SUPPLEMENT TO THE PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION
OF
EVERGREEN SELECT INTERMEDIATE BOND FUND
(the "Fund")
I. Effective February 13, 1998, the prospectus and Statement of Additional
Information of the Fund is hereby supplemented as follows:
Name
The name of the Fund will change to Evergreen Select Total Return Bond
Fund.
Investment Objective
The investment objective of the Fund is revised by replacing the
description of Evergreen Select Intermediate Bond Fund in the section of the
Prospectus entitled "Each Fund's Investment Objective" with the following:
"Evergreen Select Total Return Bond Fund will attempt to maximize total
return through a combination of current income and capital appreciation, by
investing primarily in investment grade fixed income securities with
complimentary investments in high yield foreign and fixed income securities."
Investment Policies
Information with respect to the Fund appearing in the sections of the
prospectus entitled "Each Fund's Investment Approach" and "Securities and
Investment Practices Used by Each Fund" is revised to reflect that the Fund may
invest up to 35% of its total assets in below investment grade corporate debt
securities and foreign bonds, including non-dollar denominated bonds.
II. Effective October 30, 1998, the prospectus and Statement of Additional
Information of the Fund are supplemented as follows:
Subject to a Sub-Advisory Agreement between First International
Advisors, Ltd. ("FIA") and the First Capital Group of First Union National Bank
(the "Advisor"), FIA is the sub-advisor with respect to the foreign bond
component of the Fund. The Advisor pays FIA an annual fee for its services equal
to 0.60% of the assets FIA manages. FIA is a wholly-owned subsidiary of First
Union National Bank.
The foreign bond component of the portfolio is managed by a committee
of three investment professionals at FIA.
III. Effective December 3, 1998, the section of the prospectus entitled
"Expenses" is revised and supplemented as follows:
The table and examples below for the Fund have been restated to reflect
a change in the waiver amounts for Management Fees and Other Expenses.
Management Fees, Other Expenses and Total Operating Expenses of the Fund will
now be as follows:
<TABLE>
<CAPTION>
(Institutional Shares):
Annual Fund Operating Expense (as a percentage of average daily net assets)
Management Other Total Operating Expenses
Fees Expenses (After Expense Waivers or
(After Expense Waivers) 12b-1 Fees (After Expense Waivers) Reimbursements)
----------------------- ---------- ----------------------- -------------------------
<S> <C> <C> <C>
0.35 % NONE 0.15% 0.50%
Example of Fund Expenses
1 year 3 years
------ ---------
$5 $16
<PAGE>
(Institutional Service Shares):
Annual Fund Operating Expenses (as a percentage of average daily net assets)
Management Other Total Operating Expenses
Fees Expenses (After Expense Waivers or
(After Expense Waivers) 12b-1 Fees (After Expense Waivers) Reimbursements)
----------------------- ---------- ----------------------- --------------------------
<S> <C> <C> <C>
0.35% 0.25% 0.15% 0.75%
Example of Fund Expenses
1 year 3 years
------ ---------
$8 $24
</TABLE>
Footnote (1) is revised to read as follows:
"The investment advisor for the Funds' has voluntarily agreed to waive
0.10% of the Fund's investment advisory fee (except for Evergreen Select Total
Return Bond Fund which is 0.05%). Without such waivers, each Management Fee set
forth above would be 0.10% higher (except for Evergreen Select Total Return Bond
Fund which would be 0.05% higher). The investment advisor 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 each
Fund would be as follows:"
<TABLE>
<CAPTION>
(Institutional Shares)
Management Other Total Fund Operations
Fees Expenses Expenses (Without
Fund (Without Waivers) (Without Waivers) Waivers)
---- ----------------- ---------------- --------------------
<S> <C> <C> <C>
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 Total Return Bond Fund 0.40% 0.23% 0.63%
(Institutional Service Shares)
Management Other Total Fund Operating
Fees Expenses Expenses (Without
Fund (Without Waivers) (Without Waivers) Waivers)
---- ----------------- ---------------- --------------------
<S> <C> <C> <C>
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 Total Return Bond Fund 0.40% 0.23% 0.88%
</TABLE>
