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Wells Fargo Advantage Funds® and Evergreen Funds Complete Merger

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo Funds Management, LLC, announced today the completion of fund mergers and reorganizations that effectively unifies the mutual fund families of Wells Fargo & Company and the former Wachovia Corporation. The combination of the Wells Fargo Advantage and Evergreen Fund families positions Wells Fargo Advantage Funds as the eleventh-largest fund family in the United States, with $224.1 billion in assets under management (combined assets as of May 31, 2010)1.

"We have created a highly competitive mutual fund family that is compelling to our clients and will meet their diverse and evolving needs"

The consolidation was the final step in Wells Fargo Funds Management's plan to simplify and strengthen the investment choices offered to shareholders. The Boards of Trustees of both fund families unanimously approved the proposals in January; shareholders subsequently approved the combination of the funds at meetings held in April, May, June, and July. Today's announcement represents more than 18 months of a concerted effort to create a new fund family that leverages the investment capabilities of both organizations and provides tangible benefits to fund shareholders, including:

  • A robust product lineup of 132 open- and closed-end mutual funds and variable trust funds2;
  • Lowered expense ratios for many funds, resulting in approximately $30 million in fee reductions across the fund family3;
  • The introduction of a three-year expense ratio cap for merged or reorganized Evergreen Funds, during which time fund fees cannot be raised, only reduced;
  • A fund family in which 45% of mutual funds are rated four- or five-star by Morningstar®, compared with the industry average of 32.5%4;
  • A newly formed team of investment strategists who publish timely, topical insight and analysis into key areas of the markets and economy; and
  • An expanded team of client relationship and service representatives, including award-winning call centers in both Boston, Massachusetts, and Menomonee Falls, Wisconsin, and an expanded nationwide network of sales professionals supporting intermediary clients.
"We have created a highly competitive mutual fund family that is compelling to our clients and will meet their diverse and evolving needs," said Karla Rabusch, president of Wells Fargo Advantage Funds. "The integration delivers several benefits to our current and prospective clients. These benefits include a new array of offerings that reflects the best investment capabilities from both fund families, lower expenses for many shareholders, and an enhanced ability to work closely with clients to help them reach their financial goals."

The integration included the reorganization of 27 Evergreen Funds into new Wells Fargo Advantage Funds and the merger of 53 mutual funds from both families. In addition, as previously announced on July 9, 2010, new advisory and subadvisory contracts, Trustee appointments, and name changes were approved for four former Evergreen closed-end funds.

For a comprehensive overview of the reorganized and merged funds, please use the Merger Conversion Tool in the Integration News section of the Wells Fargo Advantage Funds Web site:

http://www.wellsfargoadvantagefunds.com/wfweb/wf/home/integration_tool/wfaf.jsp?option=all

1. Source: Strategic Insight

2. Total includes two Wells Fargo Managed Account CoreBuilder® Shares but does not include offshore funds.

3. Reflects calculation of expense reductions based on assets as of June 30, 2010, and for long-term funds, derived from expense ratios, including both voluntary and contractual waivers, as reflected in current prospectuses and for money market funds, from an analysis of expense ratios, during a more normalized interest rate environment, compared with current contractual expense ratios.

4.Total excludes Wells Fargo Advantage Money Market Funds. As of June 30, 2010, 45% of the combined fund family long-term mutual funds, based on load-waived A shares, received a four- or five-star rating from Morningstar. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees, unless otherwise indicated), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and is rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results.

About Wells Fargo Funds Management

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company (NYSE: WFC), provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company. The organization has more than $166.5 billion in portfolio assets under management (as of May 31, 2010). Wells Fargo Advantage Funds is a registered trademark of Wells Fargo Funds Management, LLC. For more information on Wells Fargo Advantage Funds, please visit www.wellsfargo.com/advantagefunds.

Strength. Expertise. Partnership.

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of our investors is built on the standards of integrity and service established by our parent company, Wells Fargo & Company; the expertise of our independent investment teams and rigorous ongoing investment review processes; and the collaborative level of superior service that is our trademark.

About Wells Fargo & Company

Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets (as of March 31, 2010), providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 stores and 12,000 ATMs and the Internet (wellsfargo.com and wachovia.com) across North America and internationally.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond fund values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond fund values fall and investors may lose principal value. Some funds, including nondiversified funds and funds investing in foreign investments, high-yield bonds, small and mid cap stocks, and/or more volatile segments of the economy, entail additional risk and may not be appropriate for all investors. Consult a fund's prospectus for additional information on these and other risks.

The closed-end funds are no longer offered as an initial public offering and are only offered through broker/dealers on the secondary market. A closed-end fund is not required to buy its shares back from investors upon request.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

The Variable Trust Funds are generally available only through insurance company variable contracts.

Carefully consider a fund's investment objectives, risks, charges, and expenses before investing. For a current prospectus, containing this and other information, visit www.wellsfargo.com/advantagefunds for Wells Fargo Advantage Funds. Read the prospectus carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Managed Account Services and Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company. 124791 07-10

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

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