The Evergreen Special Values and Evergreen VA Special Values funds will reopen to new investors Oct. 1, confirmed spokeswoman Lauren Sawyers.
The small-cap value equity funds have been closed to new investors since April 8, 2005.
Evergreen reopened both funds because of the decline in their Russell 2000 value benchmark, creating what the funds management team considers to be attractive long-term valuations in high-quality small-cap equities, according to a news release.
As of Aug. 31, the Special Values fund had $1.5 billion in assets and the VA Special Values fund, $98 million. Both are managed by a team led by Jim Tringas, lead portfolio manager.
Separately, Evergreen trustees approved the closing and liquidation of Evergreens Envision Growth, Envision Growth and Income, and Envision Income funds, effective in mid-December. The funds, launched in January 2006, had a combined $89 million in assets as of Aug. 31. Assets had not reached a level to make the funds cost-efficient to run for shareholders, Ms. Sawyers said. The Envision funds investments range from 13% to 16% in information (software, media, etc.); 37% to 40% in service (health care, financial services); and 42% to 50% in manufacturing, according to Morningstar.
Existing shareholders will have an opportunity to redeem their shares or exchange them for any other Evergreen Fund.