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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
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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SIGNATURE PENNI RUTKOWSKI
TITLE FIN REPTG SUPERVISOR
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<REALIZED-GAINS-CURRENT> (124190)
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<NUMBER-OF-SHARES-SOLD> 4529511<F1>
<NUMBER-OF-SHARES-REDEEMED> 2869819<F1>
<SHARES-REINVESTED> 395177<F1>
<NET-CHANGE-IN-ASSETS> 23734124
<ACCUMULATED-NII-PRIOR> 5718
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1942092
<GROSS-ADVISORY-FEES> 812351
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1336406
<AVERAGE-NET-ASSETS> 130572093<F1>
<PER-SHARE-NAV-BEGIN> 9.64<F1>
<PER-SHARE-NII> .56<F1>
<PER-SHARE-GAIN-APPREC> .21<F1>
<PER-SHARE-DIVIDEND> .56<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.85<F1>
<EXPENSE-RATIO> .87<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Trust Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS
<SERIES>
<NUMBER> 041
<NAME> NORTH CAROLINA INTERMEDIATE TAX-FREE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 67330170
<INVESTMENTS-AT-VALUE> 69791408
<RECEIVABLES> 1050278
<ASSETS-OTHER> 3709
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 70845395
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 305549
<TOTAL-LIABILITIES> 305549
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68144467
<SHARES-COMMON-STOCK> 917095<F1>
<SHARES-COMMON-PRIOR> 921898<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 65859
<ACCUM-APPREC-OR-DEPREC> 2461238
<NET-ASSETS> 70539846
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<NET-INVESTMENT-INCOME> 2490880
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<APPREC-INCREASE-CURRENT> 1337500
<NET-CHANGE-FROM-OPS> 3887543
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 364471<F1>
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<NUMBER-OF-SHARES-SOLD> 106962<F1>
<NUMBER-OF-SHARES-REDEEMED> 141088<F1>
<SHARES-REINVESTED> 29323<F1>
<NET-CHANGE-IN-ASSETS> 32835592
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 125022
<GROSS-ADVISORY-FEES> 363548
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 653477
<AVERAGE-NET-ASSETS> 9274655<F1>
<PER-SHARE-NAV-BEGIN> 10.05<F1>
<PER-SHARE-NII> .40<F1>
<PER-SHARE-GAIN-APPREC> .22<F1>
<PER-SHARE-DIVIDEND> .40<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.27<F1>
<EXPENSE-RATIO> 1.00<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS
<SERIES>
<NUMBER> 043
<NAME> NORTH CAROLINA INTERMEDIATE TAX-FREE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 67330170
<INVESTMENTS-AT-VALUE> 69791408
<RECEIVABLES> 1050278
<ASSETS-OTHER> 3709
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<TOTAL-ASSETS> 70845395
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<OTHER-ITEMS-LIABILITIES> 305549
<TOTAL-LIABILITIES> 305549
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68144467
<SHARES-COMMON-STOCK> 5949237<F1>
<SHARES-COMMON-PRIOR> 2830793<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 65859
<ACCUM-APPREC-OR-DEPREC> 2461238
<NET-ASSETS> 70539846
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<NET-INVESTMENT-INCOME> 2490880
<REALIZED-GAINS-CURRENT> 59163
<APPREC-INCREASE-CURRENT> 1337500
<NET-CHANGE-FROM-OPS> 3887543
<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 4336581<F1>
<NUMBER-OF-SHARES-REDEEMED> 1218137<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 32835592
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 125022
<GROSS-ADVISORY-FEES> 363548
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 653477
<AVERAGE-NET-ASSETS> 51316737<F1>
<PER-SHARE-NAV-BEGIN> 10.05<F1>
<PER-SHARE-NII> .41<F1>
<PER-SHARE-GAIN-APPREC> .22<F1>
<PER-SHARE-DIVIDEND> .41<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.27<F1>
<EXPENSE-RATIO> .85<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Trust Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS
<SERIES>
<NUMBER> 051
<NAME> GROWTH AND INCOME STOCK FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 234073315
<INVESTMENTS-AT-VALUE> 361227041
<RECEIVABLES> 540280
<ASSETS-OTHER> 16161
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<TOTAL-ASSETS> 361783482
<PAYABLE-FOR-SECURITIES> 715600
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<OTHER-ITEMS-LIABILITIES> 715018
<TOTAL-LIABILITIES> 1430618
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 212460253
<SHARES-COMMON-STOCK> 1735750<F1>
<SHARES-COMMON-PRIOR> 1237278<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 4109
<ACCUMULATED-NET-GAINS> 20742994
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 127153726
<NET-ASSETS> 360352864
<DIVIDEND-INCOME> 7408604
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<EXPENSES-NET> 2590604
<NET-INVESTMENT-INCOME> 4981914
<REALIZED-GAINS-CURRENT> 21222568
<APPREC-INCREASE-CURRENT> 68548798
<NET-CHANGE-FROM-OPS> 94753280
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<DISTRIBUTIONS-OF-INCOME> 406746<F1>
<DISTRIBUTIONS-OF-GAINS> 886255<F1>
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<NUMBER-OF-SHARES-SOLD> 603380<F1>
<NUMBER-OF-SHARES-REDEEMED> 183421<F1>
<SHARES-REINVESTED> 78513<F1>
<NET-CHANGE-IN-ASSETS> 130864875
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9217629
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2147800
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3355832
<AVERAGE-NET-ASSETS> 26684195<F1>
<PER-SHARE-NAV-BEGIN> 15.31<F1>
<PER-SHARE-NII> .26<F1>
<PER-SHARE-GAIN-APPREC> 5.30<F1>
<PER-SHARE-DIVIDEND> .26<F1>
<PER-SHARE-DISTRIBUTIONS> .63<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 19.98<F1>
<EXPENSE-RATIO> 1.09<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS
<SERIES>
<NUMBER> 052
<NAME> GROWTH AND INCOME STOCK FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 234073315
<INVESTMENTS-AT-VALUE> 361227041
<RECEIVABLES> 540280
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<PAYABLE-FOR-SECURITIES> 715600
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 212460253
<SHARES-COMMON-STOCK> 837590<F1>
<SHARES-COMMON-PRIOR> 253687<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 4109
<ACCUMULATED-NET-GAINS> 20742994
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 127153726
<NET-ASSETS> 360352864
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<NET-INVESTMENT-INCOME> 4981914
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<DISTRIBUTIONS-OF-INCOME> 75802<F1>
<DISTRIBUTIONS-OF-GAINS> 206225<F1>
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<NUMBER-OF-SHARES-SOLD> 601095<F1>
<NUMBER-OF-SHARES-REDEEMED> 33998<F1>
<SHARES-REINVESTED> 16806<F1>
<NET-CHANGE-IN-ASSETS> 130864875
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 2147800
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3355832
<AVERAGE-NET-ASSETS> 9169335<F1>
<PER-SHARE-NAV-BEGIN> 15.29<F1>
<PER-SHARE-NII> .13<F1>
<PER-SHARE-GAIN-APPREC> 5.28<F1>
<PER-SHARE-DIVIDEND> .14<F1>
<PER-SHARE-DISTRIBUTIONS> .63<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 19.93<F1>
<EXPENSE-RATIO> 1.84<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS
<SERIES>
<NUMBER> 053
<NAME> GROWTH AND INCOME STOCK FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 234073315
<INVESTMENTS-AT-VALUE> 361227041
<RECEIVABLES> 540280
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 361783482
<PAYABLE-FOR-SECURITIES> 715600
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<TOTAL-LIABILITIES> 1430618
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 212460253
<SHARES-COMMON-STOCK> 15434506<F1>
<SHARES-COMMON-PRIOR> 13468959<F1>
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<OVERDISTRIBUTION-NII> 4109
<ACCUMULATED-NET-GAINS> 20742994
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 127153726
<NET-ASSETS> 360352864
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<NET-INVESTMENT-INCOME> 4981914
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<NUMBER-OF-SHARES-REDEEMED> 4591206<F1>
<SHARES-REINVESTED> 484781<F1>
<NET-CHANGE-IN-ASSETS> 130864875
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2147800
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3355832
<AVERAGE-NET-ASSETS> 254389769<F1>
<PER-SHARE-NAV-BEGIN> 15.34<F1>
<PER-SHARE-NII> .30<F1>
<PER-SHARE-GAIN-APPREC> 5.31<F1>
<PER-SHARE-DIVIDEND> .30<F1>
<PER-SHARE-DISTRIBUTIONS> .63<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 20.02<F1>
<EXPENSE-RATIO> .84<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Trust Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS
<SERIES>
<NUMBER> 061
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 91492196
<INVESTMENTS-AT-VALUE> 111671522
<RECEIVABLES> 851144
<ASSETS-OTHER> 6448
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<TOTAL-ASSETS> 112529114
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 411494
<TOTAL-LIABILITIES> 411494
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89001560
<SHARES-COMMON-STOCK> 1264786<F1>
<SHARES-COMMON-PRIOR> 1041648<F1>
<ACCUMULATED-NII-CURRENT> 10946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2925788
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20179326
<NET-ASSETS> 112117620
<DIVIDEND-INCOME> 1404253
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<EXPENSES-NET> 962682
<NET-INVESTMENT-INCOME> 3628963
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<APPREC-INCREASE-CURRENT> 11630206
<NET-CHANGE-FROM-OPS> 19082630
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<NUMBER-OF-SHARES-SOLD> 311695<F1>
<NUMBER-OF-SHARES-REDEEMED> 162113<F1>
<SHARES-REINVESTED> 73556<F1>
<NET-CHANGE-IN-ASSETS> 27949025
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1814370
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 707060
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1229000
<AVERAGE-NET-ASSETS> 14637265<F1>
<PER-SHARE-NAV-BEGIN> 11.96<F1>
<PER-SHARE-NII> .45<F1>
<PER-SHARE-GAIN-APPREC> 2.04<F1>
<PER-SHARE-DIVIDEND> .45<F1>
<PER-SHARE-DISTRIBUTIONS> .37<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.63<F1>
<EXPENSE-RATIO> 1.18<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS
<SERIES>
<NUMBER> 062
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 91492196
<INVESTMENTS-AT-VALUE> 111671522
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<TOTAL-ASSETS> 112529114
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<OTHER-ITEMS-LIABILITIES> 411494
<TOTAL-LIABILITIES> 411494
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89001560
<SHARES-COMMON-STOCK> 468841<F1>
<SHARES-COMMON-PRIOR> 196298<F1>
<ACCUMULATED-NII-CURRENT> 10946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2925788
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20179326
<NET-ASSETS> 112117620
<DIVIDEND-INCOME> 1404253
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<EXPENSES-NET> 962682
<NET-INVESTMENT-INCOME> 3628963
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<APPREC-INCREASE-CURRENT> 11630206
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<NUMBER-OF-SHARES-REDEEMED> 27001<F1>
<SHARES-REINVESTED> 16642<F1>
<NET-CHANGE-IN-ASSETS> 27949025
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<GROSS-EXPENSE> 1229000
<AVERAGE-NET-ASSETS> 4222649<F1>
<PER-SHARE-NAV-BEGIN> 11.91<F1>
<PER-SHARE-NII> .36<F1>
<PER-SHARE-GAIN-APPREC> 2.04<F1>
<PER-SHARE-DIVIDEND> .37<F1>
<PER-SHARE-DISTRIBUTIONS> .37<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.57<F1>
<EXPENSE-RATIO> 1.93<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS
<SERIES>
<NUMBER> 063
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
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<INVESTMENTS-AT-COST> 91492196
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<OTHER-ITEMS-LIABILITIES> 411494
<TOTAL-LIABILITIES> 411494
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<PAID-IN-CAPITAL-COMMON> 89001560
<SHARES-COMMON-STOCK> 6510055<F1>
<SHARES-COMMON-PRIOR> 5812814<F1>
<ACCUMULATED-NII-CURRENT> 10946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2925788
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20179326
<NET-ASSETS> 112117620
<DIVIDEND-INCOME> 1404253
<INTEREST-INCOME> 3187392
<OTHER-INCOME> 0
<EXPENSES-NET> 962682
<NET-INVESTMENT-INCOME> 3628963
<REALIZED-GAINS-CURRENT> 3823461
<APPREC-INCREASE-CURRENT> 11630206
<NET-CHANGE-FROM-OPS> 19082630
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2972191<F1>
<DISTRIBUTIONS-OF-GAINS> 2213599<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2159650<F1>
<NUMBER-OF-SHARES-REDEEMED> 1816862<F1>
<SHARES-REINVESTED> 354453<F1>
<NET-CHANGE-IN-ASSETS> 27949025
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1814370
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 707060
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1229000
<AVERAGE-NET-ASSETS> 76688781<F1>
<PER-SHARE-NAV-BEGIN> 11.93<F1>
<PER-SHARE-NII> .49<F1>
<PER-SHARE-GAIN-APPREC> 2.04<F1>
<PER-SHARE-DIVIDEND> .49<F1>
<PER-SHARE-DISTRIBUTIONS> .37<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.60<F1>
<EXPENSE-RATIO> .93<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Trust Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS
<SERIES>
<NUMBER> 071
<NAME> SMALL COMPANY GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 53321157
<INVESTMENTS-AT-VALUE> 80226004
<RECEIVABLES> 139066
<ASSETS-OTHER> 8404
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 80373474
<PAYABLE-FOR-SECURITIES> 81650
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 94025
<TOTAL-LIABILITIES> 175678
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 54914457
<SHARES-COMMON-STOCK> 543333<F1>
<SHARES-COMMON-PRIOR> 351971<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1069541
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 551967
<ACCUM-APPREC-OR-DEPREC> 26904847
<NET-ASSETS> 80197796
<DIVIDEND-INCOME> 15185
<INTEREST-INCOME> 319961
<OTHER-INCOME> 0
<EXPENSES-NET> 983605
<NET-INVESTMENT-INCOME> (648459)
<REALIZED-GAINS-CURRENT> (324247)
<APPREC-INCREASE-CURRENT> 10974900
<NET-CHANGE-FROM-OPS> 10002194
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 8888<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 727199<F1>
<NUMBER-OF-SHARES-REDEEMED> 536287<F1>
<SHARES-REINVESTED> 450<F1>
<NET-CHANGE-IN-ASSETS> 33212396
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 421082
<OVERDIST-NET-GAINS-PRIOR> 173546
<GROSS-ADVISORY-FEES> 551965
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1006075
<AVERAGE-NET-ASSETS> 8973667<F1>
<PER-SHARE-NAV-BEGIN> 21.06<F1>
<PER-SHARE-NII> (.15)<F1>
<PER-SHARE-GAIN-APPREC> 2.44<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> .02<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 23.33<F1>
<EXPENSE-RATIO> 1.89<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS
<SERIES>
<NUMBER> 072
<NAME> SMALL COMPANY GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 53321157
<INVESTMENTS-AT-VALUE> 80226004
<RECEIVABLES> 139066
<ASSETS-OTHER> 8404
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 80373474
<PAYABLE-FOR-SECURITIES> 81650
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 94025
<TOTAL-LIABILITIES> 175678
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 54914457
<SHARES-COMMON-STOCK> 385310<F1>
<SHARES-COMMON-PRIOR> 152963<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1069541
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 551967
<ACCUM-APPREC-OR-DEPREC> 26904847
<NET-ASSETS> 80197796
<DIVIDEND-INCOME> 15185
<INTEREST-INCOME> 319961
<OTHER-INCOME> 0
<EXPENSES-NET> 983605
<NET-INVESTMENT-INCOME> (648459)
<REALIZED-GAINS-CURRENT> (324247)
<APPREC-INCREASE-CURRENT> 10974900
<NET-CHANGE-FROM-OPS> 10002194
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 4428<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 263521<F1>
<NUMBER-OF-SHARES-REDEEMED> 31401<F1>
<SHARES-REINVESTED> 227<F1>
<NET-CHANGE-IN-ASSETS> 33212396
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 421082
<OVERDIST-NET-GAINS-PRIOR> 173546
<GROSS-ADVISORY-FEES> 551965
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1006075
<AVERAGE-NET-ASSETS> 5371624<F1>
<PER-SHARE-NAV-BEGIN> 20.92<F1>
<PER-SHARE-NII> (.20)<F1>
<PER-SHARE-GAIN-APPREC> 2.32<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> .02<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 23.02<F1>
<EXPENSE-RATIO> 2.64<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS
<SERIES>
<NUMBER> 073
<NAME> SMALL COMPANY GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 53321157
<INVESTMENTS-AT-VALUE> 80226004
<RECEIVABLES> 139066
<ASSETS-OTHER> 8404
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 80373474
<PAYABLE-FOR-SECURITIES> 81650
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 94025
<TOTAL-LIABILITIES> 175678
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 54914457
<SHARES-COMMON-STOCK> 2493992<F1>
<SHARES-COMMON-PRIOR> 1717398<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1069541
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 551967
<ACCUM-APPREC-OR-DEPREC> 26904847
<NET-ASSETS> 80197796
<DIVIDEND-INCOME> 15185
<INTEREST-INCOME> 319961
<OTHER-INCOME> 0
<EXPENSES-NET> 983605
<NET-INVESTMENT-INCOME> (648459)
<REALIZED-GAINS-CURRENT> (324247)
<APPREC-INCREASE-CURRENT> 10974900
<NET-CHANGE-FROM-OPS> 10002194
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 40858<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1507565<F1>
<NUMBER-OF-SHARES-REDEEMED> 732330<F1>
<SHARES-REINVESTED> 1359<F1>
<NET-CHANGE-IN-ASSETS> 33212396
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 421082
<OVERDIST-NET-GAINS-PRIOR> 173546
<GROSS-ADVISORY-FEES> 551965
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1006075
<AVERAGE-NET-ASSETS> 40942157<F1>
<PER-SHARE-NAV-BEGIN> 21.18<F1>
<PER-SHARE-NII> (.11)<F1>
<PER-SHARE-GAIN-APPREC> 2.47<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> .02<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 23.52<F1>
<EXPENSE-RATIO> 1.64<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Trust Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS
<SERIES>
<NUMBER> 081
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 52387259
<INVESTMENTS-AT-VALUE> 52184714
<RECEIVABLES> 593181
<ASSETS-OTHER> 3830875
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 56608770
<PAYABLE-FOR-SECURITIES> 1789281
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 434424
<TOTAL-LIABILITIES> 2223705
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49482349
<SHARES-COMMON-STOCK> 74094<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1278028
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3624688
<NET-ASSETS> 54385065
<DIVIDEND-INCOME> 646004
<INTEREST-INCOME> 124332
<OTHER-INCOME> (79469)
<EXPENSES-NET> 590546
<NET-INVESTMENT-INCOME> 100321
<REALIZED-GAINS-CURRENT> 1392502
<APPREC-INCREASE-CURRENT> 3624688
<NET-CHANGE-FROM-OPS> 5117511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1048<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 75712<F1>
<NUMBER-OF-SHARES-REDEEMED> 1710<F1>
<SHARES-REINVESTED> 92<F1>
<NET-CHANGE-IN-ASSETS> 54385065
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 326911
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 598099
<AVERAGE-NET-ASSETS> 344757<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .03<F1>
<PER-SHARE-GAIN-APPREC> 1.25<F1>
<PER-SHARE-DIVIDEND> .04<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.24<F1>
<EXPENSE-RATIO> 1.97<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS
<SERIES>
<NUMBER> 082
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 52387259
<INVESTMENTS-AT-VALUE> 52184714
<RECEIVABLES> 593181
<ASSETS-OTHER> 3830875
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 56608770
<PAYABLE-FOR-SECURITIES> 1789281
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 434424
<TOTAL-LIABILITIES> 2223705
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49482349
<SHARES-COMMON-STOCK> 104967<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1278028
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3624688
<NET-ASSETS> 54385065
<DIVIDEND-INCOME> 646004
<INTEREST-INCOME> 124332
<OTHER-INCOME> (79469)
<EXPENSES-NET> 590546
<NET-INVESTMENT-INCOME> 100321
<REALIZED-GAINS-CURRENT> 1392502
<APPREC-INCREASE-CURRENT> 3624688
<NET-CHANGE-FROM-OPS> 5117511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 537<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 108207<F1>
<NUMBER-OF-SHARES-REDEEMED> 3291<F1>
<SHARES-REINVESTED> 51<F1>
<NET-CHANGE-IN-ASSETS> 54385065
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 326911
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 598099
<AVERAGE-NET-ASSETS> 512734<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .01<F1>
<PER-SHARE-GAIN-APPREC> 1.26<F1>
<PER-SHARE-DIVIDEND> .02<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.23<F1>
<EXPENSE-RATIO> 2.69<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS
<SERIES>
<NUMBER> 083
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 52387259
<INVESTMENTS-AT-VALUE> 52184714
<RECEIVABLES> 593181
<ASSETS-OTHER> 3830875
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 56608770
<PAYABLE-FOR-SECURITIES> 1789281
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 434424
<TOTAL-LIABILITIES> 2223705
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49482349
<SHARES-COMMON-STOCK> 4643858<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1278028
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3624688
<NET-ASSETS> 54385065
<DIVIDEND-INCOME> 646004
<INTEREST-INCOME> 124332
<OTHER-INCOME> (79469)
<EXPENSES-NET> 590546
<NET-INVESTMENT-INCOME> 100321
<REALIZED-GAINS-CURRENT> 1392502
<APPREC-INCREASE-CURRENT> 3624688
<NET-CHANGE-FROM-OPS> 5117511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 213210<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 4858492<F1>
<NUMBER-OF-SHARES-REDEEMED> 222783<F1>
<SHARES-REINVESTED> 8149<F1>
<NET-CHANGE-IN-ASSETS> 54385065
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 326911
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 598099
<AVERAGE-NET-ASSETS> 43172918<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .03<F1>
<PER-SHARE-GAIN-APPREC> 1.30<F1>
<PER-SHARE-DIVIDEND> .05<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.28<F1>
<EXPENSE-RATIO> 1.79<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Trust Shares
</FN>
</TABLE>
The Board of Trustees
of BB&T Mutual Funds Group:
In planning and performing our audit of the
financial statements of BB&T Mutual Funds
Group for the year ended September 30, 1997
, we considered its internal control, including
procedures for safeguarding securities, in order
to determine our auditing procedures for the
purpose of expressing our opinion on the
financial statements and to comply with the
requirements of Form N-SAR, not to provide
assurance on the internal control.
The management of BB&T Mutual Funds Group
is responsible for establishing and maintaining
internal control. In fulfilling this responsibility,
estimates and judgments by management are
required to assess the expected benefits and related
costs of control activities. Two of the objectives
of internal control are to provide management with
reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized
use or disposition and that transactions are
executed in accordance with management's
authorization and recorded properly to permit
preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal
control, errors or irregularities may occur and
not be detected. Also, projection of any evaluation
of internal control to future periods is subject to
the risk that it may become inadequate because
of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of the internal control would
not necessarily disclose all matters in the internal
control that might be material weaknesses under
standards established by the American Institute
of Certified Public Accountants. A material
weakness is a condition in which the design or
operation of the specific internal control does
not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be
material in relation to the financial statements
being audited may occur and not be detected
within a timely period by employees in the normal
course of performing their assigned functions.
However, we noted no matters involving the
internal control, including procedures for
safeguarding securities, that we consider to be
material weaknesses as defined above as of
September 30, 1997.
This report is intended solely for the information
and use of management and the Securities and
Exchange Commission.
Columbus, Ohio
November 14, 1997
