Evergreen
Select Equity Trust
Evergreen Select Secular Growth Fund
Charitable [LOGO OF EVERGREEN FUNDS APPEARS HERE]
Prospectus, February 26, 1999
The Securities and Exchange Commission has not determined that the information
in this prospectus is accurate or complete, nor has it approved or disapproved
these securities. Anyone who tells you otherwise is committing a crime.
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TABLE OF CONTENTS
FUND SUMMARY:
Evergreen Select Secular Growth Fund ............ 2
GENERAL INFORMATION:
The Fund's Investment Advisor ................... 4
The Fund's Portfolio Manager .................... 4
Calculating the Share Price ..................... 4
How to Choose an Evergreen Fund ................. 4
Who Can Buy Charitable Shares ................... 4
How to Buy Shares ............................... 5
How to Redeem Shares ............................ 6
Other Services .................................. 7
The Tax Consequences of
Investing in the Fund ........................... 7
Fees and Expenses of the Fund ................... 8
Other Fund Practices ............................ 8
In general, the Fund seeks to provide investors with long-term capital
appreciation. The Fund emphasizes investments primarily in stocks of U.S. growth
companies, with stable to accelerating earnings growth.
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Fund Summary Key
The Fund's summary is organized around the following basic topics and questions:
Investment Goal
What is the Fund's financial objective? You can find clarification on how the
Fund seeks to achieve its objective by looking at the Fund's strategy and
investment policies. The Fund's Board of Trustees can change the investment
objective without a shareholder vote.
Investment Strategy
How does the Fund go about trying to meet its goals? What types of investments
does it contain? What style of investing and investment philosophy does it
follow? Does it have limits on the amount invested in any particular type of
security?
Risk Factors
What are the specific risks for an investor in the Fund?
Expenses
How much does it cost to invest in the Fund? What is the difference between
sales charges and expenses?
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OVERVIEW
Evergreen
Select Secular
Growth Fund
typically relies on the following strategies:
. investing primarily in common stocks of larger U.S.
growth companies; and
. selling a portfolio investment when the value of the investment reaches or
exceeds its estimated fair value, when the issuer's investment fundamentals
begin to deteriorate, when the investment no longer appears to meet the
Fund's investment objective, when the Fund must meet redemptions, or for
other reasons which the portfolio manager deems necessary.
may be appropriate for investors who:
. seek capital appreciation.
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Risk Factors For All Mutual Funds
Please remember that mutual fund shares are:
. not guaranteed to achieve their investment goal
. not insured, endorsed or guaranteed by the FDIC, a bank
or any government agency
. subject to investment risks, including possible loss of your original
investment
Like most investments, your investment in the Fund could fluctuate significantly
in value over time and could result in a loss of money.
Here are the most important factors that may affect the value of your
investment:
Stock Market Risk
Your investment will be affected by general economic conditions such as
prevailing economic growth, inflation and interest rates. When economic growth
slows, or interest or inflation rates increase, securities tend to decline in
value. Even if general economic conditions do not change, your investment may
decline in value if the particular industries, companies or sectors your Fund
invests in do not perform well.
SELECT SECULAR GROWTH FUND 1
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EVERGREEN
Select Secular Growth Fund
INVESTMENT GOAL
The Fund seeks long-term capital appreciation.
INVESTMENT STRATEGY
The following supplements the investment strategies discussed in the "Overview"
on page 1.
The Fund invests primarily in common stocks of larger U.S. growth companies,
although it may invest in issuers of any size. The Fund's investment advisor
seeks to purchase high quality companies with anticipated earnings ranging from
steady to accelerated growth. The Fund selects securities by using a criteria
which values companies which are viewed as a service or product innovator, which
may have experienced and proven management and high predictability of earnings.
The Fund may invest in high quality money market instruments in response to
adverse economic, political or market conditions. This strategy is inconsistent
with the Fund's principal investment strategy and investment goal, and if
employed could result in a lower return and loss of market opportunity.
RISK FACTORS
Your investment in the Fund is subject to the risks discussed in the "Overview"
on page 1 under the headings:
. Stock Market Risk
For further information regarding the Fund's investment strategy and risk
factors see "Other Fund Practices."
FUND FACTS:
Goal:
. Long-Term Capital Appreciation
Principal Investment:
. Equity Securities of Larger U.S. Growth Companies
Classes of Shares
Offered in this
Prospectus:
. Charitable
Investment Advisor:
. Evergreen Investment
Management
Portfolio Manager:
. Stephen M. Dalton
Dividend Payment
Schedule:
Monthly
2 SELECT SECULAR GROWTH FUND
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EVERGREEN
EXPENSES
This section describes the fees and expenses you would pay if you bought and
held shares of the Fund.
You pay no shareholder transaction fees.
Annual Fund Operating Expenses (expenses that are deducted from Fund assets)*
Management 12b-1 Other Total Fund
Fees Fees Expenses Operating Expenses**
Charitable .70% .00% .11% .81%
*From time to time, the Fund's investment advisor may, at its discretion, reduce
or waive its fees or reimburse the Fund for certain of its expenses in order to
reduce expense ratios. The Fund's investment advisor may cease these
reimbursements at any time. The annual operating expenses do not reflect fee
waivers and expense reimbursements. Including current fee waivers and expense
reimbursements, total operating expenses would be .70%.
**Estimated for the fiscal period ending 6/30/99.
The table below shows the total expenses you would pay on a $10,000 investment
over one- and three-year periods. The example is intended to help you compare
the cost of investing in this Fund versus other mutual funds and is for
illustration only. The example assumes a 5% average annual return and that you
reinvest all of your dividends. Your actual costs may be higher or lower.
Example of Fund Expenses
After 1 year $ 83
After 3 years $259
SELECT SECULAR GROWTH FUND 3
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EVERGREEN
THE FUND'S INVESTMENT ADVISOR
The investment advisor manages the Fund's investments and supervises its daily
business affairs. All investment advisors for the Evergreen Funds are
subsidiaries of First Union Corporation, the sixth largest bank holding company
in the U.S., with over $237.4 billion in consolidated assets as of 12/31/98.
First Union Corporation is located at 301 South College Street, Charlotte, North
Carolina 28288-0013.
Evergreen Investment Management (EIM) is the investment advisor to the Fund. EIM
(also known as First Capital Group, or FCG), a division of First Union National
Bank (FUNB), has been managing mutual funds and private accounts since 1932 and
currently manages $32.9 billion in assets for 43 of the Evergreen Funds. EIM is
located at 201 South College Street, Charlotte, North Carolina 28288-0630.
Year 2000 Compliance
The investment advisors and other service providers for the Evergreen Funds are
taking steps to address any potential Year 2000-related computer problems.
However, there is some risk that these problems could disrupt the Fund's
operations or financial markets generally.
THE FUND'S PORTFOLIO MANAGER
Stephen M. Dalton is a senior portfolio manager and Senior Vice President with
EIM. Mr. Dalton has over 15 years of investment management and research
experience, during which time he managed growth and balanced portfolios. He also
maintained research responsibilities for the health care and technology
industries. Prior to joining EIM as a result of the FUNB/CoreStates merger, Mr.
Dalton was a senior portfolio manager with CoreStates Investment Advisers, Inc.
since 1984. Mr. Dalton has also served as the Director of Financial Analysts of
Philadelphia from 1993 to 1997.
CALCULATING THE SHARE PRICE
The value of one share of the Fund, also known as the net asset value, or NAV,
is calculated on each day the New York Stock Exchange is open as of the time the
Exchange closes (normally 4:00 p.m. Eastern time). We calculate the share price
for each share by adding up the total assets of the Fund, subtracting all
liabilities, then dividing the result by the total number of shares outstanding.
Each security held by the Fund is valued using the most recent market quote for
that security. If no market quotation is available for a given security, we will
price that security at fair value according to policies established by the
Fund's Board of Trustees. Short-term securities with maturities of 60 days or
less will be valued on the basis of amortized cost.
The price per share you pay for a Fund purchase or the amount you receive for a
Fund redemption is based on the next price calculated after the order is
received and all required information is provided. The value of your account at
any given time is the latest share price multiplied by the number of shares you
own. Your account balance may change daily because the share price may change
daily.
HOW TO CHOOSE AN EVERGREEN FUND
When choosing an Evergreen Fund, you should:
. Most importantly, read the prospectus to see if the Fund is suitable for you.
. Consider talking to an investment professional. He or she is qualified to give
you investment advice based on your investment goals and financial situation
and will be able to answer questions you may have after reading the Fund's
prospectus. He or she can also assist you through all phases of opening your
account.
. Request any additional information you want about the Fund, such as the
Statement of Additional Information, by calling 1-800-343-2898.
WHO CAN BUY CHARITABLE SHARES
Charitable investors must qualify as a non-profit organization under the
Internal Revenue Code of 1986, as amended. Charitable shares are sold without a
front-end sales charge or contingent deferred sales charge. The minimum initial
investment is $1 million, which may be waived in certain situations. There is no
minimum amount required for subsequent purchases.
4 SELECT SECULAR GROWTH FUND
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EVERGREEN
HOW TO BUY SHARES
Charitable investors may buy shares through broker-dealers, banks and certain
other financial intermediaries, or directly through the Fund's distributor,
Evergreen Distributor, Inc. (EDI).
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Method Opening an Account Adding to an Account
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By Phone . Call 1-800-343-2898 to set up an account number and get wiring . Call the Evergreen Funds at 1-800-343-2898
instructions (call before 12 noon if you want wired funds to be between 8 a.m. and 6 p.m. Eastern time,
credited that day). on any business day.
. Instruct your bank to wire or transfer your purchase (they may . If your bank account is set up on file,
charge a wiring fee). you can request either:
. Complete the account application and mail to: - Federal Funds Wire (offers immediate
Evergreen Service Company Overnight Address: access to funds) or
P.O. Box 2121 Evergreen Service Company - Electronic transfer through the
Boston, MA 02106-2121 200 Berkeley St. Automated Clearing House which avoids
Boston, MA 02116 wiring fees.
. Wires received after 4:00 p.m. Eastern time on market trading
days will receive the next market day's closing price.
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By Exchange . You can make an additional investment by exchange from an existing Evergreen
Fund's account by contacting your investment representative.
. You can only exchange shares within the same class.
. There is no sales charge or redemption fee when exchanging funds within the
Evergreen Fund's family.
. Orders placed before 4 p.m. Eastern time on market trading days will receive
that day's closing share price (if not, you will receive the next market
day's closing price).
. Exchanges are limited to three per calendar quarter, and five per calendar year.*
. Exchanges between accounts that do not have identical ownership must be in
writing with a signature guarantee (see below).
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* The Evergreen Funds reserve the right to terminate the exchange privilege of
any shareholder who exceeds the listed maximum number of exchanges, as well as
to reject any dollar exchange if placing it would, in the judgement of the
portfolio manager, adversely affect the price of the Fund.
SELECT SECULAR GROWTH FUND 5
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EVERGREEN
HOW TO REDEEM SHARES
We offer you several convenient ways to redeem your shares in any of the
Evergreen Funds:
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Methods Requirements
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Call Us . Call the Evergreen Funds at 1-800-343-2898 between 8 a.m. and 6 p.m. Eastern time, on any business day.
. This service must be authorized ahead of time, and is only available for regular accounts.
. All authorized requests made before 4 p.m. Eastern time on market trading days will be processed at that day's
closing price. Requests after 4 p.m. will be processed the following business day.
. We can either:
- wire the proceeds into your bank account (service charges may apply)
- electronically transmit the proceeds to your bank account via the
Automated Clearing House service
- mail you a check.
. All telephone calls are recorded for your protection. We are not responsible for acting on telephone orders we
believe are genuine.
. See exceptions list below for requests that must be made in writing.
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Write Us . You can mail a redemption request to: Evergreen Service Company Overnight Address:
P.O. Box 2121 Evergreen Service Company
Boston, MA 02106-2121 200 Berkeley St.
Boston, MA 02116
. Your letter of instructions must:
- list the Fund name and the account number
- indicate the number of shares or dollar value you wish to redeem
- be signed by the registered owner(s)
. See exceptions list below for requests that must be signature guaranteed.
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Redeem . You may also redeem your shares through participating broker-dealers by delivering a letter as described
Your Shares above to your broker-dealer.
in Person . A fee may be charged for this service.
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Timing of Proceeds
Normally, we will send your redemption proceeds on the next business day after
we receive your request; however, we reserve the right to wait up to seven
business days to redeem any investments made by check and five business days for
investments made by Automated Clearing House transfer. We also reserve the right
to redeem in kind, and to redeem the remaining amount in the account if your
redemption brings the account balance below the initial minimum of $1,000,000.
Exceptions: Redemption Requests That Require A Signature Guarantee
To protect you and Evergreen Funds against fraud, certain redemption requests
must be in writing with your signature guaranteed. A signature guarantee can be
obtained at most banks and securities dealers. A notary public is not authorized
to provide a signature guarantee. The following circumstances require signature
guarantees:
. You want the proceeds transmitted to a bank account not listed on
the account
. You want the proceeds payable to anyone other than the registered
owner(s) of the account
. Either your address or the address of your bank account has been changed
within 30 days
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Who Can Provide A Signature Guarantee:
. Commercial Bank
. Trust Company
. Savings Association
. Credit Union
. Member of a U.S. stock exchange
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6 SELECT SECULAR GROWTH FUND
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EVERGREEN
OTHER SERVICES
Automatic Reinvestment of Dividends
For the convenience of investors, all dividends and capital gains distributions
are automatically reinvested, unless you request otherwise. Distributions can be
made by check or electronic transfer through the Automated Clearing House to
your bank account. The details of your dividends and other distributions will be
included on your statement.
Telephone Investment Plan
You may make additional investments electronically in an existing Fund account.
Telephone requests received by 4:00 p.m. Eastern time will be invested the day
the request is received.
Dividend Exchange
You may elect on the application to reinvest capital gains and/or dividends
earned in one Evergreen Fund into an existing account in another Evergreen Fund
in the same share class--automatically. Please indicate on the application the
Evergreen Fund(s) into which you want to invest the distributions.
Reinvestment Privileges
Under certain circumstances, shareholders may, within one year of redemption,
reinstate their accounts at the current price (NAV).
THE TAX CONSEQUENCES OF
INVESTING IN THE FUND
A tax-exempt entity which invests in the Fund will generally have no taxable
income from the investment, unless shares in the Fund are considered to be
acquired with borrowed funds or you are otherwise subject to the "unrelated
business taxable income" rules of the Internal Revenue Code. To the extent such
rules apply, you may be taxed in two ways:
. On Fund distributions (capital gains and dividends)
. On any profit you make when you sell any or all of your shares.
Fund Distributions
A mutual fund passes along to all of its shareholders the net income or profits
it receives from its investments. The shareholders of the Fund then pay any
taxes due, whether they receive these distributions in cash or elect to have
them reinvested. The Fund will distribute two types of taxable income to you:
. Dividends. To the extent the regular dividends are derived from interest that
is not tax exempt, or from short-term capital gains, you will have to include
them in your federal taxable income. The Fund pays a monthly dividend from the
dividends, interest and other income on the securities in which it invests.
. Capital Gains. When a mutual fund sells a security it owns for a profit, the
result is a capital gain. The Fund generally distributes capital gains at least
once a year, near the end of the calendar year. Short-term capital gains reflect
securities held by the Fund for a year or less and are considered ordinary
income just like dividends. Profits on securities held longer than 12 months are
considered long-term capital gains and are taxed at a special tax rate (20% for
most taxpayers, on sales made after January 1, 1998).
Dividend and Capital Gain Reinvestment
Unless you choose otherwise on the account application, all dividend and capital
gain payments will be reinvested to buy additional shares. Distribution checks
that are returned and distribution checks that are uncashed when the shareholder
has failed to respond to mailings from the shareholder servicing agent will
automatically be reinvested to buy additional shares.
No interest will accrue on amounts represented by uncashed distribution or
redemption checks.
We will send you a statement each January with the federal tax status of
dividends and distributions paid by the Fund during the previous calendar year.
Profits You Realize When You Redeem Shares
When you sell shares in a mutual fund, whether by redeeming or exchanging, you
have created a taxable event. You must report any gain or loss on your tax
return unless the transaction was entered into by a tax-deferred retirement plan
or occurred in a money market fund. It is your responsibility to keep accurate
records of your mutual fund transactions. You will need this information when
you file your income tax return, since you must report any capital gains or
losses you incur when you sell shares. Remember, an exchange is a purchase and a
sale for tax purposes.
SELECT SECULAR GROWTH FUND 7
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EVERGREEN
Tax Reporting
Evergreen Service Company provides you with a tax statement of your dividend and
capital gains distributions for each calendar year on Form 1099 DIV. Proceeds
from a sale are reported on Form 1099B. You must report these on your tax
return. Since the IRS receives a copy as well, you could pay a penalty if you
neglect to report them.
Evergreen Service Company will send you a tax information guide each year during
tax season, which may include a cost basis statement detailing the gain or loss
on taxable transactions you had during the year. Please consult your own tax
advisor for further information regarding the federal, state and local tax
consequences of an investment in the Fund.
FEES AND EXPENSES OF THE FUND
Every mutual fund has fees and expenses that are assessed either directly or
indirectly. This section describes each of those fees.
Management Fee
The management fee pays for the normal expenses of managing the Fund, including
portfolio manager salaries, research costs, corporate overhead expenses and
related expenses.
Other Expenses
Other expenses include miscellaneous fees from outside service providers. These
may include legal, audit, custodial and safekeeping fees, the printing and
mailing of reports and statements, automatic reinvestment of distributions and
other conveniences for which the shareholder pays no transaction fees.
Total Fund Operating Expenses
The total cost of running the Fund is called the expense ratio. As a
shareholder, you are not charged these fees directly; instead they are taken out
before the Fund's net asset value is calculated, and are expressed as a
percentage of the Fund's average daily net assets. The effect of these fees is
reflected in the performance results for that share class. Because these fees
are "invisible," investors should examine them closely in the prospectus,
especially when comparing the Fund with another fund in the same investment
category. There are three things to remember about expense ratios: 1) your total
return in the Fund is reduced in direct proportion to the fees; 2) expense
ratios can vary greatly between funds and fund families, from under 0.25% to
over 3.0%; and 3) the Fund's advisor may waive a portion of the Fund's expenses
for a period of time, reducing its expense ratio.
OTHER FUND PRACTICES
The Fund may invest in a variety of derivative instruments, such as options and
futures contracts. 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 a securities index. Derivatives may be used to hedge the Fund's
portfolio against anticipated changes in the price of securities that the
Portfolio owns or plans to purchase. Small price movements in the underlying
asset can result in immediate and substantial gains or losses in the value of
derivatives.
In addition, the Fund may borrow money and lend its securities. Borrowing is a
form of leverage that may magnify a Fund's gain or loss. Lending securities may
cause the Fund to lose the opportunity to sell these securities at the most
desirable price and, therefore, lose money.
Please consult the Statement of Additional Information for more
information regarding these and other investment practices used by the Fund,
including risks.
8 SELECT SECULAR GROWTH FUND
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EVERGREEN
Notes
SELECT SECULAR GROWTH FUND 9
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EVERGREEN
Notes
10 SELECT SECULAR GROWTH FUND
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EVERGREEN
Notes
SELECT SECULAR GROWTH FUND 11
<PAGE>
EVERGREEN
Evergreen Select Funds
Select Money Market
Select Money Market Fund
Select Treasury Money Market Fund
Select Municipal Money Market Fund
Select 100% Treasury Money Market Fund
Select U.S. Government Money Market Fund
Select Fixed Income
Select Limited Duration Fund
Select Fixed Income Fund
Select Income Plus Fund
Select Intermediate Term Municipal Bond Fund
Select Core Bond Fund
Select Total Return Fund
Select Adjustable Rate Fund
Select International Bond Fund
Select Equity Trust Select
Strategic Value Fund
Select Large Cap Blend Fund
Select Strategic Growth Fund
Select Social Principles Fund
Select Equity Income Fund
Select Small Company Value Fund
Select Core Equity Fund
Select Small Cap Growth Fund
Select Balanced Fund
Select Diversified Value Fund
Select Special Equity Fund
Select Equity Index Fund
Select Secular Growth Fund
Investor Services
800.343.2898
www.evergreen-funds.com
12 SELECT SECULAR GROWTH FUND
<PAGE>
QUICK REFERENCE GUIDE
Investor Services
Call 1-800-343-2898
Each business day, 8 a.m. to 6 p.m.
Eastern time to
. buy, redeem or exchange shares
. order applications
. get assistance with your account
Information Line for Hearing and Speech
Impaired (TTY/TDD)
Call 1-800-343-2888
Each business day, 8 a.m. to 6 p.m.
Eastern time
Write us a letter
Evergreen Service Company
P.O. Box 2121
Boston, MA 02106-2121
. to buy, redeem or exchange shares
. to change the registration on your account
. for general correspondence
For express, registered, or certified mail:
Evergreen Service Company
200 Berkeley Street
Boston, MA 02116-5039
Contact us on-line:
www.evergreen-funds.com
Regular communications you will receive:
Account Statements -- You will receive quarterly statements for each Fund you
own.
Confirmation Notices -- We send a confirmation of any transaction you make
within five days of the transaction.
Annual and Semi-annual reports -- You will receive a detailed financial
report on your Fund(s) twice a year.
Tax Forms --Each January you will receive any tax forms you need to file your
taxes as well as the Evergreen Tax Information Guide.
Evergreen Events -- You will receive a periodic newsletter published
exclusively for Evergreen shareholders.
<PAGE>
For More Information About the
Evergreen Select Secular Growth Fund, Ask for:
The Statement of Additional Information (SAI), which contains more detailed
information about the policies and procedures of the Fund. The SAI has been
filed with the Securities and Exchange Commission (SEC) and its contents are
legally considered to be part of this prospectus.
For questions, other information, or to request a copy, without charge, of any
of the documents, call 1-800-343-2898 or ask your investment representative. We
will mail material within three business days.
Information about the Fund (including the SAI) is also available on the SEC's
Internet web site at http://www.sec.gov, or, for a duplication fee, by writing
the SEC Public Reference Section, Washington DC 20549-6009. This material can be
reviewed and copied at the SEC's Public Reference Room in Washington, DC. For
more information, call the SEC at 1-800-SEC-0330.
Evergreen Distributor, Inc.
125 W. 55th Street
New York, New York 10019
45422 (811-08363)
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BULK RATE
[LOGO OF EVERGREEN APPEARS HERE] U.S. POSTAGE
PAID
PERMIT NO. 19
HUDSON, MA
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201 South College St.
Charlotte, NC 28288
[ARTWORK APPEARS HERE]
Evergreen
Select Equity Trust
Evergreen Select Secular Growth Fund
Institutional
Institutional Service
[LOGO OF EVERGREEN FUNDS APPEARS HERE]
Prospectus, February 26, 1999
The Securities and Exchange Commission has not determined that the information
in this prospectus is accurate or complete, nor has it approved or disapproved
these securities. Anyone who tells you otherwise is committing a crime.
<PAGE>
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TABLE OF CONTENTS
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FUND SUMMARY .............................................................. 2
GENERAL INFORMATION:
The Fund's Investment Advisor ............................................. 4
The Fund's Portfolio Manager .............................................. 4
Calculating the Share Price ............................................... 4
How to Choose an Evergreen Fund ........................................... 4
How to Choose the Share Class That Best Suits You ......................... 4
How to Buy Shares ......................................................... 5
How to Redeem Shares ...................................................... 6
Other Services ............................................................ 7
The Tax Consequences of Investing in the Fund ............................. 7
Fees and Expenses of the Fund ............................................. 8
Other Fund Practices ...................................................... 8
In general, the Fund seeks to provide investors with long-term capital
appreciation. The Fund emphasizes investments primarily in stocks of U.S. growth
companies, with stable to accelerating earnings growth.
Fund Summary Key
The Fund's summary is organized around the following basic topics and questions:
[GRAPHIC APPEARS HERE] INVESTMENT GOAL
What is the Fund's financial objective? You can find clarification on how the
Fund seeks to achieve its objective by looking at the Fund's strategy and
investment policies. The Fund's Board of Trustees can change the investment
objective without a shareholder vote.
[GRAPHIC APPEARS HERE] INVESTMENT STRATEGY
How does the Fund go about trying to meet its goals? What types of investments
does it contain? What style of investing and investment philosophy does it
follow? Does it have limits on the amount invested in any particular type of
security?
[GRAPHIC APPEARS HERE] RISK FACTORS
What are the specific risks for an investor in the Fund?
[GRAPHIC APPEARS HERE] EXPENSES
How much does it cost to invest in the Fund? What is the difference between
sales charges and expenses?
<PAGE>
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OVERVIEW
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Select Secular
Growth Fund
typically relies on the following strategies:
. investing primarily in common stocks of larger U.S. growth companies; and
. selling a portfolio investment when the value of the investment reaches or
exceeds its estimated fair value, when the issuer's investment fundamentals
begin to deteriorate, when the investment no longer appears to meet the
Fund's investment objective, when the Fund must meet redemptions, or for
other reasons which the portfolio manager deems necessary.
may be appropriate for investors who:
. seek capital appreciation.
Here are the most important factors that may affect the value of your
investment:
Stock Market Risk
Your investment will be affected by general economic conditions such as
prevailing economic growth, inflation and interest rates. When economic growth
slows, or interest or inflation rates increase, securities tend to decline in
value. Even if general economic conditions do not change, your investment may
decline in value if the particular industries, companies or sectors your Fund
invests in do not perform well.
Risk Factors For All Mutual Funds
Please remember that mutual fund shares are:
. not guaranteed to achieve their investment goal
. not insured, endorsed or guaranteed by the FDIC, a bank or any government
agency
. subject to investment risks, including possible loss of your original
investment
Like most investments, your investment in the Fund could fluctuate significantly
in value over time and could result in a loss of money.
SELECT SECULAR GROWTH FUND 1
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EVERGREEN
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Select Secular Growth Fund
FUND FACTS:
Goal:
. Long-Term Capital Appreciation
Principal Investment:
. Equity Securities of Larger U.S. Growth Companies
Classes of Shares Offered in this Prospectus:
. Institutional
. Institutional Service
Investment Advisor:
. Evergreen Investment Management
Portfolio Manager:
. Stephen M. Dalton
Dividend Payment Schedule:
Monthly
[GRAPHIC APPEARS HERE] INVESTMENT GOAL
The Fund seeks long-term capital appreciation.
[GRAPHIC APPEARS HERE] INVESTMENT STRATEGY
The following supplements the investment strategies discussed in the "Overview"
on page 1.
The Fund invests primarily in common stocks of larger U.S. growth companies,
although it may invest in issuers of any size. The Fund's investment advisor
seeks to purchase high quality companies with anticipated earnings ranging from
steady to accelerated growth. The Fund selects securities by using a criteria
which values companies which are viewed as a service or product innovator, which
have experienced and proven management and high predictability of earnings.
The Fund may invest in high quality money market instruments in response to
adverse economic, political or market conditions. This strategy is inconsistent
with the Fund's principal investment strategy and investment goal, and if
employed could result in a lower return and loss of market opportunity.
[GRAPHIC APPEARS HERE] RISK FACTORS
Your investment in the Fund is subject to the risks discussed in the "Overview"
on page 1 under the headings:
. Stock Market Risk
For further information regarding the Fund's investment strategy and risk
factors see "Other Fund Practices."
2 SELECT SECULAR GROWTH FUND
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EVERGREEN
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[GRAPHIC APPEARS HERE] EXPENSES
This section describes the fees and expenses you would pay if you bought and
held shares of the Fund.
You pay no shareholder transaction fees.
Annual Fund Operating Expenses (expenses that are deducted from Fund assets)*
Management 12b-1 Other Total Fund
Fees Fees Expenses Operating Expenses**
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Institutional .70% .00% .11% .81%
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Institutional Service .70% .25% .11% 1.06%
*From time to time, the Fund's investment advisor may, at its discretion, reduce
or waive its fees or reimburse the Fund for certain of its expenses in order to
reduce expense ratios. The Fund's investment advisor may cease these
reimbursements at any time. The annual operating expenses do not reflect fee
waivers and expense reimbursements. Including current fee waivers and expense
reimbursements total operating expenses for the Institutional shares would be
.70% and Institutional Service shares would be .95%.
** Estimated for the fiscal period ending 6/30/99.
The table below shows the total expenses you would pay on a $10,000 investment
over one- and three-year periods. The example is intended to help you compare
the cost of investing in this Fund versus other mutual funds and is for
illustration only. The example assumes a 5% average annual return and that you
reinvest all of your dividends. Your actual costs may be higher or lower.
Example of Fund Expenses
Institutional Institutional Service
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After 1 year $83 $108
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After 3 years $259 $337
SELECT SECULAR GROWTH FUND 3
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EVERGREEN
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THE FUND'S INVESTMENT ADVISOR
The investment advisor manages the Fund's investments and supervises its daily
business affairs. All investment advisors for the Evergreen Funds are
subsidiaries of First Union Corporation, the sixth largest bank holding company
in the U.S., with over $237.4 billion in consolidated assets as of 12/31/98.
First Union Corporation is located at 301 South College Street, Charlotte, North
Carolina 28288-0013.
Evergreen Investment Management (EIM) is the investment advisor to the Fund. EIM
(also known as First Capital Group, or FCG), a division of First Union National
Bank (FUNB), has been managing mutual funds and private accounts since 1932 and
currently manages $32.9 billion in assets for 43 of the Evergreen Funds. EIM is
located at 201 South College Street, Charlotte, North Carolina 28288-0630.
Year 2000 Compliance
The investment advisors and other service providers for the Evergreen Funds are
taking steps to address any potential Year 2000-related computer problems.
However, there is some risk that these problems could disrupt the Fund's
operations or financial markets generally.
THE FUND'S PORTFOLIO MANAGER
Stephen M. Dalton is a senior portfolio manager and Senior Vice President with
EIM. Mr. Dalton has over 15 years of investment management and research
experience, during which time he managed growth and balanced portfolios. He also
maintained research responsibilities for the health care and technology
industries. Prior to joining EIM as a result of the FUNB/CoreStates merger, Mr.
Dalton was a senior portfolio manager with CoreStates Investment Advisers, Inc.
since 1984. Mr. Dalton has also served as the Director of Financial Analysts of
Philadelphia from 1993 to 1997.
CALCULATING THE SHARE PRICE
The value of one share of the Fund, also known as the net asset value, or NAV,
is calculated on each day the New York Stock Exchange is open as of the time the
Exchange closes (normally 4:00 p.m. Eastern time). We calculate the share price
for each share by adding up the total assets of the Fund, subtracting all
liabilities, then dividing the result by the total number of shares outstanding.
Each security held by the Fund is valued using the most recent market quote for
that security. If no market quotation is available for a given security, we will
price that security at fair value according to policies established by the
Fund's Board of Trustees. Short-term securities with maturities of 60 days or
less will be valued on the basis of amortized cost.
The price per share you pay for a Fund purchase or the amount you receive for a
Fund redemption is based on the next price calculated after the order is
received and all required information is provided. The value of your account at
any given time is the latest share price multiplied by the number of shares you
own. Your account balance may change daily because the share price may change
daily.
HOW TO CHOOSE AN EVERGREEN FUND
When choosing an Evergreen Fund, you should:
. Most importantly, read the prospectus to see if the Fund is suitable for you.
. Consider talking to an investment professional. He or she is qualified to
give you investment advice based on your investment goals and financial
situation and will be able to answer questions you may have after reading the
Fund's prospectus. He or she can also assist you through all phases of
opening your account.
. Request any additional information you want about the Fund, such as the
Statement of Additional Information, by calling 1-800-343-2898.
HOW TO CHOOSE THE SHARE CLASS THAT BEST SUITS YOU
After choosing a Fund, you select a share class. The Fund offers two different
institutional classes. Each institutional class of shares has its own expenses.
Pay particularly close attention to this fee structure so you know how much you
will be paying before you invest. Institutional shares are only offered to
investment advisory clients of an investment advisor of an Evergreen Fund (or
the advisor's affiliates).
Each class of shares is sold without a front-end sales charge or contingent
deferred sales charge. Institutional Service shares pay an ongoing service fee.
The minimum
4 SELECT SECULAR GROWTH FUND
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EVERGREEN
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initial investment in either class of shares is $1 million, which may be waived
in certain situations. There is no minimum amount required for subsequent
purchases.
The Institutional Service shares have adopted a distribution plan which provides
for the payment of an annual service fee of up to 0.25% of the average daily net
assets of the class for personal service rendered to shareholders and/or the
maintenance of accounts. As a result, income distributions paid by the Fund with
respect to Institutional Service shares will generally be less than those paid
with respect to Institutional shares.
HOW TO BUY SHARES
Institutional investors may buy shares through broker-dealers, banks and certain
other financial intermediaries, or directly through the Fund's distributor,
Evergreen Distributor, Inc. (EDI).
<TABLE>
<CAPTION>
Method Opening an Account Adding to an Account
<S> <C> <C>
By Phone . Call 1-800-343-2898 to set up an account number and get wiring . Call the Evergreen Express Line* at 1-800-
instructions (call before 12 noon if you want wired funds to 346-3858 24 hours a day or 1-800-343-2898
be credited that day). between 8 a.m. and 6 p.m. Eastern time, on any
. Instruct your bank to wire or transfer your purchase (they may business day.
charge a wiring fee). . If your bank account is set up on file, you
. Complete the account application and mail to: can request either:
Evergreen Service Company Overnight Address: - Federal Funds Wire (offers immediate access
P.O. Box 2121 Evergreen Service Company to funds) or
Boston, MA 02106-2121 200 Berkeley St. - Electronic transfer through the Automated
Boston, MA 02116 Clearing House which avoids wiring fees.
. Wires received after 4:00 p.m. Eastern time on market trading
days will receive the next market day's closing price.
</TABLE>
By Exchange . You can make an additional investment by exchange from an
existing Evergreen Fund's account by contacting your investment
representative or calling the Evergreen Express Line* at 1-800-
346-3858.**
. You can only exchange shares within the same class.
. There is no sales charge or redemption fee when exchanging
funds within the Evergreen Fund's family.
. Orders placed before 4 p.m. Eastern time on market trading
days will receive that day's closing share price (if not, you
will receive the next market day's closing price).
. Exchanges are limited to three per calendar quarter, and five
per calendar year.
. Exchanges between accounts that do not have identical
ownership must be in writing with a signature guarantee (see
below).
* The Evergreen Express Line is only available to Institutional Service shares.
** Once you have authorized either the telephone exchange or redemption service,
anyone with a Personal Identification Number (PIN) and the required account
information (including your broker) can request a telephone transaction in your
account. All calls are recorded or monitored for verification, recordkeeping and
quality-assurance purposes. The Evergreen Funds reserve the right to terminate
the exchange privilege of any shareholder who exceeds the listed maximum number
of exchanges, as well as to reject any large dollar exchange if placing it
would, in the judgment of the portfolio manager, adversely affect the price of
the Fund.
SELECT SECULAR GROWTH FUND 5
<PAGE>
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EVERGREEN
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HOW TO REDEEM SHARES
We offer you several convenient ways to redeem your shares in any of the
Evergreen Funds:
Methods Requirements
Call Us . Call the Evergreen Express Line* at 1-800-346-3858 24 hours a day
or 1-800-343-2898 between 8 a.m. and 6 p.m. Eastern time, on any
business day.
. This service must be authorized ahead of time, and is only
available for regular accounts.**
. All authorized requests made before 4 p.m. Eastern time on market
trading days will be processed at that day's closing price.
Requests after 4 p.m. will be processed the following business
day.
. We can either:
- wire the proceeds into your bank account (service charges may
apply)
- electronically transmit the proceeds to your bank account via
the Automated Clearing House service
- mail you a check.
. All telephone calls are recorded for your protection. We are not
responsible for acting on telephone orders we believe are
genuine.
. See exceptions list below for requests that must be made in
writing.
Write Us . You can mail a redemption request to:
Evergreen Service Company Overnight Address:
P.O. Box 2121 Evergreen Service Company
Boston, MA 02106-2121 200 Berkeley St.
Boston, MA 02116
. Your letter of instructions must:
- list the Fund name and the account number
- indicate the number of shares or dollar value you wish to
redeem
- be signed by the registered owner(s)
. See exceptions list below for requests that must be signature
guaranteed.
Redeem . You may also redeem your shares through participating
Your Shares broker-dealers by delivering a letter as described above to your
in Person broker-dealer.
. A fee may be charged for this service.
Timing of Proceeds
Normally, we will send your redemption proceeds on the next business day after
we receive your request; however, we reserve the right to wait up to seven
business days to redeem any investments made by check and five business days for
investments made by Automated Clearing House transfer. We also reserve the right
to redeem in kind, and to redeem the remaining amount in the account if your
redemption brings the account balance below the initial minimum of $1,000,000.
Exceptions: Redemption Requests That Require A Signature Guarantee
To protect you and Evergreen Funds against fraud, certain redemption requests
must be in writing with your signature guaranteed. A signature guarantee can be
obtained at most banks and securities dealers. A notary public is not authorized
to provide a signature guarantee.
The following circumstances require signature guarantees:
. You want the proceeds transmitted to a bank account not listed on the account
. You want the proceeds payable to anyone other than the registered owner(s) of
the account
. Either your address or the address of your bank account has been
changed within 30 days
Who Can Provide A Signature Guarantee:
. Commercial Bank
. Trust Company
. Savings Association
. Credit Union
. Member of a U.S. stock exchange
6 SELECT SECULAR GROWTH FUND
<PAGE>
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EVERGREEN
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OTHER SERVICES
Evergreen Express Line
(Institutional Service shares only)
Use our automated, 24-hour service to check the value of your investment in the
Fund; purchase, redeem or exchange Fund shares; find the Fund's price, yield or
total return; order a statement or duplicate tax form; or hear market commentary
from Evergreen portfolio managers.
Automatic Reinvestment of Dividends
For the convenience of investors, all dividends and capital gains distributions
are automatically reinvested, unless you request otherwise. Distributions can be
made by check or electronic transfer through the Automated Clearing House to
your bank account. The details of your dividends and other distributions will be
included on your statement.
Telephone Investment Plan
You may make additional investments electronically in an existing Fund account.
Telephone requests received by 4:00 p.m. Eastern time will be invested the day
the request is received.
Dividend Exchange
You may elect on the application to reinvest capital gains and/or dividends
earned in one Evergreen Fund into an existing account in another Evergreen Fund
in the same share class -- automatically. Please indicate on the application the
Evergreen Fund(s) into which you want to invest the distributions.
Reinvestment Privileges
Under certain circumstances, shareholders may, within one year of redemption,
reinstate their accounts at the current price (NAV).
THE TAX CONSEQUENCES OF INVESTING IN THE FUND
You may be taxed in two ways:
. On Fund distributions (capital gains and dividends)
. On any profit you make when you sell any or all of your shares.
Fund Distributions
A mutual fund passes along to all of its shareholders the net income or profits
it receives from its investments. The shareholders of the Fund then pay any
taxes due, whether they receive these distributions in cash or elect to have
them reinvested. The Fund will distribute two types of taxable income to you:
. Dividends. To the extent the regular dividends are derived from interest that
is not tax exempt, or from short-term capital gains, you will have to include
them in your federal taxable income. The Fund pays a monthly dividend from the
dividends, interest and other income on the securities in which it invests.
. Capital Gains. When a mutual fund sells a security it owns for a profit, the
result is a capital gain. The Fund generally distributes capital gains at
least once a year, near the end of the calendar year. Short-term capital gains
reflect securities held by the Fund for a year or less and are considered
ordinary income just like dividends. Profits on securities held longer than 12
months are considered long-term capital gains and are taxed at a special tax
rate (20% for most taxpayers, on sales made after January 1, 1998).
Dividend and Capital Gain Reinvestment
Unless you choose otherwise on the account application, all dividend and capital
gain payments will be reinvested to buy additional shares. Distribution checks
that are returned and distribution checks that are uncashed when the shareholder
has failed to respond to mailings from the shareholder servicing agent will
automatically be reinvested to buy additional shares.
No interest will accrue on amounts represented by uncashed distribution or
redemption checks.
We will send you a statement each January with the federal tax status of
dividends and distributions paid by the Fund during the previous calendar year.
Profits You Realize When You Redeem Shares
When you sell shares in a mutual fund, whether by redeeming or exchanging, you
have created a taxable event. You must report any gain or loss on your tax
return unless the transaction was entered into by a tax-deferred retirement plan
or occurred in a money market fund. It is your responsibility to keep accurate
records of your mutual fund transactions. You will need this information when
you file your income tax return, since you must report any capital gains or
losses you incur when you sell shares. Remember, an exchange is a purchase and a
sale for tax purposes.
SELECT SECULAR GROWTH FUND 7
<PAGE>
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EVERGREEN
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Tax Reporting
Evergreen Service Company provides you with a tax statement of your dividend and
capital gains distributions for each calendar year on Form 1099 DIV. Proceeds
from a sale are reported on Form 1099B. You must report these on your tax
return. Since the IRS receives a copy as well, you could pay a penalty if you
neglect to report them.
Evergreen Service Company will send you a tax information guide each year during
tax season, which may include a cost basis statement detailing the gain or loss
on taxable transactions you had during the year. Please consult your own tax
advisor for further information regarding the federal, state and local tax
consequences of an investment in the Fund.
FEES AND EXPENSES OF THE FUND
Every mutual fund has fees and expenses that are assessed either directly or
indirectly. This section describes each of those fees.
Management Fee
The management fee pays for the normal expenses of managing the Fund, including
portfolio manager salaries, research costs, corporate overhead expenses and
related expenses.
12b-1 Fee
The Trustees of the Evergreen Funds have approved a policy to assess 12b-1 fees
for Institutional Service shares. These fees will increase the cost of your
investment. The Fund may use this fee for personal service rendered to
shareholders and/or the maintenance of accounts.
Other Expenses
Other expenses include miscellaneous fees from outside service providers. These
may include legal, audit, custodial and safekeeping fees, the printing and
mailing of reports and statements, automatic reinvestment of distributions and
other conveniences for which the shareholder pays no transaction fees.
Total Fund Operating Expenses
The total cost of running the Fund is called the expense ratio. As a
shareholder, you are not charged these fees directly; instead they are taken out
before the Fund's net asset value is calculated, and are expressed as a
percentage of the Fund's average daily net assets. The effect of these fees is
reflected in the performance results for that share class. Because these fees
are "invisible," investors should examine them closely in the prospectus,
especially when comparing the Fund with another fund in the same investment
category. There are two things to remember about expense ratios: 1) your total
return in the Fund is reduced in direct proportion to the fees; 2) expense
ratios can vary greatly between funds and fund families, from under 0.25% to
over 3.0%; and 3) the Fund's adviser may waive a portion of the Fund's expenses
for a time, reducing its expense ratio.
OTHER FUND PRACTICES
The Fund may invest in a variety of derivative instruments such as options and
futures contracts. 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 a securities index. Derivatives may be used to hedge the Fund's
portfolio against anticipated changes in the price of securities that the
Portfolio owns or plans to purchase. Small price movements in the underlying
asset can result in immediate and substantial gains or losses in the value of
derivatives.
In addition, the Fund may borrow money and lend its securities. Borrowing is a
form of leverage that may magnify a Fund's gain or loss. Lending securities may
cause the Fund to lose the opportunity to sell these securities at the most
desirable price and, therefore, lose money.
Please consult the Statement of Additional Information for more information
regarding these and other investment practices used by the Fund, including
risks.
8 SELECT SECULAR GROWTH FUND
<PAGE>
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EVERGREEN
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Notes
SELECT SECULAR GROWTH FUND 9
<PAGE>
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EVERGREEN
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Notes
10 SELECT SECULAR GROWTH FUND
<PAGE>
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EVERGREEN
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Notes
SELECT SECULAR GROWTH FUND 11
<PAGE>
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EVERGREEN
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Evergreen Select Funds
Select Money Market
Select Money Market Fund
Select Treasury Money Market Fund
Select Municipal Money Market Fund
Select 100% Treasury Money Market Fund
Select U.S. Government Money Market Fund
Select Fixed Income
Select Limited Duration Fund
Select Fixed Income Fund
Select Income Plus Fund
Select Intermediate Term Municipal Bond Fund
Select Core Bond Fund
Select Total Return Fund
Select Adjustable Rate Fund
Select International Bond Fund
Select Equity Trust
Select Strategic Value Fund
Select Large Cap Blend Fund
Select Strategic Growth Fund
Select Social Principles Fund
Select Equity Income Fund
Select Small Company Value Fund
Select Core Equity Fund
Select Small Cap Growth Fund
Select Balanced Fund
Select Diversified Value Fund
Select Special Equity Fund
Select Equity Index Fund
Select Secular Growth Fund
Express Line
(Institutional Service shares only)
800.346.3858
Investor Services
800.343.2898
Retirement Plan Services
800.247.4075
www.evergreen-funds.com
12 SELECT SECULAR GROWTH FUND
<PAGE>
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QUICK REFERENCE GUIDE
- --------------------------------------------------------------------------------
1 Evergreen Express Line (Institutional Service shares only)
Call 1-800-346-3858
24 hours a day to
. check your account
. order a statement
. get a Fund's current price, yield and total return
. buy, redeem or exchange Fund shares
2 Investor Services
Call 1-800-343-2898
Each business day, 8 a.m. to 6 p.m. Eastern time to
. buy, redeem or exchange shares
. order applications
. get assistance with your account
3 Information Line for Hearing and Speech Impaired (TTY/TDD)
Call 1-800-343-2888
Each business day, 8 a.m. to 6 p.m. Eastern time
4 Write us a letter
Evergreen Service Company
P.O. Box 2121
Boston, MA 02106-2121
. to buy, redeem or exchange shares
. to change the registration on your account
. for general correspondence
5 For express, registered, or certified mail:
Evergreen Service Company
200 Berkeley Street
Boston, MA 02116-5039
6 Contact us on-line:
www.evergreen-funds.com
7 Regular communications you will receive:
Account Statements -- You will receive quarterly statements for each Fund
you own.
Confirmation Notices -- We send a confirmation of any transaction you make
within five days of the transaction.
Annual and Semiannual reports -- You will receive a detailed financial
report on your Fund(s) twice a year.
Tax Forms -- Each January you will receive any tax forms you need to file
your taxes as well as the Evergreen Tax Information Guide.
Evergreen Events -- You will receive a periodic newsletter published
exclusively for Evergreen shareholders.
<PAGE>
For More Information About the
Evergreen Select Secular Growth Fund, Ask for:
The Statement of Additional Information (SAI), which contains more detailed
information about the policies and procedures of the Fund. The SAI has been
filed with the Securities and Exchange Commission (SEC) and its contents are
legally considered to be part of this prospectus.
For questions, other information, or to request a copy, without charge, of any
of the documents, call 1-800-343-2898 or ask your investment representative. We
will mail material within three business days.
Information about the Fund (including the SAI) is also available on the SEC's
Internet web site at http://www.sec.gov, or, for a duplication fee, by writing
the SEC Public Reference Section, Washington DC 20549-6009. This material can be
reviewed and copied at the SEC's Public Reference Room in Washington, DC. For
more information, call the SEC at 1-800-SEC-0330.
Evergreen Distributor, Inc.
125 W. 55th Street
New York, New York 10019
(811-08363)
18279 547529 RV0
[LOGO OF EVERGREEN FUNDS BULK RATE
APPEARS HERE] U.S. POSTAGE
PAID
201 South College St. PERMIT NO. 19
Charlotte, NC 28288 HUDSON, MA
