<PAGE>
August 31, 2000
Evergreen Select
Money Market Funds
Semiannual Report
[LOGO OF MUTUAL FUND SERVICE AWARD]
[LOGO OF EVERGREEN FUNDS/SM/]
<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 U.S. Government
Money Market Fund .................................... 5
Evergreen Select 100% Treasury Money
Market Fund .......................................... 6
Financial Highlights
Evergreen Select Money Market Fund ..................... 7
Evergreen Select Municipal Money
Market Fund .......................................... 8
Evergreen Select Treasury Money
Market Fund .......................................... 9
Evergreen Select U.S. Government
Money Market Fund .................................... 10
Evergreen Select 100% Treasury Money
Market Fund .......................................... 11
Schedules of Investments
Evergreen Select Money Market Fund ..................... 12
Evergreen Select Municipal Money
Market Fund .......................................... 17
Evergreen Select Treasury Money
Market Fund .......................................... 28
Evergreen Select U.S. Government
Money Market Fund .................................... 30
Evergreen Select 100% Treasury Money
Market Fund .......................................... 31
Combined Notes to Schedules
of Investments ......................................... 32
Statements of Assets and Liabilities ................... 34
Statements of Operations ............................... 35
Statements of Changes in Net Assets .................... 36
Combined Notes to Financial
Statements ............................................. 38
Evergreen Funds
Evergreen Funds is one of the nation's fastest growing investment companies with
more than $80 billion in assets under management.
We offer over 80 mutual funds to choose among and acclaimed service and
operations capabilities, giving investors a broad range of quality investment
products and services designed to meet their needs.
The Evergreen Funds employ intensive, research-driven investment strategies
executed by over 90 research analysts and portfolio managers. The fund company
remains dedicated to meeting the needs of investors and their advisors in a
global economy. Look to Evergreen Funds to provide a distinctive level of
service and excellence in investment management.
This semiannual report must be preceded or accompanied by a prospectus of an
Evergreen fund contained herein. The prospectus contains more complete
information, including fees and expenses, and should be read carefully before
investing or sending money.
-------------------- -------------- -------------------
Mutual Funds: ARE NOT FDIC INSURED MAY LOSE VALUE NOT BANK GUARANTEED
-------------------- -------------- -------------------
Evergreen Distributor, Inc.
Evergreen Funds/(SM)/is a service mark of Evergreen Investment Services, Inc.
<PAGE>
Letter to Shareholders
-----------------------
October 2000
Dear Evergreen Shareholders,
We are pleased to provide the Evergreen Select Money Market Funds semiannual
report, which covers the six-month period ended August 31, 2000.
[PHOTO OF WILLIAM M. ENNIS]
William M. Ennis
[PHOTO OF DENNIS FERRO]
Dennis Ferro
Growth Stocks Experience Volatility
During the first few months of 2000, a powerful rally in growth stocks came to
an end during April and May, as investors feared actions the Federal Reserve
Board would take to stem potential inflationary pressures. Growth in areas such
as technology, communications and biotechnology stocks reigned supreme for most
of the period and underwent a volatile environment during the last few months of
the period. Although these sectors have experienced sharp corrections, they
remain favored sectors.
Despite the recent volatility, the threat of inflation and the Federal Reserves
response to it, investors remain positive about the U.S. economy and the
long-term potential of the U.S. markets. At Evergreen, we believe the economy is
still fundamentally strong and that the Federal Reserve Board will continue to
act aggressively to contain inflation. We remain cautiously optimistic about
continued growth in the markets and believe there is a valuable lesson to be
learned from the market volatility of the last six months: remaining focused on
your goals and ensuring that your investments are suitable for your specific
needs.
Website Enhancements
Please visit our enhanced website, evergreen-funds.com, for more information
about Evergreen Funds. The site offers an array of helpful information including
an investment education center, interactive calculators to assist your
investment planning and general information about Evergreen Funds.
We believe that sound investing is about taking steps to meet your long-term
financial needs and goals. We remind you to take advantage of your financial
advisors expertise to develop and refine a financial plan that will enable you
to meet your objectives. Evergreen Funds offers a broad mix of stock, bond and
money market funds that should assist you in choosing the most 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/ Dennis Ferro
Dennis Ferro
Chief Investment Officer
First Union National Bank
Capital Management Group
1
<PAGE>
EVERGREEN
Select Money Market Fund
Fund at a Glance as of August 31, 2000
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
(based on 8/31/2000 portfolio assets)
[GRAPH]
Commercial Paper -- 67.2%
Corporate Notes & Bonds -- 27.8%
Funding Agreements -- 2.5%
Certificates of Deposit -- 1.5%
Municipals -- 0.8%
Mutual Fund Shares -- 0.2%
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS* /(1)/
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Institutional MFRs
Institutional Service First Tier 90-Day
Shares Shares Institutional Treasury
Portfolio Inception Date: 11/19/1996 (Class I) (Class IS) Average/(2)/ Bill
Class Inception Date 11/19/1996 11/26/1996
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Average Annual Total Returns
6 months 3.18% 3.05% 3.01% 2.96%
1 year 6.07% 5.80% 5.66% 5.62%
Since Portfolio Inception 5.67% 5.41% 5.26% 4.72%
7-day annualized yield 6.55% 6.30% n/a n/a
30-day annualized yield 6.53% 6.28% n/a n/a
6-month distributions per share $ 0.031 $ 0.030 n/a n/a
</TABLE>
* The yield quotation more closely reflects the current earnings of the Fund
than the total return quotation.
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
Class I Class IS
-----------------------------------
Mar-00 5.9 5.65
Apr-00 6.04 5.79
May-00 6.24 5.99
Jun-00 6.52 6.27
Jul-00 6.54 6.29
Aug-00 6.55 6.3
Portfolio Management
--------------------------------------
[PHOTO OF J. KELLIE ALLEN] [PHOTO OF BRYAN K. WHITE, CFA]
J. Kellie Allen Bryan K. White, CFA
Tenure: Tenure:
November 1996 November 1996
Total Net Assets: $6,589,906,002
Average Maturity: 71 days
/1/ Past performance is no guarantee of future results. The performance of each
class may vary based on differences in fees and expenses paid by the
shareholders investing in each class. The investment return and principal value
will fluctuate so that an investors shares, when redeemed, may be worth more or
less than their original cost. Performance includes the reinvestment of income
dividends.
Returns reflect expense limits previously in effect, without which returns would
have been lower. The Fund incurs 12b-1 expenses of 0.25% for Class IS shares.
Class I shares pay no 12b-1 fees.
The Fund's investment objective is non-fundamental and may be changed without
the approval of the Fund's shareholders.
The yield will fluctuate, and there can be no guarantee that the Fund will
achieve its objective.
An investment in the Fund is not insured or 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.
U.S. government guarantees apply only to the underlying securities of the Funds
portfolio and not to the Fund's shares.
All data is as of August 31, 2000 and subject to change.
Foreign investments may contain more risk due to the inherent risks associated
with changing political climates, foreign market instability and foreign
currency fluctuations. Risks of international investing are magnified in
emerging or developing markets.
/2/ MFR = Money Fund Report. MFRs First Tier Institutional Average is a service
of iMoneyNet, Inc., (formerly IBC Financial Data).
2
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Fund at a Glance as of August 31, 2000
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
(based on 8/31/2000 portfolio assets)
[GRAPH]
VRDNs -- 87.8%
Corporate Notes & Bonds -- 4.9%
Commercial Paper -- 3.3%
Put Bonds -- 3.0%
Mutual Fund Shares -- 1.0%
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS* /1/
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Institutional MFRs
Institutional Service Tax Free 90-Day
Shares Shares Institutional Treasury
Portfolio Inception Date: 11/20/1996 (Class I) (Class IS) Average/2/ Bill
Class Inception Date 11/20/1996 11/25/1996
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Average Annual Total Returns
-------------------------------------------------------------------------------------------------
6 months 2.18% 2.06% 1.87% 2.96%
-------------------------------------------------------------------------------------------------
1 year 4.06% 3.80% 3.44% 5.62%
-------------------------------------------------------------------------------------------------
Since Portfolio Inception 3.67% 3.42% 3.16% 4.72%
-------------------------------------------------------------------------------------------------
7-day annualized yield 4.32% 4.07% n/a n/a
-------------------------------------------------------------------------------------------------
30-day annualized yield 4.27% 4.02% n/a n/a
-------------------------------------------------------------------------------------------------
6-month distributions per share $0.022 $0.020 n/a n/a
-------------------------------------------------------------------------------------------------
</TABLE>
* The yield quotation more closely reflects the current earnings of the Fund
than the total return quotation.
Portfolio
Management
--------------------
[PHOTO OF STEVEN C. SHACHAT]
Steven C. Shachat
Tenure: May 1998
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
Class I Class IS
------------------------------------
Mar-00 3.87 3.62
Apr-00 4.73 4.48
May-00 4.44 4.19
Jun-00 4.77 4.52
Jul-00 4.35 4.1
Aug-00 4.32 4.07
Total Net Assets: $1,308,277,066
Average Maturity: 11 days
/1/ Past performance is no guarantee of future results. The performance of each
class may vary based on differences in fees and expenses paid by the
shareholders investing in each class. The investment return and principal value
will fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost. Performance includes the reinvestment of income
dividends.
Returns reflect expense limits previously in effect, without which returns would
have been lower. The Fund incurs 12b-1 expenses of 0.25% for Class IS shares.
Class I shares pay no 12b-1 fees.
The Fund's investments objective is non-fundamental and may be changed without
the approval of the Fund's shareholders.
The yield will fluctuate, and there can be no guarantee that the Fund will
achieve its objective or any particular tax-exempt yield. Income may be subject
to federal alternative minimum tax.
An investment in the Fund is not insured or 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.
All data is as of August 31, 2000 and subject to change.
/2/MFR = Money Fund Report. MFR's Tax Free Institutional Average is a service of
iMoneyNet, Inc., (formerly IBC Financial Data).
3
<PAGE>
EVERGREEN
Select Treasury Money Market Fund
Fund at a Glance as of August 31, 2000
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
(based on 8/31/2000 portfolio assets)
[PIE CHART]
Repurchase Agreements -- 83.2%
U.S. Treasury Notes -- 16.8%
Portfolio Management
--------------------------------------------------------------------------------
[PHOTO] [PHOTO]
J. Kellie Allen Bryan K. White, CFA
Tenure: Tenure:
November 1996 November 1996
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*/1/
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Institutional MFRs
Institutional Service Treasury 90-Day
Shares Shares Institutional Treasury
Portfolio Inception Date: 11/20/1996 (Class I) (Class IS) Average/2/ Bill
<S> <C> <C> <C> <C>
Class Inception Date 11/20/1996 11/27/1996
--------------------------------------------------------------------------------------------
Average Annual Total Returns
--------------------------------------------------------------------------------------------
6 months 3.05% 2.92% 2.77% 2.96%
--------------------------------------------------------------------------------------------
1 year 5.72% 5.46% 5.13% 5.62%
--------------------------------------------------------------------------------------------
Since Portfolio Inception 5.40% 5.14% 4.81% 4.72%
--------------------------------------------------------------------------------------------
7-day annualized yield 6.32% 6.06% n/a n/a
--------------------------------------------------------------------------------------------
30-day annualized yield 6.25% 6.00% n/a n/a
--------------------------------------------------------------------------------------------
6-month distributions per share $0.030 $0.029 n/a n/a
--------------------------------------------------------------------------------------------
</TABLE>
* The yield quotation more closely reflects the current earnings of the Fund
than the total return quotation.
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
Class I Shares Class IS Shares
---------------------------------------------------
Mar-00 5.72 5.47
Apr-00 5.62 5.37
May-00 6.04 5.79
Jun-00 6.25 6.01
Jul-00 6.28 6.03
Aug-00 6.32 6.06
Total Net Assets: $3,057,351,402
Average Maturity: 28 days
/1/ Past performance is no guarantee of future results. The performance of each
class may vary based on differences in fees and expenses paid by the
shareholders investing in each class. The investment return and principal value
will fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost. Performance includes the reinvestment of income
dividends.
Returns reflect expense limits previously in effect, without which returns would
have been lower. The Fund incurs 12b-1 expenses of 0.25% for Class IS shares.
Class I shares pay no 12b-1 fees.
The Fund's investment objective is non-fundamental and may be changed without
the approval of the Fund's shareholders.
The yield will fluctuate, and there can be no guarantee that the Fund will
achieve its objective.
An investment in the Fund is not insured or 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.
U.S. government guarantees apply only to the underlying securities of the Funds
portfolio and not to the Fund's shares.
All data is as of August 31, 2000 and subject to change.
/2/ MFR = Money Fund Report. MFR's Treasury Institutional Average is a service
of iMoneyNet, Inc., (formerly IBC Financial Data).
4
<PAGE>
EVERGREEN
Select U.S. Government Money Market Fund
Fund at a Glance as of August 31, 2000
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
(based on 8/31/2000 portfolio assets)
[PIE CHART]
U.S. Agency Obligations -- 97.0%
Repurchase Agreements -- 3.0%
Portfolio
Management
--------------------------------------------------------------------------------
[PHOTO] [PHOTO]
J. Kellie Allen Bryan K. White, CFA
Tenure: Tenure:
October 1999 October 1999
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*/1/
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Institutional MFRs
Institutional Service Government 90-Day
Shares Shares Institutional Treasury
Portfolio Inception Date: 10/1/1999 (Class I) (Class IS) Average/2/ Bill
<S> <C> <C> <C> <C>
Class Inception Date 10/1/1999 10/1/1999
-------------------------------------------------------------------------------------------
Cumulative Total Returns
-------------------------------------------------------------------------------------------
6 months 3.12% 2.99% 2.90% 2.96%
-------------------------------------------------------------------------------------------
Since Portfolio Inception 5.41% 5.16% 4.99% 5.21%
-------------------------------------------------------------------------------------------
7-day annualized yield 6.44% 6.19% n/a n/a
-------------------------------------------------------------------------------------------
30-day annualized yield 6.40% 6.15% n/a n/a
-------------------------------------------------------------------------------------------
6-month distributions per share $0.031 $0.030 n/a n/a
-------------------------------------------------------------------------------------------
</TABLE>
* The yield quotation more closely reflects the current earnings of the Fund
than the total return quotation.
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
Class I Shares Class IS Shares
-------------------------------------------------------
Mar-00 5.8 5.55
Apr-00 5.86 5.61
May-00 6.15 5.91
Jun-00 6.25 6.00
Jul-00 6.37 6.13
Aug-00 6.44 6.19
Total Net Assets: $326,551,454
Average Maturity: 53 days
/1/ Past performance is no guarantee of future results. The performance of each
class may vary based on differences in fees and expenses paid by the
shareholders investing in each class. The investment return and principal value
will fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost. Performance includes the reinvestment of income
dividends.
The advisor is currently waiving a portion of its advisory fee. Had fees not
been waived, returns would have been lower. The Fund incurs 12b-1 expenses of
0.25% for Class IS shares. Class I shares pay no 12b-1 fees.
The Fund's investment objective is non-fundamental and may be changed without
the approval of the Fund's shareholders.
The yield will fluctuate, and there can be no guarantee that the Fund will
achieve its objective.
An investment in the Fund is not insured or 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.
U.S. government guarantees apply only to the underlying securities of the Funds
portfolio and not to the Fund's shares.
All data is of August 31, 2000 and subject to change.
/2/ MFR = Money Fund Report. MFR's Government Institutional Average is a service
of iMoneyNet, Inc., (formerly IBC Financial Data).
5
<PAGE>
EVERGREEN
Select 100% Treasury Money Market Fund
Fund at a Glance as of August 31, 2000
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
(based on 8/31/2000 portfolio assets)
[PIE CHART]
U.S. Treasury Bills -- 72.2%
U.S. Treasury Notes -- 27.8%
Portfolio
Management
--------------------------------------------------------------------------------
[PHOTO] [PHOTO]
J. Kellie Allen Bryan K. White, CFA
Tenure: Tenure:
December 1997 December 1997
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*/1/
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Institutional MFRs
Institutional Service Treasury 90-Day
Shares Shares Institutional Treasury
Portfolio Inception Date: 12/8/1997 (Class I) (Class IS) Averag/2/ Bill
<S> <C> <C> <C> <C>
Class Inception Date 12/8/1997 12/23/1997
-------------------------------------------------------------------------------------------
Average Annual Total Returns
-------------------------------------------------------------------------------------------
6 months 2.91% 2.78% 2.77% 2.96%
-------------------------------------------------------------------------------------------
1 year 5.48% 5.22% 5.13% 5.62%
-------------------------------------------------------------------------------------------
Since Portfolio Inception 5.08% 4.82% 4.78% 6.32%
-------------------------------------------------------------------------------------------
7-day annualized yield 6.09% 5.84% n/a n/a
-------------------------------------------------------------------------------------------
30-day annualized yield 5.97% 5.72% n/a n/a
-------------------------------------------------------------------------------------------
6-month distributions per share $0.029 $0.027 n/a n/a
-------------------------------------------------------------------------------------------
</TABLE>
* The yield quotation more closely reflects the current earnings of the Fund
than the total return quotation.
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
Class I Shares Class IS Shares
------------------------------------------------------------
Mar-00 5.6 5.34
Apr-00 5.61 5.36
May-00 5.62 5.37
Jun-00 5.73 5.47
Jul-00 5.77 5.52
Aug-00 6.09 5.84
Total Net Assets: $659,503,512
Average Maturity: 66 days
/1/ Past performance is no guarantee of future results. The performance of each
class may vary based on differences in fees and expenses paid by the
shareholders investing in each class. The investment return and principal value
will fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost. Performance includes the reinvestment of income
dividends.
The advisor is currently waiving a portion of its advisory fee. Had fees not
been waived, returns would have been lower. The Fund incurs 12b-1 expenses of
0.25% for Class IS shares. Class I shares pay no 12b-1 fees.
The Fund's investment objective is non-fundamental and may be changed without
the approval of the Fund's shareholders.
The yield will fluctuate, and there can be no guarantee that the Fund will
achieve its objective.
An investment in the Fund is not insured or 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.
U.S. government guarantees apply only to the underlying securities of the Funds
portfolio and not to the Fund's shares.
All data is as of August 31, 2000 and subject to change.
/2/ MFR = Money Fund Report. MFR's Treasury Institutional Average is a service
of iMoneyNet, Inc., (formerly IBC Financial Data).
6
<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, 2000 --------------------------------------------------
(Unaudited) 2000 (a) 1999 1998 1997 (b)
<S> <C> <C> <C> <C> <C> <C>
CLASS I SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- --------
Income from investment
operations
Net investment income 0.031 0.053 0.054 0.056 0.015
Less distributions to
shareholders from
Net investment income (0.031) (0.053) (0.054) (0.056) (0.015)
---------- ---------- ---------- ---------- --------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- --------
Total return 3.18% 5.39% 5.53% 5.71% 1.57%
Ratios and supplemental
data
Net assets, end of
period (thousands) $3,789,374 $3,848,005 $2,853,495 $1,051,741 $575,331
Ratios to average net
assets
Expenses++ 0.21%+ 0.22% 0.21% 0.20% 0.07%+
Net investment income 6.24%+ 5.25% 5.35% 5.60% 5.48%+
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended February 28,
August 31, 2000 --------------------------------------------------
(Unaudited) 2000 (a) 1999 1998 1997 (c)
<S> <C> <C> <C> <C> <C> <C>
CLASS IS SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- --------
Income from investment
operations
Net investment income 0.030 0.050 0.051 0.053 0.014
Less distributions to
shareholders from
Net investment income (0.030) (0.050) (0.051) (0.053) (0.014)
---------- ---------- ---------- ---------- --------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- --------
Total return 3.05% 5.13% 5.27% 5.45% 1.40%
Ratios and supplemental
data
Net assets, end of
period (thousands) $2,800,532 $2,699,653 $2,242,693 $1,215,348 $867,294
Ratios to average net
assets
Expenses++ 0.46%+ 0.47% 0.46% 0.45% 0.32%+
Net investment income 5.99%+ 5.00% 5.12% 5.33% 5.24%+
</TABLE>
(a) Year ended February 29.
(b) For the period from November 19, 1996 (commencement of class operations)
to February 28, 1997.
(c) For the period from November 26, 1996 (commencement of class operations)
to February 28, 1997.
+ Annualized.
++ Ratio of expenses to average net assets excludes expense reductions, but
includes fee waivers.
See Combined Notes to Financial Statements.
7
<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, 2000 --------------------------------------
(Unaudited) 2000 (a) 1999 1998 1997 (b)
<S> <C> <C> <C> <C> <C>
CLASS I SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Income from investment
operations
Net investment income 0.022 0.035 0.035 0.036 0.010
Less distributions to
shareholders from
Net investment income (0.022) (0.035) (0.035) (0.036) (0.010)
-------- -------- -------- -------- --------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Total return 2.18% 3.51% 3.52% 3.67% 0.96%
Ratios and supplemental
data
Net assets, end of
period (thousands) $947,903 $937,122 $857,242 $441,988 $206,124
Ratios to average net
assets
Expenses++ 0.20%+ 0.24% 0.18% 0.10% 0.05%+
Net investment income 4.28%+ 3.42% 3.41% 3.63% 3.50%+
</TABLE>
<TABLE>
<CAPTION>
Year Ended February 28,
Six Months Ended ------------------------------------
August 31, 2000 1997
(Unaudited) 2000 (a) 1999 1998 (c)
<S> <C> <C> <C> <C> <C>
CLASS IS SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- ------- -------
Income from investment
operations
Net investment income 0.020 0.032 0.032 0.034 0.008
Less distributions to
shareholders from
Net investment income (0.020) (0.032) (0.032) (0.034) (0.008)
-------- -------- -------- ------- -------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- ------- -------
Total return 2.06% 3.26% 3.27% 3.41% 0.85%
Ratios and supplemental
data
Net assets, end of
period (thousands) $360,374 $129,051 $144,002 $61,778 $14,295
Ratios to average net
assets
Expenses++ 0.45%+ 0.48% 0.42% 0.35% 0.30%+
Net investment income 4.01%+ 3.18% 3.17% 3.34% 3.19%+
</TABLE>
(a) Year ended February 29.
(b) For the period from November 20, 1996 (commencement of class operations)
to February 28, 1997.
(c) For the period from November 25, 1996 (commencement of class operations)
to February 28, 1997.
+ Annualized.
++ Ratio of expenses to average net assets excludes expense reductions, but
includes fee waivers.
See Combined Notes to Financial Statements.
8
<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, 2000 --------------------------------------------
(Unaudited) 2000 (a) 1999 1998 1997 (b)
<S> <C> <C> <C> <C> <C>
CLASS I SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- --------
Income from investment
operations
Net investment income 0.030 0.049 0.051 0.055 0.015
Less distributions to
shareholders from
Net investment income (0.030) (0.049) (0.051) (0.055) (0.015)
---------- ---------- ---------- ---------- --------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- --------
Total return 3.05% 5.05% 5.24% 5.51% 1.49%
Ratios and supplemental
data
Net assets, end of
period (thousands) $1,609,783 $1,685,986 $2,061,540 $1,256,701 $367,771
Ratios to average net
assets
Expenses++ 0.19%+ 0.18% 0.21% 0.18% 0.06%+
Net investment income 5.96%+ 4.92% 5.10% 5.42% 5.24%+
<CAPTION>
Six Months Ended Year Ended February 28,
August 31, 2000 --------------------------------------------
(Unaudited) 2000 (a) 1999 1998 1997 (c)
<S> <C> <C> <C> <C> <C>
CLASS IS SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- --------
Income from investment
operations
Net investment income 0.029 0.047 0.049 0.052 0.013
Less distributions to
shareholders from
Net investment income (0.029) (0.047) (0.049) (0.052) (0.013)
---------- ---------- ---------- ---------- --------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- --------
Total return 2.92% 4.79% 4.97% 5.25% 1.33%
Ratios and supplemental
data
Net assets, end of
period (thousands) $1,447,569 $1,506,949 $1,471,842 $1,005,059 $509,369
Ratios to average net
assets
Expenses++ 0.44%+ 0.43% 0.45% 0.43% 0.31%+
Net investment income 5.72%+ 4.67% 4.81% 5.17% 4.98%+
</TABLE>
(a) Year ended February 29.
(b) For the period from November 20, 1996 (commencement of class operations)
to February 28, 1997.
(c) For the period from November 27, 1996 (commencement of class operations)
to February 28, 1997.
+ Annualized.
++ Ratio of expenses to average net assets excludes expense reductions, but
includes fee waivers.
See Combined Notes to Financial Statements.
9
<PAGE>
EVERGREEN
Select U.S. Government Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended
August 31, 2000 Year Ended
(Unaudited) February 28, 2000 (a)
<S> <C> <C>
CLASS I SHARES
Net asset value, beginning of period $ 1.00 $ 1.00
-------- --------
Income from investment operations
Net investment income 0.031 0.022
Less distributions to shareholders from
Net investment income (0.031) (0.022)
-------- --------
Net asset value, end of period $ 1.00 $ 1.00
-------- --------
Total return 3.12% 2.23%
Ratios and supplemental data
Net assets, end of period (thousands) $291,545 $138,156
Ratios to average net assets
Expenses++ 0.20%+ 0.20%+
Net investment income 6.17%+ 5.47%+
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended
August 31, 2000 Year Ended
(Unaudited) February 28, 2000 (a)
<S> <C> <C>
CLASS IS SHARES
Net asset value, beginning of period $ 1.00 $ 1.00
------- -------
Income from investment operations
Net investment income 0.030 0.021
Less distributions to shareholders from
Net investment income (0.030) (0.021)
------- -------
Net asset value, end of period $ 1.00 $ 1.00
------- -------
Total return 2.99% 2.11%
Ratios and supplemental data
Net assets, end of period (thousands) $35,007 $ 8
Ratios to average net assets
Expenses++ 0.44%+ 0.48%+
Net investment income 5.73%+ 4.59%+
</TABLE>
(a) For the period from October 1, 1999 (commencement of class operations) to
February 29, 2000.
+ Annualized.
++ Ratio of expenses to average net assets excludes expense reductions, but
includes fee waivers.
See Combined Notes to Financial Statements.
10
<PAGE>
EVERGREEN
Select 100% Treasury Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended February 28,
August 31, 2000 ----------------------------
(Unaudited) 2000 (a) 1999 1998 (b)
<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 0.029 0.047 0.048 0.012
Less distributions to
shareholders from
Net investment income (0.029) (0.047) (0.048) (0.012)
-------- -------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- --------
Total return 2.91% 4.85% 4.88% 1.18%
Ratios and supplemental data
Net assets, end of period
(thousands) $367,550 $352,985 $546,122 $245,004
Ratios to average net assets
Expenses++ 0.11%+ 0.11% 0.17% 0.20%+
Net investment income 5.69%+ 4.72% 4.72% 5.18%+
<CAPTION>
Six Months Ended Year Ended February 28,
August 31, 2000 ----------------------------
(Unaudited) 2000 (a) 1999 1998 (c)
<S> <C> <C> <C> <C>
CLASS IS SHARES
Net asset value, beginning of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- --------
Net investment income 0.027 0.045 0.045 0.009
-------- -------- -------- --------
Income from investment
operations
Net investment income (0.027) (0.045) (0.045) (0.009)
-------- -------- -------- --------
Less distributions to
shareholders from
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- --------
Total return 2.78% 4.59% 4.62% 0.93%
Ratios and supplemental data
Net assets, end of period
(thousands) $291,954 $178,432 $ 98,426 $ 5,497
Ratios to average net assets
Expenses++ 0.37%+ 0.36% 0.40% 0.42%+
Net investment income 5.46%+ 4.57% 4.41% 4.74%+
</TABLE>
(a) Year ended February 29.
(b) For the period from December 8, 1997 (commencement of class operations) to
February 28, 1998.
(c) For the period from December 23, 1997 (commencement of class operations)
to February 28, 1998.
+ Annualized.
++ Ratio of expenses to average net assets excludes expense reductions, but
includes fee waivers.
See Combined Notes to Financial Statements.
11
<PAGE>
EVERGREEN
Select Money Market Fund
Schedule of Investments
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
COMMERCIAL PAPER - 66.9%
Asset Backed - 44.3%
Apreco Inc., 6.55%, 11/9/2000.................... $ 75,000,000 $ 74,058,438
Asset Backed Capital Fin., Inc.:
6.68%, 2/20/2001................................ 80,000,000 80,000,000
7.55%, 6/11/2001................................ 100,000,000 100,000,000
Asset One Securitization LLC:
6.53%, 9/12/2000................................ 49,200,000 49,101,832
6.54%, 9/20/2000................................ 42,576,000 42,429,042
Atlantic Asset Securitization Corp.:
6.52%, 9/7/2000................................. 12,940,000 12,925,939
6.65%, 9/8/2000................................. 34,951,000 34,905,806
Bills Securitization, 6.56%, 10/20/2000.......... 50,000,000 49,553,556
Brahms Funding Corp.:
6.60%, 10/23/2000............................... 100,000,000 99,046,667
6.65%, 9/18/2000................................ 100,000,000 99,686,114
Broadway Capital Corp., 6.55%, 9/19/2000......... 40,460,000 40,327,493
Budget Funding Corp.:
6.53%, 9/5/2000................................. 25,007,000 24,988,856
6.68%, 9/1/2000................................. 40,000,000 40,000,000
CC USA Inc., 6.65%, 11/24/2000................... 100,000,000 100,000,000
Check Point Charlie, Inc.:
6.54%, 9/18/2000................................ 25,150,000 25,072,328
6.55%, 9/5/2000................................. 70,080,000 70,028,997
6.55%, 11/9/2000................................ 45,750,000 45,175,647
6.60%, 10/5/2000................................ 35,156,000 34,936,861
6.60%, 10/16/2000............................... 40,000,000 39,670,000
Concord Minutemen Capital Co.:
6.53%, 9/7/2000................................. 50,000,000 49,945,583
6.57%, 10/10/2000............................... 68,017,000 67,532,889
Cooperative Associates Tractor Dealers A, 6.65%,
9/1/2000........................................ 100,000,000 100,000,000
Crown Point Capital Co.:
6.55%, 9/18/2000................................ 86,176,000 85,909,453
6.60%, 10/6/2000................................ 50,000,000 49,679,166
Eiffel Funding LLC, 6.66%, 9/1/2000.............. 73,884,000 73,884,000
Galaxy Funding Inc.:
6.56%, 9/7/2000................................. 30,000,000 29,967,200
6.56%, 9/11/2000................................ 50,000,000 49,908,889
6.58%, 10/24/2000............................... 35,000,000 34,660,947
6.60%, 1/16/2001................................ 120,000,000 116,986,000
Lake Front Co.:
6.56%, 9/12/2000................................ 30,000,000 29,939,866
6.57%, 10/11/2000............................... 67,634,000 67,140,272
6.57%, 10/12/2000............................... 50,705,000 50,325,600
6.57%, 10/24/2000............................... 50,000,000 49,516,375
6.58%, 9/26/2000................................ 50,000,000 49,771,528
</TABLE>
12
<PAGE>
EVERGREEN
Select Money Market Fund
Schedule of Investments(continued)
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
COMMERCIAL PAPER - continued
Asset Backed - continued
Lexington Parker Capital Corp.:
6.55%, 10/18/2000............................... $ 46,424,000 $ 46,027,011
6.63%, 9/29/2000................................ 100,000,000 99,992,082
6.68%, 9/1/2000................................. 166,041,000 166,041,000
Liberty Lighthouse U.S. Capital Co., 6.62%,
9/25/2000....................................... 50,000,000 50,000,000
Moriarty, Ltd.:
6.55%, 9/26/2000................................ 31,750,000 31,605,582
6.56%, 10/13/2000............................... 50,000,000 49,617,333
MPF, Ltd.:
6.54%, 10/17/2000............................... 60,000,000 59,498,600
6.54%, 10/19/2000............................... 50,000,000 49,564,000
6.55%, 9/6/2000................................. 56,615,000 56,563,496
6.55%, 10/31/2000............................... 39,100,000 38,673,158
RACERS, 6.88%, 10/26/2000........................ 25,000,000 24,996,699
Seven Hills Funding Corp., 6.55%, 9/7/2000....... 42,331,000 42,284,789
Tannehill Capital Co., 6.58%, 9/11/2000.......... 75,000,000 74,862,917
Three Pillars Funding Corp.:
6.53%, 9/7/2000................................. 37,278,000 37,237,429
6.53%, 10/4/2000................................ 37,745,000 37,519,065
Two, Ltd., 6.53%, 9/14/2000...................... 85,000,000 84,799,565
--------------
2,916,358,070
--------------
Automobiles - 0.5%
General Motors Acceptance Corp., 6.10%,
6/1/2001........................................ 34,750,000 34,449,059
--------------
Banks - 4.2%
Banc One Corp., 6.91%, 9/25/2000................. 27,000,000 27,018,611
Chancellor Ridge, 6.68%, VRDN.................... 7,400,000 7,400,000
First USA Bank, NA Wilmington, 5.95%, 9/29/2000.. 40,000,000 39,998,534
Key Bank, 6.63%, 11/29/2000...................... 100,000,000 99,976,217
Union Planter Bank, 6.93%, 9/8/2000.............. 100,000,000 100,001,240
--------------
274,394,602
--------------
Brokers - 2.0%
Morgan Stanley, Dean Witter & Co., Inc.:
6.09%, 3/9/2001................................. 15,360,000 15,274,425
6.90%, 9/12/2000................................ 20,000,000 20,000,000
Paine Webber Group, Inc.:
6.68%, 10/10/2000............................... 75,000,000 74,457,250
6.68%, 10/11/2000............................... 25,000,000 24,814,445
--------------
134,546,120
--------------
</TABLE>
13
<PAGE>
EVERGREEN
Select Money Market Fund
Schedule of Investments(continued)
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
COMMERCIAL PAPER - continued
Diversified Financials - 12.5%
Aetna Svcs., Inc., 6.62%, 9/18/2000.............. $ 37,273,000 $ 37,156,481
ASAP Funding, Ltd. & ASAP Funding, Inc.:
6.56%, 9/20/2000................................ 50,000,000 49,826,889
6.56%, 9/25/2000................................ 50,000,000 49,781,333
6.57%, 9/21/2000................................ 50,000,000 49,817,500
6.57%, 9/25/2000................................ 40,311,000 40,134,438
6.72%, 9/12/2000................................ 79,700,000 79,536,349
Caterpillar Fin. Svcs., 6.80%, 10/7/2000......... 35,000,000 35,000,000
Citibank Credit Card:
6.55%, 9/11/2000................................ 50,000,000 49,909,028
6.55%, 9/21/2000................................ 50,000,000 49,818,055
Dorada Fin., Inc., & Dorada Corp., 6.92%,
9/6/2000........................................ 55,000,000 55,000,000
Ford Capital, 10.125%, 11/15/2000................ 39,498,000 39,805,905
Westways Funding Corp.:
6.54%, 10/19/2000............................... 44,065,000 43,680,753
6.55%, 10/16/2000............................... 30,500,000 30,250,281
6.55%, 10/31/2000............................... 25,000,000 24,727,084
6.57%, 10/2/2000................................ 53,500,000 53,197,324
6.57%, 10/11/2000............................... 84,148,000 83,533,720
6.58%, 10/10/2000............................... 50,000,000 49,643,583
--------------
820,818,723
--------------
Insurance - 0.4%
Allstate Life Ins., 6.91%, 3/15/2001............. 25,000,000 25,000,000
--------------
Multi-line Retail - 0.7%
Wal-Mart Stores, Inc., 5.96%, 6/1/2001........... 50,000,000 49,543,235
--------------
Wireless Telecommunications Services - 2.3%
AT&T Corp.:
7.09%, 7/13/2001................................ 100,000,000 100,000,000
7.27%, 6/14/2001................................ 50,000,000 50,000,000
--------------
150,000,000
--------------
Total Commercial Paper (cost $4,405,109,809)... 4,405,109,809
--------------
CORPORATE BONDS - 27.6%
Asset Backed - 2.6%
Restructured Asset Securities Enhancement, 6.72%,
VRDN 144A....................................... 50,000,000 50,000,000
Strategic Money Market Trust Notes, 6.81%,
9/13/2000 144A.................................. 100,000,000 100,000,000
Syndicated Loan Funding Trust, 6.87%, 9/15/2000.. 25,000,000 25,000,000
--------------
175,000,000
--------------
Banks - 1.2%
Natl. Bank Commerce Memphis, TN, 6.62%, VRDN..... 50,000,000 49,987,112
U.S. Bank Natl. Assn., Minneapolis, 6.72%,
2/8/2001........................................ 30,000,000 29,992,153
--------------
79,979,265
--------------
</TABLE>
14
<PAGE>
EVERGREEN
Select Money Market Fund
Schedule of Investments(continued)
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
CORPORATE BONDS - continued
Brokers - 13.9%
Bear Stearns & Co., Inc., MTN:
5.65%, 1/16/2001................................ $ 35,550,000 $ 35,410,836
6.24%, 10/3/2000................................ 19,000,000 18,998,420
6.30%, 1/12/2001................................ 50,000,000 49,989,924
6.60%, 1/19/2001................................ 50,000,000 50,000,000
6.79%, 2/26/2001................................ 50,000,000 50,000,000
7.12%, 8/21/2001................................ 50,000,000 50,000,000
Donaldson Lufkin & Jenrette, Inc., MTN:
6.18%, 12/19/2000............................... 25,000,000 25,000,000
6.43%, 1/3/2001................................. 50,000,000 50,000,000
6.45%, 1/8/2001................................. 30,000,000 30,000,000
6.56%, 9/14/2000................................ 25,000,000 24,940,778
6.91%, 2/27/2001................................ 50,000,000 50,000,000
7.04%, 9/18/2001................................ 50,000,000 50,000,000
7.35%, 7/9/2001................................. 25,000,000 25,000,000
Goldman Sachs Group, Inc. LP MTN, 6.86%,
10/16/2000...................................... 30,000,000 30,000,000
Lehman Brothers Holdings, Inc.:
6.25%, 5/1/2001................................. 28,100,000 27,897,441
6.37%, 3/15/2001................................ 19,000,000 18,957,119
6.50%, 9/25/2000................................ 29,095,000 29,094,238
6.57%, 2/26/2001................................ 11,400,000 11,390,332
6.75%, VRDN..................................... 55,000,000 55,000,000
6.90%, 1/29/2001, (MTN)......................... 10,170,000 10,177,334
6.00%, 2/26/2001................................ 14,250,000 14,152,663
Morgan Stanley, Dean Witter & Co., Inc., 6.65%,
9/15/2000....................................... 100,000,000 100,000,000
Paine Webber Group, Inc.:
5.83%, 1/25/2001................................ 14,700,000 14,649,697
6.37%, 10/25/2000............................... 49,000,000 49,000,000
7.50%, 5/17/2001................................ 49,000,000 49,000,000
--------------
918,658,782
--------------
Diversified Financials - 7.1%
AT&T Capital Corp., MTN:
6.88%, 1/16/2001................................ 47,750,000 47,803,649
7.00%, 8/15/2001................................ 10,350,000 10,345,236
Avco Fin. Svcs., Inc., MTN, 5.75%, 1/23/2001..... 35,000,000 34,887,381
Beta Fin., Inc., MTN, 6.65%, 11/24/2000.......... 100,000,000 100,000,000
Heller Finl., Inc., 7.10%, VRDN.................. 50,000,000 50,001,688
Transamerica Fin. Corp., 6.69%, 9/15/2000........ 122,000,000 121,972,898
Unilever Capital Corp., 6.65%, 9/7/2000.......... 100,000,000 100,000,000
--------------
465,010,852
--------------
</TABLE>
15
<PAGE>
EVERGREEN
Select Money Market Fund
Schedule of Investments(continued)
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
CORPORATE BONDS - continued
Wireless Telecommunications Services - 2.8%
GTE Corp., 6.76%, 10/11/2000..................... $ 50,000,000 $ 49,986,624
MCI Worldcom, Inc.:
6.35%, 1/29/2001................................ 50,000,000 48,677,917
6.75%, 11/6/2000................................ 50,000,000 50,000,000
Vodafone Airtouch Plc, 6.86%, 9/21/2000.......... 34,000,000 34,013,110
--------------
182,677,651
--------------
Total Corporate Bonds (cost $1,821,326,550).... 1,821,326,550
--------------
FUNDING AGREEMENTS - 2.4%
Jackson Natl. Life Ins. Co., FRN, 7.30%,
7/20/2001....................................... 50,000,000 50,000,000
Monumental Life Ins. Co.:
6.74%, 9/11/2000................................ 20,000,000 20,000,000
6.97%, 9/11/2000................................ 90,000,000 90,000,000
--------------
Total Funding Agreements (cost $160,000,000)... 160,000,000
--------------
CERTIFICATES OF DEPOSIT - 1.5%
SouthTrust Bank NA.:
6.10%, 11/22/2000............................... 50,000,000 49,992,495
6.19%, 11/6/2000................................ 50,000,000 50,002,996
--------------
Total Certificates of Deposit (cost
$99,995,491).................................. 99,995,491
--------------
MUNICIPALS - 0.8%
Detroit, MI Economic Dev. Corp., Ser. A., RB,
(LOC: Bank of America NT & SA) 6.68%, VRDN...... 20,830,000 20,830,000
Indiana HFA, SFHRB, Ser. H, 6.66%, VRDN.......... 13,675,000 13,675,000
San Diego, CA, Pub. Facs. Fin. Auth. RB, Ser. M,
(SPA: Bank of America NT & SA) 6.77%, VRDN...... 16,995,000 16,995,000
--------------
Total Municipals (cost $51,500,000)............ 51,500,000
--------------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
MUTUAL FUND SHARES - 0.2%
Federated U.S. Treasury Cash Reserve Fund (cost
$14,558,642).................................... 14,558,642 14,558,642
--------------
Total Investments - (cost $6,552,490,492) - 99.4%............... 6,552,490,492
Other Assets and Liabilities - net - 0.6%....................... 37,415,510
--------------
Net Assets - 100.0%............................................. $6,589,906,002
==============
</TABLE>
See Combined Notes to Schedules of Investments.
16
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
MUNICIPAL OBLIGATIONS - 98.8%
Alabama - 3.7%
Alabama HFA MHRB, Serene Valley & Chater East
Apts., Ser. B, (LOC: AmSouth Bank, NA), 4.50%,
VRDN.............................................. $ 1,855,000 $ 1,855,000
Alabama Spl., Care Facs. Auth. RB, Ascension Hlth.
Credit Group, (Gtd. by Ascension Hlth. Credit
Group), 4.60%, VRDN............................... 9,400,000 9,400,000
Birmingham, AL IDA, American Cast Iron Pipe Proj.,
(LOC: Suntrust Bank, NA), 4.44%, VRDN............. 10,000,000 10,000,000
Haleyville, AL IDB RB:
Babcock Lumber Co. Proj., (LOC: First Comml. Bank,
NA), 4.55%, VRDN................................. 1,850,000 1,850,000
Winston Properties Inc., Proj., (LOC: Fleet Bank,
NA), 4.43%, VRDN................................. 3,900,000 3,900,000
Huntsville, AL IDB RB, Hitachi Seiki, USA Proj.,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.), 4.95%,
VRDN.............................................. 5,000,000 5,000,000
Jefferson Cnty., AL Swr. RB, Ser. 323, (Liq.:
Morgan Stanley Dean Witter, Inc. & Insd. by FGIC),
4.48%, VRDN....................................... 9,495,000 9,495,000
Montgomery, AL IDRB, Indl. Impt., (LOC: First
Comml. Bank, NA), 4.50%, VRDN..................... 2,225,000 2,225,000
South Dallas, AL IDA RB, Cahaba Valley Lumber Co.
Proj., (LOC: AmSouth Bank, NA), 4.50%, VRDN....... 2,000,000 2,000,000
Tuscaloosa Cnty., AL IDA RB, (LOC: AmSouth Bank,
NA):
Brion Hardin Proj., 4.60%, VRDN................... 1,125,000 1,125,000
Hardwear Corp. Proj., 4.60%, VRDN................. 1,180,000 1,180,000
--------------
48,030,000
--------------
Alaska - 0.5%
Alaska Intl., Arpt. RB, Ser. 228, (Liq.: Morgan
Stanley Dean Witter, Inc. & Insd. AMBAC), 4.58%,
VRDN.............................................. 6,495,000 6,495,000
--------------
Arizona - 1.2%
Chandler, AZ IDA RB, Redeemable Rock Stamping Co.
Proj., (LOC: Key Bank, NA), 4.45%, VRDN........... 1,625,000 1,625,000
Salt River Proj., AZ Agricultural Impt. Pwr. RB,
Ser. 308, (Liq.: Morgan Stanley Dean Witter,
Inc.), 4.48%, VRDN................................ 7,495,000 7,495,000
Tucson, AZ IDA PFOTER, (Liq.: Merrill Lynch & Co.,
Inc.), 4.48%, VRDN................................ 6,205,000 6,205,000
Tucson, AZ MHRB, Hsg. Freedom Park Apts. Proj.,
(LOC: Sumitomo Bank, Ltd.), 4.75%, VRDN........... 1,000,000 1,000,000
--------------
16,325,000
--------------
Arkansas - 0.8%
Bentonville, AR MHRB, Bentonville Commons Apts.,
Proj., (Gtd. by GE Capital Corp.), 4.75%,
4/1/2001.......................................... 3,500,000 3,500,000
Conway Cnty., AR IDRB, Cardon Creek Fibre Corp.,
Ser. 1995, (LOC: KBC Bank NV), 4.43%, VRDN........ 6,500,000 6,500,000
--------------
10,000,000
--------------
</TABLE>
17
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
MUNICIPAL OBLIGATIONS - continued
California - 1.7%
Bay Area Govt. Assn. CA RB, Reliance Tech Svcs.,
Inc., (LOC: Sanwa Bank, Ltd.), 5.75%, VRDN....... $ 4,351,000 $ 4,351,000
California Statewide CDA RB, Nichirin-Flex Proj.,
(LOC: Dai-Ichi Kangyo Bank, Ltd.), 5.70%, VRDN... 5,000,000 5,000,000
Olcese, CA Wtr. Dist. COP, Rio Bravo Wtr. Delivery
Proj., (LOC: Sumitomo Bank, Ltd.), 5.70%,
9/21/2000........................................ 13,100,000 13,100,000
--------------
22,451,000
--------------
Colorado - 3.6%
Adams Cnty., CO IDRB:
Trustile Doors Proj., Ser. A, (LOC: Key Bank,
NA), 4.60%, VRDN................................ 4,600,000 4,600,000
Yellow Freight Sys., Inc., Ser. 1983, (LOC: Union
Bank of Switzerland, AG), 4.55%, VRDN........... 5,000,000 5,000,000
Arapahoe Cnty., CO IDRB, Cottrell Printing, Ser.
A, (LOC: Key Bank, NA), 4.60%, VRDN.............. 2,000,000 2,000,000
Colorado E-470 Pub. Hwy. Auth. RB, Ser. 325,
(Liq.: Morgan Stanley Dean Witter, Inc. & Insd.
by MBIA), 4.48%, VRDN............................ 5,502,500 5,502,500
Colorado HFA RB:
De La Cruz Associates LLC Proj., (LOC: Key Bank,
NA), 4.60%, VRDN................................ 2,000,000 2,000,000
Worldwest Ltd. Liability Proj., (LOC: Mercantile
Bank, NA), 4.60%, VRDN.......................... 1,000,000 1,000,000
Denver, CO City & Cnty. Spl. Facs. RB, The
Children's Hosp. Assn. Proj., (Insd. by FGIC),
4.80%, VRDN...................................... 9,900,000 9,900,000
Denver, CO Spl. Arpt. RB, PFOTER, (Liq.: Merrill
Lynch & Co., Inc.), 4.53%, VRDN.................. 13,545,000 13,545,000
Superior Metrop. Dist. #3, CO GO, Refunding &
Impt. Bonds, (LOC: U.S. Bank, NA), 4.20%,
12/1/2000........................................ 3,500,000 3,500,000
--------------
47,047,500
--------------
Connecticut - 0.2%
Connecticut IDRB, Zotos Intl. Proj., (LOC: Dai-
Ichi Kangyo Bank, Ltd.), 5.35%, VRDN............. 2,715,000 2,715,000
--------------
District of Columbia - 0.6%
Washington, DC Convention Ctr. Auth. Dedicated RB,
Ser. 359, (Liq.: Morgan Stanley Dean Witter,
Inc.), 4.48%, VRDN............................... 5,700,000 5,700,000
Washington, DC HFA MHRB, Fort Lincoln Garden
Proj., Ser. A, (LOC: Suntrust Bank, NA), 4.45%,
VRDN............................................. 1,635,000 1,635,000
--------------
7,335,000
--------------
Florida - 2.5%
Broward Cnty., FL Arpt. Sys. RB, Ser. 361, (Liq.:
Morgan Stanley Dean Witter, Inc. & Insd. by
AMBAC), 4.48%, VRDN.............................. 5,035,000 5,035,000
Clipper FL Tax Exempt Trust COP, Ser. 2000-1,
(LOC: State Street Bank, NA & Insd. by FSA),
4.53%, VRDN...................................... 13,920,000 13,920,000
</TABLE>
18
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
MUNICIPAL OBLIGATIONS - continued
Florida - continued
Florida Govt. Util. Auth. RB, Ser. 327, (Liq.:
Morgan Stanley Dean Witter, Inc. & Insd. by
AMBAC), 4.48%, VRDN.............................. $ 8,097,500 $ 8,097,500
Hillsborough Cnty., FL Sch. Board of Ed. COP,
Master Lease Program Proj., (Insd. by MBIA),
4.48%, VRDN...................................... 6,155,000 6,155,000
--------------
33,207,500
--------------
Georgia - 2.0%
Atlanta, GA Urban Residential Fin. SFHRB, Ser. B,
144A, (LOC: Bank of NY, NA & Insd. by GNMA),
4.55%, VRDN...................................... 6,100,000 6,100,000
Columbus, GA HFA MHRB, Quail Ridge Proj., (LOC:
Columbus Bank & Trust Co.), 4.60%, VRDN.......... 2,200,000 2,200,000
Crawford Cnty., GA Dev. Auth. RB, Arriscraft Intl.
USA Inc. Proj., (LOC: Suntrust Bank, NA), 4.44%,
VRDN............................................. 6,000,000 6,000,000
Liberty Cnty., GA IDRB, Muskin Leisure Products,
(LOC: Credit Comerce de France), 4.46%, VRDN..... 4,940,000 4,940,000
Morgan Cnty., GA IDRB, Bard Manufacturing Co.
Proj., (LOC: Natl. City Bank, NA), 4.45%, VRDN... 6,500,000 6,500,000
--------------
25,740,000
--------------
Hawaii - 0.2%
Honolulu, HI GO, Ser. 256, (Liq.: Morgan Stanley
Dean Witter, Inc. & Insd. by FGIC), 4.48%, VRDN.. 2,600,000 2,600,000
--------------
Idaho - 2.4%
American Falls, ID RB, Idaho Pwr. Co. Proj., (Gtd.
by Idaho Pwr. Co.), 4.45%, VRDN.................. 13,385,000 13,385,000
Ed. Funding Assn., Inc., ID Student Loan RB, Ser.
A, (LOC: First Securities Bank, NA), 4.50%,
VRDN............................................. 10,800,000 10,800,000
Gooding Cnty., ID IDRB, (LOC: Bank of America,
NA):
Big Sky Dairy Proj., 4.50%, VRDN................. 3,150,000 3,150,000
Southfield Dairy Proj., 4.50%, VRDN.............. 3,900,000 3,900,000
--------------
31,235,000
--------------
Illinois - 6.3%
Arcola, IL IDRB, Herff Jones Inc. Proj., (LOC:
Lasalle Natl. Bank, NA), 4.51%, VRDN............. 3,500,000 3,500,000
Chicago, IL GO:
Ser. 1995A-2, MSTR SAK-13, (LOC: Bank of NY, NA &
Insd. by AMBAC), 4.44%, VRDN.................... 3,045,000 3,045,000
Ser. 2000ZC-1, (LOC: Bank of America, NA & Insd.
by FGIC), 4.53%, VRDN........................... 15,027,000 15,027,000
Ser. 332, (Liq.: Morgan Stanley Dean Witter, Inc.
& Insd. by MBIA), 4.48%, VRDN................... 3,945,000 3,945,000
Ser. B, MSTR SAK-16, (LOC: Bank of NY, NA & Insd.
by AMBAC), 4.44%, VRDN.......................... 3,380,000 3,380,000
</TABLE>
19
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
MUNICIPAL OBLIGATIONS - continued
Illinois - continued
Chicago, IL IDRB, Federal Marine Terminal Proj.,
(LOC: Lasalle Natl. Bank, NA), 4.55%, VRDN....... $ 4,200,000 $ 4,200,000
Cook Cnty., IL GO, Ser. 306, (Liq.: Morgan Stanley
Dean Witter, Inc. & Insd. by FGIC), 4.48%, VRDN.. 3,700,000 3,700,000
Huntley, IL IDRB, Colony, Inc. Proj., (LOC:
American Natl. Bank (ANB) & Trust Co.), 4.45%,
VRDN............................................. 2,800,000 2,800,000
Illinois Dev. Fin. Auth. IDRB:
Downers Grove Proj., (LOC: Lasalle Natl. Bank,
NA), 4.76%, VRDN................................ 2,000,000 2,000,000
Kris & Dee Assn., Inc. Proj., (LOC: Lasalle Natl.
Bank, NA), 4.65%, VRDN.......................... 1,515,000 1,515,000
Provena Hlth. Proj., (LOC: Bank of America, NA &
Insd. by MBIA), 4.65%, VRDN..................... 10,500,000 10,500,000
Illinois Regl. Trans. Auth. RB, Ser. ZTC-1, (Liq.:
Zurich Kemper Life & Insd. by MBIA), 4.43%,
VRDN............................................. 9,885,000 9,885,000
Lombard, IL IDRB, (LOC: ABN AMRO Bank NV):
Chicago Roll Co., Inc. Proj., Ser. 1995, 4.60%,
VRDN............................................ 1,635,000 1,635,000
Tella Tool & Manufacturing Co., 4.60%, VRDN...... 900,000 900,000
Metrop. Pier & Exposition Auth., IL RB, PFOTER,
Ser. PZ-2, (Liq.: Merrill Lynch & Co., Inc. &
Insd. by MBIA), 4.48%, VRDN...................... 620,000 620,000
Vlg. of Vernon Hills MHRB, Hawthorn Lakes Proj.,
Ser. 1991, (Liq. Fuji Bank, Ltd. & Insd. by FSA),
4.45%, VRDN...................................... 15,210,000 15,210,000
--------------
81,862,000
--------------
Indiana - 7.4%
Bremen, IN IDRB, (LOC: Key Bank, NA):
Digger Specialities, Inc. Proj., 4.45%, VRDN..... 2,370,000 2,370,000
Universal Bearings, Inc. Proj., 4.45%, VRDN...... 4,000,000 4,000,000
Elkhart Cnty., IN EDA RB, Adorn, Inc. Proj., (LOC:
Harris Trust & Savings Bank, NA), 4.65%, VRDN.... 3,295,000 3,295,000
Indiana Dev. Fin. Auth. Solid Wst. Disposal RB,
Pure-Air-on-the-Lake Proj., (LOC: Natl.
Westminster (NatWest) Bank Plc),
4.25%, 9/14/2000................................. 11,500,000 11,500,000
Indiana Dev. Fin. EDRB, Carr Metals Products, Inc.
Proj., (LOC: Bank One, NA), 4.70%, VRDN.......... 1,350,000 1,350,000
Indiana Hlth. Fac. Fin. Auth. RB, Ascension Hlth.
Credit Group, (Gtd. by Ascension Hlth. Credit
Group), 4.60%, VRDN.............................. 46,800,000 46,800,000
Indianapolis, IN Arpt. Auth. RB, PFOTER, (Liq.:
Merrill Lynch & Co., Inc.), 4.58%, VRDN.......... 6,370,000 6,370,000
Jasper Cnty, IN PCRB, Northern IN Pub. Sch. Svcs.
(NIPSCO) Proj., (Gtd. by NIPSCO):
4.40%, 9/22/2000................................. 9,800,000 9,800,000
4.50%, 10/17/2000................................ 3,340,000 3,340,000
</TABLE>
20
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
MUNICIPAL OBLIGATIONS - continued
Indiana - continued
Jasper Cnty., MO IDRB, Farmers Chemical Co. Proj., (LOC: Rabobank
Nederland), 4.50%, VRDN.................................................. $ 1,000,000 $ 1,000,000
Madison, IN IDRB, Century Tube Corp. Proj., (LOC: Bank of Tokyo-
Mitsubishi, Ltd.), 5.45%, VRDN........................................... 4,330,000 4,330,000
Mt. Vernon, IN Solid Wst. Disposal RB, B&M Plastics, Inc. Proj.,
(LOC: Suntrust Bank, NA), 4.65%, VRDN.................................... 760,000 760,000
Munster, IN Sch. Bldg. Corp., Ser. 269, (Liq.: Morgan Stanley Dean Witter,
Inc. & Insd. by MBIA), 4.48%, VRDN....................................... 2,000,000 2,000,000
--------------
96,915,000
--------------
Iowa - 0.2%
Scott Cnty., IA IDRB, M.A. Ford Manufacturing Co. Proj., (LOC: Firstar
Bank, NA), 4.45%, VRDN................................................... 2,400,000 2,400,000
--------------
Kansas - 1.0%
Johnson Cnty., KS Private Activity RB, Stouse Sign & Decal Proj., (LOC:
Mercantile Bank, NA), 4.59%, VRDN........................................ 3,700,000 3,700,000
Kansas Dev. Fin. Auth. IDA RB, Farmland Foods Proj., (LOC: Rabobank
Nederland), 4.50%, VRDN.................................................. 1,000,000 1,000,000
Liberal, KS IDRB, Farmland Natl. Beef Packing Proj., (LOC: U.S. Bank, NA),
4.50%, VRDN.............................................................. 1,000,000 1,000,000
Wichita, KS MHRB, PFOTER, (Liq.: Merrill Lynch & Co., Inc.), 4.48%, VRDN.. 7,195,000 7,195,000
--------------
12,895,000
--------------
Kentucky - 3.0%
Carroll Cnty., KY Solid Wst. Disposal RB, KY Utils. Proj., Ser. A,
(Gtd. by KY Utils), 4.55%, VRDN.......................................... 7,700,000 7,700,000
Jefferson Cnty., KY Indl. Bldg. RB, Dant Clayton Corp. Proj., (LOC: Harris
Trust & Savings), 4.44%, VRDN............................................ 4,575,000 4,575,000
Jefferson Cnty., KY PCRB, Louisville Gas & Elec. Proj.
(Gtd. by Louisville Gas & Elec.):
Ser. 1993-A, 4.40%, 9/21/2000............................................ 4,635,000 4,635,000
Ser. 1997-A, 4.45%, 9/21/2000............................................ 5,000,000 5,000,000
Maysville, KY Solid Wst. Disposal RB, Inland Container Corp. Proj., (Gtd.
by Temple Inland Corp.), 4.60%, 9/14/2000................................ 7,290,000 7,290,000
Ohio Cnty., KY PCRB, Thomas Inds. Proj., Ser. 1998, (LOC: Natl. City Bank,
KY), 4.55%, VRDN......................................................... 1,250,000 1,250,000
Simpson Cnty., KY Indl. Bldg. RB, Harmon-Motive KY, Inc. Proj., (LOC: Bank
of America, NA), 4.55%, VRDN............................................. 7,200,000 7,200,000
Trimble Cnty., KY PCRB, Louisville Gas & Elec., (Gtd. by Louisville Gas &
Elec.), 4.40%, 9/21/2000................................................. 1,000,000 1,000,000
--------------
38,650,000
--------------
</TABLE>
21
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
MUNICIPAL OBLIGATIONS - continued
Louisiana - 1.5%
Grant Parish, LA IDRB, Farmland Inds. Proj., (LOC:
Rabobank Nederland), 4.50%, VRDN.................. $ 1,000,000 $ 1,000,000
Louisiana HFA RB PFOTER, PFOTER, (Liq.: Merrill
Lynch & Co., Inc. & Insd. by GNMA), 4.48%, VRDN... 4,995,000 4,995,000
Louisiana Local Govt. Env. Facs. CDA RB, (LOC:
Southtrust Bank, NA):
Mid So. Extrusion Inc. Proj., 4.45%, VRDN......... 4,000,000 4,000,000
Southern Ionics, Inc. Proj., 4.44%, VRDN.......... 4,500,000 4,500,000
Ouachita Parish, LA IDB RB, Epco Carbon Dioxide
Products Proj., (LOC: Bank One, NA), 4.50%, VRDN.. 2,000,000 2,000,000
Plaquemines Parish, LA Env. RB, BP Exploration &
Oil Proj., Ser. 1995, (Gtd. by BP Amoco Oil
Corp.), 4.45%, VRDN............................... 3,800,000 3,800,000
--------------
20,295,000
--------------
Maine - 0.2%
Portland, ME Obligation Secs. RB, Barber Foods
Proj., (LOC: Key Bank, NA), 4.45%, VRDN........... 2,500,000 2,499,990
--------------
Massachusetts - 2.6%
Massachusetts Bay Transport. Auth. RB, Ser. 333,
(Liq.: Morgan Stanley Dean Witter, Inc. & Insd. by
MBIA), 4.43%, VRDN................................ 10,905,000 10,905,000
Massachusetts GO, Ser. 287, (Liq.: Morgan Stanley
Dean Witter, Inc. & Insd. by AMBAC), 4.48%, VRDN.. 5,005,000 5,005,000
Massachusetts IFA IDRB:
Constitution Corp. Proj., (LOC: Citizen's Bank,
NA), 4.45%, VRDN................................. 4,800,000 4,800,000
Hardigg Properties Proj., (LOC: Citizen's Bank,
NA), 4.45%, VRDN................................. 4,000,000 4,000,000
Unilock NY Proj., (LOC: Bank One, NA), 4.50%,
VRDN............................................. 4,000,000 4,000,000
Massachusetts IFA RB:
Battery Engineering Proj., (LOC: Bank of Tokyo-
Mitsubishi, Ltd.), 4.95%, VRDN................... 2,700,000 2,700,000
L.B. Foster Co. Proj., (LOC: Mellon Bank, NA),
4.45%, VRDN...................................... 2,045,000 2,045,000
--------------
33,455,000
--------------
Michigan - 0.1%
Berrien Cnty., MI EDA RRB, Arlington Metals Corp.
Proj., (LOC: ABN AMRO Bank NV), 4.45%, VRDN....... 1,905,000 1,905,000
--------------
Missouri - 0.1%
Kansas City, MO IDA RRB, (LOC: Mercantile Bank,
NA), 4.30%, VRDN.................................. 900,000 900,000
--------------
Nebraska - 0.6%
Gage Cnty., NE IDRB, Farmland Inds., Inc. Proj.,
(LOC: Rabobank Nederland), 4.50%, VRDN............ 1,000,000 1,000,000
Nebraska Investment Fin. MHRB, Apple Creek
Associates, (LOC: Northern Trust Bank, NA), 4.64%,
VRDN.............................................. 6,190,000 6,190,000
Saline Cnty., NE IDRB, Farmland Foods Proj., Ser.
B, (LOC: Rabobank Nederland), 4.50%, VRDN......... 1,000,000 1,000,000
--------------
8,190,000
--------------
</TABLE>
22
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
MUNICIPAL OBLIGATIONS - continued
Nevada - 0.6%
Clark Cnty., NV Passenger Fac. Charge RB, Ser.
343, (Liq.: Morgan Stanley Dean Witter, Inc. &
Insd. by MBIA), 4.48%, VRDN...................... $ 7,495,000 $ 7,495,000
--------------
New Hampshire - 0.2%
New Hampshire Business Fin. Auth. IDRB, Voith
Sulzer Paper Proj., (LOC: Firstar Bank, NA),
4.45%, VRDN...................................... 2,500,000 2,500,000
--------------
New Jersey - 1.9%
New Jersey EDA Assisted Living RB, PFOTER:
(Liq.: Merrill Lynch & Co., Inc.) 4.48%, VRDN.... 18,130,000 18,130,000
4.53%, VRDN...................................... 6,490,000 6,490,000
--------------
24,620,000
--------------
New York - 0.7%
New York Thruway Auth. Gen. RB, MSTR-SG119, Ser.
D, (LOC: Societe Generale Bank, SA), 4.40%,
VRDN............................................. 9,700,000 9,700,000
--------------
North Carolina - 0.9%
Robeson Cnty., NC Indl. Facs. PCRB, Core Inds.,
Inc. Proj., Ser. 1991, (LOC: Bank One, NA),
4.50%, VRDN...................................... 5,000,000 5,000,000
Rowan Cnty., NC Indl. Facs. PCRB, PHC LLC Proj.,
(LOC: SouthTrust Bank, NA), 4.44%, VRDN.......... 1,400,000 1,400,000
Wake Cnty., NC HFA MHRB, PFOTER, (Liq.: Merrill
Lynch & Co., Inc.), 4.53%, VRDN.................. 5,900,000 5,900,000
--------------
12,300,000
--------------
Ohio - 0.3%
Summit Cnty., OH IDRB, S.A. Comunale Co. Proj.,
(LOC: Natl. City Bank, NA), 4.45%, VRDN.......... 3,665,000 3,665,000
--------------
Oklahoma - 0.8%
Garfield Cnty., OK IDRB, Farmland Inds. Inc.
Proj., (LOC: Rabobank Nederland), 4.50%, VRDN.... 1,000,000 1,000,000
Oklahoma State Wtr. Res. Loan Program RB, (LOC:
Bayerische Landesbanken), 4.10%, 9/1/2000........ 10,000,000 10,000,000
--------------
11,000,000
--------------
Oregon - 1.5%
Metrop. Svcs. Dist., OR Wst. Disposal RB, Riedel,
OR Compost Co. Proj., (LOC: U.S. Bank, NA),
4.50%, VRDN...................................... 3,900,000 3,900,000
Oregon EDA RB, Georgia Pacific Corp. Proj., (LOC:
Deutsche Genossenschaftsbank (DG) AG), 4.53%,
VRDN............................................. 15,600,000 15,600,000
--------------
19,500,000
--------------
Pennsylvania - 2.3%
Clinton Cnty., PA IDA Solid Wst. Disposal RB,
Intl. Paper Co. Proj., Ser. A, (Gtd. by Intl.
Paper Co.), 4.70%, 1/15/2001..................... 11,000,000 11,000,000
</TABLE>
23
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
MUNICIPAL OBLIGATIONS - continued
Pennsylvania - continued
Pennsylvania EDA RB, Babcock & Wilcox Co., Ser. A-
2, (PNC Bank, NA), 4.65%, VRDN................... $ 4,750,000 $ 4,750,000
Philadelphia, PA Wtr. & Wst. Wtr. Mgmt. RB, Ser.
1999-1, (LOC: Commerzbank AG & Insd. by AMBAC),
4.43%, VRDN...................................... 14,705,000 14,705,000
--------------
30,455,000
--------------
Rhode Island - 2.5%
Rhode Island Hlth. & Ed. Bldg. Corp. MSTR, Ser.
1999-69B Class A, (Liq.: Bear Stearns & Co.,
Inc.), 4.44%, VRDN............................... 32,100,000 32,100,000
--------------
South Carolina - 1.2%
South Carolina Jobs EDA RB:
Ebyl Cartex, Inc. Proj., (LOC: SouthTrust Bank,
NA), 4.49%, VRDN................................ 3,150,000 3,150,000
PFOTER, St. Francis Hosp., (Liq. Merrill Lynch &
Co., Inc.), 4.39%, VRDN......................... 9,495,000 9,495,000
South Carolina Pub. Svs. Auth. RB, Ser. 265,
(Liq.: Morgan Stanley Dean Witter, Inc. & Insd.
by MBIA), 4.48%, VRDN............................ 2,995,000 2,995,000
--------------
15,640,000
--------------
South Dakota - 0.2%
South Dakota Hsg. Dev. Auth. Mtge. Bonds, Ser. D,
4.20%, 2/1/2001.................................. 2,410,000 2,410,000
--------------
Tennessee - 1.8%
Chattanooga, TN IDRB, Synair Corp. Proj., (LOC:
AmSouth Bank, NA), 4.45%, VRDN................... 7,000,000 7,000,000
Franklin Cnty., TN IDRB, Franklin Inds., Inc.
Proj., (LOC: Bank of America, NA), 4.50%, VRDN... 1,484,000 1,484,000
Henderson, TN IDRB, Premier Manufacturing Corp.,
Ser. 95, (LOC: Natl. City Bank, NA), 4.45%,
VRDN............................................. 4,675,000 4,675,000
Nashville & Davidson Cnty. Metro. Govt. of TN
Hlth. & Ed. Facs. RRB, (Insd. by MBIA), 4.75%,
VRDN............................................. 6,526,000 6,526,000
Wilson Cnty., TN IDB RB:
Briskin Manufacturing Co. Proj., (LOC: Lasalle
Natl. Bank, NA), 4.40%, VRDN.................... 2,400,000 2,400,000
John Deal Coating, Inc. Proj., (LOC: AmSouth
Bank, NA), 4.58%, VRDN.......................... 2,000,000 2,000,000
--------------
24,085,000
--------------
Texas - 4.9%
Arlington, TX Independent Sch. Dist. RB, Ser. 285,
(Liq.: Morgan Stanley Dean Witter, Inc.), 4.48%,
VRDN............................................. 5,935,000 5,935,000
Bexar Cnty., TX Hsg. Fin. Corp. MHRB, (Liq.:
Merrill Lynch & Co., Inc.), 4.48%, VRDN.......... 9,505,000 9,505,000
</TABLE>
24
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
MUNICIPAL OBLIGATIONS - continued
Texas - continued
Brazos River, TX Harbor Navigation Dist. RB:
Dow Chemical Co. Proj., Ser. 1997, (Gtd. by Dow
Chemical Co.), 4.50%, VRDN...................... $ 4,800,000 $ 4,800,000
Merey Sweeney Proj., (LOC: Chase Manhattan Bank,
NA), 4.45%, VRDN................................ 3,400,000 3,400,000
Dallas, TX IDRB, Crane Plumbing Proj., (LOC:
American Natl. Bank (ANB) & Trust Co.), 4.35%,
VRDN............................................. 3,920,000 3,920,000
Galveston, TX HFA MHRRB, Village-By-The-Sea Apts.
Proj., (LOC: Sumitomo Bank, Ltd.), 5.80%, VRDN... 2,730,000 2,730,000
Greater East, TX Higher Ed. RB, Ser. B, (Insd. by
SLMA), 4.22%, 2/1/2001........................... 7,000,000 7,000,000
Gulf Coast, TX IDA Solid Wst. Disposal RB, Citgo
Petroleum Corp. Proj., (LOC: BNP Paribas), 4.45%,
VRDN............................................. 1,000,000 1,000,000
Gulf Coast, TX Wst. Disposal Auth. RB, Amoco Oil
Co. Proj., (Gtd. by BP Amoco Oil Co.):
4.45%, VRDN...................................... 1,300,000 1,300,000
Ser. 1993, 4.45%, VRDN........................... 600,000 600,000
Harris Cnty., TX GO, Ser. 255, (Liq.: Morgan
Stanley Dean Witter, Inc.), 4.48%, VRDN.......... 2,920,000 2,920,000
Matagorda Cnty., TX Navigation Dist. RB, (Liq.:
Morgan Stanley Dean Witter, Inc.), 4.53%, VRDN... 6,695,000 6,695,000
North East, TX Independent Sch. Dist. RB, Ser.
2000-13, 144A, (LOC: ABN AMRO Bank NV), 4.35%,
11/1/2000........................................ 6,185,000 6,185,000
Texas A&M Univ. RB, 144A, (LOC: ABN AMRO Bank NV &
Insd. by MBIA), 4.40%, 11/15/2000................ 3,600,000 3,600,000
Texas Wtr. Dev. Board RB, Ser. 264, (Liq.: Morgan
Stanley Dean Witter, Inc.), 4.48%, VRDN.......... 4,310,000 4,310,000
--------------
63,900,000
--------------
Utah - 0.3%
Utah Cnty., UT IDRB, McWane, Inc. Proj., (LOC:
AmSouth Bank, NA), 4.45%, VRDN................... 3,470,000 3,470,000
--------------
Virginia - 2.0%
Buena Vista, VA IDRRB, Everbrite, Inc. Proj.,
(LOC: Marshall & Isley Bank, NA), 4.75%, VRDN.... 1,815,000 1,815,000
Chesapeake, VA IDRB, Sumitomo Machine Co. Proj.,
(LOC: Sumitomo Bank, Ltd.), 5.70%, VRDN.......... 1,500,000 1,500,000
Newport News, VA Redev. & Hsg. RB, Walker Vlg.
Proj., (Liq.: GE Capital Corp. & Insd. by FGIC),
4.60%, 4/1/2001.................................. 2,450,000 2,450,000
Peninsula Port Auth., VA, IDRB, Kinyo, VA, Inc.
Proj., (LOC: Indl. Bank of Japan, Ltd.), 4.80%,
VRDN............................................. 8,200,000 8,200,000
Virginia Beach, VA Dev. Auth. MHRB PFOTER, (Liq.
Merrill Lynch & Co., Inc. & Insd. by MBIA),
4.53%, VRDN...................................... 4,995,000 4,995,000
</TABLE>
25
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
MUNICIPAL OBLIGATIONS - continued
Virginia - continued
West Side Calhoun Cnty., TX Swr. & Solid Wst. RB,
BP Chemicals, Inc. Proj., (Gtd. by BP Amoco Oil
Corp.), 4.45%, VRDN............................... $ 1,000,000 $ 1,000,000
West Virginia Hsg. Dev. Fund Interim Financing
Notes, Ser. 2000H, 4.65%, 9/28/2000............... 6,890,000 6,890,000
--------------
26,850,000
--------------
Washington - 0.9%
Central Puget Sound, WA Regl. Trans. Auth. RB,
(Liq.: Morgan Stanley Dean Witter, Inc. & Insd. by
FGIC), 4.48%, VRDN................................ 2,275,000 2,275,000
Port Bellingham, WA IDA RB, Bakerview Proj., (LOC:
Key Bank, NA), 4.50%, VRDN........................ 2,980,000 2,980,000
Port Grays Harbor, WA IDRB, Weyerhaeuser Co.
Project, (Gtd. by Weyerhaeuser Co.), 4.53%, VRDN.. 6,850,000 6,850,000
--------------
12,105,000
--------------
West Virginia - 1.6%
West Virginia Hosp. Fin. Auth. RB PFOTER, (Liq.:
Merrill Lynch & Co., Inc.), 4.48%, VRDN........... 21,295,000 21,295,000
--------------
Wisconsin - 1.7%
Eau Claire, WI IDRB, Intek Plastics Proj., (LOC:
U.S. Bank, NA), 4.55%, VRDN....................... 1,750,000 1,750,000
Howard, WA IDRB, Fox Converting, Inc. Proj., Ser.
A, (LOC: Firstar Bank, NA), 4.45%, VRDN........... 4,500,000 4,500,000
Kohler, WI Solid Wst. Disposal RB, Kohler Co.
Proj., (LOC: Wachovia Bank, NA), 4.46%, VRDN...... 4,000,000 4,000,000
Ladysmith, WI Solid Wst. Disposal Fac. RB,
Cityforest Corp. Proj., (LOC: Union Bank, NA),
5.05%, VRDN....................................... 4,000,000 4,000,000
Manitowoc, WI IDRB, Northern Labs, Inc. Proj.,
(LOC: Firstar Bank, NA), 4.45%, VRDN.............. 3,100,000 3,100,000
Milwaukee, WI IDRB, Sellars Absorbant Materials
Proj., (LOC: Firstar Bank, NA), 4.60%, VRDN....... 5,000,000 5,000,000
--------------
22,350,000
--------------
Wyoming - 3.4%
Converse Cnty., WY Env. Impt. RB, Pacificorp Proj.,
Ser. 1995, (Gtd. by Pacificorp.), 4.55%, VRDN..... 1,800,000 1,800,000
Lincoln Cnty., WY Env. Impt. RB, Pacificorp Proj.,
Ser. 1995, (Gtd. by Pacificorp.), 4.55%, VRDN..... 3,700,000 3,700,000
Lincoln Cnty., WY PCRRB, Pacificorp Proj., Ser.
1995, (Gtd. by Pacificorp.), 4.45%, VRDN.......... 15,000,000 15,000,000
Sweetwater Cnty., WY, Env. Impt. RB:
Pacificorp. Proj, Ser. 1995, (Gtd. by
Pacificorp.), 4.55%, VRDN........................ 3,000,000 3,000,000
SF Phosphates, Ltd. Proj., (LOC: Rabobank
Nederlands), 4.50%, VRDN......................... 21,500,000 21,500,000
--------------
45,000,000
--------------
</TABLE>
26
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments(continued)
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
MUNICIPAL OBLIGATIONS - continued
Other - 26.7%
Charter Mac Low Floater Certificates, (LOC:
Bayerische Landesbanken & Insd. by MBIA), 4.48%,
VRDN.............................................. $17,500,000 $ 17,500,000
Clipper Tax Exempt Cert. Trust COP:
Ser. 1997-1, (LOC: State Street Bank, NA & Coll.
by GNMA), 4.58%, VRDN............................ 45,053,000 45,053,000
Ser. 1999-2, (LOC: State Street Bank, NA), 4.58%,
VRDN............................................. 28,406,000 28,406,000
Ser. 1999-3, (LOC: State Street Bank, NA & Coll.
by GNMA), 4.58%, VRDN............................ 11,603,000 11,603,000
IBM Tax Exempt Grantor Trust PFOTER:
(Liq.: Merrill Lynch & Co., Inc.), 4.48%, VRDN.... 2,315,000 2,315,000
Ser. 1999-A, 4.48%, VRDN.......................... 10,820,000 10,820,000
Koch Fin. Corp. PFOTER:
(Liq.: Merrill Lynch & Co., Inc. & Insd. by MBIA),
4.39%, VRDN...................................... 42,000,000 42,000,000
(LOC: State Street Bank, NA & Insd. by AMBAC),
4.58%, VRDN...................................... 31,192,858 31,192,858
Macon Trust Pooled Variable Rate Certificates:
Ser. A, (LOC: Bank of America, NA & Insd. by
AMBAC), 4.53%, VRDN.............................. 16,745,000 16,745,000
Ser. A, 144A, (LOC: Bank of America, NA & Insd. by
MBIA), 4.53%, VRDN............................... 5,000,000 5,000,000
(LOC: Bank of America, NA & Insd. by FSA),
4.58%, VRDN...................................... 30,160,000 30,160,000
Merrill Lynch, Inc., PFOTER:
(Liq.: Merrill Lynch & Co., Inc. & Insd. by FHA),
4.53%, VRDN...................................... 1,230,000 1,230,000
(LOC: HypoVereinsbank), 4.58%, VRDN............... 18,755,000 18,755,000
(LOC: Bayerische Landesbanken), 4.58%, VRDN....... 8,905,000 8,905,000
(Liq.: Merrill Lynch & Co., Inc. & Insd. by MBIA),
4.63%, VRDN...................................... 4,825,000 4,825,000
PPT-7, (Insd. by AMBAC), 4.50%, 1/25/2001......... 4,790,000 4,790,000
Morgan Keegan Muni. Products Trust Receipts, (Liq.:
Credit Local de France & Coll. by U.S. Treasury
Obligations):
Ser. B, 4.97%, VRDN............................... 29,080,000 29,080,000
Ser. F, 4.53%, VRDN............................... 30,960,000 30,960,000
Muni. Securities Pool Trust PFOTER, (SPA: Societe
Generale Bank, SA & Insd. by FGIC), 4.58%, VRDN... 630,000 630,000
Pitney Bowes Credit Corp. Leasetops, Ser. 1999-2,
(SPA: Pitney Bowes Credit Corp. & Insd. by AMBAC),
4.58%, VRDN....................................... 8,801,272 8,801,272
--------------
348,771,130
--------------
Total Municipal Obligations (cost
$1,292,359,120)................................. 1,292,359,120
--------------
<CAPTION>
Shares Value
<S> <C> <C>
MUTUAL FUND SHARES - 1.0%
Federated Municipal Obligation Fund, (cost
$13,000,000)...................................... 13,000,000 $ 13,000,000
--------------
Total Investments - (cost $1,305,359,120) - 99.8%................ 1,305,359,120
Other Assets and Liabilities - net - 0.2%........................ 2,917,946
--------------
Net Assets - 100.0%.............................................. $1,308,277,066
==============
</TABLE>
See Combined Notes to Schedules of Investments.
27
<PAGE>
EVERGREEN
Select Treasury Money Market Fund
Schedule of Investments
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 19.2%
U.S. Treasury Notes:
4.50%, 9/30/2000+................................ $ 25,000,000 $ 24,978,799
4.50%, 1/31/2001+................................ 75,000,000 74,466,067
4.625%, 11/30/2000+.............................. 150,000,000 149,609,350
4.625%, 12/31/2000+.............................. 50,000,000 49,751,855
4.875%, 3/31/2001................................ 65,000,000 64,453,038
5.25%, 5/31/2001................................. 50,000,000 49,436,860
5.375%, 2/15/2001+............................... 25,000,000 24,888,248
5.625%, 5/15/2001................................ 50,000,000 49,736,979
6.125%, 9/30/2000+............................... 100,000,000 100,043,856
--------------
Total U.S. Treasury Obligations (cost
$587,365,052).................................. 587,365,052
--------------
REPURCHASE AGREEMENTS - 94.8%
ABN Amro, Inc., 6.61%, dated 8/31/2000, maturing
9/1/2000, maturity value $150,027,542 (1)........ 150,000,000 150,000,000
Barclays DeZeote Wedd Securities, 6.46%, dated
8/31/2000, maturing 9/1/2000, maturity value
$150,026,917 (2)................................. 150,000,000 150,000,000
Bear Stearns & Co., 6.60%, dated 8/31/2000,
maturing 9/1/2000, maturity value $150,027,500
(3).............................................. 150,000,000 150,000,000
Credit Suisse First Boston Corp., 6.47%, dated
8/31/2000, maturing 9/1/2000, maturity value
$150,026,958 (4)................................. 150,000,000 150,000,000
Deutsche Bank AG:
6.50%, dated 8/22/2000, maturing 10/3/2000,
maturity value $403,033,333 (5)................. 400,000,000 400,000,000
6.50%, dated 8/10/2000, maturing 1/31/2001,
maturity value $76,776,078 (6) /\/\............. 74,437,500 74,437,500
Dresdner Bank AG, 6.69%, dated 6/7/2000, maturing
11/30/2000, maturity value
$153,744,205 (7) /\/\............................ 148,875,000 148,875,000
Greenwich Capital Markets, 6.61%, dated 8/31/2000,
maturing 9/1/2000, maturity value $150,027,542
(8).............................................. 150,000,000 150,000,000
HSBC Securities, Inc., 6.47%, dated 8/31/2000,
maturing 9/1/2000, maturity value $150,026,958
(9).............................................. 150,000,000 150,000,000
Lehman Brothers, Inc., 6.60%, dated 8/31/2000,
maturing 9/1/2000, maturity value $150,027,500
(10)............................................. 150,000,000 150,000,000
Morgan Stanley & Co.:
6.45%, dated 5/3/2000, maturing 10/2/2000,
maturity value $25,580,068 (11) /\/\............ 24,906,250 24,906,250
6.55%, dated 8/10/2000, maturing 2/15/2001,
maturity value $26,409,206 (12) /\/\............ 25,531,250 25,531,250
Salomon Smith Barney, Inc., 6.47%, dated
8/31/2000, maturing 9/1/2000, maturity value
$445,079,976 (13)................................ 445,000,000 445,000,000
</TABLE>
28
<PAGE>
EVERGREEN
Select Treasury Money Market Fund
Schedule of Investments(continued)
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
REPURCHASE AGREEMENTS - continued
Societe Generale:
6.60%, dated 8/31/2000, maturing 9/1/2000,
maturity value $130,022,909 (14)............... $129,999,076 $ 129,999,076
6.40%, dated 5/3/2000, maturing 10/2/2000,
maturity value $103,069,511 (15) /\............ 100,375,000 100,375,000
6.45%, dated 8/10/2000, maturing 1/2/2001,
maturity value $51,170,701 (16) /\............. 49,875,000 49,875,000
State Street Bank & Trust Co., 6.60%, dated
8/31/2000, maturing 9/1/2000, maturity value
$150,027,500 (17)............................... 150,000,000 150,000,000
Warburg Dillon Reed LLC, 6.61%, dated 8/31/2000,
maturing 9/1/2000, maturity value $150,027,542
(18)............................................ 150,000,000 150,000,000
West Deutsche Landes Bank, 6.61%, dated
8/31/2000, maturing 9/1/2000, maturity value
$150,027,164 (19)............................... 150,000,000 150,000,000
--------------
Total Repurchase Agreements (cost
$2,898,999,076)............................... 2,898,999,076
--------------
Total Investments - (cost $3,486,364,128) - 114.0%.............. 3,486,364,128
Other Assets and Liabilities - net - (14.0)..................... (429,012,726)
--------------
Net Assets - 100.0%............................................. $3,057,351,402
==============
</TABLE>
See Combined Notes to Schedules of Investments.
29
<PAGE>
EVERGREEN
Select U.S. Government Money Market Fund
Schedule of Investments
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
U.S. AGENCY OBLIGATIONS - 97.0%
FHLB - 25.9%
6.71% - 6.72%, 9/6/2000............................. $35,000,000 $ 35,000,000
6.41%, 9/8/2000..................................... 38,910,000 38,861,503
6.75%, 4/6/2001..................................... 2,750,000 2,750,000
7.08%, 8/14/2001.................................... 8,000,000 8,000,000
------------
Total FHLB (cost $84,611,503)..................... 84,611,503
------------
FHLMC - 29.0%
6.42%, 9/12/2000.................................... 40,000,000 39,921,534
6.41%, 9/19/2000.................................... 40,000,000 39,871,800
6.35%, 1/5/2001..................................... 2,000,000 1,999,958
6.4%, 2/8/2001...................................... 8,000,000 7,981,659
6.9%, 8/28/2001..................................... 5,000,000 5,000,000
------------
Total FHLMC (cost $94,774,951).................... 94,774,951
------------
FNMA - 13.0%
6.53%, 11/24/2000................................... 25,000,000 25,000,000
6.57%, 2/22/2001.................................... 2,500,000 2,499,358
6.0%, 7/17/2001..................................... 7,000,000 6,941,599
6.84%, 7/18/2001.................................... 8,000,000 8,000,720
------------
Total FNMA (cost $42,441,677)..................... 42,441,677
------------
IADB - 1.5%
5.125%, 2/22/2001 (cost $4,954,544)................. 5,000,000 4,954,544
------------
SLMA - 27.6%
6.82% - 7.02%, 9/5/2000............................. 85,000,000 85,005,281
6.05%, 11/3/2000.................................... 5,000,000 4,999,879
------------
Total SLMA (cost $90,005,160)..................... 90,005,160
------------
Total U.S. Agency Obligations (cost
$316,787,835).................................... 316,787,835
------------
REPURCHASE AGREEMENTS - 3.0%
Dresdner Bank AG, 6.60%, dated 8/31/2000, maturing
9/1/2000 maturity value $9,745,033 (cost
$9,743,247) (20)................................... 9,743,247 9,743,247
------------
Total Investments - (cost $326,531,082) - 100.0%.................. 326,531,082
Other Assets and Liabilities - net - 0.0%......................... 20,372
------------
Net Assets - 100.0%............................................... $326,551,454
============
</TABLE>
See Combined Notes to Schedules of Investments.
30
<PAGE>
EVERGREEN
Select 100% Treasury Money Market Fund
Schedule of Investments
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
U.S. TREASURY BILLS - 72.1%
6.26% - 6.38%, 9/21/2000............................. $251,470,000 $250,592,815
5.67% - 5.96%, 9/28/2000............................. 86,919,000 86,543,978
5.70% - 5.99%, 10/12/2000............................ 34,275,000 34,050,213
5.86%, 11/2/2000..................................... 592,000 586,026
5.86% - 6.10%, 11/9/2000............................. 84,126,000 83,153,835
6.02%, 1/18/2001..................................... 21,135,000 20,644,148
------------
Total U.S. Treasury Bills (cost $475,571,015)...... 475,571,015
------------
U.S. TREASURY NOTES - 27.8%
4.50% - 6.125%, 9/30/2000............................ 53,679,000 53,642,226
4.00% - 5.75%, 10/31/2000............................ 51,401,000 51,211,431
5.625%, 11/30/2000................................... 3,424,000 3,418,430
5.00% - 5.625%, 2/28/2001............................ 11,301,000 11,237,553
4.875% - 6.375%, 3/31/2001........................... 11,872,000 11,791,654
5.00% - 6.25%, 4/30/2001............................. 27,474,000 27,454,784
5.75%, 6/30/2001..................................... 24,460,000 24,328,580
------------
Total U.S. Treasury Notes (cost $183,084,658)...... 183,084,658
------------
Total Investments - (cost $658,655,673) - 99.9%..................... 658,655,673
Other Assets and Liabilities - net - 0.1%........................... 847,839
------------
Net Assets - 100.0%................................................. $659,503,512
============
</TABLE>
See Combined Notes to Schedules of Investments.
31
<PAGE>
Combined Notes to Schedules of Investments
August 31, 2000 (Unaudited)
144A Securities that may be sold to "qualified institutional buyers" under
Rule 144A of the Securities Act of 1933, as amended. These securities
have been determined to be liquid under guidelines established by the
Board of Trustees.
+ Security on loan.
/\ Represents collateral received for securities on loan.
The repurchase agreements are fully collateralized by:
(1) $219,691,000 U.S. Treasury STRIPS, 0.00% - 3.875%, 2/15/2007 - 4/15/2029;
value including accrued interest is $153,000,189.
(2) $136,373,000 U.S. Treasury Notes, 3.625% - 5.625%, 5/15/2000 - 7/15/2002;
$71,949,000 U.S. Treasury STRIPs, 2/15/2003 - 5/15/2020; value including
accrued interest is $153,000,361.
(3) $585,499,500 U.S. Treasury STRIPS, 0.00% - 9.25%, 11/15/2012 -
11/15/2027; value including accrued interest is $153,172,075.
(4) $151,739,000 U.S. Treasury Notes, 5.75% - 6.62%, 11/15/2000 - 5/15/2007;
value including accrued interest is $154,509,125.
(5) $462,442,122 GNMA, 6.50% - 8.00%, 5/15/2027 - 4/15/2030; value including
accrued interest is $408,000,000.
(6) $86,057,378 GNMA, 6.50% - 8.00%, 5/15/2027 - 4/15/2030; value including
accrued interest is $75,926,250.
(7) $253,337,898 GNMA, 6.50% - 9.00%, 8/15/2008 - 5/20/2030; value including
accrued interest is $152,054,840.
(8) $10,922,000 U.S. Treasury Bond, 5.25%, 11/15/2028 and $132,755,000 U.S.
Treasury STRIPS 3.625%, 7/15/2002; value including accrued interest is
$153,000,971.
(9) $76,682,000 U.S. Treasury Bonds, 5.50% - 14.25%, 2/15/2001 - 8/15/2028
and $60,569,000 U.S. Treasury Notes, 4.75% - 6.625%, 10/15/2006 -
8/15/2010; value including accrued interest is $153,002,555.
(10) $527,757,000 U.S. Treasury STRIPS, 8.00% - 8.875%, 2/15/2019 -
11/15/2021; value including accrued interest is $153,001,127.
(11) $42,819,945 GNMA, 5.50% - 8.00%, 4/15/2014 - 7/15/2030; value including
interest is $25,534,626.
(12) $43,285,533 GNMA, 6.50% - 12.00%, 10/15/2010 - 6/15/2027; value including
interest is $26,234,729.
(13) $1,139,460,000 U.S. Treasury STRIPS, 5/15/2001 - 11/15/2027; value
including accrued interest is $453,959,152.
(14) $129,193,000 U.S. Treasury Notes, 6.60%, 8/30/2001 - 5/30/2030 and
$510,000 U.S. Treasury STRIPS, 8/30/2001 - 8/15/2017; value including
accrued interest is $132,558,108.
(15) $259,478,000 U.S. Treasury STRIPS, 5/15/2008 - 5/15/2021; value including
accrued interest is $103,016,333.
(16) $100,192,539 GNMA, 6.50% - 8.00%, 3/20/2025 - 4/15/2030; value including
accrued interest is $53,668,512.
(17) $127,905,000 U.S. Treasury Notes, 6.25% - 8.50%, 5/15/2020 - 8/15/2023;
value including accrued interest is $153,006,339.
(18) $142,160,000 U.S. Treasury STRIPS, 3.625%, 7/15/2002; value including
accrued interest is $153,002,321.
(19) $120,650,000 U.S. Treasury Bonds, 10.625%, 8/15/2015; value including
accrued interest is $152,685,161.
(20) $10,150,000 U.S. Treasury Bill, 0.00%, 12/28/2000 - 1/4/2001; value
including accrued interest is $9,938,937.
32
<PAGE>
Combined Notes to Schedules of Investments(continued)
August 31, 2000 (Unaudited)
Summary of Abbreviations:
AMBAC American Municipal Bond LOC Letter of Credit
Assurance Corp. MBIA Municipal Bond Investors Assurance
CDA Community Development Corp.
Authority MHRB Multifamily Housing Revenue Bond
COP Certificates of Participation MHRRB Multifamily Housing Refunding
EDA Economic Development Authority Revenue Bond
EDRB Economic Development Revenue MSTR Municipal Securities Trust Receipts
Bond MTN Medium Term Notes
FGIC Financial Guaranty Insurance PCRB Pollution Control Revenue Bond
Co. PCRRB Pollution Control Refunding Revenue
FHA Federal Housing Authority Bond
FHLB Federal Home Loan Bank PFOTER Puttable Floating Option Tax Exempt
FHLMC Federal Home Loan Mortgage Receipts
Corp. PPT Pooled Puttable Trust
FNMA Federal National Mortgage PVRC Pooled Variable Rate Certificate
Association RB Revenue Bond
FRN Floating Rate Note RRB Refunding Revenue Bond
FSA Financial Security Assurance, SAK Sakura Trust
Inc. SFHRB Single Family Housing Revenue Bond
GNMA Government National Mortgage SLMA Student Loan Marketing Association
Association SPA Securities Purchase Agreement
GO General Obligation STRIPS Separately Traded Registered
HFA Housing Finance Authority Interest and Principal Securities
IADB Inter-American Development TRAN Tax Revenue Anticipation Note
Bank VRDN Variable Rate Demand Note
IDA Industrial Development
Authority
IDB Industrial Development Board
IDRB Industrial Development Revenue
Bond
IDRRB Industrial Development
Refunding Revenue Bond
IFA Industrial Finance Authority
Variable Rate Demand Notes are payable on demand no more than seven calendar
days after notice is given by the Fund to the issuer or other parties not af-
filiated 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, 2000.
Certain obligations held in the portfolio have credit enhancements or liquidity
features that may, under certain circumstances, provide for repayment of prin-
cipal and interest on the obligation upon demand date, interest rate reset date
or final maturity. These enhancements include: letters of credit; liquidity
guarantees; security repurchase agreements; tender option repurchase agree-
ments; and third party insurance (i.e. AMBAC, FGIC and MBIA). Adjustable rate
bonds and variable rate demand notes held in the portfolio may be considered
derivative securities within the standards imposed by the Securities and Ex-
change Commission under Rule 2a-7 which were designed to minimize both credit
and market risk.
See Combined Notes to Financial Statements.
33
<PAGE>
EVERGREEN
Select Money Market Funds
Statements of Assets and Liabilities
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Select Select Select U.S. Select
Money Market Select Treasury Government 100% Treasury
Fund Municipal Fund Fund Fund Fund
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in
securities............ $6,552,490,492 $1,305,359,120 $ 587,365,052 $316,787,835 $658,655,673
Investments in
repurchase
agreements............ 0 0 2,898,999,076 9,743,247 0
----------------------------------------------------------------------------------------------------
Investments at
amortized cost........ 6,552,490,492 1,305,359,120 3,486,364,128 326,531,082 658,655,673
Cash................... 37,717 0 0 0 97,350
Receivable for Fund
shares sold........... 19,107,712 826,167 0 0 0
Interest receivable.... 44,380,962 6,524,913 15,634,318 1,371,898 3,035,393
Deferred organization
expenses.............. 3,327 3,327 3,327 0 0
Receivable from
investment advisor.... 0 0 0 11,895 88,198
Prepaid expenses and
other assets.......... 23,859 74,988 802,305 48,842 27,029
----------------------------------------------------------------------------------------------------
Total assets........... 6,616,044,069 1,312,788,515 3,502,804,078 327,963,717 661,903,643
----------------------------------------------------------------------------------------------------
Liabilities
Distributions payable.. 25,291,370 3,391,306 15,058,400 1,380,659 2,360,060
Payable for Fund shares
redeemed.............. 473,331 250,000 1,601,354 0 0
Payable for securities
on loan............... 0 0 428,746,007 0 0
Due to custodian bank.. 0 690,054 0 0 0
Advisory fee payable... 20,346 3,938 24,199 0 0
Distribution Plan
expenses payable...... 19,058 2,458 9,723 258 1,964
Due to other related
parties............... 11,071 138,014 5,023 538 1,079
Accrued expenses and
other liabilities..... 322,891 35,679 7,970 30,808 37,028
----------------------------------------------------------------------------------------------------
Total liabilities...... 26,138,067 4,511,449 445,452,676 1,412,263 2,400,131
----------------------------------------------------------------------------------------------------
Net assets.............. $6,589,906,002 $1,308,277,066 $3,057,351,402 $326,551,454 $659,503,512
----------------------------------------------------------------------------------------------------
Net assets represented
by
Paid-in capital........ $6,594,310,099 $1,308,188,201 $3,057,353,858 $326,550,471 $659,462,884
Undistributed
(overdistributed) net
investment income..... 0 26,024 0 1,463 155,017
Accumulated net
realized gains or
losses on securities.. (4,404,097) 62,841 (2,456) (480) (114,389)
----------------------------------------------------------------------------------------------------
Total net assets........ $6,589,906,002 $1,308,277,066 $3,057,351,402 $326,551,454 $659,503,512
----------------------------------------------------------------------------------------------------
Net assets consists of
Class I................ $3,789,374,278 $ 947,902,587 $1,609,782,659 $291,544,849 $367,549,883
Class IS............... 2,800,531,724 360,374,479 1,447,568,743 35,006,605 291,953,629
----------------------------------------------------------------------------------------------------
Total net assets........ $6,589,906,002 $1,308,277,066 $3,057,351,402 $326,551,454 $659,503,512
----------------------------------------------------------------------------------------------------
Shares outstanding
Class I................ 3,791,867,664 947,835,393 1,609,784,454 291,545,088 367,493,223
Class IS............... 2,802,468,873 360,353,784 1,447,568,654 35,006,650 291,969,661
----------------------------------------------------------------------------------------------------
Net asset value per
share
Class I................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------------------------------------------------------------------------------------------------
Class IS............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
34
<PAGE>
EVERGREEN
Select Money Market Funds
Statements of Operations
Six Months Ended August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Select Select Select Select U.S. Select
Money Market Municipal Treasury Government 100% Treasury
Fund Fund Fund Fund Fund
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment income
Interest............... $189,651,442 $26,019,957 $100,272,036 $6,866,227 $16,046,750
---------------------------------------------------------------------------------------------
Expenses
Advisory fee........... 3,238,694 638,877 1,795,118 129,360 579,951
Distribution Plan
expenses.............. 3,250,617 255,169 1,814,123 39,800 287,784
Administrative services
fees.................. 1,766,560 348,478 979,155 64,680 165,700
Transfer agent fee..... 66,213 1,557 2,195 1,274 333
Custodian fee.......... 723,362 141,761 202,285 27,156 64,799
Other.................. 277,982 48,310 90,650 74,119 73,262
---------------------------------------------------------------------------------------------
Total expenses......... 9,323,428 1,434,152 4,883,526 336,389 1,171,829
Less: Expense
reductions............ (134,509) (32,522) (63,068) (3,996) (10,604)
Fee waivers.......... 0 0 (32,591) (76,993) (566,151)
---------------------------------------------------------------------------------------------
Net expenses........... 9,188,919 1,401,630 4,787,867 255,400 595,074
---------------------------------------------------------------------------------------------
Net investment income.. 180,462,523 24,618,327 95,484,169 6,610,827 15,451,676
---------------------------------------------------------------------------------------------
Net realized gains or
losses on securities.. (3,717,169) 62,841 0 0 5,187
---------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............ $176,745,354 $24,681,168 $ 95,484,169 $6,610,827 $15,456,863
---------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
35
<PAGE>
EVERGREEN
Select Money Market Funds
Statements of Changes in Net Assets
Six Months Ended August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Select Select Select Select U.S. Select
Money Market Municipal Treasury Government 100% Treasury
Fund Fund Fund Fund Fund
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Operations
Net investment income.. $ 180,462,523 $ 24,618,327 $ 95,484,169 $ 6,610,827 $ 15,451,676
Net realized gains or
losses on securities.. (3,717,169) 62,841 0 0 5,187
-----------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............ 176,745,354 24,681,168 95,484,169 6,610,827 15,456,863
-----------------------------------------------------------------------------------------------------------
Distributions to
shareholders from
Net investment income
Class I................ (102,613,335) (20,511,943) (53,975,829) (5,675,778) (9,167,648)
Class IS............... (77,849,188) (4,106,384) (41,508,340) (935,049) (6,284,028)
-----------------------------------------------------------------------------------------------------------
Total distributions to
shareholders.......... (180,462,523) (24,618,327) (95,484,169) (6,610,827) (15,451,676)
-----------------------------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold.................. 15,435,167,885 1,263,439,960 7,559,209,157 508,564,288 788,094,219
Net asset value of
shares issued in
reinvestment of
distributions......... 53,056,737 4,170,944 6,507,288 1,124,255 867,093
Payment for shares
redeemed.............. (15,442,259,046) (1,025,559,664) (7,701,300,190) (321,301,148) (660,880,598)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
resulting from capital
share transactions.... 45,965,576 242,051,240 (135,583,745) 188,387,395 128,080,714
-----------------------------------------------------------------------------------------------------------
Total increase
(decrease) in net
assets............... 42,248,407 242,114,081 (135,583,745) 188,387,395 128,085,901
Net assets
Beginning of period.... 6,547,657,595 1,066,162,985 3,192,935,147 138,164,059 531,417,611
-----------------------------------------------------------------------------------------------------------
End of period.......... $ 6,589,906,002 $ 1,308,277,066 $ 3,057,351,402 $ 326,551,454 $ 659,503,512
-----------------------------------------------------------------------------------------------------------
Undistributed
(overdistributed) net
investment income...... $ 0 $ 26,024 $ 0 $ 1,463 $ 155,017
-----------------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
36
<PAGE>
EVERGREEN
Select Money Market Funds
Statements of Changes in Net Assets
Year Ended February 29, 2000
<TABLE>
<CAPTION>
Select Select Select Select U.S. Select
Money Market Municipal Treasury Government 100% Treasury
Fund Fund Fund Fund (a) Fund
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Operations
Net investment income.... $ 289,265,339 $ 37,146,805 $ 164,896,424 $ 1,906,698 $ 26,271,042
Net realized gains or
losses on securities.... (269,420) 26,024 0 (284) (119,576)
----------------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............. 288,995,919 37,172,829 164,896,424 1,906,414 26,151,466
----------------------------------------------------------------------------------------------------------------
Distributions to
shareholders from net
investment income
Class I.................. (165,834,341) (32,915,254) (93,059,989) (1,906,650) (19,710,811)
Class IS................. (123,430,998) (4,341,432) (71,836,435) (48) (6,560,532)
----------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders........... (289,265,339) (37,256,686) (164,896,424) (1,906,698) (26,271,343)
----------------------------------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold.................... 32,569,439,105 2,130,199,709 13,269,568,499 219,754,596 1,775,217,307
Net asset value of shares
issued in reinvestment
of distributions........ 98,222,629 4,036,456 9,535,533 1,066,129 1,210,695
Payment for shares
redeemed................ (31,442,994,296) (2,069,232,670) (13,619,550,894) (82,656,382) (1,889,438,632)
Net asset value of shares
issued in acquisition of
CoreFund Liquidity Fund.. 227,071,680 0 0 0 0
----------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets resulting
from capital share
transactions........... 1,451,739,118 65,003,495 (340,446,862) 138,164,343 (113,010,630)
----------------------------------------------------------------------------------------------------------------
Total increase
(decrease) in net
assets................ 1,451,469,698 64,919,638 (340,446,862) 138,164,059 (113,130,507)
Net assets
Beginning of period...... 5,096,187,897 1,001,243,347 3,533,382,009 0 644,548,118
----------------------------------------------------------------------------------------------------------------
End of period............ $ 6,547,657,595 $ 1,066,162,985 $ 3,192,935,147 $138,164,059 $ 531,417,611
----------------------------------------------------------------------------------------------------------------
Undistributed net
investment income....... $ 0 $ 26,024 $ 0 $ 1,463 $ 155,017
----------------------------------------------------------------------------------------------------------------
</TABLE>
(a) For the period from October 1, 1999 (commencement of operations) to Febru-
ary 29, 2000.
See Combined Notes to Financial Statements.
37
<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"), Evergreen Select U.S. Government Money Market Fund
("Select U.S. Government Fund") and Evergreen Select 100% Treasury Money Market
Fund ("Select 100% Treasury Fund"), (collectively, the "Funds"). Each Fund is a
diversified series of Evergreen Select Money Market Trust (the "Trust"), a Del-
aware 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 Institutional Shares ("Class I") and Institutional Service
Shares ("Class IS"). Each class of shares is sold without a front-end sales
charge or contingent deferred sales charge. Class IS shares pay an ongoing
service 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, which approximates
market value. The amortized cost of an instrument is determined by valuing it
at its original cost and thereafter assuming a constant accretion of any dis-
count or amortization of any premium from its face value until maturity.
Mutual fund shares held in a Fund are valued at the net asset value of each mu-
tual fund.
B. Repurchase Agreements
Securities pledged as collateral for repurchase agreements are held in a segre-
gated 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 collateral daily and will require the seller to
provide additional collateral in the event the market value of the securities
pledged falls below the carrying value of the repurchase agreement, including
accrued interest. Each Fund will only enter into repurchase agreements with
banks and other financial institutions which are deemed by the investment advi-
sor to be creditworthy pursuant to guidelines established by the Board of
Trustees.
Pursuant to an exemptive order issued by the Securities and Exchange Commis-
sion, the Funds may transfer uninvested cash balances into a joint trading ac-
count. These balances are invested in one or more repurchase agreements that
are fully collateralized by U.S. Treasury and/or federal agency obligations.
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. Loans of securities will be collateralized by cash,
letters of credit or U.S. Government securities that are maintained at all
times in an amount equal to at least 100% of the current market value of the
loaned securities, including accrued interest. The Fund monitors the adequacy
of the collateral daily and will require the borrower to provide additional
collateral as necessary. While such securities are on loan, the borrower will
pay a Fund any income accruing thereon, and the Fund may invest any cash col-
lateral 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'
38
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
notice. The Fund bears the risk that the borrower may not provide additional
collateral when required or return the securities when due.
D. Security Transactions and Investment Income
Securities transactions are accounted for no later than one business day after
the trade date. Realized gains and losses are computed on the identified cost
basis. Interest income is recorded on the accrual basis and includes accretion
of discounts and amortization of premiums.
E. Federal Taxes
The Funds intend to comply with the provisions of the Internal Revenue Code ap-
plicable to regulated investment companies and to distribute all of their net
investment company taxable income, net tax-exempt income and net capital gains,
if any, to their shareholders. Accordingly, no provision for federal income or
excise tax is required.
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. 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. 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 Plan for the Class IS shares.
H. Organization Expenses
Organization expenses for each Fund, other than Select U.S. Government Fund and
Select 100% Treasury Fund, are amortized to operations over a five-year period
on a straight-line basis. In the event any of the initial shares of the Funds
are redeemed by any holder during the five-year amortization period, redemption
proceeds will be reduced by any unamortized organization expenses in the same
proportion as the number of initial shares being redeemed bears to the number
of initial shares outstanding at the time of the redemption. Expenses relating
to the organization of Select U.S. Government Fund and Select 100% Treasury
Fund were amortized on a straight line basis over the initial twelve months of
each Fund's operations.
3. INVESTMENT ADVISORY AGREEMENT AND OTHER AFFILIATED TRANSACTIONS
First Union National Bank ("FUNB"), a subsidiary of First Union Corp., is the
investment advisor to the Funds and is paid a management fee that is computed
and paid daily based on a percentage of each Fund's average daily net assets as
follows:
<TABLE>
<CAPTION>
% of
Average
Net Assets
--------------
<S> <C> <C>
Select Money Market Fund......................... 0.11%
Select Municipal Fund............................ 0.11%
Select Treasury Fund............................. 0.11%
Select U.S. Government Fund...................... 0.12%
Select 100% Treasury Fund........................ 0.21%
</TABLE>
39
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
During the six months ended August 31, 2000, the amount of investment advisory
fees waived by the investment advisor and the impact on each Fund's annualized
expense ratio represented as a percentage of its average net assets were as
follows:
<TABLE>
<CAPTION>
Fees % of Average
Waived Net Assets
---------------------
<S> <C> <C>
Select Treasury Fund...................... $ 32,591 0.00%
Select U.S. Government Fund............... 76,993 0.07%
Select 100% Treasury Fund................. 566,151 0.21%
</TABLE>
Evergreen Investment Services ("EIS"), an indirect, wholly owned subsidiary of
FUNB, is the administrator to the Funds. As administrator, EIS provides the
Funds with facilities, equipment and personnel. For its services, the Funds pay
the administrator a fee at the annual rate of 0.06% of each Fund's average
daily net assets. Prior to May 1, 2000, The BISYS Group, Inc. ("BISYS") served
as the sub-administrator to the Funds and provided the officers of the Funds.
For the Funds, the sub-administrator was paid by the administrator out of its
fees until the sub-administration agreement with BISYS was terminated on April
30, 2000. Officers of the Funds and affiliated Trustees receive no compensation
directly from the Funds. During the six months ended August 31, 2000, the Funds
paid or accrued to EIS the following amounts for administrative and sub-admin-
istrative services:
<TABLE>
<CAPTION>
Administration Sub-administration
Fee Fee
---------------------------------
<S> <C> <C>
Select Money Market Fund...... $1,753,490 $13,070
Select Municipal Fund......... 346,210 2,268
Select Treasury Fund.......... 972,192 6,963
Select U.S. Government Fund... 64,680 0
Select 100% Treasury Fund..... 164,556 1,144
</TABLE>
Evergreen Service Company ("ESC"), an indirect, wholly owned subsidiary of
FUNB, is 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". Under the Distribution Plans, Class
IS shares incurs distribution fees equal to 0.25% of the average daily net as-
sets of the class, all of which is used to pay for shareholder service fees.
Distribution Plan expenses are calculated and paid daily.
Each of the Distribution Plans may be terminated at any time by vote of the In-
dependent Trustees or by vote of a majority of the outstanding voting shares of
the respective class.
40
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
5. ACQUISITIONS
On July 27, 1999, the Select Money Market Fund acquired substantially all the
assets and assumed certain liabilities of CoreFund Liquidity Fund, a common
trust fund managed by FUNB, in a tax-free exchange of Class I shares. The value
of the net assets acquired, valued at $1.00 per share, was $227,071,680 and im-
mediately following the conversion the combined net assets of Select Money Mar-
ket Fund amounted to $6,050,907,098.
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 Class 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, 2000 February 29, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class I
Shares sold............................... 10,823,676,410 23,080,631,747
Shares issued in reinvestment of
distributions............................ 17,352,376 45,506,484
Shares redeemed........................... (10,897,554,672) (22,358,544,320)
Shares issued in connection with the
acquisition of CoreFund Liquidity Fund... 0 227,071,680
------------------------------------------------------------------------------
Net increase (decrease)................... (56,525,886) 994,665,591
------------------------------------------------------------------------------
Class IS
Shares sold............................... 4,611,491,475 9,488,813,451
Shares issued in reinvestment of
distributions............................ 35,704,361 52,716,145
Shares redeemed........................... (4,544,704,374) (9,084,449,976)
------------------------------------------------------------------------------
Net increase.............................. 102,491,462 457,079,620
</TABLE>
--------------------------------------------------------------------------------
Select Municipal Fund
<TABLE>
<CAPTION>
Six Months Ended Year Ended
August 31, 2000 February 29, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class I
Shares sold................................ 860,186,790 1,648,538,025
Shares issued in reinvestment of
distributions............................. 864,573 1,426,361
Shares redeemed............................ (850,319,215) (1,570,013,103)
------------------------------------------------------------------------------
Net increase............................... 10,732,148 79,951,283
------------------------------------------------------------------------------
Class IS
Shares sold................................ 403,253,170 481,661,684
Shares issued in reinvestment of
distributions............................. 3,306,371 2,610,095
Shares redeemed............................ (175,240,449) (499,219,567)
------------------------------------------------------------------------------
Net increase (decrease).................... 231,319,092 (14,947,788)
</TABLE>
--------------------------------------------------------------------------------
Select Treasury Fund
<TABLE>
<CAPTION>
Six Months Ended Year Ended
August 31, 2000 February 29, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class I
Shares sold................................ 4,772,098,483 6,846,889,805
Shares issued in reinvestment of
distributions............................. 207,917 1,746,438
Shares redeemed............................ (4,848,510,128) (7,224,190,116)
------------------------------------------------------------------------------
Net decrease............................... (76,203,728) (375,553,873)
------------------------------------------------------------------------------
Class IS
Shares sold................................ 2,787,110,674 6,422,678,694
Shares issued in reinvestment of
distributions............................. 6,299,371 7,789,095
Shares redeemed............................ (2,852,790,062) (6,395,360,778)
------------------------------------------------------------------------------
Net increase (decrease).................... (59,380,017) 35,107,011
</TABLE>
--------------------------------------------------------------------------------
41
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
Select U.S. Government Fund
<TABLE>
<CAPTION>
Six Months Ended Year Ended
August 31, 2000 February 29, 2000 (a)
------------------------------------------------------------------------------
<S> <C> <C>
Class I
Shares sold............................ 317,809,434 219,746,985
Shares issued in reinvestment of
distributions......................... 1,002,200 1,066,129
Shares redeemed........................ (165,423,278) (82,656,382)
------------------------------------------------------------------------------
Net increase........................... 153,388,356 138,156,732
------------------------------------------------------------------------------
Class IS
Shares sold............................ 190,754,854 7,611
Shares issued in reinvestment of
distributions......................... 122,055 0
Shares redeemed........................ (155,877,870) 0
------------------------------------------------------------------------------
Net increase........................... 34,999,039 7,611
------------------------------------------------------------------------------
Select 100% Treasury Fund
<CAPTION>
Six Months Ended Year Ended
August 31, 2000 February 29, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class I
Shares sold............................ 381,919,973 1,095,298,656
Shares issued in reinvestment of
distributions......................... 461,746 897,571
Shares redeemed........................ (367,819,226) (1,289,242,604)
------------------------------------------------------------------------------
Net increase (decrease)................ 14,562,493 (193,046,377)
------------------------------------------------------------------------------
Class IS
Shares sold............................ 406,174,246 679,918,651
Shares issued in reinvestment of
distributions......................... 405,347 313,124
Shares redeemed........................ (293,061,372) (600,196,028)
------------------------------------------------------------------------------
Net increase........................... 113,518,221 80,035,747
</TABLE>
--------------------------------------------------------------------------------
(a) For the period from October 1, 1999 (commencement of class operations) to
February 29, 2000.
7. SECURITIES TRANSACTIONS
The Select Treasury Fund loaned securities during the six months ended August
31, 2000 to certain brokers. At August 31, 2000, the value of securities on
loan and the value of collateral (including accrued interest) amounted to
$423,738,175 and $428,746,007 respectively. During the six months ended August
31, 2000, the Select Treasury Fund earned $379,755 in income from securities
lending.
As of February 29, 2000, the Funds had capital loss carryovers for federal in-
come tax purposes as follows:
<TABLE>
<CAPTION>
Expiration
--------------------------------------
Total 2004 2005 2006 2007 2008
-----------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Select Money
Market Fund.... $610,795 0 $5,662 $134,609 $238,898 $231,626
Select Treasury
Fund........... 2,456 $384 0 2,072 0 0
Select U.S.
Government
Fund........... 480 0 0 0 196 284
Select 100%
Treasury Fund.. 57,262 0 0 0 0 57,262
</TABLE>
In addition to the capital loss carryovers, losses incurred after October 31
within a Fund's fiscal year are deemed to arise on the first business day of
the Fund's following fiscal year. For the fiscal year ended February 29, 2000,
the Select Money Market Fund and Select 100% Treasury Fund incurred and elected
to defer post-October losses of $76,133 and $62,314, respectively.
42
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
8. EXPENSE REDUCTIONS
Through expense offset arrangements with ESC and their custodian, a portion of
the Fund's expenses have been reduced. The amount of expense reductions re-
ceived by each Fund and the impact of the total expense reductions on each
Fund's expense ratio represented as a percentage of its average net assets were
as follows:
<TABLE>
<CAPTION>
Expense % of Average
Reductions Net Assets
-----------------------
<S> <C> <C>
Select Money Market Fund................ $134,509 0.01%
Select Municipal Fund................... 32,522 0.00%
Select Treasury Fund.................... 63,068 0.00%
Select U.S. Government Fund............. 3,996 0.00%
Select 100% Treasury Fund............... 10,604 0.00%
</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.
10. FINANCING AGREEMENTS
On July 27, 1999, certain of the Evergreen Funds and a group of banks (the
"Lenders") entered into a credit agreement. Under this agreement, the Lenders
provided an unsecured revolving credit commitment in the aggregate amount of
$1.050 billion. The credit facility was allocated, under the terms of the fi-
nancing agreement, among the Lenders. The credit facility was accessed by the
Funds for temporary or emergency purposes to fund the redemption of their
shares or for general working capital purposes as permitted by each Fund's bor-
rowing restrictions. Borrowings under this facility bore interest at 0.75% per
annum above the Federal Funds rate (1.50% per annum above the Federal Funds
rate during the period from and including December 1, 1999 through and includ-
ing January 31, 2000). A commitment fee of 0.10% per annum was incurred on the
average daily unused portion of the revolving credit commitment. The commitment
fee was allocated to all funds. For its assistance in arranging this financing
agreement, First Union Capital Markets Corp. was paid a one-time arrangement
fee of $250,000. State Street Bank & Trust Co. ("State Street") served as pay-
ing agent for the funds and as paying agent was entitled to a fee of $20,000
per annum which was allocated to all the funds.
On July 25, 2000, this agreement was renewed, amended and restated among cer-
tain Evergreen Funds and the Lenders. Under this renewed agreement, the Lenders
provide an unsecured revolving credit commitment in the aggregate amount of
$755 million. The credit facility is allocated, under the terms of the financ-
ing agreement, among the Lenders. The credit facility is accessed by the Funds
to temporarily finance the purchase or sale of securities for prompt delivery,
including funding redemption of their shares, as permitted by each Fund's bor-
rowing restrictions. Borrowings under this facility bear interest at 0.50% per
annum above the Federal Funds rate. A commitment fee of 0.10% per annum contin-
ues to be incurred on the average daily unused portion of the revolving credit
commitment and is allocated to all funds. For its assistance in renewing this
financing agreement, First Union Capital Markets Corp. was paid a one-time ar-
rangement fee of $150,000. State Street continues as paying agent for the funds
and receives a fee of $20,000 per annum which is allocated to all the funds.
During the six months ended August 31, 2000, the Funds had no borrowings under
these agreements.
43
<PAGE>
Evergreen Select Funds(*)
Money Market Growth and Income/
Money Market Fund Balanced
Treasury Money Market Fund Equity Income Fund
100% Treasury Money Market Fund Balanced Fund
Municipal Money Market Fund
U.S. Government Money Market Fund Growth
Special Equity Fund
Municipal Fixed Small Cap Growth Fund
Income Secular Growth Fund
Intermediate Term Municipal Bond Fund Strategic Growth Fund
Core Equity Fund
Taxable Fixed Equity Index Fund
Income Strategic Value Fund
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.
[LOGO OF EVERGREEN FUNDS] -------------
PRSRT STD
200 Berkeley Street U.S. POSTAGE
Boston, MA 02116 PAID
LANCASTER, PA
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