April 30, 2003 — BB&T Funds said Chris Gunster, who managed the BB&T Fds Grp Intmed US Govt Bond/A (BGVAX) and helped run the BB&T Fds Grp Balanced/A (BBBAX), has resigned.

The company said Kevin McNair, who runs the BB&T Fds Grp Short US Government Income/A (BSGAX), will replace Gunster on an interim basis pending the appointment of a permanent replacement. David Ellis and Paige Ellis continue as co-managers of the Balanced fund, which invests in stocks and bonds.

Both the U.S. Government Bond and the Balanced funds carry a 3-Star rank from Standard & Poor’s.