WACHOVIA FUNDS
497, 2000-10-05
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WACHOVIA MONEY MARKET FUND
INSTITUTIONAL SHARES

(A PORTFOLIO OF THE WACHOVIA FUNDS)

------------------------------------------------------------------------------
SUPPLEMENT TO PROSPECTUS DATED JANUARY 31, 2000

     The  deadlines  for the purchase and  redemption of Shares of the Fund have
been extended to 4:00 p.m. (Eastern time). As such, the affected sections of the
prospectus have been revised and will now read as follows:

How To Purchase Shares

     The Fund and the  Distributor  reserve  the  right to reject  any  purchase
request.

THROUGH WACHOVIA BANK

     If you are a  customer  of  Wachovia  Bank,  you  may  purchase  Shares  by
telephone,  by mail or in person in accordance  with  procedures  established by
Wachovia Bank and set forth in your account agreement.

     Payment  may be made  to  Wachovia  bank by  check,  federal  funds,  or by
debiting your account with Wachovia Bank.

     In order for your purchase to receive that day's dividends, purchase orders
and payment by federal funds must be received by 4:00 p.m. (Eastern time).

How To Redeem Shares

     If your  redemption  request  is  received  by  Wachovia  Bank by 4:00 p.m.
(Eastern  time),  redemption  proceeds  will normally be wired that same day but
will not be entitled to that day's dividend.

     Proceeds for redemption  requests  received after 4:00 p.m.  (Eastern time)
will  normally be wired or a check mailed the  following  business day and those
Shares will be entitled to that day's dividend.

     Cusip 929901106


                                                                 October 5, 2000








WACHOVIA MONEY MARKET FUND
WACHOVIA TAX-FREE MONEY MARKET FUND
WACHOVIA U.S. TREASURY MONEY MARKET FUND

INVESTMENT SHARES

(PORTFOLIOS OF THE WACHOVIA FUNDS)

-------------------------------------------------------------------------------
SUPPLEMENT TO PROSPECTUS DATED JANUARY 31, 2000 (REVISED MAY 31, 2000)

     The deadlines for the purchase and  redemption of Shares have been extended
to 4:00 p.m. (Eastern time) for the Money Market Fund and U.S. Treasury Fund and
11:00 a.m.  (Eastern time) for the Tax-Free Fund. As such, the affected sections
of the prospectus have been revised and will now read as follows:

How To Purchase Shares

     You may purchase Shares through Wachovia  Investments,  Inc., Wachovia Bank
or other Service Organizations.

     The Funds and the  Distributor  reserve  the right to reject  any  purchase
request.

THROUGH WACHOVIA INVESTMENTS, WACHOVIA BANK OR OTHER SERVICE ORGANIZATIONS

     You may purchase  Shares by telephone,  by mail or in person.  Customers of
Wachovia Bank should contact their account officer in accordance with procedures
set forth in your account agreement.

In order for your purchase to receive that day's dividends:

TAX-FREE FUND

     Purchase  orders and payment by federal funds for the Tax-Free Fund must be
received by 11:00 a.m. (Eastern time).

MONEY MARKET FUND AND U.S. TREASURY FUND

     Purchase  orders and payment by federal funds for the Money Market Fund and
U.S. Treasury Fund must be received by 4:00 p.m. (Eastern time).

How To Redeem Shares

THROUGH WACHOVIA INVESTMENTS, WACHOVIA BANK OR OTHER SERVICE ORGANIZATIONS

BY TELEPHONE

     If your redemption request is received by 11:00 a.m. (Eastern time) for the
Tax-Free  Fund and 4:00 p.m.  (Eastern  time) for the Money Market Fund and U.S.
Treasury Fund, redemption proceeds will normally be wired that same day but will
not be entitled to that day's dividend.

     Proceeds for redemption  requests  received after 11:00 a.m. (Eastern time)
for the Tax-Free Fund and 4:00 p.m. (Eastern time) for the Money Market Fund and
U. S.  Treasury  Fund will  normally  be wired or a check  mailed the  following
business day and those Shares will be entitled to that day's dividend.

     Cusip 929901205
     Cusip 929901403
     Cusip 929901825


                                                                 October 5, 2000




WACHOVIA PRIME CASH MANAGEMENT FUND
WACHOVIA TAX-FREE MONEY MARKET FUND
WACHOVIA U.S. TREASURY MONEY MARKET FUND

INSTITUTIONAL SHARES

(PORTFOLIOS OF THE WACHOVIA FUNDS)

-------------------------------------------------------------------------------
SUPPLEMENT TO PROSPECTUS DATED JANUARY 31, 2000 (REVISED MAY 31, 2000)

     The deadlines for the purchase and  redemption of Shares have been extended
to 4:00 p.m. (Eastern time) for the Prime Cash Management Fund and U.S. Treasury
Fund. The deadline for the Tax-Free Fund remains 11:00 a.m.  (Eastern  time). As
such, the affected  sections of the prospectuses  have been revised and will now
read as follows:

How To Purchase Shares

     The Funds and the  Distributor  reserve  the right to reject  any  purchase
request.

THROUGH WACHOVIA BANK

     If you are a  customer  of  Wachovia  Bank,  you  may  purchase  Shares  by
telephone,  by mail or in person in accordance  with  procedures  established by
Wachovia Bank and set forth in your account agreement.

     Payment  may be made  to  Wachovia  bank by  check,  federal  funds,  or by
debiting your account with Wachovia Bank.

In order for your purchase to receive that day's dividends:

     Purchase  orders and payment by federal funds for the Tax-Free Fund must be
received by 11:00 a.m. (Eastern time).

     Purchase  orders and payment by federal funds for the Prime Cash Management
Fund and U.S. Treasury Fund and must be received by 4:00 p.m. (Eastern time).

How To Redeem Shares

     If your  redemption  request is  received  by  Wachovia  Bank by 11:00 a.m.
(Eastern  time) for the Tax-Free  Fund and by 4:00 p.m.  (Eastern  time) for the
Prime Cash  Management  Fund and U. S. Treasury Fund,  redemption  proceeds will
normally be wired that same day but will not be entitled to that day's dividend.

     Proceeds for redemption  requests  received after 11:00 a.m. (Eastern time)
for the Tax-Free Fund and 4:00 p.m. (Eastern time) for the Prime Cash Management
Fund and U. S.  Treasury  Fund  will  normally  be wired or a check  mailed  the
following business day and those Shares will be entitled to that day's dividend.

     Cusip 929901684
     Cusip 929901304
     Cusip 929901833


                                                                 October 5, 2000



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