<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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071 A001100 0
071 B001100 0
071 C001100 0
071 D001100 0
072 A001100 0
072 B001100 0
072 C001100 0
072 D001100 0
072 E001100 0
072 F001100 0
072 G001100 0
072 H001100 0
072 I001100 0
072 J001100 0
072 K001100 0
072 L001100 0
072 M001100 0
072 N001100 0
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 0
072 S001100 0
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 0
072 X001100 0
072 Y001100 0
<PAGE> PAGE 22
072 Z001100 0
072AA001100 0
072BB001100 0
072CC011100 0
072CC021100 0
072DD011100 0
072DD021100 0
072EE001100 0
073 A011100 0.0000
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
074 A001100 0
074 B001100 0
074 C001100 0
074 D001100 0
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 0
074 L001100 0
074 M001100 0
074 N001100 0
074 O001100 0
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 0
074 S001100 0
074 T001100 0
074 U011100 0
074 U021100 0
074 V011100 0.00
074 V021100 0.00
074 W001100 0.0000
074 X001100 0
074 Y001100 0
075 A001100 0
075 B001100 0
076 001100 0.00
008 A001201 DELETE
013 A001201 DELETE
015 A001201 DELETE
028 A011200 0
028 A021200 0
028 A031200 0
<PAGE> PAGE 23
028 A041200 0
028 B011200 0
028 B021200 0
028 B031200 0
028 B041200 0
028 C011200 0
028 C021200 0
028 C031200 0
028 C041200 0
028 D011200 0
028 D021200 0
028 D031200 0
028 D041200 0
028 E011200 0
028 E021200 0
028 E031200 0
028 E041200 0
028 F011200 0
028 F021200 0
028 F031200 0
028 F041200 0
028 G011200 0
028 G021200 0
028 G031200 0
028 G041200 0
028 H001200 0
030 A001200 0
030 B001200 0.00
030 C001200 0.00
031 A001200 0
031 B001200 0
032 001200 0
033 001200 0
035 001200 0
036 B001200 0
038 001200 0
042 A001200 0
042 B001200 0
042 C001200 0
042 D001200 0
042 E001200 0
042 F001200 0
042 G001200 0
042 H001200 0
043 001200 0
044 001200 0
048 001200 0.000
048 A011200 0
048 A021200 0.000
048 B011200 0
048 B021200 0.000
<PAGE> PAGE 24
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
055 A001200 N
055 B001200 N
056 001200 Y
057 001200 N
061 001200 0
062 A001200 N
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
063 A001200 0
063 B001200 0.0
066 A001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 N
070 B011200 N
<PAGE> PAGE 25
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 N
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 0
071 B001200 0
071 C001200 0
071 D001200 0
072 A001200 0
072 B001200 0
072 C001200 0
072 D001200 0
072 E001200 0
072 F001200 0
072 G001200 0
072 H001200 0
072 I001200 0
072 J001200 0
072 K001200 0
072 L001200 0
072 M001200 0
072 N001200 0
<PAGE> PAGE 26
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 0
072 S001200 0
072 T001200 0
072 U001200 0
072 V001200 0
072 W001200 0
072 X001200 0
072 Y001200 0
072 Z001200 0
072AA001200 0
072BB001200 0
072CC011200 0
072CC021200 0
072DD011200 0
072DD021200 0
072EE001200 0
073 A011200 0.0000
073 A021200 0.0000
073 B001200 0.0000
073 C001200 0.0000
074 A001200 0
074 B001200 0
074 C001200 0
074 D001200 0
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 0
074 K001200 0
074 L001200 0
074 M001200 0
074 N001200 0
074 O001200 0
074 P001200 0
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 0
074 S001200 0
074 T001200 0
074 U011200 0
074 U021200 0
074 V011200 0.00
074 V021200 0.00
074 W001200 0.0000
<PAGE> PAGE 27
074 X001200 0
074 Y001200 0
075 A001200 0
075 B001200 0
076 001200 0.00
008 A001301 DELETE
013 A001301 DELETE
015 A001301 DELETE
028 A011300 0
028 A021300 0
028 A031300 0
028 A041300 0
028 B011300 0
028 B021300 0
028 B031300 0
028 B041300 0
028 C011300 0
028 C021300 0
028 C031300 0
028 C041300 0
028 D011300 0
028 D021300 0
028 D031300 0
028 D041300 0
028 E011300 0
028 E021300 0
028 E031300 0
028 E041300 0
028 F011300 0
028 F021300 0
028 F031300 0
028 F041300 0
028 G011300 0
028 G021300 0
028 G031300 0
028 G041300 0
028 H001300 0
030 A001300 0
030 B001300 0.00
030 C001300 0.00
031 A001300 0
031 B001300 0
032 001300 0
033 001300 0
035 001300 0
036 B001300 0
038 001300 0
042 A001300 0
042 B001300 0
042 C001300 0
042 D001300 0
<PAGE> PAGE 28
042 E001300 0
042 F001300 0
042 G001300 0
042 H001300 0
043 001300 0
044 001300 0
048 001300 0.000
048 A011300 0
048 A021300 0.000
048 B011300 0
048 B021300 0.000
048 C011300 0
048 C021300 0.000
048 D011300 0
048 D021300 0.000
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
048 G021300 0.000
048 H011300 0
048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
055 A001300 N
055 B001300 N
056 001300 Y
057 001300 N
061 001300 0
062 A001300 N
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 0.0
062 N001300 0.0
062 O001300 0.0
062 P001300 0.0
062 Q001300 0.0
<PAGE> PAGE 29
062 R001300 0.0
063 A001300 0
063 B001300 0.0
066 A001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 N
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 N
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 N
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
070 K011300 Y
070 K021300 Y
070 L011300 N
070 L021300 N
070 M011300 N
070 M021300 N
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 Y
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 0
071 B001300 0
071 C001300 0
071 D001300 0
072 A001300 0
072 B001300 0
072 C001300 0
<PAGE> PAGE 30
072 D001300 0
072 E001300 0
072 F001300 0
072 G001300 0
072 H001300 0
072 I001300 0
072 J001300 0
072 K001300 0
072 L001300 0
072 M001300 0
072 N001300 0
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 0
072 S001300 0
072 T001300 0
072 U001300 0
072 V001300 0
072 W001300 0
072 X001300 0
072 Y001300 0
072 Z001300 0
072AA001300 0
072BB001300 0
072CC011300 0
072CC021300 0
072DD011300 0
072DD021300 0
072EE001300 0
073 A011300 0.0000
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 0
074 B001300 0
074 C001300 0
074 D001300 0
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 0
074 L001300 0
074 M001300 0
074 N001300 0
074 O001300 0
074 P001300 0
074 Q001300 0
<PAGE> PAGE 31
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 0
074 S001300 0
074 T001300 0
074 U011300 0
074 U021300 0
074 V011300 0.00
074 V021300 0.00
074 W001300 0.0000
074 X001300 0
074 Y001300 0
075 A001300 0
075 B001300 0
076 001300 0.00
008 A001501 DELETE
013 A001501 DELETE
015 A001501 DELETE
028 A011500 0
028 A021500 0
028 A031500 0
028 A041500 0
028 B011500 0
028 B021500 0
028 B031500 0
028 B041500 0
028 C011500 0
028 C021500 0
028 C031500 0
028 C041500 0
028 D011500 0
028 D021500 0
028 D031500 0
028 D041500 0
028 E011500 0
028 E021500 0
028 E031500 0
028 E041500 0
028 F011500 0
028 F021500 0
028 F031500 0
028 F041500 0
028 G011500 0
028 G021500 0
028 G031500 0
028 G041500 0
028 H001500 0
030 A001500 0
030 B001500 0.00
030 C001500 0.00
<PAGE> PAGE 32
031 A001500 0
031 B001500 0
032 001500 0
033 001500 0
035 001500 0
036 B001500 0
038 001500 0
042 A001500 0
042 B001500 0
042 C001500 0
042 D001500 0
042 E001500 0
042 F001500 0
042 G001500 0
042 H001500 0
043 001500 0
044 001500 0
048 001500 0.000
048 A011500 0
048 A021500 0.000
048 B011500 0
048 B021500 0.000
048 C011500 0
048 C021500 0.000
048 D011500 0
048 D021500 0.000
048 E011500 0
048 E021500 0.000
048 F011500 0
048 F021500 0.000
048 G011500 0
048 G021500 0.000
048 H011500 0
048 H021500 0.000
048 I011500 0
048 I021500 0.000
048 J011500 0
048 J021500 0.000
048 K011500 0
048 K021500 0.000
055 A001500 N
055 B001500 N
056 001500 Y
057 001500 N
061 001500 0
062 A001500 N
062 B001500 0.0
062 C001500 0.0
062 D001500 0.0
062 E001500 0.0
062 F001500 0.0
<PAGE> PAGE 33
062 G001500 0.0
062 H001500 0.0
062 I001500 0.0
062 J001500 0.0
062 K001500 0.0
062 L001500 0.0
062 M001500 0.0
062 N001500 0.0
062 O001500 0.0
062 P001500 0.0
062 Q001500 0.0
062 R001500 0.0
063 A001500 0
063 B001500 0.0
066 A001500 N
067 001500 N
068 A001500 N
068 B001500 N
069 001500 N
070 A011500 Y
070 A021500 N
070 B011500 N
070 B021500 N
070 C011500 Y
070 C021500 N
070 D011500 N
070 D021500 N
070 E011500 Y
070 E021500 N
070 F011500 N
070 F021500 N
070 G011500 Y
070 G021500 N
070 H011500 N
070 H021500 N
070 I011500 N
070 I021500 N
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 Y
070 L011500 N
070 L021500 N
070 M011500 N
070 M021500 N
070 N011500 Y
070 N021500 N
070 O011500 Y
070 O021500 N
070 P011500 Y
070 P021500 N
<PAGE> PAGE 34
070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
071 A001500 0
071 B001500 0
071 C001500 0
071 D001500 0
072 A001500 0
072 B001500 0
072 C001500 0
072 D001500 0
072 E001500 0
072 F001500 0
072 G001500 0
072 H001500 0
072 I001500 0
072 J001500 0
072 K001500 0
072 L001500 0
072 M001500 0
072 N001500 0
072 O001500 0
072 P001500 0
072 Q001500 0
072 R001500 0
072 S001500 0
072 T001500 0
072 U001500 0
072 V001500 0
072 W001500 0
072 X001500 0
072 Y001500 0
072 Z001500 0
072AA001500 0
072BB001500 0
072CC011500 0
072CC021500 0
072DD011500 0
072DD021500 0
072EE001500 0
073 A011500 0.0000
073 A021500 0.0000
073 B001500 0.0000
073 C001500 0.0000
074 A001500 0
074 B001500 0
074 C001500 0
074 D001500 0
074 E001500 0
074 F001500 0
<PAGE> PAGE 35
074 G001500 0
074 H001500 0
074 I001500 0
074 J001500 0
074 K001500 0
074 L001500 0
074 M001500 0
074 N001500 0
074 O001500 0
074 P001500 0
074 Q001500 0
074 R011500 0
074 R021500 0
074 R031500 0
074 R041500 0
074 S001500 0
074 T001500 0
074 U011500 0
074 U021500 0
074 V011500 0.00
074 V021500 0.00
074 W001500 0.0000
074 X001500 0
074 Y001500 0
075 A001500 0
075 B001500 0
076 001500 0.00
SIGNATURE KEVIN KENELY
TITLE V.P. FUND ADMIN
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> FUND NAME CLASS A
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> SEPT-01-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 96,357,879
<INVESTMENTS-AT-VALUE> 100,590,593
<RECEIVABLES> 2,004,968
<ASSETS-OTHER> 26,968
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 102,622,529
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 493,307
<TOTAL-LIABILITIES> 493,307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,062,573
<SHARES-COMMON-STOCK> 4,207,467
<SHARES-COMMON-PRIOR> 4,715,330
<ACCUMULATED-NII-CURRENT> 58,913
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (66,171)
<OVERDISTRIBUTION-GAINS> (610,163)
<ACCUM-APPREC-OR-DEPREC> 4,369,366
<NET-ASSETS> 45,814,519
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,065,215
<OTHER-INCOME> 0
<EXPENSES-NET> (376,962)
<NET-INVESTMENT-INCOME> 1,688,253
<REALIZED-GAINS-CURRENT> 294,551
<APPREC-INCREASE-CURRENT> 451,277
<NET-CHANGE-FROM-OPS> 2,434,081
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,696,428)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 138,266
<NUMBER-OF-SHARES-REDEEMED> (737,802)
<SHARES-REINVESTED> 91,672
<NET-CHANGE-IN-ASSETS> (4,770,527)
<ACCUMULATED-NII-PRIOR> 54,782
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (183,630)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (376,962)
<AVERAGE-NET-ASSETS> 49,025,643
<PER-SHARE-NAV-BEGIN> 10.72
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> 0.17
<PER-SHARE-DIVIDEND> (0.37)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.89
<EXPENSE-RATIO> 1.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 102
<NAME> FUND NAME CLASS B
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> SEPT-01-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 96,357,879
<INVESTMENTS-AT-VALUE> 100,590,593
<RECEIVABLES> 2,004,968
<ASSETS-OTHER> 26,968
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 102,622,529
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 493,307
<TOTAL-LIABILITIES> 493,307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,982,936
<SHARES-COMMON-STOCK> 2,927,195
<SHARES-COMMON-PRIOR> 3,004,556
<ACCUMULATED-NII-CURRENT> 37,115
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (164,594)
<OVERDISTRIBUTION-GAINS> (244,709)
<ACCUM-APPREC-OR-DEPREC> (736,690)
<NET-ASSETS> 31,874,058
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,358,016
<OTHER-INCOME> 0
<EXPENSES-NET> (429,151)
<NET-INVESTMENT-INCOME> 928,865
<REALIZED-GAINS-CURRENT> 192,857
<APPREC-INCREASE-CURRENT> 296,829
<NET-CHANGE-FROM-OPS> 1,418,551
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (934,247)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 418,835
<NUMBER-OF-SHARES-REDEEMED> (546,605)
<SHARES-REINVESTED> 50,410
<NET-CHANGE-IN-ASSETS> (349,687)
<ACCUMULATED-NII-PRIOR> 34,402
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (120,811)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (429,151)
<AVERAGE-NET-ASSETS> 32,246,674
<PER-SHARE-NAV-BEGIN> 10.72
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 0.17
<PER-SHARE-DIVIDEND> (0.31)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.89
<EXPENSE-RATIO> 1.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 103
<NAME> FUND NAME CLASS C
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> SEPT-01-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 96,357,879
<INVESTMENTS-AT-VALUE> 100,590,593
<RECEIVABLES> 2,004,968
<ASSETS-OTHER> 26,968
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 102,622,529
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 493,307
<TOTAL-LIABILITIES> 493,307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,021,180
<SHARES-COMMON-STOCK> 2,244,589
<SHARES-COMMON-PRIOR> 2,341,584
<ACCUMULATED-NII-CURRENT> 28,504
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (179,078)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 570,038
<NET-ASSETS> 24,440,645
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,073,566
<OTHER-INCOME> 0
<EXPENSES-NET> (148,516)
<NET-INVESTMENT-INCOME> 925,050
<REALIZED-GAINS-CURRENT> 152,617
<APPREC-INCREASE-CURRENT> 234,585
<NET-CHANGE-FROM-OPS> 1,312,252
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (929,415)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 296,083
<NUMBER-OF-SHARES-REDEEMED> (434,833)
<SHARES-REINVESTED> 41,755
<NET-CHANGE-IN-ASSETS> (652,431)
<ACCUMULATED-NII-PRIOR> 26,472
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (95,488)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (148,516)
<AVERAGE-NET-ASSETS> 25,484,656
<PER-SHARE-NAV-BEGIN> 10.72
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 0.17
<PER-SHARE-DIVIDEND> (0.39)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.89
<EXPENSE-RATIO> 0.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
July 8, 1997
To the Shareholders and Trustees of
Evergreen High Grade Tax Free Fund
In planning and performing our audit of the financial statements of Evergreen
High Grade Tax Free Fund (the "Fund") for the period September 1, 1996 through
May 31, 1997, we considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on internal
control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control components does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of May 31, 1997.
This report is intended solely for the information and use of management and the
Trustees of the Fund and the Securities and Exchange Commission.
Price Waterhouse LLP
