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Portfolio Manager Change for Certain Money Market Funds

Portfolio Manager Mathew Kiselak will be leaving Evergreen Investments and Wells Capital Management to pursue other opportunities. Mr. Kiselak served as co-portfolio manager for the following money market funds:

  • Evergreen California Municipal Money Market Fund
  • Evergreen Municipal Money Market Fund
  • Evergreen Institutional Municipal Money Market Fund
  • Evergreen New Jersey Municipal Money Market Fund
  • Evergreen New York Municipal Money Market Fund
  • Evergreen Pennsylvania Municipal Money Market Fund
  • Wells Fargo Advantage California Municipal Money Market Fund
  • Wells Fargo Advantage California Municipal Money Market Trust
  • Wells Fargo Advantage Minnesota Municipal 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 Sylvester will continue to lead the portfolio management effort for the Wells Fargo Advantage Money Market Funds and the Evergreen Money Market Funds. David Sylvester is the head of Money Funds for Wells Capital Management and has over 35 years of experience in the industry.

James Randazzo and Ladson Hart will continue to serve as portfolio managers for the Evergreen California Municipal Money Market Fund, the Evergreen Municipal Money Market Fund, the Evergreen New Jersey Municipal Money Market Fund, the Evergreen New York Municipal Money Market Fund, and the Evergreen Pennsylvania Municipal Money Market Fund. Each of these portfolio managers has been with the firm for ten years or more.

James Randazzo will also be assuming the portfolio management and trading responsibilities of Mr. Kiselak for the Wells Fargo Advantage California Municipal Money Market Fund, the Wells Fargo Advantage California Municipal Money Market Trust, the Wells Fargo Advantage Minnesota Municipal Money Market Fund, the Wells Fargo Advantage Municipal Money Market Fund, the Wells Fargo Advantage National Tax-Free Money Market Fund and the Wells Fargo Advantage National Tax-Free Money Market Trust.

With the depth of resources available for portfolio management, we do not anticipate any significant disruption to the day-to-day management of the Funds. We are confident in the wealth of talent contained in our portfolio management teams and believe that the continuing portfolio managers will provide a seamless transition and continuity of the investment processes for these products.

The following questions and answers provide details about the investment teams that support these Funds.

Can you tell me more about David Sylvester?
David Sylvester began his investment industry career in 1974 and currently serves as head of the Wells Capital Management money market team. In this role, he specializes in managing short duration fixed-income assets. Mr. Sylvester started his career as a fixed-income manager at the National Bank of Detroit, Michigan. 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.

Can you tell me more about James Randazzo?
James Randazzo joined Evergreen Investment Management Company in 2000, where he serves as an associate director and portfolio manager in Charlotte, North Carolina. Mr. Randazzo is also an employee of Wells Capital Management and is a member of the money market team. In addition to his responsibilities as a portfolio manager of certain Evergreen municipal money market funds, Mr. Randazzo provides cash management and other portfolio assistance for various Evergreen municipal bond funds. Prior to his association with Evergreen Investments, he served as a Financial Analyst at KPMG, LLP in Stamford, Connecticut.

Can you tell me more about Ladson Hart?
Ladson Hart joined Evergreen Investment Management Company in 1999, where he serves as a portfolio manager in Charlotte, North Carolina. Mr. Hart is also an employee of Wells Capital Management and is a member of the money market team. His primary responsibilities are the daily cash management and investment activity of the Evergreen Pennsylvania, New Jersey, New York, and California Municipal Money Market Funds. Furthermore, Mr. Hart is part of a team that manages three additional municipal money market funds. Prior to his association with Evergreen Investments, he served as an Options Trader with Andrie Trading in Chicago.

What are the resources of the money market teams at Wells Capital Management and Evergreen Investments?
The Wells Capital Management Money Market team, led by David Sylvester, is supported by a team of 15 dedicated credit analysts. The team uses proprietary risk models developed for each industry, sector, and issuer; all credits are monitored daily in addition to a formal annual written review. In addition, the Wells Capital Management Money Market team is supported by an additional 14 members of the Wells Capital Management Municipal Fixed Income team, which focuses on long-term municipal strategies to help identify trends across the broader municipal marketplace.

Do these changes present a capacity issue for any of these managers?
No. David Sylvester, James Randazzo, and Ladson Hart are highly experienced investment professionals, and we believe that they will be able to seamlessly extend their investment philosophy and process to these respective Funds while leveraging the expertise of their investment teams and analyst support.

Will the departure of Mr. Kiselak result in any investment changes for the Funds?
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 a previous Product Alert, it was announced that these Funds would be affected by the anticipated reorganizations of the Wells Fargo Advantage Funds and Evergreen Funds family mergers, scheduled for July 2010. Will the portfolio manager changes affect those proposals?
The departure of Mr. Kiselak is not expected to affect the proposed fund mergers and shell reorganizations. For fund mergers, shareholders are being asked to approve the merger of their target Fund into an acquiring Wells Fargo Advantage Fund. For fund reorganizations—or "shell"—proposals, shareholders are being asked to approve the reorganization of their target Fund into a newly created Wells Fargo Advantage Fund. The proposed changes for the Evergreen money market funds are outlined in the following charts:

Fund Mergers Subject to Shareholder Approval

Target(Merging) Funds Acquiring Funds Acquiring Fund Portfolio Managers
Evergreen California Municipal Money Market Fund2 Wells Fargo Advantage California Municipal Money Market Fund David Sylvester
James Randazzo
Wells Capital Management
Evergreen Institutional Money Market Fund
Evergreen Prime Cash Management Money Market Fund
Wells Fargo Advantage Heritage Money Market FundSM David Sylvester
Wells Capital Management
Evergreen Institutional 100% Treasury Money Market Fund Wells Fargo Advantage 100% Treasury Money Market Fund David Sylvester
Wells Capital Management
Evergreen Institutional Treasury Money Market Fund
Evergreen Treasury Money Market Fund
Wells Fargo Advantage Treasury Plus Money Market Fund David Sylvester
Wells Capital Management
Evergreen Institutional U.S. Government Money Market Fund
Evergreen U.S. Government Money Market Fund
Wells Fargo Advantage Government Money Market Fund David Sylvester
Wells Capital Management
Evergreen Money Market Fund Wells Fargo Advantage Money Market Fund1 David Sylvester
Wells Capital Management
Evergreen Municipal Money Market Fund2 Wells Fargo Advantage Municipal Money Market Fund David Sylvester
James Randazzo
Wells Capital Management


Fund Reorganizations Subject to Shareholder Approval
Current Evergreen Fund New Wells Fargo Advantage Fund Name Portfolio Manager
Evergreen Institutional Municipal Money Market Fund Wells Fargo Advantage Municipal Cash Management Money Market Fund David Sylvester
James Randazzo
Wells Capital Management
Evergreen New Jersey Municipal Money Market Fund2 Wells Fargo Advantage New Jersey Municipal Money Market Fund David Sylvester
James Randazzo
Wells Capital Management
Evergreen New York Municipal Money Market Fund2 Wells Fargo Advantage New York Municipal Money Market Fund David Sylvester
James Randazzo
Wells Capital Management
Evergreen Pennsylvania Municipal Money Market Fund2 Wells Fargo Advantage Pennsylvania Municipal Money Market Fund David Sylvester
James Randazzo
Wells Capital Management


1It is anticipated that the Wells Fargo Advantage Overland Express Sweep FundSM will also merge into the Wells Fargo Advantage Money Market Fund. For the planned merger of the Wells Fargo Advantage Overland Express Sweep Fund, shareholder approval is not required and will not be sought.
2Reflects fund in which Mathew Kiselak has been removed as a co-portfolio manager.

How does this change affect the current proxy process?
This change does not affect the proxy process. We will be providing the information regarding the change in portfolio management to shareholders of record for the all of the affected Funds through proxy supplements, which are expected to be filed with the Securities and Exchange Commission (SEC) on Monday, May 24, 2010. These changes, in addition to other proposed mergers and shell reorganizations associated with the integration of the Evergreen and Wells Fargo Advantage fund families, are subject to shareholder vote at a meeting scheduled for June 8, 2010.

When will Mr. Kiselak's role as portfolio manager end?
The changes are effective immediately. Mr. Kiselak no longer has responsibility for the day-to-day management of these Funds.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks 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. A portion of the Fund's income may be subject to federal, state, and/or local income taxes or the alternative minimum tax (AMT).

The Evergreen Funds' investment objective may be changed without a vote of the funds' shareholders. 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, 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. 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.

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 Funds. 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 Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.