<PAGE>
Semiannual Report
as of July 31, 1999
Evergreen
Money Market Funds
[LOGO OF EVERGREEN FUNDS APPEARS HERE]
<PAGE>
Table of Contents
Letter to Shareholders ............................................ 1
Evergreen Florida Municipal Money Market Fund
Fund at a Glance ............................................. 2
Evergreen Money Market Fund
Fund at a Glance ............................................. 3
Evergreen Municipal Money Market Fund
Fund at a Glance ............................................. 4
Evergreen New Jersey Municipal Money Market Fund
Fund at a Glance ............................................. 5
Evergreen Pennsylvania Municipal Money Market Fund
Fund at a Glance ............................................. 6
Evergreen Treasury Money Market Fund
Fund at a Glance ............................................. 7
Financial Highlights
Evergreen Florida Municipal Money
Market Fund ............................................ 8
Evergreen Money Market Fund ................................. 9
Evergreen Municipal Money Market Fund ....................... 11
Evergreen New Jersey Municipal Money
Market Fund ............................................ 12
Evergreen Pennsylvania Municipal Money
Market Fund ............................................ 13
Evergreen Treasury Money Market Fund ........................ 14
Schedule of Investments
Evergreen Florida Municipal Money
Market Fund ............................................ 15
Evergreen Money Market Fund ................................. 17
Evergreen Municipal Money Market Fund ....................... 21
Evergreen New Jersey Municipal Money
Market Fund ............................................ 32
Evergreen Pennsylvania Municipal Money
Market Fund ............................................ 34
Evergreen Treasury Money Market Fund ........................ 37
Statements of Assets and Liabilities ............................. 38
Statements of Operations ......................................... 40
Statements of Changes in Net Assets .............................. 42
Combined Notes to Financial
Statements ....................................................... 46
Evergreen Funds
Evergreen Funds is one of the nation's fastest growing investment companies with
over $70 billion in assets under management.
With over 80 mutual funds to choose among and acclaimed service and operations
capabilities, investors enjoy a broad range of quality investment products and
services designed to meet their needs.
The Evergreen Funds employ intensive, research-driven investment strategies
executed by over 90 research analysts and portfolio managers. The fund company
remains dedicated to meeting the needs of investors and their advisors in a
global economy. Look to the Evergreen Funds to provide a distinctive level of
service and excellence in investment management.
This semiannual report must be preceded or accompanied by a prospectus of an
Evergreen fund contained herein. The prospectus contains more complete
information, including fees and expenses, and should be read carefully before
investing or sending money.
Mutual Funds: ARE NOT FDIC INSURED May lose value . Are not bank guaranteed
Evergreen Distributor,Inc.
Evergreen(SM) is a Service Mark of Evergreen Investment Services, Inc.
<PAGE>
Letter to Shareholders
----------------------
September 1999
[PHOTO OF WILLIAM M. ENNIS APPEARS HERE]
William M. Ennis
President and CEO
Dear Shareholders:
We are pleased to provide the Evergreen Money Market Funds semiannual report,
which covers the six-month period ended July 31, 1999.
Continued Strength in the Domestic Economy
During the first quarter of 1999, a handful of large capitalization growth
stocks, technology stocks in particular, continued to dominate market
performance. During the second quarter, participation broadened to include both
value stocks and small company stocks: two areas which had disappointed
investors for several years. The recent growth in these areas may be a sign that
the record bull market is repositioning itself to continue.
Inflation fears persist, however, and the Federal Reserve increased interest
rates in June and again in late August in an effort to contain stock and bond
prices. Investors will watch carefully to see whether there will be a third rate
increase in October. Despite the anxiety over interest rates, many experts agree
that the economy is still fundamentally strong, and we remain cautiously
optimistic about the prospects for continued growth in the markets.
Year 2000 Preparation/1/
We continue to progress with our preparations for Year 2000. Our aim is to
provide uninterrupted service and communication with shareholders through the
end of December 1999 and into January 2000. As of the end of September, when
this report was finalized, we have completed all the regulatory requirements for
testing and certification of our systems. In March, we participated in the
industry's "Street Test" with the Securities Industry Association, which helped
us evaluate the readiness of one of the industry's critical trading networks. We
are confident that our long-term approach to planning and preparation will
enable us to continue to deliver the high quality products and services that you
have come to expect.
Once again, we remind you to take advantage of your financial advisor's
expertise and work together to develop an asset allocation strategy that may
help you to meet your investment goals and objectives. Evergreen Funds offers a
wide range of funds that includes multiple investment styles to help you find
those that will be appropriate for your portfolio.
Thank you for your continued investment in Evergreen Funds.
Sincerely,
/s/ William M. Ennis
William M. Ennis
President and CEO
Evergreen Investment Company, Inc.
/1/ The information above constitutes Year 2000 readiness disclosure.
1
<PAGE>
EVERGREEN
Florida Municipal Money Market Fund
Fund at a Glance as of July 31, 1999
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 7/31/99 portfolio assets)
[PIE CHART APPEARS HERE]
Variable Rate Demand Notes -- 79.6%
Notes & Bonds -- 11.6%
Put Bonds -- 8.8%
Portfolio Management
- --------------------------------------------------------------------------------
[PHOTO OF STEVEN C. SHACHAT APPEARS HERE]
Steven C. Shachat
Tenure: October 1998
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*/1/
- --------------------------------------------------------------------------------
Portfolio Inception Date: 10/26/98 Class A Class Y
Class Inception Date 10/26/98 12/29/98
6 month return 1.20% 1.35%
Average Annual Returns
1 year N/A N/A
5 years N/A N/A
Since Portfolio Inception 1.89% 2.07%
7-day annualized yield 2.46% 2.78%
30-day annualized yield 2.37% 2.67%
6-month distributions per share $0.012 $0.013
*The yield quotation more closely reflects the earnings of the fund than the
total return quotation.
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
FL Money Market
Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99
- --------------------------------------------------------------------------------
Class A NET 2.21 2.31 2.91 2.61 2.89 2.46
Class Y NET 2.52 2.55 3.20 2.92 3.25 2.78
Total Net Assets: $78,529,803
Average Maturity: 20 days
/1/ Historical performance shown for Class Y prior to its inception is based on
the performance of Class A, the original class offered. The historical returns
for Class Y have not been adjusted to reflect the fact that Class Y does not pay
a 12b-1 fee. This fee for Class A is .30%. If this fee had not been reflected,
returns would have been higher. Returns reflect expense limits previously in
effect, without which returns would have been lower.
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. Yields will fluctuate. Past
performance is no guarantee of future results.
2
<PAGE>
EVERGREEN
Money Market Fund
Fund at a Glance as of July 31, 1999
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 7/31/99 portfolio assets)
[PIE CHART APPEARS HERE]
Commercial Paper -- 56.9%
Corp. Notes/Bond -- 32.3%
Funding Agreements -- 4.7%
Variable Rate Demand Notes -- 3.0%
Certificates of Deposit -- 2.3%
Repurchase Agreements -- 0.5%
Mutual Fund Shares -- 0.3%
Portfolio Management
- --------------------------------------------------------------------------------
[PHOTO OF KELLIE ALLEN APPEARS HERE]
Kellie Allen
Tenure: December 1997
[PHOTO OF BRYAN K. WHITE APPEARS HERE]
Bryan K. White
Tenure: December 1997
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*/1/
- --------------------------------------------------------------------------------
Portfolio Inception Date: 11/2/87 Class A Class B Class C Class Y
Class Inception Date 1/4/95 1/26/95 8/1/97 11/2/87
6 months with sales charge N/A -3.19% 0.81% N/A
6 month return w/o sales charge 2.16% 1.81% 1.81% 2.31%
Average Annual Returns
1 year with sales charge 4.60% -1.12% 2.86% N/A
1 year w/o sales charge 4.60% 3.88% 3.86% 4.92%
5 years 4.94% 3.94% 4.81% 5.23%
10 years 5.20% 4.87% 5.14% 5.35%
Since Portfolio Inception 5.66% 5.37% 5.60% 5.78%
Maximum Sales Charge N/A 5.00% 1.00% N/A
CDSC CDSC
7-day annualized yield 4.44% 3.74% 3.74% 4.74%
30-day annualized yield 4.40% 3.69% 3.69% 4.69%
6-month distributions per share $0.021 $0.018 $0.018 $0.023
*Adjusted for maximum applicable sales charge unless noted. The yield quotation
more closely reflects the earnings of the fund than the total return quotation.
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
Money Market
Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99
- --------------------------------------------------------------------------------
Class A NET 4.39 4.29 4.25 4.24 4.36 4.44
Class B NET 3.69 3.59 3.55 3.54 3.66 3.74
Class C NET 3.69 3.59 3.55 3.54 3.66 3.74
Class Y NET 4.69 4.59 4.55 4.53 4.66 4.74
Total Net Assets: $8,819,608,308
Average Maturity: 79 days
/1/ Historical performance shown for Classes A, B, and C prior to their
inception is based on the performance of Class Y, the original class offered.
The historical returns for Classes A, B, and C have not been adjusted to reflect
the effect of each class' 12b-1 fee. These fees for Classes A, B, and C are
..30%, 1.00%, and 1.00%, respectively. Class Y does not pay a 12b-1 fee. If these
fees had been reflected, returns would have been lower. Returns reflect expense
limits previously in effect, without which returns would have been lower.
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. Yields will fluctuate. Past
performance is no guarantee of future results.
3
<PAGE>
EVERGREEN
Municipal Money Market Fund
Fund at a Glance as of July 31, 1999
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 7/31/99 portfolio assets)
[PIE CHART APPEARS HERE]
Variable Rate Demand Notes -- 77.1%
Put Bonds -- 18.3%
Bonds -- 2.1%
Anticipation Notes -- 1.9%
Commercial Paper -- 0.6%
Portfolio Management
- --------------------------------------------------------------------------------
[PHOTO OF STEVEN C. SHACHAT APPEARS HERE]
Steven C. Shachat
Tenure: November 1988
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*/1/
- --------------------------------------------------------------------------------
Portfolio Inception Date: 11/2/88 Class A Class Y
Class Inception Date 1/5/95 11/2/88
6 month return 1.34% 1.49%
Average Annual Returns
1 year 2.84% 3.15%
5 years 3.15% 3.43%
Since Portfolio Inception 3.85% 3.98%
7-day annualized yield 2.73% 3.02%
30-day annualized yield 2.65% 2.94%
6-month distributions per share $0.013 $0.015
*The yield quotation more closely reflects the earnings of the fund than the
total return quotation.
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
Muni Money Market
Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99
- --------------------------------------------------------------------------------
Class A NET 2.49 2.64 3.12 2.86 3.18 2.73
Class Y NET 2.79 2.94 3.42 3.17 3.48 3.03
Total Net Assets: $1,457,127,551
Average Maturity: 42 days
/1/ Historical performance shown for Class A prior to its inception is based on
the performance of Class Y, the original class offered. The historical returns
for Class A have not been adjusted to reflect the effect of the class' .30%
12b-1 fee. Class Y does not pay a 12b-1 fee. If these fees had been reflected,
returns would have been lower. Returns reflect expense limits previously in
effect, without which returns would have been lower.
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. Yields will fluctuate. Past
performance is no guarantee of future results.
4
<PAGE>
EVERGREEN
New Jersey Municipal Money Market Fund
Fund at a Glance as of July 31, 1999
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 7/31/99 portfolio assets)
[PIE CHART APPEARS HERE]
Variable Rate Demand Notes -- 69.4%
Bonds -- 27.6%
Put Bonds -- 3.0%
Portfolio Management
- --------------------------------------------------------------------------------
[PHOTO OF STEVEN C. SHACHAT APPEARS HERE]
Steven C. Shachat
Tenure: October 1998
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*/1/
- --------------------------------------------------------------------------------
Portfolio Inception Date: 10/26/98 Class A Class Y
Class Inception Date 10/26/98 4/3/99
6 month return 1.16% 1.26%
Average Annual Returns
1 year N/A N/A
5 years N/A N/A
Since Portfolio Inception 1.83% 1.93%
7-day annualized yield 2.34% 2.64%
30-day annualized yield 2.23% 2.52%
6-month distributions per share $0.012 $0.013
*The yield quotation more closely reflects the earnings of the fund than the
total return quotation.
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
NJ Money Market
Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99
- --------------------------------------------------------------------------------
Class A NET 2.12 2.31 2.76 2.51 2.83 2.32
Class Y NET N/A N/A 3.08 2.81 3.12 2.62
Total Net Assets: $101,204,511
Average Maturity: 47 days
/1/ Historical performance shown for Class Y prior to its inception is based on
the performance of Class A, the original class offered. The historical returns
for Class Y have not been adjusted to reflect the fact that Class Y does not pay
a 12b-1 fee. This fee for Class A is .30%. If this fee had not been reflected,
returns would have been higher. Returns reflect expense limits previously in
effect, without which returns would have been lower.
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. Yields will fluctuate. Past
performance is no guarantee of future results.
5
<PAGE>
EVERGREEN
Pennsylvania Municipal Money Market Fund
Fund at a Glance as of July 31, 1999
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 7/31/99 portfolio assets)
[PIE CHART APPEARS HERE]
Variable Rate Demand Notes -- 72.5%
Bonds -- 15.5%
Put Bonds -- 12.0%
Portfolio Management
- --------------------------------------------------------------------------------
[PHOTO OF STEVEN C. SHACHAT APPEARS HERE]
Steven C. Shachat
Tenure: May 1998
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*/1/
- --------------------------------------------------------------------------------
Portfolio Inception Date: 8/15/91 Class A Class Y
Class Inception Date 8/22/95 8/15/91
6 month return 1.33% 1.38%
Average Annual Returns
1 year 2.79% 2.89%
5 years 3.13% 3.19%
Since Portfolio Inception 2.96% 3.00%
7-day annualized yield 2.72% 2.82%
30-day annualized yield 2.67% 2.77%
6-month distributions per share $0.013 $0.014
*The yield quotation more closely reflects the earnings of the fund than the
total return quotation.
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
PA Money Market
Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99
- --------------------------------------------------------------------------------
Class A NET 2.46 2.59 3.09 2.84 3.12 2.73
Class Y NET 2.56 2.69 3.19 2.94 3.22 2.83
Total Net Assets: $147,711,838
Average Maturity: 48 days
/1/ Historical performance shown for Class A prior to its inception is based on
the performance of Class Y, the original class offered. The historical returns
for Class A have not been adjusted to reflect the effect of the class' .30%
12b-1 fee. Class Y does not pay a 12b-1 fee. If these fees had been reflected,
returns would have been lower. The advisor is reimbursing a portion of the 12b-1
expense for Class A. Returns reflect expense limits previously in effect,
without which returns would have been lower.
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. Yields will fluctuate. Past
performance is no guarantee of future results.
6
<PAGE>
EVERGREEN
Treasury Money Market Fund
Fund at a Glance as of July 31 , 1999
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 7/31/99 portfolio assets)
[PIE CHART APPEARS HERE]
U.S. Treasury Notes -- 73.5%
Repurchase Agreements -- 26.2%
Mutual Fund Shares -- 0.3%
Portfolio Management
- --------------------------------------------------------------------------------
[PHOTO OF KELLIE ALLEN APPEARS HERE]
Kellie Allen
Tenure: March 1991
[PHOTO OF BRYAN K. WHITE APPEARS HERE]
Bryan K.White
Tenure: December 1997
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*/1/
- --------------------------------------------------------------------------------
Portfolio Inception Date: 3/6/91 Class A Class Y
Class Inception Date 3/6/91 3/6/91
6 month return 2.06% 2.21%
Average Annual Returns
1 year 4.37% 4.68%
5 years 4.84% 5.15%
Since Portfolio Inception 4.36% 4.66%
7-day annualized yield 4.30% 4.60%
30-day annualized yield 4.22% 4.53%
6-month distributions per share $0.020 $0.022
*The yield quotation more closely reflects the earnings of the fund than the
total return quotation.
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
Treasury Money Market
Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99
- --------------------------------------------------------------------------------
Class A NET 4.09 4.20 4.08 4.03 4.12 4.27
Class Y NET 4.39 4.50 4.38 4.33 4.43 4.57
Total Net Assets: $4,006,391,241
Average Maturity: 49 days
/1/ The returns reflect expense limits previously in effect, without which
returns would have been lower. This fund has 12b-1 fees for Class A of .30%,
Class Y does not pay a 12b-1 fee.
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. Yields will fluctuate. Past
performance is no guarantee of future results.
7
<PAGE>
EVERGREEN
FLORIDA MUNICIPAL MONEY MARKET FUND
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended
July 31, 1999 Period Ended
(Unaudited) January 31, 1999 (a)
<S> <C> <C>
CLASS A SHARES
Net asset value, beginning of period $1.00 $1.00
----- -----
Net investment income 0.01 0.01
Less distributions to shareholders from
net investment income (0.01) (0.01)
----- -----
Net asset value, end of period $1.00 $1.00
----- -----
Total return 1.20% 0.69%
Ratios and supplemental data
Net assets, end of period (millions) $ 79 $ 84
Ratios to average net assets
Expenses* 0.93%+ 0.93%+
Net investment income 2.39%+ 2.66%+
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended
July 31, 1999 Period Ended
(Unaudited) January 31, 1999 (b)
<S> <C> <C>
CLASS Y SHARES
Net asset value, beginning of period $1.00 $1.00
----- -----
Net investment income 0.01 0++
Less distributions to shareholders from
net investment income (0.01) 0++
----- -----
Net asset value, end of period $1.00 $1.00
----- -----
Total return 1.35% 0.26%
Ratios and supplemental data
Net assets, end of period (millions) $ -- $ --
Ratios to average net assets
Expenses* 0.63%+ 0.65%+
Net investment income 2.69%+ 2.98%+
</TABLE>
(a) For the period from October 26, 1998 (commencement of class operations) to
January 31, 1999.
(b) For the period from December 29, 1998 (commencement of class operations) to
January 31, 1999.
* The ratio of expenses to average net assets excludes fee credits and in-
cludes fee waivers.
+ Annualized.
++ Represents an amount less than $0.005 per share.
See Combined Notes to Financial Statements.
8
<PAGE>
EVERGREEN
MONEY MARKET FUND
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31, Year Ended August 31,
July 31, 1999 ---------------------- ------------------------
(Unaudited) 1999 1998(a) 1997 1996 1995(b)
<S> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------ ------ ------ ------ ------ -----
Net investment income 0.02 0.05 0.02 0.05 0.05 0.03
Less distributions to shareholders from
net investment income (0.02) (0.05) (0.02) (0.05) (0.05) (0.03)
------ ------ ------ ------ ------ -----
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------ ------ ------ ------ ------ -----
Total return 2.16% 4.90% 2.08% 4.95% 5.05% 3.53%
Ratios and supplemental data
Net assets, end of period (millions) $7,112 $5,210 $2,910 $2,803 $1,755 $ 685
Ratios to average net assets
Expenses# 0.84%+ 0.85% 0.89%+ 0.79% 0.75% 0.81%+
Net investment income 4.32%+ 4.78% 4.91%+ 4.87% 4.86% 5.26%+
<CAPTION>
Six Months Ended Year Ended January 31, Year Ended August 31,
July 31, 1999 ---------------------- ------------------------
(Unaudited) 1999 1998(a) 1997 1996 1995(c)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------ ------ ------ ------ ------ -----
Less distributions to shareholders from
net investment income (0.02) (0.04) (0.02) (0.04) (0.04) (0.03)
------ ------ ------ ------ ------ -----
Net investment income 0.02 0.04 0.02 0.04 0.04 0.03
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------ ------ ------ ------ ------ -----
Total return* 1.81% 4.18% 1.78% 4.22% 4.31% 2.78%
Ratios and supplemental data
Net assets, end of period (millions) $ 67 $ 65 $ 25 $ 23 $ 10 $ 8
Ratios to average net assets
Expenses# 1.53%+ 1.55% 1.59%+ 1.49% 1.45% 1.51%+
Net investment income 3.61%+ 4.09% 4.22%+ 4.16% 4.18% 4.54%+
</TABLE>
(a) Five months ended January 31, 1998. The Fund changed its fiscal year end
from August 31 to January 31, effective January 31, 1998.
(b) For the period from January 4, 1995 (commencement of class operations) to
August 31, 1995.
(c) For the period from January 26, 1995 (commencement of class operations) to
August 31, 1995.
* Excluding applicable sales charges.
+ Annualized.
# The ratio of expenses to average net assets excludes fee credits.
See Combined Notes to Financial Statements.
9
<PAGE>
EVERGREEN
MONEY MARKET FUND
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31,
July 31, 1999 -------------------------- Year Ended
(Unaudited) 1999 1998 (a) August 31, 1997 (b)
<S> <C> <C> <C> <C>
CLASS C SHARES
Net asset value,
beginning of period $1.00 $ 1.00 $ 1.00 $1.00
----- ----------- ----------- -----
Net investment income 0.02 0.04 0.02 0++
Less distributions to
shareholders from net
investment income (0.02) (0.04) (0.02) 0++
----- ----------- ----------- -----
Net asset value, end of
period $1.00 $ 1.00 $ 1.00 $1.00
----- ----------- ----------- -----
Total return* 1.81% 4.16% 1.78% 0.37%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 6 $ 5 $ 2 $ 5
Ratios to average net
assets
Expenses# 1.53%+ 1.55% 1.59%+ 1.67%+
Net investment income 3.62%+ 4.09% 4.20%+ 4.42%+
</TABLE>
<TABLE>
<CAPTION>
Year Ended January
Six Months Ended 31, Year Ended August 31,
July 31, 1999 ------------------ -----------------------------
(Unaudited) 1999 1998(a) 1997 1996 1995 1994(c)
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS Y SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------ ------ ----- ----- ----- ----- -----
Net investment income 0.02 0.05 0.02 0.05 0.05 0.05 0.03
Less distributions to
shareholders from net
investment income (0.02) (0.05) (0.02) (0.05) (0.05) (0.05) (0.03)
------ ------ ----- ----- ----- ----- -----
Net asset value, end of
period $ 1.00 $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------ ------ ----- ----- ----- ----- -----
Total return 2.31% 5.21% 2.21% 5.27% 5.36% 5.38% 2.92%
Ratios and supplemental
data
Net assets, end of
period (millions) $1,635 $1,745 $ 610 $ 635 $ 671 $ 283 $ 273
Ratios to average net
assets
Expenses# 0.53%+ 0.55% 0.59%+ 0.48% 0.45% 0.53% 0.32%+
Net investment income 4.61%+ 5.07% 5.22%+ 5.13% 5.16% 5.26% 3.46%+
</TABLE>
(a) Five months ended January 31, 1998. The Fund changed its fiscal year end
from August 31 to January 31, effective January 31, 1998.
(b) For the period from August 1, 1997 (commencement of class operations) to
August 31, 1997.
(c) Ten months ended August 31, 1994. The Fund changed its fiscal year end from
October 31 to August 31, effective August 31, 1994.
* Excluding applicable sales charges.
+ Annualized.
++ Represents an amount less than $0.005 per share.
# The ratio of expenses to average net assets excludes fee credits.
See Combined Notes to Financial Statements.
10
<PAGE>
EVERGREEN
MUNICIPAL MONEY MARKET FUND
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31, Year Ended August 31,
July 31, 1999 ----------------------- ---------------------------
(Unaudited) 1999 1998(a) 1997 1996 1995(b)
<S> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value,
beginning of period $1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00
----- ------ ------ ----- ----- -----
Net investment income 0.01 0.03 0.01 0.03 0.03 0.02
Less distributions to
shareholders from net
investment income (0.01) (0.03) (0.01) (0.03) (0.03) (0.02)
----- ------ ------ ----- ----- -----
Net asset value, end of
period $1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00
----- ------ ------ ----- ----- -----
Total return 1.34% 3.07% 1.34% 3.13% 3.22% 2.24%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 809 $ 737 $ 672 $ 667 $ 661 $ 555
Ratios to average net
assets
Expenses* 0.87%+ 0.87% 0.88%+ 0.83% 0.79% 0.78%+
Net investment income 2.69%+ 3.02% 3.18%+ 3.09% 3.14% 3.28%+
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31, Year Ended August 31,
July 31, 1999 ----------------------- --------------------------
(Unaudited) 1999 1998(a) 1997 1996 1995 1994
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS Y SHARES
Net asset value,
beginning of period $1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00 $1.00
----- ------ ------ ----- ----- ----- -----
Net investment income 0.01 0.03 0.01 0.03 0.03 0.04 0.02
Less distributions to
shareholders from net
investment income (0.01) (0.03) (0.01) (0.03) (0.03) (0.04) (0.02)
----- ------ ------ ----- ----- ----- -----
Net asset value, end of
period $1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00 $1.00
----- ------ ------ ----- ----- ----- -----
Total return 1.49% 3.38% 1.47% 3.44% 3.53% 3.59% 2.50%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 648 $ 540 $ 386 $ 378 $ 617 $ 421 $ 402
Ratios to average net
assets
Expenses* 0.57%+ 0.57% 0.58%+ 0.53% 0.49% 0.50% 0.34%
Net investment income 3.00%+ 3.30% 3.46%+ 3.37% 3.44% 3.53% 2.47%
</TABLE>
(a) Five months ended January 31, 1998. The Fund changed its fiscal year end
from August 31 to January 31, effective January 31, 1998.
(b) For the period from January 5, 1995 (commencement of class operations) to
August 31, 1995.
* The ratio of expenses to average net assets excludes fee credits.
+ Annualized.
See Combined Notes to Financial Statements.
11
<PAGE>
EVERGREEN
NEW JERSEY MUNICIPAL MONEY MARKET FUND
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended
July 31, 1999 Period Ended
(Unaudited) January 31, 1999 (a)
<S> <C> <C>
CLASS A SHARES
Net asset value, beginning of period $ 1.00 $ 1.00
------ ------
Net investment income 0.01 0.01
Less distributions to shareholders from
net investment income (0.01) (0.01)
------ ------
Net asset value, end of period $ 1.00 $ 1.00
------ ------
Total return 1.16% 0.66%
Ratios and supplemental data
Net assets, end of period (millions) $ 101 $ 95
Ratios to average net assets
Expenses# 0.88%+ 0.85%+
Net investment income 2.33%+ 2.46%+
</TABLE>
<TABLE>
<CAPTION>
Period Ended
July 31, 1999 (b)
(Unaudited)
<S> <C>
CLASS Y SHARES
Net asset value, beginning of period $1.00
-----
Net investment income 0.01
Less distributions to shareholders from net investment
income (0.01)
-----
Net asset value, end of period $1.00
-----
Total return 1.26%
Ratios and supplemental data
Net assets, end of period (millions) $ 1
Ratios to average net assets
Expenses# 0.58%+
Net investment income 2.76%+
</TABLE>
(a) For the period October 26, 1998 (commencement of class operations) to Janu-
ary 31, 1999.
(b) For the period April 3, 1999 (commencement of class operations) to July 31,
1999.
+ Annualized.
# The ratio of expenses to average net assets excludes fee credits and
includes fee waivers.
See Combined Notes to Financial Statements.
12
<PAGE>
EVERGREEN
PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31, Year Ended August 31,
July 31, 1999 -------------------------- ------------------------ Period Ended
(Unaudited) 1999 1998 (a) 1997 1996 (b) February 29, 1996 (c)
<S> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ----------- ----------- ---------- ---------- ------
Net investment income 0.01 0.03 0.01 0.03 0.01 0.02
Less distributions to
shareholders from net
investment income (0.01) (0.03) (0.01) (0.03) (0.01) (0.02)
------ ----------- ----------- ---------- ---------- ------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ----------- ----------- ---------- ---------- ------
Total return 1.33% 2.96% 1.34% 3.05% 1.49% 1.72%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 112 $ 96 $ 37 $ 36 $ 22 $ 4
Ratios to average net
assets
Expenses# 0.60%+ 0.61% 0.61%+ 0.60% 0.55%+ 0.47%+
Net investment income 2.67%+ 2.90% 3.15%+ 3.01% 2.97%+ 3.14%+
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31, Year Ended August 31, Year Ended February 28,
July 31, 1999 -------------------------- ------------------------ ------------------------
(Unaudited) 1999 1998 (a) 1997 1996 (b) 1996 1995
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS Y SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ----------- ----------- ---------- ---------- ----------- -----------
Net investment income 0.01 0.03 0.01 0.03 0.01 0.03 0.03
Less distributions to
shareholders from net
investment income (0.01) (0.03) (0.01) (0.03) (0.01) (0.03) (0.03)
------ ----------- ----------- ---------- ---------- ----------- -----------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ----------- ----------- ---------- ---------- ----------- -----------
Total return 1.38% 3.07% 1.38% 3.15% 1.51% 3.55% 2.81%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 36 $ 40 $ 33 $ 32 $ 48 $ 83 $ 44
Ratios to average net
assets
Expenses# 0.50%+ 0.52% 0.51%+ 0.50% 0.50%+ 0.37% 0.33%
Net investment income 2.76%+ 3.02% 3.26%+ 3.10% 2.92%+ 3.42% 3.09%
</TABLE>
(a) Five months ended January 31, 1998. The Fund changed its fiscal year end
from August 31 to January 31, effective January 31, 1998.
(b) Six months ended August 31, 1996. The Fund changed its fiscal year end from
February 29 to August 31, effective August 31, 1996.
(c) For the period from August 22, 1995 (commencement of class operations) to
February 29, 1996.
+ Annualized.
# The ratio of expenses to average net assets excludes fee credits and
includes fee waivers.
See Combined Notes to Financial Statements.
13
<PAGE>
EVERGREEN
TREASURY MONEY MARKET FUND
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31, Year Ended August 31,
July 31, 1999 ---------------------- ------------------------ Year Ended
(Unaudited) 1999 1998 (a) 1997 1996 1995 (b) December 31, 1994
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ----------- ----------- ------ ------ ------ ------
Net investment income 0.02 0.05 0.02 0.05 0.05 0.03 0.04
Less distributions to
shareholders from net
investment income (0.02) (0.05) (0.02) (0.05) (0.05) (0.03) (0.04)
------ ----------- ----------- ------ ------ ------ ------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ----------- ----------- ------ ------ ------ ------
Total return 2.06% 4.75% 2.07% 4.82% 4.98% 3.58% 3.75%
Ratios and supplemental
data
Net assets, end of
period (millions) $3,064 $ 3,366 $ 2,616 $2,485 $2,608 $1,178 $ 755
Ratios to average net
assets
Expenses # 0.74%+ 0.73% 0.73%+ 0.72% 0.69% 0.63%+ 0.50%
Net investment income 4.10%+ 4.63% 4.89%+ 4.73% 4.76% 5.30%+ 3.91%
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31, Year Ended August 31,
July 31, 1999 ---------------------- ------------------------ Year Ended
(Unaudited) 1999 1998 (a) 1997 1996 1995 (b) December 31, 1994
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS Y SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ----------- ----------- ------ ------ ------ ------
Net investment income 0.02 0.05 0.02 0.05 0.05 0.04 0.04
Less distributions to
shareholders from net
investment income (0.02) (0.05) (0.02) (0.05) (0.05) (0.04) (0.04)
------ ----------- ----------- ------ ------ ------ ------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ----------- ----------- ------ ------ ------ ------
Total return 2.21% 5.07% 2.20% 5.14% 5.29% 3.78% 4.06%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 942 $ 1,045 $ 572 $ 547 $ 760 $ 277 $ 163
Ratios to average net
assets
Expenses # 0.44%+ 0.43% 0.43%+ 0.42% 0.39% 0.33%+ 0.20%
Net investment income 4.40%+ 4.89% 5.19%+ 5.02% 5.12% 5.60%+ 3.78%
</TABLE>
(a) Five months ended January 31, 1998. The Fund changed its fiscal year end
from August 31 to January 31, effective January 31, 1998.
(b) Eight months ended August 31, 1995. The Fund changed its fiscal year end
from December 31 to August 31, effective August 31, 1995.
+ Annualized.
# The ratio of expenses to average net assets excludes fee credits.
See Combined Notes to Financial Statements.
14
<PAGE>
EVERGREEN
FLORIDA MUNICIPAL MONEY MARKET FUND
Schedule of Investments
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 99.8%
Florida - 99.8%
$ 300,000 Collier Cnty., FL Hlth. Facs. RB,
Cleveland Clinic Hlth. Sys.,
(LOC: Bank One, N.A.),
3.40%, 8/2/1999.................................... $ 300,000
1,500,000 Dade Cnty, FL Pub. Svc. Tax RB,
(Ins. by FSA),
5.00%, 10/1/1999................................... 1,504,413
Dade Cnty., FL IDA RB:
2,445,000 Florida Convalescent Assoc. Proj.,
Ser. 1986, (LOC: Bank of Tokyo-Mitsubishi, Ltd.),
5.00%, VRDN......................................... 2,445,000
200,000 Jay W. Lotspeich Proj., (LOC: Dai-Ichi Kangyo Bank,
Ltd.),
4.55%, VRDN......................................... 200,000
450,000 Pot Co., Inc., (LOC: Dai-Ichi Kangyo Bank, Ltd.),
4.55%, VRDN......................................... 450,000
1,050,000 Quipp Inc. Proj., (LOC: BankAmerica, N.A.),
3.35%, 8/5/1999..................................... 1,050,000
3,500,000 Escambia Cnty., FL IDRB, Daws Mfg. Co., Inc. Proj.,
(LOC: Amsouth Bank, N.A.),
3.40%, VRDN........................................ 3,500,000
300,000 Escambia Cnty., FL PCRB, Gulf Power Co. Proj., (Gtd.
by Gulf Power Co.),
3.45%, 8/2/1999.................................... 300,000
1,540,000 Escambia Cnty., FL SFHRB, PFOTER, (LIQ: Merrill
Lynch & Co., Inc.),
3.24%, VRDN (a).................................... 1,540,000
4,700,000 Florida Board of Ed. RB, ABN-Amro Munitops
Certificates Trust, Ser. 1998-9, (LIQ: ABN-Amro
Bank, N.V. & Ins. by FSA),
3.29%, VRDN (a).................................... 4,700,000
1,000,000 Florida Dev. Fin. Corp. IDRB, Suncoast Bakeries,
Inc., Ser. A1, (LOC: SunTrust Banks, N.A.),
3.30%, VRDN........................................ 1,000,000
Florida HFA MHRB:
1,250,000 Falls of Venice Proj., (LOC: PNC Bank, N.A.),
3.30%, VRDN......................................... 1,250,000
3,500,000 Iona Lakes Proj., Ser. D, (Ins. by Continental
Casualty),
3.25%, 4/1/2000..................................... 3,500,000
4,000,000 Florida Hsg. Fin. Corp. MHRB, Buchanan Bay
Townhomes, (LOC: Chase Manhattan Bank, N.A.),
3.45%, VRDN........................................ 4,000,000
Hillsborough Cnty., FL IDRB:
1,895,000 Berry Packaging Inc., (LOC: BankAmerica, N.A.),
3.35%, 8/5/1999..................................... 1,895,000
450,000 Serigraphic Arts Inc. Proj., (LOC: Dai-Ichi Kangyo
Bank, Ltd.),
4.55%, VRDN......................................... 450,000
2,200,000 Hillsborough Cnty., FL PCRB, Tampa Elec. Co. Proj.,
(Gtd. by Tampa Elec. Co.),
3.40%, 8/2/1999.................................... 2,200,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Florida - continued
$11,000,000 Hillsborough Cnty., FL Sch. Board COP, (LIQ:
Citibank, N.A. & Ins. by MBIA),
3.31%, VRDN (a)..................................... $11,000,000
1,400,000 Jacksonville, FL Econ. Dev. Commission IDRB, Crown
Products Corp. Inc., (LOC: SunTrust Banks, N.A.),
3.30%, VRDN......................................... 1,400,000
2,590,000 Jacksonville, FL Elec. Auth. RB,
St. John's River,
6.00%, 10/1/1999.................................... 2,602,655
900,000 Jacksonville, FL IDRB, Univ. of
FL Hlth. Science Ctr., (LOC: BankAmerica, N.A.),
3.40%, VRDN......................................... 900,000
1,165,000 Lee Cnty., FL HFA-RB, Multi Cnty. Program Ser. A,
Subser. 3, (Ins. by AMBAC),
3.15%, 11/15/1999................................... 1,165,000
Miami-Dade Cnty., FL IDA RB:
2,000,000 Edron Fixture Corp. Proj., Ser. 1999A, (LOC: SunTrust
Banks, N.A.),
3.25%, 8/4/1999...................................... 2,000,000
5,000,000 Professional Modifications Svcs. Inc., (LOC: Bankers
Trust Co.),
3.30%, VRDN.......................................... 5,000,000
1,500,000 Orange Cnty., FL Hlth. Facs. Auth. RB, PFOTER, (LIQ:
Merrill Lynch & Co., & Ins. by U.S. Treasury
Securities),
3.45%, 8/25/1999 (a)................................ 1,500,000
600,000 Palm Beach Cnty., FL IDRB, Florida Convalescent
Proj., (LOC: Bank of Tokyo-Mitsubishi, Ltd.),
5.00%, VRDN......................................... 600,000
5,875,000 Palm Beach Cnty., FL Sch. Board COP, MSTR Ser. 1996B,
(LIQ: Norwest Bank, N.A. & Ins. by AMBAC),
3.50%, VRDN (a)..................................... 5,875,000
1,000,000 Palm Beach Cnty., FL Wtr & Swr RB, (LOC: Sanwa Bank,
Ltd.),
4.00%, VRDN......................................... 1,000,000
695,000 Pinellas Cnty., FL HFA SFHRB, PFOTER, (LIQ: Merrill
Lynch & Co., Inc. & COLL: FNMA),
3.31%, VRDN (a)..................................... 695,000
Polk Cnty., FL IDA RB:
2,000,000 Farmland Hydro, LP Proj., (LOC: Rabobank N.V.),
3.15%, 8/5/1999...................................... 2,000,000
3,300,000 Sun Orchard Florida, Inc. Proj., (LOC: Bank One,
N.A.),
3.37%, VRDN.......................................... 3,300,000
2,000,000 Putnam Cnty., FL Dev. Auth. PCRB, Seminole Elec. Co.,
(Gtd. by Rural Util. Svcs. Corp.),
3.00%, 9/15/1999.................................... 2,000,000
1,735,000 St. John's Cnty., FL IDA RB, Bronz-Glow Technologies
Proj., (LOC: SouthTrust Bank, N.A.),
3.41%, VRDN......................................... 1,735,000
</TABLE>
15
<PAGE>
EVERGREEN
FLORIDA MUNICIPAL MONEY MARKET FUND
Schedule of Investments(continued)
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Florida - continued
$ 1,300,000 St. Petersburg (City of), FL Hlth. Fac. Auth. RB,
Florida Blood Svcs. Inc. Proj., (LOC: SouthTrust
Bank, N.A.),
3.21%, VRDN......................................... $ 1,300,000
1,500,000 Tamarac, FL IDRB, Tamarac Business Ctr. Proj., (LOC:
BankAmerica, N.A.),
3.35%, VRDN......................................... 1,500,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Florida - continued
$ 2,500,000 Titusville, FL Multi Purpose RB,
(LOC: BankAmerica, N.A.),
3.25%, VRDN....................................... $ 2,500,000
------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $78,357,068).......................... 99.8% 78,357,068
Other Assets and
Liabilities - net........................... 0.2 172,735
----- ------------
Net Assets................................... 100.0% $ 78,529,803
===== ============
</TABLE>
(a) Securities that may be sold to "qualified institutional buyers" under Rule
144A or securities offered pursuant to Section 4(2) of the Securities Act
of 1933, as amended. These securities have been determined to be liquid un-
der guidelines established by the Board of Trustees.
Summary of Abbreviations:
AMBAC American Municipal Bond Assurance Corp.
COLL Collateral
COP Certificates of Participation
FNMA Federal National Mortgage Association
FSA Financial Security Assurance, Inc.
HFA Housing Finance Authority
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
LIQ Liquidity Provider
LOC Letter of Credit
LP Limited Partnership
MHRB Multifamily Housing Revenue Bond
MBIA Municipal Bond Investors Assurance Corp.
MSTR Municipal Securities Trust Receipt
PCRB Pollution Control Revenue Bond
PFOTER Puttable Floating Option Tax Exempt Receipt
RB Revenue Bond
SFHRB Single Family Housing Revenue Bond
SPA Security Purchase Agreement
VRDN Variable Rate Demand Note
Variable Rate Demand Notes are payable on demand on no more than seven
calendar days notice given by the Fund to the issuer or other parties not
affiliated with the issuer. Interest rates are determined and reset by
the issuer daily, weekly, or monthly depending upon the terms of the se-
curity. Interest rates presented for these securities are those in effect
at July 31, 1999.
Certain obligations held in the portfolio have credit enhancements or li-
quidity features that may, under certain circumstances, provide for re-
payment of principal and interest on the obligation upon demand date, in-
terest rate reset data or final maturity. These enhancements include:
letters of credit; liquidity guarantees; security purchase agreements;
tender option purchase agreements, and third party insurance (i.e. AMBAC,
FGIC, and MBIA). Adjustable rate bonds and variable rate demand notes
held in the portfolio may be considered derivative securities within the
standards imposed by the Securities and Exchange Commission under Rule
2a-7 which were designed to minimize both credit and market risk.
See Combined Notes to Financial Statements.
16
<PAGE>
EVERGREEN
MONEY MARKET FUND
Schedule of Investments
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CERTIFICATES OF DEPOSIT - 2.3%
$100,000,000 Abby Natl. Treasury Svcs. Plc Corp.,
5.25%, 12/14/1999............................... $ 100,003,653
100,000,000 Societe Generale (New York),
5.22%, 10/6/1999................................ 99,999,863
--------------
Total Certificates of Deposit
(cost $200,003,516)............................. 200,003,516
--------------
COMMERCIAL PAPER - 56.9%*
Asset-Backed - 37.0%
Alpine Securitization Corp.:
46,780,000 5.10%, 9/15/1999................................. 46,481,778
53,000,000 5.13%, 8/18/1999................................. 52,871,607
Atlantic Asset Securitization Corp.:
86,109,000 5.12%, 8/17/1999................................. 85,913,054
49,146,000 5.13%, 8/3/1999.................................. 49,131,994
Bavaria Universal Fund:
100,000,000 5.13%, 8/27/1999................................. 99,629,500
126,661,000 5.14%, 8/16/1999................................. 126,389,734
125,000,000 5.14%, 8/17/1999................................. 124,714,445
Broadway Capital Corp.:
46,909,000 5.14%, 8/16/1999................................. 46,808,537
38,940,000 5.15%, 8/2/1999.................................. 38,934,429
50,000,000 Caterpillar Financial Services,
4.93%, 10/7/1999................................ 49,981,709
CC USA Inc.:
75,000,000 5.35%, 5/22/2000................................. 75,000,000
100,000,000 5.42%, 7/27/1999................................. 100,000,000
Concord Minutemen Capital Corp.:
46,309,000 5.11%, 8/3/1999.................................. 46,295,853
74,789,000 5.13%, 8/4/1999.................................. 74,757,028
100,000,000 5.14%, 8/12/1999................................. 99,842,944
100,000,000 Falcon Asset Securitization,
5.11%, 8/19/1999................................ 99,744,500
30,000,000 Goldman Sachs Group L.P. MTN,
5.653%, 7/19/1999............................... 30,000,000
Gotham Funding Corp.,
(LOC: Republic Bank):
25,936,000 5.15%, 8/6/1999.................................. 25,917,449
71,832,000 5.16%, 8/16/1999................................. 71,677,561
40,513,000 5.17%, 8/16/1999................................. 40,425,728
60,616,000 5.19%, 8/9/1999.................................. 60,546,090
Greenwich Funding Corp.:
70,000,000 5.12%, 8/16/1999................................. 69,850,667
61,596,000 5.13%, 8/2/1999.................................. 61,587,222
Lexington Parker Capital Corp.:
72,974,000 4.83%, 8/5/1999.................................. 72,934,837
175,000,000 5.13%, 8/9/1999.................................. 174,800,500
50,000,000 5.13%, 8/16/1999................................. 49,893,125
50,216,000 Lyon Short-Term Funding Corp.,
5.12%, 8/18/1999................................ 50,094,589
75,000,000 Main Place Real Estate
Investment Trust,
5.2675%, 3/25/2000.............................. 75,000,000
Moat Funding LLC:
40,373,000 5.17%, 9/9/1999.................................. 40,146,878
125,000,000 5.20%, 10/6/1999................................. 123,808,333
75,000,000 5.22%, 10/8/1999................................. 74,260,500
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
COMMERCIAL PAPER - continued
Asset-Backed - continued
$125,560,000 Old Line Funding Corp.,
(LOC: Dai-Ichi Kangyo Bank, Ltd.)
5.14%, 8/4/1999................................. $ 125,506,218
Park Avenue Recreation Corp.:
125,000,000 5.12%, 8/10/1999................................. 124,840,000
125,000,000 5.12%, 8/24/1999................................. 124,591,111
Sigma Fin. Corp.:
75,000,000 4.84%, 8/2/1999.................................. 74,989,917
40,000,000 5.192%, 2/24/2000................................ 39,999,773
60,000,000 5.235%, 8/12/1999................................ 60,000,000
50,000,000 5.38%, 3/13/2000................................. 50,000,000
156,670,000 Special Purpose Accounts Receivables,
5.13%, 8/25/1999................................ 156,134,189
25,607,000 Thames Asset Global Securitization,
5.11%, 8/17/1999................................ 25,548,844
Westways Funding:
58,000,000 5.00%, 8/4/1999.................................. 57,975,833
50,000,000 5.05%, 8/11/1999................................. 49,929,861
77,851,000 5.20%, 10/4/1999................................. 77,131,311
62,000,000 5.20%, 10/6/1999................................. 61,408,933
--------------
3,265,496,581
--------------
Banks - 5.4%
100,000,000 Citibank Credit Card,
4.82%, 8/3/1999................................. 99,973,222
175,000,000 Deutsche Bank AG NY,
5.27%, 8/3/1999................................. 175,000,000
100,000,000 Morgan (J.P.) & Co., Inc.,
5.00%, 9/9/1999................................. 99,458,333
50,000,000 National Bank of Canada (New York),
5.20%, 4/26/2000................................ 49,982,258
50,000,000 Natl. Bank Commerce
Memphis, TN,
5.23%, 8/19/1999................................ 49,977,997
--------------
474,391,810
--------------
Brokers - 1.6%
70,000,000 Credit Suisse First Boston,
New York,
5.60%, 6/5/2000................................. 70,000,000
75,000,000 Morgan Stanley Dean Witter
Discover & Co.,
4.93%, 2/4/2000................................. 75,000,000
--------------
145,000,000
--------------
Finance & Insurance - 12.9%
50,000,000 Aetna Svcs., Inc.,
5.13%, 8/19/1999................................ 49,871,750
58,338,000 Barton Capital Corp.,
5.12%, 8/13/1999................................ 58,238,436
49,000,000 Countrywide Funding Corp.,
5.13%, 8/18/1999................................ 48,881,298
</TABLE>
17
<PAGE>
EVERGREEN
MONEY MARKET FUND
Schedule of Investments(continued)
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
COMMERCIAL PAPER - continued
Finance & Insurance - continued
Enterprise Funding Corp.
(LOC: NationsBank):
$ 80,841,000 4.95%, 8/19/1999................................. $ 80,640,918
107,351,000 5.10%, 8/5/1999.................................. 107,290,168
59,161,000 5.10%, 9/20/1999................................. 58,741,943
100,000,000 5.12%, 8/11/1999................................. 99,857,778
50,000,000 Finova Capital Corp.,
5.15%, 8/22/1999................................ 50,000,000
Metris Owner Trust:
50,203,000 5.13%, 8/10/1999................................. 50,138,615
50,268,000 5.13%, 8/19/1999................................. 50,139,062
Monte Rosa Capital Corp.:
37,375,000 5.12%, 8/18/1999................................. 37,284,635
94,082,000 5.13%, 8/10/1999................................. 93,961,340
50,000,000 Orix America, Inc.,
(LOC: Norinchukin Bank)
5.145%, 9/9/1999................................ 50,000,000
Repeat Offering Securitization Entity:
33,100,000 5.11%, 8/9/1999.................................. 33,062,413
47,992,000 5.12%, 8/6/1999.................................. 47,957,872
52,400,000 5.12%, 8/11/1999................................. 52,325,476
Westways Funding Corp.:
50,000,000 4.90%, 8/3/1999.................................. 49,986,389
75,000,000 5.20%, 10/13/1999................................ 74,209,167
46,000,000 Windmill Funding Corp.,
5.12%, 8/9/1999................................. 45,947,662
--------------
1,138,534,922
--------------
Total Commercial Paper
(cost $5,023,423,313)........................... 5,023,423,313
--------------
CORPORATE BONDS & NOTES - 32.3%
Asset-Backed - 7.2%
Bear Stearns Co. Inc. MTN:
100,000,000 5.7398%, 7/17/2000............................... 100,000,000
46,000,000 6.083%, 10/6/1999................................ 46,042,240
70,000,000 Bravo Trust Series, FRN,
5.39%, 10/15/1999............................... 70,000,000
75,000,000 Capital Corp. MTN,
5.875%, 7/20/2000............................... 74,979,689
33,800,000 Cooperative Associates Tractor Dealers B,
5.15%, 8/2/1999................................. 33,795,165
100,000,000 Credit Suisse First Boston Inc.,
5.523%, 8/6/1999................................ 100,000,000
22,500,000 Heller Financial Inc.,
6.50%, 5/15/2000................................. 22,611,870
Lehman Brothers Holdings Inc.:
32,285,000 6.33%, 8/1/2000.................................. 32,360,483
8,500,000 6.50%, 7/18/2000................................. 8,534,310
50,000,000 Liberty Lighthouse U.S.
Capital, MTN,
5.26%, 2/10/2000................................ 50,000,000
75,000,000 Moat Funding LLC,
5.2462%, 8/27/1999.............................. 75,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CORPORATE BONDS & NOTES - continued
Asset-Backed - continued
$ 20,000,000 Morgan JP & Co. Inc.,
5.875%, 5/1/2000............................... $ 20,029,433
--------------
633,353,190
--------------
Automotive Equipment & Manufacturing - 0.0%
3,000,000 Ford Motor Co.,
7.50%, 11/15/1999.............................. 3,020,265
--------------
Banks - 2.5%
5,975,000 Gesmundo & Associates, Inc., FRN, (LOC: National
City Bank)
5.16%, 8/5/1999................................ 5,975,000
Health Care Funding LLC:
10,215,000 5.16%, VRDN..................................... 10,215,000
21,425,000 (LOC: National City Bank)
5.16%, VRDN..................................... 21,425,000
8,125,000 Houlihan Brothers,
(LOC: National City Bank)
5.16%, VRDN.................................... 8,125,000
3,675,000 KBL Capital Funding, Inc.,
(LOC: National City Bank)
5.16%, VRDN.................................... 3,675,000
12,900,000 LAM Funding LLC,
(LOC: National City Bank)
5.16%, VRDN.................................... 12,900,000
NationsBank Charlotte NC MTN:
60,000,000 5.00%, 1/5/2000................................. 59,938,311
100,000,000 5.16%, 10/5/1999................................ 99,973,294
--------------
222,226,605
--------------
Brokers - 8.4%
Donaldson Lufkin & Jenrette:
55,000,000 5.73%, 6/16/2000................................ 55,000,000
50,000,000 5.79%, 7/10/2000................................ 50,000,000
Goldman Sachs Group L.P.,
MTN:
100,000,000 5.40%, 3/28/2000................................ 100,000,000
70,000,000 5.55%, 8/3/1999 (a)............................. 70,000,000
23,900,000 6.82%, 12/28/1999 (a)........................... 24,065,846
Lehman Brothers Holdings Inc.:
25,000,000 6.00%, 3/23/2000................................ 25,074,174
87,475,000 6.15%, 3/15/2000................................ 87,660,474
38,055,000 6.30%, 8/11/1999................................ 38,064,641
5,785,000 6.40%, 12/27/1999............................... 5,807,700
19,200,000 6.625%, 1/24/2000............................... 19,291,012
9,500,000 6.65%, 1/24/2000................................ 9,547,120
10,075,000 6.84%, 10/7/1999................................ 10,103,158
25,000,000 8.15%, 5/15/2000................................ 25,477,412
30,000,000 8.875%, 2/15/2000............................... 30,480,834
60,000,000 FRN
5.305%, 8/21/1999 (a)........................... 60,000,000
59,000,000 Merrill Lynch & Co. Inc.,
5.09%, 2/7/2000................................ 59,000,000
20,000,000 Morgan Stanley Dean Witter
Discover & Co.,
5.225%, 9/13/1999.............................. 20,000,000
</TABLE>
18
<PAGE>
EVERGREEN
MONEY MARKET FUND
Schedule of Investments(continued)
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CORPORATE BONDS & NOTES - continued
Brokers - continued
$ 45,000,000 Paine Webber Group Inc. MTN,
5.50%, 5/16/2000................................ $ 45,000,000
4,725,000 Salomon, Inc.,
7.875%, 10/1/1999............................... 4,745,608
--------------
739,317,979
--------------
Energy - 0.2%
17,330,000 Texaco Capital Inc.,
9.00%, 12/15/1999............................... 17,570,305
--------------
Finance & Insurance - 10.5%
80,000,000 Aetna Svcs., Inc.,
5.66%, 11/1/1999................................ 80,000,000
Associates Corp. of North America:
25,000,000 5.90%, 6/23/2000................................. 25,092,691
20,000,000 6.125%, 11/12/1999............................... 20,057,831
17,161,000 6.75%, 10/15/1999................................ 17,220,393
1,030,000 7.25%, 9/1/1999.................................. 1,031,780
9,000,000 Beneficial Corp.,
5.07%, 9/23/1999................................ 9,000,129
60,000,000 CC USA Inc.,
5.15%, 1/19/2000................................ 60,000,000
CIT Group Holdings, Inc.:
100,000,000 4.89%, 9/27/1999................................. 99,961,299
9,590,000 6.25%, 10/4/1999................................. 9,610,101
85,000,000 Countrywide Funding Corp., MTN,
5.195%, 1/11/2000............................... 85,000,000
40,000,000 Countrywide Home Loans,
5.00%, 8/6/1999................................. 39,998,897
11,580,000 Finova Capital Corp. MTN,
6.22%, 3/1/2000................................. 11,621,856
Ford Motor Credit Co.:
7,000,000 6.375%, 4/3/2000................................. 7,040,673
10,850,000 7.50%, 11/19/1999................................ 10,926,342
GMAC:
10,584,000 6.05%, 10/4/1999................................. 10,602,088
4,000,000 8.00%, 10/1/1999................................. 4,019,274
24,405,000 8.40%, 10/15/1999................................ 24,569,241
Heller Finl. Inc. MTN:
50,000,000 5.10%, 7/19/1999................................. 50,012,700
40,600,000 6.14%, 4/13/2000................................. 40,694,259
5,250,000 6.51%, 9/20/1999................................. 5,258,637
13,000,000 7.875%, 11/1/1999................................ 13,084,904
14,000,000 9.125%, 8/1/1999................................. 14,000,000
28,200,000 Heller Pass Through Asset Trust,
6.35%, 8/15/1999................................ 28,208,299
10,000,000 Household Fin. Corp., MTN,
5.875%, 12/1/1999............................... 10,025,334
25,000,000 PHH Corp., MTN,
5.88%, 8/4/1999................................. 25,000,000
Transamerica Fin. Corp. MTN:
131,000,000 5.56%, 10/22/1999................................ 131,000,810
9,200,000 7.22%, 4/28/2000................................. 9,328,611
5,200,000 Travelers Property Casualty Corp.,
6.75%, 9/1/1999................................. 5,204,197
80,000,000 VW Credit Inc. MTN,
5.417%, 6/2/2000................................ 79,952,980
--------------
927,523,326
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C> <C>
CORPORATE BONDS & NOTES - continued
Industrial Specialty Products & Services -
0.9%
Caterpillar Finl. Svcs., Inc.:
$ 5,000,000 6.16%, 11/1/1999............................ $ 5,012,527
12,000,000 6.87%, 11/1/1999............................ 12,053,590
10,000,000 Greyhound Finl. Corp. MTN,
6.65%, 1/19/2000........................... 10,052,112
1,000,000 Heinz H.J. Co.,
6.75%, 10/15/1999.......................... 1,003,461
50,000,000 Xerox Credit Corp. MTN,
5.113%, 3/21/2000.......................... 49,987,130
--------------
78,108,820
--------------
Retailing & Wholesale - 0.3%
Sears Roebuck Acceptance Corp., MTN:
4,000,000 6.24%, 11/15/1999........................... 4,013,764
20,000,000 6.33%, 3/27/2000............................ 20,105,552
--------------
24,119,316
--------------
Telecommunication Services & Equipment -
2.3%
GTE Corp.:
100,000,000 5.135%, 9/13/1999........................... 99,944,420
100,000,000 5.399%, 6/23/2000........................... 99,939,143
--------------
199,883,563
--------------
Total Corporate Bonds & Notes
(cost $2,845,123,369)...................... 2,845,123,369
--------------
FUNDING AGREEMENTS - 4.6%
20,000,000 Combined Insurance Co. of
America, FRN,
5.41%, 10/1/1999 (a)....................... 20,000,000
100,000,000 General American, Cash Manager Plus, FRN,
5.24%, 8/2/1999 (a)........................ 100,000,000
Jackson Natl. Life Insurance Co.,
100,000,000 5.72%, 7/20/2000 (a)........................ 100,000,000
50,000,000 5.85%, 6/29/2000 (a)........................ 50,000,000
Monumental Life Insurance Co., FRN:
90,000,000 5.16%, 8/11/1999 (a)........................ 90,000,000
30,000,000 5.19%, 8/25/1999 (a)........................ 30,000,000
20,000,000 Peoples Security Life, FRN,
5.02%, 8/25/1999 (a)....................... 20,000,000
--------------
Total Funding Agreements
(cost $410,000,000)........................ 410,000,000
--------------
MUNICIPALS - 3.0%
27,795,000 California Hsg. Fin. Agcy. SFHRB, 5.21%,
VRDN....................................... 27,795,000
41,830,000 Detroit, MI Economic Dev. Corp., 5.23%,
VRDN....................................... 41,830,000
124,535,000 Macon Trust Pooled Var. Cert., 5.23%, VRDN.. 124,535,000
25,000,000 Richmond Cnty., GA Dev. Auth. IDRB, 5.65%,
VRDN....................................... 25,000,000
</TABLE>
19
<PAGE>
EVERGREEN
MONEY MARKET FUND
Schedule of Investments(continued)
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPALS - continued
$ 29,155,000 Square Butte Elec. Corp.,
(LOC: Bank of America National
Trust & Savings Association) 5.21%,
VRDN............................... $ 29,155,000
15,900,000 Warren Cnty., KY, IDA RB,
5.23%, VRDN........................ 15,900,000
--------------
Total Municipals
(cost $264,215,000)................ 264,215,000
--------------
REPURCHASE AGREEMENTS - 0.5% (cost $45,391,113)
45,391,113 Societe Generale,
(5.06% dated 7/30/99 due 8/2/99,
maturity value $45,397,493) (b).... 45,391,113
--------------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
MUTUAL FUND SHARES - 0.3% (cost $24,193,896)
24,193,896 Federated Prime Value
Obligation Fund......................... $ 24,193,896
--------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $8,812,350,207).................... 99.9% 8,812,350,207
Other Assets and
Liabilities - net........................ 0.1 7,258,101
----- --------------
Net Assets................................ 100.0% $8,819,608,308
===== ==============
</TABLE>
* Rates listed represent yield to maturity.
(a) Securities may be sold to "qualified institutional buyers" under Rule 144A
or securities offered pursuant to Section 4(2) of the Securities Act of
1933, as amended. These securities have been determined to be liquid under
guidelines established by the Board of Trustees.
(b) Collateralized by $46,242,000 U.S. Treasury STRIP 3.875%, 1/15/09; value
including accrued interest $45,448,867.
Summary of Abbreviations:
FRN Floating Rate Note
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
MTN Medium Term Note
RB Revenue Bond
SFHRB Single Family Housing Revenue Bond
VRDN Variable Rate Demand Note
Variable Rate Demand Notes are payable on demand on no more than seven
calendar days notice given by the Fund to the issuer or other parties not
affiliated with the issuer. Interest rates are determined and reset by
the issuer daily, weekly, or monthly depending upon the terms of the se-
curity interest rates presented for these securities are those in effect
at July 31, 1999.
See Combined Notes to Financial Statements.
20
<PAGE>
EVERGREEN
MUNICIPAL MONEY MARKET FUND
Schedule of Investments
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 99.2%
Alabama - 1.8%
Alabama IDA RB:
$ 2,005,000 Air-Dro Cylinders, Inc.,
(LOC: Fleet Bank, N.A.), 3.55%, VRDN............. $ 2,005,000
3,345,000 Automation Technology Inds., Inc., (LOC: Columbus
Bank & Trust Co.), 3.55%, VRDN................... 3,345,000
Birmingham, AL Comml. Dev. Auth. RB, (LOC:
Amsouth Bank, N.A.):
865,000 Avondale Commerce Park Phase II,
3.45%, VRDN...................................... 865,000
555,000 Southside Business Ctr., 3.45%, VRDN............. 555,000
1,410,000 Florence, AL IDRB, Die Tech Inc. Proj., (LOC:
SouthTrust Bank, N.A.), 3.46%, VRDN............. 1,410,000
1,100,000 Guntersville, AL IDRB, KSG Realty Inc. Proj.,
(LOC: Natl. Bank of Canada),
3.46%, VRDN..................................... 1,100,000
2,290,000 Hackleberg, AL IDRB, River Birch Homes Proj.,
(LOC: Amsouth Bank, N.A.),
3.60%, VRDN..................................... 2,290,000
2,325,000 Huntsville, AL IDRB,
(LOC: First of America), 3.35%, VRDN............ 2,325,000
2,340,000 Mobile Cnty., AL IDRB, Sherman Intl. Corp., Ser.
1994A, (LOC: Columbus Bank & Trust Co.), 3.55%,
VRDN............................................ 2,340,000
3,250,000 Oxford, AL GO, Swr. Warrants, MSTR, (LIQ: Societe
Generale Bank, S.A. & Ins. by AMBAC), 3.21%,
VRDN (a)........................................ 3,250,000
2,415,000 Ozark, AL Motel Facs. RB, Ozark Motel Proj.,
(LOC: Amsouth Bank, N.A.),
3.28%, VRDN..................................... 2,415,000
5,000,000 Stevenson, AL IDB EDRB, Mead Corp. Proj., Ser. A,
(LOC: Bank Austria AG), 3.50%, VRDN............. 5,000,000
--------------
26,900,000
--------------
Alaska - 0.7%
9,745,000 Valdez, AK Marine Term RB, Sohio Pipe Co.,
PFOTER, (LOC: Banque Natl. de Paris), 3.60%,
5/11/2000....................................... 9,745,000
--------------
Arizona - 0.0%
150,000 Maricopa Cnty., AZ IDA RB, McLane Co., Inc.
Proj., (LOC: Wachovia Bank, N.A.),
3.65%, VRDN..................................... 150,000
--------------
Arkansas - 0.5%
3,255,000 Magnolia, AR IDRB, American Fuel Cell Proj.,
(LOC: Credit Comml. de France),
3.40%, VRDN..................................... 3,255,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Arkansas - continued
$ 4,000,000 Trumann, AR IDRB, Roach Manufacturing Corp.,
(LOC: Regions Bank, N.A.), 3.40%, VRDN.......... $ 4,000,000
--------------
7,255,000
--------------
California - 3.7%
6,200,000 California Statewide CDA RB, Sutter Hlth. Obl.
Group,
(LIQ: Indl. Bank of Japan, Ltd. & Ins. by
AMBAC),
3.75%, VRDN..................................... 6,200,000
4,250,000 City of Paramount, CA MHRB, Century Place Apts.,
Ser. 1989A, (LOC: Heller Finl. Inc.),
3.95%, VRDN..................................... 4,250,000
1,900,000 Glenn Cnty., CA IDA PCRB, Land O'Lakes, Inc
Proj., Ser. 1995,
(LOC: Sanwa Bank, Ltd.), 3.45%, VRDN............ 1,900,000
Los Angeles, CA MHRB:
20,000,000 Channel Gateway Apts., Ser. 89B, (LOC: Fuji Bank,
Ltd.), 5.25%, VRDN............................... 20,000,000
11,255,000 Oakwood Apts. Proj., Ser. 1989B, (LOC: Sumitomo
Bank, Ltd.), 4.40%, VRDN......................... 11,255,000
1,300,000 Newport Beach, CA RB, Hoag Memorial Hosp. Proj.,
Ser. A,
(LOC: BankAmerica, N.A.),
3.35%, VRDN...................................... 1,300,000
1,000,000 Ontario, CA IDRB, Erenberg Bros. Proj., Ser.
1988A, Issue I,
(LOC: Tokai Bank, Ltd.),
5.00%, VRDN...................................... 1,000,000
7,700,000 Orange Cnty., CA Apt. Dev. RB, Park Place Apts.,
(LOC: Tokai Bank, Ltd.),
5.35%, VRDN...................................... 7,700,000
--------------
53,605,000
--------------
Colorado - 3.0%
5,000,000 Adams Cnty., CO IDRB, Yellow Freight Sys., Inc.,
Ser. 1983,
(LOC: LaSalle Natl. Bank),
3.45%, VRDN...................................... 5,000,000
2,000,000 Colorado Hsg. & Fin. Auth. EDRB, De Louisiana
Cruz Assoc. LLC Proj., Ser. A,
(LOC: Key Bank, N.A.),
3.35%, VRDN...................................... 2,000,000
21,670,000 Denver, CO City & Cnty. Arpt. RB, Ser. 1997K,
Class A,
(LIQ: Caisse de Depots et Consignations (CDC) &
Ins. by MBIA),
3.45%, 5/11/2000................................. 21,670,000
5,000,000 Denver, CO City & Cnty. RB, The Children's Hosp.
Assoc. Proj.,
(LIQ: Sakura Bank, Ltd. & Ins. by FGIC),
3.75%, VRDN...................................... 5,000,000
</TABLE>
21
<PAGE>
EVERGREEN
MUNICIPAL MONEY MARKET FUND
Schedule of Investments(continued)
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Colorado - continued
$ 1,250,000 El Paso Cnty., CO Sch. Dist. GO, MSTR Ser. 1996D,
(LIQ: Norwest Bank, N.A. & Ins. by FSA),
3.50%, VRDN (a).................................. $ 1,250,000
1,850,000 Highlands Ranch, CO Metro. Dist. RB, MSTR Ser.
1996E,
(LIQ: Norwest Bank, N.A. & Ins. by FSA),
3.50%, VRDN (a).................................. 1,850,000
5,000,000 Jefferson Cnty., CO COP, MSTR Ser. 1996F, (LIQ:
Norwest Bank, N.A. & Ins. by MBIA),
3.50%, VRDN (a).................................. 5,000,000
2,220,000 Pueblo Cnty., CO Sch. Dist. COP, MSTR, (LIQ:
Norwest Bank, N.A. & Ins. by MBIA),
3.50%, VRDN (a).................................. 2,220,000
--------------
43,990,000
--------------
Connecticut - 0.9%
13,560,000 Connecticut State GO, TOC, Ser. 1996A, (LOC:
Toronto Dominion Bank),
3.35%, VRDN...................................... 13,560,000
--------------
Delaware - 0.4%
3,000,000 Delaware EDA IDRB, Arlon, Inc. Proj., Ser. 1989,
(LOC: BankAmerica, N.A.),
3.60%, VRDN...................................... 3,000,000
2,480,000 New Castle Cnty., DE EDRB, Toys R Us Inc. Proj.,
(LOC: Bankers Trust Co., NY),
3.45%, VRDN...................................... 2,480,000
--------------
5,480,000
--------------
District of Columbia - 1.0%
District of Columbia GO:
4,700,000 Ser. 1992A-2, (LOC: Canadian Imperial Bank),
3.50%, VRDN...................................... 4,700,000
5,200,000 Ser. A-6, (LOC: BankAmerica, N.A.),
3.50%, VRDN...................................... 5,200,000
120,000 Ser. C,
5.10%, 12/1/1999................................. 120,661
880,000 Ser. C, (Ins. by MBIA),
5.10%, 12/1/1999................................. 884,846
3,400,000 District of Columbia HFA MHRB, Ft. Lincoln Garden
Proj., Ser. A,
(LOC: Crestar Bank, N.A.),
3.30%, VRDN...................................... 3,400,000
--------------
14,305,507
--------------
Florida - 2.5%
3,500,000 Florida Board of Ed. RB, ABN-Amro Munitops Master
Trust, Ser. 1998-9, (SPA: ABN-Amro Bank NV &
Ins. by FSA),
3.29%, VRDN (a).................................. 3,500,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Florida - continued
$12,500,000 Miami Dade Cnty., FL IDA Arpt. Facs. RB, Ser. B,
(Gtd. by Boeing Corp.):
3.30%, VRDN...................................... $ 12,500,000
9,000,000 Flightsafety Proj.,
3.30%, VRDN...................................... 9,000,000
2,800,000 Orange Cnty., FL HFA MHRB, Oakwood Proj., Ser.
1985E,
(LOC: Fleet Bank, N.A.),
3.55%, 10/1/1999................................. 2,800,000
6,835,000 Orange Cnty., FL Hlth. Facs. Auth., MSTR SAK-11,
(LIQ: Credit Suisse First Boston Corp. & Ins. by
AMBAC),
3.40%, VRDN (a).................................. 6,835,000
2,200,000 Pasco Cnty., FL IDRB, Pacific Med. Inc. Proj.,
(LOC: BankAmerica, N.A.),
3.35%, VRDN...................................... 2,200,000
--------------
36,835,000
--------------
Georgia - 6.5%
1,000,000 Albany Dougherty Cnty., GA Hosp. RB, Merck & Co.
Proj., Ser. 1984A, (Gtd. by Merck & Co.),
3.65%, VRDN...................................... 1,000,000
5,000,000 Albany Dougherty Cnty., GA Payroll RB, Merck &
Co. Proj., Ser. 1982, (Gtd. by Merck & Co.),
3.40%, VRDN...................................... 5,000,000
24,785,000 Bibb Cnty., GA GO, Ser. 1998C, Class A, (LOC:
Caisse de Depots et Consignations (CDC)),
3.29%, VRDN (a).................................. 24,785,000
1,000,000 Cherokee Cnty., GA EDA IDRB, Piolax Corp. Proj.,
(LOC: Indl. Bank of Japan, Ltd.),
4.45%, VRDN...................................... 1,000,000
2,200,000 Columbus, GA HFA MHRB, Quail Ridge Proj., Ser.
1988, (LOC: Columbus Bank & Trust Co.),
3.50%, VRDN...................................... 2,200,000
3,200,000 Conyers, GA IDRB, Handleman Co. Proj., (LOC:
Columbus Bank & Trust Co.),
3.35%, VRDN...................................... 3,200,000
7,000,000 Fayette Cnty., GA IDRB, Shinsei Corp. Proj.,
(LOC: Bank of Tokyo-Mitubishi, Ltd.),
4.25%, VRDN...................................... 7,000,000
5,040,000 Georgia Muni. Elec. Auth. Pwr. RB, MSTR SAK-15,
(LIQ: Credit Suisse First Boston Corp. & Ins. by
MBIA),
3.40%, VRDN (a).................................. 5,040,000
14,510,000 Georgia Muni. Elec. Auth. RB, MTC-27A, (LIQ: Bank
One, N.A. & Ins. by MBIA),
3.26%, VRDN (a).................................. 14,510,000
</TABLE>
22
<PAGE>
EVERGREEN
MUNICIPAL MONEY MARKET FUND
Schedule of Investments (continued)
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Georgia - continued
$ 4,100,000 Gwinnett Cnty., GA IDRB, Color Image Inc. Proj.,
(LOC: Southtrust Bank, N.A.),
3.36%, VRDN...................................... $ 4,100,000
6,500,000 Houston Cnty., GA IDRB, Diversified Machining
Svcs. Co.,
(LOC: Columbus Bank & Trust Co.),
3.45%, VRDN...................................... 6,500,000
10,000,000 Macon Trust Pooled Certificates, Ser. 1997,
(LOC: BankAmerica, N.A.),
3.41%, VRDN...................................... 10,000,000
6,000,000 Polk Cnty., GA IDRB, Kimoto Tech, Inc. Proj.,
Ser. 1985,
(LOC: Indl. Bank of Japan, Ltd.),
4.65%, VRDN...................................... 6,000,000
5,000,000 Savannah, GA EDA IDRB, Fuji Vegetable Oil, Inc.,
Ser. 1989,
(LOC: Bank of Tokyo-Mitubishi, Ltd.),
4.25%, VRDN...................................... 5,000,000
--------------
95,335,000
--------------
Hawaii - 0.9%
Hawaii Hsg. Fin. & Dev. Corp. RB, Rental Hsg.
Sys. Proj.,
(LOC: Indl. Bank of Japan, Ltd.):
11,800,000 Ser. A,
4.20%, VRDN...................................... 11,800,000
1,900,000 Ser. B,
4.20%, VRDN...................................... 1,900,000
--------------
13,700,000
--------------
Idaho - 2.1%
10,000,000 Education Funding Assn., Inc., ID Student Loan
RB, Ser. 1997-A, (LOC: First Security Bank,
N.A.),
3.30%, VRDN...................................... 10,000,000
16,680,000 Idaho Hsg. & Fin. Assoc. RB, PFOTER, (LIQ:
Merrill Lynch & Co., Inc. & COLL: GNMA),
3.40%, 5/11/2000................................. 16,680,000
4,500,000 Twin Falls, ID IDRB, Longview Fibre Co. Proj.,
(LOC: Sumitomo Bank, Ltd.),
4.40%, VRDN...................................... 4,500,000
--------------
31,180,000
--------------
Illinois - 9.2%
2,820,000 Arlington Heights, IL, MHRB, Dunton Tower Apts.
Proj.,
(LOC: Heller Finl., Inc.),
4.05%, VRDN...................................... 2,820,000
9,510,000 Aurora, IL MHRB, Fox Valley Vlg. Apts., Ser.
1993,
(LOC: Sumitomo Bank, Ltd.),
4.35%, VRDN...................................... 9,510,000
3,000,000 Chicago, IL Empowerment Zone RB, Hyde Park
Cooperative Society Proj., Ser. 1999, (LOC:
LaSalle Natl. Bank, N.A.),
3.60%, VRDN...................................... 3,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Illinois - continued
Chicago, IL GO:
$ 2,900,000 MSTR Ser. 1995A-2, SAK-13, (LIQ: Credit Suisse
First
Boston Corp. & Ins. by AMBAC),
3.40%, VRDN (a).................................. $ 2,900,000
12,962,609 ABN-Amro Munitops Master Trust, Ser. 1997-1,
(LOC: LaSalle Natl. Bank, N.A.),
3.51%, VRDN (a).................................. 12,962,609
16,000,000 ABN-Amro Munitops Master Trust, Ser. 1998-3,
(SPA: ABN-Amro Bank NV & Ins. by FGIC),
3.31%, VRDN (a).................................. 16,000,000
Chicago, IL O'Hare Intl. Arpt. RB:
9,000,000 Northwest Airlines Inc., Ser. A, (LOC: Bank of
Tokyo-Mitubishi, Ltd.),
4.25%, VRDN...................................... 9,000,000
11,650,000 PFOTER,
(LOC: Merrill Lynch & Co., Inc. & Ins. by AMBAC),
3.24%, VRDN...................................... 11,650,000
3,490,000 Chicago, IL Sales Tax RB, Master Lease Program,
(LIQ: Citibank, N.A. & Ins. by FGIC),
3.31%, VRDN (a).................................. 3,490,000
8,000,000 Decatur, IL Wtr. Commercial Paper, New South
Water Treatment Proj., Ser. 1985, (LOC: Sumitomo
Bank, Ltd.),
4.00%, 8/25/1999................................. 8,000,000
7,055,000 Franklin Park, IL GO, MSTR, Ser. 1993,
(LIQ: Societe Generale Bank, S.A. & Ins. by
AMBAC),
3.21%, VRDN (a).................................. 7,055,000
16,640,000 Hazelcrest (Vlg. of), IL Retirement Ctr. RB,
Waterford Estates Proj., Ser. 1992A,
(LOC: Sumitomo Bank, Ltd.),
4.35%, VRDN...................................... 16,640,000
1,100,000 Illinois Dev. Fin. Auth. RB, Ivex Corp. Proj.,
Ser. 1988,
(LOC: Societe Generale Bank, S.A.),
3.45%, VRDN...................................... 1,100,000
3,500,000 Illinois IDRB, MTI Corp. Proj.,
(LOC: Indl. Bank of Japan, Ltd.),
4.65%, VRDN...................................... 3,500,000
Lombard, IL IDRB,
(LOC: America Natl. Bank & Trust, N.A.):
965,000 Chicago Roll Co. Proj., Ser. 1995,
3.40%, VRDN...................................... 965,000
1,000,000 Tella Tool & Manufacturing Co. Proj.,
3.40%, VRDN...................................... 1,000,000
1,000,000 Peoria, IL IDRB, PMP Fermentation Products, Inc.,
(LOC: Sanwa Bank, Ltd.),
4.55%, VRDN...................................... 1,000,000
6,500,000 Peoria, IL Sld. Wst. Disp. RB, PMP Fermentation
Products, Inc., Ser. 1996, (LOC: Sanwa Bank,
Ltd.),
4.55%, VRDN...................................... 6,500,000
</TABLE>
23
<PAGE>
EVERGREEN
MUNICIPAL MONEY MARKET FUND
Schedule of Investments (continued)
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Illinois - continued
$ 1,850,000 Skokie, IL, EDRB, Skokie Fashion Sq. Proj., (LOC:
LaSalle Natl. Bank),
3.53%, VRDN...................................... $ 1,850,000
15,210,000 Vernon Hills, IL MHRB, Hawthorn Lakes Proj., Ser.
1991,
(LIQ: Fuji Bank, Ltd. & Ins. by FSA),
3.40%, VRDN...................................... 15,210,000
--------------
134,152,609
--------------
Indiana - 1.3%
1,000,000 Anderson, IN Ltd. Obl. RB, Anderson Tool &
Engineering Proj.,
(LOC: Key Bank, N.A.),
3.40%, VRDN...................................... 1,000,000
6,000,000 Avilla, IN EDRB, Pent Assemblies Inc., Ser. 1996,
(LOC: Natl. City Bank),
4.35%, VRDN...................................... 6,000,000
3,085,000 East Chicago, IN BAN,
5.00%, 7/1/2000.................................. 3,085,000
1,800,000 Madison, IN IDRB, Century Tube Corp. Proj.,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
4.35%, VRDN...................................... 1,800,000
1,975,000 South Bend, IN MHRB, Maple Lane Assoc. Proj.,
Ser. 1987,
(LOC: FHLB of Indianapolis),
3.45%, VRDN...................................... 1,975,000
5,000,000 Spencer Cnty., IN PCRB, American Iron Oxide Co.
Proj.,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
4.30%, VRDN...................................... 5,000,000
--------------
18,860,000
--------------
Iowa - 0.7%
10,000,000 Iowa Fin. Auth. Hosp. Fac. RB, Iowa Hlth. Sys.,
MSTR Ser. 1998-26, Class A,
(LIQ: Bear Stearns Capital Markets & Ins. by
MBIA),
3.33%, 4/26/2000 (a)............................. 10,000,000
--------------
Kansas - 0.4%
2,100,000 Butler Cnty., KS Solid Wst. Disp. RB, Texaco
Refining Proj., Ser. B,
(Gtd. by Texaco, Inc.),
3.50%, VRDN...................................... 2,100,000
1,000,000 Dodge City, KS IDRB, Farmland Natl. Beef Proj.,
(LOC: U.S. Bank, N.A.),
3.40%, VRDN...................................... 1,000,000
Salina (City of), KS RB, Salina Central Mall
Partnership,
(LOC: BankAmerica, N.A.):
1,105,000 Dillard's Proj.,
3.40%, VRDN...................................... 1,105,000
1,200,000 Penney's Proj.,
3.40%, VRDN...................................... 1,200,000
--------------
5,405,000
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Kentucky - 0.1%
$ 1,615,000 Jefferson Cnty., KY Indl. Bldg. RB, Beneke Wire
Co. & Saranac Proj.,
(LOC: PNC Bank, N.A.),
3.30%, VRDN...................................... $ 1,615,000
--------------
Louisiana - 0.2%
2,930,000 Iberia Parish, LA IDB RB, Cuming
Insulation Corp. Proj.,
(LOC: Regions Bank, N.A.),
3.30%, VRDN...................................... 2,930,000
--------------
Maryland - 0.5%
1,985,000 Howard Cnty., MD EDRB, Concrete Pipe & Prods.
Proj.,
(LOC: Crestar Bank, N.A.),
3.30%, VRDN...................................... 1,985,000
4,995,000 Maryland CDA Dept. of Hsg. RB, PFOTER,
(LOC: Merrill Lynch & Co., Inc.),
3.70%, 2/17/2000................................. 4,995,000
--------------
6,980,000
--------------
Massachusetts - 1.5%
9,650,000 Boston, MA RB, Boston City Hosp., TOC,
(LIQ: Toronto Dominion Bank & Ins. by FHA),
3.35%, VRDN...................................... 9,650,000
Massachusetts Indl. Fin. Auth. IDRB:
3,400,000 225 Bodwell Proj.,
(LOC: Citizen's Bank, N.A.),
3.50%, VRDN...................................... 3,400,000
300,000 Copley Pharmaceutical, Inc.,
(LOC: BankBoston, N.A.),
4.42%, VRDN...................................... 300,000
555,000 Kryptonite Issue, Ser. 1990,
(LOC: BankBoston, N.A.),
4.00%, 9/1/1999.................................. 555,000
500,000 Leavy Realty & Jencoat Metal Inc. Proj., Ser.
1994,
(LOC: BankBoston, N.A.),
4.17%, VRDN...................................... 500,000
700,000 Portland Causeway Realty Trust Co., Ser. 1988,
(LOC: Citibank, N.A.),
4.17%, VRDN...................................... 700,000
6,475,000 Massachusetts State GO,
(Eff. Yield 3.25%) (b),
0.00%, 5/1/2000.................................. 6,321,179
--------------
21,426,179
--------------
Michigan - 1.5%
5,560,000 Michigan HDA SFHRB, PFOTER, (LOC: Merrill Lynch &
Co., Inc.),
3.20%, 3/9/2000.................................. 5,560,000
6,000,000 Michigan Jobs Dev. Auth. PCRB, Mazda Motor Mfg.
USA Corp., (LOC: Sumitomo Bank, Ltd.),
4.65%, VRDN...................................... 6,000,000
1,380,000 Michigan Muni. Bond Auth. RB, Local Govt. Loan
Program,
3.15%, 11/1/1999................................. 1,378,935
</TABLE>
24
<PAGE>
EVERGREEN
MUNICIPAL MONEY MARKET FUND
Schedule of Investments (continued)
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Michigan - continued
$ 6,000,000 Michigan Strategic Fund Ltd. Obl. RB, Quantum
Composites Inc. Proj., (LOC: Heller Financial,
Inc.),
3.86%, VRDN...................................... $ 6,000,000
2,900,000 Sault Ste. Marie, MI Tribe Bldg. Auth. RB, Ser.
1996A,
(LOC: Natl. City Bank, N.A.),
3.87%, VRDN...................................... 2,900,000
--------------
21,838,935
--------------
Minnesota - 4.2%
1,575,000 Duluth, MN EDA Healthcare RB, Benedictine Inc.,
MSTR Ser. 1994E, (LIQ: Norwest Bank, N.A. & Ins.
by AMBAC),
3.50%, VRDN (a).................................. 1,575,000
1,890,000 Duluth, MN EDA Hosp. Facs. RB, St. Luke's Hosp.,
MSTR Ser. 1994F, (LIQ: Norwest Bank, N.A. & Ins.
by AMBAC),
3.50%, VRDN (a).................................. 1,890,000
Minneapolis, MN GO,
(LOC: Norwest Bank, N.A.):
850,000 Convention Ctr. Proj., MSTR Ser. 1996B,
3.50%, VRDN (a).................................. 850,000
4,220,000 Sports Arena Proj., MSTR Ser. 1996A,
3.50%, VRDN (a).................................. 4,220,000
Minneapolis-St. Paul, MN Hsg. & Redev. Auth.
Healthcare Sys. RB, (LIQ: Norwest Bank, N. A. &
Ins. by FSA):
6,500,000 MSTR, Ser. 1996E,
3.50%, VRDN (a).................................. 6,500,000
1,310,000 MSTR, Ser. 1996G,
3.50%, VRDN (a).................................. 1,310,000
965,000 North Branch, MN GO, Independent Sch. Dist. #138,
MSTR Ser. 1996C, (LIQ: Norwest Bank, N.A. & Ins.
by FGIC),
3.50%, VRDN (a).................................. 965,000
1,325,000 Osseo, MN GO, Independent Sch. Dist #279, MSTR
Ser. 1994H, (LIQ: Norwest Bank, N.A. & Ins. by
FGIC),
3.50%, VRDN (a).................................. 1,325,000
1,000,000 Prior Lake, MN GO, Independent Sch. Dist. #719,
MSTR Ser. 1996D, (LIQ: Norwest Bank, N.A. & Ins.
by FGIC),
3.50%, VRDN (a).................................. 1,000,000
2,510,000 Richfield, MN GO, Independent Sch. Dist. #280,
MSTR Ser. 1994P, (LIQ: U.S. Bank, N.A. & Ins.
by FGIC),
3.50%, VRDN (a).................................. 2,510,000
1,260,000 Rochester, MN Hlth. Care Facs. RB, Mayo Med.
Ctr., MSTR Ser. 1994K, (LOC: Norwest Bank,
N.A.),
3.50%, VRDN (a).................................. 1,260,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Minnesota - continued
$ 750,000 Southern MN Muni. Pwr. Agy. RB, MSTR Ser. 1996I,
(LIQ: Norwest Bank, N.A. & Ins. by FGIC),
3.50%, VRDN (a).................................. $ 750,000
Spring Lake Park, MN GO, Independent Sch. Dist.
#016,
(LIQ: Norwest Bank N.A. & Ins. by MBIA):
2,175,000 MSTR, Ser. 1996E,
3.50%, VRDN (a).................................. 2,175,000
1,000,000 MSTR, Ser. 1996G,
3.50%, VRDN (a).................................. 1,000,000
St. Louis Park, MN Healthcare Facs. RB, Hlth.
Sys. of MN,
(LIQ: Norwest Bank N.A. & Ins. by AMBAC):
10,200,000 MSTR, Ser. 1994-U1,
3.50%, VRDN (a).................................. 10,200,000
14,000,000 MSTR, Ser. 1994-V1,
3.50%, VRDN (a).................................. 14,000,000
2,090,000 Stewartville, MN IDRB, Halcon Corp. Proj.,
(LIQ: U.S. Bank, N.A.),
3.45%, VRDN...................................... 2,090,000
7,090,000 Washington Cnty., MN Hsg. & Redev. Auth. RB,
Granada Pond Apts. Proj., (LOC: Sumitomo Bank,
Ltd.),
4.65%, VRDN...................................... 7,090,000
--------------
60,710,000
--------------
Mississippi - 0.5%
4,400,000 Jackson Cnty., MS Sewage Facs. RB, Chevron USA
Inc. Proj., Ser. 94, (Gtd. by Chevron USA),
3.45%, VRDN...................................... 4,400,000
3,000,000 Mississippi Business Fin. Corp. IDRB, Nitek Metal
Svcs. Inc. Proj.,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
4.25%, VRDN...................................... 3,000,000
--------------
7,400,000
--------------
Missouri - 1.2%
4,145,000 Missouri Dev. Fin. Board IDRB, Cook Composite Co.
Proj., Ser. 1994, (LOC: Societe Generale Bank,
S.A.),
3.70%, VRDN...................................... 4,145,000
6,495,000 Missouri Hsg. Dev. Community RB, PFOTER,
(LOC: Credit Suisse First Boston Corp.),
3.25%, 3/9/2000.................................. 6,495,000
2,555,000 Mountain Grove, MO IDA Hlth. Care Facs. RB,
Mountain Grove 1 Proj., (LOC: Key Corp.
Capital),
3.30%, VRDN...................................... 2,555,000
4,000,000 St. Louis Cnty., MO IDA MHRB, Black Forest Apts.
Proj.,
(LOC: Mercantile Bank, N.A.),
3.25%, VRDN...................................... 4,000,000
--------------
17,195,000
--------------
</TABLE>
25
<PAGE>
EVERGREEN
MUNICIPAL MONEY MARKET FUND
Schedule of Investments(continued)
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Nebraska - 0.7%
$ 9,900,000 Nebraska Pub. Pwr. Dist. RB, MSTR Ser. A, (LIQ:
Banc One Capital Hldgs. Inc. & Ins. by MBIA),
3.26%, VRDN (a).................................. $ 9,900,000
--------------
Nevada - 0.6%
3,200,000 Clark Cnty., NV IDRB, Nevada Cogeneration Assoc.,
(LOC: ABN-Amro Bank NV),
3.50%, VRDN...................................... 3,200,000
5,000,000 Nevada State GO, ABN-Amro Munitops Master Trust,
Ser. 1998-1,
(SPA: ABN-Amro Bank NV & Ins. by MBIA),
3.51%, VRDN (a).................................. 5,000,000
--------------
8,200,000
--------------
New Hampshire - 0.2%
2,400,000 New Hampshire Business Fin. Auth. IDRB,
Luminescent Sys. Inc.,
(LOC: HSBC Inc.),
3.40%, VRDN...................................... 2,400,000
--------------
New Jersey - 0.8%
8,650,100 Bayonne, NJ BAN,
4.38%, 9/10/1999................................. 8,653,513
800,000 New Jersey EDA Natural Gas Facs. RB, Natural Gas
Co., Ser. A,
(LIQ: Societe Generale Bank, S.A. & Ins. by
AMBAC),
3.35%, VRDN...................................... 800,000
2,675,000 New Jersey EDA RB, East Meadow Corp. Proj., Ser.
1986A,
(LOC: Sanwa Bank, Ltd.),
4.25%, VRDN...................................... 2,675,000
--------------
12,128,513
--------------
New Mexico - 0.3%
4,100,000 Albuquerque, NM IDRB, General Technology Corp.
Proj.,
(LOC: BankAmerica, N.A.),
3.35%, VRDN...................................... 4,100,000
--------------
New York - 4.3%
Battery Park, NYC, NY Hsg. Auth. RB, Marina Twrs.
Tender Corp. Proj., (LOC: Sumitomo Bank, Ltd.):
7,800,000 Ser. A,
4.80%, VRDN (a).................................. 7,800,000
7,000,000 Ser. B,
4.80%, VRDN (a).................................. 7,000,000
6,000,000 Nassau Cnty., NY RAN,
(LOC: Bank of New York, N.A.),
4.25%, 3/15/2000................................. 6,023,616
5,335,000 New York Mtge. Agy. RB, PFOTER, (LOC: Merrill
Lynch & Co., Inc.),
3.30%, 8/12/1999................................. 5,335,000
New York Thruway Auth. RB:
7,400,000 MSTR SG-119,
(LOC: Societe Generale Bank, S.A.),
3.40%, VRDN...................................... 7,400,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
New York - continued
New York Thruway Auth.
RB - continued
$ 6,500,000 Local Hwy. & Bridge Svc.,
PFOTER, PA-172,
(LOC: Merrill Lynch & Co., Inc.),
3.26%, VRDN (a).................................. $ 6,500,000
New York, NY GO, PFOTER,
(LOC: Merrill Lynch & Co., Inc.):
19,855,000 PA-148 Ser. L,
3.29%, VRDN (a).................................. 19,855,000
3,055,000 PA-228 Ser 1998C,
3.29%, VRDN (a).................................. 3,055,000
--------------
62,968,616
--------------
North Carolina - 2.0%
5,300,000 Cabarrus Cnty., NC Indl. Pollution Ctl. & Fin.
Auth. RB, Oiles America Corp. Proj., Ser. 1989,
(LOC: Indl. Bank of Japan, Ltd.),
4.45%, VRDN...................................... 5,300,000
3,400,000 Halifax Cnty., NC Indl. Facs. & Pollution Control
Fin. Auth. RB, Westmoreland Proj.,
(LOC: Credit Suisse First Boston Corp.),
3.50%, VRDN...................................... 3,400,000
10,995,000 North Carolina Muni. Pwr. Agy. RB, MSTR Ser.
1998-43, Class A,
(LIQ: Bear Stearns Capital Markets & Ins. by
MBIA),
3.33%, 4/25/2000 (a)............................. 10,995,000
4,000,000 Onslow Cnty., NC Indl. Facs. PCRB, Mine Safety
Appliance Co.,
(LOC: Sanwa Bank, Ltd.),
3.25%, VRDN...................................... 4,000,000
3,360,000 Robeson Cnty., NC Indl. Facs. RB, Rocco Turkeys
Inc. Proj.,
(LOC: Rabobank Nederland),
3.30%, VRDN...................................... 3,360,000
2,000,000 Vance Cnty., NC Indl. Facs. PCRB, Custom Molders
Inc. Proj.,
(LOC: BankAmerica, N.A.),
3.35%, VRDN...................................... 2,000,000
--------------
29,055,000
--------------
North Dakota - 1.1%
16,000,000 Traill Cnty., ND Sld. Wst. Disp.RB, American
Crystal Sugar Co. Proj.,
(LOC: Norwest Bank, N.A.),
3.35%, VRDN...................................... 16,000,000
--------------
Ohio - 1.9%
2,420,000 Fairlawn, OH Healthcare Fac. RB, Vlg. at St.
Edwards Proj.,
8.75%, 10/1/1999................................. 2,488,778
8,300,000 Hamilton Cnty. OH Hlth. Sys. RB, Franciscan
Sisters Poor Health Proj., Ser. A,
(LOC: Sumitomo Bank, Ltd.),
3.70%, VRDN...................................... 8,300,000
4,365,000 Lucas Cnty., OH IDRB, High Tech Properties Inc.
Proj.,
3.35%, VRDN...................................... 4,365,000
</TABLE>
26
<PAGE>
EVERGREEN
MUNICIPAL MONEY MARKET FUND
Schedule of Investments(continued)
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Ohio - continued
$ 3,405,000 Ohio Hsg. Fin. Agy. MHRB, Pine Crossing Proj.,
Ser. A,
(LOC: Sumitomo Bank, Ltd.),
4.65%, VRDN...................................... $ 3,405,000
5,000,000 Ohio Turnpike Commission Auth. RB, Master Lease
Program,
(LIQ: Citibank, N.A. & Ins. by FGIC),
3.31%, VRDN (a).................................. 5,000,000
3,900,000 St. Mary's, OH IDRB, Setex, Inc. Proj., (LOC:
Indl. Bank of Japan, Ltd.),
4.40%, VRDN...................................... 3,900,000
--------------
27,458,778
--------------
Oklahoma - 0.7%
7,700,000 Oklahoma City, OK IDA RB, Oklahoma Christian
College,
(LOC: Sumitomo Bank, Ltd.),
4.70%, VRDN...................................... 7,700,000
2,050,000 Tulsa Cnty., OK GO Independent Sch. Dist. #5,
Jenkins Bldg. Proj.,
5.75%, 6/1/2000.................................. 2,083,132
--------------
9,783,132
--------------
Oregon - 0.8%
2,750,000 Oregon EDRB, Pacific Coast Seafoods Co. Proj.,
(LOC: Union Bank of CA, N.A.),
3.75%, VRDN...................................... 2,750,000
2,435,000 Portland, OR Swr. Sys. RB, Ser. A,
6.50%, 6/1/2000.................................. 2,490,098
5,950,000 Umatilla Cnty., OR Sch. Dist. #8 RB, ROC, (LIQ:
Toronto Dominion Bank & Ins. by MBIA),
3.21%, VRDN...................................... 5,950,000
--------------
11,190,098
--------------
Pennsylvania - 5.1%
1,000,000 Allegheny Cnty., PA IDRB, Mine Safety Appliance
Co., Ser. 1991, (LOC: Sanwa Bank, Ltd.),
3.25%, VRDN...................................... 1,000,000
Butler Cnty., PA IDRB, Mine Safety Appliance Co.,
(LOC: Sanwa Bank, Ltd.):
1,000,000 Ser. 1991,
3.25%, VRDN...................................... 1,000,000
3,000,000 Ser. 1992A,
3.35%, VRDN...................................... 3,000,000
1,000,000 Ser. 1992B,
3.35%, VRDN...................................... 1,000,000
500,000 Elk Cnty., PA IDRB, Stackpole Corp. Proj., Ser.
1989,
(LOC: Fleet Bank, N.A.),
4.17%, VRDN...................................... 500,000
Emmaus, PA General Auth. RB:
5,700,000 Pool Subser. B-19,
(LOC: KBC Bank NV),
3.25%, VRDN...................................... 5,700,000
8,600,000 Local Govt., Pool Subser. B-1, (LIQ: Goldman
Sachs & Co.),
3.25%, VRDN...................................... 8,600,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Pennsylvania - continued
Emmaus, PA General Auth. RB - continued
$ 2,500,000 Mifflin Sch., Pool Subser. F-15,
(LOC: KBC Bank NV),
3.25%, VRDN.................................... $ 2,500,000
10,000,000 Montgomery Cnty., PA RB, Abbington Memorial
Hosp., MSTR, Ser. 1998-31, Class A,
(LIQ: Bear Stearns Capital & Ins. by AMBAC),
3.51%, 5/17/2000 (a)........................... 10,000,000
10,000,000 Pennsylvania GO, TOC Ser. 1999-3, (LIQ: Chase
Manhattan Bank, N.A. & Ins. FGIC),
3.21%, VRDN.................................... 10,000,000
9,715,000 Pennsylvania HFA-RB, Eagle Trust Cert.
#97C3802, Class A,
(LIQ: Citibank, N.A. & Ins. by FSA),
3.18%, VRDN (a)................................ 9,715,000
Philadelphia, PA Wtr. & Wst. Wtr. RB:
6,500,000 MSTR, Ser. 1997-11, Class A,
(LIQ: Bear Stearns Capital Markets & Ins. by
FGIC),
3.33%, VRDN (a)................................ 6,500,000
14,995,000 MSTR, Ser. 1999-1,
(LIQ: Commerzbank, AG & Ins. by AMBAC),
3.31%, VRDN (a)................................ 14,995,000
--------------
74,510,000
--------------
Rhode Island - 2.2%
32,360,000 Rhode Island Hlth. & Ed. Bldg. Corp. RB,
Lifespan Corp., MSTR, Ser. 1999-69A, Class A,
(LIQ: Bear Stearns Capital & Ins. by U.S.
Treasury),
3.55%, 9/16/1999 (a)........................... 32,360,000
--------------
South Carolina - 2.8%
9,250,000 Allendale Cnty., SC IDRB, King Seeley Thermos
Proj.,
(LOC: BankBoston, N.A.),
3.36%, VRDN.................................... 9,250,000
2,200,000 Florence Cnty., SC Solid Wst. Disp. RB, Roche
Carolina Inc. Proj., Ser. 98,
(LOC: Deutsche Bank AG),
3.45%, VRDN.................................... 2,200,000
1,260,000 Richland Cnty., SC GO,
6.25%, 3/1/2000................................ 1,304,763
2,050,000 South Carolina GO, Ser. N,
6.25%, 5/1/2000................................ 2,134,165
South Carolina Jobs EDA RB:
4,400,000 Lorraine Linens Proj.,
(LOC: Southtrust Bank, N.A.),
3.36%, VRDN.................................... 4,400,000
500,000 Ridge Pallets Inc., Ser. B,
(LOC: Credit Commerce de France),
3.50%, VRDN.................................... 500,000
2,700,000 Roller Bearing Co. Proj., Ser. 1994A, (LOC:
Heller Finl. Inc.),
4.01%, VRDN.................................... 2,700,000
700,000 Tuttle Co., Inc., Ser. A,
(LOC: BankAmerica, N.A.),
3.50%, VRDN.................................... 700,000
</TABLE>
27
<PAGE>
EVERGREEN
MUNICIPAL MONEY MARKET FUND
Schedule of Investments(continued)
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
South Carolina - continued
$18,300,000 South Carolina Port Auth. RB, ABN-Amro Munitops
Master Trust, Ser. 1998-7,
(SPA: ABN-Amro Bank NV & Ins. by FSA),
3.33%, VRDN (a).................................. $ 18,300,000
--------------
41,488,928
--------------
South Dakota - 0.3%
5,055,000 Rapid City, SD EDRB, Civic Ctr. Assoc. Proj.,
(LOC: Citibank, N.A.),
3.46%, VRDN...................................... 5,055,000
--------------
Tennessee - 2.6%
2,100,000 Bristol, TN IDRB, Robinette Co. Proj., (LOC:
First American Natl. Bank, N.A.),
3.50%, VRDN...................................... 2,100,000
Chattanooga, TN IDRB:
3,200,000 Radisson Read House Proj., Ser. 1995,
(LOC: Heller Finl. Inc.),
4.05%, VRDN...................................... 3,200,000
5,500,000 Top Flight, Inc. Proj.,
(LOC: Natl. Bank of Canada),
3.40%, VRDN...................................... 5,500,000
4,800,000 Maryville, TN Board of Ed. IDRB, Maryville
College Proj.,
(LOC: First American Natl. Bank, N.A.),
3.40%, VRDN...................................... 4,800,000
1,700,000 Morristown, TN IDB RB, J.W. Allen & Co. Proj.,
(LOC: Harris Trust & Savings Bank, N.A.),
3.35%, VRDN...................................... 1,700,000
700,000 Nashville & Davidson Cnty. (Metro. Gov't. of), TN
IDRB, Wellington IV Assoc. Proj.,
(LOC: U.S. Bank, N.A.),
3.45%, VRDN...................................... 700,000
8,465,000 Shelby Cnty., TN Hlth., Ed. & Hsg. Facs. RB, MSTR
Ser. 1998-36, Class A, (LIQ: Bear Stearns
Capital Markets & Ins. by MBIA),
3.40%, VRDN (a).................................. 8,465,000
3,750,000 Sumner Cnty., TN GO, Outlay Notes, Ser. 1999A,
4.00%, 6/26/2000................................. 3,758,143
8,000,000 Wilson Cnty., TN IDRB, Knight Leasing Co. Proj.,
(LOC: First American Natl. Bank, N.A.),
3.50%, VRDN...................................... 8,000,000
--------------
38,223,143
--------------
Texas - 5.6%
3,700,000 Bexar Cnty., TX Hsg. Fin. Corp. MHRB, UTSA Apts.
Proj.,
(LOC: Heller Finl. Inc.),
3.91%, VRDN...................................... 3,700,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Texas - continued
Brazos River, TX Harbor Navigation Dist. RB:
$ 4,600,000 Dow Chemical Co. Proj., Ser. 1996,
(Gtd. by Dow Chemical Co.),
3.55%, VRDN...................................... $ 4,600,000
1,000,000 Dow Chemical Co. Proj., Ser. 1997,
(Gtd. by Dow Chemical Co.),
3.55%, VRDN...................................... 1,000,000
1,200,000 Dow Chemical Co. Proj., Ser. 1998,
(Gtd. by Dow Chemical Co.),
3.55%, VRDN...................................... 1,200,000
5,200,000 Merey Sweeney Proj.,
(LOC: Chase Manhattan Bank, N.A.),
3.50%, VRDN...................................... 5,200,000
5,700,000 Brazos River, TX Harbor Navigation Dist., Sld.
Wst. RB, Silica Products, Inc. Proj., Ser. 1998,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
4.25%, VRDN...................................... 5,700,000
4,160,000 Brazos River, TX PCRB, Texas Util. Elec. Co.,
Ser. 96A, (LIQ: Bank of New York, N.A. & Ins. by
AMBAC),
3.45%, VRDN...................................... 4,160,000
1,410,000 Corpus Christi, TX GO, Capital Appreciation, Ser.
A (Eff. Yield 3.33%) (b),
0.00%, 11/1/1999................................. 1,398,372
2,095,000 El Paso, TX Hosp. Dist. RB, Capital Appreciation,
(Eff. Yield 4.05%) (b), (Ins. by MBIA),
0.00%, 8/15/1999................................. 2,092,384
2,880,000 Galveston, TX Hsg. Fin. Corp. MHRB, Villiage-by-
the-Sea Apts. Proj., Ser. 1993,
(LOC: Sumitomo Bank, Ltd.),
4.70%, VRDN...................................... 2,880,000
Gulf Coast, TX IDA Solid Wst. Disp. RB, Citgo
Petroleum Corp. Proj.:
3,200,000 Ser. 1994,
(LOC: Wachovia Bank, N.A.),
3.50%, VRDN...................................... 3,200,000
10,000,000 Ser. 1998,
(LOC: Bank Austria AG),
3.50%, VRDN...................................... 10,000,000
12,000,000 Harris Cnty., TX GO, PFOTER,
SGP-96, (LIQ: Societe Generale Bank, S.A.),
3.19%, VRDN...................................... 12,000,000
Harris Cnty., TX Indl. Dev. Corp. IDRB:
5,000,000 Southern Ionics, Inc. Proj.,
(LOC: Southtrust Bank, N.A.),
3.36%, VRDN...................................... 5,000,000
8,000,000 Zeon Chemicals Proj.,
(LOC: Indl. Bank of Japan, Ltd.),
4.40%, VRDN...................................... 8,000,000
6,535,000 Texas Pub. Fin. Auth. Bldg. RB, General Svcs.
Comml. Proj., (LIQ: Citibank, N.A. & Ins. by
AMBAC),
3.31%, VRDN (a).................................. 6,535,000
</TABLE>
28
<PAGE>
EVERGREEN
MUNICIPAL MONEY MARKET FUND
Schedule of Investments(continued)
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Texas - continued
$ 4,405,000 Ysleta, TX Independent Sch. Dist. RB, PFOTER, PZ-
9,
(Gtd. by Permanent Sch. Fund),
3.41%, VRDN (a).................................. $ 4,405,000
--------------
81,070,756
--------------
Utah - 0.2%
1,310,000 Salt Lake City, UT Redev. Agy. Tax RB,
Neighborhood Redev., Ser. A,
5.25%, 10/1/1999................................. 1,313,945
2,300,000 Summit Cnty., UT IDRB, Hornes' Kimball Proj.,
Ser. 1985,
(LOC: U.S. Bank, N.A.),
3.65%, VRDN...................................... 2,300,000
--------------
3,613,945
--------------
Virginia - 1.3%
4,300,000 Campbell Cnty., VA IDA RB, Hadson Pwr. 12 Proj.,
Ser. 1990A,
(LOC: Barclays Bank PLC),
3.50%, VRDN...................................... 4,300,000
Henrico Cnty., VA IDA RB:
5,344,000 White Oak Semiconductor Proj., Ser. 1997A,
(Gtd. by Motorola Corp.),
3.25%, VRDN...................................... 5,344,000
2,000,000 San-J Int'l. Proj.,
(LOC: BankAmerica, N.A.),
3.40%, VRDN...................................... 2,000,000
5,000,000 Hopewell, VA IDA RB, Hadson Pwr. 13 Proj., Ser.
1990A,
(LOC: Credit Suisse First Boston Corp.),
3.50%, VRDN...................................... 5,000,000
1,000,000 Rockingham Cnty., VA IDA PCRB, Merck & Co. Proj.,
Ser. 1982A, (Gtd. by Merck & Co.),
3.40%, VRDN...................................... 1,000,000
1,700,000 Smyth Cnty., VA IDA RB, Summit Products Proj.,
(LOC: Fifth Third Bank, N.A.),
3.35%, VRDN...................................... 1,700,000
--------------
19,344,000
--------------
Washington - 2.0%
10,000,000 King Cnty., WA Sch. Dist. RB, MSTR MTC 31,
(LIQ: Bank One Capital Holdings & Ins. by FGIC),
3.26%, VRDN (a).................................. 10,000,000
10,000,000 Seattle, WA Port Facs. Auth. RB, ABN-Amro
Munitops Master Trust, Ser. 1998-16,
(SPA: ABN-Amro Bank NV & Ins. by MBIA),
3.31%, VRDN (a).................................. 10,000,000
1,190,000 Washington Hsg. Fin. CDA MHRB, LTSC Properties
Inc.,
(LOC: U.S. Bank, N.A.),
3.35%, VRDN...................................... 1,190,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Washington - continued
$ 7,430,000 Washington State GO, ROC Ser. 98-13,
(LOC: Toronto Dominion Bank),
3.21%, VRDN (a).................................. $ 7,430,000
--------------
28,620,000
--------------
West Virginia - 2.2%
2,500,000 West Virgina Hsg. Dev. Fund RB, Interim Financing
Notes, Ser. 1999F,
3.65%, 9/16/1999................................. 2,500,000
West Virginia EDA IDRB, Coastal Lumber Products
Proj.,
(LOC: Crestar Bank, N.A.):
1,540,000 Ser. A,
3.30%, VRDN...................................... 1,540,000
1,195,000 Ser. B,
3.30%, VRDN...................................... 1,195,000
3,770,000 West Virginia Hsg. Dev. Fund RB, Interim
Financing Notes, Ser. 1999G,
3.65%, 9/21/1999................................. 3,770,000
19,670,000 West Virginia Pub. Energy Auth. RB, PFOTER, PPT-
184,
(LIQ: Bay Hypotheken-und & Union Bank of
Switzerland),
3.26%, VRDN (a).................................. 19,670,000
3,520,000 West Virginia State GO, BankBoston Trust
Certificates, Ser. C, Class A, (LIQ: BankBoston,
N.A. & Ins. by FGIC),
3.35%, VRDN (a).................................. 3,520,000
--------------
32,195,000
--------------
Wisconsin - 0.6%
4,000,000 Kohler, WI Solid Wst. Disp. RB, Kohler Co. Proj.,
(LOC: Wachovia Bank, N.A.),
3.35%, VRDN...................................... 4,000,000
4,000,000 Oconto Falls, WI CDA-RB, Oconto Falls Tissue
Proj., Ser. A,
(LOC: Natwest Bank, PLC),
3.75%, 4/1/2000.................................. 4,000,000
--------------
8,000,000
--------------
Wyoming - 0.2%
2,700,000 Converse Cnty., WY Env. Impt. RB, Pacificorp
Proj., Ser. 1995,
(Gtd. by Pacificorp.),
3.60%, VRDN...................................... 2,700,000
--------------
Other - 15.4%
Capital Realty Investors Tax Exempt Fund Ltd.,
Floater Certificate,
(LOC: Union Bank of Switzerland AG):
21,285,000 Ser. 1996-1,
3.40%, VRDN (a).................................. 21,285,000
19,900,000 Ser. 1996-2,
3.40%, VRDN (a).................................. 19,900,000
6,345,000 Ser. 1996-3,
3.40%, VRDN (a).................................. 6,345,000
</TABLE>
29
<PAGE>
EVERGREEN
MUNICIPAL MONEY MARKET FUND
Schedule of Investments (continued)
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Other - continued
Charter Mac Floater Certificate
Trust I, Low Floater Certificates,
(LIQ: Bayerische Landesbanken & Ins. by MBIA):
$11,500,000 2nd Tranche,
3.41%, VRDN (a).................................. $ 11,500,000
7,000,000 4th Tranche,
3.18%, VRDN (a).................................. 7,000,000
23,689,000 Clipper Tax Exempt Trust COP, Ser. 1998-1, Class
B,
(LIQ: State Street Bank & Trust Co. & Ins. by
MBIA),
3.46%, VRDN (a).................................. 23,689,000
Koch Financial Corp. Muni. Tax Exempt Trust:
6,623,075 Ser. 1996-1, Class A-2,
(Gtd. by Koch Industries),
4.50%, 4/6/2000 (a).............................. 6,641,115
4,142,534 Ser. 1999-1, Class A-1,
(Ins. by MBIA),
3.10%, 2/7/2000.................................. 4,141,572
Merrill Lynch, Inc., PFOTER:
14,240,000 PPT-4,
(LIQ: Credit Suisse First Boston Corp. & Ins. by
FHA),
3.55%, VRDN...................................... 14,240,000
9,310,000 PPT-5,
(LIQ: Credit Suisse First Boston Corp. & Ins. by
FHA),
3.60%, 5/4/2000.................................. 9,310,000
12,545,000 PPT-6,
(LIQ: Credit Suisse First Boston Corp. & Ins. by
FHA),
3.70%, 5/11/2000 (a)............................. 12,545,000
11,180,000 PPT-7,
(Ins. by AMBAC),
3.38%, 2/11/2000 (a)............................. 11,180,000
4,300,000 PPT-8,
(LIQ: Credit Suisse First Boston Corp.),
3.60%, VRDN (a).................................. 4,300,000
7,305,000 PPT-9,
(LOC: Bayerische Landesbanken),
3.41%, VRDN...................................... 7,305,000
5,815,000 SGP-8,
(LIQ: Societe Generale Bank, S.A.),
3.52%, VRDN...................................... 5,815,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Other - continued
Morgan Keegan Muni. Products Trust Receipts,
(LIQ: Credit Local de France & Ins. by U.S.
Treasury):
$ 2,815,000 Ser. 1999A,
3.41%, VRDN...................................... $ 2,815,000
25,715,000 Ser. 1999D,
3.41%, VRDN...................................... 25,715,000
1,400,000 Ser. 1999B,
3.41%, VRDN...................................... 1,400,000
Pitney Bowes Credit Corp. Leasetop Trusts,
(LIQ: Pitney Bowes Credit Corp. & Ins. by
AMBAC):
5,000,000 Ser. 1999-1,
3.80%, 10/8/2000 (a)............................. 5,000,000
5,550,164 Ser. 1998-1,
3.46%, VRDN (a).................................. 5,550,164
19,159,487 Ser. 1998-2,
3.51%, VRDN (a).................................. 19,159,487
--------------
224,836,338
--------------
Total Municipal Obligations
(cost $1,445,754,477)........................... 1,445,754,477
--------------
<CAPTION>
Shares
<C> <S> <C>
MUTUAL FUND SHARES - 0.8% - (cost $10,700,000)
10,700,000 Federated Municipal Obligation Fund..............
10,700,000
--------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $1,456,454,477)..................... 100.0% 1,456,454,477
Other Assets and
Liabilities - net......................... 0.0 673,074
----- --------------
Net Assets................................. 100.0% $1,457,127,551
===== ==============
</TABLE>
30
<PAGE>
EVERGREEN
MUNICIPAL MONEY MARKET FUND
Schedule of Investments (continued)
July 31, 1999 (unaudited)
(a) Securities that may be sold to "qualified institutional buyers" under Rule
144A or securities offered pursuant to Section 4(2) of the Securities Act
of 1933, as amended. These securities have been determined to be liquid un-
der guidelines established by the Board of Trustees.
(b) Effective yield (calculated at the time of purchase) is the yield at which
the bond accretes on an annual basis until maturity date.
Summary of Abbreviations:
AMBAC American Municipal Bond Assurance Corp.
BAN Bond Anticipation Note
CDA Community Development Administration
COLL Collateral
COP Certificate of Participation
EDA Economic Development Authority
EDRB Economic Development Revenue Bond
FGIC Financial Guaranty Insurance Co.
FHA Federal Housing Authority
FHLB Federal Home Loan Bank
FSA Financial Security Assurance, Inc.
GNMA Government National Mortgage Association
GO General Obligation
HDA Housing Development Authority
HFA Housing Finance Authority
IDA Industrial Development Authority
IDB Industrial Development Board
IDRB Industrial Development Revenue Bond
LIQ Liquidity Provider
LOC Letter of Credit
MBIA Municipal Bond Investors Assurance Corp.
MHRB Multifamily Housing Revenue Bond
MSTR Municipal Securities Trust Receipt
MTC Municipal Trust Certificate
PCRB Pollution Control Revenue Bond
PFOTER Puttable Floating Option Tax Exempt Receipt
PPT Pooled Putable Trust
RAN Revenue Anticipation Note
RB Revenue Bond
ROC Reset Option Certificate
SAK Sakura Trust
SFHRB Single Family Housing Revenue Bond
SGP Societe Generale Pool
SPA Security Purchase Agreement
TOC Tender Option Certificate
VRDN Variable Rate Demand Note
Variable Rate Demand Notes are payable on demand on no more than seven
calendar days notice given by the Fund to the issuer or other parties not
affiliated with the issuer. Interest rates are determined and reset by
the issuer daily, weekly, or monthly depending upon the terms of the se-
curity. Interest rates presented for these securities are those in effect
at July 31, 1999.
Certain obligations held in the portfolio have credit enhancements or li-
quidity features that may, under certain circumstances, provide for re-
payment of principal and interest on the obligation upon demand date. In-
terest rate reset date or final maturity. These enhancements include:
letters of credit; liquidty guarantees; standby bond purchase agreements;
tender option purchase agreements; and third party insurance (i.e. AMBAC,
FGIC and MBIA). Adjustable rate bonds and variable rate demand notes held
in the portfolio may be considered derivative securities within the stan-
dards imposed by the Securities and Exchange Commission under Rule 2a-7
which was designed to minimize both credit and market risk.
See Combined Notes to Financial Statements.
31
<PAGE>
EVERGREEN
NEW JERSEY MUNICIPAL MONEY MARKET FUND
Schedule of Investments
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 99.4%
Delaware - 2.8%
$2,820,000 Delaware River Port Auth. RB PA & NJ, PFOTER, (LIQ:
Merrill Lynch & Co. & Ins. by FGIC),
3.11%, VRDN......................................... $ 2,820,000
------------
New Jersey - 93.8%
2,000,000 Bayonne NJ, Temporary Notes,
3.60%, 9/10/1999.................................... 2,001,079
1,450,000 Bedminster Township, NJ BAN,
4.00%, 6/30/2000.................................... 1,456,391
2,500,000 Camden Cnty., NJ Impt. Auth. RB, Harvest Vlg. Proj.,
Ser. A,
(LOC: Chase Bank of Texas),
3.30%, VRDN......................................... 2,500,000
550,000 Clifton, NJ Board of Ed. GO,
(Ins. by FSA),
4.00%, 2/1/2000..................................... 552,296
225,000 Cumberland Cnty., NJ GO,
(Ins. by MBIA),
4.63%, 2/15/2000.................................... 226,149
4,500,000 Essex Cnty., NJ TRAN,
3.50%, 11/18/1999................................... 4,503,929
3,000,000 Fairfield Township, NJ BAN,
3.25%, 1/26/2000.................................... 3,003,527
2,000,000 Hillside Township, NJ TRAN,
3.63%, VRDN......................................... 2,000,339
2,200,000 Hudson Cnty., NJ Impt. Auth. Facs.
RB, (LIQ: Morgan Stanley & Ins. by FGIC),
3.11%, VRDN (a)..................................... 2,200,000
300,000 Kingsway, NJ Regional Sch. Dist.
GO, (Ins. by FGIC),
4.63%, 3/1/2000..................................... 302,512
2,253,472 Maplewood Township, NJ BAN,
3.50%, 10/22/1999................................... 2,254,684
New Jersey Ed. Facs. Auth. RB:
1,000,000 Higher Ed. Technology, Ser. A,
4.25%, 9/1/1999..................................... 1,001,088
2,300,000 MSTR, SGP 48,
(LOC: Societe Generale Bank,
S.A.& Ins. MBIA),
3.11%, VRDN (a)..................................... 2,300,000
New Jersey EDA RB:
500,000 2.65%, VRDN......................................... 500,000
2,300,000 Ser. A, (LIQ: Bank of New York & Ins. by AMBAC),
3.30%, VRDN......................................... 2,300,000
7,700,000 Dow Chemical Co. - El Dorado Terminal, Ser. 1984 A,
(Gtd. by Dow Chemical Co.),
3.25%, VRDN......................................... 7,700,000
2,000,000 Dow Chemical Co. - El Dorado Terminal, Ser. 1984 B,
(Gtd. by Dow Chemical Co.),
3.25%, VRDN......................................... 2,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
New Jersey - continued
$4,770,000 East Meadow Corp., Ser. B,
(LOC: Sanwa Bank Ltd.),
4.25%, VRDN......................................... $ 4,770,000
2,400,000 Elizabethtown Wtr. Co. Proj.,
Ser. B, (LIQ: Bank of New York & Ins. by AMBAC),
2.60%, VRDN......................................... 2,400,000
2,600,000 Hoffman La-Roche Inc. Proj.,
(LOC: Bayerische Landesbank),
3.30%, VRDN......................................... 2,600,000
500,000 NJ Natural Gas Co., Ser. A,
(LIQ: Societe Generale Bank &
Ins. by AMBAC),
3.35%, VRDN......................................... 500,000
6,000,000 Thermal Energy Ltd.,
(LOC: First National Bank Chicago),
2.70%, VRDN......................................... 6,000,000
New Jersey GO:
2,000,000 3.00%, 9/9/1999..................................... 2,000,000
1,000,000 3.10%, 2/10/2000.................................... 1,000,000
4,945,000 (LIQ: Merrill Lynch & Co.),
3.16%, VRDN (a)..................................... 4,945,000
600,000 Ser. D,
5.10%, 2/15/2000.................................... 605,994
5,700,000 MSTR, Ser. CB 1,
(LOC: Chase Manhattan Bank),
3.25%, VRDN......................................... 5,700,000
New Jersey Health Care Fac. RB:
1,700,000 Atlantic City Med. Center, Ser. A 1, (LOC: PNC Bank,
N.A.),
2.95%, VRDN......................................... 1,700,000
1,000,000 Christian Health Center, Ser. A3,
(LOC: Valley National Bank),
2.95%, VRDN......................................... 1,000,000
2,495,000 New Jersey MHRB, Ser. 110, (LIQ: Morgan Stanley &
Ins. by FSA),
3.16%, VRDN......................................... 2,495,000
New Jersey Transport Trust Fund
Auth. RB:
1,000,000 3.14%, VRDN......................................... 1,000,000
5,500,000 3.16%, VRDN......................................... 5,500,000
6,570,000 Newark, NJ Healthcare Facs. RB, New Community Urban
Renewal, Ser. 1995, (COLL: GNMA),
4.35%, VRDN......................................... 6,570,000
3,500,000 Springfield Township, NJ BAN,
3.25%, 1/14/2000.................................... 3,503,689
4,670,000 Trenton, NJ BAN,
3.25%, 3/10/2000.................................... 4,672,719
1,200,000 Union Cnty., NJ GO,
4.75%, 2/1/2000..................................... 1,207,906
------------
94,972,302
------------
</TABLE>
32
<PAGE>
EVERGREEN
NEW JERSEY MUNICIPAL MONEY MARKET FUND
Schedule of Investments(continued)
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
New York - 2.8%
Port Auth. NY & NJ, PFOTER:
$ 500,000 4.00%, 10/1/1999..................................... $ 500,380
2,275,000 (LIQ: Morgan Stanley & Ins. by MBIA),
3.13%, VRDN (a)...................................... 2,275,000
------------
2,775,380
------------
Total Municipal Obligations
(cost $100,567,682)................................. 100,567,682
------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $100,567,682).......................... 99.4% 100,567,682
Other Assets and Liabilities - net............ 0.6 636,829
----- ------------
Net Assets.................................... 100.0% $101,204,511
===== ============
</TABLE>
(a) Securities that may be sold to "qualified institutional buyers" under Rule
144A or securities offered pursuant to Section 4(2) of the Securities Act
of 1933, as amended. These securities have been determined to be liquid un-
der guidelines established by the Board of Trustees.
Summary of Abbreviations:
AMBAC American Municipal Bond Assurance Corp.
BAN Bond Anticipation Note
COLL Collateral
EDA Economic Development Authority
FGIC Federal Guaranty Insurance Co.
FSA Financial Security Assurance, Inc.
GNMA Governent National Mortgage Association
GO General Obligation
LIQ Liquidity Provider
LOC Letter of Credit
MBIA Municipal Bond Investors Assurance Corp.
MHRB Multifamily Housing Revenue Bond
MSTR Municipal Securities Trust Receipt
PFOTER Puttable Floating Option Tax Exempt Receipts
RB Revenue Bond
SGP Societe Generale Pool
TRAN Tax Revenue Anticipation Note
VRDN Variable Rate Demand Note
Variable Rate Demand Notes are payable on demand on no more than seven
calendar days notice given by the Fund to the issuer or other parties not
affiliated with the issuer. Interest rates are determined and reset by
the issuer daily, weekly, or monthly depending upon the terms of the se-
curity. Interest rates are presented for these securities are those in
effect at July 31, 1999.
Certain obligations held in the portfolio have credit enhancements or li-
quidity features that may, under certain circumstances, provide for re-
payment of principal and interest on the obligation upon demand date, in-
terest rate reset date or final maturity. These enhancements include:
letters of credit; liquidity guarantees; security purchase agreements;
tender option purchase agreements, and third party insurance (i.e.,
AMBAC, FGIC and MBIA). Adjustable rate bonds and variable rate demand
notes held in the portfolio may be considered derivative securities
within the standards imposed by the Securities and Exchange Commission
under Rule 2a-7 which were designed to minimize both credit and market
risk.
See Combined Notes to Financial Statements.
33
<PAGE>
EVERGREEN
PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
Schedule of Investments
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 99.7%
Delaware - 1.0%
$1,400,000 Delaware River Port Auth. RB PA & NJ, 3.11%, VRDN... $ 1,400,000
------------
Pennsylvania - 98.7%
2,000,000 ABN Amro Munitops Certificates Trust, 3.17%, VRDN... 2,000,000
4,400,000 Allegheny Cnty., PA Arpt. RB, PFOTER PT-176,
3.19%, VRDN........................................ 4,400,000
Allegheny Cnty., PA Hosp. Dev. Auth. RB:
3,000,000 St. Francis Hlth. Ctr. Sys,
(LOC: First Natl. Bank of Chicago), 3.10%, VRDN..... 3,000,000
1,955,000 St. Margaret Memorial Hosp., 3.20%, VRDN............ 1,955,000
1,490,000 Allegheny Cnty., PA IDA RB, United Jewish Federation
Proj., Ser. A, (LOC: Mellon Bank N.A.),
3.20%, VRDN......................................... 1,490,000
1,750,000 Allegheny Cnty., PA IDRB, Chelsea Industries Inc.,
(LOC: Mellon Bank N.A.),
3.20%, VRDN......................................... 1,750,000
1,000,000 Allegheny Cnty., PA Sanitary Auth., Swr. RB,
3.15%, VRDN......................................... 1,000,000
2,700,000 Beaver Cnty., PA Eagle Tax Exempt Trust,
3.18%, VRDN......................................... 2,700,000
5,000,000 Beaver Cnty., PA IDA PCRB, Atlantic Richfield,
3.15%, VRDN......................................... 5,000,000
4,200,000 Beaver Cnty., PA RB, Ser. 1993 A,
3.30%, VRDN......................................... 4,200,000
540,000 Benton, PA Area Sch. Dist. GO,
5.90%, 6/1/2000..................................... 550,714
3,500,000 Cambria Cnty., PA IDA RB, Cambria Cogen Co. Ser. A,
3.25%, VRDN......................................... 3,500,000
2,500,000 Carbon Cnty. PA IDA 1991A,
3.35%, 8/2/1999..................................... 2,500,000
1,000,000 Carbon Cnty., PA IDA CP,
3.45%, 8/12/1999.................................... 1,000,000
1,000,000 Clarion Cnty., PA IDA RB, Meritcare MTC Inc. Proj.,
Ser. 1991A, (LOC: PNC Bank),
3.20%, VRDN......................................... 1,000,000
630,000 Coatesville, PA Auth. Wtr. RB,
(Ins. by FGIC),
3.85%, 10/1/1999.................................... 630,441
2,000,000 Dauphin Cnty., PA General Auth. RB, Ed. & Hlth. Loan
Program,
(SPA: Chase Manhattan Bank & Ins. by AMBAC),
3.19%, VRDN......................................... 2,000,000
800,000 Delaware Cnty., PA IDA PCRB, British Petroleum
Exploration and Oil,
3.45%, VRDN......................................... 800,000
Delaware Cnty., PA IDA RB:
800,000 3.45%, VRDN......................................... 800,000
1,100,000 Arpt. Facs. UPS Proj.,
3.35%, VRDN......................................... 1,100,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Pennsylvania - continued
$3,700,000 Delaware Valley, PA Fin. Auth. RB, Ser. B,
(LOC: Credit Suisse First Boston Corp.)
3.05%, VRDN......................................... $ 3,700,000
265,000 East Penn, PA Sch. Dist. GO, Ser. A, (Ins. by FGIC),
3.80%, 11/15/1999................................... 265,295
Emmaus, PA General Auth. RB:
1,000,000 3.25%, VRDN......................................... 1,000,000
4,300,000 3.25%, 8/4/1999..................................... 4,300,000
400,000 Local Govt. Ser. B,
3.25%, VRDN......................................... 400,000
600,000 Ser. B,
3.25%, VRDN......................................... 600,000
2,000,000 Ser. C,
(LOC: Kredietbank N.V.),
3.25%, VRDN......................................... 2,000,000
3,000,000 Franconia Township, PA IDA RB, Ser. A, (LOC: Mellon
Bank N.A.),
3.30%, VRDN......................................... 3,000,000
650,000 Lawrence Cnty., PA IDA PCRB, Calgon Corp. Proj.,
Ser. A,
3.65%, VRDN......................................... 650,000
1,000,000 Lehigh Cnty., PA IDA RB, Allegheny Elec. Coop. Inc.,
3.50%, VRDN......................................... 1,000,000
850,000 Lewistown Borough, PA GO,
(Ins. by FGIC),
6.15%, 12/15/1999................................... 858,534
4,000,000 Mercer Cnty., PA IDA PCRB, Penntecq, Inc. Proj.,
(LOC: Dai-Ichi Kangyo Bank, Ltd.),
5.15%, VRDN......................................... 4,000,000
1,000,000 Montgomery Cnty., PA MSTR, Abbington Memorial Hosp.,
Ser. 1998-31 Class A,
(LIQ: Bear Stearns Capital Markets & Ins. by
AMBAC),
3.51%, 5/17/2000 (a)................................ 1,000,000
3,000,000 Montgomery Cnty., PA IDA RB,
3.61%, VRDN......................................... 3,000,000
385,000 Nazareth, PA Sch. Dist. GO,
(Ins. by FGIC),
3.80%, 11/15/1999................................... 385,429
400,000 North Allegheny, PA Sch. Dist. GO,
(Ins. by AMBAC),
7.60%, 5/1/2000..................................... 412,707
2,455,000 Northampton Cnty., PA Higher Ed. Auth. RB, PFOTER
PA-176,
(LIQ: Merrill Lynch & Co. & Ins. by MBIA),
3.19%, VRDN......................................... 2,455,000
315,000 Northern York Cnty., PA Sch. GO,
3.60%, 11/15/1999................................... 315,000
1,000,000 Parkland, PA Sch. Dist. GO,
(Ins. by MBIA),
5.95%, 3/1/2000..................................... 1,014,790
1,500,000 Pennsylvania Economic Dev. Fin. Auth., Ser. G3,
3.30%, 8/5/1999..................................... 1,500,000
</TABLE>
34
<PAGE>
EVERGREEN
PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
Schedule of Investments(continued)
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Pennsylvania - continued
Pennsylvania Economic Dev. Fin. Auth. RB:
$1,500,000 3.30%, VRDN......................................... $ 1,500,000
1,100,000 Fansterl Inc. Proj.,
3.30%, VRDN......................................... 1,100,000
2,000,000 Ser. G10,
3.30%, VRDN......................................... 2,000,000
2,750,000 Pennsylvania Energy Dev. Auth. RB, (LOC: Lansbank),
3.10%, VRDN......................................... 2,750,000
2,000,000 Pennsylvania Higher Ed. Assistance Agcy., Student
Loan RB, Ser. A,
(LOC: SLMA),
3.15%, VRDN......................................... 2,000,000
2,280,000 Pennsylvania Hsg. Fin. Agcy.,
PFOTER PT 119B,
(SPA: Credit Suisse First Boston Corp.)
3.24%, VRDN......................................... 2,280,000
2,900,000 Pennsylvania Intergovernmental Coop. Auth. MSTR,
3.19%, VRDN......................................... 2,900,000
Pennsylvania Intergovernmental
Coop. Auth. RB:
2,000,000 3.21%, 8/5/1999..................................... 2,000,000
1,000,000 City Of Philadelphia Funding Program, (Ins. by
FGIC),
6.00%, 6/15/2000.................................... 1,021,171
Pennsylvania St. GO:
1,200,000 4.50%, 3/1/2000..................................... 1,207,142
250,000 7.00%, 5/1/2000..................................... 260,320
Pennsylvania St. Higher Ed'l Facs. Auth., RB:
1,350,000 3.10%, 11/1/1999.................................... 1,350,000
3,200,000 3.75%, 5/1/2000..................................... 3,211,630
2,500,000 Pennsylvania St. Higher Ed'l RB,
3.75%, 5/1/2000..................................... 2,509,086
1,000,000 Pennsylvania St., Univ. RB,
4.80%, 8/15/1999.................................... 1,000,636
4,800,000 Philadelphia, PA Arpt. RB, MSTR,
(SPA: Societe Generale & Ins. by FGIC),
3.24%, VRDN......................................... 4,800,000
255,000 Philadelphia, PA Gas RB, Ser. A,
(Ins. by AMBAC),
6.00%, 5/15/2000.................................... 264,549
Philadelphia, PA Hosp. & Higher Ed. Facs Auth. RB:
1,570,000 3.50%, 5/15/2000.................................... 1,572,387
1,095,000 5.40%, 12/1/1999.................................... 1,102,310
4,800,000 Philadelphia, PA Hosp. & Higher Ed. Facs. RB,
Childerns Hosp. Proj., Ser. A,
(SPA: Morgan Guaranty Trust),
3.40%, VRDN......................................... 4,800,000
2,000,000 Philadelphia, PA Sch. Dist. GO,
PFOTER PA-151,
3.19%, VRDN......................................... 2,000,000
Philadelphia, PA Wtr. & Wst. RB:
5,000,000 3.31%, VRDN......................................... 5,000,000
260,000 4.70%, 6/15/2000.................................... 262,091
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Pennsylvania - continued
$3,500,000 Philadelphia, PA, MSTR, Ser. 1997-11 Class A,
(LIQ: Bear Stearns Capital Market & Ins. by FGIC),
3.33%, 4/25/2000.................................... $ 3,500,000
1,445,000 Pittsburgh, PA Wtr. & Swr. Auth. RB,
3.26%, VRDN......................................... 1,445,000
360,000 Quaker Valley, PA Sch. Dist. GO,
(Ins. by MBIA),
3.90%, 10/1/1999.................................... 360,281
4,240,000 Quakertown, PA General Auth. RB, Ser. A, (LOC: PNC
Bank N.A.),
3.25%, VRDN......................................... 4,240,000
440,000 Richland, PA Sch. Dist. GO, Ser. B,
(Ins. by FSA),
3.80%, 11/1/1999.................................... 440,419
900,000 Schuylkill Cnty. IDA, Northeastern Power, Ser. B,
(SPA: Credit Local de France),
3.45%, VRDN......................................... 900,000
400,000 Schuylkill Valley, PA Sch. Dist. GO,
(Ins. by FGIC),
3.80%, 10/15/1999................................... 400,101
295,000 Sharon, PA City Sch. Dist. GO,
(Ins. by MBIA),
3.65%, 5/15/2000.................................... 295,000
750,000 South Middleton, PA Sch. Dist. GO,
5.75%, 5/15/2000.................................... 763,657
3,920,000 Southeastern, PA Trans. Auth. RB,
3.16%, VRDN......................................... 3,920,000
750,000 Sto Rox Sch., PA GO,
6.10%, 6/15/2000.................................... 766,816
585,000 Trinity Area Sch. Dist., PA GO, Ser. B, (Ins. by
FSA),
4.00%, 11/1/1999.................................... 585,844
510,000 Univ. Pittsburgh, PA Higher Ed. RB, Ser. A,
(Ins. by MBIA),
6.40%, 4/1/2000..................................... 520,268
1,150,000 Washington Cnty., PA Auth. RB,
Ser. B-1,
3.20%, VRDN......................................... 1,150,000
4,085,000 Westmoreland Cnty. IDA IDRB, White Consolidated
Ind., Inc.,
(LOC: Chemical Bk.),
3.52%, 12/1/1999.................................... 4,085,000
2,300,000 Wilkes Barre, PA IDA RB, Toys R Us Penn Inc.,
3.28%, VRDN......................................... 2,300,000
------------
145,796,618
------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments - (cost $147,196,618)....... 99.7% 147,196,618
Other Assets and Liabilities - net............ 0.3 515,220
----- ------------
Net Assets.................................... 100.0% $147,711,838
===== ============
</TABLE>
35
<PAGE>
EVERGREEN
PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
Schedule of Investments(continued)
July 31, 1999 (unaudited)
(a) Securities that may be sold to "qualified institutional buyers" under
Rule 144A or securities offered pursuant to Section 4(2) of the Secu-
rities Act of 1933, as amended. These securities have been determined
to be liquid under guidelines established by the Board of Trustees.
Summary of Abbreviations:
AMBAC American Municipal Bond Assurance Corp.
CP Commercial Paper
FGIC Financial Guaranty Insurance Co.
FSA Financial Security Assurance, Inc.
GO General Obligation
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
LIQ Liquidity Provider
LOC Letter of Credit
MBIA Municipal Bond Investors Assurance Corp.
MSTR Municipal Securities Trust Receipt
MTC Municipal Trust Certificate
PCRB Pollution Control Revenue Bond
PFOTER Puttable Floating Option Tax Exempt Receipt
RB Revenue Bonds
SLMA Student Loan Marketing Association
SPA Security Purchase Agreement
VRDN Variable Rate Demand Note
Variable Rate Demand Notes are payable on demand on no more than seven
calendar days notice given by the Fund to the issuer or other parties not
affiliated with the issuer. Interest rates are determined and reset by
the issuer daily, weekly, or monthly depending upon the terms of the se-
curity. Interest rates presented for these securities are those in effect
at July 31, 1999.
Certain obligations held in the portfolio have credit enhancements or li-
quidity features that may, under certain circumstances, provide for re-
payment of principal and interest on the obligation upon demand date, in-
terest rate reset date or final maturity. These enhancements include:
letters of credit; liquidity guarantees; security purchase agreements;
tender option purchase agreements, and third party insurance (i.e.,
AMBAC, FGIC and MBIA). Adjustable rate bonds and variable rate demand
notes held in the portfolio may be considered derivative securities
within the standards imposed by the Securities and Exchange Commission
under Rule 2a-7 which were designed to minimize both credit and market
risk.
See Combined Notes to Financial Statements.
36
<PAGE>
EVERGREEN
TREASURY MONEY MARKET FUND
Schedule of Investments
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
U.S. TREASURY NOTES - 27.3%
$125,000,000 5.875% - 6.875%, 8/31/1999+..................... $ 125,096,991
50,000,000 5.75%, 9/30/1999+............................... 50,079,123
200,000,000 5.625%, 11/30/1999.............................. 200,590,453
200,000,000 5.625%, 12/31/1999.............................. 200,711,768
150,000,000 5.875%, 2/15/2000............................... 150,872,953
50,000,000 5.5%, 3/31/2000................................. 50,120,154
125,000,000 5.5%, 5/31/2000................................. 125,562,444
115,000,000 5.875%, 6/30/2000............................... 115,557,791
75,000,000 8.75%, 8/15/2000................................ 77,583,161
--------------
Total U.S. Treasury Notes
(cost $1,096,174,838).......................... 1,096,174,838
--------------
REPURCHASE AGREEMENTS - 76.7%*
200,000,000 ABN-Amro, Inc. (1),
5.05%, dated 7/31/1999,
due 8/2/1999................................... 200,000,000
200,000,000 Barclays Capital (2),
5.05%, dated 7/26/1999,
due 8/2/1999................................... 200,000,000
200,000,000 Credit Suisse First Boston Corp. (3), 5.03%,
dated 7/26/1999, due 8/2/1999.................. 200,000,000
400,000,000 Deutsche Bank AG (4),
5.09%, dated 7/26/1999,
due 8/2/1999................................... 400,000,000
200,000,000 Dresdner Bank AG (5),
5.03%, dated 7/31/1999,
due 8/2/1999................................... 200,000,000
50,500,000 Dresdner Bank AG** (6),
4.73%, dated 4/6/1999,
due 8/31/1999.................................. 50,500,000
76,125,000 Dresdner Bank AG** (7),
4.75%, dated 4/6/1999,
due 8/31/1999.................................. 76,125,000
50,312,500 Dresdner Bank AG** (8),
4.73%, dated 4/12/1999,
due 9/30/1999.................................. 50,312,500
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
REPURCHASE AGREEMENTS - continued
$200,000,000 Greenwich Capital Markets (9), 5.05%, dated
7/31/1999, due 8/2/1999........................ $ 200,000,000
200,000,000 Lehman Brothers Inc. (10),
5.06%, dated 7/31/1999,
due 8/2/1999................................... 200,000,000
200,000,000 Merrill Lynch, Pierce, Fenner & Smith Inc. (11),
5.03%, dated 7/31/1999,
due 8/2/1999................................... 200,000,000
200,000,000 Morgan Stanley & Co. (12),
5.05%, dated 7/26/1999,
due 8/2/1999................................... 200,000,000
200,000,000 Salomon Smith Barney, Inc. (13), 5.06%, dated
7/26/1999, due 8/2/1999........................ 200,000,000
45,933,918 SG Cowen Securities Corp. (14), 5.06%, dated
7/31/1999, due 8/2/1999........................ 45,933,918
100,000,000 State Street Bank & Trust Co. (15), 5.05%, dated
7/31/1999, due 8/2/1999........................ 100,000,000
550,000,000 Warburg Dillon Reed LLC (16), 5.06%, dated
7/31/1999, due 8/2/1999........................ 550,000,000
--------------
Total Repurchase Agreements
(cost $3,072,871,418).......................... 3,072,871,418
--------------
</TABLE>
<TABLE>
<CAPTION>
Shares
<C> <S> <C>
MUTUAL FUND SHARES - 0.3% - (cost $11,610,621)
11,610,621 Fidelity Institutional Cash Portfolio Treasury
Class 1........................................ 11,610,621
--------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $4,180,656,877).................. 104.3% 4,180,656,877
Other Assets and Liabilities - net...... (4.3) (174,265,636)
----- --------------
Net Assets.............................. 100.0% $4,006,391,241
===== ==============
</TABLE>
+Securities on loan (see Note 8).
*Collateralized by:
(1)$203,989,000 U.S. Treasury STRIPS, 7/16/02 to 4/15/29; value includ-
ing accrued interest--$204,000,064.
(2)$232,543,000 U.S. Treasury STRIPS, 8/16/99 to 8/15/27; value includ-
ing accrued interest--$116,882,324.
$11,348,000 U.S. Treasury Bonds, 6.50% to 12.375%, 11/15/02 to 8/15/19;
value including accrued interest--$14,810,895.
$71,076,000 U.S. Treasury Notes, 6.625% to 7.75%, 12/31/99 to 6/30/02;
value including accrued interest--$72,307,279.
(3)$152,076,000 U.S. Treasury Bonds, 7.25% to 9.87%, 11/15/16 to
8/15/17; value including accrued interest--$226,621,465.
(4)$400,000,000 GNMA, 4.50% to 9.00%, 8/16/16 to 9/20/28; value includ-
ing accrued interest--$408,000,000.
(5)$190,459,000 U.S. Treasury Bills, 8/15/99 to 7/20/00; value including
accrued interest--$162,837,271.
$16,455,000 U.S. Treasury Bonds, 8.125% to 11.875%, 11/15/02 to 8/16/19;
value including accrued interest--$21,714,972.
(6)$79,633,822 GNMA, 5.50% to 7.50%, 9/20/24 to 10/15/28; value includ-
ing accrued interest $51,624,323.
(7)$112,309,781 GNMA, 6.00% to 7.50%, 9/20/24 to 5/15/28; value includ-
ing accrued interest $77,776,370.
(8)$49,750,000 U.S. Treasury Note, 6.37%, 9/30/01; value including ac-
crued interest $51,498,003.
(9)$188,171,000 U.S. Treasury Bills, 8/26/99 to 7/20/00; value includ-
ing accrued interest $182,555,534; $20,848,000 U.S. Treasury STRIPS,
7/15/02; value including accrued interest $21,444,633.
(10)$214,814,000 U.S. Treasury Notes, 5.375% to 6.25%, 7/31/00 to
02/28/03; value including accrued interest--$224,400,086.
(11)$1,152,211,595 U.S. Treasury Bonds, 2.439% to 6.00%, 8/20/21 to
1/15/29; value including accrued interest--$224,403,943.
(12)$97,420,000 U.S. Treasury Notes, 6.25%, 8/31/02; value including ac-
crued interest--$104,922,162.
$68,192,000 U.S. Treasury Bonds, 11.25%, 2/15/15; value including accrued
interest--$99,078,571.
(13)$326,103,000 U.S. Treasury Notes, 6.37% to 8.75%, 4/30/00 to 5/15/17;
value including accrued interest--$224,368,950.
(14)$220,120,000 U.S. Treasury Notes, 5.50% to 5.75%, 9/30/99 to
02/28/00; value including accrued interest--$225,497,745.
(15)$97,300,000 U.S. Treasury Notes, 5.25%, 8/15/03; value including ac-
crued interest--$51,086,135,530.
(16)$209,180,000 U.S. Treasury Notes, 5.50% to 7.75%, 1/31/00 to 2/28/03;
value including accrued interest--$224,402,861.
**Represents collateral received for securities on loan.
Summary of Abbreviations:
GNMA Government National Mortgage Association
STRIPS Separately Traded Registered Interest and Principal Securities
See Combined Notes to Financial Statements.
37
<PAGE>
EVERGREEN
MONEY MARKET FUNDS
Statements of Assets and Liabilities
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
New Jersey
Florida Municipal Municipal Money Municipal Money
Money Market Money Market Market Market
Fund Fund Fund Fund
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments at amortized
cost................... $78,357,068 $8,812,350,207 $1,456,454,477 $100,567,682
Cash.................... 0 159,892 370,007 0
Receivable for Fund
shares sold............ 0 12,018,079 415,154 200,000
Interest receivable..... 482,721 47,575,155 7,761,285 685,057
Prepaid expenses and
other assets........... 2,769 267,419 38,006 2,245
- ----------------------------------------------------------------------------------------------
Total assets........... 78,842,558 8,872,370,752 1,465,038,929 101,454,984
- ----------------------------------------------------------------------------------------------
Liabilities
Distributions payable... 149,268 28,258,470 2,244,341 117,065
Payable for securities
purchased.............. 0 0 4,365,000 0
Payable for Fund shares
redeemed............... 0 18,466,975 205,516 0
Due to custodian bank... 65,461 0 0 20,849
Advisory fee payable.... 30,591 3,393,645 586,942 42,345
Distribution Plan
expenses payable....... 20,395 1,805,455 201,740 28,081
Due to other related
parties................ 2,114 0 0 2,146
Accrued expenses and
other liabilities...... 44,926 837,899 307,839 39,987
- ----------------------------------------------------------------------------------------------
Total liabilities...... 312,755 52,762,444 7,911,378 250,473
- ----------------------------------------------------------------------------------------------
Net assets.............. $78,529,803 $8,819,608,308 $1,457,127,551 $101,204,511
- ----------------------------------------------------------------------------------------------
Net assets represented
by
Paid-in capital......... $78,534,222 $8,820,959,054 $1,457,019,281 $101,202,809
Undistributed
(overdistributed) net
investment income...... 0 (15,279) 127,812 0
Accumulated net realized
gains or losses on
securities............. (4,419) (1,335,467) (19,542) 1,702
- ----------------------------------------------------------------------------------------------
Total net assets........ $78,529,803 $8,819,608,308 $1,457,127,551 $101,204,511
- ----------------------------------------------------------------------------------------------
Net assets consists of
Class A................. $78,528,789 $7,111,704,047 $ 809,028,472 $100,586,857
Class B................. 0 67,169,203 0 0
Class C................. 0 5,534,033 0 0
Class Y................. 1,014 1,635,201,025 648,099,079 617,654
- ----------------------------------------------------------------------------------------------
Total net assets........ $78,529,803 $8,819,608,308 $1,457,127,551 $101,204,511
- ----------------------------------------------------------------------------------------------
Shares outstanding
Class A................. 78,533,207 7,112,070,873 808,995,390 100,585,156
Class B................. -- 67,173,287 -- --
Class C................. -- 5,535,450 -- --
Class Y................. 1,014 1,636,631,221 648,091,520 617,653
- ----------------------------------------------------------------------------------------------
Net asset value per
share
Class A................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ----------------------------------------------------------------------------------------------
Class B................. -- $ 1.00 -- --
- ----------------------------------------------------------------------------------------------
Class C................. -- $ 1.00 -- --
- ----------------------------------------------------------------------------------------------
Class Y................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ----------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
38
<PAGE>
EVERGREEN
MONEY MARKET FUNDS
Statements of Assets and Liabilities
July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Pennsylvania
Municipal Money Treasury Money
Market Market
Fund Fund
- ------------------------------------------------------------------------------
<S> <C> <C>
Assets
Investments in securities.................... $147,196,618 $1,107,785,459
Investments in repurchase agreements......... 0 3,072,871,418
- ------------------------------------------------------------------------------
Investments at amortized cost................ 147,196,618 4,180,656,877
Cash......................................... 89,422 0
Receivable for Fund shares sold.............. 0 112,563
Interest receivable.......................... 778,121 21,328,789
Prepaid expenses and other assets............ 5,465 158,239
- ------------------------------------------------------------------------------
Total assets................................ 148,069,626 4,202,256,468
- ------------------------------------------------------------------------------
Liabilities
Distributions payable........................ 248,820 13,268,186
Payable for Fund shares redeemed............. 425 269,991
Payable for securities on loan............... 0 179,525,412
Advisory fee payable......................... 49,017 1,216,071
Distribution Plan expenses payable........... 9,222 791,700
Due to other related parties................. 2,811 79,481
Accrued expenses and other liabilities....... 47,493 714,386
- ------------------------------------------------------------------------------
Total liabilities........................... 357,788 195,865,227
- ------------------------------------------------------------------------------
Net assets................................... $147,711,838 $4,006,391,241
- ------------------------------------------------------------------------------
Net assets represented by
Paid-in capital.............................. $147,686,915 $4,006,373,870
Undistributed net investment income.......... 24,683 17,371
Accumulated net realized gains on
securities.................................. 240 0
- ------------------------------------------------------------------------------
Total net assets............................. $147,711,838 $4,006,391,241
- ------------------------------------------------------------------------------
Net assets consists of
Class A...................................... $112,180,000 $3,063,931,536
Class Y...................................... 35,531,838 942,459,705
- ------------------------------------------------------------------------------
Total net assets............................. $147,711,838 $4,006,391,241
- ------------------------------------------------------------------------------
Shares outstanding
Class A...................................... 112,155,782 3,064,122,078
Class Y...................................... 35,531,134 942,502,412
- ------------------------------------------------------------------------------
Net asset value per share
Class A...................................... $ 1.00 $ 1.00
- ------------------------------------------------------------------------------
Class Y...................................... $ 1.00 $ 1.00
- ------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
39
<PAGE>
EVERGREEN
MONEY MARKET FUNDS
Statements of Operations
Six Months Ended July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Florida New Jersey
Municipal Money Municipal Money Municipal Money
Market Money Market Market Market
Fund Fund Fund Fund
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment income....... $1,316,431 $209,347,318 $24,203,596 $1,686,849
- ---------------------------------------------------------------------------------------
Expenses
Advisory fee........... 179,191 18,540,838 3,313,505 237,208
Distribution Plan
expenses.............. 119,434 9,867,535 1,166,950 157,691
Transfer agent fee..... 4,424 1,594,154 133,964 3,797
Administrative services
fees.................. 9,918 0 0 13,113
Trustees' fees and
expenses.............. 796 82,725 13,701 1,023
Printing and postage
expenses.............. 8,000 172,999 52,011 9,080
Custodian fee.......... 12,875 1,005,262 285,564 14,720
Registration and filing
fees.................. 27,127 260,370 6,185 16,403
Professional fees...... 8,565 27,341 12,143 8,006
Other.................. 808 52,831 43,011 1,490
- ---------------------------------------------------------------------------------------
Total expenses......... 371,138 31,604,055 5,027,034 462,531
Less: Fee credits...... (4,889) (192,245) (51,332) (4,138)
- ---------------------------------------------------------------------------------------
Net expenses........... 366,249 31,411,810 4,975,702 458,393
- ---------------------------------------------------------------------------------------
Net investment income.. 950,182 177,935,508 19,227,894 1,228,456
Net realized gains or
losses on securities.. 0 67,357 177,286 1,702
- ---------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............ $ 950,182 $178,002,865 $19,405,180 $1,230,158
- ---------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
40
<PAGE>
EVERGREEN
MONEY MARKET FUNDS
Statements of Operations
Six Months Ended July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Pennsylvania
Municipal Money Treasury Money
Market Market
Fund Fund
- ------------------------------------------------------------------------------
<S> <C> <C>
Investment income............................ $2,297,230 $101,803,345
- ------------------------------------------------------------------------------
Expenses
Advisory fee................................. 282,044 7,366,035
Distribution Plan expenses................... 153,809 4,783,038
Transfer agent fee........................... 7,107 527,187
Administrative services fees................. 17,535 514,695
Trustees' fees and expenses.................. 1,497 42,123
Printing and postage expenses................ 10,141 137,225
Custodian fee................................ 20,009 520,044
Registration and filing fees................. 920 185,420
Professional fees............................ 9,256 13,134
Other........................................ 2,448 37,863
- ------------------------------------------------------------------------------
Total expenses.............................. 504,766 14,126,764
Less: Fee credits........................... (5,414) (96,466)
Fee waivers............................... (102,539) 0
- ------------------------------------------------------------------------------
Net expenses................................ 396,813 14,030,298
- ------------------------------------------------------------------------------
Net investment income........................ 1,900,417 87,773,047
Net realized gains or losses on securities... 240 0
- ------------------------------------------------------------------------------
Net increase in net assets resulting from
operations.................................. $1,900,657 $ 87,773,047
- ------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
41
<PAGE>
EVERGREEN
MONEY MARKET FUNDS
Statements of Changes in Net Assets
Six Months Ended July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
New Jersey
Florida Municipal Municipal Money Municipal Money
Money Market Money Market Market Market
Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income... $ 950,182 $ 177,935,508 $ 19,227,894 $ 1,228,456
Net realized gains on
securities............. 0 67,357 177,286 1,702
- -----------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............ 950,182 178,002,865 19,405,180 1,230,158
- -----------------------------------------------------------------------------------------------
Distributions to
shareholders from
Net investment income
Class A................ (950,160) (136,838,418) (10,467,524) (1,224,521)
Class B................ 0 (1,257,976) 0 0
Class C................ 0 (87,864) 0 0
Class Y................ (22) (39,751,250) (8,760,370) (3,935)
- -----------------------------------------------------------------------------------------------
Total distributions to
shareholders.......... (950,182) (177,935,508) (19,227,894) (1,228,456)
- -----------------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold................... 78,858,141 9,843,815,138 1,345,820,974 191,222,265
Net asset value of
shares issued in
reinvestment
of distributions....... 118,939 27,991,209 5,672,942 517,039
Payment for shares
redeemed............... (84,791,171) (8,076,733,930) (1,171,721,716) (185,179,175)
- -----------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
resulting from capital
share transactions.... (5,814,091) 1,795,072,417 179,772,200 6,560,129
- -----------------------------------------------------------------------------------------------
Total increase
(decrease) in net
assets............... (5,814,091) 1,795,139,774 179,949,486 6,561,831
Net assets
Beginning of period..... 84,343,894 7,024,468,534 1,277,178,065 94,642,680
- -----------------------------------------------------------------------------------------------
End of period........... $ 78,529,803 $ 8,819,608,308 $ 1,457,127,551 $ 101,204,511
- -----------------------------------------------------------------------------------------------
Undistributed
(overdistributed) net
investment income...... $ 0 $ (15,279) $ 127,812 $ 0
- -----------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
42
<PAGE>
EVERGREEN
MONEY MARKET FUNDS
Statements of Changes in Net Assets
Six Months Ended July 31, 1999 (unaudited)
<TABLE>
<CAPTION>
Pennsylvania
Municipal Money Treasury Money
Market Market
Fund Fund
- ------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income....................... $ 1,900,417 $ 87,773,047
Net realized gains on securities............ 240 0
- ------------------------------------------------------------------------------
Net increase in net assets resulting from
operations................................ 1,900,657 87,773,047
- ------------------------------------------------------------------------------
Distributions to shareholders from
Net investment income
Class A.................................... (1,370,188) (65,330,586)
Class Y.................................... (530,229) (22,442,461)
- ------------------------------------------------------------------------------
Total distributions to shareholders........ (1,900,417) (87,773,047)
- ------------------------------------------------------------------------------
Capital share transactions
Proceeds from shares sold................... 163,389,250 4,755,390,257
Net asset value of shares issued in
reinvestment of distributions.............. 448,886 9,399,300
Payment for shares redeemed................. (152,318,923) (5,169,852,215)
- ------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share
transactions.............................. 11,519,213 (405,062,658)
- ------------------------------------------------------------------------------
Total increase (decrease) in net assets... 11,519,453 (405,062,658)
Net assets
Beginning of period......................... 136,192,385 4,411,453,899
- ------------------------------------------------------------------------------
End of period............................... $ 147,711,838 $ 4,006,391,241
- ------------------------------------------------------------------------------
Undistributed net investment income......... $ 24,683 $ 17,371
- ------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
43
<PAGE>
EVERGREEN
MONEY MARKET FUNDS
Statements of Changes in Net Assets
Year Ended January 31, 1999
<TABLE>
<CAPTION>
New Jersey
Florida Municipal Municipal Money Municipal Money
Money Market Money Market Market Market
Fund* Fund Fund Fund*
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income... $ 635,317 $ 256,422,206 $ 39,252,711 $ 628,917
Net realized gains or
losses on securities... (4,419) (232,484) 32,799 0
- -----------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............ 630,898 256,189,722 39,285,510 628,917
- -----------------------------------------------------------------------------------------------
Distributions to
shareholders from
Net investment income
Class A................ (635,317) (189,158,894) (22,711,111) (628,917)
Class B................ 0 (2,528,073) 0 0
Class C................ 0 (213,760) 0 0
Class Y................ 0 (64,536,758) (16,413,788) 0
- -----------------------------------------------------------------------------------------------
Total distributions to
shareholders.......... (635,317) (256,437,485) (39,124,899) (628,917)
- -----------------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold................... 307,920,714 14,122,364,388 2,420,670,670 175,814,913
Net asset value of
shares issued in
reinvestment
of distributions....... 95,823 53,752,566 13,115,737 320,557
Payment for shares
redeemed............... (223,668,224) (11,797,889,375) (2,407,118,878) (81,492,790)
Net asset value of
shares issued in
acquisition of:
CoreFund Cash
Reserve............... 0 872,363,752 0 0
CoreFund Tax-Free
Reserve............... 0 0 140,753,563 0
Virtus Money Market.... 0 227,443,405 0 0
Virtus Tax-Free Money
Market................ 0 0 51,784,668 0
- -----------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
capital share
transactions.......... 84,348,313 3,478,034,736 219,205,760 94,642,680
- -----------------------------------------------------------------------------------------------
Total increase in net
assets............... 84,343,894 3,477,786,973 219,366,371 94,642,680
Net assets
Beginning of period..... 0 3,546,681,561 1,057,811,694 0
- -----------------------------------------------------------------------------------------------
End of period........... $ 84,343,894 $ 7,024,468,534 $ 1,277,178,065 $ 94,642,680
- -----------------------------------------------------------------------------------------------
Undistributed
(overdistributed) net
investment income...... $ 0 $ (15,279) $ 127,812 $ 0
- -----------------------------------------------------------------------------------------------
</TABLE>
* The Fund commenced operations on October 26, 1998.
See Combined Notes to Financial Statements.
44
<PAGE>
EVERGREEN
MONEY MARKET FUNDS
Statements of Changes in Net Assets
Year Ended January 31, 1999
<TABLE>
<CAPTION>
Pennsylvania
Municipal Money Treasury Money
Market Market
Fund Fund
- -------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income........................ $ 2,767,148 $ 185,652,316
Net realized gains on securities............. 34,900 3,528
- -------------------------------------------------------------------------------
Net increase in net assets resulting from
operations................................. 2,802,048 185,655,844
- -------------------------------------------------------------------------------
Distributions to shareholders from
Net investment income
Class A..................................... (1,722,557) (142,282,372)
Class B..................................... 0 0
Class C..................................... 0 0
Class Y..................................... (1,044,591) (43,446,453)
- -------------------------------------------------------------------------------
Total distributions to shareholders......... (2,767,148) (185,728,825)
- -------------------------------------------------------------------------------
Capital share transactions
Proceeds from shares sold.................... 297,694,663 8,468,726,257
Net asset value of shares issued in
reinvestment of distributions............... 792,758 21,787,041
Payment for shares redeemed.................. (232,721,788) (8,198,420,346)
Net asset value of shares issued in
acquisition of:
CoreFund Treasury Reserve................... 0 687,797,346
Virtus Treasury Money Market Fund........... 0 243,731,970
- -------------------------------------------------------------------------------
Net increase in net assets resulting from
capital share transactions................. 65,765,633 1,223,622,268
- -------------------------------------------------------------------------------
Total increase in net assets............... 65,800,533 1,223,549,287
Net assets
Beginning of period.......................... 70,391,852 3,187,904,612
- -------------------------------------------------------------------------------
End of period................................ $ 136,192,385 $ 4,411,453,899
- -------------------------------------------------------------------------------
Undistributed net investment income.......... $ 24,683 $ 17,371
- -------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
45
<PAGE>
Combined Notes to Financial Statements(Unaudited)
1. ORGANIZATION
The Evergreen Money Market Funds consist of Evergreen Florida Municipal Money
Market Fund ("Florida Municipal Money Market Fund"), Evergreen Money Market
Fund ("Money Market Fund"), Evergreen Municipal Money Market Fund ("Municipal
Money Market Fund"), Evergreen New Jersey Municipal Money Market Fund ("New
Jersey Municipal Money Market Fund"), Evergreen Pennsylvania Municipal Money
Market Fund ("Pennsylvania Municipal Money Market Fund") and Evergreen Treasury
Money Market Fund ("Treasury Money Market Fund"), (collectively, the "Funds").
Each Fund, except for the Florida Municipal Money Market Fund and New Jersey
Municipal Money Market Fund, which are non-diversified, is a diversified series
of Evergreen Money Market Trust (the "Trust"), a Delaware business trust orga-
nized on September 18, 1997. The Trust is an open-end management investment
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act").
The Funds offer Class A and Class Y shares. In addition, the Money Market Fund
offers Class B and Class C shares. Class A shares are sold at net asset value
without a front-end sales charge but pay distribution fees. Class B and Class C
shares are sold without a front-end sales charge, but pay a higher ongoing dis-
tribution fee than Class A. Class B shares are sold subject to a contingent de-
ferred sales charge that is payable upon redemption and decreases depending on
how long the shares have been held. Class B shares purchased after January 1,
1997 will automatically convert to Class A shares after seven years. Class B
shares purchased prior to January 1, 1997 retain their existing conversion
rights. Class C shares are sold subject to a contingent deferred sales charge
payable on shares redeemed within one year after the month of purchase. Class Y
shares are sold at net asset value and are not subject to contingent deferred
sales charges or distribution fees. Class Y shares are sold only to investment
advisory clients of First Union Corporation ("First Union") and its affiliates,
certain institutional investors or Class Y shareholders of record of certain
other funds managed by First Union and its affiliates as of December 30, 1994.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently fol-
lowed by the Funds in the preparation of their financial statements. The poli-
cies are in conformity with generally accepted accounting principles, which re-
quire management to make estimates and assumptions that affect amounts reported
herein. Actual results could differ from these estimates.
A. Valuation of Securities
As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein,
securities are valued utilizing the amortized cost method. The amortized cost
of an instrument is determined by valuing it at cost originally and thereafter
assuming a constant accretion of any discount or amortization of any premium
from its face value at a constant rate until maturity.
B. Repurchase Agreements
Each Fund may invest in repurchase agreements. Securities pledged as collateral
for repurchase agreements are held in a segregated account by the custodian on
the Fund's behalf. Collateral for certain tri-party repurchase agreements is
held at the counterparty's custodian in a segregated account for the benefit of
the Fund and the counterparty. Each Fund monitors the adequacy of the collat-
eral daily and will require the seller to provide additional collateral in the
event the market value of the securities pledged falls below the carrying value
of the repurchase agreement, including accrued interest. Each Fund will only
enter into repurchase agreements with banks and other financial institutions,
which are deemed by the investment advisor to be creditworthy pursuant to
guidelines established by the Board of Trustees.
C. Securities Lending
In order to generate income and to offset expenses, the Funds may lend portfo-
lio securities to brokers, dealers and other financial organizations. The
Funds' investment advisers will monitor the creditworthiness of such borrowers.
Loans of securities may not exceed 30% of a Fund's total assets and will be
collateralized by cash, letters of credit or U.S. Government securities that
are maintained at all times in an amount equal to at least
46
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
100% of the current market value of the loaned securities, including accrued
interest. The Fund monitors the adequacy of the collateral daily and will re-
quire the borrower to provide additional collateral in the event the value of
the collateral falls below 100% of the market value of the securities on loan.
While such securities are on loan, the borrower will pay a Fund any income ac-
cruing thereon, and the Fund may invest any cash collateral received in portfo-
lio securities, thereby increasing its return. A Fund will have the right to
call any such loan and obtain the securities loaned at any time on five days'
notice. Any gain or loss in the market price of the loaned securities, which
occurs during the term of the loan, would affect a Fund and its investors. A
Fund may pay fees in connection with such loans.
D. Security Transactions and Investment Income
Securities transactions are accounted for no later than one business day after
the trade date. Realized gains and losses are computed on the identified cost
basis. Interest income is recorded on the accrual basis and includes accretion
of discounts and amortization of premiums.
E. Federal Taxes
The Funds have qualified and intend to continue to qualify as regulated invest-
ment companies under the Internal Revenue Code of 1986, as amended (the
"Code"). Thus, the Funds will not incur any federal income tax liability since
they are expected to distribute all of their net investment company taxable in-
come, net tax-exempt income and net capital gains, if any, to their sharehold-
ers. The Funds also intend to avoid any excise tax liability by making the re-
quired distributions under the Code. Accordingly, no provision for federal
taxes is required. To the extent that realized capital gains can be offset by
capital loss carryforwards, it is each Fund's policy not to distribute such
gains.
F. Distributions
Distributions from net investment income for the Funds are declared daily and
paid monthly. Distributions from net realized capital gains, if any, are paid
at least annually. Distributions to shareholders are recorded at the close of
business on the ex-dividend date.
Income and capital gains distributions to shareholders are determined in accor-
dance with income tax regulations, which may differ from generally accepted ac-
counting principles. To the extent these difference are permanent in nature,
such amounts are reclassified within the components of net assets.
G. Class Allocations
Income, expenses (other than class specific expenses) and realized and
unrealized gains and losses are prorated among the classes based on the rela-
tive net assets of each class. Currently, class specific expenses are limited
to expenses incurred under the Distribution Plans for each class.
3. INVESTMENT ADVISORY AGREEMENT AND OTHER AFFILIATED TRANSACTIONS
First Union National Bank ("FUNB"), a wholly-owned subsidiary of First Union,
serves as the investment advisor to the Pennsylvania Municipal Money Market
Fund and Treasury Money Market Fund and is paid a management fee that is com-
puted daily and paid monthly. For the Pennsylvania Municipal Money Market Fund,
the management fee is calculated by applying percentage rates, starting at
0.40% and declining to 0.28% per annum as net assets increase, to the Fund's
average daily net assets. FUNB is entitled to an annual fee of 0.35% of the
Treasury Money Market Fund's average daily net assets.
Evergreen Asset Management Corp. ("EAMC"), a wholly-owned subsidiary of First
Union, serves as the investment advisor to the Florida Municipal Money Market
Fund, Money Market Fund, Municipal Money Market Fund and New Jersey Municipal
Money Market Fund and is paid a management fee that is computed by applying
percentage rates, starting at 0.50% and declining to 0.45% per annum as net as-
sets increase, to the Fund's average daily net assets.
Evergreen Investment Services ("EIS"), a subsidiary of First Union, serves as
the administrator and The BISYS Group, Inc. ("BISYS") serves as the sub-admin-
istrator to the Funds. As administrator, EIS provides the Funds
47
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
with facilities, equipment and personnel. As sub-administrator to the Funds,
BISYS provides the officers of the Funds. Officers of the Funds and affiliated
Trustees receive no compensation directly from the Funds.
The administrator and sub-administrator for the Florida Municipal Money Market
Fund, New Jersey Municipal Money Market Fund, Pennsylvania Municipal Money Mar-
ket Fund and Treasury Money Market Fund are entitled to an annual fee based on
the average daily net assets of the funds administered by EIS for which First
Union or its investment advisory subsidiaries are also the investment advisors.
The administration fee is calculated by applying percentage rates, which start
at 0.05% and decline to 0.01% per annum as net assets increase, to the average
daily net asset value of the Fund. The sub-administration fee is calculated by
applying percentage rates, which start at 0.01% and decline to 0.004% per annum
as net assets increase, to the average daily net asset value of the Fund.
During the six months ended July 31, 1999, the Funds paid or accrued to EIS the
following amounts for administrative and sub-administrative services:
<TABLE>
<CAPTION>
Administration Sub-administration
Fee Fee
----------------------------------
<S> <C> <C>
Florida Municipal Money Market
Fund............................. $ 7,872 $ 2,046
New Jersey Municipal Money Market
Fund............................. 10,407 2,706
Pennsylvania Municipal Money
Market Fund...................... 13,913 3,622
Treasury Money Market Fund........ 406,568 108,127
</TABLE>
For the Money Market Fund and Municipal Money Market Fund, the administration
and sub-administration fee is paid by the investment advisor and is not a fund
expense.
Evergreen Service Company ("ESC"), an indirectly, wholly owned subsidiary of
First Union, serves as the transfer and dividend disbursing agent for the
Funds.
4. DISTRIBUTION PLANS
Evergreen Distributor, Inc. ("EDI"), a wholly owned subsidiary of BISYS, serves
as principal underwriter to the Funds.
Each Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940
Act, for each class of shares, except Class Y. Distribution plans permit a Fund
to compensate its principal underwriter for costs related to selling shares of
the Fund and for various other services. These costs, which consist primarily
of commissions and service fees to broker-dealers who sell shares of the Fund,
are paid by the Fund through "Distribution Plan expenses". Under the Distribu-
tion Plans, Class A shares pay distribution fees equal to 0.30% of average net
assets of the class, all of which is used to by for shareholder services fees.
Class B and Class C shares pay distribution fees equal to 1.00% of the average
net assets of the class, of which 0.25% is used to pay for shareholder services
fees and 0.75% is to pay for distribution related expenses. Distribution Plan
expenses are calculated daily and paid at least quarterly.
During the six months ended July 31, 1999, amounts paid or accrued to EDI pur-
suant to each Fund's Distribution Plan, distribution fees waived and distribu-
tion fees waived as a percentage of each Fund's average net assets were as fol-
lows:
<TABLE>
<CAPTION>
Distribution
Distribution fees accrued fees waived % of
--------------------------- ------------ Average
Class A Class B Class C Class A Net Assets
---------------------------------------------------
<S> <C> <C> <C> <C> <C>
Florida Municipal Money
Market Fund............ $ 119,434 -- -- -- --
Money Market Fund....... 9,495,071 $348,172 $24,292 -- --
Municipal Money Market
Fund................... 1,166,950 -- -- -- --
New Jersey Municipal
Money Market Fund...... 157,691 -- -- -- --
Pennsylvania Municipal
Money Market Fund...... 153,809 -- -- $102,539 0.20%
Treasury Money Market
Fund................... 4,783,038 -- -- -- --
</TABLE>
With respect to Class B, Class C shares, the principal underwriter may pay dis-
tribution fees greater than the allowable annual amounts the Money Market Fund
is permitted to pay under the Distribution Plans.
48
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
Each of the Distribution Plans may be terminated at any time by vote of the In-
dependent Trustees or by vote of a majority of the outstanding voting shares of
the respective class.
5. ACQUISITIONS
Effective July 27, 1998, the Funds noted below acquired substantially all the
assets and assumed the liabilities of the following management investment com-
panies through tax-free exchanges. The net assets acquired, valued at $1 per
share, and class of shares exchanged are as follows:
<TABLE>
<CAPTION>
Class of Value of
Shares Net Assets
Acquired Fund Acquiring Fund Exchanged Acquired
-----------------------------------------------------------------------------------
<S> <C> <C> <C>
CoreFund Cash Reserve... Money Market Fund Class A, B and Y $872,363,752
CoreFund Tax-Free
Reserve................ Municipal Money Market Fund Class A and Y 140,753,563
CoreFund Treasury
Reserve................ Treasury Money Market Fund Class A, B and Y 687,797,346
</TABLE>
Immediately after the acquisitions, on July 27, 1998, the aggregate net assets
of the Money Market, Municipal Money Market and Treasury Money Market Funds
were $5,486,371,538, $1,362,080,503 and $4,203,181,670, respectively.
Effective March 2, 1998, the Funds noted below acquired substantially all the
assets and assumed the liabilities of the following management investment com-
panies through tax-free exchanges. The net assets acquired, valued at $1 per
share, and class of shares exchanged are as follows:
<TABLE>
<CAPTION>
Class of Value of
Shares Net Assets
Acquired Fund Acquiring Fund Exchanged Acquired
--------------------------------------------------------------------------------
<S> <C> <C> <C>
Virtus Money Market
Fund................... Money Market Fund Class A and Y $227,443,405
Virtus Tax-Free Money
Market Fund............ Municipal Money Market Fund Class Y 51,784,668
Virtus Treasury Money
Market Fund............ Treasury Money Market Fund Class A and Y 243,731,970
</TABLE>
Immediately after the acquisitions, on March 2, 1998, the aggregate net assets
of the Money Market, Municipal Money Market and Treasury Money Market Funds
were $3,972,178,894, $1,236,483,220 and $3,473,282,398, respectively.
6. CONVERSION INFORMATION
On October 26, 1998, the Florida Municipal Money Market Fund and New Jersey Mu-
nicipal Money Market Fund commenced operations of their respective Class A
shares as a result of a conversion of mutual fund assets from the Florida Daily
Municipal Income Fund and the New Jersey Daily Municipal Income Fund, Inc.,
managed by Reich and Tang Asset Management L.P. The shares issued, valued at $1
per share, by the Florida Municipal Money Market Fund and New Jersey Municipal
Money Market Fund were 55,114,253 and 85,251,946, respectively.
49
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
7. CAPITAL SHARE TRANSACTIONS
The Funds have an unlimited number of shares of beneficial interest with $0.001
par value authorized. Shares of beneficial interest of the Funds are currently
divided into Class A, and Class Y. In addition, the Money Market Fund offers
Class B and Class C shares. Transactions in shares (valued at $1.00 per share)
of the Funds were as follows:
Florida Municipal Money Market Fund
<TABLE>
<CAPTION>
October 26, 1998
Six Months (Commencement of
Ended Class Operations) to
July 31, 1999 January 31, 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold................................ 78,856,883 307,733,440
Shares issued in reinvestment of
distributions............................. 118,752 95,707
Shares redeemed............................ (84,789,790) (223,481,785)
- ------------------------------------------------------------------------------
Net increase (decrease).................... (5,814,155) 84,347,362
- ------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
December 29, 1998
Six Months (Commencement of
Ended Class Operations) to
July 31, 1999 January 31, 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class Y
Shares sold................................ 1,257 187,274
Shares issued in reinvestment of
distributions............................. 187 116
Shares redeemed............................ (1,381) (186,439)
- ------------------------------------------------------------------------------
Net increase............................... 63 951
- ------------------------------------------------------------------------------
</TABLE>
Money Market Fund
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
July 31, 1999 January 31, 1999
- --------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold.................................. 6,455,647,349 8,522,391,097
Shares issued in reinvestment of
distributions............................... 19,238,285 35,684,888
Shares redeemed.............................. (4,573,043,894) (6,383,437,537)
Shares issued in acquisition of:
CoreFund Cash Reserve........................ 0 78,077,775
Virtus Money Market Fund..................... 0 47,782,010
- --------------------------------------------------------------------------------
Net increase................................. 1,901,841,740 2,300,498,233
- --------------------------------------------------------------------------------
Class B
Shares sold.................................. 152,375,221 341,997,341
Shares issued in reinvestment of
distributions............................... 1,092,525 2,133,306
Shares redeemed.............................. (151,514,964) (304,057,087)
Shares issued in acquisition of CoreFund Cash
Reserve..................................... 0 91,326
- --------------------------------------------------------------------------------
Net increase................................. 1,952,782 40,164,886
- --------------------------------------------------------------------------------
Class C
Shares sold.................................. 32,118,566 50,447,069
Shares issued in reinvestment of
distributions............................... 72,450 178,681
Shares redeemed.............................. (31,444,036) (47,867,432)
- --------------------------------------------------------------------------------
Net increase................................. 746,980 2,758,318
- --------------------------------------------------------------------------------
Class Y
Shares sold.................................. 3,203,674,002 5,207,533,736
Shares issued in reinvestment of
distributions............................... 7,587,452 15,753,558
Shares redeemed.............................. (3,320,731,036) (5,062,527,319)
Shares issued in acquisition of:
CoreFund Cash Reserve........................ 0 794,989,126
Virtus Money Market Fund..................... 0 179,784,370
- --------------------------------------------------------------------------------
Net increase (decrease)...................... (109,469,582) 1,135,533,471
- --------------------------------------------------------------------------------
</TABLE>
50
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
Municipal Money Market Fund
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
July 31, 1999 January 31, 1999
- ---------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold.................................... 709,712,904 1,107,305,683
Shares issued in reinvestment of
distributions................................. 1,369,417 3,178,193
Shares redeemed................................ (639,512,981) (1,062,820,865)
Shares issued in acquisition of CoreFund Tax
Free Reserve.................................. 0 17,909,419
- ---------------------------------------------------------------------------------
Net increase................................... 71,569,340 65,572,430
- ---------------------------------------------------------------------------------
Class Y
Shares sold.................................... 636,108,069 1,313,364,987
Shares issued in reinvestment of
distributions................................. 4,303,525 9,937,544
Shares redeemed................................ (532,208,735) (1,344,298,013)
Shares issued in acquisition of:
CoreFund Tax Free Reserve...................... 0 122,945,815
Virtus Tax Free Money Market Fund.............. 0 51,790,982
- ---------------------------------------------------------------------------------
Net increase (decrease)........................ 108,202,859 153,741,315
- ---------------------------------------------------------------------------------
</TABLE>
New Jersey Municipal Money Market Fund
<TABLE>
<CAPTION>
October 26, 1998
Six Months (Commencement of
Ended Class Operations) to
July 31, 1999 January 31, 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold............................... 190,564,840 175,814,913
Shares issued in reinvestment of
distributions............................ 516,714 320,557
Shares redeemed........................... (185,139,078) (81,492,790)
- ------------------------------------------------------------------------------
Net increase.............................. 5,942,476 94,642,680
- ------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
April 3, 1999
(Commencement of
Class Operations) to
July 31, 1999
- --------------------------------------------------------------------------------
<S> <C>
Class Y
Shares sold................................................ 657,425
Shares issued in reinvestment of distributions............. 325
Shares redeemed............................................ (40,097)
- --------------------------------------------------------------------------------
Net increase............................................... 617,653
- --------------------------------------------------------------------------------
</TABLE>
Pennsylvania Municipal Money Market Fund
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
July 31, 1999 January 31, 1999
- -------------------------------------------------------
<S> <C> <C>
Class A
Shares sold............. 108,070,286 174,383,607
Shares issued in
reinvestment of
distributions.......... 267,061 314,370
Shares redeemed......... (92,156,773) (115,840,210)
- -------------------------------------------------------
Net increase............ 16,180,574 58,857,767
- -------------------------------------------------------
Class Y
Shares sold............. 55,318,965 123,311,056
Shares issued in
reinvestment of
distributions.......... 181,825 478,388
Shares redeemed......... (60,162,150) (116,881,578)
- -------------------------------------------------------
Net increase
(decrease)............. (4,661,360) 6,907,866
- -------------------------------------------------------
</TABLE>
51
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
Treasury Money Market Fund
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
July 31, 1999 January 31, 1999
- --------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold.................................. 2,789,770,947 5,568,902,718
Shares issued in reinvestment of
distributions............................... 6,960,930 17,129,027
Shares redeemed.............................. (3,098,827,804) (4,944,183,470)
Shares issued in acquisition of:
CoreFund Treasury Reserve.................... 0 22,113,282
Virtus Treasury Money Market Fund............ 0 85,936,814
- --------------------------------------------------------------------------------
Net increase (decrease)...................... (302,095,927) 749,898,371
- --------------------------------------------------------------------------------
Class Y
Shares sold.................................. 1,965,619,310 2,899,822,767
Shares issued in reinvestment of
distributions............................... 2,438,370 4,658,014
Shares redeemed.............................. (2,071,024,411) (3,254,236,309)
Shares issued in acquisition of:
CoreFund Treasury Reserve.................... 0 665,722,969
Virtus Treasury Money Market Fund............ 0 157,990,525
- --------------------------------------------------------------------------------
Net increase (decrease)...................... (102,966,731) 473,957,966
- --------------------------------------------------------------------------------
</TABLE>
8. SECURITIES TRANSACTIONS
The Treasury Money Market Fund loaned securities during the six months ended
July 31, 1999 to certain brokers who paid the Fund a negotiated lenders' fee.
These fees are included in interest income. At July 31, 1999, the value of se-
curities on loan and the value of collateral amounted to $175,176,114 and
$179,525,412, respectively. During the six months ended July 31, 1999, the
Treasury Money Market Fund earned $203,324 in income from securities lending.
As of January 31, 1999, the Funds had capital loss carryovers for federal in-
come tax purposes as follows:
<TABLE>
<CAPTION>
Expiration
-----------------------------------------------------------
Total 2001 2002 2003 2004 2005 2006 2007
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Florida Municipal Money
Market Fund............ $ 4,419 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 4,419
Money Market Fund....... 1,370,949 164,944 65,551 525,788 0 32,810 381,247 200,609
Municipal Money Market
Fund................... 196,828 114,938 0 16,113 64,670 9 1,098 0
</TABLE>
9. EXPENSE OFFSET ARRANGEMENTS
The Funds have entered into expense offset arrangements with ESC and their cus-
todian whereby credits realized as a result of uninvested cash balances were
used to reduce a portion of each Fund's related expenses. The assets deposited
with ESC and the custodian under these expense offset arrangements could have
been invested in income-producing assets. The amount of fee credits received by
each Fund and the impact on each Fund's expense ratio represented as a percent-
age of its average net assets were as follows:
<TABLE>
<CAPTION>
Total
Fee Credits % of Average
Received Net Assets
-----------------------
<S> <C> <C>
Florida Municipal Money Market Fund.... $ 4,889 0.01%
Money Market Fund...................... 192,245 0.00%
Municipal Money Market Fund............ 51,332 0.01%
New Jersey Municipal Money Market
Fund.................................. 4,138 0.01%
Pennsylvania Municipal Money Market
Fund.................................. 5,414 0.01%
Treasury Money Market Fund............. 96,466 0.00%
</TABLE>
52
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
10. DEFERRED TRUSTEES' FEES
Each Independent Trustee of each Fund may defer any or all compensation related
to performance of their duties as Trustees. The Trustees' deferred balances are
allocated to deferral accounts, which are included in the accrued expenses for
the Fund. The investment performance of the deferral accounts are based on the
investment performance of certain Evergreen Funds. Any gains earned or losses
incurred in the deferral accounts are reported in the Fund's Trustees' fees and
expenses. Trustees will be paid either in one lump sum or in quarterly install-
ments for up to ten years at their election, not earlier than either the year
in which the Trustee ceases to be a member of the Board of Trustees or January
1, 2000.
11. FINANCING AGREEMENTS
Certain Evergreen Funds and State Street Bank and Trust Company ("State
Street") and a group of banks (collectively, the "Banks") entered into a fi-
nancing agreement dated December 22, 1997, as amended on November 20, 1998. Un-
der this agreement, the Banks provided an unsecured credit facility in the ag-
gregate amount of $400 million ($275 million committed and $125 million uncom-
mitted). The credit facility was allocated, under the terms of the financing
agreement, among the Banks. The credit facility was accessed by the Funds for
temporary or emergency purposes only and was subject to each Fund's borrowing
restrictions. Borrowings under this facility bear interest at 0.50% per annum
above the Federal Funds rate. A commitment fee of 0.065% per annum was incurred
on the unused portion of the committed facility, which was allocated to all
funds. For its assistance in arranging this financing agreement, the Capital
Market Group of First Union was paid a one-time arrangement fee of $27,500.
State Street serves as administrative agent for the Banks, and as administra-
tive agent was entitled to a fee of $20,000 per annum which was allocated to
all of the funds.
This agreement was amended and renewed on December 22, 1998. The amended fi-
nancing agreement became effective on December 22, 1998 among all of the Ever-
green Funds, State Street and The Bank of New York ("BONY"). Under this agree-
ment, State Street and BONY provided an unsecured credit facility in the aggre-
gate amount of $150 million ($125 million committed and $25 million uncommit-
ted). The remaining terms and conditions of the agreement were unaffected. This
agreement was terminated on July 27, 1999.
On July 27, 1999, all of the Evergreen Funds and a group of banks (the "Lend-
ers") entered into credit agreement. Under this agreement, the Lenders provide
an unsecured revolving credit commitment in the aggregate amount of $1.050 bil-
lion. The credit facility is allocated, under the terms of the financing agree-
ment, among the Lenders. The credit facility is accessed by the Funds for tem-
porary or emergency purposes to fund the redemption of their shares or as gen-
eral working capital as permitted by each Fund's borrowing restrictions.
Borrowings under this facility bear interest at 0.75% per annum above the Fed-
eral Funds rate (1.50% per annum above the Federal Funds rate during the period
from and including December 1, 1999 through and including January 31, 2000). A
commitment fee of 0.10% per annum is incurred on the average daily unused por-
tion of the revolving credit commitment. The commitment fee is allocated to all
funds. For its assistance in arranging this financing agreement, First Union
Capital Markets Corp. was paid a one-time arrangement fee of $250,000. State
Street serves as paying agent for the funds, and as paying agent is entitled to
a fee of $20,000 per annum which is allocated to all of the funds.
During the six months ended July 31, 1999, the Funds had no borrowings under
these agreements.
12. CONCENTRATION OF CREDIT RISK
The Florida Municipal Money Market Fund, New Jersey Municipal Money Market Fund
and the Pennsylvania Municipal Money Market Fund invests a substantial portion
of its assets in issuers of municipal debt securities located in a single
state, therefore, it may be more affected by economic and political develop-
ments in that state or region than would be a comparable general tax-exempt mu-
tual fund.
53
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
13. YEAR 2000
Like other investment companies, the Funds could be adversely affected if the
computer systems used by the Funds' investment advisors and the Funds' other
service providers are not able to perform their intended functions effectively
after 1999 because of the inability of computer software to distinguish the
year 2000 from the year 1900. The Funds' investment advisors are taking steps
to address this potential year 2000 problem with respect to the computer sys-
tems that they use and to obtain satisfactory assurances that comparable steps
are being taken by the Funds' other major service providers. At this time, how-
ever, there can be no assurance that these steps will be sufficient to avoid
any adverse impact on the Funds from this problem.
54
<PAGE>
Evergreen Funds
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Treasury Money Market Fund
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New Jersey Municipal Money Market Fund
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Municipal Bond Fund
Connecticut Municipal Bond Fund
Florida Municipal Bond Fund
Florida High Income Municipal Bond Fund
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Maryland Municipal Bond Fund
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North Carolina Municipal Bond Fund
Pennsylvania Municipal Bond Fund
South Carolina Municipal Bond Fund
Virginia Municipal Bond Fund
Income
Capital Preservation and Income Fund
Short Intermediate Bond Fund
Intermediate Term Bond Fund
U.S. Government Fund
Diversified Bond Fund
Strategic Income Fund
High Yield Bond Fund
Balanced
Balanced Fund
Tax Strategic Foundation Fund
Foundation Fund
Growth & Income
Utility Fund
Income and Growth Fund
Equity Income Fund
Value Fund
Select Equity Index Fund
Blue Chip Fund
Growth and Income Fund
Small Cap Value Fund
Domestic Growth
Tax Strategic Equity Fund
Strategic Growth Fund
Stock Selector Fund
Evergreen Fund
Masters Fund
Omega Fund
Small Company Growth Fund
Aggressive Growth Fund
Global International
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International Growth Fund
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Precious Metals Fund
Emerging Markets Growth Fund
Latin America Fund
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