SUPPLEMENT TO PROSPECTUS OF
EVERGREEN EQUITY AND FIXED INCOME FUNDS
I. Evergreen Capital Balanced Fund
Proposed Fund Reorganization
On March 24, 2000 the Board of Trustees of the Evergreen Funds approved
a proposal to reorganize Evergreen Capital Balanced Fund ("Capital Balanced")
into Evergreen Foundation Fund ("Foundation"). If the shareholders of Capital
Balanced approve the proposal, all of the assets of Capital Balanced will be
transferred to Foundation and shareholders of Capital Balanced will receive
shares of Foundation in exchange for their shares. Shareholders of record of
Capital Balanced 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 Capital Balanced will be mailed information detailing the proposal on or
about May 26, 2000.
Evergreen High Income Fund
Proposed Fund Reorganization
On March 24, 2000 the Board of Trustees of the Evergreen Funds approved
a proposal to reorganize Evergreen High Income Fund ("High Income") into
Evergreen High Yield Bond Fund ("High Yield"). If the shareholders of High
Income approve the proposal, all of the assets of High Income will be
transferred to High Yield and shareholders of High Income will receive shares of
High Yield in exchange for their shares. Shareholders of record of High Income
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 High Income
will be mailed information detailing the proposal on or about May 26, 2000.
553687 4/00
April 3, 2000
