1933 Act File No. 33-25378
1940 Act File No. 811-5684
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ ]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 16 [X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ ]
Amendment No. 16 [X]
EVERGREEN EQUITY TRUST
(Exact Name of Registrant as Specified in Charter)
200 Berkeley Street, Boston, Massachusetts 02116-5034
(Address of Principal Executive Offices)
(617) 210-3200
(Registrant's Telephone Number)
Dorothy E. Bourrassa, Esq.
First Union Corporation
200 Berkeley Street, Boston, Massachusetts 02116
(Name and Address of Agent for Service)
It is proposed that this filing will become effective:
[X] immediately upon filing pursuant to paragraph (b)
[ ] on (date) pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(i)
[ ] on (date) pursuant to paragraph (a)(i)
[ ] 75 days after filing pursuant to paragraph (a)(ii)
[ ] on (date) pursuant to paragraph (a)(ii) of Rule 485
If appropriate, check the following box:
[ ] this post-effective amendment designates a new effective date for a
previously filed post-effective amendment
[ ] 60 days after filing pursuant to paragraph (a)(i)
[ ] on (date) pursuant to paragraph (a)(i)
<PAGE>
EVERGREEN EQUITY TRUST
CONTENTS OF
POST-EFFECTIVE AMENDMENT NO. 16
to
REGISTRATION STATEMENT
This Post-Effective Amendment No. 16 to Registration Statement No.
33-25378/811-5684 consists of the following pages, items of information, and
documents:
The Facing Sheet
The Contents Page
The Cross-Reference Sheet
PART A
------
Prospectus for Evergreen U.S. Real Estate Equity Fund contained in
Post-Effective Amendment No. 14 to Registration Statement No. 33-25378/811-5684
filed on November 27, 1996 incorporated by referenced herein.
PART B
------
Statement of Additional Information for Evergreen U.S. Real Estate Equity Fund
contained in Post-Effective Amendment No. 14 to Registration Statement
No. 33-25378/811-5684 filed on November 27, 1996 is incorporated by reference
herein.
PART C
------
Financial Statements
Exhibits
Number of Holders of Securities
Indemnification
Business and Other Connections of Investment Adviser
Principal Underwriter
Location of Accounts and Records
Undertakings
Signatures
<PAGE>
EVERGREEN EQUITY TRUST
Cross-Reference Sheet pursuant to Rules 404 and 495 under the Securities
Act of 1933.
<TABLE>
<CAPTION>
N-1A Item No. Location in Prospectus(es)
<S> <C>
Part A
Item 1. Cover Page Cover Page
Item 2. Synopsis and Fee Table Overview of the Fund(s); Expense Information
Item 3. Condensed Financial Information Financial Highlights
Item 4. General Description of Registrant Cover Page; Description of the Funds; General Information
Item 5. Management of the Fund Management of the Fund(s); General Information
Item 6. Capital Stock and Other Securities Dividends, Distributions and Taxes; General Information
Item 7. Purchase of Securities Being Offered Purchase and Redemption of Shares
Item 8. Redemption or Repurchase Purchase and Redemption of Shares
Item 9. Pending Legal Proceedings Not Applicable
Part B Location in Statement of Additional Information
Item 10. Cover Page Cover Page
Item 11. Table of Contents Table of Contents
Item 12. General Information and History Not Applicable
Item 13. Investment Objectives and Policies Investment Objectives and Policies; Investment Restrictions; Non-
Fundamental Operating Policies
Item 14. Management of the Fund Management
Item 15. Control Persons and Principal Management
Item 16. Investment Advisory and Other Services Investment Advisers; Purchase of Shares
Item 17. Brokerage Allocation Allocation of Brokerage
Item 18. Capital Stock and Other Securities Purchase of Shares
Item 19. Purchase, Redemption and Pricing of Distribution Plans; Purchase of Shares; Net Asset Value
Item 20. Tax Status Additional Tax Information
Item 21. Underwriters Distribution Plans; Purchase of Shares
Item 22. Calculation of Performance Data Performance Information
Item 23. Financial Statements Financial Statements
</TABLE>
Part C
Information required to be included in Part C is set forth under the
appropriate item, so numbered, in Part C to this Registration Statement.
<PAGE>
EVERGREEN EQUITY TRUST
Supplement dated December 19, 1997
to the Prospectus dated November 26, 1996 as supplemented
for the Evergreen U.S. Real Estate Equity Fund
and to the Prospectus dated March 3, 1997 as supplemented
for the Evergreen Global Real Estate Equity Fund
NEW INVESTMENT ADVISORY AND ADMINISTRATIVE RELATIONSHIPS PROPOSED
On December 17, 1997 Evergreen Asset Management Corp. ("Evergreen")
entered into a definitive agreement (the "Agreement") with Samuel A. Lieber and
Alpine Management & Research, LLC ("Alpine") pursuant to which Alpine, which is
controlled by Mr. Lieber, will acquire from Evergreen the portion of its
business as investment adviser and administrator relating to the Evergreen U.S.
Real Estate Equity Fund and the Evergreen Global Real Estate Equity Fund (the
"Funds"), both of which are series of the Evergreen Equity Trust (the "Trust").
Mr. Lieber has been the portfolio manager for the Funds since each Fund's
inception and will continue in that capacity following completion of the
proposed transactions.
The Agreement contemplates that, subject to receipt of Board and
shareholder approvals and the satisfaction of certain other conditions, on
January 12, 1998 or as soon thereafter as practical (the "Closing Date"), (i)
each Fund will enter into a new advisory contract with Alpine on the same terms
as its current advisory contract with Evergreen, (ii) the Trust and the Funds
will be renamed the Alpine Investment Trust, the Alpine U.S. Real Estate Equity
Fund and the Alpine Global Real Estate Equity Fund, respectively, and (iii) a
new board of Trustees will be elected by shareholders of the Funds. The
Agreement also contemplates that on or before March 20, 1998, Alpine will assume
responsibility for providing, or causing third parties to provide, to the Funds
the administrative services that are currently provided by Evergreen and its
affiliates.
The Board of Trustees of the Trust has approved the proposed
transactions subject to receipt of necessary shareholder approvals. The Board
has called a special meeting of shareholders of the Funds for January 12, 1998
to vote to approve or disapprove the appointment of Alpine as the investment
adviser, to elect the new Trustees, and to approve such other matters as may be
necessary or appropriate to effect the transactions contemplated by the
Agreement. Proxy materials relating to these proposals will be sent to
shareholders of record as of December 17, 1997.
23411
<PAGE>
SUPPLEMENT TO THE PROSPECTUSES
OF
EVERGREEN U.S. REAL ESTATE EQUITY FUND
The Prospectuses of the Fund are hereby supplemented as follows:
The "Expense Information" section is replaced entirely by the following:
The table and examples below are designed to help you understand the
various expenses that you will bear, directly or indirectly, when you invest in
the Fund. Shareholder transaction expenses are fees paid directly from your
account when you buy or sell shares of the Fund.
<TABLE>
<CAPTION>
Class A Shares Class B Shares Class C Shares Class Y Shares
SHAREHOLDER TRANSACTION EXPENSES ---------------- --------------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Maximum Sales Charge Imposed on Purchases
(as a % of offering price) 4.75%(1) None None None
Contingent Deferred Sales Charge (as a % of
original purchase price or redemption proceeds,
whichever is lower) None 5.00%(2)(3) 1.00%(2) None
</TABLE>
(1) The Fund does not charge a front-end sales charge on purchase of $1 million
or more, but it does charge a contingent deferred sales charge of 1.00% if
you redeem those shares within one year after your purchase.
(2) The deferred sales charge on Class B shares declines from 5.00% to 1.00% of
amounts redeemed within six years after the month of purchase. The
deferred sales charge on Class C shares is 1.00% on amounts redeemed
within one year after the month of purchase. The Fund does not charge a
contingent deferred sales charge on redemptions made after that. See
"Shareholder Information" for more information.
(3) Long-term shareholders may pay more than the economic equivalent front-end
sales charges permitted by the National Association of Securities Dealers,
Inc. See "Purchase and Redemption of Shares" for more information.
Annual operating expenses reflect the normal operating expenses of the
Fund, and include costs such as management, distribution and other fees. The
table below shows the Fund's actual annual operating expenses for the fiscal
year ended September 30, 1997. The examples show what you would pay if you
invested $1,000 over periods indicated. The examples assume that you reinvest
all of your dividends and that the Fund's average annual return will be 5%. The
examples are for illustration purposes only and should not be considered a
representation of past or future expenses or annual return. The Fund's actual
expenses and returns will vary. For a more complete description of the various
costs and expenses borne by the Fund see "Purchase and Redemption of Shares"
and "General Information -- Other Classes of Shares."
<TABLE>
<CAPTION>
Annual Operating Expenses(2)
(After Reimbursements)
----------------------------------------
Class A Class B Class C Class Y
--------- --------- --------- ----------
<S> <C> <C> <C> <C>
Management Fees 0.28% 0.28% 0.28% 0.28%
12b-1 Fees (1) 0.25% 1.00% 1.00% 0.00%
Other Expenses 1.24% 1.24% 1.24% 1.23%
---- ---- ---- ----
Total 1.77% 2.52% 2.52% 1.51%
==== ==== ==== ====
</TABLE>
<TABLE>
<CAPTION>
Examples
----------------------------------------------------------
Assuming Assuming
Redemption no
at End of Period Redemption
--------------------------------------- ------------------
Class A Class B Class C Class Y Class B Class C
--------- --------- --------- --------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
After 1 Year $ 65 $ 76 $ 36 $ 15 $ 26 $ 26
After 3 Years $101 $108 $ 78 $ 48 $ 78 $ 78
After 5 Years $139 $154 $134 $ 82 $134 $134
After 10 Years $246 $259 $286 $180 $259 $286
</TABLE>
(1) Although Class A shares can pay up to 0.75% of average net assets as a
12b-1 fee, for the foreseeable future such fees have been limited to 0.25%
of average net assets. For Class B and C shares, a portion of the 12b-1
fees equivalent to 0.25% of average annual assets will be shareholder
servicing-related. Distribution-related 12b-1 fees will be limited to
0.75% of average annual assets as permitted under the rules of the
National Association of Securities Dealers, Inc. ("NASD").
(2) Evergreen Asset Management Corp. ("Evergreen Asset") has agreed to
reimburse the Fund to the extent that the Fund's aggregate annual
operating expenses (excluding 12b-1 fees) exceed 1.50% of average net
assets for any fiscal year. Evergreen Asset may cease these voluntary
expense reimbursements at any time. For the fiscal year ended September
30, 1997, Evergreen Asset reimbursed and/or waived certain other expenses
and/or management fees of the Fund. Absent such reimbursements and/or
waivers, the Fund would have paid the expenses equal to the following
percentages of net assets:
1
<PAGE>
<TABLE>
<CAPTION>
Total Fund Operating
Management Expenses (Without
Fees Waivers and/or
(Without Waiver) Reimbursement)
Fund ------------------ ---------------------
<S> <C> <C>
Evergreen U.S. Real Estate Equity Fund
Class A 1.00% 2.49%
Class B 1.00% 3.24%
Class C 1.00% 3.24%
Class Y 1.00% 2.26%
</TABLE>
The "Financial Highlights" section is replaced entirely by the following:
The following tables present for the Fund, financial highlights for a
share outstanding throughout each period indicated. The information in the
tables for the ten most recent fiscal years or the life of the Fund, if
shorter, for Evergreen U.S. Real Estate Equity Fund has been audited by Price
Waterhouse LLP, the Fund's independent auditors. The Fund's annual report which
includes the Fund's financial statements, related notes, additional performance
information and the report of Price Waterhouse LLP, is incorporated by
reference into the Statement of Additional Information. You may obtain a copy
of the Fund's annual report free of charge from the Fund.
Evergreen U.S. Real Estate Equity Fund -- Class A and B Shares
<TABLE>
<CAPTION>
Class A Shares
----------------------------------------------------------
Year Ended September 30,
----------------------------------------------------------
1997(double dagger) 1996(double dagger) 1995*
--------------------- --------------------- --------------
<S> <C> <C> <C>
PER SHARE DATA:
Net asset value beginning of year ................................... $ 12.49 $ 11.42 $ 9.21
------- ------- ---------
Income from investment operations
Net investment income ............................................... 0.12# 0.20 0.18
Net realized and unrealized gain on investments ..................... 8.57 1.28 2.03
-------- ------- ---------
Total from investment operations ................................... 8.69 1.48 2.21
-------- ------- ---------
Less distributions from
Net investment income ............................................... (0.26)# (0.20) 0
Net realized gain on investments .................................... (1.58) (0.21) 0
--------- --------- ---------
Total distributions ................................................ (1.84) (0.41) 0
--------- --------- ---------
Net asset value end of year ........................................ $ 19.34 $ 12.49 $ 11.42
========= ========= =========
TOTAL RETURN + ...................................................... 78.28% 13.12% 24.00%
RATIOS/SUPPLEMENTAL DATA
Ratios to average net assets:
Total expenses ..................................................... 1.77% 1.72% 1.78%++
Interest expense ................................................... N/A 0.04% N/A
Total expenses, excluding indirectly paid expenses ................. 1.76% N/A N/A
Total expenses, excluding fee waivers & expense reimbursements ..... 2.49% 9.65% 364.74%++
Net investment income .............................................. 0.90% 1.60% 3.13%++
Portfolio turnover rate ............................................. 205% 169% 115%
Average commission rate paid per share .............................. $ 0.0597 $ 0.0619 N/A
Net assets end of year (thousands) .................................. $ 2,778 $ 263 $ 5
</TABLE>
- --------
(double dagger) Calculated based on average shares outstanding throughout the
period.
* For the period from March 10, 1995 (commencement of class operations) to
September 30, 1995.
+ Initial sales charge or contingent deferred sales charge is not reflected.
++ Annualized.
# The per share amount of net investment income is not in accordance with the
distributions per share from net investment income due to the timing of
sales of Fund shares after the Fund declared its annual income distribution
on December 26, 1996. Further, the distributions declared on such date were
paid principally from net investment income earned during the previous
fiscal year.
2
<PAGE>
<TABLE>
<CAPTION>
Class B Shares
----------------------------------------------------------
Year Ended September 30,
----------------------------------------------------------
1997(double dagger) 1996(double dagger) 1995*
--------------------- --------------------- --------------
<S> <C> <C> <C>
PER SHARE DATA:
Net asset value beginning of year .................................. $ 12.41 $ 11.37 $ 9.19
------- ------- --------
Income from investment operations
Net investment income .............................................. 0.02# 0.13 0.05
Net realized and unrealized gain on investments .................... 8.49 1.27 2.13
-------- ------- --------
Total from investment operations ................................... 8.51 1.40 2.18
-------- ------- --------
Less distributions from
Net investment income .............................................. (0.20)# (0.15) 0
Net realized gain on investments ................................... (1.58) (0.21) 0
--------- --------- --------
Total distributions ................................................ (1.78) (0.36) 0
--------- --------- --------
Net asset value end of year ........................................ $ 19.14 $ 12.41 $ 11.37
========= ========= ========
TOTAL RETURN + ..................................................... 76.87% 12.49% 23.72%
RATIOS/SUPPLEMENTAL DATA
Ratios to average net assets:
Total expenses ..................................................... 2.52% 2.46% 2.51%++
Interest expense ................................................... N/A 0.04% N/A
Total expenses, excluding indirectly paid expenses ................. 2.51% N/A N/A
Total expenses, excluding fee waivers & expense reimbursements ..... 3.24% 6.19% 28.70%++
Net investment income .............................................. 0.12% 1.05% 2.00%++
Portfolio turnover rate ............................................ 205% 169% 115%
Average commission rate paid per share ............................. $ 0.0597 $ 0.0619 N/A
Net assets end of year (thousands) ................................. $ 3,446 $ 431 $ 160
</TABLE>
- --------
(double dagger) Calculated based on average shares outstanding throughout the
period.
* For the period from March 7, 1995 (commencement of class operations) to
September 30, 1995.
+ Initial sales charge or contingent deferred sales charge is not reflected.
++ Annualized.
# The per share amount of net investment income is not in accord with the
distributions per share from net investment income due to the timing of
sales of Fund shares after the Fund declared its annual income distribution
on December 26, 1996. The distributions declared on such date were paid
principally from net investment income earned during the previous fiscal
year.
3
<PAGE>
Evergreen U.S. Real Estate Equity Fund -- Class C and Y Shares
<TABLE>
<CAPTION>
Class C Shares
----------------------------------------------------------
Year Ended September 30,
----------------------------------------------------------
1997(double dagger) 1996(double dagger) 1995*
--------------------- --------------------- --------------
<S> <C> <C> <C>
PER SHARE DATA:
Net asset value beginning of year ................................... $ 12.44 $ 11.41 $ 10.87
------- ------- ---------
Income from investment operations
Net investment income ............................................... 0.03# 0.13 0.08
Net realized and unrealized gain on investments ..................... 8.47 1.28 0.46
-------- ------- ---------
Total from investment operations ................................... 8.50 1.41 0.54
-------- ------- ---------
Less distributions from
Net investment income ............................................... (0.23)# (0.17) 0
Net realized gain on investments .................................... (1.58) (0.21) 0
--------- --------- ---------
Total distributions ................................................ (1.81) (0.38) 0
--------- --------- ---------
Net asset value end of year ........................................ $ 19.13 $ 12.44 $ 11.41
========= ========= =========
TOTAL RETURN + ...................................................... 76.89% 12.49% 4.97%
RATIOS/SUPPLEMENTAL DATA
Ratios to average net assets:
Total expenses ..................................................... 2.52% 2.47% 2.49%++
Interest expense ................................................... N/A 0.04% N/A
Total expenses, excluding indirectly paid expenses ................. 2.51% N/A N/A
Total expenses, excluding fee waivers & expense reimbursements ..... 3.24% 18.82% 421.54%++
Net investment income .............................................. 0.23% 1.08% 2.55%++
Portfolio turnover rate ............................................. 205% 169% 115%
Average commission rate paid per share .............................. $ 0.0597 $ 0.0619 N/A
Net assets end of year (thousands) .................................. $ 1,673 $ 125 $ 3
</TABLE>
- --------
(double dagger) Calculated based on average shares outstanding throughout the
period.
* For the period from July 12, 1995 (commencement of class operations) to
September 30, 1995.
+ Initial sales charge or contingent deferred sales charge is not reflected.
++ Annualized.
# The per share amount of net investment income is not in accord with the
distributions per share from net investment income due to the timing of
sales of Fund shares after the Fund declared its annual income distribution
on December 26, 1996. The distributions declared on such date were paid
principally from net investment income earned during the previous fiscal
year.
<TABLE>
<CAPTION>
Class Y Shares
-------------------------------------------
Year Ended September 30,
-------------------------------------------
1997(double dagger) 1996(double dagger)
--------------------- ---------------------
<S> <C> <C>
PER SHARE DATA:
Net asset value beginning of year ................................... $ 12.56 $ 11.44
------- -------
Income from investment operations
Net investment income ............................................... 0.16# 0.24
Net realized and unrealized gain (loss) on investments .............. 8.63 1.29
-------- -------
Total from investment operations ................................... 8.79 1.53
-------- -------
Less distributions from
Net investment income ............................................... (0.28)# (0.20)
In excess of net investment income .................................. 0 0
Net realized gains on investments ................................... (1.58) (0.21)
--------- ---------
Total distributions ................................................ (1.86) (0.41)
--------- ---------
Net asset value, end of year ....................................... $ 19.49 $ 12.56
========= =========
TOTAL RETURN ........................................................ 78.79% 13.57%
RATIOS/SUPPLEMENTAL DATA
Ratios to average net assets:
Total expenses ..................................................... 1.51% 1.46%
Interest expense ................................................... N/A 0.04%
Total expenses, excluding indirectly paid expenses ................. 1.50% N/A
Total expenses, excluding fee waivers & expense reimbursements ..... 2.26% 2.25%
Net investment income .............................................. 1.10% 2.02%
Portfolio turnover rate ............................................. 205% 169%
Average commission rate paid per share .............................. $ 0.0597 $ 0.0619
Net assets end of year (thousands) .................................. $ 19,459 $ 10,601
<CAPTION>
Class Y Shares
----------------------------------- September 1, 1993*
Year Ended September 30, through
----------------------------------- December 31,
1995 1994**(double dagger) 1993
----------- ----------------------- -------------------
<S> <C> <C> <C>
PER SHARE DATA:
Net asset value beginning of year ................................... $ 10.07 $ 10.71 $ 10.00
------- -------- --------
Income from investment operations
Net investment income ............................................... 0.23 0.11 0.04
Net realized and unrealized gain (loss) on investments .............. 1.46 (0.75) 0.72
------- -------- --------
Total from investment operations ................................... 1.69 (0.64) 0.76
------- -------- --------
Less distributions from
Net investment income ............................................... (0.20) 0 (0.04)
In excess of net investment income .................................. 0 0 (0.01)
Net realized gains on investments ................................... (0.12) 0 0
-------- -------- --------
Total distributions ................................................ (0.32) 0 (0.05)
-------- -------- --------
Net asset value, end of year ....................................... $ 11.44 $ 10.07 $ 10.71
======== ======== ========
TOTAL RETURN ........................................................ 17.63% (5.98%) 7.60%
RATIOS/SUPPLEMENTAL DATA
Ratios to average net assets:
Total expenses ..................................................... 1.50% 1.49%+ 0.44 +
Interest expense ................................................... N/A N/A N/A
Total expenses, excluding indirectly paid expenses ................. N/A N/A N/A
Total expenses, excluding fee waivers & expense reimbursements ..... 2.70% 2.65%+ 3.59%+
Net investment income .............................................. 2.45% 1.60%+ 1.93%+
Portfolio turnover rate ............................................. 115% 102% 17%
Average commission rate paid per share .............................. N/A N/A N/A
Net assets end of year (thousands) .................................. $ 9,456 $ 8,630 $ 4,610
</TABLE>
- --------
(double dagger) Calculated based on average shares outstanding throughout the
period.
* Commencement of class operations.
** For the nine months ended September 30, 1994. The Fund changed its fiscal
year end from December 31 to September 30, effective September 30, 1994.
+ Annualized.
# The per share amount of net investment income is not in accord with the
distributions per share from net investment income due to the timing of sales
of Fund shares after the Fund declared its annual income distribution on
December 26, 1996. The distributions declared on such date were paid
principally from net investment income earned during the previous fiscal year.
February 1, 1998
4
<PAGE>
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION OF
EVERGREEN U.S. REAL ESTATE EQUITY FUND
DATED FEBRUARY 1, 1998
The Statement of Additional Information is hereby supplemented to
reflect the following information:
FINANCIAL STATEMENTS
The Fund's audited financial statements and the report thereon are
hereby incorporated by reference to the Fund's annual report, a copy of which
may be obtained without charge from Evergreen Service Company, P.O. Box 2121,
Boston, Massachusetts 02106-2121.
Trustee Compensation
Listed below is the Trustee compensation for the twelve-month period
ended September 30, 1997.
COMPENSATION FROM
TRUSTEE COMPENSATION FROM TRUST AND FUND
TRUST COMPLEX
Laurence B. Ashkin $476.23 $63,400
Charles A. Austin III * 41,400
Foster Bam 176.08 48,575
K. Dun Gifford* 38,700
James S. Howell 511.98 100,542
Robert Jeffries 187.14 14,600
Leroy Keith Jr.* 37,800
Gerald M. McDonnell 376.94 87,051
Thomas L. McVerry 490.88 91,101
William Walt Pettit 476.74 89,101
David M. Richardson* 41,400
Russell A. Salton, III 476.93 90,701
Michael S. Scofield 376.93 87,801
Richard J. Shima 15.94 61,125
*Not a Trustee of the Trust during the relevant fiscal period.
As of December 31. 1997, the officers and Trustees of the Trust owned
as a group less than 1% of the outstanding of any class of the Fund.
Set forth below is information with respect to each person who, to the
Fund's knowledge, owned beneficially or of record more than 5% of a class of the
Fund's outstanding shares as of December 31, 1997.
CLASS A
Charles Schwab & Co. Inc. 9.96%
Special Custody Account for the
Exclusive Benefit of Customers
Attn: Mutual Funds Dept
101 Montgomery St.
San Francisco, CA 94104-4122
NFSC FEBO #367-355550 6.70%
Charles L. Cabe
Separate Property
C/O CLC Interests
5956 Sherry Ln Ste 1000
Dallas, TX 75225-8021
NFSC FEBO #191-114421 5.12%
Fmt Co Cust IRA
FBO Robert P. White
RR 3 Box 587-1
Jasper, TX 75951
CLASS B
MLPF&S for the sole benefit 13.08%
Of its Customers
Attn: Fund Administration
4800 Deer Lake Dr. E 3rd Floor
Jacksonville, FL 32246-6484
Prudential Securities Inc. FBO 5.19%
Harold L. Endlich Ttee
Harold L. Endlich 1993
Revocable Intervivos Trust UA
DTD 11/05/93
Northridge, CA 91325-2613
CLASS C
MLPF&S for the sole benefit 32.78%
Of its Customers
Attn: Fund Administration
4800 Deer Lake Dr. E 3rd Floor
Jacksonville, FL 32246-6484
NFSC FEBO #X54-079561 6.41%
Thompson Family Trust
Howard J. Thompson Jr Ttee
U/A 0-6/15/93 3755 Milan St.
San Diego, CA 92107-3711
CLASS Y
Stephen A. Lieber 22.33%
1210 Greacen Point Rd.
Mamaroneck, NY 10543-4693
Constance E. Lieber 7.67%
1210 Greacen Point Rd.
Mamaroneck, NY 10543-4693
Charles Schwab & Co. Inc. 6.52%
Special Custody Account for the
Exclusive Benefit of Customers
Reinvest Account Mut Fds Dept
101 Montgomery St.
San Francisco, CA 94104-4122
The Essel Foundation 5.71%
1210 Greacen Point Rd.
Mamaroneck, NY 10543-4693
Samuel A. Lieber 5.26%
2 Beach Ave.
Larchmont, NY 10538-4005
EXPENSES
The table below shows the total dollar amounts paid by the Fund for
services rendered during the fiscal periods specified. For more information on
specific expenses, see "Investment Advisers" and "Distribution Plans."
1997 FUND EXPENSES
<TABLE>
<CAPTION>
Total Underwriting
Advisory Class A Class B Class C Underwriting Commissions
Fees 12b-1 Fees 12b-1 Fees 12b-1 Fees Commissions Retained
================= ================ ================ ================ ================ ================
<S> <C> <C> <C> <C> <C>
$156,812* $1,824 $12,232 $4,917 $17,137 $2,053
</TABLE>
*The Fund's fee waivers and expense reimbursements amounted to $116,715,
resulting in a net advisory fee of $40,097.
BROKERAGE COMMISSIONS PAID
The table below shows (1) the aggregate dollar amounts paid by the Fund
in brokerage commissions and (2) the total dollar amount paid to Lieber and
Company, an affiliate of FUNB for each of the last three year.
REAL ESTATE
====================== ===================
1997 Aggregate $ 164,711
Dollar Amount
1997 Dollar Amount $ 152,636
Paid to Lieber
COMPUTATION OF CLASS A OFFERING PRICE
Class A shares are sold at the NAV plus a sales charge. Below is an
example of the method of computing the offering price of Class A shares of the
Fund. The example assumes a purchase of Class A shares of the Fund aggregating
less than $100,000 based upon the NAV of the Fund's Class A shares at the end of
the Fund's latest fiscal period.
FUND* DATE NET ASSET VALUE PER SHARE SALES OFFERING PRICE PER
CHARGE SHARE
Real Estate 9/30/97 $19.34 4.75% $20.30
PERFORMANCE
Total Return
The average annual total returns for each class of shares of the Fund
(including applicable sales charges) for the period ended September 30, 1997 are
as follows:
<TABLE>
<CAPTION>
REAL ESTATE ONE YEAR THREE YEARS FIVE YEARS SINCE INCEPTION INCEPTION DATE
<S> <C> <C> <C> <C> <C>
Class A 69.81% -- -- 40.28% Mar. 10, 1995
Class B 71.87% -- -- 41.25% Mar. 7, 1995
Class C 75.89% -- -- 39.24% July 12, 1995
Class Y 78.79% 33.65% -- 24.09% Sept. 1, 1993
</TABLE>
Yield
Below are the Fund's yields for the thirty-day period ended September 30,
1997:
FUND Class A Class B Class C Class Y
================= ============== ============== ============== ==============
REAL ESTATE .69% .05% .04% .98%
23384
<PAGE>
EVERGREEN EQUITY TRUST
PART C
OTHER INFORMATION
Item 24. Financial Statements and Exhibits
Item 24(a). Financial Statements
EVERGREEN U.S. REAL ESTATE EQUITY FUND
The following financial statements are incorporated by reference to the
Registrant's Annual Report, as filed with the Securities and Exchange
Commission.
Class A Financial Highlights For each of the years in the
two-year period ended
September 30, 1997; and for
the period from March 10, 1995
(Commencement of Operations)
to September 30, 1995.
Class B Financial Highlights For each of the years in the
two-year period ended
September 30, 1997; and for
the period from March 7, 1995
(Commencement of Operations)
to September 30, 1995.
Class C Financial Highlights For each of the years in the
two-year period ended
September 30, 1997; and for
the period from July 12, 1995
(Commencement of Operations)
to September 30, 1995.
Class Y Financial Highlights For each of the years in the
three-year period ended
September 30, 1997; for the
nine-month period ended
September 30, 1994; and for
the period from
September 1, 1993
(Commencement of Operations)
to December 31, 1993.
Schedule of Investments September 30, 1997
Statement of Assets and Liabilities September 30, 1997
Statement of Operations Year ended September 30, 1997
Statement of Changes in Net Assets For each of the years in the
two-year period ended
September 30, 1997
Notes to Financial Statements
Independent Accountants' Report November 11, 1997
Item 24(b). Exhibits:
Exhibit
Number Description Location
- ------- ----------- --------
(1)(a) Declaration of Trust (1)
(b) Amendment to Declaration of Trust (1)
(c) Form of instrument providing for the
Establishment and Designation of
Classes (1)
(2)(a) By-Laws (1)
(3) None
(4) Instruments Defining Rights of
Shareholders (1)
(5)(a) Investment Advisory Agreement (1)
(5)(b) Investment Subadvisory Agreement (1)
(6) Distribution Agreement (1)
(7) None
(8) Custodian Agreement (1)
(9) None
(10) None
(11) Consent of Independent Accountants (2)
(12) None
(13) None
(14) None
(15) Rule 12b-1 Distribution Plan (1)
(16) Performance Calcluations (2)
(17) Financial Data Schedules (2)
(18) Multiple Class Plan (1)
(19) Powers of Attorney (1)
- -----------------
(1) Incorporated by reference to Registrant's previous filings on Form N-1A.
(2) Filed herewith.
Item 25. Persons Controlled by or Under Common Control with Registrant:
Not applicable.
Item 26. Number of Holders of Securities (as of December 31, 1997):
Title of Class Number of Record Holders
-------------- ------------------------
Evergreen U.S. Real Estate Equity Fund
Class A 374
Class B 507
Class C 125
Class Y 470
Item 27. Indemnification: (1.)
- --------------------------------------
(1.) Response is incorporated by reference to Registrant's Post-Effective
Amendment No. 15 filed on January 2, 1997 on Form N-1A.
Item 28. Business and Other Connections of Investment Adviser:
The Directors and principal executive officers of First Union National Bank
are:
Edward E. Crutchfield, Jr. Chairman and Chief Executive Officer,
First Union Corporation; Chief Executive
Officer and Chairman, First Union National
Bank
Anthony P. Terracciano President, First Union Corporation; President
First Union National Bank
John R. Georgius Vice Chairman, First Union Corporation;
Vice Chairman, First Union National Bank
Marion A. Cowell, Jr. Executive Vice President, Secretary &
General Counsel, First Union Corporation;
Secretary and Executive Vice President,
First Union National Bank
Robert T. Atwood Executive Vice President and Chief Financial
Officer, First Union Corporation; Chief
Financial Officer and Executive Vice
President
All of the above persons are located at the following address: First Union
National Bank, One First Union Center, Charlotte, NC 28288.
The information required by this item with respect to Evergreen Asset
Management Corp. is incorporated by reference to the Form ADV (File No.
801-46522) of Evergreen Asset Management Corp.
The Directors and principal executive officers of Evergreen Distributor,
Inc. are:
Lynn C. Mangum Director, Chairman and Chief Executive
Officer
Robert J. McMullan Director, Executive Vice President and
Treasurer
J. David Huber President
Kevin J. Dell Vice President, General Counsel and Secretary
All of the above persons are located at the following address: Evergreen
Distributor, Inc., 125 West 55th Street, New York, New York 10019.
Evergreen Distributor, Inc. acts as principal underwriter for each
registered investment company or series thereof that is a part of the Evergreen
Keystone "fund complex" as such term is defined in Item 22(a) of Schedule 14A
under the Securities Exchange Act of 1934.
Item 30. Location of Accounts and Records.
All accounts and records required to be maintained by Section 31(a) of the
Investment Company Act of 1940 and the Rules 31a-1 through 31a-3 promulgated
thereunder are maintained at one of the following locations:
Evergreen Investment Services, Inc., Evergreen Service Company and Keystone
Investment Management Company, all located at 200 Berkeley Street, Boston,
Massachusetts 02110
First Union National Bank, One First Union Center, 301 S. College Street,
Charlotte, North Carolina 28288
Evergreen Asset Management Corp., 2500 Westchester Avenue, Purchase,
New York 10577
Iron Mountain, 3431 Sharp Slot Road, Swansea, Massachusetts 02777
State Street Bank and Trust Company, 2 Heritage Drive, North Quincy,
Massachusetts 02171
Item 31. Management Services.
Not Applicable
Item 32. Undertakings.
The Registrant hereby undertakes to furnish each person to whom a
prospectus is delivered with a copy of the Registrant's latest annual
report to shareholders, upon request and without charge.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940 the Registrant has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereto duly
authorized, in the City of Columbus, and State of Ohio, on the 28th day of
January, 1998.
EVERGREEN EQUITY TRUST
/s/ William J. Tomko
---------------------------
Name: William J. Tomko
Title: President
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities indicated on the 28th day of January, 1998.
/s/William J. Tomko /s/ Laurence B. Ashkin*
- ------------------------- -----------------------------
William J. Tomko Laurence B. Ashkin
President amd Treasurer (Principal Trustee
Financial and Accounting Officer)
/s/ Russell A. Salton, III MD* /s/ Thomas L. McVerry*
- ------------------------- ------------------------------
Russell A. Salton, III MD Thomas L. McVerry
Trustee Trustee
/s/ William Walt Pettit* /s/ Michael S. Scofield*
- ---------------------------- -------------------------
William Walt Pettit Michael S. Scofield
Trustee Trustee
/s/ James S. Howell* /s/ Gerald M. McDonnell*
- ----------------------------- ------------------------
James S. Howell Gerald M. McDonell
Trustee Trustee
/s/ Foster Bam*
- -------------------------
Foster Bam
Trustee
*By: /s/ Martin J. Wolin
- -------------------------------
Martin J. Wolin
Attorney-in-Fact
*Martin J. Wolin, by signing his name hereto, does hereby sign this
document on behalf of each of the above-named individuals pursuant to powers of
attorney duly executed by such persons.
<PAGE>
INDEX TO EXHIBITS
Exhibit Number Exhibit
- -------------- -------
11 Consent of Price Waterhouse LLP
16 Performance Calculations
17 Financial Data Schedules
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Prospectus
and Statement of Additional Information constituting parts of this
Post-Effective Amendment No. 16 to the registration statement on Form N-1A of
Evergreen Equity Trust (the "Registration Statement") of our report dated
November 11, 1997, relating to the financial statements and financial highlights
appearing in the September 30, 1997 Annual Report to Shareholders of Evergreen
U.S. Real Estate Equity Fund, which is also incorporated by reference into the
Registration Statement. We also consent to the references to us under the
heading "Financial Highlights" in the Propsectus and under the headings
"Independent Auditors" and "Financial Statements" in the Statement of Additional
Information.
/s/ Price Waterhouse LLP
Price Waterhouse LLP
1177 Avenue of the Americas
New York, NY
January 27, 1998
<TABLE>
<CAPTION>
09-Aug-02
A NAV A A
TIME ACCOUNT A AVERAGE A/C VALUE A AVERAGE
YEARS PERIOD VALUE CLASS ANNNUAL W/LOAD CLASS ANNNUAL
<S> <C> <C> <C> <C> <C> <C> <C>
30-Sep-97 BLANK 2,500.70 0.00% 952.5 -4.75% -4.75%
31-Aug-97 1 MO 2,199.43 13.70% 13.70% 1,082.97 8.30% 8.30%
30-Jun-97 QTR 1,939.53 28.93% 28.93% 1,228.09 22.81% 22.81%
31-Dec-96 YTD 1,635.67 52.89% 52.89% 1,456.23 45.62% 45.62%
30-Sep-96 1 1,402.68 78.28% 78.28% 1,698.12 69.81% 69.81%
30-Sep-94 3
30-Sep-92 5
30-Sep-87 10
10-Mar-95. INCEPT. 1,000.00 150.07% 42.96% 2,381.92 138.19% 40.28%
INCEPTION FACTOR: 2.5644
</TABLE>
<TABLE>
<CAPTION>
1000
B B NAV LEVEL VALUE OF VALUE OF B
TIME ACCOUNT B AVERAGE LOAD CLASS B CLASS B INI. B AVERAGE
YEARS PERIOD VALUE CLASS ANNNUAL COMP INVESTMENT INVESTMENT CUMULATIVE ANNUAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
30-Sep-97 BLANK 2,461.54 0.00% 50 1,000.00 1,000.00 0
31-Aug-97 1 MO 2,165.75 13.66% 13.66% 50 1,136.58 1,136.58 8.66% 8.66%
30-Jun-97 QTR 1,912.39 28.72% 28.72% 50 1,287.16 1,287.16 23.72% 23.72%
31-Dec-96 YTD 1,619.16 52.03% 52.03% 50 1,520.25 1,520.25 47.03% 47.03%
30-Sep-96 1 1,391.69 76.87% 76.87% 50 1,768.74 1,542.30 71.87% 71.87%
30-Sep-94 3
30-Sep-92 5
30-Sep-87 10
7-Mar-95 INCEPT. 1,000.00 146.15% 41.93% 30 2,461.54 2,082.70 143.15% 41.25%
2.5726
</TABLE>
<TABLE>
<CAPTION>
1000
C C NAV LEVEL VALUE OF VALUE OF C
TIME ACCOUNT C AVERAGE LOAD CLASS C CLASS C INI. C AVERAGE
YEARS PERIOD VALUE CLASS ANNNUAL COMP INVESTMENT INVESTMENT CUMULATIVE ANNUAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
30-Sep-97 BLANK 2,088.61 0.00% 10 1,000.00 1,000.00 0
31-Aug-97 1 MO 1,838.59 13.60% 13.60% 10 1,135.99 1,135.99 12.60% 12.60%
30-Jun-97 QTR 1,622.41 28.73% 28.73% 10 1,287.35 1,287.35 27.73% 27.73%
31-Dec-96 YTD 1,372.39 52.19% 52.19% 10 1,521.88 1,521.88 51.19% 51.19%
30-Sep-96 1 1,180.74 76.89% 76.89% 10 1,768.89 1,537.78 75.89% 75.89%
30-Sep-94 3
30-Sep-92 5
30-Sep-87 10
12-Jul-95 INCEPT. 1,000.00 108.86% 39.24% 0 2,088.61 1,759.89 108.86% 39.24%
INCEPTION FACTOR: 2.2247
</TABLE>
<TABLE>
<CAPTION>
Y
TIME ACCOUNT Y AVERAGE
YEARS PERIOD VALUE CLASS ANNNUAL
<S> <C> <C> <C> <C>
30-Sep-97 BLANK 2,416.34 0.00%
31-Aug-97 1 MO 2,124.99 13.71% 13.71%
30-Jun-97 QTR 1,872.07 29.07% 29.07%
31-Dec-96 YTD 1,575.76 53.34% 53.34%
30-Sep-96 1 1,351.51 78.79% 78.79%
30-Sep-94 3 1,011.70 138.84% 33.67%
30-Sep-92 5
30-Sep-87 10
1-Sep-93 INCEPT. 1,000.00 141.63% 24.11%
INCEPTION FACTOR: 4.0849
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> EVERGREEN U.S. REAL ESTATE EQUITY FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 20,722,324
<INVESTMENTS-AT-VALUE> 26,871,169
<RECEIVABLES> 1,680,612
<ASSETS-OTHER> 241,410
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,793,191
<PAYABLE-FOR-SECURITIES> 1,345,104
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92,078
<TOTAL-LIABILITIES> 1,437,182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,403,899
<SHARES-COMMON-STOCK> 143,621
<SHARES-COMMON-PRIOR> 21,053
<ACCUMULATED-NII-CURRENT> 94,223
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,709,042
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,148,845
<NET-ASSETS> 27,356,009
<DIVIDEND-INCOME> 402,951
<INTEREST-INCOME> 6,392
<OTHER-INCOME> 0
<EXPENSES-NET> (254,250)
<NET-INVESTMENT-INCOME> 155,093
<REALIZED-GAINS-CURRENT> 4,054,572
<APPREC-INCREASE-CURRENT> 5,804,070
<NET-CHANGE-FROM-OPS> 10,013,735
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,261
<DISTRIBUTIONS-OF-GAINS> 38,196
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 184,220
<NUMBER-OF-SHARES-REDEEMED> (64,718)
<SHARES-REINVESTED> 3,065
<NET-CHANGE-IN-ASSETS> 3,587,510
<ACCUMULATED-NII-PRIOR> 197,030
<ACCUMULATED-GAINS-PRIOR> 1,102,519
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (156,812)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (254,250)
<AVERAGE-NET-ASSETS> 729,674
<PER-SHARE-NAV-BEGIN> 12.49
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 8.57
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> (1.58)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.34
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> EVERGREEN U.S. REAL ESTATE EQUITY FUND CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 20,722,324
<INVESTMENTS-AT-VALUE> 26,871,169
<RECEIVABLES> 1,680,612
<ASSETS-OTHER> 241,410
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,793,191
<PAYABLE-FOR-SECURITIES> 1,345,104
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92,078
<TOTAL-LIABILITIES> 1,437,182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,403,899
<SHARES-COMMON-STOCK> 179,988
<SHARES-COMMON-PRIOR> 34,708
<ACCUMULATED-NII-CURRENT> 94,223
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,709,042
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,148,845
<NET-ASSETS> 27,356,009
<DIVIDEND-INCOME> 402,951
<INTEREST-INCOME> 6,392
<OTHER-INCOME> 0
<EXPENSES-NET> (254,250)
<NET-INVESTMENT-INCOME> 155,093
<REALIZED-GAINS-CURRENT> 4,054,572
<APPREC-INCREASE-CURRENT> 5,804,070
<NET-CHANGE-FROM-OPS> 10,013,735
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,714
<DISTRIBUTIONS-OF-GAINS> 78,705
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 154,550
<NUMBER-OF-SHARES-REDEEMED> (16,358)
<SHARES-REINVESTED> 7,088
<NET-CHANGE-IN-ASSETS> 2,229,478
<ACCUMULATED-NII-PRIOR> 197,030
<ACCUMULATED-GAINS-PRIOR> 1,102,519
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (156,812)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (254,250)
<AVERAGE-NET-ASSETS> 1,223,212
<PER-SHARE-NAV-BEGIN> 12.49
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 8.57
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> (1.58)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.34
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> EVERGREEN U.S. REAL ESTATE EQUITY FUND CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 20,722,324
<INVESTMENTS-AT-VALUE> 26,871,169
<RECEIVABLES> 1,680,612
<ASSETS-OTHER> 241,410
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,793,191
<PAYABLE-FOR-SECURITIES> 1,345,104
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92,078
<TOTAL-LIABILITIES> 1,437,182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,403,899
<SHARES-COMMON-STOCK> 87,415
<SHARES-COMMON-PRIOR> 10,050
<ACCUMULATED-NII-CURRENT> 94,223
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,709,042
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,148,845
<NET-ASSETS> 27,356,009
<DIVIDEND-INCOME> 402,951
<INTEREST-INCOME> 6,392
<OTHER-INCOME> 0
<EXPENSES-NET> (254,250)
<NET-INVESTMENT-INCOME> 155,093
<REALIZED-GAINS-CURRENT> 4,054,572
<APPREC-INCREASE-CURRENT> 5,804,070
<NET-CHANGE-FROM-OPS> 10,013,735
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,723
<DISTRIBUTIONS-OF-GAINS> 45,396
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 103,769
<NUMBER-OF-SHARES-REDEEMED> (27,945)
<SHARES-REINVESTED> 1,541
<NET-CHANGE-IN-ASSETS> 1,266,292
<ACCUMULATED-NII-PRIOR> 197,030
<ACCUMULATED-GAINS-PRIOR> 1,102,519
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (156,812)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (254,250)
<AVERAGE-NET-ASSETS> 491,716
<PER-SHARE-NAV-BEGIN> 12.49
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 8.57
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> (1.58)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.34
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> EVERGREEN U.S. REAL ESTATE EQUITY FUND CLASS Y
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 20,722,324
<INVESTMENTS-AT-VALUE> 26,871,169
<RECEIVABLES> 1,680,612
<ASSETS-OTHER> 241,410
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,793,191
<PAYABLE-FOR-SECURITIES> 1,345,104
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92,078
<TOTAL-LIABILITIES> 1,437,182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,403,899
<SHARES-COMMON-STOCK> 998,433
<SHARES-COMMON-PRIOR> 844,133
<ACCUMULATED-NII-CURRENT> 94,223
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,709,042
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,148,845
<NET-ASSETS> 27,356,009
<DIVIDEND-INCOME> 402,951
<INTEREST-INCOME> 6,392
<OTHER-INCOME> 0
<EXPENSES-NET> (254,250)
<NET-INVESTMENT-INCOME> 155,093
<REALIZED-GAINS-CURRENT> 4,054,572
<APPREC-INCREASE-CURRENT> 5,804,070
<NET-CHANGE-FROM-OPS> 10,013,735
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 227,570
<DISTRIBUTIONS-OF-GAINS> 1,293,384
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 137,476
<NUMBER-OF-SHARES-REDEEMED> (87,776)
<SHARES-REINVESTED> 104,600
<NET-CHANGE-IN-ASSETS> 2,083,236
<ACCUMULATED-NII-PRIOR> 197,030
<ACCUMULATED-GAINS-PRIOR> 1,102,519
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (156,812)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (254,250)
<AVERAGE-NET-ASSETS> 13,236,678
<PER-SHARE-NAV-BEGIN> 12.49
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 8.57
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> (1.58)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.34
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
