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Exhibit (e)(l)
DISTRIBUTION AGREEMENT
BB&T FUNDS
BISYS Fund Services Limited Partnership February 7, 1997
3435 Stelzer Road As amended November 9, 2000
Columbus, Ohio 43219
Gentlemen:
This is to confirm that, in consideration of the agreements hereinafter
contained, the undersigned, BB&T Funds (the "Trust"), a Massachusetts business
trust, has agreed that BISYS Fund Services Limited Partnership d/b/a BISYS Fund
Services (the "Distributor"), shall be, for the period of this Distribution
Agreement (the "Agreement"), the distributor of the units of beneficial interest
of each of the investment portfolios of the Trust identified on Schedule A
hereto (the "Funds"). Such units of beneficial interest are hereinafter called
"Shares."
1. SERVICES AS DISTRIBUTOR
1.1 Distributor will act as agent for the distribution of the Shares
covered by the registration statement and prospectuses of the Trust then in
effect under the Securities Act of 1933, as amended (the "Securities Act"). As
used in this Agreement, the term "registration statement" shall mean Parts A
(the prospectus), B (the Statement of Additional Information) and C of each
registration statement that is filed on Form N-1A, or any successor thereto,
with the Securities and Exchange Commission (the "Commission"), together with
any amendments thereto. The term "prospectus" shall mean each form of prospectus
and Statement of Additional Information used by the Funds for delivery to
shareholders and prospective shareholders after the effective dates of the
above-referenced registration statement, together with any amendments and
supplements thereto.
1.2 Distributor agrees to use appropriate efforts to solicit orders
for the sale for the Shares and will undertake such advertising and promotion as
it believes reasonable in connection with such solicitation. The Trust
understands that Distributor is now and may in the future be the distributor of
the shares of several investment companies or series (together, "Companies")
including Companies having investment objectives similar to those of the Trust.
The Trust further understands that investors and potential investors in the
Trust may invest in shares of such other Companies. The Trust agrees that
Distributor's duties to such Companies shall not be deemed in conflict with its
duties to the Trust under this paragraph 1.2.
Distributor shall, at its own expense, finance appropriate activities
which it deems reasonable which are primarily intended to result in the sale of
the Shares, including, but not
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limited to, advertising, compensation of underwriter, dealers and sales
personnel, the printing and mailing of prospectuses to other than current
Shareholders, and the printing and mailing of sales literature.
1.3 In its capacity as distributor of the Shares, all activities of
Distributor and its partners, agents, and employees shall comply with all
applicable laws, rules and regulations, including, without limitation, the
Investment Company Act of 1940, as amended (the "1940 Act"), all rules and
regulations promulgated by the Commission thereunder and all rules and
regulations adopted by any securities association registered under the
Securities Exchange Act of 1934.
1.4. Distributor will provide one or more persons, during normal
business hours, to respond to telephone questions with respect to the
Trust.
1.5. Distributor will transmit any orders received by it for purchase
or redemption of the Shares to the transfer agent and custodian for the Funds.
1.6. Whenever in their judgment such action is warranted by unusual
market, economic or political conditions, or by abnormal circumstances of any
kind, the Trust's officers may decline to accept any orders for, or make any
sales of, the Shares until such time as those officers deem it advisable to
accept such orders and to make such sales.
1.7. Distributor will act only on its own behalf as principal if it
chooses to enter into selling agreements with selected dealers or others.
1.8. The Trust agrees at its own expense to execute any and all
documents and to furnish any and all information and otherwise to take all
actions that may be reasonably necessary in connection with the qualification of
the Shares for sale in such states as Distributor may designate.
1.9. The Trust shall furnish from time to time, for use in connection
with the sale of the Shares, such information with respect to the Funds and the
Shares as Distributor may reasonably request; and the Trust warrants that the
statements contained in any such information shall fairly show or represent what
they purport to show or represent. The Trust shall also furnish Distributor upon
request with: (a) unaudited semi-annual statements of the Funds' books and
accounts prepared by the Trust; (b) a monthly itemized list of the securities in
the Funds; (c) monthly balance sheets as soon as practicable after the end of
each month; and (d) from time to time such additional information regarding the
financial condition of the Funds as Distributor may reasonably request.
1.10. The Trust represents to Distributor that, with respect to the
shares, all registration statements and prospectuses filed by the Trust with the
Securities and Exchange Commission under the Securities Act have been carefully
prepared in conformity with
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requirements of said Act and rules and regulations of the Commission
thereunder. The Trust represents and warrants to Distributor that any
registration statement and prospectus, when such registration statement becomes
effective, will contain all statements required to be stated therein in
conformity with said Act and the rules and regulations of said Commission; that
all statements of fact contained in any such registration statement and
prospectus will be true and correct, when such registration statement becomes
effective; and that neither any registration statement nor any prospectus when
such registration statement becomes effective will include an untrue statement
of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading to a
purchaser of the Shares. The Trust may, but shall not be obligated to, propose
from time to time such amendment or amendments to any registration statement and
such supplement or supplements to any prospectus as, in the light of future
developments, may, in the opinion of the Trust's counsel, be necessary or
advisable. If the Trust shall not propose such amendment or amendments and/or
supplement or supplements within fifteen days after receipt by the Trust of a
written request from Distributor to do so, Distributor may, at its option,
terminate this Agreement. The Trust shall not file any amendment to any
registration statement or supplement to any prospectus without giving
Distributor reasonable notice thereof in advance; provided, however, that
nothing contained in this Agreement shall in any way limit the Trust's right to
file at any time such amendments to any registration statement and/or
supplements to any prospectus, of whatever character, as the Trust may deem
advisable, such right being in all respects absolute and unconditional.
1.11. The Trust authorizes Distributor and dealers to use any
prospectus in the form furnished from time to time in connection with the sale
of the Shares. The Trust agrees to indemnify, defend and hold Distributor, its
several partners and employees, and any person who controls Distributor within
the meaning of Section 15 of the Securities Act free and harmless from and
against any and all claims, demands, liabilities and expenses (including the
cost of investigating or defending such claims, demands or liabilities and any
counsel fees incurred in connection therewith) which Distributor, its partners
and employees, or any such controlling person, may incur under the Securities
Act or under common law or otherwise, arising out of or based upon any untrue
statement, or alleged untrue statement, of a material fact contained in any
registration statement or any prospectus or arising out of or based upon any
omission, or alleged omission, to state a material fact required to be stated in
either any registration statement or any prospectus or necessary to make the
statements in either thereof not misleading; provided, however, that the Trust's
agreement to indemnify Distributor, its partners or employees, and any such
controlling person shall not be deemed to cover any claims, demands, liabilities
or expenses arising out of any statements or representations, as are contained
in any prospectus an in such financial and other statements as are furnished in
writing to the Trust by Distributor and used in the answers to the registration
statement or in the corresponding statements made in the prospectus, or arising
out of or based upon any omission or alleged omission to state a material fact
in connection with the giving of such information required to be stated in such
answers or necessary to make the answers not misleading; and further provided
that the Trust's agreement to indemnify Distributor and the
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Trust's representations and warranties hereinbefore set forth in paragraph
1.10 shall not be deemed to cover any liability to the Trust or its Shareholders
to which Distributor would otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the performance of its
duties, or by reason of Distributor's reckless disregard of its obligations and
duties under this Agreement. The Trust's agreement to indemnify Distributor, its
partners and employees and any such controlling person, as aforesaid, is
expressly conditioned upon the Trust being notified of any action brought
against Distributor, its partners or employees, or any such controlling person,
such notification to be given by letter or by telegram addressed to the Trust at
its principal office in Columbus, Ohio and sent to the Trust by the person
against whom such action is brought, within 10 days after the summons or other
first legal process shall have been served. The failure to so notify the Trust
of any such action shall not relieve the Trust from any liability which the
Trust may have to the person against whom such action is brought by reason of
any such untrue, or allegedly untrue, statement or omission, or alleged
omission, otherwise than on account of the Trust's indemnity agreement contained
in this paragraph 1.11. The Trust will be entitled to assume the defense of any
suit brought to enforce any such claim, demand or liability, but, in such case,
such defense shall be conducted by counsel of good standing chosen by the Trust
and approved by Distributor, which approval shall not be unreasonably withheld.
In the event the Trust elects to assume the defense of any such suit and retain
counsel of good standing approved by Distributor, the defendant or defendants in
such suit shall bear the fees and expense of any additional counsel retained by
any of them; but in case the Trust does not elect to assume the defense of any
such suit, or in case Distributor reasonably does not approve of counsel chosen
by the Trust, the Trust will reimburse Distributor, its partners and employees,
or the controlling person or persons named as defendant or defendants in such
suit, for the fees and expenses of any counsel retained by Distributor or them.
The Trust's indemnification agreement contained in this paragraph 1.11 and the
Trust's representations and warranties in this Agreement shall remain operative
and in full force and effect regardless of any investigation made by or on
behalf of Distributor, its partners and employees, or any controlling person,
and shall survive the delivery of any Shares.
This Agreement of indemnity will inure exclusively to Distributor's
benefit, to the benefit of its several partners and employees, and their
respective estates, and to the benefit of the controlling persons and their
successors. The Trust agrees promptly to notify Distributor of the commencement
of any litigation or proceedings against the Trust or any of its officers or
Trustees in connection with the issue and sale of any Shares.
1.12. Distributor agrees to indemnify, defend and hold the Trust, its
several officers and Trustees and any person who controls the Trust within the
meaning of Section 15 of the Securities Act free and harmless from and against
any and all claims, demands, liabilities and expenses (including the costs of
investigating or defending such claims, demands or liabilities and any counsel
fees incurred in connection therewith) which the Trust, its officers or Trustees
or any such controlling person, may incur under the Securities Act or under
common law or otherwise, but only to the extent that such liability or expense
incurred by the Trust, its
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officers or Trustees or such controlling person resulting from such claims
or demands, shall arise out of or be based upon any untrue, or alleged untrue,
statement of a material fact contained in the information furnished in writing
by Distributor to the Trust and used in the answers to any of the items of the
registration statement or in the corresponding statements made in the
prospectus, or shall arise out of or be based upon any omission, or alleged
omission, to state a material fact in connection with such information furnished
in writing by Distributor to the Trust required to be stated in such answers or
necessary to make such information not misleading. Distributor's agreement to
indemnify the Trust, its officers and Trustees, and any such controlling person,
as aforesaid, is expressly conditioned upon Distributor being notified of any
action brought against the Trust, its officers or Trustees, or any such
controlling person, such notification to be given by letter or telegram
addressed to Distributor at its principal office in Columbus, Ohio, and sent to
Distributor by the person against whom such action is brought, within 10 days
after the summons or other first legal process shall have been served.
Distributor shall have the right of first control of the defense of such action,
with counsel of its own choosing, satisfactory to the Trust, if such action is
based solely upon such alleged misstatement or omission on Distributor's part,
and in any other event the Trust, its officers or Trustees or such controlling
person shall each have the right to participate in the defense or preparation of
the defense of any such action. The failure to so notify Distributor of any such
action shall not relieve Distributor from any liability which Distributor may
have to the Trust, its officers or Trustees, or to such controlling person by
reason of any such untrue or alleged untrue statement, or omission or alleged
omission, otherwise than on account of Distributor's indemnity agreement
contained in this paragraph 1.12.
1.13. No Shares shall be offered by either Distributor or the Trust
under any of the provisions of this Agreement and no orders for the purchase or
sale of Shares hereunder shall be accepted by the Trust if and so long as the
effectiveness of the registration statement then in effect or any necessary
amendments thereto shall be suspended under any of the provisions of the
Securities Act or if and so long as a current prospectus as required by Section
10(b)(2) of said Act is not on file with the Commission; provided, however, that
nothing contained in this paragraph 1.13 shall in any way restrict or have an
application to or bearing upon the Group's obligation to repurchase Shares from
any Shareholder in accordance with the provisions of the Group's prospectus,
Agreement and Declaration of Trust, or Bylaws.
1.14. The Group agrees to advise Distributor as soon as reasonably
practical by a notice in writing delivered to Distributor or its counsel:
(a) of any request by the Commission for amendments to the
registration statement or prospectus then in effect or for
additional information;
(b) in the event of the issuance by the Commission of any stop
order suspending the effectiveness of the registration
statement or prospectus then in effect or the
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initiation by service of process on the Group of any
proceeding for that purpose;
(c) of the happening of any event that makes untrue any statement
of a material fact made in the registration statement or
prospectus then in effect or which requires the making of a
change in such registration statement or prospectus in order
to make the statements therein not misleading; and,
(d) of all action of the Commission with respect to any amendment
to any registration statement or prospectus which may from
time to time be filed with the Commission.
For purposes of this section, informal requests by or acts of the Staff
of the Commission shall not be deemed actions of or requests by the Commission.
1.15 Distributor agrees on behalf of itself and its partners and
employees to treat confidentially and as proprietary information of the Group
all records and other information relative to the Group and its prior, present
or potential Shareholders, and not to use such records and information for any
purpose other than performance of its responsibilities and duties hereunder,
except, after prior notification to and approval in writing by the Group, which
approval shall not be unreasonably withheld and may not be withheld where the
Distributor may be exposed to civil or criminal contempt proceedings for failure
to comply, when requested to divulge such information by duly constituted
authorities, or when so requested by the Group.
1.16 This Agreement shall be governed by the laws of the Commonwealth
of Massachusetts.
2. FEES
2.1 The Distributor shall receive from certain classes of the Funds
identified on Schedule B hereto a distribution fee at the rate and upon the
terms and conditions set forth in the Distribution and Shareholder Services Plan
dated October 1, 1992, as amended (the "Distribution Plan") entered into between
the Group and the Distributor on behalf of such classes. The distribution fee
shall be accrued daily and shall be paid on the first business day of each
month, or at such time(s) as the Distributor shall reasonably request.
3. FRONT-END LOAD SHARES -- SALE AND PAYMENT
Pursuant to the Declaration of Trust dated October 1, 1987, each Fund
may be divided into separate classes of Shares in which case the Shares of one
or more classes may be subject to a front-end sales load and may be subject to
the imposition of a distribution fee pursuant to the Distribution Plan referred
to above. To the extent that all Shares of a Fund are sold at an offering price
which includes a sales load or that Shares of one or more classes of a Fund are
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sold at such an offering price, such Shares shall hereinafter be referred to
collectively as "Front-End Load Shares" and individually as a "Front-End Load
Share." Funds that contain Front-End Load Shares shall hereinafter be referred
to collectively as "Front-End Load Funds" and individually as a "Front-End Load
Fund." Under this Agreement, the following provisions shall apply with respect
to the sale of, and payment for, Front-End Load Shares of the Front-End Load
Funds identified on Schedule C hereto.
(a) The Distributor shall have the right, as principal, to purchase
Front-End Load Shares at their net asset value and to sell such Front-End Load
Shares to the public against orders therefor at the applicable public offering
price, as defined in Section 4 hereof. The Distributor shall also have the
right, as principal, to sell Front-End Load Shares to dealers against orders
therefor at the public offering price less a concession determined by the
Distributor, which concession shall not exceed the amount of the sales charge or
underwriting discount, if any, referred to in Section 4 below.
(b) Prior to the time of delivery of any Front-End Load Shares by a
Front-End Load Fund to, or on the order of, the Distributor, the Distributor
shall pay or cause to be paid to the Front-End Load Fund or to its order an
amount in Boston or New York clearing house funds equal to the applicable net
asset value of such Shares. The Distributor may retain so much of any sales
charge or underwriting discount as is not allowed by the Distributor as a
concession to dealers.
4. FRONT-END LOAD SHARES -- PUBLIC OFFERING PRICE
The public offering price of a Front-End Load Share shall be the asset
value of such Front-End Load Share, plus any applicable sales charge, all as set
forth in the current prospectus of the Front-End Load Fund. The net asset value
of Shares shall be determined in accordance with the provisions of the Agreement
and Declaration of Trust and By-Laws of the Group and the then current
prospectus of the Front-End Load Fund.
5. FRONT-END LOAD SHARES -- ISSUANCE OF SHARES
The Group reserves the right to issue, transfer or sell Front-End Load
Shares at net asset value (a) in connection with the merger or consolidation of
the Group or the Front-End Load Fund(s) with any other investment company or the
acquisition by the Group or the Front-End Load Fund(s) of all or substantially
all of the assets or of the outstanding Shares of any other investment company;
(b) in connection with a pro rata distribution directly to the holders of Shares
in the nature of a stock dividend or split; (c) upon the exercise of
subscription rights granted to the holders of Shares on a pro rata basis; (d) in
connection with the issuance of Front- End Load Shares pursuant to any exchange
and reinvestment privileges described in any then current prospectus of the
Front-End Load Fund; and (e) otherwise in accordance with any then current
prospectus of the Front-End Load Fund.
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6. SALE OF SHARES SUBJECT TO A CONTINGENT DEFERRED SALES CHARGE
6.1. The Group may offer Shares subject to a contingent deferred sales
charge (a "CDSC"). The Distributor may pay brokers, dealers and other financial
institutions and intermediaries commissions with regard to the sale of CDSC
Shares. Under this Agreement, the following provisions shall apply with respect
to Shares of a Class featuring a CDSC (a "CDSC Class") as described in the
prospectus(es) of the Funds and identified on Schedule D hereto.
(a) The Distributor shall be entitled to receive all CDSC payments on
Shares of a CDSC Class. The Distributor may assign or sell to a third party (a
"CDSC Financing Entity") all or a part of the CDSC payments on Shares of a CDSC
Class that the Distributor is entitled to receive under this Agreement. The
Distributor's right to payment on such Shares, if assigned or sold to a CDSC
Financing Entity, shall continue after termination of this Agreement.
(b) (i) The Distributor shall be entitled to receive all distribution
and service fees at the rate and under the terms and conditions set forth in the
Distribution Plan adopted by a CDSC Class on all Shares of such CDSC Class so
long as the Plan is in effect. The Distributor may assign or sell to a CDSC
Financing Entity all or a part of the distribution fees the Distributor is
entitled to receive from the Group under the Distribution Plan. The
Distributor's right to payment of distribution fees on such Shares, if assigned
or sold to a CDSC Financing Entity, shall continue after termination of this
Agreement. Otherwise, the right to receive all distribution and service fee
payments in respect of periods subsequent to the termination of this Agreement
shall terminate upon termination of this Agreement. In the event Distributor
assigns or sells all or a part of the CDSC payments or the distribution and
service fees referenced above to a CDSC Financing Entity and this Agreement is
subsequently terminated, Distributor shall have no obligation to assist the CDSC
Financing Entity in connection with such Entity's right to receive such payments
or fees subsequent to such termination.
(ii) The Distributor shall not be required to offer or sell Shares
of a CDSC Class unless and until it has received a binding commitment from a
CDSC Financing Entity (a "Commitment") satisfactory to the Distributor which
Commitment shall cover all expenses and fees related to the offer and sale of
such Shares of the CDSC Class including but not limited to dealer reallowances,
financing commitment fees, and legal fees. If at any time during the term of
this Agreement the then-current CDSC financing is terminated through no fault
of the Distributor, the Distributor shall have the right to immediately cease
offering or selling CDSC Shares until substitute financing becomes effective.
(c) The Distributor and the Group hereby agree that the terms and
conditions set forth herein regarding the offer and sale of Shares of a CDSC
Class may be amended upon approval of both parties in order to comply with the
terms and conditions of any agreement
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with a CDSC Financing Entity to finance the costs for the offer and sale of
Shares of a CDSC Class so long as such terms and conditions are in compliance
with the Plan.
7. TERM AND MATTER RELATING TO THE GROUP AS A MASSACHUSETTS
BUSINESS TRUST
This Agreement shall become effective on October 1, 1992 and, unless
sooner terminated as provided herein, shall continue until September 30, 1993,
and thereafter shall continue automatically for successive annual periods ending
on the last day of September each year, provided such continuance is
specifically approved at least annually by (i) the Group's Board of Trustees or
(ii) by vote of a majority of the outstanding voting securities (as defined in
the 1940 Act) of the Group PROVIDED, HOWEVER, that in either event the
continuance is also approved by the majority of the Group's Trustees who are not
parties to the Agreement or interested persons (as defined in the 1940 Act) of
any party to this Agreement, by vote cast in person at a meeting called for the
purpose of voting on such approval. This Agreement is terminable without
penalty, on not less than sixty days notice, by the Group's Board of Trustees,
by vote of a majority of the outstanding voting securities (as defined in the
1940 Act) of the Group or the Distributor. This Agreement will also terminate
automatically in the event of its assignment (as defined in the 1940 Act).
The names "BB&T Funds" and "Trustees of BB&T Funds" refer respectively
to the Trust created and the Trustees, as trustees but not individually or
personally, acting from time to time under the Agreement and Declaration of
Trust dated as of October 1, 1987 to which reference is hereby made and a copy
of which is on file at the office of the Secretary of State of the Commonwealth
of Massachusetts and elsewhere as required by law, and to any and all amendments
thereto so filed or hereafter filed. The obligations of BB&T Funds entered into
in the name or on behalf thereof by any of the Trustees, representatives or
agents are made not individually, but in such capacities, and are not binding
upon any of the Trustees, Shareholders or representatives of the Trust
personally, but bind only the assets of the Trust, and all persons dealing with
any series of Shares of the Trust must look solely to the assets of the Trust
belonging to such series for the enforcement of any claims against the Trust.
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Please confirm that the foregoing is in accordance with your
understanding by indicating your acceptance hereof at the place designated
below, whereupon it shall become a binding agreement between us.
Yours very truly,
BB&T FUNDS
By: ______________________
Accepted:
BISYS FUND SERVICES LIMITED PARTNERSHIP
By: BISYS Fund Services Limited Partnership
General Partner
By: ____________________________
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Dated: November 9, 2000
Schedule A
to the
Distribution Agreement
between BB&T Funds and
BISYS Fund Services Limited Partnership
Name of Fund
------------
The BB&T U.S. Treasury Money Market Fund
The BB&T Short-Intermediate U.S. Government Income Fund
The BB&T Intermediate U.S. Government Bond Fund
The BB&T North Carolina Intermediate Tax-Free Fund
The BB&T Large Company Value Fund
The BB&T Balanced Fund
The BB&T Small Company Growth Fund
The BB&T International Equity Fund
The BB&T Capital Manager Conservative Growth Fund
The BB&T Capital Manager Moderate Growth Fund
The BB&T Capital Manager Growth Fund
BB&T Prime Money Market Fund
BB&T Large Company Growth Fund
BB&T South Carolina Intermediate Tax-Free Fund
BB&T Virginia Intermediate Tax-Free Fund
BB&T Equity Index Fund
A-1
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BB&T Intermediate Corporate Bond Fund
BB&T Tax-Free Money Market Fund
BB&T FUNDS
By: _____________________________
Name: ___________________________
Title: __________________________
BISYS FUND SERVICES
LIMITED PARTNERSHIP
By: BISYS Fund Services, Limited
Partnership General Partner
By: _____________________________
Names: __________________________
Title: __________________________
A-2
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Dated: November 9, 2000
Schedule B
to the
Distribution Agreement
between BB&T Funds and
BISYS Fund Services Limited Partnership
Class A Shares of The BB&T U.S. Treasury Money Market Fund
Class A Shares of The BB&T Short-Intermediate U.S. Government Income Fund
Class A Shares of The BB&T Intermediate U.S. Government Bond Fund
Class A Shares of The BB&T North Carolina Intermediate Tax-Free Fund
Class A Shares of The BB&T Large Company Value Fund
Class A Shares of The BB&T Balanced Fund
Class A Shares of The BB&T Small Company Growth Fund
Class A Shares of The BB&T International Equity Fund
Class A Shares of The BB&T Capital Manager Conservative Growth Fund
Class A Shares of The BB&T Capital Manager Moderate Growth Fund
B-1
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Class A Shares of The BB&T Capital Manager Growth Fund
Class A Shares of The BB&T Prime Money Market Fund
Class A Shares of The BB&T Large Company Growth Fund
Class A Shares of The BB&T South Carolina Intermediate Tax-Free Fund
Class A Shares of The BB&T Virginia Intermediate Tax-Free Fund
Class A Shares of The BB&T Equity Index Fund
Class A Shares of The BB&T Intermediate Corporate Bond Fund
Class A Shares of The BB&T Tax-Free Money Market Fund
Class B Shares of The BB&T U.S. Treasury Money Market Fund
Class B Shares of The BB&T Short-Intermediate U.S. Government Income Fund
Class B Shares of The BB&T Intermediate U.S. Government Bond Fund
Class B Shares of The BB&T North Carolina Intermediate Tax-Free Fund
Class B Shares of The BB&T Growth and Income Stock Fund
Class B Shares of The BB&T Balanced Fund
Class B Shares of The BB&T Small Company Growth Fund
Class B Shares of The BB&T International Equity Fund
Class B Shares of The BB&T Capital Manager Conservative Growth Fund
Class B Shares of The BB&T Capital Manager Moderate Growth Fund
B-2
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Class B Shares of The BB&T Capital Manager Growth Fund
Class B Shares of The BB&T Prime Money Market Fund
Class B Shares of The BB&T Large Company Growth Fund
Class B Shares of The BB&T South Carolina Intermediate Tax-Free Fund
Class B Shares of The BB&T Virginia Intermediate Tax-Free Fund
Class B Shares of The BB&T Equity Index Fund
Class B Shares of The BB&T Intermediate Corporate Bond Fund
Class B Shares of The BB&T Tax-Free Money Market Fund
Class C Shares of The BB&T Short-Intermediate U.S. Government Bond Fund
Class C Shares of The BB&T Large Company Value Fund
Class C Shares of The BB&T Balanced Fund
Class C Shares of The BB&T Small Company Growth Fund
Class C Shares of The BB&T International Equity Fund
Class C Shares of The BB&T Capital Manager Conservative Growth Fund
Class C Shares of The BB&T Capital Manager Moderate Growth Fund
B-3
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Class C Shares of The BB&T Capital Manager Growth Fund
Class C Shares of The BB&T Large Company Growth Fund
Class C Shares of The BB&T Equity Index Fund
Class C Shares of The BB&T Intermediate Corporate Bond Fund
BB&T FUNDS
By: _____________________________
Name: ___________________________
Title: __________________________
BISYS FUND SERVICES
LIMITED PARTNERSHIP
By: BISYS Fund Services, Limited
Partnership General Partner
By: _____________________________
Names: __________________________
Title: __________________________
B-4
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Dated: November 9, 2000
Schedule C
to the
Distribution Agreement
between BB&T Funds and
BISYS Fund Services, Limited Partnership
Class A Shares of The BB&T U.S. Treasury Money Market Fund
Class A Shares of The BB&T Short-Intermediate U.S. Government Income Fund
Class A Shares of The BB&T Intermediate U.S. Government Bond Fund
Class A Shares of The BB&T North Carolina Intermediate Tax-Free Fund
Class A Shares of The BB&T Growth and Income Stock Fund
Class A Shares of The BB&T Balanced Fund
Class A Shares of The BB&T Small Company Growth Fund
Class A Shares of The BB&T International Equity Fund
Class A Shares of The BB&T Capital Manager Conservative Growth Fund
Class A Shares of The BB&T Capital Manager Moderate Growth Fund
Class A Shares of The BB&T Capital Manager Growth Fund
Class A Shares of The BB&T Prime Money Market Fund
Class A Shares of The BB&T Large Company Growth Fund
Class A Shares of The BB&T South Carolina Intermediate Tax-Free Fund
Class A Shares of The BB&T Virginia Intermediate Tax-Free Fund
Class A Shares of The BB&T Equity Index Fund
Class A Shares of The BB&T Intermediate Corporate Bond Fund
Class A Shares of The BB&T Tax-Free Money Market Fund
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BB&T FUNDS
By: _____________________________
Name: ___________________________
Title: __________________________
BISYS FUND SERVICES
LIMITED PARTNERSHIP
By: BISYS Fund Services,
Limited Partnership
General Partner
By: _____________________________
Names: __________________________
Title: __________________________
C-2
<PAGE> 19
Dated: November 9, 2000
Schedule D
to the
Distribution Agreement
between BB&T Funds and
BISYS Fund Services, Limited Partnership
Class B Shares of The BB&T U.S. Treasury Money Market Fund
Class B Shares of The BB&T Short-Intermediate U.S. Government Income Fund
Class B Shares of The BB&T Intermediate U.S. Government Bond Fund
Class B Shares of The BB&T North Carolina Intermediate Tax-Free Fund
Class B Shares of The BB&T Large Company Value Fund
Class B Shares of The BB&T Balanced Fund
Class B Shares of The BB&T Small Company Growth Fund
Class B Shares of The BB&T International Equity Fund
Class B Shares of The BB&T Capital Manager Conservative Growth Fund
Class B Shares of The BB&T Capital Manager Moderate Growth Fund
Class B Shares of The BB&T Capital Manager Growth Fund
Class B Shares of The BB&T Prime Money Market Fund
Class B Shares of The BB&T Large Company Growth Fund
Class B Shares of The BB&T South Carolina Intermediate Tax-Free Fund
Class B Shares of The BB&T Virginia Intermediate Tax-Free Fund
Class B Shares of The BB&T Equity Index Fund
Class B Shares of The BB&T Intermediate Corporate Bond Fund
Class B Shares of The BB&T Tax-Free Money Market Fund
D-1
<PAGE> 20
Class C Shares of The BB&T Intermediate U.S. Government Bond Fund
Class C Shares of The BB&T Growth and Income Stock Fund
Class C Shares of The BB&T Balanced Fund
Class C Shares of The BB&T Small Company Growth Fund
Class C Shares of The BB&T International Equity Fund
Class C Shares of The BB&T Capital Manager Conservative Growth Fund
Class C Shares of The BB&T Capital Manager Moderate Growth Fund
Class C Shares of The BB&T Capital Manager Growth Fund
Class C Shares of The BB&T Large Company Growth Fund
Class C Shares of The BB&T Equity Index Fund
Class C Shares of The BB&T Intermediate Corporate Bond Fund
BB&T FUNDS
By: _____________________________
Name: ___________________________
Title: __________________________
BISYS FUND SERVICES
LIMITED PARTNERSHIP
By: BISYS Fund Services,
Limited Partnership,
General Partner
By: _____________________________
Name: ___________________________
Title: __________________________
D-2
