Prospectus, September 16, 2002

Evergreen
State Municipal Bond Funds

Evergreen Offit California Municipal Bond Fund
Evergreen Offit New York Municipal Bond Fund

Class A
Class B
Class C
Class I

The Securities and Exchange Commission has not determined that the information in this prospectus is accurate or complete, nor has it approved or disapproved these securities. Anyone who tells you otherwise is committing a crime.

TABLE OF CONTENTS

FUND RISK/RETURN SUMMARIES:

Overview of Fund Risks
Evergreen Offit California Municipal Bond Fund
Evergreen Offit New York Municipal Bond Fund

GENERAL INFORMATION:

The Funds' Investment Advisor
The Funds' Portfolio Managers
Calculating the Share Price
How to Choose an Evergreen Fund
How to Choose the Share Class That Best Suits You
How to Buy Shares
How to Redeem Shares
Other Services
The Tax Consequences of Investing in the Funds
Fees and Expenses of the Funds
Other Fund Practices

In general,

the Funds included in this prospectus provide investors with a selection of investment alternatives which seek maximum total after-tax return, consistent with a prudent level of credit risk.

Fund Summaries Key

Each Fund's summary is organized around the following basic topics and questions:

INVESTMENT GOAL

What is the Fund's financial objective? You can find clarification on how the Fund seeks to achieve its objective by looking at the Fund's strategy and investment policies. The Fund's Board of Trustees can change the investment objective without a shareholder vote.

INVESTMENT STRATEGY

How does the Fund go about trying to meet its goals? What types of investments does it contain? What style of investing and investment philosophy does it follow? Does it have limits on the amount invested in any particular type of security?

RISK FACTORS

What are the specific risks for an investor in the Fund?

PERFORMANCE

How well has the Fund performed in the past year? The past five years? The past ten years?

EXPENSES

How much does it cost to invest in the Fund? What is the difference between sales charges and expenses?

Overview of Fund Risks

State Municipal Bond Funds

typically rely on a combination of the following strategies:

• normally investing at least 80% of their assets in municipal securities that are exempt from federal income tax, other than the alternative minimum tax, and from income taxes in the state for which the Fund is named;
• investing at least 80% of their assets in investment grade municipal securities, which are bonds rated within the four highest rating categories by the nationally recognized statistical ratings organizations, or unrated securities determined to be of comparable quality by the portfolio manager;
• purchasing municipal securities of any maturity, but maintaining an average dollar weighted maturity which does not exceed 10 years; and
• selling a portfolio investment: i) when the issuer's investment fundamentals begin to deteriorate; ii) to take advantage of more attractive yield opportunities; iii) when the investment no longer appears to meet the Fund's investment objective; iv) when the Fund must meet redemptions; or v) for other investment reasons which the portfolio managers deem necessary.

may be appropriate for investors who:

• seek a high quality portfolio of municipal bond funds; and
• seek income which is exempt from regular federal and state income tax.

Following this overview, you will find information on each Fund's specific investment strategies and risks, including state-specific risks. Municipal securities are affected by political and economic events of the issuing state. Also, see the Statement of Additional Information for further information on the state-specific risks of the Funds. Each Fund may temporarily invest up to 100% of its assets in high quality money market instruments in order to protect the value of the Fund in response to adverse economic, political or market conditions. This strategy is inconsistent with each Fund's principal investment strategies and investment goals and, if employed, could result in a lower return and potential loss of market opportunity.

Risk Factors For All Mutual Funds

Please remember that an investment in a mutual fund is:

• not guaranteed to achieve its investment goal
• not a deposit with a bank
• not insured, endorsed or guaranteed by the FDIC or any government agency
• subject to investment risks, including possible loss of your original investment

Like most investments, your investment in the Fund could fluctuate significantly in value over time and could result in a loss of money. The following are some of the most important factors that may affect the value of your investment. Other factors may be described in the discussion following this overview:

Interest Rate Risk

When interest rates go up, the value of debt securities tends to fall. If the Fund invests a significant portion of its portfolio in debt securities, and interest rates rise, then the value of your investment may decline. If interest rates go down, interest earned by the Fund on its debt investments may also decline, which could cause the Fund to reduce the dividends it pays. The longer the term of a debt security held by the Fund, the more the Fund is subject to interest rate risk.

Credit Risk

The value of a debt security is directly affected by the issuer's ability to repay principal and pay interest on time. If the Fund invests in debt securities, then the value of your investment may decline if an issuer fails to pay an obligation on a timely basis.

Below Investment Grade Bond Risk

Below investment grade bonds are commonly referred to as "high yield" or "junk" bonds because they are usually backed by issuers of less proven or questionable financial strength. Such issuers are more vulnerable to financial setbacks and less certain to pay interest and principal than issuers of bonds offering lower yields and risk. Markets may react to unfavorable news about issuers of below investment grade bonds, causing sudden and steep declines in value and resulting in a decreased liquidity of such bonds.

Non-Diversification Risk

An investment in a fund that is non-diversified entails greater risk than an investment in a diversified fund. When a fund is non-diversified, it may invest a greater percentage of assets in a single issuer than may be invested by a diversified fund. A higher percentage of investments among fewer issuers may result in greater fluctuation in the total market value of the Fund’s portfolio than in a fund which invests in numerous issuers.

Concentration Risk

An investment in a fund that concentrates its investments in a single state entails greater risk than an investment in a fund that invests its assets in numerous states. The Fund may be vulnerable to any development in its named state’s economy that may weaken or jeopardize the ability of the state’s municipal security issuers to pay interest and principal on their debt obligations.

Offit California Municipal Bond Fund

FUND FACTS:

Goals:

Maximize After-Tax Total Return

Principal Investment:

Investment Grade Municipal Securities

Classes of Shares Offered in this Prospectus:

Class A

Class B

Class C

Class I

Investment Advisor:

OFFITBANK Fund Advisors

Portfolio Managers:

John H. Haldeman, Jr.

Michael Pietronico

Dividend Payment Schedule:

Monthly

INVESTMENT GOAL

The Fund seeks maximum total after-tax return for California residents, consistent with a prudent level of credit risk.

INVESTMENT STRATEGY

The following supplements the investment strategies discussed in the ''Overview of Fund Risks'' on page 1. The Fund is a non-diversified fund that normally invests at least 80% of its assets in municipal securities that are exempt from federal income tax, other than the alternative minimum tax, and from California state and local personal income taxes. The Fund may invest up to 20% of its assets in high-quality short term obligations, which may include taxable securities. The Fund normally invests at least 80% of its assets in securities deemed investment grade at the time of investment by a nationally recognized statistical ratings organization, or if not rated, determined to be of comparable quality by the Fund’s portfolio managers. In addition, under normal circumstances, the Fund intends that at least 50% of its assets will be invested in high-quality securities rated in the top two categories of such ratings organizations, or determined to be of comparable quality. The Fund may invest up to 20% of its assets in securities rated below investment grade, but the Fund will not invest in bonds that are deemed to be rated below B. The Fund may retain any security whose rating has been downgraded after purchase by the Fund if the Fund’s portfolio managers consider the retention advisable. At no time, however, will more than 35% of the Fund’s assets consist of securities rated below investment grade. The Fund may invest in bonds of any maturity or duration, however, the Fund’s dollar-weighted average maturity is not expected to exceed ten years. In purchasing municipal securities, the portfolio managers conduct an analysis of how well the securities fit into the Fund’s overall portfolio strategy, credit criteria, and established price levels.

RISK FACTORS

Your investment in the Fund is subject to the risks discussed in the ''Overview of Fund Risks'' on page 1 under the headings:

• Interest Rate Risk
• Credit Risk
• Below Investment Grade Bond Risk
• Non-Diversification Risk
• Concentration Risk

The performance of the Fund is influenced by the political, economic and statutory environment within the State of California. The Fund invests in obligations of California issuers, which results in the Fund’s performance being subject to risks associated with the most current conditions within the State. Some of these conditions may include continuing uncertainties regarding the state’s power markets, slow economic growth following a mild recession in 2001 and a cyclical downturn in the high technology sector. State revenues have been severely and adversely affected by the economic slowdown and, in particular, stock market declines since mid-2000, which have dramatically reduced income from capital gains realizations and stock option activity. The state faces an estimated $23.6 billion budget gap for the 2001-02 and 2002-03 fiscal years. These and other factors may cause rating agencies to downgrade the credit ratings on certain issues which can lessen the value of the securities in which the Fund invests. For more information on the factors that could affect the ability of California municipal security issuers to pay interest and principal on securities acquired by the Fund, see “Additional Information Concerning California” in the Statement of Additional Information. Distributions of capital gains and other taxable income will be subject to tax under the California personal income tax. Corporations subject to the California corporation franchise tax will generally be subject to tax on all distributions of income from the Fund. Please consult the Statement of Additional Information for more information regarding these and other investment practices used by the Fund, including risks resulting from the investment practices.

PERFORMANCE

Since the Fund has not commenced operations as of the date of this prospectus, no performance information is available.

EXPENSES

This section describes the fees and expenses you would pay if you bought and held shares of the Fund. Annual Fund Operating Expenses are estimated for the Fund’s fiscal year ending 12/31/2002. Shareholder Fees (fees paid directly from your investment)

Shareholder Transaction Expenses	Class A	Class B	Class C	Class I
Maximum sales charge imposed on purchases (as a % of offering price)	4.75 %1	None	None	None
Maximum deferred sales charge (as a % of either the redemption amount or initial investment, whichever is lower)	None 1	5.00 %	2.00 %	None

1. Investments of $1 million or more are not subject to a front-end sales charge, but will be subject to a contingent deferred sales charge of 1.00% upon redemption within one year after the month of purchase. Annual Fund Operating Expenses (expenses that are deducted from Fund assets)

	Management Fees	12b-1 Fees	Other Expenses	Total Fund Operating Expenses 2
Class A	0.35 %	0.25 %	0.28 %	0.88 %
Class B	0.35 %	1.00 %	0.28 %	1.63 %
Class C	0.35 %	1.00 %	0.28 %	1.63 %
Class I	0.35 %	0.00 %	0.28 %	0.63 %

2. 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 decrease expense ratios. The Fund's investment advisor may cease these waivers or reimbursements at any time. The Annual Fund Operating Expenses do not reflect fee waivers. Including fee waivers, Total Fund Operating Expenses are estimated to be 0.80% for Class A, 1.55% for Class B, 1.55% for Class C, and 0.55% for Class I. The table below shows the total expenses you would pay on a $10,000 investment over one- and three-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 purposes only. The example assumes a 5% average annual return, reinvestment of all dividends and distributions and that the Fund's operating expenses remain the same. Your actual costs may be higher or lower. Example of Fund Expenses

	Assuming Redemption At End of Period				Assuming No Redemption
After:	Class A	Class B	Class C	Class I	Class B	Class C
1 year	$ 561	$ 666	$ 366	$ 64	$ 166	$ 166
3 years	$ 742	$ 814	$ 514	$ 202	$ 514	$ 514

Offit New York Municipal Bond Fund

FUND FACTS:

Goals:

Maximize After-Tax Total Return

Principal Investment:

Investment Grade Municipal Securities

Classes of Shares Offered in this Prospectus:

Class A

Class B

Class C

Class I

Investment Advisor:

OFFITBANK Fund Advisors

Portfolio Managers:

Carolyn N. Dolan

Michael Pietronico

Dividend Payment Schedule:

Monthly

INVESTMENT GOAL

The Fund seeks maximum total after-tax return for New York residents, consistent with a prudent level of credit risk.

INVESTMENT STRATEGY

The following supplements the investment strategies discussed in the ''Overview of Fund Risks'' on page 1. The Fund is a non-diversified fund that normally invests at least 80% of its assets in municipal securities that are exempt from federal income tax, other than the alternative minimum tax, and from New York state, New York City and City of Yonkers personal income taxes. The Fund may invest up to 20% of its assets in high-quality short term obligations, which may include taxable securities. The Fund normally invests at least 80% of its assets in securities deemed investment grade at the time of investment by a nationally recognized statistical ratings organization, or if not rated, determined to be of comparable quality by the Fund’s portfolio managers. In addition, under normal circumstances, the Fund intends that at least 50% of its assets will be invested in high-quality securities rated in the top two categories of such ratings organizations or determined to be of comparable quality. The Fund may invest up to 20% of its assets in securities rated below investment grade. The Fund may retain any security whose rating has been downgraded after purchase by the Fund if the Fund’s portfolio managers consider the retention advisable. At no time, however, will more than 35% of the Fund’s assets consist of securities rated below investment grade. The Fund may invest in bonds of any maturity or duration, however, the Fund’s dollar-weighted average maturity is not expected to exceed ten years. In purchasing municipal securities, the portfolio managers conduct an analysis of how well the securities fit into the Fund’s overall portfolio strategy, credit criteria, and established price levels. The Fund may, during seasonal variations or other shortages in the supply of suitable New York municipal securities, invest more than 20% of its assets in municipal securities issued by other states, their agencies or instrumentalities, the interest of which is exempt from regular federal income taxes, but not New York state or local personal income taxes.

RISK FACTORS

Your investment in the Fund is subject to the risks discussed in the ''Overview of Fund Risks'' on page 1 under the headings:

• Interest Rate Risk
• Credit Risk
• Below Investment Grade Bond Risk
• Non-Diversification Risk
• Concentration Risk

The performance of the Fund is influenced by the political, economic and statutory environment within the State of New York. The Fund invests in obligations of New York issuers, which results in the Fund's performance being subject to risks associated with the most current conditions within the State. Some of these conditions may include the valuation of real estate and the performance of the banking industry, as well as other factors which may cause rating agencies to downgrade the credit ratings on certain issues which can lessen the value of the securities in which the Fund invests. For more information on the factors that could affect the ability of the New York municipal security issuers to pay interest and principal on securities acquired by the Fund, see “Additional Information Concerning New York” in the Statement of Additional Information. Distributions of capital gains and other taxable income will be subject to tax under the personal income taxes of New York State, New York City and other New York municipalities. Corporations subject to the New York State corporation franchise tax or the New York City general corporation tax will generally be subject to tax on all distributions of income from the Fund. Please consult the Statement of Additional Information for more information regarding these and other investment practices used by the Fund, including risks resulting from the investment practices.

PERFORMANCE

Since the Fund has not commenced operations as of the date of this prospectus, no performance information is available.

EXPENSES

This section describes the fees and expenses you would pay if you bought and held shares of the Fund. Annual Fund Operating Expenses are estimated for the Fund’s fiscal year ending 12/31/2002. Shareholder Fees (fees paid directly from your investment)

Shareholder Transaction Expenses	Class A	Class B	Class C	Class I
Maximum sales charge imposed on purchases (as a % of offering price)	4.75 %1	None	None	None
Maximum deferred sales charge (as a % of either the redemption amount or initial investment, whichever is lower)	None 1	5.00 %	2.00 %	None

1. Investments of $1 million or more are not subject to a front-end sales charge, but will be subject to a contingent deferred sales charge of 1.00% upon redemption within one year after the month of purchase. Annual Fund Operating Expenses (expenses that are deducted from Fund assets)

	Management Fees	12b-1 Fees	Other Expenses	Total Fund Operating Expenses 2
Class A	0.35 %	0.25 %	0.22 %	0.82 %
Class B	0.35 %	1.00 %	0.22 %	1.57 %
Class C	0.35 %	1.00 %	0.22 %	1.57 %
Class I	0.35 %	0.00 %	0.22 %	0.57 %

2. 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 decrease expense ratios. The Fund's investment advisor may cease these waivers or reimbursements at any time. The Annual Fund Operating Expenses do not reflect fee waivers. Including fee waivers, Total Fund Operating Expenses are estimated to be 0.80% for Class A, 1.55% for Class B, 1.55% for Class C, and 0.55% for Class I. The table below shows the total expenses you would pay on a $10,000 investment over one- and three-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 purposes only. The example assumes a 5% average annual return, reinvestment of all dividends and distributions and that the Fund's operating expenses remain the same. Your actual costs may be higher or lower. Example of Fund Expenses

	Assuming Redemption At End of Period				Assuming No Redemption
After:	Class A	Class B	Class C	Class I	Class B	Class C
1 year	$ 555	$ 660	$ 360	$ 58	$ 160	$ 160
3 years	$ 724	$ 796	$ 496	$ 183	$ 496	$ 496

THE FUNDS' INVESTMENT ADVISOR

An investment advisor manages a Fund's investments and supervises its daily business affairs. The investment advisor for these Evergreen funds is OFFITBANK Fund Advisors, a subsidiary of Wachovia Corporation (Wachovia), the fourth largest bank holding company in the United States, with over $329.7 billion in consolidated assets as of 8/31/2002. Wachovia is located at 301 South College Street, Charlotte, North Carolina 28288-0013. OFFITBANK Fund Advisors (OFFITBANK) is the investment advisor to the Funds. OFFITBANK has been managing mutual funds and private accounts since 1994 and manages over $1.05 billion in investment assets for 9 of the Evergreen funds as of 8/31/2002. OFFITBANK is located at 520 Madison Avenue, New York, NY 10022. Each Fund will pay OFFITBANK an annual contractual advisory fee of 0.35% based on each Fund's average daily net assets.

THE FUNDS' PORTFOLIO MANAGERS

Offit California Municipal Bond Fund

John H. Haldeman, Jr. and Michael Pietronico serve as the Fund’s portfolio managers. Mr. Haldeman is a Managing Director of OFFITBANK, a subsidiary of Wachovia, and has been associated with OFFITBANK since 1988 with responsibilities in fixed income portfolio management, specializing in municipal securities. Mr. Pietronico is a Managing Director of OFFITBANK and has been associated with OFFITBANK since 1992, specializing in municipal securities.

Offit New York Municipal Bond Fund

Carolyn N. Dolan and Michael Pietronico serve as the Fund’s portfolio managers. Ms. Dolan has been associated with OFFITBANK since 1983 with responsibilities for OFFITBANK’s tax sensitive and cross market portfolios. Mr. Pietronico has been associated with OFFITBANK since 1992 and specializes in municipal securities.

CALCULATING THE SHARE PRICE

The value of one share of a Fund, also known as the net asset value, or NAV, is calculated at 4 p.m. Eastern time on each day the New York Stock Exchange is open or as of the time the Exchange closes, if earlier. The Fund calculates its share price for each share by adding up its total assets, subtracting all liabilities, then dividing the result by the total number of shares outstanding. The NAV of each class of shares is calculated separately. Each security held by a Fund is valued using the most recent market data for that security. If no market data is available for a given security, the Fund will price that security at fair value according to policies established by the Fund's Board of Trustees. Short-term securities with maturities of 60 days or less will be valued on the basis of amortized cost. The price per share you pay for a Fund purchase or the amount you receive for a Fund redemption is based on the next price calculated after the order is received and all required information is provided. The value of your account at any given time is the latest share price multiplied by the number of shares you own. Your account balance may change daily because the share price may change daily.

HOW TO CHOOSE AN EVERGREEN FUND

When choosing an Evergreen fund, you should:

• Most importantly, read the prospectus to see if the Fund is suitable for you.
• Consider talking to an investment professional. He or she is qualified to give you investment advice based on your investment goals and financial situation and will be able to answer questions you may have after reading the Fund's prospectus. He or she can also assist you through all phases of opening your account.
• Request any additional information you want about the Fund, such as the Statement of Additional Information (SAI) by calling 1.800.343.2898.

HOW TO CHOOSE THE SHARE CLASS THAT BEST SUITS YOU

After choosing a Fund, you select a share class. The Fund offered in this prospectus offers four different share classes: Class A, Class B, Class C and Class I. Each class except Class I has its own sales charge. For additional information regarding these fees, see "Service Fees and Commissions Paid to Investment Firms" in part two of the SAI. Pay particularly close attention to the fee structure of each class so you know how much you will be paying before you invest.

Class A

If you select Class A shares, you may pay a front-end sales charge of up to 4.75%, but you do not pay a deferred sales charge. In addition, Class A shares are subject to an expense known as 12b-1 fees. The front-end sales charge is deducted from your investment before it is invested. The actual charge depends on the amount invested, as shown below:

Your investment	As a % of NAV excluding sales charges	As a % of your investment	Dealer commission as a % of NAV
Up to $49,999	4.75 %	4.99 %	4.25 %
$50,000-$99,999	4.50 %	4.71 %	4.25 %
$100,000-$249,999	3.75 %	3.90 %	3.25 %
$250,000-$499,999	2.50 %	2.56 %	2.00 %
$500,000-$999,999	2.00 %	2.04 %	1.75 %
$1,000,000-$2,999,999	0.00 %	0.00 %	1.00% of the first $2,999,999, plus,
$3,000,000-$4,999,999	0.00 %	0.00 %	0.50% of the next $2,000,000, plus
$5,000,000 or greater	0.00 %	0.00 %	0.25% of amounts equal to or over $5,000,000

Although no front-end sales charge applies to purchases of $1 million and over, you will pay a 1.00% deferred sales charge if you redeem any such shares within one year after the month of purchase. Class A shares are offered at NAV to corporate or certain other qualified retirement plans, or non-qualified deferred compensation plans of Title I ERISA tax-sheltered annuities or TSA plans sponsored by an organization having 100 or more eligible employees (certain plans may require a greater number of eligible employees). Such purchases are subject to a dealer commission of 1.00% of the amount of purchase (subject to recapture upon early redemption) if redeemed within 12 months after the month of purchase.

Three ways you can reduce your Class A sales charges:

1. Rights of Accumulation. You may add the value of all of your existing Evergreen funds investments in all share classes, excluding Evergreen money market funds, to determine the front-end sales charge to be applied to your current Class A purchase.
2. Letter of Intent. You may reduce the front-end sales charge on a current purchase if you agree to invest at least $50,000 in Class A shares of an Evergreen fund over a 13-month period. You will pay the same sales charge as if you had invested the full amount all at one time. The Fund will hold a certain portion of your investment in escrow until your commitment is met.
3. Combined Purchases. You may reduce your front-end sales charge if you purchase Class A shares in multiple Evergreen funds, excluding Evergreen money market funds, at the same time. The combined dollar amount invested will determine the front-end sales charge applied to all of your current purchases. For example, if you invested $75,000 in each of two different Evergreen funds, you would pay a sales charge based on a $150,000 purchase (i.e., 3.75% of the offering price, rather than 4.50%).

Contact your investment professional or a service representative at Evergreen Service Company, LLC at 1.800.343.2898 if you think you may qualify for any of these services. For more information on these services see "Sales Charge Waivers and Reductions" in the SAI. Each Fund may also sell Class A shares at NAV without a front-end or deferred sales charge to the Directors, Trustees, officers and employees of the Fund, and the advisory affiliates of Wachovia, and to members of their immediate families, to registered representatives of firms with dealer agreements with Evergreen Distributor, Inc. (EDI), and to a bank or trust company acting as trustee for a single account.

Class B

If you select Class B shares, you do not pay a front-end sales charge. However, your shares are subject to 12b-1 fees. In addition, you may pay a deferred sales charge if you redeem your shares within six years after the month of purchase. The amount of the maximum deferred sales charge depends on the length of time the shares are held, as shown below:

Time Held	Maximum Deferred Sales Charge
Month of Purchase + First 12 Month Period	5.00 %
Month of Purchase + Second 12 Month Period	4.00 %
Month of Purchase + Third 12 Month Period	3.00 %
Month of Purchase + Fourth 12 Month Period	3.00 %
Month of Purchase + Fifth 12 Month Period	2.00 %
Month of Purchase + Sixth 12 Month Period	1.00 %
Thereafter	0.00 %
After 7 years	Converts to Class A
Dealer Allowance	5.00 %

The maximum deferred sales charge and dealer allowance may be reduced for certain investors. For further information on how the deferred sales charge is calculated at the time of redemption see "Calculating the Deferred Sales Charge" below.

Class C

Like Class B shares, you do not pay a front-end sales charge on Class C shares, and your shares are subject to 12b-1 fees. In addition, you may pay a deferred sales charge if you redeem your shares within two years after the month of purchase. Also, unlike Class B shares, these shares do not convert to Class A shares and so the higher 12b-1 fees paid by the Class C shares continue for the life of the account. The amount of the maximum deferred sales charge depends on the length of time the shares are held, as shown below:

Time Held	Maximum Deferred Sales Charge
Month of Purchase + First 12 Month Period	2.00 %
Month of Purchase + Second 12 Month Period	1.00 %
Thereafter	0.00 %
Dealer Allowance	2.00 %

The maximum deferred sales charge and dealer allowance may be reduced for certain investors. For further information on how the deferred sales charge is calculated at the time of redemption see "Calculating the Deferred Sales Charge" below.

Waiver of Class B or Class C Deferred Sales Charges

You will not be assessed a deferred sales charge for Class B or Class C shares if you redeem shares in the following situations:

• When the shares were purchased through reinvestment of dividends/capital gains
• Death or disability
• Lump-sum distribution from a 401(k) plan or other benefit plan qualified under ERISA
• Systematic withdrawals of up to 1.00% of the account balance per month
• Loan proceeds and financial hardship distributions from a retirement plan
• Returns of excess contributions or excess deferral amounts made to a retirement plan participant

Class I

Each Fund offers Class I shares at NAV without a front-end sales charge, deferred sales charge or 12b-1 fees. Class I shares are only offered to investment advisory clients of an investment advisor of an Evergreen fund (or its advisory affiliates) through special arrangements entered into on behalf of the Evergreen funds with certain financial services firms, certain institutional investors and persons who owned Class Y shares in registered name in an Evergreen fund on or before December 31, 1994.

Calculating the Deferred Sales Charge

If imposed, the Fund deducts the deferred sales charge from the redemption proceeds you would otherwise receive. The deferred sales charge is a percentage of the lesser of (i) the NAV of the shares at the time of redemption or (ii) the shareholder's original net cost for such shares. Upon request for redemption, the Fund will first seek to redeem shares not subject to the deferred sales charge and then shares held the longest in an effort to keep the deferred sales charge a shareholder must pay as low as possible. The deferred sales charge on any redemption is, to the extent permitted by the NASD Regulation, Inc., paid to EDI or its predecessor.

Promotional Incentives on Dealer Commissions

EDI may, from time to time, provide promotional incentives, including reallowance and/or payment of up to the entire sales charge, to certain investment firms. Such incentives may, at EDI’s discretion, be limited to investment firms who allow their individual selling representatives to participate in such additional commissions. Please consult the SAI for more information regarding promotional incentives.

HOW TO BUY SHARES

Evergreen funds make investing easy. Once you decide on an amount and a share class, simply fill out an application and send in your payment, or talk to your investment professional or an Evergreen funds service representative.

	Minimum Initial Purchase of Class A, B and C Shares	Minimum Initial Purchase of Class I Shares	Minimum Additional Purchases
Regular Accounts	$ 1,000	$ 1,000,000 1	None
IRAs	$ 250	N/A 2	None
Systematic Investment Plan	$ 50	N/A 2	$ 25/monthly (for Classes A, B and C) 2

1. Minimum initial purchase amount does not apply to former Class Y shareholders. 2. Former Class Y shareholders may invest at the Class A, B and C share amounts.

Method	Opening an Account	Adding to an Account
By Mail or through an Investment Professional	Complete and sign the account application. Applications may be downloaded off our website at EvergreenInvestments.com. Make the check payable to Evergreen funds. Cash, credit cards, third party checks, credit card checks or money orders will not be accepted. Mail the application and your check to the address below: Postal Service Address: Evergreen Funds P.O. Box 8400 Boston, MA 02266-8400 Overnight Address: Evergreen Funds 66 Brooks Drive, Suite 8400 Braintree, MA 02184-3800 Or deliver them to your investment professional (provided he or she has a broker-dealer arrangement with EDI).	Make your check payable to Evergreen funds. Write a note specifying: the Fund name share class your account number the name(s) in which the account is registered Mail to the address to the left or deliver to your investment professional (provided he or she has a broker-dealer arrangement with EDI).
By Phone	Call 1.800.343.2898 to set up an account number and get wiring instructions. Instruct your bank to wire or transfer your purchase (they may charge a wiring fee). Complete the account application and mail to: Postal Service Address: Evergreen Funds P.O. Box 8400 Boston, MA 02266-8400 Overnight Address: Evergreen Funds 66 Brooks Drive, Suite 8400 Braintree, MA 02184-3800 Trades accepted after 4 p.m. Eastern time on market trading days will receive the next market trading day’s closing price. 3	Call the Evergreen Express Line at 1.800.346.3858 24 hours a day or to speak with an Evergreen funds service representative call 1.800.343.2898 between 8 a.m. and 6 p.m. Eastern time, on any business day. If your bank account is set up on file, you can request either: Federal Funds Wire (offers immediate access to funds) or Electronic transfer through the Automated Clearing House which avoids wiring fees.
By Exchange	You can make an additional investment by exchange from an existing Evergreen funds account by contacting your investment professional or an Evergreen funds service representative, or by calling the Evergreen Express Line at 1.800.346.3858 or visiting our website at EvergreenInvestments.com. 4 You can only exchange shares from your account within the same class and under the same registration. There is no sales charge or redemption fee when exchanging funds within the Evergreen funds family. 5 Orders placed before 4 p.m. Eastern time on market trading days will be processed at that day's closing share price. Orders placed after 4 p.m. Eastern time will be processed at the next market trading day's closing price. 3 Exchanges are limited to three per calendar quarter, but in no event more than five per calendar year. Exchanges between accounts which do not have identical ownership must be made in writing with a signature guarantee (See "Exceptions: Redemption Requests That Require A Signature Guarantee" on the next page).
Systematic Investment Plan (SIP) 6	You can transfer money automatically from your bank account into your Fund on a monthly or quarterly basis. Initial investment minimum is $50 if you invest at least $25 per month with this service. To enroll, check off the box on the account application and provide: your bank account information the amount and date of your monthly or quarterly investment	To establish automatic investing for an existing account, call 1.800.343.2898 for an application. The minimum is $25 per month or $75 per quarter. You can also establish an investing program through direct deposit from your paycheck. Call 1.800.343.2898 for details.

3. The Fund's shares may be made available through financial service firms which are also investment dealers and which have a service agreement with EDI. The Fund has approved the acceptance of purchase and repurchase request orders effective as of the time of their receipt by certain authorized financial intermediaries or their designees. The Evergreen funds reserve the right to adjust the closing time to coincide with an earlier closing of the New York Stock Exchange or due to other unusual circumstances. 4. Once you have authorized either the telephone exchange or redemption service, anyone with a Personal Identification Number (PIN) and the required account information (including your investment professional) can request a telephone transaction in your account. All calls are recorded and may be monitored for verification, recordkeeping and quality-assurance purposes. The Evergreen funds reserve the right to terminate the exchange privilege of any shareholder who exceeds the listed maximum number of exchanges, as well as to reject any large dollar exchange or purchase if placing it would, in the judgment of the portfolio manager, adversely affect the price of the Fund. 5. This does not apply to exchanges from Class A shares of an Evergreen money market fund, unless the account has been subject to a previous sales charge. 6. Evergreen Investment Services, Inc. (EIS) will fund a $50 initial investment in Class A shares of the Evergreen funds for employees of Wachovia Corporation (Wachovia) and its affiliates when the employee enrolls in a new Evergreen SIP and agrees to subsequent monthly investments of $50. EIS will fund a $100 initial investment in Class A shares of the Evergreen funds for employees of Wachovia when the employee enrolls in a new Evergreen SIP through a CAP account and agrees to subsequent monthly investments of $100. To be eligible for either of these offers, the employee must open an account with Wachovia Securities, Inc. to execute the transactions. If the employee redeems his shares within 12 months after the month of purchase, EIS reserves the right to reclaim its $50 or $100 initial investment.

HOW TO REDEEM SHARES

We offer you several convenient ways to redeem your shares in any of the Evergreen funds:

Methods	Requirements
Call Us	Call the Evergreen Express Line at 1.800.346.3858 24 hours a day or to speak with an Evergreen funds service representative call 1.800.343.2898 between 8 a.m. and 6 p.m. Eastern time, on any business day. This service must be authorized ahead of time, and is only available for regular accounts. 1 All authorized requests made before 4 p.m. Eastern time on market trading days will be processed at that day's closing price. Requests made after 4 p.m. Eastern time will be processed the next market trading day. 2 We can either: wire the proceeds into your bank account (service charges may apply) electronically transmit the proceeds into your bank account via the Automated Clearing House service mail you a check. All telephone calls are recorded and may be monitored for your protection. We are not responsible for acting on telephone orders we believe are genuine. See "Exceptions: Redemption Requests That Require a Signature Guarantee" below for requests that must be made in writing with your signature guaranteed.
Write Us	You can mail a redemption request to: Postal Service Address: Evergreen Funds P.O. Box 8400 Boston, MA 02266-8400 Overnight Address: Evergreen Funds 66 Brooks Drive, Suite 8400 Braintree, MA 02184-3800 Your letter of instructions must: list the Fund name and the account number indicate the number of shares or dollar value you wish to redeem be signed by the registered owner(s) See "Exceptions: Redemption Requests That Require A Signature Guarantee" below for requests that must be signature guaranteed. To redeem from an IRA or other retirement account, call 1.800.343.2898 for special instructions.
Redeem Your Shares in Person	You may also redeem your shares by contacting your investment professional or an Evergreen funds service representative. A fee may be charged for this service.
Systematic Withdrawal Plan (SWP)	You can transfer money automatically from your Fund account on a monthly or quarterly basis - without redemption fees. The withdrawal can be mailed to you, or deposited directly into your bank account. The minimum is $75 per month. The maximum is 1.00% of your account per month or 3.00% per quarter. To enroll, call 1.800.343.2898 for instructions.

1. Once you have authorized either the telephone exchange or redemption service, anyone with a Personal Identification Number (PIN) and the required account information (including your investment professional) can request a telephone transaction in your account. All calls are recorded and may be monitored for verification, recordkeeping and quality-assurance purposes. The Evergreen funds reserve the right to terminate the exchange privilege of any shareholder who exceeds the listed maximum number of exchanges, as well as to reject any large dollar exchange or purchase if placing it would, in the judgment of the portfolio manager, adversely affect the price of the Fund. 2. The Fund's shares may be made available through financial service firms which are also investment dealers and which have a service agreement with EDI. The Fund has approved the acceptance of purchase and repurchase request orders effective as of the time of their receipt by certain authorized financial intermediaries or their designees. The Evergreen funds reserve the right to adjust the closing time to coincide with an earlier closing of the New York Stock Exchange or due to other unusual circumstances.

Timing of Proceeds

Normally, we will send your redemption proceeds on the next business day after we receive your request; however, we reserve the right to wait up to seven business days to redeem any investments made by check and ten business days for investments made by Automated Clearing House transfer. We also reserve the right to redeem in kind, under certain circumstances, by paying you the proceeds of a redemption in securities rather than in cash, and to redeem the remaining amount in the account if your redemption brings the account balance below the initial minimum amount.

Exceptions: Redemption Requests That Require A Signature Guarantee

To protect you and the Evergreen funds against fraud, certain redemption requests must be made in writing with your signature guaranteed. A signature guarantee can be obtained at most banks and securities dealers. A notary public is not authorized to provide a signature guarantee. The following circumstances require signature guarantees:

• You are redeeming more than $50,000.
• You want the proceeds transmitted into a bank account not listed on the account.
• You want the proceeds payable to anyone other than the registered owner(s) of the account.
• Either your address or the address of your bank account has been changed within 30 days.
• The account is registered in the name of a fiduciary corporation or any other organization.
  In these cases, additional documentation is required:
  corporate accounts: certified copy of corporate resolution
  fiduciary accounts: copy of the power of attorney or other governing document

Who Can Provide A Signature Guarantee:

• Commercial Bank
• Trust Company
• Savings Association
• Credit Union
• Member of a U.S. stock exchange

OTHER SERVICES

Evergreen Express Line
1.800.346.3858

Use our automated, 24-hour service to check the value of your investment in a Fund; purchase, redeem or exchange Fund shares; find a Fund’s price, yield or total return; order a statement or duplicate tax form; or hear market commentary from Evergreen funds' portfolio managers.

Automatic Reinvestment of Distributions

For the convenience of investors, all dividends and capital gains distributions are automatically reinvested, unless you request otherwise. Distributions can be made by check or electronic transfer through the Automated Clearing House to your bank account. The details of your dividends and other distributions will be included on your statement.

Payroll Deduction (Class A, Class B and Class C only)

If you want to invest automatically through your paycheck, call us to find out how you can set up direct payroll deductions. The amounts deducted will be invested in your Fund account using the Electronic Funds Transfer System. We will provide the Fund account number. Your payroll department will let you know the date of the pay period when your investment begins. Visit our website at EvergreenInvestments.com for more information.

Telephone Investment Plan

You may make additional investments electronically in an existing Fund account at amounts of not less than $100 or more than $10,000 per investment. Telephone requests received by 4 p.m. Eastern time will be invested the day the request is received.

Dividend Exchange

You may elect on the application to reinvest capital gains and/or dividends earned in one Evergreen fund into an existing account in another Evergreen fund in the same share class and same registration — automatically. Please indicate on the application the Evergreen fund(s) into which you want to invest the distributions.

Reinstatement Privileges

Within 90 days of redemption, you may re-establish your investment at the current NAV by reinvesting some, or all, of your redemption proceeds into the same share class of any Evergreen fund. If a deferred sales charge was deducted from your redemption proceeds, the full amount of the deferred sales charge will be credited to your account at the NAV on the date of reinstatement and your deferred sales charge schedule will resume from the time of the original redemption.

THE TAX CONSEQUENCES OF INVESTING
IN THE FUNDS

You may be taxed in two ways:

• On Fund distributions (dividends and capital gains).
• On any profit you make when you sell any or all of your shares.

Fund Distributions

A mutual fund passes along to all of its shareholders the net income or profits it receives from its investments. The shareholders of the fund then pay any taxes due, whether they receive these distributions in cash or elect to have them reinvested. The Funds expect that substantially all of their regular dividends will be exempt from federal income tax, other than the alternative minimum tax. Otherwise, the Funds will distribute two types of taxable income to you:

• Dividends. To the extent that regular dividends are derived from investment income that is not tax-exempt, or from short-term capital gains, you will have to include them in your federal taxable income. Each Fund pays a monthly dividend from the dividends, interest and other income on the securities in which it invests.
• Capital Gains. When a mutual fund sells a security it owns for a profit, the result is a capital gain. The Funds generally distribute capital gains, if any, at least once a year, near the end of the calendar year. Short-term capital gains reflect securities held by the Fund for a year or less and are considered ordinary income just like dividends. Profits on securities held longer than 12 months are considered long-term capital gains and are taxed at a special tax rate (20% for most taxpayers).

Dividend and Capital Gain Reinvestment

Unless you choose otherwise on the account application, all dividend and capital gain payments will be reinvested to buy additional shares. Distribution checks that are returned and distribution checks that are uncashed when the shareholder has failed to respond to mailings from the shareholder servicing agent will automatically be reinvested to buy additional shares. No interest will accrue on amounts represented by uncashed distribution or redemption checks. We will send you a statement each January with the federal tax status of dividends and distributions paid by the Fund during the previous calendar year.

Profits You Realize When You Redeem Shares

When you sell shares in a mutual fund, whether by redeeming or exchanging, you have created a taxable event. You must report any gain or loss on your tax return unless the transaction was entered into by a tax-deferred retirement plan. Investments in money market funds typically do not generate capital gains. It is your responsibility to keep accurate records of your mutual fund transactions. You will need this information when you file your income tax return, since you must report any capital gain or loss you incur when you sell shares. Remember, an exchange is a purchase and a sale for tax purposes.

Tax Reporting

Evergreen Service Company, LLC provides you and the IRS with a tax statement of your dividend and capital gains distributions for each calendar year on Form 1099 DIV. Proceeds from a sale are reported on Form 1099B. You must report these on your tax return. You could pay a penalty if you neglect to report them. Evergreen Service Company, LLC will send you a tax information guide each year during tax season, which may include a cost basis statement detailing the gain or loss on taxable transactions you had during the year. Please consult your own tax advisor for further information regarding the federal, state and local tax consequences of an investment in the Funds.

Retirement Plans

You may invest in an Evergreen fund through various retirement plans, including IRAs, 401(k) plans, Simplified Employee Plans (SEPs), 403(b) plans, 457 plans and others. For special rules concerning these plans, including applications, restrictions, tax advantages, and potential sales charge waivers, contact your investment professional. To determine if a retirement plan may be appropriate for you, consult your tax advisor.

FEES AND EXPENSES OF THE FUNDS

Every mutual fund has fees and expenses that are assessed either directly or indirectly. This section describes each of those fees.

Management Fee

The management fee pays for the normal expenses of managing the Fund, including portfolio manager salaries, research costs, corporate overhead expenses and related expenses.

12b-1 Fees

The Trustees of the Evergreen funds have approved a policy to assess annual 12b-1 fees of up to 0.75% of the average daily net assets of Class A shares and up to 1.00% of the average daily net assets of Class B and Class C shares. However, currently the 12b-1 fees for Class A shares are limited to 0.25% of the average daily net assets of the class. These fees increase the cost of your investment. The higher 12b-1 fees imposed on Class B and Class C shares may, over time, cost more than the front-end sales charge of Class A shares. The purpose of the 12b-1 fees is to promote the sale of more shares of the Fund to the public. The Funds may use 12b-1 fees for advertising and marketing and as a "service fee" to broker-dealers, banks and other financial institutions for additional shareholder services and/or the maintenance of accounts.

Other Expenses

Other expenses include miscellaneous fees from affiliated and outside service providers. These may include legal, audit, custodial and safekeeping fees, the printing and mailing of reports and statements, automatic reinvestment of distributions and other conveniences for which the shareholder pays no transaction fees.

Total Fund Operating Expenses

The total cost of running the Fund is called the expense ratio. As a shareholder, you are not charged these fees directly; instead they are taken out before the Fund’s NAV is calculated, and are expressed as a percentage of the Fund’s average daily net assets. The effect of these fees is reflected in the performance results for that share class. Because these fees are “invisible,” investors should examine them closely in the prospectus, especially when comparing one fund with another fund in the same investment category. There are three things to remember about expense ratios: (i) your total return in the Fund is reduced in direct proportion to the fees; (ii) expense ratios can vary greatly between funds and fund families, from under 0.25% to over 3.00%; and (iii) the Fund’s investment advisor may waive a portion of the Fund’s expenses for a period of time, reducing its expense ratio.

OTHER FUND PRACTICES

Please consult the SAI for more information regarding these and other investment practices used by the Funds, including risks.

Evergreen Funds

Institutional Money Market Funds

Cash Management Money Market Fund

Institutional 100% Treasury Money Market Fund

Institutional Money Market Fund

Institutional Municipal Money Market Fund

Institutional Treasury Money Market Fund

Institutional U.S. Government Money Market Fund

Prime Cash Management Money Market Fund

Money Market Funds

California Municipal Money Market Fund

Florida Municipal Money Market Fund

Money Market Fund

Municipal Money Market Fund

New Jersey Municipal Money Market Fund

New York Municipal Money Market Fund

Pennsylvania Municipal Money Market Fund

Treasury Money Market Fund

U.S. Government Money Market Fund

State Municipal Bond Funds

Connecticut Municipal Bond Fund

Florida High Income Municipal Bond Fund

Florida Municipal Bond Fund

Georgia Municipal Bond Fund

Maryland Municipal Bond Fund

New Jersey Municipal Bond Fund

North Carolina Municipal Bond Fund

Offit California Municipal Bond Fund

Offit New York Municipal Bond Fund

Pennsylvania Municipal Bond Fund

South Carolina Municipal Bond Fund

Virginia Municipal Bond Fund

National Municipal Bond Funds

High Grade Municipal Bond Fund

High Income Municipal Bond Fund

Intermediate Municipal Bond Fund

Municipal Bond Fund

Offit National Municipal Bond Fund

Short-Intermediate Municipal Bond Fund

Short and Intermediate Term Bond Funds

Adjustable Rate Fund

Limited Duration Fund

Short Intermediate Bond Fund

Intermediate and Long Term Bond Funds

Core Bond Fund

Diversified Bond Fund

Fixed Income Fund II

High Yield Bond Fund

Mortgage Securities Fund

Offit High Yield Fund

Offit Mortgage Securities Fund

Offit U.S. Government Securities Fund

Select High Yield Bond Fund

Strategic Income Fund

U.S. Government Fund

Balanced Funds

Asset Allocation Fund

Balanced Fund

Foundation Fund

Select Balanced Fund

Tax Strategic Foundation Fund

Domestic Equity Funds I

Aggressive Growth Fund

Capital Growth Fund

Core Equity Fund

Emerging Growth Fund

Evergreen Fund

Growth Fund

Large Company Growth Fund

Masters Fund

Omega Fund

Premier 20 Fund

Select Small Cap Growth Fund

Select Strategic Growth Fund

Special Equity Fund

Stock Selector Fund

Tax Strategic Equity Fund

Domestic Equity Funds II

Blue Chip Fund

Equity Income Fund

Equity Index Fund

Growth and Income Fund

Small Cap Value Fund

Special Values Fund

Strategic Value Fund

Value Fund

Sector Funds

Health Care Fund

Technology Fund

Utility and Telecommunications Fund

Global and International Funds

Emerging Markets Growth Fund

Global Leaders Fund

Global Opportunities Fund

International Bond Fund

International Growth Fund

Offit Emerging Markets Bond Fund

Precious Metals Fund

Evergreen Express Line

Call 1.800.346.3858

24 hours a day to

• check your account
• order a statement
• get a Fund’s current price, yield and total return
• buy, redeem or exchange Fund shares

Shareholder Services

Call 1.800.343.2898
Monday-Friday, 8 a.m. to 6 p.m. Eastern time to

• buy, redeem or exchange Fund shares
• order applications
• get assistance with your account

Information Line for Hearing and Speech Impaired (TTY/TDD)

Call 1.800.343.2888
Monday-Friday, 8 a.m. to 6 p.m. Eastern time

Write us a letter

Evergreen Funds

P.O. Box 8400

Boston, MA 02266-8400

• to buy, redeem or exchange Fund shares
• to change the registration on your account
• for general correspondence

For express, registered or certified mail

Evergreen Funds

66 Brooks Drive, Suite 8400

Braintree, MA 02184-3800

Visit us on-line

EvergreenInvestments.com

Regular communications you will receive
Account Statements — You will receive quarterly statements for each Fund you invest in. Please review and promptly notify Evergreen funds of any inaccuracies. Confirmation Notices — A confirmation of your transaction, other than SIP and SWP, is sent within five days. Please review and promptly notify Evergreen funds of any inaccuracies. Annual and Semi-annual Reports — You will receive a detailed financial report on each Fund you invest in twice a year. Tax Forms — Each January you will receive any Fund tax information you need to complete your tax returns as well as the Evergreen Tax Information Guide.

For More Information About the Evergreen State Municipal Bond Funds, Ask for:

The Statement of Additional Information (SAI), which contains more detailed information about the policies and procedures of the Funds. The SAI has been filed with the Securities and Exchange Commission (SEC) and its contents are legally considered to be part of this prospectus. For questions, other information, or to request a copy, without charge, of the SAI, call 1.800.343.2898 or ask your investment professional. We will mail material within three business days. Information about these Funds (including the SAI) is also available on the SEC's Internet website at http://www.sec.gov. Copies of this material may be obtained, for a duplication fee, by writing the SEC Public Reference Section, Washington D.C. 20549-0102, or by electronic request at the following e-mail address: publicinfo@sec.gov. This material can also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. For more information about the operation of the Public Reference Room, call the SEC at 1.202.942.8090.

Evergreen mutual funds are distributed by Evergreen Distributor, Inc.,

90 Park Avenue, 10th Floor, New York, NY 10016.

SEC File No.: 811-08367
562885 RV0 (9/02)

Evergreen Investments

200 Berkeley Street

Boston, MA 02116-5034