SUPPLEMENT TO THE PROSPECTUS OF
EVERGREEN SELECT EQUITY TRUST
I. Evergreen Select Common Stock Fund
Effective January 4, 1999, the prospectus and Statement of Additional
Information of the Fund is hereby supplemented as follows:
Name
The name of the Fund will change to Evergreen Select Core Equity Fund.
Expenses
The tables under the section entitled "Expenses" for the Evergreen
Select Common Stock Fund have been restated to reflect a change in the waiver
amounts for Management Fees and Other Expenses. Management Fees, Other Expenses
and Total Operating Expenses of the Fund will now be as follows:
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(Institutional Shares):
Annual Fund Operating Expenses (as a percentage of average daily net
assets)
Management Fees Other Total Operating Expenses
(After Expense Waivers) 12b-1 Fees Expenses (After Expense Waivers)
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0.60% NONE 0.10% 0.70%
Absent expense waivers and/or reimbursements, the Total Operating
Expenses for the Fund would be:
Management Fees 12b-1 Fees Other Expenses Total Operating Expenses
0.70% NONE 0.10% 0.80%
(Institutional Service Shares):
Annual Fund Operating Expenses (as a percentage of average daily net
assets)
Management Fees Other Total Operating Expenses
(After Expense Waivers) 12b-1 Fees Expenses (After Expense Waivers)
0.60% 0.25% 0.10% 0.95%
Absent expense waivers and/or reimbursements, the Total Operating
Expenses for the Fund would be:
Management Fees 12b-1 Fees Other Expenses Total Operating Expenses
0.70% 0.25% 0.10% 1.05%
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January 4, 1999
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II. Evergreen Select Equity Index Fund, Evergreen Select Strategic Growth
Fund
The prospectuses of the Funds, dated November 1, 1998, are hereby
supplemented to reflect the following edits to the section entitled "Portfolio
Managers" under "Fund Organization and Service Providers."
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Evergreen Select David M. Chow has managed the Strategic Growth Fund since September 1998. Mr.
Strategic Growth Fund Chow has over 4 years of investment experience. He is currently responsible
for portfolio management, risk management, and quantitative research.
Prior to joining First Capital Group in September 1998, he served as an
investment associate/portfolio manager for FUNB's First Investment Advisors
servicing high net worth for individuals from September 1994 to September
1998. In addition to being a Chartered Financial Analyst, Mr. Chow is a
member of the North Carolina Society of Financial Analysts.
Evergreen Select Eric M. Teal has managed the Equity Index Fund since December 1998. Mr. Teal,
Equity Index Fund Vice President and quantitative equity analyst, joined FUNB in September 1993
and currently heads the Quantitative Analysis/Portfolio Management Unit
within FUNB. He also manages Evergreen Select Diversified Value Fund and is
responsible for risk analysis and quantitative management for other Evergreen
Select Equity Funds.
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January 4, 1999
III. Evergreen Select Strategic Value Fund, Evergreen Select Diversified
Value Fund, Evergreen Select Large Cap Blend Fund, Evergreen Select
Core Equity 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, Evergreen Select Equity Index Fund, Evergreen Select Small Cap
Growth Fund
Effective March 12, 1999, the Funds may invest up to 10% of their assets
in foreign securities, including securities issued by foreign branches of U.S.
banks and foreign banks, Canadian commercial paper and Europaper (U.S.
dollar-denominated commercial paper of foreign issuers), American Depositary
Receipts, European Depositary Receipts and Global Depositary Receipts.
The Funds may also buy and sell futures and options on futures relating
to foreign currencies.
There are special risks associated with international investing:
o Currency Risk--The possibility that changes in foreign exchange
rates will affect, favorably or unfavorably, the value of foreign
securities.
o Volatility--Investments in foreign stock markets can be more
volatile than investments in U.S. markets. Diplomatic, political or
economic developments could affect investment in foreign countries.
o Expense Considerations--Fixed commissions on many foreign stock
exchanges are generally higher than negotiated commissions on U.S.
exchanges. Expenses for custodial arrangements of foreign securities
may be somewhat greater than typical expenses for custodial
arrangements for handling U.S. securities of equal value.
o Foreign Taxes--Certain foreign governments levy withholding taxes
against dividend and interest income. Although in some countries a
portion of these taxes are recoverable, the non-recovered portion of
foreign withholding taxes will reduce the income received from the
securities comprising the portfolio.
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o Regulatory Environment--Foreign companies generally are not subject
to uniform accounting, auditing and financial reporting standards
comparable to those applicable to U.S. domestic companies. There is
generally less government regulation of securities exchanges,
brokers and listed companies abroad than in the U.S. Foreign
branches of U.S. banks, foreign banks and foreign issuers may be
subject to less stringent reserve requirements and to different
accounting, auditing, reporting and record keeping standards than
those applicable to domestic branches of U.S. banks and U.S.
domestic issuers.
April 23, 1999
IV. Evergreen Select Equity Income Fund
On May 14, 1999, the Board of Trustees of Evergreen Select Equity
Income Fund ("Equity Income") approved a proposal to reorganize Equity Income
into Evergreen Select Core Equity Fund ("Core Equity"). If the shareholders of
Equity Income approve the proposal, all of the assets of Equity Income will be
transferred to Core Equity and shareholders of Equity Income will receive shares
of Core Equity in exchange for their shares. Shareholders of Equity Income as of
May 28, 1999 are scheduled to vote on the proposal at a special meeting of
shareholders to be held on July 30, 1999. If approved, the reorganization is
proposed to take place on July 30, 1999. Shareholders of Equity Income will be
mailed information detailing the proposal on or about June 25, 1999.
June 1, 1999
V. Evergreen Select Balanced Fund, Evergreen Select Large Cap Blend Fund,
Evergreen Select Social Principles Fund
Effective June 10, 1999, the prospectus of the Funds, dated November 1,
1998, is hereby supplemented to reflect the following edits to the section
entitled "Portfolio Managers" under "Fund Organization and Service Providers."
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Evergreen Select Rollin Williams has over 29 years of investment and banking management Fund
Balanced Fund experience. In addition to managing FUNB'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. Since joining FUNB in 1993,
Mr. Williams has been a Vice President and Senior Portfolio Manager.
Lester Rich has has over 17 years of investment experience. Mr. Rich is
an equity portfolio manager within Meridian Investment Company who maintains
sector analytical responsibilities. Prior to joining Meridian in 1990, Mr. Rich
served as a portfolio manager with First Fidelity Bank.
Evergreen Select Lester Rich also acts as portfolio manager of the Evergreen Select Balanced
Large Cap Blend Fund Fund.
Evergreen Select Social A. Jay Zelko is manager of the Social Principles Fund. Mr. Zelko also works
Principles Fund in conjunction with the Select Large Cap Blend Fund investment process and is
responsible for the management of institutional portfolios following these
disciplines. Prior to joining First Capital Group in 1994, Mr. Zelko served as
a relationship manager with Wachovia Bank of North Carolina.
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June 14, 1999
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VI. Evergreen Select Small Company Value Fund
Effective June 14, 1999, the prospectus of the Fund, dated November 1,
1998, is hereby supplemented to reflect the following edits to the section
entitled "Portfolio Managers" under "Fund Organization and Service Providers."
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Evergreen Select Small The day-to-day management of the Fund is handled by Connie Unger and Peter
Company Value Fund Kovalski. Ms. Unger has worked as a co-manager on the Fund since joining
EAMC in April 1998. From 1996 to 1998, she was a senior equity analyst at
Seagall, Bryant and Hamil Investment Counsel; from 1993 to 1996, she was
a Vice President and senior equity analyst at Society Asset Management;
and from 1988 to 1991, she worked as a portfolio manager and analyst at
Bankers Trust. Ms. Unger has 13 years of investment management experience.
Peter Kovalski has been an analyst and portfolio manager since joining
EAMC in September 1992. He has 15 years of experience in the financial
services industry, working as an equity analyst at Ryan, Beck and Co.,
Williams Securities Group and International Assets Advisory Corp.
June 14, 1999 549383-699
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