SUPPLEMENT TO THE PROSPECTUSES
OF
THE EVERGREEN BALANCED FUNDS
I. Evergreen American Retirement Fund
Proposed Fund Reorganization
On March 12, 1999, the Board of Trustees of Evergreen American
Retirement Fund ("American Retirement") approved a proposal to reorganize
American Retirement into Evergreen Income and Growth Fund ("Income and Growth").
If the shareholders of American Retirement approve the proposal, all of the
assets of American Retirement will be transferred to Income and Growth and
shareholders of American Retirement will receive shares of Income and Growth in
exchange for their shares. Shareholders of American Retirement as of May 5, 1999
are scheduled to vote on the proposal at a special meeting of shareholders to be
held on July 23, 1999. If approved, the reorganization is proposed to take place
on July 30, 1999. Shareholders of American Retirement will be mailed information
detailing the proposal on or about June 2, 1999.
April 1, 1999
p:\ssdocs\supplement\amretire.txt
