Evergreen Variable Annuity Trust Evergreen Variable Annuity Trust

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1 EVERGREEN FUNDS 200 BERKELEY STREET BOSTON, MA WELLS FARGO VARIABLE TRUST 525 MARKET STREET SAN FRANCISCO, CA April 23, 2010 Dear Investor, On December 31, 2008, the parent company of the investment adviser to the Evergreen funds, Wachovia Corporation ("Wachovia"), and the parent company of the investment adviser to Wells Fargo Advantage s, Wells Fargo & Company ("Wells Fargo"), merged. Since that date, the investment adviser to the Evergreen funds, Evergreen Investment Management Company, LLC ("EIMC"), and the investment adviser to Wells Fargo Advantage s, Wells Fargo s Management, LLC ("s Management"), have considered rationalizing and reorganizing their mutual fund businesses. After multiple presentations to and discussions with the Boards of Trustees of both the Evergreen funds and Wells Fargo Advantage s regarding these matters, on December 30, 2009, EIMC proposed to the Boards of Trustees of the Evergreen funds, and on January 11, 2010, s Management proposed to the Boards of Trustees of Wells Fargo Advantage s, the mergers outlined in the table below. Both the Boards of Trustees of the Evergreen funds and Wells Fargo Advantage s approved the proposed mergers and the related Agreement and Plan of Reorganization, subject to the approval by shareholders of each Target, as part of a comprehensive set of mutual fund mergers across the two fund families. The Target s and Acquiring s are underlying investment vehicles for certain variable annuity contracts and/or variable life insurance policies offered through separate accounts of participating insurance companies. Holders of such contracts and policies ("Contract Owners") are invited to provide their voting instructions on the proposal to merge their Target into a corresponding Acquiring (shown in the table below) (each, a "Merger," and collectively, the "Mergers"). The Boards of Trustees of the Target s (shown in the table below) have unanimously approved the Mergers and recommend that shareholders vote FOR these proposals. Target Target Trust Acquiring Acquiring Trust Evergreen VA Core Bond Evergreen VA Omega Wells Fargo Advantage VT Large Company Growth Evergreen Variable Annuity Trust Evergreen Variable Annuity Trust Wells Fargo Advantage VT Total Return Bond Wells Fargo Advantage VT Omega Growth Wells Fargo Variable Trust Wells Fargo Variable Trust Wells Fargo Variable Trust Wells Fargo Advantage VT Omega Growth Wells Fargo Advantage VT Small/Mid Cap Value 1 Wells Fargo Advantage VT Small Cap Growth Wells Fargo Advantage VT International Core 2 Wells Fargo Advantage VT Intrinsic Value Wells Fargo Variable Trust Evergreen VA Special Values Evergreen VA Growth Evergreen Variable Annuity Trust Evergreen Variable Annuity Trust Wells Fargo Variable Trust Wells Fargo Variable Trust Evergreen VA International Equity Wells Fargo Advantage VT Equity Income Evergreen Variable Annuity Trust Wells Fargo Variable Trust Wells Fargo Variable Trust Wells Fargo Variable Trust

2 Target Target Trust Acquiring Acquiring Trust Wells Fargo Advantage VT C&B Large Cap Value Evergreen VA amental Large Cap Wells Fargo Advantage VT Large Company Core Wells Fargo Variable Trust Wells Fargo Advantage VT Intrinsic Value Wells Fargo Variable Trust Evergreen Variable Annuity Trust Wells Fargo Advantage VT Core Equity Wells Fargo Variable Trust Wells Fargo Variable Trust Wells Fargo Advantage VT Core Equity Wells Fargo Variable Trust 1 Effective May 1, 2010, the 's name will be changed to the Wells Fargo Advantage VT Small Cap Value. 2 Immediately following the Merger, the 's name will be changed to the Wells Fargo Advantage VT International Equity. If approved by shareholders, this is a general summary of how each Merger will work: Each Target will transfer all of its assets to the corresponding Acquiring. Each Acquiring will assume all of the liabilities of the corresponding Target. Each Acquiring will issue new shares that will be distributed to each shareholder in an amount equal to that shareholder's value of Target shares. If the Merger is consummated, each Target shareholder will become a shareholder of the corresponding Acquiring and will have his or her investment managed in accordance with the Acquiring 's investment strategies. You will not incur any sales charges or similar transaction charges as a result of the Merger. It is expected that the Merger will be a non-taxable event for shareholders for U.S. federal income tax purposes. Details about each Target 's and each Acquiring 's investment goals, portfolio management team, past performance (where applicable), principal risks, fees, and expenses, along with additional information about the proposed Mergers, are contained in the attached prospectus/proxy statement. Please read it carefully. A special meeting of each Target 's shareholders will be held on June 8, Although shareholders are welcome to attend the meeting in person, they do not need to do so in order to vote shares. If you are a shareholder and do not expect to attend the meeting, please complete, date, sign and return the enclosed proxy card in the postage-paid envelope provided. You may also vote by telephone or the internet by following the instructions as outlined at the end of this prospectus/proxy statement. If you are a contract owner, you are invited to provide your voting instructions to your insurance company by completing, dating, signing and returning the enclosed voting instruction card in the postage-paid envelope provided. You may also provide voting instructions by telephone or the internet by following the instructions as outlined at the end of this prospectus/proxy statement. If your Target or insurance company does not receive your input after several weeks, you may receive a telephone call from The Altman Group, our proxy solicitor, requesting your input. If you have any questions about the Mergers, the proxy card, or voting instruction card, please call The Altman Group at (866) (toll-free). IT IS IMPORTANT THAT PROXY CARDS OR VOTING INSTRUCTION CARDS BE RETURNED PROMPTLY. ALL SHAREHOLDERS AND CONTRACT OWNERS ARE URGED TO COMPLETE, DATE, SIGN WITHOUT DELAY AND RETURN THEIR PROXY CARD OR VOTING INSTRUCTION CARD, AS APPLICABLE, IN THE ENCLOSED POSTAGE-PAID ENVELOPE, OR TO PROVIDE INSTRUCTIONS USING ONE OF THE OTHER METHODS DESCRIBED AT THE END OF THE PROSPECTUS/PROXY STATEMENT SO THAT YOUR VIEWS MAY BE REPRESENTED AT THE MEETING. YOUR PROMPT ATTENTION TO THE PROXY CARD OR VOTING INSTRUCTION CARD WILL HELP TO AVOID THE EXPENSE OF FURTHER SOLICITATION. Remember, your voice is important to us, no matter how large your investment. Please take this opportunity to provide your input. Thank you for taking this matter seriously and participating in this important process. Sincerely, Karla M. Rabusch President Wells Fargo Variable Trust W. Douglas Munn President Evergreen s

3 EVERGREEN FUNDS 200 BERKELEY STREET BOSTON, MA April 23, 2010 NOTICE OF SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON JUNE 8, 2010 A Special Meeting (the "Meeting") of Shareholders of your Target, a series of the Target Trust, each set forth in the table below, will be held at the offices of Wells Fargo Advantage s, 525 Market Street, San Francisco, California on June 8, 2010 at 10:00 a.m., Pacific time. Target Target Trust Acquiring Acquiring Trust Evergreen VA Core Bond Evergreen VA Omega Evergreen Variable Annuity Trust Evergreen Variable Annuity Trust Wells Fargo Advantage VT Total Return Bond Wells Fargo Advantage VT Omega Growth Wells Fargo Advantage VT Small/Mid Cap Value 1 Wells Fargo Advantage VT Small Cap Growth Wells Fargo Advantage VT International Core 2 Wells Fargo Variable Trust Wells Fargo Variable Trust Evergreen VA Special Values Evergreen VA Growth Evergreen Variable Annuity Trust Evergreen Variable Annuity Trust Wells Fargo Variable Trust Wells Fargo Variable Trust Evergreen VA International Equity Evergreen VA amental Large Cap Evergreen Variable Annuity Trust Wells Fargo Variable Trust Evergreen Variable Annuity Trust Wells Fargo Advantage VT Core Equity Wells Fargo Variable Trust 1 Effective May 1, 2010, the 's name will be changed to the Wells Fargo Advantage VT Small Cap Value. 2 Immediately following the Merger, the 's name will be changed to the Wells Fargo Advantage VT International Equity. With respect to your Target, the Meeting is being held for the following purposes: 1. To consider and act upon an Agreement and Plan of Reorganization (the "Plan") dated as of March 1, 2010, providing for the reorganization of the Target, including the acquisition of all of the assets of the Target by the corresponding Acquiring in exchange for shares of the Acquiring (the "Acquisition Shares") and the assumption by the Acquiring of all of the liabilities of the Target. The Plan also provides for the prompt distribution of the Acquisition Shares to shareholders of the corresponding Target in liquidation of the Target. 2. To transact any other business which may properly come before the Meeting or any adjournment(s) thereof. Any adjournment(s) of the Meeting will be held at the above address. The Board of Trustees of your Target has fixed the close of business on March 10, 2010 as the record date (the "Record Date") for the Meeting. Only shareholders of record as of the close of business on the Record Date will be entitled to this notice, and to vote at the Meeting or any adjournment(s) thereof. IT IS IMPORTANT THAT PROXY CARDS OR VOTING INSTRUCTION CARDS BE RETURNED PROMPTLY. ALL SHAREHOLDERS AND CONTRACT OWNERS ARE URGED TO COMPLETE, DATE, SIGN WITHOUT DELAY AND RETURN THEIR PROXY CARD OR VOTING INSTRUCTION CARD, AS APPLICABLE, IN THE ENCLOSED POSTAGE-PAID ENVELOPE, OR TO PROVIDE INSTRUCTIONS USING ONE OF THE OTHER METHODS DESCRIBED AT THE END OF THE PROSPECTUS/PROXY STATEMENT SO THAT YOUR VIEWS MAY BE REPRESENTED AT THE MEETING. YOUR PROMPT ATTENTION TO THE PROXY CARD OR VOTING INSTRUCTION CARD WILL HELP TO AVOID THE EXPENSE OF FURTHER SOLICITATION. By order of the Board of Trustees, Michael H. Koonce Secretary

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5 WELLS FARGO VARIABLE TRUST 525 MARKET STREET SAN FRANCISCO, CA April 23, 2010 NOTICE OF SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON JUNE 8, 2010 A Special Meeting (the "Meeting") of Shareholders of your Target, a series of the Target Trust, each set forth in the table below, will be held at the offices of Wells Fargo Advantage s, 525 Market Street, San Francisco, California on June 8, 2010 at 12:00 p.m., Pacific time. Target Wells Fargo Advantage VT Large Company Growth Wells Fargo Advantage VT Equity Income Wells Fargo Advantage VT C&B Large Cap Value Wells Fargo Advantage VT Large Company Core Target Trust Acquiring Acquiring Trust Wells Fargo Variable Trust Wells Fargo Advantage VT Omega Growth Wells Fargo Variable Trust Wells Fargo Variable Trust Wells Fargo Advantage VT Intrinsic Value Wells Fargo Variable Trust Wells Fargo Variable Trust Wells Fargo Advantage VT Intrinsic Value Wells Fargo Variable Trust Wells Fargo Variable Trust Wells Fargo Advantage VT Core Equity Wells Fargo Variable Trust With respect to your Target, the Meeting is being held for the following purposes: 1. To consider and act upon an Agreement and Plan of Reorganization (the "Plan") dated as of March 1, 2010, providing for the reorganization of the Target, including the acquisition of all of the assets of the Target by the corresponding Acquiring in exchange for shares of the Acquiring (the "Acquisition Shares") and the assumption by the Acquiring of all of the liabilities of the Target. The Plan also provides for distribution of the Acquisition Shares to shareholders of the corresponding Target and the subsequent liquidation and dissolution of the Target. A vote in favor of the Plan is a vote in favor of the liquidation and dissolution of the Target. 2. To transact any other business which may properly come before the Meeting or any adjournment(s) thereof. Any adjournment(s) of the Meeting will be held at the above address. The Board of Trustees of your Target has fixed the close of business on March 10, 2010, as the record date (the "Record Date") for the Meeting. Only shareholders of record as of the close of business on the Record Date will be entitled to this notice, and to vote at the Meeting or any adjournment(s) thereof. IT IS IMPORTANT THAT PROXY CARDS OR VOTING INSTRUCTION CARDS BE RETURNED PROMPTLY. ALL SHAREHOLDERS AND CONTRACT OWNERS ARE URGED TO COMPLETE, DATE, SIGN WITHOUT DELAY AND RETURN THEIR PROXY CARD OR VOTING INSTRUCTION CARD, AS APPLICABLE, IN THE ENCLOSED POSTAGE-PAID ENVELOPE, OR TO PROVIDE INSTRUCTIONS USING ONE OF THE OTHER METHODS DESCRIBED AT THE END OF THE PROSPECTUS/PROXY STATEMENT SO THAT YOUR VIEWS MAY BE REPRESENTED AT THE MEETING. YOUR PROMPT ATTENTION TO THE PROXY CARD OR VOTING INSTRUCTION CARD WILL HELP TO AVOID THE EXPENSE OF FURTHER SOLICITATION. By order of the Board of Trustees, C. David Messman Secretary

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7 EVERGREEN FUNDS 200 BERKELEY STREET BOSTON, MA WELLS FARGO VARIABLE TRUST 525 MARKET STREET SAN FRANCISCO, CA April 23, 2010 PROSPECTUS/PROXY STATEMENT This prospectus/proxy statement contains information you should know before voting your proxy or providing voting instructions on the proposed merger (the "Merger") of your Target into the corresponding Acquiring as set forth and defined in the table below, each of which is a series of a registered open-end management investment company. Your Target serves as an underlying investment option for certain variable annuity contracts and variable life insurance policies (collectively, the "Variable Contracts"). You are receiving this prospectus/proxy statement because you have selected one or more Target s as an investment option for your Variable Contract. Although insurance company separate accounts are the record owners of your Target 's shares, the insurance companies that offer Variable Contracts for which a Target is an investment option are required to solicit voting instructions from owners of the Variable Contracts issued by those insurance companies ("Contract Owners"), and generally vote all of the shares they hold in proportion to the timely instructions they receive. As a result, if you are a contract owner of a Variable Contract, you are being asked to provide voting instructions to your insurance company on the Merger. If approved, the Merger will result in the insurance companies receiving shares of the Acquiring in exchange for shares of the Target. Target Target Trust Acquiring Acquiring Trust Evergreen VA Core Bond Evergreen Variable Annuity Trust Wells Fargo Advantage VT Total Return Bond Wells Fargo Variable Trust Evergreen VA Omega Evergreen Variable Annuity Trust Wells Fargo Advantage VT Omega Growth Wells Fargo Variable Trust Wells Fargo Advantage VT Large Company Growth Wells Fargo Variable Trust Wells Fargo Advantage VT Omega Growth Wells Fargo Variable Trust Evergreen VA Special Values Evergreen Variable Annuity Trust Wells Fargo Advantage VT Small/Mid Cap Value 1 Wells Fargo Variable Trust Evergreen VA Growth Evergreen Variable Annuity Trust Wells Fargo Advantage VT Small Cap Growth Wells Fargo Variable Trust Evergreen VA International Equity Evergreen Variable Annuity Trust Wells Fargo Advantage VT International Core 2 Wells Fargo Variable Trust Wells Fargo Advantage VT Equity Income Wells Fargo Variable Trust Wells Fargo Advantage VT Intrinsic Value Wells Fargo Variable Trust Wells Fargo Advantage VT C&B Large Cap Value Wells Fargo Variable Trust Wells Fargo Advantage VT Intrinsic Value Wells Fargo Variable Trust Evergreen VA amental Large Cap Evergreen Variable Annuity Trust Wells Fargo Advantage VT Core Equity Wells Fargo Variable Trust

8 Target Target Trust Acquiring Acquiring Trust Wells Fargo Advantage VT Large Company Core Wells Fargo Variable Trust Wells Fargo Advantage VT Core Equity Wells Fargo Variable Trust 1 Effective May 1, 2010, the 's name will be changed to the Wells Fargo Advantage VT Small Cap Value. 2 Immediately following the Merger, the 's name will be changed to the Wells Fargo Advantage VT International Equity. The Target and Acquiring s listed above are collectively referred to as the "s." The Target and Acquiring Trusts listed above are collectively referred to as the "Trusts." Please read this prospectus/proxy statement carefully and retain it for future reference. Additional information concerning each and the Mergers has been filed with the Securities and Exchange Commission ("SEC"). The prospectuses of each Target and each Acquiring (other than the Wells Fargo Advantage VT Core Equity, the Wells Fargo Advantage VT Intrinsic Value and the Wells Fargo Advantage VT Omega Growth ) are incorporated into this document by reference and are legally deemed to be part of this prospectus/proxy statement. The statement of additional information relating to this prospectus/proxy statement (the "Merger SAI"), dated the same date as this prospectus/proxy statement, is also incorporated into this document by reference and is legally deemed to be part of this prospectus/proxy statement. The statement of additional information ("SAI"), and the annual and semi-annual reports of each Target and each Acquiring (other than the Wells Fargo Advantage VT Core Equity, the Wells Fargo Advantage VT Intrinsic Value and the Wells Fargo Advantage VT Omega Growth ) are incorporated into the Merger SAI by reference and are legally deemed to be part of the Merger SAI. A copy of your Acquiring 's prospectus (other than the Wells Fargo Advantage VT Core Equity, the Wells Fargo Advantage VT Intrinsic Value and the Wells Fargo Advantage VT Omega Growth ) accompanies this prospectus/proxy statement. Copies of these documents pertaining to an Evergreen Target are available upon request without charge by writing to the address above, calling or visiting the Evergreen funds' Web site at Copies of these documents pertaining to a Wells Fargo Target and Acquiring (other than the Wells Fargo Advantage VT Core Equity, the Wells Fargo Advantage VT Intrinsic Value and the Wells Fargo Advantage VT Omega Growth ) are available upon request without charge by writing to Wells Fargo Advantage s, P.O. Box 8266, Boston, MA , calling or visiting the Wells Fargo Advantage s Web site at The Wells Fargo Advantage VT Core Equity, the Wells Fargo Advantage VT Intrinsic Value and the Wells Fargo Advantage VT Omega Growth are each a "Shell " being registered with the SEC in order to receive the assets and assume the liabilities of its corresponding Target (s). As such, prospectuses, SAIs and annual and semi-annual reports for these Acquiring s are not yet available as of the date of this prospectus/proxy statement. Additional information about these Acquiring s may be found in Exhibit E and the Merger SAI. You may also view or obtain these documents from the SEC: by phone at SEC.0330 (duplicating fee required); in person or by mail at Public Reference Section, Securities and Exchange Commission, 100 F. Street, N.E., Washington, D.C (duplicating fee required); by at publicinfo@sec.gov (duplicating fee required); or by internet at The SEC has not approved or disapproved these securities or determined if this prospectus/proxy statement is truthful or complete. Any representation to the contrary is a criminal offense. The shares offered by this prospectus/proxy statement are not deposits of a bank, and are not insured, endorsed or guaranteed by the FDIC or any government agency and involve investment risk, including possible loss of your original investment.

9 TABLE OF CONTENTS Overview Key Features of the Mergers Board of Trustees Recommendation Merger Summary (Goals, Strategies, Risks, Performance, Expense, Management and Tax Information) Evergreen VA Core Bond into Wells Fargo Advantage VT Total Return Bond Evergreen VA Omega and Wells Fargo Advantage VT Large Company Growth into Wells Fargo Advantage VT Omega Growth Evergreen VA amental Large Cap and Wells Fargo Advantage VT Large Company Core into Wells Fargo Advantage VT Core Equity Evergreen VA Special Values into Wells Fargo Advantage VT Small/Mid Cap Value Evergreen VA Growth into Wells Fargo Advantage VT Small Cap Growth Evergreen VA International Equity into Wells Fargo Advantage VT International Core Wells Fargo Advantage VT Equity Income and Wells Fargo Advantage VT C&B Large Cap Value into Wells Fargo Advantage VT Intrinsic Value Risk Descriptions Management of the s Merger Information Reasons for the Mergers Agreement and Plan of Reorganization Material U.S. Federal Income Tax Consequences of the Mergers Buying, Selling and Exchanging Shares Policies and Procedures Information on Shareholders' Rights Voting Information Concerning the Meeting Financial Statements Legal Matters Additional Information Other Business Instructions for Executing Proxy Card/Voting Instructions Card Exhibits Exhibit A - Agreement and Plan of Reorganization Exhibit B - Comparison of the s' amental Investment Policies Exhibit C - Additional Target and Acquiring Expense Information Exhibit D - Pro Forma Capitalization Exhibit E - Additional Acquiring Information Exhibit F - Financial Highlights A-1 B-1 C-1 D-1 E-1 F-1

10 OVERVIEW The s are underlying investment vehicles for certain variable annuity contracts and/or variable life insurance policies offered through separate accounts of participating insurance companies. References to "you" or "your" in this summary refer either to the holder of a Variable Contract who may select shares to fund his or her investment in the Variable Contract or to the insurance company that issues the contract or policy. Throughout this summary, references to a "shareholder" refer only to the insurance company investing in the through a separate account, and not to a holder of a variable annuity contract or variable insurance policy. Information in this prospectus/proxy statement regarding the expected practices of insurance companies, including regarding the solicitation of voting instructions, the revocation of voting instructions and the voting of proxies in accordance with voting instructions, reflects s Management's understanding of insurance companies' general practices. Your insurance company's practices may be different and they may affect or limit your ability to provide effective voting instructions with respect to the Merger. Please contact your insurance company for information regarding their specific practices, including in respect of the Meeting and this prospectus/proxy statement. This section summarizes the primary features and consequences of your Merger. This summary is qualified in its entirety by reference to the information contained elsewhere in this prospectus/proxy statement, in the Merger SAI, in each 's prospectus, in each 's financial statements contained in the annual and semi-annual reports, and in each 's SAI, and in the Agreement and Plan of Reorganization (the "Plan"), a copy of which is attached as Exhibit A hereto. The Wells Fargo Advantage VT Omega Growth, the Wells Fargo Advantage VT Core Equity, and the Wells Fargo Advantage VT Intrinsic Value are shell s and do not yet have a separate prospectus, annual and semi-annual reports or SAI. KEY FEATURES OF THE MERGERS The Plan sets forth the key features of each Merger and generally provides for the following: the transfer of all of the assets of the Target to the Acquiring in exchange for shares of the Acquiring ; the assumption by the Acquiring of all of the liabilities of the Target ; the liquidation of the Target by distributing the shares of the Acquiring to the Target 's shareholders; and the assumption of the costs of each Merger (other than costs incurred from securities transactions in connection with the Merger) by Wells Fargo s Management, LLC ("s Management") and/or Evergreen Investment Management Company, LLC ("EIMC") or one of their affiliates. The Mergers are scheduled to take place on or about July 16, For a more complete description of the Mergers, see the section entitled "Agreement and Plan of Reorganization," as well as Exhibit A. BOARD OF TRUSTEES RECOMMENDATION At a meeting held on December 30, 2009 for the Boards of Trustees of the Evergreen funds, and on January 11, 2010 for the Board of Trustees of the Wells Fargo Advantage s, the Trustees of your Target, including a majority of the Trustees who are not "interested persons" of your Target, as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"), considered and unanimously approved the Merger of your Target. Before approving the Mergers, the Trustees reviewed, among other things, information about the s and the proposed transactions. This included, among other things, a comparison of various factors, such as the relative sizes fo the s (where applicable), the performance records of the s (wherer applicable), and the expenses of the s (including pro forma expense information of each surviving fund following the Mergers), as well as similarities and differences between the s' investment goals, principal investment strategies and specific portfolio characteristics (where applicable). The Board of Trustees of your Target, including all of the Independent Trustees, has concluded that the Merger would be in the best interests of your Target, and that existing shareholders' interests would not be diluted as a result of the Merger. Accordingly, the Trustees have submitted the Plan to the Target 's shareholders and unanimously recommend its approval. The Board of Trustees of the Wells Fargo Advantage s has also approved the Plan on behalf of each Acquiring. For further information about the considerations of each Target Trust's Board, please see the section entitled "Reasons for the Mergers." 2 Evergreen s

11 MERGER SUMMARY (GOALS, STRATEGIES, RISKS, PERFORMANCE, EXPENSE, MANAGEMENT AND TAX INFORMATION) The following section provides a comparison between the s with respect to their investment goals, principal investment strategies, fundamental investment policies, risks, performance records (where applicable), sales charges and expenses. It also provides information about what the management and share class structure of your Acquiring will be after the Merger. The information below is only a summary; for more detailed information, please see the rest of this prospectus/proxy statement and each 's prospectus and SAI (other than for the Wells Fargo Advantage VT Omega Growth, the Wells Fargo Advantage VT Core Equity and the Wells Fargo Advantage VT Intrinsic Value, for which information can be found in Exhibit E of this prospectus/proxy statement and the Merger SAI). In this section, percentages of a Wells Fargo Advantage 's "net assets" are measured as percentages of net assets plus borrowings for investment purposes. References to "we" in the principal investment strategy discussion for a Wells Fargo Advantage generally refer to s Management, a sub-adviser or the portfolio manager(s). EVERGREEN VA CORE BOND FUND INTO WELLS FARGO ADVANTAGE VT TOTAL RETURN BOND FUND SHARE CLASS INFORMATION The following table illustrates the share class of the Acquiring that shareholders will receive as a result of the Merger in exchange for their shares in the Target. If the shareholder owns this class of shares of Evergreen VA Core Bond : The shareholder will get this class of shares of Wells Fargo Advantage VT Total Return Bond : Class 2 Class Upon completion of the proposed Merger, the will rename its existing single class of shares as Class 2 shares. The Acquiring shares that shareholders receive as a result of the Merger will have the same total value as the total value of their Target shares as of the close of business on the business day immediately prior to the Merger. The procedures for buying, selling and exchanging shares of the s are identical. For additional information, see the section entitled "Buying, Selling and Exchanging Shares." INVESTMENT GOAL AND STRATEGY COMPARISON The following section compares the investment goals, principal investment strategies and fundamental investment policies of the s. The investment goals of the s may be changed without shareholder approval. The s' investment goals and principal investment strategies are substantially similar. Evergreen VA Core Bond seeks to maximize total return through a combination of income and capital growth, while the Wells Fargo Advantage VT Total Return Bond seeks total return, consisting of income and capital appreciation. Each normally invests at least 80% of its assets in investment grade debt. Some differences between the s' investment strategies include the following: (i) the Wells Fargo Advantage VT Total Return Bond seeks to maintain its dollar-weighted average duration within a narrower range, 4 to 5½ years, than does Evergreen VA Core Bond at 2 to 6 years, and (ii) the Wells Fargo Advantage VT Total Return Bond has a policy that allows it to invest up to 20% of its assets in U.S. dollar-denominated debt securities of foreign issuers, whereas Evergreen VA Core Bond does not have a similar principal investment strategy. These distinctions mean that Evergreen VA Core Bond 's portfolio may be more or less sensitive to movements in prevailing interest rates than the Wells Fargo Advantage VT Total Return Bond under certain circumstances and that the Wells Fargo Advantage VT Total Return Bond may invest in foreign securities to a greater extent than Evergreen VA Core Bond. A more complete description of each 's investment goals and strategies is below. EVERGREEN VA CORE BOND FUND (Target ) INVESTMENT GOAL The seeks to maximize total return through a combination of current income and capital growth. WELLS FARGO ADVANTAGE VT TOTAL RETURN BOND FUND (Acquiring ) The seeks total return, consisting of income and capital appreciation. Evergreen s 3

12 EVERGREEN VA CORE BOND FUND (Target ) PRINCIPAL INVESTMENT STRATEGIES The normally invests at least 80% of its assets in U.S. dollar-denominated investment grade debt securities, including debt securities issued or guaranteed by the U.S. Government or by an agency or instrumentality of the U.S. government, corporate bonds, mortgage-backed securities (including collateralized mortgage obligations ("CMOs")), asset-backed securities, and other income producing securities. The currently maintains a bias toward corporate and mortgagebacked securities. The may invest a substantial portion of its assets (including a majority of its assets) in CMOs or other mortgage- or asset-backed securities. The remaining 20% of the 's assets may be represented by cash or invested in cash equivalents or shares of registered investment companies, including money market or fixed-income funds. Security ratings are determined at the time of investment based on ratings received by nationally recognized statistical ratings organizations or, if a security is not rated, it will be deemed to have the same rating as a security determined to be of comparable quality by the 's portfolio manager. If a security is rated by more than one nationally recognized statistical ratings organization, the highest rating is used. The may retain any security whose rating has been downgraded after purchase if the 's portfolio manager considers the retention advisable. As part of its investment strategy, the may engage in dollar roll transactions, which allow the to sell a mortgage-backed security to a dealer and simultaneously contract to repurchase a security that is substantially similar in type, coupon and maturity, on a specified future date. Dollar roll transactions may create investment leverage. The intends to limit its dollar-weighted average duration to a two-year minimum and a six-year maximum, while the dollar-weighted average maturity is expected to be longer than the dollar-weighted average duration. The may, but will not necessarily, use a variety of derivative instruments, such as futures contracts, options and swaps, including, for example, index futures, Treasury futures, Eurodollar futures, interest rate swap agreements, credit default swaps and total return swaps. The typically uses derivatives as a substitute for taking a position in the underlying asset or basket of assets and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate risk. Although not a part of the principal investment strategies, the may, but will not necessarily, temporarily invest up to 100% of its assets in cash and/or high-quality money market instruments in response to adverse economic, political or market conditions. This strategy is inconsistent with the 's investment goal and principal investment strategies and, if employed, could result in a lower return and loss of market opportunity. The will consider selling a portfolio investment when a portfolio manager believes the issuer's investment fundamentals are beginning to deteriorate, when the investment no longer appears consistent with the portfolio manager's investment methodology, when the must meet redemptions, in order to take advantage of more attractive investment opportunities, or for other investment reasons which a portfolio manager deems appropriate. WELLS FARGO ADVANTAGE VT TOTAL RETURN BOND FUND (Acquiring ) Under normal circumstances, we invest at least 80% of the 's net assets in bonds; at least 80% of the 's total assets in investment-grade debt securities; up to 25% of the 's total assets in asset-backed securities, other than mortgage-backed securities; and up to 20% of the 's total assets in U.S. dollar-denominated debt securities of foreign issuers. We invest principally in investment-grade debt securities, including U.S. Government obligations, corporate bonds and mortgage- and asset-backed securities. We invest in debt securities that we believe offer competitive returns and are undervalued, offering additional income and/or price appreciation potential, relative to other debt securities of similar credit quality and interest rate sensitivity. From time to time, we may also invest in unrated bonds that we believe are comparable to investment-grade debt securities. We may actively trade portfolio securities. As part of our investment strategy, we may invest in stripped securities or enter into mortgage dollar rolls and reverse repurchase agreements, as well as invest in U.S. dollar-denominated debt securities of foreign issuers. Under normal circumstances, we expect to maintain an overall dollar-weighted average effective duration range between 4 and 5 1/2 years. We may also use futures, options or swap agreements, as well as other derivatives, to manage risk or to enhance return. The may hold some of its assets in cash or in money market instruments, including U.S. Government obligations, shares of other mutual funds and repurchase agreements, or make other short-term investments to either maintain liquidity or for short-term defensive purposes when we believe it is in the best interests of the shareholders to do so. During these periods, the may not achieve its objective. We may sell a security that has achieved its desired return or if we believe the security or its sector has become overvalued. We may also sell a security if a more attractive opportunity becomes available or if the security is no longer attractive due to its risk profile or as a result of changes in the overall market environment. Although the families have historically used different terminology and descriptions to describe their fundamental investment policies, the fundamental investment policies of the Target and Acquiring s are substantively similar. For a comparative chart of fundamental investment policies, please see Exhibit B. PRINCIPAL RISK COMPARISON Because the Evergreen funds and Wells Fargo Advantage s were unaffiliated fund families until recently, the s have historically used different terminology and descriptions to describe their principal risks. Nonetheless, due to the similarity of the s' investment strategies, the s are generally subject to similar types of risks. Listed below are the principal risks that apply to an investment in the Wells Fargo Advantage VT Total Return Bond. A description of those risks can be found in the section of this prospectus/proxy statement entitled "Risk Descriptions." Although both s may be subject to the risks listed below, they may be subject to a particular risk to different degrees. For example, because investing in foreign issuers is not a part of 4 Evergreen s

13 the principal investment strategy for Evergreen VA Core Bond, an investment in the Wells Fargo Advantage VT Total Return Bond may be subject to foreign investment risk to a greater extent than an investment in Evergreen VA Core Bond. Principal Risks Active Trading Risk Counter-Party Risk Debt Securities Risk Derivatives Risk Foreign Investment Risk Issuer Risk Leverage Risk Liquidity Risk Management Risk Market Risk Mortgage and Asset-Backed Securities Risk Regulatory Risk Stripped Securities Risk U.S. Government Obligations Risk A discussion of the principal risks associated with an investment in the Target may be found in the Target 's prospectus. In addition, each has other investment policies, practices and restrictions which, together with the 's related risks, are also set forth in the 's prospectus and SAI. FUND PERFORMANCE COMPARISON The following bar charts and tables illustrate how the s' returns have varied from year to year and compare each 's returns with those of one or more broad-based securities indexes. Past performance (before and after taxes) is not necessarily an indication of future results. To obtain performance information current to the most recent month-end for an Evergreen VA, please call , and for a Wells Fargo Advantage VT, please call The bar charts and tables do not reflect contract, policy, separate account or other charges assessed by participating insurance companies; if they did, returns would be lower than those shown. Year-by-Year Total Return for Class 2 Shares (%) for Evergreen VA Core Bond % 15% 10% 5% 0% -5% -10% -15% -20% -25% Highest Quarter: 2nd Quarter % Lowest Quarter: 3rd Quarter % Year-to-date total return as of 3/31/2010 is +2.05% Evergreen s 5

14 Year-by-Year Total Return (%) for Wells Fargo Advantage VT Total Return Bond 12% 10% 8% 6% 4% 2% % Highest Quarter: 3rd Quarter % Lowest Quarter: 2nd Quarter % Year-to-date total return as of 3/31/2010 is +2.20% Average Annual Total Returns for the periods ended 12/31/2009 Evergreen VA Core Bond Inception Date of Share Class 1 Year 5 Year Performance Since 7/31/2002 Class 2 7/31/ % -0.68% 1.10% Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) 5.93% 4.97% 5.16% Average Annual Total Returns for the periods ended 12/31/2009 Wells Fargo Advantage VT Total Return Bond Inception Date of Share Class 1 Year 5 Year 10 Year Single Class 9/20/ % 5.19% 6.40% Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) % 4.97% 6.33% 1 The Barclays Capital U.S. Aggregate Bond Index is composed of the Barclays Capital U.S. Government/Credit Index and the Barclays Capital U.S. Mortgage-Backed Securities Index, and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index. SHAREHOLDER FEE AND FUND EXPENSE COMPARISON The expenses for each class of shares of your Target may be different from those of the corresponding class of shares of the Acquiring. With respect to both the Target and Acquiring s, no sales charges are imposed on either purchases or sales of fund shares. The following tables entitled "Annual Operating Expenses" allow you to compare the annual operating expenses of the s. The total annual fund operating expenses for both the Target and the Acquiring s set forth in the following tables are based on the actual expenses for the twelve-month period ended September 30, The pro forma expense table shows you what the total annual fund operating expenses (before and after waiver) would have been for the Acquiring for the twelvemonth period ended September 30, 2009, assuming the Merger had taken place at the beginning of that period. Exhibit C contains expense tables and examples for both the Target and Acquiring s based upon the actual expenses incurred by such s during their most recently completed fiscal years. Exhibit C also includes pro forma expense tables and examples for the Acquiring based on the date of the Acquiring 's most recent financial statements. THE TABLES BELOW DO NOT REFLECT THE CHARGES AND FEES ASSESSED BY THE PARTICIPATING INSURANCE COMPANY UNDER YOUR VARIABLE CONTRACT. IF THESE CHARGES WERE REFLECTED, THE EXPENSES SHOWN BELOW WOULD BE HIGHER. PLEASE REFER TO THE PROSPECTUS FOR THE VARIABLE CONTRACT FOR INFORMATION REGARDING SUCH CHARGES. THE MERGER WILL NOT AFFECT THESE FEES AND CHARGES. 6 Evergreen s

15 Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Evergreen VA Core Bond Total Annual Operating Expenses 1 Class % 1 The Total Annual Operating Expenses in the table above include fees and expenses incurred indirectly by the as a result of its investment in other investment companies. Wells Fargo Advantage VT Total Return Bond Total Annual Operating Expenses (Before Waiver) 1 Total Annual Operating Expenses (After Waiver) 2 Single Class 1.41% 0.90% 1 Expenses have been adjusted as necessary from amounts incurred during the 's most recent fiscal year to reflect current fees and expenses. 2 s Management has committed through 4/30/2011, to waive fees and/or reimburse expenses to the extent necessary to ensure that the 's Total Annual Operating Expenses (After Waiver), excluding brokerage commissions, interest, taxes, extraordinary expenses, and the expenses of any money market fund or other fund held by the, do not exceed the Total Annual Operating Expenses (After Waiver) shown. After this date, the Total Annual Operating Expenses (After Waiver) may be increased only with the approval of the Board of Trustees. Wells Fargo Advantage VT Total Return Bond (Pro Forma) Total Annual Operating Expenses (Before Waiver) Total Annual Operating Expenses (After Waiver) 1,2 Class % 0.92% 1 The Total Annual Operating Expenses shown here include the expenses of any money market fund or other fund held by the. 2 s Management has committed for three years after the closing of the Merger to waive fees and/or reimburse expenses to the extent necessary to ensure that the 's Total Annual Operating Expenses (After Waiver), excluding brokerage commissions, interest, taxes, extraordinary expenses, and the expenses of any money market fund or other fund held by the, do not exceed 0.90% for Class 2. After this time, the Total Annual Operating Expenses (After Waiver) may be increased only with the approval of the Board of Trustees. Evergreen VA Core Bond and the Wells Fargo Advantage VT Total Return Bond have each adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act (a "Distribution Plan"). The fees charged to Class 2 shares of each under each 's Distribution Plan are the same, 0.25% of the 's average daily net assets. Portfolio Turnover. The Target and Acquiring s pay transaction costs, such as commissions or dealer mark-ups, when each buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example, affect each 's performance. During the most recent fiscal year, the Evergreen VA Core Bond 's portfolio turnover rate was 510% of the average value of its portfolio and the Wells Fargo Advantage VT Total Return Bond 's portfolio turnover rate was 580% of the average value of its portfolio. The s may actively trade portfolio securities. Evergreen s 7

16 FUND MANAGEMENT INFORMATION The following table identifies the investment adviser, investment sub-adviser and portfolio manager(s) for the Acquiring. Further information about the management of the Acquiring can be found under the section entitled "Management of the s." Acquiring Investment Adviser Investment Sub-adviser Portfolio Managers/Year Joined s Management Wells Capital Management Incorporated Troy Ludgood/2007 Thomas O'Connor, CFA/2003 TAX INFORMATION It is expected that the Merger will be tax-free to shareholders for U.S. federal income tax purposes, and receipt of an opinion substantially to that effect from Proskauer Rose LLP, special tax counsel to the Acquiring, is a condition to the obligation of the s to consummate the Merger. This means that neither shareholders nor your Target or Acquiring will recognize a gain or loss for U.S. federal income tax purposes directly as a result of the Merger. Certain other U.S. federal income tax consequences are discussed below under "Material U.S. Federal Income Tax Consequences of the Mergers." 8 Evergreen s

17 EVERGREEN VA OMEGA FUND AND WELLS FARGO ADVANTAGE VT LARGE COMPANY GROWTH FUND INTO WELLS FARGO ADVANTAGE VT OMEGA GROWTH FUND In addition to your Target, shareholders in one or more other Target s are being asked to approve a Merger into your Acquiring. Your Merger is not contingent upon approval of any other Merger by shareholders of any other Target. SHARE CLASS INFORMATION The following table illustrates the share class of the Acquiring that shareholders will receive as a result of the Merger in exchange for their shares in the Target. If the shareholder owns this class of shares of Evergreen VA Omega : Class 1 Class 1 Class 2 Class 2 1 The is a shell fund ("Shell ") being created to receive the assets of one or more Target s. The shareholder will get this class of shares of Wells Fargo Advantage VT Omega Growth 1 : If the shareholder owns this class of shares of Wells Fargo Advantage VT Large Company Growth : Single Class Class 2 1 The is a shell fund ("Shell ") being created to receive the assets of one or more Target s. The shareholder will get this class of shares of Wells Fargo Advantage VT Omega Growth 1 : The Acquiring shares that shareholders receive as a result of the Merger will have the same total value as the total value of their Target shares as of the close of business on the business day immediately prior to the Merger. The procedures for buying, selling and exchanging shares of the s are identical. For additional information, see the section entitled "Buying, Selling and Exchanging Shares." INVESTMENT GOAL AND STRATEGY COMPARISON The following section compares the investment goals, principal investment strategies and fundamental investment policies of the s. The investment goals of the s may be changed without shareholder approval. Evergreen VA Omega and Wells Fargo Advantage VT Omega Growth. Although the s use different terminology and descriptions to describe their investment goals and investment strategies, the s' investment goals are substantively the same and their principal investment strategies are substantially similar. Both s seek long-term capital growth/appreciation. Evergreen VA Omega normally invests substantially all of its assets in common stocks of companies of any market capitalization, and similarly the Wells Fargo Advantage VT Omega Growth normally invests at least 80% of its assets in equity securities of any market capitalization. Both s may invest up to 25% of their assets in foreign securities. A more complete description of each 's investment goals and strategies is below. EVERGREEN VA OMEGA FUND (Target ) INVESTMENT GOAL The seeks long-term capital growth. PRINCIPAL INVESTMENT STRATEGIES The invests primarily, and under normal conditions substantially all of its assets, in common stocks of U.S. companies of any market capitalization. The may invest up to 25% of its assets in foreign securities. The may, but will not necessarily, use derivatives. WELLS FARGO ADVANTAGE VT OMEGA GROWTH FUND (Acquiring ) The seeks long-term capital appreciation. Under normal circumstances, the invests at least 80% of its total assets in equity securities and may invest up to 25% of its total assets in equity securities of foreign issuers, including ADRs and similar investments. We invest principally in equity securities of companies of all market capitalizations. Furthermore, we may use futures, options or swap agreements, as well as other derivatives, to manage risk or to enhance return. Evergreen s 9

18 EVERGREEN VA OMEGA FUND (Target ) The 's portfolio manager employs a growth style of equity management that seeks to emphasize companies with cash flow growth, sustainable competitive advantages, returns on invested capital above their cost of capital and the ability to manage for profitable growth that can create long-term value for shareholders. Although not a part of the principal investment strategies, the may, but will not necessarily, temporarily invest up to 100% of its assets in cash and/or high-quality money market instruments in response to adverse economic, political or market conditions. This strategy is inconsistent with the 's investment goal and principal investment strategies and, if employed, could result in a lower return and loss of market opportunity. WELLS FARGO ADVANTAGE VT OMEGA GROWTH FUND (Acquiring ) The goal of our fundamental investment process is to identify the small number of high quality companies capable of sustaining above average, long-term cash flow growth and then to invest at a significant discount to our valuation estimate to create long-term value for investors. Our strategy is focused on firms with a strong business franchise that, because of their structural advantages, are best-positioned to benefit from the secular growth trends in their industry. Our investment process is forward looking,. Because we approach research from the perspective of a potential owner, we focus on future cash flows for measuring intrinsic value. Through our fundamental, bottom-up analysis, we form distinct, company-specific insights. Our disciplined scrutiny of upside potential and downside risk gives us the confidence to make long-term investments regardless of the short-term impact of business cycles. Our fund is constructed company by company, based on our level of conviction. Our sell decisions are similarly driven by our long-term fundamental analysis. Always vigilant of the overall portfolio's risk-return profile, we would also sell a stock if we found a more attractive candidate with a better margin of safety. As long-term investors, our final portfolio typically has a low average turnover and typically holds stocks. The may hold some of its assets in cash or in money market instruments, including U.S.Government obligations, shares of other mutual funds and repurchase agreements, or make other short-term investments to either maintain liquidity or for short-term defensive purposes when we believe it is in the best interests of the shareholders to do so. During these periods, the may not achieve its objective. Wells Fargo Advantage VT Large Company Growth and Wells Fargo Advantage VT Omega Growth. The s' investment goals are identical, and their principal investment strategies are similar. Each seeks long-term capital appreciation. The Wells Fargo Advantage VT Large Company Growth normally invests at least 80% of its assets in the equity securities of large-capitalization companies, while the Wells Fargo Advantage VT Omega Growth invests at least 80% of its assets in equity securities of companies of all market capitalizations. This means that an investment in the Wells Fargo Advantage VT Omega Growth may be more sensitive to the price fluctuation of securities of small and medium-cap companies. Also, the Wells Fargo Advantage VT Omega Growth may invest up to 25% of its assets in equity securities of foreign issuers, while the Wells Fargo Advantage VT Large Company Growth may invest up to 20% of its assets in equity securities of foreign issuers only through ADRs and similar investments. This means that the Wells Fargo Advantage VT Omega Growth may have greater exposure to foreign securities than the Wells Fargo Advantage VT Large Company Growth. A more complete description of each 's investment goals and strategies is below. WELLS FARGO ADVANTAGE VT LARGE COMPANY GROWTH FUND (Target ) INVESTMENT GOAL The seeks long-term capital appreciation. PRINCIPAL INVESTMENT STRATEGIES WELLS FARGO ADVANTAGE VT OMEGA GROWTH FUND (Acquiring ) The seeks long-term capital appreciation. 10 Evergreen s