIPAL BONDS — (continued)
		Illinois — (continued)
$	10,000,000	Illinois Finance Authority, Swedish Conevant Refunding Revenue, Series A (LaSalle Bank N.A.), 0.450%, 4/1/09*		$	10,000,000
	5,000,000	Illinois Financial Authority Revenue, Bradley University, Series A (Northern Trust Company), 0.490%, 4/2/09*			5,000,000
	4,000,000	Illinois Health Facilities Authority Refunding Revenue, Rehabilitation Institute Chicago Project (Bank of America N.A.), 0.500%, 4/2/09*			4,000,000
					31,915,557
		Maine (3.3%)
	5,000,000	Finance Authority of Maine Revenue, Mt. Desert (Citizens Bank NH), 4.000%, 4/2/09*			5,000,000
	2,200,000	Kittery, ME, G.O. Bond Anticipation Notes Cash Flow Management, 1.750%, 9/30/09			2,205,402
					7,205,402
		Massachusetts (1.5%)
	1,350,000	Massachusetts Commonwealth, G.O. Anticipation Notes Cash Flow Management, Series C, 4.000%, 5/29/09			1,353,808
	2,000,000	Massachusetts Health & Educational Facilities Authority, Cape Cod Healthcare Revenue, Series D (Assured Guaranty), 0.530%, 4/2/09*			2,000,000
					3,353,808
		Mississippi (1.6%)
	3,500,000	Mississippi Business Finance Corp., Mississippi Revenue Gulfport Promenade Project (Regions Bank), 1.040%, 4/2/09*			3,500,000
		Missouri (3.6%)
	2,900,000	Missouri State Health & Educational Facilities Authority, MO, Dialsis Clinic, Inc. Project Revenue (Suntrust Bank), 0.630%, 4/1/09*			2,900,000
	5,000,000	Missouri State Health & Educational Facilities Authority, MO, Sisters Mercy Health Revenue, Series D, 0.440%, 4/2/09*			5,000,000
					7,900,000
		New Jersey (0.9%)
	1,925,000	Plainsboro Township, NJ, G.O. Anticipation Notes Cash Flow Management, 2.500%, 12/10/09			1,936,145
		North Carolina (5.6%)
	8,250,000	Charlotte, NC, Water & Sewer Systems Revenue, Series B, 0.470%, 4/2/09*			8,250,000
	4,000,000	Charlotte-Mecklenburg Hospital Authority, NC, Healthcare System Revenue, Series D (FSA), 2.970%, 4/2/09*			4,000,000
					12,250,000
		Ohio (27.8%)
	2,480,000	Cuyahoga County, OH, Magnificat High School Project Revenue (Fifth Third Bank), 2.750%, 4/2/09*			2,480,000
	2,200,000	Dover, OH, G.O. Bond Anticipation Refunding Notes, 2.550%, 4/1/10			2,211,814

Continued

39

BB&T National Tax-Free Money Market Fund

Schedule of Portfolio Investments — (continued)

March 31, 2009 (Unaudited)

Principal Amount			Amortized Cost
	MUNICIPAL BONDS — (continued)
		Ohio — (continued)
$	2,700,000	Dublin, OH, City School District, G.O. Bond Anticipation Notes, School Construction Cash Flow Management, 2.000%, 5/28/09		$	2,703,801
	4,000,000	Franklin County, OH, Nationwide Hospital Refunding Revenue, Series G, 0.400%, 4/2/09*			4,000,000
	1,960,000	Hamilton County, OH, Student Housing Revenue, Block 3 Project (Bank of New York), 3.500%, 4/2/09*			1,960,000
	2,000,000	Kent State University Revenues, University & College Improvements General Receipts (Keybank N.A.), 0.650%, 4/2/09*			2,000,000
	2,500,000	Lima, OH, G.O. Bond Anticipation Notes, Water Systems Capital Facilities Cash Flow Management, 2.500%, 5/28/09			2,501,527
	1,500,000	Maple Heights, OH, City School District, G.O. School Facilities Improvements Notes Cash Flow Management, 3.500%, 11/5/09			1,507,857
	8,600,000	Middletown Hospital Facilities, Atrium Medical Center Refunding Revenue, Series B (JPMorgan Chase & Co.), 0.300%, 4/1/09*			8,600,000
	2,000,000	Montgomery County, OH, Economic Development Revenue, The Dayton Art Institute (U.S. Bank N.A.), 0.490%, 4/1/09*			2,000,000
	1,525,000	Montgomery County, OH, Industrial Development Refunding Revenue, Kroger Co. (U.S. Bank N.A.), 0.640%, 4/2/09*			1,525,000
	2,100,000	Mount Vernon, OH, G.O. Bond Anticipation Notes Cash Flow Management, 2.000%, 2/23/10			2,107,418
	4,000,000	Ohio State Water Development Authority, Firstenergy Project Refunding Revenue, Series B (Barclays Bank PLC), 0.450%, 4/1/09*			4,000,000
	5,000,000	Port of Greater Cincinnati Development Authority, OH, National Underground Revenue, Series A (JP Morgan Chase Bank), 0.450%, 4/1/09*			5,000,000
	2,545,000	South Euclid, OH, G.O. Bond Anticipation Refunding Notes, Series B, 2.500%, 1/25/10			2,575,961
	4,500,000	Summit County, OH, Western Reserve Academy Project Revenue (Keybank N.A.), 0.650%, 4/2/09*			4,500,000
	5,000,000	Sylvania, OH, City School District, G.O. Bond Anticipation Notes, School Construction Cash Flow Management, School Construction, 2.000%, 7/23/09			5,011,548
	1,575,000	Warrensville Heights, OH, G.O. Bond Anticipation Notes Cash Flow Management, Various Purposes Improvements-2, 2.400%, 5/29/09			1,575,612
	5,000,000	Williams County, OH, Community Hospitals & Wellness Center Revenue (Fifth Third Bank), 2.150%, 4/3/09*			5,000,000
					61,260,538
		Pennsylvania (0.5%)
	1,100,000	Bethlehem Area School District, PA, G.O. (FSA, State Aid Withholding), 3.250%, 4/2/09*			1,100,000

Principal Amount			Amortized Cost
	MUNICIPAL BONDS — (continued)
		Tennessee (1.4%)
$	2,100,000	Hendersonville Industrial Development Board, TN, Educational Facilities Revenue, Pope John Paul II High School (Suntrust Bank N.A.), 0.580%, 4/1/09*		$	2,100,000
	1,085,000	Metropolitan Government Nashville & Davidson County, TN, Industrial Development Board Refunding Revenue, David Lipscomb University Project (Suntrust Bank), 0.580%, 4/1/09*			1,085,000
					3,185,000
		Texas (7.9%)
	1,350,000	Crawford Education Facilities Corp., TX, Refunding Revenue, University Parking System Project, Series A, (BNP Paribas), 1.100%, 4/2/09*			1,350,000
	5,000,000	Harris County, TX, Health Facilities Development Corp. Methodist Revenue, Series C (FSA), 0.400%, 4/1/09*			5,000,000
	2,100,000	Harris County, TX, Health Facilities Development Corp. Refunding Revenue, St. Lukes Episcopal Hospital, Series B, 0.400%, 4/1/09*			2,100,000
	3,445,000	Houston Higher Education Finance Corp., TX, University & College Improvements Revenue, Tierwester Oaks, Series A (Bank of New York), 1.200%, 4/1/09*			3,445,000
	2,500,000	Northside Independent School District, TX, Refunding G.O., Series A (PSF-GTD), 2.000%, 8/1/09*			2,500,000
	3,000,000	Texas State, TX, Tax & Revenue Anticipation Notes Cash Flow Management, 3.000%, 8/28/09			3,016,631
					17,411,631
		Utah (1.1%)
	2,500,000	Riverton, UT, Hospital Puttable Revenue, Series 1762, 0.470%, 4/2/09*(d)			2,500,000
		Virginia (5.4%)
	3,580,000	Falls Church, VA, Economic Development Authority, Tax Analysts Project Revenue, Series A (Citibank N.A.), 0.500%, 4/1/09*			3,580,000
	5,500,000	James City County Industrial Development Authority, VA, Riverside Health Systems Revenue, 0.650%, 4/1/09*			5,500,000
	2,905,000	Virginia Resources Authority, Water Revenue, Henrico County Project, 0.580%, 4/2/09*			2,905,000
					11,985,000
		Washington (5.5%)
	5,770,000	Washington Economic Development Finance Authority, WA, Northwest Center Project Revenue, Series A (Keybank N.A.), 0.650%, 4/2/09*			5,770,000
	6,230,000	Washington State Housing Finance Commission, WA, Forest Ridge School Nonprofit Revenue, Series A (Keybank N.A.), 0.650%, 4/2/09*			6,230,000
					12,000,000

Continued

40

BB&T National Tax-Free Money Market Fund

     Schedule of Portfolio Investments — (continued)

     March 31, 2009 (Unaudited)

Principal   Amount			Amortized   Cost
	MUNICIPAL BONDS — (continued)
		Wisconsin (6.3%)
$	3,000,000	Appleton Redevelopment Authority, WI, Fox Cities Performing Arts Center Revenue, Series B (Bank One Wisconsin), 4.000%, 4/1/09*		$	3,000,000
	1,300,000	Menomonie Wisconsin Area School District, WI, Tax & Revenue Anticipation Promissory Notes Cash Flow Management G.O., 2.400%, 9/1/09			1,301,386
	8,000,000	Wisconsin Health & Educational Facilities Authority, Wausau Hospital Revenue, Series B (AMBAC) (M&I Bank), 3.750%, 4/1/09*			8,000,000
	1,600,000	Wisconsin School Districts Temporary Borrowing Program, WI, Tax & Revenue Anticipation Promissory Notes Cash Flow Management, Certificate of Participation, Series B, 3.000%, 10/30/09			1,611,917
					13,913,303
		Total Municipal Bonds (Cost $226,872,953)			226,872,953

Shares		Fair Value
INVESTMENT COMPANY (0.0%)
42,982	SEI Institutional Tax Free Fund		$	42,982
	Total Investment Company (Cost $42,982)			42,982
Total Investments — 103.1%     (Cost $226,915,935)				226,915,935
Net Other Assets (Liabilities) — (3.1)%				(6,820,428	)
NET ASSETS — 100.0%			$	220,095,507

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

41

BB&T Prime Money Market Fund

     Schedule of Portfolio Investments

     March 31, 2009 (Unaudited)

Principal   Amount			Amortized Cost
	ASSET BACKED SECURITIES (2.7%)
$	7,000,000	Ford Credit Auto Owner Trust, Series 2009-A, Class A1, 1.861%, 4/15/10		$	7,000,000
	1,292,898	Honda Auto Receivables Owner Trust, Series 2008-2, Class A1, 3.135%, 12/21/09			1,292,898
	15,643,486	Honda Auto Receivables Owner Trust, Series 2009-1, Class A1, 1.978%, 2/16/10			15,643,486
	2,672,279	Nissan Auto Receivables Owner Trust, Series 2008-C, Class A1, 3.037%, 12/15/09			2,672,279
	9,809,502	Nissan Auto Receivables Owner Trust, Series 2009-1, Class A1, 1.999%, 3/15/10			9,809,502
		Total Asset Backed Securities (Cost $36,418,165)			36,418,165
	CERTIFICATES OF DEPOSIT (23.3%)
		Banks (23.3%)
	5,000,000	Bank of Montreal, Chicago, 3.650%, 6/15/09			5,000,000
	20,000,000	Bank of Tokyo-Mitsubishi, 1.050%, 6/17/09			20,000,000
	20,000,000	Barclays Bank PLC, 1.340%, 5/26/09			20,000,000
	10,000,000	Barclays Bank PLC, 1.375%, 6/9/09			10,000,095
	8,000,000	Barclays Bank PLC, 3.700%, 6/12/09			8,000,000
	5,000,000	Barclays Bank PLC, 1.330%, 7/13/09			5,000,000
	25,000,000	BNP Paribas, 0.700%, 4/20/09			25,000,000
	20,000,000	BNP Paribas, 1.380%, 9/8/09			20,000,000
	40,000,000	Calyon, New York, 1.000%, 5/15/09			40,000,000
	25,000,000	Canadian Imperial Bank of Commerce, 1.470%, 8/4/09			25,000,000
	20,000,000	Credit Suisse, 1.450%, 7/9/09			20,000,000
	8,000,000	Lloyds Bank PLC, 1.250%, 6/18/09			8,000,000
	35,000,000	Lloyds Bank PLC, 1.700%, 7/7/09			35,000,000
	25,000,000	Lloyds Bank PLC, 1.680%, 7/8/09			25,001,350
	25,000,000	State Street Bank, 1.150%, 7/21/09			25,000,000
	25,000,000	Toronto Dominion Bank, 1.170%, 8/31/09			25,000,000
		Total Certificates of Deposit (Cost $316,001,445)			316,001,445
	COMMERCIAL PAPER** (46.8%)
		Banking (3.3%)
	20,000,000	Australia & New Zealand Banking, 1.671%, 6/5/09***(d)			20,000,000
	25,000,000	Calyon N.A., Inc., 0.550%, 4/13/09			24,995,417
					44,995,417
		Financial Services (43.5%)
	75,000,000	Aegon NV, 1.013%, 4/14/09(d)			74,972,917
	4,800,000	Barton Capital LLC, 0.300%, 4/2/09(d)			4,799,960
	50,000,000	Barton Capital LLC, 0.405%, 4/2/09(d)			49,999,445
	9,991,000	Barton Capital LLC, 0.730%, 5/19/09(d)			9,981,409
	50,000,000	Danske Corp., 1.000%, 6/5/09			49,909,722
	40,000,000	Enterprise Funding LLC, 0.709%, 5/6/09(d)			39,972,778
	70,000,000	Fcar Owner Trust, 2.534%, 4/6/09			69,975,695
	10,000,000	Fcar Owner Trust, 2.433%, 4/16/09			9,990,000
	30,000,000	Fountain Square Commercial Funding, 1.600%, 4/15/09(d)			29,981,333
	50,000,000	General Electric Capital Corp., 0.760%, 5/26/09			49,942,708
	25,000,000	Gotham Funding Corp., 0.530%, 4/16/09(d)			24,994,479
	20,000,000	Gotham Funding Corp., 0.500%, 4/21/09(d)			19,994,444
	40,000,000	ING (US) Funding LLC, 1.166%, 5/7/09			39,954,000
	40,000,000	Societe Generale, 1.155%, 7/13/09			39,869,533

Principal     Amount			Amortized Cost
	COMMERCIAL PAPER** — (continued)
		Financial Services — (continued)
$	10,000,000	Societe Generale North America, Inc., 1.020%, 6/15/09		$	9,978,750
	35,000,000	Yorktown Capital LLC, 0.405%, 4/14/09(d)			34,994,944
	30,000,000	Yorktown Capital LLC, 0.425%, 4/14/09(d)			29,995,450
					589,307,567
		Total Commercial Paper (Cost $634,302,984)			634,302,984
	CORPORATE BONDS (1.3%)
		Financial Services (1.3%)
	9,975,000	General Electric Capital Corp., 4.125%, 9/1/09			9,914,127
	8,181,000	General Electric Capital Corp., 7.375%, 1/19/10			8,508,031
		Total Corporate Bonds (Cost $18,422,158)			18,422,158
	VARIABLE RATE NOTES* (13.0%)
		Banking (11.1%)
	1,670,000	Anchor Holdings LLC, Series 2000 (U.S. Bank, N.A.), 3.000%, 4/9/09			1,670,000
	15,000,000	Bank of Montreal, Chicago, 1.008%, 4/6/09(d)			15,000,000
	10,000,000	Bank of Montreal, Chicago, Series YCD, 1.754%, 4/14/09			10,000,000
	20,000,000	Bank of Montreal, Chicago, Series YCD, 1.618%, 5/14/09			20,000,000
	25,000,000	Bank of Montreal, Chicago, Series YCD1, 1.714%, 6/8/09			25,000,000
	10,000,000	BP Capital Markets PLC, 1.433%, 6/11/09			10,000,000
	4,785,000	HC Equities LP, Series 2001 (Wachovia Bank N.A.), 1.000%, 4/9/09			4,785,000
	20,000,000	National Australia Bank, Ltd., 1.507%, 6/8/09(d)			20,000,000
	3,345,000	Spira Millennium LLC, Series 2001 (Bank of America N.A.), 0.850%, 4/9/09			3,345,000
	15,000,000	Svenska Handelsbanken AB, 1.643%, 4/6/09(d)			15,000,000
	10,000,000	Svenska Handelsbanken AB, 1.509%, 4/27/09(d)			10,000,000
	9,000,000	Wachovia Bank, N.A., 0.453%, 4/1/09			8,904,405
	7,740,000	Wells Fargo & Co., 1.420%, 6/15/09			7,688,451
					151,392,856
		Financial Services (0.4%)
	5,000,000	Societe Generale, 1.676%, 6/4/09			5,002,850
		Health Care (0.4%)
	5,000,000	Roche Holdings, Inc., 2.248%, 5/26/09(d)			5,000,000
		Insurance (1.1%)
	5,000,000	Genworth Life Insurance Co., 2.586%, 5/11/09(e)			5,000,000
	5,000,000	MetLife Insurance Co. of Connecticut, 1.566%, 5/19/09(e)			5,000,000
	5,000,000	Metropolitan Life Insurance Co., 1.550%, 5/1/09(e)			5,000,000
					15,000,000
		Total Variable Rate Notes (Cost $176,395,706)			176,395,706

Continued

42

BB&T Prime Money Market Fund

     Schedule of Portfolio Investments — (continued)

     March 31, 2009 (Unaudited)

Principal   Amount			Amortized Cost
	U.S. GOVERNMENT AGENCIES* (4.4%)
		Federal Home Loan Bank (4.4%)
$	40,000,000	0.710%, 1/27/10		$	40,000,000
	20,000,000	0.840%, 3/11/10			19,997,544
		Total U.S. Government Agencies (Cost $59,997,544)			59,997,544
	REPURCHASE AGREEMENT (8.8%)
	118,956,000	Bank of America Corp., 0.250%, dated 3/31/09, due 4/1/09, proceeds at maturity, $118,956,826 (Collateralized fully by U.S. Treasury Securities)			118,956,000
		Total Repurchase Agreement (Cost $118,956,000)			118,956,000

	Amortized Cost
Total Investments — 100.3%     (Cost $1,360,494,002)		$	1,360,494,002
Net Other Assets (Liabilities) — (0.3)%			(4,609,586	)
NET ASSETS — 100.0%		$	1,355,884,416

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

43

BB&T U.S. Treasury Money Market Fund

     Schedule of Portfolio Investments

     March 31, 2009 (Unaudited)

Principal   Amount			Amortized Cost
	U.S. TREASURY NOTES (15.4%)
$	30,000,000	3.500%, 8/15/09		$	30,346,434
	40,000,000	3.375%, 9/15/09			40,535,280
	20,000,000	3.625%, 10/31/09			20,360,282
	40,000,000	3.500%, 11/15/09			40,764,255
		Total U.S. Treasury Notes (Cost $132,006,251)		��	132,006,251
	U.S. TREASURY BILLS** (29.2%)
	40,000,000	0.114%, 4/16/09(h)			39,998,108
	40,000,000	0.110%, 4/23/09(h)			39,997,323
	40,000,000	0.110%, 4/30/09			39,996,472
	30,000,000	0.390%, 8/27/09			29,951,953
	20,000,000	0.396%, 9/24/09			19,961,377
	20,000,000	0.441%, 9/24/09			19,957,021
	20,000,000	0.442%, 10/22/09(h)			19,950,079
	40,000,000	0.381%, 11/19/09			39,902,173
		Total U.S. Treasury Bills (Cost $249,714,506)			249,714,506

Principal   Amount			Amortized Cost
	REPURCHASE AGREEMENTS (55.3%)
$	50,000,000	Bank of America Corp., 0.050%, dated 3/31/09, due 4/1/09, proceeds at maturity, $50,000,069 (Collateralized fully by U.S. Treasury Securities)		$	50,000,000
	179,142,736	Credit Suisse First Boston, 0.140%, dated 3/31/09, due 4/1/09, proceeds at maturity, $179,143,433 (Collateralized fully by U.S. Treasury Securities)			179,142,736
	85,000,000	Goldman Sachs Group, Inc., 0.020%, dated 3/31/09, due 4/1/09, proceeds at maturity, $85,000,047 (Collateralized fully by U.S. Treasury Securities)			85,000,000
	160,000,000	JPMorgan Chase & Co., 0.130%, dated 3/31/09, due 4/1/09, proceeds at maturity, $160,000,578 (Collateralized fully by U.S. Treasury Securities)			160,000,000
		Total Repurchase Agreements (Cost $474,142,736)			474,142,736
				Fair Value
	SECURITIES HELD AS COLLATERAL FOR     SECURITIES ON LOAN (0.1%)
	615,850	Pool of Various Securities			615,850
		Total Securities Held as Collateral for Securities on Loan (Cost $615,850)			615,850
	Total Investments — 100.0%     (Cost $856,479,343)				856,479,343
	Net Other Assets (Liabilities) — 0.0%				330,277
	NET ASSETS — 100.0%			$	856,809,620

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

44

BB&T Capital Manager Conservative Growth Fund

     Schedule of Portfolio Investments

     March 31, 2009 (Unaudited)

Shares		Fair Value
AFFILIATED INVESTMENT COMPANIES (86.9%)
58,645	BB&T Equity Income Fund, Institutional Class		$	540,120
350,037	BB&T International Equity Fund, Institutional Class			1,249,633
62,443	BB&T Large Cap Fund, Institutional Class			490,180
76,299	BB&T Mid Cap Growth Fund, Institutional Class			492,127
107,654	BB&T Mid Cap Value Fund, Institutional Class			793,408
24,570	BB&T Special Opportunities Equity Fund, Institutional Class			275,187
699,850	BB&T Total Return Bond Fund, Institutional Class			7,033,491
179,942	BB&T U.S. Treasury Money Market Fund, Institutional Class			179,942
	Total Affiliated Investment Companies (Cost $12,346,993)			11,054,088
EXCHANGE TRADED FUNDS (12.9%)
9,706	iShares Russell 2000 Index Fund			407,070
15,584	iShares S&P 500 Index Fund			1,240,798
	Total Exchange Traded Funds (Cost $1,853,721)			1,647,868
Total Investments — 99.8%     (Cost $14,200,714)				12,701,956
Net Other Assets (Liabilities) — 0.2%				21,512
NET ASSETS — 100.0%			$	12,723,468

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

45

BB&T Capital Manager Moderate Growth Fund

     Schedule of Portfolio Investments

     March 31, 2009 (Unaudited)

Shares		Fair Value
AFFILIATED INVESTMENT COMPANIES (81.2%)
211,075	BB&T Equity Income Fund, Institutional Class		$	1,943,997
1,310,757	BB&T International Equity Fund, Institutional Class			4,679,403
224,961	BB&T Large Cap Fund, Institutional Class			1,765,944
274,817	BB&T Mid Cap Growth Fund, Institutional Class			1,772,573
387,192	BB&T Mid Cap Value Fund, Institutional Class			2,853,607
88,219	BB&T Special Opportunities Equity Fund, Institutional Class			988,051
1,090,047	BB&T Total Return Bond Fund, Institutional Class			10,954,974
770,356	BB&T U.S. Treasury Money Market Fund, Institutional Class			770,356
	Total Affiliated Investment Companies (Cost $34,394,068)			25,728,905
EXCHANGE TRADED FUNDS (18.7%)
34,889	iShares Russell 2000 Index Fund			1,463,245
56,115	iShares S&P 500 Index Fund			4,467,876
	Total Exchange Traded Funds
	(Cost $9,611,916)			5,931,121
Total Investments — 99.9%     (Cost $44,005,984)				31,660,026
Net Other Assets (Liabilities) — 0.1%				35,414
NET ASSETS — 100.0%			$	31,695,440

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

46

BB&T Capital Manager Growth Fund

     Schedule of Portfolio Investments

     March 31, 2009 (Unaudited)

Shares		Fair Value
AFFILIATED INVESTMENT COMPANIES (77.2%)
186,156	BB&T Equity Income Fund, Institutional Class		$	1,714,499
1,185,529	BB&T International Equity Fund, Institutional Class			4,232,339
198,441	BB&T Large Cap Fund, Institutional Class			1,557,763
242,281	BB&T Mid Cap Growth Fund, Institutional Class(a)			1,562,712
341,570	BB&T Mid Cap Value Fund, Institutional Class			2,517,368
77,847	BB&T Special Opportunities Equity Fund, Institutional Class			871,884
457,286	BB&T Total Return Bond Fund, Institutional Class			4,595,720
572,691	BB&T U.S. Treasury Money Market Fund, Institutional Class			572,691
	Total Affiliated Investment Companies (Cost $25,488,707)			17,624,976
EXCHANGE TRADED FUNDS (22.9%)
30,771	iShares Russell 2000 Index Fund			1,290,536
49,486	iShares S&P 500 Index Fund			3,940,075
	Total Exchange Traded Funds (Cost $8,400,342)			5,230,611
Total Investments — 100.1%     (Cost $33,889,049)				22,855,587
Net Other Assets (Liabilities) — (0.1)%				(27,178	)
NET ASSETS — 100.0%			$	22,828,409

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

47

BB&T Capital Manager Equity Fund

     Schedule of Portfolio Investments

     March 31, 2009 (Unaudited)

Shares		Fair Value
AFFILIATED INVESTMENT COMPANIES (71.5%)
76,786	BB&T Equity Income Fund, Institutional Class		$	707,201
498,493	BB&T International Equity Fund, Institutional Class			1,779,621
81,896	BB&T Large Cap Fund, Institutional Class			642,885
99,947	BB&T Mid Cap Growth Fund, Institutional Class(a)			644,660
140,832	BB&T Mid Cap Value Fund, Institutional Class			1,037,930
32,134	BB&T Special Opportunities Equity Fund, Institutional Class			359,905
169,348	BB&T U.S. Treasury Money Market Fund, Institutional Class			169,348
	Total Affiliated Investment Companies (Cost $8,454,738)			5,341,550
EXCHANGE TRADED FUNDS (28.7%)
12,424	iShares Russell 2000 Index Fund			521,063
20,458	iShares S&P 500 Index Fund			1,628,866
	Total Exchange Traded Funds (Cost $3,439,641)			2,149,929
Total Investments — 100.2%     (Cost $11,894,379)				7,491,479
Net Other Assets (Liabilities) — (0.2)%				(17,746	)
NET ASSETS — 100.0%			$	7,473,733

See footnote legend to Schedules of Portfolio Investments.

See accompanying notes to the financial statements.

48

BB&T Funds

     Footnote Legend to the Schedules of Portfolio Investments

(a) Represents non-income producing security.

(b) Represents that all or a portion of the security was pledged as collateral for securities purchased on a when-issued basis or for futures contracts.

(c) Represents a security purchased on a when-issued basis. At March 31, 2009, total cost of investments purchased on a when-issued basis for the Total Return Bond Fund was $8,695,387.

(d) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Investment Advisor, using board approved procedures, has deemed these securities or a portion of these securities to be liquid.

(e) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Investment Advisor, using board approved procedures, has deemed these securities to be illiquid. As of March 31, 2009, these securities represent 1.11% of net assets in the Prime Money Market Fund and 0.08% of net assets in the International Equity Fund.

(f) Illiquid security.

(g) Security held as collateral for written call option.

(h) Represents that all or a portion of the security was on loan as of March 31, 2009.

(i) Security was fair valued under methods approved by the Board of Trustees.

(j) On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac into conservatorship with FHFA as the conservator. The conservatorship is a statutory process designed to stabilize a troubled institution with the objective of returning the entities to normal business operations.

* The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2009. For bond funds, the maturity date reflected is the final maturity date. For money market funds, the maturity date reflected is the next reset date.

** Discount note or zero coupon bond. Rate disclosed represents the annualized yield from date of purchase.

*** Interest bearing commercial paper.

ADR — American Depository Receipt

AMBAC — American Municipal Bond Insurance Corp.

BHAC — Berkshire Hathaway Assurance Corp.

CIFG — CDC IXIS Financial Guarantee

CR — Custodial Receipts

FGIC — Financial Guaranty Insurance Corp.

FHA — Federal Housing Authority

FNMA — Federal National Mortgage Association

FSA — Financial Security Assurance

G.O. — General Obligation

GDR — Global Depository Receipt

GTD STD LNS — Guaranteed Student Loans

IBC — Insured Bond Certificates

IL — Illinois

JSCB — Joint Stock Commercial Bank

LLC — Limited Liability Company

MBIA — Municipal Bond Insurance Association

MTN — Medium Term Note

N.A. — North America

NATL — National

OID — Original Issue Discount

OJSC — Open Joint Stock Company

PSF-GTD — Permanent School Fund Guaranteed

RE — Reinsurance

REIT — Real Estate Investment Trust

SCSDE — South Carolina School District Enhancement

STEP — Step Coupon Bond

XLCA — XL Capital Assurance

See accompanying notes to financial statements.

49

BB&T Funds

Statements of Assets and Liabilities

March 31, 2009 (Unaudited)

Assets:	Large Cap Fund			Mid Cap Value Fund
Investments:
Investments, at cost*	$	216,971,188		$	199,883,423
Unrealized appreciation (depreciation)		(32,976,452	)		(62,810,125	)
Investments, at fair value		183,994,736			137,073,298
Foreign currency, at value**		—			—
Interest and dividends receivable		324,760			221,686
Receivable for investments sold		—			944,424
Receivable for capital shares issued		739,234			590,728
Unrealized appreciation on forward foreign currency contracts		—			—
Prepaid and other expenses		23,909			28,297
Total Assets		185,082,639			138,858,433
Liabilities:
Call options written (premiums received $ — , $ — , $ — , $ — , $ — , $1,673,576, $1,495,628 and $ — , respectively)		—			—
Distributions payable		—			—
Payable for investments purchased		—			1,290,765
Payable for capital shares redeemed		104,170			69,166
Payable for collateral received on loaned securities		2,316,585			4,111,389
Accrued expenses and other payables:
Investment advisory fees		88,440			73,123
Administration fees		15,018			10,667
Compliance service fees		449			172
Distribution (12b-1) fees		8,380			3,546
Trustee fees		2,654			666
Transfer agent fees		21,461			12,169
Other		90,008			21,549
Total Liabilities		2,647,165			5,593,212
Net Assets	$	182,435,474		$	133,265,221
Net Assets Consist of:
Capital	$	357,579,659		$	237,552,613
Accumulated undistributed (distributions in excess of) net investment income (loss)		(26,875	)		55,539
Accumulated realized losses from investment, written option and foreign currency transactions		(142,140,858	)		(41,532,806	)
Net unrealized appreciation/(depreciation) on investments, written options and translation of assets and liabilities in foreign currency		(32,976,452	)		(62,810,125	)
Net Assets	$	182,435,474		$	133,265,221
Net Assets
Class A Shares	$	23,254,147		$	7,266,988
Class B Shares		4,340,790			2,535,241
Class C Shares		74,390			113,547
Institutional Shares		154,766,147			123,349,445
Total	$	182,435,474		$	133,265,221
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		2,974,909			989,017
Class B Shares		564,982			358,870
Class C Shares		9,722			16,096
Institutional Shares		19,703,088			16,727,234
Total		23,252,701			18,091,217
Net Asset Value
Class A Shares - redemption price per share	$	7.82		$	7.35
Class B Shares - offering price per share***	$	7.68		$	7.06
Class C Shares - offering price per share***	$	7.65		$	7.05
Institutional Shares	$	7.85		$	7.37
Maximum Sales Charge - Class A Shares		5.75	%		5.75	%
Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares	$	8.30		$	7.80

* The BB&T Large Cap, BB&T Mid Cap Value, BB&T Mid Cap Growth, BB&T Small Cap, BB&T International Equity, BB&T Special Opportunities Equity, BB&T Equity Income, and BB&T Short U.S. Government include securities on loan of $2,373,547, $4,257,731, $9,833,682, $2,654,277, $427,024, $3,284,236, $5,360,101, and $3,156,198, respectively.

** The International Equity Fund includes foreign currency at cost of $292,220.

*** Redemption price per share varies by length of time shares are held.

See accompanying notes to the financial statements.

50

Mid Cap Growth Fund			Small Cap Fund			International Equity Fund			Special Opportunities Equity Fund			Equity Income Fund			Short U.S. Government Fund
$	115,002,981		$	30,162,476		$	76,197,846		$	414,484,593		$	316,589,694		$	33,667,896
	(5,572,321	)		(3,134,431	)		(12,620,019	)		(89,116,197	)		(64,277,834	)		652,492
	109,430,660			27,028,045			63,577,827			325,368,396			252,311,860			34,320,388
	—			—			265,029			—			—			—
	18,015			18,418			304,853			555,535			1,065,119			217,654
	29,686,368			2,014,910			463,635			—			225,899			—
	571,930			148,217			457,061			2,139,139			1,552,722			754,251
	—			—			181,706			—			—			—
	21,827			21,280			14,264			37,434			41,075			4,483
	139,728,800			29,230,870			65,264,375			328,100,504			255,196,675			35,296,776
	—			—			—			992,442			1,722,390			—
	—			—			—			—			893			55,020
	24,279,001			303,102			2,445,900			69,471			71,271			—
	156,083			36,339			29,546			204,012			184,994			13,791
	9,907,489			2,692,053			220,444			3,314,273			5,508,734			3,242,938
	59,860			16,826			43,506			208,288			139,351			11,181
	8,724			2,140			5,233			26,580			20,315			2,485
	159			49			150			155			50			57
	1,900			1,716			1,146			68,178			45,955			1,120
	609			392			614			178			—			—
	8,989			2,957			7,148			8,521			4,135			2,634
	18,883			7,970			123,723			28,589			9,209			2,884
	34,441,697			3,063,544			2,877,410			4,920,687			7,707,297			3,332,110
$	105,287,103		$	26,167,326		$	62,386,965		$	323,179,817		$	247,489,378		$	31,964,666
$	182,225,356		$	54,843,296		$	139,142,468		$	426,605,975		$	338,109,740		$	39,119,103
	(24,604	)		(4,782	)		(2,746,149	)		1,769,796			1,223,841			(26,157	)
	(71,341,328	)		(25,536,757	)		(61,550,730	)		(16,760,889	)		(27,339,607	)		(7,780,772	)
	(5,572,321	)		(3,134,431	)		(12,458,624	)		(88,435,065	)		(64,504,596	)		652,492
$	105,287,103		$	26,167,326		$	62,386,965		$	323,179,817		$	247,489,378		$	31,964,666
$	4,835,782		$	4,108,112		$	2,227,639		$	112,438,482		$	77,916,391		$	5,359,587
	1,100,413			1,063,607			717,228			18,530,534			11,402,745			—
	14,682			9,298			112,839			37,245,970			26,020,580			—
	99,336,226			20,986,309			59,329,259			154,964,831			132,149,662			26,605,079
$	105,287,103		$	26,167,326		$	62,386,965		$	323,179,817		$	247,489,378		$	31,964,666
	803,765			569,376			644,964			10,207,111			8,471,779			553,877
	196,745			154,658			233,551			1,769,540			1,243,582			—
	2,620			1,355			36,931			3,554,983			2,841,796			—
	15,391,646			2,874,390			16,636,653			13,840,505			14,346,916			2,748,751
	16,394,776			3,599,779			17,552,099			29,372,139			26,904,073			3,302,628
$	6.02		$	7.22		$	3.45		$	11.02		$	9.20		$	9.68
$	5.59		$	6.88		$	3.07		$	10.47		$	9.17		$	—
$	5.60		$	6.86		$	3.06		$	10.48		$	9.16		$	—
$	6.45		$	7.30		$	3.57		$	11.20		$	9.21		$	9.68
	5.75	%		5.75	%		5.75	%		5.75	%		5.75	%		3.00	%
$	6.39		$	7.66		$	3.66		$	11.69		$	9.76		$	9.98

51

BB&T Funds

Statements of Assets and Liabilities

March 31, 2009 (Unaudited)

Assets:	Intermediate U.S. Government Fund			Total Return Bond Fund
Investments, at cost	$	147,295,711		$	384,855,443
Unrealized appreciation (depreciation)		3,452,072			(8,227,919	)
Investments, at fair value		150,747,783			376,627,524
Interest and dividends receivable		970,667			2,854,165
Receivable for investments sold		—			2,126,728
Receivable for capital shares issued		167,293			856,632
Receivable for daily variation margin on futures contracts		—			80,250
Prepaid and other expenses		7,345			14,095
Total Assets		151,893,088			382,559,394
Liabilities:
Distributions payable		254,482			911,975
Payable for investments purchased		475,473			13,129,298
Payable for capital shares redeemed		266,628			328,392
Payable to securities lending agent		174,929			762,819
Accrued expenses and other payables:
Investment advisory fees		61,671			148,569
Administration fees		13,126			31,606
Compliance service fees		69			273
Distribution (12b-1) fees		5,831			6,538
Transfer agent fees		4,453			17,411
Other		12,017			42,169
Total Liabilities		1,268,679			15,379,050
Net Assets	$	150,624,409		$	367,180,344
Net Assets Consist of:
Capital	$	159,276,905		$	380,950,911
Accumulated undistributed (distributions in excess of) net investment income		1,900,697			357,156
Accumulated realized gains (losses) from investments		(14,005,265	)		(6,375,274	)
Net unrealized appreciation/(depreciation) on investments and futures contracts		3,452,072			(7,752,449	)
Net Assets	$	150,624,409		$	367,180,344
Net Assets
Class A Shares	$	12,248,077		$	9,811,658
Class B Shares		3,766,532			5,198,472
Class C Shares		218,277			238,434
Institutional Shares		134,391,523			351,931,780
Total	$	150,624,409		$	367,180,344
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		1,168,617			976,796
Class B Shares		360,602			517,120
Class C Shares		20,872			23,705
Institutional Shares		12,805,953			35,021,033
Total		14,356,044			36,538,654
Net Asset Value
Class A Shares - redemption price per share	$	10.48		$	10.04
Class B Shares - offering price per share*	$	10.45		$	10.05
Class C Shares - offering price per share*	$	10.46		$	10.06
Institutional Shares	$	10.49		$	10.05
Maximum Sales Charge - Class A Shares		5.75	%		5.75	%
Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares	$	11.12		$	10.65

* Redemption price per share varies by length of time shares are held.

See accompanying notes to the financial statements.

52

Kentucky Intermediate Tax-Free Fund			Maryland Intermediate Tax-Free Fund			North Carolina Intermediate Tax-Free Fund			South Carolina Intermediate Tax-Free Fund			Virginia Intermediate Tax-Free Fund			West Virginia Intermediate Tax-Free Fund
$	16,914,048		$	19,015,316		$	135,364,400		$	20,693,151		$	78,705,172		$	70,285,480
	289,784			598,734			2,984,809			317,903			3,671,025			553,009
	17,203,832			19,614,050			138,349,209			21,011,054			82,376,197			70,838,489
	221,142			191,557			1,973,746			266,122			986,335			1,101,078
	—			—			25,141			27,633			—			—
	—			639,189			236,769			—			212,999			—
	—			—			—			—			—			—
	1,669			3,072			3,269			2,944			3,987			5,580
	17,426,643			20,447,868			140,588,134			21,307,753			83,579,518			71,945,147
	39,272			35,151			346,751			37,039			212,878			189,037
	—			483,782			2,034,880			—			1,588,725			—
	—			35,067			163,521			20,059			20,017			54,432
	—			—			—			—			—			—
	5,862			6,267			51,878			8,126			31,047			27,453
	1,524			1,646			11,775			1,852			7,118			6,135
	3			—			29			2			33			35
	1,181			1,069			4,827			1,707			2,224			3,330
	514			360			3,507			563			2,642			2,223
	883			—			8,347			465			5,825			5,113
	49,239			563,342			2,625,515			69,813			1,870,509			287,758
$	17,377,404		$	19,884,526		$	137,962,619		$	21,237,940		$	81,709,009		$	71,657,389
$	17,048,009		$	19,376,507		$	134,845,192		$	21,056,838		$	77,598,953		$	71,113,490
	2,702			1,605			67,151			3,161			43,915			(32,076	)
	36,909			(92,320	)		65,467			(139,962	)		395,116			22,966
	289,784			598,734			2,984,809			317,903			3,671,025			553,009
$	17,377,404		$	19,884,526		$	137,962,619		$	21,237,940		$	81,709,009		$	71,657,389
$	5,592,724		$	5,444,992		$	23,058,445		$	8,173,106		$	10,843,336		$	15,900,920
	—			—			—			—			—			—
	—			—			—			—			—			—
	11,784,680			14,439,534			114,904,174			13,064,834			70,865,673			55,756,469
$	17,377,404		$	19,884,526		$	137,962,619		$	21,237,940		$	81,709,009		$	71,657,389
	547,732			519,439			2,223,350			801,552			932,470			1,654,566
	—			—			—			—			—			—
	—			—			—			—			—			—
	1,155,576			1,375,441			11,080,750			1,289,813			6,095,538			5,795,877
	1,703,308			1,894,880			13,304,100			2,091,365			7,028,008			7,450,443
$	10.21		$	10.48		$	10.37		$	10.20		$	11.63		$	9.61
$	—		$	—		$	—		$	—		$	—		$	—
$	—		$	—		$	—		$	—		$	—		$	—
$	10.20		$	10.50		$	10.37		$	10.13		$	11.63		$	9.62
	3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
$	10.53		$	10.80		$	10.69		$	10.52		$	11.99		$	9.91

53

BB&T Funds

Statements of Assets and Liabilities

March 31, 2009 (Unaudited)

Assets:	National Tax-Free Money Market Fund			Prime Money Market Fund
Investments:
Unaffiliated investments, at cost	$	226,915,935		$	1,241,538,002
Investment in affiliates, at cost		—			—
Total investments, at cost*		226,915,935			1,241,538,002
Unrealized depreciation		—			—
Investments, at value		226,915,935			1,241,538,002
Repurchase agreements, at cost		—			118,956,000
Cash		—			600
Interest and dividends receivable		574,033			1,572,527
Receivable for capital shares issued		—			—
Receivable from Advisor		—			—
Prepaid and other expenses		19,753			100,540
Total Assets		227,509,721			1,362,167,669
Liabilities:
Distributions payable		138,939			464,242
Payable for investments purchased		7,211,814			5,009,834
Payable for capital shares redeemed		—			—
Payable for collateral received on loaned securities		—			—
Accrued expenses and other payables:
Investment advisory fees		37,659			325,014
Administration fees		19,115			118,609
Audit fees		5,332			82,716
Compliance service fees		—			994
Distribution (12b-1) fees		16			166,772
Trustee fees		—			—
Printing fees		480			28,891
Transfer agent fees		859			63,398
Other		—			22,783
Total Liabilities		7,414,214			6,283,253
Net Assets	$	220,095,507		$	1,355,884,416
Net Assets Consist of:
Capital	$	220,094,619		$	1,355,883,626
Accumulated undistributed (distributions in excess of) net investment income		(12,140	)		(10,808	)
Accumulated realized gains (losses) from investments		13,028			11,598
Net unrealized depreciation on investments		—			—
Net Assets	$	220,095,507		$	1,355,884,416
Net Assets
Class A Shares	$	74,052		$	373,618,223
Class B Shares		—			2,291,764
Class C Shares		—			1,214,133
Institutional Shares		220,021,455			978,760,296
Total	$	220,095,507		$	1,355,884,416
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		74,043			373,616,922
Class B Shares		—			2,292,557
Class C Shares		—			1,214,132
Institutional Shares		220,023,605			978,775,791
Total		220,097,648			1,355,899,402
Net Asset Value
Class A Shares - redemption price per share	$	1.00		$	1.00
Class B Shares - offering price per share**	$	—		$	1.00
Class C Shares - offering price per share**	$	—		$	1.00
Institutional Shares	$	1.00		$	1.00
Maximum Sales Charge - Class A Shares		N/A			N/A
Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares	$	1.00		$	1.00

* BB&T U.S. Treasury Money Market includes securities on loan of $14,602,487.

** Redemption price per share varies by length of time shares are held.

*** Net asset value is calculated using unrounded net assets of $569.33 divided by the unrounded shares of 118.908.

See accompanying notes to the financial statements.

54

U.S. Treasury Money Market Fund		Capital Manager Conservative Growth Fund			Capital Manager Moderate Growth Fund			Capital Manager Growth Fund			Capital Manager Equity Fund
$	382,336,607	$	1,853,721		$	9,611,916		$	8,400,342		$	3,439,641
	—		12,346,993			34,394,068			25,488,707			8,454,738
	382,336,607		14,200,714			44,005,984			33,889,049			11,894,379
	—		(1,498,758	)		(12,345,958	)		(11,033,462	)		(4,402,900	)
	382,336,607		12,701,956			31,660,026			22,855,587			7,491,479
	474,142,736		—			—			—			—
	—		—			—			—			—
	1,029,246		28,857			45,333			18,985			1
	—		13,299			26,304			12,431			416
	13,799		—			—			—			—
	72,928		5,145			5,823			6,276			5,768
	857,595,316		12,749,257			31,737,486			22,893,279			7,497,664
	4,413		1,678			1,938			541			—
	—		—			—			—			—
	—		11,470			14,943			45,044			15,506
	615,850		—			—			—			—
	—		—			—			—			—
	76,004		4			11			7			2
	38,042		2,818			3,908			3,058			1,592
	710		83			79			65			39
	—		3,553			12,842			9,926			3,536
	—		87			205			172			111
	16,520		1,616			2,355			1,861			1,032
	34,157		3,745			4,062			2,976			1,705
	—		735			1,703			1,220			408
	785,696		25,789			42,046			64,870			23,931
$	856,809,620	$	12,723,468		$	31,695,440		$	22,828,409		$	7,473,733
$	856,809,374	$	23,755,646		$	54,682,906		$	45,938,501		$	21,467,101
	246		(10,102	)		(17,937	)		(17,446	)		(9,342	)
	—		(9,523,318	)		(10,623,571	)		(12,059,184	)		(9,581,126	)
	—		(1,498,758	)		(12,345,958	)		(11,033,462	)		(4,402,900	)
$	856,809,620	$	12,723,468		$	31,695,440		$	22,828,409		$	7,473,733
$	212,421,859	$	4,924,695		$	19,112,312		$	12,644,185		$	3,465,474
	1,317,717		2,906,048			10,566,506			8,816,614			3,462,324
	65,119		82,589			65,689			42,747			569
	643,004,925		4,810,136			1,950,933			1,324,863			545,366
$	856,809,620	$	12,723,468		$	31,695,440		$	22,828,409		$	7,473,733
	212,421,721		687,375			3,067,587			2,302,318			693,597
	1,317,807		405,550			1,731,005			1,641,754			724,502
	65,119		11,565			10,691			7,961			119
	643,004,233		665,405			311,558			240,877			108,071
	856,808,880		1,769,895			5,120,841			4,192,910			1,526,289
$	1.00	$	7.16		$	6.23		$	5.49		$	5.00
$	1.00	$	7.17		$	6.10		$	5.37		$	4.78
$	1.00	$	7.14		$	6.14		$	5.37		$	4.79	***
$	1.00	$	7.23		$	6.26		$	5.50		$	5.05
	N/A		5.75	%		5.75	%		5.75	%		5.75	%
$	1.00	$	7.60		$	6.61		$	5.82		$	5.31

55

BB&T Funds

Statements of Operations

For the Six Months Ended March 31, 2009 (Unaudited)

	Large Cap Fund			Mid Cap Value Fund
Investment Income:
Interest income	$	—		$	—
Dividend income		2,928,380			1,021,548
Foreign tax withholding		—			—
Income from securities lending		3,038			3,829
Total investment income		2,931,418			1,025,377
Expenses:
Investment advisory fees (See Note 4)		776,525			515,404
Administration fees (See Note 4)		103,075			68,490
Distribution fees - Class A Shares		65,163			10,198
Distribution fees - Class B Shares		27,174			14,033
Distribution fees - Class C Shares		402			968
Compliance service fees (See Note 4)		1,151			714
Trustee fees		10,064			5,463
Audit fees		6,859			5,753
Custodian fees		7,283			9,187
Fund accounting fees (See Note 4)		10,494			6,965
Legal fees		32,561			26,572
Printing fees		16,284			7,112
State registration fees		12,080			13,137
Transfer agent fees (See Note 4)		53,483			35,130
Other		10,628			10,569
Total expenses excluding excise tax		1,133,226			729,695
Excise tax		—			—
Total expenses before waivers		1,133,226			729,695
Less expenses waived by the Investment Advisor (See Note 4)		(146,910	)		(27,860	)
Less expenses waived by the Distributor (See Note 4)		(32,581	)		—
Net expenses		953,735			701,835
Net investment income (loss)		1,977,683			323,542
Realized/Unrealized Gains (Losses) on Investments, Written Options and Foreign Currency Transactions:
Net realized gains (losses) from:
Investments		(37,148,868	)		(24,361,666	)
Written Options		5,112,940			—
Foreign currency transactions		—			—
Change in unrealized appreciation/depreciation on:
Investments		(56,938,596	)		(33,888,773	)
Written Options		(22,080	)		—
Foreign currency transactions		—			—
Net realized/unrealized gains (losses) on investments, written options and foreign currency transactions		(88,996,604	)		(58,250,439	)
Change in net assets from operations	$	(87,018,921	)	$	(57,926,897	)

See accompanying notes to the financial statements.

56

Mid Cap Growth Fund			Small Cap Fund			International Equity Fund			Special Opportunities Equity Fund			Equity Income Fund			Short U.S. Government Fund
$	—		$	—		$	23,022		$	—		$	—		$	733,175
	495,788			159,141			967,212			5,109,887			4,668,092			4,708
	(709	)		—			(65,018	)		(72,237	)		(59,344	)		—
	60,586			22,348			4,686			(4,682	)		24,414			6,567
	555,665			181,489			929,902			5,032,968			4,633,162			744,450
	433,885			148,654			388,741			1,177,408			852,602			120,599
	57,879			14,623			38,285			145,351			120,117			19,692
	6,744			11,658			6,371			242,202			198,557			12,235
	6,727			6,529			4,465			96,039			59,709			—
	87			50			638			186,355			131,410			—
	612			156			432			1,334			1,106			227
	4,742			1,420			3,479			9,349			6,549			1,252
	5,156			876			3,226			13,496			12,821			2,620
	6,540			3,901			167,574			10,809			13,051			1,520
	5,863			1,486			3,887			14,718			12,180			2,010
	20,997			7,117			7,981			37,754			28,081			5,367
	5,804			2,343			5,156			9,821			5,744			1,322
	12,259			10,925			4,591			16,317			19,631			1,664
	26,960			7,611			18,749			57,501			46,365			9,233
	9,467			4,482			55,208			15,767			13,479			4,913
	603,722			221,831			708,783			2,034,221			1,521,402			182,654
	—			—			—			—			—			1,904
	603,722			221,831			708,783			2,034,221			1,521,402			184,558
	(23,453	)		(29,731	)		(101,548	)		—			—			(30,150	)
	—			(5,829	)		(3,185	)		(121,101	)		(99,278	)		(6,117	)
	580,269			186,271			604,050			1,913,120			1,422,124			148,291
	(24,604	)		(4,782	)		325,852			3,119,848			3,211,038			596,159
	(68,838,743	)		(9,395,799	)		(44,491,826	)		(20,088,725	)		(28,071,775	)		225,691
	—			—			—			5,242,075			429,411			—
	—			—			1,307,509			—			—			—
	7,822,888			(6,006,655	)		7,578,009			(75,089,887	)		(48,051,623	)		643,827
	—			—			—			(503,006	)		106,109			—
	—			—			236,825			—			—			—
	(61,015,855	)		(15,402,454	)		(35,369,483	)		(90,439,543	)		(75,587,878	)		869,518
$	(61,040,459	)	$	(15,407,236	)	$	(35,043,631	)	$	(87,319,695	)	$	(72,376,840	)	$	1,465,677

57

BB&T Funds

Statements of Operations

For the Six Months Ended March 31, 2009 (Unaudited)

	Intermediate U.S. Government Fund			Total Return Bond Fund
Investment Income:
Interest income	$	2,852,322		$	10,647,614
Dividend income		8,953			4,026
Income from securities lending		11,069			13,804
Total investment income		2,872,344			10,665,444
Expenses:
Investment advisory fees (See Note 4)		383,370			1,213,874
Administration fees (See Note 4)		63,136			199,229
Distribution fees - Class A Shares		26,739			22,378
Distribution fees - Class B Shares		16,981			24,658
Distribution fees - Class C Shares		1,097			1,024
Compliance service fees (See Note 4)		550			1,921
Trustee fees		3,512			12,170
Audit fees		5,621			20,390
Custodian fees		3,102			10,809
Fund accounting fees (See Note 4)		6,389			20,231
Interest expense		—			—
Legal fees		12,163			43,535
Printing fees		3,403			13,092
Transfer agent fees (See Note 4)		24,430			80,052
Other		11,061			29,605
Total expenses before waivers		561,554			1,692,968
Less expenses waived by the Investment Advisor (See Note 4)		(76,674	)		(242,775	)
Less expenses waived by the Distributor (See Note 4)		(13,369	)		(11,189	)
Net expenses		471,511			1,439,004
Net investment income		2,400,833			9,226,440
Realized/Unrealized Gains (Losses) on Investments and Futures Contracts:
Net realized gains (losses) from:
Investments		654,645			(262,744	)
Futures contracts		—			305,512
Change in unrealized appreciation/depreciation on:
Investments		4,909,276			6,018,210
Futures contracts		—			475,470
Net realized/unrealized gains on investments and futures contracts		5,563,921			6,536,448
Change in net assets from operations	$	7,964,754		$	15,762,888

See accompanying notes to the financial statements.

58

Kentucky Intermediate Tax-Free Fund			Maryland Intermediate Tax-Free Fund			North Carolina Intermediate Tax-Free Fund			South Carolina Intermediate Tax-Free Fund			Virginia Intermediate Tax-Free Fund			West Virginia Intermediate Tax-Free Fund
$	342,811		$	328,079		$	2,631,112		$	437,189		$	1,650,787		$	1,611,837
	5,505			5,087			21,571			7,418			17,066			12,272
	—			—			—			—			—			—
	348,316			333,166			2,652,683			444,607			1,667,853			1,624,109
	49,519			51,615			380,787			61,810			240,184			162,870
	8,149			8,498			62,665			10,165			39,492			35,702
	13,692			11,600			53,717			18,401			24,669			19,448
	—			—			—			—			—			—
	—			—			—			—			—			—
	73			75			554			91			357			322
	433			400			3,328			516			2,150			1,910
	791			845			6,049			1,040			3,885			3,563
	389			385			2,961			487			1,945			1,756
	825			860			6,346			1,030			4,003			3,619
	—			—			—			—			14			—
	975			881			7,347			1,154			4,851			4,347
	471			362			3,452			516			2,334			2,083
	2,973			2,982			22,868			3,732			14,885			13,501
	4,938			5,855			13,204			7,113			9,776			10,804
	83,228			84,358			563,278			106,055			348,545			259,925
	(16,506	)		(22,833	)		(95,197	)		(15,453	)		(60,046	)		—
	(6,846	)		(5,800	)		(26,858	)		(9,200	)		(12,334	)		—
	59,876			55,725			441,223			81,402			276,165			259,925
	288,440			277,441			2,211,460			363,205			1,391,688			1,364,184
	36,062			(92,299	)		61,692			(138,436	)		405,112			500
	—			—			—			—			—			—
	639,032			994,103			4,632,165			937,549			3,907,275			1,965,294
	—			—			—			—			—			—
	675,094			901,804			4,693,857			799,113			4,312,387			1,965,794
$	963,534		$	1,179,245		$	6,905,317		$	1,162,318		$	5,704,075		$	3,329,978

59

BB&T Funds

Statements of Operations

For the Six Months Ended March 31, 2009 (Unaudited)

	National Tax-Free Money Market Fund			Prime Money Market Fund
Investment Income:
Interest income	$	1,702,760		$	15,280,933
Dividend income		10,075			—
Dividend income from affiliates		—			—
Income from securities lending		—			—
Total investment income		1,712,835			15,280,933
Expenses:
Investment advisory fees (See Note 4)		253,945			2,903,165
Administration fees (See Note 4)		100,406			715,013
Distribution fees - Class A Shares		93			1,342,349
Distribution fees - Class B Shares		4			10,638
Distribution fees - Class C Shares		4			4,308
Compliance service fees (See Note 4)		828			6,830
Trustee fees		4,287			49,537
Audit fees		10,457			74,011
Custodian fees		4,437			37,806
Fund accounting fees (See Note 4)		10,158			72,579
Legal fees		8,148			105,049
Printing fees		3,651			45,994
Government insurance fees		31,943			368,711
State registration fees		3,178			5,444
Transfer agent fees (See Note 4)		33,020			289,834
Other		11,299			68,234
Total expenses before waivers		475,858			6,099,502
Less expenses waived by the Investment Advisor (See Note 4)		(50,789	)		(870,950	)
Less expenses waived by the Administrator (See Note 4)		—			—
Less expenses waived by the Distributor (See Note 4)		(47	)		(2,135	)
Net expenses		425,022			5,226,417
Net investment income		1,287,813			10,054,516
Realized/Unrealized Gains (Losses) on Investments:
Net realized gains (losses) from:
Unaffiliated Investment transactions		885			—
Affiliated Investment transactions		—			—
Distributions from affiliated funds		—			—
Change in unrealized appreciation/depreciation on:
Investments		—			—
Net realized/unrealized gains (losses) on investments		885			—
Change in net assets from operations	$	1,288,698		$	10,054,516

See accompanying notes to the financial statements.

60

U.S. Treasury Money Market Fund			Capital Manager Conservative Growth Fund			Capital Manager Moderate Growth Fund			Capital Manager Growth Fund			Capital Manager Equity Fund
$	2,187,748		$	—		$	—		$	—		$	—
	—			49,210			104,264			146,193			52,114
	—			578,156			679,237			400,068			168,564
	61,336			—			—			—			—
	2,249,084			627,366			783,501			546,261			220,678
	2,187,010			37,878			54,477			40,140			17,205
	537,287			—			—			—			—
	803,290			14,342			53,527			34,316			9,674
	5,124			16,320			59,625			49,759			19,599
	268			418			335			220			3
	5,333			210			251			191			93
	29,957			1,427			1,837			1,421			721
	69,587			1,979			2,163			1,587			723
	30,154			1,131			1,396			1,061			520
	54,675			1,515			2,179			1,606			688
	73,967			3,213			4,192			3,236			1,628
	28,511			1,782			2,467			1,920			1,008
	108,228			—			—			—			—
	4,563			2,669			3,127			3,706			3,151
	213,931			8,915			11,289			8,085			3,964
	67,926			3,513			4,041			3,521			2,530
	4,219,811			95,312			200,906			150,769			61,507
	(1,520,179	)		(37,878	)		(54,477	)		(40,140	)		(17,205	)
	(257	)		—			—			—			—
	(759,628	)		(7,171	)		(26,763	)		(17,158	)		(4,837	)
	1,939,747			50,263			119,666			93,471			39,465
	309,337			577,103			663,835			452,790			181,213
	—			(2,429,175	)		(1,613,978	)		(1,790,676	)		(1,912,471	)
	—			(6,238,257	)		(6,152,788	)		(5,941,023	)		(5,829,813	)
	—			138,457			241,019			225,056			138,246
	—			3,454,229			(3,706,971	)		(3,217,223	)		1,049,938
	—			(5,074,746	)		(11,232,718	)		(10,723,866	)		(6,554,100	)
$	309,337		$	(4,497,643	)	$	(10,568,883	)	$	(10,271,076	)	$	(6,372,887	)

61

BB&T Funds

Statements of Changes in Net Assets

	Large Cap Fund
	For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
From Investment Activities:
Operations:
Net investment income (loss)	$	1,977,683		$	5,872,379
Net realized gains (losses) on investments		(32,035,928	)		(108,155,884	)
Change in unrealized appreciation/depreciation of investments		(56,960,676	)		(66,659,587	)
Change in net assets from operations		(87,018,921	)		(168,943,092	)
Distributions to Class A Shareholders:
Net investment income		(263,570	)		(341,699	)
Net realized gains from investment transactions		—			(8,274,317	)
Distributions to Class B Shareholders:
Net investment income		(32,411	)		(44,925	)
Net realized gains from investment transactions		—			(2,391,787	)
Distributions to Class C Shareholders:
Net investment income		(667	)		(897	)
Net realized gains from investment transactions		—			(42,713	)
Distributions to Institutional Class Shareholders:
Net investment income		(2,004,620	)		(3,849,660	)
Net realized gains from investment transactions		—			(83,406,706	)
Change in net assets from shareholder distributions		(2,301,268	)		(98,352,704	)
Capital Transactions:
Change in net assets from capital transactions		(29,355,013	)		(110,500,763	)
Change in net assets		(118,675,202	)		(377,796,559	)
Net Assets:
Beginning of period		301,110,676			678,907,235
End of period	$	182,435,474		$	301,110,676
Accumulated undistributed (distributions in excess of) net investment income (loss)	$	(26,875	)	$	296,710

See accompanying notes to the financial statements.

62

Mid Cap Value Fund						Mid Cap Growth Fund						Small Cap Fund
For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
$	323,542		$	879,150		$	(24,604	)	$	(706,211	)	$	(4,782	)	$	(47,088	)
	(24,361,666	)		(16,834,089	)		(68,838,743	)		5,590,374			(9,395,799	)		(9,037,965	)
	(33,888,773	)		(46,480,519	)		7,822,888			(68,942,001	)		(6,006,655	)		(3,331,748	)
	(57,926,897	)		(62,435,458	)		(61,040,459	)		(64,057,838	)		(15,407,236	)		(12,416,801	)
	(23,968	)		(54,349	)		—			—			—			—
	—			(3,751,755	)		(293,974	)		(831,721	)		—			(698,940	)
	(2,888	)		—			—			—			—			—
	—			(562,319	)		(80,835	)		(199,021	)		—			(268,548	)
	(258	)		—			—			—			—			—
	—			(104,132	)		(1,037	)		(3,514	)		—			(2,260	)
	(500,098	)		(574,144	)		—			—			—			—
	—			(22,736,900	)		(5,823,733	)		(13,328,532	)		—			(6,562,322	)
	(527,212	)		(27,783,599	)		(6,199,579	)		(14,362,788	)		—			(7,532,070	)
	(4,652,548	)		19,105,124			240,574			38,453,893			(1,112,720	)		(32,010,799	)
	(63,106,657	)		(71,113,933	)		(66,999,464	)		(39,966,733	)		(16,519,956	)		(51,959,670	)
	196,371,878			267,485,811			172,286,567			212,253,300			42,687,282			94,646,952
$	133,265,221		$	196,371,878		$	105,287,103		$	172,286,567		$	26,167,326		$	42,687,282
$	55,539		$	259,209		$	(24,604	)	$	—		$	(4,782	)	$	—

63

BB&T Funds

Statements of Changes in Net Assets, continued

	International Equity Fund
	For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
From Investment Activities:
Operations:
Net investment income (loss)	$	325,852		$	2,088,399
Net realized gains (losses) on investments, written options and foreign currency transactions		(43,184,317	)		(16,393,048	)
Change in unrealized appreciation/depreciation of investments, written options and foreign currency transactions		7,814,834			(36,623,883	)
Change in net assets from operations		(35,043,631	)		(50,928,532	)
Distributions to Class A Shareholders:
Net investment income		(76,651	)		(11,955	)
Net realized gains from investment transactions		—			(478,211	)
Distributions to Class B Shareholders:
Net investment income		(27,853	)		(2,081	)
Net realized gains from investment transactions		—			(200,385	)
Distributions to Class C Shareholders:
Net investment income		(4,032	)		(511	)
Net realized gains from investment transactions		—			(34,501	)
Distributions to Institutional Class Shareholders:
Net investment income		(2,301,592	)		(540,819	)
Net realized gains from investment transactions		—			(14,487,875	)
Change in net assets from shareholder distributions		(2,410,128	)		(15,756,338	)
Capital Transactions:
Change in net assets from capital transactions		(14,574,530	)		9,464,586
Change in net assets		(52,028,289	)		(57,220,284	)
Net Assets:
Beginning of period		114,415,254			171,635,538
End of period	$	62,386,965		$	114,415,254
Accumulated undistributed (distributions in excess of) net investment income	$	(2,746,149	)	$	(661,873	)

See accompanying notes to the financial statements.

64

Special Opportunities Equity Fund						Equity Income Fund						Short U.S. Government Fund
For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
$	3,119,848		$	(2,000,807	)	$	3,211,038		$	7,032,540		$	596,159		$	1,619,641
	(14,846,650	)		15,766,722			(27,642,364	)		82,198			225,691			195,216
	(75,592,893	)		(67,081,807	)		(47,945,514	)		(40,989,664	)		643,827			22,467
	(87,319,695	)		(53,315,892	)		(72,376,840	)		(33,874,926	)		1,465,677			1,837,324
	(429,931	)		—			(770,639	)		(2,376,144	)		(85,396	)		(162,712	)
	(5,067,872	)		(5,137,250	)		(236,183	)		(3,896,710	)		—			—
	(54,033	)		—			(69,428	)		(254,731	)		—			—
	(1,095,958	)		(1,275,392	)		(35,400	)		(594,630	)		—			—
	(103,550	)		—			(156,244	)		(510,441	)		—			—
	(2,132,266	)		(2,183,656	)		(76,742	)		(1,055,156	)		—			—
	(762,538	)		—			(1,429,509	)		(2,489,416	)		(671,101	)		(1,678,801	)
	(7,385,735	)		(5,422,617	)		(374,002	)		(1,897,188	)		—			—
	(17,031,883	)		(14,018,915	)		(3,148,147	)		(13,074,416	)		(756,497	)		(1,841,513	)
	60,161,659			102,850,291			36,360,926			149,218,678			(18,336,087	)		4,862,017
	(44,189,919	)		35,515,484			(39,164,061	)		102,269,336			(17,626,907	)		4,857,828
	367,369,736			331,854,252			286,653,439			184,384,103			49,591,573			44,733,745
$	323,179,817		$	367,369,736		$	247,489,378		$	286,653,439		$	31,964,666		$	49,591,573
$	1,769,796		$	—		$	1,223,841		$	438,623		$	(26,157	)	$	134,181

65

BB&T Funds

Statements of Changes in Net Assets, continued

	Intermediate U.S. Government Fund
	For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
From Investment Activities:
Operations:
Net investment income	$	2,400,833		$	5,915,268
Net realized gains (losses) on investments and futures contracts		654,645			1,437,688
Change in unrealized appreciation/depreciation of investments and futures contracts		4,909,276			222,260
Change in net assets from operations		7,964,754			7,575,216
Distributions to Class A Shareholders:
Net investment income		(207,188	)		(392,787	)
Net realized gains from investment transactions		—			—
Distributions to Class B Shareholders:
Net investment income		(53,278	)		(104,647	)
Distributions to Class C Shareholders:
Net investment income		(3,338	)		(6,854	)
Distributions to Institutional Class Shareholders:
Net investment income		(2,324,283	)		(5,528,547	)
Net realized gains from investment transactions		—			—
Change in net assets from shareholder distributions		(2,588,087	)		(6,032,835	)
Capital Transactions:
Change in net assets from capital transactions		22,059,940			(23,014,799	)
Change in net assets		27,436,607			(21,472,418	)
Net Assets:
Beginning of period		123,187,802			144,660,220
End of period	$	150,624,409		$	123,187,802
Accumulated undistributed (distributions in excess of) net investment income	$	1,900,697		$	2,087,951

See accompanying notes to the financial statements.

66

Total Return Bond Fund						Kentucky Intermediate Tax-Free Fund						Maryland Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
$	9,226,440		$	20,586,282		$	288,440		$	535,952		$	277,441		$	435,124
	42,768			4,893,431			36,062			174,779			(92,299	)		258,887
	6,493,680			(15,299,384	)		639,032			(529,441	)		994,103			(544,735	)
	15,762,888			10,180,329			963,534			181,290			1,179,245			149,276
	(199,489	)		(388,654	)		(90,597	)		(163,224	)		(70,178	)		(107,055	)
	—			—			(54,264	)		—			(35,179	)		—
	(91,393	)		(190,134	)		—			—			—			—
	(3,782	)		(5,112	)		—			—			—			—
	(9,190,099	)		(20,998,569	)		(196,222	)		(371,553	)		(205,177	)		(327,380	)
	—			—			(103,323	)		—			(98,119	)		—
	(9,484,763	)		(21,582,469	)		(444,406	)		(534,777	)		(408,653	)		(434,435	)
	(83,011,465	)		8,423,092			424,275			1,532,728			3,197,754			5,398,133
	(76,733,340	)		(2,979,048	)		943,403			1,179,241			3,968,346			5,112,974
	443,913,684			446,892,732			16,434,001			15,254,760			15,916,180			10,803,206
$	367,180,344		$	443,913,684		$	17,377,404		$	16,434,001		$	19,884,526		$	15,916,180
$	357,156		$	615,479		$	2,702		$	1,081		$	1,605		$	(481	)

67

BB&T Funds

Statements of Changes in Net Assets, continued

	North Carolina Intermediate Tax-Free Fund
	For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
From Investment Activities:
Operations:
Net investment income	$	2,211,460		$	4,290,208
Net realized gains (losses) on investments		61,692			1,286,524
Change in unrealized appreciation/depreciation of investments		4,632,165			(3,853,560	)
Change in net assets from operations		6,905,317			1,723,172
Distributions to Class A Shareholders:
Net investment income		(351,354	)		(688,755	)
Net realized gains from investment transactions		(211,075	)		(80,446	)
Distributions to Institutional Class Shareholders:
Net investment income		(1,856,834	)		(3,598,766	)
Net realized gains from investment transactions		(1,036,786	)		(392,937	)
Change in net assets from shareholder distributions		(3,456,049	)		(4,760,904	)
Capital Transactions:
Change in net assets from capital transactions		9,982,962			11,618,301
Change in net assets		13,432,230			8,580,569
Net Assets:
Beginning of period		124,530,389			115,949,820
End of period	$	137,962,619		$	124,530,389
Accumulated undistributed (distributions in excess of) net investment income	$	67,151		$	63,879

See accompanying notes to the financial statements.

68

South Carolina Intermediate Tax-Free Fund						Virginia Intermediate Tax-Free Fund						West Virginia Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
$	363,205		$	637,506		$	1,391,688		$	2,799,936		$	1,364,184		$	2,574,060
	(138,436	)		367,435			405,112			674,431			500			80,243
	937,549			(881,072	)		3,907,275			(1,917,570	)		1,965,294			(2,627,985	)
	1,162,318			123,869			5,704,075			1,556,797			3,329,978			26,318
	(123,047	)		(173,638	)		(160,117	)		(301,636	)		(275,835	)		(545,928	)
	(118,467	)		(38,461	)		(78,927	)		(41,927	)		(19,073	)		(26,658	)
	(238,165	)		(462,900	)		(1,228,821	)		(2,493,904	)		(1,079,097	)		(2,023,069	)
	(235,059	)		(118,799	)		(585,966	)		(331,095	)		(69,579	)		(94,238	)
	(714,738	)		(793,798	)		(2,053,831	)		(3,168,562	)		(1,443,584	)		(2,689,893	)
	10,575			4,891,270			(3,255,462	)		5,212,442			(3,195,713	)		6,215,443
	458,155			4,221,341			394,782			3,600,677			(1,309,319	)		3,551,868
	20,779,785			16,558,444			81,314,227			77,713,550			72,966,708			69,414,840
$	21,237,940		$	20,779,785		$	81,709,009		$	81,314,227		$	71,657,389		$	72,966,708
$	3,161		$	1,168		$	43,915		$	41,165		$	(32,076	)	$	(41,328	)

69

BB&T Funds

Statements of Changes in Net Assets, continued

	National Tax-Free Money Market Fund
	For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
From Investment Activities:
Operations:
Net investment income	$	1,287,813		$	2,737,858
Net realized gains (losses) from investments and distributions from underlying funds		885			14,077
Change in unrealized appreciation/depreciation of investments		—			—
Change in net assets from operations		1,288,698			2,751,935
Distributions to Class A Shareholders:
Net investment income		(169	)		(10,692	)
Net realized gains from investment transactions		—			—
Distributions to Class B Shareholders:
Net investment income		(4	)		(18	)
Net realized gains from investment transactions		—			—
Distributions to Class C Shareholders:
Net investment income		(3	)		(14	)
Net realized gains from investment transactions		—			—
Distributions to Institutional Class Shareholders:
Net investment income		(1,299,777	)		(2,727,134	)
Net realized gains from investment transactions		—			—
Change in net assets from shareholder distributions		(1,299,953	)		(2,737,858	)
Capital Transactions:
Change in net assets from capital transactions		68,662,579			41,316,045
Change in net assets		68,651,324			41,330,122
Net Assets:
Beginning of period		151,444,183			110,114,061
End of period	$	220,095,507		$	151,444,183
Accumulated undistributed (distributions in excess of) net investment income	$	(12,140	)	$	—

See accompanying notes to the financial statements.

70

Prime Money Market Fund						U.S. Treasury Money Market Fund						Capital Manager Conservative Growth Fund
For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
$	10,054,516		$	54,480,283		$	309,337		$	18,748,322		$	577,103		$	1,661,202
	—			11,598			—			—			(8,528,975	)		669,531
	—			—			—			—			3,454,229			(8,423,419	)
	10,054,516			54,491,881			309,337			18,748,322			(4,497,643	)		(6,092,686	)
	(3,279,314	)		(23,091,397	)		(77,288	)		(5,415,625	)		(96,913	)		(379,799	)
	—			—			—			—			(111,914	)		(675,434	)
	(6,920	)		(38,723	)		(178	)		(4,407	)		(44,067	)		(154,488	)
	—			—			—			—			(62,677	)		(328,822	)
	(2,284	)		(9,286	)		(15	)		(536	)		(1,206	)		(2,782	)
	—			—			—			—			(1,617	)		(5,338	)
	(6,777,596	)		(31,345,034	)		(231,856	)		(13,327,754	)		(444,999	)		(1,911,902	)
	—			—			—			—			(663,941	)		(3,205,241	)
	(10,066,114	)		(54,484,440	)		(309,337	)		(18,748,322	)		(1,427,334	)		(6,663,806	)
	(384,299,725	)		204,571,687			(341,552,049	)		330,323,479			(33,035,729	)		2,284,184
	(384,311,323	)		204,579,128			(341,552,049	)		330,323,479			(38,960,706	)		(10,472,308	)
	1,740,195,739			1,535,616,611			1,198,361,669			868,038,190			51,684,174			62,156,482
$	1,355,884,416		$	1,740,195,739		$	856,809,620		$	1,198,361,669		$	12,723,468		$	51,684,174
$	(10,808	)	$	790		$	246		$	246		$	(10,102	)	$	(21	)

71

BB&T Funds

Statements of Changes in Net Assets, continued

	Capital Manager Moderate Growth Fund
	For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
From Investment Activities:
Operations:
Net investment income	$	663,835		$	1,347,806
Net realized losses from investments and distributions from underlying funds		(7,525,747	)		(1,416,539	)
Change in unrealized appreciation/depreciation of investments		(3,706,971	)		(14,611,902	)
Change in net assets from operations		(10,568,883	)		(14,680,635	)
Distributions to Class A Shareholders:
Net investment income		(332,165	)		(1,338,507	)
Net realized gains from investment transactions		—			(3,913,868	)
Distributions to Class B Shareholders:
Net investment income		(144,318	)		(637,141	)
Net realized gains from investment transactions		—			(2,268,968	)
Distributions to Class C Shareholders:
Net investment income		(838	)		(3,995	)
Net realized gains from investment transactions		—			(15,622	)
Distributions to Institutional Class Shareholders:
Net investment income		(200,707	)		(1,086,147	)
Net realized gains from investment transactions		—			(2,971,557	)
Change in net assets from shareholder distributions		(678,028	)		(12,235,805	)
Capital Transactions:
Change in net assets from capital transactions		(21,515,380	)		2,384,796
Change in net assets		(32,762,291	)		(24,531,644	)
Net Assets:
Beginning of period		64,457,731			88,989,375
End of period	$	31,695,440		$	64,457,731
Accumulated undistributed (distributions in excess of) net investment income	$	(17,937	)	$	(3,744	)

See accompanying notes to the financial statements.

72

Capital Manager Growth Fund						Capital Manager Equity Fund
For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
$	452,790		$	673,888		$	181,213		$	132,063
	(7,506,643	)		(2,615,566	)		(7,604,038	)		(1,094,252	)
	(3,217,223	)		(12,665,160	)		1,049,938			(8,434,889	)
	(10,271,076	)		(14,606,838	)		(6,372,887	)		(9,397,078	)
	(193,909	)		(886,881	)		(40,297	)		(271,820	)
	—			(3,182,428	)		—			(1,301,734	)
	(106,773	)		(560,278	)		(35,299	)		(228,300	)
	—			(2,484,154	)		—			(1,263,915	)
	(486	)		(2,442	)		(5	)		(31	)
	—			(10,693	)		—			(175	)
	(171,717	)		(878,236	)		(113,522	)		(663,376	)
��	—			(2,958,707	)		—			(2,967,902	)
	(472,885	)		(10,963,819	)		(189,123	)		(6,697,253	)
	(15,945,615	)		4,277,204			(11,052,118	)		2,429,937
	(26,689,576	)		(21,293,453	)		(17,614,128	)		(13,664,394	)
	49,517,985			70,811,438			25,087,861			38,752,255
$	22,828,409		$	49,517,985		$	7,473,733		$	25,087,861
$	(17,446	)	$	2,649		$	(9,342	)	$	(1,432	)

73

BB&T Funds

Statements of Changes in Net Assets, continued

	Large Cap Fund
	For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	981,088		$	4,094,192
Distributions reinvested		258,919			8,375,699
Value of shares redeemed		(3,120,975	)		(9,975,098	)
Change in net assets from Class A Share transactions		(1,880,968	)		2,494,793
Class B Shares:
Proceeds from shares issued		142,023			528,077
Distributions reinvested		32,277			2,406,467
Value of shares redeemed		(1,346,592	)		(5,900,383	)
Change in net assets from Class B Share transactions		(1,172,292	)		(2,965,839	)
Class C Shares:
Proceeds from shares issued		33,086			176,781
Distributions reinvested		633			42,073
Value of shares redeemed		(68,876	)		(192,818	)
Change in net assets from Class C Share transactions		(35,157	)		26,036
Institutional Shares:
Proceeds from shares issued		10,657,075			54,150,546
Distributions reinvested		1,657,268			62,183,344
Value of shares redeemed		(38,580,939	)		(226,393,904	)
Change in net assets from Institutional Share transactions		(26,266,596	)		(110,060,014	)
Change in net assets from capital transactions	$	(29,355,013	)	$	(110,505,024	)
Share Transactions:
Class A Shares:
Issued		118,343			292,219
Reinvested		30,763			566,965
Redeemed		(363,384	)		(741,687	)
Change in Class A Shares		(214,278	)		117,497
Class B Shares:
Issued		16,956			38,287
Reinvested		3,879			164,797
Redeemed		(163,773	)		(436,535	)
Change in Class B Shares		(142,938	)		(233,451	)
Class C Shares:
Issued		3,765			12,588
Reinvested		76			2,890
Redeemed		(6,996	)		(15,247	)
Change in Class C Shares		(3,155	)		231
Institutional Shares:
Issued		1,282,194			3,815,821
Reinvested		195,942			4,188,597
Redeemed		(4,393,235	)		(16,751,134	)
Change in Institutional Shares		(2,915,099	)		(8,746,716	)
Change in Shares		(3,275,470	)		(8,862,439	)

See accompanying notes to the financial statements.

74

Mid Cap Value Fund						Mid Cap Growth Fund						Small Cap Fund
For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
$	550,765		$	31,373,575		$	248,500		$	1,505,577		$	257,378		$	908,488
	23,732			3,778,444			293,130			822,666			—			680,951
	(17,803,459	)		(10,645,106	)		(640,227	)		(1,891,497	)		(517,312	)		(1,458,959	)
	(17,228,962	)		24,506,913			(98,597	)		436,746			(259,934	)		130,480
	125,027			306,602			58,665			619,001			65,383			132,492
	2,886			560,831			74,999			183,244			—			266,745
	(480,928	)		(945,376	)		(310,599	)		(365,179	)		(255,384	)		(1,052,630	)
	(353,015	)		(77,943	)		(176,935	)		437,066			(190,001	)		(653,393	)
	5,449			42,358			10,408			46,372			4,396			5,985
	125			93,402			1,037			3,521			—			2,269
	(120,206	)		(606,537	)		(13,665	)		(48,413	)		(2,678	)		(14,770	)
	(114,632	)		(470,777	)		(2,220	)		1,480			1,718			(6,516	)
	40,348,888			49,877,344			20,338,486			74,297,015			5,219,432			14,297,058
	378,820			17,813,502			2,992,277			6,724,412			—			2,929,232
	(27,683,647	)		(72,545,320	)		(22,812,437	)		(43,442,826	)		(5,883,935	)		(48,707,178	)
	13,044,061			(4,854,474	)		518,326			37,578,601			(664,503	)		(31,480,888	)
$	(4,652,548	)	$	19,103,719		$	240,574		$	38,453,893		$	(1,112,720	)	$	(32,010,317	)
	67,304			2,150,405			36,865			111,756			32,707			72,286
	2,908			299,224			46,455			56,619			—			52,992
	(1,755,488	)		(901,246	)		(94,171	)		(147,297	)		(63,879	)		(117,039	)
	(1,685,276	)		1,548,383			(10,851	)		21,078			(31,172	)		8,239
	17,175			26,405			9,534			50,128			8,418			10,847
	367			45,707			12,755			13,385			—			21,564
	(66,591	)		(84,136	)		(50,460	)		(30,403	)		(34,307	)		(87,051	)
	(49,049	)		(12,024	)		(28,171	)		33,110			(25,889	)		(54,640	)
	736			3,800			1,447			3,617			564			503
	16			7,618			176			257			—			184
	(16,980	)		(56,499	)		(2,018	)		(4,134	)		(360	)		(1,314	)
	(16,228	)		(45,081	)		(395	)		(260	)		204			(627	)
	4,762,983			4,073,328			2,830,864			5,424,728			649,441			1,121,583
	46,311			1,403,044			441,990			434,674			—			226,021
	(3,591,771	)		(6,195,958	)		(3,166,659	)		(3,144,521	)		(731,174	)		(3,872,224	)
	1,217,523			(719,586	)		106,195			2,714,881			(81,733	)		(2,524,620	)
	(533,030	)		771,692			66,778			2,768,809			(138,590	)		(2,571,648	)

75

BB&T Funds

Statements of Changes in Net Assets, continued

	International Equity Fund
	For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	238,149		$	1,710,821
Distributions reinvested		73,349			477,321
Value of shares redeemed		(390,905	)		(1,749,026	)
Change in net assets from Class A Share transactions		(79,407	)		439,116
Class B Shares:
Proceeds from shares issued		73,436			496,814
Distributions reinvested		27,847			197,185
Value of shares redeemed		(216,807	)		(635,380	)
Change in net assets from Class B Share transactions		(115,524	)		58,619
Class C Shares:
Proceeds from shares issued		1,105			405,510
Distributions reinvested		3,934			34,368
Value of shares redeemed		(2,823	)		(346,251	)
Change in net assets from Class C Share transactions		2,216			93,627
Institutional Shares:
Proceeds from shares issued		8,752,000			40,508,166
Distributions reinvested		1,355,129			12,174,623
Value of shares redeemed		(24,488,944	)		(43,809,359	)
Change in net assets from Institutional Share transactions		(14,381,815	)		8,873,430
Change in net assets from capital transactions	$	(14,574,530	)	$	9,464,792
Share Transactions:
Class A Shares:
Issued		61,062			229,099
Reinvested		17,422			60,390
Redeemed		(97,119	)		(244,295	)
Change in Class A Shares		(18,635	)		45,194
Class B Shares:
Issued		20,381			75,714
Reinvested		7,426			27,694
Redeemed		(63,993	)		(100,597	)
Change in Class B Shares		(36,186	)		2,811
Class C Shares:
Issued		382			57,268
Reinvested		1,055			4,857
Redeemed		(868	)		(57,747	)
Change in Class C Shares		569			4,378
Institutional Shares:
Issued		2,227,264			5,457,885
Reinvested		311,524			1,494,589
Redeemed		(5,892,388	)		(5,955,355	)
Change in Institutional Shares		(3,353,600	)		997,119
Change in Shares		(3,407,852	)		1,049,502

See accompanying notes to the financial statements.

76

Special Opportunities Equity Fund						Equity Income Fund						Short U.S. Government Fund
For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
$	33,267,382		$	40,856,686		$	16,245,425		$	34,710,707		$	1,149,011		$	1,048,526
	5,215,925			5,048,436			901,700			5,628,335			80,082			150,983
	(14,104,849	)		(23,153,482	)		(12,291,000	)		(19,460,110	)		(618,559	)		(496,939	)
	24,378,458			22,751,640			4,856,125			20,878,932			610,534			702,570
	1,252,086			4,512,724			1,529,840			4,803,961			—			—
	1,122,417			1,230,275			101,238			821,322			—			—
	(2,736,746	)		(3,949,418	)		(1,531,352	)		(2,168,984	)		—			—
	(362,243	)		1,793,581			99,726			3,456,299			—			—
	5,333,282			13,757,104			5,498,562			13,710,537			—			—
	2,167,961			2,118,775			214,776			1,473,697			—			—
	(6,066,920	)		(6,354,178	)		(3,859,835	)		(2,618,231	)		—			—
	1,434,323			9,521,701			1,853,503			12,566,003			—			—
	51,183,328			97,927,526			47,236,690			121,610,130			13,829,874			16,917,479
	5,139,976			2,934,080			1,180,284			3,172,202			328,394			771,045
	(21,612,183	)		(32,078,237	)		(18,865,402	)		(12,464,888	)		(33,104,889	)		(13,529,077	)
	34,711,121			68,783,369			29,551,572			112,317,444			(18,946,621	)		4,159,447
$	60,161,659		$	102,850,291		$	36,360,926		$	149,218,678		$	(18,336,087	)	$	4,862,017
	2,948,557			2,323,415			1,659,372			2,521,954			119,025			108,963
	490,039			283,620			92,426			405,008			8,308			15,762
	(1,267,028	)		(1,357,676	)		(1,262,513	)		(1,430,735	)		(64,233	)		(51,766	)
	2,171,568			1,249,359			489,285			1,496,227			63,100			72,959
	117,492			267,355			159,418			348,224			—			—
	111,062			71,904			10,349			58,978			—			—
	(257,434	)		(238,226	)		(159,159	)		(161,268	)		—			—
	(28,880	)		101,033			10,608			245,934			—			—
	487,619			814,720			564,606			1,001,325			—			—
	214,531			123,760			21,984			106,251			—			—
	(572,930	)		(379,374	)		(398,486	)		(192,606	)		—			—
	129,220			559,106			188,104			914,970			—			—
	4,505,990			5,554,590			4,811,923			8,974,014			1,433,629			1,760,740
	474,890			162,733			121,134			232,928			34,115			80,416
	(1,891,398	)		(1,838,175	)		(1,923,221	)		(929,332	)		(3,425,164	)		(1,411,966	)
	3,089,482			3,879,148			3,009,836			8,277,610			(1,957,420	)		429,190
	5,361,390			5,788,646			3,697,833			10,934,741			(1,894,320	)		502,149

77

BB&T Funds

Statements of Changes in Net Assets, continued

	Intermediate U.S. Government Fund
	For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	3,373,883		$	4,151,603
Distributions reinvested		188,785			353,870
Value of shares redeemed		(1,429,390	)		(3,966,599	)
Change in net assets from Class A Share transactions		2,133,278			538,874
Class B Shares:
Proceeds from shares issued		681,768			385,327
Distributions reinvested		50,490			97,910
Value of shares redeemed		(179,625	)		(451,241	)
Change in net assets from Class B Share transactions		552,633			31,996
Class C Shares:
Proceeds from shares issued		57,276			36,955
Distributions reinvested		2,498			5,172
Value of shares redeemed		(22,318	)		(69,095	)
Change in net assets from Class C Share transactions		37,456			(26,968	)
Institutional Shares:
Proceeds from shares issued		42,529,645			22,634,205
Distributions reinvested		1,020,754			2,070,689
Value of shares redeemed		(24,213,826	)		(48,264,831	)
Change in net assets from Institutional Share transactions		19,336,573			(23,559,937	)
Change in net assets from capital transactions	$	22,059,940		$	(23,016,035	)
Share Transactions:
Class A Shares:
Issued		326,623			409,227
Reinvested		18,306			34,970
Redeemed		(138,904	)		(392,944	)
Change in Class A Shares		206,025			51,253
Class B Shares:
Issued		66,326			38,259
Reinvested		4,913			9,709
Redeemed		(17,603	)		(44,813	)
Change in Class B Shares		53,636			3,155
Class C Shares:
Issued		5,279			3,621
Reinvested		243			512
Redeemed		(2,214	)		(6,910	)
Change in Class C Shares		3,308			(2,777	)
Institutional Shares:
Issued		4,083,426			2,222,644
Reinvested		98,885			204,335
Redeemed		(2,351,716	)		(4,767,302	)
Change in Institutional Shares		1,830,595			(2,340,323	)
Change in Shares		2,093,564			(2,288,692	)

See accompanying notes to the financial statements.

78

Total Return Bond Fund						Kentucky Intermediate Tax-Free Fund						Maryland Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
$	2,279,512		$	4,023,188		$	248,069		$	1,625,822		$	866,434		$	2,480,710
	187,338			361,811			118,610			145,862			77,249			77,643
	(1,494,544	)		(3,860,681	)		(465,772	)		(767,557	)		(88,894	)		(511,076	)
	972,306			524,318			(99,093	)		1,004,127			854,789			2,047,277
	880,950			1,208,252			—			—			—			—
	84,150			172,345			—			—			—			—
	(798,097	)		(1,297,198	)		—			—			—			—
	167,003			83,399			—			—			—			—
	53,576			71,982			—			—			—			—
	3,488			5,545			—			—			—			—
	(6,325	)		(4,672	)		—			—			—			—
	50,739			72,855			—			—			—			—
	42,326,622			129,656,163			1,499,465			4,491,038			3,392,320			5,307,244
	2,859,991			5,905,278			—			510			17,011			502
	(129,388,126	)		(127,818,921	)		(976,097	)		(3,962,947	)		(1,066,366	)		(1,956,890	)
	(84,201,513	)		7,742,520			523,368			528,601			2,342,965			3,350,856
$	(83,011,465	)	$	8,423,092		$	424,275		$	1,532,728		$	3,197,754		$	5,398,133
	228,853			391,613			25,225			158,556			83,391			240,284
	18,903			35,338			11,973			14,398			7,650			7,564
	(151,408	)		(376,613	)		(46,919	)		(75,594	)		(8,789	)		(49,995	)
	96,348			50,338			(9,721	)		97,360			82,252			197,853
	88,860			117,924			—			—			—			—
	8,489			16,814			—			—			—			—
	(80,820	)		(126,837	)		—			—			—			—
	16,529			7,901			—			—			—			—
	5,400			7,112			—			—			—			—
	351			541			—			—			—			—
	(632	)		(456	)		—			—			—			—
	5,119			7,197			—			—			—			—
	4,257,666			12,641,438			148,122			440,545			330,860			512,268
	288,609			576,342			—			50			1,667			48
	(13,026,868	)		(12,502,515	)		(99,103	)		(391,077	)		(103,478	)		(189,664	)
	(8,480,593	)		715,265			49,019			49,518			229,049			322,652
	(8,362,597	)		780,701			39,298			146,878			311,301			520,505

79

BB&T Funds

Statements of Changes in Net Assets, continued

	North Carolina Intermediate Tax-Free Fund
	For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,353,144		$	2,944,205
Distributions reinvested		421,574			568,199
Value of shares redeemed		(1,259,193	)		(1,700,381	)
Change in net assets from Class A Share transactions		1,515,525			1,812,023
Institutional Shares:
Proceeds from shares issued		24,182,836			31,782,264
Distributions reinvested		39,111			77,486
Value of shares redeemed		(15,754,510	)		(22,053,472	)
Change in net assets from Institutional Share transactions		8,467,437			9,806,278
Change in net assets from capital transactions	$	9,982,962		$	11,618,301
Share Transactions:
Class A Shares:
Issued		227,476			283,508
Reinvested		41,694			54,918
Redeemed		(123,867	)		(163,614	)
Change in Class A Shares		145,303			174,812
Institutional Shares:
Issued		2,364,944			3,060,340
Reinvested		3,856			7,487
Redeemed		(1,551,598	)		(2,122,943	)
Change in Institutional Shares		817,202			944,884
Change in Shares		962,505			1,119,696

See accompanying notes to the financial statements.

80

South Carolina Intermediate Tax-Free Fund						Virginia Intermediate Tax-Free Fund						West Virginia Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
$	1,566,969		$	3,981,152		$	1,733,697		$	2,172,054		$	609,449		$	3,207,979
	226,965			198,480			162,897			238,707			191,371			382,916
	(1,250,777	)		(211,899	)		(1,191,749	)		(1,338,143	)		(1,426,232	)		(3,748,942	)
	543,157			3,967,733			704,845			1,072,618			(625,412	)		(158,047	)
	1,742,090			5,213,821			4,483,767			15,679,123			3,474,133			16,692,942
	28,999			4,568			13,517			59,853			33,256			37,186
	(2,303,671	)		(4,294,852	)		(8,457,591	)		(11,599,152	)		(6,077,690	)		(10,356,638	)
	(532,582	)		923,537			(3,960,307	)		4,139,824			(2,570,301	)		6,373,490
$	10,575		$	4,891,270		$	(3,255,462	)	$	5,212,442		$	(3,195,713	)	$	6,215,443
	153,593			386,187			151,126			190,550			63,449			331,224
	22,973			19,397			14,403			21,015			20,219			39,668
	(126,566	)		(20,650	)		(104,942	)		(117,539	)		(152,825	)		(386,959	)
	50,000			384,934			60,587			94,026			(69,157	)		(16,067	)
	172,582			511,702			389,926			1,373,960			369,923			1,725,229
	2,947			449			1,199			5,271			3,507			3,860
	(230,399	)		(419,497	)		(746,760	)		(1,018,856	)		(641,272	)		(1,067,146	)
	(54,870	)		92,654			(355,635	)		360,375			(267,842	)		661,943
	(4,870	)		477,588			(295,048	)		454,401			(336,999	)		645,876

81

BB&T Funds

Statements of Changes in Net Assets, continued

	National Tax-Free Money Market Fund
	For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	77,000		$	647,092
Distributions reinvested		166			10,685
Value of shares redeemed		(7,188	)		(1,180,165	)
Change in net assets from Class A Share transactions		69,978			(522,388	)
Class B Shares:
Proceeds from shares issued		—			50
Distributions reinvested		—			17
Value of shares redeemed		(1,097	)		(122	)
Change in net assets from Class B Share transactions		(1,097	)		(55	)
Class C Shares:
Proceeds from shares issued		—			—
Distributions reinvested		—			14
Value of shares redeemed		(1,040	)		—
Change in net assets from Class C Share transactions		(1,040	)		14
Institutional Shares:
Proceeds from shares issued		153,440,280			271,228,429
Distributions reinvested		14			24
Value of shares redeemed		(84,845,556	)		(229,389,979	)
Change in net assets from Institutional Share transactions		68,594,738			41,838,474
Change in net assets from capital transactions	$	68,662,579		$	41,316,045
Share Transactions:
Class A Shares:
Issued		77,000			647,092
Reinvested		166			10,685
Redeemed		(7,187	)		(1,180,081	)
Change in Class A Shares		69,979			(522,304	)
Class B Shares:
Issued		—			50
Reinvested		—			17
Redeemed		(1,040	)		(122	)
Change in Class B Shares		(1,040	)		(55	)
Class C Shares:
Issued		—			—
Reinvested		—			14
Redeemed		(1,097	)		—
Change in Class C Shares		(1,097	)		14
Institutional Shares:
Issued		153,440,280			271,228,345
Reinvested		14			24
Redeemed		(84,845,556	)		(229,389,979	)
Change in Institutional Shares		68,594,738			41,838,390
Change in Shares		68,662,580			41,316,045

See accompanying notes to the financial statements.

82

Prime Money Market Fund						U.S. Treasury Money Market Fund						Capital Manager Conservative Growth Fund
For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
$	150,304,837		$	883,890,942		$	110,654,040		$	491,757,763		$	548,532		$	1,694,450
	3,277,456			23,082,837			77,249			5,415,250			204,517			1,010,158
	(543,111,900	)		(889,204,868	)		(383,340,756	)		(322,554,015	)		(2,322,928	)		(2,902,409	)
	(389,529,607	)		17,768,911			(272,609,467	)		174,618,998			(1,569,879	)		(197,801	)
	1,299,153			1,405,424			1,268,668			734,529			378,319			853,169
	6,466			35,735			166			4,078			105,147			469,631
	(780,670	)		(1,302,998	)		(548,067	)		(442,830	)		(1,062,220	)		(1,018,074	)
	524,949			138,161			720,767			295,777			(578,754	)		304,726
	1,391,231			591,737			29,576			—			119			38,452
	1,971			6,991			15			536			2,823			8,067
	(423,248	)		(814,854	)		(1,565	)		(5,700	)		(30	)		(10,295	)
	969,954			(216,126	)		28,026			(5,164	)		2,912			36,224
	1,083,472,074			2,154,640,348			750,355,682			1,477,466,490			1,209,974			4,321,850
	831,675			3,002,828			61,236			3,812,095			1,103,665			5,099,022
	(1,080,568,770	)		(1,970,762,435	)		(820,108,293	)		(1,325,864,717	)		(33,203,647	)		(7,279,837	)
	3,734,979			186,880,741			(69,691,375	)		155,413,868			(30,890,008	)		2,141,035
$	(384,299,725	)	$	204,571,687		$	(341,552,049	)	$	330,323,479		$	(33,035,729	)	$	2,284,184
	150,304,837			883,891,108			110,654,040			491,757,438			74,514			179,927
	3,277,456			23,082,837			77,250			5,415,250			27,558			105,410
	(543,111,900	)		(889,204,868	)		(383,340,756	)		(322,554,015	)		(312,989	)		(315,524	)
	(389,529,607	)		17,769,077			(272,609,466	)		174,618,673			(210,917	)		(30,187	)
	1,299,153			1,405,455			1,268,668			734,529			51,784			90,995
	6,466			35,704			166			4,078			14,169			48,874
	(780,670	)		(1,302,998	)		(548,067	)		(442,830	)		(144,387	)		(109,494	)
	524,949			138,161			720,767			295,777			(78,434	)		30,375
	1,391,231			591,737			29,576			—			28			4,134
	1,971			6,991			15			535			382			845
	(423,248	)		(814,855	)		(1,565	)		(5,700	)		(4	)		(1,117	)
	969,954			(216,127	)		28,026			(5,165	)		406			3,862
	1,083,472,073			2,154,640,182			750,355,682			1,477,465,931			158,933			460,888
	831,675			3,002,828			61,236			3,812,095			146,471			528,361
	(1,080,568,770	)		(1,970,762,435	)		(820,108,294	)		(1,325,864,717	)		(4,335,793	)		(768,685	)
	3,734,978			186,880,575			(69,691,376	)		155,413,309			(4,030,389	)		220,564
	(384,299,726	)		204,571,686			(341,552,049	)		330,322,594			(4,319,334	)		224,614

83

BB&T Funds

Statements of Changes in Net Assets, continued

	Capital Manager Moderate Growth Fund
	For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	1,094,893		$	4,054,599
Distributions reinvested		328,162			5,146,292
Value of shares redeemed		(4,669,924	)		(7,984,960	)
Change in net assets from Class A Share transactions		(3,246,869	)		1,215,931
Class B Shares:
Proceeds from shares issued		306,143			1,455,799
Distributions reinvested		143,295			2,882,142
Value of shares redeemed		(2,190,372	)		(4,267,809	)
Change in net assets from Class B Share transactions		(1,740,934	)		70,132
Class C Shares:
Proceeds from shares issued		1,475			13,771
Distributions reinvested		837			19,617
Value of shares redeemed		(90	)		(68,497	)
Change in net assets from Class C Share transactions		2,222			(35,109	)
Institutional Shares:
Proceeds from shares issued		674,183			4,551,083
Distributions reinvested		199,374			4,023,713
Value of shares redeemed		(17,403,356	)		(7,440,954	)
Change in net assets from Institutional Share transactions		(16,529,799	)		1,133,842
Change in net assets from capital transactions	$	(21,515,380	)	$	2,384,796
Share Transactions:
Class A Shares:
Issued		165,765			445,339
Reinvested		49,883			544,253
Redeemed		(722,061	)		(895,379	)
Change in Class A Shares		(506,413	)		94,213
Class B Shares:
Issued		47,793			158,755
Reinvested		22,152			309,633
Redeemed		(348,524	)		(485,694	)
Change in Class B Shares		(278,579	)		(17,306	)
Class C Shares:
Issued		218			1,510
Reinvested		129			2,091
Redeemed		(13	)		(7,716	)
Change in Class C Shares		334			(4,115	)
Institutional Shares:
Issued		102,423			497,015
Reinvested		29,619			424,216
Redeemed		(2,547,739	)		(829,826	)
Change in Institutional Shares		(2,415,697	)		91,405
Change in Shares		(3,200,355	)		164,197

See accompanying notes to the financial statements.

84

Capital Manager Growth Fund						Capital Manager Equity Fund
For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (Unaudited)			For the Year Ended September 30, 2008
$	563,714		$	2,941,986		$	148,547		$	704,541
	192,780			4,057,489			38,360			1,550,704
	(1,919,441	)		(5,400,646	)		(621,042	)		(2,186,528	)
	(1,162,947	)		1,598,829			(434,135	)		68,717
	257,459			927,328			110,535			491,242
	105,421			3,024,893			35,220			1,489,187
	(1,571,982	)		(3,701,869	)		(323,316	)		(1,499,992	)
	(1,209,102	)		250,352			(177,561	)		480,437
	1,367			11,140			—			—
	486			13,134			5			206
	(60	)		(15,905	)		—			—
	1,793			8,369			5			206
	1,137,629			5,209,046			1,060,514			3,663,772
	171,717			3,836,943			109,897			3,545,554
	(14,884,705	)		(6,626,335	)		(11,610,838	)		(5,328,749	)
	(13,575,359	)		2,419,654			(10,440,427	)		1,880,577
$	(15,945,615	)	$	4,277,204		$	(11,052,118	)	$	2,429,937
	98,508			323,287			28,877			77,290
	32,522			434,854			6,718			156,652
	(327,194	)		(613,123	)		(109,072	)		(232,401	)
	(196,164	)		145,018			(73,477	)		1,541
	44,318			107,676			21,604			53,972
	17,999			329,834			6,439			156,128
	(276,090	)		(439,284	)		(65,667	)		(167,455	)
	(213,773)			(1,774	)		(37,624	)		42,645
	247			1,118			—			—
	83			1,432			1			22
	(10	)		(2,018	)		—			—
	320			532			1			22
	191,197			591,710			184,534			404,707
	28,337			411,309			19,046			355,533
	(2,407,575	)		(751,404	)		(1,967,856	)		(574,198	)
	(2,188,041	)		251,615			(1,764,276	)		186,042
	(2,597,658	)		395,391			(1,875,376	)		230,250

85

BB&T Funds

Financial Highlights, Class A Shares

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

	Net Asset Value, Beginning of Period	Investment Activities			Distributions
		Net investment income (loss)	Net realized/ unrealized gains (losses) on investments	Total from Investment Activities	Net investment income	Net realized gains on investments	Total Distributions
Large Cap Fund
Six Months Ended March 31, 2009 (Unaudited)	$11.31	0.07(c)	(3.47)	(3.40)	(0.09)	—	(0.09)
Year Ended September 30, 2008	$19.13	0.15(c)	(5.14)	(4.99)	(0.10)	(2.73)	(2.83)
Year Ended September 30, 2007	$20.33	0.24(c)	2.14	2.38	(0.23)	(3.35)	(3.58)
Year Ended September 30, 2006	$19.47	0.30(c)	2.30	2.60	(0.30)	(1.44)	(1.74)
Year Ended September 30, 2005	$17.26	0.28	2.22	2.50	(0.29)	—	(0.29)
Year Ended September 30, 2004	$14.87	0.23	2.38	2.61	(0.22)	—	(0.22)
Mid Cap Value Fund
Six Months Ended March 31, 2009 (Unaudited)	$10.50	0.01(c)	(3.14)	(3.13)	(0.02)	—	(0.02)
Year Ended September 30, 2008	$14.93	0.02(c)	(3.07)	(3.05)	(0.02)	(1.36)	(1.38)
Year Ended September 30, 2007	$13.49	0.04(c)	2.13	2.17	(0.04)	(0.69)	(0.73)
Year Ended September 30, 2006	$13.35	0.03(c)	1.60	1.63	(0.04)	(1.45)	(1.49)
Year Ended September 30, 2005	$15.40	0.13(c)	3.04	3.17	(0.13)	(5.09)	(5.22)
Year Ended September 30, 2004	$12.98	0.18(c)	2.42	2.60	(0.18)	—	(0.18)
Mid Cap Growth Fund
Six Months Ended March 31, 2009 (Unaudited)	$  9.93	(0.01)(c)	(3.52)	(3.53)	—	(0.38)	(0.38)
Year Ended September 30, 2008	$14.84	(0.08)(c)	(3.80)	(3.88)	—	(1.03)	(1.03)
Year Ended September 30, 2007	$12.45	(0.06)(c)	4.11	4.05	(0.01)	(1.65)	(1.66)
Year Ended September 30, 2006	$13.90	(0.01)(c)	—(d)	(0.01)	(0.02)	(1.42)	(1.44)
Year Ended September 30, 2005	$10.95	(0.09)(c)	3.18	3.09	—	(0.14)	(0.14)
Year Ended September 30, 2004	$  9.84	(0.08)	1.19	1.11	—	—	—
Small Cap Fund
Six Months Ended March 31, 2009 (Unaudited)	$11.35	(0.01)(c)	(4.12)	(4.13)	—	—	—
Year Ended September 30, 2008	$14.92	(0.03)(c)	(2.34)	(2.37)	—	(1.20)	(1.20)
Year Ended September 30, 2007	$15.11	0.07(c)	0.73	0.80	(0.08)	(0.91)	(0.99)
Year Ended September 30, 2006	$16.38	—(c)(d)	1.06	1.06	(0.03)	(2.30)	(2.33)
Year Ended September 30, 2005	$14.21	0.11(c)	2.62	2.73	(0.14)	(0.42)	(0.56)
Year Ended September 30, 2004	$11.44	—(c)(d)	2.90	2.90	(0.01)	(0.12)	(0.13)
International Equity Fund
Six Months Ended March 31, 2009 (Unaudited)	$  5.31	0.01(c)	(1.75)	(1.74)	(0.12)	—	(0.12)
Year Ended September 30, 2008	$  8.41	0.08(c)	(2.41)	(2.33)	(0.02)	(0.75)	(0.77)
Year Ended September 30, 2007	$11.06	0.12(c)	1.82	1.94	(0.07)	(4.52)	(4.59)
Year Ended September 30, 2006	$  9.58	0.14(c)	1.49	1.63	(0.15)	—	(0.15)
Year Ended September 30, 2005	$  8.12	0.10(c)	1.47	1.57	(0.11)	—	(0.11)
Year Ended September 30, 2004	$  6.88	0.07(c)	1.25	1.32	(0.08)	—	(0.08)
Special Opportunities Equity Fund
Six Months Ended March 31, 2009 (Unaudited)	$15.34	0.12(c)	(3.76)	(3.64)	(0.05)	(0.63)	(0.68)
Year Ended September 30, 2008	$18.29	(0.08)(c)	(2.12)	(2.20)	—	(0.75)	(0.75)
Year Ended September 30, 2007	$16.43	(0.01)(c)	3.47	3.46	—	(1.60)	(1.60)
Year Ended September 30, 2006	$15.57	(0.04)	1.69	1.65	—	(0.79)	(0.79)
Year Ended September 30, 2005	$13.08	(0.07)	2.68	2.61	—	(0.12)	(0.12)
Year Ended September 30, 2004	$10.53	(0.06)	2.69	2.63	—	(0.08)	(0.08)
Equity Income Fund
Six Months Ended March 31, 2009 (Unaudited)	$12.35	0.13(c)	(3.16)	(3.03)	(0.09)	(0.03)	(0.12)
Year Ended September 30, 2008	$15.03	0.43(c)	(2.21)	(1.78)	(0.32)	(0.58)	(0.90)
Year Ended September 30, 2007	$13.36	0.36(c)	2.31	2.67	(0.32)	(0.68)	(1.00)
Year Ended September 30, 2006	$12.09	0.28	1.58	1.86	(0.32)	(0.27)	(0.59)
Year Ended September 30, 2005	$10.35	0.24	1.77	2.01	(0.25)	(0.02)	(0.27)
June 30, 2004 to September 30, 2004 (e)	$10.00	0.05(c)	0.34	0.39	(0.04)	—	(0.04)
Short U.S. Government Fund
Six Months Ended March 31, 2009 (Unaudited)	$  9.54	0.14(c)	0.17	0.31	(0.17)	—	(0.17)
Year Ended September 30, 2008	$  9.52	0.33(c)	0.07	0.40	(0.38)	—	(0.38)
Year Ended September 30, 2007	$  9.48	0.36(c)	0.07	0.43	(0.39)	—	(0.39)
Year Ended September 30, 2006	$  9.50	0.28(c)	0.01(f)	0.29	(0.31)	—	(0.31)
Year Ended September 30, 2005	$  9.70	0.23	(0.14)	0.09	(0.29)	—	(0.29)
Year Ended September 30, 2004	$  9.89	0.17	(0.10)	0.07	(0.26)	—	(0.26)

* During the period certain fees were reduced. If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Per share net investment income (loss) has been calculated using the average daily shares method.

(d) Amount is less than $0.005.

(e) Period from commencement of operations.

(f) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of Fund shares in relation to fluctuating market values during the period.

See accompanying notes to the financial statements.

86

Net Asset Value, End of Period	Total Return (excludes sales charge) (a)	Ratios/Supplementary Data
		Net Assets, End of Period (000)	Ratio of net expenses to average net assets (b)	Ratio of net investment income (loss) to average net assets (b)	Ratio of expenses to average net assets*(b)	Portfolio turnover rate**(a)
$  7.82	(30.14)%	$  23,254	1.10%	1.69%	1.49%	37.92%
$11.31	(29.46)%	$  36,066	1.14%	1.05%	1.43%	38.43%
$19.13	12.55%	$  58,771	1.16%	1.25%	1.47%	68.60%
$20.33	14.29%	$  48,656	1.14%	1.53%	1.43%	34.83%
$19.47	14.60%	$  39,756	1.14%	1.56%	1.48%	19.50%
$17.26	17.61%	$  31,783	1.20%	1.32%	1.56%	16.40%
$  7.35	(29.80)%	$    7,267	1.21%	0.28%	1.25%	29.98%
$10.50	(22.00)%	$  28,068	1.14%	0.17%	1.18%	65.74%
$14.93	16.48%	$  16,811	1.16%	0.27%	1.20%	58.59%
$13.49	13.18%	$  13,393	1.13%	0.23%	1.18%	53.92%
$13.35	20.82%	$  12,361	1.15%	0.76%	1.25%	126.99%
$15.40	20.10%	$    9,423	1.23%	1.22%	1.35%	19.17%
$  6.02	(35.74)%	$    4,836	1.22%	(0.27)%	1.26%	104.23%
$  9.93	(28.33)%	$    8,093	1.15%	(0.58)%	1.19%	218.03%
$14.84	36.19%	$  11,774	1.17%	(0.49)%	1.21%	134.95%
$12.45	(0.49)%	$  10,381	1.14%	(0.07)%	1.19%	140.90%
$13.90	28.45%	$  10,444	1.14%	(0.71)%	1.26%	92.74%
$10.95	11.28%	$    8,079	1.25%	(0.90)%	1.36%	138.61%
$  7.22	(36.39)%	$    4,108	1.42%	(0.19)%	1.87%	80.10%
$11.35	(16.80)%	$    6,814	1.28%	(0.23)%	1.73%	94.93%
$14.92	5.13%	$    8,839	1.31%	0.42%	1.76%	46.54%
$15.11	6.96%	$    9,353	1.28%	(0.03)%	1.77%	43.25%
$16.38	19.64%	$    1,604	1.29%	0.69%	1.77%	8.39%
$14.21	25.53%	$      353	1.48%	(0.03)%	1.91%	11.25%
$  3.45	(33.21)%	$    2,228	1.79%	0.59%	2.30%	149.60%
$  5.31	(30.82)%	$    3,524	1.56%	1.11%	1.99%	112.65%
$  8.41	20.13%	$    5,204	1.38%	1.02%	1.75%	129.80%
$11.06	17.04%	$    4,202	1.40%	1.37%	1.75%	36.22%
$  9.58	19.46%	$    3,687	1.46%	1.15%	1.83%	44.96%
$  8.12	19.25%	$    1,686	1.58%	0.91%	1.92%	50.68%
$11.02	(23.53)%	$112,438	1.28%	2.17%	1.53%	23.97%
$15.34	(12.61)%	$123,249	1.24%	(0.48)%	1.49%	25.80%
$18.29	22.24%	$124,136	1.28%	(0.04)%	1.53%	49.43%
$16.43	11.16%	$  81,883	1.28%	(0.26)%	1.53%	58.01%
$15.57	20.05%	$  75,627	1.30%	(0.41)%	1.57%	30.38%
$13.08	25.06%	$  28,903	1.42%	(0.77)%	1.80%	32.06%
$  9.20	(24.57)%	$  77,916	1.18%	2.63%	1.43%	19.26%
$12.35	(12.47)%	$  98,584	1.14%	3.09%	1.39%	30.01%
$15.03	20.83%	$  97,491	1.19%	2.53%	1.44%	37.85%
$13.36	15.79%	$  60,059	1.20%	2.28%	1.45%	45.38%
$12.09	19.55%	$  40,825	1.10%	2.57%	1.57%	39.65%
$10.35	3.89%	$    6,342	1.54%	1.79%	2.14%	1.65%
$  9.68	3.25%	$    5,360	1.00%	2.81%	1.41%	48.08%
$  9.54	4.23%	$    4,680	0.90%	3.42%	1.30%	48.20%
$  9.52	4.67%	$    3,978	0.91%	3.77%	1.31%	44.10%
$  9.48	3.12%	$    6,233	0.89%	2.99%	1.29%	98.08%
$  9.50	0.96%	$    7,980	0.91%	2.40%	1.34%	33.67%
$  9.70	0.71%	$    8,456	0.99%	1.85%	1.41%	62.59%

87

BB&T Funds

Financial Highlights, Class A Shares

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

	Net Asset Value, Beginning of Period	Investment Activities			Distributions
		Net investment income	Net realized/ unrealized gains (losses) on investments	Total from Investment Activities	Net investment income	Net realized gains on investments	Total Distributions
Intermediate U.S. Government Fund
Six Months Ended March 31, 2009 (Unaudited)	$10.03	0.18(c)	0.47	0.65	(0.20)	—	(0.20)
Year Ended September 30, 2008	$  9.93	0.41(c)	0.11	0.52	(0.42)	—	(0.42)
Year Ended September 30, 2007	$  9.89	0.42(c)	0.04	0.46	(0.42)	—	(0.42)
Year Ended September 30, 2006	$10.01	0.41(c)	(0.11)	0.30	(0.42)	—	(0.42)
Year Ended September 30, 2005	$10.24	0.35(c)	(0.15)	0.20	(0.38)	(0.05)	(0.43)
Year Ended September 30, 2004	$10.57	0.32	(0.19)	0.13	(0.33)	(0.13)	(0.46)
Total Return Bond Fund
Six Months Ended March 31, 2009 (Unaudited)	$  9.88	0.21(c)	0.17	0.38	(0.22)	—	(0.22)
Year Ended September 30, 2008	$10.12	0.43(c)	(0.21)	0.22	(0.46)	—	(0.46)
Year Ended September 30, 2007	$10.12	0.44(c)	0.01	0.45	(0.45)	—	(0.45)
Year Ended September 30, 2006	$10.31	0.42(c)	(0.12)	0.30	(0.44)	(0.05)	(0.49)
Year Ended September 30, 2005	$10.59	0.38(c)	(0.19)	0.19	(0.44)	(0.03)	(0.47)
Year Ended September 30, 2004	$10.72	0.41	(0.08)	0.33	(0.46)	—	(0.46)
Kentucky Intermediate Tax-Free Fund
Six Months Ended March 31, 2009 (Unaudited)	$  9.88	0.17(c)	0.43	0.60	(0.17)	(0.10)	(0.27)
Year Ended September 30, 2008	$10.06	0.32(c)	(0.18)	0.14	(0.32)	—	(0.32)
Year Ended September 30, 2007	$10.12	0.32(c)	(0.06)	0.26	(0.32)	—	(0.32)
Year Ended September 30, 2006	$10.06	0.30	0.06	0.36	(0.30)	—	(0.30)
Year Ended September 30, 2005	$10.22	0.27(c)	(0.16)	0.11	(0.27)	—	(0.27)
Year Ended September 30, 2004	$10.23	0.27(c)	(0.01)	0.26	(0.27)	—	(0.27)
Maryland Intermediate Tax-Free Fund
Six Months Ended March 31, 2009 (Unaudited)	$10.04	0.16(c)	0.51	0.67	(0.15)	(0.08)	(0.23)
Year Ended September 30, 2008	$10.15	0.31(c)	(0.11)	0.20	(0.31)	—	(0.31)
Year Ended September 30, 2007	$10.12	0.31(c)	0.03	0.34	(0.31)	—	(0.31)
Year Ended September 30, 2006	$10.02	0.29	0.10	0.39	(0.29)	—	(0.29)
Year Ended September 30, 2005	$10.15	0.26(c)	(0.13)	0.13	(0.26)	—	(0.26)
Year Ended September 30, 2004	$10.15	0.24	—(d)	0.24	(0.24)	—	(0.24)
North Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2009 (Unaudited)	$10.09	0.17(c)	0.38	0.55	(0.17)	(0.10)	(0.27)
Year Ended September 30, 2008	$10.33	0.35(c)	(0.20)	0.15	(0.35)	(0.04)	(0.39)
Year Ended September 30, 2007	$10.38	0.35(c)	(0.04)(c)	0.31	(0.35)	(0.01)	(0.36)
Year Ended September 30, 2006	$10.46	0.36	—(d)	0.36	(0.35)	(0.09)	(0.44)
Year Ended September 30, 2005	$10.67	0.35	(0.19)	0.16	(0.35)	(0.02)	(0.37)
Year Ended September 30, 2004	$10.81	0.32	(0.10)	0.22	(0.32)	(0.04)	(0.36)
South Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2009 (Unaudited)	$  9.95	0.17(c)	0.42	0.59	(0.17)	(0.17)	(0.34)
Year Ended September 30, 2008	$10.28	0.34(c)	(0.24)	0.10	(0.34)	(0.09)	(0.43)
Year Ended September 30, 2007	$10.35	0.34(c)	(0.05)	0.29	(0.35)	(0.01)	(0.36)
Year Ended September 30, 2006	$10.54	0.34	(0.01)	0.33	(0.34)	(0.18)	(0.52)
Year Ended September 30, 2005	$10.81	0.34	(0.19)	0.15	(0.34)	(0.08)	(0.42)
Year Ended September 30, 2004	$10.88	0.34	(0.07)	0.27	(0.33)	(0.01)	(0.34)
Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2009 (Unaudited)	$11.11	0.18(c)	0.61	0.79	(0.18)	(0.09)	(0.27)
Year Ended September 30, 2008	$11.32	0.37(c)	(0.16)	0.21	(0.37)	(0.05)	(0.42)
Year Ended September 30, 2007	$11.39	0.38(c)	(0.04)	0.34	(0.39)	(0.02)	(0.41)
Year Ended September 30, 2006	$11.49	0.40	(0.05)	0.35	(0.39)	(0.06)	(0.45)
Year Ended September 30, 2005	$11.74	0.39	(0.22)	0.17	(0.40)	(0.02)	(0.42)
Year Ended September 30, 2004	$11.96	0.38	(0.14)	0.24	(0.38)	(0.08)	(0.46)
West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2009 (Unaudited)	$  9.36	0.17(c)	0.26	0.43	(0.17)	(0.01)	(0.18)
Year Ended September 30, 2008	$  9.71	0.33(c)	(0.33)	—	(0.33)	(0.02)	(0.35)
Year Ended September 30, 2007	$  9.79	0.35(c)	(0.05)	0.30	(0.35)	(0.03)	(0.38)
Year Ended September 30, 2006	$  9.85	0.39	(0.02)	0.37	(0.37)	(0.06)	(0.43)
Year Ended September 30, 2005	$10.08	0.35	(0.15)	0.20	(0.35)	(0.08)	(0.43)
Year Ended September 30, 2004	$10.20	0.32	(0.07)	0.25	(0.33)	(0.04)	(0.37)

* During the period certain fees were reduced. If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Per share net investment income (loss) has been calculated using the average daily shares method.

(d) Amount is less than $0.005.

See accompanying notes to the financial statements.

88

		Ratios/Supplementary Data
Net Asset Value, End of Period	Total Return (excludes sales charge)(a)	Net Assets, End of Period (000)	Ratio of net expenses to average net assets(b)	Ratio of net investment income to average net assets(b)	Ratio of expenses to average net assets*(b)	Portfolio turnover rate**(a)
$10.48	6.53%	$12,248	0.94%	3.58%	1.31%	34.52%
$10.03	5.30%	$  9,654	0.92%	4.08%	1.29%	116.07%
$  9.93	4.78%	$  9,050	0.93%	4.27%	1.30%	85.83%
$  9.89	3.08%	$  9,748	0.92%	4.21%	1.29%	127.13%
$10.01	1.98%	$13,744	0.96%	3.41%	1.33%	107.04%
$10.24	1.30%	$11,959	1.05%	2.90%	1.42%	98.35%
$10.04	4.00%	$  9,812	0.95%	4.33%	1.32%	53.37%
$  9.88	2.06%	$  8,700	0.91%	4.24%	1.28%	190.15%
$10.12	4.51%	$  8,403	0.93%	4.37%	1.30%	222.24%
$10.12	2.96%	$  6,407	0.93%	4.16%	1.29%	226.36%
$10.31	1.88%	$  7,254	0.96%	3.62%	1.33%	173.74%
$10.59	3.22%	$  4,786	1.07%	3.84%	1.44%	31.95%
$10.21	6.13%	$  5,593	0.89%	3.33%	1.34%	23.99%
$  9.88	1.34%	$  5,510	0.89%	3.13%	1.34%	54.22%
$10.06	2.66%	$  4,630	0.90%	3.19%	1.35%	69.73%
$10.12	3.67%	$  2,729	0.91%	3.02%	1.37%	64.55%
$10.06	1.06%	$  2,566	0.89%	2.65%	1.47%	37.50%
$10.22	2.55%	$  2,746	0.78%	2.63%	1.57%	24.78%
$10.48	6.93%	$  5,445	0.83%	3.05%	1.35%	31.89%
$10.04	1.84%	$  4,389	0.79%	3.01%	1.34%	108.13%
$10.15	3.38%	$  2,429	0.84%	3.05%	1.39%	136.09%
$10.12	3.95%	$  1,966	0.85%	2.89%	1.41%	219.80%
$10.02	1.28%	$  1,609	0.81%	2.57%	1.52%	44.67%
$10.15	2.37%	$    667	0.75%	2.32%	1.73%	55.18%
$10.37	5.55%	$23,058	0.90%	3.28%	1.30%	20.85%
$10.09	1.42%	$20,971	0.89%	3.34%	1.29%	82.02%
$10.33	3.07%	$19,668	0.91%	3.40%	1.31%	106.16%
$10.38	3.58%	$19,163	0.90%	3.45%	1.30%	94.95%
$10.46	1.49%	$21,600	0.90%	3.29%	1.36%	60.84%
$10.67	2.10%	$22,689	0.90%	3.03%	1.42%	67.80%
$10.20	6.09%	$  8,173	0.95%	3.36%	1.35%	27.26%
$  9.95	0.94%	$  7,481	0.96%	3.28%	1.36%	127.76%
$10.28	2.91%	$  3,769	0.93%	3.34%	1.35%	68.69%
$10.35	3.27%	$  4,001	0.93%	3.30%	1.35%	80.24%
$10.54	1.39%	$  4,072	0.92%	3.20%	1.40%	56.03%
$10.81	2.60%	$  4,149	0.90%	3.11%	1.44%	32.63%
$11.63	7.39%	$10,843	0.91%	3.25%	1.31%	15.88%
$11.11	1.79%	$  9,683	0.89%	3.25%	1.29%	53.28%
$11.32	3.05%	$  8,802	0.91%	3.39%	1.31%	85.36%
$11.39	3.23%	$11,877	0.90%	3.55%	1.30%	76.53%
$11.49	1.44%	$13,145	0.89%	3.39%	1.36%	48.04%
$11.74	2.05%	$13,005	0.91%	3.22%	1.43%	45.07%
$  9.61	4.63%	$15,901	0.91%	3.57%	0.91%	12.59%
$  9.36	(0.08)%	$16,138	0.91%	3.41%	0.91%	39.13%
$  9.71	3.12%	$16,897	0.91%	3.61%	0.91%	49.60%
$  9.79	3.85%	$15,773	0.90%	3.80%	0.90%	50.14%
$  9.85	1.97%	$13,911	0.93%	3.50%	0.96%	32.10%
$10.08	2.51%	$10,815	1.01%	3.24%	1.03%	16.24%

89

BB&T Funds

Financial Highlights, Class A Shares

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

		Investment Activities			Distributions
	Net Asset Value, Beginning of Period	Net investment income	Net realized/ unrealized gains (losses) on investments	Total from Investment Activities	Net investment income	Net realized gains on investments	Total Distributions
National Tax-Free Money Market Fund
Six Months Ended March 31, 2009 (Unaudited)	$  1.00	0.01(c)	—(d)	0.01	(0.01)	—	(0.01)
Year Ended September 30, 2008	$  1.00	0.02(c)	—(d)	0.02	(0.02)	—	(0.02)
Year Ended September 30, 2007	$  1.00	0.03(c)	—	0.03	(0.03)	—	(0.03)
August 1, 2006 to September 30, 2006 (e)	$  1.00	—(d)	—	—(d)	—(d)	—	—(d)
Prime Money Market Fund
Six Months Ended March 31, 2009 (Unaudited)	$  1.00	0.01(c)	—(d)	0.01	(0.01)	—	(0.01)
Year Ended September 30, 2008	$  1.00	0.03(c)	—(d)	0.03	(0.03)	—	(0.03)
Year Ended September 30, 2007	$  1.00	0.04(c)	—	0.04	(0.04)	—	(0.04)
Year Ended September 30, 2006	$  1.00	0.04	—(d)	0.04	(0.04)	—	(0.04)
Year Ended September 30, 2005	$  1.00	0.02	—(d)	0.02	(0.02)	—	(0.02)
Year Ended September 30, 2004	$  1.00	—(d)	—(d)	—(d)	—(d)	—	—(d)
U.S. Treasury Money Market Fund
Six Months Ended March 31, 2009 (Unaudited)	$  1.00	—(c)(d)	—(d)	—	—	—	—
Year Ended September 30, 2008	$  1.00	0.02(c)	—(d)	0.02	(0.02)	—	(0.02)
Year Ended September 30, 2007	$  1.00	0.04(c)	—	0.04	(0.04)	—	(0.04)
Year Ended September 30, 2006	$  1.00	0.04	—	0.04	(0.04)	—	(0.04)
Year Ended September 30, 2005	$  1.00	0.02	—	0.02	(0.02)	—	(0.02)
Year Ended September 30, 2004	$  1.00	—(d)	—	—(d)	—(d)	—	—(d)
Capital Manager Conservative Growth Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  8.43	0.13(c)	(1.13)	(1.00)	(0.13)	(0.14)	(0.27)
Year Ended September 30, 2008	$10.53	0.26(c)	(1.24)	(0.98)	(0.39)	(0.73)	(1.12)
Year Ended September 30, 2007	$  9.96	0.34(c)	0.53	0.87	(0.30)	—	(0.30)
Year Ended September 30, 2006	$  9.76	0.31(c)	0.22	0.53	(0.33)	—	(0.33)
Year Ended September 30, 2005	$  9.30	0.23	0.45	0.68	(0.22)	—	(0.22)
Year Ended September 30, 2004	$  8.84	0.16(c)	0.46	0.62	(0.16)	—	(0.16)
Capital Manager Moderate Growth Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  7.77	0.10(c)	(1.54)	(1.44)	(0.10)	—	(0.10)
Year Ended September 30, 2008	$10.94	0.17(c)	(1.86)	(1.69)	(0.35)	(1.13)	(1.48)
Year Ended September 30, 2007	$10.22	0.29(c)	0.87	1.16	(0.22)	(0.22)	(0.44)
Year Ended September 30, 2006	$  9.79	0.24(c)	0.45	0.69	(0.26)	—	(0.26)
Year Ended September 30, 2005	$  9.01	0.17(c)	0.76	0.93	(0.15)	—	(0.15)
Year Ended September 30, 2004	$  8.28	0.08(c)	0.73	0.81	(0.08)	—	(0.08)
Capital Manager Growth Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  7.33	0.08(c)	(1.84)	(1.76)	(0.08)	—	(0.08)
Year Ended September 30, 2008	$11.13	0.11(c)	(2.21)	(2.10)	(0.33)	(1.37)	(1.70)
Year Ended September 30, 2007	$10.23	0.25(c)	1.08	1.33	(0.16)	(0.27)	(0.43)
Year Ended September 30, 2006	$  9.68	0.20(c)	0.56	0.76	(0.21)	—	(0.21)
Year Ended September 30, 2005	$  8.70	0.13	0.96	1.09	(0.11)	—	(0.11)
Year Ended September 30, 2004	$  7.81	0.05(c)	0.88	0.93	(0.04)	—	(0.04)
Capital Manager Equity Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  7.41	0.06(c)	(2.41)	(2.35)	(0.06)	—	(0.06)
Year Ended September 30, 2008	$12.26	0.04(c)	(2.76)	(2.72)	(0.32)	(1.81)	(2.13)
Year Ended September 30, 2007	$11.57	0.21(c)	1.43	1.64	(0.10)	(0.85)	(0.95)
Year Ended September 30, 2006	$10.95	0.17(c)	0.83	1.00	(0.19)	(0.19)	(0.38)
Year Ended September 30, 2005	$  9.58	0.09(c)	1.34	1.43	(0.06)	—	(0.06)
Year Ended September 30, 2004	$  8.45	0.02(c)	1.12	1.14	(0.01)	—	(0.01)

* During the period certain fees were reduced. If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

*** The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Per share net investment income (loss) has been calculated using the average daily shares method.

(d) Amount is less than $0.005.

(e) Period from commencement of operations.

See accompanying notes to the financial statements.

90

		Ratios/Supplementary Data
Net Asset Value, End of Period	Total Return (excludes sales charge) (a)	Net Assets, End of Period (000)	Ratio of net expenses to average net assets (b)	Ratio of net investment income to average net assets (b)	Ratio of expenses to average net assets*(b)	Portfolio turnover rate**(a)
$  1.00	0.56%	$         74	0.67%	0.95%	0.97%	—
$  1.00	2.11%	$           4	0.66%	2.48%	0.96%	—
$  1.00	3.08%	$       526	0.66%	3.06%	0.97%	—
$  1.00	0.51%	$           1	0.62%	2.96%	1.26%	—
$  1.00	0.52%	$373,618	1.03%	1.22%	1.15%	—
$  1.00	2.86%	$763,152	0.96%	2.79%	1.08%	—
$  1.00	4.51%	$745,381	0.98%	4.42%	1.10%	—
$  1.00	3.86%	$636,327	0.98%	3.83%	1.09%	—
$  1.00	1.92%	$493,282	0.91%	1.91%	1.13%	—
$  1.00	0.41%	$426,217	0.86%	0.40%	1.20%	—
$  1.00	0.02%	$212,422	0.39%	0.05%	1.12%	—
$  1.00	1.75%	$485,031	0.93%	1.72%	1.08%	—
$  1.00	4.20%	$310,413	0.97%	4.07%	1.11%	—
$  1.00	3.64%	$167,900	0.96%	3.63%	1.09%	—
$  1.00	1.69%	$114,260	0.89%	1.66%	1.14%	—
$  1.00	0.31%	$122,500	0.79%	0.31%	1.21%	—
$  7.16	(11.86)%	$    4,925	0.48%	3.38%	0.99%	11.06%
$  8.43	(10.33)%	$    7,573	0.35%	2.72%	0.85%	39.99%
$10.53	8.86%	$    9,781	0.35%	3.28%	0.91%	29.58%
$  9.96	5.54%	$    9,365	0.33%	3.12%	0.95%	5.69%
$  9.76	7.39%	$    8,646	0.43%	2.45%	1.01%	52.50%
$  9.30	6.97%	$    5,242	0.69%	1.68%	1.14%	2.47%
$  6.23	(18.56)%	$  19,112	0.41%	3.06%	0.91%	7.60%
$  7.77	(17.44)%	$  27,775	0.35%	1.82%	0.85%	63.63%
$10.94	11.48%	$  38,081	0.36%	2.68%	0.92%	40.05%
$10.22	7.10%	$  33,472	0.35%	2.44%	0.97%	7.33%
$  9.79	10.35%	$  28,912	0.48%	1.77%	1.05%	37.83%
$  9.01	9.77%	$  20,428	0.74%	0.92%	1.19%	0.17%
$  5.49	(24.15)%	$  12,644	0.42%	2.74%	0.92%	8.05%
$  7.33	(21.65)%	$  18,321	0.35%	1.23%	0.85%	77.54%
$11.13	13.19%	$  26,189	0.36%	2.33%	0.93%	44.48%
$10.23	7.97%	$  22,801	0.36%	2.01%	0.98%	6.26%
$  9.68	12.51%	$  17,219	0.48%	1.37%	1.07%	26.22%
$  8.70	11.85%	$  12,007	0.75%	0.52%	1.23%	0.19%
$  5.00	(31.75)%	$    3,465	0.50%	2.18%	1.01%	7.86%
$  7.41	(26.23)%	$    5,680	0.38%	0.44%	0.88%	67.40%
$12.26	14.79%	$    9,384	0.37%	1.77%	0.93%	48.80%
$11.57	9.39%	$    7,762	0.36%	1.53%	0.97%	1.48%
$10.95	14.95%	$    6,183	0.45%	0.91%	1.09%	2.14%
$  9.58	13.53%	$    3,557	0.77%	0.22%	1.31%	3.10%

91

BB&T Funds

Financial Highlights, Class B Shares

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

		Investment Activities			Distributions
	Net Asset Value, Beginning of Period	Net investment income (loss)	Net realized/ unrealized gains (losses) on investments	Total from Investment Activities	Net investment income	Net realized gains on investments	Total Distributions
Large Cap Fund
Six Months Ended March 31, 2009 (Unaudited)	$11.11	0.04(c)	(3.42)	(3.38)	(0.05)	—	(0.05)
Year Ended September 30, 2008	$18.90	0.04(c)	(5.05)	(5.01)	(0.05)	(2.73)	(2.78)
Year Ended September 30, 2007	$20.15	0.09(c)	2.12	2.21	(0.11)	(3.35)	(3.46)
Year Ended September 30, 2006	$19.31	0.16(c)	2.27	2.43	(0.15)	(1.44)	(1.59)
Year Ended September 30, 2005	$17.12	0.13	2.22	2.35	(0.16)	—	(0.16)
Year Ended September 30, 2004	$14.75	0.09	2.38	2.47	(0.10)	—	(0.10)
Mid Cap Value Fund
Six Months Ended March 31, 2009 (Unaudited)	$10.14	(0.02)(c)	(3.05)	(3.07)	(0.01)	—	(0.01)
Year Ended September 30, 2008	$14.55	(0.07)(c)	(2.98)	(3.05)	—	(1.36)	(1.36)
Year Ended September 30, 2007	$13.23	(0.07)(c)	2.08	2.01	—(d)	(0.69)	(0.69)
Year Ended September 30, 2006	$13.16	(0.07)(c)	1.59	1.52	—(d)	(1.45)	(1.45)
Year Ended September 30, 2005	$15.30	—(c)(d)	3.02	3.02	(0.07)	(5.09)	(5.16)
Year Ended September 30, 2004	$12.91	0.07(c)	2.42	2.49	(0.10)	—	(0.10)
Mid Cap Growth Fund
Six Months Ended March 31, 2009 (Unaudited)	$  9.31	(0.03)(c)	(3.31)	(3.34)	—	(0.38)	(0.38)
Year Ended September 30, 2008	$14.06	(0.16)(c)	(3.56)	(3.72)	—	(1.03)	(1.03)
Year Ended September 30, 2007	$11.95	(0.15)(c)	3.91	3.76	—	(1.65)	(1.65)
Year Ended September 30, 2006	$13.47	(0.11)(c)	0.01(e)	(0.10)	—	(1.42)	(1.42)
Year Ended September 30, 2005	$10.70	(0.17)(c)	3.08	2.91	—	(0.14)	(0.14)
Year Ended September 30, 2004	$  9.68	(0.16)	1.18	1.02	—	—	—
Small Cap Fund
Six Months Ended March 31, 2009 (Unaudited)	$10.86	(0.04)(c)	(3.94)	(3.98)	—	—	—
Year Ended September 30, 2008	$14.43	(0.12)(c)	(2.25)	(2.37)	—	(1.20)	(1.20)
Year Ended September 30, 2007	$14.73	(0.05)(c)	0.72	0.67	(0.06)	(0.91)	(0.97)
Year Ended September 30, 2006	$16.11	(0.12)(c)	1.05	0.93	(0.01)	(2.30)	(2.31)
Year Ended September 30, 2005	$14.06	—(c)(d)	2.58	2.58	(0.11)	(0.42)	(0.53)
Year Ended September 30, 2004	$11.40	(0.10)(c)	2.88	2.78	—	(0.12)	(0.12)
International Equity Fund
Six Months Ended March 31, 2009 (Unaudited)	$  4.75	—(c)(d)	(1.57)	(1.57)	(0.11)	—	(0.11)
Year Ended September 30, 2008	$  7.65	0.02(c)	(2.16)	(2.14)	(0.01)	(0.75)	(0.76)
Year Ended September 30, 2007	$10.46	0.03(c)	1.72	1.75	(0.04)	(4.52)	(4.56)
Year Ended September 30, 2006	$  9.09	0.06(c)	1.42	1.48	(0.11)	—	(0.11)
Year Ended September 30, 2005	$  7.74	0.03(c)	1.38	1.41	(0.06)	—	(0.06)
Year Ended September 30, 2004	$  6.57	0.02(c)	1.19	1.21	(0.04)	—	(0.04)
Special Opportunities Equity Fund
Six Months Ended March 31, 2009 (Unaudited)	$14.65	0.09(c)	(3.61)	(3.52)	(0.03)	(0.63)	(0.66)
Year Ended September 30, 2008	$17.63	(0.21)(c)	(2.02)	(2.23)	—	(0.75)	(0.75)
Year Ended September 30, 2007	$16.00	(0.13)(c)	3.36	3.23	—	(1.60)	(1.60)
Year Ended September 30, 2006	$15.29	(0.16)	1.66	1.50	—	(0.79)	(0.79)
Year Ended September 30, 2005	$12.95	(0.13)	2.59	2.46	—	(0.12)	(0.12)
Year Ended September 30, 2004	$10.50	(0.12)	2.65	2.53	—	(0.08)	(0.08)
Equity Income Fund
Six Months Ended March 31, 2009 (Unaudited)	$12.31	0.09(c)	(3.14)	(3.05)	(0.06)	(0.03)	(0.09)
Year Ended September 30, 2008	$14.99	0.32(c)	(2.20)	(1.88)	(0.22)	(0.58)	(0.80)
Year Ended September 30, 2007	$13.33	0.25(c)	2.31	2.56	(0.22)	(0.68)	(0.90)
Year Ended September 30, 2006	$12.08	0.19	1.56	1.75	(0.23)	(0.27)	(0.50)
Year Ended September 30, 2005	$10.34	0.16	1.77	1.93	(0.17)	(0.02)	(0.19)
June 30, 2004 to September 30, 2004 (f)	$10.00	0.03(c)	0.34	0.37	(0.03)	—	(0.03)
Intermediate U.S. Government Fund
Six Months Ended March 31, 2009 (Unaudited)	$10.00	0.15(c)	0.46	0.61	(0.16)	—	(0.16)
Year Ended September 30, 2008	$  9.90	0.34(c)	0.10	0.44	(0.34)	—	(0.34)
Year Ended September 30, 2007	$  9.86	0.35(c)	0.04	0.39	(0.35)	—	(0.35)
Year Ended September 30, 2006	$  9.98	0.34(c)	(0.12)	0.22	(0.34)	—	(0.34)
Year Ended September 30, 2005	$10.20	0.27(c)	(0.13)	0.14	(0.31)	(0.05)	(0.36)
Year Ended September 30, 2004	$10.53	0.21	(0.16)	0.05	(0.25)	(0.13)	(0.38)

* During the period certain fees were reduced. If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Per share net investment income (loss) has been calculated using the average daily shares method.

(d) Amount is less than $0.005.

(e) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of Fund shares in relation to fluctuating market values during the period.

(f) Period from commencement of operations.

See accompanying notes to the financial statements.

92

		Ratios/Supplementary Data
Net Asset Value, End of Period	Total Return (excludes sales charge)(a)	Net Assets, End of Period (000)	Ratio of net expenses to average net assets(b)	Ratio of net investment income (loss) to average net assets(b)	Ratio of expenses to average net assets*(b)	Portfolio turnover rate**(a)
$  7.68	(30.43)%	$  4,341	1.85%	0.94%	1.99%	37.92%
$11.11	(29.98)%	$  7,866	1.89%	0.28%	1.93%	38.43%
$18.90	11.67%	$17,796	1.91%	0.50%	1.97%	68.60%
$20.15	13.45%	$14,808	1.88%	0.85%	1.93%	34.83%
$19.31	13.75%	$22,148	1.89%	0.82%	1.99%	19.50%
$17.12	16.75%	$26,309	1.95%	0.58%	2.06%	16.40%
$  7.06	(30.21)%	$  2,535	1.97%	(0.52)%	2.01%	29.98%
$10.14	(22.60)%	$  4,136	1.89%	(0.58)%	1.93%	65.74%
$14.55	15.58%	$  6,112	1.91%	(0.48)%	1.95%	58.59%
$13.23	12.38%	$  5,391	1.89%	(0.53)%	1.93%	53.92%
$13.16	19.94%	$  4,534	1.89%	0.02%	1.99%	126.99%
$15.30	19.31%	$  3,582	1.98%	0.47%	2.10%	19.17%
$  5.59	(36.10)%	$  1,100	1.96%	(1.02)%	2.00%	104.23%
$  9.31	(28.79)%	$  2,093	1.90%	(1.32)%	1.94%	218.03%
$14.06	35.13%	$  2,697	1.92%	(1.24)%	1.96%	134.95%
$11.95	(1.23)%	$  2,377	1.89%	(0.83)%	1.94%	140.90%
$13.47	27.42%	$  2,395	1.91%	(1.46)%	2.01%	92.74%
$10.70	10.54%	$  1,973	2.00%	(1.65)%	2.11%	138.61%
$  6.88	(36.65)%	$  1,064	2.17%	(0.94)%	2.37%	80.10%
$10.86	(17.42)%	$  1,960	2.03%	(1.00)%	2.23%	94.93%
$14.43	4.37%	$  3,393	2.06%	(0.31)%	2.26%	46.54%
$14.73	6.19%	$  4,092	2.04%	(0.79)%	2.28%	43.25%
$16.11	18.79%	$     259	2.05%	0.00%	2.27%	8.39%
$14.06	24.56%	$     136	2.22%	(0.75)%	2.41%	11.25%
$  3.07	(33.47)%	$     717	2.54%	(0.16)%	2.80%	149.60%
$  4.75	(31.33)%	$  1,281	2.31%	0.38%	2.49%	112.65%
$  7.65	19.28%	$  2,041	2.12%	0.26%	2.25%	129.80%
$10.46	16.27%	$  1,819	2.15%	0.64%	2.25%	36.22%
$  9.09	18.34%	$  2,007	2.20%	0.36%	2.33%	44.96%
$  7.74	18.47%	$  2,140	2.33%	0.24%	2.42%	50.68%
$10.47	(23.84)%	$18,531	2.02%	1.60%	2.02%	23.97%
$14.65	(13.28)%	$26,347	1.99%	(1.22)%	1.99%	25.80%
$17.63	21.33%	$29,931	2.03%	(0.79)%	2.03%	49.43%
$16.00	10.35%	$22,901	2.03%	(1.01)%	2.03%	58.01%
$15.29	19.09%	$21,911	2.06%	(1.18)%	2.08%	30.38%
$12.95	24.17%	$13,215	2.15%	(1.51)%	2.30%	32.06%
$  9.17	(24.86)%	$11,403	1.93%	1.88%	1.93%	19.26%
$12.31	(13.14)%	$15,176	1.89%	2.35%	1.89%	30.01%
$14.99	19.97%	$14,796	1.94%	1.78%	1.94%	37.85%
$13.33	14.84%	$  9,592	1.95%	1.52%	1.95%	45.38%
$12.08	18.79%	$  5,611	1.87%	1.74%	2.09%	39.65%
$10.34	3.66%	$  1,672	2.29%	1.07%	2.65%	1.65%
$10.45	6.15%	$  3,767	1.69%	2.84%	1.81%	34.52%
$10.00	4.52%	$  3,070	1.67%	3.34%	1.79%	116.07%
$  9.90	4.01%	$  3,006	1.68%	3.52%	1.80%	85.83%
$  9.86	2.32%	$  4,020	1.68%	3.48%	1.79%	127.13%
$  9.98	1.33%	$  5,725	1.71%	2.67%	1.84%	107.04%
$10.20	0.55%	$  6,883	1.80%	2.15%	1.92%	98.35%

93

BB&T Funds

Financial Highlights, Class B Shares

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

		Investment Activities			Distributions
	Net Asset Value, Beginning of Period	Net investment income (loss)	Net realized/ unrealized gains (losses) on investments	Total from Investment Activities	Net investment income	Net realized gains on investments	Total Distributions
Total Return Bond Fund
Six Months Ended March 31, 2009 (Unaudited)	$  9.89	0.18(c)	0.16	0.34	(0.18)	—	(0.18)
Year Ended September 30, 2008	$10.13	0.36(c)	(0.22)	0.14	(0.38)	—	(0.38)
Year Ended September 30, 2007	$10.13	0.37(c)	—	0.37	(0.37)	—	(0.37)
Year Ended September 30, 2006	$10.32	0.34(c)	(0.12)	0.22	(0.36)	(0.05)	(0.41)
Year Ended September 30, 2005	$10.59	0.30(c)	(0.18)	0.12	(0.36)	(0.03)	(0.39)
Year Ended September 30, 2004	$10.72	0.32	(0.07)	0.25	(0.38)	—	(0.38)
Prime Money Market Fund
Six Months Ended March 31, 2009 (Unaudited)	$  1.00	—(c)(d)	—(d)	—	—	—	—
Year Ended September 30, 2008	$  1.00	0.02(c)	—(d)	0.02	(0.02)	—	(0.02)
Year Ended September 30, 2007	$  1.00	0.04(c)	—	0.04	(0.04)	—	(0.04)
Year Ended September 30, 2006	$  1.00	0.03	—(d)	0.03	(0.03)	—	(0.03)
Year Ended September 30, 2005	$  1.00	0.01	—(d)	0.01	(0.01)	—	(0.01)
Year Ended September 30, 2004	$  1.00	—(d)	—(d)	—(d)	—(d)	—	—(d)
U.S. Treasury Money Market Fund
Six Months Ended March 31, 2009 (Unaudited)	$  1.00	—(c)(d)	—(d)	—	—	—	—
Year Ended September 30, 2008	$  1.00	0.01(c)	—(d)	0.01	(0.01)	—	(0.01)
Year Ended September 30, 2007	$  1.00	0.04(c)	—	0.04	(0.04)	—	(0.04)
Year Ended September 30, 2006	$  1.00	0.03	—	0.03	(0.03)	—	(0.03)
Year Ended September 30, 2005	$  1.00	0.01	—	0.01	(0.01)	—	(0.01)
Year Ended September 30, 2004	$  1.00	—(d)	—	—(d)	—(d)	—	—(d)
Capital Manager Conservative Growth Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  8.43	0.10(c)	(1.12)	(1.02)	(0.10)	(0.14)	(0.24)
Year Ended September 30, 2008	$10.54	0.19(c)	(1.25)	(1.06)	(0.32)	(0.73)	(1.05)
Year Ended September 30, 2007	$  9.96	0.27(c)	0.54	0.81	(0.23)	—	(0.23)
Year Ended September 30, 2006	$  9.76	0.23(c)	0.23	0.46	(0.26)	—	(0.26)
Year Ended September 30, 2005	$  9.30	0.16	0.45	0.61	(0.15)	—	(0.15)
Year Ended September 30, 2004	$  8.85	0.09(c)	0.45	0.54	(0.09)	—	(0.09)
Capital Manager Moderate Growth Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  7.62	0.07(c)	(1.51)	(1.44)	(0.08)	—	(0.08)
Year Ended September 30, 2008	$10.75	0.10(c)	(1.81)	(1.71)	(0.29)	(1.13)	(1.42)
Year Ended September 30, 2007	$10.05	0.21(c)	0.85	1.06	(0.14)	(0.22)	(0.36)
Year Ended September 30, 2006	$  9.64	0.17(c)	0.42	0.59	(0.18)	—	(0.18)
Year Ended September 30, 2005	$  8.86	0.09(c)	0.77	0.86	(0.08)	—	(0.08)
Year Ended September 30, 2004	$  8.15	0.02(c)	0.71	0.73	(0.02)	—	(0.02)
Capital Manager Growth Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  7.17	0.06(c)	(1.80)	(1.74)	(0.06)	—	(0.06)
Year Ended September 30, 2008	$10.92	0.04(c)	(2.15)	(2.11)	(0.27)	(1.37)	(1.64)
Year Ended September 30, 2007	$10.05	0.18(c)	1.04	1.22	(0.08)	(0.27)	(0.35)
Year Ended September 30, 2006	$  9.51	0.12(c)	0.56	0.68	(0.14)	—	(0.14)
Year Ended September 30, 2005	$  8.55	0.05(c)	0.95	1.00	(0.04)	—	(0.04)
Year Ended September 30, 2004	$  7.70	(0.02)(c)	0.87	0.85	—	—	—
Capital Manager Equity Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  7.09	0.04(c)	(2.30)	(2.26)	(0.05)	—	(0.05)
Year Ended September 30, 2008	$11.86	(0.03)(c)	(2.65)	(2.68)	(0.28)	(1.81)	(2.09)
Year Ended September 30, 2007	$11.26	0.12(c)	1.38	1.50	(0.05)	(0.85)	(0.90)
Year Ended September 30, 2006	$10.67	0.09(c)	0.80	0.89	(0.11)	(0.19)	(0.30)
Year Ended September 30, 2005	$  9.36	0.01(c)	1.31	1.32	(0.01)	—	(0.01)
Year Ended September 30, 2004	$  8.30	(0.05)(c)	1.11	1.06	—	—	—

* During the period certain fees were reduced. If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

*** The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Per share net investment income (loss) has been calculated using the average daily shares method.

(d) Amount is less than $0.005.

See accompanying notes to the financial statements.

94

		Ratios/Supplementary Data
Net Asset Value, End of Period	Total Return (excludes sales charge) (a)	Net Assets, End of Period (000)	Ratio of net expenses to average net assets (b)	Ratio of net investment income (loss) to average net assets (b)	Ratio of expenses to average net assets*(b)	Portfolio turnover rate**(a)
$10.05	3.51%	$  5,198	1.69%	3.58%	1.81%	53.37%
$  9.89	1.31%	$  4,951	1.66%	3.49%	1.78%	190.15%
$10.13	3.73%	$  4,992	1.68%	3.62%	1.80%	222.24%
$10.13	2.27%	$  4,872	1.68%	3.39%	1.79%	226.36%
$10.32	1.21%	$  6,161	1.71%	2.87%	1.84%	173.14%
$10.59	2.45%	$  6,602	1.82%	3.09%	1.94%	31.95%
$  1.00	0.33%	$  2,292	1.40%	0.65%	1.66%	—
$  1.00	2.35%	$  1,767	1.46%	2.26%	1.58%	—
$  1.00	4.01%	$  1,629	1.48%	3.92%	1.60%	—
$  1.00	3.37%	$  2,256	1.48%	3.34%	1.59%	—
$  1.00	1.32%	$  1,790	1.49%	1.28%	1.63%	—
$  1.00	0.06%	$  2,280	1.20%	0.06%	1.70%	—
$  1.00	0.02%	$  1,318	0.35%	0.04%	1.63%	—
$  1.00	1.28%	$     597	1.38%	1.14%	1.58%	—
$  1.00	3.72%	$     301	1.46%	3.64%	1.60%	—
$  1.00	3.12%	$     381	1.46%	2.97%	1.59%	—
$  1.00	1.09%	$     807	1.48%	1.05%	1.64%	—
$  1.00	0.05%	$     887	1.05%	0.05%	1.71%	—
$  7.17	(12.08)%	$  2,906	1.24%	2.64%	1.49%	11.06%
$  8.43	(11.09)%	$  4,081	1.10%	1.98%	1.35%	39.99%
$10.54	8.17%	$  4,779	1.10%	2.60%	1.41%	29.58%
$  9.96	4.75%	$  4,968	1.08%	2.37%	1.45%	5.69%
$  9.76	6.58%	$  4,992	1.20%	1.64%	1.51%	52.50%
$  9.30	6.10%	$  4,857	1.44%	0.93%	1.64%	2.47%
$  6.10	(18.97)%	$10,567	1.16%	2.31%	1.41%	7.60%
$  7.62	(17.99)%	$15,305	1.10%	1.07%	1.35%	63.63%
$10.75	10.67%	$21,791	1.11%	1.96%	1.42%	40.05%
$10.05	6.21%	$21,610	1.10%	1.70%	1.47%	7.33%
$  9.64	9.72%	$21,909	1.24%	0.99%	1.55%	37.83%
$  8.86	8.94%	$19,049	1.49%	0.17%	1.69%	0.17%
$  5.37	(24.32)%	$  8,817	1.17%	2.00%	1.42%	8.05%
$  7.17	(22.32)%	$13,306	1.10%	0.47%	1.35%	77.54%
$10.92	12.31%	$20,286	1.11%	1.71%	1.43%	44.48%
$10.05	7.22%	$19,366	1.11%	1.27%	1.48%	6.26%
$  9.51	11.68%	$17,141	1.23%	0.59%	1.57%	26.22%
$  8.55	11.04%	$13,730	1.50%	(0.23)%	1.73%	0.19%
$  4.78	(32.10)%	$  3,462	1.25%	1.45%	1.51%	7.86%
$  7.09	(26.69)%	$  5,406	1.13%	(0.31)%	1.38%	67.40%
$11.86	13.88%	$  8,535	1.12%	1.07%	1.43%	48.80%
$11.26	8.51%	$  8,023	1.11%	0.80%	1.47%	1.48%
$10.67	14.11%	$  7,515	1.21%	0.11%	1.58%	2.14%
$  9.36	12.77%	$  5,720	1.52%	(0.54)%	1.81%	3.10%

95

BB&T Funds

Financial Highlights, Class C Shares

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

		Investment Activities			Distributions
	Net Asset Value, Beginning of Period	Net investment income (loss)	Net realized/ unrealized gains (losses) on investments	Total from Investment Activities	Net investment income	Net realized gains on investments	Total Distributions
Large Cap Fund
Six Months Ended March 31, 2009 (Unaudited)	$11.08	0.04(c)	(3.41)	(3.37)	(0.06)	—	(0.06)
Year Ended September 30, 2008	$18.87	0.04(c)	(5.05)	(5.01)	(0.05)	(2.73)	(2.78)
Year Ended September 30, 2007	$20.11	0.09(c)	2.13	2.22	(0.11)	(3.35)	(3.46)
Year Ended September 30, 2006	$19.28	0.16(c)	2.26	2.42	(0.15)	(1.44)	(1.59)
Year Ended September 30, 2005	$17.09	0.14	2.19	2.33	(0.14)	—	(0.14)
Year Ended September 30, 2004	$14.73	0.09	2.37	2.46	(0.10)	—	(0.10)
Mid Cap Value Fund
Six Months Ended March 31, 2009 (Unaudited)	$10.14	(0.02)(c)	(3.06)	(3.08)	(0.01)	—	(0.01)
Year Ended September 30, 2008	$14.55	(0.07)(c)	(2.98)	(3.05)	—	(1.36)	(1.36)
Year Ended September 30, 2007	$13.23	(0.07)(c)	2.08	2.01	—(d)	(0.69)	(0.69)
Year Ended September 30, 2006	$13.16	(0.07)(c)	1.59	1.52	—(d)	(1.45)	(1.45)
Year Ended September 30, 2005	$15.30	—(c)(d)	3.02	3.02	(0.07)	(5.09)	(5.16)
Year Ended September 30, 2004	$12.92	0.07(c)	2.41	2.48	(0.10)	—	(0.10)
Mid Cap Growth Fund
Six Months Ended March 31, 2009 (Unaudited)	$  9.32	(0.03)(c)	(3.31)	(3.34)	—	(0.38)	(0.38)
Year Ended September 30, 2008	$14.08	(0.16)(c)	(3.57)	(3.73)	—	(1.03)	(1.03)
Year Ended September 30, 2007	$11.96	(0.15)(c)	3.92	3.77	—	(1.65)	(1.65)
Year Ended September 30, 2006	$13.47	(0.09)(c)	—(d)	(0.09)	—	(1.42)	(1.42)
Year Ended September 30, 2005	$10.70	(0.17)(c)	3.08	2.91	—	(0.14)	(0.14)
Year Ended September 30, 2004	$  9.69	(0.16)	1.17	1.01	—	—	—
Small Cap Fund
Six Months Ended March 31, 2009 (Unaudited)	$10.84	(0.03)(c)	(3.95)	(3.98)	—	—	—
Year Ended September 30, 2008	$14.41	(0.12)(c)	(2.25)	(2.37)	—	(1.20)	(1.20)
Year Ended September 30, 2007	$14.71	(0.06)(c)	0.73	0.67	(0.06)	(0.91)	(0.97)
Year Ended September 30, 2006	$16.10	(0.11)(c)	1.03	0.92	(0.01)	(2.30)	(2.31)
Year Ended September 30, 2005	$14.06	(0.02)(c)	2.60	2.58	(0.12)	(0.42)	(0.54)
Year Ended September 30, 2004	$11.40	(0.12)(c)	2.90	2.78	—	(0.12)	(0.12)
International Equity Fund
Six Months Ended March 31, 2009 (Unaudited)	$  4.73	—(c)(d)	(1.56)	(1.56)	(0.11)	—	(0.11)
Year Ended September 30, 2008	$  7.62	0.03(c)	(2.16)	(2.13)	(0.01)	(0.75)	(0.76)
Year Ended September 30, 2007	$10.44	0.01(c)	1.73	1.74	(0.04)	(4.52)	(4.56)
Year Ended September 30, 2006	$  9.07	0.05(c)	1.42	1.47	(0.10)	—	(0.10)
Year Ended September 30, 2005	$  7.74	0.06(c)	1.36	1.42	(0.09)	—	(0.09)
Year Ended September 30, 2004	$  6.58	—(c)	1.20	1.20	(0.04)	—	(0.04)
Special Opportunities Equity Fund
Six Months Ended March 31, 2009 (Unaudited)	$14.66	0.08(c)	(3.60)	(3.52)	(0.03)	(0.63)	(0.66)
Year Ended September 30, 2008	$17.64	(0.21)(c)	(2.02)	(2.23)	—	(0.75)	(0.75)
Year Ended September 30, 2007	$16.01	(0.13)(c)	3.36	3.23	—	(1.60)	(1.60)
Year Ended September 30, 2006	$15.30	(0.14)	1.64	1.50	—	(0.79)	(0.79)
Year Ended September 30, 2005	$12.95	(0.13)	2.60	2.47	—	(0.12)	(0.12)
Year Ended September 30, 2004	$10.50	(0.11)	2.64	2.53	—	(0.08)	(0.08)
Equity Income Fund
Six Months Ended March 31, 2009 (Unaudited)	$12.30	0.09(c)	(3.14)	(3.05)	(0.06)	(0.03)	(0.09)
Year Ended September 30, 2008	$14.98	0.33(c)	(2.21)	(1.88)	(0.22)	(0.58)	(0.80)
Year Ended September 30, 2007	$13.32	0.26(c)	2.30	2.56	(0.22)	(0.68)	(0.90)
Year Ended September 30, 2006	$12.07	0.19	1.56	1.75	(0.23)	(0.27)	(0.50)
Year Ended September 30, 2005	$10.34	0.17	1.76	1.93	(0.18)	(0.02)	(0.20)
June 30, 2004 to September 30, 2004 (e)	$10.00	0.03(c)	0.34	0.37	(0.03)	—	(0.03)
Intermediate U.S. Government Fund
Six Months Ended March 31, 2009 (Unaudited)	$10.01	0.14(c)	0.47	0.61	(0.16)	—	(0.16)
Year Ended September 30, 2008	$  9.90	0.34(c)	0.12	0.46	(0.35)	—	(0.35)
Year Ended September 30, 2007	$  9.86	0.35(c)	0.04	0.39	(0.35)	—	(0.35)
Year Ended September 30, 2006	$  9.98	0.34(c)	(0.12)	0.22	(0.34)	—	(0.34)
Year Ended September 30, 2005	$10.20	0.27(c)	(0.13)	0.14	(0.31)	(0.05)	(0.36)
Year Ended September 30, 2004	$10.53	0.17	(0.12)	0.05	(0.25)	(0.13)	(0.38)

* During the period certain fees were reduced. If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Per share net investment income (loss) has been calculated using the average daily shares method.

(d) Amount is less than $0.005.

(e) Period from commencement of operations.

See accompanying notes to the financial statements.

96

		Ratios/Supplementary Data
Net Asset Value, End of Period	Total Return (excludes sales charge)(a)	Net Assets, End of Period (000)	Ratio of net expenses to average net assets(b)	Ratio of net investment income (loss) to average net assets(b)	Ratio of expenses to average net assets*(b)	Portfolio turnover rate**(a)
$  7.65	(30.45)%	$       74	1.85%	0.92%	1.99%	37.92%
$11.08	(30.00)%	$     143	1.89%	0.28%	1.94%	38.43%
$18.87	11.76%	$     239	1.91%	0.50%	1.97%	68.60%
$20.11	13.42%	$     161	1.88%	0.82%	1.94%	34.83%
$19.28	13.77%	$     176	1.88%	0.80%	1.98%	19.50%
$17.09	16.72%	$     157	1.95%	0.57%	2.07%	16.40%
$  7.05	(30.40)%	$     114	1.96%	(0.55)%	2.00%	29.98%
$10.14	(22.59)%	$     328	1.89%	(0.60)%	1.93%	65.74%
$14.55	15.60%	$  1,126	1.91%	(0.49)%	1.95%	58.59%
$13.23	12.38%	$     743	1.89%	(0.53)%	1.93%	53.92%
$13.16	19.97%	$     351	1.90%	0.01%	2.00%	126.99%
$15.30	19.20%	$     523	1.98%	0.45%	2.10%	19.17%
$  5.60	(36.06)%	$       15	1.94%	(0.99)%	1.98%	104.23%
$  9.32	(28.82)%	$       28	1.90%	(1.35)%	1.94%	218.03%
$14.08	35.19%	$       46	1.92%	(1.23)%	1.96%	134.95%
$11.96	(1.15)%	$       33	1.88%	(0.70)%	1.93%	140.90%
$13.47	27.42%	$       77	1.91%	(1.46)%	2.00%	92.74%
$10.70	10.42%	$     208	2.00%	(1.65)%	2.11%	138.61%
$  6.86	(36.72)%	$        9	2.15%	(0.92)%	2.35%	80.10%
$10.84	(17.44)%	$       12	2.03%	(0.98)%	2.23%	94.93%
$14.41	4.37%	$       26	2.06%	(0.41)%	2.26%	46.54%
$14.71	6.17%	$       20	2.03%	(0.76)%	2.27%	43.25%
$16.10	18.71%	$        4	2.04%	(0.12)%	2.25%	8.39%
$14.06	24.56%	$        1	2.25%	(0.89)%	2.44%	11.25%
$  3.06	(33.39)%	$     113	2.54%	(0.16)%	2.81%	149.60%
$  4.73	(31.30)%	$     172	2.31%	0.48%	2.50%	112.65%
$  7.62	19.28%	$     244	2.13%	0.12%	2.26%	129.80%
$10.44	16.26%	$     188	2.15%	0.47%	2.25%	36.22%
$  9.07	18.38%	$       92	2.23%	0.70%	2.34%	44.96%
$  7.74	18.30%	$        2	2.32%	(0.04)%	2.42%	50.68%
$10.48	(23.82)%	$37,246	2.02%	1.55%	2.02%	23.97%
$14.66	(13.27)%	$50,230	1.99%	(1.23)%	1.99%	25.80%
$17.64	21.32%	$50,577	2.03%	(0.79)%	2.03%	49.43%
$16.01	10.34%	$34,418	2.03%	(1.02)%	2.03%	58.01%
$15.30	19.16%	$30,299	2.06%	(1.17)%	2.08%	30.38%
$12.95	24.17%	$15,611	2.15%	(1.51)%	2.30%	32.06%
$  9.16	(24.87)%	$26,021	1.93%	1.88%	1.93%	19.26%
$12.30	(13.07)%	$32,637	1.89%	2.39%	1.89%	30.01%
$14.98	19.93%	$26,044	1.94%	1.79%	1.94%	37.85%
$13.32	14.85%	$14,261	1.95%	1.52%	1.95%	45.38%
$12.07	18.74%	$  8,683	1.87%	1.77%	2.08%	39.65%
$10.34	3.66%	$  1,816	2.29%	1.14%	2.65%	1.65%
$10.46	6.14%	$     218	1.69%	2.81%	1.80%	34.52%
$10.01	4.62%	$     176	1.67%	3.33%	1.79%	116.07%
$  9.90	4.01%	$     201	1.68%	3.52%	1.80%	85.83%
$  9.86	2.31%	$     207	1.68%	3.47%	1.79%	127.13%
$  9.98	1.33%	$     274	1.71%	2.66%	1.84%	107.04%
$10.20	0.55%	$     607	1.80%	2.15%	1.92%	98.35%

97

BB&T Funds

Financial Highlights, Class C Shares

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

		Investment Activities			Distributions
	Net Asset Value, Beginning of Period	Net investment income (loss)	Net realized/ unrealized gains (losses) on investments	Total from Investment Activities	Net investment income	Net realized gains on investments	Total Distributions
Total Return Bond Fund
Six Months Ended March 31, 2009 (Unaudited)	$  9.89	0.18(c)	0.17	0.35	(0.18)	—	(0.18)
Year Ended September 30, 2008	$10.14	0.36(c)	(0.23)	0.13	(0.38)	—	(0.38)
Year Ended September 30, 2007	$10.13	0.37(c)	0.01	0.38	(0.37)	—	(0.37)
Year Ended September 30, 2006	$10.32	0.34(c)	(0.12)	0.22	(0.36)	(0.05)	(0.41)
Year Ended September 30, 2005	$10.59	0.30(c)	(0.18)	0.12	(0.36)	(0.03)	(0.39)
Year Ended September 30, 2004	$10.72	0.33	(0.08)	0.25	(0.38)	—	(0.38)
Prime Money Market Fund
Six Months Ended March 31, 2009 (Unaudited)	$  1.00	—(c)(d)	—(d)	—	—	—	—
Year Ended September 30, 2008	$  1.00	0.02(c)	—(d)	0.02	(0.02)	—	(0.02)
Year Ended September 30, 2007	$  1.00	0.04(c)	—	0.04	(0.04)	—	(0.04)
Year Ended September 30, 2006	$  1.00	0.03	—(d)	0.03	(0.03)	—	(0.03)
Year Ended September 30, 2005	$  1.00	0.01	—(d)	0.01	(0.01)	—	(0.01)
Year Ended September 30, 2004	$  1.00	—(d)	—(d)	—(d)	—(d)	—	—(d)
U.S. Treasury Money Market Fund
Six Months Ended March 31, 2009 (Unaudited)	$  1.00	—(c)(d)	—(d)	—(d)	—	—	—
Year Ended September 30, 2008	$  1.00	0.01(c)	—(d)	0.01	(0.01)	—	(0.01)
Year Ended September 30, 2007	$  1.00	0.04(c)	—	0.04	(0.04)	—	(0.04)
Year Ended September 30, 2006	$  1.00	0.03	—	0.03	(0.03)	—	(0.03)
Year Ended September 30, 2005	$  1.00	0.01	—	0.01	(0.01)	—	(0.01)
Year Ended September 30, 2004	$  1.00	—(d)	—	—(d)	—(d)	—	—(d)
Capital Manager Conservative Growth Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  8.41	0.10(c)	(1.12)	(1.02)	(0.11)	(0.14)	(0.25)
Year Ended September 30, 2008	$10.51	0.19(c)	(1.24)	(1.05)	(0.32)	(0.73)	(1.05)
Year Ended September 30, 2007	$  9.93	0.27(c)	0.53	0.80	(0.22)	—	(0.22)
Year Ended September 30, 2006	$  9.73	0.23(c)	0.23	0.46	(0.26)	—	(0.26)
Year Ended September 30, 2005	$  9.27	0.16	0.45	0.61	(0.15)	—	(0.15)
Year Ended September 30, 2004	$  8.82	0.09(c)	0.44	0.53	(0.08)	—	(0.08)
Capital Manager Moderate Growth Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  7.67	0.07(c)	(1.52)	(1.45)	(0.08)	—	(0.08)
Year Ended September 30, 2008	$10.81	0.09(c)	(1.82)	(1.73)	(0.28)	(1.13)	(1.41)
Year Ended September 30, 2007	$10.10	0.21(c)	0.86	1.07	(0.14)	(0.22)	(0.36)
Year Ended September 30, 2006	$  9.69	0.17(c)	0.42	0.59	(0.18)	—	(0.18)
Year Ended September 30, 2005	$  8.91	0.09(c)	0.77	0.86	(0.08)	—	(0.08)
Year Ended September 30, 2004	$  8.18	0.01(c)	0.73	0.74	(0.01)	—	(0.01)
Capital Manager Growth Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  7.17	0.06(c)	(1.80)	(1.74)	(0.06)	—	(0.06)
Year Ended September 30, 2008	$10.92	0.04(c)	(2.15)	(2.11)	(0.27)	(1.37)	(1.64)
Year Ended September 30, 2007	$10.05	0.18(c)	1.04	1.22	(0.08)	(0.27)	(0.35)
Year Ended September 30, 2006	$  9.52	0.11(c)	0.57	0.68	(0.15)	—	(0.15)
Year Ended September 30, 2005	$  8.56	0.04(c)	0.95	0.99	(0.03)	—	(0.03)
Year Ended September 30, 2004	$  7.71	(0.02)(c)	0.87	0.85	—	—	—
Capital Manager Equity Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  7.10	0.04(c)	(2.30)	(2.26)	(0.05)	—	(0.05)
Year Ended September 30, 2008	$11.87	(0.03)(c)	(2.66)	(2.69)	(0.27)	(1.81)	(2.08)
Year Ended September 30, 2007	$11.22	0.12(c)	1.41	1.53	(0.03)	(0.85)	(0.88)
Year Ended September 30, 2006	$10.64	0.10(c)	0.78	0.88	(0.11)	(0.19)	(0.30)
Year Ended September 30, 2005	$  9.33	(0.01)(c)	1.32	1.31	—(d)	—	—(d)
Year Ended September 30, 2004	$  8.28	(0.05)(c)	1.10	1.05	—	—	—

* During the period certain fees were reduced. If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

*** The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Per share net investment income (loss) has been calculated using the average daily shares method.

(d) Amount is less than $0.005.

See accompanying notes to the financial statements.

98

		Ratios/Supplementary Data
Net Asset Value, End of Period	Total Return (excludes sales charge) (a)	Net Assets, End of Period (000)	Ratio of net expenses to average net assets (b)	Ratio of net investment income (loss) to average net assets (b)	Ratio of expenses to average net assets*(b)	Portfolio turnover rate**(a)
$10.06	3.61%	$  238	1.69%	3.57%	1.81%	53.37%
$  9.89	1.21%	$  184	1.66%	3.49%	1.78%	190.15%
$10.14	3.83%	$  115	1.68%	3.61%	1.80%	222.24%
$10.13	2.18%	$  116	1.68%	3.35%	1.79%	226.36%
$10.32	1.21%	$  218	1.71%	2.88%	1.84%	173.74%
$10.59	2.44%	$  257	1.82%	3.09%	1.94%	31.95%
$  1.00	0.33%	$1,214	1.38%	0.52%	1.66%	—
$  1.00	2.36%	$  244	1.46%	2.46%	1.59%	—
$  1.00	3.99%	$  460	1.48%	3.91%	1.59%	—
$  1.00	3.35%	$  393	1.48%	3.35%	1.59%	—
$  1.00	1.32%	$  326	1.49%	1.29%	1.64%	—
$  1.00	0.06%	$  453	1.20%	0.06%	1.70%	—
$  1.00	0.03%	$    65	0.33%	0.06%	1.62%	—
$  1.00	1.29%	$    37	1.38%	1.30%	1.58%	—
$  1.00	3.68%	$    42	1.47%	3.63%	1.61%	—
$  1.00	3.13%	$    55	1.45%	3.30%	1.59%	—
$  1.00	1.07%	$    38	1.50%	1.40%	1.66%	—
$  1.00	0.05%	$      5	1.02%	0.05%	1.71%	—
$  7.14	(12.20)%	$    83	1.24%	2.67%	1.50%	11.06%
$  8.41	(10.99)%	$    94	1.10%	1.99%	1.35%	39.99%
$10.51	8.11%	$    77	1.10%	2.58%	1.41%	29.58%
$  9.93	4.75%	$  127	1.08%	2.35%	1.45%	5.69%
$  9.73	6.58%	$  155	1.20%	1.63%	1.52%	52.50%
$  9.27	6.06%	$  180	1.44%	0.93%	1.64%	2.47%
$  6.14	(18.96)%	$    66	1.16%	2.32%	1.41%	7.60%
$  7.67	(18.02)%	$    79	1.10%	1.04%	1.35%	63.63%
$10.81	10.72%	$  156	1.11%	1.98%	1.42%	40.05%
$10.10	6.19%	$  139	1.10%	1.71%	1.47%	7.33%
$  9.69	9.62%	$  122	1.25%	0.95%	1.56%	37.83%
$  8.91	9.08%	$  178	1.49%	0.17%	1.69%	0.17%
$  5.37	(24.30)%	$    43	1.17%	2.02%	1.42%	8.05%
$  7.17	(22.31)%	$    55	1.10%	0.49%	1.35%	77.54%
$10.92	12.33%	$    78	1.11%	1.74%	1.43%	44.48%
$10.05	7.19%	$    61	1.11%	1.17%	1.46%	6.26%
$  9.52	11.61%	$    37	1.26%	0.43%	1.59%	26.22%
$  8.56	11.02%	$    63	1.50%	(0.23)%	1.73%	0.19%
$  4.79	(31.97)%	$      1	1.11%	1.59%	1.24%	7.86%
$  7.10	(26.77)%	$      1	1.13%	(0.32)%	1.43%	67.40%
$11.87	14.13%	$      1	1.00%	1.02%	1.25%	48.80%
$11.22	8.44%	$    10	1.11%	0.90%	1.48%	1.48%
$10.64	14.15%	$    19	1.27%	(0.09)%	1.63%	2.14%
$  9.33	12.68%	$    85	1.52%	(0.54)%	1.81%	3.10%

99

BB&T Funds

Financial Highlights, Institutional Shares

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

		Investment Activities			Distributions
	Net Asset Value, Beginning of Period	Net investment income (loss)	Net realized/ unrealized gains (losses) on investments	Total from Investment Activities	Net investment income	Net realized gains on investments	Total Distributions
Large Cap Fund
Six Months Ended March 31, 2009 (Unaudited)	$11.36	0.08(c)	(3.49)	(3.41)	(0.10)	—	(0.10)
Year Ended September 30, 2008	$19.20	0.18(c)	(5.16)	(4.98)	(0.13)	(2.73)	(2.86)
Year Ended September 30, 2007	$20.38	0.29(c)	2.16	2.45	(0.28)	(3.35)	(3.63)
Year Ended September 30, 2006	$19.51	0.35(c)	2.31	2.66	(0.35)	(1.44)	(1.79)
Year Ended September 30, 2005	$17.29	0.34	2.22	2.56	(0.34)	—	(0.34)
Year Ended September 30, 2004	$14.90	0.26	2.39	2.65	(0.26)	—	(0.26)
Mid Cap Value Fund
Six Months Ended March 31, 2009 (Unaudited)	$10.56	0.02(c)	(3.18)	(3.16)	(0.03)	—	(0.03)
Year Ended September 30, 2008	$15.00	0.05(c)	(3.10)	(3.05)	(0.03)	(1.36)	(1.39)
Year Ended September 30, 2007	$13.54	0.08(c)	2.13	2.21	(0.06)	(0.69)	(0.75)
Year Ended September 30, 2006	$13.38	0.06(c)	1.62	1.68	(0.07)	(1.45)	(1.52)
Year Ended September 30, 2005	$15.41	0.17(c)	3.05	3.22	(0.16)	(5.09)	(5.25)
Year Ended September 30, 2004	$12.98	0.22(c)	2.42	2.64	(0.21)	—	(0.21)
Mid Cap Growth Fund
Six Months Ended March 31, 2009 (Unaudited)	$10.60	—(c)(d)	(3.77)	(3.77)	—	(0.38)	(0.38)
Year Ended September 30, 2008	$15.73	(0.04)(c)	(4.06)	(4.10)	—	(1.03)	(1.03)
Year Ended September 30, 2007	$13.09	(0.04)(c)	4.35	4.31	(0.02)	(1.65)	(1.67)
Year Ended September 30, 2006	$14.51	0.02(c)	0.02(e)	0.04	(0.04)	(1.42)	(1.46)
Year Ended September 30, 2005	$11.40	(0.06)(c)	3.31	3.25	—	(0.14)	(0.14)
Year Ended September 30, 2004	$10.22	(0.08)	1.26	1.18	—	—	—
Small Cap Fund
Six Months Ended March 31, 2009 (Unaudited)	$11.47	—(c)(d)	(4.17)	(4.17)	—	—	—
Year Ended September 30, 2008	$15.03	—(c)(d)	(2.36)	(2.36)	—	(1.20)	(1.20)
Year Ended September 30, 2007	$15.19	0.10(c)	0.75	0.85	(0.10)	(0.91)	(1.01)
Year Ended September 30, 2006	$16.44	0.05(c)	1.05	1.10	(0.05)	(2.30)	(2.35)
Year Ended September 30, 2005	$14.23	0.16(c)	2.62	2.78	(0.15)	(0.42)	(0.57)
Year Ended September 30, 2004	$11.44	0.02(c)	2.91	2.93	(0.02)	(0.12)	(0.14)
International Equity Fund
Six Months Ended March 31, 2009 (Unaudited)	$  5.47	0.02(c)	(1.80)	(1.78)	(0.12)	—	(0.12)
Year Ended September 30, 2008	$  8.64	0.10(c)	(2.49)	(2.39)	(0.03)	(0.75)	(0.78)
Year Ended September 30, 2007	$11.23	0.14(c)	1.88	2.02	(0.09)	(4.52)	(4.61)
Year Ended September 30, 2006	$  9.72	0.18(c)	1.50	1.68	(0.17)	—	(0.17)
Year Ended September 30, 2005	$  8.24	0.12(c)	1.49	1.61	(0.13)	—	(0.13)
Year Ended September 30, 2004	$  6.98	0.10(c)	1.26	1.36	(0.10)	—	(0.10)
Special Opportunities Equity Fund
Six Months Ended March 31, 2009 (Unaudited)	$15.58	0.13(c)	(3.82)	(3.69)	(0.06)	(0.63)	(0.69)
Year Ended September 30, 2008	$18.51	(0.04)(c)	(2.14)	(2.18)	—	(0.75)	(0.75)
Year Ended September 30, 2007	$16.57	0.03(c)	3.51	3.54	—	(1.60)	(1.60)
Year Ended September 30, 2006	$15.65	—  (d)	1.71	1.71	—	(0.79)	(0.79)
Year Ended September 30, 2005	$13.12	(0.03)	2.68	2.65	—	(0.12)	(0.12)
Year Ended September 30, 2004	$10.53	(0.05)	2.72	2.67	—	(0.08)	(0.08)
Equity Income Fund
Six Months Ended March 31, 2009 (Unaudited)	$12.37	0.14(c)	(3.17)	(3.03)	(0.10)	(0.03)	(0.13)
Year Ended September 30, 2008	$15.05	0.51(c)	(2.26)	(1.75)	(0.35)	(0.58)	(0.93)
Year Ended September 30, 2007	$13.37	0.40(c)	2.31	2.71	(0.35)	(0.68)	(1.03)
Year Ended September 30, 2006	$12.10	0.32	1.57	1.89	(0.35)	(0.27)	(0.62)
Year Ended September 30, 2005	$10.35	0.28	1.76	2.04	(0.27)	(0.02)	(0.29)
June 30, 2004 to September 30, 2004 (f)	$10.00	0.05(c)	0.34	0.39	(0.04)	—	(0.04)
Short U.S. Government Fund
Six Months Ended March 31, 2009 (Unaudited)	$  9.54	0.14(c)	0.18	0.32	(0.18)	—	(0.18)
Year Ended September 30, 2008	$  9.53	0.35(c)	0.06	0.41	(0.40)	—	(0.40)
Year Ended September 30, 2007	$  9.49	0.38(c)	0.08	0.46	(0.42)	—	(0.42)
Year Ended September 30, 2006	$  9.51	0.30(c)	0.01(e)	0.31	(0.33)	—	(0.33)
Year Ended September 30, 2005	$  9.71	0.25	(0.13)	0.12	(0.32)	—	(0.32)
Year Ended September 30, 2004	$  9.90	0.20	(0.11)	0.09	(0.28)	—	(0.28)

* During the period certain fees were reduced. If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Per share net investment income (loss) has been calculated using the average daily shares method.

(d) Amount is less than $0.005.

(e) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of Fund shares in relation to fluctuating market values during the period.

(f) Period from commencement of operations.

See accompanying notes to the financial statements.

100

Net Asset Value, End of Period	Total Return (a)	Ratios/Supplementary Data
		Net Assets, End of Period (000)	Ratio of net expenses to average net assets (b)	Ratio of net investment income (loss) to average net assets (b)	Ratio of expenses to average net assets*(b)	Portfolio turnover rate**(a)
$  7.85	(30.09)%	$154,766	0.85%	1.94%	0.99%	37.92%
$11.36	(29.32)%	$257,036	0.89%	1.28%	0.94%	38.43%
$19.20	12.89%	$602,101	0.91%	1.50%	0.96%	68.60%
$20.38	14.59%	$660,667	0.89%	1.80%	0.93%	34.83%
$19.51	14.92%	$605,493	0.89%	1.82%	0.99%	19.50%
$17.29	17.86%	$620,186	0.95%	1.58%	1.06%	16.40%
$  7.37	(29.96)%	$123,349	0.97%	0.50%	1.01%	65.74%
$10.56	(21.87)%	$163,840	0.89%	0.43%	0.93%	65.74%
$15.00	16.75%	$243,437	0.91%	0.53%	0.95%	58.59%
$13.54	13.52%	$209,685	0.89%	0.48%	0.93%	53.92%
$13.38	21.14%	$172,295	0.89%	1.02%	0.99%	126.99%
$15.41	20.44%	$182,791	0.98%	1.47%	1.10%	19.17%
$  6.45	(35.75)%	$  99,336	0.97%	(0.02)%	1.01%	104.23%
$10.60	(28.12)%	$162,072	0.90%	(0.31)%	0.94%	218.03%
$15.73	36.43%	$197,736	0.90%	(0.25)%	0.94%	134.95%
$13.09	(0.15)%	$132,677	0.89%	0.17%	0.94%	140.90%
$14.51	28.73%	$126,785	0.91%	(0.46)%	1.01%	92.74%
$11.40	11.55%	$118,012	1.00%	(0.65)%	1.11%	138.61%
$  7.30	(36.36)%	$  20,986	1.17%	0.05%	1.37%	80.10%
$11.47	(16.60)%	$  33,901	1.03%	(0.01)%	1.23%	94.93%
$15.03	5.43%	$  82,389	1.06%	0.62%	1.26%	46.54%
$15.19	7.23%	$110,722	1.02%	0.30%	1.26%	43.25%
$16.44	19.99%	$  61,046	1.05%	1.07%	1.28%	8.39%
$14.23	25.78%	$  66,802	1.26%	0.15%	1.42%	11.25%
$  3.57	(32.92)%	$  59,329	1.53%	0.86%	1.79%	149.60%
$  5.47	(30.65)%	$109,438	1.31%	1.36%	1.49%	112.65%
$  8.64	20.39%	$164,147	1.13%	1.13%	1.26%	129.80%
$11.23	17.38%	$253,690	1.15%	1.68%	1.25%	36.22%
$  9.72	19.61%	$229,406	1.20%	1.34%	1.33%	44.96%
$  8.24	19.48%	$233,275	1.32%	1.30%	1.42%	50.68%
$11.20	(23.50)%	$154,965	1.03%	2.31%	1.03%	23.97%
$15.58	(12.35)%	$167,544	0.99%	(0.24)%	0.99%	25.80%
$18.51	22.55%	$127,210	1.03%	0.18%	1.03%	49.43%
$16.57	11.50%	$  67,232	1.03%	(0.02)%	1.03%	58.01%
$15.65	20.29%	$  60,823	1.06%	(0.18)%	1.08%	30.38%
$13.12	25.44%	$  39,816	1.12%	(0.49)%	1.32%	32.06%
$  9.21	(24.52)%	$132,150	0.93%	2.87%	0.93%	19.26%
$12.37	(12.24)%	$140,256	0.89%	3.72%	0.89%	30.01%
$15.05	21.16%	$  46,053	0.94%	2.81%	0.94%	37.85%
$13.37	16.04%	$  35,205	0.95%	2.55%	0.95%	45.38%
$12.10	19.88%	$  30,588	0.90%	2.62%	1.12%	39.65%
$10.35	3.94%	$  21,128	1.29%	1.91%	1.63%	1.65%
$  9.68	3.38%	$  26,605	0.70%	2.99%	0.85%	48.08%
$  9.54	4.38%	$  44,912	0.65%	3.68%	0.80%	48.20%
$  9.53	4.93%	$  40,756	0.66%	4.01%	0.81%	44.10%
$  9.49	3.37%	$  66,371	0.64%	3.21%	0.79%	98.08%
$  9.51	1.21%	$155,786	0.66%	2.64%	0.84%	33.67%
$  9.71	0.96%	$195,920	0.74%	2.10%	0.91%	62.59%

101

BB&T Funds

Financial Highlights, Institutional Shares

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

		Investment Activities			Distributions
	Net Asset Value, Beginning of Period	Net investment income	Net realized/ unrealized gains (losses) on investments	Total from Investment Activities	Net investment income	Net realized gains on investments	Total Distributions
Intermediate U.S. Government Fund
Six Months Ended March 31, 2009 (Unaudited)	$10.05	0.20(c)	0.45	0.65	(0.21)	—	(0.21)
Year Ended September 30, 2008	$  9.94	0.44(c)	0.12	0.56	(0.45)	—	(0.45)
Year Ended September 30, 2007	$  9.90	0.45(c)	0.04	0.49	(0.45)	—	(0.45)
Year Ended September 30, 2006	$10.03	0.44(c)	(0.13)	0.31	(0.44)	—	(0.44)
Year Ended September 30, 2005	$10.25	0.37(c)	(0.13)	0.24	(0.41)	(0.05)	(0.46)
Year Ended September 30, 2004	$10.58	0.34	(0.18)	0.16	(0.36)	(0.13)	(0.49)
Total Return Bond Fund
Six Months Ended March 31, 2009 (Unaudited)	$  9.89	0.23(c)	0.16	0.39	(0.23)	—	(0.23)
Year Ended September 30, 2008	$10.13	0.46(c)	(0.22)	0.24	(0.48)	—	(0.48)
Year Ended September 30, 2007	$10.13	0.47(c)	—	0.47	(0.47)	—	(0.47)
Year Ended September 30, 2006	$10.32	0.45(c)	(0.13)	0.32	(0.46)	(0.05)	(0.51)
Year Ended September 30, 2005	$10.59	0.39(c)	(0.16)	0.23	(0.47)	(0.03)	(0.50)
Year Ended September 30, 2004	$10.72	0.44	(0.08)	0.36	(0.49)	—	(0.49)
Kentucky Intermediate Tax-Free Fund
Six Months Ended March 31, 2009 (Unaudited)	$  9.87	0.18(c)	0.43	0.61	(0.18)	(0.10)	(0.28)
Year Ended September 30, 2008	$10.05	0.34(c)	(0.18)	0.16	(0.34)	—	(0.34)
Year Ended September 30, 2007	$10.11	0.35(c)	(0.06)	0.29	(0.35)	—	(0.35)
Year Ended September 30, 2006	$10.04	0.33	0.07	0.40	(0.33)	—	(0.33)
Year Ended September 30, 2005	$10.20	0.29(c)	(0.16)	0.13	(0.29)	—	(0.29)
Year Ended September 30, 2004	$10.22	0.28(c)	(0.02)	0.26	(0.28)	—	(0.28)
Maryland Intermediate Tax-Free Fund
Six Months Ended March 31, 2009 (Unaudited)	$10.06	0.17(c)	0.52	0.69	(0.17)	(0.08)	(0.25)
Year Ended September 30, 2008	$10.17	0.34(c)	(0.11)	0.23	(0.34)	—	(0.34)
Year Ended September 30, 2007	$10.13	0.33(c)	0.04	0.37	(0.33)	—	(0.33)
Year Ended September 30, 2006	$10.04	0.31	0.09	0.40	(0.31)	—	(0.31)
Year Ended September 30, 2005	$10.16	0.28(c)	(0.12)	0.16	(0.28)	—	(0.28)
Year Ended September 30, 2004	$10.16	0.25	—(d)	0.25	(0.25)	—	(0.25)
North Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2009 (Unaudited)	$10.09	0.18(c)	0.38	0.56	(0.18)	(0.10)	(0.28)
Year Ended September 30, 2008	$10.33	0.37(c)	(0.20)	0.17	(0.37)	(0.04)	(0.41)
Year Ended September 30, 2007	$10.38	0.38(c)	(0.04)	0.34	(0.38)	(0.01)	(0.39)
Year Ended September 30, 2006	$10.46	0.39	—(d)	0.39	(0.38)	(0.09)	(0.47)
Year Ended September 30, 2005	$10.66	0.38	(0.19)	0.19	(0.37)	(0.02)	(0.39)
Year Ended September 30, 2004	$10.81	0.35	(0.12)	0.23	(0.34)	(0.04)	(0.38)
South Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2009 (Unaudited)	$  9.89	0.18(c)	0.41	0.59	(0.18)	(0.17)	(0.35)
Year Ended September 30, 2008	$10.21	0.36(c)	(0.23)	0.13	(0.36)	(0.09)	(0.45)
Year Ended September 30, 2007	$10.29	0.37(c)	(0.06)	0.31	(0.38)	(0.01)	(0.39)
Year Ended September 30, 2006	$10.47	0.37	—(d)	0.37	(0.37)	(0.18)	(0.55)
Year Ended September 30, 2005	$10.74	0.36	(0.19)	0.17	(0.36)	(0.08)	(0.44)
Year Ended September 30, 2004	$10.81	0.35	(0.06)	0.29	(0.35)	(0.01)	(0.36)
Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2009 (Unaudited)	$11.10	0.20(c)	0.62	0.82	(0.20)	(0.09)	(0.29)
Year Ended September 30, 2008	$11.31	0.40(c)	(0.16)	0.24	(0.40)	(0.05)	(0.45)
Year Ended September 30, 2007	$11.39	0.41(c)	(0.05)	0.36	(0.42)	(0.02)	(0.44)
Year Ended September 30, 2006	$11.49	0.42	(0.04)	0.38	(0.42)	(0.06)	(0.48)
Year Ended September 30, 2005	$11.74	0.42	(0.23)	0.19	(0.42)	(0.02)	(0.44)
Year Ended September 30, 2004	$11.95	0.40	(0.13)	0.27	(0.40)	(0.08)	(0.48)
West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2009 (Unaudited)	$  9.37	0.18(c)	0.26	0.44	(0.18)	(0.01)	(0.19)
Year Ended September 30, 2008	$  9.72	0.36(c)	(0.34)	0.02	(0.35)	(0.02)	(0.37)
Year Ended September 30, 2007	$  9.80	0.37(c)	(0.05)	0.32	(0.37)	(0.03)	(0.40)
Year Ended September 30, 2006	$  9.86	0.40	(0.01)	0.39	(0.39)	(0.06)	(0.45)
Year Ended September 30, 2005	$10.09	0.37(c)	(0.15)	0.22	(0.37)	(0.08)	(0.45)
Year Ended September 30, 2004	$10.21	0.36	(0.09)	0.27	(0.35)	(0.04)	(0.39)

* During the period certain fees were reduced. If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Per share net investment income (loss) has been calculated using the average daily shares method.

(d) Amount is less than $0.005.

See accompanying notes to the financial statements.

102

Net Asset Value, End of Period	Total Return(a)	Ratios/Supplementary Data
		Net Assets, End of Period (000)	Ratio of net expenses to average net assets(b)	Ratio of net investment income to average net assets(b)	Ratio of expenses to average net assets*(b)	Portfolio turnover rate **(a)
$10.49	6.55%	$134,392	0.69%	3.80%	0.81%	34.52%
$10.05	5.67%	$110,289	0.67%	4.33%	0.79%	116.07%
$  9.94	5.04%	$132,403	0.68%	4.49%	0.80%	85.83%
$  9.90	3.23%	$252,402	0.67%	4.45%	0.79%	127.13%
$10.03	2.34%	$539,038	0.70%	3.67%	0.83%	107.04%
$10.25	1.56%	$534,682	0.80%	3.15%	0.92%	98.35%
$10.05	4.03%	$351,932	0.69%	4.58%	0.81%	53.37%
$  9.89	2.32%	$430,079	0.66%	4.48%	0.78%	190.15%
$10.13	4.77%	$433,382	0.68%	4.62%	0.80%	222.24%
$10.13	3.30%	$367,353	0.67%	4.42%	0.79%	226.36%
$10.32	2.23%	$461,749	0.71%	3.87%	0.83%	173.74%
$10.59	3.47%	$272,749	0.82%	4.09%	0.94%	31.95%
$10.20	6.26%	$  11,785	0.64%	3.58%	0.84%	23.99%
$  9.87	1.59%	$  10,924	0.64%	3.38%	0.84%	54.22%
$10.05	2.92%	$  10,625	0.65%	3.45%	0.85%	69.73%
$10.11	4.04%	$  11,175	0.66%	3.26%	0.87%	64.55%
$10.04	1.28%	$  15,569	0.68%	2.87%	0.97%	37.50%
$10.20	2.61%	$  13,441	0.63%	2.78%	1.07%	24.78%
$10.50	7.05%	$  14,440	0.58%	3.29%	0.85%	31.89%
$10.06	2.10%	$  11,527	0.54%	3.26%	0.84%	108.13%
$10.17	3.74%	$    8,374	0.59%	3.29%	0.89%	136.09%
$10.13	4.10%	$    8,003	0.60%	3.13%	0.90%	219.80%
$10.04	1.60%	$  10,084	0.58%	2.78%	1.03%	44.67%
$10.16	2.52%	$    9,108	0.60%	2.47%	1.23%	55.18%
$10.37	5.68%	$114,904	0.65%	3.53%	0.80%	20.85%
$10.09	1.67%	$103,560	0.64%	3.59%	0.79%	82.02%
$10.33	3.33%	$  96,282	0.66%	3.65%	0.81%	106.16%
$10.38	3.84%	$  87,854	0.65%	3.70%	0.80%	94.95%
$10.46	1.80%	$  93,418	0.68%	3.51%	0.86%	60.84%
$10.66	2.15%	$  96,738	0.75%	3.18%	0.92%	67.80%
$10.13	6.15%	$  13,065	0.70%	3.62%	0.85%	27.26%
$  9.89	1.27%	$  13,298	0.71%	3.52%	0.86%	127.76%
$10.21	3.08%	$  12,789	0.68%	3.60%	0.85%	68.69%
$10.29	3.66%	$  15,426	0.69%	3.58%	0.86%	80.24%
$10.47	1.62%	$  16,468	0.71%	3.44%	0.93%	56.03%
$10.74	2.77%	$  17,488	0.75%	3.26%	0.94%	32.63%
$11.63	7.52%	$  70,866	0.66%	3.51%	0.81%	15.88%
$11.10	2.13%	$  71,631	0.64%	3.50%	0.79%	53.28%
$11.31	3.21%	$  68,911	0.66%	3.64%	0.81%	85.36%
$11.39	3.49%	$  65,652	0.65%	3.80%	0.80%	76.53%
$11.49	1.66%	$  67,579	0.68%	3.60%	0.86%	48.04%
$11.74	2.29%	$  68,786	0.76%	3.37%	0.93%	45.07%
$  9.62	4.75%	$  55,756	0.66%	3.82%	0.66%	12.59%
$  9.37	0.18%	$  56,829	0.66%	3.66%	0.66%	39.13%
$  9.72	3.37%	$  52,518	0.66%	3.85%	0.66%	49.60%
$  9.80	4.10%	$  50,916	0.65%	4.03%	0.65%	50.14%
$  9.86	2.22%	$  55,662	0.68%	3.74%	0.72%	32.10%
$10.09	2.76%	$  63,518	0.76%	3.49%	0.78%	16.24%

103

BB&T Funds

Financial Highlights, Institutional Shares

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

		Investment Activities			Distributions
	Net Asset Value, Beginning of Period	Net investment income	Net realized/ unrealized gains (losses) on investments	Total from Investment Activities	Net investment income	Net realized gains on investments	Total Distributions
National Tax-Free Money Market Fund
Six Months Ended March 31, 2009 (Unaudited)	$  1.00	0.01(c)	—(d)	0.01	(0.01)	—	(0.01)
Year Ended September 30, 2008	$  1.00	0.02(c)	—(d)	0.02	(0.02)	—	(0.02)
Year Ended September 30, 2007	$  1.00	0.03(c)	—	0.03	(0.03)	—	(0.03)
August 1, 2006 to September 30, 2006 (e)	$  1.00	0.01	—	0.01	(0.01)	—	(0.01)
Prime Money Market Fund
Six Months Ended March 31, 2009 (Unaudited)	$  1.00	0.01(c)	—(d)	0.01	(0.01)	—	(0.01)
Year Ended September 30, 2008	$  1.00	0.03(c)	—(d)	0.03	(0.03)	—	(0.03)
Year Ended September 30, 2007	$  1.00	0.05(c)	—	0.05	(0.05)	—	(0.05)
Year Ended September 30, 2006	$  1.00	0.04	—(d)	0.04	(0.04)	—	(0.04)
Year Ended September 30, 2005	$  1.00	0.02	—(d)	0.02	(0.02)	—	(0.02)
Year Ended September 30, 2004	$  1.00	0.01	—	0.01	(0.01)	—	(0.01)
U.S. Treasury Money Market Fund
Six Months Ended March 31, 2009 (Unaudited)	$  1.00	—(c)(d)	—(d)	—(d)	—	—	—
Year Ended September 30, 2008	$  1.00	0.02(c)	—(d)	0.02	(0.02)	—	(0.02)
Year Ended September 30, 2007	$  1.00	0.05(c)	—	0.05	(0.05)	—	(0.05)
Year Ended September 30, 2006	$  1.00	0.04	—	0.04	(0.04)	—	(0.04)
Year Ended September 30, 2005	$  1.00	0.02	—	0.02	(0.02)	—	(0.02)
Year Ended September 30, 2004	$  1.00	0.01	—	0.01	(0.01)	—	(0.01)
Capital Manager Conservative Growth Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  8.50	0.16(c)	(1.15)	(0.99)	(0.14)	(0.14)	(0.28)
Year Ended September 30, 2008	$10.62	0.28(c)	(1.26)	(0.98)	(0.41)	(0.73)	(1.14)
Year Ended September 30, 2007	$10.04	0.38(c)	0.53	0.91	(0.33)	—	(0.33)
Year Ended September 30, 2006	$  9.83	0.33(c)	0.24	0.57	(0.36)	—	(0.36)
Year Ended September 30, 2005	$  9.36	0.26	0.46	0.72	(0.25)	—	(0.25)
Year Ended September 30, 2004	$  8.90	0.18(c)	0.46	0.64	(0.18)	—	(0.18)
Capital Manager Moderate Growth Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  7.81	0.13(c)	(1.57)	(1.44)	(0.11)	—	(0.11)
Year Ended September 30, 2008	$10.99	0.19(c)	(1.86)	(1.67)	(0.38)	(1.13)	(1.51)
Year Ended September 30, 2007	$10.25	0.32(c)	0.88	1.20	(0.24)	(0.22)	(0.46)
Year Ended September 30, 2006	$  9.83	0.27(c)	0.43	0.70	(0.28)	—	(0.28)
Year Ended September 30, 2005	$  9.04	0.19(c)	0.77	0.96	(0.17)	—	(0.17)
Year Ended September 30, 2004	$  8.30	0.10(c)	0.74	0.84	(0.10)	—	(0.10)
Capital Manager Growth Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  7.34	0.12(c)	(1.87)	(1.75)	(0.09)	—	(0.09)
Year Ended September 30, 2008	$11.14	0.13(c)	(2.20)	(2.07)	(0.36)	(1.37)	(1.73)
Year Ended September 30, 2007	$10.24	0.27(c)	1.08	1.35	(0.18)	(0.27)	(0.45)
Year Ended September 30, 2006	$  9.69	0.22(c)	0.57	0.79	(0.24)	—	(0.24)
Year Ended September 30, 2005	$  8.70	0.15(c)	0.97	1.12	(0.13)	—	(0.13)
Year Ended September 30, 2004	$  7.81	0.07(c)	0.88	0.95	(0.06)	—	(0.06)
Capital Manager Equity Fund***
Six Months Ended March 31, 2009 (Unaudited)	$  7.48	0.11(c)	(2.48)	(2.37)	(0.06)	—	(0.06)
Year Ended September 30, 2008	$12.35	0.07(c)	(2.78)	(2.71)	(0.35)	(1.81)	(2.16)
Year Ended September 30, 2007	$11.65	0.25(c)	1.42	1.67	(0.12)	(0.85)	(0.97)
Year Ended September 30, 2006	$11.02	0.20(c)	0.84	1.04	(0.22)	(0.19)	(0.41)
Year Ended September 30, 2005	$  9.64	0.12(c)	1.34	1.46	(0.08)	—	(0.08)
Year Ended September 30, 2004	$  8.49	0.04(c)	1.14	1.18	(0.03)	—	(0.03)

* During the period certain fees were reduced. If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

*** The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Per share net investment income (loss) has been calculated using the average daily shares method.

(d) Amount is less than $0.005.

(e) Period from commencement of operations.

See accompanying notes to the financial statements.

104

		Ratios/Supplementary Data
Net Asset Value, End of Period	Total Return (a)	Net Assets, End of Period (000)	Ratio of net expenses to average net assets (b)	Ratio of net investment income to average net assets (b)	Ratio of expenses to average net assets*(b)	Portfolio turnover rate **(a)
$  1.00	0.68%	$220,021	0.42%	1.27%	0.47%	—
$  1.00	2.37%	$151,438	0.40%	2.34%	0.45%	—
$  1.00	3.33%	$109,590	0.41%	3.28%	0.46%	—
$  1.00	0.53%	$  95,757	0.40%	3.14%	0.79%	—
$  1.00	0.77%	$978,760	0.53%	1.49%	0.65%	—
$  1.00	3.38%	$975,033	0.46%	3.28%	0.58%	—
$  1.00	5.03%	$788,160	0.48%	4.92%	0.60%	—
$  1.00	4.38%	$731,616	0.48%	4.34%	0.59%	—
$  1.00	2.34%	$510,941	0.49%	2.31%	0.63%	—
$  1.00	0.70%	$529,849	0.57%	0.69%	0.70%	—
$  1.00	0.03%	$643,005	0.34%	0.06%	0.63%	—
$  1.00	2.24%	$712,696	0.44%	2.18%	0.58%	—
$  1.00	4.72%	$557,282	0.46%	4.62%	0.60%	—
$  1.00	4.15%	$481,484	0.46%	4.04%	0.59%	—
$  1.00	2.11%	$592,736	0.48%	2.02%	0.64%	—
$  1.00	0.54%	$926,162	0.57%	0.53%	0.71%	—
$  7.23	(11.65)%	$    4,810	0.15%	4.11%	0.39%	11.06%
$  8.50	(10.21)%	$  39,937	0.10%	2.97%	0.35%	39.99%
$10.62	9.16%	$  47,520	0.10%	3.62%	0.41%	29.58%
$10.04	5.87%	$  47,046	0.08%	3.35%	0.45%	5.69%
$  9.83	7.70%	$  71,796	0.20%	2.64%	0.51%	52.50%
$  9.36	7.16%	$  67,925	0.44%	1.93%	0.64%	2.47%
$  6.26	(18.49)%	$    1,951	0.14%	3.90%	0.38%	7.60%
$  7.81	(17.23)%	$  21,298	0.10%	2.07%	0.35%	63.63%
$10.99	11.80%	$  28,961	0.11%	3.02%	0.42%	40.05%
$10.25	7.33%	$  25,699	0.10%	2.65%	0.47%	7.33%
$  9.83	10.69%	$  43,353	0.23%	2.01%	0.56%	37.83%
$  9.04	10.12%	$  33,971	0.49%	1.17%	0.69%	0.17%
$  5.50	(23.92)%	$    1,325	0.14%	3.94%	0.39%	8.05%
$  7.34	(21.54)%	$  17,836	0.10%	1.48%	0.35%	77.54%
$11.14	13.45%	$  24,259	0.11%	2.50%	0.43%	44.48%
$10.24	8.22%	$  20,243	0.11%	2.24%	0.48%	6.26%
$  9.69	12.89%	$  37,546	0.23%	1.60%	0.57%	26.22%
$  8.70	12.10%	$  28,660	0.50%	0.77%	0.73%	0.19%
$  5.05	(31.68)%	$       545	0.17%	3.71%	0.42%	7.86%
$  7.48	(26.02)%	$  14,000	0.13%	0.70%	0.38%	67.40%
$12.35	14.98%	$  20,832	0.12%	2.12%	0.43%	48.80%
$11.65	9.66%	$  14,837	0.11%	1.75%	0.47%	1.48%
$11.02	15.23%	$  25,802	0.22%	1.10%	0.58%	2.14%
$  9.64	13.87%	$  21,051	0.52%	0.42%	0.81%	3.10%

105

BB&T Funds

Notes to Financial Statements (Unaudited)

March 31, 2009

1. Organization:

The BB&T Funds (the “Trust”) commenced operations on October 5, 1992 and is registered under the Investment Company Act of 1940, as amended (“the 1940 Act”), as an open-end investment company established as a Massachusetts business trust.

As of the date of these financial statements, the Trust offers shares of the Large Cap Fund, the Mid Cap Value Fund, the Mid Cap Growth Fund, the Small Cap Fund, the International Equity Fund, the Special Opportunities Equity Fund, the Equity Income Fund, the Short U.S. Government Fund, the Intermediate U.S. Government Fund, the Total Return Bond Fund, the Kentucky Intermediate Tax-Free Fund, the Maryland Intermediate Tax-Free Fund, the North Carolina Intermediate Tax-Free Fund, the South Carolina Intermediate Tax-Free Fund, the Virginia Intermediate Tax-Free Fund, the West Virginia Intermediate Tax-Free Fund, the Equity Index Fund, the Sterling Capital Small Cap Value Fund, the National Tax-Free Money Market Fund, the Prime Money Market Fund, the U.S. Treasury Money Market Fund, the Capital Manager Conservative Growth Fund, the Capital Manager Moderate Growth Fund, the Capital Manager Growth Fund and the Capital Manager Equity Fund (referred to individually as a “Fund” and collectively, the “Funds”). The Equity Index Fund and the Sterling Capital Small Cap Value Fund are not included in these financial statements. The Kentucky Intermediate Tax-Free Fund, the Maryland Intermediate Tax-Free Fund, the North Carolina Intermediate Tax-Free Fund, the South Carolina Intermediate Tax-Free Fund, the Virginia IntermediateTax-Free Fund and the West Virginia IntermediateTax-Free Fund are referred to as the “Tax-Free Funds”. The National Tax-Free Money Market Fund, the Prime Money Market Fund and the U.S. Treasury Money Market Fund are referred to as the “Money Market Funds”. The Capital Manager Conservative Growth Fund, the Capital Manager Moderate Growth Fund, the Capital Manager Growth Fund and the Capital Manager Equity Fund are referred to as the “Funds of Funds”. The Funds, excluding the Money Market Funds and the Fund of Funds, are referred to as the “Variable Net Asset Value Funds”. The Funds of Funds invest in underlying mutual funds as opposed to individual securities.

All Funds except the Tax-Free Funds are “diversified” funds, as defined in the 1940 Act. The Tax-Free Funds are non-diversified funds, which means they may concentrate their investments in the securities of a limited number of issuers.

The Funds are authorized to issue an unlimited amount of shares. As of March 31, 2009, the Funds discussed herein offered up to four classes of shares: Class A Shares, Class B Shares, Class C Shares and Institutional Shares. As of March 31, 2009, Class B Shares and Class C Shares of the Short U.S. Government Fund, the National Tax-Free Money Market Fund and the Tax-Free Funds were not being offered. Class A Shares of the Variable Net Asset Value Funds and Fund of Funds, excluding the Short U.S. Government Fund, have a maximum sales charge of 5.75% as a percentage of original purchase price. The Class A Shares of the Tax-Free Funds and the Short U.S. Government Fund have a maximum sales charge of 3.00% as a percentage of the original purchase price. Purchases of $1 million or more of Class A Shares are not subject to a front-end sales charge but will be subject to a Contingent Deferred Sales Charge (“CDSC”) of 1.00% of the purchase price if redeemed within two years after purchase. This charge is based on the lower of the price paid for the shares or their net asset value at the time of redemption. In addition, a CDSC of up to 1.00% of the purchase price of Class A Shares will be charged to the following shareholders who received a sales charge waiver and then redeem their shares within two years after purchase: (i) employees of the Trust, BB&T Corporation and its affiliates, and (ii) shareholders who purchased shares with proceeds from redemptions from another mutual fund complex within 60 days of redemption if a sales charge was paid on such shares. This charge is based on the lower of the price paid for the shares or their net asset value at the time of redemption. The Class B Shares of the Funds are offered without any front-end sales charge but will be subject to a CDSC ranging from a maximum of 5.00% if redeemed less than one year after purchase to 0.00% if redeemed more than six years after purchase. The Class C Shares of the Funds are offered without any front-end sales charge but will be subject to a maximum CDSC of 1.00% if redeemed less than one year after purchase.

Each class of shares has identical rights and privileges except with respect to the fees paid under the distribution plan, voting rights on matters affecting a single class of shares and the exchange privilege of each class of shares.

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Funds may enter into contracts with their vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

106

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2009

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with United States generally accepted accounting principles (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates.

Recent accounting standard — In March 2008, Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities-an amendment of FASB Statement No. 133” (“SFAS No. 161”). SFAS No. 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. Management is continuing to evaluate the impact, if any, that adoption of SFAS No. 161 may have on the financial statements.

Financial Accounting Standard Board — SFAS No. 157 “Fair Value Measurement” (“SFAS No. 157”) — SFAS No. 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements.

The three levels of the fair value hierarchy under SFAS No. 157 are described below:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of inputs used to determine the fair valuation of the Fund’s investments as of March 31, 2009 is as follows:

Funds	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Total
Assets:
Investments in Securities
Large Cap Fund	$	182,064,755	$	1,851,913	$	78,068	$	183,994,736
Mid Cap Value Fund		133,697,425		3,214,085		161,788		137,073,298
Mid Cap Growth Fund		100,011,544		9,309,828		109,288		109,430,660
Small Cap Fund		24,552,934		2,431,331		43,780		27,028,045
International Equity Fund		12,157,456		51,414,640		5,731		63,577,827
Special Opportunities Equity Fund		322,817,422		2,382,750		168,224		325,368,396
Equity Income Fund		247,342,330		4,768,533		200,997		252,311,860
Short U.S. Government Fund		1,187,880		33,106,335		26,173		34,320,388
Intermediate U.S. Government Fund		12,471,591		138,231,584		44,608		150,747,783
Total Return Bond Fund		4,755,111		362,211,700		9,660,713		376,627,524
Kentucky Intermediate Tax-Free Fund		709,434		16,494,398		—		17,203,832
Maryland Intermediate Tax-Free Fund		1,469,261		18,144,789		—		19,614,050
North Carolina Intermediate Tax-Free Fund		2,675,217		135,673,992		—		138,349,209
South Carolina Intermediate Tax-Free Fund		344,916		20,666,138		—		21,011,054
Virginia Intermediate Tax-Free Fund		2,187,478		80,188,719		—		82,376,197
West Virginia Intermediate Tax-Free Fund		994,537		69,843,952		—		70,838,489
National Tax-Free Money Market Fund		42,982		226,872,953		—		226,915,935
Prime Money Market Fund		—		1,360,494,002		—		1,360,494,002
U.S. Treasury Money Market Fund		—		856,479,343		—		856,479,343
Capital Manager Conservative Growth Fund		12,522,014		179,942		—		12,701,956
Capital Manager Moderate Growth Fund		30,889,670		770,356		—		31,660,026
Capital Manager Growth Fund		22,282,896		572,691		—		22,855,587
Capital Manager Equity Fund		7,322,130		169,349		—		7,491,479

107

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2009

Funds	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs	Total
Other*
International Equity Fund	$	—	$	181,706	$—	$	181,706
Total Return Bond Fund		80,250		—	—		80,250
Liabilities:
Other*
Special Opportunities Equity Fund	$	945,870	$	46,572	$—	$	992,442
Equity Income Fund		1,722,390		—	—		1,722,390

* Other financial instruments are derivative investments, such as futures and written options.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Large Cap Fund		Mid Cap Value Fund		Mid Cap Growth Fund		Small Cap Fund		International Equity Fund	Special Opportunities Equity Fund	Equity Income Fund		Short U.S. Government Bond Fund	Intermediate U.S. Government Bond Fund	Total Return Bond Fund
Balance as of 10/01/08 (market value)	$        —		$        —		$        —		$        —		$       —	$         —	$         —		$        —	$        —	$13,584,500
Transfers in and/or out of Level 3	115,656		239,686		161,908		64,859		8,491	249,221	297,773		38,775	66,086	166,242
Change in unrealized appreciation/(depreciation)*	(37,588	)	(77,898	)	(52,620	)	(21,079	)	(2,760)	(80,997)	(96,776	)	(12,602)	(21,478)	(4,090,029	)
Balance as of 3/31/09 (market value)	$  78,068		$161,788		$109,288		$  43,780		$  5,731	$168,224	$200,997		$  26,173	$  44,608	$ 9,660,713

* Included in “Change in unrealized appreciation/depreciation on investments” in the Statement of Operations.

Securities Valuation — Investments of the Money Market Funds are valued in accordance with Rule 2a-7 of the 1940 Act at amortized cost, which approximates fair value. Under the amortized cost method, discount or premium is amortized on a constant basis to the maturity of the security.

Investments in common stocks, commercial paper, corporate bonds, municipal securities, U.S. Government securities, U.S. Government agency securities, futures and options held by the Variable Net Asset Value Funds, the principal market for which is a securities exchange or an over-the-counter market, are valued at their latest available sale price (except for those securities that are traded on NASDAQ, which will be valued at the NASDAQ official closing price) or in the absence of such a price, by reference to the latest available bid price in the principal market in which such securities are normally traded. The Variable Net Asset Value Funds may also use an independent pricing service approved by the Board of Trustees of the Trust (“Board of Trustees”) to value certain securities, including through the use of electronic and matrix techniques. Short-term obligations without significant credit risk that mature in 60 days or less are valued at either amortized cost or original cost plus interest, which approximates current value. Investments in open-end investment companies, including underlying funds invested in by the Funds of Funds, are valued at their respective net asset values as reported by such companies. Investments in closed-end investment companies are valued at their market values based upon the latest available sale price or, absent such a price, by reference to the latest available bid prices in the principal market in which such securities are normally traded. The differences between cost and fair value of investments are reflected as either unrealized appreciation or depreciation. Securities for which market quotations are not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price) will be valued by the Pricing Committee at fair value determined in good faith under procedures established by and under the general supervision of the Board of Trustees.

108

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2009

Fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the International Equity Fund’s net asset value is calculated; such securities may be valued at fair value in accordance with procedures adopted by the Board of Trustees. Management identifies possible fluctuation in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the International Equity Fund may use a systematic valuation model provided by an independent third party to fair value their international equity securities.

Foreign Currency Translation — The accounting records of the International Equity Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the latest foreign exchange bid quotation (from an approved pricing vendor) to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, income and expenses are translated at the prevailing rate of exchange, on the respective dates of such transactions. The International Equity Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

Risks Associated with Foreign Securities and Currencies — Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those countries. Certain foreign investments may also be subject to foreign withholding taxes.

Forward Foreign Currency Exchange Contracts — The International Equity Fund may enter into forward foreign currency exchange contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of Fund securities denominated in a particular currency. The Fund could be exposed to risks if the counter-parties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

Futures Contracts — The Variable Net Asset Value Funds may invest in financial futures contracts for the purpose of hedging their existing securities or securities that the respective Funds intend to purchase against fluctuations in fair value caused by changes in prevailing markets. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes a gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts and the underlying hedged assets.

Securities Transactions and Related Income — During the period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on trade date of the last business day of the reporting period. Interest income is recognized on the accrual basis and includes, where applicable, the amortization/accretion of premium or discount. Dividend income is recorded on the ex-dividend date. Gains or losses realized from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

When-Issued and Forward Commitments — The Funds, with the exception of the U.S. Treasury Money Market Fund, may purchase securities on a “when-issued” basis. The Large Cap Fund, the Mid Cap Value Fund, the Mid Cap Growth Fund, the Small Cap Fund, the International Equity Fund, the Special Opportunities Equity Fund, the Equity Income Fund, the National Tax-Free Money Market Fund, and the Prime Money Market Fund may also purchase or sell securities on a forward commitment basis. The Funds record when-issued securities on the trade date and pledge assets with a value at least equal to the purchase commitment for payment of the securities purchased. The value of the securities underlying when-issued or forward commitments to purchase securities, and any subsequent fluctuation in their value, is taken into

109

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2009

account when determining the net asset value of the Funds commencing with the date the Funds agree to purchase the securities. The Funds do not accrue interest or dividends on “when-issued” securities until the underlying securities are received.

Repurchase Agreements and Collateralized Loan Agreements — The Funds may enter into agreements with member banks of the Federal Deposit Insurance Corporation and with registered broker/dealers that BB&T Asset Management, Inc. (“BB&T AM”) or a sub-advisor deems creditworthy under guidelines approved by the Board of Trustees, subject to the seller’s agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying Fund securities. The seller, under these types of agreements, is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). Securities subject to repurchase are held by the Funds’ custodian, or another qualified custodian, or in the Federal Reserve/Treasury book-entry system. In the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. There is potential for loss to the Fund in the event the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the fair value of the underlying securities during the period while the Fund seeks to assert its rights.

Mortgage Dollar Rolls — The Variable Net Asset Value Funds and the Tax-Free Money Market Fund may sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities on a specific future date at an agreed-upon price. The market value of the securities that the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. Pools of mortgages collateralizing those securities may have different prepayment histories than those sold. During the period between the sale and repurchase, the Fund will not be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in additional instruments for the Fund, and the income from these investments will generate income for the Fund. If such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of the Fund compared with what the performance would have been without the use of dollar rolls.

Options — The Large Cap Fund, the Mid Cap Value Fund, the Mid Cap Growth Fund, the Small Cap Fund, the International Equity Fund, the Special Opportunities Equity Fund, the Equity Income Fund and the Funds of Funds may write (sell) “covered” call options and purchase options to close out options previously written by it. The Tax-Free Funds and the National Tax-Free Money Market Fund may acquire puts with respect to tax-exempt obligations held in their portfolios. The Large Cap Fund, the Mid Cap Value Fund, the Mid Cap Growth Fund, the Small Cap Fund, the International Equity Fund, the Special Opportunities Equity Fund, and the Equity Income Fund may buy put options for the purpose of hedging, or, with respect to the International Equity Fund, cross-hedging. The International Equity Fund may not write or sell unsecured put options, except for transactions in options on securities, securities indices, futures contracts, and options on futures contracts. A call option gives the purchaser of the option the right (but not the obligation) to purchase, and obligates the seller to sell (when the option is exercised) the underlying position at a specified price (the exercise price) at any time or at a specified time during the option period. In the case of a call option on a security, the option is “covered” if the Fund owns the security underlying the call or has an absolute and immediate right to acquire that security without additional cash consideration (or, if additional cash consideration is required, cash or cash equivalents in such amount as are held in a segregated account by its custodian) upon conversion or exchange of other securities held by it. A put option gives the holder the right to sell and obligates the writer to buy the underlying position at the exercise price at any time or at a specified time during the option period. When a Fund purchases (writes) an option, an amount equal to the premium paid (received) by a Fund is reflected as an asset and an equivalent liability. The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Fund enters into a closing transaction), a Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid).

110

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2009

In purchasing and writing options, the Funds bear the market risk of an unfavorable change in the price of the underlying security. Exercise of a written option could result in the Funds purchasing a security at a price different from the current market value.

Subject to its investment objective and policies, a Fund may write covered call options for hedging and risk management purposes and to generate additional premium income for the Funds. This premium income will serve to enhance each Fund’s total return and will reduce the effect of any price decline of the security involved in the option. Covered call options will generally be written on securities which, in the opinion of a Fund’s advisor or sub-advisor, are not expected to make any major price moves in the near future but which, over the long term, are deemed to be attractive investments for the Funds. The Large Cap Fund, the Mid Cap Value Fund, the Mid Cap Growth Fund, the Small Cap Fund, the International Equity Fund, the Special Opportunities Equity Fund and the Equity Income Fund may purchase call options for the purpose of hedging. The Special Opportunities Equity Fund and the Equity Income Fund had the following transactions in written call options during the six months ended March 31, 2009:

Covered Call Options	Special Opportunities Equity Fund				Equity Income Fund
	Number of Contracts	Premiums Received			Number of Contracts	Premiums Received
Balance at beginning of period	18,162	$	3,435,545		3,135	$	200,954
Options written	52,800		3,821,181		27,529		1,951,382
Options closed	(3,760)		(264,682	)	(2,700)		(130,588	)
Options expired	(36,830)		(5,024,992	)	(7,478)		(497,858	)
Options exercised	(3,950)		(293,476	)	(850)		(28,262	)
Balance at end of period	26,422	$	1,673,576		19,636	$	1,495,628

The following is a summary of written call options outstanding as of March 31, 2009:

Security	Number of Contracts	Fair Value
Special Opportunities Equity Fund
Akamai Technologies, Inc., $20.00, 04/18/09	500	$	(35,000	)
Akamai Technologies, Inc., $22.50, 05/16/09	900		(72,000	)
Akamai Technologies, Inc., $25.00, 05/16/09	500		(15,000	)
Akamai Technologies, Inc., $25.00, 08/22/09	468		(49,140	)
Apache Corp., $85.00, 07/18/09	200		(37,000	)
Apache Corp., $90.00, 07/18/09	200		(20,000	)
Chesapeake Energy, Inc., $20.00, 04/18/09	2,400		(60,000	)
Consol Energy Co., $45.00, 07/18/09	2,770		(124,650	)
Energizer Holdings, Inc., $60.00, 05/16/09	1,100		(77,000	)
Halliburton Co., $25.00, 07/18/09	4,070		(56,980	)
Petroleo Brasileiro SA, ADR, $30.00, 06/20/09	4,800		(384,000	)
Smithfield Foods, Inc., $25.00, 04/18/09*	1,060		(5,300	)
SPX Corp., $60.00, 04/18/09	1,510		(15,100	)
SPX Corp., $65.00, 04/18/09*	1,444		(18,772	)
Symantec Corp., $20.00, 04/18/09*	2,000		(10,000	)
Yum! Brands, Inc., $40.00, 04/18/09*	2,500		(12,500	)
	26,422	$	(992,442	)
Equity Income Fund
Federated Investors, Inc., $25.00, 04/18/09	1,690	$	(42,250	)
Federated Investors, Inc., $30.00, 07/18/09	310		(13,950	)
Intel Corp., $15.00, 04/18/09	1,000		(75,000	)
Intel Corp., $16.00, 04/18/09	1,000		(35,000	)
Intel Corp., $17.00, 05/16/09	1,000		(39,000	)
Metlife, Inc., $22.50, 06/20/09	1,800		(954,000	)
Realty Income Corp., $20.00, 04/18/09	756		(30,240	)
Taiwan Semiconductor Manufacturing Co., Ltd., ADR, $10.00, 07/18/09	7,600		(380,000	)

111

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2009

Security	Number of Contracts	Fair Value
Teekay LNG Partners LP, $22.50, 06/20/09	750	$	(3,750	)
U.S. Bancorp, $22.50, 06/24/09	3,730		(149,200	)
	19,636	$	(1,722,390	)

* Security was valued under methods approved by the Board of Trustees.

Security Loans — The Funds may loan securities secured by collateral in the form of securities issued or guaranteed by the U.S. Government or its agencies on instrumentalities, irrevocable letters of credit, U.S. dollar cash or other forms of collateral as may be agreed to between the Trust and Mellon Bank, N.A., the lending agent (“Mellon”). A Fund may receive compensation for lending securities in the form of fees payable by the borrower or by retaining a portion of the income and earnings from the investment and reinvestment of cash collateral received and held on behalf of the Fund (after payment of a “broker rebate fee” to the borrower). In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. A Fund also continues to receive interest or dividends on the securities loaned. Although security loans are secured at all times by collateral, the loans may not be fully supported if, for example, the instruments in which cash collateral is invested decline in value or the borrower fails to provide additional collateral when required in a timely manner or at all. Concurrently with the delivery of the Fund’s securities to a borrower, Mellon is required to obtain from the borrower collateral equal to at least 102% of the market value of the securities loaned plus accrued interest in the case of U.S. securities, and at least 105% of the market value of the securities loaned plus accrued interest in the case of foreign securities. If at the close of trading on any business day the market value of the collateral is less than 100% of the market value of such loaned securities as of such business day, the borrower is required to deliver additional collateral which will cause the total collateral to be equal to not less than 102% of the market value of the securities loaned plus accrued interest in the case of U.S. securities and 105% of the market value of the securities loaned plus accrued interest in the case of foreign securities. A Fund bears all of the gains and losses on such investments. Cash collateral received by a Fund at March 31, 2009 was invested in the BNY Institutional Cash Reserve Fund (“ICRF”) Series A, B and C, an unregistered investment pool managed by Mellon, which was invested in various pools of securities (“Series A”), Lehman Brothers (“Series B”) and White Pine Finance, LLC (“Series C”). The non cash collateral received by the Funds was in the form of equity securities, U.S. Treasury Notes and Bonds, U.S. Treasury Bills, short-term U.S. dollar-denominated obligations issued by the U.S. Treasury and repurchase agreements collateralized by U.S. Treasury Securities.

The net asset value of a Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the ICRF or any other investment vehicle in which cash collateral may be invested. At March 31, 2009, the ICRF investments in Series B and Series C were in default. These defaults resulted in the value of the ICRF being less than the amount of collateral owed back to the borrowing brokers. The difference between the value of the collateral investments in the ICRF and what is owed to the borrowing brokers negatively impacted the NAV’s of certain Funds at March 31, 2009 by the following amounts per share:

	NAV Impact
Large Cap Fund	$0.02
Mid Cap Value Fund	0.04
Mid Cap Growth Fund	0.03
Small Cap Fund	0.06
Special Opportunities Equity Fund	0.03
Equity Income Fund	0.02
Short U.S. Government Fund	0.03
Intermediate U.S. Government Fund	0.01

There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. Another risk from securities lending is that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Fund. The Funds are indemnified from losses resulting from brokers failing to return securities. As the securities lending agent for the Funds, Mellon receives for its services 20% of the revenues earned on the securities lending activities and incurs all expenses. The securities lending agent may make

112

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2009

payments to borrowers and placing brokers, who may not be affiliated, directly or indirectly, with the Trust, the advisor or the distributor. In connection with lending securities, a Fund may pay reasonable administrative and custodial fees. The value of the securities on loan and the liability to return the related collateral at March 31, 2009, are shown on the Statements of Assets and Liabilities. As of March 31, 2009, the following Funds had loans outstanding:

	Value of Loaned   Securities		Cost of Cash Collateral		Value of Cash Collateral		Value of Non Cash Collateral		Average Value on Loan for the Six Months Ended March 31, 2009
Large Cap Fund	$	2,373,547	$	2,316,585	$	1,929,981	$	—	$  4,595,798
Mid Cap Value Fund		4,257,731		4,111,389		3,375,873		—	9,891,716
Mid Cap Growth Fund		9,833,682		9,907,489		9,419,116		—	11,868,400
Small Cap Fund		2,654,277		2,692,053		2,475,111		—	3,947,701
International Equity Fund		427,024		220,444		200,315		178,043	867,730
Special Opportunities Equity Fund		3,284,236		3,314,273		2,550,974		—	9,107,079
Equity Income Fund		5,360,101		5,508,734		4,969,530		—	13,271,194
Short U.S. Government Fund		3,156,198		3,242,938		3,140,041		—	3,177,312
U.S. Treasury Money Market Fund		14,602,487		615,850		615,850		14,223,832	52,793,804

Allocation Methodology — Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among all Funds daily in relation to the net assets of each Fund or on another reasonable basis. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses that are attributable to both the Trust and the BB&T Variable Insurance Funds are allocated across the Funds and BB&T Variable Insurance Funds, based upon relative net assets or on another reasonable basis. Income and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets or another appropriate basis.

Distributions to Shareholders — Dividends from net investment income are declared daily and paid monthly for the Short U.S. Government Fund, the Intermediate U.S. Government Fund, the Total Return Bond Fund, the Tax-Free Funds and the Money Market Funds. Dividends from net investment income are declared and paid quarterly for the Large Cap Fund, the Mid Cap Value Fund, the Mid Cap Growth Fund, the Small Cap Fund, the Special Opportunities Equity Fund, the Equity Income Fund and the Fund of Funds if the annualized yield of the distribution exceeds an amount determined annually by the Board of Trustees. Dividends from net investment income are declared and paid annually for the International Equity Fund. Distributable net realized gains, if any, are declared and distributed at least annually. Distributions to shareholders which exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

The character of income and gains distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. reclass of market discounts, gain/loss, paydowns and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets or net asset values per share.

Credit Enhancements — Certain obligations held in the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements; and third party insurance (i.e., AMBAC and MBIA).

Federal Income Taxes — It is the policy of the Funds to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income tax is required.

113

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2009

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding U.S. Government securities and securities maturing less than one year from acquisition) for the six months ended March 31, 2009 were as follows:

	Purchases		Sales
Large Cap Fund	$	76,968,680	$	95,602,931
Mid Cap Value Fund		44,250,510		43,207,487
Mid Cap Growth Fund		122,432,453		127,724,482
Small Cap Fund		23,768,184		24,898,394
International Equity Fund		110,453,478		118,887,803
Special Opportunities Equity Fund		91,524,662		69,431,988
Equity Income Fund		110,631,926		43,675,059
Short U.S. Government Fund		2,810,941		1,656,966
Intermediate U.S. Government Fund		13,385,563		7,244,333
Total Return Bond Fund		66,791,559		92,989,175
Kentucky Intermediate Tax-Free Fund		4,199,979		3,804,128
Maryland Intermediate Tax-Free Fund		7,482,742		5,156,938
North Carolina Intermediate Tax-Free Fund		37,547,165		25,808,726
South Carolina Intermediate Tax-Free Fund		5,973,246		5,383,712
Virginia Intermediate Tax-Free Fund		12,405,758		13,469,012
West Virginia Intermediate Tax-Free Fund		8,920,802		11,564,602
Capital Manager Conservative Growth Fund		3,418,806		35,802,326
Capital Manager Moderate Growth Fund		3,348,014		23,583,157
Capital Manager Growth Fund		2,625,335		17,531,768
Capital Manager Equity Fund		1,111,631		11,586,198

Purchases and sales of U.S. Government Securities (excluding securities maturing less than one year from acquisition) for the six months ended March 31, 2009 were as follows:

	Purchases		Sales
Short U.S. Government Fund	$	14,755,139	$	32,842,472
Intermediate U.S. Government Fund		37,036,092		34,254,058
Total Return Bond Fund		151,011,616		191,632,308

Restricted Securities — A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board of Trustees. Not all restricted securities are considered illiquid. At March 31, 2009, the International Equity Fund and the Prime Money Market Fund held illiquid restricted securities representing 0.08% and 1.11% of net assets, respectively. The illiquid restricted securities held as of March 31, 2009 are identified below:

Security	Acquisition Date	Acquisition Cost	Share Amount	Carrying Value Per Share	Fair Value
International Equity Fund
Inter Rao Ues OAO, GDR	08/28/2008	$23,701	3,762	$      3	$  9,781
Kuzbassenergo OJSC, GDR	08/28/2008	6,599	1,251	1	1,126
OGK-1 OAO, GDR	08/28/2008	39,394	17,316	—	6,667
OGK-2 OAO, GDR	08/28/2008	19,575	4,500	1	3,708
OGK-6 OAO, GDR	08/28/2008	18,365	5,247	1	4,434
TGK-1, GDR	08/28/2008	18,737	6,876	1	3,438
TGK-2, GDR	08/28/2008	11,436	1,161	1	1,045
TGK-4, GDR	08/28/2008	14,764	2,853	1	2,283
TGK-9 OAO, GDR	08/28/2008	9,072	3,024	1	1,814
TGK-14, GDR	08/28/2008	2,333	288	2	519
Unified Energy System Warrants,
Expire 12/31/09	11/21/2007	96,394	9	1,397	12,575
Unified Energy System Warrants,
Expire 12/31/09	11/21/2007	3,524	9	186	1,670

114

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2009

Security	Acquisition Date	Acquisition Cost	Share Amount	Carrying Value Per Share	Fair Value
Volga Territorial Generating Co., GDR	08/28/2008	$16,383	3,006	$  1	$2,567
Yenisei Territorial Generating Co., OJSC, GDR	08/28/2008	6,889	3,096	—	1,238
Security	Acquisition Date	Acquisition Cost	Principal Amount	Carrying Value Per Unit (% of Par)	Fair Value
Prime Money Market Fund
Genworth Life Insurance Co., 2.586%, 05/11/09	02/09/2009	$5,000,000	$5,000,000	100.00	$5,000,000
Metlife Insurance Co. of Connecticut, 1.566%, 05/19/09	02/19/2008	5,000,000	5,000,000	100.00	5,000,000
Metropolitan Life Insurance Co., 1.550%, 05/19/09	02/01/2008	5,000,000	5,000,000	100.00	5,000,000

4. Related Party Transactions:

Investment advisory services are provided to the Funds by BB&T AM. Under the terms of the investment advisory agreement, BB&T AM is entitled to receive fees based on a percentage of the average daily net assets of the Funds. These fees are accrued daily and payable on a monthly basis and are reflected on the Statements of Operations as “Investment advisory fees”. BB&T AM waived investment advisory fees and certain expenses for the Funds referenced below which are not subject to recoupment, except as noted, and are included on the Statements of Operations as “Less expenses reimbursed or waived by the Investment Advisor”. Information regarding these transactions is as follows for the six months ended March 31, 2009:

	Contractual Fee Rate	Fee Rate after Contractual Waivers
Large Cap Fund	0.74%	0.60%(1)(2)	(4)
Mid Cap Value Fund	0.74%	0.70%(2)
Mid Cap Growth Fund	0.74%	0.70%(2)
Small Cap Fund	1.00%	0.80%(2)
International Equity Fund	1.00%	0.85%(1)(2)
Special Opportunities Equity Fund	0.80%	0.80%
Equity Income Fund	0.70%	0.70%
Short U.S. Government Fund	0.60%	0.45%(2)
Intermediate U.S. Government Fund	0.60%	0.48%(2)
Total Return Bond Fund	0.60%	0.48%(2)
Kentucky Intermediate Tax-Free Fund	0.60%	0.40%(2)
Maryland Intermediate Tax-Free Fund	0.60%	0.40%(2)(4)
North Carolina Intermediate Tax-Free Fund	0.60%	0.45%(2)
South Carolina Intermediate Tax-Free Fund	0.60%	0.45%(2)
Virginia Intermediate Tax-Free Fund	0.60%	0.45%(2)
West Virginia Intermediate Tax-Free Fund	0.45%	0.45%
National Tax-Free Money Market Fund	0.25%	0.20%(2)(3)
Prime Money Market Fund	0.40%	0.28%(2)(3)
U.S. Treasury Money Market Fund	0.40%	0.26%(1)(2)	(3)
Capital Manager Conservative Growth Fund	0.25%	0.00%(2)
Capital Manager Moderate Growth Fund	0.25%	0.00%(2)
Capital Manager Growth Fund	0.25%	0.00%(2)
Capital Manager Equity Fund	0.25%	0.00%(2)

⁽¹⁾ For all or a portion of the six months ended March 31, 2009 BB&T AM voluntarily waived additional advisory fees. All, except as reflected below, voluntary investment advisory fee waivers are not subject to recoupment in subsequent fiscal periods, and may be discontinued at any time.

⁽²⁾ BB&T AM contractually agreed to limit the advisory fees paid by the Fund from February 1, 2009 through January 31, 2010.

⁽³⁾ BB&T AM has contractually agreed to limit the advisory fees paid by the Fund from March 1, 2009 through February 28, 2012. During that time, each Money Market Fund’s total investment advisory fees (excluding extraordinary expenses) will remain in effect, and are, respectively, 0.25%, 0.40% and 0.40%. Also, from March 1, 2010 through February 28, 2012, BB&T AM may recoup from each Money Market Fund any additional advisory fees to which BB&T AM voluntarily waived during the period March 1, 2009 through February 28, 2010, as long as the advisory fee paid by the Fund plus any recoupment amount does not exceed that Fund’s total advisory fee as noted above.

⁽⁴⁾ The fee rate after contractual waiver for the period from October 1, 2008 through January 31, 2009 was 0.70% for Large Cap Fund and 0.30% for Maryland Intermediate Tax-Free Fund.

115

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2009

Pursuant to a sub-advisory agreement with BB&TAM, Artio Global Management LLC serves as the sub-advisor to the International Equity Fund, subject to the general supervision of the Funds’ Board of Trustees and BB&T AM. Pursuant to a sub-advisory agreement with BB&TAM, Federated Investment Management Company serves as the sub-advisor to the Prime Money Market Fund and the National Tax-Free Money Market Fund, subject to the general supervision of the Funds’ Board of Trustees and BB&T AM. Pursuant to a sub-advisory agreement with BB&T AM, Scott & Stringfellow LLC, a wholly owned subsidiary of BB&T Corporation, serves as the sub-advisor to the Special Opportunities Equity Fund and the Equity Income Fund, subject to the general supervision of the Funds’ Board of Trustees and BB&T AM. Pursuant to a sub-advisory agreement with BB&T AM, Sterling Capital Management LLC, a wholly owned subsidiary of BB&T Corporation, serves as the sub-advisor to the Mid Cap Value Fund and the Total Return Bond Fund, subject to the general supervision of the Funds’ Board of Trustees and BB&T AM. For their services, sub-advisors are entitled to a fee, payable by BB&T AM.

BB&T AM serves as the administrator to the Funds pursuant to the administration agreement effective as of April 23, 2007. The Funds pay their portion of a fee to BB&T AM for providing administration services based on the aggregate assets of the Funds and the BB&T Variable Insurance Funds, excluding the assets of the Fund of Funds, at a rate of 0.11% on the first $3.5 billion of average net assets; 0.075% on the next $1 billion of average net assets; 0.06% on the next $1.5 billion of average net assets; and 0.04% of average net assets over $6 billion. This fee is accrued daily and payable on a monthly basis. Expenses incurred are reflected on the Statements of Operations as “Administration fees”. Pursuant to a sub-administration agreement with BB&T AM, PNC Global Investment Servicing (U.S.) Inc. (“PNC”), serves as the sub-administrator to the Funds subject to the general supervision of the Board of Trustees and BB&T AM. For these services, PNC is entitled to a fee payable by BB&T AM.

PNC serves as the Funds’ fund accountant and transfer agent and receives compensation by the Funds for these services. Expenses incurred are reflected on the Statements of Operations as “Fund accounting fees” and “Transfer agent fees”.

BB&TAM’s Chief Compliance Officer (“CCO”) serves as the Funds’ CCO. The CCO’s compensation is reviewed and approved by the Funds’ Board of Trustees and paid by BB&T AM. However, the Funds reimburse BB&T AM for their allocable portion of the CCO’s salary. Expenses incurred for the Funds are reflected on the Statements of Operations as “Compliance service fees”.

For the six months ended March 31, 2009, the Funds’ paid $283,439 in brokerage fees to Scott & Stringfellow LLC, a wholly owned subsidiary of BB&T Corporation, on the execution of purchases and sales of the Funds’ portfolio investments.

The Funds have adopted a Distribution and Shareholder Services Plan (the “Plan”) in accordance with Rule 12b-1 under the 1940 Act. BB&T AM Distributors, Inc. (“BBTAMD”) serves as distributor to each Fund pursuant to a underwriting agreement, effective as of April 23, 2007. The Plan provides for payments to the distributor of up to 0.50%, 1.00% and 1.00% of the average daily net assets of the Class A Shares, Class B Shares, and Class C Shares, respectively, with the exception of the Mid Cap Value Fund, the Mid Cap Growth Fund and the West Virginia Intermediate Tax-Free Fund which receive payments of up to 0.25% of the average daily net assets for ClassA. BBTAMD has contractually agreed to waive 0.25% of the ClassA distribution fees of the Funds except for the Mid Cap Value Fund, Mid Cap Growth Fund, West Virginia Intermediate Tax-Free Fund, Prime Money Market Fund and U.S. Treasury Money Market Fund through January 31, 2010, and may voluntarily waive additional fees at any time. The total contractual and voluntary waiver of distribution fees was $1,171,426 for the six months ended March 31, 2009. Distribution fee waivers are included in the Statements of Operations as “Less expenses waived by the Distributor” and these waivers are not subject to recoupment in subsequent fiscal periods. As distributor, BBTAMD is entitled to receive commissions on sales of shares of the Variable Net Asset Value Funds. For the six months ended March 31, 2009, BBTAMD received $258,163 from commissions earned on sales of shares of the Funds’ Variable Net Asset Value Funds. Commissions paid to affiliated broker-dealers during the six months ended March 31, 2009 were $224,426. The fees may be used by BBTAMD to pay banks, broker dealers and other institutions, including affiliates of the advisor.

The Adviser and/or its affiliates may pay out of their own bona fide profits compensation to broker-dealers and other persons for the sale and distribution of the shares and/or for the servicing of the shares. These are additional payments over and above the sales charge (including Rule 12b-1 fees) and service fees paid by the Funds. The payments, which may be different for different financial institutions, will not change the price an investor will pay for shares or the amount that a Fund will receive for the sale of shares.

116

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2009

Certain Officers and Trustees of the Funds are affiliated with the adviser, the administrator, or the sub-administrator. Such Officers and Trustees receive no compensation from the Funds for serving in their respective roles. Each of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust who serve on the Board of Trustees are compensated at the annual rate of $30,000 plus $5,000 for each regularly scheduled quarterly meeting attended, $4,000 for each special meeting attended in person and $3,000 for each special meeting attended by telephone, plus reimbursement for certain out of pocket expenses. Each Trustee serving on a Committee of the Board of Trustees receives a fee of $4,000 for each Committee meeting attended in person and $3,000 for each Committee meeting attended by telephone, plus reimbursement for certain out of pocket expenses. Additionally, the Chairman of the Board of Trustees and the Audit Committee Chairman each receive an annual retainer of $10,000, and the Chairman of the Nominations Committee receives $1,000 for each meeting attended. The fees are allocated across the Funds and the BB&T Variable Insurance Funds based upon relative net assets.

5. Concentration of Credit Risk:

The Tax-Free Funds invest primarily in debt instruments of municipal issuers in their respective states. The issuers’ abilities to meet their obligations may be affected by economic developments in a specific state or region.

6. Line of Credit:

U.S. Bank, N.A. has made available a credit facility to the Funds, pursuant to a Credit Agreement (the “Agreement”). The primary purpose of the Agreement is to allow the Funds to avoid security liquidations that BB&T AM believes are unfavorable to shareholders. Outstanding principal amounts under the Agreement bear interest at an interest rate equal to the Prime Rate minus 2.00%. During the six months ended March 31`, 2009 the following Fund utilized lines of credit:

	Average Interest Rate	Average Loan Balance	Number of Days Outstanding	Interest Expense Incurred	Maximum Amount Borrowed During the Period
Virginia Intermediate Tax-Free Fund	2.00%	$251,000	1	$14	$251,000

7. Federal Income Tax Information:

The Funds adopted the provisions of FASB Interpretation No. 48 (“FIN48”), Accounting for Uncertainty in Income Taxes. FIN48 was applied to all open tax years (September 30, 2005, September 30, 2006, September 30, 2007 and September 30, 2008). The implementation of FIN48 resulted in no material liability for unrecognized tax benefits and no material change to the beginning net asset value of the Funds. As of and during the six months ended March 31, 2009, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

At September 30, 2008, the following Funds had net capital loss carryforwards available to offset future net capital gains, if any, to the extent provided by the Treasury regulations. To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders.

	Amount	Expires
Mid Cap Value Fund	$    233,334	2016
Small Cap Fund*	4,700,830	2009
Small Cap Fund*	2,350,415	2010
Small Cap Fund	982,080	2016
Short U.S. Government Fund	498,342	2009
Short U.S. Government Fund	118,919	2012
Short U.S. Government Fund	2,094,190	2013
Short U.S. Government Fund	1,246,269	2014
Short U.S. Government Fund	3,940,976	2015
Short U.S. Government Fund	160,380	2016
Intermediate U.S. Government Fund	108,521	2013
Intermediate U.S. Government Fund	4,243,104	2014
Intermediate U.S. Government Fund	10,119,332	2016
Total Return Bond Fund	6,426,073	2015

* The amount of these losses that may be utilized is limited to $2,350,415 on an annual basis as a result of certain ownership changes in 2006.

117

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2009

The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2008, were as follows:

	Distributions paid from			Total Taxable Distributions	Tax Exempt Distributions	Total Distributions Paid*
	Ordinary Income		Net Long-Term Gains
Large Cap Fund	$	13,358,739	$86,391,629	$99,750,368	$          —	$99,750,368
Mid Cap Value Fund		12,060,136	15,851,309	27,911,445	—	27,911,445
Mid Cap Growth Fund		4,642,107	9,720,681	14,362,788	—	14,362,788
Small Cap Fund		571,040	6,961,030	7,532,070	—	7,532,070
International Equity Fund		3,556,351	12,199,987	15,756,338	—	15,756,338
Special Opportunities Equity Fund		4,562,577	9,456,338	14,018,915	—	14,018,915
Equity Income Fund		5,642,983	6,945,951	12,588,934	—	12,588,934
Short U.S. Government Fund		1,910,471	—	1,910,471	—	1,910,471
Intermediate U.S. Government Fund		6,118,277	—	6,118,277	—	6,118,277
Total Return Bond Fund		21,516,002	—	21,516,002	—	21,516,002
Kentucky Intermediate Tax-Free Fund		—	—	—	529,694	529,694
Maryland Intermediate Tax-Free Fund		—	—	—	423,473	423,473
North Carolina Intermediate Tax-Free Fund		76,486	397,834	474,320	4,235,863	4,710,183
South Carolina Intermediate Tax-Free Fund		61,456	95,804	157,260	636,262	793,522
Virginia Intermediate Tax-Free Fund		17,619	357,893	375,512	2,772,996	3,148,508
West Virginia Intermediate Tax-Free Fund		15,299	120,896	136,195	2,536,318	2,672,513
National Tax Free Money Market Fund		—	—	—	2,644,375	2,644,375
Prime Money Market Fund		55,744,159	—	55,744,159	—	55,744,159
U.S. Treasury Money Market Fund		19,611,212	—	19,611,212	—	19,611,212
Capital Manager Conservative Growth Fund		2,450,477	4,214,835	6,665,312	—	6,665,312
Capital Manager Moderate Growth Fund		3,380,453	8,858,612	12,239,065	—	12,239,065
Capital Manager Growth Fund		2,560,561	8,405,300	10,965,861	—	10,965,861
Capital Manager Equity Fund		1,314,812	5,384,279	6,699,091	—	6,699,091

* Total Distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

Under current tax law, capital losses realized after October 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Funds had deferred post October capital and currency losses, which will be treated as arising on the first business day of the fiscal year ending September 30, 2009:

	Post- October Losses
Large Cap Fund	$109,351,396
Mid Cap Value Fund	12,105,627
Small Cap Fund	7,946,011
International Equity Fund	16,758,198
West Virginia Intermediate Tax-Free Fund	5,584
Capital Manager Moderate Growth Fund	278,018
Capital Manager Growth Fund	1,102,405
Capital Manager Equity Fund	732,363

At March 31, 2009, the book cost, which approximates federal income tax cost, gross unrealized appreciation and gross unrealized depreciation on securities were as follows:

	Book Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Large Cap Fund	$214,654,603	$12,162,260	$ (44,752,108	)	$(32,589,848)
Mid Cap Value Fund	195,772,034	2,836,163	(64,910,773	)	(62,074,610)
Mid Cap Growth Fund	105,095,492	6,211,192	(11,295,140	)	(5,083,948)
Small Cap Fund	27,470,423	1,978,434	(4,895,923	)	(2,917,489)
International Equity Fund	75,977,402	2,366,693	(14,966,583	)	(12,599,890)
Special Opportunities Equity Fund	411,170,320	19,002,098	(107,354,996	)	(88,352,898)

118

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2009

	Book Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Income Fund	$  311,080,960	$4,899,718	$(68,638,348)		$(63,738,630)
Short U.S. Government Fund	30,424,958	762,467	(7,078)		755,389
Intermediate U.S. Government Fund	147,120,782	4,281,691	(712,359)		3,569,332
Total Return Bond Fund	384,092,624	8,533,402	(16,182,305)		(7,648,903)
Kentucky Intermediate Tax-Free Fund	16,914,048	380,524	(90,740)		289,784
Maryland Intermediate Tax-Free Fund	19,015,316	779,058	(180,324)		598,734
North Carolina Intermediate Tax-Free Fund	135,364,400	4,957,592	(1,972,783)		2,984,809
South Carolina Intermediate Tax-Free Fund	20,693,151	465,651	(147,748)		317,903
Virginia Intermediate Tax-Free Fund	78,705,172	3,969,105	(298,080)		3,671,025
West Virginia Intermediate Tax-Free Fund	70,285,480	1,936,039	(1,383,030)		553,009
National Tax-Free Money Market Fund	226,915,935	—	—		—
Prime Money Market Fund	1,360,494,002	—	—		—
U.S. Treasury Money Market Fund	855,863,493	—	—		—
Capital Manager Conservative Growth Fund	14,200,714	49,868	(1,548,626	)	(1,498,758)
Capital Manager Moderate Growth Fund	44,005,984	—	(12,345,958	)	(12,345,958)
Capital Manager Growth Fund	33,889,049	54,762	(11,088,224	)	(11,033,462)
Capital Manager Equity Fund	11,894,379	—	(4,402,900	)	(4,402,900)

8. Federal Insurance:

The Prime Money Market and the National Tax-Free Money Market Funds (the “Participating Funds”), currently participate in the U.S. Department of the Treasury’s Temporary Guarantee Program for Money Market Funds (the “Program”). Subject to certain conditions and limitations, in the event that the per share value of a Participating Fund falls below $0.995 and the Participating Fund liquidates its holdings, the Program will provide coverage to shareholders in the Participating Fund for up to $1.00 per share for the lesser of either the number of shares the investor held in the Participating Fund at the close of business on September 19, 2008 or the number of shares the investor held the date the per share value fell below $0.995. Any increase in the number of shares an investor holds after the close of business on September 19, 2008 will not be covered by the Program. In addition, if an investor closes his or her account with a Participating Fund or broker-dealer, any future investment in the Participating Fund will not be guaranteed. Shares acquired by investors after September 19, 2008 generally are not eligible for protection under the Program.

As a participant of the Program, which expires September 18, 2009, the Participating Funds paid a fee of 0.01% multiplied by the number of outstanding shares of such Fund as of September 19, 2008 for the period September 19, 2008 through December 18, 2008 and 0.015% multiplied by the number of outstanding shares of such Fund as of September 19, 2008 for the period December 19, 2008 through April 30, 2009. The U.S. Treasury Money Market Fund paid a fee of 0.01% multiplied by the number of outstanding shares of such Fund as of September 19, 2008 to participate in the Program for the period September 19, 2008 through December 18, 2008. On April 8, 2009, the Board of Trustees of the BB&T Funds authorized the Participating Funds to apply for continued participation in the Program. The Funds’ continued participation in the Program (i.e., for the period from May 1, 2009 through September 18, 2009) required a non-refundable Program extension payment to the U.S. Department of the Treasury in the amount of 0.015% multiplied by the number of outstanding shares of each Participating Fund as of September 19, 2008. This expense is borne by the Participating Funds and was borne by the U.S. Treasury Money Market Fund without regard to any expense limitation in effect for the Participating Funds or the U.S. Treasury Money Market Fund, respectively. The participation fee for the period September 19, 2008 through March 31, 2009 is included as “Government insurance fees” on the Statements of Operations.

9. Subsequent Event:

Effective June 1, 2009, Class B shares of the Funds will be closed to new accounts and additional purchases by existing shareholders. For Class B shares outstanding on June 1, 2009, and for Class B shares acquired upon reinvestment of dividends or distributions or through exchanges after that date, Class B share characteristics, including the associated Rule 12b-1 plan service and distribution fees, contingent deferred sales charges and conversion features, as applicable, will remain unchanged; however, investors who invest in Class B shares through an automatic investment plan will no longer be able to do so after the close of business on May 29, 2009.

119

BB&T Funds

March 31, 2009

Other Information (Unaudited)

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-228-1872; and (ii) on the Securities and Exchange Commission’s (the “Commission”) website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30^th is available (i) without charge, upon request, by calling 1-800-228-1872 and (ii) on the Commission’s website at http://www.sec.gov.

The Funds file complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available without charge on the Commission’s website at http://www.sec.gov, or may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

120

INVESTMENT ADVISER

BB&T Asset Management, Inc.

434 Fayetteville Street

5th Floor

Raleigh, NC 27601

DISTRIBUTOR

BB&T AM Distributors, Inc.

760 Moore Road

King of Prussia, PA 19406

LEGAL COUNSEL

Ropes & Gray LLP

One Metro Center

700 12th Street, N.W.

Suite 900

Washington, D. C. 20005

TRANSFER AGENT

PNC Global Investment Servicing (U.S.) Inc.

760 Moore Road

King of Prussia, PA 19406

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

KPMG LLP

345 Park Avenue

New York, New York 10154

Sterling Capital Small Cap Value Fund

Semi-Annual Report March 31, 2009

CAPITAL SMALL

CAP VALUE FUND

STERLING CAPITAL

SMALL CAP VALUE FUND

TABLE OF CONTENTS

Schedule of Portfolio Investments	1
Statement of Assets and Liabilities	5
Statement of Operations	6
Statement of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	9
Disclosure of Fund Expenses	16

The Fund files its complete schedule of investments of fund holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q within 60 days after period end. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-866-450-3722; and (ii) on the SEC’s website at http://www.sec.gov.

STERLING CAPITAL

SMALL CAP VALUE FUND

MARCH 31, 2009 (Unaudited)

SECTOR WEIGHTINGS (Unaudited)†

† Percentages based on market value of total investments.

* Short-Term Investments represents the invested cash collateral received in connection with securities lending (see Note 2) and other cash equivalents.

SCHEDULE OF PORTFOLIO INVESTMENTS

	Shares	Market Value
COMMON STOCKS* — 96.0%
CONSUMER DISCRETIONARY — 23.7%
Chico’s FAS, Inc. (a)	44,500	$	238,965
EarthLink, Inc. (a)	66,700		438,219
Group 1 Automotive, Inc. (b)	17,000		237,490
ICT Group, Inc. (a)	27,260		151,838
Interpublic Group of Cos., Inc. (The) (a)	66,750		275,010
K-Swiss, Inc., Class A	14,850		126,819
Lithia Motors, Inc., Class A (b)	34,071		76,660
Meredith Corp.	13,750		228,800
Regis Corp.	26,717		386,061
Select Comfort Corp. (a)	80,540		57,989
Signet Jewelers, Ltd. (b)	36,900		422,505
Tempur-Pedic International, Inc.	21,950		160,235
Voyager Learning Co. (a)	49,100		56,956
			2,857,547
CONSUMER STAPLES — 3.0%
Winn-Dixie Stores, Inc. (a)	38,184		365,039

The accompanying notes are an integral part of the financial statements.

1

STERLING CAPITAL

SMALL CAP VALUE FUND

MARCH 31, 2009 (Unaudited)

SCHEDULE OF PORTFOLIO INVESTMENTS — continued

	Shares	Market Value
FINANCIAL SERVICES— 28.7%
AmeriCredit Corp. (a) (b)	38,850	$	227,661
Assured Guaranty, Ltd. (b)	7,550		51,114
Brookline Bancorp, Inc.	20,650		196,175
Comerica, Inc.	7,500		137,325
Endurance Specialty Holdings, Ltd.	9,250		230,695
Fair Isaac Corp.	24,000		337,680
First Citizens BancShares, Inc., Class A	4,214		555,405
First Horizon National Corp.	18,235		195,841
Horace Mann Educators Corp.	18,100		151,497
Investment Technology Group, Inc. (a)	7,000		178,640
Marshall & Ilsley Corp.	32,900		185,227
Piper Jaffray Cos. (a)	9,150		235,978
StanCorp Financial Group, Inc.	6,900		157,182
SVB Financial Group (a)	5,600		112,056
Synovus Financial Corp.	37,100		120,575
Waddell & Reed Financial, Inc., Class A	13,421		242,517
Washington Federal, Inc.	10,150		134,893
			3,450,461
HEALTH CARE — 1.8%
Coventry Health Care, Inc. (a)	11,300		146,222
Palomar Medical Technologies, Inc. (a)	9,000		65,340
			211,562
MATERIALS & PROCESSING — 10.6%
Avatar Holdings, Inc. (a)	7,135		106,882
Cabot Microelectronics Corp. (a)	11,800		283,554
Exide Technologies (a)	79,800		239,400
Louisiana-Pacific Corp.	106,000		236,380
Universal Forest Products, Inc.	15,150		403,141
			1,269,357
OTHER ENERGY — 4.3%
Forest Oil Corp. (a)	12,346		162,350
Holly Corp.	16,950		359,340
			521,690

The accompanying notes are an integral part of the financial statements.

2

STERLING CAPITAL

SMALL CAP VALUE FUND

MARCH 31, 2009 (Unaudited)

SCHEDULE OF PORTFOLIO INVESTMENTS — continued

	Shares	Market Value
PRODUCER DURABLES — 7.0%
Axcelis Technologies, Inc. (a)	90,715	$	34,472
Covanta Holding Corp. (a)	16,950		221,875
GrafTech International, Ltd. (a)	16,300		100,408
Knoll, Inc.	12,800		78,464
Smith (A.O.) Corp.	16,075		404,769
			839,988
TECHNOLOGY — 14.0%
Black Box Corp.	20,969		495,078
CSG Systems International, Inc. (a)	11,850		169,218
DealerTrack Holdings, Inc. (a)	19,450		254,795
MicroStrategy, Inc., Class A (a)	7,953		271,913
National Semiconductor Corp.	27,000		277,290
Orbotech, Ltd. (a)	51,045		193,461
Trident Microsystems, Inc. (a)	18,800		27,448
			1,689,203
UTILITIES — 2.9%
ALLETE, Inc.	8,600		229,534
Cleco Corp.	5,500		119,295
			348,829
TOTAL COMMON STOCKS (Cost $18,398,176)			11,553,676
INVESTMENT COMPANIES — 4.1%
Federated Treasury Obligations Fund, Institutional Shares (Cost $495,308)	495,308		495,308

The accompanying notes are an integral part of the financial statements.

3

STERLING CAPITAL

SMALL CAP VALUE FUND

MARCH 31, 2009 (Unaudited)

SCHEDULE OF PORTFOLIO INVESTMENTS — continued

	Principal Amount		Market Value
SECURITIES HELD AS COLLATERAL FOR SECURITIES ON LOAN — 6.7%
Pool of Various Securities for Security Loans (c) (Cost $847,776)	$	847,776	$	808,046
TOTAL INVESTMENTS (Cost $19,741,260) — 106.8%				12,857,030
NET OTHER ASSETS (LIABILITIES) — (6.8)%				(817,757	)
NET ASSETS — 100.0%			$	12,039,273

* Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

(a) Represents non-income producing security.

(b) Represents that all or a portion of the security was on loan as of March 31, 2009.

(c) Security was fair valued by the Pricing Committee in accordance with procedures adopted by the Board of Trustees.

The accompanying notes are an integral part of the financial statements.

4

STERLING CAPITAL

SMALL CAP VALUE FUND

MARCH 31, 2009 (Unaudited)

STATEMENT OF ASSETS AND LIABILITIES

Assets:
Investments at value (Cost $19,741,260)*	$	12,857,030
Receivable for investment securities sold		85,947
Receivable for capital shares sold		3,001
Dividends and securities lending income receivable		8,287
Prepaid expenses		13,782
Total Assets		12,968,047
Liabilities:
Payable for collateral received on loaned securities		847,776
Payable for investment securities purchased		43,022
Payable for capital shares redeemed		4,767
Accrued expenses and other payables:
Investment advisory fees		4,893
Administration fees		968
Trustees’ fees		121
Compliance service fees		479
Other		26,748
Total Liabilities		928,774
Net Assets	$	12,039,273
NET ASSETS CONSIST OF:
Paid-in capital	$	25,988,516
Accumulated net investment income		54,388
Accumulated net realized loss on investments		(7,119,401	)
Net unrealized depreciation on investments		(6,884,230	)
Net Assets	$	12,039,273
Sterling Shares:
Shares Issued and Outstanding (unlimited authorization — no par value)		1,941,623
Net Asset Value, Offering and Redemption Price Per Share		$6.20

* The market value of securities on loan is $812,232.

The accompanying notes are an integral part of the financial statements.

5

STERLING CAPITAL

SMALL CAP VALUE FUND

FOR THE SIX MONTHS ENDED

MARCH 31, 2009 (Unaudited)

STATEMENT OF OPERATIONS

Investment Income:
Dividends	$	152,260
Income from securities lending		10,378
Total Investment Income		162,638
Expenses:
Investment advisory fees		62,509
Administration fees		6,874
Accounting fees		694
Audit fees		567
Custodian fees		2,473
Interest expense		82
Legal fees		2,451
Printing fees		9,714
Registration and filing fees		6,569
Transfer agent fees		32,174
Trustees’ fees		662
Other expenses		2,798
Total Expenses		127,567
Less:
Waiver of investment advisory fees (Note 4)		(19,317	)
Net Expenses		108,250
Net Investment Income		54,388
Realized/Unrealized Loss on Investments:
Net realized loss on investments		(6,347,957	)
Net change in unrealized appreciation/depreciation on investments		(1,494,332	)
Net Realized/Unrealized Loss on Investments		(7,842,289	)
Net Decrease in Net Assets Resulting from Operations	$	(7,787,901	)

The accompanying notes are an integral part of the financial statements.

6

STERLING CAPITAL

SMALL CAP VALUE FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008
Operations:
Net Investment Income	$	54,388		$	1,688
Net Realized Gain (Loss) on Investments		(6,347,957	)		1,507,848
Net Change in Unrealized Appreciation/Depreciation on Investments		(1,494,332	)		(8,654,277	)
Net Decrease in Net Assets Resulting From Operations		(7,787,901	)		(7,144,741	)
Distributions:
Realized Capital Gains		(629,909	)		(7,479,296	)
Total Distributions		(629,909	)		(7,479,296	)
Capital Share Transactions:
Issued		797,097			3,312,898
Reinvestment of Distributions		606,770			7,112,610
Redeemed		(3,581,604	)		(18,619,373	)
Net Decrease in Net Assets from Capital Share Transactions		(2,177,737	)		(8,193,865	)
Total Decrease in Net Assets		(10,595,547	)		(22,817,902	)
Net Assets:
Beginning of period		22,634,820			45,452,722
End of period (Includes Undistributed Net Investment Income of $54,388 and $0, respectively)	$	12,039,273		$	22,634,820
Share Transactions:
Issued		116,455			301,948
Reinvestment of Distributions		98,342			640,199
Redeemed		(560,888	)		(1,751,575	)
Net Decrease in Shares Outstanding		(346,091	)		(809,428	)

The accompanying notes are an integral part of the financial statements.

7

STERLING CAPITAL

SMALL CAP VALUE FUND

FINANCIAL HIGHLIGHTS

Sterling Shares

Selected data for a share of beneficial interest outstanding throughout the periods indicated

	Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008			Period Ended September 30, 2007*			Years Ended October 31,
										2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	9.89		$	14.68		$	18.36		$	18.22		$	18.33		$	16.17		$	11.75
Income (Loss) from Investment Operations:
Net Investment Income (Loss)		0.03	(1)		—	(1)(2)		(0.01	)(1)		(0.04	)(1)		0.01	(1)		0.07			(0.01	)
Net Realized and Unrealized Gain (Loss)		(3.43	)(1)		(2.24	)(1)		0.68	(1)		3.09	(1)		1.61	(1)		2.61			4.54
Total from Investment Operations		(3.40	)		(2.24	)		0.67			3.05			1.62			2.68			4.53
Distributions:
Net Investment Income		—			—			—			(0.02	)		—			(0.07	)		—
Net Realized Capital Gains		(0.29	)		(2.55	)		(4.35	)		(2.89	)		(1.73	)		(0.45	)		(0.11	)
Total Distributions		(0.29	)		(2.55	)		(4.35	)		(2.91	)		(1.73	)		(0.52	)		(0.11	)
Net Asset Value, End of Period	$	6.20		$	9.89		$	14.68		$	18.36		$	18.22		$	18.33		$	16.17
Total Return†		(34.39	)%(3)		(17.16	)%		3.67	%(3)		19.31	%		9.24	%		17.03	%		38.88	%
Ratios and Supplemental Data
Net Assets, End of Period (000)	$	12,039		$	22,635		$	45,453		$	60,737		$	99,201		$	247,954		$	227,702
Ratio of Expenses to Average Net Assets		1.56	%(4)		1.26	%		1.18	%(4)		1.25	%(5)		1.25	%(5)		1.25	%		1.25	%
Ratio of Expenses to Average Net Assets (without waivers and fees paid indirectly)		1.84	%(4)		1.40	%		1.41	%(4)		1.63	%		1.47	%		1.36	%		1.35	%
Ratio of Net Investment Income (Loss) to Average Net Assets		0.78	%(4)		0.01	%		(0.07	)%(4)		(0.26	)%		0.06	%		0.33	%		(0.10	)%
Portfolio Turnover Rate		40	%(3)		64	%		82	%(3)		56	%		45	%		41	%		46	%

* The Fund’s fiscal year-end changed from October 31 to September 30, effective September 30, 2007.

† Total return is for the period indicated and has not been annualized. Total returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total return would have been lower if the Adviser did not waive a portion of its fee. The performance information for the Sterling Shares prior to 12/18/06 is based on the performances of the Institutional Shares of the Fund’s predecessor, Sterling Capital Small Cap Value Fund, a series of The Advisor’s Inner Circle Fund which transferred all of its assets and liabilities to the Fund pursuant to a reorganization.

⁽¹⁾ Per share calculations based on average shares outstanding.

⁽²⁾ Amount is less than $0.005.

⁽³⁾ Not Annualized.

⁽⁴⁾ Annualized.

⁽⁵⁾ The ratio of expenses to average net assets excludes the effects of fees paid indirectly. If these expense offsets were included, the ratio would not significantly differ.

The accompanying notes are an integral part of the financial statements.

8

STERLING CAPITAL

SMALL CAP VALUE FUND

MARCH 31, 2009 (Unaudited)

NOTES TO FINANCIAL STATEMENTS

1. Organization:

BB&T Funds (the “Trust”) commenced operations on October 5, 1992 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company established as a Massachusetts business trust. The Trust consists of twenty-five series of units of beneficial interest (“Shares”) offered to the public, each representing interests in one of twenty-five separate investment portfolios. These financial statements pertain to the Sterling Capital Small Cap Value Fund (the “Fund”) only. The financial statements of the remaining series are presented in separate documents. The Fund’s prospectus provides a description of the Fund’s investment objectives, policies and strategies.

The Fund may offer to the public four classes of Shares: Class A Shares, Class B Shares, Class C Shares and Sterling Shares. Currently, the Fund only offers Sterling Shares to the public. The Fund is an “open-end” “diversified” management company, as defined in the 1940 Act.

Effective September 30, 2007, the Fund’s fiscal year end changed from October 31 to September 30.

2. Significant Accounting Policies:

The following is a summary of the significant accounting policies followed by the Fund in the preparation of financial statements. The policies are in conformity with United States generally accepted accounting principles (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates.

Securities Valuation — Investments of the Fund in securities the principal market for which is a securities exchange or an over-the counter market are valued at their latest available sales price (except for those securities traded on NASDAQ, which will be valued at the NASDAQ Official Closing Price), or, absent such a price, by reference to the latest available bid price in the principal market in which such securities are normally traded. Securities the principal market for which is not a securities exchange are valued at their latest bid quotation in such principal market. The Fund may also use an independent pricing service approved by the Board of Trustees (the “Board”). Short-term securities are valued either at amortized cost or original cost plus interest, which approximates current value.

Securities for which market prices are not readily available are valued as determined by the BB&T Funds’ Pricing Committee (“Pricing Committee”) in

9

STERLING CAPITAL

SMALL CAP VALUE FUND

MARCH 31, 2009 (Unaudited)

their best judgment pursuant to procedures established by and under the general supervision of the Board. Some of the more common reasons that may necessitate that a security be valued by the Pricing Committee include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions.

Financial Accounting Standard Board — Statement of Financial Accounting Standards No. 157 “Fair Value Measurement” (“SFAS No. 157”) — SFAS No. 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. The three levels of the fair value hierarchy under SFAS No. 157 are described below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of inputs used to determine the fair valuation of the Fund’s investment as of March 31, 2009 is as follows:

Fund Assets: Investments in Securities	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total Fair Value
Sterling Capital Small Cap Value Fund	$	11,553,676	$	1,290,083	$	13,271	$	12,857,030

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

Balance as of 10/01/08 (market value)	$	—
Transfers in and/or out of Level 3		19,661
Change in unrealized appreciation/depreciation	$	(6,390	)
Balance as of 3/31/09* (market value)	$	13,271

* Included in “Net change in unrealized appreciation/depreciation on investments” in the Statement of Operations.

10

STERLING CAPITAL

SMALL CAP VALUE FUND

MARCH 31, 2009 (Unaudited)

Securities Transactions and Related Income — During the period, securities transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on trade date of the last business day of the reporting period. Interest income is recognized on the accrual basis and includes, where applicable, the amortization/accretion of premium or discount. Dividend income is recorded on the ex-dividend date. Gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Expenses — Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among all Funds daily in relation to the net assets of each Fund in the Trust or another reasonable basis. Expenses which are attributable to both the Trust and the BB&T Variable Insurance Funds are allocated across the Trust and BB&T Variable Insurance Funds, based upon relative net assets or on another reasonable basis.

Distributions to Shareholders — Dividends from net investment income, if any, are declared and paid to shareholders quarterly. Any net realized capital gains are distributed to shareholders at least annually.

Federal Income Taxes — It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income tax is required.

Security Loans — The Fund may loan securities secured by collateral in the form of securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, irrevocable letters of credit, U.S. dollar cash or other forms of collateral as may be agreed to between the Trust and Mellon Bank, N.A., the lending agent (“Mellon”). A Fund may receive compensation for lending securities in the form of fees payable by the borrower or by retaining a portion of the income and earnings from the investment and reinvestment of the cash as collateral received and held on behalf of the Fund (after payment of a “broker rebate fee” to the borrower). A Fund also continues to receive interest or dividends on the securities loaned. Although security loans are secured at all times by collateral, the loans may not be fully supported if, for example, the instruments in which cash collateral is invested decline in value or the borrower fails to provide additional collateral when required in a timely manner or at all. Concurrently with the delivery of the Fund’s securities to a borrower, Mellon is required to obtain from the borrower collateral equal to at least 102% of the market value of the securities loaned plus accrued interest in the case of U.S. securities, and at least 105% of the market value of the secu-

11

STERLING CAPITAL

SMALL CAP VALUE FUND

MARCH 31, 2009 (Unaudited)

rities loaned plus accrued interest in the case of foreign securities. If at the close of trading on any business day the market value of the collateral is less than 100% of the market value of such loaned securities as of such business day, the borrower is required to deliver additional collateral which will cause the total collateral to be equal to not less than 102% of the market value of the securities loaned plus accrued interest in the case of U.S. securities and 105% of the market value of the securities loaned plus accrued interest in the case of foreign securities. The Fund bears all of the gains and losses on such investments. Cash collateral received by the Fund at March 31, 2009 was invested in the BNY Institutional Cash Reserve Fund (“ICRF”) Series A, B, and C, an unregistered investment pool managed by Mellon, which was invested in various types of securities.

The net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the ICRF or any other investment vehicle in which cash collateral may be invested. At March 31, 2009, the ICRF held investments in Lehman Brothers (Series B) and White Pine Finance LLC (Series C), both of which had defaulted on their obligations during the period. These defaults resulted in the value of the ICRF being less than the amount of collateral owed back to the borrowing brokers. The difference between the value of the collateral investments in the ICRF and what is owed to the borrowing brokers negatively affects the net asset value of the Fund.

There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. Another risk from securities lending is that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Fund. The Fund is indemnified from losses resulting from brokers failing to return securities. As the securities lending agent for the Fund, Mellon receives for its services 20% of the revenues earned on the securities lending activities and incurs all expenses. The securities lending agent may make payments to borrowers and placing brokers, who may not be affiliated, directly or indirectly, with the Trust, the adviser or the distributor. In connection with lending securities, the Fund may pay reasonable administrative and custodial fees. The value of the securities on loan, the related collateral and the liability to return the collateral at March 31, 2009, are shown on the Statement of Assets and Liabilities. At March 31, 2009, the Fund had loans outstanding:

Value of Loaned Securities	Cost of Cash Collateral	Value of Cash Collateral	Average Value on Loan for the Six Months Ended March 31, 2009
$812,232	$847,776	$808,046	$909,226

12

STERLING CAPITAL

SMALL CAP VALUE FUND

MARCH 31, 2009 (Unaudited)

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended March 31, 2009, were $5,860,150 and $8,616,083 respectively.

4. Related Party Transactions:

Investment advisory and management services are provided to the Fund by Sterling Capital Management, LLC (the “Adviser”) pursuant to an Investment Advisory Agreement (the “Advisory Agreement”) dated July 1, 2006 and amended and restated August 28, 2008. The Adviser is a successor to Sterling Capital Management Company, which was a wholly-owned subsidiary of United Asset Management. On April 1, 2005, BB&T Corporation acquired a 70% ownership interest in the Adviser. The Adviser now operates as an independently managed subsidiary of BB&T Corporation.

Under the Advisory Agreement, the Adviser receives an annual fee equal to (a) 0.90% of the Fund’s average daily net assets; or (b) such fee as may from time to time be agreed upon in writing by the Trust and the Adviser. A fee agreed to in writing from time to time by the Trust and the Adviser may be significantly lower than the fee calculated at the annual rate and the effect of such lower fee would be to lower the Fund’s expenses and increase net income of the Fund during the period when such lower fee is in effect. The Adviser has contractually agreed to limit its advisory fee paid by the Fund to 0.80% through January 31, 2010. In addition, the Adviser voluntarily waived additional advisory fees during the period. Voluntary investment advisory fee waivers are not subject to recoupment in subsequent fiscal periods and may be discontinued at any time. Any reductions in advisory fees are reflected as “Waiver of investment advisory fees” in the Statement of Operations.

BB&T Asset Management, Inc. (“BB&T AM” or the “Administrator”) serves as the administrator to the Fund as well as other Funds in the Trust and the BB&T Variable Insurance Funds pursuant to an administration agreement effective April 23, 2007. The Fund pays its portion of a fee to BB&T AM for providing administration services based on the aggregate assets of the Trust and the BB&T Variable Insurance Funds at a rate of 0.11% on the first $3.5 billion of average net assets; 0.075% on the next $1 billion of the average net assets; 0.06% on the next $1.5 billion of average net assets; and 0.04% of average net assets over $6 billion. This fee is accrued daily and is payable on a monthly basis. Expenses incurred are reflected on the Statement of Operations as “Administration fees”.

PNC Global Investment Servicing (U.S.) Inc. (“PNC”), serves as the Fund’s sub-administrator and transfer agent. BB&T AM Distributors, Inc. (the “Distributor”) serves as the Fund’s distributor pursuant to an underwriting agreement effective for the Fund as of February 1, 2008.

13

STERLING CAPITAL

SMALL CAP VALUE FUND

MARCH 31, 2009 (Unaudited)

U.S. Bank National Association acts as custodian (the “Custodian”) for the Fund. The Custodian plays no role in determining the investment policies of the Fund or which securities are to be purchased and sold by the Fund. Mellon serves as the securities lending agent to the Fund.

Certain Officers and Trustees of the Fund are affiliated with the Adviser, the Administrator, or the sub-administrator. Such Officers and Trustees receive no compensation from the Trust for serving in their respective roles. Each of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust who serve on the Board are compensated at the annual rate $30,000 plus $5,000 for each regularly scheduled quarterly meeting attended, $4,000 for each special meeting attended in person and $3,000 for each special meeting attended by telephone, plus reimbursement for certain out of pocket expenses. Each Trustee serving on a Committee of the Board receives a fee of $4,000 for each Committee meeting attended in person and $3,000 for each Committee meeting attended by telephone, plus reimbursement for certain out of pocket expenses. Additionally, the Chairman of the Board and Audit Committee Chairman each receive an annual retainer of $10,000, and the Chairman of the Nominations Committee receives $1,000 for each meeting attended. The fees are allocated across the Trust and the BB&T Variable Insurance Funds based upon relative net assets.

BB&T AM’s Chief Compliance Officer (“CCO”) serves as the Fund’s CCO. The CCO’s compensation is reviewed and approved by the Fund’s Board and paid by BB&T AM. However, the Fund reimburses BB&T AM for its allocable portion of the CCO’s salary. As a result, the CCO fee paid by the Fund is only part of the total compensation received by the CCO. If any, expenses incurred for the fund are reflected on the Statement of Operations as “Chief Compliance Officer fees”.

5. Line of Credit:

U.S. Bank, N.A. has made available a credit facility to the Fund, pursuant to a Credit Agreement (the “Agreement”). The primary purpose of the Agreement is to allow the Fund to avoid security liquidations that BB&T AM believes are unfavorable to shareholders. Outstanding principal amounts under the Agreement bear interest at an interest rate equal to the Prime Rate minus 2.00%. During the period ended March 31, 2009, the Fund utilized a line of credit:

	Average Interest Rate		Average Loan Balance		Number of Days Outstanding	Interest Expense Incurred		Maximum Amount Borrowed During the Period
Sterling Capital Small Cap Value Fund	1.25	%	$	235,700	10	$	82	$	428,000

14

STERLING CAPITAL

SMALL CAP VALUE FUND

MARCH 31, 2009 (Unaudited)

6. Federal Income Tax Information:

The Fund adopted the provisions of FASB Interpretation No. 48 (“FIN48”), Accounting for Uncertainty in Income Taxes. FIN48 was applied to all open tax years (October 31, 2005, October 31, 2006, September 2007). The implementation of FIN48 resulted in no material liability for unrecognized tax benefits and no material change to the beginning net asset value of the Fund. As of and during the period ended March 31, 2009, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interests and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any interest or penalties.

The tax character of distributions paid during the fiscal year ended September 30, 2008 follows:

	Ordinary Income		Long-Term Capital Gain		Total
2008	$	2,550,158	$	4,929,138	$	7,479,296

The aggregate book cost, which approximates federal tax cost, and aggregate gross unrealized appreciation and depreciation on investments held by the Fund at March 31, 2009, were as follows:

Book Cost	Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized Depreciation	Net Unrealized Depreciation
$19,741,260	$428,400	$(7,312,630)	$(6,884,230)

7. Other:

At March 31, 2009, 63% of total shares outstanding were held by two record shareholders of the Fund each owning 10% or greater of the aggregate total shares outstanding.

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote.

15

STERLING CAPITAL

SMALL CAP VALUE FUND

DISCLOSURE OF FUND EXPENSES (unaudited)

As a shareholder of the BB&T Funds, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; and other Fund expenses.

These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2008 through March 31, 2009.

• Actual Example. The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

• Hypothetical Example for Comparison Purposes. The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/01/08		Ending Account Value 03/31/09		Expenses Paid During Period* 10/01/08 – 03/31/09		Annualized Expense Ratio During Period 10/01/08 – 03/31/09
Sterling Capital Small Cap Value Fund — Sterling Shares
Actual Fund Return	$	1,000.00	$	656.10	$	6.44	1.56	%
Hypothetical 5% Return	$	1,000.00	$	1,017.15	$	7.85	1.56	%

* Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the most recent period ended divided by the number of days in the fiscal year (to reflect the one-half year period).

16

Sterling Capital Small Cap Value Fund

P.O. Box 9652

Providence, RI 02940-9652

1-866-450-3722

Adviser:

Sterling Capital Management, LLC

Two Morrocroft Centre

4064 Colony Road, Suite 300

Charlotte, NC 28211

Distributor:

BB&T AM Distributors, Inc.

760 Moore Road

King of Prussia, PA 19406

Administrator:

BB&T Asset Management, Inc.

434 Fayetteville Street Mall

5th Floor

Raleigh, NC 27601

Legal Counsel:

Ropes and Gray LLP

One Metro Center

700 12th Street, N.W.

Suite 900

Washington D.C. 20005

Transfer Agent:

PNC Global Investment Servicing (U.S.) Inc.

760 Moore Road

King of Prussia, PA 19406

Independent Registered Public Accounting Firm

KPMG LLP

345 Park Avenue

New York, New York 10154

This information must be preceded or accompanied by a current prospectus for the Fund described.

A25-SAR-0309

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees to report.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) BB&T Funds

By (Signature and Title)*	/s/ E.G. Purcell, III
	E.G. Purcell, III, President (principal executive officer)

Date 5/28/09

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ E.G. Purcell, III
	E.G. Purcell, III, President (principal executive officer)

Date 5/28/09

By (Signature and Title)*	/s/ Andrew J. McNally
	Andrew J. McNally, Treasurer (principal financial officer)

Date 5/28/09

^* Print the name and title of each signing officer under his or her signature.