Evergreen INSTITUTIONAL MONEY MARKET FUNDS. Prospectus July 1, 2009

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1 Evergreen INSTITUTIONAL MONEY MARKET FUNDS Prospectus July 1, 2009 Evergreen Institutional 100% Treasury Money Market Fund Evergreen Institutional Money Market Fund Evergreen Institutional Municipal Money Market Fund Evergreen Institutional Treasury Money Market Fund Evergreen Institutional U.S. Government Money Market Fund Evergreen Prime Cash Management Money Market Fund Share Class Institutional shares As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or passed upon the accuracy or adequacy of this prospectus. Anyone who tells you otherwise is committing a crime.

2 SUPPLEMENT TO THE PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION OF EVERGREEN BALANCED FUNDS EVERGREEN BLEND EQUITY FUNDS EVERGREEN DOMESTIC GROWTH EQUITY FUNDS EVERGREEN DOMESTIC VALUE EQUITY FUNDS EVERGREEN EQUITY INDEX FUNDS EVERGREEN GLOBAL AND INTERNATIONAL FUNDS EVERGREEN INSTITUTIONAL MONEY MARKET FUNDS EVERGREEN INTERMEDIATE AND LONG TERM BOND FUNDS EVERGREEN MONEY MARKET FUNDS EVERGREEN NATIONAL MUNICIPAL BOND FUNDS EVERGREEN SECTOR FUNDS EVERGREEN SHORT AND INTERMEDIATE TERM BOND FUNDS EVERGREEN SOUTHERN STATE MUNICIPAL BOND FUNDS EVERGREEN STATE MUNICIPAL BOND FUNDS EVERGREEN VARIABLE ANNUITY FUNDS (together, the Evergreen Funds ) At a meeting held on September 23-24, 2009, the Boards of Trustees of the Evergreen Funds approved a change in the principal underwriter for the Evergreen Funds from Evergreen Investment Services, Inc. to Wells Fargo Funds Distributor, LLC ( WFFD ). This change is expected to become effective on January 4, WFFD, a wholly-owned subsidiary of Wells Fargo & Company, is located at 525 Market Street, San Francisco, California, WFFD is also the distributor and principal underwriter of the Wells Fargo Advantage Funds. September 25, (09/09)

3 Special Note to Shareholders Regarding a Fund's Investment Goal: The Fund's Board of Trustees can change the investment goal without a shareholder vote. Risk Factors for All Mutual Funds Please remember that an investment in a mutual fund is: not guaranteed to achieve its investment goal; not a deposit with a bank; not insured, endorsed or guaranteed by the FDIC or any government agency; and subject to investment risks, including possible loss of your original investment. Like most investments, your investment in a Fund could fluctuate significantly in value over time and could result in a loss of money. A Fund intends to comply fully with the requirements for money market funds set forth in Rule 2a-7 under the Investment Company Act of Risk Factors for All Money Market Funds Although a fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Portfolio Holdings A description of the Evergreen funds' policies and procedures with respect to the disclosure of their portfolio holdings is available in each Fund's Statement of Additional Information in the section entitled "Policy for Dissemination of Portfolio Holdings."

4 TABLE OF CONTENTS EVERGREEN INSTITUTIONAL MONEY MARKET FUNDS Fund Summary Evergreen Institutional 100% Treasury Money Market Fund Evergreen Institutional Money Market Fund Evergreen Institutional Municipal Money Market Fund Evergreen Institutional Treasury Money Market Fund Evergreen Institutional U.S. Government Money Market Fund Evergreen Prime Cash Management Money Market Fund Fund Risks Principal Risks Additional Investment Strategies and Related Risks Fund Management Investment Advisor and Administrator Affiliated Service Providers Legal Proceedings Pricing Calculating a Fund's Share Price Valuing a Fund's Investments Share Class Information Buying and Selling Fund Shares Account Minimums Opening an Account, Adding to an Account, and Selling Fund Shares Additional Shareholder Services Short-Term Trading Policy Dividends and Distributions Taxes Financial Highlights Evergreen Institutional Money Market Funds 1

5 FUND SUMMARY Evergreen Institutional 100% Treasury Money Market Fund INVESTMENT GOAL The Fund seeks to maintain stability of principal while earning current income and providing liquidity. INVESTMENT STRATEGY The Fund will invest only in U.S. Treasury securities, which are high quality debt securities issued by the U.S. Treasury, guaranteed as to principal and interest by, and supported by the full faith and credit of, the U.S. government. The portfolio managers focus primarily on the interest rate environment in determining which securities to purchase for the portfolio. Generally, in a rising rate environment, the Fund will invest in securities with shorter maturities. If interest rates are high, the Fund will generally invest in securities with longer maturities; however, the Fund will not acquire any security with a remaining maturity of greater than 397 days, unless such security has a maturity shortening feature which reduces its final maturity to no greater than 397 days. PRINCIPAL RISK SUMMARIES Your investment in the Fund is subject to the following risks. For additional information on the risks listed below, see the section entitled "Fund Risks." Interest Rate Risk. When interest rates go up, the values of debt securities tend to fall. When interest rates go down, interest earned on debt securities may also decline. Money Market Fund Risk. Although, like most money market funds, the Fund seeks to maintain a constant net asset value (NAV) of $1.00 per share, there is no guarantee that the Fund will be able to do so. PERFORMANCE The Year-by-Year Total Return chart and Average Annual Total Return table that follow provide you with some indication of the risks of investing in the Fund. The calculations of total return assume the reinvestment of all dividends and capital gain distributions on the reinvestment date. The Year-by-Year Total Return chart shows performance of the indicated class for the periods shown and includes the effects of Fund expenses, but not applicable sales charges, if any. Returns would be lower if sales charges were included. The Average Annual Total Return table shows the Fund's average annual total returns by class for the periods shown, including the effect of applicable sales charges, and compares its performance with that of one or more broad-based securities market indexes. Performance information for an index does not include deductions for fees, expenses or taxes, and it is not possible to invest directly in an index. Past performance is not necessarily an indication of future results. Year-by-Year Total Return for Institutional Shares (%) % 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Highest Quarter: 4th Quarter % Lowest Quarter: 3rd Quarter % Year-to-date total return as of 3/31/2009 is +0.07% 2 Evergreen Institutional Money Market Funds

6 Average Annual Total Returns for the period ended 12/31/2008 Inception Date of Share Class 1 Year 5 Year 10 Year Performance Since 12/8/1997 Class I 12/8/ % 2.71% 3.04% 3.23% Merrill Lynch 3 Month U.S. Treasury Bill Index % 3.25% 3.45% 3.62% 1. Copyright Merrill Lynch, Pierce, Fenner & Smith Incorporated. All rights reserved. To obtain current 7-day yield information call FEES AND EXPENSES Except as otherwise noted, the information in the table is based on amounts incurred during the Fund's most recent fiscal year, expressed as a percentage of average net assets during the fiscal year. It is important for investors to understand that a decline in the Fund's average net assetswouldlikely cause theannual Fund Operating Expense ratios for the Fund's current fiscal year to be higher than the expense information presented. You pay no transaction fees to the Fund. Annual Fund Operating Expenses (expenses that are deducted from Fund assets) Class I Management Fees 0.21% 12b-1 Fees 0.00% Other Expenses 0.10% Total Annual Fund Operating Expenses % 1. The Total Annual Fund Operating Expenses listed above do not reflect voluntary fee waivers and/or expense reimbursements made by the Fund's investment advisor in order to reduce expense ratios. Including current voluntary fee waivers and/or expense reimbursements, Total Annual Fund Operating Expenses were 0.21% for Class I. The Fund's investment advisor may cease these voluntary waivers and/or reimbursements at any time. Example of Fund Expenses. Here is an example that can help you to compare the cost of investing in this Fund versus other mutual funds. For purposes of our example, let's assume that the Fund has an average annual return of 5%, that you reinvest all dividends and distributions, and that the Fund's fees and expenses remain exactly the same as in the tables above. Based on these assumptions, if you invested $10,000 in the Fund, here's how much you would pay in total fees and expenses for the time periods indicated: If you held or sold your shares, you would pay: After: Class I 1 Year $32 3 Years $100 5 Years $ Years $393 Because the Fund's fees and expenses may vary from year to year, the total fees and expenses you will actually pay may be higher or lower than those shown above. Evergreen Institutional Money Market Funds 3

7 FUND SUMMARY Evergreen Institutional Money Market Fund INVESTMENT GOAL The Fund seeks to achieve as high a level of current income as is consistent with preserving capital and providing liquidity. INVESTMENT STRATEGY The Fund invests principally in money market securities, including short-term corporate debt obligations (such as fixed, variable or floating rate securities), certificates of deposit and bankers' acceptances, commercial paper, municipal securities and repurchase agreements determined by the portfolio managers to present minimal credit risk. In addition, the Fund may invest in U.S. Treasury obligations. The Fund may invest up to 30% of its assets in bank obligations such as bank certificates of deposit and bankers' acceptances payable in U.S. dollars and issued by foreign banks (including U.S. branches of foreign banks) or by foreign branches of U.S. banks. The portfolio managers focus primarily on the interest rate environment in determining which securities to purchase for the portfolio. Generally, in a rising rate environment, the Fund will invest in securities with shorter maturities. If interest rates are high, the Fund will generally invest in securities with longer maturities; however, the Fund will not acquire any security with a remaining maturity of greater than 397 days, unless such security has a maturity shortening feature which reduces its final maturity to no greater than 397 days. PRINCIPAL RISK SUMMARIES Your investment in the Fund is subject to the following risks. For additional information on the risks listed below, see the section entitled "Fund Risks." Credit Risk. The issuer of a debt security may be unable to pay interest and principal when due, and the value of a debt security may decline if an issuer defaults or if its credit quality deteriorates. Concentration Risk. A Fund that concentrates its investments will be more vulnerable to adverse conditions affecting the area or industry in which it concentrates and the value of the Fund's shares may be more volatile than a Fund that does not concentrate its investments. Foreign Bank Obligation Risk. Bank obligations issued by foreign banks or foreign branches of U.S. banks are subject to foreign investment risks. For example, foreign markets may be less developed and less regulated than U.S. markets and may be subject to political turmoil and economic instability. Interest Rate Risk. When interest rates go up, the values of debt securities tend to fall. When interest rates go down, interest earned on debt securities may also decline. Money Market Fund Risk. Although, like most money market funds, the Fund seeks to maintain a constant net asset value (NAV) of $1.00 per share, there is no guarantee that the Fund will be able to do so. Municipal Securities Risk. The value of municipal securities may be more sensitive to certain adverse conditions than other fixed income securities. Certain municipal securities may be highly illiquid. Municipal securities may lose their tax-exempt status if certain legal requirements are not met, or if federal or state tax laws change. U.S. Government Securities Risk. Securities issued by agencies of the U.S. government and by certain U.S. government sponsored entities are neither insured nor guaranteed by the U.S. Treasury. PERFORMANCE The Year-by-Year Total Return chart and Average Annual Total Return table that follow provide you with some indication of the risks of investing in the Fund. The calculations of total return assume the reinvestment of all dividends and capital gain distributions on the reinvestment date. The Year-by-Year Total Return chart shows performance of the indicated class for the periods shown and includes the effects of Fund expenses, but not applicable sales charges, if any. Returns would be lower if sales charges were included. The Average Annual Total Return table shows the Fund's average annual total returns by class for the periods shown, including the effect of applicable sales charges, and compares its performance with that of one or more broad-based securities market indexes. Performance information for an index does not include deductions for fees, expenses or taxes, and it is not possible to invest directly in an index. Past performance is not necessarily an indication of future results. 4 Evergreen Institutional Money Market Funds

8 Year-by-Year Total Return for Institutional Shares (%) % 6% 4% % % Highest Quarter: 4th Quarter % Lowest Quarter: 1st Quarter % Year-to-date total return as of 3/31/2009 is +0.21% Average Annual Total Returns for the period ended 12/31/2008 Inception Date of Share Class 1 Year 5 Year 10 Year Performance Since 11/19/1996 Class I 11/19/ % % 3.65% 4.00% Merrill Lynch 3 Month U.S. Treasury Bill Index % 3.25% 3.45% 3.77% 1. In 2008, the advisor and its affiliates took steps to support the net asset value of the Fund. In the absence of those steps, the performance for the Fund during the period would have been lower. 2. Copyright Merrill Lynch, Pierce, Fenner & Smith Incorporated. All rights reserved. To obtain current 7-day yield information call FEES AND EXPENSES Except as otherwise noted, the information in the table is based on amounts incurred during the Fund's most recent fiscal year, expressed as a percentage of average net assets during the fiscal year. It is important for investors to understand that a decline in the Fund's average net assetswouldlikely cause theannual Fund Operating Expense ratios for the Fund's current fiscal year to be higher than the expense information presented. You pay no transaction fees to the Fund. Annual Fund Operating Expenses (expenses that are deducted from Fund assets) Class I Management Fees 0.11% 12b-1 Fees 0.00% Other Expenses 0.12% Total Annual Fund Operating Expenses 0.23% Example of Fund Expenses. Here is an example that can help you to compare the cost of investing in this Fund versus other mutual funds. For purposes of our example, let's assume that the Fund has an average annual return of 5%, that you reinvest all dividends and distributions, and that the Fund's fees and expenses remain exactly the same as in the tables above. Based on these assumptions, if you invested $10,000 in the Fund, here's how much you would pay in total fees and expenses for the time periods indicated: Evergreen Institutional Money Market Funds 5

9 If you held or sold your shares, you would pay: After: Class I 1 Year $24 3 Years $74 5 Years $ Years $293 Because the Fund's fees and expenses may vary from year to year, the total fees and expenses you will actually pay may be higher or lower than those shown above. 6 Evergreen Institutional Money Market Funds

10 FUND SUMMARY Evergreen Institutional Municipal Money Market Fund INVESTMENT GOAL The Fund seeks to achieve as high a level of current income exempt from regular federal income tax, as is consistent with preserving capital and providing liquidity. INVESTMENT STRATEGY The Fund invests at least 80% of its assets in municipal money market securities (examples of which include fixed, variable or floating rate general obligation and revenue bonds; tax, bond and revenue anticipation notes; and commercial paper obligations), the interest from which is exempt from federal income tax, other than the alternative minimum tax. The Fund invests in municipal money market securities determined by the portfolio managers to present minimal credit risk and issued by any U.S. state, the District of Columbia or their political subdivisions. The Fund also invests in tender option bonds, which are demand obligations that bear interest at a prevailing short-term, tax-exempt rate. In determining which securities to purchase for the portfolio, the portfolio managers focus on the supply and demand for the security in the marketplace, as well as the current interest rate environment. The Fund may temporarily invest up to 20% of its assets in high-quality, short-term taxable securities under one or more of the following circumstances: (a) pending investment of proceeds from the sale of Fund shares or portfolio securities; (b) pending settlement of purchases of portfolio securities; and (c) to maintain liquidity for the purpose of meeting anticipated redemptions. However, the Fund may temporarily invest up to 100% of its assets in taxable securities for defensive purposes, which may result in the Fund not achieving its investment goal of tax-exempt income. PRINCIPAL RISK SUMMARIES Your investment in the Fund is subject to the following risks. For additional information on the risks listed below, see the section entitled "Fund Risks." Credit Risk. The issuer of a debt security may be unable to pay interest and principal when due, and the value of a debt security may decline if an issuer defaults or if its credit quality deteriorates. Interest Rate Risk. When interest rates go up, the values of debt securities tend to fall. When interest rates go down, interest earned on debt securities may also decline. Money Market Fund Risk. Although, like most money market funds, the Fund seeks to maintain a constant net asset value (NAV) of $1.00 per share, there is no guarantee that the Fund will be able to do so. Municipal Securities Risk. The value of municipal securities may be more sensitive to certain adverse conditions than other fixed income securities. Certain municipal securities may be highly illiquid. Municipal securities may lose their tax-exempt status if certain legal requirements are not met, or if federal or state tax laws change. Municipal Money Market Fund Risk. The market for tax-exempt municipal money market securities is not as broad as the market for taxable money market securities, and the liquidity of the Fund therefore may not be equal to that of a fund that invests principally in taxable money market securities. An investment in the Fund may result in liability for federal alternative minimum tax, both for individual and corporate shareholders. For example, while the interest from qualified private activity bonds is generally not subject to federal income tax, many types of private activity bond interest must be included in taxable income for federal alternative minimum tax purposes. PERFORMANCE The Year-by-Year Total Return chart and Average Annual Total Return table that follow provide you with some indication of the risks of investing in the Fund. The calculations of total return assume the reinvestment of all dividends and capital gain distributions on the reinvestment date. The Year-by-Year Total Return chart shows performance of the indicated class for the periods shown and includes the effects of Fund expenses, but not applicable sales charges, if any. Returns would be lower if sales charges were included. The Average Annual Total Return table shows the Fund's average annual total returns by class for the periods shown, including the effect of applicable sales charges, and compares its performance with that of one or more broad-based Evergreen Institutional Money Market Funds 7

11 securities market indexes. Performance information for an index does not include deductions for fees, expenses or taxes, and it is not possible to invest directly in an index. Past performance is not necessarily an indication of future results. Year-by-Year Total Return for Institutional Shares (%) % 4.0% 3.2% 2.4% 1.6% 0.8% % Highest Quarter: 2nd Quarter % Lowest Quarter: 3rd Quarter % Year-to-date total return as of 3/31/2009 is +0.23% Average Annual Total Returns for the period ended 12/31/2008 Inception Date of Share Class 1 Year 5 Year 10 Year Performance Since 11/20/1996 Class I 11/20/ % 2.60% 2.62% 2.79% Merrill Lynch 3 Month U.S. Treasury Bill Index % 3.25% 3.45% 3.77% 1. Copyright Merrill Lynch, Pierce, Fenner & Smith Incorporated. All rights reserved. To obtain current 7-day yield information call FEES AND EXPENSES Except as otherwise noted, the information in the table is based on amounts incurred during the Fund's most recent fiscal year, expressed as a percentage of average net assets during the fiscal year. It is important for investors to understand that a decline in the Fund's average net assetswouldlikely cause theannual Fund Operating Expense ratios for the Fund's current fiscal year to be higher than the expense information presented. You pay no transaction fees to the Fund. Annual Fund Operating Expenses (expenses that are deducted from Fund assets) Class I Management Fees 0.11% 12b-1 Fees 0.00% Other Expenses 0.11% Total Annual Fund Operating Expenses 0.22% Example of Fund Expenses. Here is an example that can help you to compare the cost of investing in this Fund versus other mutual funds. For purposes of our example, let's assume that the Fund has an average annual return of 5%, that you reinvest all dividends and distributions, and that the Fund's fees and expenses remain exactly the same as in the tables above. Based on these assumptions, if you invested $10,000 in the Fund, here's how much you would pay in total fees and expenses for the time periods indicated: 8 Evergreen Institutional Money Market Funds

12 If you held or sold your shares, you would pay: After: Class I 1 Year $23 3 Years $71 5 Years $ Years $280 Because the Fund's fees and expenses may vary from year to year, the total fees and expenses you will actually pay may be higher or lower than those shown above. Evergreen Institutional Money Market Funds 9

13 FUND SUMMARY Evergreen Institutional Treasury Money Market Fund INVESTMENT GOAL The Fund seeks to maintain stability of principal while earning current income and providing liquidity. INVESTMENT STRATEGY The Fund normally invests at least 80% of its assets in short-term U.S. Treasury obligations and repurchase agreements with respect to such securities. U.S. Treasury securities are guaranteed as to principal and interest by, and supported by the full faith and credit of, the U.S. government. The Fund may invest up to 20% of its assets in other debt obligations, but typically invests this portion in repurchase agreements with respect to securities issued or guaranteed by the Government National Mortgage Association ("GNMA"). Securities issued by GNMA are also backed by the full faith and credit of the U.S. government. The Fund generally maintains a dollar-weighted average maturity of 60 days or less. Maturity generally measures the time until final payment on a fixed income security is due. The portfolio managers focus primarily on the interest rate environment in determining which securities to purchase for the portfolio. Generally, in a rising rate environment, the Fund will invest in securities with shorter maturities. If interest rates are high, the Fund will generally invest in securities with longer maturities; however, the Fund will not acquire any security with a remaining maturity of greater than 397 days, unless such security has a maturity shortening feature which reduces its final maturity to no greater than 397 days. PRINCIPAL RISK SUMMARIES Your investment in the Fund is subject to the following risks. For additional information on the risks listed below, see the section entitled "Fund Risks." Credit Risk. The issuer of a debt security may be unable to pay interest and principal when due, and the value of a debt security may decline if an issuer defaults or if its credit quality deteriorates. Interest Rate Risk. When interest rates go up, the values of debt securities tend to fall. When interest rates go down, interest earned on debt securities may also decline. Money Market Fund Risk. Although, like most money market funds, the Fund seeks to maintain a constant net asset value (NAV) of $1.00 per share, there is no guarantee that the Fund will be able to do so. PERFORMANCE The Year-by-Year Total Return chart and Average Annual Total Return table that follow provide you with some indication of the risks of investing in the Fund. The calculations of total return assume the reinvestment of all dividends and capital gain distributions on the reinvestment date. The Year-by-Year Total Return chart shows performance of the indicated class for the periods shown and includes the effects of Fund expenses, but not applicable sales charges, if any. Returns would be lower if sales charges were included. The Average Annual Total Return table shows the Fund's average annual total returns by class for the periods shown, including the effect of applicable sales charges, and compares its performance with that of one or more broad-based securities market indexes. Performance information for an index does not include deductions for fees, expenses or taxes, and it is not possible to invest directly in an index. Past performance is not necessarily an indication of future results. Year-by-Year Total Return for Institutional Shares (%) % 6% 4% % % 10 Evergreen Institutional Money Market Funds

14 Highest Quarter: 4th Quarter % Lowest Quarter: 4th Quarter % Year-to-date total return as of 3/31/2009 is +0.07% Average Annual Total Returns for the period ended 12/31/2008 Inception Date of Share Class 1 Year 5 Year 10 Year Performance Since 11/20/1996 Class I 11/20/ % 3.03% 3.26% 3.63% Merrill Lynch 3 Month U.S. Treasury Bill Index % 3.25% 3.45% 3.77% 1. Copyright Merrill Lynch, Pierce, Fenner & Smith Incorporated. All rights reserved. To obtain current 7-day yield information call FEES AND EXPENSES Except as otherwise noted, the information in the table is based on amounts incurred during the Fund's most recent fiscal year, expressed as a percentage of average net assets during the fiscal year. It is important for investors to understand that a decline in the Fund's average net assetswouldlikely cause theannual Fund Operating Expense ratios for the Fund's current fiscal year to be higher than the expense information presented. You pay no transaction fees to the Fund. Annual Fund Operating Expenses (expenses that are deducted from Fund assets) Class I Management Fees 0.11% 12b-1 Fees 0.00% Other Expenses 0.11% Total Annual Fund Operating Expenses 0.22% Example of Fund Expenses. Here is an example that can help you to compare the cost of investing in this Fund versus other mutual funds. For purposes of our example, let's assume that the Fund has an average annual return of 5%, that you reinvest all dividends and distributions, and that the Fund's fees and expenses remain exactly the same as in the tables above. Based on these assumptions, if you invested $10,000 in the Fund, here's how much you would pay in total fees and expenses for the time periods indicated: If you held or sold your shares, you would pay: After: Class I 1 Year $23 3 Years $71 5 Years $ Years $280 Because the Fund's fees and expenses may vary from year to year, the total fees and expenses you will actually pay may be higher or lower than those shown above. Evergreen Institutional Money Market Funds 11

15 FUND SUMMARY Evergreen Institutional U.S. Government Money Market Fund INVESTMENT GOAL The Fund seeks to achieve as high a level of current income as is consistent with preserving capital and maintaining liquidity. INVESTMENT STRATEGY The Fund normally invests at least 80% of its assets in high-quality, short-term money market securities that are issued or guaranteed by the U.S. government, its agencies or instrumentalities and repurchase agreements with respect to such securities. The portfolio managers focus primarily on the interest rate environment in determining which securities to purchase for the portfolio. Generally, in a rising rate environment, the Fund will invest in securities with shorter maturities. If interest rates are high, the Fund will generally invest in securities with longer maturities; however, the Fund will not acquire any security with a remaining maturity of greater than 397 days, unless such security has a maturity shortening feature which reduces its final maturity to no greater than 397 days. PRINCIPAL RISK SUMMARIES Your investment in the Fund is subject to the following risks. For additional information on the risks listed below, see the section entitled "Fund Risks." Interest Rate Risk. When interest rates go up, the values of debt securities tend to fall. When interest rates go down, interest earned on debt securities may also decline. Credit Risk. The issuer of a debt security may be unable to pay interest and principal when due, and the value of a debt security may decline if an issuer defaults or if its credit quality deteriorates. Money Market Fund Risk. Although, like most money market funds, the Fund seeks to maintain a constant net asset value (NAV) of $1.00 per share, there is no guarantee that the Fund will be able to do so. U.S. Government Securities Risk. Securities issued by agencies of the U.S. government and by certain U.S. government sponsored entities are neither insured nor guaranteed by the U.S. Treasury. PERFORMANCE The Year-by-Year Total Return chart and Average Annual Total Return table that follow provide you with some indication of the risks of investing in the Fund. The calculations of total return assume the reinvestment of all dividends and capital gain distributions on the reinvestment date. The Year-by-Year Total Return chart shows performance of the indicated class for the periods shown and includes the effects of Fund expenses, but not applicable sales charges, if any. Returns would be lower if sales charges were included. The Average Annual Total Return table shows the Fund's average annual total returns by class for the periods shown, including the effect of applicable sales charges, and compares its performance with that of one or more broad-based securities market indexes. Performance information for an index does not include deductions for fees, expenses or taxes, and it is not possible to invest directly in an index. Past performance is not necessarily an indication of future results. 12 Evergreen Institutional Money Market Funds

16 Year-by-Year Total Return for Institutional Shares (%) % 6% 4% 2% % Highest Quarter: 4th Quarter % Lowest Quarter: 2nd Quarter % Year-to-date total return as of 3/31/2009 is +0.14% Average Annual Total Returns for the period ended 12/31/2008 Inception Date of Share Class 1 Year 5 Year 10 Year Performance Since 10/1/1999 Class I 10/1/ % 3.22% N/A 3.26% Merrill Lynch 3 Month U.S. Treasury Bill Index % 3.25% N/A 3.35% 1. Copyright Merrill Lynch, Pierce, Fenner & Smith Incorporated. All rights reserved. To obtain current 7-day yield information call FEES AND EXPENSES Except as otherwise noted, the information in the table is based on amounts incurred during the Fund's most recent fiscal year, expressed as a percentage of average net assets during the fiscal year. It is important for investors to understand that a decline in the Fund's average net assetswouldlikely cause theannual Fund Operating Expense ratios for the Fund's current fiscal year to be higher than the expense information presented. You pay no transaction fees to the Fund. Annual Fund Operating Expenses (expenses that are deducted from Fund assets) Class I Management Fees 0.12% 12b-1 Fees 0.00% Other Expenses 0.11% Total Annual Fund Operating Expenses % 1. The Total Annual Fund Operating Expenses listed above do not reflect voluntary fee waivers and/or expense reimbursements made by the Fund's investment advisor in order to reduce expense ratios. Including current voluntary fee waivers and/or expense reimbursements, Total Annual Fund Operating Expenses were 0.21% for Class I. The Fund's investment advisor may cease these voluntary waivers and/or reimbursements at any time. Example of Fund Expenses. Here is an example that can help you to compare the cost of investing in this Fund versus other mutual funds. For purposes of our example, let's assume that the Fund has an average annual return of 5%, that you reinvest all dividends and distributions, and that the Fund's fees and expenses remain exactly the same as in the tables above. Based on these assumptions, if you invested $10,000 in the Fund, here's how much you would pay in total fees and expenses for the time periods indicated: Evergreen Institutional Money Market Funds 13

17 If you held or sold your shares, you would pay: After: Class I 1 Year $24 3 Years $74 5 Years $ Years $293 Because the Fund's fees and expenses may vary from year to year, the total fees and expenses you will actually pay may be higher or lower than those shown above. 14 Evergreen Institutional Money Market Funds

18 FUND SUMMARY Evergreen Prime Cash Management Money Market Fund INVESTMENT GOAL The Fund seeks to provide current income consistent with stability of principal and liquidity. INVESTMENT STRATEGY The Fund invests principally in money market instruments (high quality, short-term debt obligations), which include notes, bonds, debentures, commercial paper, interests in bank loans to companies, certificates of deposit, bankers' acceptances and repurchase agreements determined by the investment advisor to present minimal credit risk. In addition, the Fund may invest in U.S. Treasury obligations. The Fund may also invest in bank obligations such as bank certificates of deposit and bankers' acceptances payable in U.S. dollars and issued by foreign banks (including U.S. branches of foreign banks) of by foreign branches of U.S. banks. The portfolio manager focuses on the interest rate environment in determining which securities to purchase for the portfolio. Generally, in a rising rate environment, the Fund will invest in securities of shorter maturities. If interest rates are high, the Fund will generally invest in securities with longer maturities; however, the Fund will not acquire any security with a remaining maturity of greater than 397 days, unless such security has a maturity shortening feature which reduces the final maturity to no greater than 397 days. PRINCIPAL RISK SUMMARIES Your investment in the Fund is subject to the following risks. For additional information on the risks listed below, see the section entitled "Fund Risks." Credit Risk. The issuer of a debt security may be unable to pay interest and principal when due, and the value of a debt security may decline if an issuer defaults or if its credit quality deteriorates. Interest Rate Risk. When interest rates go up, the values of debt securities tend to fall. When interest rates go down, interest earned on debt securities may also decline. Foreign Bank Obligation Risk. Bank obligations issued by foreign banks or foreign branches of U.S. banks are subject to foreign investment risks. For example, foreign markets may be less developed and less regulated than U.S. markets and may be subject to political turmoil and economic instability. Money Market Fund Risk. Although, like most money market funds, the Fund seeks to maintain a constant net asset value (NAV) of $1.00 per share, there is no guarantee that the Fund will be able to do so. PERFORMANCE The Year-by-Year Total Return chart and Average Annual Total Return table that follow provide you with some indication of the risks of investing in the Fund. The calculations of total return assume the reinvestment of all dividends and capital gain distributions on the reinvestment date. The Year-by-Year Total Return chart shows performance of the indicated class for the periods shown and includes the effects of Fund expenses, but not applicable sales charges, if any. Returns would be lower if sales charges were included. The Average Annual Total Return table shows the Fund's average annual total returns by class for the periods shown, including the effect of applicable sales charges, and compares its performance with that of one or more broad-based securities market indexes. Performance information for an index does not include deductions for fees, expenses or taxes, and it is not possible to invest directly in an index. Past performance is not necessarily an indication of future results. Evergreen Institutional Money Market Funds 15

19 Year-by-Year Total Return for Institutional Shares (%) 1, % 6% 4% % % Highest Quarter: 4th Quarter % 1 Lowest Quarter: 1st Quarter % Year-to-date total return as of 3/31/2009 is +0.20% Average Annual Total Returns for the period ended 12/31/ Inception Date of Share Class 1 Year 5 Year 10 Year Performance Since 12/2/1993 Class I 12/2/ % % 3.59% 4.16% Merrill Lynch 3 Month U.S. Treasury Bill Index % 3.25% 3.45% 4.04% 1. Historical performance shown for Institutional shares, prior to 6/10/2002, is based on the performance of Institutional shares of the Fund's predecessor fund, Wachovia Prime Cash Management Fund. 2. In 2008, the advisor and its affiliates took steps to support the net asset value of the Fund. In the absence of those steps, the performance for the Fund during the period would have been lower. 3. Copyright Merrill Lynch, Pierce, Fenner & Smith Incorporated. All rights reserved. To obtain current 7-day yield information call FEES AND EXPENSES Except as otherwise noted, the information in the table is based on amounts incurred during the Fund's most recent fiscal year, expressed as a percentage of average net assets during the fiscal year. It is important for investors to understand that a decline in the Fund's average net assetswouldlikely cause theannual Fund Operating Expense ratios for the Fund's current fiscal year to be higher than the expense information presented. You pay no transaction fees to the Fund. Annual Fund Operating Expenses (expenses that are deducted from Fund assets) Class I Management Fees 0.18% 12b-1 Fees 0.00% Other Expenses 0.12% Total Annual Fund Operating Expenses % 1. The Total Annual Fund Operating Expenses listed above do not reflect voluntary fee waivers and/or expense reimbursements made by the Fund's investment advisor in order to reduce expense ratios. Including current voluntary fee waivers and/or expense reimbursements, Total Annual Fund Operating Expenses were 0.20% for Class I. The Fund's investment advisor may cease these voluntary waivers and/or reimbursements at any time. Example of Fund Expenses. Here is an example that can help you to compare the cost of investing in this Fund versus other mutual funds. For purposes of our example, let's assume that the Fund has an average annual return of 5%, that you reinvest all dividends and distributions, and that the Fund's fees and expenses remain exactly the same as in the tables above. Based on these assumptions, if you invested $10,000 in the Fund, here's how much you would pay in total fees and expenses for the time periods indicated: 16 Evergreen Institutional Money Market Funds

20 If you held or sold your shares, you would pay: After: Class I 1 Year $31 3 Years $97 5 Years $ Years $381 Because the Fund's fees and expenses may vary from year to year, the total fees and expenses you will actually pay may be higher or lower than those shown above. Evergreen Institutional Money Market Funds 17

21 FUND RISKS PRINCIPAL RISKS The following provides additional information regarding the various risks referenced in the section entitled "Fund Summary." For a list of the principal risks that apply to a particular Fund, please refer to that Fund's summary page. Concentration Risk. A Fund that concentrates its investments in a limited number of sectors, industries, states or countries will be more vulnerable to adverse financial, economic, political or other developments affecting those sectors, industries, states or countries than a fund that invests its assets more broadly, and the value of the Fund's shares may be more volatile. Credit Risk. Credit risk refers to the possibility that the issuer of a security held by a Fund or the counterparty to a contract with a Fund may not be able to pay interest and principal when due or otherwise honor its obligations. If an issuer or counterparty defaults, or if the credit quality of an investment deteriorates or is perceived to deteriorate, the value of the investment could decline. Credit risk is generally greater for zero coupon bonds and other investments that are required to pay interest only at maturity rather than at intervals during the life of the investment. Credit risk will be heightened if a Fund invests in debt securities with medium- and lower-rated credit quality ratings. Foreign Bank Obligation Risk. If a Fund invests in obligations of foreign banks (including U.S. branches of foreign banks) or foreign branches of U.S. banks, it could be exposed to certain risks of foreign investing. For example, there may be less information publicly available about a foreign bank than about a U.S. bank and political turmoil and economic instability in the countries in which the Fund invests could adversely affect the dividend yield of, total return earned on, and the value of your investment. Certain foreign countries have less developed and less regulated banking systems and accounting, auditing and financial reporting systems and practices than the United States. Foreign settlement procedures and trade regulations may involve increased risk (such as delay in payment or delivery of securities) or risks not present in the settlement of domestic investments. In addition, there may be a possibility of nationalization or expropriation of assets, imposition of currency exchange controls or withholding requirements, confiscatory or other taxes, political or financial instability, and diplomatic developments that could adversely affect the value of a Fund's investments in certain foreign countries. Interest Rate Risk. When interest rates go up, the values of debt securities tend to fall. If a Fund invests a significant portion of its portfolio in debt securities, and if interest rates rise, then the value of the Fund's investments in debt securities and its yield may decline. If interest rates go down, interest earned by the Fund on its debt investments may also decline, which could cause the Fund to reduce the dividends it pays. The longer the term of a debt security held by the Fund, the more the Fund is subject to interest rate risk. Some debt securities give the issuer the option to call or redeem the security before its maturity date. If an issuer calls or redeems the security during a time of declining interest rates, the Fund might have to reinvest the proceeds in a security offering a lower yield, and therefore might not benefit from any increase in value as a result of declining interest rates. Generally, short-term funds such as money market funds do not earn as high a level of income as funds that invest in longerterm instruments. Because the Funds invest in short-term instruments, their dividend yields may be low when short-term market interest rates are low. Unusually low interest rate environments, as well as other market conditions, may reduce a Fund's return, potentially preventing a Fund from maintaining a positive yield or a constant NAV of $1.00 per share. Money Market Fund Risk. The Funds, like most money market funds, rely on a Securities and Exchange Commission rule that allows them to issue and redeem shares at a constant price of $1.00 per share. See "Pricing," below. However, if a Fund's NAV falls too far below $1.00 per share, the Fund would be required to issue and redeem shares at a price below $1.00 per share. For example, a Fund's NAV may be adversely affected if the credit quality of one or more of its holdings deteriorates or if the liquidity in the market for its portfolio securities were limited to such an extent that the Fund might not believe it could sell the portfolio securities at a price very close to par. Although in the past the Fund's adviser or its affiliates may have taken extraordinary steps to support the market value of the Fund's assets, you should not assume that the Fund's adviser or its affiliates will take any of these actions in the future. Municipal Money Market Fund Risk. Because the taxable money market is a broader and more liquid market and has a greater number of investors, issuers and market makers than the market for short-term, tax-exempt municipal securities, the liquidity of a Fund may not be equal to that of a money market fund which invests exclusively in short-term taxable money market instruments. The more limited marketability of short-term, tax-exempt municipal securities may make it difficult in certain circumstances to dispose of large investments advantageously. 18 Evergreen Institutional Money Market Funds

22 Municipal Securities Risk. Municipal bonds are investments of any maturity issued by states, public authorities or political subdivisions to raise money for public purposes. There is generally less public information available for municipal securities as compared to corporate equities or bonds, and the investment performance of a Fund holding municipal bonds may therefore be more dependent on the analytical abilities of the Fund's advisor. Certain municipal securities are general obligations of a state or other government entity supported by its taxing powers. These general obligations are typically payable from the issuer's general unrestricted revenues, although payment may depend upon government appropriation or aid from other government entities. Other municipal securities are special revenue obligations, which are payable from revenue earned by a particular project or other revenue source. Investors can look only to the revenue generated by the project or the operator of the project rather than the credit of the state or local government authority issuing the bonds. Special revenue obligations are typically subject to greater credit risk than general obligations because of the relatively limited source of revenue. A Fund may make significant investments in a single issue or a segment of the tax-exempt debt market, such as revenue bonds for health care facilities, housing or airports. These investments may cause the value of a Fund's shares to change more than the value of shares of funds that invest more broadly. The values of municipal bonds may rise or fall in response to a number of factors affecting their issuers, including political or fiscal events, legislative changes, and the enforceability of rights of municipal bond holders. The values of municipal securities can be affected more by supply and demand factors or the creditworthiness of the issuer than other fixed income securities. In addition, the municipal securities held by a Fund may fail to meet certain legal requirements which allow interest distributed from such securities to be tax-exempt. If those requirements are not met, the interest received and distributed to shareholders by a Fund may be taxable. In addition, changes in federal or state tax laws may cause the prices of municipal securities to fall. Certain municipal securities may be highly illiquid, making them difficult to value or dispose of at favorable prices. When a Fund invests a portion of its assets in bonds that are insured by private insurers, the credit standing of such a bond and/or its price will likely be affected by the credit standing of its insurer and the issuer's ability or perceived ability to meet its obligations. U.S. Government Securities Risk. The debt instruments issued and/or guaranteed by the U.S. government, its agencies, or instrumentalities, in which a Fund invests, typically include mortgage-backed securities, asset-backed securities, and collateralized mortgage obligations ("CMOs") issued by the Government National Mortgage Association ("GNMA"), the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks ("FHLB"). Securities issued by GNMA, but not those issued by Fannie Mae, Freddie Mac or FHLB, are backed by the full faith and credit of the U.S. government. Fannie Mae, Freddie Mac and FHLB, although chartered or sponsored by Congress, are not funded by congressional appropriations and the securities issued by them are neither guaranteed nor insured by the U.S. government and are supported only by the credit of the issuer itself. In general, securities issued by U.S. government sponsored entities are neither insured nor guaranteed by the U.S. Treasury. ADDITIONAL INVESTMENT STRATEGIES AND RELATED RISKS In addition to the strategies described under "Investment Strategy," a Fund may also pursue the following non-principal investment strategies, which are subject to the risks described below: Short-Term U.S. Government Securities. Although not a principal investment strategy, Prime Cash Management Money Market Fund may invest in short-term securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. For a description of the risk incurred when a fund invests in short-term U.S. Government securities, please see "U.S. Government Securities Risk" under the "Fund Risks" section above. Short-Term Taxable Securities. Taxable securities in which Institutional Municipal Money Market Fund may invest on a shortterm basis include obligations of the U.S. government, its agencies or instrumentalities, including repurchase agreements with banks or securities dealers involving such securities; time deposits maturing in not more than seven days; other debt securities rated within the two highest rating categories by any nationally recognized statistical ratings organization; commercial paper rated in the highest grade by Moody's Investors Service, Inc. or Standard & Poor's Ratings Services; and certificates of deposit issued by U.S. branches of U.S. banks with assets of $1 billion or more. For more information on these and other investment strategies a Fund may pursue, and the risks associated with such strategies, please see the Fund's Statement of Additional Information (SAI). Evergreen Institutional Money Market Funds 19

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