<PAGE>
Annual Report
as of January 31, 2000
Evergreen
Money Market Funds
[LOGO OF EVERGREEN FUNDS]
[SEAL]
<PAGE>
Table of Contents
Letter to Shareholders .................................................... 1
Evergreen Florida Municipal Money
Market Fund
Fund at a Glance ....................................................... 2
Evergreen Money Market Fund
Fund at a Glance ....................................................... 3
Evergreen Municipal Money Market
Fund
Fund at a Glance ....................................................... 4
Evergreen New Jersey Municipal
Money Market Fund
Fund at a Glance ....................................................... 5
Evergreen Pennsylvania Municipal
Money Market Fund
Fund at a Glance ....................................................... 6
Evergreen Treasury Money Market
Fund
Fund at a Glance ....................................................... 7
Financial Highlights
Evergreen Florida Municipal Money
Market Fund ......................................................... 8
Evergreen Money Market Fund ............................................ 9
Evergreen Municipal Money Market Fund .................................. 11
Evergreen New Jersey Municipal Money
Market Fund ......................................................... 12
Evergreen Pennsylvania Municipal Money
Market Fund ......................................................... 13
Evergreen Treasury Money Market Fund ................................... 14
Schedule of Investments
Evergreen Florida Municipal Money
Market Fund ......................................................... 15
Evergreen Money Market Fund ............................................ 17
Evergreen Municipal Money Market Fund .................................. 21
Evergreen New Jersey Municipal Money
Market Fund ......................................................... 30
Evergreen Pennsylvania Municipal Money
Market Fund ......................................................... 32
Evergreen Treasury Money Market Fund ................................... 35
Combined Notes to Schedule of Investments ................................. 36
Statements of Assets and Liabilities ...................................... 37
Statements of Operations .................................................. 38
Statements of Changes in Net Assets ....................................... 39
Combined Notes to Financial
Statements ................................................................ 41
Independent Auditors' Report .............................................. 49
Additional Information .................................................... 50
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Evergreen Funds
- --------------------------------------------------------------------------------
Evergreen Funds is one of the nation's fastest growing investment companies with
approximately $80 billion in assets under management.
With over 80 mutual funds to choose among and acclaimed service and operations
capabilities, investors enjoy a broad range of quality investment products and
services designed to meet their needs.
The Evergreen Funds employ intensive, research-driven investment strategies
executed by over 90 research analysts and portfolio managers. The fund company
remains dedicated to meeting the needs of investors and their advisors in a
global economy. Look to 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 Funds(SM) is a service mark of Evergreen Investment Services, Inc.
<PAGE>
Letter to Shareholders
----------------------
March 2000
[PHOTO]
William M. Ennis
President and CEO
Dear Evergreen Shareholders,
We are pleased to provide the Evergreen Money Market Funds annual report, which
covers the fiscal year ended January 31, 2000.
Continued Strength in the Domestic Economy
During 1999, a handful of large capitalization growth stocks, technology stocks
in particular, dominated market performance. During the second quarter,
participation broadened to include both value stocks and small company stocks;
two areas which had disappointed investors for several years. The recent growth
in these areas may be a sign that the record bull market is repositioning itself
to continue.
The stock market's dramatic movement during the past year has occurred despite
continuing concern about rising interest rates and a Federal Reserve policy that
appears focused on containing the high rate of economic expansion. It is this
combination of stretched valuations and rising interest rates that has us
entering a new year with a tone of caution and greater focus on risk management
in portfolio structuring.
Despite any short-term turbulence in the domestic and global marketplace, we
believe the long-term fundamentals-historically low inflation, a resurgence of
productivity as a result of the high-tech revolution, and the globalization of
economies and financial markets-are well-positioned to drive the markets in the
years and decades ahead.
Website Enhancements
Please visit our enhanced website, evergreen-funds.com, for more information
about Evergreen Funds. The site offers an array of helpful information including
1999 tax information, an investment education center, interactive calculators to
assist your investment planning and general information about Evergreen Funds.
We believe that sound investing is about taking steps to meet your long-term
financial needs and goals. We remind you to take advantage of your financial
advisor's expertise to develop and refine a financial plan that will enable you
to meet your objectives. Evergreen Funds offers a broad mix of stock, bond and
money market funds that should assist you in choosing the most appropriate for
your portfolio.
Thank you for your continued investment in Evergreen Funds.
Sincerely,
/s/ Bill Ennis
William M. Ennis
President and CEO
Evergreen Investment Company, Inc.
1
<PAGE>
EVERGREEN
Florida Municipal Money Market Fund
Fund at a Glance as of January 31, 2000
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 1/31/2000 portfolio assets)
[GRAPH]
Variable Rate Demand Notes-- 62.4%
Commercial Paper-- 16.1%
Put Bonds-- 12.0%
Bonds-- 9.5%
Portfolio
Management
- --------------------------------------------------------------------------------
[PHOTO]
Steven C. Shachat
Tenure:October 1998
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS* 1
- --------------------------------------------------------------------------------
Portfolio Inception Date: 10/26/1998 Class A Class Y
Class Inception Date 10/26/1998 12/29/1998
Average Annual Returns
1 year 2.69% 3.01%
Since Portfolio Inception 2.67% 3.12%
7-day annualized yield 2.73% 3.03%
30-day annualized yield 2.81% 3.12%
12-month distributions per share $0.027 $0.030
* The yield quotation more closely reflects the earnings of the Fund than the
total return quotation.
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[GRAPH]
Class A Class Y
2/99 2.21% 2.52%
3/99 2.31% 2.55%
4/99 2.91% 3.20%
5/99 2.61% 2.92%
6/99 2.89% 3.25%
7/99 2.46% 2.78%
8/99 2.71% 3.03%
9/99 3.15% 3.44%
10/99 2.84% 3.19%
11/99 3.21% 3.57%
12/99 4.09% 4.30%
1/00 2.73% 3.03%
Total Net Assets: $140,508,098
Average Maturity: 33 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 0.30%. If this fee had not been reflected,
the return for Class Y would have been higher. Returns reflect expense limits
previously in effect, without which returns would have been lower.
Funds that concentrate their investments in a single state may face increased
risk or price fluctuation over more diversified funds due to adverse
developments within that state.
An investment in the Fund is not insured or 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.
Past performance is no guarantee of future results.
The Fund's yield will fluctuate and there can be no guarantee that the Fund will
achieve its objective or any particular tax-exempt yield. Income may be subject
to AMT.
2
<PAGE>
EVERGREEN
Money Market Fund
Fund at a Glance as of January 31, 2000
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PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 1/31/2000 portfolio assets)
[GRAPH]
Commercial Paper -- 54.8%
Corporate Bonds -- 40.8%
Funding Agreements -- 3.1%
Municipal Obligations -- 0.7%
Repurchase Agreements -- 0.4%
Mutual Fund Shares-- 0.2%
- --------------------------------------------------------------------------------
Portfolio Management
- --------------------------------------------------------------------------------
[PHOTO] [PHOTO]
Kellie Allen Bryan K.White
Tenure:December 1997 Tenure:December 1997
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS* 1
- --------------------------------------------------------------------------------
Portfolio Inception Date: 11/2/1987 Class A Class B Class C Class Y
Class Inception Date 1/4/1995 1/26/1995 8/1/1997 11/2/1987
Average Annual Returns*
1 year with sales charge N/A -1.05% 1.95% N/A
1 year w/o sales charge 4.68% 3.95% 3.95% 4.99%
3 years 4.86% 3.20% 4.30% 5.17%
5 years 4.97% 3.90% 4.76% 5.28%
Since Portfolio Inception 5.63% 5.32% 5.55% 5.76%
Maximum Sales Charge N/A 5.00% 2.00% N/A
CDSC CDSC
7-day annualized yield 5.09% 4.39% 4.39% 5.38%
30-day annualized yield 5.16% 4.46% 4.46% 5.45%
12-month distributions per share $0.046 $0.039 $0.039 $0.049
* The yield quotation more closely reflects the earnings of the Fund than the
total return quotation. Adjusted for maximum applicable sales charge.
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[GRAPH]
Class A Class B Class C Class Y
2/99 4.39% 3.69% 3.69% 4.69%
3/99 4.29% 3.59% 3.59% 4.59%
4/99 4.25% 3.55% 3.55% 4.55%
5/99 4.24% 3.54% 3.54% 4.53%
6/99 4.36% 3.66% 3.66% 4.66%
7/99 4.44% 3.74% 3.74% 4.74%
8/99 4.56% 3.86% 3.86% 4.86%
9/99 4.68% 3.98% 3.98% 4.98%
10/99 4.78% 4.08% 4.08% 5.07%
11/99 5.01% 4.31% 4.31% 5.30%
12/99 5.22% 4.52% 4.52% 5.52%
1/00 5.09% 4.39% 4.39% 5.38%
Total Net Assets: $10,912,340,965
Average Maturity: 64 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. The 12b-1 fees for Class A are 0.30%, for
Class B are 1.00% and for Class C are 1.00%. 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.
U.S. Government guarantees apply only to the underlying securities of the Fund's
portfolio and not to the Fund's shares.
Foreign investments may contain more risk due to the inherent risks associated
with changing political climates, foreign market instability and foreign
currency fluctuations.
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. Yields will fluctuate. Past
performance is no guarantee of future results.
3
<PAGE>
EVERGREEN
Municipal Money Market Fund
Fund at a Glance as of January 31, 2000
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 1/31/2000 portfolio assets)
[GRAPH]
Variable Rate Demand Notes-- 62.4%
Put Bonds-- 26.2%
Bonds-- 5.7%
Anticipation Notes-- 3.3%
Commercial Paper-- 2.4%
Portfolio Management
[PHOTO]
Steven C.Shachat
Tenure:November 1988
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS* 1
- --------------------------------------------------------------------------------
Portfolio Inception Date: 11/2/1988 Class A Class Y
Class Inception Date 1/5/1995 11/2/1988
Average Annual Returns
1 year 2.90% 3.21%
3 years 3.05% 3.35%
5 years 3.14% 3.44%
10 years 3.48% 3.64%
Since Portfolio Inception 3.82% 3.96%
7-day annualized yield 2.97% 3.27%
30-day annualized yield 3.07% 3.36%
12-month distributions per share $0.029 $0.032
* The yield quotation more closely reflects the earnings of the fund than the
total return quotation.
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[GRAPH]
Class A Class Y
2/99 2.49% 2.79%
3/99 2.64% 2.94%
4/99 3.12% 3.42%
5/99 2.86% 3.17%
6/99 3.18% 3.48%
7/99 2.73% 3.02%
8/99 2.79% 3.10%
9/99 3.21% 3.51%
10/99 2.93% 3.23%
11/99 3.28% 3.59%
12/99 3.99% 4.30%
1/00 2.37% 3.27%
Total Net Assets: $1,298,572,609
Average Maturity: 44 days
1 Historical performance shown for Class A prior to its inception is based on
the performance of Class Y, the original class offered. These historical returns
for Class A have not been adjusted to reflect the effect of the class' 12b-1
fees. The 12b-1 fee for Class A is 0.30%. 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.
The Fund's yield will fluctuate and there can be no guarantee that the Fund will
achieve its objective or any particular tax-exempt yield. Income may be subject
to AMT.
4
<PAGE>
EVERGREEN
New Jersey Municipal Money Market Fund
Fund at a Glance as of January 31, 2000
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PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 1/31/2000 portfolio assets)
[GRAPH]
Variable Rate Demand Notes-- 66.3%
Bonds-- 33.7%
- --------------------------------------------------------------------------------
Portfolio Management
- --------------------------------------------------------------------------------
[PHOTO]
Steven C.Shachat
Tenure:October 1998
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS* 1
- --------------------------------------------------------------------------------
Portfolio Inception Date: 10/26/1998 Class A Class Y
Class Inception Date 10/26/1998 4/5/1999
Average Annual Returns
1 year 2.59% 2.84%
Since Portfolio Inception 2.57% 2.77%
7-day annualized yield 2.68% 2.98%
30-day annualized yield 2.76% 3.06%
Distributions per share for the period** $0.026 $0.024
* The yield quotation more closely reflects the earnings of the fund than the
total return quotation.
** For Class Y, the period from the Class' inception on April 5, 1999 through
January 31, 2000. For Class A, for the twelve month period ending January
31, 2000.
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[GRAPH]
Class A Class Y
2/99 2.12% N/A
3/99 2.31% N/A
4/99 2.76% 3.08%
5/99 2.51% 2.81%
6/99 2.83% 3.12%
7/99 2.34% 2.64%
8/99 2.48% 2.78%
9/99 3.01% 3.32%
10/99 2.71% 3.01%
11/99 3.11% 3.41%
12/99 3.78% 4.08%
1/00 2.68% 2.98%
Total Net Assets: $112,950,630
Average Maturity: 59 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 0.30%. If this fee had not been reflected,
the return for Class Y would have been higher. Returns reflect expense limits
previously in effect, without which returns would have been lower.
Funds that concentrate their investments in a single state may face increased
risk or price fluctuation over more diversified funds due to adverse
developments within that state.
An investment in the Fund is not insured or 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. Past performance is no guarantee of future
results.
The Fund's yield will fluctuate and there can be no guarantee that the Fund will
achieve its objective or any particular tax-exempt yield. Income may be subject
to AMT.
5
<PAGE>
EVERGREEN
Pennsylvania Municipal Money Market Fund
Fund at a Glance as of January 31, 2000
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 1/31/2000 portfolio assets)
Variable Rate Demand Notes-- 59.5%
Bonds-- 24.4%
Put Bonds-- 16.1%
Portfolio Management
- --------------------------------------------------------------------------------
[PHOTO]
Steven C.Shachat
Tenure:May 1998
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*/1/
- --------------------------------------------------------------------------------
Portfolio Inception Date: 8/15/1991 Class A Class Y
Class Inception Date 8/22/1995 8/15/1991
Average Annual Returns
1 year 2.90% 3.00%
3 years 2.99% 3.09%
5 years 3.12% 3.20%
Since Portfolio Inception 2.97% 3.01%
7-day annualized yield 2.98% 3.13%
30-day annualized yield 3.09% 3.22%
12-month distributions per share $0.029 $0.030
* The yield quotation more closely reflects the earnings of the fund than the
total return quotation.
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[GRAPH]
Class A Class Y
2/99 2.46% 2.56%
3/99 2.59% 2.69%
4/99 3.09% 3.19%
5/99 2.84% 2.94%
6/99 3.12% 3.22%
7/99 2.72% 2.82%
8/99 2.77% 2.86%
9/99 3.19% 3.29%
10/99 2.91% 3.01%
11/99 3.32% 3.41%
12/99 3.98% 4.08%
1/00 2.98% 3.13%
Total Net Assets: $187,084,761
Average Maturity: 60 days
/1/ Historical performance shown for Class A prior to its inception is based on
the performance of Class Y, the original class offered. These historical returns
for Class A have not been adjusted to reflect the effect of the class' 12b-1
fees. The 12b-1 fee for Class A is 0.30%. Class Y does not pay a 12b-1 fee. If
these fees had been reflected, returns would have been lower. The advisor is
reimbursing a portion of the 12b-1 expense for Class A. Had the fee not been
reimbursed, returns would have been lower. Returns reflect expense limits
previously in effect, without which returns would have been lower.
Funds that concentrate their investments in a single state may face increased
risk or price fluctuation over more diversified funds due to adverse
developments within that state.
Foreign investments may contain more risk due to the inherent risks associated
with changing political climates, foreign market instability and foreign
currency fluctuations.
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.
The Fund's yield will fluctuate and there can be no guarantee that the Fund will
achieve its objective or any particular tax-exempt yield. Income may be subject
to AMT.
6
<PAGE>
EVERGREEN
Treasury Money Market Fund
Fund at a Glance as of January 31, 2000
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
(based on 1/31/2000 portfolio assets)
Repurchase Agreements-- 75.6%
U.S. Treasury Notes-- 24.1%
Mutual Fund Shares-- 0.3%
Portfolio Management
- --------------------------------------------------------------------------------
[PHOTO]
Kellie Allen
Tenure:March 1991
[PHOTO]
Bryan K.White
Tenure:December 1997
- --------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*/1/
- --------------------------------------------------------------------------------
Portfolio Inception Date: 3/6/1991 Class A Class Y
Class Inception Date 3/6/1991 3/6/1991
Average Annual Returns
1 year 4.38% 4.69%
3 years 4.68% 4.99%
5 years 4.84% 5.15%
Since Portfolio Inception 4.37% 4.68%
7-day annualized yield 4.83% 5.13%
30-day annualized yield 4.72% 5.02%
12-month distributions per share $0.043 $0.046
* The yield quotation more closely reflects the earnings of the fund than the
total return quotation.
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[GRAPH]
Class A Class Y
2/99 4.09% 4.39%
3/99 4.20% 4.50%
4/99 4.08% 4.38%
5/99 4.03% 4.33%
6/99 4.12% 4.43%
7/99 4.30% 4.60%
8/99 4.43% 4.73%
9/99 4.30% 4.60%
10/99 4.46% 4.76%
11/99 4.83% 5.13%
12/99 3.97% 4.28%
1/00 4.83% 5.13%
Total Net Assets: $3,862,343,077
Average Maturity: 50 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 0.30%.
Class Y does not pay a 12b-1 fee. Returns reflect expense limits previously in
effect, without which returns would have been lower.
U.S. Government guarantees apply only to the underlying securities of the Fund's
portfolio and not to the Fund's shares.
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. Yields will fluctuate. Past
performance is no guarantee of future results.
7
<PAGE>
EVERGREEN
Florida Municipal Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Year Ended
January 31,
----------------
2000 1999 (a)
<S> <C> <C>
CLASS A SHARES
Net asset value, beginning of period $ 1.00 $ 1.00
------ ------
Net investment income 0.03 0.01
Distributions to shareholders from
Net investment income (0.03) (0.01)
------ ------
Net asset value, end of period $ 1.00 $ 1.00
------ ------
Total return 2.69% 0.69%
Ratios and supplemental data
Net assets, end of period (millions) $ 140 $ 84
Ratios to average net assets
Expenses++ 0.84% 0.93%+
Net investment income 2.77% 2.66%+
</TABLE>
<TABLE>
<CAPTION>
Year Ended
January 31,
----------------
2000 1999 (b)
<S> <C> <C>
CLASS Y SHARES
Net asset value, beginning of period $ 1.00 $1.00
------ -----
Net investment income 0.03 0+++
Distributions to shareholders from
Net investment income (0.03) 0+++
------ -----
Net asset value, end of period $ 1.00 $1.00
------ -----
Total return 3.01% 0.26%
Ratios and supplemental data
Net assets, end of period (millions) $ 0 $ 0
Ratios to average net assets
Expenses++ 0.54% 0.65%+
Net investment income 3.07% 2.98%+
</TABLE>
(a) For the period from October 26, 1998 (commencement of class operations) to
January 31, 1999.
(b) For the period from December 29, 1998 (commencement of class operations) to
January 31, 1999.
+ Annualized.
++ The ratio of expenses to average net assets includes fee waivers and ex-
cludes expense reductions.
+++ Represents an amount less than $0.005 per share.
See Combined Notes to Financial Statements.
8
<PAGE>
EVERGREEN
Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Year Ended January 31, Year Ended August 31,
------------------------ ------------------------
2000 1999 1998 (a) 1997 1996 1995 (b)
<S> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value, beginning
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------ ------ ------ ------ ------ -----
Net investment income 0.05 0.05 0.02 0.05 0.05 0.03
Distributions to
shareholders from
Net investment income (0.05) (0.05) (0.02) (0.05) (0.05) (0.03)
------ ------ ------ ------ ------ -----
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------ ------ ------ ------ ------ -----
Total return 4.68% 4.90% 2.08% 4.95% 5.05% 3.53%
Ratios and supplemental
data
Net assets, end of period
(millions) $8,931 $5,210 $2,910 $2,803 $1,755 $ 685
Ratios to average net
assets
Expenses++ 0.83% 0.85% 0.89%+ 0.79% 0.75% 0.81%+
Net investment income 4.63% 4.78% 4.91%+ 4.87% 4.86% 5.26%+
<CAPTION>
Year Ended January 31, Year Ended August 31,
------------------------ ------------------------
2000 1999 1998 (a) 1997 1996 1995 (c)
<S> <C> <C> <C> <C> <C> <C>
CLASS B SHARES
Net asset value, beginning
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------ ------ ------ ------ ------ -----
Net investment income 0.04 0.04 0.02 0.04 0.04 0.03
Distributions to
shareholders from
Net investment income (0.04) (0.04) (0.02) (0.04) (0.04) (0.03)
------ ------ ------ ------ ------ -----
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------ ------ ------ ------ ------ -----
Total return* 3.95% 4.18% 1.78% 4.22% 4.31% 2.78%
Ratios and supplemental
data
Net assets, end of period
(millions) $ 67 $ 65 $ 25 $ 23 $ 10 $ 8
Ratios to average net
assets
Expenses++ 1.53% 1.55% 1.59%+ 1.49% 1.45% 1.51%+
Net investment income 3.89% 4.09% 4.22%+ 4.16% 4.18% 4.54%+
</TABLE>
(a) For the five months ended January 31, 1998. The Fund changed its fiscal
year end from August 31 to January 31, effective January 31, 1998.
(b) For the period from January 4, 1995 (commencement of class operations) to
August 31, 1995.
(c) For the period from January 26, 1995 (commencement of class operations) to
August 31, 1995.
* Excluding applicable sales charges.
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions.
See Combined Notes to Financial Statements.
9
<PAGE>
EVERGREEN
Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Year Ended January
31,
---------------------- Period Ended
2000 1999 1998 (a) August 31, 1997 (b)
<S> <C> <C> <C> <C>
CLASS C SHARES
Net asset value, beginning of
period $1.00 $1.00 $1.00 $1.00
----- ----- ----- -----
Net investment income 0.04 0.04 0.02 0+++
Distributions to shareholders from
Net investment income (0.04) (0.04) (0.02) 0+++
----- ----- ----- -----
Net asset value, end of period $1.00 $1.00 $1.00 $1.00
----- ----- ----- -----
Total return* 3.95% 4.18% 1.78% 0.37%
Ratios and supplemental data
Net assets, end of period
(millions) $ 6 $ 5 $ 2 $ 5
Ratios to average net assets
Expenses++ 1.54% 1.55% 1.59%+ 1.67%+
Net investment income 3.95% 4.09% 4.20%+ 4.42%+
</TABLE>
<TABLE>
<CAPTION>
Year Ended August
Year Ended January 31, 31,
------------------------ -------------------
2000 1999 1998 (a) 1997 1996 1995
<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 0.05 0.02 0.05 0.05 0.05
Distributions to shareholders
from
Net investment income (0.05) (0.05) (0.02) (0.05) (0.05) (0.05)
------ ------ ----- ----- ----- -----
Net asset value, end of period $ 1.00 $ 1.00 $1.00 $1.00 $1.00 $1.00
------ ------ ----- ----- ----- -----
Total return 4.99% 5.21% 2.21% 5.27% 5.36% 5.38%
Ratios and supplemental data
Net assets, end of period
(millions) $1,908 $1,745 $ 610 $ 635 $ 671 $ 283
Ratios to average net assets
Expenses++ 0.53% 0.55% 0.59%+ 0.48% 0.45% 0.53%
Net investment income 4.89% 5.07% 5.22%+ 5.13% 5.16% 5.26%
</TABLE>
(a) For the 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.
* Excluding applicable sales charges.
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions.
+++ Represents an amount less than $0.005 per share.
See Combined Notes to Financial Statements.
10
<PAGE>
EVERGREEN
Municipal Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Year Ended January Year Ended August
31, 31,
---------------------- ----------------------
2000 1999 1998 (a) 1997 1996 1995 (b)
<S> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value, beginning of
period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Net investment income 0.03 0.03 0.01 0.03 0.03 0.02
Distributions to shareholders
from
Net investment income (0.03) (0.03) (0.01) (0.03) (0.03) (0.02)
----- ----- ----- ----- ----- -----
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Total return 2.90% 3.07% 1.34% 3.13% 3.22% 2.24%
Ratios and supplemental data
Net assets, end of period
(millions) $ 708 $ 737 $ 672 $ 667 $ 661 $ 555
Ratios to average net assets
Expenses++ 0.86% 0.87% 0.88%+ 0.83% 0.79% 0.78%+
Net investment income 2.84% 3.02% 3.18%+ 3.09% 3.14% 3.28%+
<CAPTION>
Year Ended Year Ended
January 31, August 31,
---------------------- ----------------------
2000 1999 1998 (a) 1997 1996 1995
<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 0.03 0.01 0.03 0.03 0.04
Distributions to shareholders
from
Net investment income (0.03) (0.03) (0.01) (0.03) (0.03) (0.04)
----- ----- ----- ----- ----- -----
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Total return 3.21% 3.38% 1.47% 3.44% 3.53% 3.59%
Ratios and supplemental data
Net assets, end of period
(millions) $ 591 $ 540 $ 386 $ 378 $ 617 $ 421
Ratios to average net assets
Expenses++ 0.56% 0.57% 0.58%+ 0.53% 0.49% 0.50%
Net investment income 3.15% 3.30% 3.46%+ 3.37% 3.44% 3.53%
</TABLE>
(a) For the 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.
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions.
See Combined Notes to Financial Statements.
11
<PAGE>
EVERGREEN
New Jersey Municipal Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Year Ended January 31,
----------------------
2000 1999 (a)
<S> <C> <C>
CLASS A SHARES
Net asset value, beginning of period $ 1.00 $ 1.00
----------- -----------
Net investment income 0.03 0.01
Distributions to shareholders from
Net investment income (0.03) (0.01)
----------- -----------
Net asset value, end of period $ 1.00 $ 1.00
----------- -----------
Total return 2.59% 0.66%
Ratios and supplemental data
Net assets, end of period (millions) $ 111 $ 95
Ratios to average net assets
Expenses++ 0.84% 0.85%+
Net investment income 2.57% 2.46%+
</TABLE>
<TABLE>
<CAPTION>
Period Ended
January 31, 2000 (b)
<S> <C>
CLASS Y SHARES
Net asset value, beginning of period $1.00
-----
Net investment income 0.02
Distributions to shareholders from
Net investment income (0.02)
-----
Net asset value, end of period $1.00
-----
Total return 2.47%
Ratios and supplemental data
Net assets, end of period (millions) $ 2
Ratios to average net assets
Expenses++ 0.52%+
Net investment income 3.06%+
</TABLE>
(a) For the period October 26, 1998 (commencement of class operations) to
January 31, 1999.
(b) For the period April 5, 1999 (commencement of class operations) to January
31, 2000.
+ Annualized.
++ The ratio of expenses to average net assets includes fee waivers and
excludes expense reductions.
See Combined Notes to Financial Statements.
12
<PAGE>
EVERGREEN
Pennsylvania Municipal Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Year Ended Year Ended
January 31, August 31,
----------------------- --------------- Period Ended
2000 1999 1998 (a) 1997 1996 (b) February 29, 1996 (c)
<S> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value,
beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Net investment income 0.03 0.03 0.01 0.03 0.01 0.02
Distributions to
shareholders from
Net investment income (0.03) (0.03) (0.01) (0.03) (0.01) (0.02)
----- ----- ----- ----- ----- -----
Net asset value, end of
period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Total return 2.90% 2.96% 1.34% 3.05% 1.49% 1.72%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 125 $ 96 $ 37 $ 36 $ 22 $ 4
Ratios to average net
assets
Expenses++ 0.60% 0.61% 0.61%+ 0.60% 0.55%+ 0.47%+
Net investment income 2.87% 2.90% 3.15%+ 3.01% 2.97%+ 3.14%+
</TABLE>
<TABLE>
<CAPTION>
Year Ended
Year Ended January Year Ended February
31, August 31, 28,
---------------------- --------------- ------------
2000 1999 1998 (a) 1997 1996 (b) 1996 1995
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS Y SHARES
Net asset value,
beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- ----- -----
Net investment income 0.03 0.03 0.01 0.03 0.01 0.03 0.03
Distributions to
shareholders from
Net investment income (0.03) (0.03) (0.01) (0.03) (0.01) (0.03) (0.03)
----- ----- ----- ----- ----- ----- -----
Net asset value, end of
period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- ----- -----
Total return 3.00% 3.07% 1.38% 3.15% 1.51% 3.55% 2.81%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 62 $ 40 $ 33 $ 32 $ 48 $ 83 $ 44
Ratios to average net
assets
Expenses++ 0.50% 0.52% 0.51%+ 0.50% 0.50%+ 0.37% 0.33%
Net investment income 2.98% 3.02% 3.26%+ 3.10% 2.92%+ 3.42% 3.09%
</TABLE>
(a) For the 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 six months ended August 31, 1996. The Fund changed its fiscal year
end from February 29 to August 31, effective August 31, 1996.
(c) For the period from August 22, 1995 (commencement of class operations) to
February 29, 1996.
+ Annualized.
++ The ratio of expenses to average net assets includes fee waivers and ex-
cludes expense reductions.
See Combined Notes to Financial Statements.
13
<PAGE>
EVERGREEN
Treasury Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Year Ended January 31, Year Ended August 31,
------------------------ ------------------------
2000 1999 1998 (a) 1997 1996 1995 (b)
<S> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value, beginning
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Net investment income 0.04 0.05 0.02 0.05 0.05 0.03
Distributions to
shareholders from
Net investment income (0.04) (0.05) (0.02) (0.05) (0.05) (0.03)
------ ------ ------ ------ ------ ------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Total return 4.38% 4.75% 2.07% 4.82% 4.98% 3.58%
Ratios and supplemental
data
Net assets, end of period
(millions) $2,828 $3,366 $2,616 $2,485 $2,608 $1,178
Ratios to average net
assets
Expenses++ 0.74% 0.73% 0.73%+ 0.72% 0.69% 0.63%+
Net investment income 4.28% 4.63% 4.89%+ 4.73% 4.76% 5.30%+
<CAPTION>
Year Ended January 31, Year Ended August 31,
------------------------ ------------------------
2000 1999 1998 (a) 1997 1996 1995 (b)
<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 0.05 0.02 0.05 0.05 0.04
Distributions to
shareholders from
Net investment income (0.05) (0.05) (0.02) (0.05) (0.05) (0.04)
------ ------ ------ ------ ------ ------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Total return 4.69% 5.07% 2.20% 5.14% 5.29% 3.78%
Ratios and supplemental
data
Net assets, end of period
(millions) $1,034 $1,045 $ 572 $ 547 $ 760 $ 277
Ratios to average net
assets
Expenses++ 0.44% 0.43% 0.43%+ 0.42% 0.39% 0.33%+
Net investment income 4.58% 4.89% 5.19%+ 5.02% 5.12% 5.60%+
</TABLE>
(a) For the 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 eight months ended August 31, 1995. The Fund changed its fiscal
year end from December 31 to August 31, effective August 31, 1995.
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions.
See Combined Notes to Financial Statements.
14
<PAGE>
EVERGREEN
Florida Municipal Money Market Fund
Schedule of Investments
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 99.7%
Florida - 96.3%
$1,705,000 Broward Cnty., FL Hsg. Fin. Auth. RB, Mtge. Tender
Option Bonds, Ser. D,
(LOC: CitiBank, NA & Coll. by GNMA),
4.05%, 5/1/2000.................................... $ 1,705,000
1,600,000 Collier Cnty., FL Hlth. Facs. RB, Cleveland Clinic
Hlth. Sys.,
(LOC: Bank One, NA),
3.70%, VRDN........................................ 1,600,000
3,350,000 Dade Cnty., FL Gtd. Entitlement RB, Capital
Appreciation, Ser. B,
(Ins. by MBIA),
3.90%, 2/1/2000.................................... 3,350,000
Dade Cnty., FL IDA RB:
2,325,000 FL Convalescent Assoc. Proj., Ser. 1986,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
3.65%, VRDN........................................ 2,325,000
150,000 Jay W. Lotspeich Proj.,
(LOC: Dai-Ichi Kangyo Bank, Ltd.),
4.60%, VRDN........................................ 150,000
400,000 Pot Co., Inc.,
(LOC: Dai-Ichi Kangyo Bank, Ltd.),
4.60%, VRDN........................................ 400,000
950,000 Quipp Inc. Proj.,
(LOC: Bank of America, NA),
3.45%, VRDN........................................ 950,000
1,000,000 Dural Cnty., FL Sch. Dist. GO,
(Ins. by AMBAC),
5.63%, 8/1/2000.................................... 1,007,653
3,500,000 Escambia Cnty., FL IDRB, Daws Mfg. Co., Inc. Proj.,
(LOC: Amsouth Bank, NA),
3.50%, VRDN........................................ 3,500,000
1,330,000 Escambia Cnty., FL SFHRB, PFOTER,
(LIQ: Merrill Lynch & Co., Inc.),
3.32%, VRDN (a).................................... 1,330,000
Florida Board of Ed. RB:
4,700,000 ABN AMRO Munitops Certificates Trust, Ser. 1998-9,
(LIQ: ABN AMRO Bank, NV & Ins. by FSA),
3.29%, VRDN (a).................................... 4,700,000
1,100,000 Capital Outlay, Ser. 190,
(LIQ: Morgan Stanley Dean Witter, Inc & Ins. by
FSA),
3.30%, VRDN........................................ 1,100,000
3,350,000 Florida Dept. of Trans. Turnpike Auth. RB, TOC, Ser.
1999-1,
(LOC: Chase Manhattan Bank, NA & Ins. by MBIA),
3.30%, VRDN........................................ 3,350,000
1,000,000 Florida Dev. Fin. Corp. IDRB, Suncoast Bakeries,
Inc., Ser. A-1,
(LOC: SunTrust Banks, NA),
3.45%, VRDN........................................ 1,000,000
Florida HFA MHRB:
4,000,000 Buchanan Bay Townhomes,
(LOC: Chase Manhattan Bank, NA),
3.45%, VRDN........................................ 4,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Florida - continued
Florida HFA MHRB - continued
$3,100,000 Falls of Venice Proj., Ser. E,
(Coll. by FNMA),
3.45%, VRDN........................................ $ 3,100,000
3,500,000 Iona Lakes Proj., Ser. D,
(Ins. by Continental Casualty),
3.25%, 4/1/2000.................................... 3,500,000
2,000,000 Spring Colony Proj.,
(Coll. by FNMA),
3.20%, VRDN........................................ 2,000,000
5,750,000 Hernando Cnty., FL IDRB, Moore McCormack Resources,
(LOC: Societe Generale),
3.40%, VRDN........................................ 5,750,000
Hillsborough Cnty., FL IDA PCRB, Tampa Elec. Co.
Proj.:
(Gtd. by Tampa Elec. Co.),
1,300,000 3.60%, VRDN........................................ 1,300,000
1,800,000 Gannon Coal Conversion,
3.60%, VRDN........................................ 1,800,000
Hillsborough Cnty., FL IDRB:
1,895,000 Berry Packaging, Inc.,
(LOC: Bank of America, NA),
3.45%, VRDN........................................ 1,895,000
400,000 Serigraphic Arts, Inc. Proj.,
(LOC: Dai-Ichi Kangyo Bank, Ltd.),
4.60%, VRDN........................................ 400,000
1,400,000 Jacksonville, FL Econ. Dev. Commission IDRB, Crown
Products Co., Inc.,
(LOC: SunTrust Banks, NA),
3.45%, VRDN........................................ 1,400,000
3,000,000 Jacksonville, FL Elec. Auth. RB, Bulk Pwr. Supply,
Prerefunded,
6.75%, 10/1/2000................................... 3,098,035
900,000 Jacksonville, FL IDRB, Univ. of FL Hlth. Science
Ctr.,
(LOC: Bank of America, NA),
3.35%, VRDN........................................ 900,000
Jacksonville, FL PCRB, FL Pwr. & Light Co. Proj.,
(Gtd. by FL Pwr. & Light Co.):
2,500,000 Ser. 1992,
3.85%, 2/11/2000................................... 2,500,000
4,000,000 Ser. 1994,
3.50%, 2/22/2000................................... 4,000,000
930,000 Martin Cnty., FL IDA IDRB, RF Labs, Inc. Proj.,
(LOC: SunTrust Banks, NA),
3.45%, VRDN........................................ 930,000
485,000 Miami-Dade Cnty., FL GO, Parks Program,
(Ins. by FGIC),
7.25%, 11/1/2000................................... 496,625
6,590,000 Miami-Dade Cnty., FL HFA MHRB, PFOTER,
(LIQ: Merrill Lynch & Co., Inc.),
3.50%, VRDN........................................ 6,590,000
2,000,000 Miami-Dade Cnty., FL IDA RB, Edron Fixtures Corp.
Proj., Ser. 1999-A,
(LOC: SunTrust Banks, NA),
3.40%, VRDN........................................ 2,000,000
</TABLE>
15
<PAGE>
EVERGREEN
Florida Municipal Money Market Fund
Schedule of Investments (continued)
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Florida - continued
$1,700,000 Niceville, FL Wtr. & Swr. RB, Ser. B,
(LOC: Bank of America, NA & Ins. by AMBAC),
3.30%, VRDN......................................... $ 1,700,000
1,500,000 Orange Cnty., FL HFA Homeowner RB, Ser. A-2,
(Coll. by FNMA & GNMA),
3.95%, 12/1/2000.................................... 1,500,000
3,000,000 Orange Cnty., FL HFA MHRB, Oakwood Proj., Ser. 1985-
E,
(LOC: Fleet Bank, NA),
3.75%, 10/1/2000.................................... 3,000,000
Orange Cnty., FL Hlth. Facs. Auth. RB:
1,500,000 PFOTER 95,
(LIQ: Merrill Lynch & Co., Inc. & Coll. by U.S.
Treasury),
3.40%, 2/17/2000 (a)................................ 1,500,000
3,000,000 Pooled Hosp. Loan Program, Ser. 1985, (LOC: SunTrust
Banks, NA & Ins. by MBIA),
3.90%, 2/28/2000.................................... 3,000,000
2,645,000 Presbyterian Retirement Proj.,
(LOC: Bank of America, NA),
3.35%, VRDN......................................... 2,645,000
800,000 Orange Cnty., FL Sch. Board COP, Ser. 130,
(LIQ: Morgan Stanley Dean Witter, Inc. & Ins. by
MBIA),
3.30%, VRDN......................................... 800,000
580,000 Palm Beach Cnty., FL IDRB, FL Convalescent Proj.,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
3.62%, VRDN......................................... 580,000
1,600,000 Pinellas Cnty., FL Ed. Facs. Auth. RB, Pooled
Independent Higher Ed. Loan Program,
(LOC: Credit Suisse First Boston Corp. & Ins. by
MBIA),
3.70%, VRDN......................................... 1,600,000
260,000 Pinellas Cnty., FL HFA SFHRB, PFOTER,
(LIQ: Merrill Lynch & Co., Inc. & Coll. by FNMA),
3.32%, VRDN (a)..................................... 260,000
3,090,000 Polk Cnty., FL IDA RB, Sun Orchard, FL, Inc. Proj.,
(LOC: Bank One, NA),
3.50%, VRDN......................................... 3,090,000
9,800,000 Punta Gorda, FL Hlth. Facs. Auth. Hosp. RB, Ser. 98-
174,
(LIQ: Morgan Stanley Dean Witter, Inc. & Ins. by
FSA),
3.42%, VRDN......................................... 9,800,000
Putnam Cnty., FL Dev. Auth. PCRB, Seminole Elec.
Corp.,
(Gtd. by Rural Util. Svcs. Corp.):
4,000,000 Ser. D,
3.80%, 6/15/2000.................................... 4,000,000
3,035,000 Ser. H3,
3.60%, 3/15/2000.................................... 3,035,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Florida - continued
$3,235,000 Seminole Cnty., FL Sch. Dist. GO,
(Ins. by MBIA),
5.70%, 8/1/2000.................................... $ 3,261,794
1,735,000 St. John's Cnty., FL IDA RB, Bronz-Glow Technologies
Proj.,
(LOC: SouthTrust Bank, NA),
3.50%, VRDN........................................ 1,735,000
St. Lucie Cnty., FL PCRB, FL Pwr. & Light Co. Proj.,
(Gtd. by FL Pwr. & Light Co.):
1,200,000 3.60%, VRDN........................................ 1,200,000
3,500,000 3.50%, VRDN........................................ 3,500,000
1,260,000 St. Petersburg , FL Hlth. Fac. Auth. RB, FL Blood
Svcs., Inc. Proj.,
(LOC: SouthTrust Bank, NA),
3.30%, VRDN........................................ 1,260,000
7,880,000 Sunshine State Governmental Financing Commission RB,
Ser. 1986,
(SPA: Credit Local de France & Ins. by AMBAC),
3.50%, 2/24/2000................................... 7,880,000
485,000 Tamarac, FL IDRB, Tamarac Business Ctr. Proj.,
(LOC: Bank of America, NA),
3.45%, VRDN........................................ 485,000
Tampa Bay, FL Wtr. Util. Sys. RB:
2,000,000 PFOTER,
(LIQ: Merrill Lynch & Co., Inc. & Ins. by FGIC),
3.28%, VRDN........................................ 2,000,000
2,300,000 Ser. 98-112,
(LIQ: Morgan Stanley Dean Witter, Inc. & Ins. by
FGIC),
3.30%, VRDN........................................ 2,300,000
800,000 Tampa, FL Hlth. Sys. RB, Catholic Hlth. Sys., Ser.
A-3,
(Ins. by MBIA),
4.50%, 11/15/2000.................................. 802,108
2,200,000 Titusville, FL Multi-Purpose RB,
(LOC: Bank of America, NA),
3.35%, VRDN........................................ 2,200,000
------------
135,261,215
------------
Illinois - 3.4%
2,300,000 Chicago, IL O'Hare Intl. Arpt. RB, American Airlines
Proj., Ser. A,
(LOC: Credit Suisse First Boston Corp.),
3.65%, VRDN........................................ 2,300,000
2,500,000 Illinois Dev. Auth. RB, PFOTER,
(LIQ: Merrill Lynch & Co., Inc.),
3.80%, VRDN (a).................................... 2,500,000
------------
4,800,000
------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $140,061,215).......................... 99.7% 140,061,215
Other Assets and Liabilities - net............ 0.3 446,883
----- ------------
Net Assets.................................... 100.0% $140,508,098
===== ============
</TABLE>
See Combined Notes to Schedules of Investments.
16
<PAGE>
EVERGREEN
Money Market Fund
Schedule of Investments
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
COMMERCIAL PAPER - 54.7%
Asset Backed - 29.4%
$ 75,165,000 Alpine Securitization Corp.,
5.75%, 3/15/2000.......................... $ 74,648,763
Asset Backed Capital Fin., Inc.:
50,000,000 5.72%, 3/2/2000........................... 49,761,666
100,000,000 6.66%, 2/20/2001.......................... 100,009,698
Atlantic Asset Securitization Corp.:
52,348,000 5.71%, 2/11/2000,(a)...................... 52,264,970
151,282,000 5.73%, 2/15/2000,(a)...................... 150,944,894
71,169,000 5.98%, 2/14/2000,(a)...................... 71,015,314
50,000,000 Barton Capital Corp.,
5.69%, 2/15/2000.......................... 49,889,361
Bavaria Universal Funding:
100,000,000 5.70%, 2/10/2000.......................... 99,857,500
102,000,000 5.70%, 2/14/2000.......................... 101,790,050
144,855,000 5.72%, 2/15/2000.......................... 144,532,778
55,000,000 5.92%, 2/8/2000........................... 54,939,149
Bills Securitization:
50,000,000 5.79%, 3/13/2000.......................... 49,670,292
50,000,000 5.79%, 3/23/2000.......................... 49,589,875
Broadway Capital Corp.:
56,932,000 5.70%, 2/10/2000.......................... 56,850,872
52,529,000 5.82%, 3/29/2000.......................... 52,044,945
Falcon Asset Securitization:
103,500,000 5.68%, 2/15/2000.......................... 103,271,380
74,970,000 5.75%, 3/1/2000........................... 74,622,743
Four Winds Funding Corp.:
50,000,000 5.70%, 2/17/2000.......................... 49,873,333
50,000,000 5.70%, 2/23/2000.......................... 49,825,833
100,000,000 5.72%, 2/17/2000.......................... 99,745,778
Gotham Funding Corp.,
(LOC: Bank of Tokyo-Mitsubishi Ltd.):
49,935,000 5.75%, 2/9/2000........................... 49,871,194
50,000,000 5.75%, 2/17/2000.......................... 49,872,223
50,000,000 5.85%, 3/17/2000.......................... 49,634,375
26,257,000 5.87%, 3/23/2000.......................... 26,038,651
Lexington Parker Capital Corp.:
49,882,000 5.73%, 2/23/2000.......................... 49,707,330
109,544,000 6.10%, 2/11/2000.......................... 109,358,384
50,511,000 Lyon Short-Term Funding Corp., 5.70%,
2/7/2000.................................. 50,463,015
Moat Funding, LLC:
75,000,000 5.71%, 2/22/2000.......................... 74,750,188
100,000,000 5.72%, 2/28/2000.......................... 99,571,000
75,000,000 5.89%, 2/27/2000.......................... 75,000,000
Old Line Funding Corp.,
(LOC: Dai-Ichi Kangyo Bank, Ltd.):
150,000,000 5.70%, 2/23/2000.......................... 149,477,500
73,000,000 5.72%, 2/24/2000.......................... 72,733,225
47,871,000 5.77%, 3/3/2000........................... 47,633,148
Park Avenue Recreation Corp.,
(LOC: Chase Manhattan Bank):
115,013,000 5.69%, 2/23/2000(a)....................... 114,613,075
73,394,000 5.72%, 2/28/2000(a)....................... 73,079,139
50,317,000 5.75%, 3/6/2000(a)........................ 50,043,751
42,523,000 Receivables Capital Co.,
5.70%, 2/22/2000.......................... 42,381,611
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
COMMERCIAL PAPER - continued
Asset Backed - continued
Sheffield Receivables Corp.:
$100,000,000 5.71%, 2/18/2000.......................... $ 99,730,361
75,000,000 5.72%, 2/22/2000.......................... 74,749,750
50,400,000 5.76%, 3/7/2000........................... 50,117,760
Special Purpose Accounts Receivable Co.:
100,000,000 5.80%, 3/2/2000........................... 99,516,666
50,000,000 6.10%, 2/11/2000.......................... 49,915,278
Thames Asset Global Securitization:
55,018,000 5.70%, 2/10/2000.......................... 54,939,599
65,912,000 5.75%, 2/28/2000.......................... 65,627,755
---------------
3,213,974,172
---------------
Banks - 2.7%
Citibank Credit Card:
125,000,000 5.75%, 2/23/2000.......................... 124,560,764
100,000,000 5.77%, 3/7/2000........................... 99,439,028
70,000,000 Credit Suisse First Boston New York,
5.60%, 6/5/2000........................... 70,000,000
---------------
293,999,792
---------------
Brokers - 0.7%
75,000,000 Morgan Stanley Dean Witter, Inc., 5.83%,
2/1/2000.................................. 75,000,000
---------------
Finance & Insurance - 20.8%
Aetna Svcs., Inc.:
150,000,000 5.90%, 2/16/2000.......................... 149,631,250
50,000,000 6.10%, 2/11/2000.......................... 49,915,278
50,000,000 6.35%, 3/17/2000.......................... 49,603,125
17,985,000 AT&T Capital Corp., MTN,
7.50%, 11/15/2000......................... 18,160,525
45,000,000 Chrysler Finl. Corp., MTN,
5.25%, 10/19/2000......................... 44,715,229
Concord Minutemen Capital Corp.:
50,000,000 5.70%, 2/7/2000(a)........................ 49,952,500
75,229,000 5.70%, 2/14/2000(a)....................... 75,074,154
76,275,000 5.82%, 3/24/2000(a)....................... 75,633,781
50,000,000 5.90%, 2/1/2000(a)........................ 50,000,000
51,151,000 6.10%, 2/4/2000........................... 51,124,998
50,602,000 6.10%, 2/11/2000.......................... 50,516,258
100,976,000 6.12%, 2/4/2000........................... 100,924,502
11,580,000 Finova Capital Corp., MTN,
6.22%, 3/1/2000........................... 11,585,699
40,195,000 Metris Owner Trust,
5.68%, 2/10/2000.......................... 40,137,923
Montauk Funding Corp.:
25,000,000 5.70%, 2/4/2000........................... 24,988,125
100,000,000 5.73%, 2/24/2000.......................... 99,633,917
73,182,000 Monte Rosa Capital Corp.,
5.68%, 2/16/2000.......................... 73,008,802
Moriarty Ltd.:
50,000,000 5.75%, 2/28/2000.......................... 49,784,375
55,675,000 5.88%, 4/10/2000.......................... 55,047,543
MPF Ltd.:
45,000,000 5.70%, 2/14/2000.......................... 44,907,375
65,000,000 5.72%, 2/10/2000.......................... 64,907,050
</TABLE>
17
<PAGE>
EVERGREEN
Money Market Fund
Schedule of Investments (continued)
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
COMMERCIAL PAPER - continued
Finance & Insurance - continued
MPF Ltd. - continued
$ 52,110,000 5.75%, 2/28/2000.............................. $ 51,885,276
54,934,000 5.78%, 3/21/2000.............................. 54,501,822
50,998,000 6.10%, 2/10/2000.............................. 50,920,228
Trident Capital Fin., Inc.:
41,400,000 5.76%, 3/17/2000.............................. 41,101,920
125,000,000 5.77%, 3/7/2000............................... 124,298,784
78,600,000 6.05%, 2/10/2000.............................. 78,481,118
Triple A One Funding Corp.:
92,467,000 5.68%, 2/10/2000.............................. 92,335,697
43,179,000 5.69%, 2/9/2000............................... 43,124,402
107,151,000 5.72%, 2/24/2000.............................. 106,759,422
50,000,000 Westways Funding Corp.,
5.76%, 3/9/2000............................... 49,704,000
Westways Funding Corp. I:
112,000,000 5.73%, 2/16/2000.............................. 111,732,600
69,698,000 5.80%, 3/8/2000............................... 69,293,752
Westways Funding Corp. II:
37,051,000 5.73%, 2/16/2000.............................. 36,962,541
53,985,000 5.73%, 2/23/2000.............................. 53,795,963
35,000,000 6.10%, 2/11/2000.............................. 34,940,694
37,159,000 Wood Street Funding Corp.,
(LOC: Royal Bank of Canada)
5.70%, 2/22/2000.............................. 37,035,446
---------------
2,266,126,074
---------------
Industrial Specialty Products & Services - 0.3%
37,500,000 Johnson Controls, Inc.,
5.72%, 2/28/2000.............................. 37,339,125
---------------
Telecommunication Services & Equipment - 0.8%
43,000,000 GTE Corp.,
5.70%, 2/23/2000.............................. 42,850,217
41,000,000 MCI Worldcom, Inc.,
5.92%, 4/17/2000.............................. 40,487,591
---------------
83,337,808
---------------
Total Commercial Paper (cost $5,969,776,971)... 5,969,776,971
---------------
CORPORATE BONDS & NOTES - 40.8%
Asset Backed - 4.8%
Finova Capital Corp., MTN:
50,000,000 5.58%, 2/11/2000.............................. 50,000,000
75,000,000 5.88%, 7/20/2000.............................. 74,990,246
50,000,000 Ford Holdings Inc., MTN,
9.25%, 3/1/2000............................... 50,119,171
75,000,000 Main Place REIT, Ser. 1997-1,
6.23%, 3/27/2000.............................. 75,000,000
100,000,000 Northern Rock, PLC MTN, Sr. Notes,
6.11%, 3/14/2000.............................. 99,955,061
125,000,000 Special Purpose Accounts Receivable Coop.
Corp., FRN,
6.25%, 2/19/2000.............................. 125,000,000
50,000,000 Syndicated Loan Funding Trust
Ser. 1995, Class 5,
5.88%, 2/15/2000.............................. 50,000,000
---------------
525,064,478
---------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CORPORATE BONDS & NOTES - continued
Automotive Equipment & Manufacturing - 0.4%
$ 47,000,000 Daimler Benz North America Corp.,
6.08%, 7/18/2000.............................. $ 46,974,122
---------------
Banks - 5.0%
100,000,000 Credit Suisse First Boston Corp.,
6.41%, VRDN................................... 100,000,000
70,000,000 First USA Bank, NA Wilmington,
5.95%, 9/29/2000.............................. 69,977,917
Healthcare Funding, LLC, Notes, Ser. A:
21,425,000 5.79%, VRDN................................... 21,425,000
10,215,000 5.79%, VRDN................................... 10,215,000
3,675,000 KBL Capital Funding, Inc. Notes, Ser. A,
(LOC: National City Bank)
5.79%, VRDN................................... 3,675,000
12,515,000 LAM Funding, LLC, Notes, Ser. A,
(LOC: National City Bank)
5.79%, VRDN................................... 12,515,000
100,000,000 NationsBank, NA, MTN,
5.66%, 4/5/2000............................... 99,993,108
50,000,000 Natl. Bank Commerce Memphis, TN FRN,
5.84%, 2/19/2000.............................. 49,990,531
50,000,000 Natl. Bank of Canada (New York),
5.20%, 4/26/2000.............................. 49,994,394
Southtrust Bank Natl. Associates:
50,000,000 6.10%, 11/22/2000............................. 49,972,999
75,000,000 6.19%, 2/8/2000............................... 75,018,998
---------------
542,777,947
---------------
Brokers - 15.8%
Bear Stearns Co., Inc., MTN:
100,000,000 5.74%, 7/17/2000.............................. 100,000,000
50,000,000 6.30%, 1/12/2001.............................. 49,973,788
100,000,000 6.60%, 1/19/2001.............................. 100,000,000
83,031,433 Conseco Fin. Vehicle Trust, Notes, Ser. 1999-B,
Class A,
5.94%, 2/15/2000.............................. 83,031,433
Donaldson Lufkin & Jenrette, Inc.:
55,000,000 5.73%, 6/16/2000.............................. 55,000,000
50,000,000 5.79%, 7/10/2000.............................. 50,000,000
50,000,000 6.15%, 3/3/2000............................... 49,735,208
50,000,000 6.20%, 12/15/2000............................. 50,000,000
50,000,000 6.43%, 1/3/2001............................... 50,000,000
60,000,000 Donaldson Lufkin & Jenrette, Inc., MTN,
6.45%, 1/8/2001............................... 60,000,000
5,820,000 Gesmundo & Associates, Inc., FRN,
(LOC: National City Bank),
5.79%, VRDN................................... 5,820,000
Goldman Sachs Group LP, MTN:
100,000,000 5.40%, 3/28/2000.............................. 100,000,000
30,000,000 6.12%, 4/17/2000, (a)......................... 29,686,658
70,000,000 6.45%, VRDN (a)............................... 70,000,000
Goldman Sachs Group, Inc., MTN:
75,000,000 6.00%, 8/7/2000............................... 75,000,000
20,875,000 6.38%, 6/15/2000, (a)......................... 20,889,959
7,940,000 Houlihan Brothers, Ser. A,
(LOC: National City Bank),
5.79%, VRDN................................... 7,940,000
</TABLE>
18
<PAGE>
EVERGREEN
Money Market Funds
Schedule of Investments (continued)
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CORPORATE BONDS & NOTES - continued
Brokers - continued
JP Morgan & Co., Inc.:
$ 20,000,000 5.88%, 5/1/2000............................... $ 20,009,668
150,000,000 6.43%, VRDN................................... 150,000,000
Lehman Brothers Holdings, Inc., MTN:
60,000,000 5.94%, 2/23/2000, (a)......................... 60,000,000
25,000,000 6.00%, 3/23/2000.............................. 25,016,097
87,475,000 6.15%, 3/15/2000.............................. 87,510,134
32,285,000 6.33%, 8/1/2000............................... 32,322,535
18,500,000 6.50%, 7/18/2000.............................. 18,524,748
50,000,000 6.50%, 9/25/2000.............................. 49,987,077
46,675,000 6.63%, 11/15/2000............................. 46,731,090
13,000,000 7.29%, 9/25/2000.............................. 13,082,503
25,000,000 8.15%, 5/15/2000.............................. 25,172,399
30,000,000 8.88%, 2/15/2000.............................. 30,033,999
59,000,000 Merrill Lynch & Co., Inc., MTN,
5.09%, 2/7/2000............................... 59,000,000
20,000,000 Morgan Stanley Dean Witter, Inc.,
6.22%, 3/13/2000.............................. 20,000,000
Paine Webber Group, Inc., MTN:
45,000,000 5.50%, 5/16/2000.............................. 45,000,000
45,000,000 6.04%, 9/1/2000............................... 45,000,000
45,000,000 6.48%, 12/1/2000.............................. 45,000,000
---------------
1,729,467,296
---------------
Finance & Insurance - 10.0%
25,000,000 Associates Corp. of North America,
5.90%, 6/23/2000.............................. 25,040,535
50,000,000 Caterpillar Finl. Svcs.,
6.03%, VRDN................................... 49,991,579
100,000,000 CC USA, Inc.,
6.32%, VRDN................................... 100,000,000
75,000,000 Centauri Fin. Corp.,
5.35%, 5/22/2000.............................. 75,000,000
100,000,000 CIT Group Holdings, Inc. FRN, 5.64%,
3/27/2000..................................... 99,991,094
Ford Motor Credit Co., Notes:
7,000,000 6.38%, 4/3/2000............................... 7,010,251
35,256,000 6.85%, 8/15/2000.............................. 35,412,884
17,700,000 GMAC,
6.50%, 4/25/2000.............................. 17,722,179
Heller Fin'l., Inc., MTN:
21,350,000 5.88%, 11/1/2000.............................. 21,261,279
40,600,000 6.14%, 4/13/2000.............................. 40,626,510
40,000,000 6.44%, 2/2/2000............................... 40,088,316
22,500,000 6.50%, 5/15/2000.............................. 22,540,398
50,000,000 Household Fin. Corp., MTN,
6.00%, 5/8/2000............................... 49,999,461
48,000,000 International Lease Fin. Corp.,
5.88%, 1/15/2001.............................. 47,674,651
50,000,000 Liberty Lighthouse US Capital, MTN,
5.26%, 2/10/2000.............................. 50,000,000
75,000,000 Orix America, Inc., FRN,
(LOC: Norinchukin Bank)
6.17%, 2/10/2000.............................. 75,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CORPORATE BONDS & NOTES - continued
Finance & Insurance - continued
$100,000,000 RACERS, FRN, Ser. 1999-35M,
6.03%, 2/15/2000(a)........................... $ 100,000,000
Sigma Fin. Corp., MTN:
40,000,000 5.19%, 2/24/2000.............................. 39,999,975
50,000,000 5.38%, 3/13/2000.............................. 50,000,000
9,200,000 Transamerica Fin. Corp., MTN,
7.22%, 4/28/2000.............................. 9,241,288
80,000,000 VolksWagon Credit Inc., MTN,
5.42%, 6/2/2000(a)............................ 79,981,253
50,000,000 Xerox Credit Corp., MTN,
5.11%, 3/21/2000.............................. 49,997,294
---------------
1,086,578,947
---------------
Retailing & Wholesale - 1.3%
Sears Roebuck Acceptance Corp., MTN:
116,600,000 6.16%, 9/20/2000.............................. 116,660,336
20,000,000 6.33%, 3/27/2000.............................. 20,024,290
---------------
136,684,626
---------------
Telecommunication Services & Equipment - 3.5%
100,000,000 GTE Corp. Deb,
6.13%, 4/11/2000.............................. 99,928,026
GTE Corp. Notes:
100,000,000 5.40%, 6/23/2000.............................. 99,973,387
100,000,000 6.16%, 3/13/2000.............................. 99,976,783
85,000,000 MCI Worldcom, Inc., FRN,
5.60%, 2/18/2000.............................. 85,002,221
---------------
384,880,417
---------------
Total Corporate Bonds & Notes
(cost $4,452,427,833)......................... 4,452,427,833
---------------
FUNDING AGREEMENTS - 3.1%
Combined Insurance Co. of America, FRN:
20,000,000 5.41%, 4/1/2000(a)............................ 20,000,000
30,000,000 6.23%, 3/1/2000(a)............................ 30,000,000
Jackson Natl. Life Insurance Co., FRN:
100,000,000 5.72%, 7/20/2000(a)........................... 100,000,000
50,000,000 5.85%, 6/29/2000(a)........................... 50,000,000
Monumental Life Insurance Co., FRN:
90,000,000 6.31%, 2/12/2000(a)........................... 90,000,000
30,000,000 6.58%, 2/18/2000(a)........................... 30,000,000
20,000,000 Peoples Security Life, FRN,
6.48%, 2/23/2000(a)........................... 20,000,000
---------------
Total Funding Agreements (cost $340,000,000)... 340,000,000
---------------
MUNICIPAL OBLIGATIONS - 0.7%
41,830,000 Detroit, MI Economic Dev. Corp. RB,
5.87%, VRDN................................... 41,830,000
25,000,000 Richmond Cnty., GA Dev. Auth. IDRB,
5.65%, 6/1/2000............................... 25,000,000
</TABLE>
19
<PAGE>
EVERGREEN
Money Market Fund
Schedule of Investments (continued)
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
$ 15,900,000 Warren Cnty., KY IDA RB, Ser. B-1,
5.87%, VRDN................................... $ 15,900,000
---------------
Total Municipal Obligations
(cost $82,730,000)............................ 82,730,000
---------------
REPURCHASE AGREEMENT - 0.4%
41,995,779 Cowen Securities Corp.,
5.67%, dated 01/31/2000, maturing, 02/01/2000,
maturity value, $42,002,393,
(cost $41,995,779) (b)........................ 41,995,779
---------------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
MUTUAL FUND SHARES - 0.2%
19,093,567 Federated Prime Value Obligation Fund
(cost $19,093,567)............................. $ 19,093,567
---------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $10,906,024,150).................. 99.9% 10,906,024,150
Other Assets and Liabilities - net....... 0.1 6,316,815
----- ---------------
Net Assets............................... 100.0% $10,912,340,965
===== ===============
</TABLE>
See Combined Notes to Schedules of Investments.
20
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 99.0%
Alabama - 2.5%
$ 5,000,000 Alabama Bldg. Renovation Auth. RB, Prerefunded,
7.45%, 9/1/2000................................. $ 5,192,171
Alabama IDA RB:
1,855,000 Air-Dro Cylinders, Inc.,
(LOC: Fleet Bank, NA),
3.50%, VRDN..................................... 1,855,000
3,215,000 Automation Technology Inds., Inc.,
(LOC: Columbus Bank & Trust Co.),
3.50%, VRDN..................................... 3,215,000
Birmingham, AL Comml. Dev. Auth. RB,
(LOC: AmSouth Bank, NA):
805,000 Avondale Commerce Park Phase II,
3.55%, VRDN..................................... 805,000
530,000 Southside Business Ctr.,
3.55%, VRDN..................................... 530,000
1,315,000 Florence, AL IDRB, Die Tech Inc., Proj.,
(LOC: SouthTrust Bank, NA),
3.55%, VRDN..................................... 1,315,000
3,000,000 Frisco City, AL IDB RB, Standard Furniture Mfg.,
(LOC: AmSouth Bank, NA),
3.45%, VRDN..................................... 3,000,000
1,100,000 Guntersville, AL IDRB, KSG Realty, Inc., Proj.,
(LOC: Natl. Bank of Canada),
3.55%, VRDN..................................... 1,100,000
2,080,000 Hackleberg, AL IDRB, River Birch Homes Proj.,
(LOC: AmSouth Bank, NA),
3.70%, VRDN..................................... 2,080,000
2,325,000 Huntsville, AL IDRB,
(LOC: Natl. City Bank, NA),
3.45%, VRDN..................................... 2,325,000
2,340,000 Mobile Cnty., AL IDRB, Sherman Intl. Corp., Ser.
1994-A,
(LOC: Columbus Bank & Trust Co.),
3.50%, VRDN..................................... 2,340,000
5,100,000 Mobile, AL IDB PCRB, Intl. Paper Co., Ser. A,
(Gtd. by Intl. Paper Co.),
4.50%, 6/1/2000................................. 5,100,000
2,415,000 Ozark, AL Motel Facs. RB, Ozark Motel Proj.,
(LOC: AmSouth Bank, NA),
3.35%, VRDN..................................... 2,415,000
1,500,000 Tuscaloosa Cnty., AL IDA IDRB, Synchronous Indl.
Svcs. Proj.,
(LOC: SouthTrust Bank, NA),
3.45%, VRDN..................................... 1,500,000
--------------
32,772,171
--------------
Alaska - 0.7%
9,745,000 Valdez, AK Marine Term RB, Sohio Pipe Co.,
PFOTER,
(LOC: Banque Natl. de Paris),
3.60%, 5/11/2000................................ 9,745,000
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Arizona - 0.7%
$ 150,000 Maricopa Cnty., AZ IDA RB, McLane Co., Inc.
Proj.,
(LOC: Wachovia Bank, NA),
3.60%, VRDN..................................... $ 150,000
8,500,000 Mohave Cnty., AZ IDRB, Citizens Util. Co. Proj.,
(Gtd. by Citizen Util. Co.),
4.15%, 5/8/2000................................. 8,500,000
--------------
8,650,000
--------------
Arkansas - 0.4%
1,010,000 Ashdown, AR IDRB, Allied Corp. Proj.,
(Gtd. by Allied Signal Corp.),
4.20%, 11/1/2000................................ 1,010,000
4,000,000 Trumann, AR IDRB, Roach Mfg. Corp.,
(LOC: Regions Bank, NA),
3.45%, VRDN..................................... 4,000,000
--------------
5,010,000
--------------
California - 1.5%
1,900,000 Glenn Cnty., CA IDA PCRB, Land O'Lakes, Inc.
Proj., Ser. 1995,
(LOC: Sanwa Bank, Ltd.),
3.60%, VRDN..................................... 1,900,000
900,000 Ontario, CA IDRB, Erenberg Bros. Proj., Ser.
1988-A, Issue I,
(LOC: Tokai Bank, Ltd.),
4.95%, VRDN..................................... 900,000
7,700,000 Orange Cnty., CA Apt. Dev. RB, Park Place Apts.,
(LOC: Tokai Bank, Ltd.),
4.75%, VRDN..................................... 7,700,000
8,400,000 Richmond, CA RAN & TAN,
4.75%, 12/7/2000................................ 8,416,980
--------------
18,916,980
--------------
Colorado - 3.4%
3,250,000 Arapahoe Cnty., CO MHRB, Hsg. at South Creek
Apts. Proj.,
(Ins. by FGIC),
4.20%, 12/1/2000................................ 3,250,000
21,470,000 Denver, CO City & Cnty. Arpt. RB, Ser. 1997-K,
Class A,
(LIQ: Caisse de Depots et Consignations & Ins.
by MBIA),
3.45%, 5/11/2000................................ 21,470,000
5,000,000 Denver, CO City & Cnty. RB, The Children's Hosp.
Assoc. Proj.,
(LIQ: Sakura Bank, Ltd. & Ins. by FGIC),
3.80%, VRDN..................................... 5,000,000
14,200,000 Denver, CO City & Cnty. Spl. Arpt. Facs. RB,
PFOTER,
(LIQ: Merrill Lynch & Co., Inc.),
3.50%, VRDN..................................... 14,200,000
--------------
43,920,000
--------------
</TABLE>
21
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments (continued)
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Connecticut - 1.3%
$17,040,000 Connecticut Dev. Auth. PCRB, PFOTER,:
(LIQ: Merrill Lynch & Co., Inc.),
3.45%, VRDN..................................... $ 17,040,000
--------------
Delaware - 0.7%
Delaware EDA RB:
3,000,000 Arlon, Inc. Proj., Ser. 1989,
(LOC: Bank of America, NA),
3.68%, VRDN..................................... 3,000,000
3,300,000 Philip Morris Co. Proj., Ser. 1992,
(Gtd. by Philip Morris Co.),
3.35%, VRDN..................................... 3,300,000
2,480,000 New Castle Cnty., DE EDRB, Toys 'R Us, Inc.
Proj.,
(LOC: Deutsche Bank, AG),
3.35%, VRDN..................................... 2,480,000
--------------
8,780,000
--------------
District of Columbia - 0.4%
1,380,000 District of Columbia GO, Ser. A,
(Ins. by MBIA),
5.30%, 6/1/2000................................. 1,385,798
3,300,000 District of Columbia HFA MHRB Ft. Lincoln Garden
Proj., Ser. A,
(LOC: Crestar Bank, NA),
3.50%, VRDN..................................... 3,300,000
--------------
4,685,798
--------------
Florida - 4.0%
6,300,000 Florida Board of Ed. RB, ABN AMRO Munitops Master
Trust, Ser. 1998-9,
(SPA: ABN AMRO, NV & Ins. by FSA),
3.29%, VRDN (a)................................. 6,300,000
6,700,000 Hillsborough Cnty., FL, Sch. Board COP, Master
Lease Program,
(LOC: Citibank, NA & Ins. by MBIA),
3.45%, VRDN..................................... 6,700,000
2,450,000 Mangonia Park, FL IDRB, Production Truss &
Fabrication Proj.,
(LOC: SouthTrust Bank, NA),
3.45%, VRDN..................................... 2,450,000
Miami Dade Cnty., FL IDA Arpt. Facs. RB, Ser. B,
(Gtd. by Boeing Corp.):
12,500,000 3.45%, VRDN..................................... 12,500,000
9,000,000 Flightsafety Proj.,
3.45%, VRDN..................................... 9,000,000
Orange Cnty., FL Hlth. Facs. Auth. RB:
6,835,000 MSTR SAK-11,
(LIQ: Credit Suisse First Boston Corp. & Ins. by
MBIA),
3.37%, VRDN (a)................................. 6,835,000
6,175,000 Ser. 171,
(LIQ: Morgan Stanley Dean Witter, Inc. & Ins. by
FSA),
3.42%, VRDN..................................... 6,175,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Florida - continued
$2 ,400,000 Punta Gorda, FL Hlth. Facs. Auth. Hosp. RB,
Ser.98-174,
(LIQ: Morgan Stanley Dean Witter, Inc. & Ins. by
FSA),
3.42%, VRDN..................................... $ 2,400,000
--------------
52,360,000
--------------
Georgia - 6.3%
1,000,000 Albany Dougherty Cnty., GA Hosp. RB, Merck & Co.
Proj., Ser. 1984-A,
(Gtd. by Merck & Co.),
3.60%, VRDN..................................... 1,000,000
5,000,000 Albany Dougherty Cnty., GA Payroll RB, Merck &
Co. Proj., Ser. 1982,
(Gtd. by Merck & Co.),
3.35%, VRDN..................................... 5,000,000
24,785,000 Bibb Cnty., GA GO, Ser. 1998-C, Class A, (LOC:
Caisse de Depots et Consignations),
3.38%, VRDN (a)................................. 24,785,000
1,000,000 Cherokee Cnty., GA EDA IDRB, Piolax Corp. Proj.,
(LOC: Indl. Bank of Japan, Ltd.),
4.35%, VRDN..................................... 1,000,000
3,200,000 Conyers, GA IDRB, Handleman Co. Proj.,(LOC:
Columbus Bank & Trust Co.),
3.45%, VRDN..................................... 3,200,000
9,500,000 Dooly Cnty., GA IDA RB, Flint River Svcs. Proj.,
(LOC: Columbus Bank & Trust Co.),
3.40%, VRDN..................................... 9,500,000
7,000,000 Fayette Cnty., GA IDRB, Shinsei Corp. Proj.,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
4.15%, VRDN..................................... 7,000,000
5,040,000 Georgia Muni. Elec. Auth. Pwr. RB, MSTR SAK-15,
(LIQ: Credit Suisse First Boston Corp. & Ins. by
MBIA),
3.37%, VRDN (a)................................. 5,040,000
4,100,000 Gwinnett Cnty., GA IDRB, Color Image, Inc. Proj.,
(LOC: SouthTrust Bank, NA),
3.45%, VRDN..................................... 4,100,000
6,500,000 Houston Cnty., GA IDRB, Diversified Machining
Svcs. Co.,
(LOC: Columbus Bank & Trust Co.),
3.40%, VRDN..................................... 6,500,000
9,245,000 Macon, GA Trust Pooled Certificates, Ser. 1997,
(LOC: Bank of America, NA & Ins. by FSA),
3.60%, VRDN..................................... 9,245,000
6,000,000 Polk Cnty., GA IDRB, Kimoto Tech, Inc. Proj.,
Ser. 1985,
(LOC: Indl. Bank of Japan, Ltd.),
4.60%, VRDN..................................... 6,000,000
--------------
82,370,000
--------------
</TABLE>
22
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments (continued)
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Hawaii - 1.1%
Hawaii Hsg. Fin. & Dev. Corp. RB, Rental Hsg.
Sys. Proj.,
(LOC: Indl. Bank of Japan, Ltd.):
$11,800,000 Ser. A, 4.08%, VRDN............................. $ 11,800,000
1,900,000 Ser. B, 4.08%, VRDN............................. 1,900,000
--------------
13,700,000
--------------
Idaho - 1.6%
16,680,000 Idaho Hsg. & Fin. Assoc. RB, PFOTER, (LIQ:
Merrill Lynch & Co., Inc. & Coll. by GNMA),
3.40%, 5/11/2000................................ 16,680,000
4,500,000 Twin Falls, ID IDRB, Longview Fibre Co. Proj.,
(LOC: Sumitomo Bank, Ltd.),
4.50%, VRDN..................................... 4,500,000
--------------
21,180,000
--------------
Illinois - 8.3%
2,820,000 Arlington Heights, IL, MHRB, Dunton Tower Apts.
Proj.,
(LOC: Heller Finl., Inc.),
4.25%, VRDN..................................... 2,820,000
3,000,000 Chicago, IL Empowerment Zone RB, Hyde Park
Cooperative Society Proj., Ser. 1999,
(LOC: LaSalle Natl. Bank, NA),
3.68%, VRDN..................................... 3,000,000
Chicago, IL GO:
2,900,000 MSTR Ser. 1995-A2, SAK-13,
(LIQ: Credit Suisse First Boston Corp. & Ins. by
AMBAC),
3.37%, VRDN (a)................................. 2,900,000
15,865,432 ABN AMRO Munitops Master Trust, Ser. 1997-1,
(LOC: LaSalle Natl. Bank, NA),
3.59%, VRDN (a)................................. 15,865,432
Chicago, IL O'Hare Intl. Arpt. RB:
9,000,000 Northwest Airlines, Inc., Ser. A,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
4.30%, VRDN..................................... 9,000,000
5,470,000 United Airlines, Inc.,
(LIQ: Merrill Lynch & Co., Inc.),
3.80%, 2/17/2000................................ 5,470,000
3,490,000 Chicago, IL Sales Tax RB, Master Lease Program,
(LIQ: Citibank, NA & Ins. by FGIC),
3.45%, VRDN (a)................................. 3,490,000
5,000,000 Chicago, IL Sch. Fin. Auth. GO, Ser. A, (Ins. by
MBIA),
4.50%, 6/1/2000................................. 5,009,895
8,000,000 Decatur, IL Wtr. RB, New South Wtr. Treatment
Proj., Ser. 1985,
(LOC: Sumitomo Bank, Ltd.),
3.70%, VRDN..................................... 8,000,000
16,640,000 Hazelcrest, IL Retirement Ctr. RB,
Waterford Estates Proj.,
Ser. 1992-A,
(LOC: Sumitomo Bank, Ltd.),
4.45%, VRDN..................................... 16,640,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Illinois - continued
Illinois Dev. Fin. Auth. RB:
$ 1,100,000 Ivex Corp. Proj., Ser. 1988,
(LOC: Societe Generale Bank, S.A.),
3.55%, VRDN...................................... $ 1,100,000
2,600,000 PFOTER,
(LIQ: Merrill Lynch & Co., Inc.),
3.80%, 9/1/2000 (a).............................. 2,600,000
1,815,000 Illinois Hlth. Facs. Auth. RB, Advocate Hlth.
Care Network, Ser. B,
4.50%, 8/15/2000................................ 1,819,705
3,500,000 Illinois IDRB, MTI Corp. Proj.,
(LOC: Indl. Bank of Japan, Ltd.),
4.60%, VRDN..................................... 3,500,000
2,700,000 Metropolitan Pier & Expo Auth., IL Dedicated
State Sales RB,
(Ins. by AMBAC),
3.85%, 6/15/2000................................ 2,661,074
1,000,000 Peoria, IL IDRB, PMP Fermentation Products, Inc.,
(LOC: Sanwa Bank, Ltd.),
4.45%, VRDN..................................... 1,000,000
6,500,000 Peoria, IL Solid Wst. Disp. RB, PMP Fermentation
Products, Inc., Ser. 1996,
(LOC: Sanwa Bank, Ltd.),
4.45%, VRDN...................................... 6,500,000
1,850,000 Skokie, IL, EDRB, Skokie Fashion Sq. Proj.,
(LOC: LaSalle Natl. Bank),
3.48%, VRDN..................................... 1,850,000
15,210,000 Vernon Hills, IL MHRB, Hawthorn Lakes Proj., Ser.
1991,
(LIQ: Fuji Bank, Ltd. & Ins. by FSA),
3.45%, VRDN..................................... 15,210,000
--------------
108,436,106
--------------
Indiana - 3.1%
800,000 Anderson, IN Ltd. Obl. RB, Anderson Tool &
Engineering Proj.,
(LOC: Key Bank, NA),
3.50%, VRDN..................................... 800,000
5,500,000 Avilla, IN EDRB, Pent Assemblies, Inc. Proj.,
Ser. 1996,
(LOC: Natl. City Bank, NA),
4.35%, VRDN..................................... 5,500,000
3,085,000 East Chicago, IN BAN,
5.00%, 7/1/2000................................. 3,085,000
2,380,000 Greenwood, IN EDA RB, Hutchinson-Hayes Separators
Proj.,
(LOC: Citibank, NA),
3.50%, VRDN..................................... 2,380,000
5,000,000 Indianapolis, IN Arpt. Auth. RB, PFOTER,
(LIQ: Merrill Lynch & Co., Inc.),
3.90%, 2/23/2000................................ 5,000,000
Jasper Cnty., IN PCRB, Northern IN Pub. Svcs. Co.
Proj.,
(Gtd. by Northern IN Pub. Svcs. Co.):
9,400,000 4.15%, 2/14/2000................................. 9,400,000
5,000,000 4.15%, 2/18/2000................................. 5,000,000
</TABLE>
23
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments (continued)
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Indiana - continued
$ 1,680,000 Madison, IN IDRB, Century Tube Corp. Proj.,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
4.45%, VRDN..................................... $ 1,680,000
1,975,000 South Bend, IN MHRB, Maple Lane
Assoc. Proj., Ser. 1987,
(LOC: FHLB of Indianapolis),
3.60%, VRDN..................................... 1,975,000
5,000,000 Spencer Cnty., IN PCRB, American Iron Oxide Co.
Proj.,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
4.45%, VRDN..................................... 5,000,000
--------------
39,820,000
--------------
Iowa - 0.8%
10,000,000 Iowa Fin. Auth. Hosp. Fac. RB, Iowa Hlth. Sys.,
MSTR, Ser. 1998-26, Class A,
(LIQ: Bear Stearns & Co., Inc. & Ins. by MBIA),
3.33%, 4/26/2000 (a)............................ 10,000,000
--------------
Kansas - 0.3%
1,000,000 Dodge City, KS IDRB, Farmland Natl. Beef Proj.,
(LOC: U.S. Bank, NA),
3.50%, VRDN..................................... 1,000,000
Salina, KS RB, Salina Central Mall L.P.,
(LOC: Bank of America, NA):
1,105,000 Dillard's Proj.,
3.35%, VRDN..................................... 1,105,000
1,200,000 J.C. Penney's Proj.,
3.35%, VRDN..................................... 1,200,000
--------------
3,305,000
--------------
Kentucky - 0.2%
1,500,000 Boone Cnty., KY Indl. Bldg. RB,
Lyons Magnus East Proj., Ser. B,
(LOC: Bank of America, NA),
3.60%, VRDN..................................... 1,500,000
1,590,000 Jefferson Cnty., KY Indl. Bldg. RB,
Beneke Wire Co. & Saranac Proj.,
(LOC: PNC Bank, NA),
3.45%, VRDN..................................... 1,590,000
--------------
3,090,000
--------------
Louisiana - 1.5%
2,400,000 Bastrop, LA IDB PCRB, Intl. Paper Co. Proj., ARB,
(Gtd. by Intl. Paper Co.),
4.15%, 4/17/2000................................ 2,400,000
Louisiana Pub. Facs. Auth. RB,
(LOC: Union Planters Bank, NA):
4,250,000 Blood Ctr. Proj.,
3.45%, 2/3/2000................................. 4,250,000
3,180,000 Chateau Riviere Home for the Aged, 3.40%, VRDN... 3,180,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Louisiana - continued
$10,220,000 St. Charles Parish, LA PCRB, PFOTER,
(LIQ: Merrill Lynch & Co., Inc.),
4.10%, 9/28/2000............................... $ 10,220,000
--------------
20,050,000
--------------
Maine - 0.3%
3,800,000 Solon, ME RB, Kennebec Lumber Co.,
(LOC: Key Bank, NA),
3.50%, VRDN.................................... 3,800,000
--------------
Maryland - 0.5%
1,985,000 Howard Cnty., MD EDRB, Concrete Pipe & Prods.
Proj.,
(LOC: Crestar Bank, NA),
3.50%, VRDN.................................... 1,985,000
4,995,000 Maryland CDA Dept. of Hsg. RB, PFOTER,
(LIQ: Merrill Lynch & Co., Inc.),
3.70%, 2/17/2000............................... 4,995,000
--------------
6,980,000
--------------
Massachusetts - 0.9%
Massachusetts Indl. Fin. Auth., IDRB:
3,400,000 225 Bodwell Proj.,
(LOC: Citizen's Bank, NA),
3.40%, VRDN.................................... 3,400,000
300,000 Copley Pharmaceutical, Inc.,
(LOC: BankBoston, NA),
4.50%, VRDN.................................... 300,000
525,000 Kryptonite Issue Ser. 1990,
(LOC: BankBoston, NA),
4.13%, 9/1/2000................................ 525,000
700,000 Portland Causeway Realty Trust Co. Ser. 1988,
(LOC: Citibank, NA),
4.25%, VRDN.................................... 700,000
6,475,000 Massachusetts GO,
(Eff. Yield 3.25%) (c),
0.00%, 5/1/2000................................ 6,424,475
--------------
11,349,475
--------------
Michigan - 3.1%
5,525,000 Michigan HDA SFHRB, PFOTER,
(LIQ: Merrill Lynch & Co., Inc.),
3.20%, 3/9/2000................................ 5,525,000
19,995,000 Michigan Hosp. Fin. Auth. RB, Ser. 1999-14,
(LOC: ABN AMRO Bank NV & Ins. by MBIA),
4.05%, 4/25/2000 (a)........................... 19,995,000
6,000,000 Michigan Jobs Dev. Auth., PCRB,
Mazda Motor Mfg. USA Corp.,
(LOC: Sumitomo Bank, Ltd.),
4.60%, VRDN.................................... 6,000,000
6,000,000 Michigan Strategic Fund Ltd. Obl. RB,
Quantum Composites, Inc. Proj.,
(LOC: Heller Financial, Inc.),
3.95%, VRDN.................................... 6,000,000
</TABLE>
24
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments (continued)
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Michigan - continued
$ 2,535,000 Sault Ste. Marie, MI Tribe Bldg. Auth. RB, Ser.
1996A,
(LOC: Natl. City Bank, NA),
4.36%, VRDN..................................... $ 2,535,000
--------------
40,055,000
--------------
Minnesota - 3.5%
1,575,000 Duluth, MN EDA Healthcare RB, Benedictine, Inc.,
MSTR,
Ser. 1994-E,
(LIQ: Norwest Bank, NA & Ins. by AMBAC),
3.65%, VRDN (a)................................. 1,575,000
1,890,000 Duluth, MN EDA Hosp. Facs. RB, St. Luke's Hosp.,
MSTR,
Ser. 1994-F,
(LIQ: Norwest Bank, NA & Ins. by AMBAC),
3.65%, VRDN (a)................................. 1,890,000
10,000,000 Minnesota HFA SFHRB, Ser. J, (LOC: National
Westminster Bank PLC),
3.95%, 8/29/2000................................ 10,000,000
1,325,000 Osseo, MN GO, Independent Sch. Dist. # 279, MSTR,
Ser. 1994-H, (LIQ: Norwest Bank, NA & Ins. by
FGIC),
3.65%, VRDN (a)................................. 1,325,000
2,510,000 Richfield, MN GO, Independent Sch. Dist. #280,
MSTR Ser. 1994-P, (LIQ: U.S. Bank, NA & Ins.
by FGIC),
3.65%, VRDN (a)................................. 2,510,000
1,260,000 Rochester, MN Healthcare Facs. RB, Mayo Med.
Ctr., MSTR, Ser.
1994-K, (LOC: Norwest Bank, NA),
3.65%, VRDN (a)................................. 1,260,000
St. Louis Park, MN Healthcare Facs. RB, Hlth.
Sys. of MN, (LIQ: Norwest Bank, NA & Ins. by
MBIA):
10,200,000 MSTR, Ser. 1994-U1,
3.65%, VRDN (a)................................. 10,200,000
14,000,000 MSTR, Ser. 1994-V1,
3.65%, VRDN (a)................................. 14,000,000
2,090,000 Stewartville, MN IDRB, Halcon Corp. Proj.,
(LIQ: U.S. Bank, NA),
3.60%, VRDN..................................... 2,090,000
--------------
44,850,000
--------------
Mississippi - 0.2%
3,000,000 Mississippi Business Fin. Corp. IDRB,
Nitek Metal Svcs., Inc. Proj.,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
4.15%, VRDN..................................... 3,000,000
--------------
Missouri - 0.9%
1,250,000 Fenton, MO IDA RB, Clayton Corp. Proj.,
(LOC: Commerce Bank, NA),
3.50%, VRDN..................................... 1,250,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Missouri - continued
$ 4,050,000 Missouri Dev. Fin. Board IDRB, Cook Composite Co.
Proj., Ser. 1994,
(LOC: Societe Generale Bank, SA),
3.55%, VRDN..................................... $ 4,050,000
6,300,000 Missouri Hsg. Dev. Community RB, PFOTER,
(LOC: Credit Suisse First Boston Corp.),
3.25%, 3/9/2000................................. 6,300,000
--------------
11,600,000
--------------
Nebraska - 0.2%
2,900,000 Nebraska Investment Fin. Auth. MHRB, Apple Creek
Assoc. Proj.,
(LOC: Northern Trust),
4.25%, VRDN..................................... 2,900,000
--------------
Nevada - 0.3%
3,270,000 Washoe Cnty., NV Sch. Dist. GO,
(Ins. by FSA),
5.50%, 6/1/2000................................. 3,287,887
--------------
New Hampshire - 0.5%
New Hampshire Business Fin. Auth. IDRB:
2,400,000 Luminescent Sys. Inc.,
(LOC: HSBC Inc.),
3.40%, VRDN...................................... 2,400,000
3,655,000 Monadnock Econ. Dev./Precitech Proj.,
(LOC: Key Bank, NA),
3.50%, VRDN...................................... 3,655,000
--------------
6,055,000
--------------
New Jersey - 0.7%
2,500,000 Jersey City, NJ Refunding Notes, Real Prop. Tax
Appeals, Ser. 1999,
4.25%, 9/15/2000................................ 2,503,726
3,700,000 New Jersey EDA Assisted Living RB, PFOTER,
(LIQ: Merrill Lynch & Co., Inc.),
3.55%, VRDN..................................... 3,700,000
2,675,000 New Jersey EDA RB, East Meadow Corp. Proj., Ser.
1986A,
(LOC: Sanwa Bank, Ltd.),
4.15%, VRDN..................................... 2,675,000
--------------
8,878,726
--------------
New Mexico - 0.2%
3,275,000 Bernalillo Cnty., NM MHRB, Vallencia Retirement
Apts. Proj.,
(Ins. by FGIC),
4.20%, 12/1/2000................................ 3,275,000
--------------
New York - 6.7%
Battery Park, NY Hsg. Auth. RB, Marina Twrs.
Tender Corp. Proj., (LOC: Sumitomo Bank, Ltd.):
7,800,000 Ser. A,
4.75%, VRDN (a).................................. 7,800,000
7,000,000 Ser. B,
4.75%, VRDN (a).................................. 7,000,000
</TABLE>
25
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments (continued)
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
New York - continued
$ 2,125,000 Erie Cnty., NY IDA RB, MMars Third Program-Gencor
Proj.,
(LOC: HSBC Bank, PLC),
3.75%, VRDN..................................... $ 2,125,000
6,000,000 Nassau Cnty., NY RAN,
(LOC: Bank of New York, NA),
4.25%, 3/15/2000................................ 6,004,474
5,335,000 New York Mtge. Agcy. RB,
(LIQ: Merrill Lynch & Co., Inc.),
3.70%, 2/17/2000................................ 5,335,000
6,530,000 New York COP,
General Svcs. Exec. Dept.,
4.50%, 9/1/2000................................. 6,529,630
7,800,000 New York Dormitory Auth. RB, State Univ. Edl.
Facs., Ser. B, Prerefunded,
7.00%, 5/15/2000................................ 8,019,119
6,295,000 New York, NY GO, Refunding, Ser. H,
7.88%, 8/1/2000................................. 6,412,712
New York, NY GO, PFOTER,
(LIQ: Merrill Lynch & Co., Inc.):
19,855,000 PA-148 Ser. L,
3.80%, VRDN (a)................................. 19,855,000
3,055,000 PA-228 Ser. 1998-C,
3.80%, VRDN (a)................................. 3,055,000
5,795,000 Ser. 1999-H,
3.80%, 2/24/2000................................ 5,795,000
9,015,000 Suffolk Cnty., NY IDA Solid Wst. ROC, Ser. 1999-
8,
(LIQ: Smith Barney, Inc. & Ins. by AMBAC),
4.00%, 5/4/2000................................. 9,015,000
--------------
86,945,935
--------------
North Carolina - 1.5%
10,995,000 North Carolina Muni. Pwr. Agcy. RB, MSTR, Ser.
1998-43, Class A,
(LIQ: Bear Stearns & Co., Inc. & Ins. by MBIA),
3.33%, 4/25/2000 (a)............................ 10,995,000
4,000,000 Onslow Cnty., NC Indl. Facs. PCRB, Mine Safety
Appliance Co.,
(LOC: Sanwa Bank, Ltd.),
3.35%, VRDN..................................... 4,000,000
4,495,000 Robeson Cnty., NC Indl. Facs. RB, Rocco Turkeys,
Inc. Proj.,
(LOC: Rabobank Nederland),
3.50%, VRDN..................................... 4,495,000
--------------
19,490,000
--------------
North Dakota - 1.2%
16,000,000 Traill Cnty., ND Solid Wst. Disp. RB, American
Crystal Sugar Co. Proj.,
(LOC: Norwest Bank, NA),
3.55%, VRDN..................................... 16,000,000
--------------
Ohio - 2.0%
1,900,000 Franklin Cnty., OH MHRB, Blacklist Station Apts.,
(LOC: Fifth Third Bank, NA),
4.05%, 10/1/2000................................ 1,900,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Ohio - continued
$ 4,310,000 Lucas Cnty., OH IDRB, High Tech Properties, Inc.
Proj.,
(LOC: Natl. City Bank, NA),
3.45%, VRDN..................................... $ 4,310,000
3,405,000 Ohio Hsg. Fin. Agcy. MHRB, Pine Crossing Proj.,
Ser. A,
(LOC: Sumitomo Bank, Ltd.),
4.90%, VRDN..................................... 3,405,000
12,190,000 Ohio Hsg. Fin. Agcy. SFHRB,
CDC Program, Class A,
(LIQ: Caisse de Depots et
Consignations & Ins. by GNMA),
3.78%, 5/18/2000................................ 12,189,350
3,900,000 St. Mary's, OH IDRB, Setex, Inc. Proj.,
(LOC: Indl. Bank of Japan, Ltd.),
5.15%, VRDN..................................... 3,900,000
--------------
25,704,350
--------------
Oklahoma - 0.7%
7,700,000 Oklahoma City, OK IDA RB,
Oklahoma Christian College,
(LOC: Sumitomo Bank, Ltd.),
3.35%, VRDN..................................... 7,700,000
2,050,000 Tulsa Cnty., OK Independent Sch.
Dist. No. 5 GO, Jenkins Bldg. Proj.,
5.75%, 6/1/2000................................. 2,063,144
--------------
9,763,144
--------------
Oregon - 0.3%
1,700,000 Port of Morrow, OR Env. Impt. RB,
Portland General Elec. Co.,
(Gtd. by Portland General Elec. Co.),
3.85%, 2/1/2000................................. 1,700,000
2,435,000 Portland, OR Swr. Sys. RB, Ser. A,
6.50%, 6/1/2000................................. 2,456,858
--------------
4,156,858
--------------
Pennsylvania - 3.1%
1,000,000 Allegheny Cnty., PA IDRB,
Mine Safety Appliance Co., Ser. 1991,
(LOC: Sanwa Bank, Ltd.),
3.35%, VRDN..................................... 1,000,000
Butler Cnty., PA IDRB, Mine Safety
Appliance Co.,
(LOC: Sanwa Bank, Ltd.):
1,000,000 Ser. 1991,
3.35%, VRDN..................................... 1,000,000
3,000,000 Ser. 1992-A,
3.45%, VRDN..................................... 3,000,000
1,000,000 Ser. 1992-B,
3.45%, VRDN..................................... 1,000,000
5,500,000 Clinton Cnty., PA IDA Solid Wst. Disp. RB, Intl.
Paper Co. Proj., Ser. 1992-A,
(Gtd. by Intl. Paper Co.),
4.70%, 1/15/2001................................ 5,500,000
500,000 Elk Cnty., PA IDRB, Stackpole Corp.
Proj., Ser. 1989,
(LOC: Fleet Bank, NA),
4.25%, VRDN..................................... 500,000
</TABLE>
26
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments (continued)
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Pennsylvania - continued
$10,000,000 Montgomery Cnty., PA RB,
Abbington Memorial Hosp., MSTR, Ser. 1998-31,
Class A, (LIQ: Bear Stearns & Co., Inc. & Ins.
by AMBAC), 3.51%, 5/17/2000 (a)................. $ 10,000,000
Philadelphia, PA Wtr. & Wst. Wtr. RB:
6,500,000 MSTR, Ser. 1997-11, Class A,
(LIQ: Bear Stearns & Co., Inc. Markets & Ins. by
FGIC),
3.33%, VRDN (a)................................. 6,500,000
11,340,000 MSTR, Ser. 1999-1,
(LIQ: Commerzbank, AG & Ins. by AMBAC),
3.40%, VRDN (a)................................. 11,340,000
--------------
39,840,000
--------------
Rhode Island - 2.8%
32,360,000 Rhode Island Hlth. & Ed. Bldg. Corp. RB, Lifespan
Corp., MSTR, Ser. 1999-69A, Class A,
(LIQ: Bear Stearns & Co., Inc. & Coll. by U.S.
Treasury Obligations),
3.81%, 5/23/2000 (a)............................ 32,360,000
4,000,000 Rhode Island IDRB,
Handy & Harman Elec. Proj.,
(LOC: Citibank, NA),
3.45%, VRDN..................................... 4,000,000
--------------
36,360,000
--------------
South Carolina - 1.7%
1,100,000 Oconee Cnty., SC PCRB,
Duke Energy Corp. Proj.,
(Gtd. by Duke Energy Corp.),
3.80%, 2/1/2000................................. 1,100,000
1,260,000 Richland Cnty., SC GO, Prerefunded,
6.25%, 3/1/2000................................. 1,287,864
2,050,000 South Carolina GO, Ser. W, Prerefunded,
6.25%, 5/1/2000................................. 2,105,178
South Carolina Jobs EDA RB:
4,000,000 B.F. Shaw, Inc. Proj.,
(LOC: Mercantile Bank, NA),
3.50%, VRDN..................................... 4,000,000
5,600,000 Lati Inds., Inc. Proj.,
(LOC: Bank of America, NA),
3.45%, VRDN..................................... 5,600,000
4,400,000 Lorraine Linens Proj.,
(LOC: SouthTrust Bank, NA),
3.45%, VRDN..................................... 4,400,000
450,000 Ridge Pallets, Inc. Ser. B,
(LOC: Credit Commerce de France),
3.55%, VRDN..................................... 450,000
2,700,000 Roller Bearing Co. Proj.,
Ser. 1994-A,
(LOC: Heller Finl., Inc.),
4.10%, VRDN..................................... 2,700,000
650,000 Tuttle Co., Inc., Ser. A,
(LOC: Bank of America, NA),
3.55%, VRDN..................................... 650,000
--------------
22,293,042
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
South Dakota - 0.4%
$ 4,925,000 Rapid City, SD EDRB, Civic Ctr. Assoc. Proj.,
(LOC: Citibank, NA),
3.55%, VRDN..................................... $ 4,925,000
--------------
Tennessee - 3.1%
2,000,000 Bristol, TN IDRB, Robinette Co. Proj.,
(LOC: First American Natl. Bank, NA),
3.40%, VRDN..................................... 2,000,000
Chattanooga, TN IDRB:
3,200,000 Radisson Read House Proj.,
Ser. 1995,
(LOC: Heller Finl., Inc.),
4.00%, VRDN..................................... 3,200,000
4,950,000 Top Flight, Inc. Proj.,
(LOC: Natl. Bank of Canada),
3.50%, VRDN..................................... 4,950,000
3,310,000 Cocke Cnty., TN IDB RB, GLI, Inc., Proj. (Gtd. by
GLI, Inc.):
3.45%, VRDN...................................... 3,310,000
4,700,000 Maryville, TN Board of Ed. IDRB,
Maryville College Proj.,
(LOC: First American Natl. Bank, NA),
3.45%, VRDN..................................... 4,700,000
1,700,000 Morristown, TN IDB RB, J.W. Allen & Co. Proj.,
(LOC: Harris Trust & Savings Bank, NA),
3.45%, VRDN..................................... 1,700,000
700,000 Nashville & Davidson Cnty. (Metro. Gov't. of), TN
IDRB, Wellington IV Assoc. Proj.,
(LOC: U.S. Bank, NA),
3.60%, VRDN..................................... 700,000
8,465,000 Shelby Cnty., TN Hlth.,
Edl. & Hsg. Facs. RB, MSTR Ser. 1998-36, Class
A,
(LIQ: Bear Stearns Capital Markets & Ins. by
MBIA),
3.40%, VRDN (a)................................. 8,465,000
3,750,000 Sumner Cnty., TN GO, Road Proj.,
Outlay Notes, Ser. 1999-A,
4.00%, 6/26/2000................................ 3,753,603
8,000,000 Wilson Cnty., TN IDRB, Knight Leasing Co. Proj.,
(LOC: First American Natl. Bank, NA),
3.55%, VRDN..................................... 8,000,000
--------------
40,778,603
--------------
Texas - 3.0%
3,700,000 Bexar Cnty., TX Hsg. Fin. Corp.
MHRB, UTSA Apts. Proj.,
(LIQ: Heller Finl., Inc.),
4.00%, VRDN..................................... 3,700,000
5,700,000 Brazos River, TX Harbor Navigation Dist., Solid
Wst. RB,
Silica Products, Inc. Proj., Ser. 1998,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
4.15%, VRDN..................................... 5,700,000
</TABLE>
27
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments (continued)
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Texas - continued
$ 2,780,000 Galveston, TX Hsg. Fin. Corp. MHRB,
Villiage-by-the-Sea Apts. Proj., Ser. 1993,
(LOC: Sumitomo Bank, Ltd.),
4.75%, VRDN...................................... $ 2,780,000
Harris Cnty., TX Indl. Dev. Corp. IDRB:
5,000,000 Southern Ionics, Inc. Proj.,
(LOC: SouthTrust Bank, NA),
3.45%, VRDN...................................... 5,000,000
8,000,000 Zeon Chemicals Proj.,
(LOC: Indl. Bank of Japan, Ltd.),
5.15%, VRDN...................................... 8,000,000
2,500,000 Hillsboro, TX Indl. Dev. Corp.
IDRB, Lamraft LP Proj.,
(LOC: First Comml. Bank, NA),
3.40%, VRDN...................................... 2,500,000
11,130,000 Texas Pub. Fin. Auth. Bldg. RB,
General Svcs. Commission Proj.
(LIQ: Citibank, NA & Ins. by
AMBAC),
3.45%, VRDN...................................... 11,130,000
--------------
38,810,000
--------------
Utah - 0.2%
2,200,000 Summit Cnty., UT IDRB, Hornes'
Kimball Proj., Ser. 1985,
(LOC: U.S. Bank, NA),
3.60%, VRDN...................................... 2,200,000
--------------
Virginia - 0.7%
2,600,000 Colonial Hghts., VA IDA RB,
Philip Morris Co. Proj., Ser. 1992,
(Gtd. by Philip Morris Co.),
3.35%, VRDN...................................... 2,600,000
2,000,000 Henrico Cnty., VA IDA RB, San-J Intl. Proj.,
(LOC: Tokai Bank, Ltd.),
4.90%, VRDN...................................... 2,000,000
1,700,000 Richmond, VA IDA RB,
Philip Morris Co. Proj., Ser. 1993,
(Gtd. by Philip Morris Co.),
3.35%, VRDN...................................... 1,700,000
1,000,000 Rockingham Cnty., VA IDA PCRB,
Merck & Co. Proj., Ser. 1982-A,
(Gtd. by Merck & Co.),
3.35%, VRDN...................................... 1,000,000
1,700,000 Smyth Cnty., VA IDA RB,
Summit Products Proj.,
(LOC: Fifth Third Bank, NA),
3.50%, VRDN...................................... 1,700,000
--------------
9,000,000
--------------
West Virginia - 3.5%
West Virgina Hsg. Dev. Fund RB,
Interim Financing Notes:
1,500,000 Ser. 1999-N, 4.05%, VRDN.......................... 1,500,000
14,510,000 Ser. 2000-A, 4.20%, VRDN.......................... 14,510,000
3,000,000 Ser. 2000-B, 4.20%, VRDN.......................... 3,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
West Virginia - continued
West Virginia EDA IDRB,
Coastal Lumber Products Proj.:
(LOC: Crestar Bank, NA),
$ 1,460,000 Ser. A,
3.50%, VRDN..................................... $ 1,460,000
1,195,000 Ser. B,
3.50%, VRDN..................................... 1,195,000
3,520,000 West Virginia GO, BankBoston Trust
Certificates, Ser. C, Class A,
(LIQ: BankBoston, NA & Ins. by FGIC),
3.44%, VRDN (a)................................. 3,520,000
19,670,000 West Virginia Pub. Energy Auth.
RB, PFOTER, PPT-184,
(LIQ: Bay Hypotheken-und
& Union Bank of Switzerland, AG),
3.50%, VRDN (a)................................. 19,670,000
--------------
44,855,000
--------------
Wisconsin - 0.9%
4,000,000 Kohler, WI Solid Wst. Disp. RB, Kohler Co. Proj.,
(LOC: Wachovia Bank, NA),
3.45%, VRDN..................................... 4,000,000
5,515,000 Milwaukee, WI Metropolitan Wtr. & Swr. RB,
PFOTER,
(LIQ: Merrill Lynch & Co., Inc.),
3.70%, 2/17/2000................................ 5,515,000
2,800,000 Osceola Vlg., WI IDRB, Johnson Family LP,
(LOC: FirstStar Bank, NA),
3.40%, VRDN..................................... 2,800,000
--------------
12,315,000
--------------
Wyoming - 0.2%
3,000,000 Sweetwater Cnty., WY Env. Impt. RB, PacifiCorp.
Proj.,
(Gtd. by PacifiCorp.),
3.85%, 2/1/2000................................. 3,000,000
--------------
Other - 16.9%
Capital Realty Investors Tax Exempt Fund Ltd.,
Floater Certificate:
(LOC: Union Bank of Switzerland AG),
21,285,000 Ser. 1996-1,
3.55%, VRDN (a)................................. 21,285,000
19,900,000 Ser. 1996-2,
3.55%, VRDN (a)................................. 19,900,000
6,345,000 Ser. 1996-3,
3.55%, VRDN (a)................................. 6,345,000
Clipper Tax Exempt Trust COP:
11,270,000 Ser. 1998-1, Class B,
(LIQ: State Street Bank, NA & Ins. by MBIA),
3.55%, VRDN (a)................................. 11,270,000
14,416,000 Ser. 1999-2,
(LIQ: State Street Bank, NA),
3.55%, VRDN..................................... 14,416,000
</TABLE>
28
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments (continued)
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Other - continued
Koch Fin. Corp.:
$19,609,318 Fixed Rate Trust, Ser. 1999-3, Class A-1,
(Gtd. by Koch Inds. & Ins. by MBIA),
4.10%, 10/6/2000................................... $ 19,609,318
269,522 Muni. Tax Exempt Trust, Ser. 1996-1, Class A-2,
(Gtd. by Koch Inds.),
4.50%, 4/6/2000 (a)................................ 269,714
Merrill Lynch & Co., Inc., PFOTER:
10,800,000 3.70%, 2/3/2000.................................... 10,800,000
9,045,000 PPT-5,
(LIQ: Credit Suisse First Boston Corp. & Ins. by
FHA),
3.60%, 5/4/2000.................................... 9,045,000
8,270,000 PPT-6,
(LIQ: Credit Suisse First Boston Corp. & Ins. by
FHA),
3.70%, 5/11/2000 (a)............................... 8,270,000
10,470,000 PPT-7,
(Ins. by AMBAC),
3.38%, 2/11/2000 (a)............................... 10,470,000
4,915,000 PPT-8,
(LIQ: Credit Suisse First Boston Corp.),
3.55%, VRDN........................................ 4,915,000
7,245,000 PPT-9,
(LOC: Bayerische Landesbanken),
3.55%, VRDN........................................ 7,245,000
21,685,000 PPT-11,
(LIQ: Bay Hypotheken-und Vereins), 5.25%,
2/3/2000........................................... 21,685,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Other - continued
Morgan Keegan Muni. Products Trust Receipts,
(LIQ: Credit Local de France & Coll by U.S.
Treasury Obligations):
$16,285,000 Ser. 1999-D,
3.50%, VRDN..................................... $ 16,285,000
12,000,000 Ser. 1999-F,
3.70%, VRDN..................................... 12,000,000
Pitney Bowes Credit Corp. Leasetop Trusts,
(LIQ: Pitney Bowes Credit Corp. & Ins. by
AMBAC):
4,425,673 Ser. 1999-1,
3.80%, 7/12/2000(a)............................. 4,425,673
4,765,123 Ser. 1998-1,
3.54%, VRDN (a)................................. 4,765,123
15,858,338 Ser. 1998-2,
3.60%, VRDN (a)................................. 15,858,338
--------------
218,859,166
--------------
Total Municipal Obligations
(cost $1,285,158,241)........................... 1,285,158,241
--------------
<CAPTION>
Shares Value
<C> <S> <C>
MUTUAL FUND SHARES - 0.9%
12,000,000 Federated Municipal Obligation Fund,
(Cost $12,000,000).............................. 12,000,000
--------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $1,297,158,241)..................... 99.9% 1,297,158,241
Other Assets and
Liabilities - net......................... 0.1 1,414,368
----- --------------
Net Assets................................. 100.0% $1,298,572,609
===== ==============
</TABLE>
See Combined Notes to Schedules of Investments.
29
<PAGE>
EVERGREEN
New Jersey Municipal Money Market Fund
Schedule of Investments
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 98.3%
New Jersey - 93.4%
$ 500,000 Atlantic City, NJ COP, Pub. Facs. Lease Agreement,
(Ins. by FGIC),
7.25%, 3/1/2000..................................... $ 501,259
3,000,000 Bayonne, NJ GO, Temporary Notes,
4.00%, VRDN......................................... 3,001,502
1,450,000 Bedminster Township, NJ BAN,
4.00%, 6/30/2000.................................... 1,452,870
550,000 Clifton, NJ Board of Ed. GO,
(Ins. by FSA),
4.00%, 2/1/2000..................................... 550,000
225,000 Cumberland Cnty., NJ GO, General Impt., (Ins. by
MBIA),
4.63%, 2/15/2000.................................... 225,081
400,000 Elizabeth, NJ GO, (Ins. by AMBAC),
5.25%, 11/15/2000................................... 403,972
6,500,000 Essex Cnty., NJ Util. Auth. RB,
4.25%, 11/30/2000................................... 6,512,915
2,200,000 Hudson Cnty., NJ Impt. Auth. Facs. RB, Ser. 34,
(LIQ: Morgan Stanley Dean Witter, Inc. & Ins. by
FGIC),
3.15%, VRDN (a)..................................... 2,200,000
3,530,000 Jersey City., NJ GO,
4.25%, 9/15/2000.................................... 3,535,261
300,000 Kingsway, NJ Regl. Sch. Dist. GO, (Ins. by FGIC),
4.63%, 3/1/2000..................................... 300,342
1,336,386 Maplewood Township, NJ BAN,
4.25%, 12/1/2000.................................... 1,339,054
5,490,000 Mercer Cnty., NJ Impt. Auth. RB, P-Floats Part 1157,
(LIQ: Merrill Lynch & Co., Inc.),
3.50%, VRDN......................................... 5,490,000
260,000 Morris Plains, NJ GO,
5.10%, 11/1/2000.................................... 261,949
500,000 New Jersey Bldg. Auth.,
RB Ser. 1999,
5.00%, 6/15/2000.................................... 502,240
4,000,000 New Jersey EDA,
(LIQ: Merrill Lynch & Co., Inc.),
3.50%, VRDN......................................... 4,000,000
New Jersey EDA RB:
2,435,000 3.35%, VRDN......................................... 2,435,000
2,130,000 Ser. 161,
(LIQ: Morgan Stanley Dean Witter, Inc. & Ins. by
MBIA),
3.25%, VRDN......................................... 2,130,000
200,000 Ser. A, (LIQ: Bank of New York & Ins. by AMBAC),
3.50%, VRDN......................................... 200,000
4,770,000 East Meadow Corp., Ser. B, (LOC: Sanwa Bank, Ltd.),
4.15%, VRDN......................................... 4,770,000
1,000,000 The Peddie School Proj.,
(SPA: PNC Bank, NA),
3.15%, VRDN......................................... 1,000,000
5,500,000 Thermal Energy Ltd.,
(LOC: BankOne, OH),
3.15%, VRDN......................................... 5,500,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
New Jersey - continued
New Jersey EDA RB - continued
$1,300,000 United Wtr. Proj. Ser. A,
(LIQ: Bank of New York & Ins. by AMBAC),
3.60%, VRDN........................................ $ 1,300,000
New Jersey GO:
5,700,000 MSTR, Ser. CB-1,
(LOC: Chase Manhattan Bank),
3.20%, VRDN........................................ 5,700,000
1,000,000 P-Floats Part 462,
(LIQ: Merrill Lynch & Co., Inc.),
3.10%, 2/10/2000................................... 1,000,000
4,995,000 P-Floats Part 463, (LIQ: Merrill Lynch & Co.,
Inc.),
3.12%, VRDN........................................ 4,995,000
7,370,000 ROCs Ser. 6,
(LIQ: Chase Manhattan Bank),
3.30%, VRDN........................................ 7,370,000
600,000 Ser. D,
5.10%, 2/15/2000................................... 600,424
8,800,000 New Jersey Healthcare Facs. RB, St. Mary's Hosp.,
Ser. A-4,
(LOC: Valley Nat'l Bank),
3.10%, VRDN........................................ 8,800,000
3,500,000 New Jersey State Trans. Trust Fund RB, Ser. 54,
(LIQ: Morgan Stanley
Dean Witter & Ins. by FSA),
3.15%, VRDN........................................ 3,500,000
625,000 New Jersey Trans. Trust Fund Auth.,
5.00%, 6/15/2000................................... 627,233
5,500,000 New Jersey Trans. Trust Fund Auth. RB, TOC, Ser. 2,
(LOC: Chase Manhattan Bank & Ins. by FSA),
3.20%, VRDN........................................ 5,500,000
6,550,000 Newark, NJ Healthcare Facs. RB, New Community Urban
Renewal, Ser. 1995,
(LOC: Sumitomo Bank Ltd.),
4.50%, VRDN........................................ 6,550,000
250,000 Ocean Cnty., NJ GO,
8.70%, 5/15/2000................................... 253,361
1,000,000 Passaic Valley, NJ Wtr. Commission RB, Wtr. Supply
Sys. Sub. Proj. Notes,
(LOC: PNC Bank, NA),
4.50%, 11/14/2000.................................. 1,005,135
4,000,000 Salem Cnty., NJ PCRB, Ser. 1993-A, (Ins. by Toronto
Dominion Bank, Ltd.),
3.80%, VRDN........................................ 4,000,000
230,000 Sayreville, NJ GO,
(Ins. by FSA),
4.80%, 9/15/2000................................... 231,273
275,000 Tewksbury Township, NJ GO,
5.00%, 8/1/2000.................................... 276,863
4,670,000 Trenton, NJ BAN,
3.25%, 3/10/2000................................... 4,670,465
1,200,000 Union Cnty., NJ GO,
4.75%, 2/1/2000.................................... 1,200,000
1,550,000 Union Cnty., NJ Impt. Auth. RB, Capital Equip. Lease
Program,
(Ins. by AMBAC),
3.70%, 8/1/2000.................................... 1,550,000
------------
105,441,199
------------
</TABLE>
30
<PAGE>
EVERGREEN
New Jersey Municipal Money Market Fund
Schedule of Investments (continued)
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
New York - 4.9%
$3,500,000 Port Auth. NY & NJ RB, Ser. 113,
3.90%, 12/1/2000................................... $ 3,499,944
2,080,000 Port Auth. NY & NJ Spl. Obl. RB, Ser. 157,
(LIQ: Morgan Stanley Dean Witter, Inc. & Ins. by
MBIA),
3.25%, VRDN........................................ 2,080,000
------------
5,579,944
------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $111,021,143).......................... 98.3% 111,021,143
Other Assets and Liabilities - net............ 1.7 1,929,487
----- ------------
Net Assets.................................... 100.0% $112,950,630
===== ============
</TABLE>
See Combined Notes to Schedules of Investments.
31
<PAGE>
EVERGREEN
Pennsylvania Municipal Money Market Fund
Schedule of Investments
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 99.7%
Pennsylvania - 96.5%
Allegheny Cnty., PA Higher Ed. Bldg. Auth. RB:
$3,000,000 Chatham College, Ser. B, (LOC: Mellon Bank, NA),
3.35%, VRDN........................................ $ 3,000,000
1,000,000 Thiel College, Ser. B,
3.35%, VRDN........................................ 1,000,000
Allegheny Cnty., PA Hosp. Dev. Auth. RB:
1,000,000 Hlth. Center UPMC Hlth. Sys., Ser. A, (Ins. by
MBIA),
3.90%, 8/1/2000.................................... 998,403
15,000 Presbyterian Univ. Hosp., Ser. B3, (LOC: PNC Bank),
3.35%, VRDN........................................ 15,000
4,255,000 St. Margaret Mem. Hosp., (LOC: Mellon Bank, NA),
3.35%, VRDN........................................ 4,255,000
Allegheny Cnty., PA IDA RB,
(LOC: Mellon Bank, NA):
1,750,000 Multi-Mode, Chelsea Inds., Inc.,
3.40%, VRDN........................................ 1,750,000
1,465,000 United Jewish Federation Proj.,
Ser. A,
3.35%, VRDN........................................ 1,465,000
9,715,000 Beaver Cnty., PA, Eagle Tax Exempt Trust Ser. 97-C,
3.30%, VRDN (a).................................... 9,715,000
1,000,000 Beaver Cnty., PA IDA RB, Warehouse Real Estate, Ser.
A,
3.45%, VRDN........................................ 1,000,000
540,000 Benton, PA Area Sch. Dist., GO,
5.90%, 6/1/2000.................................... 544,251
2,700,000 Bucks Cnty., PA IDA Env. Impt., RB, USX Corp. Proj.,
(LOC: Wachovia Bank. NC),
3.80%, 5/2/2000.................................... 2,700,000
8,400,000 Carbon Cnty., PA IDA, Panther Creek Partners Proj.,
Ser. 1991-A,
3.50%, VRDN........................................ 8,400,000
210,000 Clarion Cnty., PA Area Sch. Dist. GO, (Ins. by FSA),
4.00%, 5/15/2000................................... 210,057
900,000 Clarion Cnty., PA IDA RB, Meritcare MTC Inc. Proj.,
Ser.1991-A,
(LOC: PNC Bank),
3.35%, VRDN........................................ 900,000
1,900,000 Clinton Cnty., PA IDA Solid Wst. Disp. RB, Ser.
1992-A,
4.70%, 1/15/2001................................... 1,900,000
530,000 Conemaugh Township, PA Sch. Dist. GO,
4.20%, 9/1/2000.................................... 530,000
4,300,000 Cumberland Cnty., PA Municipal Auth. College RB,
Dickinson College, Ser. B,
(LOC Mellon Bank, NA),
3.80%, 11/1/2000................................... 4,300,000
1,000,000 Dauphin Cnty., PA General Auth. RB, Ed. & Hlth. Loan
Program,
(SPA: Chase Manhattan Bank & Ins. by AMBAC),
3.28%, VRDN........................................ 1,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Pennsylvania - continued
Emmaus, PA General Auth. RB:
$ 200,000 Ser. B,
3.30%, VRDN........................................ $ 200,000
2,000,000 Ser. C,
3.30%, VRDN........................................ 2,000,000
4,500,000 Sub. Ser. B,
3.30%, VRDN........................................ 4,500,000
1,000,000 Erie Cnty., PA Hosp. Auth. RB, Union City Mem.
Hosp.,
(LOC: Mellon Bank, NA),
3.35%, VRDN........................................ 1,000,000
3,660,000 Ferguson Township, PA IDA RB, Allied Corp. Proj.,
4.20%, 11/1/2000................................... 3,660,000
3,000,000 Franconia Township, PA IDA RB, Ser. A, (LOC: Mellon
Bank, NA),
3.50%, VRDN........................................ 3,000,000
8,300,000 Geisinger Auth., PA Hlth. Sys. RB, Ser. B,
(SPA: Morgan Gty. Trust Co.),
3.60%, VRDN........................................ 8,300,000
620,000 Gettysburg, PA Area IDA RB, Bretheren Home Community
Proj. Ser. A,
4.10%, 6/1/2000.................................... 620,785
200,000 Hamburg, PA Area Sch. Dist. GO,
5.55%, 5/1/2000.................................... 200,589
2,000,000 Lancaster, PA IDA RB,
Islands Paper Co. Proj.,
3.45%, VRDN........................................ 2,000,000
650,000 Lawrence Cnty., PA IDA PCRB,
Calgon Corp. Proj., Ser. A,
3.60%, VRDN........................................ 650,000
1,000,000 Lehigh Cnty., PA IDA RB,
Allegheny Elec. Coop., Inc.,
3.75%, VRDN........................................ 1,000,000
4,000,000 Mercer Cnty., PA IDA PCRB, Penntecq, Inc. Proj.,
(LOC: Dai-Ichi Kangyo Bank, Ltd.),
4.95%, VRDN........................................ 4,000,000
3,750,000 Montgomery Cnty., PA Higher Ed. & Hlth. Auth. RB,
Ser. B,
3.40%, VRDN........................................ 3,750,000
3,000,000 Montgomery Cnty., PA IDA RB,
3.70%, VRDN........................................ 3,000,000
1,000,000 Montgomery Cnty., PA RB, Abbington Mem. Hosp.,
Ser. 1998-31, Class-A,
(LIQ: Bear Stearns & Co., Inc. & Ins. by AMBAC),
3.51%, 5/17/2000 (a)............................... 1,000,000
250,000 Neshannock Township,
PA Sch. Dist. GO,
(Ins. by FGIC),
5.63%, 9/1/2000.................................... 252,291
400,000 North Allegheny, PA Sch. Dist. GO, (Ins. by AMBAC),
7.60%, 5/1/2000.................................... 404,174
1,000,000 Parkland, PA Sch. Dist. GO,
(Ins. by MBIA),
5.95%, 3/1/2000.................................... 1,002,014
</TABLE>
32
<PAGE>
EVERGREEN
Pennsylvania Municipal Money Market Fund
Schedule of Investments (continued)
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Pennsylvania - continued
Pennsylvania EDA RB:
$5,000,000 Approved Solid Wst. Proj.,
4.10%, 12/15/2000.................................... $ 4,999,956
1,100,000 Fansterl, Inc. Proj.,
3.45%, VRDN.......................................... 1,100,000
1,500,000 S.J. Bailey & Sons, Inc., Proj. Ser. E,
3.45%, VRDN.......................................... 1,500,000
4,100,000 Ser. C-5,
3.45%, VRDN.......................................... 4,100,000
1,400,000 Ser. G-3,
3.45%, VRDN.......................................... 1,400,000
2,000,000 Ser. G-10,
3.45%, VRDN.......................................... 2,000,000
Pennsylvania GO:
1,200,000 Ser. 1,
4.50%, 3/1/2000...................................... 1,200,972
4,000,000 Ser. 1999-3,
3.35%, VRDN.......................................... 4,000,000
250,000 Ser. A,
7.00%, 5/1/2000...................................... 255,908
Pennsylvania HFA RB:
7,905,000 3.32%, VRDN.......................................... 7,905,000
2,700,000 Eagle Tax Exempt Trust,
3.30%, VRDN (a)...................................... 2,700,000
2,700,000 Pennsylvania Higher Ed. Assistance
Agcy. RB, Student Loan, Ser. A,
(LOC: SLMA),
3.35%, VRDN.......................................... 2,700,000
Pennsylvania Higher Ed. Facs. Auth. RB:
1,000,000 Drexel Univ.,
(Ins. by MBIA),
7.00%, 5/1/2000...................................... 1,006,921
2,500,000 Holy Family College, Ser. D-1,
3.75%, 5/1/2000...................................... 2,502,985
3,200,000 Independent Colleges & Univ., Ser. D-1,
3.75%, 5/1/2000...................................... 3,203,820
5,000,000 St. Francis College, Ser. B-7,
3.80%, 11/1/2000..................................... 5,000,000
575,000 Thomas Jefferson Univ., Ser. A,
(Ins. by MBIA),
5.90%, 8/15/2000..................................... 579,168
1,500,000 Pennsylvania Higher Ed. RB,
Carnegie Mellon Univ., Ser. A,
3.60%, VRDN.......................................... 1,500,000
2,900,000 Pennsylvania Intergovernmental
Coop. Auth. MSTR,
3.28%, VRDN.......................................... 2,900,000
Pennsylvania Intergovernmental Coop. Auth. RB:
2,000,000 3.30%, VRDN.......................................... 2,000,000
1,000,000 City of Philadelphia Funding Program,
(Ins. by FGIC),
6.00%, 6/15/2000..................................... 1,008,959
4,800,000 Philadelphia, PA Arpt. MSTR,
(SPA: Societe Generale Bank, SA & Ins. by FGIC),
3.32%, VRDN.......................................... 4,800,000
255,000 Philadelphia, PA Gas RB, Ser. A,
(Ins. by AMBAC),
6.00%, 5/15/2000..................................... 261,707
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Pennsylvania - continued
$1,570,000 Philadelphia, PA Hosp. & Higher Ed.
Facs. Auth. RB,
3.50%, 5/15/2000.................................... $ 1,570,862
Philadelphia, PA IDA RB:
960,000 Allied Corp.,
4.20%, 11/1/2000.................................... 960,000
5,000,000 Inglis House Proj.,
3.85%, 3/1/2000..................................... 5,000,000
3,500,000 Philadelphia, PA Sch. Dist. GO,
3.28%, VRDN......................................... 3,500,000
Philadelphia, PA Wtr. & Wst. Wtr. RB:
260,000 4.70%, 6/15/2000.................................... 260,885
3,500,000 Ser. 1997-11 Class A,
(LIQ: Bear Stearns & Co., Inc. & Ins. by FGIC),
3.33%, 4/25/2000 (a)................................ 3,500,000
3,780,000 Ser. 1999-1,
(Ins. by AMBAC),
3.40%, VRDN......................................... 3,780,000
Pittsburgh, PA Urban Redev. Auth. Mtge. RB:
1,000,000 Notes, Ser. E,
3.65%, 8/15/2000.................................... 1,000,000
1,000,000 Notes, Ser. F,
3.55%, 8/15/2000.................................... 1,000,000
1,445,000 Pittsburgh, PA Wtr. & Swr. Auth. RB,
3.28%, VRDN......................................... 1,445,000
3,815,000 Quakertown, PA General Auth. RB, Ser. A,
(LOC: PNC Bank),
3.35%, VRDN......................................... 3,815,000
295,000 Sharon, PA City Sch. Dist. GO,
(Ins. by MBIA),
3.65%, 5/15/2000.................................... 295,000
South Middleton, PA Sch. Dist. GO:
200,000 5.30%, 5/15/2000.................................... 200,942
1,000,000 5.75%, 5/15/2000.................................... 1,006,190
330,000 Southern York Cnty., PA Sch. Dist. GO,
(Ins. by FGIC),
4.00%, 9/1/2000..................................... 330,000
315,000 Spring Grove, PA Area Sch. Dist. GO,
(Ins. by MBIA),
5.70%, 8/15/2000.................................... 317,786
750,000 Sto-Rox Sch., PA GO,
6.10%, 6/15/2000.................................... 757,116
500,000 Univ. Area Joint Auth. PA RB,
(Ins. by MBIA),
7.10%, 9/1/2000..................................... 512,642
Univ. of Pittsburgh, PA Higher Ed. RB,
(Ins. by MBIA):
510,000 Ser. A,
6.40%, 4/1/2000..................................... 512,525
1,000,000 Ser. B,
4.05%, 6/1/2000..................................... 1,000,475
4,525,000 Westmoreland Cnty., PA IDRB, White
Consolidated Indl., Inc. Proj.,
(LOC: Bank of Nova Scotia),
4.18%, 6/1/2000..................................... 4,525,000
2,300,000 Wilkes Barre, PA IDA RB, Toys R Us,
Inc., Proj.,
3.23%, VRDN......................................... 2,300,000
------------
180,437,383
------------
</TABLE>
33
<PAGE>
EVERGREEN
Pennsylvania Municipal Money Market Fund
Schedule of Investments (continued)
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Other - 3.2%
ABN AMRO Munitops Certificates Trust:
$2,000,000 3.55%, VRDN.......................................... $ 2,000,000
4,000,000 3.85%, VRDN.......................................... 4,000,000
------------
6,000,000
------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $186,437,383).......................... 99.7% 186,437,383
Other Assets and
Liabilities - net............................ 0.3 647,378
----- ------------
Net Assets.................................... 100.0% $187,084,761
===== ============
</TABLE>
See Combined Notes to Schedules of Investments.
34
<PAGE>
EVERGREEN
Treasury Money Market Fund
Schedule of Investments
January 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
U.S. TREASURY NOTES - 26.2%
$150,000,000 5.875%, 2/15/2000+.............................. $ 150,061,724
50,000,000 5.50%, 3/31/2000+............................... 50,029,173
125,000,000 5.50%, 5/31/2000+............................... 125,222,017
115,000,000 5.875%, 6/30/2000............................... 115,250,505
75,000,000 8.75%, 8/15/2000................................ 76,332,367
50,000,000 5.125%, 8/31/2000............................... 49,905,389
125,000,000 4.50% - 6.125%, 9/30/2000....................... 124,652,856
150,000,000 4.625%, 11/30/2000.............................. 148,687,935
50,000,000 4.625%, 12/31/2000.............................. 49,315,039
125,000,000 4.50%, 1/31/2001................................ 122,902,584
--------------
Total U.S. Treasury Notes
(cost $1,012,359,589).......................... 1,012,359,589
--------------
REPURCHASE AGREEMENTS - 82.1%*
200,000,000 ABN AMRO, Inc.,
5.68%, dated 1/31/2000, due 2/1/2000 (1)....... 200,000,000
200,000,000 Barclays Capital,
5.68%, dated 1/31/2000, due 2/1/2000 (2)....... 200,000,000
200,000,000 Credit Suisse First Boston Corp.,
5.70%, dated 1/31/2000, due 2/7/2000 (3)....... 200,000,000
400,000,000 Deutsche Bank AG,
5.75%, dated 1/31/2000, due 2/7/2000 (4)....... 400,000,000
50,500,000 Deutsche Bank AG,
5.83%, dated 12/21/1999, due 3/31/2000 (4)**... 50,500,000
150,000,000 Dresdner Bank AG,
5.68%, dated 1/31/2000, due 2/1/2000 (5)....... 150,000,000
200,000,000 Greenwich Capital Markets, 5.69%, dated
1/31/2000, due 2/1/2000 (6).................... 200,000,000
200,000,000 JP Morgan Securities, Inc., 5.69%, dated
1/31/2000, due 2/1/2000 (7).................... 200,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
REPURCHASE AGREEMENTS - continued
$100,000,000 Lehman Brothers, Inc.,
5.71%, dated 1/31/2000, due 2/1/2000 (8)....... $ 100,000,000
200,000,000 Morgan Stanley & Co.,
5.68%, dated 1/31/2000, due 2/1/2000 (9)....... 200,000,000
151,875,000 Morgan Stanley & Co.,
5.50%, dated 10/20/1999, due 2/15/2000 (9)**... 151,875,000
125,156,250 Morgan Stanley & Co.,
5.85%, dated 12/21/1999, due 5/31/2000 (9)**... 125,156,250
200,000,000 Salomon Smith Barney, Inc., 5.69%, dated
1/31/2000, due 2/7/2000 (10)................... 200,000,000
91,347,566 SG Cowen Securities Corp., 5.67%, dated
1/31/2000, due 2/1/2000 (11)................... 91,347,566
200,000,000 State Street Bank & Trust Co., 5.68%, dated
1/31/2000, due 2/1/2000 (12)................... 200,000,000
500,000,000 Warburg Dillon Reed LLC, 5.70%, dated 1/31/2000,
due 2/1/2000 (13).............................. 500,000,000
--------------
Total Repurchase Agreements
(cost $3,168,878,816).......................... 3,168,878,816
--------------
<CAPTION>
Shares Value
<C> <S> <C>
MUTUAL FUND SHARES - 0.3%
11,904,265 Fidelity Institutional Cash Portfolio Treasury
Class 1
(cost $11,904,265) ............................ 11,904,265
--------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $4,193,142,670)................... 108.6% 4,193,142,670
Other Assets and Liabilities - net....... (8.6) (330,799,593)
----- --------------
Net Assets............................... 100.0% $3,862,343,077
===== ==============
</TABLE>
** Represents collateral received for securities on loan.
+ Securities on loan (see Note 7).
* Collateralized by:
(1) $331,765,000 U.S. Treasury STRIPS, 8/15/2000 to 2/15/2027; value including
accrued interest - $147,900,047.
$37,006,000 U.S. Treasury Notes, 5.125% to 6.375%, 5/31/2000 to 9/30/2001;
value including accrued interest - $37,555,449.
$15,078,000 U.S. Treasury Bonds, 8.75%, 5/15/2017; value including accrued
interest - $18,544,844.
(2) $110,408,000 U.S. Treasury Notes, 6.25%, 8/31/2000; value including ac-
crued interest - $113,428,830
$92,344,000 U.S. Treasury Bills, 6/1/2000 to 6/15/2000; value including
accrued interest - $90,571,589
(3) $205,718,000 U.S. Treasury Notes, 5.50% to 6.25%, 10/31/2001 to 2/28/2003;
value including accrued interest - $206,018,885.
(4) $975,861,220 GNMA, 5.00% to 8.875%, 7/15/2023 to 12/15/2028; value includ-
ing accrued interest - $459,510,000
(5) $156,035,000 U.S. Treasury Notes, 5.875%, 11/15/2004; value including ac-
crued interest - $153,001,355.
(6) $215,340,000 U.S. Treasury Bills, 7/27/2000 to 1/04/2001; value including
accrued interest - $204,003,276.
(7) $206,382,000 U.S. Treasury STRIPS, 1/15/2007 to 1/15/2008; value including
accrued interest - $204,000,404.
(8) $103,437,000 U.S. Treasury Notes, 4.75%, 2/15/2004 to 11/15/2008; value
including accrued interest - $96,629,007.
$4,265,000 U.S. Treasury Bonds, 8.75%, 5/15/2020; value including accrued
interest - $5,332,912.
(9) $458,995,410 GNMA, 5.50% to 10.00% 3/15/2001 to 8/15/2029; value including
accrued interest - $206,904,244.
$433,204,000 U.S. Treasury STRIPS, 2/15/2000 to 8/15/2025; value including
accrued interest - $200,422,415.
(10) $149,170,000 U.S. Treasury Notes, 5.75% to 7.875%, 11/15/2001 to
11/15/2004; value including accrued interest - $151,880,187.
$53,460,000 U.S. Treasury Bills, 6/01/2000 to 7/20/2000; value including
accrued interest - $52,246,060.
(11) $93,990,000 U.S Treasury Notes, 4.875% to 6.50%, 1/31/2001 to 8/15/2009;
value including accrued interest - $93,248,325.
(12) $160,625,000 U.S. Treasury Notes, 3.875%, 1/15/2009; value including ac-
crued interest - $155,077,966.
$51,000,000 U.S. Treasury Bonds, 3.875%, 4/15/2029; value including ac-
crued interest - $48,967,573.
(13) $1,929,418,000 U.S. Treasury STRIPS, 1/15/2010 to 11/15/2021; value in-
cluding accrued interest - $510,201,408
See Combined Notes to Schedules of Investments.
35
<PAGE>
EVERGREEN
Combined Notes to Schedules of Investments
January 31, 2000
(a) Securities that may be sold to "qualified institutional buyers" under Rule
144A or securities offered pursuant to Section 4(2) of the Securities Act
of 1933, as amended. These securities have been determined to be liquid un-
der guidelines established by the Board of Trustees.
(b) The repurchase agreement is fully collateralized by U.S. Government and/or
agency obligations plus accrued interest based on market prices at January
31, 2000
(c) Effective yield (calculated at the time of purchase) is the yield at which
the bond accrues on an annual basis until maturity date.
Summary of Abbreviations:
AMBAC American Municipal Bond Assurance Corp.
ARB Adjustable Rate Bond
BAN Bond Anticipation Note
CDA Community Development Administration
Coll. Collateral
COP Certificate of Participation
EDA Economic Development Authority
EDRB Economic Development Revenue Bond
FGIC Financial Guaranty Insurance Co.
FHA Federal Housing Authority
FHLB Federal Home Loan Bank
FNMA Federal National Mortgage Association
FRN Floating Rate Note
FSA Financial Security Assurance, Inc.
GMAC General Motors Acceptance Corp.
GNMA Government National Mortgage Association
GO General Obligation
HDA Housing Development Authority
HFA Housing Finance Authority
IDA Industrial Development Authority
IDB Industrial Development Board
IDRB Industrial Development Revenue Bond
LIQ Liquidity Provider
LLC Limited Liability Corp.
LOC Letter of Credit
LP Limited Partnership
MBIA Municipal Bond Investors Assurance Corp.
MHRB Multifamily Housing Revenue Bond
MSTR Municipal Securities Trust Receipt
MTC Municipal Trust Certificate
MTN Medium Term Note
NA National Association
NV Naamioze Vennootschap
PCRB Pollution Control Revenue Bond
PFOTER Puttable Floating Option Tax Exempt Receipt
PLC Public Limited Co.
PPT Pooled Puttable Trust
RACERS Restructured Asset Security Enhancement
RAN Revenue Anticipation Note
RB Revenue Bond
REIT Real Estate Investment Trust
ROC Reset Option Certificate
SAK Sakura Trust
SFHRB Single Family Housing Revenue Bond
SLMA Student Loan Marketing Association
SPA Security Purchase Agreement
TAN Tax Anticipation Note
TOC Tender Option Certificate
VRDN Variable Rate Demand Note
Adjustable Rate Bonds are puttable back to the issuer or other parties
not affiliated with the issuer at par on the interest reset dates. Inter-
est 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, 2000.
Variable Rate Demand Notes are payable on demand on no more than seven
calendar days notice given by the Fund to the issuer or other parties not
affiliated with the issuer. Interest rates are determined and reset by
the issuer daily, weekly, or monthly depending upon the terms of the se-
curity. Interest rates presented for these securities are those in effect
at January 31, 2000.
Certain obligations held in the portfolio have credit enhancements or li-
quidity features that may, under certain circumstances, provide for re-
payment of principal and interest on the obligation upon demand date, in-
terest rate reset date or final maturity. These enhancements include:
letters of credit; liquidity guarantees; security purchase agreements;
tender option purchase agreements, and third party insurance (i.e. AMBAC,
FGIC and MBIA). Adjustable rate bonds and variable rate demand notes held
in the portfolio may be considered derivative securities within the stan-
dards imposed by the Securities and Exchange Commission under Rule 2a-7
which were designed to minimize both credit and market risk.
See Combined Notes to Financial Statements.
36
<PAGE>
EVERGREEN
Money Market Funds
Statements of Assets and Liabilities
January 31, 2000
<TABLE>
<CAPTION>
Florida New Jersey Pennsylvania
Municipal Municipal Municipal Municipal Treasury
Money Market Money Market Money Market Money Market Money Market Money Market
Fund Fund Fund Fund Fund Fund
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets
Investment in
securities............ $140,061,215 $10,864,028,371 $1,297,158,241 $111,021,143 $186,437,383 $1,024,263,854
Investment in
repurchase
agreements............ 0 41,995,779 0 0 0 3,168,878,816
- ----------------------------------------------------------------------------------------------------------------
Investments at
amortized cost........ 140,061,215 10,906,024,150 1,297,158,241 111,021,143 186,437,383 4,193,142,670
Cash................... 70,785 534,731 1,197,853 151,502 0 0
Receivable for Fund
shares sold........... 0 5,314,992 490,680 1,000,000 4,000 101,720
Interest receivable.... 883,976 86,691,007 8,867,941 1,042,392 1,207,013 18,550,851
Prepaid expenses and
other assets.......... 6,283 243,962 14,714 3,411 2,789 119,933
- ----------------------------------------------------------------------------------------------------------------
Total assets........... 141,022,259 10,998,808,842 1,307,729,429 113,218,448 187,651,185 4,211,915,174
- ----------------------------------------------------------------------------------------------------------------
Liabilities
Distributions payable.. 361,823 39,499,020 2,258,208 167,736 381,229 13,504,959
Due to custodian bank.. 0 0 0 0 43,401 0
Payable for Fund shares
redeemed.............. 0 39,726,487 5,917,330 0 5,345 2,175,202
Payable for securities
on loan............... 0 0 0 0 0 330,905,038
Advisory fee payable... 64,519 3,399,672 437,018 38,418 54,841 964,823
Distribution Plan
expenses payable...... 51,689 2,267,447 179,007 29,507 7,845 736,167
Due to other related
parties............... 10,028 516,868 61,148 5,627 9,232 186,914
Accrued expenses and
other liabilities..... 26,102 1,058,383 304,109 26,530 64,531 1,098,994
- ----------------------------------------------------------------------------------------------------------------
Total liabilities...... 514,161 86,467,877 9,156,820 267,818 566,424 349,572,097
- ----------------------------------------------------------------------------------------------------------------
Net assets.............. $140,508,098 $10,912,340,965 $1,298,572,609 $112,950,630 $187,084,761 $3,862,343,077
- ----------------------------------------------------------------------------------------------------------------
Net assets represented
by
Paid-in capital........ $140,512,433 $10,914,049,469 $1,298,559,857 $112,931,858 $187,083,421 $3,862,325,706
Undistributed
(overdistributed) net
investment income..... 86 (15,142) 12,752 18,772 1,340 17,371
Accumulated net
realized gains or
losses on securities.. (4,421) (1,693,362) 0 0 0 0
- ----------------------------------------------------------------------------------------------------------------
Total net assets........ $140,508,098 $10,912,340,965 $1,298,572,609 $112,950,630 $187,084,761 $3,862,343,077
- ----------------------------------------------------------------------------------------------------------------
Net assets consists of
Class A................ $140,402,602 $ 8,930,645,159 $ 707,619,821 $111,131,738 $124,782,440 $2,827,896,213
Class B................ 0 67,147,140 0 0 0 0
Class C................ 0 6,245,906 0 0 0 0
Class Y................ 105,496 1,908,302,760 590,952,788 1,818,892 62,302,321 1,034,446,864
- ----------------------------------------------------------------------------------------------------------------
Total net assets........ $140,508,098 $10,912,340,965 $1,298,572,609 $112,950,630 $187,084,761 $3,862,343,077
- ----------------------------------------------------------------------------------------------------------------
Shares outstanding
Class A................ 140,406,938 8,931,300,615 707,639,907 111,113,073 124,774,846 2,828,086,755
Class B................ -- 67,154,104 -- -- -- --
Class C................ -- 6,247,630 -- -- -- --
Class Y................ 105,495 1,909,799,001 590,987,580 1,818,785 62,308,575 1,034,489,571
- ----------------------------------------------------------------------------------------------------------------
Net asset value per
share
Class A................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ----------------------------------------------------------------------------------------------------------------
Class B................ -- $ 1.00 -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Class C................ -- $ 1.00 -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Class Y................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
37
<PAGE>
EVERGREEN
Money Market Funds
Statements of Operations
Year Ended January 31, 2000
<TABLE>
<CAPTION>
Florida New Jersey Pennsylvania
Municipal Municipal Municipal Municipal Treasury
Money Market Money Market Money Market Money Market Money Market Money Market
Fund Fund Fund Fund Fund Fund
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment income
Interest............... $3,376,107 $497,879,208 $50,754,449 $3,683,948 $5,409,601 $190,855,297
Securities lending
income................ 0 0 0 0 0 16,259,195
- ----------------------------------------------------------------------------------------------------------
Total investment
income................ $3,376,107 $497,879,208 $50,754,449 $3,683,948 $5,409,601 $207,114,492
- ----------------------------------------------------------------------------------------------------------
Expenses
Advisory fee........... 415,461 41,092,961 6,608,878 485,050 617,609 14,314,005
Distribution Plan
expenses.............. 280,813 22,663,602 2,320,379 324,029 336,920 9,338,554
Administrative services
fees.................. 27,966 516,868 61,148 29,242 42,525 1,087,240
Transfer agent fee..... 9,960 2,672,353 289,875 9,217 14,627 1,231,933
Trustees' fees and
expenses.............. 1,847 187,641 35,590 2,197 4,401 88,635
Printing and postage
expenses.............. 6,297 632,432 95,174 7,476 10,748 284,770
Custodian fee.......... 25,786 2,541,608 419,904 31,418 50,195 1,074,284
Registration and filing
fees.................. 4,329 909,850 47,237 7,390 6,992 44,322
Professional fees...... 8,868 30,000 24,265 8,952 21,262 35,266
Other.................. 5,703 222,588 91,991 1,553 5,685 164,893
- ----------------------------------------------------------------------------------------------------------
Total expenses......... 787,030 71,469,903 9,994,441 906,524 1,110,964 27,663,902
Less: Expense
reductions............ (8,020) (389,101) (89,584) (12,254) (9,975) (186,979)
Fee waivers.......... 0 0 0 0 (221,873) 0
- ----------------------------------------------------------------------------------------------------------
Net expenses........... 779,010 71,080,802 9,904,857 894,270 879,116 27,476,923
- ----------------------------------------------------------------------------------------------------------
Net investment income.. 2,597,097 426,798,406 40,849,592 2,789,678 4,530,485 179,637,569
- ----------------------------------------------------------------------------------------------------------
Net realized gains or
losses on
securities............. (2) (290,538) 209,580 18,772 1,340 0
- ----------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............ $2,597,095 $426,507,868 $41,059,172 $2,808,450 $4,531,825 $179,637,569
- ----------------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
38
<PAGE>
EVERGREEN
Money Market Funds
Statements of Changes in Net Assets
Year Ended January 31, 2000
<TABLE>
<CAPTION>
Florida New Jersey Pennsylvania
Municipal Municipal Municipal Municipal Treasury
Money Market Money Market Money Market Money Market Money Market Money Market
Fund Fund Fund Fund Fund Fund
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Operations
Net investment
income............... $ 2,597,097 $ 426,798,406 $ 40,849,592 $ 2,789,678 $ 4,530,485 $ 179,637,569
Net realized gains or
losses on
securities........... (2) (290,538) 209,580 18,772 1,340 0
- -------------------------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations........... 2,597,095 426,507,868 41,059,172 2,808,450 4,531,825 179,637,569
- -------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders from
Net investment income
Class A............... (2,592,260) (337,175,277) (22,077,026) (2,771,252) (3,266,436) (133,223,851)
Class B............... 0 (2,927,539) 0 0 0 0
Class C............... 0 (222,229) 0 0 0 0
Class Y............... (4,751) (86,473,224) (18,900,378) (18,426) (1,288,732) (46,413,718)
- -------------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders......... (2,597,011) (426,798,269) (40,977,404) (2,789,678) (4,555,168) (179,637,569)
- -------------------------------------------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold................. 392,177,459 20,385,474,970 2,520,413,634 382,698,079 371,300,951 8,377,505,602
Net asset value of
shares issued in
reinvestment of
distributions........ 290,999 59,387,865 11,575,848 1,045,710 1,021,263 19,423,674
Payment for shares
redeemed............. (336,304,338) (16,556,700,003) (2,510,676,706) (365,454,611) (321,406,495) (8,946,040,098)
- -------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in net
assets resulting from
capital share
transactions......... 56,164,120 3,888,162,832 21,312,776 18,289,178 50,915,719 (549,110,822)
- -------------------------------------------------------------------------------------------------------------------------
Total increase
(decrease) in
net assets.......... 56,164,204 3,887,872,431 21,394,544 18,307,950 50,892,376 (549,110,822)
Net assets
Beginning of period... 84,343,894 7,024,468,534 1,277,178,065 94,642,680 136,192,385 4,411,453,899
- -------------------------------------------------------------------------------------------------------------------------
End of period......... $ 140,508,098 $ 10,912,340,965 $ 1,298,572,609 $ 112,950,630 $ 187,084,761 $ 3,862,343,077
- -------------------------------------------------------------------------------------------------------------------------
Undistributed
(overdistributed) net
investment income..... $ 86 $ (15,142) $ 12,752 $ 18,772 $ 1,340 $ 17,371
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
39
<PAGE>
EVERGREEN
Money Market Funds
Statements of Changes in Net Assets
Year Ended January 31, 1999
<TABLE>
<CAPTION>
Florida New Jersey Pennsylvania
Municipal Municipal Municipal Municipal Treasury
Money Market Money Market Money Market Money Market Money Market Money Market
Fund* Fund Fund Fund* Fund Fund
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Operations
Net investment
income............... $ 635,317 $ 256,422,206 $ 39,252,711 $ 628,917 $ 2,767,148 $ 185,652,316
Net realized gains or
losses on
securities........... (4,419) (232,484) 32,799 0 34,900 3,528
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations........... 630,898 256,189,722 39,285,510 628,917 2,802,048 185,655,844
- ------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders from
Net investment income
Class A............... (635,317) (189,158,894) (22,711,111) (628,917) (1,722,557) (142,282,372)
Class B............... 0 (2,528,073) 0 0 0 0
Class C............... 0 (213,760) 0 0 0 0
Class Y............... 0 (64,536,758) (16,413,788) 0 (1,044,591) (43,446,453)
- ------------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders......... (635,317) (256,437,485) (39,124,899) (628,917) (2,767,148) (185,728,825)
- ------------------------------------------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold................. 307,920,714 14,122,364,388 2,420,670,670 175,814,913 297,694,663 8,468,726,257
Net asset value of
shares issued in
reinvestment of
distributions........ 95,823 53,752,566 13,115,737 320,557 792,758 21,787,041
Payment for shares
redeemed............. (223,668,224) (11,797,889,375) (2,407,118,878) (81,492,790) (232,721,788) (8,198,420,346)
Net asset value of
shares issued in
acquisition of:
CoreFund Cash
Reserve.............. 0 872,363,752 0 0 0 0
CoreFund Tax-Free
Reserve.............. 0 0 140,753,563 0 0 0
CoreFund Treasury
Reserve.............. 0 0 0 0 0 687,797,346
Virtus Money Market
Fund................. 0 227,443,405 0 0 0 0
Virtus Tax-Free Money
Market Fund.......... 0 0 51,784,668 0 0 0
Virtus Treasury Money
Market Fund.......... 0 0 0 0 0 243,731,970
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
capital share
transactions......... 84,348,313 3,478,034,736 219,205,760 94,642,680 65,765,633 1,223,622,268
- ------------------------------------------------------------------------------------------------------------------------
Total increase in net
assets.............. 84,343,894 3,477,786,973 219,366,371 94,642,680 65,800,533 1,223,549,287
Net assets
Beginning of period... 0 3,546,681,561 1,057,811,694 0 70,391,852 3,187,904,612
- ------------------------------------------------------------------------------------------------------------------------
End of period......... $ 84,343,894 $ 7,024,468,534 $ 1,277,178,065 $ 94,642,680 $ 136,192,385 $ 4,411,453,899
- ------------------------------------------------------------------------------------------------------------------------
Undistributed
(overdistributed) net
investment income..... 0 $ (15,279) $ 127,812 0 $ 24,683 $ 17,371
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
* For the period ended January 31, 1999. The Fund commenced operations on Octo-
ber 26, 1998.
See Combined Notes to Financial Statements.
40
<PAGE>
Combined Notes to Financial Statements
1. ORGANIZATION
The Evergreen Money Market Funds consist of Evergreen Florida Municipal Money
Market Fund ("Florida Municipal Money Market Fund"), Evergreen Money Market
Fund ("Money Market Fund"), Evergreen Municipal Money Market Fund ("Municipal
Money Market Fund"), Evergreen New Jersey Municipal Money Market Fund ("New
Jersey Municipal Money Market Fund"), Evergreen Pennsylvania Municipal Money
Market Fund ("Pennsylvania Municipal Money Market Fund") and Evergreen Treasury
Money Market Fund ("Treasury Money Market Fund"), (collectively, the "Funds").
Each Fund, except for the Florida Municipal Money Market Fund, New Jersey Mu-
nicipal Money Market Fund and Pennsylvania Municipal Money Market, which are
non-diversified, is a diversified series of Evergreen Money Market Trust (the
"Trust"), a Delaware business trust organized 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
follow the conversion rights at the time the shares were purchased. Class C
shares are sold subject to a contingent deferred sales charge payable on shares
redeemed within one year after the month of purchase. Class Y shares are sold
at net asset value and are not subject to any contingent deferred sales charges
or distribution fees. Class Y shares are sold only to investment advisory cli-
ents of First Union Corporation ("First Union") and its affiliates, certain in-
stitutional 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 its original cost and thereaf-
ter assuming a constant accretion of any discount or amortization of any pre-
mium from its face value at a constant rate until maturity.
Mutual fund shares held by a Fund are valued at the net asset value of each mu-
tual fund.
Short-term investments with remaining maturities of 60 days or less are carried
at amortized cost, which approximates market value.
B. Repurchase Agreements
Each Fund may invest in repurchase agreements. Securities pledged as collateral
for repurchase agreements are held in a segregated account by the custodian on
the Fund's behalf. Collateral for certain tri-party repurchase agreements is
held at the counterparty's custodian in a segregated account for the benefit of
the Fund and the counterparty. Each Fund monitors the adequacy of the collat-
eral daily and will require the seller to provide additional collateral in the
event the market value of the securities pledged falls below the carrying value
of the repurchase agreement, including accrued interest. Each Fund will only
enter into repurchase agreements with banks and other financial institutions,
which are deemed by the investment advisor to be creditworthy pursuant to
guidelines established by the Board of Trustees.
41
<PAGE>
Combined Notes to Financial Statements(continued)
C. Securities Lending
In order to generate income and to offset expenses, the Funds may lend portfo-
lio securities to brokers, dealers and other financial organizations. The
Funds' investment advisors will monitor the creditworthiness of such borrowers.
Loans of securities may not exceed 33 1/3% of a Fund's total assets and will be
collateralized by cash, letters of credit or U.S. Government securities that
are maintained at all times in an amount equal to at least 100% of the current
market value of the loaned securities, including accrued interest. The Fund
monitors the adequacy of the collateral daily and will require the borrower to
provide additional collateral in the event the value of the collateral falls
below 100% of the market value of the securities on loan. While such securities
are on loan, the borrower will pay a Fund any income accruing thereon, and the
Fund may invest any cash collateral received in portfolio securities, thereby
increasing its return. A Fund will have the right to call any such loan and ob-
tain 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 connec-
tion 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
First Union National Bank ("FUNB"), a wholly owned subsidiary of First Union,
serves as the investment advisor to the Pennsylvania Municipal Money Market
Fund and Treasury Money Market Fund and is paid a management fee that is com-
puted daily and paid monthly. The management fee for the Pennsylvania Municipal
Money Market Fund is calculated by applying percentage rates, starting at 0.36%
and declining to 0.24% per annum as net assets increase, to the average daily
net assets of the Fund. Prior to January 3, 2000, the management fee for the
Pennsylvania Municipal Money Market Fund was calculated by applying percentage
rates, starting at 0.40% and declining to 0.28% per annum as net assets in-
creased, to the Fund's average daily net assets. The management fee for Trea-
sury Money Market Fund is computed at annual rate of 0.31% of the average daily
net assets of the Fund. Prior to January 3, 2000, the management fee for Trea-
sury Money Market Fund was computed at an annual rate of 0.35% of the average
daily net assets of the Fund.
42
<PAGE>
Combined Notes to Financial Statements(continued)
Evergreen Asset Management Corp. ("EAMC"), an indirect, wholly-owned subsidiary
of First Union, serves as the investment advisor for Florida Municipal Money
Market Fund, Money Market Fund, Municipal Money Market Fund and New Jersey Mu-
nicipal Money Market Fund and is paid a management fee that is computed daily
and paid monthly. The management fee for Money Market Fund and Municipal Money
Market Fund is calculated by applying percentage rates, starting at 0.44% and
declining to 0.39% per annum as net assets increase, to the average daily net
assets of each Fund. Prior to January 3, 2000, the management fee for Money
Market Fund and Municipal Money Market Fund was computed by applying percentage
rates, starting at 0.50% and declining to 0.45% per annum as net assets in-
creased, to the average daily net assets of each Fund. The management fee for
Florida Municipal Money Market Fund and New Jersey Municipal Money Market Fund
is computed at an annual rate of 0.41% of the average daily net assets of each
Fund. Prior to January 3, 2000, the management fee for Florida Municipal Money
Market Fund and New Jersey Municipal Money Market Fund was computed at a rate
of 0.45% of the average daily net assets of each Fund.
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 Florida Municipal Money Market Fund, New Jersey Municipal Money Market
Fund, Pennsylvania Municipal Money Market Fund and Treasury Money Market Fund
pay the administrator and sub-administrator for their services a combined fee
at the annual rate of 0.06% of each Fund's average daily net assets. Prior to
January 3, 2000, the administrator and sub-administrator for these Funds were
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 subsidiar-
ies are also the investment advisors. The administration fee was calculated by
applying percentage rates, starting at 0.05% and decline to 0.01% per annum as
net assets increased, to the average daily net assets of each Fund. The sub-ad-
ministration fee was calculated by applying percentage rates, which started at
0.01% and declined to 0.004% per annum as net assets increased, to the average
daily net assets of each Fund.
The Money Market Fund and Municipal Money Market Fund pays the administrator
for its services a fee at an annual rate of 0.06% of each Fund's average daily
net assets. Prior to January 3, 2000, the administration and sub-administration
fee was paid by the investment advisor and was not a fund expense. The sub-
administration fee continues to be paid by the investment advisor.
For the year ended January 31, 2000, the Funds paid or accrued to EIS the fol-
lowing amounts for certain administrative services and sub-administrative serv-
ices:
<TABLE>
<CAPTION>
Administration Sub-administration
---------------------------------
<S> <C> <C>
Florida Municipal Money Market
Fund......................... $ 23,237 $ 4,729
Money Market Fund............. 516,868 0
Municipal Money Market Fund... 61,148 0
New Jersey Municipal Money
Market Fund.................. 23,773 5,469
Pennsylvania Municipal Money
Market Fund.................. 34,677 7,848
Treasury Money Market Fund.... 879,347 207,893
</TABLE>
Evergreen Service Company ("ESC"), an indirectly, wholly-owned subsidiary of
First Union, serves as the transfer and dividend disbursing agent for the
Funds.
4. DISTRIBUTION PLANS
Evergreen Distributor, Inc. ("EDI"), a wholly-owned subsidiary of BISYS, serves
as principal underwriter to the Funds.
Each Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940
Act, for each class of shares, except Class Y. Distribution Plans permit a fund
to compensate its principal underwriter for costs related to selling shares of
the Fund and for various other services. These costs, which consist primarily
of commissions
43
<PAGE>
Combined Notes to Financial Statements (continued)
and service fees to broker-dealers who sell shares of the Fund, are paid by the
Fund through "Distribution Plan expenses". Under the Distribution Plans, Class
A shares of the Funds incur distribution fees equal to 0.30% of the average
daily net assets of the class, all of which is used to pay for shareholder
service fees. Class B and Class C shares of Money Market Fund incur distribu-
tion fees equal to 1.00% of the average daily net assets of each class. Of this
amount, 0.25% of the distribution fees incurred is used to pay for shareholder
service fees and 0.75% is used to pay for distribution-related costs. Distribu-
tion Plan expenses are calculated daily and paid at least quarterly.
For the year ended January 31, 2000, amounts paid or accrued to EDI pursuant to
each Fund's Class A, Class B and Class C Distribution Plans, as well as distri-
bution fees waived and the impact of the waiver as a percentage of the average
net assets of the class, were as follows:
<TABLE>
<CAPTION>
Distribution
fees accrued Distribution % of
---------------------------- fees waived Average
Class A Class B Class C Class A Net Assets
----------------------------------------------------
<S> <C> <C> <C> <C> <C>
Florida Municipal Money
Market Fund............ $ 280,813 $ 0 $ 0 $ 0 0.00%
Money Market Fund....... 21,855,342 751,911 56,349 0 0.00%
Municipal Money Market
Fund................... 2,320,379 0 0 0 0.00%
New Jersey Municipal
Money Market Fund...... 324,029 0 0 0 0.00%
Pennsylvania Municipal
Money Market Fund...... 336,920 0 0 221,873 0.20%
Treasury Money Market
Fund................... 9,338,554 0 0 0 0.00%
</TABLE>
With respect to Class B and Class C shares of the Money Market Fund, the prin-
cipal underwriter may pay distribution fees greater than the allowable annual
amounts the fund is permitted to pay under the Distribution Plans.
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 from the acquired fund 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 the aggregate net assets of the Money Market
Fund, Municipal Money Market Fund and Treasury Money Market Fund 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 from the acquired fund 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 the aggregate net assets of the Money Market
Fund, Municipal Money Market Fund and Treasury Money Market Fund were
$3,972,178,894, $1,236,483,220 and $3,473,282,398, respectively.
44
<PAGE>
Combined Notes to Financial Statements (continued)
6. CAPITAL SHARE TRANSACTIONS
The Funds have an unlimited number of shares of beneficial interest with $0.001
par value authorized. Shares of beneficial interest of the Funds are currently
divided into Class A and Class Y. In addition, the Money Market Fund offers
Class B and Class C shares. Transactions in shares (valued at $1.00 per share)
of the Funds were as follows:
Florida Municipal Money Market Fund
<TABLE>
<CAPTION>
October 26, 1998
(Commencement of
Year Ended Class Operations) to
January 31, 2000 January 31, 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold............................. 385,440,203 307,733,490
Shares issued in reinvestment of
distributions.......................... 286,961 95,657
Shares redeemed......................... (329,667,588) (223,481,785)
- ------------------------------------------------------------------------------
Net increase............................ 56,059,576 84,347,362
- ------------------------------------------------------------------------------
<CAPTION>
December 29, 1998
(Commencement of
Year Ended Class Operations) to
January 31, 2000 January 31, 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class Y
Shares sold............................. 6,737,256 187,224
Shares issued in reinvestment of
distributions.......................... 4,038 166
Shares redeemed......................... (6,636,750) (186,439)
- ------------------------------------------------------------------------------
Net increase............................ 104,544 951
- ------------------------------------------------------------------------------
</TABLE>
Money Market Fund
<TABLE>
<CAPTION>
Year Ended January 31,
-------------------------------
2000 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold.................................. 13,770,733,714 8,522,391,097
Shares issued in reinvestment of
distributions............................... 41,196,309 35,684,888
Shares redeemed.............................. (10,090,858,541) (6,383,437,537)
Shares issued in acquisition of:
CoreFund Cash Reserve....................... 0 78,077,775
Virtus Money Market Fund.................... 0 47,782,010
- ------------------------------------------------------------------------------
Net increase................................. 3,721,071,482 2,300,498,233
- ------------------------------------------------------------------------------
Class B
Shares sold.................................. 265,655,898 341,997,341
Shares issued in reinvestment of
distributions............................... 2,563,007 2,133,306
Shares redeemed.............................. (266,285,306) (304,057,087)
Shares issued in acquisition of:
CoreFund Cash Reserve....................... 0 91,326
- ------------------------------------------------------------------------------
Net increase................................. 1,933,599 40,164,886
- ------------------------------------------------------------------------------
Class C
Shares sold.................................. 57,804,130 50,447,068
Shares issued in reinvestment of
distributions............................... 179,299 178,681
Shares redeemed.............................. (56,524,269) (47,867,432)
- ------------------------------------------------------------------------------
Net increase................................. 1,459,160 2,758,317
- ------------------------------------------------------------------------------
Class Y
Shares sold.................................. 6,291,281,228 5,207,533,736
Shares issued in reinvestment of
distributions............................... 15,448,855 15,753,558
Shares redeemed.............................. (6,143,031,885) (5,062,527,319)
Shares issued in acquisition of:
CoreFund Cash Reserve....................... 0 794,989,126
Virtus Money Market Fund.................... 0 179,784,370
- ------------------------------------------------------------------------------
Net increase................................. 163,698,198 1,135,533,471
- ------------------------------------------------------------------------------
</TABLE>
45
<PAGE>
Combined Notes to Financial Statements (continued)
Municipal Money Market Fund
<TABLE>
<CAPTION>
Year Ended January 31,
------------------------------
2000 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold................................... 1,398,400,166 1,107,305,683
Shares issued in reinvestment of
distributions................................ 3,050,633 3,178,193
Shares redeemed............................... (1,431,236,942) (1,062,820,865)
Shares issued in acquisition of:
CoreFund Tax-Free Reserve.................... 0 17,909,419
- ------------------------------------------------------------------------------
Net increase (decrease)....................... (29,786,143) 65,572,430
- ------------------------------------------------------------------------------
Class Y
Shares sold................................... 1,122,013,468 1,313,364,987
Shares issued in reinvestment of
distributions................................ 8,525,215 9,937,544
Shares redeemed............................... (1,079,439,764) (1,344,298,013)
Shares issued in acquisition of:
CoreFund Tax-Free Reserve.................... 0 122,945,815
Virtus Tax-Free Money Market Fund............ 0 51,790,982
- ------------------------------------------------------------------------------
Net increase.................................. 51,098,919 153,741,315
- ------------------------------------------------------------------------------
</TABLE>
New Jersey Municipal Money Market Fund
<TABLE>
<CAPTION>
October 26, 1998
(Commencement of
Year Ended Class Operations) to
January 31, 2000 January 31, 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold......................... 380,834,016 175,814,913
Shares issued in reinvestment of
distributions...................... 1,030,891 320,557
Shares redeemed..................... (365,394,514) (81,492,790)
- ------------------------------------------------------------------------------
Net increase........................ 16,470,393 94,642,680
- ------------------------------------------------------------------------------
<CAPTION>
April 5, 1999
(Commencement of
Class Operations) to
January 31, 2000
- ------------------------------------------------------------------------------
<S> <C> <C>
Class Y
Shares sold......................... 1,864,063
Shares issued in reinvestment of
distributions...................... 14,819
Shares redeemed..................... (60,097)
- ------------------------------------------------------------------------------
Net increase........................ 1,818,785
- ------------------------------------------------------------------------------
</TABLE>
Pennsylvania Municipal Money Market Fund
<TABLE>
<CAPTION>
Year Ended January 31,
--------------------------
2000 1999
- -------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold........................................ 232,591,355 174,383,607
Shares issued in reinvestment of distributions..... 653,074 314,370
Shares redeemed.................................... (204,444,791) (115,840,210)
- -------------------------------------------------------------------------------
Net increase....................................... 28,799,638 58,857,767
- -------------------------------------------------------------------------------
Class Y
Shares sold........................................ 138,709,596 123,311,056
Shares issued in reinvestment of distributions..... 368,189 478,388
Shares redeemed.................................... (116,961,704) (116,881,578)
- -------------------------------------------------------------------------------
Net increase....................................... 22,116,081 6,907,866
- -------------------------------------------------------------------------------
</TABLE>
46
<PAGE>
Combined Notes to Financial Statements (continued)
Treasury Money Market Fund
<TABLE>
<CAPTION>
Year Ended January 31,
------------------------------
2000 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold................................... 4,529,115,382 5,568,902,718
Shares issued in reinvestment of
distributions................................ 13,666,350 17,129,027
Shares redeemed............................... (5,080,912,982) (4,944,183,470)
Shares issued in acquisition of:
CoreFund Treasury Reserve.................... 0 22,113,282
Virtus Treasury Money Market Fund............ 0 85,936,814
- ------------------------------------------------------------------------------
Net increase (decrease)....................... (538,131,250) 749,898,371
- ------------------------------------------------------------------------------
Class Y
Shares sold................................... 3,848,390,220 2,899,822,767
Shares issued in reinvestment of
distributions................................ 5,757,324 4,658,014
Shares redeemed............................... (3,865,127,116) (3,254,236,309)
Shares issued in acquisition of:
CoreFund Treasury Reserve.................... 0 665,722,969
Virtus Treasury Money Market Fund............ 0 157,990,525
- ------------------------------------------------------------------------------
Net increase (decrease)....................... (10,979,572) 473,957,966
- ------------------------------------------------------------------------------
</TABLE>
7. SECURITIES TRANSACTIONS
The Treasury Money Market Fund loaned securities during the year ended January
31, 2000 to certain brokers who paid the Fund a negotiated lenders' fee. These
fees are included in interest income. At January 31, 2000, the value of securi-
ties on loan and the value of collateral amounted to $325,312,914 and
$330,905,038, respectively. During the year ended January 31, 2000, the Trea-
sury Money Market Fund earned $16,259,195 in income from securities lending
transactions.
On January 31, 2000, the cost of investments for federal income tax purposes of
each Fund was the same as for financial reporting purposes.
As of January 31, 2000, the following Funds had capital loss carryforwards for
federal income tax purposes as follows:
<TABLE>
<CAPTION>
Expiration
-----------------------------------------------------------------
Total 2001 2002 2003 2004 2005 2006 2007 2008
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Florida Municipal Money
Market Fund............ $ 4,421 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 4,419 $ 2
Money Market Fund....... 1,510,904 130,422 57,884 567,977 0 32,810 381,247 200,609 139,955
</TABLE>
In addition to the capital loss carryovers, losses incurred after October 31,
within a Fund's fiscal year, are deemed to arise on the first business day of
the Fund's following fiscal year. For the year ended January 31, 2000, the
Money Market Fund incurred and elected to defer post-October losses of
$182,458.
8. EXPENSE REDUCTIONS
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 expense reductions re-
ceived by each Fund and the impact of the total expense reductions on each
Fund's expense ratio represented as a percentage of its average net assets were
as follows:
<TABLE>
<CAPTION>
Total
Expense % of Average
Reductions Net Assets
-----------------------
<S> <C> <C>
Florida Municipal Money Market Fund..... $ 8,020 0.01%
Money Market Fund....................... 389,101 0.00%
Municipal Money Market Fund............. 89,584 0.01%
New Jersey Municipal Money Market Fund.. 12,254 0.01%
Pennsylvania Municipal Money Market
Fund................................... 9,975 0.01%
Treasury Money Market Fund.............. 186,979 0.00%
</TABLE>
47
<PAGE>
Combined Notes to Financial Statements (continued)
9. DEFERRED TRUSTEES' FEES
Each Independent Trustee of each Fund may defer any or all compensation related
to performance of their duties as a Trustees. The Trustees' deferred balances
are allocated to deferral accounts, which are included in the accrued expenses
for the Fund. The investment performance of the deferral accounts is based on
the investment performance of certain Evergreen Funds. Any gains earned or
losses incurred in the deferral accounts are reported in the Fund's Trustees'
fees and expenses. At the election of the Trustees, the deferral account will
be paid either in one lump sum or in quarterly installments for up to ten
years.
10. FINANCING AGREEMENTS
Certain of the Evergreen Funds, State Street Bank and Trust Company ("State
Street") and The Bank of New York ("BONY") entered into an amended financing
agreement on December 22, 1998. Under this agreement, State Street and BONY
provided an unsecured credit facility in the aggregate amount of $150 million
($125 million committed and $25 million uncommitted). The credit facility was
allocated, under the terms of the financing agreement, between State Street and
BONY. The credit facility was accessed by the Funds for temporary or emergency
purposes only and was subject to each Fund's borrowing restrictions. Borrowings
under this facility bore interest at 0.50% per annum above the Federal Funds
rate. A commitment fee of 0.065% per annum was incurred on the unused portion
of the committed facility, which was allocated to all funds. State Street
served as administrative agent and was entitled to a fee of $20,000 per annum
which was allocated to all of the funds. This agreement was terminated on July
27, 1999.
On July 27, 1999, certain of the Evergreen Funds and a group of banks (the
"Lenders") entered into a credit agreement. Under this agreement, the Lenders
provide an unsecured revolving credit commitment in the aggregate amount of
$1.050 billion. The credit facility is allocated, under the terms of the fi-
nancing agreement, among the Lenders. The credit facility is accessed by the
Funds for temporary or emergency purposes to fund the redemption of their
shares or a general working capital as permitted by each Fund's borrowing re-
strictions. Borrowings under this facility bear interest at 0.75% per annum
above the Federal Funds rate (1.50% per annum above the Federal Funds rate dur-
ing the period from and including December 1, 1999 through and including Janu-
ary 31, 2000). A commitment fee of 0.10% per annum is incurred on the average
daily unused portion of the revolving credit commitment. The commitment fee is
allocated to all funds. For its assistance in arranging this financing agree-
ment, First Union Capital Markets Corp. was paid a one-time arrangement fee of
$250,000. State Street serves as paying agent for the funds and as paying agent
is entitled to a fee of $20,000 per annum which is allocated to all the funds.
The Funds did not borrow under these agreements during the year ended January
31, 2000.
11. CONCENTRATION OF 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.
12. SUBSEQUENT EVENT
Effective February 1, 2000, the maximum deferred sales charge for Class C
shares is changed to 2.00%. Class C shares purchased on or after February 1,
2000 are subject to a 2.00% contingent deferred sales charge if such shares are
redeemed within one year after the month of purchase and a 1.00% contingent de-
ferred sales charge if such shares are redeemed within two years after the
month of purchase. Class C shares purchased prior to February 1, 2000 follow
the contingent deferred sales charge schedule at the time the shares were ini-
tially purchased.
48
<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, 2000, and the
related statements of operations for the year then ended, the statements 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 in the
sixty month period ended January 31, 2000. We also audited the accompanying
statements of assets and liabilities, including the schedule of investments, of
the Evergreen Money Market Fund and Evergreen Municipal Money Market Fund, also
portfolios of the Evergreen Money Market Trust, as of January 31, 2000 and the
related statements of operations, changes in net assets and financial high-
lights for the year then ended. These financial statements and financial high-
lights 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. For the Evergreen Money Market Fund and the Evergreen Mu-
nicipal Money Market Fund the statements of changes in net assets for the year
ended January 31, 1999 and the financial highlights for the years or periods in
the forty eight month period then ended were audited by other auditors, whose
report dated March 12, 1999 expressed an unqualified opinion on those financial
statements and financial highlights.
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, 2000 by correspondence with the custodian. An audit also includes as-
sessing the accounting principles used and significant estimates made by man-
agement, as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the portfolios of the Evergreen Money Market Trust as of January 31, 2000,
the results of their operations, changes in their net assets and financial
highlights for each of the years or periods described above in conformity with
generally accepted accounting principles.
/s/ KPMG LLP
Boston, Massachusetts
March 3, 2000
49
<PAGE>
Additional Information (Unaudited)
FEDERAL 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 96.82% of the dividend distributed by the Florida Municipal Money Market
Fund for the year ended January 31, 2000 are exempt from federal income tax,
other than alternative minimum tax.
50
<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 Advantaged
Short Intermediate Municipal Fund
High Grade Municipal Bond Fund
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
New Jersey Municipal Bond Fund
North Carolina Municipal Bond Fund
Pennsylvania Municipal Bond Fund
South Carolina Municipal Bond Fund
Virginia Municipal Bond Fund
Tax-Free High Income Fund
Income
Capital Preservation and Income Fund
Short Intermediate Bond Fund
Intermediate Term Bond Fund
U.S. Government Fund
Quality Income Fund
Diversified Bond Fund
Strategic Income Fund
High Income Fund
High Yield Bond Fund
Balanced
Tax Strategic Foundation Fund
Foundation Fund
Capital Balanced Fund
Balanced Fund
Growth & Income
Utility Fund
Income and Growth Fund
Equity Income Fund
Value Fund
Blue Chip Fund
Growth and Income Fund
Small Cap Value Fund
Select Equity Index Fund
Domestic Growth
Tax Strategic Equity Fund
Capital Growth Fund
Stock Selector Fund
Evergreen
Fund Strategic Growth Fund
Masters Fund
Omega Fund
Small Company Growth Fund
Growth Fund
Aggressive Growth Fund
Select Special Equity Fund
Global International
Global Leaders Fund
Perpetual Global Fund
International Growth Fund
Perpetual International Fund
Global Opportunities Fund
Precious Metals Fund
Emerging Markets Growth Fund
Latin America Fund
Express Line
800.346.3858
Investor Services
800.343.2898
www.evergreen-funds.com
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