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
III. Evergreen Foundation Fund, Evergreen Tax Strategic Foundation Fund
Effective August 2, 1999, the section of the prospectus entitled
"Organization and Service Providers" under the caption "Portfolio Managers" is
supplemented to reflect the following change:
Evergreen Foundation Fund
Jean Ledford and Richard Welsh became co-managers of the Fund in August
1999. Jean Ledford, CFA, became President and Chief Executive Officer of EAMC in
August 1999. From February 1997 until she joined EAMC, Ms. Ledford worked as a
portfolio manager at American Century Investments ("American Century"). From
1980 until she joined American Century, Ms. Ledford was the investment director
at the State of Wisconsin Investment Board.
Richard Welsh joined EAMC as Senior Vice President and portfolio
manager in August 1999. Prior to joining EAMC, he worked for five years as a
portfolio manager and analyst at American Century.
Evergreen Tax Strategic Foundation Fund
Jean Ledford and Richard Welsh joined James T. Colby, III, as
co-managers of the Fund in August 1999. Jean Ledford, CFA, became President and
Chief Executive Officer of EAMC in August 1999. From February 1997 until she
joined EAMC, Ms. Ledford worked as a portfolio manager at American Century
Investments ("American Century"). From 1980 until she joined American Century,
Ms. Ledford was the investment director at the State of Wisconsin Investment
Board.
Richard Welsh joined EAMC as Senior Vice President and portfolio
manager in August 1999. Prior to joining EAMC, he worked for five years as a
portfolio manager and analyst at American Century.
James T. Colby, III, has managed the fixed income portion of the Fund
since its inception in November 1993. Mr. Colby has been Vice President and
senior portfolio manager since joining FUNB in December 1992.
XXXXXX 7/99
July 12, 1999
