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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
SIGNATURE WENDY SWONGER
TITLE FIN REPTG SUPERVISOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 013
<NAME> U.S. TREASURY MONEY MARKET FUND
<S> <C>
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<F1>TRUST SHARE CLASS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 021
<NAME> SHORT INTERMEDIATE U.S. GOVERNMENT INCOME FUND
<S> <C>
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<F1>CLASS A SHARES
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 023
<NAME> SHORT INTERMEDIATE U.S. GOVERNMENT INCOME FUND
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 031
<NAME> INTERMEDIATE U.S. GOVERNMENT BOND FUND
<S> <C>
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<F1>CLASS A SHARES
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 032
<NAME> INTERMEDIATE U.S. GOVERNMENT BOND FUND
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 033
<NAME> INTERMEDIATE U.S. GOVERNMENT BOND FUND
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 041
<NAME> N.C. INTERMEDIATE TAX-FREE FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
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<NAME> N.C. INTERMEDIATE TAX-FREE FUND
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<NUMBER-OF-SHARES-REDEEMED> 446886<F1>
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<GROSS-EXPENSE> 222960
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<PER-SHARE-NAV-BEGIN> 10.15<F1>
<PER-SHARE-NII> .19<F1>
<PER-SHARE-GAIN-APPREC> (.03)<F1>
<PER-SHARE-DIVIDEND> .19<F1>
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<PER-SHARE-NAV-END> 10.12<F1>
<EXPENSE-RATIO> .96<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F1>TRUST SHARE CLASS
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 051
<NAME> GROWTH & INCOME STOCK FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-START> OCT-1-1995
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<INVESTMENTS-AT-VALUE> 211455456
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<TOTAL-LIABILITIES> 409160
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<NET-CHANGE-FROM-OPS> 20096714
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<DISTRIBUTIONS-OF-INCOME> 112049<F1>
<DISTRIBUTIONS-OF-GAINS> 76748<F1>
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<NUMBER-OF-SHARES-REDEEMED> 52919<F1>
<SHARES-REINVESTED> 13670<F1>
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<GROSS-EXPENSE> 1034604
<AVERAGE-NET-ASSETS> 12463083<F1>
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<EXPENSE-RATIO> 1.10<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F1>Class A Shares
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 052
<NAME> GROWTH & INCOME STOCK FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-1-1995
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<INVESTMENTS-AT-COST> 172035724
<INVESTMENTS-AT-VALUE> 211455456
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<SHARES-COMMON-STOCK> 85836<F1>
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<EXPENSE-RATIO> 1.83<F1>
<AVG-DEBT-OUTSTANDING> 0
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<F1>Class B Shares
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 053
<NAME> GROWTH & INCOME STOCK FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
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<PER-SHARE-DISTRIBUTIONS> .23<F1>
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<EXPENSE-RATIO> .85<F1>
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<AVG-DEBT-PER-SHARE> 0
<F1>TRUST SHARE CLASS
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 061
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-1-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 68178623
<INVESTMENTS-AT-VALUE> 76116435
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<EXPENSES-NET> 338169
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<APPREC-INCREASE-CURRENT> 2892623
<NET-CHANGE-FROM-OPS> 4587933
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<DISTRIBUTIONS-OF-INCOME> 186963<F1>
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<NUMBER-OF-SHARES-REDEEMED> 46392<F1>
<SHARES-REINVESTED> 15631<F1>
<NET-CHANGE-IN-ASSETS> 17410100
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<AVERAGE-NET-ASSETS> 10323913<F1>
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<PER-SHARE-DISTRIBUTIONS> .20<F1>
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<EXPENSE-RATIO> 1.19<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F1>Class A Shares
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 062
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-1-1995
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<EXPENSE-RATIO> 1.94<F1>
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<F1>Class B Shares
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 063
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
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<PER-SHARE-NII> .22<F1>
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<PER-SHARE-DIVIDEND> .22<F1>
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<EXPENSE-RATIO> .94<F1>
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<F1>Trust Share Class
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 071
<NAME> SMALL COMPANY GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-1-1995
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<ACCUM-APPREC-OR-DEPREC> 9054913
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<NET-INVESTMENT-INCOME> (117550)
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<PER-SHARE-NII> (.01)<F1>
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<EXPENSE-RATIO> 2.15<F1>
<AVG-DEBT-OUTSTANDING> 0
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<F1>Class A Shares.
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 072
<NAME> SMALL COMPANY GROWTH FUND
<S> <C>
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<TOTAL-ASSETS> 30599332
<PAYABLE-FOR-SECURITIES> 280054
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49788
<TOTAL-LIABILITIES> 329842
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22176463
<SHARES-COMMON-STOCK> 42412<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 209813
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 752073
<ACCUM-APPREC-OR-DEPREC> 9054913
<NET-ASSETS> 30269490
<DIVIDEND-INCOME> 3580
<INTEREST-INCOME> 99476
<OTHER-INCOME> 0
<EXPENSES-NET> 220606
<NET-INVESTMENT-INCOME> (117550)
<REALIZED-GAINS-CURRENT> (487556)
<APPREC-INCREASE-CURRENT> 5273703
<NET-CHANGE-FROM-OPS> 4668597
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 42428<F1>
<NUMBER-OF-SHARES-REDEEMED> 16<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 12211858
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 92263
<OVERDIST-NET-GAINS-PRIOR> 264517
<GROSS-ADVISORY-FEES> 113562
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 223675
<AVERAGE-NET-ASSETS> 301828<F1>
<PER-SHARE-NAV-BEGIN> 15.24<F1>
<PER-SHARE-NII> (.03)<F1>
<PER-SHARE-GAIN-APPREC> 2.15<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.36<F1>
<EXPENSE-RATIO> 2.79<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F1>Class B Shares.
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 073
<NAME> SMALL COMPANY GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-1-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 21478163
<INVESTMENTS-AT-VALUE> 30533076
<RECEIVABLES> 931
<ASSETS-OTHER> 65325
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30599332
<PAYABLE-FOR-SECURITIES> 280054
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49788
<TOTAL-LIABILITIES> 329842
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22176463
<SHARES-COMMON-STOCK> 1493974<F1>
<SHARES-COMMON-PRIOR> 1164384<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 209813
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 752073
<ACCUM-APPREC-OR-DEPREC> 9054913
<NET-ASSETS> 30269490
<DIVIDEND-INCOME> 3580
<INTEREST-INCOME> 99476
<OTHER-INCOME> 0
<EXPENSES-NET> 220606
<NET-INVESTMENT-INCOME> (117550)
<REALIZED-GAINS-CURRENT> (487556)
<APPREC-INCREASE-CURRENT> 5273703
<NET-CHANGE-FROM-OPS> 4668597
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 366672<F1>
<NUMBER-OF-SHARES-REDEEMED> 37082<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 12211858
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 92263
<OVERDIST-NET-GAINS-PRIOR> 264517
<GROSS-ADVISORY-FEES> 113562
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 223675
<AVERAGE-NET-ASSETS> 20626603<F1>
<PER-SHARE-NAV-BEGIN> 14.57<F1>
<PER-SHARE-NII> (.05)<F1>
<PER-SHARE-GAIN-APPREC> 2.93<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.45<F1>
<EXPENSE-RATIO> 1.92<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F1>Trust Share Class
</TABLE>
