Evergreen plans to liquidate a line of funds-of-funds that it launched barely two years ago. The company said that the Evergreen Envision Funds have not reached a critical mass of assets and were therefore causing cost inefficiencies for shareholders. (see MFWire March 6, 2006) The three funds had combined assets of $89 million as of August 31, 2008.

Evergreen also plans two grand re-openings for its fund lineup. The Evergreen Special Values Fund and Evergreen VA Special Values Fund will re-open effective October 1, 2008. Both funds have been closed since April 8, 2005.

Company Press Release

BOSTON, Sept. 4 /PRNewswire/ -- The Board of Trustees of the Evergreen Funds today approved Evergreen's proposal to reopen Evergreen Special Values Fund and Evergreen VA Special Values Fund to new accounts, effective October 1, 2008. Since April 8, 2005, the sale of shares to new accounts in the Funds has been restricted. The Evergreen Funds Board of Trustees also approved a proposal to liquidate the Evergreen Envision Funds (Evergreen Envision Growth Fund, Evergreen Envision Growth and Income Fund, and Evergreen Envision Income Fund).

Evergreen Special Values Fund and Evergreen VA Special Values Fund, managed by lead portfolio manager Jim Tringas, seek to provide growth of capital by investing primarily in common stocks of small capitalization U.S. companies that are, in the opinion of the Funds' manager, undervalued according to various financial measurements.

The portfolio management team has determined that the decline in the Funds' Russell 2000 Value benchmark -- due to the widespread credit crisis, rising oil and commodity prices, and a global economic slowdown -- has resulted in what they consider to be attractive long-term valuations in high-quality small cap equities. By reopening the Funds, Evergreen seeks to meet investor demand for small cap value investment solutions. The Funds' management team is comfortable with current asset levels and their capacity to accept new investments without impacting the investment strategy. As of August 31, 2008, Evergreen Special Values Fund had $1.5 billion in assets and Evergreen VA Special Values Fund had $98 million in assets.

Mutual Funds: NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE

Evergreen also has received approval from the Board to liquidate and close Evergreen Envision Growth Fund, Evergreen Envision Growth and Income Fund, and Evergreen Envision Income Fund. The Funds, which have not reached a critical mass of assets that would result in cost efficiencies for shareholders, have approximately $89 million in combined assets under management as of August 31, 2008. Evergreen will notify shareholders of the Envision Funds at least 90 days in advance of the effective date of the liquidation, expected to be effective on or about December 18, 2008. Effective immediately, shares of the Funds will no longer be available for purchase by new shareholders. Existing shareholders will have an opportunity to redeem their shares or exchange them to any other Evergreen Fund.

Funds:

Evergreen Envision Growth and Income Fund and Evergreen Envision Growth Fund 1, 2, 3, 4, 5, 6, 7

Evergreen Envision Income Fund 1, 2, 5, 7 Evergreen VA Special Values Fund and Evergreen Special Values Fund 1, 4, 6 Disclosures:

1 The fund's investment objective may be changed without a vote of the fund's shareholders. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability and foreign currency fluctuations.

2 Risks of international investing are magnified in emerging or developing markets.

3 Mid cap securities may be subject to special risks associated with narrower product lines and limited financial resources compared to their large cap counterparts, and, as a result, mid cap securities may decline significantly in market downturns.

4 The stocks of smaller companies may be more volatile than those of larger companies due to the higher risk of failure.

5 The return of principal is not guaranteed due to fluctuation in the fund's NAV caused by changes in the price of individual bonds held by the underlying funds and the buying and selling of bonds by the underlying funds. Bond funds have the same inflation, interest rate and credit risks as the individual bonds held by the underlying funds. Generally, the value of bond funds rises when prevailing interest rates fall, and falls when interest rates rise.

6 Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

7 Asset-backed and mortgage-backed securities are generally subject to higher prepayment risks than other types of debt securities, which can limit the potential for gain in a declining interest rate environment and increase the potential for loss in a rising interest rate environment. Mortgage-backed securities may also be structured so that they are particularly sensitive to interest rates. High yield, lower-rated bonds may contain more risk due to the increased possibility of default. U.S. government guarantees apply only to certain securities held in the fund's portfolio and not to the fund's shares. Leverage may disproportionately increase a fund's portfolio losses and reduce opportunities for gain when interest rates, stock prices, or currency rates are changing. Because the fund invests primarily in other mutual funds, the fund will incur fees and expenses indirectly as a shareholder of the underlying funds. For more information regarding the expenses of the underlying funds, see the fund's prospectus.

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 300 investment professionals, Evergreen Investments strives to meet client investment objectives through disciplined, team-based asset management. Evergreen Investments manages approximately $245 billion in assets (as of June 30, 2008). Please visit http://www.EvergreenInvestments.com for more information about Evergreen Investments.

AN INVESTOR SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING OR SENDING MONEY. THIS AND OTHER IMPORTANT INFORMATION ABOUT THE INVESTMENT COMPANY CAN BE FOUND IN THE FUND'S PROSPECTUS. TO OBTAIN A PROSPECTUS, PLEASE CONTACT YOUR FINANCIAL ADVISOR, CALL EVERGREEN'S INVESTMENT SERVICES CENTER AT 800.343.2898 OR VISIT EVERGREENINVESTMENTS.COM. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.

Evergreen mutual funds are distributed by Evergreen Investment Services, Inc. 200 Berkeley Street, Boston, MA 02116-5034.

Evergreen Investments(SM) is a service mark of Evergreen Investment Management Company, LLC.

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