Evergreen Funds, the mutual fund unit of First Union Corp., is gearing up to launch an array of investment products in the coming months. Next month the $63 billion-asset fund group will roll out a tax-managed equity fund, its second tax-sensitive portfolio, said William M. Ennis, managing director.

Tax-managed funds minimize taxes by holding securities for long periods to avoid paying short-term capital gains taxes. Evergreen already has a balanced, tax-managed portfolio, containing stocks and bonds, that was begun roughly five years ago, said Mr. Ennis. "This is kind of a sister to that," he said.

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