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Portfolio Manager Change for Certain Wells Fargo Advantage and Evergreen Fixed-Income Funds

Portfolio Manager William (Bill) Stevens has left Wells Capital Management to pursue other opportunities. Stevens previously served as co-portfolio manager for the Wells Fargo Advantage Total Return Bond Fund, the Wells Fargo Advantage Short Duration Government Bond Fund, the Evergreen Core Bond Fund, the Evergreen Short Intermediate Bond Fund, and two variable trust funds: the Wells Fargo Advantage VT Total Return Bond Fund and the Evergreen VA Core Bond Fund.

Portfolio Managers Thomas O'Connor, CFA, Lynne Royer, and Troy Ludgood will continue to serve as co-heads of the Montgomery Fixed Income Strategies team at Wells Capital Management, and as portfolio managers for their respective Funds. We believe the continued service of Mr. O'Connor, Ms. Royer, and Mr. Ludgood will result in continuity of the investment process for these products. With the depth of resources available to portfolio management, we do not anticipate any significant disruption to the day-to-day management of the Funds.

The following questions and answers provide details about this change.

Q. Can you tell me more about the three co-heads of the Montgomery Fixed Income Strategies team?
A. Portfolio Managers O'Connor, Royer, and Ludgood have an average of 19 years of industry experience and have worked together for more than six years as members of the Montgomery Fixed Income Strategies team at Wells Capital Management.

As part of succession planning, the three portfolio managers assumed expanded responsibilities in March 2008 to serve as co-heads of the team, along with Bill Stevens. Going forward, O'Connor, Royer, and Ludgood will continue to be responsible for all day-to-day management of the portfolios, the investment staff, and client and business meetings.

More detailed information about the portfolio managers follows:

  • Thomas O'Connor has served as co-head of the Montgomery Fixed Income Strategies team at Wells Capital Management since March 2008 and as a portfolio manager on the team since 2003. He also served as a portfolio manager in the fixed-income division of Montgomery Asset Management from 2000 to 2003. O'Connor earned a B.A. degree in business administration from the University of Vermont and has earned the right to use the Chartered Financial Analyst® (CFA®) designation.
  • Lynne Royer has served as co-head of the Montgomery Fixed Income Strategies team at Wells Capital Management since March 2008 and as a portfolio manager on the team since May 2007. She has been part of the team for over ten years, having previously served as a senior analyst in the fixed-income division of Montgomery Asset Management beginning in 1996. Her investment team joined Wells Capital Management in 2003. Ms. Royer graduated Phi Beta Kappa from Gettysburg College with a B.A. degree and earned an M.B.A. degree from the Anderson Graduate School of Management at the University of California, Los Angeles.
  • Troy Ludgood has served as co-head of the Montgomery Fixed Income Strategies team at Wells Capital Management since March 2008 and as a portfolio manager on the team since May 2007. He joined Wells Capital Management in 2004 as a senior credit trader and was promoted to director of credit training in 2006. Prior to joining Wells Capital Management, he was a trader at Lehman Brothers beginning in 2000. He has a B.S. degree in industrial engineering from Georgia Tech and an M.B.A. degree from the Wharton School of the University of Pennsylvania.

Q. Which Funds will they manage going forward?
A. All three co-heads will continue to serve as portfolio managers for the Wells Fargo Advantage Total Return Bond Fund, the Evergreen Core Bond Fund, the Evergreen Short Intermediate Bond Fund, and two variable trust funds: the Wells Fargo Advantage VT Total Return Bond Fund and the Evergreen VA Core Bond Fund.

Thomas O'Connor will also remain as portfolio manager on the Wells Fargo Advantage Short Duration Government Bond Fund.

Q. Can you discuss the investment resources of this team?
A. This is a highly experienced team with the depth of investment knowledge and industry specialization to effectively execute its investment process. While Mr. O'Connor, Ms. Royer, and Mr. Ludgood serve as co-heads and portfolio managers for their respective Funds, they are part of a 17-member investment team that supports the Funds. The senior members of the team include portfolio managers and analysts. Other members of the team include associate research analysts and traders.

Q. Will the portfolio manager change result in any strategy changes for the investment style?
A. We do not anticipate any changes to the team's investment philosophy and process. The team is built on a foundation of open and collaborative research, and we expect that principle to continue to drive the team's process going forward. In addition, the three co-heads have worked together for more than six years, implementing the strategy that Mr. Stevens first put in place in 1992. As they have in the past, the philosophy and process behind the strategy will guide the team's investment approach going forward.

Q. Will the decision-making process be affected?
A. The team is committed to perpetuating and maintaining the integrity of the investment philosophy and process established 18 years ago, pursuing opportunities where it has an analytic and research-driven edge, and applying its relative-value approach tempered by its proprietary risk-management system.

In implementing the Funds' strategies, the decision-making process will remain unchanged. The co-heads will continue their responsibility for decisions around individual securities within their respective areas of expertise, as well as for establishing top-down exposures and portfolio structure for the Funds they manage.

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 for Evergreen Investments. Read the prospectus carefully before investing.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond fund values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond fund values fall and investors may lose principal value. Some funds, including nondiversified funds and funds investing in foreign investments, high-yield bonds, small and mid cap stocks, and/or more volatile segments of the economy, entail additional risk and may not be appropriate for all investors. Consult a Fund’s prospectus for additional information on these and other risks.

The U.S. government guarantee applies to certain of the underlying securities and not to shares of the Short Duration Government Bond Fund.