EVERGREEN SELECT EQUITY TRUST, 497, 1997-11-26

EVERGREEN SELECT EQUITY TRUST
497, 1997-11-26

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PROSPECTUS November 21, 1997
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(Evergreen logo appears here)
EVERGREEN SELECT EQUITY TRUST

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Evergreen Select Strategic Value Fund
Evergreen Select Diversified Value Fund
Evergreen Select Large Cap Blend Fund
Evergreen Select Common Stock Fund
Evergreen Select Strategic Growth Fund
Evergreen Select Equity Income Fund
Evergreen Select Small Company Value Fund
Evergreen Select Social Principles Fund
Evergreen Select Balanced Fund
(Each a "Fund," together the "Funds")

INSTITUTIONAL SHARES

This prospectus explains important information about the Institutional
Shares of the Evergreen Select Equity Trust, including information on how the
Funds invest and services available to shareholders. Please read this
prospectus before investing, and keep it for future reference.

When you consider investing in a Fund, remember that the higher the risk
of losing money, the higher the potential reward. The reverse is also generally
true: the lower the risk, the lower the potential reward.

By itself, no Fund is a complete investment plan. When considering an
investment in any of the Funds, remember to consider your overall investment
objectives and any other investments you own. You should also carefully
evaluate your ability to handle the risks posed by your investment in the
Funds. You can find information on the risks associated with investing in the
Funds under the section called "Fund Descriptions."

To learn more about the Evergreen Select Equity Trust, call 1-800-633-2700
for a free copy of the Funds' statement of additional information ("SAI") dated
November 21, 1997 as supplemented from time to time. The Funds have filed the
SAI with the Securities and Exchange Commission and have incorporated it by
reference (legally included it) into this prospectus.

Please remember that shares of the Funds are:

o Not deposits or obligations of any bank.
o Not endorsed or guaranteed by any bank.
o Not insured or otherwise protected by the Federal Deposit Insurance
Corporation or any other agency.
o Subject to investment risks, including possible loss of the principal amount.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
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TABLE OF CONTENTS
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<TABLE>
<S> <C>
EXPENSES 3
FUND DESCRIPTIONS 4
Investment Objectives 4
Securities and Investment Practices
Used By Each Fund 5
BUYING AND SELLING SHARES 7
How To Buy Shares 7
How to Redeem Shares 8
Additional Transaction Policies 9
Exchanges 9
Dividends 9
Taxes 9
Shareholder Services 10
FUND DETAILS 10
Fund Organization and Service
Providers 10
Other Information And Policies 14
Fund Performance 15
</TABLE>

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EXPENSES
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The tables and examples below are designed to help you understand the
various expenses that you will bear, directly or indirectly, when you invest in
the Funds. Shareholder transaction expenses are fees paid directly from your
account when you buy or sell shares of a Fund. There are no shareholder
transaction expenses.

Annual operating expenses reflect the normal operating expenses of a Fund,
and include costs such as management, distribution and other fees. The table
below shows the Funds' estimated annual operating expenses for the fiscal
period ending June 30, 1998. Each Fund's example shows what you would pay if
you invested $1,000 over the periods indicated. The examples assume that you
reinvest all of your dividends and that each Fund's average annual return will
be 5%. The examples are for illustration purposes only and should not be
considered a representation of past or future expenses or annual return. The
Funds' actual expenses and returns will vary. For a more complete description
of the various costs and expenses borne by the Funds see "Fund Details."

<TABLE>
<S> <C> <C> <C> <C>
Management Other Total Operating
Fees Expenses Expenses (After
Annual Fund Operating Expenses (After Expense 12b-1 (After Expense Expense Waivers or
(as a percentage of average daily net assets) Reimbursements)1 Fees Reimbursements) Reimbursements)1
Evergreen Select Strategic Value Fund 0.60% None 0.15% 0.75%
Evergreen Select Diversified Value Fund 0.50% None 0.10% 0.60%
Evergreen Select Large Cap Blend Fund 0.60% None 0.11% 0.71%
Evergreen Select Common Stock Fund 0.60% None 0.10% 0.70%
Evergreen Select Strategic Growth Fund 0.60% None 0.12% 0.72%
Evergreen Select Equity Income Fund 0.60% None 0.17% 0.77%
Evergreen Select Small Company Value Fund 0.80% None 0.20%1 1.00%
Evergreen Select Social Principles Fund 0.70% None 0.16% 0.86%
Evergreen Select Balanced Fund 0.50% None 0.11% 0.61%
Example of Fund Expenses 1 year 3 years
Evergreen Select Strategic Value Fund $ 8 $24
Evergreen Select Diversified Value Fund $ 6 $20
Evergreen Select Large Cap Blend Fund $ 7 $23
Evergreen Select Common Stock Fund $ 7 $22
Evergreen Select Strategic Growth Fund $ 7 $23
Evergreen Select Equity Income Fund $ 8 $25
Evergreen Select Small Company Value Fund $10 $32
Evergreen Select Social Principles Fund $ 9 $27
Evergreen Select Balanced Fund $ 6 $20
</TABLE>

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(1) Each Fund's investment adviser has voluntarily agreed to waive 0.10% of
each Fund's investment advisory fee. Without such waivers, each management
fee set forth above would be 0.10% higher. The investment advisers
currently intend to continue this expense waiver through November 30,
1998; however, each may modify or cancel its expense waiver at any time.
See "Fund Details" for more information. In addition, the investment
adviser to Evergreen Select Small Company Value Fund has limited that
Fund's Other Expenses to 0.20%. Absent expense waivers and/or
reimbursements, the Total Operating Expenses for each of the Funds would
be as follows:

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<TABLE>
<S> <C> <C> <C>
Management Fee Other Expenses (Without Total Fund
Fund (Without Waivers) Reimbursements) Operating Expenses
Evergreen Select Strategic Value Fund 0.70% -- 0.85%
Evergreen Select Diversified Value Fund 0.60% -- 0.70%
Evergreen Select Large Cap Blend Fund 0.70% -- 0.81%
Evergreen Select Common Stock Fund 0.70% -- 0.80%
Evergreen Select Strategic Growth Fund 0.70% -- 0.82%
Evergreen Select Equity Income Fund 0.70% -- 0.87%
Evergreen Select Small Company Value Fund 0.90% 0.28% 1.18%
Evergreen Select Social Principles Fund 0.80% -- 0.96%
Evergreen Select Balanced Fund 0.60% -- 0.71%
</TABLE>

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FUND DESCRIPTIONS
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INVESTMENT OBJECTIVES

Evergreen Select Strategic Value Fund seeks long-term capital appreciation
with current income as a secondary objective. The Fund invests primarily in the
equity securities of large companies (i.e., a company with a market
capitalization of over $5 billion at the time of investment) and mid-size U.S.
companies (i.e., companies with market capitalizations of over $1 billion but
less than $5 billion at the time of investment). Generally selected are stocks
that the Fund's investment adviser believes are undervalued relative to their
true values and exhibit positive trends in their underlying operations and
earnings expectations.

Evergreen Select Diversified Value Fund seeks long-term capital
appreciation with current income as a secondary objective. Normally, the Fund
invests primarily in equity securities of U.S. companies with prospects for
earnings growth and dividends. Generally selected are stocks that the Fund's
investment adviser believes are undervalued relative to their true values and
exhibit positive trends in their underlying operations and earnings
expectations.

Evergreen Select Large Cap Blend Fund seeks to achieve long-term capital
growth. The Fund invests at least 65% of its total assets in the equity
securities of large companies (i.e. a company with a market capitalization of
over $5 billion at the time of investment). The Fund's stock selection is based
on a diversified style of equity management that allows it to invest in both
value and growth-oriented equity securities.

Evergreen Select Common Stock Fund seeks long-term capital appreciation.
The Fund invests at least 65% of its total assets in common stocks of U.S.
companies. The Fund's stock selection is based on a diversified style of equity
management that allows it to invest in both value and growth-oriented equity
securities.

Evergreen Select Strategic Growth Fund seeks long-term capital
appreciation. The Fund invests primarily in the equity securities of large and
mid-size U.S. companies, which, in the opinion of the Fund's adviser,
demonstrate the potential for superior and sustainable earnings growth.

Evergreen Select Equity Income Fund seeks high current income as a primary
investment objective, and long-term capital appreciation as a secondary
objective. The Fund invests at least 65% of its total assets in income
producing equity securities that are generally characterized by having
below-average price to earnings ratios and higher dividend yields relative to
their industry groups. The Fund's stock selection is based on a diversified
style of equity management that allows it to invest in both value and
growth-oriented equity securities.

Evergreen Select Small Company Value Fund seeks capital appreciation. The
Fund invests at least 65% of its total assets in the equity securities of small
companies (i.e., a company with a market capitalization of $1 billion or less
at the time of investment). The Fund invests in stocks of companies it believes
the market has temporarily undervalued in relation to such factors as the
company's assets, cash flow or earnings potential. The Fund selects securities
it thinks will rise in value sooner than most observers anticipate, increasing
the value of Fund shares.

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Evergreen Select Social Principles Fund seeks to provide long-term capital
growth. The Fund invests in the equity securities of mid-size companies that
respect human rights, play a role in local communities and produce useful
products in an environmentally sound way. The Fund will not invest in companies
that produce liquor, tobacco, weapons or nuclear energy.

Evergreen Select Balanced Fund seeks long-term total return through
capital appreciation, dividends and interest income. The Fund invests in growth
oriented common and preferred stocks and fixed income securities to provide a
stable income flow. It is anticipated that the Evergreen Select Balanced Fund's
asset allocation will range between 40-75% in common and preferred stocks,
25-50% in fixed income securities (including some convertible securities) and
0-25% in cash equivalents.

Each Fund's investment objective(s) is nonfundamental. As a result, a Fund
may change its objective(s) without a shareholder vote. Each Fund has also
adopted certain fundamental investment policies which are mainly designed to
limit a Fund's exposure to risk. A Fund's fundamental policies cannot be
changed without a shareholder vote. See the SAI for more information regarding
a Fund's fundamental investment policies or other related investment policies.

SECURITIES AND INVESTMENT PRACTICES USED BY EACH FUND

You can find more information about the types of securities in which a
Fund may invest, the types of investment techniques a Fund may employ in
pursuit of its objective and a summary of related risks set forth below. The
Funds' SAI contains additional information about these investments and
investment techniques.

Equity Securities. Each Fund, with the exception of Evergreen Select Balanced
Fund, invests primarily in common stocks. A common stock represents an equity
(ownership) interest in a corporation. Each Fund expects to profit from stocks
primarily by (1) selling shares at a higher price than it paid and (2) earning
dividends.

Each Fund may invest in convertible securities. Convertible securities are
corporate securities that can be exchanged for a different type of corporate
security. Convertible securities normally purchased by the Funds are
convertible preferred stocks and convertible bonds, both of which can be
exchanged for common stocks.

Investments in stocks are subject to market risk, which is the possibility
that stock prices in general will decline over short or even extended periods.
Stock markets tend to move in cycles, with periods of rising stock prices and
periods of falling stock prices. Also, investing in small companies involves
greater risk than investing in larger companies. Small company stock prices can
rise very quickly and drop dramatically in a short period of time. This
volatility results from a number of factors, including reliance by such
companies on limited product lines, markets, and financial and management
resources. These and other factors may make small companies more susceptible to
setbacks or downturns. These companies may experience higher rates of
bankruptcy or other failures than larger companies. They may be more likely to
be negatively affected by changes in management. In addition, the stock of
small companies may be less marketable than larger companies.

Debt Securities. Evergreen Select Balanced Fund may invest in bonds or other
instruments used by corporations or governments to borrow money from investors,
including all kinds of convertible securities. When the Fund buys a debt
security, it expects to earn a variable or fixed rate of interest and it
expects the issuer to repay the amount borrowed at maturity. Some debt
securities, such as zero coupon bonds, do not pay current interest, but are
purchased at a discount from their face values. The main risks of investing in
debt securities are:

o Interest Rate Risk: The risk that a bond's prices will fall when
interest rates rise, and vice versa. Debt securities have varying levels
of sensitivity to interest rates. Longer-term bonds are generally more
sensitive to changes in interest rates than short term bonds.

o Credit Risk: The chance that the issuer of a bond will have its credit
rating downgraded or will default (fail to make scheduled interest and
principal payments), potentially reducing the Fund's income and/or share
price.

Debt securities have varying degrees of quality. Investment grade bonds
are generally rated within the three highest grades as determined by Standard &
Poor's Ratings Group ("S & P") (AAA, AA, or A), Moody's Investors Service
("Moody's") (Aaa, Aa, or A), or Fitch Investors Service, L.P. ("Fitch") (AAA,
AA, or A) or their respective

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equivalent ratings or, if not rated or rated by another system, determined by
the Fund's adviser to be of equivalent credit quality to securities so rated.
Bonds rated A or above are regarded as having a strong capacity to pay interest
and repay principal. However, adverse economic conditions or changing
circumstances may to lead to a weakened capacity to pay interest and repay
principal compared to higher-rated bonds.

The Fund is not required to sell or otherwise dispose of any security that
loses its rating or has its rating reduced after the Fund has purchased it.
Also, if S&P, Moody's or Fitch changes its ratings system, each Fund will try
to use comparable ratings as standards according to the Fund's investment
objectives and policies.

United States ("U.S.") Government Securities. U.S. government securities are
debt securities that are issued or guaranteed by the U.S. Treasury or by an
agency or instrumentality of the U.S. government. Some U.S. government
securities, such as Treasury bills, notes and bonds, are supported by the full
faith and credit of the U.S. Others, however, are supported only by the credit
of the instrumentality or by the right of the instrumentality to borrow from
the U.S. government.

While U.S. government securities are guaranteed as to principal and
interest, their market value is not guaranteed. Generally, U.S. government
securities are subject to the same interest rate and credit risks as other
fixed-income securities. However, since U.S. government securities are of the
highest credit quality, the credit risk is minimal. The U.S. government does
not guarantee the net asset value of the Funds' shares.

Mortgage-Backed Securities. A mortgage-backed security represents an interest
in a "pool" of commercial or residential mortgages. Payments of interest and
principal made by the individual borrowers on the mortgages that underlie the
securities are passed through to the Fund. Evergreen Select Balanced Fund may
invest in mortgage-backed securities and other complex asset backed securities,
including collateralized mortgage obligations and stripped mortgage-backed
securities.

Early repayment of the mortgages underlying the securities may expose a
fund to a lower rate of return when it reinvests the principal. The rate of
prepayments will affect the price and volatility of the mortgage-backed
security and may have the effect of shortening or extending the effective
maturity beyond what a fund anticipated at the time of purchase.

Like other debt securities, changes in interest rates generally affect the
value of a mortgage-backed security. Additionally, some mortgage-backed
securities may be structured so that they may be particularly sensitive to
interest rates and difficult to predict.

Derivatives. Derivatives are financial contracts whose value is based on an
underlying asset, such as a stock or a bond, or an underlying economic factor,
such as an index or an interest rate. Each Fund may purchase put and call
options, write covered put and call options, enter into futures contracts and
use options on futures contracts. The Funds may use futures and options for
hedging purposes only, not for speculation.

Losses from derivatives can sometimes be substantial. This is true partly
because small price movements in the underlying asset can result in immediate
and substantial gains or losses in the value of the derivative. Derivatives can
also cause a Fund to lose money if the Fund fails to correctly predict the
direction in which the underlying asset or economic factor will move.

Borrowing. Each Fund may borrow from banks in an amount up to 33 1/3% of its
total assets, taken at market value. A Fund may only borrow as a temporary
measure for extraordinary or emergency purposes such as the redemption of Fund
shares. A Fund will not purchase securities while borrowings are outstanding
except to exercise prior commitments and to exercise subscription rights.

Securities Lending. To generate income and offset expenses, each Fund may lend
securities to broker-dealers and other financial institutions. Loans of
securities by a Fund may not exceed 30% of the value of the Fund's total
assets. While securities are on loan, the borrower will pay the Fund any income
accruing on the security. Also, the Fund may invest any collateral it receives
in additional securities.

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Gains or losses in the market value of a lent security will affect a Fund
and its shareholders. When a Fund lends its securities, it runs the risk that
it could not retrieve the securities on a timely basis, possibly losing the
opportunity to sell the securities at a desirable price. Also, if the borrower
files for bankruptcy or becomes insolvent, the Fund's ability to dispose of the
securities may be delayed.

Repurchase Agreements. Each Fund may enter into repurchase agreements. A
repurchase agreement is an agreement by a Fund to purchase a security and sell
it back for a specified price. The repurchase price reflects an agreed-upon
interest rate for the time period of the agreement. A Fund's risk is the
inability of the seller to pay the agreed-upon price at delivery date. However,
such risk is tempered by the ability of a Fund to sell the security in the open
market in case of default. In such a case, a Fund may incur costs in disposing
of the security which would increase Fund expenses.

Reverse Repurchase Agreements. Each Fund may enter into reverse repurchase
agreements. A reverse repurchase agreement is an agreement by a Fund to sell a
security and repurchase it at a specified time and price. A Fund could lose
money if the market value of the securities it sold declines below their
repurchase price. Reverse repurchase agreements may be considered a form of
borrowing, and, therefore, a form of leverage. Leverage may magnify gains or
losses of a Fund.

Investing in Securities of Other Investment Companies. The Funds may invest in
securities of other investment companies. As a shareholder of another
investment company, a Fund would pay its portion of the other investment
company's expenses. These expenses would be in addition to the expenses that a
Fund currently bears concerning its own operations and may result in some
duplication of fees.

When-Issued, Delayed-Delivery and Forward Commitment Transactions. Each Fund
may enter into transactions whereby it commits to buying a security, but does
not pay for or take delivery of the security until some specified date in the
future. The value of these securities is subject to market fluctuation during
this period and no income accrues to a Fund until settlement. At the time of
settlement, a when-issued security may be valued at less than its purchase
price. When entering into these transactions, a Fund relies on the other party
to consummate the transaction; if the other party fails to do so, the Fund may
be disadvantaged.

Temporary Defensive Investments. Each Fund may invest for temporary defensive
purposes up to 100% of its assets in short-term obligations. Such obligations
may include master demand notes, commercial paper and notes, bank deposits and
other financial institution obligations.

Other Investment Restrictions. Each Fund has adopted additional investment
restrictions and guidelines that are set forth in the SAI.
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BUYING AND SELLING SHARES
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HOW TO BUY SHARES

Institutional investors may buy Institutional Shares of the Funds through
broker-dealers, banks and certain other financial intermediaries, or directly
through the Fund's distributor, Evergreen Distributor, Inc. ("EDI") Investors
may purchase Institutional shares at the public offering price, which equals
the class's net asset value per share ("NAV"). See "Offering Price and Other
Purchase Information" below.

Minimum Investment. The minimum initial investment in Institutional Shares is
$1 million, which may be waived in certain situations. There is no minimum
amount required for subsequent purchases.

Opening an Account. You may open an account by mailing a signed account
application to the particular Fund c/o Evergreen Service Company, P.O. Box
2121, Boston, Massachusetts 02106-2121. You may get an account application by
calling 1-800-633-2700.

Except as provided below, you can only purchase shares by wiring federal
funds to Evergreen Service Company (the "Service Company"). You may obtain
wiring instructions by calling 1-800-633-2700. When you call, the Service
Company representative will ask you for the following information: name of
authorized person; shareholder name; shareholder account number; name of the
Fund and share class; amount being wired; and wiring bank name.

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Offering Price and Other Purchase Information. When you buy a Fund's shares,
you pay its NAV next determined after the Fund receives and accepts your order.
To receive that day's offering price, a Fund must receive and accept your order
by the close of regular trading (currently 4:00 p.m. Eastern time); otherwise,
you will receive the next day's offering price. For more information, see "How
the Funds Calculate Their NAV."

You may, at a Fund's discretion, pay for shares of a Fund with securities
instead of cash. Additionally, if you want to buy a Fund's shares equal in
amount to $5 million or more the Fund may require you to pay for those shares
with securities instead of cash. A Fund will only accept securities that are
consistent with its investment objective, policies and restrictions. Also, a
Fund will value the securities in the manner described under "How the Funds
Calculate Their NAV." Investors who receive a Fund's shares for securities
instead of cash may pay such transaction costs as broker's commissions, taxes
or governmental fees.

HOW TO REDEEM SHARES

You may redeem shares of a Fund by mail, telephone or other types of
telecommunication.

Mail Redemptions. You may redeem shares on each day that the New York Stock
Exchange ("NYSE") is open by mailing a written request to the Service Company
at the following address:

Evergreen Service Company
P.O. Box 2121
Boston, Massachusetts 02106-2121

The signatures on the written request must be properly guaranteed, as
described below.

How To Redeem By Telephone. You may redeem your shares by calling
1-800-633-2700 between the hours of 9:00 a.m. and 5:00 p.m. (Eastern time) on
each business day. You may also redeem shares by sending a facsimile to
617-210-2708 or by other means of wire communication. You must state the Fund
and class from which you want to redeem, the number or dollar amount of shares
you want to redeem and your account number. The telephone redemption service is
not available to you automatically. You must elect to do so on your account
application.

If you are unable to reach the Funds, or the Service Company by telephone,
you should redeem by mail.

The Service Company will wire your redemption proceeds to the commercial
bank account designated on the account application. If the Service Company
deems it appropriate, it may require additional documentation. Although at
present the Service Company pays the wire costs involved, it reserves the right
at any time to require the shareholder to pay such costs.

Redemption Value and Other Redemption Policies. When you sell shares, you
receive the NAV computed at the close of the NYSE on the day that a Fund
receives your request, if your request is received before 4:00 p.m. Eastern
time. If a Fund receives your redemption request after 4:00 p.m. Eastern time,
you will receive the next day's NAV. Generally, a Fund pays redemption proceeds
within seven days. The Funds may, at any time, change, suspend or terminate any
of the redemption methods described in this prospectus, except redemptions by
mail. For more information, see "How the Funds Calculate Their NAV."

The Funds may, at their discretion, pay your redemption proceeds with
securities instead of cash. However, each Fund is obligated to redeem shares
solely in cash, up to the lesser of $250,000 or 1% of a Fund's total net assets
during any ninety day period for any one shareholder. See the SAI for further
details.

Except as otherwise noted, neither the Funds, the Service Company nor the
Funds' distributor assumes responsibility for the authenticity of any
instructions received by any of them from a shareholder by telephone. The
Service Company will employ reasonable procedures to confirm that instructions
received over the telephone or otherwise are genuine. Neither the Funds, the
Service Company nor the Funds' distributor will be liable when following
instructions received by telephone or otherwise that the Service Company
reasonably believes to be genuine.

Shareholders may only change information contained in their account
registration (such as the bank account designated to receive wire redemption
proceeds) by writing to the Service Company. Signatures on such written
instructions must be guaranteed, as described below.

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ADDITIONAL TRANSACTION POLICIES

How The Funds Calculate Their NAV. A Fund's NAV equals the value of its share
without sales charges. A Fund calculates its NAV by adding up the total value
of its investments and other assets, subtracting its liabilities and then
dividing the result by the number of shares outstanding. The Funds compute
their NAV as of the close of regular trading (generally 4:00 p.m. Eastern time)
on each day that the NYSE is open.

The Funds' assets are valued primarily on the basis of market quotations.
Short-term securities with remaining maturities of sixty days or less for which
quotations are not readily available are valued on the basis of amortized cost.
In addition, securities for which quotations are not readily available are
valued by a method that the Board of Trustees believes accurately reflects fair
value.

Signature Guarantee. For your protection, signatures on stock powers, and
written orders or authorizations must have a signature guarantee. A signature
guarantee can be provided by a U.S. stock exchange member, a bank, or other
persons eligible to guarantee signatures under the Securities Exchange Act of
1934 and the Service Company's policies. The Service Company may waive this
requirement or may require additional documentation in certain cases.

EXCHANGES

You may exchange Institutional Shares of any Fund for Institutional Shares
of any other Evergreen Select Fund. You may exchange your shares through your
broker-dealer, by mail or by telephone. All exchange orders must comply with
the applicable requirements for purchases and redemptions and must include your
account number, the number or value of shares to be exchanged, the class of
shares, and the Funds to and from which you wish to exchange.

Signatures on exchange orders must be guaranteed, as described above.

The Funds reserve the right to change or revoke the exchange privilege of
any shareholder or to limit or revoke any exchange. Currently, you may not make
more than five exchanges in a year or three exchanges in a calendar quarter.

Please read the prospectus of the fund that you want to exchange into
before requesting your exchange.

For federal income tax purposes, an exchange is treated as a sale for
taxable investors.

DIVIDENDS

As a shareholder, you are entitled to your share of earnings on a Fund's
investments. You receive such earnings as either an income dividend or a
capital gains distribution. Income dividends come from the dividends that a
Fund earns from its stocks plus any interest it receives from its bonds. The
Fund realizes a capital gain whenever it sells a security for a higher price
than its tax basis.

Dividend Schedule. Each Fund pays shareholders its net investment income
monthly. Each Fund pays shareholders its net capital gains at least once a
year.

Payment Options. Unless you select another option on your account application,
your dividends and capital gains will be reinvested in additional shares of the
same class of the same Fund.

You may elect to receive some or all of your dividends and capital gains
in cash. Should you select this option, a check will be mailed to you or your
agent or trustee no later than seven days after the payment date.

TAXES

Each Fund intends to qualify as a regulated investment company (a "RIC")
under Subchapter M of the Internal Revenue Code of 1986, as amended. As long as
a Fund qualifies as a RIC and distributes substantially all of its net
investment income and capital gains, it will not pay federal income taxes on
the earnings it distributes to shareholders.

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Distributions to shareholders, whether taken in cash or reinvested in
shares, are generally considered taxable for federal income tax purposes as
follows:

o Income distributions and net short-term capital gains are taxable as
ordinary income.

o Long-term capital gains distributions are taxable as capital gains,
regardless of how long you have held your shares.

After each calendar year, the Service Company will mail you a statement
indicating which of that year's distributions you should treat as ordinary
income and which you should treat as capital gains. Distributions of income or
capital gains may also be subject to state and local taxes. You should always
consult your tax adviser for specific guidance as to the tax consequences of
your investment in the Funds.

SHAREHOLDER SERVICES

Details on all shareholder services may be obtained from the Service
Company by calling toll free 1-800-633-2700 or by writing to the Service
Company.

Subaccounts. Special processing has been arranged with the Service Company for
banks and other institutions that wish to open multiple accounts (a master
account and subaccounts). An investor wishing to avail himself or herself of
the Service Company's subaccounting facilities will be required to enter into a
separate agreement, with the charges to be determined on the basis of the level
of services to be rendered. Subaccounts may be opened with the initial
investment or at a later date and may be established by an investor with
registration either by name or by number.
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FUND DETAILS
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FUND ORGANIZATION AND SERVICE PROVIDERS

Fund Structure. Each Fund is an investment pool, which invests shareholders'
money towards a specified goal. Each Fund is a diversified series of an
open-end, investment management company, called "Evergreen Select Equity Trust"
(the "Trust"). The Trust is a Delaware business trust organized on September
17, 1997.

Board of Trustees. The Trust is supervised by a Board of Trustees that is
responsible for representing the interests of shareholders. The Trustees meet
periodically throughout the year to oversee each Fund's activities, reviewing,
among other things, the Funds' performance and its contractual arrangements
with various service providers.

Shareholder Rights. All shareholders have equal voting, liquidation and other
rights. Shareholders may exchange shares as described under "Exchanges," but
will have no other preference, conversion, exchange or preemptive rights. When
issued and paid for, your shares will be fully paid and nonassessable. Shares
of the Funds are redeemable, transferable and freely assignable as collateral.
The Trust may establish additional classes or series of shares.

The Funds do not hold annual shareholder meetings; a Fund may, however,
hold special meetings for such purposes as electing or removing Trustees,
changing fundamental policies and approving investment advisory agreements or
12b-1 plans. In addition, the Funds are prepared to assist shareholders in
communicating with one another for the purpose of convening a meeting to elect
Trustees. If any matters are to be voted on by shareholders, each share owned
as of the record date for the meeting would be entitled to one vote.

Adviser. The adviser to each Fund, other than the Evergreen Select Small
Company Value Fund, is First Union National Bank ("FUNB"), a subsidiary of
First Union Corporation ("First Union"). First Union and FUNB are located at
301 South College Street, Charlotte, North Carolina 28288-0630. First Union and
its subsidiaries provide a broad range of financial services to individuals and
businesses throughout the United States.

10
<PAGE>

Each Fund, other than the Evergreen Select Small Company Value Fund, pays FUNB
a fee for its services as set forth below. FUNB annual advisory fees are
expressed as a percentage of average net assets. In addition, FUNB has
voluntarily agreed to reduce its advisory fee by 0.10%, for each Fund it
advises, resulting in the net advisory fees that are also indicated in the
table below.

<TABLE>
<S> <C> <C>
Fund Advisory Fee Net Advisory Fee
Evergreen Select Strategic Value Fund 0.70% 0.60%
Evergreen Select Diversified Value Fund 0.60% 0.50%
Evergreen Select Large Cap Blend Fund 0.70% 0.60%
Evergreen Select Common Stock Fund 0.70% 0.60%
Evergreen Select Strategic Growth Fund 0.70% 0.60%
Evergreen Select Equity Income Fund 0.70% 0.60%
Evergreen Select Social Principles Fund 0.80% 0.70%
Evergreen Select Balanced Fund 0.60% 0.50%
</TABLE>

Evergreen Asset Management Corp. ("Evergreen Asset") is the investment
adviser to Evergreen Select Small Company Value Fund. Evergreen Asset is
located at 2500 Westchester Avenue, Purchase, New York 10577 and is also a
subsidiary of First Union. Evergreen Select Small Company Value Fund pays
Evergreen Asset an annual advisory fee equal to 0.90% of average net assets.
Currently, Evergreen Asset has voluntarily agreed to limit its advisory fee to
0.80% of the average net assets of the fund.

FUNB and Evergreen Asset currently intend to continue waiving 0.10% of
each Fund's respective advisory fee, where applicable, through November 30,
1998. FUNB and Evergreen Asset may each modify or cancel its expense waiver at
any time.

Sub-Adviser. With respect to Evergreen Select Small Company Value Fund,
Evergreen Asset has entered into a sub-advisory agreement with Lieber &
Company. Under that agreement, Lieber & Company furnishes Evergreen Asset with
information, investment recommendations, advice and assistance. Evergreen Asset
reimburses Lieber & Company for the direct and indirect costs it incurs while
performing its sub-advisory services. Lieber & Company is located at 2500
Westchester Avenue, Purchase, New York, 10566. Lieber & Company is a subsidiary
of First Union.

Portfolio Managers. Information about the individual portfolio managers
responsible for managing each Fund, including their occupations for the past
five years, is provided below.
- --------------------------------------------------------------------------------
Fund Portfolio Manager(s)

Evergreen Select
Common Stock Fund The portfolio managers of the Fund are Mark C. Sipe, CFA and
Hanspeter Giger, CFA.

Mark C. Sipe, CFA. Since joining First Union in 1983, Mr.
Sipe has been a Senior Vice President. He has over 19 years
of investment management experience. Aside from co-managing
the Fund, he is responsible for the oversight of equity
research efforts and all equity investment processes.

Hanspeter Giger, CFA. Mr. Giger has 12 years of investment
management experience. For the past five years, Mr. Giger
has been a Vice President and Equity Analyst of First Union.
Aside from co-managing the Fund, he is responsible for
overseeing and coordinating FUNB's Investment Research/Core
team. Prior to joining First Union in 1987, Mr. Giger held a
securities analyst position at Wells Fargo Bank in San
Francisco, CA.

Evergreen Select
Equity Income Fund Paul A. DiLella. Paul A. DiLella is a Vice President and
Senior Investment Officer of FUNB. Aside from managing the
Fund, Mr. DiLella has been the portfolio manager of the
Evergreen Utility Fund since 1996. Mr. DiLella joined First
Fidelity Bank in 1982, which was acquired by First Union in
1995, as Vice President and Portfolio Manager of the Asset
Management Group. Mr. DiLella has over 16 years of
investment experience.

11
<PAGE>

- --------------------------------------------------------------------------------
Fund Portfolio Manager(s)
Evergreen Select
Large Cap Blend Eric Wiegand is the team leader of a group of four seasoned
Fund investment professionals who manage this Fund. Managing the
Fund along with Mr. Wiegand are Daryl L. Brown, R. Dean
Hawes, Dillon Harris and Steven J. Hoeft.

Eric M. Wiegand. Eric Wiegand is also responsible for
managing the Evergreen Select Social Principles Fund. Prior
to rejoining First Fidelity Bank in 1994, which was acquired
by First Union in 1995, Mr. Wiegand was an Assistant Vice
President and Portfolio Manager with First Fidelity Bank
from 1989-1993. He also served as a Vice President and
Senior Portfolio Manager with PNC Bank in Philadelphia from
1993-1994.

Evergreen Select
Strategic Growth The portfolio managers of the Fund are W. Shannon Reid,
Fund CFA, and Timothy M. Stevenson, CFA.

W. Shannon Reid, CFA. Shannon Reid has over 13 years of
investment experience. His responsibilities include equity
analysis and portfolio management for FUNB's growth-style
equity products. Mr. Reid has been with First Union since
1988 as a Vice President and Portfolio Manager.

Timothy M. Stevenson, CFA. Tim Stevenson has over 16 years
of investment experience. Before joining First Union in 1994
as a Senior Vice President and Portfolio Manager, Tim served
as a research director and portfolio manager for Cedar Hill
Associates, Inc. from 1979-1984.

Evergreen Select
Strategic Value Timothy O'Grady is the team leader of a group of three
Fund seasoned professionals who manage the Strategic Value Fund.
Managing the Fund along with Mr. O'Grady are J. Donald
Raines, Jack Gray and Elizabeth Smith.

Timothy E. O'Grady. Since joining First Union (then First
Fidelity Bank) in 1986, Timothy O'Grady has been a portfolio
manager in the Employee Benefit Equity/Balanced Unit of the
Capital Management Group in Newark, NJ. He is also
co-manager of the Select Value Fund. He recently became a
Senior Vice President and Senior Portfolio Manager this
year.

Evergreen Select
Small Company The portfolio managers for the Fund are Stephen A. Lieber,
Value Fund Gary R. Buesser and Nola M. Falcone, CFA.

Stephen Lieber. Mr. Lieber is Chairman and Co-Chief
Executive Officer of Lieber & Co. and Evergreen Asset
Management Corp. He was the founding Partner of Lieber & Co.
in 1969 and served as Senior Partner until June, 1994. He is
Portfolio Manager of Evergreen Fund, Evergreen Foundation
Fund and Evergreen Tax Strategic Foundation Fund. He was a
founding General Partner of Vanden Broeck, Lieber & Co. from
1956 to 1969.

Gary Buesser. Mr. Buesser joined Lieber & Company as an
analyst in 1996. Previously, he was a Portfolio
Manager/Analyst with Cowen Asset Management and Shearson
Lehman Brothers. Mr. Buesser is currently the Portfolio
Manager of the Evergreen Growth & Income Fund. Prior to
managing the Growth & Income Fund, Mr. Buesser worked as an
associate portfolio manager on the Evergreen Foundation Fund
and as primary manager for pension and non-profit
portfolios. He is a member of the New York Society of
Security Analysts and The Association for Investment
Management and Research.

12
<PAGE>

- --------------------------------------------------------------------------------
Fund Portfolio Manager(s)
Nola Falcone, CFA. Nola Falcone is President and Co-Chief
Executive Officer of Lieber & Co. and Evergreen Asset
Management Corp. She was a General Partner of Lieber & Co.
from January, 1981 to June, 1994 and joined Lieber & Co. as
a Senior Portfolio Manager in 1974. She is Portfolio Manager
for Evergreen Income & Growth Fund and Evergreen Small Cap
Equity Fund.

Evergreen Select
Social Principles Eric M. Wiegand. Eric Wiegand is also responsible for
Fund managing the Evergreen Select Large Cap Blend Fund. Prior to
rejoining First Fidelity Bank in 1994, which was acquired by
First Union in 1995, Mr. Wiegand was an Assistant Vice
President and Portfolio Manager with First Fidelity Bank
from 1989-1993. He also served as a Vice President and
Senior Portfolio Manager with PNC Bank in Philadelphia from
1993-1994.

Evergreen Select
Balanced Fund Dean Hawes manages the Fund's equity portfolio. Rollin C.
Williams is responsible for the fixed income portfolio of
the Fund.

Dean Hawes. Dean Hawes has over 22 years of investment
experience. He is currently portfolio manager of the
Evergreen Balanced Fund and a limited number of
institutional accounts. Since joining First Union from
Merrill Lynch in 1981, Mr. Hawes has been a Vice President
and Senior Portfolio Manager.

Rollin C. Williams, CFA. Rollin Williams has over 28 years
of investment and banking management experience. In addition
to managing First Union's Diversified Bond Group Trust and
the Evergreen U.S. Government Fund, he is also responsible
for the management of over $2.2 billion in fixed income
portfolios. Before joining First Union, Mr. Williams was the
head of fixed income investment at Dominion Trust Company in
Roanoke, VA. Mr. Williams has been with First Union since
1993 when Dominion was acquired by the bank; he started with
Dominion Trust Company in 1988. Since joining First Union,
Mr. Williams has been a Vice President and Senior Portfolio
Manager.

Evergreen Select
Diversified
Value Fund David C. Francis, CFA. David Francis joined First Union in
1994 as Managing Director and Chief Investment Officer.
David Francis has over 20 years of equity analysis and
investment experience. He is responsible for directing the
institutional investment organization for the First Union
Capital Management Group. Mr. Francis joined First Union
from Federated Investment Counseling, a division of
Federated Investors in Pittsburgh, PA, where he managed
equities for employee benefit and tax-exempt separate
accounts and mutual funds since 1978.

Distributor. Evergreen Distributor, Inc. is each Fund's distributor. Evergreen
Distributor, Inc. is located at 125 West 55th Street, New York, New York 10019
and is a subsidiary of The BISYS Group, Inc. Evergreen Distributor, Inc.
markets the Funds and distributes their shares through broker-dealers,
financial planners and other financial representatives. Evergreen Distributor,
Inc. is not affiliated with First Union Corporation.

Transfer Agent. Evergreen Service Company is each Fund's transfer agent.
Evergreen Service Company is a subsidiary of First Union and is located at 200
Berkeley Street, Boston, MA 02116-5034. Evergreen Service Company handles
shareholder services, including record keeping and account statements,
distribution of dividends and capital gains and processing of transactions.

Administrator. Evergreen Investment Services, Inc. ("EKS") serves as
administrator to each Fund. As administrator, and subject to the supervision
and control of the Trust's Board of Trustees, EKS provides the Funds with
facilities, equipment and personnel. For its services as administrator, EKS is
entitled to receive a fee based on the aggregate average daily net assets of
the Funds at a rate based on the total assets of all mutual funds advised by
First Union subsidiaries. The administration fee is calculated in accordance
with the following schedule:

13
<PAGE>

<TABLE>
<S> <C>
Aggregate Average Daily Net Assets Of Mutual Funds For Which Any
Administrative Fee Subsidiary Of First Union Serves As Investment Adviser
0.050% on the first $7 billion
0.035% on the next $3 billion
0.030% on the next $5 billion
0.020% on the next $10 billion
0.015% on the next $5 billion
0.010% on assets in excess of $30 billion
</TABLE>

OTHER INFORMATION AND POLICIES

Banking Laws. The Glass-Steagall Act and other banking laws and regulations
presently prohibit a bank holding company or its affiliates (a "Bank") from
sponsoring, organizing, controlling, or distributing the shares of a registered
open-end investment company such as each Fund. However, a Bank may act as
investment adviser, transfer agent or custodian to a registered open-end
investment company. A Bank may also purchase shares of such company and pay
third parties for performing these functions.

Securities Transactions. Under policies established by the Trust's Board of
Trustees, each Fund's investment adviser selects broker-dealers to execute
portfolio transactions subject to the receipt of best execution. In so doing,
each Fund's investment adviser may select broker-dealers who are affiliated
with the adviser. Moreover, the Funds may pay higher commissions to
broker-dealers that provide research services, which the adviser may use in
advising the Funds or its other clients.

Portfolio Turnover. The estimated annual portfolio turnover rate for each Fund
is not expected to exceed the rate set forth below.

<TABLE>
<S> <C>
Estimated Annual
Fund Name Portfolio Turnover
Evergreen Select Strategic Value 35%
Evergreen Select Diversified Value 50%
Evergreen Select Large Cap Blend 75%
Evergreen Select Common Stock 50%
Evergreen Select Strategic Growth 125%
Evergreen Select Equity Income 50%
Evergreen Select Small Cap Value 50%
Evergreen Select Social Principles 75%
Evergreen Select Balanced 100%
</TABLE>

A high rate of portfolio turnover (100% or more) may involve
correspondingly greater brokerage commissions and other transaction costs,
which a Fund and its shareholders must bear. It may also result in the
realization of larger amounts of net short-term capital gains, distributions
from which are taxable to shareholders as ordinary income.

Code of Ethics. Each Fund and its adviser have adopted a code of ethics
incorporating policies on personal securities trading. In general, these codes
of ethics require that certain personnel of the Funds and their advisers (1)
abstain from engaging in certain personal trading practices and (2) report
certain personal trading activities.

Other Classes of Shares. Each Fund, other than Evergreen Select Large Cap Blend
Fund and Evergreen Select Social Principles Fund, offers two classes of shares,
Institutional and Institutional Service. Evergreen Select Large Cap Blend Fund
and Evergreen Select Social Principles Fund each offer three classes of shares,
Charitable, Institutional and Institutional Service. Only Institutional Shares
are offered through this prospectus. Call the Service Company for information
on the other classes of shares, including how to get a prospectus.

14
<PAGE>

FUND PERFORMANCE

Total Return. Total return is the change in value of an investment in a Fund
over a given period, assuming that dividends and capital gains are reinvested
and that recurring charges are deducted. A cumulative total return reflects
actual performance over a stated period of time. An average annual total return
is a hypothetical rate of return that, if achieved annually, would have
produced the same cumulative total return if performance had been constant over
the entire period. Average annual total returns smooth out variations in
performance; they are not the same as actual year-by-year results.

Yield. Yield is the income generated by an investment in a Fund over a given
period of time, expressed as an annual percentage rate. Yields are calculated
according to a standard that is required for all stock and bond Funds. Because
this differs from other accounting methods, the quoted yield may not equal the
income actually paid to shareholders.

Related Performance Information. Evergreen Select Strategic Value Fund,
Evergreen Select Large Cap Blend Fund, Evergreen Select Common Stock Fund,
Evergreen Select Strategic Growth Fund, Evergreen Select Equity Income Fund and
Evergreen Select Social Principles Fund. The Funds commenced operations on or
about November 24, 1997. On that date, each of seven common trust funds (each a
"CTF") transferred substantially all its assets to the Fund having materially
equivalent investment objectives, policies and limitations in exchange for
shares of such Fund. After such transfer, each Fund's portfolio of investments
was the same as the portfolio of the corresponding CTF immediately prior to the
transfer.

The CTF's are for all practical purposes "predecessors" of the Funds. As a
result, the performance for each Fund's Institutional Shares is calculated for
periods commencing before October 31, 1997, by including the corresponding
CTF's average annual total return. The CTF's average annual total return is
adjusted to reflect the deduction of fees and expenses as stated under
"Expenses." These fees and expenses include management fees and certain other
Fund expenses. These fees and expenses have not, however, been adjusted to
reflect any expense waivers or reimbursements.

The quoted performance data includes the performance of the CTF's for
periods before the Trust's Registration Statement became effective. In the case
of Evergreen Select Strategic Growth Fund, where two CTFs transferred assets
into the Fund, performance information provided is for the larger of the two
CTF's. The CTF's were not registered under the 1940 Act and thus were not
subject to certain investment restrictions that are imposed by the 1940 Act. If
the CTF's had been registered under the 1940 Act, their performance might have
been adversely affected. In addition, the CTF's were not subject to the
provisions of the Internal Revenue Code with respect to "regulated investment
companies," which provisions, if imposed, could have adversely affected the
CTF's performance. Employee benefit plans that invest plan assets in the CTF's
may be subject to certain charges as set forth in their respective Plan
Documents. Total return figures would be lower for the period if they reflected
these charges.

15
<PAGE>

<TABLE>
<S> <C> <C> <C> <C> <C>
10 Years (Or
since Inception
Fund Name (Predecessor CTF) 1 Year 3 Years 5 Years Inception) Date
Evergreen Select Strategic Value Fund
(Select Value Trust) 33.24% 26.47% 20.55% 16.58% 12/31/81
Institutional Shares
Evergreen Select Large Cap Blend Fund
(Charitable Equity Trust) 29.69% 30.01% N/A 22.12% 12/31/93
Institutional Shares
Evergreen Select Common Stock Fund
(Common Stock Trust) 30.07% 26.65% 16.67% 14.90% 12/31/81
Institutional Shares
Evergreen Select Strategic Growth Fund
(Common Stock Growth Trust) 28.41% N/A N/A 30.28% 12/31/94
Institutional Shares
Evergreen Select Equity Income Fund
(Equity Income Trust) 25.08% 21.29% 14.43% 13.71% 12/31/78
Institutional Shares
Evergreen Select Social Principles Fund
(Social Principles Trust) 28.33% 24.80% 18.98% 15.30% 5/31/88
Institutional Shares
</TABLE>

Performance of Evergreen Asset Management Corp. for Private Accounts Similar to
Evergreen Select Small Company Value Fund. Set forth below is composite
performance information relating to the historical performance of actual,
fee-paying, fully discretionary equity accounts managed by Evergreen Asset
Management Corp. These accounts have investment objectives, policies,
strategies, and risks substantially similar to those of Evergreen Select Small
Cap Value Fund.

Evergreen Asset Management Corp.'s composite performance data shown below
is presented in accordance with the recommended standards of the Association
for Investment Management and Research (commonly referred to as AIMR)
retroactively applied for all time periods. All returns include cash and cash
equivalents. Securities transactions are accounted for on the trade date and
accrual accounting is utilized. The composite's returns are calculated on a
time-weighted basis and do not reflect the deduction of fees or expenses.

The investment results of Evergreen Asset Management Corp.'s composite
presented below are unaudited and are not intended to predict or suggest the
future returns of the Fund. The performance data set forth below is provided to
illustrate the past performance of Evergreen Asset Management Corp. in managing
substantially similar accounts and does not represent the performance of the
Funds. Investors should be aware that the use of a methodology different than
that used below to calculate performance could result in different performance
data. The accounts contained in the composite are not subject to the same type
of expenses as the Funds and are not subject to the diversification
requirements, specific tax restrictions, and investment limitations imposed on
a mutual fund

16
<PAGE>

by federal law. Consequently, the performance results for such accounts could
have been adversely affected if they had been regulated under federal laws.

<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Total Assets No. of
at Accounts 10 Years (Or
9/30/97(SM as of Since Inception
Composite M) for AIMR 9/30/97 1 Year 3 Years 5 Years Inception Date
Small Cap Value 289.4 2 48.05% 30.22% 22.88% 14.21% 12/1/82
Composite
</TABLE>

Evergreen Select Balanced Fund and Evergreen Select Diversified Value Fund. The
following total return information is provided with reference to Evergreen
Balanced Fund and Evergreen Value Fund. Evergreen Balanced Fund and Evergreen
Value Fund are registered investment companies managed by Evergreen Asset
Management Corp. Evergreen Balanced Fund and Evergreen Value Fund have
investment objectives, policies and strategies materially equivalent to those
of Evergreen Select Balanced Fund and Evergreen Select Diversified Value Fund,
respectively. Past performance of the Evergreen Balanced Fund and Evergreen
Value Fund is no guarantee of the future performance of Evergreen Select
Balanced Fund and Evergreen Select Diversified Value Fund. The performance
information set forth below is provided as of October 31, 1997.

<TABLE>
<S> <C> <C>
Period Evergreen Balanced Fund Evergreen Value Fund
One Year 19.97% 27.77%
Three Years 17.69% 22.49%
Five Years 13.13% 17.04%
Ten Years (or since inception) 12.80% 16.95%
Inception Date 4/1/91 1/3/91
</TABLE>

General. The Funds may include comparative performance information in
advertising or in marketing the Funds' shares. Such information could include
data from Lipper Analytical Services, Inc., Morningstar, Inc., CDA Weisenberger
and Value Line, or other industry publications or various indexes such as the
S&P 500 Index.

17
<PAGE>

(This Page Intentionally Left Blank)
<PAGE>

<PAGE>

Investment Advisers
First Union National Bank, 201 South College Street, Charlotte, North Carolina
28288
Evergreen Asset Management Corp., 2500 Westchester Avenue, Purchase, New York
10577

Custodian
State Street Bank and Trust Company, Box 9021, Boston, Massachusetts 02205-9827

Transfer Agent
Evergreen Service Company, 200 Berkeley Street, Boston, Massachusetts 02116

Legal Counsel
Sullivan & Worcester LLP, 1025 Connecticut Avenue, N.W., Washington, D.C. 20036

Independent Auditors
KPMG Peat Marwick LLP, 99 High Street, Boston, Massachusetts 02110

Distributor
Evergreen Distributor, Inc., 125 West 55th Street, New York, New York 10019

62257
541909

<PAGE>

- ----------------------------------------------------------------------------
PROSPECTUS November 21, 1997
- ----------------------------------------------------------------------------
(Evergreen Funds logo appears here)

EVERGREEN SELECT EQUITY TRUST

INSTITUTIONAL SERVICE SHARES

This prospectus explains important information about the Institutional
Service Shares of the Evergreen Select Equity Trust, including information on
how the Funds invest and services available to shareholders. Please read this
prospectus before investing, and keep it for future reference.

To learn more about the Evergreen Select Equity Trust, call 1-800-343-3453
for a free copy of the Funds' statement of additional information ("SAI") dated
November 21, 1997 as supplemented from time to time. The Funds have filed the
SAI with the Securities and Exchange Commission and have incorporated it by
reference (legally included it) into this prospectus.

Please remember that shares of the Funds are:

TABLE OF CONTENTS
----------------

<S> <C>
FUND DETAILS 10
Fund Organization and Service
Providers 10
Other Information And Policies 14
Fund Performance 15
</TABLE>

2
<PAGE>

<TABLE>
<S> <C> <C> <C> <C>
Management Other Total Operating
Fees Expenses Expenses (After
Annual Fund Operating Expenses (After Expense 12b-1 (After Expense Expense Waivers or
(as a percentage of average daily net assets) Reimbursements)1 Fees Reimbursements) Reimbursements)1
Evergreen Select Strategic Value Fund 0.60% 0.25% 0.15% 1.00%
Evergreen Select Diversified Value Fund 0.50% 0.25% 0.10% 0.85%
Evergreen Select Large Cap Blend Fund 0.60% 0.25% 0.11% 0.96%
Evergreen Select Common Stock Fund 0.60% 0.25% 0.10% 0.95%
Evergreen Select Strategic Growth Fund 0.60% 0.25% 0.12% 0.97%
Evergreen Select Equity Income Fund 0.60% 0.25% 0.17% 1.02%
Evergreen Select Small Company Value Fund 0.80% 0.25% 0.20%1 1.25%
Evergreen Select Social Principles Fund 0.70% 0.25% 0.16% 1.11%
Evergreen Select Balanced Fund 0.50% 0.25% 0.11% 0.86
Example of Fund Expenses 1 year 3 years
Evergreen Select Strategic Value Fund $ 10 $ 32
Evergreen Select Diversified Value Fund $ 9 $ 27
Evergreen Select Large Cap Blend Fund $ 10 $ 31
Evergreen Select Common Stock Fund $ 10 $ 30
Evergreen Select Strategic Growth Fund $ 10 $ 31
Evergreen Select Equity Income Fund $ 10 $ 32
Evergreen Select Small Company Value Fund $ 13 $ 40
Evergreen Select Social Principles Fund $ 11 $ 35
Evergreen Select Balanced Fund $ 9 $ 27
</TABLE>

3
<PAGE>

<TABLE>
<S> <C> <C> <C>
Management Fee Other Expenses (Without Total Fund
Fund (Without Waivers) Reimbursements) Operating Expenses
Evergreen Select Strategic Value Fund 0.70% -- 1.10%
Evergreen Select Diversified Value Fund 0.60% -- 0.95%
Evergreen Select Large Cap Blend Fund 0.70% -- 1.06%
Evergreen Select Common Stock Fund 0.70% -- 1.05%
Evergreen Select Strategic Growth Fund 0.70% -- 1.07%
Evergreen Select Equity Income Fund 0.70% -- 1.12%
Evergreen Select Small Company Value Fund 0.90% 0.28% 1.43%
Evergreen Select Social Principles Fund 0.80% -- 1.21%
Evergreen Select Balanced Fund 0.60% 0.96%
</TABLE>

4
<PAGE>

SECURITIES AND INVESTMENT PRACTICES USED BY EACH FUND

5
<PAGE>

6
<PAGE>

Institutional investors may buy Institutional Service Shares of the Funds
through broker-dealers, banks and certain other financial intermediaries, or
directly through the Fund's distributor, Evergreen Distributor, Inc. ("EDI")
Investors may purchase Institutional Service Shares at the public offering
price, which equals the class's net asset value per share ("NAV"). See
"Offering Price and Other Purchase Information" below.

Minimum Investment. The minimum initial investment in Institutional Service
Shares is $1 million, which may be waived in certain situations. There is no
minimum amount required for subsequent purchases.

Except as provided below, you can only purchase shares by wiring federal
funds to Evergreen Service Company (the "Service Company"). You may obtain
wiring instructions by calling 1-800-343-3453. When you call, the Service
Company representative will ask you for the following information: name of
authorized person; shareholder name; shareholder account number; name of the
Fund and share class; amount being wired; and wiring bank name.

7
<PAGE>

HOW TO REDEEM SHARES

You may redeem shares of a Fund by mail, telephone or other types of
telecommunication.

Mail Redemptions. You may redeem shares on each day that the New York Stock
Exchange ("NYSE") is open by mailing a written request to the Service Company
at the following address:

Evergreen Service Company
P.O. Box 2121
Boston, Massachusetts 02106-2121

The signatures on the written request must be properly guaranteed, as
described below.

How To Redeem By Telephone. You may redeem your shares by calling
1-800-343-3453 between the hours of 8:00 a.m. and 6:00 p.m. (Eastern time) on
each business day. You may also redeem shares by sending a facsimile to
617-210-2711 or by other means of wire communication. You must state the Fund
and class from which you want to redeem, the number or dollar amount of shares
you want to redeem and your account number. The telephone redemption service is
not available to you automatically. You must elect to do so on your account
application.

If you are unable to reach the Funds, or the Service Company by telephone,
you should redeem by mail.

8
<PAGE>

ADDITIONAL TRANSACTION POLICIES

EXCHANGES

You may exchange Institutional Service Shares of any Fund for
Institutional Service Shares of any other Evergreen Select Fund. You may
exchange your shares through your broker-dealer, by mail or by telephone. All
exchange orders must comply with the applicable requirements for purchases and
redemptions and must include your account number, the number or value of shares
to be exchanged, the class of shares, and the Funds to and from which you wish
to exchange.

Signatures on exchange orders must be guaranteed, as described above.

Please read the prospectus of the fund that you want to exchange into
before requesting your exchange.

For federal income tax purposes, an exchange is treated as a sale for
taxable investors.

DIVIDENDS

Dividend Schedule. Each Fund pays shareholders its net investment income
monthly. Each Fund pays shareholders its net capital gains at least once a
year.

Payment Options. Unless you select another option on your account application,
your dividends and capital gains will be reinvested in additional shares of the
same class of the same Fund.

TAXES

9
<PAGE>

Distributions to shareholders, whether taken in cash or reinvested in
shares, are generally considered taxable for federal income tax purposes as
follows:

o Income distributions and net short-term capital gains are taxable as
ordinary income.

o Long-term capital gains distributions are taxable as capital gains,
regardless of how long you have held your shares.

SHAREHOLDER SERVICES

Details on all shareholder services may be obtained from the Service
Company by calling toll free 1-800-343-3453 or by writing to the Service
Company.

10
<PAGE>

Evergreen Asset Management Corp. ("Evergreen Asset") is the investment
adviser to Evergreen Select Small Company Value Fund. Evergreen Asset is
located at 2500 Westchester Avenue, Purchase, New York 10577 and is also a
subsidiary of First Union. Evergreen Select Small Company Value Fund pays
Evergreen Asset an annual advisory fee equal to 0.90% of average net assets. Of
that amount, Evergreen Asset has voluntarily agreed to reduce its advisory fee
by 0.10%, resulting in a net annual advisory fee of 0.80% of the average net
assets of the fund.

Evergreen Select
Common Stock Fund The portfolio managers of the Fund are Mark C. Sipe, CFA and
Hanspeter Giger, CFA.

11
<PAGE>

- --------------------------------------------------------------------------------
Fund Portfolio Manager(s)

Evergreen Select
Equity Income Paul A. DiLella. Paul A. DiLella is a Vice President and
Fund Senior Investment Officer of FUNB. Aside from managing the
Fund, Mr. DiLella has been the portfolio manager of the
Evergreen Utility Fund since 1996. Mr. DiLella joined First
Fidelity Bank in 1982, which was acquired by First Union in
1995, as Vice President and Portfolio Manager of the Asset
Management Group. Mr. DiLella has over 16 years of
investment experience.

Evergreen Select
Large Cap Blend Eric Wiegand is the team leader of a group of four seasoned
Fund investment professionals who manage this Fund. Managing the
Fund along with Mr. Wiegand are Daryl L. Brown, R. Dean
Hawes, Dillon Harris and Steven J. Hoeft.

Evergreen Select
Strategic Growth The portfolio managers of the Fund are W. Shannon Reid,
Fund CFA, and Timothy M. Stevenson, CFA.

Timothy E. O'Grady. Since joining First Union (then First
Fidelity Bank) in 1986, Timothy O'Grady has been a portfolio
manager in the Employee Benefit Equity/Balanced Unit of FUNB
in Newark, NJ. He is also co-manager of the Select Value
Fund. He recently became a Senior Vice President and Senior
Portfolio Manager this year.

Evergreen Select
Small Company The portfolio managers for the Fund are Stephen A. Lieber,
Gary R. Buesser and Nola Value Fund M. Falcone, CFA.

12
<PAGE>

- --------------------------------------------------------------------------------
Fund Portfolio Manager(s)

Fund. Prior to managing the Growth & Income Fund, Mr.
Buesser worked as an associate portfolio manager on the
Evergreen Foundation Fund and as primary manager for pension
and non-profit portfolios. He is a member of the New York
Society of Security Analysts and The Association for
Investment Management and Research.

Nola Falcone, CFA. Nola Falcone is President and Co-Chief
Executive Officer of Lieber & Co. and Evergreen Asset
Management Corp. She was a General Partner of Lieber & Co.
from January, 1981 to June, 1994 and joined Lieber & Co. as
a Senior Portfolio Manager in 1974. She is Portfolio Manager
for Evergreen Income & Growth Fund and Evergreen Small Cap
Equity Fund.

Evergreen Select
Balanced Fund Dean Hawes manages the Fund's equity portfolio. Rollin C.
Williams is responsible for the fixed income portfolio of
the Fund.

Dean Hawes. Dean Hawes has over 22 years of investment
experience. He is currently Portfolio Manager of the
Evergreen Balanced Fund and a limited number of
institutional accounts. Since joining First Union from
Merrill Lynch in 1981, Mr. Hawes has been a Vice President
and Senior Portfolio Manager.

13
<PAGE>

OTHER INFORMATION AND POLICIES

Distribution Plan. The Trust has adopted a distribution plan for the
Institutional Service Class shares of each Fund as allowed under the Investment
Company Act of 1940. Each Fund's distribution plan permits the Fund to pay an
annual service fee of up to 0.25% of the average daily net assets of the class
for personal services rendered to shareholders and/or the maintenance of
accounts. Each Fund's distribution plan may be terminated at any time by vote
of the Independent Trustees or by vote of a majority of the outstanding
Institutional Service Shares. For more information about the Funds'
distribution plans, see the SAI.

Portfolio Turnover. The estimated annual portfolio turnover rate for each Fund
is not expected to exceed the rate set forth below.

14
<PAGE>

Other Classes of Shares. Each Fund, other than Evergreen Select Large Cap Blend
Fund and Evergreen Select Social Principles Fund, offers two classes of shares,
Institutional and Institutional Service. Evergreen Select Large Cap Blend Fund
and Evergreen Select Social Principles Fund each offer three classes of shares,
Charitable, Institutional and Institutional Service. Only Institutional Service
Shares are offered through this prospectus. Call the Service Company for
information on the other classes of shares, including how to get a prospectus.

FUND PERFORMANCE

The CTFs are for all practical purposes "predecessors" of the Funds. As a
result, the performance for each Fund's Institutional Service Shares is
calculated for periods commencing before October 31, 1997, by including the
corresponding CTF's average annual total return. The CTF's average annual total
return is adjusted to reflect the deduction of fees and expenses as stated
under "Expenses." These fees and expenses include management fees, Rule 12b-1
fees and certain other Fund expenses. These fees and expenses have not,
however, been adjusted to reflect any expense waivers or reimbursements.

The quoted performance data includes the performance of the CTFs for
periods before the Trust's Registration Statement became effective. In the case
of Evergreen Select Strategic Growth Fund, where two CTFs transferred assets
into the Fund, performance information provided is for the larger of the two
CTFs. The CTFs were not registered under the 1940 Act and thus were not subject
to certain investment restrictions that are imposed by the 1940 Act. If the
CTFs had been registered under the 1940 Act, their performance might have been
adversely affected. In addition, the CTFs were not subject to the provisions of
the Internal Revenue Code with respect to "regulated

15
<PAGE>

investment companies," which provisions, if imposed, could have adversely
affected the CTFs' performance. Employee benefit plans that invest plan assets
in the CTFs may be subject to certain charges as set forth in their respective
Plan Documents. Total return figures would be lower for the period if they
reflected these charge.

<TABLE>
<S> <C> <C> <C> <C> <C>
10 Years (Or
since Inception
Fund Name (Predecessor CTF) 1 Year 3 Years 5 Years Inception) Date
Evergreen Select Strategic Value Fund
(Select Value Trust) 32.92% 26.16% 20.25% 16.29% 12/31/81
Institutional Service Shares
Evergreen Select Large Cap Blend Fund
(Charitable Equity Trust) 29.38% 29.69% N/A 21.82% 12/31/93
Institutional Service Shares
Evergreen Select Common Stock Fund
(Common Stock Trust) 29.75% 26.34% 16.38% 14.62% 12/31/81
Institutional Service Shares
Evergreen Select Strategic Growth Fund
(Common Stock Growth Trust) 28.10% N/A N/A 29.97% 12/31/94
Institutional Service Shares
Evergreen Select Equity Income Fund
(Equity Income Trust) 24.78% 20.99% 14.15% 13.43% 12/31/78
Institutional Service Shares
Evergreen Select Social Principles Fund
(Social Principles Trust) 28.01% 24.50% 18.69% 15.02% 12/31/87
Institutional Service Shares
</TABLE>

16
<PAGE>

17
<PAGE>

(This Page Intentionally Left Blank)
<PAGE>

<PAGE>

Investment Advisers
First Union National Bank, 201 South College Street, Charlotte, North Carolina
28288
Evergreen Asset Management Corp., 2500 Westchester Avenue, Purchase, New York
10577

Custodian
State Street Bank and Trust Company, Box 9021, Boston, Massachusetts 02205-9827

Transfer Agent
Evergreen Service Company, 200 Berkeley Street, Boston, Massachusetts 02116

Legal Counsel
Sullivan & Worcester LLP, 1025 Connecticut Avenue, N.W., Washington, D.C. 20036

Independent Auditors
KPMG Peat Marwick LLP, 99 High Street, Boston, Massachusetts 02110

Distributor
Evergreen Distributor, Inc., 125 West 55th Street, New York, New York 10019

62263
542267

<PAGE>

- --------------------------------------------------------------------------------
PROSPECTUS November 21, 1997
- --------------------------------------------------------------------------------

(Evergreen Funds Logo Appears Here)

EVERGREEN SELECT EQUITY TRUST

- ----------------------------------------------------------------------------
Evergreen Select Large Cap Blend Fund
Evergreen Select Social Principles Fund
(Each a "Fund," together the "Funds")

CHARITABLE SHARES

This prospectus explains important information about the Charitable Shares
of the Evergreen Select Equity Trust, including information on how the Funds
invest and services available to shareholders. Please read this prospectus
before investing, and keep it for future reference.

To learn more about the Evergreen Select Equity Trust, call 1-800-343-3453
for a free copy of the Fund's statement of additional information ("SAI") dated
November 21, 1997 as supplemented from time to time. The Funds have filed the
SAI with the Securities and Exchange Commission and have incorporated it by
reference (legally included it) into this prospectus.

Please remember that shares of the Funds are:

<PAGE>

TABLE OF CONTENTS
----------------

<TABLE>
<S> <C>
EXPENSES 3
FUND DESCRIPTIONS 3
Investment Objectives 3
Securities and Investment Practices
Used By Each Fund 4
BUYING AND SELLING SHARES 5
How To Buy Shares 5
How to Redeem Shares 6
Additional Transaction Policies 6
Exchanges 7
Dividends 7
Taxes 7
Shareholder Services 8

<S> <C>
FUND DETAILS 8
Fund Organization and Service
Providers 8
Other Information And Policies 9
Fund Performance 10
</TABLE>

2
<PAGE>

<TABLE>
<S> <C> <C> <C> <C>
Management Other Total Operating
Fees(1) Expenses Expenses (After
Annual Fund Operating Expenses (After Expense 12b-1 (After Expense Expense Waivers or
(as a percentage of average daily net assets) Waivers) Fees Reimbursement) Reimbursements)(1)
Evergreen Select Large Cap Blend Fund 0.60% None 0.11% 0.71%
Evergreen Select Social Principles Fund 0.70% None 0.16% 0.86%
Example of Fund Expenses 1 year 3 years
Evergreen Select Large Cap Blend Fund $ 7 $ 23
Evergreen Select Social Principles Fund $ 9 $ 27
</TABLE>

- --------
(1) Each Fund's investment adviser has voluntarily agreed to waive 0.10% of the
Fund's investment advisory fee. Without such waivers, each management fee
set forth above would be 0.10% higher. The investment advisers currently
intend to continue this expense waiver through November 30, 1998; however,
each may modify or cancel its expense waiver at any time. See "Fund
Details" for more information. Absent expense waivers and/or
reimbursements, the Total Operating Expenses for each of the Funds would
be as follows:

<TABLE>
<S> <C> <C> <C>
Management Fee Other Expenses (Without Total Fund
Fund (Without Waivers) Reimbursements) Operating Expenses
Evergreen Select Large Cap Blend Fund 0.70% -- 0.81%
Evergreen Select Social Principles Fund 0.80% -- 0.96%
</TABLE>

Evergreen Select Large Cap Blend Fund seeks to achieve long-term capital
growth. The Fund invests primarily in the equity securities of large companies
(i.e., a company with a market capitalization of over $5 billion at the time of
investment). The Fund's stock selection is based on a diversified style of
equity management that allows it to invest in both value and growth-oriented
equity securities.

Evergreen Select Social Principles Fund seeks to provide long-term capital
growth. The Fund invests in the equity securities of mid-size companies (i.e.,
a company with a market capitalization of more than $1 billion but less than $5
billion) that respect human rights, play a role in local communities and
produce useful products in an environmentally sound way. The Fund will not
invest in companies that produce liquor, tobacco, weapons or nuclear energy.

Each Fund's investment objective is nonfundamental. As a result, a Fund
may change its objective without a shareholder vote. Each Fund has also adopted
certain fundamental investment policies which are mainly designed to limit a
Fund's exposure to risk. A Fund's fundamental policies cannot be changed
without a shareholder vote. See the SAI for more information regarding a Fund's
fundamental investment policies or other related investment policies.

3
<PAGE>

SECURITIES AND INVESTMENT PRACTICES USED BY EACH FUND

Equity Securities. Each Fund invests primarily in common stocks. A common stock
represents an equity (ownership) interest in a corporation. The Fund expects to
profit from stocks primarily by (1) selling shares at a higher price than it
paid and (2) earning dividends.

4
<PAGE>

Investing in Securities of Other Investment Companies. The Funds may invest in
securities of other investment companies. As a shareholder of another
investment company, a fund would pay its portion of the other investment
company's expenses. These expenses would be in addition to the expenses that a
fund currently bears concerning its own operations and may result in some
duplication of fees.

Charitable investors may buy Charitable shares of the Funds through
broker-dealers, banks and certain other financial intermediaries, or directly
through the Fund's distributor, Evergreen Distributor, Inc. ("EDI") A
charitable investor is one that qualifies as a non-profit organization under
the Internal Revenue Code of 1986, as amended. Examples of such organizations
include charitable trusts, non-profit hospitals, private foundations, private
schools and colleges, public charities, religious entities and charitable
remainder trusts. Investors may purchase Charitable shares at the public
offering price, which equals the class's net asset value per share ("NAV"). See
"Offering Price and Other Purchase Information" below.

Minimum Investment. The minimum initial investment in Charitable shares is $1
million, which may be waived in certain situations. There is no minimum amount
required for subsequent purchases.

Except as provided below, you can only purchase shares by wiring federal
funds to Evergreen Service Company (the "Service Company"). You may obtain
wiring instructions by calling 1-800-343-3453. When you call, the Service
Company representative will ask you for the following information: name of
authorized person; shareholder name; shareholder account number; name of the
Fund and share class; amount being wired; and wiring bank name.

5
<PAGE>

policies and restrictions. Also, a Fund will value the securities in the manner
described under "How the Funds Calculate Their NAV." Investors who receive a
Fund's shares for securities instead of cash may pay such transaction costs as
broker's commissions, taxes or governmental fees.

HOW TO REDEEM SHARES

You may redeem shares of a Fund by mail, telephone or other types of
telecommunication.

Mail Redemptions. You may redeem shares on each day that the New York Stock
Exchange ("NYSE") is open by mailing a written request to the Service Company
at the following address:

Evergreen Service Company
P.O. Box 2121
Boston, Massachusetts 02106-2121

The signatures on the written request must be properly guaranteed, as
described below.

If you are unable to reach the Funds or the Service Company by telephone,
you should redeem by mail.

ADDITIONAL TRANSACTION POLICIES

How The Funds Calculate Their NAV. A Fund's NAV equals the value of its shares
without sales charges. A Fund calculates its NAV by adding up the total value
of its investments and other assets, subtracting its liabilities and then
dividing the result by the number of shares outstanding. The Funds compute
their NAV as of the close of regular trading (generally 4:00 p.m. Eastern time)
on each day that the NYSE is open.

6
<PAGE>

EXCHANGES

You may exchange Charitable shares of any Fund for Charitable shares of
any other Evergreen Select Fund. You may exchange your shares through your
broker-dealer, by mail or by telephone. All exchange orders must comply with
the applicable requirements for purchases and redemptions and must include your
account number, the number or value of shares to be exchanged, the class of
shares, and the Funds to and from which you wish to exchange.

Signatures on exchange orders must be guaranteed, as described above.

Please read the prospectus of the fund that you want to exchange into
before requesting your exchange.

For federal income tax purposes, an exchange is treated as a sale for
taxable investors.

DIVIDENDS

Dividend Schedule. Each Fund pays shareholders its net investment income
monthly. Each Fund pays shareholders its net capital gains at least once a
year.

Payment Options. Unless you select another option on your account application,
your dividends and capital gains will be reinvested in additional shares of the
same class of the same Fund.

TAXES

Distributions to shareholders, whether taken in cash or reinvested in
shares, are generally considered taxable for federal income tax purposes as
follows:

o Income distributions and net short-term capital gains are taxable as
ordinary income.

o Long-term capital gains distributions are taxable as capital gains,
regardless of how long you have held your shares.

7
<PAGE>

SHAREHOLDER SERVICES

Details on all shareholder services may be obtained from the Service
Company by calling toll free 1-800-343-3453 or by writing to the Service
Company.

- --------------------------------------------------------------------------------
FUND DETAILS
- --------------------------------------------------------------------------------
FUND ORGANIZATION AND SERVICE PROVIDERS

Board of Trustees. The Trust is supervised by a Board of Trustees that is
responsible for representing the interests of shareholders. The Trustees meet
periodically throughout the year to oversee the Funds' activities, reviewing,
among other things, the Funds' performance and its contractual arrangements
with various service providers.

The Funds do not hold annual shareholder meetings; a Fund may, however,
hold special meetings for such purposes as electing or removing Trustees,
changing fundamental policies and approving investment advisory agreements. In
addition, the Funds are prepared to assist shareholders in communicating with
one another for the purpose of convening a meeting to elect Trustees. If any
matters are to be voted on by shareholders, each share owned as of the record
date for the meeting would be entitled to one vote.

Adviser. The adviser to each Fund is First Union National Bank ("FUNB"), a
subsidiary of First Union Corporation ("First Union"). First Union and FUNB are
located at 301 South College Street, Charlotte, North Carolina 28288-0630.
First Union and its subsidiaries provide a broad range of financial services to
individuals and businesses throughout the United States.

Each Fund pays FUNB a fee for its services as set forth below. FUNB's annual
advisory fees are expressed as a percentage of average net assets. In addition,
FUNB has voluntarily agreed to reduce its advisory fee by 0.10%, resulting in
the net advisory fees that are also indicated in the table below.

<TABLE>
<S> <C> <C>
Fund Advisory Fee Net Advisory Fee
Evergreen Select Large Cap Blend Fund 0.70% 0.60%
Evergreen Select Social Principles Fund 0.80% 0.70%
</TABLE>

FUNB currently intends to continue waiving 0.10% of each Fund's respective
advisory fee through November 30, 1998. However, FUNB may modify or cancel its
expense waiver at any time.

8
<PAGE>

Evergreen Select Large
Cap Blend Fund Eric Wiegand is the team leader of a group of four
investment professionals who manage this Fund. Managing the
Fund along with Mr. Wiegand are Daryl L. Brown, R. Dean
Hawes, Dillon Harris and Steven J. Hoeft.

Evergreen Select
Social Principles Fund Mr. Wiegand also acts as co-manager of the Evergreen
Select Large Cap Blend Fund.

Administrator. Evergreen Investment Services, Inc. ("EIS") serves as
administrator to each Fund. As administrator, and subject to the supervision
and control of the Trust's Board of Trustees, EIS, provides the Funds with
facilities, equipment and personnel. For its services as administrator, EIS is
entitled to receive a fee based on the aggregate average daily net assets of
the Funds at a rate based on the total assets of all mutual funds advised by
First Union subsidiaries. The administration fee is calculated in accordance
with the following schedule.

OTHER INFORMATION AND POLICIES

9
<PAGE>

Portfolio Turnover. The estimated annual portfolio turnover rate for each Fund
is not expected to exceed the rate set forth below.

<TABLE>
<S> <C>
Estimated Annual
Fund Name Portfolio Turnover
Evergreen Select Large Cap 75%
Evergreen Select Social Principles 75%
</TABLE>

Code of Ethics. The Trust and FCG have adopted a code of ethics incorporating
policies on personal securities trading. In general, these codes of ethics
require that certain personnel of the Funds and FCG (1) abstain from engaging
in certain personal trading practices and (2) report certain personal trading
activities.

Other Classes of Shares. Each Fund offers three classes of shares, Charitable,
Institutional and Institutional Service. Only Charitable Shares are offered
through this prospectus. Call the Service Company for information on the other
classes of shares, including how to get a prospectus.

FUND PERFORMANCE

Total return. Total return is the change in value of an investment in a Fund
over a given period, assuming that dividends and capital gains are reinvested
and that recurring charges are deducted. A cumulative total return reflects
actual performance over a stated period of time. An average annual total return
is a hypothetical rate of return that, if achieved annually, would have
produced the same cumulative total return if performance had been constant over
the entire period. Average annual total returns smooth out variations in
performance; they are not the same as actual year-by-year results.

Related Performance Information. Evergreen Select Large Cap Blend Fund and
Evergreen Select Social Principles Fund commenced operations on or about
November 24, 1997. On that date, two common trust funds (each a "CTF")
transferred substantially all their assets to Funds having materially
equivalent investment objectives, policies and limitations in exchange for
shares of those Funds. After such transfer, each Fund's portfolio of
investments was the same as the portfolio of the corresponding CTF immediately
prior to the transfer.

The CTFs are for all practicle purposes "predecessors" of the Funds. As a
result, the performance for each Fund's Charitable Shares is calculated for
periods commencing before October 31, 1997, by including the corresponding
CTF's average annual total return. The CTFs' average annual total return is
adjusted to reflect the deduction of fees and expenses stated under "Expenses."
These fees and expenses include management fees and certain other Fund
expenses. These fees and expenses have not, however, been adjusted to reflect
any expense waivers or reimbursements.

The quoted performance data includes the performance of the CTFs for
periods before the Trust's Registration Statement became effective. The CTFs
were not registered under the 1940 Act and thus were not subject to certain
investment restrictions that are imposed by the 1940 Act. If the CTFs had been
registered under the 1940 Act, their performance might have been adversely
affected. In addition, the CTFs were not subject to the provisions of the
Internal Revenue Code with respect to "regulated investment companies," which
provisions, if imposed, could have adversely affected the CTFs' performance.
Employee benefit plans that invest plan assets in the CTFs may be subject to
certain charges as set forth in their respective Plan Documents. Total return
figures would be lower for the period if they reflected these charges.

10
<PAGE>

<TABLE>
<S> <C> <C> <C> <C> <C>
10 Years (Or
since Inception
Fund Name (Predecessor CTF) 1 Year 3 Years 5 Years Inception) Date
Evergreen Select Large Cap Blend Fund
(Charitable Equity Trust)
Charitable Shares 29.69% 30.01% N/A 22.12% 12/31/93
Evergreen Select Social Principles Fund
(Social Principles Trust)
Charitable Shares 28.33% 24.80% 18.98% 15.30% 5/31/88
</TABLE>

General. The Funds may include comparative performance information in
advertising or in marketing the Fund's shares. Such information could include
data from Lipper Analytical Services, Inc., Morningstar, Inc., CDA Weisenberger
and Value Line, or other industry publications or various indexes such as the
S&P 500 Index.

11
<PAGE>

Investment Advisers
First Union National Bank, 201 South College Street, Charlotte, North Carolina
28288
Evergreen Asset Management Corp., 2500 Westchester Avenue, Purchase, New York
10577

Custodian
State Street Bank and Trust Company, Box 9021, Boston, Massachusetts 02205-9827

Transfer Agent
Evergreen Service Company, 200 Berkeley Street, Boston, Massachusetts 02116

Legal Counsel
Sullivan & Worcester LLP, 1025 Connecticut Avenue, N.W., Washington, D.C. 20036

Independent Auditors
KPMG Peat Marwick LLP, 99 High Street, Boston, Massachusetts 02110

Distributor
Evergreen Distributor, Inc., 125 West 55th Street, New York, New York 10019

63578
541916