SUPPLEMENT TO PROSPECTUS OF
EVERGREEN VARIABLE ANNUITY FUNDS
I. Evergreen VA Special Equity Fund
Effective October 4, 1999, the section of the prospectus entitled "THE
FUNDS' PORTFOLIO MANAGERS" is supplemented to reflect the following change to
the Fund:
Jay Zelko, Eric M. Teal and Timothy M. Stevenson, CFA, have been
Co-Managers of the Fund since October 1999. Mr. Zelko joined First Union
National Bank ("FUNB") in April 1994. Mr. Zelko 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 June 1999.
Mr. Teal joined FUNB in September 1993 as an investment officer and has
been Vice President and quantitative equity analyst since September 1997.
Currently, Mr. Teal heads the Quantitative Analysis/Portfolio Management Unit
within FUNB. He is also responsible for equity quantitative management for the
Evergreen Select Equity Funds. Mr. Teal has been affiliated with MIC as a
portfolio manager since October 1999.
Mr. Stevenson has been an investment professional since August 1981.
Before joining FUNB in November 1994 as a Senior Vice President and portfolio
manager, Mr. Stevenson served as a research director and portfolio manager for
Cedar Hill Associates, Inc. from July 1989 to July 1994. Mr. Stevenson has been
affiliated with MIC as a portfolio manager since October 1999.
October 11, 1999 550142-10/99
II. Evergreen VA Fund
The second paragraph of the Fund's "Investment Strategy," as referenced
under the section of the prospectus entitled "FUND RISK/RETURN SUMMARIES," is
restated in its entirety as follows:
The Fund invests primarily in the common stocks of large U.S.
companies. The Fund's portfolio managers select stocks using a
"growth-at-a-reasonable-price" method. This style of diversified
equity management is best defined as a blend between growth and value
stocks. "Growth" stocks are stocks of companies which the Fund's
portfolio managers believe have anticipated earnings ranging from
steady to accelerated growth. "Value" stocks are stocks of companies
which the Fund's portfolio managers believe are undervalued. Other
equity securities in which the Fund may invest include preferred
stocks and securities convertible into common stocks.
December 15, 1999 XXXXXX 12/99
