Phoenix Engemann Funds of Pasadena, Calif. has filed a proxy statement with the Securities and Exchange Commission seeking to merge the Phoenix-Engemann Small Cap Fund, a series of Phoenix Strategic Equity Series Funds of Greenfield, Mass., with the Phoenix-Engemann Small & Mid-Cap Growth Fund, a series of the Phoenix-Engemann Funds.
The Phoenix Engemann Small Cap Fund Board of Trustees has approved the merger. The fund's shareholders have yet to approve it. The reason for the merger is to lower operating costs, to provide shareholders with better services and to attract investors, according to the filing. Phoenix-Engemann Small Cap Fund, as of last April, had total net assets of $325 million, according to the filing. Phoenix-Engemann Small & Mid-Cap Growth Fund, as of last September, had total net assets of $483 million.