January 6, 2009
Wells Fargo and Evergreen Investments to Combine Asset Management Capabilities
Dear Shareholder: The completion of Wells Fargo & Company’s acquisition of Wachovia Corporation (the parent company of Evergreen Investments) as of December 31, 2008, marks another defining moment in the storied history of two highly diversified financial services companies—and a new beginning. This combination will create a national financial services organization, aligned with the singular purpose of bringing financial services to the next level in meeting your needs. It will result in a strong and stable financial services company with great potential for sustained growth.
Asset management businesses will join forces.
Because you’re a shareholder in one or more Evergreen Funds, we wanted to share the news that this recent event will bring together the collective capabilities of the asset management arms of Wells Fargo and Evergreen Investments. While combining Wells Fargo & Company with Wachovia Corporation was a major first step in integrating the companies, our focus now is on combining our two asset management businesses.
Why it makes sense to combine our asset management organizations.
Strategically, we expect that the combination of our asset management businesses will provide you with even greater scale and resources than are available to you today under each of the two separate companies. As always, our goal will be to provide highly competitive investment solutions to help you succeed, including mutual funds, separately managed accounts, education investment strategies, and alternative strategies for high-net-worth and affluent investors. What’s more, because both organizations share a similar investment viewpoint, there’s a synergy that makes for a natural fit. Both have built their approach to asset management around the belief that independent and agile investment teams—each with its own distinct expertise—provide a superior level of insight. Using their own proprietary research and analysis, each team is free to focus on results and concentrate on managing money in ways that have proven to be consistent and repeatable over time. Our projections indicate that once the integration is finalized, our combined investment business will oversee the 12th-largest mutual fund family in the United States based on assets under management and will broaden the investment talent and capabilities available to you.
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Business as usual for now.
At this point, there is no impact on day-to-day business and operations processes. You can continue to call the same toll-free numbers and use the same Web site you have relied on for the information and transactions support you need. A comprehensive review of our two businesses is now underway to ensure that the integration is thoughtful and deliberate. As we move forward in our integration process, we will keep you informed of our progress. You may also check our Web site for updates at www.evergreeninvestments.com. Thank you for investing with us. Please feel free to call us with any questions. Sincerely,
Peggy Schooley President Evergreen Service Company
Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus, containing this and other information, visit www.EvergreenInvestments.com/mf for Evergreen Investments. Read the prospectus carefully before investing.
Evergreen Investment Management Company, LLC, is a subsidiary of Wells Fargo & Company and is an affiliate of Wells Fargo & Company’s broker/dealer subsidiaries. Evergreen mutual funds are distributed by Evergreen Investment Services, Inc. Evergreen InvestmentsSM is a service mark of Evergreen Investment Management Company, LLC. 113953
Investment products:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
job# 111496 1/09