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International Bond Direct MailDirect mail with offer for International Bond research paper
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Business Reply Card
U.S. BOND MARKET: 21INTERNATIONAL BOND MARKET: 79Turn the score into opportunity
YOURS FREE. THE CASE FOR
INTERNATIONAL BOND
INVESTING IN
TODAY’S MARKETS
SEND FOR IT TODAY
For investment professional use only. Not to be distributed to the general public.
Mutual funds:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
Mutual funds:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
Portfolio Manager Perspective:
Why Is International Fixed Income Compelling in the Current Market Environment?
For investment professional use only. Not to be distributed to the general public.
Four Reasons to Invest OverseasThe question on many advisors’ minds is whether a case can be made for investing in international fixed income. Claim your free white paper to find out why Evergreen International Advisors believes the answer is “yes.”
• Add a core asset class to a diversified portfolio
• Broaden the ability to invest in higher yielding markets
• Improve the potential for improved risk-adjusted returns due to low-to-negative correlation with other markets and asset classes
• Manage risk and enhance potential return by treating currency as a separate asset class
Participate in the Global EconomyConsider this: On December 31, 1989, domestic fixed income made up 59% of the global bond market. But as of April 20, 2008, the U.S. bond market comprised only 21% of the global pie. What’s more, international fixed income markets are growing at a faster pace than their U.S. counterparts.1
Partner with Top Performers Australia, Norway, Canada and Sweden have all been top-performers in the global bond market at least once over the past five years (Canada topped the list twice, in 2005 and 2007).
Over the same time period, from 2003 to 2007, the United States ranked 19th, 19th, 2nd, 17th and 19th.2
Making the case for international fixed income
Top five best-performing developed bond markets vs. United States, January 2003 to December 20071
Are you helping your clients take advantage of this opportunity?
2003 2004 2005 2006 2007
1 Australia Norway Canada Sweden Canada Lehman Global Lehman Global Lehman Global Lehman Global Lehman Global
2 New Zealand Ireland U.S U.K. Norway Lehman Global Lehman Global Aggregate Lehman Global Lehman Global
3 Canada Sweden New Zealand Finland Australia Lehman Global Lehman Global Lehman Global Lehman Global Lehman Global
4 Sweden Italy Australia Portugal Finland Lehman Global Lehman Global Lehman Global Lehman Global Lehman Global
5 Ireland New Zealand U.K. Netherlands New Zealand Lehman Global Lehman Global Lehman Global Lehman Global Lehman Global
U.S. ranking 19th 19th 2nd 17th 19th
2 Source: Zephyr Associates, Inc.
1 Source: Merrill Lynch Index Series
Top five best-performing developed bond markets vs. United States, January 2003 to December 20071
For investment professional use only. Not to be distributed to the general public.
A Leader in Its Category • A diversified, risk-sensitive portfolio of international fixed
income securities managed by Evergreen International Advisors, one of the longest-tenured management teams in the Morningstar World Bond category
• Lead managers Tony Norris and Peter Wilson have managed the portfolio since its inception in 1993. Together, they average more than 34 years of global fixed income experience
• A time-tested investment approach has produced historically consistent value-added performance versus the fund’s benchmark, the JP Morgan Global Bond Index (ex U.S.)1
• Recognized in The Wall Street Journal on August 4, 2008, as a “Leader” in its category
A Disciplined Investment ProcessManagers use these tools and strategies to find what they believe are the best opportunities in international bonds.
• Proprietary investment technology designed to help management seek opportunities in international debt
• Extensive research of regional economic and business conditions
• Bottom-up analysis of individual issuers that may meet management’s strict investment parameters
• Diversification across a wide array of sectors and regions
• A well-rounded portfolio focused primarily on investment-grade government, agency and corporate issues from major foreign economies
• Opportunistic investments in high yield corporate bonds from developed nations and securities from emerging countries to increase the fund’s return potential
• Diversification among currencies in an attempt to offer greater stability of capital while pursuing opportunities that could add value or help mitigate currency-related risks
Why Evergreen International Bond Fund?
1 Benchmark source: Confluence
The U.S. share of the global bond market
has fallen to 21%. The international share of
the global bond market is 79%, and growing.1
Your clients with an allocation only to
domestic bonds could be missing out on some strong opportunities in
the bond markets.
GLUE
YOURS FOR FREEPortfolio Manager Perspective: Why Is International Fixed Income Compelling in the Current Market Environment? offers market insights that support the case for international bonds.
1 Source: Merrill Lynch Index SeriesAs of April 30, 2008.
Call <Ext wholesaler> at <xxx.xxx.xxxx> or send in the postage-paid reply card
John Sample 123 Any Street Boston, MA 00000-0000<Test Code>
CLAIM YOUR FREE COPY TODAY
Portfolio Manager Perspective:
Why Is International Fixed Income Compelling in the Current Market Environment?
A Proven Expert Shares His InsightsTony Norris of Evergreen International Advisors makes a strong argument for the value of diversifying to international bonds.
How Evergreen Investments Can HelpGet the most value out of your business by partnering with Evergreen Investments. Call your consultant for resources you can put to immediate use, including up-to-date market analysis, product information and new strategies for capturing opportunities in today’s markets.
For more information about International Bond Fund or other Evergreen funds, please contact your Evergreen consultant or visit EvergreenInvestments.com.
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Get a FREE CD in your hands on how to capture the opportunity
Berkeley Street Boston, MA 40% OF SMALL BUSINESSES
WILL SOON BE CHANGING HANDS1
Call 866.530.8569 and ask us for the Small Business CD
Or e-mail [email protected] with “Small Business CD” in the subject line.
1 40% of U.S. businesses are facing transfer of ownership issues at any given time. Source: U.S. Small Business Administration’s Office, 2008.
SEND ME MY
FREE CD
YES.
on capturing the small business opportunity.
For investment professional use only. Not to be shown or distributed to the general public.
Evergreen InvestmentsSM is a service mark of Evergreen Investment Management Company, LLC. Copyright 2008, Evergreen Investment Management Company, LLC.For investment professional use only. Not to be shown or distributed to the general public. job# 111242 10/08
Build relationships, acquire more assets—and even connect with multiple generations Selling a business may be the largest and most important event for small business owners. Whether the sale is prompted by retirement, illness, age, partnership disputes or financial hardship, selling a business can have far-reaching consequences for the owner and his or her family.
Position yourself as a leader of a small business owner’s sales team with:
• An engaging, client-approved seminar that positions you as the subject matter expert by equipping you with current and relevant information in a FINRA-approved script.
• A client guide that promotes your value as a small business resource to help them make the most of their largest investment.
• A customized invitation to draw small business clients and prospects to the seminar.
THERE’S MORE Once you receive your CD, you can access the expertise of a dedicated Evergreen consultant who will be on call to help you deliver an effective presentation and implement a successful sales strategy.
For investment professional use only. Not to be shown or distributed to the general public.
For investment professional use only. Not to be shown or distributed to the general public.
TWO WAYS TO ORDER• Call 866.530.8569 and tell our representative
you want the Small Business CD
• E-mail [email protected] with “Small Business CD” in the subject line.
Claim your free CD now and start attracting new business today.
For investment professional use only. Not to be shown or distributed to the general public.
Cover
Self mail with free offer of a small business seminar CD
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METROPOLITAN WEST CAPITAL MANAGEMENT
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
For Investment Professional use only. Not to be shown or distributed to the general public.
• MWCM LARGE CAP INTRINSIC VALUE STRATEGY • EVERGREEN INTRINSIC VALUE FUND
For over 16 years, Metropolitan West Capital Management
(MWCM) has been demonstrating its investment expertise
to institutions. Evergreen off ers clients access to MWCM’s
highly regarded management style in two ways: through a
separately managed account (SMA) that shares its name
with the strategy, or through Evergreen Intrinsic Value Fund.
1 23
In today’s volatile market, these Evergreen products can off er a risk-adjusted approach to investing in
quality companies. Give your clients the opportunity to take
advantage of the potential benefi ts of value-style investing through a separately managed
account or mutual fund.
Proven management approach
Solid performance
Style consistency
For investment professional use only. Not to be shown or distributed to the general public.
Mutual funds/Securities are:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
Sales ideas for wholesalers and financial advisors
2 3
For purposes of compliance with the Global Investment Performance Standards (GIPS®), the Firm is defined as all portfolios managed by Evergreen Investment Management Company (“EIMCO”), Tattersall Advisory Group, J.L. Kaplan Associates, LLC, Metropolitan West Capital Management, LLC (MWCM) and Evergreen International Advisors (collectively “Evergreen Investments” or the “Firm”). EIMCO. Tattersall Advisory Group, J.L. Kaplan Associates, LLC, MWCM and Evergreen International Advisors are SEC-registered investment advisors. J.L. Kaplan Associates, Evergreen International Advisors and MWCM were added to the firm definition on January 1, 2003, January 1, 2004 and January 1, 2007, respectively, to reflect acquisitions made by Evergreen Investment Management Company or its affiliates. Evergreen Investments is the umbrella brand under which Wachovia Corporation provides investment management services to institutions, mutual funds and high net worth individuals. Wachovia Global Asset Management is the brand name under which Evergreen Investments conducts its institutional business outside of the United States from both a business development and client service perspective and is marketed by Wachovia Securities International Limited. Evergreen International Advisors and Wachovia Securities International Limited are authorized and regulated by the U.K. Financial Services Authority. Evergreen International Advisors is the trading name of First International Advisors LLC formed in the State of Delaware with limited liability.
The Firm maintains the historical performance records of surviving investment products from predecessor entities. Surviving products are defined as those products where the Firm has retained the management team, investment philosophy and process employed by the predecessor. All predecessor accounts not managed in a surviving product style were integrated into new Firm composites effective on their respective merger dates.
The performance results displayed herein represent the investment performance record for the MWCM Large Cap Intrinsic Value Equity Composite managed by the Firm and its predecessors as discussed above. Evergreen Investments has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). For comparison purposes, the Composite is measured against the Russell 1000 Value Index and the S&P 500 Index.
TALE OF TWO MARKETS
1Solid performance Tale of Two Markets
MWCM Large Cap Intrinsic Value Strategy has a demonstrated record of consistent performance in both growth and value markets, while ranking in the top quartile over the 1-, 3-, 5- and 10-year periods, ending 3/31/08.1
For investment professional use only. Not to be shown or distributed to the general public.
2
MWCM Large Cap Intrinsic Value Strategy S&P 500 Index Russell 1000 Growth Index Russell 1000 Value Index
Last Value Market Cycle (5 Years Ending March 31, 2005)9
6
3
0
-3
-6
-9
-12
-15
6.47
-3.16
-11.28
Tota
l Ann
ualiz
ed R
etur
n (%
)
5.19
Last Growth Market Cycle (5 Years Ending March 31, 2000)
26.76
Tota
l Ann
ualiz
ed R
etur
n (%
)20.98
31.83
27.00
35
30
25
20
15
10
5
0
Style consistency Stays true to large cap value mandate
STYLE MAP SINGLE COMPUTATION APRIL 1998 - MARCH 20081
Proven management approach Results that speak for themselves
MWCM’s management team has been managing assets using the same strategy since 1992.
3HELP YOUR CLIENTS TAKE ADVANTAGE OF:
An approach to
research and analysis that fosters
high-conviction ideas about quality companies and their long-term potential
Team members with a deep
understanding of—and long-
term commitment to—the companies in which they invest
A senior management team
that averages more than 30 years
of experience
Ten research analysts to round
out the team
1N/A = Not Applicable
MWCM Large Cap Intrinsic Value Equity Composite GIPS® Disclosure StatementJanuary 1, 1998 through December 31, 2007
YearTotal Return
(Gross of Fees)
Russell1000 Value
Index Return
S&P 500Index Return
Number of Portfolios
CompositeDispersion
Total Assetsof End of
Period ($MM)
Percent of Total Firm
Assets
Percent ofMWCMAssets
2007 11.24% -0.17% 5.49% 139 0.56% $4,213 2.02% 43%
2006 22.34 22.25 15.79 217 0.23 3,182 N/A 46
2005 12.09 7.05 4.91 303 0.35 2,105 N/A 54
2004 30.70 16.49 10.88 285 0.65 1,575 N/A 61
2003 34.55 30.03 28.68 259 0.72 968 N/A 53
2002 -19.14 -15.52 -22.10 306 0.62 810 N/A 46
2001 -11.94 -5.59 -11.89 391 0.68 938 N/A 44
2000 9.74 7.01 -9.10 202 1.37 322 N/A 19
1999 15.43 7.35 21.04 60 1.79 79 N/A 23
1998 20.38 15.63 28.58 51 4.09 52 N/A 39
For investment professional use only. Not to be shown or distributed to the general public.
-1
-1
0
1
10
Russell 1000 Value Russell 1000 Growth
Russell 2000 Value Russell 2000 Growth
Small
Growth
Large
Mid GrowthMid Value
Value
Russell Generic Corners
MWCM Large Cap Intrinsic Value Strategy
Russell 1000 Value Index
S&P 500 Index
Source: Evergreen Research
Performance shown is that of the Composite and is gross of fees. The above is considered supplemental information and complements the full disclosure presentation, which can be found in the back of this document.
The S&P 500, Russell 1000 Growth and Russell 1000 Value Indexes are unmanaged indexes. It is not possible to invest directly in an index.
1Source: Zephyr StyleADVISOR
HOW TO ACCESS:
Access MWCM’s
fundamentally driven,
bottom-up stock selection
process through Evergreen’s
SMA on Masters or DMA—
or through the mutual fund,
Evergreen Intrinsic Value
Fund (class I share symbol:
EIVIX), on FundSource or
CustomChoice.
The MWCM Large Cap Intrinsic Value Equity Composite includes all actual, fee-paying, fully discretionary Large Cap Intrinsic Value Equity accounts (and for the periods prior to January 1, 1999, the equity plus cash portion of all Intrinsic Value Balanced Accounts). Subsequent to December 31, 2006, the Composite includes institutional accounts that meet the following criteria: institutional accounts in excess of $1 million in assets at time of initial inclusion, no material client restrictions and managed for an entire quarter. Prior to January 1, 2007, the minimum account size was $250,000. The Composite creation date is October 1, 1997. The strategy inception date is January 1, 1992.
Effective July 1, 2002, MWCM defines a significant cash flow as a client initiated inflow or outflow of cash or securities equal to or greater than 10% of the portfolio’s market value at the time of the flow. Account(s) can be removed from the composite for the measurement period in which the flow occurs and returned to the composite in the next measurement period in which they are fully invested in the MWCM Large Cap Intrinsic Value Equity strategy. A full description of the significant cash flow account removal policy is available upon request.
Performance results reflect the reinvestment of dividends and interest and are presented on a trade date basis, in US dollars and gross of investment management fees. Prior to January 1, 2006, the Composite included bundled fee accounts wherein management, brokerage commissions, custodial, custodian consulting service and other fees are grouped together in one all-inclusive fee. Therefore, gross-of-fees performance results do not reflect that portion of the fees that may be attributable to brokerage commissions. Past performance is not an indicator of future performance. The annual Composite dispersion is an asset-weighted standard deviation calculated for the accounts in the Composite for the entire year. Clients’ gross investment returns will be reduced by advisory fees and other expenses incurred in the management of their accounts. The standard annual fee schedule for this strategy is 70 basis points on the first $10,000,000; 55 basis points for the next $15,000,000; 50 basis points for the next $25,000,000; 35 basis points for the next $50,000,000 and 30 basis points for market values above $100,000,000.
The deduction of MWCM’s fee for a $100 million account would have the result of reducing returns by 0.45% per year. An account that earned 10% per year for ten years (before fees) would have a cumulative return of 159.4% before fees and 149.0% after fees.
A complete list and description of all composites maintained by the firm, the related performance results and additional information regarding policies for calculating and reporting returns are available upon request.
Past performance is not a guarantee of future results, and current performance may be lower or higher than the performance quoted. The above performance information is shown net of the highest possible fee a retail client may incur. Actual investment advisory fees may vary. Since January 1, 2006, the annual Composite dispersion is an equal-weighted standard deviation calculated for the accounts in the Composite for the entire year. Prior to January 1, 2006, the annual Composite dispersion is an asset-weighted standard deviation calculated for the accounts in the Composite the entire year. A complete list and description of all composites maintained by MWCM, the related performance results, and additional information regarding policies for calculating and reporting returns are available upon request.
THE EVERGREEN ASSETALLOCATION FUND DIFFERENCE:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
For Investment Professional use only. Not to be shown or distributed to the general public.
STEADY PERFORMANCE IN CERTAIN MARKET CONDITIONS. UP, DOWN, BULL AND BEAR.
Today’s market climate is nothing if not uncertain, and investors are looking for expert guidance to survive its ups and downs. Advised by the world-renowned institutional money managers at GMO, Evergreen Asset Allocation Fund is managed to avoid market hot spots to help ensure a well-diversified, balanced portfolio that has historically recorded low volatility over the long term.
1 23
“One of the grandest of thinkers and most eloquent
of oracles, Jeremy Grantham has long been the voice of
reason in an industry prone to excesses and embellishment.”
Sandra Ward, Barron’s, February 11, 2008
A risk-averse focus on total return
Tactical, dynamic allocation
Consistent performance over time
For investment professional use only. Not to be shown or distributed to the general public.
Mutual funds are:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
NASDAQ SymbolsClass A EAAFXClass B EABFXClass C EACFX
METROPOLITAN WEST CAPITAL MANAGEMENT
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
For Investment Professional use only. Not to be shown or distributed to the general public.
• MWCM LARGE CAP INTRINSIC VALUE STRATEGY • EVERGREEN INTRINSIC VALUE FUND
For over 16 years, Metropolitan West Capital Management
(MWCM) has been demonstrating its investment expertise
to institutions. Evergreen offers clients access to MWCM’s
highly regarded management style in two ways: through a
separately managed account (SMA) that shares its name
with the strategy, or through Evergreen Intrinsic Value Fund.
1 23
In today’s volatile market, these Evergreen products can offer a risk-adjusted approach to investing in
quality companies. Give your clients the opportunity to take
advantage of the potential benefits of value-style investing through a separately managed
account or mutual fund.
Proven management approach
Solid performance
Style consistency
For investment professional use only. Not to be shown or distributed to the general public.
Mutual funds/Securities are:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
Evergreen I N V E S T M E N T S T H AT S T A N D T H E T E S T O F T I M E
Where to find Evergreen
Your referenceguide to EvergreenFunds
The fund:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
For investment professional use only. Not to be shown or distributed to the general public.
M E R R I L L LY N C H 2 Q 0 8
107294_ML_WhereToFind_Cover 11/3/08 10:42 AM Page 4
Evergreen I N V E S T M E N T S T H AT S T A N D T H E T E S T O F T I M E
Where to find Evergreen
Your referenceguide to EvergreenFunds
The fund:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
For investment professional use only. Not to be shown or distributed to the general public.
A M E R I P R I S E F I N A N C I A L S M 2 Q 0 8
107735 Evergreen 11/3/08 10:49 AM Page 1
Evergreen I N V E S T M E N T S T H AT S T A N D T H E T E S T O F T I M E
Where to find Evergreen
Your referenceguide to EvergreenFunds
The fund:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
For investment professional use only. Not to be shown or distributed to the general public.
S M I T H B A R N E Y 2 Q 0 8
108289_Smith Barney_WhereToFind 11/3/08 10:53 AM Page 4
Evergreen I N V E S T M E N T S T H AT S T A N D T H E T E S T O F T I M E
Where to find Evergreen
Your referenceguide to EvergreenFunds
The fund:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
For investment professional use only. Not to be shown or distributed to the general public.
M O R G A N S T A N L E Y 3 Q 0 7
109873_MS_WhereToFind 11/3/08 10:34 AM Page 3
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X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Emerging Markets Growth Fund
Global Large Cap Equity Fund
Global Opportunities Fund
International Bond Fund
International Equity Fund
Health Care Fund
Precious Metals Fund
Utility andTelecommunications Fund
Aggressive Growth Fund
Growth Fund
Large Company Growth Fund
Mid Cap Growth Fund
X
X
X
X
X
X
X
X
X
X
X
X
X
GLO
BA
L &
INTE
RN
ATI
ON
AL
SEC
TOR
DO
MES
TIC
GR
OW
TH E
QU
ITY
BYSISADP
Hartford 401 SelectLegendsPaychex
CapitalSolutions
401(k) Small
CapitalSolutions
401(k) Large
Capital Solutions
401(k)Institutional
401(k)ML2 PIA
MFASelects/
PARSMFAMLUA
Non Fee-Based
RetailNasdaqSymbol
ShareClassEvergreen Fund
(Formerly the Global Leaders Fund; name change effective 11/15/04.)
DO
MES
TIC
GR
OW
TH E
QU
ITY
(co
nti
nu
ed)
DO
MES
TIC
VA
LUE
EQU
ITY
BLE
ND
EQU
ITY
BYSISADP
Hartford 401 SelectLegendsPaychex
CapitalSolutions
401(k) Small
CapitalSolutions
401(k) Large
Capital Solutions
401(k)Institutional
401(k)ML2 PIA
MFASelects/
PARSMFAMLUA
Non Fee-Based
RetailNasdaqSymbol
ShareClassEvergreen Fund
(On 4/08/05 all share classes of this fund closed to new investors.)
(On 4/08/05 all share classes of this fund closed to new investors.)
(Formerly the Growth and IncomeFund. The name and objective changewas effective 4/15/05. Effective 6/10/05the Blue Chip Fund and the EvergreenFund merged into this fund.)
(Effective 4/15/05, the Masters Fundmerged into this fund. This fund hasa $25,000 minimum investment.)
(This fund has a $25,000 minimum investment.)
For investment professional use only. Not to be shown or distributed to the general public. For investment professional use only. Not to be shown or distributed to the general public.
107294_ML_WhereToFind_Cover 11/3/08 10:55 AM Page 5
Quarterly reference guides for financial advisors who have access to select Evergreen funds
T E
Evergreen profile
Some executives are excellent at constructing and managing investment portfolios.Others have expertise at creating and developing different businesses. Then there’sDennis Ferro, a chief executive with an unwavering passion for succeeding at both.Dennis has built a long and distinguished career in financial services that hascombined his in-depth knowledge of money management with his deep devotion for building quality organizations committed to excellence in everything they do.
“I have always been driven toward accomplishment and achievement,” says Ferro.“More important, my drive remains strong because of my desire to make Evergreena leader in our industry.”
After earning a BA from Villanova University and an MBA in finance from St.John’s University, Dennis served two years in the Army, which included a year inVietnam with the first infantry division. He began his business career as a portfoliomanager in the private client group at Bankers Trust in New York. There, hisleadership skills earned him the opportunity to create Bankers Trust of Florida and,later, with the Bankers Trust’s Institutional Investment Group, establish JapanBankers Trust Company, the first foreign trust company in Japan. He served as itspresident and chief investment officer (CIO).
“This was a major undertaking, but it proved rewarding on many levels,” he recalls. “The company benefited greatly, and I experienced tremendous personal and professional satisfaction.” In fact, the skills he acquired with that initiative ledto a similar post with Cigna Corporation’s International Investment Advisors, andthen managing director and CEO of Zurich Investment Management Ltd. inLondon. While with Kemper, a subsidiary of Zurich, Dennis was named by Barron’sas one of the top 100 mutual fund managers in 1999.
He landed his first job as CEO with Scudder Investments (U.K.) Ltd., and thenjoined First Union in 1999 as head of asset management in First Capital Group.After First Union merged with Wachovia, Ferro first assumed the position of co-president and CIO for Evergreen, and then president and CEO in 2003.
While Ferro devotes a significant amount of time to his job, he’s determined to maintaina balanced life. Golf is his favorite pastime, while a rich family life remains his greatestreward. He has been married for 34 years to his wife Ellen and has three children andone grandchild, Hadley Elizabeth Keefe, born last year on Thanksgiving Day.
“When an event like that occurs,” he says, “it puts an exclamation point on themeaning of family.”
Personal hero:His wife, Ellen. “She’s raised threewonderful children, provided extensiveservice in the community through herhospice work, and has been a greatadvisor and friend.”
New to his bookshelf:MoneyBall, by Michael Lewis. “It reflects on innovative and direct ways to look at and refreshtraditional methods of managementand evaluation.”
Greatest accomplishment:Launching and creating the first andmost successful foreign trust companyin Japan for Bankers Trust. “It was agreat business, intellectual andemotional challenge.”
Hope for the future:Guiding Evergreen to an industryleadership position. “This is what I would then consider to be my greatest accomplishment.”
Dennis H. Ferro, CFACIO, President and CEOEvergreen Investments
“I have always been driven toward accomplishment and achievement.”
(AS OF 12/31/03): TOTAL ASSETS UNDER MANAGEMENT (AUM) $247B, UP FROM $229B ON 12/31/02; EQUITY FUND AUM $23.5B; FIXED INCOME FUND AUM $25.8B; MONEY MARKET FUND AUM $56.3; INDUSTRY RANKINGS PER FINANCIAL RESOURCE CORP.: #16 (TOTAL AUM), #9 (NET OPEN-END FUND FLOWS), SEVEN EVERGREEN FUNDS RANKED AMONG THE TOP 100 INDUSTRY SELLERS
David Greene, Evergreen Wachovia Securities PCG wholesaler for the Atlantic Coast,
was named MVP by Wachovia Securities’ Richmond branch in February of this year, a
title coveted by many of Evergreen’s competitors in that area. The Richmond branch—
Wachovia’s largest—has recently embraced the Evergreen product line, and David’s
knowledge, responsiveness and energy have won-over the 40-person office and
helped him build a solid base of business since he first assumed the territory in 2001.
M O V E R S & S H A K E R S
Product profile
Evergreen Omega Fund is a 4-star multi cap growth fund managed byEvergreen’s Large Core Growth Team, with members assigned to various sectors to identify marketplace trends and develop related investment ideas. Currently,management favors healthcare because of the aging population and technologybecause of the potential demand for increased productivity, although the teamtries to interpret trends as they apply to many industries beyond the obvious.
The fund’s analysts keep an eye on FDA filings and regulations, governmentstatistics, economic indicators, and legislative changes that might all fuel long or short-term trends. Maureen Cullinane, CFA and lead portfolio manager for thefund, notes that investing in marketplace themes is a complex approach that mustconsider industry, economic and demographic issues, as well as evaluate themarket psychology that can also influence a stock’s multiples. From herperspective, “The trend approach is a big cauldron of variables.”
An investor in Omega Fund should keep in mind that the fund may invest in foreignsecurities and small cap stocks. Foreign investments may contain more risk due to theinherent risks associated with changing political climates, foreign market instabilityand foreign currency fluctuations. In addition, although smaller capitalization stockinvesting may offer the potential for greater long-term results, it is also generallyassociated with greater price volatility due to the higher risk of failure.
TechnologyupdateOur technology team, led by
George Batejan, has initiated a
major project to update data
management across all of
Evergreen. This multi-year project
will create tremendous advances
and data availability to the benefit
of investment managers, client
service, sales and management.
The introduction of Asset Allocation
Fund has been a boon for Evergreen’s
sales teams. The fund, subadvised by
Grantham Mayo Van Oterloo (GMO),
has seen assets under management soar
from less than $1 million on January 1,
2003, to over $2 billion by March 1,
2004. Because the fund invests primarily
in other mutual funds, the fund will
incur fees and expenses indirectly as a
shareholder of the underlying funds.
M O V E R S & S H A K E R S
Past performance does not guarantee future results. The performance quoted represents past performance andcurrent performance may be lower or higher. For more information on the fund, including investment objectives, risks,charges and expenses, please contact your financial advisor, call 800.343.2898 or visit EvergreenInvestments.com for aprospectus. Read the prospectus carefully before investing.1 Classes A, B and C among 959 funds in the Large Cap Growth Category, as of 12/31/03.Morningstar Ratings reflect historical risk-adjusted performance as of December 31, 2003 for the Class A, B and C sharesthat account for variation in a fund’s monthly performance (including the effect of fee adjustments). The OverallMorningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and10-year (if applicable) Morningstar Rating metrics. Evergreen Omega Fund was rated against other U.S.-domiciled LargeGrowth funds and received 4 stars for the 3-year period among 959 funds, 4 stars for the 5-year period among 615 fundsand 3 stars for the 10-year period among 219 funds. The top 10% of funds in each category receive 5 stars, the next22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.Morningstar Rating is for the A, B and C share class only; other classes may have different performance characteristics.
A Demanding Ad CampaignOn February 23rd, EvergreenInvestments, in partnership withWachovia corporate marketing, launchedits 2004 advertising campaign. This
campaign leveraged themomentum of last year’stelevision and print ads,which unveiled thecompany’s brandpositioning as an assetmanager that delivers“investments that standthe test of time.” Thisyear’s print and TVcampaign was developedto continue Evergreen’sbrand positioning through
ads that depict us as “more demanding.”
The two 30-second television adsfeature Evergreen employees demandingand acknowledging exceptionalperformance in themselves and others.One ad shows pairs of driven hikerstied at the ankles in a three-legged racethrough a grueling, forested landscapeof rocks and rivers. When they reachthe end of their trek and break throughto a cheering crowd in a clearing, a
banner welcomes them to the Evergreencompany picnic. In the other ad, afather uses state-of-the art technologyto design, engineer and test anaerodynamic tricycle in a corner of his garage to ensure the bike’s optimalperformance. His young daughter looks on and smiles with approval whenhe’s finished.
The print ads feature extreme imageslike the goal post shown at left,captioned, “Too demanding? There’s nosuch thing. When you manage moneyfor the long term, demanding is the difference between investmentsand investments that stand the test of time.”
The television ads will appear onBloomberg, CNN, CNBC, ESPN, Fox News, MSNBC, and The GolfChannel. They can also be viewed byvisiting EvergreenInvestments.com/ads.The print ads will appear inpublications that target professionals inthe financial services industry, as well asairport boards at the Boston andCharlotte airports. Be sure to keep aneye out for them.
Evergreen Private Asset Management
(EPAM) has had great success this year
partnering with Wachovia Investment
Consultants to develop business for
Evergreen throughout the footprint.
Complete details to follow in the next issue.
M O V E R S & S H A K E R S
���� Overall Morningstar RatingTM, 1
Whether competing at a company picnic or retrofitting a tricycle,Evergreen employees aredepicted in our TV ads as “more demanding”.
1999
$160$179
$218$231
$248
2000 2001 2002 2003
Assets Under Management as of 12/31/03 (in billions)
Evergreen dramaticasset growth overrecent years
103365_EvergreenNewsletter 11/3/08 10:08 AM Page 4
Evergreenexchange
From the desk of Dennis FerroWelcome to the inaugural issue of our quarterlynewsletter, Evergreen Exchange. The past few yearshave been an exciting time in Evergreen’s history, so I’dlike to catch you up on some key milestones that have
helped build a solid foundation for our future.
In 2001, our company was charged with merging several business lines tocreate a premier asset management company. The challenge was considerable,but in 2002 the umbrella company was rebranded as Evergreen Investments, afully integrated financial services firm with Retail, Institutional, High NetWorth, and Retirement Services divisions. Evergreen now offers the completerange of investment products and services, including mutual funds, separatelymanaged accounts, hedge funds, customized portfolio management solutions,401(k)s, institutional money management, variable annuities and 529education savings plans.
Meanwhile, our sales force worked tirelessly to raise theprofile of our asset management organization amonginvestment professionals. We ended 2003 with over$247 billion in assets under management—an all-timehigh for the company. The Retail division launched ourfirst two closed-end funds, raising over $2 billion, whilethe Institutional division increased asset managementsales 200% from the previous year.
As I consider the coming year, I am confident that thetalent and energy of Evergreen’s professionals will bring
us even more success. It’s our goal to be recognized by Wachovia and theindustry as a leading investment organization, defined by superior investmentperformance and service, quality people, attractive products and the integrity ofour investment process.
� Movers & shakers
� Eye on performance
� More Dalbar recognition
� New ads hit the airwaves
In this issue:
Numerous successes were marked by
the Evergreen Institutional Division
in Janurary and February. Evergreen
Asset Management closed business
totaling $324,000,000 in assets and
over $1,000,000 in revenue including
a $50,000,000 J.L. Kaplan mandate
with a major transportation provider
for $375,000 in fees. Additionally
the state of Georgia contributed
another $178,000,000 mandate for
$445,000 in revenue. Evergreen Client
Management was able to increase
existing mandates by over $130,000,000
in assets and over $330,000 in revenue.
Evergreen Short-Term Fixed Income
closed 28 deals for over $2,000,000,000
in assets and over $1,360,000 in
revenue, highlighted by a substantial
money market deal with a major
telecommunication provider over the
same time period.
M O V E R S & S H A K E R S
E V E R G R E E N B Y T H E N U M B E R S
Mutual funds:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
103365_EvergreenNewsletter 11/3/08 10:00 AM Page 3
Internal newsletter with company highlights
Investments in stocks, bonds, variable annuities and mutual funds:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
For investment professional use only. Not to be shown or distributed to the general public.
S E C O N D Q U A R T E R 2 0 0 6
T H E I N S I G N I A
INS IDERInside:
• Product Highlight: Evergreensector funds
• Business Building: Sample clientsatisfaction survey
• Plus: Wine pairings for anyinvestment climate
What the experts are sayingMARKET TRENDS
the commentary below is provided by john lynch of evergreen investments and
the following gmo contributors: for the united states, donna murphy; for the
international market, tom rosalanko; and for asset classes, matt kadnar. these
opinions are not intended to be used as investment advice, nor are they
recommendations to buy or sell.
UNITED STATES:
Best:Utilities
Worst:Information Technology
INTERNATIONAL:
Best:Healthcare
Worst:Information Technology
Source: The S&P 500
Source: MSCI EAFE
BEST AND WORST PERFORMING SECTORS
Evergreen Investments
• In the United States, utilities performed well as investors searched for yield in a potentially improvingregulatory environment that also may foster increased merger and acquisition activity.
• Fear of rising interest rates led to a sell-off in what investors perceived to be high-risk sectors, taking itstoll on the information technology sector both domestically and abroad. This has been a recurringtheme this year.
• A shift toward what investors perceive as defensive stocks in global markets has benefited the healthcaresector in international markets, especially after rate increases by many central banks in the last fewweeks of the quarter.
GMO
• The outcome in U.S. sector performance in the second quarter—both best performing and worstperforming—was largely the result of the sell-off in risk that began on May 9th, following BenBernanke’s comments.
• Internationally, as investors moved out of riskier assets, defensive sectors like healthcare put inthe strongest performance. More cyclical sectors, such as information technology, posted the worstreturns for the quarter.
For investment professional use only. Not to be shown or distributed to the general public.
Source: Based on three-monthcumulative total returns,3/31/06 to 6/30/06, from thefollowing indexes: Russell2000 Gro TR IX ; Russell 2000TR IX; Russell 2000 Value TRIX; MSCI EAFE ND IX; S&P500/BARRA Val TR IX; S&P500 Daily Reinv IX; S&P500/BARRA Gro TR IX; JPMorgan Non-US Govt BondIndex; Lehman US Agg TR IX
BEST AND WORST PERFORMING ASSET CLASSES—GLOBAL
Evergreen Investments
• International bonds have benefited by the gradual rate increase overseas. Investors have also beendiversifying away from dollar-denominated securities.
• Small cap stocks were perceived as highly valued while investors’ appetite for risk was declining, soprofit-taking and lackluster buying dampened the sector’s performance.
GMO
• International bonds performed very well and benefited mainly from a decline in the U.S. dollar. Yieldsoutside of the U.S. rose during the quarter, but that was overshadowed by the decline in the dollar.
• Small cap growth stocks underperformed during the quarter, as small cap stocks in general did not farewell in absolute terms or relative to large-cap stocks. As investors moved out of riskier, more highlyvolatile asset classes, small cap stocks took the brunt of the sell-off.
COUNTRY:
Best:United Kingdom
Worst:New Zealand
Source: MSCI EAFE
BEST AND WORST PERFORMING COUNTRIES
Evergreen Investments
• In the United Kingdom, companies are generally large cap in nature, and many are perceived as globalquality players, especially in the pharmaceutical, banking and energy sectors—all considered defensiveinvestments by investors concerned about rising rates and general global volatility.
• New Zealand is a small equity market that was dragged down largely by stock-specific issues.
GMO
• The United Kingdom outperformed as investors sought out the larger, more defensive companiesbased there.
• New Zealand’s performance was hurt by the extreme weakness of its currency.
ASSET CLASS:
Best:International bonds
Worst:Small cap growth
Satisfaction surveys as sales toolsBUSINESS BUILDING
there may be no better way to quickly identify your clients’ likes and dislikes,
needs and concerns than through a satisfaction survey. client satisfaction
surveys should be simple and short. a quick survey, delivered through the mail
or via the internet, can gauge a client’s attitudes and requirements while also
reinforcing the message that you are there and you care. below is a sample
survey that you can tailor for your business. consider sending it as a follow-up
for new clients, or as a yearly touch point for investors who have established
relationships with you.
SATISFACTION SURVEY
Please fill in the spaces below using the following scale:
Please remember that your compliancedepartment must approve this form beforeyou send it out.
1—Worse than expected 2—About as expected 3—Better than expected
1. Rate my responsiveness
____ Accessibility
____ Promptness returning calls
____ Overall needs
2. Rate my communications
___ Keeping you informed
___ Responsiveness to your schedule
___ Clarity of written communications
3. Rate how I handled your account
___ Turnaround time
___ Ability to handle your common concerns
___ Ability to handle unexpected/exceptional problems
4. Rate my services
___ Personal financial planning
___ Retirement planning
___ College savings planning
___ Estate planning
5. Rate our working relationship
___ Sensitivity to your needs
___ Frequency of contact
___ Comfort level with our interactions
Are there any services you are interested inthat I have not yet provided to you?(For example, long-term planning, referralto other professionals, alternative investing,and so on.)
For investment professional use only. Not to be shown or distributed to the general public.
Metropolitan West Capital ManageMent
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
For investment professional use only. not to be shown or distributed to the general public.
• MWCM large Cap intrinsiC value strategy • evergreen intrinsiC value Fund
For over 16 years, Metropolitan West Capital Management
(MWCM) has been demonstrating its investment expertise
to institutions. Evergreen offers clients access to MWCM’s
highly regarded management style in two ways: through a
separately managed account (SMA) that shares its name
with the strategy, or through Evergreen Intrinsic Value Fund.
1 23
In today’s volatile market, these Evergreen products can offer a risk-adjusted approach to investing in
quality companies. Give your clients the opportunity to take
advantage of the potential benefits of value-style investing through a separately managed
account or mutual fund.
Proven management approach
Solid performance
Style consistency
For investment professional use only. not to be shown or distributed to the general public.
Mutual funds/Securities are:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
The evergreen AsseTAllocATion Fund diFFerence:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
For investment Professional use only. not to be shown or distributed to the general public.
sTeAdy PerFormAnce in cerTAin mArkeT condiTions. uP, down, bull And beAr.
Today’s market climate is nothing if not uncertain, and investors are looking for expert guidance to survive its ups and downs. Advised by the world-renowned institutional money managers at GMO, Evergreen Asset Allocation Fund is managed to avoid market hot spots to help ensure a well-diversified, balanced portfolio that has historically recorded low volatility over the long term.
1 23
“One of the grandest of thinkers and most eloquent
of oracles, Jeremy Grantham has long been the voice of
reason in an industry prone to excesses and embellishment.”
Sandra Ward, Barron’s, February 11, 2008
A risk-averse focus on total return
Tactical, dynamic allocation
Consistent performance over time
For investment professional use only. not to be shown or distributed to the general public.
Mutual funds are:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
NASDAQ SymbolsClass A EAAFXClass B EABFXClass C EACFX
METROPOLITAN WEST CAPITAL MANAGEMENT
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
For Investment Professional use only. Not to be shown or distributed to the general public.
• MWCM LARGE CAP INTRINSIC VALUE STRATEGY • EVERGREEN INTRINSIC VALUE FUND
For over 16 years, Metropolitan West Capital Management
(MWCM) has been demonstrating its investment expertise
to institutions. Evergreen off ers clients access to MWCM’s
highly regarded management style in two ways: through a
separately managed account (SMA) that shares its name
with the strategy, or through Evergreen Intrinsic Value Fund.
1 23
In today’s volatile market, these Evergreen products can off er a risk-adjusted approach to investing in
quality companies. Give your clients the opportunity to take
advantage of the potential benefi ts of value-style investing through a separately managed
account or mutual fund.
Proven management approach
Solid performance
Style consistency
For investment professional use only. Not to be shown or distributed to the general public.
Mutual funds/Securities are:
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
� �
For purposes of compliance with the Global Investment Performance Standards (GIPS®), the Firm is defined as all portfolios managed by Evergreen Investment Management Company (“EIMCO”), Tattersall Advisory Group, J.L. Kaplan Associates, LLC, Metropolitan West Capital Management, LLC (MWCM) and Evergreen International Advisors (collectively “Evergreen Investments” or the “Firm”). EIMCO. Tattersall Advisory Group, J.L. Kaplan Associates, LLC, MWCM and Evergreen International Advisors are SEC-registered investment advisors. J.L. Kaplan Associates, Evergreen International Advisors and MWCM were added to the firm definition on January 1, 2003, January 1, 2004 and January 1, 2007, respectively, to reflect acquisitions made by Evergreen Investment Management Company or its affiliates. Evergreen Investments is the umbrella brand under which Wachovia Corporation provides investment management services to institutions, mutual funds and high net worth individuals. Wachovia Global Asset Management is the brand name under which Evergreen Investments conducts its institutional business outside of the United States from both a business development and client service perspective and is marketed by Wachovia Securities International Limited. Evergreen International Advisors and Wachovia Securities International Limited are authorized and regulated by the U.K. Financial Services Authority. Evergreen International Advisors is the trading name of First International Advisors LLC formed in the State of Delaware with limited liability.
The Firm maintains the historical performance records of surviving investment products from predecessor entities. Surviving products are defined as those products where the Firm has retained the management team, investment philosophy and process employed by the predecessor. All predecessor accounts not managed in a surviving product style were integrated into new Firm composites effective on their respective merger dates.
The performance results displayed herein represent the investment performance record for the MWCM Large Cap Intrinsic Value Equity Composite managed by the Firm and its predecessors as discussed above. Evergreen Investments has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). For comparison purposes, the Composite is measured against the Russell 1000 Value Index and the S&P 500 Index.
Tale of Two markeTs
1Solid performance Tale of Two Markets
MWCM Large Cap Intrinsic Value Strategy has a demonstrated record of consistent performance in both growth and value markets, while ranking in the top quartile over the 1-, 3-, 5- and 10-year periods, ending 3/31/08.1
for investment professional use only. Not to be shown or distributed to the general public.
2
MWCM Large Cap Intrinsic Value Strategy S&P 500 Index Russell 1000 Growth Index Russell 1000 Value Index
Last Value Market Cycle (5 Years Ending March 31, 2005)9
6
3
0
-3
-6
-9
-12
-15
6.47
-3.16
-11.28
Tota
l Ann
ualiz
ed R
etur
n (%
)
5.19
Last Growth Market Cycle (5 Years Ending March 31, 2000)
26.76
Tota
l Ann
ualiz
ed R
etur
n (%
)
20.98
31.83
27.00
35
30
25
20
15
10
5
0
Style consistency Stays true to large cap value mandate
sTYle maP sINGle ComPUTaTIoN aPrIl 1998 - marCH 20081
Proven management approach Results that speak for themselves
MWCM’s management team has been managing assets using the same strategy since 1992.
3HelP YoUr ClIeNTs Take advaNTaGe of:
An approach to
research and analysis that fosters
high-conviction ideas about quality companies and their long-term potential
Team members with a deep
understanding of—and long-
term commitment to—the companies in which they invest
A senior management team
that averages more than 30 years
of experience
Ten research analysts to round
out the team
1N/A = Not Applicable
MWCM Large Cap Intrinsic Value Equity Composite GIPS® Disclosure StatementJanuary 1, 1998 through December 31, 2007
YearTotal Return
(Gross of Fees)
Russell1000 Value
Index Return
S&P 500Index Return
Number of Portfolios
CompositeDispersion
Total Assetsof End of
Period ($MM)
Percent of Total Firm
Assets1
Percent ofMWCMAssets
2007 11.24% -0.17% 5.49% 139 0.56% $4,213 2.02% 43%
2006 22.34 22.25 15.79 217 0.23 3,182 N/A 46
2005 12.09 7.05 4.91 303 0.35 2,105 N/A 54
2004 30.70 16.49 10.88 285 0.65 1,575 N/A 61
2003 34.55 30.03 28.68 259 0.72 968 N/A 53
2002 -19.14 -15.52 -22.10 306 0.62 810 N/A 46
2001 -11.94 -5.59 -11.89 391 0.68 938 N/A 44
2000 9.74 7.01 -9.10 202 1.37 322 N/A 19
1999 15.43 7.35 21.04 60 1.79 79 N/A 23
1998 20.38 15.63 28.58 51 4.09 52 N/A 39
for investment professional use only. Not to be shown or distributed to the general public.
-1
-1
0
1
10
Russell 1000 Value Russell 1000 Growth
Russell 2000 Value Russell 2000 Growth
Small
Growth
Large
Mid GrowthMid Value
Value
Russell Generic Corners
MWCM Large Cap Intrinsic Value Strategy
Russell 1000 Value Index
S&P 500 Index
Source: Evergreen Research
Performance shown is that of the Composite and is gross of fees. The above is considered supplemental information and complements the full disclosure presentation, which can be found in the back of this document.
The S&P 500, Russell 1000 Growth and Russell 1000 Value Indexes are unmanaged indexes. It is not possible to invest directly in an index.
1Source: Zephyr StyleADVISOR
How To aCCess:
Access MWCM’s
fundamentally driven,
bottom-up stock selection
process through Evergreen’s
SMA on Masters or DMA—
or through the mutual fund,
Evergreen Intrinsic Value
Fund (class I share symbol:
EIVIX), on FundSource or
CustomChoice.
The MWCM Large Cap Intrinsic Value Equity Composite includes all actual, fee-paying, fully discretionary Large Cap Intrinsic Value Equity accounts (and for the periods prior to January 1, 1999, the equity plus cash portion of all Intrinsic Value Balanced Accounts). Subsequent to December 31, 2006, the Composite includes institutional accounts that meet the following criteria: institutional accounts in excess of $1 million in assets at time of initial inclusion, no material client restrictions and managed for an entire quarter. Prior to January 1, 2007, the minimum account size was $250,000. The Composite creation date is October 1, 1997. The strategy inception date is January 1, 1992.
Effective July 1, 2002, MWCM defines a significant cash flow as a client initiated inflow or outflow of cash or securities equal to or greater than 10% of the portfolio’s market value at the time of the flow. Account(s) can be removed from the composite for the measurement period in which the flow occurs and returned to the composite in the next measurement period in which they are fully invested in the MWCM Large Cap Intrinsic Value Equity strategy. A full description of the significant cash flow account removal policy is available upon request.
Performance results reflect the reinvestment of dividends and interest and are presented on a trade date basis, in US dollars and gross of investment management fees. Prior to January 1, 2006, the Composite included bundled fee accounts wherein management, brokerage commissions, custodial, custodian consulting service and other fees are grouped together in one all-inclusive fee. Therefore, gross-of-fees performance results do not reflect that portion of the fees that may be attributable to brokerage commissions. Past performance is not an indicator of future performance. The annual Composite dispersion is an asset-weighted standard deviation calculated for the accounts in the Composite for the entire year. Clients’ gross investment returns will be reduced by advisory fees and other expenses incurred in the management of their accounts. The standard annual fee schedule for this strategy is 70 basis points on the first $10,000,000; 55 basis points for the next $15,000,000; 50 basis points for the next $25,000,000; 35 basis points for the next $50,000,000 and 30 basis points for market values above $100,000,000.
The deduction of MWCM’s fee for a $100 million account would have the result of reducing returns by 0.45% per year. An account that earned 10% per year for ten years (before fees) would have a cumulative return of 159.4% before fees and 149.0% after fees.
A complete list and description of all composites maintained by the firm, the related performance results and additional information regarding policies for calculating and reporting returns are available upon request.
Past performance is not a guarantee of future results, and current performance may be lower or higher than the performance quoted. The above performance information is shown net of the highest possible fee a retail client may incur. Actual investment advisory fees may vary. Since January 1, 2006, the annual Composite dispersion is an equal-weighted standard deviation calculated for the accounts in the Composite for the entire year. Prior to January 1, 2006, the annual Composite dispersion is an asset-weighted standard deviation calculated for the accounts in the Composite the entire year. A complete list and description of all composites maintained by MWCM, the related performance results, and additional information regarding policies for calculating and reporting returns are available upon request.
For investment professional use only. Not to be shown or distributed to the general public.For investment professional use only. Not to be shown or distributed to the general public.
For investment professional use only. Not to be shown or distributed to the general public.For investment professional use only. Not to be shown or distributed to the general public.
For investment professional use only. Not to be shown or distributed to the general public.
Challenge: Mixing business with pleasure
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7 WAYS TO REV UP YOUR BUSINESS
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