Evergreen Investments Announces Settlement with Securities and Exchange Commission

September 19, 2007

Press Release

BOSTON — Evergreen Investments confirmed today that it has reached a settlement with the Securities and Exchange Commission (SEC) related to the previously disclosed inquiry by the SEC into short-term trading activity and email retention practices. Evergreen affiliate, Wachovia Securities, LLC, was also a party to the settlement. Evergreen and Wachovia Securities, LLC neither admitted nor denied the findings in the settlement.

Under the terms of the settlement, Evergreen Investments agreed to a payment of approximately $28.5 million in disgorgement and $3.5 million in civil penalties, and Wachovia Securities, LLC agreed to a civil penalty of $500,000.

Fund shareholders will not bear any of the costs associated with the settlement. Evergreen will work with an independent distribution consultant, to be approved by the SEC and by the Funds’ independent Trustees, to develop a plan to distribute the proceeds of the settlement.

About Evergreen Investments
Evergreen Investments is the brand name under which Wachovia Corporation (NYSE:WB) conducts its investment management business. Wachovia Global Asset Management is the brand name under which Evergreen Investments conducts sales and distribution business outside of the United States. Combined, the groups serve more than four million individual and institutional investors through a broad range of investment products. Led by more than 300 investment professionals, Evergreen Investments strives to meet client investment objectives through disciplined, team-based asset management. Evergreen Investments manages more than $281.5 billion in assets (as of June 30, 2007). For more information on Evergreen, please visit EvergreenInvestments.com.

Source: Evergreen Investments

Media Inquiries:
Laura Fay: 617.210.3867, lfay@EvergreenInvestments.com

Shareholder Inquiries: 800.343.2898

Footer

Past performance does not guarantee future results. The performance quoted represents past performance and current performance may be lower or higher. Investment return and principal value of an investment will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. Performance at NAV does not include the effect of sales charges. Performance includes the reinvestment of income, dividends and capital gain distributions.

An investor should consider a fund's investment objectives, risks, charges and expenses carefully before investing. This and other important information can be found in the fund's prospectus. Obtain a prospectus online and read carefully before investing.

Investments in stocks, bonds and mutual funds:
NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE

Evergreen mutual funds are distributed by Evergreen Investment Services, Inc., 200 Berkeley Street, Boston, MA 02116.

Evergreen mutual funds may be offered only to persons in the United States and by way of a prospectus. This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States.

Privacy Statement | Internet Privacy Statement | Terms & Conditions | Proxy Voting

Evergreen Investments Announces Settlement with Securities and Exchange Commission

September 19, 2007

Press Release

Site Navigation

Footer