Evergreen will close its Mid Cap Value and Technology funds, which collectively failed to attract $17 million

Evergreen Investments has notified investors of plans to scrap its Mid Cap Value and Technology Fund, which collectively hold fewer than $17 million of shareholder assets, Reuters reported.

Funds $15 million or less are considered cost prohibitive for large investment providers to maintain, experts say. An Evergreen spokeswoman confirmed that size was the key factor in the firm’s decision to liquidate the funds.

The funds’ board of trustees will evaluate proposals to liquidate the funds on Dec. 8 and 9. Both funds will close on March 7 if the proposal is ratified. Shareholders may redeem their assets or transfer shares into other Evergreen funds prior to the closing date. Shares remaining in the funds will be automatically shifted into a money market.

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