We wish Gary and Maureen all the best in their retirement endeavors and thank them for their many contributions to our organization and years of service to Evergreen and our fund shareholders. I have tremendous confidence in our new leadership teams and expect the transition of these portfolios to be seamless.

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I think there was a knee-jerk reaction on the part of market participants who were hoping and wanting more. The Fed has shown, through its rate cuts, that it will be consistent in its support of reviving the economy, and a larger rate cut would have meant they had deeper and darker concerns.

181

I think what this shows is an ongoing, strong commitment to the asset management business.

131

Institutional and high-net-worth clients are increasingly seeking global firms with a presence in the local marketplace.

130

Investors are still looking for the economy to begin to pick up toward the end of this year with positive earnings comparisons occurring starting in the first or second-quarter of next year (2002). Trying to trade the market on the basis of whether the Fed is going to cut by 50 or 25 basis points, in a long-term portfolio, is not a prudent approach to investing.

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