<PAGE>
Annual Report
as of January 31, 1999
Evergreen
Money Market Funds
[LOGO OF EVERGREEN FUNDS/SM/ APPEARS HERE]
<PAGE>
- --------------------------------------------------------------------------------
Table of Contents
- --------------------------------------------------------------------------------
Letter to Shareholders .................................................... 1
For Your Information ...................................................... 2
Evergreen Florida Municipal Money Market Fund
Fund at a Glance ........................................................ 3
Evergreen Money Market Fund
Fund at a Glance ........................................................ 4
Evergreen Municipal Money Market Fund
Fund at a Glance ........................................................ 5
Evergreen New Jersey Municipal Money Market Fund
Fund at a Glance ........................................................ 6
Evergreen Pennsylvania Municipal Money Market Fund
Fund at a Glance ........................................................ 7
Evergreen Treasury Money Market Fund
Fund at a Glance ........................................................ 8
Financial Highlights
Evergreen Florida Municipal Money Market Fund ............................. 9
Evergreen Money Market Fund ............................................... 10
Evergreen Municipal Money Market Fund ..................................... 12
Evergreen New Jersey Municipal Money Market Fund .......................... 13
Evergreen Pennsylvania Municipal Money Market Fund ........................ 14
Evergreen Treasury Money Market Fund ...................................... 15
Schedule of Investments
Evergreen Florida Municipal Money Market Fund ............................. 16
Evergreen Money Market Fund ............................................... 18
Evergreen Municipal Money Market Fund ..................................... 21
Evergreen New Jersey Municipal Money Market Fund .......................... 30
Evergreen Pennsylvania Municipal Money Market Fund ........................ 32
Evergreen Treasury Money Market Fund ...................................... 35
Statements of Assets and Liabilities ...................................... 37
Statements of Operations .................................................. 39
Statements of Changes in Net Assets ....................................... 41
Combined Notes to Financial Statements .................................... 45
Independent Auditors' Report .............................................. 54
Report of Independent Accountants ......................................... 55
Additional Information .................................................... 56
- --------------------------------------------------------------------------------
Evergreen Funds
- --------------------------------------------------------------------------------
Evergreen Funds is one of the nation's fastest growing investment companies with
over $50 billion in assets under management.
With over 70 mutual funds to choose among and acclaimed service and operations
capabilities, investors enjoy a broader 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 annual 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
----------------------
March 1999
[PHOTO OF WILLIAM M. ENNIS APPEARS HERE]
William M. Ennis Managing Director
Dear Shareholders:
We are pleased to provide you the Evergreen Money Market Funds annual report
covering the fiscal year ended January 31, 1999.
As we move ahead into 1999, we feel very positive about the overall economy. For
nearly the past seven years, it has sustained a low inflation level along with
low unemployment and solid economic growth. While we acknowledge the increased
volatility we saw emerge in mid-1998 will certainly be present in 1999, we are
still optimistic about the economy. We strongly recommend having a financial
representative who can help you manage your investments and ensure they match
your long-term goals.
Evergreen Web site Enhancements
We've expanded and redesigned our Web site to provide you with quick and easy
access to the information that matters most to you. Come visit us at
www.evergreen-funds.com and experience for yourself the many enhancements and
user-friendly features we've added. You can learn more about Evergreen's history
and investment philosophy, access expanded fund profiles and performance
data--including daily net asset values (NAVs)--or visit the Investor Education
section to gain new insights and knowledge to help you make more informed
investment decisions.
Introduction of the Euro
On January 1, 1999, eleven European countries adopted the euro as their
currency. Currently, the wholesale markets and government and financial sectors
have converted to the euro, and new securities will be issued in euro
denomination only. Full conversion to the new currency will not be completed
until 2002.
At this point it is still unclear how the euro conversion will affect foreign
exchange rates, interest rates and the value of European securities, but we
believe the potential benefits to globally oriented investors are significant.
They include changes in currency risk, increased competition, and a central
bank. Foreign exchange risk may decrease for the countries participating in the
European Union; however, currency risk associated with rises and declines of the
value of the euro versus the dollar will still exist. Most noticeable for
investors will be the ability to compare the value of companies across the
European Union member countries without having to factor in the effect of
fluctuating currencies. Increased competition resulting from deregulation and
economic unification may produce a wave of merger and acquisition activity,
which could present attractive investment opportunities for those able to
identify the companies most inclined to benefit from restructuring. Finally, the
European Central Bank, comparable to the U.S. Federal Reserve, will provide
European Union countries with a unified monetary policy for the first time.
As always, if you have any questions about the funds in this report or any other
Evergreen Funds, please contact your financial representative or call us at
800-343-2898, and we will be happy to assist you. Thank you for your continued
investment with Evergreen Funds.
Sincerely,
/s/William M. Ennis
William M. Ennis
Managing Director
Evergreen Funds
1
<PAGE>
For Your Information
--------------------
Good News!
Effective for the 1998 Tax Year, long-term capital gains taxes are reduced to
20%.
Year 2000/1/
We have been addressing the Year 2000 issue since February 1996, and have
adopted an industry best practices methodology for the project. Our team is on
schedule to complete the following milestones: Inventory and Assessment,
Remediation, Testing and Contingency. Although Evergreen Funds is striving to
identify and correct every issue under our control related to the Year 2000, it
would be impossible to guarantee a problem-free transition into the next
millennium. Our goal, however, is that our shareholders experience virtually no
impact on the products and services we deliver.
Visit us at
www.evergreen-funds.com
You may have noticed our recent reconstruction on our web site. We have
redesigned the site to make it easier to use, as well as added more fund
information. We invite you to check it out and we welcome any feedback.
New Evergreen Funds
Evergreen introduces three new funds:
.. Evergreen Tax Strategic Equity Fund: seeks to maximize the after-tax total
return on its portfolio of investments by using a combination of stock
selection strategies and trading techniques.
.. Evergreen Select Equity Index Fund: seeks investment results that achieve
price and yield performance similar to the S&P 500 Index.
.. Evergreen Masters Fund: blends growth and value, large- and mid-cap stocks
into one convenient portfolio. Diversification is taken one step further by
employing four management teams, Evergreen, MFS, Oppenheimer and Putnam.
Talk to your financial representative or call us at 800.343.2898 for a
prospectus and more information.
/1/ The information above constitutes Year 2000 readiness disclosure.
2
<PAGE>
EVERGREEN
Florida Municipal Money Market Fund
Fund at a Glance as of January 31, 1999
- ---------------------
PORTFOLIO COMPOSITION
- ---------------------
(based on 1/31/99 portfolio assets)
[PIE CHART APPEARS HERE]
Variable Rate Demand Notes -- 97.5%
Put Bonds -- 1.8%
Bonds -- 0.7%
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
.................................................................................
Average Annual Returns
.................................................................................
Since Inception 0.69% 0.72%
.................................................................................
7-day annualized yield 2.16% 2.53%
.................................................................................
30-day annualized yield 2.49% 2.81%
.................................................................................
Distributions per share since inception $0.007 $0.003
.................................................................................
- ----------------------
ANNUALIZED 7-DAY YIELD
- ----------------------
[LINE GRAPH APPEARS HERE]
Class A
Nov-98 2.62%
Dec-98 2.72%
Jan-99 2.18%
Total Net Assets: $84,343,894
Average Maturity: 8 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. The advisor is waiving a portion of its advisory
fee. Had the fee not been waived, 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
Money Market Fund
Fund at a Glance as of January 31, 1999
- ---------------------
PORTFOLIO COMPOSITION
- ---------------------
(based on 1/31/99 portfolio assets)
[PIE CHART APPEARS HERE]
Commercial Paper -- 54.3%
Corp. Notes/Bonds -- 32.8%
Funding Agreements -- 5.2%
Variable Rate Demand Notes -- 3.7%
Certificate of Deposit -- 3.0%
Taxable Municipal Bonds -- 0.7%
Mutual Fund Shares -- 0.2%
Bankers' Acceptance -- 0.1%
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
.................................................................................
Average Annual Returns*
.................................................................................
1 year with sales charge n/a -0.82% 3.18% n/a
.................................................................................
1 year w/o sales charge 4.90% 4.18% 4.18% 5.21%
.................................................................................
3 years 4.93% 3.27% 4.72% 5.25%
.................................................................................
5 years 4.85% 3.92% 4.80% 5.11%
.................................................................................
10 years 5.47% 5.17% 5.44% 5.60%
.................................................................................
Since Inception 5.72% 5.45% 5.69% 5.83%
.................................................................................
Maximum Sales Charge n/a 5.00% 1.00% n/a
CDSC CDSC
.................................................................................
7-day annualized yield 4.38% 3.68% 3.68% 4.68%
.................................................................................
30-day annualized yield 4.51% 3.81% 3.81% 4.81%
.................................................................................
12-month distributions per share $0.048 $0.041 $0.041 $0.051
.................................................................................
* Adjusted for maximum sales charge unless noted.
- ----------------------
ANNUALIZED 7-DAY YIELD
- ----------------------
[LINE GRAPH APPEARS HERE]
Class A Class B Class C Class Y
Feb-98 4.93% 4.23% 4.23% 5.23%
Mar-98 4.81% 4.21% 4.21% 5.21%
Apr-98 4.88% 4.18% 4.18% 5.18%
May-98 4.89% 4.19% 4.19% 5.19%
Jun-98 4.90% 4.20% 4.20% 5.20%
Jul-98 4.89% 4.19% 4.19% 5.19%
Aug-98 4.85% 4.16% 4.15% 5.15%
Sep-98 4.83% 4.13% 4.14% 5.13%
Oct-98 4.68% 3.98% 3.97% 4.98%
Nov-98 4.65% 3.95% 3.98% 4.94%
Dec-98 4.67% 3.98% 3.98% 4.98%
Jan-99 4.38% 3.68% 3.68% 4.68%
Total Net Assets: $7,024,468,534
Average Maturity: 68 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.
These historical returns for Classes A, B, and C have not been adjusted to
reflect the effect of each class' 12b-1 fees. 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.
4
<PAGE>
EVERGREEN
Municipal Money Market Fund
Fund at a Glance as of January 31, 1999
- ---------------------
PORTFOLIO COMPOSITION
- ---------------------
(based on 1/31/99 portfolio assets)
[PIE CHART APPEARS HERE]
Variable Rate Demand Notes -- 89.4%
Put Bonds -- 8.9%
Mutual Fund Shares -- 0.9%
Anticipation Notes -- 0.7%
Bonds -- 0.1%
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
.................................................................................
Average Annual Returns
.................................................................................
1 year 3.07% 3.38%
.................................................................................
3 years 3.11% 3.42%
.................................................................................
5 years 3.13% 3.37%
.................................................................................
10 years 3.85% 3.97%
.................................................................................
Since Inception 3.91% 4.03%
.................................................................................
7-day annualized yield 2.50% 2.80%
.................................................................................
30-day annualized yield 2.78% 3.08%
.................................................................................
12-month distributions per share $0.030 $0.033
.................................................................................
- ----------------------
ANNUALIZED 7-DAY YIELD
- ----------------------
[LINE GRAPH APPEARS HERE]
Class A Class Y
Feb-98 3.04% 3.34%
Mar-98 3.19% 3.48%
Apr-98 3.73% 4.04%
May-98 3.34% 3.64%
Jun-98 3.16% 3.46%
Jul-98 3.08% 3.36%
Aug-98 2.88% 3.18%
Sep-98 3.51% 3.81%
Oct-98 2.84% 3.15%
Nov-98 2.90% 3.20%
Dec-98 3.40% 3.70%
Jan-99 2.50% 2.80%
Total Net Assets: $1,277,178,065
Average Maturity: 10 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.
5
<PAGE>
EVERGREEN
New Jersey Municipal Money Market Fund
Fund at a Glance as of January 31, 1999
- ---------------------
PORTFOLIO COMPOSITION
- ---------------------
(based on 1/31/99 portfolio assets)
[PIE CHART APPEARS HERE]
Variable Rate Demand Notes -- 98.4%
Mutual Fund Shares -- 1.6%
Portfolio
Management
- ----------
[PHOTO OF STEVEN C. SHACHAT APPEARS HERE]
Steven C. Shachat
Tenure: October 1998
- --------------------------
PERFORMANCE AND RETURNS/1/
- --------------------------
Class A
Inception Date 10/26/98
.................................................................................
Total Return since inception 0.66%
.................................................................................
7-day annualized yield 2.04%
.................................................................................
30-day annualized yield 2.37%
.................................................................................
Distributions per share since inception $0.007
.................................................................................
- ----------------------
ANNUALIZED 7-DAY YIELD
- ----------------------
[LINE GRAPH APPEARS HERE]
Class A Shares
Nov-98 2.46%
Dec-98 3.18%
Jan-99 2.06%
Total Net Assets: $94,642,680
Average Maturity: 9 days
/1/ The advisor is waiving a portion of its advisory fee. Had the fee not been
waived, returns would have been lower. This fund has 12b-1 fees for Class A of
..30%.
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
Pennsylvania Municipal Money Market Fund
Fund at a Glance as of January 31, 1999
- ---------------------
PORTFOLIO COMPOSITION
- ---------------------
(based on 1/31/99 portfolio assets)
[PIE CHART APPEARS HERE]
Variable Demand Notes -- 96.5%
Bonds -- 1.8%
Mutual Fund Shares -- 1.7%
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
.................................................................................
Average Annual Returns
.................................................................................
1 year 2.96% 3.07%
.................................................................................
3 years 3.03% 3.12%
.................................................................................
5 years 3.08% 3.13%
.................................................................................
Since Inception 2.97% 3.01%
.................................................................................
7-day annualized yield 2.43% 2.53%
.................................................................................
30-day annualized yield 2.69% 2.79%
.................................................................................
12-month distributions per share $0.029 $0.030
.................................................................................
- ----------------------
ANNUALIZED 7-DAY YIELD
- ----------------------
[LINE GRAPH APPEARS HERE]
Class A Class Y
Feb-98 2.86% 2.96%
Mar-98 3.17% 3.28%
Apr-98 3.57% 3.67%
May-98 3.17% 3.27%
Jun-98 3.07% 3.17%
Jul-98 3.02% 3.12%
Aug-98 2.90% 3.00%
Sep-98 3.43% 3.52%
Oct-98 2.77% 2.87%
Nov-98 2.78% 2.88%
Dec-98 3.27% 3.37%
Jan-99 2.43% 2.53%
Total Net Assets: $136,192,385
Average Maturity: 18 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.
7
<PAGE>
EVERGREEN
Treasury Money Market Fund
Fund at a Glance as of January 31, 1999
- ---------------------
PORTFOLIO COMPOSITION
- ---------------------
(based on 1/31/99 portfolio assets)
[PIE CHART APPEARS HERE]
Repurchase Agreements -- 80.6%
U.S. Treasury Notes -- 19.2%
Mutual Fund Shares -- 0.2%
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
.................................................................................
Average Annual Returns
.................................................................................
1 year 4.75% 5.07%
.................................................................................
3 years 4.81% 5.13%
.................................................................................
5 years 4.75% 5.07%
.................................................................................
Since Inception 4.37% 4.67%
.................................................................................
7-day annualized yield 4.10% 4.40%
.................................................................................
30-day annualized yield 4.11% 4.41%
.................................................................................
12-month distributions per share $0.046 $0.049
.................................................................................
- ----------------------
ANNUALIZED 7-DAY YIELD
- ----------------------
[LINE GRAPH APPEARS HERE]
Class A Class Y
Feb-98 4.95% 5.25%
Mar-98 4.92% 5.22%
Apr-98 4.79% 5.09%
May-98 4.89% 5.20%
Jun-98 4.95% 5.25%
Jul-98 4.91% 5.22%
Aug-98 4.90% 5.20%
Sep-98 4.71% 5.01%
Oct-98 4.26% 4.56%
Nov-98 4.18% 4.48%
Dec-98 4.21% 4.52%
Jan-99 4.10% 4.40%
Total Net Assets: $4,411,453,899
Average Maturity: 42 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.
8
<PAGE>
E V E R G R E E N
Florida Municipal Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Period Ended
January 31, 1999 (a)
<S> <C>
CLASS A 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 0.69%
..........................................................................
Ratios and supplemental data
..........................................................................
Net assets, end of period (millions) $ 84
..........................................................................
Ratios to average net assets
..........................................................................
Expenses # 0.93%+
..........................................................................
Net investment income 2.66%+
..........................................................................
</TABLE>
<TABLE>
<CAPTION>
Period Ended
January 31, 1999 (b)
<S> <C>
CLASS Y SHARES
Net asset value, beginning of period $1.00
-----
..........................................................................
Net investment income 0++
..........................................................................
Less distributions to shareholders from net investment
income 0++
-----
..........................................................................
Net asset value, end of period $1.00
-----
..........................................................................
Total return 0.26%
..........................................................................
Ratios and supplemental data
..........................................................................
Net assets, end of period (millions) $ --
..........................................................................
Ratios to average net assets
..........................................................................
Expenses # 0.65%+
..........................................................................
Net investment income 2.98%+
..........................................................................
</TABLE>
+ Annualized.
++ Represents an amount less than $0.005 per share.
# The ratio of expenses to average net assets excludes fee credits and
includes fee waivers.
(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.
See Combined Notes to Financial Statements.
9
<PAGE>
E V E R G R E E N
Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Year Ended January 31, Year Ended August 31,
-------------------------- ------------------------
1999 1998 (a) 1997 1996 1995 (b)
<S> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ------ ------ ------
.............................................................................
Net investment income 0.05 0.02 0.05 0.05 0.03
.............................................................................
Less distributions to
shareholders from net
investment income (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
----------- ----------- ------ ------ ------
.............................................................................
Total return 4.90% 2.08% 4.95% 5.05% 3.53%
.............................................................................
Ratios and supplemental data
.............................................................................
Net assets, end of
period (millions) $ 5,210 $ 2,910 $2,803 $1,755 $ 685
.............................................................................
Ratios to average net assets
.............................................................................
Expenses # 0.85% 0.89%+ 0.79% 0.75% 0.81%+
.............................................................................
Net investment income 4.78% 4.91%+ 4.87% 4.86% 5.26%+
.............................................................................
</TABLE>
<TABLE>
<CAPTION>
Year Ended January 31, Year Ended August 31,
-------------------------- ------------------------
1999 1998 (a) 1997 1996 1995 (c)
<S> <C> <C> <C> <C> <C>
CLASS B SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ------ ------ ------
.............................................................................
Net investment income 0.04 0.02 0.04 0.04 0.03
.............................................................................
Less distributions to
shareholders from net
investment income (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
----------- ----------- ------ ------ ------
.............................................................................
Total return* 4.18% 1.78% 4.22% 4.31% 2.78%
.............................................................................
Ratios and supplemental
data
.............................................................................
Net assets, end of
period (millions) $ 65 $ 25 $ 23 $ 10 $ 8
.............................................................................
Ratios to average net assets
.............................................................................
Expenses # 1.55% 1.59%+ 1.49% 1.45% 1.51%+
.............................................................................
Net investment income 4.09% 4.22%+ 4.16% 4.18% 4.54%+
.............................................................................
</TABLE>
* Excluding applicable sales charges.
+ Annualized.
# The ratio of expenses to average net assets excludes fee credits.
(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.
See Combined Notes to Financial Statements.
10
<PAGE>
E V E R G R E E N
Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Year Ended January 31,
-------------------------- Period Ended
1999 1998 (a) August 31, 1997 (b)
<S> <C> <C> <C>
CLASS C SHARES
Net asset value, beginning of
period $ 1.00 $ 1.00 $1.00
----------- ----------- -----
..........................................................................
Net investment income 0.04 0.02 0++
..........................................................................
Less distributions to
shareholders from net
investment income (0.04) (0.02) 0++
----------- ----------- -----
..........................................................................
Net asset value, end of period $ 1.00 $ 1.00 $1.00
----------- ----------- -----
..........................................................................
Total return * 4.18% 1.78% 0.37%
..........................................................................
Ratios and supplemental data
..........................................................................
Net assets, end of period
(millions) $ 5 $ 2 $ 5
..........................................................................
Ratios to average net assets
..........................................................................
Expenses # 1.55% 1.59%+ 1.67%+
..........................................................................
Net investment income 4.09% 4.20%+ 4.42%+
..........................................................................
</TABLE>
<TABLE>
<CAPTION>
Year Ended January 31, Year Ended August 31,
-------------------------- --------------------------------
1999 1998 (a) 1997 1996 1995 1994 (c)
<S> <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
----------- ----------- ------ ------ ------ ------
......................................................................................
Net investment income 0.05 0.02 0.05 0.05 0.05 0.03
......................................................................................
Less distributions to
shareholders from net
investment income (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
----------- ----------- ------ ------ ------ ------
......................................................................................
Total return 5.21% 2.21% 5.27% 5.36% 5.38% 2.92%
......................................................................................
Ratios and supplemental
data
......................................................................................
Net assets, end of
period (millions) $ 1,745 $ 610 $ 635 $ 671 $ 283 $ 273
......................................................................................
Ratios to average net
assets
......................................................................................
Expenses # 0.55% 0.59%+ 0.48% 0.45% 0.53% 0.32%+
......................................................................................
Net investment income 5.07% 5.22%+ 5.13% 5.16% 5.26% 3.46%+
......................................................................................
</TABLE>
* 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.
(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.
See Combined Notes to Financial Statements.
11
<PAGE>
E V E R G R E E N
Municipal Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Year Ended January 31, Year Ended August 31,
-------------------------- ---------------------------
1999 1998 (a) 1997 1996 1995 (b)
<S> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ------- ------- -------
...................................................................................
Net investment income 0.03 0.01 0.03 0.03 0.02
...................................................................................
Less distributions to
shareholders from net
investment income (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
----------- ----------- ------- ------- -------
...................................................................................
Total return 3.07% 1.34% 3.13% 3.22% 2.24%
...................................................................................
Ratios and supplemental
data
...................................................................................
Net assets, end of
period (millions) $ 737 $ 672 $ 667 $ 661 $ 555
...................................................................................
Ratios to average net
assets
...................................................................................
Expenses # 0.87% 0.88%+ 0.83% 0.79% 0.78%+
...................................................................................
Net investment income 3.02% 3.18%+ 3.09% 3.14% 3.28%+
...................................................................................
</TABLE>
<TABLE>
<CAPTION>
Year Ended January 31, Year Ended August 31,
-------------------------- --------------------------
1999 1998 (a) 1997 1996 1995 1994
<S> <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
----------- ----------- ----- ----- ----- -----
...................................................................................
Net investment income 0.03 0.01 0.03 0.03 0.04 0.02
...................................................................................
Less distributions to
shareholders from net
investment income (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
----------- ----------- ----- ----- ----- -----
...................................................................................
Total return 3.38% 1.47% 3.44% 3.53% 3.59% 2.50%
...................................................................................
Ratios and supplemental
data
...................................................................................
Net assets, end of
period (millions) $ 540 $ 386 $ 378 $ 617 $ 421 $ 402
...................................................................................
Ratios to average net
assets
...................................................................................
Expenses # 0.57% 0.58%+ 0.53% 0.49% 0.50% 0.34%
...................................................................................
Net investment income 3.30% 3.46%+ 3.37% 3.44% 3.53% 2.47%
...................................................................................
</TABLE>
+ Annualized.
# The ratio of expenses to average net assets excludes fee credits.
(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.
See Combined Notes to Financial Statements.
12
<PAGE>
E V E R G R E E N
New Jersey Municipal Money Market Fund
Financial Highlights
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
Period Ended
January 31, 1999 (a)
<S> <C>
CLASS A 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 0.66%
..........................................................................
Ratios and supplemental data
..........................................................................
Net assets, end of period (millions) $ 95
..........................................................................
Ratios to average net assets
..........................................................................
Expenses # 0.85%+
..........................................................................
Net investment income 2.46%+
..........................................................................
</TABLE>
+ Annualized.
# The ratio of expenses to average net assets excludes fee credits and
includes fee waivers.
(a) For the period October 26, 1998 (commencement of operations) to January 31,
1999.
See Combined Notes to Financial Statements.
13
<PAGE>
E V E R G R E E N
Pennsylvania Municipal Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Year Ended January 31, Year Ended August 31,
-------------------------- ------------------------ Period Ended
1999 1998 (a) 1997 1996 (b) February 29, 1996 (c)
<S> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ---------- ---------- ------
......................................................................................................
Net investment income 0.03 0.01 0.03 0.01 0.02
......................................................................................................
Less distributions to
shareholders from net
investment income (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
----------- ----------- ---------- ---------- ------
......................................................................................................
Total return 2.96% 1.34% 3.05% 1.49% 1.72%
......................................................................................................
Ratios and supplemental
data
......................................................................................................
Net assets, end of
period (millions) $ 96 $ 37 $ 36 $ 22 $ 4
......................................................................................................
Ratios to average net
assets
......................................................................................................
Expenses # 0.61% 0.61%+ 0.60% 0.55%+ 0.47%+
......................................................................................................
Net investment income 2.90% 3.15%+ 3.01% 2.97%+ 3.14%+
......................................................................................................
</TABLE>
<TABLE>
<CAPTION>
Year Ended January 31, Year Ended August 31, Year Ended February 28,
-------------------------- ------------------------ -------------------------
1999 1998 (a) 1997 1996 (b) 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 0.03 0.01 0.03 0.01 0.03 0.03 0.02
............................................................................................................
Less distributions to
shareholders from net
investment income (0.03) (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 $ 1.00
----------- ----------- ---------- ---------- ------- ------- -------
............................................................................................................
Total return 3.07% 1.38% 3.15% 1.51% 3.55% 2.81% 2.10%
............................................................................................................
Ratios and supplemental
data
............................................................................................................
Net assets, end of
period (millions) $ 40 $ 33 $ 32 $ 48 $ 83 $ 44 $ 14
............................................................................................................
Ratios to average net
assets
............................................................................................................
Expenses # 0.52% 0.51%+ 0.50% 0.50%+ 0.37% 0.33% 0.47%
............................................................................................................
Net investment income 3.02% 3.26%+ 3.10% 2.92%+ 3.42% 3.09% 2.10%
............................................................................................................
</TABLE>
+ Annualized.
# The ratio of expenses to average net assets excludes fee credits and
includes fee waivers.
(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.
See Combined Notes to Financial Statements.
14
<PAGE>
E V E R G R E E N
Treasury Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Year Ended January 31, Year Ended August 31,
-------------------------- ------------------------ Year Ended
1999 1998 (a) 1997 1996 1995 (b) December 31, 1994
<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 0.05 0.02 0.05 0.05 0.03 0.04
..........................................................................
Less distributions to
shareholders from net
investment income (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
----------- ----------- ------ ------ ------ -----
..........................................................................
Total return 4.75% 2.07% 4.82% 4.98% 3.58% 3.75%
..........................................................................
Ratios and supplemental
data
..........................................................................
Net assets, end of
period (millions) $ 3,366 $ 2,616 $2,485 $2,608 $1,178 $ 755
..........................................................................
Ratios to average net
assets
..........................................................................
Expenses # 0.73% 0.73%+ 0.72% 0.69% 0.63%+ 0.50%
..........................................................................
Net investment income 4.63% 4.89%+ 4.73% 4.76% 5.30%+ 3.91%
..........................................................................
</TABLE>
<TABLE>
<CAPTION>
Year Ended January 31, Year Ended August 31,
-------------------------- ------------------------ Year Ended
1999 1998 (a) 1997 1996 1995 (b) December 31, 1994
<S> <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
----------- ----------- ------ ------ ------ ------
..........................................................................
Net investment income 0.05 0.02 0.05 0.05 0.04 0.04
..........................................................................
Less distributions to
shareholders from net
investment income (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
----------- ----------- ------ ------ ------ ------
..........................................................................
Total return 5.07% 2.20% 5.14% 5.29% 3.78% 4.06%
..........................................................................
Ratios and supplemental
data
..........................................................................
Net assets, end of
period (millions) $ 1,045 $ 572 $ 547 $ 760 $ 277 $ 163
..........................................................................
Ratios to average net
assets
..........................................................................
Expenses # 0.43% 0.43%+ 0.42% 0.39% 0.33%+ 0.20%
..........................................................................
Net investment income 4.89% 5.19%+ 5.02% 5.12% 5.60%+ 3.78%
..........................................................................
</TABLE>
+ Annualized.
# The ratio of expenses to average net assets excludes fee credits.
(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.
See Combined Notes to Financial Statements.
15
<PAGE>
E V E R G R E E N
Florida Muncipal Money Market Fund
Schedule of Investments
January 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 99.6%
$ 1,400,000 Capital Projs. Fin. Auth. FL RB,
Capital Projs. Loan Program, Ser. A, (SPA: Credit
Suisse First Boston Corp. & Ins. by FSA),
2.75%, VRDN.......................................... $ 1,400,000
Dade Cnty., FL IDRB:
2,445,000 Florida Convalescent Assoc. Proj., (LOC: Bank of
Tokyo-Mitsubishi, Ltd.), 3.95%, VRDN.................. 2,445,000
200,000 Jay W. Lotspeich Proj.,
(LOC: Dai-Ichi Kangyo Bank, Ltd.), 4.10%, VRDN........ 200,000
450,000 Pot Co., Inc.,
(LOC: Dai-Ichi Kangyo Bank, Ltd.), 4.10%, VRDN........ 450,000
3,500,000 Escambia Cnty., FL IDRB, Daws Mfg. Co., Inc. Proj.,
(LOC: Amsouth Bank, N.A.),
3.00%, VRDN.......................................... 3,500,000
1,710,000 Escambia Cnty., FL SFHRB, PFOTER, (LIQ: Merrill Lynch
& Co.),
2.88%, VRDN (a)...................................... 1,710,000
975,000 Eustis, FL Hlth. Facs. Auth.,
Waterman Med. Ctr.,
(LOC: SunTrust Banks, N.A.),
2.85%, VRDN.......................................... 975,000
4,700,000 Florida Board of Ed. RB, ABN-Amro Munitops
Certificates Trust,
(LOC: ABN-Amro Bank, N.V.),
2.88%, VRDN (a)...................................... 4,700,000
1,000,000 Florida Dev. Fin. Corp. IDRB,
Suncoast Bakeries, Inc.,
(LOC: SunTrust Banks, N.A.),
2.90%, VRDN.......................................... 1,000,000
Florida HFA-MHRB:
2,200,000 Beville Bldg.,
(Surety Bond: Continental Casualty Co.), 2.85%, VRDN.. 2,200,000
1,250,000 Falls of Venice Proj.,
(LOC: PNC Bank, N.A.),
3.00%, VRDN........................................... 1,250,000
6,000,000 King's Colony Assoc. Ltd.,
(LOC: Credit Suisse First Boston Corp.), 2.75%, VRDN.. 6,000,000
1,000,000 Multifamily Hillsboro, Ser. D,
(Surety Bond: Continental Casualty Co.), 2.85%, VRDN.. 1,000,000
Florida Hsg. Fin. Corp. MHRB:
4,000,000 Buchanan Bay Townhomes,
(LOC: Chase Manhattan Bank, N.A.), 3.00%, VRDN........ 4,000,000
1,300,000 South Pointe Proj.,
(COLL: FNMA),
2.93%, VRDN........................................... 1,300,000
600,000 Vero Club Partners Ltd.,
(LOC: NationsBank, N.A.),
2.90%, VRDN........................................... 600,000
450,000 Hillsborough Cnty., FL IDRB, Serigraphic Arts Inc.
Proj.,
(LOC: Dai-Ichi Kangyo Bank, Ltd.), 4.10%, VRDN....... 450,000
11,000,000 Hillsborough Cnty., FL Sch. Board COP, (LOC: Citibank,
N.A. & Ins. by MBIA), 2.92%, VRDN (a)................ 11,000,000
1,500,000 Jacksonville, FL Econ. Dev. Commission IDRB, Crown
Products Co., Inc.,
(LOC: SunTrust Banks, N.A.), 2.90%, VRDN............. 1,500,000
590,000 Jacksonville, FL Elec. Auth. RB, St. John's River,
6.00%, 10/1/99....................................... 600,975
1,000,000 Jacksonville, FL IDRB, Univ. of Florida Hlth. Science
Ctr.,
(LOC: Barnett Bank, N.A.), 2.95%, VRDN............... 1,000,000
5,000,000 Miami-Dade Cnty., FL IDA-RB, Professional
Modifications Svcs., Inc., (LOC: Bankers Trust Co.),
2.95%, VRDN.......................................... 5,000,000
1,000,000 Ocean Highway & Port Auth., FL RB, (LOC: ABN-Amro
Bank, N.V.), 2.70%, VRDN............................. 1,000,000
2,400,000 Orange Cnty., FL HFA-MHRB, Post Lake Apt. Homes,
(COLL: FNMA),
2.70%, VRDN.......................................... 2,400,000
Orange Cnty., FL Hlth. Facs. Auth. RB:
2,150,000 Mayflower Retirement Community, (LOC: RaboBank
Nederland), 2.70%, VRDN.............................. 2,150,000
1,500,000 PFOTER,
(LIQ: Merrill Lynch & Co., Inc. & Ins. by U.S.
Treasury),
3.10%, 3/4/99 (a).................................... 1,500,000
600,000 Palm Beach Cnty., FL IDRB, Florida Convalescent Proj.,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
3.95%, VRDN.......................................... 600,000
5,875,000 Palm Beach Cnty., FL Sch. Board COP, MSTR Ser. 1996B,
(LIQ: Norwest Bank, N.A. & Ins. by AMBAC),
3.15%, VRDN (a)...................................... 5,875,000
1,000,000 Palm Beach Cnty., FL Wtr. & Swr. RB, (LOC: Sanwa Bank,
Ltd.), 4.10%, VRDN................................... 1,000,000
1,000,000 Pinellas Cnty., FL HFA-MHRB, Foxbridge Apts. Proj.,
(COLL: FNMA),
2.75%, VRDN......................................... 1,000,000
260,000 Pinellas Cnty., FL HFA-SFHRB, PFOTER, (LIQ: Merrill
Lynch & Co., Inc. & COLL: FNMA),
2.93%, VRDN (a)...................................... 260,000
3,300,000 Polk Cnty., FL IDRB, Sun Orchard, FL, Inc. Proj.,
(LOC: Bank One, N.A.), 2.90%, VRDN................... 3,300,000
2,000,000 Sarasota Cnty., FL Hlth. Fac. Auth. RB, Bay Village
Proj.,
(LOC: BankAmerica, N.A.), 2.75%, VRDN................ 2,000,000
1,800,000 St. John's Cnty., FL IDRB, Bronz-Glow Technologies
Proj.,
(LOC: SouthTrust Bank, N.A.), 3.02%, VRDN............ 1,800,000
</TABLE>
16
<PAGE>
E V E R G R E E N
Florida Municipal Money Market Fund
Schedule of Investments(continued)
January 31, 1999
Principal
Amount Value
MUNICIPAL OBLIGATIONS - continued
$ 5,000,000 St. Petersburg (City of), FL Hlth. Fac. Auth. RB,
Florida Blood Svcs. Inc. Proj.,
(LOC: SouthTrust Bank, N.A.), 2.79%, VRDN.......... $ 5,000,000
925,000 Suwannee Cnty, FL RB, Advent Christian Vlg. Inc.
Proj., (LOC: BankAmerica, N.A.),
2.80%, VRDN........................................ 925,000
400,000 Tamarac, FL IDRB, Tamarac Business Ctr. Proj., (LOC:
BankAmerica, N.A.), 2.85%, VRDN.................... 400,000
2,500,000 Titusville, FL Multi-Purpose RB, (LOC: NationsBank,
N.A.), 2.75%, VRDN................................. $ 2,500,000
-----------
Total Investments - (cost $83,990,975)................. 99.6% 83,990,975
Other Assets and Liabilities - net..................... 0.4 352,919
----- -----------
Net Assets - .......................................... 100.0% $84,343,894
===== ===========
(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
under 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
MHRB Multifamily Housing Revenue Bond
MBIA Municipal Bond Investors Assurance Corp.
MSTR Municipal Securities Trust Receipt
PFOTER Putable 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 security. Interest rates
presented for these securities are those in effect at January 31, 1999.
Certain obligations held in the portfolio have credit enhancements or liquidity
features that may, under certain circumstances, provide for repayment of prin-
cipal and interest on the obligation upon demand date, interest 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 deriva-
tive securities within the standards imposed by the Securities and Exchange
Commission under Rule 2a-7 which were designed to minimize both credit and mar-
ket risk.
See Combined Notes to Financial Statements.
17
<PAGE>
E V E R G R E E N
Money Market Fund
Schedule of Investments
January 31, 1999
Principal
Amount Value
BANKERS' ACCEPTANCES - 0.1% (cost $4,999,790)
$ 5,000,000 Barclays Bank, 5.65%, 3/2/99................ $ 4,999,790
------------
CERTIFICATES OF DEPOSIT - 3.0%
15,000,000 Abbey National PLC, Treasury Svcs., MTN,
5.59%, 2/3/99.............................. 14,999,961
150,000,000 Deutsche Bank AG, 5.16%, 1/12/00............ 150,000,000
30,000,000 Rabobank Nederland N.V., 5.75%, 4/27/99..... 29,996,655
5,000,000 Societe Generale (New York), 5.80%, 4/1/99.. 4,999,845
12,000,000 Swiss Bank (New York), 5.65%, 3/5/99........ 11,999,496
------------
Total Certificates of Deposit
(cost $211,995,957)........................ 211,995,957
------------
COMMERCIAL PAPER - 54.7%*
Asset Backed - 1.8%
Special Purpose Accounts Receivables:
50,000,000 5.35%, 2/11/99.............................. 49,925,694
75,000,000 5.37%, 2/10/99.............................. 74,899,313
------------
124,825,007
------------
Banks - 0.8%
55,000,000 Unibanco Uniao de Bancos, 5.49%, 4/16/99.... 54,379,325
------------
Commercial Services - 0.6%
44,600,000 PHH Corp., 4.96%, 2/23/99................... 44,464,812
------------
Finance & Insurance - 48.3%
Aetna Svcs., Inc.:
50,000,000 4.96%, 2/8/99............................... 49,951,778
50,000,000 4.98%, 2/9/99............................... 49,944,666
Alpine Securitization Corp.:
49,984,000 4.85%, 2/4/99............................... 49,963,798
69,890,000 4.85%, 2/8/99............................... 69,824,090
50,000,000 4.90%, 2/2/99............................... 49,993,194
60,000,000 4.92%, 2/2/99............................... 59,991,800
Atlantic Asset Securitization Corp.:
62,571,000 4.87%, 2/5/99............................... 62,537,142
57,003,000 4.88%, 2/17/99.............................. 56,879,367
88,339,000 Barton Capital Corp.,
4.90%, 2/5/99.............................. 88,290,904
Broadway Capital Corp.:
45,186,000 4.90%, 2/24/99.............................. 45,044,543
16,069,000 4.95%, 2/8/99............................... 16,053,533
Budget Funding Corp.:
75,000,000 4.85%, 2/3/99............................... 74,979,792
150,000,000 4.89%, 2/4/99............................... 149,938,875
32,000,000 Centauri Fin. Corp., 5.70%, 3/2/99.......... 32,012,995
Concord Minutemen Capital Corp.:
71,821,000 4.85%, 3/19/99.............................. 71,375,909
75,000,000 4.86%, 2/2/99............................... 74,989,875
60,669,000 4.87%, 3/12/99.............................. 60,348,921
175,000,000 Corporate Recievables Corp.,
4.92%, 2/16/99............................. 174,641,250
Countrywide Funding Corp.:
100,000,000 4.88%, 2/23/99.............................. 99,701,778
63,000,000 4.90%, 2/16/99.............................. 62,871,375
45,000,000 4.90%, 2/17/99.............................. 44,902,000
103,064,000 Enterprise Funding Corp., (LOC: NationsBank)
4.83%, 2/5/99.............................. 103,008,689
Gotham Funding Corp.,
(LOC: Republic Bank):
30,000,000 5.05%, 2/8/99............................... 29,970,542
30,000,000 5.05%, 2/24/99.............................. 29,903,208
79,141,000 Greenwich Funding Corp., 4.90%, 2/12/99..... 79,022,508
50,000,000 Heller Financial Inc., 4.90%, 4/13/99....... 49,516,806
Lexington Parker Capital Corp.:
100,000,000 4.88%, 2/19/99.............................. 99,756,000
100,000,000 4.90%, 2/1/99............................... 100,000,000
Metris Owner Trust:
81,358,000 4.87%, 2/23/99.............................. 81,115,870
72,210,000 4.90%, 2/18/99.............................. 72,042,914
60,171,000 5.00%, 2/4/99............................... 60,145,929
Moat Funding LLC:
62,985,000 4.82%, 6/15/99.............................. 61,854,979
50,000,000 4.84%, 6/3/99............................... 49,179,889
50,187,000 4.90%, 2/16/99.............................. 50,084,535
50,000,000 4.90%, 2/17/99.............................. 49,891,111
50,000,000 4.95%, 4/6/99............................... 49,560,000
25,000,000 4.95%, 4/7/99............................... 24,776,562
50,000,000 5.32%, 3/16/99.............................. 49,682,278
Mont Blanc Capital Corp.:
83,000,000 4.84%, 4/6/99............................... 82,285,831
25,000,000 5.28%, 2/17/99.............................. 24,941,333
Orix America, Inc., (LOC: Norinchukin Bank):
75,000,000 5.81%, 2/3/99............................... 75,000,000
25,000,000 5.85%, 3/15/99.............................. 25,000,000
31,408,000 Park Avenue Recreation Corp., 4.86%,
3/4/99..................................... 31,276,558
30,112,000 Receivables Capital Corp., 4.89%, 2/10/99... 30,075,188
50,000,000 Sanwa Business Credit Corp., (LOC: Fuji Bank
Ltd.) 4.93%, 2/1/99........................ 50,000,000
75,000,000 Sigma Fin. Inc.,
4.83%, 4/21/99............................. 74,205,063
Thames Asset Global Securitization:
87,517,000 4.90%, 2/5/99............................... 87,469,352
30,000,000 5.27%, 3/19/99.............................. 29,797,983
50,000,000 5.41%, 2/16/99.............................. 49,887,292
35,123,000 5.48%, 2/5/99............................... 35,101,614
33,562,000 Triple A One Funding Corp., 4.90%, 2/18/99.. 33,484,341
Westways Funding Corp.:
54,109,000 4.86%, 4/30/99.............................. 53,466,185
103,447,000 4.87%, 3/10/99.............................. 102,929,219
30,449,000 4.88%, 3/10/99.............................. 30,296,281
92,213,000 4.88%, 3/15/99.............................. 91,688,001
--------------
3,390,653,646
--------------
Industrial Specialty Products &
Services - 2.5%
Johnson Controls, Inc.:
77,000,000 4.88%, 2/1/99............................... 77,000,000
100,000,000 5.35%, 3/5/99............................... 99,524,445
--------------
176,524,445
--------------
18
<PAGE>
E V E R G R E E N
Money Market Fund
Schedule of Investments (continued)
January 31, 1999
Principal
Amount Value
COMMERCIAL PAPER - continued
Telecommunication Services & Equipment -
0.7%
$ 50,000,000 GTE Corp., 4.92%, 2/26/99................... $ 49,829,167
--------------
Total Commercial Paper
(cost $3,840,676,402)...................... 3,840,676,402
--------------
CORPORATE BONDS & NOTES - 36.9%
80,000,000 Aetna Svcs., Inc.,
5.66%, 5/29/99............................. 80,000,000
Associates Corp. of North America:
20,000,000 6.13%, 11/12/99............................. 20,159,457
17,161,000 6.75%, 10/15/99............................. 17,363,727
1,030,000 7.25%, 9/1/99............................... 1,042,173
4,927,000 7.50%, 5/15/99.............................. 4,948,069
50,000,000 Bankers Trust Corp., (New York), MTN, 4.96%,
2/1/99..................................... 50,000,000
9,000,000 Beneficial Corp.,
5.32%, 3/23/99............................. 9,000,571
Beta Financial Corp.:
25,000,000 5.69%, 3/2/99............................... 25,007,877
20,000,000 5.69%, 3/5/99............................... 20,000,000
28,000,000 5.70%, 3/31/99.............................. 28,019,038
70,000,000 Bravo Trust Series, FRN, 5.08%, 4/15/99..... 70,000,000
Caterpillar Financial Svcs., Inc.:
50,000,000 4.99%, VRDN................................. 49,978,316
5,000,000 6.16%, 11/1/99.............................. 5,037,172
12,000,000 6.87%, 11/1/99.............................. 12,159,023
Centauri Fin. Corp.:
60,000,000 5.15%, 1/19/00.............................. 60,000,000
15,000,000 5.71%, 3/30/99.............................. 15,000,000
FRN:
10,000,000 4.95%, 2/16/99.............................. 10,000,000
100,000,000 4.96%, 2/2/99............................... 100,000,000
CIT Group Holdings, Inc., MTN:
9,590,000 6.25%, 10/4/99.............................. 9,666,948
5,000,000 6.38%, 5/21/99.............................. 5,007,822
9,060,000 Commercial Credit Group, Inc.,
10.00%, 5/1/99............................. 9,147,804
85,000,000 Countrywide Funding Corp., MTN, 5.20%,
1/11/00.................................... 85,000,000
40,000,000 Countrywide Home Loans, 5.34%, 2/6/99....... 39,958,956
60,000,000 Credit Suisse First Boston, Corp., MTN,
5.06%, 2/2/99.............................. 60,000,000
29,250,000 Dean Witter Discover & Co., FRN, 4.88%,
2/2/99..................................... 29,250,205
6,000,000 Discover Credit Corp., MTN, 8.38%, 5/4/99... 6,036,202
50,225,000 Empress River Casino Fin. Corp., 10.75%,
4/1/99..................................... 53,293,992
Finova Capital Corp.:
5,000,000 6.37%, 4/15/99.............................. 5,008,736
11,200,000 MTN
6.38%, 4/15/99.............................. 11,211,897
Ford Motor Credit Co.:
3,000,000 7.50%, 11/15/99............................. 3,054,870
5,675,000 8.88%, 6/15/99.............................. 5,734,856
10,850,000 MTN
7.50%, 11/19/99............................. 11,051,959
General Motors Acceptance Corp.:
10,584,000 6.05%, 10/4/99.............................. 10,653,245
4,000,000 8.00%, 10/1/99.............................. 4,076,464
10,000,000 8.63%, 6/15/99.............................. 10,098,046
MTN:
39,755,000 6.40%, 5/17/99.............................. 39,822,009
24,405,000 8.40%, 10/15/99............................. 24,965,607
5,975,000 Gesmundo & Associates, Inc., FRN, (LOC:
National City Bank)
4.89%, 2/4/99.............................. 5,975,000
Goldman Sachs Group L.P., MTN:
30,000,000 5.03%, 2/15/99 (a).......................... 30,000,000
70,000,000 5.31%, 2/2/99 (a)........................... 70,000,000
23,900,000 6.82%, 12/28/99 (a)......................... 24,267,309
21,895,000 Health Care Funding LLC,
(LOC: National City Bank)
4.89%, VRDN................................ 21,895,000
1,000,000 Heinz, H.J. Co.,
6.75%, 10/15/99............................ 1,011,813
Heller Financial, Inc.:
13,000,000 7.88%, 11/1/99.............................. 13,251,943
7,500,000 FRN
5.22%, 4/27/99.............................. 7,503,320
5,250,000 MTN
6.51%, 9/20/99.............................. 5,289,903
28,200,000 Heller Pass Through Asset Trust,
6.35%, 8/15/99............................. 28,315,592
8,125,000 Houlihan Brothers,
(LOC: National City Bank)
4.89% VRDN................................. 8,125,000
10,000,000 Household Fin. Corp., MTN, 5.88%, 12/1/99... 10,062,919
60,000,000 IBM Credit Corp., MTN,
4.94%, 2/2/99.............................. 59,996,292
50,000,000 J.P. Morgan & Co., Inc., MTN, 5.75%, 3/10/99 50,000,000
4,405,000 KBL Capital Funding, Inc., (LOC: National
City Bank) 4.89%, VRDN...................... 4,405,000
15,000,000 Keycorp Institutional Capital Corp.,
6.63%, 6/1/99.............................. 15,044,967
12,900,000 LAM Funding LLC,
(LOC: National City Bank) 4.89%, VRDN....... 12,900,000
Lehman Brothers Holdings, Inc.:
38,055,000 6.30%, 8/11/99.............................. 38,239,135
28,719,000 6.40%, 12/27/99............................. 28,941,893
14,500,000 6.63%, 1/24/00.............................. 14,636,890
9,500,000 6.65%, 1/24/00.............................. 9,595,579
4,000,000 6.78%, 5/6/99............................... 4,009,013
23,515,000 8.38%, 2/15/99.............................. 23,536,636
20,630,000 10.00%, 5/15/99............................. 20,866,788
60,000,000 FRN:
5.08%, 2/22/99 (a).......................... 60,000,000
50,000,000 Liberty Lighthouse United States Capital, MTN,
5.26%, 2/10/00............................. 50,000,000
132,100,000 Macon Trust Pooled Variable Certificates,
5.00%, VRDN................................. 132,100,000
Merrill Lynch & Co., Inc.,
25,000,000 4.93%, 2/1/99............................... 25,000,000
59,000,000 5.09%, 2/7/00............................... 59,000,000
4,500,000 6.38%, 3/30/99.............................. 4,504,333
19
<PAGE>
E V E R G R E E N
Money Market Fund
Schedule of Investments(continued)
January 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CORPORATE BONDS & NOTES - continued
$ 10,000,000 Morgan Guarantee Trust Co. of New York,
5.55%, 2/4/99.................................... $ 9,999,956
20,000,000 Morgan Stanley Dean Witter Discover & Co.,
5.34%, 3/12/99................................... 20,000,000
12,850,000 NationsBank, N.A.,
5.55%, 2/11/99................................... 12,849,831
25,000,000 Paccar Financial Corp., MTN, 4.81%, 2/26/99....... 24,997,498
PHH Corp., MTN:
80,000,000 5.03%, 2/17/99.................................... 80,000,000
60,000,000 5.86%, 7/26/99.................................... 60,001,373
25,000,000 5.88%, 8/4/99..................................... 25,000,000
45,000,000 Restructured Asset Securitization, FRN,
5.26%, 2/8/99 (a)................................ 45,000,000
15,000,000 Rhyan Fundings LLC,
(LOC: National City Bank) 4.89%, VRDN............ 15,000,000
Salomon, Inc.:
31,950,000 7.00%, 5/15/99.................................... 32,052,483
4,725,000 7.88%, 10/1/99.................................... 4,806,758
5,000,000 Sears Roebuck & Co., 9.50%, 6/1/99................ 5,056,394
4,000,000 Sears Roebuck Acceptance Corp., MTN,
6.24%, 11/15/99.................................. 4,037,267
Sigma Fin. Corp.:
60,000,000 5.07%, 2/12/99.................................... 60,000,000
50,000,000 5.71%, 3/2/99..................................... 50,000,000
19,155,000 Square Butte Electric Corp., (LOC: Bank of America
National Trust & Savings Association) 4.98%,
VRDN............................................. 19,155,000
75,000,000 Structured Product Trust, 5.28%, 3/18/99 (a)...... 75,000,000
50,000,000 Swedbank Sparbanken Svenge, 5.85%, 5/14/99........ 49,993,317
17,330,000 Texaco Capital Inc., 9.00%, 12/15/99.............. 17,890,123
7,840,000 Tokai Financial Svcs., Inc., 6.25%, 9/20/99....... 7,864,041
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CORPORATE BONDS & NOTES - continued
$131,000,000 Transamerica Fin. Corp., MTN, 5.22%,
4/22/99.................................... $ 131,002,597
5,200,000 Travelers Property Casualty Corp., 6.75%,
9/1/99..................................... 5,228,702
--------------
Total Corporate Bonds & Notes
(cost $2,594,164,706)...................... 2,594,164,706
--------------
FUNDING AGREEMENTS - 5.3%
20,000,000 Combined Insurance Co. of America, FRN,
5.36%, 12/1/99 (a)......................... 20,000,000
150,000,000 General American, Cash Manager Plus, FRN,
5.78%, 2/1/99 (a).......................... 150,000,000
100,000,000 Jackson National Funding, 5.93%, 7/20/99
(a)........................................ 100,000,000
50,000,000 Jackson National Life Insurance Co.,
5.91%, 7/20/99 (a)......................... 50,000,000
30,000,000 Monumental Life Insurance Co., FRN,
5.20%, 2/1/99 (a).......................... 30,000,000
20,000,000 Peoples Security Life, FRN, 5.25%, 2/1/99
(a)........................................ 20,000,000
--------------
Total Funding Agreements
(cost $370,000,000)........................ 370,000,000
--------------
MUNICIPAL BONDS - 0.6%
25,000,000 Richmond Cnty., GA, IDA Rev.,
6.00%, 6/1/99.............................. 25,000,000
15,900,000 Warren County, KY, IDA Rev., 4.95%, VRDN.... 15,900,000
--------------
Total Municipal Bonds
(cost $40,900,000)......................... 40,900,000
--------------
<CAPTION>
Shares
<S> <C> <C> <C>
MUTUAL FUND SHARES - 0.2% (cost $15,675,041)
15,675,041 Federated Prime Value Obligation Fund......... 15,675,041
----------
Total Investments -
(cost $7,078,411,896)................ 100.8% 7,078,411,896
Other Assets and Liabilities - net.... (0.8) (53,943,362)
----- --------------
Net Assets -.......................... 100.0% $7,024,468,534
===== ==============
</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.
Summary of Abbreviations:
FRN Floating Rate Note
IDA Industrial Development Authority
LOC Letter of Credit
MTN Medium Term 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 security. Interest rates
presented for these securities are those in effect at January 31, 1999.
See Combined Notes to Financial Statements.
20
<PAGE>
E V E R G R E E N
Municipal Money Market Fund
Schedule of Investments
January 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 99.0%
Alabama - 1.6%
Alabama St. IDRB:
$ 2,005,000 Air-Dro Cylinders, Inc., (LOC: SouthTrust
Bank, N.A.), 3.10%, VRDN..................... $ 2,005,000
3,345,000 Automation Technology
Industries, Inc.,
(LOC: Columbus Bank & Trust Co.),
3.10%, VRDN.................................. 3,345,000
Birmingham, AL Comml. Dev. Auth. RB, (LOC:
Amsouth Bank, N.A.):
925,000 Avondale Commerce Park, Phase II,
3.10%, VRDN.................................. 925,000
580,000 Southside Business Ctr., 3.10%, VRDN......... 580,000
1,410,000 Florence, AL IDRB, Die Tech Inc. Proj., (LOC:
SouthTrust Bank, N.A.),
3.07%, VRDN................................. 1,410,000
1,200,000 Guntersville, AL IDRB, KSG Realty Inc. Proj.,
(LOC: Natl. Bank of Canada),
3.07%, VRDN................................. 1,200,000
2,290,000 Hackleberg, AL IDRB, River Birch Homes Proj.,
(LOC: Amsouth Bank, N.A.), 3.20%, VRDN...... 2,290,000
2,500,000 Huntsville, AL IDRB,
(LOC: First of America),
2.95%, VRDN................................. 2,500,000
2,655,000 Mobile Cnty., AL IDRB, Sherman
Intl. Corp., Ser. 1994A, (LOC: Columbus Bank
& Trust Co.),
3.10%, VRDN................................. 2,655,000
3,250,000 Oxford, AL GO, Swr. Warrants, MSTR (LOC:
Societe Generale & Ins. by AMBAC),
2.92%, VRDN (a)............................. 3,250,000
--------------
20,160,000
--------------
Arizona - 0.0%
150,000 Maricopa Cnty., AZ IDA, McLane Co., Inc.
Proj., (LOC: Wachovia Bank of Georgia),
3.20%, VRDN................................. 150,000
--------------
Arkansas - 0.3%
3,455,000 Magnolia, AR IDRB, American Fuel Cell Proj.,
(LOC: Credit Comml. de France),
3.05%, VRDN................................. 3,455,000
--------------
California - 5.1%
8,500,000 California Econ. Dev. Fin. Auth. IDRB,
Advanced Aerodynamics Proj., (LOC: Sumitomo
Bank, Ltd.),
3.95%, VRDN................................. 8,500,000
5,000,000 California Statewide CDA-RB, Sutter Hlth.
Obl. Group,
(LOC: Indl. Bank of Japan, Ltd. & Ins. by
AMBAC),
3.65%, VRDN................................. 5,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
California - continued
$ 4,250,000 City of Paramount, CA MHRB, Century Place
Apts., Ser. 1989A,
(LOC: Heller Finl. Inc.),
3.69%, VRDN................................. $ 4,250,000
1,900,000 Glenn Cnty., CA IDA-PCRB, Land O'Lakes, Inc.
Proj., Ser. 1995, (LOC: Sanwa Bank, Ltd.),
3.10%, VRDN................................. 1,900,000
Los Angeles, CA MHRB:
20,000,000 Channel Gateway Apts., Ser. 89B, (LOC: Fuji
Bank, Ltd.),
4.40%, VRDN.................................. 20,000,000
11,255,000 Oakwood Apts. Proj., Ser. 1989B,
(LOC: Sumitomo Bank, Ltd.),
4.25%, VRDN.................................. 11,255,000
1,000,000 Ontario, CA IDRB, Erenberg Bros. Proj., Ser.
1988A, Issue I,
(LOC: Tokai Bank, Ltd.), 4.90%, VRDN........ 1,000,000
8,500,000 Orange Cnty., CA Apt. Dev. RB, Park Place
Apts.,
(LOC: Tokai Bank, Ltd.), 5.22%, VRDN........ 8,500,000
4,400,000 Sacramento Cnty., CA MHRB, River Terrace
Apts. Proj., Ser. C,
(LOC: Dai-Ichi Kangyo Bank, Ltd.),
4.40%, VRDN................................. 4,400,000
--------------
64,805,000
--------------
Colorado - 2.3%
5,000,000 Adams Cnty., CO IDRB, Yellow Freight Sys.,
Inc., Ser. 1983,
(LOC: LaSalle Natl. Bank), 3.05%, VRDN...... 5,000,000
14,610,000 Colorado Pub. Hwy. Auth. RB, MSTR, Ser. 1998-
54, Class A
(LIQ: Bear Stearns Capital Markets & Ins. by
MBIA),
2.92%, VRDN (a)............................. 14,610,000
1,250,000 El Paso Cnty., CO Sch. Dist. RB, MSTR, Ser.
1996D
(LOC: Norwest Bank, N.A. & Ins. by FSA),
3.15%, VRDN (a)............................. 1,250,000
1,850,000 Highlands Ranch, CO Metro. Dist. RB, MSTR,
Ser. 1996E
(LOC: Norwest Bank, N.A. & Ins. by FSA),
3.15%, VRDN (a)............................. 1,850,000
5,000,000 Jefferson Cnty., CO COP, MSTR, Ser. 1996F
(LOC: Norwest Bank, N.A. & Ins. by MBIA),
3.15%, VRDN (a)............................. 5,000,000
2,220,000 Pueblo Cnty., CO Sch. Dist. COP, (LOC:
Norwest Bank, N.A. & Ins. by MBIA),
3.15%, VRDN (a)............................. 2,220,000
--------------
29,930,000
--------------
</TABLE>
21
<PAGE>
E V E R G R E E N
Municipal Money Market Fund
Schedule of Investments(continued)
January 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Delaware - 0.4%
$ 3,000,000 Delaware St. EDA-IDRB, Arlon, Inc., Ser.
1989, (LOC: Bank of America, N.A.),
3.10%, VRDN................................. $ 3,000,000
2,480,000 New Castle Cnty., DE EDRB, Toys R Us Inc.
Proj., (LOC: Bankers Trust Co., NY),
3.10%, VRDN................................. 2,480,000
--------------
5,480,000
--------------
Florida - 0.8%
2,800,000 Orange Cnty., FL HFA MHRB, Oakwood Proj.,
Ser. 1985E, (LOC: Fleet Bank, N.A.),
3.55%, 10/1/99.............................. 2,800,000
6,835,000 Orange Cnty., FL Hlth. Facs. Auth. MSTR, SAK
11, (LOC: Credit Suisse First Boston Corp. &
Ins. by AMBAC),
2.95%, VRDN (a)............................. 6,835,000
--------------
9,635,000
--------------
Georgia - 6.5%
1,000,000 Albany Dougherty Cnty., GA Hosp.
RB, Merck & Co. Proj., Ser. 1984A, (Gtd. by
Merck & Co.),
3.20%, VRDN................................. 1,000,000
5,000,000 Albany Dougherty Cnty., GA Payroll
RB, Merck & Co. Proj., Ser. 1982, (Gtd. by
Merck & Co.),
2.95%, VRDN................................. 5,000,000
24,785,000 Bibb Cnty., GA GO, Ser. 1998C,
Class A (LOC: Caisse de Depots et
Consignations),
2.92%, VRDN (a)............................. 24,785,000
1,000,000 Cherokee Cnty., GA EDA-IDRB, Piolax Corp.
Proj., (LOC: Indl. Bank of Japan),
4.30%, VRDN................................. 1,000,000
2,200,000 Columbus, GA HFA-MHRB, Quail Ridge Proj.,
Ser. 1988, (LOC: Columbus Bank & Trust Co.),
3.20%, VRDN................................. 2,200,000
3,200,000 Conyers, GA IDRB, Handleman Co. Proj., (LOC:
Columbus Bank & Trust Co.),
3.00%, VRDN................................. 3,200,000
7,000,000 Fayette Cnty., GA IDRB, Shinsei Corp. Proj.,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
4.10%, VRDN................................. 7,000,000
14,510,000 Georgia Muni. Elec. Auth., MTC-27A, (LOC:
Bank One, N.A. & Ins. by MBIA),
2.92%, VRDN (a)............................. 14,510,000
Georgia Muni. Elec. Auth. Pwr. RB (LOC:
Credit Suisse First Boston Corp. & Ins. by
MBIA):
8,000,000 MSTR, SAK-14,
2.95%, VRDN (a).............................. 8,000,000
5,040,000 MSTR, SAK-15,
2.95%, VRDN (a).............................. 5,040,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Georgia - continued
$ 6,000,000 Polk Cnty., GA IDRB, Kimoto Tech, Inc. Proj.,
Ser. 1985,
(LOC: Indl. Bank of Japan, Ltd.),
4.20%, VRDN................................. $ 6,000,000
5,000,000 Savannah, GA EDA-IDRB, Fuji Vegetable Oil,
Inc., Ser. 1989, (LOC: Bank of Tokyo-
Mitsubishi, Ltd.),
4.10%, VRDN................................. 5,000,000
--------------
82,735,000
--------------
Hawaii - 1.3%
2,795,000 Hawaii GO, ROC, Ser. 1998-7,
(LOC: Toronto Dominion Bank & Ins. by MBIA),
2.92%, VRDN (a)............................. 2,795,000
Hawaii Hsg. Fin. & Dev. Corp.
RB, Rental Hsg. Sys. Proj.
(LOC: Indl. Bank of Japan, Ltd.):
11,900,000 Ser. A, 4.25%, VRDN.......................... 11,900,000
1,900,000 Ser. B, 4.25%, VRDN.......................... 1,900,000
--------------
16,595,000
--------------
Idaho - 1.1%
10,000,000 Education Funding Assn., Inc., ID
Student Loan RB, Ser. 1997-A,
(LOC: First Security Bank, N.A.),
2.95%, VRDN................................. 10,000,000
4,500,000 Twin Falls, ID IDRB, Longview Fibre Co.
Proj.,
(LOC: Sumitomo Bank, Ltd.),
4.25%, VRDN................................. 4,500,000
--------------
14,500,000
--------------
Illinois - 14.1%
2,820,000 Arlington Heights, IL, MHRB, Dunton Tower
Apts. Proj.,
(LOC: Heller Finl., Inc.),
3.65%, VRDN................................. 2,820,000
9,510,000 Aurora, IL MHRB, Fox Valley Vlg.
Apts., Ser. 1993,
(LOC: Sumitomo Bank, Ltd.),
3.95%, VRDN................................. 9,510,000
Chicago, IL GO:
13,076,972 ABN-Amro Munitops Certificates Trust, Ser.
1997-1,
(LOC: LaSalle Natl. Bank, N.A.), 3.05%, VRDN
(a).......................................... 13,076,972
16,000,000 ABN-Amro Munitops Certificates Trust, Ser.
1998-3,
(LOC: ABN-Amro Bank &
Ins. by FGIC),
2.90%, VRDN (a).............................. 16,000,000
2,900,000 MSTR, Ser. 1995A-2, SAK-13,
(LIQ: Credit Suisse First Boston Corp. & Ins.
by AMBAC),
2.95%, VRDN (a).............................. 2,900,000
4,200,000 Chicago, IL IDRB, Federal Marine Terminal
Proj.,
(LOC: LaSalle Natl. Bank, N.A.),
3.05%, VRDN................................. 4,200,000
</TABLE>
22
<PAGE>
E V E R G R E E N
Municipal Money Market Fund
Schedule of Investments(continued)
January 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Illinois - continued
$ 9,000,000 Chicago, IL O'Hare Int'l Airport,
Special Facs. RB, Northwest Airlines Inc.,
Ser. A, (LOC: Bank of Tokyo-Mitsubishi,
Ltd.),
3.85%, VRDN................................. $ 9,000,000
3,490,000 Chicago, IL Sales Tax RB, Master Lease
Program, (LOC: Citibank, N.A. & Ins. by
FGIC),
2.92%, VRDN (a)............................. 3,490,000
7,055,000 Franklin Park, IL GO, MSTR,
Ser. 1993, (LOC: Societe Generale & Ins. by
AMBAC),
2.92%, VRDN (a)............................. 7,055,000
16,640,000 Hazelcrest (Vlg. of), IL Retirement Ctr. RB,
Waterford Estates Proj., Ser. 1992A, (LOC:
Sumitomo Bank, Ltd.),
3.95%, VRDN................................. 16,640,000
34,400,000 Illinois GO, ROC, Ser. 1998-39,
(LOC: Toronto Dominion Bank),
2.92%, VRDN (a)............................. 34,400,000
3,500,000 Illinois IDRB, MTI Corp. Proj.,
(LOC: Indl. Bank of Japan, Ltd.),
4.20%, VRDN................................. 3,500,000
6,900,000 Illinois Dev. Fin. Auth. RB,
General Accident Insurance Co. of America,
Ser. 1985-ARB, (Gtd. by Gen. Accident Ins.
Co. of America),
3.55%, 3/1/99............................... 6,899,851
1,100,000 Lombard, IL IDRB, Chicago Roll Co., Inc.,
Ser. 1995, (LOC: America Natl. Bank & Trust,
N.A.),
3.00%, VRDN................................. 1,100,000
16,755,000 Metropolitan Pier & Exposition Auth., IL,
PFOTER, Ser. PZ-1, (LIQ: Merrill Lynch &
Co., Inc. & Ins. by FGIC),
3.15%, VRDN (a)............................. 16,755,000
1,000,000 Peoria, IL IDRB, PMP Fermentation Products,
Inc., (LOC: Sanwa Bank, Ltd.),
4.25%, VRDN................................. 1,000,000
6,500,000 Peoria, IL Sld. Wst. Disp. RB, PMP
Fermentation Products, Inc.,
Ser. 1996, (LOC: Sanwa Bank, Ltd.),
4.25%, VRDN................................. 6,500,000
1,850,000 Skokie, IL, EDRB, Skokie Fashion Sq. Proj.,
(LOC: LaSalle Natl. Bank),
3.075%, VRDN................................ 1,850,000
15,210,000 Vernon Hills, IL MHRB, Hawthorn Lakes Proj.,
Ser. 1991, (LIQ: Fuji Bank, Ltd. & Ins. by
FSA),
2.95%, VRDN................................. 15,210,000
7,900,000 West Chicago, IL IDRB, Acme Printing Inc.,
Ser. 1989, (LOC: Bank of Tokyo-Mitsubishi,
Ltd.),
4.35%, VRDN................................. 7,900,000
--------------
179,806,823
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Indiana - 1.2%
$ 6,000,000 Avilla, IN EDRB, Pent Assemblies Inc., Ser.
1996, (LOC: Natl. City Bank),
4.35%, 2/1/99............................... $ 6,000,000
1,920,000 Madison, IN IDRB, Century Tube Corp. Proj.,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
3.95%, VRDN................................. 1,920,000
2,000,000 South Bend, IN MHRB, Maple Lane Assoc. Proj.,
Ser. 1987, (LOC: FHLB of Indianapolis),
3.00%, VRDN................................. 2,000,000
5,000,000 Spencer Cnty., IN PCRB, American Iron Oxide
Co. Proj., (LOC: Bank of Tokyo-Mitsubishi,
Ltd.),
3.92%, VRDN................................. 5,000,000
--------------
14,920,000
--------------
Iowa - 0.8%
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),
3.63%, 2/11/99 (a).......................... 10,000,000
--------------
Kansas - 0.2%
Salina (City of), KS RB, Salina
Central Mall Partnership,
(LOC: NationsBank, N.A.):
1,105,000 Dillard's Proj.,
2.95%, VRDN.................................. 1,105,000
1,200,000 Penney's Proj.,
2.95%, VRDN.................................. 1,200,000
--------------
2,305,000
--------------
Kentucky - 0.1%
1,735,000 Jefferson Cnty., KY Indl. Bldg. RB, Beneke
Wire Co. & Saranac Proj., (LOC: PNC Bank,
N.A.),
3.00%, VRDN................................. 1,735,000
--------------
Louisiana - 0.7%
9,000,000 West Baton Rouge Parish, LA Indl. Distr. RB,
Dow Chemical Co. Proj., Ser. B, (Gtd. by Dow
Chemical Co.),
3.25%, VRDN................................. 9,000,000
--------------
Massachusetts - 0.2%
Massachusetts Indl. Fin. Auth., IDRB:
300,000 Copley Pharmaceutical, Inc.,
(LOC: BankBoston, N.A.),
4.55%, VRDN.................................. 300,000
555,000 Kryptonite Issue, Ser. 1990,
(LOC: BankBoston, N.A.),
4.00%, 9/1/99................................ 555,000
500,000 Leavy Realty & Jencoat Metal Inc. Proj., Ser.
1994,
(LOC: BankBoston, N.A.),
4.30%, VRDN.................................. 500,000
</TABLE>
23
<PAGE>
E V E R G R E E N
Municipal Money Market Fund
Schedule of Investments(continued)
January 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Massachusetts - continued
Massachusetts Indl. Fin. Auth., IDRB --
continued
$ 700,000 Portland Causeway Realty Trust Co., Ser.
1988,
(LOC: Citibank, N.A.),
4.25%, VRDN.................................. $ 700,000
--------------
2,055,000
--------------
Michigan - 0.7%
6,000,000 Michigan St. Jobs Dev. Auth., PCRB, Mazda
Motor Mfg. USA Corp.,
(LOC: Sumitomo Bank, Ltd.),
4.20%, VRDN................................. 6,000,000
3,260,000 Sault Sainte Marie, MI Tribe Bldg. Auth. RB,
Ser. 1996A,
(LOC: Natl. City Bank),
3.65%, 6/1/99............................... 3,260,000
--------------
9,260,000
--------------
Minnesota - 4.8%
1,575,000 Duluth, MN EDA Healthcare RB, Benedictine
Inc., MSTR, Ser. 1994E, (LOC: Norwest Bank,
N.A.),
3.15%, VRDN (a)............................. 1,575,000
1,890,000 Duluth, MN EDA Hosp. Facs. RB,
St. Luke's Hosp., MSTR, Ser. 1994F, (LOC:
Norwest Bank, N.A.),
3.15%, VRDN (a)............................. 1,890,000
Minneapolis, MN GO
(LOC: Norwest Bank, N.A.):
850,000 Convention Ctr. Proj., MSTR,
Ser. 1996B,
3.15%, VRDN (a).............................. 850,000
4,220,000 Sports Arena Proj., MSTR, Ser. 1996A,
3.15%, VRDN (a).............................. 4,220,000
Minneapolis-St. Paul, MN Hsg. & Redev. Auth.
Healthcare Sys. RB, MSTR: (LOC: Norwest
Bank, N.A. & Ins. by FSA):
6,500,000 Ser. 1996E,
3.15%, VRDN (a).............................. 6,500,000
1,310,000 Ser. 1996G,
3.15%, VRDN (a).............................. 1,310,000
965,000 North Branch, MN GO, Independent Sch. Dist.
#138, MSTR, Ser. 1996C, (LOC: Norwest Bank,
N.A. & Ins. by FGIC),
3.15%, VRDN (a)............................. 965,000
1,325,000 Osseo, MN GO, Independent Sch. Dist. # 279,
MSTR, Ser. 1994H,
(LOC: Norwest Bank, N.A. & Ins. by FGIC),
3.15%, VRDN (a)............................. 1,325,000
1,000,000 Prior Lake, MN GO, Independent Sch. Dist.
#719, MSTR, Ser. 1996D, (LOC: Norwest Bank,
N.A. & Ins. by FGIC),
3.15%, VRDN (a)............................. 1,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Minnesota - continued
$ 2,510,000 Richfield, MN GO, Independent Sch. Dist.
#280, MSTR, Ser. 1994P, (LIQ: U.S. Bank,
N.A. & Ins. by FGIC),
3.15%, 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.),
3.15%, VRDN (a)............................. 1,260,000
750,000 Southern MN Muni. Pwr. Agy. RB, MSTR, Ser.
1996I, (LIQ: Norwest Bank, N.A. & Ins. by
FGIC),
3.15%, VRDN (a)............................. 750,000
Spring Lake Park, MN GO, Independent Sch.
Dist. #016, MSTR, (LIQ: Norwest Bank, N.A. &
Ins. by MBIA):
2,175,000 Ser. 1996E
3.15%, VRDN (a).............................. 2,175,000
1,000,000 Ser. 1996G,
3.15%, VRDN (a).............................. 1,000,000
St. Louis Park, MN Hlth. Care Facs. RB, Hlth.
Sys. of MN, MSTR
(LIQ: Norwest Bank, N.A. & Ins. by AMBAC):
10,200,000 Ser. 1994-U1
3.15%, VRDN (a).............................. 10,200,000
14,000,000 Ser. 1994-V1
3.15%, VRDN (a).............................. 14,000,000
2,200,000 Stewartville, MN IDRB, Halcon Corp. Proj.,
(LIQ: U.S. Bank, N.A.),
3.05%, VRDN................................. 2,200,000
7,090,000 Washington Cnty., MN Hsg. & Redev. Auth.,
Granada Pond Apts. Proj.,
(LOC: Sumitomo Bank, Ltd.),
4.30%, VRDN................................. 7,090,000
--------------
60,820,000
--------------
Mississippi - 0.2%
3,000,000 Mississippi Business Fin. Corp.
IDRB, Nitek Metal Svcs. Inc. Proj.,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
4.10%, VRDN................................. 3,000,000
--------------
Missouri - 0.3%
4,145,000 Missouri Dev. Fin. Board IDRB,
Cook Composite Co. Proj., Ser. 1994, (LOC:
Societe Generale),
3.15%, VRDN................................. 4,145,000
--------------
Nebraska - 0.8%
9,900,000 Nebraska Pub. Pwr. Dist. RB, MSTR, Ser. A,
(LOC: Banc One Capital Hldgs. Inc. & Ins. by
MBIA),
3.375%, 2/11/99 (a)......................... 9,900,000
--------------
</TABLE>
24
<PAGE>
E V E R G R E E N
Municipal Money Market Fund
Schedule of Investments(continued)
January 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Nevada - 2.3%
Nevada St. GO:
$ 5,000,000 ABN-Amro Munitops Certificates Trust, Ser.
1998-1,
(LOC: ABN-Amro Bank & Ins.
by MBIA),
2.90%, VRDN (a).............................. $ 5,000,000
16,560,000 Capital Improvements, MSTR,
Ser. 1998 Class A, (LOC: Banc One Capital
Holdings, Inc.),
2.92%, VRDN (a).............................. 16,560,000
7,865,000 Proj. #65, ROC, Ser. 1998-10,
(LOC: Toronto Dominion Bank &
Ins. by MBIA),
2.92%, VRDN (a).............................. 7,865,000
--------------
29,425,000
--------------
New Jersey - 0.9%
8,650,100 Bayonne, NJ, BAN,
4.375%, 9/10/99............................. 8,668,955
2,675,000 New Jersey EDA-RB, East Meadow Corp. Proj.,
Ser. 1986A,
(LOC: Sanwa Bank, Ltd.),
4.10%, VRDN................................. 2,675,000
--------------
11,343,955
--------------
New York - 6.7%
Battery Park, NYC, NY Hsg. Auth. RB, Marina
Towers Tender Corp. Proj., (LOC: Sumitomo
Bank, Ltd.):
8,560,000 Ser. A,
4.00%, VRDN (a).............................. 8,560,000
7,765,000 Ser. B,
4.00%, VRDN (a).............................. 7,765,000
6,410,000 Merrill Lynch, Inc., PFOTER, PPT-5, (LOC:
Credit Suisse First Boston Corp. & Ins. by
FHA),
3.85%, 7/15/99 (a).......................... 6,410,000
2,825,000 New York, NY GO, Fiscal 1996,
MSTR, Ser. F, (LOC: Societe Generale & Ins.
by FSA),
2.92%, VRDN (a)............................. 2,825,000
6,500,000 New York St. Thruway Auth., Local Hwy. &
Bridge Svc., PFOTER, PA-17, (LOC: Merrill
Lynch, Inc.),
2.90%, VRDN (a)............................. 6,500,000
New York, NY Muni. Wtr. Fin. Auth. Wtr. &
Swr. Sys. RB:
1,400,000 MSTR, Ser. 27,
(LOC: Societe Generale & Ins. by FSA),
2.92%, VRDN (a).............................. 1,400,000
6,015,000 PFOTER, (LIQ: Bay Hypotheken-und & Ins. by
FSA),
2.85%, VRDN (a).............................. 6,015,000
10,750,000 PFOTER, Ser. 1998-C12,
(LOC: Bank of America, N.A.
& Ins. by FSA),
2.90%, 2/3/99 (a)............................ 10,750,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
New York - continued
New York, NY GO, PFOTER,
(LOC: Merrill Lynch, Inc.):
$12,495,000 PA-141 Ser. L,
2.90%, VRDN (a).............................. $ 12,495,000
19,855,000 PA-148 Ser. L,
2.90%, VRDN (a).............................. 19,855,000
3,055,000 PA-228 Ser. 1998C,
2.90%, VRDN (a).............................. 3,055,000
--------------
85,630,000
--------------
North Carolina - 1.5%
4,000,000 Cabarrus Cnty., NC Indl. Pollution
Ctl. & Fin. Auth. RB, Oiles America Corp.
Proj., Ser. 1989,
(LOC: Indl. Bank of Japan, Ltd.),
4.30%, VRDN................................. 4,000,000
10,995,000 North Carolina Muni. Pwr. Agy. RB, MSTR, Ser.
1998-43, Class A, (LOC: Bear Stearns Capital
Markets & Ins. by MBIA),
3.61%, 2/10/99 (a).......................... 10,995,000
4,000,000 Onslow Cnty., NC Indl. Facs.
Pollution Ctl. Fin. Auth. RB, Mine Safety
Appliance Co.,
(LOC: Sanwa Bank, Ltd.),
4.15%, VRDN................................. 4,000,000
--------------
18,995,000
--------------
North Dakota - 1.2%
16,000,000 Traill Cnty., ND Sld. Wst. Disp. RB, American
Crystal Sugar Co. Proj.,
(LOC: Norwest Bank, N.A.),
3.00%, VRDN................................. 16,000,000
--------------
Ohio - 1.0%
3,405,000 Ohio Hsg. Fin. Agy. MHRB, Pine Crossing
Proj., Ser. A,
(LOC: Sumitomo Bank, Ltd.),
4.55%, VRDN................................. 3,405,000
5,000,000 Ohio Turnpike Commission Auth. RB, Master
Lease Program,
(LOC: Citibank, N.A. & Ins. by FGIC),
2.92%, 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
--------------
12,305,000
--------------
Oklahoma - 0.3%
4,200,000 Oklahoma City, OK IDRB, OK Christian College,
(LOC: Sumitomo Bank, Ltd.),
3.95%, VRDN................................. 4,200,000
--------------
</TABLE>
25
<PAGE>
E V E R G R E E N
Municipal Money Market Fund
Schedule of Investments(continued)
January 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Oregon - 0.2%
Oregon St. EDRB,
(LOC: Union Bank of CA, N.A.):
$ 1,700,000 Pacific Coast Seafoods Co.,
3.75%, VRDN.................................. $ 1,700,000
1,050,000 Pacific Oyster Co.,
3.75%, VRDN.................................. 1,050,000
--------------
2,750,000
--------------
Pennsylvania - 2.2%
1,000,000 Allegheny Cnty., PA IDRB, Mine Safety
Appliance Co., Ser. 1991, (LOC: Sanwa Bank,
Ltd.),
4.15%, VRDN................................. 1,000,000
Butler Cnty., PA IDRB, Mine Safety Appliance
Co., (LOC: Sanwa
Bank, Ltd.):
1,000,000 Ser. 1991,
4.15%, VRDN.................................. 1,000,000
3,000,000 Ser. 1992A,
4.15%, VRDN.................................. 3,000,000
1,000,000 Ser. 1992B,
4.15%, VRDN.................................. 1,000,000
500,000 Elk Cnty., PA IDRB, Stackpole Corp. Proj.,
Ser. 1989, (LOC: Fleet Bank, N.A.),
4.25%, VRDN................................. 500,000
Philadelphia, PA Wtr. & Wst. Wtr. RB:
6,500,000 MSTR, Ser. 1997-11, Class A,
(LOC: Bear Stearns Capital Markets & Ins. by
FGIC),
3.58%, 2/8/99 (a)............................ 6,500,000
14,995,000 MSTR, Ser. 1999-1,
(LOC: Commerzbank, AG &
Ins. by AMBAC),
2.92%, VRDN (a).............................. 14,995,000
--------------
27,995,000
--------------
South Carolina - 2.6%
2,500,000 Berkeley Cnty., SC IDRB, Amoco Chemical Co.
Proj., (Gtd. by British Petroleum Amoco Oil
Co.),
3.30%, VRDN................................. 2,500,000
8,770,000 Lexington, SC Combined Wtr. & Swr. Sys. RB,
PFOTER, PA-177, (LIQ: Merrill Lynch, Inc. &
Ins. by Asset Gty. Corp.),
2.95%, VRDN (a)............................. 8,770,000
South Carolina Jobs EDRB:
500,000 Ridge Pallets Inc., Ser. B,
(LOC: Credit Commerce de France),
3.10%, VRDN.................................. 500,000
2,700,000 Roller Bearing Co. Proj., Ser. 1994A, (LOC:
Heller Finl. Inc.),
3.62%, VRDN.................................. 2,700,000
700,000 Tuttle Co., Inc., Ser. A,
(LOC: Bank of America, N.A.),
3.10%, VRDN.................................. 700,000
</TABLE>
<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 Certificates Trust, Ser.
1998-7, (LOC: ABN-Amro Bank & Ins. by FSA),
2.92%, VRDN (a)............................. $ 18,300,000
--------------
33,470,000
--------------
South Dakota - 0.4%
5,055,000 Rapid City, SD EDRB, Civic Ctr. Assoc. Proj.,
(LOC: Citibank, N.A.),
3.07%, VRDN................................. 5,055,000
--------------
Tennessee - 2.9%
2,300,000 Bristol, TN IDRB, Robinette Co. Proj., (LOC:
First American Natl. Bank, N.A.),
3.05%, VRDN................................. 2,300,000
Chattanooga, TN IDRB:
3,200,000 Radisson Read House Proj.,
Ser. 1995, (LOC: Heller Finl. Inc.),
3.60%, VRDN.................................. 3,200,000
5,500,000 Top Flight, Inc. Proj.,
(LOC: Natl. Bank of Canada),
3.00%, VRDN.................................. 5,500,000
4,200,000 Jackson City, TN Hlth., Ed. & Hsg. Facs.
Board RB, Union University Proj., (LOC:
First American Natl. Bank, N.A.),
2.95%, VRDN................................. 4,200,000
4,900,000 Maryville, TN Board of Ed. IDRB, Maryville
College Proj., (LOC: First American Natl.
Bank, N.A.),
2.95%, VRDN................................. 4,900,000
700,000 Nashville & Davidson Cnty. (Metro. Gov't.
of), TN, IDRB, Wellington IV Assoc. Proj.,
(LOC: U.S. Bank, N.A.),
3.15%, VRDN................................. 700,000
8,465,000 Shelby Cnty., TN Hlth., Ed. & Hsg. Facs. RB,
MSTR, Ser. 1998-36,
Class A, (LOC: Bear Stearns Capital Markets
& Ins. by MBIA),
3.40%, 3/9/99 (a)........................... 8,465,000
8,000,000 Wilson Cnty., TN IDRB, Knight
Leasing Co. Proj., (LOC: First American
Natl. Bank, N.A.),
3.05%, VRDN................................. 8,000,000
--------------
37,265,000
--------------
Texas - 7.7%
5,700,000 Brazos River, TX Harbor Navigation Dist.,
Sld. Wst. RB, Silica Products, Inc. Proj.,
Ser. 1998, (LOC:
Bank of Tokyo-Mitsubishi, Ltd.),
4.10%, VRDN................................. 5,700,000
15,820,000 Dallas, TX Civic Center RB, MSTR 1998-33,
Class A, (LOC: Bear Stearns Capital Markets
& Ins. by MBIA),
3.40%, 3/9/99 (a)........................... 15,820,000
</TABLE>
26
<PAGE>
E V E R G R E E N
Municipal Money Market Fund
Schedule of Investments(continued)
January 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Texas - continued
$ 2,880,000 Galveston, TX Hsg. Fin. Corp. MHRB, Village-
by-the-Sea Apts. Proj., Ser. 1993,
(LOC: Sumitomo Bank, Ltd.),
4.30%, VRDN................................. $ 2,880,000
Harris Cnty., TX Indl. Dev. Corp. IDRB:
5,000,000 Southern Ionics, Inc. Proj.,
(LOC: Southtrust Bank, N.A.),
2.97%, VRDN.................................. 5,000,000
8,000,000 Zeon Chemicals Proj.,
(LOC: Indl. Bank of Japan, Ltd.),
4.40%, VRDN.................................. 8,000,000
9,705,000 Lewisville, TX Independent Sch.
Dist. RB, PFOTER, PZ-7,
(LIQ: Merrill Lynch, Inc. & Gtd. by Perm.
Sch. Fund),
3.15%, VRDN (a)............................. 9,705,000
1,750,000 Pooled Tax-Exempt Trust COP, Ser. 1990B,
(LOC: Bank of America, N.A.),
3.875%, 2/3/99 (a).......................... 1,750,000
38,790,000 Texas St. GO ROC, Ser. 98-11,
(LOC: Toronto Dominion Bank), 2.92%, VRDN
(a)......................................... 38,790,000
6,535,000 Texas St. Pub. Fin. Auth. Bldg. RB, General
Svcs. Comml. Proj., PCRB-3, (LIQ: Citibank,
N.A. & Ins. by AMBAC),
2.92%, VRDN (a)............................. 6,535,000
4,405,000 Ysleta, TX Independent Sch. Dist.
RB, PFOTER, PZ-9, (Gtd. by Permanent Sch.
Fund),
3.15%, VRDN (a)............................. 4,405,000
--------------
98,585,000
--------------
Utah - 0.2%
2,400,000 Summit Cnty., UT IDRB, Hornes' Kimball Proj.,
Ser. 1985,
(LOC: U.S. Bank, N.A.),
3.20%, VRDN................................. 2,400,000
--------------
Virginia - 0.2%
2,000,000 Henrico Cnty., VA IDRB, San-J Proj., (LOC:
Bank of America, N.A.),
2.95%, VRDN................................. 2,000,000
1,000,000 Rockingham Cnty., VA IDA-PCRB,
Merck & Co. Proj., Ser. 1982A,
(Gtd. by Merck & Co.),
2.95%, VRDN................................. 1,000,000
--------------
3,000,000
--------------
Washington - 3.8%
10,000,000 King Cnty., WA Sch. Dist. RB, MSTR MTC 31,
(LOC: Bank One Capital Holdings & Ins. by
FGIC),
2.92%, VRDN (a)............................. 10,000,000
3,400,000 Pierce Cnty., WA Econ. Dev. Corp.
RB, Northwest Banking Proj.,
(LOC: U.S. Bank, N.A.),
2.85%, VRDN................................. 3,400,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Washington - continued
Washington St. GO, ROC,
(LOC: Toronto Dominion Bank):
$ 7,430,000 Ser. 98-13,
2.92%, VRDN (a).............................. $ 7,430,000
10,080,000 Ser. 98-14,
2.92%, VRDN (a).............................. 10,080,000
18,000,000 Ser. 98-15,
2.92%, VRDN (a).............................. 18,000,000
--------------
48,910,000
--------------
West Virginia - 1.8%
1,520,000 West Virginia St. GO, BankBoston
Trust Certificates, Ser. C, Class A,
(LOC: BankBoston, N.A. & Ins.
by FGIC),
2.96%, VRDN (a)............................. 1,520,000
21,185,000 West Virginia St. Pub. Energy Auth.
RB, PFOTER, PPT-184,
(LIQ: Bay Hypotheken-und & Union Bank of
Switzerland AG),
3.05%, VRDN (a)............................. 21,185,000
--------------
22,705,000
--------------
Wisconsin - 0.1%
1,000,000 Wisconsin St. GO, Ser. A,
5.75%, 5/1/99............................... 1,004,975
--------------
Other - 19.5%
Capital Realty Investors Tax Exempt Fund
Ltd., Floater Certificate, (LOC: Union Bank
of Switzerland AG):
6,345,000 Ser. 1993-3,
3.01%, VRDN (a).............................. 6,345,000
21,285,000 Ser. 1996-1,
3.01%, VRDN (a).............................. 21,285,000
19,900,000 Ser. 1996-2,
3.01%, VRDN (a).............................. 19,900,000
11,500,000 Charter Mac Floater Certificate
Trust I, Low Floater Certificates,
2nd Tranche, (LOC: Bayerische Landesbanken &
Ins. by MBIA), 3.02%, VRDN (a).............. 11,500,000
23,859,000 Clipper Tax Exempt Certificates Trust, Ser.
1998-1B, (LOC: State Street Bank & Ins. by
MBIA),
3.07%, VRDN (a)............................. 23,859,000
Merrill Lynch, Inc., PFOTER:
14,390,000 PPT-6, (LOC: Credit Suisse First Boston Corp.
& Ins. by FHA),
3.90%, 7/8/99 (a)............................ 14,390,000
9,260,000 PPT-7,
(Ins. by AMBAC),
3.90%, 3/11/99 (a)........................... 9,260,000
64,785,000 SGP-1,
(LIQ: Societe Generale & Ins. by MBIA),
2.95%, VRDN (a).............................. 64,785,000
50,500,000 SGP-3,
(LIQ: Societe Generale),
3.10%, VRDN (a).............................. 50,500,000
</TABLE>
27
<PAGE>
E V E R G R E E N
Municipal Money Market Fund
Schedule of Investments(continued)
January 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Other - continued
$ 2,360,000 Morgan Keegan Muni. Products Trust Receipts,
Ser. 1998A,
(LOC: Credit Local de France & Gtd. by U.S.
Treasury),
3.02%, VRDN (a)............................. $ 2,360,000
Pitney Bowes Credit Corp. Leasetop Trusts,
(LOC: Pitney Bowes Credit Corp. & Ins. by
AMBAC):
6,119,167 Ser. 1998-1,
3.00%, VRDN (a).............................. 6,119,167
18,381,932 Ser. 1998-2,
3.05%, VRDN (a).............................. 18,381,932
--------------
248,685,099
--------------
Total Municipal Obligations
(cost $1,264,115,852)....................... 1,264,115,852
--------------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
MUTUAL FUND SHARES - 0.9%
7,400,000 Federated Municipal Obligation Fund............... $ 7,400,000
4,400,000 Federated Tax Free Obligation Fund................ 4,400,000
--------------
Total Mutual Fund Shares
(cost $11,800,000)............................... 11,800,000
--------------
Total Investments -
(cost $1,275,915,852)..................... 99.9% 1,275,915,852
Other Assets and
Liabilities - net......................... 0.1 1,262,213
----- --------------
Net Assets - .............................. 100.0% $1,277,178,065
===== ==============
</TABLE>
28
<PAGE>
E V E R G R E E N
Municipal Money Market Fund
Schedule of Investments(continued)
January 31, 1999
(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 under guidelines established by the Board of
Trustees.
Summary of Abbreviations:
AMBAC American Municipal Bond Assurance Corp.
ARB Adjustable Rate Bond
BAN Bond Anticipation Note
CDA Community Development Authority
COP Certificates 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.
GO General Obligation
HFA Housing Finance Authority
IDA Industrial Development Authority
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 Putable Floating Option Tax Exempt Receipt
PPT Pooled Putable Trust
RB Revenue Bond
ROC Reset Option Certificate
SAK Sakura Trust
SGP Societe General Pool
VRDN Variable Rate Demand Note
Adjustable Rate Bonds are putable back to the issuer or other parties not
affiliated with the issuer at par on the interest reset dates. Interest
rates are determined and set by the issuer quarterly, semi-annually or
annually depending upon the terms of the security. Interest rates and
reset dates presented for these securities are those in effect at January
31, 1999.
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
security. Interest rates presented for these securities are those in
effect at January 31, 1999.
Certain obligations held in the portfolio have credit enhancements or
liquidity features that may, under certain circumstances, provide for
repayment of principal and interest on the obligation upon demand date,
interest 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.
29
<PAGE>
E V E R G R E E N
New Jersey Municipal Money Market Fund
Schedule of Investments
January 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 97.9%
District of Columbia - 1.6%
$1,500,000 District of Columbia RB,
Multimodal - Medlantic, Ser. C, (Ins. by FSA)
3.20%, VRDN......................................... $ 1,500,000
-----------
Florida - 1.6%
1,500,000 Saint Lucie Cnty., FL PCRB 3.20%, VRDN............... 1,500,000
-----------
New Jersey - 88.4%
2,200,000 Hudson Cnty., NJ Impt. Auth. Facs., Lease RB, Ser.
1998-34,
(Ins. by FGIC)
2.77%, VRDN (a)..................................... 2,200,000
1,200,000 New Jersey Econ. Dev. Natural Gas Facs. RB, Natural
Gas Co., Ser. A,
(Ins. by AMBAC)
3.15%, VRDN......................................... 1,200,000
New Jersey EDA RB:
3,400,000 400 Intl. Dr. Proj.,
(LOC: Morgan Guaranty Trust)
3.00%, VRDN.......................................... 3,400,000
9,800,000 Cranes Mill, Ser. 1997C,
(LOC: Banque Paribas)
2.60%, VRDN.......................................... 9,800,000
4,100,000 Hoffman La Roche Inc. Proj., Ser. B,
(LOC: Bayerische Landesbank)
3.25%, VRDN.......................................... 4,100,000
2,000,000 Peddie Sch. Proj., Ser. B, (SPA: First National Bank)
2.65%, VRDN.......................................... 2,000,000
6,300,000 Stolhaven Proj., Ser. A,
(LOC: Citibank, N.A.)
3.15%, VRDN.......................................... 6,300,000
4,770,000 New Jersey EDA Indl. & Econ. Dev. RB, East Meadow
Corp., Ser. 1986B, (LOC: Sanwa Bank, Ltd.)
4.10%, VRDN......................................... 4,770,000
3,200,000 New Jersey EDA Mfg. Facs. RB, Commerce Ctr. Proj.,
(LOC: PNC Bank, N.A.)
2.65%, VRDN......................................... 3,200,000
8,000,000 New Jersey EDA Thermal Energy Facs. RB, Ser. 1997,
(LOC: First National Bank Chicago)
2.65%, VRDN......................................... 8,000,000
New Jersey EDA Wtr. Facs. RB:
4,400,000 Elizabethtown Wtr. Co. Proj.,
Ser. 1997B (Ins. by AMBAC)
2.55%, VRDN.......................................... 4,400,000
900,000 United Wtr. Proj., Ser. 1996A
(Ins. by AMBAC)
3.00%, VRDN.......................................... 900,000
2,300,000 New Jersey Edl. Facs. Auth. RB, Floater Certificates,
2.77%, VRDN (a)..................................... 2,300,000
4,945,000 New Jersey, Floater Certificates, 2.82%, VRDN (a).... 4,945,000
5,130,000 New Jersey Sports & Exposition Auth. Contract, MTC,
Ser. 36A, 2.77%, VRDN (a)........................... 5,130,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
New Jersey - continued
New Jersey Trans. Trust Fund Auth., Floater
Certificates:
$3,000,000 2.82%, VRDN (a)...................................... $ 3,000,000
8,400,000 Ser. 1998-82,
(LIQ: Morgan Stanley)
2.82%, VRDN.......................................... 8,400,000
3,000,000 New Jersey Turnpike Auth. Turnpike RB, Ser. 1991D,
(LOC: Societe Generale & Ins. by FGIC)
2.45%, VRDN......................................... 3,000,000
6,600,000 Newark, NJ Healthcare Facs. RB,
Ser. 1995, (COLL: GNMA/FHA) 4.30%, VRDN............. 6,600,000
-----------
83,645,000
-----------
New York - 0.3%
295,000 New York Med. Care Facs., Floating Rate Receipts,
3.45%, VRDN (a)..................................... 295,000
-----------
Puerto Rico - 6.0%
5,700,000 Puerto Rico Comwlth. Hwy. & Transit Auth., ROCs, Ser.
1998-1,
(Ins. by MBIA)
2.72%, VRDN (a)..................................... 5,700,000
-----------
Total Municipal Obligations
(cost $92,640,000).................................. 92,640,000
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
<C> <S> <C> <C>
MUTUAL FUND SHARES - 1.6% (cost $1,500,000)
1,500,000 Federated New Jersey Municipal Cash Trust........... 1,500,000
-----------
Total Investments -
(cost $94,140,000).......................... 99.5% 94,140,000
Other Assets and
Liabilities - net........................... 0.5 502,680
----- -----------
Net Assets -................................. 100.0% $94,642,680
===== ===========
</TABLE>
30
<PAGE>
E V E R G R E E N
New Jersey Municipal Money Market Fund
Schedule of Investments (continued)
January 31, 1999
(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 Corporation
COLL Collateral
EDA Economic Development Authority
FGIC Federal Guaranty Insurance Company
FHA Federal Housing Authority
FSA Financial Security Assurance, Inc.
GNMA Government National Mortgage Association
LIQ Liquidity Provider
LOC Letter of Credit
MBIA Municipal Bond Investors Assurance
MTC Municipal Trust Certificates
PCRB Pollution Control Revenue Bond
RB Revenue Bond
ROCs Reset Option Certificates
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 security. Interest rates
presented for these securities are those in effect at January 31, 1999.
Certain obligations held in the portfolio have credit enhancements or liquidity
features that may, under certain circumstances, provide for repayment of
principal and interest on the obligation upon demand date, interest 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.
31
<PAGE>
E V E R G R E E N
Pennsylvania Municipal Money Market Fund
Schedule of Investments
January 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 97.3%
Pennsylvania - 95.8%
Allegheny Cnty., PA Arpt. Rev. PFOTER, (Ins. by MBIA):
$2,000,000 PA-329,
2.82%, VRDN........................................... $ 2,000,000
4,400,000 PA-176,
2.77%, VRDN........................................... 4,400,000
Allegheny Cnty., PA Hosp. Dev. Auth. RB:
3,000,000 St. Francis Hlth. Ctr. Sys., (LOC: First National Bank
of Chicago), 2.75%, VRDN.............................. 3,000,000
1,655,000 St. Margaret Memorial Hosp., 2.85%, 2/4/99............ 1,655,000
Allegheny Cnty., PA IDA RB, (LOC: Mellon Bank N.A.):
1,750,000 Multi-Mode, Chelsea Industries Inc., 3.00%, VRDN...... 1,750,000
1,505,000 United Jewish Federation Proj., Ser. A,
2.85%, VRDN........................................... 1,505,000
Allegheny Cnty., PA Sanitation Auth. Swr. Rev.,
PFOTER, (Ins. by MBIA):
7,000,000 2.95%, VRDN........................................... 7,000,000
1,000,000 Susqua Hanna Struc. Prod., 2.95%, VRDN (a)............ 1,000,000
1,100,000 Beaver Cnty., PA IDA, Ser. 90C, (LOC: Barclays Bank),
2.80%, VRDN.......................................... 1,099,998
Beaver Cnty., PA IDA-PCRB:
5,000,000 Atlantic Richfield,
(LOC: Barclays Bank),
2.70%, VRDN........................................... 5,000,000
1,000,000 Ohio Edison, Ser. A,
(LOC: Barclays Bank),
4.05%, 4/1/99......................................... 1,000,637
2,000,000 The Toledo Edison Co. Mansfield, Ser. 1992E-TECP,
(LOC: Toronto Dominion Bank),
3.05%, 5/19/99........................................ 2,000,000
1,200,000 Bucks Cnty., PA IDA-RRB, SHV Real Estate, Inc., Ser.
1984,
(LOC: ABN-AMRO Bank),
3.05%, VRDN.......................................... 1,200,000
2,000,000 Cambria Cnty., PA IDA Resource Recovery RB,
Cambria Cogen Co. Ser. A-2,
2.75%, VRDN.......................................... 2,000,000
1,000,000 Clarion Cnty., PA IDA, Meritcare MTC Inc. Proj., Ser.
1991A,
(LOC: PNC Bank),
2.85%, VRDN.......................................... 1,000,000
2,000,000 Dauphin Cnty., PA General Auth. RB, Ed. & Hlth. Loan
Prog., (SPA: Chase Manhattan Bank & Ins. by AMBAC),
2.80%, VRDN.......................................... 2,000,000
1,100,000 Dauphin, PA IDRB, Independent Colleges & Universities,
2.85%, VRDN.......................................... 1,100,000
Delaware Cnty., PA IDA:
2,140,000 2.60%, VRDN........................................... 2,140,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Pennsylvania - continued
Delaware Cnty., PA IDA - continued
$ 800,000 Arpt. Facs., United Parcel Service Proj.,
3.15%, VRDN........................................... $ 800,000
Delaware Valley, PA Registered Fin. Auth.,
(LOC: Credit Suisse First Boston):
1,100,000 Local Government RB, Ser. D, 2.70%, VRDN.............. 1,100,000
3,700,000 Ser. B,
2.70%, VRDN........................................... 3,700,000
2,700,000 Eagle Tax Exempt Trust, Beaver Cnty., PA,
2.87%, VRDN.......................................... 2,700,000
Emmaus, PA General Auth. RB, (LOC: Kredietbank N.V.):
1,300,000 Subseries B-16,
2.70%, VRDN........................................... 1,300,000
2,000,000 Subseries C-15,
2.70%, VRDN........................................... 2,000,000
3,000,000 Franconia Township, PA IDRB, Ashers Chocolates Proj.,
Ser. A,
(LOC: Mellon Bank N.A.),
3.10%, VRDN.......................................... 3,000,000
Geisinger Auth., PA Hlth. Sys. Rev., (SPA: Morgan
Guaranty Trust):
1,300,000 3.10%, VRDN........................................... 1,300,000
1,000,000 Ser. B,
7.625%, 7/1/99........................................ 1,035,185
650,000 Lawrence Cnty., PA IDA-PCRB, Calgon Corp. Proj., Ser.
A,
(SPA: Merck & Co.),
3.20%, VRDN.......................................... 650,000
Lehigh Cnty., PA Allegheny Elec., Inc., IDA:
1,000,000 3.20%, VRDN........................................... 1,000,000
500,000 PCRB Ser. 1985-A,
(LOC: Rabobank Nederland),
3.05%, VRDN........................................... 500,000
4,000,000 Mercer Cnty., PA IDA PCRB, Penntecq, Inc. Proj., (LOC:
Dai-Ichi Kangyo Bank, Ltd.),
4.85%, VRDN.......................................... 4,000,000
1,000,000 Montgomery Cnty., PA MSTR, Abbington Memorial Hosp.,
Ser. 1998-31 Class A, (LIQ: Bear Stearns Capital
Market & Ins. by AMBAC),
3.65%, VRDN.......................................... 1,000,000
Northampton Cnty., PA Higher Ed. Auth.:
2,455,000 PFOTER PA-176,
(LOC: Merrill Lynch & Co., Inc. & Ins. by MBIA),
2.77%, VRDN........................................... 2,455,000
3,600,000 RB, Lafayette College, Ser. A,
(LOC: Landesbakken Hessen-Thuringen Girozen),
2.85%, VRDN........................................... 3,600,000
</TABLE>
32
<PAGE>
E V E R G R E E N
Pennsylvania Municipal Money Market Fund
Schedule of Investments(continued)
January 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Pennsylvania - continued
Pennsylvania Econ. Dev. Fin. Auth.:
$1,100,000 Fansteel Inc. Proj.,
3.00%, VRDN........................................... $ 1,100,000
2,000,000 Ser. G10,
3.00%, VRDN........................................... 2,000,000
2,750,000 Pennsylvania Energy Dev. Auth. RB, B&W Ebensburg
Proj.,
(LOC: Landesbakken Hessen-Thuringen Girozen),
2.75%, VRDN.......................................... 2,750,000
1,000,000 Pennsylvania, GO, Second Ser.,
5.30%, 7/1/99........................................ 1,006,585
2,895,000 Pennsylvania Hsg. Fin. Agcy., PFOTER PT-119B, (SPA:
Credit Suisse First Boston Corp.),
2.82%, VRDN.......................................... 2,895,000
1,000,000 Pennsylvania Intergovernmental Coop. Auth. MSTR, (Ins.
by MBIA), 2.77%, VRDN................................ 1,000,000
2,000,000 Pennsylvania Higher Ed. Assistance Agcy., Student Loan
RB, Ser. A, (LOC: SLMA),
2.85%, VRDN.......................................... 2,000,000
Pennsylvania Higher Ed. Facs. Auth. RB:
Carnegie Mellon Univ. (SPA: Union Bank of Switzerland
N.V. and Morgan Guaranty Trust):
2,500,000 Ser. B,
3.10%, VRDN........................................... 2,500,000
2,200,000 Ser. C,
3.10%, VRDN........................................... 2,200,000
800,000 Council of Independent Colleges, Waynesburg College,
Ser. A8,
(LOC: PNC Bank N.A.),
2.85%, VRDN........................................... 800,000
360,000 Drexel University, Second Ser.,
(Ins. by MBIA),
4.25%, 5/1/99......................................... 360,365
855,000 Pennsylvania Hsg. Fin. Agcy., PFOTER PT-119A,
2.77%, VRDN (a)...................................... 855,000
4,800,000 Philadelphia, PA Arpt. RB, MSTR SG 118, (SPA: Societe
Generale & Ins. by FGIC),
2.82%, VRDN.......................................... 4,800,000
3,000,000 Philadelphia, PA Gas Works Rev., PFOTER, (Ins. by
FSA),
2.77%, VRDN.......................................... 3,000,000
1,300,000 Philadelphia, PA Hosp. & Higher Ed. Facs. Auth. RB,
Children's Hosp. of Philadelphia, Ser. B,
(SPA: Morgan Guaranty Trust),
3.10%, VRDN.......................................... 1,300,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Pennsylvania - continued
$2,100,000 Philadelphia, PA RANS, 4.25%, 6/30/99............... $ 2,105,080
2,000,000 Philadelphia, PA Sch. District GO, PFOTER PA-151,
2.77%, VRDN........................................ 2,000,000
5,000,000 Philadelphia, PA Wtr. & Wst. Wtr. Rev., (Ins. by
AMBAC),
2.92%, VRDN........................................ 5,000,000
3,500,000 Philadelphia, PA, MSTR, Ser. 1997-11 Class A, (LIQ:
Bear Stearns Capital Market & Ins. by FGIC),
3.58%, 2/8/99 (a).................................. 3,500,000
3,000,000 Pittsburgh, PA GO MSTR., Ser. SG71, (SPA: Societe
Generale & Ins. by FGIC),
2.77%, VRDN (a).................................... 3,000,000
1,445,000 Pittsburgh, PA Wtr. & Swr. Auth., PFOTER PA-415,
2.95%, VRDN........................................ 1,445,000
5,180,000 Quakertown, PA General Auth. RB, Pooled Financing
Program, Ser. A, (LOC: PNC Bank N.A.),
2.90%, VRDN........................................ 5,180,000
1,000,000 Schuylkill Cnty., PA IDRB, Gilberton Power Proj.,
(LOC: Mellon Bank N.A.),
2.70%, VRDN........................................ 1,000,000
1,385,000 Washington Cnty., PA Auth. Lease RB, Eye & Ear Hosp.
of Pittsburgh, Ser. B-1,
2.85%, VRDN........................................ 1,385,000
4,085,000 Westmoreland Cnty. IDRB, White Consolidated Ind.,
Inc.,
(LOC: Bank of Nova Scotia),
3.36%, 6/1/99...................................... 4,085,000
2,300,000 Wilkes Barre, PA IDA Toys R Us, 2.825%, VRDN........ 2,300,000
------------
130,557,850
------------
Other - 1.5%
2,000,000 Pennsylvania Ed. Facs. (Temple) Munitops
Certificates, 3.17%, VRDN.......................... 2,000,000
------------
Total Municipal Obligations
(cost $132,557,850)................................ 132,557,850
------------
</TABLE>
<TABLE>
<CAPTION>
Shares
<C> <S> <C> <C>
MUTUAL FUND SHARES - 1.7% (cost $2,300,000)
2,300,000 Federated Pennsylvania Cash Trust................... 2,300,000
------------
Total Investments -
(cost $134,857,850).................... 99.0% 134,857,850
Other Assets and Liabilities - net...... 1.0 1,334,535
------ ------------
Net Assets -............................ 100.0% $136,192,385
====== ============
</TABLE>
33
<PAGE>
E V E R G R E E N
Pennsylvania Municipal Money Market Fund
Schedule of Investments (continued)
January 31, 1999
(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 under guidelines established by the Board of
Trustees.
Summary of Abbreviations:
AMBAC American Municipal Bond Assurance Corp.
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 Certificates
PCRB Pollution Control Revenue Bond
PFOTER Putable Floating Option Tax Exempt Receipt
RANS Revenue Anticipation Notes
RB Revenue Bond
RRB Revenue Refunding Bond
SLMA Student Loan Marketing Association
SPA Security Purchase Agreement
TECP Tax Exempt Commercial Paper
VRDN Variable Rate Demand Note
Adjustable Rate Bonds are putable back to the issuer or other parties not
affiliated with the issuer at par on the interest reset dates. Interest rates
are determined and set by the issuer quarterly, semi-annually or annually
depending upon the terms of the security. Interest rates and reset dates
presented for these securities are those in effect at January 31, 1999.
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 security. Interest rates
presented for these securities are those in effect at January 31, 1999.
Certain obligations held in the portfolio have credit enhancements or liquidity
features that may, under certain circumstances, provide for repayment of
principal and interest on the obligation upon demand date, interest 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.
34
<PAGE>
E V E R G R E E N
Treasury Money Market Fund
Schedule of Investments
January 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
U. S. TREASURY NOTES - 20.5%
$200,000,000 5.625%, 11/30/99................................. $ 201,473,692
200,000,000 5.625%, 12/31/99................................. 201,559,335
50,000,000 5.75%, 9/30/99................................... 50,317,810
125,000,000 5.875%-6.875%, 8/31/99........................... 125,682,166
250,000,000 6.25%, 3/31/99 +................................. 250,273,785
50,000,000 6.375%, 4/30/99 +................................ 50,088,982
25,000,000 6.375%, 5/15/99.................................. 25,050,840
--------------
Total U. S. Treasury Notes
(cost $904,446,610)............................. 904,446,610
--------------
REPURCHASE AGREEMENTS* - 86.1%
220,000,000 ABN-Amro, Inc.,
4.72%, dated 1/29/99, due 2/1/99 (1)............ 220,000,000
220,000,000 Barclays Capital,
4.70%, dated 1/25/99, due 2/1/99 (2)............ 220,000,000
220,000,000 Credit Suisse First Boston Corp.,
4.72%, dated 1/25/99, due 2/1/99 (3)............ 220,000,000
103,286,858 Dean Witter Reynolds, Inc.,
5.25%, dated 9/2/98, due 3/31/99 (4)**.......... 103,286,858
530,000,000 Deutsche Bank GC,
4.75%, dated 1/25/99, due 2/1/99 (5)............ 530,000,000
220,000,000 Dresdner Bank AG,
4.70%, dated 1/25/99, due 2/1/99 (6)............ 220,000,000
15,037,500 Dresdner Bank AG,
5.48%, dated 8/3/98, due 2/1/99 (7)............. 15,037,500
154,875,000 Dresdner Bank AG,
5.29%, dated 9/2/98, due 3/31/99 (8)**.......... 154,875,000
50,625,000 Dresdner Bank AG,
4.67%, dated 12/4/98, due 4/30/99 (9)**......... 50,625,000
220,000,000 Goldman Sachs & Co.,
4.71%, dated 1/29/99, due 2/1/99 (10)........... 220,000,000
220,000,000 Greenwich Capital Markets,
4.73%, dated 1/29/99, due 2/1/99 (11)........... 220,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
REPURCHASE AGREEMENTS - continued
$200,000,000 JP Morgan Securities, Inc.,
4.72%, dated 1/29/99, due 2/1/99 (12)...... $ 200,000,000
220,000,000 Lehman Brothers, Inc.,
4.70%, dated 1/29/99, due 2/1/99 (13)...... 220,000,000
220,000,000 Morgan Stanley & Co.,
4.70%, dated 1/25/99, due 2/1/99 (14)...... 220,000,000
100,000,000 NationsBanc Montgomery Securites,
4.73%, dated 1/29/99, due 2/1/99 (15)...... 100,000,000
220,000,000 Salomon Smith Barney, Inc., 4.74%, dated
1/25/99, due 2/1/99 (16)................... 220,000,000
220,000,000 Societe Generale Cowen Securities Corp.,
4.73%, dated 1/29/99, due 2/1/99 (17)...... 220,000,000
74,856,643 State Street Bank & Trust Co., 4.70%, dated
1/29/99, due 2/1/99 (18)................... 74,856,643
370,000,000 Warburg Dillon Reed LLC,
4.72%, dated 1/29/99, due 2/1/99 (19)...... 370,000,000
--------------
Total Repurchase Agreements
(cost $3,798,681,001)...................... 3,798,681,001
--------------
<CAPTION>
Shares
<C> <S> <C>
MUTUAL FUND SHARES - 0.3% (cost $11,347,605)
11,347,605 Fidelity Institutional Cash Portfolio
Treasury Class 1........................... 11,347,605
--------------
Total Investments -
(cost $4,714,475,216)............... 106.9% 4,714,475,216
Other Assets and
Liabilities - net................... (6.9) (303,021,317)
----- --------------
Net Assets - ........................ 100.0% $4,411,453,899
===== ==============
</TABLE>
35
<PAGE>
E V E R G R E E N
Treasury Money Market Fund
Schedule of Investments (continued)
January 31, 1999
** Represents collateral received for securities on loan.
+ Securities on loan (see Note 8).
* Collateralized by:
(1) $490,544,000 U.S. Treasury STRIPS, 2/15/05 to 8/15/20; value in-
cluding accrued interest - $224,400,092.
(2) $216,397,000 U.S. Treasury Notes, 7.75% 11/30/99 to 12/31/99;
value including accrued interest - $224,400,512.
(3) $152,076,000 U.S. Treasury Bonds, 7.25% to 9.87%, 11/15/15 to
8/15/17; value including accrued interest - $226,621,465.
(4) $308,540,000 U.S. Treasury STRIPS, 8/15/01 to 2/15/25; value in-
cluding interest - $105,552,718.
(5) $537,525,254 GNMA, 6.00% to 9.00%, 11/15/20 to 12/15/28; value in-
cluding accrued interest - $540,606,074.
(6) $344,277 U.S. Treasury Bills, 12/09/99; value including accrued
interest - $344,412, $114,873,932 U.S. Treasury Notes, 5.50% to
13.125%, 3/31/00 to 5/31/03; value including accrued interest -
$114,918,925, $104,781,791 U.S. Treasury Bonds, 5.50% to 12.75%,
12/09/99 to 8/15/28; value including accrued interest -
$104,822,830.
(7) $15,037,500 U.S. Treasury Notes, 5.75% 9/30/99; value including
accrued interest - $15,408,970.
(8) $102,575,000 U.S. Treasury Notes, 5.75% to 5.875%, 11/15/05 to
8/15/03; value including accrued interest - $104,911,057,
$52,300,000 U.S. Treasury Bonds, 8.25%, 5/15/05; value including
accrued interest - $53,521,946.
(9) $50,625,000 U.S. Treasury Bonds, 12.75%, 11/15/10; value including
acccrued interest - $51,090,771.
(10) $214,814,000 U.S. Treasury Notes, 5.375% to 6.25%, 7/31/00 to
02/28/03; value including accrued interest - $224,400,085.
(11) $220,003,864 U.S. Treasury Bonds, 2.438% to 8.00%, 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
accrued interest - $104,922,162, $58,192,000 U.S. Treasury Bonds,
11.25%, 2/15/15; value including accrued interest - $99,078,571.
(13) $161,007,000 U.S. Treasury Notes, 6.37% to 6.50%, 4/30/99 to
5/15/99; value including interest - $164,030,869, $165,096,000
U.S. Treasury STRIPS, 5/15/17; value - $60,326,081.
(14) $220,120,000 U.S. Treasury Notes, 5.50% to 5.75%, 9/30/99 to
02/29/00; value including accrued interest - $225,497,745.
(15) $97,300,000 U.S. Treasury Notes, 5.25%, 8/15/03; value including
accrued interest - $102,172,272.
(16) $209,180,000 U.S. Treasury Notes, 5.50% to 7.75%, 1/31/00 to
2/15/07; value including accrued interest - $224,402,861.
(17) $222,182,000 U.S. Treasury Notes, 3.875%, 1/15/09; value including
accrued interest - $224,510,160.
(18) $74,410,000 U.S. Treasury Notes, 5.375%, 7/31/00; value including
accrued interest - $77,107,363.
(19) $845,133,000 U.S. Treasury STRIPS, 11/15/99 to 11/15/26; value in-
cluding accrued interest - $375,358,990, $1,746,000 U.S. Treasury
Notes, 5.625%, 5/15/01; value including interest - $1,805,493,
$227,000 U.S. Treasury Bonds, 6.25%, 8/15/23; value including in-
terest - $260,820.
Summary of Abbreviations:
GNMA Government National Mortgage Association
STRIPS Separately Traded Registered Interest and Principal Securities
See Combined Notes to Financial Statements.
36
<PAGE>
E V E R G R E E N
Money Market Funds
Statements of Assets and Liabilities
January 31, 1999
<TABLE>
<CAPTION>
Florida Municipal Money Municipal
Money Market Market Money Market
Fund Fund Fund
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets
Investments at amortized
cost...................... $83,990,975 $7,078,411,896 $1,275,915,852
Cash....................... 0 245,237 0
Receivable for securities
sold...................... 2,000,116 0 0
Receivable for Fund shares
sold...................... 0 5,305,072 586,491
Interest receivable........ 384,896 48,637,799 8,371,361
Prepaid expenses and other
assets.................... 16,652 226,768 57,029
- -------------------------------------------------------------------------------
Total assets............. 86,392,639 7,132,826,772 1,284,930,733
- -------------------------------------------------------------------------------
Liabilities
Distributions payable...... 212,835 19,913,421 1,762,191
Payable for securities
purchased................. 0 30,296,281 0
Payable for Fund shares
redeemed.................. 166 52,163,749 4,955,447
Due to custodian bank...... 1,710,972 0 81,122
Advisory fee payable....... 29,426 2,706,745 535,837
Distribution Plan expenses
payable................... 39,284 1,313,768 133,959
Due to other related
parties................... 3,598 0 0
Accrued expenses and other
liabilities............... 52,464 1,964,274 284,112
- -------------------------------------------------------------------------------
Total liabilities........ 2,048,745 108,358,238 7,752,668
- -------------------------------------------------------------------------------
Net assets................. $84,343,894 $7,024,468,534 $1,277,178,065
- -------------------------------------------------------------------------------
Net assets represented by
Paid-in capital............ $84,348,313 $7,025,886,637 $1,277,247,081
Undistributed
(overdistributed) net
investment income......... 0 (15,279) 127,812
Accumulated net realized
gains or losses on
securities................ (4,419) (1,402,824) (196,828)
- -------------------------------------------------------------------------------
Total net assets........... $84,343,894 $7,024,468,534 $1,277,178,065
- -------------------------------------------------------------------------------
Net assets consist of
Class A.................... $84,342,943 $5,209,809,205 $ 737,355,705
Class B.................... 0 65,215,722 0
Class C.................... 0 4,787,010 0
Class Y.................... 951 1,744,656,597 539,822,360
- -------------------------------------------------------------------------------
$84,343,894 $7,024,468,534 $1,277,178,065
- -------------------------------------------------------------------------------
Shares outstanding
Class A.................... 84,347,362 5,210,229,133 737,426,050
Class B.................... -- 65,220,505 --
Class C.................... -- 4,788,470 --
Class Y.................... 951 1,746,100,803 539,888,661
- -------------------------------------------------------------------------------
Net asset value per share
Class A.................... $ 1.00 $ 1.00 $ 1.00
- -------------------------------------------------------------------------------
Class B.................... -- $ 1.00 --
- -------------------------------------------------------------------------------
Class C.................... -- $ 1.00 --
- -------------------------------------------------------------------------------
Class Y.................... $ 1.00 $ 1.00 $ 1.00
- -------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
37
<PAGE>
E V E R G R E E N
Money Market Funds
Statements of Assets and Liabilities
January 31, 1999
<TABLE>
<CAPTION>
New Jersey Pennsylvania Treasury
Municipal Money Municipal Money Money Market
Market Fund Market Fund Fund
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets
Investments in securities...... $94,140,000 $134,857,850 $ 915,794,215
Investments in repurchase
agreements.................... 0 0 3,798,681,001
- --------------------------------------------------------------------------------
Investments at amortized
cost........................ 94,140,000 134,857,850 4,714,475,216
Cash........................... 0 90,197 0
Receivable for Fund shares
sold.......................... 428,000 950,000 5,616,001
Interest receivable............ 297,333 605,719 23,116,993
Prepaid expenses and other
assets........................ 2,426 3,996 200,701
- --------------------------------------------------------------------------------
Total assets................. 94,867,759 136,507,762 4,743,408,911
- --------------------------------------------------------------------------------
Liabilities
Distributions payable.......... 96,590 209,318 12,617,574
Payable for Fund shares
redeemed...................... 0 113 1,068,397
Payable for securities on
loan.......................... 0 0 315,133,178
Due to custodian bank.......... 27,092 0 0
Advisory fee payable........... 25,009 48,202 1,315,612
Distribution Plan expenses
payable....................... 26,074 8,539 852,043
Due to other related parties... 3,402 4,772 105,742
Accrued expenses and other
liabilities................... 46,912 44,433 862,466
- --------------------------------------------------------------------------------
Total liabilities............ 225,079 315,377 331,955,012
- --------------------------------------------------------------------------------
Net assets..................... $94,642,680 $136,192,385 $4,411,453,899
- --------------------------------------------------------------------------------
Net assets represented by
Paid-in capital................ $94,642,680 $136,167,702 $4,411,436,528
Undistributed net investment
income........................ 0 24,683 17,371
Accumulated net realized gains
or losses on securities....... 0 0 0
- --------------------------------------------------------------------------------
Total net assets............... $94,642,680 $136,192,385 $4,411,453,899
- --------------------------------------------------------------------------------
Net assets consist of
Class A........................ $94,642,680 $ 95,998,927 $3,366,027,463
Class Y........................ 0 40,193,458 1,045,426,436
- --------------------------------------------------------------------------------
$94,642,680 $136,192,385 $4,411,453,899
- --------------------------------------------------------------------------------
Shares outstanding
Class A........................ 94,642,680 95,975,208 3,366,218,005
Class Y........................ -- 40,192,494 1,045,469,143
- --------------------------------------------------------------------------------
Net asset value per share
Class A........................ $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------
Class Y........................ -- $ 1.00 $ 1.00
- --------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
38
<PAGE>
E V E R G R E E N
Money Market Funds
Statements of Operations
Year Ended January 31, 1999
<TABLE>
<CAPTION>
Florida Municipal Money Municipal
Money Market Market Money Market
Fund* Fund Fund
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income
Interest......................... $852,499 $297,882,829 $48,598,668
- --------------------------------------------------------------------------------
Expenses
Advisory fee..................... 107,393 24,349,144 6,136,621
Distribution Plan expenses....... 71,590 12,536,048 2,255,210
Transfer agent fees.............. 65 1,646,042 273,674
Administrative services fees..... 6,149 0 0
Trustees' fees and expenses...... 646 128,283 34,664
Printing and postage expenses.... 18,820 215,953 110,674
Custodian fee.................... 12,844 1,208,704 430,165
Registration and filing fees..... 28,057 1,386,603 48,143
Professional fees................ 18,470 64,117 43,604
Other............................ 2,996 98,840 67,186
- --------------------------------------------------------------------------------
Total expenses.................. 267,030 41,633,734 9,399,941
Less: Fee credits .............. (4,073) (173,111) (53,984)
Fee waivers .................. (45,775) 0 0
- --------------------------------------------------------------------------------
Net expenses.................... 217,182 41,460,623 9,345,957
- --------------------------------------------------------------------------------
Net investment income............ 635,317 256,422,206 39,252,711
Net realized gains or losses on
securities...................... (4,419) (232,484) 32,799
- --------------------------------------------------------------------------------
Net increase in net assets
resulting from operations....... $630,898 $256,189,722 $39,285,510
- --------------------------------------------------------------------------------
</TABLE>
* Fund commenced operations on October 26, 1998.
See Combined Notes to Financial Statements.
39
<PAGE>
E V E R G R E E N
Money Market Funds
Statements of Operations
Year Ended January 31, 1999
<TABLE>
<CAPTION>
New
Jersey
Municipal Pennsylvania
Money Municipal Treasury
Market Money Money Market
Fund* Market Fund Fund
- ---------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income
Interest................................. $843,561 $3,304,535 $211,960,183
- ---------------------------------------------------------------------------------
Expenses
Advisory fee............................. 114,832 376,038 13,851,709
Distribution Plan expenses............... 76,555 178,215 9,205,494
Transfer agent fees...................... 176 5,013 667,883
Administrative services fees............. 6,596 25,298 1,069,575
Trustees' fees and expenses.............. 516 2,073 78,516
Printing and postage expenses............ 13,353 16,189 158,961
Custodian fee............................ 10,079 33,259 876,574
Registration and filing fees............. 31,291 5,527 305,985
Professional fees........................ 24,158 19,164 32,527
Other.................................... 605 2,907 149,246
- ---------------------------------------------------------------------------------
Total expenses.......................... 278,161 663,683 26,396,470
Less: Fee credits ...................... (1,780) (7,486) (88,603)
Fee waivers .......................... (61,737) (118,810) 0
- ---------------------------------------------------------------------------------
Net expenses............................ 214,644 537,387 26,307,867
- ---------------------------------------------------------------------------------
Net investment income.................... 628,917 2,767,148 185,652,316
Net realized gains or losses on
securities.............................. 0 34,900 3,528
- ---------------------------------------------------------------------------------
Net increase in net assets resulting from
operations.............................. $628,917 $2,802,048 $185,655,844
- ---------------------------------------------------------------------------------
</TABLE>
*Fund commenced operations on October 26, 1998.
See Combined Notes to Financial Statements.
40
<PAGE>
E V E R G R E E N
Money Market Funds
Statements of Changes in Net Assets
Year Ended January 31, 1999
<TABLE>
<CAPTION>
Florida Municipal Money Municipal
Money Market Market Money Market
Fund* Fund Fund
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
Operations
Net investment income... $ 635,317 $ 256,422,206 $ 39,252,711
Net realized gains or
losses on securities... (4,419) (232,484) 32,799
- -------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............. 630,898 256,189,722 39,285,510
- -------------------------------------------------------------------------------
Distributions to
shareholders from net
investment income
Class A................. (635,317) (189,158,894) (22,711,111)
Class B................. 0 (2,528,073) 0
Class C................. 0 (213,760) 0
Class Y................. 0 (64,536,758) (16,413,788)
- -------------------------------------------------------------------------------
Total distributions to
shareholders........... (635,317) (256,437,485) (39,124,899)
- -------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold................... 307,920,714 14,122,364,388 2,420,670,670
Net asset value of
shares issued in
reinvestment of
distributions.......... 95,823 53,752,566 13,115,737
Payment for shares
redeemed............... (223,668,224) (11,797,889,375) (2,407,118,878)
Net asset value of
shares issued in
acquisition of:
CoreFund Cash Reserve... 0 872,363,752 0
CoreFund Tax-Free
Reserve................ 0 0 140,753,563
Virtus Money Market
Fund................... 0 227,443,405 0
Virtus Tax-Free Money
Market Fund............ 0 0 51,784,668
- -------------------------------------------------------------------------------
Net increase in net
assets resulting from
capital share
transactions........... 84,348,313 3,478,034,736 219,205,760
- -------------------------------------------------------------------------------
Total increase in net
assets................ 84,343,894 3,477,786,973 219,366,371
Net assets
Beginning of period..... 0 3,546,681,561 1,057,811,694
- -------------------------------------------------------------------------------
End of period........... $ 84,343,894 $ 7,024,468,534 $ 1,277,178,065
- -------------------------------------------------------------------------------
Undistributed
(overdistributed) net
investment income....... $ 0 $ (15,279) $ 127,812
- -------------------------------------------------------------------------------
</TABLE>
* The Fund commenced operations on October 26, 1998.
See Combined Notes to Financial Statements.
41
<PAGE>
E V E R G R E E N
Money Market Funds
Statements of Changes in Net Assets
Year Ended January 31, 1999
<TABLE>
<CAPTION>
New Jersey Pennsylvania Treasury
Municipal Money Municipal Money Money Market
Market Fund* Market Fund Fund
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
Operations
Net investment income....... $ 628,917 $ 2,767,148 $ 185,652,316
Net realized gains or losses
on securities.............. 0 34,900 3,528
- -------------------------------------------------------------------------------
Net increase in net assets
resulting from operations.. 628,917 2,802,048 185,655,844
- -------------------------------------------------------------------------------
Distributions to shareholders
from net investment income
Class A..................... (628,917) (1,722,557) (142,282,372)
Class Y..................... 0 (1,044,591) (43,446,453)
- -------------------------------------------------------------------------------
Total distributions to
shareholders............... (628,917) (2,767,148) (185,728,825)
- -------------------------------------------------------------------------------
Capital share transactions
Proceeds from shares sold... 175,814,913 297,694,663 8,468,726,257
Net asset value of shares
issued in reinvestment of
distributions.............. 320,557 792,758 21,787,041
Payment for shares
redeemed................... (81,492,790) (232,721,788) (8,198,420,346)
Net asset value of shares
issued in acquisition of:
CoreFund Treasury Reserve... 0 0 687,797,346
Virtus Treasury Money Market
Fund....................... 0 0 243,731,970
- -------------------------------------------------------------------------------
Net increase in net assets
resulting from capital
share transactions......... 94,642,680 65,765,633 1,223,622,268
- -------------------------------------------------------------------------------
Total increase in net
assets.................... 94,642,680 65,800,533 1,223,549,287
Net assets
Beginning of period......... 0 70,391,852 3,187,904,612
- -------------------------------------------------------------------------------
End of period............... $ 94,642,680 $ 136,192,385 $ 4,411,453,899
- -------------------------------------------------------------------------------
Undistributed net investment
income...................... $ 0 $ 24,683 $ 17,371
- -------------------------------------------------------------------------------
</TABLE>
* The Fund commenced operations on October 26, 1998.
See Combined Notes to Financial Statements.
42
<PAGE>
E V E R G R E E N
Money Market Funds
Statements of Changes in Net Assets
Five Months Ended January 31, 1998*
<TABLE>
<CAPTION>
Money Municipal Pennsylvania Treasury
Market Money Market Municipal Money Money Market
Fund Fund Market Fund Fund
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income.. $ 72,699,147 $ 14,195,219 $ 891,708 $ 62,823,301
Net realized gains or
losses on securities.. 5,356 32,649 0 40,712
- -------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............ 72,704,503 14,227,868 891,708 62,864,013
- -------------------------------------------------------------------------------------------
Distributions to
shareholders from net
investment income
Class A................ (58,870,079) (8,830,796) (461,218) (51,249,555)
Class B................ (373,680) 0 0 0
Class C................ (63,444) 0 0 0
Class K................ (3,988) 0 0 0
Class Y................ (13,387,956) (5,364,423) (430,490) (11,573,746)
- -------------------------------------------------------------------------------------------
Total distributions to
shareholders.......... (72,699,147) (14,195,219) (891,708) (62,823,301)
- -------------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold.................. 3,567,022,048 934,299,761 72,891,344 2,512,165,806
Net asset value of
shares issued in
reinvestment of
distributions......... 17,805,187 5,303,116 353,402 7,304,038
Payment for shares
redeemed.............. (3,503,474,896) (926,250,046) (70,557,276) (2,363,286,357)
- -------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
capital share
transactions.......... 81,352,339 13,352,831 2,687,470 156,183,487
- -------------------------------------------------------------------------------------------
Total increase in net
assets............... 81,357,695 13,385,480 2,687,470 156,224,199
Net assets
Beginning of period.... 3,465,323,866 1,044,426,214 67,704,382 3,031,680,413
- -------------------------------------------------------------------------------------------
End of period.......... $ 3,546,681,561 $1,057,811,694 $ 70,391,852 $ 3,187,904,612
- -------------------------------------------------------------------------------------------
Undistributed net
investment income...... $ 0 $ 0 $ 0 $ 90,352
- -------------------------------------------------------------------------------------------
</TABLE>
* The Funds changed their fiscal year end from August 31 to January 31, effec-
tive January 31, 1998.
See Combined Notes to Financial Statements.
43
<PAGE>
E V E R G R E E N
Money Market Funds
Statements of Changes in Net Assets
Year Ended August 31, 1997
<TABLE>
<CAPTION>
Money Market Municipal Money Pennsylvania Municipal Treasury Money
Fund Market Fund Money Market Fund Market Fund
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income.. $ 139,056,319 $ 37,023,232 $ 2,105,384 $ 148,244,069
Net realized gains or
losses on securities.. (85,308) (2,907) 0 0
- ---------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............ 138,971,011 37,020,325 2,105,384 148,244,069
- ---------------------------------------------------------------------------------------------------
Distributions to
shareholders from net
investment income
Class A................ (101,255,910) (20,900,359) (905,311) (114,457,775)
Class B................ (509,494) 0 0 0
Class C................ (17,908) 0 0 0
Class K................ (2,220) 0 0 0
Class Y................ (37,268,232) (16,122,873) (1,203,873) (33,786,294)
- ---------------------------------------------------------------------------------------------------
Total distributions to
shareholders.......... (139,053,764) (37,023,232) (2,109,184) (148,244,069)
- ---------------------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold.................. 8,940,579,510 2,604,375,798 127,715,297 6,954,597,959
Net asset value of
shares issued in
reinvestment of
distributions......... 38,314,180 14,787,888 1,021,288 19,627,202
Payment for shares
redeemed.............. (8,113,736,002) (2,852,083,788) (131,543,821) (7,310,208,436)
Net asset value of
shares issued in
acquisition of
Keystone Liquid
Trust................. 163,579,564 0 0 0
- ---------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
resulting from capital
share transactions.... 1,028,737,252 (232,920,102) (2,807,236) (335,983,275)
- ---------------------------------------------------------------------------------------------------
Total increase
(decrease) in net
assets............... 1,028,654,499 (232,923,009) (2,811,036) (335,983,275)
Net assets
Beginning of period.... 2,436,669,367 1,277,349,223 70,515,418 3,367,663,688
- ---------------------------------------------------------------------------------------------------
End of period.......... $ 3,465,323,866 $ 1,044,426,214 $ 67,704,382 $ 3,031,680,413
- ---------------------------------------------------------------------------------------------------
Undistributed net
investment income...... $ 2,555 $ 0 $ 0 $ 49,640
- ---------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
44
<PAGE>
Combined Notes to Financial Statements
1. ORGANIZATION
The Evergreen Money Market Funds consist of the Evergreen Florida Municipal
Money Market Fund ("Florida Municipal Money Market Fund"), Evergreen Money Mar-
ket Fund ("Money Market Fund"), Evergreen Municipal Money Market Fund ("Munici-
pal 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 pay a higher ongoing distribution fee than Class A. Class B shares are
sold subject to a contingent deferred sales charge that is payable upon redemp-
tion 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 re-
tain their existing conversion rights. Class C shares are sold subject to a
contingent deferred sales charge payable on shares redeemed within one year af-
ter the month of purchase. Prior to January 16, 1998, Class K shares were of-
fered by the Money Market Fund. On January 16, 1998, Class K shares were con-
verted to Class B shares of the Money Market Fund. Class Y shares are not sub-
ject to any 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 segregated 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 collateral 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. Each
Fund's investment advisor 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,
45
<PAGE>
Combined Notes to Financial Statements (continued)
letters of credit or U. S. Government securities that are maintained at all
times in an amount equal to at least 100% of the current market value of the
loaned securities, including accrued interest. Each Fund monitors the adequacy
of the collateral daily and will require the broker to provide additional col-
lateral 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 bor-
rower will pay a Fund any income accruing thereon, and the Fund may invest any
cash collateral in portfolio 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 differences 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
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 daily and paid
monthly. The management fee is computed by applying percentage rates, starting
at 0.50% and declining to 0.45% per annum as net assets increase, to the aver-
age daily net asset value of each Fund.
Lieber & Company, an affiliate of First Union, is the investment sub-advisor to
the Money Market Fund and Municipal Money Market Fund. Lieber & Company is re-
imbursed by EAMC, at no additional expense to the Money Market Fund and Munici-
pal Money Market Fund, for its cost of providing investment sub-advisory serv-
ices.
Evergreen Investment Management ("EIM"), formerly Capital Management Group, a
division of First Union National Bank, 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 computed daily and paid monthly. For the Pennsyl-
vania Municipal Money Market Fund, the management fee is calculated by applying
percentage rates,
46
<PAGE>
Combined Notes to Financial Statements (continued)
starting at 0.40% and declining to 0.28% per annum as net assets increase, to
the average daily net assets of the Pennsylvania Municipal Money Market Fund.
EIM is entitled to an annual fee of 0.35% of the average daily net asset value
of the Treasury Money Market Fund.
During the period ended January 31, 1999, the amount of fees waived by the in-
vestment advisor and the impact on each Fund's expense ratio represented as a
percentage of its average net assets were as follows:
<TABLE>
<CAPTION>
Fees % of Average
Waived Net Assets
-----------------------
<S> <C> <C>
Florida Municipal Money Market Fund........ $45,775 0.19%
New Jersey Municipal Money Market Fund..... 61,737 0.24%
</TABLE>
Evergreen Investment Services, Inc. ("EIS"), an indirect, wholly-owned subsidi-
ary of First Union, serves as the administrator and The BISYS Group, Inc.
("BISYS"), serves as the sub-administrator to the Funds. As administrator, EIS
provides the Funds with facilities, equipment and personnel. As sub-administra-
tor 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 year or period ended January 31, 1999, the Funds paid or accrued the
following amounts for certain administrative services and sub-administrative
services:
<TABLE>
<CAPTION>
Administration Sub-administration
---------------------------------
<S> <C> <C>
Florida Municipal Money Market
Fund......................... $ 4,904 $ 1,245
New Jersey Municipal Money
Market Fund.................. 5,264 1,332
Pennsylvania Municipal Money
Market Fund.................. 20,271 5,027
Treasury Money Market Fund.... 857,473 212,102
</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 indirect, 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 the principal underwriter to the Funds.
Each Fund has adopted Distribution Plans for each class of shares, except Class
Y, as allowed by Rule 12b-1 of the 1940 Act. 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". Each class, except
Class Y, currently pays a service fee equal to 0.30% of the average daily net
assets of the class. Class B and Class C also pay distribution fees equal to
0.75% of the average daily net assets of the class. The Money Market Fund may
incur distribution-related and shareholder servicing expenses which may not ex-
ceed an annual fee of 1.00% of average daily net assets for its Class B and
Class C shares. Distribution Plan expenses are calculated daily and paid month-
ly.
47
<PAGE>
Combined Notes to Financial Statements (continued)
During the year or period ended January 31, 1999, amounts paid or accrued to
EDI pursuant to each Fund's Distribution Plan, distribution fees waived and
distribution fees waived as a percentage of each Fund's average net assets were
as follows:
<TABLE>
<CAPTION>
% of
Distribution Distribution Average
fees accrued fees waived Net Assets
---------------------------- ------------ ----------
Class A Class B Class C Class A
----------------------------------------------------
<S> <C> <C> <C> <C> <C>
Florida Municipal Money
Market Fund............. $ 71,590 0 0 0 0
Money Market Fund........ 11,866,370 $617,491 $52,187 0 0
Municipal Money Market
Fund.................... 2,255,210 0 0 0 0
New Jersey Municipal
Money Market Fund....... 76,555 0 0 0 0
Pennsylvania Municipal
Money Market Fund....... 178,215 0 0 $118,810 0.20%
Treasury Money Market
Fund.................... 9,205,494 0 0 0 0
</TABLE>
With respect to Class B and Class C shares, the principal underwriter may pay
distribution fees greater than the allowable annual amounts the Money Market
Fund is permitted to pay under its Distribution Plan.
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.
In addition, effective August 1, 1997, the Money Market Fund acquired substan-
tially all the assets and assumed the liabilities of Keystone Liquid Trust in
exchange for Class A, Class B and Class C Shares of the Money Market Fund. The
acquisition was accomplished by a tax-free exchange of the respective shares of
the Money Market Fund for the net assets of the Keystone Liquid Trust. The net
assets acquired, valued at $1 per share, amounted to $163,579,564. The aggre-
gate net assets of the Money Market Fund immediately after the acquisition was
$3,202,817,920.
48
<PAGE>
Combined Notes to Financial Statements (continued)
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. The foregoing
amounts are reflected as proceeds from shares sold in the statements of changes
in net assets.
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 of beneficial interest (val-
ued at $1.00 per share) of the Funds were as follows:
Florida Municipal Money Market Fund
<TABLE>
<CAPTION>
October 26, 1998
(Commencement of
Class Operations) to
January 31, 1999
- --------------------------------------------------------------------------------
<S> <C>
Class A
Shares sold................................................ 307,733,490
Shares issued in reinvestment of distributions............. 95,657
Shares redeemed............................................ (223,481,785)
- --------------------------------------------------------------------------------
Net increase .............................................. 84,347,362
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
December 29, 1998
(Commencement of
Class Operations) to
January 31, 1999
- --------------------------------------------------------------------------------
<S> <C>
Class Y
Shares sold................................................ 187,224
Shares issued in reinvestment of distributions............. 166
Shares redeemed............................................ (186,439)
- --------------------------------------------------------------------------------
Net increase .............................................. 951
- --------------------------------------------------------------------------------
</TABLE>
49
<PAGE>
Combined Notes to Financial Statements (continued)
Money Market Fund
<TABLE>
<CAPTION>
Year Five Months Year
Ended Ended Ended
January 31, 1999 January 31,1998 August 31, 1997
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A
Shares sold................. 8,522,391,097 2,143,096,717 4,913,816,942
Shares issued in
reinvestment of
distributions.............. 35,684,888 11,138,399 19,783,898
Shares redeemed............. (6,383,437,537) (2,047,246,823) (4,037,993,646)
Shares issued in acquisition
of:
Keystone Liquid Trust...... 0 0 151,861,145
CoreFund Cash Reserve...... 78,077,775 0 0
Virtus Money Market Fund... 47,782,010 0 0
- -------------------------------------------------------------------------------
Net increase................ 2,300,498,233 106,988,293 1,047,468,339
- -------------------------------------------------------------------------------
Class B
Shares sold................. 341,997,341 33,697,484 22,383,686
Shares issued in
reinvestment of
distributions.............. 2,133,306 314,550 442,030
Shares redeemed............. (304,057,087) (31,906,139) (17,471,935)
Shares issued in acquisition
of:
Keystone Liquid Trust...... 0 0 7,303,582
CoreFund Cash Reserve...... 91,326 0 0
Shares issued in Conversion
of Class K shares.......... 0 74,271 0
- -------------------------------------------------------------------------------
Net increase................ 40,164,886 2,180,166 12,657,363
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
August 1, 1997
Year Five Months (Commencement of
Ended Ended Class Operations) to
January 31, 1999 January 31,1998 August 31, 1997
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
Class C
Shares sold............. 50,447,069 5,355,264 1,309,779
Shares issued in
reinvestment of
distributions.......... 178,681 51,687 16,706
Shares redeemed......... (47,867,432) (8,464,881) (731,523)
Shares issued in
acquisition of Keystone
Liquid Trust........... 0 0 4,493,120
- -------------------------------------------------------------------------------
Net increase
(decrease)............. 2,758,318 (3,057,930) 5,088,082
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
August 1, 1997
Five Months (Commencement of
Ended Class Operations) to
January 31,1998 August 31, 1997
- ------------------------------------------------------------------------------
<S> <C> <C>
Class K
Shares sold.............................. 1,258,327 156,690
Shares issued in reinvestment of
distributions........................... 1,841 208
Shares redeemed.......................... (1,291,309) (51,486)
Shares converted to Class B shares....... (74,271) 0
- ------------------------------------------------------------------------------
Net increase (decrease).................. (105,412) 105,412
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Five Months Year
Ended Ended Ended
January 31, 1999 January 31,1998 August 31, 1997
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
Class Y
Shares sold................. 5,207,533,736 1,383,614,256 4,002,912,413
Shares issued in
reinvestment of
distributions.............. 15,753,558 6,298,710 18,071,338
Shares redeemed............. (5,062,527,319) (1,414,565,744) (4,057,487,412)
Shares issued in acquisition
of:
CoreFund Cash Reserve...... 794,989,126 0 0
Virtus Money Market Fund... 179,784,370 0 0
- -------------------------------------------------------------------------------
Net increase (decrease)..... 1,135,533,471 (24,652,778) (36,503,661)
</TABLE>
- --------------------------------------------------------------------------------
50
<PAGE>
Combined Notes to Financial Statements (continued)
Municipal Money Market Fund
<TABLE>
<CAPTION>
Year Five Months Year
Ended Ended Ended
January 31, 1999 January 31,1998 August 31, 1997
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A
Shares sold................. 1,107,305,683 481,665,658 1,491,746,339
Shares issued in
reinvestment of
distributions.............. 3,178,193 1,156,331 3,081,550
Shares redeemed............. (1,062,820,865) (477,834,788) (1,488,596,189)
Shares issued in acquisition
of CoreFund Tax-Free
Reserve.................... 17,909,419 0 0
- --------------------------------------------------------------------------------
Net increase................ 65,572,430 4,987,201 6,231,700
- --------------------------------------------------------------------------------
Class Y
Shares sold................. 1,313,364,987 452,634,103 1,112,629,458
Shares issued in
reinvestment of
distributions.............. 9,937,544 4,146,785 11,706,339
Shares redeemed............. (1,344,298,013) (448,415,258) (1,363,487,668)
Shares issued in acquisition
of:
CoreFund Tax-Free Reserve... 122,945,815 0 0
Virtus Tax-Free Money Market
Fund....................... 51,790,982 0 0
- --------------------------------------------------------------------------------
Net increase (decrease)..... 153,741,315 8,365,630 (239,151,871)
</TABLE>
- --------------------------------------------------------------------------------
New Jersey Municipal Money Market Fund
<TABLE>
<CAPTION>
October 26, 1998
(Commencement of
Operations) to
January 31, 1999
- --------------------------------------------------------------------------------
<S> <C>
Class A
Shares sold.................................................... 175,814,913
Shares issued in reinvestment of distributions................. 320,557
Shares redeemed................................................ (81,492,790)
- --------------------------------------------------------------------------------
Net increase................................................... 94,642,680
</TABLE>
- --------------------------------------------------------------------------------
Pennsylvania Municipal Money Market Fund
<TABLE>
<CAPTION>
Year Five Months Year
Ended Ended Ended
January 31, 1999 January 31,1998 August 31, 1997
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A
Shares sold.................. 174,383,607 53,496,270 84,061,251
Shares issued in reinvestment
of distributions............ 314,370 60,103 196,984
Shares redeemed.............. (115,840,210) (52,168,806) (70,724,545)
- -------------------------------------------------------------------------------
Net increase................. 58,857,767 1,387,567 13,533,690
- -------------------------------------------------------------------------------
Class Y
Shares sold.................. 123,311,056 19,395,074 43,654,046
Shares issued in reinvestment
of distributions............ 478,388 293,299 824,304
Shares redeemed.............. (116,881,578) (18,388,470) (60,819,276)
- -------------------------------------------------------------------------------
Net increase (decrease)...... 6,907,866 1,299,903 (16,340,926)
</TABLE>
- --------------------------------------------------------------------------------
51
<PAGE>
Combined Notes to Financial Statements (continued)
Treasury Money Market Fund
<TABLE>
<CAPTION>
Year Five Months Year
Ended Ended Ended
January 31, 1999 January 31,1998 August 31, 1997
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A
Shares sold................ 5,568,902,718 1,939,261,773 4,767,671,119
Shares issued in
reinvestment of
distributions............. 17,129,027 5,981,255 16,715,941
Shares redeemed............ (4,944,183,470) (1,813,656,225) (4,907,328,690)
Shares issued in
acquisition of:
CoreFund Treasury
Reserve.................. 22,113,282 0 0
Virtus Treasury Money
Market Fund.............. 85,936,814 0 0
- ------------------------------------------------------------------------------
Net increase (decrease).... 749,898,371 131,586,803 (122,941,630)
- ------------------------------------------------------------------------------
Class Y
Shares sold................ 2,899,822,767 572,904,033 2,186,926,840
Shares issued in
reinvestment of
distributions............. 4,658,014 1,322,783 2,911,261
Shares redeemed............ (3,254,236,309) (549,630,132) (2,402,879,746)
Shares issued in
acquisition of:
CoreFund Treasury
Reserve................... 665,722,969 0 0
Virtus Treasury Money
Market Fund............... 157,990,525 0 0
- ------------------------------------------------------------------------------
Net increase (decrease).... 473,957,966 24,596,684 (213,041,645)
</TABLE>
- --------------------------------------------------------------------------------
8. Securities Transactions
The Treasury Money Market Fund loaned securities during the year ended January
31, 1999 to certain brokers who paid the Fund a negotiated lenders' fee. These
fees are included in interest income. At January 31, 1999, the value of securi-
ties on loan and the value of collateral amounted to $300,362,767 and
$315,133,178, respectively. During the year ended January 31, 1999, the Trea-
sury Money Market Fund earned $621,0992 in income from securities lending
transactions.
On January 31, 1999, the cost of investments for federal income tax purposes of
each Fund was the same as for financial reporting purposes.
As of January 31, 1999, the following Funds had capital loss carryforwards for
federal income tax purposes as follows:
<TABLE>
<CAPTION>
Expiration
-----------------------------------------------------------
Capital Loss
Carry Forward 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.... $ 4,073 0.02%
Money Market Fund...................... 173,111 0.00%
Municipal Money Market Fund............ 53,984 0.00%
New Jersey Municipal Money Market
Fund.................................. 1,780 0.01%
Pennsylvania Municipal Money Market
Fund.................................. 7,486 0.01%
Treasury Money Market Fund............. 88,603 0.00%
</TABLE>
10. Deferred Trustees' Fees
Each Independent Trustee of the Funds may defer any or all compensation related
to performance of duties as a Trustee. Each Trustee's deferred balances are al-
located to deferral accounts which are included in the
52
<PAGE>
Combined Notes to Financial Statements (continued)
accrued expenses for each Fund. The investment performance of the deferral ac-
counts is based on the investment performance of certain Evergreen Funds. Any
gains earned or losses incurred in the deferral accounts are reported in the
Trustees' fees and expenses. Trustees will be paid either in one lump sum or in
quarterly installments 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 Agreement
Certain Evergreen Funds and State Street Bank and Trust Company ("State
Street") and a group of banks (collectively, the "Banks") entered into a
financing agreement dated December 22, 1997, as amended on November 20, 1998.
Under this agreement, the Banks provided an unsecured credit facility in the
aggregate amount of $400 million ($275 million committed and $125 million
uncommitted). The credit facility was allocated, under the terms of the
financing agreement, among the Banks. The credit facility could be 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 will be 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 administrative agent is entitled to a fee of $20,000 per annum
which is allocated to all of the funds.
This agreement was amended and renewed on December 22, 1998. The amended
financing agreement became effective on December 22, 1998 among all of the
Evergreen Funds, State Street and The Bank of New York ("BONY"). Under this
agreement, State Street and BONY provide an unsecured credit facility in the
aggregate amount of $150 million ($125 million committed and $25 million
uncommitted). The remaining terms and conditions of the agreement are
unaffected.
During the year ended January 31, 1999, the Funds had no borrowings under the
agreement.
12. Concentration of Credit Risk
The Florida Municipal Money Market Fund, New Jersey Municipal Money Market Fund
and the Pennsylvania Municipal Money Market Fund invest a substantial portion
of their assets in issuers of municipal debt securities located in a single
state, therefore, they 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.
13. Change in Independent Auditor
Based on the recommendation of the Audit Committee of the Money Market Fund and
Municipal Money Market Fund, the Board of Trustees has determined not to retain
PricewaterhouseCoopers LLP as these Funds' independent auditor and voted to ap-
point KPMG Peat Marwick LLP for the fiscal year ended January 31, 2000. During
the two most recent fiscal years, PricewaterhouseCoopers' audit reports con-
tained no adverse opinion or disclaimer of opinion; nor were its reports quali-
fied or modified as to uncertainty, audit scope, or accounting principle. Fur-
ther, in connection with its audits for the two most recent fiscal years and
through March 12, 1999, there were no disagreements between the Funds and
PricewaterhouseCoopers on any matter of accounting principles or practices, fi-
nancial statement disclosure or auditing scope or procedure, which if not re-
solved to the satisfaction of PricewaterhouseCoopers would have caused it to
make reference to the disagreements in its report on the financial statements
for such years.
53
<PAGE>
Independent Auditors' Report
THE BOARD OF TRUSTEES AND SHAREHOLDERS
EVERGREEN MONEY MARKET TRUST
We have audited the accompanying statements of assets and liabilities, includ-
ing the schedules of investments of the Evergreen Florida Municipal Money Mar-
ket Fund, Evergreen New Jersey Municipal Money Market Fund, Evergreen Pennsyl-
vania Municipal Money Market Fund and Evergreen Treasury Money Market Fund,
portfolios of the Evergreen Money Market Trust, as of January 31, 1999, and the
related statements of operations for the year or period then ended, the state-
ments of changes in net assets for each of the years or periods in the two year
period then ended and financial highlights for each of the years or periods as
indicated on pages 9 and 13 to 15. These financial statements and financial
highlights are the responsibility of the Funds' management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing stan-
dards. Those standards require that we plan and perform our audit to obtain
reasonable assurance about whether the financial statements and financial high-
lights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of Jan-
uary 31, 1999 by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement pre-
sentation. We believe that our audits provide a reasonable basis for our opin-
ion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Ever-
green Florida Municipal Money Market Fund, Evergreen New Jersey Municipal Money
Market Fund, Evergreen Pennsylvania Municipal Money Market Fund and Evergreen
Treasury Money Market Fund as of January 31, 1999, the results of their opera-
tions, changes in their net assets and financial highlights for each of the
years or periods described above in conformity with generally accepted account-
ing principles.
KPMG Peat Marwick LLP
Boston, Massachusetts
February 26, 1999
54
<PAGE>
Report of Independent Accountants
TO THE TRUSTEES AND SHAREHOLDERS OF
EVERGREEN MONEY MARKET FUND
EVERGREEN MUNICIPAL MONEY MARKET FUND
In our opinion, the accompanying statements of assets and liabilities, includ-
ing the schedules of investments, and the related statements of operations and
of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Evergreen Money Market Fund and
Evergreen Municipal Money Market Fund (the "Funds"), two of the funds of Ever-
green Money Market Trust, at January 31, 1999, the results of each of their op-
erations for the year then ended, the changes in each of their net assets for
the year then ended, for the five months ended January 31, 1998 and for the
year ended August 31, 1997, and the financial highlights for each of the peri-
ods indicated, in conformity with generally accepted accounting principles.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Funds' management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and per-
form the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presenta-
tion. We believe that our audits, which included confirmation of securities at
January 31, 1999 by correspondence with the custodian and brokers, provide a
reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
160 Federal Street
Boston, MA 02110
March 12, 1999
55
<PAGE>
Additional Information (Unaudited)
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 obtain satisfactory assurances that comparable steps are
being taken by the Funds' other major service providers. At this time, however,
there can be no assurance that these steps will be sufficient to avoid any ad-
verse impact on the Funds from this problem.
FEDERAL TAX STATUS OF DIVIDENDS
100% of the dividends distributed by the Municipal Money Market Fund, New Jer-
sey Municipal Money Market Fund and Pennsylvania Municipal Money Market Fund,
and 71.29% of the dividends distributed by the Florida Municipal Money Market
Fund for the year ended January 31, 1999 are exempt from federal income tax,
other than alternative minimum tax.
56
<PAGE>
Evergreen Funds
Money Market
Treasury Money Market Fund
Money Market Fund
Municipal Money Market Fund
Florida Municipal Money Market Fund
New Jersey Municipal Money Market Fund
Pennsylvania Municipal Money Market Fund
Tax Exempt
Short Intermediate Municipal Fund
High Grade Municipal Bond Fund
Municipal Bond Fund
California Municipal Bond Fund
Connecticut Municipal Bond Fund
Florida Municipal Bond Fund
Florida High Income Municipal Bond Fund
Georgia Municipal Bond Fund
Maryland Municipal Bond Fund
Massachusetts Municipal Bond Fund
Missouri Municipal Bond Fund
New Jersey Municipal Bond Fund
New York Municipal Bond Fund
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 Government Securities Fund
Intermediate Term Bond Fund
U.S. Government Fund
Diversified Bond Fund
Strategic Income Fund
High Yield Bond Fund
Balanced
American Retirement Fund
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
Micro Cap Fund
Global International
Global Leaders Fund
International Growth Fund
Global Opportunities Fund
Precious Metals Fund
Emerging Markets Growth Fund
Latin America Fund
Express Line
800.346.3858
Investor Services
800.343.2898
Retirement Plan Services
800.247.4075
www.evergreen-funds.com
19366 540710 03/99
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