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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 22
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SIGNATURE KEVIN KENELY
TITLE VICE PRESIDENT
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
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<NUMBER> 101
<NAME> EVERGREEN UTILITY FUND CLASS A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
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<NUMBER> 101
<NAME> EVERGREEN UTILITY FUND CLASS A
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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
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</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> EVERGREEN UTILITY FUND CLASS A
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<FISCAL-YEAR-END> JUL-31-1997
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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> EVERGREEN UTILITY FUND CLASS A
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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> EVERGREEN VALUE FUND CLASS A
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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> EVERGREEN VALUE FUND CLASS A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
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<SERIES>
<NUMBER> 101
<NAME> EVERGREEN VALUE FUND CLASS A
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<PER-SHARE-NAV-BEGIN> 20.56
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 4.03
<PER-SHARE-DIVIDEND> (0.10)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 24.61
<EXPENSE-RATIO> 1.66
<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> 101
<NAME> EVERGREEN VALUE FUND CLASS A
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JULY-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JULY-31-1997
<INVESTMENTS-AT-COST> 1,338,620,549
<INVESTMENTS-AT-VALUE> 1,816,346,638
<RECEIVABLES> 7,230,876
<ASSETS-OTHER> 28,818
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,823,606,332
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,384,412
<TOTAL-LIABILITIES> 3,384,412
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 815,797,514
<SHARES-COMMON-STOCK> 46,643,861
<SHARES-COMMON-PRIOR> 48,435,529
<ACCUMULATED-NII-CURRENT> 2,021,348
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 34,613,376
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 296,796,062
<NET-ASSETS> 1,149,228,300
<DIVIDEND-INCOME> 13,641,936
<INTEREST-INCOME> 2,137,673
<OTHER-INCOME> 0
<EXPENSES-NET> (4,075,750)
<NET-INVESTMENT-INCOME> 11,703,859
<REALIZED-GAINS-CURRENT> 37,967,886
<APPREC-INCREASE-CURRENT> 154,359,325
<NET-CHANGE-FROM-OPS> 205,849,642
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,102,012)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,289,283
<NUMBER-OF-SHARES-REDEEMED> (8,383,008)
<SHARES-REINVESTED> 302,057
<NET-CHANGE-IN-ASSETS> (1,791,668)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (102,783)
<OVERDIST-NET-GAINS-PRIOR> (711,093)
<GROSS-ADVISORY-FEES> (3,058,752)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (4,119,340)
<AVERAGE-NET-ASSETS> 1,053,467,308
<PER-SHARE-NAV-BEGIN> 20.57
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 4.03
<PER-SHARE-DIVIDEND> (0.21)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 24.64
<EXPENSE-RATIO> 0.67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Trustees and Shareholders
Evergreen Growth and Income Fund
Evergreen American Retirement Trust
Evergreen Investment Trust
Keystone Fund for Total Return
In planning and performing our audits of the financial statements of the
Evergreen Keystone Growth and Income Funds (including Evergreen Growth and
Income Fund, Evergreen Small Cap Equity Income Fund, Evergreen Utility Fund,
Evergreen Value Fund and Keystone Fund for Total Return) for the year or period
ended July 31, 1997, we considered their internal control structure, including
procedures 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
the internal control structure.
The management of the Evergreen Keystone Growth and Income Funds is responsible
for establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal control structure
are to provide management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or disposition and
that transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risks that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
July 31, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
August 22, 1997
