​ Evergreen Removes Some ABCP Holdings to Protect Money Market Funds. In an "​Evergreen Money Market Product Update" on their website, the company says, "​Recent media and industry sources have published reports related to the asset-​backed commercial paper (​ABCP) market and the impact of these securities on various money market investment vehicles. In managing Evergreen'​s money market funds, we have reduced our exposure to ABCP and eliminated certain holdings.... The ABCP securities currently in the Evergreen money market funds are backed by highly rated assets and/​or supported in various credit and/​or liquidity enhancement facilities. The Funds have no direct exposure to subprime holdings.... Evergreen and our parent, Wachovia Corporation, are committed to preservation of capital in the money market funds and taking appropriate action consistent with our responsibilities to our respective shareholders."

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