EX-4 6 emmtss1.htm EVERGREEN MONEY MARKET TRUST - S/S1 PROSPECTUS

Prospectus, June 1, 2002

Evergreen
Money Market Funds

Evergreen California Municipal Money Market Fund
Evergreen Florida Municipal Money Market Fund
Evergreen Money Market Fund
Evergreen Municipal Money Market Fund
Evergreen New Jersey Municipal Money Market Fund
Evergreen New York Municipal Money Market Fund
Evergreen Pennsylvania Municipal Money Market Fund
Evergreen Treasury Money Market Fund
Evergreen U.S. Government Money Market Fund

Class S
Class S1

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.

FUND RISK/RETURN SUMMARIES:

Overview of Fund Risks
Evergreen California Municipal Money Market Fund
Evergreen Florida Municipal Money Market Fund
Evergreen Money Market Fund
Evergreen Municipal Money Market Fund
Evergreen New Jersey Municipal Money Market Fund
Evergreen New York Municipal Money Market Fund
Evergreen Pennsylvania Municipal Money Market Fund
Evergreen Treasury Money Market Fund
Evergreen U.S. Government Money Market Fund

GENERAL INFORMATION:

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

In general,

the Funds included in this prospectus provide investors with a selection of investment alternatives which seek a high rate of current income consistent with stability of principal and liquidity. Evergreen Municipal Money Market Fund also seeks current income which is exempt from regular federal income tax and Evergreen California Municipal Money Market Fund, Evergreen Florida Municipal Money Market Fund, Evergreen New Jersey Municipal Money Market Fund, Evergreen New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund also seek current income which is exempt from regular federal income tax and applicable state taxes.

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?

Overview of Fund Risks

Money Market Funds

typically rely on a combination of the following strategies:

maintaining $1.00 per share net asset value;
investing in high quality, short-term money market instruments, including U.S. government securities;
investing in compliance with industry-standard requirements for money market funds for the quality, maturity and diversification of investments; 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:

are seeking a conservative investment which invests in relatively safe securities;
are seeking a fund for short-term investment; and
are seeking liquidity.

Following this overview, you will find information on each Fund's specific investment strategies and risks.

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

Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

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. Since the Fund invests a significant portion of its portfolio in debt securities, if 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. Since the Fund invests in debt securities, the value of your investment may decline if an issuer fails to pay an obligation on a timely basis. The Fund may also be subject to credit risk to the extent it engages in transactions, such as repurchase agreements, which involve a promise by a third party to honor an obligation to the Fund. Such third party may be unwilling or unable to honor its financial obligations.

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.

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.

California Municipal Money Market Fund

FUND FACTS:

Goals:

High Current Income Exempt from Federal and California State Income Taxes

Preservation of Capital

Liquidity

Principal Investment:

Municipal Money Market Securities

Class of Shares Offered in this Prospectus:

Class S

Investment Advisor:

Evergreen
Investment
Management
Company, LLC

Dividend Payment Schedule:

Monthly

INVESTMENT GOAL

The Fund seeks as high a level of current income exempt from regular federal income tax and, to the extent possible, from California personal income tax, as is believed to be consistent with preserving capital and providing liquidity.

INVESTMENT STRATEGY

The following supplements the investment strategies discussed in the ''Overview of Fund Risks'' on page 1.

The Fund invests at least 80% of its assets in municipal money market securities issued by the State of California or its political subdivisions, agencies, instrumentalities, or other governmental units (such as U.S. territories). These municipal money market securities include fixed, variable or floating rate general obligation and revenue bonds; tax, bond and revenue anticipation notes; and commercial paper obligations. Under normal circumstances, at least 80% of the Fund’s annual interest income will be exempt from federal income tax other than the federal alternative minimum tax and, to the extent possible, from California personal income tax. The Fund also invests in tender option bonds, which are demand obligations that bear interest at the prevailing short-term, tax-exempt rate.

The Fund will comply with the diversification requirements prescribed by Rule 2a-7. However, the Fund is non-diversified and therefore may invest a significant percentage of its assets in obligations of a single issuer. In determining which securities to purchase for the portfolio, the portfolio managers focus on the supply and demand of the security in the market place as well as the current interest rate environment.

The Fund may temporarily invest up to 20% of its assets in high quality, short-term taxable securities under one or more of the following circumstances: (a) pending investment of proceeds from the sale of Fund shares or portfolio securities; (b) pending settlement of purchases of portfolio securities; and (c) to maintain liquidity for the purpose of meeting anticipated redemptions. However, the Fund may temporarily invest up to 100% of its assets in taxable securities for defensive purposes, which may result in the Fund not achieving its investment objective.

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
Concentration Risk
Non-Diversification 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. The state also faces a cash flow shortfall which will require additional short-term borrowing in June, 2002 in order to assure payment of all obligations coming due in June, July and August, 2002. These and other factors may cause rating agencies to downgrade the credit ratings on certain issues. 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.

Because the taxable money market is a broader and more liquid market and has a greater number of investors, issuers and market makers than the market for short-term, tax-exempt municipal securities, the liquidity of the Fund may not be equal to that of a money market fund which invests exclusively in short-term taxable money market instruments. The more limited marketability of short-term, tax-exempt municipal securities may make it difficult in certain circumstances to dispose of large investments advantageously.

For further information regarding the Fund's investment strategy and risk factors, see "Other Fund Practices."

PERFORMANCE

Since the Fund commenced operations on 9/24/2001, total return information is not available for a full calendar year. Financial information for the Fund from 9/24/2001 through 1/31/2002 is available in the "Financial Highlights."

To obtain current yield information call 1-800-343-2898.

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 based on the Fund’s fiscal year ended 1/31/2002.

You pay no shareholder transaction fees.

Annual Fund Operating Expenses (expenses that are deducted from Fund assets)

	Management Fees	12b-1 Fees	Other Expenses	Total Fund Operating Expenses ¹
Class S	0.45 %	0.60 %	0.33 %	1.38 %

1. 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 reduce 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 were 1.18% for Class S.

The table below shows the total expenses you would pay on a $10,000 investment over one-, three-, five- and ten-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 and reinvestment of all dividends and distributions. Your actual costs may be higher or lower.

Example of Fund Expenses

After:
1 year	$ 141
3 years	$ 437
5 years	$ 755
10 years	$ 1,657

Florida Municipal Money Market Fund

FUND FACTS:

Goals:

High Current Income Exempt from Federal and Florida State Taxes

Preservation of Capital

Liquidity

Stability of Principal

Principal Investment:

Municipal Money Market Securities

Class of Shares Offered in this Prospectus:

Class S

Investment Advisor:

Evergreen
Investment
Management
Company, LLC

Dividend Payment Schedule:

Monthly

INVESTMENT GOAL

The Fund seeks to provide Florida residents an investment that is, to the extent possible, exempt from the Florida intangible personal property tax and to seek as high a level of current income exempt from regular federal income taxes, as is believed to be consistent with the preservation of capital, maintenance of liquidity and stability of principal.

INVESTMENT STRATEGY

The following supplements the investment strategies discussed in the ''Overview of Fund Risks'' on page 1.

The Fund invests at least 80% of its assets in high quality, short-term debt obligations issued by the State of Florida, and possessions of the U.S. and their political subdivisions, which are exempt from federal income tax other than the alternative minimum tax and exempt from the Florida intangible personal property tax, and are determined to present minimal credit risk. These municipal money market securities include fixed, variable or floating rate general obligation and revenue bonds; tax, bond and revenue anticipation notes; and commercial paper obligations. The Fund also invests in tender option bonds, which are demand obligations that bear interest at the prevailing short-term, tax-exempt rate.

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
Concentration Risk
Non-Diversification Risk

The performance of the Fund is influenced by the political, economic and statutory environment within the State of Florida. The Fund invests in obligations of Florida 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 include state budgetary problems associated with the state’s growing population, its reliance on tourism, and the impact which both of these factors may have on the state’s tax base and revenues. These and other factors may cause rating agencies to downgrade the credit ratings on certain issues. For more information on the factors that could affect the ability of Florida municipal security issuers to pay interest and principal on securities acquired by the Fund, see “Additional Information Concerning Florida” in the Statement of Additional Information.

For further information regarding the Fund's investment strategy and risk factors, see "Other Fund Practices."

PERFORMANCE

The following tables show how the Fund has performed in the past. Past performance is not an indication of future results.

The table below shows the percentage gain or loss for the Class S shares of the Fund in each calendar year since 10/26/1998. It should give you a general idea of the risks of investing in the Fund by showing how the Fund’s return has varied from year-to-year. This table includes the effects of Fund expenses.

Year-by-Year Total Return for Class S Shares (%) ¹

1992	1993	1994	1995	1996	1997	1998	1999	2000	2001
							2.66	3.33	1.90

Best Quarter:	2nd Quarter 2000	+ 0.90 %¹
Worst Quarter:	4th Quarter 2001	+ 0.23 %
Year-to-date total return through 3/31/2002 is +0.11%.

The next table lists the Fund’s average annual total return for the Class S shares over the past year and since inception. This table is intended to provide you with some indication of the risks of investing in the Fund.

Average Annual Total Return
(for the period ended 12/31/2001) ¹

	Inception Date of Class	1 year	5 year	10 year	Performance Since 10/26/1998
Class S	6/30/2000	1.90 %	N/A	N/A	2.63 %

1. Historical performance shown for Class S prior to its inception is based on the performance of Class A, the original class offered. Class A is not offered in this prospectus. These historical returns for Class S have not been adjusted to reflect the effect of the Class' 12b-1 fees. These fees are 0.60% for Class S and 0.30% for Class A. If these fees had been reflected, returns for Class S would have been lower.

To obtain current yield information call 1-800-343-2898.

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 based on the Fund’s fiscal year ended 1/31/2002.

You pay no shareholder transaction fees.

Annual Fund Operating Expenses (expenses that are deducted from Fund assets)

	Management Fees	12b-1 Fees	Other Expenses	Total Fund Operating Expenses
Class S	0.41 %	0.60 %	0.14 %	1.15 %

Example of Fund Expenses

After:
1 year	$ 117
3 years	$ 365
5 years	$ 633
10 years	$ 1,398

Money Market Fund

FUND FACTS:

Goals:

High Current Income

Preservation of Capital

Liquidity

Principal Investments:

Money Market Instruments

Short-term Corporate Debt Securities

Class of Shares Offered in this Prospectus:

Class S1

Investment Advisor:

Evergreen
Investment
Management
Company, LLC

Dividend Payment Schedule:

Monthly

INVESTMENT GOAL

The Fund seeks to achieve as high a level of current income as is consistent with preserving capital and providing liquidity.

INVESTMENT STRATEGY

The following supplements the investment strategies discussed in the ''Overview of Fund Risks'' on page 1.

The Fund invests principally in money market securities including short-term corporate debt obligations (such as fixed, variable or floating rate securities), certificates of deposit and bankers' acceptances, commercial paper and repurchase agreements determined to present minimal credit risk.

In addition, the Fund may invest in U.S. Treasury obligations and short-term securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, including the Inter-american Development Bank and the International Bank for Reconstruction and Development. The Fund may invest up to 30% of its assets in bank certificates of deposit and bankers' acceptances payable in U.S. dollars and issued by foreign banks (including U.S. branches of foreign banks) or by foreign branches of U.S. banks. The Fund may also invest in bank obligations.

The portfolio managers focus primarily on the interest rate environment in determining which securities to purchase for the portfolio. Generally, in a rising rate environment, the Fund will invest in securities of shorter maturities. If interest rates are high, the Fund will generally invest in securities with longer maturities; however, the Fund will not acquire any security with a remaining maturity of greater than 397 days.

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

In addition to interest rate risk and credit risk, the Fund is subject to risks associated with obligations of the Inter-american Development Bank and the International Bank for Reconstruction and Development. Because these banks are supported only by appropriated but unpaid commitments of member countries, there is no assurance that the commitments will be undertaken in the future.

If the Fund invests in bank certificates of deposit and bankers’ acceptances payable in U.S. dollars and issued by foreign banks (including U.S. branches of foreign banks) or by foreign branches of U.S. banks, it could be exposed to certain unique risks of foreign investing. For example, political turmoil and economic instability in the countries in which the Fund invests could adversely affect the dividend yield, total return earned on and the value of your investment. Certain foreign countries have less developed and less regulated banking systems and accounting systems than the U.S.

For further information regarding the Fund's investment strategy and risk factors, see "Other Fund Practices."

PERFORMANCE

The following tables show how the Fund has performed in the past. Past performance is not an indication of future results.

The table below shows the percentage gain or loss for the Class I shares of the Fund since 11/2/1987. It should give you a general idea of the risks of investing in the Fund by showing how the Fund's return has varied from year-to-year. This table includes the effects of Fund expenses.

Year-by-Year Total Return for Class I Shares (%)

1992	1993	1994	1995	1996	1997	1998	1999	2000	2001
3.88	3.22	3.98	5.66	5.22	5.31	5.26	4.93	6.11	3.89

Best Quarter:	4th Quarter 2000	+ 1.57 %
Worst Quarter:	4th Quarter 2001	+ 0.53 %
Year-to-date total return through 3/31/2002 is +0.40%.

The next table lists the Fund’s average annual total return for the Class S1 shares over the past one, five and ten years and since inception. This table is intended to provide you with some indication of the risks of investing in the Fund.

Average Annual Total Return
(for the period ended 12/31/2001) ¹

	Inception Date of Class	1 year	5 year	10 year	Performance Since 11/2/1987
Class S1	6/26/2001	3.70 %	5.06 %	4.72 %	5.64 %

1. Historical performance shown for Class S1 prior to its inception is based on the performance of Class I, the original class offered. Class I is not offered in this prospectus. These historical returns for Class S1 have not been adjusted to reflect the effect of the Class' 12b-1 fees. These fees are 0.60% for Class S1. Class I does not pay 12b-1 fees. If these fees had been reflected, returns for Class S1 would have been lower.

To obtain current yield information call 1-800-343-2898.

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 based on the Fund’s fiscal year ended 1/31/2002.

You pay no shareholder transaction fees.

Annual Fund Operating Expenses (expenses that are deducted from Fund assets)

	Management Fees	12b-1 Fees	Other Expenses	Total Fund Operating Expenses ²
Class S1	0.39 %	0.60 %	0.17 %	1.16 %

2. From time to time, 12b-1 fees for Class S1 may be voluntarily reduced or waived. The 12b-1 fees and Total Fund Operating Expenses do not reflect the 12b-1 fee waivers. Including fee waivers, the 12b-1 fees were 0.25% and Total Fund Operating Expenses were 0.81% for Class S1.

Example of Fund Expenses

After:
1 year	$ 118
3 years	$ 368
5 years	$ 638
10 years	$ 1,409

Municipal Money Market Fund

FUND FACTS:

Goals:

High Current Income Exempt from Federal Income Tax

Preservation of Capital

Liquidity

Principal Investment:

Municipal Money Market Securities

Class of Shares Offered in this Prospectus:

Class S1

Investment Advisor:

Evergreen
Investment
Management
Company, LLC

Dividend Payment Schedule:

Monthly

INVESTMENT GOAL

The Fund seeks to achieve as high a level of current income exempt from regular federal income tax, as is consistent with preserving capital and providing liquidity.

INVESTMENT STRATEGY

The following supplements the investment strategies discussed in the ''Overview of Fund Risks'' on page 1.

The Fund invests at least 80% of its assets in municipal securities (including fixed, variable or floating rate general obligation and revenue bonds; tax, bond and revenue anticipation notes; and commercial paper obligations), the interest from which is exempt from federal income tax, other than the alternative minimum tax.

The Fund invests in municipal money market securities determined to present minimal credit risk and issued by any U.S. state, the District of Columbia and their political subdivisions. The Fund also invests in tender option bonds, which are demand obligations that bear interest at the prevailing short-term, tax-exempt rate. In determining which securities to purchase for the portfolio, the portfolio managers focus on the supply and demand of the security in the market place as well as the current interest rate environment.

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

For further information regarding the Fund's investment strategy and risk factors, see "Other Fund Practices."

PERFORMANCE

The following tables show how the Fund has performed in the past. Past performance is not an indication of future results.

The table below shows the percentage gain or loss for the Class I shares of the Fund in each of the last ten calendar years. It should give you a general idea of the risks of investing in the Fund by showing how the Fund’s return has varied from year-to-year. This table includes the effects of Fund expenses.

Year-by-Year Total Return for Class I Shares (%)

1992	1993	1994	1995	1996	1997	1998	1999	2000	2001
3.16	2.48	2.76	3.76	3.39	3.49	3.40	3.18	4.01	2.67

Best Quarter:	4th Quarter 2000	+ 1.05 %
Worst Quarter:	4th Quarter 2001	+ 0.40 %
Year-to-date total return through 3/31/2002 is +0.28%.

Average Annual Total Return
(for the period ended 12/31/2001) ¹

	Inception Date of Class	1 year	5 year	10 year	Performance Since 11/2/1988
Class S1	6/26/2001	2.36 %	3.29 %	3.20 %	3.84 %

To obtain current yield information call 1-800-343-2898.

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 based on the Fund’s fiscal year ended 1/31/2002.

You pay no shareholder transaction fees.

Annual Fund Operating Expenses (expenses that are deducted from Fund assets)

	Management Fees	12b-1 Fees	Other Expenses	Total Fund Operating Expenses ²
Class S1	0.42 %	0.60 %	0.14 %	1.16 %

2. From time to time, 12b-1 fees for Class S1 may be voluntarily reduced or waived. The 12b-1 fees and Total Fund Operating Expenses do not reflect the 12b-1 fee waivers. Including fee waivers, the 12b-1 fees were 0.50% and Total Fund Operating Expenses were 1.06% for Class S1.

Example of Fund Expenses

After:
1 year	$ 118
3 years	$ 368
5 years	$ 638
10 years	$ 1,409

New Jersey Municipal Money Market Fund

FUND FACTS:

Goals:

High Current Income Exempt from Federal and New Jersey State Income Taxes

Preservation of Capital

Liquidity

Stability of Principal

Principal Investment:

Municipal Money Market Securities

Class of Shares Offered in this Prospectus:

Class S

Investment Advisor:

Evergreen
Investment
Management
Company, LLC

Dividend Payment Schedule:

Monthly

INVESTMENT GOAL

The Fund seeks to achieve as high a level of current income exempt from regular federal income tax and, to the extent possible, from New Jersey gross income tax, as is believed to be consistent with the preservation of capital, maintenance of liquidity and stability of principal.

INVESTMENT STRATEGY

The following supplements the investment strategies discussed in the ''Overview of Fund Risks'' on page 1.

The Fund invests at least 80% of its assets in municipal money market securities issued by the State of New Jersey, possessions of the U.S. and their political subdivisions, which are exempt from federal income tax other than the alternative minimum tax and exempt from the New Jersey gross income tax, and which are determined to present minimal credit risk. These municipal money market securities include fixed, variable or floating rate general obligation and revenue bonds; tax, bond and revenue anticipation notes; and commercial paper obligations. The Fund also invests in tender option bonds, which are demand obligations that bear interest at the prevailing short-term, tax-exempt rate.

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
Concentration Risk
Non-Diversification Risk

The performance of the Fund is influenced by the political, economic and statutory environment within the State of New Jersey. The Fund invests in obligations of New Jersey 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 include the state’s slowing growth rate since 1987 and the job losses which have occurred in certain sectors of New Jersey’s economy. These and other factors may cause rating agencies to downgrade the credit ratings on certain issues. For more information on the factors that could affect the ability of the New Jersey municipal security issuers to pay interest and principal on securities acquired by the Fund, see “Additional Information Concerning New Jersey” in the Statement of Additional Information.

For further information regarding the Fund's investment strategy and risk factors, see "Other Fund Practices."

PERFORMANCE

The following tables show how the Fund has performed in the past. Past performance is not an indication of future results.

Year-by-Year Total Return for Class S Shares (%) ¹

1992	1993	1994	1995	1996	1997	1998	1999	2000	2001
							2.54	3.31	1.97

Best Quarter:	2nd Quarter 2000	+ 0.90 %¹
Worst Quarter:	4th Quarter 2001	+ 0.25 %
Year-to-date total return through 3/31/2002 is +0.12%.

Average Annual Total Return
(for the period ended 12/31/2001) ¹

	Inception Date of Class	1 year	5 year	10 year	Performance Since 10/26/1998
Class S	6/30/2000	1.97 %	N/A	N/A	2.61 %

To obtain current yield information call 1-800-343-2898.

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 based on the Fund’s fiscal year ended 1/31/2002.

You pay no shareholder transaction fees.

Annual Fund Operating Expenses (expenses that are deducted from Fund assets)

	Management Fees	12b-1 Fees	Other Expenses	Total Fund Operating Expenses
Class S	0.41 %	0.60 %	0.14 %	1.15 %

Example of Fund Expenses

After:
1 year	$ 117
3 years	$ 365
5 years	$ 633
10 years	$ 1,398

New York Municipal Money Market Fund

FUND FACTS:

Goals:

High Rate of Current Income Exempt from Federal and New York State and New York City Income Taxes

Preservation of Capital

Liquidity

Principal Investment:

Municipal Money Market Securities

Class of Shares Offered in this Prospectus:

Class S

Investment Advisor:

Evergreen
Investment
Management
Company, LLC

Dividend Payment Schedule:

Monthly

INVESTMENT GOAL

The Fund seeks as high a rate of current income exempt from regular federal income tax and New York State and New York City personal income taxes as is believed to be consistent with preservation of capital and maintenance of liquidity.

INVESTMENT STRATEGY

The following supplements the investment strategies discussed in the ''Overview of Fund Risks'' on page 1.

The Fund will normally invest at least 80% of its assets in New York tax-exempt securities, which are debt obligations issued by the State of New York, or any of its political subdivisions, agencies, instrumentalities, or other governmental units (such as U.S. territories), the interest from which is exempt from federal income tax other than the alternative minimum tax and exempt from New York State and New York City personal income taxes. The Fund also invests in tender option bonds, which are demand obligations that bear interest at the prevailing short-term, tax-exempt rate.

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
Concentration Risk
Non-Diversification 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. 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.

For further information regarding the Fund's investment strategy and risk factors, see "Other Fund Practices."

PERFORMANCE

To obtain current yield information call 1-800-343-2898.

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 based on the Fund’s fiscal year ended 1/31/2002.

You pay no shareholder transaction fees.

Annual Fund Operating Expenses (expenses that are deducted from Fund assets)

	Management Fees	12b-1 Fees	Other Expenses	Total Fund Operating Expenses ¹
Class S	0.40 %	0.60 %	0.29 %	1.29 %

Example of Fund Expenses

After:
1 year	$ 131
3 years	$ 409
5 years	$ 708
10 years	$ 1,556

Pennsylvania Municipal Money Market Fund

FUND FACTS:

Goals:

High Current Income Exempt from Federal and Pennsylvania State Income Taxes

Preservation of Capital

Liquidity

Principal Investment:

Municipal Money Market Securities

Class of Shares Offered in this Prospectus:

Class S

Investment Advisor:

Evergreen
Investment
Management
Company, LLC

Dividend Payment Schedule:

Monthly

INVESTMENT GOAL

The Fund seeks to provide investors with as high a level of current income exempt from regular federal income tax and, to the extent possible, from Pennsylvania income tax, as is consistent with preserving capital and providing liquidity.

INVESTMENT STRATEGY

The following supplements the investment strategies discussed in the ''Overview of Fund Risks'' on page 1.

The Fund invests at least 80% of its assets in municipal money market securities issued by the Commonwealth of Pennsylvania, possessions of the U.S. and their political subdivisions, which are exempt from federal income tax other than the alternative minimum tax and exempt from the Pennsylvania income tax, and are determined to present minimal credit risk. These municipal money market securities include fixed, variable or floating rate general obligation and revenue bonds; tax, bond and revenue anticipation notes; and commercial paper obligations. The Fund also invests in tender option bonds, which are demand obligations that bear interest at the prevailing short-term, tax-exempt rate.

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
Concentration Risk
Non-Diversification Risk

The performance of the Fund is influenced by the political, economic and statutory environment within the Commonwealth of Pennsylvania. The Fund invests in obligations of Pennsylvania issuers, which results in the Fund’s performance being subject to risks associated with the most current conditions within the Commonwealth. Some of these conditions include adverse changes to the statewide, regional or local economies which affect the creditworthiness of the Commonwealth and certain other non-governmental related issuers and may cause rating agencies to downgrade the credit ratings on certain issues. For more information on the factors that could affect the ability of the Pennsylvania municipal security issuers to pay interest and principal on securities acquired by the Fund, see “Additional Information Concerning Pennsylvania” in the Statement of Additional Information.

For further information regarding the Fund's investment strategy and risk factors, see "Other Fund Practices."

PERFORMANCE

The following tables show how the Fund has performed in the past. Past performance is not an indication of future results.

The table below shows the percentage gain or loss for the Class S shares of the Fund in each calendar year since 8/15/1991. It should give you a general idea of the risks of investing in the Fund by showing how the Fund’s return has varied from year-to-year. This table includes the effects of Fund expenses.

Year-by-Year Total Return for Class S Shares (%) ¹

1992	1993	1994	1995	1996	1997	1998	1999	2000	2001
2.87	2.12	2.54	3.66	3.07	3.22	3.09	2.96	3.53	1.98

Best Quarter:	2nd Quarter 1995	+ 0.99 %¹
Worst Quarter:	4th Quarter 2001	+ 0.27 %
Year-to-date total return through 3/31/2002 is +0.14%.

The next table lists the Fund’s average annual total return for the Class S shares over the past one, five and ten years and since inception. This table is intended to provide you with some indication of the risks of investing in the Fund.

Average Annual Total Return
(for the period ended 12/31/2001) ¹

	Inception Date of Class	1 year	5 year	10 year	Performance Since 8/15/1991
Class S	6/30/2000	1.98 %	2.95 %	2.90 %	2.96 %

1. Historical performance shown for Class S prior to its inception is based on the performance of Class I, the original class offered. Class I is not offered in this prospectus. These historical returns for Class S have not been adjusted to reflect the effect of the Class' 12b-1 fees. These fees are 0.60% for Class S. Class I does not pay 12b-1 fees. If these fees had been reflected, returns for Class S would have been lower.

To obtain current yield information call 1-800-343-2898.

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 based on the Fund’s fiscal year ended 1/31/2002.

You pay no shareholder transaction fees.

Annual Fund Operating Expenses (expenses that are deducted from Fund assets)

	Management Fees	12b-1 Fees	Other Expenses	Total Fund Operating Expenses
Class S	0.36 %	0.60 %	0.12 %	1.08 %

Example of Fund Expenses

After:
1 year	$ 110
3 years	$ 343
5 years	$ 595
10 years	$ 1,317

Treasury Money Market Fund

FUND FACTS:

Goals:

Stability of Principal

Current Income

Principal Investments:

Short-term U.S. Treasury Obligations

Repurchase Agreements backed by Short-term U.S. Treasury Obligations

Class of Shares Offered in this Prospectus:

Class S

Investment Advisor:

Evergreen
Investment
Management
Company, LLC

Dividend Payment Schedule:

Monthly

INVESTMENT GOAL

The Fund seeks to maintain stability of principal while earning current income.

INVESTMENT STRATEGY

The following supplements the investment strategies discussed in the ''Overview of Fund Risks'' on page 1.

The Fund will normally invest at least 80% of its assets in short-term U.S. Treasury obligations (with an average dollar-weighted maturity of 60 days or less) and repurchase agreements backed at least 80% by such obligations. U.S. Treasury securities are guaranteed as to principal and interest, and supported by the full faith and credit of the U.S. government.

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

For further information regarding the Fund's investment strategy and risk factors, see "Other Fund Practices."

PERFORMANCE

The following tables show how the Fund has performed in the past. Past performance is not an indication of future results.

The table below shows the percentage gain or loss for the Class S shares of the Fund in each calendar year since 3/6/1991. It should give you a general idea of the risks of investing in the Fund by showing how the Fund’s return has varied from year-to-year. This table includes the effects of Fund expenses.

Year-by-Year Total Return for Class S Shares (%) ¹

1992	1993	1994	1995	1996	1997	1998	1999	2000	2001
3.36	2.73	3.75	5.38	4.78	4.91	4.83	4.33	5.43	3.04

Best Quarter:	4th Quarter 2000	+ 1.39 %
Worst Quarter:	4th Quarter 2001	+ 0.37 %
Year-to-date total return through 3/31/2002 is +0.29%.

Average Annual Total Return
(for the period ended 12/31/2001) ¹

	Inception Date of Class	1 year	5 year	10 year	Performance Since 3/6/1991
Class S	6/30/2000	3.04 %	4.50 %	4.25 %	4.34 %

To obtain current yield information call 1-800-343-2898.

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 based on the Fund’s fiscal year ended 1/31/2002.

You pay no shareholder transaction fees.

Annual Fund Operating Expenses (expenses that are deducted from Fund assets)

	Management Fees	12b-1 Fees	Other Expenses	Total Fund Operating Expenses
Class S	0.31 %	0.60 %	0.09 %	1.00 %

Example of Fund Expenses

After:
1 year	$ 102
3 years	$ 318
5 years	$ 552
10 years	$ 1,225

U.S. Government Money Market Fund

FUND FACTS:

Goals:

High Current Income

Preservation of Capital

Liquidity

Principal Investment:

Short-term U.S. Government Securities

Class of Shares Offered in this Prospectus:

Class S1

Investment Advisor:

Evergreen
Investment
Management
Company, LLC

Dividend Payment Schedule:

Monthly

INVESTMENT GOAL

The Fund seeks to achieve as high a level of current income as is consistent with preserving capital and maintaining liquidity.

INVESTMENT STRATEGY

The following supplements the investment strategies discussed in the ''Overview of Fund Risks'' on page 1.

The Fund will normally invest at least 80% of its assets in high quality, short-term securities issued or guaranteed by the U.S. government, its agencies or instrumentalities and repurchase agreements backed by such securities. In addition, the Fund may invest in obligations of the Inter-american Development Bank and the International Bank for Reconstruction and Development.

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

For further information regarding the Fund's investment strategy and risk factors, see "Other Fund Practices."

PERFORMANCE

Since the Fund commenced operations on 6/26/2001, total return information is not available for a full calendar year. Financial information for the Fund from 6/26/2001 through 1/31/2002 is available in the "Financial Highlights."

To obtain current yield information call 1-800-343-2898.

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 based on the Fund’s fiscal year ended 1/31/2002.

You pay no shareholder transaction fees.

Annual Fund Operating Expenses (expenses that are deducted from Fund assets)

	Management Fees	12b-1 Fees	Other Expenses	Total Fund Operating Expenses ¹
Class S1	0.40 %	0.60 %	0.35 %	1.35 %

1. From time to time, 12b-1 fees for Class S1 may be voluntarily reduced or waived. The 12b-1 fees and Total Fund Operating Expenses do not reflect the 12b-1 fee waivers. Including fee waivers, the 12b-1 fees were 0.14% and Total Fund Operating Expenses were 0.89% for Class S1.

Example of Fund Expenses

After:
1 year	$ 137
3 years	$ 428
5 years	$ 739
10 years	$ 1,624

THE FUNDS' INVESTMENT ADVISOR

An investment advisor manages a Fund's investments and supervises its daily business affairs. The investment advisor for the Evergreen Funds is a subsidiary of Wachovia Corporation (Wachovia), formerly First Union Corporation, the fourth largest bank holding company in the United States, with over $319.6 billion in consolidated assets as of 4/30/2002. Wachovia is located at 301 South College Street, Charlotte, North Carolina 28288-0013.

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 manages over $106.6 billion in assets for 129 of the Evergreen and Wachovia Funds as of 4/30/2002. EIMC is located at 200 Berkeley Street, Boston, Massachusetts 02116-5034.

For the fiscal year ended 1/31/2002, the aggregate advisory fee paid to the investment advisor by each Fund was as follows:

Fund	% of the Fund's average daily net assets
California Municipal Money Market Fund	0.25 %
Florida Municipal Money Market Fund	0.41 %
Money Market Fund ¹	0.39 %
Municipal Money Market Fund	0.42 %
New Jersey Municipal Money Market Fund	0.41 %
New York Municipal Money Market Fund	0.29 %
Pennsylvania Municipal Money Market Fund	0.36 %
Treasury Money Market Fund ¹	0.31 %
U.S. Government Money Market Fund	0.40 %

1. Effective May 11, 2001, the investment advisory contract for the Fund was transferred to EIMC. There were no changes in advisory fee rates.

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 the 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. Each class of shares is calculated separately. Each security held by a Fund is valued on an amortized cost basis according to Rule 2a-7 under the Investment Company Act of 1940. Under this method of valuation, a security is initially valued at its acquisition cost, and thereafter a constant straightline amortization of any discount or premium is assumed each day regardless of the impact of fluctuating interest rates on the market value of the security.

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.

Shareholders whose purchase of shares of the Fund is accepted at or before 2 p.m. Eastern time for Money Market Fund, Treasury Money Market Fund and U.S. Government Money Market Fund, and 12:00 Noon Eastern time for California Municipal Money Market Fund, Florida Municipal Money Market Fund, Municipal Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund on any day the market is open, except in those cases where the market closes earlier, will receive the dividend declared by the Fund for that day; shareholders whose purchase of shares is accepted after the times noted above will begin earning dividends on the next business day after the Fund accepts their order.

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), Annual Report or Semi-annual Report by calling 1-800-343-2898. In addition, any of these documents, with the exception of the SAI, may be downloaded off our website at www.evergreeninvestments.com.

HOW TO CHOOSE THE SHARE CLASS THAT BEST SUITS YOU

After choosing a Fund, you select a share class. The Funds offer up to six different share classes. Only Class S shares of California Municipal Money Market Fund, Florida Municipal Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund, Pennsylvania Municipal Money Market Fund and Treasury Money Market Fund and Class S1 shares of Money Market Fund, Municipal Money Market Fund and U.S. Government Money Market Fund are offered in this prospectus.

Class S and Class S1

Each Fund offers Class S and Class S1 shares at NAV without a front-end sales charge or deferred sales charge. However, both Class S and Class S1 shares are subject to 12b-1 fees and certain broker-dealers and other financial institutions may impose a fee in connection with purchases of Class S and Class S1 shares of the Funds. A portion of Class S1 shares' 12b-1 fees may be voluntarily waived.

HOW TO BUY AND REDEEM SHARES

Class S and Class S1 shares are sold through certain broker-dealers and financial institutions which have selling agreements with Evergreen Distributors Inc. (EDI). You can also redeem your Class S and Class S1 shares of the Funds at NAV through certain broker-dealers and financial institutions which have selling agreements with EDI on any day the New York Stock Exchange is open pursuant to the Fund’s procedures. Investors should refer to their broker-dealer or financial institution as appropriate for instruction and further information.

OTHER SERVICES

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.

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. California Municipal Money Market Fund, Florida Municipal Money Market Fund, Municipal Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund 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 Funds 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). It is not anticipated that any significant capital gains will be realized by the Funds.

Dividend and Capital Gain Reinvestment

Unless you choose otherwise on the account application, all dividends will be reinvested. 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. 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

Your broker-dealer or financial institution 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.

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 1.00% of the average daily net assets of Class S shares and up to 0.60% of the average daily net assets of Class S1 shares. However, currently the 12b-1 fees for Class S shares are limited to 0.60% of the average daily net assets of the class. In addition, all or a portion of the 12b-1 fees for Class S1 shares may be voluntarily waived from time to time. These fees increase the cost of your investment. The purpose of the 12b-1 fees is to promote the sale of more shares of the Fund to the public. The Fund may use the 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.

FINANCIAL HIGHLIGHTS

This section looks in detail at the results for one share in each share class of the Funds - how much income it earned, how much of this income was passed along as a distribution and how much the return was reduced by expenses. The following tables have been derived from financial information audited by KPMG LLP, the Funds' independent auditors. For a more complete picture of the Funds' financial statements, please see the Funds' Annual Report as well as the SAI.

California Municipal Money Market Fund

	Year Ended
	January 31, 2002 (a)
CLASS S
Net asset value, beginning of period	$ 1.00
Income from investment operations
Net investment income	0 ^††

Distributions to shareholders from
Net investment income	0 ^††

Net asset value, end of period	$ 1.00
Total return	0.29 %
Ratios and supplemental data
Net assets, end of period (thousands)	$ 41,972
Ratios to average net assets
Expenses‡	0.83 %^†
Net investment income	0.63 %^†
^(a) For the period from September 24, 2001(commencement of class operations) to January 31, 2002.
^‡ The ratio of expenses to average net assets excludes expense reductions but includes fee waivers.
^† Annualized.
^†† Represents an amount less than $0.005 per share.

Florida Municipal Money Market Fund

	Year Ended January 31,
	2002	2001 (a)
CLASS S
Net asset value, beginning of period	$ 1.00	$ 1.00
Income from investment operations
Net investment income	0.02	0.02

Distributions to shareholders from
Net investment income	- 0.02	- 0.02

Net asset value, end of period	$ 1.00	$ 1.00
Total return	1.73 %	1.87 %
Ratios and supplemental data
Net assets, end of period (thousands)	$ 206,592	$ 163,045
Ratios to average net assets
Expenses‡	1.15 %	1.16 %^†
Net investment income	1.58 %	3.08 %^†
^(a) For the period from June 30, 2000 (commencement of class operations) to January 31, 2001.
^‡ The ratio of expenses to average net assets excludes expense reductions but includes fee waivers.
^† Annualized.

Money Market Fund

	Year Ended
	January 31, 2002 (a)
CLASS S1
Net asset value, beginning of period	$ 1.00
Net investment income	0.01

Distributions to shareholders from
Net investment income	- 0.01

Net asset value, end of period	$ 1.00
Total return	1.38 %
Ratios and supplemental data
Net assets, end of period (millions)	$ 1,300
Ratios to average net assets
Expenses‡	0.86 %^†
Net investment income	1.72 %^†
^(a) For the period from June 26, 2001 (commencement of class operations) to January 31, 2002.
^‡ The ratio of expenses to average net assets excludes expense reductions but includes fee waivers.
^† Annualized.

Municipal Money Market Fund

	Year Ended
	January 31, 2002 (a)
CLASS S1
Net asset value, beginning of period	$ 1.00
Net investment income	0.01

Distributions to shareholders from
Net investment income	- 0.01

Net asset value, end of period	$ 1.00
Total return	0.77 %
Ratios and supplemental data
Net assets, end of period (millions)	$ 257
Ratios to average net assets
Expenses‡	1.10 %^†
Net investment income	0.96 %^†
^(a) For the period from June 26, 2001 (commencement of class operations) to January 31, 2002.
^‡ The ratio of expenses to average net assets excludes expense reductions but includes fee waivers.
^† Annualized.

New Jersey Municipal Money Market Fund

	Year Ended January 31,
	2002	2001 (a)
CLASS S
Net asset value, beginning of period	$ 1.00	$ 1.00
Income from investment operations
Net investment income	0.02	0.02

Distributions to shareholders from
Net investment income	- 0.02	- 0.02

Net asset value, end of period	$ 1.00	$ 1.00
Total return	1.81 %	1.84 %
Ratios and supplemental data
Net assets, end of period (millions)	$ 136	$ 98
Ratios to average net assets
Expenses‡	1.15 %	1.14 %^†
Net investment income	1.71 %	3.07 %^†
^(a) For the period from June 30, 2000 (commencement of class operations) to January 31, 2001.
^‡ The ratio of expenses to average net assets excludes expese reductions but includes fee waivers.
^† Annualized.

New York Municipal Money Market Fund

	Year Ended
	January 31, 2002 (a)
CLASS S
Net asset value, beginning of period	$ 1.00
Income from investment operations
Net investment income	0 ^††

Distributions to shareholders from
Net investment income	0 ^††

Net asset value, end of period	$ 1.00
Total return	0.22 %
Ratios and supplemental data
Net assets, end of period (thousands)	$ 24,092
Ratios to average net assets
Expenses‡	1.18 %^†
Net investment income	0.54 %^†
^(a) For the period from September 24, 2001 (commencement of class operations) to January 31, 2002.
^‡ The ratio of expenses to average net assets excludes expense reductions but includes fee waivers.
^† Annualized.
^†† Represents an amount less than $0.005 per share.

Pennsylvania Municipal Money Market Fund

	Year Ended January 31,
	2002	2001 (a)
CLASS S
Net asset value, beginning of period	$ 1.00	$ 1.00
Income from investment operations
Net investment income	0.02	0.02

Distributions to shareholders from
Net investment income	- 0.02	- 0.02

Net asset value, end of period	$ 1.00	$ 1.00
Total return	1.82 %	1.89 %
Ratios and supplemental data
Net assets, end of period (millions)	$ 155	$ 140
Ratios to average net assets
Expenses‡	1.08 %	1.09 %^†
Net investment income	1.79 %	3.17 %^†
^(a) For the period from June 30, 2000 (commencement of class operations) to January 31, 2001.
^‡ The ratio of expenses to average net assets excludes expense reductions but includes fee waivers.
^† Annualized.

Treasury Money Market Fund

	Year Ended January 31,
	2002	2001 (a)
CLASS S
Net asset value, beginning of period	$ 1.00	$ 1.00
Income from investment operations
Net investment income	0.03	0.03

Distributions to shareholders from
Net investment income	- 0.03	- 0.03

Net asset value, end of period	$ 1.00	$ 1.00
Total return	2.70 %	3.24 %
Ratios and supplemental data
Net assets, end of period (millions)	$ 1,826	$ 2,135
Ratios to average net assets
Expenses‡	1.00 %	1.04 %^†
Net investment income	2.71 %	5.50 %^†
^(a) For period from June 30, 2000 (commencement of class operations) to January 31, 2001.
^‡ The ratio of expenses to average net assets excludes expense reductions but includes fee waivers.
^† Annualized.

U.S. Government Money Market Fund

	Year Ended
	January 31, 2002 (a)
CLASS S1
Net asset value, beginning of period	$ 1.00
Income from investment operations
Net investment income	0.01

Distributions to shareholders from
Net investment income	- 0.01

Net asset value, end of period	$ 1.00
Total return	1.24 %
Ratios and supplemental data
Net assets, end of period (thousands)	$ 390,392
Ratios to average net assets
Expenses‡	0.90 %^†
Net investment income	1.56 %^†
^(a) For the period from June 26, 2001 (commencement of class operations) to January 31, 2002.
^‡ The ratio of expenses to average net assets excludes expense reductions but includes fee waivers.
^† Annualized.

OTHER FUND PRACTICES

Taxable securities in which California Municipal Money Market Fund, Florida Municipal Money Market Fund, Municipal Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund may invest on a short-term basis include obligations of the U.S. government, its agencies or instrumentalities, including repurchase agreements with banks or securities dealers involving such securities; time deposits maturing in not more than seven days; other debt securities rated within the two highest rating categories by any nationally recognized statistical ratings organization; commercial paper rated in the highest grade by Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Services; and certificates of deposit issued by U.S. branches of U.S. banks with assets of $1 billion or more.

California Municipal Money Market Fund, Florida Municipal Money Market Fund, New Jersey Municipal Money Market Fund, New York Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund do not intend to concentrate their investments in any one industry. However, from time to time, a Fund may invest 25% or more of its assets in municipal securities which are related in such a way that an economic, business or political development or change affecting one such obligation would also affect the others. Two examples of obligations related in this way are (i) an obligation, the interest on which is paid from revenues of similar type projects and (ii) obligations whose issuers are located in the same state.

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

Institutional Money Market Fund

Institutional Municipal Money Market Fund

Institutional Treasury Money Market Fund

Institutional U.S. Government Money Market Fund

Institutional 100% Treasury Money Market Fund

Cash Management 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

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 Term Municipal Bond Fund

Municipal Bond Fund

Short-Intermediate Municipal Bond Fund

Short and Intermediate Term Bond Funds

Adjustable Rate Fund

Fixed Income Fund

Intermediate Term Bond Fund

Limited Duration Fund

Short-Duration Income Fund

Intermediate and Long Term Bond Funds

Core Bond Fund

Diversified Bond Fund

Fixed Income Fund II

High Yield Bond Fund

Income Plus Fund

Quality Income Fund

Select High Yield Bond Fund

Strategic Income Fund

U.S. Government Fund

Balanced Funds

Balanced Fund

Foundation Fund

Select Balanced Fund

Tax Strategic Foundation Fund

Growth and Income Funds

Blue Chip Fund

Equity Income Fund

Equity Index Fund

Growth and Income Fund

Small Cap Value Fund

Strategic Value Fund

Value Fund

Domestic Growth Funds

Aggressive Growth Fund

Capital Growth Fund

Core Equity Fund

Evergreen Fund

Growth Fund

Large Company Growth Fund

Masters Fund

Omega Fund

Premier 20 Fund

Secular Growth Fund

Select Small Cap Growth Fund

Select Strategic Growth Fund

Small Company Growth Fund

Special Equity Fund

Special Values Fund

Stock Selector Fund

Tax Strategic Equity 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

Latin America Fund

Precious Metals Fund

For More Information About the Evergreen Money Market Funds, Ask for:

The Funds’ most recent Annual or Semi-annual Report, which contains a complete financial accounting for each Fund and a complete list of the Funds' portfolio holdings as of a specific date, as well as commentary from each Fund’s portfolio managers. This report discusses the market conditions and investment strategies that significantly affected the Funds' performance during the most recent fiscal year or period.

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 any of the documents, call 1-800-343-2898 or ask your investment professional. We will mail material within three business days. In addition, any of these documents, with the exception of the SAI, may be downloaded off our website at www.evergreeninvestments.com.

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. 20549-6009, 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 Distributor, Inc.

90 Park Avenue

New York, New York 10016

SEC File No.: 811-08555
558704 RV2 (6/02)

Evergreen Investments

200 Berkeley Street

Boston, MA 02116-5034

Evergreen Money Market Funds

Class S Class S1

TABLE OF CONTENTS

FUND RISK/RETURN SUMMARIES:

GENERAL INFORMATION:

In general,

Fund Summaries Key

INVESTMENT GOAL

INVESTMENT STRATEGY

RISK FACTORS

PERFORMANCE

EXPENSES

Overview of Fund Risks

Money Market Funds

typically rely on a combination of the following strategies:

may be appropriate for investors who:

Risk Factors For All Mutual Funds

Interest Rate Risk

Credit Risk

Concentration Risk

Non-Diversification Risk

California Municipal Money Market Fund

FUND FACTS:

Goals:

Principal Investment:

Class of Shares Offered in this Prospectus:

Investment Advisor:

Dividend Payment Schedule:

INVESTMENT GOAL

INVESTMENT STRATEGY

RISK FACTORS

PERFORMANCE

EXPENSES

Florida Municipal Money Market Fund

FUND FACTS:

Goals:

Principal Investment:

Class of Shares Offered in this Prospectus:

Investment Advisor:

Dividend Payment Schedule:

INVESTMENT GOAL

INVESTMENT STRATEGY

RISK FACTORS

PERFORMANCE

EXPENSES

Money Market Fund

FUND FACTS:

Goals:

Principal Investments:

Class of Shares Offered in this Prospectus:

Investment Advisor:

Dividend Payment Schedule:

INVESTMENT GOAL

INVESTMENT STRATEGY

RISK FACTORS

PERFORMANCE

EXPENSES

Municipal Money Market Fund

FUND FACTS:

Goals:

Principal Investment:

Class of Shares Offered in this Prospectus:

Investment Advisor:

Dividend Payment Schedule:

INVESTMENT GOAL

INVESTMENT STRATEGY

RISK FACTORS

PERFORMANCE

EXPENSES

New Jersey Municipal Money Market Fund

FUND FACTS:

Goals:

Principal Investment:

Class of Shares Offered in this Prospectus:

Investment Advisor:

Dividend Payment Schedule:

INVESTMENT GOAL

INVESTMENT STRATEGY

RISK FACTORS

PERFORMANCE

Evergreen
Money Market Funds

Class S
Class S1

THE TAX CONSEQUENCES OF INVESTING
IN THE FUNDS