EVERGREEN SELECT MONEY MARKET TRUST
497, 1998-04-07
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                         SUPPLEMENT TO THE PROSPECTUSES
                                       OF
                       EVERGREEN SELECT MONEY MARKET FUND
                  EVERGREEN SELECT TREASURY MONEY MARKET FUND
                                  (THE "FUNDS")


For Evergreen Select Money Market Fund and Evergreen Select Treasury Money 
Market Fund:

         Effective  March  4,  1998,  the  section  of each of the  prospectuses
entitled  Additional  Purchase  Information  under  "PURCHASE AND  REDEMPTION OF
SHARES - HOW TO BUY SHARES" is  supplemented  to read as follows with respect to
purchases of shares of the Funds:

         Shares  purchased via telephone  will receive the dividend  declared on
that day if the  telephone  order is placed by 3:00 p.m.  for  Evergreen  Select
Money Market Fund, and by 3:30 p.m. for Evergreen  Select  Treasury Money Market
Fund, and federal funds are received the same day by 4:00 p.m. (Eastern time).

April 7, 1998


                           


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