SUPPLEMENT TO THE PROSPECTUS
OF
EVERGREEN BALANCED FUNDS
I. Evergreen Balanced Fund
Effective November 15, 1999, the section of the prospectus entitled
"THE FUNDS' PORTFOLIO MANAGERS" is supplement to reflect the following change to
the Fund:
Gary E. Pzegeo, Judith A. Warners and Patricia Bannan, CFA, are
co-managers of the Fund. Mr. Pzegeo, Vice President and portfolio manager of the
Fixed Income group of EIMC, has been managing the fixed income portion of the
Fund since January 1999. Mr. Pzegeo has been an investment professional at EIMC
since 1990. Ms. Warners, Vice President and senior portfolio manager at EIMC
since 1995, has managed the equity portion of the Fund since June 1998. She
joined EIMC as an analyst in 1981. Ms. Bannan joined EIMC as a Senior Vice
President and senior portfolio manager in November 1999 and has been co-managing
the equity portion of the Fund since November 1999. From August 1998 until
joining EIMC, Ms. Bannan was the Director of North American Equities at
Commercial Union Investment Management Corp. She worked as Managing Director and
portfolio manager of Prudential Investments from January 1996 to May 1998. From
May 1982 to November 1995, Ms. Bannan was at Phoenix Investment Partners where
she was President and head of the equity department.
551381 11/99
November 18, 1999
