<PAGE>
[LOGO OF VIRGINIA SNAP]
Virginia SNAP(sm) Semi-Annual Report
SNAP(sm) In Review
Welcome to 2000! We are happy to provide the financial statements for SNAP(sm)
Fund--a series of Select Money Market Trust.
Performance
For the six-month period ended December 31, 1999, performance of the SNAP(sm)
Fund continued to exceed that of its benchmark, the IBC First Tier Institutional
Average, ("the average").* The six-month total return for the SNAP(sm) Fund was
2.73%, net of expenses, compared to 2.54% for the average, which is also net of
expenses. The one year return for the period ended December 31, 1999 on the
SNAP(sm) and the average were 5.28% and 4.90%, respectively.**
As of December 31, 1999, the Fund's average days to maturity was extended to 45
days as compared to 43 days at December 31, 1998.+
Economic Outlook
In the first half of 1999 the economy slowed down a bit from recent years, but
gained significant momentum in the second half of the year. The fixed income
markets were characterized by relative instability in the money markets by
Federal Reserve Policy uncertainty, and consequently higher short-term interest
rates. The economy expanded 3.7% in the first quarter and just under 2.0% in the
second quarter. However, in the third and fourth quarters the economy grew by
over 4.0%, raising inflationary fears.
Returns As Of 12/31/1999
Portfolio Inception Date: July 24, 1995
SNAP(sm) Fund IBC's
First Tier
Institutional
Average
Average Annual Returns
6-month return 2.73% 2.54%
One year return 5.28% 4.90%
Since Inception 5.53% 5.14%*
7-day net annualized yield 5.69% 5.64%
30-day net annualized yield 5.74% 5.56%
*Since 7/24/1995
The consumer was the key driving force during 1999. Consumer spending remained
robust throughout the second half of the year. Housing starts were the strongest
of any year in the current expansion, despite increasing mortgage rates during
the year. The unemployment rate reached its lowest level in over 30 years,
falling to 4.1%. Generally, wage and price pressures have traditionally begun to
develop at much higher unemployment rates than exist today. However, despite the
tight labor markets, wage and price inflation have not increased significantly.
Consumer price inflation rose 2.0% in the second half of 1999, near its 33-year
low. The primary reason for this lack of inflationary pressures has been a
technology-led rise in productivity. This increase in productivity growth has
helped to hold down production costs, which has contributed to the lack of
inflation. Regardless of the lack of inflation, The Federal Reserve Open Market
Committee, ("FOMC") increased the Fed Funds
Continued on page 2
* IBC First Tier Institutional Average return for the 12-month period is
provided by IBC Financial Data, Inc.
** Past performance is not indicative of future performance. Your investment
return and principal value will fluctuate so when shares are redeemed, they
may be worth more or less than the original cost. Mutual funds are not
obligations of or guaranteed by any bank and are not federally insured. An
investment in the Fund is neither insured nor guaranteed by the U.S.
government and there can be no assurance that the Fund will be able to
maintain a stable net asset value of $1.00 per share.
+ While the portfolio manager will endeavor to manage the portfolio in
accordance with the investment process, there are no guarantees that they
will be successful.
<PAGE>
Continued from front page
target rate to 5.50% in the second half of the year, with 25 basis point
increases in August and November. The FOMC cited continuing economic strength
and concerns about inflationary pressures as the motivation for their preemptive
move. Although there are not significant signs of inflation, the Fed felt it was
necessary to "tap on the brakes" of the economy.
As money market rates continued to rise during the final two quarters of 1999,
we extended the average maturity of the fund to take advantage of the higher
returns. Securities with maturities between 12 and 13 months continue to be the
real value in the short end of the market. The market has priced in an
additional 75 basis points in rate hikes by the Federal Reserve. We believe that
there is a significant advantage to purchasing longer-term fixed rate securities
to capture this anomaly. Yields already reflect the higher anticipated short-
term rates, therefore compensating the investor substantially until the
potential rate increases take place. If 75 basis points in rate increases do not
occur in the coming months, we are positioned to reap the benefits. The
beginning of the new millennium will be interesting for the fixed income
markets.
The overriding fear in the money markets at the close of 1999 was concerns over
Y2K. The majority of these fears turned out to be overstated. Most money market
funds, including ours, were forced to hold abnormally large cash positions in
order to accommodate potential withdrawals. This left most investors scrambling
to invest cash at the end of the year. There was very little supply in the
short-end of the market, coupled with very strong demand. Normally rates tend to
spike higher at year-end; however at the end of 1999 overnight rates were
extremely low. These lower rates only lasted for the final week of the year and
did not impact the strong performance of the fund.
The fixed income markets will likely have many "hiccups" in the months ahead.
The continued uncertainty over Fed policy, coupled with rising inflationary
fears will result in volatile interest rates. Policy makers will need to assess
whether or not productivity growth will remain high enough to continue placing
downward pressure on inflation. Any indication that productivity growth is
fading or inflation is building will likely cause the Federal Reserve to
continue their tightening policy. It appears that the market continues to push
the Fed to raise rates further.
- --------------------------------------------------------------------------------
Thank You To Our July through December 1999 SNAP(sm) Participants!
City of Danville IDA of Albemarle County Northern Virginia
City of Harrisonburg IDA of Dinwiddie County Transportation Commission
City of Manassas Park IDA of Fluvanna County Roanoke Valley Detention
City of Poquoson IDA of Middlesex County Commission
Commonwealth of Virginia - Loudoun County Shenandoah University
Higher Education Montgomery County Southampton County
County of Culpeper Norfolk Redevelopment Virginia College Building
Fairfax County Economic & Housing Authority Authority
Development Authority Virginia Public School
Authority
- --------------------------------------------------------------------------------
2
<PAGE>
The 2000 SNAP(sm) Annual User's Conference
This year, Mentor will host our Annual SNAP(sm) User's Conference on Thursday,
April 20, 2000, from 9 a.m. to 3 p.m. at the Jefferson Hotel in Richmond,
Virginia. The conference was extremely well attended last year, and the positive
responses to our conference questionnaire indicated that many of you would
choose this location again.
The day will include discussions on many current topics relating to the
investment of municipal bond proceeds and arbitrage management. Attendees are
invited to join us for a continental breakfast and a seated lunch. Look for
invitations and a complete agenda to be mailed out in March. We look forward to
seeing you on April 20th at the Jefferson!
[PICTURE]
Al Samper Appointed to VCBA Board
We at Mentor wish to congratulate SNAP(sm)'s own Al Samper on his appointment to
the Board of the Virginia College Building Authority. The Authority's 21st
Century, Pooled Bond, and Private Colleges Programs provide Virginia colleges
and universities with cost-effective financing options. We are confident that
Al's experience and knowledge in municipal finance will be an asset to the Board
as they move forward with their programs.
- --------------------------------------------------------------------------------
SNAP Spotlight
Mentor Introduces New Associate
Please join us in welcoming Farrah Stone to the SNAP(sm) relationship management
team.
In her new role Farrah will serve as Arbitrage Analyst, with responsibility for
producing arbitrage spend-down and rebate liability estimate reports, assisting
Participants in evaluating investment alternatives, and providing oversight for
the Program's fund accounting functions.
Farrah comes to us with a strong public sector background that uniquely
qualifies her for the responsibilities of her new role. She joins us from the
Virginia Department of the Treasury where she was a Policy Analyst in the Debt
Management Division. In that capacity she was responsible for the planning,
structuring and issuing of General Obligation and appropriation-supported bonds.
She was also the day-to-day coordinator of the Master Equipment Leasing Program.
According to Claire Morris, who is responsible for overseeing all client service
aspects of Mentor's relationship with SNAP(sm) clients, "Since we were awarded
the SNAP(sm) contract for an additional five years in 1999, it has become
increasingly clear to us how critical the Arbitrage Analyst role is to our
success. Only by having the right individual in this function will we be able to
achieve the high service standards required and deserved by SNAP(sm) clients. In
Farrah we have found someone who combines excellent interpersonal skills with an
extremely strong technical background. We believe that she will be a great
addition to our team."
Farrah received her BA degree in Government from the College of William and Mary
and is currently pursuing a Masters in Public Administration at Virginia
Commonwealth University.
3
<PAGE>
SNAP(sm) Fund
Schedule of Investments
December 31, 1999 (unaudited)
- --------------------------------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------------------------------
Certificates of Deposit - 8.6%
Branch Banking & Trust Co. Wilson, NC,
5.18%, 1/3/2000 $ 40,000,000 $ 40,000,000
Commerzbank Yankee CD:
5.08%, 2/11/2000 10,000,000 9,999,067
5.17%, 4/19/2000 20,000,000 19,998,275
5.26%, 5/12/2000 10,000,000 9,998,608
Harris Trust & Savings Bank Chicago, IL,
5.00%, 1/27/2000 20,000,000 20,000,000
- --------------------------------------------------------------------------------
Total Certificates of Deposit (cost $99,995,950) 99,995,950
================================================================================
Commercial Paper - 30.1%
Finance & Insurance - 30.1%
Aetna Svcs., Inc.,
6.10%, 1/18/2000 50,000,000 49,855,972
American Express Centurion Bank,
5.07%, 1/3/2000 30,000,000 29,981,775
Associates First Capital,
5.90%, 6/23/2000 10,000,000 10,019,729
Bavaria Trust Corp.,
6.40%, 1/11/2000 35,000,000 34,937,778
Cooperative Assn. of Tractor Dealers,
5.50%, 1/6/2000 25,000,000 24,980,903
Dorada Fin.,
6.41%, 1/4/2000 50,000,000 50,000,000
Four Winds Funding Corp.,
6.15%, 1/21/2000 50,000,000 49,829,167
Old Line Funding Corp.,
6.25%, 1/12/2000 50,000,000 49,904,514
Trident Capital Fin., Inc.,
6.20%, 1/18/2000 50,000,000 49,853,611
- --------------------------------------------------------------------------------
Total Commercial Paper (cost $349,363,449) 349,363,449
================================================================================
Corporate Bonds & Notes - 25.0%
Banks - 1.9%
CIT Group, Inc., MTN,
5.00%, 10/6/2000 21,700,000 21,516,815
- --------------------------------------------------------------------------------
4
<PAGE>
SNAP(sm) Fund
Schedule of Investments (continued)
December 31, 1999 (unaudited)
- --------------------------------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------------------------------
Corporate Bonds & Notes (continued)
Brokers - 3.8%
Bear Stearns Co., Inc., MTN,
6.56%, 6/20/2000 $ 5,000,000 $ 5,025,540
Goldman Sachs Group L.P.:
5.00%, 5/12/2000 20,000,000 20,000,000
6.14%, 2/11/2000(a) 15,000,000 15,000,000
6.375%, 6/15/2000(a) 4,650,000 4,669,227
- --------------------------------------------------------------------------------
44,694,767
- --------------------------------------------------------------------------------
Finance & Insurance - 19.3%
American Express Credit Corp.,
6.125%, 6/15/2000 5,000,000 5,015,220
First Chicago Corp.,
9.875%, 8/15/2000 9,400,000 9,612,935
General Elec. Capital Corp., MTN,
6.01%, 1/18/2000 55,000,000 54,977,015
GMAC,
5.45%, 2/22/2000 10,000,000 10,000,876
John Deere Capital Corp., MTN,
6.20%, 2/7/2000 20,000,000 20,002,573
Toyota Motor Credit Corp. MTN,
6.11%, 3/1/2000 40,000,000 39,994,667
Wal-Mart Stores, Inc.,
5.65%, 2/1/2000 50,000,000 49,983,235
Xerox Credit Corp., MTN,
5.83%, 5/8/2000 35,000,000 34,986,332
- --------------------------------------------------------------------------------
224,572,853
- --------------------------------------------------------------------------------
Total Corporate Bonds & Notes (cost $290,784,435) 290,784,435
================================================================================
U.S. Government Agency Bonds & Notes - 21.3%
FHLB:
5.05%, 3/29/2000 18,000,000 17,993,725
5.10%, 3/3/2000 5,000,000 4,999,348
FHLMC:
5.09%, 1/12/2000 20,000,000 19,968,894
5.62%, 7/7/2000 10,000,000 10,000,000
6.26%, 1/20/2000 30,000,000 29,994,834
5
<PAGE>
SNAP(sm) Fund
Schedule of Investments (continued)
December 31, 1999 (unaudited)
- --------------------------------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------------------------------
U.S. Government Agency Bonds & Notes (continued)
FNMA:
4.98%, 4/20/2000 $ 25,000,000 $ 24,933,031
5.12%, 5/26/2000 25,000,000 24,992,321
5.26%, 6/19/2000 15,000,000 14,627,464
SLMA,
6.16%, 1/4/2000 100,000,000 99,979,360
- --------------------------------------------------------------------------------
Total U.S. Government Agency Bonds & Notes
(cost $247,488,977) 247,488,977
================================================================================
Municipals - 10.5%
Catholic Hlth. Initiatives,
7.00%, 1/5/2000 32,800,000 32,800,000
Tennessee Valley Auth., Notes,
5.53%, 2/17/2000 50,000,000 49,639,014
Virginia Hsg. Dev. Auth.,
5.80%, 1/5/2000 40,000,000 40,000,000
- --------------------------------------------------------------------------------
Total Municipals (cost $122,439,014) 122,439,014
================================================================================
Repurchase Agreement - 3.7%
Goldman Sachs Repurchase Agreement,
2.00%, dated 12/31/1999, due
1/3/2000, with a maturity value of
$42,882,752 (cost $42,875,606) (b) 42,875,606 42,875,606
- --------------------------------------------------------------------------------
Total Investments (cost $1,152,947,431) 99.2% 1,152,947,431
Other Assets and Liabilities - net 0.8 9,589,894
- --------------------------------------------------------------------------------
Net Assets 100.0% $1,162,537,325
================================================================================
(a) Securities that may be resold to "qualified institutional buyers" under
Rule 144a or securities offered pursuant to Section 4(2) of the Securities
Act of 1933, as amended. These securities have been determined to be liquid
under the guidelines established by the Board of Trustees.
(b) Repurchase agreement is collateralized by $19,452,000 U.S. Treasury Notes
7.875%, due 11/15/2004; value including accrued interest - $20,615,790 and
$23,964,000 U.S. Treasury Notes 5.625%, due 02/15/2006; value including
accrued interest - $22,917,604
Summary of Abbreviations:
CD Certificate of Deposit
MTN Medium Term Note
FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
SLMA Student Loan Marketing Association
See Notes to Financial Statements.
6
<PAGE>
SNAP(sm) Fund
Statement of Assets and Liabilities
December 31, 1999 (unaudited)
- --------------------------------------------------------------------------------
Assets
Investments at amortized cost $1,152,947,431
Interest receivable 9,617,005
Deferred organization expenses 30,127
Prepaid expenses and other assets 24,289
- --------------------------------------------------------------------------------
Total assets 1,162,618,852
- --------------------------------------------------------------------------------
Liabilities
Advisory fee payable 76,881
Accrued expenses and other liabilities 4,646
- --------------------------------------------------------------------------------
Total liabilities 81,527
- --------------------------------------------------------------------------------
Net assets $1,162,537,325
(represented entirely by paid-in-capital)
================================================================================
Shares outstanding 1,162,537,325
- --------------------------------------------------------------------------------
Net asset value per share $1.00
================================================================================
Statement of Operations
Six Months Ended December 31, 1999 (unaudited)
- --------------------------------------------------------------------------------
Investment income
Interest $31,289,320
- --------------------------------------------------------------------------------
Expenses
Advisory fee 443,730
Custodian fee 89,592
Professional fees 16,476
Printing and postage expenses 14,143
Organization expenses 50,968
Other 7,328
- --------------------------------------------------------------------------------
Total expenses 622,237
- --------------------------------------------------------------------------------
Net investment income 30,667,083
- --------------------------------------------------------------------------------
Net increase in net assets
resulting from operations $30,667,083
================================================================================
See Notes to Financial Statements.
7
<PAGE>
SNAP(sm) Fund
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
Six Months Ended
December 31, 1999 Year Ended
(unaudited) June 30, 1999
- --------------------------------------------------------------------------------
Operations
Net investment income $ 30,667,083 $ 55,899,130
- --------------------------------------------------------------------------------
Distributions to shareholders from
net investment income (30,667,083) (55,899,130)
- --------------------------------------------------------------------------------
Capital share transactions
Proceeds from shares sold 461,725,977 1,231,354,819
Payment for shares redeemed (594,989,447) (1,105,481,392)
Net asset value of shares issued in
reinvestment of distributions 30,663,949 55,899,130
- --------------------------------------------------------------------------------
Net increase
(decrease) in net assets resulting from
capital share transactions (102,599,521) 181,772,557
- --------------------------------------------------------------------------------
Total increase (decrease) in net assets (102,599,521) 181,772,557
Net assets
Beginning of period 1,265,136,846 1,083,364,289
- --------------------------------------------------------------------------------
End of period $1,162,537,325 $ 1,265,136,846
================================================================================
See Notes to Financial Statements.
8
<PAGE>
SNAP(sm) Fund
Financial Highlights
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
Six Months Ended
December 31, 1999 Year Ended June 30,
------------------------------------------------
(Unaudited) 1999 1998 1997 1996 (a)
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------------------------------------------
Income from investment operations
Net investment income 0.03 ++ 0.05 ++ 0.06 ++ 0.05 ++ 0.05 ++
- --------------------------------------------------------------------------------------------------------------------
Less distributions to shareholders from
net investment income (0.03)++ (0.05)++ (0.06)++ (0.05)++ (0.05)++
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====================================================================================================================
Total Return 2.73% 5.30% 5.71% 5.51% 5.29%
====================================================================================================================
Ratios and Supplemental Data
Net assets, end of period (thousands) $1,162,537 $1,265,137 $1,083,364 $1,045,583 $ 954,777
Ratios to average net assets:
Expenses 0.11%+ 0.11% 0.11% 0.11% 0.12%+
Net investment income 5.35%+ 5.17% 5.56% 5.38% 5.53%+
====================================================================================================================
</TABLE>
(a) For the period from July 24, 1995 (commencement of operations) to June 30,
1996.
+ Annualized.
++ Includes net realized capital gains or losses which were less than $0.005
per share.
See Notes to Financial Statements.
9
<PAGE>
SNAP(sm) Fund
Notes to Financial Statements (unaudited)
December 31, 1999
- --------------------------------------------------------------------------------
Note 1: Organization
SNAP Fund (the "Fund"), is a series of the Evergreen Select Money Market Trust
(the "Trust"), a Delaware business trust, organized on September 18, 1997. The
Trust is registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), as a diversified, open-end management investment company. On July
24, 1995, the Fund commenced operations through an exchange of shares with the
Virginia State Non-Arbitrage Program ("SNAP") in the amount of $628,335,685.
Prior to October 15, 1999, the Fund was organized as a series of the Mentor
Institutional Trust, a Massachusetts business trust.
Note 2: Significant Accounting Policies
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles, which
require management to make estimates and assumptions that affect amounts
reported herein. Actual results could differ from these estimates.
(a) Valuation of Securities
As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein,
securities are valued utilizing the amortized cost method. The amortized cost of
an instrument is determined by valuing it at original cost and thereafter
assuming a constant accretion of any discount or amortization of any premium
from its face value at a constant rate until maturity.
(b) Repurchase Agreements
The Fund may invest in repurchase agreements. Securities pledged as collateral
for repurchase agreements are held in a segregated account by the custodian on
the Fund's behalf. Collateral for certain tri-party repurchase agreements is
held at the counterparty's custodian in a segregated account for the benefit of
the Fund and the counterparty. Each Fund monitors the adequacy of the 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 advisor to be creditworthy pursuant to guidelines
established by the Board of Trustees.
(c) 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.
(d) Federal Taxes
The Fund has qualified and intends to continue to qualify as a regulated
investment company under the Internal Revenue Code of 1986, as amended (the
"Code"). Thus, the Fund will not incur any federal income tax liability since it
expects to distribute all of its net investment company taxable income and net
capital gains, if any, to its shareholders. The Fund also intends to avoid any
excise tax liability by making the required distributions under the Code.
Accordingly, no provision for federal taxes is required. To the extent that
realized capital gains can be offset by capital loss carryforwards, it is the
Fund's policy not to distribute such gains.
(e) Distributions
Distributions from net investment income and net realized capital gains, if any,
for the Fund are declared daily and paid monthly. 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
accordance with income tax regulations, which may differ from generally accepted
accounting principles.
(f) Organization Expenses
Organization expenses of the Fund are amortized to operations over a five-year
period on a straight-line basis.
Note 3: Investment Advisory Agreement and Other Affiliated Transactions
Mentor Investment Advisors, LLC ("Mentor Advisors"), a wholly owned subsidiary
of First Union Corporation ("First Union"), serves as investment advisor to the
Fund. In return, the Fund pays Mentor Advisors an advisory fee that is computed
daily and paid monthly. The advisory fee for the Fund is determined by applying
percentage rates starting at 0.08% and declining to 0.04% per annum as net
assets increase, to the Fund's average daily net assets.
10
<PAGE>
SNAP(sm) Fund
Notes to Financial Statements (unaudited)
- --------------------------------------------------------------------------------
Note 4: Governmental Accounting and Financial Reporting for Investments and
Investment Pools
Governmental accounting standards state that credit risk is the risk that an
Investor may not be able to obtain possession of its investment instrument or
collateral at maturity. A portfolio of a subject entity, is required to be
characterized into certain categories. Risk category 1 includes investments that
are insured or registered or for which the securities are held by the Investor
or its agent in the Investor's name. Risk category 2 includes uninsured or
unregistered investments for which the securities are held by the broker's or
dealer's trust department or agent in the Investor's name. Risk category 3
includes uninsured or unregistered investments for which the securities are held
by the broker or dealer, or by its trust department or agent but not in the
Investor's name. All investments held at December 31, 1999 are in risk category
1.
Note 5: Capital Share Transactions
Net assets consist entirely of paid-in-capital applicable to 1,162,537,325,
$0.001 par value, shares of beneficial interest outstanding. An unlimited number
of shares have been authorized for issuance.
Note 6: Special Meeting of Shareholders
A Special meeting of the Fund's shareholders was held on October 15, 1999.
Shareholders of record on August 17, 1999 were entitled to notice of and to vote
at the meeting and any adjournments thereof. On August 17, 1999, there were
1,138,884,396 shares outstanding, all of which were represented at the meeting.
During the meeting the shareholders of the Fund held the following votes:
1. To approve an Agreement and Plan of Conversion and Termination providing for
the conversion of the SNAP Fund into a series of Evergreen Select Money Market
Trust, a Delaware business trust:
Percentage
Shares Voted of Outstanding shares
------------- ---------------------
Voted "For" 1,138,884,396 100.0%
Voted "Against" 0 0.0%
Abstained 0 0.0%
------------- ------
Total 1,138,884,396 100.0%
------------- ------
2. To transact any other business that may properly come before the meeting or
any adjournment thereof:
Percentage
Shares Voted of Outstanding shares
------------- ---------------------
Voted "For" 0 0.0%
Voted "Against" 1,138,884,396 100.0%
Abstained 0 0.0%
------------- ------
Total 1,138,884,396 100.0%
------------- ------
11
<PAGE>
SNAP(sm) Advisory Board Commonwealth of Virginia
Treasury Board
Alfred C. Anderson Mary G. Morris, Chairperson
Josephine Blankenship Diana F. Cantor
Ellen V. Booker Spencer H. Elmore
Barbara O. Carraway William E. Landsidle
Richard A. Cordle Danny M. Payne
John J. Cusimano Dr. Charles D. Whyte
Terry W. Forehand
Christoper E. Martino
W. Forrest Matthews, Jr.
Mary G. Morris
Marie G. Neal
Gyles R. Norwood
Francis X. O'Leary
Fred W. Parker
John H. Tuohy
Ronald H. Williams
H. Roger Zurn, Jr.
Let Us Know How We're Doing
Please watch for the 2000 SNAP(sm) Participant Survey to be included with your
February statement. As always, your responses and comments will assist us in
finding ways to enhance the SNAP(sm) Program and better service the needs of all
participants. Please complete the survey by Friday, March 24, 2000. Enclosed
with the Survey will be an envelope for return to the Department of the
Treasury. In addition to helping Mentor enhance the SNAP(sm) Program,
representatives from the State's Treasury Department will also benefit from your
feedback. We encourage your participation and appreciate your time and effort in
completing the Survey!
[LOGO OF MENTOR INVESTMENT ADVISORS]
Our Commitment
To form a partnership that benefits the state,
program participants, and taxpayers of Virginia.
951 East Byrd Street, P.O. Box 1357, Richmond, VA 23218-1357
(804) 782-3770 (800) 570-SNAP(sm) FAX (804) 782-6604
This publication must be preceded or accompanied by an Evergreen Institutional
Trust prospectus which contains complete information regarding fees, sales
charges, and expenses. Please read it carefully before investing or sending
money. The SNAP(sm) fund is neither insured nor guaranteed by the U. S.
Government, and there can be no assurance that the Fund will be able to maintain
a stable net asset value of $1.00 per share.
1999 Mentor Distributors, LLC 8/99 MK 985
