UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06719

BB&T Funds

(Exact name of registrant as specified in charter)

434 Fayetteville Street, 5th Floor, Raleigh, NC	27626-0575
(Address of principal executive offices)	(Zip code)

BISYS Fund Services Ohio, Inc., 3435 Stelzer Road, Columbus, OH 43219

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 228-1872

Date of fiscal year end: September 30

Date of reporting period: December 31, 2006

Item 1. Schedule of Investments.

Large Cap Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares or Principal Amount	Fair Value
Common Stocks (96.6%)
Consumer Discretionary (14.9%)
eBay, Inc. (a) (b)	460,791	$	13,855,985
Home Depot, Inc. (The)	479,780		19,267,965
Mattel, Inc.	366,916		8,314,317
Target Corp.	142,330		8,119,927
Tiffany & Co.	589,527		23,133,039
Walt Disney Co. (The) (b)	564,627		19,349,767
			92,041,000
Consumer Staples (5.5%)
Altria Group, Inc.	121,092		10,392,115
Kimberly-Clark Corp. (b)	232,004		15,764,672
Sara Lee Corp.	474,606		8,082,540
			34,239,327
Energy (11.3%)
Anadarko Petroleum Corp. (b)	187,261		8,149,599
ChevronTexaco Corp. (b)	275,709		20,272,882
ConocoPhillips	224,461		16,149,969
Duke Energy Corp. (b)	205,438		6,822,596
Exxon Mobil Corp. (b)	245,287		18,796,343
			70,191,389
Financials (21.5%)
AMBAC Financial Group, Inc. (b)	73,107		6,511,640
American International Group, Inc. (b)	154,203		11,050,187
Bank of New York Co., Inc. (The)	196,250		7,726,363
CitiGroup, Inc.	341,429		19,017,596
Fannie Mae	174,378		10,356,309
JPMorgan Chase & Co.	398,565		19,250,691
Merrill Lynch & Co., Inc. (b)	160,572		14,949,253
Northern Trust Corp.	210,643		12,783,924
St. Paul Travelers Cos., Inc. (The)	234,302		12,579,674
Washington Mutual, Inc. (b)	268,558		12,216,703
Wells Fargo & Co.	170,782		6,073,008
			132,515,348
Health Care (17.7%)
Amgen, Inc. (a) (b)	255,407		17,446,852
Eli Lilly & Co.	298,909		15,573,159
Johnson & Johnson	240,310		15,865,266
Medtronic, Inc.	373,297		19,975,123
Merck & Co., Inc. (b)	422,515		18,421,655
Pfizer, Inc.	598,807		15,509,101
Wyeth (b)	124,008		6,314,487
			109,105,643
Industrials (2.1%)
Emerson Electric Co. (The)	75,333		3,319,925
General Electric Co.	89,093		3,315,151
Pitney Bowes, Inc.	142,913		6,601,151
			13,236,227

Information Technology (14.1%)
Automatic Data Processing, Inc. (b)		114,188		5,623,759
Cisco Systems, Inc. (a) (b)		883,169		24,137,008
Dell, Inc. (a) (b)		705,250		17,694,723
Intel Corp.		1,184,316		23,982,399
Microsoft Corp.		199,131		5,946,052
Time Warner, Inc.		465,907		10,147,454
				87,531,395
Materials (4.0%)
Air Products & Chemicals, Inc.		108,393		7,617,860
Alcoa, Inc.		211,358		6,342,854
Weyerhaeuser Co. (b)		156,632		11,066,050
				25,026,764
Telecommunication Services (3.7%)
Nokia Corp., ADR (b)		453,071		9,206,403
Verizon Communications, Inc.		360,839		13,437,644
				22,644,047
Utilities (1.8%)
NiSource, Inc. (b)		454,027		10,942,051
Total Common Stocks (Cost $441,266,644)				597,473,191
Repurchase Agreement (3.2%)
U.S. Bank N.A., 5.05%, dated 12/29/06, maturing 1/3/07, with a maturity value of $20,060,269 (Collateralized fully by U.S. Government Agencies)	$	20,046,209		20,046,209
Total Repurchase Agreement (Cost $20,046,209)				20,046,209
Securities Held as Collateral for Securities on Loan (20.6%)
Pool of Various Securities for BB&T		127,179,241		127,179,241
Funds - Note 2 - Security Loans
Total Securities Held as Collateral for Securities on Loan (Cost $127,179,241)				127,179,241
Total Investments (Cost $588,492,094) - 120.4%			$	744,698,641

Percentages indicated are based on net assets of $618,776,929.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

Large Cap Growth Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares or Principal Amount	Fair Value
Common Stocks (88.2%)
Consumer Discretionary (14.8%)
American Eagle Outfitters, Inc. (b)	52,500	$	1,638,525
Coach, Inc. (a) (b)	48,500		2,083,560
Comcast Corp., Class A (a) (b)	78,550		3,325,021
Federated Department Stores, Inc. (b)	43,500		1,658,655
GameStop Corp., Class A (a) (b)	45,000		2,479,950
Hilton Hotels Corp. (b)	77,000		2,687,300
J. C. Penney, Inc. (b)	26,000		2,011,360
McDonald’s Corp.	55,250		2,449,233
News Corp., Class B	84,000		1,869,840
Polo Ralph Lauren Corp.	26,500		2,057,990
Starbucks Corp. (a) (b)	58,000		2,054,360
			24,315,794
Consumer Staples (3.8%)
Fomento Economico Mexicano SA, ADR	19,000		2,199,440
Hansen Natural Corp. (a)	67,650		2,278,452
PepsiCo, Inc.	29,000		1,813,950
			6,291,842
Energy (7.2%)
Anadarko Petroleum Corp.	38,000		1,653,760
Devon Energy Corp.	23,000		1,542,840
Marathon Oil Corp.	22,500		2,081,250
Oceaneering International, Inc. (a)	45,000		1,786,500
Schlumberger, Ltd. (b)	43,000		2,715,880
Transocean, Inc. (a)	24,000		1,941,360
			11,721,590
Financials (12.7%)
Affiliated Managers Group, Inc. (a) (b)	26,900		2,827,997
American International Group, Inc.	31,250		2,239,375
Bear Stearns Cos., Inc. (The) (b)	15,500		2,523,090
Charles Schwab Corp. (The)	149,500		2,891,330
Chicago Mercantile Exchange Holdings, Inc.	4,350		2,217,413
Goldman Sachs Group, Inc. (The) (b)	15,900		3,169,665
JPMorgan Chase & Co.	38,000		1,835,400
Merrill Lynch & Co., Inc. (b)	34,200		3,184,020
			20,888,290
Health Care (6.6%)
Celgene Corp. (a) (b)	46,000		2,646,380
Gilead Sciences, Inc. (a)	28,650		1,860,245
Novartis AG, ADR	31,000		1,780,640
Schering-Plough Corp.	82,700		1,955,028
Stericycle, Inc. (a) (b)	33,300		2,514,150
			10,756,443
Industrials (8.9%)
Danaher Corp. (b)	42,531		3,080,946
FedEx Corp. (b)	18,912		2,054,221
McDermott International, Inc. (a) (b)	35,000		1,780,100
Monster Worldwide, Inc. (a) (b)	60,450		2,819,388
Precision Castparts Corp. (b)	31,000		2,426,680
Thermo Fisher Scientific, Inc. (a)	52,600		2,382,254
			14,543,589

Information Technology (26.4%)
Agilent Technologies, Inc. (a)		54,800		1,909,780
Akamai Technologies, Inc. (a) (b)		59,650		3,168,608
Amphenol Corp., Class A		39,000		2,421,120
Cerner Corp. (a) (b)		54,000		2,457,000
Cisco Systems, Inc. (a) (b)		146,000		3,990,180
Cognizant Technology Solutions Corp., Class A (a)		32,000		2,469,120
Google, Inc. (a)		6,350		2,924,048
Hewlett-Packard Co.		97,800		4,028,382
IBM Corp.		29,000		2,817,350
Intel Corp.		123,000		2,490,750
MEMC Electronic Materials, Inc. (a)(b)		53,300		2,086,162
Microsoft Corp. (b)		156,000		4,658,159
Network Appliance, Inc. (a)		63,000		2,474,640
NVIDIA Corp. (a)		82,000		3,034,820
Oracle Corp. (a)		145,000		2,485,300
				43,415,419
Telecommunication Services (6.8%)
America Movil SA de CV, Series L, ADR (b)		88,350		3,995,187
American Tower Corp., Class A (a)(b)		69,000		2,572,320
AT&T, Inc. (b)		56,000		2,002,000
NII Holdings, Inc. (a)(b)		39,000		2,513,160
				11,082,667
Utilities (1.0%)
FPL Group, Inc. (b)		30,000		1,632,600
Total Common Stocks (Cost $117,460,943)				144,648,234
Exchange Traded Funds (8.0%)
iShares Russell 1000 Growth Index Fund (b)		121,000		6,655,000
iShares Russell 1000 Index Fund		85,000		6,527,150
Total Exchange Traded Funds (Cost $13,307,571)				13,182,150
Repurchase Agreement (5.9%)
U.S. Bank N.A., 5.05%, dated 12/29/06, maturing 1/3/07, with a maturity value of $9,598,500 (Collateralized fully by U.S. Government Agencies)	$	9,591,772		9,591,772
Total Repurchase Agreement (Cost $9,591,772)				9,591,772
Securities Held as Collateral for Securities on Loan (39.0%)
Pool of Various Securities for BB&T		63,880,560		63,880,560
Funds - Note 2 - Security Loans
Total Securities Held as Collateral for Securities on Loan (Cost $63,880,560)				63,880,560
Total Investments (Cost $204,240,846) - 141.1%			$	231,302,716

Percentages indicated are based on net assets of $163,920,890.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

Mid Cap Value Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares or Principal Amount	Fair Value
Common Stocks (97.2%)
Advertising (3.5%)
Interpublic Group of Cos., Inc. (a) (b)	599,350	$	7,336,044
Computer Software (13.3%)
BMC Software, Inc. (a)	135,750		4,371,150
CA, Inc. (b)	413,400		9,363,509
Computer Sciences Corp. (a) (b)	110,350		5,889,380
CSG Systems International, Inc. (a) (b)	119,650		3,198,245
Progress Software Corp. (a)	173,100		4,834,683
			27,656,967
Consumer Discretionary (9.5%)
Gannett Co., Inc.	79,650		4,815,639
International Speedway Corp.	89,600		4,573,184
Kohl’s Corp. (a) (b)	128,450		8,789,833
Universal Technical Institute, Inc. (a) (b)	67,250		1,493,623
			19,672,279
Energy (1.6%)
Forest Oil Corp. (a)	100,500		3,284,340
Financials (33.1%)
Annaly Mortgage Management, Inc.	131,950		1,835,425
Aon Corp. (b)	131,650		4,652,511
Endurance Specialty Holdings, Ltd.	162,445		5,942,238
Fidelity National Information Services, Inc.	82,355		3,301,612
Fidelity National Title Group, Class A	160,497		3,832,668
Hudson City Bancorp, Inc. (b)	90,350		1,254,058
KeyCorp	109,400		4,160,482
Leucadia National Corp.	162,800		4,590,960
MBIA, Inc. (b)	62,800		4,588,168
Mercury General Corp.	167,850		8,850,730
MoneyGram International, Inc. (b)	70,400		2,207,744
Popular Inc.	189,950		3,409,603
Protective Life Corp.	63,500		3,016,250
StanCorp Financial Group, Inc.	165,150		7,440,007
Waddell and Reed Financial, Inc.	289,750		7,927,559
Washington Federal, Inc.	79,650		1,874,165
			68,884,180
Health Care (10.8%)
Conmed Corp. (a)	65,500		1,514,360
King Pharmaceuticals, Inc. (a)	202,800		3,228,576
Medco Health Solutions, Inc. (a)	85,850		4,587,824
Par Pharmaceutical Cos Inc. (a)	104,600		2,339,902
STERIS Corp. (b)	114,250		2,875,673
Watson Pharmaceuticals, Inc. (a) (b)	127,400		3,316,222
Zimmer Holdings, Inc. (a) (b)	58,000		4,546,040
			22,408,597
Industrials (10.2%)
Crane Co.	82,700		3,030,128
Leggett & Platt, Inc. (b)	280,575		6,705,743
R.H. Donnelley Corp. (b)	112,550		7,060,261
Valspar Corp.	159,150		4,398,906
			21,195,038

Information Technology (9.0%)
Affiliated Computer Services, Inc. - Class A (a) (b)		34,650		1,692,306
EarthLink, Inc.(b) (a)		512,750		3,640,525
First Data Corp.		273,250		6,973,340
Serono SA, ADR		57,250		1,275,530
Synopsys, Inc. (a) (b)		192,650		5,149,535
				18,731,236
Telecommunication Services (6.2%)
Clear Channel Communications, Inc. (b)		190,850		6,782,809
Discovery Holding Co., Class A (a) (b)		384,300		6,183,387
				12,966,196
Total Common Stocks (Cost $175,320,912)				202,134,877
Repurchase Agreement (2.1%)
U.S. Bank N.A., 5.05%, dated 12/29/06, maturing 1/3/07, with a maturity value of $4,346,759 (Collateralized fully by U.S. Government Agencies)	$	4,343,713		4,343,713
Total Repurchase Agreement (Cost $4,343,713)				4,343,713
Securities Held as Collateral for Securities on Loan (30.0%)
Pool of Various Securities for BB&T		62,420,386		62,420,386
Funds - Note 2 - Security Loans
Total Securities Held as Collateral for Securities on Loan (Cost $62,420,386)				62,420,386
Total Investments (Cost $242,085,011) - 129.3%			$	268,898,976

Percentages indicated are based on net assets of $207,939,223.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

Mid Cap Growth Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares or Principal Amount	Fair Value
Common Stocks (91.4%)
Consumer Discretionary (17.4%)
Children’s Place (a) (b)	30,000	$	1,905,600
Chipotle Mexican Grill, Inc., Class A (a) (b)	35,000		1,995,000
Coach, Inc. (a) (b)	48,500		2,083,560
Crocs, Inc. (a) (b)	50,000		2,160,000
Focus Media Holding, Ltd. ADR (a) (b)	30,000		1,991,700
GameStop Corp., Class A (a) (b)	55,500		3,058,605
Guess, Inc. (a) (b)	45,500		2,886,065
Harman International Industries, Inc.	13,500		1,348,785
Hilton Hotels Corp. (b)	87,300		3,046,770
Nutri/System, Inc. (a) (b)	21,500		1,362,885
Tween Brands, Inc. (a)	44,100		1,760,913
			23,599,883
Consumer Staples (1.7%)
Corn Products International, Inc.	65,000		2,245,100
Energy (8.0%)
Acergy SA ADR (a)	108,000		2,080,080
Cameron International Corp. (a) (b)	53,300		2,827,565
Core Laboratories N.V. (a) (b)	31,000		2,511,000
SunPower Corp., Class A (a) (b)	40,000		1,486,800
XTO Energy, Inc.	42,000		1,976,100
			10,881,545
Financials (12.7%)
Affiliated Managers Group, Inc. (a) (b)	21,000		2,207,730
AllianceBernstein Holding L.P.	55,500		4,462,200
Amvescap PLC ADR	65,500		1,614,575
Bear Stearns Cos., Inc. (The) (b)	12,600		2,051,028
Cash America International, Inc. (b)	49,000		2,298,100
Chicago Mercantile Exchange Holdings, Inc. (b)	4,200		2,140,950
IntercontinentalExchange, Inc. (a) (b)	22,000		2,373,800
			17,148,383
Health Care (7.7%)
Celgene Corp. (a) (b)	53,400		3,072,102
Psychiatric Solutions, Inc. (a)	53,000		1,988,560
ResMed, Inc. (a) (b)	36,400		1,791,608
Respironics, Inc. (a)	40,000		1,510,000
Wellcare Health Plans, Inc. (a)	29,600		2,039,440
			10,401,710
Industrials (8.8%)
Corrections Corporation of America (a)	46,000		2,080,580
Manitowoc Company, Inc.	46,500		2,763,495
McDermott International, Inc. (a) (b)	41,000		2,085,260
Precision Castparts Corp. (b)	32,500		2,544,100
Terex Corp. (a)	37,000		2,389,460
			11,862,895

Information Technology (25.9%)
Activision, Inc. (a) (b)		141,600		2,441,184
Akamai Technologies, Inc. (a) (b)		26,000		1,381,120
Amdocs, Ltd. (a)		38,000		1,472,500
Amphenol Corp., Class A (b)		32,000		1,986,560
Cerner Corp. (a) (b)		45,000		2,047,500
Cognizant Technology Solutions Corp.,		26,500		2,044,740
Class A (a)
Digital River, Inc. (a) (b)		36,500		2,036,335
MEMC Electronic Materials, Inc. (a) (b)		47,500		1,859,150
MICROS Systems, Inc. (a) (b)		42,700		2,250,290
Network Appliance, Inc. (a)		53,250		2,091,660
NVIDIA Corp. (a)		70,000		2,590,700
Polycom, Inc. (a) (b)		76,000		2,349,160
QLogic Corp. (a)		95,000		2,082,400
Riverbed Technology, Inc. (a) (b)		69,000		2,118,300
THQ Inc. (a) (b)		49,000		1,593,480
Varian Semiconductor Equipment		58,200		2,649,264
Associates, Inc. (a)
Verifone Holdings, Inc. (a) (b)		60,000		2,124,000
				35,118,343
Materials (2.7%)
Airgas, Inc.		42,700		1,730,204
Titanium Metals Corp. (a)		65,000		1,918,150
				3,648,354
Telecommunication Services (4.8%)
American Tower Corp., Class A (a) (b)		57,000		2,124,960
NII Holdings, Inc. (a) (b)		32,000		2,062,080
Time Warner Telecom, Inc. (a)		116,000		2,311,880
				6,498,920
Utilities (1.7%)
Allegheny Energy, Inc. (a)		49,000		2,249,590
Total Common Stocks (Cost $99,782,203)				123,654,723
Exchange Traded Funds (4.0%)
iShares Russell Midcap Growth Index Fund		52,000		5,359,640
Total Exchange Traded Funds (Cost $5,415,348)				5,359,640
Repurchase Agreement (4.3%)
U.S. Bank N.A., 5.05%, dated 12/29/06, maturing 1/3/07, with a maturity value of $5,806,630 (Collateralized fully by U.S. Government Agencies)	$	5,802,560		5,802,560
Total Repurchase Agreement (Cost $5,802,560)				5,802,560
Securities Held as Collateral for Securities on Loan (42.5%)
Pool of Various Securities for BB&T		57,462,244		57,462,244
Funds - Note 2 - Security Loans
Total Securities Held as Collateral for Securities on Loan (Cost $57,462,244)				57,462,244
Total Investments (Cost $168,462,355) - 142.2%			$	192,279,167

Percentages indicated are based on net assets of $135,193,056.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

Small Cap Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares or Principal Amount	Fair Value
Common Stocks (86.9%)
Consumer Discretionary (14.3%)
BorgWarner, Inc. (b)	8,520	$	502,850
CEC Entertainment, Inc. (a)	32,487		1,307,602
Charlotte Russe Holding, Inc. (a)	37,700		1,159,275
Deb Shops, Inc.	22,047		582,041
Emmis Communication Corp., Class A (b)	129,400		1,066,256
Hartmarx Corp. (a) (b)	163,176		1,152,023
Jos. A. Bank Clothiers, Inc. (a) (b)	22,604		663,427
M.D.C. Holdings, Inc. (b)	8,810		502,611
P.F. Chang’s China Bistro, Inc. (a) (b)	57,800		2,218,364
Polaris Industries, Inc. (b)	25,916		1,213,646
Stanley Furniture Co., Inc.	34,773		745,881
Steak n Shake Co. (The) (a)	92,600		1,629,760
Strattec Security Corp. (a)	8,707		405,746
Zale Corp. (a)	11,796		332,765
			13,482,247
Consumer Staples (2.1%)
Inter Parfums, Inc.	46,600		894,254
Sanderson Farms, Inc. (b)	36,600		1,108,614
			2,002,868
Energy (6.2%)
Berry Petroleum Co., Class A (b)	13,636		422,852
Cabot Oil & Gas Corp. (b)	5,166		313,318
Forest Oil Corp. (a)	27,406		895,628
Oceaneering International, Inc. (a)	10,624		421,773
Oil States International, Inc. (a) (b)	28,719		925,613
Pioneer Drilling Co. (a)	145,735		1,935,361
Teekay Shipping Corp.	20,832		908,692
			5,823,237
Financials (17.2%)
Assured Guaranty, Ltd.	51,400		1,367,240
BRE Properties, Inc., Class A, REIT (b)	7,170		466,193
CNA Surety Corp. (a)	30,835		662,953
Colonial BancGroup, Inc.	43,160		1,110,938
Dime Community Bancshares	68,032		953,128
First State Bancorp	16,324		404,019
Hilb, Rogal & Hobbs Co. (b)	40,692		1,713,947
Hub International, Ltd.	17,276		542,294
InnKeepers USA Trust, REIT (b)	71,892		1,114,326
Investment Technology Group, Inc. (a)	16,610		712,237
Midland Co. (The)	12,242		513,552
NewAlliance Bancshares, Inc. (b)	84,406		1,384,258
Peoples Bancorp, Inc.	17,334		514,820
Phoenix Cos., Inc. (The)	53,680		852,975
Protective Life Corp.	7,682		364,895
Stewart Information Services Corp.	32,724		1,418,913
Triad Guaranty, Inc. (a)	19,520		1,071,062
Wintrust Financial Corp. (b)	22,275		1,069,646
			16,237,396

Health Care (2.5%)
American Medical Systems Holdings, Inc., (a) (b)	82,200	1,522,344
Greatbatch, Inc. (a) (b)	9,300	250,356
Owens & Minor, Inc.	9,643	301,537
Pediatrix Medical Group, Inc. (a)	6,568	321,175
		2,395,412
Industrials (21.3%)
Briggs & Stratton Corp. (b)	35,424	954,677
Curtiss-Wright Corp. (b)	32,380	1,200,650
Esterline Technologies Corp. (a) (b)	49,900	2,007,477
Gardner Denver, Inc. (a)	25,480	950,659
Genlyte Group, Inc. (a) (b)	5,840	456,162
Granite Construction, Inc.	7,160	360,291
Kaydon Corp. (b)	28,955	1,150,672
LaBarge, Inc. (a)	157,015	2,108,711
Moog, Inc., Class A (a)	44,580	1,702,510
Mueller Industries, Inc. (b)	11,435	362,490
Navigant Consulting Co. (a) (b)	88,057	1,740,006
Oshkosh Truck Corp.	30,340	1,469,063
Regal-Beloit Corp. (b)	40,738	2,139,153
Sandisk Corp. (a) (b)	6,644	285,891
TBS International, Ltd., Class A (a) (b)	75,848	662,912
Universal Forest Products, Inc. (b)	21,284	992,260
Watson Wyatt Worldwide, Inc., Class A (b)	11,500	519,225
Woodward Governor Co. (b)	25,140	998,309
		20,061,118
Information Technology (18.0%)
Avocent Corp (a)	43,000	1,455,550
Comtech Telecommunications Corp. (a) (b)	37,473	1,426,597
Exar Corp. (a)	126,959	1,650,467
Imation Corp. (b)	15,855	736,148
Intersil Corp., Class A	9,530	227,958
Ixia (a) (b)	309,563	2,971,804
j2 Global Communications, Inc. (a) (b)	11,400	310,650
KEMET Corp. (a)	66,988	489,012
Kronos, Inc. (a) (b)	80,500	2,957,570
Perot Systems Corp., Class A (a)	85,800	1,406,262
Richardson Electronics, Ltd.	136,383	1,242,449
Rimage Corp. (a) (b)	18,918	491,868
TNS, Inc. (a)	39,951	769,057
Varian Semiconductor Equipment	9,300	423,336
Associates, Inc. (a) (b)
ViaSat, Inc. (a)	14,000	417,340
		16,976,068
Materials (3.1%)
Gibraltar Industries, Inc.	20,027	470,835
Glatfelter (b)	43,645	676,497
IAMGOLD Corp.	42,000	370,020
Minerals Technologies, Inc. (b)	9,815	577,024
Sensient Technologies Corp.	10,800	265,680
Spartech Corp. (b)	22,940	601,487
		2,961,543
Utilities (2.2%)
AGL Resources, Inc.	13,810	537,348
Empire District Electric Co. (The)(b)	20,860	515,033
Laclede Group, Inc. (The)	10,068	352,682
Nicor, Inc. (b)	6,430	300,924
UIL Holdings Corp.	7,876	332,288
		2,038,275
Total Common Stocks (Cost $65,095,127)		81,978,164

Corporate Bonds (0.1%)
Industrials (0.1%)
Mueller Industries, Inc., 6.00%, 11/1/14	$	125,000		116,406
Total Corporate Bonds (Cost $125,000)				116,406
Exchange Traded Funds (4.2%)
iShares Russell 2000 Growth Index Fund (b)		7,400		582,010
iShares Russell 2000 Index Fund (a) (b)		29,700		2,319,273
iShares S&P SmallCap 600 Index Fund (b)		8,100		534,843
iShares S&P SmallCap Growth Index Fund (b)		4,100		524,226
Total Exchange Traded Funds (Cost $3,439,539)				3,960,352
Repurchase Agreement (8.2%)
U.S. Bank N.A., 5.05%, dated 12/29/06, maturing 1/3/07, with a maturity value of $7,739,375 (Collateralized fully by U.S. Government Agencies)	$	7,733,950		7,733,950
Total Repurchase Agreement (Cost $7,733,950)				7,733,950
Securities Held as Collateral for Securities on Loan (36.0%)
Pool of Various Securities for BB&T		34,001,833		34,001,833
Funds - Note 2 - Security Loans
Total Securities Held as Collateral for Securities on Loan (Cost $34,001,833)				34,001,833
Total Investments (Cost $110,395,449) - 135.4%			$	127,790,705

Percentages indicated are based on net assets of $94,405,172.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

International Equity Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares	Fair Value
Common Stocks (100.0%)
Australia (3.3%)
Banks (0.9%)
National Australia Bank, Ltd.	43,456	$	1,385,358
Property & Causulty Insurance (1.2%)
QBE Insurance Group, Ltd.	87,553		1,993,185
Transportation (1.2%)
Qantas Airways, Ltd.	435,078		1,792,126
			5,170,669
Austria (0.4%)
Telecommunications (0.4%)
Telekom Austria AG	25,648		687,215
Belgium (1.7%)
Banking & Insurance Services (1.2%)
KBC Groep SA	15,620		1,915,312
Chemicals (0.5%)
Solvay SA	4,715		723,154
			2,638,466
Finland (1.6%)
Paper & Related Products (1.0%)
UPM - Kymmene, Oyj	60,378		1,523,735
Telecommunications (0.6%)
Nokia OYJ	44,370		906,574
			2,430,309
France (8.0%)
Insurance (1.8%)
Axa	67,235		2,721,774
Oil & Gas (2.6%)
Total SA	54,189		3,908,806
Pharmaceuticals (1.2%)
Sanofi-Aventis SA	19,869		1,834,453
Real Estate (0.2%)
Unibail	1,517		370,625
Telecommunications (2.2%)
France Telecom SA	125,274		3,464,079
			12,299,737
Germany (6.9%)
Automobiles & Trucks (0.5%)
Bayerische Motoren Werke AG	13,830		795,887
Banking & Finance (1.6%)
Deutsche Postbank AG	21,481		1,807,213
IKB Deutsche Industriebank AG	18,147		701,085
			2,508,298
Diversified Products (0.5%)
Siemens AG	7,985		796,782
Electric Utilities (0.7%)
E.On AG	7,829		1,067,351
Insurance (0.1%)
Hannover Rueckversicherungs AG (a)	3,048		141,049
Insurance-Multi-Line (2.3%)
Allianz AG	16,751		3,425,020

Manufacturing (0.4%)
Man AG	7,267	659,049
Retail (0.7%)
Metro AG	15,871	1,009,495
Telecommunications (0.1%)
Premiere AG (a)	10,948	183,808
		10,586,739
Great Britain (24.4%)
Advertising/Marketing (0.5%)
WPP Group PLC	55,068	744,410
Banks (5.4%)
Barclays PLC	292,407	4,178,879
Royal Bank of Scotland Group PLC	101,781	3,971,213
		8,150,092
Beverages - Wine & Spirits (2.2%)
Cadbury Schweppes PLC	71,621	766,266
Diageo PLC	137,565	2,699,861
		3,466,127
Building & Construction (0.3%)
Balfour Beatty PLC	51,854	449,713
Distribution/Wholesale (1.0%)
Wolseley PLC	66,756	1,611,397
Diversified Operations/Commercial (0.2%)
Rentokil Initial PLC	108,429	351,842
Electric - Distribution (0.7%)
Scottish & Southern Energy PLC	35,855	1,090,812
Financial Services (0.5%)
Experian Group, LTD. (a) (c)	69,362	814,067
Insurance (1.9%)
Prudential Corp. PLC	217,867	2,983,515
Media (0.1%)
ITV PLC	50,627	105,556
Oil & Gas (2.4%)
BP PLC	340,334	3,781,119
Pharmaceuticals (1.1%)
AstraZeneca PLC	9,347	502,118
GlaxoSmithKline PLC	42,904	1,128,875
		1,630,993
Recreation (0.5%)
Carnival plc	15,000	759,984
Research & Development (0.2%)
Taylor Nelson Sofres PLC	83,808	329,785
Retail - Building (0.7%)
Kingfisher PLC	243,599	1,137,399
Retail - Consumer Electronics (0.5%)
Kesa Electricals PLC	114,470	760,257
Retail - Food (1.6%)
Tesco PLC	303,753	2,405,405
Retail - Major Department Stores (0.2%)
Home Retail Group	35,106	281,783
Telecommunication Services (2.8%)
Vodafone Group PLC	1,580,489	4,378,214
Tobacco (1.6%)
Gallaher Group PLC	110,417	2,478,330
		37,710,800
Greece (0.4%)
Banking & Finance (0.4%)
National Bank Of Greece SA	11,834	545,130

Hong Kong (1.6%)
Manufacturing – Consumer Goods (0.3%)
Yue Yuen Industrial Holdings, Ltd.	129,500	411,259
Real Estate (0.5%)
Sun Hung Kai Properties, Ltd.	63,000	723,742
Retail - Diversified (0.5%)
Esprit Asia Holdings, Ltd.	82,500	921,239
Telecommunications (0.3%)
Hutchison Telecommunications (a)	181,000	456,125
		2,512,365
Ireland (4.4%)
Banking & Finance (3.6%)
Bank of Ireland	201,816	4,661,615
Depfa Bank PLC	48,338	865,150
		5,526,765
Building & Construction (0.8%)
CRH PLC	30,651	1,275,996
		6,802,761
Italy (3.0%)
Banking & Finance (2.2%)
Intesa Sanpaolo	85,443	659,744
SanPaolo IMI S.p.A.	54,424	1,264,288
UniCredito Italiano S.p.A.	165,006	1,446,140
		3,370,172
Oil & Gas (0.8%)
Eni S.p.A.	37,822	1,271,999
		4,642,171
Japan (19.4%)
Automobiles & Trucks (4.3%)
Honda Motor Co., Ltd.	51,600	2,038,154
Mitsubishi Corp.	63,900	1,202,925
Nissan Motors Co., Inc.	92,600	1,115,184
Toyota Motor Corp.	34,000	2,274,478
		6,630,741
Banks (2.6%)
Bank of Yokohama, Ltd. (The)	113,000	885,083
Sumitomo Mitsui Financial Group, Inc.	170	1,743,003
Sumitomo Trust & Banking Co., Ltd.	92,000	964,921
Takefuji Corp.	12,430	492,019
		4,085,026
Brewery (0.7%)
Asahi Breweries, Ltd.	64,900	1,039,033
Diversified Chemicals (1.5%)
Nitto Denko Corp.	23,100	1,157,038
Shin-Etsu Chemical Co., Ltd.	18,400	1,232,440
		2,389,478
Diversified Financials (0.5%)
Nomura Holdings, Inc.	37,200	701,857
Drugs (0.3%)
Tanabe Seiyaku Co., Ltd.	38,000	496,596
Electric Products (0.3%)
Funai Electric Co., Ltd.	5,300	428,935
Electronic Components (1.1%)
Murata Manufacturing Co., Ltd.	6,900	466,804
Rohm Co., Ltd.	12,900	1,284,688
		1,751,492
Finance Services (0.3%)
Aiful Corp.	14,800	416,674
Industrial (1.5%)
East Japan Railway Co.	128	855,198
Kubota Corp.	90,000	833,515
SMC Corp.	4,500	638,373
		2,327,086

Insurance (0.7%)
Mitsui Sumitomo Insurance Co., Ltd.	103,000	1,127,036
Manufacturing (0.3%)
NTN Corp.	60,000	538,028
Manufacturing-Diversified (0.3%)
NOK Corp.	23,300	458,207
Office Equipment (1.1%)
Canon, Inc.	31,000	1,745,525
Oil & Gas (0.4%)
Tokyo Gas Co., Ltd.	111,000	590,495
Property & Causulty Insurance (0.4%)
Sompo Japan Insurance, Inc.	45,000	550,256
Real Estate (0.4%)
Mitsui Fudosan Co., Ltd.	23,000	561,518
Retail (0.5%)
AEON Co., Ltd.	37,500	811,518
Retail - Automobile (0.6%)
Bridgestone Corp.	42,600	950,525
Telecommunications (1.0%)
KDDI Corp.	80	542,567
NTT DoCoMo, Inc.	615	971,678
		1,514,245
Tobacco (0.6%)
Japan Tobacco, Inc.	176	850,492
		29,964,763
Netherlands (9.1%)
Air Freight & Logistics (1.1%)
TNT NV	40,940	1,760,523
Banking & Finance (2.7%)
ABN AMRO Holding NV	90,902	2,921,563
ING Groep NV	27,984	1,240,688
		4,162,251
Electronic Equipment (0.9%)
ASML Holding NV (a)	53,542	1,331,430
Electronics (1.0%)
Koninklijke (Royal) Philips Electronics NV	42,177	1,590,482
Multi-Line Insurance (1.5%)
Aegon NV	122,140	2,327,919
Publishing (1.1%)
Reed Elsevier NV	95,322	1,625,543
Telecommunications (0.8%)
Koninklijke (Royal) KPN NV	89,913	1,278,148
		14,076,296
Norway (0.9%)
Oil & Gas (0.4%)
Statoil ASA	24,000	636,393
Telecommunications (0.5%)
Telenor ASA	42,900	807,128
		1,443,521
Singapore (0.1%)
Telecommunications (0.1%)
Singapore Telecommunications Ltd.	88,000	188,272

Spain (2.8%)
Banking & Finance (2.5%)
Banco Santander Central Hispano SA		205,198	3,829,705
Petroleum (0.3%)
Repsol-YPF SA		13,724	474,597
			4,304,302
Sweden (2.2%)
Appliances (0.5%)
Electrolux AB		36,300	726,913
Machinery & Equipment (0.8%)
Sandvik AB		75,100	1,092,239
Manufacturing (0.3%)
Husqvarna AB (a)		34,300	536,455
Telecommunications (0.6%)
Telefonaktiebolaget LM Ericsson, B		245,000	990,185
Shares
			3,345,792
Switzerland (9.8%)
Banks (3.2%)
Credit Suisse Group		71,548	5,007,361
Biotechnology (0.4%)
Straumann Holding AG		2,649	641,536
Building Materials (1.0%)
Holcim, Ltd.		16,746	1,535,611
Chemicals (0.4%)
Clariant AG		37,982	569,060
Food Products (1.0%)
Nestle SA		4,298	1,527,817
Insurance (0.3%)
Swiss Re		5,098	433,587
Pharmaceuticals (3.5%)
Novartis AG		38,945	2,246,028
Roche Holding AG		17,774	3,188,260
			5,434,288
			15,149,260
Total Common Stocks (Cost $99,588,234)			154,498,568
Total Investments (Cost $99,588,234) - 100.0%	$		154,498,568

Percentages indicated are based on net assets of $154,462,451.

Currency	Delivery Date	Contract Amount in Local Currency		Contract Value in U.S. Dollar		Fair Value		Unrealized Appreciation (Depreciation)
Short
British Sterling Pound vs. U.S. Dollar	5/9/07	£	6,855,000		13,009,453	$	13,422,552	$	(413,099	)
British Sterling Pound vs. U.S. Dollar	5/29/07		1,220,000		2,385,832		2,388,728		(2,896	)
Total Short Contracts				$	15,395,285	$	15,811,280	$	(415,995	)
Long
British Sterling Pound vs. U.S. Dollar	5/29/07	£	2,840,000		5,584,425	$	5,560,645	$	(23,780	)
Total Long Contracts				$	5,584,425	$	5,560,645	$	(23,780	)

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

Special Opportunities Equity Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares or Principal Amount	Fair Value
Common Stocks (83.5%)
Consumer Discretionary (15.8%)
Comcast Corp., Class A (a) (b)	192,500	$	8,148,525
Costco Wholesale Corp. (b)	84,000		4,441,080
Laureate Education, Inc. (a) (b)	115,000		5,592,450
News Corp., Class A (b)	331,200		7,114,176
YUM! Brands, Inc.	99,000		5,821,200
			31,117,431
Consumer Staples (3.8%)
Smithfield Foods, Inc. (a) (b)	294,500		7,556,870
Energy (13.8%)
Apache Corp.	104,100		6,923,691
CONSOL Energy, Inc. (b)	189,800		6,098,274
Noble Corp.	99,400		7,569,310
Weatherford International, Ltd. (a) (b)	156,600		6,544,314
			27,135,589
Financials (5.7%)
Markel Corp. (a)	10,900		5,233,090
Wells Fargo & Co.	169,200		6,016,752
			11,249,842
Health Care (17.0%)
C.R. Board, Inc.	61,000		5,061,170
Coventry Health Care, Inc. (a)	78,000		3,903,900
McKesson Corp.	153,000		7,757,100
MedCath Corp. (a) (b)	124,100		3,395,376
Teva Pharmaceutical Industries, Ltd., ADR (b)	243,000		7,552,440
UnitedHealth Group, Inc.	105,000		5,641,650
			33,311,636
Industrials (10.5%)
J.B. Hunt Transport Services, Inc.	217,000		4,507,090
L-3 Communications Holdings, Inc.	82,000		6,705,960
Magellan Midstream Holdings	103,700		2,312,510
Nalco Holdings Co. (a)	348,000		7,120,080
			20,645,640
Information Technology (16.9%)
Activision, Inc. (a) (b)	229,900		3,963,476
Checkfree Corp. (a) (b)	148,495		5,963,559
Corning, Inc. (a)	14,000		261,940
Digital Insight Corp. (a) (b)	70,800		2,725,092
Fair Issac Corp.	147,900		6,012,135
Symantec Corp. (a)	350,200		7,301,670
Yahoo!, Inc. (a) (b)	272,000		6,946,880
			33,174,752
Total Common Stocks (Cost $129,357,525)			164,191,760
Investment Company (0.2%)
Morgan Stanley Quality Municipal Income Trust	26,700		385,548
Total Investment Company (Cost $350,617)			385,548

Repurchase Agreement (17.0%)
U.S. Bank N.A., 5.05%, dated 12/29/06, maturing 1/3/07, with a maturity value of $33,443,912 (Collateralized fully by U.S. Government Agencies)	$	33,420,471		33,420,471
Total Repurchase Agreement (Cost $33,420,471)				33,420,471
Securities Held as Collateral for Securities on Loan (24.7%)
Pool of Various Securities for BB&T		48,504,139		48,504,139
Funds - Note 2 - Security Loans
Total Securities Held as Collateral for Securities on Loan (Cost $48,504,139)				48,504,139
Total Investments (Cost $211,632,752) - 125.4%			$	246,501,918

Percentages indicated are based on net assets of $196,565,601.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

Equity Income Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares or Principal Amount	Fair Value
Common Stocks (87.2%)
Consumer Discretionary (3.1%)
KB Home Corp. (b)	71,700	$	3,676,776
Consumer Staples (11.5%)
Altria Group, Inc. (b)	23,920		2,052,814
Diageo PLC, ADR	20,700		1,641,717
General Mills, Inc.	41,200		2,373,120
Kimberly-Clark Corp.	47,800		3,248,010
PepsiCo, Inc.	67,770		4,239,014
			13,554,675
Energy (17.2%)
ChevronTexaco Corp. (b)	55,300		4,066,209
ConocoPhillips	51,100		3,676,645
Kinder Morgan Management, LLC. (a)	98,433		4,496,419
Natural Resource Partners L.P.	74,566		4,321,100
Natural Resource Partners L.P., Sub Unit	3,933		226,305
Petroleo Brasileiro SA, ADR (b)	34,000		3,501,660
			20,288,338
Financials (19.2%)
CitiGroup, Inc.	52,000		2,896,400
Endurance Specialty Holdings, Ltd.	101,500		3,712,870
Equity Inns, Inc., REIT	178,700		2,852,052
Federated Investors, Inc.	82,000		2,769,960
First Industrial Realty Trust, REIT	76,900		3,605,841
U.S. Bancorp	74,500		2,696,155
Washington Real Estate Investment	61,300		2,452,000
Trust, REIT (b)
Weingarten Realty Investors, REIT	40,500		1,867,455
			22,852,733
Health Care (13.9%)
Abbott Laboratories	82,000		3,994,220
GlaxoSmithKline PLC, ADR (b)	87,500		4,616,500
LCA-Vision, Inc. (b)	116,000		3,985,760
Pfizer, Inc.	149,500		3,872,050
			16,468,530
Industrials (3.3%)
General Electric Co.	104,000		3,869,840
Information Technology (6.3%)
Microchip Technology, Inc. (b)	111,000		3,629,700
Taiwan Semiconductor Manufacturing Co., Ltd., ADR (b)	352,700		3,855,011
			7,484,711
Materials (3.0%)
E.I. DuPont de Nemours & Co.	72,400		3,526,604
Telecommunication Services (6.8%)
Nokia Corp., ADR (b)	176,200		3,580,384
Verizon Communications, Inc.	120,200		4,476,248
			8,056,632
Utilities (2.9%)
Dominion Resources, Inc., Virginia	40,300		3,378,752
Total Common Stocks (Cost $84,905,716)			103,157,591

Repurchase Agreement (12.3%)
U.S. Bank N.A., 5.05%, dated 12/29/06, maturing 1/3/07, with a maturity value of $14,579,980 (Collateralized fully by U.S. Government Agencies)	$	14,569,761		14,569,761
Total Repurchase Agreement (Cost $14,569,761)				14,569,761
Securities Held as Collateral for Securities on Loan (19.8%)
Pool of Various Securities for BB&T		23,373,959		23,373,959
Funds - Note 2 - Security Loans
Total Securities Held as Collateral for Securities on Loan (Cost $23,373,959)				23,373,959
Total Investments (Cost $122,849,436) - 119.3%			$	141,101,311

Percentages indicated are based on net assets of $118,281,560.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

Short U.S. Government Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Principal Amount		Fair Value
U.S. Government Agencies (46.1%)
Federal Farm Credit Bank (10.5%)
4.125%, 4/15/09	$	5,000,000	$	4,904,535
5.375%, 7/18/11		1,000,000		1,016,038
				5,920,573
Federal Home Loan Bank (8.7%)
3.625%, 11/14/08 (b)		4,000,000		3,899,860
4.625%, 2/18/11, Series 616		1,000,000		989,576
				4,889,436
Federal Home Loan Mortgage Corporation (15.6%)
3.25%, 2/25/08 (b)		4,000,000		3,910,460
3.50%, 4/1/08		5,000,000		4,898,165
				8,808,625
Federal National Mortgage Assoc. (11.3%)
4.625%, 1/15/08 (b)		4,000,000		3,976,328
3.875%, 2/15/10 (b)		2,500,000		2,423,125
				6,399,453
Total U.S. Government Agencies (Cost $26,271,232)				26,018,087
Mortgage-Backed Securities (31.8%)
Federal Home Loan Mortgage Corporation (10.8%)
5.00%, 12/1/08, Pool # M80714		486,231		482,798
4.50%, 1/1/10, Pool # M80792		1,647,677		1,627,131
3.50%, 10/15/10, Series 2786, Class PA, CMO		875,486		872,051
4.50%, 1/15/11, Pool # 2782		1,331,033		1,323,568
6.50%, 5/1/13, Pool # E00548		237,587		242,986
3.50%, 8/15/16, Series 2866, Class WE, CMO		889,625		883,062
6.00%, 9/1/16, Pool # E01049		679,703		689,625
				6,121,221
Federal National Mortgage Assoc. (21.0%)
4.50%, 1/1/10, Pool # 254626		1,317,595		1,295,857
6.50%, 8/1/13, Pool # 251901		543,866		556,941
6.00%, 3/1/16, Pool # 253702		403,838		409,963
6.00%, 4/1/16, Pool # 535846		417,768		424,104
6.50%, 4/1/16, Pool # 253706		700,126		717,230
6.00%, 8/1/16, Pool # 545125		302,705		307,210
5.00%, 11/1/17, Pool # 254510		1,733,595		1,709,656
5.00%, 12/1/17, Pool # 254545		1,865,435		1,839,676
4.50%, 3/1/18, Pool # 555292		2,704,331		2,615,222
6.00%, 4/25/18, Series 2002-27, Class VB, CMO		1,971,675		1,968,294
				11,844,153
Total Mortgage-Backed Securities (Cost $18,237,042)				17,965,374
U.S. Treasury Notes (19.2%)
4.00%, 4/15/10 (b)		2,000,000		1,957,032
4.25%, 10/15/10 (b)		9,000,000		8,860,779
Total U.S. Treasury Notes (Cost $10,911,628)				10,817,811

Repurchase Agreement (2.7%)
U.S. Bank N.A., 5.05%, dated 12/29/06, maturing 1/3/07, with a maturity value of $1,547,362 (Collateralized fully by U.S. Government Agencies)	1,546,277		1,546,277
Total Repurchase Agreement (Cost $1,546,277)			1,546,277
Securities Held as Collateral for Securities on Loan (43.7%)
Pool of Various Securities for BB&T	24,700,185		24,700,185
Funds - Note 2 - Security Loans
Total Securities Held as Collateral for Securities on Loan (Cost $24,700,185)			24,700,185
Total Investments (Cost $81,666,364) - 143.5%		$	81,047,734

Percentages indicated are based on net assets of $56,459,942.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

Intermediate U.S. Government Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Principal Amount		Fair Value
Mortgage-Backed Securities (51.0%)
Federal Home Loan Mortgage Corp. (19.8%)
5.125%, 10/15/15, Series R003, Class AG	$	21,219,853	$	21,005,311
4.50%, 2/1/18, Pool # E94445		7,355,597		7,106,331
5.00%, 7/15/23, Series 2638, Class DH		2,302,000		2,214,749
5.50%, 2/1/29, Pool # A18613		6,563,253		6,524,689
				36,851,080
Federal National Mortgage Assoc. (31.2%)
5.00%, 1/1/18, Pool # 650205		6,185,348		6,094,329
4.50%, 3/1/18, Pool # 555292		5,408,663		5,230,445
5.50%, 1/1/33, Pool # 678321		2,104,993		2,083,968
5.00%, 7/1/33, Pool # 724965		3,604,188		3,486,617
5.00%, 8/1/33, Pool # 724365		1,001,597		969,702
5.00%, 8/1/33, Pool # 738751		1,653,265		1,599,483
5.00%, 10/1/33, Pool # 753298		1,002,484		970,039
6.50%, 11/1/34, Pool # 783476		3,242,530		3,305,350
5.50%, 5/1/35, Pool # 825530		15,081,197		14,903,359
5.50%, 9/1/35, Pool # 835787		10,528,619		10,404,465
7.00%, 8/1/36, Pool # 256360 (b)		8,870,783		9,105,489
				58,153,246
Total Mortgage-Backed Securities (Cost $96,365,232)				95,004,326
U.S. Treasury Bonds & Notes (24.2%)
4.875%, 7/31/11 (b)		25,000,000		25,175,775
4.50%, 9/30/11 (b)		20,000,000		19,824,220
Total U.S. Treasury Bonds & Notes (Cost $45,043,612)				44,999,995
U.S. Government Agencies (15.3%)
Federal Home Loan Mortgage Corp. (9.7%)
5.00%, 1/30/14, Callable 1/30/07 @ 100 (b)		18,210,000		18,132,644
Federal National Mortgage Assoc. (2.7%)
5.125%, 1/2/14 (b)		5,000,000		4,986,890
Sovereign (2.9%)
Tennessee Valley Authority, 6.79%, 5/23/12		5,000,000		5,423,880
Total U.S. Government Agencies (Cost $28,817,988)				28,543,414
U.S. Government Backed Securities (7.6%)
Banking & Financial Services (7.6%)
Private Export Funding, 4.97%, 8/15/13		4,350,000		4,358,026
Private Export Funding, 4.55%, 5/15/15		10,000,000		9,714,730
Total U.S. Government Backed Securities (Cost $14,631,965)				14,072,756
Repurchase Agreement (1.8%)
U.S. Bank N.A., 5.05%, dated 12/29/06, maturing 1/3/07, with a maturity value of $3,281,333 (Collateralized fully by U.S. Government Agencies)		3,279,033		3,279,033

Total Repurchase Agreement (Cost $3,279,033)			3,279,033
Securities Held as Collateral for Securities on Loan (41.1%)
Pool of Various Securities for BB&T	76,519,695		76,519,695
Funds - Note 2 - Security Loans
Total Securities Held as Collateral for Securities on Loan (Cost $76,519,695)			76,519,695
Total Investments (Cost $264,657,525) - 141.0%		$	262,419,219

Percentages indicated are based on net assets of $186,115,108.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Principal Amount		Fair Value
Corporate Bonds (42.9%)
Airlines (0.6%)
Southwest Airlines Co., 5.25%, 10/1/14	$	2,864,000	$	2,766,466
Auto - Cars/Light Trucks (0.5%)
DaimlerChrysler, 4.875%, 6/15/10		2,143,000		2,089,003
Banking & Financial Services (32.6%)
Accredited Mortgage Loan Trust, Series 2005-4, Class A2B, 5.47%, 12/25/35 (d) *		1,995,000		1,995,718
American Express Credit Account Master Trust, 5.32%, 1/18/11, Series 2005-3, Class A *		8,132,000		8,118,952
American Express Credit Account Master Trust, 5.35%, 3/15/11 (d) *		3,691,000		3,684,049
Bank of America Commercial Mortgage, Inc., 4.81%, 12/10/42, Series 2004-6, Class A5		1,793,000		1,733,604
Bank of America Corp., 5.39%, Series 2006-5 Class A3 2/10/14		2,337,000		2,345,221
Bank of America Corp., 5.625%, 10/14/16 (b)		2,115,000		2,153,307
Boeing Capital Corp., 7.375%, 9/27/10		3,566,000		3,823,116
Capital One Financial, 5.50%, 6/1/15		2,115,000		2,113,543
Chase Credit Card Master Trust, 5.46%, 10/15/10, Series 2003-3, Class A (d) *		6,084,000		6,095,643
Chase Credit Card Master Trust, 5.44%, 12/31/11, Series 2003-5, Class A *		10,028,000		10,051,955
Chase Funding Mortgage Loan Asset-Backed, 5.42%, 5/25/33, Series 2003-4, Class 1A5		5,095,000		5,052,373
CIT Group, Inc., 5.00%, 2/13/14		1,325,000		1,280,513
CitiBank Credit Card Issuance Trust, 5.47%, 1/15/10, Series 2003-A1, Class A1 (d) *		317,000		317,418
CitiGroup/Deutsche Bank Commercial Mortgage Trust, 5.61%, 10/15/48, Series 2006-CD3, Class A3		7,138,000		7,242,201
Countrywide Asset-Backed Certificates, 5.70%, 8/25/34, Series 2004-3, Class 3A3 (d) *		7,660,000		7,691,773
Countrywide Asset-Backed Certificates, 5.53%, 10/25/35, Series 2005-4, Class 3AV2 (d) *		2,719,735		2,722,058
Credit-Based Asset Servicing and Securitization, 4.83%, 8/25/35, Series 2005-CB5, Class AF2 *		4,000,000		3,944,890
Discover Card Master Trust I, 5.34%, 5/15/10, Series 2004-2 Class A1 *		1,057,000		1,057,410
ERP Operating LP, 5.125%, 3/15/16		2,355,000		2,287,122
GATX Financial Corp., 5.125%, 4/15/10		3,459,000		3,413,545
Goldman Sachs Group, Inc., 5.125%, 1/15/15		4,289,000		4,190,683
JP Morgan Mortgage Trust, 5.225%, 6/1/35, Series 2005-A3		3,437,216		3,361,254
JPMorgan Chase Commercial Mortgage Securities, 5.41%, Series 2005-A816 11/25/35, Class 1A1		5,286,878		5,217,488
JPMorgan Chase Commercial Mortgage Securities, 5.58%, Series 2006-CB16 5/12/45, Class A3B		2,980,000		3,010,967

Lehman Brothers Holdings, Inc., 4.80%, 3/13/14, Series MTNG	4,097,000	3,943,891
MBNA Credit Card Master Note Trust, 5.47%, 8/16/10, Series 2003-A3, Class A3 (d) *	2,150,000	2,153,696
Merrill Lynch & Co., 5.45%, 7/15/14	4,045,000	4,066,592
Merrill Lynch/Countrywide Commercial Mortgage, 5.39%, 7/12/46	2,600,000	2,608,178
Morgan Stanley, 4.25%, 5/15/10 (b)	3,954,000	3,821,161
Residential Asset Mortgage Products, Inc., 4.02%, 3/25/33, Series 2003-RS4, Class AI6	3,671,931	3,519,529
Residential Asset Mortgage Products, Inc., 5.58%, 11/25/35, Series 2005-RZ4, Class A2 (d) *	2,931,000	2,936,230
Residential Asset Securities Corp., 5.47%, 7/25/35, Series 2005-KS6, Class A2 (d) *	6,382,000	6,384,039
Structured Asset Investment Loan Trust, 5.54%, 1/25/36, Series 2005-11, Class A6 (d) *	5,306,000	5,316,169
Synovus Financial Corp., 4.875%, 2/15/13	2,192,000	2,136,490
Wachovia Bank Commercial Mortgage Trust, 5.57%, 10/15/48, Series 2006-C28, Class A4 (d)	4,264,000	4,326,275
Wells Fargo Co., 5.30%, 8/26/11 (b)	4,650,000	4,668,554
		138,785,607
Broadcasting/Cable (0.5%)
Comcast Corp., 5.90%, 3/15/16	2,065,000	2,070,889
Correctional Institutions (0.4%)
Corrections Corp. of America, 6.25%, 3/15/13, Callable 3/15/09 @ 103.125	1,768,000	1,752,530
Health Care (0.2%)
Cardianl Health, Inc., 4.00%, 6/15/15	1,167,000	1,034,697
Information Technology (2.1%)
Cisco Systems, Inc., 5.50%, 2/22/16	3,499,000	3,501,232
Electric Data Systems, Series B, 6.50%, 8/1/13	1,712,000	1,723,529
Oracle Corp., 5.00%, 1/15/11	3,946,000	3,906,280
		9,131,041
Oil - Field Services (0.1%)
Halliburton Co., 8.75%, 2/15/21	457,000	572,458
Telecommunications (2.7%)
America Movil SA de CV, 5.75%, 1/15/15 (b)	974,000	963,642
Cingular Wireless Services, 8.125%, 5/1/12	2,195,000	2,469,963
Motorola, Inc., 8.00%, 11/1/11, 8.00%, 11/1/11	2,595,000	2,871,539
Motorola, Inc., 7.50%, 5/15/25	4,393,000	5,095,612
		11,400,756
Utilities (3.2%)
FirstEnergy Corp., 6.45%, 11/15/11	2,316,000	2,415,150
General Electric Capital Corp., 5.00%, 1/8/16	1,927,000	1,883,222
General Electric Co., 5.00%, 2/1/13	2,345,000	2,318,973
Ohio Power Co. - IBC, 6.00%, 6/1/16	6,954,000	7,140,493
		13,757,838
Total Corporate Bonds (Cost $183,780,700)		183,361,285
Mortgage-Backed Securities (35.2%)
Federal Home Loan Mortgage Corp. (15.7%)
6.00%, 10/1/19, Pool # G11679	2,096,764	2,124,983
5.00%, 5/1/20, Pool # B19275	3,042,449	2,989,267
5.50%, 11/1/20, Pool # J02711	1,492,936	1,491,862
5.50%, 3/1/21, Pool # J01432	531,666	531,234
5.00%, 9/1/21, Pool # 2909	4,704,861	4,622,619
5.00%, 9/1/21, Pool # 10195 (f)	10,294,000	9,930,497
5.50%, 10/1/21, Pool # G12425	3,770,709	3,767,802
5.00%, 12/1/21, Pool # 2671	1,442,000	1,416,555
5.00%, 7/1/25, Pool # C90908	2,702,400	2,628,144

4.50%, 6/1/35, Pool # G01842	2,162,952	2,026,869
5.50%, 6/1/35, Pool # A35148	5,093,813	5,038,575
5.50%, 7/1/35, Pool # A36540	3,240,301	3,205,164
6.00%, 7/1/35, Pool # A36304	1,380,975	1,391,212
5.50%, 8/1/35, Pool # A36652	1,256,973	1,243,343
5.00%, 9/1/35, Pool # A37961	1,756,451	1,695,356
5.50%, 9/1/35, Pool # G08080	968,605	958,101
5.13%, 12/1/35, Pool # 847603 *	4,443,775	4,366,790
5.50%, 12/1/35, Pool # A40359	1,516,298	1,499,856
5.50%, 4/1/36, Pool # A44445	3,991,617	3,947,127
6.50%, 5/1/36, Pool # A48509	1,969,215	2,005,727
5.00%, 7/1/36, Pool # G02291	651,302	628,371
5.92%, 7/1/36, Pool # 1G2448 *	2,915,190	2,922,357
5.86%, 8/1/36, Pool # 1G1094 *	3,400,003	3,405,639
5.87%, 8/1/36, Pool # 1B7116 *	3,482,653	3,490,620
		67,328,070
Federal National Mortgage Assoc. (16.8%)
6.00%, 10/1/13, Pool # 252061	138,685	140,660
5.50%, 4/1/18, Pool # 685496	219,892	219,876
4.50%, 6/1/19, Pool # 780349	3,010,909	2,904,148
5.00%, 8/1/20, Pool # 838787	538,654	529,421
5.00%, 8/1/20, Pool # 832058	366,220	359,943
5.50%, 11/1/20, Pool # 843972	1,247,405	1,247,315
5.50%, 12/1/20, Pool # 831138	1,668,679	1,668,559
5.50%, 5/1/21, Pool # 895628	2,966,394	2,966,180
5.00%, 8/1/25, Pool # 255892	1,631,391	1,587,518
6.50%, 1/1/35, Pool # 809198	1,084,861	1,105,340
5.50%, 3/1/35, Pool # 787561	6,056,439	5,985,021
5.50%, 4/1/35, Pool # 822982	4,718,781	4,668,193
6.00%, 4/1/35, Pool # 735503	459,648	462,769
7.00%, 6/1/35, Pool # 830686	1,207,600	1,239,551
7.00%, 6/1/35, Pool # 255820	1,029,439	1,056,676
5.00%, 9/1/35, Pool # 757857	1,347,995	1,301,237
5.50%, 10/1/35, Pool # 817568	2,551,720	2,522,575
5.00%, 11/1/35, Pool # 844280	4,241,588	4,094,460
5.50%, 2/1/36, Pool #256101	2,105,374	2,081,327
5.50%, 2/1/36, Pool # 831295	1,231,877	1,217,807
6.50%, 3/1/36, Pool # 866062	2,188,351	2,229,661
5.625%, 5/1/36, Pool # 871259 *	3,037,941	3,038,975
6.50%, 7/1/36, Pool # 887293	1,922,401	1,958,690
5.93%, 8/1/36, Pool # 900502 *	3,566,961	3,581,984
5.00%, 10/1/36, Pool # 894142	4,754,787	4,590,351
5.00%, 10/25/36, Pool # 16548 (f)	4,652,000	4,490,631
6.00%, 10/25/36, Pool # 10940 (f)	14,069,000	14,161,321
		71,410,189
Government National Mortgage Assoc. (2.7%)
5.00%, 11/1/35, Pool # 5461 (f)	12,062,862	11,727,370
Total Mortgage-Backed Securities (Cost $151,421,176)		150,465,629
U.S. Government Agencies (10.7%)
Federal Home Loan Bank (2.2%)
4.85%, 8/10/10, Callable 2/10/07 @ 100 (b)	3,970,000	3,920,581
5.25%, 9/13/13 (b)	4,185,000	4,248,847
5.375%, 5/18/16 (b)	1,395,000	1,432,887
		9,602,315

Federal Home Loan Mortgage Corp. (5.0%)
4.50%, 6/15/10, Series MTN, Callable 3/15/07 @ 100 (b)	1,918,000	1,875,503
5.125%, 7/15/12 (b)	2,884,000	2,904,589
4.875%, 11/15/13 (b)	5,000,000	4,969,484
5.50%, 7/15/16, Series 3061 Class VU	3,406,800	3,424,775
5.125%, 10/18/16 (b)	4,269,000	4,305,551
5.00%, 8/15/31, Series 3025 Class AB	3,613,968	3,558,262
		21,038,164
Federal National Mortgage Assoc. (3.5%)
6.125%, 3/15/12 (b)	3,845,000	4,048,527
5.50%, 11/25/16, Series 2005-120 Class VA	4,820,157	4,819,514
4.00%, 1/25/18, Series 2003-35 Class NA	3,246,122	3,104,077
5.50%, 10/25/24, Series 2006-18, Class CA	3,141,517	3,136,865
		15,108,983
Total U.S. Government Agencies (Cost $45,368,934)		45,749,462
U.S. Treasury Notes (8.4%)
2.00%, 1/15/14	5,777,000	6,128,885
2.00%, 1/15/16	4,499,000	4,416,714
8.875%, 8/15/17 (b)	19,024,000	25,449,052
Total U.S. Treasury Notes (Cost $35,645,565)		35,994,651
U.S. Treasury Bonds (6.7%)
8.75%, 5/15/17 (b)	21,717,000	28,730,918
Total U.S. Treasury Bonds (Cost $28,826,676)		28,730,918
Municipal Bonds (4.1%)
California (0.9%)
Fresno County, CA, Pension Obligation, Series A, 4.20%, 8/15/13, FGIC	3,910,000	3,704,920
Florida (1.2%)
Gainesville, FL, Post Employment Benefits Obligation, 4.68%, 10/1/13	1,185,000	1,150,576
Gainesville, FL, Post Employment Benefits Obligation, 4.71%, 10/1/14	2,480,000	2,403,069
Palm Beach County, FL, 5.735%, 6/1/12	665,000	682,410
Palm Beach County, FL, 5.78%, 6/1/13	945,000	974,399
		5,210,454
Illinois (0.8%)
Chicago, IL, Series B, 5.25%, 1/1/12, XLCA	2,100,000	2,107,329
Illinois State, 3.75%, 6/1/12	1,475,000	1,376,736
		3,484,065
New York (0.4%)
Sales Tax Asset Receivables Corp., Series B, 4.06%, 10/15/10, FGIC	1,670,000	1,609,763
Texas (0.5%)
Brownsville, TX, Utility System, Series B, 4.92%, 9/1/14, AMBAC	2,375,000	2,333,794
Wisconsin (0.3%)
Wisconsin State General Revenue, Series A, 4.80%, 5/1/13	1,325,000	1,298,699
Total Municipal Bonds (Cost $17,520,905)		17,641,695
Repurchase Agreement (0.9%)
U.S. Bank N.A., 5.05%, dated 12/29/06, maturing 1/3/07, with a maturity value of $3,639,354 (Collateralized fully by U.S. Government Agencies)	3,636,803	3,636,803
Total Repurchase Agreement (Cost $3,636,803)		3,636,803

Securities Held as Collateral for Securities on Loan (20.2%)
Pool of Various Securities for BB&T	86,476,283		86,476,283
Funds - Note 2 - Security Loans
Total Securities Held as Collateral for Securities on Loan (Cost $86,476,283)			86,476,283
Total Investments (Cost $552,677,042) - 129.1%		$	552,056,726

Percentages indicated are based on net assets of $427,521,690.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

Kentucky Intermediate Tax-Free Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares or Principal Amount		Fair Value
Municipal Bonds (96.4%)
Kentucky (96.4%)
Allen County, KY, School District Finance Corp., Revenue, 5.25%, 4/1/10, Prerefunded 4/1/07 @ 102	$	455,000	$	465,865
Bell County, KY, Public Properties Corp., Revenue, 5.40%, 9/1/13, Prerefunded 3/1/11 @ 102		160,000		173,165
Economic Development Financial Authority, 4.25%, 9/1/09		500,000		508,445
Jefferson County, KY, Capital Projects Corp., Revenue, 5.20%, 6/1/08, Callable 6/1/07 @ 102, MBIA		295,000		301,230
Kentucky Area Development District Finance Trust Revenue, Series E, 5.40%, 6/1/14, Callable 6/1/10 @ 102, Wachovia Bank N.A.		155,000		164,897
Kentucky Area Development District Financing, Certificates of Participation, Series L, 5.15%, 5/1/36, Callable 5/1/16 @ 100		505,000		529,033
Kentucky Area Development District Financing, Certificates of Participation, Series M, 4.30%, 8/1/09, Callable 8/1/07 @ 100		250,000		250,063
Kentucky Asset/Liability Commission General Receipts Revenue, 5.00%, 10/1/15		480,000		523,838
Kentucky Economic Development Finance Authority Revenue, Series A, 5.75%, 12/1/15, Prerefunded 6/1/10 @ 101, OID		500,000		536,890
Kentucky Housing Corp., Revenue, Series D, 5.20%, 7/1/07, FHA		65,000		65,326
Kentucky State Property & Buildings Commission Refunding Revenue, Project No. 76, 5.50%, 8/1/21, AMBAC		620,000		724,265
Kentucky State Property & Buildings Commission Revenue, 5.15%, 2/1/22, FSA		30,000		32,057
Kentucky State Property & Buildings Commission Revenue, 5.00%, 10/1/22, Prerefunded 10/1/13 @ 100, FSA		465,000		501,391
Kentucky State Property & Buildings Commission Revenue, Project No. 67, 5.50%, 9/1/12, Prerefunded 9/1/10 @ 100		500,000		531,315
Kentucky State Property & Buildings Commission Revenue, Project No. 69, Series A, 5.50%, 8/1/11, FSA		540,000		581,369
Kentucky State Property & Buildings Commission Revenue, Project No. 73, 5.25%, 11/1/11		400,000		426,488
Kentucky State Property & Buildings Commission Revenue, Project No. 74, 5.375%, 2/1/14, Prerefunded 2/1/12 @ 100, FSA		500,000		539,470
Kentucky State Property & Buildings Commission Revenue, Project No. 81, 5.00%, 11/1/16, Callable 11/1/13 @ 100, AMBAC		500,000		537,120

Kentucky State Turnpike Authority Refunding Revenue, Revitalization Project, Series A, 5.50%, 7/1/11, AMBAC	200,000		215,072
Kentucky State Turnpike Authority Refunding Revenue, Revitalization Project, Series A, 5.50%, 7/1/12, AMBAC	500,000		544,720
Kentucky State Turnpike Authority Refunding Revenue, Revitalization Project, Series A, 5.50%, 7/1/15, AMBAC	270,000		303,510
Kentucky State Turnpike Authority Revenue, Series B, 5.00%, 7/1/16, AMBAC	500,000		546,660
Larue County, KY, School District, School Building Revenue, 4.25%, 7/1/15, MBIA	195,000		201,612
Leslie County, KY, Detention Facilities Improvement Project, G.O., 4.75%, 12/1/35, Callable 12/1/15 @ 100, OID	600,000		599,976
Louisville & Jefferson County KY, Metropolitan Government, 4.00%, 11/1/13	225,000		228,805
Louisville & Jefferson County KY, Farmdale Adult Citizens, 5.625%, 12/1/31	160,000		154,994
Louisville & Jefferson Counties, KY, Metropolitan Sewer District Revenue, Series A, 5.00%, 5/15/10, MBIA	55,000		57,361
Louisville & Jefferson County, KY, Metropolitan Government Health Systems Revenue, Norton Healthcare, Inc., 5.00%, 10/1/26, Callable 10/1/16 @ 100	500,000		516,735
Louisville & Jefferson County, KY, Metropolitan Sewer District Revenue, Series A, 5.00%, 5/15/36, Callable 11/15/11 @ 101, MBIA, OID	900,000		948,546
Louisville & Jefferson County, KY, Waterworks & Water Systems Revenue, 5.00%, 11/15/16	495,000		542,367
Louisville & Jefferson County, KY, Watetrworks & Water Systems Revenue, 4.00%, 11/15/12	35,000		35,567
Louisville, KY, Parking Authority Revenue, 7.50%, 7/1/09, Callable 1/1/07 @ 100, ETM	350,000		382,687
Somerset, KY, Independent School District Finance Corp., Revenue, 4.00%, 10/1/08	65,000		65,424
University of Kentucky, University & College Improvements Revenue, Series Q, 5.00%, 5/1/10, ETM	250,000		260,028
Urban County, KY, G.O., Series D, 4.00%, 5/1/12, MBIA	250,000		253,750
Total Municipal Bonds (Cost $12,999,662)			13,250,041
Investment Company (2.0%)
Federated Tax-Free Obligations Fund,	275,336		275,336
Institutional Service Class
Total Investment Company (Cost $275,336)			275,336
Total Investments (Cost $13,274,998) - 98.4%		$	13,525,377

Percentages indicated are based on net assets of $13,750,010.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

Maryland Intermediate Tax-Free Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Principal Amount		Fair Value
Municipal Bonds (94.5%)
Maryland (94.5%)
Anne Arundel County, MD, Water Utility Improvements, G.O., 5.375%, 3/1/13, Prerefunded 3/1/12 @ 100	$	400,000	$	432,428
Anne Arundel County, MD, Water Utility Improvements, G.O., 5.375%, 3/1/15, Callable 3/1/12 @ 100		350,000		378,375
Baltimore County, MD, Water Utility Improvements, Metropolitan District, 70th Issue, G.O., 5.00%, 9/1/16		355,000		391,824
Baltimore, MD, Water Project, Unrefunded Revenue, Series A, 5.00%, 7/1/24, FGIC		305,000		339,456
Frederick County, MD, Public Facilities Refunding, G.O., 5.00%, 8/1/14		645,000		699,928
Frederick County, MD, Public Facilities, G.O., 5.00%, 12/1/15		500,000		547,485
Maryland State Department of Transportation Revenue, 4.25%, 2/15/17, Callable 2/15/16 @ 100		425,000		436,577
Maryland State Department of Transportation Revenue, Second Issue, 5.00%, 6/1/15		100,000		109,119
Maryland State Health & Higher Education Facilities Authority Revenue, Doctors Community Hospital, Series A, 4.00%, 7/1/13		250,000		248,388
Maryland State Health & Higher Education Facilities Authority, Medical System, Series A, 4.50%, 7/1/26, Callable 7/1/16 @ 100		225,000		225,000
Maryland State Health & Higher Educational Facilities Authority Refunding Revenue, Doctors Hospital, Inc., 5.50%, 7/1/24, Callable 7/1/07 @ 100		240,000		240,192
Maryland State Health & Higher Educational Facilities Authority Refunding Revenue, Medstar Health, Inc., 5.00%, 8/15/12		245,000		257,277
Maryland State Health & Higher Educational Facilities Authority Revenue, 5.125%, 7/1/33, Callable 7/1/08 @ 101, FSA		120,000		123,296
Maryland State Health & Higher Educational Facilities Authority Revenue, Helix Health Issue, 5.125%, 7/1/12, Callable 7/1/12 @ 100, AMBAC		350,000		375,718
Maryland State Health & Higher Educational Facilities Authority Revenue, Helix Health Issue, 5.00%, 7/1/27, Callable 7/1/27 @ 100, AMBAC		220,000		244,268
Maryland State Health & Higher Educational Facilities Authority Revenue, Howard County General Hospital, 5.50%, 7/1/13, Callable 7/1/07 @ 100		45,000		46,121

Maryland State, MD, State & Local Facilities, First Series, G.O., 5.00%, 3/1/10, Callable 3/1/08 @ 101	350,000		359,282
Maryland State, MD, State & Local Facilities, Second Series, G.O., 5.00%, 8/1/11	380,000		402,473
Montgomery County, MD, Construction & Public Improvements, Series A, G.O., 5.00%, 7/1/17	500,000		553,860
Montgomery County, MD, Construction & Public Improvements, Series A, G.O., 5.00%, 2/1/21, Callable 2/1/12 @ 101	240,000		257,258
Montgomery County, MD, Construction & Public Improvements, Series A, G.O., 5.00%, 2/1/22, Callable 2/1/12 @ 101	500,000		535,955
Prince Georges County, MD, Construction & Public Improvements Refunding G.O., Series B, 5.00%, 10/1/12	690,000		737,928
Prince Georges County, MD, Construction & Public Improvements, G.O., 5.00%, 9/15/13	250,000		269,700
Washington County, MD, Public Improvements, G.O., 4.80%, 1/1/08, Callable 1/1/07 @ 100, FGIC	100,000		100,089
Washington Suburban Sanitation District Refunding, G.O., 5.00%, 6/1/09	400,000		413,244
Washington Suburban Sanitation District Refunding, G.O., 5.00%, 6/1/12	275,000		293,805
Washington Suburban Sanitation District Refunding, G.O., 4.00%, 6/1/17, Callable 6/1/16 @ 100	100,000		101,189
Westminister, MD, Educational Facilities Revenue, 4.00%, 11/1/16	350,000		343,063
Total Municipal Bonds (Cost $9,350,540)			9,463,298
Investment Companies (6.3%)
Federated Maryland Municipal Cash Trust	467,785		467,785
Federated Tax-Free Obligations Fund, Institutional Service Class	166,350		166,350
Total Investment Companies (Cost $634,135)			634,135
Total Investments (Cost $9,984,675) - 100.8%		$	10,097,433

Percentages indicated are based on net assets of $10,018,852.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares or Principal Amount		Fair Value
Municipal Bonds (95.6%)
North Carolina (95.6%)
Alamance County, NC, School Improvements, G.O., 5.00%, 2/1/19, Callable 2/1/16 @ 100	$	1,000,000	$	1,088,980
Appalachian State University of North Carolina Refunding Revenue, 5.25%, 7/15/20, Callable 7/15/15 @ 100, MBIA		1,000,000		1,098,040
Appalachian State University of North Carolina, Refunding Revenue, 5.00%, 7/15/18, Callable 7/15/15 @ 100, MBIA		1,345,000		1,454,147
Asheville, NC, Water Systems Revenue, Refunding Bonds, 5.00%, 8/1/21, Callable 8/1/15 @ 100, FSA		1,430,000		1,538,423
Bladen County, NC, G.O., 5.60%, 5/1/13, Callable 5/1/10 @ 101.50, FSA		1,150,000		1,235,123
Broad River, NC, Water Authority Water System Revenue., 5.00%, 6/1/19		1,050,000		1,123,332
Brunswick County, NC, Enterprise Systems Revenue, Series A, 5.25%, 4/1/17, Callable 4/1/14 @ 100, FSA		1,000,000		1,093,790
Cabarrus County, NC, Certificates of Participation, 5.25%, 2/1/12, AMBAC		1,285,000		1,373,382
Charlotte NC Storm Water Fee, 5.00%, 6/1/23		1,470,000		1,582,014
Charlotte North Carolina, Series 2005, 5.00%, 6/1/13		1,070,000		1,153,278
Charlotte, NC, Mecklenberg County Hospital Authority Revenue, Health Care System, Series A, 5.00%, 1/15/13, Callable 1/15/07 @ 102		1,600,000		1,633,424
Charlotte, NC, Public Improvements, G.O., 5.50%, 6/1/09		1,460,000		1,525,131
Chatham County North Carolina, 5.00%, 6/1/24		1,690,000		1,814,671
Cumberland County, NC, School Improvements, G.O., 5.50%, 3/1/09		1,055,000		1,096,240
Durham, NC, Refunding Bonds, G.O., 5.00%, 2/1/13		1,585,000		1,702,623
Durham, NC, Water & Sewer Utility Systems Revenue, 5.00%, 6/1/12, Callable 6/1/11 @ 101		1,000,000		1,061,560
Franklin County, NC, School Improvements, G.O., 4.50%, 8/1/16, FSA		265,000		280,831
Gastonia, NC, Combined Utilities System Revenue, 5.00%, 5/1/16, Callable 5/1/15 @ 100, AMBAC		1,060,000		1,148,786
Gastonia, NC, Combined Utilities Systems Revenue, 5.00%, 5/1/10, MBIA		1,000,000		1,043,400
Greenville, NC, Combined Enterprise Systems Revenue, 5.50%, 9/1/10, FSA		1,455,000		1,548,702
Guilford County, NC, Public Improvements, G.O., Series B, 5.00%, 10/1/09		2,000,000		2,076,980

Guilford County, NC, Public Improvements, G.O., Series B, 5.25%, 10/1/15, Callable 10/1/10 @ 102, OID	2,030,000	2,179,834
High Point, NC, Combined Enterprise System Revenue, 4.20%, 11/1/18, Callable 11/1/16 @ 100, FSA	700,000	708,533
High Point, NC, Public Improvements, G.O., Series B, 5.40%, 6/1/08	1,250,000	1,281,063
Johnston County, NC, Finance Corp. Revenue, 5.50%, 8/1/10, Callable 8/1/09 @ 101, FSA	1,070,000	1,130,637
Johnston County, NC, G.O., 5.50%, 3/1/12, Callable 3/1/10 @ 101, FGIC	1,000,000	1,063,900
Johnston County, NC, Refunding, G.O., 5.00%, 2/1/16, Callable 2/1/15 @ 100, FGIC	270,000	292,920
Lincoln County, NC, Certificates of Participation, 5.00%, 6/1/12, FSA	260,000	275,569
Lincoln County, NC, Certificates of Participation, 5.00%, 6/1/13, FSA	495,000	528,556
Lincoln County, NC, Certificates of Participation, 5.00%, 6/1/16, FSA	635,000	689,197
Lincolnton, NC, Combined Enterprise Systems Refunding Revenue, 5.00%, 5/1/16, Callable 5/1/15 @ 100, XLCA	140,000	151,207
Mecklenburg County, NC, Public Improvements, G.O., Series D, 5.00%, 4/1/11, Prerefunded 4/1/10 @ 100.50	1,000,000	1,046,100
Municipal Power Agency No. 1, Catawba Electric Revenue, 5.50%, 1/1/13, AMBAC-TCRS, ETM	1,095,000	1,183,794
New Hanover County, NC, Hospital Revenue, Regional Medical Center Project, 5.25%, 10/1/12, Callable 10/1/09 @ 101, MBIA	1,000,000	1,046,070
New Hanover County, NC, Public Improvements, G.O., 5.30%, 11/1/08	1,500,000	1,545,720
New Hanover County, NC, Refunding, G.O., 5.25%, 2/1/18	1,000,000	1,124,400
North Carolina Eastern Muncipal Power Agency, Refunding Revenue, Series A, 4.50%, 1/1/24, Callable 1/1/22 @ 100	2,810,000	2,961,430
North Carolina Eastern Municipal Power Agency, Power System Revenue, Series A, 5.00%, 1/1/17, ETM, OID	670,000	730,782
North Carolina Eastern Municipal Power Agency, Power System Revenue, Series A, 6.40%, 1/1/21, OID	3,975,000	4,853,673
North Carolina Eastern Municipal Power Agency, Power System Revenue, Series A, 6.00%, 1/1/26, Prerefunded 1/1/22 @ 100, OID	1,310,000	1,608,484
North Carolina Medical Care Commission Health Care Facilities Revenue, Carolina Medicorp Project, 5.25%, 5/1/09, Callable 5/1/07 @ 100, OID	1,325,000	1,331,055
North Carolina Medical Care Commission Health Care Facilities Revenue, Stanley Memorial Hospital Project, 5.45%, 10/1/08, Callable 10/1/07 @ 101, AMBAC	750,000	765,930
North Carolina Medical Care Commission Hospital Revenue, Gaston Memorial Hospital Project, 5.40%, 2/15/11, Callable 2/15/07 @ 101	565,000	576,662

North Carolina Medical Care Commission Hospital Revenue, Gaston Memorial Hospital Project, 5.50%, 2/15/15, Callable 2/15/07 @ 101, OID	2,130,000	2,185,295
North Carolina Medical Care Commission Hospital Revenue, Halifax Regional Medical Center, 4.60%, 8/15/07, OID (e)	1,795,000	1,797,782
North Carolina Medical Care Commission Hospital Revenue, Pitt County Memorial Hospital, Series A, 5.25%, 12/1/10, Prerefunded 12/1/08 @ 101	1,155,000	1,201,939
North Carolina Medical Care Commission Revenue, Health Care and Housing, ARC Projects, Series A, 4.65%, 10/1/14	1,265,000	1,279,699
North Carolina Medicare Common Revenue, 4.75%, 9/1/24, Callable 9/1/14 @ 100	1,000,000	1,031,070
North Carolina State University, G.O., Series A, 5.00%, 6/1/20, Callable 6/1/16 @ 100	2,000,000	2,180,260
North Carolina State University, Water Utility Improvements, G.O., Series A, 5.00%, 3/1/17, Callable 3/1/16 @ 100	1,625,000	1,779,619
North Carolina, Municipal Power Agency Revenue, 5.00%, 1/1/20, OID	445,000	496,153
Onslow County, NC, Certificates of Participation, 4.38%, 6/1/14, XLCA	85,000	88,144
Onslow County, NC, Certificates of Participation, 4.50%, 6/1/15, XLCA	255,000	267,230
Onslow County, NC, Certificates of Participation, 4.50%, 6/1/16, XLCA	170,000	178,138
Onslow County, NC, Certificates of Participation, 4.50%, 6/1/24, Callable 6/1/16 @ 100, MBIA, OID	1,550,000	1,577,373
Onslow County, NC, Hospital Authority Revenue, Onslow Memorial Hospital Project, 4.75%, 10/1/12, MBIA FHA	130,000	136,221
Onslow County, NC, Schools, Certificates of Participation, 5.00%, 6/1/19, Callable 6/1/16 @ 100, MBIA	2,920,000	3,172,579
Orange County, NC, Public Improvements Project, Series A, Certificates of Participation, 5.00%, 4/1/23, Callable 4/1/16 @ 100, AMBAC	1,000,000	1,069,470
Orange Water & Sewage Authority NC Water & Sewage Sys, 4.00%, 7/1/16	295,000	299,670
Orange Water & Sewer Authority, Water & Sewer System Revenue, Series A, 5.25%, 7/1/16, Callable 7/1/14 @ 100	1,475,000	1,615,538
Orange Water & Sewer Authority, Water & Sewer System Revenue, Series A, 5.25%, 7/1/18, Callable 7/1/14 @ 100	1,690,000	1,842,962
Piedmont-Triad, NC, Airport Authority Revenue, Series A, 6.38%, 7/1/16, Prerefunded 7/1/09 @ 101, FSA	1,385,000	1,489,831
Pitt County, NC, Revenue, Memorial Hospital Project, 5.50%, 12/1/15, Callable 12/1/07 @ 101, ETM	2,440,000	2,629,686
Raleigh, NC, Combined Enterprise System Refunding Revenue, Series B, 4.00%, 3/1/20, OID	2,065,000	2,031,650

Raleigh, NC, Combined Enterprise System Revenue, Series A, 5.00%, 3/1/20	2,665,000		2,878,412
Randolph County, NC, Certificates of Participation, 5.30%, 6/1/13, Callable 6/1/09 @ 101, FSA	1,750,000		1,836,083
Rowan County, NC, Schools, G.O., 5.00%, 4/1/17, Callable 4/1/15 @ 100, AMBAC	1,395,000		1,511,050
Rutherford County, NC, Certificates of Participation, 5.00%, 9/1/18, Callable 9/1/12 @ 101	1,595,000		1,701,275
Sampson County, NC, Certificate of Participation, 5.00%, 6/1/19, Callable 6/1/17 @ 100	1,000,000		1,084,160
University of North Carolina Charlotte Revenue, 4.75%, 10/1/35, Callable 10/1/16 @ 100, AMBAC	375,000		386,798
University of North Carolina Refunding Revenue, Series A, 4.75%, 12/1/34, Callable 12/1/15 @ 100	1,125,000		1,162,991
University of North Carolina Wilmington, Certificates of Participation, Student Housing Project, 5.00%, 6/1/25, Callable 6/1/16 @ 100, FGIC	1,000,000		1,066,500
University of North Carolina, System Pool Revenue, Series A, 5.00%, 10/1/18, Callable 10/1/16 @ 100	1,000,000		1,088,660
Wake County, NC, G.O., 5.30%, 2/1/11, Prerefunded 2/1/10 @ 100.50	1,000,000		1,052,430
Wake County, NC, Hospital Authority Revenue, 5.13%, 10/1/13, MBIA, ETM	2,425,000		2,634,277
Wake County, NC, Schools, G.O., 5.00%, 5/1/21, Callable 5/1/15 @ 100	1,900,000		2,051,677
Wilmington, NC, Certificates of Participation, Series A, 5.00%, 6/1/19, Callable 6/1/16 @ 100	1,095,000		1,178,089
Wilmington, NC, Certificates of Participation, Series A, 5.00%, 6/1/22, Callable 6/1/16 @ 100	395,000		422,223
Winston-Salem Water & Sewer Systems Revenue, 5.00%, 6/1/20, Callable 6/1/15 @ 100	1,170,000		1,260,734
Total Municipal Bonds (Cost $101,545,934)			104,414,041
Investment Company (2.9%)
PNC North Carolina Blackrock Fund, Institutional Class	3,116,335		3,116,335
Total Investment Company (Cost $3,116,335)			3,116,335
Total Investments (Cost $104,662,269) - 98.5%		$	107,530,376

Percentages indicated are based on net assets of $109,214,651.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

South Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares or Principal Amount		Fair Value
Municipal Bonds (94.9%)
South Carolina (94.9%)
Aiken County, SC, G.O., 4.00%, 2/1/12, MBIA	$	90,000	$	91,399
Aiken County, SC, G.O., 4.00%, 2/1/14, MBIA		115,000		116,973
Anderson County, SC, School District No 2, G.O., Series B, 6.00%, 3/1/12, Callable 3/1/10 @101, SCSDE		500,000		539,450
Anderson County, SC, School District No. 2, G.O., Series B, 5.125%, 3/1/25, Callable @101, MBIA SCSDE		800,000		834,304
Anderson County, SC. School District No. 4, G.O., 4.50%, 3/1/23, Callable 3/1/16 @100, FSA SCSDE		340,000		345,348
Beaufort County, SC, G.O., Series B, 5.00%, 3/1/21, Callable 3/1/16 @ 100, MBIA		300,000		323,544
Beaufort County, SC, Public Improvements, G.O., 5.00%, 2/1/24, Callable 2/1/14 @100, MBIA State Aid Withholding		155,000		164,185
Beaufort County, SC, School District Refunding, G.O., Series A, 5.00%, 3/1/13, SCSDE		125,000		133,959
Beaufort County, SC, School District Refunding, G.O., Series A, 5.00%, 3/1/19, Callable 3/1/15 @ 100, SCSDE		465,000		500,070
Berkeley County, SC, Water & Sewer Revenue, Series A, 5.00%, 6/1/24, Callable 6/1/15 @ 100, FSA		350,000		373,002
Berkley County, SC, Water & Sewer Revenue, Series A, 5.00%, 6/1/21, Callable 6/1/15 @100, FSA		395,000		422,705
Charleston County, SC, G.O., 4.625%, 11/1/27, Callable 11/1/15 @100, State Aid Withholding		300,000		306,426
Charleston County, SC, School District Refunding, G.O., Series B, 5.00%, 2/1/19, Callable 2/1/12 @ 100, SCSDE		250,000		263,045
Charleston, SC, Waterworks & Sewer Refunding Revenue, 5.125%, 1/1/12		425,000		453,241
Charleston, SC, Waterworks & Sewer Refunding Revenue, 5.25%, 1/1/14, Callable 1/1/11 @ 101		600,000		638,586
Florence County, SC, Hospital Revenue, Regional Medical Center Project, Series A, 5.25%, 11/1/11, Callable 11/1/08 @ 102, MBIA (d)		500,000		522,520
Florence, SC, New Public Housing Authority Revenue, 5.75%, 8/1/10, Callable 2/1/07 @ 100, U.S. Government Guaranteed		100,000		106,003
Greenville, SC, Stormwater System Revenue, 5.00%, 4/1/22, Callable 4/1/11 @ 101, FSA		195,000		204,526
Greenville, SC, Waterworks Revenue, 5.25%, 2/1/19, Callable 2/1/13 @ 100		380,000		412,049
Greenwood, SC, Metro District Sewer Systems Revenue, 4.00%, 10/1/15, FSA		420,000		426,031
Horry County, SC, School District, G.O., Series A, 5.00%, 3/1/11, SCSDE		500,000		526,415

Horry County, SC, School District, G.O., Series A, 4.00%, 3/1/14, FSA, SCSDE	235,000	239,054
Horry County, SC, School District, G.O., Series A, 5.375%, 3/1/15, Callable 3/1/12 @ 100, SCSDE	250,000	269,023
Kershaw County, SC, School District, G.O., 6.125%, 2/1/16, Prerefunded 2/1/10 @ 100, SCSDE	500,000	535,700
Lancaster County, SC, Assessment Revenue, Series B, 5.75%, 12/1/37, Callable 12/1/16 @ 100	500,000	531,630
Laurens County, SC, School District No. 55 Installment Purchase Revenue, 5.25%, 12/1/24, Callable 12/1/15 @ 100	225,000	236,943
Laurens County, SC, School District No. 56, G.O., 4.125%, 3/1/15, MBIA, SCSDE	195,000	199,505
Lexington County, SC, Public Improvements, G.O., 5.00%, 2/1/14, Callable 2/1/12 @ 100, FGIC State Aid Withholding	500,000	529,170
Newberry County, SC, County School Project Revenue, 5.25%, 12/1/21, Callable 12/1/15 @ 100	100,000	109,692
Orangeburg County, SC, G.O., Series A, 4.00%, 4/1/13, FGIC	250,000	253,863
Richland County, SC, School District No. 1 Refunding, G.O., 5.00%, 3/1/19, Callable 3/1/15 @ 100, FSA, SCSDE	400,000	430,168
Richland County, SC, School District No. 1, G.O., Series A, 5.25%, 3/1/20, Callable 3/1/12 @ 100, SCSDE	300,000	319,800
Rock Hill, SC, Utility Systems Refunding Revenue, Series A, 5.375%, 1/1/19, Callable 1/1/13 @ 100, FSA	585,000	632,754
South Carolina Jobs Economic Development Authority Hospital Facilities Revenue, 5.50%, 2/1/11, Callable 2/1/09 @ 101, FSA (d)	500,000	522,030
South Carolina Jobs Economic Development Authority Hospital Facilities Revenue, 6.00%, 8/1/12	200,000	219,260
South Carolina Medical University, 4.00%, 4/1/17, AMBAC	815,000	820,077
South Carolina State Economic Development, G.O., Series A, 5.00%, 8/1/16, Callable 8/1/15 @ 100	350,000	381,808
South Carolina State University, Wade Hampton State Office Building, G.O., Series A, 4.00%, 11/1/17, Callable 11/1/15 @ 100	50,000	50,380
South Carolina State, Public Services Authority Revenue, Series A, 5.00%, 1/1/20, Callable 1/1/14 @ 100, AMBAC	600,000	636,720
South Carolina State, Public Service Authority Revenue, Series A, 5.00%, 1/1/17, Callable 1/1/14 @ 100, FSA	450,000	482,369
South Carolina State, State Institutions, Series D, 4.00%, 10/1/18, Callable 10/1/16 @ 100, St Aid Withholding	885,000	885,168
South Carolina Transportation Infrastructure Bank Refunding Revenue, 5.25%, 10/1/15, AMBAC	500,000	553,735

Spartanburg County, SC, School District No. 5, G.O., 5.25%, 5/1/10, SCSDE	525,000		552,384
Spartanburg, SC, Water Works Refunding Revenue, 5.25%, 6/1/11, FSA	500,000		532,005
University of South Carolina Medical Facilities Refunding Revenue, 6.00%, 8/15/12 (d)	500,000		558,995
York County, SC, School District No. 3, G.O., Series A, 5.00%, 3/1/11, Callable 3/1/09 @ 101, SCSDE	155,000		160,823
Total Municipal Bonds (Cost $17,920,213)			18,346,837
Investment Company (4.1%)
Federated Tax-Free Obligations Fund,	796,990		796,990
Institutional Service Class
Total Investment Company (Cost $796,990)			796,990
Total Investments (Cost $18,717,203) - 99.0%		$	19,143,827

Percentages indicated are based on net assets of $19,345,126.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares or Principal Amount		Fair Value
Municipal Bonds (96.2%)
District of Columbia (2.2%)
Washington, D.C., Metropolitan Transportation Authority Refunding Revenue, 6.00%, 7/1/09, FGIC	$	1,615,000	$	1,707,071
Virginia (94.0%)
Alexandria, VA, Construction & Public Improvements, G.O., 5.00%, 6/15/08, State Aid Withholding		1,000,000		1,020,880
Alexandria, VA, Construction & Public Improvements, G.O., 5.00%, 1/1/13		1,000,000		1,074,450
Alexandria, VA, G.O., Series A, 5.00%, 6/15/16		1,000,000		1,102,210
Arlington County, VA, Public Improvement, G.O., 5.125%, 6/1/11, Prerefunded 6/1/09 @ 100, State Aid Withholding		1,000,000		1,036,690
Arlington County, VA, Refunding, G.O., 5.00%, 5/15/15, Callable 5/15/14 @ 100		1,295,000		1,404,777
Chesapeake, VA, Refunding Public Improvement, 5.00%, 5/1/11		1,000,000		1,053,800
Chesapeake, VA, Refunding, G.O., 5300%, 6/1/13		1,000,000		1,074,860
Chesterfield County, VA, Pollution Control Authority Revenue, 5.50%, 10/1/09, Callable 11/8/08 @ 100		2,500,000		2,527,649
Fairfax County, VA, Economic Development Authority Refunding Revenue, Series A, 4.10%, 10/1/13		275,000		274,711
Fairfax County, VA, Economic Development Authority Refunding Revenue, Series A, 4.15%, 10/1/14		490,000		489,167
Fairfax County, VA, Economic Development Authority Refunding Revenue, Series A, 4.20%, 10/1/15		225,000		223,765
Fairfax County, VA, Economic Development Authority Revenue, First Series, 5.25%, 9/1/10, Prerefunded 9/1/09 @ 102, OID		1,000,000		1,061,130
Fauquier County Virginia School Boards, 4.125%, 7/1/26, Callable 7/1/16 @ 100, MBIA		1,755,000		1,710,195
Henrico County, VA, Water & Sewer Refunding Revenue, 5.25%, 5/1/11, Callable 5/1/09 @ 102		1,000,000		1,053,420
Lessburg, VA, Public Utilities, G.O., 4.75%, 7/1/23, Callable 7/1/16 @ 100		1,275,000		1,339,694
Loudoun County, VA, Public Improvements, G.O., Series B, 5.00%, 12/1/14		1,000,000		1,091,550
Loudoun County, VA, Water & Sewer Revenue, 5.75%, 1/1/11, FSA		1,000,000		1,078,760
New Port Community Development Authority Special Assessment, 5.50%, 9/1/26, Callable 9/1/16 @ 101		1,325,000		1,364,803
Newport News, VA, G.O., Series A, 5.50%, 5/1/13, Prerefunded 5/1/10 @ 102, OID		1,845,000		1,984,593

Newport News, VA, G.O., Series A, 5.00%, 7/1/22, Callable 7/1/13 @ 100, State Aid Withholding	1,250,000	1,320,975
Norfolk, VA, Water Revenue, 5.125%, 11/1/11, Callable 11/1/08 @ 101, FSA	1,030,000	1,066,926
Pittsylvania County, VA, G.O., Series B, 5.625%, 3/1/15, Callable 3/1/11 @ 102, MBIA	1,315,000	1,434,534
Portsmouth, VA, Public Utility Refunding, G.O., Series B, 5.00%, 4/1/21, Callable 4/1/15 @ 100, MBIA	1,530,000	1,646,617
Portsmouth, VA, Public Utility Refunding, G.O., Series B, 5.00%, 4/1/22, Callable 4/1/15 @ 100, MBIA	1,375,000	1,477,795
Prince William County, VA, Service Authority Water & Sewer System Revenue, 5.00%, 7/1/14, Callable 7/1/13 @ 102	1,000,000	1,083,150
Richmond, VA, G.O., 5.25%, 1/15/09, FSA	1,500,000	1,549,230
Roanoke, VA, Public Improvement, G.O., 5.00%, 10/1/17, Callable 10/1/14 @ 101	1,000,000	1,088,420
Roanoke, VA, Public Improvement, G.O., 5.00%, 2/1/18, Callable 2/1/15 @ 101, State Aid Withholding	1,000,000	1,089,430
Southampton County, VA, Industrial Development Authority, 5.00%, 4/1/19, CIFG	1,050,000	1,124,456
Southampton County, VA, Industrial Development Authority Revenue, 4.00%, 4/1/15	460,000	462,392
Spotsylvania County, VA, Public Improvements, G.O., 5.00%, 1/15/17, Callable 1/15/16 @ 100	1,645,000	1,797,376
Spotsylvania County, VA, Refunding, G.O., 5.50%, 7/15/12, FSA	2,925,000	3,197,404
Stafford County, VA, Economic Development Authority Hospital Facilities Revenue, 4.00%, 6/15/15	350,000	345,814
Stafford County, VA, Economic Development Authority Hospital Facilities Revenue, 4.00%, 6/15/16	100,000	98,412
University of Virginia, General Revenue, 5.00%, 6/1/22, Callable 6/1/13 @ 100	490,000	518,636
Upper Occoquan Sewer Authority, Regional Sewer Refunding Revenue, 5.00%, 7/1/25, Callable 7/1/15 @ 100, FSA	1,000,000	1,068,520
Virginia Beach, VA, Industrial Development Authority Revenue, Sentara Health Systems, 5.25%, 11/1/09, Callable 11/1/08 @ 101, MBIA	1,000,000	1,036,610
Virginia Beach, VA, Public Improvement, G.O., 5.25%, 3/1/11, Prerefunded 3/1/10 @ 101, State Aid Withholding, OID	3,205,000	3,386,979
Virginia College Building Authority, 5.00%, 9/1/12	2,000,000	2,135,000
Virginia College Building Authority, Educational Facilities Revenue, 5.50%, 4/1/10	1,000,000	1,056,090
Virginia College Building Authority, Educational Facilities Revenue, 5.00%, 9/1/19, Callable 9/1/11 @ 100	1,015,000	1,063,984
Virginia College Building Authority, Educational Facilities Revenue, Series A, 5.00%, 9/1/22, Callable 9/1/15 @ 100	1,000,000	1,074,130

Virginia Commonwealth Transportation Board Revenue, Series B, 5.75%, 5/15/09	1,035,000		1,085,229
Virginia Commonwealth Transportation Board Revenue, Series B, 5.50%, 5/15/15, Prerefunded 5/15/09 @ 101, OID	1,185,000		1,248,089
Virginia State Authority, Water Revenue, 5.25%, 10/1/15	1,040,000		1,156,688
Virginia State Public Building Authority Revenue, Series A, 5.00%, 8/1/15	2,000,000		2,181,760
Virginia State Public Building Authority, Public Facilities Revenue, Series A, 5.00%, 8/1/14	2,000,000		2,167,580
Virginia State Public School Authority Refunding Revenue, Series A, 5.25%, 8/1/17, State Aid Withholding	205,000		229,721
Virginia State Public School Authority Refunding Revenue, Series D, 5.25%, 2/1/12, State Aid Withholding	1,145,000		1,228,688
Virginia State Public School Authority, G.O., Series B, 5.25%, 8/1/10, Prerefunded 8/1/09 @ 101, State Aid Withholding, OID	1,000,000		1,050,790
Virginia State Public School Authority, G.O., Series B, 3.00%, 8/1/20, Callable 8/1/11 @ 101, OID	3,690,000		3,238,454
Virginia State Public School Authority, School Financing Revenue, Series A, 5.25%, 8/1/10, Callable 8/1/09 @ 101, OID	2,040,000		2,150,201
Virginia State, Series B, 5.00%, 6/1/17	1,715,000		1,852,955
Winchester, VA, Public Improvements, G.O., 5.00%, 11/1/22, Callable 11/1/15 @ 100, FGIC	2,160,000		2,331,072
			72,011,211
Total Municipal Bonds (Cost $71,756,505)			73,718,282
Investment Company (2.8%)
PNC Virginia Blackrock Fund, Institutional Class	2,131,786		2,131,786
Total Investment Company (Cost $2,131,786)			2,131,786
Total Investments (Cost $73,888,291) - 99.0%		$	75,850,068

Percentages indicated are based on net assets of $76,653,803.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares or Principal Amount		Fair Value
Municipal Bonds (96.6%)
West Virginia (96.6%)
Berkeley County, WV, Public Sewer, 4.60%, 10/1/15, Callable 10/1/13 @ 100	$	690,000	$	687,495
Berkeley County, WV, Public Sewer, 4.70%, 10/1/16, Callable 10/1/13 @ 100		720,000		718,445
Berkeley County, WV, Public Sewer, 4.65%, 10/1/25, Callable 4/1/12 @ 100		470,000		471,927
Berkeley County, WV, Public Sewer, 4.80%, 10/1/25, Callable 4/1/12 @ 100		100,000		100,639
Cabell County, WV, Board of Education, G.O., 5.00%, 5/1/16, MBIA		2,000,000		2,182,660
Cabell, Putnam & Wayne Counties, WV, Single Family Residential Mortgage Revenue, 7.375%, 4/1/11, FGIC		640,000		724,768
Charleston, WV, Urban Renewal Authority Revenue, 5.25%, 12/15/18, Callable 12/15/09 @103, FSA		1,080,000		1,152,436
Clarksburg, WV, Water Refunding Revenue, 5.25%, 9/1/19, Callable 9/1/12 @101, FGIC		1,190,000		1,284,950
Fairmont State College, WV, Student Activity Revenue, Series B, 5.00%, 6/1/32, Callable 6/1/13 @100, FGIC		1,355,000		1,427,113
Farimont, WV, Waterworks Refunding Revenue, 5.375%, 7/1/13, Callable 7/1/07 @102, MBIA		680,000		698,999
Greenbrier, WV, Public Service, 4.00%, 10/1/13, Callable 10/1/12 @ 100		250,000		249,403
Greenbrier, WV, Public Service, 4.00%, 10/1/14, Callable 10/1/12 @ 100		155,000		154,430
Harrison County, WV, Building Commission Revenue, 5.15%, 4/1/18, Prerefunded 4/1/08 @102, AMBAC		1,000,000		1,038,430
Harrison County, WV, County Commission Solid Waste Disposal Revenue, Series B, 6.30%, 5/1/23, Callable 5/1/07 @100, AMBAC - TCRS		860,000		869,864
Huntington, WV, Sewer Revenue, Series A, 4.60%, 11/1/12, Callable 11/1/11 @ 100		320,000		319,690
Huntington, WV, Sewer Revenue, Series A, 4.60%, 11/1/13, Callable 11/1/11 @ 100		335,000		334,203
Huntington, WV, Sewer Revenue, Series A, 4.70%, 11/1/14, Callable 11/1/11 @ 100		350,000		350,175
Huntington, WV, Sewer Revenue, Series A, 4.70%, 11/1/15, Callable 11/1/11 @ 100		365,000		364,507
Logan County, WV, Logan County Health Revenue, 8.00%, 12/1/16		690,000		899,629
Monongalia County, WV, Building Commission Hospital Revenue, Monongalia General Hospital Project, Series A, 5.00%, 7/1/30, Callable 7/1/15 @100		1,700,000		1,741,395
Monongalia County, WV, Pollution Control Refunding Revenue, Series B, 5.95%, 4/1/13, Callable 4/1/07 @100, MBIA		2,000,000		2,016,360

Morgantown, WV, Tax Increment Revenue, 4.80%, 6/1/26	1,000,000	969,970
Morgantown, WV, Tax Increment Revenue, Series A, 4.50%, 6/1/16	250,000	246,220
Ohio County, WV, Board of Education Refunding, G.O., 5.00%, 6/1/13, Callable 6/1/08 @ 102, MBIA	800,000	829,560
Ohio County, WV, Commission Special District Excise Tax Revenue, Fort Henry Economic Development, Series B, 5.625%, 3/1/36	640,000	663,136
Ohio County, WV, Commission Tax Increment Revenue, Fort Henry Centre Financing District, Series A, 5.625%, 6/1/34, Callable 12/1/15 @100	1,000,000	1,052,290
Parkersburg, WV, Waterworks & Sewage System Refunding Revenue, Series C, 5.00%, 9/1/14, FGIC	1,190,000	1,287,247
Parkersburg, WV, Waterworks & Sewage System Refunding Revenue, Series C, 5.00%, 9/1/15, FGIC	1,330,000	1,447,625
Parkersburg, WV, Waterworks & Sewage System Refunding Revenue, Series C, 4.00%, 9/1/16, Callable 9/1/15 @100, FGIC	40,000	40,399
Parkersburg, WV, Waterworks & Sewage Systems Refunding Revenue, Series A, 4.50%, 8/1/22, Callable 8/1/15 @100, FGIC	885,000	898,204
Pleasants County, WV, Pollution Control Refunding Revenue, Series C, 6.15%, 5/1/15, Callable 5/1/07 @100, AMBAC	1,100,000	1,119,349
Pleasants County, WV, Pollution Control Refunding Revenue, Series C, 6.15%, 5/1/15, Callable 5/1/07 @100, AMBAC, MBIA	1,000,000	1,017,590
South Charleston, WV, Hospital Refunding Revenue, Series A, 5.50%, 10/1/09, MBIA	520,000	522,200
West Virginia Economic Development Authority Lease Revenue, State Energy Savings Project, 4.50%, 6/1/17, Callable 6/1/15 @ 100	360,000	367,124
West Virginia Economic Development Authority Lease Revenue, State Energy Savings Project, 4.75%, 6/1/21, Callable 6/1/15 @ 100	1,035,000	1,063,162
West Virginia Economic Development Authority Revenue, Department of Environmental Protection, 4.75%, 11/1/11	535,000	559,653
West Virginia Economic Development Authority Revenue, Series A, 5.50%, 6/1/12, MBIA	2,000,000	2,176,560
West Virginia Economic Development Authority Revenue, Series A, 5.50%, 6/1/15, Callable 6/1/12 @101, MBIA	1,000,000	1,094,110
West Virginia Economic Development Authority Revenue, Series A, 5.00%, 10/1/15, Callable 10/1/11 @101	1,250,000	1,322,275
West Virginia Economic Development Authority Revenue, Series A, 5.50%, 6/1/18, Callable 6/1/12 @101, MBIA	1,000,000	1,089,180
West Virginia Higher Educational Facilities Revenue, Series B, 5.00%, 4/1/14, FGIC	250,000	269,265
West Virginia Higher Educational Facilities Revenue, Series B, 5.00%, 4/1/23, Callable 4/1/14 @100, FGIC	4,990,000	5,320,686

West Virginia Highway Commission, Series A, 5.00%, 9/1/14, FSA	1,450,000	1,565,478
West Virginia State Building Commission Refunding Revenue, Series A, 5.25%, 7/1/10, AMBAC	1,950,000	2,048,514
West Virginia State Capital Appreciation, Infrastructure, G.O., Series A, 4.90%, 11/1/24, FGIC **	500,000	230,835
West Virginia State Hospital Finance Authority Refunding Revenue, 5.00%, 8/1/09, Callable 8/1/07 @100, FSA	800,000	805,328
West Virginia State Hospital Finance Authority Revenue, 6.10%, 1/1/18, Callable 1/1/07 @100, MBIA	1,300,000	1,312,441
West Virginia State Hospital Finance Authority Revenue, 5.50%, 3/1/22, Callable 3/1/14 @100	970,000	1,019,732
West Virginia State Hospital Finance Authority Revenue, Series A, 6.50%, 9/1/16	620,000	737,068
West Virginia State Housing Development Fund Revenue, Marion Unity Apartments Project, Series A, 5.40%, 1/1/16, Callable 7/1/11 @100	400,000	400,316
West Virginia State Housing Development Fund Revenue, Marion Unity Apartments Project, Series A, 5.75%, 1/1/29, Callable 7/1/11 @100, OID	515,000	512,451
West Virginia State Parkways Economic Development & Tourism Authority Refunding Revenue, 5.00%, 5/15/10, FGIC	1,165,000	1,215,002
West Virginia State Parkways Economic Development & Tourism Authority Refunding Revenue, 5.25%, 5/15/12, FGIC	1,000,000	1,075,570
West Virginia State Parkways Economic Development & Tourism Authority Refunding Revenue, 5.25%, 5/15/17, FGIC	700,000	782,082
West Virginia State School Building Authority Revenue, 5.25%, 1/1/14, MBIA	500,000	545,830
West Virginia State School Building Authority Revenue, 5.25%, 7/1/14, MBIA	615,000	674,440
West Virginia State Water Development Authority Revenue, Series A, 5.50%, 11/1/18, Prerefunded 11/1/09 @ 102, AMBAC	1,000,000	1,069,420
West Virginia State, Highway Improvements, G.O., 5.50%, 6/1/10, FSA	1,410,000	1,493,726
West Virginia State, State Road Improvements, G.O., 5.00%, 6/1/16, Callable 6/1/15 @100, FGIC	2,000,000	2,170,340
West Virginia University, School Improvements Revenue, Series A, 5.50%, 4/1/11, MBIA	1,485,000	1,591,385
West Virginia University, School Improvements Revenue, Series C, 5.00%, 10/1/25, Callable 10/1/14 @ 100, FGIC	1,155,000	1,224,185
West Virginia Water Development Authority Revenue Series A, 5.00%, 10/1/28, Callable 10/1/13 @ 101	2,115,000	2,247,314
Wheeling, WV, Waterworks & Sewer Systems Revenue, Series A, 4.75%, 6/1/36, Callable 6/1/16 @ 100, FSA	1,500,000	1,543,590

Total Municipal Bonds (Cost $63,858,746)			65,408,370
Investment Company (2.6%)
Federated Tax-Free Obligations Fund,	1,735,943		1,735,943
Institutional Service Class
Total Investment Company (Cost $1,735,943)			1,735,943
Total Investments (Cost $65,594,689) - 99.2%		$	67,144,313

Percentages indicated are based on net assets of $67,679,898.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

National Tax-Free Money Market

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Principal Amount		Amortized Cost
Municipal Bonds (95.6%)
Alabama (3.4%)
Jefferson County, AL, Sewer Refunding Revenue, SubSeries B-7, 3.94%, 1/4/07, XLCA *	$	2,300,000	$	2,300,000
Port City, AL, Medical Clinic Board Revenue, 3.89%, 1/4/07, AMBAC *		1,500,000		1,500,000
				3,800,000
Arizona (10.8%)
Arizona Health Facilities Authority Revenue, 3.96%, 1/4/07, Citibank, N.A. *		5,000,000		5,000,000
Phoenix Industrial Development Authority Revenue, 3.92%, 1/3/07, FHLMC *		1,000,000		1,000,000
Sierra Vista, AZ, Industrial Development Revenue, 3.94%, 1/4/07, FNMA *		2,700,000		2,700,000
Tucson, AZ, Industrial Development Authority Revenue, Lincoln Garden Project, 3.90%, 1/2/07, FHLMC *		3,200,000		3,200,000
				11,900,000
Colorado (1.4%)
Thorton, CO, Industrial Development Refunding Revenue, 3.99%, 4/15/07, U.S. Bank, N.A. *		1,600,000		1,600,000
Florida (5.9%)
Jacksonville, FL, Economic Development, Commission Health Care Facilities Revenue, Series A, 3.95%, 1/4/07, Fortis Banque Belgium, JP Morgan Chase Bank *		1,225,000		1,225,000
Miami, FL, Health Facilities Authority Refunding Revenue, Mercy Hospital * Project, 3.91%, 1/3/07, Nationsbank, N.A.		3,020,000		3,020,000
Tallahassee, FL, Capital Bonds Revenue, Series 607, 3.97%, 1/4/07, FSA (c) *		2,285,000		2,285,000
				6,530,000
Illinois (14.5%)
Chicago Board of Education, G.O., 4.00%, 1/2/07 *		1,900,000		1,900,000
Illinois Development Finance Authority Revenue, St. Ignatius College Preparatory, 3.94%, 1/3/07, Northern Trust Co. *		2,000,000		2,000,000
Illinois Health Facilities Authority Refunding Revenue, Series B, 3.91%, 1/3/07, J.P. Morgan Chase Bank *		5,100,000		5,100,000
Western Springs, IL, Special Assesment - Timber Trails Project, 3.94%, 1/3/07, Lasalle Bank *		7,000,000		7,000,000
				16,000,000
Indiana (1.8%)
Indiana Health Facilities Financing Authority Revenue, Riverview Hospital Project, 3.92%, 1/4/07, National City Bank of Indiana *		2,000,000		2,000,000

Kentucky (5.4%)
Henderson County, KY, Hospital Facilities Revenue, 3.96%, 1/5/07, Fifth Third Bank *	3,000,000	3,000,000
Jefferson County, KY, Student Housing Industrial Building Revenue, Series A, 3.95%, 1/4/07, Regions Bank *	3,000,000	3,000,000
		6,000,000
Louisiana (1.9%)
New Orleans, LA, Refunding, G.O., Series A20, 4.00%, 1/3/07, FGIC (c) *	2,095,000	2,095,000
Massachusetts (3.3%)
Clipper Tax Exempt Trust, Certificates of Participation, 3.75%, 2/1/07, State Street Bank & Trust (c) *	3,699,000	3,699,000
Michigan (1.8%)
Kent, MI, Hospital Finance Authority Refunding Revenue, Series B, 3.89%, 1/3/07, MBIA *	2,025,000	2,025,000
Minnesota (4.6%)
Minneapolis, MN, Health Care System Revenue, Series A, 3.90%, 1/3/07, AMBAC *	3,725,000	3,725,000
University of Minnesota, Various Purposes Revenue, Series C, 3.97%, 1/3/07, JP Morgan Chase Bank *	1,350,000	1,350,000
		5,075,000
Missouri (2.7%)
Kansas City, MO, Industrial Development Authority Revenue, Downtown Arena Project, Series C, 3.95%, 1/3/07, AMBAC *	3,000,000	3,000,000
Nevada (2.3%)
Clark County, NV, Airport Revenue, 3.90%, 1/3/07 *	2,500,000	2,500,000
New Jersey (2.2%)
Park Ridge, NJ, Board of Education, G.O., 4.50%, 8/7/07	1,340,000	1,343,844
West Orange Township, NJ, G.O., 4.50%, 6/20/07	1,082,545	1,085,935
		2,429,779
Ohio (11.9%)
Akron Bath Copley Joint Township Hospital District Revenue, 3.94%, 1/4/07, KBC Bank NV *	745,000	745,000
Cleveland Heights, OH, Bond Antic Notes, 4.50%, 8/9/07	850,000	853,699
Cleveland-Cuyahoga County Port Authority Cultural Facility Revenue, 3.92%, 1/4/07, Fifth Third Bank *	1,600,000	1,600,000
Elyria, OH, G.O., 4.00%, 10/17/07	1,430,000	1,433,816
Hamilton County, OH, Hospital Revenue, Drake Center Inc., Series A, 3.91%, 1/4/07, Firstar Bank, N.A. *	2,000,000	2,000,000
Montgomery County, OH, Industrial Development Revenue, 4.01%, 3/15/07, U.S. Bank, N.A. *	1,525,000	1,525,000
Ohio Air Quality Development	5,000,000	5,000,000
Authority, 3.95%, 1/3/07, Barclays Bank PLC *		13,157,515

Oklahoma (2.8%)
Oklahoma State Turnpike Authority Revenue, Refunding Second Series D, 3.95%, 1/4/07 *	3,100,000		3,100,000
Pennsylvania (2.7%)
Pennsylvania State Higher Educational Facilities Revenue, Drexel University, Series B, 3.92%, 1/4/07, Landesbank Hessen *	3,000,000		3,000,000
Texas (3.2%)
North Texas Tollway Authority Revenue, Series C, 3.90%, 1/3/07, FGIC *	3,500,000		3,500,000
Virginia (5.2%)
Fairfax County Industrial Developement Authority Revenue, Series C-2, 3.87%, 1/3/07 *	250,000		250,000
Virginia Beach, VA, Development Authority Revenue, LifeNet Project, 3.92%, 1/3/07, Suntrust Bank *	3,550,000		3,550,000
Virginia Small Business Finance Authority Refunding Revenue, Virginia Historical Society, 3.92%, 1/3/07, Suntrust Bank *	1,900,000		1,900,000
			5,700,000
Wisconsin (7.8%)
Wisconsin State Health & Educational Facilities Authority Revenue, Grace Lutheran Foundation Project, 3.90%, 1/3/07, Firstar Bank, N.A. *	2,340,000		2,340,000
Wisconsin State Health & Educational Facilities Authority Revenue, Series B, 3.91%, 1/4/07, Marshall & Ilsley *	4,500,000		4,500,000
Wisconsin State Health & Educational Facilities Revenue, 3.90%, 1/4/07, Citibank, N.A. *	1,800,000		1,800,000
			8,640,000
Total Municipal Bonds (Amortized Cost $105,751,294)			105,751,294
Commercial Paper (4.1%)
Connecticut Development Authority, Series 1999, 3.63%, 1/12/07	2,000,000		2,000,000
Truckee, NV, Meadows Water Authority Revenue, Series 2006B, 3.60%, 2/6/07	2,500,000		2,500,000
Total Commercial Paper (Amortized Cost $4,500,000)			4,500,000
Investment Company (0.1%)
SEI Institutional Tax Free	69,171		69,171
Total Investment Company (Amortized Cost $69,171)			69,171
Total Investments (Amortized Cost $110,320,465) - 99.8%		$	110,320,465

Percentages indicated are based on net assets of $110,492,970.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

Prime Money Market Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Principal Amount		Amortized Cost
Certificates of Deposit (6.8%)
Banking (6.8%)
Calyon Bank, Paris, 5.355%, 4/30/07	$	5,000,000	$	5,000,078
Citizens Bank of Pennsylvania, 5.33%, 2/27/07		5,000,000		5,000,000
Credit Suisse, Zurich, 4.92%, 2/5/07		5,000,000		5,000,000
Credit Suisse, Zurich, 5.205%, 3/29/07		5,000,000		5,000,000
Credit Suisse, Zurich, 5.42%, 12/4/07		8,000,000		8,000,000
Depfa Bank PLC, 5.26%, 4/9/07		5,000,000		5,000,000
MBIA Global Funding, 5.40%, 12/20/07 (c)		2,000,000		2,000,000
Mizuho Corporate Bank, 5.34%, 2/9/07		2,000,000		2,000,000
Mizuho Corporate Bank, 5.34%, 2/12/07		5,000,000		5,000,000
Mizuho Corporate Bank, 5.34%, 2/12/07		10,000,000		10,000,000
Societe General, Paris, 5.41%, 2/20/07		10,000,000		10,000,000
Toronto Dominion Bank, 5.42%, 2/12/07		12,000,000		12,000,000
Toronto Dominion Bank, 5.295%, 4/13/07		2,000,000		2,000,000
Toronto Dominion Bank, 5.60%, 6/18/07		4,000,000		4,000,000
Toronto Dominion Bank, 5.505%, 8/3/07		2,500,000		2,500,955
Toronto Dominion Bank, 5.42%, 12/12/07		8,000,000		8,000,000
Washington Mutual Bank, 5.33%, 2/16/07		20,000,000		20,000,000
Total Certificates of Deposit (Amortized Cost $110,501,033)				110,501,033
Commercial Paper (36.8%)
Communications (4.6%)
Gannett Company, 5.43%, 1/12/07 (c)		20,000,000		19,967,611
Gannett Company, 5.44%, 1/22/07 (c)		20,000,000		19,938,167
Gannett Company, 5.44%, 1/25/07 (c)		10,000,000		9,964,667
Gannett Company, 5.44%, 1/26/07 (c)		24,000,000		23,911,666
				73,782,111
Financial Services (30.2%)
Amsterdam Funding, 5.54%, 1/25/07 (c)		11,200,000		11,160,352
Amsterdam Funding Corp., 5.51%, 2/9/07 (c)		8,000,000		7,954,197
Aspen Funding Corp., 5.41%, 1/25/07 (c)		5,000,000		4,982,467
Bank America, 1/10/07		7,000,000		6,990,830
Bank America, 3/5/07		8,000,000		7,926,710
Barclays US Funding LLC, 5.41%, 2/14/07		7,000,000		6,954,998
Barton Capital Corp., 5.40%, 1/9/07 (c)		25,000,000		24,970,667
Barton Capital Corp., 5.40%, 1/10/07 (c)		15,000,000		14,980,200
Blue Spice LLC, 5.40%, 4(2) 1/16/07 (c)		2,500,000		2,494,531
Blue Spice LLC, 5.41%, 4(2) 1/23/07 (c)		8,000,000		7,974,284
Countrywide Home Loans, 5.40%, 1/2/07		4,000,000		3,999,413
DaimlerChrysler North America Holding, 5.50%, 1/12/07		2,000,000		1,996,714
DaimlerChrysler North America Holding, 5.50%, 1/17/07		1,800,000		1,795,696
DaimlerChrysler North America Holding, 5.51%, 1/22/07		700,000		697,811
DaimlerChrysler North America Holding, 5.52%, 2/12/07		1,100,000		1,093,109
DaimlerChrysler North America Holding, 5.52%, 2/26/07		2,900,000		2,875,775
Danske Corp., Inc., 5.33%, 4/10/07		4,000,000		3,945,176

Depfa Bank PLC, 5.38%, 1/4/07	10,000,000	9,995,633
FCAR Auto Loan Trust, 5.51%, 2/5/07	8,000,000	7,958,856
FCAR Auto Loan Trust, 5.50%, 2/6/07	8,000,000	7,957,760
FCAR Auto Loan Trust, 5.53%, 2/12/07	10,000,000	9,938,050
FCAR Auto Loan Trust, 5.53%, 2/15/07	10,000,000	9,933,625
FCAR Auto Loan Trust, 5.47%, 3/7/07	6,000,000	5,943,125
FCAR Auto Loan Trust, Series: I, 5.41%, 1/23/07	3,000,000	2,990,357
FCAR Auto Loan Trust, Series: I, 5.41%, 2/21/07	14,500,000	14,391,951
FCAR Auto Loan Trust, Series: I, 5.38%, 4/3/07	6,000,000	5,920,727
Fountain Square Commercial Funding Corp., 5.40%, 4(2) 1/12/07 (c)	12,000,000	11,980,713
Fountain Square Commercial Funding Corp., 5.40%, 4(2) 1/18/07 (c)	7,600,000	7,581,122
Fountain Square Commercial Funding Corp., 5.51%, 3/8/07 (c)	10,000,000	9,903,567
Fountain Square Commercial Funding Corp., 5.53%, 3/21/07 (c)	10,000,000	9,884,353
Grampian Funding LLC, 5.49%, 2/5/07 (c)	7,000,000	6,964,101
Grampian Funding LLC, 5.48%, 2/6/07 (c)	4,000,000	3,978,940
Grampian Funding LLC, 5.50%, 2/7/07 (c)	8,000,000	7,956,546
Grampian Funding LLC, 5.46%, 3/12/07 (c)	3,500,000	3,464,339
Grampian Funding LLC, 5.49%, 3/15/07 (c)	5,000,000	4,946,872
Greenwich Capital Holdings, 5.39%, 1/8/07	10,000,000	9,989,811
John Deere Credit Ltd, 5.57%, 2/16/07	700,000	695,242
Klio II Funding, Ltd, 5.41%, 1/18/07 (c)	8,000,000	7,980,091
Klio II Funding, Ltd, 5.54%, 1/22/07 (c)	10,000,000	9,969,083
Klio II Funding, Ltd, 5.60%, 1/24/07 (c)	10,000,000	9,965,756
Klio II Funding, Ltd, 5.33%, 2/1/07 (c)	13,680,000	13,618,037
Klio II Funding, Ltd, 5.40%, 2/13/07 (c)	15,000,000	14,905,758
Nissan Motor Acceptance, 5.46%, 1/12/07 (c)	13,000,000	12,978,828
Nissan Motor Acceptance Corp., 5.45%, 1/3/07 (c)	1,500,000	1,499,556
Paradigm Funding LLC, 5.46%, 3/21/07 (c)	13,000,000	12,850,800
Perry Global Funding LLC, 5.40%, 1/10/07 (c)	4,000,000	3,994,745
Perry Global Funding LLC, 5.40%, 4/2/07 (c)	5,000,000	4,934,467
Picaros Funding LLC, 5.39%, 1/9/07 (c)	5,000,000	4,994,178
Picaros Funding LLC, 5.41%, 3/13/07 (c)	5,000,000	4,948,574
Scaldis Capital, 5.41%, 2/8/07 (c)	8,000,000	7,955,582
Sheffield Receivables, 5.38%, 1/5/07 (c)	35,000,000	34,979,622
Sheffield Receivables, 5.40%, 1/22/07 (c)	18,000,000	17,944,770
Societe Generale Northern American, 5.49%, 2/12/07	8,000,000	7,950,860
Tulip Funding Corp., 5.38%, 1/10/07 (c)	25,000,000	24,967,250
Tulip Funding Corp., 5.51%, 2/8/07 (c)	5,000,000	4,972,239
Volkswagen America, 5.60%, 3/2/07 (c)	10,000,000	9,910,833
Westpack Trust, 5.40%, 1/24/07 (c)	10,000,000	9,966,394
Yorktown Capital, 5.55%, 2/27/07 (c)	3,000,000	2,974,825
		489,430,868
Retail (2.0%)
Fortune Brands, 5.48%, 1/3/07 (c)	8,200,000	8,197,571
Fortune Brands, 5.48%, 1/16/07 (c)	300,000	299,333
Fortune Brands, 5.48%, 1/18/07 (c)	5,900,000	5,885,150
Fortune Brands, 5.59%, 1/26/07 (c)	300,000	298,888
General Mills, Inc., 5.48%, 1/18/07 (c)	4,000,000	3,989,932
Heinz (H.J.) Finance, 5.59%, 1/3/07 (c)	7,000,000	6,997,919
Heinz (H.J.) Finance, 5.59%, 1/4/07 (c)	5,393,000	5,390,596
Heinz (H.J.) Finance, 5.59%, 1/23/07 (c)	1,900,000	1,893,788
		32,953,177
Total Commercial Paper (Amortized Cost $596,166,156)		596,166,156

Corporate Bonds (13.0%)
Asset Backed Securities (0.8%)
CNH Equipment Trust, Series 2006-A, Class A-1, 4.99%, 4/5/07	627,333	627,333
CNH Equipment Trust, Series 2006-B, Class A-1, 5.39%, 10/5/07	7,627,270	7,627,270
Ford Credit Auto Owner Trust, Series 2006-B, Class A-1, 5.40%, 9/15/07 (c)	2,047,872	2,047,872
GS Auto Loans Trust, Series 2006-1, Class A-1, 5.51%, 8/15/07	3,241,131	3,241,131
		13,543,606
Financial Services (12.2%)
Bank of America, 5.36%, 11/8/07	36,000,000	36,000,001
Cal Securitization, 5.40%, 12/17/07 (c) (e)	10,000,000	10,000,000
Countrywide Home Loans, Inc., 5.34%, 1/10/07	15,000,000	15,000,000
Goldman Sachs Group, Inc., 5.37%, 1/16/08 (c) (e)	35,000,000	35,000,000
Huntington National Bank, 5.46%, 1/26/07	10,000,000	10,000,801
K2 (USA) LLC, 5.00%, 3/12/07	6,700,000	6,700,000
Merrill Lynch & Co., Inc., Series 1, 5.33%, 8/24/07	8,000,000	8,000,000
Morgan Stanley, 5.37%, 8/17/07	25,000,000	25,000,000
Royal Bank of Canada, Montreal, 5.49%, 10/2/07	4,000,000	4,000,000
Sigma Finance, Inc., 4.91%, 1/26/07 (c)	3,000,000	3,000,000
Sigma Finance, Inc., 4.83%, 1/30/07 (c)	3,000,000	3,000,000
Sigma Finance, Inc., 5.00%, 3/8/07 (c)	4,000,000	4,000,000
Sigma Finance, Inc., 5.25%, 4/30/07 (c)	3,000,000	3,000,000
Sigma Finance, Inc., 5.75%, 7/25/07 (c)	4,000,000	4,000,000
Sigma Finance, Inc., 5.315%, 10/12/07 (c)	5,000,000	4,999,805
Sigma Finance, Inc., 5.325%, 12/13/07 (c)	10,000,000	9,999,526
SLM Corporation, 5.35%, 1/14/08 (c)	10,000,000	10,000,000
UBS AG, 5.45%, 12/28/07	4,000,000	4,000,000
		195,700,133
Total Corporate Bonds (Amortized Cost $209,243,739)		209,243,739
Municipal Bonds (1.0%)
Economic Development (0.8%)
Florida Hurricane Catastrophe Finance Corp., Series B, 5.36%, 8/15/07, Callable 7/15/07 @100 *	12,000,000	12,000,000
Industrial Revenue (0.2%)
Kansas City, MO, Industrial Development Authority Revenue, West Edge Project, 5.38%, 12/1/28 *	4,000,000	4,000,000
Total Municipal Bonds (Amortized Cost $16,000,000)		16,000,000
Variable Rate Notes * (24.5%)
Banking & Financial Services (10.6%)
Anchor Holdings, 5.41%, 7/15/25, (LCD U.S. Bank NA)	1,760,000	1,760,000
Barclays Bank PLC, 5.30%, 1/29/07	4,000,000	3,999,936
Bartlett, Illinois, Redevelopment Project, 5.42%, 1/1/20, (LCD LaSalle Bank)	5,000,000	5,000,000
Christian Life Assembly of the Assemblies of God, 5.50%, 1/15/26, (LCD Fulton Bank)	3,265,000	3,265,000
Damascus Co., Series 1998, 5.39%, 7/1/14	3,045,000	3,045,000
Depfa Bank PLC, Series EXL, 5.40%, 6/15/07 (c)	15,000,000	15,000,000

Franklin County, Ohio, Edison Welding, Series 1995, 5.39%, 6/1/15, (LCD Huntington Bank)	4,775,000	4,775,000
Guilford Capital LLC, Series 2002-A, 5.45%, 12/1/22, (LCD Regions Bank)	1,505,000	1,505,000
H.C. Equities, 5.35%, 12/1/23, (LCD Wachovia Bank NA)	4,810,000	4,810,000
HBOS Treasury Services PLC, 5.53%, 7/24/07	10,000,000	10,000,000
HBOS Treasury Services PLC, 5.40%, 8/1/07	23,300,000	23,300,000
HBOS Treasury Services PLC, Series MTN, 5.32%, 8/9/07 (c)	2,000,000	2,000,000
HBOS Treasury Services PLC, 5.46%, 9/20/07	500,000	500,207
HBOS Treasury Services PLC, 5.445%, 10/1/07 (c)	8,000,000	8,000,000
Holmes, 5.32%, 1/15/16 (c)	8,000,000	8,000,000
Indian Hills Country Club, 5.41%, 8/1/25, (LCD AmSouth Bank NA, Birmingham)	3,785,000	3,785,000
Kent Capital LLC, Series 1999, 5.46%, 10/1/19, (LCD Huntington Bank)	5,015,000	5,015,000
Maryland Economic Development Corp., 5.45%, 10/15/22, (LCD Manufacturers & Traders Trust Co.)	7,000,000	7,000,000
Monet Trust, Series 2001, Class A-2A, 5.43%, 9/28/10, (LCD Dresden Bank AG) (c) (e)	30,000,000	30,000,000
New Keibler Thompson Co., 5.45%, 12/1/08, (LCD Manufacturers & Traders Trust Co.)	4,430,000	4,430,000
Quality Synthetic Rubber Co., 5.35%, 8/1/20, (LCD U.S. Bank NA)	288,000	288,000
Spira Millenium LLC, 5.43%, 10/1/22, (LCD Bank of America)	3,625,000	3,625,000
Stone Creek LLC, 5.35%, 9/1/26, (LCD Columbus Bank and Trust Co.)	14,485,000	14,485,000
TOG Properties, Inc., 5.41%, 9/1/18, (LCD AmSouth Bank)	7,056,000	7,056,000
Vestavia Hills Baptist, 5.41%, 8/1/23, (LCD Amsouth Bank NA)	2,900,000	2,900,000
Wells Fargo & Co., 5.40%, 8/3/07	2,000,000	2,000,000
World Wildlife Fund, Inc., 5.36%, 7/1/30, (LCD AMBAC Financial Group, Inc.)	4,725,000	4,725,000
		180,269,143
Brokers & Dealers (3.8%)
Goldman Sachs Group, Inc., 5.50%, 8/15/07	5,000,000	5,000,173
Merrill Lynch & Co., Inc., Series 1, 5.34%, 5/29/07	12,000,000	12,000,000
Merrill Lynch & Co., Inc., 5.60%, 7/11/07	12,000,000	12,000,000
Merrill Lynch & Co., Inc., 5.41%, 8/3/07	10,000,000	10,000,000
Morgan Stanley, Series EXLS, 5.37%, 8/3/07	10,000,000	10,000,000
Morgan Stanley, 5.41%, 8/3/07	5,000,000	5,000,000
Morgan Stanley, 5.42%, 8/27/07	7,000,000	7,000,000
		61,000,173
Financial Services (7.5%)
Bank of Ireland, 5.33%, 8/14/07	25,000,000	25,000,001
BNP Paribas SA, 5.35%, 5/18/07	14,000,000	14,000,000
Compass Securitization LLC, 5.31%, 1/12/07 (c)	8,000,000	7,999,937
Compass Securitization LLC, 5.31%, 3/6/07 (c)	15,000,000	14,999,602
Compass Securitization LLC, 5.31%, 3/9/07 (c)	8,000,000	7,999,773
General Electric Capital Corp., 5.48%, 7/9/07 (c)	7,000,000	7,000,000
General Electric Capital Corp., 5.48%, 8/17/07 (c)	7,000,000	7,000,000
Paradigm Funding LLC, 5.31%, 3/1/07	10,000,000	9,999,837
SLM Corp., 5.35%, 8/10/07	15,000,000	15,000,000
Westpac Banking Corp., 5.32%, 7/16/07	12,000,000	12,000,000
		120,999,150

Financial, Speciality (0.9%)
K2 (USA) LLC, 5.34%, 4/25/07 (c)		4,000,000	3,999,497
K2 (USA) LLC, 5.33%, 7/10/07 (c)		3,000,000	3,000,057
K2 (USA) LLC, 5.32%, 10/9/07 (c)		2,000,000	1,999,848
SLM Corp., 5.58%, 7/25/07 (c)		5,000,000	5,006,372
			14,005,774
Insurance (1.2%)
Genworth Life Insurance Co., 5.465%, 5/9/07 (e)		5,000,000	5,000,000
Metropolitan Life Insurance Co., 5.45%, 8/17/07 (e)		5,000,000	5,000,000
Metropolitan Life Insurance Co., 5.49%, 11/20/07 (e)		5,000,000	5,000,000
New York Life Insurance Co., 5.48%, 8/24/07 (e)		5,000,000	5,000,000
			20,000,000
Total Variable Rate Notes (Amortized Cost $396,274,240)			396,274,240
Repurchase Agreement (17.9%)
Merrill Lynch, 5.33%, dated 12/29/06, maturing 1/3/07, with a maturity value of $289,184,919 (Collateralized fully by various U.S. Government Agencies)		288,971,000	288,971,000
Total Repurchase Agreement (Amortized Cost $288,971,000)			288,971,000
Total Investments (Amortized Cost $1,617,156,168) - 100.0%	$		1,617,156,168

Percentages indicated are based on net assets of $1,617,864,012.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

U.S. Treasury Money Market Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Principal Amount		Amortized Cost
U.S. Treasury Notes (12.9%)
3.125%, 1/31/07	$	30,000,000	$	29,953,315
2.25%, 2/15/07		30,000,000		29,899,910
3.625%, 4/30/07		30,000,000		29,869,063
Total U.S. Treasury Notes (Amortized Cost $89,722,288)				89,722,288
U.S. Treasury Bills ** (21.4%)
4.88%, 2/22/07, 2/22/07		30,000,000		29,786,150
4.92%, 1/18/07, 1/18/07		30,000,000		29,929,818
4.92%, 3/15/07, 3/15/07		30,000,000		29,698,998
4.95%, 3/29/07, 3/29/07		30,000,000		29,642,575
4.96%, 4/12/07, 4/12/07		30,000,000		29,591,028
Total U.S. Treasury Bills ** (Amortized Cost $148,648,569)				148,648,569
Repurchase Agreements (65.8%)
Bank of America Corp., 4.60%, dated 12/29/06, maturing 1/3/07, with a maturity value of $115,073,472 (Collateralized fully by U.S. Treasury Notes)		115,000,000		115,000,000
Bear Stearns & Co., 4.70%, dated 12/29/06, maturing 1/3/07, with a maturity value of $120,078,333 (Collateralized fully by U.S. Treasury Notes)		120,000,000		120,000,000
First Boston, 4.90%, dated 12/29/06, maturing 1/3/07, with a maturity value of $121,793,973 (Collateralized fully by U.S. Treasury Notes)		121,711,142		121,711,142
Lehman Brothers Holdings, Inc., 4.65%, dated 12/29/06, maturing 1/3/07, with a maturity value of $50,032,292 (Collateralized fully by U.S. Treasury Notes)		50,000,000		50,000,000
Merrill Lynch & Co., 4.40%, dated 12/29/06, maturing 1/3/07, with a maturity value of $50,030,556 (Collateralized fully by U.S. Treasury Notes)		50,000,000		50,000,000
Total Repurchase Agreements (Amortized Cost $456,711,142)				456,711,142
Total Investments (Amortized Cost $695,081,999) - 100.1%			$	695,081,999

Percentages indicated are based on net assets of $694,267,718.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

Capital Manager Conservative Growth Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares	Fair Value
Affiliated Investment Companies (99.3%)
BB&T International Equity Fund, Institutional Class	311,352	$	3,814,066
BB&T Large Cap Fund, Institutional Class	895,279		16,562,658
BB&T Mid Cap Growth Fund, Institutional Class	96,196		1,180,323
BB&T Mid Cap Value Fund, Institutional Class	129,662		1,810,076
BB&T Small Cap Fund, Institutional Class	125,569		1,935,011
BB&T Total Return Bond Fund, Institutional Class	3,517,879		35,741,655
BB&T U.S. Treasury Money Market Fund, Institutional Class	1,602,622		1,602,622
Total Affiliated Investment Companies (Cost $59,290,022)			62,646,411
Total Investments (Cost $59,290,022) - 99.3%		$	62,646,411

Percentages indicated are based on net assets of $63,064,391.

See accompanying footnote legend and notes to Schedules of Portfolio Investments.

Capital Manager Moderate Growth Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares	Fair Value
Affiliated Investment Companies (99.6%)
BB&T International Equity Fund, Institutional Class	688,914	$	8,439,198
BB&T Large Cap Fund, Institutional Class	1,975,079		36,538,967
BB&T Mid Cap Growth Fund, Institutional Class	212,237		2,604,153
BB&T Mid Cap Value Fund, Institutional Class	286,768		4,003,282
BB&T Small Cap Fund, Institutional Class	277,343		4,273,860
BB&T Total Return Bond Fund, Institutional Class	2,687,191		27,301,864
BB&T U.S. Treasury Money Market Fund, Institutional Class	2,163,600		2,163,600
Total Affiliated Investment Companies (Cost $79,939,133)			85,324,924
Total Investments (Cost $79,939,133) - 99.6%		$	85,324,924

Percentages indicated are based on net assets of $85,684,098.

See accompanying footnote legend and notes to the Schedules of Portfolio Investments.

Capital Manager Growth Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares	Fair Value
Affiliated Investment Companies (99.5%)
BB&T International Equity Fund, Institutional Class	660,341	$	8,089,182
BB&T Large Cap Fund, Institutional Class	1,890,793		34,979,678
BB&T Mid Cap Growth Fund, Institutional Class	203,232		2,493,658
BB&T Mid Cap Value Fund, Institutional Class	274,589		3,833,261
BB&T Small Cap Fund, Institutional Class	265,584		4,092,647
BB&T Total Return Bond Fund, Institutional Class	1,112,014		11,298,058
BB&T U.S. Treasury Money Market Fund, Institutional Class	2,658,411		2,658,411
Total Affiliated Investment Companies (Cost $63,119,733)			67,444,895
Total Investments (Cost $63,119,733) - 99.5%		$	67,444,895

Percentages indicated are based on net assets of $67,766,526.

See accompanying footnote legend and notes to Schedules of Investments.

Capital Manager Equity Fund

Schedule of Portfolio Investments

December 31, 2006

(Unaudited)

	Shares	Fair Value
Affiliated Investment Companies (99.2%)
BB&T International Equity Fund, Institutional Class	401,567	$	4,919,199
BB&T Large Cap Fund, Institutional Class	1,145,436		21,190,559
BB&T Mid Cap Growth Fund, Institutional Class	123,048		1,509,794
BB&T Mid Cap Value Fund, Institutional Class	167,024		2,331,650
BB&T Small Cap Fund, Institutional Class	161,535		2,489,248
BB&T U.S. Treasury Money Market Fund, Institutional Class	926,759		926,759
Total Affiliated Investment Companies (Cost $30,535,294)			33,367,209
Total Investments (Cost $30,535,294) - 99.2%		$	33,367,209

Percentages indicated are based on net assets of $33,635,211.

See accompanying footnote legend and notes to Schedules of Investments.

Footnote Legend to the Schedules of Portfolio Investments

(a)	Represents non-income producing security.
(b)	Represents that all or a portion of the security was on loan as of December 31, 2006.
(c)	Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Investment Advisor, using board approved procedures, has deemed these securities or a portion of these securities to be liquid.
(d)	Represents that all or a portion of the security was pledged as collateral for securities purchased on a when-issued basis.
(e)	Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Investment Advisor, using board approved procedures, has deemed these securities or a portion of these securities to be illiquid. As of December 31, 2006, these securities represent 1.6% and 3.9% of net assets in the North Carolina Tax-Free Intermediate Fund and the Prime Money Market Fund, respectively.
(f)	Represents a security purchased on a when-issued basis. At December 31, 2006, total cost of investments purchased on a when-issued basis for the Total Return Bond Fund was $40,639,771.
*	The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of December 31, 2006. For bond funds, the maturity date reflected is the final maturity date. For money market funds, the maturity date reflected is the next reset date.
**	Discount Note. Rate disclosed represents the effective yield at December 31, 2006.
***	Interest Bearing Commercial Paper

ADR –	American Depositary Receipt.
AMBAC –	Insured by AMBAC Indemnity Corp.
AMBAC-TCRS –	Secondarily Insured by AMBAC Indemnity Corp.
CIFG –	Insured by CIFG Assurance North America, Inc.
CMO –	Collateralized Mortgage Obligation.
ETM –	Escrowed to Maturity.
FGIC –	Insured by the Financial Guaranty Insurance Corp.
FHA –	Insured by the Federal Housing Administration.
FSA –	Insured by Financial Security Assurance.
G.O. –	General Obligation.
GTY AGMT –	Insured through Guaranty Agreement.
LCD –	Letter of Credit.
LLC –	Limited Liability Company.
MBIA –	Insured by the Municipal Bond Insurance Association.
NA –	North America.
OID –	Original Issue Discount.
REIT –	Real Estate Investment Trust.
SCSDE –	South Carolina School District Enhancement.
SUB UNIT –	Subordinate Unit
XLCA –	Insured by XL Capital Assurance.

BB&T Funds

Notes to Schedules of Investments

December 31, 2006

(Unaudited)

1. Organization:

The BB&T Funds commenced operations on October 5, 1992 and are registered under the Investment Company Act of 1940, as amended (“the 1940 Act”), as an open-end investment company established as a Massachusetts business trust.

The BB&T Funds offer shares of the Large Cap Fund, the Large Cap Growth Fund, the Mid Cap Value Fund, the Mid Cap Growth Fund, the Small Cap Fund, the International Equity Fund, the Special Opportunities Equity Fund, the Equity Income Fund, the Short U.S. Government Fund, the Intermediate U.S. Government Fund, the Total Return Bond Fund, the Kentucky Intermediate Tax-Free Fund, the Maryland Intermediate Tax-Free Fund, the North Carolina Intermediate Tax-Free Fund, the South Carolina Intermediate Tax-Free Fund, the Virginia Intermediate Tax-Free Fund, the West Virginia Intermediate Tax-Free Fund, the National Tax-Free Money Market Fund, the Prime Money Market Fund, the U.S. Treasury Money Market Fund, the Capital Manager Conservative Growth Fund, the Capital Manager Moderate Growth Fund, the Capital Manager Growth Fund and the Capital Manager Equity Fund (referred to individually as a “Fund” and collectively as the “Funds”). The Kentucky Intermediate Tax-Free Fund, the Maryland Intermediate Tax-Free Fund, the North Carolina Intermediate Tax-Free Fund, the South Carolina Intermediate Tax-Free Fund, the Virginia Intermediate Tax-Free Fund and the West Virginia Intermediate Tax-Free Fund are referred to as the “Tax-Free Funds”. The Prime Money Market Fund, the U.S. Treasury Money Market Fund and the National Tax-Free Money Market Fund are referred to as the “Money Market Funds”. The Capital Manager Conservative Growth Fund, the Capital Manager Moderate Growth Fund, the Capital Manager Growth Fund and the Capital Manager Equity Fund are referred to as the “Fund of Funds”. The Funds, excluding the Money Market Funds and the Fund of Funds, are referred to as the “Variable Net Asset Value Funds”. The Fund of Funds invest in underlying mutual funds as opposed to individual securities.

All Funds except the Tax-Free Funds are diversified funds under the 1940 Act. The Tax-Free Funds are non-diversified funds, which means they may concentrate their investments in the securities of a limited number of issuers.

Under the Funds’ organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds may enter into contracts with their vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Funds in the preparation of its Schedules of Portfolio Investments (the “Schedules”). The policies are in conformity with United States generally accepted accounting principles (“GAAP”). The preparation of the schedules requires management to make estimates and assumptions that affect the reported amounts at the date of the Schedules. Actual results could differ from those estimates.

Securities Valuation:

Investments of the Money Market Funds are valued in accordance with Rule 2a-7 of the 1940 Act, at amortized cost, which approximates fair value. Under the amortized cost method, discount or premium is amortized on a constant basis to the maturity of the security.

Investments in common stocks, commercial paper, corporate bonds, municipal securities, U.S. Government securities and U.S. Government agency securities of the Variable Net Asset Value Funds, the principal market for which is a securities exchange or an over-the-counter market, are valued at their latest available sale price (except for those securities that are traded on NASDAQ, which will be valued at the NASDAQ official closing price) or in the absence of such a price, by reference to the latest available bid price in

BB&T Funds

Notes to Schedules of Investments

December 31, 2006

(Unaudited)

the principal market in which such securities are normally traded. The Variable Net Asset Value Funds may also use an independent pricing service approved by the Board of Trustees to value certain securities. Such prices reflect fair values which may be established through the use of electronic and matrix techniques. Short-term obligations that mature in 60 days or less are valued at either amortized cost or original cost plus interest, which approximates current value. Investments in open-end investment companies are valued at their respective net asset values as reported by such companies. Investments in closed-end investment companies are valued at their fair values based upon the latest available bid prices in the principal market in which such securities are normally traded. The differences between cost and fair values of investments are reflected as either unrealized appreciation or depreciation. Securities for which market quotations are not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially effects the furnished price) will be valued at fair value using methods determined in good faith by the Pricing Committee under the supervision of the Board of Trustees.

Fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the International Equity Fund’s net asset value is calculated, Such securities may be valued at fair value in accordance with procedures adopted by the Board of Trustees. Management identifies possible fluctuation in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the International Equity Fund may use a systematic valuation model provided by an independent third party to fair value their international equity securities.

Foreign Currency Translation:

The accounting records of the International Equity Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, income and expenses are translated at the prevailing rate of exchange, on the respective dates of such transactions. The International Equity Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

Risks Associated with Foreign Securities and Currencies:

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments; and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those countries. Certain foreign investments may also be subject to foreign withholding taxes.

Forward Foreign Currency Exchange Contracts:

The International Equity Fund may enter into forward foreign currency exchange contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of Fund securities denominated in a particular currency. The Fund could be exposed to risks if the counter-parties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

BB&T Funds

Notes to Schedules of Investments

December 31, 2006

(Unaudited)

Futures Contracts:

The Variable Net Asset Value Funds may invest in financial futures contracts for the purpose of hedging their existing securities or securities it intends to purchase against fluctuations in fair value caused by changes in prevailing markets. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes a gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts and the underlying hedged assets. The Funds held no financial futures contracts as of December 31, 2006.

Securities Transactions and Related Income:

During the period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on trade date of the last business day of the reporting period.

When-Issued and Forward Commitments:

The Funds, with the exception of the U.S. Treasury Money Market Fund, may purchase securities on a “when-issued” basis. The Large Cap Fund, the Large Cap Growth Fund, the Mid Cap Value Fund, the Mid Cap Growth Fund, the Small Cap Fund, the International Equity Fund, the Special Opportunities Equity Fund, the Equity Income Fund and the Prime Money Market Fund may also purchase or sell securities on a forward commitment basis. The Funds record when-issued securities on the trade date and pledge assets with a value at least equal to the purchase commitment for payment of the securities purchased. The value of the securities underlying when-issued or forward commitments to purchase securities, and any subsequent fluctuation in their value, is taken into account when determining the net asset value of the Funds commencing with the date the Funds agree to purchase the securities. The Funds do not accrue interest or dividends on “when-issued” securities until the underlying securities are received.

Repurchase Agreements and Collateralized Loan Agreements:

The Funds may enter into agreements with member banks of the Federal Deposit Insurance Corporation and with registered broker/dealers that BB&T Asset Management, Inc. (“BB&T”) or a sub-advisor deems creditworthy under guidelines approved by the Board of Trustees, subject to the seller’s agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying Fund securities. The seller, under these types of agreements, is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). Securities subject to repurchase are held by the Funds’ custodian, another qualified custodian, or in the Federal Reserve/Treasury book-entry system. In the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. There is potential for loss to the Fund in the event the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the fair value of the underlying securities during the period while the Fund seeks to assert its rights.

Written Options:

The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of the premium and change in fair value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as other securities owned. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

BB&T Funds

Notes to Schedules of Investments

December 31, 2006

(Unaudited)

In writing an option, the Funds contract with a specified counterparty to purchase (put options written) or sell (call options written) a specified quantity (notional amount) of an underlying asset at a specified price during a specified period upon demand of the counterparty. The risk associated with writing an option is that the Funds bear the market risk of an unfavorable change in the price of an underlying asset and may be required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current fair value.

The Large Cap Fund, the Large Cap Growth Fund, the Mid Cap Value Fund, the Mid Cap Growth Fund, the Small Cap Fund, the International Equity Fund, the Special Opportunities Equity Fund, the Equity Income Fund and the Fund of Funds each may sell call options and the Large Cap Growth Fund and International Equity Fund may purchase put options that are traded on recognized U.S. exchanges and enter into closing transactions with respect to such options. The Special Opportunities Equity Fund and the Equity Income Fund had the following transactions in call options during the quarter ended December 31, 2006.

	Special Opportunities Equity Fund					Equity Income Fund
Covered Call Options	Number of Contracts		Premiums Received			Number of Contracts		Premiums Received
Balance at beginning of period	7,214		$	910,575		1,320		$	170,749
Options written	1,000			99,525		—			—
Options closed	(4,792	)		(364,692	)	(325	)		(41,405	)
Options expired	(1,089	)		(77,278	)	(190	)		(19,495	)
Options exercised	(603	)		(62,637	)	—			—
Balance at end of period	1,730		$	505,493		805		$	109,849

The following is a summary of options outstanding as of December 31, 2006:

Security	Number of Contracts	Fair Value
Special Opportunities Equity Fund
CONSOL Energy, $50.00, 1/20/07	1,055	$	5,275
CONSOL Energy, $47.50, 1/20/07	675		3,375
	1,730	$	8,650
Equity Income Fund
KB Home Corp., $60.00, 1/20/07	670	$	3,350
Petroleo Brasileiro SA, $110.00, 1/20/07	135		3,375
	805	$	6,725

BB&T Funds

Notes to Schedules of Investments

December 31, 2006

(Unaudited)

Security Loans:

To generate additional income, the Funds may lend up to 33  ¹/3% of their respective total assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. Government or U.S. Government agency securities, equal at all times to at least 100% of the fair value.

Pursuant to an exemptive order from the Securities and Exchange Commission, the cash collateral received by the Funds was pooled and at December 31, 2006 was invested in Commercial Paper, Corporate Bonds, Mutual Funds, and Repurchase Agreements (with interest rates ranging from 5.16% to 5.50% and maturity dates ranging from January 2007 through December 2015). These investments are managed by U.S. Bank National Association. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of collateral. Collateral is marked to market daily to provide a level of collateral at least equal to the fair value of securities lent. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Funds to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgement of the Funds, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Funds or the borrower at any time and are, therefore, not considered to be illiquid investments. As of December 31, 2006, the following Funds had loans outstanding:

	Value of Loaned Securities		Value of Collateral		Average Value on Loan for the period ended December 31, 2006
Large Cap Fund	$	123,142,559	$	127,179,241	$	144,724,251
Large Cap Growth Fund		61,792,436		63,880,560		68,927,472
Mid Cap Value Fund		59,570,178		62,420,386		66,176,501
Mid Cap Growth Fund		55,360,886		57,462,244		60,970,307
Small Cap Fund		32,353,722		34,001,833		32,699,374
Special Opportunities Equity Fund		46,447,760		48,504,139		46,516,944
Equity Income Fund		22,536,213		23,373,959		26,802,618
Short U.S. Government Fund		24,152,878		24,700,185		29,381,698
Intermediate U.S. Government Fund		74,768,209		76,519,695		73,394,649
Total Return Bond Fund		84,396,685		86,476,283		91,769,959
U.S. Treasury Money Market Fund		—		—		203,595,868

3. Concentration of Credit Risk:

The Tax-Free Funds invest primarily in debt instruments of municipal issuers in their respective states. The issuers’ abilities to meet their obligations may be affected by economic developments in a specific state or region.

BB&T Funds

Notes to Schedules of Investments

December 31, 2006

(Unaudited)

4. Restricted Securities:

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (The “1933 Act”) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board of Trustees. Not all restricted securities are considered illiquid. At December 31, 2006, the North Carolina Intermediate Tax-Free Fund and the Prime Money Market Fund held illiquid restricted securities representing 1.6% and 3.9% of net assets, respectively. The illiquid restricted securities held as of December 31, 2006 are identified below:

Security	Acquisition Date	Acquisition Cost		Principal Amount		Fair Value
BB&T North Carolina Intermediate Tax-Free Fund
North Carolina Medical Care Commission Hospital Revenue, 4.60%, 8/15/07	3/2/2002	$	1,764,467	$	1,795,000	$	1,797,782
BB&T Prime Money Market Fund
Cal Securitization, 5.40%, 12/17/07	12/14/2006		10,000,000		10,000,000		10,000,000
Genworth Life Insurance Co., 5.47%, 2/9/07	5/9/2006		5,000,000		5,000,000		5,000,000
Goldman Sachs Group, Inc., 5.37%, 1/16/07	12/15/2006		35,000,000		35,000,000		3,500,000
Metlife Insurance Co. of Connecticut, 5.45%, 2/21/07	8/16/2006		5,000,000		5,000,000		5,000,000
Metropolitan Life Insurance Co., 5.49%, 2/1/07	2/10/2003		5,000,000		5,000,000		5,000,000
Monet Trust, 2000-1, 5.43%, 3/27/07	9/27/2000		30,000,000		30,000,000		30,000,000
New York Life Insurance Co., 5.48%, 2/23/07	8/25/2006		5,000,000		5,000,000		5,000,000

BB&T Funds

Notes to Schedules of Investments

December 31, 2006

(Unaudited)

5. Federal Income Tax Information:

At December 31, 2006, the cost, gross unrealized appreciation and gross unrealized depreciation on securities for federal income tax purposes, were as follows:

	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Large Cap Fund	$	589,034,821	$	157,500,172	$	(1,836,352	)	$	155,663,820
Large Cap Growth Fund		204,834,923		27,802,622		(1,334,829	)		26,467,793
Mid Cap Value Fund		242,336,303		27,784,062		(1,221,389	)		26,562,673
Mid Cap Growth Fund		168,571,939		24,980,267		(1,273,039	)		23,707,228
Small Cap Fund		110,410,802		18,692,741		(1,312,838	)		17,379,903
International Equity Fund		100,409,029		56,573,073		(2,483,534	)		54,089,539
Special Opportunities Equity Fund		211,131,515		35,541,822		(171,419	)		35,370,403
Equity Income Fund		122,849,450		18,523,565		(271,704	)		18,251,861
Short U.S. Government Fund		81,796,301		110,232		(858,799	)		(748,567	)
Intermediate U.S. Government Fund		266,449,915		263,369		(4,294,065	)		(4,030,696	)
Total Return Bond Fund		552,688,846		1,865,541		(2,497,661	)		(632,120	)
Kentucky Intermediate Tax-Free Fund		13,271,187		256,076		(1,886	)		254,190
Maryland Intermediate Tax-Free Fund		9,984,838		121,170		(8,575	)		112,595
North Carolina Intermediate Tax-Free Fund		104,621,542		2,926,808		(17,974	)		2,908,834
South Carolina Intermediate Tax-Free Fund		18,716,186		437,322		(9,681	)		427,641
Virginia Intermediate Tax-Free Fund		73,837,356		2,046,470		(33,758	)		2,012,712
West Virginia Intermediate Tax-Free Fund		65,563,983		1,609,858		(29,528	)		1,580,330
National Tax-Free Money Market Fund		110,320,465		—		—			—
Prime Money Market Fund		1,617,156,168		—		—			—
U.S. Treasury Money Market Fund		695,081,999		—		—			—
Capital Manager Conservative Growth Fund		59,522,372		3,808,102		(684,063	)		3,124,039
Capital Manager Moderate Growth Fund		80,285,966		5,694,692		(655,734	)		5,038,958
Capital Manager Growth Fund		63,876,852		4,428,286		(860,243	)		3,568,043
Capital Manager Equity Fund		30,625,276		2,831,915		(89,982	)		2,741,933

Item 2. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)         BB&T Funds

By (Signature and Title)*	/s/ Troy A. Sheets
	Troy A. Sheets, Treasurer

Date March 1, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Keith F. Karlawish
	Keith F. Karlawish, President

Date March 1, 2007

By (Signature and Title)*	/s/ Troy A. Sheets
	Troy A. Sheets, Treasurer

Date March 1, 2007