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Previous: EVERGREEN INVESTMENT TRUST, 497, 1995-10-11 |
Next: EVERGREEN INVESTMENT TRUST, 497, 1995-10-11 |
STATEMENT OF ADDITIONAL INFORMATION DATED SEPTEMBER 25, 1995
Acquisition of the Assets of
FFB DIVERSIFIED INTERNATIONAL GROWTH FUND
OF
FFB FUNDS TRUST
237 Park Avenue
New York, New York 10017
1-800-437-8790
By and in Exchange for Shares of
EVERGREEN INTERNATIONAL EQUITY FUND
OF
EVERGREEN INVESTMENT TRUST
2500 Westchester Avenue
Purchase, NY 10577
1-800-807-2940
This Statement of Additional Information, relating specifically to the
proposed transfer of the assets of the FFB Diversified International Growth
Fund, a series of FFB Funds Trust, in exchange for Class Y shares of Evergreen
International Equity Fund, a series of Evergreen Investment Trust, and the
assumption by Evergreen International Equity Fund of certain identified
liabilities of the FFB Diversified International Growth Fund, is not a
prospectus. A Prospectus/Proxy Statement dated September 25, 1995 relating to
the above-referenced matter may be obtained from Evergreen International Equity
Fund, 2500 Westchester Avenue, Purchase, New York 10577 or by calling toll-free
1-800-807-2940. This Statement of Additional Information relates to and should
be read in conjunction with such Prospectus/Proxy Statement.
This Statement of Additional Information incorporates by reference the
following documents, a copy of each of which accompanies this Statement of
Additional Information:
1. The Prospectus of the Evergreen International Equity
Fund dated July 7, 1995.
2. The Statement of Additional Information of the
Evergreen International Equity Fund dated July 7, 1995.
3. The Annual Report of the First Union International
Equity Fund (now known as Evergreen International
Equity Fund) dated December 31, 1994.
<PAGE>
4. The Semi-Annual Report of the First Union International
Equity Fund (now known as Evergreen International
Equity Fund) dated June 30, 1995.
5. The Prospectus of the FFB Diversified International
Growth Fund dated March 1, 1995.
6. The Statement of Additional Information of the FFB
Diversified International Growth Fund dated March 1,
1995.
The following pro forma financial information relates to the FFB
Diversified International Growth Fund and the Evergreen
International Equity Fund:
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
EVERGREEN INTERNATIONAL FFB DIVERSIFIED
EQUITY FUND INTERNATIONAL GROWTH FUND PRO FORMA COMBINED
June 30, 1995 June 30, 1995
SECURITY DESCRIPTION % Shares Value Shares Value Adjustments Shares Value
<C> <C> <C> <C> <C> <C> <C>
COMMON STOCK 82.2%
ARGENTINA 0.7%
BANCO GALICIA Y BUENOS AIRES 11,100 $ 44,400 11,100 $ 44,400
CIA NAVIERZ PEREZ COMPANY 12,530 108,009 12,530 108,009
INVERSIONES Y REPRESENT 2,100 48,825 2,100 48,825
MOLINOS RIO DE LA PLATA 8,500 48,535 8,500 48,535
TELEFONICA DE ARGENTINA 4,600 113,850 4,600 113,850
TPF SOCIEDAD ANONI ADR 5,800 109,475 5,800 109,475
TOTAL ARGENTINA 473,094 473,094
AUSTRALIA 2.9%
ADELAIDE BRIGHTON LIMITED 111,800 104,887 111,800 104,887
AMPOLEX LTD. 50,900 115,764 50,900 115,764
AUSTRALIAN AND NEW ZEALAND BANK GROUP 54,400 193,319 54,400 193,319
CALTEX AUSTRALIA 115,900 331,967 115,900 331,967
COMMONWEALTH BANK OF AUSTRALIA 22,200 147,211 22,200 147,211
CSR LIMITED 17,900 55,977 17,900 55,977
DOMINION MINING 246,500 45,551 246,500 45,551
GENERAL PROP TRUST 146,600 247,981 146,600 247,981
GOODMAN FIELDERLT 59,900 49,810 59,900 49,810
HARDIE (JAMES) INDS 39,100 61,693 39,100 61,693
NEWS CORPORATION 13,750 68,115 13,750 68,115
NORMANDY MINING LTD 6,600 8,162 6,600 8,162
PANCONTINENTAL MNG 45,500 61,443 45,500 61,443
PIONEER INTERNATIONAL LTD 33,000 82,090 33,000 82,090
PUBLISHING AND BROADCASTING 700 2,060 700 2,060
SCHRODERS PTY FUND 55,400 84,655 55,400 84,655
WESTFIELD TRUST 59,800 104,554 59,800 104,554
WESTPAC BANK CORP. 66,300 239,849 66,300 239,849
TOTAL AUSTRALIA 2,005,087 2,005,087
AUSTRIA 0.9%
BK AUSTRIA AG 1,000 83,273 1,000 83,273
CREDITANSTALT BANK 3,050 179,984 3,050 179,984
OMV AG 3,200 369,446 3,200 369,446
TOTAL AUSTRIA 632,703 632,703
BELGIUM 1.7%
ARBED SA 1,667 243,593 1,667 243,593
BANQUE NATIONALE DE BELGIQUE 200 272,359 200 272,359
ELECTRABEL SA 235 49,952 235 49,952
GENERALA DE BANQUE 262 85,105 262 85,105
GIB HOLDINGS LTD 1,460 69,159 1,460 69,159
SOCIETE GENERALA DE BELGIQUE 5,434 388,416 5,434 388,416
SOLVAY SA - A 90 49,411 90 49,411
TOTAL BELGIUM 904,368 253,627 1,157,995
BRAZIL 0.6%
CIA PAULISTA DE FORCA E LUZ 2,220,000 111,181 2,220,000 111,181
TELECOMUNICACOES BRASILEIRAS SA 6,916 234,937 6,916 234,937
TOTAL BRAZIL 346,118 346,118
COLUMBIA 0.5%
CARULLA SA 10,300 185,400 10,300 185,400
NEW CASTLE DE TOYSRUS 4.25% 2/1/14 7,100 207,675 7,100 207,675
TOTAL COLUMBIA 393,075 393,075
DENMARK 1.3%
DEN DANSKE BANK 9,650 606,311 9,650 606,311
UNIDANMARK 5,900 289,779 5,900 289,779
TOTAL DENMARK 896,090 896,090
FINLAND 1.8%
ENSO GUTZEIT OY 6,300 57,076 6,300 57,076
ENSO-GUTZEIT "R" 13,800 126,252 13,800 126,252
FINNAIR OY 12,500 85,036 12,500 85,036
KANSALLIS YMTYMA 294,180 320,232 294,180 320,232
UNITAS 140,300 453,248 140,300 453,248
VALMET 4,000 89,141 4,000 89,141
WERNER SODERSTROM 1,000 93,833 1,000 93,833
TOTAL FINLAND 830,556 394,262 1,224,818
FRANCE 6.4%
ALCATEL ALSTHOM 1,400 126,287 1,400 126,287
AXA 2,695 145,817 2,695 145,817
BANQUES NATIONAL DE PARIS 2,950 142,242 4,820 232,922 7,770 375,164
C.S.F. (THOMPSON) 6,750 151,190 6,750 151,190
CARREFOUR SUPERMARCHE 275 141,126 275 141,126
CHRISTIAN DIOR 883 77,729 883 77,729
CIE DE SUEZ 814,761 814,761
CIE FIN PARIBAS 3,100 186,268 3,100 186,268
CIE GENERALE DES EAUX 1,425 158,912 1,425 158,912
COMPAGNIE BANCAIRE 1,276 152,499 1,276 152,499
CREDIT LYONNAIS 2,350 135,296 2,350 135,296
ELF AQUITAINE 2,130 157,695 2,130 157,695
ERINDANIA BEGHIN SA 400 61,653 400 61,653
EURAFRANCE 473 155,975 473 155,975
GAN GRP 4,650 147,462 4,650 147,462
GAZ ET EAUX 102 39,724 102 39,724
GROUPE DANONE 690 116,275 690 116,275
LAGARGE-COPPEE 2,480 193,184 2,480 193,184
LVMH MOET HENNESSY LOUIS 333 59,903 333 59,903
PEUGOT SA 1,700 235,751 1,700 235,751
PSA PEUGEOT CITROEN 1,150 159,831 1,150 159,831
ROUSSEL-UCLAFF 610 95,362 610 95,362
SOCIETE ELF AQUITAINE 4,100 302,875 4,100 302,875
SOCIETE GENERALE 1,800 210,303 1,800 210,303
TOTAL 1,000 60,169 1,000 60,169
TOTAL FRANCE 2,933,800 1,527,411 4,461,211
GERMANY 5.3%
ALLIANZ AG HOLDING 39 69,607 39 69,607
ALLIANZ AG HOLDINGS RIGHTS 9 670 9 670
BANKGESELLSCHAFT BERLIN 460 121,691 460 121,691
BASF AG 1,830 390,735 1,830 390,735
BAYER AG 870 216,321 345 85,826 1,215 302,147
BAYER VEREINSBK 1,750 530,629 1,750 530,629
BAYERISCHE MOTOREN WERKE 80 43,969 80 43,969
BERLINER KRAFT AND LIGHT 2,160 532,389 2,160 532,389
BHF BANK 1,140 299,111 1,140 299,111
BREMER VULKAN VERBUNDAG 1,510 87,315 1,510 87,315
COMMERZBANK AG 1,380 329,963 580 138,750 1,960 468,713
DRESDNER BANK AG 2,100 60,716 2,100 60,716
GEA AG 200 70,546 200 70,546
KARSTADT AG 200 87,793 200 87,793
MANNESMANN AG 415 126,649 415 126,649
MUENCHENER RUECKVER AG 35 76,439 35 76,439
SIEMENS AG 285 141,490 285 141,490
VEBA AG 310 121,731 310 121,731
VOLKSWAGON AG 530 153,043 530 153,043
TOTAL GERMANY 2,792,459 892,924 3,685,383
GREAT BRITAIN 8.4%
3I GROUP 28,800 167,193 28,800 167,193
ABBEY NATIONAL PLC 18,000 134,279 18,000 134,279
ANGLIAN WATER 9,900 78,887 9,900 78,887
BAA 22,300 174,888 22,300 174,888
BASS 14,300 136,806 14,300 136,806
BAT INDUSTRIES 1,000 7,666 1,000 7,666
BOOTS COMPANY PLC 16,600 134,155 16,600 134,155
BRITISH LAND CO. 20,160 128,098 20,160 128,098
BRITISH PETROLEUM 4,900 35,110 23,200 166,599 28,100 201,709
BRITISH SKY BROADCASTING 31,300 136,955 31,300 136,955
BRITISH STEEL 127,000 346,924 127,000 346,924
BRITISH TELECOM 41,000 258,119 22,800 142,466 63,800 400,585
BTR 29,300 149,221 29,300 149,221
FORTE 80,200 290,195 80,200 290,195
GENERAL ACCIDENT 27,600 252,851 27,600 252,851
GUINESS PLC 17,700 133,452 17,700 133,452
HSBC HOLDINGS 10,200 131,941 10,200 131,941
LADBROKE GROUP 40,800 109,668 40,800 109,668
LAND SECURITIES 45,900 443,864 45,900 443,864
LLOYDS BANK PLC 12,700 126,322 12,700 126,322
MEPC 14,700 89,430 14,700 89,430
PILKINGTON PLC 47,000 130,732 47,000 130,732
ROYAL INSURANCE 24,900 122,375 24,900 122,375
RTZ CORP. PLC- REG 9,500 124,173 9,500 124,173
SCOTTISH POWER PLC 25,300 130,664 25,300 130,664
SEVERN TRENT 23,200 199,996 23,200 199,996
SHELL TRANSPORTATION AND TRADING 10,700 127,893 10,700 127,893
SOUTHERN WATER 10,600 101,577 10,600 101,577
SUN ALLIANCE GROUP 26,400 140,974 26,400 140,974
TESCO 14,700 67,803 38,600 178,433 53,300 246,236
THAMES WATER 18,200 137,643 18,200 137,643
WHITEBREAD 23,700 226,169 23,700 226,169
ZENECA GROUP 23,900 404,588 23,900 404,588
TOTAL GREAT BRITAIN 3,328,267 374,800 2,539,842 5,868,109
HONG KONG 4.3%
AMOY PROPERTIES 65,000 57,123 65,000 57,123
CHINESE ESTATE HOLDINGS 134,000 96,114 134,000 96,114
GREAT EAGLE HOLDINGS 78,200 166,755 78,200 166,755
HANG SENG BANK 27,900 212,784 27,900 212,784
HARBOUR CENTRE DEV 38,000 40,761 38,000 40,761
HONG KONG & SHANG HOTEL 131,000 161,682 131,000 161,682
HOPEWELL HOLDINGS 59,000 49,944 59,000 49,944
HUTCHINSON WHAMPOA 43,000 207,885 43,000 207,885
HYSAN DEVELOPMENT 120,000 274,500 120,000 274,500
MIRAMAR HOTEL & INV 52,000 106,181 52,000 106,181
NEW WORLD DEVELOPMENT 55,000 183,032 55,000 183,032
REGAL HOTELS INTERNATIONAL 130,000 25,705 130,000 25,705
SUN HUNG KAI PROPERTIES 30,000 222,014 30,000 222,014
SWIRE PACIFIC LTD 17,500 133,438 29,500 224,987 47,000 358,425
WHARF HOLDINGS 118,000 385,063 118,000 385,063
WHEELOOCK & CO. 289,000 479,942 289,000 479,942
TOTAL HONG KONG 2,160,240 867,671 3,027,911
INDIA 1.2%
BAJAJ AUTO LIMITED 4,100 117,363 4,100 117,363
EAST INDIA HOTELS 2,450 39,200 2,450 39,200
HINDALCO INDUSTRIES 2,750 81,125 2,750 81,125
INDIAN RAYON & INDS 8,650 126,550 8,650 126,550
LARSEN & TOUBRO LTD. 9,100 179,088 9,100 179,088
RELIANCE INDUSTRIES 10,800 199,800 10,800 199,800
TATA ENGINEERING & LOCOM. 6,300 124,425 6,300 124,425
TOTAL INDIA 44,150 867,550 44,150 867,550
INDONESIA 1.0%
PT ASTRA INTERNATIONAL 51,500 91,365 51,500 91,365
PT BANK INTL INDONESIA 42,500 131,232 42,500 131,232
PT INDAH KIAT PULP & PAPER 94,000 139,322 94,000 139,322
PT INDOFOOD SUKES MAKMUR 32,000 137,974 32,000 137,974
PT SEMEN GRESEK 26,000 174,579 26,000 174,579
TOTAL INDONESIA 246,000 674,472 246,000 674,472
IRELAND 1.5%
ALLIED IRISH BANK 10,601 50,103 10,601 50,103
BANK OF IRELAND 69,000 394,852 9,300 53,423 78,300 448,275
CREAN (JAMES) 45,200 164,801 45,200 164,801
CRH PLC 11,700 78,539 11,700 78,539
KERRY GROUP PLC-A 5,900 39,218 5,900 39,218
SMURFIT (JEFFERSON) 64,400 194,794 12,800 38,865 77,200 233,659
TOTAL IRELAND 754,447 260,148 1,014,595
ITALY 1.8%
BCO DI ROMA 438,500 401,175 438,500 401,175
CIR COMPAGNIE INDUSTRIES 156,300 75,135 156,300 75,135
COFIDE 183,400 63,454 183,400 63,454
CREDITO ITALIANO 145,100 167,921 64,000 74,686 209,100 242,607
FIAT SPA 12,000 42,349 12,000 42,349
FINNECCANICA SPA 128,700 80,940 128,700 80,940
GAIC 78,300 23,447 78,300 23,447
GRASSETTO SPA 65,100 32,371 65,100 32,371
MONTEFIBRE 70,000 39,008 70,000 39,008
PARMALAT FINANZIARIA SPA 66,500 57,349 66,500 57,349
RINASCENTE 11,000 62,535 11,000 62,535
STET-SOCIETA FINANZ. STEIM 45,500 125,925 45,500 125,925
TOTAL ITALY 883,451 362,843 1,246,294
JAPAN 19.6%
AIDA ENGINEERING 6,000 40,825 6,000 40,825
AISIN SEIKO CO. 8,000 91,321 8,000 91,321
AMADA CO. 17,000 145,342 17,000 145,342
AOKI CORP. 22,000 79,906 22,000 79,906
ASAHI DENKA KOGYO 21,000 174,835 21,000 174,835
CHUBU ELECTRICAL POWER 6,000 164,151 6,000 164,151
CHUGOKU BANK 3,000 55,896 3,000 55,896
DAICEL CHEMICAL INDUSTRIES 13,000 66,533 13,000 66,533
DAIWA SECURITIES CO. 25,000 264,028 25,000 264,028
FUJI PHOTO FILM CO. 19,000 450,354 19,000 450,354
FUJISAWA PHARMECEUTICAL 42,000 440,591 42,000 440,591
FUJISTI 26,000 259,080 26,000 259,080
GAKKEN CO. 11,000 67,583 11,000 67,583
HANWA CO. 18,000 47,123 18,000 47,123
HASEKO CORP. 38,000 179,245 38,000 179,245
HITACHI 75,000 737,340 28,000 279,504 103,000 1,016,844
HITACHI MAXELL 7,000 98,231 7,000 98,231
HOKKAIDO BANK 36,000 127,358 36,000 127,358
HOKKAIDO TAKUSHOKO BANK 46,000 125,849 46,000 125,849
HONDA MOTOR CORP. 11,000 168,632 11,000 168,632
HYOGO BANK 20,000 37,972 20,000 37,972
INAX CORP. 9,000 86,710 9,000 86,710
KAO CORP. 11,000 132,546 11,000 132,546
KOMATSU 9,000 68,667 9,000 68,667
KOYO SEIKO CO. 7,000 52,005 7,000 52,005
KUMAGAI GUMI CORP. 53,000 221,875 53,000 221,875
MARUBENI CORP. 9,000 45,743 9,000 45,743
MARUDAI FOOD CO. 21,000 140,413 21,000 140,413
MATSUSHITA ELECTRIC INDUSTRIES 41,000 638,208 41,000 638,208
MATSUSHITA ELECTRIC WORKS 21,000 226,745 21,000 226,745
MAZDA MOTOR CORP. 18,000 63,255 59,000 207,703 77,000 270,958
MITSUBISHI CHEMICAL CORP. 57,000 244,430 57,000 244,430
MITSUBISHI ELECTRIC CORP. 29,000 203,821 29,000 203,821
MITSUBISHI TRUST BANK 6,000 55,189 6,000 55,189
MITSUI ENGINEER & SHIPBUILDING 85,000 184,761 85,000 184,761
MITSUI FUDOSAN 21,000 240,886 21,000 240,886
NICHIEI CO. 25,000 100,236 25,000 100,236
NIPPON OIL CO. 46,000 289,127 46,000 289,127
NIPPON TELEGRAPH & TEL CORP. 26 218,074 26 218,074
NISSAN MOTOR CO. 67,000 428,231 67,000 428,231
NISSINBO INDUSTRIES, INC. 17,000 134,116 17,000 134,116
NKK CORPORATION 102,000 239,787 102,000 239,787
NOMURA SECURITIES 14,000 244,340 14,000 244,340
OBAYASHI CORP 34,000 261,878 34,000 261,878
RENOWN, INC. 36,000 106,132 36,000 106,132
RICOH CO. 5,000 42,925 5,000 42,925
ROYAL CO. 7,000 97,406 7,000 97,406
SANWA BANK 8,000 151,211 8,000 151,211
SANYO ELECTRIC C0. 25,000 122,936 25,000 122,936
SEINO TRANSPORTATION 6,000 101,179 6,000 101,179
SEKISUI HOUSE 27,000 344,316 27,000 344,316
SETTSU CORP. 24,000 73,585 24,000 73,585
SHISEIDO CO. 28,000 315,330 28,000 315,330
SONY CORP. 8,000 383,962 8,000 383,962
SUMITOMO BANK 12,000 208,387 12,000 208,387
SUMITOMO CORP. 26,000 236,698 26,000 236,698
SUMITOMO METAL INDUSTRIES 35,000 91,215 20,000 147,903 55,000 239,118
SUMITOMO REALTY & DEVELOPMENT 18,000 107,406 18,000 107,406
SUMITOMO TRUST & BANKING 19,000 231,187 19,000 231,187
TAKASHIMAYA CO 16,000 215,475 16,000 215,475
TDK CORP 1,000 45,519 6,000 273,597 7,000 319,116
TOKAI BANK 15,000 166,274 15,000 166,274
TOKYO ELECTRIC POWER 3,800 116,716 3,800 116,716
TOKYO STEEL MFG 11,600 198,701 11,600 198,701
TOKYU CORP. 36,000 231,353 36,000 231,353
TOYOTA MOTOR CORP. 28,000 554,717 28,000 554,717
YAMAICHI SECURITIES CO. 40,000 214,151 40,000 214,151
YASUDA TRUST & BANKING CO. 8,000 52,358 8,000 52,358
TOTAL JAPAN 8,945,728 4,715,464 13,661,192
MALAYSIA 4.9%
AOKAM PERDANA BERHAD 25,000 62,056 25,000 62,056
BERJAYA GROUP BERHAD 83,000 72,840 83,000 72,840
FABER GROUP BERHAD 93,000 89,625 93,000 89,625
GOLDEN HOPE PLANTS 86,000 157,999 86,000 157,999
HIGHLANDS & LOWLANDS BERHAD 43,000 82,526 43,000 82,526
KUALA LUMPUR KEPG 47,000 149,375 47,000 149,375
LAND & GENERAL HOLDINGS 49,000 163,849 49,000 163,849
MALAY AIRLINE SYSTEMS TRANS.- SHIPPING 108,000 365,389 108,000 365,389
MALAYAN BANKING BERHAD 26,000 205,883 26,000 205,883
MALAYAN UNITED INDUSTRIES 64,000 110,232 64,000 110,232
MALAYSIA MINING CORP. BERHAD 88,000 159,508 88,000 159,508
MALAYSIAN INTERNATIONAL SHIPPING UTILITIES 39,000 114,353 39,000 114,353
MALAYSIAN MOSAICS 14,000 19,405 14,000 19,405
PERLIS PLANTATIONS 46,000 152,799 46,000 152,799
RENONG BERHAD 146,000 271,823 146,000 271,823
ROAD BUILDER HOLDINGS BERHAD 53,000 176,138 53,000 176,138
SIME DARBY BERHAD 20,000 55,772 20,000 55,772
TECHNOLOGY RESOURCES INDUSTRY 42,000 120,625 42,000 120,625
TELEKOM MALAYSIA 27,000 204,940 27,000 204,940
TELEKOM MALAYSIA BERHAD TRANS. - AIRLINE 3,000 22,760 3,000 22,760
TENAGA NASIONAL 111,000 452,922 111,000 452,922
UNITED ENGINEERS BERHAD 28,000 178,066 28,000 178,066
TOTAL MALAYSIA 2,277,328 1,111,558 3,388,886
MEXICO 0.5%
CIFRA SA SER. B 54,000 75,115 54,000 75,115
GRUPO MEXICO S.A. SER. B 5,500 27,015 5,500 27,015
GRUPO TELEVISA S.A. 2,700 55,013 2,700 55,013
KIMBERLY-CLARK DE MEXICO 4,300 49,271 4,300 49,271
TELEFONOS DE MEXICO 3,600 106,650 3,600 106,650
VITRO SOCIEDAD ANONIMA 3,200 27,600 3,200 27,600
TOTAL MEXICO 340,664 340,664
NETHERLANDS 2.4%
ABN-AMRO HOLDINGS NV INSURANCE 18,650 719,761 1,660 64,168 20,310 783,929
AKZO NOBEL 680 81,407 680 81,407
ELSEVIER NV 7,200 85,171 7,200 85,171
FORTIS AMEV NV 1,500 81,933 1,500 81,933
INTERNATIONAL NEDERLANDE 5,050 279,306 5,050 279,306
KONINKLIJKE AHOLD NV 2,420 86,820 2,420 86,820
PHILIPS ELECTRIC 2,030 86,081 2,030 86,081
POLYGRAM NV 1,220 72,159 1,220 72,159
ROYAL PTT NEDERLAND NV 2,410 86,772 2,410 86,772
VNU-VER NED UITGEV 500 59,955 500 59,955
TOTAL NETHERLANDS 999,067 704,466 1,703,533
NEW ZEALAND 0.7%
CARTER HOLT HARVEY LTD. 49,450 363,902 49,450 363,902
FLETCHER CHALLENGE MULIT-INDUSTRY 129,900 120,718 129,900 120,718
TOTAL NEW ZEALAND 484,620 484,620
NORWAY 1.7%
AHER AS 14,120 189,107 14,120 189,107
DEN NORSKE BANKE 35,600 96,004 35,600 96,004
HAFSLUND NYC AS B 4,500 104,173 4,500 104,173
KVAERNER 1,680 76,964 1,680 76,964
NORSKE SKOGSINDUST MULTI-INDUSTRY 8,400 294,545 8,400 294,545
ORKLA A/S 6,920 310,052 6,920 310,052
SAGA PETROLEUM 7,500 106,610 7,500 106,610
TOTAL NORWAY 793,704 383,751 1,177,455
PAKISTAN 0.4%
DEWAN SALMAN FIBRE 19,300 63,483 19,300 63,483
DG KAHN CEMENT 27,000 38,093 27,000 38,093
FAUJI FERTILIZER 23,000 45,243 23,000 45,243
HUB POWER CO-GDR 2,700 39,501 2,700 39,501
PAKISTAN STATE OIL 6,000 72,557 6,000 72,557
TOTAL PAKISTAN 258,877 258,877
SINGAPORE 3.6%
AURIC PACIFIC GP 80,000 127,221 80,000 127,221
CEREBOS PACIFIC LTD 6,000 35,206 6,000 35,206
CHUAN HUP HOLDINGS 264,000 215,587 264,000 215,587
CITY DEVELOPMENTS 18,000 110,125 18,000 110,125
DBS LAND 34,000 106,562 34,000 106,562
DEVELOPMENT BANK OF SINGAPORE 6,000 68,338 6,000 68,338
FRASER & NEAVE 19,000 219,126 19,000 219,126
PARKWAY HOLDINGS 43,000 104,112 43,000 104,112
PRIMA 30,000 111,748 30,000 111,748
SINGAPORE AIRLINES LTD 24,000 221,777 7,000 64,615 31,000 286,392
SINGAPORE LAND 53,000 347,385 53,000 347,385
STRAITS STEAMSHIP LAND 45,000 156,017 45,000 156,017
TIMES PUBLISHING 52,000 128,883 52,000 128,883
UNITED O/S BANK-FOREIGN 10,800 102,011 10,800 102,011
UTD INDUSTRIAL CP 312,000 301,719 312,000 301,719
WBL CORP. LTD. 49,000 110,215 49,000 110,215
TOTAL SINGAPORE 2,112,128 418,519 2,530,647
SOUTH AFRICA 0.5%
AMALGAMATED BANKS OF SOUTH AFRICA 9,200 35,034 9,200 35,034
BARLOW LIMITED 6,200 63,926 6,200 63,926
DE BEERS-CENTENARY LINKED 3,000 79,186 3,000 79,186
G.C. SMITH LIMITED 9,800 55,238 9,800 55,238
GENERAL MINING UNION 19,600 67,363 19,600 67,363
SOUTH AFRICAN BREWERIES LTD 2,100 60,338 2,100 60,338
TOTAL SOUTH AFRICA 361,086 361,086
SOUTH KOREA 0.6%
KOREA FUND 21,000 412,125 21,000 412,125
TOTAL SOUTH KOREA 412,125 412,125
SPAIN 2.6%
ARGENTARIA CORP BC 1,700 62,919 1,700 62,919
AUMAR (AUT DEL MAR) 6,900 82,462 6,900 82,462
BANCA POPULAR ESPANA 800 119,097 800 119,097
EMPRESA NAC DE ELEC 1,921 95,009 1,921 95,009
FUERZAS ELECTRIC CATAL 32,900 191,418 32,900 191,418
IBERDROLA SA 38,400 289,428 8,600 64,868 47,000 354,296
REPSOL SA 3,600 113,440 3,600 113,440
SEVILLANA DE ELECTRICIDAD 49,700 306,004 49,700 306,004
TELEFONICA DE ESPANA SA 16,200 208,860 16,200 208,860
UNION ELECTRIC FENOSA 49,900 234,241 49,900 234,241
URALITA SA 6,200 74,866 6,200 74,866
TOTAL SPAIN 1,229,951 612,660 1,842,611
SWEDEN 1.8%
MO OCH DOMSJO AB 2,550 147,142 2,550 147,142
SKAND ENSKILDA BANKING 16,950 88,131 16,950 88,131
STORA KOPPARBERGS, SERIES A 8,250 111,778 8,250 111,778
STORA KOPPARBERGS, SERIES B 11,500 154,230 11,500 154,230
SVENSKA CELLULOSA AB-SCA 16,350 303,611 16,350 303,611
SVENSKA HANDELSBK, SERIES A 5,900 83,184 5,900 83,184
SVENSKA HANDELSBK, SERIES B 10,200 152,228 10,200 152,228
SYDKRAFT AB, SERIES A 8,750 137,208 8,750 137,208
SYDKRAFT AB, SERIES C 5,900 79,938 5,900 79,938
TOTAL SWEDEN 1,257,450 1,257,450
SWITZERLAND 2.1%
BALOISE HOLDINGS 95 216,471 95 216,471
RIETER HOLDINGS AG 375 112,305 375 112,305
SCHWEIZERISCHE BANKGESELLSCH 110 113,915 110 113,915
SCHWEIZERISCHE BANKVEREIN 690 244,375 690 244,375
WINTERHUR 200 120,139 200 120,139
ZURICH VERSICHERUN BR 350 439,627 350 439,627
ZURICH VERSICHERUN REG 180 226,094 180 226,094
TOTAL SWITZERLAND 1,472,926 1,472,926
THAILAND 0.3%
BANGKOK BANK 4,000 44,075 4,000 44,075
IND FIN THAILAND 17,000 44,764 17,000 44,764
KRUNG THAI BANK PUB 17,000 68,868 17,000 68,868
THAI FARMERS BANK CO 4,300 41,110 4,300 41,110
TOTAL THAILAND 198,817 198,817
VENEZUELA 0.3%
CORIMON SA ADR 11,400 74,100 11,400 74,100
MAVESA-ADR 31,095 85,511 31,095 85,511
SIDER VENEZOLANA 53,400 80,100 53,400 80,100
TOTAL VENEZUELA 239,711 239,711
TOTAL COMMON STOCK 37,694,370 19,610,737 57,305,107
PREFERRED STOCK 3.6%
AUSTRALIA 0.6%
NEWS CORPORATION LIMITED 55,100 307,808 55,100 307,808
PUBLISHING & BROADCASTING 44,900 132,434 44,900 132,434
TOTAL AUSTRALIA 440,242 440,242
AUSTRIA 0.4%
CREDITANSTALT BANK 4,150 239,349 4,150 239,349
MBIA AG 200 8,759 200 8,759
TOTAL AUSTRIA 248,108 248,108
BELGIUM 0.1%
COCKERILL SAMBRE 12,432 79,232 12,432 79,232
TOTAL BELGIUM 79,232 79,232
BRAZIL 1.5%
ARACRUZ CELULOSE SA 58,469 136,565 58,469 136,565
BANCO ITAU SA 450,000 136,882 450,000 136,882
CENTRAIS ELECTRICAS 1,166,000 310,342 1,166,000 310,342
CIA VALE DO RIO DOCE 1,173,000 177,129 1,173,000 177,129
PARANAPANEMA SA 8,629,000 158,894 8,629,000 158,894
USINAS SIDER MINAS GERAIS 111,000,000 125,410 111,000,000 125,410
TOTAL BRAZIL 1,045,222 1,045,222
COLUMBIA 0.3%
BANCO GANADERO "C" 8,400 175,475 8,400 175,475
TOTAL COLUMBIA 8,400 175,475 8,400 175,475
GERMANY 0.7%
VOLKSWAGON AG 1,550 341,706 1,550 341,706
GEA AG 550 176,509 550 176,509
TOTAL GERMANY 518,215 518,215
ITALY 0.0%
ALITALIA LINEE AEREE ITALY 103,456 34,528 103,456 34,528
TOTAL ITALY 34,528 34,528
TOTAL PREFERRED STOCK 1,320,325 1,220,697 2,541,022
Principal Value Principal Value Principal Value
CORPORATE BONDS 0.1%
INDIA
ESSAR GUJARAT CONV NTS 5.5% 8/05/98 85,000 93,128 85,000 93,130
TOTAL CORPORATE BONDS 93,128 93,130
MUTUAL FUNDS 5.9%
ARGENTINA FUND, INC. 24,400 274,500 24,400 274,500
BRAZIL FUND, INC. 10,670 268,084 10,670 268,084
CHILE FUND, INC. 5,272 283,370 5,272 283,370
FIRST PHILLIPPINE FUND, INC. 16,050 268,838 16,050 268,838
INDIA GROWTH FUND,INC. 14,343 263,553 14,343 263,553
INDONESIA FUND, INC. 23,100 256,988 23,100 256,988
KOREA FUND, INC. 14,600 286,526 14,600 286,526
MALAYSIA FUND, INC. 13,200 255,750 13,200 255,750
MEXICO FUND, INC. 17,425 287,513 17,425 287,513
PAKISTAN INVT, INC. 41,500 280,125 41,500 280,125
PORTUGAL FUND, INC. 19,600 264,600 19,600 264,600
R.O.C. TAWAIN FUND, INC. 25,900 284,900 25,900 284,900
JARDINE STRATEGIC 13,000 41,860 13,000 41,860
HONG KONG LAND HOLDINGS 76,000 138,320 76,000 138,320
MORGAN STANLEY AFRICAN INVESTMENT 10,700 123,050 10,700 123,050
THAI CAPITAL FUND, INC. 15,100 262,362 15,100 262,362
TURKISH INVESTMENTS FUND, INC. 42,000 267,750 42,000 267,750
TOTAL MUTUAL FUNDS 4,108,089 4,108,089
REPURCHASE AGREEMENT 0.5%
STATE STREET BANK & TRUST 382,000 382,000
5.5% Dated 6/30/95, due 7/3/95
TOTAL INVESTMENTS (COST $63,968,144) + 92.4% 43,504,784 20,924,562 64,429,346
OTHER ASSETS & LIABILITIES 7.6% 178,356 5,129,620 5,307,976
TOTAL NET ASSETS 100.0% $43,683,140 26,054,182 $69,737,322
</TABLE>
+Also represents cost for federal tax purposes.
(See Notes which are an integral part of the Pro Forma Financial Statements)
<PAGE>
<TABLE>
<CAPTION>
Evergreen FFB Diversified Pro Forma
Int'l Equity Int'l Growth Adjustments Combined
<S> <C> <C> <C> <C>
ASSETS
Investments, at value (Cost $63,968,144) $ 43,504,784 $ 20,924,562 $64,429,346
Cash and foreign currencies 55,843 8,072,202 46,712(1) 8,174,757
Receivable for foreign currency sold 1,678 0 1,678
Dividend and interest receivable 204,279 45,761 250,040
Receivable for Fund shares sold 17,663 0 17,663
Receivable for investment securities sold 0 1,019,426 1,019,426
Unamortized organization costs 0 46,712 (46,712)(1) 0
Prepaid and other assets 77,587 369 77,956
TOTAL ASSETS 43,861,834 30,109,032 0 73,970,866
LIABILITIES:
Payable for investment securities purchased 124,466 3,775,014 3,899,480
Due to broker for forward currency contracts 0 162,871 162,871
Payable for foreign currency purchased 1,678 0 1,678
Investment advisory fee payable 0 20,128 20,128
Accrued expenses and other payables 52,550 96,837 149,387
TOTAL LIABILITIES 178,694 4,054,860 0 4,233,554
NET ASSETS $ 43,683,140 $ 26,054,182 0 $ 69,737,322
NET ASSETS CONSIST OF:
Paid in capital $ 43,383,420 25,515,065 68,898,485
Undistributed net income 395,498 10,872 406,370
Accumulated net realized gain/loss on investments (96,930) 244,937 148,007
Net unrealized appreciation of investments and foreign currencies 1,152 283,308 284,460
NET ASSETS $ 43,683,140 $ 26,054,182 0 $ 69,737,322
Net asset value and offering price per share:
Class A $ 9.79 $ - $ 9.79
Maximum offering price (4.75% sales charge) $ 10.28 $ - $ 10.28
Class B $ 9.76 $ - $ 9.76
Class C $ 9.76 $ - $ 9.76
Class Y $ 9.80 $ $10.50 $ 9.80
Net Assets:
Class A 3,009,345 - 3,009,345
Class B 6,651,792 - 6,651,792
Class C 243,837 - 243,837
Class Y 33,778,166 26,054,182 59,832,348
Shares outstanding:
Class A 307,510 - 307,510
Class B 681,753 - 681,753
Class C 24,980 - 24,980
Class Y 3,447,917 2,482,174 176,412(2) 6,106,503
</TABLE>
(See Notes which are an integral part of the Pro Forma Financial Statements)
(1) Reflects the elimination of deferred organizational costs.
(2) Reflects additional shares issued as a result of the merger
<PAGE>
<TABLE>
<CAPTION>
Evergreen FFB Diversified Pro Forma
Int'l Equity Int'l Growth Adjustments Combined
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Dividend income (Net of $35,738 withholding tax $746,003 $105,501 $851,504
Interest income 44,316 12,014 56,330
790,319 117,515 907,834
OPERATING EXPENSES:
Investment advisory fee 215,397 73,472 (28,632)(1) 260,237
Trustees' fees 0 2,046 (1,546)(2) 500
Administrative personnel and service fees 32,123 8,817 (24,505)(1) 16,435
Custodian and portfolio accounting fees 108,269 17,827 (11,096)(3) 115,000
Shareholder servicing fees 10,938 1,961 (12,899)(4) 0
Transfer and dividend disbursing agent fees 21,051 4,239 (4,221)(2) 21,069
Distribution fee-class A 37,524 0 0 37,524
Distribution fee-class B 0 0 0
Distribution fee-class C 0 0 0
Fund share registration costs 15,359 5,449 20,808
Professional fees 13,473 13,518 (10,150)(2) 16,841
Printing & Postage 8,063 0 161 (6) 8,224
Insurance premiums 3,049 86 (86)(5) 3,049
Miscellaneous 25,855 7,415 (952)(5) 32,318
TOTAL OPERATING EXPENSES 491,101 134,830 (93,926) 532,005
Less fee waivers and expense reimbursements (187,403) (28,186) 164,866 (50,723)
NET EXPENSES 303,698 106,644 70,940 481,282
NET INVESTMENT INCOME 486,621 10,871 (70,940) 426,552
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS:
Net realized (loss) gain on investments (124,699) 244,937 120,238
Net increase in unrealized (depreciation)
appreciation of investments (1,096,619) 283,318 (813,301)
Net (loss) gain on investments (1,221,318) 528,255 0 (693,063)
Net (decrease) increase in net assets
resulting from operations ($734,697) $539,126 ($70,940) ($266,511)
</TABLE>
(See Notes which are an integral part of the Pro Forma Financial Statements)
(1)Reflects a decrease in investment advisory fee and a decrease in
administrative personnel and service fees based on the surviving Fund's
fee schedul
(2)Reflects elimination of duplicate service fees.
(3)Based on surviving Fund's contract in effect for custodian and portfolio
accounting services
(4)Reflects the elimination of a shareholder service fee that is not
applicable under the surviving Fund's fee structure
(5)Adjustment reflects the expected cost savings when the Funds combine.
(6)Reflects anticipated expenses of the combined fund.
Evergreen International Equity Fund
Notes to Pro Forma Combining Financial Statements (Unaudited)
June 30, 1995
1. Basis of Combination - The Pro forma Statement of Assets and
Liabilities, including the Pro Forma Portfolio of Investments, and the
related Pro Forma Statement of Operations ("Pro forma Statements")
reflects the accounts of the Evergreen International Equity Fund
("Evergreen") and FFB Diversified International Growth Fund ("FFB")
at June 30, 1995 and for the period from September 2, 1994 (Commencement
of operations) through June 30, 1995.
The Pro forma Statements give effect to the proposed transfer of
all assets and liabilities of FFB in exchange for shares of
Evergreen. The Pro forma Statements do not reflect the expense of
each Fund in carrying out its obligations under the Agreement and
Plan of Reorganization. The actual fiscal year end of the combined
Fund will be October 31, the fiscal year end of Evergreen.
The Reorganization will be accomplished through the acquisition of
substantially all of the assets of FFB by Evergreen, and the
assumption by Evergreen of certain identified liabilities of FFB.
Thereafter there will be a distribution of such shares of Evergreen
to shareholders of FFB in liquidation of and subsequent termination
of FFB. The information contained herein is based on the
experience of each fund for the period ended June 30, 1995 and is
designed to permit shareholders of FFB to evaluate the financial
effect of the proposed Reorganization. The expenses of Evergreen
and FFB in connection with the Reorganization (including the
cost of any proxy soliciting agents), will be borne by First Union
Bank of North Carolina.
The Pro forma Statements should be read in conjunction with the
historical financial statements of each Fund incorporated by
reference in the Statement of Additional Information.
Page 1
<PAGE>
2. Shares of Beneficial Interest - The pro forma net asset value per
share assumes the issuance of additional shares of Evergreen Class
Y shares and which would have been issued at
June 30, 1995 in connection with the proposed reorganization. The
amount of additional shares assumed to be issued was calculated
based on the June 30, 1995 net assets of FFB totaling $26,054,182
and the net asset value per share of Evergreen of $9.80.
The pro forma shares outstanding of 307,510 Class A, 681,753
Class B, 24,980 Class C, and 6,106,503 Class Y consist of 2,658,586
additional shares of Class Y to be issued in the proposed
reorganization, as calculated above in addition to shares of
Evergreen outstanding as of June 30, 1995.
3. Pro Forma Operations - The Pro Forma Statement of Operations
assumes similar rates of gross investment income for the investments of
each Fund. Accordingly, the combined gross investment income is equal to
the sum of each Fund's gross investment income. Pro forma operating
expenses include the actual expenses of the Funds and the combined Fund,
with certain expenses adjusted to reflect the expected expenses of the
combined entity. The investment advisory fee, administrative personnel and
service fees and distribution service fees have been charged to the
combined Fund based on the fee schedule in effect for Evergreen at the
combined level of average net assets for the period ended June 30, 1995.
Additionally, the Adviser may, at its discretion, waive its fee or
reimburse the Fund for certain of its expenses in order to reduce the
Fund's expense ratio. An adjustment has been made to the combined Fund's
expenses to increase the waiver of investment advisory fee based on the
voluntary advisory fee waiver in effect for Evergreen for the period ended
June 30, 1995. The Adviser may, at its discretion, revise or cease this
voluntary fee waiver at any time.
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