SUPPLEMENT TO PROSPECTUS OF
EVERGREEN SELECT FIXED INCOME TRUST
I. Evergreen Select High Yield Bond Fund (the "Fund")
The section in the prospectus entitled "Investment Strategy" on the
fund-specific page for the Fund is revised to reflect that the bonds
that the Fund intends to invest in are U.S. dollar-denominated bonds
and that the Fund may also invest up to 15% of its assets in Yankee
bonds, which are U.S. dollar-denominated bonds issued by foreign banks
and corporations.
Under the section for the Fund entitled "Risk Factors," the following
disclosure should be added:
"In addition, the Fund's investment in Yankee bonds may expose it to
certain unique risks of investing in non-U.S. securities. For example,
political turmoil and economic instability in the countries issuing the
Yankee bonds in which the Fund invests could adversely affect the value
of your investment. Certain non-U.S. countries have less developed and
less regulated securities markets and accounting systems than the U.S.
This may make it harder to get accurate information about a security or
company, and increase the likelihood that an investment will not
perform as well as expected."
March 10, 2000
II. Evergreen Select Adjustable Rate Fund, Evergreen Select Core Bond Fund,
Evergreen Select Total Return Bond Fund (the "Funds")
The Performance and/or the Expense sections for the Funds listed above
are revised as follows:
For Evergreen Select Adjustable Rate Fund, in the section under
PERFORMANCE entitled "Year-by-Year Total Return for Institutional Shares (%),"
the item listed below that table should read "Worst Quarter: 2nd Quarter 1994
- -0.26%."
For Evergreen Select Core Bond Fund, in the section under EXPENSES
entitled "Annual Fund Operating Expenses," the number for Institutional Service
shares under the column Total Fund Operating Expenses should be 0.75%. Under the
"Example of Fund Expenses" section, the numbers under the Institutional Service
shares column, for one-, three, five- and ten-years should be $77, $240, $417
and $930, respectively.
For Evergreen Select Total Return Bond Fund, in the section under
PERFORMANCE entitled "Average Annual Total Return," the number for the
Institutional Service shares for the one-year period ended 12/31/1999 should be
- -1.82%.
Evergreen Select High Yield Bond Fund
The section of the prospectus entitled "INVESTMENT STRATEGY" on the
fund-specific page for the Fund is revised to reflect that the Fund may invest
up to 15% of its assets in foreign securities.
April 7, 2000
III. Evergreen Select Core Bond Fund
The section of the prospectus under EXPENSES entitled "Annual Fund
Operating Expenses," is replaced in its entirety as follows:
Annual Fund Operating Expenses (expenses that are deducted from
Fund assets)+
Management 12b-1 Other Total Fund
Fees Fees Expenses Operating Expenses++
Without With
Waiver Waiver
Institutional .32% .00% .18% .50% .42%
Institutional
Service .32% .25% .18% .75% .67%
+Restated for the fiscal period ended 9/30/1999 to reflect current fees.
++Effective June 7, 1999, the Fund's investment advisor has contractually
agreed for a period of at least three years to limit the Total Fund
Operating Expenses to .42% for Institutional shares and .67% for
Institutional Service shares.
May 19, 2000 554377 5/00
