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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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SIGNATURE GARY TENKMAN
TITLE DIRECTOR
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<NAME> VARIABLE INSURANCE FUNDS
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<NAME> BB&T GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 50491860
<INVESTMENTS-AT-VALUE> 53126495
<RECEIVABLES> 409035
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2966
<TOTAL-ASSETS> 53538496
<PAYABLE-FOR-SECURITIES> 930615
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 83011
<TOTAL-LIABILITIES> 1013626
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49332795
<SHARES-COMMON-STOCK> 4214206
<SHARES-COMMON-PRIOR> 3688258
<ACCUMULATED-NII-CURRENT> 131797
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 425643
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2634635
<NET-ASSETS> 52524870
<DIVIDEND-INCOME> 1120594
<INTEREST-INCOME> 49503
<OTHER-INCOME> 0
<EXPENSES-NET> 442356
<NET-INVESTMENT-INCOME> 727741
<REALIZED-GAINS-CURRENT> 1227474
<APPREC-INCREASE-CURRENT> (4036397)
<NET-CHANGE-FROM-OPS> (2081182)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 594896
<DISTRIBUTIONS-OF-GAINS> (741928)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 513205
<NUMBER-OF-SHARES-REDEEMED> 100033
<SHARES-REINVESTED> 112776
<NET-CHANGE-IN-ASSETS> 3463263
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 1048
<OVERDIST-NET-GAINS-PRIOR> 59903
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 589198
<AVERAGE-NET-ASSETS> 50830159
<PER-SHARE-NAV-BEGIN> 13.30
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> (0.69)
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<PER-SHARE-DISTRIBUTIONS> 0.33
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.46
<EXPENSE-RATIO> 0.87
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927290
<NAME> VARIABLE INSURANCE FUNDS
<SERIES>
<NUMBER> 002
<NAME> AMSOUTH EQUITY INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 29320189
<INVESTMENTS-AT-VALUE> 35797253
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15773
<TOTAL-LIABILITIES> 1531421
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28324617
<SHARES-COMMON-STOCK> 2559994
<SHARES-COMMON-PRIOR> 2001942
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 7214
<ACCUMULATED-NET-GAINS> 759900
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6477064
<NET-ASSETS> 35554367
<DIVIDEND-INCOME> 408455
<INTEREST-INCOME> 272315
<OTHER-INCOME> 0
<EXPENSES-NET> 328453
<NET-INVESTMENT-INCOME> 352317
<REALIZED-GAINS-CURRENT> 2044397
<APPREC-INCREASE-CURRENT> 4178324
<NET-CHANGE-FROM-OPS> 6575038
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 352317
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 833355
<NUMBER-OF-SHARES-REDEEMED> 304871
<SHARES-REINVESTED> 29478
<NET-CHANGE-IN-ASSETS> 13011631
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 14540
<OVERDIST-NET-GAINS-PRIOR> 1281202
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<PER-SHARE-NAV-BEGIN> 11.26
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 2.64
<PER-SHARE-DIVIDEND> 0.16
<PER-SHARE-DISTRIBUTIONS> 0.16
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.89
<EXPENSE-RATIO> 1.22
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927290
<NAME> VARIABLE INSURANCE FUNDS
<SERIES>
<NUMBER> 003
<NAME> AMSOUTH SELECT EQUITY INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 3219811
<INVESTMENTS-AT-VALUE> 2936293
<RECEIVABLES> 4783
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2941076
<PAYABLE-FOR-SECURITIES> 54636
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5326
<TOTAL-LIABILITIES> 59962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3160275
<SHARES-COMMON-STOCK> 338615
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 186
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4171
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (283518)
<NET-ASSETS> 2881114
<DIVIDEND-INCOME> 23478
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 15071
<NET-INVESTMENT-INCOME> 8407
<REALIZED-GAINS-CURRENT> 4171
<APPREC-INCREASE-CURRENT> (283518)
<NET-CHANGE-FROM-OPS> (270940)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8221
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 353116
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<SHARES-REINVESTED> 937
<NET-CHANGE-IN-ASSETS> 2881114
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9703
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42719
<AVERAGE-NET-ASSETS> 1833702
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> (1.49)
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0.04
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 1.23
</TABLE>
Report of Independent Accountants
To Shareholders and Trustees of
The AmSouth Variable Insurance Funds:
In our opinion, the accompanying statements of assets
and liabilities, Including the schedules of investments,
and the related statements of operations and changes
in net assets and the financial highlights
present fairly, in all material respects, the financial
position of the Equity Income and Select Equity Fund
(two portfolios constituting AmSouth Variable Insurance
Funds) at December 31, 1999, the results of each of
their operations for the period then ended, the
changes in each of their net assets for the periods
presented, and the financial highlights for each
of the periods presented in conformity with
accounting principles generally accepted in
the United States. These financial statements
and financial highlights (hereafter
referred to as "financial statements") are the
responsibility of the Funds' management; our
responsibility is to express an opinion on these
financial statements based on our audits. We
conducted our audits of these financial statements
in accordance with auditing standards
generally accepted in the United States, which
require that we plan and perform the audit to
obtain reasonable assurance about whether
the financial statements are free of material
misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts
and disclosures in the financial statements,
assessing the accounting principles used and
significant estimates made by management, and
evaluating the overall financial statement
presentation. We believe that our audits,
which included confirmation of securities at
December 31, 1999, by correspondence with the
custodian and brokers, provide a reasonable
basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Columbus, Ohio
February, 2000
Report of Independent Accountants
To the Trustees of
Variable Insurance Funds
In planning and performing our audits of the
financial statements
of BB&T Growth and Income Fund
(one portfolio constituting the
Variable Insurance Funds) for the
year ended December 31, 1999
we considered its internal control,
including controls over
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 BB&T Growth and
Income Fund is responsible
for establishing and maintaining
internal control.
In fulfilling this responsibility,
estimates and judgements
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
internal control, errors
or irregularities may occur and
may 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 any specific
internal control component 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
internal control, including
controls over safeguarding
securities, that we consider to
be material weaknesses as
defined above as of December 31, 1999.
This report is intended
solely for the information and use
of management and the
Trustees of BB&T Growth
and Income Fund and the
Securities and Exchange Commission
and is not intended to be
and should not be used by anyone
other than these specified
parties.
February 16, 2000
