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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
067 000400 N
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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
048 B020800 0.000
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057 000800 N
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<PAGE> PAGE 44
063 A000800 0
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069 000800 N
070 A010800 Y
070 A020800 N
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070 C020800 N
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070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 Y
070 I020800 N
070 J010800 Y
070 J020800 N
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070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 Y
070 M020800 Y
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070 N020800 N
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070 O020800 N
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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008 A000901 BRANCH BANKING AND TRUST COMPANY
008 B000901 A
008 C000901 801-111111
008 D010901 RALEIGH
008 D020901 NC
008 D030901 47601
008 A000902 BLACK ROCK INSTITUTIONAL MANAGEMENT CORP.
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<PAGE> PAGE 47
025 D000903 1983
025 A000904 BEAR, STEARNS & CO.
025 B000904 13-3299429
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
070 M020900 N
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<PAGE> PAGE 51
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008 A001001 BRANCH BANKING AND TRUST COMPANY
008 B001001 A
008 C001001 801-111111
008 D011001 RALEIGH
008 D021001 NC
008 D031001 27601
015 A001001 STAR BANK N.A.
015 B001001 C
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015 C021001 OH
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015 E011001 X
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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008 A001101 BRANCH BANKING AND TRUST COMPANY
008 B001101 A
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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008 A001201 BRANCH BANKING AND TRUST COMPANY
008 B001201 A
008 C001201 801-111111
008 D011201 RALEIGH
008 D021201 NC
008 D031201 27601
015 A001201 STAR BANK N.A.
015 B001201 C
015 C011201 CINCINNATI
015 C021201 OH
015 C031201 45201
015 E011201 X
024 001200 N
028 A011200 53
028 A021200 0
028 A031200 0
028 A041200 0
028 B011200 0
028 B021200 0
028 B031200 0
028 B041200 0
028 C011200 0
028 C021200 0
028 C031200 0
028 C041200 0
028 D011200 360
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<PAGE> PAGE 62
028 E011200 1242
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028 E031200 0
028 E041200 0
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028 F031200 0
028 F041200 7
028 G011200 1728
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028 G031200 0
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028 H001200 99
029 001200 Y
030 A001200 5
030 B001200 4.50
030 C001200 0.00
031 A001200 0
031 B001200 0
032 001200 4
033 001200 0
034 001200 N
035 001200 0
036 B001200 0
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042 B001200 0
042 C001200 2
042 D001200 98
042 E001200 0
042 F001200 0
042 G001200 0
042 H001200 0
043 001200 0
044 001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.250
048 A011200 0
048 A021200 0.000
048 B011200 0
048 B021200 0.000
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
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<PAGE> PAGE 63
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 N
055 A001200 N
055 B001200 N
056 001200 Y
057 001200 N
058 A001200 N
059 001200 Y
060 A001200 Y
060 B001200 Y
061 001200 1000
062 A001200 N
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
066 A001200 Y
066 B001200 N
066 C001200 Y
066 D001200 N
066 E001200 N
066 F001200 N
066 G001200 N
067 001200 N
068 A001200 N
068 B001200 N
<PAGE> PAGE 64
069 001200 N
070 A011200 Y
070 A021200 N
070 B011200 Y
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 Y
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 23770
071 B001200 915
071 C001200 21370
071 D001200 4
072 A001200 12
072 B001200 3
072 C001200 808
072 D001200 0
072 E001200 0
072 F001200 57
072 G001200 11
072 H001200 0
072 I001200 27
072 J001200 6
<PAGE> PAGE 65
072 K001200 0
072 L001200 5
072 M001200 1
072 N001200 14
072 O001200 0
072 P001200 0
072 Q001200 20
072 R001200 2
072 S001200 3
072 T001200 0
072 U001200 4
072 V001200 0
072 W001200 1
072 X001200 151
072 Y001200 46
072 Z001200 706
072AA001200 369
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072DD011200 705
072DD021200 1
072EE001200 0
073 A011200 0.3200
073 A021200 0.2200
073 B001200 0.0000
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074 D001200 0
074 E001200 0
074 F001200 0
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074 M001200 7
074 N001200 24069
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074 R011200 0
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074 R031200 0
074 R041200 176
074 S001200 0
074 T001200 23892
074 U011200 2357
<PAGE> PAGE 66
074 U021200 12
074 V011200 10.08
074 V021200 10.05
074 W001200 0.0000
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075 A001200 0
075 B001200 22694
076 001200 0.00
008 A001301 BRANCH BANKING AND TRUST COMPANY
008 B001301 A
008 C001301 801-111111
008 D011301 RALEIGH
008 D021301 NC
008 D031301 27601
015 A001301 STAR BANK N.A.
015 B001301 C
015 C011301 CINCINNATI
015 C021301 OH
015 C031301 45201
015 E011301 X
024 001300 N
028 A011300 18
028 A021300 0
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028 B021300 0
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028 G011300 1212
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028 H001300 151
<PAGE> PAGE 67
029 001300 Y
030 A001300 7
030 B001300 4.50
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031 A001300 0
031 B001300 0
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045 001300 Y
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048 K021300 0.000
055 A001300 N
055 B001300 N
056 001300 Y
057 001300 N
<PAGE> PAGE 68
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 1000
062 A001300 N
062 B001300 0.0
062 C001300 0.0
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062 H001300 0.0
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062 J001300 0.0
062 K001300 0.0
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062 M001300 0.0
062 N001300 0.0
062 O001300 0.0
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062 R001300 0.0
066 A001300 Y
066 B001300 N
066 C001300 Y
066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 Y
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 Y
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 Y
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 Y
<PAGE> PAGE 69
070 I021300 N
070 J011300 Y
070 J021300 Y
070 K011300 Y
070 K021300 N
070 L011300 Y
070 L021300 N
070 M011300 N
070 M021300 N
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 Y
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070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 23517
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<PAGE> PAGE 70
072CC011300 0
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008 A001401 BRANCH BANKING AND TRUST COMPANY
008 B001401 A
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008 D011401 RALEIGH
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008 D031401 27601
015 A001401 STAR BANK N.A.
015 B001401 C
015 C011401 CINCINNATI
<PAGE> PAGE 71
015 C021401 OH
015 C031401 45201
015 E011401 X
024 001400 N
028 A011400 28
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029 001400 Y
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<PAGE> PAGE 72
042 H001400 0
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050 001400 N
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<PAGE> PAGE 73
062 I001400 0.0
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066 A001400 Y
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066 D001400 N
066 E001400 N
066 F001400 N
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067 001400 N
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<PAGE> PAGE 74
070 P011400 Y
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071 A001400 23561
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<PAGE> PAGE 75
074 E001400 0
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074 I001400 21681
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076 001400 0.00
SIGNATURE GARY TENKMAN
TITLE FIN REPTG SUPERVISOR
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<F3>TRUST Class
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<SERIES>
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<NAME> SHORT-INTERMEDIATE U.S. GOVERNMENT INCOME FUND
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<NAME> SHORT-INTERMEDIATE U.S. GOVERNMENT INCOME FUND
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<F3>TRUST Class
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<NAME> INTERMEDIATE U.S. GOVERNMENT BOND FUND
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<NAME> NORTH CAROLINA INTERMEDIATE TAX-FREE FUND
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<F3>TRUST Class
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<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
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<NAME> GROWTH AND INCOME STOCK FUND
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<SERIES>
<NUMBER> 052
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<S> <C>
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<SERIES>
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<S> <C>
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<F3>TRUST Class
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<TABLE> <S> <C>
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<CIK> 0000889284
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<S> <C>
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<TABLE> <S> <C>
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<TABLE> <S> <C>
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<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
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<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
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<NAME> SMALL COMPANY GROWTH FUND
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<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
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<NAME> SMALL COMPANY GROWTH FUND
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<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
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<NAME> SMALL COMPANY GROWTH FUND
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<F3>TRUST Class
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<SERIES>
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<NAME> LARGE COMPANY GROWTH FUND
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<SERIES>
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<NAME> LARGE COMPANY GROWTH FUND
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<TABLE> <S> <C>
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<F3>TRUST Class
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<F3>TRUST Class
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<F3>TRUST Class
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<PER-SHARE-NAV-END> 9.67<F1>
<EXPENSE-RATIO> .90<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>A Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889284
<NAME> BB&T MUTUAL FUNDS GROUP
<SERIES>
<NUMBER> 143
<NAME> CAPITAL MANAGER GROWTH FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-02-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 23151994
<INVESTMENTS-AT-VALUE> 21681278
<RECEIVABLES> 36592
<ASSETS-OTHER> 7137
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21725007
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78613
<TOTAL-LIABILITIES> 78613
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22390730
<SHARES-COMMON-STOCK> 2208738<F3>
<SHARES-COMMON-PRIOR> 0<F3>
<ACCUMULATED-NII-CURRENT> 87793
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 638587
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1470716)
<NET-ASSETS> 21646394
<DIVIDEND-INCOME> 446467
<INTEREST-INCOME> 3361
<OTHER-INCOME> 0
<EXPENSES-NET> 105579
<NET-INVESTMENT-INCOME> 344249
<REALIZED-GAINS-CURRENT> 725624
<APPREC-INCREASE-CURRENT> (1470716)
<NET-CHANGE-FROM-OPS> (440843)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 342588<F3>
<DISTRIBUTIONS-OF-GAINS> 0<F3>
<DISTRIBUTIONS-OTHER> 0<F3>
<NUMBER-OF-SHARES-SOLD> 2237201
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 109
<NET-CHANGE-IN-ASSETS> 21646394
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 56201
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 150880
<AVERAGE-NET-ASSETS> 22442138<F3>
<PER-SHARE-NAV-BEGIN> 10.00<F3>
<PER-SHARE-NII> .16<F3>
<PER-SHARE-GAIN-APPREC> (.32)<F3>
<PER-SHARE-DIVIDEND> .16<F3>
<PER-SHARE-DISTRIBUTIONS> 0<F3>
<RETURNS-OF-CAPITAL> 0<F3>
<PER-SHARE-NAV-END> 9.68<F3>
<EXPENSE-RATIO> .47<F3>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0<F3>
<FN>
<F3>TRUST Class
</FN>
</TABLE>
The Board of Trustees
of BB&T Mutual Funds Group:
In planning and performing our audit of the financial
statements of the BB&T Mutual Funds Group for the
year ended September 30, 1998, we considered its
internal control, including control activities 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 internal control. The management of the
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 controls. Generally,
controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity
with generally accepted accounting principles. Those
controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control,
errors or fraud 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 internal control would not
necessarily disclose all matters in 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 one or more internal control components does
not reduce to a relatively low level the risk that
misstatements caused by error or fraud 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 internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of
September 30, 1998.
This report is intended solely for the information and use
of management, the Board of Trustees of the BB&T Mutual
Funds Group, and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
Columbus, Ohio
November 13, 1998
