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, 2010

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.

Semi-Annual

BB&T Report

to Shareholders

March 31, 2010

BB&T FUNDS

NOTICE OF PRIVACY POLICY & PRACTICES

BB&T Funds recognizes and respects the privacy expectations of our customers.¹ We provide this notice to you so that you will know what kinds of information we collect about our customers and the circumstances in which that information may be disclosed to third parties who are not affiliated with the BB&T Funds.

Collection of Customer Information

We collect nonpublic personal information about our customers from the following sources:

• Account Applications and other forms, which may include a customer’s name, address, social security number, and information about a customer’s investment goals and risk tolerance;

• Account History, including information about the transactions and balances in a customer’s accounts; and

• Correspondence, written, telephonic or electronic between a customer and the BB&T Funds or service providers to the BB&T Funds.

Disclosure of Customer Information

We many disclose all of the consumer information outlined above to third parties who are not affiliated with the BB&T Funds:

• as permitted by law — for example with service providers who maintain or service shareholder accounts for the BB&T Funds or to a shareholder’s broker or agent; and

• to perform marketing services on our behalf or pursuant to a joint marketing agreement with another financial institutional.

Security of Customer Information

We require service providers to the BB&T Funds:

• to maintain policies and procedures designed to assure only appropriate access to, and use of information about customers of the BB&T Funds; and

• to maintain physical, electronic and procedural safeguards that comply with applicable legal standards to guard nonpublic personal information of customers of the BB&T Funds.

We will adhere to the policies and practices described in this notice regardless of whether you are a current or former customer of the BB&T Funds.

¹ For purposes of this notice, the terms “customer” or “customers” includes both individual shareholders of the BB&T Funds and individuals who provide nonpublic personal information to the BB&T Funds, but do not invest in BB&T Funds shares.

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
Select Equity Fund	9
Mid Cap Value Fund	10
Sterling Capital Small Cap Value Fund	11
International Equity Fund	12
Special Opportunities Equity Fund	17
Equity Income Fund	18
Short U.S. Government Fund	19
Intermediate U.S. Government Fund	21
Total Return Bond Fund	23
Kentucky Intermediate Tax-Free Fund	27
Maryland Intermediate Tax-Free Fund	29
North Carolina Intermediate Tax-Free Fund	32
South Carolina Intermediate Tax-Free Fund	35
Virginia Intermediate Tax-Free Fund	38
West Virginia Intermediate Tax-Free Fund	41
National Tax-Free Money Market Fund	44
Prime Money Market Fund	47
U.S. Treasury Money Market Fund	48
Capital Manager Conservative Growth Fund	49
Capital Manager Moderate Growth Fund	50
Capital Manager Growth Fund	51
Capital Manager Equity Fund	52
Financial Statements	53
Notes to Financial Statements	111
Other Information	129

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, 2009 and March 31, 2010. During the period covered by this report, investors gained optimism about economic advances and improving corporate-sector fundamentals, helping the equity market post strong gains. Fixed-income securities meanwhile generated comparatively modest returns.

The economy continued its recovery from the unprecedented events of 2008 and early 2009. Consumer spending grew, and consumer confidence generally improved. Confidence remained fragile, however, as consumers expressed concerns about the jobs climate and the sustainability of the economic recovery. Unemployment remained high throughout the period and the housing market continued to struggle, with mortgage foreclosures

reaching record levels. Refinancing activity plunged, and lenders remained cautious about extending credit.

The U.S. gross domestic product grew at an annualized rate of 5.4% during the first half of this semiannual period, and at an annualized rate of 3.2% during the second half of the period (according to preliminary figures). The Federal Reserve maintained its aggressive stance toward monetary policy, keeping its target short-term interest rate at a historically low range between zero and 0.25% throughout the period.

The stock market produced gains in this environment. The S&P 500 climbed throughout most of the period, despite sharp, short-lived declines in early October and mid-January. All told, the index gained 12.00% during the six months under review. Small-cap stocks slightly out performed larger shares, with the Russell 2000 small cap index

gaining 13.07% whereas the Russell 2000 large cap index returned 14.01%. Likewise, U.S. fixed-income securities also fared relatively well, supported by an improving economic outlook, a strengthening credit environment, benign inflation and fiscal weakness in the European Union.

We will continue to monitor the evolving economic and market climate, and will manage the BB&T Funds accordingly. Thank you for your confidence in BB&T Asset Management. 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. (“BB&T AM”), a wholly owned subsidiary of BB&T Corporation, serves as investment advisor to the BB&T Funds (except the Sterling Capital Small Cap Value Fund) and is paid a fee for its services. Sterling Capital Management LLC (“Sterling Capital”), a wholly owned subsidiary of BB&T Corporation, serves as investment advisor to the Sterling Capital Small Cap Value Fund 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, 2010.

Select Equity Fund (formerly known as Large Cap Fund)	Percentage  of Net Assets
Consumer Discretionary	7.0%
Consumer Staples	11.6%
Energy	14.2%
Financials	12.1%
Health Care	14.7%
Industrials	11.5%
Information Technology	19.2%
Materials	4.4%
Telecommunication Services	3.9%
Exchange Traded Fund	0.8%
Cash Equivalents	1.4%
	100.8%
Mid Cap Value Fund	Percentage  of Net Assets
Consumer Discretionary	21.1%
Energy	3.7%
Financial Services	32.4%
Health Care	12.1%
Materials & Processing	2.4%
Producer Durables	8.9%
Technology	13.6%
Utilities	1.5%
Exchange Traded Fund	1.0%
Cash Equivalents	5.8%
	102.5%
Sterling Capital Small Cap Value Fund	Percentage  of Net Assets
Consumer Discretionary	16.0%
Consumer Staples	2.1%
Energy	4.5%
Financial Services	30.1%
Health Care	4.7%
Materials & Processing	7.3%
Producer Durables	11.9%
Technology	15.9%
Utilities	4.3%
Cash Equivalents	4.6%
	101.4%
International Equity Fund	Percentage  of Net Assets
Australia	5.4%
Austria	1.4%
Belgium	0.4%
Brazil	1.1%
Canada	5.7%
China	1.7%
Czech Republic	1.2%
Denmark	0.8%
Finland	0.4%
France	7.1%

International Equity Fund	Percentage  of Net  Assets
Germany	6.7%
Greece	0.1%
Hungary	0.7%
India	2.9%
Indonesia	0.2%
Ireland	0.3%
Israel	0.5%
Italy	2.2%
Japan	10.4%
Korea (South)	2.2%
Malaysia	0.0%
Mexico	1.8%
Netherlands	4.9%
Norway	1.1%
Poland	1.3%
Portugal	0.1%
Russia	4.0%
South Africa	1.1%
Spain	0.5%
Sweden	1.1%
Switzerland	7.5%
Taiwan	3.2%
Ukraine	0.2%
United Arab Emirates	0.2%
United Kingdom	13.6%
United States	1.1%
Cash Equivalents	8.1%
	101.2%
Special Opportunities Equity Fund	Percentage  of Net Assets
Consumer Discretionary	6.8%
Consumer Staples	7.8%
Energy	8.3%
Financials	3.4%
Health Care	27.1%
Industrials	3.0%
Information Technology	29.6%
Utilities	0.7%
Exchange Traded Fund	0.1%
Cash Equivalents	13.9%
	100.7%
Equity Income Fund	Percentage  of Net Assets
Consumer Discretionary	10.3%
Consumer Staples	16.9%
Energy	16.6%
Financials	4.4%
Health Care	10.1%
Industrials	7.2%
Information Technology	16.5%
Telecommunication Services	3.7%
Exchange Traded Fund	0.1%
Cash Equivalents	19.6%
	105.4%

2

BB&T Funds

Summary of Portfolio Holdings (Unaudited)

Short U.S. Government Fund	Percentage  of Net Assets
Corporate Bonds	8.5%
Fannie Mae	16.8%
FDIC Guaranteed Securities	7.0%
Federal Farm Credit Bank	10.1%
Federal Home Loan Bank	20.6%
Freddie Mac	13.5%
Ginnie Mae	5.6%
Municipal Bonds	4.5%
Private Export Funding Corp.	4.9%
U.S. Treasury Bills	2.5%
U.S. Treasury Notes	4.7%
Cash Equivalents	2.8%
	101.5%
Intermediate U.S. Government Fund	Percentage  of Net Assets
Collateralized Mortgage Obligations	0.4%
Corporate Bonds	4.3%
Fannie Mae	39.8%
FDIC Guaranteed Securities	2.5%
Federal Farm Credit Bank	5.2%
Federal Home Loan Bank	7.4%
Freddie Mac	24.7%
Municipal Bonds	1.9%
Private Export Funding Corp.	4.8%
U.S. Treasury Notes	8.3%
Cash Equivalents	9.8%
	109.1%
Total Return Bond Fund	Percentage  of Net Assets
Asset Backed Securities	2.5%
Collateralized Mortgage Obligations	12.4%
Commercial Mortgage-Backed Securities	12.1%
Corporate Bonds	40.6%
Fannie Mae	7.3%
Foreign Government Bonds	1.4%
Freddie Mac	10.0%
Ginnie Mae	5.3%
Municipal Bonds	7.3%
U.S. Treasury Notes	1.8%
Cash Equivalents	6.3%
	107.0%
Kentucky Intermediate Tax-Free Fund	Percentage  of Net Assets
Kentucky Municipal Bonds	95.0%
Cash Equivalents	6.0%
	101.0%
Maryland Intermediate Tax-Free Fund	Percentage  of Net Assets
District of Columbia Municipal Bonds	3.2%
Maryland Municipal Bonds	89.4%
Cash Equivalents	6.5%
	99.1%
North Carolina Intermediate Tax-Free Fund	Percentage  of Net Assets
North Carolina Municipal Bonds	96.4%
Cash Equivalents	2.2%
	98.6%

South Carolina Intermediate Tax-Free Fund		Percentage  of Net Assets
South Carolina Municipal Bonds		97.0%
Cash Equivalents		3.5%
		100.5%
Virginia Intermediate Tax-Free Fund		Percentage  of Net Assets
Virginia Municipal Bonds		97.5%
Cash Equivalents		2.4%
		99.9%
West Virginia Intermediate Tax-Free Fund		Percentage  of Net Assets
West Virginia Municipal Bonds		96.4%
Cash Equivalents		2.0%
		98.4%
National Tax-Free Money Market Fund		Percentage  of Net Assets
Arizona		9.6%
Colorado		3.3%
Connecticut		2.3%
District of Columbia		1.3%
Florida		7.7%
Georgia		12.8%
Illinois		6.0%
Missouri		6.7%
Nevada		4.0%
New Jersey		2.4%
New York		0.7%
North Carolina		3.2%
Ohio		17.1%
Pennsylvania		2.1%
Tennessee		1.1%
Texas		3.7%
Utah		2.8%
Vermont		0.8%
Virginia		4.3%
Washington		5.9%
Wisconsin		2.3%
Cash Equivalents		0.0%
		100.1%
Prime Money Market Fund		Percentage  of Net Assets
Asset Backed Securities	��	1.6%
Certificates of Deposit		27.7%
Commercial Paper		41.6%
Corporate Bonds		0.9%
Federal Home Loan Bank		4.2%
Repurchase Agreement		15.2%
Variable Rate Notes		8.8%
		100.0%
U.S. Treasury Money Market Fund		Percentage  of Net Assets
Repurchase Agreements		35.7%
U.S. Treasury Bills		57.4%
U.S. Treasury Notes		6.9%
		100.0%

3

BB&T Funds

Summary of Portfolio Holdings (Unaudited)

Capital Manager Conservative Growth Fund	Percentage  of Net Assets
BB&T Equity Income Fund	4.0%
BB&T International Equity Fund	9.7%
BB&T Mid Cap Value Fund	5.6%
BB&T Select Equity Fund	4.4%
BB&T Special Opportunities Equity Fund	2.0%
BB&T Total Return Bond Fund	54.4%
BB&T U.S. Treasury Money Market Fund	2.4%
Exchange Traded Funds	15.4%
Cash Equivalents	1.9%
	99.8%
Capital Manager Moderate Growth Fund	Percentage  of Net Assets
BB&T Equity Income Fund	6.6%
BB&T International Equity Fund	15.8%
BB&T Mid Cap Value Fund	9.0%
BB&T Select Equity Fund	7.2%
BB&T Special Opportunities Equity Fund	3.3%
BB&T Total Return Bond Fund	28.7%
BB&T U.S. Treasury Money Market Fund	1.5%
Exchange Traded Funds	24.9%
Cash Equivalents	2.9%
	99.9%

Capital Manager Growth Fund	Percentage  of Net Assets
BB&T Equity Income Fund	8.0%
BB&T International Equity Fund	19.2%
BB&T Mid Cap Value Fund	11.0%
BB&T Select Equity Fund	8.7%
BB&T Special Opportunities Equity Fund	4.1%
BB&T Total Return Bond Fund	12.9%
BB&T U.S. Treasury Money Market Fund	2.3%
Exchange Traded Funds	30.3%
Cash Equivalents	3.5%
	100.0%
Capital Manager Equity Fund	Percentage  of Net Assets
BB&T Equity Income Fund	9.1%
BB&T International Equity Fund	21.9%
BB&T Mid Cap Value Fund	12.5%
BB&T Select Equity Fund	10.0%
BB&T Special Opportunities Equity Fund	4.6%
BB&T U.S. Treasury Money Market Fund	2.8%
Exchange Traded Funds	34.4%
Cash Equivalents	4.6%
	99.9%

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 and/or service (12b-1) 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, 2009 through March 31, 2010.

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 10/1/09	Ending Account Value 3/31/10	Expenses Paid During Period* 10/1/09 - 3/31/10	Annualized Expense Ratio During Period 10/1/09 - 3/31/10
Select Equity Fund
Class A Shares	$1,000.00	$  1,105.20	$  5.67	1.08%
Class B Shares	1,000.00	1,101.20	9.59	1.83%
Class C Shares	1,000.00	1,102.10	9.59	1.83%
Institutional Shares	1,000.00	1,107.00	4.36	0.83%
Mid Cap Value Fund
Class A Shares	1,000.00	1,118.90	6.29	1.19%
Class B Shares	1,000.00	1,115.20	10.23	1.94%
Class C Shares	1,000.00	1,115.50	10.28	1.95%
Institutional Shares	1,000.00	1,120.90	4.97	0.94%
Class R Shares	1,000.00	1,123.70	7.57	1.43%
Sterling Capital Small Cap Value Fund
Class A Shares	1,000.00	1,119.20	7.34	1.39%
Class B Shares	1,000.00	1,117.20	11.30	2.14%
Class C Shares	1,000.00	1,118.20	11.35	2.15%
Institutional Shares	1,000.00	1,119.20	6.71	1.27%
Class R Shares	1,000.00	1,123.10	8.68	1.64%
International Equity Fund
Class A Shares	1,000.00	1,019.80	8.86	1.76%
Class B Shares	1,000.00	1,014.70	12.61	2.51%
Class C Shares	1,000.00	1,016.60	12.57	2.50%
Institutional Shares	1,000.00	1,021.00	7.61	1.51%
Special Opportunities Equity Fund
Class A Shares	1,000.00	1,117.30	6.70	1.27%
Class B Shares	1,000.00	1,113.00	10.64	2.02%
Class C Shares	1,000.00	1,113.80	10.65	2.02%
Institutional Shares	1,000.00	1,118.60	5.39	1.02%
Class R Shares	1,000.00	1,120.60	7.93	1.50%
Equity Income Fund
Class A Shares	1,000.00	1,128.00	6.21	1.17%
Class B Shares	1,000.00	1,124.30	10.17	1.92%
Class C Shares	1,000.00	1,125.00	10.17	1.92%
Institutional Shares	1,000.00	1,130.10	4.89	0.92%
Class R Shares	1,000.00	1,127.40	7.43	1.40%
Short U.S. Government Fund
Class A Shares	1,000.00	1,007.30	4.60	0.92%
Institutional Shares	1,000.00	1,007.50	3.35	0.67%
Intermediate U.S. Government Fund
Class A Shares	1,000.00	1,013.40	4.72	0.94%
Class B Shares	1,000.00	1,009.70	8.47	1.69%
Class C Shares	1,000.00	1,009.70	8.47	1.69%
Institutional Shares	1,000.00	1,014.70	3.47	0.69%
Total Return Bond Fund
Class A Shares	1,000.00	1,033.60	4.82	0.95%
Class B Shares	1,000.00	1,029.70	8.60	1.70%
Class C Shares	1,000.00	1,029.70	8.65	1.71%
Institutional Shares	1,000.00	1,034.80	3.55	0.70%
Class R Shares	1,000.00	1,033.90	6.08	1.20%
Kentucky Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,003.00	4.54	0.91%
Institutional Shares	1,000.00	1,004.20	3.30	0.66%

5

BB&T Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/09	Ending Account Value 3/31/10	Expenses Paid During Period* 10/1/09 - 3/31/10	Annualized Expense Ratio During Period 10/1/09 - 3/31/10
Maryland Intermediate Tax-Free Fund
Class A Shares	$1,000.00	$1,003.90	$4.45	0.89%
Institutional Shares	1,000.00	1,004.20	3.20	0.64%
North Carolina Intermediate Tax-Free Fund
Class A Shares	1,000.00	999.80	4.59	0.92%
Institutional Shares	1,000.00	1,001.10	3.34	0.67%
South Carolina Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,003.40	4.75	0.95%
Institutional Shares	1,000.00	1,004.60	3.50	0.70%
Virginia Intermediate Tax-Free Fund
Class A Shares	1,000.00	998.10	4.58	0.92%
Institutional Shares	1,000.00	999.40	3.34	0.67%
West Virginia Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,003.30	4.64	0.93%
Institutional Shares	1,000.00	1,004.50	3.40	0.68%
National Tax-Free Money Market Fund
Class A Shares	1,000.00	1,000.10	2.09	0.42%
Institutional Shares	1,000.00	1,000.20	1.94	0.39%
Prime Money Market Fund
Class A Shares	1,000.00	1,000.10	1.70	0.34%
Class B Shares	1,000.00	1,000.10	1.70	0.34%
Class C Shares	1,000.00	1,000.10	1.70	0.34%
Institutional Shares	1,000.00	1,000.10	1.75	0.35%
U.S. Treasury Money Market Fund
Class A Shares	1,000.00	1,000.10	0.65	0.13%
Class B Shares	1,000.00	1,000.10	0.65	0.13%
Class C Shares	1,000.00	1,000.10	0.65	0.13%
Institutional Shares	1,000.00	1,000.10	0.65	0.13%
Capital Manager Conservative Growth Fund
Class A Shares	1,000.00	1,056.20	2.31	0.45%
Class B Shares	1,000.00	1,053.00	6.14	1.20%
Class C Shares	1,000.00	1,052.80	6.14	1.20%
Institutional Shares	1,000.00	1,058.10	1.03	0.20%
Capital Manager Moderate Growth Fund
Class A Shares	1,000.00	1,074.20	2.02	0.39%
Class B Shares	1,000.00	1,069.00	5.88	1.14%
Class C Shares	1,000.00	1,069.20	5.88	1.14%
Institutional Shares	1,000.00	1,075.10	0.72	0.14%
Capital Manager Growth Fund
Class A Shares	1,000.00	1,082.20	2.13	0.41%
Class B Shares	1,000.00	1,078.40	6.01	1.16%
Class C Shares	1,000.00	1,079.20	6.01	1.16%
Institutional Shares	1,000.00	1,083.40	0.83	0.16%
Capital Manager Equity Fund
Class A Shares	1,000.00	1,091.20	2.61	0.50%
Class B Shares	1,000.00	1,087.90	6.51	1.25%
Class C Shares	1,000.00	1,087.80	6.35	1.22%
Institutional Shares	1,000.00	1,092.40	1.30	0.25%

* Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 182 days divided by 365 (to reflect the six month period) for all Classes except for Class R Shares and Sterling Capital Small Cap Value Fund Class A, Class B and Class C, which are multiplied by 59 days divided by 365 (to reflect the period from commencement of operations).

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 the ongoing costs of investing in a Fund and other funds. To do so, 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 10/1/09	Ending Account Value 3/31/10	Expenses Paid During Period* 10/1/09 - 3/31/10	Annualized Expense Ratio During Period 10/1/09 - 3/31/10
Select Equity Fund
Class A Shares	$1,000.00	$1,019.55	$  5.44	1.08%
Class B Shares	1,000.00	1,015.81	9.20	1.83%
Class C Shares	1,000.00	1,015.81	9.20	1.83%
Institutional Shares	1,000.00	1,020.79	4.18	0.83%
Mid Cap Value Fund
Class A Shares	1,000.00	1,019.00	5.99	1.19%
Class B Shares	1,000.00	1,015.26	9.75	1.94%
Class C Shares	1,000.00	1,015.21	9.80	1.95%
Institutional Shares	1,000.00	1,020.24	4.73	0.94%
Class R Shares	1,000.00	1,017.80	7.19	1.43%
Sterling Capital Small Cap Value Fund
Class A Shares	1,000.00	1,018.00	6.99	1.39%
Class B Shares	1,000.00	1,014.26	10.75	2.14%
Class C Shares	1,000.00	1,014.21	10.80	2.15%
Institutional Shares	1,000.00	1,018.60	6.39	1.27%
Class R Shares	1,000.00	1,016.75	8.25	1.64%
International Equity Fund
Class A Shares	1,000.00	1,016.16	8.85	1.76%
Class B Shares	1,000.00	1,012.42	12.59	2.51%
Class C Shares	1,000.00	1,012.47	12.54	2.50%
Institutional Shares	1,000.00	1,017.40	7.59	1.51%
Special Opportunities Equity Fund
Class A Shares	1,000.00	1,018.60	6.39	1.27%
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	1,019.85	5.14	1.02%
Class R Shares	1,000.00	1,017.45	7.54	1.50%
Equity Income Fund
Class A Shares	1,000.00	1,019.10	5.89	1.17%
Class B Shares	1,000.00	1,015.36	9.65	1.92%
Class C Shares	1,000.00	1,015.36	9.65	1.92%
Institutional Shares	1,000.00	1,020.34	4.63	0.92%
Class R Shares	1,000.00	1,017.95	7.04	1.40%
Short U.S. Government Fund
Class A Shares	1,000.00	1,020.34	4.63	0.92%
Institutional Shares	1,000.00	1,021.59	3.38	0.67%
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	1,016.45	8.55	1.70%
Class C Shares	1,000.00	1,016.40	8.60	1.71%
Institutional Shares	1,000.00	1,021.44	3.53	0.70%
Class R Shares	1,000.00	1,018.95	6.04	1.20%
Kentucky 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%

7

BB&T Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/09	Ending Account Value 3/31/10	Expenses Paid During Period* 10/1/09 - 3/31/10	Annualized Expense Ratio During Period 10/1/09 - 3/31/10
Maryland 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%
North Carolina Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,020.34	4.63	0.92%
Institutional Shares	1,000.00	1,021.59	3.38	0.67%
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	1,020.34	4.63	0.92%
Institutional Shares	1,000.00	1,021.59	3.38	0.67%
West Virginia Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,020.29	4.68	0.93%
Institutional Shares	1,000.00	1,021.54	3.43	0.68%
National Tax-Free Money Market Fund
Class A Shares	1,000.00	1,022.84	2.12	0.42%
Institutional Shares	1,000.00	1,022.99	1.97	0.39%
Prime Money Market Fund
Class A Shares	1,000.00	1,023.24	1.72	0.34%
Class B Shares	1,000.00	1,023.24	1.72	0.34%
Class C Shares	1,000.00	1,023.24	1.72	0.34%
Institutional Shares	1,000.00	1,023.19	1.77	0.35%
U.S. Treasury Money Market Fund
Class A Shares	1,000.00	1,024.28	0.66	0.13%
Class B Shares	1,000.00	1,024.28	0.66	0.13%
Class C Shares	1,000.00	1,024.28	0.66	0.13%
Institutional Shares	1,000.00	1,024.28	0.66	0.13%
Capital Manager Conservative Growth Fund
Class A Shares	1,000.00	1,022.69	2.27	0.45%
Class B Shares	1,000.00	1,018.95	6.04	1.20%
Class C Shares	1,000.00	1,018.95	6.04	1.20%
Institutional Shares	1,000.00	1,023.93	1.01	0.20%
Capital Manager Moderate Growth Fund
Class A Shares	1,000.00	1,022.99	1.97	0.39%
Class B Shares	1,000.00	1,019.25	5.74	1.14%
Class C Shares	1,000.00	1,019.25	5.74	1.14%
Institutional Shares	1,000.00	1,024.23	0.71	0.14%
Capital Manager 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	1,024.13	0.81	0.16%
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	1,018.85	6.14	1.22%
Institutional Shares	1,000.00	1,023.68	1.26	0.25%

* Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 182 days divided by 365 (to reflect the six month period) for all Classes except for Class R Shares and Sterling Capital Small Cap Value Fund Class A, Class B and Class C, which are multiplied by 59 days divided by 365 (to reflect the period from commencement of operations).

8

BB&T Select Equity Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Shares		Fair Value
COMMON STOCKS (98.6%)
	Consumer Discretionary (7.0%)
321,000	Comcast Corp., Class A	$	6,041,220
54,000	Genuine Parts Co.		2,281,500
97,500	Lowe’s Cos., Inc.		2,363,400
149,500	Walt Disney Co. (The)		5,219,045
			15,905,165
	Consumer Staples (11.6%)
127,900	Campbell Soup Co.		4,521,265
68,100	CVS Caremark Corp.		2,489,736
144,900	Kraft Foods, Inc., Class A		4,381,776
219,300	Kroger Co. (The)		4,750,038
53,160	PepsiCo, Inc.		3,517,065
134,000	Unilever PLC, ADR		3,923,520
48,900	Wal-Mart Stores, Inc.		2,718,840
			26,302,240
	Energy (14.2%)
30,000	Anadarko Petroleum Corp.		2,184,900
53,700	Chevron Corp.		4,072,071
102,970	ConocoPhillips		5,268,975
87,423	Exxon Mobil Corp.		5,855,592
72,000	Schlumberger, Ltd.		4,569,120
210,000	Suncor Energy, Inc.		6,833,400
41,100	Transocean, Ltd.(a)		3,550,218
			32,334,276
	Financials (12.1%)
39,400	Berkshire Hathaway, Inc. Class B(a)		3,202,038
90,000	JPMorgan Chase & Co.		4,027,500
170,000	MetLife, Inc.		7,367,800
91,900	Morgan Stanley		2,691,751
80,000	State Street Corp.		3,611,200
56,400	Travelers Cos., Inc. (The)		3,042,216
114,000	Wells Fargo & Co.		3,547,680
			27,490,185
	Health Care (14.7%)
88,800	Abbott Laboratories		4,677,984
77,700	Baxter International, Inc.		4,522,140
63,450	Johnson & Johnson		4,136,940
116,000	Medtronic, Inc.		5,223,480
116,000	Merck & Co., Inc.		4,332,600
228,300	Pfizer, Inc.		3,915,345
42,000	Teva Pharmaceutical Industries, Ltd., ADR		2,649,360
61,800	WellPoint, Inc.(a)		3,978,684
			33,436,533
	Industrials (11.5%)
156,500	ABB, Ltd., ADR		3,417,960
127,100	Avery Dennison Corp.		4,627,711
317,000	General Electric Co.		5,769,400
43,290	Lockheed Martin Corp.		3,602,594
118,100	Pall Corp.		4,781,869
105,000	Tyco International, Ltd.		4,016,250
			26,215,784

Shares			Fair Value
	COMMON STOCKS — (continued)
		Information Technology (19.2%)
	231,000	Applied Materials, Inc.	$	3,113,880
	164,000	Cisco Systems, Inc.(a)		4,268,920
	113,190	Corning, Inc.		2,287,570
	117,000	eBay, Inc.(a)		3,153,150
	3,660	Google, Inc., Class A(a)		2,075,257
	41,600	Hewlett-Packard Co.		2,211,040
	193,200	Intel Corp.		4,300,632
	20,700	International Business Machines Corp.		2,654,775
	251,868	Microsoft Corp.		7,372,176
	159,000	Nokia Corp., ADR(b)		2,470,860
	137,000	Oracle Corp.		3,519,530
	68,400	QUALCOMM, Inc.		2,872,116
	125,000	Tyco Electronics, Ltd.		3,435,000
				43,734,906
		Materials (4.4%)
	120,000	Barrick Gold Corp.		4,600,800
	44,000	Monsanto Co.		3,142,480
	51,200	Nucor Corp.		2,323,456
				10,066,736
		Telecommunication Services (3.9%)
	141,000	AT&T, Inc.		3,643,440
	219,000	Vodafone Group PLC, ADR		5,100,510
				8,743,950
		Total Common Stocks     (Cost $194,539,851)		224,229,775
	EXCHANGE TRADED FUND (0.8%)
	62,000	Utilities Select Sector SPDR Fund		1,837,060
		Total Exchange Traded Fund (Cost $1,785,395)		1,837,060
	INVESTMENT COMPANY (0.4%)
	775,592	Federated Treasury Obligations Fund, Institutional Shares		775,592
		Total Investment Company (Cost $775,592)		775,592
Principal Amount
	SECURITIES HELD AS COLLATERAL FOR SECURITIES ON LOAN (1.0%)
$	2,504,250	Pool of Various Securities		2,198,862
		Total Securities Held as Collateral for     Securities on Loan     (Cost $2,504,250)		2,198,862
	Total Investments — 100.8% (Cost $199,605,088)			229,041,289
	Net Other Assets (Liabilities) — (0.8)%			(1,714,135	)
	NET ASSETS — 100.0%		$	227,327,154

(a) Represents non-income producing security.

(b) Represents that all or a portion of the security was on loan as of March 31, 2010.

ADR — American Depository Receipt

See accompanying notes to the financial statements.

9

BB&T Mid Cap Value Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Shares		Fair Value
COMMON STOCKS (95.7%)
	Consumer Discretionary (21.1%)
306,712	Chico’s FAS, Inc.	$	4,422,787
502,425	eBay, Inc.(a)		13,540,354
113,857	Gannett Co., Inc.		1,880,918
179,689	International Speedway Corp., Class A		4,630,585
1,557,742	Interpublic Group of Cos., Inc. (The)(a)		12,960,413
192,270	Omnicom Group, Inc.		7,461,999
391,561	Select Comfort Corp.(a)		3,120,741
246,574	Universal Technical Institute, Inc.(a)		5,626,819
367,583	Viacom, Inc., Class B(a)		12,637,504
			66,282,120
	Energy (3.7%)
283,218	EXCO Resources, Inc.		5,205,547
248,926	Forest Oil Corp.(a)		6,427,269
			11,632,816
	Financial Services (32.4%)
114,878	Alliance Data Systems Corp.(a)(b)		7,351,043
368,497	Annaly Capital Management, Inc., REIT		6,330,778
372,692	Aspen Insurance Holdings, Ltd.		10,748,437
145,728	Assurant, Inc.		5,010,129
188,303	Assured Guaranty, Ltd.(b)		4,137,017
309,285	Endurance Specialty Holdings, Ltd.(b)		11,489,938
335,567	Fair Isaac Corp.		8,503,268
393,111	Fidelity National Information Services, Inc.		9,214,522
459,450	Leucadia National Corp.(a)		11,398,955
503,178	Marshall & Ilsley Corp.		4,050,583
179,000	MI Developments, Inc., Class A		2,334,160
159,586	StanCorp Financial Group, Inc.		7,601,081
74,835	Waddell & Reed Financial, Inc., Class A		2,697,053
339,684	Willis Group Holdings PLC		10,628,712
			101,495,676
	Health Care (12.1%)
171,313	Covidien PLC		8,613,618
143,457	Genzyme Corp.(a)		7,435,376
591,796	King Pharmaceuticals, Inc.(a)		6,959,521
153,442	WellPoint, Inc.(a)		9,878,596
83,022	Zimmer Holdings, Inc.(a)		4,914,902
			37,802,013
	Materials & Processing (2.4%)
255,166	Valspar Corp.		7,522,294

Shares			Fair Value
	COMMON STOCKS — (continued)
		Producer Durables (8.9%)
	164,595	General Dynamics Corp.	$	12,706,734
	217,819	Lexmark International, Inc., Class A(a)		7,858,910
	755,967	Xerox Corp.		7,370,678
				27,936,322
		Technology (13.6%)
	588,549	CA, Inc.		13,813,245
	119,448	Computer Sciences Corp.(a)		6,508,722
	570,196	EarthLink, Inc.		4,869,474
	182,201	Progress Software Corp.(a)		5,726,577
	239,100	SAIC, Inc.(a)		4,232,070
	338,603	Synopsys, Inc.(a)		7,574,549
				42,724,637
		Utilities (1.5%)
	207,898	Allegheny Energy, Inc.		4,781,654
		Total Common Stocks (Cost $263,197,112)		300,177,532
	EXCHANGE TRADED FUND (1.0%)
	78,000	iShares Russell MidCap Value Index Fund		3,145,740
		Total Exchange Traded Fund (Cost $3,159,843)		3,145,740
	INVESTMENT COMPANY (4.0%)
	12,492,395	Federated Treasury Obligations Fund, Institutional Shares		12,492,395
		Total Investment Company (Cost $12,492,395)		12,492,395
Principal Amount
	SECURITIES HELD AS COLLATERAL FOR SECURITIES ON LOAN (1.8%)
$	6,548,190	Pool of Various Securities		5,591,491
		Total Securities Held as Collateral for Securities on Loan (Cost $6,548,190)		5,591,491
	Total Investments — 102.5% (Cost $285,397,540)			321,407,158
	Net Other Assets (Liabilities) — (2.5)%			(7,726,814	)
	NET ASSETS — 100.0%		$	313,680,344

(a) Represents non-income producing security.

(b) Represents that all or a portion of the security was on loan as of March 31, 2010.

REIT — Real Estate Investment Trust

See accompanying notes to the financial statements.

10

Sterling Capital Small Cap Value Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Shares		Fair Value
COMMON STOCKS (96.8%)
	Consumer Discretionary (16.0%)
108,458	Cambium Learning Group, Inc.(a)	$	433,832
273,661	Exide Technologies(a)		1,573,551
295,618	Interpublic Group of Cos., Inc. (The)(a)		2,459,542
22,530	K-Swiss, Inc., Class A(a)		235,664
61,891	Meredith Corp.		2,129,669
77,419	Regis Corp.		1,446,187
32,917	Signet Jewelers, Ltd.(a)		1,064,536
63,659	Viad Corp.		1,308,192
			10,651,173
	Consumer Staples (2.1%)
110,987	Winn-Dixie Stores, Inc.(a)		1,386,228
	Energy (4.5%)
63,600	Cal Dive International, Inc.(a)		466,188
49,166	Holly Corp.		1,372,223
97,285	Resolute Energy Corp.(a)(b)		1,178,121
			3,016,532
	Financial Services (30.1%)
36,105	AMERISAFE, Inc.(a)		591,039
32,352	Aspen Insurance Holdings, Ltd.		933,032
21,842	Assured Guaranty, Ltd.		479,869
29,710	Avatar Holdings, Inc.(a)		645,895
60,070	Brookline Bancorp, Inc.		639,145
21,787	Comerica, Inc.		828,777
44,981	Endurance Specialty Holdings, Ltd.		1,671,044
69,600	Fair Isaac Corp.		1,763,664
12,188	First Citizens BancShares, Inc., Class A		2,422,487
42,141	Highwoods Properties, Inc., REIT		1,337,134
78,563	Horace Mann Educators Corp.		1,183,159
59,017	Investment Technology Group, Inc.(a)		984,994
187,696	Marshall & Ilsley Corp.		1,510,953
25,652	MI Developments, Inc., Class A		334,502
39,014	Parkway Properties, Inc., REIT		732,683
26,300	Regency Centers Corp., REIT		985,461
37,723	StanCorp Financial Group, Inc.		1,796,746
31,270	Washington Federal, Inc.		635,406
56,300	Westfield Financial, Inc.		517,397
			19,993,387
	Health Care (4.7%)
47,319	Coventry Health Care, Inc.(a)		1,169,726
80,202	Martek Biosciences Corp.(a)		1,805,347
13,650	Palomar Medical Technologies, Inc.(a)		148,239
			3,123,312
	Materials & Processing (7.3%)
35,339	Cabot Microelectronics Corp.(a)		1,336,874
55,857	Mueller Industries, Inc.		1,496,409
69,836	Sensient Technologies Corp.		2,029,434
			4,862,717

Shares			Fair Value
	COMMON STOCKS — (continued)
		Producer Durables (11.9%)
	65,090	Colfax Corp.(a)	$	766,109
	103,736	Covanta Holding Corp.(a)		1,728,242
	27,900	EnergySolutions, Inc.		179,397
	33,500	Granite Construction, Inc.		1,012,370
	62,492	Knoll, Inc.		703,035
	56,556	PHH Corp.(a)		1,333,025
	140,818	UTi Worldwide, Inc.		2,157,332
				7,879,510
		Technology (15.9%)
	263,174	Axcelis Technologies, Inc.(a)		436,869
	42,014	Black Box Corp.		1,292,351
	243,743	Compuware Corp.(a)		2,047,441
	36,944	CSG Systems International, Inc.(a)		774,346
	193,571	EarthLink, Inc.		1,653,096
	13,218	MicroStrategy, Inc., Class A(a)		1,124,455
	114,623	National Semiconductor Corp.		1,656,303
	148,317	Orbotech, Ltd.(a)		1,606,273
				10,591,134
		Utilities (4.3%)
	33,470	Allete, Inc.		1,120,576
	64,230	Cleco Corp.		1,705,306
				2,825,882
		Total Common Stocks (Cost $57,714,965)		64,329,875
	RIGHTS (0.0%)
	79,600	Voyager Learning Co., Contingent Rights(c)		0
		Total Rights (Cost $0)		0
	INVESTMENT COMPANY (3.3%)
	2,182,185	Federated Treasury Obligations Fund, Institutional Shares		2,182,185
		Total Investment Company (Cost $2,182,185)		2,182,185
Principal Amount
	SECURITIES HELD AS COLLATERAL FOR SECURITIES ON LOAN (1.3%)
$	1,044,165	Pool of Various Securities		843,613
		Total Securities Held as Collateral for     Securities on Loan     (Cost $1,044,165)		843,613
	Total Investments — 101.4% (Cost $60,941,315)			67,355,673
	Net Other Assets (Liabilities) — (1.4)%			(898,444	)
	NET ASSETS — 100.0%		$	66,457,229

(a) Represents non-income producing security.

(b) Represents that all or a portion of the security was on loan as of March 31, 2010.

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

REIT — Real Estate Investment Trust

See accompanying notes to the financial statements.

11

BB&T International Equity Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Shares		Fair Value
COMMON STOCKS (92.0%)
	Australia (5.4%)
14,707	AMP, Ltd.	$	84,484
76,766	Asciano Group(a)		133,492
16,528	Australia & New Zealand Banking Group, Ltd.		384,633
23,048	BHP Billiton, Ltd.		921,928
29,463	BlueScope Steel, Ltd.(a)		78,677
8,614	Commonwealth Bank of Australia		444,952
13,915	Insurance Australia Group, Ltd.		49,544
15,653	Lihir Gold, Ltd.		43,523
3,918	Macquarie Atlas Roads Group(a)		3,380
124,861	MAp Group		354,048
10,586	National Australia Bank, Ltd.		267,336
9,884	Newcrest Mining, Ltd.		297,679
16,108	Rio Tinto, Ltd.		1,158,870
6,977	Suncorp-Metway, Ltd.		54,677
8,732	Wesfarmers, Ltd.		254,731
14,544	Westpac Banking Corp.		371,561
			4,903,515
	Austria (1.4%)
17,496	Erste Group Bank AG		734,927
11,661	OMV AG		437,536
2,024	Voestalpine AG		81,875
			1,254,338
	Belgium (0.4%)
24,231	Fortis(a)		86,271
6,143	KBC Groep NV(a)		297,492
			383,763
	Brazil (1.1%)
1,960	All America Latina Logistica SA		17,921
4,682	Amil Participacoes SA		36,332
3,537	BRF - Brasil Foods SA		95,608
5,472	Centrais Eletricas Brasileiras SA		80,925
3,415	Centrais Eletricas Brasileiras SA, Preference Shares, Class B		61,450
1,861	Cia Brasileira de Distribuicao Grupo Pao de Acucar, Preference Shares, Class A		62,223
15,709	Petroleo Brasileiro SA, Preference Shares		311,292
9,325	Vale SA, ADR		300,172
			965,923
	Canada (5.7%)
692	Agnico-Eagle Mines, Ltd.		38,659
1,914	Agrium, Inc.		135,345
4,514	Bank of Montreal		274,000
5,635	Bank of Nova Scotia		282,291
22,454	Barrick Gold Corp.		861,549
22,477	Bombardier, Inc., Class B		137,874
2,898	Canadian Imperial Bank of Commerce		211,718
1,418	Canadian Oil Sands Trust		42,513
2,889	Canadian Pacific Railway, Ltd.		162,818
4,057	Cenovus Energy, Inc.		105,974
5,686	Goldcorp, Inc.		212,459
3,194	IAMGOLD Corp.		42,455

Shares		Fair Value
COMMON STOCKS — (continued)
	Canada — (continued)
674	IGM Financial, Inc.	$	29,597
8,847	Ivanhoe Mines, Ltd.(a)		154,614
4,234	Kinross Gold Corp.		72,411
8,643	Manulife Financial Corp.		170,537
942	National Bank of Canada		57,356
3,129	Potash Corp. of Saskatchewan, Inc.		373,638
7,560	Royal Bank of Canada		442,442
5,627	Silver Wheaton Corp.(a)		88,368
1,370	Sun Life Financial, Inc.		44,068
13,457	Suncor Energy, Inc.		437,636
24,215	Talisman Energy, Inc.		414,133
4,178	Toronto-Dominion Bank (The)		311,401
			5,103,856
	China (1.7%)
58,854	Beijing Capital International Airport Co., Ltd., H Shares(a)		35,172
53,000	China Mengniu Dairy Co., Ltd.(a)		165,193
79,564	China Merchants Holdings International Co., Ltd.		293,078
86,000	China Resources Enterprise, Ltd.		319,554
36,000	China Shenhua Energy Co., Ltd., H Shares		155,559
16,000	China Yurun Food Group, Ltd.		48,839
239,886	GOME Electrical Appliances Holdings, Ltd.(a)(b)		80,639
20,000	Hengan International Group Co., Ltd.		149,145
224,000	Lenovo Group, Ltd.		154,637
573	Mindray Medical International, Ltd., ADR		20,869
4,000	Shandong Weigao Group Medical Polymer Co., Ltd., H Shares		16,692
5,200	Sinopharm Group, Co., H Shares(a)(b)		23,374
40,410	Want Want China Holdings, Ltd.(b)		28,678
			1,491,429
	Czech Republic (1.2%)
5,231	Komercni Banka AS		1,061,594
	Denmark (0.8%)
18	A. P. Moller - Maersk AS, Class B		137,160
2,668	DSV AS		47,679
7,068	Novo Nordisk AS, Class B		548,457
			733,296
	Finland (0.4%)
5,451	Fortum OYJ(b)		133,334
3,501	Kesko OYJ, Class B(b)		137,793
6,267	Stora Enso OYJ, Class R		47,740
3,678	UPM-Kymmene OYJ		48,808
			367,675
	France (7.1%)
1,647	Aeroports de Paris		135,608
18,399	AXA SA		409,292
14,864	BNP Paribas		1,141,531
4,265	Carrefour SA		205,565
1,760	CFAO SA(a)		65,586
13,063	Danone SA(b)		786,907
2,310	EDF SA		126,049
2,932	European Aeronautic Defence & Space Co. NV(b)		58,986
1,659	Eutelsat Communications		58,976
10,365	France Telecom SA		248,002
1,591	IIiad SA(b)		164,068
1,258	Lafarge SA		88,525
4,026	LVMH Moet Hennessy Louis Vuitton SA		470,583
2,385	PPR		317,525
2,541	Publicis Groupe		108,727
2,246	Renault SA(a)		105,265

Continued

12

BB&T International Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Shares		Fair Value
COMMON STOCKS — (continued)
	France — (continued)
7,967	Sanofi-Aventis SA	$	593,883
1,707	Schneider Electric SA		200,216
2,626	SES SA		66,308
1,868	Suez Environnement Co.		42,992
6,767	Total SA		392,833
470	Vallourec SA		94,777
4,959	Veolia Environnement(b)		172,002
6,430	Vinci SA		378,958
			6,433,164
	Germany (6.7%)
2,658	Adidas AG		142,166
3,614	Allianz SE		453,129
5,974	Bayer AG		404,087
665	Bilfinger Berger AG		44,366
458	Brenntag AG(a)		34,023
8,891	Daimler AG(a)		418,563
3,609	Deutsche Boerse AG		267,514
16,312	Deutsche Telekom AG		221,090
11,832	E.ON AG		436,840
19,313	Fraport AG Frankfurt Airport Services Worldwide		1,016,934
3,190	Fresenius SE		237,447
3,905	HeidelbergCement AG		217,829
456	Henkel AG & Co KGaA		21,128
3,527	Henkel AG & Co KGaA, Preference Shares		189,884
533	Hochtief AG		44,792
3,072	MAN AG(b)		257,169
800	Metro AG		47,457
1,580	Porsche Automobil Holding SE, Preference Shares		96,427
3,510	RWE AG		310,997
967	Salzgitter AG		89,767
4,273	SAP AG		206,961
6,706	Siemens AG		671,614
1,975	Volkswagen AG, Preference Shares(b)		181,127
			6,011,311
	Greece (0.1%)
4,898	Coca-Cola Hellenic Bottling Co. SA		132,046
	Hungary (0.7%)
19,014	OTP Bank PLC		664,993
	India (2.9%)
3,489	ACC, Ltd.		73,911
15,192	Ambuja Cements, Ltd.		40,556
4,189	Axis Bank, Ltd.		109,005
1,647	Bharat Heavy Electricals, Ltd.		87,702
10,166	Bharti Airtel, Ltd.		70,774
1,146	Dr. Reddy’s Laboratories, Ltd.		32,545
19,526	ICICI Bank, Ltd.		414,267
1,937	Infosys Technologies, Ltd., ADR		113,992
9,197	ITC, Ltd.		53,887
13,738	Jaiprakash Associates, Ltd.		45,763
8,467	Larsen & Toubro, Ltd.		307,571
5,478	Mahindra & Mahindra, Ltd.		66,055
8,134	State Bank of India, Ltd.		376,525

Shares		Fair Value
COMMON STOCKS — (continued)
	India — (continued)
3,292	Sterlite Industries, Ltd., ADR	$	61,264
16,271	Tata Motors, Ltd.		274,608
32,728	Tata Steel, Ltd.		460,758
1,488	Ultratech Cement, Ltd.		38,276
			2,627,459
	Indonesia (0.2%)
51,500	Bank Central Asia Tbk PT		31,128
190,583	Telekomunikasi Indonesia Tbk PT		168,602
			199,730
	Ireland (0.3%)
10,589	CRH PLC		264,303
	Israel (0.5%)
7,565	Teva Pharmaceutical Industries, Ltd., ADR		477,200
	Italy (2.2%)
2,886	Buzzi Unicem SpA		36,349
20,562	ENI SpA		482,403
21,890	Intesa Sanpaolo SpA(a)		81,528
18,225	Mediobanca SpA(a)		195,818
5,033	Prysmian SpA		98,909
23,116	Snam Rete Gas SpA		117,160
234,978	Telecom Italia SpA		338,322
217,163	UniCredit SpA(a)		641,622
			1,992,111
	Japan (10.4%)
2,200	Aisin Seiki Co., Ltd.		65,889
4,300	Asahi Breweries, Ltd.		80,628
9,000	Asahi Glass Co., Ltd.		101,369
12,400	Bank of Yokohama, Ltd. (The)		60,747
7,686	Canon, Inc.		355,978
10	Central Japan Railway Co.		76,158
7,900	Chiba Bank, Ltd. (The)(b)		47,236
1,000	Credit Saison Co., Ltd.		15,510
900	Daikin Industries, Ltd.		36,822
14,700	Daiwa Securities Group, Inc.		77,360
6,331	Denso Corp.		188,596
3,300	East Japan Railway Co.		229,436
1,200	Eisai Co., Ltd.(b)		42,807
3,125	Fanuc, Ltd.		331,586
15,000	Fukuoka Financial Group, Inc.		63,697
20,606	Honda Motor Co., Ltd.		727,348
24,000	Itochu Corp.		210,247
3,800	JFE Holdings, Inc.		153,032
8,800	Kirin Holdings Co., Ltd.		129,802
6,100	Komatsu, Ltd.		127,885
7,202	Kubota Corp.		65,634
500	Kyocera Corp.		48,722
1,900	Makita Corp.		62,595
16,000	Mazda Motor Corp.		45,010
17,000	Mitsubishi Corp.(b)		445,502
11,000	Mitsubishi Electric Corp.		101,070
9,000	Mitsubishi Heavy Industries, Ltd.		37,255
85,600	Mitsubishi UFJ Financial Group, Inc.		448,647
510	Mitsubishi UFJ Lease & Finance Co., Ltd.		18,547
24,400	Mitsui & Co., Ltd.		410,016
5,000	NGK Insulators, Ltd.		101,990
4,800	Nidec Corp.		514,451
1,666	Nintendo Co., Ltd.		557,769
23,000	Nippon Steel Corp.		90,288
2,000	Nippon Telegraph & Telephone Corp.		84,287
20,900	Nissan Motor Co., Ltd.(a)		179,066

Continued

13

BB&T International Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Shares		Fair Value
COMMON STOCKS — (continued)
	Japan — (continued)
27,200	Nomura Holdings, Inc.	$	200,458
5,000	NSK, Ltd.(b)		39,469
77	NTT DoCoMo, Inc.		117,283
1,120	ORIX Corp.		99,313
19,008	Panasonic Corp.		290,742
4,900	Resona Holdings, Inc.		61,951
5,000	Ricoh Co., Ltd.		78,083
1,000	Shin-Etsu Chemical Co., Ltd.		58,081
2,000	Shiseido Co., Ltd.(b)		43,427
5,000	Shizuoka Bank, Ltd. (The)		43,588
200	SMC Corp.		27,147
9,566	Sony Corp.		366,310
1,700	Stanley Electric Co., Ltd.		32,967
14,000	Sumitomo Metal Industries, Ltd.		42,379
9,600	Sumitomo Mitsui Financial Group, Inc.		317,296
5,500	Sumitomo Realty & Development Co., Ltd.		104,658
24,500	Sumitomo Trust & Banking Co., Ltd. (The)		143,609
12,900	Suzuki Motor Corp.		284,658
1,300	Takeda Pharmaceutical Co., Ltd.		57,220
1,900	Tokio Marine Holdings, Inc.		53,511
25,000	Toshiba Corp.(a)		129,158
8,654	Toyota Motor Corp.		346,660
1,320	Unicharm Corp.		127,496
			9,398,446
	Korea (South) (2.2%)
4,103	Hyundai Motor Co.		418,840
1,917	KB Financial Group, Inc.		92,508
924	POSCO		431,192
1,458	Samsung Electronics Co., Ltd.		1,054,084
			1,996,624
	Malaysia (0.0%)
19,600	Axiata Group BHD(a)		23,133
	Mexico (1.8%)
11,252	America Movil SAB de CV, ADR, Series L		566,426
22,411	Cemex SAB de CV, ADR(a)		228,816
79,370	Cemex SAB de CV, Series CPO(a)		81,464
9,671	Fomento Economico Mexicano SAB de CV, ADR		459,663
33,087	Grupo Financiero Banorte SAB de CV, Series O		146,759
7,967	Grupo Televisa SA, ADR		167,466
			1,650,594
	Netherlands (4.9%)
5,191	ASML Holding NV(b)		185,518
8,678	Heineken NV		445,985
63,793	ING Groep NV, CVA(a)		636,913
30,372	Koninklijke KPN NV		481,190
9,936	Koninklijke Philips Electronics NV(b)		318,594
3,735	Randstad Holding NV		177,498
29,899	Royal Dutch Shell PLC, Class A		864,809
14,649	TNT NV		420,052
28,064	Unilever NV, CVA		848,879
			4,379,438
	Norway (1.1%)
8,903	DnB NOR ASA(a)		101,715
93,575	Marine Harvest ASA(a)		83,133

Shares		Fair Value
COMMON STOCKS — (continued)
	Norway — (continued)
25,608	Statoil ASA	$	592,890
9,783	Storebrand ASA(a)		77,349
9,759	Telenor ASA(a)		132,349
			987,436
	Poland (1.3%)
9,554	Bank Pekao SA		555,193
736	Bank Zachodni WBK SA		53,050
42,197	Powszechna Kasa Oszczednosci Bank Polski SA		590,131
			1,198,374
	Portugal (0.1%)
7,082	Galp Energia SGPS SA - Class B		123,011
	Russia (4.0%)
6,400	Evraz Group SA, GDR(a)(b)		254,272
1,300	Gazprom Neft JSC, ADR		34,073
5,529	Magnit OAO, OJSC, GDR		96,205
4,742	Mechel OAO, ADR		134,768
35,350	MMC Norilsk Nickel OJSC, ADR(a)		651,854
807	Mobile Telesystems OJSC, ADR		44,788
4,300	NovaTek OAO, GDR		313,040
800	Novorossiysk Commercial Sea Port, GDR		10,960
68,006	Rosneft Oil Co., GDR(a)		541,328
396,387	Sberbank of Russian Federation		1,161,414
1,750	Severstal, OAO, GDR(a)(b)		23,450
1,665	Uralkali, GDR(a)		34,948
32,088	VTB Bank OJSC, GDR		170,066
4,000	X5 Retail Group NV, GDR(a)		139,200
			3,610,366
	South Africa (1.1%)
962	AngloGold Ashanti, Ltd.		36,710
22,504	Aspen Pharmacare Holdings, Ltd.(a)		245,779
6,266	Impala Platinum Holdings, Ltd.		184,098
6,203	Massmart Holdings, Ltd.		92,410
21,708	Shoprite Holdings, Ltd.		216,670
14,480	Standard Bank Group, Ltd.		227,823
			1,003,490
	Spain (0.5%)
9,733	Ferrovial SA		94,651
2,756	Inditex SA		181,672
5,012	Repsol YPF, SA		118,669
428	Telefonica SA		10,140
			405,132
	Sweden (1.1%)
5,834	Atlas Copco AB, Class A		90,492
4,051	Hennes & Mauritz AB, Class B		263,181
17,122	Sandvik AB		214,007
8,276	Svenska Cellulosa AB, Class B(a)		116,679
1,792	Swedish Match AB		42,836
6,944	TeliaSonera AB		49,287
17,662	Volvo AB, Class B		177,706
			954,188
	Switzerland (7.5%)
11,455	ABB, Ltd.(a)		250,198
3,254	Cie Financiere Richemont SA, Class A		126,006
10,619	Credit Suisse Group AG		547,366
476	Flughafen Zuerich AG		169,291

Continued

14

BB&T International Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Shares		Fair Value
COMMON STOCKS — (continued)
	Switzerland — (continued)
3,203	Holcim, Ltd.(a)	$	238,767
26,579	Nestle SA		1,361,216
3,311	Nobel Biocare Holding AG		88,553
29,097	Novartis AG		1,571,580
6,379	Roche Holding AG		1,034,530
701	Swatch Group AG (The)		223,517
3,475	Swiss Reinsurance		171,047
345	Swisscom AG		125,907
1,155	Syngenta AG		320,736
18,341	UBS AG(a)		298,146
839	Zurich Financial Services AG		215,081
			6,741,941
	Taiwan (3.2%)
143,000	Acer, Inc.		422,363
213,000	Asustek Computer, Inc.		370,896
149,000	Compal Electronics, Inc.		194,941
23,000	Delta Electronics, Inc.		72,785
164,000	Hon Hai Precision Industry Co., Ltd.		710,057
23,000	HTC Corp.		268,688
26,000	MediaTek, Inc.		451,099
182,000	Taiwan Semiconductor Manufacturing Co., Ltd.		352,447
			2,843,276
	Ukraine (0.2%)
933,947	Raiffeisen Bank Aval(a)		50,144
1,101,903	Ukrsotsbank JSCB(a)		88,901
			139,045
	United Arab Emirates (0.2%)
18,416	Dragon Oil PLC(a)		135,260
	United Kingdom (13.6%)
8,991	Anglo American PLC(a)		392,123
27,981	ARM Holdings PLC		101,185
177,619	Barclays PLC		971,139
14,908	BG Group PLC		258,014
17,413	BHP Billiton PLC		597,186
15,487	Cairn Energy PLC(a)		98,001
1,756	Carnival PLC		72,081
11,430	Compass Group PLC		91,235
19,549	Diageo PLC		328,101
72,187	GlaxoSmithKline PLC		1,386,274
8,651	HSBC Holdings PLC		87,694
23,103	Imperial Tobacco Group PLC		704,681
75,326	Legal & General Group PLC		100,647
937,149	Lloyds Banking Group PLC(a)		892,665
2,916	Lonmin PLC(a)		90,182
5,240	Petropavlovsk PLC		94,625
7,727	Prudential PLC		64,198

Shares		Fair Value
COMMON STOCKS — (continued)
	United Kingdom — (continued)
20,651	Reckitt Benckiser Group PLC	$	1,133,489
19,167	Rio Tinto PLC		1,135,803
14,945	Rolls-Royce Group PLC(a)		135,054
214,786	Royal Bank of Scotland Group PLC(a)		143,412
28,861	Royal Dutch Shell PLC, Class A		836,513
4,178	Shire PLC		92,185
3,341	Smith & Nephew PLC		33,284
67,076	Tesco PLC		443,234
334,984	Vodafone Group PLC		772,673
2,131	Whitbread PLC		47,666
44,314	WM Morrison Supermarkets PLC		197,368
36,250	WPP PLC		375,713
30,609	Xstrata PLC(a)		579,917
			12,256,342
	Total Common Stocks (Cost $70,400,127)		82,913,802
EXCHANGE TRADED FUND (1.1%)
	United States (1.1%)
23,305	Market Vectors Gold Miners		1,034,975
	Total Exchange Traded Fund (Cost $1,071,291)		1,034,975
RIGHTS/WARRANTS (0.0%)
	Germany (0.0%)
1,975	Volkswagen AG, Rights, Expires 04/09/10(a)(b)		1,267
	Total Rights/Warrants (Cost $0)		1,267
INVESTMENT COMPANY (5.5%)
	United States (5.5%)
4,963,751	Federated Treasury Obligations Fund, Institutional Shares		4,963,751
	Total Investment Company (Cost $4,963,751)		4,963,751
Principal Amount
SECURITIES HELD AS COLLATERAL FOR SECURITIES ON LOAN (2.6%)
$2,314,925	Pool of Various Securities		2,299,726
	Total Securities Held as Collateral for Securities on Loan (Cost $2,314,925)		2,299,726
Total Investments — 101.2% (Cost $78,750,094)			91,213,521
Net Other Assets (Liabilities) — (1.2)%			(1,094,545	)
NET ASSETS — 100.0%		$	90,118,976

(a) Represents non-income producing security.

(b) Represents that all or a portion of the security was on loan as of March 31, 2010.

ADR — American Depository Receipt

CPO — Certificate of Participation Ordinary

CVA — Share Certificate

GDR — Global Depository Receipt

JSCB — Joint Stock Commercial Bank

OJSC — Open Joint Stock Company

Continued

15

BB&T International Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Sector	Percentage of net assets
Consumer Discretionary	7.5	%
Consumer Staples	10.7	%
Energy	7.4	%
Exchange Traded Fund	1.1	%
Financials	21.8	%
Health Care	7.7	%
Industrials	10.5	%
Information Technology	7.0	%
Materials	13.7	%
Telecommunication Services	4.0	%
Utilities	1.6	%
Cash Equivalents	8.2	%
	101.2	%

Foreign Currency Exchange Contracts	Delivery Date	Contract Amount in Local Currency	Contract Amount in U.S. Dollars	Fair Value	Unrealized Appreciation/ (Depreciation)
Short
Czech Koruna vs. U.S. Dollar	06/16/2010	(14,705,116)	$   (785,244)	$   (781,202)	$  4,042
Euro vs. U.S. Dollar	06/16/2010	(6,161,077)	(8,401,861)	(8,321,843)	80,017
Total Short Contracts			$(9,187,105)	$(9,103,045)	$84,059
Long
Canadian Dollar vs. U.S. Dollar	06/16/2010	1,223,816	$  1,192,794	$  1,204,852	$12,058
Japanese Yen vs. U.S. Dollar	06/16/2010	143,408,704	1,589,897	1,534,623	(55,274)
Total Long Contracts			$  2,782,691	$  2,739,475	$(43,216)
Futures				Contracts	Unrealized Appreciation
Long
Dow Jones EURO STOXX 50, June 2010				33	$    14,536
Total Long Contracts					$    14,536

See accompanying notes to the financial statements.

16

BB&T Special Opportunities Equity Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Shares		Fair Value
COMMON STOCKS (86.7%)
	Consumer Discretionary (6.8%)
1,247,000	Comcast Corp., Class A	$	23,468,540
396,000	Yum! Brands, Inc.		15,178,680
			38,647,220
	Consumer Staples (7.8%)
1,356,980	Dole Food Co., Inc.(a)(b)		16,080,213
175,000	Energizer Holdings, Inc.(b)		10,983,000
259,000	Ralcorp Holdings, Inc.(b)		17,555,020
			44,618,233
	Energy (8.3%)
190,500	Apache Corp.(c)		19,335,750
411,000	Halliburton Co.(c)		12,383,430
995,000	Weatherford International, Ltd.(b)		15,780,700
			47,499,880
	Financials (3.4%)
323,000	Bank of New York Mellon Corp. (The)		9,974,240
24,600	Markel Corp.(b)		9,216,636
			19,190,876
	Health Care (27.1%)
260,000	Allscripts-Misys Healthcare Solutions, Inc.(a)(b)(c)		5,085,600
345,000	Baxter International, Inc.		20,079,000
249,000	Becton Dickinson & Co.		19,603,770
832,000	Bristol-Myers Squibb Co.		22,214,400
475,000	Gilead Sciences, Inc.(b)		21,603,000
297,000	McKesson Corp.		19,518,840
361,500	MedCath Corp.(b)		3,784,905
337,000	Teva Pharmaceutical Industries, Ltd., ADR		21,257,960
661,000	UnitedHealth Group, Inc.(c)		21,594,870
			154,742,345
	Industrials (3.0%)
186,000	L-3 Communications Holdings, Inc.		17,043,180
	Information Technology (29.6%)
1,761,000	Activision Blizzard, Inc.		21,237,660
876,000	Akamai Technologies, Inc.(a)(b)(c)		27,515,160

Shares			Fair Value
	COMMON STOCKS — (continued)
		Information Technology — (continued)
	866,000	Cisco Systems, Inc.(b)	$	22,541,980
	1,273,000	Dell, Inc.(b)		19,107,730
	747,000	eBay, Inc.(b)		20,131,650
	458,000	Harris Corp.		21,750,420
	556,000	Intuit, Inc.(b)		19,093,040
	1,041,000	Symantec Corp.(b)		17,613,720
				168,991,360
		Utilities (0.7%)
	86,000	FPL Group, Inc.		4,156,380
		Total Common Stocks     (Cost $414,221,484)		494,889,474
	EXCHANGE TRADED FUND (0.1%)
	27,000	WisdomTree Dreyfus Chinese Yuan Fund		679,050
		Total Exchange Traded Fund     (Cost $682,080)		679,050
	INVESTMENT COMPANY (13.0%)
	74,222,674	Federated Treasury Obligations Fund,     Institutional Shares		74,222,674
		Total Investment Company     (Cost $74,222,674)		74,222,674
Principal Amount
	SECURITIES HELD AS COLLATERAL FOR SECURITIES ON LOAN (0.9%)
$	5,464,309	Pool of Various Securities		4,867,294
		Total Securities Held as Collateral for     Securities on Loan     (Cost $5,464,309)		4,867,294
	Total Investments — 100.7%     (Cost $494,590,547)			574,658,492
	Net Other Assets (Liabilities) — (0.7)%			(3,986,198	)
	NET ASSETS — 100.0%		$	570,672,294

(a) Represents that all or a portion of the security was on loan as of March 31, 2010.

(b) Represents non-income producing security.

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

ADR — American Depository Receipt

See accompanying notes to the financial statements.

17

BB&T Equity Income Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Shares		Fair Value
COMMON STOCKS (85.7%)
	Consumer Discretionary (10.3%)
337,600	Family Dollar Stores, Inc.(a)	$	12,359,536
258,000	McDonald’s Corp.		17,213,760
916,000	Pearson PLC, ADR(b)		14,372,040
			43,945,336
	Consumer Staples (16.9%)
183,000	Diageo PLC, ADR		12,343,350
241,000	Kimberly-Clark Corp.		15,154,080
329,000	Kraft Foods, Inc., Class A		9,948,960
260,000	PepsiCo, Inc.		17,201,600
332,000	Philip Morris International, Inc.		17,317,120
			71,965,110
	Energy (16.6%)
160,000	BP PLC, ADR		9,131,200
168,000	Chevron Corp.		12,739,440
324,879	Kinder Morgan Management LLC(c)		19,044,407
616,000	Natural Resource Partners LP(b)		16,151,520
449,200	Teekay LNG Partners LP(b)		13,408,620
			70,475,187
	Financials (4.4%)
417,000	Allstate Corp. (The)		13,473,270
200,000	Federated Investors, Inc., Class B(b)		5,276,000
			18,749,270
	Health Care (10.1%)
262,000	Abbott Laboratories		13,802,160
282,000	Novartis AG, ADR(b)		15,256,200
808,000	Pfizer, Inc.		13,857,200
			42,915,560
	Industrials (7.2%)
206,000	Lockheed Martin Corp.		17,143,320
397,000	Waste Management, Inc.(b)		13,668,710
			30,812,030
	Information Technology (16.5%)
680,000	Intel Corp.(a)		15,136,800
1,042,000	Nokia Corp., ADR(b)		16,192,680
398,000	Paychex, Inc.		12,218,600

Shares		Fair Value
COMMON STOCKS — (continued)
	Information Technology — (continued)
1,051,000	Taiwan Semiconductor Manufacturing Co., Ltd., ADR(a)	$	11,024,990
638,000	Texas Instruments, Inc.		15,611,860
			70,184,930
	Telecommunication Services (3.7%)
505,000	Verizon Communications, Inc.		15,665,100
	Total Common Stocks     (Cost $323,142,231)		364,712,523
EXCHANGE TRADED FUND (0.1%)
16,500	WisdomTree Dreyfus Chinese Yuan Fund		414,975
	Total Exchange Traded Fund     (Cost $416,820)		414,975
INVESTMENT COMPANY (13.5%)
57,190,206	Federated Treasury Obligations Fund,     Institutional Shares		57,190,206
	Total Investment Company (Cost $57,190,206)		57,190,206
Principal Amount
SECURITIES HELD AS COLLATERAL FOR SECURITIES ON LOAN (6.1%)
$   26,375,083	Pool of Various Securities		25,987,959
	Total Securities Held as Collateral for     Securities on Loan     (Cost $26,375,083)		25,987,959
Total Investments — 105.4% (Cost $407,124,340)			448,305,663
Net Other Assets (Liabilities) — (5.4)%			(22,960,061	)
NET ASSETS — 100.0%		$	425,345,602

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

(b) Represents that all or a portion of the security was on loan as of March 31, 2010.

(c) Represents non-income producing security.

ADR — American Depository Receipt

See accompanying notes to the financial statements.

18

BB&T Short U.S. Government Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	COLLATERALIZED MORTGAGE     OBLIGATIONS (11.8%)
		Fannie Mae(a) (3.2%)
$	57,821	5.000%, 10/25/15, Series 2003-16, Class PC	$	58,090
	1,347,204	4.500%, 9/25/16, Series 2003-81, Class NY		1,391,107
	385,647	5.000%, 2/25/18, Series 2004-101, Class B		393,061
	24,957	4.500%, 8/25/26, Series 2005-65, Class WG		24,954
	693,837	5.500%, 3/25/28, Series 2003-8, Class OD		703,572
				2,570,784
		Freddie Mac(a) (3.0%)
	326,556	4.500%, 5/15/10, Series 2617, Class BC		326,610
	142,430	5.000%, 9/15/18, Series 2701, Class OD		143,701
	92,579	5.000%, 2/15/19, Series 3046, Class YA		93,680
	77,631	5.000%, 2/15/25, Series 2941, Class XA		77,972
	99,953	5.000%, 7/15/25, Series 2931, Class JA		100,487
	154,619	4.000%, 5/15/26, Series 2750, Class KP		156,397
	70,006	5.000%, 9/15/26, Series 3018, Class UM		70,197
	497,765	4.500%, 5/15/27, Series 2682, Class XJ		508,520
	370,535	5.500%, 6/15/27, Series 3255, Class QA		375,338
	538,707	4.500%, 4/15/29, Series 2614, Class QE		543,667
				2,396,569
		Ginnie Mae (5.6%)
	985,372	6.000%, 5/20/23, Series 2004-5, Class VB		1,027,621
	691,655	4.500%, 4/16/28, Series 2003-97, Class NC		700,918
	2,000,000	2.500%, 10/20/32, Series 2010-34, Class AD		1,994,946
	754,859	4.500%, 8/20/35, Series 2005-58, Class NJ		782,938
				4,506,423
		Total Collateralized Mortgage Obligations     (Cost $9,539,596)		9,473,776
	CORPORATE BONDS (8.5%)
		Financials (8.5%)
	1,000,000	Bank of America Corp., 5.125%, 11/15/14		1,036,946
	1,000,000	Goldman Sachs Group, Inc. (The), 5.250%, 10/15/13		1,074,926
	1,500,000	JPMorgan Chase & Co., 5.125%, 9/15/14		1,584,600
	1,500,000	Morgan Stanley, 5.300%, 3/1/13		1,596,352
	1,500,000	Wells Fargo & Co., 4.375%, 1/31/13		1,583,016
		Total Corporate Bonds     (Cost $6,785,700)		6,875,840
	FDIC GUARANTEED SECURITIES (7.0%)
		Financials (7.0%)
	1,000,000	American Express Bank FSB, GMTN, 3.150%, 12/9/11(b)		1,036,559
	1,000,000	General Electric Capital Corp., 2.200%, 6/8/12		1,018,561
	1,000,000	JPMorgan Chase & Co., 2.200%, 6/15/12		1,019,639
	1,500,000	Regions Bank, 3.250%, 12/9/11		1,555,795
	1,000,000	Santander Holdings (USA), Inc., 2.500%, 6/15/12		1,023,477
		Total FDIC Guaranteed Securities     (Cost $5,581,495)		5,654,031
	MORTGAGE-BACKED SECURITIES (1.7%)
		Fannie Mae(a) (1.2%)
	149,230	6.500%, 8/1/13, Pool #251901		161,605
	180,172	6.000%, 3/1/16, Pool #253702		194,806

Principal Amount			Fair Value
	MORTGAGE-BACKED SECURITIES — (continued)
		Fannie Mae(a) — (continued)
$	168,711	6.000%, 4/1/16, Pool #535846	$	182,414
	302,975	6.500%, 4/1/16, Pool #253706		328,099
	133,753	6.000%, 8/1/16, Pool #545125		144,826
				1,011,750
		Freddie Mac(a) (0.5%)
	66,282	6.500%, 5/1/13, Pool #E00548		70,324
	278,865	6.000%, 9/1/16, Pool #E01049		301,356
				371,680
		Total Mortgage-Backed Securities     (Cost $1,282,380)		1,383,430
	MUNICIPAL BONDS (4.5%)
		California (1.3%)
	1,000,000	Northern California Transmission Agency, California-Oregon Transmission Project Refunding Revenue, Series B, 5.370%, 5/1/15		1,031,810
		Texas (1.3%)
	1,000,000	Texas State, College Student Loan G.O., 5.000%, 8/1/11		1,044,190
		Virginia (1.2%)
	310,000	Danville, VA, Refunding G.O., Series B, Taxable (Assured Guaranty State Aid Withholding), 4.000%, 3/1/13		329,899
	215,000	Danville, VA, Refunding G.O., Series B, Taxable (Assured Guaranty State Aid Withholding), 4.200%, 3/1/14		228,569
	430,000	Danville, VA, Refunding G.O., Series B, Taxable (Assured Guaranty State Aid Withholding), 4.550%, 3/1/15		461,936
				1,020,404
		West Virginia (0.7%)
	500,000	West Virginia School Building Authority, WV, Capital Improvements Refunding Revenue, Series A (NATL-RE FGIC), 5.000%, 7/1/12		538,620
		Total Municipal Bonds     (Cost $3,545,375)		3,635,024
	U.S. GOVERNMENT AGENCIES (58.0%)
		Fannie Mae(a) (12.4%)
	1,000,000	6.250%, 2/1/11		1,048,280
	2,500,000	1.800%, 2/8/13		2,498,045
	1,000,000	1.000%, 2/11/13, STEP		1,000,485
	2,500,000	4.625%, 5/1/13		2,668,800
	2,750,000	3.300%, 7/30/14		2,768,150
				9,983,760
		Federal Farm Credit Bank (10.1%)
	3,000,000	5.375%, 7/18/11		3,178,878
	1,000,000	1.050%, 12/23/11		1,000,667
	2,750,000	4.250%, 7/8/13		2,942,635
	1,000,000	2.750%, 5/6/14		1,009,585
				8,131,765
		Federal Home Loan Bank (20.6%)
	3,000,000	4.625%, 2/18/11, Series 616		3,106,410
	2,000,000	0.500%, 12/2/11, STEP		1,999,552

Continued

19

BB&T Short U.S. Government Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — (continued)
	Federal Home Loan Bank — (continued)
$1,000,000	1.050%, 12/21/11	$	996,406
2,500,000	1.000%, 3/22/12, STEP		2,504,470
1,500,000	4.340%, 11/28/12		1,509,033
2,000,000	1.000%, 1/8/13, STEP		2,000,190
2,000,000	1.000%, 3/15/13, Series 2, STEP		1,997,386
2,500,000	5.785%, 6/25/14		2,532,980
			16,646,427
	Freddie Mac(a) (10.0%)
2,000,000	2.125%, 4/2/12		2,000,104
2,000,000	2.250%, 8/24/12		2,013,902
2,000,000	2.000%, 11/5/12, Series 1		2,008,414
2,000,000	3.250%, 3/18/14		2,038,704
			8,061,124
	Private Export Funding Corp. (4.9%)
2,500,000	3.550%, 4/15/13		2,621,227
1,000,000	4.950%, 11/15/15		1,088,393
225,000	5.450%, 9/15/17		249,852
			3,959,472
	Total U.S. Government Agencies     (Cost $46,490,635)		46,782,548
U.S. TREASURY BILLS* (2.5%)
2,000,000	0.080%, 4/8/10		1,999,969
	Total U.S. Treasury Bills     (Cost $1,999,969)		1,999,969
U.S. TREASURY NOTES (4.7%)
500,000	4.250%, 10/15/10		510,762
2,000,000	1.375%, 5/15/12		2,012,344
1,150,000	4.125%, 8/31/12		1,229,062
	Total U.S. Treasury Notes     (Cost $3,662,879)		3,752,168
Shares
INVESTMENT COMPANY (1.6%)
1,316,874	Federated Treasury Obligations Fund,     Institutional Shares		1,316,874
	Total Investment Company     (Cost $1,316,874)		1,316,874

Principal Amount		Fair Value
SECURITIES HELD AS COLLATERAL FOR SECURITIES ON LOAN (1.2%)
$1,070,000	Pool of Various Securities	$	990,992
	Total Securities Held as Collateral for Securities     on Loan     (Cost $1,070,000)		990,992
Total Investments — 101.5%
(Cost $81,274,903)			81,864,652
Net Other Assets (Liabilities) — (1.5)%			(1,222,892	)
NET ASSETS — 100.0%		$	80,641,760

* Rate disclosed represents the annualized yield from date of purchase.

(a) 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.

(b) Represents that all or a portion of the security was on loan as of March 31, 2010.

FDIC — Federal Deposit Insurance Corp.

FGIC — Financial Guaranty Insurance Corp.

G.O. — General Obligation

GMTN — Global Medium Term Note

NATL — National

RE — Reinsurance

STEP — Step Coupon Bond

See accompanying notes to the financial statements.

20

BB&T Intermediate U.S. Government Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Principal Amount		Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS (0.4%)
$     478,812	Chase Mortgage Finance Corp., Series 2005-S3, Class A6, 5.500%, 11/25/35(a)		$	442,377
384,186	Countrywide Alternative Loan Trust, Series 2004-2CB, Class 1A1, 4.250%, 3/25/34			385,659
	Total Collateralized Mortgage     Obligations     (Cost $675,746)			828,036
CORPORATE BONDS (4.3%)
	Financials (4.3%)
3,000,000	General Electric Capital Corp.,     2.800%, 1/8/13			3,036,231
2,000,000	Goldman Sachs Group, Inc. (The),     5.125%, 1/15/15			2,109,644
2,000,000	MBNA Corp., 5.000%, 6/15/15			2,009,912
1,780,000	Wachovia Corp., 5.300%, 10/15/11			1,883,313
	Total Corporate Bonds     (Cost $8,831,514)			9,039,100
FDIC GUARANTEED SECURITIES (2.5%)
	Financials (2.5%)
5,000,000	American Express Bank FSB, GMTN,     3.150%, 12/9/11			5,182,795
	Total FDIC Guaranteed Securities     (Cost $4,997,730)			5,182,795
MORTGAGE-BACKED SECURITIES (20.5%)
	Fannie Mae(b) (15.7%)
3,125,191	5.000%, 1/1/18, Pool #650205			3,335,078
2,813,491	4.500%, 3/1/18, Pool #555292			2,962,104
1,183,491	5.500%, 1/1/33, Pool #678321			1,256,367
1,830,884	5.000%, 7/1/33, Pool #724965			1,897,674
728,855	5.000%, 8/1/33, Pool #724365			760,419
719,004	5.000%, 8/1/33, Pool #738751			744,808
490,293	5.000%, 10/1/33, Pool #753298			508,071
2,256,267	6.500%, 11/1/34, Pool #783476			2,445,088
7,734,259	5.500%, 9/1/35, Pool #835787			8,176,679
3,162,869	6.000%, 7/1/37, Pool #938378			3,363,067
7,015,302	5.500%, 8/1/37, Pool #946238			7,360,327
				32,809,682
	Freddie Mac(b) (4.8%)
3,513,022	4.500%, 2/1/18, Pool #E94445			3,698,037
4,616,315	5.500%, 2/1/29, Pool #A18613			4,905,213
1,460,704	6.000%, 8/1/37, Pool #P51312			1,556,103
				10,159,353
	Total Mortgage-Backed Securities     (Cost $40,734,473)			42,969,035

Principal Amount		Fair Value
MUNICIPAL BONDS (1.9%)
	Virginia (1.9%)
$4,000,000	Portsmouth, VA, Build America Bonds G.O., Series B, Callable 1/15/20 @ 100, 6.029%, 1/15/30		$	4,013,920
	Total Municipal Bonds     (Cost $4,000,000)			4,013,920
U.S. GOVERNMENT AGENCIES (61.4%)
	Fannie Mae(b) (24.1%)
3,000,000	4.050%, 2/22/13			3,196,173
6,970,000	5.125%, 1/2/14			7,569,420
5,300,000	2.750%, 12/30/14, Series 1, STEP			5,318,826
10,000,000	3.000%, 1/29/20, STEP			10,069,100
5,000,000	2.250%, 2/25/20, STEP			5,029,735
10,000,000	2.500%, 12/16/24, STEP			10,046,680
9,000,000	5.800%, 2/9/26			9,302,328
				50,532,262
	Federal Farm Credit Bank (5.2%)
10,000,000	4.670%, 2/27/18			10,807,920
	Federal Home Loan Bank (7.4%)
10,000,000	0.500%, 5/6/11, STEP			9,999,800
5,000,000	5.000%, 11/17/17(c)			5,464,715
				15,464,515
	Freddie Mac(b) (19.9%)
3,000,000	5.875%, 3/21/11(c)			3,145,941
6,182,000	1.500%, 11/26/13, STEP			6,192,274
15,000,000	3.625%, 8/25/14, Series 1			15,182,130
2,000,000	4.875%, 6/13/18			2,140,186
10,000,000	2.000%, 2/10/20, STEP			10,084,270
5,000,000	3.000%, 2/18/20, STEP			5,019,165
				41,763,966
	Private Export Funding Corp. (4.8%)
4,350,000	4.974%, 8/15/13			4,751,827
5,000,000	4.550%, 5/15/15			5,363,680
				10,115,507
	Total U.S. Government Agencies     (Cost $126,498,800)			128,684,170
U.S. TREASURY NOTES (8.3%)
10,000,000	1.875%, 4/30/14			9,878,910
5,000,000	6.250%, 8/15/23			6,008,595
2,000,000	3.500%, 2/15/39			1,618,438
	Total U.S. Treasury Notes     (Cost $17,735,056)			17,505,943
Shares
INVESTMENT COMPANY (7.0%)
14,721,956	Federated Treasury Obligations Fund,     Institutional Shares			14,721,956
	Total Investment Company     (Cost $14,721,956)			14,721,956

Continued

21

BB&T Intermediate U.S. Government Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	SECURITIES HELD AS COLLATERAL FOR SECURITIES ON LOAN (2.8%)
$	5,953,750	Pool of Various Securities	$	5,869,941
		Total Securities Held as Collateral for     Securities on Loan     (Cost $5,953,750)		5,869,941
	Total Investments — 109.1% (Cost $224,149,025)			228,814,896
	Net Other Assets (Liabilities) — (9.1)%			(19,164,117	)
	NET ASSETS — 100.0%		$	209,650,779

(a) Illiquid.

(b) 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.

(c) Represents that all or a portion of the security was on loan as of March 31, 2010.

FDIC — Federal Deposit Insurance Corp.

GMTN — Global Medium Term Note

STEP — Step Coupon Bond

See footnote legend to Schedules of Portfolio Investments.

22

BB&T Total Return Bond Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	ASSET BACKED SECURITIES (2.5%)
$	350,000	Bank of America Credit Card Trust, Series 2006-A6, Class A6, 0.260%, 11/15/13*(a)	$	348,254
	1,760,000	Chase Issuance Trust, Series 2009-A7, Class A7, 0.680%, 9/17/12*(a)		1,762,626
	1,250,000	Chase Issuance Trust, Series 2005-A13, Class A13, 0.270%, 2/15/13*(a)		1,248,996
	2,154,000	Chase Issuance Trust, Series 2007-A13, Class A13, 0.270%, 7/15/14*(a)		2,141,472
	2,473,769	Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB5, Class AF2, STEP, 4.831%, 8/25/35		2,418,538
	1,640,000	MBNA Credit Card Master Note Trust, Series 2005-A4, Class A4, 0.270%, 11/15/12*(a)		1,639,399
		Total Asset Backed Securities     (Cost $9,492,823)		9,559,285
	COLLATERALIZED MORTGAGE     OBLIGATIONS (12.4%)
	2,570,446	Adjustable Rate Mortgage Trust, Series 2004-5, Class 4A1, 5.296%, 4/25/35*		2,412,610
	3,875,401	American Home Mortgage Investment Trust, Series 2005-1, Class 7A1, 2.394%, 6/25/45*		3,436,370
	1,343,038	Banc of America Mortgage Securities, Inc., Series 2005-9, Class 3A3, 5.000%, 10/25/20		1,340,695
	2,559,649	Chase Mortgage Finance Corp., Series 2003-S7, Class A1, 0.646%, 8/25/18*		2,365,224
	1,187,690	Countrywide Home Loan Mortgage Pass Through Trust, Series 2003-28, Class A3, 4.500%, 8/25/33		1,205,544
	3,527,574	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-7, Class 4A3, 5.000%, 8/25/20		3,486,438
	1,356,140	Freddie Mac, Series 2906, Class VC, 5.000%, 12/15/15		1,453,374
	4,169,824	Freddie Mac, Series 3578, Class AM, 4.500%, 9/15/16		4,366,061
	5,173,532	Ginnie Mae, Series 2008-51, Class PG, 5.000%, 6/20/38		5,489,772
	3,084,792	GSR Mortgage Loan Trust, Series 2004-15F, Class 5A1, 5.500%, 1/25/20		3,115,384
	2,634,042	MASTR Alternative Loans Trust, Series 2005-4, Class 4A1, 5.500%, 6/25/20		2,553,786
	581,987	MASTR Asset Securitization Trust, Series 2003-4, Class 5A1, 5.500%, 5/25/33		590,080
	597,530	MASTR Asset Securitization Trust, Series 2004-1, Class 1A1, 5.000%, 2/25/34		596,727
	3,035,402	RAAC, Series 2004-SP3, Class AI5, 4.890%, 12/25/32*		2,918,729
	2,339,418	RBSSP Resecuritization Trust, Series 2009-6, Class 2A1, 5.892%, 1/26/36*(b)		2,252,042
	1,120,329	Residential Asset Securitization Trust, Series 2004-IP2, Class 4A, 5.126%, 12/25/34*		1,036,152
	3,208,708	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 4A1, 4.849%, 6/25/34*		2,992,436
	1,659,041	Structured Asset Securities Corp., Series 2005-6, Class 5A1, 5.000%, 5/25/35		1,595,271
	2,628,694	Wells Fargo Mortgage Backed Securities Trust, Series 2004-BB, Class A2, 2.903%, 1/25/35*		2,373,007

Principal Amount		Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$2,947,290	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 6A3, 4.936%, 10/25/35*	$	2,712,335
	Total Collateralized Mortgage Obligations     (Cost $47,482,059)		48,292,037
COMMERCIAL MORTGAGE-BACKED     SECURITIES (12.1%)
936,000	Banc of America Commercial Mortgage, Inc., Series 2004-4, Class A6, 4.877%, 7/10/42*		946,650
1,972,000	Banc of America Commercial Mortgage, Inc., Series 2005-1, Class A5, 5.135%, 11/10/42*		2,060,291
2,500,000	Banc of America Commercial Mortgage, Inc., Series 2007-1, Class A3, 5.449%, 1/15/49		2,557,755
700,000	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C5, Class A4, 4.829%, 11/15/37		707,640
3,700,000	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C1, Class A3, 4.813%, 2/15/38		3,715,669
4,000,000	Credit Suisse Mortgage Capital Certificates, Series 2006-C4, Class A3, 5.467%, 9/15/39		3,842,575
2,400,000	Credit Suisse Mortgage Capital Certificates, Series 2009-RR1, Class A3A, 5.383%, 2/15/40(b)		2,299,464
2,282,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/39		2,219,241
1,026,190	Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A2, 4.305%, 8/10/42		1,042,654
3,073,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CB11, Class A4, 5.335%, 8/12/37*		3,194,856
3,400,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB15, Class A4, 5.814%, 6/12/43*		3,507,869
2,774,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP1, Class A3, 4.865%, 3/15/46		2,849,897
3,088,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/49		2,974,833
980,000	LB-UBS Commercial Mortgage Trust, Series 2004-C7, Class A6, 4.786%, 10/15/29*		986,492
2,751,000	LB-UBS Commercial Mortgage Trust, Series 2007-C1, Class A4, 5.424%, 2/15/40		2,664,833
2,600,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A3, 5.389%, 7/12/46*		2,663,110
3,700,000	Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/42		3,767,434
2,807,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A3, 5.246%, 12/15/43		2,800,175
2,115,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A3, 5.902%, 2/15/51*		2,182,513
	Total Commercial Mortgage-Backed Securities     (Cost $43,590,614)		46,983,951

Continued

23

BB&T Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount		Fair Value
CORPORATE BONDS (40.6%)
	Consumer Discretionary (3.0%)
$3,960,000	CBS Corp., 8.875%, 5/15/19		$	4,783,696
2,400,000	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22			3,206,805
3,405,000	Time Warner Cable, Inc., 6.750%, 6/15/39			3,571,869
				11,562,370
	Consumer Staples (2.4%)
2,125,000	Altria Group, Inc., 9.950%, 11/10/38			2,790,471
1,800,000	CVS Caremark Corp., 6.125%, 9/15/39			1,788,981
870,000	Kraft Foods, Inc., 5.375%, 2/10/20			884,229
1,890,000	Macy’s Retail Holdings, Inc., 5.350%,     3/15/12(c)			1,984,500
1,820,000	New Albertson’s, Inc., 7.500%, 2/15/11			1,883,700
				9,331,881
	Energy (2.8%)
2,125,000	Boardwalk Pipelines LP, 5.750%, 9/15/19			2,195,240
2,276,000	Peabody Energy Corp., Series B, 6.875%, 3/15/13(a)			2,301,605
1,725,000	Plains All American Pipeline LP, 8.750%, 5/1/19			2,104,445
3,094,000	Smith International, Inc., 9.750%, 3/15/19			4,161,761
				10,763,051
	Financials (17.5%)
3,150,000	Aflac, Inc., 8.500%, 5/15/19			3,792,764
3,201,000	American Express Co., 8.125%, 5/20/19			3,877,048
2,600,000	Bank of America Corp., 5.125%, 11/15/14(a)			2,696,060
2,042,000	Bank of America Corp., 5.750%, 12/1/17			2,093,610
940,000	Bank of America Corp., 7.625%, 6/1/19			1,075,231
4,090,000	Bank of Nova Scotia, 2.250%, 1/22/13			4,127,726
5,870,000	Bear Stearns Cos., LLC (The), 7.250%,     2/1/18(a)			6,783,900
2,975,000	Citigroup, Inc., 8.500%, 5/22/19			3,472,378
1,780,000	Credit Suisse AG, 5.400%, 1/14/20			1,793,914
470,000	Credit Suisse, New York, 5.500%, 5/1/14			511,563
2,355,000	ERP Operating LP REIT, 5.125%, 3/15/16(a)			2,421,847
3,470,000	Ford Motor Credit Co., LLC, 9.875%, 8/10/11			3,680,223
1,875,000	Ford Motor Credit Co., LLC, 7.500%, 8/1/12			1,941,527
5,500,000	General Electric Capital Corp., MTN, 6.875%, 1/10/39			5,932,355
1,355,000	Goldman Sachs Group, Inc. (The), 7.500%, 2/15/19			1,548,493
2,380,000	Goldman Sachs Group, Inc. (The), 6.125%, 2/15/33			2,352,387
2,865,000	Hyundai Capital Services, Inc., 6.000%,     5/5/15(b)			3,006,405
2,100,000	Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/18			2,263,105
1,550,000	MetLife, Inc., 6.750%, 6/1/16			1,737,012
3,888,000	Morgan Stanley, MTN, Series F, 6.625%, 4/1/18(a)			4,146,859
1,975,000	National Australia Bank, Ltd., 3.750%,     3/2/15(b)			1,982,864
910,000	Nissan Motor Acceptance Corp., 4.500%, 1/30/15(b)			912,292
2,585,000	Prudential Financial, Inc., MTN, Series B, 5.100%, 9/20/14(a)			2,730,355
1,350,000	Simon Property Group LP REIT, 10.350%, 4/1/19			1,697,444

Principal Amount		Fair Value
CORPORATE BONDS — (continued)
	Financials — (continued)
$1,455,000	Wachovia Corp., 5.625%, 10/15/16		$	1,533,345
				68,110,707
	Health Care (1.1%)
2,940,000	Laboratory Corp. of America Holdings, 5.625%, 12/15/15(a)			3,182,532
1,030,000	Life Technologies Corp., 6.000%, 3/1/20			1,054,590
				4,237,122
	Industrials (4.2%)
3,593,000	Allied Waste North America, Inc., 6.875%, 6/1/17(a)			3,916,370
3,893,000	Corrections Corp. of America, 6.250%, 3/15/13(a)			3,946,529
2,380,000	Goodrich Corp., 6.290%, 7/1/16(a)			2,640,101
2,100,000	L-3 Communications Corp., 5.875%, 1/15/15			2,136,750
1,890,000	Masco Corp., 5.875%, 7/15/12			1,976,186
1,840,000	Roper Industries, Inc., 6.250%, 9/1/19			1,949,844
				16,565,780
	Information Technology (2.4%)
3,359,000	Adobe Systems, Inc., 4.750%, 2/1/20			3,299,344
755,000	Agilent Technologies, Inc., 5.500%, 9/14/15			809,331
1,105,000	CA, Inc., 5.375%, 12/1/19			1,116,918
3,890,000	Xerox Corp., 6.350%, 5/15/18			4,213,936
				9,439,529
	Materials (3.3%)
4,130,000	ArcelorMittal, 9.850%, 6/1/19			5,249,218
1,531,000	Dow Chemical Co. (The), 8.550%, 5/15/19			1,852,113
3,520,000	Freeport-McMoRan Copper & Gold, Inc., 8.250%, 4/1/15			3,832,400
1,735,000	International Paper Co., 7.300%, 11/15/39			1,854,113
				12,787,844
	Telecommunication Services (3.4%)
1,598,000	America Movil SAB de CV, 6.375%, 3/1/35			1,609,430
1,640,000	AT&T, Inc., 6.400%, 5/15/38(a)			1,686,140
1,700,000	Crown Castle International Corp., 9.000%, 1/15/15			1,840,250
2,800,000	Sprint Capital Corp., 7.625%, 1/30/11			2,880,500
810,000	Telecom Italia Capital SA, 7.175%, 6/18/19			874,480
1,490,000	Telecom Italia Capital SA, 7.721%, 6/4/38			1,598,587
2,342,000	Verizon Communications, Inc., 7.350%, 4/1/39			2,713,975
				13,203,362
	Utilities (0.5%)
1,909,000	Ohio Power Co., Series K, 6.000%, 6/1/16			2,092,411
	Total Corporate Bonds (Cost $149,374,279)			158,094,057
MORTGAGE-BACKED SECURITIES (21.0%)
	Fannie Mae(d) (7.3%)
39,490	6.000%, 10/1/13, Pool #252061			42,660
114,276	5.000%, 8/1/20, Pool #832058			121,593
335,227	5.000%, 8/1/20, Pool #838787			356,693
73,559	5.000%, 5/1/22, Pool #256716			77,694
1,109,497	6.000%, 7/1/22, Pool #944967			1,197,360
3,653,037	5.000%, 5/1/23, Pool #976197			3,857,644
958,313	5.000%, 9/1/25, Pool #255892			997,610
2,281,011	5.500%, 2/1/27, Pool #256600			2,418,478
429,596	6.500%, 1/1/35, Pool #809198			471,958

Continued

24

BB&T Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	MORTGAGE-BACKED SECURITIES — (continued)
		Fannie Mae(d) — (continued)
$	2,365,240	5.500%, 3/1/35, Pool #787561	$	2,500,538
	256,716	6.000%, 4/1/35, Pool #735503		278,581
	301,648	7.000%, 6/1/35, Pool #255820		334,892
	672,259	7.000%, 6/1/35, Pool #830686		746,347
	1,606,349	5.500%, 10/1/35, Pool #817568		1,698,236
	1,067,867	6.500%, 3/1/36, Pool #866062		1,160,488
	857,162	6.500%, 7/1/36, Pool #885493		931,507
	848,054	6.000%, 9/1/37, Pool #955005		902,263
	4,272,831	4.810%, 7/1/38, Pool #981430*		4,472,646
	5,400,000	6.000%, 4/15/40(e)		5,735,815
				28,303,003
		Freddie Mac(d) (8.4%)
	933,416	5.000%, 5/1/20, Pool #B19275		994,062
	1,364,972	5.500%, 10/1/21, Pool #G12425		1,465,602
	872,044	5.000%, 12/1/21, Pool #J04025		924,615
	1,500,560	5.000%, 7/1/25, Pool #C90908		1,563,834
	1,958,149	5.500%, 7/1/35, Pool #A36540		2,072,914
	648,215	6.000%, 7/1/35, Pool #A36304		699,879
	2,643,454	5.024%, 12/1/35, Pool #847603*		2,764,637
	1,243,711	5.000%, 3/1/36, Pool #G08115		1,287,730
	866,800	6.500%, 5/1/36, Pool #A48509		944,825
	394,756	5.000%, 7/1/36, Pool #G02291		408,172
	2,777,904	5.826%, 12/1/36, Pool #1J1390*		2,937,677
	724,623	6.000%, 8/1/37, Pool #A64067		778,754
	1,490,362	5.500%, 1/1/38, Pool #A71523		1,575,531
	1,758,633	5.238%, 4/1/38, Pool #783255*		1,859,783
	5,400,000	5.500%, 4/15/40(e)		5,702,065
	6,410,000	6.000%, 4/15/40(e)		6,877,731
				32,857,811
		Ginnie Mae (5.3%)
	8,294,925	5.500%, 9/15/38, Pool #782405		8,793,837
	2,760,478	5.500%, 1/15/39, Pool #646685		2,925,147
	6,796,744	5.000%, 4/15/40(e)		7,064,366
	1,762,000	5.500%, 4/15/40(e)		1,863,590
				20,646,940
		Total Mortgage-Backed Securities (Cost $79,641,772)		81,807,754
	MUNICIPAL BONDS (7.3%)
		California (2.4%)
	1,285,000	California State, Build America Bonds, School Improvements G.O., Taxable, 7.625%, 3/1/40		1,339,201
	3,220,000	California State, Water Utility Improvements G.O., Taxable, 5.450%, 4/1/15		3,305,008
	780,000	Los Angeles Harbor Department, Crossover Refunding Revenue, Series A, Callable 8/1/12 @ 100 (AMBAC), 5.500%, 8/1/14		827,128
	3,700,000	Metropolitan Water District of Southern California, Build America Bonds, Water Utility Improvements Revenue, Callable 7/1/19 @ 100, 6.538%, 7/1/39		3,783,953
				9,255,290
		District of Columbia (0.4%)
	1,310,000	Metropolitan Washington Airports Authority, Refunding Revenue Bonds, Series D (NATL-RE), 5.000%, 10/1/11		1,378,539

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
	Florida (0.3%)
$1,300,000	Greater Orlando Aviation Authority, FL, Port, Airport & Marina Improvements Revenue, Series A, Callable 5/3/10 @ 101 (NATL-RE FGIC), 5.250%, 10/1/12	��	$	1,316,393
	Iowa (1.3%)
7,050,000	Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Series E, Taxable, Callable 4/12/10 @ 100 (AMBAC, GTD STD LNS), 1.955%, 12/1/31*(f)(g)			5,146,500
	New Jersey (1.3%)
7,100,000	Higher Education Student Assistance Authority, NJ, Student Loan Revenue Bonds, Series A, Callable 3/31/10 @ 100 (NATL-RE, GTD STD LNS), 0.788%, 6/1/36*(f)(g)			4,970,000
	New York (1.6%)
1,785,000	New York & New Jersey Port Authority, Port, Airport & Marina Improvements Revenue, Series 122, Callable 5/3/10 @ 100.50 (G.O. of Authority), 5.500%, 7/15/15			1,797,477
1,735,000	New York City Municipal Water Finance Authority, Water Utility Improvements Revenue, Series EE, Build America Bonds Taxable, Callable 6/15/20 @ 100, 6.491%, 6/15/42			1,747,770
2,900,000	New York, NY, Build America Bonds, Public Improvements G.O., Series G1, 4.774%, 3/1/20			2,875,930
				6,421,177
	Total Municipal Bonds (Cost $32,285,596)			28,487,899
U.S. GOVERNMENT AGENCIES (1.6%)
	Freddie Mac(d) (1.6%)
5,630,000	4.625%, 10/25/12			6,070,733
	Total U.S. Government Agencies (Cost $6,079,529)			6,070,733
U.S. TREASURY NOTES (1.8%)
2,071,000	3.250%, 7/31/16			2,092,520
1,205,000	4.500%, 5/15/38			1,169,038
3,932,000	4.500%, 8/15/39			3,796,837
	Total U.S. Treasury Notes (Cost $7,085,805)			7,058,395
FOREIGN GOVERNMENT BONDS (1.4%)
	Bahrain (0.5%)
1,970,000	Bahrain Government International Bond, 5.500%, 3/31/20(b)			1,954,620
	Qatar (0.5%)
1,890,000	Qatar Government International Bond, 4.000%, 1/20/15(b)			1,924,965
	South Africa (0.4%)
1,750,000	South Africa Government International Bond, 5.500%, 3/9/20			1,771,875
	Total Foreign Government Bonds (Cost $5,589,682)			5,651,460

Continued

25

BB&T Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Shares		Fair Value
INVESTMENT COMPANY (6.0%)
23,392,448	Federated Treasury Obligations Fund, Institutional Shares	$	23,392,448
	Total Investment Company (Cost $23,392,448)		23,392,448
Principal Amount
SECURITIES HELD AS COLLATERAL FOR SECURITIES ON LOAN (0.3%)
$  1,819,800	Pool of Various Securities		1,360,436
	Total Securities Held as Collateral for Securities on Loan (Cost $1,819,800)		1,360,436
Total Investments — 107.0% (Cost $405,834,407)			416,758,455
Net Other Assets (Liabilities) — (7.0)%			(27,237,743	)
NET ASSETS — 100.0%		$	389,520,712

* 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, 2010. The maturity date reflected is the final maturity date.

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

(b) 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.

(c) Represents that all or a portion of the security was on loan as of March 31, 2010.

(d) 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.

(e) Represents a security purchased on a when-issued basis. At March 31, 2010, total cost of investments purchased on a when-issued basis for the Total Return Bond Fund was $27,323,511.

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

(g) Illiquid.

AMBAC — American Municipal Bond Insurance Corp.

FGIC — Financial Guaranty Insurance Corp.

G.O. — General Obligation

GTD STD LNS — Guaranteed Student Loans

MTN — Medium Term Note

NATL — National

RE — Reinsurance

REIT — Real Estate Investment Trust

STEP — Step Coupon Bond

See accompanying notes to the financial statements.

26

BB&T Kentucky Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS (95.0%)
		Kentucky (95.0%)
$	320,000	Boone County, KY, School District Finance Corp. Revenue, Callable 8/1/15 @ 100 (XLCA), OID, 4.000%, 8/1/17		$335,814
	100,000	Bullitt County, KY, School District Finance Corp., Bullitt County School Building Revenue, Callable 3/1/18 @ 100, OID, 4.750%, 3/1/22		106,348
	185,000	Campbell & Kenton Counties, KY, Sanitation District No. 1, Sewer Improvements Revenue, Callable 8/1/17 @ 100 (NATL-RE), 5.000%, 8/1/25		197,545
	375,000	Casey County, KY, Public Properties Corp., First Mortgage Revenue, Judicial Center Project, Callable 8/1/12 @ 100, OID, 4.500%, 8/1/16		391,181
	500,000	Christian County Public Courthouse Corp., KY, Court Facility Project Refunding Revenue (AMBAC), 4.000%, 8/1/16		531,300
	300,000	Christian County, KY, Jennie Stuart Medical Center Revenue (Assured Guaranty), 5.250%, 2/1/18		320,844
	330,000	Christian County, KY, School District Finance Corp., Energy Conservation Revenue, OID, 3.700%, 8/1/14		355,846
	325,000	Cumberland County, KY, School District Finance Corp., Cumberland County School Building Revenue, Callable 6/1/18 @ 100, OID, 4.000%, 6/1/25		329,102
	85,000	Grayson County, KY, Public Properties Corp., Judicial Center Project Public Improvement Revenue (CIFG), 4.375%, 9/1/17		89,803
	500,000	Jefferson County, KY, School District Finance Corp., Jefferson County School Building Refunding Revenue, Series A (AGM), 5.250%, 1/1/19		566,640
	100,000	Kenton County, KY, Public Properties Corp., First Mortgage Court Facilities Project Refunding Revenue (AMBAC), 4.125%, 3/1/16		107,799
	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		30,733
	500,000	Kentucky Asset/Liability Commission, Project Notes-Federal Highway Transit Revenue, First Series (NATL-RE), 4.500%, 9/1/17		549,530
	500,000	Kentucky Asset/Liability Commission, Project Notes-First Series Revenue (NATL-RE), 5.000%, 5/1/13		550,050
	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		332,337
	480,000	Kentucky Asset/Liability Commission, University of Kentucky Project Notes Revenue (NATL-RE FGIC), 5.000%, 10/1/15		541,699
	510,000	Kentucky Asset/Liability Commission, University of Kentucky Project Notes Revenue, Series B, Callable 10/1/17 @ 100, 5.000%, 10/1/21		544,027

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	Kentucky — (continued)
$500,000	Kentucky Economic Development Finance Authority, Baptist Healthcare System Revenue, Series A, Callable 8/15/18 @ 100, OID, 4.750%, 8/15/19		$529,355
510,000	Kentucky Economic Development Finance Authority, Catholic Health Initiatives Revenue, Series A, Prerefunded 6/1/10 @ 101, OID, 5.750%, 12/1/15		519,598
500,000	Kentucky Economic Development Finance Authority, Catholic Health Revenue, Series B, 5.000%, 5/1/39*		551,515
500,000	Kentucky Economic Development Finance Authority, Owensboro Medical Health System Refunding Revenue, Series A, 5.000%, 6/1/16		508,375
555,000	Kentucky Economic Development Finance Authority, Saint Elizabeth Medical Center, Inc. Refunding Revenue, Series A, Callable 5/1/19 @ 100, OID, 5.000%, 5/1/24		557,792
250,000	Kentucky Housing Corp. Refunding Revenue, Series B, 2.950%, 7/1/15		252,790
75,000	Kentucky Housing Corp. Refunding Revenue, Series F, Callable 7/1/13 @ 100, 4.850%, 1/1/24		76,006
500,000	Kentucky Housing Corp. Revenue, Series A, Callable 7/1/19 @ 100, 3.650%, 7/1/20		492,410
165,000	Kentucky Municipal Power Agency, Prairie State Project Revenue, Series A (NATL-RE), 5.250%, 9/1/17		182,997
255,000	Kentucky Municipal Power Agency, Prairie State Project Revenue, Series A, Callable 9/1/17 @ 100 (NATL-RE), 5.250%, 9/1/20		273,296
200,000	Kentucky State Property & Buildings Commission, Project No. 66 Revenue, Series A, Prerefunded 5/1/10 @ 100 (NATL-RE), OID, 5.500%, 5/1/15		200,866
200,000	Kentucky State Property & Buildings Commission, Project No. 73 Road Funding Revenue, 5.250%, 11/1/11		213,610
395,000	Kentucky State Property & Buildings Commission, Project No. 76 Refunding Revenue (AMBAC), 5.500%, 8/1/21		453,598
530,000	Kentucky State Property & Buildings Commission, Project No. 81 Revenue, Callable 11/1/13 @ 100 (AMBAC), 5.000%, 11/1/16		580,376
475,000	Kentucky State Property & Buildings Commission, Project No. 83 Refunding Revenue (AMBAC), 5.000%, 10/1/19		528,105
130,000	Kentucky Turnpike Authority Revenue, Series B (AMBAC), 5.000%, 7/1/15		147,467
250,000	Kentucky Turnpike Authority, Revitalization Project Refunding Revenue, Series A (AMBAC), 5.500%, 7/1/12		274,318
70,000	Kentucky Turnpike Authority, Revitalization Project Refunding Revenue, Series A (AMBAC), 5.500%, 7/1/15		81,128
260,000	Knott County, KY, Recreational Facilities Improvements Youth & Recreation Center Project G.O., 5.000%, 9/1/12		273,458

Continued

27

BB&T Kentucky Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	Kentucky — (continued)
$  45,000	Larue County, KY, School District Finance Corp., Larue County School Building Revenue (NATL-RE), 4.250%, 7/1/15		$	49,502
415,000	Laurel County, KY, Judicial Center Public Properties Corp. Revenue, Callable 3/1/18 @ 100, OID, 4.500%, 3/1/24			428,010
400,000	Louisville & Jefferson County, KY, Metropolitan Government First Mortgage Christian Church Homes Revenue, Callable 5/7/10 @ 100, OID, 6.125%, 11/15/18			400,220
605,000	Louisville & Jefferson County, KY, Metropolitan Sewer District, Sewer Refunding Revenue, Series A, Callable 5/15/15 @ 100 (AGM), 5.000%, 5/15/19			656,613
730,000	Louisville & Jefferson County, KY, Metropolitan Sewer District, Sewer Refunding Revenue, Series A, Callable 5/15/19 @ 100, 5.000%, 5/15/20			801,394
590,000	Louisville & Jefferson County, KY, Metropolitan Sewer District, Sewer Revenue, Series A, Callable 11/15/11 @ 101 (NATL-RE), 5.500%, 5/15/34			617,824
240,000	Monroe County, KY, School District Finance Corp., Monroe County School Building Revenue, Callable 5/7/10 @ 101, OID, 4.300%, 10/1/18			240,814
275,000	Monroe County, KY, School District Finance Corp., Monroe County School Building Revenue, Callable 6/1/11 @ 101, OID, 4.600%, 6/1/15			285,381
765,000	Muhlenberg County, KY, Public Improvements G.O., Callable 2/1/11 @ 100, 4.000%, 8/1/14			768,550
535,000	Owensboro, KY, Water Refunding & Improvements Revenue, Callable 9/15/18 @ 100 (Assured Guaranty), 5.250%, 9/15/21			593,866
585,000	Owensboro-Daviess County, KY, Regional Water Resource Agency Refunding & Improvements Revenue, Series A (XLCA), 4.000%, 1/1/16			618,199
655,000	Pulaski County, KY, Public Properties Corp. First Mortgage Revenue, Administration Office of the Court Judicial Facility, Callable 12/1/18 @ 100, OID, 5.500%, 12/1/24			727,436
250,000	Pulaski County, KY, Public Properties Corp. First Mortgage Revenue, Administration Office of the Court Judicial Facility, Callable 12/1/18 @ 100, OID, 5.625%, 12/1/25			278,930
235,000	Somerset, KY, Independent School District Finance Corp., School Building Revenue, Callable 5/7/10 @ 101, 4.100%, 10/1/15			236,579
395,000	Trimble County, KY, School District Finance Corp., Trimble County School Building Revenue, Callable 4/1/12 @ 100, OID, 4.600%, 4/1/16			410,950

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	Kentucky — (continued)
$500,000	Versailles, KY, Water Utility Improvements Revenue, Callable 12/1/11 @ 101 (NATL-RE), 4.250%, 12/1/13		$	522,095
375,000	Warren County, KY, Community Hospital Corp. Project Refunding Revenue, Series A, 5.000%, 8/1/14			398,782
380,000	Warren County, KY, Community Hospital Corp. Project Refunding Revenue, Series A, 5.000%, 8/1/17			390,062
500,000	Western Kentucky University, KY, General Receipts Revenue (Assured Guaranty), 3.000%, 9/1/13			519,840
	Total Municipal Bonds (Cost $20,851,088)			21,522,705
Shares
INVESTMENT COMPANY (6.0%)
1,367,993	Federated Tax-Free Obligations Fund, Institutional Class			1,367,993
	Total Investment Company (Cost $1,367,993)			1,367,993
Total Investments — 101.0% (Cost $22,219,081)				22,890,698
Net Other Assets (Liabilities) — (1.0)%				(220,580	)
NET ASSETS — 100.0%			$	22,670,118

* 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, 2010. The maturity date reflected is the final maturity date.

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Insurance Corp.

CIFG — CDC IXIS Financial Guarantee

FGIC — Financial Guaranty Insurance Corp.

G.O. — General Obligation

N.A. — North America

NATL — National

OID — Original Issue Discount

RE — Reinsurance

XLCA — XL Capital Assurance

See accompanying notes to the financial statements.

28

BB&T Maryland Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Principal Amount		Fair Value
MUNICIPAL BONDS (92.6%)
	District of Columbia (3.2%)
$755,000	Washington, D.C., Metropolitan Area Transit Authority, Refunding Revenue (NATL-RE), 5.000%, 7/1/12		$	817,348
260,000	Washington, D.C., Metropolitan Area Transit Authority, Refunding Revenue (NATL-RE), 5.000%, 1/1/13			284,494
20,000	Washington, D.C., Metropolitan Area Transit Authority, Refunding Revenue (NATL-RE), 5.000%, 1/1/14			22,233
				1,124,075
	Maryland (89.4%)
375,000	Anne Arundel County, MD, G.O., Prerefunded 3/1/12 @ 100, 5.375%, 3/1/13			407,438
580,000	Baltimore County, MD, Water Utility Improvements, Metropolitan District, 71st Issue G.O., 5.000%, 2/1/17			669,007
175,000	Baltimore, MD, Waste Water Project Revenue, Series D, Callable 7/1/17 @ 100 (AMBAC), 5.000%, 7/1/18			193,975
500,000	Cecil County, MD, Construction Public Improvements G.O., 4.000%, 6/1/18			536,785
105,000	Cumberland County, MD, G.O., Public Improvements (Assured Guaranty), 4.000%, 9/1/14			115,698
125,000	Cumberland County, MD, G.O., Public Improvements (Assured Guaranty), 4.125%, 9/1/16			137,408
500,000	Frederick County, MD, Consolidated Public Improvements G.O., Series A, 4.000%, 2/1/18			539,005
500,000	Frederick County, MD, Public Facilities Improvements G.O., 5.000%, 6/1/16			571,685
250,000	Frederick, MD, Public Improvements G.O., Series A, 4.000%, 3/1/19			268,820
200,000	Frederick, MD, Public Improvements G.O., Series A, Callable 3/1/19 @ 100, OID, 4.500%, 3/1/24			212,318
500,000	Harford County, MD, G.O., Public Improvements, Callable 7/15/15 @ 100, 5.000%, 7/15/23			536,875
445,000	Howard County, MD, Construction & Public Improvements Refunding G.O., Series A, 4.000%, 4/15/17			486,002
100,000	Maryland Community Development Administration, Residential Housing Refunding Revenue, Series C, 3.850%, 9/1/15			105,535
375,000	Maryland Community Development Administration, Residential Housing Revenue, Series A, 3.300%, 9/1/17			380,351
290,000	Maryland Community Development Administration, Residential Housing Revenue, Series A, 3.550%, 9/1/18			294,794
465,000	Maryland Community Development Administration, Residential Housing Revenue, Series A, Callable 9/1/18 @ 100, 4.400%, 9/1/24			474,165
600,000	Maryland Community Development Administration, Residential Housing Revenue, Series A, Callable 9/1/18 @ 100, 4.750%, 9/1/29			604,536

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		Maryland — (continued)
$	250,000	Maryland Community Development Administration, Residential Housing Revenue, Series B, 3.750%, 9/1/14		$	265,820
	100,000	Maryland Community Development Administration, Residential Housing Revenue, Series G, Callable 3/1/17 @ 100, 4.300%, 9/1/17			104,668
	250,000	Maryland Economic Development Corp., Electricity Lights & Power Improvements Revenue, Callable 3/1/19 @ 100, 6.200%, 9/1/22			283,278
	250,000	Maryland Economic Development Corp., Lutheran World Relief Refugee Refunding Revenue, Callable 4/1/17 @ 100, 5.250%, 4/1/19			255,728
	490,000	Maryland Economic Development Corp., University of Maryland College Park Projects Refunding Revenue (CIFG), 5.000%, 6/1/13			517,097
	150,000	Maryland Economic Development Corp., University of Maryland College Park Projects Refunding Revenue (CIFG), 5.000%, 6/1/16			155,544
	290,000	Maryland Health & Higher Educational Facilities Authority, Anne Arundel Health System Revenue, OID, 4.000%, 7/1/18			285,183
	250,000	Maryland Health & Higher Educational Facilities Authority, Anne Arundel Health System Revenue, OID, 4.250%, 7/1/19			247,442
	245,000	Maryland Health & Higher Educational Facilities Authority, Board of Child Care Revenue, Callable 7/1/12 @ 100, 5.500%, 7/1/13			261,751
	210,000	Maryland Health & Higher Educational Facilities Authority, Carroll County General Hospital Revenue, Callable 7/1/12 @ 100, 6.000%, 7/1/16			220,601
	250,000	Maryland Health & Higher Educational Facilities Authority, Carroll County General Hospital Revenue, Callable 7/1/12 @ 100, 6.000%, 7/1/20			257,972
	65,000	Maryland Health & Higher Educational Facilities Authority, Helix Health Issue Refunding Revenue (AMBAC), OID, 5.125%, 7/1/12			71,118
	885,000	Maryland Health & Higher Educational Facilities Authority, Helix Health Issue Refunding Revenue (AMBAC), OID, 5.000%, 7/1/27			1,008,829
	60,000	Maryland Health & Higher Educational Facilities Authority, Howard County General Hospital Refunding Revenue, Callable 5/7/10 @ 100, OID, 5.500%, 7/1/13			63,655
	700,000	Maryland Health & Higher Educational Facilities Authority, Johns Hopkins Health System Revenue, 5.000%, 5/15/46*			764,372
	750,000	Maryland Health & Higher Educational Facilities Authority, Lifebridge Health Refunding Revenue, 5.000%, 7/1/15			823,860
	195,000	Maryland Health & Higher Educational Facilities Authority, Medlantic / Helix Issue Revenue, Series B, Callable 5/7/10 @ 100 (AMBAC), 5.250%, 8/15/13			195,474

Continued

29

BB&T Maryland Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	Maryland — (continued)
$550,000	Maryland Health & Higher Educational Facilities Authority, Medstar Health Refunding Revenue, Callable 8/15/14 @ 100, OID, 5.375%, 8/15/24		$	560,571
310,000	Maryland Health & Higher Educational Facilities Authority, Memorial Hospital at Easton Revenue, Callable 5/7/10 @ 100 (NATL-RE), OID, 4.700%, 7/1/19			310,112
135,000	Maryland Health & Higher Educational Facilities Authority, Mercy Ridge Refunding Revenue, Callable 7/1/17 @ 100, 4.750%, 7/1/34			119,378
300,000	Maryland Health & Higher Educational Facilities Authority, Mercy Ridge Revenue, Series A, Prerefunded 4/1/13 @ 101, 6.000%, 4/1/35			344,241
100,000	Maryland Health & Higher Educational Facilities Authority, North Arundel Hospital Revenue, Prerefunded 7/1/10 @ 101, OID, 6.500%, 7/1/31			102,529
320,000	Maryland Health & Higher Educational Facilities Authority, Peninsula Regional Medical Center Revenue, 5.000%, 7/1/15			352,003
430,000	Maryland Health & Higher Educational Facilities Authority, Peninsula Regional Medical Center Revenue, Callable 7/1/16 @ 100, 5.000%, 7/1/20			449,191
635,000	Maryland Health & Higher Educational Facilities Authority, Peninsula Regional Medical Center Revenue, Callable 7/1/16 @ 100, 5.000%, 7/1/26			649,307
400,000	Maryland Health & Higher Educational Facilities Authority, Suburban Hospital Refunding Revenue, Series A, 5.500%, 7/1/13			443,028
60,000	Maryland Health & Higher Educational Facilities Authority, Union Hospital of Cecil County Refunding Revenue, Callable 5/7/10 @ 100, 4.700%, 7/1/10			60,173
330,000	Maryland Health & Higher Educational Facilities Authority, Union Hospital of Cecil County Refunding Revenue, Callable 5/7/10 @ 100, 4.800%, 7/1/11			330,891
150,000	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical Revenue, Prerefunded 7/1/11 @ 100, OID, 5.250%, 7/1/34			158,633
400,000	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System Refunding Revenue, 5.000%, 7/1/19			424,768
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			276,292
285,000	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System Refunding Revenue, Series F, 5.000%, 7/1/15			313,067

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	Maryland — (continued)
$500,000	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System Refunding Revenue, Series F, Callable 7/1/18 @ 100, 5.250%, 7/1/21		$	526,625
320,000	Maryland Health & Higher Educational Facilities Authority, Washington County Hospital Revenue, 5.000%, 1/1/17			324,182
300,000	Maryland Health & Higher Educational Facilities Authority, Western Maryland Health System Refunding Revenue, Series A (NATL-RE FHA), 4.000%, 1/1/12			311,208
245,000	Maryland State Department of Transportation County Transportation, Transit Improvements Revenue, Second Issue, 5.000%, 6/1/18			281,779
300,000	Maryland State Department of Transportation, County Transportation Transit Improvements Revenue, 5.250%, 12/15/17			352,110
500,000	Maryland State Department of Transportation, County Transportation Transit Improvements Revenue, Second Issue, Callable 9/1/18 @ 100, 5.000%, 9/1/23			554,525
955,000	Maryland State Transportation Authority Grant & Revenue Anticipate, MD Transit Improvements Revenue, 5.000%, 3/1/16			1,093,274
1,000,000	Maryland State Transportation Authority, MD Transportation Facility Projects Revenue, Series A, 4.000%, 7/1/18			1,066,540
395,000	Maryland State, State & Local Facilities Loan Cash Flow Management G.O., Second Series, 5.000%, 8/1/11			418,514
500,000	Maryland State, State & Local Facilities Loan Public Improvements G.O., First Series, 5.500%, 3/1/12			544,545
500,000	Maryland State, State & Local Facilities Loan Public Improvements G.O., First Series, 5.000%, 3/1/16			575,165
300,000	Maryland State, State & Local Facilities Loan Public Improvements G.O., First Series, 5.000%, 3/15/16			345,306
275,000	Maryland State, State & Local Facilities Loan Public Improvements G.O., First Series, Prerefunded 3/15/17 @ 100, 5.000%, 3/15/22			319,630
590,000	Maryland State, State & Local Facilities Loan Public Improvements G.O., Second Series, Callable 7/15/18 @ 100, 5.000%, 7/15/23			658,068
250,000	Maryland Water Quality Financing Administration, Revolving Loan Fund Sewer Improvements Revenue, 5.000%, 3/1/18			282,662
250,000	Montgomery County Housing Opportunities Commission, Housing Refunding Revenue, Series A, Callable 1/1/16 @ 100 (FHA/VA Mortgages), 3.800%, 7/1/16			258,542
250,000	Montgomery County Housing Opportunities Commission, Local Housing Revenue, Series A, 3.700%, 7/1/14			264,920
250,000	Montgomery County, MD, Construction & Public Improvements G.O., Prerefunded 2/1/11 @ 101, 4.750%, 2/1/12			261,513

Continued

30

BB&T Maryland Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		Maryland — (continued)
$	170,000	Montgomery County, MD, Construction & Public Improvements G.O., Prerefunded 2/1/11 @ 101, OID, 4.750%, 2/1/16	$	177,829
	500,000	Montgomery County, MD, Construction & Public Improvements G.O., Series A, Callable 6/1/15 @ 100, 5.000%, 6/1/24		536,170
	445,000	Montgomery County, MD, Construction & Public Improvements Refunding G.O., Series A, 5.000%, 5/1/15		513,263
	700,000	Montgomery County, MD, Construction & Public Improvements Refunding G.O., Series A, 5.000%, 7/1/15		809,438
	370,000	Montgomery County, MD, Construction & Public Improvements Refunding G.O., Series A, 5.000%, 7/1/17		428,715
	270,000	Montgomery County, MD, Construction & Public Improvements Refunding G.O., Series A, Callable 7/1/15 @ 100, 5.000%, 7/1/18		298,247
	300,000	Ocean City, MD, Public Improvements G.O. (NATL-RE FGIC), Prerefunded 3/1/11 @ 101, OID, 4.600%, 3/1/15		314,328
	320,000	Ocean City, MD, Public Improvements G.O. (NATL-RE FGIC), Prerefunded 3/1/11 @ 101, OID, 4.750%, 3/1/17		335,722
	250,000	Prince Georges County, MD, Construction & Public Improvements G.O., 5.000%, 10/1/14		286,705
	500,000	Talbot County, MD, Public Improvements G.O., 5.000%, 12/15/16		577,345
	50,000	University System of Maryland, Auxiliary Facilities & Tuition Refunding Revenue, Series A, 5.000%, 4/1/15		57,412
	50,000	University System of Maryland, Auxiliary Facilities & Tuition Revenue, Series A, Callable 4/1/19 @ 100, 4.000%, 4/1/22		51,701
	500,000	University System of Maryland, Auxiliary Facility & Tuition Revenue, Unrefunded Balance, Series A, Callable 4/1/12 @ 100, 5.250%, 4/1/17		536,805
	275,000	Washington Suburban Sanitation District, MD, Sewer Disposal Refunding G.O., 5.000%, 6/1/12		299,527
	100,000	Washington Suburban Sanitation District, MD, Water Supply Refunding G.O., Prerefunded 6/1/11 @ 100, OID, 4.700%, 6/1/18		104,871

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		Maryland — (continued)
$	425,000	Westminster, MD, McDaniel College, Inc. Revenue, Callable 11/1/16 @ 100, 5.000%, 11/1/22	$	431,409
				31,409,568
		Total Municipal Bonds     (Cost $31,263,758)		32,533,643
Shares
	INVESTMENT COMPANY (6.5%)
	2,293,508	Federated Treasury Obligations Fund, Institutional Shares		2,293,508
		Total Investment Company     (Cost $2,293,508)		2,293,508
	Total Investments — 99.1% (Cost $33,557,266)			34,827,151
	Net Other Assets (Liabilities) — 0.9%			299,784
	NET ASSETS — 100.0%		$	35,126,935

* 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, 2010. The maturity date reflected is the final maturity date.

AMBAC — American Municipal Bond Insurance Corp.

CIFG — CDC IXIS Financial Guarantee

FGIC — Financial Guaranty Insurance Corp.

FHA — Federal Housing Authority

G.O. — General Obligation

NATL — National

OID — Original Issue Discount

RE — Reinsurance

VA — Veterans Administration

See accompanying notes to the financial statements.

31

BB&T North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS (96.4%)
		North Carolina (96.4%)
$	1,000,000	Alamance County, NC, School Improvements G.O., Callable 2/1/16 @ 100, 5.000%, 2/1/19	$	1,107,670
	1,760,000	Albemarle, NC, Hospital Authority Refunding Revenue, OID, 4.500%, 10/1/11		1,753,699
	1,045,000	Albemarle, NC, Hospital Authority Refunding Revenue, OID, 4.500%, 10/1/12		1,038,908
	1,150,000	Bladen County, NC, School Improvements G.O., Prerefunded 5/1/10 @ 101.50 (AGM), 5.600%, 5/1/13		1,172,356
	1,065,000	Broad River Water Authority, NC, Water System Refunding Revenue, Callable 6/1/15 @ 100 (XLCA), 5.000%, 6/1/18		1,089,442
	775,000	Broad River Water Authority, NC, Water System Refunding Revenue, Callable 6/1/15 @ 100 (XLCA), 5.000%, 6/1/19		787,175
	2,975,000	Cabarrus County, NC, Installment Financing Contract Certificate of Participation, 4.000%, 1/1/15		3,227,786
	1,700,000	Cabarrus County, NC, Installment Financing Contract Certificate of Participation, Callable 1/1/19 @ 100, 5.000%, 1/1/23		1,843,973
	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		1,079,300
	1,135,000	Cape Fear Public Utility Authority, NC, Water & Sewer System Revenue, Callable 8/1/18 @ 100, 5.000%, 8/1/26		1,223,882
	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		1,056,310
	1,000,000	Charlotte, NC, Airport Revenue, Series A, Callable 7/1/20 @ 100, 5.000%, 7/1/27		1,024,110
	1,280,000	Charlotte, NC, Storm Water Fee Public Improvements Revenue, Callable 6/1/16 @ 100, 5.000%, 6/1/20		1,408,934
	1,000,000	Charlotte, NC, Storm Water Fee Public Improvements Revenue, Callable 6/1/16 @ 100, 5.000%, 6/1/23		1,086,090
	1,490,000	Charlotte-Mecklenburg Hospital Authority, NC, Carolinas Health Care System Refunding Revenue, Series A, 5.000%, 1/15/17		1,611,778
	3,145,000	Charlotte-Mecklenburg Hospital Authority, NC, Carolinas Health Care System Revenue, Series A, Prerefunded 1/15/15 @ 100, OID, 5.000%, 1/15/45		3,605,334
	2,000,000	Concord, NC, Refunding Revenue, Series B, Callable 12/1/19 @ 100, 5.000%, 12/1/22		2,185,940
	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		1,249,514
	2,710,000	Cumberland County, NC, Refunding G.O. (NATL-RE), 5.000%, 5/1/13		3,015,905
	2,205,000	Cumberland County, NC, Refunding G.O. (NATL-RE), 5.000%, 5/1/14		2,506,446
	610,000	Dare County, NC, Certificates of Participation (AMBAC), 4.000%, 6/1/15		647,045
	1,270,000	Davidson County, NC, G.O., Callable 6/1/17 @ 100 (AGM), 5.000%, 6/1/25		1,377,696

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	2,000,000	Durham County, NC, Public Improvements Certificate of Participation, Series A, Callable 6/1/19 @ 100, 5.000%, 6/1/24	$	2,162,000
	1,000,000	Durham, NC, Water & Sewer Utilities System Revenue, Callable 6/1/11 @ 101, 5.000%, 6/1/12		1,057,540
	2,000,000	Fayetteville, NC, Public Works Commission Refunding Revenue, Series A, 5.000%, 3/1/16		2,262,800
	1,000,000	Gaston County, NC, Refunding G.O., Series C, 3.500%, 6/1/20		1,018,250
	1,000,000	Gastonia, NC, Combined Utilities Systems Refunding Revenue (NATL-RE), 5.000%, 5/1/10		1,003,550
	400,000	Goldsboro, NC, Sewer Improvements G.O., Callable 5/7/10 @ 102, 4.250%, 6/1/13		408,912
	1,455,000	Greenville, NC, Greenville Enterprise Systems Refunding Revenue (AGM), 5.500%, 9/1/10		1,485,715
	2,075,000	Guilford County, NC, Public Improvements G.O., Series B, Prerefunded 10/1/10 @ 102, OID, 5.250%, 10/1/15		2,168,250
	480,000	Haywood County, NC, School Improvements G.O., Callable 5/1/16 @ 100 (XLCA), 5.000%, 5/1/17		533,290
	1,000,000	Henderson County, NC, Certificates of Participation, Series A (AMBAC), 5.000%, 6/1/16		1,081,240
	370,000	High Point, NC, High Point Combined Enterprise Systems Revenue, Callable 11/1/18 @ 100 (AGM), 5.000%, 11/1/26		395,811
	1,180,000	Iredell County Public Facilities Corp., NC, School Projects Revenue, Prerefunded 6/1/10 @ 101 (AMBAC), 6.000%, 6/1/14		1,203,069
	830,000	Iredell County, NC, School Projects Certificate of Participation (AGM), 5.250%, 6/1/17		946,715
	850,000	Johnston County, NC, Public Improvements G.O., Callable 2/1/15 @ 100 (NATL-RE FGIC), 5.250%, 2/1/16		962,310
	1,110,000	Johnston Memorial Hospital Authority Revenue (AGM FHA), 5.000%, 10/1/16		1,199,688
	800,000	Lincolnton, NC, Combined Enterprise System Refunding Revenue, Callable 5/1/15 @ 100 (XLCA), 5.000%, 5/1/17		825,664
	590,000	Mooresville, NC, Telecommunications Improvements Certificate of Participation, 5.000%, 9/1/13		652,221
	1,000,000	Mooresville, NC, Telecommunications Improvements Certificate of Participation, 5.000%, 9/1/15		1,118,530
	1,435,000	Mooresville, NC, Telecommunications Improvements Certificate of Participation, 5.000%, 9/1/16		1,594,271
	1,000,000	New Hanover County, NC, New Hanover Regional Medical Center Project Revenue, Callable 5/7/10 @ 101 (NATL-RE), 5.250%, 10/1/12		1,012,400
	1,000,000	New Hanover County, NC, Regional Medical Center Revenue, Series A, Callable 10/1/19 @ 100 (AGM), 5.000%, 10/1/21		1,052,930

Continued

32

BB&T North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,000,000	New Hanover County, NC, Regional Medical Center Revenue, Series A, Callable 10/1/19 @ 100 (AGM), 5.000%, 10/1/22	$	1,048,950
	50,000	North Carolina Capital Facilities Finance Agency, Brevard College Corp. Refunding Revenue, 4.250%, 10/1/15		45,470
	1,905,000	North Carolina Eastern Municipal Power Agency, Power System Refunding Revenue, Series A, 5.000%, 1/1/14		2,110,435
	2,955,000	North Carolina Eastern Municipal Power Agency, Power System Refunding Revenue, Series A, Callable 1/1/16 @ 100 (AMBAC), 5.250%, 1/1/20		3,118,027
	2,000,000	North Carolina Eastern Municipal Power Agency, Power System Refunding Revenue, Series B, OID, 4.000%, 1/1/18		2,027,880
	2,350,000	North Carolina Eastern Municipal Power Agency, Power System Revenue, Series A, OID, 6.400%, 1/1/21		2,908,572
	2,100,000	North Carolina Infrastructure Finance Corp., Correctional Facilities Projects Revenue, Callable 10/1/13 @ 100, 5.000%, 10/1/19		2,233,203
	5,000,000	North Carolina Infrastructure Finance Corp., Correctional Facilities Projects Revenue, Callable 10/1/13 @ 100, 5.000%, 10/1/20		5,288,900
	950,000	North Carolina Medical Care Commission, First Mortgage Deerfield Revenue, Series A, Callable 11/1/18 @ 100, OID, 6.000%, 11/1/33		926,554
	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		2,340,620
	1,265,000	North Carolina Medical Care Commission, Firsthealth Carolina Refunding Revenue, Series C, OID, 4.000%, 10/1/18		1,279,560
	1,885,000	North Carolina Medical Care Commission, Health Care Housing ARC Projects Revenue, Series A (HUD Section 8), 4.650%, 10/1/14		1,909,430
	1,460,000	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		1,438,523
	1,000,000	North Carolina Medical Care Commission, Mission Health Combine Group Refunding Revenue, Callable 10/1/17 @ 100 (AGM-CR), 5.000%, 10/1/25		1,033,010
	3,000,000	North Carolina Medical Care Commission, North Carolina Baptist Hospital Refunding Revenue, 5.000%, 6/1/20		3,235,410
	1,560,000	North Carolina Medical Care Commission, Novant Health Obligation Group Refunding Revenue, Group A, 5.000%, 11/1/13		1,719,494
	1,910,000	North Carolina Medical Care Commission, Novant Health Obligation Group Refunding Revenue, Group A, Callable 11/1/13 @ 100, 5.000%, 11/1/14		2,081,556
	1,000,000	North Carolina Medical Care Commission, Novant Health Refunding Revenue, Callable 11/1/13 @ 100 (AGM-CR), 5.000%, 11/1/15		1,058,820

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,000,000	North Carolina Medical Care Commission, Stanly Memorial Hospital Project Revenue, Callable 5/7/10 @ 101, OID, 6.250%, 10/1/19	$	1,004,060
	3,495,000	North Carolina Medical Care Commission, Universal Health System Refunding Revenue, Series E2, 6.000%, 12/1/36*		3,884,832
	1,045,000	North Carolina Medical Care Commission, Wakemed Revenue, Series A, Callable 10/1/14 @ 100 (Assured Guaranty), 4.000%, 10/1/17		1,062,002
	2,000,000	North Carolina Medical Care Commission, Wakemed Revenue, Series A, Callable 10/1/14 @ 100 (Assured Guaranty), 5.625%, 10/1/29		2,083,300
	1,115,000	North Carolina Medical Care Commission, Wilson Medical Center Refunding Revenue, 5.000%, 11/1/17		1,154,794
	1,690,000	North Carolina Municipal Power Agency No. 1, Catawba Electric Power Refunding Revenue, Series A, 5.250%, 1/1/13		1,850,956
	1,000,000	North Carolina Municipal Power Agency No. 1, Catawba Electric Power Refunding Revenue, Series A, 5.250%, 1/1/17		1,115,800
	910,000	North Carolina Municipal Power Agency No. 1, Catawba Electric Power Refunding Revenue, Series A, Callable 1/1/18 @ 100, 5.250%, 1/1/20		990,799
	1,470,000	North Carolina Municipal Power Agency No. 1, Catawba Electric Revenue, Series A, Callable 1/1/13 @ 100 (AGM), 5.250%, 1/1/16		1,598,404
	1,905,000	North Carolina Municipal Power Agency No. 1, Catawba Electric Revenue, Series A, Callable 1/1/13 @ 100 (NATL-RE), 5.250%, 1/1/19		2,031,397
	1,000,000	North Carolina State University at Raleigh Revenue, Series B, 4.000%, 10/1/12		1,074,790
	1,350,000	North Carolina State University at Raleigh Revenue, Series B, 4.000%, 10/1/14		1,486,742
	500,000	North Carolina State University at Raleigh Revenue, Series B, 4.000%, 10/1/15		551,425
	1,000,000	North Carolina State, Clean Water G.O., Series A, Callable 3/1/16 @ 100, 5.000%, 3/1/17		1,134,450
	2,000,000	North Carolina State, Public Improvements G.O., Series A, Callable 3/1/17 @ 100, 5.000%, 3/1/20		2,232,640
	2,925,000	North Carolina State, Refunding G.O., Series A, 5.000%, 9/1/16		3,387,910
	2,350,000	North Carolina State, Refunding G.O., Series B, 5.000%, 4/1/17		2,717,470
	1,000,000	North Carolina State, Repair & Renovation Project, Certificates of Participation, Series B, Callable 6/1/14 @ 100, 5.000%, 6/1/21		1,051,620
	1,030,000	North Carolina State, Vehicle Grant Revenue, Highway Improvements (NATL-RE), 5.000%, 3/1/16		1,164,127
	1,585,000	North Carolina State, Vehicle Grant Revenue, Highway Improvements (NATL-RE), 5.000%, 3/1/17		1,792,318
	1,065,000	North Carolina State, Vehicle Grant Revenue, Highway Improvements, Callable 3/1/17 @ 100 (NATL-RE), 5.000%, 3/1/18		1,186,293

Continued

33

BB&T North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,025,000	Onslow County, NC, G.O., Callable 4/1/18 @ 100, 5.000%, 4/1/26	$	1,088,816
	165,000	Onslow County, NC, School Project, Certificate of Participation, Callable 6/1/16 @ 100 (XLCA), 5.000%, 6/1/18		176,760
	115,000	Onslow Water & Sewer Authority, Combined Enterprise Systems Revenue, Series A (NATL-RE), 5.000%, 6/1/18		127,190
	1,520,000	Onslow Water & Sewer Authority, Combined Enterprise Systems Revenue, Series B, Callable 6/1/14 @ 100 (XLCA), 5.000%, 6/1/21		1,596,958
	1,105,000	Orange County, NC, Public Improvements Project Certificates of Participation, Series A, Callable 4/1/16 @ 100 (AMBAC), 5.000%, 4/1/19		1,192,450
	930,000	Pasquotank County, NC, Refunding Certificate of Participation (NATL-RE), 5.250%, 6/1/18		1,036,513
	2,440,000	Pitt County, NC, Pitt County Memorial Hospital Project Refunding Revenue, Callable 5/7/10 @ 100, OID, 5.500%, 12/1/15		2,591,426
	70,000	Pitt County, NC, School Improvements Revenue (Assured Guaranty), 4.000%, 4/1/18		71,750
	2,205,000	Raleigh, NC, Combined Enterprise Systems Revenue, Callable 3/1/14 @ 100, 5.000%, 3/1/31		2,290,620
	415,000	Randolph County, NC, Refunding Certificate of Participation (AGM), 5.000%, 6/1/15		468,672
	1,390,000	Rockingham County, NC, Certificate of Participation (Assured Guaranty), 5.000%, 4/1/17		1,566,224
	1,465,000	Stanly County, NC, Refunding G.O., 5.000%, 2/1/21		1,646,030
	110,000	Surry County, NC, Northern Hospital District Revenue, 4.000%, 10/1/10		110,843
	1,085,000	Surry County, NC, Northern Hospital District Revenue, Callable 4/1/18 @ 100, OID, 5.500%, 10/1/21		1,087,778
	210,000	Surry County, NC, Northern Hospital District Revenue, OID, 4.000%, 10/1/11		214,080
	805,000	Union County, NC, School Improvements G.O., Series A, Callable 3/1/19 @ 100, 4.000%, 3/1/22		830,406
	4,610,000	Union County, NC, School Improvements G.O., Series D, Callable 3/1/17 @ 100 (NATL-RE), 5.000%, 3/1/19		5,157,484
	1,355,000	University of North Carolina at Wilmington Revenue, Callable 1/1/13 @ 100 (AMBAC), 5.250%, 1/1/21		1,451,517
	1,565,000	University of North Carolina System College Improvements Revenue, General Trust Indenture, Series C, 4.250%, 10/1/14		1,679,495
	375,000	University of North Carolina System College Improvements Revenue, Series A (AMBAC), 5.000%, 4/1/14		415,298
	1,020,000	University of North Carolina System College Improvements Revenue, Series A, Callable 10/1/16 @ 100 (NATL-RE), 5.000%, 10/1/17		1,116,206

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	$	530,930
2,000,000	University of North Carolina System College Improvements Revenue, Series B1, Callable 4/1/20 @ 100, 5.250%, 10/1/22		2,210,480
1,975,000	University of North Carolina System College Improvements Revenue, Series B2, 5.000%, 4/1/17		2,208,583
3,000,000	Wake County, NC, Public Improvements G.O., 5.000%, 3/1/12		3,240,000
1,075,000	Wake County, NC, Wake County Hospital Revenue (NATL-RE), OID, 5.125%, 10/1/13		1,177,201
1,000,000	Winston-Salem, NC, Water & Sewer System Refunding Revenue, Series A, Callable 6/1/17 @ 100, 5.000%, 6/1/19		1,122,930
1,000,000	Winston-Salem, NC, Water & Sewer Systems Refunding Revenue, Callable 6/1/15 @ 100, 5.000%, 6/1/20		1,105,700
	Total Municipal Bonds     (Cost $161,088,539)		167,117,332
Shares
INVESTMENT COMPANY (2.2%)
3,817,579	Federated North Carolina Municipal Money Market Portfolio, Institutional Class		3,817,579
	Total Investment Company     (Cost $3,817,579)		3,817,579
Total Investments — 98.6% (Cost $164,906,118)			170,934,911
Net Other Assets (Liabilities) — 1.4%			2,382,602
NET ASSETS — 100.0%		$	173,317,513

* 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, 2010.The maturity date reflected is the final maturity date.

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Insurance Corp.

CR — Custodial Receipts

FGIC — Financial Guaranty Insurance Corp.

FHA — Federal Housing Authority

G.O. — General Obligation

HUD — Housing & Urban Development

NATL — National

OID — Original Issue Discount

RE — Reinsurance

XLCA — XL Capital Assurance

See accompanying notes to the financial statements.

34

BB&T South Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS (97.0%)
		South Carolina (97.0%)
$	615,000	Beaufort County, SC, New River Redevelopment Project Area Tax Increment Revenue, Callable 12/1/12 @ 100 (NATL-RE), 5.500%, 6/1/16	$	675,258
	785,000	Beaufort-Jasper Water & Sewer Authority, SC, Refunding & Improvements Revenue, Callable 3/1/17 @ 101 (AGM), 4.750%, 3/1/25		823,394
	505,000	Bennettsville, SC, Combined Utility Systems, Refunding & Improvements Revenue, Callable 2/1/14 @ 100 (AMBAC), OID, 3.625%, 2/1/16		518,438
	250,000	Camden, SC, Public Utilities Improvements Refunding Revenue (NATL-RE FGIC), OID, 3.500%, 3/1/12		260,192
	180,000	Cayce, SC, Waterworks & Sewer Revenue Refunding & Improvements Revenue, Series A (XLCA), 4.250%, 7/1/13		194,420
	125,000	Cayce, SC, Waterworks & Sewer Revenue Refunding & Improvements Revenue, Series A (XLCA), 4.500%, 7/1/15		137,038
	735,000	Cayce, SC, Waterworks & Sewer Systems Refunding & Improvements Revenue, Series A (XLCA), 5.250%, 7/1/16		828,352
	185,000	Cayce, SC, Waterworks & Sewer Systems Refunding & Improvements Revenue, Series A (XLCA), 5.250%, 7/1/17		208,147
	465,000	Charleston County, SC, Charleston Public Facilities Corp., Refunding Certificate Participation, Callable 6/1/15 @ 100 (NATL-RE), 5.125%, 6/1/18		506,785
	310,000	Charleston County, SC, Hospital Facilities Care Alliance Health Revenue, Series B1 (AGM), 5.000%, 8/15/16		334,651
	200,000	Clarendon County, Public Improvements G.O., Callable 4/1/10 @ 101 (NATL-RE FGIC), OID, 4.250%, 3/1/15		202,230
	160,000	Coastal Carolina University, SC, Refunding Revenue (XLCA), 4.000%, 6/1/17		165,170
	215,000	College of Charleston, SC, Academic & Administrative Facilities Revenue, Series D (XLCA), 4.250%, 4/1/12		226,163
	485,000	College of Charleston, SC, Academic & Administrative Facilities Revenue, Series D (XLCA), 4.500%, 4/1/17		515,904
	120,000	Colleton County, SC, School Improvements G.O., Callable 5/7/10 @ 100.5 (AGM, State Aid Withholding), OID, 4.200%, 3/1/12		120,872
	155,000	Darlington County, SC, Correctional Facilities Improvements G.O., Callable 5/7/10 @ 100 (AMBAC), 4.000%, 3/1/11		155,409
	660,000	Dorchester County, SC, Refunding G.O., Callable 4/1/19 @ 100, 3.500%, 4/1/20		671,240
	325,000	Dorchester County, SC, Transition Projects G.O., Series A (XLCA), 5.000%, 5/1/14		362,732
	345,000	Dorchester County, SC, Transition Projects G.O., Series A (XLCA), 5.000%, 5/1/15		387,801
	275,000	Dorchester County, SC, Waterworks Revenue (NATL-RE), 5.000%, 10/1/15		305,715

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	South Carolina — (continued)
$670,000	Easley, SC, Combined Utility System Refunding Revenue, Callable 12/1/19 @ 100 (Assured Guaranty), 5.000%, 12/1/24	$	737,523
200,000	Educational Facilities Authority, SC, Wofford College Revenue, Series A, 4.000%, 4/1/15		209,792
125,000	Educational Facilities Authority, SC, Wofford College Revenue, Series A, 4.250%, 4/1/17		129,558
630,000	Florence County, SC, McLeod Regional Medical Center Project, Refunding Revenue, Series A, Callable 5/7/10 @ 101 (NATL-RE), 5.250%, 11/1/11		638,051
100,000	Florence, SC, New Public Housing Authority Revenue (U.S. Government Guaranteed), 5.750%, 8/1/10		101,830
440,000	Fort Mill School Facilities Corp., SC, Installment Purchase Revenue, 5.000%, 12/1/12		472,864
335,000	Fort Mill School Facilities Corp., SC, Installment Purchase Revenue, Callable 12/1/16 @ 100, 5.250%, 12/1/18		355,991
260,000	Georgetown County School District, SC, Refunding G.O., Series B, Callable 3/1/12 @ 102 (AGM, SCSDE), 5.000%, 3/1/16		281,957
100,000	Greenville, SC, Sewer System Revenue, Callable 4/1/12 @ 100 (NATL-RE), OID, 4.600%, 4/1/15		104,741
380,000	Greenville, SC, Waterworks Revenue, Callable 2/1/13 @ 100, 5.250%, 2/1/19		419,098
445,000	Greenwood County, SC, Self Regional Healthcare Revenue, Callable 10/1/19 @ 100, OID, 4.875%, 10/1/22		440,692
530,000	Greenwood County, SC, Self Regional Healthcare Revenue, Callable 10/1/19 @ 100, OID, 5.000%, 10/1/23		527,429
250,000	Horry County School District, SC, School Improvements G.O., Series A, Prerefunded 3/1/12 @ 100 (SCSDE), 5.375%, 3/1/15		271,325
375,000	Horry County, SC, Correctional Facilities Improvements G.O., Callable 3/1/18 @ 100, OID, 4.125%, 3/1/22		388,106
215,000	Kershaw County, SC, Correctional Facilities Improvements G.O., Series A, Callable 5/7/10 @ 100 (AGM, State Aid Withholding), 4.000%, 4/1/12		215,452
305,000	Kershaw County, SC, Correctional Facilities Improvements G.O., Series A, Callable 5/7/10 @ 100 (AGM, State Aid Withholding), 4.000%, 4/1/13		305,576
500,000	Kershaw County, SC, Public Schools Foundation Installment Power, Refunding Revenue, Kershaw County School District Project (CIFG), 5.000%, 12/1/16		544,910
415,000	Laurens County School District No. 55, SC, Refunding Revenue, Callable 12/1/15 @ 100, 5.250%, 12/1/24		409,543
840,000	Lexington County, SC, Health Services District Income Hospital Refunding Revenue, 5.000%, 11/1/15		917,314
800,000	Lexington County, SC, School District No. 1, Refunding G.O., Callable 3/1/17 @ 100 (SCSDE), 5.125%, 3/1/21		884,192

Continued

35

BB&T South Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	500,000	Lexington County, SC, School District No. 3, Refunding G.O., Callable 3/1/12 @ 102 (AGM), 5.000%, 3/1/16	$	542,225
	500,000	Medical University Hospital Authority, SC, Refunding Revenue, Series A, 6.000%, 8/15/12		557,405
	115,000	Myrtle Beach, SC, Public Improvements G.O., Series A (Assured Guaranty), 5.000%, 3/1/18		132,330
	365,000	Myrtle Beach, SC, Recreational Facilities Improvements, Special Tax Revenue, 4.000%, 3/1/19		372,880
	100,000	Newberry County, SC, Newberry County Memorial Hospital Refunding Revenue (Radian), OID, 3.500%, 12/1/10		100,509
	310,000	Newberry Investing in Children’s Education, SC, Newberry County School District Project Revenue, 5.000%, 12/1/12		328,380
	590,000	Newberry Investing in Children’s Education, SC, Newberry County School District Project Revenue, 5.250%, 12/1/14		636,970
	750,000	Oconee County, SC, Duke Power Co. Project Refunding Revenue, 3.600%, 2/1/17		763,688
	420,000	Piedmont Municipal Power Agency, SC, Power System Refunding Revenue (NATL-RE), OID, 5.375%, 1/1/25		476,448
	830,000	Piedmont Municipal Power Agency, SC, Power System Refunding Revenue, Series A3, 5.000%, 1/1/16		906,949
	285,000	Piedmont Municipal Power Agency, SC, Power System Refunding Revenue, Series A3 (Assured Guaranty), 5.000%, 1/1/18		312,568
	275,000	Richland County School District No. 1, SC, G.O., Callable 3/1/13 @ 101 (AGM, SCSDE), OID, 4.750%, 3/1/27		282,200
	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		530,030
	205,000	Scago Educational Facilities Corp. for Colleton School District, SC, School Improvements Revenue (Assured Guaranty), 5.000%, 12/1/15		230,256
	425,000	Scago Educational Facilities Corp. for Pickens School District, SC, Pickens County Project Revenue (AGM), 5.000%, 12/1/14		470,722
	500,000	Scago Public Facilities Corp. for Georgetown County Project, Refunding Revenue, Series A, 4.000%, 12/1/17		501,715
	500,000	Scago Public Facilities Corp. for Georgetown County Project, Refunding Revenue, Series A, 5.000%, 12/1/19		530,505
	250,000	South Carolina Educational Facilities Authority for Private Nonprofit Institutions of Higher Learning, SC, Furman University Revenue, 5.000%, 10/1/18		275,530
	205,000	South Carolina Educational Facilities Authority for Private Nonprofit Institutions, Wofford College Project Revenue, 4.000%, 4/1/15		216,306
	190,000	South Carolina Educational Facilities Authority for Private Nonprofit Institutions, Wofford College Project Revenue, 4.000%, 4/1/16		197,659

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	South Carolina — (continued)
$525,000	South Carolina Jobs-Economic Development Authority, Anderson Area Medical Center Revenue, Callable 4/5/10 @ 100.5 (AGM), 5.500%, 2/1/11	$	527,919
350,000	South Carolina Jobs-Economic Development Authority, Coastal Housing Foundation Revenue, Series A, OID, 5.500%, 4/1/20		355,789
775,000	South Carolina Jobs-Economic Development Authority, Kershaw County Medical Center Project Revenue, OID, 5.000%, 9/15/18		769,714
250,000	South Carolina Jobs-Economic Development Authority, Refunding & Improvement-AnMed Health Revenue, 5.000%, 2/1/16		268,665
550,000	South Carolina Jobs-Economic Development Authority, Refunding & Improvement-AnMed Health Revenue, Series B (Assured Guaranty), 5.000%, 2/1/19		584,122
135,000	South Carolina Jobs-Economic Development Authority, Refunding & Improvement- Palmetto Health Facilities Revenue, Series C, 6.000%, 8/1/12		145,140
535,000	South Carolina Jobs-Economic Development Authority, Tuomey Medical Center Refunding Revenue (CIFG), 5.000%, 11/1/12		557,491
150,000	South Carolina State Public Service Authority, Electricity Lights & Power Refunding & Improvements Revenue, Series A, Callable 1/1/12 @ 101 (AGM), 5.250%, 1/1/17		160,893
540,000	South Carolina State Public Service Authority, Refunding Revenue, Series A, Callable 1/1/17 @ 100 (AMBAC), 5.000%, 1/1/23		578,896
90,000	South Carolina State Public Service Authority, Refunding Revenue, Series A, Callable 1/1/17 @ 100 (AMBAC), 5.000%, 1/1/26		95,382
525,000	South Carolina State Public Service Authority, Refunding Revenue, Series A, Callable 1/1/19 @ 100, 5.000%, 1/1/27		562,606
690,000	South Carolina State Public Service Authority, Refunding Revenue, Series B, Callable 1/1/16 @ 100 (NATL-RE), 5.000%, 1/1/22		742,330
115,000	South Carolina Transportation Infrastructure Bank, Highway Improvements Revenue, Series A, Callable 10/1/13 @ 100 (AMBAC), 5.000%, 10/1/14		126,238
305,000	South Carolina Transportation Infrastructure Bank, Junior Lien Revenue, Series B (AMBAC), 5.250%, 10/1/11		323,074
490,000	South Carolina Transportation Infrastructure Bank, Refunding Revenue, Series B (AMBAC), 5.250%, 10/1/15		553,332
450,000	South Carolina Transportation Infrastructure Bank, Transit Improvements Revenue, Series A (XLCA), 5.000%, 10/1/15		502,448
410,000	South Carolina Transportation Infrastructure Bank, Transit Improvements Revenue, Series A, Callable 10/1/16 @ 100 (XLCA), 5.000%, 10/1/22		431,156
525,000	Spartanburg County School District No. 5, SC, School Improvements G.O. (SCSDE), 5.250%, 5/1/10		527,184

Continued

36

BB&T South Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	350,000	Spartanburg County, SC, Regional Health Services District, Refunding Revenue, Series A (Assured Guaranty), 4.000%, 4/15/16	$	356,601
	500,000	Spartanburg County, SC, Regional Health Services District, Refunding Revenue, Series A, Callable 4/15/18 @ 100 (Assured Guaranty), 5.250%, 4/15/21		527,260
	220,000	Sumter, SC, Waterworks & Sewer System Improvements Revenue, Callable 5/7/10 @ 101 (AGM), OID, 5.200%, 6/1/18		222,442
	250,000	University of South Carolina Revenue, Series A, Callable 5/1/13 @ 100 (AMBAC), OID, 4.750%, 5/1/27		253,135
	230,000	York County, SC, G.O., Callable 11/1/16 @ 100, OID, 5.100%, 11/1/21		251,818
	510,000	York County, SC, School District No. 3, G.O., Callable 3/1/17 @ 100 (AGM, SCSDE), 5.000%, 3/1/22		555,543
		Total Municipal Bonds     (Cost $33,309,501)		34,300,308

Shares		Fair Value
INVESTMENT COMPANY (3.5%)
1,229,441	Federated Tax-Free Obligations Fund, Institutional Class	$	1,229,441
	Total Investment Company     (Cost $1,229,441)		1,229,441
Total Investments — 100.5% (Cost $34,538,942)			35,529,749
Net Other Assets (Liabilities) — (0.5)%			(194,201	)
NET ASSETS — 100.0%		$	35,335,548

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Insurance Corp.

CIFG — CDC IXIS Financial Guarantee

FGIC — Financial Guaranty Insurance Corp.

G.O. — General Obligation

NATL — National

OID — Original Issue Discount

RE — Reinsurance

SCSDE — South Carolina School District Enhancement

XLCA — XL Capital Assurance

See accompanying notes to the financial statements.

37

BB&T Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS (97.5%)
		Virginia (97.5%)
$	1,000,000	Alexandria, VA, Public Improvements G.O., Series A, 5.000%, 6/15/16	$	1,156,840
	1,000,000	Alexandria, VA, Refunding G.O. (State Aid Withholding), 5.000%, 6/15/21		1,168,440
	1,000,000	Arlington County, VA, Industrial Development Authority, VA Hospital Center Arlington Health System Refunding Revenue, 5.000%, 7/1/18		1,082,770
	1,000,000	Arlington County, VA, Industrial Development Authority, VA Hospital Center Arlington Health System Revenue, 5.500%, 7/1/10		1,010,570
	1,095,000	Arlington County, VA, Refunding & Improvements G.O., Prerefunded 5/15/14 @ 100, 5.000%, 5/15/15		1,239,091
	1,100,000	Chesapeake Bay Bridge & Tunnel District, General Resolution Refunding Revenue (BHAC-CR NATL-RE), 5.500%, 7/1/25		1,270,544
	2,100,000	Chesapeake Economic Development Authority, Pollution Control Refunding Revenue, 3.600%, 2/1/32*		2,171,841
	1,905,000	Chesapeake Hospital Authority, VA, Chesapeake General Hospital Refunding Revenue, Series A, Callable 7/1/14 @ 101, 5.250%, 7/1/17		2,031,682
	1,100,000	Chesterfield County, VA, Economic Development Authority, Electric & Power Refunding Revenue, Series A, Callable 5/1/19 @ 100, 5.000%, 5/1/23		1,167,551
	2,325,000	Chesterfield County, VA, Refunding Public Improvements G.O., 5.000%, 1/1/14		2,630,598
	760,000	Danville, VA, Refunding G.O., Series A, Callable 3/1/19 @ 100 (Assured Guaranty State Aid Withholding), 5.000%, 3/1/21		837,771
	650,000	Danville, VA, Refunding G.O., Series A, Callable 3/1/19 @ 100 (Assured Guaranty State Aid Withholding), 5.000%, 3/1/22		712,471
	870,000	Fairfax County, VA, Industrial Development Authority, Inova Health Systems Project Refunding Revenue, Series C, 5.000%, 5/15/18		935,407
	1,120,000	Fairfax County, VA, Redevelopment & Housing Authority Refunding Revenue, 3.500%, 10/1/18		1,154,944
	1,500,000	Fredericksburg Economic Development Authority, MediCorp Health System Obligation Refunding Revenue, 5.000%, 6/15/16		1,615,260
	1,150,000	Fredericksburg Economic Development Authority, MediCorp Health System Obligation Refunding Revenue, 5.000%, 6/15/17		1,223,531
	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		1,553,311
	1,000,000	Loudoun County, VA, Public Improvements G.O., Series B (State Aid Withholding), 5.000%, 12/1/14		1,152,430
	1,000,000	Loudoun County, VA, Public Improvements G.O., Series B (State Aid Withholding), 5.000%, 12/1/15		1,163,430

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	Virginia — (continued)
$1,020,000	Loudoun County, VA, Public Improvements G.O., Series B (State Aid Withholding), 5.000%, 12/1/16	$	1,185,515
1,000,000	Loudoun County, VA, Sanitation Authority, Water Utility Improvements Revenue (AGM), 5.750%, 1/1/11		1,040,560
580,000	Middlesex County, VA, Industrial Development Authority Refunding Revenue, Callable 8/1/14 @ 101 (NATL-RE), 4.000%, 8/1/20		548,402
1,285,000	Montgomery County, VA, Industrial Development Authority Revenue, 5.000%, 2/1/18		1,413,320
1,000,000	Montgomery County, VA, Industrial Development Authority, Public Projects Revenue, Callable 2/1/18 @ 100, 5.000%, 2/1/24		1,060,410
2,500,000	New River Valley Regional Jail Authority, Grant Anticipation Notes Correctional Facility Improvements Revenue, 4.000%, 4/1/11		2,527,625
1,155,000	Newport News Industrial Development Authority, Public Improvements Revenue, Series A, Callable 1/15/16 @ 100, 5.250%, 1/15/25		1,248,705
1,105,000	Newport News, VA, Refunding G.O., Series B, (State Aid Withholding), 5.000%, 2/1/15		1,263,877
1,000,000	Newport News, VA, Refunding Public Improvements-Water G.O., Series B, 5.250%, 7/1/21		1,172,210
1,000,000	Norfolk, VA, Parking Systems Refunding Revenue, Series B (AMBAC), 5.000%, 2/1/13		1,053,400
1,030,000	Norfolk, VA, Water Utility Improvements Refunding Revenue, Callable 5/7/10 @ 100.5 (AGM), 5.125%, 11/1/11		1,039,105
1,000,000	Norfolk, VA, Water Utility Improvements Revenue, Callable 11/1/18 @ 100, 5.000%, 11/1/23		1,107,460
400,000	Northern Virginia Transportation District Commission, VA, Commuter Rail Refunding Revenue, Virginia Railway Express Project, Callable 5/7/10 @ 101 (AGM), 5.375%, 7/1/14		404,228
1,000,000	Pittsylvania County, VA, School Improvements G.O., Series B, 5.000%, 2/1/19		1,109,310
1,320,000	Pittsylvania County, VA, School Improvements G.O., Series B, Callable 2/1/19 @ 100, OID, 5.200%, 2/1/20		1,464,500
1,775,000	Pittsylvania County, VA, School Improvements G.O., Series B, Callable 2/1/19 @ 100, OID, 5.375%, 2/1/21		1,975,273
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		1,133,224
1,440,000	Portsmouth, VA, Refunding G.O., Series B, Callable 7/15/19 @ 100, 5.250%, 7/15/23		1,599,552
950,000	Prince William County, VA, Industrial Development Authority Potomac Hospital Corporation Revenue, Callable 10/1/13 @ 102, 5.500%, 10/1/18		981,350

Continued

38

BB&T Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		Virginia — (continued)
$	825,000	Prince William County, VA, Service Authority, Water & Sewer Systems Refunding Revenue, Callable 7/1/13 @ 102, 5.000%, 7/1/14	$	930,831
	955,000	Richmond Metropolitan Authority, VA, Expressway Refunding Revenue (NATL-RE FGIC), 5.250%, 7/15/15		1,064,367
	1,490,000	Richmond Metropolitan Authority, VA, Expressway Refunding Revenue (NATL-RE FGIC), 5.250%, 7/15/16		1,652,738
	1,050,000	Southampton County, VA, Industrial Development Authority, Public Facilities Lease Revenue, Series A, Callable 4/1/16 @ 100 (CIFG), 5.000%, 4/1/19		1,101,523
	1,000,000	Spotsylvania County, VA, Public Improvements G.O., Callable 1/15/16 @ 100 (AGM), 5.000%, 1/15/17		1,127,890
	2,925,000	Spotsylvania County, VA, Refunding G.O. (AGM), 5.500%, 7/15/12		3,231,364
	375,000	Stafford County & Staunton Industrial Development Authority, VA, Virginia Municipal League Association Counties Program B Revenue (CIFG), OID, 4.250%, 8/1/15		386,790
	170,000	Stafford County & Staunton Industrial Development Authority, VA, Virginia Municipal League Association Counties Program Revenue (XLCA), 4.000%, 8/1/15		181,358
	330,000	Stafford County & Staunton Industrial Development Authority, VA, Virginia Municipal League Association Counties Program Revenue (XLCA), OID, 4.000%, 8/1/17		343,091
	600,000	Stafford County & Staunton Industrial Development Authority, VA, Virginia Municipal League Association Counties Program Revenue (XLCA), OID, 4.000%, 8/1/18		617,382
	765,000	Stafford County & Staunton Industrial Development Authority, VA, Virginia Municipal League Association Counties Program, Public Improvements Revenue, Series B (XLCA), 5.000%, 8/1/16		848,064
	1,000,000	Suffolk, VA, Public Improvements Refunding G.O., Callable 12/1/15 @100, 5.000%, 12/1/18		1,126,380
	1,300,000	Suffolk, VA, Public Improvements Refunding G.O., Series A (NATL-RE), 5.000%, 2/1/16		1,482,013
	2,425,000	Suffolk, VA, Public Improvements Refunding G.O., Series A (NATL-RE), 5.000%, 2/1/17		2,772,284
	2,175,000	Tobacco Settlement Financing Corp., VA, Asset-Backed Revenue, Callable 6/1/12 @ 100, OID, 5.500%, 6/1/26		2,431,432
	345,000	Tobacco Settlement Financing Corp., VA, Asset-Backed Revenue, Prerefunded 6/1/15 @ 100, OID, 5.625%, 6/1/37		401,539
	1,650,000	Virginia Beach, VA, Public Improvements G.O., Prerefunded 6/1/19 @ 100, 5.000%, 6/1/20		1,921,458
	2,000,000	Virginia Beach, VA, Public Improvements G.O., Prerefunded 6/1/19 @ 100, 5.000%, 6/1/22		2,329,040

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	Virginia — (continued)
$1,610,000	Virginia College Building Authority, 21st Century College & Equipment Program Revenue, Series B, Prerefunded 2/1/17 @ 100, 5.000%, 2/1/18	$	1,865,507
2,000,000	Virginia College Building Authority, 21st Century College Program Refunding Revenue, Series B, 5.250%, 2/1/13		2,224,520
1,000,000	Virginia College Building Authority, Hampton University Project Revenue, 5.500%, 4/1/10		1,000,000
1,040,000	Virginia College Building Authority, Public Higher Education Financing Program Revenue, Series A, Callable 9/1/15 @ 100, 5.000%, 9/1/22		1,132,446
1,525,000	Virginia Commonwealth, Public Improvements G.O., Series B, 5.000%, 6/1/17		1,768,695
1,370,000	Virginia Commonwealth, Refunding G.O., Series B, 5.000%, 6/1/14		1,565,033
1,525,000	Virginia Housing Development Authority, Commonwealth Mortgage Single Family Housing-State Revenue, Series A1, Callable 7/1/19 @ 100 (G.O. of Authority), 4.600%, 7/1/25		1,554,844
1,500,000	Virginia Housing Development Authority, Homeownership Mortgage Single Family Housing-State Revenue, Series A, 3.900%, 3/1/19		1,511,445
2,240,000	Virginia Public Building Authority, Public Facilities Refunding Revenue, Series A, 5.000%, 8/1/11		2,371,914
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		1,126,530
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		1,076,120
1,360,000	Virginia Resources Authority, Clean Water State Revolving Fund Revenue, Callable 10/1/17 @ 100, 4.750%, 10/1/24		1,451,406
1,000,000	Virginia Resources Authority, State Revolving Fund Refunding Revenue, 5.500%, 10/1/17		1,186,190
805,000	Virginia Resources Authority, State Revolving Fund Revenue, 5.250%, 10/1/15		940,393
1,835,000	Virginia Small Business Financing Authority, Sentara Healthcare Refunding Revenue, 4.000%, 11/1/16		1,917,043
525,000	Virginia Small Business Financing Authority, Sentara Healthcare Refunding Revenue, Callable 5/1/20 @ 100, OID, 4.000%, 11/1/20		521,404
2,000,000	York County, VA, Economic Development Authority, Electric & Power Refunding Revenue, Series A, 4.050%, 5/1/33*		2,104,000
	Total Municipal Bonds     (Cost $92,874,126)		97,873,542

Continued

39

BB&T Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Shares		Fair Value
INVESTMENT COMPANY (2.4%)
2,442,187	Federated Virginia Municipal Money Market Portfolio, Institutional Class	$	2,442,187
	Total Investment Company     (Cost $2,442,187)		2,442,187
Total Investments — 99.9% (Cost $95,316,313)			100,315,729
Net Other Assets (Liabilities) — 0.1%			118,265
NET ASSETS — 100.0%		$	100,433,994

* 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, 2010. The maturity date reflected is the final maturity date.

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Insurance Corp.

BHAC — Berkshire Hathaway Insurance Corp.

CIFG — CDC IXIS Financial Guarantee

CR — Custodial Receipts

FGIC — Financial Guaranty Insurance Corp.

G.O. — General Obligation

NATL — National

OID — Original Issue Discount

RE — Reinsurance

XLCA — XL Capital Assurance

See accompanying notes to the financial statements.

40

BB&T West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS (96.4%)
		West Virginia (96.4%)
$	1,000,000	Beckley, WV, University Facilities Revenue, Bond Anticipation Notes, Mountain State University, Callable 6/17/10 @ 100, 3.500%, 12/17/10	$	1,000,080
	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		1,350,812
	275,000	Berkeley County, WV, Building Commission Lease Revenue, County Facilities Projects, Callable 12/1/15 @ 100, 5.250%, 12/1/25		271,571
	425,000	Berkeley County, WV, Building Commission Lease Revenue, County Facilities Projects, Callable 12/1/15 @ 100, 5.500%, 12/1/29		422,943
	975,000	Berkeley County, WV, Public Service Sewer District Revenue, Series A, Callable 3/1/15 @ 100, 5.000%, 3/1/22		993,584
	670,000	Braxton County, WV, Board of Education Public Schools Improvements G.O., Callable 5/1/18 @ 100 (AGM), 5.000%, 5/1/23		724,176
	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		1,156,809
	500,000	Brooke, Pleasants, Tyler & Wetzel Counties, WV, Housing Revenue, 7.400%, 8/15/10		512,695
	1,450,000	Cabell County, WV, Board of Education School Improvements G.O. (NATL-RE), 5.000%, 5/1/16		1,640,255
	490,000	Cabell, Putnam & Wayne Counties, WV, State Housing Revenue (FGIC), 7.375%, 4/1/11		522,688
	1,030,000	Charleston, WV, Urban Renewal Authority, Public Improvements Lease Revenue, Callable 5/3/10 @ 103 (AGM), 5.250%, 12/15/18		1,064,206
	1,765,000	Clarksburg, WV, Water Refunding Revenue, Callable 9/1/12 @ 101 (NATL-RE FGIC), 5.250%, 9/1/19		1,888,003
	925,000	Fairmont State College, WV, University & College Improvements Revenue, Series A, Callable 6/1/13 @ 100 (NATL-RE FGIC), 5.250%, 6/1/22		951,973
	680,000	Fairmont, WV, Waterworks Refunding Revenue, Callable 5/7/10 @ 100 (NATL-RE), OID, 5.375%, 7/1/13		682,142
	2,000,000	Greenbrier County, WV, Board of Education Public Schools Improvements G.O. (AGM), 5.000%, 5/1/18		2,253,200
	1,030,000	Greenbrier County, WV, Commission Tax Increment Revenue, White Sulphur Springs Project 1-A, Callable 6/1/15 @ 100, 6.000%, 6/1/18		1,024,005
	1,390,000	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		1,228,148
	445,000	Harrison County, WV, County Commission Tax Allocation Refunding Revenue, Charles Pointe Project No. 2, Series B, OID, 5.500%, 6/1/13		434,756
	690,000	Logan County, WV, 1st Mortgage-Logan County Health Revenue, 8.000%, 12/1/16		845,091

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	West Virginia — (continued)
$1,000,000	Mason County, WV, Appalachian Power Co. Project Refunding Revenue, Series K, Callable 5/7/10 @ 101 (AMBAC), 6.050%, 12/1/24	$	1,012,000
1,000,000	Monongalia County, WV, Board of Education G.O., Callable 5/1/14 @ 101 (NATL-RE), OID, 5.000%, 5/1/33		1,009,330
1,760,000	Monongalia County, WV, Building Commission, Monongalia General Hospital Revenue, Series A, Callable 7/1/15 @ 100, 5.250%, 7/1/20		1,787,262
600,000	Morgantown, WV, Custodial Receipts Revenue, OID, 4.375%, 7/15/24		599,586
1,345,000	Ohio County, WV, County Commission Sewage System, Fort Henry Centre Tax Allocation Revenue, District A, 5.350%, 6/1/17		1,293,809
555,000	Ohio County, WV, Board of Education, Refunding G.O., Callable 6/1/10 @ 100 (NATL-RE-IBC), OID, 5.000%, 6/1/13		558,752
250,000	Ohio County, WV, Board of Education, Refunding G.O., Callable 6/1/10 @ 100 (NATL-RE-IBC), OID, 5.125%, 6/1/18		251,453
1,030,000	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		968,097
1,190,000	Parkersburg, WV, Combined Waterworks & Sewer Systems Refunding Revenue, Series C (NATL-RE FGIC), 5.000%, 9/1/14		1,280,440
1,330,000	Parkersburg, WV, Combined Waterworks & Sewer Systems Refunding Revenue, Series C (NATL-RE FGIC), 5.000%, 9/1/15		1,428,300
2,100,000	Pleasants County, WV, Industrial Development, Monongahela Power Co. Refunding Revenue, Series C, Callable 5/7/10 @ 100 (AMBAC), 6.150%, 5/1/15		2,102,499
1,500,000	Putnam County, WV, Board of Education G.O., Callable 5/1/20 @ 100, 4.000%, 5/1/22		1,532,850
1,400,000	Shepherd University Board of Governors, WV, Residence Facilities Projects Revenue, Callable 6/1/15 @ 100 (NATL-RE), 5.000%, 6/1/25		1,446,200
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		1,061,070
1,195,000	West Virginia Commissioner of Highways, Surface Transportation Improvements Revenue, Series A (AGM), 5.000%, 9/1/14		1,354,413
2,000,000	West Virginia Economic Development Authority, Correctional Juvenile & Public Lease Revenue, Series A (NATL-RE), 5.500%, 6/1/12		2,162,240
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		1,083,820
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		1,066,600

Continued

41

BB&T West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	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	$	1,078,440
	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		1,126,694
	1,520,000	West Virginia Economic Development Authority, Correctional Juvenile & Public Lease Revenue, Series A, Callable 6/1/12 @ 101 (NATL-RE), OID, 5.000%, 6/1/26		1,559,246
	450,000	West Virginia Economic Development Authority, Department of Environmental Protection Lease Revenue, 4.750%, 11/1/11		478,278
	240,000	West Virginia Economic Development Authority, State Energy Savings Project Lease Revenue, 4.250%, 6/1/12		252,619
	155,000	West Virginia Economic Development Authority, State Energy Savings Project Lease Revenue, Callable 6/1/15 @ 100, 4.750%, 6/1/21		159,363
	2,300,000	West Virginia Economic Development Authority, State Office Building & Parking Lot Lease Revenue, Series A, Callable 8/1/19 @ 100, OID, 4.750%, 8/1/29		2,345,747
	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		1,335,788
	695,000	West Virginia Higher Education Policy Commission, Community & Technical Capital Improvements Revenue, Series A, 4.000%, 7/1/19		699,246
	385,000	West Virginia Higher Education Policy Commission, Community & Technical Capital Improvements Revenue, Series A, Callable 7/1/19 @ 100, 5.000%, 7/1/20		412,039
	820,000	West Virginia Higher Education Policy Commission, Higher Education Facilities Refunding Revenue, Series B (NATL-RE FGIC), 5.000%, 4/1/14		896,588
	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		1,067,330
	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		1,875,416
	1,280,000	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		1,280,922
	550,000	West Virginia School Building Authority Excess, Lottery Revenue, 5.000%, 7/1/16		617,067
	1,705,000	West Virginia School Building Authority Excess, Lottery Revenue, Callable 7/1/18 @ 100, OID, 5.000%, 7/1/27		1,797,957

Principal Amount		Fair Value
MUNICIPAL BONDS — (continued)
	West Virginia — (continued)
$1,525,000	West Virginia School Building Authority, Capital Improvements Refunding Revenue, Series A (NATL-RE FGIC), 5.000%, 7/1/15	$	1,701,168
2,100,000	West Virginia School Building Authority, Capital Improvements Refunding Revenue, Series A (NATL-RE FGIC), 5.000%, 7/1/16		2,326,906
1,935,000	West Virginia School Building Authority, Capital Improvements Refunding Revenue, Series A, Callable 7/1/17 @ 100 (NATL-RE FGIC), 5.000%, 7/1/18		2,108,337
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		1,578,303
100,000	West Virginia School Building Authority, Capital Improvements Revenue (NATL-RE), 5.250%, 1/1/14		111,644
1,150,000	West Virginia School Building Authority, Capital Improvements Revenue (NATL-RE), 5.250%, 7/1/14		1,298,017
1,300,000	West Virginia School Building Authority, Excess Lottery Revenue, 5.000%, 7/1/18		1,450,956
1,295,000	West Virginia State Building Commission, Regional Jail Refunding Revenue, Series A (AMBAC), 5.250%, 7/1/10		1,307,885
640,000	West Virginia State Hospital Finance Authority, Charleston Area Medical Center, Inc. Revenue, Series A, OID, 6.500%, 9/1/16		773,997
450,000	West Virginia State Hospital Finance Authority, Charleston Medical Center Revenue, Prerefunded 9/1/10 @ 101, OID, 6.750%, 9/1/30		466,452
2,000,000	West Virginia State Hospital Finance Authority, Charleston Refunding & Improvements Revenue, Series A, 5.000%, 9/1/19		2,009,320
1,250,000	West Virginia State Hospital Finance Authority, Linked Bears & Bulls Refunding Revenue, Callable 5/7/10 @ 100 (NATL-RE), 6.100%, 1/1/18		1,257,825
500,000	West Virginia State Hospital Finance Authority, United Health System Refunding Revenue, Series C, 5.000%, 6/1/18		519,320
845,000	West Virginia State Hospital Finance Authority, Vy Health System Obligation Revenue, Callable 1/1/15 @ 100, OID, 5.000%, 1/1/24		829,291
785,000	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		765,830
1,000,000	West Virginia State Parkways Economic Development & Tourism Authority, Refunding Revenue (NATL-RE FGIC G.O. of Authority), 5.250%, 5/15/12		1,081,680
700,000	West Virginia State Parkways Economic Development & Tourism Authority, Refunding Revenue (NATL-RE FGIC G.O. of Authority), 5.250%, 5/15/17		791,196
285,000	West Virginia University, Projects Refunding Revenue, Series B, Callable 10/1/14 @ 100 (NATL-RE FGIC), 5.000%, 10/1/21		302,952

Continued

42

BB&T West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount			Fair Value
	MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	1,150,000	West Virginia University, Projects Revenue, Series A (NATL-RE), 5.500%, 4/1/11	$	1,199,841
	955,000	West Virginia University, Projects Revenue, Series A (NATL-RE), 5.250%, 4/1/28		1,031,648
	565,000	West Virginia Water Development Authority, Infrastructure Jobs Refunding Revenue, Series A, Callable 10/1/16 @ 100 (AGM), 5.000%, 10/1/26		590,804
	540,000	West Virginia Water Development Authority, Infrastructure Jobs Revenue, Series A, Callable 10/1/16 @ 100 (AGM), 4.750%, 10/1/23		560,947
	1,110,000	West Virginia Water Development Authority, Loan Program II Refunding Revenue, Series B, Callable 11/1/13 @ 101 (AMBAC), 5.250%, 11/1/23		1,160,261
	890,000	West Virginia Water Development Authority, Loan Programs Refunding Revenue, Series A1, Callable 11/1/12 @ 102 (AMBAC), 5.250%, 11/1/23		929,997
	2,090,000	West Virginia, State Road Refunding G.O. (NATL-RE FGIC), 5.000%, 6/1/15		2,396,603
		Total Municipal Bonds     (Cost $83,855,703)		86,499,778

Shares		Fair Value
INVESTMENT COMPANY (2.0%)
1,796,541	Federated Tax-Free Obligations Fund, Institutional Class	$	1,796,541
	Total Investment Company     (Cost $1,796,541)		1,796,541
Total Investments — 98.4% (Cost $85,652,244)			88,296,319
Net Other Assets (Liabilities) — 1.6%			1,458,553
NET ASSETS — 100.0%		$	89,754,872

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Insurance Corp.

FGIC — Financial Guaranty Insurance Corp.

G.O. — General Obligation

IBC — Insured Bond Certificates

NATL — National

OID — Original Issue Discount

RE — Reinsurance

See accompanying notes to the financial statements.

43

BB&T National Tax-Free Money Market Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Principal Amount			Amortized Cost
	MUNICIPAL BONDS (100.1%)
		Arizona (9.6%)
$	1,800,000	Arizona Health Facilities Authority, Catholic Healthcare West Loan Program Revenue, Series F (Citibank N.A.), 0.280%, 4/7/10*	$	1,800,000
	1,000,000	Clipper Tax-Exempt Certificate Trust Revenue, Series 2009-33, 0.290%, 4/1/10*(a)		1,000,000
	2,000,000	Phoenix Industrial Development Authority, AZ, Southwestern College of Phoenix Revenue (Comerica Bank), 0.340%, 4/1/10*		2,000,000
	1,000,000	Pinal County, AZ, Maricopa Unified School District No. 20, School Improvements G.O. Project of 2006, Series D, 5.250%, 7/1/10		1,011,139
	5,000,000	Salt River Project Agricultural Improvement & Power District, Electric System Refunding Revenue, Callable 1/1/16 @ 100, 0.300%, 4/1/10*(a)		5,000,000
	3,000,000	Scottsdale Industrial Development Authority, AZ, Scottsdale Healthcare Refunding Revenue, Series D (AGM), 0.300%, 4/7/10*		3,000,000
	5,200,000	Tempe Union High School District No. 213, AZ, Refunding G.O., 3.250%, 7/1/10		5,234,925
				19,046,064
		Colorado (3.3%)
	4,900,000	Colorado Educational & Cultural Facilities Authority, Fuller Theological Project Revenue (Keybank N.A.), 0.430%, 4/1/10*		4,900,000
	1,600,000	Thornton, CO, Kroger Co. Industrial Development Refunding Revenue (U.S. Bank N.A.), 0.390%, 4/1/10*		1,600,000
				6,500,000
		Connecticut (2.3%)
	4,580,000	Plymouth, CT, G.O. Bond Anticipation Notes Cash Flow Management, 1.750%, 8/26/10		4,598,293
		District of Columbia (1.3%)
	2,500,000	Metropolitan Washington, DC, Airport Authority System Refunding Revenue, SubSeries A1 (Landesbank Baden-Wurttm), 0.330%, 4/1/10*		2,500,000
		Florida (7.7%)
	1,150,000	Florida Municipal Power Agency, All Requirements Power Refunding Revenue, Series E (Suntrust Bank), 0.460%, 4/1/10*		1,150,000
	4,300,000	Orange County, FL, Industrial Development Authority, Catholic Diocese Project Revenue (Suntrust Bank), 0.340%, 4/7/10*		4,300,000
	4,700,000	Orlando & Orange County, FL, Expressway Authority Refunding Revenue, Series D (AGM), 0.310%, 4/1/10*		4,700,000
	2,000,000	Orlando & Orange County, FL, Expressway Authority Refunding Revenue, SubSeries B2 (Suntrust Bank), 0.340%, 4/1/10*		2,000,000
	3,070,000	Volusia County, FL, Educational Facility Authority, Bethune Cookman College Project Revenue (Suntrust Bank), 0.340%, 4/7/10*		3,070,000
				15,220,000

Principal Amount		Amortized Cost
MUNICIPAL BONDS — (continued)
	Georgia (12.8%)
$4,000,000	De Kalb County, GA, Housing Authority Refunding Revenue, Timber Trace Apartments Project (Freddie Mac), 0.320%, 4/1/10*	$	4,000,000
4,475,000	Fayette County, GA, Hospital Authority, Fayette Community Hospital Refunding Revenue (FHLB), 0.290%, 4/7/10*		4,475,000
1,700,000	Fulton County, GA, Development Authority Refunding Revenue, 0.350%, 4/15/10*		1,700,000
750,000	Fulton County, GA, Development Authority Revenue, Woodward Academy, Inc. Project (FHLB), 0.290%, 4/7/10*		750,000
4,500,000	Fulton County, GA, Development Authority, Woodward Academy Revenue (FHLB), 0.290%, 4/7/10*		4,500,000
3,440,000	Fulton County, GA, Residential Care Facilities for the Elderly Authority Refunding Revenue, First Mortgage Lenbrook Project, Series C (Bank of Scotland), 0.280%, 4/7/10*		3,440,000
700,000	Municipal Electric Authority of Georgia, Refunding Revenue, SubSeries B (G.O. of Participants, Landesbank Hessen-Thueringen), 0.320%, 4/7/10*		700,000
5,655,000	South Regional Joint Development Authority, GA, VSU Auxiliary Services Revenue, Series B (Wells Fargo Bank N.A.), 0.280%, 4/1/10*		5,655,000
			25,220,000
	Illinois (6.0%)
6,045,000	Chicago Board of Education, IL, School Improvements G.O., Series B (AGM), 0.370%, 4/1/10*		6,045,000
1,750,000	Cook County, IL, Capital Improvements G.O., Series B, 0.300%, 4/7/10*		1,750,000
4,000,000	Illinois Finance Authority, Swedish Conevant Refunding Revenue, Series A (LaSalle Bank N.A.), 0.340%, 4/7/10*		4,000,000
			11,795,000
	Missouri (6.7%)
8,550,000	Kansas City Industrial Development Authority, MO, Bethesda Living Center Nursing Homes Revenue, Series A (LaSalle National Bank), 0.270%, 4/1/10*		8,550,000
2,700,000	Missouri State Health & Educational Facilities Authority, MO, Dialsis Clinic, Inc. Project Revenue (Suntrust Bank), 0.390%, 4/7/10*		2,700,000
1,900,000	Missouri State Health & Educational Facilities Authority, MO, Sisters Mercy Health Revenue, Series D, 0.280%, 4/1/10*		1,900,000
			13,150,000
	Nevada (4.0%)
8,000,000	Clark County, NV, Airport System Subordinate Lien Refunding Revenue, Series D3 (Bayerische Landesbank), 0.330%, 4/7/10*		8,000,000
	New Jersey (2.4%)
1,750,000	Englewood Cliffs Borough, NJ, G.O. Bond Anticipation Notes Cash Flow Management, 2.500%, 5/7/10		1,752,736

Continued

44

BB&T National Tax-Free Money Market Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount			Amortized Cost
	MUNICIPAL BONDS — (continued)
		New Jersey — (continued)
$	3,000,000	Madison Borough, NJ, G.O. Bond Anticipation Notes Cash Flow Management, 1.000%, 1/21/11	$	3,012,077
				4,764,813
		New York (0.7%)
	1,305,000	Rochester, NY, G.O. Bond Anticipation Notes Cash Flow Management, 2.000%, 8/23/10		1,310,612
		North Carolina (3.2%)
	2,300,000	Charlotte, NC, Water & Sewer Systems Revenue, Series B, 0.280%, 4/1/10*		2,300,000
	4,000,000	Charlotte-Mecklenburg Hospital Authority, NC, Healthcare System Revenue, Series D (AGM), 0.330%, 4/1/10*		4,000,000
				6,300,000
		Ohio (17.1%)
	1,500,000	Butler County, OH, G.O. Bond Anticipation Notes, 1.250%, 8/5/10		1,502,824
	2,480,000	Cuyahoga County, OH, Magnificat High School Project Revenue (Fifth Third Bank), 0.440%, 4/1/10*		2,480,000
	2,200,000	Dover, OH, G.O. Bond Anticipation Refunding Notes, 2.550%, 4/1/10		2,200,000
	5,000,000	Greene County, OH, Medical Health System, Inc. Refunding Revenue, Series A (JP Morgan Chase Bank), 0.390%, 4/1/10*		5,000,000
	5,350,000	Hamilton County, OH, Student Housing Revenue, Block 3 Project (Citizen Bank), 0.300%, 4/1/10*		5,350,000
	725,000	Montgomery County, OH, Industrial Development Refunding Revenue, Kroger Co. (U.S. Bank N.A.), 0.390%, 4/1/10*		725,000
	2,000,000	Oregon City, OH, G.O. Bond Anticipation Notes Cash Flow Management, 1.050%, 9/8/10		2,003,568
	1,000,000	Ottawa & Glandorf, OH, Local School District School Facilities Construction, G.O. Bond Anticipation Notes Cash Flow Management, 1.850%, 8/17/10		1,004,113
	1,200,000	Pike County, OH, Health Care Facilities Refunding Revenue, National Church, Series A (Bank of America N.A.), 0.320%, 4/1/10*		1,200,000
	5,750,000	Summit County, OH, Western Reserve Academy Project Revenue (Keybank N.A.), 0.390%, 4/1/10*		5,750,000
	1,650,000	Tipp City, OH, G.O. Bond Anticipation Notes Cash Flow Management, Various Purposes Improvements, 2.650%, 4/20/10		1,650,760
	5,000,000	Williams County, OH, Community Hospitals & Wellness Center Revenue (Fifth Third Bank), 0.380%, 4/2/10*		5,000,000
				33,866,265
		Pennsylvania (2.1%)
	1,100,000	Bethlehem Area School District, PA, G.O. (AGM, State Aid Withholding), 0.370%, 4/1/10*		1,100,000
	3,000,000	Hamburg Area School District, PA, G.O. Cash Flow Management (State Aid Withholding), 2.020%, 5/1/10*		3,003,050
				4,103,050

Principal Amount		Amortized Cost
MUNICIPAL BONDS — (continued)
	Tennessee (1.1%)
$2,100,000	Hendersonville, TN, Industrial Development Board, Educational Facilities Revenue, Pope John Paul II High School (Suntrust Bank N.A.), 0.340%, 4/7/10*	$	2,100,000
	Texas (3.7%)
1,350,000	Crawford, TX, Education Facilities Corp. Refunding Revenue, University Parking System Project, Series A, (BNP Paribas), 0.990%, 4/1/10*		1,350,000
3,445,000	Houston Higher Education Finance Corp., TX, University & College Improvements Revenue, Tierwester Oaks, Series A (Bank of New York), 1.200%, 4/1/10*		3,445,000
2,600,000	Texas State, TX, Tax & Revenue Anticipation Notes Cash Flow Management, 2.500%, 8/31/10		2,621,758
			7,416,758
	Utah (2.8%)
2,500,000	Riverton, UT, Hospital Puttable Revenue, Series 1762, 0.290%, 4/1/10*(a)		2,500,000
3,125,000	Utah Housing Corp., UT, Timbergate Local Multifamily Housing Revenue, Series A (Freddie Mac), 0.300%, 4/1/10*		3,125,000
			5,625,000
	Vermont (0.8%)
1,500,000	Vermont Economic Development Authority, VT, Green Mountain College Revenue, Series A (Keybank N.A.), 0.390%, 4/8/10*		1,500,000
	Virginia (4.3%)
800,000	Falls Church, VA, Economic Development Authority, Tax Analysts Project Revenue, Series A (Citibank N.A.), 0.320%, 4/7/10*		800,000
5,500,000	James City County, VA, Industrial Development Authority, Riverside Health Systems Revenue, 0.430%, 4/7/10*		5,500,000
2,170,000	Peninsula Ports Authority, VA, Health Systems Refunding Revenue, Riverside Health Systems Project, 0.350%, 4/7/10*		2,170,000
			8,470,000
	Washington (5.9%)
5,585,000	Washington Economic Development Finance Authority, WA, Northwest Center Project Revenue, Series A (Keybank N.A.), 0.390%, 4/1/10*		5,585,000
6,070,000	Washington State Housing Finance Commission, WA, Forest Ridge School Nonprofit Revenue, Series A (Keybank N.A.), 0.390%, 4/1/10*		6,070,000
			11,655,000
	Wisconsin (2.3%)
2,500,000	Chippewa Falls Area Unified School District, WI, Tax & Revenue Anticipation Promissory Notes, Cash Flow Management, 1.500%, 9/30/10		2,507,651

Continued

45

BB&T National Tax-Free Money Market Fund

Schedule of Portfolio Investments — (continued)

March 31, 2010 (Unaudited)

Principal Amount			Amortized Cost
	MUNICIPAL BONDS — (continued)
		Wisconsin — (continued)
$	2,000,000	Menomonee Falls School District, WI, Tax & Revenue Anticipation Promissory Notes, Cash Flow Management, 1.400%, 8/23/10	$	2,003,929
				4,511,580
		Total Municipal Bonds     (Cost $197,652,435)		197,652,435
Shares			Fair Value
	INVESTMENT COMPANY (0.0%)
	294	SEI Institutional Tax Free Fund		294
		Total Investment Company     (Cost $294)		294
	Total Investments — 100.1% (Cost $197,652,729)			197,652,729
	Net Other Assets (Liabilities) — (0.1)%			(142,880	)
	NET ASSETS — 100.0%		$	197,509,849

* 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, 2010. The maturity date reflected is the next reset date.

(a) 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.

AGM — Assured Guaranty Municipal Corp.

FHLB — Federal Home Loan Bank

G.O. — General Obligation

N.A. — North America

See accompanying notes to the financial statements.

46

BB&T Prime Money Market Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Principal Amount			Amortized Cost
	ASSET BACKED SECURITIES (1.6%)
$	1,794,179	CarMax Auto Owner Trust, Series 2009-2, Class A1, 0.279%, 11/15/10	$	1,794,179
	4,208,698	Ford Credit Auto Lease Trust, Series 2010-A, Class A1, 0.283%, 2/15/11(a)		4,208,698
	2,511,200	Honda Auto Receivables Owner Trust, Series 2009-3, Class A1, 0.754%, 7/15/10		2,511,200
	3,479,848	Hyundai Auto Receivables Trust, Series 2009-A, Class A1, 0.357%, 9/15/10		3,479,847
		Total Asset Backed Securities     (Cost $11,993,924)		11,993,924
	CERTIFICATES OF DEPOSIT (27.7%)
		Banks (27.7%)
	20,000,000	Banco Bilbao Vizcaya Argentaria SA, 0.255%, 6/16/10		20,000,211
	25,000,000	Bank of Tokyo Mitsubishi UFJ, Ltd., 0.230%, 6/2/10		25,000,000
	14,000,000	Bank of Tokyo Mitsubishi UFJ, Ltd., 0.230%, 6/4/10		14,000,000
	12,000,000	Barclays Bank PLC, 0.710%, 1/21/11		12,000,000
	6,000,000	Barclays Bank PLC, 0.546%, 3/25/11		6,000,000
	15,000,000	BNP Paribas, 0.220%, 4/14/10		15,000,000
	10,000,000	BNP Paribas, 0.340%, 5/1/10		10,000,000
	10,000,000	Calyon, Paris, 0.220%, 4/12/10		10,000,000
	6,000,000	Credit Agricole SA, 0.340%, 8/20/10		6,000,000
	10,000,000	Mizuho Corp. Bank, Ltd., 0.220%, 5/24/10		10,000,000
	10,000,000	Mizuho Corp. Bank, Ltd., 0.240%, 6/10/10		10,000,000
	15,000,000	Mizuho Corp. Bank, Ltd., 0.250%, 6/16/10		15,000,000
	10,000,000	Societe Generale, Paris, 0.340%, 4/23/10		10,000,000
	19,000,000	Societe Generale, Paris, 0.260%, 7/2/10		19,000,000
	30,000,000	State Street Bank & Trust Co., 0.340%, 4/20/10		30,000,000
		Total Certificates of Deposit     (Cost $212,000,211)		212,000,211
	COMMERCIAL PAPER* (41.6%)
		Asset Backed Securities (30.8%)
	39,000,000	Atlantic Asset Securitization, Corp., 0.190%, 6/1/10(a)		38,987,444
	20,000,000	Clipper Receivables Co., LLC, 0.370%, 4/1/10(a)		20,000,000
	21,000,000	Enterprise Funding LLC, 0.220%, 5/3/10(a)		20,995,893
	17,698,000	Enterprise Funding LLC, 0.210%, 5/24/10(a)		17,692,528
	4,000,000	Fcar Auto Loan, 0.250%, 4/26/10		3,999,306
	20,000,000	Fcar Auto Loan Trust, 0.550%, 6/25/10		19,974,028
	15,000,000	Fcar Auto Loan Trust, 0.500%, 8/6/10		14,973,542
	3,000,000	Grampian Funding LLC, 0.220%, 4/1/10(a)		3,000,000
	20,000,000	Grampian Funding LLC, 0.230%, 4/14/10(a)		19,998,339
	14,500,000	Grampian Funding LLC, 0.250%, 4/16/10(a)		14,498,490
	1,051,000	Salisbury Receivables Co., 0.200%, 4/8/10(a)		1,050,959
	35,000,000	Straight-A Funding LLC, 0.190%, 5/21/10(a)		34,990,764
	25,000,000	Ticonderoga Funding LLC, 0.280%, 6/25/10(a)		24,983,472
				235,144,765
		Financial Services (10.8%)
	39,000,000	Citigroup Funding, Inc., 0.250%, 5/5/10		38,990,792
	9,000,000	Societe Generale North America, Inc., 0.260%, 7/1/10		8,994,085
	35,000,000	Toyota Motor Credit Corp., 0.300%, 5/24/10		34,984,541
				82,969,418
		Total Commercial Paper     (Cost $318,114,183)		318,114,183

Principal Amount			Amortized Cost
	CORPORATE BONDS (0.9%)
		Financial Services (0.9%)
$	4,000,000	General Electric Capital Corp., MTN, 6.875%, 11/15/10	$	4,157,226
	2,620,000	General Electric Capital Corp., MTN, 6.125%, 2/22/11		2,746,347
		Total Corporate Bonds     (Cost $6,903,573)		6,903,573
	VARIABLE RATE NOTES** (8.8%)
		Banking (8.8%)
	1,670,000	Anchor Holdings LLC, Series 2000 (U.S. Bank, N.A.), 0.650%, 4/8/10		1,670,000
	12,000,000	Barclays Bank PLC, Series YCD, 0.490%, 4/21/10		12,000,000
	3,210,000	Spira Millennium LLC, Series 2001 (Bank of America N.A.), 0.300%, 4/8/10		3,210,000
	18,000,000	Wachovia Corp., 0.402%, 6/1/10		18,004,456
	32,000,000	Westpac Banking Corp., 0.280%, 4/13/10(a)		32,000,000
		Total Variable Rate Notes     (Cost $66,884,456)		66,884,456
	U.S. GOVERNMENT AGENCIES (4.2%)
		Federal Home Loan Bank (4.2%)
	5,000,000	0.400%, 12/27/10		5,000,000
	12,005,000	0.500%, 1/5/11		12,005,000
	15,000,000	0.550%, 3/23/11		15,000,000
		Total U.S. Government Agencies     (Cost $32,005,000)		32,005,000
	REPURCHASE AGREEMENT (15.2%)
	116,094,000	Bank of America Corp., 0.020%, dated 3/31/10, due 4/1/10, proceeds at maturity, $116,094,064 (Collateralized fully by Government Mortgage-Backed Securities)		116,094,000
		Total Repurchase Agreement     (Cost $116,094,000)		116,094,000
	Total Investments — 100.0% (Cost $763,995,347)			763,995,347
	Net Other Assets (Liabilities) — 0.0%			50,221
	NET ASSETS — 100.0%		$	764,045,568

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

** 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, 2010. The maturity date reflected is the next reset date.

(a) 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.

MTN — Medium Term Note

N.A. — North America

See accompanying notes to the financial statements.

47

BB&T U.S. Treasury Money Market Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Principal Amount			Amortized Cost
	U.S. TREASURY NOTES (6.9%)
$	30,000,000	1.500%, 10/31/10	$	30,212,993
		Total U.S. Treasury Notes     (Cost $30,212,993)		30,212,993
	U.S. TREASURY BILLS* (57.4%)
	100,000,000	0.009%, 4/8/10		99,999,815
	20,000,000	0.115%, 4/15/10		19,999,105
	30,000,000	0.100%, 5/13/10		29,996,498
	20,000,000	0.155%, 6/17/10		19,993,366
	20,000,000	0.155%, 7/29/10		19,989,748
	20,000,000	0.160%, 8/26/10		19,986,938
	20,000,000	0.248%, 8/26/10		19,979,788
	20,000,000	0.261%, 9/23/10		19,974,722
		Total U.S. Treasury Bills     (Cost $249,919,980)		249,919,980

Principal Amount			Amortized Cost
	REPURCHASE AGREEMENTS (35.7%)
$	60,000,000	Bank of America Corp., 0.000%, dated 3/31/10, due 4/1/10, proceeds at maturity, $60,000,000 (Collateralized fully by U.S. Treasury Securities)	$	60,000,000
	15,663,502	Credit Suisse First Boston, 0.000%, dated 3/31/10, due 4/1/10, proceeds at maturity, $15,663,502 (Collateralized fully by U.S. Treasury Securities)		15,663,502
	60,000,000	Goldman Sachs Group, Inc., 0.000%, dated 3/31/10, due 4/1/10, proceeds at maturity, $60,000,000 (Collateralized fully by U.S. Treasury Securities)		60,000,000
	20,000,000	JPMorgan Chase & Co., 0.010%, dated 3/31/10, due 4/1/10, proceeds at maturity, $20,000,006 (Collateralized fully by U.S. Treasury Securities)		20,000,000
		Total Repurchase Agreements     (Cost $155,663,502)		155,663,502
	Total Investments — 100.0% (Cost $435,796,475)			435,796,475
	Net Other Assets (Liabilities) — 0.0%			42,461
	NET ASSETS — 100.0%		$	435,838,936

* Rate disclosed represents the annualized yield from date of purchase.

See accompanying notes to the financial statements.

48

BB&T Capital Manager Conservative Growth Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Shares		Fair Value
AFFILIATED INVESTMENT COMPANIES (82.5%)
47,352	BB&T Equity Income Fund, Institutional Class	$	605,637
283,187	BB&T International Equity Fund, Institutional Class		1,455,581
68,644	BB&T Mid Cap Value Fund, Institutional Class		833,335
59,300	BB&T Select Equity Fund, Institutional Class		661,783
18,362	BB&T Special Opportunities Equity Fund, Institutional Class		306,455
748,942	BB&T Total Return Bond Fund, Institutional Class		8,148,489
359,093	BB&T U.S. Treasury Money Market Fund, Institutional Class		359,093
	Total Affiliated Investment Companies     (Cost $11,152,485)		12,370,373
EXCHANGE TRADED FUNDS (15.4%)
6,488	iShares Russell 2000 Index Fund		439,951
12,035	iShares Russell Midcap Growth Index Fund		583,938
10,875	iShares S&P 500 Index Fund		1,276,073
	Total Exchange Traded Funds     (Cost $1,709,820)		2,299,962
COMMODITY INVESTMENT COMPANY (1.9%)
35,292	Credit Suisse Commodity Return Strategy Fund		288,685
	Total Commodity Investment Company     (Cost $287,119)		288,685
Total Investments — 99.8% (Cost $13,149,424)			14,959,020
Net Other Assets (Liabilities) — 0.2%			30,352
NET ASSETS — 100.0%		$	14,989,372

See accompanying notes to the financial statements.

49

BB&T Capital Manager Moderate Growth Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Shares		Fair Value
AFFILIATED INVESTMENT COMPANIES (72.1%)
199,222	BB&T Equity Income Fund, Institutional Class	$	2,548,055
1,191,440	BB&T International Equity Fund, Institutional Class		6,124,003
288,653	BB&T Mid Cap Value Fund, Institutional Class		3,504,251
249,509	BB&T Select Equity Fund, Institutional Class		2,784,522
77,233	BB&T Special Opportunities Equity Fund, Institutional Class		1,289,017
1,022,260	BB&T Total Return Bond Fund, Institutional Class		11,122,191
604,364	BB&T U.S. Treasury Money Market Fund, Institutional Class		604,364
	Total Affiliated Investment Companies     (Cost $27,131,264)		27,976,403
EXCHANGE TRADED FUNDS (24.9%)
27,288	iShares Russell 2000 Index Fund		1,850,399
50,390	iShares Russell Midcap Growth Index Fund		2,444,923
45,744	iShares S&P 500 Index Fund		5,367,601
	Total Exchange Traded Funds     (Cost $9,506,150)		9,662,923
COMMODITY INVESTMENT COMPANY (2.9%)
136,914	Credit Suisse Commodity Return Strategy Fund		1,119,955
	Total Commodity Investment Company     (Cost $1,112,728)		1,119,955
Total Investments — 99.9% (Cost $37,750,142)			38,759,281
Net Other Assets (Liabilities) — 0.1%			23,099
NET ASSETS — 100.0%		$	38,782,380

See accompanying notes to the financial statements.

50

BB&T Capital Manager Growth Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Shares		Fair Value
AFFILIATED INVESTMENT COMPANIES (66.2%)
181,941	BB&T Equity Income Fund, Institutional Class	$	2,327,019
1,087,898	BB&T International Equity Fund, Institutional Class		5,591,795
263,538	BB&T Mid Cap Value Fund, Institutional Class		3,199,349
227,897	BB&T Select Equity Fund, Institutional Class		2,543,334
70,492	BB&T Special Opportunities Equity Fund, Institutional Class		1,176,515
346,558	BB&T Total Return Bond Fund, Institutional Class		3,770,555
669,632	BB&T U.S. Treasury Money Market Fund, Institutional Class		669,632
	Total Affiliated Investment Companies     (Cost $19,159,132)		19,278,199
EXCHANGE TRADED FUNDS (30.3%)
24,920	iShares Russell 2000 Index Fund		1,689,825
45,951	iShares Russell Midcap Growth Index Fund		2,229,543
41,774	iShares S&P 500 Index Fund		4,901,761
	Total Exchange Traded Funds     (Cost $8,591,725)		8,821,129
COMMODITY INVESTMENT COMPANY (3.5%)
127,041	Credit Suisse Commodity Return Strategy Fund		1,039,197
	Total Commodity Investment Company     (Cost $1,033,581)		1,039,197
Total Investments — 100.0% (Cost $28,784,438)			29,138,525
Net Other Assets (Liabilities) — 0.0%			(4,316	)
NET ASSETS — 100.0%		$	29,134,209

See accompanying notes to the financial statements.

51

BB&T Capital Manager Equity Fund

Schedule of Portfolio Investments

March 31, 2010 (Unaudited)

Shares		Fair Value
AFFILIATED INVESTMENT COMPANIES (60.9%)
64,673	BB&T Equity Income Fund, Institutional Class	$	827,167
386,757	BB&T International Equity Fund, Institutional Class		1,987,931
93,732	BB&T Mid Cap Value Fund, Institutional Class		1,137,903
81,069	BB&T Select Equity Fund, Institutional Class		904,727
25,089	BB&T Special Opportunities Equity Fund, Institutional Class		418,728
259,352	BB&T U.S. Treasury Money Market Fund, Institutional Class		259,352
	Total Affiliated Investment Companies     (Cost $5,394,291)		5,535,808
EXCHANGE TRADED FUNDS (34.4%)
8,862	iShares Russell 2000 Index Fund		600,932
16,203	iShares Russell Midcap Growth Index Fund		786,170
14,856	iShares S&P 500 Index Fund		1,743,203
	Total Exchange Traded Funds     (Cost $2,979,536)		3,130,305
COMMODITY INVESTMENT COMPANY (4.6%)
50,771	Credit Suisse Commodity Return Strategy Fund		415,307
	Total Commodity Investment Company     (Cost $413,425)		415,307
Total Investments — 99.9% (Cost $8,787,252)			9,081,420
Net Other Assets (Liabilities) — 0.1%			8,167
NET ASSETS — 100.0%		$	9,089,587

See accompanying notes to the financial statements.

52

BB&T Funds

Statements of Assets and Liabilities

March 31, 2010 (Unaudited)

	Select Equity Fund			Mid Cap Value Fund
Assets:
Investments, at cost*	$	199,605,088		$	285,397,540
Unrealized appreciation		29,436,201			36,009,618
Investments, at fair value		229,041,289			321,407,158
Cash held as collateral for futures contracts		—			—
Foreign currency, at value**		—			—
Interest and dividends receivable		265,778			422,904
Receivable for investments sold		—			1,976,702
Receivable for capital shares issued		715,574			1,593,788
Unrealized appreciation on foreign currency exchange contracts		—			—
Prepaid and other expenses		27,423			36,432
Total Assets		230,050,064			325,436,984
Liabilities:
Call options written (premiums received $ — , $ — , $ — , $ — , $1,031,939, $434,048 and $ — , respectively)		—			—
Distributions payable		—			—
Unrealized depreciation on foreign currency exchange contracts		—			—
Payable for investments purchased		—			4,293,255
Payable for capital shares redeemed		40,254			643,314
Payable for collateral received on loaned securities		2,504,250			6,548,190
Payable for daily variation margin on futures contracts		—			—
Accrued expenses and other payables:
Investment advisory fees		113,456			185,137
Administration fees		19,391			27,123
Compliance service fees		167			240
Distribution (12b-1) fees		10,147			8,276
Other		35,245			51,105
Total Liabilities		2,722,910			11,756,640
Net Assets	$	227,327,154		$	313,680,344
Net Assets Consist of:
Capital	$	330,726,362		$	322,075,191
Accumulated undistributed (distributions in excess of) net investment income (loss)		49,998			167,691
Accumulated realized losses from investment, written option, foreign currency transactions and futures contracts		(132,885,407	)		(44,572,156	)
Net unrealized appreciation on investments, written options, translation of assets and liabilities in foreign currency and futures contracts		29,436,201			36,009,618
Net Assets	$	227,327,154		$	313,680,344
Net Assets
Class A Shares	$	31,115,756		$	18,783,371
Class B Shares		4,109,927			4,599,824
Class C Shares		111,842			454,611
Institutional Shares		191,989,629			289,842,429
Class R Shares		—			109
Total	$	227,327,154		$	313,680,344
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		2,802,604			1,555,630
Class B Shares		377,029			398,449
Class C Shares		10,306			39,444
Institutional Shares		17,207,647			23,873,085
Class R Shares		—			9
Total		20,397,586			25,866,617
Net Asset Value
Class A Shares - redemption price per share	$	11.10		$	12.07
Class B Shares - offering price per share***	$	10.90		$	11.54
Class C Shares - offering price per share***	$	10.85		$	11.53
Institutional Shares	$	11.16		$	12.14
Class R Shares	$	—		$	12.15	****
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	$	11.78		$	12.81

* The Select Equity Fund, Mid Cap Value Fund, Sterling Capital Small Cap Value Fund, International Equity Fund, Special Opportunities Equity Fund, Equity Income Fund, and Short U.S. Government Fund include securities on loan of $2,470,860, $6,408,938 $1,032,232, $2,214,689, $5,277,982, $25,876,968, and $1,036,559, respectively.

** The International Equity Fund includes foreign currency at cost of $1,497,824.

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

**** The Mid Cap Value Fund, Sterling Capital Small Cap Value Fund, Special Opportunities Equity Fund, and Equity Income Fund net asset value is calculated using unrounded net assets of $109.29, $108.75, $109.01, and $107.50 divided by the unrounded shares of 8.997, 9.477, 6.528, and 8.403, respectively.

See accompanying notes to the financial statements.

53

Sterling Capital Small Cap Value Fund			International Equity Fund			Special Opportunities Equity Fund			Equity Income  Fund			Short U.S. Government Fund
$	60,941,315		$	78,750,094		$	494,590,547		$	407,124,340		$	81,274,903
	6,414,358			12,463,427			80,067,945			41,181,323			589,749
	67,355,673			91,213,521			574,658,492			448,305,663			81,864,652
	—			99,927			—			—			—
	—			1,519,385			—			—			—
	31,989			357,960			733,849			1,246,208			564,345
	7,245			572,989			—			35,615			—
	405,528			555,582			3,031,921			3,642,683			8,833
	—			96,117			—			—			—
	28,994			70,698			44,722			28,956			3,002
	67,829,429			94,486,179			578,468,984			453,259,125			82,440,832
	—			—			718,960			374,060			—
	—			—			—			1,102			124,854
	—			55,274			—			—			—
	190,142			1,833,319			494,623			51,630			—
	70,762			87,136			519,261			716,673			561,697
	1,044,165			2,314,925			5,464,309			26,375,083			1,070,000
	—			8,480			—			—			—
	43,827			50,502			381,332			245,110			30,686
	5,621			7,675			48,884			35,909			6,994
	257			68			340			209			45
	2,033			1,649			123,403			84,226			1,317
	15,393			8,175			45,578			29,521			3,479
	1,372,200			4,367,203			7,796,690			27,913,523			1,799,072
$	66,457,229		$	90,118,976		$	570,672,294		$	425,345,602		$	80,641,760
$	64,886,533		$	140,210,191		$	497,663,283		$	413,745,508		$	87,983,435
	40,845			(1,495,392	)		(880,417	)		1,357,516			(321,006	)
	(4,884,507	)		(61,144,764	)		(6,491,496	)		(30,998,733	)		(7,610,418	)
	6,414,358			12,548,941			80,380,924			41,241,311			589,749
$	66,457,229		$	90,118,976		$	570,672,294		$	425,345,602		$	80,641,760
$	5,155,565		$	3,686,356		$	206,357,667		$	126,427,342		$	6,364,146
	1,083,254			887,878			25,115,200			14,605,529			—
	23,808			157,011			71,122,021			56,701,921			—
	60,194,493			85,387,731			268,077,297			227,610,703			74,277,614
	109			—			109			107			—
$	66,457,229		$	90,118,976		$	570,672,294		$	425,345,602		$	80,641,760
	449,252			741,332			12,595,572			9,897,161			662,943
	94,510			201,229			1,624,878			1,147,289			—
	2,076			35,675			4,598,862			4,462,868			—
	5,243,503			16,609,891			16,059,380			17,789,559			7,736,211
	9			—			7			8			—
	5,789,350			17,588,127			34,878,699			33,296,885			8,399,154
$	11.48		$	4.97		$	16.38		$	12.77		$	9.60
$	11.46		$	4.41		$	15.46		$	12.73		$	—
$	11.47		$	4.40		$	15.47		$	12.71		$	—
$	11.48		$	5.14		$	16.69		$	12.79		$	9.60
$	11.48	****	$	—		$	16.70	****	$	12.79	****	$	—
	5.75	%		5.75	%		5.75	%		5.75	%		3.0	%
$	12.18		$	5.27		$	17.37		$	13.55		$	9.90

54

BB&T Funds

Statements of Assets and Liabilities

March 31, 2010 (Unaudited)

	Intermediate U.S. Government Fund			Total Return Bond Fund
Assets:
Investments, at cost*	$	224,149,025		$	405,834,407
Unrealized appreciation		4,665,871			10,924,048
Investments, at fair value		228,814,896			416,758,455
Interest and dividends receivable		1,232,365			3,849,573
Receivable for investments sold		—			5,919,042
Receivable for capital shares issued		581,891			1,944,202
Prepaid expenses		9,898			14,805
Total Assets		230,639,050			428,486,077
Liabilities:
Cash overdraft		—			2,505
Distributions payable		342,434			758,714
Payable for investments purchased		14,000,000			34,702,892
Payable for capital shares redeemed		564,840			1,421,848
Payable for collateral received on loaned securities		5,953,750			1,819,800
Accrued expenses and other payables:
Investment advisory fees		85,441			156,281
Administration fees		18,254			33,405
Compliance service fees		136			302
Distribution (12b-1) fees		5,543			9,551
Other		17,873			60,067
Total Liabilities		20,988,271			38,965,365
Net Assets	$	209,650,779		$	389,520,712
Net Assets Consist of:
Capital	$	217,109,158		$	374,967,962
Accumulated undistributed (distributions in excess of) net investment income		1,660,926			(122,024	)
Accumulated realized gains (losses) from investments and futures contracts		(13,785,176	)		3,750,726
Net unrealized appreciation on investments		4,665,871			10,924,048
Net Assets	$	209,650,779		$	389,520,712
Net Assets
Class A Shares	$	11,959,720		$	22,093,990
Class B Shares		3,007,091			4,898,595
Class C Shares		442,187			936,471
Institutional Shares		194,241,781			361,586,617
Class R Shares		—			5,039
Total	$	209,650,779		$	389,520,712
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		1,133,872			2,031,892
Class B Shares		286,080			450,099
Class C Shares		42,015			85,985
Institutional Shares		18,392,192			33,236,545
Class R Shares		—			463
Total		19,854,159			35,804,984
Net Asset Value
Class A Shares - redemption price per share	$	10.55		$	10.87
Class B Shares - offering price per share**	$	10.51		$	10.88
Class C Shares - offering price per share**	$	10.52		$	10.89
Institutional Shares	$	10.56		$	10.88
Class R Shares	$	—		$	10.88
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	$	11.19		$	11.53

* The Intermediate U.S. Government Fund and Total Return Bond Fund include securities on loan of $5,752,732 and $1,769,250, respectively.

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

See accompanying notes to the financial statements.

55

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
$	22,219,081		$	33,557,266		$	164,906,118		$	34,538,942		$	95,316,313		$	85,652,244
	671,617			1,269,885			6,028,793			990,807			4,999,416			2,644,075
	22,890,698			34,827,151			170,934,911			35,529,749			100,315,729			88,296,319
	266,862			337,066			2,354,628			443,387			1,176,868			1,326,445
	—			—			—			—			—			—
	74,703			32,630			1,189,417			330,000			326,991			573,336
	1,447			4,395			4,614			2,624			4,700			5,507
	23,233,710			35,201,242			174,483,570			36,305,760			101,824,288			90,201,607
	—			—			—			—			—			—
	41,393			57,022			359,193			54,386			204,077			221,393
	500,000			—			—			895,113			1,089,230			—
	8,968			—			700,590			—			33,079			169,169
	—			—			—			—			—			—
	7,646			11,874			66,577			13,263			38,632			34,212
	1,932			3,044			15,173			3,004			8,804			7,797
	14			14			113			18			69			59
	1,715			2,080			7,635			2,604			5,521			4,847
	1,924			273			16,776			1,824			10,882			9,258
	563,592			74,307			1,166,057			970,212			1,390,294			446,735
$	22,670,118		$	35,126,935		$	173,317,513		$	35,335,548		$	100,433,994		$	89,754,872
$	21,924,638		$	33,833,163		$	166,616,137		$	34,309,195		$	95,362,055		$	87,054,609
	2,186			1,073			71,012			4,532			42,366			(31,773	)
	71,677			22,814			601,571			31,014			30,157			87,961
	671,617			1,269,885			6,028,793			990,807			4,999,416			2,644,075
$	22,670,118		$	35,126,935		$	173,317,513		$	35,335,548		$	100,433,994		$	89,754,872
$	8,101,098		$	9,930,528		$	35,871,105		$	12,259,044		$	25,772,608		$	23,161,850
	—			—			—			—			—			—
	—			—			—			—			—			—
	14,569,020			25,196,407			137,446,408			23,076,504			74,661,386			66,593,022
	—			—			—			—			—			—
$	22,670,118		$	35,126,935		$	173,317,513		$	35,335,548		$	100,433,994		$	89,754,872
	774,325			913,847			3,368,850			1,161,309			2,189,217			2,341,088
	—			—			—			—			—			—
	—			—			—			—			—			—
	1,394,378			2,315,311			12,909,724			2,200,569			6,343,455			6,724,116
	—			—			—			—			—			—
	2,168,703			3,229,158			16,278,574			3,361,878			8,532,672			9,065,204
$	10.46		$	10.87		$	10.65		$	10.56		$	11.77		$	9.89
$	—		$	—		$	—		$	—		$	—		$	—
$	—		$	—		$	—		$	—		$	—		$	—
$	10.45		$	10.88		$	10.65		$	10.49		$	11.77		$	9.90
$	—		$	—		$	—		$	—		$	—		$	—
	3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
$	10.78		$	11.21		$	10.98		$	10.89		$	12.13		$	10.20

56

BB&T Funds

Statements of Assets and Liabilities

March 31, 2010 (Unaudited)

	National Tax-Free Money Market Fund		Prime Money Market  Fund
Assets:
Investments:
Investments-unaffiliated, at cost	$	197,652,729	$	647,901,347
Investments-affiliated, at cost		—		—
Total investments, at cost		197,652,729		647,901,347
Unrealized appreciation		—		—
Investments, at value		197,652,729		647,901,347
Repurchase agreements, at cost		—		116,094,000
Cash		—		383
Interest and dividends receivable		422,883		285,945
Receivable for investments sold		1,000,008		—
Receivable for capital shares issued		—		61,907
Receivable from Advisor		—		—
Prepaid and other expenses		7,613		35,807
Total Assets		199,083,233		764,379,389
Liabilities:
Distributions payable		1,591		3,696
Payable for investments purchased		1,500,022		—
Payable for capital shares redeemed		—		2,582
Accrued expenses and other payables:
Investment advisory fees		23,771		26,395
Administration fees		18,820		67,228
Audit fees		14,007		64,779
Compliance service fees		239		1,460
Distribution (12b-1) fees		—		—
Trustee fees		—		2,199
Legal fees		949		36,082
Printing fees		1,700		17,997
Transfer agent fees		12,285		97,238
Other		—		14,165
Total Liabilities		1,573,384		333,821
Net Assets	$	197,509,849	$	764,045,568
Net Assets Consist of:
Capital	$	197,508,726	$	764,041,143
Accumulated undistributed (distributions in excess of) net investment income		888		790
Accumulated realized gains (losses) from investments		235		3,635
Net unrealized appreciation on investments		—		—
Net Assets	$	197,509,849	$	764,045,568
Net Assets
Class A Shares	$	81,709	$	197,826,932
Class B Shares		—		1,670,313
Class C Shares		—		730,757
Institutional Shares		197,428,140		563,817,566
Total	$	197,509,849	$	764,045,568
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		81,698		197,824,684
Class B Shares		—		1,671,069
Class C Shares		—		730,750
Institutional Shares		197,430,056		563,830,416
Total		197,511,754		764,056,919
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

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

See accompanying notes to the financial statements.

57

U.S. Treasury Money Market Fund		Capital Manager Conservative Growth Fund			Capital Manager Moderate Growth Fund			Capital Manager Growth Fund			Capital Manager Equity Fund
$	280,132,973	$	1,996,939		$	10,618,878		$	9,625,306		$	3,392,961
	—		11,152,485			27,131,264			19,159,132			5,394,291
	280,132,973		13,149,424			37,750,142			28,784,438			8,787,252
	—		1,809,596			1,009,139			354,087			294,168
	280,132,973		14,959,020			38,759,281			29,138,525			9,081,420
	155,663,502		—			—			—			—
	—		—			—			—			—
	188,956		30,111			41,060			13,919			3
	—		—			—			—			—
	5,443		6,934			287			1,202			8,656
	41,473		—			—			—			—
	21,596		4,442			5,511			5,235			6,586
	436,053,943		15,000,507			38,806,139			29,158,881			9,096,665
	2,472		2,011			1,773			183			—
	—		—			—			—			—
	26,381		2,237			1,982			9,305			1,318
	—		—			—			—			—
	46,103		—			—			—			—
	35,447		837			2,062			1,541			524
	578		11			30			22			9
	—		3,935			15,109			11,786			4,503
	—		—			—			—			—
	27,567		551			491			327			203
	17,086		381			35			—			—
	57,650		1,172			2,277			1,508			521
	1,723		—			—			—			—
	215,007		11,135			23,759			24,672			7,078
$	435,838,936	$	14,989,372		$	38,782,380		$	29,134,209		$	9,089,587
$	435,836,884	$	23,102,364		$	51,831,340		$	43,691,186		$	19,723,171
	2,052		(6,328	)		(9,088	)		(3,340	)		(3,398	)
	—		(9,916,260	)		(14,049,011	)		(14,907,724	)		(10,924,354	)
	—		1,809,596			1,009,139			354,087			294,168
$	435,838,936	$	14,989,372		$	38,782,380		$	29,134,209		$	9,089,587
$	146,642,554	$	6,940,078		$	26,492,513		$	18,014,137		$	4,874,424
	692,833		2,654,587			10,919,560			9,294,702			4,093,944
	57,030		127,822			113,440			136,478			13,961
	288,446,519		5,266,885			1,256,867			1,688,892			107,258
$	435,838,936	$	14,989,372		$	38,782,380		$	29,134,209		$	9,089,587
	146,642,388		785,631			3,208,663			2,366,781			666,754
	692,909		300,309			1,350,781			1,249,318			585,940
	57,030		14,525			13,952			18,373			2,004
	288,445,870		590,682			151,430			221,517			14,520
	435,838,197		1,691,147			4,724,826			3,855,989			1,269,218
$	1.00	$	8.83		$	8.26		$	7.61		$	7.31
$	1.00	$	8.84		$	8.08		$	7.44		$	6.99
$	1.00	$	8.80		$	8.13		$	7.43		$	6.97
$	1.00	$	8.92		$	8.30		$	7.62		$	7.39
	N/A		5.75	%		5.75	%		5.75	%		5.75	%
$	1.00	$	9.37		$	8.76		$	8.07		$	7.76

58

BB&T Funds

Statements of Operations

For the Six Months Ended March 31, 2010 (Unaudited)

	Select Equity Fund			Mid Cap Value Fund
Investment Income:
Interest income	$	—		$	—
Dividend income		1,840,482			1,615,636
Foreign tax withholding		(11,535	)		(891	)
Income from securities lending		1,278			3,160
Total investment income		1,830,225			1,617,905
Expenses:
Investment advisory fees (See Note 6)		798,798			914,932
Administration fees (See Note 6)		110,010			126,014
Distribution fees - Class A Shares		74,679			16,360
Distribution fees - Class B Shares		21,754			18,988
Distribution fees - Class C Shares		523			1,370
Compliance service fees (See Note 6)		1,165			1,342
Trustee fees		7,776			8,488
Audit fees		12,167			13,477
Custodian fees		5,897			9,324
Fund accounting fees (See Note 6)		10,796			12,365
Legal fees		19,427			25,885
Printing fees		8,630			8,869
State registration fees		15,205			22,944
Transfer agent fees (See Note 6)		48,445			54,881
Other		7,440			167,148
Total expenses before waivers		1,142,712			1,402,387
Less expenses waived by the Investment Advisor (See Note 6)		(151,145	)		(206,442	)
Less expenses waived by the Distributor (See Note 6)		(37,340	)		—
Less expenses waived by the Trustees (See Note 6)		(715	)		(1,008	)
Net expenses		953,512			1,194,937
Net investment income (loss)		876,713			422,968
Realized/Unrealized Gains (Losses) on Investments, Written Options, Foreign Currency Transactions, Futures Contracts and Capital Gains Tax:
Net realized gains (losses) from:
Investments		23,551,632			4,755,820
Capital gains tax		—			—
Futures contracts		—			—
Written options		—			—
Foreign currency transactions		—			—
Change in unrealized appreciation/depreciation on:
Investments		(2,206,646	)		26,919,531
Deferred capital gains tax		—			—
Futures contracts		—			—
Written options		—			—
Foreign currency transactions		—			—
Net realized/unrealized gains (losses) on investments, written options, foreign currency transactions, futures contracts and capital gains tax		21,344,986			31,675,351
Change in net assets from operations	$	22,221,699		$	32,098,319

See accompanying notes to the financial statements.

59

Sterling Capital Small Cap Value Fund			International Equity Fund			Special Opportunities Equity Fund			Equity Income Fund			Short U.S. Government  Fund
$	—		$	—		$	—		$	—		$	1,003,282
	288,046			775,819			2,452,777			6,538,496			134
	—			(64,426	)		(50,976	)		(84,032	)		—
	678			8,301			30,182			30,068			202
	288,724			719,694			2,431,983			6,484,532			1,003,618
	174,768			434,019			2,073,843			1,292,329			216,965
	19,913			44,192			264,049			188,083			36,917
	4,007			8,815			465,253			274,607			14,833
	1,713			4,587			121,532			70,497			—
	34			748			317,705			233,921			—
	54			471			2,718			1,895			374
	1,366			3,090			17,848			12,145			2,424
	2,433			4,841			28,533			19,376			3,912
	3,318			162,632			14,160			12,621			2,067
	1,942			4,341			25,924			18,464			3,616
	3,658			6,012			38,274			28,160			4,984
	5,121			3,311			18,269			13,078			2,312
	16,130			6,039			23,568			26,669			2,362
	33,113			18,635			127,257			75,988			14,169
	56,301			50,431			18,706			13,943			6,745
	323,871			752,164			3,557,639			2,281,776			311,680
	(72,756	)		(81,597	)		(3,135	)		(5,351	)		(54,242	)
	(2,004	)		(4,408	)		(232,627	)		(137,304	)		(7,416	)
	(199	)		(282	)		(1,773	)		(1,301	)		(257	)
	248,912			665,877			3,320,104			2,137,820			249,765
	39,812			53,817			(888,121	)		4,346,712			753,853
	2,472,951			5,436,720			21,566,192			4,211,746			56,844
	—			(140	)		—			—			—
	—			100,888			—			—			—
	—			—			2,012,471			581,016			—
	—			91,586			—			—			—
	3,408,856			(3,888,977	)		34,418,381			35,728,019			(265,820	)
	—			7,249			—			—			—
	—			14,536			—			—			—
	—			—			1,417,976			10,234			—
	—			141,801			—			—			—
	5,881,807			1,903,663			59,415,020			40,531,015			(208,976	)
$	5,921,619		$	1,957,480		$	58,526,899		$	44,877,727		$	544,877

60

BB&T Funds

Statements of Operations

For the Six Months Ended March 31, 2010 (Unaudited)

	Intermediate U.S. Government Fund			Total Return Bond Fund
Investment Income:
Interest income	$	3,689,871		$	9,262,223
Dividend income		486			406
Income from securities lending		1,313			832
Total investment income		3,691,670			9,263,461
Expenses:
Investment advisory fees (See Note 6)		615,440			1,100,804
Administration fees (See Note 6)		104,529			186,896
Distribution fees - Class A Shares		30,620			45,651
Distribution fees - Class B Shares		15,876			25,842
Distribution fees - Class C Shares		2,202			3,023
Distribution fees - Class R Shares		—			4
Compliance service fees (See Note 6)		1,093			1,991
Trustee fees		7,028			13,270
Audit fees		11,116			20,728
Custodian fees		5,491			9,396
Fund accounting fees (See Note 6)		10,258			18,348
Legal fees		13,873			34,026
Printing fees		7,463			15,608
Transfer agent fees (See Note 6)		44,755			81,537
Other		14,571			31,329
Total expenses before waivers		884,315			1,588,453
Less expenses waived by the Investment Advisor (See Note 6)		(123,096	)		(220,177	)
Less expenses waived by the Distributor (See Note 6)		(15,310	)		(22,825	)
Less expenses waived by the Trustees (See Note 6)		(712	)		(1,245	)
Net expenses		745,197			1,344,206
Net investment income		2,946,473			7,919,255
Realized/Unrealized Gains (Losses) on Investments and Futures Contracts:
Net realized gains (losses) from:
Investments		(235,810	)		6,449,148
Futures contracts		—			(233,541	)
Change in unrealized appreciation/depreciation on:
Investments		281,483			(1,677,047	)
Futures contracts		—			69,958
Net realized/unrealized gains (losses) on investments and futures contracts		45,673			4,608,518
Change in net assets from operations	$	2,992,146		$	12,527,773

See accompanying notes to the financial statements.

61

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
$	394,964		$	558,579		$	3,164,386		$	609,947		$	1,784,942		$	1,852,646
	611			1,828			—			793			47			1,221
	—			—			—			—			—			—
	395,575			560,407			3,164,386			610,740			1,784,989			1,853,867
	63,512			96,733			501,523			93,567			285,993			193,930
	10,789			16,377			85,199			15,896			48,467			44,006
	18,754			22,320			83,766			28,792			58,361			26,327
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	112			164			889			161			508			460
	730			989			5,686			1,022			3,375			2,985
	1,152			1,570			8,975			1,621			5,344			4,685
	562			804			4,074			791			2,387			2,148
	1,059			1,612			8,359			1,559			4,767			4,310
	1,360			1,670			10,709			1,797			6,412			5,679
	811			1,064			6,349			1,109			3,764			3,350
	4,397			6,200			35,055			6,200			20,279			18,184
	6,683			8,780			16,632			9,496			11,807			13,134
	109,921			158,283			767,216			162,011			451,464			319,198
	(21,170	)		(32,244	)		(125,381	)		(23,388	)		(71,499	)		—
	(9,377	)		(11,160	)		(41,883	)		(14,396	)		(29,181	)		—
	(74	)		(115	)		(582	)		(110	)		(335	)		(298	)
	79,300			114,764			599,370			124,117			350,449			318,900
	316,275			445,643			2,565,016			486,623			1,434,540			1,534,967
	198,673			26,069			615,435			54,502			65,726			54,289
	—			—			—			—			—			—
	(423,045	)		(315,615	)		(3,013,331	)		(405,673	)		(1,528,077	)		(1,146,951	)
	—			—			—			—			—			—
	(224,372	)		(289,546	)		(2,397,896	)		(351,171	)		(1,462,351	)		(1,092,662	)
$	91,903		$	156,097		$	167,120		$	135,452		$	(27,811	)	$	442,305

62

BB&T Funds

Statements of Operations

For the Six Months Ended March 31, 2010 (Unaudited)

	National Tax-Free Money Market Fund			Prime Money Market Fund
Investment Income:
Interest income	$	534,133		$	1,672,208
Dividend income - unaffiliated		135			—
Dividend income - affiliated		—			—
Income from securities lending		—			—
Total investment income		534,268			1,672,208
Expenses:
Investment advisory fees (See Note 6)		306,523			1,879,390
Administration fees (See Note 6)		124,868			477,838
Distribution fees - Class A Shares		219			558,282
Distribution fees - Class B Shares		—			8,436
Distribution fees - Class C Shares		—			4,114
Compliance service fees (See Note 6)		1,405			5,898
Trustee fees		9,421			43,194
Audit fees		14,673			66,103
Custodian fees		6,411			26,096
Fund accounting fees (See Note 6)		12,261			46,984
Legal fees		17,576			97,695
Printing fees		10,711			49,767
State registration fees		3,959			7,170
Transfer agent fees (See Note 6)		55,483			260,114
Other		13,632			64,415
Total expenses before waivers		577,142			3,595,496
Less expenses waived by the Investment Advisor (See Note 6)		(97,104	)		(1,396,299	)
Less expenses waived by the Distributor (See Note 6)		(205	)		(570,738	)
Less expenses waived by the Trustees (See Note 6)		(767	)		(2,575	)
Net expenses		479,066			1,625,884
Net investment income		55,202			46,324
Realized/Unrealized Gains (Losses) on Investments:
Net realized gains (losses) from:
Investment transactions - unaffiliated		235			3,067
Investment transactions - affiliated		—			—
Distributions from affiliated funds		—			—
Change in unrealized appreciation/depreciation on:
Investments		—			—
Net realized/unrealized gains on investments		235			3,067
Change in net assets from operations	$	55,437		$	49,391

See accompanying notes to the financial statements.

63

U.S. Treasury Money Market Fund			Capital Manager Conservative Growth Fund			Capital  Manager Moderate Growth Fund			Capital Manager Growth  Fund			Capital Manager Equity  Fund
$	402,834		$	—		$	—		$	—		$	—
	—			33,828			134,303			124,552			48,117
	—			233,555			435,907			247,206			57,765
	1,581			—			—			—			—
	404,415			267,383			570,210			371,758			105,882
	1,150,981			18,209			47,530			35,558			11,320
	292,842			—			—			—			—
	387,990			15,738			62,855			42,688			11,708
	4,315			14,657			57,491			48,010			20,796
	281			577			466			591			48
	3,280			79			206			154			51
	22,393			527			1,357			1,017			346
	34,098			798			2,107			1,578			527
	15,467			363			939			703			231
	28,775			728			1,901			1,422			453
	58,254			1,279			2,752			2,034			729
	29,927			650			1,541			1,137			387
	5,605			3,328			3,980			4,467			4,107
	149,041			3,886			9,043			6,511			2,105
	56,769			2,930			3,608			3,219			2,496
	2,240,018			63,749			195,776			149,089			55,304
	(1,469,529	)		(18,209	)		(47,530	)		(35,558	)		(11,320	)
	(392,586	)		(7,869	)		(31,428	)		(21,344	)		(5,854	)
	(1,916	)		(49	)		(126	)		(94	)		(29	)
	375,987			37,622			116,692			92,093			38,101
	28,428			229,761			453,518			279,665			67,781
	—			38,108			(159,040	)		(191,564	)		(175,348	)
	—			40,507			(440,346	)		(542,699	)		(315,365	)
	—			5,871			8,249			2,835			—
	—			494,656			2,820,113			2,686,819			1,215,719
	—			579,142			2,228,976			1,955,391			725,006
$	28,428		$	808,903		$	2,682,494		$	2,235,056		$	792,787

64

BB&T Funds

Statements of Changes in Net Assets

	Select Equity Fund
	For the Six Months Ended March  31, 2010 (Unaudited)			For the Year Ended September 30, 2009
From Investment Activities:
Operations:
Net investment income	$	876,713		$	2,985,900
Net realized gains (losses) on investments		23,551,632			(46,332,109	)
Change in unrealized appreciation/depreciation on investments		(2,206,646	)		7,658,623
Change in net assets from operations		22,221,699			(35,687,586	)
Distributions to Class A Shareholders:
Net investment income		(112,427	)		(345,013	)
Distributions to Class B Shareholders:
Net investment income		(705	)		(32,847	)
Distributions to Class C Shareholders:
Net investment income		(53	)		(687	)
Distributions to Institutional Class Shareholders:
Net investment income		(901,071	)		(2,716,522	)
Change in net assets from shareholder distributions		(1,014,256	)		(3,095,069	)
Capital Transactions:
Change in net assets from capital transactions		(5,488,879	)		(50,719,431	)
Change in net assets		15,718,564			(89,502,086	)
Net Assets:
Beginning of period		211,608,590			301,110,676
End of period	$	227,327,154		$	211,608,590
Accumulated undistributed net investment income	$	49,998		$	187,541

See accompanying notes to the financial statements.

65

Mid Cap Value Fund						Sterling Capital Small Cap Value Fund
For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September  30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September  30, 2009
$	422,968		$	611,709		$	39,812		$	36,616
	4,755,820			(32,156,836	)		2,472,951			(6,586,015	)
	26,919,531			35,343,826			3,408,856			7,332,034
	32,098,319			3,798,699			5,921,619			782,635
	(23,149	)		(23,972	)		—			—
	(579	)		(2,888	)		—			—
	(86	)		(258	)		—			—
	(575,165	)		(500,098	)		(35,582	)		(629,909	)
	(598,979	)		(527,216	)		(35,582	)		(629,909	)
	67,503,684			15,033,959			34,781,299			3,002,347
	99,003,024			18,305,442			40,667,336			3,155,073
	214,677,320			196,371,878			25,789,893			22,634,820
$	313,680,344		$	214,677,320		$	66,457,229		$	25,789,893
	$167,691		$	343,702		$	40,845		$	36,615

66

BB&T Funds

Statements of Changes in Net Assets, continued

	International Equity Fund
	For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September  30, 2009
From Investment Activities:
Operations:
Net investment income (loss)	$	53,817		$	1,208,491
Net realized gains (losses) on investments, capital gains tax, futures contracts, written options and foreign currency transactions		5,629,054			(46,303,031	)
Change in unrealized appreciation/depreciation on investments, deferred capital gains tax, futures contracts, written options and foreign currency transactions		(3,725,391	)		36,547,790
Change in net assets from operations		1,957,480			(8,546,750	)
Distributions to Class A Shareholders:
Net investment income		(71,166	)		(76,648	)
Net realized gains from investment transactions		—			—
Return of capital
Distributions to Class B Shareholders:
Net investment income		(13,417	)		(27,852	)
Net realized gains from investment transactions		—			—
Return of capital		—			—
Distributions to Class C Shareholders:
Net investment income		(1,290	)		(4,032	)
Net realized gains from investment transactions		—			—
Return of capital		—			—
Distributions to Institutional Class Shareholders:
Net investment income		(1,704,204	)		(2,301,592	)
Net realized gains from investment transactions		—			—
Return of capital
Change in net assets from shareholder distributions		(1,790,077	)		(2,410,124	)
Capital Transactions:
Change in net assets from capital transactions		3,924,485			(17,431,292	)
Change in net assets		4,091,888			(28,388,166	)
Net Assets:
Beginning of period		86,027,088			114,415,254
End of period	$	90,118,976		$	86,027,088
Accumulated undistributed (distributions in excess of) net investment income (loss)	$	(1,495,392	)	$	240,868

See accompanying notes to the financial statements.

67

Special Opportunities Equity Fund						Equity Income Fund						Short U.S. Government Fund
For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September  30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009
$	(888,121	)	$	236,892		$	4,346,712		$	7,873,535		$	753,853		$	1,221,403
	23,578,663			(29,699,816	)		4,792,762			(38,062,074	)		56,844			244,397
	35,836,357			57,386,739			35,738,253			22,062,140			(265,820	)		846,904
	58,526,899			27,923,815			44,877,727			(8,126,399	)		544,877			2,312,704
	—			(40,821	)		(1,118,860	)		(1,725,326	)		(80,225	)		(159,233	)
	—			(4,588,187	)		—			(236,183	)		—			—
	—			(868,873	)
	—			(1,008	)		(85,982	)		(155,790	)		—			—
	—			(984,305	)		—			(35,400	)		—			—
	—			(164,603	)		—			—			—			—
	—			(1,761	)		(314,696	)		(402,593	)		—			—
	—			(1,915,038	)		—			(76,742	)		—			—
	—			(319,017	)		—			—			—			—
	—			(82,919	)		(2,244,135	)		(3,286,149	)		(978,458	)		(1,470,163	)
	—			(6,753,084	)		—			(374,003	)		—			—
				(1,312,270	)
	—			(17,031,886	)		(3,763,673	)		(6,292,186	)		(1,058,683	)		(1,629,396	)
	25,858,199			108,025,531			54,738,891			57,257,803			17,123,514			13,757,171
	84,385,098			118,917,460			95,852,945			42,839,218			16,609,708			14,440,479
	486,287,196			367,369,736			329,492,657			286,653,439			64,032,052			49,591,573
$	570,672,294		$	486,287,196		$	425,345,602		$	329,492,657		$	80,641,760		$	64,032,052
$	(880,417	)	$	7,704		$	1,357,516		$	774,477		$	(321,006	)	$	(16,176	)

68

BB&T Funds

Statements of Changes in Net Assets, continued

	Intermediate U.S. Government Fund
	For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September  30, 2009
From Investment Activities:
Operations:
Net investment income	$	2,946,473		$	5,002,859
Net realized gains (losses) on investments and futures contracts		(235,810	)		1,189,783
Change in unrealized appreciation/depreciation on investments and futures contracts		281,483			5,841,592
Change in net assets from operations		2,992,146			12,034,234
Distributions to Class A Shareholders:
Net investment income		(175,660	)		(392,008	)
Net realized gains from investment transactions		—			—
Distributions to Class B Shareholders:
Net investment income		(33,659	)		(91,614	)
Net realized gains from investment transactions		—			—
Distributions to Class C Shareholders:
Net investment income		(4,667	)		(6,890	)
Net realized gains from investment transactions		—			—
Distributions to Institutional Class Shareholders:
Net investment income		(2,950,885	)		(4,800,213	)
Net realized gains from investment transactions		—			—
Distributions to Class R Shareholders:
Net investment income		—			—
Change in net assets from shareholder distributions		(3,164,871	)		(5,290,725	)
Capital Transactions:
Change in net assets from capital transactions		16,134,752			63,757,441
Change in net assets		15,962,027			70,500,950
Net Assets:
Beginning of period		193,688,752			123,187,802
End of period	$	209,650,779		$	193,688,752
Accumulated undistributed (distributions in excess of) net investment income	$	1,660,926		$	1,879,324

See accompanying notes to the financial statements.

69

Total Return Bond Fund						Kentucky Intermediate Tax-Free Fund						Maryland Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September  30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September  30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September  30, 2009
$	7,919,255		$	17,471,958		$	316,275		$	584,596		$	445,643		$	601,865
	6,215,607			4,660,658			198,673			76,541			26,069			(2,034	)
	(1,607,089	)		26,777,266			(423,045	)		1,443,910			(315,615	)		1,980,869
	12,527,773			48,909,882			91,903			2,105,047			156,097			2,580,700
	(421,690	)		(463,538	)		(105,546	)		(183,794	)		(115,023	)		(155,759	)
	(13,422	)		—			(73,964	)		(54,264	)		(1,441	)		(35,179	)
	(100,462	)		(188,599	)		—			—			—			—
	(3,855	)		—			—			—			—			—
	(11,548	)		(9,298	)		—			—			—			—
	(356	)		—			—			—			—			—
	(8,372,011	)		(16,996,203	)		(209,680	)		(397,069	)		(329,047	)		(442,167	)
	(255,197	)		—			(134,098	)		(103,322	)		(3,717	)		(98,119	)
	(34	)		—			—			—			—			—
	(9,178,575	)		(17,657,638	)		(523,288	)		(738,449	)		(449,228	)		(731,224	)
	24,920,175			(113,914,589	)		3,288,662			2,012,242			6,443,463			11,210,947
	28,269,373			(82,662,345	)		2,857,277			3,378,840			6,150,332			13,060,423
	361,251,339			443,913,684			19,812,841			16,434,001			28,976,603			15,916,180
$	389,520,712		$	361,251,339		$	22,670,118		$	19,812,841		$	35,126,935		$	28,976,603
$	(122,024	)	$	864,466		$	2,186		$	1,137		$	1,073		$	(500	)

70

BB&T Funds

Statements of Changes in Net Assets, continued

	North Carolina Intermediate Tax-Free Fund
	For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009
From Investment Activities:
Operations:
Net investment income	$	2,565,016		$	4,606,501
Net realized gains (losses) on investments		615,435			974,303
Change in unrealized appreciation/depreciation of investments		(3,013,331	)		10,689,480
Change in net assets from operations		167,120			16,270,284
Distributions to Class A Shareholders:
Net investment income		(479,555	)		(743,381	)
Net realized gains from investment transactions		(198,488	)		(211,075	)
Distributions to Institutional Class Shareholders:
Net investment income		(2,081,485	)		(3,856,177	)
Net realized gains from investment transactions		(797,240	)		(1,036,786	)
Change in net assets from shareholder distributions		(3,556,768	)		(5,847,419	)
Capital Transactions:
Change in net assets from capital transactions		16,828,512			24,925,395
Change in net assets		13,438,864			35,348,260
Net Assets:
Beginning of period		159,878,649			124,530,389
End of period	$	173,317,513		$	159,878,649
Accumulated undistributed (distributions in excess of) net investment income	$	71,012		$	67,036

See accompanying notes to the financial statements.

71

South Carolina Intermediate Tax-Free Fund						Virginia Intermediate Tax-Free Fund						West Virginia Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September  30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September  30, 2009
$	486,623		$	748,102		$	1,434,540		$	2,767,953		$	1,534,967		$	2,695,810
	54,502			(26,687	)		65,726			844,628			54,289			129,036
	(405,673	)		2,016,126			(1,528,077	)		6,763,743			(1,146,951	)		5,203,311
	135,452			2,737,541			(27,811	)		10,376,324			442,305			8,028,157
	(169,501	)		(269,642	)		(329,030	)		(369,951	)		(352,398	)		(566,422	)
	—			(118,467	)		(209,494	)		(78,927	)		(32,736	)		(19,073	)
	(313,818	)		(473,675	)		(1,104,539	)		(2,394,907	)		(1,173,060	)		(2,110,420	)
	—			(235,059	)		(663,572	)		(585,966	)		(104,015	)		(69,580	)
	(483,319	)		(1,096,843	)		(2,306,635	)		(3,429,751	)		(1,662,209	)		(2,765,495	)
	7,154,621			6,108,311			10,939,190			3,568,450			7,857,511			4,887,895
	6,806,754			7,749,009			8,604,744			10,515,023			6,637,607			10,150,557
	28,528,794			20,779,785			91,829,250			81,314,227			83,117,265			72,966,708
$	35,335,548		$	28,528,794		$	100,433,994		$	91,829,250		$	89,754,872		$	83,117,265
$	4,532		$	1,228		$	42,366		$	41,395		$	(31,773	)	$	(41,282	)

72

BB&T Funds

Statements of Changes in Net Assets, continued

	National Tax-Free Money Market Fund
	For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September  30, 2009
From Investment Activities:
Operations:
Net investment income	$	55,202		$	2,120,139
Net realized gains (losses) from investments and distributions from affiliated funds		235			885
Change in unrealized appreciation/depreciation of investments		—			—
Change in net assets from operations		55,437			2,121,024
Distributions to Class A Shareholders:
Net investment income		(3	)		(325	)
Net realized gains from investment transactions		—			—
Distributions to Class B Shareholders:
Net investment income		—			(4	)
Net realized gains from investment transactions		—			—
Distributions to Class C Shareholders:
Net investment income		—			(3	)
Net realized gains from investment transactions		—			—
Distributions to Institutional Class Shareholders:
Net investment income		(55,199	)		(2,131,947	)
Net realized gains from investment transactions		—			—
Change in net assets from shareholder distributions		(55,202	)		(2,132,279	)
Capital Transactions:
Change in net assets from capital transactions		(63,429,156	)		109,505,842
Change in net assets		(63,428,921	)		109,494,587
Net Assets:
Beginning of period		260,938,770			151,444,183
End of period	$	197,509,849		$	260,938,770
Accumulated undistributed (distributions in excess of) net investment income	$	888		$	888

See accompanying notes to the financial statements.

73

Prime Money Market Fund						U.S. Treasury Money Market Fund						Capital Manager Conservative Growth Fund
For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009			For the Six Months Ended March  31, 2010 (Unaudited)			For the Year Ended September 30, 2009
$	46,324		$	11,671,426		$	28,428		$	343,175		$	229,761		$	740,805
	3,067			568			—			—			84,486			(9,000,447	)
	—			—			—			—			494,656			6,267,927
	49,391			11,671,994			28,428			343,175			808,903			(1,991,715	)
	(10,909	)		(3,328,886	)		(7,620	)		(86,171	)		(108,995	)		(167,125	)
	—			—			—			—			—			(111,915	)
	(70	)		(7,014	)		(36	)		(223	)		(33,857	)		(71,271	)
	—			—			—			—			—			(62,677	)
	(40	)		(2,335	)		(3	)		(18	)		(1,627	)		(2,064	)
	—			—			—			—			—			(1,617	)
	(35,306	)		(8,344,788	)		(20,769	)		(256,763	)		(90,504	)		(514,802	)
	—			—			—			—			—			(663,941	)
	(46,325	)		(11,683,023	)		(28,428	)		(343,175	)		(234,983	)		(1,595,412	)
	(389,340,547	)		(586,801,661	)		(165,997,821	)		(596,524,912	)		(115,280	)		(33,566,315	)
	(389,337,481	)		(586,812,690	)		(165,997,821	)		(596,524,912	)		458,640			(37,153,442	)
	1,153,383,049			1,740,195,739			601,836,757			1,198,361,669			14,530,732			51,684,174
$	764,045,568		$	1,153,383,049		$	435,838,936		$	601,836,757		$	14,989,372		$	14,530,732
$	790		$	791		$	2,052		$	2,052		$	(6,328	)	$	(1,106	)

74

BB&T Funds

Statements of Changes in Net Assets, continued

	Capital Manager Moderate Growth Fund
	For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September  30, 2009
From Investment Activities:
Operations:
Net investment income	$	453,518		$	911,062
Net realized losses from investments and distributions from affiliated funds		(591,137	)		(10,350,284	)
Change in unrealized appreciation/depreciation of investments		2,820,113			6,828,013
Change in net assets from operations		2,682,494			(2,611,209	)
Distributions to Class A Shareholders:
Net investment income		(333,766	)		(518,431	)
Distributions to Class B Shareholders:
Net investment income		(107,641	)		(195,965	)
Distributions to Class C Shareholders:
Net investment income		(980	)		(1,228	)
Distributions to Institutional Class Shareholders:
Net investment income		(18,350	)		(216,943	)
Change in net assets from shareholder distributions		(460,737	)		(932,567	)
Capital Transactions:
Change in net assets from capital transactions		(1,010,040	)		(23,343,292	)
Change in net assets		1,211,717			(26,887,068	)
Net Assets:
Beginning of period		37,570,663			64,457,731
End of period	$	38,782,380		$	37,570,663
Accumulated distributions in excess of net investment income	$	(9,088	)	$	(1,869	)

See accompanying notes to the financial statements.

75

Capital Manager Growth Fund						Capital Manager Equity Fund
For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September  30, 2009
$	279,665		$	553,213		$	67,781		$	178,933
	(731,428	)		(9,614,636	)		(490,713	)		(8,450,950	)
	2,686,819			5,483,507			1,215,719			4,531,287
	2,235,056			(3,577,916	)		792,787			(3,740,730	)
	(190,995	)		(275,030	)		(52,234	)		(40,297	)
	(70,505	)		(121,905	)		(16,496	)		(35,300	)
	(992	)		(695	)		(90	)		(5	)
	(20,252	)		(181,769	)		(2,359	)		(113,522	)
	(282,744	)		(579,399	)		(71,179	)		(189,124	)
	(1,149,353	)		(17,029,420	)		(1,355,145	)		(11,434,883	)
	802,959			(21,186,735	)		(633,537	)		(15,364,737	)
	28,331,250			49,517,985			9,723,124			25,087,861
$	29,134,209		$	28,331,250		$	9,089,587		$	9,723,124
$	(3,340	)	$	(261	)	$	(3,398	)	$	—

76

BB&T Funds

Statements of Changes in Net Assets, continued

	Select Equity Fund
	For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	824,111		$	1,983,302
Proceeds from shares issued in conversion		—			—
Distributions reinvested		110,416			339,192
Value of shares redeemed		(2,026,892	)		(4,782,648	)
Change in net assets from Class A Share transactions		(1,092,365	)		(2,460,154	)
Class B Shares:
Proceeds from shares issued		4,965			204,563
Proceeds from shares issued in conversion		—			—
Distributions reinvested		703			32,712
Value of shares redeemed		(808,476	)		(2,386,581	)
Change in net assets from Class B Share transactions		(802,808	)		(2,149,306	)
Class C Shares:
Proceeds from shares issued		25,396			45,286
Proceeds from shares issued in conversion		—			—
Distributions reinvested		50			651
Value of shares redeemed		(16,126	)		(82,461	)
Change in net assets from Class C Share transactions		9,320			(36,524	)
Institutional Shares:
Proceeds from shares issued		10,651,744			19,666,433
Proceeds from shares issued in conversion		—			—
Distributions reinvested		838,906			2,293,574
Value of shares redeemed		(15,093,676	)		(68,033,454	)
Change in net assets from Institutional Share transactions		(3,603,026	)		(46,073,447	)
Class R Shares:
Proceeds from shares issued		—			—
Change in net assets from Class R Share transactions		—			—
Change in net assets from capital transactions	$	(5,488,879	)	$	(50,719,431	)
Share Transactions:
Class A Shares:
Issued		78,209			227,591
Issued in conversion		—			—
Reinvested		10,198			39,583
Redeemed		(192,498	)		(549,666	)
Change in Class A Shares		(104,091	)		(282,492	)
Class B Shares:
Issued		475			24,291
Issued in conversion		—			—
Reinvested		67			3,930
Redeemed		(78,263	)		(281,391	)
Change in Class B Shares		(77,721	)		(253,170	)
Class C Shares:
Issued		2,458			5,147
Issued in conversion		—			—
Reinvested		5			78
Redeemed		(1,572	)		(8,687	)
Change in Class C Shares		891			(3,462	)
Institutional Shares:
Issued		1,005,130			2,272,328
Issued in conversion		—			—
Reinvested		77,075			265,040
Redeemed		(1,426,715	)		(7,603,398	)
Change in Institutional Shares		(344,510	)		(5,066,030	)
Class R Shares:
Issued		—			—
Change in Class R Shares		—			—
Change in Shares		(525,431	)		(5,605,154	)

See accompanying notes to the financial statements.

77

Mid Cap Value Fund						Sterling Capital Small Cap Value Fund
For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September  30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September  30, 2009
$	1,438,679		$	1,513,470		$	65,639		$	—
	5,898,265			—			4,823,580			—
	22,871			23,737			—			—
	(1,090,577	)		(18,697,334	)		(153,821	)		—
	6,269,238			(17,160,127	)		4,735,398			—
	17,812			193,887			102			—
	1,265,846			—			1,039,675			—
	579			2,885			—			—
	(616,568	)		(793,203	)		(44,330	)		—
	667,669			(596,431	)		995,447			—
	196,453			13,579			4,645			—
	72,648			—			17,265			—
	77			125			—			—
	(32,118	)		(120,248	)		—			—
	237,060			(106,544	)		21,910			—
	29,139,575			84,559,427			12,000,040			8,470,107
	69,504,565			—			22,752,370			—
	440,921			378,820			33,878			606,770
	(38,755,444	)		(52,041,186	)		(5,757,844	)		(6,074,530	)
	60,329,617			32,897,061			29,028,444			3,002,347
	100			—			100			—
	100			—			100			—
$	67,503,684		$	15,033,959		$	34,781,299		$	3,002,347
	125,605			169,260			5,988			—
	533,366			—			457,112			—
	2,024			2,909			—			—
	(96,912	)		(1,854,915	)		(13,848	)		—
	564,083			(1,682,746	)		449,252			—
	1,631			25,735			10			—
	119,580			—			98,525			—
	54			367			—			—
	(56,436	)		(100,401	)		(4,025	)		—
	64,829			(74,299	)		94,510			—
	18,429			1,655			440			—
	6,840			—			1,636			—
	7			15			—			—
	(2,842	)		(16,984	)		—			—
	22,434			(15,314	)		2,076			—
	2,571,112			9,161,697			1,119,689			971,707
	6,253,352			—			2,156,153			—
	38,814			46,311			3,215			98,342
	(3,436,088	)		(6,271,824	)		(546,446	)		(846,871	)
	5,427,190			2,936,184			2,732,611			223,178
	9			—			9			—
	9			—			9			—
	6,078,545			1,163,825			3,278,458			223,178

78

BB&T Funds

Statements of Changes in Net Assets, continued

	International Equity Fund
	For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	514,985		$	611,996
Distributions reinvested		67,212			73,346
Value of shares redeemed		(224,305	)		(619,562	)
Change in net assets from Class A Share transactions		357,892			65,780
Class B Shares:
Proceeds from shares issued		12,334			117,435
Distributions reinvested		13,417			27,848
Value of shares redeemed		(92,086	)		(322,513	)
Change in net assets from Class B Share transactions		(66,335	)		(177,230	)
Class C Shares:
Proceeds from shares issued		51,009			6,213
Distributions reinvested		1,243			3,934
Value of shares redeemed		(64,606	)		(2,823	)
Change in net assets from Class C Share transactions		(12,354	)		7,324
Institutional Shares:
Proceeds from shares issued		9,194,907			18,592,178
Distributions reinvested		1,313,469			1,355,129
Value of shares redeemed		(6,863,094	)		(37,274,473	)
Change in net assets from Institutional Share transactions		3,645,282			(17,327,166	)
Class R Shares:
Proceeds from shares issued		—			—
Change in net assets from Class R Share transactions		—			—
Change in net assets from capital transactions	$	3,924,485		$	(17,431,292	)
Share Transactions:
Class A Shares:
Issued		103,524			138,546
Reinvested		13,469			17,422
Redeemed		(45,955	)		(149,273	)
Change in Class A Shares		71,038			6,695
Class B Shares:
Issued		2,834			30,688
Reinvested		3,029			7,426
Redeemed		(21,113	)		(91,372	)
Change in Class B Shares		(15,250	)		(53,258	)
Class C Shares:
Issued		12,084			1,326
Reinvested		281			1,055
Redeemed		(14,565	)		(868	)
Change in Class C Shares		(2,200	)		1,513
Institutional Shares:
Issued		1,820,398			4,282,213
Reinvested		255,043			311,524
Redeemed		(1,335,467	)		(8,714,073	)
Change in Institutional Shares		739,974			(4,120,336	)
Class R Shares:
Issued		—			—
Change in Class R Shares		—			—
Change in Shares		793,562			(4,165,386	)

See accompanying notes to the financial statements.

79

Special Opportunities Equity Fund						Equity Income Fund						Short U.S. Government Fund
For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009
$	30,036,204		$	71,191,936		$	24,846,326		$	30,607,899		$	2,542,799		$	1,494,189
	—			5,215,999			986,674			1,743,806			73,946			149,156
	(20,055,561	)		(29,786,631	)		(11,147,676	)		(24,727,229	)		(1,122,504	)		(1,476,030	)
	9,980,643			46,621,304			14,685,324			7,624,476			1,494,241			167,315
	189,033			2,146,745			314,570			2,091,712			—			—
	—			1,122,418			83,025			184,877			—			—
	(1,761,921	)		(4,131,438	)		(930,169	)		(2,738,223	)		—			—
	(1,572,888	)		(862,275	)		(532,574	)		(461,634	)		—			—
	9,795,615			16,178,384			14,331,407			14,110,019			—			—
	—			2,167,962			281,157			435,434			—			—
	(4,116,809	)		(8,736,669	)		(2,335,471	)		(6,328,259	)		—			—
	5,678,806			9,609,677			12,277,093			8,217,194			—			—
	34,958,121			106,067,836			44,792,990			81,509,154			34,033,963			62,733,868
	—			5,139,975			1,489,260			2,352,452			185,599			450,895
	(23,186,583	)		(58,550,986	)		(17,973,302	)		(41,983,839	)		(18,590,289	)		(49,594,907	)
	11,771,538			52,656,825			28,308,948			41,877,767			15,629,273			13,589,856
	100			—			100			—			—			—
	100			—			100			—			—			—
$	25,858,199		$	108,025,531		$	54,738,891		$	57,257,803		$	17,123,514		$	13,757,171
	1,954,532			5,868,766			2,036,424			3,015,882			263,608			154,765
	—			490,046			79,430			169,595			7,667			15,462
	(1,316,123	)		(2,437,192	)		(924,372	)		(2,462,292	)		(116,279	)		(153,057	)
	638,409			3,921,620			1,191,482			723,185			154,996			17,170
	12,805			192,268			25,932			215,807			—			—
	—			111,063			6,734			18,056			—			—
	(121,289	)		(368,389	)		(76,617	)		(275,597	)		—			—
	(108,484	)		(65,058	)		(43,951	)		(41,734	)		—			—
	671,780			1,352,888			1,188,772			1,380,189			—			—
	—			214,531			22,802			42,286			—			—
	(282,271	)		(783,829	)		(193,076	)		(631,797	)		—			—
	389,509			783,590			1,018,498			790,678			—			—
	2,231,108			8,619,828			3,660,238			8,044,137			3,528,456			6,496,098
	—			474,889			119,591			228,246			19,252			46,794
	(1,480,221	)		(4,537,247	)		(1,481,807	)		(4,117,926	)		(1,927,529	)		(5,133,031	)
	750,887			4,557,470			2,298,022			4,154,457			1,620,179			1,409,861
	7			—			8			—			—			—
	7			—			8			—			—			—
	1,670,328			9,197,622			4,464,059			5,626,586			1,775,175			1,427,031

80

BB&T Funds

Statements of Changes in Net Assets, continued

	Intermediate U.S. Government Fund
	For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	1,216,317		$	5,507,545
Distributions reinvested		159,167			356,399
Value of shares redeemed		(2,270,334	)		(3,198,228	)
Change in net assets from Class A Share transactions		(894,850	)		2,665,716
Class B Shares:
Proceeds from shares issued		89,667			770,323
Distributions reinvested		32,524			86,626
Value of shares redeemed		(368,227	)		(837,317	)
Change in net assets from Class B Share transactions		(246,036	)		19,632
Class C Shares:
Proceeds from shares issued		40,005			354,900
Distributions reinvested		3,002			4,738
Value of shares redeemed		(26,501	)		(118,825	)
Change in net assets from Class C Share transactions		16,506			240,813
Institutional Shares:
Proceeds from shares issued		42,720,083			122,254,012
Distributions reinvested		935,536			1,957,937
Value of shares redeemed		(26,396,487	)		(63,380,669	)
Change in net assets from Institutional Share transactions		17,259,132			60,831,280
Class R Shares:
Proceeds from shares issued		—			—
Proceeds from shares issued in conversion		—			—
Distributions reinvested		—			—
Change in net assets from Class R Share transactions		—			—
Change in net assets from capital transactions	$	16,134,752		$	63,757,441
Share Transactions:
Class A Shares:
Issued		115,194			530,446
Reinvested		15,072			34,310
Redeemed		(215,230	)		(308,512	)
Change in Class A Shares		(84,964	)		256,244
Class B Shares:
Issued		8,503			74,821
Reinvested		3,091			8,377
Redeemed		(35,031	)		(80,647	)
Change in Class B Shares		(23,437	)		2,551
Class C Shares:
Issued		3,799			33,865
Reinvested		285			457
Redeemed		(2,521	)		(11,434	)
Change in Class C Shares		1,563			22,888
Institutional Shares:
Issued		4,042,124			11,698,649
Reinvested		88,493			188,282
Redeemed		(2,498,477	)		(6,102,237	)
Change in Institutional Shares		1,632,140			5,784,694
Class R Shares:
Issued		—			—
Reinvested		—			—
Change in Class R Shares		—			—
Change in Shares		1,525,302			6,066,377

See accompanying notes to the financial statements.

81

Total Return Bond Fund						Kentucky Intermediate Tax-Free Fund						Maryland Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009
$	8,346,893		$	9,088,236		$	1,303,181		$	1,307,631		$	2,009,830		$	3,911,381
	406,148			438,479			134,520			188,172			87,274			139,925
	(2,574,734	)		(3,473,367	)		(183,222	)		(477,223	)		(350,929	)		(680,310	)
	6,178,307			6,053,348			1,254,479			1,018,580			1,746,175			3,370,996
	183,770			1,403,822			—			—			—			—
	98,479			175,040			—			—			—			—
	(792,773	)		(1,628,138	)		—			—			—			—
	(510,524	)		(49,276	)		—			—			—			—
	549,147			188,344			—			—			—			—
	11,190			8,524			—			—			—			—
	(29,327	)		(7,826	)		—			—			—			—
	531,010			189,042			—			—			—			—
	54,229,708			94,275,883			4,661,943			4,166,460			6,402,461			9,576,183
	3,682,536			5,788,138			2,490			22			29,842			34,871
	(39,195,896	)		(220,171,724	)		(2,630,250	)		(3,172,820	)		(1,735,015	)		(1,771,103	)
	18,716,348			(120,107,703	)		2,034,183			993,662			4,697,288			7,839,951
	5,000			—			—			—			—			—
	—			—			—			—			—			—
	34			—			—			—			—			—
	5,034			—			—			—			—			—
$	24,920,175		$	(113,914,589	)	$	3,288,662		$	2,012,242		$	6,443,463		$	11,210,947
	770,376			880,753			123,554			127,302			184,140			367,703
	37,481			42,944			12,811			18,641			8,016			13,488
	(238,503	)		(341,607	)		(17,422	)		(48,014	)		(32,155	)		(64,532	)
	569,354			582,090			118,943			97,929			160,001			316,659
	16,926			139,668			—			—			—			—
	9,083			17,205			—			—			—			—
	(73,082	)		(160,292	)		—			—			—			—
	(47,073	)		(3,419	)		—			—			—			—
	50,611			18,404			—			—			—			—
	1,031			832			—			—			—			—
	(2,698	)		(781	)		—			—			—			—
	48,944			18,455			—			—			—			—
	5,003,921			9,274,960			443,361			404,656			587,737			903,818
	339,678			569,241			238			2			2,736			3,330
	(3,619,253	)		(21,833,628	)		(250,595	)		(309,841	)		(159,039	)		(169,663	)
	1,724,346			(11,989,427	)		193,004			94,817			431,434			737,485
	460			—			—			—			—			—
	3			—			—			—			—			—
	463			—			—			—			—			—
	2,296,034			(11,392,301	)		311,947			192,746			591,435			1,054,144

82

BB&T Funds

Statements of Changes in Net Assets, continued

	North Carolina Intermediate Tax-Free Fund
	For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	7,971,892		$	8,512,398
Distributions reinvested		504,393			700,409
Value of shares redeemed		(1,714,044	)		(2,239,327	)
Change in net assets from Class A Share transactions		6,762,241			6,973,480
Institutional Shares:
Proceeds from shares issued		26,034,088			53,325,044
Distributions reinvested		148,691			86,026
Value of shares redeemed		(16,116,508	)		(35,459,155	)
Change in net assets from Institutional Share transactions		10,066,271			17,951,915
Change in net assets from capital transactions	$	16,828,512		$	24,925,395
Share Transactions:
Class A Shares:
Issued		743,996			808,322
Reinvested		47,137			67,986
Redeemed		(160,124	)		(216,514	)
Change in Class A Shares		631,009			659,794
Institutional Shares:
Issued		2,431,029			5,114,666
Reinvested		13,898			8,269
Redeemed		(1,504,705	)		(3,416,981	)
Change in Institutional Shares		940,222			1,705,954
Change in Shares		1,571,231			2,365,748

See accompanying notes to the financial statements.

83

South Carolina Intermediate Tax-Free Fund						Virginia Intermediate Tax-Free Fund						West Virginia Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009
$	1,488,217		$	4,351,829		$	6,413,193		$	10,846,093		$	3,985,126		$	3,638,868
	154,527			363,052			417,565			313,225			245,803			369,696
	(500,194	)		(1,566,583	)		(754,138	)		(1,688,822	)		(292,543	)		(1,807,775	)
	1,142,550			3,148,298			6,076,620			9,470,496			3,938,386			2,200,789
	9,485,433			6,388,083			8,376,750			13,709,083			8,255,113			17,512,513
	39,322			51,922			20,614			22,190			41,877			53,700
	(3,512,684	)		(3,479,992	)		(3,534,794	)		(19,633,319	)		(4,377,865	)		(14,879,107	)
	6,012,071			2,960,013			4,862,570			(5,902,046	)		3,919,125			2,687,106
$	7,154,621		$	6,108,311		$	10,939,190		$	3,568,450		$	7,857,511		$	4,887,895
	140,649			422,507			541,353			924,445			401,348			374,355
	14,649			36,060			35,247			27,104			24,772			38,419
	(47,405	)		(156,703	)		(63,522	)		(147,293	)		(29,543	)		(191,986	)
	107,893			301,864			513,078			804,256			396,577			220,788
	904,094			622,738			705,975			1,172,262			830,821			1,802,282
	3,750			5,167			1,741			1,933			4,211			5,594
	(334,885	)		(344,978	)		(297,750	)		(1,691,879	)		(440,685	)		(1,541,826	)
	572,959			282,927			409,966			(517,684	)		394,347			266,050
	680,852			584,791			923,044			286,572			790,924			486,838

84

BB&T Funds

Statements of Changes in Net Assets, continued

	National Tax-Free Money Market Fund
	For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	89,420		$	77,000
Distributions reinvested		3			322
Value of shares redeemed		(57,924	)		(31,187	)
Change in net assets from Class A Share transactions		31,499			46,135
Class B Shares:
Proceeds from shares issued		—			—
Distributions reinvested		—			—
Value of shares redeemed		—			(1,097	)*
Change in net assets from Class B Share transactions		—			(1,097	)
Class C Shares:
Proceeds from shares issued		—			—
Distributions reinvested		—			—
Value of shares redeemed		—			(1,040	)*
Change in net assets from Class C Share transactions		—			(1,040	)
Institutional Shares:
Proceeds from shares issued		154,838,164			344,322,885
Distributions reinvested		775			10,075
Value of shares redeemed		(218,299,594	)		(234,871,116	)
Change in net assets from Institutional Share transactions		(63,460,655	)		109,461,844
Change in net assets from capital transactions	$	(63,429,156	)	$	109,505,842
Share Transactions:
Class A Shares:
Issued		89,420			77,000
Reinvested		3			322
Redeemed		(57,924	)		(31,187	)
Change in Class A Shares		31,499			46,135
Class B Shares:
Issued		—			—
Reinvested		—			—
Redeemed		—			(1,097	)*
Change in Class B Shares		—			(1,097	)
Class C Shares:
Issued		—			—
Reinvested		—			—
Redeemed		—			(1,040	)*
Change in Class C Shares		—			(1,040	)
Institutional Shares:
Issued		154,838,164			344,322,885
Reinvested		775			10,075
Redeemed		(218,299,595	)		(234,871,115	)
Change in Institutional Shares		(63,460,656	)		109,461,845
Change in Shares		(63,429,157	)		109,505,843

* The Class B Shares and Class C Shares liquidated on 1/29/09.

See accompanying notes to the financial statements.

85

Prime Money Market Fund						U.S. Treasury Money Market Fund						Capital Manager Conservative Growth Fund
For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009
$	43,162,799		$	187,765,892		$	34,379,627		$	141,940,413		$	1,079,342		$	1,103,857
	10,896			3,326,989			7,612			86,122			106,666			273,616
	(116,199,563	)		(683,388,858	)		(55,838,803	)		(458,963,771	)		(418,052	)		(2,868,514	)
	(73,025,868	)		(492,295,977	)		(21,451,564	)		(316,937,236	)		767,956			(1,491,041	)
	157,090			1,578,997			143,491			1,394,849			38,299			431,215
	68			6,554			34			209			33,682			132,124
	(387,811	)		(1,451,437	)		(386,039	)		(1,056,675	)		(718,446	)		(1,387,571	)
	(230,653)			134,114			(242,514	)		338,383			(646,465	)		(824,232	)
	196,184			1,558,892			7,224			35,571			20,423			2,541
	35			2,013			3			17			1,627			3,680
	(358,089	)		(912,463	)		(4,030	)		(18,848	)		(45	)		(30	)
	(161,870	)		648,442			3,197			16,740			22,005			6,191
	585,083,099			1,886,208,967			353,242,731			1,110,279,019			404,591			1,383,961
	5,886			1,006,032			2,249			64,060			89,452			1,172,690
	(901,011,141	)		(1,982,503,239	)		(497,551,920	)		(1,390,285,878	)		(752,819	)		(33,813,884	)
	(315,922,156	)		(95,288,240	)		(144,306,940	)		(279,942,799	)		(258,776	)		(31,257,233	)
$	(389,340,547	)	$	(586,801,661	)	$	(165,997,821	)	$	(596,524,912	)	$	(115,280	)	$	(33,566,315	)
	43,162,799			187,765,892			34,379,627			141,940,413			124,143			145,115
	10,896			3,326,989			7,612			86,123			12,238			36,062
	(116,199,563	)		(683,388,858	)		(55,838,803	)		(458,963,771	)		(48,517	)		(381,702	)
	(73,025,868	)		(492,295,977	)		(21,451,564	)		(316,937,235	)		87,864			(200,525	)
	157,090			1,578,997			143,492			1,394,849			4,413			59,003
	68			6,554			34			208			3,867			17,490
	(387,811	)		(1,451,437	)		(386,039	)		(1,056,675	)		(82,638	)		(185,810	)
	(230,653	)		134,114			(242,513	)		338,382			(74,358	)		(109,317	)
	196,184			1,558,892			7,224			35,571			2,370			330
	35			2,013			3			17			187			488
	(358,089	)		(912,463	)		(4,030	)		(18,848	)		(5	)		(4	)
	(161,870	)		648,442			3,197			16,740			2,552			814
	585,083,099			1,886,208,967			353,242,731			1,110,279,019			46,798			180,694
	5,885			1,006,032			2,249			64,060			10,166			154,895
	(901,011,141	)		(1,982,503,239	)		(497,551,920	)		(1,390,285,878	)		(86,213	)		(4,411,452	)
				��
	(315,922,157	)		(95,288,240	)		(144,306,940	)		(279,942,799	)		(29,249	)		(4,075,863	)
	(389,340,548	)		(586,801,661	)		(165,997,820	)		(596,524,912	)		(13,191	)		(4,384,891	)

86

BB&T Funds

Statements of Changes in Net Assets, continued

	Capital Manager Moderate Growth Fund
	For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,017,988		$	2,971,395
Distributions reinvested		328,766			511,761
Value of shares redeemed		(1,765,406	)		(6,232,223	)
Change in net assets from Class A Share transactions		581,348			(2,749,067	)
Class B Shares:
Proceeds from shares issued		52,861			407,315
Distributions reinvested		107,061			194,626
Value of shares redeemed		(1,628,656	)		(3,675,777	)
Change in net assets from Class B Share transactions		(1,468,734	)		(3,073,836	)
Class C Shares:
Proceeds from shares issued		38,262			7,452
Distributions reinvested		980			1,228
Value of shares redeemed		(20,060	)		(90	)
Change in net assets from Class C Share transactions		19,182			8,590
Institutional Shares:
Proceeds from shares issued		32,799			723,777
Distributions reinvested		17,216			214,818
Value of shares redeemed		(191,851	)		(18,467,574	)
Change in net assets from Institutional Share transactions		(141,836	)		(17,528,979	)
Change in net assets from capital transactions	$	(1,010,040	)	$	(23,343,292	)
Share Transactions:
Class A Shares:
Issued		252,211			433,920
Reinvested		40,782			74,892
Redeemed		(220,386	)		(946,756	)
Change in Class A Shares		72,607			(437,944	)
Class B Shares:
Issued		6,961			63,505
Reinvested		13,621			29,309
Redeemed		(207,843	)		(564,356	)
Change in Class B Shares		(187,261	)		(471,542	)
Class C Shares:
Issued		4,856			1,061
Reinvested		123			183
Redeemed		(2,615	)		(13	)
Change in Class C Shares		2,364			1,231
Institutional Shares:
Issued		4,064			109,413
Reinvested		2,125			31,749
Redeemed		(23,611	)		(2,699,565	)
Change in Institutional Shares		(17,422	)		(2,558,403	)
Change in Shares		(129,712	)		(3,466,658	)

See accompanying notes to the financial statements.

87

Capital Manager Growth Fund						Capital Manager Equity Fund
For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010 (Unaudited)			For the Year Ended September 30, 2009
$	1,108,908		$	1,738,721		$	533,710		$	506,015
	190,072			273,487			49,917			38,360
	(1,079,421	)		(2,943,160	)		(899,317	)		(885,055	)
	219,559			(930,952	)		(315,690	)		(340,680	)
	1,861			318,527			25,270			179,777
	69,610			120,376			16,453			35,220
	(1,394,503	)		(2,947,687	)		(490,606	)		(830,315	)
	(1,323,032	)		(2,508,784	)		(448,883	)		(615,318	)
	29,611			43,206			7,438			4,494
	991			695			90			5
	(1,507)			(60	)		—			—
	29,095			43,841			7,528			4,499
	46,598			1,193,730			7,372			1,069,147
	20,252			181,769			1,942			109,897
	(141,825	)		(15,009,024	)		(607,414	)		(11,662,428	)
	(74,975	)		(13,633,525	)		(598,100	)		(10,483,384	)
$	(1,149,353	)	$	(17,029,420	)	$	(1,355,145	)	$	(11,434,883	)
	151,921			282,599			75,857			89,077
	25,729			44,689			7,101			6,718
	(147,032	)		(489,607	)		(126,781	)		(152,292	)
	30,618			(162,319	)		(43,823	)		(56,497	)
	261			54,973			3,744			35,154
	9,690			20,331			2,445			6,439
	(195,436	)		(496,028	)		(73,559	)		(150,409	)
	(185,485	)		(420,724	)		(67,370	)		(108,816	)
	4,146			6,560			1,110			762
	138			115			13			1
	(217	)		(10	)		—			—
	4,067			6,665			1,123			763
	6,263			200,066			1,046			185,987
	2,735			29,851			273			19,046
	(19,207	)		(2,427,109	)		(88,013	)		(1,976,166	)
	(10,209	)		(2,197,192	)		(86,694	)		(1,771,133	)
	(161,009	)		(2,773,570	)		(196,764	)		(1,935,683	)

88

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 (loss)	Net realized/ unrealized gains (losses) on investments	Total from Investment Activities	Net investment income	Net realized gains on investments	Return of capital	Total Distributions
Select Equity Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.08	0.03(c)	1.03	1.06	(0.04)	—	—	(0.04)
Year Ended September 30, 2009	$11.31	0.11(c)	(1.22)	(1.11)	(0.12)	—	—	(0.12)
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)
Mid Cap Value Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.81	0.01(c)	1.27	1.28	(0.02)	—	—	(0.02)
Year Ended September 30, 2009	$10.50	0.02(c)	0.31	0.33	(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)
Sterling Capital Small Cap Value Fund
February 1, 2010 to March 31, 2010 (Unaudited)(d)	$10.55	0.01(c)	0.92	0.93	—	—	—	—
International Equity Fund
Six Months Ended March 31, 2010 (Unaudited)	$  4.97	—(c)(e)	0.10	0.10	(0.10)	—	—	(0.10)
Year Ended September 30, 2009	$  5.31	0.06(c)	(0.28)	(0.22)	(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)
Special Opportunities Equity Fund
Six Months Ended March 31, 2010 (Unaudited)	$14.66	(0.03)(c)	1.75	1.72	—	—	—	—
Year Ended September 30, 2009	$15.34	—(c)(e)	—(e)	—(e)	—(e)	(0.57)	(0.11)	(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)
Equity Income Fund
Six Months Ended March 31, 2010 (Unaudited)	$11.43	0.14(c)	1.32	1.46	(0.12)	—	—	(0.12)
Year Ended September 30, 2009	$12.35	0.30(c)	(0.99)	(0.69)	(0.20)	(0.03)	—	(0.23)
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)
Short U.S. Government Fund
Six Months Ended March 31, 2010 (Unaudited)	$  9.66	0.09(c)	(0.02)	0.07	(0.13)	—	—	(0.13)
Year Ended September 30, 2009	$  9.54	0.24(c)	0.19	0.43	(0.31)	—	—	(0.31)
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)

* 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) Period from commencement of operations.

(e) Amount is less than $0.005.

(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.

89

		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)
$11.10	10.52%	$  31,116	1.08%	0.62%	1.47%	81.39%
$10.08	(9.67)%	$  29,290	1.06%	1.25%	1.45%	92.97%
$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%
$12.07	11.89%	$  18,783	1.19%	0.14%	1.37%	28.08%
$10.81	3.24%	$  10,717	1.21%	0.19%	1.26%	46.83%
$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%
$11.48	8.82%	$    5,156	1.39%	(0.42)%	2.27%	58.50%
$  4.97	1.98%	$    3,686	1.76%	(0.10)%	2.20%	67.73%
$  4.97	(3.78)%	$    3,333	1.74%	1.34%	2.13%	223.19%
$  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%
$16.38	11.73%	$206,358	1.27%	(0.33)%	1.52%	11.87%
$14.66	1.74%	$175,319	1.28%	0.02%	1.54%	45.22%
$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%
$12.77	12.80%	$126,427	1.17%	2.33%	1.42%	8.25%
$11.43	(5.33)%	$  99,480	1.18%	2.93%	1.45%	37.13%
$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%
$  9.60	0.73%	$    6,364	0.92%	1.87%	1.32%	12.47%
$  9.66	4.57%	$    4,909	0.98%	2.44%	1.38%	89.57%
$  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%

90

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
Intermediate U.S. Government Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.56	0.14(c)	—(d)	0.14	(0.15)	—	(0.15)
Year Ended September 30, 2009	$10.03	0.33(c)	0.55	0.88	(0.35)	—	(0.35)
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)
Total Return Bond Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.78	0.22(c)	0.13	0.35	(0.25)	(0.01)	(0.26)
Year Ended September 30, 2009	$  9.88	0.45(c)	0.90	1.35	(0.45)	—	(0.45)
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)
Kentucky Intermediate Tax-Free Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.68	0.15(c)	(0.12)	0.03	(0.15)	(0.10)	(0.25)
Year Ended September 30, 2009	$  9.88	0.33(c)	0.89	1.22	(0.32)	(0.10)	(0.42)
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)
Maryland Intermediate Tax-Free Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.97	0.14(c)	(0.10)	0.04	(0.14)	—(d)	(0.14)
Year Ended September 30, 2009	$10.04	0.30(c)	1.01	1.31	(0.30)	(0.08)	(0.38)
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)
North Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.87	0.15(c)	(0.16)	(0.01)	(0.15)	(0.06)	(0.21)
Year Ended September 30, 2009	$10.09	0.33(c)	0.88	1.21	(0.33)	(0.10)	(0.43)
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)
South Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.68	0.16(c)	(0.12)	0.04	(0.16)	—	(0.16)
Year Ended September 30, 2009	$  9.95	0.33(c)	0.90	1.23	(0.33)	(0.17)	(0.50)
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)
Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2010 (Unaudited)	$12.07	0.17(c)	(0.19)	(0.02)	(0.17)	(0.11)	(0.28)
Year Ended September 30, 2009	$11.11	0.36(c)	1.05	1.41	(0.36)	(0.09)	(0.45)
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)
West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.04	0.17(c)	(0.13)	0.04	(0.17)	(0.02)	(0.19)
Year Ended September 30, 2009	$  9.36	0.33(c)	0.69	1.02	(0.33)	(0.01)	(0.34)
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)

* 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.

91

		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)
$10.55	1.34%	$11,960	0.94%	2.65%	1.31%	29.22%
$10.56	8.90%	$12,865	0.95%	3.14%	1.32%	47.13%
$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%
$10.87	3.36%	$22,094	0.95%	4.08%	1.33%	63.79%
$10.78	13.89%	$15,760	0.96%	4.38%	1.33%	122.26%
$  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%
$10.46	0.30%	$  8,101	0.91%	2.82%	1.36%	13.80%
$10.68	12.71%	$  6,999	0.92%	3.18%	1.37%	33.56%
$  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%
$10.87	0.39%	$  9,931	0.89%	2.59%	1.34%	4.95%
$10.97	13.44%	$  8,273	0.90%	2.84%	1.38%	37.11%
$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%
$10.65	(0.02)%	$35,871	0.92%	2.87%	1.32%	10.25%
$10.87	12.35%	$29,765	0.92%	3.17%	1.32%	38.42%
$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%
$10.56	0.34%	$12,259	0.95%	2.96%	1.35%	3.90%
$10.68	12.78%	$11,255	0.98%	3.18%	1.38%	42.06%
$  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%
$11.77	(0.19)%	$25,773	0.92%	2.82%	1.33%	3.44%
$12.07	13.11%	$20,230	0.92%	3.05%	1.32%	35.90%
$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%
$  9.89	0.33%	$23,162	0.93%	3.37%	0.93%	1.61%
$10.04	11.14%	$19,518	0.93%	3.45%	0.93%	24.19%
$  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%

92

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, 2010 (Unaudited)	$  1.00	—(c)(d)	—(d)	—(d)	—(d)	—	—(d)
Year Ended September 30, 2009	$  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, 2010 (Unaudited)	$  1.00	—(c)(d)	—(d)	—(d)	—(d)	—	—(d)
Year Ended September 30, 2009	$  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)
U.S. Treasury Money Market Fund
Six Months Ended March 31, 2010 (Unaudited)	$  1.00	—(c)(d)	—	—(d)	—(d)	—	—(d)
Year Ended September 30, 2009	$  1.00	—(c)(d)	—	—(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	0.04(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)
Capital Manager Conservative Growth Fund(f)
Six Months Ended March 31, 2010 (Unaudited)	$  8.50	0.14(c)	0.34	0.48	(0.15)	—	(0.15)
Year Ended September 30, 2009	$  8.43	0.23(c)	0.21	0.44	(0.23)	(0.14)	(0.37)
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)
Capital Manager Moderate Growth Fund(f)
Six Months Ended March 31, 2010 (Unaudited)	$  7.79	0.10(c)	0.48	0.58	(0.11)	—	(0.11)
Year Ended September 30, 2009	$  7.77	0.16(c)	0.02	0.18	(0.16)	—	(0.16)
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)
Capital Manager Growth Fund(f)
Six Months Ended March 31, 2010 (Unaudited)	$  7.11	0.08(c)	0.50	0.58	(0.08)	—	(0.08)
Year Ended September 30, 2009	$  7.33	0.12(c)	(0.22)	(0.10)	(0.12)	—	(0.12)
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)
Capital Manager Equity Fund(f)
Six Months Ended March 31, 2010 (Unaudited)	$  6.77	0.07(c)	0.54	0.61	(0.07)	—	(0.07)
Year Ended September 30, 2009	$  7.41	0.07(c)	(0.65)	(0.58)	(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)

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

See accompanying notes to the financial statements.

93

		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	0.01%	$        82	0.42%	0.01%	0.97%	—
$  1.00	0.80%	$        50	0.69%	0.67%	0.99%	—
$  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	0.01%	$197,827	0.34%	0.01%	1.14%	—
$  1.00	0.53%	$270,852	0.96%	0.78%	1.16%	—
$  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	0.01%	$146,643	0.13%	0.01%	1.14%	—
$  1.00	0.03%	$168,094	0.33%	0.03%	1.13%	—
$  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%	—
$  8.83	5.62%	$    6,940	0.45%	3.24%	0.95%	9.38%
$  8.50	5.95%	$    5,929	0.43%	2.95%	0.93%	21.56%
$  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%
$  8.26	7.42%	$  26,493	0.39%	2.63%	0.89%	11.54%
$  7.79	2.67%	$  24,426	0.38%	2.36%	0.88%	22.46%
$  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%
$  7.61	8.22%	$  18,014	0.41%	2.23%	0.91%	12.63%
$  7.11	(1.25)%	$  16,609	0.39%	1.89%	0.89%	24.08%
$  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%
$  7.31	9.12%	$    4,874	0.50%	1.88%	1.00%	18.35%
$  6.77	(7.60)%	$    4,810	0.46%	1.23%	0.97%	20.24%
$  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%

94

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	Return of capital	Total Distributions
Select Equity Fund
Six Months Ended March 31, 2010 (Unaudited)	$  9.90	(0.01)(c)	1.01	1.00	—(d)	—	—	—(d)
Year Ended September 30, 2009	$11.11	0.05(c)	(1.21)	(1.16)	(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)
Mid Cap Value Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.35	(0.04)(c)	1.23	1.19	—(d)	—	—	—(d)
Year Ended September 30, 2009	$10.14	(0.05)(c)	0.27	0.22	(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)
Sterling Capital Small Cap Value Fund
February 1, 2010 to March 31, 2010 (Unaudited)(e)	$10.55	(0.01)(c)	0.92	0.91	—	—	—	—
International Equity Fund
Six Months Ended March 31, 2010 (Unaudited)	$  4.41	(0.02)(c)	0.09	0.07	(0.07)	—	—	(0.07)
Year Ended September 30, 2009	$  4.75	0.02(c)	(0.25)	(0.23)	(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)
Special Opportunities Equity Fund
Six Months Ended March 31, 2010 (Unaudited)	$13.89	(0.08)(c)	1.65	1.57	—	—	—	—
Year Ended September 30, 2009	$14.65	(0.05)(c)	(0.05)	(0.10)	—(d)	(0.57)	(0.09)	(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)
Equity Income Fund
Six Months Ended March 31, 2010 (Unaudited)	$11.39	0.09(c)	1.32	1.41	(0.07)	—	—	(0.07)
Year Ended September 30, 2009	$12.31	0.22(c)	(0.98)	(0.76)	(0.13)	(0.03)	—	(0.16)
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)
Intermediate U.S. Government Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.52	0.10(c)	—(d)	0.10	(0.11)	—	—	(0.11)
Year Ended September 30, 2009	$10.00	0.25(c)	0.54	0.79	(0.27)	—	—	(0.27)
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)

* 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.

95

		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)
$10.90	10.12%	$  4,110	1.83%	(0.14)%	1.97%	81.39%
$  9.90	(10.31)%	$  4,501	1.82%	0.54%	1.96%	92.97%
$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%
$11.54	11.52%	$  4,600	1.94%	(0.64)%	2.11%	28.08%
$10.35	2.17%	$  3,454	1.96%	(0.60)%	2.01%	46.83%
$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%
$11.46	8.63%	$  1,083	2.14%	(0.92)%	2.76%	58.50%
$  4.41	1.47%	$     888	2.51%	(0.87)%	2.69%	67.73%
$  4.41	(4.43)%	$     954	2.49%	0.58%	2.64%	223.19%
$  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%
$15.46	11.30%	$25,115	2.02%	(1.09)%	2.02%	11.87%
$13.89	1.04%	$24,068	2.03%	(0.39)%	2.04%	45.22%
$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%
$12.73	12.43%	$14,606	1.92%	1.57%	1.92%	8.25%
$11.39	(6.05)%	$13,567	1.93%	2.18%	1.95%	37.13%
$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%
$10.51	0.97%	$  3,007	1.69%	1.91%	1.81%	29.22%
$10.52	8.01%	$  3,256	1.70%	2.42%	1.82%	47.13%
$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%

96

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, 2010 (Unaudited)	$10.78	0.18(c)	0.14	0.32	(0.21)	(0.01)	(0.22)
Year Ended September 30, 2009	$  9.89	0.37(c)	0.89	1.26	(0.37)	—	(0.37)
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)
Prime Money Market Fund
Six Months Ended March 31, 2010 (Unaudited)	$  1.00	—(c)(d)	—(d)	—(d)	—(d)	—	—(d)
Year Ended September 30, 2009	$  1.00	—(c)(d)	—(d)	—(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	0.04(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)
U.S. Treasury Money Market Fund
Six Months Ended March 31, 2010 (Unaudited)	$  1.00	—(c)(d)	—	—(d)	—(d)	—	—(d)
Year Ended September 30, 2009	$  1.00	—(c)(d)	—	—(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)
Capital Manager Conservative Growth Fund(e)
Six Months Ended March 31, 2010 (Unaudited)	$  8.50	0.11(c)	0.34	0.45	(0.11)	—	(0.11)
Year Ended September 30, 2009	$  8.43	0.17(c)	0.21	0.38	(0.17)	(0.14)	(0.31)
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)
Capital Manager Moderate Growth Fund(e)
Six Months Ended March 31, 2010 (Unaudited)	$  7.63	0.07(c)	0.45	0.52	(0.07)	—	(0.07)
Year Ended September 30, 2009	$  7.62	0.11(c)	0.01	0.12	(0.11)	—	(0.11)
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)
Capital Manager Growth Fund(e)
Six Months Ended March 31, 2010 (Unaudited)	$  6.95	0.05(c)	0.49	0.54	(0.05)	—	(0.05)
Year Ended September 30, 2009	$  7.17	0.07(c)	(0.22)	(0.15)	(0.07)	—	(0.07)
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)
Capital Manager Equity Fund(e)
Six Months Ended March 31, 2010 (Unaudited)	$  6.45	0.03(c)	0.54	0.57	(0.03)	—	(0.03)
Year Ended September 30, 2009	$  7.09	0.03(c)	(0.62)	(0.59)	(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)

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

See accompanying notes to the financial statements.

97

		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)
$10.88	2.97%	$  4,899	1.70%	3.35%	1.82%	63.79%
$10.78	13.03%	$  5,362	1.71%	3.62%	1.83%	122.26%
$  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%
$  1.00	0.01%	$  1,670	0.34%	0.01%	1.65%	—
$  1.00	0.34%	$  1,901	1.13%	0.33%	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	0.01%	$    693	0.13%	0.01%	1.64%	—
$  1.00	0.03%	$    935	0.28%	0.02%	1.64%	—
$  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%	—
$  8.84	5.30%	$  2,655	1.20%	2.45%	1.45%	9.38%
$  8.50	5.15%	$  3,184	1.18%	2.20%	1.43%	21.56%
$  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%
$  8.08	6.90%	$10,920	1.14%	1.80%	1.39%	11.54%
$  7.63	1.81%	$11,734	1.13%	1.63%	1.38%	22.46%
$  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%
$  7.44	7.84%	$  9,295	1.16%	1.43%	1.41%	12.63%
$  6.95	(1.89)%	$  9,973	1.15%	1.17%	1.40%	24.08%
$  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%
$  6.99	8.79%	$  4,094	1.25%	1.04%	1.50%	18.35%
$  6.45	(8.38)%	$  4,215	1.21%	0.50%	1.47%	20.24%
$  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%

98

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	Return of capital	Total Distributions
Select Equity Fund
Six Months Ended March 31, 2010 (Unaudited)	$  9.85	(0.01)(c)	1.02	1.01	(0.01)	—	—	(0.01)
Year Ended September 30, 2009	$11.08	0.04(c)	(1.21)	(1.17)	(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)
Mid Cap Value Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.34	(0.03)(c)	1.22	1.19	—(d)	—	—	—(d)
Year Ended September 30, 2009	$10.14	(0.05)	0.26	0.21	(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)
Sterling Capital Small Cap Value Fund
February 1, 2010 to March 31, 2010 (Unaudited)(e)	$10.55	(0.01)(c)	0.93	0.92	—	—	—	—
International Equity Fund
Six Months Ended March 31, 2010 (Unaudited)	$  4.38	(0.02)(c)	0.09	0.07	(0.05)	—	—	(0.05)
Year Ended September 30, 2009	$  4.73	0.02(c)	(0.26)	(0.24)	(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)
Special Opportunities Equity Fund
Six Months Ended March 31, 2010 (Unaudited)	$13.89	(0.08)(c)	1.66	1.58	—	—	—	—
Year Ended September 30, 2009	$14.66	(0.06)(c)	(0.05)	(0.11)	—(d)	(0.57)	(0.09)	(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)
Equity Income Fund
Six Months Ended March 31, 2010 (Unaudited)	$11.37	0.10(c)	1.32	1.42	(0.08)	—	—	(0.08)
Year Ended September 30, 2009	$12.30	0.22(c)	(0.99)	(0.77)	(0.13)	(0.03)	—	(0.16)
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)
Intermediate U.S. Government Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.53	0.10(c)	—(d)	0.10	(0.11)	—	—	(0.11)
Year Ended September 30, 2009	$10.01	0.24(c)	0.55	0.79	(0.27)	—	—	(0.27)
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)

* 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.

99

		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)
$10.85	10.21%	$     112	1.83%	(0.12)%	1.97%	81.39%
$ 9.85	(10.43)%	$       93	1.81%	0.49%	1.95%	92.97%
$11.08	(30.00)%	$     143	1.89%	0.28%	1.94%	38.43%
$18.87	11.76%	$       93	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%
$11.53	11.55%	$     455	1.95%	(0.57)%	2.15%	28.08%
$10.34	2.08%	$     176	1.96%	(0.59)%	2.01%	46.83%
$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%
$11.47	8.72%	$       24	2.15%	(1.02)%	2.81%	58.50%
$ 4.40	1.66%	$     157	2.50%	(0.82)%	2.69%	67.73%
$ 4.38	(4.66)%	$     166	2.49%	0.60%	2.63%	223.19%
$ 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%
$15.47	11.38%	$71,122	2.02%	(1.08)%	2.02%	11.87%
$13.89	0.97%	$58,479	2.03%	(0.51)%	2.04%	45.22%
$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%
$12.71	12.50%	$56,702	1.92%	1.61%	1.92%	8.25%
$11.37	(6.10)%	$39,164	1.93%	2.18%	1.95%	37.13%
$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%
$10.52	0.97%	$     442	1.69%	1.91%	1.81%	29.22%
$10.53	8.00%	$     426	1.70%	2.31%	1.82%	47.13%
$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%

100

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, 2010 (Unaudited)	$10.79	0.18(c)	0.14	0.32	(0.21)	(0.01)	(0.22)
Year Ended September 30, 2009	$  9.89	0.37(c)	0.90	1.27	(0.37)	—	(0.37)
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)
Prime Money Market Fund
Six Months Ended March 31, 2010 (Unaudited)	$  1.00	—(c)(d)	—(d)	—(d)	—(d)	—	—(d)
Year Ended September 30, 2009	$  1.00	—(c)(d)	—(d)	—(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	0.04(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)
U.S. Treasury Money Market Fund
Six Months Ended March 31, 2010 (Unaudited)	$  1.00	—(c)(d)	—	—(d)	—(d)	—	—(d)
Year Ended September 30, 2009	$  1.00	—(c)(d)	—	—(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)
Capital Manager Conservative Growth Fund(e)
Six Months Ended March 31, 2010 (Unaudited)	$  8.47	0.11(c)	0.34	0.45	(0.12)	—	(0.12)
Year Ended September 30, 2009	$  8.41	0.17(c)	0.21	0.38	(0.18)	(0.14)	(0.32)
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)
Capital Manager Moderate Growth Fund(e)
Six Months Ended March 31, 2010 (Unaudited)	$  7.68	0.07(c)	0.46	0.53	(0.08)	—	(0.08)
Year Ended September 30, 2009	$  7.67	0.11(c)	0.01	0.12	(0.11)	—	(0.11)
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)
Capital Manager Growth Fund(e)
Six Months Ended March 31, 2010 (Unaudited)	$  6.94	0.06(c)	0.49	0.55	(0.06)	—	(0.06)
Year Ended September 30, 2009	$  7.17	0.07(c)	(0.22)	(0.15)	(0.08)	—	(0.08)
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)
Capital Manager Equity Fund(e)
Six Months Ended March 31, 2010 (Unaudited)	$  6.47	0.04(c)	0.53	0.57	(0.07)	—	(0.07)
Year Ended September 30, 2009	$  7.10	0.02(c)	(0.60)	(0.58)	(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)

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

See accompanying notes to the financial statements.

101

		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)
$10.89	2.97%	$936	1.71%	3.32%	1.83%	63.79%
$10.79	13.14%	$400	1.71%	3.61%	1.83%	122.26%
$  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%
$  1.00	0.01%	$731	0.34%	0.01%	1.65%	—
$  1.00	0.34%	$893	1.10%	0.24%	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	0.01%	$  57	0.13%	0.01%	1.64%	—
$  1.00	0.04%	$  54	0.28%	0.03%	1.64%	—
$  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%	—
$  8.80	5.28%	$128	1.20%	2.54%	1.45%	9.38%
$  8.47	5.09%	$101	1.17%	2.19%	1.43%	21.56%
$  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%
$  8.13	6.92%	$113	1.14%	1.91%	1.39%	11.54%
$  7.68	1.85%	$  89	1.13%	1.58%	1.38%	22.46%
$  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%
$  7.43	7.92%	$136	1.16%	1.55%	1.41%	12.63%
$  6.94	(1.90)%	$  99	1.14%	1.13%	1.39%	24.08%
$  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%
$  6.97	8.78%	$  14	1.22%	1.11%	1.48%	18.35%
$  6.47	(8.11)%	$    6	1.13%	0.35%	1.36%	20.24%
$  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%

102

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	Return of capital	Total Distributions
Select Equity Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.13	0.05(c)	1.03	1.08	(0.05)	—	—	(0.05)
Year Ended September 30, 2009	$11.36	0.13(c)	(1.22)	(1.09)	(0.14)	—	—	(0.14)
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)
Mid Cap Value Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.86	0.02(c)	1.29	1.31	(0.03)	—	—	(0.03)
Year Ended September 30, 2009	$10.56	0.04(c)	0.29	0.33	(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)
Sterling Capital Small Cap Value Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.27	0.01(c)	1.21	1.22	(0.01)	—	—	(0.01)
Year Ended September 30, 2009	$  9.89	0.02(c)	0.65	0.67	—	(0.29)	—	(0.29)
Year Ended September 30, 2008	$14.68	—(c)(d)	(2.24)	(2.24)	—	(2.55)	—	(2.55)
Period Ended September 30, 2007(e)	$18.36	(0.01)(c)	0.68	0.67	—	(4.35)	—	(4.35)
Year Ended October 31, 2006	$18.22	(0.04)(c)	3.09	3.05	(0.02)	(2.89)	—	(2.91)
Year Ended October 31, 2005	$18.33	0.01(c)	1.61	1.62	—	(1.73)	—	(1.73)
Year Ended October 31, 2004	$16.17	0.07	2.61	2.68	(0.07)	(0.45)	—	(0.52)
International Equity Fund
Six Months Ended March 31, 2010 (Unaudited)	$  5.14	—(c)(d)	0.11	0.11	(0.11)	—	—	(0.11)
Year Ended September 30, 2009	$  5.47	0.07(c)	(0.28)	(0.21)	(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)
Special Opportunities Equity Fund
Six Months Ended March 31, 2010 (Unaudited)	$14.92	(0.01)(c)	1.78	1.77	—	—	—	—
Year Ended September 30, 2009	$15.58	0.04(c)	(0.01)	0.03	—(d)	(0.58)	(0.11)	(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)
Equity Income Fund
Six Months Ended March 31, 2010 (Unaudited)	$11.44	0.16(c)	1.32	1.48	(0.13)	—	—	(0.13)
Year Ended September 30, 2009	$12.37	0.32(c)	(0.99)	(0.67)	(0.23)	(0.03)	—	(0.26)
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)
Short U.S. Government Fund
Six Months Ended March 31, 2010 (Unaudited)	$  9.67	0.10(c)	(0.03)	0.07	(0.14)	—	—	(0.14)
Year Ended September 30, 2009	$  9.54	0.25(c)	0.22	0.47	(0.34)	—	—	(0.34)
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(g)	0.31	(0.33)	—	—	(0.33)
Year Ended September 30, 2005	$  9.71	0.25	(0.13)	0.12	(0.32)	—	—	(0.32)

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

(f) The performance information for the Institutional 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.

(g) 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.

103

		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 (loss) to average net assets (b)	Ratio of expenses to average net assets*(b)	Portfolio turnover rate**(a)
$11.16	10.70%	$191,990	0.83%	0.87%	0.97%	81.39%
$10.13	(9.40)%	$177,725	0.81%	1.51%	0.95%	92.97%
$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%
$12.14	12.09%	$289,842	0.94%	0.37%	1.11%	28.08%
$10.86	3.21%	$200,331	0.96%	0.44%	1.02%	46.83%
$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%
$11.48	11.92%	$  60,194	1.27%	0.20%	1.64%	58.50%
$10.27	8.68%	$  25,790	1.42%	1.79%	0.23%	89.00%
$  9.89	(17.16)%	$  22,635	1.26%	1.40%	0.01%	64.00%
$14.68	3.67%	$  45,453	1.18%	1.41%	(0.07)%	82.00%
$18.36	19.31%(f)	$  60,737	1.25%	1.63%	(0.26)%	56.00%
$18.22	9.24%(f)	$  99,201	1.25%	1.47%	0.06%	45.00%
$18.33	17.03%(f)	$247,954	1.25%	1.36%	0.33%	41.00%
$  5.14	2.10%	$  85,388	1.51%	0.15%	1.70%	67.73%
$  5.14	(3.42)%	$  81,575	1.49%	1.58%	1.64%	223.19%
$  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%
$16.69	11.86%	$268,077	1.02%	(0.08)%	1.02%	11.87%
$14.92	1.91%	$228,421	1.03%	0.30%	1.04%	45.22%
$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%
$12.79	13.01%	$227,611	0.92%	2.60%	0.92%	8.25%
$11.44	(5.18)%	$177,281	0.93%	3.19%	0.95%	37.13%
$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%
$  9.60	0.75%	$  74,278	0.67%	2.10%	0.82%	12.47%
$  9.67	4.94%	$  59,123	0.70%	2.58%	0.85%	89.57%
$  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%

104

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, 2010 (Unaudited)	$10.57	0.15(c)	—(d)	0.15	(0.16)	—	(0.16)
Year Ended September 30, 2009	$10.05	0.35(c)	0.55	0.90	(0.38)	—	(0.38)
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)
Total Return Bond Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.78	0.23(c)	0.14	0.37	(0.26)	(0.01)	(0.27)
Year Ended September 30, 2009	$  9.89	0.47(c)	0.89	1.36	(0.47)	—	(0.47)
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)
Kentucky Intermediate Tax-Free Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.67	0.16(c)	(0.12)	0.04	(0.16)	(0.10)	(0.26)
Year Ended September 30, 2009	$  9.87	0.35(c)	0.90	1.25	(0.35)	(0.10)	(0.45)
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)
Maryland Intermediate Tax-Free Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.99	0.15(c)	(0.11)	0.04	(0.15)	—(d)	(0.15)
Year Ended September 30, 2009	$10.06	0.33(c)	1.01	1.34	(0.33)	(0.08)	(0.41)
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)
North Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.87	0.17(c)	(0.16)	0.01	(0.17)	(0.06)	(0.23)
Year Ended September 30, 2009	$10.09	0.36(c)	0.88	1.24	(0.36)	(0.10)	(0.46)
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)
South Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.61	0.17(c)	(0.12)	0.05	(0.17)	—	(0.17)
Year Ended September 30, 2009	$  9.89	0.35(c)	0.89	1.24	(0.35)	(0.17)	(0.52)
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)
Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2010 (Unaudited)	$12.07	0.18(c)	(0.19)	(0.01)	(0.18)	(0.11)	(0.29)
Year Ended September 30, 2009	$11.10	0.39(c)	1.06	1.45	(0.39)	(0.09)	(0.48)
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)
West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2010 (Unaudited)	$10.05	0.18(c)	(0.13)	0.05	(0.18)	(0.02)	(0.20)
Year Ended September 30, 2009	$  9.37	0.36(c)	0.68	1.04	(0.35)	(0.01)	(0.36)
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)

* 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.

105

		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)
$10.56	1.47%	$194,242	0.69%	2.90%	0.81%	29.22%
$10.57	9.06%	$177,141	0.70%	3.35%	0.82%	47.13%
$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%
$10.88	3.48%	$361,587	0.70%	4.34%	0.83%	63.79%
$10.78	14.16%	$339,730	0.71%	4.61%	0.83%	122.26%
$  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%
$10.45	0.42%	$  14,569	0.66%	3.08%	0.86%	13.80%
$10.67	13.00%	$  12,814	0.67%	3.44%	0.87%	33.56%
$  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%
$10.88	0.42%	$  25,196	0.64%	2.83%	0.84%	4.95%
$10.99	13.70%	$  20,704	0.65%	3.10%	0.87%	37.11%
$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%
$10.65	0.11%	$137,446	0.67%	3.12%	0.82%	10.25%
$10.87	12.63%	$130,113	0.67%	3.42%	0.82%	38.42%
$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%
$10.49	0.46%	$  23,077	0.70%	3.21%	0.85%	3.90%
$10.61	13.01%	$  17,274	0.73%	3.45%	0.88%	42.06%
$  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%
$11.77	(0.06)%	$  74,661	0.67%	3.07%	0.82%	3.44%
$12.07	13.39%	$  71,599	0.67%	3.36%	0.82%	35.90%
$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%
$  9.90	0.45%	$  66,593	0.68%	3.62%	0.68%	1.61%
$10.05	11.41%	$  63,599	0.68%	3.71%	0.68%	24.19%
$  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%

106

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, 2010 (Unaudited)	$  1.00	—(c)(d)	—(d)	—(d)	—(d)	—	—(d)
Year Ended September 30, 2009	$  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, 2010 (Unaudited)	$  1.00	—(c)(d)	—(d)	—(d)	—(d)	—	—(d)
Year Ended September 30, 2009	$  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)
U.S. Treasury Money Market Fund
Six Months Ended March 31, 2010 (Unaudited)	$  1.00	—(c)(d)	—	—(d)	—(d)	—	—(d)
Year Ended September 30, 2009	$  1.00	—(c)(d)	—	—(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)
Capital Manager Conservative Growth Fund(f)
Six Months Ended March 31, 2010 (Unaudited)	$  8.58	0.15(c)	0.35	0.50	(0.16)	—	(0.16)
Year Ended September 30, 2009	$  8.50	0.30(c)	0.17	0.47	(0.25)	(0.14)	(0.39)
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)
Capital Manager Moderate Growth Fund(f)
Six Months Ended March 31, 2010 (Unaudited)	$  7.83	0.11(c)	0.48	0.59	(0.12)	—	(0.12)
Year Ended September 30, 2009	$  7.81	0.24(c)	(0.04)	0.20	(0.18)	—	(0.18)
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)
Capital Manager Growth Fund(f)
Six Months Ended March 31, 2010 (Unaudited)	$  7.12	0.09(c)	0.50	0.59	(0.09)	—	(0.09)
Year Ended September 30, 2009	$  7.34	0.22(c)	(0.31)	(0.09)	(0.13)	—	(0.13)
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)
Capital Manager Equity Fund(f)
Six Months Ended March 31, 2010 (Unaudited)	$  6.85	0.08(c)	0.55	0.63	(0.09)	—	(0.09)
Year Ended September 30, 2009	$  7.48	0.20(c)	(0.77)	(0.57)	(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)

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

See accompanying notes to the financial statements.

107

		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	0.02%	$197,428	0.39%	0.05%	0.47%	—
$  1.00	1.05%	$260,889	0.44%	0.97%	0.49%	—
$  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	0.01%	$563,818	0.35%	0.01%	0.64%	—
$  1.00	0.92%	$879,738	0.54%	0.87%	0.66%	—
$  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	0.01%	$288,447	0.13%	0.01%	0.64%	—
$  1.00	0.04%	$432,753	0.29%	0.04%	0.64%	—
$  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%	—
$  8.92	5.81%	$    5,267	0.20%	3.46%	0.45%	9.38%
$  8.58	6.28%	$    5,316	0.14%	3.84%	0.39%	21.56%
$  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%
$  8.30	7.51%	$    1,257	0.14%	2.87%	0.39%	11.54%
$  7.83	2.91%	$    1,322	0.13%	3.61%	0.38%	22.46%
$  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%
$  7.62	8.34%	$    1,689	0.16%	2.45%	0.41%	12.63%
$  7.12	(0.87)%	$    1,650	0.14%	3.54%	0.38%	24.08%
$  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%
$  7.39	9.24%	$       107	0.25%	2.15%	0.50%	18.35%
$  6.85	(7.33)%	$       693	0.17%	3.41%	0.42%	20.24%
$  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%

108

BB&T Funds

Financial Highlights, Class R 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(a)	Net realized/ unrealized gains on  investments	Total from Investment Activities	Net investment income	Net realized gains on investments	Total Distributions
Mid Cap Value Fund
February 1, 2010 to March 31, 2010 (Unaudited)(d)	$11.11	0.01	1.03	1.04	—	—	—
Sterling Capital Small Cap Value Fund
February 1, 2010 to March 31, 2010 (Unaudited)(d)	$10.55	0.01	0.92	0.93	—	—	—
Special Opportunities Equity Fund
February 1, 2010 to March 31, 2010 (Unaudited)(d)	$15.32	—(f)	1.38	1.38	—	—	—
Equity Income Fund
February 1, 2010 to March 31, 2010 (Unaudited)(d)	$11.94	0.04	0.86	0.90	(0.05)	—	(0.05)
Total Return Bond Fund
February 1, 2010 to March 31, 2010 (Unaudited)(d)	$10.87	0.07	0.01	0.08	(0.07)	—	(0.07)

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

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

(c) Annualized for periods less than one year.

(d) Period from commencement of operations.

(e) Net Assets are below $1,000.

(f) Amount is less than $0.005.

See accompanying notes to the financial statements.

109

		Ratios/Supplementary Data
Net Asset Value, End of Period	Total Return (excludes sales charge) (b)	Net Assets, End of Period (000)	Ratio of net expenses to average net assets (c)	Ratio of net investment income to average net assets (c)	Ratio of expenses to average net assets*(c)	Portfolio turnover rate**(b)
$12.15	9.54%	$—(e)	1.43%	0.60%	1.85%	28.08%
$11.48	9.20%	$—(e)	1.64%	(0.79)%	3.16%	58.50%
$16.70	9.14%	$—(e)	1.50%	0.12%	1.50%	11.87%
$12.79	7.26%	$—(e)	1.40%	2.06%	1.40%	8.25%
$10.88	0.77%	$   5	1.20%	3.79%	1.34%	63.79%

110

BB&T Funds

Notes to Financial Statements (Unaudited)

March 31, 2010

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.

As of the date of these financial statements, the Trust offers shares of the Select Equity Fund (formerly, the Large Cap Fund until February 1, 2010), the Mid Cap Value Fund, the Sterling Capital Small Cap Value 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 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 is 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 Intermediate Tax-Free Fund and the West Virginia Intermediate Tax-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 Funds 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 invest in the securities of a limited number of issuers.

The Funds are authorized to issue an unlimited amount of shares. As of March 31, 2010, the Funds discussed herein offered up to five classes of shares: Class A Shares, Class B Shares, Class C Shares, Class R Shares and Institutional Shares (Sterling Capital Small Cap Value Fund Institutional Shares were formerly known as Sterling Shares until February 1, 2010). As of June 1, 2009, Class B Shares of the Funds were closed to new accounts and additional purchases by existing shareholders. As of February 1, 2010, the Mid Cap Value Fund, the Sterling Capital Small Cap Value Fund, the Special Opportunities Equity Fund, the Equity Income Fund and the Total Return Bond Fund offered Class R Shares. 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 are not being offered. Class A Shares of the Variable Net Asset Value Funds and Funds 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 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.

111

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2010

2. Fund Reorganizations:

On November 17, 2009, the Board of Trustees of the Trust (the “Board”) approved an Agreement and Plan of Reorganization which provided for the transfer of all of the assets and the assumption of the liabilities of the Mid Cap Growth Fund and the Small Cap Fund for shares of the Mid Cap Value Fund and the Sterling Capital Small Cap Value Fund, respectively. The purpose of the transactions were to enhance investment management efficiencies, offer greater market leverage and market presence, economies of scale and greater opportunities for asset growth. Shareholders approved the plan at a meeting on January 26, 2010 and the reorganization took place on February 1, 2010. The acquisitions were accomplished by tax-free exchanges of shares on February 1, 2010. For financial reporting purposes, assets received and shares issued by the Mid Cap Value Fund and the Sterling Capital Small Cap Value Fund were recorded at fair value; however, the cost basis of the investments received from the Mid Cap Growth Fund and the Small Cap Fund was carried forward to align ongoing reporting of the Mid Cap Value Fund and the Sterling Capital Small Cap Value Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Acquired Fund	Class	Shares Redeemed	Acquiring Fund	Class	Shares Issued	Value		Conversion Ratio
Mid Cap Growth Fund	A	740,972	Mid Cap Value Fund	A	533,366	$	5,898,265	0.7198
	B	172,106		B	119,580		1,265,846	0.6948
	C	9,860		C	6,874		72,648	0.6972
	Institutional	8,122,185		Institutional	6,253,352		69,504,565	0.7699
Small Cap Fund	A	529,861	Sterling Capital Small Cap Value Fund	A	457,112	$	4,823,599	0.8627
	B	120,569		B	98,525		1,039,671	0.8172
	C	2,006		C	1,636		17,265	0.8155
	Institutional	2,464,273		Institutional	2,156,153		22,752,363	0.8750

The net assets and net unrealized appreciation (depreciation) immediately before the acquisitions were as follows:

Acquired Fund	Net Assets		Unrealized Appreciation		Acquiring Fund	Net Assets
Mid Cap Growth Fund	$	76,741,323	$	2,667,613	Mid Cap Value Fund	$	223,679,726
Small Cap Fund	$	28,632,898	$	1,063,366	Sterling Capital Small Cap Value Fund	$	31,378,798

Assuming the acquisition had been completed on October 1, 2009, the Mid Cap Value Fund and the Sterling Capital Small Cap Value Fund results of operations for the period ended March 31, 2010 are as follows:

Mid Cap Value Fund
Net investment income	$	348,817
Net gain on investments		20,252,595
Net increase in assets from operations	$	20,601,412
Sterling Capital Small Cap Value Fund
Net investment loss	$	(16,129	)
Net gain on investments		5,722,672
Net increase in assets from operations	$	5,706,543

112

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2010

Because the Mid Cap Growth Fund, the Small Cap Fund, the Mid Cap Value Fund and the Sterling Capital Small Cap Value Fund sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

3. 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.

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 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 the general supervision of the Board. The following Funds had securities valued by the Pricing Committee as of March 31, 2010:

	Fair Value		Percentage of Net Assets
Total Return Bond Fund	$	10,116,500	2.60	%

Recent Accounting Standard — In January 2010, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements”. ASU 2010-06 clarifies existing disclosure and requires additional disclosures regarding fair value measurements. Effective for fiscal years and interim periods beginning after December 15, 2009, entities will be required to disclose significant transfers into and out of Level 1 and 2 measurements in the fair value hierarchy and the reasons for those transfers. Effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years, entities will need to disclose information about purchases, sales, issuances and settlements of Level 3 securities on a gross basis, rather than as a net number as currently required. Management is currently evaluating the impact ASU No. 2010-06 will have on its financial statement disclosures.

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. 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.

113

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2009

Fair Value Measurements — The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy 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 each Fund’s investments as of March 31, 2010 is as follows:

Assets: Investments in Securities	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Total
Select Equity Fund	$	226,842,427	(a)	$	2,198,862	(b)	$	—	$	229,041,289
Mid Cap Value Fund		315,815,667	(a)		5,591,491	(b)		—		321,407,158
Sterling Capital Small Cap Value Fund		66,512,060	(a)		843,613	(b)		—		67,355,673
International Equity Fund		88,774,750	(a)		2,438,771	(a)(b)		—		91,213,521
Special Opportunities Equity Fund		569,791,198	(a)		4,867,294	(b)		—		574,658,492
Equity Income Fund		422,317,704	(a)		25,987,959	(b)		—		448,305,663
Short U.S. Government Fund		1,316,874	(c)		80,547,778	(a)		—		81,864,652
Intermediate U.S. Government Fund		14,721,956	(c)		214,092,940	(a)		—		228,814,896
Kentucky Intermediate Tax-Free Fund		1,367,993	(c)		21,522,705	(a)		—		22,890,698
Maryland Intermediate Tax-Free Fund		2,293,508	(c)		32,533,643	(a)		—		34,827,151
North Carolina Intermediate Tax-Free Fund		3,817,579	(c)		167,117,332	(a)		—		170,934,911
South Carolina Intermediate Tax-Free Fund		1,229,441	(c)		34,300,308	(a)		—		35,529,749
Virginia Intermediate Tax-Free Fund		2,442,187	(c)		97,873,542	(a)		—		100,315,729
West Virginia Intermediate Tax-Free Fund		1,796,541	(c)		86,499,778	(a)		—		88,296,319
National Tax-Free Money Market Fund		294	(c)		197,652,435	(a)		—		197,652,729
Prime Money Market Fund		—			763,995,347	(a)		—		763,995,347
U.S. Treasury Money Market Fund		—			435,796,475	(a)		—		435,796,475
Capital Manager Conservative Growth Fund		14,959,020	(a)		—			—		14,959,020
Capital Manager Moderate Growth Fund		38,759,281	(a)		—			—		38,759,281
Capital Manager Growth Fund		29,138,525	(a)		—			—		29,138,525
Capital Manager Equity Fund		9,081,420	(a)		—			—		9,081,420
Other Financial Instruments- Foreign Currency Exchange Contracts
International Equity Fund	$	—		$	96,117		$	—	$	96,117
Liabilities: Other Financial Instruments- Written Options
Special Opportunities Equity Fund	$	718,960		$	—		$	—	$	718,960
Equity Income Fund		374,060			—			—		374,060
Foreign Currency Exchange Contracts
International Equity Fund	$	—		$	55,274		$	—	$	55,274
Futures Contracts
International Equity Fund	$	14,536		$	—		$	—	$	14,536

(a) Industries, countries or security types as disclosed in the Schedules of Portfolio Investments.

(b) Represents securities held as collateral for securities on loan.

(c) Represents investment companies.

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March 31, 2010

Total Return Bond Fund

Assets: Investments in Securities	Level 1- Quoted Prices		Level 2- Other Significant Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Asset Backed Securities	$	—	$	9,559,285	$	—	$	9,559,285
Collateralized Mortgages Obligations		—		48,292,037		—		48,292,037
Commercial Mortgage-Backed Securities		—		46,983,951		—		46,983,951
Corporate Bonds		—		158,094,057		—		158,094,057
Mortgage-Backed Securities		—		81,807,754		—		81,807,754
Municipal Bonds		—		18,371,399		10,116,500		28,487,899
U.S. Government Agencies		—		6,070,733		—		6,070,733
U.S. Treasury Notes		—		7,058,395		—		7,058,395
Foreign Government Bonds		—		5,651,460		—		5,651,460
Investment Company		23,392,448		—		—		23,392,448
Securities Held as Collateral for Securities on Loan		—		1,360,436		—		1,360,436
Total	$	23,392,448	$	383,249,507	$	10,116,500	$	416,758,455

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

	Total Return Bond Fund
Municipal Bonds
Balance as of 10/01/09 (market value)	$	10,116,500
Change in unrealized appreciation/(depreciation)		—
Balance as of 03/31/10 (market value)	$	10,116,500

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.

Foreign Currency Exchange Contracts — The International Equity Fund may enter into foreign currency exchange contracts (foreign currency exchange risk) 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. A foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. The Fund could be exposed to risks if the counterparties 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. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or seller, is the unrealized gain of the contract. 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. When the contract is closed, the Fund records a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed.

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March 31, 2010

During the period, the International Equity Fund utilized forward foreign currency contracts to hedge the Fund’s portfolio against currency risk. The Fund also utilized forward foreign currency contracts to reduce or eliminate an underweighted position in a currency relative to its benchmark. Additionally, the Fund hedged some of its currency exposure to the Czech Koruna and the Euro by selling these currencies forward versus the U.S. dollar, using 3-month forward currency contracts. At the same time, during the period, the Fund moved closer to the benchmark weight assigned to each country through the use of forward currency transactions (buy the foreign currency, sell the U.S. dollar).

For open foreign currency exchange contracts as of March 31, 2010, see the Schedules of Portfolio Investments.

Financial Futures Contracts — The Variable Net Asset Value Funds may invest in financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in the value of equity securities (equity risk), interest rates (interest rate risk), or foreign currencies (foreign currency exchange rate risk). 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. Exchange traded financial futures contracts involve minimal counterparty risk since financial futures contracts are guaranteed against default by the exchange on which they trade. For open financial futures contracts as of March 31, 2010, see the Schedules of Portfolio Investments. The International Equity Fund used futures contracts to gain broad equity market exposure to Europe. The Total Return Bond Fund did not purchase any futures contracts during the period ended March 31, 2010.

Options Contracts — The Select Equity Fund, the Mid Cap Value Fund, the Sterling Capital Small Cap Value 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 put options with respect to tax-exempt obligations held in their portfolios. The Select Equity Fund, the Mid Cap Value Fund, the Sterling Capital Small Cap Value 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. These transactions may be entered into to hedge against changes in interest rates (interest rate risk), security prices (equity risk), currency fluctuations (foreign currency exchange rate risk), and other market developments, or for the purposes of earning additional income (i.e., speculation).

The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of the premium and change in value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as other securities owned. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

116

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Notes to Financial Statements (Unaudited) — (continued)

March 31, 2010

In writing an option, the Funds contract with a specified counterparty to purchase (put option written) or sell (call option written) a specified quantity (notional amount) of an underlying asset at a specified price during a specified period upon demand of the counterparty. The risk associated with writing an option is that the Funds bear the market risk of an unfavorable change in the price of an underlying asset and may be required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. The Funds may execute transactions in both listed and over-the-counter options. When purchasing over-the-counter options, the Fund bears the risk of economic loss from counterparty default, equal to the market value of the option. Listed options involve minimal counterparty risk since the listed options are guaranteed against default by the exchange on which they trade. Transactions in over-the-counter options may expose the Funds to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter transaction, the Funds maximum amount of loss is the premium paid (as the purchaser) or the unrealized loss of the contract (as the writer). The Special Opportunities Equity and Equity Income Funds invested in written options to economically hedge the downside exposure by collecting a premium when sold against the equity holding. Details of written option activity for the period ended March 31, 2010 are as follows:

	Special Opportunities Equity Fund			Equity Income Fund
Covered Call Options	Number of Contracts	Premiums Received		Number of Contracts	Premiums Received
Balance at beginning of period	26,549	$	3,691,935	12,172	$	832,684
Options written	19,760		2,065,321	10,551		866,660
Options closed	(6,960)		(956,632)	(8,551)		(623,754)
Options expired	(18,168)		(1,625,234)	(6,635)		(437,964)
Options exercised	(13,735)		(2,143,451)	(3,048)		(203,578)
Balance at end of period	7,446	$	1,031,939	4,489	$	434,048

The following is a summary of written call options outstanding as of March 31, 2010:

	Number of Contracts	Value
Special Opportunities Equity Fund
Akamai Technologies, Inc., $31.00, 5/22/10	2,000	$	(400,000	)
Allscripts-Misys Healthcare Solutions, Inc., $20.00, 4/17/10	2,600		(104,000	)
Apache Corp., $110.00, 7/17/10	646		(167,960	)
Apache Corp., $115.00, 7/17/10	200		(29,000	)
Halliburton Co., $34.00, 4/17/10	1,000		(5,000	)
UnitedHealth Group, Inc., $35.00, 4/17/10	1,000		(13,000	)
	7,446	$	(718,960	)
Equity Income Fund
Intel Corp., $20.00, 4/17/10	875	$	(203,000	)
Intel Corp., $23.00, 7/17/10	500		(92,560	)
Intel Corp., $24.00, 7/17/10	500		(12,000	)
Family Dollar Stores, Inc., $40.00, 5/22/10	300		(41,500	)
Taiwan Semiconductor Manufacturing Co., Ltd., ADR, $10.00, 4/17/10	2,314		(25,000	)
	4,489	$	(374,060	)

117

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Notes to Financial Statements (Unaudited) — (continued)

March 31, 2010

The following is a summary of the location of the derivative instruments held by the Funds on the Statements of Assets and Liabilities and the category of primary risk exposure as of March 31, 2010:

Fair Values of Derivative Instruments as of March 31, 2010
Assets	Statements of Assets and Liabilities Location	International Equity Fund		Special Opportunities Equity Fund		Equity Income Fund
Foreign currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts	$	96,117		—		—
Equity contracts	Unrealized appreciation on futures contracts*	$	14,536		—		—
Liabilities
Foreign currency exchange contracts	Unrealized depreciation on foreign currency exchange contracts	$	55,274		—		—
Equity contracts	Call options written		—	$	718,960	$	374,060
*  Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Portfolio Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended March 31, 2010:

Net Realized Gain (Loss) from:

	International Equity Fund		Special Opportunities Equity Fund		Equity Income Fund		Total Return Bond Fund
Foreign currency transactions	$	165,395		—		—		—
Equity Contracts:
Futures contracts		100,888		—		—		—
Written options		—	$	2,012,471	$	581,016		—
Interest Rate Contracts:
Futures contracts		—		—		—	$	(233,541	)

Net Change in Unrealized Appreciation/Depreciation on:

	International Equity Fund		Special Opportunities Equity Fund		Equity Income Fund		Total Return Bond Fund
Foreign currency transactions	$	141,801		—		—		—
Equity Contracts:
Futures contracts		14,536		—		—		—
Written options		—	$	1,417,976	$	10,234		—
Interest Rate Contracts:
Futures contracts		—		—		—	$	69,958

For the period ended March 31, 2010, the average quarterly balance of outstanding derivative financial instruments was as follow:

	International Equity Fund		Special Opportunities Equity Fund		Equity Income  Fund
Foreign currency exchange contracts:
Average number of contracts - US dollars sold		4		—		—
Average US dollar amounts sold	$	4,232,333		—		—
Financial futures contracts:
Average number of contracts purchased		17		—		—
Average notional value of contracts purchased	$	7,268		—		—
Options Written:
Average number of contracts		—		11,834		7,972
Average Premiums	$	—	$	1,404,066	$	676,860

118

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Notes to Financial Statements (Unaudited) — (continued)

March 31, 2010

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 Select Equity Fund, the Mid Cap Value Fund, the Sterling Capital Small Cap Value 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 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, 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. The Funds account for mortgage dollar roll transactions as purchases and sales.

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 BNY Mellon Bank, N.A., the lending agent (“BNY 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, BNY Mellon is required to obtain from the borrower collateral

119

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Notes to Financial Statements (Unaudited) — (continued)

March 31, 2010

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, 2010 was invested in the BNY Institutional Cash Reserve Fund (“ICRF”) Series A and B, an unregistered investment pool managed by BNY Mellon, which was invested in repurchase agreements and Lehman Brothers.

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, 2010, the ICRF held investments in Lehman Brothers (Series B) which was in default. The default 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, 2010 by the following amounts per share:

	NAV Impact
Select Equity Fund	$0.02
Mid Cap Value Fund	0.04
Sterling Capital Small Cap Value Fund	0.03
Special Opportunities Equity Fund	0.03
Equity Income Fund	0.01
Short U.S. Government Fund	0.01
Total Return Bond 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, BNY 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 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, 2010, are shown on the Statements of Assets and Liabilities. As of March 31, 2010, the following Funds 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, 2010
Select Equity Fund	$	2,470,860	$	2,504,250	$	2,198,862	$  1,536,887
Mid Cap Value Fund		6,408,938		6,548,190		5,591,491	6,108,696
Sterling Capital Small Cap Value Fund		1,032,232		1,044,165		843,613	696,937
International Equity Fund		2,214,689		2,314,925		2,299,726	1,905,630
Special Opportunities Equity Fund		5,277,982		5,464,309		4,867,294	3,128,157
Equity Income Fund		25,876,968		26,375,083		25,987,959	14,288,749
Short U.S. Government Fund		1,036,559		1,070,000		990,992	1,557,016
Intermediate U.S. Government Fund		5,752,732		5,953,750		5,869,941	4,465,470
Total Return Bond Fund		1,769,250		1,819,800		1,360,436	607,193

Expenses and 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

120

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Notes to Financial Statements (Unaudited) — (continued)

March 31, 2010

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 Select Equity Fund, the Mid Cap Value Fund, the Sterling Capital Small Cap Value Fund, the Special Opportunities Equity Fund, the Equity Income Fund and the Funds of Funds if the annualized yield of the distribution exceeds an amount determined annually by the Board. 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).

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 of 1986, as amended (the “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.

In addition to the requirements of the Code, the International Equity Fund may be subject to short-term capital gains tax in India on gains realized upon disposition of Indian securities held less than one year. The tax is computed on net realized gains; any realized losses in excess of gains may be carried forward for a period of up to eight years to offset future gains. Any net taxes payable must be remitted to the Indian government prior to repatriation of sales proceeds. The International Equity Fund may accrue a deferred tax liability for net unrealized short-term gains in excess of available carryforwards on Indian securities. This accrual may reduce the International Equity Fund’s net asset value. As of March 31, 2010, the International Equity Fund has no recorded payable as an estimate for potential future India capital gains taxes.

4. 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 period ended March 31, 2010 were as follows:

	Purchases		Sales
Select Equity Fund	$	171,759,297	$	173,360,338
Mid Cap Value Fund		66,650,224		81,681,313
Sterling Capital Small Cap Value Fund		29,652,763		23,729,935
International Equity Fund		55,624,074		57,939,244
Special Opportunities Equity Fund		85,185,656		53,841,247
Equity Income Fund		48,654,002		27,378,684
Short U.S. Government Fund		8,656,969		1,556,065
Intermediate U.S. Government Fund		7,005,700		2,000,000
Total Return Bond Fund		132,027,593		73,353,600
Kentucky Intermediate Tax-Free Fund		5,892,341		2,788,276
Maryland Intermediate Tax-Free Fund		7,457,072		1,506,347
North Carolina Intermediate Tax-Free Fund		34,319,763		16,276,387
South Carolina Intermediate Tax-Free Fund		8,437,338		1,176,020

121

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Notes to Financial Statements (Unaudited) — (continued)

March 31, 2010

	Purchases		Sales
Virginia Intermediate Tax-Free Fund	$	13,435,510	$	3,195,180
West Virginia Intermediate Tax-Free Fund		7,814,775		1,346,189
Capital Manager Conservative Growth Fund		1,325,855		1,376,827
Capital Manager Moderate Growth Fund		4,235,480		4,691,538
Capital Manager Growth Fund		3,470,126		4,424,074
Capital Manager Equity Fund		1,599,847		2,930,266

Purchases and sales of U.S. Government Securities (excluding securities maturing less than one year from acquisition) for the period ended March 31, 2010 were as follows:

	Purchases		Sales
Short U.S. Government Fund	$	22,945,224	$	7,128,197
Intermediate U.S. Government Fund		86,069,258		53,225,000
Total Return Bond Fund		145,694,845		163,756,083

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.

5. Investments in Affiliated Issuers:

A summary of the Funds’ transactions in the shares of affiliated issuers during the period ended March 31, 2010 is set forth below:

	Shares Held at September 30, 2009	Shares Purchased	Shares Sold	Shares Held at March 31, 2010	Value at March 31, 2010		Dividend Income September 30, 2009- March 31, 2010		Distributions and Net Realized Gain (Loss) September 30, 2009- March 31, 2010
Capital Manager Conservative Growth Fund
Equity Income Fund, Institutional Class	50,374	747	3,769	47,352	$	605,637	$	6,287	$	(3,784	)
International Equity Fund, Institutional Class	269,084	36,830	22,727	283,187		1,455,581		27,568		(16,136	)
Mid Cap Value Fund, Institutional Class	72,666	48,831	52,853	68,644		833,335		2,230		67,078
Select Equity Fund, Institutional Class	51,854	10,288	2,842	59,300		661,783		2,829		(6,574	)
Special Opportunities Equity Fund, Institutional Class	19,451	129	1,218	18,362		306,455		—		146
Total Return Bond Fund, Institutional Class	740,773	33,139	24,970	748,942		8,148,489		194,618		5,648
U.S. Treasury Money Market Fund, Institutional Class	393,051	54,385,933	54,419,891	359,093		359,093		23		—
Total Affiliates	1,597,253	54,515,897	54,528,270	1,584,880	$	12,370,373	$	233,555	$	46,378
Capital Manager Moderate Growth Fund
Equity Income Fund, Institutional Class	211,895	246	12,919	199,222	$	2,548,055	$	26,944	$	(13,654	)
International Equity Fund, Institutional Class	1,131,757	115,805	56,122	1,191,440		6,124,003		119,411		(134,578	)
Mid Cap Value Fund, Institutional Class	305,544	204,329	221,220	288,653		3,504,251		9,648		(261,629	)
Select Equity Fund, Institutional Class	218,113	39,952	8,556	249,509		2,784,522		12,087		(25,677	)

122

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Notes to Financial Statements (Unaudited) — (continued)

March 31, 2010

	Shares Held at September 30, 2009	Shares Purchased	Shares Sold	Shares Held at March 31, 2010	Value at March 31, 2010		Dividend Income September 30, 2009- March 31, 2010		Distributions and Net Realized Gain (Loss) September 30, 2009- March 31, 2010
Special Opportunities Equity Fund, Institutional Class	81,722	392	4,881	77,233	$	1,289,017	$	—	$	(5,772	)
Total Return Bond Fund, Institutional Class	1,010,741	44,743	33,224	1,022,260		11,122,191		267,758		9,213
U.S. Treasury Money Market Fund, Institutional Class	983,943	135,762,673	136,142,252	604,364		604,364		59		—
Total Affiliates	3,943,715	136,168,140	136,479,174	3,632,681	$	27,976,403	$	435,907	$	(432,097	)
Capital Manager Growth Fund
Equity Income Fund, Institutional Class	196,783	650	15,492	181,941	$	2,327,019	$	24,830	$	(16,648	)
International Equity Fund, Institutional Class	1,051,011	88,186	51,299	1,087,898		5,591,795		110,563		(135,100	)
Mid Cap Value Fund, Institutional Class	283,774	186,177	206,413	263,538		3,199,349		8,934		(353,544	)
Select Equity Fund, Institutional Class	202,531	35,656	10,290	227,897		2,543,334		11,121		(31,124	)
Special Opportunities Equity Fund, Institutional Class	75,898	325	5,731	70,492		1,176,515		—		(7,009	)
Total Return Bond Fund, Institutional Class	348,429	15,202	17,073	346,558		3,770,555		91,719		3,561
U.S. Treasury Money Market Fund, Institutional Class	693,937	89,778,051	89,802,356	669,632		669,632		39		—
Total Affiliates	2,852,363	90,104,247	90,108,654	2,847,956	$	19,278,199	$	247,206	$	(539,864	)
Capital Manager Equity Fund
Equity Income Fund, Institutional Class	77,824	4,449	17,600	64,673	$	827,167	$	9,114	$	(19,499	)
International Equity Fund, Institutional Class	415,340	41,037	69,620	386,757		1,987,931		41,241		(106,826	)
Mid Cap Value Fund, Institutional Class	112,155	70,276	88,699	93,732		1,137,903		3,334		(120,642	)
Select Equity Fund, Institutional Class	80,044	17,006	15,981	81,069		904,727		4,060		(56,824	)
Special Opportunities Equity Fund, Institutional Class	29,954	1,635	6,500	25,089		418,728		—		(11,574	)
U.S. Treasury Money Market Fund, Institutional Class	41,758	33,879,028	33,661,434	259,352		259,352		16		—
Total Affiliates	757,075	34,013,431	33,859,834	910,672	$	5,535,808	$	57,765	$	(315,365	)

6. Related Party Transactions:

BB&T AM provides investment advisory services to all the Funds except the Sterling Capital Small Cap Value Fund. Sterling Capital (collectively with BB&T AM, the “Advisors”) provides investment advisory services to the Sterling Capital Small Cap Value Fund. Under the terms of the investment advisory agreements, the Advisors are 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”. The Advisors 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 waived by the Investment Advisor”.

123

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Notes to Financial Statements (Unaudited) — (continued)

March 31, 2010

Information regarding these transactions is as follows for the period ended March 31, 2010:

	Contractual Fee Rate	Fee Rate after Contractual Waivers
Select Equity Fund	0.74%	0.60%(2)
Mid Cap Value Fund	0.74%	0.70%(1)(2)
Sterling Capital Small Cap Value Fund	0.90%	0.80%(1)(3)
International Equity Fund	1.00%	0.85%(1)(2)
Special Opportunities Equity Fund	0.80%	0.80%(1)
Equity Income Fund	0.70%	0.70%(1)
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)
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%(1)(4)
Prime Money Market Fund	0.40%	0.28%(1)(4)
U.S. Treasury Money Market Fund	0.40%	0.26%(1)(4)
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 period ended March 31, 2010 BB&T AM voluntarily waived additional advisory fees. 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, 2010 through January 31, 2011.

⁽³⁾ Sterling Capital contractually agreed to limit the advisory fees and total annual fund operating expenses paid by the Fund from February 1, 2010 through January 31, 2011.

⁽⁴⁾ BB&T AM has contractually agreed to limit the advisory fees paid by each Money Market Fund to 0.20% with regard to the National Tax-Free Money Market Fund, 0.28% with regard to the Prime Money Market Fund, and 0.26% with regard to the U.S. Treasury Money Market Fund (each, an “Advisory Fee Limit”) for the period from March 1, 2009 through February 29, 2012. From March 1, 2010 through February 29, 2012, BB&T AM may recoup from each Money Market Fund all or a portion of the advisory fees that it voluntarily waives with respect to such Fund beyond the Advisory Fee Limit during the period from March 1, 2009 through February 29, 2012 (the “Recoupment Amount”), subject to certain limitations. BB&T AM may not recoup any amount from a Fund if the Recoupment Amount plus the Advisory Fee Limit would exceed the Contractual Fee Rate noted in the table above.

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 and BB&T AM. Pursuant to a sub-advisory agreement with BB&T AM, 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 and BB&TAM. 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 and BB&T AM. Pursuant to a sub-advisory agreement with BB&T AM, Sterling Capital 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 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, as amended. 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 Funds 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. (“PNCGIS” or the “Sub-Administrator”), serves as the sub-administrator to the Funds subject to the general supervision of the Board and BB&TAM. For these services, PNCGIS is entitled to a fee payable by BB&T AM.

124

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2010

PNCGIS 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 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 period ended March 31, 2010, the Funds’ paid $111,857 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&TAM Distributors, Inc. (“BBTAMD”) serves as distributor to each Fund pursuant to an underwriting agreement, effective as of April 23, 2007. The Plan provides for payments to the distributor of up to 0.50%, 1.00%, 1.00% and 0.50% of the average daily net assets of the Class A Shares, Class B Shares, Class C Shares, and Class R Shares, respectively, with the exception of the Mid Cap Value Fund and the West Virginia Intermediate Tax-Free Fund which make payments of up to 0.25% of the average daily net assets for Class A. BBTAMD has contractually agreed to waive 0.25% of the Class A distribution fees of the Funds except for the Mid Cap Value Fund, West Virginia Intermediate Tax-Free Fund, Prime Money Market Fund and U.S. Treasury Money Market Fund through January 31, 2011, and may voluntarily waive additional fees at any time. The total contractual and voluntary waiver of distribution fees was $1,595,255 for the period ended March 31, 2010. 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 period ended March 31, 2010, BBTAMD received $310,491 from commissions earned on sales of shares of the Funds’ Variable Net Asset Value Funds. Commissions paid to affiliated broker-dealers during the period ended March 31, 2010 were $213,284. The fees may be used by BBTAMD to pay banks, broker dealers and other institutions, including affiliates of BB&T AM.

BB&T AM 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.

Certain officers and Trustees of the Funds are affiliated with BB&T AM, 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 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 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 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. On February 23, 2010, the Trustees voluntarily waived a fee of $3,000 for the Special Telephonic Audit Committee meeting.

7. 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.

8. 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 a rate per annum equal to the Prime Rate minus two percent (2%), but never a net rate of less than two percent (2%) per annum. The Funds held no lines of credit for the period ended March 31, 2010.

125

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2010

9. Federal Income Tax Information:

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. 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.

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

At September 30, 2009, 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
Select Equity Fund	$120,078,510	2017
Mid Cap Value Fund	233,334	2016
Mid Cap Value Fund	13,084,749	2017
Mid Cap Growth Fund	9,011,526	2017
Sterling Capital Small Cap Value Fund	1,483,067	2017
International Equity Fund	34,249,253	2017
Special Opportunities Equity Fund	24,473	2017
Equity Income Fund	1,752,496	2017
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	3,134,925	2014
Intermediate U.S. Government Fund	10,119,332	2016
Total Return Bond Fund	1,589,668	2015
Maryland Intermediate Tax-Free Fund	865	2017
South Carolina Intermediate Tax-Free Fund	16,576	2017
Capital Manager Conservative Growth Fund	122,214	2017
Capital Manager Moderate Growth Fund	508,094	2017
Capital Manager Growth Fund	1,235,282	2017
Capital Manager Equity Fund	958,260	2017

The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2009, were as follows:

	Distributions paid from
	Ordinary Income		Net Long-Term Gains	Total Taxable Distributions	Return Of Capital	Tax Exempt Distributions	Total Distributions Paid*
Select Equity Fund	$	3,095,069	$            —	$  3,095,069	$            —	$          —	$  3,095,069
Mid Cap Value Fund		527,216	—	527,216	—	—	527,216
Sterling Capital Small Cap Value Fund		26,070	603,839	629,909	—	—	629,909
International Equity Fund		2,410,124	—	2,410,124	—	—	2,410,124
Special Opportunities Equity Fund		2,000,916	12,366,207	14,367,123	2,664,763	—	17,031,886
Equity Income Fund		6,195,917	722,290	6,918,207	—	—	6,918,207
Short U.S. Government Fund		1,556,218	—	1,556,218	—	—	1,556,218
Intermediate U.S. Government Fund		5,245,906	—	5,245,906	—	—	5,245,906
Total Return Bond Fund		18,081,190	—	18,081,190	—	—	18,081,190
Kentucky Intermediate Tax-Free Fund		78,614	79,018	157,632	—	580,083	737,715
Maryland Intermediate Tax-Free Fund		67,470	65,809	133,279	—	589,996	723,275
North Carolina Intermediate Tax-Free Fund		799,514	451,034	1,250,548	—	4,606,284	5,856,832
South Carolina Intermediate Tax-Free Fund		213,453	140,118	353,571	—	742,791	1,096,362

126

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2010

	Distributions paid from
	Ordinary Income		Net Long-Term Gains	Total Taxable Distributions	Return Of Capital	Tax Exempt Distributions	Total Distributions Paid*
Virginia Intermediate Tax-Free Fund	$	224,947	$440,130	$665,077	$—	$2,797,561	$  3,462,638
West Virginia Intermediate Tax-Free Fund		87,470	1,228	88,698	—	2,667,477	2,756,175
National Tax Free Money Market Fund		11,974	745	12,719	—	2,457,019	2,469,738
Prime Money Market Fund		13,466,347	—	13,466,347	—	—	13,466,347
U.S. Treasury Money Market Fund		740,484	—	740,484	—	—	740,484
Capital Manager Conservative Growth Fund		757,656	840,501	1,598,157	—	—	1,598,157
Capital Manager Moderate Growth Fund		934,441	—	934,441	—	—	934,441
Capital Manager Growth Fund		579,698	—	579,698	—	—	579,698
Capital Manager Equity Fund		190,556	—	190,556	—	—	190,556

* 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 ended September 30, 2010:

	Post- October Capital Losses	Post- October Currency Losses
Select Equity Fund	$34,173,975	$           —
Mid Cap Value Fund	30,192,144	—
Mid Cap Growth Fund	55,332,962	—
Sterling Capital Small Cap Value Fund	7,868,684	—
International Equity Fund	29,653,692	1,454,521
Special Opportunities Fund	29,264,941	—
Equity Income Fund	35,970,175	—
Total Return Bond Fund	739,744	—
South Carolina Intermediate Tax-Free Fund	9,801	—
Capital Manager Conservative Growth Fund	8,974,540	—
Capital Manager Moderate Growth Fund	9,439,307	—
Capital Manager Growth Fund	8,915,348	—
Capital Manager Equity Fund	8,056,433	—

At March 31, 2010, the federal income tax cost, gross unrealized appreciation and gross unrealized depreciation on securities were as follows:

	Tax Cost	Tax Unrealized Appreciation	Tax Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
Select Equity Fund	$198,791,533	$33,326,428	$  (5,275,534)	$28,050,894
Mid Cap Value Fund	287,627,737	46,528,011	(18,340,081)	28,187,930
Sterling Capital Small Cap Value Fund	61,365,310	7,552,165	(2,405,415)	5,146,750
International Equity Fund	78,795,816	14,592,639	(4,474,660)	10,117,979
Special Opportunities Equity Fund	489,250,639	85,295,383	(4,754,824)	80,540,559
Equity Income Fund	381,096,101	48,017,374	(6,795,772)	41,221,602
Short U.S. Government Fund	80,204,903	887,820	(219,063)	668,757
Intermediate U.S. Government Fund	218,195,275	5,154,810	(405,130)	4,749,680
Total Return Bond Fund	404,102,322	16,140,237	(4,844,540)	11,295,697
Kentucky Intermediate Tax-Free Fund	22,219,321	693,616	(22,239)	671,377
Maryland Intermediate Tax-Free Fund	33,557,266	1,302,783	(32,898)	1,269,885
North Carolina Intermediate Tax-Free Fund	164,912,022	6,455,543	(432,654)	6,022,889
South Carolina Intermediate Tax-Free Fund	34,565,066	1,009,013	(44,330)	964,683
Virginia Intermediate Tax-Free Fund	95,317,062	5,060,147	(61,480)	4,998,667
West Virginia Intermediate Tax-Free Fund	85,652,244	3,011,245	(367,170)	2,644,075

127

BB&T Funds

Notes to Financial Statements (Unaudited) — (continued)

March 31, 2010

	Tax Cost	Tax Unrealized Appreciation	Tax Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
National Tax-Free Money Market Fund	$197,652,729	$            —	$          —	$            —
Prime Money Market Fund	763,995,347	—	—	—
U.S. Treasury Money Market Fund	435,796,475	—	—	—
Capital Manager Conservative Growth Fund	14,034,506	1,809,596	(885,082)	924,514
Capital Manager Moderate Growth Fund	40,899,493	2,276,369	(4,416,582)	(2,140,213)
Capital Manager Growth Fund	32,599,376	1,577,395	(5,038,246)	(3,460,851)
Capital Manager Equity Fund	10,187,879	449,078	(1,555,537)	(1,106,459)

10. Subsequent Events:

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has noted no additional events that require recognition or disclosure in the financial statements.

128

BB&T Funds

March 31, 2010

Special Meeting of Shareholders (Unaudited)

On January 26, 2010, shareholders of the Mid Cap Growth Fund and of the shareholders of the Small Cap Fund held a Joint Special Meeting of Shareholders (the “Meeting”). At the Meeting, shareholders of the Mid Cap Growth Fund voted to approve an Agreement and Plan of Reorganization providing for the consolidation and transfer of all of the assets and liabilities of the Mid Cap Growth Fund to the Mid Cap Value Fund, in exchange for shares of the Mid Cap Value Fund. The results of the voting were as follows:

Affirmative	Against	Abstain
8,148,934	3,897	2,507

Additionally, at the Meeting, shareholders of the Small Cap Fund voted to approve an Agreement and Plan of Reorganization providing for the consolidation and transfer of all of the assets and liabilities of the Small Cap Fund to the Sterling Capital Small Cap Value Fund, in exchange for shares of the Sterling Capital Small Cap Value Fund. The results of the voting were as follows:

Affirmative	Against	Abstain
2,598,201	1,125	3,994

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 30th 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.

129

INVESTMENT ADVISERS

BB&T Asset Management, Inc.

434 Fayetteville Street

5th Floor

Raleigh, NC 27601

Sterling Capital Management LLC

(Sterling Capital Small Cap Value Fund only)

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

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

1601 Market Street

Philadelphia, PA 19103

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, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

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 Investment Company Act of 1940 (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, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(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 5/24/10

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 5/24/10

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

Date 5/24/10