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Friday, June 13, 2008

Evergreen Tweaks its Product Line

News summary by MFWire's editors

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 

Edited by: Erin Kello


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