SUPPLEMENT TO PROSPECTUS OF
EVERGREEN SELECT EQUITY TRUST
I. Evergreen Select Diversified Value Fund
Evergreen Select Large Cap Blend Fund
(together "the Funds")
Proposed Fund Reorganization
On March 24, 2000 the Board of Trustees of the Evergreen Funds approved
a proposal to reorganize the Funds into Evergreen Stock Selector Fund ("Stock
Selector"). If the shareholders of the Funds approve the proposal, all of the
assets of the Funds will be transferred to Stock Selector and shareholders of
the Funds will receive shares of Stock Selector in exchange for their shares.
Shareholders of record of the Funds as of April 28, 2000, are scheduled to vote
on the proposal at a special meeting of shareholders to be held on July 14,
2000. If approved, the reorganization is proposed to take place on or about July
21, 2000. Shareholders of the Funds will be mailed information detailing the
proposal on or about May 26, 2000.
Evergreen Select Small Company Value Fund
Proposed Fund Reorganization
On March 24, 2000 the Board of Trustees of the Evergreen Funds approved
a proposal to reorganize Evergreen Select Small Company Value Fund ("Select
Small Company") into Evergreen Small Cap Value Fund ("Small Cap Value"). If the
shareholders of Select Small Company approve the proposal, all of the assets of
Select Small Company will be transferred to Small Cap Value and shareholders of
Select Small Company will receive shares of Small Cap Value in exchange for
their shares. Shareholders of record of Select Small Company as of April 28,
2000, are scheduled to vote on the proposal at a special meeting of shareholders
to be held on July 14, 2000. If approved, the reorganization is proposed to take
place on or about July 21, 2000. Shareholders of Select Small Company will be
mailed information detailing the proposal on or about May 26, 2000.
Evergreen Select Social Principles Fund
Proposed Fund Reorganization
On March 24, 2000 the Board of Trustees of the Evergreen Funds approved
a proposal to reorganize Evergreen Select Social Principles Fund ("Select Social
Principles") into Evergreen Select Special Equity Fund ("Select Special
Equity"). If the shareholders of Select Social Principles approve the proposal,
all of the assets of Select Social Principles will be transferred to Select
Special Equity and shareholders of Select Social Principles will receive shares
of Select Special Equity in exchange for their shares. Shareholders of record of
Select Social Principles as of April 28, 2000, are scheduled to vote on the
proposal at a special meeting of shareholders to be held on July 14, 2000. If
approved, the reorganization is proposed to take place on or about July 21,
2000. Shareholders of Select Social Principles will be mailed information
detailing the proposal on or about May 26, 2000.
April 3, 2000
II. Evergreen Select Small Company Value Fund
The first sentence under the section entitled "INVESTMENT STRATEGY" in
the Fund's November 1, 1999 prospectus is restated as follows:
"The Fund invests primarily in common stocks of small U.S. companies (less
than $1.5 million in market capitalization at the time of purchase)."
Additionally, the section of the prospectus entitled "THE FUNDS'
PORTFOLIO MANAGERS" is supplemented as follows:
Jordan Alexander, CFA, has managed the Fund since September 1999. Mr.
Alexander joined EAMC as a research analyst in 1998. Prior to joining EAMC, he
was employed by PaineWebber Incorporated as an associate health care analyst in
1995. Prior to PaineWebber, Mr. Alexander worked as a senior financial analyst
in the Valuations Services Division of Arthur Andersen in 1990.
April 7, 2000
III. Evergreen Select Diversified Value Fund
Eric M. Teal, Jay Zelko and Timothy M. Stevenson, CFA, co-manage the Fund.
Mr. Teal has managed the Fund since June 1998. Mr. Teal joined FUNB in September
of 1993 as an investment officer. He has been a Vice President and quantitative
equity portfolio manager since September 1997. Mr. Teal has been affiliated with
MIC as a portfolio manager since October of 1999.
Jay Zelko has co-managed the Fund with Mr. Teal and Mr. Stevenson since May
2000. Mr. Zelko joined FUNB in April 1994 as an Assistant Vice President and
equity portfolio manager. He is an equity portfolio manager within MIC who
maintains sector analytical and portfolio management responsibilities. Mr. Zelko
has been affiliated with MIC as a portfolio manager since March 1999.
Timothy M. Stevenson, CFA, has co-managed the Fund with Mr. Teal and Mr.
Zelko since May 2000. Mr. Stevenson joined FUNB in November 1994 as a Senior
Vice President and portfolio manager. Mr. Stevenson has been affiliated with MIC
as a portfolio manager since October 1999.
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