Another fund company is merging and liquidating funds. Evergreen Investments said today that it will merge the Evergreen Special Equity Fund into Evergreen Golden Core Opportunities Fund; merge the Evergreen Select High Yield Fund (EHVIX) into the Evergreen High Income Fund and liquidate the Evergreen Disciplined Small-Mid Value Fund. The Boston company said the changes will make for a more streamlined and competitive product line.
Company Press Release
BOSTON, June 12 /PRNewswire-FirstCall/ -- Evergreen Investments today
announced that the Board of Trustees of the Evergreen Funds approved the
following proposals:
-- Merger of Evergreen Special Equity Fund (ESEAX) into Evergreen Golden
Core Opportunities Fund (ECOAX);
-- Merger of Evergreen Select High Yield Fund (EHVIX) into Evergreen High
Income Fund (EKHAX); and
-- Liquidation of Evergreen Disciplined Small-Mid Value Fund (EDISX).
The Trustees have determined that the mergers and liquidation are in the
best interests of shareholders. The main factors considered were the potential
for greater economies of scale; increased investment flexibility; potentially
lower fund expenses; and a more streamlined, consolidated, and competitive
product line.
The merger proposals are subject to shareholder votes at shareholder
meetings scheduled for September 12, 2008 at Evergreen Investments' offices,
200 Berkeley St., Boston, MA 02116. If approved, the mergers are expected to
be effective on or around September 19, 2008.
Evergreen Special Equity Fund and Evergreen Golden Core Opportunities Fund
both seek to provide long-term capital growth through investment in common
stocks of small- to medium-sized U.S. companies. Following the merger,
Evergreen Golden Core Opportunities Fund will continue to be managed by John
R. Campbell, CFA, member of Golden Capital Management, LLC.
Evergreen Select High Yield Fund and Evergreen High Income Fund, which are
both currently managed by Evergreen's Global High Yield team, seek to provide
investors with a high level of total return by investing in U.S.
dollar-denominated bonds, debentures, and other income-producing obligations
that are rated below investment grade by a nationally recognized statistical
ratings organization. Following the merger, Evergreen High Income Fund will
continue to be managed by portfolio manager Andrew Cestone, Managing Director
and the head of the Global High Yield team within Tattersall Advisory Group's
Multi-Strategy Fixed Income team.
Existing shareholders in Evergreen Select High Yield Fund and Evergreen
Special Equity Fund will be moved to the corresponding share class of the
survivor fund. Shareholders of Evergreen Special Equity Fund Class IS and
Evergreen Select High Yield Fund IS will be moved to A shares of the survivor
funds.
Evergreen has received approval from the Board to liquidate and close
Evergreen Disciplined Small-Mid Value Fund. Evergreen will notify shareholders
of Evergreen Disciplined Small-Mid Value Fund at least 90 days in advance of
the effective date of the liquidation, expected to be effective on or about
September 26, 2008. As of July 31, 2008, shares of the Fund are no longer
available for purchase by new shareholders.
Existing shareholders will have an opportunity to redeem their shares or
exchange them to any other Evergreen fund.
About Evergreen Investments
Evergreen Investments is the brand name under which Wachovia Corporation
(NYSE: WB) conducts its investment management business. Wachovia Global Asset
Management is the brand name under which Evergreen Investments conducts sales
and distribution business outside of the United States. Evergreen serves more
than four million indivi
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