-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BxqDcndwaEoYNOH2G9IPYryzL2SIyev6Dm14cPLUz/3K8sthUChYsFDeTCA7kJXQ M//Da3Y6CPZR5Y8/aVT+4w== 0000950109-99-003595.txt : 20040412 0000950109-99-003595.hdr.sgml : 20040412 19991006163800 ACCESSION NUMBER: 0000950109-99-003595 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990731 FILED AS OF DATE: 19991006 DATE AS OF CHANGE: 19991008 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EVERGREEN MONEY MARKET TRUST CENTRAL INDEX KEY: 0000820636 IRS NUMBER: 136892172 STATE OF INCORPORATION: NY FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05300 FILM NUMBER: 99723974 BUSINESS ADDRESS: STREET 1: 200 BERKLEY STREET CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 6172103200 MAIL ADDRESS: STREET 1: 200 BERKELEY STREET CITY: BOSTON STATE: MA ZIP: 02116 N-30D 1 EVERGREEN MONEY MARKET TRUST Semiannual Report as of July 31, 1999 Evergreen Money Market Funds [LOGO OF EVERGREEN FUNDS APPEARS HERE] Table of Contents Letter to Shareholders ............................................ 1 Evergreen Florida Municipal Money Market Fund Fund at a Glance ............................................. 2 Evergreen Money Market Fund Fund at a Glance ............................................. 3 Evergreen Municipal Money Market Fund Fund at a Glance ............................................. 4 Evergreen New Jersey Municipal Money Market Fund Fund at a Glance ............................................. 5 Evergreen Pennsylvania Municipal Money Market Fund Fund at a Glance ............................................. 6 Evergreen Treasury Money Market Fund Fund at a Glance ............................................. 7 Financial Highlights Evergreen Florida Municipal Money Market Fund ............................................ 8 Evergreen Money Market Fund ................................. 9 Evergreen Municipal Money Market Fund ....................... 11 Evergreen New Jersey Municipal Money Market Fund ............................................ 12 Evergreen Pennsylvania Municipal Money Market Fund ............................................ 13 Evergreen Treasury Money Market Fund ........................ 14 Schedule of Investments Evergreen Florida Municipal Money Market Fund ............................................ 15 Evergreen Money Market Fund ................................. 17 Evergreen Municipal Money Market Fund ....................... 21 Evergreen New Jersey Municipal Money Market Fund ............................................ 32 Evergreen Pennsylvania Municipal Money Market Fund ............................................ 34 Evergreen Treasury Money Market Fund ........................ 37 Statements of Assets and Liabilities ............................. 38 Statements of Operations ......................................... 40 Statements of Changes in Net Assets .............................. 42 Combined Notes to Financial Statements ....................................................... 46 Evergreen Funds Evergreen Funds is one of the nation's fastest growing investment companies with over $70 billion in assets under management. With over 80 mutual funds to choose among and acclaimed service and operations capabilities, investors enjoy a broad range of quality investment products and services designed to meet their needs. The Evergreen Funds employ intensive, research-driven investment strategies executed by over 90 research analysts and portfolio managers. The fund company remains dedicated to meeting the needs of investors and their advisors in a global economy. Look to the Evergreen Funds to provide a distinctive level of service and excellence in investment management. This semiannual report must be preceded or accompanied by a prospectus of an Evergreen fund contained herein. The prospectus contains more complete information, including fees and expenses, and should be read carefully before investing or sending money. Mutual Funds: ARE NOT FDIC INSURED May lose value . Are not bank guaranteed Evergreen Distributor,Inc. Evergreen(SM) is a Service Mark of Evergreen Investment Services, Inc. Letter to Shareholders ---------------------- September 1999 [PHOTO OF WILLIAM M. ENNIS APPEARS HERE] William M. Ennis President and CEO Dear Shareholders: We are pleased to provide the Evergreen Money Market Funds semiannual report, which covers the six-month period ended July 31, 1999. Continued Strength in the Domestic Economy During the first quarter of 1999, a handful of large capitalization growth stocks, technology stocks in particular, continued to dominate market performance. During the second quarter, participation broadened to include both value stocks and small company stocks: two areas which had disappointed investors for several years. The recent growth in these areas may be a sign that the record bull market is repositioning itself to continue. Inflation fears persist, however, and the Federal Reserve increased interest rates in June and again in late August in an effort to contain stock and bond prices. Investors will watch carefully to see whether there will be a third rate increase in October. Despite the anxiety over interest rates, many experts agree that the economy is still fundamentally strong, and we remain cautiously optimistic about the prospects for continued growth in the markets. Year 2000 Preparation/1/ We continue to progress with our preparations for Year 2000. Our aim is to provide uninterrupted service and communication with shareholders through the end of December 1999 and into January 2000. As of the end of September, when this report was finalized, we have completed all the regulatory requirements for testing and certification of our systems. In March, we participated in the industry's "Street Test" with the Securities Industry Association, which helped us evaluate the readiness of one of the industry's critical trading networks. We are confident that our long-term approach to planning and preparation will enable us to continue to deliver the high quality products and services that you have come to expect. Once again, we remind you to take advantage of your financial advisor's expertise and work together to develop an asset allocation strategy that may help you to meet your investment goals and objectives. Evergreen Funds offers a wide range of funds that includes multiple investment styles to help you find those that will be appropriate for your portfolio. Thank you for your continued investment in Evergreen Funds. Sincerely, /s/ William M. Ennis William M. Ennis President and CEO Evergreen Investment Company, Inc. /1/ The information above constitutes Year 2000 readiness disclosure. 1 EVERGREEN Florida Municipal Money Market Fund Fund at a Glance as of July 31, 1999 - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION - -------------------------------------------------------------------------------- (based on 7/31/99 portfolio assets) [PIE CHART APPEARS HERE] Variable Rate Demand Notes -- 79.6% Notes & Bonds -- 11.6% Put Bonds -- 8.8% Portfolio Management - -------------------------------------------------------------------------------- [PHOTO OF STEVEN C. SHACHAT APPEARS HERE] Steven C. Shachat Tenure: October 1998 - -------------------------------------------------------------------------------- PERFORMANCE AND RETURNS*/1/ - -------------------------------------------------------------------------------- Portfolio Inception Date: 10/26/98 Class A Class Y Class Inception Date 10/26/98 12/29/98 6 month return 1.20% 1.35% Average Annual Returns 1 year N/A N/A 5 years N/A N/A Since Portfolio Inception 1.89% 2.07% 7-day annualized yield 2.46% 2.78% 30-day annualized yield 2.37% 2.67% 6-month distributions per share $0.012 $0.013 *The yield quotation more closely reflects the earnings of the fund than the total return quotation. - -------------------------------------------------------------------------------- ANNUALIZED 7-DAY YIELD - -------------------------------------------------------------------------------- [LINE GRAPH APPEARS HERE] FL Money Market Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99 - -------------------------------------------------------------------------------- Class A NET 2.21 2.31 2.91 2.61 2.89 2.46 Class Y NET 2.52 2.55 3.20 2.92 3.25 2.78 Total Net Assets: $78,529,803 Average Maturity: 20 days /1/ Historical performance shown for Class Y prior to its inception is based on the performance of Class A, the original class offered. The historical returns for Class Y have not been adjusted to reflect the fact that Class Y does not pay a 12b-1 fee. This fee for Class A is .30%. If this fee had not been reflected, returns would have been higher. Returns reflect expense limits previously in effect, without which returns would have been lower. An investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Yields will fluctuate. Past performance is no guarantee of future results. 2 EVERGREEN Money Market Fund Fund at a Glance as of July 31, 1999 - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION - -------------------------------------------------------------------------------- (based on 7/31/99 portfolio assets) [PIE CHART APPEARS HERE] Commercial Paper -- 56.9% Corp. Notes/Bond -- 32.3% Funding Agreements -- 4.7% Variable Rate Demand Notes -- 3.0% Certificates of Deposit -- 2.3% Repurchase Agreements -- 0.5% Mutual Fund Shares -- 0.3% Portfolio Management - -------------------------------------------------------------------------------- [PHOTO OF KELLIE ALLEN APPEARS HERE] Kellie Allen Tenure: December 1997 [PHOTO OF BRYAN K. WHITE APPEARS HERE] Bryan K. White Tenure: December 1997 - -------------------------------------------------------------------------------- PERFORMANCE AND RETURNS*/1/ - -------------------------------------------------------------------------------- Portfolio Inception Date: 11/2/87 Class A Class B Class C Class Y Class Inception Date 1/4/95 1/26/95 8/1/97 11/2/87 6 months with sales charge N/A -3.19% 0.81% N/A 6 month return w/o sales charge 2.16% 1.81% 1.81% 2.31% Average Annual Returns 1 year with sales charge 4.60% -1.12% 2.86% N/A 1 year w/o sales charge 4.60% 3.88% 3.86% 4.92% 5 years 4.94% 3.94% 4.81% 5.23% 10 years 5.20% 4.87% 5.14% 5.35% Since Portfolio Inception 5.66% 5.37% 5.60% 5.78% Maximum Sales Charge N/A 5.00% 1.00% N/A CDSC CDSC 7-day annualized yield 4.44% 3.74% 3.74% 4.74% 30-day annualized yield 4.40% 3.69% 3.69% 4.69% 6-month distributions per share $0.021 $0.018 $0.018 $0.023 *Adjusted for maximum applicable sales charge unless noted. The yield quotation more closely reflects the earnings of the fund than the total return quotation. - -------------------------------------------------------------------------------- ANNUALIZED 7-DAY YIELD - -------------------------------------------------------------------------------- [LINE GRAPH APPEARS HERE] Money Market Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99 - -------------------------------------------------------------------------------- Class A NET 4.39 4.29 4.25 4.24 4.36 4.44 Class B NET 3.69 3.59 3.55 3.54 3.66 3.74 Class C NET 3.69 3.59 3.55 3.54 3.66 3.74 Class Y NET 4.69 4.59 4.55 4.53 4.66 4.74 Total Net Assets: $8,819,608,308 Average Maturity: 79 days /1/ Historical performance shown for Classes A, B, and C prior to their inception is based on the performance of Class Y, the original class offered. The historical returns for Classes A, B, and C have not been adjusted to reflect the effect of each class' 12b-1 fee. These fees for Classes A, B, and C are ..30%, 1.00%, and 1.00%, respectively. Class Y does not pay a 12b-1 fee. If these fees had been reflected, returns would have been lower. Returns reflect expense limits previously in effect, without which returns would have been lower. An investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Yields will fluctuate. Past performance is no guarantee of future results. 3 EVERGREEN Municipal Money Market Fund Fund at a Glance as of July 31, 1999 - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION - -------------------------------------------------------------------------------- (based on 7/31/99 portfolio assets) [PIE CHART APPEARS HERE] Variable Rate Demand Notes -- 77.1% Put Bonds -- 18.3% Bonds -- 2.1% Anticipation Notes -- 1.9% Commercial Paper -- 0.6% Portfolio Management - -------------------------------------------------------------------------------- [PHOTO OF STEVEN C. SHACHAT APPEARS HERE] Steven C. Shachat Tenure: November 1988 - -------------------------------------------------------------------------------- PERFORMANCE AND RETURNS*/1/ - -------------------------------------------------------------------------------- Portfolio Inception Date: 11/2/88 Class A Class Y Class Inception Date 1/5/95 11/2/88 6 month return 1.34% 1.49% Average Annual Returns 1 year 2.84% 3.15% 5 years 3.15% 3.43% Since Portfolio Inception 3.85% 3.98% 7-day annualized yield 2.73% 3.02% 30-day annualized yield 2.65% 2.94% 6-month distributions per share $0.013 $0.015 *The yield quotation more closely reflects the earnings of the fund than the total return quotation. - -------------------------------------------------------------------------------- ANNUALIZED 7-DAY YIELD - -------------------------------------------------------------------------------- [LINE GRAPH APPEARS HERE] Muni Money Market Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99 - -------------------------------------------------------------------------------- Class A NET 2.49 2.64 3.12 2.86 3.18 2.73 Class Y NET 2.79 2.94 3.42 3.17 3.48 3.03 Total Net Assets: $1,457,127,551 Average Maturity: 42 days /1/ Historical performance shown for Class A prior to its inception is based on the performance of Class Y, the original class offered. The historical returns for Class A have not been adjusted to reflect the effect of the class' .30% 12b-1 fee. Class Y does not pay a 12b-1 fee. If these fees had been reflected, returns would have been lower. Returns reflect expense limits previously in effect, without which returns would have been lower. An investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Yields will fluctuate. Past performance is no guarantee of future results. 4 EVERGREEN New Jersey Municipal Money Market Fund Fund at a Glance as of July 31, 1999 - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION - -------------------------------------------------------------------------------- (based on 7/31/99 portfolio assets) [PIE CHART APPEARS HERE] Variable Rate Demand Notes -- 69.4% Bonds -- 27.6% Put Bonds -- 3.0% Portfolio Management - -------------------------------------------------------------------------------- [PHOTO OF STEVEN C. SHACHAT APPEARS HERE] Steven C. Shachat Tenure: October 1998 - -------------------------------------------------------------------------------- PERFORMANCE AND RETURNS*/1/ - -------------------------------------------------------------------------------- Portfolio Inception Date: 10/26/98 Class A Class Y Class Inception Date 10/26/98 4/3/99 6 month return 1.16% 1.26% Average Annual Returns 1 year N/A N/A 5 years N/A N/A Since Portfolio Inception 1.83% 1.93% 7-day annualized yield 2.34% 2.64% 30-day annualized yield 2.23% 2.52% 6-month distributions per share $0.012 $0.013 *The yield quotation more closely reflects the earnings of the fund than the total return quotation. - -------------------------------------------------------------------------------- ANNUALIZED 7-DAY YIELD - -------------------------------------------------------------------------------- [LINE GRAPH APPEARS HERE] NJ Money Market Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99 - -------------------------------------------------------------------------------- Class A NET 2.12 2.31 2.76 2.51 2.83 2.32 Class Y NET N/A N/A 3.08 2.81 3.12 2.62 Total Net Assets: $101,204,511 Average Maturity: 47 days /1/ Historical performance shown for Class Y prior to its inception is based on the performance of Class A, the original class offered. The historical returns for Class Y have not been adjusted to reflect the fact that Class Y does not pay a 12b-1 fee. This fee for Class A is .30%. If this fee had not been reflected, returns would have been higher. Returns reflect expense limits previously in effect, without which returns would have been lower. An investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Yields will fluctuate. Past performance is no guarantee of future results. 5 EVERGREEN Pennsylvania Municipal Money Market Fund Fund at a Glance as of July 31, 1999 - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION - -------------------------------------------------------------------------------- (based on 7/31/99 portfolio assets) [PIE CHART APPEARS HERE] Variable Rate Demand Notes -- 72.5% Bonds -- 15.5% Put Bonds -- 12.0% Portfolio Management - -------------------------------------------------------------------------------- [PHOTO OF STEVEN C. SHACHAT APPEARS HERE] Steven C. Shachat Tenure: May 1998 - -------------------------------------------------------------------------------- PERFORMANCE AND RETURNS*/1/ - -------------------------------------------------------------------------------- Portfolio Inception Date: 8/15/91 Class A Class Y Class Inception Date 8/22/95 8/15/91 6 month return 1.33% 1.38% Average Annual Returns 1 year 2.79% 2.89% 5 years 3.13% 3.19% Since Portfolio Inception 2.96% 3.00% 7-day annualized yield 2.72% 2.82% 30-day annualized yield 2.67% 2.77% 6-month distributions per share $0.013 $0.014 *The yield quotation more closely reflects the earnings of the fund than the total return quotation. - -------------------------------------------------------------------------------- ANNUALIZED 7-DAY YIELD - -------------------------------------------------------------------------------- [LINE GRAPH APPEARS HERE] PA Money Market Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99 - -------------------------------------------------------------------------------- Class A NET 2.46 2.59 3.09 2.84 3.12 2.73 Class Y NET 2.56 2.69 3.19 2.94 3.22 2.83 Total Net Assets: $147,711,838 Average Maturity: 48 days /1/ Historical performance shown for Class A prior to its inception is based on the performance of Class Y, the original class offered. The historical returns for Class A have not been adjusted to reflect the effect of the class' .30% 12b-1 fee. Class Y does not pay a 12b-1 fee. If these fees had been reflected, returns would have been lower. The advisor is reimbursing a portion of the 12b-1 expense for Class A. Returns reflect expense limits previously in effect, without which returns would have been lower. An investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Yields will fluctuate. Past performance is no guarantee of future results. 6 EVERGREEN Treasury Money Market Fund Fund at a Glance as of July 31 , 1999 - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION - -------------------------------------------------------------------------------- (based on 7/31/99 portfolio assets) [PIE CHART APPEARS HERE] U.S. Treasury Notes -- 73.5% Repurchase Agreements -- 26.2% Mutual Fund Shares -- 0.3% Portfolio Management - -------------------------------------------------------------------------------- [PHOTO OF KELLIE ALLEN APPEARS HERE] Kellie Allen Tenure: March 1991 [PHOTO OF BRYAN K. WHITE APPEARS HERE] Bryan K.White Tenure: December 1997 - -------------------------------------------------------------------------------- PERFORMANCE AND RETURNS*/1/ - -------------------------------------------------------------------------------- Portfolio Inception Date: 3/6/91 Class A Class Y Class Inception Date 3/6/91 3/6/91 6 month return 2.06% 2.21% Average Annual Returns 1 year 4.37% 4.68% 5 years 4.84% 5.15% Since Portfolio Inception 4.36% 4.66% 7-day annualized yield 4.30% 4.60% 30-day annualized yield 4.22% 4.53% 6-month distributions per share $0.020 $0.022 *The yield quotation more closely reflects the earnings of the fund than the total return quotation. - -------------------------------------------------------------------------------- ANNUALIZED 7-DAY YIELD - -------------------------------------------------------------------------------- [LINE GRAPH APPEARS HERE] Treasury Money Market Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99 - -------------------------------------------------------------------------------- Class A NET 4.09 4.20 4.08 4.03 4.12 4.27 Class Y NET 4.39 4.50 4.38 4.33 4.43 4.57 Total Net Assets: $4,006,391,241 Average Maturity: 49 days /1/ The returns reflect expense limits previously in effect, without which returns would have been lower. This fund has 12b-1 fees for Class A of .30%, Class Y does not pay a 12b-1 fee. An investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Yields will fluctuate. Past performance is no guarantee of future results. 7 EVERGREEN FLORIDA MUNICIPAL MONEY MARKET FUND Financial Highlights (For a share outstanding throughout each period)
Six Months Ended July 31, 1999 Period Ended (Unaudited) January 31, 1999 (a) CLASS A SHARES Net asset value, beginning of period $1.00 $1.00 ----- ----- Net investment income 0.01 0.01 Less distributions to shareholders from net investment income (0.01) (0.01) ----- ----- Net asset value, end of period $1.00 $1.00 ----- ----- Total return 1.20% 0.69% Ratios and supplemental data Net assets, end of period (millions) $ 79 $ 84 Ratios to average net assets Expenses* 0.93%+ 0.93%+ Net investment income 2.39%+ 2.66%+
Six Months Ended July 31, 1999 Period Ended (Unaudited) January 31, 1999 (b) CLASS Y SHARES Net asset value, beginning of period $1.00 $1.00 ----- ----- Net investment income 0.01 0++ Less distributions to shareholders from net investment income (0.01) 0++ ----- ----- Net asset value, end of period $1.00 $1.00 ----- ----- Total return 1.35% 0.26% Ratios and supplemental data Net assets, end of period (millions) $ -- $ -- Ratios to average net assets Expenses* 0.63%+ 0.65%+ Net investment income 2.69%+ 2.98%+
(a) For the period from October 26, 1998 (commencement of class operations) to January 31, 1999. (b) For the period from December 29, 1998 (commencement of class operations) to January 31, 1999. * The ratio of expenses to average net assets excludes fee credits and in- cludes fee waivers. + Annualized. ++ Represents an amount less than $0.005 per share. See Combined Notes to Financial Statements. 8 EVERGREEN MONEY MARKET FUND Financial Highlights (For a share outstanding throughout each period)
Six Months Ended Year Ended January 31, Year Ended August 31, July 31, 1999 ---------------------- ------------------------ (Unaudited) 1999 1998(a) 1997 1996 1995(b) CLASS A SHARES Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00 ------ ------ ------ ------ ------ ----- Net investment income 0.02 0.05 0.02 0.05 0.05 0.03 Less distributions to shareholders from net investment income (0.02) (0.05) (0.02) (0.05) (0.05) (0.03) ------ ------ ------ ------ ------ ----- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00 ------ ------ ------ ------ ------ ----- Total return 2.16% 4.90% 2.08% 4.95% 5.05% 3.53% Ratios and supplemental data Net assets, end of period (millions) $7,112 $5,210 $2,910 $2,803 $1,755 $ 685 Ratios to average net assets Expenses# 0.84%+ 0.85% 0.89%+ 0.79% 0.75% 0.81%+ Net investment income 4.32%+ 4.78% 4.91%+ 4.87% 4.86% 5.26%+ Six Months Ended Year Ended January 31, Year Ended August 31, July 31, 1999 ---------------------- ------------------------ (Unaudited) 1999 1998(a) 1997 1996 1995(c) Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00 ------ ------ ------ ------ ------ ----- Less distributions to shareholders from net investment income (0.02) (0.04) (0.02) (0.04) (0.04) (0.03) ------ ------ ------ ------ ------ ----- Net investment income 0.02 0.04 0.02 0.04 0.04 0.03 Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00 ------ ------ ------ ------ ------ ----- Total return* 1.81% 4.18% 1.78% 4.22% 4.31% 2.78% Ratios and supplemental data Net assets, end of period (millions) $ 67 $ 65 $ 25 $ 23 $ 10 $ 8 Ratios to average net assets Expenses# 1.53%+ 1.55% 1.59%+ 1.49% 1.45% 1.51%+ Net investment income 3.61%+ 4.09% 4.22%+ 4.16% 4.18% 4.54%+
(a) Five months ended January 31, 1998. The Fund changed its fiscal year end from August 31 to January 31, effective January 31, 1998. (b) For the period from January 4, 1995 (commencement of class operations) to August 31, 1995. (c) For the period from January 26, 1995 (commencement of class operations) to August 31, 1995. * Excluding applicable sales charges. + Annualized. # The ratio of expenses to average net assets excludes fee credits. See Combined Notes to Financial Statements. 9 EVERGREEN MONEY MARKET FUND Financial Highlights (For a share outstanding throughout each period)
Six Months Ended Year Ended January 31, July 31, 1999 -------------------------- Year Ended (Unaudited) 1999 1998 (a) August 31, 1997 (b) CLASS C SHARES Net asset value, beginning of period $1.00 $ 1.00 $ 1.00 $1.00 ----- ----------- ----------- ----- Net investment income 0.02 0.04 0.02 0++ Less distributions to shareholders from net investment income (0.02) (0.04) (0.02) 0++ ----- ----------- ----------- ----- Net asset value, end of period $1.00 $ 1.00 $ 1.00 $1.00 ----- ----------- ----------- ----- Total return* 1.81% 4.16% 1.78% 0.37% Ratios and supplemental data Net assets, end of period (millions) $ 6 $ 5 $ 2 $ 5 Ratios to average net assets Expenses# 1.53%+ 1.55% 1.59%+ 1.67%+ Net investment income 3.62%+ 4.09% 4.20%+ 4.42%+
Year Ended January Six Months Ended 31, Year Ended August 31, July 31, 1999 ------------------ ----------------------------- (Unaudited) 1999 1998(a) 1997 1996 1995 1994(c) CLASS Y SHARES Net asset value, beginning of period $ 1.00 $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ------ ------ ----- ----- ----- ----- ----- Net investment income 0.02 0.05 0.02 0.05 0.05 0.05 0.03 Less distributions to shareholders from net investment income (0.02) (0.05) (0.02) (0.05) (0.05) (0.05) (0.03) ------ ------ ----- ----- ----- ----- ----- Net asset value, end of period $ 1.00 $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ------ ------ ----- ----- ----- ----- ----- Total return 2.31% 5.21% 2.21% 5.27% 5.36% 5.38% 2.92% Ratios and supplemental data Net assets, end of period (millions) $1,635 $1,745 $ 610 $ 635 $ 671 $ 283 $ 273 Ratios to average net assets Expenses# 0.53%+ 0.55% 0.59%+ 0.48% 0.45% 0.53% 0.32%+ Net investment income 4.61%+ 5.07% 5.22%+ 5.13% 5.16% 5.26% 3.46%+
(a) Five months ended January 31, 1998. The Fund changed its fiscal year end from August 31 to January 31, effective January 31, 1998. (b) For the period from August 1, 1997 (commencement of class operations) to August 31, 1997. (c) Ten months ended August 31, 1994. The Fund changed its fiscal year end from October 31 to August 31, effective August 31, 1994. * Excluding applicable sales charges. + Annualized. ++ Represents an amount less than $0.005 per share. # The ratio of expenses to average net assets excludes fee credits. See Combined Notes to Financial Statements. 10 EVERGREEN MUNICIPAL MONEY MARKET FUND Financial Highlights (For a share outstanding throughout each period)
Six Months Ended Year Ended January 31, Year Ended August 31, July 31, 1999 ----------------------- --------------------------- (Unaudited) 1999 1998(a) 1997 1996 1995(b) CLASS A SHARES Net asset value, beginning of period $1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00 ----- ------ ------ ----- ----- ----- Net investment income 0.01 0.03 0.01 0.03 0.03 0.02 Less distributions to shareholders from net investment income (0.01) (0.03) (0.01) (0.03) (0.03) (0.02) ----- ------ ------ ----- ----- ----- Net asset value, end of period $1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00 ----- ------ ------ ----- ----- ----- Total return 1.34% 3.07% 1.34% 3.13% 3.22% 2.24% Ratios and supplemental data Net assets, end of period (millions) $ 809 $ 737 $ 672 $ 667 $ 661 $ 555 Ratios to average net assets Expenses* 0.87%+ 0.87% 0.88%+ 0.83% 0.79% 0.78%+ Net investment income 2.69%+ 3.02% 3.18%+ 3.09% 3.14% 3.28%+
Six Months Ended Year Ended January 31, Year Ended August 31, July 31, 1999 ----------------------- -------------------------- (Unaudited) 1999 1998(a) 1997 1996 1995 1994 CLASS Y SHARES Net asset value, beginning of period $1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00 $1.00 ----- ------ ------ ----- ----- ----- ----- Net investment income 0.01 0.03 0.01 0.03 0.03 0.04 0.02 Less distributions to shareholders from net investment income (0.01) (0.03) (0.01) (0.03) (0.03) (0.04) (0.02) ----- ------ ------ ----- ----- ----- ----- Net asset value, end of period $1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00 $1.00 ----- ------ ------ ----- ----- ----- ----- Total return 1.49% 3.38% 1.47% 3.44% 3.53% 3.59% 2.50% Ratios and supplemental data Net assets, end of period (millions) $ 648 $ 540 $ 386 $ 378 $ 617 $ 421 $ 402 Ratios to average net assets Expenses* 0.57%+ 0.57% 0.58%+ 0.53% 0.49% 0.50% 0.34% Net investment income 3.00%+ 3.30% 3.46%+ 3.37% 3.44% 3.53% 2.47%
(a) Five months ended January 31, 1998. The Fund changed its fiscal year end from August 31 to January 31, effective January 31, 1998. (b) For the period from January 5, 1995 (commencement of class operations) to August 31, 1995. * The ratio of expenses to average net assets excludes fee credits. + Annualized. See Combined Notes to Financial Statements. 11 EVERGREEN NEW JERSEY MUNICIPAL MONEY MARKET FUND Financial Highlights (For a share outstanding throughout each period)
Six Months Ended July 31, 1999 Period Ended (Unaudited) January 31, 1999 (a) CLASS A SHARES Net asset value, beginning of period $ 1.00 $ 1.00 ------ ------ Net investment income 0.01 0.01 Less distributions to shareholders from net investment income (0.01) (0.01) ------ ------ Net asset value, end of period $ 1.00 $ 1.00 ------ ------ Total return 1.16% 0.66% Ratios and supplemental data Net assets, end of period (millions) $ 101 $ 95 Ratios to average net assets Expenses# 0.88%+ 0.85%+ Net investment income 2.33%+ 2.46%+
Period Ended July 31, 1999 (b) (Unaudited) CLASS Y SHARES Net asset value, beginning of period $1.00 ----- Net investment income 0.01 Less distributions to shareholders from net investment income (0.01) ----- Net asset value, end of period $1.00 ----- Total return 1.26% Ratios and supplemental data Net assets, end of period (millions) $ 1 Ratios to average net assets Expenses# 0.58%+ Net investment income 2.76%+
(a) For the period October 26, 1998 (commencement of class operations) to Janu- ary 31, 1999. (b) For the period April 3, 1999 (commencement of class operations) to July 31, 1999. + Annualized. # The ratio of expenses to average net assets excludes fee credits and includes fee waivers. See Combined Notes to Financial Statements. 12 EVERGREEN PENNSYLVANIA MUNICIPAL MONEY MARKET FUND Financial Highlights (For a share outstanding throughout each period)
Six Months Ended Year Ended January 31, Year Ended August 31, July 31, 1999 -------------------------- ------------------------ Period Ended (Unaudited) 1999 1998 (a) 1997 1996 (b) February 29, 1996 (c) CLASS A SHARES Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ----------- ----------- ---------- ---------- ------ Net investment income 0.01 0.03 0.01 0.03 0.01 0.02 Less distributions to shareholders from net investment income (0.01) (0.03) (0.01) (0.03) (0.01) (0.02) ------ ----------- ----------- ---------- ---------- ------ Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ----------- ----------- ---------- ---------- ------ Total return 1.33% 2.96% 1.34% 3.05% 1.49% 1.72% Ratios and supplemental data Net assets, end of period (millions) $ 112 $ 96 $ 37 $ 36 $ 22 $ 4 Ratios to average net assets Expenses# 0.60%+ 0.61% 0.61%+ 0.60% 0.55%+ 0.47%+ Net investment income 2.67%+ 2.90% 3.15%+ 3.01% 2.97%+ 3.14%+
Six Months Ended Year Ended January 31, Year Ended August 31, Year Ended February 28, July 31, 1999 -------------------------- ------------------------ ------------------------ (Unaudited) 1999 1998 (a) 1997 1996 (b) 1996 1995 CLASS Y SHARES Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ----------- ----------- ---------- ---------- ----------- ----------- Net investment income 0.01 0.03 0.01 0.03 0.01 0.03 0.03 Less distributions to shareholders from net investment income (0.01) (0.03) (0.01) (0.03) (0.01) (0.03) (0.03) ------ ----------- ----------- ---------- ---------- ----------- ----------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ----------- ----------- ---------- ---------- ----------- ----------- Total return 1.38% 3.07% 1.38% 3.15% 1.51% 3.55% 2.81% Ratios and supplemental data Net assets, end of period (millions) $ 36 $ 40 $ 33 $ 32 $ 48 $ 83 $ 44 Ratios to average net assets Expenses# 0.50%+ 0.52% 0.51%+ 0.50% 0.50%+ 0.37% 0.33% Net investment income 2.76%+ 3.02% 3.26%+ 3.10% 2.92%+ 3.42% 3.09%
(a) Five months ended January 31, 1998. The Fund changed its fiscal year end from August 31 to January 31, effective January 31, 1998. (b) Six months ended August 31, 1996. The Fund changed its fiscal year end from February 29 to August 31, effective August 31, 1996. (c) For the period from August 22, 1995 (commencement of class operations) to February 29, 1996. + Annualized. # The ratio of expenses to average net assets excludes fee credits and includes fee waivers. See Combined Notes to Financial Statements. 13 EVERGREEN TREASURY MONEY MARKET FUND Financial Highlights (For a share outstanding throughout each period)
Six Months Ended Year Ended January 31, Year Ended August 31, July 31, 1999 ---------------------- ------------------------ Year Ended (Unaudited) 1999 1998 (a) 1997 1996 1995 (b) December 31, 1994 CLASS A SHARES Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ----------- ----------- ------ ------ ------ ------ Net investment income 0.02 0.05 0.02 0.05 0.05 0.03 0.04 Less distributions to shareholders from net investment income (0.02) (0.05) (0.02) (0.05) (0.05) (0.03) (0.04) ------ ----------- ----------- ------ ------ ------ ------ Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ----------- ----------- ------ ------ ------ ------ Total return 2.06% 4.75% 2.07% 4.82% 4.98% 3.58% 3.75% Ratios and supplemental data Net assets, end of period (millions) $3,064 $ 3,366 $ 2,616 $2,485 $2,608 $1,178 $ 755 Ratios to average net assets Expenses # 0.74%+ 0.73% 0.73%+ 0.72% 0.69% 0.63%+ 0.50% Net investment income 4.10%+ 4.63% 4.89%+ 4.73% 4.76% 5.30%+ 3.91%
Six Months Ended Year Ended January 31, Year Ended August 31, July 31, 1999 ---------------------- ------------------------ Year Ended (Unaudited) 1999 1998 (a) 1997 1996 1995 (b) December 31, 1994 CLASS Y SHARES Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ----------- ----------- ------ ------ ------ ------ Net investment income 0.02 0.05 0.02 0.05 0.05 0.04 0.04 Less distributions to shareholders from net investment income (0.02) (0.05) (0.02) (0.05) (0.05) (0.04) (0.04) ------ ----------- ----------- ------ ------ ------ ------ Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ----------- ----------- ------ ------ ------ ------ Total return 2.21% 5.07% 2.20% 5.14% 5.29% 3.78% 4.06% Ratios and supplemental data Net assets, end of period (millions) $ 942 $ 1,045 $ 572 $ 547 $ 760 $ 277 $ 163 Ratios to average net assets Expenses # 0.44%+ 0.43% 0.43%+ 0.42% 0.39% 0.33%+ 0.20% Net investment income 4.40%+ 4.89% 5.19%+ 5.02% 5.12% 5.60%+ 3.78%
(a) Five months ended January 31, 1998. The Fund changed its fiscal year end from August 31 to January 31, effective January 31, 1998. (b) Eight months ended August 31, 1995. The Fund changed its fiscal year end from December 31 to August 31, effective August 31, 1995. + Annualized. # The ratio of expenses to average net assets excludes fee credits. See Combined Notes to Financial Statements. 14 EVERGREEN FLORIDA MUNICIPAL MONEY MARKET FUND Schedule of Investments July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - 99.8% Florida - 99.8% $ 300,000 Collier Cnty., FL Hlth. Facs. RB, Cleveland Clinic Hlth. Sys., (LOC: Bank One, N.A.), 3.40%, 8/2/1999.................................... $ 300,000 1,500,000 Dade Cnty, FL Pub. Svc. Tax RB, (Ins. by FSA), 5.00%, 10/1/1999................................... 1,504,413 Dade Cnty., FL IDA RB: 2,445,000 Florida Convalescent Assoc. Proj., Ser. 1986, (LOC: Bank of Tokyo-Mitsubishi, Ltd.), 5.00%, VRDN......................................... 2,445,000 200,000 Jay W. Lotspeich Proj., (LOC: Dai-Ichi Kangyo Bank, Ltd.), 4.55%, VRDN......................................... 200,000 450,000 Pot Co., Inc., (LOC: Dai-Ichi Kangyo Bank, Ltd.), 4.55%, VRDN......................................... 450,000 1,050,000 Quipp Inc. Proj., (LOC: BankAmerica, N.A.), 3.35%, 8/5/1999..................................... 1,050,000 3,500,000 Escambia Cnty., FL IDRB, Daws Mfg. Co., Inc. Proj., (LOC: Amsouth Bank, N.A.), 3.40%, VRDN........................................ 3,500,000 300,000 Escambia Cnty., FL PCRB, Gulf Power Co. Proj., (Gtd. by Gulf Power Co.), 3.45%, 8/2/1999.................................... 300,000 1,540,000 Escambia Cnty., FL SFHRB, PFOTER, (LIQ: Merrill Lynch & Co., Inc.), 3.24%, VRDN (a).................................... 1,540,000 4,700,000 Florida Board of Ed. RB, ABN-Amro Munitops Certificates Trust, Ser. 1998-9, (LIQ: ABN-Amro Bank, N.V. & Ins. by FSA), 3.29%, VRDN (a).................................... 4,700,000 1,000,000 Florida Dev. Fin. Corp. IDRB, Suncoast Bakeries, Inc., Ser. A1, (LOC: SunTrust Banks, N.A.), 3.30%, VRDN........................................ 1,000,000 Florida HFA MHRB: 1,250,000 Falls of Venice Proj., (LOC: PNC Bank, N.A.), 3.30%, VRDN......................................... 1,250,000 3,500,000 Iona Lakes Proj., Ser. D, (Ins. by Continental Casualty), 3.25%, 4/1/2000..................................... 3,500,000 4,000,000 Florida Hsg. Fin. Corp. MHRB, Buchanan Bay Townhomes, (LOC: Chase Manhattan Bank, N.A.), 3.45%, VRDN........................................ 4,000,000 Hillsborough Cnty., FL IDRB: 1,895,000 Berry Packaging Inc., (LOC: BankAmerica, N.A.), 3.35%, 8/5/1999..................................... 1,895,000 450,000 Serigraphic Arts Inc. Proj., (LOC: Dai-Ichi Kangyo Bank, Ltd.), 4.55%, VRDN......................................... 450,000 2,200,000 Hillsborough Cnty., FL PCRB, Tampa Elec. Co. Proj., (Gtd. by Tampa Elec. Co.), 3.40%, 8/2/1999.................................... 2,200,000
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Florida - continued $11,000,000 Hillsborough Cnty., FL Sch. Board COP, (LIQ: Citibank, N.A. & Ins. by MBIA), 3.31%, VRDN (a)..................................... $11,000,000 1,400,000 Jacksonville, FL Econ. Dev. Commission IDRB, Crown Products Corp. Inc., (LOC: SunTrust Banks, N.A.), 3.30%, VRDN......................................... 1,400,000 2,590,000 Jacksonville, FL Elec. Auth. RB, St. John's River, 6.00%, 10/1/1999.................................... 2,602,655 900,000 Jacksonville, FL IDRB, Univ. of FL Hlth. Science Ctr., (LOC: BankAmerica, N.A.), 3.40%, VRDN......................................... 900,000 1,165,000 Lee Cnty., FL HFA-RB, Multi Cnty. Program Ser. A, Subser. 3, (Ins. by AMBAC), 3.15%, 11/15/1999................................... 1,165,000 Miami-Dade Cnty., FL IDA RB: 2,000,000 Edron Fixture Corp. Proj., Ser. 1999A, (LOC: SunTrust Banks, N.A.), 3.25%, 8/4/1999...................................... 2,000,000 5,000,000 Professional Modifications Svcs. Inc., (LOC: Bankers Trust Co.), 3.30%, VRDN.......................................... 5,000,000 1,500,000 Orange Cnty., FL Hlth. Facs. Auth. RB, PFOTER, (LIQ: Merrill Lynch & Co., & Ins. by U.S. Treasury Securities), 3.45%, 8/25/1999 (a)................................ 1,500,000 600,000 Palm Beach Cnty., FL IDRB, Florida Convalescent Proj., (LOC: Bank of Tokyo-Mitsubishi, Ltd.), 5.00%, VRDN......................................... 600,000 5,875,000 Palm Beach Cnty., FL Sch. Board COP, MSTR Ser. 1996B, (LIQ: Norwest Bank, N.A. & Ins. by AMBAC), 3.50%, VRDN (a)..................................... 5,875,000 1,000,000 Palm Beach Cnty., FL Wtr & Swr RB, (LOC: Sanwa Bank, Ltd.), 4.00%, VRDN......................................... 1,000,000 695,000 Pinellas Cnty., FL HFA SFHRB, PFOTER, (LIQ: Merrill Lynch & Co., Inc. & COLL: FNMA), 3.31%, VRDN (a)..................................... 695,000 Polk Cnty., FL IDA RB: 2,000,000 Farmland Hydro, LP Proj., (LOC: Rabobank N.V.), 3.15%, 8/5/1999...................................... 2,000,000 3,300,000 Sun Orchard Florida, Inc. Proj., (LOC: Bank One, N.A.), 3.37%, VRDN.......................................... 3,300,000 2,000,000 Putnam Cnty., FL Dev. Auth. PCRB, Seminole Elec. Co., (Gtd. by Rural Util. Svcs. Corp.), 3.00%, 9/15/1999.................................... 2,000,000 1,735,000 St. John's Cnty., FL IDA RB, Bronz-Glow Technologies Proj., (LOC: SouthTrust Bank, N.A.), 3.41%, VRDN......................................... 1,735,000
15 EVERGREEN FLORIDA MUNICIPAL MONEY MARKET FUND Schedule of Investments(continued) July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Florida - continued $ 1,300,000 St. Petersburg (City of), FL Hlth. Fac. Auth. RB, Florida Blood Svcs. Inc. Proj., (LOC: SouthTrust Bank, N.A.), 3.21%, VRDN......................................... $ 1,300,000 1,500,000 Tamarac, FL IDRB, Tamarac Business Ctr. Proj., (LOC: BankAmerica, N.A.), 3.35%, VRDN......................................... 1,500,000
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Florida - continued $ 2,500,000 Titusville, FL Multi Purpose RB, (LOC: BankAmerica, N.A.), 3.25%, VRDN....................................... $ 2,500,000 ------------
Total Investments - (cost $78,357,068).......................... 99.8% 78,357,068 Other Assets and Liabilities - net........................... 0.2 172,735 ----- ------------ Net Assets................................... 100.0% $ 78,529,803 ===== ============
(a) Securities that may be sold to "qualified institutional buyers" under Rule 144A or securities offered pursuant to Section 4(2) of the Securities Act of 1933, as amended. These securities have been determined to be liquid un- der guidelines established by the Board of Trustees. Summary of Abbreviations: AMBAC American Municipal Bond Assurance Corp. COLL Collateral COP Certificates of Participation FNMA Federal National Mortgage Association FSA Financial Security Assurance, Inc. HFA Housing Finance Authority IDA Industrial Development Authority IDRB Industrial Development Revenue Bond LIQ Liquidity Provider LOC Letter of Credit LP Limited Partnership MHRB Multifamily Housing Revenue Bond MBIA Municipal Bond Investors Assurance Corp. MSTR Municipal Securities Trust Receipt PCRB Pollution Control Revenue Bond PFOTER Puttable Floating Option Tax Exempt Receipt RB Revenue Bond SFHRB Single Family Housing Revenue Bond SPA Security Purchase Agreement VRDN Variable Rate Demand Note Variable Rate Demand Notes are payable on demand on no more than seven calendar days notice given by the Fund to the issuer or other parties not affiliated with the issuer. Interest rates are determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the se- curity. Interest rates presented for these securities are those in effect at July 31, 1999. Certain obligations held in the portfolio have credit enhancements or li- quidity features that may, under certain circumstances, provide for re- payment of principal and interest on the obligation upon demand date, in- terest rate reset data or final maturity. These enhancements include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements, and third party insurance (i.e. AMBAC, FGIC, and MBIA). Adjustable rate bonds and variable rate demand notes held in the portfolio may be considered derivative securities within the standards imposed by the Securities and Exchange Commission under Rule 2a-7 which were designed to minimize both credit and market risk. See Combined Notes to Financial Statements. 16 EVERGREEN MONEY MARKET FUND Schedule of Investments July 31, 1999 (unaudited)
Principal Amount Value CERTIFICATES OF DEPOSIT - 2.3% $100,000,000 Abby Natl. Treasury Svcs. Plc Corp., 5.25%, 12/14/1999............................... $ 100,003,653 100,000,000 Societe Generale (New York), 5.22%, 10/6/1999................................ 99,999,863 -------------- Total Certificates of Deposit (cost $200,003,516)............................. 200,003,516 -------------- COMMERCIAL PAPER - 56.9%* Asset-Backed - 37.0% Alpine Securitization Corp.: 46,780,000 5.10%, 9/15/1999................................. 46,481,778 53,000,000 5.13%, 8/18/1999................................. 52,871,607 Atlantic Asset Securitization Corp.: 86,109,000 5.12%, 8/17/1999................................. 85,913,054 49,146,000 5.13%, 8/3/1999.................................. 49,131,994 Bavaria Universal Fund: 100,000,000 5.13%, 8/27/1999................................. 99,629,500 126,661,000 5.14%, 8/16/1999................................. 126,389,734 125,000,000 5.14%, 8/17/1999................................. 124,714,445 Broadway Capital Corp.: 46,909,000 5.14%, 8/16/1999................................. 46,808,537 38,940,000 5.15%, 8/2/1999.................................. 38,934,429 50,000,000 Caterpillar Financial Services, 4.93%, 10/7/1999................................ 49,981,709 CC USA Inc.: 75,000,000 5.35%, 5/22/2000................................. 75,000,000 100,000,000 5.42%, 7/27/1999................................. 100,000,000 Concord Minutemen Capital Corp.: 46,309,000 5.11%, 8/3/1999.................................. 46,295,853 74,789,000 5.13%, 8/4/1999.................................. 74,757,028 100,000,000 5.14%, 8/12/1999................................. 99,842,944 100,000,000 Falcon Asset Securitization, 5.11%, 8/19/1999................................ 99,744,500 30,000,000 Goldman Sachs Group L.P. MTN, 5.653%, 7/19/1999............................... 30,000,000 Gotham Funding Corp., (LOC: Republic Bank): 25,936,000 5.15%, 8/6/1999.................................. 25,917,449 71,832,000 5.16%, 8/16/1999................................. 71,677,561 40,513,000 5.17%, 8/16/1999................................. 40,425,728 60,616,000 5.19%, 8/9/1999.................................. 60,546,090 Greenwich Funding Corp.: 70,000,000 5.12%, 8/16/1999................................. 69,850,667 61,596,000 5.13%, 8/2/1999.................................. 61,587,222 Lexington Parker Capital Corp.: 72,974,000 4.83%, 8/5/1999.................................. 72,934,837 175,000,000 5.13%, 8/9/1999.................................. 174,800,500 50,000,000 5.13%, 8/16/1999................................. 49,893,125 50,216,000 Lyon Short-Term Funding Corp., 5.12%, 8/18/1999................................ 50,094,589 75,000,000 Main Place Real Estate Investment Trust, 5.2675%, 3/25/2000.............................. 75,000,000 Moat Funding LLC: 40,373,000 5.17%, 9/9/1999.................................. 40,146,878 125,000,000 5.20%, 10/6/1999................................. 123,808,333 75,000,000 5.22%, 10/8/1999................................. 74,260,500
Principal Amount Value COMMERCIAL PAPER - continued Asset-Backed - continued $125,560,000 Old Line Funding Corp., (LOC: Dai-Ichi Kangyo Bank, Ltd.) 5.14%, 8/4/1999................................. $ 125,506,218 Park Avenue Recreation Corp.: 125,000,000 5.12%, 8/10/1999................................. 124,840,000 125,000,000 5.12%, 8/24/1999................................. 124,591,111 Sigma Fin. Corp.: 75,000,000 4.84%, 8/2/1999.................................. 74,989,917 40,000,000 5.192%, 2/24/2000................................ 39,999,773 60,000,000 5.235%, 8/12/1999................................ 60,000,000 50,000,000 5.38%, 3/13/2000................................. 50,000,000 156,670,000 Special Purpose Accounts Receivables, 5.13%, 8/25/1999................................ 156,134,189 25,607,000 Thames Asset Global Securitization, 5.11%, 8/17/1999................................ 25,548,844 Westways Funding: 58,000,000 5.00%, 8/4/1999.................................. 57,975,833 50,000,000 5.05%, 8/11/1999................................. 49,929,861 77,851,000 5.20%, 10/4/1999................................. 77,131,311 62,000,000 5.20%, 10/6/1999................................. 61,408,933 -------------- 3,265,496,581 -------------- Banks - 5.4% 100,000,000 Citibank Credit Card, 4.82%, 8/3/1999................................. 99,973,222 175,000,000 Deutsche Bank AG NY, 5.27%, 8/3/1999................................. 175,000,000 100,000,000 Morgan (J.P.) & Co., Inc., 5.00%, 9/9/1999................................. 99,458,333 50,000,000 National Bank of Canada (New York), 5.20%, 4/26/2000................................ 49,982,258 50,000,000 Natl. Bank Commerce Memphis, TN, 5.23%, 8/19/1999................................ 49,977,997 -------------- 474,391,810 -------------- Brokers - 1.6% 70,000,000 Credit Suisse First Boston, New York, 5.60%, 6/5/2000................................. 70,000,000 75,000,000 Morgan Stanley Dean Witter Discover & Co., 4.93%, 2/4/2000................................. 75,000,000 -------------- 145,000,000 -------------- Finance & Insurance - 12.9% 50,000,000 Aetna Svcs., Inc., 5.13%, 8/19/1999................................ 49,871,750 58,338,000 Barton Capital Corp., 5.12%, 8/13/1999................................ 58,238,436 49,000,000 Countrywide Funding Corp., 5.13%, 8/18/1999................................ 48,881,298
17 EVERGREEN MONEY MARKET FUND Schedule of Investments(continued) July 31, 1999 (unaudited)
Principal Amount Value COMMERCIAL PAPER - continued Finance & Insurance - continued Enterprise Funding Corp. (LOC: NationsBank): $ 80,841,000 4.95%, 8/19/1999................................. $ 80,640,918 107,351,000 5.10%, 8/5/1999.................................. 107,290,168 59,161,000 5.10%, 9/20/1999................................. 58,741,943 100,000,000 5.12%, 8/11/1999................................. 99,857,778 50,000,000 Finova Capital Corp., 5.15%, 8/22/1999................................ 50,000,000 Metris Owner Trust: 50,203,000 5.13%, 8/10/1999................................. 50,138,615 50,268,000 5.13%, 8/19/1999................................. 50,139,062 Monte Rosa Capital Corp.: 37,375,000 5.12%, 8/18/1999................................. 37,284,635 94,082,000 5.13%, 8/10/1999................................. 93,961,340 50,000,000 Orix America, Inc., (LOC: Norinchukin Bank) 5.145%, 9/9/1999................................ 50,000,000 Repeat Offering Securitization Entity: 33,100,000 5.11%, 8/9/1999.................................. 33,062,413 47,992,000 5.12%, 8/6/1999.................................. 47,957,872 52,400,000 5.12%, 8/11/1999................................. 52,325,476 Westways Funding Corp.: 50,000,000 4.90%, 8/3/1999.................................. 49,986,389 75,000,000 5.20%, 10/13/1999................................ 74,209,167 46,000,000 Windmill Funding Corp., 5.12%, 8/9/1999................................. 45,947,662 -------------- 1,138,534,922 -------------- Total Commercial Paper (cost $5,023,423,313)........................... 5,023,423,313 -------------- CORPORATE BONDS & NOTES - 32.3% Asset-Backed - 7.2% Bear Stearns Co. Inc. MTN: 100,000,000 5.7398%, 7/17/2000............................... 100,000,000 46,000,000 6.083%, 10/6/1999................................ 46,042,240 70,000,000 Bravo Trust Series, FRN, 5.39%, 10/15/1999............................... 70,000,000 75,000,000 Capital Corp. MTN, 5.875%, 7/20/2000............................... 74,979,689 33,800,000 Cooperative Associates Tractor Dealers B, 5.15%, 8/2/1999................................. 33,795,165 100,000,000 Credit Suisse First Boston Inc., 5.523%, 8/6/1999................................ 100,000,000 22,500,000 Heller Financial Inc., 6.50%, 5/15/2000................................. 22,611,870 Lehman Brothers Holdings Inc.: 32,285,000 6.33%, 8/1/2000.................................. 32,360,483 8,500,000 6.50%, 7/18/2000................................. 8,534,310 50,000,000 Liberty Lighthouse U.S. Capital, MTN, 5.26%, 2/10/2000................................ 50,000,000 75,000,000 Moat Funding LLC, 5.2462%, 8/27/1999.............................. 75,000,000
Principal Amount Value CORPORATE BONDS & NOTES - continued Asset-Backed - continued $ 20,000,000 Morgan JP & Co. Inc., 5.875%, 5/1/2000............................... $ 20,029,433 -------------- 633,353,190 -------------- Automotive Equipment & Manufacturing - 0.0% 3,000,000 Ford Motor Co., 7.50%, 11/15/1999.............................. 3,020,265 -------------- Banks - 2.5% 5,975,000 Gesmundo & Associates, Inc., FRN, (LOC: National City Bank) 5.16%, 8/5/1999................................ 5,975,000 Health Care Funding LLC: 10,215,000 5.16%, VRDN..................................... 10,215,000 21,425,000 (LOC: National City Bank) 5.16%, VRDN..................................... 21,425,000 8,125,000 Houlihan Brothers, (LOC: National City Bank) 5.16%, VRDN.................................... 8,125,000 3,675,000 KBL Capital Funding, Inc., (LOC: National City Bank) 5.16%, VRDN.................................... 3,675,000 12,900,000 LAM Funding LLC, (LOC: National City Bank) 5.16%, VRDN.................................... 12,900,000 NationsBank Charlotte NC MTN: 60,000,000 5.00%, 1/5/2000................................. 59,938,311 100,000,000 5.16%, 10/5/1999................................ 99,973,294 -------------- 222,226,605 -------------- Brokers - 8.4% Donaldson Lufkin & Jenrette: 55,000,000 5.73%, 6/16/2000................................ 55,000,000 50,000,000 5.79%, 7/10/2000................................ 50,000,000 Goldman Sachs Group L.P., MTN: 100,000,000 5.40%, 3/28/2000................................ 100,000,000 70,000,000 5.55%, 8/3/1999 (a)............................. 70,000,000 23,900,000 6.82%, 12/28/1999 (a)........................... 24,065,846 Lehman Brothers Holdings Inc.: 25,000,000 6.00%, 3/23/2000................................ 25,074,174 87,475,000 6.15%, 3/15/2000................................ 87,660,474 38,055,000 6.30%, 8/11/1999................................ 38,064,641 5,785,000 6.40%, 12/27/1999............................... 5,807,700 19,200,000 6.625%, 1/24/2000............................... 19,291,012 9,500,000 6.65%, 1/24/2000................................ 9,547,120 10,075,000 6.84%, 10/7/1999................................ 10,103,158 25,000,000 8.15%, 5/15/2000................................ 25,477,412 30,000,000 8.875%, 2/15/2000............................... 30,480,834 60,000,000 FRN 5.305%, 8/21/1999 (a)........................... 60,000,000 59,000,000 Merrill Lynch & Co. Inc., 5.09%, 2/7/2000................................ 59,000,000 20,000,000 Morgan Stanley Dean Witter Discover & Co., 5.225%, 9/13/1999.............................. 20,000,000
18 EVERGREEN MONEY MARKET FUND Schedule of Investments(continued) July 31, 1999 (unaudited)
Principal Amount Value CORPORATE BONDS & NOTES - continued Brokers - continued $ 45,000,000 Paine Webber Group Inc. MTN, 5.50%, 5/16/2000................................ $ 45,000,000 4,725,000 Salomon, Inc., 7.875%, 10/1/1999............................... 4,745,608 -------------- 739,317,979 -------------- Energy - 0.2% 17,330,000 Texaco Capital Inc., 9.00%, 12/15/1999............................... 17,570,305 -------------- Finance & Insurance - 10.5% 80,000,000 Aetna Svcs., Inc., 5.66%, 11/1/1999................................ 80,000,000 Associates Corp. of North America: 25,000,000 5.90%, 6/23/2000................................. 25,092,691 20,000,000 6.125%, 11/12/1999............................... 20,057,831 17,161,000 6.75%, 10/15/1999................................ 17,220,393 1,030,000 7.25%, 9/1/1999.................................. 1,031,780 9,000,000 Beneficial Corp., 5.07%, 9/23/1999................................ 9,000,129 60,000,000 CC USA Inc., 5.15%, 1/19/2000................................ 60,000,000 CIT Group Holdings, Inc.: 100,000,000 4.89%, 9/27/1999................................. 99,961,299 9,590,000 6.25%, 10/4/1999................................. 9,610,101 85,000,000 Countrywide Funding Corp., MTN, 5.195%, 1/11/2000............................... 85,000,000 40,000,000 Countrywide Home Loans, 5.00%, 8/6/1999................................. 39,998,897 11,580,000 Finova Capital Corp. MTN, 6.22%, 3/1/2000................................. 11,621,856 Ford Motor Credit Co.: 7,000,000 6.375%, 4/3/2000................................. 7,040,673 10,850,000 7.50%, 11/19/1999................................ 10,926,342 GMAC: 10,584,000 6.05%, 10/4/1999................................. 10,602,088 4,000,000 8.00%, 10/1/1999................................. 4,019,274 24,405,000 8.40%, 10/15/1999................................ 24,569,241 Heller Finl. Inc. MTN: 50,000,000 5.10%, 7/19/1999................................. 50,012,700 40,600,000 6.14%, 4/13/2000................................. 40,694,259 5,250,000 6.51%, 9/20/1999................................. 5,258,637 13,000,000 7.875%, 11/1/1999................................ 13,084,904 14,000,000 9.125%, 8/1/1999................................. 14,000,000 28,200,000 Heller Pass Through Asset Trust, 6.35%, 8/15/1999................................ 28,208,299 10,000,000 Household Fin. Corp., MTN, 5.875%, 12/1/1999............................... 10,025,334 25,000,000 PHH Corp., MTN, 5.88%, 8/4/1999................................. 25,000,000 Transamerica Fin. Corp. MTN: 131,000,000 5.56%, 10/22/1999................................ 131,000,810 9,200,000 7.22%, 4/28/2000................................. 9,328,611 5,200,000 Travelers Property Casualty Corp., 6.75%, 9/1/1999................................. 5,204,197 80,000,000 VW Credit Inc. MTN, 5.417%, 6/2/2000................................ 79,952,980 -------------- 927,523,326 --------------
Principal Amount Value CORPORATE BONDS & NOTES - continued Industrial Specialty Products & Services - 0.9% Caterpillar Finl. Svcs., Inc.: $ 5,000,000 6.16%, 11/1/1999............................ $ 5,012,527 12,000,000 6.87%, 11/1/1999............................ 12,053,590 10,000,000 Greyhound Finl. Corp. MTN, 6.65%, 1/19/2000........................... 10,052,112 1,000,000 Heinz H.J. Co., 6.75%, 10/15/1999.......................... 1,003,461 50,000,000 Xerox Credit Corp. MTN, 5.113%, 3/21/2000.......................... 49,987,130 -------------- 78,108,820 -------------- Retailing & Wholesale - 0.3% Sears Roebuck Acceptance Corp., MTN: 4,000,000 6.24%, 11/15/1999........................... 4,013,764 20,000,000 6.33%, 3/27/2000............................ 20,105,552 -------------- 24,119,316 -------------- Telecommunication Services & Equipment - 2.3% GTE Corp.: 100,000,000 5.135%, 9/13/1999........................... 99,944,420 100,000,000 5.399%, 6/23/2000........................... 99,939,143 -------------- 199,883,563 -------------- Total Corporate Bonds & Notes (cost $2,845,123,369)...................... 2,845,123,369 -------------- FUNDING AGREEMENTS - 4.6% 20,000,000 Combined Insurance Co. of America, FRN, 5.41%, 10/1/1999 (a)....................... 20,000,000 100,000,000 General American, Cash Manager Plus, FRN, 5.24%, 8/2/1999 (a)........................ 100,000,000 Jackson Natl. Life Insurance Co., 100,000,000 5.72%, 7/20/2000 (a)........................ 100,000,000 50,000,000 5.85%, 6/29/2000 (a)........................ 50,000,000 Monumental Life Insurance Co., FRN: 90,000,000 5.16%, 8/11/1999 (a)........................ 90,000,000 30,000,000 5.19%, 8/25/1999 (a)........................ 30,000,000 20,000,000 Peoples Security Life, FRN, 5.02%, 8/25/1999 (a)....................... 20,000,000 -------------- Total Funding Agreements (cost $410,000,000)........................ 410,000,000 -------------- MUNICIPALS - 3.0% 27,795,000 California Hsg. Fin. Agcy. SFHRB, 5.21%, VRDN....................................... 27,795,000 41,830,000 Detroit, MI Economic Dev. Corp., 5.23%, VRDN....................................... 41,830,000 124,535,000 Macon Trust Pooled Var. Cert., 5.23%, VRDN.. 124,535,000 25,000,000 Richmond Cnty., GA Dev. Auth. IDRB, 5.65%, VRDN....................................... 25,000,000
19 EVERGREEN MONEY MARKET FUND Schedule of Investments(continued) July 31, 1999 (unaudited)
Principal Amount Value MUNICIPALS - continued $ 29,155,000 Square Butte Elec. Corp., (LOC: Bank of America National Trust & Savings Association) 5.21%, VRDN............................... $ 29,155,000 15,900,000 Warren Cnty., KY, IDA RB, 5.23%, VRDN........................ 15,900,000 -------------- Total Municipals (cost $264,215,000)................ 264,215,000 -------------- REPURCHASE AGREEMENTS - 0.5% (cost $45,391,113) 45,391,113 Societe Generale, (5.06% dated 7/30/99 due 8/2/99, maturity value $45,397,493) (b).... 45,391,113 --------------
Shares Value MUTUAL FUND SHARES - 0.3% (cost $24,193,896) 24,193,896 Federated Prime Value Obligation Fund......................... $ 24,193,896 --------------
Total Investments - (cost $8,812,350,207).................... 99.9% 8,812,350,207 Other Assets and Liabilities - net........................ 0.1 7,258,101 ----- -------------- Net Assets................................ 100.0% $8,819,608,308 ===== ==============
* Rates listed represent yield to maturity. (a) Securities may be sold to "qualified institutional buyers" under Rule 144A or securities offered pursuant to Section 4(2) of the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. (b) Collateralized by $46,242,000 U.S. Treasury STRIP 3.875%, 1/15/09; value including accrued interest $45,448,867. Summary of Abbreviations: FRN Floating Rate Note IDA Industrial Development Authority IDRB Industrial Development Revenue Bond LOC Letter of Credit MTN Medium Term Note RB Revenue Bond SFHRB Single Family Housing Revenue Bond VRDN Variable Rate Demand Note Variable Rate Demand Notes are payable on demand on no more than seven calendar days notice given by the Fund to the issuer or other parties not affiliated with the issuer. Interest rates are determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the se- curity interest rates presented for these securities are those in effect at July 31, 1999. See Combined Notes to Financial Statements. 20 EVERGREEN MUNICIPAL MONEY MARKET FUND Schedule of Investments July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - 99.2% Alabama - 1.8% Alabama IDA RB: $ 2,005,000 Air-Dro Cylinders, Inc., (LOC: Fleet Bank, N.A.), 3.55%, VRDN............. $ 2,005,000 3,345,000 Automation Technology Inds., Inc., (LOC: Columbus Bank & Trust Co.), 3.55%, VRDN................... 3,345,000 Birmingham, AL Comml. Dev. Auth. RB, (LOC: Amsouth Bank, N.A.): 865,000 Avondale Commerce Park Phase II, 3.45%, VRDN...................................... 865,000 555,000 Southside Business Ctr., 3.45%, VRDN............. 555,000 1,410,000 Florence, AL IDRB, Die Tech Inc. Proj., (LOC: SouthTrust Bank, N.A.), 3.46%, VRDN............. 1,410,000 1,100,000 Guntersville, AL IDRB, KSG Realty Inc. Proj., (LOC: Natl. Bank of Canada), 3.46%, VRDN..................................... 1,100,000 2,290,000 Hackleberg, AL IDRB, River Birch Homes Proj., (LOC: Amsouth Bank, N.A.), 3.60%, VRDN..................................... 2,290,000 2,325,000 Huntsville, AL IDRB, (LOC: First of America), 3.35%, VRDN............ 2,325,000 2,340,000 Mobile Cnty., AL IDRB, Sherman Intl. Corp., Ser. 1994A, (LOC: Columbus Bank & Trust Co.), 3.55%, VRDN............................................ 2,340,000 3,250,000 Oxford, AL GO, Swr. Warrants, MSTR, (LIQ: Societe Generale Bank, S.A. & Ins. by AMBAC), 3.21%, VRDN (a)........................................ 3,250,000 2,415,000 Ozark, AL Motel Facs. RB, Ozark Motel Proj., (LOC: Amsouth Bank, N.A.), 3.28%, VRDN..................................... 2,415,000 5,000,000 Stevenson, AL IDB EDRB, Mead Corp. Proj., Ser. A, (LOC: Bank Austria AG), 3.50%, VRDN............. 5,000,000 -------------- 26,900,000 -------------- Alaska - 0.7% 9,745,000 Valdez, AK Marine Term RB, Sohio Pipe Co., PFOTER, (LOC: Banque Natl. de Paris), 3.60%, 5/11/2000....................................... 9,745,000 -------------- Arizona - 0.0% 150,000 Maricopa Cnty., AZ IDA RB, McLane Co., Inc. Proj., (LOC: Wachovia Bank, N.A.), 3.65%, VRDN..................................... 150,000 -------------- Arkansas - 0.5% 3,255,000 Magnolia, AR IDRB, American Fuel Cell Proj., (LOC: Credit Comml. de France), 3.40%, VRDN..................................... 3,255,000
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Arkansas - continued $ 4,000,000 Trumann, AR IDRB, Roach Manufacturing Corp., (LOC: Regions Bank, N.A.), 3.40%, VRDN.......... $ 4,000,000 -------------- 7,255,000 -------------- California - 3.7% 6,200,000 California Statewide CDA RB, Sutter Hlth. Obl. Group, (LIQ: Indl. Bank of Japan, Ltd. & Ins. by AMBAC), 3.75%, VRDN..................................... 6,200,000 4,250,000 City of Paramount, CA MHRB, Century Place Apts., Ser. 1989A, (LOC: Heller Finl. Inc.), 3.95%, VRDN..................................... 4,250,000 1,900,000 Glenn Cnty., CA IDA PCRB, Land O'Lakes, Inc Proj., Ser. 1995, (LOC: Sanwa Bank, Ltd.), 3.45%, VRDN............ 1,900,000 Los Angeles, CA MHRB: 20,000,000 Channel Gateway Apts., Ser. 89B, (LOC: Fuji Bank, Ltd.), 5.25%, VRDN............................... 20,000,000 11,255,000 Oakwood Apts. Proj., Ser. 1989B, (LOC: Sumitomo Bank, Ltd.), 4.40%, VRDN......................... 11,255,000 1,300,000 Newport Beach, CA RB, Hoag Memorial Hosp. Proj., Ser. A, (LOC: BankAmerica, N.A.), 3.35%, VRDN...................................... 1,300,000 1,000,000 Ontario, CA IDRB, Erenberg Bros. Proj., Ser. 1988A, Issue I, (LOC: Tokai Bank, Ltd.), 5.00%, VRDN...................................... 1,000,000 7,700,000 Orange Cnty., CA Apt. Dev. RB, Park Place Apts., (LOC: Tokai Bank, Ltd.), 5.35%, VRDN...................................... 7,700,000 -------------- 53,605,000 -------------- Colorado - 3.0% 5,000,000 Adams Cnty., CO IDRB, Yellow Freight Sys., Inc., Ser. 1983, (LOC: LaSalle Natl. Bank), 3.45%, VRDN...................................... 5,000,000 2,000,000 Colorado Hsg. & Fin. Auth. EDRB, De Louisiana Cruz Assoc. LLC Proj., Ser. A, (LOC: Key Bank, N.A.), 3.35%, VRDN...................................... 2,000,000 21,670,000 Denver, CO City & Cnty. Arpt. RB, Ser. 1997K, Class A, (LIQ: Caisse de Depots et Consignations (CDC) & Ins. by MBIA), 3.45%, 5/11/2000................................. 21,670,000 5,000,000 Denver, CO City & Cnty. RB, The Children's Hosp. Assoc. Proj., (LIQ: Sakura Bank, Ltd. & Ins. by FGIC), 3.75%, VRDN...................................... 5,000,000
21 EVERGREEN MUNICIPAL MONEY MARKET FUND Schedule of Investments(continued) July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Colorado - continued $ 1,250,000 El Paso Cnty., CO Sch. Dist. GO, MSTR Ser. 1996D, (LIQ: Norwest Bank, N.A. & Ins. by FSA), 3.50%, VRDN (a).................................. $ 1,250,000 1,850,000 Highlands Ranch, CO Metro. Dist. RB, MSTR Ser. 1996E, (LIQ: Norwest Bank, N.A. & Ins. by FSA), 3.50%, VRDN (a).................................. 1,850,000 5,000,000 Jefferson Cnty., CO COP, MSTR Ser. 1996F, (LIQ: Norwest Bank, N.A. & Ins. by MBIA), 3.50%, VRDN (a).................................. 5,000,000 2,220,000 Pueblo Cnty., CO Sch. Dist. COP, MSTR, (LIQ: Norwest Bank, N.A. & Ins. by MBIA), 3.50%, VRDN (a).................................. 2,220,000 -------------- 43,990,000 -------------- Connecticut - 0.9% 13,560,000 Connecticut State GO, TOC, Ser. 1996A, (LOC: Toronto Dominion Bank), 3.35%, VRDN...................................... 13,560,000 -------------- Delaware - 0.4% 3,000,000 Delaware EDA IDRB, Arlon, Inc. Proj., Ser. 1989, (LOC: BankAmerica, N.A.), 3.60%, VRDN...................................... 3,000,000 2,480,000 New Castle Cnty., DE EDRB, Toys R Us Inc. Proj., (LOC: Bankers Trust Co., NY), 3.45%, VRDN...................................... 2,480,000 -------------- 5,480,000 -------------- District of Columbia - 1.0% District of Columbia GO: 4,700,000 Ser. 1992A-2, (LOC: Canadian Imperial Bank), 3.50%, VRDN...................................... 4,700,000 5,200,000 Ser. A-6, (LOC: BankAmerica, N.A.), 3.50%, VRDN...................................... 5,200,000 120,000 Ser. C, 5.10%, 12/1/1999................................. 120,661 880,000 Ser. C, (Ins. by MBIA), 5.10%, 12/1/1999................................. 884,846 3,400,000 District of Columbia HFA MHRB, Ft. Lincoln Garden Proj., Ser. A, (LOC: Crestar Bank, N.A.), 3.30%, VRDN...................................... 3,400,000 -------------- 14,305,507 -------------- Florida - 2.5% 3,500,000 Florida Board of Ed. RB, ABN-Amro Munitops Master Trust, Ser. 1998-9, (SPA: ABN-Amro Bank NV & Ins. by FSA), 3.29%, VRDN (a).................................. 3,500,000
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Florida - continued $12,500,000 Miami Dade Cnty., FL IDA Arpt. Facs. RB, Ser. B, (Gtd. by Boeing Corp.): 3.30%, VRDN...................................... $ 12,500,000 9,000,000 Flightsafety Proj., 3.30%, VRDN...................................... 9,000,000 2,800,000 Orange Cnty., FL HFA MHRB, Oakwood Proj., Ser. 1985E, (LOC: Fleet Bank, N.A.), 3.55%, 10/1/1999................................. 2,800,000 6,835,000 Orange Cnty., FL Hlth. Facs. Auth., MSTR SAK-11, (LIQ: Credit Suisse First Boston Corp. & Ins. by AMBAC), 3.40%, VRDN (a).................................. 6,835,000 2,200,000 Pasco Cnty., FL IDRB, Pacific Med. Inc. Proj., (LOC: BankAmerica, N.A.), 3.35%, VRDN...................................... 2,200,000 -------------- 36,835,000 -------------- Georgia - 6.5% 1,000,000 Albany Dougherty Cnty., GA Hosp. RB, Merck & Co. Proj., Ser. 1984A, (Gtd. by Merck & Co.), 3.65%, VRDN...................................... 1,000,000 5,000,000 Albany Dougherty Cnty., GA Payroll RB, Merck & Co. Proj., Ser. 1982, (Gtd. by Merck & Co.), 3.40%, VRDN...................................... 5,000,000 24,785,000 Bibb Cnty., GA GO, Ser. 1998C, Class A, (LOC: Caisse de Depots et Consignations (CDC)), 3.29%, VRDN (a).................................. 24,785,000 1,000,000 Cherokee Cnty., GA EDA IDRB, Piolax Corp. Proj., (LOC: Indl. Bank of Japan, Ltd.), 4.45%, VRDN...................................... 1,000,000 2,200,000 Columbus, GA HFA MHRB, Quail Ridge Proj., Ser. 1988, (LOC: Columbus Bank & Trust Co.), 3.50%, VRDN...................................... 2,200,000 3,200,000 Conyers, GA IDRB, Handleman Co. Proj., (LOC: Columbus Bank & Trust Co.), 3.35%, VRDN...................................... 3,200,000 7,000,000 Fayette Cnty., GA IDRB, Shinsei Corp. Proj., (LOC: Bank of Tokyo-Mitubishi, Ltd.), 4.25%, VRDN...................................... 7,000,000 5,040,000 Georgia Muni. Elec. Auth. Pwr. RB, MSTR SAK-15, (LIQ: Credit Suisse First Boston Corp. & Ins. by MBIA), 3.40%, VRDN (a).................................. 5,040,000 14,510,000 Georgia Muni. Elec. Auth. RB, MTC-27A, (LIQ: Bank One, N.A. & Ins. by MBIA), 3.26%, VRDN (a).................................. 14,510,000
22 EVERGREEN MUNICIPAL MONEY MARKET FUND Schedule of Investments (continued) July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Georgia - continued $ 4,100,000 Gwinnett Cnty., GA IDRB, Color Image Inc. Proj., (LOC: Southtrust Bank, N.A.), 3.36%, VRDN...................................... $ 4,100,000 6,500,000 Houston Cnty., GA IDRB, Diversified Machining Svcs. Co., (LOC: Columbus Bank & Trust Co.), 3.45%, VRDN...................................... 6,500,000 10,000,000 Macon Trust Pooled Certificates, Ser. 1997, (LOC: BankAmerica, N.A.), 3.41%, VRDN...................................... 10,000,000 6,000,000 Polk Cnty., GA IDRB, Kimoto Tech, Inc. Proj., Ser. 1985, (LOC: Indl. Bank of Japan, Ltd.), 4.65%, VRDN...................................... 6,000,000 5,000,000 Savannah, GA EDA IDRB, Fuji Vegetable Oil, Inc., Ser. 1989, (LOC: Bank of Tokyo-Mitubishi, Ltd.), 4.25%, VRDN...................................... 5,000,000 -------------- 95,335,000 -------------- Hawaii - 0.9% Hawaii Hsg. Fin. & Dev. Corp. RB, Rental Hsg. Sys. Proj., (LOC: Indl. Bank of Japan, Ltd.): 11,800,000 Ser. A, 4.20%, VRDN...................................... 11,800,000 1,900,000 Ser. B, 4.20%, VRDN...................................... 1,900,000 -------------- 13,700,000 -------------- Idaho - 2.1% 10,000,000 Education Funding Assn., Inc., ID Student Loan RB, Ser. 1997-A, (LOC: First Security Bank, N.A.), 3.30%, VRDN...................................... 10,000,000 16,680,000 Idaho Hsg. & Fin. Assoc. RB, PFOTER, (LIQ: Merrill Lynch & Co., Inc. & COLL: GNMA), 3.40%, 5/11/2000................................. 16,680,000 4,500,000 Twin Falls, ID IDRB, Longview Fibre Co. Proj., (LOC: Sumitomo Bank, Ltd.), 4.40%, VRDN...................................... 4,500,000 -------------- 31,180,000 -------------- Illinois - 9.2% 2,820,000 Arlington Heights, IL, MHRB, Dunton Tower Apts. Proj., (LOC: Heller Finl., Inc.), 4.05%, VRDN...................................... 2,820,000 9,510,000 Aurora, IL MHRB, Fox Valley Vlg. Apts., Ser. 1993, (LOC: Sumitomo Bank, Ltd.), 4.35%, VRDN...................................... 9,510,000 3,000,000 Chicago, IL Empowerment Zone RB, Hyde Park Cooperative Society Proj., Ser. 1999, (LOC: LaSalle Natl. Bank, N.A.), 3.60%, VRDN...................................... 3,000,000
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Illinois - continued Chicago, IL GO: $ 2,900,000 MSTR Ser. 1995A-2, SAK-13, (LIQ: Credit Suisse First Boston Corp. & Ins. by AMBAC), 3.40%, VRDN (a).................................. $ 2,900,000 12,962,609 ABN-Amro Munitops Master Trust, Ser. 1997-1, (LOC: LaSalle Natl. Bank, N.A.), 3.51%, VRDN (a).................................. 12,962,609 16,000,000 ABN-Amro Munitops Master Trust, Ser. 1998-3, (SPA: ABN-Amro Bank NV & Ins. by FGIC), 3.31%, VRDN (a).................................. 16,000,000 Chicago, IL O'Hare Intl. Arpt. RB: 9,000,000 Northwest Airlines Inc., Ser. A, (LOC: Bank of Tokyo-Mitubishi, Ltd.), 4.25%, VRDN...................................... 9,000,000 11,650,000 PFOTER, (LOC: Merrill Lynch & Co., Inc. & Ins. by AMBAC), 3.24%, VRDN...................................... 11,650,000 3,490,000 Chicago, IL Sales Tax RB, Master Lease Program, (LIQ: Citibank, N.A. & Ins. by FGIC), 3.31%, VRDN (a).................................. 3,490,000 8,000,000 Decatur, IL Wtr. Commercial Paper, New South Water Treatment Proj., Ser. 1985, (LOC: Sumitomo Bank, Ltd.), 4.00%, 8/25/1999................................. 8,000,000 7,055,000 Franklin Park, IL GO, MSTR, Ser. 1993, (LIQ: Societe Generale Bank, S.A. & Ins. by AMBAC), 3.21%, VRDN (a).................................. 7,055,000 16,640,000 Hazelcrest (Vlg. of), IL Retirement Ctr. RB, Waterford Estates Proj., Ser. 1992A, (LOC: Sumitomo Bank, Ltd.), 4.35%, VRDN...................................... 16,640,000 1,100,000 Illinois Dev. Fin. Auth. RB, Ivex Corp. Proj., Ser. 1988, (LOC: Societe Generale Bank, S.A.), 3.45%, VRDN...................................... 1,100,000 3,500,000 Illinois IDRB, MTI Corp. Proj., (LOC: Indl. Bank of Japan, Ltd.), 4.65%, VRDN...................................... 3,500,000 Lombard, IL IDRB, (LOC: America Natl. Bank & Trust, N.A.): 965,000 Chicago Roll Co. Proj., Ser. 1995, 3.40%, VRDN...................................... 965,000 1,000,000 Tella Tool & Manufacturing Co. Proj., 3.40%, VRDN...................................... 1,000,000 1,000,000 Peoria, IL IDRB, PMP Fermentation Products, Inc., (LOC: Sanwa Bank, Ltd.), 4.55%, VRDN...................................... 1,000,000 6,500,000 Peoria, IL Sld. Wst. Disp. RB, PMP Fermentation Products, Inc., Ser. 1996, (LOC: Sanwa Bank, Ltd.), 4.55%, VRDN...................................... 6,500,000
23 EVERGREEN MUNICIPAL MONEY MARKET FUND Schedule of Investments (continued) July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Illinois - continued $ 1,850,000 Skokie, IL, EDRB, Skokie Fashion Sq. Proj., (LOC: LaSalle Natl. Bank), 3.53%, VRDN...................................... $ 1,850,000 15,210,000 Vernon Hills, IL MHRB, Hawthorn Lakes Proj., Ser. 1991, (LIQ: Fuji Bank, Ltd. & Ins. by FSA), 3.40%, VRDN...................................... 15,210,000 -------------- 134,152,609 -------------- Indiana - 1.3% 1,000,000 Anderson, IN Ltd. Obl. RB, Anderson Tool & Engineering Proj., (LOC: Key Bank, N.A.), 3.40%, VRDN...................................... 1,000,000 6,000,000 Avilla, IN EDRB, Pent Assemblies Inc., Ser. 1996, (LOC: Natl. City Bank), 4.35%, VRDN...................................... 6,000,000 3,085,000 East Chicago, IN BAN, 5.00%, 7/1/2000.................................. 3,085,000 1,800,000 Madison, IN IDRB, Century Tube Corp. Proj., (LOC: Bank of Tokyo-Mitsubishi, Ltd.), 4.35%, VRDN...................................... 1,800,000 1,975,000 South Bend, IN MHRB, Maple Lane Assoc. Proj., Ser. 1987, (LOC: FHLB of Indianapolis), 3.45%, VRDN...................................... 1,975,000 5,000,000 Spencer Cnty., IN PCRB, American Iron Oxide Co. Proj., (LOC: Bank of Tokyo-Mitsubishi, Ltd.), 4.30%, VRDN...................................... 5,000,000 -------------- 18,860,000 -------------- Iowa - 0.7% 10,000,000 Iowa Fin. Auth. Hosp. Fac. RB, Iowa Hlth. Sys., MSTR Ser. 1998-26, Class A, (LIQ: Bear Stearns Capital Markets & Ins. by MBIA), 3.33%, 4/26/2000 (a)............................. 10,000,000 -------------- Kansas - 0.4% 2,100,000 Butler Cnty., KS Solid Wst. Disp. RB, Texaco Refining Proj., Ser. B, (Gtd. by Texaco, Inc.), 3.50%, VRDN...................................... 2,100,000 1,000,000 Dodge City, KS IDRB, Farmland Natl. Beef Proj., (LOC: U.S. Bank, N.A.), 3.40%, VRDN...................................... 1,000,000 Salina (City of), KS RB, Salina Central Mall Partnership, (LOC: BankAmerica, N.A.): 1,105,000 Dillard's Proj., 3.40%, VRDN...................................... 1,105,000 1,200,000 Penney's Proj., 3.40%, VRDN...................................... 1,200,000 -------------- 5,405,000 --------------
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Kentucky - 0.1% $ 1,615,000 Jefferson Cnty., KY Indl. Bldg. RB, Beneke Wire Co. & Saranac Proj., (LOC: PNC Bank, N.A.), 3.30%, VRDN...................................... $ 1,615,000 -------------- Louisiana - 0.2% 2,930,000 Iberia Parish, LA IDB RB, Cuming Insulation Corp. Proj., (LOC: Regions Bank, N.A.), 3.30%, VRDN...................................... 2,930,000 -------------- Maryland - 0.5% 1,985,000 Howard Cnty., MD EDRB, Concrete Pipe & Prods. Proj., (LOC: Crestar Bank, N.A.), 3.30%, VRDN...................................... 1,985,000 4,995,000 Maryland CDA Dept. of Hsg. RB, PFOTER, (LOC: Merrill Lynch & Co., Inc.), 3.70%, 2/17/2000................................. 4,995,000 -------------- 6,980,000 -------------- Massachusetts - 1.5% 9,650,000 Boston, MA RB, Boston City Hosp., TOC, (LIQ: Toronto Dominion Bank & Ins. by FHA), 3.35%, VRDN...................................... 9,650,000 Massachusetts Indl. Fin. Auth. IDRB: 3,400,000 225 Bodwell Proj., (LOC: Citizen's Bank, N.A.), 3.50%, VRDN...................................... 3,400,000 300,000 Copley Pharmaceutical, Inc., (LOC: BankBoston, N.A.), 4.42%, VRDN...................................... 300,000 555,000 Kryptonite Issue, Ser. 1990, (LOC: BankBoston, N.A.), 4.00%, 9/1/1999.................................. 555,000 500,000 Leavy Realty & Jencoat Metal Inc. Proj., Ser. 1994, (LOC: BankBoston, N.A.), 4.17%, VRDN...................................... 500,000 700,000 Portland Causeway Realty Trust Co., Ser. 1988, (LOC: Citibank, N.A.), 4.17%, VRDN...................................... 700,000 6,475,000 Massachusetts State GO, (Eff. Yield 3.25%) (b), 0.00%, 5/1/2000.................................. 6,321,179 -------------- 21,426,179 -------------- Michigan - 1.5% 5,560,000 Michigan HDA SFHRB, PFOTER, (LOC: Merrill Lynch & Co., Inc.), 3.20%, 3/9/2000.................................. 5,560,000 6,000,000 Michigan Jobs Dev. Auth. PCRB, Mazda Motor Mfg. USA Corp., (LOC: Sumitomo Bank, Ltd.), 4.65%, VRDN...................................... 6,000,000 1,380,000 Michigan Muni. Bond Auth. RB, Local Govt. Loan Program, 3.15%, 11/1/1999................................. 1,378,935
24 EVERGREEN MUNICIPAL MONEY MARKET FUND Schedule of Investments (continued) July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Michigan - continued $ 6,000,000 Michigan Strategic Fund Ltd. Obl. RB, Quantum Composites Inc. Proj., (LOC: Heller Financial, Inc.), 3.86%, VRDN...................................... $ 6,000,000 2,900,000 Sault Ste. Marie, MI Tribe Bldg. Auth. RB, Ser. 1996A, (LOC: Natl. City Bank, N.A.), 3.87%, VRDN...................................... 2,900,000 -------------- 21,838,935 -------------- Minnesota - 4.2% 1,575,000 Duluth, MN EDA Healthcare RB, Benedictine Inc., MSTR Ser. 1994E, (LIQ: Norwest Bank, N.A. & Ins. by AMBAC), 3.50%, VRDN (a).................................. 1,575,000 1,890,000 Duluth, MN EDA Hosp. Facs. RB, St. Luke's Hosp., MSTR Ser. 1994F, (LIQ: Norwest Bank, N.A. & Ins. by AMBAC), 3.50%, VRDN (a).................................. 1,890,000 Minneapolis, MN GO, (LOC: Norwest Bank, N.A.): 850,000 Convention Ctr. Proj., MSTR Ser. 1996B, 3.50%, VRDN (a).................................. 850,000 4,220,000 Sports Arena Proj., MSTR Ser. 1996A, 3.50%, VRDN (a).................................. 4,220,000 Minneapolis-St. Paul, MN Hsg. & Redev. Auth. Healthcare Sys. RB, (LIQ: Norwest Bank, N. A. & Ins. by FSA): 6,500,000 MSTR, Ser. 1996E, 3.50%, VRDN (a).................................. 6,500,000 1,310,000 MSTR, Ser. 1996G, 3.50%, VRDN (a).................................. 1,310,000 965,000 North Branch, MN GO, Independent Sch. Dist. #138, MSTR Ser. 1996C, (LIQ: Norwest Bank, N.A. & Ins. by FGIC), 3.50%, VRDN (a).................................. 965,000 1,325,000 Osseo, MN GO, Independent Sch. Dist #279, MSTR Ser. 1994H, (LIQ: Norwest Bank, N.A. & Ins. by FGIC), 3.50%, VRDN (a).................................. 1,325,000 1,000,000 Prior Lake, MN GO, Independent Sch. Dist. #719, MSTR Ser. 1996D, (LIQ: Norwest Bank, N.A. & Ins. by FGIC), 3.50%, VRDN (a).................................. 1,000,000 2,510,000 Richfield, MN GO, Independent Sch. Dist. #280, MSTR Ser. 1994P, (LIQ: U.S. Bank, N.A. & Ins. by FGIC), 3.50%, VRDN (a).................................. 2,510,000 1,260,000 Rochester, MN Hlth. Care Facs. RB, Mayo Med. Ctr., MSTR Ser. 1994K, (LOC: Norwest Bank, N.A.), 3.50%, VRDN (a).................................. 1,260,000
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Minnesota - continued $ 750,000 Southern MN Muni. Pwr. Agy. RB, MSTR Ser. 1996I, (LIQ: Norwest Bank, N.A. & Ins. by FGIC), 3.50%, VRDN (a).................................. $ 750,000 Spring Lake Park, MN GO, Independent Sch. Dist. #016, (LIQ: Norwest Bank N.A. & Ins. by MBIA): 2,175,000 MSTR, Ser. 1996E, 3.50%, VRDN (a).................................. 2,175,000 1,000,000 MSTR, Ser. 1996G, 3.50%, VRDN (a).................................. 1,000,000 St. Louis Park, MN Healthcare Facs. RB, Hlth. Sys. of MN, (LIQ: Norwest Bank N.A. & Ins. by AMBAC): 10,200,000 MSTR, Ser. 1994-U1, 3.50%, VRDN (a).................................. 10,200,000 14,000,000 MSTR, Ser. 1994-V1, 3.50%, VRDN (a).................................. 14,000,000 2,090,000 Stewartville, MN IDRB, Halcon Corp. Proj., (LIQ: U.S. Bank, N.A.), 3.45%, VRDN...................................... 2,090,000 7,090,000 Washington Cnty., MN Hsg. & Redev. Auth. RB, Granada Pond Apts. Proj., (LOC: Sumitomo Bank, Ltd.), 4.65%, VRDN...................................... 7,090,000 -------------- 60,710,000 -------------- Mississippi - 0.5% 4,400,000 Jackson Cnty., MS Sewage Facs. RB, Chevron USA Inc. Proj., Ser. 94, (Gtd. by Chevron USA), 3.45%, VRDN...................................... 4,400,000 3,000,000 Mississippi Business Fin. Corp. IDRB, Nitek Metal Svcs. Inc. Proj., (LOC: Bank of Tokyo-Mitsubishi, Ltd.), 4.25%, VRDN...................................... 3,000,000 -------------- 7,400,000 -------------- Missouri - 1.2% 4,145,000 Missouri Dev. Fin. Board IDRB, Cook Composite Co. Proj., Ser. 1994, (LOC: Societe Generale Bank, S.A.), 3.70%, VRDN...................................... 4,145,000 6,495,000 Missouri Hsg. Dev. Community RB, PFOTER, (LOC: Credit Suisse First Boston Corp.), 3.25%, 3/9/2000.................................. 6,495,000 2,555,000 Mountain Grove, MO IDA Hlth. Care Facs. RB, Mountain Grove 1 Proj., (LOC: Key Corp. Capital), 3.30%, VRDN...................................... 2,555,000 4,000,000 St. Louis Cnty., MO IDA MHRB, Black Forest Apts. Proj., (LOC: Mercantile Bank, N.A.), 3.25%, VRDN...................................... 4,000,000 -------------- 17,195,000 --------------
25 EVERGREEN MUNICIPAL MONEY MARKET FUND Schedule of Investments(continued) July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Nebraska - 0.7% $ 9,900,000 Nebraska Pub. Pwr. Dist. RB, MSTR Ser. A, (LIQ: Banc One Capital Hldgs. Inc. & Ins. by MBIA), 3.26%, VRDN (a).................................. $ 9,900,000 -------------- Nevada - 0.6% 3,200,000 Clark Cnty., NV IDRB, Nevada Cogeneration Assoc., (LOC: ABN-Amro Bank NV), 3.50%, VRDN...................................... 3,200,000 5,000,000 Nevada State GO, ABN-Amro Munitops Master Trust, Ser. 1998-1, (SPA: ABN-Amro Bank NV & Ins. by MBIA), 3.51%, VRDN (a).................................. 5,000,000 -------------- 8,200,000 -------------- New Hampshire - 0.2% 2,400,000 New Hampshire Business Fin. Auth. IDRB, Luminescent Sys. Inc., (LOC: HSBC Inc.), 3.40%, VRDN...................................... 2,400,000 -------------- New Jersey - 0.8% 8,650,100 Bayonne, NJ BAN, 4.38%, 9/10/1999................................. 8,653,513 800,000 New Jersey EDA Natural Gas Facs. RB, Natural Gas Co., Ser. A, (LIQ: Societe Generale Bank, S.A. & Ins. by AMBAC), 3.35%, VRDN...................................... 800,000 2,675,000 New Jersey EDA RB, East Meadow Corp. Proj., Ser. 1986A, (LOC: Sanwa Bank, Ltd.), 4.25%, VRDN...................................... 2,675,000 -------------- 12,128,513 -------------- New Mexico - 0.3% 4,100,000 Albuquerque, NM IDRB, General Technology Corp. Proj., (LOC: BankAmerica, N.A.), 3.35%, VRDN...................................... 4,100,000 -------------- New York - 4.3% Battery Park, NYC, NY Hsg. Auth. RB, Marina Twrs. Tender Corp. Proj., (LOC: Sumitomo Bank, Ltd.): 7,800,000 Ser. A, 4.80%, VRDN (a).................................. 7,800,000 7,000,000 Ser. B, 4.80%, VRDN (a).................................. 7,000,000 6,000,000 Nassau Cnty., NY RAN, (LOC: Bank of New York, N.A.), 4.25%, 3/15/2000................................. 6,023,616 5,335,000 New York Mtge. Agy. RB, PFOTER, (LOC: Merrill Lynch & Co., Inc.), 3.30%, 8/12/1999................................. 5,335,000 New York Thruway Auth. RB: 7,400,000 MSTR SG-119, (LOC: Societe Generale Bank, S.A.), 3.40%, VRDN...................................... 7,400,000
Principal Amount Value MUNICIPAL OBLIGATIONS - continued New York - continued New York Thruway Auth. RB - continued $ 6,500,000 Local Hwy. & Bridge Svc., PFOTER, PA-172, (LOC: Merrill Lynch & Co., Inc.), 3.26%, VRDN (a).................................. $ 6,500,000 New York, NY GO, PFOTER, (LOC: Merrill Lynch & Co., Inc.): 19,855,000 PA-148 Ser. L, 3.29%, VRDN (a).................................. 19,855,000 3,055,000 PA-228 Ser 1998C, 3.29%, VRDN (a).................................. 3,055,000 -------------- 62,968,616 -------------- North Carolina - 2.0% 5,300,000 Cabarrus Cnty., NC Indl. Pollution Ctl. & Fin. Auth. RB, Oiles America Corp. Proj., Ser. 1989, (LOC: Indl. Bank of Japan, Ltd.), 4.45%, VRDN...................................... 5,300,000 3,400,000 Halifax Cnty., NC Indl. Facs. & Pollution Control Fin. Auth. RB, Westmoreland Proj., (LOC: Credit Suisse First Boston Corp.), 3.50%, VRDN...................................... 3,400,000 10,995,000 North Carolina Muni. Pwr. Agy. RB, MSTR Ser. 1998-43, Class A, (LIQ: Bear Stearns Capital Markets & Ins. by MBIA), 3.33%, 4/25/2000 (a)............................. 10,995,000 4,000,000 Onslow Cnty., NC Indl. Facs. PCRB, Mine Safety Appliance Co., (LOC: Sanwa Bank, Ltd.), 3.25%, VRDN...................................... 4,000,000 3,360,000 Robeson Cnty., NC Indl. Facs. RB, Rocco Turkeys Inc. Proj., (LOC: Rabobank Nederland), 3.30%, VRDN...................................... 3,360,000 2,000,000 Vance Cnty., NC Indl. Facs. PCRB, Custom Molders Inc. Proj., (LOC: BankAmerica, N.A.), 3.35%, VRDN...................................... 2,000,000 -------------- 29,055,000 -------------- North Dakota - 1.1% 16,000,000 Traill Cnty., ND Sld. Wst. Disp.RB, American Crystal Sugar Co. Proj., (LOC: Norwest Bank, N.A.), 3.35%, VRDN...................................... 16,000,000 -------------- Ohio - 1.9% 2,420,000 Fairlawn, OH Healthcare Fac. RB, Vlg. at St. Edwards Proj., 8.75%, 10/1/1999................................. 2,488,778 8,300,000 Hamilton Cnty. OH Hlth. Sys. RB, Franciscan Sisters Poor Health Proj., Ser. A, (LOC: Sumitomo Bank, Ltd.), 3.70%, VRDN...................................... 8,300,000 4,365,000 Lucas Cnty., OH IDRB, High Tech Properties Inc. Proj., 3.35%, VRDN...................................... 4,365,000
26 EVERGREEN MUNICIPAL MONEY MARKET FUND Schedule of Investments(continued) July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Ohio - continued $ 3,405,000 Ohio Hsg. Fin. Agy. MHRB, Pine Crossing Proj., Ser. A, (LOC: Sumitomo Bank, Ltd.), 4.65%, VRDN...................................... $ 3,405,000 5,000,000 Ohio Turnpike Commission Auth. RB, Master Lease Program, (LIQ: Citibank, N.A. & Ins. by FGIC), 3.31%, VRDN (a).................................. 5,000,000 3,900,000 St. Mary's, OH IDRB, Setex, Inc. Proj., (LOC: Indl. Bank of Japan, Ltd.), 4.40%, VRDN...................................... 3,900,000 -------------- 27,458,778 -------------- Oklahoma - 0.7% 7,700,000 Oklahoma City, OK IDA RB, Oklahoma Christian College, (LOC: Sumitomo Bank, Ltd.), 4.70%, VRDN...................................... 7,700,000 2,050,000 Tulsa Cnty., OK GO Independent Sch. Dist. #5, Jenkins Bldg. Proj., 5.75%, 6/1/2000.................................. 2,083,132 -------------- 9,783,132 -------------- Oregon - 0.8% 2,750,000 Oregon EDRB, Pacific Coast Seafoods Co. Proj., (LOC: Union Bank of CA, N.A.), 3.75%, VRDN...................................... 2,750,000 2,435,000 Portland, OR Swr. Sys. RB, Ser. A, 6.50%, 6/1/2000.................................. 2,490,098 5,950,000 Umatilla Cnty., OR Sch. Dist. #8 RB, ROC, (LIQ: Toronto Dominion Bank & Ins. by MBIA), 3.21%, VRDN...................................... 5,950,000 -------------- 11,190,098 -------------- Pennsylvania - 5.1% 1,000,000 Allegheny Cnty., PA IDRB, Mine Safety Appliance Co., Ser. 1991, (LOC: Sanwa Bank, Ltd.), 3.25%, VRDN...................................... 1,000,000 Butler Cnty., PA IDRB, Mine Safety Appliance Co., (LOC: Sanwa Bank, Ltd.): 1,000,000 Ser. 1991, 3.25%, VRDN...................................... 1,000,000 3,000,000 Ser. 1992A, 3.35%, VRDN...................................... 3,000,000 1,000,000 Ser. 1992B, 3.35%, VRDN...................................... 1,000,000 500,000 Elk Cnty., PA IDRB, Stackpole Corp. Proj., Ser. 1989, (LOC: Fleet Bank, N.A.), 4.17%, VRDN...................................... 500,000 Emmaus, PA General Auth. RB: 5,700,000 Pool Subser. B-19, (LOC: KBC Bank NV), 3.25%, VRDN...................................... 5,700,000 8,600,000 Local Govt., Pool Subser. B-1, (LIQ: Goldman Sachs & Co.), 3.25%, VRDN...................................... 8,600,000
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Pennsylvania - continued Emmaus, PA General Auth. RB - continued $ 2,500,000 Mifflin Sch., Pool Subser. F-15, (LOC: KBC Bank NV), 3.25%, VRDN.................................... $ 2,500,000 10,000,000 Montgomery Cnty., PA RB, Abbington Memorial Hosp., MSTR, Ser. 1998-31, Class A, (LIQ: Bear Stearns Capital & Ins. by AMBAC), 3.51%, 5/17/2000 (a)........................... 10,000,000 10,000,000 Pennsylvania GO, TOC Ser. 1999-3, (LIQ: Chase Manhattan Bank, N.A. & Ins. FGIC), 3.21%, VRDN.................................... 10,000,000 9,715,000 Pennsylvania HFA-RB, Eagle Trust Cert. #97C3802, Class A, (LIQ: Citibank, N.A. & Ins. by FSA), 3.18%, VRDN (a)................................ 9,715,000 Philadelphia, PA Wtr. & Wst. Wtr. RB: 6,500,000 MSTR, Ser. 1997-11, Class A, (LIQ: Bear Stearns Capital Markets & Ins. by FGIC), 3.33%, VRDN (a)................................ 6,500,000 14,995,000 MSTR, Ser. 1999-1, (LIQ: Commerzbank, AG & Ins. by AMBAC), 3.31%, VRDN (a)................................ 14,995,000 -------------- 74,510,000 -------------- Rhode Island - 2.2% 32,360,000 Rhode Island Hlth. & Ed. Bldg. Corp. RB, Lifespan Corp., MSTR, Ser. 1999-69A, Class A, (LIQ: Bear Stearns Capital & Ins. by U.S. Treasury), 3.55%, 9/16/1999 (a)........................... 32,360,000 -------------- South Carolina - 2.8% 9,250,000 Allendale Cnty., SC IDRB, King Seeley Thermos Proj., (LOC: BankBoston, N.A.), 3.36%, VRDN.................................... 9,250,000 2,200,000 Florence Cnty., SC Solid Wst. Disp. RB, Roche Carolina Inc. Proj., Ser. 98, (LOC: Deutsche Bank AG), 3.45%, VRDN.................................... 2,200,000 1,260,000 Richland Cnty., SC GO, 6.25%, 3/1/2000................................ 1,304,763 2,050,000 South Carolina GO, Ser. N, 6.25%, 5/1/2000................................ 2,134,165 South Carolina Jobs EDA RB: 4,400,000 Lorraine Linens Proj., (LOC: Southtrust Bank, N.A.), 3.36%, VRDN.................................... 4,400,000 500,000 Ridge Pallets Inc., Ser. B, (LOC: Credit Commerce de France), 3.50%, VRDN.................................... 500,000 2,700,000 Roller Bearing Co. Proj., Ser. 1994A, (LOC: Heller Finl. Inc.), 4.01%, VRDN.................................... 2,700,000 700,000 Tuttle Co., Inc., Ser. A, (LOC: BankAmerica, N.A.), 3.50%, VRDN.................................... 700,000
27 EVERGREEN MUNICIPAL MONEY MARKET FUND Schedule of Investments(continued) July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - continued South Carolina - continued $18,300,000 South Carolina Port Auth. RB, ABN-Amro Munitops Master Trust, Ser. 1998-7, (SPA: ABN-Amro Bank NV & Ins. by FSA), 3.33%, VRDN (a).................................. $ 18,300,000 -------------- 41,488,928 -------------- South Dakota - 0.3% 5,055,000 Rapid City, SD EDRB, Civic Ctr. Assoc. Proj., (LOC: Citibank, N.A.), 3.46%, VRDN...................................... 5,055,000 -------------- Tennessee - 2.6% 2,100,000 Bristol, TN IDRB, Robinette Co. Proj., (LOC: First American Natl. Bank, N.A.), 3.50%, VRDN...................................... 2,100,000 Chattanooga, TN IDRB: 3,200,000 Radisson Read House Proj., Ser. 1995, (LOC: Heller Finl. Inc.), 4.05%, VRDN...................................... 3,200,000 5,500,000 Top Flight, Inc. Proj., (LOC: Natl. Bank of Canada), 3.40%, VRDN...................................... 5,500,000 4,800,000 Maryville, TN Board of Ed. IDRB, Maryville College Proj., (LOC: First American Natl. Bank, N.A.), 3.40%, VRDN...................................... 4,800,000 1,700,000 Morristown, TN IDB RB, J.W. Allen & Co. Proj., (LOC: Harris Trust & Savings Bank, N.A.), 3.35%, VRDN...................................... 1,700,000 700,000 Nashville & Davidson Cnty. (Metro. Gov't. of), TN IDRB, Wellington IV Assoc. Proj., (LOC: U.S. Bank, N.A.), 3.45%, VRDN...................................... 700,000 8,465,000 Shelby Cnty., TN Hlth., Ed. & Hsg. Facs. RB, MSTR Ser. 1998-36, Class A, (LIQ: Bear Stearns Capital Markets & Ins. by MBIA), 3.40%, VRDN (a).................................. 8,465,000 3,750,000 Sumner Cnty., TN GO, Outlay Notes, Ser. 1999A, 4.00%, 6/26/2000................................. 3,758,143 8,000,000 Wilson Cnty., TN IDRB, Knight Leasing Co. Proj., (LOC: First American Natl. Bank, N.A.), 3.50%, VRDN...................................... 8,000,000 -------------- 38,223,143 -------------- Texas - 5.6% 3,700,000 Bexar Cnty., TX Hsg. Fin. Corp. MHRB, UTSA Apts. Proj., (LOC: Heller Finl. Inc.), 3.91%, VRDN...................................... 3,700,000
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Texas - continued Brazos River, TX Harbor Navigation Dist. RB: $ 4,600,000 Dow Chemical Co. Proj., Ser. 1996, (Gtd. by Dow Chemical Co.), 3.55%, VRDN...................................... $ 4,600,000 1,000,000 Dow Chemical Co. Proj., Ser. 1997, (Gtd. by Dow Chemical Co.), 3.55%, VRDN...................................... 1,000,000 1,200,000 Dow Chemical Co. Proj., Ser. 1998, (Gtd. by Dow Chemical Co.), 3.55%, VRDN...................................... 1,200,000 5,200,000 Merey Sweeney Proj., (LOC: Chase Manhattan Bank, N.A.), 3.50%, VRDN...................................... 5,200,000 5,700,000 Brazos River, TX Harbor Navigation Dist., Sld. Wst. RB, Silica Products, Inc. Proj., Ser. 1998, (LOC: Bank of Tokyo-Mitsubishi, Ltd.), 4.25%, VRDN...................................... 5,700,000 4,160,000 Brazos River, TX PCRB, Texas Util. Elec. Co., Ser. 96A, (LIQ: Bank of New York, N.A. & Ins. by AMBAC), 3.45%, VRDN...................................... 4,160,000 1,410,000 Corpus Christi, TX GO, Capital Appreciation, Ser. A (Eff. Yield 3.33%) (b), 0.00%, 11/1/1999................................. 1,398,372 2,095,000 El Paso, TX Hosp. Dist. RB, Capital Appreciation, (Eff. Yield 4.05%) (b), (Ins. by MBIA), 0.00%, 8/15/1999................................. 2,092,384 2,880,000 Galveston, TX Hsg. Fin. Corp. MHRB, Villiage-by- the-Sea Apts. Proj., Ser. 1993, (LOC: Sumitomo Bank, Ltd.), 4.70%, VRDN...................................... 2,880,000 Gulf Coast, TX IDA Solid Wst. Disp. RB, Citgo Petroleum Corp. Proj.: 3,200,000 Ser. 1994, (LOC: Wachovia Bank, N.A.), 3.50%, VRDN...................................... 3,200,000 10,000,000 Ser. 1998, (LOC: Bank Austria AG), 3.50%, VRDN...................................... 10,000,000 12,000,000 Harris Cnty., TX GO, PFOTER, SGP-96, (LIQ: Societe Generale Bank, S.A.), 3.19%, VRDN...................................... 12,000,000 Harris Cnty., TX Indl. Dev. Corp. IDRB: 5,000,000 Southern Ionics, Inc. Proj., (LOC: Southtrust Bank, N.A.), 3.36%, VRDN...................................... 5,000,000 8,000,000 Zeon Chemicals Proj., (LOC: Indl. Bank of Japan, Ltd.), 4.40%, VRDN...................................... 8,000,000 6,535,000 Texas Pub. Fin. Auth. Bldg. RB, General Svcs. Comml. Proj., (LIQ: Citibank, N.A. & Ins. by AMBAC), 3.31%, VRDN (a).................................. 6,535,000
28 EVERGREEN MUNICIPAL MONEY MARKET FUND Schedule of Investments(continued) July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Texas - continued $ 4,405,000 Ysleta, TX Independent Sch. Dist. RB, PFOTER, PZ- 9, (Gtd. by Permanent Sch. Fund), 3.41%, VRDN (a).................................. $ 4,405,000 -------------- 81,070,756 -------------- Utah - 0.2% 1,310,000 Salt Lake City, UT Redev. Agy. Tax RB, Neighborhood Redev., Ser. A, 5.25%, 10/1/1999................................. 1,313,945 2,300,000 Summit Cnty., UT IDRB, Hornes' Kimball Proj., Ser. 1985, (LOC: U.S. Bank, N.A.), 3.65%, VRDN...................................... 2,300,000 -------------- 3,613,945 -------------- Virginia - 1.3% 4,300,000 Campbell Cnty., VA IDA RB, Hadson Pwr. 12 Proj., Ser. 1990A, (LOC: Barclays Bank PLC), 3.50%, VRDN...................................... 4,300,000 Henrico Cnty., VA IDA RB: 5,344,000 White Oak Semiconductor Proj., Ser. 1997A, (Gtd. by Motorola Corp.), 3.25%, VRDN...................................... 5,344,000 2,000,000 San-J Int'l. Proj., (LOC: BankAmerica, N.A.), 3.40%, VRDN...................................... 2,000,000 5,000,000 Hopewell, VA IDA RB, Hadson Pwr. 13 Proj., Ser. 1990A, (LOC: Credit Suisse First Boston Corp.), 3.50%, VRDN...................................... 5,000,000 1,000,000 Rockingham Cnty., VA IDA PCRB, Merck & Co. Proj., Ser. 1982A, (Gtd. by Merck & Co.), 3.40%, VRDN...................................... 1,000,000 1,700,000 Smyth Cnty., VA IDA RB, Summit Products Proj., (LOC: Fifth Third Bank, N.A.), 3.35%, VRDN...................................... 1,700,000 -------------- 19,344,000 -------------- Washington - 2.0% 10,000,000 King Cnty., WA Sch. Dist. RB, MSTR MTC 31, (LIQ: Bank One Capital Holdings & Ins. by FGIC), 3.26%, VRDN (a).................................. 10,000,000 10,000,000 Seattle, WA Port Facs. Auth. RB, ABN-Amro Munitops Master Trust, Ser. 1998-16, (SPA: ABN-Amro Bank NV & Ins. by MBIA), 3.31%, VRDN (a).................................. 10,000,000 1,190,000 Washington Hsg. Fin. CDA MHRB, LTSC Properties Inc., (LOC: U.S. Bank, N.A.), 3.35%, VRDN...................................... 1,190,000
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Washington - continued $ 7,430,000 Washington State GO, ROC Ser. 98-13, (LOC: Toronto Dominion Bank), 3.21%, VRDN (a).................................. $ 7,430,000 -------------- 28,620,000 -------------- West Virginia - 2.2% 2,500,000 West Virgina Hsg. Dev. Fund RB, Interim Financing Notes, Ser. 1999F, 3.65%, 9/16/1999................................. 2,500,000 West Virginia EDA IDRB, Coastal Lumber Products Proj., (LOC: Crestar Bank, N.A.): 1,540,000 Ser. A, 3.30%, VRDN...................................... 1,540,000 1,195,000 Ser. B, 3.30%, VRDN...................................... 1,195,000 3,770,000 West Virginia Hsg. Dev. Fund RB, Interim Financing Notes, Ser. 1999G, 3.65%, 9/21/1999................................. 3,770,000 19,670,000 West Virginia Pub. Energy Auth. RB, PFOTER, PPT- 184, (LIQ: Bay Hypotheken-und & Union Bank of Switzerland), 3.26%, VRDN (a).................................. 19,670,000 3,520,000 West Virginia State GO, BankBoston Trust Certificates, Ser. C, Class A, (LIQ: BankBoston, N.A. & Ins. by FGIC), 3.35%, VRDN (a).................................. 3,520,000 -------------- 32,195,000 -------------- Wisconsin - 0.6% 4,000,000 Kohler, WI Solid Wst. Disp. RB, Kohler Co. Proj., (LOC: Wachovia Bank, N.A.), 3.35%, VRDN...................................... 4,000,000 4,000,000 Oconto Falls, WI CDA-RB, Oconto Falls Tissue Proj., Ser. A, (LOC: Natwest Bank, PLC), 3.75%, 4/1/2000.................................. 4,000,000 -------------- 8,000,000 -------------- Wyoming - 0.2% 2,700,000 Converse Cnty., WY Env. Impt. RB, Pacificorp Proj., Ser. 1995, (Gtd. by Pacificorp.), 3.60%, VRDN...................................... 2,700,000 -------------- Other - 15.4% Capital Realty Investors Tax Exempt Fund Ltd., Floater Certificate, (LOC: Union Bank of Switzerland AG): 21,285,000 Ser. 1996-1, 3.40%, VRDN (a).................................. 21,285,000 19,900,000 Ser. 1996-2, 3.40%, VRDN (a).................................. 19,900,000 6,345,000 Ser. 1996-3, 3.40%, VRDN (a).................................. 6,345,000
29 EVERGREEN MUNICIPAL MONEY MARKET FUND Schedule of Investments (continued) July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Other - continued Charter Mac Floater Certificate Trust I, Low Floater Certificates, (LIQ: Bayerische Landesbanken & Ins. by MBIA): $11,500,000 2nd Tranche, 3.41%, VRDN (a).................................. $ 11,500,000 7,000,000 4th Tranche, 3.18%, VRDN (a).................................. 7,000,000 23,689,000 Clipper Tax Exempt Trust COP, Ser. 1998-1, Class B, (LIQ: State Street Bank & Trust Co. & Ins. by MBIA), 3.46%, VRDN (a).................................. 23,689,000 Koch Financial Corp. Muni. Tax Exempt Trust: 6,623,075 Ser. 1996-1, Class A-2, (Gtd. by Koch Industries), 4.50%, 4/6/2000 (a).............................. 6,641,115 4,142,534 Ser. 1999-1, Class A-1, (Ins. by MBIA), 3.10%, 2/7/2000.................................. 4,141,572 Merrill Lynch, Inc., PFOTER: 14,240,000 PPT-4, (LIQ: Credit Suisse First Boston Corp. & Ins. by FHA), 3.55%, VRDN...................................... 14,240,000 9,310,000 PPT-5, (LIQ: Credit Suisse First Boston Corp. & Ins. by FHA), 3.60%, 5/4/2000.................................. 9,310,000 12,545,000 PPT-6, (LIQ: Credit Suisse First Boston Corp. & Ins. by FHA), 3.70%, 5/11/2000 (a)............................. 12,545,000 11,180,000 PPT-7, (Ins. by AMBAC), 3.38%, 2/11/2000 (a)............................. 11,180,000 4,300,000 PPT-8, (LIQ: Credit Suisse First Boston Corp.), 3.60%, VRDN (a).................................. 4,300,000 7,305,000 PPT-9, (LOC: Bayerische Landesbanken), 3.41%, VRDN...................................... 7,305,000 5,815,000 SGP-8, (LIQ: Societe Generale Bank, S.A.), 3.52%, VRDN...................................... 5,815,000
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Other - continued Morgan Keegan Muni. Products Trust Receipts, (LIQ: Credit Local de France & Ins. by U.S. Treasury): $ 2,815,000 Ser. 1999A, 3.41%, VRDN...................................... $ 2,815,000 25,715,000 Ser. 1999D, 3.41%, VRDN...................................... 25,715,000 1,400,000 Ser. 1999B, 3.41%, VRDN...................................... 1,400,000 Pitney Bowes Credit Corp. Leasetop Trusts, (LIQ: Pitney Bowes Credit Corp. & Ins. by AMBAC): 5,000,000 Ser. 1999-1, 3.80%, 10/8/2000 (a)............................. 5,000,000 5,550,164 Ser. 1998-1, 3.46%, VRDN (a).................................. 5,550,164 19,159,487 Ser. 1998-2, 3.51%, VRDN (a).................................. 19,159,487 -------------- 224,836,338 -------------- Total Municipal Obligations (cost $1,445,754,477)........................... 1,445,754,477 -------------- Shares MUTUAL FUND SHARES - 0.8% - (cost $10,700,000) 10,700,000 Federated Municipal Obligation Fund.............. 10,700,000 --------------
Total Investments - (cost $1,456,454,477)..................... 100.0% 1,456,454,477 Other Assets and Liabilities - net......................... 0.0 673,074 ----- -------------- Net Assets................................. 100.0% $1,457,127,551 ===== ==============
30 EVERGREEN MUNICIPAL MONEY MARKET FUND Schedule of Investments (continued) July 31, 1999 (unaudited) (a) Securities that may be sold to "qualified institutional buyers" under Rule 144A or securities offered pursuant to Section 4(2) of the Securities Act of 1933, as amended. These securities have been determined to be liquid un- der guidelines established by the Board of Trustees. (b) Effective yield (calculated at the time of purchase) is the yield at which the bond accretes on an annual basis until maturity date. Summary of Abbreviations: AMBAC American Municipal Bond Assurance Corp. BAN Bond Anticipation Note CDA Community Development Administration COLL Collateral COP Certificate of Participation EDA Economic Development Authority EDRB Economic Development Revenue Bond FGIC Financial Guaranty Insurance Co. FHA Federal Housing Authority FHLB Federal Home Loan Bank FSA Financial Security Assurance, Inc. GNMA Government National Mortgage Association GO General Obligation HDA Housing Development Authority HFA Housing Finance Authority IDA Industrial Development Authority IDB Industrial Development Board IDRB Industrial Development Revenue Bond LIQ Liquidity Provider LOC Letter of Credit MBIA Municipal Bond Investors Assurance Corp. MHRB Multifamily Housing Revenue Bond MSTR Municipal Securities Trust Receipt MTC Municipal Trust Certificate PCRB Pollution Control Revenue Bond PFOTER Puttable Floating Option Tax Exempt Receipt PPT Pooled Putable Trust RAN Revenue Anticipation Note RB Revenue Bond ROC Reset Option Certificate SAK Sakura Trust SFHRB Single Family Housing Revenue Bond SGP Societe Generale Pool SPA Security Purchase Agreement TOC Tender Option Certificate VRDN Variable Rate Demand Note Variable Rate Demand Notes are payable on demand on no more than seven calendar days notice given by the Fund to the issuer or other parties not affiliated with the issuer. Interest rates are determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the se- curity. Interest rates presented for these securities are those in effect at July 31, 1999. Certain obligations held in the portfolio have credit enhancements or li- quidity features that may, under certain circumstances, provide for re- payment of principal and interest on the obligation upon demand date. In- terest rate reset date or final maturity. These enhancements include: letters of credit; liquidty guarantees; standby bond purchase agreements; tender option purchase agreements; and third party insurance (i.e. AMBAC, FGIC and MBIA). Adjustable rate bonds and variable rate demand notes held in the portfolio may be considered derivative securities within the stan- dards imposed by the Securities and Exchange Commission under Rule 2a-7 which was designed to minimize both credit and market risk. See Combined Notes to Financial Statements. 31 EVERGREEN NEW JERSEY MUNICIPAL MONEY MARKET FUND Schedule of Investments July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - 99.4% Delaware - 2.8% $2,820,000 Delaware River Port Auth. RB PA & NJ, PFOTER, (LIQ: Merrill Lynch & Co. & Ins. by FGIC), 3.11%, VRDN......................................... $ 2,820,000 ------------ New Jersey - 93.8% 2,000,000 Bayonne NJ, Temporary Notes, 3.60%, 9/10/1999.................................... 2,001,079 1,450,000 Bedminster Township, NJ BAN, 4.00%, 6/30/2000.................................... 1,456,391 2,500,000 Camden Cnty., NJ Impt. Auth. RB, Harvest Vlg. Proj., Ser. A, (LOC: Chase Bank of Texas), 3.30%, VRDN......................................... 2,500,000 550,000 Clifton, NJ Board of Ed. GO, (Ins. by FSA), 4.00%, 2/1/2000..................................... 552,296 225,000 Cumberland Cnty., NJ GO, (Ins. by MBIA), 4.63%, 2/15/2000.................................... 226,149 4,500,000 Essex Cnty., NJ TRAN, 3.50%, 11/18/1999................................... 4,503,929 3,000,000 Fairfield Township, NJ BAN, 3.25%, 1/26/2000.................................... 3,003,527 2,000,000 Hillside Township, NJ TRAN, 3.63%, VRDN......................................... 2,000,339 2,200,000 Hudson Cnty., NJ Impt. Auth. Facs. RB, (LIQ: Morgan Stanley & Ins. by FGIC), 3.11%, VRDN (a)..................................... 2,200,000 300,000 Kingsway, NJ Regional Sch. Dist. GO, (Ins. by FGIC), 4.63%, 3/1/2000..................................... 302,512 2,253,472 Maplewood Township, NJ BAN, 3.50%, 10/22/1999................................... 2,254,684 New Jersey Ed. Facs. Auth. RB: 1,000,000 Higher Ed. Technology, Ser. A, 4.25%, 9/1/1999..................................... 1,001,088 2,300,000 MSTR, SGP 48, (LOC: Societe Generale Bank, S.A.& Ins. MBIA), 3.11%, VRDN (a)..................................... 2,300,000 New Jersey EDA RB: 500,000 2.65%, VRDN......................................... 500,000 2,300,000 Ser. A, (LIQ: Bank of New York & Ins. by AMBAC), 3.30%, VRDN......................................... 2,300,000 7,700,000 Dow Chemical Co. - El Dorado Terminal, Ser. 1984 A, (Gtd. by Dow Chemical Co.), 3.25%, VRDN......................................... 7,700,000 2,000,000 Dow Chemical Co. - El Dorado Terminal, Ser. 1984 B, (Gtd. by Dow Chemical Co.), 3.25%, VRDN......................................... 2,000,000
Principal Amount Value MUNICIPAL OBLIGATIONS - continued New Jersey - continued $4,770,000 East Meadow Corp., Ser. B, (LOC: Sanwa Bank Ltd.), 4.25%, VRDN......................................... $ 4,770,000 2,400,000 Elizabethtown Wtr. Co. Proj., Ser. B, (LIQ: Bank of New York & Ins. by AMBAC), 2.60%, VRDN......................................... 2,400,000 2,600,000 Hoffman La-Roche Inc. Proj., (LOC: Bayerische Landesbank), 3.30%, VRDN......................................... 2,600,000 500,000 NJ Natural Gas Co., Ser. A, (LIQ: Societe Generale Bank & Ins. by AMBAC), 3.35%, VRDN......................................... 500,000 6,000,000 Thermal Energy Ltd., (LOC: First National Bank Chicago), 2.70%, VRDN......................................... 6,000,000 New Jersey GO: 2,000,000 3.00%, 9/9/1999..................................... 2,000,000 1,000,000 3.10%, 2/10/2000.................................... 1,000,000 4,945,000 (LIQ: Merrill Lynch & Co.), 3.16%, VRDN (a)..................................... 4,945,000 600,000 Ser. D, 5.10%, 2/15/2000.................................... 605,994 5,700,000 MSTR, Ser. CB 1, (LOC: Chase Manhattan Bank), 3.25%, VRDN......................................... 5,700,000 New Jersey Health Care Fac. RB: 1,700,000 Atlantic City Med. Center, Ser. A 1, (LOC: PNC Bank, N.A.), 2.95%, VRDN......................................... 1,700,000 1,000,000 Christian Health Center, Ser. A3, (LOC: Valley National Bank), 2.95%, VRDN......................................... 1,000,000 2,495,000 New Jersey MHRB, Ser. 110, (LIQ: Morgan Stanley & Ins. by FSA), 3.16%, VRDN......................................... 2,495,000 New Jersey Transport Trust Fund Auth. RB: 1,000,000 3.14%, VRDN......................................... 1,000,000 5,500,000 3.16%, VRDN......................................... 5,500,000 6,570,000 Newark, NJ Healthcare Facs. RB, New Community Urban Renewal, Ser. 1995, (COLL: GNMA), 4.35%, VRDN......................................... 6,570,000 3,500,000 Springfield Township, NJ BAN, 3.25%, 1/14/2000.................................... 3,503,689 4,670,000 Trenton, NJ BAN, 3.25%, 3/10/2000.................................... 4,672,719 1,200,000 Union Cnty., NJ GO, 4.75%, 2/1/2000..................................... 1,207,906 ------------ 94,972,302 ------------
32 EVERGREEN NEW JERSEY MUNICIPAL MONEY MARKET FUND Schedule of Investments(continued) July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - continued New York - 2.8% Port Auth. NY & NJ, PFOTER: $ 500,000 4.00%, 10/1/1999..................................... $ 500,380 2,275,000 (LIQ: Morgan Stanley & Ins. by MBIA), 3.13%, VRDN (a)...................................... 2,275,000 ------------ 2,775,380 ------------ Total Municipal Obligations (cost $100,567,682)................................. 100,567,682 ------------
Total Investments - (cost $100,567,682).......................... 99.4% 100,567,682 Other Assets and Liabilities - net............ 0.6 636,829 ----- ------------ Net Assets.................................... 100.0% $101,204,511 ===== ============
(a) Securities that may be sold to "qualified institutional buyers" under Rule 144A or securities offered pursuant to Section 4(2) of the Securities Act of 1933, as amended. These securities have been determined to be liquid un- der guidelines established by the Board of Trustees. Summary of Abbreviations: AMBAC American Municipal Bond Assurance Corp. BAN Bond Anticipation Note COLL Collateral EDA Economic Development Authority FGIC Federal Guaranty Insurance Co. FSA Financial Security Assurance, Inc. GNMA Governent National Mortgage Association GO General Obligation LIQ Liquidity Provider LOC Letter of Credit MBIA Municipal Bond Investors Assurance Corp. MHRB Multifamily Housing Revenue Bond MSTR Municipal Securities Trust Receipt PFOTER Puttable Floating Option Tax Exempt Receipts RB Revenue Bond SGP Societe Generale Pool TRAN Tax Revenue Anticipation Note VRDN Variable Rate Demand Note Variable Rate Demand Notes are payable on demand on no more than seven calendar days notice given by the Fund to the issuer or other parties not affiliated with the issuer. Interest rates are determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the se- curity. Interest rates are presented for these securities are those in effect at July 31, 1999. Certain obligations held in the portfolio have credit enhancements or li- quidity features that may, under certain circumstances, provide for re- payment of principal and interest on the obligation upon demand date, in- terest rate reset date or final maturity. These enhancements include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements, and third party insurance (i.e., AMBAC, FGIC and MBIA). Adjustable rate bonds and variable rate demand notes held in the portfolio may be considered derivative securities within the standards imposed by the Securities and Exchange Commission under Rule 2a-7 which were designed to minimize both credit and market risk. See Combined Notes to Financial Statements. 33 EVERGREEN PENNSYLVANIA MUNICIPAL MONEY MARKET FUND Schedule of Investments July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - 99.7% Delaware - 1.0% $1,400,000 Delaware River Port Auth. RB PA & NJ, 3.11%, VRDN... $ 1,400,000 ------------ Pennsylvania - 98.7% 2,000,000 ABN Amro Munitops Certificates Trust, 3.17%, VRDN... 2,000,000 4,400,000 Allegheny Cnty., PA Arpt. RB, PFOTER PT-176, 3.19%, VRDN........................................ 4,400,000 Allegheny Cnty., PA Hosp. Dev. Auth. RB: 3,000,000 St. Francis Hlth. Ctr. Sys, (LOC: First Natl. Bank of Chicago), 3.10%, VRDN..... 3,000,000 1,955,000 St. Margaret Memorial Hosp., 3.20%, VRDN............ 1,955,000 1,490,000 Allegheny Cnty., PA IDA RB, United Jewish Federation Proj., Ser. A, (LOC: Mellon Bank N.A.), 3.20%, VRDN......................................... 1,490,000 1,750,000 Allegheny Cnty., PA IDRB, Chelsea Industries Inc., (LOC: Mellon Bank N.A.), 3.20%, VRDN......................................... 1,750,000 1,000,000 Allegheny Cnty., PA Sanitary Auth., Swr. RB, 3.15%, VRDN......................................... 1,000,000 2,700,000 Beaver Cnty., PA Eagle Tax Exempt Trust, 3.18%, VRDN......................................... 2,700,000 5,000,000 Beaver Cnty., PA IDA PCRB, Atlantic Richfield, 3.15%, VRDN......................................... 5,000,000 4,200,000 Beaver Cnty., PA RB, Ser. 1993 A, 3.30%, VRDN......................................... 4,200,000 540,000 Benton, PA Area Sch. Dist. GO, 5.90%, 6/1/2000..................................... 550,714 3,500,000 Cambria Cnty., PA IDA RB, Cambria Cogen Co. Ser. A, 3.25%, VRDN......................................... 3,500,000 2,500,000 Carbon Cnty. PA IDA 1991A, 3.35%, 8/2/1999..................................... 2,500,000 1,000,000 Carbon Cnty., PA IDA CP, 3.45%, 8/12/1999.................................... 1,000,000 1,000,000 Clarion Cnty., PA IDA RB, Meritcare MTC Inc. Proj., Ser. 1991A, (LOC: PNC Bank), 3.20%, VRDN......................................... 1,000,000 630,000 Coatesville, PA Auth. Wtr. RB, (Ins. by FGIC), 3.85%, 10/1/1999.................................... 630,441 2,000,000 Dauphin Cnty., PA General Auth. RB, Ed. & Hlth. Loan Program, (SPA: Chase Manhattan Bank & Ins. by AMBAC), 3.19%, VRDN......................................... 2,000,000 800,000 Delaware Cnty., PA IDA PCRB, British Petroleum Exploration and Oil, 3.45%, VRDN......................................... 800,000 Delaware Cnty., PA IDA RB: 800,000 3.45%, VRDN......................................... 800,000 1,100,000 Arpt. Facs. UPS Proj., 3.35%, VRDN......................................... 1,100,000
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Pennsylvania - continued $3,700,000 Delaware Valley, PA Fin. Auth. RB, Ser. B, (LOC: Credit Suisse First Boston Corp.) 3.05%, VRDN......................................... $ 3,700,000 265,000 East Penn, PA Sch. Dist. GO, Ser. A, (Ins. by FGIC), 3.80%, 11/15/1999................................... 265,295 Emmaus, PA General Auth. RB: 1,000,000 3.25%, VRDN......................................... 1,000,000 4,300,000 3.25%, 8/4/1999..................................... 4,300,000 400,000 Local Govt. Ser. B, 3.25%, VRDN......................................... 400,000 600,000 Ser. B, 3.25%, VRDN......................................... 600,000 2,000,000 Ser. C, (LOC: Kredietbank N.V.), 3.25%, VRDN......................................... 2,000,000 3,000,000 Franconia Township, PA IDA RB, Ser. A, (LOC: Mellon Bank N.A.), 3.30%, VRDN......................................... 3,000,000 650,000 Lawrence Cnty., PA IDA PCRB, Calgon Corp. Proj., Ser. A, 3.65%, VRDN......................................... 650,000 1,000,000 Lehigh Cnty., PA IDA RB, Allegheny Elec. Coop. Inc., 3.50%, VRDN......................................... 1,000,000 850,000 Lewistown Borough, PA GO, (Ins. by FGIC), 6.15%, 12/15/1999................................... 858,534 4,000,000 Mercer Cnty., PA IDA PCRB, Penntecq, Inc. Proj., (LOC: Dai-Ichi Kangyo Bank, Ltd.), 5.15%, VRDN......................................... 4,000,000 1,000,000 Montgomery Cnty., PA MSTR, Abbington Memorial Hosp., Ser. 1998-31 Class A, (LIQ: Bear Stearns Capital Markets & Ins. by AMBAC), 3.51%, 5/17/2000 (a)................................ 1,000,000 3,000,000 Montgomery Cnty., PA IDA RB, 3.61%, VRDN......................................... 3,000,000 385,000 Nazareth, PA Sch. Dist. GO, (Ins. by FGIC), 3.80%, 11/15/1999................................... 385,429 400,000 North Allegheny, PA Sch. Dist. GO, (Ins. by AMBAC), 7.60%, 5/1/2000..................................... 412,707 2,455,000 Northampton Cnty., PA Higher Ed. Auth. RB, PFOTER PA-176, (LIQ: Merrill Lynch & Co. & Ins. by MBIA), 3.19%, VRDN......................................... 2,455,000 315,000 Northern York Cnty., PA Sch. GO, 3.60%, 11/15/1999................................... 315,000 1,000,000 Parkland, PA Sch. Dist. GO, (Ins. by MBIA), 5.95%, 3/1/2000..................................... 1,014,790 1,500,000 Pennsylvania Economic Dev. Fin. Auth., Ser. G3, 3.30%, 8/5/1999..................................... 1,500,000
34 EVERGREEN PENNSYLVANIA MUNICIPAL MONEY MARKET FUND Schedule of Investments(continued) July 31, 1999 (unaudited)
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Pennsylvania - continued Pennsylvania Economic Dev. Fin. Auth. RB: $1,500,000 3.30%, VRDN......................................... $ 1,500,000 1,100,000 Fansterl Inc. Proj., 3.30%, VRDN......................................... 1,100,000 2,000,000 Ser. G10, 3.30%, VRDN......................................... 2,000,000 2,750,000 Pennsylvania Energy Dev. Auth. RB, (LOC: Lansbank), 3.10%, VRDN......................................... 2,750,000 2,000,000 Pennsylvania Higher Ed. Assistance Agcy., Student Loan RB, Ser. A, (LOC: SLMA), 3.15%, VRDN......................................... 2,000,000 2,280,000 Pennsylvania Hsg. Fin. Agcy., PFOTER PT 119B, (SPA: Credit Suisse First Boston Corp.) 3.24%, VRDN......................................... 2,280,000 2,900,000 Pennsylvania Intergovernmental Coop. Auth. MSTR, 3.19%, VRDN......................................... 2,900,000 Pennsylvania Intergovernmental Coop. Auth. RB: 2,000,000 3.21%, 8/5/1999..................................... 2,000,000 1,000,000 City Of Philadelphia Funding Program, (Ins. by FGIC), 6.00%, 6/15/2000.................................... 1,021,171 Pennsylvania St. GO: 1,200,000 4.50%, 3/1/2000..................................... 1,207,142 250,000 7.00%, 5/1/2000..................................... 260,320 Pennsylvania St. Higher Ed'l Facs. Auth., RB: 1,350,000 3.10%, 11/1/1999.................................... 1,350,000 3,200,000 3.75%, 5/1/2000..................................... 3,211,630 2,500,000 Pennsylvania St. Higher Ed'l RB, 3.75%, 5/1/2000..................................... 2,509,086 1,000,000 Pennsylvania St., Univ. RB, 4.80%, 8/15/1999.................................... 1,000,636 4,800,000 Philadelphia, PA Arpt. RB, MSTR, (SPA: Societe Generale & Ins. by FGIC), 3.24%, VRDN......................................... 4,800,000 255,000 Philadelphia, PA Gas RB, Ser. A, (Ins. by AMBAC), 6.00%, 5/15/2000.................................... 264,549 Philadelphia, PA Hosp. & Higher Ed. Facs Auth. RB: 1,570,000 3.50%, 5/15/2000.................................... 1,572,387 1,095,000 5.40%, 12/1/1999.................................... 1,102,310 4,800,000 Philadelphia, PA Hosp. & Higher Ed. Facs. RB, Childerns Hosp. Proj., Ser. A, (SPA: Morgan Guaranty Trust), 3.40%, VRDN......................................... 4,800,000 2,000,000 Philadelphia, PA Sch. Dist. GO, PFOTER PA-151, 3.19%, VRDN......................................... 2,000,000 Philadelphia, PA Wtr. & Wst. RB: 5,000,000 3.31%, VRDN......................................... 5,000,000 260,000 4.70%, 6/15/2000.................................... 262,091
Principal Amount Value MUNICIPAL OBLIGATIONS - continued Pennsylvania - continued $3,500,000 Philadelphia, PA, MSTR, Ser. 1997-11 Class A, (LIQ: Bear Stearns Capital Market & Ins. by FGIC), 3.33%, 4/25/2000.................................... $ 3,500,000 1,445,000 Pittsburgh, PA Wtr. & Swr. Auth. RB, 3.26%, VRDN......................................... 1,445,000 360,000 Quaker Valley, PA Sch. Dist. GO, (Ins. by MBIA), 3.90%, 10/1/1999.................................... 360,281 4,240,000 Quakertown, PA General Auth. RB, Ser. A, (LOC: PNC Bank N.A.), 3.25%, VRDN......................................... 4,240,000 440,000 Richland, PA Sch. Dist. GO, Ser. B, (Ins. by FSA), 3.80%, 11/1/1999.................................... 440,419 900,000 Schuylkill Cnty. IDA, Northeastern Power, Ser. B, (SPA: Credit Local de France), 3.45%, VRDN......................................... 900,000 400,000 Schuylkill Valley, PA Sch. Dist. GO, (Ins. by FGIC), 3.80%, 10/15/1999................................... 400,101 295,000 Sharon, PA City Sch. Dist. GO, (Ins. by MBIA), 3.65%, 5/15/2000.................................... 295,000 750,000 South Middleton, PA Sch. Dist. GO, 5.75%, 5/15/2000.................................... 763,657 3,920,000 Southeastern, PA Trans. Auth. RB, 3.16%, VRDN......................................... 3,920,000 750,000 Sto Rox Sch., PA GO, 6.10%, 6/15/2000.................................... 766,816 585,000 Trinity Area Sch. Dist., PA GO, Ser. B, (Ins. by FSA), 4.00%, 11/1/1999.................................... 585,844 510,000 Univ. Pittsburgh, PA Higher Ed. RB, Ser. A, (Ins. by MBIA), 6.40%, 4/1/2000..................................... 520,268 1,150,000 Washington Cnty., PA Auth. RB, Ser. B-1, 3.20%, VRDN......................................... 1,150,000 4,085,000 Westmoreland Cnty. IDA IDRB, White Consolidated Ind., Inc., (LOC: Chemical Bk.), 3.52%, 12/1/1999.................................... 4,085,000 2,300,000 Wilkes Barre, PA IDA RB, Toys R Us Penn Inc., 3.28%, VRDN......................................... 2,300,000 ------------ 145,796,618 ------------
Total Investments - (cost $147,196,618)....... 99.7% 147,196,618 Other Assets and Liabilities - net............ 0.3 515,220 ----- ------------ Net Assets.................................... 100.0% $147,711,838 ===== ============
35 EVERGREEN PENNSYLVANIA MUNICIPAL MONEY MARKET FUND Schedule of Investments(continued) July 31, 1999 (unaudited) (a) Securities that may be sold to "qualified institutional buyers" under Rule 144A or securities offered pursuant to Section 4(2) of the Secu- rities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. Summary of Abbreviations: AMBAC American Municipal Bond Assurance Corp. CP Commercial Paper FGIC Financial Guaranty Insurance Co. FSA Financial Security Assurance, Inc. GO General Obligation IDA Industrial Development Authority IDRB Industrial Development Revenue Bond LIQ Liquidity Provider LOC Letter of Credit MBIA Municipal Bond Investors Assurance Corp. MSTR Municipal Securities Trust Receipt MTC Municipal Trust Certificate PCRB Pollution Control Revenue Bond PFOTER Puttable Floating Option Tax Exempt Receipt RB Revenue Bonds SLMA Student Loan Marketing Association SPA Security Purchase Agreement VRDN Variable Rate Demand Note Variable Rate Demand Notes are payable on demand on no more than seven calendar days notice given by the Fund to the issuer or other parties not affiliated with the issuer. Interest rates are determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the se- curity. Interest rates presented for these securities are those in effect at July 31, 1999. Certain obligations held in the portfolio have credit enhancements or li- quidity features that may, under certain circumstances, provide for re- payment of principal and interest on the obligation upon demand date, in- terest rate reset date or final maturity. These enhancements include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements, and third party insurance (i.e., AMBAC, FGIC and MBIA). Adjustable rate bonds and variable rate demand notes held in the portfolio may be considered derivative securities within the standards imposed by the Securities and Exchange Commission under Rule 2a-7 which were designed to minimize both credit and market risk. See Combined Notes to Financial Statements. 36 EVERGREEN TREASURY MONEY MARKET FUND Schedule of Investments July 31, 1999 (unaudited)
Principal Amount Value U.S. TREASURY NOTES - 27.3% $125,000,000 5.875% - 6.875%, 8/31/1999+..................... $ 125,096,991 50,000,000 5.75%, 9/30/1999+............................... 50,079,123 200,000,000 5.625%, 11/30/1999.............................. 200,590,453 200,000,000 5.625%, 12/31/1999.............................. 200,711,768 150,000,000 5.875%, 2/15/2000............................... 150,872,953 50,000,000 5.5%, 3/31/2000................................. 50,120,154 125,000,000 5.5%, 5/31/2000................................. 125,562,444 115,000,000 5.875%, 6/30/2000............................... 115,557,791 75,000,000 8.75%, 8/15/2000................................ 77,583,161 -------------- Total U.S. Treasury Notes (cost $1,096,174,838).......................... 1,096,174,838 -------------- REPURCHASE AGREEMENTS - 76.7%* 200,000,000 ABN-Amro, Inc. (1), 5.05%, dated 7/31/1999, due 8/2/1999................................... 200,000,000 200,000,000 Barclays Capital (2), 5.05%, dated 7/26/1999, due 8/2/1999................................... 200,000,000 200,000,000 Credit Suisse First Boston Corp. (3), 5.03%, dated 7/26/1999, due 8/2/1999.................. 200,000,000 400,000,000 Deutsche Bank AG (4), 5.09%, dated 7/26/1999, due 8/2/1999................................... 400,000,000 200,000,000 Dresdner Bank AG (5), 5.03%, dated 7/31/1999, due 8/2/1999................................... 200,000,000 50,500,000 Dresdner Bank AG** (6), 4.73%, dated 4/6/1999, due 8/31/1999.................................. 50,500,000 76,125,000 Dresdner Bank AG** (7), 4.75%, dated 4/6/1999, due 8/31/1999.................................. 76,125,000 50,312,500 Dresdner Bank AG** (8), 4.73%, dated 4/12/1999, due 9/30/1999.................................. 50,312,500
Principal Amount Value REPURCHASE AGREEMENTS - continued $200,000,000 Greenwich Capital Markets (9), 5.05%, dated 7/31/1999, due 8/2/1999........................ $ 200,000,000 200,000,000 Lehman Brothers Inc. (10), 5.06%, dated 7/31/1999, due 8/2/1999................................... 200,000,000 200,000,000 Merrill Lynch, Pierce, Fenner & Smith Inc. (11), 5.03%, dated 7/31/1999, due 8/2/1999................................... 200,000,000 200,000,000 Morgan Stanley & Co. (12), 5.05%, dated 7/26/1999, due 8/2/1999................................... 200,000,000 200,000,000 Salomon Smith Barney, Inc. (13), 5.06%, dated 7/26/1999, due 8/2/1999........................ 200,000,000 45,933,918 SG Cowen Securities Corp. (14), 5.06%, dated 7/31/1999, due 8/2/1999........................ 45,933,918 100,000,000 State Street Bank & Trust Co. (15), 5.05%, dated 7/31/1999, due 8/2/1999........................ 100,000,000 550,000,000 Warburg Dillon Reed LLC (16), 5.06%, dated 7/31/1999, due 8/2/1999........................ 550,000,000 -------------- Total Repurchase Agreements (cost $3,072,871,418).......................... 3,072,871,418 --------------
Shares MUTUAL FUND SHARES - 0.3% - (cost $11,610,621) 11,610,621 Fidelity Institutional Cash Portfolio Treasury Class 1........................................ 11,610,621 --------------
Total Investments - (cost $4,180,656,877).................. 104.3% 4,180,656,877 Other Assets and Liabilities - net...... (4.3) (174,265,636) ----- -------------- Net Assets.............................. 100.0% $4,006,391,241 ===== ==============
+Securities on loan (see Note 8). *Collateralized by: (1)$203,989,000 U.S. Treasury STRIPS, 7/16/02 to 4/15/29; value includ- ing accrued interest--$204,000,064. (2)$232,543,000 U.S. Treasury STRIPS, 8/16/99 to 8/15/27; value includ- ing accrued interest--$116,882,324. $11,348,000 U.S. Treasury Bonds, 6.50% to 12.375%, 11/15/02 to 8/15/19; value including accrued interest--$14,810,895. $71,076,000 U.S. Treasury Notes, 6.625% to 7.75%, 12/31/99 to 6/30/02; value including accrued interest--$72,307,279. (3)$152,076,000 U.S. Treasury Bonds, 7.25% to 9.87%, 11/15/16 to 8/15/17; value including accrued interest--$226,621,465. (4)$400,000,000 GNMA, 4.50% to 9.00%, 8/16/16 to 9/20/28; value includ- ing accrued interest--$408,000,000. (5)$190,459,000 U.S. Treasury Bills, 8/15/99 to 7/20/00; value including accrued interest--$162,837,271. $16,455,000 U.S. Treasury Bonds, 8.125% to 11.875%, 11/15/02 to 8/16/19; value including accrued interest--$21,714,972. (6)$79,633,822 GNMA, 5.50% to 7.50%, 9/20/24 to 10/15/28; value includ- ing accrued interest $51,624,323. (7)$112,309,781 GNMA, 6.00% to 7.50%, 9/20/24 to 5/15/28; value includ- ing accrued interest $77,776,370. (8)$49,750,000 U.S. Treasury Note, 6.37%, 9/30/01; value including ac- crued interest $51,498,003. (9)$188,171,000 U.S. Treasury Bills, 8/26/99 to 7/20/00; value includ- ing accrued interest $182,555,534; $20,848,000 U.S. Treasury STRIPS, 7/15/02; value including accrued interest $21,444,633. (10)$214,814,000 U.S. Treasury Notes, 5.375% to 6.25%, 7/31/00 to 02/28/03; value including accrued interest--$224,400,086. (11)$1,152,211,595 U.S. Treasury Bonds, 2.439% to 6.00%, 8/20/21 to 1/15/29; value including accrued interest--$224,403,943. (12)$97,420,000 U.S. Treasury Notes, 6.25%, 8/31/02; value including ac- crued interest--$104,922,162. $68,192,000 U.S. Treasury Bonds, 11.25%, 2/15/15; value including accrued interest--$99,078,571. (13)$326,103,000 U.S. Treasury Notes, 6.37% to 8.75%, 4/30/00 to 5/15/17; value including accrued interest--$224,368,950. (14)$220,120,000 U.S. Treasury Notes, 5.50% to 5.75%, 9/30/99 to 02/28/00; value including accrued interest--$225,497,745. (15)$97,300,000 U.S. Treasury Notes, 5.25%, 8/15/03; value including ac- crued interest--$51,086,135,530. (16)$209,180,000 U.S. Treasury Notes, 5.50% to 7.75%, 1/31/00 to 2/28/03; value including accrued interest--$224,402,861. **Represents collateral received for securities on loan. Summary of Abbreviations: GNMA Government National Mortgage Association STRIPS Separately Traded Registered Interest and Principal Securities See Combined Notes to Financial Statements. 37 EVERGREEN MONEY MARKET FUNDS Statements of Assets and Liabilities July 31, 1999 (unaudited)
New Jersey Florida Municipal Municipal Money Municipal Money Money Market Money Market Market Market Fund Fund Fund Fund - ---------------------------------------------------------------------------------------------- Assets Investments at amortized cost................... $78,357,068 $8,812,350,207 $1,456,454,477 $100,567,682 Cash.................... 0 159,892 370,007 0 Receivable for Fund shares sold............ 0 12,018,079 415,154 200,000 Interest receivable..... 482,721 47,575,155 7,761,285 685,057 Prepaid expenses and other assets........... 2,769 267,419 38,006 2,245 - ---------------------------------------------------------------------------------------------- Total assets........... 78,842,558 8,872,370,752 1,465,038,929 101,454,984 - ---------------------------------------------------------------------------------------------- Liabilities Distributions payable... 149,268 28,258,470 2,244,341 117,065 Payable for securities purchased.............. 0 0 4,365,000 0 Payable for Fund shares redeemed............... 0 18,466,975 205,516 0 Due to custodian bank... 65,461 0 0 20,849 Advisory fee payable.... 30,591 3,393,645 586,942 42,345 Distribution Plan expenses payable....... 20,395 1,805,455 201,740 28,081 Due to other related parties................ 2,114 0 0 2,146 Accrued expenses and other liabilities...... 44,926 837,899 307,839 39,987 - ---------------------------------------------------------------------------------------------- Total liabilities...... 312,755 52,762,444 7,911,378 250,473 - ---------------------------------------------------------------------------------------------- Net assets.............. $78,529,803 $8,819,608,308 $1,457,127,551 $101,204,511 - ---------------------------------------------------------------------------------------------- Net assets represented by Paid-in capital......... $78,534,222 $8,820,959,054 $1,457,019,281 $101,202,809 Undistributed (overdistributed) net investment income...... 0 (15,279) 127,812 0 Accumulated net realized gains or losses on securities............. (4,419) (1,335,467) (19,542) 1,702 - ---------------------------------------------------------------------------------------------- Total net assets........ $78,529,803 $8,819,608,308 $1,457,127,551 $101,204,511 - ---------------------------------------------------------------------------------------------- Net assets consists of Class A................. $78,528,789 $7,111,704,047 $ 809,028,472 $100,586,857 Class B................. 0 67,169,203 0 0 Class C................. 0 5,534,033 0 0 Class Y................. 1,014 1,635,201,025 648,099,079 617,654 - ---------------------------------------------------------------------------------------------- Total net assets........ $78,529,803 $8,819,608,308 $1,457,127,551 $101,204,511 - ---------------------------------------------------------------------------------------------- Shares outstanding Class A................. 78,533,207 7,112,070,873 808,995,390 100,585,156 Class B................. -- 67,173,287 -- -- Class C................. -- 5,535,450 -- -- Class Y................. 1,014 1,636,631,221 648,091,520 617,653 - ---------------------------------------------------------------------------------------------- Net asset value per share Class A................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ---------------------------------------------------------------------------------------------- Class B................. -- $ 1.00 -- -- - ---------------------------------------------------------------------------------------------- Class C................. -- $ 1.00 -- -- - ---------------------------------------------------------------------------------------------- Class Y................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ----------------------------------------------------------------------------------------------
See Combined Notes to Financial Statements. 38 EVERGREEN MONEY MARKET FUNDS Statements of Assets and Liabilities July 31, 1999 (unaudited)
Pennsylvania Municipal Money Treasury Money Market Market Fund Fund - ------------------------------------------------------------------------------ Assets Investments in securities.................... $147,196,618 $1,107,785,459 Investments in repurchase agreements......... 0 3,072,871,418 - ------------------------------------------------------------------------------ Investments at amortized cost................ 147,196,618 4,180,656,877 Cash......................................... 89,422 0 Receivable for Fund shares sold.............. 0 112,563 Interest receivable.......................... 778,121 21,328,789 Prepaid expenses and other assets............ 5,465 158,239 - ------------------------------------------------------------------------------ Total assets................................ 148,069,626 4,202,256,468 - ------------------------------------------------------------------------------ Liabilities Distributions payable........................ 248,820 13,268,186 Payable for Fund shares redeemed............. 425 269,991 Payable for securities on loan............... 0 179,525,412 Advisory fee payable......................... 49,017 1,216,071 Distribution Plan expenses payable........... 9,222 791,700 Due to other related parties................. 2,811 79,481 Accrued expenses and other liabilities....... 47,493 714,386 - ------------------------------------------------------------------------------ Total liabilities........................... 357,788 195,865,227 - ------------------------------------------------------------------------------ Net assets................................... $147,711,838 $4,006,391,241 - ------------------------------------------------------------------------------ Net assets represented by Paid-in capital.............................. $147,686,915 $4,006,373,870 Undistributed net investment income.......... 24,683 17,371 Accumulated net realized gains on securities.................................. 240 0 - ------------------------------------------------------------------------------ Total net assets............................. $147,711,838 $4,006,391,241 - ------------------------------------------------------------------------------ Net assets consists of Class A...................................... $112,180,000 $3,063,931,536 Class Y...................................... 35,531,838 942,459,705 - ------------------------------------------------------------------------------ Total net assets............................. $147,711,838 $4,006,391,241 - ------------------------------------------------------------------------------ Shares outstanding Class A...................................... 112,155,782 3,064,122,078 Class Y...................................... 35,531,134 942,502,412 - ------------------------------------------------------------------------------ Net asset value per share Class A...................................... $ 1.00 $ 1.00 - ------------------------------------------------------------------------------ Class Y...................................... $ 1.00 $ 1.00 - ------------------------------------------------------------------------------
See Combined Notes to Financial Statements. 39 EVERGREEN MONEY MARKET FUNDS Statements of Operations Six Months Ended July 31, 1999 (unaudited)
Florida New Jersey Municipal Money Municipal Money Municipal Money Market Money Market Market Market Fund Fund Fund Fund - --------------------------------------------------------------------------------------- Investment income....... $1,316,431 $209,347,318 $24,203,596 $1,686,849 - --------------------------------------------------------------------------------------- Expenses Advisory fee........... 179,191 18,540,838 3,313,505 237,208 Distribution Plan expenses.............. 119,434 9,867,535 1,166,950 157,691 Transfer agent fee..... 4,424 1,594,154 133,964 3,797 Administrative services fees.................. 9,918 0 0 13,113 Trustees' fees and expenses.............. 796 82,725 13,701 1,023 Printing and postage expenses.............. 8,000 172,999 52,011 9,080 Custodian fee.......... 12,875 1,005,262 285,564 14,720 Registration and filing fees.................. 27,127 260,370 6,185 16,403 Professional fees...... 8,565 27,341 12,143 8,006 Other.................. 808 52,831 43,011 1,490 - --------------------------------------------------------------------------------------- Total expenses......... 371,138 31,604,055 5,027,034 462,531 Less: Fee credits...... (4,889) (192,245) (51,332) (4,138) - --------------------------------------------------------------------------------------- Net expenses........... 366,249 31,411,810 4,975,702 458,393 - --------------------------------------------------------------------------------------- Net investment income.. 950,182 177,935,508 19,227,894 1,228,456 Net realized gains or losses on securities.. 0 67,357 177,286 1,702 - --------------------------------------------------------------------------------------- Net increase in net assets resulting from operations............ $ 950,182 $178,002,865 $19,405,180 $1,230,158 - ---------------------------------------------------------------------------------------
See Combined Notes to Financial Statements. 40 EVERGREEN MONEY MARKET FUNDS Statements of Operations Six Months Ended July 31, 1999 (unaudited)
Pennsylvania Municipal Money Treasury Money Market Market Fund Fund - ------------------------------------------------------------------------------ Investment income............................ $2,297,230 $101,803,345 - ------------------------------------------------------------------------------ Expenses Advisory fee................................. 282,044 7,366,035 Distribution Plan expenses................... 153,809 4,783,038 Transfer agent fee........................... 7,107 527,187 Administrative services fees................. 17,535 514,695 Trustees' fees and expenses.................. 1,497 42,123 Printing and postage expenses................ 10,141 137,225 Custodian fee................................ 20,009 520,044 Registration and filing fees................. 920 185,420 Professional fees............................ 9,256 13,134 Other........................................ 2,448 37,863 - ------------------------------------------------------------------------------ Total expenses.............................. 504,766 14,126,764 Less: Fee credits........................... (5,414) (96,466) Fee waivers............................... (102,539) 0 - ------------------------------------------------------------------------------ Net expenses................................ 396,813 14,030,298 - ------------------------------------------------------------------------------ Net investment income........................ 1,900,417 87,773,047 Net realized gains or losses on securities... 240 0 - ------------------------------------------------------------------------------ Net increase in net assets resulting from operations.................................. $1,900,657 $ 87,773,047 - ------------------------------------------------------------------------------
See Combined Notes to Financial Statements. 41 EVERGREEN MONEY MARKET FUNDS Statements of Changes in Net Assets Six Months Ended July 31, 1999 (unaudited)
New Jersey Florida Municipal Municipal Money Municipal Money Money Market Money Market Market Market Fund Fund Fund Fund - ----------------------------------------------------------------------------------------------- Operations Net investment income... $ 950,182 $ 177,935,508 $ 19,227,894 $ 1,228,456 Net realized gains on securities............. 0 67,357 177,286 1,702 - ----------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations............ 950,182 178,002,865 19,405,180 1,230,158 - ----------------------------------------------------------------------------------------------- Distributions to shareholders from Net investment income Class A................ (950,160) (136,838,418) (10,467,524) (1,224,521) Class B................ 0 (1,257,976) 0 0 Class C................ 0 (87,864) 0 0 Class Y................ (22) (39,751,250) (8,760,370) (3,935) - ----------------------------------------------------------------------------------------------- Total distributions to shareholders.......... (950,182) (177,935,508) (19,227,894) (1,228,456) - ----------------------------------------------------------------------------------------------- Capital share transactions Proceeds from shares sold................... 78,858,141 9,843,815,138 1,345,820,974 191,222,265 Net asset value of shares issued in reinvestment of distributions....... 118,939 27,991,209 5,672,942 517,039 Payment for shares redeemed............... (84,791,171) (8,076,733,930) (1,171,721,716) (185,179,175) - ----------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from capital share transactions.... (5,814,091) 1,795,072,417 179,772,200 6,560,129 - ----------------------------------------------------------------------------------------------- Total increase (decrease) in net assets............... (5,814,091) 1,795,139,774 179,949,486 6,561,831 Net assets Beginning of period..... 84,343,894 7,024,468,534 1,277,178,065 94,642,680 - ----------------------------------------------------------------------------------------------- End of period........... $ 78,529,803 $ 8,819,608,308 $ 1,457,127,551 $ 101,204,511 - ----------------------------------------------------------------------------------------------- Undistributed (overdistributed) net investment income...... $ 0 $ (15,279) $ 127,812 $ 0 - -----------------------------------------------------------------------------------------------
See Combined Notes to Financial Statements. 42 EVERGREEN MONEY MARKET FUNDS Statements of Changes in Net Assets Six Months Ended July 31, 1999 (unaudited)
Pennsylvania Municipal Money Treasury Money Market Market Fund Fund - ------------------------------------------------------------------------------ Operations Net investment income....................... $ 1,900,417 $ 87,773,047 Net realized gains on securities............ 240 0 - ------------------------------------------------------------------------------ Net increase in net assets resulting from operations................................ 1,900,657 87,773,047 - ------------------------------------------------------------------------------ Distributions to shareholders from Net investment income Class A.................................... (1,370,188) (65,330,586) Class Y.................................... (530,229) (22,442,461) - ------------------------------------------------------------------------------ Total distributions to shareholders........ (1,900,417) (87,773,047) - ------------------------------------------------------------------------------ Capital share transactions Proceeds from shares sold................... 163,389,250 4,755,390,257 Net asset value of shares issued in reinvestment of distributions.............. 448,886 9,399,300 Payment for shares redeemed................. (152,318,923) (5,169,852,215) - ------------------------------------------------------------------------------ Net increase (decrease) in net assets resulting from capital share transactions.............................. 11,519,213 (405,062,658) - ------------------------------------------------------------------------------ Total increase (decrease) in net assets... 11,519,453 (405,062,658) Net assets Beginning of period......................... 136,192,385 4,411,453,899 - ------------------------------------------------------------------------------ End of period............................... $ 147,711,838 $ 4,006,391,241 - ------------------------------------------------------------------------------ Undistributed net investment income......... $ 24,683 $ 17,371 - ------------------------------------------------------------------------------
See Combined Notes to Financial Statements. 43 EVERGREEN MONEY MARKET FUNDS Statements of Changes in Net Assets Year Ended January 31, 1999
New Jersey Florida Municipal Municipal Money Municipal Money Money Market Money Market Market Market Fund* Fund Fund Fund* - ----------------------------------------------------------------------------------------------- Operations Net investment income... $ 635,317 $ 256,422,206 $ 39,252,711 $ 628,917 Net realized gains or losses on securities... (4,419) (232,484) 32,799 0 - ----------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations............ 630,898 256,189,722 39,285,510 628,917 - ----------------------------------------------------------------------------------------------- Distributions to shareholders from Net investment income Class A................ (635,317) (189,158,894) (22,711,111) (628,917) Class B................ 0 (2,528,073) 0 0 Class C................ 0 (213,760) 0 0 Class Y................ 0 (64,536,758) (16,413,788) 0 - ----------------------------------------------------------------------------------------------- Total distributions to shareholders.......... (635,317) (256,437,485) (39,124,899) (628,917) - ----------------------------------------------------------------------------------------------- Capital share transactions Proceeds from shares sold................... 307,920,714 14,122,364,388 2,420,670,670 175,814,913 Net asset value of shares issued in reinvestment of distributions....... 95,823 53,752,566 13,115,737 320,557 Payment for shares redeemed............... (223,668,224) (11,797,889,375) (2,407,118,878) (81,492,790) Net asset value of shares issued in acquisition of: CoreFund Cash Reserve............... 0 872,363,752 0 0 CoreFund Tax-Free Reserve............... 0 0 140,753,563 0 Virtus Money Market.... 0 227,443,405 0 0 Virtus Tax-Free Money Market................ 0 0 51,784,668 0 - ----------------------------------------------------------------------------------------------- Net increase in net assets resulting from capital share transactions.......... 84,348,313 3,478,034,736 219,205,760 94,642,680 - ----------------------------------------------------------------------------------------------- Total increase in net assets............... 84,343,894 3,477,786,973 219,366,371 94,642,680 Net assets Beginning of period..... 0 3,546,681,561 1,057,811,694 0 - ----------------------------------------------------------------------------------------------- End of period........... $ 84,343,894 $ 7,024,468,534 $ 1,277,178,065 $ 94,642,680 - ----------------------------------------------------------------------------------------------- Undistributed (overdistributed) net investment income...... $ 0 $ (15,279) $ 127,812 $ 0 - -----------------------------------------------------------------------------------------------
* The Fund commenced operations on October 26, 1998. See Combined Notes to Financial Statements. 44 EVERGREEN MONEY MARKET FUNDS Statements of Changes in Net Assets Year Ended January 31, 1999
Pennsylvania Municipal Money Treasury Money Market Market Fund Fund - ------------------------------------------------------------------------------- Operations Net investment income........................ $ 2,767,148 $ 185,652,316 Net realized gains on securities............. 34,900 3,528 - ------------------------------------------------------------------------------- Net increase in net assets resulting from operations................................. 2,802,048 185,655,844 - ------------------------------------------------------------------------------- Distributions to shareholders from Net investment income Class A..................................... (1,722,557) (142,282,372) Class B..................................... 0 0 Class C..................................... 0 0 Class Y..................................... (1,044,591) (43,446,453) - ------------------------------------------------------------------------------- Total distributions to shareholders......... (2,767,148) (185,728,825) - ------------------------------------------------------------------------------- Capital share transactions Proceeds from shares sold.................... 297,694,663 8,468,726,257 Net asset value of shares issued in reinvestment of distributions............... 792,758 21,787,041 Payment for shares redeemed.................. (232,721,788) (8,198,420,346) Net asset value of shares issued in acquisition of: CoreFund Treasury Reserve................... 0 687,797,346 Virtus Treasury Money Market Fund........... 0 243,731,970 - ------------------------------------------------------------------------------- Net increase in net assets resulting from capital share transactions................. 65,765,633 1,223,622,268 - ------------------------------------------------------------------------------- Total increase in net assets............... 65,800,533 1,223,549,287 Net assets Beginning of period.......................... 70,391,852 3,187,904,612 - ------------------------------------------------------------------------------- End of period................................ $ 136,192,385 $ 4,411,453,899 - ------------------------------------------------------------------------------- Undistributed net investment income.......... $ 24,683 $ 17,371 - -------------------------------------------------------------------------------
See Combined Notes to Financial Statements. 45 Combined Notes to Financial Statements(Unaudited) 1. ORGANIZATION The Evergreen Money Market Funds consist of Evergreen Florida Municipal Money Market Fund ("Florida Municipal Money Market Fund"), Evergreen Money Market Fund ("Money Market Fund"), Evergreen Municipal Money Market Fund ("Municipal Money Market Fund"), Evergreen New Jersey Municipal Money Market Fund ("New Jersey Municipal Money Market Fund"), Evergreen Pennsylvania Municipal Money Market Fund ("Pennsylvania Municipal Money Market Fund") and Evergreen Treasury Money Market Fund ("Treasury Money Market Fund"), (collectively, the "Funds"). Each Fund, except for the Florida Municipal Money Market Fund and New Jersey Municipal Money Market Fund, which are non-diversified, is a diversified series of Evergreen Money Market Trust (the "Trust"), a Delaware business trust orga- nized on September 18, 1997. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Funds offer Class A and Class Y shares. In addition, the Money Market Fund offers Class B and Class C shares. Class A shares are sold at net asset value without a front-end sales charge but pay distribution fees. Class B and Class C shares are sold without a front-end sales charge, but pay a higher ongoing dis- tribution fee than Class A. Class B shares are sold subject to a contingent de- ferred sales charge that is payable upon redemption and decreases depending on how long the shares have been held. Class B shares purchased after January 1, 1997 will automatically convert to Class A shares after seven years. Class B shares purchased prior to January 1, 1997 retain their existing conversion rights. Class C shares are sold subject to a contingent deferred sales charge payable on shares redeemed within one year after the month of purchase. Class Y shares are sold at net asset value and are not subject to contingent deferred sales charges or distribution fees. Class Y shares are sold only to investment advisory clients of First Union Corporation ("First Union") and its affiliates, certain institutional investors or Class Y shareholders of record of certain other funds managed by First Union and its affiliates as of December 30, 1994. 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently fol- lowed by the Funds in the preparation of their financial statements. The poli- cies are in conformity with generally accepted accounting principles, which re- quire management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates. A. Valuation of Securities As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued utilizing the amortized cost method. The amortized cost of an instrument is determined by valuing it at cost originally and thereafter assuming a constant accretion of any discount or amortization of any premium from its face value at a constant rate until maturity. B. Repurchase Agreements Each Fund may invest in repurchase agreements. Securities pledged as collateral for repurchase agreements are held in a segregated account by the custodian on the Fund's behalf. Collateral for certain tri-party repurchase agreements is held at the counterparty's custodian in a segregated account for the benefit of the Fund and the counterparty. Each Fund monitors the adequacy of the collat- eral daily and will require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. Each Fund will only enter into repurchase agreements with banks and other financial institutions, which are deemed by the investment advisor to be creditworthy pursuant to guidelines established by the Board of Trustees. C. Securities Lending In order to generate income and to offset expenses, the Funds may lend portfo- lio securities to brokers, dealers and other financial organizations. The Funds' investment advisers will monitor the creditworthiness of such borrowers. Loans of securities may not exceed 30% of a Fund's total assets and will be collateralized by cash, letters of credit or U.S. Government securities that are maintained at all times in an amount equal to at least 46 Combined Notes to Financial Statements(Unaudited) (continued) 100% of the current market value of the loaned securities, including accrued interest. The Fund monitors the adequacy of the collateral daily and will re- quire the borrower to provide additional collateral in the event the value of the collateral falls below 100% of the market value of the securities on loan. While such securities are on loan, the borrower will pay a Fund any income ac- cruing thereon, and the Fund may invest any cash collateral received in portfo- lio securities, thereby increasing its return. A Fund will have the right to call any such loan and obtain the securities loaned at any time on five days' notice. Any gain or loss in the market price of the loaned securities, which occurs during the term of the loan, would affect a Fund and its investors. A Fund may pay fees in connection with such loans. D. Security Transactions and Investment Income Securities transactions are accounted for no later than one business day after the trade date. Realized gains and losses are computed on the identified cost basis. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. E. Federal Taxes The Funds have qualified and intend to continue to qualify as regulated invest- ment companies under the Internal Revenue Code of 1986, as amended (the "Code"). Thus, the Funds will not incur any federal income tax liability since they are expected to distribute all of their net investment company taxable in- come, net tax-exempt income and net capital gains, if any, to their sharehold- ers. The Funds also intend to avoid any excise tax liability by making the re- quired distributions under the Code. Accordingly, no provision for federal taxes is required. To the extent that realized capital gains can be offset by capital loss carryforwards, it is each Fund's policy not to distribute such gains. F. Distributions Distributions from net investment income for the Funds are declared daily and paid monthly. Distributions from net realized capital gains, if any, are paid at least annually. Distributions to shareholders are recorded at the close of business on the ex-dividend date. Income and capital gains distributions to shareholders are determined in accor- dance with income tax regulations, which may differ from generally accepted ac- counting principles. To the extent these difference are permanent in nature, such amounts are reclassified within the components of net assets. G. Class Allocations Income, expenses (other than class specific expenses) and realized and unrealized gains and losses are prorated among the classes based on the rela- tive net assets of each class. Currently, class specific expenses are limited to expenses incurred under the Distribution Plans for each class. 3. INVESTMENT ADVISORY AGREEMENT AND OTHER AFFILIATED TRANSACTIONS First Union National Bank ("FUNB"), a wholly-owned subsidiary of First Union, serves as the investment advisor to the Pennsylvania Municipal Money Market Fund and Treasury Money Market Fund and is paid a management fee that is com- puted daily and paid monthly. For the Pennsylvania Municipal Money Market Fund, the management fee is calculated by applying percentage rates, starting at 0.40% and declining to 0.28% per annum as net assets increase, to the Fund's average daily net assets. FUNB is entitled to an annual fee of 0.35% of the Treasury Money Market Fund's average daily net assets. Evergreen Asset Management Corp. ("EAMC"), a wholly-owned subsidiary of First Union, serves as the investment advisor to the Florida Municipal Money Market Fund, Money Market Fund, Municipal Money Market Fund and New Jersey Municipal Money Market Fund and is paid a management fee that is computed by applying percentage rates, starting at 0.50% and declining to 0.45% per annum as net as- sets increase, to the Fund's average daily net assets. Evergreen Investment Services ("EIS"), a subsidiary of First Union, serves as the administrator and The BISYS Group, Inc. ("BISYS") serves as the sub-admin- istrator to the Funds. As administrator, EIS provides the Funds 47 Combined Notes to Financial Statements(Unaudited) (continued) with facilities, equipment and personnel. As sub-administrator to the Funds, BISYS provides the officers of the Funds. Officers of the Funds and affiliated Trustees receive no compensation directly from the Funds. The administrator and sub-administrator for the Florida Municipal Money Market Fund, New Jersey Municipal Money Market Fund, Pennsylvania Municipal Money Mar- ket Fund and Treasury Money Market Fund are entitled to an annual fee based on the average daily net assets of the funds administered by EIS for which First Union or its investment advisory subsidiaries are also the investment advisors. The administration fee is calculated by applying percentage rates, which start at 0.05% and decline to 0.01% per annum as net assets increase, to the average daily net asset value of the Fund. The sub-administration fee is calculated by applying percentage rates, which start at 0.01% and decline to 0.004% per annum as net assets increase, to the average daily net asset value of the Fund. During the six months ended July 31, 1999, the Funds paid or accrued to EIS the following amounts for administrative and sub-administrative services:
Administration Sub-administration Fee Fee ---------------------------------- Florida Municipal Money Market Fund............................. $ 7,872 $ 2,046 New Jersey Municipal Money Market Fund............................. 10,407 2,706 Pennsylvania Municipal Money Market Fund...................... 13,913 3,622 Treasury Money Market Fund........ 406,568 108,127
For the Money Market Fund and Municipal Money Market Fund, the administration and sub-administration fee is paid by the investment advisor and is not a fund expense. Evergreen Service Company ("ESC"), an indirectly, wholly owned subsidiary of First Union, serves as the transfer and dividend disbursing agent for the Funds. 4. DISTRIBUTION PLANS Evergreen Distributor, Inc. ("EDI"), a wholly owned subsidiary of BISYS, serves as principal underwriter to the Funds. Each Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940 Act, for each class of shares, except Class Y. Distribution plans permit a Fund to compensate its principal underwriter for costs related to selling shares of the Fund and for various other services. These costs, which consist primarily of commissions and service fees to broker-dealers who sell shares of the Fund, are paid by the Fund through "Distribution Plan expenses". Under the Distribu- tion Plans, Class A shares pay distribution fees equal to 0.30% of average net assets of the class, all of which is used to by for shareholder services fees. Class B and Class C shares pay distribution fees equal to 1.00% of the average net assets of the class, of which 0.25% is used to pay for shareholder services fees and 0.75% is to pay for distribution related expenses. Distribution Plan expenses are calculated daily and paid at least quarterly. During the six months ended July 31, 1999, amounts paid or accrued to EDI pur- suant to each Fund's Distribution Plan, distribution fees waived and distribu- tion fees waived as a percentage of each Fund's average net assets were as fol- lows:
Distribution Distribution fees accrued fees waived % of --------------------------- ------------ Average Class A Class B Class C Class A Net Assets --------------------------------------------------- Florida Municipal Money Market Fund............ $ 119,434 -- -- -- -- Money Market Fund....... 9,495,071 $348,172 $24,292 -- -- Municipal Money Market Fund................... 1,166,950 -- -- -- -- New Jersey Municipal Money Market Fund...... 157,691 -- -- -- -- Pennsylvania Municipal Money Market Fund...... 153,809 -- -- $102,539 0.20% Treasury Money Market Fund................... 4,783,038 -- -- -- --
With respect to Class B, Class C shares, the principal underwriter may pay dis- tribution fees greater than the allowable annual amounts the Money Market Fund is permitted to pay under the Distribution Plans. 48 Combined Notes to Financial Statements(Unaudited) (continued) Each of the Distribution Plans may be terminated at any time by vote of the In- dependent Trustees or by vote of a majority of the outstanding voting shares of the respective class. 5. ACQUISITIONS Effective July 27, 1998, the Funds noted below acquired substantially all the assets and assumed the liabilities of the following management investment com- panies through tax-free exchanges. The net assets acquired, valued at $1 per share, and class of shares exchanged are as follows:
Class of Value of Shares Net Assets Acquired Fund Acquiring Fund Exchanged Acquired ----------------------------------------------------------------------------------- CoreFund Cash Reserve... Money Market Fund Class A, B and Y $872,363,752 CoreFund Tax-Free Reserve................ Municipal Money Market Fund Class A and Y 140,753,563 CoreFund Treasury Reserve................ Treasury Money Market Fund Class A, B and Y 687,797,346
Immediately after the acquisitions, on July 27, 1998, the aggregate net assets of the Money Market, Municipal Money Market and Treasury Money Market Funds were $5,486,371,538, $1,362,080,503 and $4,203,181,670, respectively. Effective March 2, 1998, the Funds noted below acquired substantially all the assets and assumed the liabilities of the following management investment com- panies through tax-free exchanges. The net assets acquired, valued at $1 per share, and class of shares exchanged are as follows:
Class of Value of Shares Net Assets Acquired Fund Acquiring Fund Exchanged Acquired -------------------------------------------------------------------------------- Virtus Money Market Fund................... Money Market Fund Class A and Y $227,443,405 Virtus Tax-Free Money Market Fund............ Municipal Money Market Fund Class Y 51,784,668 Virtus Treasury Money Market Fund............ Treasury Money Market Fund Class A and Y 243,731,970
Immediately after the acquisitions, on March 2, 1998, the aggregate net assets of the Money Market, Municipal Money Market and Treasury Money Market Funds were $3,972,178,894, $1,236,483,220 and $3,473,282,398, respectively. 6. CONVERSION INFORMATION On October 26, 1998, the Florida Municipal Money Market Fund and New Jersey Mu- nicipal Money Market Fund commenced operations of their respective Class A shares as a result of a conversion of mutual fund assets from the Florida Daily Municipal Income Fund and the New Jersey Daily Municipal Income Fund, Inc., managed by Reich and Tang Asset Management L.P. The shares issued, valued at $1 per share, by the Florida Municipal Money Market Fund and New Jersey Municipal Money Market Fund were 55,114,253 and 85,251,946, respectively. 49 Combined Notes to Financial Statements(Unaudited) (continued) 7. CAPITAL SHARE TRANSACTIONS The Funds have an unlimited number of shares of beneficial interest with $0.001 par value authorized. Shares of beneficial interest of the Funds are currently divided into Class A, and Class Y. In addition, the Money Market Fund offers Class B and Class C shares. Transactions in shares (valued at $1.00 per share) of the Funds were as follows: Florida Municipal Money Market Fund
October 26, 1998 Six Months (Commencement of Ended Class Operations) to July 31, 1999 January 31, 1999 - ------------------------------------------------------------------------------ Class A Shares sold................................ 78,856,883 307,733,440 Shares issued in reinvestment of distributions............................. 118,752 95,707 Shares redeemed............................ (84,789,790) (223,481,785) - ------------------------------------------------------------------------------ Net increase (decrease).................... (5,814,155) 84,347,362 - ------------------------------------------------------------------------------
December 29, 1998 Six Months (Commencement of Ended Class Operations) to July 31, 1999 January 31, 1999 - ------------------------------------------------------------------------------ Class Y Shares sold................................ 1,257 187,274 Shares issued in reinvestment of distributions............................. 187 116 Shares redeemed............................ (1,381) (186,439) - ------------------------------------------------------------------------------ Net increase............................... 63 951 - ------------------------------------------------------------------------------
Money Market Fund
Six Months Ended Year Ended July 31, 1999 January 31, 1999 - -------------------------------------------------------------------------------- Class A Shares sold.................................. 6,455,647,349 8,522,391,097 Shares issued in reinvestment of distributions............................... 19,238,285 35,684,888 Shares redeemed.............................. (4,573,043,894) (6,383,437,537) Shares issued in acquisition of: CoreFund Cash Reserve........................ 0 78,077,775 Virtus Money Market Fund..................... 0 47,782,010 - -------------------------------------------------------------------------------- Net increase................................. 1,901,841,740 2,300,498,233 - -------------------------------------------------------------------------------- Class B Shares sold.................................. 152,375,221 341,997,341 Shares issued in reinvestment of distributions............................... 1,092,525 2,133,306 Shares redeemed.............................. (151,514,964) (304,057,087) Shares issued in acquisition of CoreFund Cash Reserve..................................... 0 91,326 - -------------------------------------------------------------------------------- Net increase................................. 1,952,782 40,164,886 - -------------------------------------------------------------------------------- Class C Shares sold.................................. 32,118,566 50,447,069 Shares issued in reinvestment of distributions............................... 72,450 178,681 Shares redeemed.............................. (31,444,036) (47,867,432) - -------------------------------------------------------------------------------- Net increase................................. 746,980 2,758,318 - -------------------------------------------------------------------------------- Class Y Shares sold.................................. 3,203,674,002 5,207,533,736 Shares issued in reinvestment of distributions............................... 7,587,452 15,753,558 Shares redeemed.............................. (3,320,731,036) (5,062,527,319) Shares issued in acquisition of: CoreFund Cash Reserve........................ 0 794,989,126 Virtus Money Market Fund..................... 0 179,784,370 - -------------------------------------------------------------------------------- Net increase (decrease)...................... (109,469,582) 1,135,533,471 - --------------------------------------------------------------------------------
50 Combined Notes to Financial Statements(Unaudited) (continued) Municipal Money Market Fund
Six Months Ended Year Ended July 31, 1999 January 31, 1999 - --------------------------------------------------------------------------------- Class A Shares sold.................................... 709,712,904 1,107,305,683 Shares issued in reinvestment of distributions................................. 1,369,417 3,178,193 Shares redeemed................................ (639,512,981) (1,062,820,865) Shares issued in acquisition of CoreFund Tax Free Reserve.................................. 0 17,909,419 - --------------------------------------------------------------------------------- Net increase................................... 71,569,340 65,572,430 - --------------------------------------------------------------------------------- Class Y Shares sold.................................... 636,108,069 1,313,364,987 Shares issued in reinvestment of distributions................................. 4,303,525 9,937,544 Shares redeemed................................ (532,208,735) (1,344,298,013) Shares issued in acquisition of: CoreFund Tax Free Reserve...................... 0 122,945,815 Virtus Tax Free Money Market Fund.............. 0 51,790,982 - --------------------------------------------------------------------------------- Net increase (decrease)........................ 108,202,859 153,741,315 - ---------------------------------------------------------------------------------
New Jersey Municipal Money Market Fund
October 26, 1998 Six Months (Commencement of Ended Class Operations) to July 31, 1999 January 31, 1999 - ------------------------------------------------------------------------------ Class A Shares sold............................... 190,564,840 175,814,913 Shares issued in reinvestment of distributions............................ 516,714 320,557 Shares redeemed........................... (185,139,078) (81,492,790) - ------------------------------------------------------------------------------ Net increase.............................. 5,942,476 94,642,680 - ------------------------------------------------------------------------------
April 3, 1999 (Commencement of Class Operations) to July 31, 1999 - -------------------------------------------------------------------------------- Class Y Shares sold................................................ 657,425 Shares issued in reinvestment of distributions............. 325 Shares redeemed............................................ (40,097) - -------------------------------------------------------------------------------- Net increase............................................... 617,653 - --------------------------------------------------------------------------------
Pennsylvania Municipal Money Market Fund
Six Months Ended Year Ended July 31, 1999 January 31, 1999 - ------------------------------------------------------- Class A Shares sold............. 108,070,286 174,383,607 Shares issued in reinvestment of distributions.......... 267,061 314,370 Shares redeemed......... (92,156,773) (115,840,210) - ------------------------------------------------------- Net increase............ 16,180,574 58,857,767 - ------------------------------------------------------- Class Y Shares sold............. 55,318,965 123,311,056 Shares issued in reinvestment of distributions.......... 181,825 478,388 Shares redeemed......... (60,162,150) (116,881,578) - ------------------------------------------------------- Net increase (decrease)............. (4,661,360) 6,907,866 - -------------------------------------------------------
51 Combined Notes to Financial Statements(Unaudited) (continued) Treasury Money Market Fund
Six Months Ended Year Ended July 31, 1999 January 31, 1999 - -------------------------------------------------------------------------------- Class A Shares sold.................................. 2,789,770,947 5,568,902,718 Shares issued in reinvestment of distributions............................... 6,960,930 17,129,027 Shares redeemed.............................. (3,098,827,804) (4,944,183,470) Shares issued in acquisition of: CoreFund Treasury Reserve.................... 0 22,113,282 Virtus Treasury Money Market Fund............ 0 85,936,814 - -------------------------------------------------------------------------------- Net increase (decrease)...................... (302,095,927) 749,898,371 - -------------------------------------------------------------------------------- Class Y Shares sold.................................. 1,965,619,310 2,899,822,767 Shares issued in reinvestment of distributions............................... 2,438,370 4,658,014 Shares redeemed.............................. (2,071,024,411) (3,254,236,309) Shares issued in acquisition of: CoreFund Treasury Reserve.................... 0 665,722,969 Virtus Treasury Money Market Fund............ 0 157,990,525 - -------------------------------------------------------------------------------- Net increase (decrease)...................... (102,966,731) 473,957,966 - --------------------------------------------------------------------------------
8. SECURITIES TRANSACTIONS The Treasury Money Market Fund loaned securities during the six months ended July 31, 1999 to certain brokers who paid the Fund a negotiated lenders' fee. These fees are included in interest income. At July 31, 1999, the value of se- curities on loan and the value of collateral amounted to $175,176,114 and $179,525,412, respectively. During the six months ended July 31, 1999, the Treasury Money Market Fund earned $203,324 in income from securities lending. As of January 31, 1999, the Funds had capital loss carryovers for federal in- come tax purposes as follows:
Expiration ----------------------------------------------------------- Total 2001 2002 2003 2004 2005 2006 2007 -------------------------------------------------------------------------- Florida Municipal Money Market Fund............ $ 4,419 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 4,419 Money Market Fund....... 1,370,949 164,944 65,551 525,788 0 32,810 381,247 200,609 Municipal Money Market Fund................... 196,828 114,938 0 16,113 64,670 9 1,098 0
9. EXPENSE OFFSET ARRANGEMENTS The Funds have entered into expense offset arrangements with ESC and their cus- todian whereby credits realized as a result of uninvested cash balances were used to reduce a portion of each Fund's related expenses. The assets deposited with ESC and the custodian under these expense offset arrangements could have been invested in income-producing assets. The amount of fee credits received by each Fund and the impact on each Fund's expense ratio represented as a percent- age of its average net assets were as follows:
Total Fee Credits % of Average Received Net Assets ----------------------- Florida Municipal Money Market Fund.... $ 4,889 0.01% Money Market Fund...................... 192,245 0.00% Municipal Money Market Fund............ 51,332 0.01% New Jersey Municipal Money Market Fund.................................. 4,138 0.01% Pennsylvania Municipal Money Market Fund.................................. 5,414 0.01% Treasury Money Market Fund............. 96,466 0.00%
52 Combined Notes to Financial Statements(Unaudited) (continued) 10. DEFERRED TRUSTEES' FEES Each Independent Trustee of each Fund may defer any or all compensation related to performance of their duties as Trustees. The Trustees' deferred balances are allocated to deferral accounts, which are included in the accrued expenses for the Fund. The investment performance of the deferral accounts are based on the investment performance of certain Evergreen Funds. Any gains earned or losses incurred in the deferral accounts are reported in the Fund's Trustees' fees and expenses. Trustees will be paid either in one lump sum or in quarterly install- ments for up to ten years at their election, not earlier than either the year in which the Trustee ceases to be a member of the Board of Trustees or January 1, 2000. 11. FINANCING AGREEMENTS Certain Evergreen Funds and State Street Bank and Trust Company ("State Street") and a group of banks (collectively, the "Banks") entered into a fi- nancing agreement dated December 22, 1997, as amended on November 20, 1998. Un- der this agreement, the Banks provided an unsecured credit facility in the ag- gregate amount of $400 million ($275 million committed and $125 million uncom- mitted). The credit facility was allocated, under the terms of the financing agreement, among the Banks. The credit facility was accessed by the Funds for temporary or emergency purposes only and was subject to each Fund's borrowing restrictions. Borrowings under this facility bear interest at 0.50% per annum above the Federal Funds rate. A commitment fee of 0.065% per annum was incurred on the unused portion of the committed facility, which was allocated to all funds. For its assistance in arranging this financing agreement, the Capital Market Group of First Union was paid a one-time arrangement fee of $27,500. State Street serves as administrative agent for the Banks, and as administra- tive agent was entitled to a fee of $20,000 per annum which was allocated to all of the funds. This agreement was amended and renewed on December 22, 1998. The amended fi- nancing agreement became effective on December 22, 1998 among all of the Ever- green Funds, State Street and The Bank of New York ("BONY"). Under this agree- ment, State Street and BONY provided an unsecured credit facility in the aggre- gate amount of $150 million ($125 million committed and $25 million uncommit- ted). The remaining terms and conditions of the agreement were unaffected. This agreement was terminated on July 27, 1999. On July 27, 1999, all of the Evergreen Funds and a group of banks (the "Lend- ers") entered into credit agreement. Under this agreement, the Lenders provide an unsecured revolving credit commitment in the aggregate amount of $1.050 bil- lion. The credit facility is allocated, under the terms of the financing agree- ment, among the Lenders. The credit facility is accessed by the Funds for tem- porary or emergency purposes to fund the redemption of their shares or as gen- eral working capital as permitted by each Fund's borrowing restrictions. Borrowings under this facility bear interest at 0.75% per annum above the Fed- eral Funds rate (1.50% per annum above the Federal Funds rate during the period from and including December 1, 1999 through and including January 31, 2000). A commitment fee of 0.10% per annum is incurred on the average daily unused por- tion of the revolving credit commitment. The commitment fee is allocated to all funds. For its assistance in arranging this financing agreement, First Union Capital Markets Corp. was paid a one-time arrangement fee of $250,000. State Street serves as paying agent for the funds, and as paying agent is entitled to a fee of $20,000 per annum which is allocated to all of the funds. During the six months ended July 31, 1999, the Funds had no borrowings under these agreements. 12. CONCENTRATION OF CREDIT RISK The Florida Municipal Money Market Fund, New Jersey Municipal Money Market Fund and the Pennsylvania Municipal Money Market Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state, therefore, it may be more affected by economic and political develop- ments in that state or region than would be a comparable general tax-exempt mu- tual fund. 53 Combined Notes to Financial Statements(Unaudited) (continued) 13. YEAR 2000 Like other investment companies, the Funds could be adversely affected if the computer systems used by the Funds' investment advisors and the Funds' other service providers are not able to perform their intended functions effectively after 1999 because of the inability of computer software to distinguish the year 2000 from the year 1900. The Funds' investment advisors are taking steps to address this potential year 2000 problem with respect to the computer sys- tems that they use and to obtain satisfactory assurances that comparable steps are being taken by the Funds' other major service providers. At this time, how- ever, there can be no assurance that these steps will be sufficient to avoid any adverse impact on the Funds from this problem. 54 Evergreen Funds Money Market Treasury Money Market Fund Money Market Fund Municipal Money Market Fund Florida Municipal Money Market Fund New Jersey Municipal Money Market Fund Pennsylvania Municipal Money Market Fund Tax Advantaged Short Intermediate Municipal Fund High Grade Municipal Bond Fund Municipal Bond Fund Connecticut Municipal Bond Fund Florida Municipal Bond Fund Florida High Income Municipal Bond Fund Georgia Municipal Bond Fund Maryland Municipal Bond Fund New Jersey Municipal Bond Fund North Carolina Municipal Bond Fund Pennsylvania Municipal Bond Fund South Carolina Municipal Bond Fund Virginia Municipal Bond Fund Income Capital Preservation and Income Fund Short Intermediate Bond Fund Intermediate Term Bond Fund U.S. Government Fund Diversified Bond Fund Strategic Income Fund High Yield Bond Fund Balanced Balanced Fund Tax Strategic Foundation Fund Foundation Fund Growth & Income Utility Fund Income and Growth Fund Equity Income Fund Value Fund Select Equity Index Fund Blue Chip Fund Growth and Income Fund Small Cap Value Fund Domestic Growth Tax Strategic Equity Fund Strategic Growth Fund Stock Selector Fund Evergreen Fund Masters Fund Omega Fund Small Company Growth Fund Aggressive Growth Fund Global International Global Leaders Fund International Growth Fund Global Opportunities Fund Precious Metals Fund Emerging Markets Growth Fund Latin America Fund Express Line 800.346.3858 Investor Services 800.343.2898 Retirement Plan Services 800.247.4075 www.evergreen-funds.com 91158 543696 09/99 --------------- [LOGO OF EVERGREEN FUNDS APPEARS HERE] BULK RATE 200 Berkeley Street U.S. POSTAGE Boston,MA 02116 PAID PERMIT NO. 19 HUDSON, MA --------------- -----END PRIVACY-ENHANCED MESSAGE-----