Two in BB&T Funds lineup recognized as top performers by Lipper Inc.
RALEIGH, N.C., April 29 /PRNewswire-FirstCall/ -- Two funds in the BB&T Funds lineup have received prestigious Lipper Fund Awards based on multi-year, risk-adjusted performance. Lipper, a leading global research firm, presented the awards at a ceremony earlier this month in New York City.
The award-winning funds and their categories were:
BB&T Virginia Intermediate Tax-Free Fund; I (BVATX): Best Other States Intermediate Muni Debt - over the three- and five-year periods ending Dec. 31 (among 128 and 123 funds, respectively)
BB&T Equity Income Fund; B (BEIBX): Equity Income - over the three-year period ending Dec. 31 (among 230 funds)
"We're extremely pleased for shareholders of these funds," said Jeffrey Schappe, chief investment officer for Raleigh, N.C.-based BB&T Asset Management. "One of our primary goals is to provide clients with high quality performance. These awards certainly recognize that we continually strive to achieve those goals."
The BB&T Virginia Intermediate Tax-Free Fund is managed by Bob Millikan, director of fixed income for BB&T Asset Management. The fund seeks capital growth and current income. Millikan also manages additional five state-specific tax-free funds (Kentucky, Maryland, North Carolina, South Carolina and West Virginia).
Millikan and his team have more than seven decades of combined investment management experience and have managed the BB&T Virginia Intermediate Tax-Free Fund since 2000.
The BB&T Equity Income Fund is managed by George Shipp, chief investment officer for Scott & Stringfellow, subadvisor to the fund and an affiliate of BB&T Asset Management. The fund seeks capital growth and current income.
Shipp and his team at Scott & Stringfellow have more than four decades of combined investment management experience and have managed the BB&T Equity Income Fund since its inception in 2004. The team also acts as a subadvisor to the BB&T Special Opportunities Equity Fund.
The Lipper Fund Awards are awarded to funds in 21 countries in the Americas, Asia, Europe, the Middle East and North Africa. Lipper designates award-winning funds in most individual classifications for three-, five-, and 10-year periods. The Lipper Fund Awards program also spotlights fund families with high average scores for all funds within a particular asset class or overall. Past performance is not indicative of future results and high ratings do not guarantee favorable performance.
BB&T Asset Management, a wholly owned subsidiary of Winston-Salem, N.C.-based BB&T Corporation (NYSE: BBT), serves as investment adviser to the BB&T Funds and is paid a fee for its services. The funds are distributed by BB&T AM Distributor Inc., which is not affiliated with BB&T Corp. principal subsidiary Branch Banking and Trust Company or its affiliates.
The BB&T Funds offer 25 mutual funds covering a broad spectrum of equity and fixed-income styles, including value and growth stock funds targeting the large-cap, mid-cap and small-cap sectors, and bond funds focusing on the government, corporate and municipal markets. Two money market funds also are included in the lineup. The funds had more than $5 billion in assets under management as of Dec. 31.
An investment in a money market fund is neither insured nor guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the net asset value of $1 per share, it is possible to lose money by investing in the Fund.
Mutual fund investing involves risk, including the possible loss of principal. Tax-free municipal bond funds may be subject to certain state and local taxes and depending on an investor's tax status, to the federal alternative minimum tax.
Carefully consider the investment objectives, risks, charges and expenses of the BB&T Funds before investing. For a prospectus, call 1-800-228-1872 or visit www.bbtfunds.com. Carefully read the prospectus before investing.
With $143.4 billion in assets, Winston-Salem, N.C.-based BB&T Corporation (NYSE: BBT) is the nation's 11th largest financial holding company. Founded in 1872, it operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com.
