SUPPLEMENT TO THE PROSPECTUS OF
THE EVERGREEN GROWTH AND INCOME FUNDS
I. Evergreen Small Cap Equity Income Fund
Effective April 6, 1999, the name of the Fund will change to "Evergreen
Small Cap Value Fund."
Additionally, the section of the Fund's prospectus entitled "THE FUNDS'
PORTFOLIO MANAGERS" is supplemented to reflect the following change:
The day-to-day management of the Fund is handled by Nola Maddox Falcone,
CFA, and Jordan D. Alexander, CFA. Ms. Falcone is President and Co-Chief
Executive Officer of Evergreen Asset Management Corp. ("EAMC"). Ms. Falcone has
been the Fund's portfolio manager since its inception in 1993. Mr. Alexander was
an assistant portfolio manager with EAMC from September 1998 until March 1999
when he became co-manager of the Fund. From 1995 to 1998, he was an associate
healthcare analyst with Paine Webber, Inc., and from 1993-1995, he was a senior
analyst with Arthur Anderson LLP.
II. Evergreen Fund for Total Return
Effective April 6, 1999, the name of the Fund has been changed to
"Evergreen Equity Income Fund."
In connection with the name change, the Fund's investment objective has
been revised. The section of the prospectus entitled "INVESTMENT GOAL" should
read: "The Fund seeks primarily current income and secondarily capital growth."
Likewise, the section of the Fund's prospectus entitled "INVESTMENT
STRATEGY" has been changed to clarify that the Fund invests primarily in
dividend-paying equity securities. Therefore, the Fund's investment strategy
should read: "The Fund invests at least 65% in common stocks of large,
established companies (above $5 billion in market capitalization) with a history
of dividend payments."
III. Evergreen Growth and Income Fund
Effective March 12, 1999, the section of the Fund's prospectus entitled
"INVESTMENT STRATEGY" is supplemented as follows: The Fund may invest up to 25%
of its assets in foreign securities.
In connection with the above policy change, the section of the Fund's
prospectus entitled "RISK FACTORS" is supplemented to add the following risk
heading:
o Foreign Investment Risk
Effective January 14, 1999, the section of the Fund's prospectus
entitled "THE FUNDS' PORTFOLIO MANAGERS" is supplemented to reflect the
following change:
The day-to-day management of the Fund is handled by Philip M. Foreman.
Mr. Foreman joined Evergreen Asset Management Corp. in January 1999 as Portfolio
Manager after 7 years as Senior Portfolio Manager at Washington Mutual Advisors,
Inc. Mr. Foreman has managed the Fund since January 1999.
March 19, 1999
