SUPPLEMENT TO THE PROSPECTUSES OF
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
II. Evergreen Balanced Fund
The section of the Evergreen Balanced Fund's prospectus entitled
"Organization and Service Providers" under the caption "Portfolio Managers" is
supplemented to reflect the following change:
The portfolio managers for the Evergreen Balanced Fund are Gary Pzegeo
and Judith Warners. Mr. Pzegeo, Vice President and portfolio manager of the
Fixed Income group of Evergreen Investment Management Company ("EIMC") has been
managing the Fund since January 1999. Mr. Pzegeo has been an investment
professional at EIMC since 1990. Ms. Warners, Vice President and portfolio
manager has managed the equity portion of the Fund since June 1998. Ms. Warners
joined EIMC as an analyst in 1981.
May 3, 1999
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