DRAFT 2/17/10
Asset Allocation Fund (shell)
[Co-branded logos]
Your Prompt Response is Requested
The enclosed document is a combined prospectus/proxy statement with proposals that pertain to the Evergreen Asset Allocation Fund. As a shareholder of the Fund, you are being asked to approve a merger of your Fund into the Wells Fargo Advantage Asset Allocation Fund.
The voting process will only take a few minutes.
Instructions for returning your proxy are enclosed. Please be sure to respond by June 8, 2010, regardless of the number of shares you own.
Highlights of proxy proposals
For your convenience, the following information highlights the principal aspects of the proposals in the enclosed proxy. Full details are provided in the prospectus/proxy statement. We encourage you to read it carefully.
Why has the proposal for the merger of these Funds been put forward at this time? | The enclosed prospectus/proxy statement for the merger of your fund is part of the overall proposal to combine the fund lineup of Wells Fargo Advantage Funds and Evergreen Funds. As a result of the merger between Wells Fargo & Company and Wachovia Corporation, Wells Fargo Funds Management, LLC, the investment advisor to the Wells Fargo Advantage Funds, and Evergreen Investment Management Company, LLC, the investment advisor to the Evergreen Funds, recommended that the Boards of Trustees of the two fund families approve combining the fund families under the Wells Fargo Advantage Funds name. |
What am I being asked to vote on? | Proposal 1 As a shareholder of the merging (Target) fund, you are being asked to approve the merger of your fund into a surviving (Acquiring) fund. Your fund’s Board of Trustees believes that the merger is in the best interests of your fund and that the interests of existing shareholders would not be diluted as a result of the merger. As such, they recommend that you vote to approve it. Upon approval by shareholders and the satisfaction of other closing conditions, the merging fund will transfer all of its assets to the acquiring fund, and the acquiring fund will assume all of the liabilities of the target fund in exchange for shares of a comparable class of the acquiring fund. After the merger, you will receive shares of the surviving fund equal to the number of shares you held in the merging fund. Merging (Target) Fund Surviving (Acquiring) Fund Evergreen Asset Allocation Fund Wells Fargo Advantage Asset Allocation Fund Proposal 2 In addition, you are being asked to vote on a proposal to elect nine Trustees of the Board of Asset Allocation Trust, the investment company in which your Target fund invests its assets. The Board of Trustees of your Target fund recommends that you vote for each nominee. |
Why has my fund’s Board of Trustees recommended that I vote in favor of approving a merger? | Among the factors the Boards considered in recommending the mergers were the following: Similarities between the investment strategies of the target and acquiring fund and the continuity of portfolio management between the merging and surviving fund. Shareholders will not bear any direct expenses in connection with the mergers. The merger is expected to be a non-taxable event for U.S. federal income tax purposes. |
How do I vote my shares? | You can vote your shares in one of four ways: Vote online at the Web site address listed on your proxy card. Call the toll-free number printed on your proxy card. Complete and sign the enclosed proxy card and return by mail in the enclosed postage paid return envelope (if mailed in the United States). Attend the special meeting scheduled to be held on June 8, 2010. Whether or not you expect to attend the meeting, we encourage you to vote online or by phone or mail. |
What is the due date for returning my vote? | A final vote will take place at a special meeting of shareholders scheduled to take place on June 8, 2010. Your vote must be received by that date. |
Is this a taxable event for shareholders? | No. Each merger is expected to be a non-taxable event for U.S. federal income tax purposes. |
Whom should I call with questions about the voting process? | If you have any questions about any proposal or related proxy materials, please call your investment professional or trust officer, or an Evergreen client service representative at 1-800-343-2898, Monday through Friday, 9:00 a.m. to 6:00 p.m., Eastern Time, or a Wells Fargo Advantage Funds client service representative at 1-800-222-8222, 24 hours a day, seven days a week. If you have any questions about the voting process or if you would like to vote by telephone, you may call our proxy solicitor, [ name ], at [ phone number ]. |
[Back cover]
Evergreen Investments logo
Wells Fargo Advantage Funds logo
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 InvestmentsSM is a service mark of Evergreen Investment Management Company, LLC.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Wells Fargo Advantage Funds.
Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company, is the distributor of the Evergreen Funds and the Wells Fargo Advantage Funds. 120074 X-10
NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
© 2010 Wells Fargo Funds Management, LLC. All rights reserved.
