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001 A000000 EVERGREEN SELECT ADJUSTABLE RATE FUND
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002 A000000 200 BERKELEY STREET
002 B000000 BOSTON
002 C000000 MA
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002 D020000 5034
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062 N000000 93.0
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<PAGE> PAGE 2
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SIGNATURE J. KEVIN KENELY
TITLE VP FUND ADMIN.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> KEYSTONE INSTITUTIONAL ADJUSTABLE RATE FUND CLASS A
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-START> MAR-01-1997
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 36,405,035
<INVESTMENTS-AT-VALUE> 36,491,151
<RECEIVABLES> 2,372,927
<ASSETS-OTHER> 302
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,864,380
<PAYABLE-FOR-SECURITIES> 1,842,012
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 721,964
<TOTAL-LIABILITIES> 2,563,976
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,304,480
<SHARES-COMMON-STOCK> 2,664,912
<SHARES-COMMON-PRIOR> 4,329,698
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7,226)
<ACCUMULATED-NET-GAINS> (378,323)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 61,634
<NET-ASSETS> 25,980,565
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,264,262
<OTHER-INCOME> 0
<EXPENSES-NET> (111,699)
<NET-INVESTMENT-INCOME> 2,152,563
<REALIZED-GAINS-CURRENT> 213,095
<APPREC-INCREASE-CURRENT> (50,080)
<NET-CHANGE-FROM-OPS> 2,315,578
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,543,452)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 756,542
<NUMBER-OF-SHARES-REDEEMED> (5,579,904)
<SHARES-REINVESTED> 254,776
<NET-CHANGE-IN-ASSETS> (44,758,479)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (98,401)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (111,699)
<AVERAGE-NET-ASSETS> 38,735,105
<PER-SHARE-NAV-BEGIN> 9.71
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> 0.04
<PER-SHARE-DIVIDEND> (0.64)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.75
<EXPENSE-RATIO> 0.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 102
<NAME> KEYSTONE INSTITUTIONAL ADJUSTABLE RATE FUND CLASS B
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-START> MAR-01-1997
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 36,405,035
<INVESTMENTS-AT-VALUE> 36,491,151
<RECEIVABLES> 2,372,927
<ASSETS-OTHER> 302
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,864,380
<PAYABLE-FOR-SECURITIES> 1,842,012
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 721,964
<TOTAL-LIABILITIES> 2,563,976
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,448,511
<SHARES-COMMON-STOCK> 1,057,669
<SHARES-COMMON-PRIOR> 863,982
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,871)
<ACCUMULATED-NET-GAINS> (150,283)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24,482
<NET-ASSETS> 10,319,839
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 899,441
<OTHER-INCOME> 0
<EXPENSES-NET> (44,371)
<NET-INVESTMENT-INCOME> 855,070
<REALIZED-GAINS-CURRENT> 84,648
<APPREC-INCREASE-CURRENT> (19,894)
<NET-CHANGE-FROM-OPS> 919,824
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (437,527)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 996,337
<NUMBER-OF-SHARES-REDEEMED> (344,863)
<SHARES-REINVESTED> 39,661
<NET-CHANGE-IN-ASSETS> 7,231,198
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (39,088)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (44,371)
<AVERAGE-NET-ASSETS> 7,142,054
<PER-SHARE-NAV-BEGIN> 9.72
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> 0.06
<PER-SHARE-DIVIDEND> (0.61)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.76
<EXPENSE-RATIO> 0.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Board of Trustees
Evergreen Select Adjustable Rate Fund:
In planning and performing our audit of the financial statements of the
Evergreen Select Adjustable Rate Fund for the year ended February 28, 1998, we
considered its internal control, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of Evergreen Select Adjustable Rate Fund is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control,
including controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of February 28, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
March 27, 1998
