<PAGE>
February 29, 2000
Evergreen Select
Money Market Funds
Annual Report
[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
Schedule of Investments
Evergreen Select Money Market Fund ................ 12
Evergreen Select Municipal Money
Market Fund .................................... 15
Evergreen Select Treasury Money
Market Fund .................................... 22
Evergreen Select U.S. Government
Money Market Fund .............................. 24
Evergreen Select 100% Treasury Money
Market Fund .................................... 25
Combined Notes to Schedules
of Investments ....................................... 26
Statements of Assets and Liabilities ................. 27
Statements of Operations ............................. 28
Statements of Changes in Net Assets .................. 29
Combined Notes to Financial
Statements ........................................... 31
Independent Auditors' Report ......................... 38
Additional Information ............................... 39
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Evergreen Funds
- --------------------------------------------------------------------------------
Evergreen Funds is one of the nation's fastest growing investment companies with
approximately $80 billion in assets under management.
With over 80 mutual funds to choose among and acclaimed service and operations
capabilities, investors enjoy a broad range of quality investment products and
services designed to meet their needs.
The Evergreen Funds employ intensive, research-driven investment strategies
executed by over 90 research analysts and portfolio managers. The fund company
remains dedicated to meeting the needs of investors and their advisors in a
global economy. Look to Evergreen Funds to provide a distinctive level of
service and excellence in investment management.
This annual 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
----------------------
April 2000
Dear Evergreen Shareholders,
We are pleased to provide the Evergreen Select Money Market Funds annual report,
which covers the fiscal year ended February 29, 2000.
[PHOTO]
William M. Ennis
[PHOTO]
Dennis Ferro
Continued Strength in the Domestic Economy
During 1999, a handful of large capitalization growth stocks, technology stocks
in particular, dominated market performance. During the second quarter,
participation broadened to include both value stocks and small company stocks;
two areas which had disappointed investors for several years. The recent growth
in these areas may be a sign that the record bull market is repositioning itself
to continue.
The stock market's dramatic movement during the past year has occurred despite
continuing concern about rising interest rates and a Federal Reserve policy that
appears focused on containing the high rate of economic expansion. It is this
combination of stretched valuations and rising interest rates that had us
entering a new year with a tone of caution and greater focus on risk management
in portfolio structuring.
Despite any short-term turbulence in the domestic and global marketplace, we
believe the long-term fundamentals--historically low inflation, a resurgence of
productivity as a result of the high-tech revolution, and the globalization of
economies and financial markets--are well-positioned to drive the markets in the
years and decades ahead.
Website Enhancements
Please visit our enhanced website, evergreen-funds.com, for more information
about Evergreen Funds. The site offers an array of helpful information including
1999 tax information, an investment education center, interactive calculators to
assist your investment planning and general information about Evergreen Funds.
We believe that sound investing is about taking steps to meet your long-term
financial needs and goals. We remind you to take advantage of your financial
advisor's expertise to develop and refine a financial plan that will enable you
to meet your objectives. Evergreen Funds offers a broad mix of stock, bond and
money market funds that should make it simple for you to choose the most
appropriate for your portfolio.
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 H. 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 February 29, 2000
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 2/29/2000 portfolio assets)
[GRAPH]
Commercial Paper -- 58.5%
Corp. Notes/Bonds -- 33.4%
Funding Agreements -- 2.8%
Municipals -- 2.3%
Certificates of Deposit -- 1.6%
Mutual Fund Shares -- 0.6%
Yankee Obligations -- 0.6%
Repurchase Agreements -- 0.2%
Portfolio
Management
------------------
[PHOTO]
Kellie Allen
Tenure:
November 1996
[PHOTO]
Bryan K. White
Tenure:
November 1996
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS1
- --------------------------------------------------------------------------------
Institutional Lipper
Institutional Service Institutional 90-Day
Portfolio Inception Date: Shares Shares Money Markets Treasury
11/19/1996 (Class I) (Class IS) Average Bill
Class Inception Date 11/19/1996 11/26/1996
Average Annual Total
Returns
1 year 5.39% 5.13% 5.07% 4.92%
3 years 5.54% 5.27% 5.25% 4.96%
Since Portfolio Inception 5.56% 5.30% 5.22% 4.98%
7-day annualized yield 5.87% 5.62% n/a n/a
30-day annualized yield 5.80% 5.55% n/a n/a
12-month distributions
per share $0.053 $0.050 n/a n/a
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[GRAPH]
Class IS Class I
Shares Shares
31-Mar 4.65 4.90
30-Apr 4.64 4.89
31-May 4.59 4.84
30-Jun 4.70 4.96
31-Jul 4.81 5.06
31-Aug 4.91 5.17
30-Sep 5.03 5.28
31-Oct 5.11 5.36
30-Nov 5.33 5.58
31-Dec 5.47 5.72
31-Jan 5.42 5.66
29-Feb 5.62 5.87
Total Net Assets: $6,547,657,595
Average Maturity: 72 Days
1Returns 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.
Past performance is not indicative of future results. Investment return and
principal value of an investment will fluctuate so that investors' shares, when
redeemed, may be worth more or less than their original cost.
U.S. government guarantees apply only to the underlying securities of the
Fund's portfolio and not to the Fund's shares.
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.
2
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Fund at a Glance as of February 29, 2000
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 2/29/2000 portfolio assets)
[GRAPH]
VRDNs -- 80.7%
Put Bonds -- 11.7%
Commercial Paper -- 4.0%
Notes & Bonds -- 2.4%
Mutual Fund Shares -- 1.2%
Portfolio
Management
-----------------
[PHOTO]
Steven C. Shachat
Tenure: May 1998
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS1
- --------------------------------------------------------------------------------
Lipper
Institutional Institutional
Institutional Service Tax Exempt 90-Day
Portfolio Inception Shares Shares Money Markets Treasury
Date: 11/20/1996 (Class I) (Class IS) Average Bill
Class Inception Date 11/20/1996 11/25/1996
Average Annual Total
Returns
1 year 3.51% 3.26% 3.06% 4.92%
3 years 3.57% 3.31% 3.17% 4.96%
Since Portfolio Inception 3.57% 3.31% 3.17% 4.98%
7-day annualized yield 3.95% 3.70% n/a n/a
30-day annualized yield 3.66% 3.41% n/a n/a
12-month distributions
per share $0.035 $0.032 n/a n/a
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[GRAPH]
Class IS Class I
Shares Shares
31-Mar 2.90 3.15
30-Apr 3.40 3.65
31-May 3.10 3.35
30-Jun 3.46 3.71
31-Jul 2.97 3.22
31-Aug 3.03 3.28
30-Sep 3.54 3.79
31-Oct 3.22 3.47
30-Nov 3.61 3.86
31-Dec 4.53 4.78
31-Jan 3.18 3.43
29-Feb 3.70 3.95
Total Net Assets: $1,066,162,985
Average Maturity: 17 days
1Returns 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.
Past performance is not indicative of future results. Investment return and
principal value of an investment will fluctuate so that investors' shares, when
redeemed, may be worth more or less than their original cost.
U.S. government guarantees apply only to the underlying securities of the
Fund's portfolio and not to the Fund's shares.
An investment in the Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. The Fund's 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. 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.
3
<PAGE>
EVERGREEN
Select Treasury Money Market Fund
Fund at a Glance as of February 29, 2000
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 2/29/2000 portfolio assets)
[GRAPH]
Repurchase Agreements -- 77.7%
U.S. Treasury Notes -- 21.9%
Mutual Fund Shares -- 0.4%
Portfolio
Management
------------------
[PHOTO]
Kellie Allen
Tenure:
November 1996
[PHOTO]
Bryan K. White
Tenure:
November 1996
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS1
- --------------------------------------------------------------------------------
Lipper
Institutional Institutional
Institutional Service U.S. Treasury 90-Day
Portfolio Inception Shares Shares Money Markets Treasury
Date: 11/20/1996 (Class I) (Class IS) Average Bill
Class Inception Date 11/20/1996 11/27/1996
Average Annual Total
Returns
1 year 5.05% 4.79% 4.70% 4.92%
3 years 5.26% 5.00% 4.91% 4.96%
Since Portfolio Inception 5.29% 5.02% 4.90% 4.98%
7-day annualized yield 5.53% 5.28% n/a n/a
30-day annualized yield 5.48% 5.23% n/a n/a
12-month distributions
per share $0.049 $0.047 n/a n/a
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[GRAPH]
Class IS Class I
Shares Shares
31-Mar 4.51 4.76
30-Apr 4.38 4.63
31-May 4.33 4.58
30-Jun 4.43 4.68
31-Jul 4.61 4.86
31-Aug 4.76 5.01
30-Sep 4.75 5.00
31-Oct 4.76 5.01
30-Nov 5.13 5.37
31-Dec 4.28 4.52
31-Jan 5.13 5.38
29-Feb 5.28 5.53
Total Net Assets: $3,192,935,147
Average Maturity: 48 days
1The 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.
Past performance is not indicative of future results. Investment return and
principal value of an investment will fluctuate so that investors' shares, when
redeemed, may be worth more or less than their original cost.
U.S. government guarantees apply only to the underlying securities of the
Fund's portfolio and not to the Fund's shares.
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.
4
<PAGE>
EVERGREEN
Select U.S. Government Money Market Fund
Fund at a Glance as of February 29, 2000
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 2/29/2000 portfolio assets)
[GRAPH]
U.S. Agency Obligations -- 83.2%
Repurchase Agreements -- 16.8%
Portfolio
Management
----------------
[PHOTO]
Kellie Allen
Tenure:
November 1996
[PHOTO]
Bryan K. White
Tenure:
November 1996
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS1
- --------------------------------------------------------------------------------
Lipper
Institutional
Institutional U.S.
Institutional Service Government 90-Day
Shares Shares Money Markets Treasury
Portfolio Inception (Class I) (Class IS) Average Bill
Date: 10/1/1999 10/1/1999 10/1/1999
Class Inception Date
Cumulative Total Return
Since Portfolio Inception 2.23% 2.11% 2.18% 2.19%
7-day annualized yield 5.73% 5.45% n/a n/a
30-day annualized yield 5.60% 5.32% n/a n/a
YTD distributions
per share $0.022 $0.021 n/a n/a
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[GRAPH]
Class IS Class I
Shares Shares
31-Oct 4.66 5.01
30-Nov 5.01 5.32
31-Dec 4.95 5.22
31-Jan 5.21 5.50
29-Feb 5.45 5.73
Total Net Assets: $138,164,059
Average Maturity: 33 days
1The 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.
Past performance is not indicative of future results. Investment return and
principal value of an investment will fluctuate so that investors' shares, when
redeemed, may be worth more or less than their original cost.
U.S. government guarantees apply only to the underlying securities of the
Fund's portfolio and not to the Fund's shares.
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.
5
<PAGE>
EVERGREEN
Select 100% Treasury Money Market Fund
Fund at a Glance as of February 29, 2000
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 2/29/2000 portfolio assets)
[GRAPH]
U.S. Treasury Bills -- 50.7%
U.S. Treasury Notes -- 49.3%
Portfolio
Management
------------------
[PHOTO]
Kellie Allen
Tenure:
November 1996
[PHOTO]
Bryan K. White
Tenure:
November 1996
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS1
- --------------------------------------------------------------------------------
Lipper
Institutional
U.S.
Institutional Treasury
Institutional Service Money 90-Day
Portfolio Inception Shares Shares Markets Treasury
Date: 12/8/1997 (Class I) (Class IS) Average Bill
Class Inception Date 12/8/1997 12/23/1997
Average Annual Total
Returns
1 year 4.85% 4.59% 4.70% 4.92%
Since Portfolio Inception 4.91% 4.64% 4.82% 4.89%
7-day annualized yield 5.37% 5.11% n/a n/a
30-day annualized yield 5.25% 5.00% n/a n/a
12-month distributions
per share $0.047 $0.045 n/a n/a
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[GRAPH]
Class IS Class I
Shares Shares
31-Mar 4.31 4.56
30-Apr 4.19 4.44
31-May 4.21 4.46
30-Jun 4.25 4.50
31-Jul 4.22 4.48
31-Aug 4.43 4.69
30-Sep 4.40 4.66
31-Oct 4.53 4.78
30-Nov 4.75 4.99
31-Dec 4.89 5.14
31-Jan 4.87 5.12
29-Feb 5.11 5.37
Total Net Assets: $531,417,611
Average Maturity: 68 days
1The 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.
Past performance is not indicative of future results. Investment return and
principal value of an investment will fluctuate so that investors' shares, when
redeemed, may be worth more or less than their original cost.
U.S. government guarantees apply only to the underlying securities of the
Fund's portfolio and not to the Fund's shares.
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.
6
<PAGE>
EVERGREEN
Select Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Year Ended February 28,
--------------------------------------------
2000 (c) 1999 1998 1997 (a)
<S> <C> <C> <C> <C>
CLASS I SHARES
Net asset value, beginning of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Income from investment
operations
Net investment income 0.053 0.054 0.056 0.015
Less distributions to
shareholders from
Net investment income (0.053) (0.054) (0.056) (0.015)
---------- ---------- ---------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Total return 5.39% 5.53% 5.71% 1.57%
Ratios and supplemental data
Net assets, end of period
(thousands) $3,848,005 $2,853,495 $1,051,741 $575,331
Ratios to average net assets
Expenses* 0.22% 0.21% 0.20% 0.07%+
Net investment income 5.25% 5.35% 5.60% 5.48%+
</TABLE>
<TABLE>
<CAPTION>
Year Ended February 28,
--------------------------------------------
2000 (c) 1999 1998 1997 (b)
<S> <C> <C> <C> <C>
CLASS IS SHARES
Net asset value, beginning of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Income from investment
operations
Net investment income 0.050 0.051 0.053 0.014
Less distributions to
shareholders from
Net investment income (0.050) (0.051) (0.053) (0.014)
---------- ---------- ---------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Total return 5.13% 5.27% 5.45% 1.40%
Ratios and supplemental data
Net assets, end of period
(thousands) $2,699,653 $2,242,693 $1,215,348 $867,294
Ratios to average net assets
Expenses* 0.47% 0.46% 0.45% 0.32%+
Net investment income 5.00% 5.12% 5.33% 5.24%+
</TABLE>
(a) For the period from November 19, 1996 (commencement of class operations) to
February 28, 1997.
(b) For the period from November 26, 1996 (commencement of class operations) to
February 28, 1997.
(c) Year ended February 29.
+ Annualized.
* Ratio of expenses to average net assets excludes expense reductions, but in-
cludes 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>
Year Ended February 28,
--------------------------------------
2000 (c) 1999 1998 1997 (a)
<S> <C> <C> <C> <C>
CLASS I SHARES
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- --------
Income from investment operations
Net investment income 0.035 0.035 0.036 0.010
Less distributions to shareholders
from
Net investment income (0.035) (0.035) (0.036) (0.010)
-------- -------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- --------
Total return 3.51% 3.52% 3.67% 0.96%
Ratios and supplemental data
Net assets, end of period (thousands) $937,122 $857,242 $441,988 $206,124
Ratios to average net assets
Expenses* 0.24% 0.18% 0.10% 0.05%+
Net investment income 3.42% 3.41% 3.63% 3.50%+
</TABLE>
<TABLE>
<CAPTION>
Year Ended February 28,
-------------------------------------
2000 (c) 1999 1998 1997 (b)
<S> <C> <C> <C> <C>
CLASS IS SHARES
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- ------- -------
Income from investment operations
Net investment income 0.032 0.032 0.034 0.008
Less distributions to shareholders from
Net investment income (0.032) (0.032) (0.034) (0.008)
-------- -------- ------- -------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- ------- -------
Total return 3.26% 3.27% 3.41% 0.85%
Ratios and supplemental data
Net assets, end of period (thousands) $129,041 $144,002 $61,778 $14,295
Ratios to average net assets
Expenses* 0.48% 0.42% 0.35% 0.30%+
Net investment income 3.18% 3.17% 3.34% 3.19%+
</TABLE>
(a) For the period from November 20, 1996 (commencement of class operations) to
February 28, 1997.
(b) For the period from November 25, 1996 (commencement of class operations) to
February 28, 1997.
(c) Year ended February 29.
+ Annualized.
* Ratio of expenses to average net assets excludes expense reductions, but in-
cludes 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>
Year Ended February 28,
--------------------------------------------
2000 (c) 1999 1998 1997 (a)
<S> <C> <C> <C> <C>
CLASS I SHARES
Net asset value, beginning of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Income from investment
operations
Net investment income 0.049 0.051 0.055 0.015
Less distributions to
shareholders from
Net investment income (0.049) (0.051) (0.055) (0.015)
---------- ---------- ---------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Total return 5.05% 5.24% 5.51% 1.49%
Ratios and supplemental data
Net assets, end of period
(thousands) $1,685,986 $2,061,540 $1,256,701 $367,771
Ratios to average net assets
Expenses* 0.18% 0.21% 0.18% 0.06%+
Net investment income 4.92% 5.10% 5.42% 5.24%+
</TABLE>
<TABLE>
<CAPTION>
Year Ended February 28,
--------------------------------------------
2000 (c) 1999 1998 1997 (b)
<S> <C> <C> <C> <C>
CLASS IS SHARES
Net asset value, beginning of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Income from investment
operations
Net investment income 0.047 0.049 0.052 0.013
Less distributions to
shareholders from
Net investment income (0.047) (0.049) (0.052) (0.013)
---------- ---------- ---------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------
Total return 4.79% 4.97% 5.25% 1.33%
Ratios and supplemental data
Net assets, end of period
(thousands) $1,506,949 $1,471,842 $1,005,059 $509,369
Ratios to average net assets
Expenses* 0.43% 0.45% 0.43% 0.31%+
Net investment income 4.67% 4.81% 5.17% 4.98%+
</TABLE>
(a) For the period from November 20, 1996 (commencement of class operations) to
February 28, 1997.
(b) For the period from November 27, 1996 (commencement of class operations) to
February 28, 1997.
(c) Year ended February 29.
+ Annualized.
* Ratio of expenses to average net assets excludes expense reductions, but in-
cludes 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 the period)
<TABLE>
<CAPTION>
Year Ended
February 29, 2000 (a)
<S> <C>
CLASS I SHARES
Net asset value, beginning of period $ 1.00
--------
Income from investment operations
Net investment income 0.022
Less distributions to shareholders from
Net investment income (0.022)
--------
Net asset value, end of period $ 1.00
--------
Total return 2.23%
Ratios and supplemental data
Net assets, end of period (thousands) $138,156
Ratios to average net assets
Expenses* 0.20%+
Net investment income 5.47%+
</TABLE>
<TABLE>
<CAPTION>
Year Ended
February 29, 2000 (a)
<S> <C>
CLASS IS SHARES
Net asset value, beginning of period $ 1.00
-------
Income from investment operations
Net investment income 0.021
Less distributions to shareholders from
Net investment income (0.021)
-------
Net asset value, end of period $ 1.00
-------
Total return 2.11%
Ratios and supplemental data
Net assets, end of period (thousands) $ 8
Ratios to average net assets
Expenses* 0.48%+
Net investment income 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 in-
cludes 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>
Year Ended February 28,
----------------------------
2000 (c) 1999 1998 (a)
<S> <C> <C> <C>
CLASS I SHARES
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
Income from investment operations
Net investment income 0.047 0.048 0.012
Less distributions to shareholders from
Net investment income (0.047) (0.048) (0.012)
-------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
Total return 4.85% 4.88% 1.18%
Ratios and supplemental data
Net assets, end of period (thousands) $352,985 $546,122 $245,004
Ratios to average net assets
Expenses* 0.11% 0.17% 0.20%+
Net investment income 4.72% 4.72% 5.18%+
</TABLE>
<TABLE>
<CAPTION>
Year Ended February 28,
---------------------------
2000 (c) 1999 1998 (b)
<S> <C> <C> <C>
CLASS IS SHARES
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
-------- ------- -------
Income from investment operations
Net investment income 0.045 0.045 0.009
Less distributions to shareholders from
Net investment income (0.045) (0.045) (0.009)
-------- ------- -------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
-------- ------- -------
Total return 4.59% 4.62% 0.93%
Ratios and supplemental data
Net assets, end of period (thousands) $178,432 $98,426 $ 5,497
Ratios to average net assets
Expenses* 0.36% 0.40% 0.42%+
Net investment income 4.57% 4.41% 4.74%+
</TABLE>
(a) For the period from December 8, 1997 (commencement of class operations) to
February 28, 1998.
(b) For the period from December 23, 1997 (commencement of class operations) to
February 28, 1998.
(c) Year ended February 29.
+ Annualized.
* Ratio of expenses to average net assets excludes expense reductions, but in-
cludes fee waivers.
See Combined Notes to Financial Statements.
11
<PAGE>
EVERGREEN
Select Money Market Fund
Schedule of Investments
February 29, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CERTIFICATES OF DEPOSIT - 1.5%
Southtrust Bank Natl. Associates:
$ 50,000,000 6.10%, 11/22/2000................................ $ 49,975,653
50,000,000 6.19%, 11/6/2000................................. 50,011,349
--------------
Total Certificates of Deposit
(cost $99,987,002).............................. 99,987,002
--------------
COMMERCIAL PAPER - 58.3%
Asset Backed - 46.4%
Asset Backed Capital Fin., Inc.:
40,000,000 5.25%, 4/14/2000................................. 40,000,000
80,000,000 6.68%, 2/20/2001................................. 80,000,000
Atlantic Asset Securitization Corp.:
57,958,000 5.76%, 3/3/2000.................................. 57,939,454
88,709,000 5.82%, 3/10/2000................................. 88,579,928
Barton Capital Corp.:
75,000,000 5.79%, 3/2/2000.................................. 74,987,938
44,603,000 5.86%, 4/11/2000................................. 44,305,324
45,595,000 5.86%, 4/14/2000................................. 45,268,438
28,105,000 5.89%, 4/20/2000................................. 27,875,085
88,077,000 5.90%, 4/24/2000................................. 87,297,519
60,000,000 Bavaria Universal,
5.82%, 3/15/2000................................ 59,864,200
Bills Securitization:
50,000,000 5.79%, 3/13/2000................................. 49,903,500
50,000,000 5.79%, 3/23/2000................................. 49,823,083
50,000,000 5.80%, 3/27/2000................................. 49,790,556
Broadway Capital Corp.:
45,307,000 5.77%, 3/6/2000.................................. 45,270,692
25,380,000 5.92%, 4/26/2000................................. 25,146,278
75,000,000 CC USA, Inc., MTN,
6.601%, VRDN.................................... 75,000,000
Concord Minutemen Capital Co.:
50,000,000 5.80%, 3/6/2000.................................. 49,959,722
61,731,000 5.85%, 3/3/2000.................................. 61,710,937
50,000,000 5.85%, 4/13/2000................................. 49,650,625
24,324,000 5.87%, 4/12/2000................................. 24,157,421
49,000,000 5.93%, 4/12/2000................................. 48,661,002
75,000,000 5.94%, 5/2/2000.................................. 74,232,750
49,794,000 Corporate Receivables Corp.,
5.74%, 3/13/2000................................ 49,698,728
45,987,000 Countrywide Funding Corp.,
5.87%, 3/1/2000................................. 45,987,000
150,000,000 Eiffel Funding LLC,
5.95%, 3/1/2000................................. 150,000,000
35,575,000 Falcon Asset Securitization,
5.79%, 3/9/2000................................. 35,529,227
75,000,000 Four Winds Funding Corp.,
5.80%, 3/7/2000................................. 74,927,500
Gotham Funding Corp.:
45,065,000 5.85%, 3/17/2000................................. 44,947,831
26,885,000 5.87%, 3/3/2000.................................. 26,876,232
69,511,000 5.87%, 3/14/2000................................. 69,363,656
43,138,000 5.92%, 4/19/2000................................. 42,790,404
21,351,000 5.98%, 5/3/2000.................................. 21,127,562
139,290,000 Greenwich Funding Corp.,
5.80%, 3/15/2000................................ 138,975,824
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
COMMERCIAL PAPER - continued
Asset Backed - continued
Lexington Parker Capital Corp.:
$ 50,659,000 5.80%, 3/8/2000................................. $ 50,601,868
30,000,000 5.85%, 4/4/2000................................. 29,834,250
27,246,000 Metris Owner Trust,
5.85%, 4/6/2000................................ 27,086,611
Monte Rosa Capital Corp.:
25,067,000 5.85%, 4/11/2000................................ 24,899,991
40,566,000 5.88%, 4/17/2000................................ 40,254,588
MPF Ltd.:
65,000,000 5.80%, 3/13/2000................................ 64,874,333
31,390,000 5.91%, 4/25/2000................................ 31,106,575
Old Line Funding Corp.:
69,939,000 5.72%, 3/2/2000................................. 69,927,888
26,654,000 5.90%, 4/10/2000................................ 26,479,268
Sigma Fin. Corp.:
35,000,000 5.38%, 3/13/2000................................ 35,000,000
10,000,000 5.44%, 5/24/2000................................ 10,000,000
Special Purpose Accounts Receivable Corp.:
30,000,000 5.82%, 3/15/2000................................ 29,932,100
100,000,000 5.85%, 3/6/2000................................. 99,918,750
80,000,000 5.88%, 4/3/2000................................. 79,568,800
55,000,000 5.88%, 4/6/2000................................. 54,676,600
25,000,000 Syndicated Loan Funding Trust,
6.135%, 10/16/2000............................. 25,000,000
78,092,000 Thames Asset Global
Securitization Corp.,
5.85%, 4/14/2000............................... 77,533,642
68,633,000 Trident Capital Fin., Inc.,
5.85%, 4/4/2000................................ 68,253,803
51,662,000 Triple A One Funding Corp.,
5.90%, 4/20/2000............................... 51,238,658
75,000,000 WCP Funding, Inc.,
5.86%, 4/19/2000............................... 74,401,792
Westways Funding Corp.:
25,000,000 5.85%, 3/2/2000................................. 24,995,937
50,505,000 5.91%, 4/25/2000................................ 50,048,982
82,623,000 Westways Funding II, Ltd.,
5.78%, 3/21/2000............................... 82,357,688
--------------
3,037,640,540
--------------
Banks - 2.1%
7,400,000 Chancellor Ridge,
5.93%, VRDN.................................... 7,400,000
50,000,000 Citibank Credit Card,
5.77%, 3/6/2000................................ 49,959,931
80,000,000 NationsBank Charlotte, NC,
5.91%, VRDN.................................... 79,996,985
--------------
137,356,916
--------------
Brokers - 3.2%
60,000,000 Credit Suisse First Boston, Inc.,
5.90%, 4/19/2000............................... 59,518,167
150,000,000 Morgan Stanley Dean Witter,
5.90%, 4/13/2000............................... 148,942,916
--------------
208,461,083
--------------
</TABLE>
12
<PAGE>
EVERGREEN
Select Money Market Fund
Schedule of Investments (continued)
February 29, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
COMMERCIAL PAPER - continued
Finance & Insurance - 4.9%
Aetna Svcs., Inc.:
$ 50,000,000 5.85%, 3/28/2000................................. $ 49,780,625
20,500,000 5.87%, 3/23/2000................................. 20,426,462
30,000,000 5.87%, 3/24/2000................................. 29,887,491
50,000,000 5.87%, 3/27/2000................................. 49,788,028
50,000,000 5.95%, 5/18/2000................................. 49,355,417
10,000,000 Centauri Fin. Corp., MTN,
5.36%, 5/22/2000................................ 10,000,000
80,000,000 CIT Group, Inc.,
5.89%, VRDN..................................... 79,996,632
30,000,000 Textron Finl.,
5.88%, 4/17/2000................................ 29,769,700
--------------
319,004,355
--------------
Telecommunication Services & Equipment - 1.7%
GTE Corp.:
47,000,000 5.82%, 3/8/2000.................................. 46,946,812
39,000,000 5.82%, 3/21/2000................................. 38,873,900
30,000,000 5.85%, 4/3/2000.................................. 29,839,125
--------------
115,659,837
--------------
Total Commercial Paper
(cost $3,818,122,731)........................... 3,818,122,731
--------------
CORPORATE BONDS & NOTES - 33.4%
Automotive Equipment & Manufacturing - 1.3%
15,000,000 GMAC,
5.85%, 4/20/2000................................ 14,998,228
69,350,000 Volks Wagon Credit, Inc.,
5.417%, 6/2/2000................................ 69,337,612
--------------
84,335,840
--------------
Banks - 3.8%
6,385,000 Ali Inds., Inc.,
5.87%, VRDN (a)................................. 6,385,000
11,210,000 Coventry Madison LLC,
5.84%, VRDN..................................... 11,210,000
14,655,000 FE LLC, Ser. A,
5.84%, VRDN..................................... 14,655,000
40,000,000 First USA Bank NA,
5.95%, 9/29/2000................................ 39,988,899
7,395,000 Folk Finl. Svcs.,
5.84%, VRDN..................................... 7,395,000
8,000,000 NationsBank Charlotte, NC,
5.85%, 4/7/2000................................. 8,003,694
50,000,000 Natl. Bank Commerce
Memphis, TN,
5.935%, VRDN.................................... 49,992,507
30,000,000 U.S. Bank Natl. Assn. Minneapolis,
6.72%, 2/8/2001................................. 29,983,128
75,000,000 Union Planters Bank Natl. Assn.,
6.23%, 5/30/2000................................ 74,998,155
6,020,000 Wise Investments LLC,
5.84%, VRDN..................................... 6,020,000
--------------
248,631,383
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CORPORATE BONDS & NOTES - continued
Brokers - 17.8%
Bear Stearns Co., Inc.:
$ 35,550,000 5.65%, 1/16/2001................................. $ 35,223,931
19,000,000 6.238%, 10/3/2000................................ 18,989,334
50,000,000 6.30%, 1/12/2001................................. 49,975,985
50,000,000 6.60%, 1/19/2001................................. 50,000,000
13,202,000 6.75%, 8/15/2000................................. 13,242,074
50,000,000 6.79%, 2/26/2001................................. 50,000,000
Credit Suisse First Boston, Inc.:
27,000,000 5.60%, 6/5/2000.................................. 27,000,000
100,000,000 6.691%, VRDN..................................... 100,000,000
Donaldson Lufkin & Jenrette, Inc.:
45,000,000 5.73%, 6/16/2000................................. 45,000,000
25,000,000 6.18%, 12/19/2000................................ 25,000,000
32,295,000 6.32%, VRDN...................................... 32,295,326
50,000,000 6.43%, 1/3/2001.................................. 50,000,000
30,000,000 6.45%, 1/8/2001.................................. 30,000,000
50,000,000 6.91%, 2/27/2001................................. 50,000,000
Goldman Sachs Group LP:
8,000,000 5.39%, 3/6/2000.................................. 8,000,000
75,000,000 5.40%, 3/28/2000................................. 75,000,000
30,000,000 6.12%, 4/17/2000................................. 30,000,000
100,000,000 J.P. Morgan & Co., Inc.,
6.711%, VRDN.................................... 100,000,000
Lehman Brothers Holdings, Inc.:
24,875,000 6.00%, 3/23/2000................................. 24,881,909
55,000,000 6.01%, VRDN...................................... 55,000,000
20,000,000 6.15%, 3/15/2000................................. 20,002,143
11,000,000 6.33%, 8/1/2000.................................. 11,000,058
19,000,000 6.375%, 3/15/2001................................ 18,916,657
12,000,000 6.40%, 8/30/2000................................. 12,002,381
29,095,000 6.50%, 9/25/2000................................. 29,088,400
11,400,000 6.57%, 2/26/2001................................. 11,380,338
10,170,000 6.90%, 1/29/2001................................. 10,186,331
15,000,000 8.15%, 5/15/2000................................. 15,074,596
20,000,000 Morgan Stanley Dean Witter,
6.22%, 3/13/2000................................ 20,000,000
Paine Webber Group, Inc.:
45,000,000 5.50%, 5/16/2000................................. 45,000,000
14,700,000 5.83%, 1/25/2001................................. 14,586,301
25,000,000 6.27%, VRDN...................................... 25,000,000
49,000,000 6.37%, 10/25/2000................................ 49,000,000
16,653,000 Salomon, Smith Barney, Inc.,
7.75%, 5/15/2000................................ 16,734,424
--------------
1,167,580,188
--------------
Finance & Insurance - 5.0%
25,000,000 Associates Corp. North America,
5.90%, 6/23/2000................................ 25,032,315
35,000,000 Avco Fin. Svcs., Inc., MTN,
5.75%, 1/23/2001................................ 34,743,479
Caterpillar Finl. Svcs.:
35,000,000 6.03%, VRDN...................................... 35,000,000
20,740,000 6.92%, 8/15/2000................................. 20,822,382
50,000,000 Centauri Fin. Corp., MTN,
5.35%, 5/22/2000................................ 50,000,000
12,865,000 Finova Capital Corp.,
6.375%, 10/15/2000.............................. 12,859,860
</TABLE>
13
<PAGE>
EVERGREEN
Select Money Market Fund
Schedule of Investments (continued)
February 29, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CORPORATE BONDS & NOTES - continued
Finance & Insurance - continued
Heller Finl., Inc.:
$ 9,750,000 5.625%, 3/15/2000............................... $ 9,751,130
50,000,000 5.85%, VRDN..................................... 50,014,624
10,000,000 IBM Credit Corp. MTN,
5.79%, 3/20/2000............................... 10,002,791
50,000,000 Restructured Asset Securities Enhancement,
6.985%, VRDN................................... 50,000,000
30,000,000 Xerox Credit Corp., MTN,
5.113%, 3/21/2000.............................. 29,999,337
--------------
328,225,918
--------------
Retailing & Wholesale - 0.2%
10,000,000 Sears Roebuck & Co. MTN,
7.35%, 3/23/2000............................... 10,012,225
--------------
Telecommunication Services & Equipment - 5.3%
47,750,000 AT&T Capital Corp., MTN,
6.875%, 1/16/2001.............................. 47,875,704
GTE Corp.:
75,000,000 5.399%, 6/23/2000............................... 74,984,087
50,000,000 6.13%, VRDN..................................... 49,967,092
75,000,000 6.155%, VRDN.................................... 74,986,413
MCI Worldcom, Inc.:
50,000,000 6.13%, VRDN..................................... 50,000,000
50,000,000 6.346%, 1/29/2001............................... 47,056,161
--------------
344,869,457
--------------
Total Corporate Bonds & Notes
(cost $2,183,655,011).......................... 2,183,655,011
--------------
FUNDING AGREEMENTS - 2.8%
Jackson Natl. Funding:
50,000,000 5.72%, 7/20/2000, (a)........................... 50,000,000
25,000,000 5.85%, 6/29/2000, (a)........................... 25,000,000
Monumental Life Insurance Co.:
90,000,000 6.311%, 3/13/2000............................... 90,000,000
20,000,000 6.481%, 3/24/2000............................... 20,000,000
--------------
Total Funding Agreements
(cost $185,000,000)............................ 185,000,000
--------------
MUNICIPALS - 2.3%
9,465,000 California, HFA, Ser. G2,
(Ins. by MBIA)
6.09%, VRDN (a)................................ 9,465,000
20,830,000 Detroit, MI Economic Dev. Corp., Ser. A, (LOC:
Bank of America NT & SA)
5.93%, VRDN.................................... 20,830,000
20,000,000 Hannahville, MI, Indian Community Fin. Bldg.
Auth. RB, Ser. B,
(LOC: Natl. City Bank)
5.84%, VRDN.................................... 20,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPALS - continued
$ 9,995,000 Hudson Cnty., NJ, Impt. Auth. Fac. Certificates,
Ser. L,
6.15%, VRDN (a)................................ $ 9,995,000
14,285,000 Indiana HFA, SFHRB, Ser. H,
5.91%, VRDN.................................... 14,285,000
32,000,000 Massachusetts HFA, Ser. K,
5.91%, VRDN.................................... 32,000,000
25,000,000 Richmond Cnty., GA Dev. Auth. IDRB, Monsanto Co.
Proj.,
5.65%, VRDN.................................... 25,000,000
16,995,000 San Diego, CA, Pub. Facs. Fin. Auth. RB, Ser. M,
(SPA: Bank of America NT & SA)
6.01%, VRDN (a)................................ 16,995,000
--------------
Total Municipals
(cost $148,570,000)............................ 148,570,000
--------------
YANKEE OBLIGATIONS - 0.6%
39,498,000 Ford Capital,
10.125%, 11/15/2000
(cost $40,561,298) ............................ 40,561,298
--------------
REPURCHASE AGREEMENTS (c) - 0.2%
8,928,155 Societe Generale,
5.74%, dated 2/29/2000,
due 3/1/2000,
maturity value $8,929,579
(cost $8,928,155).............................. 8,928,155
5,300,000 State Street Bank & Trust Co.,
5.72% dated 2/29/2000,
due 3/1/2000,
maturity value $5,300,842
(cost $5,300,000).............................. 5,300,000
--------------
Total Repurchase Agreements
(cost $14,228,155)............................. 14,228,155
--------------
<CAPTION>
Shares Value
<C> <S> <C>
MUTUAL FUND SHARES - 0.6%
97,617 Fidelity Institutional Cash Fund................ $ 97,617
40,541,696 Fidelity U.S. Treasury Portfolio................ 40,541,696
--------------
Total Mutual Fund Shares
(cost $40,639,313)............................. 40,639,313
--------------
Total Investments -
(cost $6,530,763,510)..................... 99.7% 6,530,763,510
Other Assets and
Liabilities - net......................... 0.3 16,894,085
----- --------------
Net Assets................................. 100.0% $6,547,657,595
===== ==============
</TABLE>
See Combined Notes to Schedules of Investments.
14
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments
February 29, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 98.4%
Alabama - 1.4%
$ 1,755,000 Alabama, HFA MHRB, Ser. B,
(LOC: Amsouth Bank, N.A.),
4.10%, VRDN....................................... $ 1,755,000
1,850,000 Haleyville, AL IDRB, Babcock Lumber Co. Proj.,
(LOC: First Commercial Bank),
4.20%, VRDN....................................... 1,850,000
5,000,000 Huntsville, AL IDRRB, Hitachi Seiki, USA Proj.,
(LOC: Bank of Tokyo-Mitsubishi),
4.75%, VRDN....................................... 5,000,000
2,500,000 Montgomery, AL IDRB, Indl. Impts., (LOC: First
Commercial Bank of Birmingham),
4.15%, VRDN (a)................................... 2,500,000
2,000,000 South Dallas, AL IDA RB, Cahaba Valley Lumber Co.
Proj.,
(LOC: Amsouth Bank, N.A.),
4.15%, VRDN....................................... 2,000,000
Tuscaloosa Cnty., AL IDA RB,
(LOC: Amsouth Bank, N.A.):
1,125,000 Brion Hardin Proj.,
4.30%, VRDN........................................ 1,125,000
1,240,000 Hardwear Corp. Proj.,
4.30%, VRDN........................................ 1,240,000
------------
15,470,000
------------
Alaska - 0.6%
6,495,000 Alaska Intl. Arpt. RB, Ser. 228,
(Ins. by AMBAC & LIQ: Morgan Stanley),
4.21%, VRDN....................................... 6,495,000
------------
Arizona - 0.8%
1,625,000 Chandler, AZ IDA RB, Red Rock Stamping Co. Proj.,
(LOC: Key Bank, N.A.),
4.10%, VRDN....................................... 1,625,000
6,205,000 Tucson, AZ IDA PFOTER,
(LIQ: Merrill Lynch Corp.),
4.20%, VRDN....................................... 6,205,000
1,000,000 Tucson, AZ MHRRB, Hsg. Freedom Park Apts. Proj.,
(LOC: Sumitomo Bank Ltd.),
5.40%, VRDN....................................... 1,000,000
------------
8,830,000
------------
Arkansas - 1.1%
8,300,000 Conway Cnty., AR IDRB, Cardon Creek Fibre Corp.,
Ser. 1995,
(LOC: KBC Bank N.V.),
4.08%, VRDN....................................... 8,300,000
3,255,000 Magnolia, AR IDRB, American Fuel Cell Proj.,
(LOC: Comerc de France),
4.30%, VRDN....................................... 3,255,000
------------
11,555,000
------------
California - 2.1%
4,351,000 Bay Area Govt. Assn. CA RB, Reliance Tech Svcs.,
Inc.,
(LOC: Sanwa Bank Ltd.),
5.40%, VRDN....................................... 4,351,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
California - continued
$ 5,000,000 California Statewide CDA RB,
Nichirin-Flex Proj.,
(LOC: Dai-Ichi Kangyo Bank),
5.65%, VRDN....................................... $ 5,000,000
13,100,000 Olces Wtr. Dist. GO, Rio Bravo Wtr. Delivery Proj.,
(LOC: Sumitomo Bank Ltd.),
4.95%, 3/21/2000.................................. 13,100,000
------------
22,451,000
------------
Colorado - 4.0%
Adams Cnty. IDRB:
4,600,000 Trustile Doors Proj., Ser. A,
(LOC: Key Bank, N.A.),
4.25%, VRDN........................................ 4,600,000
5,000,000 Yellow Freight. Sys., Inc.,
Ser. 1983,
(LOC: Union Bank of Switzerland),
4.10%, VRDN........................................ 5,000,000
2,000,000 Arapahoe Cnty., CO IDRB, Cottrell Printing, Ser. A,
(LOC: Key Bank, N.A.),
4.25%, VRDN....................................... 2,000,000
2,000,000 Colorado HFA RB, De La Cruz Associates LLC Proj.,
(LOC: Key Bank, N.A.),
4.25%, VRDN....................................... 2,000,000
1,000,000 Colorado HFA, RB, Worldwest Ltd. Liability Proj.,
(LOC: Mercantile Bank of
St. Louis),
4.15%, VRDN....................................... 1,000,000
4,300,000 Colorado Springs, CO, Util. Sys. Impt., Floating
Rate Trust Receipt,
Ser. 1998-19,
(LOC: Bank of New York),
4.10%, VRDN (a)................................... 4,300,000
Denver, CO City & Cnty. Spl. Facs. RB:
13,545,000 4.16%, VRDN........................................ 13,545,000
9,800,000 The Children's Hosp. Assn. Proj.,
(Ins. by FGIC),
4.50%, VRDN........................................ 9,800,000
------------
42,245,000
------------
Connecticut - 0.3%
2,715,000 Connecticut IDRB, Zotos Intl. Proj.,
(LOC: Dai-Ichi Kangyo Bank, Ltd),
5.35%, VRDN....................................... 2,715,000
------------
Delaware - 0.3%
3,300,000 Delaware EDA RB, Phillip Morris Co., (Gtd. by
Phillip Morris, Co.),
4.00%, VRDN....................................... 3,300,000
------------
District of Columbia - 0.2%
1,635,000 District of Columbia HFA MHRB, Fort Lincoln Garden,
Ser. A,
(LOC: Suntrust Bank, Nashville),
4.15%, VRDN....................................... 1,635,000
------------
</TABLE>
15
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments (continued)
February 29, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Florida - 0.8%
$ 6,155,000 Hillsborough Cnty., FL Sch. Board of Ed. COP,
Master Lease Program, (Ins. by MBIA),
4.11%, 3/2/2000................................ $ 6,155,000
2,200,000 Pasco Cnty., FL IDRB, Pacific Med, Inc. Proj.,
(LOC: Bank of America N.A.),
4.05%, VRDN.................................... 2,200,000
--------------
8,355,000
--------------
Georgia - 0.7%
2,200,000 Columbus, GA HFA MHRRB, Quail Ridge Proj.,
(LOC: Columbus Bank &
Trust Co.),
4.20%, VRDN.................................... 2,200,000
4,940,000 Liberty Cnty., GA IDRB, Muskin Leisure Products,
(LOC: Comerc de France),
4.08%, VRDN.................................... 4,940,000
--------------
7,140,000
--------------
Idaho - 1.0%
10,800,000 Ed. Funding Assn., Inc., ID Student Loan RB,
Ser. A,
(LOC: First Securities Bank, N.A.),
4.00%, VRDN.................................... 10,800,000
--------------
Illinois - 4.0%
3,380,000 Chicago, IL GO MSTR,
(LOC: Credit Suisse First Boston & Ins. by
AMBAC),
4.07%, VRDN.................................... 3,380,000
4,200,000 Chicago, IL IDRB, Federal Marine Terminal Proj.,
(LOC: Lasalle National Bank),
4.10%, VRDN.................................... 4,200,000
3,045,000 City of Chicago, GO, MSTR SAK-13, (LIQ: Societe
Generale & Ins. by AMBAC),
4.07%, VRDN.................................... 3,045,000
2,000,000 Illinois Dev. Fin. Auth. EDA, Downers Grove
Proj.,
(LOC: Lasalle National Bank),
4.40%, VRDN.................................... 2,000,000
1,720,000 Illinois Dev. Fin. Auth., IDRB, Kris & Dee
Assn., Inc. Proj.,
(LOC: Bronson-Gore Bank & LaSalle National
Bank),
4.25%, VRDN.................................... 1,720,000
5,000,000 Illinois Dev. Fin. Auth., IDRRB, Super Value,
Inc. Proj.,
(LOC: Wachovia Bank),
4.05%, VRDN.................................... 5,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Illinois - continued
Illinois Hlth. Fac. Auth. RB:
$ 1,500,000 Hosp. Sisters Svcs., Inc., Ser. C,
(Ins. by MBIA),
6.10%, 6/1/2000................................. $ 1,507,753
6,100,000 Ser. 1997-20, Cl. A,
(LOC: Bear Stearns Capital Markets & Ins. by
AMBAC),
3.33%, 4/26/2000 (a)............................ 6,100,000
12,970,000 Ser. 1997-21, Cl. A,
(LOC: Bear Stearns Capital Markets & Ins. by
AMBAC),
3.33%, 4/26/2000 (a)............................ 12,970,000
Lombard, IL IDRB:
(LOC: ABN Trust, Chicago),
1,635,000 Chicago Roll Co. Proj.,
Ser. 1995,
4.30%, VRDN..................................... 1,635,000
900,000 Tella Tool & Manufacturing Co.,
4.30%, VRDN..................................... 900,000
620,000 Metropolitan Pier & Exposition Auth. RB, PFOTER,
(Ins. by MBIA),
4.32%, VRDN.................................... 620,000
--------------
43,077,753
--------------
Indiana - 5.2%
2,370,000 Bremen, IN IDRB, Digger Specialities, Inc.
Proj.,
(LOC: Key Bank, N.A.),
4.10%, VRDN.................................... 2,370,000
3,505,000 Elkhart Cnty., IN EDA RB, Adorn, Inc. Proj.,
(LOC: Harris Trust & Savings Bank),
4.25%, VRDN.................................... 3,505,000
1,500,000 Indiana, Dev. Fin. EDA RB, Carr Metals Products,
Inc. Proj.,
(LOC: Bank One IN N.A.),
4.30%, VRDN.................................... 1,500,000
9,300,000 Indiana, Hlth. Fac. Fin. Auth. RB,
(LIQ: Merrill Lynch Corp.),
4.05%, VRDN.................................... 9,300,000
6,370,000 Indianapolis, IN Arpt. Auth. RB,
(LIQ: Merrill Lynch Corp.),
4.21%, VRDN.................................... 6,370,000
Jasper Cnty., IN PCRRB, Northern IN Pub. Svcs.
Co,
(Gtd. by NIPSCO):
3,340,000 Ser. A,
4.10%, VRDN..................................... 3,340,000
Ser. C:
4,600,000 4.10%, VRDN..................................... 4,600,000
9,800,000 4.15%, VRDN..................................... 9,800,000
4,000,000 Ser. D,
4.00%, VRDN..................................... 4,000,000
4,630,000 Madison, IN IDRB, Century Tube Corp. Proj.,
(LOC: Bank of Tokyo-Mitsubishi Ltd.),
5.10%, VRDN.................................... 4,630,000
</TABLE>
16
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments (continued)
February 29, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Indiana - continued
$ 845,000 Mt. Vernon, IN Solid Wst. Disposal RB, B&M Plastics,
Inc. Proj.,
(LOC: Suntrust Bank, Nashville),
4.15%, VRDN........................................ $ 845,000
2,000,000 St. Joseph Cnty., IN Edl. Facs. RB, Holy Cross
College Proj.,
(LOC: Key Bank, N.A.),
3.95%, VRDN........................................ 2,000,000
2,700,000 Wabash, IN EDA RRB, Martin Yale Inds. Proj.,
(LOC: Bank One, IN N.A.),
4.00%, VRDN........................................ 2,700,000
------------
54,960,000
------------
Iowa - 0.7%
5,370,000 Iowa Fin. Auth. Hosp. Facs. RB, IA Hlth. Sys., (LIQ:
Bear Stearns Capital Markets & Ins. by MBIA),
3.33%, VRDN (a).................................... 5,370,000
2,600,000 Scott Cnty., IA IDRB, M.A. Ford Manufacturing Co.
Proj.,
(LOC: Firstar Bank of Milwaukee),
4.10%, VRDN........................................ 2,600,000
------------
7,970,000
------------
Kansas - 1.2%
4,200,000 Johnson Cnty., KS Private Activity RB, Stouse Sign &
Decal Proj.,
(LOC: Mercantile Bank of St. Louis),
4.24%, VRDN........................................ 4,200,000
1,000,000 Kansas Dev. Fin. Auth. IDA RB, Farmland Foods Proj.,
(LOC: Rabobank Nederland),
4.15%, VRDN........................................ 1,000,000
1,000,000 Liberal, KS IDRB, Farmland Natl.
Beef Packing Proj.,
(LOC: U.S. Bank N.A.),
4.15%, VRDN........................................ 1,000,000
7,195,000 Wichita, KS MHRB PFOTER,
(LIQ: Merrill Lynch Corp.),
4.20%, VRDN........................................ 7,195,000
------------
13,395,000
------------
Kentucky - 1.4%
1,400,000 Hopkinsville, KY IDRB, American Precision Machinery,
(LOC: Bank of Tokyo-Mitsubishi Ltd.),
5.10%, VRDN........................................ 1,400,000
4,800,000 Jefferson Cnty., KY Indl. Bldg. RB, Dant Clayton
Corp. Proj.,
(LOC: Harris Trust & Savings),
4.20%, VRDN........................................ 4,800,000
7,290,000 Maysville, KY Solid Wst. Disposal, Inland Container
Corp. Proj.,
(Gtd. by Temple Inland Container Co.),
4.55%, VRDN........................................ 7,290,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Kentucky - continued
$1,250,000 Ohio Cnty., KY PCRB, Thomas Inds. Proj., Ser. 1998,
(LOC: Natl. City Bank, KY),
4.15%, VRDN........................................ $ 1,250,000
------------
14,740,000
------------
Louisiana - 1.4%
1,000,000 Grant Parish, LA IDRB, Farmland Inds. Proj., (LOC:
Rabobank Nederland),
4.15%, VRDN........................................ 1,000,000
4,995,000 Louisiana HFA RB PFOTER,
(SPA: Credit Suisse First Boston & GNMA),
4.11%, VRDN (a).................................... 4,995,000
Louisiana Local Govt. Env. Facs. CDA RB, (LOC:
Southtrust Bank, N.A.):
4,000,000 Mid South Extrusion Inc. Proj.,
4.13%, VRDN......................................... 4,000,000
4,500,000 Southern Ionics, Inc. Proj.,
4.11%, VRDN......................................... 4,500,000
------------
14,495,000
------------
Maine - 0.2%
2,085,000 Maine BAN,
4.50%, 6/22/2000................................... 2,088,184
------------
Massachusetts - 1.3%
6,710,000 Massachusetts HFA MSTR, Ser. 1997-9, Cl. A, (LIQ:
Bear Stearns & Ins. by MBIA),
3.37%, VRDN (a).................................... 6,710,000
Massachusetts IFA RB:
2,700,000 Battery Engineering Proj.,
(LOC: Bank of Tokyo-Mitsubishi),
4.75%, VRDN......................................... 2,700,000
2,045,000 L.B. Foster Co. Proj.,
(LOC: Mellon Bank, N.A.),
4.05%, VRDN......................................... 2,045,000
2,300,000 Weissman Realty Trust,
(LOC: Citizens Bank of RI),
4.10%, VRDN (a)..................................... 2,300,000
------------
13,755,000
------------
Michigan - 0.6%
1,905,000 Berrien Cnty., MI EDA RRB,
Arlington Metals Corp. Proj.,
(LOC: ABN Trust, Chicago),
4.05%, VRDN........................................ 1,905,000
2,450,000 Haslett, MI Pub. Sch. Dist. GO,
(Prerefunded),
7.50%, 5/1/2000.................................... 2,491,098
2,000,000 Rockford, MI Pub. Sch. GO,
(Prerefunded),
7.38%, 5/1/2000.................................... 2,032,802
------------
6,428,900
------------
</TABLE>
17
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments (continued)
February 29, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Minnesota - 0.9%
$ 5,750,000 Burnsville, MN MHRRB, Berkshire Proj., (LOC:
Sumitomo Trust & Banking),
5.05%, VRDN.................................... $ 5,750,000
2,210,000 Minnesota HFA RB, Ser. D,
(Ins. by MBIA),
4.65%, 8/1/2000................................ 2,213,596
1,500,000 St. Paul, MN Port Auth. IDRB,
Miratec Sys. Inc. Proj., Ser. A,
(LOC: U.S. Bank, N.A.),
4.15%, VRDN.................................... 1,500,000
--------------
9,463,596
--------------
Mississippi - 0.5%
550,000 Jackson Cnty., MS Indl. Swr, Facs. RB, Chevron
USA, Inc. Proj., (Gtd. by Chevron Corp),
3.95%, VRDN.................................... 550,000
5,000,000 Mississippi Business Fin. Corp.
Solid Wst. Disp. RB, Morton Intl., Inc. Proj.,
Ser. B,
(Gtd. by Morton Intl.),
4.44%, VRDN.................................... 5,000,000
--------------
5,550,000
--------------
Missouri - 0.2%
1,000,000 Jasper Cnty., MO IDRB, Farmers Chemical Co.
Proj.,
(LOC: Rabobank Nederland),
4.15%, VRDN.................................... 1,000,000
900,000 Kansas City, MO IDA RRB,
(LOC: Mercantile Bank of St. Louis),
4.26%, VRDN.................................... 900,000
--------------
1,900,000
--------------
Nebraska - 0.8%
1,000,000 Gage Cnty., NE IDRB, Farmland Inds., Inc. Proj.,
(LOC: Rabobank Nederland),
4.15%, VRDN.................................... 1,000,000
6,190,000 Nebraska Investment Fin. MHRB,
Apple Creek Associates,
(LOC: Northern Trust Bank),
4.25%, VRDN.................................... 6,190,000
1,000,000 Saline Cnty., NE IDRB, Farmland Foods Proj.,
Ser. B,
(LOC: Rabobank Nederland),
4.15%, VRDN.................................... 1,000,000
--------------
8,190,000
--------------
Nevada - 1.0%
10,995,000 Clark Cnty., NV IDRB PFOTER,
(LIQ: Merrill Lynch Corp.),
4.20%, VRDN (a)................................ 10,995,000
--------------
New Hampshire - 0.2%
2,500,000 New Hampshire Business Fin. Auth. IDRB, Voith
Sulzer Paper Proj., (LOC: Firstar Bank,
Milwaukee),
4.10%, VRDN.................................... 2,500,000
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
New Jersey - 2.1%
$ 6,490,000 New Jersey EDA Assisted Living RB, (LIQ: Merrill
Lynch Corp.),
4.25%, VRDN.................................... $ 6,490,000
16,380,000 New Jersey EDA RB,
(LIQ: Merrill Lynch Corp.),
4.11%, VRDN.................................... 16,380,000
--------------
22,870,000
--------------
New York - 2.2%
2,000,000 New York Dormitory Auth. MSTR,
(LOC: Credit Suisse First Boston & Ins. by
FGIC),
4.07%, VRDN.................................... 2,000,000
21,845,000 New York, NY Muni. Wtr. & Swr.,
ABN-Amro Munitops Certificates Trust, Ser.
1998-2,
(LOC: ABN Amro-Bank & Ins. by AMBAC),
4.00%, VRDN (a)................................ 21,845,000
--------------
23,845,000
--------------
North Carolina - 1.2%
5,000,000 Robeson Cnty., NC Indl. Facs. PCRB,
Core Inds., Inc. Proj., Ser. 1991,
(LOC: Bank One, N.A.),
4.10%, VRDN.................................... 5,000,000
1,400,000 Rowan Cnty., NC Indl. Facs. PCRB, PHC LLC Proj.,
(LOC: Southtrust Bank, N.A.),
4.11%, VRDN.................................... 1,400,000
5,920,000 Wake Cnty. NC HFA MHRB,
(LIQ: Merrill Lynch Corp.),
4.25%, VRDN.................................... 5,920,000
--------------
12,320,000
--------------
Ohio - 2.6%
17,000,000 Ohio HFA Mtge. RB,
(LOC: Caisse de Depots et Consignations),
3.78%, 5/18/2000............................... 16,999,342
11,000,000 Ohio Wtr. Dev. PCRRB, Phillip Morris Co. Proj.,
(Gtd. by Phillip Morris Co.),
4.00%, VRDN.................................... 11,000,000
--------------
27,999,342
--------------
Oklahoma - 0.6%
1,000,000 Garfield Cnty., OK IDRB, Farmland Inds. Inc.
Proj.,
(LOC: Rabobank Nederland),
4.15%, VRDN.................................... 1,000,000
5,000,000 Tulsas Port Catoosa, OK Facs. IDRB, Asphalt
Products,
(LOC: Bank of America NT & SA),
4.05%, VRDN.................................... 5,000,000
--------------
6,000,000
--------------
Oregon - 1.8%
15,600,000 Oregon EDA RRB, Pacific Corp. Proj., (LOC:
Deutsche Bank Genosn),
4.16%, VRDN.................................... 15,600,000
</TABLE>
18
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments (continued)
February 29, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Oregon - continued
$ 3,900,000 Oregon Metropolitan Svcs. Dist.
Wst. Disposal RB, Riedel, OR
Compost Co. Proj.,
(LOC: U.S. Bank, N.A.),
4.05%, VRDN.................................... $ 3,900,000
--------------
19,500,000
--------------
Pennsylvania - 5.6%
Allegheny Cnty., PA Hosp. Dev. Auth. RB:
5,485,000 Presbyterian Univ. Hosp.,
(LOC: Bank One, N.A.),
3.95%, VRDN.................................... 5,485,000
1,600,000 St. Margaret Mem. Hosp.,
(LOC: Mellon Bank, N.A.),
3.95%, VRDN.................................... 1,600,000
11,000,000 Clinton Cnty., PA IDA Solid Wst.
Disposal RB, Intl. Paper Co. Proj.,
Ser. A, (Gtd. by Intl. Paper),
4.70%, VRDN.................................... 11,000,000
19,400,000 Delaware Valley, PA Regl. Fin. Auth. RB, (Ins.
by AMBAC),
4.01%, VRDN.................................... 19,400,000
4,200,000 Emmaus, PA General Auth. RB,
(LOC: Bayerische Landes Bank),
4.00%, VRDN.................................... 4,200,000
10,925,000 Montgomergy Cnty., PA MSTR,
Abbington Mem. Hosp., Ser. 1998-31 Cl. A, (LIQ:
Bear Stearns Capital Markets & Ins. by AMBAC),
3.51%, VRDN (a) ............................... 10,925,000
7,565,000 Philadelphia, PA Wtr. & Wst. Wtr. Mgmt. RB, Ser.
99-1, (LOC: Commerz Bank & Ins. by AMBAC),
4.06%, VRDN (a)................................ 7,565,000
--------------
60,175,000
--------------
Rhode Island - 3.0%
32,200,000 Rhode Island Hlth. & Edl. Bldg. MSTR, Ser. 1999-
69B Cl. A, (LIQ: Bear Stearns Capital Markets),
3.81%, VRDN (a)................................ 32,200,000
--------------
South Carolina - 0.3%
3,500,000 South Carolina Jobs EDA RB,
Ebyl Cartex, Inc. Proj.,
(LOC: Southtrust Bank, N.A.),
4.16%, VRDN.................................... 3,500,000
--------------
South Dakota - 0.2%
2,410,000 South Dakota Hsg. Dev. Auth. RB, Home Ownership
Mtge. Ser. D,
4.20%, 2/1/2001................................ 2,410,000
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Tennessee - 2.4%
$ 7,000,000 Chattanooga, TN IDRB, Synair Corp. Proj., (LOC:
Amsouth Bank, N.A.),
4.10%, VRDN.................................... $ 7,000,000
1,484,000 Franklin Cnty., TN IDRB, Franklin Inds., Inc.
Proj., (LOC: Bank of America NT & SA),
4.05%, VRDN.................................... 1,484,000
4,785,000 Henderson, TN IDRB, Premier Manufacturing Corp.,
Ser. 95,
(LOC: Natl. City Bank),
4.10%, VRDN.................................... 4,785,000
6,626,000 Metropolitan Govt. Nashville & Davidson Cnty.,
TN Hlth. & Ed. Facs. RRB, (Ins. by MBIA),
4.40%, VRDN.................................... 6,626,000
4,000,000 Tullahoma, TN IDRRB, Rock TN Converting Proj.,
(LOC: Suntrust Bank),
4.05%, VRDN.................................... 4,000,000
2,000,000 Wilson Cnty., TN IDRB, John Deal Coatings, Inc.
Proj.,
(LOC: First American Natl. Bank),
4.21%, VRDN.................................... 2,000,000
--------------
25,895,000
--------------
Texas - 4.2%
9,000,000 Amarillo, TX Hlth. Facs. Corp. RB, Panhandle
Pooled Hlth. Care,
(LOC: Banque Paribas),
4.10%, VRDN.................................... 9,000,000
9,545,000 Bexar Cnty., TX Hsg. Fin. Corp. MHRB, (LIQ:
Merrill Lynch Corp.),
4.20%, VRDN.................................... 9,545,000
2,730,000 Galveston, TX HFA MHRRB, Village-By-The-Sea
Apts. Proj.,
(LOC: Sumitomo Bank Ltd.),
5.40%, VRDN.................................... 2,730,000
7,000,000 Greater East TX Higher Ed. RB,
Ser. B, (Ins. by SLMA),
4.22%, 2/1/2001................................ 7,000,000
7,000,000 Gulf Coast, TX IDA RB, Nisseki Chemical Proj.,
(LOC: Bank of Tokyo-Mitsubishi),
4.75%, VRDN.................................... 7,000,000
10,000,000 Port Arthur, TX Navigation Dist. Env. Facs. RB,
Motiva Enterprises LLC Proj.,
(Gtd. by Motiva Enterprsies),
4.05%, VRDN.................................... 10,000,000
--------------
45,275,000
--------------
Utah - 0.4%
3,810,000 Utah Cnty., UT IDRB, McWane, Inc. Proj., (LOC:
Amsouth Bank, N.A.),
4.10%, VRDN.................................... 3,810,000
--------------
</TABLE>
19
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments (continued)
February 29, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Virginia - 2.9%
$ 1,815,000 Buena Vista, VA IDRRB, Everbrite, Inc. Proj.,
(LOC: Marshall & Isley Bank),
4.25%, VRDN.................................... $ 1,815,000
1,500,000 Chesapeake, VA IDRB, Sumitomo Machine Co. Proj.,
(LOC: Sumitomo Bank Ltd.),
5.35%, VRDN.................................... 1,500,000
2,600,000 Colonial Heights, VA IDRRB, Phillip Morris Co.
Proj.,
(Gtd. by Phillip Morris Co.),
4.00%, VRDN.................................... 2,600,000
7,100,000 Dinwiddie Cnty., VA IDA RB, Chaparral East Proj.
A,
(LOC: Bank of America),
3.95%, VRDN.................................... 7,100,000
2,900,000 Norfolk, VA GO,
5.13%, 6/1/2000................................ 2,907,667
8,200,000 Peninsula Port Auth., VA, IDRB, Kinyo, VA, Inc.
Proj.,
(LOC: Indl. Bank of Japan),
4.80%, VRDN.................................... 8,200,000
1,700,000 Richmond, VA IDRRB, Phillip Morris Co. Proj.,
(Gtd. by Phillip Morris Co.),
4.00%, VRDN.................................... 1,700,000
4,995,000 Virginia Beach, VA Dev. Auth. MHRB, (Ins. by
MBIA),
4.25%, VRDN.................................... 4,995,000
--------------
30,817,667
--------------
Washington - 2.0%
2,325,000 Pierce Cnty., WA EDA, Northwest Banking Proj.,
(LOC: U.S. Bank, N.A.),
4.25%, VRDN.................................... 2,325,000
3,000,000 Port Bellingham, WA IDRB, Multi Mode Bakerview
Proj.,
4.10%, VRDN.................................... 3,000,000
3,280,000 Port Seattle, WA RB, Ser. 1994,
5.00%, 5/1/2000................................ 3,285,327
Washington EDA RB,
(LOC: U.S. Bank, N.A.):
2,000,000 Ace Tank Proj.,
4.10%, VRDN.................................... 2,000,000
4,500,000 Pacific Coast Shredding Proj.,
4.10%, VRDN.................................... 4,500,000
4,475,000 Washington HFA MFRB,
Cedar Landing Apt. Proj.,
(LOC: U.S. Bank, N.A.),
4.10%, VRDN.................................... 4,475,000
1,545,000 Washington Hsg. Fin. Commission RB, Summerglen
Apt. Proj., (LOC: Key Bank, N.A.),
4.10%, VRDN.................................... 1,545,000
--------------
21,130,327
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
West Virginia - 2.7%
West Virgina Hsg. Dev. Fund:
$ 1,700,000 Ser. 1999-C,
4.20%, 3/23/2000............................... $ 1,700,000
5,415,000 Ser. 1999-F,
4.20%, 4/18/2000............................... 5,415,000
21,295,000 West Virginia Hosp. Fin. Auth. RB, (LIQ: Merrill
Lynch Corp. & Ins. by MBIA),
4.20%, VRDN.................................... 21,295,000
--------------
28,410,000
--------------
Wisconsin - 3.0%
4,000,000 Kohler, WI Solid Wst. Disposal RB, Kohler Co.
Proj.,
(LOC: Wachovia Bank),
4.08%, VRDN.................................... 4,000,000
4,000,000 Ladysmith, WI Solid Wst. Disposal Fac. RB,
Cityforest Corp. Proj., (LOC: Union Bank of
California),
4.35%, VRDN.................................... 4,000,000
3,100,000 Mantowoc, WI IDRB, Northern Labs, Inc. Proj.,
(LOC: Firstar Bank, Milwaukee),
4.10%, VRDN.................................... 3,100,000
5,000,000 Milwaukee, WI IDRB, Sellars Absorbant Materials
Proj.,
(LOC: Firstar Bank, Milwaukee),
4.20%, VRDN.................................... 5,000,000
Wisconsin, Hsg. & EDA MSTR:
4,200,000 Home Ownership,
(LOC: Caisse de Depots et Consignations),
4.14%, VRDN (a)................................ 4,200,000
11,855,000 Ser. 1999-74, Cl. A,
(LIQ: Bear Stearns Capital Markets),
3.49%, VRDN.................................... 11,855,000
--------------
32,155,000
--------------
Wyoming - 4.1%
6,700,000 Lincoln Cnty., WY Env. Impt. RB, Pacificorp
Proj., Ser. 1995, (Gtd. by Pacificorp),
4.00%, VRDN.................................... 6,700,000
15,000,000 Lincoln Cnty., WY PCRRB, Pacificorp. Proj, (Gtd.
by Pacificorp.),
4.05%, VRDN.................................... 15,000,000
21,500,000 Sweetwater Cnty., WY, Env. Impt. RB, SF
Phosphates, Ltd. Proj., (LOC: Rabobank
Nederlands),
4.10%, VRDN.................................... 21,500,000
--------------
43,200,000
--------------
</TABLE>
20
<PAGE>
EVERGREEN
Select Municipal Money Market Fund
Schedule of Investments (continued)
February 29, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Other - 24.2%
Clipper Tax Exempt Certificates Trust COP:
$ 45,768,000 Ser. 1998-1,
(LOC: State Street Bank & Trust Co. & Ins. by
MBIA),
4.21%, VRDN (a)................................ $ 45,768,000
54,384,000 Ser. 1999-2,
4.21%, VRDN.................................... 54,384,000
13,695,000 IBM Tax Exempt Grantor Trust,
Ser. 1999-A,
(LIQ: Merrill Lynch Corp.),
4.11%, VRDN.................................... 13,695,000
Macon Trust PVRC:
13,845,000 Ser. A,
(LOC: Bank of America),
4.22%, VRDN.................................... 13,845,000
21,490,000 Various Issuers,
(LOC: Bank of America NT & SA),
4.27%, VRDN (a)................................ 21,490,000
Morgan Keegan Muni. Products, Inc.:
4,667,000 Ser. D,
(LOC: Credit Local de France),
4.16%, VRDN.................................... 4,667,000
46,645,000 Ser. F,
4.16%, VRDN.................................... 46,645,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Other - continued
$ 4,840,022 Pitney Bowes Credit Corp.
Leasetops, Ser. 1999-2,
(SPA: Pitney Bowes),
4.27%, VRDN..................................... $ 4,840,022
Pooled PFOTER:
2,810,000 3.70%, 5/11/2000................................. 2,810,000
15,455,000 3.90%, 3/1/2000.................................. 15,455,000
20,585,000 4.25%, 3/2/2000.................................. 20,585,000
9,010,000 4.25%, 3/2/2000.................................. 9,010,000
4,405,000 4.36%, 3/2/2000.................................. 4,405,000
--------------
257,599,022
--------------
Total Municipal Obligations
(cost $1,049,610,791)........................... 1,049,610,791
--------------
<CAPTION>
Shares Value
<C> <S> <C>
MUTUAL FUND SHARES - 1.2%
12,800,000 Federated Municipal Obligation Fund,
(cost $12,800,000) ............................. 12,800,000
--------------
Total Investments -
(cost $1,062,410,791).................... 99.6% 1,062,410,791
Other Assets and Liabilities - net........ 0.4 3,752,194
----- --------------
Net Assets................................ 100.0% $1,066,162,985
===== ==============
</TABLE>
See Combined Notes to Schedules of Investments.
21
<PAGE>
EVERGREEN
Select Treasury Money Market Fund
Schedule of Investments
February 29, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
U.S. TREASURY NOTES - 23.3%
$ 30,000,000 5.50%, 3/31/2000+............................... $ 30,008,900
40,000,000 6.375%, 5/15/2000+.............................. 40,106,885
125,000,000 5.50%, 5/31/2000+............................... 125,168,363
75,000,000 8.75%, 8/15/2000................................ 76,134,382
50,000,000 5.125%, 8/31/2000............................... 49,918,331
125,000,000 4.50% - 6.125%, 9/30/2000....................... 125,166,396
150,000,000 4.625%, 11/30/2000.............................. 148,810,688
50,000,000 4.625%,12/31/2000............................... 49,374,512
75,000,000 4.50%, 1/31/2001................................ 73,819,727
25,000,000 5.375%, 2/15/2001............................... 24,765,119
--------------
Total U.S. Treasury Notes (cost $743,273,303)... 743,273,303
--------------
REPURCHASE AGREEMENTS* - 82.5%
160,000,000 ABN Amro, Inc.,
5.75%, dated 2/29/2000, due 3/1/2000, maturity
value $160,025,556
(cost $160,000,000) (1)........................ 160,000,000
160,000,000 Barclays DeZeote Wedd Securities,
5.77%, dated 2/29/2000, due 3/1/2000, maturity
value $160,025,644
(cost $160,000,000) (2)........................ 160,000,000
160,000,000 Credit Suisse First Boston Corp.,
5.75%, dated 2/29/2000, due 3/1/2000, maturity
value $160,025,556
(cost $160,000,000) (3)........................ 160,000,000
400,000,000 Deutsche Bank AG,
5.76%, dated 2/28/2000, due 3/6/2000, maturity
value $400,064,000
(cost $400,000,000) (4)........................ 400,000,000
30,300,000 Deutsche Bank AG,
5.83%, dated 12/22/1999, due 3/31/2000,
maturity value $30,790,692
(cost $30,300,000) (4)**....................... 30,300,000
160,000,000 Dresdner Bank AG,
5.75%, dated 2/29/2000, due 3/1/2000, maturity
value $160,025,556
(cost $160,000,000) (5)........................ 160,000,000
125,156,250 Dresdner Bank AG,
5.85%, dated 12/22/1999, due 5/31/2000,
maturity value $128,430,650
(cost $125,156,250) (6)**...................... 125,156,250
160,000,000 Greenwich Capital Markets,
5.75%, dated 2/29/2000, due 3/1/2000, maturity
value $160,025,556
(cost $160,000,000) (7)........................ 160,000,000
160,000,000 HSBC Securities, Inc.,
5.78%, dated 2/29/2000, due 3/1/2000, maturity
value $160,025,689
(cost $160,000,000) (8)........................ 160,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
REPURCHASE AGREEMENTS* - continued
$160,000,000 J.P. Morgan Securities, Inc.,
5.76%, dated 2/29/2000, due 3/1/2000, maturity
value $160,025,600
(cost $160,000,000) (9)........................ $ 160,000,000
160,000,000 Lehman Brothers, Inc.,
5.70%, dated 2/29/2000, due 3/1/2000, maturity
value $160,025,333
(cost $160,000,000) (10)....................... 160,000,000
40,000,000 Merrill Lynch, Pierce, Fenner & Smith, Inc.,
5.65%, dated 2/29/2000, due 3/1/2000, maturity
value $40,006,278
(cost $40,000,000) (11)........................ 40,000,000
160,000,000 Morgan Stanley & Co.,
5.70%, dated 2/29/2000, due 3/1/2000, maturity
value $160,025,333
(cost $160,000,000) (12)....................... 160,000,000
40,350,000 Morgan Stanley & Co.,
5.85%, dated 12/22/1999, due 5/15/2000,
maturity value $41,300,747
(cost $40,350,000) (13)**...................... 40,350,000
160,000,000 Salomon Smith Barney, Inc.,
5.75%, dated 2/29/2000, due 3/1/2000, maturity
value $160,025,556
(cost $160,000,000) (14)....................... 160,000,000
79,342,573 Societe Generale,
5.74%, dated 2/29/2000, due 3/1/2000, maturity
value $79,355,224
(cost $79,342,573) (15)........................ 79,342,573
160,000,000 State Street Bank & Trust Co.,
5.76%, dated 2/29/2000, due 3/1/2000, maturity
value $160,025,600
(cost $160,000,000) (16)....................... 160,000,000
160,000,000 Warburg Dillon Reed LLC,
5.77%, dated 2/29/2000, due 3/1/2000, maturity
value $160,025,644
(cost $160,000,000) (17)....................... 160,000,000
--------------
Total Repurchase Agreement
(cost $2,635,148,823).......................... 2,635,148,823
--------------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
MUTUAL FUND SHARES - 0.4%
13,563,310 Fidelity U.S. Treasury Portfolio
(cost $13,563,310)............................. 13,563,310
--------------
Total Investments -
(cost $3,391,985,436)................... 106.2% 3,391,985,436
Other Assets and Liabilities - net....... (6.2) (199,050,289)
----- --------------
Net Assets............................... 100.0% $3,192,935,147
===== ==============
</TABLE>
22
<PAGE>
EVERGREEN
Select Treasury Money Market Fund
Schedule of Investments (continued)
February 29, 2000
** Represents collateral received for securities on loan.
+ Securities are on loan (see note 7).
* Collateralized by:
(1) $180,431,000 U.S. Treasury Bonds, 5.25% to 8.00%, 11/15/2021 to 11/15/2028;
value including accrued interest - $160,001,030.
(2) $156,043,000 U.S. Treasury STRIPS, 3.625%, 07/15/2002; value including ac-
crued interest - $160,000,974.
(3) $163,725,000 U.S. Treasury Notes, 5.875% to 6.25%, 04/30/2001 to
11/30/2001; value including accrued interest - $164,823,035.
(4) $994,822,931 GNMA, 6.00% to 8.50%., 02/15/2022 to 11/15/2029; value includ-
ing accrued interest - $430,300,000.
(5) $170,760,000 U.S. Treasury Notes, 4.75% to 6.50%, 08/31/2001 to 11/15/2008;
value including accrued interest - $163,200,198.
(6) $168,710,062 GNMA, 7.00% to 7.50%., 01/15/2028 to 08/20/2028; value includ-
ing accrued interest - $127,662,324.
(7) $161,990,000 U.S. Treasury Notes, 6.50%, 02/15/2010; value included accrued
interest - $163,204,934.
(8) $515,338,000 U.S. Treasury STRIPS, 05/15/2011 to 11/15/2028; value includ-
ing accrued interest - $163,201,931.
(9) $70,750,000 U.S. Treasury Notes, 7.50%, 05/15/2002; value including accrued
interest - $72,208,744, $71,393,000 U.S. Treasury Bonds, 7.25% to 11.25%,
02/15/2015 to 05/15/2016; value including accrued interest - $87,792,375.
(10) $27,181,000 U.S. Treasury Notes, 4.75%, 11/15/2008; value including ac-
crued interest - $24,252,856, $115,004,000 U.S. Treasury Bonds, 7.625% to
13.75%, 08/15/2003 to 02/15/2025; value including accrued interest -
$138,919,086.
(11) $40,250,000 U.S. Treasury Notes, 6.50%, 10/15/2006; value including ac-
crued interest - $40,801,852.
(12) $130,275,000 U.S. Treasury Bonds, 8.875%, 02/15/2019; value including ac-
crued interest - $160,279,180.
(13) $49,146,194 GNMA, 5.50% to 7.50%., 12/15/2001 to 02/15/2030; value includ-
ing accrued interest - $40,561,384.
(14) $323,890,000 U.S. Treasury STRIPS, 6.375% to 10.75%, 08/15/2002 to
08/15/2022; value including accrued interest - $159,519,217. $985,000 U.S.
Treasury Notes, 5.75%, 10/31/2000; value included accrued interest -
$981,103,
(15) $32,617,000 U.S. Treasury Bonds, 6.125% to 9.875%, 11/15/2015 to
08/15/2029; value including accrued interest - $37,408,977, $43,089,000
U.S. Treasury Notes, 5.50% to 6.25%, 08/31/2000 to 05/15/2009; value in-
cluding accrued interest - $41,968,975.
(16) $171,385,000 U.S. Treasury Notes, 3.375% to 3.625%, 01/15/2007 to
01/15/2008; value including accrued interest - $163,236,547.
(17) $163,400,000 U.S. Treasury STRIPS, 3.875%, 01/15/2009; value including ac-
crued interest - $163,204,452.
See Combined Notes to Schedules of Investments.
23
<PAGE>
EVERGREEN
Select US Government Money Market
Schedule of Investments
February 29, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
U. S. AGENCY OBLIGATIONS - 83.2%
FHLB:
$ 1,500,000 4.98%, 3/29/2000..................................... $ 1,499,860
2,000,000 5.10%, 3/3/2000...................................... 1,999,995
FHLMC:
15,000,000 5.58%, 3/14/2000..................................... 14,969,775
10,000,000 5.64%, 3/7/2000...................................... 9,990,600
5,000,000 5.68%, 3/20/2000..................................... 4,999,694
7,000,000 5.76%, 4/18/2000..................................... 6,946,240
2,000,000 6.35%, 1/5/2001...................................... 1,999,897
FNMA:
15,000,000 5.58%, 3/2/2000...................................... 14,997,675
5,000,000 5.91%, 3/23/2000..................................... 4,982,217
2,500,000 6.57%, 2/22/2001..................................... 2,498,679
5,000,000 6.625%, 7/12/2000.................................... 5,009,061
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
U. S. AGENCY OBLIGATIONS - continued
SLMA:
$ 5,000,000 6.045%, 11/3/2000.................................. $ 4,999,528
25,000,000 6.531%, 10/4/2000.................................. 25,030,863
15,000,000 Tennessee Valley Auth.,
5.69%, 3/1/2000................................... 15,000,000
------------
Total U. S. Agency Obligations
(cost $114,924,084)............................... 114,924,084
------------
REPURCHASE AGREEMENTS - 16.7%
23,129,432 Societe Generale*,
5.74%, dated 2/29/2000, due 3/1/2000, maturity
value $23,133,120 (cost $23,129,432).............. 23,129,432
------------
Total Investments - (cost $138,053,516)...... 99.9% 138,053,516
Other Assets and Liabilities - net........... 0.1 110,543
----- ------------
Net Assets................................... 100.0% $138,164,059
===== ============
</TABLE>
* Collateralized by $13,912,000 U.S. Treasury Notes, 5.875%, 10/31/2001
and $7,632,000 U.S. Treasury Bonds, 8.75%, 8/15/2020; value including
accrued interest - $23,143,265.
See Combined Notes to Schedules of Investments.
24
<PAGE>
EVERGREEN
Select 100% Treasury Money Market Fund
Schedule of Investments
February 29, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
U.S. TREASURY BILLS - 50.5%
$ 76,295,000 4.99%, 3/2/2000 (b)................................ $ 76,284,509
33,830,000 4.70% - 5.21%, 3/9/2000 (b)........................ 33,794,275
1,720,000 5.27%, 3/16/2000 (b)............................... 1,716,223
20,022,000 5.00%, 3/30/2000 (b)............................... 19,941,356
115,000 5.31%, 4/6/2000 (b)................................ 114,389
7,424,000 5.50%, 4/20/2000 (b)............................... 7,367,289
121,613,000 5.68% - 5.695%, 4/27/2000 (b)...................... 120,517,946
110,000 5.48%, 5/18/2000 (b)............................... 108,694
8,850,000 5.545%, 6/15/2000 (b).............................. 8,705,507
------------
Total U.S. Treasury Bills (cost $268,550,188)...... 268,550,188
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
U.S. TREASURY NOTES - 49.1%
$ 30,678,000 5.50% - 6.875%, 3/31/2000.......................... $ 30,705,861
48,560,000 5.625%, 4/30/2000.................................. 48,542,147
24,954,000 6.375%, 5/15/2000.................................. 25,003,377
57,193,000 5.50% - 6.25%, 5/31/2000........................... 57,260,591
2,571,000 5.875%, 6/30/2000.................................. 2,574,135
71,566,000 5.375%, 7/31/2000.................................. 71,494,654
20,981,000 6.00%, 8/15/2000................................... 20,992,057
3,429,000 6.125%, 9/30/2000.................................. 3,439,198
630,000 5.75%, 10/31/2000.................................. 628,145
------------
Total U.S. Treasury Notes (cost $260,640,165)...... 260,640,165
------------
Total Investments - (cost $529,190,353)..... 99.6% 529,190,353
Other Assets and Liabilities - net.......... 0.4 2,227,258
----- ------------
Net Assets.................................. 100.0% $531,417,611
===== ============
</TABLE>
See Combined Notes to Schedules of Investments.
25
<PAGE>
EVERGREEN
Combined Notes to Schedules of Investments
February 29, 2000
(a) Security that may be resold to "qualified institutional buyers" under Rule
144A of the Securities Act of 1933. This security has been determined to
be liquid under guidelines established by the Board of Trustees.
(b) Effective yield (calculated at the date of purchase) is the yield at which
the bill accretes on an annual basis until maturity date.
(c) The repurchase agreement is fully collateralized by U.S. Government and/or
agency obligations plus accrued interest based on market prices at Febru-
ary 29, 2000.
Summary of Abbreviations:
<TABLE>
<C> <S>
AMBAC American Municipal Bond Assurance Corp.
BAN Bond Anticipation Note
CDA Community Development Authority
COP Certificates of Participation
EDA Economic Development Authority
FGIC Financial Guaranty Insurance Corp.
FHLB Federal Home Loan Banks
FHLMC Federal Home Loan Mortgage Corp.
FNMA Federal National Mortgage Association
GNMA Government National Mortgage Association
GO General Obligation
HFA Housing Finance Authority
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
IDRRB Industrial Development Refunding Revenue Bond
IFA Industrial Finance Authority
LIQ Liquidity Provider
LOC Letter of Credit
MBIA Municipal Bond Investors Assurance Corp.
MHRB Multifamily Housing Revenue Bond
MHRRB Multifamily Housing Refunding Revenue Bond
MSTR Municipal Securities Trust Receipts
MTN Medium Term Notes
PCRB Pollution Control Revenue Bond
PCRRB Pollution Control Refunding Revenue Bond
PFOTER Puttable Floating Option Tax Exempt Receipts
PVRC Pooled Variable Rate Certificates
RB Revenue Bond
RRB Refunding Revenue Bond
SFHRB Single Family Housing Revenue Bond
SLMA Student Loan Marketing Association
SPA Securities Purchase Agreement
STRIPS Separately Traded Registered Interest and Principal Securities
VRDN Variable Rate Demand Note
</TABLE>
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 February 29, 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 purchase agreements; tender option purchase agreements,
and third party insurance (i.e. AMBAC, FGIC and MBIA). Adjustable rate bonds
and variable rate demand notes held in the portfolio may be considered deriva-
tive securities within the standards imposed by the Securities and Exchange
Commission under Rule 2a-7 which were designed to minimize both credit and mar-
ket risk.
See Combined Notes to Financial Statements.
26
<PAGE>
EVERGREEN
Select Money Market Funds
Statements of Assets and Liabilities
February 29, 2000
<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>
Assets
Investments in
securities............. $6,516,535,355 $1,062,410,791 $ 756,836,613 $114,924,084 $529,190,353
Investments in
repurchase agreements.. 14,228,155 0 2,635,148,823 23,129,432 0
- ------------------------------------------------------------------------------------------------------
Investments at amortized
cost................... 6,530,763,510 1,062,410,791 3,391,985,436 138,053,516 529,190,353
Cash.................... 0 1,711,070 0 0 837,097
Receivable for Fund
shares sold............ 0 208,909 0 0 0
Interest receivable..... 47,969,053 5,279,208 11,679,581 507,718 3,574,751
Deferred organization
expenses............... 4,709 4,709 4,709 0 0
Prepaid expenses and
other assets........... 31,412 18,638 623,411 52,183 51,639
- ------------------------------------------------------------------------------------------------------
Total assets........... 6,578,768,684 1,069,633,325 3,404,293,137 138,613,417 533,653,840
- ------------------------------------------------------------------------------------------------------
Liabilities
Distributions payable... 18,445,194 2,942,683 13,256,150 407,176 2,122,251
Payable for Fund shares
redeemed............... 0 261,500 0 0 0
Payable for securities
on loan................ 0 0 197,974,902 0 0
Payable for securities
purchased.............. 11,984,560 0 0 0 0
Advisory fee payable.... 19,446 3,197 9,300 48 158
Distribution Plan
expenses payable....... 18,854 54,865 10,109 0 83,099
Due to other related
parties................ 10,580 2,610 5,292 5,696 869
Accrued expenses and
other liabilities...... 632,455 205,485 102,237 36,438 29,852
- ------------------------------------------------------------------------------------------------------
Total liabilities...... 31,111,089 3,470,340 211,357,990 449,358 2,236,229
- ------------------------------------------------------------------------------------------------------
Net assets.............. $6,547,657,595 $1,066,162,985 $3,192,935,147 $138,164,059 $531,417,611
- ------------------------------------------------------------------------------------------------------
Net assets represented
by
Paid-in capital......... $6,548,344,523 $1,066,136,961 $3,192,937,603 $138,163,076 $531,382,170
Undistributed net
investment income...... 0 26,024 0 1,463 155,017
Accumulated net realized
gains or losses on
securities............. (686,928) 0 (2,456) (480) (119,576)
- ------------------------------------------------------------------------------------------------------
Total net assets........ $6,547,657,595 $1,066,162,985 $3,192,935,147 $138,164,059 $531,417,611
- ------------------------------------------------------------------------------------------------------
Net assets consists of
Class I................. $3,848,004,965 $ 937,122,094 $1,685,986,388 $138,156,448 $352,985,205
Class IS................ 2,699,652,630 129,040,891 1,506,948,759 7,611 178,432,406
- ------------------------------------------------------------------------------------------------------
Total net assets........ $6,547,657,595 $1,066,162,985 $3,192,935,147 $138,164,059 $531,417,611
- ------------------------------------------------------------------------------------------------------
Shares outstanding
Class I................. 3,848,393,550 937,103,245 1,685,988,182 138,156,732 352,930,730
Class IS................ 2,699,977,411 129,034,692 1,506,948,671 7,611 178,451,440
- ------------------------------------------------------------------------------------------------------
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.
27
<PAGE>
EVERGREEN
Select Money Market Funds
Statements of Operations
For the Period 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>
Investment income
Interest............... $307,504,034 $39,990,770 $174,645,042 $1,976,735 $27,215,752
- ----------------------------------------------------------------------------------------------
Expenses
Advisory fee........... 8,038,456 1,566,787 4,927,010 42,020 1,361,205
Distribution Plan
expenses.............. 6,152,501 336,527 3,834,356 3 358,262
Administrative services
fees.................. 1,677,588 320,335 999,837 21,010 162,831
Transfer agent fee..... 86,555 3,632 39,873 1,031 526
Custodian fee.......... 1,202,122 342,796 357,691 8,111 143,660
Registration and filing
fees.................. 884,595 191,797 9,868 25,573 29,932
Professional fees...... 52,549 46,854 36,966 19,307 16,984
Organization expenses.. 2,749 2,749 2,749 0 0
Other.................. 393,548 97,029 85,081 17,693 46,441
- ----------------------------------------------------------------------------------------------
Total expenses........ 18,490,663 2,908,506 10,293,431 134,748 2,119,841
Less: Expense
reductions........... (251,968) (64,541) (233,474) (1,108) (23,358)
Fee waivers and
expense
reimbursements..... 0 0 (311,339) (63,603) (1,151,773)
- ----------------------------------------------------------------------------------------------
Net expenses.......... 18,238,695 2,843,965 9,748,618 70,037 944,710
- ----------------------------------------------------------------------------------------------
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
- ----------------------------------------------------------------------------------------------
</TABLE>
(a) For the period from October 1, 1999 (commencement of operations) to Febru-
ary 29, 2000.
See Combined Notes to Financial Statements.
28
<PAGE>
EVERGREEN
Select Money Market Funds
Statements of Changes in Net Assets
For the Period 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.
29
<PAGE>
EVERGREEN
Select Money Market Funds
Statements of Changes in Net Assets
Year Ended February 28, 1999
<TABLE>
<CAPTION>
Select Select Select Select
Money Market Municipal Treasury 100% Treasury
Fund Fund Fund Fund
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income... $ 176,413,952 $ 25,052,791 $ 154,636,634 $ 21,302,660
Net realized gains or
losses on securities... (70,426) 179,190 706 156,345
- ------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............ 176,343,526 25,231,981 154,637,340 21,459,005
- ------------------------------------------------------------------------------------------------
Distributions to share-
holders from net in-
vestment income
Class I................. (90,470,553) (21,858,290) (91,096,717) (19,522,149)
Class IS................ (85,943,399) (3,194,501) (63,539,917) (1,780,511)
- ------------------------------------------------------------------------------------------------
Total distributions to
shareholders.......... (176,413,952) (25,052,791) (154,636,634) (21,302,660)
- ------------------------------------------------------------------------------------------------
Capital share transac-
tions
Proceeds from shares
sold................... 16,973,312,489 2,469,570,427 11,534,563,778 1,683,680,800
Net asset value of
shares issued in
reinvestment of
distributions.......... 55,547,088 2,005,608 10,002,025 65,916
Payment for shares
redeemed............... (14,857,459,624) (2,164,226,922) (10,390,277,275) (1,289,855,545)
Net asset value of
shares issued in
acquisition of:
CoreFund Elite Cash
Reserve............... 657,769,349 0 0 0
CoreFund Elite Tax
Free Reserve.......... 0 189,948,627 0 0
CoreFund Elite
Treasury Reserve...... 0 0 117,332,798 0
- ------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
capital share
transactions.......... 2,829,169,302 497,297,740 1,271,621,326 393,891,171
- ------------------------------------------------------------------------------------------------
Total increase in net
assets............... 2,829,098,876 497,476,930 1,271,622,032 394,047,516
Net assets
Beginning of period..... 2,267,089,021 503,766,417 2,261,759,977 250,500,602
- ------------------------------------------------------------------------------------------------
End of period........... $ 5,096,187,897 $ 1,001,243,347 $ 3,533,382,009 $ 644,548,118
- ------------------------------------------------------------------------------------------------
Undistributed net
investment income...... $ 0 $ 109,881 $ 0 $ 155,318
- ------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
30
<PAGE>
Combined Notes to Financial Statements
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 Institution Shares ("Class I") and Institutional Service Shares
("Class IS") which are sold without a front-end sales charge. Class IS shares
pay an ongoing distribution fee.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently fol-
lowed by the Funds in the preparation of their financial statements. The poli-
cies are in conformity with generally accepted accounting principles, which re-
quire management to make estimates and assumptions that affect amounts reported
herein. Actual results could differ from these estimates.
A. Valuation of Securities
As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein,
securities are valued utilizing the amortized cost method, 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 at a constant rate un-
til maturity.
Mutual fund shares held in a fund are valued at the net asset value.
B. Repurchase Agreements
Each Fund may invest in repurchase agreements. Securities pledged as collateral
for repurchase agreements are held in a segregated account by the custodian on
the Fund's behalf. Collateral for certain tri-party repurchase agreements is
held at the counterparty's custodian in a segregated account for the benefit of
the Fund and the counterparty. Each Fund monitors the adequacy of the collat-
eral daily and will require the seller to provide additional collateral in the
event the market value of the securities pledged falls below the carrying value
of the repurchase agreement, including accrued interest. Each Fund will only
enter into repurchase agreements with banks and other financial institutions,
which are deemed by the investment advisor to be creditworthy pursuant to
guidelines established by the Board of Trustees.
C. Securities Lending
In order to generate income and to offset expenses, the Funds, except Select
100% Treasury Fund, may lend portfolio securities to brokers, dealers and other
financial organizations. The Funds' investment adviser will monitor the credit-
worthiness of such borrowers. Loans of securities may not exceed 33 1/3% of a
Fund's total assets and will be collateralized by cash, letters of credit or
U.S. Government securities that are maintained at all times in an amount equal
to at least 100% of the current market value of the loaned securities, includ-
ing accrued interest. The Fund monitors the adequacy of the collateral daily
and will require the borrower to provide additional collateral in the event the
value of the collateral falls below 100% of the market value of the securities
on loan. While such securities are on loan, the borrower will pay a Fund any
income accruing thereon, and the Fund may invest any cash collateral received
in portfolio securities, thereby increasing its return. A Fund will have the
right to call any such loan and obtain the securities loaned at any time on
five days' notice. Any gain or loss in the market price of the loaned securi-
ties, which occurs during the term of the loan, would affect a Fund and its in-
vestors. A Fund may pay fees in connection with such loans.
31
<PAGE>
Combined Notes to Financial Statements (continued)
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 have qualified and intend to continue to qualify as regulated invest-
ment companies under the Internal Revenue Code of 1986, as amended (the
"Code"). Thus, the Funds will not incur any federal income tax liability since
they are expected to distribute all of their net investment company taxable in-
come, net tax-exempt income and net capital gains, if any, to their sharehold-
ers. The Funds also intend to avoid any excise tax liability by making the re-
quired distributions under the Code. Accordingly, no provision for federal
taxes is required. To the extent that realized capital gains can be offset by
capital loss carryforwards, it is each Fund's policy not to distribute such
gains.
F. Distributions
Distributions from net investment income for the Funds are declared daily and
paid monthly. Distributions from net realized capital gains, if any, are paid
at least annually. Distributions to shareholders are recorded at the close of
business on the ex-dividend date.
Income and capital gains distributions to shareholders are determined in accor-
dance with income tax regulations, which may differ from generally accepted ac-
counting principles. To the extent these differences are permanent in nature,
such amounts are reclassified within the components of net assets.
G. Class Allocations
Income, expenses (other than class specific expenses) and realized and
unrealized gains and losses are prorated among the classes based on the rela-
tive net assets of each class. Currently, class specific expenses are limited
to expenses incurred under the Distribution Plans for the Class IS shares.
H. Organization Expenses
For each Fund, other than Select U.S. Government Fund and Select 100% Treasury
Fund, organization expenses are amortized to operations over a five-year period
on a straight-line basis. In the event any of the initial shares of the Funds
are redeemed by any holder during the five-year amortization period, redemption
proceeds will be reduced by any unamortized organization expenses in the same
proportion as the number of initial shares being redeemed bears to the number
of initial shares outstanding at the time of the redemption. Expenses relating
to the organization of Select U.S. Government Fund and Select 100% Treasury
Fund were reflected in the Funds' operating results for the Funds' initial fis-
cal year.
3. INVESTMENT ADVISORY AGREEMENT AND OTHER AFFILIATED TRANSACTIONS
First Union National Bank ("FUNB"), a subsidiary of First Union, serves as the
investment advisor to the Funds and is paid an advisory fee that is computed
daily and paid monthly based on a percentage of each Fund's average daily net
assets.
<TABLE>
<CAPTION>
Annual
Advisory Fee
------------
<S> <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>
32
<PAGE>
Combined Notes to Financial Statements (continued)
Prior to January 3, 2000, the advisory fees that were computed daily and paid
monthly based on a percentage of each Fund's average daily net assets were as
follows:
<TABLE>
<CAPTION>
Annual
Advisory Fee
------------
<S> <C>
Select Money Market Fund................................... 0.15%
Select Municipal Fund...................................... 0.15%
Select Treasury Fund....................................... 0.15%
Select U.S. Government Fund................................ 0.12%
Select 100% Treasury Fund.................................. 0.25%
</TABLE>
During the year ended February 29, 2000, the amount of investment advisory fees
waived or expenses reimbursed by the investment advisor and the impact on each
Fund's expense ratio represented as a percentage of its average net assets were
as follows:
<TABLE>
<CAPTION>
Fees Expenses % of Average
Waived Reimbursed Net Assets
-------------------------------------
<S> <C> <C> <C>
Select Treasury Fund................. $ 311,339 $ 0 0.01%
Select U.S. Government Fund.......... 42,020 21,583 0.18%
Select 100% Treasury Fund............ 1,151,773 0 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 and sub-administrator a com-
bined fee at the annual rate of 0.06% of each Fund's average daily net assets.
Prior to January 3, 2000, the administrator and sub-administrator for each
Fund, except Select U.S. Government Fund were entitled to an annual fee based
on the combined average daily net assets of all the funds administered by EIS
for which First Union or its investment advisory subsidiaries are also the in-
vestment advisors. The administration fee was calculated by applying percentage
rates, which started at 0.05% and declined to 0.01% per annum as net assets in-
creased, to the average daily net assets of the each Fund. The sub-administra-
tion fee was calculated by applying percentage rates, which started at 0.01%
and declined to 0.004% per annum as net assets increased, to the average daily
net assets of the each Fund.
During the year ended February 29, 2000, the Funds paid or accrued to EIS the
following amounts for administrative and sub-administrative services:
<TABLE>
<CAPTION>
Administration Sub-administration
Fee Fee
---------------------------------
<S> <C> <C>
Select Money Market Fund.............. $1,476,277 $201,311
Select Municipal Fund................. 266,099 54,236
Select Treasury Fund.................. 853,944 145,893
Select U.S. Government Fund........... 21,010 0
Select 100% Treasury Fund............. 133,947 28,884
</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 incurs distribution fees equal to 0.25% of the average daily net assets of
the class. Distribution Plan expenses are calculated daily and paid at least
quarterly.
33
<PAGE>
Combined Notes to Financial Statements (continued)
Each of the Distribution Plans may be terminated at any time by vote of the In-
dependent Trustees or by vote of a majority of the outstanding voting shares of
the respective class.
5. ACQUISITIONS
On July 27, 1999, the Money Market Fund acquired substantially all the assets
and assumed certain liabilities of CoreFund Liquidity Fund, a common trust fund
managed by FUNB, 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 immediately
following the conversion the combined net assets of Money Market Fund amounted
to $6,050,907,098.
On July 27, 1998, the Funds noted below acquired substantially all the assets,
and assumed certain liabilities, of the following open-end management invest-
ment companies registered under the 1940 Act, through a tax-free exchange of
shares. The acquired net assets, valued at $1.00 per share, classes of shares
exchanged and combined net assets of the acquiring fund immediately after the
acquisition were as follows:
<TABLE>
<CAPTION>
Value of Net Class of Shares Net Assets after
Acquiring Fund Acquired Fund Assets Acquired Exchanged Acquisition
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Select Money Market Fund CoreFund Elite Cash Reserve $657,769,349 Class I and IS $3,259,642,735
Select Municipal Fund CoreFund Elite Tax Free Reserve 189,948,627 Class I and IS 732,088,341
Select Treasury Fund CoreFund Elite Treasury Reserve 117,332,798 Class I and IS 2,907,379,461
</TABLE>
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>
Year Ended February 28,
-------------------------------
2000 (a) 1999
- -------------------------------------------------------------------------------
<S> <C> <C>
Class I Shares
Shares sold.................................. 23,080,631,747 9,521,437,669
Shares issued in reinvestment of
distributions............................... 45,506,484 13,413,769
Shares redeemed.............................. (22,358,544,320) (8,390,782,294)
Shares issued in connection with the
acquisition of CoreFund Elite Cash Reserve.. 0 657,746,423
CoreFund Liquidity Fund...................... 227,071,680 0
- -------------------------------------------------------------------------------
Net increase................................. 994,665,591 1,801,815,567
- -------------------------------------------------------------------------------
Class IS Shares
Shares sold.................................. 9,488,807,358 7,451,894,027
Shares issued in reinvestment of
distributions............................... 52,716,145 42,133,319
Shares redeemed.............................. (9,084,449,976) (6,466,677,330)
Shares issued in connection with the
acquisition of CoreFund Elite Cash Reserve.. 0 28,779
- -------------------------------------------------------------------------------
Net increase................................. 457,073,527 1,027,378,795
- -------------------------------------------------------------------------------
</TABLE>
Select Municipal Fund
<TABLE>
<CAPTION>
Year Ended February 28,
------------------------------
2000 (a) 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class I Shares
Shares sold................................... 1,648,538,025 2,038,312,243
Shares issued in reinvestment of
distributions................................ 1,426,361 731,373
Shares redeemed............................... (1,570,013,103) (1,813,875,532)
Shares issued in connection with the
acquisition of CoreFund Elite Tax Free
Reserve...................................... 0 189,965,707
- ------------------------------------------------------------------------------
Net increase.................................. 79,951,283 415,133,791
- ------------------------------------------------------------------------------
Class IS Shares
Shares sold................................... 481,661,684 431,276,415
Shares issued in reinvestment of
distributions................................ 2,610,095 1,274,235
Shares redeemed............................... (499,219,567) (350,351,390)
Shares issued in connection with the
acquisition of CoreFund Elite Tax Free
Reserve...................................... 0 1,789
- ------------------------------------------------------------------------------
Net increase/(decrease)....................... (14,947,788) 82,201,049
- ------------------------------------------------------------------------------
</TABLE>
34
<PAGE>
Combined Notes to Financial Statements (continued)
Select Treasury Fund
<TABLE>
<CAPTION>
Year Ended February 28,
------------------------------
2000 (a) 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class I Shares
Shares sold................................... 6,846,889,805 6,034,259,691
Shares issued in reinvestment of
distributions................................ 1,746,438 1,893,286
Shares redeemed............................... (7,224,190,116) (5,236,345,065)
Shares issued in connection with the
acquisition of CoreFund Elite Treasury
Reserve...................................... 0 5,032,720
- ------------------------------------------------------------------------------
Net increase/(decrease)....................... (375,553,873) 804,840,632
- ------------------------------------------------------------------------------
Class IS Shares
Shares sold................................... 6,422,678,694 5,500,302,900
Shares issued in reinvestment of
distributions................................ 7,789,095 8,108,739
Shares redeemed............................... (6,395,360,778) (5,153,932,210)
Shares issued in connection with the
acquisition of CoreFund Elite Treasury
Reserve...................................... 0 112,303,677
- ------------------------------------------------------------------------------
Net increase.................................. 35,107,011 466,783,106
- ------------------------------------------------------------------------------
</TABLE>
Select U.S. Government Fund
<TABLE>
<CAPTION>
Year Ended
February 29, 2000 (b)
- --------------------------------------------------------------------------------
<S> <C>
Class I Shares
Shares sold............................................... 219,746,985
Shares issued in reinvestment of distributions............ 1,066,129
Shares redeemed........................................... (82,656,382)
- --------------------------------------------------------------------------------
Net increase/............................................. 138,156,732
- --------------------------------------------------------------------------------
Class IS Shares
Shares sold............................................... 7,611
Shares issued in reinvestment of distributions............ 0
Shares redeemed........................................... 0
- --------------------------------------------------------------------------------
Net increase.............................................. 7,611
- --------------------------------------------------------------------------------
</TABLE>
Select 100% Treasury Fund
<TABLE>
<CAPTION>
Year Ended February 28,
------------------------------
2000 (a) 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class I Shares
Shares sold................................... 1,095,298,656 1,309,604,631
Shares issued in reinvestment of
distributions................................ 897,571 23,432
Shares redeemed............................... (1,289,242,604) (1,008,655,646)
- ------------------------------------------------------------------------------
Net increase/(decrease)....................... (193,046,377) 300,972,417
- ------------------------------------------------------------------------------
Class IS Shares
Shares sold................................... 679,918,651 374,076,169
Shares issued in reinvestment of
distributions................................ 313,124 42,484
Shares redeemed............................... (600,196,028) (281,199,899)
- ------------------------------------------------------------------------------
Net increase.................................. 80,035,747 92,918,754
- ------------------------------------------------------------------------------
</TABLE>
(a) Year ended February 29.
(b) 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 year ended February 29,
2000 to certain brokers who paid the Fund a negotiated lenders' fee. These fees
are included in interest income. At February 29, 2000, the value of securities
on loan and the value of collateral (including accrued interest) amounted to
$195,284,148 and $197,974,902, respectively. During the year ended February 29,
2000, the Treasury Fund earned $546,146 in income from securities lending.
On February 29, 2000, the cost of investments for federal income tax purposes
of each Fund was the same as for financial reporting purposes.
35
<PAGE>
Combined Notes to Financial Statements (continued)
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 year ended February 29, 2000, the Se-
lect Money Market Fund and Select 100% Treasury Fund incurred and elected to
defer post- October losses of $76,133 and $62,314, respectively.
8. EXPENSE REDUCTIONS
The Funds have entered into expense offset arrangements with ESC and their cus-
todian whereby credits realized as a result of uninvested cash balances were
used to reduce a portion of each Fund's related expenses. The assets deposited
with ESC and the custodian under these expense offset arrangements could have
been invested in income-producing assets. The amount of 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........................ $251,968 0.00%
Select Municipal Fund........................... 64,541 0.01%
Select Treasury Fund............................ 233,474 0.01%
Select U.S. Government Fund..................... 1,108 0.00%
Select 100% Treasury Fund....................... 23,358 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 each Fund's Trustees' fees
and expenses. Trustees will be paid either in one lump sum or in quarterly in-
stallments for up to ten years at their election.
10. FINANCING AGREEMENTS
Certain of the Evergreen Funds, State Street Bank and Trust Company ("State
Street") and The Bank of New York ("BONY") entered into an amended financing
agreement on December 22, 1998. Under this agreement, State Street and BONY
provided an unsecured credit facility in the aggregate amount of $150 million
($125 million committed and $25 million uncommitted). The credit facility was
allocated, under the terms of the financing agreement between State Street and
BONY. The credit facility was accessed by the Funds for temporary or emergency
purposes only and was subject to each Fund's borrowing restrictions. Borrowings
under this facility bore interest at 0.50% per annum above the Federal Funds
rate. A commitment fee of 0.065% per annum was incurred on the unused portion
of the committed facility, which was allocated to all funds. State Street
served as administrative agent and was entitled to a fee of $20,000 per annum
which was allocated to all of the funds. This agreement was terminated on July
27, 1999.
36
<PAGE>
Combined Notes to Financial Statements (continued)
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
provide an unsecured revolving credit commitment in the aggregate amount of
$1.050 billion. The credit facility is allocated, under the terms of the fi-
nancing agreement, among the Lenders. The credit facility is accessed by the
Funds for temporary or emergency purposes to fund the redemption of their
shares or for general working capital purposes as permitted by each Fund's bor-
rowing restrictions. Borrowings under this facility bear 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 is incurred on the
average daily unused portion of the revolving credit commitment. The commitment
fee is allocated to all funds. For its assistance in arranging this financing
agreement, First Union Capital Markets Corp. was paid a one-time arrangement
fee of $250,000. State Street serves as paying agent for the funds and as pay-
ing agent is entitled to a fee of $20,000 per annum which is allocated to all
the funds.
During the year ended February 29, 2000, the Funds had no borrowings under
these agreements.
11. CHANGE IN INDEPENDENT AUDITORS (unaudited)
Based on the recommendation of the Audit Committee of the Funds, the Board of
Trustees has determined not to retain PricewaterhouseCoopers LLP as independent
auditors for the Funds and voted to appoint KPMG LLP for the Funds' fiscal year
ended February 29, 2000. During the two previous fiscal years,
PricewaterhouseCoopers LLP audit reports contained no adverse opinion or dis-
claimer of opinion; nor were its reports qualified or modified as to uncertain-
ty, audit scope or accounting principle. Further, in connection with its audits
for the two most recent fiscal years and through June 18, 1999, there were no
disagreements between the Funds and PricewaterhouseCoopers LLP on any matter or
accounting principles or practices, financial statement disclosure or auditing
scope or procedure, which if not resolved to the satisfaction of
PricewaterhouseCoopers LLP would have caused it to make reference to the disa-
greements in its report on the financial statements for such years.
37
<PAGE>
Independent Auditors' Report
The Board of Trustees and Shareholders
Evergreen Select Money Market Trust
We have audited the accompanying statements of assets and liabilities, includ-
ing the schedules of investments of the Evergreen Select Money Market Fund, Ev-
ergreen Select Municipal Money Market Fund, Evergreen Select Treasury Money
Market Fund, and Evergreen Select 100% Treasury Money Market Fund, portfolios
of the Evergreen Select Money Market Trust, as of February 29, 2000, the re-
lated statements of operations, statements of changes in net assets and finan-
cial highlights for the year then ended. We also audited the accompanying
statements of assets and liabilities, including the schedule of investments, of
the Evergreen Select U.S. Government Money Market Fund, also a portfolio of the
Evergreen Select Money Market Trust, as of February 29, 2000 and the related
statements of operations, changes in net assets and financial highlights for
the period from October 1, 1999 (commencement of operations) to February 29,
2000. These financial statements and financial highlights are the responsibil-
ity of the Funds' management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits. For
the Evergreen Select Money Market Fund, Evergreen Select Municipal Money Market
Fund, Evergreen Select Treasury Money Market Fund, and Evergreen Select 100%
Treasury Money Market Fund the statements of changes in net assets for the year
ended February 28, 1999 and the financial highlights for the years or periods
in the three year period then ended were audited by other auditors, whose re-
port dated April 12, 1999 expressed an unqualified opinion on those financial
statements and financial highlights.
We conducted our audits in accordance with generally accepted auditing stan-
dards. Those standards require that we plan and perform our audit to obtain
reasonable assurance about whether the financial statements and financial high-
lights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of Feb-
ruary 29, 2000 by correspondence with the custodian. An audit also includes as-
sessing the accounting principles used and significant estimates made by man-
agement, as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the portfolios of the Evergreen Select Money Market Trust as of February 29,
2000, the results of their operations, changes in their net assets and finan-
cial highlights for each of the years or periods described above in conformity
with generally accepted accounting principles.
/s/KPMG LLP
Boston, Massachusetts
April 7, 2000
38
<PAGE>
Additional Information (unaudited)
FEDERAL STATUS OF DIVIDENDS
100% of the dividends distributed by the Select Municipal Money Market Fund for
the year ended February 29, 2000 are exempt from federal income tax, other than
alternative minimum tax.
39
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Evergreen Select Funds*
Money Market
Money Market Fund
Treasury Money Market Fund
100% Treasury Money Market Fund
Municipal Money Market Fund
U.S. Government Money Market Fund
Municipal Fixed
Income
Intermediate Term Municipal Bond Fund
Taxable Fixed
Income
International Bond Fund
Total Return Bond Fund
Income Plus Fund
Core Bond Fund
Fixed Income Fund
Adjustable Rate Fund
Limited Duration Fund
Growth and Income/
Balanced
Equity Income Fund
Balanced Fund
Growth
Special Equity Fund
Small Cap Growth Fund
Small Company Value Fund
Secular Growth Fund
Strategic Growth Fund
Core Equity Fund
Equity Index Fund
Large Cap Blend Fund
Strategic Value Fund
Diversified Value Fund
Social Principles
* Minimum investment in an Evergreen Select Fund is $1,000,000.
78137 540713 4/2000
PRSRT STD
U.S. POSTAGE
PAID
[LOGO OF EVERGREEN FUNDS(SM)] HUDSON, MA
PERMIT NO. 19
200 Berkeley Street
Boston, MA 02116
