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Portfolio Manager Changes Announced for Certain Money Market Funds

The portfolio management teams of certain Evergreen and Wells Fargo Advantage money market funds will change January 19, 2010. These changes are intended to add depth and experience to the portfolio management teams, and to align resources effectively and efficiently by combining the investment talent from Evergreen InvestmentsSM and Wells Capital Management, both of which are wholly-owned investment management subsidiaries of Wells Fargo & Company.

Senior portfolio manager Mathew M. Kiselak will be added to the portfolio management teams of the following Wells Fargo Advantage municipal money market funds, effective January 19, 2010:

  • Wells Fargo Advantage California Municipal Money Market Fund1
  • Wells Fargo Advantage California Municipal Money Market Trust2
  • Wells Fargo Advantage Minnesota Money Market Fund
  • Wells Fargo Advantage Municipal Money Market Fund
  • Wells Fargo Advantage National Tax-Free Money Market Fund
  • Wells Fargo Advantage National Tax-Free Money Market Trust

David D. Sylvester, head of Money Markets for Wells Capital Management, will assume portfolio management responsibility for the following Evergreen money market funds, effective January 19, 2010:

  • Evergreen Institutional 100% Treasury Money Market Fund
  • Evergreen Institutional Money Market Fund
  • Evergreen Institutional Treasury Money Market Fund
  • Evergreen Institutional U.S. Government Money Market Fund
  • Evergreen Money Market Fund
  • Evergreen Prime Cash Management Money Market Fund
  • Evergreen Treasury Money Market Fund
  • Evergreen U.S. Government Money Market Fund

Kellie Allen, a co-portfolio manager on the Evergreen money market funds is retiring. Bryan White and Sheila Nye, also co-portfolio managers on the Evergreen money market funds, are pursuing other opportunities. David and his deep and experienced team of 13 portfolio managers and 15 analysts will continue to maintain a steadfast discipline of rigorous credit analysis and attentive capital preservation that has earned both him and our Funds a distinguished reputation for risk-controlled liquidity.

Wells Fargo Advantage Funds® offers a comprehensive roster of 2a-7 money market funds to meet the varying liquidity management needs of investors. With more than $126 billion in money market fund assets under management (as of December 31, 2009), Wells Fargo Advantage Funds ranks among the top ten largest money market fund complexes.3

With more than $37 billion in money market fund assets under management (as of December 31, 2009), Evergreen offers a full range of short-term investment strategies, from the most liquid money market funds to higher-yielding enhanced cash, limited duration and adjustable rate strategies. Strategies are available via retail and institutional mutual funds, institutional share classes or customized separate accounts to help maximize flexibility and cost efficiency.

These portfolio management appointments will not affect the current investment objective, strategy or process for any of the Funds.

Mathew M. Kiselak
Mathew Kiselak is a senior portfolio manager for the Tax-Exempt Money Market team at Wells Capital Management. He is responsible for several municipal money market funds as well as overseeing the Municipal Money Market group. Additionally, his responsibilities include the investment management of three national funds, three state-specific funds, and one high-income municipal bond fund. He joined Wells Capital Management from Evergreen Investments, where he served in a similar role for the firm or one of its predecessors since 2000. Earlier, he served as a senior portfolio manager (Nations Funds) with Bank of America. Matt began his career in the investment industry in 1987 as an assistant vice president with Reich & Tang. He earned a bachelor’s degree in economics from Pace University.

David D. Sylvester
David Sylvester currently manages the Wells Capital Management money market management team. David started his career in 1974 as a fixed income manager at the National Bank of Detroit, Mich. In 1979 he joined Norwest Corporation, which later merged with Wells Fargo, as a fixed income portfolio manager and trader. He eventually became manager of the fixed income institutional group. David began to specialize in short-term investments in 1987. He attended the University of Detroit–Mercy and is currently a member of the advisory board of the Money Fund Report.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. For municipal income funds: A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the alternative minimum tax (AMT). Any capital gains distributions may be taxable. For government funds: The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund.

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 mutual funds and www.wellsfargo.com/advantagefunds for Wells Fargo Advantage Funds. Read the prospectus carefully before investing.