Interesting, but it will be more significant when Lehman, Citigroup, or Wachovia itself go on the block. What do you think the NAV of their shares are? (Hint: refresh your knowledge of imaginary numbers.)
Evergreen Investments Announces Liquidation of Ultra Short Opportunities Fund
Ticker Symbol: U:WB
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. , 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.
Web site: http://www.evergreeninvestments.com/
Ultrashort Opportunities Fund
The investment seeks current income consistent with preservation of capital and low principal fluctuation. The fund invests primarily in commercial and residential fixed and variable rate mortgage-backed securities, including CMOs and other mortgage-related investments. It may invest up to 25% of assets in debt securities of issuers located in developed foreign countries and up to 10% in bonds denominated in foreign currencies, with no more than 3.33% in debt securities denominated in any single foreign currency. It normally maintains an average portfolio duration of approximately one year or less.
