SUPPLEMENT TO THE PROSPECTUS AND
                 STATEMENT OF ADDITIONAL INFORMATION ("SAI") OF
                          EVERGREEN CASH RESOURCE FUNDS

I.       Evergreen CRT California Tax-Exempt Money Market Fund, Evergreen CRT
         New York Tax-Exempt Money Market Fund, Evergreen CRT Tax-Exempt Money
         Market Fund (collectively, the "Funds")

         Effective  November 1, 2000,  Evergreen  Investment  Management Company
will become the Funds' investment advisor. There will be no change in either the
portfolio manager(s) of the Funds or the advisory fees paid by the Funds.

         In conjunction with the above,  the section of the prospectus  entitled
"FUND FACTS" is supplemented as follows:

         Investment Advisor:
         o        Evergreen Investment Management Company

         In addition,  the section entitled "THE FUNDS' INVESTMENT  ADVISORS" is
supplemented as follows:

         Evergreen  Investment  Management  Company  (EIMC)  is  the  investment
advisor to:
         o        CRT California Tax-Exempt Money Market Fund
         o        CRT New York Tax-Exempt Money Market Fund
         o        CRT Tax-Exempt Money Market Fund

         EIMC has been managing mutual funds and private accounts since 1932 and
         currently  manages over $12.9 billion in assets for 28 of the Evergreen
         Funds.  EIMC is located at 200 Berkeley Street,  Boston,  Massachusetts
         02116-5034.

         The  section  in  the  SAI  entitled  "INVESTMENT  ADVISORY  AND  OTHER
SERVICES" is supplemented as follows:

         Under a Management  Contract (the  "Management  Contract")  between the
Trust  and  Evergreen  Investment  Management  Company  ("EIMC"),  EIMC,  at its
expense,  provides  Evergreen  CRT  California  Tax-Exempt  Money  Market  Fund,
Evergreen CRT New York Tax-Exempt Money Market Fund and Evergreen CRT Tax-Exempt
Money Market Fund with investment advisory services.


II.      Evergreen CRT Money Market Fund, Evergreen U.S. Government Money Market
         Fund

         Effective November 1, 2000, Evergreen Investment Management will become
the Funds' investment  advisor.  There will be no change in either the portfolio
manager(s) of the Funds or the advisory fees paid by the Funds.

         In conjunction with the above,  the section of the prospectus  entitled
"FUND FACTS" is supplemented as follows:

         Investment Advisor:
         o        Evergreen Investment Management

         In addition,  the section entitled "THE FUNDS' INVESTMENT  ADVISORS" is
supplemented as follows:


         Evergreen Investment Management (EIM) is the investment advisor to:
         o        CRT Money Market Fund
         o        U.S. Government Money Market Fund

         EIM (formerly known as Capital Management Group, or CMG), a division of
         First Union  National Bank (FUNB),  has been managing money for over 50
         years and currently  manages over $30.1 billion in assets for 36 of the
         Evergreen Funds. EIM is located at 201 South College Street, Charlotte,
         North Carolina 28288-0630.

         The  section  in  the  SAI  entitled  "INVESTMENT  ADVISORY  AND  OTHER
SERVICES" is supplemented as follows:

         Under a Management  Contract (the  "Management  Contract")  between the
Trust and Evergreen Investment Management ("EIM"), EIM, at its expense, provides
Evergreen CRT Money Market Fund and Evergreen U.S.  Government Money Market Fund
with investment advisory services.



November 1, 2000                                             556322  11/00