SUPPLEMENT TO THE RETAIL SHARES PROSPECTUS
OF
EVERGREEN GROWTH AND INCOME FUNDS
I. Evergreen Growth and Income Fund
Effective January 1, 2001, Evergreen Growth and Income Funds Retail
Shares prospectus is revised and supplemented as follows:
The tables under the section entitled "EXPENSES" for the Evergreen
Growth and Income Fund have been restated to reflect a change in the advisory
fees. Management Fees, Other Expenses, Total Fund Operating Expenses and Example
of Fund Expenses will now be as follows:
Annual Fund Operating Expenses (expenses that are deducted from Fund assets)+
Total
Management Other Fund
Fees 12b-1 Fees Expenses Operating
Expenses
Class A 0.75% 0.25% 0.41% 1.41%
Class B 0.75% 1.00% 0.41% 2.16%
Class C 0.75% 1.00% 0.40% 2.15%
Class Y 0.75% 0.00% 0.41% 1.16%
+ Restated for the fiscal year ended 7/31/2000 to reflect current fees.
The table below shows the total expenses you would pay on a $10,000 investment
over one-, three-, five- and ten-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
reinvestment of all dividends and distributions. Your actual costs may be higher
or lower.
Example of Fund Expenses
Assuming Redemption Assuming No
At End of Period Redemption
------------------------------- -------------------
After: Class A Class B Class C Class Y Class B Class C
1 year $ 612 $ 719 $ 418 $ 118 $ 219 $ 218
3 years $ 900 $ 976 $ 673 $ 368 $ 676 $ 673
5 years $1,209 $1,359 $1,154 $ 638 $1,159 $1,154
10 years $2,086 $2,213 $2,483 $1,409 $2,213 $2,483
II. Evergreen Equity Income Fund
Effective January 1, 2001, Evergreen Growth and Income Funds Retail
Shares prospectus is revised and supplemented as follows:
The tables under the section entitled "EXPENSES" for the Evergreen
Equity Income Fund have been restated to reflect a change in the advisory fees.
Management Fees, Other Expenses, Total Fund Operating Expenses and Example of
Fund Expenses will now be as follows:
Annual Fund Operating Expenses (expenses that are deducted from Fund assets)+
Total
Management Other Fund
Fees 12b-1 Fees Expenses Operating
Expenses
Class A 0.75% 0.25% 0.41% 1.41%
Class B 0.75% 1.00% 0.41% 2.16%
Class C 0.75% 1.00% 0.40% 2.15%
Class Y 0.75% 0.00% 0.41% 1.16%
+ Restated for the fiscal year ended 7/31/2000 to reflect current fees.
The table below shows the total expenses you would pay on a $10,000 investment
over one-, three-, five- and ten-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
reinvestment of all dividends and distributions. Your actual costs may be higher
or lower.
Example of Fund Expenses
Assuming Redemption Assuming No
At End of Period Redemption
------------------------------- -------------------
After: Class A Class B Class C Class Y Class B Class C
1 year $ 612 $ 719 $ 418 $ 118 $ 219 $ 218
3 years $ 900 $ 976 $ 673 $ 368 $ 676 $ 673
5 years $1,209 $1,359 $1,154 $ 638 $1,159 $1,154
10 years $2,086 $2,213 $2,483 $1,409 $2,213 $2,483
III. Evergreen Small Cap Value Fund
Effective January 1, 2001, Evergreen Growth and Income Funds Retail
Shares prospectus is revised and supplemented as follows:
The tables under the section entitled "EXPENSES" for the Evergreen
Small Cap Value Fund have been restated to reflect a change in the advisory
fees. Management Fees, Other Expenses, Total Fund Operating Expenses and Example
of Fund Expenses will now be as follows:
Annual Fund Operating Expenses (expenses that are deducted from Fund assets)+
Total
Management Other Fund
Fees 12b-1 Fees Expenses Operating
Expenses++
Class A 0.90% 0.25% 0.43% 1.58%
Class B 0.90% 1.00% 0.43% 2.33%
Class C 0.90% 1.00% 0.43% 2.33%
Class Y 0.90% 0.00% 0.43% 1.33%
+ Restated for the fiscal year ended 7/31/2000 to reflect current fees.
++ 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
waivers or reimbursements at any time. The annual operating expenses do not
reflect fee waivers and expense reimbursements. Including current fee waivers
and expense reimbursements and restating to reflect current fees, Total Fund
Operating Expenses would have been 1.55% for Class A, 2.30% for Class B, 2.30%
for Class C and 1.30% for Class Y.
The table below shows the total expenses you would pay on a $10,000 investment
over one-, three-, five- and ten-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
reinvestment of all dividends and distributions. Your actual costs may be higher
or lower.
Example of Fund Expenses
Assuming Redemption Assuming No
At End of Period Redemption
------------------------------- -------------------
After: Class A Class B Class C Class Y Class B Class C
1 year $ 628 $ 736 $ 436 $ 135 $ 236 $ 236
3 years $ 950 $1,027 $ 727 $ 421 $ 727 $ 727
5 years $1,295 $1,445 $1,245 $ 729 $1,245 $1,245
10 years $2,264 $2,391 $2,666 $1,601 $2,391 $2,666
January 1, 2001 556801 1/01
