SUPPLEMENT TO THE PROSPECTUSES AND
                   STATEMENTS OF ADDITIONAL INFORMATION (SAIs)
                                       OF
                          EVERGREEN MONEY MARKET FUNDS

I.       Evergreen Money Market Fund and Evergreen Treasury Money Market Fund
(collectively, the "Funds")

         Effective  May 11,  2001,  the Funds will change  investment  advisors.
There will be no change in either the  portfolio  manager(s) of the Funds or the
advisory fees paid by the Funds.  In conjunction  with the above,  the following
revisions apply to the Funds'  prospectuses  and SAIs. The section of the Funds'
prospectuses entitled "FUND FACTS" is revised as follows:

         Investment Advisor

o        Evergreen Investment Management Company, LLC

         The  section  entitled  "THE FUNDS'  INVESTMENT  ADVISOR" is revised as
follows:

         Evergreen  Investment  Management Company, LLC (EIMC) is the investment
         advisor to the Funds.  EIMC has been managing  mutual funds and private
         accounts since 1932 and currently  manages over $21.7 billion in assets
         for 59 of the Evergreen Funds.  EIMC is located at 200 Berkeley Street,
         Boston, Massachusetts 02116-5034.

         The  section  in part one of the Funds' SAI  entitled  "Advisory  Fees"
under "EXPENSES" is revised as follows:

         Evergreen  Investment  Management Company, LLC (EIMC) is the investment
advisor to the Funds.

II.      Evergreen Florida  Municipal Money Market Fund,  Evergreen Money Market
Fund,  Evergreen  Municipal  Money Market Fund,  Evergreen New Jersey  Municipal
Money  Market  Fund,  Evergreen  Pennsylvania  Municipal  Money  Market Fund and
Evergreen Treasury Money Market Fund (collectively, the "Funds")

         Effective May 11, 2001, the paragraph of the prospectus entitled "Class
Y" under "HOW TO CHOOSE THE SHARE  CLASS THAT BEST SUITS YOU" is  replaced  with
the following paragraph.

         Class I

         Each Fund offers Class I shares at net asset value  without a front-end
sales  charge,  deferred  sales  charge or 12b-1  fees.  Class I shares are only
available  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  service  firms,
certain  institutional  investors,  and  persons  who  owned  Class Y shares  in
registered name in an Evergreen Fund on or before 12/31/1994.

April 16, 2001                                                       557832 4/01