EVERGREEN SELECT FIXED INCOME TRUST, 497, 1998-06-01

EVERGREEN SELECT FIXED INCOME TRUST
497, 1998-06-01

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PROSPECTUS November 21, 1997
As Supplemented June 1, 1998
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[Evergreen logo appears here]
Evergreen Funds(SM)
Since 1932

EVERGREEN SELECT FIXED INCOME TRUST

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Evergreen Select Limited Duration Fund
(the "Fund")

INSTITUTIONAL SHARES

This prospectus explains important information about the Institutional
Shares of the Evergreen Select Limited Duration Fund, 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, 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 Limited Duration 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:

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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<TABLE>
<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 8
Dividends 8
Taxes 8
Shareholder Services 8

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

2
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EXPENSES
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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 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 ended 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 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>
<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 Limited Duration Fund 0.20% None 0.10% 0.30%
Example of Fund Expenses 1 year 3 years
Evergreen Select Limited Duration Fund $ 3 $10
</TABLE>

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(1) The Fund's investment adviser has voluntarily agreed to limit the Fund's
investment advisory fee to 0.20%. Without such waiver the Management Fee
set forth above would be 0.30%. 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 the Fund to 0.10%. Without this limitation, Other
Expenses of the Fund would be 0.17% higher. Absent expense waivers and/or
reimbursements, the Total Operating Expenses for the Fund would be 0.57%
of average daily net assets.
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FUND DESCRIPTION
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THE FUND'S INVESTMENT OBJECTIVE

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.

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.

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.

3
<PAGE>

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.

United States ("U.S.") Government Securities. The Fund may buy debt securities
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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.

Borrowing. The Fund may borrow from banks in an amount up to 33 1/3% of its
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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 subscription rights.

Securities Lending. To generate income and offset expenses, the Fund may lend
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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.

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.

Investing in Securities of Other Investment Companies. The Fund may invest in
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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.

When-Issued, Delayed-Delivery and Forward Commitment Transactions. The Fund may
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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.

Debt Securities. The Fund may invest in bonds or other instruments used by
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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:

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.

4
<PAGE>

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 Investor's 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.

Municipal Securities. Municipal securities include municipal bonds, notes and
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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.

Foreign Securities. The Fund may buy U.S. dollar denominated obligations of
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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
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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.

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.

Derivatives. Derivatives are financial contracts whose value is based on an
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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 the Fund fails to correctly predict the
direction in which the underlying asset or economic factor will move.

5
<PAGE>

Repurchase Agreements. The Fund may enter into repurchase agreements. A
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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.

Reverse Repurchase Agreements. The Fund may enter into reverse repurchase
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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.
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BUYING AND SELLING SHARES
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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. 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
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$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
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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
1-800-633-2700.

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 the Fund's shares,
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you pay its NAV next determined after the Fund receives and accepts your order.
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 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
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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

6
<PAGE>

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
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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.

If you are unable to reach the Fund 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 of the
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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.

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 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 Fund Calculates Its NAV. The Fund's NAV equals the value of its shares
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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. All expenses,
including fees paid to the Fund's investment adviser, are accrued daily. 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.

Signature Guarantee. For your protection, signatures on stock powers, and
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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.

7
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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 above.

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
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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,
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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

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.

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 Fund.

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>

Subaccount. Special processing has been arranged with the Service Company for
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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. 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 18, 1997.

Board of Trustees. The Trust is supervised by a Board of Trustees that is
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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.

Shareholder Rights. All shareholders participate equally in dividends and
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distributions from the Fund's assets and have equal 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 for each
dollar of net asset value applicable to each share.

Adviser. The investment adviser to the Fund is First Union National Bank
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("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 an annual fee for its services equal to 0.30% of
average daily net assets. FUNB has voluntarily agreed to limit the Fund's
advisory fee to 0.20%. 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 Managers. The portfolio managers of the Fund are George Prattos,
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David Fowley and Bradley B. Ridinger.
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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.

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.

9
<PAGE>

Distributor. Evergreen Distributor, Inc. is the Fund's distributor. Evergreen
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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.

Transfer Agent. Evergreen Service Company is the Fund's transfer agent.
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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
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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>
<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 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 100%.

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,

10
<PAGE>

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 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>
<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) 6.23% 6.61% N/A 6.12% 4/30/94
Institutional Shares
</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.

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

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

<PAGE>

EVERGREEN SELECT FIXED INCOME TRUST

- --------------------------------------------------------------------------------

Evergreen Select Limited Duration Fund
(the "Fund")

INSTITUTIONAL SERVICE SHARES

This prospectus explains important information about the Institutional
Service Shares of the Evergreen Select Limited Duration 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 Limited Duration 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:

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

</TABLE>
<TABLE>
<S> <C>
FUND DETAILS 9
Fund Organization and Service
Providers 9
Other Information and Policies 10
Fund Performance 11
</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 Limited Duration Fund 0.20% 0.25% 0.10% 0.55%
Example of Fund Expenses 1 year 3 years
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 to 0.20%. Without such waiver the Management Fee
set forth above would be 0.30%. 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 the Fund to 0.10%. Without this limitation, Other
Expenses of the Fund would be 0.17% higher. Absent expense waivers and/or
reimbursements, the Total Operating Expenses for the Fund would be 0.82%
of average daily net assets.
- --------------------------------------------------------------------------------
FUND DESCRIPTION
- --------------------------------------------------------------------------------
THE FUND'S INVESTMENT OBJECTIVE

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

3
<PAGE>

SECURITIES AND INVESTMENT PRACTICES USED BY THE FUND

4
<PAGE>

5
<PAGE>

Institutional investors may buy Institutional Service Shares of the Fund
through broker-dealers, banks and certain other financial intermediaries, or
directly through the Funds' distributor, Evergreen Distributor, Inc. 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.

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

6
<PAGE>

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.

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

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.

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. All expenses,
including fees paid to the Fund's investment adviser, are accrued daily. 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.

7
<PAGE>

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 above.

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. A Fund
realizes a capital gain whenever it sells a security for a higher price than
its tax basis.

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.

8
<PAGE>

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.

Portfolio Managers. The portfolio managers of the Fund are George Prattos,

David Fowley and Bradley B. Ridinger.

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.

9
<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

Distribution Plan.The Trust has adopted a distribution plan for the
Institutional Service Class shares of the Fund as allowed under the Investment
Company Act of 1940. The 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. The 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 Fund's
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.

Portfolio Turnover. The estimated annual portfolio turnover rate for the Fund
- ------------------
is not expected to exceed 100%.

10
<PAGE>

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

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.

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.

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

68069 591941 Rv 1