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 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 record 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 or about July 21, 2000. Shareholders of Select Total Return will be
mailed information detailing the proposal on or about May 26, 2000.
April 3, 2000
III. 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 553689 4/00
