Evergreen Investments is targeting institutional investors with a new fixed income fund. The Evergreen Institutional Enhanced Income Fund (NASDAQ: EIEIX) will invest primarily in short term bonds and carry a $1 million initial investment.

The fund managers will normally maintain a weighted average maturity of 90-180 days, according to Evergreen officials. While it will be managed with a goal of preserving the value of the shareholders' investment, it will not be registered as a money market fund.

J. Kellie Allen, Bryan White and Sheila Nye, who currently manage Evergreen's taxable money market funds, will manage the fund.

"The launch of Evergreen Institutional Enhanced Income Fund builds upon Evergreen Investments' strong fixed-income franchise and capitalizes on the firm's longstanding capability of managing fixed-income investments for institutions," said Dennis Ferro, president & chief executive officer of Evergreen Investments.

Evergreen has agreed to cap expenses for the fund at 0.25% of the fund's average daily net assets for its first year of operation.  

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