EVERGREEN SELECT FIXED INCOME TRUST, 497, 1997-11-26

EVERGREEN SELECT FIXED INCOME TRUST
497, 1997-11-26

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PROSPECTUS November 21, 1997
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(Evergreen Funds Logo Appears Here)

EVERGREEN SELECT FIXED INCOME TRUST

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Evergreen Select Core Bond Fund
Evergreen Select Fixed Income Fund
Evergreen Select Income Plus Fund
Evergreen Select Intermediate Bond Fund
(Each a "Fund," together the "Funds")

INSTITUTIONAL SHARES

This prospectus explains important information about the Institutional
Shares of the Evergreen Select Fixed Income Trust, including how the Funds
invest and services available to shareholders. Please read this prospectus
before investing, and keep it for future reference.

When you consider investing in a Fund, remember that the higher the risk
of losing money, the higher the potential reward. The reverse is also generally
true: the lower the risk, the lower the potential reward.

By itself, no Fund is a complete investment plan. When considering an
investment in any of the Funds, remember to consider your overall investment
objectives and any other investments you own. You should also carefully
evaluate your ability to handle the risks posed by your investment in the
Funds. You can find information on the risks associated with investing in the
Funds under the section called "Fund Descriptions."

To learn more about the Evergreen Select Fixed Income Trust, call
1-800-633-2700 for a free copy of the Funds' statement of additional
information ("SAI") dated November 21, 1997 as supplemented from time to time.
The Funds have filed the SAI with the Securities and Exchange Commission and
have incorporated it by reference (legally included it) into this prospectus.

Please remember that shares of the Funds are:

o Not deposits or obligations of any bank.
o Not endorsed or guaranteed by any bank.
o Not insured or otherwise protected by the Federal Deposit Insurance
Corporation or any other agency.
o Subject to investment risks, including possible loss of the principal amount.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
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TABLE OF CONTENTS
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EXPENSES 3
FUND DESCRIPTIONS 3
Each Fund's Investment Objective 3
Each Fund's Investment Approach 4
Securities and Investment Practices
Used By Each Fund 4
BUYING AND SELLING SHARES 7
How To Buy Shares 7
How To Redeem Shares 7
Additional Transaction Policies 8
Exchanges 8
Dividends 9
Taxes 9
Shareholder Services 9

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FUND DETAILS 10
Fund Organization and Service
Providers 10
Other Information and Policies 12
Fund Performance 13
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EXPENSES
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The tables and examples below are designed to help you understand the
various expenses that you will bear, directly or indirectly, when you invest in
the Funds. Shareholder transaction expenses are fees paid directly from your
account when you buy or sell shares of a Fund. There are no shareholder
transaction expenses.

Annual operating expenses reflect the normal operating expenses of a Fund,
and include costs such as management, distribution and other fees. The table
below shows the Funds' estimated annual operating expenses for the fiscal
period ending September 30, 1998. Each Fund's example shows what you would pay
if you invested $1,000 over the periods indicated. The examples assume that you
reinvest all of your dividends and that each Fund's average annual return will
be 5%. The examples are for illustration purposes only and should not be
considered a representation of past or future expenses or annual return. The
Funds' actual expenses and returns will vary. For a more complete description
of the various costs and expenses borne by the Funds see "Fund Details."

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Management Other Total Operating
Fees Expenses Expenses (After
Annual Fund Operating Expenses (After Expense 12b-1 (After Expense Expense Waivers or
(as a percentage of average daily net assets) Waivers)(1) Fees Reimbursements) Reimbursements)(1)
Evergreen Select Core Bond Fund 0.30% None 0.12% 0.42%
Evergreen Select Fixed Income Fund 0.40% None 0.12% 0.52%
Evergreen Select Income Plus Fund 0.40% None 0.11% 0.51%
Evergreen Select Intermediate Bond Fund 0.30% None 0.10%1 0.40%
Example of Fund Expenses 1 year 3 years
Evergreen Select Core Bond Fund $ 4 $ 13
Evergreen Select Fixed Income Fund $ 5 $ 17
Evergreen Select Income Plus Fund $ 5 $ 16
Evergreen Select Intermediate Bond Fund $ 4 $ 13
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(1) The Fund's investment adviser has voluntarily agreed to waive 0.10% of the
Fund's investment advisory fee. Without such waivers each Management Fee
set forth above would be 0.10% higher. The investment adviser currently
intends to continue this expense waiver through November 30, 1998;
however, it may modify or cancel its expense waiver at any time. See "Fund
Details" for more information. In addition, the investment adviser has
limited the Other Expenses of Evergreen Select Intermediate Bond Fund to
0.10%. Absent expense waivers and/or reimbursements, the Total Operating
Expenses for each of the Funds would be as follows:

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Management Fee Other Expenses (Without Total Fund
Fund (Without Waivers) Reimbursements) Operating Expenses
Evergreen Select Core Bond Fund 0.40% -- 0.52%
Evergreen Select Fixed Income Fund 0.50% -- 0.62%
Evergreen Select Income Plus Fund 0.50% -- 0.61%
Evergreen Select Intermediate Bond Fund 0.40% 0.23% 0.63%
</TABLE>

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FUND DESCRIPTIONS
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EACH FUND'S INVESTMENT OBJECTIVE

Evergreen Select Core Bond Fund seeks to maximize total return. The Fund
is managed pursuing a controlled risk approach which uses duration adjustments,
sector composition and security selection in an effort to exceed the return of
its benchmark, the Lehman Brothers Aggregate Bond Index.

Evergreen Select Fixed Income Fund seeks a high level of current income
and a potential for capital appreciation. As a secondary objective, the Fund
seeks preservation of capital. The Fund seeks a return that exceeds the return
of its benchmark, the Lehman Brothers Intermediate Government/Corporate Bond
Index.

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Evergreen Select Income Plus Fund seeks a high level of current income and
a potential for capital appreciation. The Fund seeks to achieve its objective
through actively managing portfolio duration for capital gain opportunities.
The Fund uses a higher level of corporate and mortgage backed securities to
enhance current yield. The Fund also utilizes a proprietary credit analysis and
scoring system (Alert) to identify undervalued and overlooked fixed income
instruments with potential for appreciation. Undervalued securities are those
that in the opinion of the Fund's investment adviser have improving credit
standing and are candidates for credit rating upgrade. Overlooked instruments
are nonstandard or developing security classes that are not followed broadly by
portfolio managers. Undervalued and overlooked securities may be considered
more speculative than the other securities the Fund may hold. The Fund seeks a
return that exceeds the return of its benchmark, the Lehman Brothers
Government/Corporate Bond Index.

Evergreen Select Intermediate Bond Fund seeks to maximize total return.
The Fund is managed pursuing a controlled risk approach which uses duration
adjustments, sector composition and security selection in an effort to exceed
the return of its benchmark, the Lehman Brothers Intermediate
Government/Corporate Bond Index. The Fund currently expects the dollar weighted
average maturity of its investments to range from three to eight years.

Each Fund's investment objective(s) are nonfundamental. As a result, a
Fund may change its objective(s) without a shareholder vote. Each Fund has also
adopted certain fundamental investment policies which are mainly designed to
limit a Fund's exposure to risk. A Fund's fundamental policies cannot be
changed without a shareholder vote. See the SAI for more information regarding
a Fund's fundamental investment policies or other related investment policies.

EACH FUND'S INVESTMENT APPROACH

Each Fund invests at least 65% of its assets in investment grade debt
securities (including convertible securities) of the U.S. government and its
agencies and instrumentalities; foreign governments and their subdivisions,
agencies and instrumentalities; domestic and foreign corporations; and
obligations of international agencies or supranational entities. Each of the
Funds will invest only in U.S. dollar denominated securities.

Each Fund may invest in a variety of derivative instruments that are
consistent with its investment objective(s) and policies, including options,
futures and options on futures. The Funds may also invest in mortgage-backed
and other asset-backed securities, inflation-indexed bonds, structured notes,
loan participations, interest rate swaps and index swaps. For more information,
see "Derivatives" and "Mortgage-Backed Securities" below.

Each Fund may lend portfolio securities and enter into repurchase and
reverse repurchase agreements, forward commitment and when-issued transactions.

Each Fund may also invest up to 35% of its assets in high-yield, high-risk
bonds. See "High-yield, High-risk Bonds" below.

Each Fund may invest for temporary defensive purposes up to 100% of its
assets in short-term obligations. Such obligations may include master demand
notes, commercial paper and notes, bank deposits and other financial
institution obligations.

SECURITIES AND INVESTMENT PRACTICES USED BY EACH FUND

You can find more information about the types of securities in which a
Fund may invest, the types of investment techniques a Fund may employ in
pursuit of its objective and a summary of related risks set forth below. The
Funds' SAI contains additional information about these investments and
investment techniques.

Debt Securities. Each Fund may invest in bonds or other instruments used by
corporations or governments to borrow money from investors, including all kinds
of convertible securities. When a Fund buys a debt security, it expects to earn
a variable or fixed rate of interest and it expects the issuer to repay the
amount borrowed at maturity. Some debt securities, such as zero coupon bonds,
do not pay current interest, but are purchased at a discount from their face
values. The main risks of investing in debt securities are:

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o Interest Rate Risk: The risk that a bond's prices will fall when
interest rates rise, and vice versa. Debt securities have varying levels
of sensitivity to interest rates. Longer-term bonds are generally more
sensitive to changes in interest rates than short term bonds.

o Credit Risk: The chance that the issuer of a bond will have its credit
rating downgraded or will default (fail to make scheduled interest and
principal payments), potentially reducing the Fund's income and/or share
price.

Debt securities have varying degrees of quality. Investment grade bonds
are generally rated within the four highest grades as determined by Standard &
Poor's Ratings Group ("S & P") (AAA, AA, A or BBB), Moody's Investors Service
("Moody's") (Aaa, Aa, A or Baa), or Fitch Investors Service, L.P. ("Fitch")
(AAA, AA, A or BBB) or their respective equivalent ratings or, if not rated or
rated by another system, determined by the Fund's adviser to be of equivalent
credit quality to securities so rated. For information on below-investment
grade bonds, see "High-yield, High-risk Bonds" below. Investment grade bonds
are regarded as having a greater capacity to pay interest and repay principal.
However, adverse economic conditions, or changing circumstances may to lead to
a weakened capacity to pay interest and repay principal than higher-rated
bonds.

Each Fund is not required to sell or otherwise dispose of any security
that loses its rating or has its rating reduced after the Fund has purchased
it. Also, if S&P, Moody's or Fitch changes its ratings system, each Fund will
try to use comparable ratings as standards according to the Fund's investment
objectives and policies.

United States ("U.S.") Government Securities. Each Fund may buy debt securities
that are issued or guaranteed by the U.S. Treasury or by an agency or
instrumentality of the U.S. government. Some U.S. government securities, such
as Treasury bills, notes and bonds, are supported by the full faith and credit
of the U.S. Others, however, are supported only by the credit of the
instrumentality or by the right of the instrumentality to borrow from the U.S.
government. While U.S. government securities are guaranteed as to principal and
interest, their market value is not guaranteed. Generally, U.S. government
securities are subject to the same interest rate and credit risks as other
fixed-income securities. However, since U.S. government securities are of the
highest credit quality, the credit risk is minimal. The U.S. government does
not guarantee the net asset value of the Funds' shares.

Foreign Securities. Each Fund may buy U.S. dollar denominated obligations of
foreign governments and corporations. Because foreign markets operate
differently than the U.S. market, a Fund investing abroad will encounter risks
not normally associated with U.S. companies. For example, information about
foreign corporate securities is frequently less available than information
about U.S. securities, which may reduce the reliability of investment decisions
regarding foreign securities. Political or financial problems more likely to
occur in foreign countries may cause foreign investments to lose money. Foreign
markets may be less liquid than U.S. markets. Foreign issuers may not be
subject to the same accounting, auditing and financial reporting standards and
practices as U.S. issuers, making it more difficult to value the investment.
Foreign governments may regulate or supervise foreign issuers less than in the
U.S. Unfavorable changes in a foreign countries currency may adversely affect
the value of foreign securities held by the Funds. All of these factors can
make foreign investments more volatile than U.S. investments.

Mortgage-Backed Securities. A mortgage-backed security represents an interest
in a "pool" of commercial or residential mortgages. Payments of interest and
principal made by the individual borrowers on the mortgages that underlie the
securities are passed through to the Fund. Each Fund may invest in
mortgage-backed securities and other complex asset backed securities, including
collateralized mortgage obligations and stripped mortgage-backed securities.

Early repayment of the mortgages underlying the securities may expose a
fund to a lower rate of return when it reinvests the principal. The rate of
prepayments will affect the price and volatility of the mortgage-backed
security and may have the effect of shortening or extending the effective
maturity beyond what a fund anticipated at the time of purchase.

Like other debt securities, changes in interest rates generally affect the
value of a mortgage-backed security. Additionally, some mortgage-backed
securities may be structured so that they may be particularly sensitive to
interest rates and difficult to predict.

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High-yield, High-risk Bonds. High-yield, high-risk bonds (commonly called "junk
bonds") are bonds rated BB or lower by S&P or Fitch or Ba by Moody's or, if
unrated or rated under another system, are of comparable quality to obligations
so rated as determined by a Fund's investment adviser. Since these bonds have a
low rating, a degree of doubt surrounds the ability of the issuer to continue
interest payments. High-yield, high-risk bonds are usually backed by issuers of
less proven or questionable financial strength. Compared with higher grade
bonds, issuers of high-yield, high-risk bonds are more likely to face financial
problems and to be materially affected by those problems. As a result, the
ability of issuers of high-yield, high-risk bonds to pay interest and principal
is uncertain. Moreover, the value of a high-yield, high-risk bond may react
strongly to real or perceived unfavorable news about an issuer or the economy.
If a high-yield, high-risk bond issuer defaults, the bond will lose some or all
of its value.

Derivatives. Derivatives are financial contracts whose value is based on an
underlying asset, such as a stock or a bond, or an underlying economic factor,
such as an index or an interest rate.

Each Fund may invest in derivatives only if the expected risks and rewards
are consistent with its objectives and policies. The Funds may use futures and
options for hedging purposes only, not for speculation.

Losses from derivatives can sometimes be substantial. This is true partly
because small price movements in the underlying asset can result in immediate
and substantial gains or losses in the value of the derivative. Derivatives can
also cause a Fund to lose money if the Fund fails to correctly predict the
direction in which the underlying asset or economic factor will move.

Borrowing. Each Fund may borrow from banks in an amount up to 33 1/3% of its
total assets, taken at market value. A Fund may only borrow as a temporary
measure for extraordinary or emergency purposes such as the redemption of Fund
shares. A Fund will not purchase securities while borrowings are outstanding
except to exercise prior commitments and to exercise subscribtion rights.

Securities Lending. To generate income and offset expenses, each Fund may lend
securities to broker-dealers and other financial institutions. Loans of
securities by a Fund may not exceed 30% of the value of the Fund's total
assets. While securities are on loan, the borrower will pay the Fund any income
accruing on the security. Also, the Fund may invest any collateral it receives
in additional securities.

Gains or losses in the market value of a lent security will affect a Fund
and its shareholders. When a Fund lends its securities, it runs the risk that
it could not retrieve the securities on a timely basis, possibly losing the
opportunity to sell the securities at a desirable price. Also, if the borrower
files for bankruptcy or becomes insolvent, the Fund's ability to dispose of the
securities may be delayed.

Repurchase Agreements. Each Fund may enter into repurchase agreements. A
repurchase agreement is an agreement by a Fund to purchase a security and sell
it back for a specified price. The repurchase price reflects an agreed-upon
interest rate for the time period of the agreement. A Fund's risk is the
inability of the seller to pay the agreed-upon price at delivery date. However,
such risk is tempered by the ability of a Fund to sell the security in the open
market in case of default. In such a case, a Fund may incur costs in disposing
of the security which would increase Fund expenses.

Reverse Repurchase Agreements. Each Fund may enter into reverse repurchase
agreements. A reverse repurchase agreement is an agreement by a Fund to sell a
security and repurchase it at a specified time and price. A Fund could lose
money if the market value of the securities it sold declines below their
repurchase price. Reverse repurchase agreements may be considered a form of
borrowing, and, therefore, a form of leverage. Leverage may magnify gains or
losses of a Fund.

Investing in Securities of Other Investment Companies. The Funds may invest in
securities in other investment companies. As a shareholder of another
investment company, a Fund would pay its portion of the other investment
company's expenses. These expenses would be in addition to the expenses that a
Fund currently bears concerning its own operations and may result in some
duplication of fees.

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to a Fund until settlement. At the time of settlement, a when-issued security
may be valued at less than its purchase price. When entering into these
transactions, a Fund relies on the other party to consummate the transaction;
if the other party fails to do so, the Fund may be disadvantaged.

Other Investment Restrictions. Each Fund has adopted additional investment
restrictions and guidelines that are set forth in the SAI.
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BUYING AND SELLING SHARES
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HOW TO BUY SHARES

Institutional investors may buy Institutional Shares of the Funds through
broker-dealers, banks and certain other financial intermediaries, or directly
through the Fund's distributor, Evergreen Distributor, Inc. ("EDI"). Investors
may purchase Institutional Shares at the public offering price, which equals
the class's net asset value per share ("NAV"). See "Offering Price and Other
Purchase Information" below.

Minimum Investment. The minimum initial investment in Institutional Shares is
$1 million, which may be waived in certain situations. There is no minimum
amount required for subsequent purchases.

Opening an Account. You may open an account by mailing a signed account
application to the particular Fund c/o Evergreen Service Company, P.O. Box
2121, Boston, Massachusetts 02106-2121. You may get an account application by
calling 1-800-633-2700.

Except as provided below, you can only purchase shares by wiring federal
funds to Evergreen Service Company (the "Service Company"). You may obtain
wiring instructions by calling 1-800-633-2700. When you call, the Service
Company representative will ask you for the following information: name of
authorized person; shareholder name; shareholder account number; name of the
Fund and share class; amount being wired; and wiring bank name.

Offering Price and Other Purchase Information. When you buy a Fund's shares,
you pay its NAV next determined after the Fund receives and accepts your order.
To receive that day's offering price, a Fund must receive and accept your order
by the close of regular trading (currently 4:00 p.m. Eastern time); otherwise,
you will receive the next day's offering price. For more information, see "How
the Funds Calculate Their NAV."

You may, at a Fund's discretion, pay for shares of a Fund with securities
instead of cash. Additionally, if you want to buy a Fund's shares equal in
amount to $5 million or more the Fund may require you to pay for those shares
with securities instead of cash. A Fund will only accept securities that are
consistent with its investment objective, policies and restrictions. Also, a
Fund will value the securities in the manner described under "How the Funds
Calculate their NAV." Investors who receive a Fund's shares for securities
instead of cash may pay such transaction costs as broker's commissions, taxes
or governmental fees.

HOW TO REDEEM SHARES

You may redeem shares of a Fund by mail, telephone or other types of
telecommunication.

Mail Redemptions. You may redeem shares on each day that the New York Stock
Exchange ("NYSE") is open by mailing a written request to the Service Company
at the following address:

Evergreen Service Company
P.O. Box 2121
Boston, Massachusetts 02106-2121

The signatures on the written request must be properly guaranteed, as
described below.

How To Redeem By Telephone. You may redeem your shares by calling
1-800-633-2700 between the hours of 9:00 a.m. and 5:00 p.m. (Eastern time) on
each business day. You may also redeem shares by sending a facsimile to (617)
210-2708 or by other means of wire communication. You must state the Fund and
class from which you want to redeem, the number or dollar amount of shares you
want to redeem and your account number. The telephone redemption service is not
available to you automatically. You must elect to do so on your account
application.

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If you are unable to reach the Funds or the Service Company by telephone,
you should redeem by mail.

The Service Company will wire your redemption proceeds to the commercial
bank account designated on the account application. If the Service Company
deems it appropriate, it may require additional documentation. Although at
present the Service Company pays the wire costs involved, it reserves the right
at any time to require the shareholder to pay such costs.

Redemption Value and Other Redemption Policies. When you sell shares, you
receive the NAV computed at the close of the NYSE on the day that a Fund
receives your request, if your request is received before 4:00 p.m. Eastern
time. If a Fund receives your redemption request after 4:00 p.m. Eastern time,
you will receive the next day's NAV. Generally, a Fund pays redemption proceeds
within seven days. The Funds may, at any time, change, suspend or terminate any
of the redemption methods described in this prospectus, except redemptions by
mail. For more information, see "How the Funds Calculate Their NAV."

The Funds may, at their discretion, pay your redemption proceeds with
securities instead of cash. However, each Fund is obligated to redeem shares
solely in cash, up to the lesser of $250,000 or 1% of a Fund's total net assets
during any ninety day period for any one shareholder. See the SAI for further
details.

Except as otherwise noted, neither the Funds, the Service Company nor the
Funds' distributor assumes responsibility for the authenticity of any
instructions received by any of them from a shareholder by telephone. The
Service Company will employ reasonable procedures to confirm that instructions
received over the telephone or otherwise are genuine. Neither the Funds, the
Service Company nor the Funds' distributor will be liable when following
instructions received by telephone or otherwise that the Service Company
reasonably believes to be genuine.

Shareholders may only change information contained in their account
registration (such as the bank account designated to receive wire redemption
proceeds) by writing to the Service Company. Signatures on such written
instructions must be guaranteed.

ADDITIONAL TRANSACTION POLICIES

How the Funds Calculate Their NAV. A Fund's NAV equals the value of its share
without sales charges. A Fund calculates its NAV by adding up the total value
of its investments and other assets, subtracting its liabilities and then
dividing the result by the number of shares outstanding. The Funds compute
their NAV as of the close of regular trading (generally 4:00 p.m. Eastern time)
on each day that the NYSE is open.

The Funds' assets are valued primarily on the basis of market quotations.
Short-term securities with remaining maturities of sixty days or less for which
quotations are not readily available are valued on the basis of amortized cost.
In addition, securities for which quotations are not readily available,
including fixed-income securities, are valued by a method that the Board of
Trustees believes accurately reflects fair value.

Signature Guarantee. For your protection, signatures on stock powers, and
written orders or authorizations must have a signature guarantee. A signature
guarantee can be provided by a U.S. stock exchange member, a bank, or other
persons eligible to guarantee signatures under the Securities Exchange Act of
1934 and the Service Company's policies. The Service Company may waive this
requirement or may require additional documentation in certain cases.

EXCHANGES

You may exchange Institutional shares of any Fund for Institutional Shares
of any other Evergreen Select Fund. You may exchange your shares through your
broker-dealer, by mail or by telephone. All exchange orders must comply with
the applicable requirements for purchases and redemptions and must include your
account number, the number or value of shares to be exchanged, the class of
shares, and the Funds to and from which you wish to exchange.

Signatures on exchange orders must be guaranteed, as described below.

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The Funds reserve the right to change or revoke the exchange privilege of
any shareholder or to limit or revoke any exchange. Currently, you may not make
more than five exchanges in a year or three exchanges in a calendar quarter.

Please read the prospectus of the fund that you want to exchange into
before requesting your exchange.

For federal income tax purposes, an exchange is treated as a sale for
taxable investors.

DIVIDENDS

As a shareholder, you are entitled to your share of earnings on a Fund's
investments. You receive such earnings as either an income dividend or a
capital gains distribution. Income dividends come from the dividends that a
Fund earns from its stocks plus any interest it receives from its bonds. The
Fund realizes a capital gain whenever it sells a security for a higher price
than its tax basis.

Dividend Schedule. Each Fund declares dividends from its net investment income
daily and pays such dividends monthly. Each Fund pays shareholders its net
capital gains at least once a year.

Payment Options. Unless you select another option on your account application,
your dividends and capital gains will be reinvested in additional shares of the
same class of the same Fund.

You may elect to receive some or all of your dividends and capital gains
in cash. Should you select this option, a check will be mailed to you or your
agent or trustee no later than seven days after the payment date.

TAXES

Each Fund intends to qualify as a regulated investment company (a "RIC")
under Subchapter M of the Internal Revenue Code of 1986, as amended. As long as
a Fund qualifies as a RIC and distributes substantially all of its net
investment income and capital gains, it will not pay federal income taxes on
the earnings it distributes to shareholders.

Distributions to shareholders, whether taken in cash or reinvested in
shares, are generally considered taxable for federal income tax purposes as
follows:

o Income distributions and net short-term capital gains are taxable as
ordinary income.

o Long-term capital gains distributions are taxable as capital gains,
regardless of how long you have held your shares.

After each calendar year, the Service Company will mail you a statement
indicating which of that year's distributions you should treat as ordinary
income and which you should treat as capital gains. Distributions of income or
capital gains may also be subject to state and local taxes.You should always
consult your tax adviser for specific guidance as to the tax consequences of
your investment in the Funds.

SHAREHOLDER SERVICES

Details on all shareholder services may be obtained from the Service
Company by calling toll free 1-800-633-2700 or by writing to the Service
Company.

Subaccount. Special processing has been arranged with the Service Company for
banks and other institutions that wish to open multiple accounts (a master
account and subaccounts). An investor wishing to avail himself or herself of
the Service Company's subaccounting facilities will be required to enter into a
separate agreement, with the charges to be determined on the basis of the level
of services to be rendered. Subaccounts may be opened with the initial
investment or at a later date and may be established by an investor with
registration either by name or by number.

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FUND DETAILS
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FUND ORGANIZATION AND SERVICE PROVIDERS

Fund Structure. Each Fund is an investment pool, which invests shareholders'
money towards a specified goal. Each Fund is a diversified series of an
open-end, investment management company, called "Evergreen Select Fixed Income
Trust" (the "Trust"). The Trust is a Delaware business trust organized on
September 17, 1997.

Board of Trustees. The Trust is supervised by a Board of Trustees that is
responsible for representing the interests of shareholders. The Trustees meet
periodically throughout the year to oversee the Funds' activities, reviewing,
among other things, their performance and their contractual arrangements with
various service providers.

Shareholder Rights. All shareholders participate equally in dividends and
distributions from the Funds' assets and have equal voting, liquidation and
other rights. Shareholders may exchange shares as described under "Exchanges,"
but will have no other preference, conversion, exchange or preemptive rights.
When issued and paid for, your shares will be fully paid and nonassessable.
Shares of the Funds are redeemable, transferable and freely assignable as
collateral. The Trust may establish additional classes or series of shares.

The Funds do not hold annual shareholder meetings; a Fund may, however,
hold special meetings for such purposes as electing or removing Trustees,
changing fundamental policies and approving investment advisory agreements or
12b-1 plans. In addition, the Funds are prepared to assist shareholders in
communicating with one another for the purpose of convening a meeting to elect
Trustees. If any matters are to be voted on by shareholders, each share owned
as of the record date for the meeting would be entitled to one vote.

Adviser. The investment adviser to each Fund is First Union National Bank
("FUNB"), a subsidiary of First Union Corporation ("First Union"). First Union
and First Union National Bank are located at 301 South College Street,
Charlotte, North Carolina 28288-0630. First Union and its subsidiaries provide
a broad range of financial services to individuals and businesses throughout
the United States.

Each Fund pays FUNB a fee for its services as set forth below. FUNB's
annual advisory fees are expressed as a percentage of average net assets. In
addition, FUNB has voluntarily agreed to reduce its advisory fee by 0.10%,
resulting in the net advisory fees that are also indicated in the table below.

<TABLE>
<CAPTION>
<S> <C> <C>
Fund Advisory Fee Net Advisory Fee
Evergreen Select Core Bond Fund 0.40% 0.30%
Evergreen Select Fixed Income Fund 0.50% 0.40%
Evergreen Select Income Plus Fund 0.50% 0.40%
Evergreen Select Intermediate Bond Fund 0.40% 0.30%
</TABLE>

FUNB currently intends to continue waiving 0.10% of each Fund's respective
advisory fee through November 30, 1998. However, FUNB may modify or cancel its
expense waiver at any time.

Portfolio Managers. Information about the individual portfolio managers
responsible for management of the Trust's currently operational Funds,
including their occupations for the past five years, is provided below.
- --------------------------------------------------------------------------------
Fund Portfolio Manager(s)

Evergreen Select Core The portfolio managers of the Fund are Robert Cheshire
and Bruce J. Besecker.
Bond Fund
Robert Cheshire. Since joining First Fidelity Bank in 1990,
which was acquired by First Union in 1995, Robert Cheshire
has been a Vice President and Senior Portfolio Manager. He
is head of the Newark Taxable Fixed Income Unit and manages
the Evergreen Intermediate Term Government Securities Fund.

10
<PAGE>

- --------------------------------------------------------------------------------
Fund Portfolio Manager(s)
Bruce J. Besecker. Bruce Besecker has over 16 years
investment experience. In addition to managing the
Philadelphia Taxable Fixed Income Unit for Capital
Management Group of FUNB, he maintains fund and individual
account responsibilities. Since joining First Union in 1987,
Mr. Besecker has been a Vice President and Senior Portfolio
Manager.

Evergreen Select The portfolio managers of the Fund are Thomas Ellis,
Fixed Income Rollin C. Williams and Robert Cheshire.
Fund
Thomas Ellis. Thomas Ellis has over 28 years of experience in
investments. Since joining First Union in 1985, Mr. Ellis has
been a Vice President and Senior Portfolio Manager. At First
Union he is responsible for the portfolio management of over
$1 billion in taxable fixed income assets, including
Evergreen Short-Intermediate Bond Fund, a mutual fund; the
Fixed Income Fund, a common trust fund; and 17 separate
accounts. Prior to joining First Union, Mr. Ellis served in
the bond department of 1st Tennessee Bank.

Rollin C. Williams, CFA. Rollin Williams has over 28 years
of investment and banking management experience. In addition
to managing First Union's Diversified Bond Group Trust and
the Evergreen U.S. Government Fund, he is also responsible
for the management of over $2.2 billion in fixed income
portfolios. Before joining First Union, Mr. Williams was the
head of fixed income investment at Dominion Trust Company in
Roanoke, VA. Mr. Williams has been with First Union since
1993 when Dominion was acquired by the bank; he started with
Dominion Trust Company in 1988. Since joining First Union,
Mr. Williams has been a Vice President and Senior Portfolio
Manager.

Robert Cheshire. Since joining First Fidelity Bank in 1990,
which was acquired by First Union in 1995, Robert Cheshire
has been a Vice President and Senior Portfolio Manager. He
is head of the Newark Taxable Fixed Income Unit and manages
the Evergreen Intermediate Term Government Securities Fund.

Evergreen Select The portfolio managers of the Fund are George Prattos and J.
Income Plus Fund P. Weaver.

George Prattos. George Prattos has over 18 years of
investment experience. Since joining First Union in 1991,
Mr. Prattos has been a Vice President and Director of the
Specialty Fixed Income Group. He is primarily responsible
for managing specialty fixed income products throughout the
First Union system. Mr. Prattos recently became a Senior
Vice President of First Union this year.

J. P. Weaver. J. P. Weaver has over 12 years of market
experience in fixed income investments. Since joining First
Union in 1994, Mr. Weaver has been a Vice President and
Director of Fixed Income Research. In addition, he manages
several separate accounts within the Specialty Fixed Income
Group. Mr. Weaver joined First Union from One Federal Asset
Management in Boston, MA, where he served as a portfolio
manager from 1988-1994.

Evergreen Select The portfolio managers of the Fund are Thomas Ellis, Rollin
Intermediate Bond C. Williams and Robert Cheshire.
Fund
Thomas Ellis. Thomas Ellis has over 28 years of experience
in investments. Since joining First Union in 1985, Mr. Ellis
has been a Vice President and Senior Portfolio Manager. At
First Union he is responsible for the portfolio management
of over $1 billion in taxable fixed income assets, including
Evergreen Short-Intermediate Bond Fund, a mutual fund; the
Fixed Income Fund, a common trust fund; and 17 separate
accounts. Prior to joining First Union, Mr. Ellis served in
the bond department of 1st Tennessee Bank.

11
<PAGE>

- --------------------------------------------------------------------------------
Fund Portfolio Manager(s)
Rollin C. Williams, CFA. Rollin Williams has over 28 years
of investment and banking management experience. In addition
to managing First Union's Diversified Bond Group Trust and
the Evergreen U.S. Government Fund, he is also responsible
for the management of over $2.2 billion in fixed income
portfolios. Before joining First Union, Mr. Williams was the
head of fixed income investment at Dominion Trust Company in
Roanoke, VA. Mr. Williams has been with First Union since
1993 when Dominion was acquired by the bank; he started with
Dominion Trust Company in 1988. Since joining First Union,
Mr. Williams has been a Vice President and Senior Portfolio
Manager.

Distributor. Evergreen Distributor, Inc. is each Fund's distributor. Evergreen
Distributor, Inc. is located at 125 West 55th Street, New York, New York 10019
and is a subsidiary of The BISYS Group, Inc. Evergreen Distributor, Inc.
markets the Funds and distributes their shares through broker-dealers,
financial planners and other financial representatives. Evergreen Distributor,
Inc. is not affiliated with First Union.

Transfer Agent. Evergreen Service Company is each Fund's transfer agent.
Evergreen Service Company is a subsidiary of First Union and is located at 200
Berkeley Street, Boston, MA 02116-5034. Evergreen Service Company handles
shareholder services, including record keeping and account statements,
distribution of dividends and capital gains and processing of transactions.

Administrator. Evergreen Investment Services, Inc. ("EIS") serves as
administrator to each Fund. As administrator, and subject to the supervision
and control of the Trust's Board of Trustees, EIS provides the Funds with
facilities, equipment and personnel. For its services as administrator, EIS is
entitled to receive a fee based on the aggregate average daily net assets of
the Funds at a rate based on the total assets of all mutual funds advised by
First Union subsidiaries. The administration fee is calculated in accordance
with the following schedule.

<TABLE>
<CAPTION>
<S> <C>
Aggregate Average Daily Net Assets Of Mutual Funds
For Which Any Subsidiary Of First Union
Administrative Fee Serves As Investment Adviser
0.050% on the first $7 billion
0.035% on the next $3 billion
0.030% on the next $5 billion
0.020% on the next $10 billion
0.015% on the next $5 billion
0.010% on assets in excess of $30 billion
</TABLE>

OTHER INFORMATION AND POLICIES

Banking Laws. The Glass-Steagall Act and other banking laws and regulations
presently prohibit a bank holding company or its affiliates (a "Bank") from
sponsoring, organizing, controlling, or distributing the shares of a registered
open-end investment company such as each Fund. However, a Bank may act as
investment adviser, transfer agent or custodian to a registered open-end
investment company. A Bank may also purchase shares of such company and pay
third parties for performing these functions.

Securities Transactions. Under policies established by the Trust's Board of
Trustees, FUNB selects broker-dealers to execute portfolio transactions subject
to the receipt of best execution. In so doing, FUNB may select broker-dealers
who are affiliated with FUNB. Moreover, the Funds may pay higher commissions to
broker-dealers that provide research services, which FUNB may use in advising
the Funds or its other clients.

12
<PAGE>

Portfolio Turnover. The estimated annual portfolio turnover rates for each Fund
is not expected to exceed the rate set forth below.

<TABLE>
<CAPTION>
<S> <C>
Estimated Annual
Fund Name Portfolio Turnover
Evergreen Select Core Bond Fund 50%
Evergreen Select Fixed Income Fund 50%
Evergreen Select Income Plus Fund 50%
Evergreen Select Intermediate Bond Fund 50%
</TABLE>

Code of Ethics. The Fund and FUNB have each adopted a code of ethics
incorporating policies on personal securities trading. In general, these codes
of ethics require that certain personnel of the Funds and FUNB (1) abstain from
engaging in certain personal trading practices and (2) report certain personal
trading activities.

Other Classes of Shares. Each Fund, other than Evergreen Select Core Bond Fund,
offers two classes of shares, Institutional and Institutional Service.
Evergreen Select Core Bond Fund offers three classes of shares, Charitable,
Institutional and Institutional Service. Only Institutional Shares are offered
through this prospectus. Call the Service Company for information on the other
classes of shares, including how to get a prospectus.

FUND PERFORMANCE

Total return. Total return is the change in value of an investment in a Fund
over a given period, assuming that dividends and capital gains are reinvested
and that recurring charges are deducted. A cumulative total return reflects
actual performance over a stated period of time. An average annual total return
is a hypothetical rate of return that, if achieved annually, would have
produced the same cumulative total return if performance had been constant over
the entire period. Average annual total returns smooth out variations in
performance; they are not the same as actual year-by-year results.

Yield. Yield is the income generated by an investment in a Fund over a given
period of time, expressed as an annual percentage rate. Yields are calculated
according to a standard that is required for all stock and bond Funds. Because
this differs from other accounting methods, the quoted yield may not equal the
income actually paid to shareholders.

Related Performance Information. The Funds commenced operations on or about
November 24, 1997. On that date, each of four common trust funds (each a "CTF")
transferred substantially all its assets to the Fund having materially
equivalent investment objectives, policies and limitations in exchange for
shares of such Fund. After such transfer, each Fund's portfolio of investments
was the same as the portfolio of the corresponding CTF immediately prior to the
transfer.

The CTF's are for all practical purposes "predecessors" of the Funds. As a
result, the performance for each Fund's Institutional Shares is calculated for
periods commencing before October 31, 1997, by including the corresponding
CTF's average annual total return. The CTF's average annual total return is
adjusted to reflect the deduction of fees and expenses as stated under
"Expenses". These fees and expenses include management fees and certain other
Fund expenses. These fees and expenses have not, however, been adjusted to
reflect any expense waivers or reimbursements.

The quoted performance data includes the performance of the CTF's for
periods before the Trust's Registration Statement became effective. In the case
of Evergreen Select Income Plus Fund, where two CTFs transferred assets into
the Fund, performance information is provided for the larger of the two CTFs.
The CTF's were not registered under the 1940 Act and thus were not subject to
certain investment restrictions that are imposed by the 1940 Act. If the CTF's
had been registered under the 1940 Act, their performance might have been
adversely affected. In addition, the CTF's were not subject to the provisions
of the Internal Revenue Code with respect to "regulated investment companies,"
which provisions, if imposed, could have adversely affected the CTF's
performance. Employee benefit plans that invest plan assets in the CTF's may be
subject to certain charges as set forth in their respective Plan Documents.
Total return figures would be lower for the period if they reflected these
charges.

13
<PAGE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
10 Years (Or
since Inception
Fund Name (Predecessor CTF) 1 Year 3 Years 5 Years Inception) Date
Evergreen Select Core Bond Fund
(Charitable Fixed Income Trust)
Institutional Shares 7.73% 8.94% 6.92% 8.76% 2/28/86
Evergreen Select Fixed Income Fund
(Fixed Income Trust)
Institutional Shares 6.56% 7.87% 5.95% 7.76% 3/31/77
Evergreen Select Income Plus Fund
(Income Plus Trust)
Institutional Shares 8.45% 9.44% 6.99% 8.28% 8/31/88
</TABLE>

General. The Funds may include comparative performance information in
advertising or in marketing the Fund's shares. Such information could include
data from Lipper Analytical Services, Inc., Morningstar, Inc., CDA Weisenberger
and Value Line, other industry publications or various indexes, such as the
Lehman Brothers Aggregate Bond Index.

14
<PAGE>

<PAGE>

Investment Adviser
First Union National Bank, 201 South College Street, Charlotte, North Carolina
28288

Custodian
State Street Bank and Trust Company, Box 9021, Boston, Massachusetts 02205-9827

Transfer Agent
Evergreen Service Company, 200 Berkeley Street, Boston, Massachusetts, 02116

Legal Counsel
Sullivan & Worcester LLP, 1025 Connecticut Avenue, N.W., Washington, D.C. 20036

Independent Auditors
Price Waterhouse LLP, 160 Federal Street, Boston, Massachusetts 02110

Distributor
Evergreen Distributor, Inc., 125 West 55th Street, New York, New York 10019

63152
541908
<PAGE>

- ----------------------------------------------------------------------------
PROSPECTUS November 21, 1997
- ----------------------------------------------------------------------------

(Evergreen logo appears here)
EVERGREEN SELECT FIXED INCOME TRUST

INSTITUTIONAL SERVICE SHARES

This prospectus explains important information about the Institutional
Service Shares of the Evergreen Select Fixed Income Trust, including how the
Funds invest and services available to shareholders. Please read this
prospectus before investing, and keep it for future reference.

To learn more about the Evergreen Select Fixed Income Trust, call
1-800-343-3453 for a free copy of the Funds' statement of additional
information ("SAI") dated November 21, 1997 as supplemented from time to time.
The Funds have filed the SAI with the Securities and Exchange Commission and
have incorporated it by reference (legally included it) into this prospectus.

Please remember that shares of the Funds are:

TABLE OF CONTENTS
----------------

<TABLE>
<S> <C>
EXPENSES 3
FUND DESCRIPTIONS 3
Each Fund's Investment Objective 3
Each Fund's Investment Approach 4
Securities and Investment Practices
Used By Each Fund 4
BUYING AND SELLING SHARES 7
How To Buy Shares 7
How To Redeem Shares 7
Additional Transaction Policies 8
Exchanges 8
Dividends 9
Taxes 9
Shareholder Services 9
FUND DETAILS 10
Fund Organization and Service
Providers 10
Other Information and Policies 12
Fund Performance 13
</TABLE>

2
<PAGE>

<TABLE>
<S> <C> <C> <C> <C>
Management Other Total Operating
Fees Expenses Expenses (After
Annual Fund Operating Expenses (After Expense 12b-1 (After Expense Expense Waivers or
(as a percentage of average daily net assets) Waivers)1 Fees Reimbursements) Reimbursements)1
Evergreen Select Core Bond Fund 0.30% 0.25% 0.12% 0.67%
Evergreen Select Fixed Income Fund 0.40% 0.25% 0.12% 0.77%
Evergreen Select Income Plus Fund 0.40% 0.25% 0.11% 0.76%
Evergreen Select Intermediate Bond Fund 0.30% 0.25% 0.10%1 0.65%
Example of Fund Expenses 1 year 3 years
Evergreen Select Core Bond Fund $5 $17
Evergreen Select Fixed Income Fund $8 $25
Evergreen Select Income Plus Fund $8 $24
Evergreen Select Intermediate Bond Fund $8 $24
</TABLE>

<TABLE>
<S> <C> <C> <C>
Management Fee Other Expenses (Without Total Fund
Fund (Without Waivers) Reimbursements) Operating Expenses
Evergreen Select Core Bond Fund 0.40% -- 0.77%
Evergreen Select Fixed Income Fund 0.50% -- 0.87%
Evergreen Select Income Plus Fund 0.50% -- 0.86%
Evergreen Select Intermediate Bond Fund 0.40% 0.23% 0.88%
</TABLE>

3
<PAGE>

Evergreen Select Income Plus Fund seeks a high level of current income and
a potential for capital appreciation. The Fund seeks to achieve its objective
through actively managing portfolio duration for capital gain opportunities.
The Fund uses a higher level of corporate and mortgage backed securities to
enhance current yield. The Fund also utilizes a proprietary credit analysis and
scoring system (Alert) to identify undervalued and overlooked fixed income
instruments with potential for appreciation. Undervalued securities are those
that in the opinion of the Fund's investment adviser have improving credit
standing and are candidates for credit rating upgrade. Overlooked instruments
are nonstandard or developing security classes that are not followed broadly by
portfolio managers. Undervalued and overlooked securities may be considered
more speculative than the other securities the Fund may hold.The Fund seeks a
return that exceeds the return of its benchmark, the Lehman Brothers
Government/ Corporate Bond Index.

EACH FUND'S INVESTMENT APPROACH

Each Fund may lend portfolio securities and enter into repurchase and
reverse repurchase agreements, forward commitment and when-issued transactions.

Each Fund may also invest up to 35% of its assets in high-yield, high-risk
bonds. See "High-yield, High-risk Bonds" below.

SECURITIES AND INVESTMENT PRACTICES USED BY EACH FUND

4
<PAGE>

o Interest Rate Risk: The risk that a bond's prices will fall when interest
rates rise, and vice versa. Debt securities have varying levels of
sensitivity to interest rates. Longer-term bonds are generally more
sensitive to changes in interest rates than short term bonds.

5
<PAGE>

Derivatives. Derivatives are financial contracts whose value is based on an
underlying asset, such as a stock or a bond, or an underlying economic factor,
such as an index or an interest rate.

6
<PAGE>

Institutional investors may buy Institutional Service Shares of the Funds
through broker-dealers, banks and certain other financial intermediaries, or
directly through the Fund's distributor, Evergreen Distributor, Inc. ("EDI").
Investors may purchase Institutional Service Shares at the public offering
price, which equals the class's net asset value per share ("NAV"). See
"Offering Price and Other Purchase Information" below.

Minimum Investment. The minimum initial investment in Institutional Service
Shares is $1 million, which may be waived in certain situations. There is no
minimum amount required for subsequent purchases.

Except as provided below, you can only purchase shares by wiring federal
funds to Evergreen Service Company (the "Service Company"). You may obtain
wiring instructions by calling 1-800-343-3453. When you call, the Service
Company representative will ask you for the following information: name of
authorized person; shareholder name; shareholder account number; name of the
Fund and share class; amount being wired; and wiring bank name.

HOW TO REDEEM SHARES

You may redeem shares of a Fund by mail, telephone or other types of
telecommunication.

Mail Redemptions. You may redeem shares on each day that the New York Stock
Exchange ("NYSE") is open by mailing a written request to the Service Company
at the following address:

Evergreen Service Company
P.O. Box 2121
Boston, Massachusetts 02106-2121

The signatures on the written request must be properly guaranteed, as
described below.

How To Redeem By Telephone. You may redeem your shares by calling
1-800-343-3453 between the hours of 8:00 a.m. and 6:00 p.m. (Eastern time) on
each business day. You may also redeem shares by sending a facsimile to (617)
210-2711 or by other means of wire communication. You must state the Fund and
class from which you want to redeem, the number or dollar amount of shares you
want to redeem and your account number. The telephone redemption service is not
available to you automatically. You must elect to do so on your account
application.

7
<PAGE>

If you are unable to reach the Funds or the Service Company by telephone,
you should redeem by mail.

ADDITIONAL TRANSACTION POLICIES

EXCHANGES

You may exchange Institutional Service Shares of any Fund for
Institutional Service Shares of any other Evergreen Select Fund. You may
exchange your shares through your broker-dealer, by mail or by telephone. All
exchange orders must comply with the applicable requirements for purchases and
redemptions and must include your account number, the number or value of shares
to be exchanged, the class of shares, and the Funds to and from which you wish
to exchange.

Signatures on exchange orders must be guaranteed, as described below.

8
<PAGE>

Please read the prospectus of the fund that you want to exchange into
before requesting your exchange.

For federal income tax purposes, an exchange is treated as a sale for
taxable investors.

DIVIDENDS

Dividend Schedule. Each Fund declares dividends from its net investment income
daily and pays such dividends monthly. Each Fund pays shareholders its net
capital gains at least once a year.

Payment Options. Unless you select another option on your account application,
your dividends and capital gains will be reinvested in additional shares of the
same class of the same Fund.

TAXES

Distributions to shareholders, whether taken in cash or reinvested in
shares, are generally considered taxable for federal income tax purposes as
follows:

o Income distributions and net short-term capital gains are taxable as
ordinary income.

o Long-term capital gains distributions are taxable as capital gains,
regardless of how long you have held your shares.

SHAREHOLDER SERVICES

Details on all shareholder services may be obtained from the Service
Company by calling toll free 1-800-343-3453 or by writing to the Service
Company.

9
<PAGE>

Adviser. The investment adviser to each Fund is the First Capital Group ("FCG")
of First Union National Bank ("FUNB"), a subsidiary of First Union Corporation
("First Union"). First Union and First Union National Bank are located at 301
South College Street, Charlotte, North Carolina 28288-0630. First Union and its
subsidiaries provide a broad range of financial services to individuals and
businesses throughout the U.S.

Each Fund pays FCG a fee for its services as set forth below. FCG's annual
advisory fees are expressed as a percentage of average net assets. In addition,
FCG has voluntarily agreed to reduce its advisory fee by 0.10%, resulting in
the net advisory fees that are also indicated in the table below.

<TABLE>
<S> <C> <C>
Fund Advisory Fee Net Advisory Fee
Evergreen Select Core Bond Fund 0.40% 0.30%
Evergreen Select Fixed Income Fund 0.50% 0.40%
Evergreen Select Income Plus Fund 0.50% 0.40%
Evergreen Select Intermediate Bond Fund 0.40% 0.30%
</TABLE>

FCG currently intends to continue waiving 0.10% of each Fund's respective
advisory fee through November 30, 1998. However, FCG may modify or cancel its
expense waiver at any time.

Evergreen Select The portfolio managers of the Fund are Robert Cheshire
Core Bond Fund and Bruce J. Besecker.

10
<PAGE>

- --------------------------------------------------------------------------------
Fund Portfolio Manager(s)

Bruce J. Besecker. Bruce Besecker has over 16 years
investment experience. In addition to managing the
Philadelphia Taxable Fixed Income Unit for Capital
Management Group of FUNB, he maintains fund and individual
account responsibilities. Since joining First Union in 1987,
Mr. Besecker has been a Vice President and Senior Portfolio
Manager.

Evergreen Select The portfolio managers of the Fund are Thomas Ellis,
Fixed Income Fund Rollin C. Williams and Robert Cheshire.

Thomas Ellis. Thomas Ellis has over 28 years of experience
in investments. Since joining First Union in 1985, Mr. Ellis
has been a Vice President and Senior Portfolio Manager. At
First Union he is responsible for the portfolio management
of over $1 billion in taxable fixed income assets, including
Evergreen Short-Intermediate Bond Fund, a mutual fund; the
Fixed Income Fund, a common trust fund; and 17 separate
accounts. Prior to joining First Union, Mr. Ellis served in
the bond department of 1st Tennessee Bank.

Evergreen Select The portfolio managers of the Fund are George Prattos and
Income Plus Fund J.P. Weaver.

11
<PAGE>

- --------------------------------------------------------------------------------
Fund Portfolio Manager(s)

<TABLE>
<S> <C>
Aggregate Average Daily Net Assets Of Mutual Funds
For Which Any Subsidiary Of First Union
Administrative Fee Serves As Investment Adviser
0.050% on the first $7 billion
0.035% on the next $3 billion
0.030% on the next $5 billion
0.020% on the next $10 billion
0.015% on the next $5 billion
0.010% on assets in excess of $30 billion
</TABLE>

OTHER INFORMATION AND POLICIES

Distribution Plan. The Trust has adopted a distribution plan for the
Institutional Service Class shares of each Fund as allowed under the Investment
Company Act of 1940. Each Fund's distribution plan permits the Fund to pay an
annual service fee of up to 0.25% of the average daily net assets of the class
for personal service rendered to shareholders and/or the maintenance of
accounts. Each Fund's distribution plan may be terminated at any time by vote
of the Independent Trustees or by vote of a majority of the outstanding
Institutional Service Shares. For more information about the Funds'
distribution plans, see the SAI.

12
<PAGE>

Securities Transactions. Under policies established by the Trust's Board of
Trustees, FCG selects broker-dealers to execute portfolio transactions subject
to the receipt of best execution. In so doing, FCG may select broker-dealers
who are affiliated with FCG. Moreover, the Funds may pay higher commissions to
broker-dealers that provide research services, which FCG may use in advising
the Funds or its other clients.

Portfolio Turnover. The estimated annual portfolio turnover rates for each Fund
is not expected to exceed the rate set forth below.

<TABLE>
<S> <C>
Estimated Annual
Fund Name Portfolio Turnover
Evergreen Select Core Bond Fund 50%
Evergreen Select Fixed Income Fund 50%
Evergreen Select Income Plus Fund 50%
Evergreen Select Intermediate Bond Fund 50%
</TABLE>

Code of Ethics. The Fund and FCG have each adopted a code of ethics
incorporating policies on personal securities trading. In general, these codes
of ethics require that certain personnel of the Funds and FCG (1) abstain from
engaging in certain personal trading practices and (2) report certain personal
trading activities.

Other Classes of Shares. Each Fund, other than Evergreen Select Core Bond Fund,
offers two classes of shares, Institutional and Institutional Service.
Evergreen Select Core Bond Fund offers three classes of shares, Charitable,
Institutional and Institutional Service. Only Institutional Service Shares are
offered through this prospectus. Call the Service Company for information on
the other classes of shares, including how to get a prospectus.

FUND PERFORMANCE

The CTF's are for all practical purposes "predecessors" of the Funds. As a
result, the performance for each Fund's Institutional Service Shares is
calculated for periods commencing before October 31, 1997, by including the
corresponding CTF's average annual total return. The CTF's average annual total
return is adjusted to reflect the deduction of fees and expenses as stated
under "Expenses". These fees and expenses include management fees, Rule 12b-1
fees and certain other Fund expenses. These fees and expenses have not,
however, been adjusted to reflect any expense waivers or reimbursements.

13
<PAGE>

<TABLE>
<S> <C> <C> <C> <C> <C>
10 Years (Or
since Inception
Fund Name (Predecessor CTF) 1 Year 3 Years 5 Years Inception) Date
Evergreen Select Core Bond Fund
(Charitable Fixed Income Trust)
Institutional Service Shares 7.46% 8.67% 6.65% 8.49% 2/28/86
Evergreen Select Fixed Income Fund
(Fixed Income Trust)
Institutional Service Shares 6.29% 7.60% 5.69% 7.49% 3/31/77
Evergreen Select Income Plus Fund
(Income Plus Trust)
Institutional Service Shares 8.18% 9.17% 6.73% 8.01% 8/31/88
</TABLE>

14
<PAGE>

<PAGE>

Investment Adviser
First Union National Bank, 201 South College Street, Charlotte, North Carolina
28288

Custodian
State Street Bank and Trust Company, Box 9021, Boston, Massachusetts 02205-9827

Transfer Agent
Evergreen Service Company, 200 Berkeley Street, Boston, Massachusetts, 02116

Legal Counsel
Sullivan & Worcester LLP, 1025 Connecticut Avenue, N.W., Washington, D.C. 20036

Independent Auditors
Price Waterhouse LLP, 160 Federal Street, Boston, Massachusetts 02110

Distributor
Evergreen Distributor, Inc., 125 West 55th Street, New York, New York 10019

62081
542266

<PAGE>

- ----------------------------------------------------------------------------
PROSPECTUS November 21, 1997
- ----------------------------------------------------------------------------

(Evergreen Funds Logo
appears here)

EVERGREEN SELECT FIXED INCOME TRUST

- ----------------------------------------------------------------------------
Evergreen Select Core Bond Fund
(The "Fund" )

CHARITABLE SHARES

This prospectus explains important information about the Charitable Shares
of the Evergreen Select Fixed Income Trust, including how the Fund invests and
services available to shareholders. Please read this prospectus before
investing, and keep it for future reference.

When you consider investing in the Fund, remember that the higher the risk
of losing money, the higher the potential reward. The reverse is also generally
true: the lower the risk, the lower the potential reward.

By itself, the Fund is a complete investment plan. When considering an
investment in the Fund, remember to consider your overall investment objectives
and any other investments you own. You should also carefully evaluate your
ability to handle the risks posed by your investment in the Fund. You can find
information on the risks associated with investing in the Fund under the
section called "Fund Descriptions."

To learn more about the Evergreen Select Fixed Income Trust, call
1-800-343-3453 for a free copy of the Fund's statement of additional
information ("SAI") dated November 21, 1997 as supplemented from time to time.
The Fund has filed the SAI with the Securities and Exchange Commission and has
incorporated it by reference (legally included it) into this prospectus.

Please remember that shares of the Fund are:

TABLE OF CONTENTS
----------------

<TABLE>
<CAPTION>
<S> <C>
EXPENSES 3
FUND DESCRIPTIONS 3
The Fund's Investment Objective 3
The Fund's Investment Approach 3
Securities and Investment Practices
Used By The Fund 4
BUYING AND SELLING SHARES 6
How To Buy Shares 6
How To Redeem Shares 7
Additional Transaction Policies 8
Exchanges 8
Dividends 8
Taxes 8
Shareholder Services 9

<S> <C>
FUND DETAILS 9
Fund Organization and Service
Providers 9
Other Information and Policies 10
Fund Performance 11
</TABLE>

2
<PAGE>

- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
The tables and examples below are designed to help you understand the
various expenses that you will bear, directly or indirectly, when you invest in
the Fund. Shareholder transaction expenses are fees paid directly from your
account when you buy or sell shares of the Fund. There are no shareholder
transaction expenses.

Annual operating expenses reflect the normal operating expenses of the
Fund, and include costs such as management, distribution and other fees. The
table below shows the Fund's estimated annual operating expenses for the fiscal
period ending September 30, 1998. The Fund's example shows what you would pay
if you invested $1,000 over the periods indicated. The examples assume that you
reinvest all of your dividends and that the Fund's average annual return will
be 5%. The examples are for illustration purposes only and should not be
considered a representation of past or future expenses or annual return. The
Fund's actual expenses and returns will vary. For a more complete description
of the various costs and expenses borne by the Fund see "Fund Details."

<TABLE>
<CAPTION>
Management Other Total Operating
Fees(1) Expenses Expenses (After
Annual Fund Operating Expenses (After Expense 12b-1 (After Expense Expense Waivers or
(as a percentage of average daily net assets) Waivers) Fees Reimbursements) Reimbursements)(1)
<S> <C> <C> <C> <C>
Evergreen Select Core Bond Fund 0.30% None 0.12% 0.42%

Example of Fund Expenses 1 year 3 years
Evergreen Select Core Bond Fund $ 4 $ 13
</TABLE>

- --------
(1) The Fund's investment adviser has voluntarily agreed to waive 0.10% of the
Fund's investment advisory fee. Without such waivers the Management Fee
set forth above would be 0.10% higher. The investment adviser currently
intends to continue this expense waiver through November 30, 1998;
however, it may modify or cancel its expense waiver at any time. See "Fund
Details" for more information. Absent expense waivers and/or
reimbursements, the Total Operating Expenses for the Fund would be as
follows:

<TABLE>
<CAPTION>
Other Expenses
Management Fee (Without Total Fund Operating
Fund (Without Waivers) Reimbursements) Expenses
<S> <C> <C> <C>
Evergreen Select Core Bond Fund 0.40% -- 0.52%
</TABLE>

The Fund's investment objective is not fundamental. As a result, the Fund
may change its objective without a shareholder vote. The Fund has adopted
certain fundamental investment policies which are mainly designed to limit the
Fund's exposure to risk. The Fund's fundamental policies cannot be changed
without a shareholder vote. See the SAI for more information regarding the
Fund's fundamental investment policies and other related policies.

THE FUND'S INVESTMENT APPROACH

The Fund invests at least 65% of its assets in investment grade debt
securities (including convertible securities) of the U.S. government and its
agencies and instrumentalities; foreign governments and their subdivisions,
agencies and instrumentalities; domestic and foreign corporations; and
obligations of international agencies or supranational entities. The Fund will
invest only in U.S. dollar denominated securities.

3
<PAGE>

The Fund may invest in a variety of derivative instruments that are
consistent with its investment objective and policies. Such derivatives may
include options, futures, options on futures, mortgage-backed and other asset-
backed securities, inflation-indexed bonds, structured notes, loan
participations, interest rate swaps and index swaps. For more information, see
"Derivatives" and "Mortgage-Backed Securities" below.

The Fund may lend portfolio securities and enter into repurchase and
reverse repurchase agreements, forward commitment and when-issued transactions.

The Fund may also invest up to 35% of its assets in high-yield, high-risk
bonds. See "High-yield, High-risk Bonds" below.

The Fund may invest for temporary defensive purposes up to 100% of its
assets in short-term obligations. Such obligations may include master demand
notes, commercial paper and notes, bank deposits and other financial
institution obligations.

SECURITIES AND INVESTMENT PRACTICES USED BY THE FUND

You can find more information about the types of securities in which the
Fund may invest, the types of investment techniques the Fund may employ in
pursuit of its objective and a summary of related risks set forth below. The
Fund's SAI contains additional information about these investments and
investment techniques.

Debt Securities. The Fund may invest in bonds or other instruments used by
corporations or governments to borrow money from investors, including all kinds
of convertible securities. When the Fund buys a debt security, it expects to
earn a variable or fixed rate of interest and it expects the issuer to repay
the amount borrowed at maturity. Some debt securities, such as zero coupon
bonds, do not pay current interest, but are purchased at a discount from their
face values. The main risks of investing in debt securities are:

Debt securities have varying degrees of quality. Investment grade bonds
are generally rated within the four highest grades as determined by Standard &
Poor's Ratings Group ("S & P") (AAA, AA, A or BBB), Moody's Investors Service
("Moody's") (Aaa, Aa, A or Baa), or Fitch Investors Service, L.P. ("Fitch")
(AAA, AA, A or BBB) or their respective equivalent ratings or, if not rated or
rated by another system, determined by the Fund's adviser to be of equivalent
credit quality to securities so rated. For information on below-investment
grade bonds, see "High-yield, High-risk Bonds" below. Investment grade bonds
are regarded as having a greater capacity to pay interest and repay principal.
However, adverse economic conditions, or changing circumstances may lead to a
weakened capacity to pay interest and repay principal than higher-rated bonds.

The Fund is not required to sell or otherwise dispose of any security that
loses its rating or has its rating reduced after the Fund has purchased it.
Also, if S&P, Moody's or Fitch changes its ratings system, the Fund will try to
use comparable ratings as standards according to the Fund's investment
objectives and policies.

United States ("U.S.") Government Securities. The Fund may buy debt securities
that are issued or guaranteed by the U.S. Treasury or by an agency or
instrumentality of the U.S. government. Some U.S. government securities, such
as Treasury bills, notes and bonds, are supported by the full faith and credit
of the U.S. Others, however, are supported only by the credit of the
instrumentality or by the right of the instrumentality to borrow from the U.S.
government.

While U.S. government securities are guaranteed as to principal and
interest, their market value is not guaranteed. Generally, U.S. government
securities are subject to the same interest rate and credit risks as other
fixed-income securities. However, since U.S. government securities are of the
highest credit quality, the credit risk is minimal. The U.S. government does
not guarantee the net asset value of the Funds' shares.

4
<PAGE>

Foreign Securities. The Fund may buy U.S. dollar denominated obligations of
foreign governments and corporations. Because foreign markets operate
differently than the U.S. market, a Fund investing abroad will encounter risks
not normally associated with U.S. companies. For example, information about
foreign corporate securities is frequently less available than information
about U.S. securities, which may reduce the reliability of investment decisions
regarding foreign securities. Political or financial problems more likely to
occur in foreign countries may cause foreign investments to lose money. Foreign
markets may be less liquid than U.S. markets. Foreign issuers may not be
subject to the same accounting, auditing and financial reporting standards and
practices as U.S. issuers, making it more difficult to value the investment.
Foreign governments may regulate or supervise foreign issuers less than in the
U.S. Unfavorable changes in a foreign countries currency may adversely affect
the value of foreign securities held by the Fund. All of these factors can make
foreign investments more volatile than U.S. investments.

Mortgage-Backed Securities. A mortgage-backed security represents an interest
in a "pool" of commercial or residential mortgages. Payments of interest and
principal made by the individual borrowers on the mortgages that underlie the
securities are passed through to the Fund. The Fund may invest in
mortgage-backed securities and other complex asset backed securities, including
collateralized mortgage obligations and stripped mortgage-backed securities.

Early repayment of the mortgages underlying the securities may expose a
Fund to a lower rate of return when it reinvests the principal. The rate of
prepayments will affect the price and volatility of the mortgage-backed
security and may have the effect of shortening or extending the effective
maturity beyond what the Fund anticipated at the time of purchase.

Derivatives. Derivatives are financial contracts whose value is based on an
underlying asset, such as a stock or a bond, or an underlying economic factor,
such as an index or an interest rate.

The Fund may invest in derivatives only if the expected risks and rewards
are consistent with its objectives and policies. The Fund may use futures and
options for hedging purposes only, not for speculation.

Losses from derivatives can sometimes be substantial. This is true partly
because small price movements in the underlying asset can result in immediate
and substantial gains or losses in the value of the derivative. Derivatives can
also cause the Fund to lose money if it fails to correctly predict the
direction in which the underlying asset or economic factor will move.

Borrowing. The Fund may borrow from banks in an amount up to 33 1/3% of its
total assets, taken at market value. The Fund may only borrow as a temporary
measure for extraordinary or emergency purposes such as the redemption of Fund
shares. The Fund will not purchase securities while borrowings are outstanding
except to exercise prior commitments and to exercise subscribtion rights.

Securities Lending. To generate income and offset expenses, the Fund may lend
securities to broker-dealers and other financial institutions. Loans of
securities by the Fund may not exceed 30% of the value of the Fund's total
assets. While securities are on loan, the borrower will pay the Fund any income
accruing on the security. Also, the Fund may invest any collateral it receives
in additional securities.

5
<PAGE>

Gains or losses in the market value of a lent security will affect the
Fund and its shareholders. When the Fund lends its securities, it runs the risk
that it could not retrieve the securities on a timely basis, possibly losing
the opportunity to sell the securities at a desirable price. Also, if the
borrower files for bankruptcy or becomes insolvent, the Fund's ability to
dispose of the securities may be delayed.

Repurchase Agreements. The Fund may enter into repurchase agreements. A
repurchase agreement is an agreement by the Fund to purchase a security and
sell it back for a specified price. The repurchase price reflects an
agreed-upon interest rate for the time period of the agreement. The Fund's risk
is the inability of the seller to pay the agreed-upon price at delivery date.
However, such risk is tempered by the ability of the Fund to sell the security
in the open market in case of default. In such a case, the Fund may incur costs
in disposing of the security which would increase Fund expenses.

Investing in Securities of Other Investment Companies. The Fund may invest in
securities of other investment companies. As a shareholder of another
investment company, a fund would pay its portion of the other investment
company's expenses. These expenses would be in addition to the expenses that a
fund currently bears concerning its own operations and may result in some
duplication of fees.

When-Issued, Delayed-Delivery and Forward Commitment Transactions. The Fund may
enter into transactions whereby it commits to buying a security, but does not
pay for or take delivery of the security until some specified date in the
future. The value of these securities is subject to market fluctuation during
this period and no income accrues to the Fund until settlement. At the time of
settlement, a when-issued security may be valued at less than its purchase
price. When entering into these transactions, the Fund relies on the other
party to consummate the transaction; if the other party fails to do so, the
Fund may be disadvantaged.

Other Investment Restrictions. The Fund has adopted additional investment
restrictions and guidelines that are set forth in the SAI.

- --------------------------------------------------------------------------------
BUYING AND SELLING SHARES
- --------------------------------------------------------------------------------
HOW TO BUY SHARES

Charitable investors may buy Charitable Shares of the Fund through
broker-dealers, banks and certain other financial intermediaries, or directly
through the Fund's distributor, Evergreen Distributor, Inc. ("EDI") A
charitable investor is one that qualifies as a non-profit organization under
the Internal Revenue Code of 1986, as amended. Examples of such organizations
include: Charitable trusts, hospitals, private foundations, private schools and
colleges, public charities, religious entities and charitable remainder trusts.
Investors may purchase Charitable Shares at the public offering price, which
equals the class's net asset value per share ("NAV"). See "Offering Price and
Other Purchase Information" below.

Minimum Investment. The minimum initial investment in Charitable Shares is $1
million, which may be waived in certain situations. There is no minimum amount
required for subsequent purchases.

Opening an Account. You may open an account by mailing a signed account
application to the Fund c/o Evergreen Service Company, P.O. Box 2121, Boston,
Massachusetts 02106-2121. You may get an account application by calling
1-800-343-3453.

Except as provided below, you can only purchase shares by wiring federal
funds to Evergreen Service Company (the "Service Company"). You may obtain
wiring instructions by calling 1-800-343-3453. When you call, the Service
Company representative will ask you for the following information: name of
authorized person; shareholder name; shareholder account number; name of the
Fund and share class; amount being wired; and wiring bank name.

6
<PAGE>

Offering Price and Other Purchase Information. When you buy the Fund's shares,
you pay its NAV next determined after the Fund receives and accepts your order.
To receive that day's offering price, the Fund must receive and accept your
order by the close of regular trading (currently 4:00 p.m. Eastern time);
otherwise, you will receive the next day's offering price. For more
information, see "How the Fund Calculates its NAV."

You may, at the Fund's discretion, pay for shares of the Fund with
securities instead of cash. Additionally, if you want to buy the Fund's shares
equal in amount to $5 million or more the Fund may require you to pay for those
shares with securities instead of cash. The Fund will only accept securities
that are consistent with its investment objective, policies and restrictions.
Also, the Fund will value the securities in the manner described under "How the
Fund Calculates its NAV." Investors who receive the Fund's shares for
securities instead of cash may pay such transaction costs as broker's
commissions, taxes or governmental fees.

HOW TO REDEEM SHARES

You may redeem shares of the Fund by mail, telephone or other types of
telecommunication.

Mail Redemptions. You may redeem shares on each day that the New York Stock
Exchange ("NYSE") is open by mailing a written request to the Service Company
at the following address:

Evergreen Service Company
P.O. Box 2121
Boston, Massachusetts 02106-2121

The signatures on the written request must be properly guaranteed, as
described below.

If you are unable to reach the Fund or the Service Company by telephone,
you should redeem by mail.

Redemption Value and Other Redemption Policies. When you sell shares, you
receive the NAV computed at the close of the NYSE on the day that the Fund
receives your request, if your request is received before 4:00 p.m. Eastern
time. If the Fund receives your redemption request after 4:00 p.m. Eastern
time, you will receive the next day's NAV. Generally, the Fund pays redemption
proceeds within seven days. The Fund may, at any time, change, suspend or
terminate any of the redemption methods described in this prospectus, except
redemptions by mail. For more information, see "How the Fund Calculates its
NAV."

The Fund may, at its discretion, pay your redemption proceeds with
securities instead of cash. However, the Fund is obligated to redeem shares
solely in cash, up to the lesser of $250,000 or 1% of the Fund's total net
assets during any ninety day period for any one shareholder. See the SAI for
further details.

Except as otherwise noted, neither the Fund, the Service Company nor the
Fund's distributor assumes responsibility for the authenticity of any
instructions received by any of them from a shareholder by telephone. The
Service Company will employ reasonable procedures to confirm that instructions
received over the telephone or otherwise are genuine. Neither the Fund, the
Service Company nor the Fund's distributor will be liable when following
instructions received by telephone or otherwise that the Service Company
reasonably believes to be genuine.

7
<PAGE>

ADDITIONAL TRANSACTION POLICIES

How the Fund Calculates its NAV. The Fund's NAV equals the value of its shares
without sales charges. The Fund calculates its NAV by adding up the total value
of its investments and other assets, subtracting its liabilities and then
dividing the result by the number of shares outstanding. The Fund computes its
NAV as of the close of regular trading (generally 4:00 p.m. Eastern time) on
each day that the NYSE is open.

The Fund's assets are valued primarily on the basis of market quotations.
Short-term securities with remaining maturities of sixty days or less for which
quotations are not readily available are valued on the basis of amortized cost.
In addition, securities for which quotations are not readily available,
including fixed-income securities, are valued by a method that the Board of
Trustees believes accurately reflects fair value.

EXCHANGES

You may exchange Charitable Shares of the Fund for Charitable Shares of
any other Evergreen Select Fund. You may exchange your shares through your
broker-dealer, by mail or by telephone. All exchange orders must comply with
the applicable requirements for purchases and redemptions and must include your
account number, the number or value of shares to be exchanged, the class of
shares, and the Funds to and from which you wish to exchange.

Signatures on exchange orders must be guaranteed, as described below.

The Fund reserves the right to change or revoke the exchange privilege of
any shareholder or to limit or revoke any exchange. Currently, you may not make
more than five exchanges in a year or three exchanges in a calendar quarter.

Please read the prospectus of the fund that you want to exchange into
before requesting your exchange.

For federal income tax purposes, an exchange is treated as a sale for
taxable investors.

DIVIDENDS

As a shareholder, you are entitled to your share of earnings on the Fund's
investments. You receive such earnings as either an income dividend or a
capital gains distribution. Income dividends come from the dividends that the
Fund earns from its stocks plus any interest it receives from its bonds. The
Fund realizes a capital gain whenever it sells a security for a higher price
than its tax basis.

Dividend Schedule. The Fund declares dividends from its net investment income
daily and pays such dividends monthly. The Fund pays shareholders its net
capital gains at least once a year.

Payment Options. Unless you select another option on your account application,
your dividends and capital gains will be reinvested in additional shares of the
same class of the same Fund.

TAXES

The Fund intends to qualify as a regulated investment company (a "RIC")
under Subchapter M of the Internal Revenue Code of 1986, as amended. As long as
a Fund qualifies as a RIC and distributes substantially all of its net
investment income and capital gains, it will not pay federal income taxes on
the earnings it distributes to shareholders.

Distributions to shareholders, whether taken in cash or reinvested in
shares, are generally considered taxable for federal income tax purposes as
follows:

8
<PAGE>

o Income distributions and net short-term capital gains are taxable as
ordinary income.

o Long-term capital gains distributions are taxable as capital gains,
regardless of how long you have held your shares.

SHAREHOLDER SERVICES

Details on all shareholder services may be obtained from the Service
Company by calling toll free 1-800-343-3453 or by writing to the Service
Company.

Fund Structure. The Fund is an investment pool, which invests shareholders'
money towards a specified goal. The Fund is a diversified series of an
open-end, investment management company, called "Evergreen Select Fixed Income
Trust" (the "Trust"). The Trust is a Delaware business trust organized on
September 17, 1997.

Board of Trustees. The Trust is supervised by a Board of Trustees that is
responsible for representing the interests of shareholders. The Trustees meet
periodically throughout the year to oversee the Fund's activities, reviewing,
among other things, the Fund's performance and its contractual arrangements
with various service providers.

Shareholder Rights. All shareholders participate equally in dividends and
distributions from the Fund's assets and have equal voting, liquidation and
other rights. Shareholders may exchange shares as described under "Exchanges,"
but will have no other preference, conversion, exchange or preemptive rights.
When issued and paid for, your shares will be fully paid and nonassessable.
Shares of the Fund are redeemable, transferable and freely assignable as
collateral. The Trust may establish additional classes or series of shares.

The Fund does not hold annual shareholder meetings; the Fund may, however,
hold special meetings for such purposes as electing or removing Trustees,
changing fundamental policies and approving investment advisory agreements or
12b-1 plans. In addition, the Fund is prepared to assist shareholders in
communicating with one another for the purpose of convening a meeting to elect
Trustees. If any matters are to be voted on by shareholders, each share owned
as of the record date for the meeting would be entitled to one vote.

Adviser. First Union National Bank ("FUNB") is the investment adviser to the
Fund. FUNB is a subsidiary of First Union Corporation ("First Union"). First
Union and FUNB are located at 301 South College Street, Charlotte, North
Carolina 28288-0630. First Union and its subsidiaries provide a broad range of
financial services to individuals and businesses throughout the U.S.

The Fund pays FUNB a fee for its services equal to 0.40% of the Fund's
average net assets. Of that amount, FUNB has voluntarily agreed to reduce its
advisory fee by 0.10%, resulting in a net annual advisory fee of 0.30% of the
average net assets of the Fund.

FUNB currently intends to continue waiving 0.10% of its advisory fee
through November 30, 1998. However, FUNB may modify or cancel its expense
waiver at any time.

9
<PAGE>

Portfolio Managers. The portfolio managers of the Fund are Robert Cheshire and
Bruce J. Besecker.

Robert Cheshire. Since joining First Fidelity Bank in 1990, which was
acquired by First Union in 1995, Robert Cheshire has been a Vice President and
Senior Portfolio Manager. He is head of the Newark Taxable Fixed Income Unit
and manages the Evergreen Intermediate Term Government Securities Fund.

Bruce J. Besecker. Bruce Besecker has over 16 years investment experience.
In addition to managing the Philadelphia Taxable Fixed Income Unit for Capital
Management Group of FUNB, he maintains fund and individual account
responsibilities. Since joining First Union in 1987, Mr. Besecker has been a
Vice President and Senior Portfolio Manager.

Distributor. Evergreen Distributor, Inc. is the Fund's distributor. Evergreen
Distributor, Inc. is located at 125 West 55th Street, New York, New York 10019
and is a subsidiary of The BISYS Group, Inc. Evergreen Distributor, Inc.
markets the Fund and distributes their shares through broker-dealers, financial
planners and other financial representatives. Evergreen Distributor, Inc. is
not affiliated with First Union.

Transfer Agent. Evergreen Service Company is the Fund's transfer agent.
Evergreen Service Company is a subsidiary of First Union and is located at 200
Berkeley Street, Boston, MA 02116-5034. Evergreen Service Company handles
shareholder services, including record keeping and account statements,
distribution of dividends and capital gains and processing of transactions.

Administrator. Evergreen Investment Services, Inc. ("EIS") serves as
administrator to the Fund. As administrator, and subject to the supervision and
control of the Trust's Board of Trustees, EIS provides the Fund with
facilities, equipment and personnel. For its services as administrator, EIS is
entitled to receive a fee based on the aggregate average daily net assets of
the Fund at a rate based on the total assets of all mutual funds advised by
First Union subsidiaries. The administration fee is calculated in accordance
with the following schedule.

<TABLE>
<CAPTION>
Aggregate Average Daily Net Assets Of Mutual Funds
For Which Any Subsidiary Of First Union
Administrative Fee Serves As Investment Adviser
<S> <C>
0.050% on the first $7 billion
0.035% on the next $3 billion
0.030% on the next $5 billion
0.020% on the next $10 billion
0.015% on the next $5 billion
0.010% on assets in excess of $30 billion
</TABLE>

OTHER INFORMATION AND POLICIES

Securities Transactions. Under policies established by the Trust's Board of
Trustees, FUNB selects broker-dealers to execute portfolio transactions subject
to the receipt of best execution. In so doing, FUNB may select broker-dealers
who are affiliated with FUNB. Moreover, the Fund may pay higher commissions to
broker-dealers that provide research services, which FUNB may use in advising
the Fund or its other clients.

Portfolio Turnover. The estimated annual portfolio turnover rates for the Fund
is not expected to exceed 50%.

10
<PAGE>

Other Classes of Shares. The Fund offers three classes of shares, Charitable,
Institutional and Institutional Service. Only Charitable Shares are offered
through this prospectus. Call the Service Company for information on the other
classes of shares, including how to get a prospectus.

FUND PERFORMANCE
Total return. Total return is the change in value of an investment in the Fund
over a given period, assuming that dividends and capital gains are reinvested
and that recurring charges are deducted. A cumulative total return reflects
actual performance over a stated period of time. An average annual total return
is a hypothetical rate of return that, if achieved annually, would have
produced the same cumulative total return if performance had been constant over
the entire period. Average annual total returns smooth out variations in
performance; they are not the same as actual year-by-year results.

Yield. Yield is the income generated by an investment in the Fund over a given
period of time, expressed as an annual percentage rate. Yields are calculated
according to a standard that is required for all stock and bond funds. Because
this differs from other accounting methods, the quoted yield may not equal the
income actually paid to shareholders.

Related Performance Information. Evergreen Select Core Bond Fund commenced
operations on or about November 24, 1997. On that date, a common trust fund (a
"CTF") with materially equivalent investment objectives, policies and
strategies as the Fund transferred substantially all its assets to the Fund in
exchange for shares of the Fund. After such transfer, the Fund's portfolio of
investments was the same as the portfolio of the CTF immediately prior to the
transfer.

The CTF is for all practical purposes a "predecessor" of the Fund. As a
result, the performance for the Fund's Charitable Shares is calculated for
periods commencing before October 31, 1997, by including the CTF's average
annual total return. The CTF's average annual total return is adjusted to
reflect the deduction of fees and expenses under "Expenses". These fees and
expenses include management fees and certain other Fund expenses. These fees
and expenses have not, however, been adjusted to reflect any expense waivers or
reimbursements.

The quoted performance data includes the performance of the CTF for the
period before the Trust's Registration Statement became effective. The CTF was
not registered under the 1940 Act and thus was not subject to certain
investment restrictions that are imposed by the 1940 Act. If the CTF had been
registered under the 1940 Act, its performance might have been adversely
affected. In addition, the CTF was not subject to the provisions of the
Internal Revenue Code with respect to "regulated investment companies," which
provisions, if imposed, could have adversely affected the CTFs' performance.
Employee benefit plans that invest plan assets in the CTF may be subject to
certain charges as set forth in its respective Plan Documents. Total return
figures would be lower for the period if it reflected these charges.

<TABLE>
<CAPTION>
10 Years (Or
since Inception
Fund Name (Predecessor CTF) 1 Year 3 Years 5 Years Inception) Date
<S> <C> <C> <C> <C> <C>
Evergreen Select Core Bond Fund (Charitable Fixed
Income Trust) Charitable Shares 7.73% 8.94% 6.92% 8.76% 2/28/86
</TABLE>

General. The Fund may include comparative performance information in
advertising or in marketing the Fund's shares. Such information could include
data from Lipper Analytical Services, Inc., Morningstar, Inc., CDA Weisenberger
and Value Line, other industry publications or various indexes, such as the
Lehman Brothers Aggregate Bond Index.

11
<PAGE>

INVESTMENT ADVISER
First Union National Bank, 201 South College Street, Charlotte, North Carolina
28288

CUSTODIAN
State Street Bank and Trust Company, Box 9021, Boston, Massachusetts 02205-9827

TRANSFER AGENT
Evergreen Service Company, 200 Berkeley Street, Boston, Massachusetts, 02116

LEGAL COUNSEL
Sullivan & Worcester LLP, 1025 Connecticut Avenue, N.W., Washington, D.C. 20036

INDEPENDENT AUDITORS
Price Waterhouse LLP, 160 Federal Street, Boston, Massachusetts 02110

DISTRIBUTOR
Evergreen Distributor, Inc., 125 West 55th Street, New York, New York 10019

63577 541915
<PAGE>

- --------------------------------------------------------------------------------
PROSPECTUS November 21, 1997
- --------------------------------------------------------------------------------

(Evergreen Funds Logo Appears Here)

EVERGREEN SELECT INTERMEDIATE TAX EXEMPT BOND FUND ("THE FUND")

- ----------------------------------------------------------------------------
INSTITUTIONAL SHARES

This prospectus explains important information about the Institutional
Shares of the Evergreen Select Intermediate Tax Exempt Bond Fund, including how
the Fund invests and services available to shareholders. Please read this
prospectus before investing, and keep it for future reference.

By itself, no Fund is a complete investment plan. When considering an
investment in the Fund, remember to consider your overall investment objectives
and any other investments you own. You should also carefully evaluate your
ability to handle the risks posed by your investment in the Fund. You can find
information on the risks associated with investing in the Fund under the
section called "Fund Description."

To learn more about the Evergreen Select Intermediate Tax Exempt Bond
Fund, call 1-800-633-2700 for a free copy of the Funds' statement of additional
information ("SAI") dated November 21, 1997 as supplemented from time to time.
The Fund has filed the SAI with the Securities and Exchange Commission and has
incorporated it by reference (legally included it) into this prospectus.

Please remember that shares of the Fund are:

TABLE OF CONTENTS
----------------

<TABLE>
<CAPTION>
<S> <C>
EXPENSES 3
FUND DESCRIPTION 3
The Fund's Investment Objective 3
Securities and Investment Practices
Used By The Fund 4
BUYING AND SELLING SHARES 6
How To Buy Shares 6
How To Redeem Shares 6
Additional Transaction Policies 7
Exchanges 7
Dividends 8
Taxes 8
Shareholder Services 8

<S> <C>
FUND DETAILS 8
Fund Organization and Service
Providers 8
Other Information and Policies 10
Fund Performance 10
</TABLE>

2
<PAGE>

- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
The tables and example below are designed to help you understand the
various expenses that you will bear, directly or indirectly, when you invest in
the Fund. Shareholder transaction expenses are fees paid directly from your
account when you buy or sell shares of the Fund. There are no shareholder
transaction expenses.

Annual operating expenses reflect the normal operating expenses of the
Fund, and include costs such as management, distribution and other fees. The
table below shows the Fund's estimated annual operating expenses for the fiscal
period ending September 30, 1998. The Fund's example shows what you would pay
if you invested $1,000 over the periods indicated. The example assumes that you
reinvest all of your dividends and that the Fund's average annual return will
be 5%. The example is for illustration purposes only and should not be
considered a representation of past or future expenses or annual return. The
Fund's actual expenses and returns will vary. For a more complete description
of the various costs and expenses borne by the Fund see "Fund Details."

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Management Total Operating
Fees(1) Expenses (After
Annual Fund Operating Expenses (After Expense 12b-1 Other Expense Waivers or
(as a percentage of average daily net assets) Waivers) Fees Expenses Reimbursements)(1)
Evergreen Select Intermediate Tax Exempt Bond Fund 0.50% None 0.14% 0.64%
Example of Fund Expenses 1 year 3 years
Evergreen Select Intermediate Tax Exempt Bond Fund $ 7 $ 20
</TABLE>

- --------
(1) The Fund's investment adviser has voluntarily agreed to limit the Fund's
investment advisory fee to 0.50%. Without such waivers the Management Fee
set forth above would be 0.60%. The investment adviser currently intends
to continue this expense waiver through November 30, 1998; however, it may
modify or cancel its expense waiver at any time. See "Fund Details" for
more information. Absent expense waivers and/or reimbursements, the Total
Operating Expenses for the Fund would be 0.74% of average daily net
assets.
- --------------------------------------------------------------------------------
FUND DESCRIPTION
- --------------------------------------------------------------------------------
THE FUND'S INVESTMENT OBJECTIVE

Evergreen Select Intermediate Tax Exempt Bond Fund seeks the highest
possible current income, exempt from federal income taxes, consistent with the
Fund's maturity and preservation of capital.

Under normal market conditions, the Fund invests its assets according to
applicable guidelines issued by the Securities and Exchange Commission
concerning investment in tax-exempt securities. The Fund may not change this
investment policy without shareholder approval. To comply with this
requirement, the Fund normally invests at least 80% of its assets in securities
exempt from federal income tax (including the alternative minimum tax). The
Fund may invest up to 20% of its assets in securities that are subject to the
alternative minimum tax and/or taxable obligations. The Fund will maintain a
dollar-weighted average maturity of three to ten years.

The Fund may invest in a variety of derivative instruments that are
consistent with its investment objective and policies including options,
futures and options on futures. The Fund also may invest in mortgage-backed and
other asset-backed securities, inflation-indexed bonds, structured notes, loan
participations, interest rate swaps and index swaps. For more information, see
"Derivatives" and "Mortgage-Backed Securities" below.

The Fund may lend portfolio securities and enter into repurchase and
reverse repurchase agreements, forward commitment and when-issued transactions.
The Fund may invest up to 20% of its assets in high-yield, high-risk bonds, but
not in bonds that are rated below B.

3
<PAGE>

The Fund's investment objective is nonfundamental. As a result, the Fund
may change its objective(s) without a shareholder vote. The Fund has also
adopted certain fundamental investment policies which are mainly designed to
limit the Fund's exposure to risk. The Fund's fundamental policies cannot be
changed without a shareholder vote. See the SAI for more information regarding
the Fund's fundamental investment policies or other related investment
policies.

SECURITIES AND INVESTMENT PRACTICES USED BY THE FUND

Debt securities have varying degrees of quality. Investment grade bonds
are generally rated within the four highest grades as determined by Standard &
Poor's Ratings Group ("S & P") (AAA, AA, A or BBB), Moody's Investors Service
("Moody's") (Aaa, Aa, A or Baa), or Fitch Investors Service, L.P. ("Fitch")
(AAA, AA, A or BBB) or their respective equivalent ratings or, if not rated or
rated by another system, determined by the Fund's adviser to be of equivalent
credit quality to securities so rated. For information on below-investment
grade bonds, see "High-yield, High-risk Bonds" below. Investment grade bonds
are regarded as having a greater capacity to pay interest and repay principal.
However, adverse economic conditions, or changing circumstances may lead to a
weakened capacity to pay interest and repay principal than higher-rated bonds.

Municipal Securities. Municipal securities include municipal bonds, notes and
commercial paper obligations that are obligations issued by or on behalf of
States of the U.S., territories and possessions of the U.S., the District of
Columbia and their political sub-divisions, agencies and instrumentalities.
Municipal bonds include fixed, variable or floating rate general obligations
and revenue bonds (including municipal lease obligations and resource recovery
bonds). Municipal notes include tax anticipation notes, bond anticipation notes
and revenue anticipation notes. Municipal commercial paper obligations are
unsecured promissory notes issued by municipalities to meet short-term credit
needs.

4
<PAGE>

High-yield, High-risk Bonds. High-yield, high-risk bonds (commonly called "junk
bonds") are bonds rated BB or lower by S&P or Fitch or Ba by Moody's or, if
unrated or rated under another system, are of comparable quality to obligations
so rated as determined by the Fund's investment adviser. Since these bonds have
a low rating, a degree of doubt surrounds the ability of the issuer to continue
interest payments. High-yield, high-risk bonds are usually backed by issuers of
less proven or questionable financial strength. Compared with higher grade
bonds, issuers of high-yield, high-risk bonds are more likely to face financial
problems and to be materially affected by those problems. As a result, the
ability of issuers of high-yield, high-risk bonds to pay interest and principal
is uncertain. Moreover, the value of a high-yield, high-risk bond may react
strongly to real or perceived unfavorable news about an issuer or the economy.
If a high-yield, high-risk bond issuer defaults, the bond will lose some or all
of its value.

Derivatives. Derivatives are financial contracts whose value is based on an
underlying asset, such as a stock or a bond, or an underlying economic factor,
such as an index or an interest rate.

Investing in Securities of Other Investment Companies. The Fund may invest in
securities of other investment companies. As a shareholder of another
investment company, the Fund would pay its portion of the other investment
company's expenses. These expenses would be in addition to the expenses that
the Fund currently bears concerning its own operations and may result in some
duplication of fees.

5
<PAGE>

Fund until settlement. At the time of settlement, a when-issued security may be
valued at less than its purchase price. When entering into these transactions,
the Fund relies on the other party to consummate the transaction; if the other
party fails to do so, the Fund may be disadvantaged.

Other Investment Restrictions. The Fund has adopted additional investment
restrictions and guidelines that are set forth in the SAI.
- --------------------------------------------------------------------------------
BUYING AND SELLING SHARES
- --------------------------------------------------------------------------------
HOW TO BUY SHARES

Institutional investors may buy Institutional Shares of the Fund through
broker-dealers, banks and certain other financial intermediaries, or directly
through the Funds' distributor, Evergreen Distributor, Inc. ("EDI"). Investors
may purchase Institutional Shares at the public offering price, which equals
the class's net asset value per share ("NAV"). See "Offering Price and Other
Purchase Information" below.

Minimum Investment. The minimum initial investment in Institutional Shares is
$1 million, which may be waived in certain situations. There is no minimum
amount required for subsequent purchases.

You may, at the Fund's discretion, pay for shares of the Fund with
securities instead of cash. Additionally, if you want to buy the Fund's shares
equal in amount to $5 million or more the Fund may require you to pay for those
shares with securities instead of cash. The Fund will only accept securities
that are consistent with its investment objective, policies and restrictions.
Also, the Fund will value the securities in the manner described under "How the
Fund Calculates Its NAV." Investors who receive the Fund's shares for
securities instead of cash may pay such transaction costs as broker's
commissions, taxes or governmental fees.

HOW TO REDEEM SHARES

You may redeem shares of the Fund by mail, telephone or other types of
telecommunication.

Mail Redemptions. You may redeem shares on each day that the New York Stock
Exchange ("NYSE") is open by mailing a written request to the Service Company
at the following address:

Evergreen Service Company
P.O. Box 2121
Boston, Massachusetts 02106-2121

The signatures on the written request must be properly guaranteed, as
described below.

6
<PAGE>

If you are unable to reach the Fund or the Service Company by telephone,
you should redeem by mail.

ADDITIONAL TRANSACTION POLICIES

How the Fund Calculates Its NAV. The Fund's NAV equals the value of its shares
without sales charges. The Fund calculates its NAV by adding up the total value
of its investments and other assets, subtracting its liabilities and then
dividing the result by the number of shares outstanding. The Fund computes its
NAV as of the close of regular trading (generally 4:00 p.m. Eastern time) on
each day that the NYSE is open.

EXCHANGES

You may exchange Institutional Shares of the Fund for Institutional Shares
of any other Evergreen Select Fund. You may exchange your shares through your
broker-dealer, by mail or by telephone. All exchange orders must comply with
the applicable requirements for purchases and redemptions and must include your
account number, the number or value of shares to be exchanged, the class of
shares, and the Funds to and from which you wish to exchange.

Signatures on exchange orders must be guaranteed, as described below.

7
<PAGE>

Please read the prospectus of the fund that you want to exchange into
before requesting your exchange.

For federal income tax purposes, an exchange is treated as a sale for
taxable investors.

DIVIDENDS

Dividend Schedule. The Fund declares dividends from its net investment income
daily and pays such dividends monthly. The Fund pays shareholders its net
capital gains at least once a year.

Payment Options. Unless you select another option on your account application,
your dividends and capital gains will be reinvested in additional shares of the
same class of the same Fund.

TAXES

The Fund intends to qualify as a regulated investment company (a "RIC")
under Subchapter M of the Internal Revenue Code of 1986, as amended. As long as
the Fund qualifies as a RIC and distributes substantially all of its net
investment income and capital gains, it will not pay federal income taxes on
the earnings it distributes to shareholders.

Distributions to shareholders, whether taken in cash or reinvested in
shares, are generally considered taxable for federal income tax purposes as
follows:

o Income distributions and net short-term capital gains are taxable as
ordinary income.

o Long-term capital gains distributions are taxable as capital gains,
regardless of how long you have held your shares.

SHAREHOLDER SERVICES

Details on all shareholder services may be obtained from the Service
Company by calling toll free 1-800-633-2700 or by writing to the Service
Company.

8
<PAGE>

Board of Trustees. The Trust is supervised by a Board of Trustees that is
responsible for representing the interests of shareholders. The Trustees meet
periodically throughout the year to oversee the Fund's activities, reviewing,
among other things, its performance and its contractual arrangements with
various service providers.

The Fund does not hold annual shareholder meetings; the Fund may, however,
hold special meetings for such purposes as electing or removing Trustees,
changing fundamental policies and approving investment advisory agreements. In
addition, the Fund is prepared to assist shareholders in communicating with one
another for the purpose of convening a meeting to elect Trustees. If any
matters are to be voted on by shareholders, each share owned as of the record
date for the meeting would be entitled to one vote.

Adviser. The investment adviser to the Fund is the First Union National Bank
("FUNB"), a subsidiary of First Union Corporation ("First Union"). First Union
and FUNB are located at 301 South College Street, Charlotte, North Carolina
28288-0630. First Union and its subsidiaries provide a broad range of financial
services to individuals and businesses throughout the U.S.

The Fund pays FUNB a fee for its services equal to 0.60% of average daily
net assets, FUNB has voluntarily agreed to limit the Fund's advisory fee to
0.50%. FUNB currently intends to continue limiting the Fund's advisory fee
through November 30, 1998. However, FUNB may modify or cancel its expense
waiver at any time.

Portfolio Manager. Richard K. Marrone is the Fund's portfolio manager. Richard
Marrone has over 15 years of investment and market experience. Since joining
First Union in 1993, Mr. Marrone has been a Vice President and Senior Portfolio
Manager. Mr. Marrone came to First Union from Woodbridge Capital Management
where he served as a senior portfolio manager for mutual and common trust funds
from 1982-1993.

Distributor. Evergreen Distributor, Inc. is the Fund's distributor. Evergreen
Distributor, Inc. is located at 125 West 55th Street, New York, New York 10019
and is a subsidiary of The BISYS Group, Inc. Evergreen Distributor, Inc.
markets the Fund and distributes its shares through broker-dealers, financial
planners and other financial representatives. Evergreen Distributor, Inc. is
not affiliated with First Union.

9
<PAGE>

OTHER INFORMATION AND POLICIES

Banking Laws. The Glass-Steagall Act and other banking laws and regulations
presently prohibit a bank holding company or its affiliates (a "Bank") from
sponsoring, organizing, controlling, or distributing the shares of a registered
open-end investment company such as the Fund. However, a Bank may act as
investment adviser, transfer agent or custodian to a registered open-end
investment company. A Bank may also purchase shares of such company and pay
third parties for performing these functions.

Securities Transactions. Under policies established by the Trust's Board of
Trustees, FUNB selects broker-dealers to execute portfolio transactions subject
to the receipt of best execution. In so doing, FUNB may select broker-dealers
who are affiliated with FUNB. Moreover, the Fund may pay higher commissions to
broker-dealers that provide research services, which FUNB may use in advising
the Fund or its other clients.

Portfolio Turnover. The estimated annual portfolio turnover rate for the Fund
is not expected to exceed 75%.

Code of Ethics. The Fund and FUNB have each adopted a code of ethics
incorporating policies on personal securities trading. In general, these codes
of ethics require that certain personnel of the Fund and FUNB (1) abstain from
engaging in certain personal trading practices and (2) report certain personal
trading activities.

Other Classes of Shares. The Fund offers two classes of shares, Institutional
and Institutional Service. Only Institutional shares are offered through this
prospectus. Call the Service Company for information on the other classes of
shares, including how to get a prospectus.

FUND PERFORMANCE

Total return. Total return is the change in value of an investment in the Fund
over a given period, assuming that dividends and capital gains are reinvested
and that recurring charges are deducted. A cumulative total return reflects
actual performance over a stated period of time. An average annual total return
is a hypothetical rate of return that, if achieved annually, would have
produced the same cumulative total return if performance had been constant over
the entire period. Average annual total returns smooth out variations in
performance; they are not the same as actual year-by-year results.

Yield. Yield is the income generated by an investment in the Fund over a given
period of time, expressed as an annual percentage rate. Yields are calculated
according to a standard that is required for all stock and bond Funds. Because
this differs from other accounting methods, the quoted yield may not equal the
income actually paid to shareholders.

Related Performance Information. Evergreen Select Intermediate Tax Exempt Bond
Fund commenced operations on or about November 24, 1997. On that date, a common
trust fund (a "CTF") with investment objectives, policies and strategies
materially equivalent to the Fund transferred substantially all its assets to
the Fund in exchange for shares of the Fund. After such transfer, the Fund's
portfolio of investments was the same as the portfolio of the CTF immediately
prior to the transfer.

The CTF is for all practical purposes a "predecessor" of the Fund. As a result,
the performance for the Fund's Institutional Shares is calculated for periods
commencing before October 31, 1997, by including the CTF's average annual total
return. The CTF's average annual total return is adjusted to reflect the
deduction of fees and expenses applicable to the Class as stated under
"Expenses." These fees and expenses include management fees and certain other
Fund expenses. These fees and expenses have not, however, been adjusted to
reflect any expense waivers or reimbursements.

The quoted performance data includes the performance of the CTF for the period
before the Trust's Registration Statement became effective. The CTF was not
registered under the 1940 Act and thus was not subject to certain investment
restrictions that are imposed by the 1940 Act. If the CTF had been registered
under the 1940 Act, its performance might have been adversely affected. In
addition, the CTF was not subject to the provisions of the Internal Revenue
Code with respect to "regulated investment companies," which provisions, if
imposed, could have adversely affected the CTFs' performance. Employee benefit
plans that invest plan assets in the CTF may be subject to certain charges as
set forth in its Plan Document. Total return figures would be lower for the
period if it reflected these charges.

10
<PAGE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
10 Years (Or
since Inception
Fund Name (Predecessor CTF) 1 Year 3 Years 5 Years Inception) Date
Evergreen Select Intermediate Tax Exempt Bond Fund
(National Tax Exempt Trust)
Institutional Shares 7.44% 7.32% 6.02% 6.92% 1/31/84
</TABLE>

11
<PAGE>

Investment Adviser
First Union National Bank, 201 South College Street, Charlotte, North Carolina
28288

Custodian
State Street Bank and Trust Company, Box 9021, Boston, Massachusetts 02205-9827

Transfer Agent
Evergreen Service Company, 200 Berkeley Street, Boston, Massachusetts, 02116

Legal Counsel
Sullivan & Worcester LLP, 1025 Connecticut Avenue, N.W., Washington, D.C. 20036

Independent Auditors
Price Waterhouse LLP, 160 Federal Street, Boston, Massachusetts 02110

Distributor
Evergreen Distributor, Inc., 125 West 55th Street, New York, New York 10019

63151
542264

<PAGE>

- --------------------------------------------------------------------------------
PROSPECTUS November 21, 1997
- --------------------------------------------------------------------------------

(Evergreen Funds Logo Appears Here)

EVERGREEN SELECT INTERMEDIATE TAX EXEMPT BOND FUND ("THE FUND")

- ----------------------------------------------------------------------------
INSTITUTIONAL SERVICE SHARES

This prospectus explains important information about the Institutional
Service Shares of the Evergreen Select Intermediate Tax Exempt Bond Fund,
including how the Fund invests and services available to shareholders. Please
read this prospectus before investing, and keep it for future reference.

To learn more about the Evergreen Select Intermediate Tax Exempt Bond
Fund, call 1-800-343-3453 for a free copy of the Funds' statement of additional
information ("SAI") dated November 21, 1997 as supplemented from time to time.
The Fund has filed the SAI with the Securities and Exchange Commission and has
incorporated it by reference (legally included it) into this prospectus.

Please remember that shares of the Fund are:

<PAGE>

TABLE OF CONTENTS
----------------

<S> <C>
FUND DETAILS 8
Fund Organization and Service
Providers 8
Other Information and Policies 10
Fund Performance 10
</TABLE>

2
<PAGE>

- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
The tables and example below are designed to help you understand the
various expenses that you will bear, directly or indirectly, when you invest in
the Fund. Shareholder transaction expenses are fees paid directly from your
account when you buy or sell shares of the Fund. There are no shareholder
transaction expenses.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Management Other Total Operating
Fees(1) Expenses Expenses (After
Annual Fund Operating Expenses (After Expense 12b-1 (After Expense Expense Waivers or
(as a percentage of average daily net assets) Waivers) Fees Reimbursements) Reimbursements)(1)
Evergreen Select Intermediate Tax Exempt Bond
Fund 0.50% 0.25% 0.14% 0.89%
Example of Fund Expenses 1 year 3 years
Evergreen Select Intermediate Tax Exempt Bond
Fund $ 9 $ 28
</TABLE>

- --------
(1) The Fund's investment adviser has voluntarily agreed to limit the Fund's
investment advisory fee to 0.50%. Without such waivers the Management Fee
set forth above would be 0.60%. The investment adviser currently intends
to continue this expense waiver through November 30, 1998; however, it may
modify or cancel its expense waiver at any time. See "Fund Details" for
more information. Absent expense waivers and/or reimbursements, the Total
Operating Expenses for the Fund would be 0.99% of average daily net
assets.
- --------------------------------------------------------------------------------
FUND DESCRIPTION
- --------------------------------------------------------------------------------
THE FUND'S INVESTMENT OBJECTIVE

Evergreen Select Intermediate Tax Exempt Bond Fund seeks the highest
possible current income, exempt from federal income taxes, consistent with the
Fund's maturity and preservation of capital.

3
<PAGE>

SECURITIES AND INVESTMENT PRACTICES USED BY THE FUND

Debt securities have varying degrees of quality. Investment grade bonds
are generally rated within the four highest grades as determined by Standard &
Poor's Ratings Group ("S & P") (AAA, AA, A or BBB), Moody's Investors Service
("Moody's") (Aaa, Aa, A or Baa), or Fitch Investors Service, L.P. ("Fitch")
(AAA, AA, A or BBB) or their respective equivalent ratings or, if not rated or
rated by another system, determined by the Fund's adviser to be of equivalent
credit quality to securities so rated. For information on below-investment
grade bonds, see "High-yield, High-risk Bonds" below. Investment grade bonds
are regarded as having a greater capacity to pay interest and repay principal.
However, adverse economic conditions, or changing circumstances may lead to a
weakened capacity to pay interest and repay principal than higher-rated bonds.

4
<PAGE>

High-yield, High-risk Bonds. High-yield, high-risk bonds (commonly called "junk
bonds") are bonds rated BB or lower by S&P or Fitch or Ba by Moody's or, if
unrated or rated under another system, are of comparable quality to obligations
so rated as determined by the Fund's investment adviser. Since these bonds have
a low rating, a degree of doubt surrounds the ability of the issuer to continue
interest payments. High-yield, high-risk bonds are usually backed by issuers of
less proven or questionable financial strength. Compared with higher grade
bonds, issuers of high-yield, high-risk bonds are more likely to face financial
problems and to be materially affected by those problems. As a result, the
ability of issuers of high-yield, high-risk bonds to pay interest and principal
is uncertain. Moreover, the value of a high-yield, high-risk bond may react
strongly to real or perceived unfavorable news about an issuer or the economy.
If a high-yield, high-risk bond issuer defaults, the bond will lose some or all
of its value.

Derivatives. Derivatives are financial contracts whose value is based on an
underlying asset, such as a stock or a bond, or an underlying economic factor,
such as an index or an interest rate.

5
<PAGE>

Other Investment Restrictions. The Fund has adopted additional investment
restrictions and guidelines that are set forth in the SAI.

Institutional investors may buy Institutional Service Shares of the Fund
through broker-dealers, banks and certain other financial intermediaries, or
directly through the Fund's distributor, Evergreen Distributor, Inc. ("EDI").
Investors may purchase Institutional Service Shares at the public offering
price, which equals the class's net asset value per share ("NAV"). See
"Offering Price and Other Purchase Information" below.

Except as provided below, you can only purchase shares by wiring federal
funds to Evergreen Service Company (the "Service Company"). You may obtain
wiring instructions by calling 1-800-343-3453. When you call, the Service
Company representative will ask you for the following information: name of
authorized person; shareholder name; shareholder account number; name of the
Fund and share class; amount being wired; and wiring bank name.

You may, at the Fund's discretion, pay for shares of the Fund with
securities instead of cash. Additionally, if you want to buy the Fund's shares
equal in amount to $5 million or more the Fund may require you to pay for those
shares with securities instead of cash. The Fund will only accept securities
that are consistent with its investment objective, policies and restrictions.
Also, the Fund will value the securities in the manner described under "How the
Fund Calculates Its NAV." Investors who receive the Fund's shares for
securities instead of cash may pay such transaction costs as broker's
commissions, taxes or governmental fees.

HOW TO REDEEM SHARES

You may redeem shares of the Fund by mail, telephone or other types of
telecommunication.

Mail Redemptions. You may redeem shares on each day that the New York Stock
Exchange ("NYSE") is open by mailing a written request to the Service Company
at the following address:

Evergreen Service Company
P.O. Box 2121
Boston, Massachusetts 02106-2121

The signatures on the written request must be properly guaranteed, as
described below.

6
<PAGE>

If you are unable to reach the Fund or the Service Company by telephone,
you should redeem by mail.

ADDITIONAL TRANSACTION POLICIES

How the Fund Calculates Its NAV. The Fund's NAV equals the value of its share
without sales charges. The Fund calculates its NAV by adding up the total value
of its investments and other assets, subtracting its liabilities and then
dividing the result by the number of shares outstanding. The Fund computes its
NAV as of the close of regular trading (currently 4:00 p.m. Eastern time) on
each day that the NYSE is open.

EXCHANGES

You may exchange Institutional Service Shares of the Fund for
Institutional Service Shares of any other Evergreen Select Fund. You may
exchange your shares through your broker-dealer, by mail or by telephone. All
exchange orders must comply with the applicable requirements for purchases and
redemptions and must include your account number, the number or value of shares
to be exchanged, the class of shares, and the Funds to and from which you wish
to exchange.

Signatures on exchange orders must be guaranteed, as described below.

7
<PAGE>

Please read the prospectus of the fund that you want to exchange into
before requesting your exchange.

For federal income tax purposes, an exchange is treated as a sale for
taxable investors.

DIVIDENDS

Dividend Schedule. The Fund declares dividends from its net investment income
daily and pays such dividends monthly. The Fund pays shareholders its net
capital gains at least once a year.

Payment Options. Unless you select another option on your account application,
your dividends and capital gains will be reinvested in additional shares of the
same class of the same Fund.

TAXES

Distributions to shareholders, whether taken in cash or reinvested in
shares, are generally considered taxable for federal income tax purposes as
follows:

o Income distributions and net short-term capital gains are taxable as
ordinary income.

o Long-term capital gains distributions are taxable as capital gains,
regardless of how long you have held your shares.

SHAREHOLDER SERVICES

Details on all shareholder services may be obtained from the Service
Company by calling toll free 1-800-343-3453 or by writing to the Service
Company.

8
<PAGE>

Board of Trustees. The Trust is supervised by a Board of Trustees that is
responsible for representing the interests of shareholders. The Trustees meet
periodically throughout the year to oversee the Fund's activities, reviewing,
among other things, its performance and its contractual arrangements with
various service providers.

Adviser. The investment adviser to the Fund is the First Union National Bank
("FUNB"), a subsidiary of First Union Corporation ("First Union"). First Union
and First Union National Bank are located at 301 South College Street,
Charlotte, North Carolina 28288-0630. First Union and its subsidiaries provide
a broad range of financial services to individuals and businesses throughout
the U.S.

Distributor. Evergreen Distributor, Inc. is the Fund's distributor. Evergreen
Distributor, Inc. is located at 125 West 55th Street, New York, New York 10019
and is a subsidiary of The BISYS Group, Inc. Evergreen Distributor, Inc.
markets the Fund and distributes its shares through broker-dealers, financial
planners and other financial representatives. Evergreen Distributor, Inc. is
not affiliated with First Union.

9
<PAGE>

OTHER INFORMATION AND POLICIES

Distribution Plan.The Trust has adopted a distribution plan for the
Institutional Service Class shares of each Fund as allowed under the Investment
Company Act of 1940. Each Fund's distribution plan permits the Fund to pay an
annual service fee of up to 0.25% of the average daily net assets of the class
for personal services rendered to shareholders and/or the maintenance of
accounts. Each Fund's distribution plan may be terminated at any time by vote
of the Independent Trustees or by vote of a majority of the outstanding
Institutional Service Shares. For more information about the Funds'
distribution plans, see the SAI.

Banking Laws. The Glass-Steagall Act and other banking laws and regulations
presently prohibit a bank holding company or its affiliates (a "Bank") from
sponsoring, organizing, controlling, or distributing the shares of a registered
open-end investment company such as the Fund. However, a Bank may act as
investment adviser, transfer agent or custodian to a registered open-end
investment company. A Bank may also purchase shares of such company and pay
third parties for performing these functions.

Securities Transactions. Under policies established by the Trust's Board of
Trustees, FUNB selects broker-dealers to execute portfolio transactions subject
to the receipt of best execution. In so doing, FUNB may select broker-dealers
who are affiliated with FUNB. Moreover, the Fund may pay higher commissions to
broker-dealers that provide research services, which FUNB may use in advising
the Fund or its other clients.

Portfolio Turnover. The estimated annual portfolio turnover rate for the Fund
is not expected to exceed 75%.

Code of Ethics. The Fund and FUNB have each adopted a code of ethics
incorporating policies on personal securities trading. In general, these codes
of ethics require that certain personnel of the Fund and FUNB (1) abstain from
engaging in certain personal trading practices and (2) report certain personal
trading activities.

Other Classes of Shares. The Fund offers two classes of shares, Institutional
and Institutional Service. Only Institutional Service Shares are offered
through this prospectus. Call the Service Company for information on the other
classes of shares, including how to get a prospectus.

FUND PERFORMANCE

Yield. Yield is the income generated by an investment in the Fund over a given
period of time, expressed as an annual percentage rate. Yields are calculated
according to a standard that is required for all stock and bond Funds. Because
this differs from other accounting methods, the quoted yield may not equal the
income actually paid to shareholders.

The CTF is for all practical purposes a "predecessor" of the Fund. As a result,
the performance for the Fund's Institutional Service Shares is calculated for
periods commencing before October 31, 1997, by including the CTF's average
annual total return. The CTF's average annual total return is adjusted to
reflect the deduction of fees and expenses applicable to the Class as stated
under "Expenses." These fees and expenses include management fees, Rule 12b-1
fees and certain other Fund expenses. These fees and expenses have not,
however, been adjusted to reflect any expense waivers or reimbursements.

10
<PAGE>

The quoted performance data includes the performance of the CTF for the period
before the Trust's Registration Statement became effective. The CTF was not
registered under the 1940 Act and thus was not subject to certain investment
restrictions that are imposed by the 1940 Act. If the CTF had been registered
under the 1940 Act, its performance might have been adversely affected. In
addition, the CTF was not subject to the provisions of the Internal Revenue
Code with respect to "regulated investment companies," which provisions, if
imposed, could have adversely affected the CTFs' performance. Employee benefit
plans that invest plan assets in the CTF may be subject to certain charges as
set forth in its Plan Document. Total return figures would be lower for the
period if it reflected these charges.

11
<PAGE>

Investment Adviser
First Union National Bank, 201 South College Street, Charlotte, North Carolina
28288

Custodian
State Street Bank and Trust Company, Box 9021, Boston, Massachusetts 02205-9827

Transfer Agent
Evergreen Service Company, 200 Berkeley Street, Boston, Massachusetts, 02116

Legal Counsel
Sullivan & Worcester LLP, 1025 Connecticut Avenue, N.W., Washington, D.C. 20036

Independent Auditors
Price Waterhouse LLP, 160 Federal Street, Boston, Massachusetts 02110

Distributor
Evergreen Distributor, Inc., 125 West 55th Street, New York, New York 10019

63574
542265

<PAGE>

- ----------------------------------------------------------------------------
PROSPECTUS November 21, 1997
- ----------------------------------------------------------------------------

(Evergreen logo appears here)
EVERGREEN SELECT MONEY MARKET/LIMITED DURATION FUNDS
- ----------------------------------------------------------------------------
Evergreen Select 100% Treasury Money Market Fund
Evergreen Select Limited Duration Fund
(Each a "Fund," together the "Funds")

INSTITUTIONAL SHARES

This prospectus explains important information about the Institutional
Shares of the Evergreen Select 100% Treasury Money Market Fund and Evergreen
Select Limited Duration Fund, including how the Funds invest and services
available to shareholders. Please read this prospectus before investing, and
keep it for future reference.

By itself, no Fund is a complete investment plan. When considering an
investment in a Fund, remember to consider your overall investment objectives
and any other investments you own. You should also carefully evaluate your
ability to handle the risks posed by your investment in the Funds. You can find
information on the risks associated with investing in the Funds under the
section called "Fund Descriptions."

To learn more about the Evergreen Select 100% Treasury Money Market Fund
and Evergreen Select Limited Duration Fund, call 1-800-633-2700 for a free copy
of the Fund's statement of additional information ("SAI") dated November 21,
1997, as supplemented from time to time. The Funds have filed the SAI with the
Securities and Exchange Commission and has incorporated it by reference
(legally included it) into this prospectus.

Please remember that shares of the Funds are:

An investment in the Select 100% Treasury Money Market Fund is neither
insured nor guaranteed by the U.S. government, and there can be no assurance
that the Select 100% Treasury Money Market Fund will be able to maintain a
stable net asset value of $1.00 per share.

TABLE OF CONTENTS
----------------

<TABLE>
<CAPTION>
<S> <C>
EXPENSES 3
FUND DESCRIPTIONS 3
Each Fund's Investment Objective 3
Securities and Investment Practices
Used By Each Fund 4
BUYING AND SELLING SHARES 6
How To Buy Shares 6
How To Redeem Shares 7
Additional Transaction Policies 8
Exchanges 8
Dividends 9
Taxes 9
Shareholder Services 9
FUND DETAILS 10
Fund Organization and Service
Providers 10
Other Information and Policies 11
Fund Performance 11
</TABLE>

2
<PAGE>

- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
The table and example below are designed to help you understand the
various expenses that you will bear, directly or indirectly, when you invest in
the Funds. Shareholder transaction expenses are fees paid directly from your
account when you buy or sell shares of a Fund. There are no shareholder
transaction expenses.

Annual operating expenses reflect the normal operating expenses of a Fund,
and include costs such as management, distribution and other fees. The table
below shows the Funds' estimated annual operating expenses for the fiscal
period ending February 28, 1998. The examples show what you would pay if you
invested $1,000 over the periods indicated. The examples assume that you
reinvest all of your dividends and that each Fund's average annual return will
be 5%. The examples are for illustration purposes only and should not be
considered a representation of past or future expenses or annual return. The
Funds' actual expenses and returns will vary. For a more complete description
of the various costs and expenses borne by the Funds see "Fund Details."

Example of Fund Expenses 1 year 3 years
Evergreen Select 100% Treasury Money Market
Fund $2 $ 6
Evergreen Select Limited Duration Fund $3 $10
</TABLE>

- --------
(1) The Fund's investment adviser has voluntarily agreed to limit the Fund's
investment advisory fee of Evergreen Select 100% Treasury Money Market
Fund and Evergreen Select Limited Duration Fund to 0.15% and 0.20%,
respectively. Without such waiver the Management Fee set forth above would
be 0.25% and 0.30%, respectively. The investment adviser currently intends
to continue this expense waiver through November 30, 1998; however, it may
modify or cancel its expense waiver at any time. See "Fund Details" for
more information. In addition, the investment adviser has limited the
Other Expenses of Evergreen Select 100% Treasury Money Market Fund and
Evergreen Select Limited Duration Fund to 0.05% and 0.10%, respectively.
Without this limitation, Other Expenses of the Funds would be 0.08% and
0.17% higher. Absent expense waivers and/or reimbursements, the Total
Operating Expenses for each of the Funds would be 0.38% and 0.57%,
respectively of average daily net assets.
- --------------------------------------------------------------------------------
FUND DESCRIPTIONS
- --------------------------------------------------------------------------------
EACH FUND'S INVESTMENT OBJECTIVE

Evergreen Select 100% Treasury Money Market Fund seeks to maintain
stability of principal while earning current income. In addition, the Fund
seeks to maintain a stable net asset value of $1.00 per share. The Fund seeks
to achieve its investment objective by investing only in U.S. Treasury
Securities. There is no assurance that the Fund will achieve its investment
objective or maintain a stable net asset value of $1.00 per share.

The Fund will invest in securities that are determined to present minimal
credit risk and are, at the time of acquisition, eligible securities under Rule
2a-7 of the Investment Company Act of 1940, as amended ("Rule 2a-7"). The Fund
will also comply with the diversification requirements prescribed by Rule 2a-7.

Evergreen Select Limited Duration Fund seeks to provide current income
consistent with preservation of capital and low principal fluctuation. The
average portfolio duration of the Fund will normally vary from one to three
years based on the Fund's adviser's forecast for interest rates. The Fund seeks
a return that exceeds the return of its benchmark, the Merrill Lynch 1-3 Year
Treasury Bond Index.

3
<PAGE>

The Fund invests at least 65% of its assets in investment grade debt
securities (including convertible securities) of the U.S. government and its
agencies and instrumentalities; foreign governments and their subdivisions,
agencies and instrumentalities; domestic and foreign corporations; and
obligations of international agencies or supranational entities. The Fund
invests only in U.S. dollar denominated securities.

The Fund may invest in a variety of derivative instruments that are
consistent with its investment objective and policies. Such derivatives may
include options, futures and options on futures. The Fund may also invest in
mortgage-backed and other asset-backed securities, inflation-indexed bonds,
structured notes, loan participations, interest rate swaps and index swaps. For
more information, see "Derivatives" and "Mortgage-Backed Securities" below.

The Fund may lend portfolio securities and enter into repurchase and
reverse repurchase agreements, forward commitment and when-issued transactions.

SECURITIES AND INVESTMENT PRACTICES USED BY EACH FUND

You can find more information about the types of securities in which each
Fund may invest, the types of investment techniques each Fund may employ in
pursuit of its objective and a summary of related risks set forth below. The
Funds' SAI contains additional information about these investments and
investment techniques.

United States ("U.S.") Government Securities. Each Fund may buy debt securities
that are issued or guaranteed by the U.S. Treasury or by an agency or
instrumentality of the U.S. government. The Evergreen Select 100% Treasury
Money Market Fund may only invest in U.S. Treasury Securities. U.S. Treasury
Securities are high quality debt securities that are issued by the U.S.
Treasury, such as Treasury bills, notes and bonds. U.S. Treasury Securities are
guaranteed as to principal and interest and are supported by the full faith and
credit of the United States. In addition to U.S. Treasury Securities, Evergreen
Limited Duration Fund may invest in U. S. government securities that are
supported only by the credit of the instrumentality or by the right of the
instrumentality to borrow from the U.S. government.

4
<PAGE>

When-Issued, Delayed-Delivery and Forward Commitment Transactions. Each Fund
may enter into transactions whereby it commits to buying a security, but does
not pay for or take delivery of the security until some specified date in the
future. The value of these securities is subject to market fluctuation during
this period and no income accrues to a Fund until settlement. At the time of
settlement, a when-issued security may be valued at less than its purchase
price. When entering into these transactions, a Fund relies on the other party
to consummate the transaction; if the other party fails to do so, the Fund may
be disadvantaged.

Other Investment Restrictions. Each Fund has adopted additional investment
restrictions and guidelines that are set forth in the SAI.

The following types of securities are those in which only the Evergreen
Select Limited Duration Fund may invest:

Debt securities have varying degrees of quality. Investment grade bonds
are generally rated within the four highest grades as determined by Standard &
Poor's Ratings Group ("S & P") (AAA, AA, A or BBB), Moody's Investors Service
("Moody's") (Aaa, Aa, A or Baa), or Fitch Investors Service, L.P. ("Fitch")
(AAA, AA, A or BBB) or their respective equivalent ratings or, if not rated or
rated by another system, determined by the Fund's adviser to be of equivalent
credit quality to securities so rated. For information on below-investment
grade bonds, see "High-yield, High-risk Bonds" below. Investment grade bonds
are regarded as having a greater capacity to pay interest and repay principal.
However, adverse economic conditions, or changing circumstances may lead to a
weakened capacity to pay interest and repay principal than higher-rated bonds.

5
<PAGE>

Mortgage-Backed Securities. A mortgage-backed security represents an interest
in a "pool" of commercial or residential mortgages. Payments of interest and
principal made by the individual borrowers on the mortgages that underlie the
securities are passed through to the Fund. The Fund may invest in
mortgage-backed securities and other complex asset backed securities, including
collateralized mortgage obligations and stripped mortgage-backed securities.

Early repayment of the mortgages underlying the securities may expose the
Fund to a lower rate of return when it reinvests the principal. The rate of
prepayments will affect the price and volatility of the mortgage-backed
security and may have the effect of shortening or extending the effective
maturity beyond what the Fund anticipated at the time of purchase.

Derivatives. Derivatives are financial contracts whose value is based on an
underlying asset, such as a stock or a bond, or an underlying economic factor,
such as an index or an interest rate.

Reverse Repurchase Agreements. The Fund may enter into reverse repurchase
agreements. A reverse repurchase agreement is an agreement by the Fund to sell
a security and repurchase it at a specified time and price. The Fund could lose
money if the market value of the securities it sold declines below their
repurchase price. Reverse repurchase agreements may be considered a form of
borrowing, and, therefore, a form of leverage. Leverage may magnify gains or
losses of the Fund.
- --------------------------------------------------------------------------------
BUYING AND SELLING SHARES
- --------------------------------------------------------------------------------
HOW TO BUY SHARES

Institutional investors may buy Institutional Shares of the Funds through
broker-dealers, banks and certain other financial intermediaries, or directly
through the Funds' distributor, Evergreen Distributor, Inc. ("EDI"). Investors
may purchase Institutional Shares at the public offering price, which equals
the class's net asset value per share ("NAV"). See "Offering Price and Other
Purchase Information" below.

Minimum Investment. The minimum initial investment in Institutional Shares is
$1 million, which may be waived in certain situations. There is no minimum
amount required for subsequent purchases.

6
<PAGE>

Offering Price and Other Purchase Information. When you buy a Fund's shares,
you pay its NAV next determined after the Fund receives and accepts your order.
The Evergreen Select 100% Treasury Money Market Fund computes its NAV twice
daily, at 12 noon (Eastern time) and as of the close of regular trading on the
New York Stock Exchange ("NYSE") (currently 4:00 p.m. Eastern time). Therefore,
depending on when the Fund accepts your order, you will receive its NAV
calculated at 12 noon or 4:00 p.m.

When you buy shares of the Evergreen Select Limited Duration Fund, the
Fund must receive and accept your order by the close of regular trading
(currently 4:00 p.m. Eastern time), in order to receive that day's offering
price; otherwise, you will receive the next day's offering price. For more
information, see "How the Funds Calculate Their NAV."

You may, at a Fund's discretion, pay for shares of a Fund with securities
instead of cash. Additionally, if you want to buy a Fund's shares equal in
amount to $5 million or more the Fund may require you to pay for those shares
with securities instead of cash. A Fund will only accept securities that are
consistent with its investment objective, policies and restrictions. Also, a
Fund will value the securities in the manner described under "How the Funds
Calculates Their NAV." Investors who receive a Fund's shares for securities
instead of cash may pay such transaction costs as broker's commissions, taxes
or governmental fees.

HOW TO REDEEM SHARES

You may redeem shares of a Fund by mail, telephone or other types of
telecommunication.

Mail Redemptions. You may redeem shares on each day that the New York Stock
Exchange ("NYSE") is open by mailing a written request to the Service Company
at the following address:

Evergreen Service Company
P.O. Box 2121
Boston, Massachusetts 02106-2121

The signatures on the written request must be properly guaranteed, as
described below.

If you are unable to reach the Funds or the Service Company by telephone,
you should redeem by mail.

Redemption Value and Other Redemption Policies. When you sell shares, you
receive the NAV next computed after a Fund receives your request. Since the
Evergreen Select 100% Treasury Money Market Fund computes its NAV twice daily,
depending on when the Fund receives your request, you will receive its NAV
calculated at 12 noon or 4:00 p.m. Generally, the Fund pays redemption proceeds
within seven days.

When you sell shares of the Evergreen Select Limited Duration Fund, you
receive the NAV computed at the close of the NYSE on the day that the Fund
receives your request, if your request is received before 4:00 p.m. Eastern
time. If the Fund receives your redemption request after 4:00 p.m. Eastern
time, you will receive the next day's NAV.

7
<PAGE>

Generally, the Funds pay redemption proceeds within seven days. The Funds
may, at any time, change, suspend or terminate any of the redemption methods
described in this prospectus, except redemptions by mail. For more information,
see "How the Funds Calculate Their NAV."

Except as otherwise noted, neither the Funds, the Service Company nor the
Funds' distributor assumes responsibility for the authenticity of any
instructions received by any of them from a shareholder by telephone. The
Service Company will employ reasonable procedures to confirm that instructions
received over the telephone or otherwise are genuine. Neither the Funds, the
Service Company nor the Fund's distributor will be liable when following
instructions received by telephone or otherwise that the Service Company
reasonably believes to be genuine.

ADDITIONAL TRANSACTION POLICIES

How the Funds Calculate Their NAV. A Fund's NAV equals the value of its shares
without sales charges. A Fund calculates its NAV by adding up the total value
of its investments and other assets, subtracting its liabilities and then
dividing the result by the number of shares outstanding. All expenses,
including fees paid to the Fund's investment adviser, are accrued daily. The
Evergreen Select 100% Treasury Money Market Fund computes its NAV twice daily,
at 12 noon (Eastern time) and as of the close of regular trading (generally
4:00 p.m. Eastern time) on each day that the NYSE is open. The Evergreen Select
Limited Duration Fund computes its NAV as of the close of regular trading
(generally 4:00 p.m. Eastern time) on each day that the NYSE is open.

The securities in the Evergreen Select 100% Treasury Money Market Fund's
portfolio are valued on an amortized cost basis according to Rule 2a-7 under
the 1940 Act. Under this method of valuation, a security is initially valued at
its acquisition cost, and thereafter a constant straightline amortization of
any discount or premium is assumed each day regardless of the impact of
fluctuating interest rates on the market value of the security. The market
value of the obligations in the Fund's portfolio can be expected to vary
inversely to changes in prevailing interest rates. As a result, the market
value of the obligations in the Fund's portfolio may vary from the value
determined using the amortized cost method.

The Evergreen Select Limited Duration Fund's assets are valued primarily
on the basis of market quotations. Short-term securities with remaining
maturities of sixty days or less for which quotations are not readily available
are valued on the basis of amortized cost. In addition, securities for which
quotations are not readily available, including fixed-income securities, are
valued by a method that the Board of Trustees believes accurately reflects fair
value.

EXCHANGES

You may exchange Institutional Shares of the Funds for Institutional
Shares of any other Evergreen Select Fund. You may exchange your shares through
your broker-dealer, by mail or by telephone. All exchange orders must comply
with the applicable requirements for purchases and redemptions and must include
your account number, the number or value of shares to be exchanged, the class
of shares, and the Funds to and from which you wish to exchange.

Signatures on exchange orders must be guaranteed, as described below.

8
<PAGE>

Please read the prospectus of the fund that you want to exchange into
before requesting your exchange.

For federal income tax purposes, an exchange is treated as a sale for
taxable investors.

DIVIDENDS

As a shareholder, you are entitled to your share of earnings on a Fund's
investments. You receive such earnings as either an income dividend or a
capital gains distribution. Income dividends come from the dividends that a
Fund earns from its stocks plus any interest it receives from its bonds. A Fund
realizes a capital gain whenever it sells a security for a higher price than
its tax basis.

Dividend Schedule. Each Fund declares dividends from its net investment income
daily and pays such dividends monthly. Each Fund pays shareholders its net
capital gains at least once a year.

Payment Options. Unless you select another option on your account application,
your dividends and capital gains will be reinvested in additional shares of the
same class of the same Fund. Shareholders will receive dividends on investments
made by federal funds bank wire the same day the wire is received provided that
wire purchases are received by State Street by 12 noon (Eastern time). Shares
purchased by qualified institutions via telephone will receive the dividend
declared on that day if the telephone order is placed by 12 noon (Eastern
time), and federal funds are received by 4:00 p.m. (Eastern time). All other
wire purchases received after 12 noon (Eastern time) will earn dividends
beginning the following business day. Dividends accruing on the day of
redemption will be paid to redeeming shareholders except for redemptions where
proceeds are wired the same day.

TAXES

Distributions to shareholders, whether taken in cash or reinvested in
shares, are generally considered taxable for federal income tax purposes as
follows:

o Income distributions and net short-term capital gains are taxable as
ordinary income.

o Long-term capital gains distributions are taxable as capital gains,
regardless of how long you have held your shares.

SHAREHOLDER SERVICES

Details on all shareholder services may be obtained from the Service
Company by calling toll free 1-800-633-2700 or by writing to the Service
Company.

9
<PAGE>

Fund Structure. Each Fund is an investment pool, which invests shareholders'
money towards a specified goal. The Evergreen Select 100% Treasury Money Market
Fund is a diversified series of an open-end, investment management company,
called "Evergreen Select Money Market Trust." The Evergreen Select Limited
Duration Fund is a diversified series of an open-end, investment management
company, called "Evergreen Select Fixed Income Trust" (the "Trusts"). The
Trusts are Delaware business trusts organized on September 17, 1997.

Board of Trustees. The Trusts are supervised by a Board of Trustees that is
responsible for representing the interests of shareholders. The Trustees meet
periodically throughout the year to oversee each Fund's activities, reviewing,
among other things, its performance and its contractual arrangements with
various service providers.

Adviser. The investment adviser to each Fund is First Union National Bank
("FUNB"), a subsidiary of First Union Corporation ("First Union"). First Union
and FUNB are located at 301 South College Street, Charlotte, North Carolina
28288-0630. First Union and its subsidiaries provide a broad range of financial
services to individuals and businesses throughout the U.S.

Each Fund pays FUNB an annual fee for its services equal to 0.25% of
average daily net assets. The Evergreen Select 100% Treasury Money Market Fund
pays an annual fee equal to 0.25% of average daily net assets. The Evergreen
Select Limited Duration Fund pays an annual fee equal to 0.30% of average daily
net assets. FUNB has voluntarily agreed to limit each Fund's advisory fee to
0.15% and 0.20%, respectively. FUNB currently intends to continue limiting each
Fund's advisory fee through November 30, 1998. However, FUNB may modify or
cancel its expense waiver at any time.

Portfolio Managers. The portfolio managers of the Evergreen Select Limited
Duration Fund are George Prattos, David Fowley and Bradley B. Ridinger.

George Prattos. George Prattos has over 18 years of investment experience.
Since joining First Union in 1991, Mr. Prattos has been a Vice President and
Director of the Specialty Fixed Income Group. He is primarily responsible for
managing specialty fixed income products throughout the First Union system. Mr.
Prattos recently became a Senior Vice President of First Union this year.

David Fowley. David Fowley has over five years of investment experience.
Mr. Fowley joined First Union in 1992 as a Trust Investment Associate. Prior to
becoming an Assistant Vice President and Portfolio Manager of First Union this
year, Mr. Fowley served as a Trust Investment Officer from 1994-1997.

10
<PAGE>

Bradley B. Ridinger. Brad Ridinger, CFA, has over 10 years of investment
management experience. Since joining First Union in 1987, Mr. Ridinger has been
a Vice President and Senior Portfolio Manager.

OTHER INFORMATION AND POLICIES

Portfolio Turnover. The estimated annual portfolio turnover rate for the
Evergreen Select Limited Duration Fund is not expected to exceed 100%.

Code of Ethics. The Funds and FUNB have each adopted a code of ethics
incorporating policies on personal securities trading. In general, these codes
of ethics require that certain personnel of the Funds and FUNB (1) abstain from
engaging in certain personal trading practices and (2) report certain personal
trading activities.

Other Classes of Shares. Each Fund offers two classes of shares, Institutional
and Institutional Service. Only Institutional Shares are offered through this
prospectus. Call the Service Company for information on the other classes of
shares, including how to get a prospectus.

FUND PERFORMANCE

11
<PAGE>

actual performance over a stated period of time. An average annual total return
is a hypothetical rate of return that, if achieved annually, would have
produced the same cumulative total return if performance had been constant over
the entire period. Average annual total returns smooth out variations in
performance; they are not the same as actual year-by-year results.

Yield. Yield is the income generated by an investment in a Fund over a given
period of time, expressed as an annual percentage rate. Yields are calculated
according to a standard that is required for all stock and bond funds. Because
this differs from other accounting methods, the quoted yield may not equal the
income actually paid to shareholders.

Related Performance Information. Evergreen Select Limited Duration Fund
commenced operations on or about November 24, 1997. On that date, a common
trust fund (a "CTF") with investment objectives, policies and strategies
materially equivalent to the Fund transferred substantially all its assets to
the Fund in exchange for shares of the Fund. After such transfer, the Fund's
portfolio of investments was the same as the portfolio of the CTF immediately
prior to the transfer.

The CTF is for all practical purposes a "predecessor" of the Fund. As a
result, the performance for the Fund's Institutional Shares is calculated for
periods commencing before October 31, 1997, by including the CTF's average
annual total return. The CTF's average annual total return is adjusted to
reflect the deduction of fees and expenses applicable to the Class as stated
under "Expenses." These fees and expenses include management fees and certain
other Fund expenses. These fees and expenses have not, however, been adjusted
to reflect any expense waivers or reimbursements.

The quoted performance data includes the performance of the CTF for
periods before the Trust's Registration Statement became effective. The CTF was
not registered under the 1940 Act and thus was not subject to certain
investment restrictions that are imposed by the 1940 Act. If the CTF had been
registered under the 1940 Act, its performance might have been adversely
affected. In addition, the CTF was not subject to the provisions of the
Internal Revenue Code with respect to "regulated investment companies," which
provisions, if imposed, could have adversely affected the CTF's performance.
Employee benefit plans that invest plan assets in the CTF may be subject to
certain charges as set forth in its Plan Document. Total return figures would
be lower for the period if it reflected these charges.

<TABLE>
<CAPTION>
10 Years (Or
since Inception
Fund Name (Predecessor CTF) 1 Year 3 Years 5 Years Inception) Date
<S> <C> <C> <C> <C> <C>
Evergreen Select Limited Duration Fund
(Short Term Investment Management Fund-Taxable) 6.23% 6.61% N/A 6.12% 4/30/94
Institutional Shares
</TABLE>

For more information on the Fund's performance, see the SAI.

12
<PAGE>

(This Page Intentionally Left Blank)
<PAGE>

<PAGE>

Investment Adviser
First Union National Bank, 201 South College Street, Charlotte, North Carolina
28288

Custodian
State Street Bank and Trust Company, Box 9021, Boston, Massachusetts 02205-9827

Transfer Agent
Evergreen Service Company, 200 Berkeley Street, Boston, Massachusetts, 02116

Legal Counsel
Sullivan & Worcester LLP, 1025 Connecticut Avenue, N.W., Washington, D.C. 20036

Independent Auditors
Price Waterhouse LLP, 160 Federal Street, Boston, Massachusetts 02110

Distributor
Evergreen Distributor, Inc., 125 West 55th Street, New York, New York 10019

63185 541906

<PAGE>

- ----------------------------------------------------------------------------
PROSPECTUS November 21, 1997
- ----------------------------------------------------------------------------
(Evergreen Funds logo appears here)

EVERGREEN SELECT MONEY MARKET/LIMITED DURATION FUNDS

- ----------------------------------------------------------------------------
Evergreen Select 100% Treasury Money Market Fund
Evergreen Select Limited Duration Fund
(Each a "Fund," together the "Funds")

INSTITUTIONAL SERVICE SHARES

This prospectus explains important information about the Institutional
Service Shares of the Evergreen Select 100% Treasury Money Market Fund and
Evergreen Select Limited Duration Fund, including how the Funds invest and
services available to shareholders. Please read this prospectus before
investing, and keep it for future reference.

To learn more about the Evergreen Select 100% Treasury Money Market Fund
and Evergreen Select Limited Duration Fund, call 1-800-343-3453 for a free copy
of the Fund's statement of additional information ("SAI") dated November 21,
1997, as supplemented from time to time. The Funds have filed the SAI with the
Securities and Exchange Commission and has incorporated it by reference
(legally included it) into this prospectus.

Please remember that shares of the Funds are:

TABLE OF CONTENTS
----------------

<TABLE>
<S> <C>
EXPENSES 3
FUND DESCRIPTIONS 3
Each Fund's Investment Objective 3
Securities and Investment Practices
Used By Each Fund 4
BUYING AND SELLING SHARES 6
How To Buy Shares 6
How To Redeem Shares 7
Additional Transaction Policies 8
Exchanges 8
Dividends 9
Taxes 9
Shareholder Services 9

<S> <C>
FUND DETAILS 10
Fund Organization and Service
Providers 10
Other Information and Policies 11
Fund Performance 12
</TABLE>

2
<PAGE>

- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
The table and example below are designed to help you understand the
various expenses that you will bear, directly or indirectly, when you invest in
the Funds. Shareholder transaction expenses are fees paid directly from your
account when you buy or sell shares of a Fund. There are no shareholder
transaction expenses.

Annual operating expenses reflect the normal operating expenses of a Fund,
and include costs such as management, distribution and other fees. The table
below shows the Funds' estimated annual operating expenses for the fiscal
period ending February 28, 1998. The examples show what you would pay if you
invested $1,000 over the periods indicated. The examples assume that you
reinvest all of your dividends and that each Fund's average annual return will
be 5%. The examples are for illustration purposes only and should not be
considered a representation of past or future expenses or annual return. The
Funds' actual expenses and returns will vary. For a more complete description
of the various costs and expenses borne by the Funds see "Fund Details."

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Management Other Total Operating
Fees Expenses Expenses (After
Annual Fund Operating Expenses (After Expense 12b-1 (After Expense Expense Waivers or
(as a percentage of average daily net assets) Reimbursements)1 Fees Reimbursements) Reimbursements)1
Evergreen Select 100% Treasury Money Market
Fund 0.15% 0.25% 0.05% 0.45%
Evergreen Select Limited Duration Fund 0.20% 0.25% 0.10% 0.55%
Example of Fund Expenses 1 year 3 years
Evergreen Select 100% Treasury Money Market
Fund $ 5 $ 14
Evergreen Select Limited Duration Fund $ 7 $ 21
</TABLE>

- --------
(1) The Fund's investment adviser has voluntarily agreed to limit the Fund's
investment advisory fee of Evergreen Select 100% Treasury Money Market
Fund and Evergreen Select Limited Duration Fund to 0.15% and 0.20%,
respectively. Without such waiver the Management Fee set forth above would
be 0.25% and 0.30%, respectively. The investment adviser currently intends
to continue this expense waiver through November 30, 1998; however, it may
modify or cancel its expense waiver at any time. See "Fund Details" for
more information. In addition, the investment adviser has limited the
Other Expenses of Evergreen Select 100% Treasury Money Market Fund and
Evergreen Select Limited Duration Fund to 0.05% and 0.10%, respectively.
Without this limitation, Other Expenses of the Funds would be 0.08% and
0.17% higher. Absent expense waivers and/or reimbursements, the Total
Operating Expenses for each of the Funds would be 0.63% and 0.82%,
respectively of average daily net assets.
- --------------------------------------------------------------------------------
FUND DESCRIPTIONS
- --------------------------------------------------------------------------------
EACH FUND'S INVESTMENT OBJECTIVE

3
<PAGE>

The Fund invests at least 65% of its assets in investment grade debt
securities (including convertible securities) of the U.S. government and its
agencies and instrumentalities; foreign governments and their subdivisions,
agencies and instrumentalities; domestic and foreign corporations; and
obligations of international agencies or supranational entities. The Fund
invests only in U.S. dollar denominated securities.

The Fund may lend portfolio securities and enter into repurchase and
reverse repurchase agreements, forward commitment and when-issued transactions.

SECURITIES AND INVESTMENT PRACTICES USED BY EACH FUND

United States ("U.S.") Government Securities. Each Fund may buy debt securities
that are issued or guaranteed by the U.S. Treasury or by an agency or
instrumentality of the U.S. government. The Evergreen Select 100% Treasury
Money Market Fund may only invest in U.S. Treasury Securities. U.S. Treasury
Securities are high quality debt securities that are issued by the U.S.
Treasury, such as Treasury bills, notes and bonds. U.S. Treasury Securities are
guaranteed as to principal and interest and are supported by the full faith and
credit of the United States. In addition to U.S. Treasury Securities, Evergreen
Limited Duration Fund may invest in U. S. government securities that are
supported only by the credit of the instrumentality or by the right of the
instrumentality to borrow from the U.S. government.

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Other Investment Restrictions. Each Fund has adopted additional investment
restrictions and guidelines that are set forth in the SAI.

The following types of securities are those in which only the Evergreen
Select Limited Duration Fund may invest:

Debt securities have varying degrees of quality. Investment grade bonds
are generally rated within the four highest grades as determined by Standard &
Poor's Ratings Group ("S & P") (AAA, AA, A or BBB), Moody's Investors Service
("Moody's") (Aaa, Aa, A or Baa), or Fitch Investors Service, L.P. ("Fitch")
(AAA, AA, A or BBB) or their respective equivalent ratings or, if not rated or
rated by another system, determined by the Fund's adviser to be of equivalent
credit quality to securities so rated. For information on below-investment
grade bonds, see "High-yield, High-risk Bonds" below. Investment grade bonds
are regarded as having a greater capacity to pay interest and repay principal.
However, adverse economic conditions, or changing circumstances may lead to a
weakened capacity to pay interest and repay principal than higher-rated bonds.

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Mortgage-Backed Securities. A mortgage-backed security represents an interest
in a "pool" of commercial or residential mortgages. Payments of interest and
principal made by the individual borrowers on the mortgages that underlie the
securities are passed through to the Fund. The Fund may invest in
mortgage-backed securities and other complex asset backed securities, including
collateralized mortgage obligations and stripped mortgage-backed securities.

Derivatives. Derivatives are financial contracts whose value is based on an
underlying asset, such as a stock or a bond, or an underlying economic factor,
such as an index or an interest rate.

Institutional investors may buy Institutional Service Shares of the Funds
through broker-dealers, banks and certain other financial intermediaries, or
directly through the Funds' distributor, Evergreen Distributor, Inc. ("EDI").
Investors may purchase Institutional Service Shares at the public offering
price, which equals the class's net asset value per share ("NAV"). See
"Offering Price and Other Purchase Information" below.

Minimum Investment. The minimum initial investment in Institutional Shares is
$1 million, which may be waived in certain situations. There is no minimum
amount required for subsequent purchases.

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Except as provided below, you can only purchase shares by wiring federal
funds to Evergreen Service Company (the "Service Company"). You may obtain
wiring instructions by calling 1-800-343-3453. When you call, the Service
Company representative will ask you for the following information: name of
authorized person; shareholder name; shareholder account number; name of the
Fund and share class; amount being wired; and wiring bank name.

You may, at a Fund's discretion, pay for shares of a Fund with securities
instead of cash. Additionally, if you want to buy a Fund's shares equal in
amount to $5 million or more the Fund may require you to pay for those shares
with securities instead of cash. A Fund will only accept securities that are
consistent with its investment objective, policies and restrictions. Also, a
Fund will value the securities in the manner described under "How the Funds
Calculates Their NAV." Investors who receive a Fund's shares for securities
instead of cash may pay such transaction costs as broker's commissions, taxes
or governmental fees.

HOW TO REDEEM SHARES

You may redeem shares of a Fund by mail, telephone or other types of
telecommunication.

Mail Redemptions. You may redeem shares on each day that the New York Stock
Exchange ("NYSE") is open by mailing a written request to the Service Company
at the following address:

Evergreen Service Company
P.O. Box 2121
Boston, Massachusetts 02106-2121

The signatures on the written request must be properly guaranteed, as
described below.

If you are unable to reach the Funds or the Service Company by telephone,
you should redeem by mail.

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Except as otherwise noted, neither the Funds, the Service Company nor the
Funds' distributor assumes responsibility for the authenticity of any
instructions received by any of them from a shareholder by telephone. The
Service Company will employ reasonable procedures to confirm that instructions
received over the telephone or otherwise are genuine. Neither the Funds, the
Service Company nor the Fund's distributor will be liable when following
instructions received by telephone or otherwise that the Service Company
reasonably believes to be genuine.

ADDITIONAL TRANSACTION POLICIES

EXCHANGES

You may exchange Institutional Service Shares of the Funds for
Institutional Service Shares of any other Evergreen Select Fund. You may
exchange your shares through your broker-dealer, by mail or by telephone. All
exchange orders must comply with the applicable requirements for purchases and
redemptions and must include your account number, the number or value of shares
to be exchanged, the class of shares, and the Funds to and from which you wish
to exchange.

Signatures on exchange orders must be guaranteed, as described below.

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Please read the prospectus of the fund that you want to exchange into
before requesting your exchange.

For federal income tax purposes, an exchange is treated as a sale for
taxable investors.

DIVIDENDS

As a shareholder, you are entitled to your share of earnings on a Fund's
investments. You receive such earnings as either an income dividend or a
capital gains distribution. Income dividends come from the dividends that a
Fund earns from its stocks plus any interest it receives from its bonds. A Fund
realizes a capital gain whenever it sells a security for a higher price than
its tax basis.

Dividend Schedule. Each Fund declares dividends from its net investment income
daily and pays such dividends monthly. Each Fund pays shareholders its net
capital gains at least once a year.

TAXES

Distributions to shareholders, whether taken in cash or reinvested in
shares, are generally considered taxable for federal income tax purposes as
follows:

o Income distributions and net short-term capital gains are taxable as
ordinary income.

o Long-term capital gains distributions are taxable as capital gains,
regardless of how long you have held your shares.

SHAREHOLDER SERVICES

Details on all shareholder services may be obtained from the Service
Company by calling toll free 1-800-343-3453 or by writing to the Service
Company.

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Portfolio Managers. The portfolio managers of the Evergreen Select Limited
Duration Fund are George Prattos, David Fowley and Bradley B. Ridinger.

George Prattos. George Prattos has over 18 years of investment experience.
Since joining First Union in 1991, Mr. Prattos has been a Vice President and
Director of the Specialty Fixed Income Group. He is primarily responsible for
managing specialty fixed income products throughout the First Union system. Mr.
Prattos recently became a Senior Vice President of First Union this year.

David Fowley. David Fowley has over five years of investment experience.
Mr. Fowley joined First Union in 1992 as a Trust Investment Associate before
becoming a Trust Investment Officer in 1994. Prior to becoming an Assistant
Vice President and Portfolio Manager of First Union this year, Mr. Fowley
served as a Trust Investment Officer from 1994-1997.

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Bradley B. Ridinger. Brad Ridinger, CFA, has over 10 years of investment
management experience. Since joining First Union in 1987, Mr. Ridinger has been
a Vice President and Senior Portfolio Manager.

OTHER INFORMATION AND POLICIES

Distribution Plan.The Trust has adopted a distribution plan for the
Institutional Service Class shares of each Fund as allowed under the Investment
Company Act of 1940. Each Fund's distribution plan permits the Fund to pay an
annual service fee of up to 0.25% of the average daily net assets of the class
for personal services rendered to shareholders and/or the maintenance of
accounts. Each Fund's distribution plan may be terminated at any time by vote
of the Independent Trustees or by vote of a majority of the outstanding
Institutional Service Shares. For more information about the Funds'
distribution plans, see the SAI.

Portfolio Turnover. The estimated annual portfolio turnover rate for the
Evergreen Select Limited Duration Fund is not expected to exceed 100%.

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Other Classes of Shares. Each Fund offers two classes of shares, Institutional
and Institutional Service. Only Institutional Service Shares are offered
through this prospectus. Call the Service Company for information on the other
classes of shares, including how to get a prospectus.

FUND PERFORMANCE

Total Return. Total return is the change in value of an investment in a Fund
over a given period, assuming that dividends and capital gains are reinvested
and that recurring charges are deducted. A cumulative total return reflects
actual performance over a stated period of time. An average annual total return
is a hypothetical rate of return that, if achieved annually, would have
produced the same cumulative total return if performance had been constant over
the entire period. Average annual total returns smooth out variations in
performance; they are not the same as actual year-by-year results.

Yield. Yield is the income generated by an investment in a Fund over a given
period of time, expressed as an annual percentage rate. Yields are calculated
according to a standard that is required for all stock and bond funds. Because
this differs from other accounting methods, the quoted yield may not equal the
income actually paid to shareholders.

Related Performance Information. Evergreen Select Limited Duration Fund
commenced operations on or about November 24, 1997. On that date, a common
trust fund (a "CTF") with materially equivalent investment objectives, policies
and strategies as the Fund transferred substantially all its assets to the Fund
in exchange for shares of the Fund. After such transfer, the Fund's portfolio
of investments was the same as the portfolio of the CTF immediately prior to
the transfer.

The CTF is for all practical purposes a "predecessor" of the Fund. As a
result, the performance for the Fund's Institutional Service Shares is
calculated for periods commencing before October 31, 1997, by including the
CTF's average annual total return. The CTF's average annual total return is
adjusted to reflect the deduction of fees and expenses applicable to the Class
as stated under "Expenses." These fees and expenses include management fees,
Rule 12b-1 fees and certain other Fund expenses. These fees and expenses have
not, however, been adjusted to reflect any expense waivers or reimbursements.

The quoted performance data includes the performance of the CTF for
periods before the Trust's Registration Statement became effective. The CTF was
not registered under the 1940 Act and thus was not subject to certain
investment restrictions that are imposed by the 1940 Act. If the CTF had been
registered under the 1940 Act, its performance might have been adversely
affected. In addition, the CTF was not subject to the provisions of the
Internal Revenue Code with respect to "regulated investment companies," which
provisions, if imposed, could have adversely affected the CTFs' performance.
Employee benefit plans that invest plan assets in the CTF may be subject to
certain charges as set forth in its Plan Document. Total return figures would
be lower for the period if it reflected these charges.

<TABLE>
<S> <C> <C> <C> <C> <C>
10 Years (Or
since Inception
Fund Name (Predecessor CTF) 1 Year 3 Years 5 Years Inception) Date
Evergreen Select Limited Duration Fund
(Short Term Investment Management Fund-Taxable) 5.97% 6.34% N/A 5.86% 4/30/94
Institutional Service Shares
</TABLE>

For more information on the Fund's performance, see the SAI.

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Investment Adviser
First Union National Bank, 201 South College Street, Charlotte, North Carolina
28288

Custodian
State Street Bank and Trust Company, Box 9021, Boston, Massachusetts 02205-9827

Transfer Agent
Evergreen Service Company, 200 Berkeley Street, Boston, Massachusetts, 02116

Legal Counsel
Sullivan & Worcester LLP, 1025 Connecticut Avenue, N.W., Washington, D.C. 20036

Independent Auditors
Price Waterhouse LLP, 160 Federal Street, Boston, Massachusetts 02110

Distributor
Evergreen Distributor, Inc., 125 West 55th Street, New York, New York 10019

63575
541906