FIRST UNION MONEY MARKET FUNDS
(Portfolios of First Union Funds)
Y Shares
Supplement to Prospectus dated February 28, 1995
At a special Board meeting held on Tuesday, March 7, 1995, the Board of
Trustees of First Union Funds approved an Agreement and Plan of
Reorganization pursuant to which substantially all of the net assets of both
the First Union Money Market Portfolio and the First Union Tax Free Money
Market Portfolio (the "Funds"), will be purchased by Evergreen Money Market
Trust and Evergreen Tax Exempt Money Market Fund, respectively (the
"Evergreen Funds"), in exchange for shares of the Evergreen Funds, subject
to a vote by each of the Fund's shareholders to approve the transactions
(the "Acquisitions"). The Evergreen Funds are investment companies advised
by Evergreen Asset Management Corp., a subsidiary of First Union National
Bank of North Carolina, which have investment objectives and investment
policies which are substantially similar to those of the Funds. A meeting of
each of the Fund's shareholders is tentatively scheduled for June 15, 1995,
to vote to consider each Acquisition. If shareholders of each Fund approve
the Acquisitions, it is presently contemplated that they will be completed
on July 1, 1995. As part of the Acquisitions, the Funds will cease to exist,
and shareholders of the First Union Money Market Portfolio will receive
shares in the Evergreen Money Market Trust, and shareholders of the First
Union Tax Free Money Market Portfolio will receive shares in the Evergreen
Tax Exempt Money Market Fund.
March 10, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
G00960-02 (3/95)
FIRST UNION MONEY MARKET FUNDS
(Portfolios of First Union Funds)
Class A Investment Shares
Class B Investment Shares
Supplement to Prospectus dated February 28, 1995
At a special Board meeting held on Tuesday, March 7, 1995, the Board of
Trustees of First Union Funds approved an Agreement and Plan of
Reorganization pursuant to which substantially all of the net assets of both
the First Union Money Market Portfolio and the First Union Tax Free Money
Market Portfolio (the "Funds"), will be purchased by Evergreen Money Market
Trust and Evergreen Tax Exempt Money Market Fund, respectively (the
"Evergreen Funds"), in exchange for shares of the Evergreen Funds, subject
to a vote by each of the Fund's shareholders to approve the transactions
(the "Acquisitions"). The Evergreen Funds are investment companies advised
by Evergreen Asset Management Corp., a subsidiary of First Union National
Bank of North Carolina, which have investment objectives and investment
policies which are substantially similar to those of the Funds. A meeting of
each of the Fund's shareholders is tentatively scheduled for June 15, 1995,
to vote to consider each Acquisition. If shareholders of each Fund approve
the Acquisitions, it is presently contemplated that they will be completed
on July 1, 1995. As part of the Acquisitions, the Funds will cease to exist,
and shareholders of the First Union Money Market Portfolio will receive
shares in the Evergreen Money Market Trust, and shareholders of the First
Union Tax Free Money Market Portfolio will receive shares in the Evergreen
Tax Exempt Money Market Fund.
March 10, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
G00960-03 (3/95)
