EVERGREEN INTERNATIONAL TRUST, N-30D, 2001-01-03

EVERGREEN INTERNATIONAL TRUST
N-30D, 2001-01-03

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Annual Report
as of October 31, 2000

EVERGREEN INTERNATIONAL AND GLOBAL GROWTH FUNDS

[LOGO OF EVERGREEN FUNDS]
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Table of Contents

Letter to Shareholders ........................................................1

Evergreen Emerging Markets Growth Fund

Fund at a Glance ...........................................................2
Portfolio Manager Interview ................................................3

Evergreen Global Leaders Fund

Fund at a Glance ...........................................................6
Portfolio Manager Interview ................................................7

Evergreen Global Opportunities Fund

Fund at a Glance ..........................................................11
Portfolio Manager Interview ...............................................12

Evergreen International Growth Fund

Fund at a Glance ..........................................................16
Portfolio Manager Interview ...............................................17

Evergreen Latin America Fund

Fund at a Glance ..........................................................19
Portfolio Manager Interview ...............................................20

Evergreen Perpetual Global Fund

Fund at a Glance ..........................................................23
Portfolio Manager Interview ...............................................24

Evergreen Perpetual International Fund

Fund at a Glance ..........................................................27
Portfolio Manager Interview ...............................................28

Evergreen Precious Metals Fund

Fund at a Glance ..........................................................31
Portfolio Manager Interview ...............................................32

Financial Highlights

Evergreen Emerging Markets Growth Fund ....................................35
Evergreen Global Leaders Fund .............................................37
Evergreen Global Opportunities Fund .......................................39
Evergreen International Growth Fund .......................................41
Evergreen Latin America Fund ..............................................43
Evergreen Perpetual Global Fund ...........................................45
Evergreen Perpetual International Fund ....................................47
Evergreen Precious Metals Fund ............................................49

Schedules of Investments

Evergreen Emerging Markets Growth Fund ....................................51
Evergreen Global Leaders Fund .............................................58
Evergreen Global Opportunities Fund .......................................63
Evergreen International Growth Fund .......................................70
Evergreen Latin America Fund ..............................................77
Evergreen Perpetual Global Fund ...........................................80
Evergreen Perpetual International Fund ....................................93
Evergreen Precious Metals Fund ...........................................103

Combined Notes to Schedules of Investments ..................................105

Statements of Assets and Liabilities ........................................106

Statements of Operations ....................................................108

Statements of Changes in Net Assets .........................................111

Combined Notes to Financial Statements ......................................117

Independent Auditors' Report ................................................131

Additional Information ......................................................132

Evergreen Funds

Evergreen Funds is one of the nation's fastest growing investment companies with
over $80 billion in assets under management.

We offer over 80 mutual funds to choose among and acclaimed service and
operations capabilities, giving investors 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 annual report must be preceded or accompanied by a prospectus of an
Evergreen fund contained herein. The prospectus contains more complete
information, including fees, charges and other ongoing expenses, and should be
read carefully before investing or sending money.

-------------------------------------------------------
Mutual Funds: NOT FDIC INSURED MAY LOSE VALUE NOT BANK GUARANTEED
-------------------------------------------------------

Evergreen Distributor, Inc.
Evergreen Funds(SM) is a service mark of Evergreen Investment Services, Inc.
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Letter to Shareholders
----------------------
December 2000

[PHOTO]

William M. Ennis
President and CEO

Dear Evergreen Shareholders:

We are pleased to provide the Evergreen International and Global Growth Funds
annual report, which covers the twelve-month period ended October 31, 2000.

Global and U.S. Markets Experience Turbulence

During 2000, global market equity investing challenged investors with a series
of turbulent ups and downs as economic growth slowed. European bankers and the
Federal Reserve Board alike, worked diligently to adjust interest rates to
stimulate growth and curtail the threat of inflation. Asian markets, Japan in
particular, continued to be volatile as they attempted to recover from the
prolonged economic slump of the late 1990's. Elsewhere in Asia and Europe,
markets experienced an upturn, furthering the constant analysis required to
opportunistically and selectively invest.

We believe that higher interest rates, energy costs and a slowing of the U.S.
economy will continue to create a challenging environment for foreign markets.
Concerns about wage-driven inflation, higher interest rates and increasing oil
prices also affected market valuations and volatility. Although these factors
have the potential to meaningfully slow the economy, many leading indicators
continue to demonstrate strength. We believe that global and U.S. economies will
slow moderately and there will be further evidence of economic recovery in Asia.

New Products and Services

Evergreen Funds is constantly striving to develop products and services to meet
the sophisticated demands of our investors. This year we launched two new Sector
Funds: Evergreen Health Care Fund and Evergreen Technology Fund. We are very
excited about the launch of these funds. Please consult with your financial
advisor to see if these funds would be appropriate in your portfolio or visit
evergreen-funds.com for more information.

The Value of Diversification

An environment like this year's offers many reasons for building a diversified
portfolio rather than trying to predict the market's movements. Diversification
provides exposure to many different opportunities while reducing the risk of any
single investment or strategy. We encourage you to talk to your financial
advisor to confirm that your investment portfolio is appropriately diversified
and structured to support your long-term investment objectives.

Thank you for your continued investment in Evergreen Funds.

Sincerely,

/s/ William M. Ennis

William M. Ennis
President and CEO
Evergreen Investment Company, Inc.

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EVERGREEN
Emerging Markets Growth Fund
Fund at a Glance as of October 31, 2000

"In general, we diversified Fund assets in the larger, more liquid emerging
markets, and we tended to emphasize large, blue chip stocks in those markets."

Portfolio Management
--------------------

[PHOTO] [PHOTO]

Liu-Er Chen, CFA Antonio T. Docal, CFA
Tenure: May 1999 Tenure: May 1999

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CURRENT INVESTMENT STYLE/1/
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[STYLE BOX]

Morningstar's Style Box is based on a portfolio date as of 10/31/2000.

The Equity Style Box placement is based on a fund's price-to-earnings and
price-to-book ratio relative to the S&P 500, as well as the size of the
companies in which it invests, or median market capitalization.

/1/Source: 2000 Morningstar, Inc.

/2/ Past performance is no guarantee of future results. The performance of each
class may vary based on differences in loads, fees and expenses paid by the
shareholders investing in each class. 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. Performance includes the reinvestment of income
dividends and capital gains distributions.

The Fund incurs 12b-1 expenses of 0.25% for Class A and 1.00% for Classes B and
C. Class Y does not pay a 12b-1 fee.

Class Y shares are only offered to persons who owned Class Y shares of an
Evergreen Fund on or before 12/31/1994; certain institutional investors; and
investment advisory clients of an investment advisor of an Evergreen Fund (or
the investment advisor's affiliates).

The Fund's investment objective is non-fundamental and may be changed without
the vote of the Fund's shareholders.

Foreign investments may contain more risk due to the inherent risks associated
with changing political climates, foreign market instability and foreign
currency fluctuations. Risks of international investing are magnified in
emerging or developing markets.

All data is as of October 31, 2000 and is subject to change.

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PERFORMANCE AND RETURNS/2/
--------------------------------------------------------------------------------

Portfolio Inception Date: 9/6/1994 Class A Class B Class C Class Y
Class Inception Date 9/6/1994 9/6/1994 9/6/1994 9/6/1994
Average Annual Returns *
1 year with sales charge -12.47% -13.33% -10.58% n/a
1 year w/o sales charge -8.15% -8.77% -8.76% -7.86%
5 years 1.31% 1.09% 1.52% 2.58%
Since Portfolio Inception -2.75% -2.71% -2.69% -1.70%
Maximum Sales Charge 4.75% 5.00% 2.00% n/a
Front End CDSC CDSC

*Adjusted for maximum applicable sales charge unless noted.

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LONG TERM GROWTH
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[GRAPH]

Class A MSCI EMF MSCI EAFE CPI

9/6/94 9,525 10,000 10,000 10,000
Oct-94 9,039 9,931 10,012 10,034
Oct-95 7,524 8,002 10,005 10,315
Oct-96 8,105 8,521 11,086 10,624
Oct-97 9,579 7,798 11,631 10,846
Oct-98 7,762 5,382 12,789 11,007
Oct-99 9,171 7,783 15,777 11,289
Oct-00 8,425 7,098 15,357 11,667

Comparison of a $10,000 investment in Evergreen Emerging Markets Growth Fund,
Class A shares 2, versus a similar investment in the Morgan Stanley Capital
International Emerging Markets Free Index (MSCI EMF), the Morgan Stanley Capital
International Europe, Australasia, and Far East Index (MSCI EAFE) and the
Consumer Price Index (CPI).

The MSCI EMF and the MSCI EAFE are unmanaged market indices which do not include
transaction costs associated with buying and selling securities or 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
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EVERGREEN
Emerging Markets Growth Fund
Portfolio Manager Interview

How did the Fund perform?

Evergreen Emerging Markets Growth Fund's returns reflected the volatility in
emerging markets during the fiscal period, particularly in the final six months.
The Fund's Class A shares returned -8.15% for the twelve-month period ended
October 31, 2000, before the deduction of any applicable sales charges. The
median return of Emerging Market Funds was -4.19% according to Lipper Inc., an
independent monitor of mutual funds performance. During the same period, the
Morgan Stanley Capital International Emerging Markets Free Index returned
-8.81%.

Portfolio
Characteristics
------------------
(as of 10/31/2000)

Total Net Assets $57,280,287
Number of Holdings 150
Beta 0.91*
P/E Ratio 84.8x*

*as of 9/30/2000

What was the investment environment like during the period?

The twelve-month period was a time in which emerging markets in different parts
of the world performed very differently, although all were affected by growing
investor unease with any types of perceived risk. Latin American markets had
positive performance for the twelve-month period. However, Asian emerging
markets, which are more heavily dependent on the technology and
telecommunications industries, suffered substantial setbacks as stocks in those
industries corrected sharply after rallies in late 1999. Elsewhere in the
world's emerging markets, performance also varied, with Israel and Russian
markets posting strong gains.

Latin American markets performed very well early in the fiscal year, lifted by
the recognition that the region's economies, particularly Brazil and Mexico,
were well on the road to recovery. However, that rally was interrupted during
the final months of the fiscal year as markets throughout the world, including
in the U.S., became more volatile. Corrections in technology stocks had a major
influence, as did the actions of the U.S. Federal Reserve Board to slow economic
growth in the United States by raising short-term interest rates.

In spite of this higher volatility, characterized by alternating rallies and
corrections, the economic fundamentals in Latin America's two largest markets,
Brazil and Mexico, continued to improve as the fiscal year progressed. The
economies of both Brazil and Mexico enjoyed greater growth and less inflation
than they had experienced during the previous 10 years. In contrast to the
improving situations in Brazil and Mexico, smaller Latin American markets
experienced difficulties, both political and economic. In Argentina, for
example, political turmoil and a weak economy raised questions about the
credibility of the country's long-term plan to link the Argentine peso to the
U.S. dollar. A continuing political crisis in Peru increased pressure on
President Alberto K. Fujimori to resign.

While economic recovery appeared to be gaining strength throughout emerging
Asia, stock market performance did not reflect this recovery. One factor was
that many technology-related stocks had advanced ahead of the region's general
economic recovery and then corrected in sympathy with technology stocks in other
parts of the world. In addition, two of Asia's major markets--Korea and
Taiwan--are heavily dependent on the technology industry in the U.S. As orders
for equipment such as semi-conductors were reduced, technology stock prices in
Korea and Taiwan fell. Moreover, political change in Asian countries, including
in Taiwan where a new president took office with less than a majority of popular
votes, created uncertainty. Political uncertainty also affected markets in the
Philippines and Thailand. Finally, major

3
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EVERGREEN
Emerging Markets Growth Fund
Portfolio Manager Interview

industrial companies in Korea, such as Hyundai and Daewoo, experienced major
financial problems, raising investor fears about the Korean stocks in general.

Top 5 Sectors
------------------------------------------
(as a percentage of 10/31/2000 net assets)

Telecommunication Services 24.7%
Financials 17.1%
Information Technology 14.9%
Consumer Discretionary 8.7%
Materials 7.7%

What were your principal strategies?

In general, we diversified Fund assets in the larger, more liquid emerging
markets, and we tended to emphasize large, blue chip stocks in those markets. At
the end of the fiscal year, our largest weightings were in Korea, Mexico, Taiwan
and Brazil.

We increased our emphasis on Korean stocks to take advantage of what we viewed
as very attractive stock prices after the market suffered a correction. Our
holdings in Korea included established companies such as Samsung Electronics, SK
Telecom, Korea Telecom and Korean Electronic Power.

In Taiwan, we emphasized technology and telecommunications, with major holdings
in Taiwan Semiconductor and United Microelectronics Corporation, both major
semiconductor manufacturers serving the global technology market.

Virtually our entire allocation to Latin America was confined to Brazil and
Mexico. In both markets, we focused the portfolio primarily on large, blue chip
stocks and overweighted the banking, consumer goods and beverage industries.

In Mexico, we held investments in major banks such as Bancomer and Banacci. In
the retail industry, a major investment was in Walmex, a subsidiary of Wal-Mart
and a company that is rapidly gaining market share by expanding in new regions
in Mexico.

In Brazil, banks benefited from accelerating growth in the economy and a revival
of consumer activity. In the consumer area, we maintained an investment in the
Brazilian brewer Ambev, the fourth largest brewer in the world and a strong
performer. Another strong performer, and a long-time holding of the Fund, was
Embraer, the Brazilian aircraft manufacturer. It has developed into one of two
international companies that dominate the world market for regional jet
aircraft.

Top 10 Holdings
------------------------------------------
(as a percentage of 10/31/2000 net assets)

Telefonos de Mexico SA, ADR ("Telmex") 4.8%
China Mobile Hong Kong, Ltd. 2.7%
Taiwan Semiconductor Manufacturing Co., Ltd. 2.6%
Samsung Electronics 2.5%
Tele Norte Leste Participacoes SA, ADR 2.4%
Korea Electric Power Corp., ADR 2.3%
Embraer-Empresa Brasileira de Aeronautica SA 2.0%
SK Telecom, Ltd., ADR 2.0%
Check Point Software Technologies, Ltd. 1.9%
Hellenic Telecommunications Organization SA, GDR 1.9%

4
<PAGE>

EVERGREEN
Emerging Markets Growth Fund
Portfolio Manager Interview

Top 10 Countries
------------------------------
(as a percentage of 10/31/2000
portfolio assets)

Korea 14.8%
Mexico 12.7%
Brazil 12.4%
Taiwan 11.2%
Malaysia 6.2%
India 6.0%
South Africa 6.3%
Israel 5.4%
Turkey 4.6%
Russia 3.5%

What is your outlook for emerging markets investing?

Fundamentally, we believe the case for emerging markets is strong. However,
international investors must gain confidence in these fundamentals before
emerging market stocks can resume their advances. Emerging market stocks in
general are sensitive to interest rates in the United States and other major
economies. If the U.S. Federal Reserve and other central banks start to lower
short-term rates, emerging markets probably would benefit because of their
strong economic fundamentals and inexpensive stock valuations.

In Latin America, stock prices finished the fiscal year with what we believe are
relatively attractive prices relative to the underlying values of their
companies. On October 31, 2000, stocks in the region were trading at a
30%-to-40% discount to their average prices over the previous four years, as
measured by their price/earnings (P/E) ratios.

In Asia, economies have continued to expand, with corporate earnings growing at
a brisk pace and stocks selling at very attractive valuations. Technology
industries in Korea and Taiwan still have high growth rates and abundant
production capacities, giving them strong potential to continue to increase
their earnings. However, political instability has created uncertainty about the
markets. We believe a revival in the global technology and telecommunications
would benefit Asian emerging markets. Domestic market penetration of new
telecommunications services in Asia lags use in the United States and Europe,
encouraging the prospect that telecommunications in Asia has the potential to
grow faster than in other parts of the world.

5
<PAGE>

EVERGREEN
Global Leaders Fund
Fund at a Glance as of October 31, 2000

"We will continue to rely on an investment approach that emphasizes disciplined
stock selection utilizing our quantitative tools combined with fundamental
analysis and prudent country allocation."

Portfolio Management
--------------------

[PHOTO] [PHOTO]

Edwin D. Miska Anthony T. Han, CFA
Tenure: November 1995 Tenure: January 2000

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CURRENT INVESTMENT STYLE/1/
--------------------------------------------------------------------------------

[STYLE BOX]

Morningstar's Style Box is based on a portfolio date as of 10/31/2000.

/1/ Source: 2000 Morningstar, Inc.

/2/ Past performance is no guarantee of future results. The investment return
and principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost. The
performance of each class may vary based on differences in load, fees and
expenses paid by the shareholders investing in each class. Performance includes
the reinvestment of income dividends and capital gain distributions.

Historical performance shown for Classes A, B, and C prior to their inception is
based on the performance of Class Y, the original class offered. 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 are 0.25% for Class A and 1.00% for
Classes B and C. Class Y does not pay a 12b-1 fee. If these fees had been
reflected, returns would have been lower.

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PERFORMANCE AND RETURNS/2/
--------------------------------------------------------------------------------
Portfolio Inception Date: 11/1/1995 Class A Class B Class C Class Y
Class Inception Date 6/3/1996 6/3/1996 6/3/1996 11/1/1995
Average Annual Returns *
1 year with sales charge 0.77% 0.00% 3.01% n/a
1 year w/o sales charge 5.82% 5.00% 5.01% 6.03%
Since Portfolio Inception 13.29% 13.44% 13.65% 14.68%
Maximum Sales Charge 4.75% 5.00% 2.00% n/a
Front End CDSC CDSC
12-month capital gain
distributions per share $0.32 $0.32 $0.32 $0.32

*Adjusted for maximum applicable sales charge unless noted.

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LONG TERM GROWTH
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[GRAPH]

Class A MSCI World CPI

11/1/95 10,000 10,000 10,000
4/30/96 11,175 11,363 10,169
10/31/96 11,959 11,683 10,299
4/30/97 12,603 12,593 10,423
10/31/97 13,778 13,699 10,514
4/30/98 16,157 16,312 10,573
10/31/98 15,188 15,848 10,670
4/30/99 17,591 18,982 10,813
10/31/99 18,708 19,862 10,943
4/30/00 19,889 21,380 11,145
10/31/00 19,838 20,138 11,310

Comparison of a $10,000 investment in Evergreen Global Leaders Fund, Class Y
shares 2, versus a similar investment in the Morgan Stanley Capital
International World Index (MSCI World) and the Consumer Price Index (CPI).

The MSCI World is an unmanaged market index which does not include transaction
costs associated with buying and selling securities or 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.

The Fund's investment objective is non-fundamental and may be changed without
the vote of the Fund's shareholders.

Foreign investments may contain more risk due to the inherent risks associated
with changing political climates, foreign market instability and foreign
currency fluctuations.

All data is as of October 31, 2000 and is subject to change.

6
<PAGE>

EVERGREEN
Global Leaders Fund
Portfolio Manager Interview

How did the Fund perform?

Evergreen Global Leaders Fund Class Y shares returned 6.03% for the twelve-month
period ended October 31, 2000. During the same twelve-month period, the median
return of Global Mutual Funds was 8.94%, according to Lipper Inc., an
independent monitor of mutual fund performance. The Morgan Stanley Capital
International (MSCI) World Index returned 1.09%.

While the Fund underperformed the average return of the Lipper competitive group
for the twelve-month period, relative performance improved markedly during the
year. The Fund outperformed the group's average returns during the final three-,
six- and nine-month periods.

Portfolio
Characteristics
---------------

Total Net Assets $407,531,963
Number of Holdings 95
Beta 0.82*
P/E Ratio 34.6x*
*as of 9/30/2000

What was the investment environment like during the twelve-month period?

It was a difficult, volatile environment, especially since the start of the year
2000, when both U.S. and foreign equity markets underperformed their average
returns of the past several years. Economic growth slowed in both North America
and the United Kingdom. Growth was less than expected on the European continent,
with the investment outlook further clouded by the continued deterioration in
the value of the euro versus the U.S. dollar. European central bankers faced
conflicting pressures to raise interest rates to protect the euro and to lower
rates to stimulate growth. Meanwhile, Japan continued to experience difficulties
emerging from a prolonged economic slump. Elsewhere in Asia, economic growth
continued to pick up after the challenges of the late 1990's, but the markets
continued to be volatile.

What were your principal strategies in this environment?

We kept the Fund well diversified both geographically and by industry. This
diversification was a significant positive influence on the Fund's improved
relative performance as the year progressed. Early in the fiscal year, we were
reluctant to increase our emphasis on technology and telecommunications stocks
because we thought the stock valuations were at unsustainable levels. While this
reluctance initially held back performance, it helped later in the twelve-month
period as technology and telecommunications stocks became increasingly volatile
and dropped in value. Late in the fiscal year, we selectively added to our
technology and telecommunications sectors to take advantage of favorable stock
valuations caused by price declines despite the likelihood that the demand for
telecommunications services and equipment would continue to grow strongly. For
example, in the United States, we invested in new names such as Corning Inc. and
Tellabs, Inc. We added to our position in Sun Microsystems initiated earlier in
the fiscal year. In Europe, we added names such as L.M. Ericsson and Telecom
Italia Mobile, and added to our existing positions in telecom leaders: Vodaphone
Plc and Nokia. We also added shares of NTT-Docomo, the leading cellular phone
operator in Japan, and Datacraft Asia Limited, an information technology
services leader in Asia, a company based in Singapore. We view these as strong
companies attractively valued for long term investment, and have used market
volatility to

7
<PAGE>

EVERGREEN
Global Leaders Fund
Portfolio Manager Interview

our advantage to build long-term-oriented positions. We have counterbalanced
that strategy by adding what we believe are high-quality defensive names with
strong near-term and long-term prospects. This may offer the Fund solid upside
and better downside protection during volatile market periods due to their
stable earnings nature. Examples of such include: Avon Products, Inc.
Anheuser-Busch Cos., Bristol-Myers Squibb and TJX Companies, Inc.

Throughout the fiscal year, we kept about half the Fund's assets invested in
North America. At the close of the period on October 31, 2000, about 54.6% of
portfolio assets were invested in the United States, up slightly from last year.
We increased our exposure to European stocks slightly. At the end of the fiscal
year, investments in Europe accounted for about 33.7% of portfolio assets. At
the same time, we have continued to underweight the Pacific Rim region,
particularly deemphasizing Japan after taking profits from some successful,
longer-term Japanese holdings early in the year. We increased our positions in
Australia toward the end of the year, adding a position in Woodside Petroleum, a
global leader in natural gas production, and in Westfield Holdings, which
operates retail shopping malls on several continents.

Our stock-selection process begins with a strongly quantitative screening
process that emphasizes four characteristics: consistency of earnings,
historically solid earnings growth with a favorable outlook for continued
growth, record of solid revenue growth and high return on shareholders' equity.

These criteria favor well established, quality companies, and this emphasis
benefited the Fund's performance as markets became more volatile. Performance
also was helped by our decision to be proactive and get out of positions at the
first sign of deteriorating fundamentals.

Top 5 Sectors
------------------------------------------
(as a percentage of 10/31/2000 net assets)

Financials 20.8%
Consumer Discretionary 20.0%
Information Technology 16.5%
Industrials 13.4%
Health Care 11.1%

What were some of the U.S. companies that supported Fund performance?

Many of the best performing stocks in the portfolio were from defensive
industries, such as the pharmaceuticals, consumer products and financial
services industries. Our underweighted position in technology helped
performance, despite the performances of some standout individual companies.
Among major drug holdings, Abbott Labs was up 31% for the year, while Merck rose
by 15%. In the general consumer area, Harley Davidson was up 63%, Avon Products
had a 51% return and Walt Disney rose 35% for the fiscal year. Among our
financial services industry investments, Marsh & McLennan rose 65%, American
International Group returned 43%, MBNA Corp. rose 36%, and Citigroup was up 29%.
The Fund's largest U.S. position, Cisco Systems, continued its string of strong
earnings growth, and rose 46% for the fiscal year. Tech software and database
leader, Oracle Systems, led all performers with a 178% rise in the fiscal year.

What foreign investments helped the Fund's returns?

A number of European companies supported Fund performance, led by our
investments in Germany and France. We also had good performance by companies

8
<PAGE>

EVERGREEN
Global Leaders Fund
Portfolio Manager Interview

in the United Kingdom and the Netherlands. In looking at opportunities on the
continent, we continued our focus on outstanding multi-national businesses, with
strong records of profit generation and growth.

Among our German holdings, we had particularly strong performance from several
long-term investments. Hugo Boss, a leader in men's and women's fashion apparel,
rose by 131% during the period on its successful debut in launching a women's
fashion line. Another standout, Altana Group, a medium-sized German
pharmaceutical company, benefiting from its introduction into U.S. distribution
of a new drug, rose by 113%. During the year, we added a new position in the
German financial services company MLP, which appreciated strongly. In France, we
had good performance from Sanofi-Synthelabo, a pharmaceutical company which had
a 48% return, and Societe Technip, an engineering services company which rose by
56%. Technip benefited from increased spending on the construction of energy
infrastructure. Luxury products company Hermes International rose 53% on strong
worldwide profitable growth.

Luxottica Group, an Italian company that has become an international leader in
fashion eyewear, was up 45% during the fiscal year. Numico NV, a Dutch company
that is a global leader in nutritional supplements and infant formula also was a
stellar performer, rising by 42% during the fiscal year. In the United Kingdom,
publishing giant Pearson Plc rose 51%. Two new purchases--Royal Bank of Scotland
and Spirent, a manufacturer of telecommunications testing equipment--rose
strongly since our initial investment. The Fund's largest single foreign
investment, long-time holding Bombardier Inc., of Canada, rose 85% on strong
aerospace results, highlighted by their strong regional jet product line. All
performance figures quoted are in local currencies.

In Asia, earlier in the fiscal year, we realized profits as we reduced our
positions in Seven-Eleven Japan and Nintendo to take advantage of the strong
appreciation in their respective stock valuations. This allowed us to add shares
of NTT-Docomo while maintaining our relative country weighting. We also
significantly reduced our exposure in Malaysia to take advantage of long-term
tax losses, as we have de-emphasized that nation from our portfolio strategy.

Were there any disappointments?

We had a few disappointing companies, which we tended to sell at the first sign
of deteriorating fundamentals. While many of these names are top-notch
competitors in their respective industries, and we believe are only experiencing
short-term earnings problems, we opted to err on the side of caution and
redeploy towards investments with a brighter near-term earnings outlook. In the
United States, these included Carnival Corp., Computer Associates, Gap Inc.,
General Mills, Maytag Corp and Pitney Bowes, Inc. Foreign disappointments
included RWE Ag and Suedzucker of Germany, Getronics and Wolters Kluwer of the
Netherlands, Hennes & Maurtiz of Sweden, and shares of Airtours, Plc, Laporte
Plc, Morgan Crucible Plc, Rentokil Initial Plc and TI Group of the United
Kingdom.

Top 10 Holdings
---------------
(as a percentage of 10/31/2000 net assets)

Bombardier, Inc., Class B 2.9%
Gen. Elec. Co. 2.8%
Cisco Sys., Inc. 2.7%
Nokia Corp., ADR 2.5%
TJX Co., Inc. 2.3%
Citigroup, Inc. 2.3%
Seven-Eleven Japan Co., Ltd. 2.2%
Hugo Boss AG 2.1%
Luxottica Group SpA, ADS 2.1%
Altana AG 1.8%

9
<PAGE>

EVERGREEN
Global Leaders Fund
Portfolio Manager Interview

Top 10 Countries
----------------
(as a percentage of 10/31/2000 portfolio assets)

United States 54.6%
Germany 7.1%
United Kingdom 7.0%
Italy 5.4%
Japan 4.8%
France 3.9%
Canada 2.9%
Netherlands 2.7%
Finland 2.3%
Australia 2.0%

What is your outlook?

We have a positive outlook and believe that we have opportunities to achieve
strong absolute and relative performance investing in industry-leading companies
that should be able to continue to increase their earnings. Despite the
incredible challenges and volatility thus far in 2000, we believe that we are
well positioned from a company-specific, industry and geographic allocation to
benefit in the coming months. We believe four key long-term catalysts exist to
favorably impact the investment environment and have positioned the Fund to
benefit:

First, continued strength in demand for technology, including information
services and hardware despite short-term delays and interruptions. We expect
countries and corporations will continue to invest in upgrading necessary
infrastructure networks and expanding communications systems, creating demand
for hardware, software and integration related consulting services. We have been
selectively adding to existing positions and new names in this area during the
market weakness as the long-term benefits outweigh the short-term sentiment.

Secondly, our belief that growth in the United States should continue, albeit at
a slower, more sustainable pace. We believe the Federal Reserve will succeed in
slowing growth and avoiding an increase in inflation. If successful, the Federal
Reserve's policies should lengthen the record period of prosperity in the United
States, which has a major impact on markets throughout the world. Once the
markets have digested this, companies with solid earnings prospects will begin
to trade more on fundamentals and less on speculative excess.

Thirdly, we believe the environment in Europe should improve, helped by steady
economic growth and the dividends of corporate re-structuring, which has made
many leading European companies more efficient competitors. As the U.S. economy
begins to decelerate, growth in Europe should remain strong as pent up demand
from local markets should offset any declines from exports to the US. The
increased rate in relative economic growth in Europe also would help support the
value of the euro on world currency markets.

Finally, the economies in Asia, including Japan, should continue their slow
recovery from the financial crisis of 1998. Japan, the region's leading economy,
finally has begun to show signs of life as economic indicators point to a pick
up of business activity, a slow reacceleration of consumer confidence. This
would be a positive for the overall region.

We believe the Fund is appropriately positioned to navigate through the
challenges ahead in the world. We will continue to rely on an investment
approach that emphasizes disciplined stock selection utilizing our quantitative
tools combined with fundamental analysis and prudent country allocation. We plan
to invest opportunistically and selectively in companies with records of
consistent earnings leadership, that have demonstrated their ability to excel
regardless of the economic environment and whose management teams are properly
aligned with respect to their shareholder's interests.

<PAGE>

EVERGREEN
Global Opportunities Fund
Fund at a Glance as of October 31, 2000

"We intend to focus on our traditional discipline, emphasizing companies with
strong competitive positions that we believe have the potential for
above-average profitability with less risk than other firms."

Portfolio Management
--------------------

[PHOTO] [PHOTO]

J. Gary Craven, Gilman C. Gunn
CFA, CPA Tenure: June 1997
Tenure: January 1998

[PHOTO] [PHOTO]

Francis X. Claro, CFA Liu-Er Chen, CFA
Tenure: January 1998 Tenure: January 1998

--------------------------------------------------------------------------------
CURRENT INVESTMENT STYLE/1/
--------------------------------------------------------------------------------

[STYLE BOX]

Morningstar's Style Box is based on a portfolio date as of 10/31/2000. The
Equity Style Box placement is based on a fund's price-to-earnings and
price-to-book ratio relative to the S&P 500, as well as the size of the
companies in which it invests, or median market capitalization.

/1/ Source: 2000 Morningstar, Inc.

Historical performance shown for Classes B, C, and Y prior to their inception is
based on the performance of Class A, the original class offered. These
historical returns for Classes B, C, and Y have not been adjusted to reflect the
effect of each class' 12b-1 fees. These fees are 0.25% for Class A and 1.00% for
Classes B and C. Class Y does not pay a 12b-1 fee. If these fees had been
reflected, returns for Classes B and C would have been lower while returns for
Class Y would have been higher.

--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS/2/
--------------------------------------------------------------------------------
Portfolio Inception Date: 3/16/1988 Class A Class B Class C Class Y
Class Inception Date 3/16/1988 2/1/1993 2/1/1993 1/13/1997
Average Annual Returns *
1 year with sales charge 21.83% 21.94% 24.97% n/a
1 year w/o sales charge 27.91% 26.94% 26.97% 28.22%
5 years 10.70% 10.68% 10.95% 11.89%
10 years 15.55% 15.46% 15.48% 16.17%
Maximum Sales Charge 4.75% 5.00% 2.00% n/a
Front End CDSC CDSC
12-month capital gain distributions
per share $4.90 $4.90 $4.90 $4.90

*Adjusted for maximum applicable sales charge unless noted.

--------------------------------------------------------------------------------
LONG TERM GROWTH
--------------------------------------------------------------------------------

[GRAPH]

Class A MSCI World CPI

10/31/90 9,525 10,000 10,000
Oct-91 12,356 11,644 10,292
Oct-92 12,546 11,100 10,622
Oct-93 19,194 14,172 10,914
Oct-94 21,007 15,330 11,199
Oct-95 24,313 16,867 11,513
Oct-96 25,229 19,707 11,858
Oct-97 26,299 23,106 12,105
Oct-98 23,046 26,731 12,285
Oct-99 33,179 33,502 12,599
Oct-00 42,433 33,968 13,022

Comparison of a $10,000 investment in Evergreen Global Opportunities Fund, Class
A shares/2/, versus a similar investment in the Morgan Stanley Capital
International World Index (MSCI World) and the Consumer Price Index (CPI).

The Fund's investment objective is non-fundamental and may be changed without
the vote of the Fund's shareholders.

Smaller 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.

The exceptional performance of the Fund is due to participation in IPO's. There
is no assurance that this method will continue to have the same impact on the
Fund's performance returns.

All data is as of October 31, 2000 and is subject to change.

11
<PAGE>

EVERGREEN
Global Opportunities Fund
Portfolio Manager Interview

How did the Fund perform?

Evergreen Global Opportunities Fund Class A shares had a total return of 27.91%
for the twelve-month period ended October 31, 2000, exceeding the average return
of competitive funds as well as its global equity benchmark. Fund returns are
before deduction of any applicable sales charges. During the same period, the
median return of Global Small Cap Stock Funds was 20.72%, according to Lipper
Inc., an independent monitor of mutual fund performance. The Morgan Stanley
Capital International World Index returned 1.09% during the same period.

Portfolio
Characteristics
---------------

Total Net Assets $242,631,172
Number of Holdings 174
Beta 0.78*
P/E Ratio 58.7x*

*as of 9/30/2000

What was the investment environment like during the twelve-month period, and
how did that affect overall strategy?

The first half of the twelve-month period was much more favorable for small
company stocks, particularly in the technology and biotechnology industries,
than the second half. Many of the best performers in the first six months gave
up part of their gains during the second half of the year as investors pulled
back from the extremely high valuations to which many technology-oriented stocks
had climbed. In general, small company stocks outperformed large company stocks
over the full twelve months. For most of this period, we kept the asset
allocation of the Fund very close to an even 50%-50% split between U.S. and
foreign stocks.

What were the primary factors affecting performance of the foreign portion of
the Fund's portfolio?

The investment environment was quite volatile, but the strong performance early
in the year of the "TMT" stocks in the telecommunications, media and technology
industries led to good performance over the entire year. The best performing
sector in the international portion of the portfolio, however, was in health
care, where many smaller biotechnology companies had excellent returns. Among
the particularly strong performers were Morphosys, a German biotechnology
company whose stock appreciated 445% during the 12-months, and Cambridge
Antibody, a biotech company based in the United Kingdom, which had a 500%
return.

Our holdings in Canada tended to do very well, as did our one investment in
Brazil, where a major holding of the Fund, Embraer, rose 71% during the twelve
months of the year. Embraer, a long-time holding of the Fund, is one of two
major international companies producing jet aircraft for short-haul and commuter
flights. It is an example of a small-cap company with a dominant niche in a
fast-growing market. Telecommunications-related stocks had problems,
particularly in the second half of the year, and Japan continued to be a
difficult area for international investors.

What were your principal investment themes?

We looked for opportunities among smaller companies that could benefit from the
outsourcing trend--the increased interest of large corporations in contracting
out specialized operations to other companies. A good example is Computer Share,
an Australian company that provides administrative services to help publicly
traded corporations maintain current, accurate records of shareholders.

12
<PAGE>

EVERGREEN
Global Opportunities Fund
Portfolio Manager Interview

During the period, we looked for opportunities among smaller European financial
companies that were successful in gathering new assets in a changing environment
for financial services. Mediolanum, an Italian company, was a good example and
has performed very strongly.

We also looked for software companies that could benefit from the introduction
of new technologies for computer games by large-cap companies such as Nintendo
and Sony. The new technology is creating strong demand for new computer games.

What were the primary factors affecting performance in the U.S. portion of the
Fund?

In the first six months of the year, investor enthusiasm was very strong for
technology, telecommunications and biotechnology stocks, which had exceptionally
strong performance based on the strong potential for the internet,
telecommunications and genetic research. The situation changed during the second
half of the year, however, as the market turned away from companies with stock
prices based primarily on their perceived potential rather than on their actual
earnings.

During the first part of the year we emphasized technology and biotechnology
stocks, but we became more conservative about technology during the final six
months as growth in the telecommunications, internet and information technology
industries slowed. With less access to capital, internet-related companies had
difficulty financing their growth, hurting many other segments of the technology
industry as orders for new equipment began to slow dramatically. The domestic
portfolio was underweighted in the technology stocks during the final three
months of the fiscal year, and particularly de-emphasized hardware company
stocks. One bright spot in technology during the entire twelve months was in
companies involved in enterprise software--producing software applications that
could help corporations improve their efficiency.

Late in the fiscal year, we also emphasized energy and retail companies. We
raised our stake in energy as world oil prices hovered in the $30-per-barrel
range. Many industry forecasts had been based on expectations that oil would
be selling at about $25-per-barrel. Higher prices were likely to encourage more
drilling, exploration and production. In retail, we found attractive
opportunities, both in the high-end of retailing, such as Ann Taylor Stores, and
in the lower-end, such as Factory-to-U Inc., which operates inexpensive family
apparel stores.

At the end of the fiscal year, on October 31, 2000, technology investments
accounted for about 34% of the domestic portfolio, followed by health care
(including biotechnology) at 25%, specialty retailing, at 7% and energy, at 6%.

Top 5 Sectors
-------------
(as a percentage of 10/31/2000 net assets)

Health Care 19.5%
Information Technology 18.6%
Industrials 17.1%
Financials 14.5%
Consumer Discretionary 14.3%

13
<PAGE>

EVERGREEN
Global Opportunities Fund
Portfolio Manager Interview

Top 10 Countries
----------------
(as a percentage of 10/31/2000 portfolio assets)

United States 53.3%
United Kingdom 7.3%
Japan 7.1%
Switzerland 5.0%
Australia 5.0%
Canada 4.5%
France 3.0%
Netherlands 2.8%
Norway 2.1%
Germany 1.9%

What were some of the U.S. small-cap companies that contributed to performance?

The biotechnology industry produced several big contributors. Myriad Genetics,
which is involved in research and the development of drugs for cancer and
cardiovascular diseases, was up 120% for the 12 months. Laboratory Corporation
of America Holdings, a company that specializes in testing drugs developed by
other companies, was an excellent performer, rising by 350% over the full fiscal
year.

Health care in general rose as planned changes in Medicare and other government
payment formulas increased the likelihood that pharmacy benefits companies,
nursing homes and HMOs would start receiving more reimbursements. One company
that benefited from this trend was Express Scripts, Inc., a pharmacy benefits
manager.

The best-performing stock for the year was Tollgrade Communications, Inc., which
produces test equipment for high-speed cable and DSL modems. As more homes and
businesses are connected to high-speed DSL networks, Tollgrade should benefit.
Its test equipment allows companies to test their equipment installations
without going into a home or business. Another very strong performer, connected
to the enterprise software theme, was Netegrity. It provides highly
sophisticated security software for corporations, helping protect access to data
in network and internet applications.

What is your outlook for small company stocks in the U.S.?

The outlook is mixed, and we expect small company stocks to continue to be
volatile. Some areas in technology are not likely to have strong performance in
the coming months, but other areas continue to offer investment potential. In
particular, we look for opportunities in companies that can benefit from
continued corporate spending on productivity-enhancement tools. We also see
opportunities in wireless communications, where we expect a significant
upgrading of the technology of mobile devices during the next two years.

We continue to have a favorable outlook for health care, which should benefit
from the development of new drugs, more favorable Medicare payment plans and
favorable demographic trends. The aging baby boomer population should create
greater demand for all types of health care services and products.

In general, we are positioning the portfolio to emphasize companies that we
believe will develop strong earnings growth.

We intend to focus on our traditional discipline, emphasizing companies with
strong competitive positions that we believe have the potential for above-
average profitability with less risk than other firms. We believe if we remain
disciplined, we can weather the inevitable short-term volatility of small-cap
stocks and have good, long-term performance.

14
<PAGE>

EVERGREEN
Global Opportunities Fund
Portfolio Manager Interview

Top 10 Holdings
(as a percentage of 10/31/2000 net assets)

Myriad Genetics, Inc. 3.0%
Netegrity, Inc. 1.5%
Saurer Arbon AG 1.5%
Garban Plc 1.5%
Nippon Fire & Marine Ins. Co. 1.5%
Laboratory Corp. 1.5%
Computershare, Ltd. 1.4%
Sobeys, Inc. 1.4%
Frontline, Ltd. 1.3%
Electronics Boutique Plc 1.3%

What is your outlook for foreign small company stocks?

Small-stock investing in international markets depends to a great deal on the
characteristics of each company. However, as part of our stock selection
process, we also try to find opportunities in those areas with less volatility
or where market corrections may have created particularly attractive
opportunities. As part of our effort to control volatility, we expect to
continue to underweight emerging markets and we expect to continue to de-
emphasize Japan, where many smaller companies still are highly vulnerable to
large-cap companies and their plans.

We try to balance growth and value disciplines in our stock selection process
and we maintain a long-term emphasis on finding companies which are enjoying
dominant niches, either globally or regionally, in their markets. Embraer, the
Brazilian aircraft manufacturer, is an excellent example.

15
<PAGE>

EVERGREEN
International Growth Fund
Fund at a Glance as of October 31, 2000

"In a period of change and volatility in international equity markets, Evergreen
International Growth Fund outperformed its competitive benchmarks."

Portfolio
Management
----------

[PHOTO]

Gilman C. Gunn
Tenure: January 1991

--------------------------------------------------------------------------------
CURRENT INVESTMENT STYLE/1/
--------------------------------------------------------------------------------

[STYLE BOX]

Morningstar's Style Box is based on a portfolio date as of 10/31/2000.

The Equity Style Box placement is based on a fund's price-to-earnings and price-
to-book ratio relative to the S&P 500, as well as the size of the companies in
which it invests, or median market capitalization.

/1/ Source: 2000 Morningstar, Inc.

Historical performance shown for Classes A, C, and Y prior to their inception is
based on the performance of Class B, the original class offered. These
historical returns for Classes A and Y have been adjusted to eliminate the
effect of the higher 12b-1 fees applicable to Class B. These fees are 0.25% for
Class A and 1.00% for Classes B and C. Class Y does not pay a 12b-1 fee. If
these fees had not been eliminated, returns for Classes A and Y would have been
lower.

--------------------------------------------------------------------------------
PERFORMANCE AND RETURN/2/
--------------------------------------------------------------------------------
Portfolio Inception Date: 9/6/1979 Class A Class B Class C Class Y
Class Inception Date 1/20/1998 9/6/1979 3/6/1998 3/9/1998
Average Annual Returns *
1 year with sales charge -0.25% -1.06% 2.01% n/a
1 year w/o sales charge 4.66% 3.86% 3.99% 4.93%
5 years 10.71% 10.72% 11.01% 11.98%
10 years 9.97% 9.64% 9.64% 10.74%
Maximum Sales Charge 4.75% 5.00% 2.00% n/a
Front End CDSC CDSC
12-month income distributions
per share $0.11 $0.06 $0.06 $0.14
12-month capital gain distributions
per share $0.41 $0.41 $0.41 $0.41

* Adjusted for maximum applicable sales charge unless noted.

--------------------------------------------------------------------------------
LONG TERM GROWTH
--------------------------------------------------------------------------------

[GRAPH]

Class B MSCI EAFE CPI

10/31/90 10,000 10,000 10,000
Oct-91 10,643 10,731 10,292
Oct-92 11,014 9,347 10,622
Oct-93 13,670 12,887 10,914
Oct-94 14,585 14,225 11,199
Oct-95 14,905 14,216 11,513
Oct-96 16,463 15,751 11,858
Oct-97 19,045 16,526 12,105
Oct-98 20,823 18,170 12,285
Oct-99 24,156 22,416 12,599
Oct-00 25,088 21,819 13,022

Comparison of a $10,000 investment in Evergreen International Growth Fund, Class
B shares/2/, versus a similar investment in the Morgan Stanley Capital
International Europe, Australasia, and Far East Index (MSCI EAFE) and the
Consumer Price Index (CPI).

The MSCI EAFE is an unmanaged market index which does not include transaction
costs associated with buying and selling securities or 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. The Fund's
investment objective is non-fundamental and may be changed without the vote of
the Fund's shareholders.

Funds that invest in high yield, lower-rated bonds may contain more risk due to
the increased possibility of default.

All data is as of October 31, 2000 and is subject to change.

16
<PAGE>

EVERGREEN
International Growth Fund
Portfolio Manager Interview

How did the Fund perform?

For the twelve-month period ended October 31, 2000, the Fund's Class B shares
returned 3.86% before the deduction of any applicable sales charges. During the
same period, the median return of International Equity Funds was 0.83%,
according to Lipper Inc., an independent monitor of mutual fund performance. The
Morgan Stanley Capital International EAFE Index, a common benchmark of
international equity investing, had a return of -2.66%. In a period of change
and volatility in international equity markets, Evergreen International Growth
Fund outperformed its competitive benchmarks.

Portfolio
Characteristics
---------------

Total Net Assets $751,292,788
Number of Holdings 152
Beta 0.65*
P/E Ratio 38.1x*

* as if 9/30/2000

What factors affected performance during the twelve-month period?

The fiscal year actually encompassed two very distinct periods. The first six
months were marked by exceptionally strong performance in many markets, led by
the "TMT" stocks of companies in the telecommunications, media and technology
industries. The second six months featured a very different environment, in
which the TMT stocks faltered in performance while defensive stocks, including
those in the pharmaceutical, insurance and tobacco industries, tended to
outperform the overall markets.

Our balanced strategy of including both growth stocks and value stocks in the
portfolio resulted in performance that somewhat lagged the Lipper peer group
during the first six months, but led to positive performance during the second
six months as our defensive stock holdings helped reduce the impact of
volatility. For the entire period, we outperformed the EAFE Index.

During the fiscal year, we concentrated first on sector allocations, and
secondarily on country and regional allocations. It was a period of market
equilibrium, in which sector and company selection was more important than
country allocations. We overweighted defensive sectors such as pharmaceuticals,
energy, insurance and tobacco, while underweighting more volatile sectors such
as telecommunications services and telecommunications equipment.

Top 10 Countries
----------------
(as a percentage of 10/31/2000 portfolio assets)

United Kingdom 14.9%
Japan 14.9%
Canada 13.4%
France 12.1%
Switzerland 8.0%
United States 5.8%
Germany 5.6%
Netherlands 5.4%
Italy 3.6%
Spain 2.7%

What were the types of investments that contributed to performance?

Our overweighting in tobacco stocks was particularly successful, as our
tobacco-related investments were up 24% in just the first ten months of 2000.
British American Tobacco was a notable performer for the Fund, even though we
were underweighted in the United Kingdom.

During most of the twelve-month period we emphasized energy stocks to take
advantage of the effects of rising oil and gas prices. Our investments

17
<PAGE>

EVERGREEN
International Growth Fund
Portfolio Manager Interview

included leading European energy companies as well as smaller Canadian
exploration and production companies. However, near the end of the period, we
cut back our emphasis on energy, taking profits from successful investments.

One of our largest country weightings was Canada, at about 13% of net assets on
October 31. Our investments in Canada were concentrated in life insurance
companies and oil companies, and appreciated by 24% from January through
October, 2000.

In general, we avoided the volatile emerging markets, especially in Asia,
concentrated principally in Mexico and Brazil, with smaller investments in other
major emerging market countries.

Top 5 Sectors
-------------
(as a percentage of 10/31/2000 net assets)

Financials 33.0%
Health Care 10.2%
Consumer Staples 10.1%
Information Technology 9.2%
Materials 7.6%

Top 10 Holdings
---------------
(as a percentage of 10/31/2000 net assets)

British America Tobacco Inds. Plc 2.4%
Sumitomo Marine & Fire Ins. Co., Ltd. 2.2%
Nestle SA 2.2%
Akzo Nobel NV 2.1%
Manulife Finl. Corp. 1.9%
HSBC Hldg. Plc 1.7%
Fortis (NL) NV 1.5%
ST Microelectronics 1.5%
Brascan Corp. 1.5%
Philips Electronics NV 1.5%

What is your outlook in the international markets?

With high interest rates, higher energy costs and less optimism about the U.S.
equity market, we anticipate that foreign markets will continue to be
volatile. As a result, we plan to maintain a defensive portfolio positioning.

In Europe, we anticipate that economic growth in 2001 will be more vigorous than
in the United States. Europe is at an earlier stage in the economic cycle, and
exporters should benefit from the very weak euro currency. Among the positive
factors that could encourage investments in Europe are the reductions in
personal and corporate income taxes and the elimination of the capital gains tax
in Germany. We believe these steps should encourage consumer spending in Europe,
while unlocking cross-shareholdings in which one German company owns shares of
another. Lower taxes also are proposed in France.

The trend away from government-sponsored pension funds in Europe and toward
tax-advantaged retirement plans similar to 401-k and IRA plans in the United
States also should benefit European investments by creating further demand for
equities.

Finally, European investment opportunities should be enhanced as companies on
the continent continue to increase their efficiency and productivity by cutting
costs and focusing on core operations. We believe European companies are about
three years behind U.S. companies in the move toward greater productivity, with
many of the benefits of greater efficiency still in front of them. Managements
in Europe are under great pressure to increase their companies' return on
equity.

Clouding the outlook in Europe, however, is continued uncertainty about the
effects of currency. The value of the euro in U.S. dollars has declined by about
27% since the European-wide currency was introduced in January 1999. Although we
think the euro may have fallen to close to its bottom, it has been very
hazardous for anyone to make forecasts about the strength of the euro.

Outside of Europe, the outlook for the Japanese market continues to be
uncertain. While conditions are changing in Japan, they are changing faster
elsewhere in the world. As a result, we expect we will continue to underweight
investments in Japan.

18
<PAGE>

EVERGREEN
Latin America Fund
Fund at a Glance as of October 31, 2000

"We concentrated the portfolio in the largest and healthiest markets in the
region, Brazil and Mexico, where more than 96% of Fund net assets were invested
at the close of the fiscal year."

Portfolio
Management
----------

[PHOTO]

Antonio T. Docal, CFA
Tenure: October 1996

--------------------------------------------------------------------------------
CURRENT INVESTMENT STYLE/1/
--------------------------------------------------------------------------------

[STYLE BOX]

Morningstar's Style Box is based on a portfolio date as of 10/31/2000.

The Equity Style Box placement is based on a fund's price-to-earnings and price-
to-book ratio relative to the S&P 500, as well as the size of the companies in
which it invests, or median market capitalization.

/1/ Source: 2000 Morningstar, Inc.

Historical performance shown for Class Y prior to its inception is based on the
performance of Class A, one of the original classes offered along with Classes B
and C. The historical returns for Class Y include the effect of the 0.25% 12b-1
fee applicable to Class A. Class Y does not pay a 12b-1 fee. If these fees had
not been reflected, returns for Class Y would have been higher. Classes B and C
each pay a 12b-1 fee of 1.00%.

The Fund's investment objective is non-fundamental and may be changed without
the vote of the Fund's shareholders.

--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS/2/
--------------------------------------------------------------------------------
Portfolio Inception Date: 11/1/1993 Class A Class B Class C Class Y
Class Inception Date 11/1/1993 11/1/1993 11/1/1993 3/30/1998
Average Annual Returns *
1 year with sales charge 18.86% 18.92% 21.95% n/a
1 year w/o sales charge 24.82% 23.92% 23.95% 25.18%
5 years 5.96% 5.91% 6.18% 7.15%
Since Portfolio Inception 4.75% 4.74% 4.72% 5.60%
Maximum Sales Charge 4.75% 5.00% 2.00% n/a
Front End CDSC CDSC

* Adjusted for maximum applicable sales charge unless noted.

--------------------------------------------------------------------------------
LONG TERM GROWTH
--------------------------------------------------------------------------------

[GRAPH]

Class A MSCI World S & P 500 CPI MSCI EMFLA

11/1/93 9,525 10,000 10,000 10,000 10,000
10/31/94 10,211 10,817 10,387 10,261 12,936
10/31/95 9,869 11,902 13,133 10,549 10,423
10/31/96 11,521 13,905 16,297 10,865 11,099
10/31/97 13,730 16,304 21,531 11,091 10,157
10/31/98 10,012 18,861 26,265 11,256 7,010
10/31/99 11,084 23,639 33,010 11,544 10,138
10/31/00 13,835 23,968 35,021 11,931 9,245

Comparison of a $10,000 investment in Evergreen Latin America Fund, Class A
shares/2/, versus a similar investment in the Morgan Stanley Capital
International World Index (MSCI World), the Morgan Stanley Capital International
Emerging Markets Free Latin America Index (MSCI EMFLA), the Standard and Poor's
500 Index (S&P 500) and the Consumer Price Index (CPI).

The MSCI World, MSCI EMFLA and the S&P 500 are unmanaged market indices which do
not include transaction costs associated with buying and selling securities or
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.

Funds that invest in high yield, lower-rated bonds may contain more risk due to
the increased possibility of default.

Funds that concentrate their investments in a single country or region may face
increased risk of price fluctuation over more diversified funds due to adverse
developments within that country or region.

All data is as of October 31, 2000 and is subject to change.

19
<PAGE>

EVERGREEN
Latin America Fund
Portfolio Manager Interview

How did the Fund perform?

Evergreen Latin America Fund Class A shares returned 24.82% for the twelve-month
period ended October 31, 2000 before the deduction of any applicable sales
charges. During the same period, the median return of Latin American Funds was
21.00%, according to Lipper Inc., an independent monitor of mutual fund
performance. The Morgan Stanley Capital International Emerging Markets Free
Latin American Index returned 14.24%, the Morgan Stanley Capital International
World Index returned 1.09%, and the S&P 500 returned 6.09% for the same period.

Portfolio
Characteristics
---------------

Total Net Assets $26,411,127
Number of Holdings 44
Beta 1.40*
P/E Ratio 56.7x*
*as of 9/30/2000

What was the investment environment like during the period?

Early in the fiscal year, Latin American markets staged a sharp rally lifted by
the recognition that the region's economies, particularly Brazil and Mexico,
were well on the road to recovery. However, that rally was interrupted during
the final months of the fiscal year as markets throughout the world, including
the U.S., grew more volatile and investors became more averse to perceived
investment risks. As stocks in the technology-heavy NASDAQ Index in the United
States grew more volatile and suffered significant price losses, volatility
increased throughout the world, including in Latin America. At the same time,
the U.S. Federal Reserve Board continued its effort to slow economic growth in
the United States by raising short-term interest rates, creating uncertainty
about future growth and about the effects that any slowdown would have on other
markets. The ripple effects of these influences in the U.S. hurt the valuations
of Latin American equities as well as of other asset classes that carried
perceived risk, including U.S. high yield bonds and emerging market stocks in
general.

In spite of this higher volatility, characterized by alternating rallies and
corrections, the economic fundamentals in the region's two largest markets,
Brazil and Mexico, continued to improve as the fiscal year progressed. Credit
rating bureaus raised Mexican debt to investment grade status, and the country
experienced a relatively problem-free transfer of power after national
elections. The signing of a new trade agreement between Mexico and the European
Economic Union also offered the prospect of improved export opportunities for
Mexican goods. The economies of both Brazil and Mexico enjoyed greater growth
and less inflation than they had experienced during any of the previous 10
years.

In contrast to the improving situations in Brazil and Mexico, smaller Latin
American markets experienced difficulties, both political and economic. In
Argentina, for example, political turmoil and a weak economy raised questions
about the credibility of the country's long-term plan to link the Argentine peso
to the U.S. dollar. A continuing political crisis in Peru increased pressure on
President Alberto K. Fujimori to resign.

Top 5 Sectors
-------------
(as a percentage of 10/31/2000 net assets)

Telecommunication Services 25.1%
Consumer Discretionary 15.2%
Financials 18.8%
Materials 7.2%
Consumer Staples 8.6%

20
<PAGE>

EVERGREEN
Latin America Fund
Portfolio Manager Interview

Top 10 Holdings
---------------
(as a percentage of 10/31/2000 net assets)

Telefonos de Mexico SA de CV ("Telmex") 8.5%
Petroleo Brasileiro SA, ADR ("Petrobras") 6.5%
Tele Norte Leste Participacoes SA 5.6%
Grupo Televisa SA 5.2%
Grupo Financiero Banamex AC, Ser. O 5.1%
Embraer Empresa Brasileira de 4.8%
Aeronautica SA, ADR CIA de Bebidas das Americas, ADR ("Amber") 4.4%
Wal-Mart de Mexico SA de CV 4.2%
Carso Global Telecom, Ser. A1 4.1%
Banco Bradesco SA 3.8%

What were your principal strategies?

We concentrated the portfolio in the largest and healthiest markets in the
region, Brazil and Mexico, where more than 96% of Fund net assets were invested
at the close of the fiscal year. We mostly avoided investments in Argentina,
Peru, Venezuela and Colombia.

Within Brazil and Mexico, we focused the portfolio primarily on large, blue chip
stocks and overweighted the portfolio in banking, consumer goods and beverage
industries.

In Mexico, we held investments in major banks such as Bancomer, which was
acquired by BBV, a major Spanish bank, and Banacci. Bank stocks had been trading
at very low valuations, reflecting their past problems, and banks had begun to
show signs of stabilization. In the retail industry, a major investment was in
Walmex, an affiliate of Wal-Mart and a company that is rapidly gaining market
share by continuously expanding into underdeveloped areas in Mexico.

In Brazil, banks benefited from accelerating growth in the economy and a revival
of consumer activity. A shift away from government securities and to consumer
lending also helped Brazilian banks. In the consumer area, we maintained an
investment in the Brazilian brewer Ambev, the fourth largest brewer in the
world, which is benefiting from its merger with the Brahma brewery and has begun
streamlining its distribution and eliminating redundancies. Ambev's stock also
received new support when the company listed its securities on the New York
Stock Exchange.

Embraer, the Fund's largest position and a long-time holding, continued to
perform very well, benefiting from strong growth. It has developed into one of
two international companies that dominate the world market for regional jet
aircraft. Embraer also listed its securities on the New York Stock Exchange
during the period.

Top 6 Countries
---------------
(as a percentage of 10/31/2000 portfolio assets)

Mexico 48.9%
Brazil 47.5%
Chile 2.4%
Argentina 0.5%
United States 0.4%
Luxembourg 0.3%

What is your outlook for the Latin American markets?

As a result of the extended volatility linked principally to global trends,
Latin American equities finished the fiscal year with what we believe are
attractive prices relative to the underlying values of their companies. At the
end of the fiscal year on October 31, 2000,

21
<PAGE>

EVERGREEN
Latin America Fund
Portfolio Manager Interview

stocks in the region were trading at a 30%-to-40% discount to their average
prices over the previous four years, as measured by their price/earnings (P/E)
ratios.

Now, we face the question of when international investors will recognize the
values in Latin American equities. The answer will be heavily influenced by what
happens in the United States.

Emerging market stocks in general, and Latin American stocks in particular, are
highly sensitive to interest rates in the United States and other major
economies. If the U.S. Federal Reserve and other central banks maintain
relatively high rates, volatility in Latin America is likely to continue.
However, if the central banks start easing the money supply and lowering
short-term rates in the coming months, Latin American stocks should start doing
very well.

Economic fundamentals in the region are very strong, and stock valuations are
inexpensive. If the global investment environment becomes more positive,
investors should start paying more attention to these attractive fundamentals
and valuations, which should support the Latin American equity markets.

22
<PAGE>

EVERGREEN
Perpetual Global Fund
Fund at a Glance as of October 31, 2000

"In general, we are optimistic that interest rates in the United Kingdom, Europe
and the United States will decline and that there will be further evidence of an
economic recovery in Japan."

Portfolio Management
--------------------

Ian Brady Kathryn Langridge
Tenure: April 1995 Tenure: April 1995

Robert Yerbury Margaret Roddan
Tenure: April 1995 Tenure: April 1995

Stephen Whittaker Paul Chesson
Tenure: April 1995 Tenure: January 2000

--------------------------------------------------------------------------------
CURRENT INVESTMENT STYLE/1/
--------------------------------------------------------------------------------

[STYLE BOX]

Morningstar's Style Box is based on a portfolio date as of 10/31/2000.

The Equity Style Box placement is based on a fund's price-to-earnings and price-
to-book ratio relative to the S&P 500, as well as the size of the companies in
which it invests, or median market capitalization.

/1/ Source: 2000 Morningstar, Inc.

Historical performance shown for Classes B and Y prior to their inception is
based on the performance of Class A, one of the original classes offered along
with Class C. These historical returns for Classes B and Y have not been
adjusted to reflect the effect of each class' 12b-1 fees. These fees are 0.25%
for Class A and 1.00% for Classes B and C. Class Y does not pay a 12b-1 fee. If
these fees had been reflected, returns for Class B would have been lower while
returns for Class Y would have been higher.

The Fund's investment objective is non-fundamental and may be changed without
the vote of the Fund's shareholders.

--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS/2/
--------------------------------------------------------------------------------
Portfolio Inception Date: 3/29/1994 Class A Class B Class C Class Y
Class Inception Date 3/29/1994 10/18/1999 3/29/1994 11/19/1997
Average Annual Returns *
1 year with sales charge -5.97% -6.32% -3.69% n/a
1 year w/o sales charge -1.28% -2.09% -2.01% -1.03%
5 years 12.30% 12.97% 12.58% 13.57%
Since Portfolio Inception 10.84% 11.53% 10.82% 11.80%
Maximum Sales Charge 4.75% 5.00% 2.00% n/a
Front End CDSC CDSC
12-month capital gain distributions
per share $3.35 $3.35 $3.35 $3.35

*Adjusted for maximum applicable sales charge unless noted.

--------------------------------------------------------------------------------
LONG TERM GROWTH
--------------------------------------------------------------------------------

[GRAPH]

Class A MSCI World CPI

3/29/94 9,525 10,000 10,000
10/31/94 9,715 10,848 10,156
10/31/95 10,515 11,936 10,442
10/31/96 12,441 13,945 10,754
10/31/97 14,365 16,351 10,978
10/31/98 15,987 18,915 11,141
10/31/99 19,966 23,707 11,427
10/31/00 19,709 24,037 11,810

Comparison of a $ 10,000 investment in Evergreen Perpetual Global Fund, Class A
shares/2/, versus a similar investment in the Morgan Stanley Capital
International World Index (MSCI World) and the Consumer Price Index (CPI).

Smaller 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.

Funds that invest in high yield, lower-rated bonds may contain more risks due to
the increased possibility of default.

All data is as of October 31, 2000 and is subject to change.

23
<PAGE>

EVERGREEN
Perpetual Global Fund
Portfolio Manager Interview

How did the Fund perform?

For the twelve-month period ended October 31, 2000, Evergreen Perpetual Global
Fund's Class A shares returned -1.28%, before the deduction of any applicable
sales charges. In comparison, the MSCI World Index returned 1.09% for the same
period.

Portfolio
Characteristics
---------------

Total Net Assets $201,059,934
Number of Holdings 329
Beta 0.85*
P/E Ratio 29.6x
*as of 9/30/2000

Describe the economic environment during the period.

During the twelve months, the rapid pace of economic growth in many world
economies led to concerns about the possibility of accelerating wage and price
inflation. As a result, central banks in the United States and overseas
tightened their monetary policies and periodically raised interest rates. At the
end of the period, it appeared that the anti-inflation policies of the central
banks were having the desired effect. Economic growth in many countries slowed
and inflation appeared to be contained. This more favorable economic climate led
to relatively stable interest rates and a more positive long-term outlook for
stock prices.

Given this economic backdrop, how did equity markets perform?

At the beginning of the period, equity markets soared, as investors bid up the
prices of telecommunications, media and technology stocks (TMT). As we entered
the second quarter of 2000, however, investor sentiment changed. Investors
became concerned that the high valuations of TMT stocks were unsustainable. In
addition, they worried that rising interest rates would dampen corporate profits
and ultimately lead to lower stock prices. This uncertainty produced a
significant market sell-off, first in TMT stocks and then in other market
sectors.

Top 5 Sectors
-------------
(as a percentage of 10/31/2000 net assets)

Financials 18.6%
Information Technology 18.3%
Consumer Discretionary 15.1%
Industrials 9.3%
Telecommunication Services 6.9%

How did you manage the portfolio in this environment?

We favored value stocks that were reasonably priced over growth stocks that we
believed were overpriced. As stock prices declined, the U.S., United Kingdom
(UK) and European markets became relatively more attractive. Therefore, we
increased the Fund's exposure in these regions and, at the same time, decreased
investments in Japan and Asia, where markets were more leveraged to the U.S.
economic slowdown.

24
<PAGE>

EVERGREEN
Perpetual Global Fund
Portfolio Manager Interview

What was your strategy in Europe?

The UK and continental Europe accounted for 40% of portfolio assets at the end
of the year, up from a low of 36% in February. In the UK, we avoided making
large commitments to technology shares and focused mostly on interest
rate-sensitive stocks. Because the UK was one of the first areas to experience
an economic slowdown, we believe it is likely to be one of the first places
where interest rates decline. We overweighted the portfolio in retailing and
construction stocks--shares that tend to perform well when interest rates go
down. In the retailing sector we invested in Signet Group and Selfridges; in the
construction area we added John Laing and Fairview Holdings.

In continental Europe, many companies continued their restructuring programs,
which we believe should enhance corporate governance and shareholder value.
While we invested significantly in telecommunications companies, we focused more
on telecommunications equipment builders than on utility companies. Equipment
builders are in the business of developing new technologies to enhance internet
and wireless communications. Our emphasis on interest rate-sensitive stocks led
us to investments in domestic consumer companies and financial
institutions--sectors that we believe should perform well should interest rates
decline.

Top 10 Holdings
---------------
(as a percentage of 10/31/2000 net assets)

Nokia OYJ 2.1%
Ericsson LM Telephone 2.0%
Vodafone Airtouch Plc 1.8%
Nasdaq 100 Trust 1.8%
Tokyo Elec. Pwr. Co., Inc. 1.6%
Intl. Business Machines Corp. 1.5%
Gen. Elec. Co. 1.4%
America Online, Inc. 1.4%
Cisco Sys., Inc. 1.2%
Philip Morris Co., Inc. 1.2%

At 45.6% of assets, the U.S. market accounted for the Fund's largest individual
country allocation. What was your strategy in the U.S.?

In technology, our strategy was to avoid the "dot.com craze" and emphasize the
better-established companies that are working toward building out the internet
and improving wireless communications. The technology portion of the Fund
includes Cisco Systems, Intel and Verizon. While these stocks have been affected
by the general decline in U.S. stock prices, we believe that over the long term
they have the potential to produce strong gains. We also emphasized interest
rate-sensitive stocks. By the end of the period, economic data suggested that
U.S. economic growth had slowed to a sustainable rate. This may lead to a
downward trend in interest rates. Such a move would be beneficial to interest
rate-sensitive stocks.

Why did you reduce the Fund's allocation to Japan?

After several fiscal stimulus packages, Japan continued to suffer from the
perception that consumers were reluctant to increase spending in order to boost
the economy. In addition, progress toward achieving government and corporate
reforms was slow. Early in the period, we increased the Fund's Japanese
exposure, convinced that economic growth had taken root. We emphasized companies
with forward-looking management that were prepared to meet the challenge of a
new more competitive environment. While economic and earnings growth was
relatively strong, the Japanese market suffered from a lack of foreign
investment, particularly from the United States. In the second half of the year,
we cut back the Fund's weighting in Japan to invest in more immediately
favorable opportunities elsewhere.

25
<PAGE>

EVERGREEN
Perpetual Global Fund
Portfolio Manager Interview

How did markets in the rest of Asia perform?

As a region, Asia was a disappointment. Political upheaval and market
uncertainty dampened investor confidence, especially in the smaller markets.
Because Asia's recovery from the financial crisis of 1998 was quick and
relatively strong, expectations were high for continuing government and
corporate reforms. However, reforms were slow in coming. Foreign investors grew
impatient with the glacial pace of reform and returned to higher growth markets
such as the United States. China and its conduit market in Hong Kong were the
main economic drivers in Asia. Most other stock markets suffered from higher
U.S. interest rates and from decreased demand for electronic components, as
companies around the world cut spending for information technology. The Fund's
exposure to Asian markets was dominated by Hong Kong, where we expect Chinese
economic growth and U.S. interest rate reduction to have a beneficial effect.

At 2% of assets, the Fund's allocation to Latin America remained relatively
stable. How did Latin American markets fare?

Throughout the year, the economic fundamentals improved in most Latin American
markets. Despite this encouraging development, Latin America was affected by the
increased volatility in the world's developed markets. The downturn in
well-established markets reduced investors' appetite for risk. We believe in the
months ahead, the Latin American markets are likely to improve. Their proximity
to U.S. markets and their better credit ratings have made these markets cheaper
and more accessible to global investors.

Top 10 Countries
----------------
(as a percentage of 10/31/2000 portfolio assets)

United States 45.6%
United Kingdom 14.3%
Japan 10.0%
France 3.2%
Netherlands 3.0%
Spain 2.6%
Finland 2.5%
Germany 2.2%
Italy 2.2%
Sweden 2.1%

What is your outlook?

In general, we are optimistic that interest rates in the United Kingdom, Europe
and the United States will decline and that there will be further evidence of an
economic recovery in Japan. We believe that most of the froth has been taken out
of the equity markets and that there are many attractive investment
opportunities. We believe the Fund's emphasis on investment fundamentals will be
beneficial to investors. Markets have broadened out again as "internet fever"
has subsided, and we believe this trend should continue.

26
<PAGE>

EVERGREEN
Perpetual International Fund
Fund at a Glance as of October 31, 2000

"We favored reasonably priced value stocks over growth stocks that we believed
were overpriced."

Portfolio Management
--------------------

Robert Yerbury Kathryn Langridge
Tenure: April 1995 Tenure: May 1996

Margaret Roddan Stephen Whittaker
Tenure: May 1996 Tenure: May 1996

Pat Chesson
Tenure: January 2000

--------------------------------------------------------------------------------
CURRENT INVESTMENT STYLE/1/
--------------------------------------------------------------------------------

[STYLE BOX]

Morningstar's Style Box is based on a portfolio date as of 10/31/2000.

The Equity Style Box placement is based on a fund's price-to-earnings and price-
to-book ratio relative to the S&P 500, as well as the size of the companies in
which it invests, or median market capitalization.

/1/ Source: 2000 Morningstar, Inc.

Historical performance shown for Classes A, B and C prior to their inception is
based on the performance of Class Y, the original class offered. 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 are 0.25% for Class A and 1.00% for
Classes B and C. Class Y does not pay a 12b-1 fee. If these fees had been
reflected, returns would have been lower.

The Fund's investment objective is non-fundamental and may be changed without
the vote of the Fund's shareholders.

Smaller 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.

--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS/2/
--------------------------------------------------------------------------------
Portfolio Inception Date: 5/29/1996 Class A Class B Class C Class Y
Class Inception Date 12/27/1996 10/18/1999 12/27/1996 5/29/1996
Average Annual Returns *
1 year with sales charge -6.55% -7.07% -4.39% n/a
1 year w/o sales charge -1.88% -2.69% -2.64% -1.62%
Since Portfolio Inception 7.94% 8.80% 8.53% 9.40%
Maximum Sales Charge 4.75% 5.00% 2.00% n/a
Front End CDSC CDSC
12-month capital gain distributions
per share $1.92 $1.92 $1.92 $1.92

*Adjusted for maximum applicable charge sales unless noted.

--------------------------------------------------------------------------------
LONG TERM GROWTH
--------------------------------------------------------------------------------

[GRAPH]

Class Y MSCI EAFE CPI

5/29/96 10,000 10,000 10,000
4/30/97 10,626 10,124 10,230
10/31/97 11,158 10,443 10,319
4/30/98 13,037 12,071 10,377
10/31/98 12,015 11,482 10,473
4/30/99 14,012 13,255 10,613
10/31/99 15,128 14,166 10,741
4/30/00 16,919 15,134 10,939
10/31/00 14,883 13,788 11,101

Comparison of a $10,000 investment in Evergreen Perpetual International Fund,
Class Y shares/2/, versus a similar investment in the Morgan Stanley Capital
International Europe, Australasia, and Far East Index (MSCI EAFE) and the
Consumer Price Index (CPI).

All data is as of October 31, 2000 and is subject to change.

27
<PAGE>

EVERGREEN
Perpetual International Fund
Portfolio Manager Interview

How did Evergreen Perpetual International Portfolio perform during the
twelve-month period ended October 31, 2000?

For the twelve-month period ended October 31, 2000, Evergreen Perpetual
International Fund's Class Y shares returned -1.62%. In comparison, the MSCI
EAFE Index returned -2.66% for the same period.

Portfolio
Characteristics
---------------

Total Net Assets $187,141,439
Number of Holdings 250
Beta 0.74*
P/E Ratio 30.2x*

*as of 9/30/2000

Describe the economic environment during the period.

Given this economic backdrop, how did equity markets perform?

Top 5 Sectors
-------------
(as a percentage of 10/31/2000 net assets)

Financials 22.4%
Consumer Discretionary 18.6%
Industrials 12.1%
Information Technology 11.0%
Telecommunication Services 6.0%

How did you manage the portfolio in this environment?

We favored reasonably priced value stocks over growth stocks that we believed
were overpriced. As stock prices declined, the United Kingdom (UK) and European
markets became relatively more attractive. Therefore, we increased the Fund's
exposure in the UK and Europe and, at the same time, decreased investments in
Japan and Asia, where markets were more leveraged to the U.S. economic slowdown.

28
<PAGE>

EVERGREEN
Perpetual International Fund
Portfolio Manager Interview

What was your strategy in Europe?

The UK and continental Europe accounted for 67% of portfolio assets at the end
of the year, up from a low of 56% in February. In the UK, we avoided making
large commitments to technology shares and focused mostly on interest
rate-sensitive stocks. Because the UK was one of the first areas to experience
an economic slowdown, we believe it is likely to be one of the first places
where interest rates decline. We overweighted the portfolio in retailing and
construction stocks--shares that tend to perform well when interest rates go
down. In the retailing sector we invested in Signet Group and Selfridges; in the
construction area we added John Laing and Fairview Holdings.

Top 10 Holdings
---------------
(as a percentage of 10/31/2000 net assets)

Nokia OYJ 3.4%
Ericsson LM Telephone, Ser. B 3.3%
Vodafone Airtouch Plc 2.8%
Tokyo Elec. Pwr. Co. 2.7%
Nintendo Co., Ltd. 1.4%
Elan Corp. Plc, ADR 1.3%
Gucci Group NV 1.2%
Matsushita-Kotobuki Electronics Inds., Ltd. 1.2%
Shell Trans. & Trading Co. Plc 1.2%
Julius Baer Hldgs. AG 1.2%

Top 10 Countries
----------------
(as a percentage of 10/31/2000 portfolio assets)

United Kingdom 22.1%
United States 18.8%
Japan 16.7%
Netherlands 5.6%
Spain 4.5%
France 4.4%
Finland 3.6%
Italy 3.3%
Sweden 3.2%
Germany 3.0%

Why did you reduce the Fund's allocation to Japan?

29
<PAGE>

EVERGREEN
Perpetual International Fund
Portfolio Manager Interview

How did markets in the rest of Asia perform?

At 2% of portfolio assets, the Fund's allocation to Latin American remained
relatively stable. How did Latin American markets fare?

Throughout the year, the economic fundamentals improved in most Latin American
markets. Despite this encouraging development, Latin America was affected by
the increased volatility in the world's developed markets. The downturn in
well-established markets reduced investors' appetite for risk. In the months
ahead, we believe the Latin American markets are likely to improve. Their
proximity to U.S. markets and their better credit ratings have made these
markets cheaper and more accessible to global investors.

What is your outlook?

In general, we are optimistic that interest rates in the United Kingdom, Europe
and the United States will decline and that there will be further evidence of an
economic recovery in Japan. We believe that most of the froth has been taken out
of the equity markets and that there are many attractive investment
opportunities. We believe the Fund's emphasis on investment fundamentals will
be beneficial to investors. Markets have broadened out again as "internet fever"
has subsided and we believe this trend should continue.

30
<PAGE>

EVERGREEN
Precious Metals Fund
Fund at a Glance as of October 31, 2000

"For the Fund's gold investments, we followed the basic policy that has guided
our strategies over the long term: investing the majority of assets in companies
with substantial, proven, low-cost reserves."

Portfolio
Management
----------

[PHOTO]

John Madden, CFA
Tenure: October 1995

--------------------------------------------------------------------------------
CURRENT INVESTMENT STYLE/1/
--------------------------------------------------------------------------------

[STYLE BOX]

Morningstar's Style Box is based on a portfolio date as of 10/31/2000.

The Equity Style Box placement is based on a fund's price-to-earnings and price-
to-book ratio relative to the S&P 500, as well as the size of the companies in
which it invests, or median market capitalization.

/1/ Source: 2000 Morningstar, Inc.

Historical performance shown for Classes A, C and Y prior to their inception is
based on the performance of Class B, the original class offered. The historical
returns for Classes A and Y have been adjusted to eliminate the effect of the
higher 12b-1 fees applicable to Class B. These fees are 0.25% for Class A and
1.00% for Classes B and C. Class Y does not pay a 12b-1 fee. If these fees had
not been eliminated, returns for Classes A and Y would have been lower.

--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS/2/
--------------------------------------------------------------------------------
Portfolio Inception Date: 1/30/1978 Class A Class B Class C Class Y
Class Inception Date 1/20/1998 1/30/1978 1/29/1998 2/29/2000
Average Annual Returns*
1 year with sales charge -29.91% -30.61% -28.45% n/a
1 year w/o sales charge -26.43% -26.96% -26.99% -26.37%
5 years -14.81% -14.92% -14.63% -14.10%
10 years -3.51% -3.80% -3.81% -3.18%
Maximum Sales Charge 4.75% 5.00% 2.00% n/a
Front End CDSC CDSC

*Adjusted for maximum applicable sales charge unless noted.

--------------------------------------------------------------------------------
LONG TERM GROWTH
--------------------------------------------------------------------------------

[GRAPH]

Class B LGFI S&P 500 CPI

10/31/90 10,000 10,000 10,000 10,000
10/31/91 11,132 10,458 13,350 10,292
10/31/92 9,868 8,584 14,679 10,622
10/31/93 16,502 13,704 16,872 10,914
10/31/94 18,408 15,835 17,525 11,199
10/31/95 14,961 12,880 22,158 11,513
10/31/96 17,339 15,294 27,497 11,858
10/31/97 11,869 9,874 36,327 12,105
10/31/98 9,186 7,377 44,315 12,285
10/31/99 9,298 7,491 55,695 12,599
10/31/00 6,791 5,366 59,087 13,022

Comparison of a $10,000 investment in Evergreen Precious Metals Fund, Class B
shares/2/, versus a similar investment in the Standard & Poor's 500 Index (S&P
500), the Lipper Gold Fund Index (LGFI) and the Consumer Price Index (CPI).

The S&P 500 and the LGFI are unmanaged market indices which do not include
transaction costs associated with buying and selling securities or 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.

The Fund's investment objective is non-fundamental and may be changed without
the vote of the Fund's shareholders.

Funds that concentrate their investments in a single industry may face an
increased risk of price fluctuation over more diversified funds due to adverse
developments within that industry.

All data is as of October 31, 2000 and is subject to change.

31
<PAGE>

EVERGREEN
Precious Metals Fund
Portfolio Manager Interview

How did the Evergreen Precious Metals Fund perform during the twelve-month
period?

The Fund's Class B Shares returned -26.96% for the twelve-month period ended
October 31, 2000, before the deduction of any applicable sales charges. This
compared to the average decline of 27.45% produced by the Gold Funds followed by
Lipper, Inc. Lipper, Inc. is an independent monitor of mutual fund performance.
For the same period, the S&P 500 and the Lipper Gold Indices returned 6.09% and
-28.37%, respectively. The Fund's performance reflects the difficult investment
environment for gold, over the past year. Since investing in gold is the primary
objective of the Fund, gold stocks represent a significant portion of the Fund's
net assets. The performance of gold stocks tends to directly reflect the price
of the metal. Because of this close relationship, when gold performs as
negatively as it did over the past twelve-months, the Fund's share price can
decline.

Portfolio
Characteristics
---------------

Total Net Assets $49,938,215
Number of Holdings 42
Beta 0.89%*
P/E Ratio 35.2x*

*as of 9/30/2000

Why was the environment for gold so challenging?

The primary difficulty for gold continued to be a robust U.S. economy and the
resulting strength of the stock market and the U.S. dollar. The equity market
and U.S. dollar were highly competitive investment alternatives, and attracted
assets away from gold. Price support for the metal was weak for most of the
period.

At the end of October 1999, the price of gold stood at $300 per ounce. In
February, it reached its high for the period of $315 per ounce, and by October
2000, the price of gold had fallen back to $265 per ounce. There was a brief
rally in June 2000, largely in response to a period of weakness in the U.S.
dollar, in which the price of gold rallied from $270 to $290 an ounce. After
reaching that interim high, gold prices resumed their slide through the rest of
the fiscal period.

Top Sectors
-----------
(as a percentage of 10/31/2000 net assets)

Materials (Metals & Mining) 97.1%
Financials 0.6%

How was the investment environment for other precious metals?

Other precious metals fared better. There is a substantial market in both
jewelry and industrial fields--most notably automobile catalytic mufflers--for
platinum and palladium. Strong auto sales and stricter pollution requirements
have increased demand for these metals, while supply has remained tight. As a
result, platinum and palladium prices have moved higher. Platinum has averaged
$525 per ounce year-to-date through October 31, 2000, versus $350 per ounce for
much of 1999--and palladium has done even better. Palladium has averaged well
over $600 per ounce through the first ten months of 2000; and at the end of the
fiscal period, the metal was trading at nearly $800 per ounce.

Diamonds also have done well. As the ultimate luxury good in the eyes of many
consumers, diamond sales have reflected the booming economy and strong stock
market. Sales also were given a boost by a well-

32
<PAGE>

EVERGREEN
Precious Metals Fund
Portfolio Manager Interview

conceived Millenium ad campaign by DeBeers, the industry leader. DeBeers' stock
rose 50% between April 2000 and October 2000, despite the fact that the company
has been examining its role in the changing diamond market and new strategies
were untested, as of the end of the fiscal period.

Top 10 Holdings
---------------
(as a percentage of 10/31/2000 net assets)

Gencor, Ltd. 6.8%
Anglo-American Platinum Corp., Ltd. 6.3%
Impala Platinum Holdings, Ltd. 6.0%
Franco Nevada Mining, Ltd. 5.6%
Meridian Gold, Inc. 5.5%
Goldcorp, Inc. 4.8%
AngloGold, Ltd. 4.6%
Goldfields, Ltd. 4.6%
Harmony Gold Mining, Ltd. 4.4%
Newmont Mining Corp. 4.4%

How did you manage the Fund in this environment?

We maintained our commitment to the Fund's primary objective of providing
investors with an exposure to the price of gold, but used the Fund's flexibility
to invest in other sectors to generate better, more immediate returns. The
Fund's investments in platinum, palladium and diamonds performed well. However,
we employed the Fund's flexibility cautiously, staying within the realm of our
definition of precious metals and minerals, and limiting our commitment to these
sectors so that the Fund could still participate in a potential rally in gold.
As of October 31, 2000, the Fund's assets were invested as follows: Gold-related
equities: 75%, Platinum and Palladium-related equities: 20%, and Diamond-related
equities: 5%.

For the Fund's gold investments, we followed the basic policy that has guided
our strategies over the long term: investing the majority of assets in companies
with substantial, proven, low-cost reserves. The Fund is invested in North
America and overseas, with significant positions in South Africa, since that is
where some of the world's premier gold operations are located. The Fund's assets
represent many familiar names, including Barrick Gold, Placer Dome and
Anglogold. We also continued to seek lesser-known situations that could offer
exceptional growth or exploration potential. One of these positions, Gabriel
Resources, is a company that develops gold production in Romania from deposits
that have been known since the time of the Roman Empire, but have never been
exploited using modern recovery methods. Another holding, Buenaventura, S.A. is
a Peruvian company we believe provides compelling value because of its
substantial reserves.

Geographic Allocation
---------------------
(as a percentage of 10/31/2000 net assets)

South Africa 40.2%
Canada 38.4%
United States 10.8%
Australia 8.7%
Peru 1.3%
Papua New Guinea 0.6%

33
<PAGE>

EVERGREEN
Precious Metals Fund
Portfolio Manager Interview

What is your outlook?

We are cautiously optimistic. Gold has been under pressure for several years,
and in our opinion, it has become increasingly undervalued. There also are a
growing number of signs that the U.S. economy is slowing, making the stock
market's performance more vulnerable. The combination could renew interest in
gold as an investment alternative.

An increasing number of investors have expressed concerns about credit risks and
earnings forecasts, both in the United States and abroad, which could dampen
investor interest in the stock market. Investors also are monitoring the extent
to which technology-driven capital spending and productivity may be trending
lower. Further, a worldwide drop in production levels and weaker commodity
prices--with the exception of oil--are being seen as a threat to both economic
growth and the generally benign outlook for inflation. Historically, the price
of gold has risen as concerns about inflation increase.

The bull market has had a long run, but we doubt that situation will be
permanent. As the economy slows, we think investor concerns will continue to
grow about the vulnerability of the stock market, causing the U.S. dollar to
weaken. We expect those events, combined with the undervalued price of gold, to
prompt renewed interest in gold as a viable investment alternative.

34
<PAGE>

EVERGREEN
Emerging Markets Growth Fund
Financial Highlights
(For a share outstanding throughout each period)

<TABLE>
<CAPTION>
Year Ended October 31,
------------------------------------------
2000 # 1999 # 1998 # 1997 # 1996 #
<S> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value, beginning of
period $ 9.32 $ 7.90 $ 9.99 $ 8.46 $ 7.90
------ ------ ------ ------ ------
Income from investment operations
Net investment income (loss) (0.06) (0.01) 0.14 0 (0.01)
Net realized and unrealized gains
or losses on securities and
foreign currency related
transactions (0.70) 1.44 (1.98) 1.53 0.62
------ ------ ------ ------ ------
Total from investment operations (0.76) 1.43 (1.84) 1.53 0.61
------ ------ ------ ------ ------
Distributions to shareholders
from
Net investment income 0 (0.01) 0 0 (0.05)
Net realized gains 0 0 (0.25) 0 0
------ ------ ------ ------ ------
Total distributions to
shareholders 0 (0.01) (0.25) 0 (0.05)
------ ------ ------ ------ ------
Net asset value, end of period $ 8.56 $ 9.32 $ 7.90 $ 9.99 $ 8.46
------ ------ ------ ------ ------
Total return* (8.15%) 18.16% (18.89%) 18.09% 7.70%
Ratios and supplemental data
Net assets, end of period
(thousands) $6,331 $8,390 $6,195 $2,777 $1,645
Ratios to average net assets
Expenses++ 2.18% 2.16% 2.04% 1.75% 1.74%
Net investment income (loss) (0.58%) (0.09%) 1.54% (0.02%) (0.09%)
Portfolio turnover rate 57% 205% 380% 157% 107%
<CAPTION>
Year Ended October 31,
------------------------------------------
2000 # 1999 # 1998 # 1997 # 1996 #
<S> <C> <C> <C> <C> <C>
CLASS B SHARES
Net asset value, beginning of
period $ 9.01 $ 7.69 $ 9.85 $ 8.39 $ 7.85
------ ------ ------ ------ ------
Income from investment operations
Net investment income (loss) (0.14) (0.08) 0.08 (0.08) (0.08)
Net realized and unrealized gains
or losses on securities and
foreign currency related
transactions (0.65) 1.41 (1.99) 1.54 0.62
------ ------ ------ ------ ------

Total from investment operations (0.79) 1.33 (1.91) 1.46 0.54
------ ------ ------ ------ ------
Distributions to shareholders
from
Net investment income 0 (0.01) 0 0 0
Net realized gains 0 0 (0.25) 0 0
------ ------ ------ ------ ------
Total distributions to
shareholders 0 (0.01) (0.25) 0 0
------ ------ ------ ------ ------

Net asset value, end of period $ 8.22 $ 9.01 $ 7.69 $ 9.85 $ 8.39
------ ------ ------ ------ ------
Total return* (8.77%) 17.32% (19.89%) 17.40% 6.90%
Ratios and supplemental data
Net assets, end of period
(thousands) $2,379 $3,452 $2,970 $4,020 $2,881
Ratios to average net assets
Expenses++ 2.93% 2.90% 2.78% 2.50% 2.50%
Net investment income (loss) (1.32%) (0.97%) 0.80% (0.79%) (0.87%)
Portfolio turnover rate 57% 205% 380% 157% 107%
</TABLE>
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
# Net investment income (loss) is based on average shares outstanding during
the period.

See Combined Notes to Financial Statements.

35
<PAGE>

EVERGREEN
Emerging Markets Growth Fund
Financial Highlights
(For a share outstanding throughout each period)

<TABLE>
<CAPTION>
Year Ended October 31,
-----------------------------------------------
2000 # 1999 # 1998 # 1997 # 1996 #
<S> <C> <C> <C> <C> <C>
CLASS C SHARES
Net asset value, beginning of
period $ 9.02 $ 7.68 $ 9.85 $ 8.38 $ 7.84
------- ------- ------- ------- -------
Income from investment
operations
Net investment income (loss) (0.14) (0.08) 0.05 (0.06) (0.08)
Net realized and unrealized
gains or losses on
securities and foreign
currency related
transactions (0.65) 1.43 (1.97) 1.53 0.62
------- ------- ------- ------- -------
Total from investment
operations (0.79) 1.35 (1.92) 1.47 0.54
------- ------- ------- ------- -------
Distributions to shareholders
from
Net investment income 0 (0.01) 0 0 0
Net realized gains 0 0 (0.25) 0 0
------- ------- ------- ------- -------
Total distributions to
shareholders 0 (0.01) (0.25) 0 0
------- ------- ------- ------- -------
Net asset value, end of
period $ 8.23 $ 9.02 $ 7.68 $ 9.85 $ 8.38
------- ------- ------- ------- -------
Total return* (8.76%) 17.60% (20.00%) 17.50% 6.90%
Ratios and supplemental data
Net assets, end of period
(thousands) $ 578 $ 1,024 $ 577 $ 1,282 $ 85
Ratios to average net assets
Expenses++ 2.93% 2.90% 2.78% 2.50% 2.51%
Net investment income (loss) (1.30%) (0.96%) 0.59% (0.61%) (0.91%)
Portfolio turnover rate 57% 205% 380% 157% 107%

<CAPTION>
Year Ended October 31,
-----------------------------------------------
2000 # 1999 # 1998 # 1997 # 1996 #
<S> <C> <C> <C> <C> <C>
CLASS Y SHARES
Net asset value, beginning of
period $ 9.41 $ 7.96 $ 10.04 $ 8.48 $ 7.92
------- ------- ------- ------- -------
Income from investment
operations
Net investment income (loss) (0.04) 0 0.16 0.03 0.01
Net realized and unrealized
gains or losses on
securities and foreign
currency related
transactions (0.70) 1.47 (1.98) 1.53 0.62
------- ------- ------- ------- -------
Total from investment
operations (0.74) 1.47 (1.82) 1.56 0.63
------- ------- ------- ------- -------
Distributions to shareholders
from
Net investment income 0 (0.02) (0.01) 0 (0.07)
Net realized gains 0 0 (0.25) 0 0
------- ------- ------- ------- -------
Total distributions to
shareholders 0 (0.02) (0.26) 0 (0.07)
------- ------- ------- ------- -------
Net asset value, end of
period $ 8.67 $ 9.41 $ 7.96 $ 10.04 $ 8.48
------- ------- ------- ------- -------
Total return (7.86%) 18.57% (18.63%) 18.40% 7.90%
Ratios and supplemental data
Net assets, end of period
(thousands) $47,992 $52,372 $48,953 $61,142 $28,959
Ratios to average net assets
Expenses++ 1.94% 1.91% 1.78% 1.50% 1.50%
Net investment income (loss) (0.36%) 0.04% 1.71% 0.25% 0.11%
Portfolio turnover rate 57% 205% 380% 157% 107%
</TABLE>
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
# Net investment income (loss) is based on average shares outstanding during
the period.

See Combined Notes to Financial Statements.

36
<PAGE>

EVERGREEN
Global Leaders Fund
Financial Highlights
(For a share outstanding throughout each period)

<TABLE>
<CAPTION>
Year Ended October 31,
------------------------------------------------------
2000 # 1999 # 1998 # 1997 # 1996 (a) #
<S> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value,
beginning of period $ 18.35 $ 14.95 $ 13.67 $ 11.91 $ 11.29
-------- -------- -------- -------- -------
Income from investment
operations
Net investment income
(loss) (0.03) (0.06) (0.04) (0.01) 0
Net realized and
unrealized gains on
securities and foreign
currency related
transactions 1.09 3.46 1.38 1.78 0.62
-------- -------- -------- -------- -------
Total from investment
operations 1.06 3.40 1.34 1.77 0.62
-------- -------- -------- -------- -------
Distributions to
shareholders from
Net realized gains (0.32) 0 (0.06) (0.01) 0
-------- -------- -------- -------- -------
Total distributions to
shareholders (0.32) 0 (0.06) (0.01) 0
-------- -------- -------- -------- -------
Net asset value, end of
period $ 19.09 $ 18.35 $ 14.95 $ 13.67 $ 11.91
-------- -------- -------- -------- -------
Total return* 5.82% 22.74% 9.82% 14.88% 5.50%
Ratios and supplemental
data
Net assets, end of
period (thousands) $134,930 $185,806 $142,622 $ 38,604 $12,975
Ratios to average net
assets
Expenses++ 1.69% 1.79% 1.85% 1.91% 1.75%+
Net investment income
(loss) (0.16%) (0.37%) (0.25%) (0.05%) 0.10%+
Portfolio turnover rate 32% 33% 16% 29% 20%

<CAPTION>
Year Ended October 31,
------------------------------------------------------
2000 # 1999 # 1998 # 1997 # 1996 (a) #
<S> <C> <C> <C> <C> <C>
CLASS B SHARES
Net asset value,
beginning of period $ 17.92 $ 14.70 $ 13.52 $ 11.87 $ 11.29
-------- -------- -------- -------- -------
Income from investment
operations
Net investment loss (0.19) (0.19) (0.16) (0.11) (0.02)
Net realized and
unrealized gains on
securities and foreign
currency related
transactions 1.08 3.41 1.40 1.77 0.60
-------- -------- -------- -------- -------
Total from investment
operations 0.89 3.22 1.24 1.66 0.58
-------- -------- -------- -------- -------
Distributions to
shareholders from
Net realized gains (0.32) 0 (0.06) (0.01) 0
-------- -------- -------- -------- -------
Total distributions to
shareholders (0.32) 0 (0.06) (0.01) 0
-------- -------- -------- -------- -------
Net asset value, end of
period $ 18.49 $ 17.92 $ 14.70 $ 13.52 $ 11.87
-------- -------- -------- -------- -------
Total return* 5.00% 21.90% 9.19% 14.01% 5.10%
Ratios and supplemental
data
Net assets, end of
period (thousands) $224,523 $207,433 $166,556 $134,375 $41,948
Ratios to average net
assets
Expenses++ 2.43% 2.58% 2.61% 2.66% 2.50%+
Net investment loss (0.93%) (1.16%) (1.09%) (0.83%) (0.68%)+
Portfolio turnover rate 32% 33% 16% 29% 20%
</TABLE>
(a) For the period from June 3, 1996 (commencement of class operations) to Oc-
tober 31, 1996.
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.

+ Annualized.
# Net investment income (loss) is based on average shares outstanding during
the period.

See Combined Notes to Financial Statements.

37
<PAGE>

EVERGREEN
Global Leaders Fund
Financial Highlights
(For a share outstanding throughout each period)

<TABLE>
<CAPTION>
Year Ended October 31,
--------------------------------------------------
2000 # 1999 # 1998 # 1997 # 1996 (a) #
<S> <C> <C> <C> <C> <C>
CLASS C SHARES
Net asset value, beginning
of period $ 17.89 $ 14.67 $ 13.51 $ 11.86 $ 11.29
------- ------- ------- ------- -------
Income from investment
operations
Net investment loss (0.18) (0.19) (0.16) (0.11) (0.02)
Net realized and
unrealized gains on
securities and foreign
currency related
transactions 1.07 3.41 1.38 1.77 0.59
------- ------- ------- ------- -------
Total from investment
operations 0.89 3.22 1.22 1.66 0.57
------- ------- ------- ------- -------

Distributions to
shareholders from

Net realized gains (0.32) 0 (0.06) (0.01) 0
------- ------- ------- ------- -------
Total distributions to
shareholders (0.32) 0 (0.06) (0.01) 0
------- ------- ------- ------- -------
Net asset value, end of
period $ 18.46 $ 17.89 $ 14.67 $ 13.51 $ 11.86
------- ------- ------- ------- -------
Total return* 5.01% 21.95% 9.05% 14.02% 5.00%
Ratios and supplemental
data
Net assets, end of period
(thousands) $ 6,062 $ 4,486 $ 3,875 $ 2,386 $ 554
Ratios to average net
assets
Expenses++ 2.43% 2.57% 2.61% 2.65% 2.50%+
Net investment loss (0.91%) (1.15%) (1.06%) (0.80%) (0.67%)+
Portfolio turnover rate 32% 33% 16% 29% 20%

<CAPTION>
Year Ended October 31,
--------------------------------------------------
2000 # 1999 # 1998 # 1997 # 1996 #
<S> <C> <C> <C> <C> <C>
CLASS Y SHARES
Net asset value, beginning
of period $ 18.54 $ 15.05 $ 13.71 $ 11.91 $ 10.00
------- ------- ------- ------- -------
Income from investment
operations
Net investment income
(loss) 0.01 (0.03) (0.01) 0.03 0.07
Net realized and
unrealized gains on
securities and foreign
currency related
transactions 1.10 3.52 1.41 1.78 1.88
------- ------- ------- ------- -------
Total from investment
operations 1.11 3.49 1.40 1.81 1.95
------- ------- ------- ------- -------
Distributions to
shareholders from
Net investment income 0 0 0 0 (0.04)
Net realized gains (0.32) 0 (0.06) (0.01) 0
------- ------- ------- ------- -------
Total distributions to
shareholders (0.32) 0 (0.06) (0.01) (0.04)
------- ------- ------- ------- -------
Net asset value, end of
period $ 19.33 $ 18.54 $ 15.05 $ 13.71 $ 11.91
------- ------- ------- ------- -------
Total return 6.03% 23.19% 10.23% 15.22% 19.60%
Ratios and supplemental
data
Net assets, end of period
(thousands) $42,018 $47,043 $41,873 $35,461 $18,607
Ratios to average net
assets
Expenses++ 1.43% 1.57% 1.61% 1.64% 1.47%+
Net investment income
(loss) 0.07% (0.16%) (0.09%) 0.23% 0.62%+
Portfolio turnover rate 32% 33% 16% 29% 20%
</TABLE>
(a) For the period from June 3, 1996 (commencement of class operations) to Oc-
tober 31, 1996.
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+ Annualized.
# Net investment income (loss) is based on average shares outstanding during
the period.

See Combined Notes to Financial Statements.

38
<PAGE>

EVERGREEN
Global Opportunities Fund
Financial Highlights
(For a share outstanding throughout each period)

<TABLE>
<CAPTION>
Year Ended October 31, Year Ended September 30,
----------------------------------------- ---------------------------
2000 # 1999 # 1998 # 1997 (a) 1997 # 1996
<S> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value,
beginning of period $ 26.08 $ 19.26 $ 23.53 $ 24.90 $ 24.56 $ 23.43
-------- -------- -------- -------- ------------ ------------
Income from investment
operations
Net investment income
(loss) (0.25) (0.18) (0.12) 0.02 (0.17) (0.06)
Net realized and
unrealized gains or
losses on securities,
futures contracts and
foreign currency
related transactions 6.89 8.22 (2.62) (1.39) 1.76 1.19
-------- -------- -------- -------- ------------ ------------
Total from investment
operations 6.64 8.04 (2.74) (1.37) 1.59 1.13
-------- -------- -------- -------- ------------ ------------
Distributions to
shareholders from
Net realized gains (4.90) (1.22) (1.53) 0 (1.25) 0
-------- -------- -------- -------- ------------ ------------
Total distributions to
shareholders (4.90) (1.22) (1.53) 0 (1.25) 0
-------- -------- -------- -------- ------------ ------------
Net asset value, end of
period $ 27.82 $ 26.08 $ 19.26 $ 23.53 $ 24.90 $ 24.56
-------- -------- -------- -------- ------------ ------------
Total return* 27.91% 44.04% (12.42%) (5.50%) 6.95% 4.82%
Ratios and supplemental
data
Net assets, end of
period (thousands) $ 68,513 $ 53,533 $ 58,944 $ 98,031 $ 113,477 $ 250,427
Ratios to average net
assets
Expenses++ 1.68% 1.77% 1.81% 1.87%+ 1.67% 1.62%
Net investment income
(loss) (0.82%) (0.81%) (0.54%) (1.40%)+ (0.69%) (0.53%)
Portfolio turnover rate 218% 136% 127% 7% 72% 67%

<CAPTION>
Year Ended October 31, Year Ended September 30,
----------------------------------------- ---------------------------
2000 # 1999 # 1998 # 1997 (a) 1997 # 1996
<S> <C> <C> <C> <C> <C> <C>
CLASS B SHARES
Net asset value,
beginning of period $ 24.65 $ 18.39 $ 22.69 $ 24.03 $ 23.92 $ 23.00
-------- -------- -------- -------- ------------ ------------
Income from investment
operations
Net investment loss (0.45) (0.32) (0.28) (0.06) (0.32) (0.21)
Net realized and
unrealized gains or
losses on securities,
futures contracts and
foreign currency
related transactions 6.49 7.80 (2.49) (1.28) 1.68 1.13
-------- -------- -------- -------- ------------ ------------
Total from investment
operations 6.04 7.48 (2.77) (1.34) 1.36 0.92
-------- -------- -------- -------- ------------ ------------
Distributions to
shareholders from
Net realized gains (4.90) (1.22) (1.53) 0 (1.25) 0
-------- -------- -------- -------- ------------ ------------
Total distributions to
shareholders (4.90) (1.22) (1.53) 0 (1.25) 0
-------- -------- -------- -------- ------------ ------------
Net asset value, end of
period $ 25.79 $ 24.65 $ 18.39 $ 22.69 $ 24.03 $ 23.92
-------- -------- -------- -------- ------------ ------------
Total return* 26.94% 43.02% (13.06%) (5.58%) 6.14% 4.00%
Ratios and supplemental
data
Net assets, end of
period (thousands) $143,909 $111,267 $122,147 $216,471 $ 238,936 $ 385,839
Ratios to average net
assets
Expenses++ 2.43% 2.53% 2.55% 2.62%+ 2.46% 2.40%
Net investment loss (1.58%) (1.57%) (1.30%) (2.15%)+ (1.45%) (1.37%)
Portfolio turnover rate 218% 136% 127% 7% 72% 67%
</TABLE>
(a) For the one month ended October 31, 1997. The Fund changed its fiscal year
end from September 30 to October 31, effective October 31, 1997.
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+ Annualized.
# Net investment income (loss) is based on average shares outstanding during
the period.

See Combined Notes to Financial Statements.

39
<PAGE>

EVERGREEN
Global Opportunities Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Year Ended October 31, Year Ended September 30,
-------------------------------------- --------------------------
2000 # 1999 # 1998 # 1997 (a) 1997 # 1996
<S> <C> <C> <C> <C> <C> <C>
CLASS C SHARES
Net asset value,
beginning of period $ 24.70 $ 18.43 $ 22.73 $ 24.07 $ 23.97 $ 23.04
------- ------- ------- ------- ----------- ------------
Income from investment
operations
Net investment loss (0.45) (0.32) (0.28) (0.07) (0.33) (0.24)
Net realized and
unrealized gains or
losses on securities,
futures contracts and
foreign currency
related transactions 6.51 7.81 (2.49) (1.27) 1.68 1.17
------- ------- ------- ------- ----------- ------------
Total from investment
operations 6.06 7.49 (2.77) (1.34) 1.35 0.93
------- ------- ------- ------- ----------- ------------
Distributions to
shareholders from
Net realized gains (4.90) (1.22) (1.53) 0 (1.25) 0
------- ------- ------- ------- ----------- ------------
Total distributions to
shareholders (4.90) (1.22) (1.53) 0 (1.25) 0
------- ------- ------- ------- ----------- ------------
Net asset value, end of
period $ 25.86 $ 24.70 $ 18.43 $ 22.73 $ 24.07 $ 23.97
------- ------- ------- ------- ----------- ------------
Total return* 26.97% 42.98% (13.03%) (5.57%) 6.08% 4.04%
Ratios and supplemental
data
Net assets, end of
period (thousands) $29,427 $19,963 $23,043 $43,869 $ 49,524 $ 124,549
Ratios to average net
assets
Expenses++ 2.43% 2.53% 2.56% 2.62%+ 2.45% 2.40%
Net investment loss (1.57%) (1.57%) (1.31%) (2.15%)+ (1.48%) (1.38%)
Portfolio turnover rate 218% 136% 127% 7% 72% 67%
</TABLE>

<TABLE>
<CAPTION>
Year Ended October 31,
----------------------------------- Year Ended
2000 # 1999 # 1998 # 1997 (a) September 30, 1997 (b)
<S> <C> <C> <C> <C> <C>
CLASS Y SHARES
Net asset value,
beginning of period $26.19 $19.58 $23.90 $25.24 $23.05
------ ------ ------ ------ ------
Income from investment
operations
Net investment income
(loss) (0.15) (0.20) 0.09 0 (0.28)
Net realized and
unrealized gains or
losses on securities,
futures contracts and
foreign currency
related transactions 6.89 8.03 (2.88) (1.34) 2.47
------ ------ ------ ------ ------
Total from investment
operations 6.74 7.83 (2.79) (1.34) 2.19
------ ------ ------ ------ ------
Distributions to
shareholders from
Net realized gains (4.90) (1.22) (1.53) 0 0
------ ------ ------ ------ ------
Total distributions to
shareholders (4.90) (1.22) (1.53) 0 0
------ ------ ------ ------ ------
Net asset value, end of
period $28.03 $26.19 $19.58 $23.90 $25.24
------ ------ ------ ------ ------
Total return 28.22% 42.20% (12.45%) (5.31%) 9.50%
Ratios and supplemental
data
Net assets, end of
period (thousands) $ 782 $ 231 $ 31 $ 0 $ 0
Ratios to average net
assets
Expenses++ 1.42% 1.72% 1.49% 1.62%+ 1.42%+
Net investment income
(loss) (0.48%) (0.49%) 0.17% (1.62%)+ (1.22%)+
Portfolio turnover rate 218% 136% 127% 7% 72%
</TABLE>
(a) For the one month ended October 31, 1997. The Fund changed its fiscal year
end from September 30 to October 31, effective October 31, 1997.
(b) For the period from January 13, 1997 (commencement of class operations) to
September 30, 1997.
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+ Annualized.
# Net investment income (loss) is based on average shares outstanding during
the period.

See Combined Notes to Financial Statements.

40
<PAGE>

EVERGREEN
International Growth Fund
Financial Highlights
(For a share outstanding throughout each period)

<TABLE>
<CAPTION>
Year Ended October 31,
--------------------------
2000 # 1999 # 1998 (a) #
<S> <C> <C> <C>
CLASS A SHARES
Net asset value, beginning of period $ 8.72 $ 7.47 $6.88
------ ------ -----
Income from investment operations
Net investment income 0.07 0.06 0.10
Net realized and unrealized gains on securities,
futures contracts and foreign currency related
transactions 0.34 1.19 0.49
------ ------ -----
Total from investment operations 0.41 1.25 0.59
------ ------ -----
Distributions to shareholders from
Net investment income (0.11) 0 0
Net realized gains (0.41) 0 0
------ ------ -----
Total distributions to shareholders (0.52) 0 0
------ ------ -----
Net asset value, end of period $ 8.61 $ 8.72 $7.47
------ ------ -----
Total return* 4.66% 16.73% 8.58%
Ratios and supplemental data
Net assets, end of period (millions) $ 132 $ 128 $ 129
Ratios to average net assets
Expenses++ 1.15% 1.22% 1.53%+
Net investment income 0.72% 0.77% 1.08%+
Portfolio turnover rate 145% 131% 155%
</TABLE>

<TABLE>
<CAPTION>
Year Ended October 31,
-----------------------------------------
2000 # 1999 # 1998 # 1997 # 1996
<S> <C> <C> <C> <C> <C>
CLASS B SHARES
Net asset value, beginning of
period $ 8.62 $ 7.43 $ 8.65 $ 7.69 $ 7.11
------ ------ ------ ------ ------
Income from investment operations
Net investment loss (0.01) 0 (0.02) (0.05) (0.02)
Net realized and unrealized gains
on securities, futures contracts
and foreign currency related
transactions 0.35 1.19 0.67 1.27 0.75
------ ------ ------ ------ ------
Total from investment operations 0.34 1.19 0.65 1.22 0.73
------ ------ ------ ------ ------
Distributions to shareholders from
Net investment income (0.06) 0 (0.33) (0.10) (0.10)
Net realized gains (0.41) 0 (1.54) (0.16) (0.05)
------ ------ ------ ------ ------
Total distributions to
shareholders (0.47) 0 (1.87) (0.26) (0.15)
------ ------ ------ ------ ------
Net asset value, end of period $ 8.49 $ 8.62 $ 7.43 $ 8.65 $ 7.69
------ ------ ------ ------ ------
Total return* 3.86% 16.02% 9.35% 15.69% 10.47%
Ratios and supplemental data
Net assets, end of period
(millions) $ 50 $ 64 $ 75 $ 152 $ 148
Ratios to average net assets
Expenses++ 1.90% 1.97% 2.30% 2.39% 2.43%
Net investment income (loss) (0.11%) 0.01% (0.13%) (0.49%) (0.21%)
Portfolio turnover rate 145% 131% 155% 101% 52%
</TABLE>
(a) For the period from January 20, 1998 (commencement of class operations) to
October 31, 1998.
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+ Annualized.
# Net investment income (loss) is based on average shares outstanding during
the period.

See Combined Notes to Financial Statements.

41
<PAGE>

EVERGREEN
International Growth Fund
Financial Highlights
(For a share outstanding throughout each period)

<TABLE>
<CAPTION>
Year Ended October 31,
----------------------------
2000 # 1999 # 1998 (a) #
CLASS C SHARES
<S> <C> <C> <C>
Net asset value, beginning of period $ 8.62 $ 7.43 $ 7.64
------ ------ ------
Income from investment operations
Net investment income (loss) (0.01) 0 0.03
Net realized and unrealized gains and losses on
securities and foreign currency related
transactions 0.36 1.19 (0.24)
------ ------ ------
Total from investment operations 0.35 1.19 (0.21)
------ ------ ------
Distributions to shareholders from
Net investment income (0.06) 0 0
Net realized gains (0.41) 0 0
------ ------ ------
Total distributions to shareholders (0.47) 0 0
------ ------ ------
Net asset value, end of period $ 8.50 $ 8.62 $ 7.43
------ ------ ------
Total return* 3.99% 16.02% (2.75%)
Ratios and supplemental data
Net assets, end of period (millions) $ 3 $ 2 $ 3
Ratios to average net assets
Expenses++ 1.91% 1.97% 2.19%+
Net investment income (loss) (0.10%) (0.02%) 0.44%+
Portfolio turnover rate 145% 131% 155%
</TABLE>

<TABLE>
<CAPTION>
Year Ended October 31,
--------------------------
2000 # 1999 # 1998 (b) #
CLASS Y SHARES
<S> <C> <C> <C>
Net asset value, beginning of period $8.73 $ 7.45 $ 7.73
----- ------ ------
Income from investment operations
Net investment income 0.09 0.08 0.07
Net realized and unrealized gains and losses on
securities and foreign currency related
transactions 0.35 1.20 (0.35)
----- ------ ------
Total from investment operations 0.44 1.28 (0.28)
----- ------ ------
Distributions to shareholders from
Net investment income (0.14) 0 0
Net realized gains (0.41) 0 0
----- ------ ------
Total distributions to shareholders (0.55) 0 0
----- ------ ------
Net asset value, end of period $8.62 $ 8.73 $ 7.45
----- ------ ------
Total return 4.93% 17.18% (3.62%)
Ratios and supplemental data
Net assets, end of period (millions) $ 567 $ 506 $ 428
Ratios to average net assets
Expenses++ 0.90% 0.97% 1.18%+
Net investment income 0.97% 1.02% 1.13%+
Portfolio turnover rate 145% 131% 155%
</TABLE>
(a) For the period from March 6, 1998 (commencement of class operations) to
October 31, 1998.
(b) For the period from March 9, 1998 (commencement of class operations) to
October 31, 1998.
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+ Annualized.
# Net investment income is based on average shares outstanding during the
period.

See Combined Notes to Financial Statements.

42
<PAGE>

EVERGREEN
Latin America Fund
Financial Highlights
(For a share outstanding throughout each period)

<TABLE>
<CAPTION>
Year Ended October 31,
------------------------------------------
2000 # 1999 # 1998 # 1997 1996
CLASS A SHARES
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 8.38 $ 7.56 $13.15 $ 11.13 $ 9.86
------ ------ ------ ------- -------
Income from investment operations
Net investment income (loss) (0.01) 0.08 0.14 0.02 0.39
Net realized and unrealized gains
or losses on securities and
foreign currency related
transactions 2.09 0.74 (2.87) 2.10 1.24
------ ------ ------ ------- -------
Total from investment operations 2.08 0.82 (2.73) 2.12 1.63
------ ------ ------ ------- -------
Distributions to shareholders from
Net investment income 0 0 0 (0.10) (0.36)
Net realized gains 0 0 (2.86) 0 0
------ ------ ------ ------- -------
Total distributions to
shareholders 0 0 (2.86) (0.10) (0.36)
------ ------ ------ ------- -------
Net asset value, end of period $10.46 $ 8.38 $ 7.56 $ 13.15 $ 11.13
------ ------ ------ ------- -------
Total return* 24.82% 10.85% (27.18%) 19.18% 16.74%
Ratios and supplemental data
Net assets, end of period
(thousands) $4,717 $4,853 $6,483 $13,621 $11,021
Ratios to average net assets
Expenses++ 1.85% 1.95% 1.86% 1.69% 1.83%
Net investment income (loss) (0.11%) 1.05% 1.33% 0.20% 3.05%
Portfolio turnover rate 40% 238% 197% 105% 112%
</TABLE>

<TABLE>
<CAPTION>
Year Ended October 31,
----------------------------------------------
2000 # 1999 # 1998 # 1997 1996
CLASS B SHARES
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 8.07 $ 7.34 $ 12.91 $ 10.98 $ 9.76
------- ------- ------- ------- -------
Income from investment
operations
Net investment income (loss) (0.07) 0.01 0.06 (0.08) 0.23
Net realized and unrealized
gains or losses on securities
and foreign currency related
transactions 2.00 0.72 (2.77) 2.09 1.30
------- ------- ------- ------- -------
Total from investment
operations 1.93 0.73 (2.71) 2.01 1.53
------- ------- ------- ------- -------
Distributions to shareholders
from
Net investment income 0 0 0 (0.08) (0.31)
Net realized gains 0 0 (2.86) 0 0
------- ------- ------- ------- -------
Total distributions to
shareholders 0 0 (2.86) (0.08) (0.31)
------- ------- ------- ------- -------
Net asset value, end of period $ 10.00 $ 8.07 $ 7.34 $ 12.91 $ 10.98
------- ------- ------- ------- -------
Total return* 23.92% 9.95% (27.60%) 18.40% 15.82%
Ratios and supplemental data
Net assets, end of period
(thousands) $17,796 $20,752 $32,046 $75,271 $79,026
Ratios to average net assets
Expenses++ 2.60% 2.68% 2.61% 2.50% 2.59%
Net investment income (loss) (0.69%) 0.16% 0.60% (0.51%) 2.30%
Portfolio turnover rate 40% 238% 197% 105% 112%
</TABLE>
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions but
includes fee waivers.
# Net investment income (loss) is based on average shares outstanding during
the period.

See Combined Notes to Financial Statements.

43
<PAGE>

EVERGREEN
Latin America Fund
Financial Highlights
(For a share outstanding throughout each period)

<TABLE>
<CAPTION>
Year Ended October 31,
------------------------------------------
2000 # 1999 # 1998 # 1997 1996
CLASS C SHARES
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 8.06 $ 7.32 $12.92 $ 10.99 $ 9.77
------ ------ ------ ------- ------
Income from investment operations
Net investment income (loss) (0.07) 0.01 0.05 (0.07) 0.23
Net realized and unrealized gains
or losses on securities and
foreign currency related
transactions 2.00 0.73 (2.79) 2.08 1.30
------ ------ ------ ------- ------
Total from investment operations 1.93 0.74 (2.74) 2.01 1.53
------ ------ ------ ------- ------
Distributions to shareholders from
Net investment income 0 0 0 (0.08) (0.31)
Net realized gains 0 0 (2.86) 0 0
------ ------ ------ ------- ------
Total distributions to
shareholders 0 0 (2.86) (0.08) (0.31)
------ ------ ------ ------- ------
Net asset value, end of period $ 9.99 $ 8.06 $ 7.32 $ 12.92 $10.99
------ ------ ------ ------- ------
Total return* 23.95% 10.11% (27.86%) 18.38% 15.80%
Ratios and supplemental data
Net assets, end of period
(thousands) $3,522 $3,717 $4,725 $10,961 $8,791
Ratios to average net assets
Expenses++ 2.60% 2.65% 2.61% 2.47% 2.59%
Net investment income (loss) (0.70%) 0.11% 0.54% (0.52%) 2.26%
Portfolio turnover rate 40% 238% 197% 105% 112%
</TABLE>

<TABLE>
<CAPTION>
Year Ended October 31,
--------------------------
2000 # 1999 # 1998 (a) #
CLASS Y SHARES
<S> <C> <C> <C>
Net asset value, beginning of period $ 8.42 $ 7.58 $10.94
------ ------ ------
Income from investment operations
Net investment income 0.02 0.06 0.07
Net realized and unrealized gains or losses on
securities and foreign currency related
transactions 2.10 0.78 (3.43)
------ ------ ------
Total from investment operations 2.12 0.84 (3.36)
------ ------ ------
Net asset value, end of period $10.54 $ 8.42 $ 7.58
------ ------ ------
Total return 25.18% 11.08% (30.71%)
Ratios and supplemental data
Net assets, end of period (thousands) $ 377 $ 270 $ 28
Ratios to average net assets
Expenses++ 1.60% 1.58% 1.49%+
Net investment income 0.20% 0.71% 1.33%+
Portfolio turnover rate 40% 238% 197%
</TABLE>
(a) For the period from March 30, 1998 (commencement of class operations) to
October 31, 1998.
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+ Annualized.
# Net investment income (loss) is based on average shares outstanding during
the period.

See Combined Notes to Financial Statements.

44
<PAGE>

EVERGREEN
Perpetual Global Fund
Financial Highlights
(For a share outstanding throughout each period)

<TABLE>
<CAPTION>
Year Ended October
31, Year Ended September 30,
---------------------- -----------------------------------
2000 # 1999 (a) (b) 1999 # 1998 1997 1996
CLASS A SHARES
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 23.86 $ 23.09 $ 18.92 $ 20.94 $ 17.86 $ 15.88
------- ------- ------- ------- ------- -------
Income from investment
operations
Net investment income
(loss) (0.13) (0.03) 0.02 (0.03) 0.04 (0.04)
Net realized and
unrealized gains or
losses on securities
and foreign currency
related transactions (0.01) 0.80 5.74 (0.97) 3.67 2.82
------- ------- ------- ------- ------- -------
Total from investment
operations (0.14) 0.77 5.76 (1.00) 3.71 2.78
------- ------- ------- ------- ------- -------
Distributions to
shareholders from
Net realized gains (3.35) 0 (1.59) (1.02) (0.63) (0.80)
------- ------- ------- ------- ------- -------
Total distributions to
shareholders (3.35) 0 (1.59) (1.02) (0.63) (0.80)
------- ------- ------- ------- ------- -------
Net asset value, end of
period $ 20.37 $ 23.86 $ 23.09 $ 18.92 $ 20.94 $ 17.86
------- ------- ------- ------- ------- -------
Total return* (1.28%) 3.33% 32.49% (4.97%) 21.59% 18.40%
Ratios and supplemental
data
Net assets, end of
period (thousands) $75,096 $86,341 $88,743 $59,012 $46,556 $13,098
Ratios to average net
assets
Expenses++ 1.93% 2.16%+ 1.84% 1.75% 1.89% 1.95%
Net investment income
(loss) (0.57%) (1.49%)+ 0.11% (0.01%) 0.07% (0.21%)
Portfolio turnover rate 181% 13% 144% 162% 128% 130%
</TABLE>

<TABLE>
<CAPTION>
Year Ended
October 31,
-----------------
2000 # 1999 (c)
CLASS B SHARES
<S> <C> <C>
Net asset value, beginning of period $23.87 $22.91
------ ------
Income from investment operations
Net investment loss (0.26) 0
Net realized and unrealized gains or losses on securities
and foreign currency related transactions (0.05) 0.96
------ ------
Total from investment operations (0.31) 0.96
------ ------
Distributions to shareholders from
Net realized gains (3.35) 0
------ ------
Total distributions to shareholders (3.35) 0
------ ------
Net asset value, end of period $20.21 $23.87
------ ------
Total return* (2.09%) 4.19%
Ratios and supplemental data
Net assets, end of period (thousands) $3,766 $1,048
Ratios to average net assets
Expenses++ 2.68% 2.91%+
Net investment loss (1.18%) (2.24%)+
Portfolio turnover rate 181% 13%
</TABLE>
(a) For the one month ended October 31, 1999. The Fund changed its fiscal year
end from September 30 to October 31, effective October 31, 1999.
(b) Effective October 18, 1999, shareholders of Mentor Perpetual Global Port-
folio Class A, Class B and Class Y shares became owners of that number of
full and fractional shares of Class A, Class C and Class Y shares, respec-
tively, of the Evergreen Perpetual Global Fund. Class B shares of Mentor
Perpetual Global Portfolio were redesignated as Class C shares of Ever-
green Perpetual Global Fund.
(c) For the period from October 18, 1999 (commencement of class operations) to
October 31, 1999.
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+ Annualized.
# Net investment income (loss) is based on average shares outstanding during
the period.

See Combined Notes to Financial Statements.

45
<PAGE>

EVERGREEN
Perpetual Global Fund
Financial Highlights
(For a share outstanding throughout each period)

<TABLE>
<CAPTION>
Year Ended October 31, Year Ended September 30,
---------------------------- --------------------------------------
2000 # 1999 (a) (b) 1999 # 1998 1997 1996
CLASS C SHARES
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 22.71 $ 21.99 $ 18.21 $ 20.32 $ 17.46 $ 15.67
----------- ----------- -------- ------- ------- -------
Income from investment
operations
Net investment loss (0.28) (0.03) (0.21) (0.12) (0.02) (0.05)
Net realized and
unrealized gains or
losses on securities
and foreign currency
related transactions 0.01 0.75 5.58 (0.97) 3.51 2.64
----------- ----------- -------- ------- ------- -------
Total from investment
operations (0.27) 0.72 5.37 (1.09) 3.49 2.59
----------- ----------- -------- ------- ------- -------
Distributions to
shareholders from
Net realized gains (3.35) 0 (1.59) (1.02) (0.63) (0.80)
----------- ----------- -------- ------- ------- -------
Total distributions to
shareholders (3.35) 0 (1.59) (1.02) (0.63) (0.80)
----------- ----------- -------- ------- ------- -------
Net asset value, end of
period $ 19.09 $ 22.71 $ 21.99 $ 18.21 $ 20.32 $ 17.46
----------- ----------- -------- ------- ------- -------
Total return* (2.01%) 3.27% 31.54% (5.65%) 20.74% 17.39%
Ratios and supplemental
data
Net assets, end of
period (thousands) $ 122,173 $ 133,075 $128,192 $99,277 $89,030 $42,131
Ratios to average net
assets
Expenses++ 2.68% 2.91%+ 2.58% 2.50% 2.64% 2.70%
Net investment loss (1.30%) (2.24%)+ (0.67%) (0.77%) (0.68%) (0.91%)
Portfolio turnover rate 181% 13% 144% 162% 128% 130%
</TABLE>

<TABLE>
<CAPTION>
Year Ended
Year Ended October 31, September 30,
---------------------------- ----------------
2000 # 1999 (a) (b) 1999 # 1998 (c)
CLASS Y SHARES
<S> <C> <C> <C> <C>
Net asset value, beginning
of period $ 23.99 $ 23.21 $18.96 $18.81
----------- ----------- ------ ------
Income from investment
operations
Net investment income
(loss) (0.32) (0.02) 0.09 0
Net realized and unrealized
gains or losses on
securities and foreign
currency related
transactions 0.23 0.80 5.75 0.30
----------- ----------- ------ ------
Total from investment
operations (0.09) 0.78 5.84 0.30
----------- ----------- ------ ------
Distributions to
shareholders from
Net realized gains (3.35) 0 (1.59) (0.15)
----------- ----------- ------ ------
Total distributions to
shareholders (3.35) 0 (1.59) (0.15)
----------- ----------- ------ ------
Net asset value, end of
period $ 20.55 $ 23.99 $23.21 $18.96
----------- ----------- ------ ------
Total return (1.03%) 3.36% 32.87% 1.60%
Ratios and supplemental
data
Net assets, end of period
(thousands) $ 24 $ 1 $ 1 $ 1
Ratios to average net
assets
Expenses++ 1.66% 1.83%+ 1.52% 1.50%+
Net investment income
(loss) (0.49%) (0.87%)+ 0.40% (0.02%)+
Portfolio turnover rate 181% 13% 144% 162%
</TABLE>
(a) For the one month ended October 31, 1999. The Fund changed its fiscal year
end from September 30 to October 31, effective October 31, 1999.
(b) Effective October 18, 1999, shareholders of Mentor Perpetual Global Port-
folio Class A, Class B and Class Y shares became owners of that number of
full and fractional shares of Class A, Class C and Class Y shares, respec-
tively, of the Evergreen Perpetual Global Fund. Class B shares of Mentor
Perpetual Global Portfolio were redesignated as Class C shares of Ever-
green Perpetual Global Fund.
(c) For the period from November 19, 1997 (commencement of class operations)
to September 30, 1998.
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+ Annualized.
# Net investment income (loss) is based on average shares outstanding during
the period.

See Combined Notes to Financial Statements.

46
<PAGE>

EVERGREEN
Perpetual International Fund
Financial Highlights
(For a share outstanding throughout each period)

<TABLE>
<CAPTION>
Year Ended October 31,
-------------------------------------------
2000 # 1999 (b) (c) # 1998 # 1997 (a)
CLASS A SHARES
<S> <C> <C> <C> <C>
Net asset value, beginning of
period $ 18.41 $ 14.65 $ 13.83 $ 12.53
-------- ------- ------- -------
Income from investment operations
Net investment income (loss) (0.03) 0.07 0.11 0.01
Net realized and unrealized gains
or losses on securities and
foreign currency related
transactions (0.21) 3.69 0.91 1.29
-------- ------- ------- -------
Total from investment operations (0.24) 3.76 1.02 1.30
-------- ------- ------- -------
Distributions to shareholders
from
Net investment income 0 0 (0.03) 0
Net realized gains (1.92) 0 (0.03) 0
Tax return on capital 0 0 (0.14) 0
-------- ------- ------- -------
Total distributions to
shareholders (1.92) 0 (0.20) 0
-------- ------- ------- -------
Net asset value, end of period $ 16.25 $ 18.41 $ 14.65 $ 13.83
-------- ------- ------- -------
Total return* (1.88%) 25.67% 7.43% 10.38%
Ratios and supplemental data
Net assets, end of period
(thousands) $103,599 $93,578 $62,782 $33,213
Ratios to average net assets
Expenses++ 1.78% 1.80% 1.35% 1.35%+
Net investment income (loss) (0.14%) 0.42% 0.96% 0.71%+
Portfolio turnover rate 140% 118% 120% 107%
</TABLE>

<TABLE>
<CAPTION>
Year Ended
October 31,
-------------------
2000 # 1999 (d) #
CLASS B SHARES
<S> <C> <C>
Net asset value, beginning of period $18.55 $17.88
------ ------
Income from investment operations
Net investment loss (0.13) (0.01)
Net realized and unrealized gains or losses on securities
and foreign currency related transactions (0.25) 0.68
------ ------
Total from investment operations (0.38) 0.67
------ ------
Distributions to shareholders from
Net realized gains (1.92) 0
------ ------
Total distributions to shareholders (1.92) 0
------ ------
Net asset value, end of period $16.25 $18.55
------ ------
Total return* (2.69%) 3.75%
Ratios and supplemental data
Net assets, end of period (thousands) $5,215 $ 248
Ratios to average net assets
Expenses++ 2.52% 2.56%+
Net investment loss (0.68%) (0.36%)+
Portfolio turnover rate 140% 118%
</TABLE>
(a) For the period from December 27, 1996 (commencement of class operations)
to October 31, 1997.
(b) Effective October 18, 1999, shareholders of Mentor Perpetual International
Portfolio Class A, Class B and Class Y shares became owners of that number
of full and fractional shares of Class A, Class C and Class Y shares, re-
spectively, of Evergreen Perpetual International Fund. Class B shares of
Mentor Perpetual International Portfolio were redesignated as Class C
shares of Evergreen Perpetual International Fund.
(c) As a result of the conversion of Mentor Perpetual International Portfolio
to Evergreen Perpetual International Fund, the shareholders of Mentor Per-
petual International Portfolio, Class E, became owners of that number of
full and fractional shares of Evergreen Perpetual International Fund,
Class A, having a net asset value of their shares immediately prior to the
conversion of shares.
(d) For the period from October 18, 1999 (commencement of class operations) to
October 31, 1999.
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+ Annualized.
# Net investment income (loss) is based on average shares outstanding during
the period.

See Combined Notes to Financial Statements.

47
<PAGE>

EVERGREEN
Perpetual International Fund
Financial Highlights
(For a share outstanding throughout each period)

<TABLE>
<CAPTION>
Year Ended October 31,
-----------------------------------------
2000 # 1999 (b) # 1998 # 1997 (a) #
CLASS C SHARES
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 18.11 $ 14.52 $ 13.81 $ 12.53
------- ------- ------- -------
Income from investment operations
Net investment income (loss) (0.16) (0.06) 0.03 0
Net realized and unrealized gains or
losses on securities and foreign
currency related transactions (0.20) 3.65 0.88 1.28
------- ------- ------- -------
Total from investment operations (0.36) 3.59 0.91 1.28
------- ------- ------- -------
Distributions to shareholders from
Net investment income 0 0 (0.03) 0
Net realized gains (1.92) 0 (0.03) 0
Tax return on capital 0 0 (0.14) 0
------- ------- ------- -------
Total distributions to shareholders (1.92) 0 (0.20) 0
------- ------- ------- -------
Net asset value, end of period $ 15.83 $ 18.11 $ 14.52 $ 13.81
------- ------- ------- -------
Total return* (2.64%) 24.72% 6.64% 10.22%
Ratios and supplemental data
Net assets, end of period
(thousands) $74,884 $60,544 $42,354 $19,371
Ratios to average net assets
Expenses++ 2.53% 2.56% 2.10% 2.10%+
Net investment income (loss) (0.88%) (0.36%) 0.21% 0.04%+
Portfolio turnover rate 140% 118% 120% 107%
</TABLE>

<TABLE>
<CAPTION>
Year Ended October 31,
------------------------------------------------
2000 # 1999 (b) # 1998 # 1997 # 1996 (c) #
CLASS Y SHARES
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $18.56 $14.74 $ 13.89 $ 12.12 $12.50
------ ------ ------- ------- ------
Income from investment
operations
Net investment income 0 0.10 0.27 0.15 0.04
Net realized and unrealized
gains or losses on
securities and foreign
currency related
transactions (0.20) 3.72 0.79 1.67 (0.42)
------ ------ ------- ------- ------
Total from investment
operations (0.20) 3.82 1.06 1.82 (0.38)
------ ------ ------- ------- ------
Distributions to shareholders
from
Net investment income 0 0 (0.02) (0.05) 0
Net realized gains (1.92) 0 (0.05) 0 0
Tax return on capital 0 0 (0.14) 0 0
------ ------ ------- ------- ------
Total distributions to
shareholders (1.92) 0 (0.21) (0.05) 0
------ ------ ------- ------- ------
Net asset value, end of
period $16.44 $18.56 $ 14.74 $ 13.89 $12.12
------ ------ ------- ------- ------
Total return (1.62%) 25.92% 7.69% 15.07% (3.04%)
Ratios and supplemental data
Net assets, end of period
(thousands) $3,453 $6,572 $10,979 $16,110 $8,741
Ratios to average net assets
Expenses++ 1.55% 1.55% 1.10% 1.10% 1.10%+
Net investment income 0.01% 0.64% 1.21% 1.20% 0.89%+
Portfolio turnover rate 140% 118% 120% 107% 59%
</TABLE>
(a) For the period from December 27, 1996 (commencement of class operations)
to October 31, 1997.
(b) Effective October 18, 1999, shareholders of Mentor Perpetual International
Portfolio Class A, Class B and Class Y shares became owners of that number
of full and fractional shares of Class A, Class C and Class Y shares, re-
spectively, of Evergreen Perpetual International Fund. Class B shares of
Mentor Perpetual International Portfolio were redesignated as Class C
shares of Evergreen Perpetual International Fund.
(c) For the period from May 29, 1996 (commencement of class operations) to Oc-
tober 31, 1996.
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+ Annualized.
# Net investment income (loss) is based on average shares outstanding during
the period.

See Combined Notes to Financial Statements.

48
<PAGE>

EVERGREEN
Precious Metals Fund
Financial Highlights
(For a share outstanding throughout each period)

<TABLE>
<CAPTION>
Year Ended October 31,
------------------------------
2000 # 1999 # 1998 (a) #
CLASS A SHARES
<S> <C> <C> <C>
Net asset value, beginning of period $ 11.88 $ 11.64 $ 12.45
------- ------- -------
Income from investment operations
Net investment income (loss) 0.02 (0.01) (0.01)
Net realized and unrealized gains or losses on
securities and foreign currency related
transactions (3.16) 0.25 (0.80)
------- ------- -------
Total from investment operations (3.14) 0.24 (0.81)
------- ------- -------
Net asset value, end of period $ 8.74 $ 11.88 $ 11.64
------- ------- -------
Total return* (26.43%) 2.06% (6.51%)
Ratios and supplemental data
Net assets, end of period (thousands) $43,781 $69,387 $83,431
Ratios to average net assets
Expenses++ 2.16% 2.01% 2.01%+
Net investment income (loss) 0.16% (0.07%) (0.12%)+
Portfolio turnover rate 31% 33% 44%
</TABLE>

<TABLE>
<CAPTION>
Year Ended
Year Ended October 31, February 28,
--------------------------------------- -------------------
2000 # 1999 # 1998 # 1997 (b) # 1997 1996
CLASS B SHARES
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $11.72 $ 11.58 $ 15.87 $ 23.94 $ 26.35 $ 19.30
------ ------- ------- -------- -------- --------
Income from investment
operations
Net investment loss (0.09) (0.10) (0.19) (0.14) (0.26) (0.25)
Net realized and
unrealized gains or
losses on securities
and foreign currency
related transactions (3.07) 0.24 (3.29) (7.93) (1.16) 7.30
------ ------- ------- -------- -------- --------
Total from investment
operations (3.16) 0.14 (3.48) (8.07) (1.42) 7.05
------ ------- ------- -------- -------- --------
Distributions to
shareholders from
Net realized gains 0 0 (0.81) 0 (0.99) 0
------ ------- ------- -------- -------- --------
Total distributions to
shareholders 0 0 (0.81) 0 (0.99) 0
------ ------- ------- -------- -------- --------
Net asset value, end of
period $ 8.56 $ 11.72 $ 11.58 $ 15.87 $ 23.94 $ 26.35
------ ------- ------- -------- -------- --------
Total return* (26.96%) 1.21% (22.60%) (33.71%) (5.16%) 36.53%
Ratios and supplemental
data
Net assets, end of
period (thousands) $5,895 $13,781 $25,765 $111,173 $190,108 $217,270
Ratios to average net
assets
Expenses++ 2.91% 2.76% 2.72% 2.48%+ 2.33% 2.28%
Net investment loss (0.80%) (0.94%) (1.52%) (1.04%)+ (1.08%) (1.08%)
Portfolio turnover rate 31% 33% 44% 19% 41% 39%
</TABLE>
(a) For the period from January 20, 1998 (commencement of class operations) to
October 31, 1998.
(b) For the eight months ended October 31, 1997. The Fund changed its fiscal
year end from February 28 to October 31, effective October 31, 1997.
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+ Annualized.
# Net investment income (loss) is based on average shares outstanding during
the period.

See Combined Notes to Financial Statements.

49
<PAGE>

EVERGREEN
Precious Metals Fund
Financial Highlights
(For a share outstanding throughout each period)

<TABLE>
<CAPTION>
Year Ended October 31,
-----------------------------
2000 # 1999 # 1998 (a) #
CLASS C SHARES
<S> <C> <C> <C>
Net asset value, beginning of period $ 11.71 $11.58 $ 13.65
------- ------ -------
Income from investment operations
Net investment loss (0.07) (0.09) (0.14)
Net realized and unrealized gains or losses on
securities (3.09) 0.22 (1.93)
------- ------ -------
Total from investment operations (3.16) 0.13 (2.07)
------- ------ -------
Net asset value, end of period $ 8.55 $11.71 $ 11.58
------- ------ -------
Total return* (26.99%) 1.12% (15.16%)
Ratios and supplemental data
Net assets, end of period (thousands) $ 261 $ 465 $ 557
Ratios to average net assets
Expenses++ 2.92% 2.85% 2.83%+
Net investment loss (0.65%) (0.80%) (1.44%)+
Portfolio turnover rate 31% 33% 44%
</TABLE>

<TABLE>
<CAPTION>
Year Ended
October 31, 2000 (b) #
CLASS Y SHARES
<S> <C>
Net asset value, beginning of period $ 10.42
-------
Income from investment operations
Net investment income 0.04
Net realized and unrealized gains or losses on
securities and foreign currency related transactions (1.83)
-------
Total from investment operations (1.79)
-------
Net asset value, end of period $ 8.63
-------
Total return (17.18%)
Ratios and supplemental data
Net assets, end of period (thousands) $ 1
Ratios to average net assets
Expenses 1.79%
Net investment income 0.48%
Portfolio turnover rate 31%
</TABLE>
(a) For the period from January 29, 1998 (commencement of class operations) to
October 31, 1998.
(b) For the period from February 29, 2000 (commencement of class operations)
to October 31, 1998.
* Excluding applicable sales charges.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+ Annualized.
# Net investment loss is based on average shares outstanding during the pe-
riod.

See Combined Notes to Financial Statements.

50
<PAGE>

EVERGREEN
Emerging Markets Growth Fund
Schedule of Investments
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - 94.2%
CONSUMER DISCRETIONARY - 8.7%
Automobiles - 0.6%
Hyundai Motor Co. *..................... Korea 30,000 $ 342,857
-----------
Hotels, Restaurants & Leisure - 1.3%
Genting Berhad.......................... Malaysia 94,200 240,458
Indian Hotels Co., Ltd., GDR............ India 91,600 389,300
Resorts World Berhad.................... Malaysia 74,000 129,500
-----------
759,258
-----------
Household Durables - 1.3%
Vestel Electronik Sanayi ve Ticaret AS.. Turkey 3,695,000 757,965
-----------
Media - 1.8%
Grupo Televisa SA, ADR *................ Mexico 11,650 630,556
Star Publications....................... Malaysia 60,000 189,474
TV Azteca SA de CV, ADR *............... Mexico 14,600 182,500
-----------
1,002,530
-----------
Multi-line Retail - 0.9%
New Clicks Hldgs., Ltd. ................ South Africa 274,912 359,923
Shinsegae Department Store.............. Korea 4,000 184,264
-----------
544,187
-----------
Specialty Retail - 2.1%
Grupo Elektra SA de CV *................ Mexico 374,600 387,821
Siam Makro Public Co., Ltd. ............ Thailand 95,000 110,089
Wal-Mart de Mexico SA de CV *........... Mexico 285,400 686,452
-----------
1,184,362
-----------
Textiles & Apparel - 0.7%
Far East Textile, Inc. ................. Taiwan 473,234 389,722
-----------
CONSUMER STAPLES - 3.4%
Beverages - 2.0%
Embotelladora Andina SA, Ser. A......... Chile 16,000 192,000
Fomento Economico Mexicano, Ser. B, ADR
("Femsa").............................. Mexico 13,400 511,712
Panamerican Beverages, Inc. ............ Mexico 9,600 158,400
South African Brew *.................... United Kingdom 50,500 304,083
-----------
1,166,195
-----------
Food & Drug Retailing - 0.8%
President Chain Store Corp. ............ Taiwan 143,337 408,266
Santa Isabel SA, ADR *.................. Chile 14,300 75,969
-----------
484,235
-----------
Personal Products - 0.6%
Pacific Corp. .......................... Korea 11,000 319,121
-----------
</TABLE>

51
<PAGE>

EVERGREEN
Emerging Markets Growth Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
ENERGY - 6.4%
Energy Equipment & Services - 0.8%
RAO Unified Energy Sys., ADR............. Russia 35,500 $ 449,075
-----------
Gas Utilities - 0.0%
Gulf Indonesia Resources, Ltd. .......... Indonesia 3,900 42,412
-----------
Oil & Gas - 5.6%
OAO Lukoil Hldg., ADR.................... Russia 12,500 667,500
Petroleo Brasileiro SA, ADR
("Petrobras")........................... Brazil 39,420 1,077,695
PTT Exploration & Products............... Thailand 82,600 202,699
SK Corp., GDR............................ Korea 64,443 776,149
Surgutneftegaz Jsc....................... Russia 37,400 480,590
-----------
3,204,633
-----------
FINANCIALS - 17.3%
Banks - 13.8%
Akbank Turk Anonim Sirket................ Turkey 39,626,000 255,470
Amalgamated Bank South Africa............ South Africa 66,300 225,334
Banco Bradesco SA........................ Brazil 36,314,252 224,467
Banco Itau SA............................ Brazil 3,890,000 302,601
Bank Hapoalim, Ltd....................... Israel 125,500 317,464
Bank Negara Indonesia.................... Indonesia 3,024,000 29,077
Bank Sinopac............................. Taiwan 1,424,093 593,005
Bradespar SA............................. Brazil 36,314,252 21,305
Chinatrust Comml. Bank................... Taiwan 564,872 358,510
Grupo Financiero Banamex AC, Ser. O...... Mexico 449,700 698,828
Grupo Financiero Bancomer SA, Ser. O..... Mexico 745,400 461,466
Grupo Financiero Banorte SA de CV, Ser.
O....................................... Mexico 179,000 267,307
Kookmin Bank............................. Korea 12,000 137,143
Malayan Banking Berhad................... Malaysia 125,000 500,000
Nedcor, Ltd.............................. South Africa 22,633 425,022
PT Bank Pan Indonesia Tbk................ Indonesia 2,475,200 64,789
Pub. Bank Berhad......................... Malaysia 400,000 345,263
Siam Comml. Bank 144A.................... Thailand 500,000 207,339
Sime Darby Berhad........................ Malaysia 250,000 313,158
ST Assembly Test Svcs., Ltd., ADR........ Singapore 8,000 134,500
State Bank of India, GDR 144A............ India 30,000 198,000
Thailand Farmers Bank Pub. Co., Ltd. .... Thailand 800,000 413,542
Turkiye Garanti Bankasi SA............... Turkey 78,800,000 808,223
Uniao de Bancos Brasileiros SA, GDR
("Unibanco")............................ Brazil 6,000 151,500
Yapi ve Kredi Bankasi AS................. Turkey 55,301,400 478,074
-----------
7,931,387
-----------
Diversified Financials - 1.5%
Ayala Corp. ............................. Philippines 1,401,600 164,411
Rembrandt Group Ltd. .................... South Africa 68,175 188,882
</TABLE>

52
<PAGE>

EVERGREEN
Emerging Markets Growth Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
FINANCIALS - continued
Diversified Financials - continued
Samsung Securities Co. ...................... Korea 15,584 $ 282,224
Shanghai Indl. Hldgs. ....................... China 110,000 207,334
-----------
842,851
-----------
Insurance - 2.0%
Aksigorta AS................................. Turkey 15,226,210 301,185
Cathay Life Ins. Co., Ltd. .................. Taiwan 118,104 212,075
Hyundai Fire & Marine Co., Ltd. ............. Korea 24,940 126,728
Samsung Fire & Marine Co., Ltd. ............. Korea 21,682 503,213
-----------
1,143,201
-----------
HEALTH CARE - 2.8%
Pharmaceuticals - 2.8%
China Pharmaceutical......................... China 1,200,000 135,402
Pliva DD, GDR................................ Croatia 43,400 451,360
Taro Pharmaceutical Inds., Ltd. *............ Israel 20,500 497,125
Teva Pharmaceutical Inds., Ltd., ADR......... Israel 8,700 514,387
-----------
1,598,274
-----------
INDUSTRIALS - 4.7%
Aerospace & Defense - 0.5%
Elbit Sys., Ltd. ............................ Israel 14,453 177,049
Embraer Empresa Brasileira de Aeronautica SA,
ADR......................................... Brazil 4,500 130,219
-----------
307,268
-----------
Construction & Engineering - 0.4%
Italian-Thai Development Plc................. Thailand 120,000 32,038
Larsen & Toubro Ltd., GDR 144A............... India 30,000 184,500
-----------
216,538
-----------
Electrical Equipment - 0.3%
Walsin Lihwa Corp. .......................... Taiwan 405,000 195,604
-----------
Electronic Equipment & Instruments - 1.4%
Delta Electronics, Inc. ..................... Thailand 41,910 198,075
Hon Hai Precision Ind. Co., Ltd. *........... Taiwan 53,300 278,876
Yageo Corp. ................................. Taiwan 415,350 318,906
-----------
795,857
-----------
Industrial Conglomerates - 0.5%
Hanaro Telecom, Inc. ADR..................... Korea 20,000 91,250
YTL Corp. ................................... Malaysia 190,000 199,000
-----------
290,250
-----------
Trading Companies & Distributors - 0.5%
Elektrim Spolka Akcyjna SA................... Poland 32,204 255,054
-----------
</TABLE>

53
<PAGE>

EVERGREEN
Emerging Markets Growth Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
INDUSTRIALS - continued
Transportation Infrastructure - 1.1%
China Shipping Haisheng Co., Ltd. ........ China 900,000 $ 137,325
Evergreen Marine Corp. ................... Taiwan 382,000 238,898
Malaysia International Shipping Corp.
Berhad................................... Malaysia 150,000 264,474
-----------
640,697
-----------
INFORMATION TECHNOLOGY - 14.3%
Communications Equipment - 0.3%
ECI Telecommunications, Ltd. ............. Israel 6,768 159,894
-----------
Computers & Peripherals - 1.7%
Asustek Computer, Inc. *.................. Taiwan 73,304 365,385
DSP Group, Inc. *......................... United States 6,700 190,113
Legend Hldgs. ............................ Hong Kong 500,000 423,131
-----------
978,629
-----------
Internet Software & Services - 2.5%
Aptech.................................... India 33,600 306,808
Check Point Software Technologies, Ltd.
*........................................ Israel 6,950 1,100,706
-----------
1,407,514
-----------
IT Consulting & Services - 0.4%
Dimension Data Hldgs. Plc................. United Kingdom 24,575 215,369
-----------
Semiconductor Equipment & Products - 8.4%
Advanced Semiconductor Engineering,
Inc. .................................... Taiwan 123,610 141,979
Hyundai Electronics Inds. ................ Korea 64,082 393,788
Samsung Electronics....................... Korea 11,503 1,441,035
Siliconware Precision Inds. *............. Taiwan 328,020 249,823
Taiwan Secom Co. ......................... Taiwan 940 1,115
Taiwan Semiconductor Manufacturing Co.,
Ltd. .................................... Taiwan 491,340 1,490,753
United Microelectronics Corp. ............ Taiwan 614,201 1,083,884
-----------
4,802,377
-----------
Software - 0.8%
Pentamedia Graphics....................... India 25,000 185,879
Pentamedia Graphics, GDR.................. India 12,000 85,500
Tata Elxsi India.......................... India 26,000 50,618
Tata Infotech............................. India 29,800 167,814
-----------
489,811
-----------
Wireless Telecommunications Services - 0.2%
Egypt Mobile Phone........................ Egypt 5,900 116,721
-----------
MATERIALS - 7.7%
Chemicals - 1.3%
L.G. Chemical, Ltd. ...................... Korea 11,000 108,308
Reliance Inds., Ltd., GDR 144A *.......... India 46,000 616,400
-----------
724,708
-----------
</TABLE>

54
<PAGE>

EVERGREEN
Emerging Markets Growth Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
MATERIALS - continued
Construction Materials - 0.8%
Cemex SA de CV, Ser. B, ADR............... Mexico 21,735 $ 459,152
-----------
Metals & Mining - 4.9%
Anglo-American Platinum Corp., Ltd. ...... South Africa 16,405 639,998
Anglo-American Plc........................ South Africa 4,065 220,944
AngloGold, Ltd., ADR...................... South Africa 15,300 219,938
China Steel Corp. ........................ Taiwan 14,300 8,279
CIA Vale do Rio Doce, ADR................. Brazil 26,600 613,284
De Beers Centenary........................ South Africa 26,037 716,201
Remgro, Ltd. ............................. South Africa 68,175 416,982
-----------
2,835,626
-----------
Paper & Forest Products - 0.7%
Aracruz Celulose SA, ADR.................. Brazil 7,300 109,500
Empresas CMPC............................. Chile 8,883 91,891
Indah Kiat Pulp & Paper................... Indonesia 600,000 65,705
Sappi, Ltd. .............................. South Africa 19,727 135,136
-----------
402,232
-----------
TELECOMMUNICATION SERVICES - 24.7%
Diversified Telecommunication Services -
19.1%
Bezeq Israeli Telecommunication Corp.,
Ltd. .................................... Israel 58,127 290,846
Brasil Telecom Participacoes SA, ADR...... Brazil 4,100 222,169
CIA Anonima Nacional Telefonos de
Venezuela, ADR........................... Venezuela 4,800 91,200
CIA de Telecom de Chile SA, ADR........... Chile 15,900 242,475
Embratel Participacoes SA, ADR *.......... Brazil 36,400 589,225
Hellenic Telecommunications Organization
SA, GDR.................................. Greece 62,794 1,096,886
Korea Telecom Corp. ...................... Korea 17,400 641,625
Mahanagar Telep Ni, GDR................... India 51,000 295,800
Mahanagar Telephone Nigam, Ltd., GDR
144A..................................... India 118,463 698,932
Matav, ADR *.............................. Hungary 15,981 375,553
Philippine Long Distance Telephone Co.,
ADR...................................... Philippines 17,000 263,500
Rostelecom................................ Russia 26,400 231,000
SPT Telecom AS *.......................... Czech Republic 16,100 211,738
Tele Norte Leste Participacoes SA, ADR.... Brazil 63,134 1,396,840
Telecom Asia Corp......................... Thailand 328,000 197,501
Telecomasia Corp. Pub. Co., Ltd. ......... Thailand 103,579 7,334
Telefonos de Mexico SA de CV ("Telmex")... Mexico 50,814 2,740,780
Telekom Malaysia Berhad................... Malaysia 225,000 692,763
Telekomunikacja Polaska SA................ Poland 55,800 275,007
Telekomunikasi Indonesia, Ser. B.......... Indonesia 756,000 193,846
Videsh Sanchar 144A....................... India 10,000 45,053
Vimpel-Communications..................... Russia 6,400 124,800
-----------
10,924,873
-----------
</TABLE>

55
<PAGE>

EVERGREEN
Emerging Markets Growth Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunications Services - 5.6%
China Mobile Hong Kong, Ltd.............. United States 50,000 $ 1,531,250
Indosa................................... Indonesia 266,000 190,406
Mobile Telesystems....................... United States 5,600 154,700
SK Telecom Co., Ltd...................... Korea 1,000 213,187
SK Telecom Co., Ltd., ADR................ Korea 45,300 1,135,331
-----------
3,224,874
-----------
UTILITIES - 4.2%
Electric Utilities - 2.8%
BSES, Ltd., GDR.......................... India 17,000 188,700
Electricity Generating Pub. Co........... Thailand 105,300 99,893
Korea Electric Power Corp., ADR.......... Korea 106,400 1,296,750
-----------
1,585,343
-----------
Multi-Utilities - 1.4%
Petroleos de Chile SA.................... Chile 51,863 201,869
Tenaga Nasional Berhad................... Malaysia 185,000 598,815
-----------
800,684
-----------
Total Common Stocks (cost
$57,805,889).......................... 53,991,340
-----------
PREFERRED STOCKS - 4.4%
CONSUMER STAPLES - 1.8%
Beverages - 1.5%
CIA de Bebidas das Americas, ADR
("Ambev")............................... Brazil 3,967,000 885,271
-----------
Food Products - 0.3%
Perdigao SA.............................. Brazil 21,160 146,313
-----------
1,031,584
-----------
INDUSTRIALS - 2.0%
Aerospace & Defense - 2.0%
Embraer Empresa Brasileira de Aeronautica
SA, ADR................................. Brazil 153,750 1,135,608
-----------
INFORMATION TECHNOLOGY - 0.6%
Semiconductor Equipment & Products - 0.6%
Samsung Electronics...................... Korea 6,600 338,268
-----------
Total Preferred Stocks (cost
$1,720,982)........................... 2,505,460
-----------
WARRANTS - 0.0%
FINANCIALS - 0.0%
Banks - 0.0%
PT Bank Pan Indonesia, expire 7/8/2002
(cost $0) *............................. Indonesia 218,400 887
-----------
Total Investments - (cost $59,526,871) - 98.6%..................... 56,497,687
Other Assets and Liabilities - 1.4%................................ 782,600
-----------
Net Assets - 100.0%................................................ $57,280,287
===========
</TABLE>

See Combined Notes to Schedules of Investments.

56
<PAGE>

EVERGREEN
Emerging Markets Growth Fund
Schedule of Investments (continued)
October 31, 2000

At October 31, 2000, the Fund held investments in the following countries:

<TABLE>
<CAPTION>
Market Percentage of
Value Portfolio Assets
----------------------------
<S> <C> <C>
Korea.............................. $ 8,331,241 14.8%
Mexico............................. 7,184,974 12.7%
Brazil............................. 7,005,997 12.4%
Taiwan............................. 6,335,081 11.2%
South Africa....................... 3,548,360 6.3%
Malaysia........................... 3,472,906 6.2%
India.............................. 3,413,304 6.0%
Israel............................. 3,057,471 5.4%
Turkey............................. 2,600,916 4.6%
Russia............................. 1,952,965 3.5%
United States...................... 1,876,062 3.3%
Thailand........................... 1,468,510 2.6%
Greece............................. 1,096,886 1.9%
Chile.............................. 804,203 1.4%
Indonesia.......................... 587,123 1.0%
Poland............................. 530,061 0.9%
United Kingdom..................... 519,452 0.9%
China.............................. 480,061 0.8%
Croatia............................ 451,360 0.8%
Philippines........................ 427,911 0.8%
Hong Kong.......................... 423,131 0.8%
Hungary............................ 375,553 0.7%
Czech Republic..................... 211,738 0.4%
Singapore.......................... 134,500 0.2%
Egypt.............................. 116,721 0.2%
Venezuela.......................... 91,200 0.2%
----------- ------
$56,497,687 100.0%
=========== ======
</TABLE>

See Combined Notes to Schedules of Investments.

57
<PAGE>

EVERGREEN
Global Leaders Fund
Schedule of Investments
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - 99.0%
CONSUMER DISCRETIONARY - 20.0%
Automobiles - 1.3%
Harley-Davidson, Inc. .................... United States 110,000 $ 5,300,625
Perusahaan Otomobil Nasional Berhad....... Malaysia 77,000 84,700
------------
5,385,325
------------
Hotels, Restaurants & Leisure - 2.0%
Granada Compass Plc ...................... United Kingdom 353,276 3,044,758
Marriott Intl., Inc., Class A............. United States 70,000 2,835,000
Sodexho Alliance.......................... France 15,564 2,436,805
------------
8,316,563
------------
Household Durables - 2.2%
Black & Decker Corp. ..................... United States 120,000 4,515,000
Industrie Natuzzi SpA, ADR................ Italy 385,000 4,571,875
------------
9,086,875
------------
Leisure Equipment & Products - 1.9%
Eastman Kodak Co. ........................ United States 25,000 1,121,875
Nintendo Co., Ltd. ....................... Japan 40,000 6,616,872
------------
7,738,747
------------
Media - 3.6%
Gannett Co., Inc. ........................ United States 50,000 2,900,000
Pearson Publishing Plc ................... United Kingdom 130,000 3,487,647
VNU NV.................................... Netherlands 80,000 3,767,786
Walt Disney Co. .......................... United States 125,000 4,476,562
------------
14,631,995
------------
Multi-line Retail - 1.6%
Wal-Mart Stores, Inc. .................... United States 145,000 6,579,375
------------
Specialty Retail - 3.3%
Home Depot, Inc. *........................ United States 87,500 3,762,500
TJX Co., Inc. *........................... United States 350,000 9,537,500
------------
13,300,000
------------
Textiles & Apparel - 4.1%
Benetton Group SpA, ADS................... Italy 119,000 4,350,938
Hermes Intl. ............................. France 27,000 3,643,041
Hugo Boss AG.............................. Germany 41,000 8,698,154
------------
16,692,133
------------
CONSUMER STAPLES - 6.6%
Beverages - 0.9%
Anheuser Busch Cos., Inc. ................ United States 80,000 3,660,000
------------
</TABLE>

58
<PAGE>

EVERGREEN
Global Leaders Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
CONSUMER STAPLES - continued
Food & Drug Retailing - 3.0%
Carrefour SA............................. France 45,600 $ 3,060,867
Seven-Eleven Japan Co., Ltd. ............ Japan 140,400 9,135,683
------------
12,196,550
------------
Food Products - 1.3%
Nestle Berhad............................ Malaysia 81,000 428,448
Numico Koninklijke NV.................... Netherlands 106,686 4,988,411
------------
5,416,859
------------
Personal Products - 1.4%
Avon Products, Inc. ..................... United States 115,100 5,582,350
------------
ENERGY - 1.6%
Energy Equipment & Services - 0.8%
IHC Caland NV............................ Netherlands 72,086 3,180,955
------------
Oil & Gas - 0.8%
Woodside Petroleum, Ltd. ................ Australia 440,000 3,215,844
------------
FINANCIALS - 20.8%
Banks - 6.6%
Bipop-Carire SpA......................... Italy 500,000 3,954,478
DePfa Deutsche Pfandbriefbank AG (DePfa-
Bank)................................... Germany 46,250 3,414,163
Lloyds TSB Group Plc..................... United Kingdom 362,100 3,688,229
Malayan Banking Berhad................... Malaysia 254,000 1,016,000
National Australia Bank, Ltd. ........... Australia 50,000 3,512,500
Royal Bank of Scotland Plc *............. United Kingdom 275,000 6,172,700
Royal Bank Scot Group.................... United Kingdom 325,000 384,320
Wells Fargo Co. ......................... United States 100,000 4,631,250
------------
26,773,640
------------
Diversified Financials - 7.9%
American Express Co. .................... United States 80,000 4,800,000
Charles Schwab Corp. *................... United States 90,000 3,161,250
Citigroup, Inc. ......................... United States 174,300 9,172,538
Fannie Mae Co. .......................... United States 68,000 5,236,000
MBNA Corp. .............................. United States 149,775 5,625,923
Morgan Stanley Dean Witter & Co. ........ United States 50,000 4,015,625
------------
32,011,336
------------
Insurance - 5.0%
American Intl. Group, Inc. *............. United States 55,968 5,484,864
Marschollek Lauten....................... Germany 42,000 5,738,236
Marsh & McLennan Co. .................... United States 37,350 4,883,512
Schweizerische Rueckversicherungs-
Gesellschaft............................ Switzerland 2,165 4,269,540
------------
20,376,152
------------
</TABLE>

59
<PAGE>

EVERGREEN
Global Leaders Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
FINANCIALS - continued
Real Estate - 1.3%
Cheung Kong Hldgs., Ltd. ................. Hong Kong 181,000 $ 2,001,699
Henderson Land Development Co., Ltd. ..... Hong Kong 350,000 1,507,886
Westfield Hldgs. ......................... Australia 310,000 2,000,572
------------
5,510,157
------------
HEALTH CARE - 11.1%
Health Care Equipment & Supplies - 2.9%
Coloplast................................. Denmark 75,000 3,335,424
Luxottica Group SpA, ADS.................. Italy 600,000 8,662,500
------------
11,997,924
------------
Pharmaceuticals - 8.2%
Abbott Laboratories....................... United States 80,000 4,225,000
Altana AG................................. Germany 59,800 7,201,915
Astrazeneca Plc, ADR...................... United Kingdom 60,000 2,861,250
Bristol-Myers Squibb Co................... United States 50,000 3,046,875
Merck & Co., Inc.......................... United States 68,000 6,115,750
Sanofi Synthelabo......................... France 40,000 2,104,529
Schering-Plough Corp...................... United States 68,000 3,514,750
SmithKline Beecham Plc *.................. United Kingdom 19,024 245,665
SmithKline Beecham Plc, ADR *............. United Kingdom 36,000 2,346,750
UCB SA.................................... Belgium 45,000 1,603,855
------------
33,266,339
------------
INDUSTRIALS - 13.4%
Aerospace & Defense - 4.3%
Bombardier, Inc., Class B *............... Canada 750,000 11,759,411
United Technologies Corp.................. United States 82,665 5,771,050
------------
17,530,461
------------
Commercial Services & Supplies - 2.3%
McGraw-Hill Co., Inc...................... United States 60,000 3,851,250
SEMA Group Plc............................ United Kingdom 233,000 2,941,219
Viad Corp................................. United States 125,000 2,671,875
------------
9,464,344
------------
Construction & Engineering - 1.5%
Societe Technip........................... France 48,320 6,183,459
------------
Electrical Equipment - 0.7%
ABB AG.................................... Switzerland 30,000 2,666,055
------------
Industrial Conglomerates - 4.6%
Eniro AB Seki *........................... Sweden 125,000 1,175,905
Gen. Elec. Co............................. United States 207,000 11,346,187
</TABLE>

60
<PAGE>

EVERGREEN
Global Leaders Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
INDUSTRIALS - continued
Industrial Conglomerates - continued
Honeywell Intl., Inc. .................. United States 61,000 $ 3,282,563
Smiths Inds. Plc........................ United Kingdom 281,841 3,017,955
------------
18,822,610
------------
INFORMATION TECHNOLOGY - 16.5%
Communications Equipment - 7.8%
Cisco Sys., Inc. *...................... United States 207,500 11,179,062
Datacraft Asia, Ltd. *.................. Singapore 260,000 1,781,000
Ericsson LM Telephone Co., Class B,
ADR.................................... Sweden 280,000 3,885,000
Nokia Corp., ADR........................ Finland 235,000 10,046,250
Tellabs, Inc. *......................... United States 95,000 4,744,063
------------
31,635,375
------------
Computers & Peripherals - 1.5%
Dell Computer Corp. *................... United States 108,000 3,186,000
Sun Microsystems, Inc. *................ United States 25,000 2,771,875
------------
5,957,875
------------
Electronic Equipment & Instruments - 0.7%
Spirent Plc............................. United Kingdom 330,000 3,059,617
------------
Semiconductor Equipment & Products - 1.7%
Intel Corp. *........................... United States 150,000 6,750,000
------------
Software - 4.8%
Microsoft Corp. *....................... United States 98,000 6,749,750
Oracle Sys. Corp. *..................... United States 197,000 6,501,000
SAP AG.................................. Germany 30,000 4,910,850
SAP AG, ADR............................. Germany 31,000 1,581,000
------------
19,742,600
------------
MATERIALS - 1.1%
Chemicals - 0.3%
Du Pont Canada, Inc., Class A........... Canada 40,000 1,152,209
------------
Construction Materials - 0.8%
CRH Plc................................. Ireland 14,510 220,160
CRH Plc, London Exchange................ Ireland 217,137 3,335,152
------------
3,555,312
------------
TELECOMMUNICATION SERVICES - 6.6%
Diversified Telecommunication Services -
3.7%
SBC Communications, Inc. ............... United States 123,700 7,135,944
Telecom Italia Mobile SpA ("Tim")....... Italy 297,000 2,525,384
Verizon Communications.................. United States 90,000 5,203,125
------------
14,864,453
------------
</TABLE>

61
<PAGE>

EVERGREEN
Global Leaders Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunications Services - 2.9%
NTT DoCoMo, Inc. ..................... Japan 225 $ 5,546,900
Vodafone Group Plc, ADR............... United States 150,000 6,384,375
------------
11,931,275
------------
UTILITIES - 1.3%
Electric Utilities - 0.8%
Endesa SA............................. Spain 2,400 39,104
Endesa SA, ADR........................ Spain 195,500 3,262,406
------------
3,301,510
------------
Gas Utilities - 0.5%
Hong Kong & China Gas Co., Ltd. ...... Hong Kong 1,570,822 1,983,920
------------
Total Common Stocks
(cost $275,860,039)................ 403,520,194
------------
MUTUAL FUND SHARES - 10.2%
Evergreen Select Money Market Fund o.. United States 668,700 668,700
Navigator Prime Portfolio pp.......... United States 40,735,618 40,735,618
------------
Total Mutual Fund Shares (cost
$41,404,318)....................... 41,404,318
------------
Total Investments - (cost $317,264,357) - 109.2%................. 444,924,512
Other Assets and Liabilities - (9.2%)............................ (37,392,549)
------------
Net Assets - 100.0%.............................................. $407,531,963
============
</TABLE>

As of October 31, 2000, the Fund held investments in the following countries:

Percent of
Market Value Portfolio Assets
-----------------------------
United States..................... $243,116,562 54.6%
Germany........................... 31,544,318 7.1%
United Kingdom.................... 31,250,111 7.0%
Italy............................. 24,065,175 5.4%
Japan............................. 21,299,455 4.8%
France............................ 17,428,702 3.9%
Canada............................ 12,911,620 2.9%
Netherlands....................... 11,937,152 2.7%
Finland........................... 10,046,250 2.3%
Australia......................... 8,728,916 2.0%
Switzerland....................... 6,935,595 1.6%
Hong Kong......................... 5,493,506 1.2%
Sweden............................ 5,060,905 1.1%
Ireland........................... 3,555,312 0.8%
Denmark........................... 3,335,424 0.7%
Spain............................. 3,301,510 0.7%
Singapore......................... 1,781,000 0.4%
Belgium........................... 1,603,855 0.4%
Malaysia.......................... 1,529,144 0.4%
------------ ------
$444,924,512 100.0%
============ ======

See Combined Notes to Schedules of Investments.

62
<PAGE>

EVERGREEN
Global Opportunities Fund
Schedule of Investments
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - 94.8%
CONSUMER DISCRETIONARY - 14.3%
Auto Components - 0.1%
Brembo SpA.............................. Italy 23,800 $ 212,065
------------
Hotels, Restaurants & Leisure - 2.7%
Anchor Gaming *......................... United States 25,800 2,191,388
Cannons Plc............................. United Kingdom 844,111 1,383,981
Sol Melia SA............................ Spain 47,700 436,355
Wms Inds., Inc. *....................... United States 115,100 2,560,975
------------
6,572,699
------------
Household Durables - 1.8%
Toll Brothers, Inc. *................... United States 69,700 2,265,250
Universal Electronics, Inc. *........... United States 57,800 1,062,075
Waterford Wedgewood..................... Ireland 769,200 939,950
------------
4,267,275
------------
Internet & Catalog Retail - 0.8%
1 800 Contacts *........................ United States 53,800 2,071,300
------------
Leisure Equipment & Products - 1.7%
Infogrames Entertainment SA *........... France 53,700 1,123,297
Jakks Pacific, Inc. *................... United States 170,400 1,501,650
Shimano, Inc............................ Japan 77,800 1,565,055
------------
4,190,002
------------
Media - 1.7%
Aegis Group Plc......................... United Kingdom 589,839 1,343,648
Entercom Communications Corp. *......... United States 55,800 2,186,662
Entravision Common Corp. *.............. United States 18,700 330,756
Future Network *........................ United Kingdom 45,000 290,553
------------
4,151,619
------------
Multi-line Retail - 1.2%
Chico's FAS, Inc. *..................... United States 51,900 1,680,263
Childrens Place Retail Stores, Inc. *... United States 46,400 1,203,500
------------
2,883,763
------------
Specialty Retail - 3.4%
Ann Taylor Stores Corp. *............... United States 58,000 1,740,000
Electronics Boutique Plc................ United Kingdom 3,450,000 3,103,580
Factory 2 U, Inc. *..................... United States 40,200 1,283,888
Fielmann AG *........................... Germany 11,167 393,267
Toys R Us Japan *....................... Japan 13,500 1,843,468
------------
8,364,203
------------
Textiles & Apparel - 0.9%
Columbia Sportswear Co. *............... United States 49,100 2,099,025
------------
</TABLE>

63
<PAGE>

EVERGREEN
Global Opportunities Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
CONSUMER STAPLES - 3.5%
Beverages - 0.0%
Baron de Ley SA *......................... Spain 3,170 $ 58,912
------------
Food & Drug Retailing - 1.4%
Sobeys, Inc. ............................. Canada 187,301 3,310,722
------------
Food Products - 1.8%
Lindt & Spruengli AG *.................... Switzerland 5,600 2,710,280
Meiji Seika Kaisha........................ Japan 144,000 838,015
Nutreco Hldg. NV.......................... Netherlands 20,900 900,976
------------
4,449,271
------------
Tobacco - 0.3%
Austria Tabak............................. Austria 12,748 584,170
------------
ENERGY - 5.2%
Energy Equipment & Services - 2.0%
Cal Dive Intl., Inc. *.................... United States 58,600 2,915,350
Fugro NV.................................. Netherlands 33,700 1,986,119
------------
4,901,469
------------
Oil & Gas - 3.2%
Anderson Exploration, Ltd. *.............. Canada 24,464 448,440
Canadian Occidental Petroleum, Ltd. ...... Canada 30,759 738,015
Fletcher Challenge, Ltd. ................. New Zealand 302,200 988,783
Gulf Canada Resource, Ltd. *.............. Canada 213,877 917,116
Newfield Exploration Co. *................ United States 45,700 1,725,175
SK Corp., GDR............................. Korea 29,990 361,198
Triton Energy, Ltd. *..................... United States 84,200 2,589,150
------------
7,767,877
------------
FINANCIALS - 14.5%
Banks - 1.2%
Anglo Irish Bank Corp. Plc................ Ireland 673,400 1,560,052
Credito Emiliano.......................... Italy 185,000 711,169
Wing Hang Bank, Ltd. ..................... Hong Kong 172,000 524,888
------------
2,796,109
------------
Diversified Financials - 6.5%
Affiliated Managers Group, Inc. *......... United States 44,400 2,669,550
Celestica, Inc. *......................... Canada 8,000 575,000
Collins Stew Hldgs. *..................... United Kingdom 87,800 463,075
DCC Plc................................... Ireland 140,226 1,207,808
Garban Plc................................ United Kingdom 915,000 3,584,570
Kempen & Co. NV........................... Netherlands 6,000 369,141
Labranche & Co., Inc. *................... United States 75,600 2,995,650
Moolen Van Der............................ Netherlands 6,227 503,323
Orix Corp. ............................... Japan 9,200 965,404
</TABLE>

64
<PAGE>

EVERGREEN
Global Opportunities Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
FINANCIALS - continued
Diversified Financials - continued
Tele Atlas NV *.......................... Netherlands 20,000 $ 402,237
Thiel Logistik AG *...................... Luxembourg 13,000 2,007,788
------------
15,743,546
------------
Insurance - 6.8%
Brown & Brown, Inc. ..................... United States 54,600 1,774,500
Clarica Life Ins. Co..................... Canada 16,000 379,182
Dai Tokyo Fire & Marine Ins. Co. ........ Japan 416,000 1,216,185
E. W. Blanch Hldgs., Inc. ............... United States 86,800 1,638,350
Fairfax Finl. Hldgs., Ltd. *............. Canada 9,350 1,242,586
Industrial Alliance Life Ins. Co. ....... Canada 24,100 532,488
Koa Fire & Marine Ins. Co. .............. Japan 335,000 1,240,343
Mediolanum SpA........................... Italy 72,700 1,065,442
Mercury Gen. Corp. ...................... United States 73,700 2,699,262
Mutual Risk Mgmt., Ltd. ................. United States 64,900 1,176,312
Nippon Fire & Marine Ins. Co. ........... Japan 961,000 3,575,732
------------
16,540,382
------------
HEALTH CARE - 19.5%
Biotechnology - 6.2%
Celltech Group Plc, Class F *............ United Kingdom 40,000 795,120
Genzyme Transgenics Corp. *.............. United States 77,500 1,661,406
Myriad Genetics, Inc. *.................. United States 61,400 7,368,000
Osi Pharmaceuticals, Inc. *.............. United States 36,200 2,606,400
Transkaryotic Therapies, Inc. *.......... United States 51,000 1,899,750
Variagenics, Inc. *...................... United States 38,600 636,900
------------
14,967,576
------------
Health Care Equipment & Supplies - 1.9%
ADAC Laboratories *...................... United States 61,200 795,600
Molecular Devices Corp. *................ United States 19,500 1,333,313
Phonak Hldg. AG.......................... Switzerland 906 2,595,627
------------
4,724,540
------------
Health Care Providers & Services - 7.1%
AmeriSource Health Corp., Class A *...... United States 69,500 3,018,906
Apria Healthcare Group, Inc. *........... United States 96,400 1,928,000
Cochlear, Ltd. .......................... Australia 173,373 2,435,421
Davita, Inc. *........................... United States 199,300 2,242,125
Express Scripts, Inc., Class A *......... United States 39,200 2,633,750
Laboratory Corp. *....................... United States 26,100 3,520,238
MDS, Inc. ............................... Canada 25,400 500,517
Pharmacopeia, Inc. *..................... United States 12,400 226,300
Sonic Healthcare, Ltd. .................. Australia 191,534 774,397
------------
17,279,654
------------
</TABLE>

65
<PAGE>

EVERGREEN
Global Opportunities Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
HEALTH CARE - continued
Pharmaceuticals - 4.3%
Altana AG................................ Germany 13,400 $ 1,613,807
Banyu Pharmaceutical Co., Ltd. .......... Japan 53,000 1,136,599
Connetics Corp. *........................ United States 37,600 196,812
CSL, Ltd. ............................... Australia 97,900 1,741,518
Cubist Pharmaceuticals, Inc. *........... United States 42,000 1,804,687
FH Faulding & Co., Ltd. ................. Australia 43,300 228,935
Merck KGaA............................... Germany 24,000 912,415
Pliva DD, GDR............................ Croatia 28,000 291,200
Santen Pharmaceuticals Co. .............. Japan 93,000 1,836,732
Shire Pharmaceuticals Group Plc, ADR *... United Kingdom 10,400 653,900
------------
10,416,605
------------
INDUSTRIALS - 17.1%
Aerospace & Defense - 0.3%
Embraer Empresa Brasileira de Aeronautica
SA, ADR................................. Brazil 26,600 769,737
------------
Air Freight & Couriers - 0.5%
Exel..................................... United Kingdom 65,000 1,111,935
------------
Commercial Services & Supplies - 6.3%
Altran Technologies SA................... France 4,250 868,818
Computershare Ltd. ...................... Australia 800,056 3,462,821
Diamond Technology Partners, Inc., Class
A *..................................... United States 32,600 1,454,775
Elanders AB.............................. Sweden 32,900 490,588
Excelon Corp. *.......................... United States 221,300 1,798,063
G & K Svcs., Inc., Class. A.............. United States 45,400 1,254,175
Learning Tree Intl., Inc. *.............. United States 11,900 538,475
Manhattan Associates, Inc. *............. United States 35,700 2,285,358
Parity Group............................. United Kingdom 422,426 1,178,336
Penauille Polyservices................... France 15,600 865,114
Transiciel SA............................ France 21,303 1,043,989
------------
15,240,512
------------
Construction & Engineering - 0.3%
Boskalis Westminster NV.................. Netherlands 20,000 475,216
Unilog SA................................ France 3,300 282,839
------------
758,055
------------
Electrical Equipment - 0.8%
Makita Corp. ............................ Japan 270,000 1,967,191
------------
Industrial Conglomerates - 3.1%
Billabong Intl. *........................ Australia 655,018 1,402,253
FKI Plc ................................. United Kingdom 935,450 2,419,370
Gpo Auxiliar Metal *..................... Spain 4,500 82,981
Li & Fung, Ltd. ......................... Hong Kong 300,000 557,764
</TABLE>

66
<PAGE>

EVERGREEN
Global Opportunities Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
INDUSTRIALS - continued
Industrial Conglomerates - continued
Pinkroccade NV........................... Netherlands 38,000 $ 2,112,166
Turbo Genset, Inc. *..................... Canada 30,000 975,038
------------
7,549,572
------------
Machinery - 3.4%
Babcock Borsig AG........................ Germany 24,000 906,305
Georg Fischer AG......................... Switzerland 1,155 313,551
JOT Automation Group OYJ................. Finland 90,000 313,134
Saurer Arbon AG *........................ Switzerland 8,366 3,653,377
Singulus Technologies AG *............... Germany 5,200 209,604
Swisslog Hldg. .......................... Switzerland 3,160 1,740,321
Tomra Sys. ASA........................... Norway 31,000 1,246,147
------------
8,382,439
------------
Marine - 1.6%
Eltek ASA................................ Norway 8,000 300,894
Frontline, Ltd. *........................ Norway 192,000 3,165,858
Odfjell ASA.............................. Norway 25,000 354,295
------------
3,821,047
------------
Specialty Retail - 0.2%
Ashtead Group Plc........................ United Kingdom 340,158 582,391
------------
Transportation Infrastructure - 0.6%
Omi Corp. *.............................. United States 199,100 1,381,256
------------
INFORMATION TECHNOLOGY - 18.6%
Communications Equipment - 1.5%
Enea Data AB............................. Sweden 227,500 1,104,225
Ixia *................................... United States 76,800 1,800,000
Sierra Wireless, Inc. *.................. Canada 10,200 671,764
------------
3,575,989
------------
Computers & Peripherals - 3.3%
InFocus Corp. *.......................... United States 47,500 2,098,906
InfoVista SA *........................... France 14,500 559,864
Kalisto Entertain *...................... France 7,109 102,858
Logitech Intl. *......................... Switzerland 3,124 955,830
Maxtor Corp. *........................... United States 190,000 1,484,375
QLogic Corp. *........................... United States 19,659 1,902,008
Read Rite Corp. *........................ United States 107,200 797,300
Titus Interactive *...................... France 3,380 46,294
------------
7,947,435
------------
Electronic Equipment & Instruments - 2.2%
Caliper Technologies Corp. *............. United States 37,500 2,114,063
Conductus, Inc. *........................ United States 147,900 1,377,319
</TABLE>

67
<PAGE>

EVERGREEN
Global Opportunities Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments -
continued
Hon Hai Precision Ind. Co., Ltd........... Taiwan 7,500 $ 39,241
Three-Five Sys., Inc. *................... United States 49,400 1,704,300
-----------
5,234,923
-----------
Internet Software & Services - 2.3%
About.Com, Inc. *......................... United States 73,700 1,768,800
Jupiter Media Metrix, Inc. *.............. United States 74 1,008
Netegrity, Inc. *......................... United States 48,100 3,751,800
-----------
5,521,608
-----------
Office Electronics - 0.7%
ERG, Ltd. *............................... Australia 362,000 1,773,224
-----------
Semiconductor Equipment & Products - 2.0%
Artisan Components, Inc. *................ United States 82,600 764,050
C Mac Inds., Inc. *....................... Canada 8,200 461,670
Marvell Technology Group, Ltd. *.......... United States 1,500 83,625
Photon Dynamics, Inc. *................... United States 56,100 2,019,600
Samsung Electronics....................... Korea 3,050 382,088
Semitool, Inc. *.......................... United States 41,300 539,481
Taiwan Semiconductor Manufacturing Co.,
Ltd. *................................... Taiwan 114,000 345,882
United Microelectronics Corp. *........... Taiwan 154,000 271,765
-----------
4,868,161
-----------
Software - 6.6%
Caminus Corp. *........................... United States 62,500 1,968,750
Dassault Systemes SA...................... France 12,332 940,275
Eidos *................................... United Kingdom 113,756 461,739
FileNet Corp. *........................... United States 78,700 2,085,550
NetIQ Corp. *............................. United States 31,200 2,687,100
Packeteer, Inc. *......................... United States 68,500 1,703,937
Peregrine Sys., Inc. *.................... United States 104,300 2,503,200
Precise Software Solutions, Ltd. *........ United States 28,900 661,087
Razorfish, Inc. *......................... United States 359,400 1,617,300
Resonate, Inc. *.......................... United States 2,100 88,988
Ubi Soft Entertainment *.................. France 33,000 1,422,594
-----------
16,140,520
-----------
MATERIALS - 0.6%
Chemicals - 0.2%
SGL Carbon AG *........................... Germany 8,000 488,862
-----------
Machinery - 0.4%
Union Tool Co. ........................... Japan 12,700 872,932
-----------
TELECOMMUNICATION SERVICES - 1.5%
Diversified Telecommunication Services -
1.5%
Efficient Networks, Inc. *................ United States 28,200 1,183,078
Elisa Communications ..................... Finland 22,430 622,415
</TABLE>

68
<PAGE>

EVERGREEN
Global Opportunities Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services -
continued
EMTS Technologie AG *................... Austria 5,500 $ 406,932
Netcom AB, Ser. B *..................... Sweden 28,350 1,330,640
------------
3,543,065
------------
Wireless Telecommunications Services -
0.0%
SK Telecom Co., Ltd. ................... Korea 610 130,044
------------
Total Common Stocks (cost
$206,838,399)........................ 230,013,682
------------
PREFERRED STOCKS - 0.5%
INDUSTRIALS - 0.5%
Aerospace & Defense - 0.5%
Embraer Empresa Brasileira de
Aeronautica SA, ADR (cost $215,654).... Brazil 154,960 1,144,545
------------
WARRANTS - 0.0%
FINANCIALS - 0.0%
Banks - 0.0%
Credit Suisse AG, expires 7/26/2001
(cost $29) *........................... Switzerland 50,000 27,991
------------
MUTUAL FUND SHARES - 3.2%
Evergreen Select Money Market Fund o
(cost $7,792,146)...................... United States 7,792,146 7,792,146
------------
Total Investments - (cost $214,846,228) - 98.5%................... 238,978,364
Other Assets and Liabilities - 1.5%............................... 3,652,808
------------
Net Assets - 100.0%............................................... $242,631,172
------------
</TABLE>

As of October 31, 2000, the Fund held investments in the following countries:

Percent of
Market Value Portfolio Assets
-----------------------------
United States..................... $127,442,091 53.3%
United Kingdom.................... 17,372,198 7.3%
Japan............................. 17,057,656 7.1%
Switzerland....................... 11,996,977 5.0%
Australia......................... 11,818,569 5.0%
Canada............................ 10,752,538 4.5%
France............................ 7,255,942 3.0%
Netherlands....................... 6,749,178 2.8%
Norway............................ 5,067,194 2.1%
Germany........................... 4,524,260 1.9%
Ireland........................... 3,707,810 1.6%
Sweden............................ 2,925,453 1.2%
Luxembourg........................ 2,007,788 0.9%
Italy............................. 1,988,676 0.8%
Brazil............................ 1,914,282 0.8%
Hong Kong......................... 1,082,652 0.5%
Austria........................... 991,102 0.4%
New Zealand....................... 988,783 0.4%
Finland........................... 935,549 0.4%
Korea............................. 873,330 0.4%
Taiwan............................ 656,888 0.3%
Spain............................. 578,248 0.2%
Croatia........................... 291,200 0.1%
------------ ------
$238,978,364 100.0%
============ ======

See Combined Notes to Schedules of Investments.

69
<PAGE>

EVERGREEN
International Growth Fund
Schedule of Investments
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - 93.4%
CONSUMER DISCRETIONARY - 5.6%
Automobiles - 1.4%
Peugeot SA.......................... France 25,178 $ 4,636,435
Toyota Motor Corp. ................. Japan 149,000 5,953,718
------------
10,590,153
------------
Distributors - 0.3%
Mitsubishi Corp. ................... Japan 235,000 1,938,322
------------
Hotels, Restaurants & Leisure - 0.1%
Cannons Plc......................... United Kingdom 226,916 372,045
Indian Hotels Co., Ltd., GDR........ India 65,250 277,313
------------
649,358
------------
Household Durables - 0.5%
Electrolux AB....................... Sweden 298,191 3,760,102
------------
Leisure Equipment & Products - 0.6%
Nintendo Co., Ltd. ................. Japan 11,100 1,836,182
Shimano, Inc. ...................... Japan 127,800 2,570,875
------------
4,407,057
------------
Media - 1.6%
Aegis Group Plc..................... United Kingdom 670,600 1,527,620
Axel Springer....................... Germany 1,960 1,575,936
Edipresse SA........................ Switzerland 2,457 990,946
Grupo Televisa SA, ADR *............ Mexico 25,400 1,374,775
Quebecor, Inc., Class B............. Canada 200,205 4,161,380
Telegraaf Hldgs. NV................. Netherlands 110,600 2,196,212
------------
11,826,869
------------
Specialty Retail - 1.1%
Castorama Dubois Investissement SA.. France 34,885 7,092,980
Toys R Us Japan..................... Japan 11,500 1,570,362
------------
8,663,342
------------
CONSUMER STAPLES - 10.1%
Beverages - 1.1%
Al-Ahram Beverage Co. SAE, GDR
144A............................... Egypt 355,016 4,655,467
Fomento Economico Mexicano, Ser. B,
ADR ("Femsa")...................... Mexico 39,450 1,506,497
Pernod-Ricard SA.................... France 41,400 1,897,131
------------
8,059,095
------------
Food & Drug Retailing - 1.0%
Sobeys, Inc. ....................... Canada 428,218 7,569,156
------------
Food Products - 3.6%
Danone.............................. France 32,015 4,477,277
Grupo Indl. Bimbo, Ser. A........... Mexico 633,300 879,501
Lindt & Spruengli AG................ Switzerland 6,545 3,167,640
</TABLE>

70
<PAGE>

EVERGREEN
International Growth Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
CONSUMER STAPLES - continued
Food Products - continued
Nestle SA.............................. Switzerland 7,885 $ 16,339,355
Souza Cruz CIA SA...................... Brazil 454,584 2,209,816
------------
27,073,589
------------
Household Products - 1.1%
Kao Corp. ............................. Japan 285,000 8,540,989
------------
Tobacco - 3.3%
Austria Tabak.......................... Austria 34,389 1,575,856
British America Tobacco Inds. Plc...... United Kingdom 2,514,700 17,623,231
Swedish Match Co. AB................... Sweden 1,539,325 5,283,953
------------
24,483,040
------------
ENERGY - 6.2%
Oil & Gas - 6.2%
Anderson Exploration, Ltd. *........... Canada 92,639 1,698,129
BP Amoco............................... United Kingdom 228,100 1,934,470
Canadian Natural Res., Ltd. ........... Canada 59,650 1,757,283
Canadian Occidental Petroleum, Ltd. ... Canada 226,847 5,442,843
ENI SpA................................ Italy 1,640,446 8,881,490
Gulf Canada Resource, Ltd. ............ Canada 759,512 3,256,827
Petro-Canada........................... Canada 314,194 6,582,133
Repsol-YPF, SA......................... Spain 291,750 4,634,682
Shell Transportation & Trading Co.
Plc................................... United Kingdom 368,467 2,964,506
Total Fina Elf SA, Class B............. France 67,761 9,694,839
------------
46,847,202
------------
FINANCIALS - 33.0%
Banks - 8.5%
Banco Bilbao Vizcaya SA *.............. Spain 442,780 5,899,169
Bank of Nova Scotia.................... Canada 132,300 3,767,627
Banque Natl. de Paris.................. France 44,740 3,857,384
Barclays Bank Plc...................... United Kingdom 314,408 8,996,068
DBS Group Hldgs., Ltd. ................ Singapore 508,291 5,990,790
Deutsche Bank AG....................... Germany 53,225 4,357,688
Sanwa Bank, Ltd. ...................... Japan 390,000 3,466,984
Sumitomo Bank, Ltd. ................... Japan 155,000 1,882,189
Toronto Dominion Bank.................. Canada 259,384 7,123,508
UBS AG................................. Switzerland 42,960 5,950,734
Uniao de Bancos Brasileiros SA, GDR
("Unibanco").......................... Brazil 94,150 2,377,288
Unicredito Italiano ORD................ Italy 793,510 4,040,237
Verwalt & Private Bank................. Switzerland 9,680 1,830,886
Wing Hang Bank, Ltd. .................. Hong Kong 1,395,300 4,258,000
------------
63,798,552
------------
</TABLE>

71
<PAGE>

EVERGREEN
International Growth Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
FINANCIALS - continued
Diversified Financials - 9.3%
Brascan Corp. ......................... Canada 865,880 $ 11,195,502
Close Brothers Group Plc............... United Kingdom 267,330 4,480,040
Collins Stew Hldgs..................... United Kingdom 95,300 502,631
Fortis (NL) NV......................... Netherlands 376,540 11,503,151
Garban Plc............................. United Kingdom 335,000 1,312,384
HSBC Hldgs. Plc (Hong Kong Exchange)... United Kingdom 938,550 13,057,145
HSBC Hldgs. Plc (London Exchange)...... United Kingdom 547,625 7,802,737
Hutchison Whampoa, Ltd. ............... Hong Kong 454,300 5,650,353
Lend Lease Corp., Ltd. ................ Australia 202,400 2,369,484
Noranda, Inc. ......................... Canada 433,680 4,244,528
Orix Corp.............................. Japan 31,700 3,326,445
Takefuji Corp. ........................ Japan 47,800 4,731,155
------------
70,175,555
------------
Insurance - 13.0%
Allianz AG............................. Germany 21,755 7,376,213
Assicurazioni Generali SpA............. Italy 76,800 2,525,435
AXA.................................... France 80,548 10,663,078
Clarica Life Ins. Co. ................. Canada 172,000 4,076,203
Dai Tokyo Fire & Marine Ins. Co. ...... Japan 260,000 760,115
Industrial Alliance Life Ins. Co. *.... Canada 185,500 4,098,609
Koa Fire & Marine Ins. Co. ............ Japan 119,000 440,599
Manulife Finl. Corp. .................. Canada 562,891 14,592,788
Mitsui Marine & Fire Ins. Co., Ltd. ... Japan 1,764,000 8,956,202
Munchener Ruckvers..................... Germany 13,395 4,211,474
Nippon Fire & Marine Ins. Co. ......... Japan 379,000 1,410,200
Prudential Corp. Plc................... United Kingdom 441,950 5,944,360
Ras ORD................................ Italy 329,554 4,326,335
Royal & Sun Alliance Ins. Group, Plc... United Kingdom 780,032 5,551,414
Sumitomo Marine & Fire Ins. Co.,
Ltd. ................................. Japan 2,752,000 16,797,251
Zurich Fin. Svs. Group................. Switzerland 13,027 6,304,790
------------
98,035,066
------------
Real Estate - 2.2%
British Land Co. Plc................... United Kingdom 1,106,449 6,614,253
Brookfield Properties Corp. ........... Canada 431,333 6,565,298
Cheung Kong Hldgs., Ltd. .............. Hong Kong 246,000 2,720,541
Henderson Investment, Ltd. ............ Hong Kong 708,000 431,209
------------
16,331,301
------------
HEALTH CARE - 10.2%
Health Care Equipment & Supplies - 0.1%
Fresenius Medical Care AG.............. Germany 2,800 222,805
Fresenius Medical Care AG, ADR......... Germany 8,800 234,300
------------
457,105
------------
</TABLE>

72
<PAGE>

EVERGREEN
International Growth Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
HEALTH CARE - continued
Health Care Providers & Services - 0.1%
Sonic Healthcare, Ltd. ................... Australia 134,407 $ 543,425
------------
Pharmaceuticals - 10.0%
Aventis SA, Class A....................... France 90,000 6,491,793
Banyu Pharmaceutical Co., Ltd. ........... Japan 106,000 2,273,198
Chugai Pharmaceutical Co., Ltd. .......... Japan 237,000 4,022,582
Glaxo Wellcome Plc........................ United Kingdom 342,160 9,849,702
Merck KGaA................................ Germany 146,990 5,588,162
Novartis AG............................... Switzerland 4,568 6,929,760
Pharmacia Corp. .......................... United States 147,592 7,931,798
Roche Hldg. AG............................ Switzerland 1,063 9,709,869
Sanofi Synthelabo......................... France 58,988 3,103,549
Schering AG............................... Germany 140,379 7,862,294
Serono SA................................. Switzerland 1,412 1,270,140
Serono SA, ADR............................ Switzerland 13,100 296,388
SmithKline Beecham Plc.................... United Kingdom 75,656 976,980
Taisho Pharmaceutical Co. ................ Japan 110,000 3,165,468
Yamanouchi Pharmaceutical Co., Ltd. ...... Japan 81,000 3,667,140
Zeneca Grp. .............................. United Kingdom 46,400 2,173,220
------------
75,312,043
------------
INDUSTRIALS - 5.8%
Aerospace & Defense - 0.6%
Bombardier, Inc., Class B................. Canada 290,500 4,554,812
------------
Commercial Services & Supplies - 1.6%
ISS Intl. Svcs. Sys. ..................... Denmark 116,819 7,193,370
Secom Co., Ltd. .......................... Japan 63,000 4,491,958
------------
11,685,328
------------
Electrical Equipment - 0.7%
Makita Corp. ............................. Japan 254,000 1,850,617
Matsushita Elec. Works, Ltd. ............. Japan 267,000 3,144,343
------------
4,994,960
------------
Industrial Conglomerates - 1.1%
Compagnie de Saint Gobain................. France 49,270 6,518,263
Siemens AG................................ Germany 13,387 1,704,600
------------
8,222,863
------------
Machinery - 1.3%
Assa Abloy AB, Ser. B..................... Sweden 310,000 5,708,395
Fanuc, Ltd. .............................. Japan 39,900 3,583,559
SMC Corp. ................................ Japan 5,700 806,562
------------
10,098,516
------------
</TABLE>

73
<PAGE>

EVERGREEN
International Growth Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
INDUSTRIALS - continued
Marine - 0.1%
Frontline, Ltd. ........ Norway 54,112 $ 892,244
------------
Specialty Retail - 0.4%
Ashtead Group Plc....... United Kingdom 1,845,200 3,159,204
------------
INFORMATION TECHNOLOGY -
9.2%
Communications Equipment -
3.6%
Alcatel................. France 148,404 9,054,776
Ericsson LM Telephone,
Ser. B................. Sweden 215,503 2,868,399
Nokia OYJ............... Finland 170,909 7,032,671
Nortel Networks Corp. .. Canada 184,526 8,347,461
------------
27,303,307
------------
Computers & Peripherals -
1.0%
NEC Corp. .............. Japan 217,000 4,136,553
Toshiba Corp. .......... Japan 439,000 3,138,157
------------
7,274,710
------------
Electronic Equipment &
Instruments - 1.9%
Koninklijke Philips
Electronics NV......... Netherlands 280,623 11,028,114
Kyocera Corp. .......... Japan 24,200 3,149,338
------------
14,177,452
------------
Semiconductor Equipment &
Products - 2.0%
Samsung Electronics..... Korea 27,900 3,495,165
ST Microelectronics..... France 226,907 11,447,297
------------
14,942,462
------------
Software - 0.7%
Logica Plc.............. United Kingdom 165,400 4,893,335
Logica Plc New.......... United Kingdom 18,680 536,654
------------
5,429,989
------------
MATERIALS - 7.6%
Chemicals - 4.0%
Akzo Nobel NV........... Netherlands 339,954 15,477,225
Asahi Chemical Indl.
Co., Ltd. ............. Japan 1,092,500 6,768,364
BASF AG................. Germany 109,470 4,291,808
Bayer AG................ Germany 46,424 2,015,076
Nippon Shokubai Co. .... Japan 227,000 1,025,624
------------
29,578,097
------------
Construction Materials -
1.4%
Holderbank Financiere
Glarus AG.............. Switzerland 6,231 6,547,819
Lafarge SA.............. France 55,072 4,065,868
------------
10,613,687
------------
</TABLE>

74
<PAGE>

EVERGREEN
International Growth Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
MATERIALS - continued
Metals & Mining - 0.8%
Anglo-American Plc.................... South Africa 49,660 $ 2,699,163
Remgro, Ltd. ......................... South Africa 571,336 3,494,491
------------
6,193,654
------------
Paper & Forest Products - 1.4%
Sappi, Ltd. .......................... South Africa 1,142,304 7,825,138
Timberwest Forest Corp. .............. Canada 162,567 1,122,803
UPM-Kymmene OYJ....................... Finland 62,219 1,760,849
------------
10,708,790
------------
TELECOMMUNICATION SERVICES - 5.0%
Diversified Telecommunication Services -
4.2%
Colt Telecom Group Plc *.............. United Kingdom 139,047 4,438,503
Deutsche Telekom...................... Germany 54,145 2,033,175
France Telecom SA..................... France 16,741 1,750,231
Hellenic Telecommunications
Organization SA, GDR................. Greece 91,800 1,603,564
Nippon Telegraph & Telephone Corp. ... Japan 161 1,465,179
Tecnost SpA........................... Italy 1,364,190 4,595,879
Tele Norte Leste Participacoes SA,
ADR.................................. Brazil 163,500 3,617,437
Telecom Italia Mobile SpA ("Tim")..... Italy 254,504 2,164,041
Telefonica SA *....................... Spain 495,000 9,438,685
------------
31,106,694
------------
Wireless Telecommunications Services -
0.8%
Vodafone Airtouch Plc................. United Kingdom 1,515,777 6,306,537
------------
UTILITIES - 0.7%
Multi-Utilities - 0.7%
Suez Lyonnaise des Eaux SA............ France 37,124 5,664,319
------------
Total Common Stocks (cost
$671,480,393)...................... 701,968,946
------------
PREFERRED STOCKS - 0.9%
INDUSTRIALS - 0.9%
Aerospace & Defense - 0.9%
Embraer Empresa Brasileira de
Aeronautica SA, ADR
(cost $1,882,156).................... Brazil 934,620 6,903,165
------------
MUTUAL FUND SHARES - 4.8%
Evergreen Select Money Market Fund o
(cost $35,639,499)................... United States 35,639,499 35,639,499
------------
Total Investments - (cost $709,002,048) - 99.1%................... 744,511,610
Other Assets and Liabilities - 0.9%............................... 6,781,178
------------
Net Assets - 100.0%............................................... $751,292,788
============
</TABLE>

75
<PAGE>

EVERGREEN
International Growth Fund
Schedule of Investments (continued)
October 31, 2000

At October 31, 2000, the Fund held investments in the following countries:

<TABLE>
<CAPTION>
Percentage of
Market Value Portfolio Assets
<S> <C> <C>
-----------------------------
United Kingdom.................... $110,997,040 14.9%
Japan............................. 110,870,231 14.9%
Canada............................ 100,156,890 13.4%
France............................ 90,415,219 12.1%
Switzerland....................... 59,338,326 8.0%
United States..................... 43,571,297 5.8%
Germany........................... 41,473,532 5.6%
Netherlands....................... 40,204,702 5.4%
Italy............................. 26,553,417 3.6%
Spain............................. 19,972,536 2.7%
Sweden............................ 17,620,849 2.4%
Brazil............................ 15,107,706 2.0%
South Africa...................... 14,018,792 1.9%
Hong Kong......................... 13,060,103 1.8%
Finland........................... 8,793,520 1.2%
Denmark........................... 7,193,370 1.0%
Singapore......................... 5,990,790 0.8%
Egypt............................. 4,655,467 0.6%
Mexico............................ 3,760,772 0.5%
Korea............................. 3,495,165 0.5%
Australia......................... 2,912,909 0.4%
Greece............................ 1,603,564 0.2%
Austria........................... 1,575,856 0.2%
Norway............................ 892,244 0.1%
India............................. 277,313 0.0%
------------ ------
$744,511,610 100.0%
============ ======
</TABLE>

See Combined Notes to Schedules of Investments.

76
<PAGE>

EVERGREEN
Latin America Fund
Schedule of Investments
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - 87.3%
CONSUMER DISCRETIONARY - 15.2%
Media - 8.2%
Grupo Televisa SA, ADR * ................. Mexico 25,531 $ 1,381,865
TV Azteca SA de CV, ADR * ................ Mexico 63,700 796,250
-----------
2,178,115
-----------
Multi-line Retail - 1.4%
Organizacion Soriana SA................... Mexico 117,872 369,795
-----------
Specialty Retail - 5.6%
Grupo Elektra SA de CV * ................. Mexico 349,100 361,421
Wal-Mart de Mexico SA de CV * ............ Mexico 464,288 1,116,719
-----------
1,478,140
-----------
CONSUMER STAPLES - 8.6%
Beverages - 8.2%
Coca-Cola Femsa SA de CV, ADR............. Mexico 30,282 581,036
Embotelladora Andina SA................... Chile 25,000 49,093
Embotelladora Andina SA, Ser. A........... Chile 10,100 121,200
Fomento Economico Mexicano SA de CV, Ser.
B, ADR ("Femsa")......................... Mexico 23,304 889,921
Panamerican Beverages, Inc. .............. Mexico 28,428 469,062
Quilmes Industrial Quinsa SA, ADR......... Luxembourg 8,500 70,125
-----------
2,180,437
-----------
Food & Drug Retailing - 0.4%
Santa Isabel SA, ADR * ................... Chile 19,784 105,103
-----------
ENERGY - 7.3%
Oil & Gas - 7.3%
Petroleo Brasileiro SA, ADR
("Petrobras")............................ Brazil 64,350 1,706,530
Petroleo Brasileiro SA, ADR
("Petrobras")............................ Brazil 7,300 212,156
-----------
1,918,686
-----------
FINANCIALS - 18.8%
Banks - 18.8%
Banco Bradesco SA......................... Brazil 161,564,177 998,668
Banco Frances del Rio de la Plata SA,
ADR * ................................... Argentina 6,530 142,844
Banco Itau SA............................. Brazil 5,083,400 395,435
Bradespar SA.............................. Brazil 161,564,177 94,789
Grupo Financiero Banamex AC, Ser. O * .... Mexico 864,900 1,344,043
Grupo Financiero Bancomer SA, Ser. O ..... Mexico 1,423,595 881,326
Grupo Financiero Banorte SA de CV, Ser. O
*........................................ Mexico 377,082 563,109
Uniao de Bancos Brasileiros SA, GDR
("Unibanco")............................. Brazil 21,500 542,875
-----------
4,963,089
-----------
</TABLE>

77
<PAGE>

EVERGREEN
Latin America Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
INDUSTRIALS - 0.6%
Aerospace & Defense - 0.6%
Embraer Empresa Brasileira de Aeronautica,
ADR........................................... Brazil 5,500 $ 159,156
-----------
MATERIALS - 7.2%
Construction Materials - 3.3%
Apasco SA de CV................................ Mexico 38,343 196,477
Cemex SA de CV, Ser. B, ADR *.................. Mexico 31,516 665,775
-----------
862,252
-----------
Metals & Mining - 3.2%
CIA Vale do Rio Doce, ADR...................... Brazil 36,800 848,454
-----------
Paper & Forest Products - 0.7%
Aracruz Celulose SA, ADR....................... Brazil 12,400 186,000
-----------
TELECOMMUNICATION SERVICES - 25.1%
Diversified Telecommunication Services - 25.1%
Brasil Telecom Participacoes SA, ADR........... Brazil 16,700 904,931
Carso Global Telecom, Ser. A1.................. Mexico 485,078 1,083,024
Compania de Telecom de Chile SA, ADR........... Chile 9,800 149,450
Embratel Participacoes SA *.................... Brazil 5,950,000 95,468
Embratel Participacoes SA, ADR *............... Brazil 42,400 686,350
Tele Norte Leste Participacoes SA, ADR......... Brazil 66,539 1,472,175
Telefonos de Mexico SA de CV ("Telmex")........ Mexico 41,474 2,237,004
-----------
6,628,402
-----------
UTILITIES - 4.5%
Electric Utilities - 4.5%
Centrais Eletricas Brasileiras SA, ADR *....... Brazil 36,879 327,548
Chilgener SA................................... Chile 488,000 86,417
CIA Brasileira de Distribuicao, ADR............ Brazil 18,600 662,625
Enersis SA, ADR................................ Chile 5,700 101,175
-----------
1,177,765
-----------
Total Common Stocks (cost $16,922,089)....... 23,055,394
-----------
PREFERRED STOCKS - 12.1%
CONSUMER STAPLES - 4.9%
Beverages - 4.4%
CIA de Bebidas das Americas, ADR ("Ambev")..... Brazil 5,181,500 1,156,297
-----------
Food Products - 0.5%
Perdigao SA.................................... Brazil 21,860 151,153
-----------
INDUSTRIALS - 4.8%
Aerospace & Defense - 4.8%
Embraer Empresa Brasileira de Aeronautica SA,
ADR........................................... Brazil 172,323 1,272,789
-----------
</TABLE>

78
<PAGE>

EVERGREEN
Latin America Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
PREFERRED STOCKS - continued
MATERIALS - 2.4%
Metals & Mining - 2.4%
Caemi Mineracao e Metalurgica SA *....... Brazil 2,824,100 $ 384,634
Usinas Siderurgicas de Minas Gerais SA... Brazil 46,400 238,198
-----------
622,832
-----------
Total Preferred Stocks (cost
$1,153,103)........................... 3,203,071
-----------
WARRANTS - 0.0%
MATERIALS - 0.0%
Construction Materials - 0.0%
Cemex SA de CV, ADR, expire 12/13/2002 *
(cost $3,883)........................... Mexico 2,219 4,438
-----------
MUTUAL FUND SHARES - 0.4%
Evergreen Select Money Market Fund o
(cost $95,714).......................... United States 95,714 95,714
-----------
Total Investments - (cost $18,174,789) - 99.8%..................... 26,358,617
Other Assets and Liabilities - 0.2%................................ 52,510
-----------
Net Assets - 100.0%................................................ $26,411,127
===========
</TABLE>

At October 31, 2000, the Fund held investments in the following countries:

<TABLE>
<CAPTION>
Market Percentage of
Value Portfolio Assets
<S> <C> <C>
----------------------------
Mexico............................. $12,941,266 48.9%
Brazil............................. 12,496,230 47.5%
Chile.............................. 612,438 2.4%
Argentina.......................... 142,844 0.5%
United States...................... 95,714 0.4%
Luxembourg......................... 70,125 0.3%
----------- ------
$26,358,617 100.0%
=========== ======
</TABLE>

See Combined Notes to Schedules of Investments.

79
<PAGE>

EVERGREEN
Perpetual Global Fund
Schedule of Investments
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - 91.4%
CONSUMER DISCRETIONARY - 14.3%
Auto Components - 0.2%
BBA Group Plc......................... United Kingdom 74,697 $ 410,224
------------
Automobiles - 1.2%
Brilliance China Automotive Hldgs.,
Ltd.................................. United States 2,200,000 712,271
Honda Motor Co., Ltd. ................ Japan 27,000 932,869
Mazda Motor Corp. .................... Japan 376,000 727,086
------------
2,372,226
------------
Distributors - 1.2%
Buhrmann NV........................... Netherlands 50,472 1,379,144
Kent Electronics Corp. *.............. United States 27,500 512,188
Synnex Technology Intl. Corp., GDR.... Taiwan 10,680 87,042
Wolseley Plc.......................... United Kingdom 85,622 473,328
------------
2,451,702
------------
Hotels, Restaurants & Leisure - 0.7%
Cafe De Coral Hldgs., Ltd. ........... Hong Kong 749,000 280,911
Carnival Corp., Class A............... United States 13,000 322,562
Corp. de Interamericana
Entretenimiento SA *................. Mexico 21,682 97,952
Hilton Group Plc...................... United Kingdom 178,412 495,730
Millennium & Copthorne Hotels Plc..... United Kingdom 38,000 212,274
------------
1,409,429
------------
Household Durables - 1.5%
Beko Elektronik AS *.................. Turkey 20,000,000 252,020
Fairview Hldgs. Plc................... United Kingdom 100,300 229,938
George Wimpey Plc..................... United Kingdom 100,000 217,642
Matsushita-Kotobuki Electronics
Industries, Ltd. .................... Japan 70,000 1,376,071
Taylor Woodrow Plc.................... United Kingdom 110,000 290,480
Vestel Electronik Sanayi ve Ticaret AS
*.................................... Turkey 3,100,000 635,912
------------
3,002,063
------------
Internet & Catalog Retail - 0.2%
Great University Stores Plc........... United Kingdom 48,000 331,513
------------
Leisure Equipment & Products - 1.4%
EMI Group Plc......................... United Kingdom 56,000 419,266
Infogrames Entertainment SA *......... France 26,097 545,897
Nintendo Co., Ltd. ................... Japan 10,200 1,687,302
Shimano, Inc.......................... Japan 10,300 207,199
------------
2,859,664
------------
Media - 3.4%
ABS-CBN Broadcasting Corp............. Philippines 108,000 83,402
BEC World............................. Thailand 50,000 284,026
Benpres Hldgs. Corp., GDR 144A *...... Philippines 27,200 22,304
Clear Channel Communications, Inc. *.. United States 11,808 709,218
</TABLE>

80
<PAGE>

EVERGREEN
Perpetual Global Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
CONSUMER DISCRETIONARY - continued
Media - continued
Comcast Corp., Class A *.................. United States 21,600 $ 880,200
Cordiant Communications Group Plc......... United Kingdom 17,500 74,651
Daily Mail & General Trust, Class A....... United Kingdom 30,510 407,270
DoubleClick, Inc. *....................... United States 4,300 69,875
Globo Cabo SA, ADR........................ Brazil 19,700 213,006
Grupo Televisa SA, ADR *.................. Mexico 2,660 143,973
Rank Group................................ United Kingdom 90,000 223,301
Reed Intl. Plc............................ United Kingdom 58,000 536,068
Shaw Brothers (Hong Kong), Ltd. .......... Hong Kong 393,000 269,592
Trinity Mirror Plc........................ United Kingdom 23,500 153,949
TV Azteca SA de CV, ADR *................. Mexico 11,100 138,750
VNU NV.................................... Netherlands 30,430 1,433,172
Walt Disney Co. .......................... United States 32,000 1,146,000
------------
6,788,757
------------
Multi-line Retail - 1.7%
Debenhams Retail Plc...................... United Kingdom 50,000 155,252
National Express Group.................... United Kingdom 22,800 292,772
Next Plc.................................. United Kingdom 44,326 440,878
Publicis Groupe SA........................ France 8,105 265,143
Seiyu, Ltd. .............................. Japan 85,000 260,963
Selfridges Plc............................ United Kingdom 70,000 300,383
Target Corp. ............................. United States 15,000 414,375
Wal-Mart Stores, Inc. .................... United States 27,700 1,256,887
------------
3,386,653
------------
Specialty Retail - 1.9%
Bulgari SpA............................... Italy 82,210 967,619
MFI Furniture Group....................... United Kingdom 173,750 138,656
Morrison Supermarkets Plc................. United Kingdom 115,830 300,834
RadioShack Corp. ......................... United States 5,900 351,788
Signet Group Plc ......................... United Kingdom 608,500 507,669
Telepizza SA *............................ Spain 121,797 466,140
Toys "R" Us, Inc. *....................... United States 52,000 893,750
Wal-Mart de Mexico SA de CV *............. Mexico 67,400 162,112
------------
3,788,568
------------
Textiles & Apparel - 0.9%
Christian Dior SA......................... France 17,896 909,674
Gucci Group NV............................ Netherlands 10,350 1,010,047
------------
1,919,721
------------
</TABLE>

81
<PAGE>

EVERGREEN
Perpetual Global Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
CONSUMER STAPLES - 5.7%
Beverages - 0.9%
Bass Plc............................... United Kingdom 46,585 $ 455,911
CIA de Bebidas das Americas, ADR
("Ambev")............................. Brazil 14,800 333,925
Coca-Cola Co. ......................... United States 16,500 996,187
Coca-Cola Femsa SA, ADR................ Mexico 4,100 78,669
------------
1,864,692
------------
Food & Drug Retailing - 1.3%
Boots Co. Plc.......................... United Kingdom 33,000 263,347
CIA Brasileira de Distribuicao Grupo
Pao de Acucar......................... Brazil 2,400,000 85,502
CVS Corp. ............................. United States 14,600 772,888
Iceland Group Plc...................... United Kingdom 83,590 397,208
Kroger Co. ............................ United States 34,400 776,150
Safeway Plc............................ United Kingdom 35,000 145,494
Tesco Plc.............................. United Kingdom 69,400 264,578
------------
2,705,167
------------
Food Products - 0.6%
Ajinomoto Co., Inc. ................... Japan 33,000 368,968
Express Dairies Plc.................... United Kingdom 172,500 132,653
H.J. Heinz Co. ........................ United States 15,700 658,419
------------
1,160,040
------------
Household Products - 0.1%
Kao Corp. ............................. Japan 10,000 299,684
------------
Personal Products - 0.5%
Body Shop Intl. Plc.................... United Kingdom 119,181 152,175
Gillette Co. .......................... United States 10,000 348,750
Reckitt Benckiser Plc.................. United Kingdom 19,100 251,081
Shiseido Co., Ltd. .................... Japan 22,000 284,287
------------
1,036,293
------------
Tobacco - 2.3%
British America Tobacco Indonesia Plc.. Indonesia 108,000 145,673
British America Tobacco Inds. Plc...... United Kingdom 89,500 627,224
Philip Morris Co., Inc. ............... United States 67,200 2,461,200
PT HM Sampoerna Tbk.................... Indonesia 150,000 176,282
Tabacalera Nacional SA, Ser. A......... Spain 74,228 1,111,772
------------
4,522,151
------------
ENERGY - 3.6%
Energy Equipment & Services - 1.0%
IHC Caland NV.......................... Netherlands 15,990 705,594
Petroleum Geo-Services ASA *........... Norway 64,910 895,407
Weatherford Intl., Inc. *.............. United States 8,300 302,950
------------
1,903,951
------------
</TABLE>

82
<PAGE>

EVERGREEN
Perpetual Global Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
ENERGY - continued
Oil & Gas - 2.6%
Amerada Hess Corp. ................... United States 8,250 $ 511,500
Enterprise Oil Plc.................... United Kingdom 101,500 802,629
Exxon Mobil Corp. .................... United States 19,500 1,739,156
Petroleo Brasileiro SA, ADR
("Petrobras") *...................... Brazil 5,900 171,469
Shell Transportation & Trading Co.
Plc.................................. United Kingdom 174,000 1,399,919
Talisman Energy, Inc. *............... Canada 10,400 326,468
Texaco, Inc. ......................... United States 5,850 345,516
------------
5,296,657
------------
FINANCIALS - 18.3%
Banks - 7.3%
Abbey Natl. Bank Plc.................. United Kingdom 60,650 836,881
Akbank Turk Anonim Sirket............. Turkey 52,219,840 336,663
Asahi Bank............................ Japan 297,000 1,170,417
Banca Nazionale Del Lavoro SpA........ Italy 392,853 1,273,493
Banco Bradesco SA..................... Brazil 19,500,000 120,534
Banco Popular Espanol SA.............. Spain 28,300 846,542
Banco Santantander Central............ Spain 54,700 530,099
Bank of Scotland Plc.................. United Kingdom 91,000 848,994
Bank One Corp. ....................... United States 12,200 445,300
Barclays Bank Plc..................... United Kingdom 20,645 590,710
Chase Manhattan Corp. ................ United States 4,600 209,300
Dah Sing Finl. Group.................. Hong Kong 54,553 234,328
DBS Group Hldgs., Ltd. ............... Singapore 35,000 412,515
Den Danske Bank AS.................... Denmark 4,403 637,643
Grupo Financiero Banamex AC, Ser. O
*.................................... Mexico 108,000 167,831
Overseas Chinese Bank, Ltd............ Singapore 1 6
Overseas Union Bank, Ltd. ............ Singapore 125,810 608,885
PT Bank Nisp Tbk...................... Indonesia 2,872,000 95,120
Public Bank Bhd, Ltd. ................ Malaysia 200,000 171,579
Royal Bank of Scotland Plc............ United Kingdom 33,326 748,042
Sanwa Bank, Ltd....................... Japan 73,000 648,948
Standard Chartered Bank Plc........... United Kingdom 35,075 505,867
Sumitomo Bank, Ltd.................... Japan 82,000 995,738
Tokai Bank, Ltd. ..................... Japan 167,000 895,340
Uniao de Bancos Brasileiros SA, GDR
("Unibanco")......................... Brazil 8,800 222,200
United Overseas Bank.................. Singapore 35,000 259,067
Zagrebacka Banka DD, GDR.............. Croatia 49,950 783,965
------------
14,596,007
------------
Diversified Financials - 7.9%
Aeon Credit Service Co., Ltd. *....... Hong Kong 998,800 332,976
Aiful Corp............................ Japan 10,800 851,212
</TABLE>

83
<PAGE>

EVERGREEN
Perpetual Global Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
FINANCIALS - continued
Diversified Financials - continued
Cattles Plc............................... United Kingdom 72,000 $ 255,425
Citigroup, Inc............................ United States 36,000 1,894,500
Compart SpA............................... Italy 560,000 919,543
Dexia..................................... Belgium 4,585 698,405
Fannie Mae Co............................. United States 28,200 2,171,400
Fleming Russia Securities Fund, Ltd. *.... United Kingdom 26,500 351,655
Formosa Growth Fund, Ltd. *............... Taiwan 5,000 78,125
Freddie Mac Corp.......................... United States 14,800 888,000
H & CB *.................................. United States 21,924 263,088
Hanson Plc................................ United Kingdom 18,000 94,936
HSBC Hldgs. Plc (Hong Kong Exchange)...... United Kingdom 32,059 446,006
Hutchison Whampoa, Ltd.................... Hong Kong 33,000 410,437
Indian Opportunities Fund *............... United Kingdom 11,000 112,750
Irish Life & Permanent Plc................ Ireland 57,562 567,933
Julius Baer Hldgs. AG..................... Switzerland 298 1,475,412
Kokusai Securities Co., Ltd............... Japan 80,000 674,518
Lonrho Plc................................ United Kingdom 30,000 369,992
Merrill Lynch & Co., Inc.................. United States 75,500 565,127
Morgan Stanley Dean Witter & Co........... United States 6,100 489,906
Orix Corp................................. Japan 5,100 535,169
Sulzer AG................................. Switzerland 805 519,918
Taiwan Opportunities Fund, Ltd. *......... Taiwan 30,000 270,000
Tele Atlas NV *........................... Netherlands 37,130 746,752
------------
15,983,185
------------
Insurance - 1.9%
Allstate Corp. ........................... United States 25,800 1,038,450
American Intl. Group, Inc. ............... United States 12,300 1,205,400
COFACE.................................... France 7,500 675,274
Legal & General Group Plc................. United Kingdom 80,000 199,070
Prudential Corp. Plc...................... United Kingdom 50,750 682,603
------------
3,800,797
------------
Real Estate - 1.2%
Amoy Properties, Ltd. .................... Hong Kong 500,000 455,186
British Land Co. Plc...................... United Kingdom 29,000 173,359
Burford Hldgs. Plc........................ United Kingdom 225,000 326,464
Chelsfield Plc............................ United Kingdom 20,000 105,919
Cheung Kong Hldgs., Ltd. ................. Hong Kong 78,000 862,611
Kerry Properties, Ltd. ................... Hong Kong 143,167 164,296
Land Securities Plc....................... United Kingdom 28,000 288,449
------------
2,376,284
------------
</TABLE>

84
<PAGE>

EVERGREEN
Perpetual Global Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
HEALTH CARE - 6.1%
Biotechnology - 0.4%
Cambridge Antibody Technology Group Plc
*....................................... United Kingdom 7,500 $ 467,931
Celltech Group Plc, Class F *............ United Kingdom 14,400 286,243
------------
754,174
------------
Health Care Equipment & Supplies - 0.1%
Smith & Nephew Plc....................... United Kingdom 79,181 325,132
------------
Health Care Providers & Services - 0.3%
HEALTHSOUTH Corp. *...................... United States 51,900 622,800
------------
Pharmaceuticals - 5.3%
Alliance Unichem Plc..................... United Kingdom 45,000 381,309
American Home Products Corp. ............ United States 7,850 498,475
Bristol-Myers Squibb Co. ................ United States 12,300 749,531
Elan Corp. Plc, ADR *.................... Ireland 32,698 1,698,252
Johnson & Johnson........................ United States 7,000 644,875
Merck & Co., Inc. ....................... United States 24,600 2,212,463
Novo Nordisk AS, Ser. B.................. Denmark 5,620 1,191,995
Ono Pharmaceutical Co., Ltd. ............ Japan 10,000 398,662
Pfizer, Inc. ............................ United States 14,425 622,980
Pharmacia Corp. ......................... United States 9,300 511,500
Pliva DD, GDR ........................... Croatia 11,000 116,050
Sankyo Co. .............................. Japan 40,000 881,639
Slovakofarma Reg S, GDR *................ Slovakia 3,600 7,319
Toyama Chemical Co. ..................... Japan 31,000 123,585
Xtl Biopharmaceuti *..................... United Kingdom 54,400 127,238
Zeneca Grp. ............................. United Kingdom 10,650 498,810
------------
10,664,683
------------
INDUSTRIALS - 9.3%
Aerospace & Defense - 0.3%
British Aerospace Plc.................... United Kingdom 58,000 329,467
Meggitt Plc.............................. United Kingdom 78,666 240,836
------------
570,303
Air Freight & Couriers - 0.5%
TNT Post Group NV........................ Netherlands 45,620 966,280
------------
Commercial Services & Supplies - 2.8%
Amadeus Global Travel *.................. Spain 122,907 1,004,399
Atos SA *................................ France 8,426 691,435
Cap Gemini NV............................ France 4,184 667,502
ITG Group Plc *.......................... Ireland 60,664 460,741
Ricoh Co., Ltd. ......................... Japan 35,000 538,881
Telegate SA *............................ Germany 7,112 436,348
Toppan Printing Co., Ltd. ............... Japan 139,000 1,228,026
Transiciel SA............................ France 10,850 531,722
------------
5,559,054
------------
</TABLE>

85
<PAGE>

EVERGREEN
Perpetual Global Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
INDUSTRIALS - continued
Construction & Engineering - 1.0%
Balfour Beatty Plc....................... United Kingdom 100,380 $ 168,950
Bellway Plc.............................. United Kingdom 50,210 225,842
Laing John Plc........................... United Kingdom 74,000 408,007
Mitsui Engineering & Shipbuilding Co.,
Ltd. *.................................. Japan 357,000 363,167
Saipem SpA............................... Italy 165,000 859,717
------------
2,025,683
------------
Electrical Equipment - 0.7%
Densei Lambda KK......................... Japan 1,600 33,433
Elexis AG................................ Germany 97,250 738,611
Entrelec Groupe SA....................... France 12,072 553,192
------------
1,325,236
------------
Industrial Conglomerates - 2.7%
China Petroleum & Chemical Corp. *....... China 465,000 91,223
Compagnie de Saint Gobain................ France 7,465 987,596
Gen. Elec. Co. .......................... United States 52,600 2,883,138
Johnson Elec. Hldgs., Ltd. .............. Bermuda 31,000 62,405
Lattice Group Plc *...................... United Kingdom 79,333 169,209
Li & Fung, Ltd. ......................... Hong Kong 124,000 230,542
Smiths Inds. Plc......................... United Kingdom 30,000 321,240
Turkcell Iletisim Hizmetleri *........... Turkey 25,617 280,186
Tyco Intl., Ltd. ........................ United States 8,100 459,169
------------
5,484,708
------------
Machinery - 0.9%
Coflexip SA.............................. France 7,770 900,030
Konecranes Intl. ........................ Finland 27,150 633,356
Tubos de Acero de Mexico SA, ADR *....... Mexico 16,200 246,402
------------
1,779,788
------------
Marine - 0.1%
Associated British Ports Hldgs. Plc...... United Kingdom 50,000 222,721
------------
Road & Rail - 0.3%
Arriva Plc............................... United Kingdom 77,000 259,197
Railtrack Group Plc...................... United Kingdom 29,600 457,827
------------
717,024
------------
INFORMATION TECHNOLOGY - 18.3%
Communications Equipment - 6.3%
Avaya, Inc. *............................ United States 2,483 33,365
Cisco Sys., Inc. *....................... United States 46,300 2,494,412
Enea Data AB............................. Sweden 116,750 566,674
Ericsson LM Telephone, Ser. B............ Sweden 302,750 4,029,678
Lucent Technologies, Inc. ............... United States 16,800 391,650
</TABLE>

86
<PAGE>

EVERGREEN
Perpetual Global Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Nokia OYJ................................ Finland 103,543 $ 4,260,653
Nortel Networks Corp. ................... Canada 13,700 623,350
Sycamore Networks, Inc. *................ United States 3,500 221,375
World Access, Inc. *..................... United States 23,100 112,613
------------
12,733,770
------------
Computers & Peripherals - 4.1%
Compal Electronic, GDR................... Taiwan 20,745 163,367
Compaq Computer Corp. ................... United States 38,000 1,155,580
EMC Corp. *.............................. United States 23,200 2,066,250
Hon Hai Precision Industry Co., Ltd.,
GDR..................................... Taiwan 20,540 236,724
Intl. Business Machines Corp. ........... United States 30,600 3,014,100
Sun Microsystems, Inc. *................. United States 13,700 1,518,987
Systex Corp., GDR *...................... United States 18,000 89,100
------------
8,244,108
------------
Electronic Equipment & Instruments - 1.7%
02Micro Intl., Ltd. *.................... Cayman Island 3,000 30,187
Cookson Group Plc........................ United Kingdom 110,000 299,258
ELMOS Semiconductor AG................... Germany 31,306 1,036,085
Epcos AG *............................... Germany 8,851 670,879
Hirose Elec. Co., Ltd. .................. Japan 1,800 207,854
Hitachi, Ltd. ........................... Japan 22,000 235,898
Stonesoft OYJ *.......................... Finland 37,140 584,641
TDK Corp. ............................... Japan 3,700 373,001
------------
3,437,803
------------
Internet Software & Services - 1.7%
America Online, Inc. *................... United States 54,500 2,748,435
Genuity, Inc. *.......................... United States 29,500 162,250
Vignette Corp. .......................... United States 13,650 406,941
------------
3,317,626
------------
IT Consulting & Services - 0.0%
Merkantildata ASA........................ Norway 1 5
------------
Semiconductor Equipment & Products - 3.2%
Dialog Semiconductor Plc *............... United Kingdom 14,700 331,820
Micron Tech., Inc. *..................... United States 48,900 1,699,275
Novellus Sys., Inc. *.................... United States 22,700 929,281
Rohm Co., Ltd. .......................... Japan 900 226,907
Samsung Electronics, Ltd., GDR 144A...... Korea 9,428 395,592
Semiconductor HOLDRs Trust *............. United States 36,000 2,368,800
Taiwan Semiconductor Manufacturing Co.,
Ltd., ADR *............................. Taiwan 9,288 210,722
Winbond Electronics Corp., GDR *......... Taiwan 22,150 215,409
------------
6,377,806
------------
</TABLE>

87
<PAGE>

EVERGREEN
Perpetual Global Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
INFORMATION TECHNOLOGY - continued
Software - 1.3%
BVR Technologies, Ltd. *.................. United States 25,000 $ 114,063
Microsoft Corp. *......................... United States 29,300 2,018,037
Oracle Sys. Corp. *....................... United States 17,300 570,900
------------
2,703,000
------------
MATERIALS - 4.5%
Chemicals - 0.8%
Dow Chemical Co. ......................... United States 13,300 407,313
Lonza Group AG............................ Switzerland 1,261 604,685
SGL Carbon AG *........................... Germany 10,262 627,087
------------
1,639,085
------------
Construction Materials - 1.4%
Aggregate Indiana Plc..................... United Kingdom 270,000 250,724
Cheung Kong Infrastructure Hldgs.......... Hong Kong 73,000 113,258
CRH Plc................................... Ireland 63,707 966,625
Ferretti SpA *............................ Italy 220,000 819,578
Grupo Empres Ence SA *.................... Spain 7,786 115,229
Imerys SA................................. France 1,980 195,747
Morgan Crucible Co. Plc................... United Kingdom 86,000 338,158
------------
2,799,319
------------
Containers & Packaging - 0.5%
Ifco Sys. *............................... Netherlands 31,275 302,556
Rengo Co. ................................ Japan 58,000 273,748
Smurfit Container Corp. *................. United States 30,100 406,350
------------
982,654
------------
Metals & Mining - 1.2%
Alcoa, Inc. .............................. United States 15,100 433,181
Barrick Gold Corp. ....................... Canada 30,300 405,262
Hindalco Inds., Ltd., GDR 144A............ India 5,000 74,250
Johnson Matthey Plc....................... United Kingdom 25,000 389,943
KGHM Polska Miedz SA *.................... United States 10,967 118,444
Placer Dome, Inc.......................... Canada 42,700 346,937
Pohang Iron & Steel, Ltd., ADR............ Korea 17,000 268,813
Rio Tinto Plc............................. United Kingdom 28,850 466,738
------------
2,503,568
------------
Paper & Forest Products - 0.6%
Empresa Nacional de Celulosas SA.......... Spain 18,235 269,870
Intl. Paper Co. .......................... United States 15,200 556,700
Mead Corp. ............................... United States 12,800 370,400
------------
1,196,970
------------
</TABLE>

88
<PAGE>

EVERGREEN
Perpetual Global Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
TELECOMMUNICATION SERVICES - 6.9%
Diversified Telecommunication Services -
4.0%
Adelphia Communications Corp., Class
A *..................................... United States 9,500 $ 315,281
Allegiance Telecom., Inc. *.............. United States 8,000 251,500
Asia Satellite Telecommunications Hldgs.,
Ltd. ................................... Hong Kong 60,000 121,554
AT&T Corp................................ United States 23,600 547,225
BellSouth Corp. ......................... United States 9,500 458,969
Brasil Telecom Participacoes SA, ADR..... Brazil 1,300 70,444
Deltathree.com, Inc. *................... United States 61,960 185,880
Embratel Participacoes SA, ADR........... Brazil 15,400 249,288
Global Crossing, Ltd. *.................. United States 17,650 416,981
Golden Telecom Inc. *.................... Russia 12,500 193,750
Intermedia Communications, Inc. *........ United States 14,900 329,662
Korea Telecom Corp. ..................... Korea 5,000 184,375
Level 3 Communications, Inc. *........... United States 2,500 119,219
Matav, ADR *............................. Hungary 24,700 580,450
Nippon Telegraph & Telephone Corp. ...... Japan 108 982,853
Qwest Communications Intl., Inc. *....... United States 9,300 452,212
SBC Communications, Inc. ................ United States 7,750 447,078
Sumida Corp. ............................ Japan 9,400 431,600
Tele Centro Oeste Celular Participacoes
SA, ADR................................. Brazil 25,100 254,138
Telefonos de Mexico SA de CV ("Telmex").. Mexico 5,680 306,365
Verizon Communications................... United States 20,968 1,212,212
------------
8,111,036
------------
Wireless Telecommunications Services - 2.9%
China Telecom (Hong Kong), Ltd. *........ Hong Kong 88,000 564,175
Grupo Lusacell SA de CV, ADR *........... United States 14,000 182,000
Nextel Communications, Inc., Class A *... United States 11,000 422,812
Sprint Corp. (PCS Group), Ser. 1 *....... United States 5,400 205,875
Tele Celular Sul Participacoes, ADR...... United States 9,300 234,244
Telemig Celular Participacoes SA, ADR.... Brazil 5,050 265,125
Telesp Celuar Participacoes SA, ADR *.... Brazil 8,700 275,138
Vodafone Airtouch Plc.................... United Kingdom 855,197 3,558,130
------------
5,707,499
------------
UTILITIES - 4.4%
Electric Utilities - 2.2%
Innogy Hldgs. Plc *...................... United Kingdom 82,700 239,987
National Pwr. Plc........................ United Kingdom 62,000 250,086
Scot & Southern Energy Plc............... United Kingdom 48,000 399,069
Tata Elec. Co., GDR...................... India 1,500 183,750
Tokyo Elec. Pwr. Co., Inc. .............. Japan 131,700 3,198,506
United Utilities Plc..................... United Kingdom 13,947 140,238
------------
4,411,636
------------
</TABLE>

89
<PAGE>

EVERGREEN
Perpetual Global Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
UTILITIES - continued
Gas Utilities - 1.8%
BG Group Plc......................... United Kingdom 79,333 $ 317,699
Centrica Plc......................... United Kingdom 72,000 247,590
Gas Natural SDG...................... Spain 83,578 1,432,671
Kinder Morgan, Inc. ................. United States 30,000 1,156,875
Williams Cos., Inc. ................. United States 10,100 422,306
------------
3,577,141
------------
Water Utilities - 0.4%
AWG Plc.............................. United Kingdom 49,000 423,735
Kelda Group Plc...................... United Kingdom 72,000 386,011
------------
809,746
------------
Total Common Stocks (cost
$183,168,199)..................... 183,835,786
------------
PREFERRED STOCKS - 0.7%
CONSUMER DISCRETIONARY - 0.7%
Automobiles - 0.7%
Porsche AG........................... Germany 400 1,347,577
------------
UTILITIES - 0.0%
Water Utilities - 0.0%
AWG Plc Redeemable Shares............ United Kingdom 15,190,000 13,224
------------
Total Preferred Stocks (cost
$767,748)......................... 1,360,801
------------
CONVERTIBLE DEBENTURES - 0.3%
FINANCIALS - 0.3%
Diversified Financials - 0.3%
Nichei Co., Ltd., 0.875%,
03/31/2005.......................... Japan 100,000,000 603,125
------------
HEALTH CARE - 0.0%
Pharmaceuticals - 0.0%
Scotia Hldgs. Plc, 8.50%,
03/26/2002.......................... United Kingdom 19,000 7,547
------------
Total Convertible Debentures (cost
$967,125)......................... 610,672
------------
UNIT INVESTMENT TRUST - 1.8%
Nasdaq 100 Trust (cost
$3,573,926) *....................... United States 42,900 3,505,064
------------

<CAPTION>
Principal
Country Amount Value
<S> <C> <C> <C>
U.S. TREASURY OBLIGATIONS - 0.0%
U.S. Treasury Notes p:
5.375%, 02/15/2001.................. United States $16,912 16,859
6.625%, 07/31/2001.................. United States 50,988 51,084
------------
Total U.S. Treasury Obligations
(cost $67,943).................... 67,943
------------
</TABLE>

90
<PAGE>

EVERGREEN
Perpetual Global Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
CORPORATE LETTER OF CREDIT - 0.7%
Royal Bank of Canada pp (cost
$1,367,061).......................... Canada 1,367,061 $ 1,367,061
------------
RIGHTS - 0.0%
TELECOMMUNICATION SERVICES - 0.0%
Diversified Telecommunication Services -
0.0%
CIA Brasileira de Petroleo
("Petrobras") *........................ Brazil 2 0
------------
Wireless Telecommunications Services -
0.0%
Telesp Celular Participacoes SA, ADR *.. United States 270 3
------------
Total Rights (cost $0).............. 3
------------
WARRANTS - 0.1%
FINANCIALS - 0.0%
Banks - 0.0%
KBC Financial Call Toshiba, expires
7/4/2003 *........................... Cayman Island 4,500 25,290
Diversified Financials - 0.0%
Credit Suisse AG, expires 8/1/2002 *.. Singapore 400,000 18,000
------------
MATERIALS - 0.1%
Containers & Packaging - 0.1%
KBC Fp Ltd. Callable Corp., expires
10/24/2010 *......................... United States 5,000 91,250
------------
Total Warrants (cost $152,310)...... 134,540
------------
MUTUAL FUND SHARES - 14.2%
Atlantic Korean Smaller Co. Fund...... United States 20,000 265,000
Evergreen Select Money Market Fund o.. United States 9,482,530 9,482,530
Navigator Prime Portfolio pp.......... United States 18,875,875 18,875,875
------------
Total Mutual Fund Shares (cost
$28,498,405)....................... 28,623,405
------------
Total Investments - (cost $218,562,717) - 109.2%................. 219,505,275
Other Assets and Liabilities - (9.2%)............................ (18,445,341)
------------
Net Assets - 100.0%.............................................. $201,059,934
============
</TABLE>

91
<PAGE>

EVERGREEN
Perpetual Global Fund
Schedule of Investments (continued)
October 31, 2000

At October 31, 2000, the Fund held investments in the following countries:

<TABLE>
<CAPTION>
Percentage of
Market Value Portfolio Assets
-----------------------------
<S> <C> <C>
United States..................... $ 99,980,093 45.6%
United Kingdom.................... 31,391,332 14.3%
Japan............................. 22,016,656 10.0%
France............................ 6,923,212 3.2%
Netherlands....................... 6,543,544 3.0%
Spain............................. 5,776,723 2.6%
Finland........................... 5,478,649 2.5%
Germany........................... 4,856,588 2.2%
Italy............................. 4,839,951 2.2%
Sweden............................ 4,596,352 2.1%
Hong Kong......................... 4,039,867 1.9%
Ireland........................... 3,693,551 1.7%
Switzerland....................... 2,600,015 1.2%
Brazil............................ 2,260,768 1.0%
Denmark........................... 1,829,638 0.8%
Canada............................ 1,702,018 0.8%
Turkey............................ 1,504,780 0.7%
Mexico............................ 1,342,053 0.6%
Singapore......................... 1,298,474 0.6%
Taiwan............................ 1,261,388 0.6%
Croatia........................... 900,015 0.4%
Norway............................ 895,412 0.4%
Korea............................. 848,780 0.4%
Belgium........................... 698,405 0.3%
Hungary........................... 580,450 0.3%
Indonesia......................... 417,075 0.2%
Thailand.......................... 284,026 0.1%
India............................. 258,000 0.1%
Russia............................ 193,750 0.1%
Malaysia.......................... 171,579 0.1%
Philippines....................... 105,706 0.0%
China............................. 91,223 0.0%
Bermuda........................... 62,405 0.0%
Cayman Islands.................... 55,478 0.0%
Slovakia.......................... 7,319 0.0%
------------ ------
$219,505,275 100.0%
============ ======
</TABLE>

See Combined Notes to Schedules of Investments.

92
<PAGE>

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Perpetual International Fund
Schedule of Investments
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - 92.2%
CONSUMER DISCRETIONARY - 17.6%
Auto Components - 0.3%
BBA Group Plc......................... United Kingdom 105,645 $ 580,186
------------
Automobiles - 1.8%
Brilliance China Automotive Hldgs.,
Ltd. ................................ United States 2,400,000 777,023
Honda Motor Co., Ltd. ................ Japan 44,000 1,520,231
Mazda Motor Corp. .................... Japan 602,000 1,164,111
------------
3,461,365
------------
Distributors - 1.5%
Buhrmann NV........................... Netherlands 73,568 2,010,241
Synnex Technology Intl. Corp., GDR.... Taiwan 15,360 125,184
Wolseley Plc.......................... United Kingdom 119,622 661,284
------------
2,796,709
------------
Hotels, Restaurants & Leisure - 0.8%
Cafe de Coral Hldgs., Ltd. ........... Hong Kong 1,200,000 450,058
Corp de Interamericana Entretenimiento
SA................................... Mexico 19,925 90,014
Hilton Group Plc...................... United Kingdom 255,941 711,150
Millennium & Copthorne Hotels Plc..... United Kingdom 54,000 301,652
------------
1,552,874
------------
Household Durables - 2.2%
Beko Elektronik AS.................... Turkey 18,000,000 226,818
Fairview Hldgs. Plc................... United Kingdom 142,500 326,681
George Wimpey Plc..................... United Kingdom 140,000 304,699
Matsushita-Kotobuki Electronics Inds.,
Ltd. ................................ Japan 113,000 2,221,372
Taylor Woodrow Plc.................... United Kingdom 152,500 402,711
Vestel Electronik Sanayi ve Ticaret
AS................................... Turkey 2,640,000 541,551
------------
4,023,832
------------
Internet & Catalog Retail - 0.3%
Great University Stores Plc........... United Kingdom 70,000 483,456
------------
Leisure Equipment & Products - 2.5%
EMI Group Plc......................... United Kingdom 78,000 583,978
Infogrames Entertainment SA........... France 48,896 1,022,807
Nintendo Co., Ltd. ................... Japan 16,300 2,696,375
Shimano, Inc. ........................ Japan 16,800 337,955
------------
4,641,115
------------
Media - 2.9%
ABS-CBN Broadcasting Corp. ........... Philippines 114,000 88,035
BEC World............................. Thailand 30,000 170,416
Benpres Hldgs. Corp., GDR 144A........ Philippines 11,600 9,512
Cordiant Communications Group Plc..... United Kingdom 28,750 122,641
Daily Mail & General Trust, Class A... United Kingdom 51,400 686,125
Globo Cabo SA, ADR.................... Brazil 18,400 198,950
</TABLE>

93
<PAGE>

EVERGREEN
Perpetual International Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
CONSUMER DISCRETIONARY - continued
Media - continued
Grupo Televisa SA, ADR *................ Mexico 2,500 $ 135,313
Rank Group.............................. United Kingdom 138,000 342,395
Reed Intl. Plc.......................... United Kingdom 85,670 791,809
Shaw Brothers (Hong Kong), Ltd. ........ Hong Kong 403,000 276,452
Trinity Mirror Plc...................... United Kingdom 43,600 285,625
TV Azteca SA de CV, ADR *............... Mexico 10,500 131,250
VNU NV.................................. Netherlands 45,903 2,161,908
------------
5,400,431
------------
Multi-line Retail - 1.4%
Debenhams Retail Plc.................... United Kingdom 80,000 248,403
National Express Group.................. United Kingdom 36,300 466,125
Next Plc................................ United Kingdom 51,026 507,518
Publicis Groupe SA...................... France 12,448 407,218
Seiyu, Ltd. ............................ Japan 138,000 423,681
Selfridges Plc.......................... United Kingdom 126,000 540,689
------------
2,593,634
------------
Specialty Retail - 2.0%
Bulgari SpA............................. Italy 116,870 1,375,570
DFS Furniture Co. Plc................... United Kingdom 28,400 133,923
MFI Furniture Group..................... United Kingdom 281,250 224,444
Morrison Supermarkets Plc............... United Kingdom 168,000 436,329
Signet Group Plc........................ United Kingdom 1,012,750 844,933
Telepizza SA *.......................... Spain 167,741 641,976
Wal-Mart de Mexico SA de CV *........... Mexico 63,900 153,694
------------
3,810,869
------------
Textiles & Apparel - 1.9%
Christian Dior SA....................... France 25,071 1,274,388
Gucci Group NV.......................... Netherlands 23,540 2,297,246
------------
3,571,634
------------
CONSUMER STAPLES - 4.4%
Beverages - 0.6%
Bass Plc................................ United Kingdom 72,299 707,565
Coca-Cola Femsa SA, ADR................. Mexico 3,800 72,913
Companhia de Bebeidas, ADR.............. Brazil 13,700 309,106
------------
1,089,584
------------
Food & Drug Retailing - 0.9%
Boots Co. Plc........................... United Kingdom 50,500 403,001
Iceland Group Plc....................... United Kingdom 117,560 558,629
Safeway Plc............................. United Kingdom 53,000 220,319
Tesco Plc............................... United Kingdom 111,400 424,698
------------
1,606,647
------------
</TABLE>

94
<PAGE>

EVERGREEN
Perpetual International Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
CONSUMER STAPLES - continued
Food Products - 0.5%
Ajinomoto Co., Inc. .................. Japan 55,000 $ 614,947
Express Dairies Plc................... United Kingdom 270,000 207,631
Tate & Lyle Plc....................... United Kingdom 25,775 82,463
------------
905,041
------------
Household Products - 0.2%
Kao Corp. ............................ Japan 16,000 479,494
------------
Personal Products - 0.6%
Body Shop Intl. Plc................... United Kingdom 225,061 287,366
Reckitt Benckiser Plc................. United Kingdom 22,100 290,518
Shiseido Co., Ltd. ................... Japan 36,000 465,197
------------
1,043,081
------------
Tobacco - 1.6%
British America Tobacco Indonesia
Plc.................................. Indonesia 60,000 80,930
British America Tobacco Inds. Plc..... United Kingdom 134,700 943,989
PT HM Sampoerna Tbk................... Indonesia 250,000 293,803
Tabacalera Nacional SA, Ser. A........ Spain 115,056 1,723,285
------------
3,042,007
------------
ENERGY - 3.1%
Energy Equipment & Services - 1.3%
IHC Caland NV......................... Netherlands 23,280 1,027,282
Petroleum Geo-Services ASA............ Norway 102,200 1,409,807
------------
2,437,089
------------
Oil & Gas - 1.8%
Enterprise Oil Plc ................... United Kingdom 132,000 1,043,813
Petroleo Brasileiro SA, ADR
("Petrobras")........................ Brazil 6,300 183,094
Shell Transportation & Trading Co.
Plc.................................. United Kingdom 274,000 2,204,470
------------
3,431,377
------------
FINANCIALS - 21.8%
Banks - 11.0%
Abbey Natl. Bank Plc.................. United Kingdom 95,400 1,316,380
Akbank Turk Anonim Sirket............. Turkey 47,000,000 303,010
Asahi Bank............................ Japan 478,000 1,883,701
Banca Nazionale Del Lavoro SpA........ Italy 556,774 1,804,868
Banco Bradesco SA..................... Brazil 18,500 116,596
Banco Popular Espanol SA.............. Spain 48,560 1,452,583
Banco Santantander Central............ Spain 181,678 1,760,644
Bank of Scotland Plc.................. United Kingdom 130,000 1,212,848
Barclays Bank Plc..................... United Kingdom 30,725 879,126
Dah Sing Finl. Group.................. Hong Kong 59,994 257,700
DBS Group Hldgs., Ltd. ............... Singapore 15,000 176,792
</TABLE>

95
<PAGE>

EVERGREEN
Perpetual International Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
FINANCIALS - continued
Banks - continued
Den Danske Bank AS..................... Denmark 6,691 $ 968,991
Grupo Financiero Banamex AC, Ser. O.... Mexico 101,700 158,040
Overseas Union Bank, Ltd. ............. Singapore 185,372 897,149
PT Bank Nisp Tbk....................... Indonesia 2,144,000 71,009
Public Bank Bhd, Ltd. ................. Malaysia 250,000 214,474
Royal Bank of Scotland Plc............. United Kingdom 55,602 1,248,053
Sanwa Bank, Ltd. ...................... Japan 118,000 1,048,985
Standard Chartered Bank Plc............ United Kingdom 53,350 769,437
Sumitomo Bank, Ltd. ................... Japan 131,000 1,590,753
Tokai Bank, Ltd. ...................... Japan 268,000 1,436,833
Uniao de Bancos Brasileiros SA, GDR
("Unibanco").......................... Brazil 8,200 207,050
United Overseas Bank................... Singapore 35,000 259,067
Zagrebacka Banka DD, GDR............... Croatia 39,450 619,168
------------
20,653,257
------------
Diversified Financials - 7.9%
Aeon Credit Service Co., Ltd. ......... Hong Kong 1,080,000 360,046
Aiful Corp. ........................... Japan 18,500 1,458,095
Cattles Plc............................ United Kingdom 119,000 422,161
Compart SpA............................ Italy 860,000 1,412,156
Dexia.................................. Belgium 6,207 945,474
Fleming Russia Securities Fund, Ltd. .. United Kingdom 28,000 371,560
H & CB................................. United States 43,848 526,176
Hanson Plc............................. United Kingdom 28,000 147,678
HSBC Hldgs. Plc (Hong Kong Exchange)... United Kingdom 56,161 781,314
Hutchison Whampoa, Ltd. ............... Hong Kong 60,000 746,249
Irish Life & Permanent Plc............. Ireland 85,837 846,907
Julius Baer Hldgs. AG.................. Switzerland 444 2,198,264
Kokusai Securities Co., Ltd. .......... Japan 130,000 1,096,091
Lonrho Plc............................. United Kingdom 45,000 554,988
Merrill Lynch & Co., Inc. ............. United States 112,000 178,757
Orix Corp. ............................ Japan 8,400 881,455
RLM Fin. .............................. United Kingdom 15,000 2,503
Sulzer AG.............................. Switzerland 860 555,441
Taiwan Opportunities Fund, Ltd. ....... Taiwan 26,000 234,000
Tele Atlas NV.......................... Netherlands 50,667 1,019,006
------------
14,738,321
------------

Insurance - 1.2%
COFACE................................. France 9,000 810,329
Legal & General Group Plc.............. United Kingdom 115,000 286,163
Prudential Corp. Plc................... United Kingdom 81,640 1,098,082
------------
2,194,574
------------
</TABLE>

96
<PAGE>

EVERGREEN
Perpetual International Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
FINANCIALS - continued
Real Estate - 1.7%
Amoy Properties, Ltd. .................... Hong Kong 360,000 $ 327,734
British Land Co. Plc...................... United Kingdom 41,000 245,094
Burford Hldgs. Plc........................ United Kingdom 316,000 458,500
Chelsfield Plc............................ United Kingdom 22,000 116,511
Cheung Kong Hldgs., Ltd. ................. Hong Kong 116,000 1,282,857
Kerry Properties, Ltd. ................... Hong Kong 57,167 65,604
Land Securities Plc....................... United Kingdom 45,000 463,578
Wharf Hldgs., Ltd. ....................... Hong Kong 150,000 305,809
------------
3,265,687
------------
HEALTH CARE - 5.8%
Biotechnology - 0.6%
Cambridge Antibody Technology Group Plc... United Kingdom 12,000 748,690
Celltech Group Plc, Class F*.............. United Kingdom 23,022 457,631
------------
1,206,321
------------
Health Care Equipment & Supplies - 0.9%
Jomed NV.................................. Netherlands 17,903 1,095,533
Smith & Nephew Plc........................ United Kingdom 124,818 512,526
------------
1,608,059
------------
Pharmaceuticals - 4.3%
Alliance Unichem Plc...................... United Kingdom 69,500 588,911
Elan Corp. Plc, ADR *..................... Ireland 46,797 2,430,519
Novo Nordisk AS, Ser. B................... Denmark 8,380 1,777,388
Ono Pharmaceutical Co., Ltd. ............. Japan 17,000 677,726
Pliva DD, GDR............................. Croatia 18,000 189,900
Sankyo Co. ............................... Japan 63,000 1,388,581
Toyama Chemical Co. ...................... Japan 52,000 207,304
Zeneca Grp. .............................. United Kingdom 15,750 737,677
------------
7,998,006
------------
INDUSTRIALS - 12.1%
Aerospace & Defense - 0.4%
British Aerospace Plc..................... United Kingdom 81,200 461,254
Meggitt Plc............................... United Kingdom 103,000 315,334
------------
776,588
------------
Air Freight & Couriers - 1.1%
TNT Post Group NV......................... Netherlands 95,555 2,023,957
------------
Commercial Services & Supplies - 4.3%
Amadeus Global Travel..................... Spain 175,527 1,434,410
Atos SA *................................. France 10,078 826,997
Cap Gemini NV............................. France 5,386 859,266
ITG Group Plc *........................... Ireland 77,282 586,955
</TABLE>

97
<PAGE>

EVERGREEN
Perpetual International Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
INDUSTRIALS - continued
Commercial Services & Supplies - continued
Ricoh Co., Ltd. ......................... Japan 60,000 $ 923,796
Telegate SA *............................ Germany 9,879 606,114
Toppan Printing Co., Ltd. ............... Japan 225,000 1,987,811
Transiciel SA............................ France 18,100 887,021
------------
8,112,370
------------
Construction & Engineering - 1.6%
Balfour Beatty Plc....................... United Kingdom 157,250 264,668
Bellway Plc.............................. United Kingdom 89,990 404,770
Laing John Plc........................... United Kingdom 103,000 567,901
Mitsui Engineering & Shipbuilding Co.,
Ltd. ................................... Japan 579,000 589,002
Saipem SpA............................... Italy 250,000 1,302,602
------------
3,128,943
------------
Electrical Equipment - 0.8%
Densei Lambda KK......................... Japan 2,400 50,149
Elexis AG................................ Germany 98,720 749,776
Entrelec Groupe SA....................... France 15,728 720,726
------------
1,520,651
------------
Industrial Conglomerates - 1.9%
China Petroleum & Chemical Corp. ........ China 585,000 114,765
Compagnie de Saint Gobain................ France 11,054 1,462,409
Johnson Elec. Hldgs., Ltd. .............. Bermuda 31,000 62,405
Lattice Group Plc........................ United Kingdom 121,333 258,791
Li & Fung, Ltd. ......................... Hong Kong 152,000 282,600
Smiths Inds. Plc......................... United Kingdom 45,193 483,927
Swire Pacific, Ltd. ..................... Hong Kong 100,000 616,746
Turkcell Iletisim Hizmetleri............. Turkey 22,043 241,095
------------
3,522,738
------------
Machinery - 1.0%
Coflexip SA.............................. France 8,325 964,318
Konecranes Intl. ........................ Finland 28,800 671,847
Tubos de Acero de Mexico SA, ADR *....... Mexico 15,200 231,192
------------
1,867,357
------------
Marine - 0.2%
Associated British Ports Hldgs. Plc...... United Kingdom 77,999 347,440
------------
Road & Rail - 0.6%
Arriva Plc............................... United Kingdom 108,500 365,233
Railtrack Group Plc...................... United Kingdom 47,600 736,235
------------
1,101,468
------------
Transportation Infrastructure - 0.2%
Autopistas Concesionaria Espanola SA..... Spain 42,912 326,279
------------
</TABLE>

98
<PAGE>

EVERGREEN
Perpetual International Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
INFORMATION TECHNOLOGY - 11.0%
Communications Equipment - 7.1%
Enea Data AB............................. Sweden 153,300 $ 744,078
Ericsson LM Telephone, Ser. B............ Sweden 460,417 6,128,265
Nokia OYJ................................ Finland 155,376 6,393,510
------------
13,265,853
------------
Computers & Peripherals - 0.5%
Compal Electronic, GDR................... Taiwan 41,490 326,734
Computer & Technologies Holdings, Ltd.... Hong Kong 200,000 137,197
Hon Hai Precision Industry Co., Ltd.,
GDR..................................... Taiwan 20,540 236,723
Systex Corp., GDR........................ United States 29,000 143,550
------------
844,204
------------
Electronic Equipment & Instruments - 2.5%
Cookson Group Plc........................ United Kingdom 151,000 410,800
ELMOS Semiconductor AG................... Germany 37,267 1,233,367
Epcos AG................................. Germany 12,918 979,145
Hirose Elec. Co., Ltd. .................. Japan 3,000 346,424
Hitachi, Ltd............................. Japan 38,000 407,460
Stonesoft OYJ............................ Finland 45,930 723,009
TDK Corp................................. Japan 6,000 604,866
------------
4,705,071
------------
Semiconductor Equipment & Products - 0.9%
Dialog Semiconductor Plc................. United Kingdom 19,800 446,941
Rohm Co., Ltd............................ Japan 1,600 403,391
Samsung Electronics, Ltd., GDR 144A...... Korea 11,765 444,737
Taiwan Semiconductor Manufacturing Co.,
Ltd., ADR............................... Taiwan 4,643 105,338
Winbond Electronics Corp., GDR........... Taiwan 27,688 269,265
------------
1,669,672
------------
Software - 0.0%
BVR Technologies, Ltd. .................. United States 15,000 68,438
------------
MATERIALS - 4.6%
Chemicals - 1.0%
Lonza Group AG........................... Switzerland 1,888 905,349
SGL Carbon AG............................ Germany 14,476 884,595
------------
1,789,944
------------
Construction Materials - 2.1%
Aggregate Indiana Plc.................... United Kingdom 420,000 390,015
Cheung Kong Infrastructure Hldgs. *...... Hong Kong 73,000 113,258
CRH Plc.................................. Ireland 92,384 1,401,740
Ferretti SpA............................. Italy 321,000 1,195,839
Grupo Empresarial Ence SA................ Spain 9,050 133,936
</TABLE>

99
<PAGE>

EVERGREEN
Perpetual International Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
MATERIALS - continued
Construction Materials - continued
Imerys SA.............................. France 2,702 $ 267,125
Morgan Crucible Co. Plc................ United Kingdom 118,000 463,985
------------
3,965,898
------------
Containers & Packaging - 0.4%
Ifco Sys. ............................. Netherlands 38,665 374,047
Rengo Co............................... Japan 96,000 453,100
------------
827,147
------------
Metals & Mining - 0.9%
Hindalco Inds., Ltd., GDR 144A......... India 4,000 59,400
Johnson Matthey Plc.................... United Kingdom 30,000 467,931
KGHM Polska Miedz SA................... United States 10,160 109,728
Pohang Iron & Steel, Ltd., ADR......... Korea 14,000 221,375
Rio Tinto Plc.......................... United Kingdom 53,950 872,808
------------
1,731,242
------------
Paper & Forest Products - 0.2%
Empresa Nacional de Celulosas SA....... Spain 21,196 313,692
------------
TELECOMMUNICATION SERVICES - 6.0%
Diversified Telecommunication Services -
2.3%
Asia Satellite Telecommunications
Hldgs., Ltd. ......................... Hong Kong 114,000 230,953
Brasil Telecom Participacoes SA, ADR... Brazil 1,200 65,025
Deltathree.com, Inc. .................. United States 46,470 139,410
Embratel Participacoes SA, ADR *....... Brazil 14,400 233,100
Golden Telecom Inc. ................... Russia 8,500 131,750
Korea Telecom Corp. ................... Korea 5,000 184,375
Matav, ADR *........................... Hungary 22,200 521,700
Nippon Telegraph & Telephone Corp. .... Japan 175 1,592,586
Sumida Corp. .......................... Japan 13,700 629,034
Tele Centro Oeste Celular Participacoes
SA, ADR............................... Brazil 23,500 237,937
Telefonos de Mexico SA de CV
("Telmex")............................ Mexico 5,280 284,790
------------
4,250,660
------------
Wireless Telecommunications Services -
3.7%
China Telecom (Hong Kong), Ltd. ....... Hong Kong 101,000 647,519
Grupo Iusacell SA de CV, ADR........... Mexico 13,200 171,600
Tele Celular Sul Participacoes, ADR.... Brazil 8,700 219,131
Telemig Celular Participacoes SA, ADR.. Brazil 4,650 244,125
Telesp Celular Participacoes SA, ADR... Brazil 8,200 259,325
Vodafone Airtouch Plc.................. United Kingdom 1,281,818 5,333,128
------------
6,874,828
------------
</TABLE>

100
<PAGE>

EVERGREEN
Perpetual International Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
UTILITIES - 5.8%
Electric Utilities - 3.7%
Innogy Hldgs. Plc.................... United Kingdom 149,780 $ 434,647
National Pwr. Plc.................... United Kingdom 107,500 433,616
Scot & Southern Energy Plc........... United Kingdom 66,000 548,720
Tata Elec. Co., GDR.................. India 800 98,000
Tokyo Elec. Pwr. Co., Inc. .......... Japan 211,000 5,124,410
United Utilities Plc................. United Kingdom 23,895 240,266
------------
6,879,659
------------
Gas Utilities - 1.4%
BG Group Plc......................... United Kingdom 121,333 485,893
Centrica Plc......................... United Kingdom 100,000 343,875
Gas Natural Sdg...................... Spain 108,062 1,852,369
------------
2,682,137
------------
Water Utilities - 0.7%
AWG Plc.............................. United Kingdom 75,000 648,574
Kelda Group Plc...................... United Kingdom 112,000 600,461
------------
1,249,035
------------
Total Common Stocks (cost
$173,602,869)..................... 172,459,921
------------
PREFERRED STOCKS - 1.0%
CONSUMER DISCRETIONARY - 1.0%
Automobiles - 1.0%
Porsche AG........................... Germany 560 1,886,608
------------
UTILITIES - 0.0%
Water Utilities - 0.0%
AWG Plc Redeemable Shares............ United Kingdom 23,250,000 20,241
------------
Total Preferred Stocks (cost
$1,231,664)....................... 1,906,849
------------
CONVERTIBLE DEBENTURES - 0.5%
FINANCIALS - 0.5%
Diversified Financials - 0.5%
Nichei Co., Ltd., 0.875%,
03/31/2005.......................... Japan 160,000,000 965,000
------------
HEALTH CARE - 0.0%
Pharmaceuticals - 0.0%
Scotia Hldgs. Plc, 8.50%,
03/26/2002.......................... United Kingdom 19,000 7,547
------------
Total Convertible Debentures (cost
$1,528,344)....................... 972,547
------------
RIGHTS - 0.0%
TELECOMMUNICATION SERVICES - 0.0%
Wireless Telecommunications Services -
0.0%
Telesp Celular Participacoes SA, ADR
(cost $0)........................... United States 250 3
------------
</TABLE>

101
<PAGE>

EVERGREEN
Perpetual International Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
WARRANTS - 0.1%
FINANCIALS - 0.0%
Banks - 0.0%
KBC Financial Call Toshiba, expires
7/4/2003.............................. Cayman Island 7,500 $ 42,150
Diversified Financials - 0.0%
Credit Suisse AG, expires 8/1/2002..... Singapore 700,000 31,500
------------
MATERIALS - 0.1%
Containers & Packaging - 0.1%
KBC Fp Ltd. Callable Corp., expires
10/24/2010............................ United States 8,000 146,000
------------
Total Warrants (cost $249,155)....... 219,650
------------
MUTUAL FUND SHARES - 20.3%
Atlantis Korean Smaller Co. Fund....... United States 5,000 66,250
Evergreen Select Money Market Fund o... United States 11,150,159 11,150,159
Navigator Prime Portfolio pp........... United States 26,775,463 26,775,463
------------
Total Mutual Fund Shares (cost
$37,960,623)........................ 37,991,872
------------
Total Investments - (cost $214,572,655) - 114.1%.................. 213,550,842
Other Assets and Liabilities - (14.1%)............................ (26,409,403)
------------
Net Assets - 100.0%............................................... $187,141,439
------------
</TABLE>

At October 31, 2000, the Fund held investments in the following countries:

<TABLE>
<CAPTION>
Percentage
of
Portfolio
Market Value Assets
-----------------------
<S> <C> <C>
United Kingdom.......................... $ 47,135,630 22.1%
United States........................... 40,080,957 18.8%
Japan................................... 35,669,916 16.7%
Netherlands............................. 12,009,220 5.6%
Spain................................... 9,639,175 4.5%
France.................................. 9,502,602 4.4%
Finland................................. 7,788,366 3.6%
Italy................................... 7,091,035 3.3%
Sweden.................................. 6,872,343 3.2%
Germany................................. 6,339,605 3.0%
Hong Kong............................... 6,100,782 2.9%
Ireland................................. 5,266,121 2.5%
Switzerland............................. 3,659,054 1.7%
Denmark................................. 2,746,379 1.3%
Brazil.................................. 2,273,439 1.1%
Norway.................................. 1,409,807 0.7%
Mexico.................................. 1,428,806 0.7%
Singapore............................... 1,364,508 0.6%
Turkey.................................. 1,312,474 0.6%
Taiwan.................................. 1,297,246 0.6%
Belgium................................. 945,474 0.4%
Korea................................... 850,487 0.4%
Croatia................................. 809,068 0.4%
Hungary................................. 521,700 0.2%
Indonesia............................... 445,741 0.2%
Malaysia................................ 214,474 0.1%
Thailand................................ 170,416 0.1%
India................................... 157,400 0.1%
Russia.................................. 131,750 0.1%
China................................... 114,765 0.1%
Philippines............................. 97,547 0.0%
Bermuda................................. 62,405 0.0%
Cayman Island........................... 42,150 0.0%
------------ ------
$213,550,842 100.0%
============ ======
</TABLE>

See Combined Notes to Schedules of Investments.

102
<PAGE>

EVERGREEN
Precious Metals Fund
Schedule of Investments
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - 97.7%
FINANCIALS - 0.6%
Banks - 0.6%
Standard Bank Investment Corp.,
Ltd. ............................... South Africa 81,282 $ 284,853
------------
MATERIALS - 97.1%
Metals & Mining - 97.1%
Agnico-Eagle Mines, Ltd. ............ Canada 410,000 2,176,002
Anglo-American Platinum Corp.,
Ltd. ............................... South Africa 80,800 3,152,201
AngloGold, Ltd. ..................... South Africa 80,819 2,297,907
Avgold, Ltd. *....................... South Africa 2,074,000 630,837
Barrick Gold Corp. .................. Canada 90,000 1,203,750
Barrick Gold Corp. (Canadian
Exchange)........................... Canada 118,700 1,573,601
Canyon Resources Corp. .............. United States 499,750 468,516
Compania de Minas Buenaventura SA,
ADR *............................... Peru 50,000 643,750
De Beers Centenary................... South Africa 60,000 1,650,423
Delta Gold NL........................ Australia 1,338,589 666,103
Franco Nevada Mining, Ltd. .......... Canada 303,113 2,778,122
Gabriel Resources, Ltd. ............. Canada 48,000 94,272
Gencor, Ltd. ........................ South Africa 991,400 3,382,589
Geomaque Exploration, Ltd. *......... Canada 800,000 136,170
Goldcorp, Inc., Class A *............ Canada 100,000 612,500
Goldcorp, Inc., Class A (Canadian
Exchange)........................... Canada 401,700 2,406,255
Goldfields, Ltd. .................... South Africa 766,755 2,281,496
Harmony Gold Mining, Ltd. ........... South Africa 575,200 2,194,549
Homestake Mining Co. ................ United States 400,500 1,652,062
Impala Platinum Hldgs., Ltd. ........ South Africa 70,000 2,999,326
Kinross Gold Corp. *................. Canada 910,000 369,688
Lihir Gold, Ltd. *................... Papua New Guinea 1,000,000 285,093
Meridian Gold, Inc. *................ Canada 546,500 2,732,500
Meridian Gold, Inc. (Canadian
Exchange) *......................... Canada 25,000 126,023
Miramar Mining Corp. ................ Canada 264,600 216,530
Namibian Minerals Corp. ............. Canada 75,000 131,250
Newcrest Mining...................... Australia 750,000 1,477,298
Newmont Mining Corp. ................ United States 160,400 2,175,425
Normandy Mining, Ltd. ............... Australia 1,084,824 522,956
Northam Platinum..................... South Africa 108,685 199,786
Orvana Minerals Corp. *.............. Canada 337,100 26,482
Placer Dome, Inc. ................... Canada 177,500 1,442,187
Placer Dome, Inc. (Canadian
Exchange)........................... Canada 65,000 538,298
Randgold Resources, Inc., GDR........ South Africa 135,000 560,250
Repadre Capital Corp. *.............. Canada 300,000 382,979
Rio Narcea Gold Mine, Inc. *......... Canada 127,200 65,786
Sons of Gwalia, Ltd. ................ Australia 499,600 1,551,217
Stillwater Mining Co. *.............. United States 34,250 993,250
</TABLE>

103
<PAGE>

EVERGREEN
Precious Metals Fund
Schedule of Investments (continued)
October 31, 2000

<TABLE>
<CAPTION>
Country Shares Value
<S> <C> <C> <C>
COMMON STOCKS - continued
MATERIALS - continued
Metals & Mining - continued
Teck Corp., Class B............................. Canada 225,000 $ 1,561,375
Viceroy Resource Corp. *........................ Canada 1,000,000 157,119
-----------
48,515,923
-----------
Total Common Stocks (cost $67,979,001)........ 48,800,776
-----------
Total Investments - (cost $67,979,001) - 97.7%...................... 48,800,776
Other Assets and Liabilities - 2.3%................................. 1,137,439
-----------
Net Assets - 100.0%................................................. $49,938,215
===========
</TABLE>

At October 31, 2000, the Fund held investments in the following countries:

<TABLE>
<CAPTION>
Market Percentage of
Value Portfolio Assets
----------------------------
<S> <C> <C>
South Africa....................... $19,634,216 40.2%
Canada............................. 18,730,890 38.4%
United States...................... 5,289,253 10.8%
Australia.......................... 4,217,574 8.7%
Peru............................... 643,750 1.3%
Papua New Guinea................... 285,093 0.6%
----------- ------
$48,800,776 100.0%
=========== ======
</TABLE>

See Combined Notes to Schedules of Investments.

104
<PAGE>

Combined Notes to Schedules of Investments

144A Security that may be resold to "qualified institutional buyers" under
Rule 144A of the Securities Act of 1933. This security has been
determined to be liquid under guidelines established by the Board of
Trustees.
* Non-income producing security.
p Represents investment of non cash collateral received for securities on
loan.
pp Represents investment of cash collateral received for securities on loan.
o The advisor of the Fund and the advisor of the money market fund are each
a subsidiary of First Union.

Summary of Abbreviations:
ADR American Depository Receipt
ADS American Depository Shares
GDR Global Depository Receipt

See Combined Notes to Financial Statements.

105
<PAGE>

EVERGREEN
International and Global Growth Funds
Statements of Assets and Liabilities
October 31, 2000

<TABLE>
<CAPTION>
Emerging
Markets Global
Growth Global Opportunities International
Fund Leaders Fund Fund Growth Fund
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Identified cost of
securities............ $59,526,871 $317,264,357 $214,846,228 $709,002,048
Net unrealized gains or
losses on securities.. (3,029,184) 127,660,155 24,132,136 35,509,562
---------------------------------------------------------------------------------
Market value of
securities............ 56,497,687 444,924,512 238,978,364 744,511,610
Foreign currency, at
value (cost $343,980,
$1,285,195, $226,974
and $0,
respectively)......... 337,732 1,284,934 219,450 0
Receivable for
securities sold....... 669,729 782,797 6,900,929 10,745,838
Receivable for Fund
shares sold........... 1,250 1,248,181 953,809 2,989,426
Dividends and interest
receivable............ 66,512 564,258 287,019 1,670,058
Unrealized gains on
forward foreign
currency exchange
contracts............. 0 0 24,210 199,592
Prepaid expenses and
other assets.......... 25,436 65,680 3,438 53,279
---------------------------------------------------------------------------------
Total assets........... 57,598,346 448,870,362 247,367,219 760,169,803
---------------------------------------------------------------------------------
Liabilities
Payable for securities
purchased............. 40,597 0 4,085,346 7,388,509
Payable for Fund shares
redeemed.............. 36,495 499,784 554,172 1,072,765
Payable for securities
on loan............... 0 40,735,618 0 0
Due to custodian bank.. 225,091 0 0 0
Advisory fee payable... 2,198 9,499 5,843 10,560
Distribution Plan
expenses payable...... 123 7,090 5,084 2,293
Due to other related
parties............... 155 1,092 648 2,023
Accrued expenses and
other liabilities..... 13,400 85,316 84,954 400,865
---------------------------------------------------------------------------------
Total liabilities...... 318,159 41,338,399 4,736,047 8,877,015
---------------------------------------------------------------------------------
Net assets.............. $57,280,287 $407,531,963 $242,631,172 $751,292,788
---------------------------------------------------------------------------------
Net assets represented
by
Paid-in capital........ $66,598,342 $262,226,577 $158,353,419 $664,025,948
Undistributed
(overdistributed) net
investment income
(loss)................ (2,181) (21,222) (15,617) 1,689,048
Accumulated net
realized gains or
losses on securities,
futures contracts and
foreign currency
related transactions.. (6,280,790) 17,689,750 60,159,358 49,959,284
Net unrealized gains or
losses on securities
and foreign currency
related transactions.. (3,035,084) 127,636,858 24,134,012 35,618,508
---------------------------------------------------------------------------------
Total net assets........ $57,280,287 $407,531,963 $242,631,172 $751,292,788
---------------------------------------------------------------------------------
Net assets consists of
Class A................ $ 6,331,336 $134,929,742 $ 68,513,440 $132,457,156
Class B................ 2,378,926 224,522,526 143,908,923 49,512,863
Class C................ 578,367 6,062,124 29,427,260 2,698,461
Class Y................ 47,991,658 42,017,571 781,549 566,624,308
---------------------------------------------------------------------------------
Total net assets........ $57,280,287 $407,531,963 $242,631,172 $751,292,788
---------------------------------------------------------------------------------
Shares outstanding
Class A................ 739,855 7,068,480 2,462,492 15,378,031
Class B................ 289,446 12,139,894 5,580,729 5,828,591
Class C................ 70,312 328,308 1,138,017 317,598
Class Y................ 5,535,880 2,173,320 27,878 65,733,177
---------------------------------------------------------------------------------
Net asset value per
share
Class A................ $ 8.56 $ 19.09 $ 27.82 $ 8.61
---------------------------------------------------------------------------------
Class A--Offering price
(based on sales charge
of 4.75%)............. $ 8.99 $ 20.04 $ 29.21 $ 9.04
---------------------------------------------------------------------------------
Class B................ $ 8.22 $ 18.49 $ 25.79 $ 8.49
---------------------------------------------------------------------------------
Class C................ $ 8.23 $ 18.46 $ 25.86 $ 8.50
---------------------------------------------------------------------------------
Class Y................ $ 8.67 $ 19.33 $ 28.03 $ 8.62
---------------------------------------------------------------------------------
</TABLE>

See Combined Notes to Financial Statements.

106
<PAGE>

EVERGREEN
International and Global Growth Funds
Statements of Assets and Liabilities
October 31, 2000

<TABLE>
<CAPTION>
Perpetual Perpetual Precious
Latin Global International Metals
America Fund Fund Fund Fund
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Identified cost of
securities............ $ 18,174,789 $218,562,717 $214,572,655 $ 67,979,001
Net unrealized gains or
losses on securities.. 8,183,828 942,558 (1,021,813) (19,178,225)
-----------------------------------------------------------------------------------
Market value of
securities............ 26,358,617 219,505,275 213,550,842 48,800,776
Investment in wholly-
owned, unconsolidated
foreign subsidiary, at
value................. 0 0 0 892,131
Cash................... 0 0 0 288,653
Foreign currency, at
value (cost $17,989,
$126,208, $35,295 and
$0, respectively)..... 17,624 125,259 32,800 0
Receivable for
securities sold....... 0 3,195,075 493,887 0
Receivable for Fund
shares sold........... 11,627 112,254 530,963 616
Dividends and interest
receivable............ 69,528 341,295 433,848 8,901
Unrealized gains on
forward foreign
currency exchange
contracts............. 0 1,550,249 1,935,193 0
Prepaid expenses and
other assets.......... 46,960 71,749 61,909 58,291
-----------------------------------------------------------------------------------
Total assets........... 26,504,356 224,901,156 217,039,442 50,049,368
-----------------------------------------------------------------------------------
Liabilities
Payable for securities
purchased............. 0 2,659,120 2,003,007 0
Payable for Fund shares
redeemed.............. 70,703 409,435 704,438 36,163
Payable for securities
on loan............... 0 20,310,879 26,775,463 0
Unrealized losses on
forward foreign
currency exchange
contracts............. 0 349,963 343,860 0
Advisory fee payable... 468 5,624 5,084 899
Distribution Plan
expenses payable...... 604 3,901 2,878 466
Due to other related
parties............... 71 813 508 136
Accrued expenses and
other liabilities..... 21,383 101,487 62,765 73,489
-----------------------------------------------------------------------------------
Total liabilities...... 93,229 23,841,222 29,868,003 111,153
-----------------------------------------------------------------------------------
Net assets.............. $ 26,411,127 $201,059,934 $187,141,439 $ 49,938,215
-----------------------------------------------------------------------------------
Net assets represented
by
Paid-in capital........ $ 39,892,363 $187,554,623 $179,961,839 $ 172,482,031
Undistributed
(overdistributed) net
investment income
(loss)................ (3,414) (1,201,418) (1,592,135) 188,721
Accumulated net
realized gains or
losses on securities,
futures contracts and
foreign currency
related transactions.. (21,657,896) 12,546,519 8,238,354 (103,554,054)
Net unrealized gains or
losses on
securitiesand foreign
currency related
transactions.......... 8,180,074 2,160,210 533,381 (19,178,483)
-----------------------------------------------------------------------------------
Total net assets........ $ 26,411,127 $201,059,934 $187,141,439 $ 49,938,215
-----------------------------------------------------------------------------------
Net assets consists of
Class A................ $ 4,717,012 $ 75,096,403 $103,599,227 $ 43,781,318
Class B................ 17,795,792 3,766,478 5,211,425 5,894,770
Class C................ 3,521,511 122,173,025 74,881,006 261,299
Class Y................ 376,812 24,028 3,449,781 828
-----------------------------------------------------------------------------------
Total net assets........ $ 26,411,127 $201,059,934 $187,141,439 $ 49,938,215
-----------------------------------------------------------------------------------
Shares outstanding
Class A................ 450,989 3,685,937 6,375,701 5,007,828
Class B................ 1,778,978 186,341 320,671 688,724
Class C................ 352,645 6,401,378 4,728,850 30,548
Class Y................ 35,749 1,169 209,885 96
-----------------------------------------------------------------------------------
Net asset value per
share
Class A................ $ 10.46 $ 20.37 $ 16.25 $ 8.74
-----------------------------------------------------------------------------------
Class A--Offering price
(based on sales charge
of 4.75%)............. $ 10.98 $ 21.39 $ 17.06 $ 9.18
-----------------------------------------------------------------------------------
Class B................ $ 10.00 $ 20.21 $ 16.25 $ 8.56
-----------------------------------------------------------------------------------
Class C................ $ 9.99 $ 19.09 $ 15.83 $ 8.55
-----------------------------------------------------------------------------------
Class Y................ $ 10.54 $ 20.55 $ 16.44 $ 8.63
-----------------------------------------------------------------------------------
</TABLE>

See Combined Notes to Financial Statements.

107
<PAGE>

EVERGREEN
International and Global Growth Funds
Statements of Operations
Year Ended October 31, 2000

<TABLE>
<CAPTION>
Emerging Global Global
Markets Leaders Opportunities
Growth Fund Fund Fund
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income
Dividends (net of foreign withholding
taxes of $109,481, $554,566 and
$128,209, respectively)............. $ 1,157,703 $ 6,097,293 $ 1,341,146
Securities lending income............ 0 34,277 87,860
Interest............................. 62,087 255,767 698,573
-------------------------------------------------------------------------------
Total investment income............... 1,219,790 6,387,337 2,127,579
-------------------------------------------------------------------------------
Expenses
Advisory fee......................... 1,097,081 3,746,155 2,293,047
Distribution Plan expenses........... 72,676 2,679,414 1,996,687
Administrative services fees......... 66,719 365,613 223,302
Transfer agent fee................... 68,738 1,349,842 633,499
Trustees' fees and expenses.......... 1,560 8,592 5,132
Printing and postage expenses........ 16,124 78,076 86,036
Custodian fee........................ 163,005 294,648 215,444
Registration and filing fees......... 37,644 80,192 82,765
Professional fees.................... 22,899 24,642 24,035
Organization expenses................ 0 7,913 0
Interest expense..................... 5,584 104,090 10,515
Other................................ 2,918 18,364 21,606
-------------------------------------------------------------------------------
Total expenses....................... 1,554,948 8,757,541 5,592,068
Less: Expense reductions............. (6,244) (17,418) (22,331)
-------------------------------------------------------------------------------
Net expenses......................... 1,548,704 8,740,123 5,569,737
-------------------------------------------------------------------------------
Net investment income (loss)......... (328,914) (2,352,786) (3,442,158)
-------------------------------------------------------------------------------
Net realized and unrealized gains or
losses on securities, futures
contracts and foreign currency
related transactions
Net realized gains or losses on:
Securities........................... 4,916,316 21,762,249 75,258,560
Foreign currency related
transactions........................ (64,936) (1,634,691) (268,498)
-------------------------------------------------------------------------------
Net realized gains or losses on
securities and foreign currency
related transactions................ 4,851,380 20,127,558 74,990,062
-------------------------------------------------------------------------------
Net change in unrealized gains or
losses on securities and foreign
currency related transactions....... (9,712,285) 8,168,680 (28,154,861)
-------------------------------------------------------------------------------
Net realized and unrealized gains or
losses on securities and foreign
currency related transactions....... (4,860,905) 28,296,238 46,835,201
-------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations........... $(5,189,819) $25,943,452 $ 43,393,043
-------------------------------------------------------------------------------
</TABLE>

See Combined Notes to Financial Statements.

108
<PAGE>

EVERGREEN
International and Global Growth Funds
Statements of Operations
Year Ended October 31, 2000

<TABLE>
<CAPTION>
Latin Perpetual
International America Global
Growth Fund Fund Fund
---------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income
Dividends (net of foreign withholding
taxes of $1,303,468, $44,218 and
$316,165, respectively).............. $ 12,763,988 $ 596,609 $ 2,782,630
Securities lending income............. 0 0 133,630
Interest.............................. 2,019,305 29,340 231,594
---------------------------------------------------------------------------------
Total investment income................ 14,783,293 625,949 3,147,854
---------------------------------------------------------------------------------
Expenses
Advisory fee.......................... 4,178,042 226,614 2,379,494
Distribution Plan expenses............ 960,618 281,078 1,645,928
Administrative services fees.......... 683,180 28,172 345,674
Transfer agent fee.................... 871,744 201,425 542,478
Trustees' fees and expenses........... 16,131 635 4,504
Printing and postage expenses......... 177,708 9,603 60,000
Custodian fee......................... 1,024,675 37,674 242,150
Registration and filing fees.......... 127,246 10,056 93,345
Professional fees..................... 29,260 18,443 23,126
Interest expense...................... 6,381 3,408 121,823
Other................................. 60,367 1,152 49,286
---------------------------------------------------------------------------------
Total expenses........................ 8,135,352 818,260 5,507,808
Less: Expense reductions.............. (36,867) (2,538) (14,952)
---------------------------------------------------------------------------------
Net expenses.......................... 8,098,485 815,722 5,492,856
---------------------------------------------------------------------------------
Net investment income (loss).......... 6,684,808 (189,773) (2,345,002)
---------------------------------------------------------------------------------
Net realized and unrealized gains or
losses on securities, futures
contracts and foreign currency related
transactions
Net realized gains or losses on:
Securities............................ 95,189,793 4,585,412 18,050,125
Futures contracts..................... (1,778,575) 0 0
Foreign currency related
transactions......................... 135,219 (62,150) (1,215,213)
---------------------------------------------------------------------------------
Net realized gains or losses on
securities, futures contracts and
foreign currency related
transactions......................... 93,546,437 4,523,262 16,834,912
---------------------------------------------------------------------------------
Net change in unrealized gains or
losses on securities and foreign
currency related transactions........ (66,034,488) 2,915,643 (17,156,765)
---------------------------------------------------------------------------------
Net realized and unrealized gains or
losses on securities, futures
contracts and foreign currency
related transactions................. 27,511,949 7,438,905 (321,853)
---------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations............ $ 34,196,757 $7,249,132 $ (2,666,855)
---------------------------------------------------------------------------------
</TABLE>

See Combined Notes to Financial Statements.

109
<PAGE>

EVERGREEN
International and Global Growth Funds
Statements of Operations
Year Ended October 31, 2000

<TABLE>
<CAPTION>
Perpetual Precious
International Metals
Fund Fund
---------------------------------------------------------------------------------
<S> <C> <C>
Investment income
Dividends (net of foreign withholding taxes of
$407,915 and $35,974, respectively).............. $ 2,683,079 $ 1,460,516
Securities lending income......................... 153,190 0
Interest.......................................... 419,726 67,293
---------------------------------------------------------------------------------
Total investment income............................ 3,255,995 1,527,809
---------------------------------------------------------------------------------
Expenses
Advisory fee...................................... 1,998,011 451,332
Distribution Plan expenses........................ 1,096,359 232,662
Administrative services fees...................... 207,267 54,598
Transfer agent fee................................ 390,302 476,265
Trustees' fees and expenses....................... 4,059 1,368
Printing and postage expenses..................... 54,821 12,900
Custodian fee..................................... 238,879 85,978
Registration and filing fees...................... 116,798 126,227
Professional fees................................. 23,105 18,972
Organization expenses............................. 2,990 0
Interest expense.................................. 6,658 2,171
Other............................................. 6,657 45,759
---------------------------------------------------------------------------------
Total expenses.................................... 4,145,906 1,508,232
Less: Expense reductions.......................... (12,993) (3,506)
---------------------------------------------------------------------------------
Net expenses...................................... 4,132,913 1,504,726
---------------------------------------------------------------------------------
Net investment income (loss)...................... (876,918) 23,083
---------------------------------------------------------------------------------
Equity in earnings of wholly-owned, unconsolidated
foreign subsidiary............................... 0 28,179
---------------------------------------------------------------------------------
Net realized and unrealized gains or losses on
securities, futures contracts and foreign currency
related transactions
Net realized gains or losses on:
Securities........................................ 11,863,279 (11,299,737)
Foreign currency related transactions............. (1,552,515) (57,123)
---------------------------------------------------------------------------------
Net realized gains or losses on securities,
futures contracts and foreign currency related
transactions..................................... 10,310,764 (11,356,860)
---------------------------------------------------------------------------------
Net change in unrealized gains or losses on
securities and foreign currency related
transactions..................................... (17,514,815) (8,545,764)
---------------------------------------------------------------------------------
Net realized and unrealized gains or losses on
securities, futures contracts and foreign
currency related transactions.................... (7,204,051) (19,902,624)
---------------------------------------------------------------------------------
Net decrease in net assets resulting from
operations....................................... $ (8,080,969) $(19,851,362)
---------------------------------------------------------------------------------
</TABLE>

See Combined Notes to Financial Statements.

110
<PAGE>

EVERGREEN
International and Global Growth Funds
Statements of Changes in Net Assets
Year Ended October 31, 2000

<TABLE>
<CAPTION>
Emerging
Markets Global
Growth Global Opportunities
Fund Leaders Fund Fund
---------------------------------------------------------------------------------
<S> <C> <C> <C>
Operations
Net investment income (loss)....... $ (328,914) $ (2,352,786) $ (3,442,158)
Net realized gains or losses on
securities and foreign currency
related transactions.............. 4,851,380 20,127,558 74,990,062
Net change in unrealized gains or
losses on securities and foreign
currency related transactions..... (9,712,285) 8,168,680 (28,154,861)
---------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from operations.. (5,189,819) 25,943,452 43,393,043
---------------------------------------------------------------------------------
Distributions to shareholders from
Net realized gains
Class A............................ 0 (2,399,007) (8,748,259)
Class B............................ 0 (3,743,776) (21,954,075)
Class C............................ 0 (81,393) (3,916,863)
Class Y............................ 0 (756,519) (19,537)
---------------------------------------------------------------------------------
Total distributions to
shareholders...................... 0 (6,980,695) (34,638,734)
---------------------------------------------------------------------------------
Capital share transactions
Proceeds from shares sold.......... 35,436,407 888,147,749 147,047,823
Payment for shares redeemed........ (38,204,214) (951,005,786) (122,567,918)
Net asset value of shares issued in
reinvestment of distributions..... 0 6,660,512 24,403,217
---------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from capital
share transactions................ (2,767,807) (56,197,525) 48,883,122
---------------------------------------------------------------------------------
Total increase (decrease) in net
assets........................... (7,957,626) (37,234,768) 57,637,431
Net assets
Beginning of period................ 65,237,913 444,766,731 184,993,741
---------------------------------------------------------------------------------
End of period...................... $ 57,280,287 $ 407,531,963 $ 242,631,172
---------------------------------------------------------------------------------
Overdistributed net investment
income (loss)...................... $ (2,181) $ (21,222) $ (15,617)
---------------------------------------------------------------------------------
</TABLE>

See Combined Notes to Financial Statements.

111
<PAGE>

EVERGREEN
International and Global Growth Funds
Statements of Changes in Net Assets
Year Ended October 31, 2000

<TABLE>
<CAPTION>
International Perpetual
Growth Latin Global
Fund America Fund Fund
--------------------------------------------------------------------------------
<S> <C> <C> <C>
Operations
Net investment income (loss)....... $ 6,684,808 $ (189,773) $ (2,345,002)
Net realized gains or losses on
securities, futures contracts and
foreign currency related
transactions...................... 93,546,437 4,523,262 16,834,912
Net change in unrealized gains or
losses on securities and foreign
currency related transactions..... (66,034,488) 2,915,643 (17,156,765)
--------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from operations.. 34,196,757 7,249,132 (2,666,855)
--------------------------------------------------------------------------------
Distributions to shareholders from
Net investment income
Class A........................... (1,647,272) 0 0
Class B........................... (434,017) 0 0
Class C........................... (14,174) 0 0
Class Y........................... (8,437,450) 0 0
Net realized gains
Class A........................... (5,822,537) 0 (12,054,416)
Class B........................... (3,020,380) 0 (55,946)
Class C........................... (108,412) 0 (19,605,127)
Class Y........................... (24,547,445) 0 (195)
--------------------------------------------------------------------------------
Total distributions to
shareholders..................... (44,031,687) 0 (31,715,684)
--------------------------------------------------------------------------------
Capital share transactions
Proceeds from shares sold.......... 340,923,457 11,139,999 60,430,699
Payment for shares redeemed........ (319,066,224) (21,570,226) (76,037,526)
Net asset value of shares issued in
reinvestment of distributions..... 39,812,987 0 30,583,329
--------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from capital
share transactions................ 61,670,220 (10,430,227) 14,976,502
--------------------------------------------------------------------------------
Total increase (decrease) in net
assets........................... 51,835,290 (3,181,095) (19,406,037)
Net assets
Beginning of period................ 699,457,498 29,592,222 220,465,971
--------------------------------------------------------------------------------
End of period...................... $ 751,292,788 $ 26,411,127 $201,059,934
--------------------------------------------------------------------------------
Undistributed (overdistributed) net
investment income (loss)........... $ 1,689,048 $ (3,414) $ (1,201,418)
--------------------------------------------------------------------------------
</TABLE>

See Combined Notes to Financial Statements.

112
<PAGE>

EVERGREEN
International and Global Growth Funds
Statements of Changes in Net Assets
Year Ended October 31, 2000

<TABLE>
<CAPTION>
Perpetual Precious
International Metals
Fund Fund
---------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income (loss)...................... $ (876,918) $ 23,083
Equity in earnings of wholly-owned unconsolidated
foreign subsidiary............................... 0 28,179
Net realized gains or losses on securities,
futures contracts and foreign currency related
transactions..................................... 10,310,764 (11,356,860)
Net change in unrealized gains or losses on
securities and foreign currency related
transactions..................................... (17,514,815) (8,545,764)
---------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations.................................. (8,080,969) (19,851,362)
---------------------------------------------------------------------------------
Distributions to shareholders from
Net realized gains
Class A........................................... (9,627,089) 0
Class B........................................... (88,878) 0
Class C........................................... (6,472,082) 0
Class Y........................................... (681,351) 0
---------------------------------------------------------------------------------
Total distributions to shareholders............... (16,869,400) 0
---------------------------------------------------------------------------------
Capital share transactions
Proceeds from shares sold......................... 141,985,886 20,756,823
Payment for shares redeemed....................... (107,078,668) (34,600,038)
Net asset value of shares issued in reinvestment
of distributions................................. 16,242,631 0
---------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from capital share transactions.................. 51,149,849 (13,843,215)
---------------------------------------------------------------------------------
Total increase (decrease) in net assets.......... 26,199,480 (33,694,577)
Net assets
Beginning of period............................... 160,941,959 83,632,792
---------------------------------------------------------------------------------
End of period..................................... $ 187,141,439 $ 49,938,215
---------------------------------------------------------------------------------
Undistributed (overdistributed) net investment
income (loss)..................................... $ (1,592,135) $ 188,721
---------------------------------------------------------------------------------
</TABLE>

See Combined Notes to Financial Statements.

113
<PAGE>

EVERGREEN
International and Global Growth Funds
Statements of Changes in Net Assets
Year Ended October 31, 1999

<TABLE>
<CAPTION>
Emerging Global Global International
Markets Leaders Opportunities Growth
Growth Fund Fund Fund Fund
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income
(loss)................ $ (27,662) $ (2,879,111) $ (2,523,448) $ 5,747,760
Net realized gains or
losses on securities,
futures contracts and
foreign currency
related transactions.. 4,505,679 8,377,332 38,823,524 45,948,984
Net change in
unrealized gains on
securities and foreign
currency
related transactions.. 5,594,474 76,159,336 31,754,002 52,884,054
--------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............ 10,072,491 81,657,557 68,054,078 104,580,798
--------------------------------------------------------------------------------------
Distributions to
shareholders from
Net investment income
Class A................ (10,598) 0 0 0
Class B................ (4,073) 0 0 0
Class C................ (995) 0 0 0
Class Y................ (136,530) 0 0 0
Net realized gains
Class A................ 0 0 (3,485,496) 0
Class B................ 0 0 (7,900,493) 0
Class C................ 0 0 (1,472,665) 0
Class Y................ 0 0 (1,957) 0
--------------------------------------------------------------------------------------
Total distributions to
shareholders.......... (152,196) 0 (12,860,611) 0
--------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold.................. 44,051,855 2,630,916,446 136,044,293 301,153,523
Payment for shares
redeemed.............. (47,543,215) (2,622,732,751) (221,303,957) (341,962,909)
Net asset value of
shares issued in
reinvestment of
distributions......... 114,987 0 10,894,229 0
--------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
resulting from capital
share transactions.... (3,376,373) 8,183,695 (74,365,435) (40,809,386)
--------------------------------------------------------------------------------------
Total increase
(decrease) in net
assets............... 6,543,922 89,841,252 (19,171,968) 63,771,412
Net assets
Beginning of period.... 58,693,991 354,925,479 204,165,709 635,686,086
--------------------------------------------------------------------------------------
End of period.......... $ 65,237,913 $ 444,766,731 $ 184,993,741 $ 699,457,498
--------------------------------------------------------------------------------------
Undistributed
(overdistributed) net
investment income
(loss)................. $ (1,984) $ (17,414) $ (14,180) $ 10,468,197
--------------------------------------------------------------------------------------
</TABLE>

See Combined Notes to Financial Statements.

114
<PAGE>

EVERGREEN
International and Global Growth Funds
Statements of Changes in Net Assets
Year Ended October 31, 1999

<TABLE>
<CAPTION>
Perpetual Perpetual Precious
Latin Global International Metals
America Fund Fund (a) (b) Fund (c) (d) Fund
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income
(loss)................ $ 108,337 $ (359,126) $ 212,934 $ (215,783)
Equity in earnings of
wholly-owned
unconsolidated foreign
subsidiary............ 0 0 0 19,428
Net realized gains or
losses on securities,
futures contracts and
foreign currency
related transactions.. (4,041,319) 2,327,201 16,868,585 (27,031,931)
Net change in
unrealized gains on
securities and foreign
currency
related transactions.. 6,649,537 5,226,695 15,449,779 28,217,759
-----------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............ 2,716,555 7,194,770 32,531,298 989,473
-----------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold.................. 26,101,038 13,477,514 166,034,604 87,565,275
Payment for shares
redeemed.............. (42,507,400) (17,143,425) (155,946,116) (114,675,177)
-----------------------------------------------------------------------------------
Net increase (decrease)
in net assets
resulting from capital
share transactions.... (16,406,362) (3,665,911) 10,088,488 (27,109,902)
-----------------------------------------------------------------------------------
Total increase
(decrease) in net
assets............... (13,689,807) 3,528,859 42,619,786 (26,120,429)
Net assets
Beginning of period.... 43,282,029 216,937,112 118,322,173 109,753,221
-----------------------------------------------------------------------------------
End of period.......... $ 29,592,222 $220,465,971 $ 160,941,959 $ 83,632,792
-----------------------------------------------------------------------------------
Undistributed
(overdistributed) net
investment income
(loss)................. $ (3,414) $ 0 $ 0 $ (3,594)
-----------------------------------------------------------------------------------
</TABLE>
(a) For the one month ended October 31, 1999. Effective October 31, 1999, the
Perpetual Global Fund changed its fiscal year end from September 30 to Oc-
tober 31.
(b) Effective October 18, 1999, shareholders of Mentor Perpetual Global Portfo-
lio Class A, Class B and Class Y shares became owners of that number of
full and fractional shares of Class A, Class C and Class Y shares, recep-
tively, of Evergreen Perpetual Global Fund. Class B shares of Mentor Per-
petual Global Portfolio were redesignated as Class C shares of Evergreen
Perpetual Global Fund.
(c) Effective October 18, 1999, shareholders of Mentor Perpetual International
Portfolio Class A, Class B and Class Y shares became owners of that number
of full and fractional shares of Class A, Class C and Class Y shares, re-
ceptively, of Evergreen Perpetual International Fund. Class B shares of
Mentor Perpetual International Portfolio were redesignated as Class C
shares of Evergreen Perpetual International Fund.
(d) As a result of the conversion of Mentor Perpetual International Portfolio
to Evergreen Perpetual International Fund, the shareholders of Mentor Per-
petual International Portfolio, Class E, became owners of that number of
full and fractional shares of Evergreen Perpetual International Fund, Class
A, having a net asset value equal to the net asset value of their shares
immediately prior to the conversion of shares.

See Combined Notes to Financial Statements.

115
<PAGE>

EVERGREEN
International and Global Growth Funds
Statement of Changes in Net Assets
Year Ended September 30, 1999

<TABLE>
<CAPTION>
Perpetual
Global
Fund
--------------------------------------------------------------------------------
<S> <C>
Operations
Net investment loss............................................ $ (711,706)
Net realized gains on securities and foreign currency related
transactions.................................................. 30,027,040
Net unrealized gains on securities and foreign currency related
transactions.................................................. 22,354,768
--------------------------------------------------------------------------------
Net increase in net assets resulting from operations........... 51,670,102
--------------------------------------------------------------------------------
Distributions to shareholders from
Net realized gains
Class A........................................................ (4,794,385)
Class C........................................................ (8,456,186)
Class Y........................................................ (85)
--------------------------------------------------------------------------------
Total distributions to shareholders............................ (13,250,656)
--------------------------------------------------------------------------------
Capital share transactions
Proceeds from shares sold...................................... 122,357,893
Payment for shares redeemed.................................... (114,784,615)
Net asset value of shares issued in reinvestment of
distributions................................................. 12,654,681
--------------------------------------------------------------------------------
Net increase in net assets resulting from capital share
transactions.................................................. 20,227,959
--------------------------------------------------------------------------------
Total increase in net assets.................................. 58,647,405
Net assets
Beginning of period............................................ 158,289,707
--------------------------------------------------------------------------------
End of period.................................................. $ 216,937,112
--------------------------------------------------------------------------------
Undistributed net investment income............................. $ 0
--------------------------------------------------------------------------------
</TABLE>

See Combined Notes to Financial Statements.

116
<PAGE>

Combined Notes to Financial Statements

1. ORGANIZATION

The Evergreen International and Global Growth Funds consist of Evergreen Emerg-
ing Markets Growth Fund ("Emerging Markets Growth Fund"), Evergreen Global
Leaders Fund ("Global Leaders Fund"), Evergreen Global Opportunities Fund
("Global Opportunities Fund"), Evergreen International Growth Fund ("Interna-
tional Growth Fund"), Evergreen Latin America Fund ("Latin America Fund"), Ev-
ergreen Perpetual Global Fund ("Perpetual Global Fund"), Evergreen Perpetual
International Fund ("Perpetual International Fund") and Evergreen Precious Met-
als Fund ("Precious Metals Fund") (collectively, the "Funds"). Each Fund is a
diversified series of Evergreen International Trust (the "Trust"), a Delaware
business trust organized on September 18, 1997. The Trust is an open-end man-
agement investment company registered under the Investment Company Act of 1940,
as amended (the "1940 Act").

The Funds offer Class A, Class B, Class C and Class Y shares. Class A shares
are sold with a front-end sales charge. Class B and Class C shares are sold
without a front-end sales charge, but pay a higher ongoing distribution fee
than Class A. Class B and Class C shares are sold subject to a contingent de-
ferred sales charge that is payable upon redemption and decreases depending on
how long the shares have been held. Class Y shares are sold at net asset value
and are not subject to contingent deferred sales charges or distribution fees.

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 an established exchange are valued at the last sales price
on the exchange where the security is primarily traded. Securities traded for
which there has been no sale are valued at the mean between the bid and asked
price. Securities for which market quotations are not readily available (in-
cluding restricted securities) are valued at fair value as determined in good
faith according to procedures approved by the Board of Trustees.

Mutual fund shares held in a Fund are valued at the net asset value of each mu-
tual fund.

Short-term investments with remaining maturities of 60 days or less are carried
at amortized cost, which approximates market value.

B. Repurchase Agreements
Each Fund may invest in repurchase agreements. Securities pledged as collateral
for repurchase agreements are held in a segregated account by the custodian on
the Fund's behalf. Collateral for certain tri-party repurchase agreements is
held at the counterparty's custodian in a segregated account for the benefit of
the Fund and the counterparty. Each Fund monitors the adequacy of the collat-
eral daily and will require the seller to provide additional collateral in the
event the market value of the securities pledged falls below the carrying value
of the repurchase agreement, including accrued interest. Each Fund will only
enter into repurchase agreements with banks and other financial institutions,
which are deemed by the investment advisor to be creditworthy pursuant to
guidelines established by the Board of Trustees.

C. Foreign Currency
The books and records of the Funds are maintained in United States (U.S.) dol-
lars. Foreign currency amounts are translated into U.S. dollars as follows:
market value of investments, other assets and liabilities at the daily rate of
exchange; purchases and sales of investments and income and expenses at the
rate of exchange prevailing on the respective dates of such transactions. Net
unrealized foreign exchange gains or losses resulting from changes in foreign
currency exchange rates is a component of net unrealized gains or losses on
securi-

117
<PAGE>

Combined Notes to Financial Statements(continued)

ties and foreign currency related transactions. Net realized foreign currency
gain or loss on foreign currency related transactions includes foreign currency
gains and losses between trade date and settlement date on investment securi-
ties transactions, gains and losses from foreign currency related transactions
and the difference between the amounts of interest and dividends recorded on
the books of the Fund and the amount actually received. The portion of foreign
currency gains or losses related to fluctuations in exchange rates between the
initial purchase trade date and subsequent sale trade date is included in real-
ized gain or loss on securities.

D. 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 transaction is subsequently adjusted by
daily payments or receipts ("variation margin") 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.

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 each Fund's State-
ment of Assets and Liabilities.

E. Forward Foreign Currency Exchange Contracts
The Funds may enter into forward foreign currency exchange contracts ("forward
contracts") to settle portfolio purchases and sales of securities denominated
in a foreign currency and to hedge certain assets or liabilities denominated in
a foreign currency. Forward contracts are recorded at the forward rate and
marked-to-market daily. Realized gains and losses arising from such transac-
tions are included in net realized gain or loss on foreign currency related
transactions. The Fund bears the risk of an unfavorable change in the foreign
currency exchange rate underlying the forward contract and is subject to the
credit risk that the other party will not fulfill their obligations under the
contract. Forward contracts involve elements of market risk in excess of the
amount reflected in each Fund's Statement of Assets and Liabilities.

F. Securities Lending
In order to generate income and to offset expenses, the Funds may lend portfo-
lio securities to brokers, dealers and other qualified financial organizations.
Loans of securities will be collateralized by cash, letters of credit or U.S.
Government securities that are maintained at all times in an amount equal to at
least 100% of the current market value of the loaned securities, including ac-
crued interest. The Fund monitors the adequacy of the collateral daily and will
require the borrower provide additional collateral as necessary. While such se-
curities are on loan, the borrower will pay a Fund any income accruing thereon,
and the Fund may invest any cash collateral received in portfolio securities,
thereby increasing its return. A Fund will have the right to call any such loan
and obtain the securities loaned at any time on five days' notice. The Fund
bears the risk that the borrower may not provide additional collateral when re-
quired or return the securities when due.

G. 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. Foreign income and capital
gains realized on some foreign securities may be subject to foreign taxes,
which are accrued as applicable.

118
<PAGE>

Combined Notes to Financial Statements (continued)

H. Federal Taxes
The Funds intend to comply with the provisions of the Internal Revenue Code ap-
plicable to regulated investment companies and to distribute all of their net
investment company taxable income and net capital gains, if any, to their
shareholders. Accordingly, no provision for federal income or excise tax is re-
quired.

I. Distributions
Distributions from net investment income for the Funds are declared and paid
annually. Distributions from net realized capital gains, if any, are paid at
least annually. To the extent that realized capital gains can be offset by cap-
ital loss carryforwards, it is each Fund's policy not to distribute such gains.
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. Reclassifications have been made to the Funds' components
of net assets to reflect income and gains available for distribution (or avail-
able capital loss carryovers, as applicable) under income tax regulations. The
primary permanent differences causing such reclassifications are due to net op-
erating losses, net realized foreign currency gains or losses, unrealized
appreciation/depreciation of passive foreign investment companies and certain
capital loss carryforwards assumed as a result of acquisitions.

The Global Leaders Fund, Global Opportunities Fund, International Growth Fund,
Perpetual Global Fund and Perpetual International Fund also utilized earnings
and profits distributed to shareholders on redemption of shares as a part of
the dividends paid deduction for income tax purposes.

J. 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.

K. Organization Expenses
Organization expenses for Global Leaders Fund and Perpetual International Fund
are amortized to operations over a five-year period on a straight-line basis.
In the event any of the initial shares of the Funds are redeemed by any holder
during the five-year amortization period, redemption proceeds will be reduced
by any unamortized organization expenses in the same proportion as the number
of initial shares being redeemed bears to the number of initial shares out-
standing at the time of the redemption.

3. INVESTMENT IN FOREIGN SUBSIDIARY

Precious Metals (Bermuda) Ltd., a wholly-owned, unconsolidated foreign subsidi-
ary of the Precious Metals Fund, was acquired in May 1975 and has as its pri-
mary objective the acquisition of precious metals. The Fund accounts for its
investments in the subsidiary under the equity method of accounting. At October
31, 2000, the fair value of the Fund's investment in the foreign subsidiary was
determined as follows:

<TABLE>
<S> <C>
Cash and cash equivalents............................... $926,680
Accrued expenses and other liabilities.................. (34,549)
--------
$892,131
========
</TABLE>

During the year ended October 31, 2000, the foreign subsidiary had no purchases
of precious metals or sales of precious metals. Investment activities of the
foreign subsidiary resulted in gross investment income, general and administra-
tive expenses, and net investment income of $46,118, $17,939 and $28,179 re-
spectively. Management fees paid or accrued to EIMC totaled $5,826 during the
year ended October 31, 2000.

119
<PAGE>

Combined Notes to Financial Statements (continued)

4. INVESTMENT ADVISORY AGREEMENTS AND OTHER AFFILIATED TRANSACTIONS

First Union National Bank ("FUNB"), a subsidiary of First Union Corporation
("First Union"), is the investment advisor to Emerging Markets Growth Fund and
is paid an advisory fee that is computed and paid daily based on average daily
net assets, in accordance with the annual rates in the following schedule:

<TABLE>
<CAPTION>
Current Rate Prior to
Average Daily Net Assets Rate 1/3/2000
-------------------------------------------------------------
<S> <C> <C>
on the first $100 million................. 1.42% 1.50%
on the next $100 million.................. 1.37% 1.45%
on the next $100 million.................. 1.32% 1.40%
in excess of $300 million................. 1.27% 1.35%
</TABLE>

Evergreen Investment Management Company ("EIMC") is the investment sub-advisor
to Emerging Markets Growth Fund. Under the terms of the sub-advisory agreement,
EIMC is responsible for the investment decisions for the Fund and is paid by
FUNB at no additional expense to the Fund.

Evergreen Asset Management Corp. ("EAMC"), an indirect wholly-owned subsidiary
of FUNB, is the investment advisor to the Global Leaders Fund and is paid a
management fee that is computed and paid daily at an annual rate of 0.87% of
the Fund's average daily net assets. Prior to January 3, 2000, the management
fee was computed daily at an annual rate of 0.95% of the Fund's average daily
net assets.

Up to September 22, 2000, Lieber & Company, an affiliate of First Union, served
as the investment sub-advisor to Global Leaders Fund and also provided broker-
age services with respect to substantially all security transactions of the
Fund effected on the New York or American Stock Exchanges. For the year ended
October 31, 2000, Global Leaders Fund incurred brokerage commissions of $76,713
with Lieber & Company. Lieber & Company was reimbursed by EAMC for providing
investment sub-advisory services at no additional expense to the Fund.

EIMC is the investment advisor for Global Opportunities Fund, International
Growth Fund, Latin America Fund and Precious Metals Fund. In return for provid-
ing investment management and administrative services to the Funds, EIMC is
paid an advisory fee that is computed daily and paid monthly based on average
daily net assets, in accordance with the annual rates in the following sched-
ule:

<TABLE>
<CAPTION>
Global Opportunities Fund International Growth Fund Latin America Fund
Current Rate Prior to Current Rate Prior to Current Rate Prior to
Average Daily Net Assets Rate 1/3/2000 Rate 1/3/2000 Rate 1/3/2000
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
on the first $200
million................ 0.91% 1.00% 0.66% 0.75% 0.66% 0.75%
on the next $200
million................ 0.86% 0.95% 0.56% 0.65% 0.56% 0.65%
on the next $200
million................ 0.76% 0.85% 0.46% 0.55% 0.46% 0.55%
in excess of $600
million................ 0.66% 0.75% 0.36% 0.45% 0.36% 0.45%
</TABLE>

<TABLE>
<CAPTION>
Precious Metals Fund
Current Rate Prior to
Average Daily Net Assets Rate 1/3/2000
-------------------------------------------------------------
<S> <C> <C>
on the first $100 million................. 0.660% 0.750%
on the next $100 million.................. 0.535% 0.625%
in excess of $200 million................. 0.410% 0.500%
</TABLE>

For Precious Metals Fund, Harbor Capital Management Company, Inc. ("Harbor Cap-
ital") is a consultant to EIMC and its subsidiary pursuant to a Consultant
Agreement. In accordance with the terms of the Consultant Agreement, Harbor
Capital provides EIMC with monthly reports discussing the world's gold bullion
markets, the gold stock markets, and advice regarding economic factors and
trends in the precious metals sectors. For its services, Harbor Capital re-
ceives from EIMC a fee at the annual rate of 0.035% of the Fund's average daily
net assets. Expenses associated with these services are a cost of EIMC and are
not a Fund expense.

Mentor Perpetual Advisors, LLC ("Mentor Perpetual"), an advisory firm organized
in 1995, is owned equally by Perpetual plc and Mentor Investment Advisors, LLC
("Mentor Advisors"). Mentor Perpetual, a subsidiary of First Union, serves as
the investment advisor to the Perpetual Global Fund and the Perpetual Interna-
tional

120
<PAGE>

Combined Notes to Financial Statements (continued)

Fund and is paid a management fee that is computed and paid daily based on the
average daily net assets, in accordance with the annual rates in the following
schedule:

<TABLE>
<CAPTION>
Perpetual Perpetual
Global International
Average Daily Net Assets Fund Fund
----------------------------------------------------------------
<S> <C> <C>
on the first $75 million................ 1.10% 1.00%
in excess of $75 million................ 1.00% 1.00%
</TABLE>

Evergreen Investment Services ("EIS"), an indirect, wholly owned subsidiary of
FUNB, is the administrator to the Funds. As administrator, EIS provides the
Funds with facilities, equipment and personnel. Prior to May 1, 2000, The BISYS
Group, Inc. ("BISYS") served as the sub-administrator to each Fund, except Per-
petual Global Fund and Perpetual International Fund, and provided the officers
of the Funds. Officers of the Funds and affiliated Trustees receive no compen-
sation directly from the Funds.

For its services, the Funds, except for Perpetual Global Fund, pay the adminis-
trator a fee at the annual rate of 0.10% of each Fund's average daily net as-
sets. The Perpetual Global Fund pays the administrator a fee at an annual rate
of 0.15% of the Fund's average daily net assets. For the Emerging Markets
Growth Fund the sub-administrator was paid by the administrator out of its fees
until the sub-administration agreement with BISYS was terminated on April 30,
2000.

Prior to January 3, 2000, the administrator and sub-administrator for the
Emerging Markets Fund were entitled to an annual fee based on the combined av-
erage daily net assets of all the funds administered by EIS for which First
Union or its investment advisory subsidiaries were also the investment advi-
sors. The administration fee was calculated by applying percentage rates, which
started at 0.05% and declined to 0.01% per annum as net assets increased, to
the average daily net assets of the Fund. The sub-administration fee was calcu-
lated by applying percentage rates, which started at 0.01% and declined to
0.004% per annum as net assets increased, to the average daily net assets of
the Fund.

Prior to January 3, 2000, the administration fee for the Global Leaders Fund
was paid by the investment advisor and was not a fund expense. The sub-adminis-
tration fee for the Fund was also paid by the investment advisor until the sub-
administration agreement with BISYS was terminated on April 30, 2000.

Prior to January 3, 2000, the administration fee for the Global Opportunities
Fund, International Growth Fund, Latin America Fund and Precious Metals Fund
was paid by the investment advisor and was not a fund expense. However, the
Funds reimbursed EIMC $3,039, $11,062, $494 and $1,139, respectively, for pro-
viding certain administration and accounting expenses. The sub-administration
fee for the Funds was paid by the investment advisor until the sub-administra-
tion agreement with BISYS was terminated on April 30, 2000.

During the year ended October 31, 2000, the Funds paid or accrued to EIS the
following amounts for administrative and sub-administrative services:

<TABLE>
<CAPTION>
Administration Sub-Administration
Fee Fee
---------------------------------
<S> <C> <C>
Emerging Markets Growth Fund.. $ 66,719 $1,736
Global Leaders Fund........... 365,613 6,000
Global Opportunities Fund..... 220,263 0
International Growth Fund..... 672,118 0
Latin America Fund............ 27,678 0
Perpetual Global Fund......... 345,674 0
Perpetual International Fund.. 207,267 0
Precious Metals............... 53,459 0
</TABLE>

Evergreen Service Company ("ESC"), an indirect, wholly owned subsidiary of
FUNB, is the transfer and dividend disbursing agent for the Funds.

5. DISTRIBUTION PLANS

Evergreen Distributor, Inc. ("EDI"), a wholly owned subsidiary of BISYS, serves
as principal underwriter to the Funds.

121
<PAGE>

Combined Notes to Financial Statements (continued)

Each Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940
Act, for each class of shares, except Class Y. Distribution plans permit a Fund
to compensate its principal underwriter for costs related to selling shares of
the Fund and for various other services. These costs, which consist primarily
of commissions and service fees to broker-dealers who sell shares of the Fund,
are paid by the Fund through "Distribution Plan expenses". Under the Distribu-
tion Plans, each class incurs distribution fees at the following annual rates:

<TABLE>
<CAPTION>
Average Daily
Net Assets
-------------
<S> <C>
Class A............................................ 0.25%
Class B............................................ 1.00%
Class C............................................ 1.00%
</TABLE>

Of the above amounts, each share class may pay under its Distribution Plan a
maximum service fee of 0.25% of the average daily net assets of the class to
pay for shareholder service fees. Distribution Plan expenses are calculated and
paid daily.

During the year ended October 31, 2000, amounts paid or accrued to EDI pursuant
to each Fund's Class A, Class B and Class C Distribution Plans were as follows:

<TABLE>
<CAPTION>
Class A Class B Class C
------------------------------
<S> <C> <C> <C>
Emerging Markets Growth Fund.... $ 22,779 $ 37,707 $ 12,190
Global Leaders Fund............. 368,202 2,255,436 55,776
Global Opportunities Fund....... 170,093 1,531,744 294,850
International Growth Fund....... 355,744 578,858 26,016
Latin America Fund.............. 16,855 220,920 43,303
Perpetual Global Fund........... 219,366 24,275 1,402,287
Perpetual International Fund.... 284,735 41,628 769,996
Precious Metals Fund............ 144,113 85,608 2,941
</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.

122
<PAGE>

Combined Notes to Financial Statements (continued)

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 and Class Y. Transactions in shares of
the Funds were as follows:

Emerging Markets Growth Fund

<TABLE>
<CAPTION>
Year Ended Year Ended
October 31, 2000 October 31, 1999
------------------------ ------------------------
Shares Amount Shares Amount
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A
Shares sold............... 2,104,066 $ 23,896,123 3,543,290 $ 29,482,483
Automatic conversion of
Class B shares to Class A
shares................... 10,657 134,260 10 77
Shares redeemed........... (2,275,416) (25,894,043) (3,428,541) (28,781,121)
Shares issued on
reinvestment of
distributions............ 0 0 1,318 10,188
-------------------------------------------------------------------------------
Net increase (decrease)... (160,693) (1,863,660) 116,077 711,627
-------------------------------------------------------------------------------
Class B
Shares sold............... 225,509 2,254,069 407,049 3,522,757
Shares redeemed........... (308,239) (3,083,826) (410,595) (3,530,980)
Automatic conversion of
Class B shares to Class A
shares................... (11,030) (134,260) (11) (77)
Shares issued on
reinvestment of
distributions............ 0 0 525 3,951
-------------------------------------------------------------------------------
Net decrease.............. (93,760) (964,017) (3,032) (4,349)
-------------------------------------------------------------------------------
Class C
Shares sold............... 162,158 1,705,644 683,522 5,671,715
Shares redeemed........... (205,322) (2,092,397) (645,248) (5,421,662)
Shares issued on
reinvestment of
distributions............ 0 0 128 965
-------------------------------------------------------------------------------
Net increase (decrease)... (43,164) (386,753) 38,402 251,018
-------------------------------------------------------------------------------
Class Y
Shares sold............... 633,860 7,580,571 606,350 5,374,900
Shares redeemed........... (662,444) (7,133,948) (1,201,144) (9,809,452)
Shares issued on
reinvestment of
distributions............ 0 0 12,822 99,883
-------------------------------------------------------------------------------
Net increase (decrease)... (28,584) 446,623 (581,972) (4,334,669)
-------------------------------------------------------------------------------
Net decrease.............. $ (2,767,807) $ (3,376,373)
-------------------------------------------------------------------------------
</TABLE>

Global Leaders Fund

<TABLE>
<CAPTION>
Year Ended Year Ended
October 31, 2000 October 31, 1999
-------------------------- -----------------------------
Shares Amount Shares Amount
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A
Shares sold............. 43,693,579 $ 834,638,229 149,775,697 $ 2,553,984,674
Automatic conversion of
Class B shares to Class
A shares............... 58,556 1,173,523 29,476 486,432
Shares redeemed......... (46,927,379) (899,156,105) (149,220,868) (2,545,616,938)
Shares issued on
reinvestment of
distributions.......... 120,000 2,254,808 0 0
------------------------------------------------------------------------------------
Net increase
(decrease)............. (3,055,244) (61,089,545) 584,305 8,854,168
------------------------------------------------------------------------------------
Class B
Shares sold............. 2,287,652 42,675,320 2,983,412 49,075,131
Shares redeemed......... (1,860,661) (34,645,963) (2,712,290) (44,818,465)
Automatic conversion of
Class B shares to Class
A shares............... (60,094) (1,173,523) (30,042) (486,432)
Shares issued on
reinvestment of
distributions.......... 198,175 3,632,543 0 0
------------------------------------------------------------------------------------
Net increase............ 565,072 10,488,377 241,080 3,770,234
------------------------------------------------------------------------------------
Class C
Shares sold............. 171,858 3,189,150 436,197 7,288,074
Shares redeemed......... (97,996) (1,803,699) (449,559) (7,565,353)
Shares issued on
reinvestment of
distributions.......... 3,743 68,542 0 0
------------------------------------------------------------------------------------
Net increase
(decrease)............. 77,605 1,453,993 (13,362) (277,279)
------------------------------------------------------------------------------------
Class Y
Shares sold............. 394,411 7,645,050 1,229,283 20,568,567
Shares redeemed......... (795,983) (15,400,019) (1,473,987) (24,731,995)
Shares issued on
reinvestment of
distributions.......... 37,105 704,619 0 0
------------------------------------------------------------------------------------
Net decrease............ (364,467) (7,050,350) (244,704) (4,163,428)
------------------------------------------------------------------------------------
Net increase
(decrease)............. $ (56,197,525) $ 8,183,695
------------------------------------------------------------------------------------
</TABLE>

123
<PAGE>

Combined Notes to Financial Statements (continued)

Global Opportunities Fund

<TABLE>
<CAPTION>
Year Ended Year Ended
October 31, 2000 October 31, 1999
------------------------ -------------------------
Shares Amount Shares Amount
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A
Shares sold.............. 2,918,426 $ 88,427,841 4,627,373 $ 99,881,014
Automatic conversion of
Class B shares to Class
A shares................ 30,718 902,631 14,891 303,460
Shares redeemed.......... (2,785,082) (83,782,150) (5,772,965) (124,989,786)
Shares issued on
reinvestment of
distributions........... 245,682 6,048,679 122,671 2,341,786
-------------------------------------------------------------------------------
Net increase (decrease).. 409,744 11,597,001 (1,008,030) (22,463,526)
-------------------------------------------------------------------------------
Class B
Shares sold.............. 1,436,844 41,500,504 1,129,857 22,630,544
Shares redeemed.......... (1,038,006) (28,989,358) (3,636,366) (72,583,990)
Automatic conversion of
Class B shares to Class
A shares................ (32,945) (902,631) (15,664) (303,460)
Shares issued on
reinvestment of
distributions........... 700,434 16,095,967 395,618 7,188,374
-------------------------------------------------------------------------------
Net increase (decrease).. 1,066,327 27,704,482 (2,126,555) (43,068,532)
-------------------------------------------------------------------------------
Class C
Shares sold.............. 485,117 13,941,452 301,760 6,526,297
Shares redeemed.......... (252,466) (7,238,896) (818,441) (16,857,938)
Shares issued on
reinvestment of
distributions........... 97,180 2,239,034 74,800 1,362,112
-------------------------------------------------------------------------------
Net increase (decrease).. 329,831 8,941,590 (441,881) (8,969,529)
-------------------------------------------------------------------------------
Class Y
Shares sold.............. 97,819 3,178,026 345,945 7,006,438
Shares redeemed.......... (79,544) (2,557,514) (338,842) (6,872,243)
Shares issued on
reinvestment of
distributions........... 789 19,537 102 1,957
-------------------------------------------------------------------------------
Net increase............. 19,064 640,049 7,205 136,152
-------------------------------------------------------------------------------
Net increase (decrease).. $ 48,883,122 $ (74,365,435)
-------------------------------------------------------------------------------
</TABLE>

International Growth Fund

<TABLE>
<CAPTION>
Year Ended Year Ended
October 31, 2000 October 31, 1999
-------------------------- --------------------------
Shares Amount Shares Amount
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A
Shares sold............. 19,326,516 $ 177,374,232 21,575,997 $ 171,780,072
Automatic conversion of
Class B shares to Class
A shares............... 1,593,787 15,011,782 1,347,930 10,713,110
Shares redeemed......... (20,910,222) (192,809,017) (25,523,574) (203,568,111)
Shares issued on
reinvestment of
distributions.......... 740,485 6,517,292 0 0
---------------------------------------------------------------------------------
Net increase
(decrease)............. 750,566 6,094,289 (2,599,647) (21,074,929)
---------------------------------------------------------------------------------
Class B
Shares sold............. 1,405,198 12,859,279 1,787,282 13,964,924
Shares redeemed......... (1,753,274) (16,067,730) (3,169,583) (25,101,734)
Automatic conversion of
Class B shares to Class
A shares............... (1,607,144) (15,011,782) (1,357,201) (10,713,110)
Shares issued on
reinvestment of
distributions.......... 367,890 3,169,605 0 0
---------------------------------------------------------------------------------
Net decrease............ (1,587,330) (15,050,628) (2,739,502) (21,849,920)
---------------------------------------------------------------------------------
Class C
Shares sold............. 464,294 4,189,884 1,396,578 10,829,107
Shares redeemed......... (430,877) (3,883,853) (1,578,331) (12,298,336)
Shares issued on
reinvestment of
distributions.......... 11,641 100,287 0 0
---------------------------------------------------------------------------------
Net increase
(decrease)............. 45,058 406,318 (181,753) (1,469,229)
---------------------------------------------------------------------------------
Class Y
Shares sold............. 15,920,205 146,500,062 13,098,531 104,579,420
Shares redeemed......... (11,527,523) (106,305,624) (12,649,097) (100,994,728)
Shares issued on
reinvestment of
distributions.......... 3,418,624 30,025,803 0 0
---------------------------------------------------------------------------------
Net increase............ 7,811,306 70,220,241 449,434 3,584,692
---------------------------------------------------------------------------------
Net increase
(decrease)............. $ 61,670,220 $ (40,809,386)
---------------------------------------------------------------------------------
</TABLE>

124
<PAGE>

Combined Notes to Financial Statements (continued)

Latin America Fund

<TABLE>
<CAPTION>
Year Ended Year Ended
October 31, 2000 October 31, 1999
---------------------- ------------------------
Shares Amount Shares Amount
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A
Shares sold................. 853,770 $ 9,717,391 1,930,232 $ 14,545,208
Automatic conversion of
Class B shares to Class A
shares..................... 11,661 135,955 34,610 210,139
Shares redeemed............. (993,483) (10,953,971) (2,242,871) (17,283,474)
------------------------------------------------------------------------------
Net decrease................ (128,052) (1,100,625) (278,029) (2,528,127)
------------------------------------------------------------------------------
Class B
Shares sold................. 56,516 604,614 1,066,302 7,728,794
Shares redeemed............. (835,937) (8,694,072) (2,826,857) (20,333,293)
Automatic conversion of
Class B shares to Class A
shares..................... (12,122) (135,955) (35,725) (210,139)
------------------------------------------------------------------------------
Net decrease................ (791,543) (8,225,413) (1,796,280) (12,814,638)
------------------------------------------------------------------------------
Class C
Shares sold................. 59,954 594,425 427,770 3,341,817
Shares redeemed............. (168,594) (1,738,398) (611,544) (4,630,544)
------------------------------------------------------------------------------
Net decrease................ (108,640) (1,143,973) (183,774) (1,288,727)
------------------------------------------------------------------------------
Class Y
Shares sold................. 19,432 223,569 58,016 485,219
Shares redeemed............. (15,727) (183,785) (29,686) (260,089)
------------------------------------------------------------------------------
Net increase................ 3,705 39,784 28,330 225,130
------------------------------------------------------------------------------
Net decrease................ $(10,430,227) $(16,406,362)
------------------------------------------------------------------------------
</TABLE>

Perpetual Global Fund

<TABLE>
<CAPTION>
Year Ended Year Ended Year Ended
October 31, 2000 October 31, 1999 (a) (b) September 30, 1999
------------------------ -------------------------- ------------------------
Shares Amount Shares Amount Shares Amount
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class A
Shares sold............. 1,207,356 $ 27,622,125 314,307 $ 10,270,258 4,607,081 $ 98,857,851
Shares redeemed......... (1,686,221) (38,461,482) (538,932) (15,634,634) (4,131,024) (89,908,934)
Shares issued on
reinvestment of
distributions.......... 546,666 11,725,991 0 0 247,789 4,601,451
--------------------------------------------------------------------------------------------------------
Net increase
(decrease)............. 67,801 886,634 (224,625) (5,364,376) 723,846 13,550,368
--------------------------------------------------------------------------------------------------------
Class B (c)
Shares sold............. 240,932 5,536,315 43,920 1,030,263
Shares redeemed......... (101,246) (2,412,268) 0 0
Shares issued on
reinvestment of
distributions.......... 2,735 58,641 0 0
--------------------------------------------------------------------------------------------------------
Net increase............ 142,421 3,182,688 43,920 1,030,263
--------------------------------------------------------------------------------------------------------
Class C
Shares sold............. 1,214,851 25,920,511 98,302 2,176,993 1,142,468 23,500,042
Shares redeemed......... (1,603,151) (33,836,935) (67,902) (1,508,791) (1,216,923) (24,875,681)
Shares issued on
reinvestment of
distributions.......... 928,783 18,798,562 0 0 452,424 8,053,145
--------------------------------------------------------------------------------------------------------
Net increase............ 540,483 10,882,138 30,400 668,202 377,969 6,677,506
--------------------------------------------------------------------------------------------------------
Class Y
Shares sold............. 58,230 1,351,748 0 0 0 0
Shares redeemed......... (57,125) (1,326,841) 0 0 0 0
Shares issued on
reinvestment of
distributions.......... 6 135 0 0 5 85
--------------------------------------------------------------------------------------------------------
Net increase............ 1,111 25,042 0 0 5 85
--------------------------------------------------------------------------------------------------------
Net increase
(decrease)............. $ 14,976,502 $ (3,665,911) $ 20,227,959
--------------------------------------------------------------------------------------------------------
</TABLE>
(a) For the one month ended October 31, 1999. The Fund changed its fiscal year
end from September 30 to October 31, effective October 31, 1999.
(b) Effective October 18, 1999, shareholders of Mentor Perpetual Global Portfo-
lio Class A, Class B and Class Y shares became owners of that number of
full and fractional shares of Class A, Class C and Class Y shares, respec-
tively, of Evergreen Perpetual Global Fund. Class B shares of Mentor Per-
petual International Portfolio were redesignated as Class C shares of Ever-
green Perpetual International Fund.
(c) For the period from October 18, 1999 (commencement of class operations) to
October 31, 1999.

125
<PAGE>

Combined Notes to Financial Statements (continued)

Perpetual International Fund

<TABLE>
<CAPTION>
Year Ended Year Ended
October 31, 2000 October 31, 1999 (a)
------------------------ -------------------------
Shares Amount Shares Amount
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A (b)
Shares sold.............. 5,047,400 $ 92,202,950 8,955,978 $ 146,972,039
Automatic conversion of
Class B shares to Class
A shares................ 49 940 0 0
Shares redeemed.......... (4,301,317) (78,540,954) (8,308,120) (138,054,461)
Shares issued on
reinvestment of
distributions........... 547,336 9,432,272 0 0
------------------------------------------------------------------------------
Net increase............. 1,293,468 23,095,208 647,858 8,917,578
------------------------------------------------------------------------------
Class B (c)
Shares sold.............. 469,611 8,624,856 13,367 243,053
Shares redeemed.......... (167,376) (3,047,184) 0 0
Automatic conversion of
Class B shares to Class
A shares................ (49) (940) 0 0
Shares issued on
reinvestment of
distributions........... 5,118 88,843 0 0
------------------------------------------------------------------------------
Net increase............. 307,304 5,665,575 13,367 243,053
------------------------------------------------------------------------------
Class C
Shares sold.............. 2,037,835 36,965,650 1,150,156 18,818,762
Shares redeemed.......... (1,020,181) (18,009,403) (723,566) (11,761,221)
Shares issued on
reinvestment of
distributions........... 368,535 6,231,921 0 0
------------------------------------------------------------------------------
Net increase............. 1,386,189 25,188,168 426,590 7,057,541
------------------------------------------------------------------------------
Class Y
Shares sold.............. 225,423 4,192,430 44 750
Shares redeemed.......... (397,779) (7,481,127) (390,913) (6,130,434)
Shares issued on
reinvestment of
distributions........... 28,154 489,595 0 0
------------------------------------------------------------------------------
Net decrease............. (144,202) (2,799,102) (390,869) (6,129,684)
------------------------------------------------------------------------------
Net increase............. $ 51,149,849 $ 10,088,488
------------------------------------------------------------------------------
</TABLE>
(a) Effective October 18, 1999, shareholders of Mentor Perpetual International
Portfolio Class A, Class B and Class Y shares became owners of that number
of full and fractional shares of Class A, Class C and Class Y shares, re-
spectively, of Evergreen Perpetual International Fund. Class B shares of
Mentor Perpetual International Portfolio were redesignated as Class C
shares of Evergreen Perpetual International Fund.
(b) As a result of the conversion of Mentor Perpetual International Portfolio
to Evergreen Perpetual International Fund, the shareholders of Mentor Per-
petual International Portfolio, Class E, became owners of that number of
full and fractional shares of Evergreen Perpetual International Fund, Class
A, having a net asset value equal to the net asset value of their shares
immediately prior to the conversion of shares.
(c) For the period from October 18, 1999 (commencement of class operations) to
October 31, 1999.

Precious Metals Fund

<TABLE>
<CAPTION>
Year Ended Year Ended
October 31, 2000 October 31, 1999
------------------------ ------------------------
Shares Amount Shares Amount
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A
Shares sold............... 1,445,780 $ 15,481,753 4,753,120 $ 53,717,724
Automatic conversion of
Class B shares to Class A
shares................... 358,322 3,987,483 451,153 5,261,155
Shares redeemed........... (2,638,481) (27,925,922) (6,526,818) (73,614,764)
-------------------------------------------------------------------------------
Net decrease.............. (834,379) (8,456,686) (1,322,545) (14,635,885)
-------------------------------------------------------------------------------
Class B
Shares sold............... 357,251 3,894,198 1,911,827 21,129,266
Shares redeemed........... (480,441) (5,182,533) (2,506,551) (28,224,561)
Automatic conversion of
Class B shares to Class A
shares................... (363,880) (3,987,483) (454,370) (5,261,155)
-------------------------------------------------------------------------------
Net decrease.............. (487,070) (5,275,818) (1,049,094) (12,356,450)
-------------------------------------------------------------------------------
Class C
Shares sold............... 125,462 1,379,872 1,133,571 12,718,285
Shares redeemed........... (134,582) (1,491,583) (1,142,043) (12,835,852)
-------------------------------------------------------------------------------
Net decrease.............. (9,120) (111,711) (8,472) (117,567)
-------------------------------------------------------------------------------
Class Y (a)
Shares sold............... 96 1,000
Shares redeemed........... 0 0
-------------------------------------------------------------------------------
Net increase.............. 96 1,000
-------------------------------------------------------------------------------
Net decrease.............. $(13,843,215) $(27,109,902)
-------------------------------------------------------------------------------
</TABLE>
(a) For the period February 29, 2000 (commencement of class operations) to
April 30, 2000.

126
<PAGE>

Combined Notes to Financial Statements (continued)

7. SECURITIES TRANSACTIONS

Cost of purchases and proceeds from sales of investment securities (excluding
short-term securities) were as follows for the year ended October, 2000:

<TABLE>
<CAPTION>
Cost of Proceeds from
Purchases Sales
<S> <C> <C>
-----------------------------
Emerging Markets Growth Fund...... $ 42,215,801 $ 44,160,674
Global Leaders Fund............... 132,986,253 169,310,420
Global Opportunities Fund......... 544,392,793 527,171,603
International Growth Fund......... 1,128,000,016 1,095,488,979
Latin America Fund................ 12,867,422 22,877,214
Perpetual Global Fund............. 409,868,955 442,424,825
Perpetual International Fund...... 291,080,942 266,242,114
Precious Metals Fund.............. 19,732,664 31,518,605
</TABLE>

At October 31, 2000 the International Growth Fund had forward foreign exchange
contracts outstanding as follows:

Global Opportunities Fund

Forward Foreign Currency Exchange Contracts to Sell:

<TABLE>
<CAPTION>
Exchange U.S. Value at In Exchange Unrealized
Date Contracts to Deliver October 31, 2000 for U.S. $ Gain
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1/16/2001 4,634,567 Canadian Dollar $ 3,039,790 $ 3,064,000 $ 24,210

International Growth Fund

Forward Foreign Currency Exchange Contracts to Sell:

<CAPTION>
Exchange U.S. Value at In Exchange Unrealized
Date Contracts to Deliver October 31, 2000 for U.S. $ Gain
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1/16/2001 38,207,948 Canadian Dollar $25,060,409 $25,260,000 $ 199,592

Perpetual Global Fund

Forward Foreign Currency Exchange Contracts to Sell:

<CAPTION>
Exchange U.S. Value at In Exchange Unrealized
Date Contracts to Deliver October 31, 2000 for U.S. $ Gain
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1/29/2001 2,251,688,197 Japanese Yen $20,956,121 $22,506,370 $1,550,249

Forward Foreign Currency Exchange Contracts to Buy:

<CAPTION>
Exchange U.S. Value at In Exchange Unrealized
Date Contracts to Receive October 31, 2000 for U.S. $ Loss
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1/29/2001 1,325,586,890 Japanese Yen $12,337,037 $12,687,000 $ 349,963

Perpetual International Fund

Forward Foreign Currency Exchange Contracts to Sell:

<CAPTION>
Exchange U.S. Value at In Exchange Unrealized
Date Contracts to Deliver October 31, 2000 for U.S. $ Gain
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1/29/2001 2,856,002,181 Japanese Yen $26,580,380 $28,515,573 $1,935,193

Forward Foreign Currency Exchange Contracts to Buy:

<CAPTION>
Exchange U.S. Value at In Exchange Unrealized
Date Contracts to Receive October 31, 2000 for U.S. $ Loss
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1/29/2001 1,306,150,000 Japanese Yen $12,156,140 $12,500,000 $ 343,860
</TABLE>

127
<PAGE>

Combined Notes to Financial Statements (continued)

The Global Leaders Fund, Global Opportunities Fund, Perpetual Global Fund and
Perpetual International Fund loaned securities during the year ended October
31, 2000 to certain brokers. At October 31, 2000, the value (including accrued
interest) of securities on loan and the value of collateral (including accrued
interest) were as follows:

<TABLE>
<CAPTION>
Value of
Securities on Value of
Loan Collateral
-------------------------
<S> <C> <C>
Global Leaders Fund................... $39,608,755 $40,735,618
Perpetual Global Fund................. 19,593,037 20,310,879
Perpetual International Fund.......... 25,715,814 26,775,463
</TABLE>

On October 31, 2000 the composition of unrealized appreciation and depreciation
on securities based on the aggregate cost of securities for federal income tax
purposes were as follows:

<TABLE>
<CAPTION>
Gross Gross Net Unrealized
Unrealized Unrealized Appreciation
Tax Cost Appreciation Depreciation (Depreciation)
-----------------------------------------------------
<S> <C> <C> <C> <C>
Emerging
Markets Growth
Fund.......... $ 59,908,908 $ 9,363,402 $12,774,623 $ (3,411,221)
Global Leaders
Fund.......... 317,274,961 145,697,264 18,047,713 127,649,551
Global
Opportunities
Fund.......... 218,516,878 44,143,473 23,681,987 20,461,486
International
Growth Fund... 715,938,516 66,272,495 37,699,401 28,573,094
Latin America
Fund.......... 18,679,639 8,621,285 942,307 7,678,978
Perpetual
Global Fund... 220,434,663 16,016,131 16,945,519 (929,388)
Perpetual
International
Fund.......... 215,610,753 13,399,683 15,459,594 (2,059,911)
Precious Metals
Fund.......... 71,132,544 9,680,478 32,012,246 (22,331,768)
</TABLE>

As of October 31, 2000 the Funds had capital loss carryovers for federal income
tax purposes as follows:

<TABLE>
<CAPTION>
Capital Loss
Carryforward Expiration
-----------------------
<S> <C> <C>
Emerging Markets Growth Fund............ $ 5,898,753 2006
International Growth Fund............... 49,425 2005
Latin America Fund...................... 15,181,269 2006
Latin America Fund...................... 5,971,777 2007
Precious Metals Fund.................... 4,502,429 2005
Precious Metals Fund.................... 50,308,129 2006
Precious Metals Fund.................... 33,416,250 2007
Precious Metals Fund.................... 12,173,703 2008
</TABLE>

8. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and their custodian, a portion of
the fund expenses have been reduced. The amount of expense reductions received
by each Fund and the impact of the total expense reductions on each Fund's
annualized expense ratio represented as a percentage of its average net assets
were as follows:

<TABLE>
<CAPTION>
Total Expense % of Average
Reductions Net Assets
--------------------------
<S> <C> <C>
Emerging Markets Growth Fund......... $ 6,244 0.01%
Global Leaders Fund.................. 17,418 0.00%
Global Opportunities Fund............ 22,331 0.01%
International Growth Fund............ 36,867 0.00%
Latin America Fund................... 2,538 0.01%
Perpetual Global Fund................ 14,952 0.01%
Perpetual International Fund......... 12,993 0.01%
Precious Metals Fund................. 3,506 0.01%
</TABLE>

9. DEFERRED TRUSTEES' FEES

Each Independent Trustee of each Fund may defer any or all compensation related
to performance of their duties as Trustees. The Trustees' deferred balances are
allocated to deferral accounts, which are included in the accrued expenses for
the Fund. The investment performance of the deferral accounts are based on the
investment performance of certain Evergreen Funds. Any gains earned or losses
incurred in the deferral accounts are reported in the Fund's Trustees' fees and
expenses. 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.

128
<PAGE>

Combined Notes to Financial Statements (continued)

10. FINANCING AGREEMENT

On July 27, 1999, certain Evergreen Funds and a group of banks (the "Lenders")
entered into a credit agreement. On August 6, 1999, the Perpetual Global Fund
and Perpetual International Fund became party to this credit agreement. Under
this agreement, the Lenders provided an unsecured revolving credit commitment
in the aggregate amount of $1.050 billion. The credit facility was allocated,
under the terms of the financing agreement, among the Lenders. The credit fa-
cility was accessed by the Funds for temporary or emergency purposes to fund
the redemption of their shares or for general working capital purposes as per-
mitted by each Fund's borrowing restrictions. Borrowings under this facility
bore interest at 0.75% per annum above the Federal 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 an-
num was incurred on the average daily unused portion of the revolving credit
commitment. The commitment fee was 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 Bank and Trust Co.
("State Street") serves as paying agent for the funds and as paying agent was
entitled to a fee of $20,000 per annum which was allocated to all the funds.

On July 25, 2000, this agreement was renewed, amended and restated among cer-
tain Evergreen Funds and the Lenders. Under this renewed agreement, the Lenders
provide an unsecured revolving credit commitment in the aggregate amount of
$755 million. The credit facility is allocated, under the terms of the financ-
ing agreement, among the Lenders. The credit facility is accessed by the Funds
to temporarily finance the purchase or sale of securities for prompt delivery,
including funding redemption of their shares, as permitted by each Fund's bor-
rowing restrictions. Borrowings under this facility bear interest at 0.50% per
annum above the Federal Funds rate. A commitment fee of 0.10% per annum contin-
ues to be incurred on the average daily unused portion of the revolving credit
commitment and is allocated to all funds. For its assistance in renewing this
financing agreement, First Union Capital Markets Corp. was paid a one-time ar-
rangement fee of $150,000. State Street continues as paying agent for the funds
and receives a fee of $20,000 per annum which is allocated to all the funds.

Below is a summary of the borrowing activity for each Fund that utilized the
line of credit during the year ended October 31, 2000:

<TABLE>
<CAPTION>
Interest
Expense as
a % of Number of Average Weighted Maximum
Average Days the Daily Average Daily
Interest Daily Net LOC was Balance Interest Balance
Expense Assets used Outstanding Rate Outstanding
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Emerging Markets
Growth Fund.... $ 5,584 0.01% 30 $ 79,380 6.919% $ 3,030,000
Global Leaders
Fund........... 104,090 0.02% 112 1,540,635 6.646% 21,041,000
Global
Opportunities
Fund........... 10,515 0.00% 19 160,044 6.463% 8,953,000
International
Growth Fund.... 6,381 0.00% 17 92,301 6.800% 3,500,000
Latin America
Fund........... 3,408 0.01% 17 46,913 7.145% 2,644,000
Perpetual Global
Fund........... 121,823 0.05% 123 1,791,546 6.688% 17,038,000
Perpetual
International
Fund........... 6,658 0.00% 21 99,958 6.551% 4,400,000
Precious Metals
Fund........... 2,171 0.00% 18 29,397 7.386% 1,800,000
</TABLE>

11. CONCENTRATION OF RISK

The Funds may invest a substantial portion of its assets in an industry, sector
or foreign country and, therefore, may be more affected by changes in the in-
dustry, sector or foreign country than would be a comparable mutual fund that
is not weighed in any industry, sector or foreign country.

12. SUBSEQUENT EVENTS

On December 7, 2000, Perpetual Plc merged with AMVESCAP Plc, the parent of the
investment advisors to the AIM and INVESCO mutual fund families. This acquisi-
tion resulted in a change in control in the ownership of Mentor Perpetual. In
anticipation of the acquisition, on November 27, 2000, the Board of Trustees of
Per-

129
<PAGE>

Combined Notes to Financial Statements (continued)

petual Global Fund and Perpetual International Fund approved interim investment
advisory agreements with Mentor Perpetual until a shareholder meeting is held
in February 2001 to approve new investment advisory agreements. The fees paid
by each Fund to Mentor Perpetual under the new investment advisory agreements
will be the same fees as are currently in effect.

Effective November 1, 2000, the investment advisory contract for Global Leaders
Fund was transferred from EAMC to EIMC. There were no changes in the advisory
fee rates.

130
<PAGE>

Independent Auditors' Report

Board of Trustees and Shareholders
Evergreen International Trust

We have audited the accompanying statements of assets and liabilities, includ-
ing the schedules of investments of the Evergreen Emerging Markets Growth Fund,
Evergreen Global Leaders Fund, Evergreen Global Opportunities Fund, Evergreen
International Growth Fund, Evergreen Latin America Fund, Evergreen Perpetual
Global Fund, Evergreen Perpetual International Fund, and Evergreen Precious
Metals Fund, portfolios of the Evergreen International Trust, as of October 31,
2000, and the related statements of operations for the year then ended, the
statements of changes in net assets for each of the years or periods in the
two-year period then ended, and the financial highlights for each of the years
or periods in the five-year period then ended. These financial statements and
financial highlights are the responsibility of the Funds' management. Our re-
sponsibility is to express an opinion on these financial statements and finan-
cial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally ac-
cepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the finan-
cial statements and financial highlights are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation
of securities owned as of October 31, 2000 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reason-
able basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
portfolios of Evergreen International Trust, referred to above, as ofOctober
31, 2000, the results of their operations, changes in their net assets and fi-
nancial highlights for each of the years or periods described above in confor-
mity with accounting principles generally accepted in the United States of
America.

/s/ KPMG LLP

Boston, Massachusetts
December 8, 2000

131
<PAGE>

Additional Information (unaudited)

FEDERAL TAX STATUS OF DISTRIBUTIONS (unaudited)

Pursuant to section 852 of the Internal Revenue Code, the Funds have designated
the following amounts as long-term capital gain distributions for the fiscal
year ended October 31, 2000:

<TABLE>
<CAPTION>
Aggregate Per Share
----------- ---------
<S> <C> <C>
Global Leaders Fund....................... $10,104,287 0.467
Global Opportunities Fund................. 12,679,430 1.794
International Growth Fund................. 33,498,774 0.411
Perpetual Global Fund..................... 11,039,143 1.167
Perpetual International Fund.............. 3,761,420 0.429
</TABLE>

For corporate shareholders, the following percentages of ordinary income divi-
dends paid during the fiscal year ended October 31, 2000 qualified for the div-
idends and received deductions.

<TABLE>
<CAPTION>
<S> <C>
International Growth Fund................................. 2.50%
Perpetual Global Fund..................................... 13.18%
</TABLE>

132
<PAGE>

Evergreen Funds

Money Market Funds
Florida Municipal Money Market Fund
Money Market Fund
Municipal Money Market Fund
New Jersey Municipal Money Market Fund
Pennsylvania Municipal Money Market Fund
Treasury Money Market Fund

State Municipal Bond Funds
Connecticut Municipal Bond Fund
Florida High Income Municipal Bond Fund
Florida Municipal Bond Fund
Georgia Municipal Bond Fund
Maryland Municipal Bond Fund
New Jersey Municipal Bond Fund
North Carolina Municipal Bond Fund
Pennsylvania Municipal Bond Fund
South Carolina Municipal Bond Fund
Virginia Municipal Bond Fund

National Municipal Bond Funds
High Grade Municipal Bond Fund
High Income Municipal Bond Fund
Municipal Bond Fund
Short Intermediate Municipal Bond Fund

Short and Intermediate Bond Funds
Intermediate Term Bond Fund
Short-Duration Income Fund

Intermediate and Long Term Bond Funds
Diversified Bond Fund
High Yield Bond Fund
Quality Income Fund
Strategic Income Fund
U.S. Government Fund

Balanced Funds
Balanced Fund
Foundation Fund
Tax Strategic Foundation Fund

Growth & Income Funds
Blue Chip Fund
Equity Income Fund
Equity Index Fund
Growth and Income Fund
Small Cap Value Fund
Value Fund

Domestic Growth Funds
Aggressive Growth Fund
Capital Growth Fund
Evergreen Fund
Growth Fund
Large Company Growth Fund
Masters Fund
Omega Fund
Small Company Growth Fund
Special Equity Fund
Stock Selector Fund
Tax Strategic Equity Fund

Sector Funds
Health Care Fund
Technology Fund
Utility Fund

Global & International Funds
Emerging Markets Growth Fund
Global Leaders Fund
Global Opportunities Fund
International Growth Fund
Latin America Fund
Perpetual Global Fund
Perpetual International Fund
Precious Metals Fund

Express Line
800.346.3858

Investor Services
800.343.2898

www.evergreen-funds.com

60546 541076 12/2000

[LOGO OF EVERGREEN FUNDS]

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