On September 19, 2007, the Securities and Exchange Commission ("SEC") approved a settlement of an administrative proceeding against Evergreen Investment Management Company, LLC, Evergreen Investment Services, Inc., Evergreen Service Company, LLC and Wachovia Securities, LLC regarding frequent trading activity in certain Evergreen Funds and established a fair fund, the Evergreen Distribution Fund.
Based on the Final Plan of Distribution developed by the Independent Distribution Consultant (IDC) and approved by the SEC, the IDC calculated losses incurred as a result of the market timing subject to the SEC Order and developed a plan for distributing payment for the Evergreen Distribution Fund to eligible shareholders.
To be eligible for the distribution, investors must have owned shares of one or more of the fifteen Evergreen mutual funds listed below during the period spanning September 1, 1998 to June 4, 2004 unless specified otherwise.
|Aggressive Growth Fund
||Emerging Markets Growth Fund
||Global Large Cap Equity Fund
|Global Opportunities Fund
||Growth and Income Fund
||High Yield Bond Fund
|International Equity Fund (Formerly known as International Growth Fund)
||International Equity Fund (Impacted period: 09/01/1998 - 10/23/1998)
|Mid Cap Growth Fund
||Municipal Bond Fund
|Perpetual International Fund
||Precious Metals Fund
|U.S. Government Fund
The IDC has established a minimum threshold (de minimis amount) of $10 in the approved Plan of Distribution. Eligible shareholders who meet the de minimis amount will begin to receive their payments in late-2010 and our goal is to complete the distribution process by early-2011.