Printer Friendly

WACHOVIA EXPANDS BILTMORE FUNDS

 WINSTON-SALEM, N.C., June 8 /PRNewswire/ -- Wachovia (NYSE: WB) today announced the addition of six funds to the Biltmore Funds, a family of proprietary mutual funds available exclusively through Wachovia member companies. In North Carolina, the funds are available through Wachovia Trust Services Inc. and the bond and brokerage areas of Wachovia Bank of North Carolina.
 The Biltmore Funds now include nine mutual funds representing investments in stocks, bonds and money market securities. In addition, the Passageway South Carolina Municipal Bond Fund has become the first Biltmore Municipal Fund.
 "The expansion of the Biltmore Funds provides clients a broader diversity of investment choices," said David L. Cotterill, president of Wachovia Trust Services. "Whether planning for college expenses or retirement, investors now have greater flexibility in selecting investment instruments which best meet their objectives."
 The Biltmore Funds were introduced in early 1992 and have total assets exceeding $1 billion. The Wachovia Investment Management Group serves as adviser for the Biltmore Funds, and Wachovia Bank of North Carolina, N.A. is custodian. Federated Securities Corp. and Federated Administrative Services, subsidiaries of Pittsburgh-based Federated Investors, serve as distributor and administrator for the funds. The Biltmore Funds are not deposits or obligations of Wachovia or any of its subsidiaries and are not federally insured.
 The Wachovia Investment Management Group, the investment unit of Wachovia Trust Services, manages more than $16 billion in assets for individuals and institutions.
 THE BILTMORE FUNDS
 -- BILTMORE EQUITY FUND -- invests primarily in common and preferred stocks of domestic companies; combines growth and value disciplines and attempts to select undervalued stocks with improving prospects.
 -- BILTMORE EQUITY INDEX FUND -- invests primarily in common stocks that comprise the Standard & Poor's 500 Index; seeks to approximate the return of the Index.
 -- BILTMORE SPECIAL VALUES FUND -- invests primarily in the common stocks of domestic companies with smaller market capitalization; seeks to select companies with the potential for above average capital appreciation commensurate with increased risk. This fund is available exclusively to Wachovia Trust clients.
 -- BILTMORE FIXED-INCOME FUND -- invests primarily in corporate and U.S. government obligations, mortgage-backed pass-through and asset- backed securities; generally maintains a dollar weighted average maturity of six to 10 years.
 -- BILTMORE SHORT-TERM FIXED INCOME FUND -- invests primarily in corporate and U.S. government obligations and asset-backed securities; generally maintains a dollar weighted average maturity of one to three years.
 -- BILTMORE BALANCED FUND -- invests in both equity and fixed income securities; incorporates the investment adviser's equity and fixed income management strategies.
 -- BILTMORE MONEY MARKET FUND -- invests in money market instruments such as obligations issued or backed by U.S. government agencie commercial paper, negotiable certificates of deposit, time deposits and banker's acceptances.
 -- BILTMORE U.S. TREASURY MONEY MARKET FUND -- invests in direct obligations of the U.S. Treasury such as bills and notes.
 -- BILTMORE TAX-FREE MONEY MARKET FUND -- invests in a diversified portfolio of state and local government securities with high credit ratings. Included are tax-exempt commercial paper, variable rate demand notes, short-term variable rate participation certificates, tax, bond and revenue anticipation notes and other short-term municipal securities. Income may be subject to the federal alternative minimum tax.
 -- SOUTH CAROLINA MUNICIPAL BOND FUND -- the first of the Biltmore Municipal Funds, invests primarily in municipal securities exempt from federal regular income tax and South Carolina state income taxes; under normal circumstances, at least 80 percent of its annual interest income is exempt from federal regular income tax and South Carolina state income tax.
 -0- 6/8/93
 /CONTACT: For more complete information regarding the funds, a prospectus may be obtained by calling 1-800-462-7538. News media in North Carolina call Kenneth R. Brown, 919-770-6692, or Nancy P. Lovelace, 919-770-5696, both of Wachovia Corporation/
 (WB)


CO: Wachovia Corporation ST: North Carolina IN: FIN SU: PDT

CM -- CH001 -- 6390 06/08/93 09:06 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 8, 1993
Words:629
Previous Article:ASTEC INDUSTRIES, INC. ANNOUNCES COMMON STOCK OFFERING
Next Article:McCLURE ELECTED A CORPORATE OFFICER OF JOHNSON CONTROLS
Topics:


Related Articles
WACHOVIA INTRODUCES MUNICIPAL BOND FUNDS AND EMERGING MARKETS FUND
KNIEJSKI NAMED EXECUTIVE OF WACHOVIA'S PERSONAL FINANCIAL SERVICES
WACHOVIA NAMES INSTITUTIONAL TRUST EXECUTIVE
MAGNUSSEN, BILTMORE SIGN LICENSING DEAL.
Wachovia Receives Nearly $1 Million Award From U.S. Treasury.
Wachovia Launches Wachovia Connection for Clients With London-Based Accounts.
Wachovia Launches Wachovia Connection for Clients With London-Based Accounts.
Wachovia Securities Adds Mutual Funds With Alternative Investment Component to DMA Optimal Blends Managed Account Program.
National Council of La Raza and Wachovia Launch $16.25 Million Partnership to Advance Economic Development in U.S. Latino Communities.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters