<PAGE>
August 31, 1999
[GRAPHIC]
Evergreen Select
Money Market Funds
Semiannual Report
[LOGO OF EVERGREEN FUNDS APPEARS HERE]
<PAGE>
Table of Contents
Letter to Shareholders ................................................. 1
Fund at a Glance
Evergreen Select Money Market Fund .................................. 2
Evergreen Select Municipal Money
Market Fund ...................................................... 3
Evergreen Select Treasury Money
Market Fund ...................................................... 4
Evergreen Select 100% Treasury Money
Market Fund ...................................................... 5
Financial Highlights
Evergreen Select Money Market Fund .................................. 6
Evergreen Select Municipal Money
Market Fund ...................................................... 7
Evergreen Select Treasury Money
Market Fund ...................................................... 8
Evergreen Select 100% Treasury Money
Market Fund ...................................................... 9
Schedule of Investments
Evergreen Select Money Market Fund .................................. 10
Evergreen Select Municipal Money
Market Fund ...................................................... 13
Evergreen Select Treasury Money
Market Fund ...................................................... 20
Evergreen Select 100% Treasury Money
Market Fund ...................................................... 22
Statements of Assets and Liabilities ................................... 23
Statements of Operations ............................................... 24
Statements of Changes in Net Assets --
Six Months Ended August 31, 1999 .................................... 25
Year Ended February 28, 1999 ........................................ 26
Combined Notes to Financial
Statements ............................................................. 27
Evergreen Funds
Evergreen Funds is one of the nation's fastest growing investment companies with
over $70 billion in assets under management. With over 80 mutual funds to choose
among and acclaimed service and operations capabilities, investors enjoy a broad
range of quality investment products and services designed to meet their needs.
The Evergreen Funds employ intensive, research-driven investment strategies
executed by over 90 research analysts and portfolio managers. The fund company
remains dedicated to meeting the needs of investors and their advisors in a
global economy. Look to the Evergreen Funds to provide a distinctive level of
service and excellence in investment management.
This semiannual report must be preceded or accompanied by a prospectus of an
Evergreen fund contained herein. The prospectus contains more complete
information, including fees and ongoing expenses, and should be read carefully
before investing or sending money.
---------------------------------------------------------------
Mutual Funds: ARE NOT FDIC INSURED May lose value . Are not bank guaranteed
---------------------------------------------------------------
Evergreen Distributor, Inc.
Evergreen/SM/ is a Service Mark of Evergreen Investment Services, Inc.
<PAGE>
Letter to Shareholders
----------------------
October 1999
Dear Shareholders:
We are pleased to provide the Evergreen Select Money Market Funds semiannual
report, which covers the six-month period ended August 31, 1999.
[PHOTO OF WILLIAM M. ENNIS APPEARS HERE]
[PHOTO OF DAVID C. FRENCIS APPEARS HERE]
Continued Strength in the Domestic Economy
During the first quarter of 1999, a handful of large capitalization growth
stocks, technology stocks in particular, continued to dominate market
performance. Early in the second quarter, participation broadened to include
--------
both value stocks and small company stocks: two areas which had disappointed
investors for several years. By the end of the period, however, the overall
----------------------------------------------
market began to correct down. Inflation fears persist, and the Federal Reserve
- ----------------------------
increased interest rates in June and again in late August in an effort to
contain stock and bond prices. Investors will watch carefully to see whether
there will be a third rate increase later this year. Despite the anxiety over
interest rates, many experts agree that the economy is still fundamentally
strong, and we remain cautiously optimistic about the prospects for continued
growth in the markets.
Year 2000 Preparation/1/
We continue to progress with our preparations for Year 2000. Our aim is to
provide uninterrupted service and communication with shareholders through the
end of December 1999 and into January 2000. As of the end of October, when this
report was finalized, we have completed all the regulatory requirements for
testing and certification of our systems. In March, we participated in the
industry's "Street Test" with the Securities Industry Association, which helped
us evaluate the readiness of one of the industry's critical trading networks. We
are confident that our long-term approach to planning and preparation will
enable us to continue to deliver the high quality products and services that you
have come to expect.
Once again, we remind you to take advantage of your financial advisor's
expertise and work together to develop an asset allocation strategy that will
help you to meet your investment goals and objectives. Evergreen Funds offers a
wide range of funds that includes multiple investment styles to help you find
those that will be appropriate for your portfolio.
Thank you for your continued investment in Evergreen Funds.
Sincerely,
/s/ William M. Ennis
William M. Ennis
President and CEO
Evergreen Investment Company, Inc.
/s/ David C. Francis
David C. Francis, C.F.A.
Managing Director
Chief Investment Officer
First Capital Group
- ------------------
/1/ The information above constitutes Year 2000 readiness disclosure.
1
<PAGE>
- --------------------------------------------------------------------------------
EVERGREEN
Select Money Market Fund
- --------------------------------------------------------------------------------
Fund at a Glance as of August 31, 1999
- ---------------------
PORTFOLIO COMPOSITION
- ---------------------
(as a percentage of portfolio assets)
[PIE CHART APPEARS HERE]
Corp. Notes/Bonds -- 50.0%
Commercial Paper -- 39.3%
Funding Agreements -- 5.0%
Municipals -- 4.4%
Mutual Fund Shares -- 0.7%
Repurchase Agreements -- 0.6%
Portfolio
Management
- ----------
[PHOTO OF KELLIE ALLEN APPEARS HERE]
Kellie Allen
Tenure: November 1996
[PHOTO OF BRYAN K. WHITE APPEARS HERE]
Bryan K. White
Tenure: November 1996
- --------------------------------
Total Net Assets: $5,099,119,936
Average Maturity: 77 days
- --------------------------------
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. The yield quotation more
closely reflects the earnings of the fund than the total return quotation.
Yields will fluctuate. Past performance is no guarantee of future results.
- -----------------------
PERFORMANCE AND RETURNS
- -----------------------
<TABLE>
<CAPTION>
Institutional Lipper Inst.
Institutional Service Money 90-Day
Shares Shares Markets Treasury
Portfolio Inception Date: 11/19/96 (Class I) (Class IS) Average Bill
Class Inception Date 11/19/96 11/26/96
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Average Annual Returns
- ----------------------
- ----------------------------------------------------------------------------------
6-month return 2.52% 2.39% 2.36% 2.28%
- ----------------------------------------------------------------------------------
One year return 5.23% 4.96% 4.86% 4.53%
- ----------------------------------------------------------------------------------
Since Inception 5.53% 5.27% 5.20%* 4.92%*
- ----------------------------------------------------------------------------------
7-day net annualized yield 5.17% 4.91% n/a n/a
- ----------------------------------------------------------------------------------
30-day annualized yield 5.11% 4.86% n/a n/a
- ----------------------------------------------------------------------------------
6-month distributions $0.025 $0.024 n/a n/a
- ----------------------------------------------------------------------------------
*Since 11/30/96
</TABLE>
- --------------------------
Annualized 7-day NET yield
- --------------------------
[LINE GRAPH APPEARS HERE]
Class I Class IS
Mar-99 4.90% 4.65%
Apr-99 4.89% 4.64%
May-99 4.84% 4.59%
Jun-99 4.96% 4.70%
Jul-99 5.06% 4.81%
Aug-99 5.17% 4.91%
2
<PAGE>
--------------------------------------
EVERGREEN
Select Municipal Money Market Fund
--------------------------------------
Fund at a Glance as of August 31, 1999
- ---------------------
PORTFOLIO COMPOSITION
- ---------------------
[PIE CHART APPEARS HERE]
Variable Rate Demand Notes -- 85.4%
Put Bonds -- 10.0%
Notes & Bonds -- 2.2%
Commercial Paper -- 1.3%
Mutual Fund Shares -- 1.1%
- ----------
Portfolio
Management
- ----------
[PHOTO OF STEVEN C. SHACHAT APPEAR HERE]
Steven C. Shachat
Tenure: May 1998
- --------------------------------
Total Net Assets: $1,132,637,584
Average Maturity: 20 days
- --------------------------------
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. The yield quotation more
closely reflects the earnings of the fund than the total return quotation.
Yields will fluctuate. Past performance is no guarantee of future results.
- -----------------------
PERFORMANCE AND RETURNS
- -----------------------
<TABLE>
<CAPTION>
Institutional
Institutional Service Lipper Inst. 90-Day
Shares Shares Tax Exempt Treasury
Portfolio Inception Date: 11/20/96 (Class I) (Class IS) Average Bill
Class Inception Date 11/20/96 11/25/96
- --------------------------------------------------------------------------------------------
Average Annual Returns
- ----------------------
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6-month return 1.65% 1.53% 1.43% 2.28%
- ---------------------------------------------------------------------------------------------
One year return 3.34% 3.08% 2.90% 4.53%
- ---------------------------------------------------------------------------------------------
Since Inception 3.54% 3.28% 3.15%* 4.92%*
- ---------------------------------------------------------------------------------------------
7-day net annualized yield 3.28% 3.03% n/a n/a
- ---------------------------------------------------------------------------------------------
30-day annualized yield 3.20% 2.95% n/a n/a
- ---------------------------------------------------------------------------------------------
6-month distributions $0.016 $0.015 n/a n/a
- ---------------------------------------------------------------------------------------------
</TABLE>
*Since 11/30/96
- --------------------------
Annualized 7-day NET yield
- --------------------------
[LINE GRAPH APPEARS HERE]
Class I Class IS
Mar-99 3.15% 2.90%
Apr-99 3.65% 3.40%
May-99 3.35% 3.10%
Jun-99 3.71% 3.46%
Jul-99 3.22% 2.97%
Aug-99 3.28% 3.03%
3
<PAGE>
--------------------------------------
EVERGREEN
Select Treasury Money Market Fund
--------------------------------------
Fund at a Glance as of August 31, 1999
- ---------------------
PORTFOLIO COMPOSITION
- ---------------------
(as a percentage of portfolio assets)
[PIE CHART APPEARS HERE]
Repurchase Agreements -- 71.5%
U.S. Notes -- 22.8%
U.S. Treasury Bills -- 5.4%
Mutual Fund Shares -- 0.3%
- ----------
Portfolio
Management
- ----------
[PHOTO OF KEILLIE ALLEN APPEARS HERE]
Kellie Allen
Tenure: November 1996
[PHOTO OF BRYAN K. WHITE APPEARS HERE]
Bryan K. White
Tenure: November 1996
- --------------------------------
Total Net Assets: $3,466,335,804
Average Maturity: 43 days
- --------------------------------
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. The yield quotation more
closely reflects the earnings of the fund than the total return quotation.
Yields will fluctuate. Past performance is no guarantee of future results.
- -----------------------
PERFORMANCE AND RETURNS
- -----------------------
<TABLE>
<CAPTION>
Lipper Inst.
Institutional U.S. Treasury
Institutional Service Money 90-Day
Shares Shares Markets Treasury
Portfolio Inception Date: 11/20/96 (Class I) (Class IS) Average Bill
Class Inception Date 11/20/96 11/27/96
- ----------------------------------------------------------------------------------------------
Average Annual Returns
- ----------------------
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6-month return 2.39% 2.26% 2.21% 2.28%
- -----------------------------------------------------------------------------------------------
One year return 4.89% 4.63% 4.51% 4.53%
- -----------------------------------------------------------------------------------------------
Since Inception 5.28% 5.02% 4.90%* 4.92%*
- -----------------------------------------------------------------------------------------------
7-day net annualized yield 5.01% 4.76% n/a n/a
- -----------------------------------------------------------------------------------------------
30-day annualized yield 4.85% 4.60% n/a n/a
- -----------------------------------------------------------------------------------------------
6-month distributions $0.024 $0.022 n/a n/a
- -----------------------------------------------------------------------------------------------
</TABLE>
*Since 11/30/96
- --------------------------
Annualized 7-day NET yield
- --------------------------
[LINE GRAPH APPEARS HERE]
Class I Class IS
3/99 4.76% 4.51%
4/99 4.63% 4.38%
5/99 4.58% 4.33%
6/99 4.67% 4.43%
7/99 4.86% 4.61%
8/99 5.01% 4.76%
4
<PAGE>
--------------------------------------
EVERGREEN
Select 100% Treasury Money Market Fund
--------------------------------------
Fund at a Glance as of August 31, 1999
- ---------------------
PORTFOLIO COMPOSITION
- ---------------------
(as a percentage of portfolio assets)
[PIE CHART APPEARS HERE]
U.S. Notes -- 71.3%
U.S. Treasury Bills -- 28.7%
- ----------
Portfolio
Management
- ----------
[PHOTO OF KELLIE ALLEN APPEARS HERE]
Kellie Allen
Tenure: December 1997
[PHOTO OF BRYAN K. WHITE APPEARS HERE]
Bryan K. White
Tenure: December 1997
- ------------------------------
Total Net Assets: $470,295,439
Average Maturity: 66 days
- ------------------------------
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. The yield quotation more
closely reflects the earnings of the fund than the total return quotation.
Yields will fluctuate. Past performance is no guarantee of future results.
- -----------------------
PERFORMANCE AND RETURNS
- -----------------------
<TABLE>
<CAPTION>
Lipper Inst.
Institutional U.S. Treasury
Institutional Service Money 90-Day
Shares Shares Markets Treasury
Portfolio Inception Date: 12/8/97 (Class I) (Class IS) Average Bill
Class Inception Date 12/8/97 12/22/97
- ----------------------------------------------------------------------------------------------------
Average Annual Returns
- ----------------------
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6-month return 2.30% 2.17% 2.21% 2.28%
- ----------------------------------------------------------------------------------------------------
One year return 4.62% 4.36% 4.51% 4.53%
- ----------------------------------------------------------------------------------------------------
Since Inception 4.85% 4.58% 4.76%* 4.75%*
- ----------------------------------------------------------------------------------------------------
7-day net annualized yield 4.69% 4.43% n/a n/a
- ----------------------------------------------------------------------------------------------------
30-day annualized yield 4.63% 4.38% n/a n/a
- ----------------------------------------------------------------------------------------------------
6-month distributions $0.023 $0.021 n/a n/a
- ----------------------------------------------------------------------------------------------------
</TABLE>
*Since 12/31/97
- --------------------------
Annualized 7-day NET yield
- --------------------------
[LINE GRAPH APPEARS HERE]
Class I Class IS
Mar-99 4.56% 4.31%
Apr-99 4.44% 4.19%
May-99 4.46% 4.21%
Jun-99 4.50% 4.25%
Jul-99 4.48% 4.22%
Aug-99 4.69% 4.43%
5
<PAGE>
EVERGREEN
Select Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended February 28,
August 31, 1999 --------------------------------
(Unaudited) 1999 1998 1997 (a)
<S> <C> <C> <C> <C>
CLASS I SHARES
Net asset value, beginning
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Income from investment
operations
Net investment income 0.025 0.054 0.056 0.015
Less distributions to
shareholders from net
investment income (0.025) (0.054) (0.056) (0.015)
---------- ---------- ---------- --------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Total return 2.52% 5.53% 5.71% 1.57%
Ratios and supplemental
data
Net assets, end of period
(thousands) $2,831,597 $2,853,495 $1,051,741 $575,331
Ratios to average net
assets:
Expenses** 0.18%+ 0.21% 0.20% 0.07%+
Net investment income 4.93%+ 5.35% 5.60% 5.48%+
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended February 28,
August 31, 1999 --------------------------------
(Unaudited) 1999 1998 1997 (b)
<S> <C> <C> <C> <C>
CLASS IS SHARES
Net asset value, beginning
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Income from investment
operations
Net investment income 0.024 0.051 0.053 0.014
Less distributions to
shareholders from net
investment income (0.024) (0.051) (0.053) (0.014)
---------- ---------- ---------- --------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Total return 2.39% 5.27% 5.45% 1.40%
Ratios and supplemental
data
Net assets, end of period
(thousands) $2,267,522 $2,242,693 $1,215,348 $867,294
Ratios to average net
assets:
Expenses** 0.47%+ 0.46% 0.45% 0.32%+
Net investment income 4.70%+ 5.12% 5.33% 5.24%+
</TABLE>
(a) For the period from November 19, 1996 (commencement of class operations) to
February 28, 1997.
(b) For the period from November 26, 1996 (commencement of class operations) to
February 28, 1997.
+ Annualized.
** Ratio of expenses to average net assets exclude fee credits, but includes
fee waivers.
See Combined Notes to Financial Statements.
6
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended February 28,
August 31, 1999 ----------------------------
(Unaudited) 1999 1998 1997 (a)
<S> <C> <C> <C> <C>
CLASS I SHARES
Net asset value, beginning of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- --------
Income from investment
operations
Net investment income 0.016 0.035 0.036 0.010
Less distributions to
shareholders from net
investment income (0.016) (0.035) (0.036) (0.010)
-------- -------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- --------
Total return 1.65% 3.52% 3.67% 0.96%
Ratios and supplemental data
Net assets, end of period
(thousands) $989,303 $857,242 $441,988 $206,124
Ratios to average net assets:
Expenses** 0.24%+ 0.18% 0.10% 0.05%+
Net investment income 3.25%+ 3.41% 3.63% 3.50%+
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended February 28,
August 31, 1999 ---------------------------
(Unaudited) 1999 1998 1997 (b)
<S> <C> <C> <C> <C>
CLASS IS SHARES
Net asset value, beginning of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- ------- -------
Income from investment
operations
Net investment income 0.015 0.032 0.034 0.008
Less distributions to
shareholders from net
investment income (0.015) (0.032) (0.034) (0.008)
-------- -------- ------- -------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- ------- -------
Total return 1.53% 3.27% 3.41% 0.85%
Ratios and supplemental data
Net assets, end of period
(thousands) $143,335 $144,002 $61,778 $14,295
Ratios to average net assets:
Expenses** 0.49%+ 0.42% 0.35% 0.30%+
Net investment income 2.97%+ 3.17% 3.34% 3.19%+
</TABLE>
(a) For the period from November 20, 1996 (commencement of class operations) to
February 28, 1997.
(b) For the period from November 25, 1996 (commencement of class operations) to
February 28, 1997.
+ Annualized.
** Ratio of expenses to average net assets exclude fee credits, but includes
fee waivers.
See Combined Notes to Financial Statements.
7
<PAGE>
EVERGREEN
Select Treasury Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended February 28,
August 31, 1999 --------------------------------
(Unaudited) 1999 1998 1997 (a)
<S> <C> <C> <C> <C>
CLASS I SHARES
Net asset value, beginning
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Income from investment
operations
Net investment income 0.024 0.051 0.055 0.015
Less distributions to
shareholders from net
investment income (0.024) (0.051) (0.055) (0.015)
---------- ---------- ---------- --------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Total return 2.39% 5.24% 5.51% 1.49%
Ratios and supplemental
data
Net assets, end of period
(thousands) $1,841,856 $2,061,540 $1,256,701 $367,771
Ratios to average net
assets:
Expenses** 0.19%+ 0.21% 0.18% 0.06%+
Net investment income 4.70%+ 5.10% 5.42% 5.24%+
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended February 28,
August 31, 1999 --------------------------------
(Unaudited) 1999 1998 1997 (b)
<S> <C> <C> <C> <C>
CLASS IS SHARES
Net asset value, beginning
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Income from investment
operations
Net investment income 0.022 0.049 0.052 0.013
Less distributions to
shareholders from net
investment income (0.022) (0.049) (0.052) (0.013)
---------- ---------- ---------- --------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Total return 2.26% 4.97% 5.25% 1.33%
Ratios and supplemental
data
Net assets, end of period
(thousands) $1,624,480 $1,471,842 $1,005,059 $509,369
Ratios to average net
assets:
Expenses ** 0.44%+ 0.45% 0.43% 0.31%+
Net investment income 4.45%+ 4.81% 5.17% 4.98%+
</TABLE>
(a) For the period from November 20, 1996 (commencement of class operations) to
February 28, 1997.
(b) For the period from November 27, 1996 (commencement of class operations) to
February 28, 1997.
+ Annualized.
** Ratio of expenses to average net assets exclude fee credits, but includes
fee waivers.
See Combined Notes to Financial Statements.
8
<PAGE>
EVERGREEN
Select 100% Treasury Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Year Ended
Six Months Ended February 28,
August 31, 1999 ------------------
(Unaudited) 1999 1998 (a)
<S> <C> <C> <C>
CLASS I SHARES
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
Income from investment operations
Net investment income 0.023 0.048 0.012
Less distributions to shareholders from
net investment income (0.023) (0.048) (0.012)
-------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
Total return 2.30% 4.88% 1.18%
Ratios and supplemental data
Net assets, end of period (thousands) $345,282 $546,122 $245,004
Ratios to average net assets:
Expenses ** 0.11%+ 0.17% 0.20%+
Net investment income 4.50%+ 4.72% 5.18%+
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended February 28,
August 31, 1999 ---------------------------
(Unaudited) 1999 1998 (b)
<S> <C> <C> <C>
CLASS IS SHARES
Net asset value, beginning of
period $ 1.00 $ 1.00 $ 1.00
-------- ------------ -----------
Income from investment
operations
Net investment income 0.021 0.045 0.009
Less distributions to
shareholders from net
investment income (0.021) (0.045) (0.009)
-------- ------------ -----------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
-------- ------------ -----------
Total return 2.17% 4.62% 0.93%
Ratios and supplemental data
Net assets, end of period
(thousands) $125,013 $ 98,426 $ 5,497
Ratios to average net assets:
Expenses ** 0.36%+ 0.40% 0.42%+
Net investment income 4.28%+ 4.41% 4.74%+
</TABLE>
(a) For the period from December 8, 1997 (commencement of class operations) to
February 28, 1998.
(b) For the period from December 23, 1997 (commencement of class operations) to
February 28, 1998.
+ Annualized.
** Ratio of expenses to average net assets exclude fee credits, but includes
fee waivers.
See Combined Notes to Financial Statements.
9
<PAGE>
EVERGREEN
Select Money Market Fund
Schedule of Investments
August 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
COMMERCIAL PAPER - 39.2%
Asset-Backed - 33.0%
$ 46,841,000 Atlantic Asset Securitization Corp.,
5.17%, 9/2/1999................................. $ 46,834,273
6,739,000 Barton Capital Corp.,
5.00%, 9/2/1999................................. 6,738,064
Bavaria Universal Fund:
33,500,000 5.12%, 9/15/1999................................. 33,433,298
50,000,000 5.30%, 9/16/1999................................. 49,889,583
Broadway Capital Corp.:
57,570,000 5.17%, 9/1/1999.................................. 57,570,000
80,000,000 5.62%, 9/1/1999.................................. 80,000,000
Concord Minutemen:
100,000,000 5.21%, 9/10/1999................................. 99,869,750
100,516,000 5.23%, 9/14/1999................................. 100,326,164
Eiffel Funding LLC:
24,360,000 5.35%, 9/20/1999................................. 24,291,217
100,000,000 5.57%, 9/1/1999.................................. 100,000,000
67,397,000 Enterprise Funding Corp.,
(LOC: NationsBank)
5.17%, 9/13/1999................................. 67,280,853
42,000,000 Four Winds Funding Corp.,
5.18%, 9/3/1999.................................. 41,987,913
Lexington Parker Capital Corp.:
10,000,000 4.97%, 9/2/1999.................................. 9,998,620
50,000,000 5.19%, 9/10/1999................................. 49,935,125
68,258,000 5.22%, 9/13/1999................................. 68,139,231
Moat Funding LLC:
30,753,000 4.87%, 10/4/1999................................. 30,615,714
125,000,000 5.20%, 10/5/1999................................. 124,386,111
60,000,000 5.22%, 10/8/1999................................. 59,678,100
30,000,000 5.43%, 9/27/1999................................. 30,000,000
39,000,000 Mont Blanc Capital Corp.,
5.18%, 9/8/1999................................. 38,960,718
56,012,000 Monte Rosa Capital Corp.,
5.18%, 9/9/1999................................. 55,947,524
659,000 Park Avenue Receivables Corp.,
5.22%, 9/7/1999................................. 658,427
Sheffield Receivables Corp.:
53,647,000 5.22%, 9/9/1999.................................. 53,584,769
80,600,000 5.22%, 9/15/1999................................. 80,436,382
75,000,000 Special Purpose Accounts Receivable,
5.63%, 11/19/1999............................... 75,000,000
57,182,000 Thames Asset Global Securitization Corp.,
5.18%, 9/7/1999................................. 57,132,633
Westways Funding Corp.:
60,000,000 5.16%, 9/10/1999................................. 59,922,600
50,000,000 5.30%, 9/17/1999................................. 49,882,222
39,950,000 Windmill Funding Corp.,
5.18%, 9/16/1999................................ 39,863,775
90,835,000 Wood Street Funding Corp.,
5.17%, 9/1/1999................................. 90,835,000
--------------
1,683,198,066
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
COMMERCIAL PAPER - continued
Banks - 1.0%
$ 50,000,000 Citibank Credit Card,
5.23%, 9/14/1999............................... $ 49,905,569
--------------
Finance & Insurance - 3.7%
51,975,000 Aetna Svcs., Inc.,
5.28%, 9/16/1999............................... 51,860,655
51,000,000 Ford Motor Credit Co., Inc.,
5.65%, 9/1/1999................................ 51,000,000
Sigma Fin. Corp.:
10,000,000 5.10% 9/17/1999 (a)............................. 9,977,333
33,900,000 5.192% 2/24/2000 (a)............................ 33,899,837
40,000,000 5.31% 9/13/1999 (a)............................. 40,000,000
--------------
186,737,825
--------------
Industrial Specialty Products & Services - 1.4%
73,200,000 Corning, Inc.,
5.28%, 9/16/1999............................... 73,038,960
--------------
Retailing & Wholesale - 0.1%
5,200,000 Toys "R" Us, Inc.,
5.32%, 9/1/1999................................ 5,200,000
--------------
Total Commercial Paper (cost $1,998,080,420).... 1,998,080,420
--------------
CORPORATE BONDS & NOTES - 49.8%
Asset-Backed - 1.0%
40,000,000 Asset Backed Capital Finance, Inc.,
5.25%, 4/14/2000............................... 40,000,000
10,140,000 Asset Portfolio Funding Corp.,
4.96%, 9/14/1999............................... 10,121,838
--------------
50,121,838
--------------
Banks - 8.2%
100,000,000 Abbey National PLC, Treasury Services, MTN,
5.26%, 12/14/1999.............................. 100,002,814
125,000,000 Deutsche Bank AG New York, 5.637%, 9/7/1999..... 125,000,000
12,225,000 Midlantic Corp.,
9.875%, 12/1/1999.............................. 12,354,760
50,000,000 National Bank Commerce
Memphis, TN,
5.34%, 9/20/1999............................... 49,980,109
NationsBank Charlotte, NC
MTN:
40,000,000 5.00%, 1/5/2000................................. 39,966,994
3,000,000 5.375%, 9/15/1999............................... 3,001,372
80,000,000 5.41%, 4/5/2000................................. 79,981,306
8,000,000 5.85%, 4/7/2000................................. 8,021,867
--------------
418,309,222
--------------
Brokers - 18.6%
13,202,000 Bear Stearns Co., Inc.,
6.75%, 8/15/2000............................... 13,285,749
20,000,000 Bear Stearns Co., Inc., MTN,
6.40%, 12/27/1999.............................. 20,073,244
Credit Suisse First Boston, Inc.:
27,000,000 5.60%, 6/5/2000................................. 27,000,000
100,000,000 5.877%, 9/7/1999................................ 100,000,000
</TABLE>
10
<PAGE>
EVERGREEN
Select Money Market Fund
Schedule of Investments(continued)
August 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CORPORATE BONDS & NOTES - continued
Brokers - continued
Donaldson Lufkin & Jenrette:
$ 32,295,000 5.53%, 9/15/1999................................. $ 32,295,818
45,000,000 5.73%, 6/16/2000................................. 45,000,000
Goldman Sachs Group LP,
30,000,000 5.39%, 9/17/1999................................ 30,000,000
Goldman Sachs Group LP, MTN:
8,000,000 5.39%, 3/6/2000.................................. 8,000,000
75,000,000 5.40%, 3/28/2000................................. 75,000,000
55,000,000 5.917%, VRDN (a)................................. 55,000,000
15,000,000 6.82%, 12/15/1999 (a)............................ 15,072,955
Lehman Brothers Holdings, Inc.:
55,000,000 5.44%, VRDN...................................... 55,000,000
9,000,000 5.60%, 9/2/1999.................................. 8,994,262
24,875,000 6.00%, 3/23/2000................................. 24,939,067
20,000,000 6.15%, 3/15/2000................................. 20,030,007
20,875,000 6.625%, 1/24/2000................................ 20,964,824
14,425,000 6.70%, 1/24/2000................................. 14,483,673
6,500,000 6.71%, 10/12/1999................................ 6,510,924
10,000,000 7.11%, 9/27/1999................................. 10,013,415
15,000,000 8.15%, 5/15/2000................................. 15,255,615
25,000,000 8.875%, 2/15/2000................................ 25,337,960
40,000,000 Merrill Lynch & Co., Inc., MTN,
5.09%, 2/7/2000................................. 40,000,000
100,000,000 Morgan, J. P. & Co., Inc.,
5.897%, 9/7/1999................................ 100,000,000
Morgan Stanley Dean Witter:
20,000,000 5.23%, 9/14/1999................................. 20,000,000
5,000,000 5.435%, 10/26/1999............................... 4,998,936
75,000,000 5.62%, 9/1/1999.................................. 75,000,000
Paine Webber Group, Inc., MTN:
25,000,000 5.305%, 9/15/1999................................ 25,000,000
45,000,000 5.50%, 5/16/2000................................. 45,000,000
16,653,000 Salomon, Inc.,
7.75%, 5/15/2000................................ 16,932,011
--------------
949,188,460
--------------
Diversified Companies - 1.5%
75,000,000 CC USA, Inc., MTN,
5.787%, 9/7/1999................................. 75,000,000
--------------
Finance & Insurance - 20.1%
64,000,000 Aetna Svcs., Inc.,
5.66%, 11/29/1999................................ 64,000,000
25,000,000 Associates Corp. North America,
5.90%, 6/23/2000................................ 25,083,904
Caterpillar Financial Svcs.:
35,000,000 4.93%, 10/7/1999................................. 35,000,000
20,740,000 6.92%, 8/15/2000................................. 20,912,164
40,000,000 Centauri Fin. Corp., FRN
5.15%, 1/19/2000 (a)............................ 40,000,000
Centauri Fin. Corp., MTN:
50,000,000 5.35%, 5/22/2000................................. 50,000,000
10,000,000 5.36%, 5/22/2000................................. 10,000,000
80,000,000 CITI Group, Inc.,
5.39%, 3/27/2000................................ 79,973,055
62,400,000 Countrywide Funding Corp., MTN,
5.195%, 1/11/2000............................... 62,400,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CORPORATE BONDS & NOTES - continued
Finance & Insurance - continued
Finova Capital Corp.:
$ 25,000,000 5.58%, 11/22/1999............................... $ 25,000,000
7,575,000 8.00%, 2/1/2000................................. 7,656,992
MTN:
2,000,000 6.19%, 10/20/1999............................... 2,002,658
6,000,000 6.28%, 11/1/1999................................ 6,007,659
10,000,000 6.29%, 11/1/1999................................ 10,017,946
15,000,000 Puttable Asset Trust Securities
6.125%, 11/1/1999.............................. 15,014,570
17,706,000 Ford Motor Credit Co.,
7.75%, 10/1/1999................................ 17,743,417
GMAC:
15,000,000 5.85%, 4/20/2000................................ 14,991,777
2,500,000 8.00%, 10/1/1999................................ 2,505,691
MTN:
6,250,000 6.25%, 10/18/1999............................... 6,258,733
2,070,000 6.375%, 10/12/1999.............................. 2,072,793
GTE Corp.:
75,000,000 5.135%, 9/13/1999............................... 74,962,404
75,000,000 5.399%, 6/23/2000............................... 74,958,684
50,000,000 Heller Financial, Inc., MTN,
5.41%, 10/19/1999.............................. 50,010,385
Heller Financial, Inc.:
9,750,000 5.625%, 3/15/2000............................... 9,765,819
24,000,000 6.405%, 10/15/1999.............................. 24,035,288
10,000,000 7.875%, 11/1/1999............................... 10,038,284
10,000,000 IBM Credit Corp., MTN,
5.79%, 3/20/2000............................... 10,029,520
30,000,000 Liberty Lighthouse U.S.
Capital, MTN, 5.26%, 2/10/2000................. 30,000,000
Sigma Fin. Corp.:
35,000,000 5.38%, 3/13/2000................................ 35,000,000
10,000,000 5.44%, 5/24/2000................................ 10,000,000
Transamerica Fin. Corp., MTN:
95,000,000 5.56%, 10/22/1999............................... 95,000,936
4,000,000 5.95%, 12/6/1999................................ 4,008,048
4,000,000 6.00%, 12/6/1999................................ 4,008,512
69,350,000 Volks Wagon Credit, Inc., MTN,
5.417%, 6/2/2000............................... 69,313,369
30,000,000 Xerox Credit Corp., MTN,
5.113%, 3/21/2000.............................. 29,993,306
--------------
1,027,765,914
--------------
Industrial Specialty Products & Services - 0.1%
5,000,000 John Deere Capital Corp., MTN, 5.08%,
9/10/1999...................................... 4,999,629
--------------
Retailing & Wholesale - 0.3%
Sears Roebuck & Co., MTN:
10,000,000 7.35%, 3/23/2000................................ 10,113,355
5,000,000 8.30%, 12/13/1999............................... 5,042,477
--------------
15,155,832
--------------
Total Corporate Bonds & Notes (cost
$2,540,540,895)................................ 2,540,540,895
--------------
</TABLE>
11
<PAGE>
EVERGREEN
Select Money Market Fund
Schedule of Investments(continued)
August 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
FUNDING AGREEMENTS - 5.0%
$ 45,000,000 General American, Cash Manager Plus,
5.59%, VRDN (a)+................................ $ 45,000,000
Jackson National Funding,
50,000,000 5.72%, 7/20/2000 (a)............................. 50,000,000
25,000,000 5.85%, 6/29/2000 (a)............................. 25,000,000
Monumental Life Insurance Co.:
20,000,000 5.30%, 9/27/1999 (a)............................. 20,000,000
90,000,000 5.52%, 9/1/1999 (a).............................. 90,000,000
25,000,000 Pacific Mutual Life Insurance Co.,
5.395%, VRDN (a)................................ 25,000,000
--------------
Total Funding Agreements
(cost $255,000,000)............................. 255,000,000
--------------
MUNICIPALS - 4.4%
6,785,000 Ali Inds., Inc.,
(LOC: National City Bank)
5.38%, VRDN (a)................................. 6,785,000
20,000,000 California HFA, SFHRB,
5.32%, 9/2/1999................................. 20,000,000
10,920,000 California, HFA, Ser. G2,
5.36%, VRDN (a)................................. 10,920,000
7,400,000 Chancellor Ridge,
5.41%, VRDN..................................... 7,400,000
11,210,000 Coventry Madison LLC, Loan
Program Notes,
5.25%, VRDN..................................... 11,210,000
20,830,000 Detroit, MI Economic Dev. Corp.,
5.41%, 9/2/1999................................. 20,830,000
14,655,000 FE LLC, Ser. A,
(LOC: National City Bank)
5.25%, VRDN..................................... 14,655,000
7,785,000 Folk Financial, Ser. A,
(LOC: First of America Bank N.A.)
5.25%, VRDN..................................... 7,785,000
20,000,000 Hannahville, MI, Bldg. Program
Bonds,
(LOC: National City Bank)
5.25%, VRDN..................................... 20,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPALS - continued
$ 9,995,000 Hudson Cnty., NJ, Impt. Auth.
Fac. Certificates, Ser. L,
5.10%, VRDN (a)................................ $ 9,995,000
14,995,000 Indiana HFA, SFHRB, Ser. H,
5.32% VRDN..................................... 14,995,000
32,000,000 Massachusetts HFA, Ser. K,
5.32%,VRDN..................................... 32,000,000
25,000,000 Richmond Cnty., GA Dev. Auth. IDRB,
5.65%, 6/1/2000................................ 25,000,000
16,995,000 San Diego, CA, Pub. Facs.
Fin., Ser. M,
5.36%, VRDN (a)................................ 16,995,000
6,270,000 Wise Investments LLC,
(LOC: First of America Bank)
5.25%, VRDN.................................... 6,270,000
--------------
Total Municipals
(cost $224,840,000)............................ 224,840,000
--------------
REPURCHASE AGREEMENT - 0.6%
28,763,584 Societe Generale, 5.43%, dated 8/31/99, due
9/1/99, maturity value $28,767,923
(cost $28,763,584)............................. 28,763,584
--------------
<CAPTION>
Shares
<C> <S> <C>
MUTUAL FUND SHARES - 0.6%
94,974 Fidelity Institutional Cash Fund................ 94,974
32,839,365 Fidelity U.S. Treasury Portfolio................ 32,839,365
--------------
Total Mutual Fund Shares
(cost $32,934,339)............................. 32,934,339
--------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $5,080,159,238).................... 99.6% 5,080,159,238
Other Assets and
Liabilities - net........................ 0.4 18,960,698
----- --------------
Net Assets................................ 100.0% $5,099,119,936
===== ==============
</TABLE>
(a) Securities may be sold to "qualified institutional buyers" under Rule 144A
or securities offered pursuant to section 4(2) of the Securities Act of
1933, as amended. These securities have been determined to be liquid under
the guidelines established by the Board of Trustees.
* Collateralized by 29,487,000 U.S. Treasury Note, 5.125%, 08/31/00; value
including accrued interest - $29,364,924
+ On August 11th, 1999, General American informed security holders that they
were experiencing short-term financial difficulty. As a result and pursuant
to Rule 2A-7 of the Investment Company Act of 1940, the security was marked
to market using procedures established and approved by the Board of Trust-
ees. At August 31, 1999, the marking to market of this security had no im-
pact to the Net Asset Value per share. Subsequent to August 31, 1999, the
Fund received its principal investment and all accrued interest income from
this security.
Summary of Abbreviations:
FRN Floating Rate Note
HFA Housing Finance Authority
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
MTN Medium Term Notes
SFHRB Single Family Housing Revenue Bond
VRDN Variable Rate Demand Note
GMAC General Motors Acceptance Corp.
Variable Rate Demand Notes are payable on demand no more than seven cal-
endar days after notice is given by the Fund to the issuer or other par-
ties not affiliated with the issuer. Interest rates are determined and
reset by the issuer daily, weekly, or monthly depending upon the terms of
the security. Interest rates presented for these securities are those in
effect at August 31, 1999.
See Combined Notes to Financial Statements.
12
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments
August 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 98.7%
Alabama - 1.4%
$ 1,485,000 Dallas Cnty., AL Hsg. Dev. Corp.
RB, Ser. A,
(LOC: South Trust Bank N.A.), 3.44%, VRDN....... $ 1,485,000
2,000,000 Haleyville, AL IDRB, Babcock Lumber Co. Proj.,
(LOC: First Commercial Bank),
3.65%, VRDN..................................... 2,000,000
5,000,000 Huntsville, AL IDRB, Hitachi Seiki, USA Proj.,
(LOC: Bank of Tokyo-Mitsubishi),
4.30%, VRDN..................................... 5,000,000
2,500,000 Montgomery, AL IDRB, Indl. Impts.,
(LOC: First Commercial Bank of Birmingham),
3.60%, VRDN (a) ................................ 2,500,000
2,000,000 South Dallas, AL IDRB, Cahaba Valley Lumber Co.
Proj.,
(LOC: Amsouth Bank, N.A.),
3.50%, VRDN..................................... 2,000,000
1,250,000 Tuscaloosa Cnty., AL IDRB:
(LOC: Amsouth Bank, N.A.),
Brion Hardin Proj.,
3.65%, VRDN..................................... 1,250,000
1,240,000 Hardwear Corp. Proj., 3.65%, VRDN................ 1,240,000
--------------
15,475,000
--------------
Arizona - 0.5%
6,205,000 Tucson, AZ MHRB, PFOTER,
(LOC: Merrill Lynch),
3.44%, 9/2/1999................................. 6,205,000
--------------
Arkansas - 0.7%
8,300,000 Conway Cnty., AR IDRB, Cardon Creek Fibre Corp.,
Ser. 1995, (LOC: KBC Bank N.V.), 3.45%, VRDN.... 8,300,000
--------------
California - 2.3%
5,000,000 California CDA, IDRB, Nichirin-Flex Proj.,
(LOC: Dai-Ichi Kangyo Bank),
5.20%, VRDN..................................... 5,000,000
7,090,000 California Department of Veteran
Affairs MSTR, Ser. 1998 47, Class A,
(Ins. by AMBAC),
3.25%, 10/4/1999................................ 7,090,000
13,900,000 Olces Wtr. Dist. GO, Rio Bravo Wtr. Delivery
Proj.,
(LOC: Sumitomo Bank),
5.00%, 9/21/1999................................ 13,900,000
--------------
25,990,000
--------------
Colorado - 2.2%
3,000,000 Arapahoe Cnty., CO Sch. Dist. #5 MSTR, Cherry
Creek, Ser. 1996A, (LOC: Nothwest Bank),
3.65%, VRDN (a)................................. 3,000,000
1,000,000 Colorado HFA, RB, Worldwest Ltd. Liability Proj.,
(LOC: Mercantile Bank of St.Louis),
3.55%, 9/2/1999................................. 1,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Colorado - continued
$ 3,375,000 Colorado Hlth. Fac. Auth. RB, Childrens Hosp.,
Ser. 1996B, (LOC: Northwest Bank & Ins. by
MBIA),
3.65%, VRDN (a) ............................... $ 3,375,000
3,350,000 Colorado Postsecond Edl. Fac. RB, Denver Univ.,
Ser. 1996C,
(LOC: Northwest Bank & Ins. by AMBAC),
3.65%, VRDN (a)................................ 3,350,000
4,300,000 Colorado Springs, CO Util. Sys. Impt., FRTR,
Ser. 1998-19,
(LOC: Bank of New York),
3.45%, VRDN (a) ............................... 4,300,000
10,100,000 Denver, CO City & Cnty. RB, The Children's Hosp.
Assoc. Proj., (Ins. by FGIC),
3.85%, 9/1/1999................................ 10,100,000
---------------
25,125,000
---------------
Connecticut - 0.3%
3,245,000 Connecticut IDRB, Zotos Int'l. Proj., (LOC: Dai-
Ichi Kangyo Bank, Ltd), 5.35%, VRDN............ 3,245,000
---------------
Delaware - 1.5%
Delaware EDA, RB:
1,900,000 CIBA Specialty Chemicals Proj., (Gtd. by CIBA
Specialty Chemicals),
3.05%, VRDN..................................... 1,900,000
3,000,000 Delmarva Pwr. & Light Co. Proj., (Gtd. by
Delmarva Pwr. & Light),
3.40%, VRDN..................................... 3,000,000
11,900,000 Delmarva Pwr. & Light Co. Proj., Ser. 94, (Gtd.
by Delmarva Pwr. & Light),
3.35%, VRDN..................................... 11,900,000
---------------
16,800,000
---------------
Florida - 4.2%
2,900,000 Capital Proj. Fin. Auth., FL RB, Capital Proj.
Loan Program,
(SPA: Credit Suisse First Boston & Ins. by
FSA),
3.25%, VRDN.................................... 2,900,000
2,900,000 Dade Cnty., FL Pub. Svc. Tax RB, (Ins. by FSA),
5.00%, 10/1/1999............................... 2,904,195
2,800,000 Florida Board of Ed. RB, ABN-Amro MCT,
Ser. 1998-9,
(LOC: ABN Amro Bank & Ins. by FSA),
3.39%, VRDN (a) ............................... 2,800,000
Florida Turnpike Auth. RB:
5,000,000 Ser. 1996A,
(LOC: Chase Manhattan Bank & Ins. by FGIC),
3.65%, VRDN (a)................................. 5,000,000
3,350,000 Ser. 1999-1,
(LOC: Northwest Bank & Ins. by MBIA),
3.39%, VRDN (a)................................. 3,350,000
</TABLE>
13
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Florida - continued
$ 5,750,000 Hernando Cnty., FL IDRB, Moore McCormack
Resources Proj.,
(LIQ: Societe Generale),
3.40%, 9/2/1999................................. $ 5,750,000
6,155,000 Hillsborough Cnty., FL Sch. Board
of Ed. COP, Master Lease Program, (Ins. by
MBIA),
3.49%, 9/2/1999................................. 6,155,000
2,450,000 Mangonia Park, FL IDRB, Production Trust &
Fabrication Proj.,
(LOC: Southtrust Bank, NA),
3.49%, 9/3/1999................................. 2,450,000
1,750,000 Martin Cnty., FL Solid Wst.
Division RB, Ser. 1993, FL Power & Light Co.
Proj.,
(Gtd. by Florida Power & Light),
3.10%, 9/1/1999................................. 1,750,000
7,000,000 Miami-Dade Cnty., FL IDRB, Professional
Modification Svcs. Inc. Proj.,
(LOC: Bankers Trust Co.),
3.35%, VRDN..................................... 7,000,000
1,500,000 Orlando & Orange Cnty., FL
Expressway RB, Ser. 1996C,
(LOC: Northwest Bank & Ins. by
AMBAC),
3.65%, VRDN (a)................................. 1,500,000
6,395,000 Palm Beach Cnty, FL Wtr. & Swr. RB,
(LOC: Sanwa Bank Ltd.),
3.90%, VRDN..................................... 6,395,000
--------------
47,954,195
--------------
Georgia - 2.1%
10,000,000 Cobb Cnty., GA Kennestone Hosp. RB,
Equipment Poll Proj.,
(SPA: Suntrust Bank),
3.35%, VRDN..................................... 10,000,000
Macon Trust Pooled Variable Rate
Certificates, Ser. A:
5,000,000 (LOC: Bank of America),
3.54%, VRDN...................................... 5,000,000
8,895,000 Ser. 1998A
3.54%, VRDN (a).................................. 8,895,000
--------------
23,895,000
--------------
Idaho - 0.4%
5,000,000 Minidoka Cnty., ID IDA RB, Nature's
Best Produce Proj.,
(LOC: Banque Nationale Paris),
3.40%, VRDN..................................... 5,000,000
--------------
Illinois - 4.4%
Chicago, IL GO:
15,000,000 ABN-Amro MCT,
Ser. 1998-3,
(SPA: ABN-Amro Bank N.V. &
Ins. by FGIC),
3.41%, VRDN (a).................................. 15,000,000
3,380,000 MSTR,
(Ins. by AMBAC),
3.50%, 9/1/1999.................................. 3,380,000
4,200,000 Chicago, IL IDRB, Federal Marine
Terminal Proj.,
(LOC: Lasalle National Bank),
3.55%, 9/1/1999................................. 4,200,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Illinois - continued
$ 3,045,000 City of Chicago, GO, MSTR SAK-13,
Ser. 1984,
(LIQ: Societe Generale & Ins. by
AMBAC),
3.50%, 9/1/1999................................. $ 3,045,000
1,720,000 Illinois Dev. Fin. Auth., IDRB,
Kris & Dee Assoc., Inc. Proj.,
(LOC: Bronson-Gore Bank & LaSalle National
Bank),
3.50%, VRDN..................................... 1,720,000
Illinois Hlth. Fac. Auth. RB:
(LOC: Bear Stearns Capital Markets & Ins. by
AMBAC):
6,100,000 Ser. 1997-20, Cl. A,
3.33%, VRDN (a).................................. 6,100,000
12,970,000 Ser. 1997-21,
3.33%, VRDN (a).................................. 12,970,000
930,000 Lombard, IL IDRB, Chicago Roll Co.
Proj., Ser. 1995,
(LOC: ABN Amro),
3.50%, VRDN..................................... 930,000
2,110,000 Metropolitan Pier & Exposition
Auth. RB, PFOTER,
(Ins. by MBIA),
3.54%, 9/2/1999................................. 2,110,000
--------------
49,455,000
--------------
Indiana - 1.9%
1,500,000 Indiana Dev. Fin. EDA RB, Carr
Metals Products, Inc. Proj.,
(LOC: Bank One IN N.A.),
3.50%, VRDN..................................... 1,500,000
12,000,000 Indiana Hlth. Facs. Fin. Auth. RB, Mary Sherman
Hosp. Proj.,
(LOC: Harris Trust & Savings Bank),
3.40%, VRDN..................................... 12,000,000
4,930,000 Madison, IN IDRB, Century Tube Corp. Proj., Ser.
1997,
(LOC: Bank of Tokyo- Mitsubishi Ltd.),
4.50%, VRDN..................................... 4,930,000
845,000 Mount Vernon, IN Solid Wst. Disposal RB, B & M
Plastics, Inc. Proj., Ser. 97A,
(LOC: Suntrust Bank, Nashville),
3.55%, VRDN..................................... 845,000
2,700,000 Wabash, IN EDA RB, Martin Yale Inds. Proj.,
(LOC: Bank One IN N.A.),
3.42%, VRDN..................................... 2,700,000
--------------
21,975,000
--------------
Iowa - 0.7%
5,370,000 Iowa Fin. Auth. Hosp. Facs. RB, IA Hlth. Sys.,
(LOC: Bear Stearns Capital Markets & Ins. by
MBIA),
3.33%, VRDN (a)................................. 5,370,000
2,600,000 Scott Cnty., IA IDRB, M.A. Ford Manufacturing Co.
Proj., Ser. 1997,
(LOC: Firstar Bank of Milwakee),
3.45%, VRDN..................................... 2,600,000
--------------
7,970,000
--------------
</TABLE>
14
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Kansas - 1.8%
$ 6,000,000 Butler Cnty., KS Solid Waste Disposal &
Cogeneration RB, Texaco Refining Proj.,
(Gtd. by Texaco, Inc.),
3.10%, VRDN..................................... $ 6,000,000
4,200,000 Johnson Cnty., KS Private Activity RB, Stouse
Sign & Decal Proj., (LOC: Mercantile Bank of
St. Louis),
3.60%, VRDN (a)................................. 4,200,000
1,000,000 Kansas City, MO IDA RB, Refunding Quarterage,
(LOC: Mercantile Bank of St. Louis),
3.64%, 9/2/1999................................. 1,000,000
1,000,000 Kansas Dev. Fin. Auth. IDA RB, Farmland Foods
Proj.,
(LOC: Rabobank Nederland),
3.55%, VRDN..................................... 1,000,000
1,000,000 Liberal, KS IDRB, Farmland National Beef Packing
Proj.,
(LOC: U.S. Bank N.A.),
3.55%, VRDN..................................... 1,000,000
7,195,000 Wichita, KS MHRB, PFOTER,
(LIQ: Merrill Lynch Corp.),
3.44%, 9/2/1999................................. 7,195,000
--------------
20,395,000
--------------
Kentucky - 1.8%
1,400,000 Hopkinsville, KY IDRB, American Precision
Machinery,
(LOC: Bank of Tokyo-Mitsubishi Ltd.),
4.55%, VRDN..................................... 1,400,000
4,800,000 Jefferson Cnty., KY Indl. Bldg. RB, Dant Clayton
Corp. Proj.,
(LOC: Harris Trust & Savings),
3.55%, VRDN..................................... 4,800,000
10,500,000 Kentucky Hsg. Corp. Hsg. RB, Notes, Ser. C,
(Prerefunded),
3.20%, 12/31/1999............................... 10,500,000
2,000,000 Kentucky Property & Bldgs. Commission RB,
Refunding Proj. No. 53,
5.90%, 10/1/1999................................ 2,003,880
1,250,000 Ohio Cnty., KY PCRB, Thomas Inds. Proj., Ser.
1998,
(LOC: National City Bank, Kentucky),
3.55%, VRDN..................................... 1,250,000
--------------
19,953,880
--------------
Louisiana - 1.1%
1,000,000 Grant Parish, LA IDRB, Farmland Inds. Proj., Ser.
1998,
(LOC: Rabobank Nederland),
3.55%, VRDN..................................... 1,000,000
2,900,000 Lake Charles, LA Harbor & Term, Dist. PCRB,
Conoco Co. Proj, (Gtd. by Du Pont, Inc.),
3.10%, 9/1/1999................................. 2,900,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Louisiana - continued
$ 4,500,000 Louisiana Local Government Env. Facs. RB,
Southern Ionics, Inc. Proj.,
(LOC: Southtrust Bank, N.A.),
3.44%, 9/3/1999................................. $ 4,500,000
4,200,000 St. Charles Parish LA PCRB, Monsanto Co. Proj.,
(Gtd. by Monsanto Co.),
3.45%, 9/1/1999................................. 4,200,000
--------------
12,600,000
--------------
Maryland - 0.8%
9,485,000 Maryland GO, BTP-271,
(LOC: Toronto Dominion),
3.50%, VRDN (a)................................. 9,485,000
--------------
Massachusetts - 1.3%
7,595,000 Massachusetts HFA MSTR, Ser. 1997-9, Class A,
(Ins. by MBIA),
3.37%, 4/27/2000................................ 7,595,000
Massachusetts IFA RB:
2,700,000 Battery Engineering Proj., Ser. 96, (LOC: Bank of
Tokyo-Mitsubshi),
4.30%, VRDN...................................... 2,700,000
2,045,000 L.B. Foster Co. Proj.,
(LOC: Mellon Bank, N.A.),
3.40%, 9/1/1999.................................. 2,045,000
2,300,000 Weissman Realty Trust, Ser. 1998,
(LOC: Citizens Bank of Rhode Island),
3.45%, VRDN (a), ................................ 2,300,000
--------------
14,640,000
--------------
Michigan - 0.8%
2,285,000 Berrien Cnty., MI EDA RB, Arlington Metals Corp.
Proj.,
(LOC: ABN Amro),
3.40%, VRDN..................................... 2,285,000
2,450,000 Haslett, MI Pub. Sch. Dist. GO, (Prerefunded),
7.50%, 5/1/2000 ................................ 2,540,619
2,000,000 Lapear, MI EDA RB, Lapear Hlth. Svcs. Proj.,
(Prerefunded),
8.63%, 2/1/2000................................. 2,082,325
2,000,000 Rockford MI Pub. Sch. GO, (Prerefunded),
7.38%, 5/1/2000 ................................ 2,070,998
--------------
8,978,942
--------------
Minnesota - 0.9%
5,750,000 Burnsville, MN MHRB, Refunding Hsg., Berkshire
Proj.,
(LOC: Sumitomo Trust & Banking),
4.55%, VRDN .................................... 5,750,000
2,700,000 Minnesota Wtr. PCRB, ROCs II Trust 1, Ser. 98-1,
(LIQ: Commerzbank AG),
3.34%, VRDN (a)................................. 2,700,000
1,500,000 St. Paul, MN Port Auth. IDRB, Miratec Sys. Inc.
Proj., Ser. A, (LOC: U.S. Bank, N.A.),
3.60%, VRDN..................................... 1,500,000
--------------
9,950,000
--------------
</TABLE>
15
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Mississippi - 1.8%
$ 4,400,000 Jackson Cnty., MS Indl. Swr, Facs. RB, Chevron
USA, Inc. Proj.,
(Gtd. by Chevron Corp),
3.10%, VRDN..................................... $ 4,400,000
5,000,000 Mississippi Business Fin. Corp. Solid Wst. Disp.
RB, Morton Int'l., Inc. Proj., Ser. A,
(Gtd. by Morton Int'l.),
3.80%, VRDN..................................... 5,000,000
11,395,000 Mississippi Dev. Bank Spl. Obl., Ser. 160,
(Ins. by: AMBAC & LIQ: Morgan Stanley),
3.34%, VRDN..................................... 11,395,000
--------------
20,795,000
--------------
Missouri - 0.4%
1,000,000 Jasper Cnty., MO IDRB, Farmers Chemical Co.
Proj., (LOC: Rabobank Nederland),
3.55%, VRDN..................................... 1,000,000
4,000,000 St. Louis Cnty., MO MHRB, Black Forest Apartments
Proj., (LOC: Mercantile Bank),
3.30%, VRDN..................................... 4,000,000
--------------
5,000,000
--------------
Nebraska - 3.4%
1,000,000 Gage Cnty., NE IDRB, Farmland Inds., Inc. Proj.,
(LOC: Rabobank Nederland),
3.55%, VRDN..................................... 1,000,000
5,245,000 Nebraska Higher Ed. Loan Program, PFOTER, PT-79,
(LOC: Bank Nationale de Paris),
3.37%, VRDN (a)................................. 5,245,000
Nebraska Pub. Pwr. Dist. RB, Muni. Trust
Certificate Program:
(LOC: Bank One Captial Holdings & Ins. by MBIA):
19,800,000 3.39%, VRDN (a)................................. 19,800,000
10,890,000 Ser. A,
3.39%, VRDN (a)................................. 10,890,000
1,000,000 Saline Cnty., NE IDRB, Farmland Foods Proj., Ser.
1997B, (LOC: Rabobank Nederland),
3.55%, VRDN..................................... 1,000,000
--------------
37,935,000
--------------
Nevada - 1.0%
10,995,000 Clark Cnty., NV IDRB, PFOTER, PA-344,
(LIQ: Merrill Lynch Corp.),
3.49%, VRDN (a)................................. 10,995,000
--------------
New Hampshire - 0.2%
2,500,000 New Hampshire Business Fin. Auth. IDRB, Voith
Sulzer Paper Proj., Ser. 97,
(LOC: Firstar Bank, Milwaukee),
3.45%, VRDN..................................... 2,500,000
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
New Jersey - 0.6%
$ 5,000,000 Jersey City, NJ RB,
3.75%, 9/17/1999................................ $ 5,000,922
2,000,000 New Jersey EDA RB, El Dorado Term-1984 A,
(Gtd. by Dow Chemical),
2.60%, VRDN..................................... 2,000,000
--------------
7,000,922
--------------
New York - 2.8%
2,000,000 New York Dormitory Auth. MSTR, (LIQ: Credit
Suisse First Boston & Ins. by FGIC),
3.45%, 9/1/1999................................. 2,000,000
1,000,000 New York Thruway Auth. MSTR, Ser. D,
(SPA: Societe Generale), 3.13%, VRDN (a) ....... 1,000,000
6,750,000 New York, NY GO, PFOTER, PA-156,
(LIQ: Merrill Lynch Corp.), 3.75%, VRDN (a)..... 6,750,000
21,845,000 New York, NY Muni. Wtr. & Swr., ABN-Amro MCT Ser.
1998-2,
(LOC: ABN Amro Bank & Ins. by AMBAC),
3.41%, VRDN (a)................................. 21,845,000
300,000 Port Auth. NY & NJ, Ser. 50,
(Ins. by: MBIA & LIQ: Morgan Stanley),
3.21%, VRDN..................................... 300,000
--------------
31,895,000
--------------
North Carolina - 2.1%
10,875,000 North Carolina Eastern Power Agcy. ROCs, Ser. 98-
46,
(LIQ: Toronto Dominion),
3.34%, VRDN (a)................................. 10,875,000
5,000,000 Robeson Cnty., NC Indl. Facs. PCRB, Core Inds.,
Inc. Proj., Ser. 1991,
(LOC: Bank One, N.A.),
3.50%, VRDN..................................... 5,000,000
1,400,000 Rowan Cnty., NC Indl. PCRB, Indl. Dev. PHC LLC
Proj.,
(LOC: Southtrust Bank, N.A.),
3.44%, 9/3/1999................................. 1,400,000
5,920,000 Wake Cnty. NC HFA MHRB, 3.49%, 9/2/1999.......... 5,920,000
--------------
23,195,000
--------------
Ohio - 3.0%
2,600,000 Hamilton Cnty., OH Hlth. Sys. RB, Franciscan
Sisters Poor Hlth. Proj., (LOC: Sumitomo Bank
Ltd.), 3.45%, VRDN.............................. 2,600,000
9,025,000 Montgomery Cnty., OH Hlth. Care RB,
(Prerefunded),
9.25%, 2/1/2000................................. 9,410,156
17,000,000 Ohio HFA Mtge. RB,
(LOC: Caisse de Depots et Consignations),
3.78%, 5/18/2000................................ 16,997,807
</TABLE>
16
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Ohio - continued
$ 5,000,000 Ohio Turnpike Commission Turnpike RB,
(LOC: Citibank N.A. & Ins. by FGIC),
3.49%, 9/2/1999................................. $ 5,000,000
--------------
34,007,963
--------------
Oklahoma - 0.1%
1,000,000 Garfield Cnty., OK IDRB, Farmland Inds. Inc.
Proj., Ser. 1998, (LOC: Rabobank Nederland),
3.55%, VRDN..................................... 1,000,000
--------------
Oregon - 1.7%
15,600,000 Oregon EDA, RB, GA Pacific Corp. Proj., Ser. 98,
(LOC: Deutsche Bank Genosn),
3.54%, VRDN..................................... 15,600,000
3,900,000 Oregon Metropolitan Svc. Dist. Wst. Disposal RB,
Riedel Compost Co. Proj.,
(LOC: U.S. Bank, N.A.), 3.45%, VRDN............. 3,900,000
--------------
19,500,000
--------------
Pennsylvania - 9.4%
Delaware Valley, PA Regl. Fin.
Auth. RB:
19,400,000 3.39%, 9/2/1999.................................. 19,400,000
Emmaus, PA General Auth. RB:
15,900,000 Local Government, Ser. B, 3.30%, VRDN............ 15,900,000
10,000,000 Subser. A, 3.30%, 9/1/1999....................... 10,000,000
10,000,000 Subser. C 17, 3.30%, 9/1/1999.................... 10,000,000
12,400,000 Subser. F 15, 3.30%, 9/1/1999.................... 12,400,000
12,500,000 Subser. F 18, 3.30%, 9/1/1999.................... 12,500,000
10,925,000 Montgomery Cnty., PA RB, Abington Mem. Hosp.,
Ser. 1998 31 Cl. A,
(LIQ: Bear Stearns
Capital Markets & Ins. by AMBAC),
3.51%, VRDN (a)................................. 10,925,000
5,015,000 Philadelphia, PA Arpt. RB, MSTC, Ser. 1998A,
(LOC: Bank One Capital Holdings & Ins. by FGIC),
3.42%, VRDN (a)................................. 5,015,000
10,000,000 Philadelphia, PA Wtr. & Wastewater. Mgmt. RB,
(LOC: Commerz Bank & Ins. by AMBAC),
3.44%, 9/2/1999 (a)............................. 10,000,000
--------------
106,140,000
--------------
Rhode Island - 2.9%
32,360,000 Rhode Island Hlth. & Edl. Bldg. MSTR, Ser. 1999
69B Class A,
(LIQ: Bear Stearns Capital Markets),
3.55%, 9/21/1999................................ 32,360,000
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
South Carolina - 0.7%
$ 4,800,000 Florence Cnty., SC Solid Wst. RB, Roche Carolina,
Inc. Proj.,
3.10%, 9/1/1999................................. $ 4,800,000
3,500,000 South Carolina Jobs EDA RB, Ebyl Cartex, Inc.
Proj.,
(LOC: Southtrust Bank, N.A.),
3.54%, VRDN..................................... 3,500,000
--------------
8,300,000
--------------
Tennessee - 4.0%
1,638,000 Franklin Cnty., TN IDRB, Franklin Inds., Inc.
Proj., 3.45%, 9/1/1999.......................... 1,638,000
4,890,000 Henderson, TN IDRB, Premier Manufacturing
Corp., Ser. 95,
(LOC: National City Bank),
3.50%, VRDN..................................... 4,890,000
6,500,000 Knox Cnty, TN IDRB, Rate Moore McCormack
Resources,
(LOC: Societe Generale),
3.40%, 9/2/1999................................. 6,500,000
11,550,000 Memphis Shelby Cnty., TN IDRB,
Univ. of TN Med. Group, Inc.,
(LOC: National Bank of Commerce),
3.30%, 9/2/1999................................. 11,550,000
15,000,000 Sumner Cnty., TN Hlth. Edl. & Hsg. Facs. RB,
Hosp. Alliance Pooled Proj.,
(SPA: Transamerica Life Insurance),
3.39%, VRDN..................................... 15,000,000
4,000,000 Tullahoma, TN IDRB, Rock TN Converting Proj.,
(LOC: Suntrust Bank), 3.40%, VRDN............... 4,000,000
2,000,000 Wilson Cnty., TN IDRB, John Deal Coatings, Inc.,
3.65%, 9/2/1999................................. 2,000,000
--------------
45,578,000
--------------
Texas - 8.0%
9,000,000 Amarillo, TX Hlth. Facs. Corp. RB, Panhandle
Pooled Hlth. Care, (LOC: Banque Paribas),
3.50%, VRDN..................................... 9,000,000
9,585,000 Bexar Cnty., TX Hsg. Fin. Corp. RB, 3.44%,
9/2/1999........................................ 9,585,000
2,500,000 Brazos River Auth. TX PCRB, TX Util. Elec. Co.
Proj., 3.10%, VRDN.............................. 2,500,000
Brazos River, TX Harbor Navigation Dist. RB:
2,000,000 Merey Sweeney Proj.,
(LOC: Chase Manhattan Bank & Gtd. by BASF
Corp.),
3.10%, VRDN..................................... 2,000,000
9,600,000 The Dow Chemical Co. Proj., 3.15%, 9/1/1999..... 9,600,000
9,665,000 Dallas, TX GO, Ser. 93,
(LIQ: Morgan Stanley Dean Witter),
3.34%, VRDN..................................... 9,665,000
</TABLE>
17
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Texas - continued
$ 3,650,000 Fort Bend Cnty., TX IDRB, Refunding Frito Lay,
Inc. Proj., 4.55%, 10/1/1999................... $ 3,653,353
2,830,000 Galveston, TX HFA MHRB, Village-By-The-Sea Apts.
Proj.,
(LOC: Sumitomo Bank Ltd.),
4.80%, VRDN.................................... 2,830,000
19,600,000 Gulf Coast, TX IDRB:
Citgo Petroleum Corp. Proj.,
3.10%, VRDN.................................... 19,600,000
7,000,000 Nisseki Chemical Proj.,
(LOC: Bank of Tokyo-Mitsubishi),
4.30%, VRDN.................................... 7,000,000
5,000,000 Midlothian, TX IDRB, TX Inds., Inc. Proj.,.
(LOC: Bank of America),
3.10%, 9/1/1999................................ 5,000,000
10,000,000 Port Arthur, TX Navigation Dist. RB, Motiva
Enterprises LLC Proj.,
(Gtd. by Motiva Enterprises),
3.45%, 9/1/1999................................ 10,000,000
--------------
90,433,353
--------------
Virginia - 1.9%
1,900,000 Buena Vista, VA IDRB, Everbrite, Inc. Proj.,
(LOC: Marshall & Isley Bank),
3.67%, VRDN.................................... 1,900,000
1,500,000 Chesapeake, VA IDRB, Sumitomo Machine Co. Proj.,
(LOC: Sumitomo Bank Ltd.),
4.80%, VRDN.................................... 1,500,000
7,150,000 Dinwiddie Cnty., VA IDRB, Chaparral East Proj.
A,
(LOC: Bank of America),
3.10%, 9/1/1999................................ 7,150,000
3,000,000 King George Cnty., VA IDRB, Birchwood Pwr.
Partners A, (LOC: Credit Suisse First Boston),
3.10%, 9/1/1999................................ 3,000,000
8,200,000 Peninsula Port Auth. of VA IDRB, Kinyo, VA, Inc.
Proj., (LOC: Industrial Bank of Japan),
4.00%, VRDN.................................... 8,200,000
--------------
21,750,000
--------------
Washington - 1.8%
7,676,000 Port of Seattle, WA, ABN MCT, Ser. 1998-16,
(LOC: ABN Amro & Ins. by MBIA),
3.41%, VRDN (a)................................ 7,676,000
2,000,000 Washington EDA RB:
Ace Tank Proj.,
(LOC: U.S. Bank, N.A.), 3.40%, VRDN............. 2,000,000
4,500,000 Pacific Coast Shredding Proj., (LOC: U.S. Bank
N.A.),
3.40%, VRDN.................................... 4,500,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Washington - continued
$ 4,475,000 Washington HFA MFRB, Cedar Landing Apt. Proj.,
Ser. 1998A,
(LOC: U.S. Bank Trust, N.A.),
3.40%, VRDN.................................... $ 4,475,000
1,545,000 Washington Hsg. Fin. Commission
RB, Summerglen Apt. Proj., 3.40%, 9/2/1999..... 1,545,000
--------------
20,196,000
--------------
Wisconsin - 2.9%
4,000,000 Ladysmith, WI Solid Wst. Disposal
Fac. RB, Cityforest Corp. Proj.,
Ser. 1998,
(LOC: Union Bank of California), 3.90%, VRDN.... 4,000,000
3,100,000 Mantowoc, WI IDRB, Northern Labs, Inc. Proj.,
Ser. 1997,
(LOC: Firstar Bank, Milwaukee), 3.45%, VRDN.... 3,100,000
12,745,000 Wisconsin HFG & EDA MSTR, Ser.
1999-74, Class A,
(LIQ: Bear Stearns Capital Markets),
3.49%, 3/16/2000............................... 12,745,000
8,250,000 Wisconsin Hsg. & EDA:
FRTR, Ser. 18,
(LOC: Commerzbank AG),
3.50%, VRDN.................................... 8,250,000
4,200,000 Home Ownership MSTC,
(LOC: Caisse de Depots et Consignations),
3.47%, VRDN (a) ............................... 4,200,000
--------------
32,295,000
--------------
Wyoming - 3.8%
2,600,000 Converse Cnty., WY Env. Impt. RB,
Pacificorp Proj., Ser. 1995,
(Gtd. by Pacificcorp),
3.20%, VRDN.................................... 2,600,000
11,500,000 Lincoln Cnty., WY Env. Impt. RB,
Pacificorp Proj., Ser. 1995,
(Gtd. by Pacificcorp),
3.20%, VRDN.................................... 11,500,000
7,300,000 Sweetwater Cnty., WY Env. Impt. RB:
Pacificorp Proj., Ser. 1995,
(Gtd. by Pacificcorp),
3.20%, VRDN.................................... 7,300,000
21,500,000 SF Phosphates, Ltd. Proj.,
(LOC: Rabobank Nederlands),
3.50%, VRDN.................................... 21,500,000
--------------
42,900,000
--------------
Other - 15.1%
7,100,000 Charter Mac Low Floater Certificate Trust I,
Third Tranche,
(Ins. by MBIA),
3.54%, 9/2/1999 (a) ........................... 7,100,000
49,100,000 Cliper Tax Exempt COP,
3.59%, VRDN.................................... 49,100,000
</TABLE>
18
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Other - continued
$36,552,000 Clipper Tax Exempt Certificates
Trust, Multistate, Ser. 1998-1,
(LOC: State Street Bank & Ins. by MBIA),
3.59%, 9/2/1999 (a) ............................. $ 36,552,000
18,095,000 Macon Trust Pooled Variable Rate
Certificates, Various Issuers, (LOC: Bank of
America)
3.59%, VRDN (a).................................. 18,095,000
Morgan Keegan Muni. Products MSTR:
10,250,000 Ser. 1999A,
(LOC: Credit Local de France &
Gtd by U.S. Treasury),
3.54%, VRDN (a)................................... 10,250,000
10,076,000 Morgan Keegan Muni. Product MSTR,
Ser. 1999B,
(LOC: Credit Local de France & Gtd by U.S.
Treasury),
3.54%, VRDN (a).................................. 10,076,000
20,145,000 Ser. C,
(LOC: Chase Manhattan Bank &
Gtd. by U.S. Treasury),
3.54%, 9/2/1999................................... 20,145,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Other - continued
Pooled PFOTER:
$ 4,255,000 PPT-6
(LOC: Credit Suisse First Boston & Ins. by
MBIA)
3.70%, VRDN.................................... $ 4,255,000
15,350,000 PPT-4,
(LOC: Credit Suisse First
Boston & Ins. by MBIA),
3.30%, VRDN.................................... 15,350,000
---------------
170,923,000
---------------
Total Municipal Obligations
(cost $1,118,091,255)......................... 1,118,091,255
---------------
<CAPTION>
Shares
<C> <S> <C>
MUTUAL FUND SHARES - 1.1%
12,800,000 Federated Municipal Obligations Fund
(cost $12,800,000)............................ 12,800,000
---------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -(cost $1,130,891,255)... 99.8% 1,130,891,255
Other Assets and Liabilities - net......... 0.2 1,746,329
----- --------------
Net Assets................................. 100.0% $1,132,637,584
===== ==============
</TABLE>
(a) Securities may be sold to "qualified institutional buyers" under Rule
144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended. These securities heva been determined to be
liquid under the guidelines established by the Board of Trustees.
Summary of Abbreviations:
AMBAC American Municipal Bond Assurance Corp.
COP Certificates of Participation
EDA Economic Development Authority
FGIC Financial Guaranty Insurance Corp.
FRTR Floating Rate Trust Receipts
FSA Financial Security Assurance Inc.
GO General Obligation
HFA Housing Finance Authority
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
LIQ Liquidity Provider
LOC Letter of Credit
MBIA Municipal Bond Investors Assurance Corp.
MCT Munitops Certificates Trust
MHRB Multifamily Housing Revenue Bond
MSTC Municipal Security Trust Certificates
MSTR Municipal Securities Trust Receipts
PCRB Pollution Control Revenue Bond
PFOTER Puttable Floating Option Tax Exempt Receipts
RB Revenue Bond
ROCs Reset Option Certificates
SPA Securities Purchase Agreement
VRDN Variable Rate Demand Note
Variable Rate Demand Notes are payable on demand no more than seven cal-
endar days after notice is given by the Fund to the issuer or other par-
ties not affiliated with the issuer. Interest rates are determined and
reset by the issuer daily, weekly, or monthly depending upon the terms of
the security. Interest rates presented for these securities are those in
effect at August 31, 1999.
Certain obligations held in the portfolio have credit enhancements or li-
quidity features that may, under certain circumstances, provide for re-
payment of principal and interest on the obligation upon demand date, in-
terest rate reset date or final maturity. These enhancements include:
letters of credit; liquidity guarantees; security purchase agreements;
tender option purchase agreements, and third party insurance (i.e. AMBAC,
FGIC and MBIA). Adjustable rate bonds and variable rate demand notes held
in the portfolio may be considered derivative securities within the stan-
dards imposed by the Securities and Exchange Commission under Rule 2a-7
which were designed to minimize both credit and market risk.
See Combined Notes to Financial Statements.
19
<PAGE>
EVERGREEN
Select Treasury Money Market Fund
Schedule of Investments(continued)
August 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
U.S. TREASURY BILLS - 5.7%
$200,000,000 5.19%--5.195%, 9/15/1999........................ $ 199,596,139
--------------
Total U.S. Treasury Bills
(cost $199,596,139)............................ 199,596,139
--------------
U.S. TREASURY NOTES - 24.5%
50,000,000 5.75%, 9/30/1999+............................... 50,038,036
200,000,000 5.625%, 11/30/1999.............................. 200,436,817
200,000,000 5.625%, 12/31/1999.............................. 200,564,029
75,000,000 5.875%, 2/15/2000............................... 75,370,097
30,000,000 5.5%, 3/31/2000................................. 30,062,896
40,000,000 6.375%, 5/15/2000............................... 40,366,260
125,000,000 5.5%, 5/31/2000................................. 125,505,089
75,000,000 8.75%, 8/15/2000................................ 77,370,654
50,000,000 5.125%, 8/31/2000............................... 49,837,108
--------------
Total U.S. Treasury Notes
(cost $849,550,986)............................ 849,550,986
--------------
REPURCHASE AGREEMENTS* - 76.8%
180,000,000 ABN Amro, Inc.,
5.4%, dated 8/31/1999, due 9/1/1999 maturity
value $180,027,000(1).......................... 180,000,000
160,000,000 Barclays DeZoete Wedd Securities,
5.45%, dated 8/30/1999, due 9/1/1999 maturity
value $160,048,444(2).......................... 160,000,000
180,000,000 Credit Suisse First Boston, 5.42%, dated
8/30/1999, due 9/1/1999 maturity value
$180,054,200(3)................................ 180,000,000
400,000,000 Deutsche Bank AG,
5.5%, dated 8/30/1999, due 9/1/1999 maturity
value $400,122,222(4).......................... 400,000,000
50,312,500 Dresdner Bank AG,
4.73%, dated 8/30/1999, due 9/1/1999 maturity
value $50,325,721(5)**......................... 50,312,500
180,000,000 Dresdner Bank AG,
5.4%, dated 8/30/1999, due 9/1/1999 maturity
value $180,054,000(6).......................... 180,000,000
180,000,000 HSBC Securities, Inc.,
5.43%, dated 8/30/1999, due 9/1/1999 maturity
value $180,054,300(7).......................... 180,000,000
190,000,000 J.P. Morgan,
5.43%, dated 8/31/1999, due 9/1/1999 maturity
value $190,028,658(8).......................... 190,000,000
160,000,000 Lehman Brothers,
5.43%, dated 8/31/1999, due 9/1/1999 maturity
value $160,024,133(9).......................... 160,000,000
180,000,000 Morgan Stanley,
5.4%, dated 8/30/1999, due 9/1/1999 maturity
value $180,054,000(10)......................... 180,000,000
180,000,000 Salomon Smith Barney,
5.43%, dated 8/30/1999, due 9/1/1999 maturity
value $180,054,300(11) ........................ 180,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
REPURCHASE AGREEMENTS - continued
$202,500,000 Societe Generale,
5.15%, dated 8/6/1999, due 9/1/1999 maturity
value $203,224,219(12)......................... $ 202,500,000
128,103,818 Societe Generale,
5.43%, dated 8/30/1999, due 9/1/1999 maturity
value $128,142,463(13)......................... 128,103,818
10,000,000 State Street Bank & Trust,
5.37%, dated 8/31/1999, due 9/1/1999 maturity
value $10,001,492(14).......................... 10,000,000
100,000,000 State Street Bank & Trust,
5.42%, dated 8/31/1999,
due 9/1/1999 maturity value $100,015,056(15)... 100,000,000
180,000,000 Warburg Dillon Reed LLC, 5.43%, dated 8/31/1999,
due 9/1/1999 maturity value $180,027,150(16)... 180,000,000
--------------
Total Repurchase Agreements
(cost $2,660,916,318).......................... 2,660,916,318
--------------
</TABLE>
<TABLE>
<CAPTION>
Shares
<C> <S> <C>
MUTUAL FUND SHARES - 0.4%
13,223,671 Fidelity U.S. Treasury Portfolio
(cost $13,223,671).............................. 13,223,671
--------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $3,723,287,114).................. 107.4% 3,723,287,114
Other Assets and Liabilities - net...... (7.4) (256,951,310)
----- --------------
Net Assets.............................. 100.0% $3,466,335,804
===== ==============
</TABLE>
20
<PAGE>
EVERGREEN
Select Treasury Money Market Fund
Schedule of Investments(continued)
August 31, 1999 (unaudited)
+ A portion of these securities are on loan (see note 7).
** Represents collateral received for securities on loan.
* Collateralized by:
(1) $182,287,000 U.S. Treasury Notes, 3.375% to 3.875%, 01/15/07 to
01/15/09; value including accrued interest--$183,600,442.
(2) $167,160,000 U.S. Treasury Notes, 3.875% to 4.25%, 11/15/03 to
4/15/29; value including accrued interest--$163,200,818.
(3) $157,453,000 U.S. Treasury Notes, 5.12% to 6.25%, 8/15/00 to 8/15/09; value
including accrued--$158,764,135, $30,384,000 U.S. Treasury Bond, 5.25%,
2/15/29; value including accrued interest--$26,636,519.
(4) $1,135,805,303 GNMA, 6.00% to 9.00%, 05/15/16 to 01/15/29; value in-
cluding accrued--$408,000,000.
(5) $50,875,000 U.S. Treasury Note, 6.25%, 02/15/03; value including ac-
crued interest--$51,569,817.
(6) $50,875,000 U.S. Treasury Bills, 09/23/99 to 02/10/00; value includ-ing
accrued interest--$50,483,881, $90,710,000 U.S. Treasury Bonds, 5.25% to
8.125%, 08/15/19 to 02/15/29; value including accrued interest--
$84,956,369, $48,013,000 U.S. Treasury Notes, 5.00% to 8.00%, 01/31/00 to
08/31/01; value including accrued interest--$48,162,215.
(7) $393,477,000 U.S. Treasury STRIPS, 11/15/99 to 11/15/27; value including
accrued interest--$183,601,391.
(8) $192,206,000 U.S. Treasury Notes, 3.375%, 01/15/07; value included
accrued interest--$193,801,004.
(9) $308,221,000 U.S. Treasury STRIPS, 5/15/01 to 05/15/14; value in-
cluding accrued interest--$163,200,443.
(10) $370,000,000 U.S. Treasury STRIPS, 02/15/09 to 02/15/20; value in-
cluding accrued interest--$185,696,620.
(11) $1,000,000 U.S. Treasury Notes, 5.375%, 01/31/00; value including accrued--
$985,133. $328,059,339 U.S. Treasury STRIPS, 05/15/14 to 11/15/14; value
including accrued interest--$438,036,954. $42,205,000 U.S. Treasury STRIPS,
02/15/20; value including accrued in-terest--$11,040,994.
(12) $200,000,000 U.S. Treasury Note, 5.625%, 11/31/99; value including
accrued interest--$202,500,000.
(13) $3,059,000 U.S. Treasury Notes, 5.125% to 6.625%, 08/31/00 to 08/15/09;
value including accrued interest--$3,042,466, $76,218,000 U.S. Treasury
Bond, 11.25%, 02/15/15; value including accrued interest--$110,440,140,
$15,000,000 U.S. Treasury Bill, 09/15/99; value including accrued interest
--$14,674,147.
(14) $9,080,000 U.S. Treasury Bond, 7.5% 11/15/16; value including accrued
--$10,203,650.
(15) $101,225,000 U.S. Treasury Notes, 4.50% to 6.25%, 09/30/00 to
03/31/03; value including accrued interest--$102,008,875.
(16) $689,660,000 U.S. Treasury STRIPS, 8.75%, 05/15/17 to 05/15/20;
value including accrued interest--$183,600,222.
Summary of Abbreviations:
GNMA Government National Mortgage Association
STRIPS Separately Traded Registered Interest and Principal Securities
See Combined Notes to Financial Statements.
21
<PAGE>
EVERGREEN
Select 100% Treasury Money Market Fund
Schedule of Investments
August 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C> <C>
U.S. TREASURY BILLS -
28.4%
$ 1,923,000 4.49%*, 9/2/1999....... $ 1,922,760
568,000 4.48% - 4.58%*,
9/9/1999............... 567,434
91,987,000 5.175% - 5.19%*,
9/15/1999.............. 91,801,439
22,599,000 4.6% - 4.72%*,
9/16/1999.............. 22,555,651
14,313,000 4.535%*, 9/23/1999..... 14,273,333
2,551,000 4.64%*, 9/30/1999...... 2,541,465
------------
Total U.S. Treasury
Bills
(cost $133,662,082)... 133,662,082
------------
U.S. TREASURY NOTES -
70.8%
70,109,000 6.0%, 10/15/1999....... 70,222,661
28,934,000 5.625%, 10/31/1999..... 28,965,199
91,534,000 5.875%, 11/15/1999..... 91,698,919
76,666,000 5.625%, 11/30/1999..... 76,801,485
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C> <C>
U.S. TREASURY NOTES - continued
$ 2,993,000 5.625%, 12/31/1999................................. $ 2,997,946
29,717,000 5.875%, 2/15/2000.................................. 29,838,338
18,604,000 6.875%, 3/31/2000.................................. 18,798,190
3,448,000 6.375%, 5/15/2000.................................. 3,479,023
5,499,000 6.25%, 5/31/2000................................... 5,538,349
4,375,000 5.375%, 7/31/2000.................................. 4,380,077
------------
Total U.S. Treasury Notes (cost $332,720,187)...... 332,720,187
------------
Total Investments -
(cost $466,382,269)........................ 99.2% 466,382,269
Other Assets and
Liabilities - net.......................... 0.8 3,913,170
----- ------------
Net Assets.................................. 100.0% $470,295,439
===== ============
</TABLE>
* Effective yield (calculated at the date of purchase) is the yield at
which the bill accretes on an annual basis until maturity date.
See Combined Notes to Financial Statements.
22
<PAGE>
EVERGREEN
Select Money Market Funds
Statements of Assets and Liabilities
August 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Select Money Select Select Select 100%
Market Municipal Treasury Treasury
Fund Fund Fund Fund
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in
securities............ $5,051,395,654 $1,130,891,255 $1,062,370,796 $466,382,269
Investments in
repurchase
agreements............ 28,763,584 0 2,660,916,318 0
- --------------------------------------------------------------------------------------
Investments at
amortized cost........ 5,080,159,238 1,130,891,255 3,723,287,114 466,382,269
Cash................... 0 283,760 0 0
Receivable for Fund
shares sold........... 10,194,697 0 25,000 0
Interest receivable.... 36,508,859 5,317,665 11,940,430 5,655,121
Deferred organization
expenses.............. 6,076 6,076 6,076 0
Prepaid expenses and
other assets.......... 49,706 38,148 132,134 38,675
- --------------------------------------------------------------------------------------
Total assets........... 5,126,918,576 1,136,536,904 3,735,390,754 472,076,065
- --------------------------------------------------------------------------------------
Liabilities
Distributions payable.. 13,630,884 2,588,601 13,392,032 1,689,385
Payable for Fund shares
redeemed.............. 12,170,000 1,000,000 0 0
Payable for securities
on loan............... 0 0 254,361,832 0
Advisory fee payable... 690,821 141,176 434,152 14,024
Distribution Plan
expenses payable...... 988,570 52,795 799,755 53,802
Due to other related
parties............... 102,546 21,998 53,484 13,744
Accrued expenses and
other liabilities..... 215,819 94,750 13,695 9,671
- --------------------------------------------------------------------------------------
Total liabilities...... 27,798,640 3,899,320 269,054,950 1,780,626
- --------------------------------------------------------------------------------------
Net assets.............. $5,099,119,936 $1,132,637,584 $3,466,335,804 $470,295,439
- --------------------------------------------------------------------------------------
Net assets represented
by
Paid-in capital........ $5,099,729,110 $1,132,512,374 $3,466,338,260 $470,193,346
Undistributed net
investment income..... 0 107,062 0 155,318
Accumulated net
realized gains or
losses on securities.. (609,174) 18,148 (2,456) (53,225)
- --------------------------------------------------------------------------------------
Total net assets........ $5,099,119,936 $1,132,637,584 $3,466,335,804 $470,295,439
- --------------------------------------------------------------------------------------
Net assets consists of
Class I................ $2,831,597,452 $989,302,760 $1,841,855,696 $345,282,071
Class IS............... 2,267,522,484 143,334,824 1,624,480,108 125,013,368
- --------------------------------------------------------------------------------------
Total net assets........ $5,099,119,936 $1,132,637,584 $3,466,335,804 $470,295,439
- --------------------------------------------------------------------------------------
Shares outstanding
Class I................ 2,831,944,108 989,197,985 1,841,857,490 345,182,750
Class IS............... 2,267,811,439 143,315,365 1,624,480,020 125,010,595
- --------------------------------------------------------------------------------------
Net asset value per
share
Class I................ $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------------
Class IS............... $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
23
<PAGE>
EVERGREEN
Select Money Market Funds
Statements of Operations
Six Months Ended August 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Select Select Select Select 100%
Money Market Municipal Treasury Treasury
Fund Fund Fund Fund
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment income
Interest................. $145,843,548 $18,948,038 $85,026,835 $12,907,032
- -------------------------------------------------------------------------------
Expenses
Advisory fee............. 4,236,698 814,499 2,606,462 698,274
Distribution Plan ex-
penses.................. 3,081,058 151,652 1,923,161 137,229
Administrative services
fees.................... 910,999 133,028 425,624 68,810
Transfer agent fee....... 12,037 926 6,824 428
Trustees' fees and ex-
penses.................. 57,905 10,741 33,302 6,029
Custodian fee............ 682,746 109,525 295,978 77,360
Organization expenses.... 1,382 1,382 1,382 0
Other.................... 359,650 216,239 48,672 37,836
- -------------------------------------------------------------------------------
Total expenses........... 9,342,475 1,437,992 5,341,405 1,025,966
Less: Fee credits........ (140,285) (37,425) (80,530) (16,532)
Fee waivers............ (132,519) 0 (178,224) (592,590)
- -------------------------------------------------------------------------------
Net expenses............. 9,069,671 1,400,567 5,082,651 416,844
- -------------------------------------------------------------------------------
Net investment income.... 136,773,877 17,547,471 79,944,184 12,490,188
- -------------------------------------------------------------------------------
Net realized gains or
losses on securities.... (191,666) 18,148 0 (53,225)
- -------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations.............. $136,582,211 $17,565,619 $79,944,184 $12,436,963
- -------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
24
<PAGE>
EVERGREEN
Select Money Market Funds
Statements of Changes In Net Assets
Six Months Ended August 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Select Select Select Select
Money Market Municipal Treasury 100% Treasury
Fund Fund Fund Fund
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income... $ 136,773,877 $ 17,547,471 $ 79,944,184 $ 12,490,188
Net realized gains or
losses on securities... (191,666) 18,148 0 (53,225)
- ---------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............ 136,582,211 17,565,619 79,944,184 12,436,963
- ---------------------------------------------------------------------------------------------
Distributions to
shareholders from net
investment income .....
Class I................ (78,682,392) (15,740,628) (45,637,893) (10,138,703)
Class IS............... (58,091,485) (1,809,662) (34,306,291) (2,351,485)
- ---------------------------------------------------------------------------------------------
Total distributions to
shareholders.......... (136,773,877) (17,550,290) (79,944,184) (12,490,188)
- ---------------------------------------------------------------------------------------------
Capital share
transactions...........
Proceeds from shares
sold................... 16,124,879,326 1,121,046,016 7,043,533,057 669,169,014
Net asset value of
shares issued in
reinvestment of
distributions.......... 46,979,787 1,485,317 4,850,782 738,294
Payment for shares
redeemed............... (16,395,807,088) (991,152,425) (7,115,430,044) (844,106,762)
Net asset value of
shares issued in
acquisition of CoreFund
Liquidity Fund......... 227,071,680 0 0 0
- ---------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
resulting from capital
share transactions.... 3,123,705 131,378,908 (67,046,205) (174,199,454)
- ---------------------------------------------------------------------------------------------
Total increase
(decrease) in net
assets............... 2,932,039 131,394,237 (67,046,205) (174,252,679)
Net assets
Beginning of period..... 5,096,187,897 1,001,243,347 3,533,382,009 644,548,118
- ---------------------------------------------------------------------------------------------
End of period........... $ 5,099,119,936 $1,132,637,584 $ 3,466,335,804 $ 470,295,439
- ---------------------------------------------------------------------------------------------
Undistributed net
investment income...... 0 $ 107,062 0 $ 155,318
- ---------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
25
<PAGE>
EVERGREEN
Select Money Market Funds
Statements of Changes In Net Assets
Year Ended February 28, 1999
<TABLE>
<CAPTION>
Select Money Select Select Select
Market Municipal Treasury 100% Treasury
Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income.. $ 176,413,952 $ 25,052,791 $ 154,636,634 $ 21,302,660
Net realized gains or
losses on securities.. (70,426) 179,190 706 156,345
- -----------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............ 176,343,526 25,231,981 154,637,340 21,459,005
- -----------------------------------------------------------------------------------------------
Distributions to
shareholders from net
investment income
Class I................ (90,470,553) (21,858,290) (91,096,717) (19,522,149)
Class IS............... (85,943,399) (3,194,501) (63,539,917) (1,780,511)
- -----------------------------------------------------------------------------------------------
Total distributions to
shareholders.......... (176,413,952) (25,052,791) (154,636,634) (21,302,660)
- -----------------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold.................. 16,973,312,489 2,469,570,427 11,534,563,778 1,683,680,800
Net asset value of
shares issued in
reinvestment of
distributions......... 55,547,088 2,005,608 10,002,025 65,916
Payment for shares
redeemed.............. (14,857,459,624) (2,164,226,922) (10,390,277,275) (1,289,855,545)
Net asset value of
shares issued in
acquisition of:
CoreFund Elite Cash
Reserve............... 657,769,349 0 0 0
CoreFund Elite Tax Free
Reserve............... 0 189,948,627 0 0
CoreFund Elite Treasury
Reserve............... 0 0 117,332,798 0
- -----------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
capital share
transactions.......... 2,829,169,302 497,297,740 1,271,621,326 393,891,171
- -----------------------------------------------------------------------------------------------
Total increase in net
assets............... 2,829,098,876 497,476,930 1,271,622,032 394,047,516
Net assets
Beginning of period.... 2,267,089,021 503,766,417 2,261,759,977 250,500,602
- -----------------------------------------------------------------------------------------------
End of period.......... $ 5,096,187,897 $ 1,001,243,347 $ 3,533,382,009 $ 644,548,118
- -----------------------------------------------------------------------------------------------
Undistributed net
investment income...... $ 0 $ 109,881 $ 0 $ 155,318
- -----------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
26
<PAGE>
Combined Notes to Financial Statements (Unaudited)
1. ORGANIZATION
The Evergreen Select Money Market Funds consist of Evergreen Select Money Mar-
ket Fund ("Select Money Market Fund"), Evergreen Select Municipal Money Market
Fund ("Select Municipal Fund"), Evergreen Select Treasury Money Market Fund
("Select Treasury Fund") and Evergreen Select 100% Treasury Money Market Fund
("Select 100% Treasury Fund"), (collectively, the "Funds"). Each Fund is a di-
versified series of Evergreen Select Money Market Trust (the "Trust"), a Dela-
ware business trust organized on September 18, 1997. The Trust is an open-end
management investment company registered under the Investment Company Act of
1940, as amended (the "1940 Act").
The Funds offer Institution Shares ("Class I") and Institutional Service Shares
("Class IS") which are sold without a front-end sales charge. Class IS shares
pay an ongoing distribution fee.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently fol-
lowed by the Funds in the preparation of their financial statements. The poli-
cies are in conformity with generally accepted accounting principles, which re-
quire management to make estimates and assumptions that affect amounts reported
herein.
Actual results could differ from these estimates.
A. Valuation of Securities
As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein,
securities are valued utilizing the amortized cost method. The amortized cost
of an instrument is determined by valuing it at original cost and thereafter
assuming a constant accretion of any discount or amortization of any premium
from its face value at a constant rate until maturity.
B. Repurchase Agreements
Each Fund may invest in repurchase agreements. Securities pledged as collateral
for repurchase agreements are held in a segregated account by the custodian on
the Fund's behalf. Collateral for certain tri-party repurchase agreements is
held at the counterparty's custodian in a segregated account for the benefit of
the Fund and the counterparty. Each Fund monitors the adequacy of the collat-
eral daily and will require the seller to provide additional collateral in the
event the market value of the securities pledged falls below the carrying value
of the repurchase agreement, including accrued interest. Each Fund will only
enter into repurchase agreements with banks and other financial institutions,
which are deemed by the investment advisor to be creditworthy pursuant to
guidelines established by the Board of Trustees.
C. Securities Lending
In order to generate income and to offset expenses, the Funds, except select
100% Treasury Fund, may lend portfolio securities to brokers, dealers and other
financial organizations. The Funds' investment adviser will monitor the credit-
worthiness of such borrowers. Loans of securities may not exceed 33 1/3% of a
Fund's total assets and will be collateralized by cash, letters of credit or
U.S. Government securities that are maintained at all times in an amount equal
to at least 100% of the current market value of the loaned securities, includ-
ing accrued interest. The Fund monitors the adequacy of the collateral daily
and will require the borrower to provide additional collateral in the event the
value of the collateral falls below 100% of the market value of the securities
on loan. While such securities are on loan, the borrower will pay a Fund any
income 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. Any gain or loss in the market price of the loaned securi-
ties, which occurs during the term of the loan, would affect a Fund and its in-
vestors. A Fund may pay fees in connection with such loans.
D. Security Transactions and Investment Income
Securities transactions are accounted for no later than one business day after
the trade date. Realized gains and losses are computed on the identified cost
basis. Interest income is recorded on the accrual basis and includes accretion
of discounts and amortization of premiums.
27
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
E. Federal Taxes
The Funds have qualified and intend to continue to qualify as regulated invest-
ment companies under the Internal Revenue Code of 1986, as amended (the
"Code"). Thus, the Funds will not incur any federal income tax liability since
they are expected to distribute all of their net investment company taxable in-
come, net tax-exempt income and net capital gains, if any, to their sharehold-
ers. The Funds also intend to avoid any excise tax liability by making the re-
quired distributions under the Code. Accordingly, no provision for federal
taxes is required. To the extent that realized capital gains can be offset by
capital loss carryforwards, it is each Fund's policy not to distribute such
gains.
F. Distributions
Distributions from net investment income for the Funds are declared daily and
paid monthly. Distributions from net realized capital gains, if any, are paid
at least annually. Distributions to shareholders are recorded at the close of
business on the ex-dividend date.
Income and capital gains distributions to shareholders are determined in accor-
dance with income tax regulations, which may differ from generally accepted ac-
counting principles.
G. Class Allocations
Income, expenses (other than class specific expenses) and realized and
unrealized gains and losses are prorated among the classes based on the rela-
tive net assets of each class. Currently, class specific expenses are limited
to expenses incurred under the Distribution Plans for the Class IS shares.
H. Organization Expenses
For each Fund, other than Select 100% Treasury Fund, organization expenses 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. Organization expenses for Select 100%
Treasury Fund were reflected in its operating results for the Fund's initial
fiscal year.
3. INVESTMENT ADVISORY AGREEMENT AND OTHER AFFILIATED TRANSACTIONS
First Union National Bank ("FUNB"), a wholly-owned subsidiary of First Union
Corporation ("First Union"), serves as the investment advisor to the Funds and
is paid an advisory fee that is computed daily and paid monthly based on a per-
centage of each Fund's average daily net assets.
<TABLE>
<CAPTION>
Annual
Advisory Fee
----------
<S> <C>
Select Money Market Fund............................ 0.15%
Select Municipal Fund............................... 0.15%
Select Treasury Fund................................ 0.15%
Select 100% Treasury Fund........................... 0.25%
</TABLE>
During the six months ended August 31, 1999, the amount of investment advisory
fees waived and the impact on each Fund's expense ratio represented as a per-
centage of its average net assets were as follows:
<TABLE>
<CAPTION>
Fees % of Average
Waivers Net Assets
-------------------
<S> <C> <C>
Select Money Market Fund.................. $132,519 0.01%
Select Municipal Fund..................... 0 0.00%
Select Treasury Fund...................... 178,224 0.01%
Select 100% Treasury Fund................. 592,590 0.21%
</TABLE>
Evergreen Investment Services ("EIS"), a subsidiary of First Union, serves as
the administrator and The BISYS Group, Inc. ("BISYS") serves as the sub-admin-
istrator for each Fund. As administrator, EIS provides the Funds with facili-
ties, equipment and personnel. As sub-administrator to the Funds, BISYS pro-
vides the officers of the Funds. Officers of the Funds and affiliated Trustees
receive no compensation directly from the Funds.
28
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
The administrator and sub-administrator for the Funds are entitled to an annual
fee based on the average daily net assets of the funds administered by EIS for
which First Union or its investment advisory subsidiaries are also the invest-
ment advisors. The administration fee is calculated by applying percentage
rates, which start at 0.05% and decline to 0.01% per annum as net assets in-
crease, to the average daily net assets of each Fund. The sub-administration
fee is calculated by applying percentage rates, which start at 0.01% and de-
cline to 0.004% per annum as net assets increase, to the average daily net as-
sets of each Fund.
During the six months ended August 31, 1999, the Funds paid or accrued to EIS
and BISYS, respectively the following amounts for administrative and sub-admin-
istrative services:
<TABLE>
<CAPTION>
Administration Sub-administration
Fee Fee
---------------------------------
<S> <C> <C>
Select Money Market Fund...... $766,919 $144,080
Select Municipal Fund......... 105,328 27,700
Select Treasury Fund.......... 337,002 88,622
Select 100% Treasury Fund..... 54,514 14,296
</TABLE>
Evergreen Service Company ("ESC"), an indirectly, wholly owned subsidiary of
First Union, serves as the transfer and dividend disbursing agent for the
Funds.
4. DISTRIBUTION PLANS
Evergreen Distributor, Inc. ("EDI"), a wholly owned subsidiary of BISYS, serves
as principal underwriter to the Funds.
Each Fund has adopted a Distribution Plan, as allowed by Rule 12b-1 of the 1940
Act, for its Class IS shares. 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". Class IS shares currently pay a
service fee equal to 0.25% of the average daily net asset of the class. Distri-
bution Plan expenses are calculated daily and paid at least quarterly.
The Distribution Plan may be terminated at any time by vote of the Independent
Trustees or by vote of a majority of the outstanding voting shares of Class IS.
5. ACQUISITIONS
On July 27, 1999, the Money Market Fund acquired substantially all the assets,
and assumed certain liabilities, of CoreFund Liquidity Fund, a common trust
fund managed by FUNB, through a tax-free exchange of Class I shares. The value
of the net assets acquired, valued at $1 per share, was $227,071,680 and imme-
diately following the conversion the combined net assets of Money Market Fund
amounted to $6,050,907,098.
On July 27, 1998, the Funds noted below acquired substantially all the assets,
and assumed certain liabilities, of the following open-end management invest-
ment companies registered under the 1940 Act, through a tax-free exchange of
shares. The acquired net assets, valued at $1.00 per share, classes of shares
exchanged and combined net assets of the acquiring fund immediately after the
acquisition are as follows:
<TABLE>
<CAPTION>
Class of Value of Net
Shares Asset Combined Net
Acquiring Fund Acquired Fund Exchanged Acquired Assets
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Select Money Market
Fund................... CoreFund Elite Cash Reserve Class I and IS $657,769,349 $3,259,642,735
Select Municipal Fund... CoreFund Elite Tax Free Reserve Class I and IS 189,948,627 732,088,341
Select Treasury Fund.... CoreFund Elite Treasury Reserve Class I and IS 117,332,798 2,907,379,461
</TABLE>
29
<PAGE>
Combined Notes to Financial Statements(Unaudited) (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 I and IS. Transactions in shares, valued at $1.00 per share,
of the Funds were as follows:
Select Money Market Fund
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
August 31, 1999 February 28, 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class I
Shares sold................................ 11,607,447,033 9,521,437,669
Shares issued in reinvestment of
distributions............................. 23,112,801 13,413,769
Shares redeemed............................ (11,879,421,457) (8,390,782,294)
Shares issued in acquisition of:
CoreFund Elite Cash Reserve............... 0 657,746,423
CoreFund Liquidity Fund................... 227,071,680 0
- ------------------------------------------------------------------------------
Net increase (decrease).................... (21,789,943) 1,801,815,567
- ------------------------------------------------------------------------------
Class IS
Shares sold................................ 4,517,432,293 7,451,894,027
Shares issued in reinvestment of
distributions............................. 23,866,986 42,133,319
Shares redeemed............................ (4,516,385,631) (6,466,677,330)
Shares issued in acquisition of CoreFund
Elite Cash Reserve........................ 0 28,779
- ------------------------------------------------------------------------------
Net increase............................... 24,913,648 1,027,378,795
</TABLE>
- --------------------------------------------------------------------------------
Select Municipal Fund
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
August 31, 1999 February 28, 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class I
Shares sold................................ 885,647,075 2,038,312,243
Shares issued in reinvestment of
distributions............................. 519,362 731,373
Shares redeemed............................ (754,120,414) (1,813,875,532)
Shares issued in acquisition of CoreFund
Elite Tax Free Reserve.................... 0 189,965,707
- ------------------------------------------------------------------------------
Net increase............................... 132,046,023 415,133,791
- ------------------------------------------------------------------------------
Class IS
Shares sold................................ 235,398,941 431,276,415
Shares issued in reinvestment of
distributions............................. 965,955 1,274,235
Shares redeemed............................ (237,032,011) (350,351,390)
Shares issued in acquisition of CoreFund
Elite Tax Free Reserve.................... 0 1,789
- ------------------------------------------------------------------------------
Net increase (decrease).................... (667,115) 82,201,049
</TABLE>
- --------------------------------------------------------------------------------
Select Treasury Fund
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
August 31, 1999 February 28, 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class I
Shares sold................................ 3,667,543,541 6,034,259,691
Shares issued in reinvestment of
distributions............................. 1,039,209 1,893,286
Shares redeemed............................ (3,888,267,315) (5,236,345,065)
Shares issued in acquisition of CoreFund
Elite Treasury Reserve.................... 0 5,032,720
- ------------------------------------------------------------------------------
Net increase (decrease).................... (219,684,565) 804,840,632
- ------------------------------------------------------------------------------
Class IS
Shares sold................................ 3,375,989,516 5,500,302,900
Shares issued in reinvestment of
distributions............................. 3,811,573 8,108,739
Shares redeemed............................ (3,227,162,729) (5,153,932,210)
Shares issued in acquisition of CoreFund
Elite Treasury Reserve.................... 0 112,303,677
- ------------------------------------------------------------------------------
Net increase............................... 152,638,360 466,783,106
</TABLE>
- --------------------------------------------------------------------------------
30
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
Select 100% Treasury Fund
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
August 31, 1999 February 28, 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class I
Shares sold................................. 494,500,331 1,309,604,631
Shares issued in reinvestment of
distributions.............................. 674,501 23,432
Shares redeemed............................. (695,969,188) (1,008,655,646)
- ------------------------------------------------------------------------------
Net increase (decrease)..................... (200,794,356) 300,972,417
- ------------------------------------------------------------------------------
Class IS
Shares sold................................. 174,668,683 374,076,169
Shares issued in reinvestment of
distributions.............................. 63,793 42,484
Shares redeemed............................. (148,137,574) (281,199,899)
- ------------------------------------------------------------------------------
Net increase................................ 26,594,902 92,918,754
</TABLE>
- --------------------------------------------------------------------------------
7. SECURITIES TRANSACTIONS
The Treasury Fund loaned securities during the six months ended August 31, 1999
to certain brokers who paid the Fund a negotiated lenders' fee. These fees are
included in interest income. At August 31, 1999, the value of securities on
loan and the value of collateral amounted to $50,038,036 and $50,312,500, re-
spectively. During the six months ended August 31, 1999, the Treasury Fund
earned $166,511 in income from securities lending.
As of February 28, 1999, the Funds had capital loss carryovers for federal in-
come tax purposes as follows:
<TABLE>
<CAPTION>
Expiration
------------------------
2005 2006 2007
<S> <C> <C> <C>
------------------------
Select Money Market Fund.............. $6,000 $135,000 $239,000
Select Treasury Fund.................. 0 2,000 0
</TABLE>
8. EXPENSE OFFSET ARRANGEMENTS
The Funds have entered into expense offset arrangements with ESC and their cus-
todian whereby credits realized as a result of uninvested cash balances were
used to reduce a portion of each Fund's related expenses. The assets deposited
with ESC and the custodian under these expense offset arrangements could have
been invested in income-producing assets. The amount of fee credits received by
each Fund and the impact on each Fund's expense ratio represented as a percent-
age of its average net assets were as follows:
<TABLE>
<CAPTION>
Fees % of Average
Credits Net Assets
<S> <C> <C>
--------------
Select Money Market Fund.................. $140,285 0.01%
Select Municipal Fund..................... 37,425 0.01%
Select Treasury Fund...................... 80,530 0.00%
Select 100% Treasury Fund................. 16,532 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. Trustees will be paid either in one lump sum or in quarterly install-
ments for up to ten years at their election, not earlier than either the year
in which the Trustee ceases to be a member of the Board of Trustees or January
1, 2000.
10. FINANCING AGREEMENTS
Certain Evergreen Funds and State Street Bank and Trust Company ("State
Street") and a group of banks (collectively, the "Banks") entered into a fi-
nancing agreement dated December 22, 1997, as amended on November 20, 1998. Un-
der this agreement, the Banks provided an unsecured credit facility in the ag-
gregate amount of $400 million ($275 million committed and $125 million uncom-
mitted). The credit facility was allo-
31
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
cated, under the terms of the financing agreement, among the Banks. The credit
facility was accessed by the Funds for temporary or emergency purposes only and
was subject to each Fund's borrowing restrictions. Borrowings under this facil-
ity bear interest at 0.50% per annum above the Federal Funds rate. A commitment
fee of 0.065% per annum was incurred on the unused portion of the committed fa-
cility, which was allocated to all funds. For its assistance in arranging this
financing agreement, the Capital Market Group of First Union was paid a one-
time arrangement fee of $27,500. State Street serves as administrative agent
for the Banks, and as administrative agent was entitled to a fee of $20,000 per
annum which was allocated to all of the funds.
This agreement was amended and renewed on December 22, 1998. The amended fi-
nancing agreement became effective on December 22, 1998 among all of the Ever-
green Funds, State Street and The Bank of New York ("BONY"). Under this agree-
ment, State Street and BONY provided an unsecured credit facility in the aggre-
gate amount of $150 million ($125 million committed and $25 million uncommit-
ted). The remaining terms and conditions of the agreement were unaffected. This
agreement was terminated on July 27, 1999.
On July 27, 1999, all of the Evergreen Funds and a group of banks (the "Lend-
ers") entered into credit agreement. Under this agreement, the Lenders provide
an unsecured revolving credit commitment in the aggregate amount of $1.050 bil-
lion. The credit facility is allocated, under the terms of the financing agree-
ment, among the Lenders. The credit facility is accessed by the Funds for tem-
porary or emergency purposes to fund the redemption of their shares or as gen-
eral working capital as permitted by each Fund's borrowing restrictions.
Borrowings under this facility bear interest at 0.75% per annum above the Fed-
eral Funds rate (1.50% per annum above the Federal Funds rate during the period
from and including December 1, 1999 through and including January 31, 2000). A
commitment fee of 0.10% per annum is incurred on the average daily unused por-
tion of the revolving credit commitment. The commitment fee is allocated to all
funds. For its assistance in arranging this financing agreement, First Union
Capital Markets Corp. was paid a one-time arrangement fee of $250,000. State
Street serves as paying agent for the funds, and as paying agent is entitled to
a fee of $20,000 per annum which is allocated to all of the funds.
During the six month period ended August 31, 1999, the Funds had no borrowings
under these agreements.
YEAR 2000
Like other investment companies, the Funds could be adversely affected if the
computer systems used by the Funds' investment advisors and the Funds' other
service providers are not able to perform their intended functions effectively
after 1999 because of the inability of computer software to distinguish the
year 2000 from the year 1900. The Funds' investment advisors are taking steps
to address this potential year 2000 problem with respect to the computer sys-
tems that they use and to obtain satisfactory assurances that comparable steps
are being taken by the Funds' other major service providers. At this time, how-
ever, there can be no assurance that these steps will be sufficient to avoid
any adverse impact on the Funds from this problem.
32
<PAGE>
Evergreen Select Funds*
Money Market
Money Market Fund
Treasury Money Market Fund
100% Treasury Money Market Fund
Municipal Money Market Fund
U.S. Government Money Market Fund
Municipal Fixed
Income
Intermediate Municipal Bond Fund
Intermediate Term Municipal Bond Fund
Taxable Fixed
Income
International Bond Fund
Total Return Bond Fund
Income Plus Fund
Core Bond Fund
Fixed Income Fund
Adjustable Rate Fund
Limited Duration Fund
* Minimum investment in an Evergreen
Select Fund is $1,000,000.
Growth and Income/
Balanced
Balanced Fund
Growth
Special Equity Fund
Small Cap Growth Fund
Small Company Value Fund
Strategic Growth Fund
Core Equity Fund
Equity Index Fund
Large Cap Blend Fund
Strategic Value Fund
Diversified Value Fund
Social Principles
Secular Growth Fund
28517 543700 10/99
--------------
BULK RATE
U.S. POSTAGE
PAID
PERMIT NO. 19
HUDSON, MA
---------------
[LOGO OF EVERGREEN FUNDS/SM/ APPEARS HERE]
200 Berkeley Street
Boston, MA 02116
