Evergreen Announces Plans to Reopen Special Values Strategy and Liquidate Envision Funds

BOSTON, Sept 04, 2008 /PRNewswire via COMTEX News Network/ -- 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
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.

SOURCE Evergreen Investments

http://www.evergreeninvestments.com

Copyright (C) 2008 PR Newswire. All rights reserved