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Previous: EVERGREEN INVESTMENT TRUST, N-30D, 1995-09-07 |
Next: NUVEEN TAX EXEMPT UNIT TRUST INSURED SERIES 30, 497, 1995-09-07 |
<TABLE>
<CAPTION>
First Union Tax-Free
Money Market Portfolio
Statement of
Investments
June 30, 1995
(unaudited)
Rating:
Principal Moody's
Amount or S&P Value
- --------------------- -----------------------------------
SHORT-TERM
MUNICIPAL
SECURITIES -101.9%
<S> <C> <C>
Alabama - 3.1%
$3,700,000 Alabama St.,
IDA, Automation Tech Industry, A+/A-1 $3,700,000
(Columbus Bank & Trust Company LOC) VRDN Monthly
4.40%, 9/1/15*
200,000 Chatom,
Industrial Development Board Pollution Control RB, AA-/A-1+ 200,000
4.55%, 8/15/96* (CFC insured)
9,000,000 Jefferson County,
Special Obligation A+/A-1 9,000,000
(Columbus Bank & Trust Company LOC), Weekly VRDN
4.40%, 10/1/02
1,100,000 Livingston,
IDB RB, (Series 1989), A+/A-1 1,100,000
(Toin Corp. U.S.A. Project)
(Industrial Bank of Japan LOC), (Subject to AMT) Monthly VRDN
4.60%, 8/1/97*
3,500,000 Mobile County,
IDB, (Sherman International Corporation), A+/A-1 3,500,000
(Columbus Bank & Trust LOC) Weekly VRDN
4.35%, 6/1/05
------------------
17,500,000
------------------
Credit
Rating:
Principal Moody's
Amount or S&P Value
- --------------------- -----------------------------------
Arizona - 8.0%
$900,000 Chandler County,
IDA, (Series 1983) AA/A-1T $900,000
(Parsons Municipal Service., Inc.)
(National Westminister PLC LOC) Monthly VRDN
3.60%, 12/15/09*
200,000 Maricopa County,
IDA, (Barclays Bank LOC) Weekly VRDN P-1 200,000
4.50%, 11/01/04
6,625,000 Maricopa County,
GO Unlimited, Weekly VRDN, A 6,625,000
5.20%, 7/1/95
4,000,000 Maricopa County,
Pollution Control RB, A3/P-1 4,000,000
(Southern California Edison Corp.), Weekly VRDN
4.20%, 8/02/95*
13,000,000 Maricopa County,
Pollution Control RB, Weekly VRDN, Aa2/P-1 13,000,000
4.80%, 12/1/14*
21,300,000 Maricopa County,
Pollution Control RB, Weekly VRDN, Aa3/ P-1 21,300,000
4.90%, 7/1/14*
------------------
46,025,000
------------------
California - 14.6%
1,400,000 Barstow,
(Multi-Family Housing RB) AAA 1,400,000
(Series 1988A)(Rimrock Village Apartment Project)
(Mercury Savings & Loan LOC) Weekly VRDN
4.40%, 4/1/18*
12,700,000 Fresno,
(Housing Heritage Apartments), AAA 12,700,000
(Series 1985B)(Western Federal Savings & Loan LOC) Weekly VRDN
4.375%, 7/1/05
Credit
Rating:
Principal Moody's
Amount or S&P Value
- --------------------- -----------------------------------
$1,500,000 Hemet,
Multi-Family Housing RB, AAA/A-1+ $1,500,000
(Mercury Savings & Loan LOC), Weekly VRDN
4.25%, 7/1/06*
25,000,000 Los Angeles,
University School District, TRANS SP1+ 25,191,750
4.50%, 7/3/96
8,525,000 Oceanside,
(Community Development Multi-Family RB), AAA 8,525,000
(Parcwood Apartment Project)
(Western Federal Savings & Loan LOC), Weekly VRDN
4.325%, 12/1/07*
9,600,000 Orange County,
Sanitation Districts, AAA/A-1 9,600,000
(Insured FGIC), Adjustable Monthly
4.50%, 8/1/17*
14,000,000 ** Orange County,
UT GO (Series A), TRANS SG 14,004,980
4.50%, 7/19/95
4,500,000 San Diego,
Multi-Family Housing Authority RB, AAA/A-1+ 4,500,000
(Oro Vista Apartments Projects) (Series 1987A)
(Mercury Savings & Loans LOC), Weekly VRDN
4.40%, 6/1/07*
2,000,000 San Francisco,
Sales Tax RB, AAA 2,060,000
(Bay Area Rapid Transit),
(U.S. Government Securities PRB),
9.00%, 7/1/95
Credit
Rating:
Principal Moody's
Amount or S&P Value
- --------------------- -----------------------------------
$5,000,000 Santa Ana,
Housing Authority, AAA/A-1+ $5,000,000
Multi-Family Housing RB
(Villa Verde Apartments) (Series 1985B)
(Mercury Savings & Loans LOC), Weekly VRDN
4.35%, 12/1/07*
------------------
84,481,730
------------------
Colarado - 2.3%
8,000,000 Araoahoe County,
Capital Improvement Highway RB, Sp1+ 8,000,000
4.40%, 8/31/95*
2,000,000 Colorado Springs,
Colarado Utility RB, (Series A), AA 2,036,206
9.375%
(callable 11/15/95 @ 100)
3,000,000 Colorado Springs,
Colarado Utility RB, (Series A), AA 3,063,692
9.50%,
(callable 11/15/95 @ 100)
------------------
13,099,898
------------------
Delaware - 0.4%
2,480,000 New Castle, IDA, (Toys R US)
4.25%, 2/1/14* 2,480,000
------------------
District of Columbia - 8.2%
14,600,000 GO Unlimited Bond, AAA/A-1+ 14,600,000
4.70%, 6/1/03*
3,900,000 GO Unlimited Bond, AAA/A-1+ 3,900,000
4.70%, 6/1/03*
3,900,000 GO Unlimited Bond, AAA/A-1+ 3,900,000
4.70%, 6/1/03*
10,000,000 GO Unlimited Bond, AAA/A-1+ 10,032,477
6.25%, 9/30/95*
10,000,000 TRANS Sp1+ 10,033,694
6.25%, 9/30/95
4,600,000 Variable Supplemental Student Loan RB, VMIG-1 4,600,000
(Mitsubishi Bank LOC),
4.05%, 7/1/95
------------------
47,066,171
------------------
Credit
Rating:
Principal Moody's
Amount or S&P Value
- --------------------- -----------------------------------
Florida - 1.9%
$2,735,000 Florida Housing Finance Agency, AAA $2,735,000
(FGIC Insured)
4.25%, 12/15/95
4,500,000 Multi-Family Housing RB, A+ 4,494,500
5.00%, 12/1/95*
1,995,000 Jacksonville,
Electric Authority RB, AA 2,056,289
(St. Johns River Power), (Series 7)
8.875%, 10/1/95,
1,750,000 Jacksonville,
Electric Authority RB, AA 1,805,899
(St. Johns River Power), (Series 6)
9.375%, 10/1/95
------------------
11,091,688
------------------
Georgia - 2.1%
1,000,000 Albany Dougherty County,
Hospital, AAA 1,000,000
(Series 1984A), Weekly VRDN
4.50%, 10/1/26
2,000,000 Athens Clarke County,
IDA A1/VMIG1 2,000,000
(Nakanishi Management Corp. Project), Weekly VRDN
(Sumitomo Bank, LTD. LOC.)
4.50%, 5/1/08
435,000 ***Columbus,
IDA RB, A-1 435,000
(R.P. Real Estate Project)
(Series A), (Columbus Bank & Trust LOC)
Weekly VRDN,
4.55%, 6/1/98
2,000,000 Columbus,
IDR (B&G Reality, Inc.) Aa2 2,000,000
(Bankers Trust LOC) Weekly VRDN
4.50%, 8/1/95
Credit
Rating:
Principal Moody's
Amount or S&P Value
- --------------------- -----------------------------------
$2,455,000 Fulton County,
Fulton County, GA, Housing Authority AAA $2,455,000
(Series 1993)
(Federal Home Loan Atlanta LOC), Weekly VRDN
4.25%, 9/1/13*
1,280,000 Macon Bibb County,
Urban Development Authority RB, AA/A-1+ 1,280,000
(Hotel Investors Project)
(NBD Bank), (Weekly VRDN)
4.15%, 11/1/15
2,000,000 Polk County,
(Kimoto Tech, Inc.) (Series 1995)
(Industrial Bank Japan, NY LOC), Weekly VRDN A-1 2,000,000
4.50%, 12/1/15*
1,000,000 Private College & University Facility,RB, AAA 1,039,856
(Emory University Project), (Series B),
8.15%, 10/1/95
------------------
12,209,856
------------------
Illinois - 4.2%
950,000 Illinois Development Finance Authority RB,
(Sumito Bank, LTD. LOC), Weekly VRDN A+/A-1 950,000
4.35%, 10/1/05
3,300,000 Illinois Development Finance Authority,
Industrial RB A+/A-1 3,300,000
(American National Bank & Trust, Chicago LOC), Weekly VRDN
4.40%, 6/1/12
1,000,000 Illinois Development Finance Authority RB,
(Camcraft, Inc. Project.) A+/A-1 1,000,000
(American National Bank & Trust, Chicago LOC), Monthly VRDN
4.40%, 7/1/14
3,500,000 Illinois Development Finance Authority RB,
(MTI Corp. Project) VMIG-1 3,500,000
(Industrial Bank of Japan Limited LOC), Weekly VRDN
4.625%, 10/1/16 (Subject to AMT)
Credit
Rating:
Principal Moody's
Amount or S&P Value
- --------------------- -----------------------------------
$6,800,000 Illinois Development Finance Authority RB,
(General Accident Insurance Co.), A/1 $6,800,000
4.60%, 9/1/95
3,400,000 Illinois Development Finance Authority RB,
Health Facility Authority RB, A+/A-1 3,400,000
(First National Bank, Chicago LOC), Weekly VRDN
4.30%, 1/1/16*
2,640,000 Jacksonville,
Industrial Project RB ( AGI Incorporated Project) A1/VMIG1 2,640,000
(Bank of American, Chicago LOC), Adjustable Monthly
4.40%, 2/1/26*
2,375,210 *** LaSalle National Bank, A-1+ 2,375,210
(Series 1993A)
(LaSalle National Bank LOC), Weekly VRDN
4.90%, 1/1/97
------------------
23,965,210
------------------
Indiana - 7.5%
700,000 Avilla,
EDR, (G&P Partners Partnerships) Aa3/VMIG1 700,000
(Credit Lyonnaise LOC) Weekly VRDN
4.85%, 1/1/14
(Subject to AMT)
2,750,000 Hammond,
(Lear Seating Corporation Project) A+ 2,750,000
(Chemical Bank LOC) Monthly VRDN
4.45%, 7/1/24
13,500,000 Indiana Bond Bank,
4.125%, 1/10/96 SP1+ 13,500,000
Credit
Rating:
Principal Moody's
Amount or S&P Value
- --------------------- -----------------------------------
$10,000,000 Indiana Bond Bank
Advance Funding Project, SP1+ $10,035,393
5.75%, 1/10/96
200,000 Indiana State Employment Development Commission, RB
(Griner Engineering Co.) VMIG-1 200,000
(Credit Lyonnaise LOC)/(Subject to AMT), Weekly VRDN
4.50%, 1/1/14*
2,600,000 Indianapolis,
Economic Development RB, Aa2 2,600,000
(NBD Bank LOC), Adjustable Monthly
4.50%, 4/1/05*
3,500,000 Mishawaka,
Economic Development RB, (ELCO Industries Inc.) AA/A-1+ 3,500,000
(National Bank Detroit LOC), Weekly VRDN
4.35%, 10/1/03
10,000,000 Rockport,
Pollution Control RB, AAA 10,000,000
(AMBAC Insured)
4.25%, 6/1/25*
------------------
43,285,393
------------------
Kansas - 0.8%
4,800,000 Osage,
Industrial RB, NR 4,800,000
------------------
Weekly VRDN
4.58%, 12/1/99
Maryland - 0.8%
4,800,000 Northeast,
Reserve Recovery RB, Aaa 4,800,000
------------------
(Waste Disposal Authority)
(Long Option Period Refunding CR-120)
4.70%, 7/1/95 (MBIA Insured)
Massachusetts-2.6%
15,000,000 Massachusetts Bay Transit Authority, (Series A) MIG-2 15,086,200
------------------
5.50%, 3/1/96
Credit
Rating:
Principal Moody's
Amount or S&P Value
- --------------------- -----------------------------------
Michigan - 0.5%
$800,000 Meridian ,
EDC, (Hanna Technology & Research Center) AA $800,000
IDR (Series 1984)
(Barclays Bank, NY LOC) Weekly VRDN
3.60%, 11/15/14
2,000,000 Van Buren Township Michigan Economic, RB
(Daikin Clutch USA Inc. Project.) Aa3 2,000,000
(Sanwa Bank Chicago LOC), Floating Quarterly
4.50%, 3/1/97 *
------------------
2,800,000
------------------
Minnesota - 0.6%
3,200,000 ** Eagle Tax Exempt Trust , AA 3,200,000
------------------
(Class A), Weekly VRDN
4.30%, 7/1/14
Missouri - 1.1%
4,500,000 Missouri State Finance Board,
IDR, (Cook Composites Co. Project) AA 4,500,000
(Societe Generale LOC) Weekly VRDN
4.35%, 11/1/24
2,000,000 St. Louis ,
IDA (Schnuck Markets, Inc.) P-1 2,000,000
(Bankers Trust LOC) Weekly VRDN
4.50%, 12/1/15*
------------------
6,500,000
------------------
Montana - 0.6%
3,300,000 Montana State ,
Board of Investment Resource Recovery RB, A+/A-1 3,300,000
------------------
(Coalstrip Project)
(The Fuji Bank Limited LOC)
Monthly VRDN
4.20%, 12/30/15* (Subject to AMT)
New Jersey - 1.0%
6,000,000 New Jersey State NR 6,000,000
------------------
Housing Finance Agency General Resolution,
4.15%, 8/1/95
Credit
Rating:
Principal Moody's
Amount or S&P Value
- --------------------- -----------------------------------
New Mexico - 2.6%
$1,000,000 Albuquerque ,
(Southwest Community Health Services), (MBIA insured) AAA $1,006,041
9.25%, 8/1/95
10,000,000 Farmington ,
Pollution Control RB, Aa3/VMIG1 10,000,000
(Series A),
(Citibank, NY LOC), Monthly VRDN
4.90%, 1/1/13*
3,755,000 New Mexico , AAA 3,755,000
Mortgage Finance Authority,
4.70%, 7/1/95 (FGIC Insured)
------------------
14,761,041
------------------
New York - 0.5%
3,000,000 New York State ,
Pollution Control RB VMIG1 3,000,000
------------------
Energy Resident Pollution, (NY State Electric & Gas)
(Union Bank of Switzerland LOC)
4.20%, 2/1/29*
North Carolina - 1.3%
7,700,000 Columbus County ,
Industrial Facility & Pollution Control Finance Authority A-1 7,700,000
------------------
(Solid Waste Disposal RB)
(Federal Paper Board Co., Inc. Project)
(Dai-Ichi Kango Bank LOC), Weekly VRDN
4.20%, 11/1/06 (Series 1992)
(Subject to AMT)
Oklahoma - 1.7%
10,000,000 Garfield County ,
Industrial Authority Pollution Control RB, A2/VMIG1 10,000,000
------------------
(Gas & Electric Company Project), Adjustable Monthly
4.05% 1/1/25*
Oregon - 1.1%
1,000,000 Metropolitan Service District,
RRB (Ridel Oregon Compost Co.) A+ 1,000,000
(U.S. National Bank, Portland LOC), Weekly VRDN
5.00%, 7/1/11*
Credit
Rating:
Principal Moody's
Amount or S&P Value
- --------------------- -----------------------------------
$5,050,000 Oregon State Health Housing Education & Culture Facility Authority A+/A-1 $5,050,000
RB (The Evangelical Lutheran-A-)
(1st Bank LOC), Adjustable Monthly
4.15%, 3/1/20*
------------------
6,050,000
------------------
Pennsylvania - 0.5%
2,995,000 Westmoreland County ,
(White Consolidated Industries, Inc. Project) P-1 2,995,000
------------------
IDA RB,
(Chemical Bank LOC),
4.62%, 12/1/95*
South Carolina - 2.6%
1,270,000 Chester County School District ,
(AMBAC Insured), Aaa 1,288,799
3.9% 2/1/96
2,700,000 South Carolina Jobs, EDA ,
(Roller Bearing Company)/ A-1 2,700,000
(Series A)/(Heller Finance LOC), Weekly VRDN
4.60%, 9/1/17 (Subject to AMT)
250,000 South Carolina Jobs, EDA
(Kent Manufacturing Project), (Series A) NR 250,000
(Credit Lyonnaise LOC), Weekly VRDN
5.00%, 4/7/99
1,150,000 South Carolina Jobs, EDA
(Regal Beloit Corp. Project) NR 1,150,000
(Credit Lyonnaise LOC), Weekly VRDN
5.00%, 5/7/01
800,000 South Carolina Jobs EDA
(The Tuttle Company) Series 1989-A NR 800,000
(Credit Lyonnaise LOC), Weekly VRDN
5.00%, 1/1/03
150,000 South Carolina Jobs, EDR VMIG-1 150,000
(Sudan Co. and Delta Properties)/ (Series A)
(Credit Lyonnaise LOC), Weekly VRDN
5.00%, 1/1/04
Credit
Rating:
Principal Moody's
Amount or S&P Value
- --------------------- -----------------------------------
$700,000 South Carolina Jobs, EDA
(Series 1989B)/(Ridge Pallets, Inc.) P-1 $700,000
(Credit Lyonnaise LOC) Daily VRDN
5.00%, 12/1/08 (Subject to AMT)
800,000 South Carolina Jobs, EDA NR 800,000
( Harvin Choice Meats, Inc. Project)
(Bank of Tokyo LTD. LOC)
5.00%, 4/1/10
5,049,000 ***South Carolina State ,
State Capital Improvement Bond, NR 5,049,000
Series V of the State of South Carolina,
(ADP Investment LOC) Weekly VRDN
4.30% 2/1/04
2,400,000 Sumter County ,
(Bendix Corporation) NR 2,400,000
(Sumitomo Bank LOC) Weekly VRDN
4.375%, 12/1/02
------------------
15,287,799
------------------
Tennessee - 3.8%
1,000,000 Blount County ,
IDR (Advanced Crystal, Inc.), ( Series 1988) A+/A-1 1,000,000
(Industrial Bank of Japan Limited LOC) Weekly VRDN
4.60%, 8/1/08 (Subject to AMT)
3,300,000 Nashville ,
Metro Government, NR 3,300,000
Multi-Family Housing, (Hickory Terrace)
(National City Bank LOC), Weekly VRDN
4.25%, 6/1/15
3,610,000 Nashville ,
Metro Government, Aa2 3,610,000
IDR, Weekly VRDN
4.50%, 4/1/08
Credit
Rating:
Principal Moody's
Amount or S&P Value
- --------------------- -----------------------------------
$3,700,000 Rutherford County,
IDR, (Outboard Marine Corp.) Aa2 $3,700,000
(Royal Bank of Canada LOC) Weekly VRDN
4.40%, 10/1/07
10,205,000 Tennessee Housing Development Agency, AAA 10,205,000
(Series F-CR 51)
4.85%, 7/1/95 (FSA Insured)
------------------
21,815,000
------------------
Texas - 17.0%
6,000,000 ** Eagle Tax-Exempt Trust ,
PC Weekly VRDN, AA 6,000,000
4.30%, 10/1/08 (Class A)
8,000,000 ** Eagle Tax-Exempt Trust ,
PC Weekly VRDN, AA 8,000,000
4.30%, 6/15/12 (Class A)
9,500,000 ** Eagle Tax-Exempt Trust ,
PC Weekly VRDN, AA 9,500,000
4.30%, 7/1/29
500,000 El Paso ,
GO AA 500,806
(Public Property Finance Contractual Obligation),
5.875%, 8/15/95
1,420,000 San Antonio ,
(San Antonio Airport) AAA 1,420,000
RRB, (AMBAC Insured)
4.35%, 10/1/95
4,380,000 Tarrant County ,
(Housing Finance Corp.)(Multi-Family Housing Revenue) AAA 4,380,000
(Lincoln Meadows Project) (Series 1988)
(Continental Casualty Surety Bond), Weekly VRDN
5.00%, 12/1/95*
68,000,000 Texas State,
TRANS MIG-1 68,116,558
5.00%, 8/31/95
------------------
97,917,364
------------------
Credit
Rating:
Principal Moody's
Amount or S&P Value
- --------------------- -----------------------------------
Utah - 2.1%
$6,783,000 ***Intermountain Power Agency,
RRB (Series 1985A) Aa $6,783,000
Variable Rate Trust, Certificates XVII
(Payment Guaranteed), Weekly VRDN
4.375%, 7/1/18
3,065,000 Intermountain Power Agency,
RRB, (Series I)
Variable Rate Trust, Certificates XVII NR 3,141,625
OID, Weekly VRDN
10.375%, 7/1/16 (callable 7/1/95 @ 102.5)
1,000,000 Intermountain Power Agency, AA 1,015,000
RRB (Series I), Weekly VRDN
9.00%, 7/1/19 (callable 7/1/94 @ 101.5)
1,000,000 Intermountain Power Agency, Aa 1,020,000
(Payment Guaranteed) RRB (Series 1985B), Weekly VRDN
9.375%, 7/1/01, (callable 7/1/95 @ 102)
------------------
11,959,625
------------------
Virginia - 3.0%
8,500,000 Alexandria ,
Redevelopment & Housing Authority, RRB (Series A) AAA/A-1 8,500,000
(Multi-Family Housing Revenue)
(Crystal City Apartment Project)
(Sumitomo Bank LOC), Monthly VRDN
4.40%, 12/15/18*
6,200,000 Amelia County, IDA
(Chambers Waste Systems) A1/VMIG-1 6,200,000
(Nations Bank LOC)
Weekly VRDN,
4.40%, 7/1/07*
(Subject to AMT)
3,000,000 Virginia State Housing Development Authority
RB, (Series B) Aa1/VMIG-1 3,000,000
(Mandatory Put Date 7/12/95 @ 100)
4.40%, 7/12/95*
------------------
17,700,000
------------------
Credit
Rating:
Principal Moody's
Amount or S&P Value
- --------------------- -----------------------------------
Washington - 3.3%
$747,000 Pilchuck Development Public Corp.,
(Crystal Creek Lot # 11) NR $747,000
(Mitsubishi Bank LTD LOC) Weekly VRDN
4.38%, 8/1/10*
1,000,000 Seattle ,
(Industrial Development Corp.) (Northwestern Industrial Project NR 1,000,000
(Industrial Bank of Japan, LTD LOC)
4.50%, 12/1/95
11,020,000 Washington State,
GO Weekly VRDN NR 11,020,000
4.30%, 9/1/15
6,410,000 ***Washington State,
(Washington State Public Power Supply) NR 6,410,000
Weekly VRDN
4.30%, 7/1/00
------------------
19,177,000
------------------
Wisconsin - 1.8%
10,000,000 ***Eagle Tax-Exempt Trust , PC,
Weekly VRDN
4.45% 5/1/25 AA 10,000,000
------------------
------------------
Total Short-Term Municipal Securities ( cost $586,053,975) 586,053,975
------------------
Money Market Funds
- - 1.7%
------------------
9,766,000 Fidelity Tax Exempt Money Market Fund 9,766,000
------------------
Total Investments - 595,819,975
103.6% (cost
$595,819,975)
Other Assets and (20,692,185)
Liabilities - net
(3.6%)
==================
Total Net Assets - $575,127,790
100% ==================
</TABLE>
**This security
is backed by a put
option issued by
First Union
Corporation who
will stand by to
puurchase the
security at
par value from the
fund. At June
30, 1995, this
security had a
value of
$14,004,980 which
includes
the value of
the put option of $
2,800,000.
*** Restricted security which represents an investment in securities not
registered under the Securities Act of 1933.
The following
abbreviations are
used in this
portfolio:
AMBAC - American Municipal Bond Assurance Corporation AMT - Alternative Minimum
Tax EDA - Economic Development Authority EDC - Economic Development Corporation
EDR - Economic Development Revenue FGIC - Financial Guaranty Insurance Co. FHLMC
- - Federal Home Loan Mortgage Corporation FSA - Financial Security Assurance GO -
General Obligation IDA - Industrial Development Authority IDB - Industrial
Development Bond IDR - Industrial Development Revenue LOC - Letter of Credit
MBIA - Municipal Bond Investors Assurance OID - Original Issue Discount PRB -
Pre-Refunded Revenue Bond RB - Revenue Bond RRB - Revenue Refunding Bond TRANS -
Tax and Revenue Anticipation Notes UT - Unlimited Tax VRDN - Variable Rate
Demand Notes
See accompanying
notes to financial
statements.
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
First Union Tax-Free Money Market Portfolio
Statement of Assets and Liabilities
June 30, 1995
(unaudited)
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Assets:
Investments at value (identified cost $595,819,975) $595,819,975
Interest receivable 8,513,563
-----------------------
Total assets 604,333,538
-----------------------
Liabilities:
Due to custodian bank 2,463,726
Payable for investments purchased 25,191,750
Dividends payable 1,400,936
Accrued expenses 102,653
Payable for Fund shares repurchased 45,515
Due to Adviser 1,168
-----------------------
Total liabilities 29,205,748
-----------------------
Net Assets $575,127,790
=======================
Net assets consist of:
Paid-in capital $575,297,689
Accumulated net realized loss (169,899)
=======================
Net assets $575,127,790
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Class A Shares ($504,097,312 / 504,239,267 shares of $1.00
=====
beneficial interest outstanding)
Class Y Shares ($71,030,478 / 71,058,423 shares of $1.00
beneficial interest outstanding) =====
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
First Union Tax-Free Money Market Portfolio
Statement of Operations
Six Months Ended June 30, 1995
(unaudited)
<S> <C> <C>
- ---
Investment income:
Interest $12,378,807
Expenses:
Advisory fee $1,006,825
Administrative personnel and services 236,340
fees
Distribution fee-Class A Shares 768,037
Custodian fee 62,603
Transfer agent fee 25,075
Professional fees 19,224
Reports and notices to shareholders 14,572
Trustees' fees and expenses 11,232
Registration and filing fees 9,937
Insurance 550
Miscellaneous 3,737
----------------
2,158,132
Total expenses 2,158,132
----------------
Net investment income 10,220,675
Net realized gain on investments 59,709
----------------
Net increase in net assets resulting from $10,280,384
operations
===========================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Statement of Changes in Net Assets
Six Months Year
Ended Ended
June 30, 1995 December 31,
(unaudited) 1994
- -------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets:
Operations:
Net investment income $10,220,675 $11,708,479
Net realized gain from investments 59,709 (181,624)
--------------------- ---------------------
Net incease in net assets resulting from operations 10,280,384 11,526,855
--------------------- ---------------------
Distributions to shareholders from net investment income:
Class A Shares (9,068,861) (10,293,582)
Class Y Shares (1,151,814) (1,414,897)
--------------------- ---------------------
Total distributions to shareholders (10,220,675) (11,708,479)
--------------------- ---------------------
Fund share transactions :
Proceeds from shares sold 806,861,670 1,473,217,500
Proceeds from reinvestment of dividends 1,381,573 2,969,775
Payments for shares redeemed (649,423,135) (1,341,586,427)
--------------------- ---------------------
Net increase resulting from Fund share transactions 158,820,108 134,600,848
--------------------- ---------------------
Net increase in net assets 158,879,817 134,419,224
Net assets:
Beginning of period 416,247,973 281,828,749
--------------------- ---------------------
End of period $575,127,790 $416,247,973
===================== =====================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
First Union Tax-Free Money Market Portfolio
Financial Highlights
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Class A Shares
-----------------------------------------------------
Six months April 1,
Ended 1990
June 30, through
1995 December 31,
Year Ended December 31,
--------------------------------------------------------
Per Share Data (unaudited) 1994 1993 1992 1991 1990#
------------------------------------------------------------------------
Net asset value, beginning of
period............................ 1.00 1.00 1.00 1.00 1.00 1.00
---- ---- ---- ---- ---- ----
Income from net investment
income............................ 0.02 0.03 0.02 0.03 0.04 0.04
Less distributions to shareholders
from net investment income (0.02) (0.03) (0.02) (0.03) (0.04) (0.04)
------ ------ ------ ------ ------ ------
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
==== ==== ==== ==== ==== ====
Total Return+ 1.8% 2.2% 2.6% 4.2% 4.2% 3.8%
Ratios &
Supplemental Data:
Net assets, end of period
(000's omitted)................... 504,097 395,612 278,451 184,211 86,481 48,603
Ratios to average net assets:
Expenses .......................... 0.79%++ 0.61% (a) 0.52% (a) 0.69% (a) 0.77% (a) 0.65%++ (a)
Net investment income............ 3.54%++ 2.60% (a) 2.16% (a) 2.51% (a) 4.09% (a) 5.45%++ (a)
+ Total return is calculated on net asset value per share for the period
indicated and is not annualized.
++ Annualized.
# The fund changed its fiscal year end from March 31
to December 31.
(a) Net of expense waivers and reimbursements. If the
Fund had borne all expenses that were assumed or
waived by the
investment adviser, the annualized ratios of
expenses and net investment income to average net
assets would
have been the following:
Class A Shares
----------------------------------------------------------------------------
April 1,
1990
through
December 31,
1994 1993 1992 1991 1990
---------------------------------------------------------
Expenses ............................... 0.79% 0.82% 0.89% 0.99% 0.84%
Net investment income ....... 2.42% 1.86% 2.31% 3.87% 5.26%
</TABLE>
<TABLE>
<CAPTION>
First Union Tax-Free Money Market Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
Class Y Shares
----------------------------------------------------------------------------
Six months January 3,
Ended 1994*
June 30, through
<S> <C> <C> <C> <C> <C>
1995 cember 31,
Year Ended
December 31,
Per Share Data (unaudited) 1994 1993 1992 1991
---------------------------------------------------------------
Net asset value, beginning of
period................................. 1.00 1.00 1.00 1.00 1.00
---- ---- ---- ---- ----
Income from net investment
income................................. 0.02 0.03 0.02 0.03 0.01
Less distributions to shareholders
from net investment income (0.02) (0.03) (0.02) (0.03) (0.01)
------ ------ ------ ------ ------
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
==== ==== ==== ==== ====
Total Return+ 1.9% 2.9% 2.4% 2.8% 4.5%
Ratios &
Supplemental Data:
Net assets, end of period
(000's omitted)....................... 71,031 20,636 3,377 17,084 37,346
Ratios to average net assets:
Expenses ............................... 0.49%++ 0.31%(a) 0.29%(a) 0.51%(a) 0.63%++(a)
Net investment income ........ 3.85% ++ 2.90%(a) 2.37%(a) 2.57%(a) 4.30%++(a)
+ Total return is calculated on net per share for period
indicated and is not annualized.
++ Annualized.
* Commencement of class operati
(a) Net of expense waivers and reimburseme
Fund had borne all expenses that were assu
waived by the investment adviser, th
ratios of expenses and net investment inco
average
net assets would have been the foll
Class Y Shar
---------------------------------------------------------------
January 3,
1991
through
Year Ended December 31,
December 31,
1994 1993 1992 1991
---------------------------------------------------
Expenses .............................. 0.49% 0.53% 0.60% 0.85%++
Net investment income ........ 2.72% 2.13% 2.67% 4.08%++
</TABLE>
<TABLE>
<CAPTION>
First Union Tax-Free Money
Market
Note 7 - Shares of
Beneficial Interest
There is an unlimited number of $.0001 par value shares of beneficial interest
authorized, divided into two classes, designated Class A and Class Y Shares.
Transaction in shares of beneficial interest were as follows:
<S> <C> <C>
Six Months Ended Year Ended
June 30, 1995 December 31,
(unaudited) 1994
- ----------------------------------------------------------------------------------------------------
Shares Shares
- ----------------------------------------------------------------------------------------------------
Class A
Shares sold 706,442,706 1,267,792,072
Shares issued on
reinvestments
of distributions 1,441,282 2,788,151
Shares redeemed (599,408,566) (1,153,437,562)
====================================================================================================
Net increase 108,475,422 117,142,661
====================================================================================================
Class Y
Shares sold 100,418,964 205,425,428
Shares issued on
reinvestments
of distributions - -
Shares redeemed (50,014,569) (188,148,865)
====================================================================================================
Net increase 50,404,395 17,276,563
====================================================================================================
Total net increase
resulting
from Fund share 158,879,817 134,419,224
transactions
====================================================================================================
</TABLE>
First Union Tax-Free Money Market Portfolio
Notes to Financial Statements
Six Months Ended June 30, 1995
(unaudited)
Note 1 - Organization
Evergreen Investment Trust (formerly First Union Funds) (the "Trust") is a
Massachusetts business trust registered under the Investment Company Act of
1940, as amended (the "Act"), as an open-end management company. As of June 30,
1995, the Trust consisted of seventeen funds. The financial statements
included herein are only those of the First Union Tax - Free Money Market
Portfolio (the "Fund") (see Note 6).
Note 2 - Significant Accounting Policies
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements. These policies are in
conformity with generally accepted accounting principles. Security Valuations
- - Pursuant to Rule 2a-7 of the Act, portfolio securities are valued at
amortized cost which approximates market value.
Security Transactions - Security transactions are accounted for on the date
purchased or sold. Net realized gains or losses are determined on the
identified cost basis.
Investment Income and Expenses - Interest income and expenses are accrued
daily. Premiums and discounts paid on securities are amortized or accreted
into income as required by the Internal Revenue Code, as amended, (the "Code").
Repurchase Agreements - Securities pledged as collateral for repurchase
agreements are held by the Federal Reserve Bank and are designated as being
held on the Fund's behalf by its custodian under a book-entry system. The Fund
monitors the adequacy of the collateral on a daily basis, and can 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. The Fund will only enter into repurchase
agreements with banks and other financial institutions which are deemed by
the investment adviser to be creditworthy pursuant to guidelines established
by the Trustees.
Dividends to Shareholders - Dividends from net investment income are declared
daily and paid monthly. Dividends from net realized capital gains on
investments, if any, will be distributed at least annually. Income
distributions and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted accounting
principles. To the extent these differences are permanent in nature, such
amounts are reclassified within the capital accounts.
Income Taxes - It is the Fund's policy to meet the requirements of the Code
applicable to regulated investment companies and to distribute substantially
all of its taxable and tax -exempt net income to its shareholders. Accordingly,
no provisions for federal income and excise taxes are necessary. To the extent
that realized capital gains can be offset by capital loss carryforwards, it
is the Fund's policy not to distribute such gains.
When Issued and Delayed Delivery Transactions - The Fund records when-issued or
delayed delivery transactions on the trade date and maintain security positions
such that sufficient liquid assets will be available to make payment for the
securities purchased.Securities purchased on a when-issued or delayed delivery
basis are marked to market daily and begin earning interest on the settlement
date.
Note 3 - Investment Advisory Agreement and Other Transactions with Affiliates
Investment Advisory Agreement - First Union National Bank of North Carolina
(the "Adviser") was entitled to a fee of .30 of 1% of the Fund's average daily
net assets pursuant to an investment advisory agreement.
Note 3 (continued) - Administrative Agreement - Federated Investor Services
("FAS") provided the Fund with certain administrative personnel and services
including certain clerical and recordkeeping services for the six-month period
ended June 30, 1995. In addition, certain of the Trust's officers and Trustees
were officers or directors of FAS. FAS' fee was based on the level of average
net assets of the Trust for the period, subject to a minimum fee.
Plan of Distribution - The Trust has adopted a Distribution Plan (the "Plan")
pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Trust
compensated Federated Securities Corp. ("FSC"), the principal distributor, from
the net assets of the all of the funds in the Trust to finance activities
intended to result in the sale of Class A Shares. The Plan provides that the
Fund may incur distribution expenses up to .35 of 1% of the average daily net
assets of the Class A Shares, annually, to finance such activities. For the six
- -month period ended June 30, 1995, FSC limited its fees on Class A shares to.30
of 1% of the Fund's Class A shares average daily net assets.
Transfer and Dividend Disbursement Agent - Federated Services Company ("FServ")
served as Transfer and dividend disbursing agent for the Trust for the
six-month period ended June 30, 1995 . FServ's fee was based on the size, type
and number of accounts and transactions made by shareholders.
Note 4 - Shares of Beneficial Interest
The Fund has an unlimited number of no par value shares of beneficial interest
authorized. The shares are divided classes which are designated Class A and
Class Y shares. Class Y shares are available only to investment advisory
clients of the Adviser and its affiliates, certain institutional investors and
Class Y shareholders of record of certain other funds managed by the Adviser
and its affiliates as of December 30, 1994. The classes have identical voting,
dividend, liquidation and other rights, except that Class A shares bear
distribution expenses (see Note 3) and has exclusive voting rights with respect
to its distribution plan.
<PAGE>
Note 4 (continued) - Transactions in shares of beneficial interest
(valued at $1.00 per share) were as follows:
Year Ended
June 30, 1995 December 31, 1994
Class A
Shares sold $ 706,442,706 $ 1,267,792,072
Shares issued on reinvestment
of dividends 1,441,282 2,788,151
Shares redeemed (599,408,566) (1,153,437,562)
Net increase 108,475,422 117,142,661
Class Y
Shares sold 100,418,964 205,425,428
Shares issued on reinvestment
of dividends - -
Net increase 50,404,395 17,276,563
Total net increase resulting
from Fund share transactions $158,879,817 $134,419,224
.
Note 5 - Restricted Securities
Restricted securities are securities that may only may be resold upon
registration under federal securities laws or in transactions
exempt from such registration. The Fund's restricted securities are valued at
amortized cost in accordance with Rule 2a-7 of the Act. Additional information
on each restricted security held at June 30, 1995 is as follows:
Acquisition Acquisition
SecurityDate cost
Development Authority of Columbus
GA, R.P. Real Estate 3/29/93 $ 490,000
Eagle Tax -Exempt Trust (TX) 12/30/93 15,600,000
Eagle Tax -Exempt Trust (MN) 4/4/94 4,000,000
Eagle Tax Exempt trust (WI) 11/11/94 10,000,000
Intermountain Power Agency - NTP 50 4/20/94 6,783,000
LaSalle BUSTOPS 3/12/93 1,954,636
LaSalle BUSTOPS 11/8/93 1,120,483
South Carolina State - BTP 27 (ADP) 11/23/93 5,049,000
Washington St Pub Pwr Sys - BTP-61 (ADP) 5/16/94 5,035,000
Note 6 - Subsequent Events
Effective July 7, 1995, Evergreen Tax - Exempt Money Market Fund acquired
substantially all of the Fund's net assets by a non-taxable exchange of
604,175,076 of the Fund's shares for 604,175,076 shares of First Union Tax -
Free Money Market Fund. As of this date, the First Union Tax - Free Money
Market Fund ceased operations.
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