SUPPLEMENT TO PROSPECTUS OF
EVERGREEN SELECT FIXED INCOME TRUST
I. Evergreen Select Intermediate Term Municipal Bond Fund (the "Fund")
Effective immediately, the second paragraph under the section entitled
"Investment Strategy" in the Fund's February 1, 1999, as amended June 18,
1999 prospectus is restated in its entirety as follows:
"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. Up to 20% of the Fund's assets may be invested in taxable
obligations. The Fund may invest up to 100% of its assets in
municipal bonds that are subject to the federal alternative minimum
tax. The Fund may also invest up to 20% of its assets in below
investment grade bonds (not rated below B by Standard & Poor's
Rating Services). The Fund will maintain a dollar-weighted average
maturity of three to ten years."
November 12, 1999 551332
II. 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 552986 3/00
III. Evergreen Select Total Return Bond Fund
Proposed Fund Reorganization
On March 24, 2000 the Board of Trustees of the Evergreen Funds approved
a proposal to reorganize Evergreen Select Total Return Bond Fund ("Select Total
Return") into Evergreen Select Income Plus Fund ("Select Income Plus"). If the
shareholders of Select Total Return approve the proposal, all of the assets of
Select Total Return will be transferred to Select Income Plus and shareholders
of Select Total Return will receive shares of Select Income Plus in exchange for
their shares. Shareholders of Select Total Return as of April 28, 2000, are
scheduled to vote on the proposal at a special meeting of shareholders to be
held on July 14, 2000. If approved, the reorganization is proposed to take place
on July 21, 2000. Shareholders of Select Total Return will be mailed information
detailing the proposal on or about May 26, 2000.
553689 4/00
April 3, 2000
