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Shareholder Reports

Stock Funds
Fund Name	Prospectus		SAI	Shareholder Reports	Other
Fund Name	Summary Prospectus	Prospectus	SAI	Shareholder Reports	Other
International Equity Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10)
Mid Cap Value Fund	Retail (2/1/10) Institutional (2/1/10) R Shares (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10) Snapshot (3/31/10)
Special Opportunities Equity Fund	Retail (2/1/10) Institutional (2/1/10) R Shares (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10) Snapshot (3/31/10)
Select Equity Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10)
Equity Income Fund	Retail (2/1/10) Institutional (2/1/10) R Shares (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10) Snapshot (3/31/10)
Equity Index Fund	N/A	Retail (5/1/10) Institutional (5/1/10)	SAI (5/1/10)	Annual Report (12/31/09) Semi-Annual Report (6/30/09)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10)
Sterling Capital Small Cap Value	Retail (2/1/10) Institutional (2/1/10) R Shares (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10)

Asset Allocation Funds
Fund Name	Prospectus		SAI	Shareholder Reports	Other
Fund Name	Summary Prospectus	Prospectus	SAI	Shareholder Reports	Other
Capital Manager Equity Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10)
Capital Manager Growth Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10)
Capital Manager Moderate Growth Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10)
Capital Manager Conservative Growth Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10)

Bond Funds
Fund Name	Prospectus		SAI	Shareholder Reports	Other
Fund Name	Summary Prospectus	Prospectus	SAI	Shareholder Reports	Other
Total Return Bond Fund	Retail (2/1/10) Institutional (2/1/10) R Shares (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10) Snapshot (3/31/10)
Intermediate US Government Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10)
Short US Government Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10)
Kentucky Intermediate Tax Free Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10) Snapshot (Retail) (3/31/10) Snapshot (Institutional) (3/31/10)
Maryland Intermediate Tax Free Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10) Snapshot (Retail) (3/31/10) Snapshot (Institutional) (3/31/10)
North Carolina Intermediate Tax Free Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10) Snapshot (Retail) (3/31/10) Snapshot (Institutional) (3/31/10)
South Carolina Intermediate Tax Free Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10) Snapshot (Retail) (3/31/10) Snapshot (Institutional) (3/31/10)
Virginia Intermediate Tax Free Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10) Snapshot (Retail) (3/31/10) Snapshot (Institutional) (3/31/10)
West Virginia Intermediate Tax Free Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10) Snapshot (Retail) (3/31/10) Snapshot (Institutional) (3/31/10)

Money Market Funds
Fund Name	Prospectus		SAI	Shareholder Reports	Other
Fund Name	Summary Prospectus	Prospectus	SAI	Shareholder Reports	Other
Prime Money Market Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10)
US Treasury Money Market Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10)
National Tax Free Money Market Fund	Retail (2/1/10) Institutional (2/1/10)	Retail (2/1/10) Institutional (2/1/10)	SAI (2/1/10)	Annual Report (9/30/09) Semi-Annual Report (3/31/10)	Fund Facts (Retail) (6/30/10) Fund Facts (Institutional) (6/30/10)

BB&T Funds are:
Not a deposit • Not FDIC insured • Not guaranteed by the bank • Not insured by any government agency • May lose value

An investor should consider a fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the BB&T Funds can be found in the Funds’ prospectus. To obtain a prospectus, please call 1-800-228-1872 or click here. Please read the prospectus carefully before investing.

BB&T Asset Management, Inc., a wholly owned subsidiary of BB&T Corporation, serves as investment adviser to the BB&T Funds and is paid a fee for its services as described in the prospectus. The Funds are distributed by BB&T AM Distributors, Inc., which is not affiliated with Branch Banking and Trust Company or its affiliates. Investment Counselors are employed by BB&T Investment Services, Inc., Member FINRA/SIPC, a wholly owned subsidiary of Branch Banking and Trust Company. The Funds are not insured by the FDIC or any other government agency.

Copyright © 2010 BB&T AM Distributors Inc.