A five-year-old fund at the Wachovia
unit is the latest to fall victim to subprime flu. On Thursday Evergreen Investments
revealed plans to liquidate the Evergreen Ultra Short Opportunities Fund
on June 26, for the June 18 closing price of $7.48 per share ($403 million in total).
2008 has not been kind to the Evergreen Ultra Short Opportunities Fund. Bloomberg
's Christopher Condon and Jody Shenn report
that the fund, managed by Lisa Brown-Premo and Robert Rowe, has fallen 18 percent in the past month alone and 20 percent year-to-date. Condon and Shenn claim that those figures put the fund second-to-last among ultra-short bond funds, ahead of only the now infamous Schwab YieldPlus Fund
, down 29 percent so far in 2008.
Company Press Release
Evergreen Investments Announces Liquidation of Ultra Short Opportunities Fund
BOSTON, June 19 /PRNewswire/ -- Evergreen Investments today announced that the Board of Trustees of the Evergreen Funds approved a plan to liquidate Evergreen Ultra Short Opportunities Fund (EUBAX). Shareholders of record as of June 18, 2008 will receive a cash distribution based on a $7.48 per share net asset value (NAV) calculated after the close of business on June 18. As of such date, the Fund had total net assets of $403 million. Evergreen's parent company, Wachovia Corp. (NYSE: WB), will provide financing for the liquidation which will occur on or about Thursday, June 26, 2008. Effective immediately, shares of the Fund will no longer be available for purchase by new shareholders.
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 individual and institutional investors through a broad range of investment products. Led by 300 investment professionals, Evergreen strives to meet client investment objectives through disciplined, team-based asset management. Evergreen manages more than $258 billion in assets (as of March 31, 2008). Please visit EvergreenInvestments.com for more information about Evergreen Investments.
Wachovia Corporation (NYSE: WB) is one of the nation's largest diversified financial services companies, with assets of $808.9 billion and market capitalization of $53.8 billion at March 31, 2008. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,300 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $1.1 trillion in client assets through 18,600 registered representatives in 1,500 offices nationwide.
SOURCE Evergreen Investments
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