<PAGE>
December 31, 1999
Evergreen Select
Equity Funds
Semiannual Report
Evergreen Select Equity Index Fund
Evergreen Select Special Equity Fund
[LOGO OF EVERGREEN FUNDS] [LOGO OF MUTUAL FUND
SINCE 1932 SERVICE AWARD]
<PAGE>
Table of Contents
Letter to Shareholders ................................................... 1
Evergreen Select Equity Index Fund
Fund at a Glance .................................................... 2
Portfolio Manager Commentary ........................................ 3
Evergreen Select Special Equity Fund
Fund at a Glance .................................................... 5
Portfolio Manager Commentary ........................................ 6
Financial Highlights
Evergreen Select Equity Index Fund .................................. 8
Evergreen Select Special Equity Fund ................................ 11
Schedule of Investments
Evergreen Select Equity Index Fund .................................. 15
Evergreen Select Special Equity Fund ................................ 22
Statements of Assets and
Liabilities .............................................................. 25
Statements of Operations ................................................. 26
Statements of Changes in Net Assets ...................................... 27
Combined Notes to Financial
Statements ............................................................... 29
Evergreen Funds
Evergreen Funds is one of the nation's fastest growing investment companies with
approximately $80 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 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: NOT FDIC INSURED May lose value . Not bank guaranteed
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Evergreen Distributor, Inc.
Evergreen Funds(SM) is a service mark of Evergreen Investment Services, Inc.
<PAGE>
Letter to Shareholders
----------------------
February 2000
Dear Evergreen Shareholders,
We are pleased to provide the Evergreen Select Equity Funds semiannual report
for the period ended December 31, 1999.
[PHOTO]
William M. Ennis
[PHOTO]
Dennis Ferro
Continued Strength in the Domestic Economy
Although the U.S. economy is in the ninth year of economic expansion, many
believe that valuation levels in some sectors of the stock market are just not
sustainable. The second half of 1999 was marked by the S&P 500 falling in the
first three months before rebounding nearly 15% in the last three months. While
equity investors have experienced a turbulent investment environment over the
last six months, concerns about rising interest rates, inflation and Y2K fears
in the opening months were stifled resulting in eventually every major market
index being driven higher during the fourth quarter of 1999.
The Federal Reserve Bank's "tightening bias" leads many to anticipate further
interest rate increases in order to stem even the slightest inflationary
pressure. Additional interest hikes would likely have a negative effect on stock
prices, which could restrain consumer spending; however, many investors are
waiting for just such a scenario to take place, so they can take advantage of
lower stock prices as a buying opportunity.
We believe that the economy is still fundamentally strong, and that inflation
will stay contained, producing only moderate upward pressure on interest rates.
We remain cautiously optimistic about the prospects for continued growth in the
markets.
Website Enhancements
Please visit our enhanced website, evergreen-funds.com, for more information
about Evergreen Funds. The site offers an array of helpful information including
1999 tax information, an investment education center, interactive calculators to
assist your investment planning and provide general information about Evergreen
Funds.
We believe that sound investing is about taking steps to meet your long-term
financial needs and goals. We remind you to take advantage of your financial
advisor's expertise to develop and refine a financial plan that will enable you
to meet your objectives. Evergreen Funds offers a broad mix of stock, bond and
money market funds that should make it simple for you to choose the most
appropriate for your portfolio.
We would like to thank you for your continued investment in Evergreen Funds.
Sincerely,
/s/ William M. Ennis
William M. Ennis
President and CEO
Evergreen Investment Company, Inc.
/s/ Dennis Ferro
Dennis Ferro
Chief Investment Officer
First Union National Bank
Capital Management Group
1
<PAGE>
EVERGREEN
Select Equity Index Fund
Fund at a Glance as of December 31, 1999
PORTFOLIO PROFILE
Philosophy
Evergreen Select Equity Index Fund seeks investment results that achieve price
and yield performance similar to the Standard & Poor's 500 Index.
Process
The Fund invests only in stocks represented in the S&P 500 Index. The Fund's
cash position is invested in index futures to minimize tracking errors.
Portfolio turnover is minimal and is the result of index compositional changes.
Benchmark
Standard & Poor's 500 Index (S&P 500)
PERFORMANCE AND RETURNS1
<TABLE>
<CAPTION>
Portfolio Inception
Date: 2/14/1985 Class I Class IS Class A Class B Class C
Class Inception Date 2/14/1985 10/09/1996 11/04/1998 11/03/1998 4/30/1999
<S> <C> <C> <C> <C> <C>
Average Annual Returns*
6 months with sales charge n/a n/a 2.45% 2.12% 5.11%
6 months w/o sales charge 7.68% 7.49% 7.55% 7.12% 7.11%
1 year with sales charge n/a n/a 14.66% 14.48% 17.85%
1 year w/o sales charge 20.69% 20.34% 20.38% 19.48% 19.85%
3 years 26.88% 26.69% 24.71% 25.76% 26.58%
5 years 27.94% 27.81% 26.63% 27.50% 27.77%
10 years 17.40% 17.34% 16.80% 17.26% 17.32%
Since Portfolio Inception 17.31% 17.27% 16.90% 17.22% 17.26%
Maximum Sales Charge n/a n/a 4.75% 5.00% 2.00%
Front End CDSC CDSC
6-month income
dividends per share $ 0.31 $ 0.24 $ 0.24 $ 0.08 $ 0.08
6-month capital gain
distributions per share $ 0.36 $ 0.36 $ 0.36 $ 0.36 $ 0.36
</TABLE>
*Adjusted for maximum applicable sales charge, unless otherwise noted.
LONG TERM GROWTH
[GRAPH]
Ev Select Equity Index CPI S&P 500
12/31/89 10,000 10,000 10,000
12/31/90 9,550 10,611 9,689
31-Dec-91 12,979 10,936 12,642
31-Dec-92 13,858 11,253 13,605
31-Dec-93 15,057 11,562 14,976
31-Dec-94 15,100 11,872 15,174
31-Dec-95 20,631 12,173 20,877
31-Dec-96 25,347 12,577 25,669
31-Dec-97 33,595 12,791 34,233
31-Dec-98 42,811 12,998 44,015
31-Dec-99 51,670 13,354 53,281
1 Past performance is no guarantee of future results. The investment return and
principal value will fluctuate so that an investor's shares, when redeemed, may
be worth more or less than original cost. The performance of each class may vary
based on differences in loads, fees and expenses paid by the shareholders
investing in each class. Index returns do not reflect expenses, which have been
deducted from the Fund's return. Historical performance shown for Class I prior
to its inception is based on the performance of the Class Y Shares of the Fund's
predecessors, CoreFund Equity Index Fund from 6/1/1991 through 7/27/1998 and
Viking Index Fund from 2/14/1985 through 5/31/1991. Historical performance
shown for Classes A, B, and C prior to their inception is based on the
performance of (1) the Fund's Class I Shares from 7/27/1998 to the inception of
Classes A, B, and C (2) the Class Y Shares of the Fund's predecessor, CoreFund
Equity Index Fund from 6/1/1991 through 7/27/1998 and (3) the Class Y Shares of
the Fund's predecessor, Viking Index Fund from 2/14/1985 through 5/31/1991.
These historical returns for Classes A, B, and C have not been adjusted to
reflect the effect of each Class' 12b-1 fees. These fees for Class A are 0.25%,
for Class B are 1.00%, and for Class C are 1.00%. Neither Class Y nor Class I
pays a 12b-1 fee. If these fees had been reflected, returns would have been
lower.
Historical performance shown for Class IS prior to its inception is based on the
performance of (1) the Class A Shares of the Fund's predecessor CoreFund Equity
Index Fund from 10/9/1996 to 7/27/1997 (2) the Class Y Shares of the Fund's
predecessor CoreFund Equity Index Fund from 6/1/1991 to 10/8/1996 and (3) the
Class Y Shares of the Fund's predecessor Viking Index Fund from 2/14/1985
through 5/31/1991. Performance of Class Y for CoreFund Equity Index and Class Y
for Viking Index Fund has not been adjusted to reflect the effect of the 0.25%
12b-1 fee applicable to Class IS. The advisor is waiving a portion of its
advisory fee. Had the fee not been waived, returns would have been lower.
Comparison of change in value of a $10,000 investment in Evergreen Select Equity
Index Fund Class I1, S&P 500 and the Consumer Price Index (CPI).
The S&P 500 is an unmanaged index which does not include transaction costs
associated with buying and selling securities nor any mutual fund expenses. The
CPI is a commonly used measure of inflation and does not represent an investment
return. It is not possible to invest directly in an index.
2
<PAGE>
EVERGREEN
Select Equity Index Fund
Portfolio Manager Commentary
Portfolio Management
[PHOTO]
Eric M. Teal
Eric M. Teal has managed Evergreen Select Equity Index Fund since December 1998.
Mr. Teal, Vice President and a Quantitative Equity Analyst, joined First Union
National Bank (FUNB) in September 1993, and currently heads the Quantitative
Analysis/Portfolio Management Unit within FUNB. He also manages Evergreen
Select Diversified Value Fund and is responsible for risk analysis and
quantitative management for other Evergreen Select Equity Funds.
Performance
For the six-month period ended December 31, 1999, the Evergreen Select Equity
Index Fund, Class I shares, return of 7.68% tracked that of its benchmark, the
S&P 500 Index, which returned 7.69% for the same period. Performance does not
reflect sales charges.
Portfolio
Characteristics
---------------
(as of 12/31/1999)
Total Net Assets $893,507,529
Number of Holdings 500
P/E Ratio 26.6x
Beta 1.00
Environment
U.S. equity investors experienced a roller-coaster ride over the past six
months, as the S&P 500 fell in the first three months before rebounding nearly
15% in the latter half of the period. Equity investors were concerned by rising
interest rates, inflationary and Y2K fears in the opening months, but then
simply shrugged off these negative events and drove every major U.S. equity
index higher during the fourth quarter of 1999.
Underlying the entire six-month period was the market's insatiable appetite for
technology stocks. This ultra-growth segment of the market proved to be the
best performer in 1999, and its dramatic rise is the primary reason growth
stocks have again outperformed their value-oriented (and technology-deficient)
counterparts.
Top 5 Industries
----------------
(as a percentage of 12/31/1999 net assets)
Information Services & Technology 18.7%
Healthcare Products & Services 9.1%
Finance & Insurance 8.0%
Retailing & Wholesale 6.2%
Utilities-Telephone 6.1%
3
<PAGE>
EVERGREEN
Select Equity Index Fund
Portfolio Manager Commentary
Strategy
The Fund seeks investment results that achieve price and yield performance
similar to the S&P 500. The Fund invests primarily in stocks represented in the
S&P 500. In addition, the portfolio manager utilizes quantitative techniques
that balance the risk/reward relationship in portfolio construction.
The Fund has significantly improved performance relative to other index funds
during the past few quarters, and was one of the top funds in its peer group
during 1999. We continue to use sampling techniques to replicate the return of
the S&P 500. Cash flows are invested immediately and index additions and
deletions are completed in the most timely and cost effective way. Improved
trading strategies and close risk-monitoring have contributed to the Fund's
Class I shares rank of 16 out of 107 funds in the competitive Lipper S&P 500
Index fund peer group classification*. Lipper Inc., is an independent monitor of
mutual fund performance.
Top 10 Holdings
---------------
(as a percentage of 12/31/1999 net assets)
Microsoft Corp. 4.7%
General Electric Co. 3.9%
Cisco Systems, Inc. 2.7%
Wal-Mart Stores, Inc. 2.4%
Exxon Mobil Corp. 2.2%
Intel Corp. 2.1%
Lucent Technologies, Inc. 1.8%
International Business Machines Corp. 1.5%
Citigroup, Inc. 1.5%
American International Group, Inc. 1.3%
Outlook
Looking ahead, we expect the stock market to continue to be shaped by
expectations surrounding the direction of interest rates, corporate earnings, as
well as trends in domestic and international economies.
Range-bound interest rates will likely affect corporate earnings which are the
main driver of stock prices in the coming quarters. At present, low inflation
and economic growth worldwide continue to provide a positive backdrop for
stocks. However, an upward move in interest rates, which has not been met by a
slowing of index gains, may warrant some caution in the near term.
*Source: Lipper Analytical Service Inc., an independent mutual fund rating
company. The rankings are based on total return and do not include the effect of
a sales charge. Past performance is no guarantee of future results.
4
<PAGE>
EVERGREEN
Select Special Equity Fund
Fund at a Glance as of December 31, 1999
PORTFOLIO PROFILE
Philosophy
Evergreen Select Special Equity Fund seeks capital growth by investing in
companies with small market capitalizations.
Process
The Fund employs a "bottom-up" approach to investing, selecting stocks that have
passed a rigorous screening process which employs both qualitative and
quantitative analysis. To qualify for investment, a stock must meet high
expectations for return potential based on growth, value and momentum factors.
Benchmark
Russell 2000 Index (Russell 2000)
PERFORMANCE AND RETURNS1
<TABLE>
<CAPTION>
Portfolio Inception
Date: 03/15/1994 Class I Class IS Class A Class B Class C
Class Inception Date 3/15/1994 3/15/1994 8/30/1999 8/30/1999 8/30/1999
<S> <C> <C> <C> <C> <C>
Average Annual Returns*
6 months with sales charge n/a n/a 16.73% 17.38% 20.38%
6 months w/o sales charge 22.75% 22.71% 22.55% 22.38% 22.38%
1 year with sales charge n/a n/a 65.55% 68.51% 71.50%
1 year w/o sales charge 74.31% 73.97% 73.74% 73.51% 73.50%
3 years 30.07% 29.70% 27.55% 29.01% 29.59%
5 years 30.15% 29.88% 28.59% 29.67% 29.81%
Since Portfolio Inception 23.31% 23.08% 22.02% 22.96% 23.03%
Maximum Sales Charge n/a n/a 4.75% 5.00% 2.00%
Front End CDSC CDSC
6-month capital gain
distributions per share $ 2.19 $ 2.19 $ 2.19 $ 2.19 $ 2.19
</TABLE>
*Adjusted for maximum applicable sales charge, unless otherwise noted.
LONG TERM GROWTH
[GRAPH]
Ev Select Spec CPI Russell 2000
Equity
3/31/94 10,000 10,000 10,000
12/31/94 9,731 10,170 10,085
12/31/95 13,084 10,428 12,953
12/31/96 16,519 10,774 15,090
12/31/97 19,738 10,958 18,464
12/31/98 20,854 11,135 17,994
12/31/99 36,349 11,440 21,760
Comparison of change in value of a $10,000 investment in Evergreen Select
Special Equity Fund Class I1, Russell 2000 and the Consumer Price Index (CPI).
The Russell 2000 is an unmanaged index which does not include transaction costs
associated with buying and selling securities nor any mutual fund expenses. The
CPI is a commonly used measure of inflation and does not represent an investment
return. It is not possible to invest directly in an index.
Small capitalization stock investing may offer the potential for greater long
term results; however, it is also generally associated with greater price
volatility due to the higher risk of failure.
1 Past performance is no guarantee of future results. The investment return and
principal value will fluctuate so that an investor's shares, when redeemed, may
be worth more or less than original cost. The performance of each class may vary
based on differences in loads, fees and expenses paid by the shareholders
investing in each class. Index returns do not reflect expenses, which have been
deducted from the Fund's return.
Historical performance shown for Classes A, B and C prior to their inception is
based on 1) Class IS from 7/27/1998 to their inception, 2) the performance of
the Class A Shares of the Fund's predecessor fund, CoreFund Special Equity Fund
from 2/21/1995 through 7/26/1998 and 3) the original class of shares of the
Fund's predecessor fund from 3/15/1994 to 2/20/1995. The performance has not
been adjusted to reflect the differences in the 12b-1 fees applicable to each
class. These fees are for Class A 0.25%, for Class B 1.00%, and for Class C
1.00%. If these fees had been reflected, returns for Classes B and C would have
been lower. Historical performance shown for Class I prior to its inception is
based on the performance of the Class Y Shares of the Fund's predecessor,
CoreFund Special Equity Fund. Historical performance shown for Class IS prior to
its inception is based on the performance of the Class A Shares of the Fund's
predecessor, CoreFund Special Equity Fund, and reflects the same 0.25% 12b-1 fee
applicable to Class IS.
The Fund may purchase stocks in initial public offerings. Stocks purchased in
IPOs have a tendency to fluctuate in value significantly shortly after the IPO
relative to the price at which they were purchased. These fluctuations could
impact the net asset value and return earned on the Fund's shares.
The advisor is waiving a portion of its advisory fee. Had the fee not been
waived, returns would have been lower.
5
<PAGE>
EVERGREEN
Select Special Equity Fund
Portfolio Manager Commentary
Portfolio Management Team
[PHOTO] [PHOTO]
Timothy M. Eric M. Teal
Stevenson, CFA
Mr. Stevenson has over 19 years of investment experience and serves as the Chief
Investment Officer of Meridian Investment Company. In addition to managing the
Evergreen Select Special Equity Fund, he is also responsible for the development
and ongoing management of long/short equity market-neutral strategy. His
previous responsibilities include team leader of First Capital Group's growth-
style equity unit and co-manager of the Evergreen Select Strategic Growth Fund.
Eric M. Teal has managed Evergreen Select Equity Index Fund since December 1998.
Mr. Teal, Vice President and a Quantitative Equity Analyst, joined First Union
National Bank (FUNB) in September 1993, and currently heads the Quantitative
Analysis/Portfolio Management Unit within FUNB. He also manages Evergreen
Select Diversified Value Fund and is responsible for risk analysis and
quantitative management for other Evergreen Select Equity Funds.
Portfolio
Characteristics
---------------
(as of 12/31/1999)
Total Net Assets $186,805,507
Number of Holdings 150
P/E Ratio 24.8x
Beta 1.21
Performance
Evergreen Select Special Equity Fund Class I produced a total return of 22.75%
for the six-month period ended December 31, 1999, easily exceeding the 10.95%
return of its benchmark, the Russell 2000 Index. The Fund's Class I posted a
one-year return of 74.31% compared to a return of 21.26% for the Russell 2000
Index for the same period. The fourth quarter of 1999 was a particularly strong
performance period for the Fund, with its 23.12% total return providing a strong
finish to an excellent year. Exposure to the technology sector and strong IPO
market contributed greatly to the Fund's performance. Class I shares do not
reflect any sales charges.
Environment
Small-cap investors were richly rewarded in the last six months of 1999 if they
were invested in the technology sector. Returns realized in the small-cap
universe were particularly dependent upon an investor's exposure to the fast
growing internet and related technology industries, as traditional value-
oriented stocks lagged significantly. Some of this disparity in performance is
reflected in the returns of the small-cap benchmarks during the last quarter of
1999.
Top 5 Industries
----------------
(as a percentage of 12/31/1999 net assets)
Information Services & Technology 9.4%
Finance & Insurance 9.4%
Retailing & Wholesale 7.0%
Healthcare Products & Services 5.9%
Communication Systems & Services 5.6%
6
<PAGE>
EVERGREEN
Select Special Equity Fund
Portfolio Manager Commentary
Strategy
Our exposure to internet-related companies such as F5 Networks and wireless
communications companies such as Clearnet Communications helped propel the
Fund's return during the last six months of 1999. Another spectacular position
for the Fund has been Metromedia Fiber Network, a provider of bandwidth fiber
optic communications equipment, which rose 96% in the fourth quarter alone.
While the Fund maintained positions in industries outside the technology sector,
the amazing returns generated by our technology positions drove our returns in
the second half of 1999.
As we entered the month of December, we began to see the emergence of profit-
taking by investors in some of our more successful areas of portfolio emphasis
such as the technology sector. As the strong momentum began to wane, we
initiated steps to reduce those positions and neutralize some of our more
aggressive investment bets. Our bottom-up security analysis led us to the
conclusion that our heavy weighting in extremely extended technology companies
should be reduced until a better risk-reward relationship presented itself.
While we remained very optimistic about the prospect of technology companies in
the months ahead, we observed greater relative attractiveness in other areas as
we ended the period.
We increased our weighting in financial companies and banks in response to the
new trends we observed at the end of 1999. Although our previous underweighting
in this sector greatly benefited our results during the year, we felt that the
sector presented an excellent investment opportunity in the near-term. Examples
of new names we added in this sector included Dain Rauscher Corp. (a West-coast
provider of individual and institutional investment services) and Southwest-
based Imperial Bancorp.
Outlook
We believe the prospect for small-cap growth stocks remains bright. New
technologies and the availability of venture capital provide an exciting mix for
entrepreneurial activity. New investment opportunities may abound in this
environment and the rewards for agile investors may be significant. Our very
disciplined approach to stock selection and systematic approach to portfolio
construction should continue to help us participate in these investment
opportunities in the year ahead.
Top 10 Holdings
---------------
(as a percentage of 12/31/1999 net assets)
NEXTLINK Communications, Inc., Cl. A 3.3%
Metromedia Fiber Network, Inc., Cl. A 2.7%
E.W. Blanch Holdings, Inc. 2.4%
Real Networks, Inc. 2.0%
Imperial Bancorp 1.9%
Mark IV Industries, Inc. 1.9%
Toro Co. 1.9%
Dain Rauscher Corp. 1.9%
Applebee's International, Inc. 1.7%
Pacific Sunwear Of California 1.5%
7
<PAGE>
EVERGREEN
Select Equity Index Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended June 30,
December 31, 1999 ------------------------------------------------
(Unaudited) 1999 (a) 1998 1997 1996 (b) 1995 (b)
<S> <C> <C> <C> <C> <C> <C>
CLASS I SHARES
Net asset value,
beginning of period $ 52.06 $ 46.27 $ 37.39 $ 28.47 $ 23.79 $ 20.54
-------- -------- -------- -------- -------- --------
Income from investment
operations
Net investment income 0.28 0.54 0.50 0.51 0.51 0.52
Net realized and
unrealized gains 3.67 8.85 10.12 9.16 5.47 4.24
-------- -------- -------- -------- -------- --------
Total from investment
operations 3.95 9.39 10.62 9.67 5.98 4.76
-------- -------- -------- -------- -------- --------
Distributions to
shareholders from
Net investment income (0.31) (0.51) (0.50) (0.51) (0.51) (0.52)
-------- -------- -------- -------- -------- --------
Net realized gains (0.36) (3.09) (1.24) (0.24) (0.79) (0.99)
Total distributions to
shareholders (0.67) (3.60) (1.74) (0.75) (1.30) (1.51)
-------- -------- -------- -------- -------- --------
Net asset value, end of
period $ 55.34 $ 52.06 $ 46.27 $ 37.39 $ 28.47 $ 23.79
-------- -------- -------- -------- -------- --------
Total return 7.68% 22.03% 29.17% 34.44% 25.69% 24.45%
Ratios and supplemental
data
Net assets, end of
period (thousands) $596,017 $570,864 $315,920 $241,413 $166,350 $112,533
Ratios to average net
assets
Expenses++ 0.30%+ 0.30% 0.38% 0.37% 0.35% 0.37%
Net investment income 1.08%+ 1.19% 1.19% 1.63% 1.94% 2.48%
Portfolio turnover rate 9% 21% 12% 11% 13% 27%
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended June 30,
December 31, 1999 ---------------------------
(Unaudited) 1999 (a) 1998 1997 (c)
<S> <C> <C> <C> <C>
CLASS IS SHARES
Net asset value, beginning of
period $ 52.04 $ 46.27 $ 37.37 $29.62
------- ------- ------- ------
Income from investment
operations
Net investment income 0.21 0.45 0.49 0.32
Net realized and unrealized
gains 3.66 8.81 10.12 8.05
------- ------- ------- ------
Total from investment
operations 3.87 9.26 10.61 8.37
------- ------- ------- ------
Distributions to shareholders
from
Net investment income (0.24) (0.40) (0.47) (0.38)
------- ------- ------- ------
Net realized gains (0.36) (3.09) (1.24) (0.24)
Total distributions to
shareholders (0.60) (3.49) (1.71) (0.62)
------- ------- ------- ------
Net asset value, end of period $ 55.31 $ 52.04 $ 46.27 $37.37
------- ------- ------- ------
Total return 7.49% 21.70% 29.17% 28.58%
Ratios and supplemental data
Net assets, end of period
(thousands) $41,275 $38,051 $11,944 $4,507
Ratios to average net assets
Expenses++ 0.55%+ 0.55% 0.38% 0.37%+
Net investment income 0.81%+ 0.95% 1.19% 1.51%+
Portfolio turnover rate 9% 21% 12% 11%
</TABLE>
(a) On July 24, 1998, the assets and liabilities of CoreFund Equity Index Fund
("CoreFund") were acquired by Evergreen Select Equity Index Fund ("Equity
Index Fund"). Shareholders of CoreFund, Class A, Class B and Class Y became
owners of that number of shares of Equity Index Fund, Class IS, Class IS
and Class I, respectively, having an aggregate net asset value equal to the
aggregate net asset value of their shares of CoreFund immediately prior to
the close of business on July 24, 1998. CoreFund is the accounting survi-
vor, its basis of accounting for assets and liabilities and its operating
results for the periods prior to July 24, 1998 have been carried forward in
these financial statements.
(b) On April 22, 1996, the Class A shares of CoreFund were redesignated as
Class Y shares of CoreFund.
(c) For the period from October 9, 1996 (commencement of class operations) to
June 30, 1997.
+ Annualized.
++ Ratio of expenses to average net assets includes fee waivers and excludes
expense reductions.
See Combined Notes to Financial Statements.
8
<PAGE>
EVERGREEN
Select Equity Index Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1999 Year Ended
(Unaudited) June 30, 1999 (a)
<S> <C> <C>
CLASS A SHARES
Net asset value, beginning of period $ 52.03 $ 45.23
-------- --------
Income from investment operations
Net investment income 0.20 0.29
Net realized and unrealized gains 3.69 9.87
-------- --------
Total from investment operations 3.89 10.16
-------- --------
Distributions to shareholders from
Net investment income (0.24) (0.27)
Net realized gains (0.36) (3.09)
-------- --------
Total distributions to shareholders (0.60) (3.36)
-------- --------
Net asset value, end of period $ 55.32 $ 52.03
-------- --------
Total return* 7.55% 24.08%
Ratios and supplemental data
Net assets, end of period (thousands) $ 57,809 $ 38,203
Ratios to average net assets
Expenses++ 0.55%+ 0.55%+
Net investment income 0.82%+ 0.96%+
Portfolio turnover rate 9% 21%
<CAPTION>
Six Months Ended
December 31, 1999 Year Ended
(Unaudited) June 30, 1999 (b)
<S> <C> <C>
CLASS B SHARES
Net asset value, beginning of period $ 52.00 $ 45.26
-------- --------
Income from investment operations
Net investment income 0.02 0.08
Net realized and unrealized gains 3.66 9.83
-------- --------
Total from investment operations 3.68 9.91
-------- --------
Distributions to shareholders from
Net investment income (0.08) (0.08)
Net realized gains (0.36) (3.09)
-------- --------
Total distributions to shareholders (0.44) (3.17)
-------- --------
Net asset value, end of period $ 55.24 $ 52.00
-------- --------
Total return* 7.12% 23.44%
Ratios and supplemental data
Net assets, end of period (thousands) $175,930 $107,334
Ratios to average net assets
Expenses++ 1.30%+ 1.31%+
Net investment income 0.07%+ 0.21%+
Portfolio turnover rate 9% 21%
</TABLE>
(a) For the period from November 4, 1998 (commencement of class operations) to
June 30, 1999.
(b) For the period from November 3, 1998 (commencement of class operations) to
June 30, 1999.
+ Annualized.
++ Ratio of expenses to average net assets includes fee waivers and excludes
expense reductions.
* Excluding applicable sales charges.
See Combined Notes to Financial Statements.
9
<PAGE>
EVERGREEN
Select Equity Index Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1999 Year Ended
(Unaudited) June 30, 1999 (a)
<S> <C> <C>
CLASS C SHARES
Net asset value, beginning of period $ 52.06 $50.95
------- ------
Income from investment operations
Net investment income 0.03 0.02
Net realized and unrealized gains 3.65 1.11
------- ------
Total from investment operations 3.68 1.13
------- ------
Distributions to shareholders from
Net investment income (0.08) (0.02)
Net realized gains (0.36) 0
------- ------
Total distributions to shareholders (0.44) (0.02)
------- ------
Net asset value, end of period $ 55.30 $52.06
------- ------
Total return* 7.11% 2.22%
Ratios and supplemental data
Net assets, end of period (thousands) $22,477 $3,489
Ratios to average net assets
Expenses++ 1.30% 1.31%+
Net investment income 0.08% 0.27%+
Portfolio turnover rate 9% 21%
</TABLE>
(a) For the period from April 30, 1999 (commencement of class operations) to
June 30, 1999.
+ Annualized.
++ Ratio of expenses to average net assets includes fee waivers and excludes
expense reductions.
* Excluding applicable sales charges.
See Combined Notes to Financial Statements.
10
<PAGE>
EVERGREEN
Select Special Equity Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended June 30, Year Ended October 31,
December 31, 1999 # ---------------------------- Period Ended ------------------------
(Unaudited) 1999 (f) 1998 1997 June 30, 1996 (c)(d)(e) 1995 (b) 1994 (a)
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS I SHARES
Net asset value,
beginning of period $ 14.20 $ 11.25 $ 11.27 $ 11.86 $ 11.42 $ 9.37 $ 10.00
-------- -------- ------- ------- ------- ----------- -----------
Income from investment
operations
Net investment income
or loss (0.02) (0.02) (0.05) 0.02 0.07 0.12 0.06
Net realized and
unrealized
gains or losses 2.94 4.15 1.52 1.81 2.13 2.12 (0.63)
-------- -------- ------- ------- ------- ----------- -----------
Total from investment
operations 2.92 4.13 1.47 1.83 2.20 2.24 (0.57)
-------- -------- ------- ------- ------- ----------- -----------
Distributions to
shareholders from
Net investment income 0 0 0 (0.03) (0.07) (0.12) (0.06)
Net realized gains (2.19) (1.18) (1.49) (2.39) (1.69) (0.07) 0
-------- -------- ------- ------- ------- ----------- -----------
Total distributions to
shareholders (2.19) (1.18) (1.49) (2.42) (1.76) (0.19) (0.06)
-------- -------- ------- ------- ------- ----------- -----------
Net asset value, end of
period $ 14.93 $ 14.20 $ 11.25 $ 11.27 $ 11.86 $ 11.42 $ 9.37
-------- -------- ------- ------- ------- ----------- -----------
Total return 22.75% 42.02% 14.23% 17.94% 22.27% 24.44% (5.72%)
Ratios and supplemental
data
Net assets, end of
period (thousands) $144,593 $116,966 $73,981 $71,980 $63,680 $ 57,396 $ 10,069
Ratios to average net
assets
Expenses++ 1.05%+ 1.06% 1.10% 0.84% 0.34%+ 0.32% 0.15%+
Net investment income
or loss (0.31%)+ (0.36%) (0.48%) 0.19% 0.94%+ 1.14% 1.06%+
Portfolio turnover rate 108% 99% 62% 74% 72% 129% 39%
</TABLE>
(a) For the period from March 15, 1994 (commencement of class operations) to
October 31, 1994.
(b) On February 21, 1995, the Shares of the Fund were redesignated as either
Retail or Institutional Shares. On that date, the Fund's net investment in-
come, expenses and distributions for the period November 1, 1994 through
February 20, 1995 were allocated to each class of shares. The basis for the
allocation was the relative net assets of each class of shares as of Febru-
ary 21, 1995. The results were combined with the results of operations and
distributions for each applicable class for the period February 21, 1995
through October 31, 1995. For the year ended October 31, 1995, the Finan-
cial Highlights' ratio of expenses, net investment income, total return,
and the per share investment activities and distributions reflect this al-
location.
(c) For the period from November 1, 1995 to June 30, 1996. The Fund changed its
fiscal year end from October 31 to June 30, effective June 30, 1996.
(d) On April 15, 1996, the Conestoga Special Equity Fund was acquired by the
CoreFund Special Equity Fund ("CoreFund").
(e) On April 15, 1996, the Institutional Class shares of the CoreFund were ex-
changed for Class Y shares and the Retail Class shares of the CoreFund were
exchanged for Class A shares of the CoreFund.
(f) On July 24, 1998, the assets and certain liabilities of CoreFund were ac-
quired by Evergreen Select Special Equity Fund ("Special Equity Fund").
Shareholders of CoreFund Class Y became owners of that number of shares of
Special Equity Fund, Class I, having an aggregate net asset value equal to
the aggregate net asset value of their shares of CoreFund immediately prior
to the close of business on July 24, 1998. CoreFund is the accounting sur-
vivor, its basis of accounting for assets and liabilities and its operating
results for the periods prior to July 24, 1998 have been carried forward in
these financial statements.
+ Annualized.
++ Ratio of expenses to average net assets includes fee waivers and excludes
expense reductions.
# Net investment loss is based on average shares outstanding during the
period.
See Combined Notes to Financial Statements.
11
<PAGE>
EVERGREEN
Select Special Equity Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended June 30, Year Ended October 31,
December 31, 1999 # ------------------------ Period Ended ------------------------
(Unaudited) 1999 (f) 1998 1997 June 30, 1996 (c)(d)(e) 1995 (b) 1994 (a)
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS IS SHARES
Net asset value,
beginning of period $14.05 $11.18 $11.25 $11.85 $11.42 $ 9.37 $ 10.00
------ ------ ------ ------ ------ ---------- -----------
Income from investment
operations
Net investment income
or loss (0.04) (0.06) (0.10) 0 0.08 0.12 0.06
Net realized and
unrealized gains or
losses 2.92 4.11 1.52 1.81 2.11 2.12 (0.63)
------ ------ ------ ------ ------ ---------- -----------
Total from investment
operations 2.88 4.05 1.42 1.81 2.19 2.24 (0.57)
------ ------ ------ ------ ------ ---------- -----------
Distributions to
shareholders from
Net investment income 0 0 0 (0.02) (0.07) (0.12) (0.06)
Net realized gains (2.19) (1.18) (1.49) (2.39) (1.69) (0.07) 0
------ ------ ------ ------ ------ ---------- -----------
Total distributions to
shareholders (2.19) (1.18) (1.49) (2.41) (1.76) (0.19) (0.06)
------ ------ ------ ------ ------ ---------- -----------
Net asset value, end of
period $14.74 $14.05 $11.18 $11.25 $11.85 $ 11.42 $ 9.37
------ ------ ------ ------ ------ ---------- -----------
Total return 22.71% 41.55% 13.78% 17.73% 22.14% 24.44% (5.72%)
Ratios and supplemental
data
Net assets, end of
period (thousands) $6,929 $4,043 $2,981 $2,347 $1,144 $ 734 $ 10,069
Ratios to average net
assets
Expenses++ 1.30%+ 1.31% 1.35% 1.14% 0.37%+ 0.27% 0.15%+
Net investment income
or loss (0.56%)+ (0.61%) (0.73%) (0.12%) 0.91%+ 1.29% 1.06%+
Portfolio turnover rate 108% 99% 62% 74% 72% 129% 39%
</TABLE>
(a) For the period from March 15, 1994 (commencement of class operations) to
October 31, 1994.
(b) On February 21, 1995, the Shares of the Fund were redesignated as either
Retail or Institutional Shares. On that date, the Fund's net investment in-
come, expenses and distributions for the period November 1, 1994 through
February 20, 1995 were allocated to each class of shares. The basis for the
allocation was the relative net assets of each class of shares as of Febru-
ary 21, 1995. The results were combined with the results of operations and
distributions for each applicable class for the period February 21, 1995
through October 31, 1995. For the year ended October 31, 1995, the Finan-
cial Highlights' ratio of expenses, net investment income, total return,
and the per share investment activities and distributions reflect this al-
location.
(c) For the period from November 1, 1995 to June 30, 1996. The Fund changed its
fiscal year end from October 31 to June 30, effective June 30, 1996.
(d) On April 15, 1996, the Conestoga Special Equity Fund was acquired by the
CoreFund Special Equity Fund ("CoreFund").
(e) On April 15, 1996, the Institutional Class shares of the CoreFund were ex-
changed for Class Y shares and the Retail Class shares of the CoreFund were
exchanged for Class A shares of the CoreFund.
(f) On July 24, 1998, the assets and certain liabilities of CoreFund were ac-
quired by Evergreen Select Special Equity Fund ("Special Equity Fund").
Shareholders of CoreFund Class A and Class B became owners of that number
of shares of Special Equity Fund, Class IS, having an aggregate net asset
value equal to the aggregate net asset value of their shares of CoreFund
immediately prior to the close of business on July 24, 1998. CoreFund is
the accounting survivor, its basis of accounting for assets and liabilities
and its operating results for the periods prior to July 24, 1998 have been
carried forward in these financial statements.
+ Annualized.
++ Ratio of expenses to average net assets includes fee waivers and excludes
expense reductions.
# Net investment loss is based on average shares outstanding during the
period.
See Combined Notes to Financial Statements.
12
<PAGE>
EVERGREEN
Select Special Equity Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Period Ended
December 31, 1999 (a) #
(Unaudited)
<S> <C>
CLASS A SHARES
Net asset value, beginning of period $ 13.97
-------
Income from investment operations
Net investment loss (0.03)
Net realized and unrealized gains 2.97
-------
Total from investment operations 2.94
-------
Distributions to shareholders from
Net realized gains (2.19)
-------
Total distributions to shareholders (2.19)
-------
Net asset value, end of period $ 14.72
-------
Total return* 23.25%
Ratios and supplemental data
Net assets, end of period (thousands) $12,341
Ratios to average net assets
Expenses++ 1.32%+
Net investment loss (0.51%)+
Portfolio turnover rate 108%
<CAPTION>
Period Ended
December 31, 1999 (a) #
(Unaudited)
<S> <C>
CLASS B SHARES
Net asset value, beginning of period $ 13.97
-------
Income from investment operations
Net investment loss (0.08)
Net realized and unrealized gains 3.00
-------
Total from investment operations 2.92
-------
Distributions to shareholders from
Net realized gains (2.19)
-------
Total distributions to shareholders (2.19)
-------
Net asset value, end of period $ 14.70
-------
Total return* 23.08%
Ratios and supplemental data
Net assets, end of period (thousands) $14,437
Ratios to average net assets
Expenses++ 2.07%+
Net investment loss (1.24%)+
Portfolio turnover rate 108%
</TABLE>
(a) For the period from August 30, 1999 (commencement of class operations) to
December 31, 1999.
+ Annualized.
++ Ratio of expenses to average net assets includes fee waivers and excludes
expense reductions.
* Excluding applicable sales charges.
# Net investment loss is based on average shares outstanding during the
period.
See Combined Notes to Financial Statements.
13
<PAGE>
EVERGREEN
Select Special Equity Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Period Ended
December 31, 1999 (a) #
(Unaudited)
<S> <C>
CLASS C SHARES
Net asset value, beginning of period $13.97
------
Income from investment operations
Net investment loss (0.08)
Net realized and unrealized gains 3.00
------
Total from investment operations 2.92
------
Distributions to shareholders from
Net realized gains (2.19)
------
Total distributions to shareholders (2.19)
------
Net asset value, end of period $14.70
------
Total return* 22.38%
Ratios and supplemental data
Net assets, end of period (thousands) $8,506
Ratios to average net assets
Expenses++ 2.07%+
Net investment loss (1.23%)+
Portfolio turnover rate 108%
</TABLE>
(a) For the period from August 30, 1999 (commencement of class operations) to
December 31, 1999.
+ Annualized.
++ Ratio of expenses to average net assets includes fee waivers and excludes
expense reductions.
* Excluding applicable sales charges.
# Net investment loss is based on average shares outstanding during the
period.
See Combined Notes to Financial Statements.
14
<PAGE>
EVERGREEN
Select Equity Index Fund
Schedule of Investments
December 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - 95.9%
Advertising & Related Services - 0.1%
19,700 Interpublic Group of Companies, Inc. ............. $ 1,136,444
------------
Aerospace & Defense - 1.2%
65,570 Boeing Co. ....................................... 2,725,253
13,300 General Dynamics Corp. ........................... 701,575
13,400 Goodrich BF Co. .................................. 368,500
53,262 Honeywell International, Inc. .................... 3,072,552
25,800 Lockheed Martin Corp. ............................ 564,375
5,300 Northrop Grumman Corp. ........................... 286,531
23,100 Raytheon Co., Cl. B............................... 613,594
13,300 Rockwell International Corp. ..................... 636,737
1,757 Teledyne Technologies, Inc. ...................... 16,582
32,900 United Technologies Corp. ........................ 2,138,500
------------
11,124,199
------------
Automotive Equipment & Manufacturing - 1.2%
11,200 Cooper Tire & Rubber Co. ......................... 174,300
9,913 Dana Corp. ....................................... 296,770
35,515 Delphi Automotive Systems Corp. .................. 559,361
83,800 Ford Motor Co. ................................... 4,478,062
44,200 General Motors Corp. ............................. 3,212,788
11,900 Genuine Parts Co. ................................ 295,269
11,280 Goodyear Tire & Rubber Co. ....................... 317,955
5,000 Johnson Controls, Inc. ........................... 284,375
5,000 * Navistar International Corp., Inc. ............... 236,875
4,000 Paccar, Inc. ..................................... 177,250
14,700 Pep Boys-Manny Moe & Jack......................... 134,138
8,000 TRW, Inc. ........................................ 415,500
------------
10,582,643
------------
Banks - 4.7%
26,850 AmSouth Bancorp................................... 518,541
53,600 Bank of New York Co., Inc. ....................... 2,144,000
80,099 Bank One Corp. ................................... 2,568,174
118,443 BankAmerica Corp. ................................ 5,944,358
21,800 BB&T Corp. ....................................... 596,775
56,832 Chase Manhattan Corp. ............................ 4,415,136
12,750 Comerica, Inc. ................................... 595,266
22,250 Fifth Third Bancorp............................... 1,632,594
65,660 First Union Corp. **.............................. 2,154,469
70,573 Firstar Corp. .................................... 1,490,855
65,734 FleetBoston Financial Corp. ...................... 2,288,365
13,800 Golden West Financial Corp. ...................... 462,300
16,160 Huntington Bancshares, Inc. ...................... 385,820
30,600 KeyCorp........................................... 677,025
33,600 Mellon Financial Corp. ........................... 1,144,500
41,600 National City Corp. .............................. 985,400
15,200 Northern Trust Corp. ............................. 805,600
8,200 Old Kent Financial Corp........................... 290,075
20,500 PNC Bank Corp. ................................... 912,250
14,400 Regions Financial Corp. .......................... 361,800
7,200 Republic New York Corp. .......................... 518,400
10,500 SouthTrust Corp. ................................. 397,031
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - continued
Banks - continued
10,600 State Street Corp. ............................... $ 774,462
12,600 Summit Bancorp.................................... 385,875
21,600 Suntrust Banks, Inc. ............................. 1,486,350
21,300 Synovus Financial Corp. .......................... 423,337
49,238 U.S. Bancorp...................................... 1,172,480
12,100 Union Planters Corp. ............................. 477,194
13,800 Wachovia Corp. ................................... 938,400
115,530 Wells Fargo Co. .................................. 4,671,744
------------
41,618,576
------------
Building, Construction & Furnishings - 0.3%
2,400 Armstrong World Industries, Inc. ................. 80,100
10,100 Centex Corp. ..................................... 249,344
15,500 Deere & Co. ...................................... 672,312
9,000 Fleetwood Enterprises, Inc. ...................... 185,625
5,000 Foster Wheeler Corp. ............................. 44,375
4,400 Kaufman & Broad Home Corp. ....................... 106,425
28,000 Masco Corp. ...................................... 710,500
4,400 Pulte Corp. ...................................... 99,000
10,700 Sherwin Williams Co. ............................. 224,700
7,100 Springs Industries, Inc. ......................... 283,556
------------
2,655,937
------------
Business Equipment &
Services - 0.9%
42,345 Automatic Data Processing, Inc. .................. 2,281,337
11,300 * Computer Sciences Corp. .......................... 1,069,262
6,900 Deluxe Corp. ..................................... 189,319
10,000 Dun & Bradstreet Corp. ........................... 295,000
8,100 Equifax, Inc. .................................... 190,856
28,600 First Data Corp. ................................. 1,410,337
15,800 Ikon Office Solutions, Inc. ...................... 107,638
16,950 Paychex, Inc. .................................... 678,000
18,500 * Seagate Technology................................ 861,406
20,300 * Thermo Electron Corp. ............................ 304,500
45,000 Xerox Corp. ...................................... 1,020,938
------------
8,408,593
------------
Capital Goods - 0.2%
23,100 Caterpillar, Inc. ................................ 1,087,144
11,000 Ingersoll Rand Co. ............................... 605,687
------------
1,692,831
------------
Chemical & Agricultural
Products - 1.2%
14,700 Air Products & Chemicals, Inc. ................... 493,369
15,950 Dow Chemical Co. ................................. 2,131,319
71,499 DuPont (E.I.) De Nemours & Co. ................... 4,709,997
4,000 Eastman Chemical Co. ............................. 190,750
2,300 Engelhard Corp. .................................. 43,413
5,900 * FMC Corp. ........................................ 338,144
12,300 * Grace (W.R.) & Co. ............................... 170,662
4,800 Great Lakes Chemical Corp. ....................... 183,300
7,700 Hercules, Inc. ................................... 214,637
11,400 PPG Industries, Inc. ............................. 713,212
</TABLE>
15
<PAGE>
EVERGREEN
Select Equity Index Fund
Schedule of Investments(continued)
December 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - continued
Chemical & Agricultural
Products - continued
11,300 Praxair, Inc. .................................... $ 568,531
13,075 Rohm & Haas Co. .................................. 531,989
5,000 Sigma-Aldrich Corp. .............................. 150,313
9,200 Union Carbide Corp. .............................. 614,100
------------
11,053,736
------------
Communication Systems & Services - 5.9%
15,400 * Andrew Corp. ..................................... 291,637
227,000 * Cisco Systems, Inc. .............................. 24,317,375
217,490 Lucent Technologies, Inc. ........................ 16,270,971
195,900 * MCI WorldCom, Inc. ............................... 10,394,944
29,100 * Tellabs, Inc. .................................... 1,867,856
------------
53,142,783
------------
Consumer Products &
Services - 3.1%
5,000 Alberto Culver Co., Cl. B......................... 129,062
7,400 American Greetings Corp., Cl. A................... 174,825
17,000 Avon Products, Inc. .............................. 561,000
5,900 Black & Decker Corp. ............................. 308,275
47,374 * Cendant Corp. .................................... 1,258,372
15,800 Clorox Co. ....................................... 795,925
41,384 Colgate-Palmolive Co. ............................ 2,689,960
20,700 Eastman Kodak Co. ................................ 1,371,375
15,400 Fort James Corp. ................................. 421,575
74,400 Gillette Co. ..................................... 3,064,350
6,200 H & R Block, Inc. ................................ 271,250
11,900 Hasbro, Inc. ..................................... 226,844
5,300 International Flavors & Fragrances, Inc. ......... 200,075
2,000 Jostens, Inc. .................................... 48,625
3,300 Liz Claiborne, Inc. .............................. 124,162
25,850 Mattel, Inc. ..................................... 339,281
6,000 Maytag Corp. ..................................... 288,000
18,191 Newell Rubbermaid, Inc. .......................... 527,539
18,600 Nike, Inc., Cl. B................................. 921,862
10,600 * Pactiv Corp. ..................................... 112,625
10,400 Polaroid Corp. ................................... 195,650
91,900 Procter & Gamble Co. ............................. 10,068,794
5,000 Service Corp. International....................... 34,688
6,600 Stanley Works..................................... 198,825
15,300 Tupperware Corp. ................................. 259,144
38,975 Unilever NV....................................... 2,121,702
10,400 UST, Inc. ........................................ 261,950
615 Water Pik Tech, Inc. ............................. 5,881
5,600 Whirlpool Corp. .................................. 364,350
------------
27,345,966
------------
Diversified Companies - 1.0%
5,200 Cooper Industries, Inc. .......................... 210,275
4,400 Fluor Corp. ...................................... 201,850
5,200 ITT Industries, Inc. ............................. 173,875
27,500 Minnesota Mining & Manufacturing Co. ............. 2,691,563
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - continued
Diversified Companies - continued
5,900 National Service Industries, Inc. ................ $ 174,050
8,800 * Owens Illinois, Inc. ............................. 220,550
10,000 Textron, Inc. .................................... 766,875
116,236 Tyco International, Ltd. ......................... 4,518,674
------------
8,957,712
------------
Electrical Equipment &
Services - 4.6%
29,100 Emerson Electric Co. ............................. 1,669,613
227,700 General Electric Co. ............................. 35,236,575
10,700 Molex, Inc. ...................................... 606,556
20,300 * Solectron Corp. .................................. 1,931,037
5,700 Tektronix, Inc. .................................. 221,588
4,400 Thomas & Betts Corp. ............................. 140,250
21,600 * Xilinx, Inc. ..................................... 982,125
------------
40,787,744
------------
Electronic Equipment &
Services - 0.8%
6,400 * KLA-Tencor Corp. ................................. 712,800
11,700 * Teradyne, Inc. ................................... 772,200
55,200 Texas Instruments, Inc. .......................... 5,347,500
------------
6,832,500
------------
Energy - 0.1%
21,500 Occidental Petroleum Corp. ....................... 464,938
------------
Environmental Services - 0.1%
18,300 * Allied Waste Industries, Inc. .................... 161,269
4,200 Millipore Corp. .................................. 162,225
40,120 Waste Management, Inc. ........................... 689,562
------------
1,013,056
------------
Finance & Insurance - 8.0%
10,208 Aetna, Inc. ...................................... 569,734
20,600 AFLAC, Inc. ...................................... 972,062
54,500 Allstate Corp. ................................... 1,308,000
30,700 American Express Co. ............................. 5,103,875
16,916 American General Corp. ........................... 1,283,501
109,076 American International Group, Inc. ............... 11,793,842
16,125 Aon Corp. ........................................ 645,000
48,648 Associates First Capital Corp., Cl. A............. 1,334,779
11,835 Bear Stearns Companies, Inc. ..................... 505,946
12,900 Capital One Financial Corp. ...................... 621,619
12,000 Chubb Corp. ...................................... 675,750
13,300 CIGNA Corp. ...................................... 1,071,481
10,400 Cincinnati Financial Corp. ....................... 324,350
234,193 Citigroup, Inc. .................................. 13,012,349
23,307 Conseco, Inc. .................................... 416,613
7,500 Countrywide Credit Industries, Inc. .............. 189,375
47,300 Federal Home Loan Mortgage Corp. ................. 2,226,056
70,000 Federal National Mortgage Assoc. ................. 4,370,625
16,300 Franklin Resources, Inc. ......................... 522,619
15,400 Hartford Financial Services Group, Inc. .......... 729,575
31,359 Household International, Inc. .................... 1,168,123
</TABLE>
16
<PAGE>
EVERGREEN
Select Equity Index Fund
Schedule of Investments (continued)
December 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - continued
Finance & Insurance - continued
11,700 J.P. Morgan & Co., Inc. ............................ $ 1,481,512
7,800 Jefferson Pilot Corp. .............................. 532,350
8,800 Lehman Brothers Holdings, Inc. ..................... 745,250
13,000 Lincoln National Corp. ............................. 520,000
7,000 Loews Corp. ........................................ 424,813
17,900 Marsh & McLennan Co., Inc. ......................... 1,712,806
7,800 MBIA, Inc. ......................................... 411,938
59,230 MBNA Corp. ......................................... 1,614,017
25,200 Merrill Lynch & Co., Inc. .......................... 2,104,200
8,000 MGIC Investment Corp. .............................. 481,500
38,600 Morgan Stanley, Dean Witter & Co. .................. 5,510,150
11,200 Paine Webber Group, Inc. ........................... 434,700
6,100 Potlatch Corp. ..................................... 272,213
7,900 Price (T.) Rowe & Associates, Inc. ................. 291,806
4,700 Progressive Corp. .................................. 343,688
10,800 Providian Financial Corp. .......................... 983,475
13,000 SAFECO Corp. ....................................... 323,375
55,800 Schwab (Charles) & Co., Inc. ....................... 2,141,325
10,100 SLM Holding Corp. .................................. 426,725
15,916 St. Paul Companies, Inc. ........................... 536,170
7,100 Torchmark Corp. .................................... 206,344
15,757 UnumProvident Corp. ................................ 505,209
39,710 Washington Mutual, Inc. ............................ 1,032,460
------------
71,881,300
------------
Food & Beverage Products - 4.5%
31,895 Albertsons, Inc. ................................... 1,028,614
30,200 Anheuser Busch Companies, Inc. ..................... 2,140,425
40,272 Archer Daniels Midland Co. ......................... 490,815
19,000 Bestfoods........................................... 998,687
3,700 Brown Forman Corp., Cl. B........................... 211,825
31,800 Campbell Soup Co. .................................. 1,230,262
171,810 Coca Cola Co. ...................................... 10,007,932
28,800 Coca Cola Enterprises, Inc. ........................ 579,600
31,800 Conagra, Inc. ...................................... 717,488
3,500 Coors Adolph Co., Cl. B............................. 183,750
10,500 Darden Restaurants, Inc. ........................... 190,313
12,000 Fortune Brands, Inc. ............................... 396,750
20,800 General Mills, Inc. ................................ 743,600
6,500 Great Atlantic & Pacific Tea, Inc. ................. 181,188
23,450 H.J. Heinz Co. ..................................... 933,603
12,200 Hershey Foods Corp. ................................ 579,500
26,300 Kellogg Co. ........................................ 810,369
54,500 * Kroger Co. ....................................... 1,028,687
92,500 McDonald's Corp. ................................... 3,728,906
24,000 Nabisco Group Holding Corp. ........................ 255,000
99,800 Pepsico, Inc. ...................................... 3,517,950
163,900 Philip Morris Companies, Inc. ...................... 3,800,431
9,000 Quaker Oats Co. .................................... 590,625
22,700 Ralston Purina Co. ................................. 632,763
66,400 Sara Lee Corp. ..................................... 1,464,950
28,900 Seagram Co., Ltd. .................................. 1,298,694
22,800 SYSCO Corp. ........................................ 902,025
11,000 * Tricon Global Restaurants, Inc. .................. 424,875
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - continued
Food & Beverage Products -continued
5,800 Wendy's International, Inc. ........................ $ 119,625
9,500 Winn Dixie Stores, Inc. ............................ 227,406
9,300 Wrigley (W.M.) Junior Co. .......................... 771,319
------------
40,187,977
------------
Forest Products - 0.0%
7,800 Willamette Industries, Inc. ........................ 362,213
------------
Gold Mining - 0.0%
23,300 Homestake Mining Co. ............................... 182,031
19,400 Placer Dome, Inc. .................................. 208,550
------------
390,581
------------
Healthcare Products &
Services - 9.1%
107,600 Abbott Laboratories ................................ 3,907,225
8,600 Allergan, Inc. ..................................... 427,850
6,400 * Alza Corp. ....................................... 221,600
89,200 American Home Products Corp. ....................... 3,517,825
73,000 * Amgen, Inc. ...................................... 4,384,562
3,800 Bausch & Lomb, Inc. ................................ 260,063
19,600 Baxter International, Inc. ......................... 1,231,125
7,200 Biomet, Inc. ....................................... 288,000
27,100 * Boston Scientific Corp. .......................... 592,813
138,300 Bristol-Myers Squibb Co. ........................... 8,877,131
3,700 C.R. Bard, Inc. .................................... 196,100
18,700 Cardinal Health, Inc. .............................. 895,262
37,950 Columbia/HCA Healthcare Corp. ...................... 1,112,409
20,400 * Guidant Corp. .................................... 958,800
29,200 * HEALTHSOUTH Corp. ................................ 156,950
25,700 * Humana, Inc. ..................................... 210,419
21,200 IMS Health, Inc. ................................... 576,375
96,300 Johnson & Johnson................................... 8,967,937
77,700 Lilly (Eli) & Co. .................................. 5,167,050
5,400 Mallinckrodt, Inc. ................................. 171,788
11,700 * Manor Care, Inc. ................................. 187,200
17,829 McKesson HBOC, Inc. ................................ 402,267
86,000 Medtronic, Inc. .................................... 3,133,625
169,900 Merck & Co., Inc. .................................. 11,393,919
46,500 Monsanto Co. ....................................... 1,656,562
7,400 PE Corp-PE Biosystems Group......................... 890,313
268,000 Pfizer, Inc. ....................................... 8,693,250
34,755 Pharmacia & Upjohn, Inc. ........................... 1,563,975
9,100 * Quintiles Transnational Corp. .................... 170,056
100,200 Schering-Plough Corp................................ 4,227,187
5,100 Shared Medical System Corp.......................... 259,781
5,200 * St. Jude Medical, Inc. ........................... 159,575
20,000 * Tenet Healthcare Corp. ........................... 470,000
11,400 United Healthcare Corp. ............................ 605,625
59,300 Warner-Lambert Co. ................................. 4,858,894
7,800 * Watson Pharmaceuticals, Inc. ..................... 279,338
4,000 * Wellpoint Health Networks, Inc., Cl. A............ 263,750
------------
81,336,601
------------
</TABLE>
17
<PAGE>
EVERGREEN
Select Equity Index Fund
Schedule of Investments(continued)
December 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - continued
Industrial Specialty Products & Services - 0.9%
7,300 * Advanced Micro Devices, Inc. ..................... $ 211,244
4,000 Bemis Co., Inc. .................................. 139,500
16,900 Corning, Inc. .................................... 2,179,044
4,000 Crane Co. ........................................ 79,500
2,000 Cummins Engine, Inc. ............................. 96,625
9,000 Danaher Corp. .................................... 434,250
14,300 Dover Corp. ...................................... 648,862
4,400 Eaton Corp. ...................................... 319,550
10,500 Ecolab, Inc. ..................................... 410,812
20,600 Illinois Tool Works, Inc. ........................ 1,391,787
19,300 Leggett & Platt, Inc. ............................ 413,744
5,000 * McDermott International, Inc. .................... 45,313
8,700 Pall Corp. ....................................... 187,594
6,275 Parker Hannifin Corp. ............................ 321,986
4,800 Perkinelmer, Inc. ................................ 200,100
7,700 Snap-on, Inc. .................................... 204,531
10,500 Timken Co. ....................................... 214,594
6,600 Vulcan Materials Co. ............................. 263,587
------------
7,762,623
------------
Information Services & Technology - 18.7%
25,100 * 3Com Corp. ....................................... 1,179,700
6,500 * Adaptec, Inc. .................................... 324,188
8,600 Adobe Systems, Inc. .............................. 578,350
154,800 * America Online, Inc. ............................. 11,677,725
11,200 * Analog Devices, Inc. ............................. 1,041,600
11,700 * Apple Computer.................................... 1,202,906
26,700 * Applied Materials, Inc. .......................... 3,382,556
5,000 Autodesk, Inc. ................................... 168,750
18,100 * BMC Software, Inc. ............................... 1,446,869
11,200 * Cabletron Systems, Inc. .......................... 291,200
9,200 * Ceridian Corp. ................................... 198,375
6,000 * Citrix Systems, Inc. ............................. 738,000
120,985 Compaq Computer Corp. ............................ 3,274,157
37,175 Computer Associates International, Inc. .......... 2,599,927
25,000 * Compuware Corp. .................................. 931,250
4,600 * Comverse Technology, Inc. ........................ 665,850
175,800 * Dell Computer Corp. .............................. 8,965,800
35,600 Electronic Data Systems Corp. .................... 2,382,975
70,210 * EMC Corp. ........................................ 7,670,442
21,600 * Gateway, Inc. .................................... 1,556,550
70,800 Hewlett-Packard Co. .............................. 8,066,775
231,700 Intel Corp. ...................................... 19,071,806
125,500 International Business Machines Corp. ............ 13,554,000
9,200 * Lexmark International Group, Inc., Cl. A.......... 832,600
9,800 * LSI Logic......................................... 661,500
19,200 * Micron Technology, Inc. .......................... 1,492,800
358,500 * Microsoft Corp. .................................. 41,854,875
11,000 * National Semiconductor Corp. ..................... 470,937
9,200 * Network Appliance, Inc. .......................... 764,175
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - continued
Information Services & Technology - continued
23,200 * Novell, Inc. ..................................... $ 926,550
95,893 * Oracle Systems Corp. ............................. 10,746,009
16,700 * Parametric Technology Corp. ...................... 451,944
13,700 * Peoplesoft, Inc. ................................. 291,981
29,400 * Silicon Graphics, Inc. ........................... 288,488
107,600 * Sun Microsystems, Inc. ........................... 8,332,275
21,700 * Unisys Corp. ..................................... 693,044
18,300 * Yahoo!, Inc. ..................................... 7,918,181
------------
166,695,110
------------
Iron & Steel - 0.0%
10,000 * Bethlehem Steel Corp. ............................ 83,750
------------
Leisure & Tourism - 0.3%
14,700 Brunswick Corp. .................................. 327,075
41,000 Carnival Corp., Cl. A............................. 1,960,312
21,100 Hilton Hotels Corp. .............................. 203,087
13,000 * Mirage Resorts, Inc. ............................. 199,063
------------
2,689,537
------------
Metals & Mining - 0.1%
27,300 Barrick Gold Corp. ............................... 482,869
9,470 Newmont Mining Corp. ............................. 232,015
------------
714,884
------------
Machinery - Diversified - 0.0%
12,400 Milacron, Inc. ................................... 190,650
------------
Manufacturing - Distributing - 0.0%
3,200 Briggs & Stratton Corp. .......................... 171,600
------------
Metal Products & Services - 0.6%
15,200 Alcan Aluminum, Ltd. ............................. 626,050
26,700 Alcoa, Inc. ...................................... 2,216,100
6,150 Allegheny Technologies, Inc. ..................... 137,991
21,700 Becton Dickinson & Co. ........................... 580,475
8,200 Crown Cork & Seal Co., Inc. ...................... 183,475
9,700 * Freeport McMoran Copper & Gold, Inc., Cl. B....... 204,912
12,600 Inco, Ltd. ....................................... 296,100
4,400 Nucor Corp. ...................................... 241,175
8,400 Phelps Dodge Corp. ............................... 563,850
3,500 Reynolds Metals Co. .............................. 268,187
8,000 USX United States Steel Group..................... 264,000
7,000 Worthington Industries, Inc. ..................... 115,938
------------
5,698,253
------------
Office Equipment & Supplies - 0.1%
18,400 Pitney Bowes, Inc. ............................... 888,950
------------
Oil/Energy - 5.1%
6,000 Amerada Hess Corp. ............................... 340,500
9,700 Anadarko Petroleum Corp. ......................... 331,013
8,500 Apache Corp. ..................................... 313,969
3,900 Ashland, Inc. .................................... 128,456
22,500 Atlantic Richfield Co. ........................... 1,946,250
14,900 Burlington Resources, Inc. ....................... 492,631
</TABLE>
18
<PAGE>
EVERGREEN
Select Equity Index Fund
Schedule of Investments (continued)
December 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - continued
Oil/Energy - continued
46,600 Chevron Corp. ................................... $ 4,036,725
14,000 Coastal Corp. ................................... 496,125
42,062 Conoco, Inc., Cl. B.............................. 1,046,292
6,000 Consolidated Natural Gas Co. .................... 389,625
14,900 El Paso Energy Corp. ............................ 578,306
51,800 Enron Corp. ..................................... 2,298,625
239,928 Exxon Mobil Corp. ............................... 19,329,182
6,292 Kerr-McGee Corp. ................................ 390,104
17,300 Phillips Petroleum Co. .......................... 813,100
148,300 Royal Dutch Petroleum Co. ....................... 8,962,881
12,600 Sunoco, Inc. .................................... 296,100
37,700 Texaco, Inc. .................................... 2,047,581
9,500 Tosco Corp. ..................................... 258,281
14,629 Union Pacific Resource Group, Inc. .............. 186,520
15,000 Unocal Corp. .................................... 503,438
22,300 USX Marathon Group............................... 550,531
------------
45,736,235
------------
Oil Field Services - 0.5%
21,000 Baker Hughes, Inc. .............................. 442,312
30,400 Halliburton Co. ................................. 1,223,600
11,600 * Rowan Companies, Inc. ........................... 251,575
36,600 Schlumberger, Ltd. .............................. 2,058,750
7,085 Transocean Sedco Forex, Inc. .................... 238,676
------------
4,214,913
------------
Paper & Packaging - 0.9%
7,400 Avery Dennison Corp. ............................ 539,275
2,800 Ball Corp. ...................................... 110,250
5,401 Boise Cascade Corp. ............................. 218,741
6,400 Champion International Corp. .................... 396,400
10,800 Georgia-Pacific Corp. ........................... 548,100
28,344 International Paper Co. ......................... 1,599,664
37,804 Kimberly-Clark Corp. ............................ 2,466,711
15,200 Louisiana Pacific Corp. ......................... 216,600
7,400 Mead Corp. ...................................... 321,437
5,361 * Sealed Air Corp. ................................ 277,767
2,800 Temple Inland, Inc. ............................. 184,625
5,000 Westvaco Corp. .................................. 163,125
16,106 Weyerhaeuser Co. ................................ 1,156,612
------------
8,199,307
------------
Printing, Publishing, Broadcasting &
Entertainment - 3.2%
52,432 * CBS Corp. ....................................... 3,352,371
23,000 * Clear Channel Communications, Inc. .............. 2,052,750
53,600 Comcast Corp., Cl. A............................. 2,710,150
140,778 Disney (Walt) Co. ............................... 4,117,756
6,800 Donnelley (R.R.) & Sons Co. ..................... 168,725
6,200 Dow Jones & Co., Inc. ........................... 421,600
18,300 Gannett Co., Inc. ............................... 1,492,594
9,300 * Harrahs Entertainment, Inc. ..................... 245,869
7,100 Knight-Ridder, Inc. ............................. 422,450
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - continued
Printing, Publishing, Broadcasting &
Entertainment - continued
14,000 McGraw-Hill Companies, Inc. ..................... $ 862,750
4,700 Meredith Corp. .................................. 195,931
12,200 New York Times Co., Cl. A........................ 599,325
11,800 Omnicom Group, Inc. ............................. 1,180,000
89,300 Time Warner, Inc. ............................... 6,468,669
4,000 Times Mirror Co., Ser. A......................... 268,000
18,900 Tribune Co. ..................................... 1,040,681
50,252 * Viacom, Inc., Cl. B.............................. 3,037,105
------------
28,636,726
------------
Real Estate - 0.1%
15,400 Marriott International, Inc., Cl. A.............. 486,062
------------
Retailing & Wholesale - 6.2%
7,700 * Autozone, Inc. .................................. 248,806
9,100 * Bed Bath & Beyond, Inc. ......................... 316,225
13,000 * Best Buy Co., Inc. .............................. 652,438
14,100 Circuit City Stores, Inc. ....................... 635,381
12,200 * Consolidated Stores Corp. ....................... 198,250
14,400 * Costco Wholesale Corp. .......................... 1,314,000
25,100 CVS Corp. ....................................... 1,002,431
30,300 Dayton Hudson Corp. ............................. 2,225,156
10,100 Dillards, Inc., Cl. A............................ 203,894
15,425 Dollar General Corp. ............................ 350,919
13,400 * Federated Department Stores, Inc. ............... 677,538
61,800 Gap, Inc. ....................................... 2,842,800
3,600 Harcourt General, Inc. .......................... 144,900
159,297 Home Depot, Inc. ................................ 10,921,801
18,300 J.C. Penney Co., Inc. ........................... 364,856
34,750 * Kmart Corp. ..................................... 349,672
10,200 * Kohl's Corp. .................................... 736,312
14,094 Limited, Inc. ................................... 610,446
7,100 Longs Drug Stores Corp. ......................... 183,269
26,600 Lowe's Companies, Inc. .......................... 1,589,350
25,800 May Department Stores Co. ....................... 832,050
1,084 Neiman Marcus Group, Cl. B....................... 29,200
9,500 Nordstrom, Inc. ................................. 248,781
24,100 * Office Depot, Inc. .............................. 263,594
25,900 Rite Aid Corp. .................................. 289,756
3,100 Russell Corp. ................................... 51,925
34,100 * Safeway, Inc. ................................... 1,212,681
25,900 Sears, Roebuck & Co. ............................ 788,331
32,450 * Staples, Inc. ................................... 673,338
9,000 SuperValu, Inc. ................................. 180,000
13,000 Tandy Corp. ..................................... 639,438
19,700 TJX Co., Inc. ................................... 402,619
16,900 * Toys "R" Us, Inc. ............................... 241,881
6,000 W.W. Grainger, Inc. ............................. 286,875
309,390 Wal-Mart Stores, Inc. ........................... 21,386,584
72,800 Walgreen Co. .................................... 2,129,400
------------
55,224,897
------------
</TABLE>
19
<PAGE>
EVERGREEN
Select Equity Index Fund
Schedule of Investments (continued)
December 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - continued
Telecommunication Services & Equipment - 3.6%
9,700 * ADC Telecommunications, Inc. ..................... $ 703,856
9,300 Centurytel, Inc. ................................. 440,588
11,300 * General Instrument Corp. ......................... 960,500
51,885 * Global Crossing, Ltd. ............................ 2,594,250
41,400 * MediaOne Group, Inc. ............................. 3,180,037
42,500 Motorola, Inc. ................................... 6,258,125
92,200 Nortel Networks Corp. ............................ 9,312,200
45,600 * Qualcomm, Inc. ................................... 8,031,300
6,000 Scientific Atlanta, Inc. ......................... 333,750
------------
31,814,606
------------
Textile & Apparel - 0.0%
7,900 V.F. Corp. ....................................... 237,000
------------
Transportation - 0.7%
10,000 * AMR Corp. ........................................ 670,000
30,992 Burlington Northern Santa Fe Corp. ............... 751,556
14,000 CSX Corp. ........................................ 439,250
9,000 Delta Air Lines, Inc. ............................ 448,313
19,000 * FDX Corp. ........................................ 777,812
7,500 Kansas City Southern Industries, Inc. ............ 559,688
25,600 Norfolk Southern Corp. ........................... 524,800
6,200 Ryder Systems, Inc. .............................. 151,513
36,300 Southwest Airlines Co. ........................... 587,606
19,700 Union Pacific Corp. .............................. 859,412
7,200 * US Airways Group, Inc. ........................... 230,850
------------
6,000,800
------------
Utilities - Electric - 1.5%
16,500 * AES Corp. ........................................ 1,233,375
8,600 Ameren Corp. ..................................... 281,650
14,100 American Electric Power Co., Inc. ................ 452,962
9,100 Carolina Power & Light Co. ....................... 276,981
8,500 Cinergy Corp. .................................... 205,063
6,300 CMS Energy Corp. ................................. 196,481
17,600 Consolidated Edison, Inc. ........................ 607,200
9,500 Constellation Energy Group, Inc. ................. 275,500
13,100 Dominion Resources, Inc. ......................... 514,175
10,300 DTE Energy Co. ................................... 323,163
24,286 Duke Power Co. ................................... 1,217,336
21,800 Edison International.............................. 570,887
21,900 Entergy Corp. .................................... 563,925
17,200 Firstenergy Corp. ................................ 390,225
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - continued
Utilities - Electric - continued
6,300 Florida Progress Corp. ........................... $ 266,569
11,000 FPL Group, Inc. .................................. 470,937
11,900 GPU, Inc. ........................................ 356,256
6,800 New Century Energies, Inc. ....................... 206,550
12,600 * Niagara Mohawk Holdings, Inc. .................... 175,613
7,700 Northern State Power Corp. ....................... 150,150
13,300 PECO Energy Co. .................................. 462,175
27,200 PG&E Corp. ....................................... 557,600
5,500 Pinnacle West Capital Corp. ...................... 168,094
11,500 PP&L Resources, Inc. ............................. 263,063
14,900 Public Service Enterprise Group, Inc. ............ 518,706
21,000 Reliant Energy, Inc. ............................. 480,375
16,314 Sempra Energy..................................... 283,456
46,600 Southern Co. ..................................... 1,095,100
18,185 Texas Utilities Co. .............................. 646,704
------------
13,210,271
------------
Utilities - Gas - 0.2%
5,750 Columbia Energy Group............................. 363,688
3,700 Eastern Enterprises............................... 212,519
3,000 NICOR, Inc. ...................................... 97,500
6,600 Oneok, Inc. ...................................... 165,825
4,800 Peoples Energy Corp. ............................. 160,800
28,600 The Williams Companies, Inc. ..................... 874,087
------------
1,874,419
------------
Utilities - Telephone - 6.1%
20,800 ALLTEL Corp. ..................................... 1,719,900
221,527 AT&T Corp. ....................................... 11,242,495
109,124 Bell Atlantic Corp. .............................. 6,717,946
130,700 BellSouth Corp. .................................. 6,118,394
67,000 GTE Corp. ........................................ 4,727,687
24,800 * Nextel Communications, Inc., Cl. A................ 2,557,500
236,981 SBC Communications, Inc. ......................... 11,552,824
62,200 Sprint Corp. ..................................... 4,186,838
32,400 * Sprint Corp. (PCS Group), Ser. 1.................. 3,321,000
35,995 U.S. West, Inc. .................................. 2,591,640
------------
54,736,224
------------
Utilities - 0.1%
12,000 Central & South West Corp. ....................... 240,000
16,000 Unicom Corp. ..................................... 536,000
------------
776,000
------------
Total Common Stocks (cost $569,328,639)........... 857,019,147
------------
</TABLE>
20
<PAGE>
EVERGREEN
Select Equity Index Fund
Schedule of Investments (continued)
December 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
SHORT-TERM INVESTMENTS - 4.3%
Repurchase Agreement - 4.1%
$36,648,146 Cowen Securities Corp., 2.55%, dated 12/31/1999,
maturing 1/3/2000, maturity
value $36,655,934 (a)............................. $ 36,648,146
------------
U.S. Government Agency Obligations - 0.2%
U.S. Treasury Bills+
10,000 4.885%, 1/13/2000.................................. 9,984
10,000 4.92%, 1/13/2000................................... 9,984
1,180,000 4.955%, 2/3/2000................................... 1,174,640
125,000 4.99%, 2/3/2000.................................... 124,428
25,000 5.04%, 1/27/2000................................... 24,909
100,000 5.09%, 2/17/2000................................... 99,336
465,000 5.10%, 2/17/2000................................... 461,934
70,000 5.12%, 2/17/2000................................... 69,532
------------
1,974,747
------------
Total Short-Term Investments (cost $38,622,893).... 38,622,893
------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments - (cost $607,951,532).... 100.2% 895,642,040
Other Assets and Liabilities - net.......... (0.2) (2,134,511)
----- ------------
Net Assets.................................. 100.0% $893,507,529
===== ============
</TABLE>
(a) The repurchase agreement is fully collateralized by the U.S. govern-
ment and/or agency obligations based on market prices plus accrued
interest at December 31, 1999.
* Non-income producing security.
** At December 31, 1999, the Fund owned 65,660 shares of First Union Corp.
common stock, an affiliated issuer, with a cost of $3,841,204. During the
period ended December 31, 1999, the Fund earned $61,203 in dividend income
from this investment. This investment in First Union Corp. enables the Fund
to maintain a similar weighting as that of the S&P 500 Index.
+ Securities are being held in a segregated account at the Fund's custo-
dian for initial margin deposits on open futures contracts.
Futures Contracts - Long Position
<TABLE>
<CAPTION>
Initial Contract Value at Unrealized
Expiration Contracts Amount December 31, 1999 Gain
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
March 2000 94 S&P 500 Index $33,667,733 $34,878,701 $1,210,968
</TABLE>
Summary of Abbreviations:
NV Naamloze Vennootschap (Dutch corporation)
See Combined Notes to Financial Statements.
21
<PAGE>
EVERGREEN
Select Special Equity Fund
Schedule of Investments
December 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - 92.7%
Banks - 1.9%
147,901 * Imperial Bancorp.................................. $ 3,568,112
------------
Building, Construction & Furnishings - 0.9%
32,574 * Aaon, Inc......................................... 468,251
46,340 * Shaw Group, Inc................................... 1,172,981
------------
1,641,232
------------
Business Equipment & Services - 1.2%
73,400 * Circle International Group, Inc................... 1,633,150
12,299 * Startek, Inc...................................... 445,839
63,630 * Vision Twenty One, Inc............................ 174,982
------------
2,253,971
------------
Chemical & Agricultural Products - 1.3%
105,103 * Cemfirst, Inc..................................... 2,299,128
24,233 * Hines Horticulture, Inc........................... 204,466
------------
2,503,594
------------
Communication Systems & Services - 5.6%
14,824 * Active Voice Corp................................. 430,823
47,964 Allen Telecom, Inc. .............................. 554,584
26,600 * ANADIGICS, Inc. .................................. 1,255,187
23,962 * Gilat Communications, Ltd. ....................... 576,586
106,027 * Metromedia Fiber Network, Inc., Cl. A............. 5,082,669
23,982 * Performance Technologies, Inc. ................... 416,687
155,147 * VDI Media......................................... 2,133,271
------------
10,449,807
------------
Consumer Products & Services - 4.9%
54,309 Commonwealth Industries, Inc. .................... 706,017
47,517 * Guess?, Inc. ..................................... 1,033,495
25,235 * Mobile Mini, Inc. ................................ 542,552
35,752 * NFO Worldwide, Inc................................ 799,951
34,411 * SCP Pool Corp..................................... 892,535
123,994 * Sola International, Inc........................... 1,720,417
93,683 Toro Co........................................... 3,495,547
------------
9,190,514
------------
Electrical Equipment & Services - 4.8%
51,940 American Superconductor Corp...................... 1,454,320
41,301 Helix Technology Corp............................. 1,850,801
34,880 * Mattson Technology, Inc........................... 597,320
15,452 * Parlex Corp....................................... 406,581
16,555 * Power One, Inc.................................... 758,426
36,391 * Radisys Corp. .................................... 1,855,941
32,060 * Three-Five Systems, Inc. ......................... 1,314,460
42,308 * Windmere Durable Holdings, Inc.................... 719,236
------------
8,957,085
------------
Electronic Equipment & Services - 4.0%
36,450 * Aavid Thermal Technologies, Inc................... 895,303
25,913 * American Xtal Technology, Inc..................... 451,858
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - continued
Electronic Equipment & Services - continued
31,445 * Astropower, Inc................................... $ 440,230
18,103 * Bel Fuse, Inc. ................................... 504,621
20,162 * C-COR.net Corp.................................... 1,544,913
19,250 * Elantec Semiconductor, Inc........................ 635,250
43,045 * LTX Corp.......................................... 963,132
12,837 * Universal Electronics, Inc........................ 590,502
37,198 Watkins-Johnson Co. .............................. 1,487,920
------------
7,513,729
------------
Finance & Insurance - 9.4%
29,235 American Capital Strategies, Ltd. ................ 665,096
75,153 Dain Rauscher Corp................................ 3,494,614
38,740 * Data Broadcasting Corp............................ 319,605
112,430 * Delta Financial Corp. ............................ 463,774
74,337 E.W. Blanch Holdings, Inc......................... 4,553,141
20,728 * First Sierra Financial, Inc. ..................... 354,967
34,589 * Insurance Auto Auctions, Inc...................... 544,777
19,801 * National Discount Brokers Group................... 522,251
53,550 * New Century Financial Corp........................ 843,413
26,126 Southwest Securities Group, Inc................... 715,199
256,328 * UICI.............................................. 2,707,465
109,640 * WFS Financial, Inc................................ 2,316,145
------------
17,500,447
------------
Food & Beverage Products - 3.6%
109,670 Applebee's International, Inc..................... 3,235,265
68,852 * CEC Entertainment, Inc............................ 1,953,676
111,570 * Scheid Vineyards, Inc., Cl. A..................... 404,441
61,013 * Triarc Companies, Inc. ........................... 1,121,114
------------
6,714,496
------------
Forest Products - 0.0%
1,589 Deltic Timber Corp................................ 34,759
------------
Gaming - 0.2%
22,700 * Argosy Gaming Corp................................ 353,269
------------
Healthcare Products & Services - 5.9%
102,534 * Apria Healthcare Group, Inc. ..................... 1,839,204
73,534 * Brookdale Living Communities, Inc................. 909,983
69,150 * Caremark Rx, Inc.................................. 350,072
91,420 * Chirex, Inc. ..................................... 1,337,017
87,910 * Computer Motion, Inc. ............................ 967,010
25,600 * Corixa Corp....................................... 435,200
76,630 * Dura Pharmaceuticals, Inc......................... 1,068,031
44,140 * Guilford Pharmaceuticals, Inc..................... 750,380
77,024 Hooper Holmes, Inc................................ 1,983,368
33,206 * I-STAT Corp. ..................................... 481,487
34,058 * Novoste Corp...................................... 561,957
35,556 * ProxyMed, Inc..................................... 346,671
------------
11,030,380
------------
</TABLE>
22
<PAGE>
EVERGREEN
Select Special Equity Fund
Schedule of Investments (continued)
December 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - continued
Industrial Specialty Products & Services - 3.4%
89,526 * Global Industrial Technologies, Inc. ............. $ 1,163,838
22,099 * II-VI, Inc........................................ 444,742
198,216 Mark IV Industries, Inc........................... 3,505,945
61,820 * McDermott International, Inc...................... 560,244
43,237 Steel Technologies, Inc. ......................... 626,937
------------
6,301,706
------------
Information Services & Technology - 9.4%
37,675 * 4Front Technologies, Inc.......................... 503,903
31,601 * Computer Network Technology....................... 724,848
60,850 * Concentric Network Corp. ......................... 1,874,941
9,016 * Ibis Technology Corp.............................. 447,419
154,480 * Maxtor Corp....................................... 1,119,980
47,101 * Metacreations Corp. .............................. 404,774
16,968 * Mikohn Gaming Corp................................ 86,961
8,726 * MIPS Technologies, Inc............................ 453,752
30,316 * MMC Networks, Inc................................. 1,042,112
22,929 * MTI Technology Corp............................... 845,507
15,436 * Netopia, Inc. .................................... 838,368
43,592 * Peerless Systems Corp............................. 337,838
26,965 * Pinnacle Systems, Inc. ........................... 1,097,138
31,540 * Real Networks, Inc................................ 3,794,656
98,958 * S3, Inc........................................... 1,144,202
36,858 * Tecnomatix Technologies, Ltd...................... 1,059,667
22,616 * Telescan, Inc. ................................... 558,333
37,521 * Trimble Navigation, Ltd........................... 811,392
12,122 * ZixIt Corp. ...................................... 480,334
------------
17,626,125
------------
Machinery - Diversified - 1.0%
31,222 * Applied Science & Tech, Inc....................... 1,037,644
38,740 * Gasonics International Corp....................... 765,115
1,590 Thermo Sentron, Inc............................... 23,055
------------
1,825,814
------------
Manufacturing - Distributing - 0.8%
3,892 Lindsay Manufacturing Co. ........................ 71,029
25,210 Pentair, Inc...................................... 970,585
10,214 * Photon Dynamics, Inc. ............................ 395,793
------------
1,437,407
------------
Metal Products & Services - 2.1%
49,600 * Material Sciences Corp. .......................... 505,300
22,669 * Maverick Tube Corp................................ 559,641
93,360 Quanex Corp. ..................................... 2,380,680
44,275 Summit Technology, Inc. .......................... 517,464
------------
3,963,085
------------
Oil/Energy - 3.7%
63,700 * Barrett Resources Corp............................ 1,875,169
78,302 * Newfield Exploration Co. ......................... 2,094,578
26,502 * St. Mary Land & Exploration Co.................... 655,924
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - continued
Oil/Energy - continued
41,912 * Stone Energy Corp................................ $ 1,493,115
52,211 Western Gas Resources, Inc. ..................... 688,533
------------
6,807,319
------------
Oil Field Services - 3.5%
16,800 * Cal Dive International, Inc...................... 556,500
73,100 * Hanover Compressor Co............................ 2,759,525
49,110 * Lone Star Technologies, Inc...................... 1,368,941
61,112 * Nabors Industries, Inc. ......................... 1,890,653
------------
6,575,619
------------
Paper & Packaging - 0.6%
70,192 Pope & Talbot, Inc. ............................. 1,123,072
------------
Pharmaceuticals - 2.5%
40,718 * Advance Paradigm, Inc. .......................... 877,982
17,594 * Biocryst Pharmaceuticals, Inc.................... 519,023
24,347 * SuperGen, Inc. .................................. 715,193
44,456 * Transkaryotic Therapies, Inc..................... 1,711,652
70,013 * Triangle Pharmaceuticals, Inc.................... 897,042
------------
4,720,892
------------
Printing, Publishing, Broadcasting &
Entertainment - 0.7%
39,700 * Ascent Entertainment Group, Inc.................. 503,694
16,910 * SBS Broadcasting SA.............................. 823,305
------------
1,326,999
------------
Real Estate - 4.1%
120,125 * Choice Hotels, Inc., REIT........................ 2,057,141
54,400 Imperial Credit Commercial Mortgage Investment
Corp., REIT..................................... 618,800
198,792 Indymac Mortgage Holdings, Inc., REIT............ 2,534,598
124,116 LNR Property Corp................................ 2,466,805
------------
7,677,344
------------
Retailing & Wholesale - 7.0%
33,200 * Children's Place Retail Stores, Inc.............. 545,725
22,450 * Coldwater Creek, Inc............................. 460,225
60,650 * Footstar, Inc.................................... 1,849,825
22,039 * Intertan, Inc.................................... 575,769
95,450 * Jack In The Box, Inc............................. 1,974,622
18,603 * Kenneth Cole Productions, Inc., Cl. A............ 851,087
49,435 * Michaels Stores, Inc............................. 1,408,898
47,204 Movado Group, Inc................................ 1,029,637
88,424 * Pacific Sunwear Of California.................... 2,818,515
74,620 * Sharper Image Corp............................... 946,741
46,943 * Sunglass Hut International, Inc.................. 528,109
------------
12,989,153
------------
Telecommunication Services & Equipment - 5.5%
15,284 * Anaren Microwave, Inc............................ 827,247
10,329 Commnet Cellular, Inc............................ 331,819
18,690 * Intermedia Communications, Inc................... 725,406
74,960 * NEXTLINK Communications, Inc., Cl. A............. 6,226,365
69,150 * US LEC Corp., Cl. A.............................. 2,230,087
------------
10,340,924
------------
</TABLE>
23
<PAGE>
EVERGREEN
Select Special Equity Fund
Schedule of Investments (continued)
December 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
COMMON STOCKS - continued
Thrift Institutions - 0.0%
8,342 Warren Bancorp, Inc............................... $ 62,565
------------
Transportation - 4.7%
60,459 * American Freightways Corp......................... 978,680
23,499 * Amtran, Inc....................................... 455,293
149,000 * Arkansas Best Corp. .............................. 1,788,000
39,300 CNF Transportation, Inc........................... 1,355,850
17,969 * Forward Air Corp.................................. 779,405
67,730 * Genesee & Wyoming, Inc............................ 872,024
49,739 * M.S. Carriers, Inc................................ 1,187,519
61,179 Roadway Express, Inc.............................. 1,322,996
------------
8,739,767
------------
Total Common Stocks
(cost $150,830,089).............................. 173,229,186
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
SHORT-TERM INVESTMENTS - 7.2%
Repurchase Agreement - 7.2%
$13,370,717 Cowen Securities Corp.,
2.55%, dated 12/31/1999, maturing 1/3/2000,
maturity value $13,373,558
(cost $13,370,717) (a)...................... $ 13,370,717
------------
Total Investments -
(cost $164,200,806)......................... 99.9% 186,599,903
Other Assets and
Liabilities - net........................... 0.1 205,604
----- ------------
Net Assets................................... 100.0% $186,805,507
===== ============
</TABLE>
(a) The repurchase agreement is fully collateralized by the U.S. government
and/or agency obligations based on market prices plus accrued interest at
December 31, 1999.
* Non-income producing security.
Summary of Abbreviations:
REIT Real Estate Investment Trust
See Combined Notes to Financial Statements.
24
<PAGE>
EVERGREEN
Select Equity Growth Funds
Statements of Assets and Liabilities
December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Equity Index Special Equity
Fund Fund
- --------------------------------------------------------------------------------
<S> <C> <C>
Assets
Identified cost of securities.................... $607,951,532 $164,200,806
Net unrealized gains on securities............... 287,690,508 22,399,097
- --------------------------------------------------------------------------------
Market value of securities....................... 895,642,040 186,599,903
Receivable for securities sold................... 0 1,410,770
Receivable for Fund shares sold.................. 2,176,584 1,357,726
Dividends and interest receivable................ 762,262 38,375
Receivable for daily variation margin on open
futures contracts............................... 79,900 0
Prepaid expenses and other assets................ 68,759 106,536
- --------------------------------------------------------------------------------
Total assets..................................... 898,729,545 189,513,310
- --------------------------------------------------------------------------------
Liabilities
Distributions payable............................ 71,646 0
Payable for securities purchased................. 569,888 2,355,035
Payable for Fund shares redeemed................. 4,416,716 167,955
Advisory fee payable............................. 109,238 127,465
Distribution Plan expenses payable............... 19,886 2,153
Due to other related parties..................... 16,362 14,868
Accrued expenses and other liabilities........... 18,280 40,327
- --------------------------------------------------------------------------------
Total liabilities................................ 5,222,016 2,707,803
- --------------------------------------------------------------------------------
Net assets........................................ $893,507,529 $186,805,507
================================================================================
Net assets represented by
Paid-in capital.................................. $609,266,645 $144,211,515
Undistributed (overdistributed) net investment
income or loss.................................. (22,986) (277,608)
Accumulated net realized gains or losses on
securities and futures contracts................ (4,637,606) 20,472,503
Net unrealized gains or losses on securities and
futures contracts............................... 288,901,476 22,399,097
- --------------------------------------------------------------------------------
Total net assets.................................. $893,507,529 $186,805,507
================================================================================
Net assets consists of
Class I.......................................... $596,017,026 $144,593,189
Class IS......................................... 41,275,114 6,928,475
Class A.......................................... 57,809,096 12,340,316
Class B.......................................... 175,929,902 14,437,244
Class C.......................................... 22,476,391 8,506,283
- --------------------------------------------------------------------------------
Total net assets.................................. $893,507,529 $186,805,507
- --------------------------------------------------------------------------------
Shares outstanding
Class I.......................................... 10,770,403 9,681,898
Class IS......................................... 746,195 470,141
Class A.......................................... 1,044,975 838,202
Class B.......................................... 3,184,547 982,262
Class C.......................................... 406,416 578,462
- --------------------------------------------------------------------------------
Net asset value per share
Class I.......................................... $ 55.34 $ 14.93
================================================================================
Class IS......................................... $ 55.31 $ 14.74
================================================================================
Class A.......................................... $ 55.32 $ 14.72
================================================================================
Class A--Offering price (based on sales charge of
4.75%).......................................... $ 58.08 $ 15.46
================================================================================
Class B.......................................... $ 55.24 $ 14.70
================================================================================
Class C.......................................... $ 55.30 $ 14.70
================================================================================
</TABLE>
See Combined Notes to Financial Statements.
25
<PAGE>
EVERGREEN
Select Equity Growth Funds
Statements of Operations
Six Months Ended December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Equity Index Special Equity
Fund Fund
- ---------------------------------------------------------------------------------
<S> <C> <C>
Investment income
Dividends (net of foreign withholding taxes of
$21,367 and $0, respectively).................... $ 4,712,143 $ 252,596
Interest.......................................... 654,361 308,321
- ---------------------------------------------------------------------------------
Total investment income............................ 5,366,504 560,917
- ---------------------------------------------------------------------------------
Expenses
Advisory fee...................................... 1,560,050 997,275
Distribution Plan expenses........................ 850,250 41,956
Administrative services fees...................... 88,603 38,964
Transfer agent fee................................ 379,739 31,844
Trustees' fees and expenses....................... 6,877 1,628
Printing and postage expenses..................... 20,025 3,877
Custodian fee..................................... 99,922 23,619
Registration and filing fees...................... 14,815 10,218
Professional fees................................. 11,972 8,368
Other............................................. 2,364 8,650
- ---------------------------------------------------------------------------------
Total expenses.................................. 3,034,617 1,166,399
Less: Expense reductions........................ (12,886) (9,536)
Fee waivers................................... (1,001,444) (318,660)
- ---------------------------------------------------------------------------------
Net expenses.................................... 2,020,287 838,203
- ---------------------------------------------------------------------------------
Net investment income (loss)...................... 3,346,217 (277,286)
=================================================================================
Net realized and unrealized gains or losses on
securities and futures contracts
Net realized gains or losses on:
Securities........................................ (3,759,754) 30,286,318
Futures contracts................................. 1,947,702 0
- ---------------------------------------------------------------------------------
Net realized gains or losses on securities and
futures contracts................................ (1,812,052) 30,286,318
- ---------------------------------------------------------------------------------
Net change in unrealized gains on securities and
futures contracts................................ 60,151,070 1,932,613
- ---------------------------------------------------------------------------------
Net realized and unrealized gains on securities
and futures contracts............................ 58,339,018 32,218,931
- ---------------------------------------------------------------------------------
Net increase in net assets resulting from
operations....................................... $61,685,235 $31,941,645
=================================================================================
</TABLE>
See Combined Notes to Financial Statements.
26
<PAGE>
EVERGREEN
Select Equity Growth Funds
Statements of Changes in Net Assets
Six Months Ended December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Equity Index Special Equity
Fund Fund
- --------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income or loss.................. $ 3,346,217 $ (277,286)
Net realized gains or losses on securities and
futures contracts............................. (1,812,052) 30,286,318
Net change in unrealized gains or losses on
securities and futures contracts.............. 60,151,070 1,932,613
- --------------------------------------------------------------------------------
Net increase in net assets resulting from
operations................................... 61,685,235 31,941,645
- --------------------------------------------------------------------------------
Distributions to shareholders from
Net investment income
Class I...................................... (3,254,400) 0
Class IS..................................... (173,362) 0
Class A...................................... (219,005) 0
Class B...................................... (207,957) 0
Class C...................................... (20,838) 0
Net realized gains
Class I...................................... (3,855,784) (856,226)
Class IS..................................... (264,381) (21,494,235)
Class A...................................... (358,623) (503,264)
Class B...................................... (1,092,585) (545,776)
Class C...................................... (131,127) (362,155)
- --------------------------------------------------------------------------------
Total distributions to shareholders.......... (9,578,062) (23,761,656)
- --------------------------------------------------------------------------------
Capital share transactions
Proceeds from shares sold...................... 265,238,776 86,852,769
Payment for shares redeemed.................... (190,853,654) (47,793,845)
Net asset value of shares issued in
reinvestment of distributions................. 9,073,094 18,557,642
- --------------------------------------------------------------------------------
Net increase in net assets resulting from
capital share transactions.................. 83,458,216 57,616,566
- --------------------------------------------------------------------------------
Total increase in net assets................ 135,565,389 65,796,555
Net assets
Beginning of period............................ 757,942,140 121,008,952
- --------------------------------------------------------------------------------
End of period.................................. $893,507,529 $186,805,507
================================================================================
Undistributed (overdistributed) net investment
income or loss.................................. $ (22,986) $ (277,608)
================================================================================
</TABLE>
See Combined Notes to Financial Statements.
27
<PAGE>
EVERGREEN
Select Equity Growth Funds
Statements of Changes in Net Assets
Year Ended June 30, 1999
<TABLE>
<CAPTION>
Equity Index Special Equity
Fund Fund
- -------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income or loss................. $ 5,015,981 $ (293,653)
Net realized gains on securities and futures
contracts.................................... 19,118,855 17,426,693
Net change in unrealized gains on securities
and futues contracts......................... 69,198,431 14,600,653
- -------------------------------------------------------------------------------
Net increase in net assets resulting from
operations.................................. 93,333,267 31,733,693
- -------------------------------------------------------------------------------
Distributions to shareholders from
Net investment income
Class I..................................... (4,162,159) 0
Class IS.................................... (242,056) 0
Class A..................................... (80,573) 0
Class B..................................... (52,475) 0
Class C..................................... (692) 0
Net realized gains
Class I..................................... (17,615,538) (7,643,649)
Class IS.................................... (2,041,449) (298,735)
Class A..................................... (10,507) 0
Class B..................................... (32,427) 0
- -------------------------------------------------------------------------------
Total distributions to shareholders......... (24,237,876) (7,942,384)
- -------------------------------------------------------------------------------
Capital share transactions
Proceeds from shares sold..................... 473,037,440 44,330,181
Payment for shares redeemed................... (136,826,407) (32,256,122)
Net asset value of shares issued in
reinvestment of distributions................ 22,881,422 7,935,176
- -------------------------------------------------------------------------------
Net increase in net assets resulting from
capital share transactions................. 359,092,455 20,009,235
- -------------------------------------------------------------------------------
Total increase in net assets............... 428,187,846 43,800,544
Net assets
Beginning of period........................... 329,754,294 77,208,408
- -------------------------------------------------------------------------------
End of period................................. $ 757,942,140 $121,008,952
- -------------------------------------------------------------------------------
Undistributed (overdistributed) net investment
income or loss................................. $ 506,359 $ (322)
- -------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
28
<PAGE>
Combined Notes to Financial Statements (Unaudited)
1. ORGANIZATION
The Evergreen Select Equity Funds consist of Evergreen Select Equity Index Fund
("Equity Index Fund") and Evergreen Select Special Equity Fund ("Special Equity
Fund"), each of which is a diversified series of Evergreen Select Equity Trust
(the "Trust"), a Delaware business trust organized on September 18, 1997. The
Trust is an open-end management investment company registered under the Invest-
ment Company Act of 1940, as amended (the "1940 Act").
The Funds offer Class A, Class B, Class C, Institutional shares ("Class I"),
and Institutional Service shares ("Class IS"). Class A shares are sold with a
maximum front-end sales charge of 4.75%. Class B shares and Class C shares are
sold without a front-end sales charge, but pay a higher ongoing distribution
fee than Class A. Class B shares are sold subject to a contingent deferred
sales charge that is payable upon redemption and decreases depending on how
long the shares have been held. Class B shares will automatically convert to
Class A shares after seven years. Class B shares purchased prior to January 1,
1997, follow the conversion rights at the time the shares were purchased. Class
C shares are sold subject to contingent deferred sales charge payable on the
shares redeemed within one year after the month of purchase. Class I and Class
IS shares are sold without a front-end sales charge or contingent deferred
sales charge. Class IS shares pay an ongoing service fee. Class I and Class IS
shares are sold only to certain institutional shareholders.
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
Securities traded on a national securities exchange or included on the NASDAQ
National Market System ("NMS") are valued at the last reported sales price on
the exchange where primarily traded. Securities traded on an exchange or NMS
and other securities traded in the over-the-counter market for which there has
been no sale are valued at the mean between the last reported bid and asked
price. Securities for which valuations are not readily available from an inde-
pendent pricing service (including restricted securities) are valued at fair
value as determined in good faith according to procedures established by the
Board of Trustees. Short-term investments with remaining maturities of 60 days
or less at the time of purchase are carried at amortized cost, which approxi-
mates market value.
B. Repurchase Agreements
Each Fund may invest in repurchase agreements. Securities pledged as collateral
for repurchase agreements are held by the custodian on the Fund's behalf. Col-
lateral 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 collateral 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 adviser to be creditworthy pursuant to guidelines
established by the Board of Trustees.
C. Futures Contracts
In order to gain exposure to or protect against changes in security values, the
Funds may buy and sell futures contracts.
The initial margin deposited with a broker when entering into a futures trans-
action is subsequently adjusted by daily payments or receipts ("variation mar-
gin") as the value of the contract changes. Such changes are recorded as
unrealized gains or losses. Realized gains or losses are recognized on closing
the contract.
29
<PAGE>
Combined Notes to Financial Statements (Unaudited) (continued)
Risks of entering into futures contracts include (i) the possibility of an il-
liquid market for the contract, (ii) the possibility that a change in the value
of the contract may not correlate with changes in the value of the underlying
instrument or index, and (iii) the credit risk that the other party will not
fulfill their obligations under the contract. Futures contracts also involve
elements of market risk in excess of the amount reflected in the Statement of
Assets and Liabilities.
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. Dividend income is recorded on the
ex-dividend date or in the case of some foreign securities, on the date there-
after when the Fund is made aware of the dividend. Income and capital gains re-
alized on some foreign securities may be subject to foreign taxes, which are
accrued as applicable.
E. Federal Taxes
The Funds intend to continue to qualify as regulated investment companies under
the Internal Revenue Code of 1986, as amended ("Code"). Thus, the Funds will
not incur any federal income tax liability since they are expected to distrib-
ute all of their net investment company taxable income and net capital gains,
if any, to their shareholders. The Funds also intend to avoid any excise tax
liability by making the required 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, if any, for the Funds are declared
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.
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 AGREEMENTS AND OTHER AFFILIATED TRANSACTIONS
First Capital Group, a division of First Union National Bank ("FUNB"), serves
as the investment advisor to the Equity Index Fund and is paid an advisory fee
that is computed daily and paid monthly at an annual rate of 0.40% of the
Fund's average daily net assets.
Meridian Investment Company ("Meridian"), an indirect, wholly-owned subsidiary
of First Union Corporation ("First Union"), serves as the investment advisor to
Special Equity Fund. In return for its services, Meridian is paid an annual fee
equal to 1.00% of average daily net assets of the Fund. Prior to November 1,
1999 the Fund paid Meridian a fee at the annual rate of 1.50% of the Fund's av-
erage daily net assets.
Each investment adviser has voluntarily agreed to waive a portion of the in-
vestment advisory fee on their respective Fund. For the six months ended Decem-
ber 31, 1999, the investment advisers voluntarily reduced their fees as fol-
lows:
<TABLE>
<CAPTION>
% of Average
Daily Net Assets
Fee Waivers (annualized)
----------------------------
<S> <C> <C>
Equity Index Fund.................. $1,001,444 0.13%
Special Equity Fund................ 318,660 0.20%
</TABLE>
Evergreen Investment Services ("EIS"), an indirect, wholly-owned subsidiary of
FUNB, is the administrator and The BISYS Group, Inc. ("BISYS") serves as sub-
administrator to the Funds. As administrator, EIS provides the
30
<PAGE>
Combined Notes to Financial Statements (Unaudited) (continued)
Funds with facilities, equipment and personnel. As sub-administrator to the
Funds, BISYS provides the officers of the Funds. Officers of the Funds and af-
filiated Trustees receive no compensation directly from the Funds.
The administrator and sub-administrator for each Fund are entitled to an annual
fee based on the average daily net assets of the Funds for which First Union or
its investment advisory subsidiaries are also the investment advisors. The ad-
ministration fee for Equity Index Fund is calculated by applying percentage
rates, which start at 0.05% and decline to 0.01% per annum as net assets in-
crease, to the average daily net asset value of the Fund. The sub-administra-
tion fee for the Equity Index Fund 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. Effective November 1, 1999 the
Special Equity Fund pays the administrator and sub-administrator a combined fee
at an annual rate of 0.10% of the Fund's average daily net assets. For the six
months ended December 31, 1999, the Funds paid or accrued the following amounts
for administrative and sub-administrative services:
<TABLE>
<CAPTION>
Administration Fee Sub-administration Fee
-----------------------------------------
<S> <C> <C>
Equity Index Fund..... $69,431 $19,172
Special Equity Fund... 36,608 2,356
</TABLE>
Evergreen Service Company ("ESC"), an indirect, wholly-owned subsidiary of
FUNB, 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 I. Distribution plans permit each
Fund to reimburse its principal underwriter for costs related to selling shares
of the Fund and for various other services. These costs, which consist primar-
ily of commissions and service fees to broker-dealers who sell shares of the
Fund, are paid by the Fund as Distribution Plan expenses. Under the Distribu-
tion Plans, Class A and Class IS incur distributions fees equal to 0.25% of the
average daily net asset of the class, all of which is used to pay for share-
holder service fees. Class B and Class C incur distribution fees equal to 1.00%
of the average daily net assets of each class. Of this amount, 0.25% of the
distribution fees incurred is used to pay for shareholder service fee, and
0.75% is used to pay for distribution-related costs. Distribution Plan expenses
are calculated daily and paid at least quarterly.
During the six months ended December 31, 1999, amounts paid or accrued to EDI
pursuant to each Fund's Class A, Class B, Class C and Class IS Distribution
Plans were as follows:
<TABLE>
<CAPTION>
Class A Class B Class C Class IS
---------------------------------
<S> <C> <C> <C> <C>
Equity Index Fund........... $57,172 $683,670 $62,046 $47,362
Special Equity Fund......... 4,790 19,254 11,184 6,728
</TABLE>
With respect to Class B and Class C shares, the principal underwriter may pay
distribution fees greater than the allowable annual amounts each Fund is per-
mitted to pay under the Distribution Plans.
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 on the close of business July 24, 1998, Equity Index Fund and Special
Equity Fund (collectively, "Evergreen Funds") acquired all of the net assets
and certain liabilities of the CoreFund Equity Index Fund ("Core Index Fund")
and CoreFund Special Equity Fund ("Core Special Fund") (collectively,
"CoreFunds"), respectively, each an open-end, management investment company,
registered under 1940 Act, through tax-free exchanges of shares. Shareholders
of Class A, Class B and Class Y shares of the CoreFunds became owners of that
number of full and fractional shares of Class IS, Class IS and Class I shares,
respectively, of Equity Index Fund and Special Equity Fund, having an aggregate
net asset value equal to the aggregate net asset
31
<PAGE>
Combined Notes to Financial Statements (Unaudited) (continued)
value of their CoreFund shares immediately prior to the close of business on
July 24, 1998. As a result of these transactions, shareholders of Core Index
Fund, Class B received 43,220 shares of Equity Index Fund, Class IS and share-
holders of Core Special Fund, Class B received 22,353 shares of Special Equity
Fund, Class IS.
The Evergreen Funds had no operations prior to the acquisition. Since Evergreen
Funds and the CoreFunds were similar funds, and the CoreFunds contributed the
majority of the net assets and shareholders, their basis of accounting for as-
sets and liabilities and their operating results for prior periods are carried
forward as the accounting survivors. CoreFunds Class A and Class Y shares were
the predecessor share classes to the Evergreen Fund Class IS and Class I. The
amounts relating to these transactions are reflected in proceeds from shares
sold in both the Statements of Changes in Net Assets and footnote 6--Capital
Shares Transactions.
6. 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, Class B, Class C, Class I and Class IS. Transactions in
shares of the Funds were as follows:
Equity Index Fund
<TABLE>
<CAPTION>
Six Months Ended Year Ended
December 31, 1999 June 30, 1999*
------------------------- -------------------------
Shares Amount Shares Amount
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class I Shares
Shares sold............. 2,714,036 $ 139,230,797 6,042,847 $ 285,769,694
Shares redeemed......... (3,037,812) (154,319,442) (2,377,803) (106,433,062)
Shares issued in
reinvestment of
distributions.......... 128,166 6,735,775 473,952 20,448,200
- ------------------------------------------------------------------------------
Net increase
(decrease)............. (195,610) (8,352,870) 4,138,996 199,784,832
- ------------------------------------------------------------------------------
Class IS Shares
Shares sold............. 48,840 2,430,292 485,500 22,872,676
Shares redeemed......... (41,956) (2,150,499) (65,194) (6,348,972)
Shares issued in
reinvestment of
distributions.......... 8,151 428,319 52,714 2,258,939
- ------------------------------------------------------------------------------
Net increase............ 15,035 708,112 473,020 18,782,643
- ------------------------------------------------------------------------------
Class A Shares
Shares sold............. 756,181 38,734,531 1,148,902 56,545,137
Shares redeemed......... (456,151) (23,090,765) (416,523) (20,942,814)
Shares issued in
reinvestment of
distributions.......... 10,688 562,030 1,878 90,280
- ------------------------------------------------------------------------------
Net increase............ 310,718 16,205,796 734,257 35,692,603
- ------------------------------------------------------------------------------
Class B Shares
Shares sold............. 1,299,527 66,654,427 2,124,978 104,464,062
Shares redeemed......... (202,349) (10,411,337) (62,624) (3,100,383)
Shares issued in
reinvestment of
distributions.......... 23,203 1,224,747 1,812 83,415
- ------------------------------------------------------------------------------
Net increase............ 1,120,381 57,467,837 2,064,166 101,447,094
- ------------------------------------------------------------------------------
Class C Shares
Shares sold............. 354,024 18,188,729 67,034 3,385,871
Shares redeemed......... (16,940) (881,611) (23) (1,176)
Shares issued in
reinvestment of
distributions.......... 2,309 122,223 12 588
- ------------------------------------------------------------------------------
Net increase............ 339,393 17,429,341 67,023 3,385,283
- ------------------------------------------------------------------------------
Net increase............ $ 83,458,216 $ 359,092,455
- --------------------------------------------------------------------------------
</TABLE>
* The Class A, Class B and Class C amounts represented are for the periods from
November 4, 1998, November 3, 1998 and April 30, 1998 (commencement of class
operations) respectively, to June 30, 1999.
32
<PAGE>
Combined Notes to Financial Statements (Unaudited) (continued)
Special Equity Fund
<TABLE>
<CAPTION>
Six Months Ended Year Ended
December 31, 1999 June 30, 1999
------------------------ ------------------------
Shares Amount Shares Amount
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class I Shares
Shares sold............... 3,636,294 $ 50,794,090 3,681,321 $ 43,045,845
Shares redeemed........... (3,410,628) (45,110,609) (2,831,875) (30,671,560)
Shares issued in
reinvestment of
distributions............ 1,218,885 16,635,988 812,275 7,643,511
- ------------------------------------------------------------------------------
Net increase.............. 1,444,551 22,319,469 1,661,721 20,017,796
- ------------------------------------------------------------------------------
Class IS Shares
Shares sold............... 233,160 3,217,378 114,558 1,284,336
Shares redeemed........... (105,268) (1,428,345) (146,994) (1,584,562)
Shares issued in
reinvestment of
distributions............ 54,558 730,361 31,295 291,665
- ------------------------------------------------------------------------------
Net increase (decrease)... 182,450 2,519,394 (1,141) (8,561)
- ------------------------------------------------------------------------------
Class A Shares*
Shares sold............... 865,326 11,776,769 -- --
Shares redeemed........... (56,329) (805,836) -- --
Shares issued in
reinvestment of
distributions............ 29,205 424,607 -- --
- ------------------------------------------------------------------------------
Net increase.............. 838,202 11,395,540 -- --
- ------------------------------------------------------------------------------
Class B Shares*
Shares sold............... 967,171 13,156,370 -- --
Shares redeemed........... (16,784) (225,607) -- --
Shares issued in
reinvestment of
distributions............ 31,875 460,215 -- --
- ------------------------------------------------------------------------------
Net increase.............. 982,262 13,390,978 -- --
- ------------------------------------------------------------------------------
Class C Shares*
Shares sold............... 573,243 7,908,162 -- --
Shares redeemed........... (15,997) (223,448) -- --
Shares issued in
reinvestment of
distributions............ 21,216 306,471 -- --
- ------------------------------------------------------------------------------
Net increase.............. 578,462 7,991,185 -- --
- ------------------------------------------------------------------------------
Net increase.............. $ 57,616,566 $ 20,009,235
- --------------------------------------------------------------------------------
</TABLE>
* For the period from August 30, 1999 (commencement of class operations) to De-
cember 31, 1999.
7. SECURITIES TRANSACTIONS
Cost of purchases and proceeds from sales of investment securities (excluding
short-term investments) were as follows for the six months ended December 31,
1999:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
-------------------------------------
<S> <C> <C>
Equity Index Fund......... $138,441,461 $ 67,509,962
Special Equity Fund....... 176,211,455 150,562,804
</TABLE>
8. EXPENSE REDUCTIONS
The Funds have entered into an expense reduction arrangements with ESC and
their custodian whereby credits realized as a result of uninvested cash bal-
ances were used to reduce a portion of each Fund's related expenses. The assets
deposited with ESC and the custodian under these expense reduction arrangements
could have been invested in income-producing assets. The amount of expense re-
ductions received by each Fund and the impact on each Fund's expense ratio rep-
resented as a percentage of its average daily net assets were as follows:
<TABLE>
<CAPTION>
% of Average
Expense Daily Net Assets
Reductions (annualized)
---------------------------
<S> <C> <C>
Equity Index Fund................... $12,886 0.00%
Special Equity Fund................. 9,536 0.00
</TABLE>
9. DEFERRED TRUSTEES' FEES
Each Independent Trustee of the Funds 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. At the election of the Trustees, the deferral account will be paid
either in one lump sum or in quarterly installments for up to ten years.
33
<PAGE>
Combined Notes to Financial Statements (Unaudited) (continued)
10. FINANCING AGREEMENT
Certain Evergreen Funds, State Street Bank and Trust Company ("State Street")
and Bank of New York ("BONY") entered into a renewed financing agreement dated
December 22, 1998. Under this agreement, the State Street and BONY provided an
unsecured credit facility in the aggregate amount of $150 million ($125 million
committed and $25 million uncommitted). The credit facility was allocated, un-
der the terms of the financing agreement, between the Banks. The credit facil-
ity was accessed by the Funds for temporary or emergency purposes only and was
subject to each Fund's borrowing restrictions. Borrowings under this facility
bore 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 facili-
ty, which will be allocated to all funds. 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 a credit agreement. Under this agreement, the Lenders pro-
vide an unsecured revolving credit commitment in the aggregate amount of $1.050
billion. The credit facility is allocated, under the terms of the financing
agreement, among the Lenders. The credit facility is accessed by the Funds for
temporary or emergency purposes to fund the redemption of their shares or a
general 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 was allocated to all the Funds.
During the six months ended December 31, 1999, the Funds had no borrowings un-
der these agreements.
11. SUBSEQUENT EVENT
Effective February 1, 2000, the maximum deferred sales charge for Class C
shares is changed to 2.00%. Class C shares purchased on or after February 1,
2000 are subject to a 2.00% contingent deferred sales charge if such shares are
redeemed within one year after the month of purchase, and a 1.00% contingent
deferred sales charge if such shares are redeemed within two years after the
month of purchase. Class C shares purchased prior to February 1, 2000 follow
the contingent deferred sales charge schedule at the time the shares were ini-
tially purchased.
34
<PAGE>
Evergreen Select Funds
Money Market
Money Market Fund
Treasury Money Market Fund
100% Treasury Money Market Fund
Municipal Money Market Fund
U.S. Government Money Market Fund
Municipal Fixed
Income
Intermediate Term Municipal Bond Fund
Taxable Fixed
Income
International Bond Fund
Total Return Bond Fund
Income Plus Fund
Core Bond Fund
Fixed Income Fund
Adjustable Rate Fund
Limited Duration Fund
Growth and Income/
Balanced
Equity Income Fund
Balanced Fund
Growth
Special Equity Fund
Small Cap Growth Fund
Small Company Value Fund
Secular Growth Fund
Strategic Growth Fund
Core Equity Fund
Equity Index Fund
Large Cap Blend Fund
Strategic Value Fund
Diversified Value Fund
Social Principles
68276 552500 2/2000
-----------------
BULK RATE
[LOGO OF EVERGREEN FUNDS] U.S. POSTAGE
PAID
200 Berkeley Street PERMIT NO. 19
Boston, MA 02116 HUDSON, MA
-----------------
