<PAGE>
Semiannual Report
as of July 31, 2000
Evergreen Money Market Funds
DALBAR
MUTUAL FUND
SERVICE AWARD
1999
[LOGO OF EVERGREEN FUNDS]
<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 ......................................................... 29
Evergreen Pennsylvania Municipal Money
Market Fund ......................................................... 31
Evergreen Treasury Money Market Fund .................................. 33
Combined Notes to Schedules of
Investments ............................................................... 34
Statements of Assets and Liabilities ...................................... 35
Statements of Operations .................................................. 36
Statements of Changes in Net Assets ....................................... 37
Combined Notes to Financial
Statements ................................................................ 39
Evergreen Funds
Evergreen Funds is one of the nation's fastest growing investment companies with
more than $80 billion in assets under management.
We offer over 80 mutual funds to choose among and acclaimed service and
operations capabilities, giving investors 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 semiannual report must be preceded or accompanied by a prospectus of an
Evergreen fund contained herein. The prospectus contains more complete
information, including fees and expenses, and should be read carefully before
investing or sending money.
Mutual Funds: ARE NOT FDIC INSURED MAY LOSE VALUE ARE NOT BANK GUARANTEED
Evergreen Distributor,Inc.
Evergreen Funds/SM/ is a service mark of Evergreen Investment Services,Inc.
<PAGE>
Letter to Shareholders
----------------------
July 2000
[PHOTO]
William M. Ennis
President and CEO
Dear Evergreen Shareholders,
We are pleased to provide the Evergreen Money Market Funds semiannual report,
which covers the six-month period ended July 31, 2000.
Growth Stocks Experience Volatility
During the first half of 2000, a powerful rally in growth stocks came to an end
during April and May, as investors feared actions the Federal Reserve Board
would take to stem potential inflationary pressures. Growth in areas such as
technology, communications and biotechnology stocks reigned supreme for most of
the period and underwent a volatile environment during the last three months of
the period. Although these sectors have experienced sharp corrections, they
remain favored sectors.
Despite the recent volatility, the threat of inflation and the Federal Reserve's
response to it, investors remain positive about the U.S. economy and the
long-term potential of the U.S. markets. At Evergreen, we believe the economy is
still fundamentally strong and that the Federal Reserve Board will continue to
act aggressively to contain inflation. We remain cautiously optimistic about
continued growth in the markets and believe there is a valuable lesson to be
learned from the market volatility of the last six months: remaining focused on
your goals and ensuring that your investments are suitable for your specific
needs.
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
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/ William M. 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 July 31, 2000
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
(based on 7/31/2000 portfolio assets)
[GRAPH]
Variable Rate Demand Notes -- 77.50%
Bonds -- 10.40%
Put Bonds -- 9.80%
Anticipation Notes -- 2.30%
Portfolio
Management
--------------------------------------------------------------------------------
[PHOTO]
Stephen C. Shachat
Tenure: October 1998
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*1
--------------------------------------------------------------------------------
Portfolio Inception Date: 10/26/1998 Class A Class S Class Y
Class Inception Date 10/26/1998 6/30/2000 12/29/1998
--------------------------------------------------------------------------------
6 month return 1.69% 1.66% 1.84%
--------------------------------------------------------------------------------
Average Annual Returns
--------------------------------------------------------------------------------
1 year 3.19% 3.16% 3.51%
--------------------------------------------------------------------------------
Since Portfolio Inception 2.89% 2.87% 3.29%
--------------------------------------------------------------------------------
7-day annualized yield 3.47% 3.17% 3.77%
--------------------------------------------------------------------------------
30-day annualized yield 3.26% 2.96% 3.56%
--------------------------------------------------------------------------------
6-month distributions per share** $0.017 $0.003 $0.018
--------------------------------------------------------------------------------
* The yield quotation more closely reflects the current earnings of the Fund
than the total return quotation.
** For Class S, the period from the Class' inception on June 30, 2000 through
July 31, 2000. For remaining classes, for the six-month period ended July 31,
2000.
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
Florida Muni MM A Florida Muni MM Y
Feb-00 3.18% 3.48%
Mar-00 3.06% 3.36%
Apr-00 3.87% 4.17%
May-00 3.51% 3.82%
Jun-00 3.90% 4.20%
Jul-00 3.47% 3.77%
Total Net Assets: $132,825,539
Average Maturity: 27 days
1Past performance is no guarantee of future results. The performance of each
class may vary based on differences in fees and expenses paid by the
shareholders investing in each class. The investment return and principal value
will fluctuate so that an investors' shares, when redeemed, may be worth more or
less than their original cost. Performance includes the reinvestment of income
dividends and capital gain distributions.
Class Y shares are available to institutional shareholders, Evergreen Funds
shareholders prior to January 1995 and shareholders of record prior to
October 12, 1990, and any series of Evergreen Investment Trust which existed at
the time.
Historical performance shown for Classes S and Y prior to their inception is
based on the performance of Class A, the original class offered. The historical
returns for Classes S and Y have not been adjusted to reflect the effect of each
Class' 12b-1 fees. These fees are 0.30% for Class A and 0.60% for Class S. Class
Y does not pay a 12b-1 fee. If these fees had been reflected, returns for Class
S would have been lower while returns for Class Y would have been higher.
Returns reflect expense limits previously in effect, without which returns would
have been lower.
The Fund's investment objective is non-fundamental and may be changed without
the approval of the Fund's shareholders.
The 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 federal alternative minimum tax.
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.
Funds that concentrate their investments in a single state may face increased
risk of price fluctuation over more diversified funds due to adverse
developments within that state.
All data is as of July 31, 2000 and subject to change.
2
<PAGE>
EVERGREEN
Money Market Fund
Fund at a Glance as of July 31, 2000
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
(based on 7/31/2000 portfolio assets)
[GRAPH]
Commercial Paper -- 59.9%
Corporate Bonds -- 35.7%
Funding Agreements -- 2.7%
Certificates of Deposit -- 0.9%
Municipal Obligations -- 0.4%
Mutual Fund Shares -- 0.2%
Repurchase Agreements -- 0.2%
Portfolio
Management
--------------------------------------------------------------------------------
[PHOTO] [PHOTO]
J. Kellie Allen Bryan K. White, CFA
Tenure: December 1997 Tenure: December 1997
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*1
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Portfolio Inception Date: 11/2/1987 Class A Class B Class C Class S Class Y
Class Inception Date 1/4/1995 1/26/1995 8/1/1997 6/30/2000 11/2/1987
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
6 month return 2.77% 2.42% 2.42% 2.87% 2.92%
-----------------------------------------------------------------------------------------------
Average Annual Returns
-----------------------------------------------------------------------------------------------
1 year with sales charge 5.31% -0.42% 2.57% n/a n/a
-----------------------------------------------------------------------------------------------
1 year w/o sales charge 5.31% 4.58% 4.57% 5.56% 5.62%
-----------------------------------------------------------------------------------------------
5 years 4.99% 3.92% 4.68% 5.29% 5.30%
-----------------------------------------------------------------------------------------------
10 years 4.88% 4.47% 4.74% 5.05% 5.05%
-----------------------------------------------------------------------------------------------
Maximum Sales Charge n/a 5.00% 2.00% n/a n/a
CDSC CDSC
-----------------------------------------------------------------------------------------------
7-day annualized yield 5.90% 5.20% 5.19% 5.60% 6.19%
-----------------------------------------------------------------------------------------------
30-day annualized yield 5.86% 5.16% 5.16% 5.56% 6.16%
-----------------------------------------------------------------------------------------------
6-month distributions
per share $0.027 $0.024 $0.024 $0.005 $0.029
-----------------------------------------------------------------------------------------------
</TABLE>
* The yield quotation more closely reflects the current earnings of the Fund
than the total return quotation. Adjusted for maximum applicable sales
charge.
** For Class S, the period from the Class' inception on June 30, 2000 through
July 31, 2000. For remaining classes, for the six-month period ended July 31,
2000.
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
<TABLE>
<CAPTION>
Money Market Fund A Money Market Fund B Money Market Fund C Money Market Fund Y
<S> <C> <C> <C> <C>
Feb-00 5.27% 4.57% 4.57% 5.56%
Mar-00 5.28% 4.59% 4.58% 5.58%
Apr-00 5.40% 4.70% 4.70% 5.70%
May-00 5.64% 4.94% 4.94% 5.93%
Jun-00 5.86% 5.16% 5.15% 6.15%
Jul-00 5.90% 5.20% 5.19% 6.19%
</TABLE>
Total Net Assets: $13,641,882,693
Average Maturity: 73 days
1Past performance is no guarantee of future results. The performance of each
class may vary based on differences in loads, fees and expenses paid by the
shareholders investing in each class. The investment return and principal value
will fluctuate so that an investors' shares, when redeemed, may be worth more or
less than their original cost. Performance includes the reinvestment of income
dividends and capital gain distributions.
Class Y Shares are available to institutional shareholders, Evergreen Funds
shareholders prior to January 1995 and shareholders of record prior to
October 12, 1990, and any series of Evergreen Investment Trust which existed at
the time.
Historical performance shown for Classes A, B, C and S prior to their inception
is based on the performance of Class Y, the original class offered. The
historical returns for Classes A, B, C and S have not been adjusted to reflect
the effect of each Class' 12b-1 fees. These fees are 0.30% for Class A, 1.00%
for Classes B and C, and 0.60% for Class S. Class Y does not pay a 12b-1 fee. If
these fees had been reflected, returns for Classes A, B, C and S would have been
lower.
Returns reflect expense limits previously in effect, without which returns would
have been lower.
The Fund's investment objective is non-fundamental and may be changed without
the approval of the Fund's shareholders.
The yield will fluctuate and there can be no guarantee that the Fund will
achieve its objective.
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.
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.
All data is as of July 31, 2000 and subject to change.
3
<PAGE>
EVERGREEN
Municipal Money Market Fund
Fund at a Glance as of July 31, 2000
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
(based on 7/31/2000 portfolio assets)
[GRAPH]
Variable Rate Demand Notes -- 83.6%
Put Bonds -- 9.5%
Commercial Paper -- 2.4%
Bonds -- 2.3%
Anticipation Notes -- 2.2%
Portfolio
Management
--------------------------------------------------------------------------------
[PHOTO]
Stephen C. Shachat
Tenure: November 1988
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*1
--------------------------------------------------------------------------------
Portfolio Inception Date: 11/2/1988 Class A Class S Class Y
Class Inception Date 1/5/1995 6/30/2000 11/2/1988
--------------------------------------------------------------------------------
6 month return 1.80% 1.90% 1.95%
--------------------------------------------------------------------------------
Average Annual Returns
--------------------------------------------------------------------------------
1 year 3.36% 3.62% 3.67%
--------------------------------------------------------------------------------
5 years 3.15% 3.45% 3.46%
--------------------------------------------------------------------------------
10 years 3.36% 3.53% 3.53%
--------------------------------------------------------------------------------
7-day annualized yield 3.74% 3.44% 4.04%
--------------------------------------------------------------------------------
30-day annualized yield 3.50% 3.21% 3.80%
--------------------------------------------------------------------------------
6-month distributions per share** $0.018 $0.003 $0.019
--------------------------------------------------------------------------------
* The yield quotation more closely reflects the current earnings of the Fund
than the total return quotation.
** For Class S, the period from the Class' inception on June 30, 2000 through
July 31, 2000. For remaining classes, for the six-month period ended July 31,
2000.
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
Municipal MMF A Municipal MMF Y
Feb-00 3.35% 3.65%
Mar-00 3.25% 3.55%
Apr-00 3.99% 4.30%
May-00 3.78% 4.08%
Jun-00 4.11% 4.41%
Jul-00 3.74% 4.04%
Total Net Assets: $1,189,036,754
Average Maturity: 18 days
1Past performance is no guarantee of future results. The performance of each
class may vary based on differences in fees and expenses paid by the
shareholders investing in each class. The investment return and principal value
will fluctuate so that an investors' shares, when redeemed, may be worth more or
less than their original cost. Performance includes the reinvestment of income
dividends and capital gain distributions.
Class Y shares are available to institutional shareholders, Evergreen Funds
shareholders prior to January 1995 and shareholders of record prior to
October 12, 1990, and any series of Evergreen Investment Trust which existed at
the time.
Historical performance shown for Classes A and S prior to their inception
is based on the performance of Class Y, the original class offered. The
historical returns for Classes A and S have not been adjusted to reflect the
effect of each Class' 12b-1 fees. These fees are 0.30% for Class A and 0.60% for
Class S. Class Y does not pay a 12b-1 fee. If these fees had been reflected,
returns for Classes A and S would have been lower.
Returns reflect expense limits previously in effect, without which returns would
have been lower.
The Fund's investment objective is non-fundamental and may be changed without
the approval of the Fund's shareholders.
The 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 federal alternative minimum tax.
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.
All data is as of July 31, 2000 and subject to change.
4
<PAGE>
EVERGREEN
New Jersey Municipal Money Market Fund
Fund at a Glance as of July 31, 2000
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
(based on 7/31/2000 portfolio assets)
[GRAPH]
Variable Rate Demand Notes -- 66.1%
Bonds -- 7.7%
Anticipation Notes -- 26.2%
Portfolio
Management
--------------------------------------------------------------------------------
[PHOTO]
Stephen C. Shachat
Tenure: October 1988
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*1
--------------------------------------------------------------------------------
Portfolio Inception Date: 10/26/1998 Class A Class S Class Y
Class Inception Date 10/26/1998 6/30/2000 4/5/1999
--------------------------------------------------------------------------------
6 month return 1.69% 1.67% 1.84%
--------------------------------------------------------------------------------
Average Annual Returns
--------------------------------------------------------------------------------
1 year 3.13% 3.10% 3.44%
--------------------------------------------------------------------------------
Since Portfolio Inception 2.82% 2.80% 3.05%
--------------------------------------------------------------------------------
7-day annualized yield 3.42% 3.13% 3.73%
--------------------------------------------------------------------------------
30-day annualized yield 3.24% 2.95% 3.54%
--------------------------------------------------------------------------------
6-month distributions per share** $0.017 $0.003 $0.018
--------------------------------------------------------------------------------
* The yield quotation more closely reflects the current earnings of the Fund
than the total return quotation.
** For Class S, the period from the Class' inception on June 30, 2000 through
July 31, 2000. For remaining classes, for the six-month period ended July 31,
2000.
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
NJ Muni A NJ Muni Y
Feb-00 3.26% 3.56%
Mar-00 3.11% 3.40%
Apr-00 3.82% 4.13%
May-00 3.46% 3.76%
Jun-00 3.78% 4.08%
Jul-00 3.42% 3.73%
Total Net Assets: $121,195,364
Average Maturity: 54 days
1Past performance is no guarantee of future results. The performance of each
class may vary based on differences in fees and expenses paid by the
shareholders investing in each class. The investment return and principal value
will fluctuate so that an investors' shares, when redeemed, may be worth more or
less than their original cost. Performance includes the reinvestment of income
dividends and capital gain distributions.
Class Y Shares are available to institutional shareholders, Evergreen Funds
shareholders prior to January 1995 and shareholders of record prior to
October 12, 1990, and any series of Evergreen Investment Trust which existed at
the time.
Historical performance shown for Classes S and Y prior to their inception
is based on the performance of Class A, the original class offered. The
historical returns for Classes S and Y have not been adjusted to reflect the
effect of each Class' 12b-1 fees. These fees are 0.30% for Class A and 0.60% for
Class S. Class Y does not pay a 12b-1 fee. If these fees had been reflected,
returns for Class S would have been lower while returns for Class Y would have
been higher.
Returns reflect expense limits previously in effect, without which returns would
have been lower.
The Fund's investment objective is non-fundamental and may be changed without
the approval of the Fund's shareholders.
The 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 federal alternative minimum tax.
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.
Funds that concentrate their investments in a single state may face increased
risk of price fluctuation over more diversified funds due to adverse
developments within that state.
All data is as of July 31, 2000 and subject to change.
5
<PAGE>
EVERGREEN
Pennsylvania Municipal Money Market Fund
Fund at a Glance as of July 31, 2000
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
(based on 7/31/2000 portfolio assets)
[GRAPH]
Variable Rate Demand Notes -- 70.4%
Bonds -- 14.1%
Put Bonds -- 15.5%
Portfolio
Management
--------------------------------------------------------------------------------
[PHOTO]
Stephen C. Shachat
Tenure: May 1998
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*1
--------------------------------------------------------------------------------
Portfolio Inception Date: 8/15/1991 Class A Class S Class Y
Class Inception Date 8/22/1995 6/30/2000 8/15/1991
--------------------------------------------------------------------------------
6 month return 1.79% 1.81% 1.86%
--------------------------------------------------------------------------------
Average Annual Returns
--------------------------------------------------------------------------------
1 year 3.36% 3.44% 3.49%
--------------------------------------------------------------------------------
5 years 3.10% 3.18% 3.19%
--------------------------------------------------------------------------------
Since Portfolio Inception 3.00% 3.05% 3.05%
--------------------------------------------------------------------------------
7-day annualized yield 3.74% 3.29% 3.88%
--------------------------------------------------------------------------------
30-day annualized yield 3.51% 3.07% 3.66%
--------------------------------------------------------------------------------
6-month distributions per share** $0.018 $0.003 $0.018
--------------------------------------------------------------------------------
* The yield quotation more closely reflects the current earnings of the Fund
than the total return quotation.
** For Class S, the period from the Class' inception on June 30, 2000 through
July 31, 2000. For remaining classes, for the six-month period ended July 31,
2000.
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
PA Muni A PA Muni Y
Feb-00 3.40% 3.55%
Mar-00 3.24% 3.39%
Apr-00 3.91% 4.06%
May-00 3.65% 3.80%
Jun-00 4.03% 4.18%
Jul-00 3.74% 3.88%
Total Net Assets: $203,887,413
Average Maturity: 38 days
1Past performance is no guarantee of future results. The performance of each
class may vary based on differences in fees and expenses paid by the
shareholders investing in each class. The investment return and principal value
will fluctuate so that an investors' shares, when redeemed, may be worth more or
less than their original cost. Performance includes the reinvestment of income
dividends and capital gain distributions.
Class Y Shares are available to institutional shareholders, Evergreen Funds
shareholders prior to January 1995 and shareholders of record prior to
October 12, 1990, and any series of Evergreen Investment Trust which existed at
the time.
Historical performance shown for Classes A and S prior to their inception
is based on the performance of Class Y, the original class offered. The
historical returns for Classes A and S have not been adjusted to reflect the
effect of each Class' 12b-1 fees. These fees are 0.30% for Class A and 0.60% for
Class S. Class Y does not pay a 12b-1 fee. If these fees had been reflected,
returns for Classes A and S 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.
The Fund's investment objective is non-fundamental and may be changed without
the approval of the Fund's shareholders.
The 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 federal alternative minimum tax.
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.
Funds that concentrate their investments in a single state may face increased
risk of price fluctuation over more diversified funds due to adverse
developments within that state.
All data is as of July 31, 2000 and subject to change.
6
<PAGE>
EVERGREEN
Treasury Money Market Fund
Fund at a Glance as of July 31, 2000
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
(based on 7/31/2000 portfolio assets)
[GRAPH]
Repurchase Agreements -- 81.3%
U.S. Treasury Notes -- 18.7%
Portfolio
Management
--------------------------------------------------------------------------------
[PHOTO] [PHOTO]
J. Kellie Allen Bryan K. White, CFA
Tenure: March 1991 Tenure: December 1997
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*1
--------------------------------------------------------------------------------
Portfolio Inception Date: 3/6/1991 Class A Class S Class Y
Class Inception Date 3/6/1991 6/30/2000 3/6/1991
--------------------------------------------------------------------------------
6 month return 2.67% 2.63% 2.82%
--------------------------------------------------------------------------------
Average Annual Returns
--------------------------------------------------------------------------------
1 year 5.01% 4.96% 5.32%
--------------------------------------------------------------------------------
5 years 4.83% 4.83% 5.15%
--------------------------------------------------------------------------------
Since Portfolio Inception 4.43% 4.42% 4.73%
--------------------------------------------------------------------------------
7-day annualized yield 5.75% 5.46% 6.05%
--------------------------------------------------------------------------------
30-day annualized yield 5.70% 5.40% 6.00%
--------------------------------------------------------------------------------
6-month distributions per share** $0.026 $0.005 $0.028
--------------------------------------------------------------------------------
* The yield quotation more closely reflects the current earnings of the Fund
than the total return quotation.
** For Class S, the period from the Class' inception on June 30, 2000 through
July 31, 2000. For remaining classes, for the six-month period ended July 31,
2000.
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
Treasury MMF A Treasury MMF Y
Feb-00 4.98% 5.28%
Mar-00 5.17% 5.47%
Apr-00 5.07% 5.37%
May-00 5.48% 5.78%
Jun-00 5.68% 5.98%
Jul-00 5.75% 6.05%
Total Net Assets: $3,674,405,765
Average Maturity: 29 days
1Past performance is no guarantee of future results. The performance of each
class may vary based on differences in fees and expenses paid by the
shareholders investing in each class. The investment return and principal value
will fluctuate so that an investors' shares, when redeemed, may be worth more or
less than their original cost. Performance includes the reinvestment of income
dividends and capital gain distributions.
Class Y Shares are available to institutional shareholders, Evergreen Funds
shareholders prior to January 1995 and shareholders of record prior to
October 12, 1990, and any series of Evergreen Investment Trust which existed at
the time.
Historical performance shown for Class S prior to its inception is based on the
performance of Class A, one of the original class offered along with Class Y.
The historical returns for Class S have not been adjusted to reflect the effect
of each Class' 12b-1 fees. These fees are 0.30% for Class A and 0.60% for
Class S. Class Y does not pay a 12b-1 fee. If these fees had been reflected,
returns for Class S would have been lower.
Returns reflect expense limits previously in effect, without which returns would
have been lower.
The Fund's investment objective is non-fundamental and may be changed without
the approval of the Fund's shareholders.
The yield will fluctuate and there can be no guarantee that the Fund will
achieve its objective.
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.
U.S. government guarantees apply only to the underlying securities of the Fund's
portfolio and not to the Fund's shares.
All data is as of July 31, 2000 and subject to change.
7
<PAGE>
EVERGREEN
Florida Municipal Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31,
July 31, 2000 --------------------------
(unaudited) 2000 1999 (a)
<S> <C> <C> <C>
CLASS A SHARES
Net asset value, beginning of
period $ 1.00 $ 1.00 $ 1.00
------ ----------- -----------
Net investment income 0.02 0.03 0.01
Distributions to shareholders
from net investment income (0.02) (0.03) (0.01)
------ ----------- -----------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
------ ----------- -----------
Total return 1.69% 2.69% 0.69%
Ratios and supplemental data
Net assets, end of period
(millions) $ 15 $ 140 $ 84
Ratios to average net assets
Expenses++ 0.84%+ 0.84% 0.93%+
Net investment income 3.36%+ 2.77% 2.66%+
</TABLE>
<TABLE>
<CAPTION>
Period Ended
July 31, 2000 (b)
(unaudited)
<S> <C>
CLASS S SHARES
Net asset value, beginning of period $1.00
-----
Net investment income 0+++
Distributions to shareholders from net investment income 0+++
-----
Net asset value, end of period $1.00
-----
Total return 0.25%
Ratios and supplemental data
Net assets, end of period (millions) $ 117
Ratios to average net assets
Expenses++ 1.16%+
Net investment income 2.91%+
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31,
July 31, 2000 --------------------------
(unaudited) 2000 1999 (c)
<S> <C> <C> <C>
CLASS Y SHARES
Net asset value, beginning of
period $ 1.00 $ 1.00 $ 1.00
------ ----------- ----------
Net investment income 0.02 0.03 0+++
Distributions to shareholders
from net investment income (0.02) (0.03) 0+++
------ ----------- ----------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
------ ----------- ----------
Total return 1.84% 3.01% 0.26%
Ratios and supplemental data
Net assets, end of period
(millions) $ 0 $ 0 $ 0
Ratios to average net assets
Expenses++ 0.54%+ 0.54% 0.65%+
Net investment income 3.55%+ 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 June 30, 2000 (commencement of class operations) to
July 31, 2000.
(c) For the period from December 29, 1998 (commencement of class operations)
to January 31, 1999.
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+++ Represents an amount less than $0.01 per share.
See Combined Notes to Financial Statements.
8
<PAGE>
EVERGREEN
Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31, Year Ended August 31,
July 31, 2000 ------------------------ ------------------------
(unaudited) 2000 1999 1998 (a) 1997 1996 1995 (b)
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------ ------
Net investment income 0.03 0.05 0.05 0.02 0.05 0.05 0.03
Distributions to
shareholders from net
investment income (0.03) (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 $ 1.00
------ ------ ------ ------ ------ ------ ------
Total return 2.77% 4.68% 4.90% 2.08% 4.95% 5.05% 3.53%
Ratios and supplemental
data
Net assets, end of
period (millions) $1,857 $8,931 $5,210 $2,910 $2,803 $1,755 $ 685
Ratios to average net
assets
Expenses++ 0.83%+ 0.83% 0.85% 0.89%+ 0.79% 0.75% 0.81%+
Net investment income 5.48%+ 4.63% 4.78% 4.91%+ 4.87% 4.86% 5.26%+
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31, Year Ended August 31,
July 31, 2000 ------------------------ ------------------------
(unaudited) 2000 1999 1998 (a) 1997 1996 1995 (c)
<S> <C> <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 $ 1.00
------ ------ ------ ------ ------ ------ ------
Net investment income 0.02 0.04 0.04 0.02 0.04 0.04 0.03
Distributions to
shareholders from net
investment income (0.02) (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 $ 1.00
------ ------ ------ ------ ------ ------ ------
Total return* 2.42% 3.95% 4.18% 1.78% 4.22% 4.31% 2.78%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 47 $ 67 $ 65 $ 25 $ 23 $ 10 $ 8
Ratios to average net
assets
Expenses++ 1.53%+ 1.53% 1.55% 1.59%+ 1.49% 1.45% 1.51%+
Net investment income 4.79%+ 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
but includes fee waivers.
See Combined Notes to Financial Statements.
9
<PAGE>
EVERGREEN
Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31,
July 31, 2000 ------------------------ Period Ended
(unaudited) 2000 1999 1998 (a) August 31, 1997 (b)
<S> <C> <C> <C> <C> <C>
CLASS C SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------ ------ ------ ------ -----
Net investment income 0.02 0.04 0.04 0.02 0+++
Distributions to
shareholders from net
investment income (0.02) (0.04) (0.04) (0.02) 0+++
------ ------ ------ ------ -----
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------ ------ ------ ------ -----
Total return* 2.42% 3.95% 4.18% 1.78% 0.37%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 4 $ 6 $ 5 $ 2 $ 5
Ratios to average net
assets
Expenses++ 1.53%+ 1.54% 1.55% 1.59%+ 1.67%+
Net investment income 4.78%+ 3.95% 4.09% 4.20%+ 4.42%+
</TABLE>
<TABLE>
<CAPTION>
Period Ended
July 31, 2000 (c)
(unaudited)
<S> <C>
CLASS S SHARES
Net asset value, beginning of period $ 1.00
------
Net investment income 0.01
Distributions to shareholders from net investment income (0.01)
------
Net asset value, end of period $ 1.00
------
Total return 0.47%
Ratios and supplemental data
Net assets, end of period (millions) $9,634
Ratios to average net assets
Expenses++ 1.15%+
Net investment income 5.60%+
</TABLE>
<TABLE>
<CAPTION>
Year Ended August
Six Months Ended Year Ended January 31, 31,
July 31, 2000 ------------------------ ----------------------
(unaudited) 2000 1999 1998 (a) 1997 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 0.05 0.05 0.02 0.05 0.05 0.05
Distributions to
shareholders from net
investment income (0.03) (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 $ 1.00
------ ------ ------ ------ ------ ------ ------
Total return 2.92% 4.99% 5.21% 2.21% 5.27% 5.36% 5.38%
Ratios and supplemental
data
Net assets, end of
period (millions) $2,101 $1,909 $1,745 $ 610 $ 635 $ 671 $ 283
Ratios to average net
assets
Expenses++ 0.53%+ 0.53% 0.55% 0.59%+ 0.48% 0.45% 0.53%
Net investment income 5.51%+ 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.
(c) For the period from June 30, 2000 (commencement of class operations) to
July 31, 2000.
* Excluding applicable sales charges.
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+++ Represents an amount less than $0.01 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>
Six Months Ended Year Ended January 31, Year Ended August 31,
July 31, 2000 ------------------------ ------------------------
(unaudited) 2000 1999 1998 (a) 1997 1996 1995 (b)
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------ ------
Net investment income 0.02 0.03 0.03 0.01 0.03 0.03 0.02
Distributions to
shareholders from net
investment income (0.02) (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 $ 1.00
------ ------ ------ ------ ------ ------ ------
Total return 1.80% 2.90% 3.07% 1.34% 3.13% 3.22% 2.24%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 135 $ 708 $ 737 $ 672 $ 667 $ 661 $ 555
Ratios to average net
assets
Expenses++ 0.86%+ 0.86% 0.87% 0.88%+ 0.83% 0.79% 0.78%+
Net investment income 3.58%+ 2.84% 3.02% 3.18%+ 3.09% 3.14% 3.28%+
</TABLE>
<TABLE>
<CAPTION>
Period Ended
July 31, 2000 (c)
(unaudited)
<S> <C>
CLASS S SHARES
Net asset value, beginning of period $1.00
-----
Net investment income 0+++
Distributions to shareholders from net investment income 0+++
-----
Net asset value, end of period $1.00
-----
Total return 0.27%
Ratios and supplemental data
Net assets, end of period (millions) $ 569
Ratios to average net assets
Expenses++ 1.17%+
Net investment income 3.19%+
</TABLE>
<TABLE>
<CAPTION>
Year Ended
Six Months Ended Year Ended January 31, August 31,
July 31, 2000 ------------------------ ----------------------
(unaudited) 2000 1999 1998 (a) 1997 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 0.02 0.03 0.03 0.01 0.03 0.03 0.04
Distributions to
shareholders from net
investment income (0.02) (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 $ 1.00
------ ------ ------ ------ ------ ------ ------
Total return 1.95% 3.21% 3.38% 1.47% 3.44% 3.53% 3.59%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 485 $ 591 $ 540 $ 386 $ 378 $ 617 $ 421
Ratios to average net
assets
Expenses++ 0.56%+ 0.56% 0.57% 0.58%+ 0.53% 0.49% 0.50%
Net investment income 3.86%+ 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.
(c) For the period from June 30, 2000 (commencement of class operations) to
July 31, 2000.
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+++ Represents an amount less than $0.01 per share.
See Combined Notes to Financial Statements.
11
<PAGE>
EVERGREEN
New Jersey Municipal Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31,
July 31, 2000 ----------------------
(unaudited) 2000 1999 (a)
<S> <C> <C> <C>
CLASS A SHARES
Net asset value, beginning of
period $ 1.00 $ 1.00 $ 1.00
------ ----------- -----------
Net investment income 0.02 0.03 0.01
Distributions to shareholders
from net investment income (0.02) (0.03) (0.01)
------ ----------- -----------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
------ ----------- -----------
Total return 1.69% 2.59% 0.66%
Ratios and supplemental data
Net assets, end of period
(millions) $ 36 $ 111 $ 95
Ratios to average net assets
Expenses++ 0.81%+ 0.84% 0.85%+
Net investment income 3.39%+ 2.57% 2.46%+
</TABLE>
<TABLE>
<CAPTION>
Period Ended
July 31, 2000
(unaudited) (b)
<S> <C>
CLASS S SHARES
Net asset value, beginning of period $1.00
-----
Net investment income 0+++
Distributions to shareholders from net investment income 0+++
-----
Net asset value, end of period $1.00
-----
Total return 0.25%
Ratios and supplemental data
Net assets, end of period (millions) $ 83
Ratios to average net assets
Expenses++ 1.12%+
Net investment income 2.94%+
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended
July 31, 2000 Period Ended
(unaudited) January 31, 2000 (c)
<S> <C> <C>
CLASS Y SHARES
Net asset value, beginning of period $ 1.00 $ 1.00
------ ------
Net investment income 0.02 0.02
Distributions to shareholders from net
investment income (0.02) (0.02)
------ ------
Net asset value, end of period $ 1.00 $ 1.00
------ ------
Total return 1.84% 2.47%
Ratios and supplemental data
Net assets, end of period (millions) $ 2 $ 2
Ratios to average net assets
Expenses++ 0.52%+ 0.52%+
Net investment income 3.67%+ 3.06%+
</TABLE>
(a) For the period from October 26, 1998 (commencement of class operations) to
January 31, 1999.
(b) For the period from June 30, 2000 (commencement of class operations) to
July 31, 2000.
(c) For the period from April 5, 1999 (commencement of class operations) to
January 31, 2000.
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+++ Represents an amount less than $0.01 per share.
See Combined Notes to Financial Statements.
12
<PAGE>
EVERGREEN
Pennsylvania Municipal Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31, Year Ended August 31,
July 31, 2000 ------------------------ ------------------------ Period Ended
(unaudited) 2000 1999 1998 (a) 1997 1996 (b) February 29, 1996 (c)
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ---------- ---------- ------
Net investment income 0.02 0.03 0.03 0.01 0.03 0.01 0.02
Distributions to
shareholders from net
investment income (0.02) (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 $ 1.00
------ ------ ------ ------ ---------- ---------- ------
Total return 1.79% 2.90% 2.96% 1.34% 3.05% 1.49% 1.72%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 28 $ 125 $ 96 $ 37 $ 36 $ 22 $ 4
Ratios to average net
assets
Expenses++ 0.65%+ 0.60% 0.61% 0.61%+ 0.60% 0.55%+ 0.47%+
Net investment income 3.58%+ 2.87% 2.90% 3.15%+ 3.01% 2.97%+ 3.14%+
</TABLE>
<TABLE>
<CAPTION>
Period Ended
July 31, 2000 (d)
(unaudited)
<S> <C>
CLASS S SHARES
Net asset value, beginning of period $1.00
-----
Net investment income 0+++
Distributions to shareholders from net investment income 0+++
-----
Net asset value, end of period $1.00
-----
Total return 0.26%
Ratios and supplemental data
Net assets, end of period (millions) $ 124
Ratios to average net assets
Expenses++ 1.10%+
Net investment income 3.04%+
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31, Year Ended August 31, Year Ended February 28,
July 31, 2000 ------------------------ ------------------------ ------------------------
(unaudited) 2000 1999 1998 (a) 1997 1996 (b) 1996 1995
<S> <C> <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 $ 1.00
------ ------ ------ ------ ---------- ---------- ----------- -----------
Net investment income 0.02 0.03 0.03 0.01 0.03 0.01 0.03 0.03
Distributions to
shareholders from net
investment income (0.02) (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 $ 1.00
------ ------ ------ ------ ---------- ---------- ----------- -----------
Total return 1.86% 3.00% 3.07% 1.38% 3.15% 1.51% 3.55% 2.81%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 52 $ 62 $ 40 $ 33 $ 32 $ 48 $ 83 $ 44
Ratios to average net
assets
Expenses++ 0.49%+ 0.50% 0.52% 0.51%+ 0.50% 0.50%+ 0.37% 0.33%
Net investment income 3.68%+ 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.
(d) For the period from June 30, 2000 (commencement of class operations) to
July 31, 2000.
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
+++ Represents an amount less than $0.01 per share.
See Combined Notes to Financial Statements.
13
<PAGE>
EVERGREEN
Treasury Money Market Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31, Year Ended August 31,
July 31, 2000 ------------------------ ------------------------
(unaudited) 2000 1999 1998 (a) 1997 1996 1995 (b)
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------ ------
Net investment income 0.03 0.04 0.05 0.02 0.05 0.05 0.03
------ ------ ------ ------ ------ ------ ------
Distributions to
shareholders from net
investment income (0.03) (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 $ 1.00
------ ------ ------ ------ ------ ------ ------
Total return 2.67% 4.38% 4.75% 2.07% 4.82% 4.98% 3.58%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 712 $2,828 $3,366 $2,616 $2,485 $2,608 $1,178
Ratios to average net
assets
Expenses++ 0.74%+ 0.74% 0.73% 0.73%+ 0.72% 0.69% 0.63%+
Net investment income 5.24%+ 4.28% 4.63% 4.89%+ 4.73% 4.76% 5.30%+
</TABLE>
<TABLE>
<CAPTION>
Period Ended
July 31, 2000 (c)
(unaudited)
<S> <C>
CLASS S SHARES
Net asset value, beginning of period $ 1.00
------
Net investment income 0.01
------
Distributions to shareholders from net investment income (0.01)
Net asset value, end of period $ 1.00
------
Total return 0.46%
Ratios and supplemental data
Net assets, end of period (millions) $2,058
Ratios to average net assets
Expenses++ 1.03%+
Net investment income 5.39%+
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended January 31, Year Ended August 31,
July 31, 2000 ------------------------ ------------------------
(unaudited) 2000 1999 1998 (a) 1997 1996 1995 (b)
<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 0.05 0.05 0.02 0.05 0.05 0.04
Distributions to
shareholders from net
investment income (0.03) (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 $ 1.00
------ ------ ------ ------ ------ ------ ------
Total return 2.82% 4.69% 5.07% 2.20% 5.14% 5.29% 3.78%
Ratios and supplemental
data
Net assets, end of
period (millions) $ 905 $1,034 $1,045 $ 572 $ 547 $ 760 $ 277
Ratios to average net
assets
Expenses++ 0.44%+ 0.44% 0.43% 0.43%+ 0.42% 0.39% 0.33%+
Net investment income 5.56%+ 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.
(c) For the period from June 30, 2000 (commencement of class operations) to
July 31, 2000.
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions
but includes fee waivers.
See Combined Notes to Financial Statements.
14
<PAGE>
EVERGREEN
Florida Municipal Money Market Fund
Schedule of Investments
July 31, 2000 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 99.3%
Delaware - 0.2%
$ 200,000 Delaware EDA RB, Delmarva Pwr. & Light Co. Proj.,
Ser. 1987-A,
(Gtd. by Delmarva Pwr. & Light Co.),
4.60%, VRDN........................................ $ 200,000
------------
Florida - 89.3%
1,350,000 Broward Cnty., FL Hsg. Fin. Auth. RB, Mtge. Tender
Option Bonds, Ser. D, (LOC: Citibank, NA & Coll. by
GNMA), 4.40%, 11/1/2000............................ 1,350,000
Clipper Florida Tax Exempt Trust COP:
3,135,000 Ser. 2000-1, Class A,
(LOC: State Street Bank, NA & Insd. by FSA),
4.53%, VRDN......................................... 3,135,000
3,857,000 Ser. 2000-3, Class A,
(LOC: State Street Bank, NA & Insd. by MBIA),
4.53%, VRDN......................................... 3,857,000
Dade Cnty., FL IDA RB:
2,325,000 FL Convalescent Assoc. Proj., Ser. 1986,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.), 4.40%, VRDN.. 2,325,000
150,000 Jay W. Lotspeich Proj.,
(LOC: Dai-Ichi Kangyo Bank, Ltd.),
5.25%, VRDN......................................... 150,000
400,000 Pot Co., Inc., (LOC: Dai-Ichi Kangyo Bank, Ltd.),
5.25%, VRDN......................................... 400,000
950,000 Quipp Inc. Proj.,
(LOC: Bank of America, NA),
4.40%, VRDN......................................... 950,000
4,700,000 Escambia Cnty, FL SFHRB, PFOTER, (Liq.: Merrill
Lynch & Co., Inc. & Coll. by GNMA),
4.36%, VRDN........................................ 4,700,000
3,500,000 Escambia Cnty., FL IDRB, Daws Mfg. Co., Inc. Proj.,
(LOC: Amsouth Bank, NA),
4.43%, VRDN........................................ 3,500,000
6,100,000 Florida Board of Ed. Capital Outlay, Eagle Trust
Certificate, (LOC: Citibank, NA),
4.33%, VRDN 144A .................................. 6,100,000
4,200,000 Florida Board of Ed. RB, ABN AMRO Munitops
Certificates Trust, Ser. 1998-9, (Liq.: ABN
AMRO Bank NV & Insd. by FSA),
4.31%, VRDN 144A................................... 4,200,000
910,000 Florida Dev. Fin. Corp. IDRB, Suncoast Bakeries,
Inc., Ser. A-1, (LOC: SunTrust Banks, NA),
4.45%, VRDN........................................ 910,000
Florida HFA MHRB:
4,000,000 Buchanan Bay Townhomes, (LOC: Chase Manhattan Bank,
NA), 4.50%, VRDN.................................... 4,000,000
6,100,000 Falls of Venice Proj., (Coll. by FNMA), 4.45%,
VRDN................................................ 6,100,000
3,000,000 Halifax, FL Med. Ctr. TAN, (LOC: Bank of America,
NA), 4.50%, 3/15/2001............................... 3,005,346
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Florida - continued
Florida HFA MHRB - continued:
$5,750,000 Hernando Cnty., FL IDRB, Moore McCormack Resources,
(LOC: Societe Generale Bank, SA), 4.42%, VRDN....... $ 5,750,000
Hillsborough Cnty., FL IDRB:
1,795,000 Berry Packaging, Inc.,
(LOC: Bank of America, NA),
4.40%, VRDN......................................... 1,795,000
400,000 Serigraphic Arts, Inc. Proj.,
(LOC: Dai-Ichi Kangyo Bank,Ltd.), 5.25%, VRDN....... 400,000
3,600,000 Hillsborough Cnty., FL Sch. Brd. COP, Ser. 2000-E,
(LOC: Bank of America, NA & Insd. by MBIA),
4.38%, VRDN........................................ 3,600,000
1,300,000 Jacksonville, FL Econ. Dev. Commission IDRB, Crown
Products Co., Inc., (LOC: SunTrust Banks, NA),
4.45%, VRDN........................................ 1,300,000
3,000,000 Jacksonville, FL Elec. Auth. RB, Bulk Pwr. Supply,
Prerefunded, 6.75%, 10/1/2000...................... 3,058,313
900,000 Jacksonville, FL IDRB, Univ. of FL Hlth. Science
Ctr., (LOC: Bank of America, NA),
4.50%, VRDN........................................ 900,000
485,000 Miami-Dade Cnty., FL GO, Parks Program, (Insd. by
FGIC), 7.25%, 11/1/2000............................ 488,903
6,590,000 Miami-Dade Cnty., FL HFA MHRB, PFOTER, (Liq.:
Merrill Lynch & Co., Inc.),
4.48%, VRDN........................................ 6,590,000
1,525,000 Miami-Dade Cnty., FL IDA RB, Futurama Proj., (LOC:
SouthTrust Bank, NA),
4.43%, VRDN........................................ 1,525,000
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
2,300,000 Orange Cnty., FL Hlth. Facs. Auth. RB, MSTR Ser. SAK
11, (LOC: Bank of New York, NA & Insd. by MBIA),
4.41%, VRDN........................................ 2,300,000
3,750,000 Palm Beach Cnty., FL SFHRB, Ser.A-2, (Insd. by FNMA
& GNMA), 4.65%, 5/1/2001........................... 3,750,000
2,200,000 Pasco Cnty. FL IDRB, Pacific Med. Inc. Proj., (LOC:
Bank of America, NA), 4.40%, VRDN.................. 2,200,000
3,090,000 Polk Cnty., FL IDA RB, Sun Orchard, FL, Inc. Proj.,
(LOC: Bank One, NA), 4.50%, VRDN................... 3,090,000
11,040,000 Punta Gorda, FL Hlth. Facs. RB, Ser. 321, (Liq.:
Morgan Stanley Dean Witter, Inc. & Insd. by FSA),
4.45%, VRDN........................................ 11,040,000
</TABLE>
15
<PAGE>
EVERGREEN
Florida Municipal Money Market Fund
Schedule of Investments(continued)
July 31, 2000 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Florida - continued
Putnam Cnty., FL Dev. Auth. PCRB,Seminole Elec.
Corp.,
(Gtd. by Rural Util. Svcs. Corp.):
$3,500,000 Ser. D,
4.35%, 12/15/2000................................... $ 3,500,000
3,000,000 Ser. H3,
4.05%, 9/15/2000.................................... 3,000,000
2,000,000 Ser. H4,
4.05%, 9/15/2000.................................... 2,000,000
3,235,000 Seminole Cnty., FL Sch. Dist. GO, (Insd. by MBIA),
5.70%, 8/1/2000.................................... 3,235,000
1,665,000 St. John's Cnty., FL IDA RB, Bronz-Glow Technologies
Proj., (LOC: SouthTrust Bank, NA),
4.53%, VRDN........................................ 1,665,000
2,300,000 St. Lucie Cnty., FL Solid Wst. Disp. RB, FL Pwr. &
Light Co. Proj.,
(Gtd. by FL Pwr. & Light Co.),
4.40%, VRDN........................................ 2,300,000
1,260,000 St. Petersburg , FL Hlth. Fac. Auth. RB, FL Blood
Svcs., Inc. Proj., (LOC: SouthTrust Bank, NA),
4.33%, VRDN........................................ 1,260,000
485,000 Tamarac, FL IDRB, Tamarac Business Ctr. Proj., (LOC:
Bank of America, NA), 4.40%, VRDN.................. 485,000
2,300,000 Tampa Bay, FL Wtr. Util. Sys. RB, Ser. 98-112,
(Liq.: Morgan Stanley Dean Witter, Inc. & Insd. by
FGIC), 4.33%, VRDN................................. 2,300,000
800,000 Tampa, FL Hlth. Sys. RB, Catholic Hlth. Sys., Ser.
A-3, (Insd. by MBIA), 4.50%, 11/15/2000............ 800,776
1,000,000 Univ. Community Hosp. Inc., FL Hosp. RB,
Prerefunded,
7.50%, 9/1/2000.................................... 1,022,495
------------
118,537,833
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Georgia - 2.6%
$3,500,000 Bibb Cnty., GA GO, CDC Program, Ser. 1998-C, Class
A, (LOC: Caisse de Depots et Consignations (CDC)),
4.40%, VRDN........................................ $ 3,500,000
------------
Illinois - 2.9%
1,000,000 Chicago, IL IDA RB, Elis Chicago Finest, Inc. Proj.,
(LOC: American National Bank & Trust Co.),
4.45%, VRDN........................................ 1,000,000
1,800,000 Illinois Dev. Auth. RB, PFOTER, (Liq.: Merrill Lynch
& Co., Inc.), 4.43%, VRDN 144A..................... 1,800,000
1,100,000 Illinois Hlth. Fac. Auth. RB, Central Dupage Hlth.
Proj., Ser. B, (LOC: American National Bank & Trust
Co.), 4.35%, VRDN.................................. 1,100,000
------------
3,900,000
------------
Indiana - 2.0%
2,700,000 Wabash IN, EDRB, Martin Yale Inds. Proj., (LOC: Bank
One, NA), 4.50%, VRDN.............................. 2,700,000
------------
Texas - 2.3%
Brazos River TX, Harbor Navigation Dist. RB, Dow
Chemical Co. Proj.:
(Gtd. by Dow Chemical Co.),
1,200,000 Ser. 1996, 4.45%, VRDN.............................. 1,200,000
1,900,000 Ser. 2000, 4.45%, VRDN.............................. 1,900,000
------------
3,100,000
------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $131,937,833).......................... 99.3% 131,937,833
Other Assets and
Liabilities - net............................ 0.7 887,706
----- ------------
Net Assets.................................... 100.0% $132,825,539
===== ============
</TABLE>
See Combined Notes to Schedules of Investments.
16
<PAGE>
EVERGREEN
Money Market Fund
Schedule of Investments
July 31, 2000 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
COMMERCIAL PAPER - 60.8%
Asset Backed - 44.9%
ASAP Fdg. Ltd.:
$ 50,000,000 6.58%, 8/25/2000................................. $ 49,780,667
50,000,000 6.59%, 8/29/2000................................. 49,743,722
60,000,000 6.60%, 8/1/2000.................................. 60,000,000
75,000,000 6.60%, 8/16/2000................................. 74,793,750
52,150,000 6.61%, 8/7/2000.................................. 52,092,548
100,000,000 6.63%, 8/3/2000.................................. 99,963,167
Asset One Securitization LLC:
42,423,000 6.54%, 8/11/2000................................. 42,345,932
100,748,000 6.54%, 8/21/2000................................. 100,381,949
50,000,000 6.56%, 8/18/2000................................. 49,845,111
50,000,000 6.56%, 8/23/2000................................. 49,799,555
66,500,000 6.57%, 8/2/2000.................................. 66,487,864
65,000,000 6.57%, 8/3/2000.................................. 64,976,275
44,492,000 6.61%, 8/14/2000................................. 44,385,800
Atlantic Asset Securitization Corp.:
100,000,000 6.53%, 8/15/2000................................. 99,746,055
116,881,000 6.53%, 8/21/2000................................. 116,456,982
87,309,000 6.54%, 8/15/2000................................. 87,086,944
Barton Capital Corp.:
53,694,000 6.53%, 8/28/2000................................. 53,431,034
55,855,000 6.67%, 8/9/2000.................................. 55,772,210
Bavaria Universal Fdg.:
65,000,000 6.54%, 8/16/2000................................. 64,822,875
75,000,000 6.55%, 8/11/2000................................. 74,863,542
75,000,000 6.57%, 10/13/2000................................ 74,000,812
Bills Securitization:
50,000,000 6.56%, 10/19/2000................................ 49,280,222
100,000,000 6.56%, 10/20/2000................................ 98,542,223
150,000,000 6.63%, 9/13/2000................................. 148,812,125
Brahms Fdg. Corp.:
100,000,000 6.647%, 9/18/2000................................ 99,113,734
150,000,000 6.695%, 8/23/2000................................ 149,386,292
Check Point Charlie, Inc.:
33,675,000 6.55%, 8/8/2000.................................. 33,632,111
75,440,000 6.55%, 8/11/2000................................. 75,302,741
100,000,000 6.55%, 8/17/2000................................. 99,708,889
72,470,000 6.55%, 8/23/2000................................. 72,179,919
50,860,000 6.58%, 10/24/2000................................ 50,079,129
87,895,000 6.60%, 10/3/2000................................. 86,879,813
113,150,000 6.60%, 10/20/2000................................ 111,490,466
60,000,000 Compass Security,
6.55%, 8/4/2000.................................. 59,967,250
Countrywide Fdg. Corp.:
89,000,000 6.55%, 8/11/2000................................. 88,838,070
50,000,000 6.55%, 8/18/2000................................. 49,845,347
50,000,000 6.55%, 8/28/2000................................. 49,754,375
50,000,000 6.75%, 8/1/2000.................................. 50,000,000
Crown Point Capital Co.:
20,195,000 6.54%, 8/11/2000................................. 20,158,312
114,177,000 6.54%, 8/14/2000................................. 113,907,352
32,221,000 6.54%, 8/16/2000................................. 32,133,198
55,643,000 6.55%, 9/19/2000................................. 55,146,927
50,510,000 6.55%, 9/20/2000................................. 50,050,500
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
COMMERCIAL PAPER - continued
Asset Backed - continued
Crown Point Capital Co., continued:
$100,000,000 6.56%, 10/6/2000................................. $ 98,797,333
100,000,000 6.60%, 10/6/2000................................. 98,790,000
84,310,000 6.68%, 8/17/2000................................. 84,059,693
Four Winds Fdg. Corp.:
50,000,000 6.54%, 8/31/2000................................. 49,727,500
66,450,000 6.56%, 9/7/2000.................................. 66,001,979
Galaxy Fdg. Inc.:
50,000,000 6.54%, 8/10/2000................................. 49,918,250
30,000,000 6.56%, 9/7/2000.................................. 29,797,733
85,529,000 6.56%, 9/11/2000................................. 84,890,003
46,396,000 6.57%, 10/10/2000................................ 45,803,291
50,000,000 6.58%, 10/24/2000................................ 49,232,334
75,000,000 6.60%, 10/10/2000................................ 74,037,500
100,000,000 6.61%, 8/17/2000................................. 99,706,222
Greenwich Fdg. Corp.:
51,601,000 6.54%, 8/10/2000................................. 51,516,632
68,477,000 6.54%, 9/19/2000................................. 67,867,441
37,836,000 6.57%, 8/7/2000.................................. 37,794,570
63,799,000 6.62%, 8/1/2000.................................. 63,799,000
Halogen Capital Co.:
107,594,000 6.54%, 8/16/2000................................. 107,300,806
206,471,000 6.54%, 8/17/2000................................. 205,870,857
127,697,000 6.55%, 10/17/2000................................ 125,908,001
Lake Front Co.:
24,245,000 6.57%, 8/17/2000................................. 24,174,204
50,000,000 6.59%, 8/18/2000................................. 49,844,403
Lexington Parker Capital Corp.:
58,000,000 6.53%, 8/3/2000.................................. 57,978,959
100,000,000 6.64%, 8/29/2000................................. 99,990,401
Lyon Short Term Fdg. Corp.:
50,276,000 6.54%, 8/9/2000.................................. 50,202,932
50,869,000 6.64%, 9/5/2000.................................. 50,540,613
Moat Fdg., LLC:
70,000,000 6.54%, 8/30/2000................................. 69,631,217
50,000,000 6.57%, 8/2/2000.................................. 49,990,875
MPF, Ltd.:
40,000,000 6.56%, 8/11/2000................................. 39,927,111
59,795,000 6.57%, 8/11/2000................................. 59,685,874
Seven Hills Fdg. Corp.:
30,000,000 6.55%, 8/4/2000.................................. 29,983,625
46,581,000 6.58%, 8/2/2000.................................. 46,572,486
Sheffield Receivables Corp.:
142,300,000 6.52%, 8/23/2000................................. 141,733,014
91,000,000 6.54%, 8/15/2000................................. 90,768,557
100,000,000 6.60%, 8/16/2000................................. 99,725,000
Tannehill Capital Co.:
104,860,000 6.60%, 10/16/2000................................ 103,398,951
150,000,000 6.60%, 10/17/2000................................ 147,882,500
64,728,000 Thames Asset Global Securitization,
6.54%, 8/15/2000................................ 64,563,375
63,217,000 Three Pillars Fdg. Corp.,
6.54%, 9/15/2000................................ 62,700,201
</TABLE>
17
<PAGE>
EVERGREEN
Money Market Fund
Schedule of Investments(continued)
July 31, 2000 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
COMMERCIAL PAPER - continued
Asset Backed - continued
$223,100,000 Trident Capital Fin., Inc.,
6.54%, 8/9/2000................................ $ 222,775,761
---------------
6,127,874,993
---------------
Banks - 1.6%
50,000,000 Citibank Credit Card,
6.55%, 9/21/2000............................... 49,536,041
70,000,000 First USA Bank NA,
5.95%, 9/29/2000............................... 69,994,594
100,000,000 UBS Fin., Inc.,
6.64%, 8/1/2000................................ 100,000,000
---------------
219,530,635
---------------
Diversified Financials - 10.8%
Concord Minutemen Capital Corp.:
75,000,000 6.53%, 8/24/2000................................ 74,687,104
75,456,000 6.54%, 8/16/2000................................ 75,250,383
125,000,000 6.54%, 8/17/2000................................ 124,636,667
70,000,000 6.55%, 8/15/2000................................ 69,821,694
115,860,000 6.55%, 8/24/2000................................ 115,375,158
89,427,000 6.56%, 10/16/2000............................... 88,188,535
Montauk Fdg. Corp.:
75,000,000 6.58%, 8/1/2000................................. 75,000,000
125,000,000 6.67%, 8/8/2000................................. 124,837,882
50,000,000 Moriarty, Ltd., 6.56%, 10/13/2000............... 49,334,889
MPF Ltd.:
30,000,000 6.58%, 8/4/2000................................. 29,983,550
75,000,000 6.62%, 8/18/2000................................ 74,765,541
44,050,000 6.63%, 8/29/2000................................ 43,822,849
75,000,000 Orix America, Inc., FRN, 6.75%, 8/4/2000........ 75,000,000
20,000,000 Peoples Security Life, 6.03%, 8/10/2000......... 20,000,000
Westways Fdg. Corp.:
88,500,000 6.55%, 8/17/2000................................ 88,242,367
42,000,000 6.68%, 8/1/2000................................. 42,000,000
Westways Fdg. Corp. I:
92,636,000 6.56%, 10/17/2000............................... 91,336,214
107,000,000 6.58%, 10/10/2000............................... 105,630,994
98,900,000 Westways Fdg. Corp. II, 6.56%, 8/14/2000........ 98,665,717
---------------
1,466,579,544
---------------
Diversified Telecommunication Services - 1.5%
MCI Worldcom, Inc.:
50,000,000 6.35%, 1/29/2001................................ 48,404,686
50,000,000 6.69%, 8/7/2000................................. 50,000,000
100,000,000 Vodafone Airtouch Plc, 6.55%, 8/10/2000......... 99,836,250
---------------
198,240,936
---------------
Household Durables - 0.4%
55,000,000 Target Corp.,
6.67%, 8/1/2000................................ 55,000,000
---------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
COMMERCIAL PAPER - continued
Wireless Telecommunications Services - 1.6%
AT&T Corp.:
$100,000,000 7.09%, 7/13/2001............................... $ 100,000,000
125,000,000 7.27%, 6/14/2001............................... 125,000,000
---------------
225,000,000
---------------
Total Commercial Paper
(cost $8,292,226,108)......................... 8,292,226,108
---------------
CORPORATE BONDS - 34.6%
Asset Backed - 3.8%
Asset Backed Capital Fin. Co.:
100,000,000 6.66%, 2/20/2001............................... 100,005,113
75,000,000 6.83%, 2/27/2001............................... 75,000,000
116,600,000 Sears Roebuck Acceptance Corp. MTN,
6.16%, 9/20/2000.............................. 116,613,004
125,000,000 Strategic Money Market Trust Notes,
6.81%, 9/13/2000.............................. 125,000,000
Syndicated Loan Fdg.:
50,000,000 6.89%, 8/15/2000............................... 50,000,000
50,000,000 7.31%, 6/15/2001............................... 50,000,000
---------------
516,618,117
---------------
Banks - 4.6%
75,000,000 Bank One Corp., MTN,
6.71%, 8/7/2000............................... 75,027,769
25,000,000 FCC Natl. Bank Wilmington, DE,
5.15%, 2/5/2001............................... 24,807,877
50,000,000 Key Bank MTN,
5.07%, 8/1/2000............................... 50,000,000
50,000,000 Natl. Bank Commerce Memphis, TN FRN,
6.63%, 8/18/2000.............................. 49,985,864
100,000,000 U.S. Bank Natl. Assn., Minneapollis,
6.72%, 2/8/2001............................... 99,968,774
Union Planters Bank:
135,000,000 6.72%, 10/27/2000.............................. 134,866,534
100,000,000 6.93%, 9/8/2000................................ 100,006,733
100,000,000 6.97%, 8/22/2000............................... 100,003,752
---------------
634,667,303
---------------
Brokers - 15.9%
Bear Stearns Co., Inc., MTN:
50,000,000 6.30%, 1/12/2001............................... 49,987,576
100,000,000 6.60%, 1/19/2001............................... 100,000,000
40,000,000 6.68%, 8/4/2000................................ 40,008,859
50,000,000 6.79%, 2/26/2001............................... 50,000,000
30,000,000 6.82%, 8/7/2000................................ 30,020,122
135,000,000 7.12%, 8/21/2001............................... 135,000,000
100,000,000 Beta Fin., Inc.,
6.66%, 2/5/2001............................... 100,000,000
50,000,000 Caterpillar Finl. Svcs.,
6.795%, 10/7/2000............................. 49,981,458
68,883,344 Conseco Fin. Vehicle Trust, Notes, Ser. 1999-B,
Class A,
6.79%, 8/15/2000.............................. 68,883,344
</TABLE>
18
<PAGE>
EVERGREEN
Money Market Fund
Schedule of Investments(continued)
July 31, 2000 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CORPORATE BONDS - continued
Brokers - continued
Donaldson Lufkin & Jenrette, Inc.:
$ 50,000,000 6.20%, 12/15/2000.............................. $ 50,000,000
50,000,000 6.43%, 1/3/2001................................ 50,000,000
50,000,000 6.91%, 2/27/2001............................... 50,000,000
Donaldson Lufkin & Jenrette, Inc., MTN:
60,000,000 6.45%, 1/8/2001................................ 60,000,000
35,000,000 6.60%, 8/7/2000................................ 34,961,500
100,000,000 7.35%, 7/9/2001................................ 100,000,000
25,000,000 7.60%, 6/22/2001............................... 25,000,000
Goldman Sachs Group, Inc., LP:
75,000,000 6.00%, 8/7/2000................................ 75,000,000
30,000,000 6.86%, 8/15/2000............................... 30,116,492
150,000,000 JP Morgan & Co., Inc.,
7.07%, 8/1/2000............................... 150,000,000
Lehman Brothers Holdings, Inc.:
46,675,000 6.625%, 11/15/2000............................. 46,700,995
60,000,000 6.78%, 8/23/2000............................... 60,000,000
82,000,000 6.87%, 8/1/2000................................ 82,077,942
24,750,000 6.90%, 1/29/2001............................... 24,765,162
67,000,000 6.97%, 8/29/2000............................... 67,105,283
13,000,000 7.29%, 9/25/2000............................... 13,019,146
Lehman Brothers Holdings, Inc., MTN:
32,285,000 6.33%, 8/1/2000................................ 32,285,000
56,145,000 6.375%, 3/15/2001.............................. 55,997,591
50,000,000 6.50%, 9/25/2000............................... 49,997,001
Morgan Stanley Dean Witter, Inc.:
125,000,000 6.65%, 8/15/2000............................... 125,000,000
68,000,000 7.32%, 8/14/2000............................... 68,122,106
150,000,000 Northern Rock Plc, 6.87%, 4/20/2001............ 150,000,000
Paine Webber Group, Inc. MTN:
45,000,000 6.04%, 9/1/2000................................ 45,000,000
45,000,000 6.48%, 12/1/2000............................... 45,000,000
49,000,000 7.54%, 6/18/2001............................... 49,000,000
---------------
2,163,029,577
---------------
Diversified Financials - 8.8%
100,000,000 Anchor Natl. Life, 6.82%, 10/24/2000........... 100,000,000
150,000,000 Asset Backed Capital Fin. Co., 7.36%,
5/15/2001..................................... 150,000,000
17,985,000 AT&T Capital Corp., 7.50%, 11/15/2000.......... 18,068,091
34,000,000 Caterpillar Finl. Svcs., 5.23%, 3/1/2001....... 33,730,301
45,000,000 Chrysler Finl. Corp. MTN, 5.25%, 10/19/2000.... 44,913,805
100,000,000 CIT Group Inc., 6.68%, 10/16/2000.............. 99,907,816
100,000,000 Countrywide Fdg. Corp. MTN, 7.25%, 5/8/2001.... 99,978,520
35,256,000 Ford Motor Credit Co., Notes, 6.85%,
8/15/2000..................................... 35,267,206
25,000,000 GMAC MTN,
5.40%, 2/26/2001.............................. 24,823,784
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CORPORATE BONDS - continued
Diversified Financials - continued
Heller Finl., Inc. MTN:
$ 15,390,000 5.48%, 2/5/2001................................ $ 15,286,429
21,350,000 5.875%, 11/1/2000.............................. 21,320,211
24,000,000 6.25%, 3/1/2001................................ 23,913,173
40,000,000 6.64%, 8/2/2000................................ 40,044,519
35,000,000 7.10%, 9/25/2000............................... 35,014,789
48,000,000 Intl. Lease Fin. Corp., 5.875%, 1/15/2001...... 47,844,317
John Deere Capital Corp. MTN:
73,250,000 6.75%, 3/7/2001................................ 73,250,000
25,000,000 7.14%, 6/20/2001............................... 24,989,602
20,000,000 Morgan Stanley Dean Witter, Inc., 6.90%,
9/12/2000..................................... 20,000,000
RACERS, FRN:
100,000,000 6.73%, 8/15/2000............................... 100,000,000
40,000,000 6.88%, 10/26/2000.............................. 39,994,028
150,000,000 Transamerica Fin. Corp., MTN, 6.70%,
8/15/2000..................................... 150,000,000
---------------
1,198,346,591
---------------
Diversified Telecommunication Services - 1.5%
100,000,000 GTE Corp.,
6.76%, 10/11/2000............................. 99,966,667
100,000,000 Vodafone Airtouch Plc, 6.86%, 9/21/2000........ 100,000,000
---------------
199,966,667
---------------
Total Corporate Bonds
(cost $4,712,628,255)......................... 4,712,628,255
---------------
FUNDING AGREEMENTS - 2.7%
50,000,000 Allstate Life Insurance Co., 6.91%, 3/15/2001.. 50,000,000
50,000,000 Combined Ins. Co. Of America, 6.90%,
10/2/2000..................................... 50,000,000
50,000,000 Jackson Natl. Life Ins. Co., 7.285%,
6/29/2001..................................... 50,000,000
100,000,000 Jackson Natl. Life Ins. Co., FRN, 7.30%,
7/20/2001..................................... 100,000,000
Monumental Life Ins. Co.:
30,000,000 6.17%, 8/10/2000............................... 30,000,000
90,000,000 6.33%, 8/10/2000............................... 90,000,000
---------------
Total Funding Agreements
(cost $370,000,000)........................... 370,000,000
---------------
MUNICIPAL - 0.4%
41,830,000 Detroit, MI Economic Dev.
Corp. RB,
6.67% VRDN.................................... 41,830,000
15,900,000 Warren Cnty., KY IDA RB,
Ser. B-1,
6.67%, VRDN................................... 15,900,000
---------------
Total Municipal
(cost $57,730,000)............................ 57,730,000
---------------
</TABLE>
19
<PAGE>
EVERGREEN
Money Market Fund
Schedule of Investments(continued)
July 31, 2000 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
CERTIFICATES OF DEPOSIT - 0.9%
SouthTrust Bank NA:
$ 50,000,000 6.10%, 11/22/2000.............................. $ 49,989,657
75,000,000 6.19%, 11/6/2000............................... 75,006,605
---------------
Total Certificates of Deposit
(cost $124,996,262)........................... 124,996,262
---------------
REPURCHASE AGREEMENTS - 0.2%
21,537,426 Societe Generale,
Dated 7/31/2000, 6.55%, maturing 8/1/2000,
maturity value $21,541,345 (cost 21,537,426)#
.............................................. 21,537,426
---------------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
MUTUAL FUND SHARES - 0.2%
96,906 Federated Prime Value Obligation Fund........... $ 96,906
30,022,534 Federated US Treasury Cash Reserve Fund......... 30,022,534
---------------
Total Mutual Fund Shares
(cost $30,119,440)............................. 30,119,440
---------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $13,609,237,491).................. 99.8% 13,609,237,491
Other Assets and
Liabilities - net....................... 0.2 32,645,202
----- ---------------
Net Assets .............................. 100.0% $13,641,882,693
===== ===============
</TABLE>
See Combined Notes to Schedules of Investments.
20
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments
July 31, 2000 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 98.7%
Alabama - 2.9%
$ 5,000,000 Alabama Bldg. Renovation Auth. RB, Prerefunded,
7.45%, 9/1/2000................................. $ 5,113,415
Alabama IDA RB:
1,855,000 Air-Dro Cylinders, Inc.,
(LOC: Fleet Bank, NA),
4.70%, VRDN...................................... 1,855,000
3,215,000 Automation Technology Inds., Inc., (LOC: Columbus
Bank & Trust Co.), 4.70%, VRDN................... 3,215,000
Birmingham, AL Comml. Dev. Auth. RB (LOC: AmSouth
Bank, NA):
740,000 Avondale Commerce Park Phase II, 4.58%, VRDN..... 740,000
500,000 Southside Business Ctr., 4.58%, VRDN............. 500,000
2,300,000 Birmingham, AL Indl. Dev. Board RB, Diamond
Displays Proj., (LOC: Regions Bank),
4.48%, VRDN..................................... 2,300,000
8,000,000 Eutaw, AL IDB RB, South Fresh Aquaculture Proj.,
(LOC: AmSouth Bank, NA),
4.53%, VRDN..................................... 8,000,000
1,315,000 Florence, AL IDRB, Die Tech Inc., Proj., (LOC:
SouthTrust Bank, NA), 4.58%, VRDN............... 1,315,000
3,000,000 Frisco City, AL IDB RB, Standard Furniture Mfg.,
(LOC: AmSouth Bank, NA),
4.43%, VRDN..................................... 3,000,000
900,000 Guntersville, AL IDRB, KSG Realty, Inc., Proj.,
(LOC: Natl. Bank of Canada),
4.58%, VRDN..................................... 900,000
2,080,000 Hackleberg, AL IDRB, River Birch Homes Proj.,
(LOC: AmSouth Bank, NA),
4.58%, VRDN..................................... 2,080,000
2,140,000 Huntsville, AL IDRB,
(LOC: Natl. City Bank, NA),
4.45%, VRDN..................................... 2,140,000
2,005,000 Mobile Cnty., AL IDRB, Sherman Intl. Corp., Ser.
1994-A, (LOC: Columbus Bank & Trust Co.), 4.70%,
VRDN............................................ 2,005,000
1,500,000 Tuscaloosa Cnty., AL IDA RB, Synchronous Indl.
Svcs. Proj., (LOC: SouthTrust Bank, NA), 4.48%,
VRDN............................................ 1,500,000
--------------
34,663,415
--------------
Arizona - 0.7%
8,500,000 Mohave Cnty., AZ IDRB, Citizens Util.,
(Gtd. by Citizen Comm.), 5.00%, 9/19/2000....... 8,500,000
--------------
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
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Arkansas - continued
$ 4,000,000 Trumann, AR IDRB, Roach Mfg. Corp., (LOC: Regions
Bank, NA), 4.55%, VRDN.......................... $ 4,000,000
--------------
5,010,000
--------------
California - 1.4%
7,700,000 Orange Cnty., CA Apt. Dev. RB, Park Place Apts.,
(LOC: Tokai Bank, Ltd.),
6.25%, VRDN..................................... 7,700,000
8,400,000 Richmond, CA RAN & TAN, 4.75%, 12/7/2000......... 8,407,011
--------------
16,107,011
--------------
Colorado - 1.6%
5,000,000 Denver, CO City & Cnty. RB, The Children's Hosp.
Assoc. Proj., (Liq.: Sakura Bank, Ltd. & Insd.
by FGIC),
4.80%, VRDN..................................... 5,000,000
14,200,000 Denver, CO City & Cnty. Spl. Arpt. Facs. RB,
PFOTER,
(Liq.: Merrill Lynch & Co., Inc.), 4.53%, VRDN.. 14,200,000
--------------
19,200,000
--------------
Connecticut - 1.4%
17,040,000 Connecticut Dev. Auth. PCRB, PFOTER, (Liq.:
Merrill Lynch & Co., Inc.),
4.43%, VRDN..................................... 17,040,000
--------------
Delaware - 2.1%
3,000,000 Delaware EDA RB, Arlon, Inc. Proj., Ser. 1989,
(LOC: Bank of America, NA),
4.66%, VRDN..................................... 3,000,000
19,046,306 Koch Fin. Corp. PFOTER, Ser. 1, (LOC: State
Street Bank NA & Insd. by AMBAC),
4.58%, VRDN..................................... 19,046,306
2,480,000 New Castle Cnty., DE EDRB, Toys 'R Us, Inc.
Proj., (LOC: Deutsche Bank, AG),
4.50%, VRDN..................................... 2,480,000
--------------
24,526,306
--------------
District of Columbia - 0.3%
3,300,000 District of Columbia HFA MHRB, Ft. Lincoln Garden
Proj., Ser. A, (LOC: Crestar Bank, NA),
4.50%, VRDN..................................... 3,300,000
--------------
Florida - 5.2%
7,765,000 Clipper FL Tax Exempt Trust COP, Class A, (LOC:
State Street Bank NA & Insd. by FSA),
4.53%, VRDN..................................... 7,765,000
4,875,000 Florida Board of Ed. RB, Capital Outlay, Ser.
326, (Liq.: Morgan Stanley Dean Witter, Inc. &
Insd. by FGIC),
4.48%, VRDN..................................... 4,875,000
</TABLE>
21
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments(continued)
July 31, 2000 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Florida - continued
$ 6,700,000 Hillsborough Cnty., FL, Sch. Board COP, Master
Lease Program, (LOC: Citibank, NA & Insd.
by MBIA),
4.48%, VRDN..................................... $ 6,700,000
2,450,000 Mangonia Park, FL IDRB, Production Truss &
Fabrication Proj., (LOC: SouthTrust Bank, NA),
4.48%, VRDN..................................... 2,450,000
21,500,000 Miami Dade Cnty., FL IDA Arpt. Facs. RB,
Flightsafety Proj., Ser. B, (Gtd. by Boeing
Corp.),
4.60%, VRDN..................................... 21,500,000
8,000,000 Miami Dade Cnty., FL IDA RB, Reflectone, Inc.
Proj.,
(Gtd. by British Aerospace), 4.60%, VRDN........ 8,000,000
6,175,000 Orange Cnty., FL Hlth. Facs. Auth. RB, Ser. 171,
(Liq.: Morgan Stanley Dean Witter, Inc. &
Insd. by FSA),
4.48%, VRDN..................................... 6,175,000
4,450,000 Orange Cnty., FL Sch. Board COP, Ser. 328, (Liq.:
Morgan Stanley Dean Witter, Inc. & Insd. by
MBIA), 4.48%, VRDN.............................. 4,450,000
--------------
61,915,000
--------------
Georgia - 6.2%
9,892,000 Atlanta, GA Urban Residential Fin. SFHRB, (LOC:
Bank of New York, NA & Insd. by GNMA),
4.50%, VRDN..................................... 9,892,000
1,000,000 Cherokee Cnty., GA EDA IDRB, Piolax Corp. Proj.,
(LOC: Indl. Bank of Japan, Ltd.),
5.20%, VRDN..................................... 1,000,000
3,000,000 Clayton Cnty., GA IDRB, Anasteel & Supply Co.
Proj., (LOC: Branch Banking & Trust Co.),
4.50%, VRDN..................................... 3,000,000
3,200,000 Conyers, GA IDRB, Handleman Co. Proj., (LOC:
Columbus Bank & Trust Co.),
4.47%, VRDN..................................... 3,200,000
9,500,000 Dooly Cnty., GA IDA RB, Flint River Svcs. Proj.,
(LOC: Columbus Bank & Trust Co.),
4.60%, VRDN..................................... 9,500,000
7,000,000 Fayette Cnty., GA IDRB, Shinsei Corp. Proj.,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
4.95%, VRDN..................................... 7,000,000
12,670,000 Georgia Local Govt. COP, Ser. 324, (Liq.: Morgan
Stanley Dean Witter, Inc. & Insd. by MBIA),
4.48%, VRDN..................................... 12,670,000
4,100,000 Gwinnett, Cnty., GA IDRB, Variable Color Image,
Inc. Proj., (LOC: SouthTrust Bank, NA),
4.48%, VRDN..................................... 4,100,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Georgia - continued
$ 3,900,000 Houston Cnty., GA IDRB, Diversified Machining
Svcs. Co., (LOC: Columbus Bank & Trust Co.),
4.60%, VRDN..................................... $ 3,900,000
9,140,000 Macon, GA Trust Pooled Certificates, Ser. 1997,
(LOC: Bank of America, NA & Insd. by FSA),
4.58%, VRDN..................................... 9,140,000
1,900,000 McDuffie Cnty., GA Dev. Auth. Waste Disp. RB,
Templ-Inland Forest Products, (Gtd. by Temple-
Inland, Inc.),
4.60%, 9/14/2000................................ 1,900,000
6,000,000 Polk Cnty., GA IDRB, Kimoto Tech, Inc. Proj.,
Ser. 1985, (LOC: Indl. Bank of Japan, Ltd.),
5.80%, VRDN..................................... 6,000,000
2,250,000 Winder Barrow, GA Indl. Bldg. Auth. RB, Esoteric
Audio USA, Inc. Proj., (LOC: Southtrust Bank,
N.A.),
4.48%, VRDN..................................... 2,250,000
--------------
73,552,000
--------------
Hawaii - 2.0%
Hawaii Hsg. Fin. & Dev. Corp. RB, Rental Hsg.
Sys. Proj, (LOC: Indl. Bank of Japan, Ltd.):
11,800,000 Ser. A,
4.55%, VRDN...................................... 11,800,000
1,900,000 Ser. B,
4.55%, VRDN...................................... 1,900,000
10,080,000 Honolulu, HI Wastewater Sys. RB, (Liq.: Morgan
Stanley Dean Witter, Inc. & Insd. by FGIC),
4.48%, VRDN..................................... 10,080,000
--------------
23,780,000
--------------
Idaho - 0.4%
4,500,000 Twin Falls, ID IDRB, Longview Fibre Co. Proj.,
(LOC: Sumitomo Bank, Ltd.),
5.45%, VRDN..................................... 4,500,000
--------------
Illinois - 7.9%
2,820,000 Arlington Heights, IL MHRB, Dunton Tower Apts.
Proj., (LOC: Heller Finl., Inc.),
5.20%, VRDN..................................... 2,820,000
1,800,000 Belleville, IL IDRB,
Weyerhaeuser Co. Proj., (Gtd. by Weyerhaeuser
Co.),
4.53%, VRDN..................................... 1,800,000
3,000,000 Chicago, IL Empowerment Zone RB, Hyde Park
Cooperative Society Proj., Ser. 1999, (LOC:
LaSalle Natl. Bank, NA),
4.66%, VRDN..................................... 3,000,000
</TABLE>
22
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments(continued)
July 31, 2000 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Illinois - continued
$15,687,114 Chicago, IL GO, ABN AMRO Munitops Master Trust,
Ser. 1997-1, (LOC: LaSalle Natl. Bank, NA),
4.58%, VRDN 144A................................ $ 15,687,114
Chicago, IL O'Hare Intl. Arpt. RB:
9,000,000 Northwest Airlines, Inc., Ser. A, (LOC: Bank of
Tokyo-Mitsubishi, Ltd.),
5.35%, VRDN...................................... 9,000,000
5,470,000 United Airlines, Inc., (Liq.: Merrill Lynch &
Co., Inc.),
4.53%, VRDN...................................... 5,470,000
3,490,000 Chicago, IL Sales Tax RB, Master Lease Program,
(Liq.: Citibank, NA & Insd. by FGIC),
4.48%, VRDN 144A................................ 3,490,000
16,640,000 Hazelcrest, IL Retirement Ctr. RB, Waterford
Estates Proj., Ser. 1992-A, (LOC: Sumitomo
Bank, Ltd.),
5.50%, VRDN..................................... 16,640,000
Illinois Dev. Fin. Auth. RB:
1,100,000 Ivex Corp. Proj., Ser. 1988, (LOC: Societe
Generale Bank, SA),
4.55%, VRDN...................................... 1,100,000
9,095,000 PFOTER, (Liq.: Merrill Lynch & Co., Inc.),
4.43%, VRDN 144A................................. 9,095,000
1,815,000 Illinois Hlth. Facs. Auth. RB, Advocate Hlth.
Care Network, Ser. B,
4.50%, 8/15/2000................................ 1,815,336
3,500,000 Illinois IDRB, MTI Corp. Proj., (LOC: Indl. Bank
of Japan, Ltd.),
5.80%, VRDN..................................... 3,500,000
10,662,500 Illinois Sales Tax RB, Ser. 278, (Liq.: Morgan
Stanley Dean Witter, Inc.),
4.53%, VRDN..................................... 10,662,500
1,000,000 Peoria, IL IDRB, PMP Fermentation Products, Inc.,
(LOC: Sanwa Bank, Ltd.),
5.50%, VRDN..................................... 1,000,000
6,500,000 Peoria, IL Solid Wst. Disp. RB, PMP Fermentation
Products, Inc., Ser. 1996, (LOC: Sanwa Bank,
Ltd.),
5.50%, VRDN..................................... 6,500,000
1,850,000 Skokie, IL, EDRB, Skokie Fashion Sq. Proj., (LOC:
LaSalle Natl. Bank),
4.68%, VRDN..................................... 1,850,000
--------------
93,429,950
--------------
Indiana - 5.5%
800,000 Anderson, IN Ltd. Obl. RB, Anderson Tool &
Engineering Proj., (LOC: Key Bank, NA),
4.55%, VRDN..................................... 800,000
2,245,000 Franklin Cnty., IN EDA RB, J & J Packaging Co.
Proj., (LOC: Fifth Third Bank, OH),
4.45%, VRDN..................................... 2,245,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Indiana - continued
$ 2,310,000 Greenwood, IN EDA RB, Hutchinson-Hayes Separators
Proj., (LOC: Citibank, NA),
4.50%, VRDN..................................... $ 2,310,000
36,600,000 Indiana Hlth. Fac. Fin. Auth. RB, Ascension Hlth.
Credit Group, (Gtd. by Ascension Hlth.),
4.50%, VRDN..................................... 36,600,000
5,000,000 Indianapolis, IN Arpt. Auth. RB, PFOTER, (Liq.:
Merrill Lynch & Co., Inc.),
4.58%, VRDN..................................... 5,000,000
10,000,000 Jasper Cnty., IN PCRB, Northern IN Pub. Svcs.
(NIPSCO) Proj.,
(Gtd. by NIPSCO),
4.50%, VRDN..................................... 10,000,000
1,560,000 Madison, IN IDRB, Century Tube Corp. Proj., (LOC:
Bank of Tokyo-Mitsubishi, Ltd.),
5.45%, VRDN..................................... 1,560,000
1,945,000 South Bend, IN MHRB, Maple Lane Assoc. Proj.,
Ser. 1987,
(LOC: FHLB of Indianapolis),
4.55%, VRDN..................................... 1,945,000
5,000,000 Spencer Cnty., IN PCRB, American Iron Oxide Co.
Proj.,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
5.55%, VRDN..................................... 5,000,000
--------------
65,460,000
--------------
Iowa - 0.3%
3,295,000 West Des Moines, IA IDRB, Woodgrain Millwork,
Inc. Proj., (LOC: U.S. Bank, NA),
4.60%, VRDN..................................... 3,295,000
--------------
Kansas - 0.9%
1,000,000 Dodge City, KS IDRB, Farmland Natl. Beef Proj.,
(LOC: U.S. Bank, NA), 4.55%, VRDN............... 1,000,000
3,300,000 Olathe, KS IDRB, Insulite Proj., (LOC: Firststar
Bank, NA),
4.53%, VRDN..................................... 3,300,000
Salina, KS RB, Salina Central Mall LP, (LOC: Bank
of America, NA):
1,105,000 Dillard's Proj.,
4.45%, VRDN...................................... 1,105,000
1,200,000 Penney's Proj.,
4.45%, VRDN...................................... 1,200,000
3,475,000 Shawnee, KS MHRB, Shawnee Station Apts. Proj.,
(Liq.: American Intl. Group),
5.00%, 5/1/2001................................. 3,475,000
--------------
10,080,000
--------------
Kentucky - 1.0%
1,500,000 Boone Cnty., KY Indl. Bldg. RB, Lyons Magnus East
Proj., Ser. B, (LOC: Bank of America, NA),
4.55%, VRDN..................................... 1,500,000
</TABLE>
23
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments(continued)
July 31, 2000 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Kentucky - continued
$ 1,480,000 Jefferson Cnty., KY Indl. Bldg. RB, Beneke Wire
Co. & Saranac Proj., (LOC: PNC Bank, NA),
4.45%, VRDN..................................... $ 1,480,000
4,500,000 Jefferson Cnty., KY PCRB, Louisville Gas & Elec.
Proj., Ser. 1996-A, (Gtd. by Louisville Gas &
Elec. Co.),
4.45%, 8/17/2000................................ 4,500,000
4,000,000 Maysville, KY Solid Wst. Disp. RB, Inland
Container Corp. Proj., (Gtd. by Temple-Inland,
Inc.),
4.60%, VRDN..................................... 4,000,000
--------------
11,480,000
--------------
Louisiana - 1.2%
1,210,000 Bastrop, LA IDB PCRB, Intl. Paper Co. Proj., ARB,
(Gtd. by Intl. Paper Co.),
4.90%, 10/16/2000............................... 1,210,000
3,180,000 Louisiana Pub. Facs. Auth. RB, Chateau Riviere
Home for the Aged, (LOC: Union Planters
Bank, NA),
4.43%, VRDN..................................... 3,180,000
10,220,000 St. Charles Parish, LA PCRB, PFOTER, (Liq.:
Merrill Lynch & Co., Inc.),
4.10%, 9/28/2000................................ 10,220,000
--------------
14,610,000
--------------
Maine - 0.3%
3,740,000 Solon, ME RB, Kennebec Lumber Co., (LOC: Key
Bank, NA),
4.45%, VRDN..................................... 3,740,000
--------------
Maryland - 0.2%
1,985,000 Howard Cnty., MD EDRB, Concrete Pipe & Prods.
Proj., (LOC: Crestar Bank, NA),
4.50%, VRDN..................................... 1,985,000
--------------
Massachusetts - 1.1%
Massachusetts Indl. Fin. Auth., IDRB:
3,400,000 225 Bodwell Proj., (LOC: Citizen's Bank, NA),
4.45%, VRDN...................................... 3,400,000
300,000 Copley Pharmaceutical, Inc., (LOC: BankBoston,
NA),
5.15%, VRDN...................................... 300,000
525,000 Kryptonite Issue, Ser. 1990, (LOC: BankBoston,
NA),
4.13%, 9/1/2000.................................. 525,000
2,100,000 October Co., Inc. Proj., (LOC: BankBoston, NA),
4.60%, VRDN...................................... 2,100,000
700,000 Portland Causeway Realty Trust Co., Ser. 1988,
(LOC: Citibank, NA),
4.90%, VRDN...................................... 700,000
1,800,000 Sterling Reality Trust Proj., (LOC: BankBoston,
NA),
4.60%, VRDN...................................... 1,800,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Massachusetts - continued
$ 4,730,000 Worcester, MA BAN, Lot A,
5.00%, 8/30/2000................................ $ 4,730,921
--------------
13,555,921
--------------
Michigan - 3.0%
Michigan Hosp. Fin. Auth. RB:
19,995,000 Ser. 1999-14, (LOC: ABN AMRO Bank NV & Insd. by
MBIA),
4.50%, 10/25/2000, 144A.......................... 19,995,000
2,000,000 Mercy Mt. Clemens Corp., Prerefunded,
6.00%, 5/15/2001................................. 2,022,739
6,000,000 Michigan Jobs Dev. Auth., PCRB, Mazda Motor Mfg.
USA Corp., (LOC: Sumitomo Bank, Ltd.),
5.80%, VRDN..................................... 6,000,000
6,000,000 Michigan Strategic Fund Ltd. Obl. RB, Quantum
Composites, Inc. Proj., (LOC: Heller Financial,
Inc.),
4.98%, VRDN..................................... 6,000,000
2,170,000 Sault Ste. Marie, MI Tribe Bldg. Auth. RB, Ser.
1996A, (LOC: Natl. City Bank, NA),
5.08%, 12/1/2000................................ 2,170,000
--------------
36,187,739
--------------
Minnesota - 1.2%
10,000,000 Minnesota HFA SFHRB, Ser. J, (LOC: Natl.
Westminster Bank Plc),
3.95%, 8/29/2000................................ 10,000,000
2,510,000 Richfield, MN GO, Independent Sch. Dist. #280,
MSTR Ser. 1994-P, (Liq.: U.S. Bank, NA & Insd.
by FGIC),
4.65%, VRDN, 144A............................... 2,510,000
1,870,000 Stewartville, MN IDRB, Halcon Corp. Proj., (Liq.:
U.S. Bank, NA),
4.45%, VRDN..................................... 1,870,000
--------------
14,380,000
--------------
Mississippi - 0.3%
3,000,000 Mississippi Business Fin. Corp. IDRB, Nitek Metal
Svcs., Inc. Proj., (LOC: Bank of Tokyo-
Mitsubishi, Ltd.),
4.95%, VRDN..................................... 3,000,000
--------------
Missouri - 0.4%
1,250,000 Fenton, MO IDA RB, Clayton Corp. Proj., (LOC:
Commerce Bank, NA),
4.70%, VRDN..................................... 1,250,000
4,050,000 Missouri Dev. Fin. Board IDRB, Cook Composite Co.
Proj., Ser. 1994, (LOC: Societe Generale Bank,
SA),
4.75%, VRDN..................................... 4,050,000
--------------
5,300,000
--------------
</TABLE>
24
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments(continued)
July 31, 2000 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Nebraska - 0.2%
$ 2,900,000 Nebraska Investment Fin. Auth. MHRB, Apple Creek
Assoc. Proj., (LOC: Northern Trust),
4.65%, VRDN..................................... $ 2,900,000
--------------
Nevada - 1.1%
12,495,000 Clark Cnty., NV IDRB, PFOTER, (Liq.: Merrill
Lynch & Co., Inc.),
4.53%, VRDN..................................... 12,495,000
--------------
New Hampshire - 0.5%
3,635,000 New Hampshire Business Fin. Auth. IDRB, Monadnock
Econ. Dev./Precitech Proj., (LOC: Key Bank, NA),
4.45%, VRDN..................................... 3,635,000
2,600,000 Starfford Cnty., NH TAN,
4.45%, 12/29/2000............................... 2,600,509
--------------
6,235,509
--------------
New Jersey - 1.1%
3,650,000 Clinton, NJ Sch. Dist. GO, Temporary Notes,
4.35%, 1/11/2001................................ 3,644,143
2,500,000 Jersey City, NJ Refunding Notes, Real Prop. Tax
Appeals, Ser. 1999,
4.25%, 9/15/2000................................ 2,500,739
3,700,000 New Jersey EDA Assisted Living RB, PFOTER, (Liq.:
Merrill Lynch & Co., Inc.),
4.48%, VRDN..................................... 3,700,000
2,675,000 New Jersey EDA RB, East Meadow Corp. Proj., Ser.
1986A, (LOC: Sanwa Bank, Ltd.),
4.95%, VRDN..................................... 2,675,000
--------------
12,519,882
--------------
New Mexico - 0.3%
3,275,000 Bernalillo Cnty., NM MHRB, Vallencia Retirement
Apts. Proj., (Insd. by FGIC),
4.20%, 12/1/2000................................ 3,275,000
--------------
New York - 1.4%
2,000,000 Erie Cnty., NY IDA RB, MMars Third Program-Gemcr
Proj., (LOC: HSBC Bank Plc),
5.10%, VRDN..................................... 2,000,000
6,530,000 New York COP, General Svcs. Exec. Dept.,
4.50%, 9/1/2000................................. 6,529,946
2,000,000 New York Dormitory Auth. RB, Mental Hlth. Svcs.
Facs., Ser. A,
6.00%, 2/15/2001................................ 2,016,115
6,295,000 New York, NY GO, Ser. H, Prerefunded,
7.88%, 8/1/2000................................. 6,295,000
--------------
16,841,061
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
North Dakota - 1.3%
$16,000,000 Traill Cnty., ND Solid Wst. Disp. RB, American
Crystal Sugar Co. Proj., Ser. A, (LOC: Norwest
Bank, NA),
4.60%, VRDN..................................... $ 16,000,000
--------------
Ohio - 1.5%
1,900,000 Franklin Cnty., OH MHRB, Blacklist Station Apts.,
(LOC: Fifth Third Bank, NA),
4.05%, 10/1/2000................................ 1,900,000
4,190,000 Lucas Cnty., OH IDRB, High Tech Properties, Inc.
Proj., (LOC: Natl. City Bank, NA),
4.45%, VRDN..................................... 4,190,000
3,405,000 Ohio Hsg. Fin. Agcy. MHRB, Pine Crossing Proj.,
Ser. A, (LOC: Sumitomo Bank, Ltd.),
5.85%, VRDN..................................... 3,405,000
3,900,000 St. Mary's, OH IDRB, Setex, Inc. Proj., (LOC:
Indl. Bank of Japan, Ltd.),
6.00%, VRDN..................................... 3,900,000
4,800,000 Stark Cnty., OH IDRB, Crane Plumbing Proj., (LOC:
American National Bank & Trust Co.),
4.45%, VRDN..................................... 4,800,000
--------------
18,195,000
--------------
Oklahoma - 0.6%
7,700,000 Oklahoma City, OK IDA RB, OK Christian College,
(LOC: Bank of American, NA),
4.55%, VRDN..................................... 7,700,000
--------------
Pennsylvania - 2.6%
12,600,000 Allegheny Cnty., PA Hosp. Dev. Auth. RB, St.
Francis Sys., (LOC: Bank One, OH, NA),
4.40%, VRDN..................................... 12,600,000
3,000,000 Butler Cnty., PA IDRB, Mine Safety Appliance Co.,
Ser. 1992-A, (LOC: Sanwa Bank, Ltd.),
4.57%, VRDN..................................... 3,000,000
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),
4.90%, VRDN..................................... 500,000
9,300,000 Philadelphia, PA Wtr. & Wst. Wtr. RB, MSTR, Ser.
1999-1, (Liq.: Commerzbank, AG & Insd. by
AMBAC),
4.43%, VRDN 144A................................ 9,300,000
--------------
30,900,000
--------------
</TABLE>
25
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments(continued)
July 31, 2000 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Rhode Island - 3.0%
$32,200,000 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
Securities),
4.39%, VRDN 144A................................ $ 32,200,000
4,000,000 Rhode Island IDRB, Handy & Harman Elec. Proj.,
(LOC: Citibank, NA),
4.50%, VRDN..................................... 4,000,000
--------------
36,200,000
--------------
South Carolina - 1.1%
South Carolina Jobs EDA RB:
4,000,000 B.F. Shaw, Inc. Proj., (LOC: Mercantile Bank,
NA),
4.60%, VRDN...................................... 4,000,000
4,300,000 Lorraine Linens Proj., (LOC: SouthTrust Bank,
NA),
4.48%, VRDN...................................... 4,300,000
450,000 Ridge Pallets, Inc., Ser. B, (LOC: Credit
Commerce de France),
4.60%, VRDN...................................... 450,000
2,700,000 Roller Bearing Co. Proj., Ser. 1994-A, (LOC:
Heller Finl., Inc.),
5.13%, VRDN...................................... 2,700,000
895,000 St. Francis Hosp., (Liq.: Merrill Lynch &
Co.,Inc.),
4.43%, VRDN...................................... 895,000
650,000 Tuttle Co., Inc., Ser. A, (LOC: Bank of America,
NA),
4.60%, VRDN...................................... 650,000
--------------
12,995,000
--------------
South Dakota - 0.4%
4,925,000 Rapid City, SD EDRB, Civic Ctr. Assoc. Proj.,
(LOC: Citibank, NA),
4.58%, VRDN..................................... 4,925,000
--------------
Tennessee - 2.5%
1,900,000 Bristol, TN IDRB, Robinette Co. Proj., (LOC:
First American Natl. Bank, NA),
4.58%, VRDN..................................... 1,900,000
Chattanooga, TN IDRB:
3,200,000 Radisson Read House Proj., Ser. 1995, (LOC:
Heller Finl., Inc.),
5.20%, VRDN...................................... 3,200,000
4,950,000 Top Flight, Inc. Proj., (LOC: Natl. Bank of
Canada),
4.43%, VRDN...................................... 4,950,000
3,310,000 Cocke Cnty., TN IDB RB, GLI, Inc., Proj., (Gtd.
by GLI, Inc.),
4.50%, VRDN..................................... 3,310,000
4,400,000 Maryville, TN Board of Ed. IDRB, Maryville
College Proj., Ser. A, (LOC: First American
Natl. Bank, NA),
4.48%, VRDN..................................... 4,400,000
1,800,000 Morristown, TN IDB RB, J.W. Allen & Co. Proj.,
(LOC: Harris Trust & Savings Bank, NA),
4.45%, VRDN..................................... 1,800,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Tennessee - continued
$ 700,000 Nashville & Davidson Cnty. (Metro. Gov't. of), TN
IDRB, Wellington IV Assoc. Proj., (LOC: U.S.
Bank, NA),
4.55%, VRDN..................................... $ 700,000
2,000,000 Tennessee HDA RB, Ser. 281, (Liq.: Morgan Stanley
Dean Witter, Inc.),
4.58%, VRDN..................................... 2,000,000
8,000,000 Wilson Cnty., TN IDRB, Knight Leasing Co. Proj.,
(LOC: First American Natl. Bank, NA),
4.58%, VRDN..................................... 8,000,000
--------------
30,260,000
--------------
Texas - 4.2%
3,495,000 Arlington, TX Independent Sch. Dist. RB, Ser.
347, (Liq.: Morgan Stanley Dean Witter, Inc.),
4.48%, VRDN..................................... 3,495,000
3,700,000 Bexar Cnty., TX Hsg. Fin. Corp. MHRB, UTSQA Apts.
Proj., (Liq.: Heller Finl., Inc.),
5.03%, VRDN..................................... 3,700,000
2,000,000 Bexar Cnty., TX Indl. Dev. Corp. RB, Coilplus-
Texas, Inc. Proj., (LOC: Bank of Tokyo-
Mitsubishi, Ltd.),
4.95%, VRDN..................................... 2,000,000
5,700,000 Brazos River, TX Harbor Navigation Dist., Solid
Wst. RB, Silica Products, Inc. Proj., Ser. 1998,
(LOC: Bank of Tokyo-Mitsubishi, Ltd.),
4.95%, VRDN .................................... 5,700,000
2,705,000 Dallas, TX IDRB, Crane Plumbing Proj., (LOC:
American National Bank & Trust Co.),
4.45%, VRDN..................................... 2,705,000
2,780,000 Galveston, TX Hsg. Fin. Corp. MHRB, Villiage-by-
the-Sea Apts. Proj., Ser. 1993, (LOC: Sumitomo
Bank, Ltd.),
5.80%, VRDN..................................... 2,780,000
Harris Cnty., TX Indl. Dev. Corp. IDRB:
5,000,000 Southern Ionics, Inc. Proj., (LOC: SouthTrust
Bank, NA),
4.48%, VRDN...................................... 5,000,000
8,000,000 Zeon Chemical Proj., (LOC: Indl. Bank of Japan,
Ltd.),
6.00%, VRDN...................................... 8,000,000
600,000 Harris Cnty., TX Indl. Dev. Corp. Solid Wst. RB,
Deer Park Refinancing Proj., Ser. 1994-A, (Gtd.
by Deer Park Ltd.),
4.50%, VRDN..................................... 600,000
2,331,000 Hillsboro, TX Indl. Dev. Corp.I DRB, Lamraft LP
Proj., (LOC: First Comml. Bank, NA),
4.60%, VRDN..................................... 2,331,000
2,045,000 New Caney, TX Independent Sch. Dist. Capital
Appreciation Bonds, (Gtd. by Permanent Sch.
Fund),
4.65%, 2/15/2001................................ 1,995,277
</TABLE>
26
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments(continued)
July 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Texas - continued
$11,130,000 Texas Pub. Fin. Auth. Bldg. RB, General Svcs.
Commission Proj., (Liq.: Citibank, NA & Insd. by
AMBAC),
4.48%, VRDN..................................... $ 11,130,000
--------------
49,436,277
--------------
Utah - 0.2%
2,100,000 Summit Cnty., UT IDRB, Hornes' Kimball Proj.,
Ser. 1985, (LOC: U.S. Bank, NA),
4.80%, VRDN..................................... 2,100,000
--------------
Virginia - 1.1%
2,000,000 Henrico Cnty., VA IDA RB, San-J Intl. Proj.,
(LOC: Tokai Bank, Ltd.),
5.55%, VRDN..................................... 2,000,000
2,200,000 Smyth Cnty., VA IDA RB, Summit Products Proj.,
(LOC: Fifth Third Bank, NA),
4.50%, VRDN..................................... 2,200,000
Suffolk, VA Redev. & Hsg. Auth. RB, (LOC: Bank of
America, NA):
2,781,000 Windsor at Potomac Vista Proj.,
4.75%, VRDN...................................... 2,781,000
1,908,000 Windsor at Fieldstone Proj., Ser. 1985,
4.75%, VRDN...................................... 1,908,000
4,360,000 Virginia HFA RB, Ser. 301, (Liq.: Morgan Stanley
Dean Witter, Inc.),
4.48%, VRDN..................................... 4,360,000
--------------
13,249,000
--------------
Washington - 0.8%
2,300,000 Seattle (Port of), WA Passenger Facs. RB, Ser.
299, (Liq.: Morgan Stanley Dean Witter, Inc. &
Insd. by AMBAC),
4.58%, VRDN..................................... 2,300,000
1,600,000 Union Gap, WA Pub. Corp. IDRB, Weyerhauser Co.
Proj., (Gtd. by Weyerhauser Co.),
4.53%, VRDN .................................... 1,600,000
5,275,000 Washington Hsg. Fin. Comm SFHRB, Ser. 2000 S-6A,
(LOC: Bank of America, NA),
4.90%, 9/1/2000................................. 5,275,000
--------------
9,175,000
--------------
West Virginia - 2.5%
2,385,000 Kanawha, Cnty., WV CDA RB, McJunkin Corp. Proj.,
Ser. 1991, (LOC: Bank of America, NA),
4.75%, VRDN..................................... 2,385,000
West Virginia EDA IDRB, Coastal Lumber Products
Proj., (LOC: Crestar Bank, NA):
1,460,000 Ser. A,
4.50%, VRDN...................................... 1,460,000
1,195,000 Ser. B,
4.50%, VRDN...................................... 1,195,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
West Virginia - continued
$ 3,950,000 West Virginia Hsg. Dev. Fund, Interim Financing
Notes, Ser.2000-G,
4.80%, 9/28/2000................................ $ 3,950,000
20,550,000 West Virginia Pub. Energy Auth. RB, PFOTER, PPT-
184, (Liq.: Bay Hypotheken-und & Union Bank of
Switzerland AG),
4.53%, VRDN 144A................................ 20,550,000
--------------
29,540,000
--------------
Wisconsin - 1.1%
3,480,000 Manitowoc, WI IDRB, Etrutech Plastics Inc. Proj.,
(LOC: Associated Banc-Corp),
4.52%, VRDN..................................... 3,480,000
5,515,000 Milwaukee, WI Metropolitan Wtr. & Swr. RB,
PFOTER, (Liq.: Merrill Lynch & Co., Inc.),
4.20%, 9/14/2000................................ 5,515,000
1,700,000 Milwaukee, WI Metropolitan Swr. Dist. RB, Ser.
288, (Liq.: Morgan Stanley Dean Witter, Inc.),
4.53%, VRDN..................................... 1,700,000
2,800,000 Osceola Vlg., WI IDRB, Johnson Family LP, (LOC:
FirstStar Bank, NA),
4.45%, VRDN..................................... 2,800,000
--------------
13,495,000
--------------
Other - 23.3%
Capital Realty Investors Tax Exempt
Fund Ltd., Floater Certificate,
(LOC: Union Bank of Switzerland, AG):
21,285,000 Ser. 1996-1,
4.55%, VRDN 144A................................. 21,285,000
19,900,000 Ser. 1996-2,
4.55%, VRDN 144A................................. 19,900,000
6,345,000 Ser. 1996-3,
4.55%, VRDN 144A................................. 6,345,000
5,000,000 Charter Mac Low Floater Certificates, (LOC:
Bayerische Landesbank & Insd. by MBIA),
4.53%, VRDN..................................... 5,000,000
Clipper Tax Exempt Trust COP:
33,560,000 Ser. 1999-2,
(LOC: State Street Bank, NA),
4.58%, VRDN...................................... 33,560,000
36,489,000 Ser. 1999-3, (LOC: State Street Bank, NA & Insd.
by GNMA),
4.58%, VRDN...................................... 36,489,000
20,485,000 Ser. 1999-9, (LOC: State Street Bank, NA & Gtd.
by U.S. Treasury Securities),
4.53%, VRDN...................................... 20,485,000
7,600,000 Ser. A, (LOC: State Street Bank, NA & Insd. by
GNMA),
4.58%, VRDN...................................... 7,600,000
6,110,000 IBM Tax Exempt Grantor Trust, PFOTER, (Liq.:
Merrill Lynch & Co., Inc.),
4.48%, VRDN..................................... 6,110,000
</TABLE>
27
<PAGE>
EVERGREEN
Municipal Money Market Fund
Schedule of Investments(continued)
July 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Other - continued
$ 1,364,768 Koch Fin. Corp. PFOTER,
Ser. 1999-3, Class A-1, (Gtd. by Koch Inds. &
Insd. by MBIA),
4.10%, 10/6/2000................................ $ 1,364,768
Merrill Lynch, Inc., PFOTER:
9,361,000 (Liq.: Merrill Lynch & Co., Inc. & Insd. by
GNMA),
4.53%, VRDN...................................... 9,361,000
10,590,000 (Liq.: Merrill Lynch & Co., Inc. & Insd. by FHA),
4.53%, VRDN...................................... 10,590,000
16,700,000 (LOC: Societe Generale Bank, SA & Insd. by FGIC),
4.58%, VRDN...................................... 16,700,000
21,195,000 PPT-11, (Liq.: Bay Hypotheken-und Vereins),
4.50%, VRDN...................................... 21,195,000
21,335,000 PPT-7, (Insd. by AMBAC),
4.50%, 1/25/2001 144A............................ 21,335,000
4,505,000 PPT-8, (Liq.: Credit Suisse First Boston Corp.),
4.58%, VRDN...................................... 4,505,000
4,660,000 PPT-9, (LOC: Bayerische Landesbanken),
4.58%, VRDN...................................... 4,660,000
Morgan Keegan Muni. Products Trust Receipts,
(Liq.: Credit Local de France & Coll. by U.S.
Treasury Securities):
5,290,000 Ser. 1999-F,
4.53%, VRDN...................................... 5,290,000
8,335,000 Ser. 2000-B,
4.53%, VRDN...................................... 8,335,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Other - continued
Pitney Bowes Credit Corp. Leasetop Trusts, (Liq.:
Pitney Bowes Credit Corp. & Insd. by AMBAC):
$ 4,664,514 Ser. 1998-1, 4.52%, VRDN 144A ................... $ 4,664,514
12,195,591 Ser. 1998-2, 4.58%, VRDN 144A ................... 12,195,591
--------------
276,969,873
--------------
Total Municipal Obligations
(cost $1,174,003,944)........................... $1,174,003,944
--------------
<CAPTION>
Shares Value
<C> <S> <C>
MUTUAL FUND SHARES - 1.0%
11,700,000 Federated Municipal Obligations Fund (Cost
$11,700,000) ................................... 11,700,000
--------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -(cost $1,185,703,944)... 99.7% 1,185,703,944
Other Assets and Liabilities - net......... 0.3 3,332,810
----- --------------
Net Assets - .............................. 100.0% $1,189,036,754
===== ==============
</TABLE>
See Combined Notes to Schedules of Investments.
28
<PAGE>
EVERGREEN
New Jersey Municipal Money Market Fund
Schedule of Investments(continued)
July 31, 2000 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 98.6%
New Jersey - 94.0%
$5,000,000 Bayonne, NJ GO,
5.00%, 7/12/2001..................................... $ 5,020,330
4,900,000 Cape May Cnty., NJ BAN, 4.35%, 4/19/2001.............. 4,901,647
1,408,850 Chatham Borough, NJ BAN, 4.35%, 2/1/2001.............. 1,409,863
1,500,000 East Brunswick Township, NJ BAN, 4.75%, 5/11/2001..... 1,503,896
400,000 Elizabeth, NJ GO, (Insd. by AMBAC), 5.25%,
11/15/2000........................................... 401,462
1,000,000 Essex Cnty., NJ Impt. Auth. Lease RB, (LOC: Chase
Manhattan Bank & Insd. by FGIC),
4.20%, VRDN.......................................... 1,000,000
6,500,000 Essex Cnty., NJ Util. Auth. RB, 4.25%, 11/30/2000..... 6,505,157
3,530,000 Jersey City., NJ GO, 4.25%, 9/15/2000................. 3,531,043
1,336,386 Maplewood Township, NJ BAN, 4.25%, 12/1/2000.......... 1,337,457
6,390,000 Mercer Cnty., NJ Impt. Auth. RB, P-Floats Part 1157,
(Liq: Merrill Lynch & Co., Inc.),
4.48%, VRDN.......................................... 6,390,000
260,000 Morris Plains, NJ GO, 5.10%, 11/1/2000................ 260,654
1,935,000 Mountain Lakes, NJ BAN, 4.35%, 1/25/2001.............. 1,936,317
New Jersey Hsg. & Mtge. Fin. Agcy. RB:
2,500,000 (LOC: Landesbank & Insd. by MBIA), 4.45%, VRDN........ 2,500,000
4,815,000 (Liq: Morgan Stanley & Insd. by MBIA),
4.53%, VRDN........................................... 4,815,000
4,000,000 New Jersey EDA Assisted Living RB, (Liq: Merrill Lynch
& Co., Inc.),
4.48%, VRDN.......................................... 4,000,000
New Jersey EDA Natural Gas Facs. RB:
200,000 Natural Gas Co., Ser. A, (LOC: Bank of New York &
Insd. by AMBAC), 4.20%, VRDN.......................... 200,000
500,000 NJ Gas Co. Proj., Ser. B, (LOC: Bank of New York &
Insd. by AMBAC), 4.20%, VRDN.......................... 500,000
2,130,000 NUI Corp., Ser. 161, (Liq: Morgan Stanley & Insd.by
MBIA), 4.18%, VRDN.................................... 2,130,000
New Jersey EDA RB:
500,000 (LOC: PNC Bank NA),
4.15%, VRDN........................................... 500,000
4,770,000 East Meadow Corp., Ser. B, (LOC: Sanwa Bank, Ltd.),
4.95%, VRDN........................................... 4,770,000
700,000 RJB Associates Proj., Ser. 1983, (LOC: PNC Bank, NA),
4.15%, VRDN........................................... 700,000
2,435,000 Superior Bakers, Ser. A, (LOC: PNC Bank, NA),
4.35%, VRDN........................................... 2,435,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
New Jersey - continued
New Jersey EDA RB (continued):
$1,000,000 The Peddie School Proj., (LOC: PNC Bank, NA),
4.15%, VRDN......................................... $ 1,000,000
New Jersey GO:
5,700,000 MSTR, Ser. CB-1, (LOC: Chase Manhattan Bank), 4.20%,
VRDN................................................ 5,700,000
1,000,000 Ser. D,
5.25%, 2/15/2001.................................... 1,005,211
New Jersey Healthcare Facs. RB:
300,000 Atlantic City Med. Center, Ser. A 1, (LOC: PNC Bank,
NA), 4.05%, VRDN.................................... 300,000
900,000 Christian Hlth. Center, Ser. A3, (LOC: Valley Nat'l
Bank), 4.10%, VRDN.................................. 900,000
500,000 Pascack Community Services, Ser. A 5, (LOC: PNC
Bank, NA), 4.05%, VRDN.............................. 500,000
3,100,000 St. Mary's Hosp., Ser. A-4, (LOC: Valley Nat'l
Bank), 4.10%, VRDN.................................. 3,100,000
New Jersey Trans. Trust Fund RB:
3,000,000 (Liq: Smith Barney),
4.18%, VRDN......................................... 3,000,000
5,500,000 Ser. 2, (LOC: Chase Manhattan Bank & Insd. by FSA),
4.23%, VRDN......................................... 5,500,000
6,500,000 Ser. 54, (Liq: Morgan Stanley & Insd. by FSA),
4.11%, VRDN......................................... 6,500,000
3,500,000 Series C, (LOC: Bank of America), 4.13%, VRDN....... 3,500,000
New Jersey Transit Corp.:
2,000,000 (Liq: Smith Barney & Insd. by AMBAC), 4.23%, VRDN... 2,000,000
8,250,000 Ser. 16,
4.23%, VRDN......................................... 8,250,000
6,525,000 Newark, NJ Healthcare Facs. RB, New Community Urban
Renewal, Ser. 1995, (LOC: Sumitomo Bank), 5.45%,
VRDN............................................... 6,525,000
1,000,000 Passaic Valley, NJ Wtr. Commission RB, Wtr. Supply
Sys. Sub. Proj., (LOC: PNC Bank, NA),
4.50%, 11/14/2000.................................. 1,001,878
2,000,000 Rutgers State Univ., NJ RB, Ser. P, 6.85%,
5/1/2001........................................... 2,069,043
230,000 Sayreville, NJ GO, (Insd. by FSA), 4.80%,
9/15/2000.......................................... 230,252
275,000 Tewksbury Township, NJ GO, 5.00%, 8/1/2000.......... 275,000
1,550,000 Union Cnty., NJ Impt. Auth. RB, Capital Equip. Lease
Program, (Insd. by AMBAC), 3.70%, 8/1/2000......... 1,550,000
4,164,000 Vineland, NJ BAN,
4.35%, 1/19/2001................................... 4,164,724
------------
113,818,934
------------
</TABLE>
29
<PAGE>
EVERGREEN
New Jersey Municipal Money Market Fund
Schedule of Investments(continued)
July 31, 2000 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
New York - 4.6%
$3,500,000 Port Auth. NY & NJ RB, Ser. 113, 3.90%, 12/1/2000... $ 3,499,978
2,080,000 Port Auth. NY & NJ Spl. Obl. RB, Ser. 157, (LIQ:
Morgan Stanley Dean Witter, Inc. & Insd. by MBIA),
4.23%, VRDN........................................ 2,080,000
------------
5,579,978
------------
Total Municipal Obligations
(cost $119,398,912)................................ 119,398,912
------------
<CAPTION>
Shares
<C> <S> <C>
MUTUAL FUND SHARES - 0.0%
50,000 Federated New Jersey Municipal Cash Trust (cost
$50,000) .......................................... 50,000
------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $119,448,912).......................... 98.6% 119,448,912
Other Assets and
Liabilities - net............................ 1.4 1,746,452
----- ------------
Net Assets.................................... 100.0% $121,195,364
===== ============
</TABLE>
See Combined Notes to Schedules of Investments.
30
<PAGE>
EVERGREEN
Pennsylvania Municipal Money Market Fund
Schedule of Investments(continued)
July 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - 99.5%
Pennsylvania - 99.5%
Allegheny Cnty., PA Higher Ed. Bldg. Auth. RB:
$3,225,000 Chatham College, Ser. B, (LOC: Mellon Bank, NA),
4.35%, VRDN........................................... $ 3,225,000
1,000,000 Thiel College, Ser. B,
4.35%, VRDN........................................... 1,000,000
Allegheny Cnty., PA Hosp. Dev. Auth. RB:
1,000,000 Hlth. Center UPMC Hlth. Sys., Ser. A, (Insd. by MBIA),
3.90%, 8/1/2000....................................... 1,000,000
8,600,000 Hlth. Ctr. St. Francis Sys., (LOC: First Natl. Bank of
Chicago),
4.40%, VRDN........................................... 8,600,000
4,800,000 St. Margaret Mem. Hosp., (LOC: Mellon Bank, NA),
4.35%, VRDN........................................... 4,800,000
Allegheny Cnty., PA IDA RB:
9,400,000 Allegheny Ludlum Corp. Proj.,
4.45%, VRDN........................................... 9,400,000
1,000,000 Mine Safety Appliances Co. Ser. 1991-A,
4.47%, VRDN........................................... 1,000,000
1,455,000 United Jewish Federation Proj., Ser. A, (LOC: Mellon
Bank, NA),
4.35%, VRDN........................................... 1,455,000
9,420,000 Beaver Cnty., PA, Eagle Tax Exempt Trust Ser. 97-C,
4.33%, VRDN 144A .................................... 9,420,000
900,000 Beaver Cnty., PA IDA RB, Warehouse Real Estate, Ser.
A,
4.45%, VRDN.......................................... 900,000
2,700,000 Bucks Cnty., PA IDA Env. Impt., RB, USX Corp. Proj.,
(LOC: Wachovia Bank. NC),
4.25%, 10/5/2000..................................... 2,700,000
4,700,000 Bucks Cnty., PA IDA RB,
4.40%, VRDN.......................................... 4,700,000
Butler Cnty., PA IDA RB, Mine Safety Appliances Co.:
Ser. 1991-A,
1,000,000 4.47%, VRDN........................................... 1,000,000
Ser. 1992-B,
1,000,000 4.57%, VRDN........................................... 1,000,000
900,000 Clarion Cnty., PA IDA RB, Meritcare MTC Inc. Proj.,
Ser. 1991-A, (LOC: PNC Bank, NA),
4.35%, 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 Muni. Auth. College RB, Dickinson
College, Ser. B, (LOC: Mellon Bank, NA),
3.80%, 11/1/2000..................................... 4,300,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Pennsylvania - continued
$1,000,000 Dauphin Cnty., PA General Auth. RB, Ed. & Hlth. Loan
Program, (SPA: Chase Manhattan Bank
& Insd. by AMBAC),
4.31%, VRDN.......................................... $ 1,000,000
8,000,000 Delaware Cnty., PA Auth. RB, White Horse Vlg. Proj.
Ser. B,
4.45%, VRDN.......................................... 8,000,000
7,495,000 Delaware Valley, PA Regl. Fin. Auth. RB,
4.38%, VRDN.......................................... 7,495,000
300,000 Dover Township, PA Swr. Auth. RB, (Insd. by MBIA),
4.30%, 11/1/2000..................................... 299,994
1,500,000 Erie Cnty., PA Higher Ed. Bldg. Auth. RB, Gannon Univ.
Proj., Ser. F, 4.20%, 1/15/2001...................... 1,500,000
Erie Cnty., PA Hosp. Auth. RB:
2,200,000 Hamot Hlth. Foundation, (Insd. by AMBAC),
4.30%, VRDN........................................... 2,200,000
1,100,000 Union City Mem. Hosp., (LOC: Mellon Bank, NA),
4.35%, VRDN........................................... 1,100,000
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), 4.40%, VRDN............................... 3,000,000
2,000,000 Lancaster, PA IDA RB, Islands Paper Co. Proj.,
4.45%, VRDN.......................................... 2,000,000
900,000 Lehigh Cnty., PA IDA RB, Allegheny Elec. Coop., Inc.,
4.40%, VRDN.......................................... 900,000
4,000,000 Mercer Cnty., PA IDA PCRB, Penntecq, Inc. Proj., (LOC:
Dai-Ichi Kangyo Bank, Ltd.),
5.90%, VRDN.......................................... 4,000,000
545,000 Monessen, PA Sch. Dist. GO, 4.40%, 2/15/2001.......... 545,000
3,750,000 Montgomery Cnty., PA Higher Ed. & Hlth. Auth. RB, Ser.
B, 4.40%, VRDN....................................... 3,750,000
3,000,000 Montgomery Cnty., PA IDA RB, 4.73%, VRDN.............. 3,000,000
250,000 Neshannock Township, PA Sch. Dist. GO, (Insd. by
FGIC), 5.63%, 9/1/2000............................... 250,333
410,000 Northern Lebanon, PA Sch. Dist. GO, (Insd. by AMBAC),
4.90%, 2/15/2001..................................... 411,127
380,000 Northern Tioga, PA Sch. Dist. GO, 5.25%, 11/15/2000... 381,005
Pennsylvania EDA RB, (LOC: PNC Bank, NA):
5,000,000 Approved Solid Wst. Proj., 4.10%, 12/15/2000.......... 4,999,981
1,400,000 Computer Components Proj., Ser. G-3,
4.45%, VRDN........................................... 1,400,000
</TABLE>
31
<PAGE>
EVERGREEN
Pennsylvania Municipal Money Market Fund
Schedule of Investments(continued)
July 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Pennsylvania - continued
Pennsylvania EDA RB (continued):
$4,100,000 Donald Berdtein Proj., Ser. C-5, 4.45%, VRDN........ $ 4,100,000
1,200,000 EPT Associates Proj., Ser. B-5, 4.45%, VRDN......... 1,200,000
1,100,000 Fansterl, Inc. Proj., Ser. B2, 4.45%, VRDN.......... 1,100,000
1,200,000 Johnston Welding & Fabric, Ser. B-1, 4.45%, VRDN.... 1,200,000
2,900,000 O'Neill Family LLC, Ser. B-8, 4.45%, VRDN........... 2,900,000
1,500,000 S.J. Bailey & Sons, Inc., Proj. Ser. E, 4.45%,
VRDN................................................ 1,500,000
950,000 Ser. A-3,
4.45%, VRDN......................................... 950,000
2,000,000 Ser. G-10,
4.45%, VRDN......................................... 2,000,000
4,000,000 Pennsylvania GO, Ser. 1999-3, 4.33%, VRDN........... 4,000,000
Pennsylvania HFA RB:
2,700,000 Eagle Tax Exempt Trust,
4.33%, VRDN 144A.................................... 2,700,000
3,120,000 Ser. 229,
4.53%, VRDN......................................... 3,120,000
Pennsylvania Higher Ed. Facs. Auth. RB:
5,000,000 St. Francis College, Ser. B-7, 3.80%, 11/1/2000 .... 5,000,000
575,000 Thomas Jefferson Univ., Ser. A, (Insd. by MBIA),
5.90%, 8/15/2000.................................... 575,298
2,000,000 Pennsylvania Intergovernmental Coop. Auth. RB, Ser.
1999-7, 4.33%, VRDN................................ 2,000,000
675,000 Pennsylvania Turnpike Commission RB, Ser. G,
7.35%, 12/1/2000................................... 695,091
7,000,000 Philadelphia, PA Arpt. IDA RB, Ser. P-1, 4.45%,
3/28/2001.......................................... 7,000,000
4,800,000 Philadelphia, PA Arpt. MSTR, (SPA: Societe Generale
& Insd. by FGIC), 4.30%, VRDN...................... 4,800,000
Philadelphia, PA IDA RB:
960,000 Allied Corp.,
4.20%, 11/1/2000.................................... 960,000
5,000,000 Inglis House Proj.,
4.30%, VRDN......................................... 5,000,000
4,170,000 Philadelphia, PA Sch. Dist. GO, Ser. 345,
4.48%, VRDN........................................ 4,170,000
3,780,000 Philadelphia, PA Wtr. & Wst. Wtr. RB, Ser. 1999-1,
(Insd. by AMBAC), 4.43%, 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, 4.31%, VRDN.... 1,445,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
MUNICIPAL OBLIGATIONS - continued
Pennsylvania - continued
$1,607,500 Pittsburgh, PA Wtr. & Swr. Auth. RB, Ser. 346,
4.53%, VRDN........................................ $ 1,607,500
4,000,000 Port of Allegheny, PA GO, ABN Amro Munitops
Certificates, 4.60%, 10/11/2000.................... 4,000,000
3,610,000 Quakertown, PA General Auth. RB, Ser. A, (LOC: PNC
Bank, NA), 4.30%, VRDN............................. 3,610,000
6,400,000 Southcentral Pennsylvania Gen. Auth. RB,
4.33%, VRDN........................................ 6,400,000
330,000 Southern York Cnty., PA Sch. Dist. GO, (Insd. by
FGIC),
4.00%, VRDN........................................ 330,000
300,000 Southerton, PA Area Sch. Dist. GO, (Insd. by FGIC),
4.40%, 9/1/2000.................................... 300,036
315,000 Spring Grove, PA Area Sch. Dist. GO, (Insd. by
MBIA),
5.70%, 8/15/2000................................... 315,199
5,000,000 Temple Univ. Of The Cmmnwlth. Sys. of Higher Ed. PA,
Univ. Fdg. Obl.,
5.00%, 5/10/2001 5,027,774
500,000 Univ. Area Joint Auth. PA RB, (Insd. by MBIA),
7.10%, 9/1/2000.................................... 506,112
3,600,000 Washington Cnty., PA Auth. Lease RB, Eye and Ear
Ser. B-1, (LOC: PNC Bank, NA),
4.35%, VRDN........................................ 3,600,000
4,900,000 Westmoreland Cnty., IDA RB, White Consolidated Ind.,
Inc. Proj., (LOC: Chemical Bank),
5.17%, 12/1/2000................................... 4,900,000
2,300,000 Wilkes Barre, PA IDA RB, Toys R Us, Inc., Proj.,
4.43%, VRDN........................................ 2,300,000
------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $202,814,450).......................... 99.5% 202,814,450
Other Assets and Liabilities - net............ 0.5 1,072,963
----- ------------
Net Assets -.................................. 100.0% $203,887,413
===== ============
</TABLE>
See Combined Notes to Schedules of Investments.
32
<PAGE>
EVERGREEM
Treasury Money Market Fund
Schedule of Investments
July 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
U.S. TREASURY NOTES - 20.7%
$ 75,000,000 8.75%, 8/15/2000+............................... $ 75,095,169
50,000,000 5.125%, 8/31/2000+.............................. 49,986,612
125,000,000 4.50% - 6.125%, 9/30/2000+...................... 124,913,931
150,000,000 4.625%, 11/30/2000+............................. 149,476,040
50,000,000 4.625%, 12/31/2000.............................. 49,688,281
125,000,000 4.50%, 1/31/2001................................ 123,948,419
25,000,000 5.375%, 2/15/2001............................... 24,867,503
65,000,000 4.875%, 3/31/2001............................... 64,375,153
50,000,000 5.625%, 5/15/2001............................... 49,705,129
50,000,000 5.25%, 5/31/2001................................ 49,372,679
--------------
Total U.S. Treasury Notes (cost $761,428,916)... 761,428,916
--------------
REPURCHASE AGREEMENTS - 90.3%*
175,000,000 ABN Amro, Inc.,
6.55%, dated 7/31/2000, due 8/1/2000 (1)....... 175,000,000
175,000,000 Barclays Capital,
6.57%, dated 7/31/2000, due 8/1/2000 (2)....... 175,000,000
150,000,000 Bear Stearns Co.,
6.56%, dated 7/31/2000, due 8/1/2000 (3)....... 150,000,000
105,000,000 Credit Suisse First Boston Corp.,
6.55%, dated 7/31/2000, due 8/1/2000 (4)....... 105,000,000
400,000,000 Deutsche Bank AG,
6.49%, dated 7/31/2000, due 8/1/2000 (5)....... 400,000,000
148,875,000 Dresdner Bank AG,
6.65%, dated 07/31/2000, due 11/30/2000** (6).. 148,875,000
175,000,000 Greenwich Capital Markets,
6.56%, dated 7/31/2000, due 8/1/2000 (7)....... 175,000,000
175,000,000 Lehman Brothers, Inc.,
6.52%, dated 7/31/2000, due 8/1/2000 (8)....... 175,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
<C> <S> <C>
REPURCHASE AGREEMENTS - continued
$ 50,250,000 Morgan Stanley & Co. ,
6.40%, dated 5/03/2000, due 8/31/2000** (9).... $ 50,250,000
74,718,750 Morgan Stanley & Co.,
6.45%, dated 5/04/2000, due 10/2/2000** (10).... 74,718,750
500,000,000 Salomon Smith Barney, Inc.,
6.56%, dated 7/31/2000, due 8/1/2000 (11)...... 500,000,000
400,000,000 Salomon Smith Barney, Inc.,
6.60%, dated 7/31/2000, due 8/1/2000 (12)...... 400,000,000
137,578,657 SG Cowen Securities Corp.,
6.55%, dated 7/31/2000, due 8/1/2000 (13)...... 137,578,657
76,968,750 Societe Generale,
6.25%, dated 5/03/2000, due 8/15/2000** (14)... 76,968,750
50,187,500 Societe Generale,
6.40%, dated 5/04/2000, due 10/2/2000** (15)... 50,187,500
175,000,000 State Street Bank & Trust Co.,
6.56%, dated 7/31/2000, due 8/1/2000 (16)...... 175,000,000
175,000,000 Warburg Dillon Reed LLC,
6.56%, dated 7/31/2000, due 8/1/2000 (17)...... 175,000,000
175,000,000 West Deutsche Landes Bank,
6.56%, dated 07/31/2000, due 8/1/2000 (18)..... 175,000,000
--------------
Total Repurchase Agreements (cost
$3,318,578,657)................................ 3,318,578,657
--------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
Total Investments -
(cost $4,080,007,573).................. 111.0% 4,080,007,573
Other Assets and Liabilities - net...... (11.0) (405,601,808)
----- --------------
Net Assets.............................. 100.0% $3,674,405,765
===== ==============
</TABLE>
(1) $78,832,000 U.S. Treasury Bonds, 6.125% to 13.75%, 8/15/2004 to 8/15/2029;
value including accrued interest -- $94,248,690; $57,479,000; U.S. Trea-
sury Notes, 5.50% to 6.625%, 5/31/2002 to 2/15/2008; value including ac-
crued interest - $58,439,361; $52,125,000 U.S. Treasury STRIPS, 2/28/2001
to 2/15/2025; value including accrued interest - $25,812,673.
(2) $100,586,000 U.S. Treasury Notes, 6.625%, 3/31/2002; value including ac-
crued interest - $103,168,981; $50,704,000 U.S. Treasury Bonds, 13.25%,
5/15/2014; value including accrued interest - $75,331,246.
(3) $405,139,000 U.S. Treasury STRIPS, 8/15/2011 to 11/15/2022; value includ-
ing accrued interest - $153,632,033.
(4) $58,284,000 U.S. Treasury Bonds, 8.875% to 13.375%, 8/15/2001 to
8/15/2017; value including accrued interest - $70,652,341; $38,384,000
U.S. Treasury Bills, 12/14/2000; value including accrued interest -
$37,494,643.
(5) $447,607,321 GNMA, 5.50% to 8.00%, 5/15/2027 to 4/15/2030; value including
accrued interest - $408,000,000.
(6) $148,715,000 U.S. Treasury Notes, 6.75%, 5/15/2005; value including ac-
crued interest - $151,852,698.
(7) $115,345,000 U.S. Treasury Index Bonds, 3.875%, 4/15/2029; value including
accrued interest - $122,027,623; $52,971,000 U.S. Treasury Index Notes,
3.625%, 7/15/2002; value including accrued interest - $56,472,882.
(8) $142,520,000 U.S. Treasury Notes, 6.25% to 6.50%, 5/31/2001 to 2/15/2007;
value including accrued interest - $146,190,891; $27,000,000 U.S. Treasury
Bonds, 7.25% to 10.375%, 11/15/2012 to 5/15/2016; value including accrued
interest - $33,292,122.
(9) $70,584,344 GNMA, 5.50% to 9.00%, 1/15/2014 to 5/15/2037; value including
accrued interest - $52,764,372.
(10) $65,650,000 U.S. Treasury Bonds, 7.50%, 11/15/2024; value including ac-
crued interest - $76,738,647.
(11) $843,505,718 U.S. Treasury STRIPS, value including accrued interest -
$513,102,810.
(12) $959,800,767 U.S. Treasury STRIPS, value including accrued interest -
$410,526,738.
(13) $132,250,000 U.S. Treasury Notes, 5.50% to 6.50%, 7/31/2001 to 2/15/2003;
value including accrued interest - $134,227,464; $5,678,000 U.S. Treasury
Bonds, 8.125% to 8.75%, 11/15/2008 to 6/15/2021; value including accrued
interest - $6,199,977.
(14) $162,578,000 U.S. Treasury STRIPS, value including accrued interest -
$79,121,921; $1,000 U.S. Treasury Bonds, 12.375%, 5/15/2004; value in-
cluding accrued interest - $1,196. $950,000 U.S. Treasury Notes, 5.625%,
2/28/2001; value including accrued interest - $955,921.
(15) $109,500,000 U.S. Treasury STRIPS, value including accrued interest -
$51,229,957; $19,000 U.S. Treasury Bonds, 7.50% to 7.875%, 11/15/2016 to
2/15/2021; value including accrued interest - $23,130.
(16) $105,615,000 U.S. Treasury Bonds, 6.25% to 8.875%, 2/15/2019 to 8/15/2023;
value including accrued interest - $129,547,888; $47,050,000 U.S. Treasury
Notes, 7.00%, 7/15/2006; value including accrued interest - $48,964,935.
(17) $167,435,000 U.S. Treasury Index Notes, 3.625%, 7/15/2002; value including
accrued interest - $178,504,031.
(18) $142,520,000 U.S. Treasury Notes, 6.25% to 6.50%, 5/31/2001 to 2/15/2007;
value including accrued interest - $146,190,891; $27,000,000 U.S. Treasury
Bonds, 7.25% to 10.375%, 11/15/2012 to 5/15/2016; value including accrued
interest - $33,292,122.
See Combined Notes to Schedules of Investments.
33
<PAGE>
EVERGREEN
Combined Notes to Schedules of Investments
July 31, 2000 (Unaudited)
+ Securities on loan.
** Represents collateral received for securities on loan.
* Collateral for each repurchase agreement is detailed within footnote indi-
cated.
144A Securities that may be sold to "qualified institutional buyers" under Rule
144A. These securities have been determined to be liquid under guidelines
established by the Board of Trustees.
# The repurchase agreement is fully collateralized by U.S. Government and/or
agency obligations based on market prices at July 31, 2000 plus accrued
interest
Summary of Abbreviations:
AMBAC American Municipal Bond As- MBIA Municipal Bond Investors Assur-
surance Corp. ance Corp.
ARB Adjustable Rate Bond MHRB Multifamily Housing Revenue Bond
BAN Bond Anticipation Note MSTR Municipal Securities Trust Re-
CDA Community Development Ad- ceipt
ministration MTC Municipal Trust Certificate
COP Certificate of Participa- MTN Medium Term Note
tion PCRB Pollution Control Revenue Bond
EDA Economic Development Au- PFOTER Puttable Floating Option Tax Ex-
thority empt Receipt
EDRB Economic Development Reve- PPT Pooled Puttable Trust
nue Bond RACERS Restructured Asset Security En-
FGIC Financial Guaranty Insur- hancement
ance Co. RAN Revenue Anticipation Note
FHA Federal Housing Authority RB Revenue Bond
FHLB Federal Home Loan Bank REIT Real Estate Investment Trust
FNMA Federal National Mortgage ROC Reset Option Certificate
Association SAK Sakura Trust
FRN Floating Rate Note SFHRB Single Family Housing Revenue
FSA Financial Security Assur- Bond
ance, Inc. SLMA Student Loan Marketing Associa-
GMAC General Motors Acceptance tion
Corp. SPA Security Purchase Agreement
GNMA Government National Mort- STRIPS Separately Traded Registered In-
gage Association terest and Principal Securities
GO General Obligation TAN Tax Anticipation Note
HDA Housing Development Author- TOC Tender Option Certificate
ity VRDN Variable Rate Demand Note
HFA Housing Finance Authority
IDA Industrial Development Au-
thority
IDB Industrial Development
Board
IDRB Industrial Development Rev-
enue Bond
LOC Letter of Credit
Adjustable Rate Bonds are putable back to the issuer or other parties not
affiliated with the issuer at par on the interest reset dates. Interest rates
are determined and set by the issuer quarterly, semi-annually or annually
depending upon the terms of the security. Interest rates and reset dates
presented for these securities are those in effect at July 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 security. Interest rates
presented for these securities are those in effect at July 31, 2000.
Certain obligations held in the portfolio have credit enhancements or liquidity
features that may, under certain circumstances, provide for repayment of
principal and interest on the obligation upon demand date, interest rate reset
date or final maturity. These enhancements include: letters of credit;
liquidity guarantees; security purchase agreements; tender option purchase
agreements, and third party insurance (i.e. AMBAC, FGIC and MBIA). Adjustable
rate bonds and variable rate demand notes held in the portfolio may be
considered derivative securities within the standards imposed by the Securities
and Exchange Commission under Rule 2a-7 which were designed to minimize both
credit and market risk.
See Combined Notes to Financial Statements.
34
<PAGE>
EVERGREEN
Money Market Funds
Statements of Assets and Liabilities
July 31, 2000 (Unaudited)
<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............ $131,937,833 13,587,700,065 $1,185,703,944 $119,448,912 $202,814,450 $ 761,428,916
Investment in
repurchase
agreements............ 0 21,537,426 0 0 0 3,318,578,657
----------------------------------------------------------------------------------------------------------------
Investments at
amortized cost........ 131,937,833 13,609,237,491 1,185,703,944 119,448,912 202,814,450 4,080,007,573
Cash................... 50,390 218,115 0 3,665 192,160 0
Receivable for Fund
shares sold........... 0 4,698,197 382,628 500,000 0 241,154
Interest receivable.... 1,100,076 89,920,120 7,566,290 1,432,242 1,339,197 16,417,844
Prepaid expenses and
other assets.......... 33,117 774,704 43,145 27,338 25,476 106,140
----------------------------------------------------------------------------------------------------------------
Total assets........... 133,121,416 13,704,848,627 1,193,696,007 121,412,157 204,371,283 4,096,772,711
----------------------------------------------------------------------------------------------------------------
Liabilities
Distributions payable.. 285,208 54,365,796 2,253,190 211,249 411,003 14,654,282
Due to custodian bank.. 0 0 649,030 0 0 0
Payable for Fund shares
redeemed.............. 500 8,223,190 1,472,289 0 3,000 101,197
Payable for securities
on loan............... 0 0 0 0 0 406,308,881
Advisory fee payable... 1,474 146,437 14,066 1,360 1,987 31,255
Distribution Plan
expenses payable...... 2,032 173,883 10,496 1,656 2,234 107,900
Due to other related
parties............... 214 21,969 1,954 199 222 6,020
Accrued expenses and
other liabilities..... 6,449 34,659 258,228 2,329 65,424 1,157,411
----------------------------------------------------------------------------------------------------------------
Total liabilities...... 295,877 62,965,934 4,659,253 216,793 483,870 422,366,946
----------------------------------------------------------------------------------------------------------------
Net assets.............. $132,825,539 $13,641,882,693 $1,189,036,754 $121,195,364 $203,887,413 $3,674,405,765
----------------------------------------------------------------------------------------------------------------
Net assets represented
by
Paid-in capital........ $132,829,916 $13,647,800,592 $1,188,643,551 $121,176,589 $203,886,073 $3,674,388,394
Undistributed
(overdistributed) net
investment income..... 86 (16,394) 12,752 18,772 1,340 17,371
Accumulated net
realized gains or
losses on securities.. (4,463) (5,901,505) 380,451 3 0 0
----------------------------------------------------------------------------------------------------------------
Total net assets........ $132,825,539 $13,641,882,693 $1,189,036,754 $121,195,364 $203,887,413 $3,674,405,765
----------------------------------------------------------------------------------------------------------------
Net assets consists of
Class A................ $ 15,310,421 $ 1,856,520,662 $ 134,548,297 $ 35,872,136 $ 27,600,579 $ 711,971,452
Class B................ 0 46,751,263 0 0 0 0
Class C................ 0 3,909,165 0 0 0 0
Class S................ 117,461,784 9,633,545,966 569,175,936 83,017,820 124,291,251 2,057,813,210
Class Y................ 53,334 2,101,155,637 485,312,521 2,305,408 51,995,583 904,621,103
----------------------------------------------------------------------------------------------------------------
Total net assets........ $132,825,539 $13,641,882,693 $1,189,036,754 $121,195,364 $203,887,413 $3,674,405,765
----------------------------------------------------------------------------------------------------------------
Shares outstanding
Class A................ 15,314,798 1,857,766,468 134,461,600 35,853,468 27,592,977 712,161,993
Class B................ 0 46,774,760 0 0 0 0
Class C................ 0 3,911,980 0 0 0 0
Class S................ 117,461,784 9,636,518,154 569,002,706 83,017,820 124,291,252 2,057,813,211
Class Y................ 53,334 2,103,281,094 485,246,875 2,305,301 52,001,844 904,663,810
----------------------------------------------------------------------------------------------------------------
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 S................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------------------------------------------------------------------------------------------------------------
Class Y................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------------------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
35
<PAGE>
EVERGREEN
Money Market Funds
Statements of Operations
Six Months Ended July 31, 2000 (Unaudited)
<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............... $2,793,293 $397,036,148 $27,554,332 $2,457,681 $4,034,044 $113,699,690
----------------------------------------------------------------------------------------------------------
Expenses
Advisory fee........... 272,653 24,574,165 2,673,711 240,396 345,736 5,840,633
Distribution Plan
expenses.............. 228,683 18,146,039 1,227,149 192,886 238,024 4,732,509
Administrative services
fees.................. 39,900 3,742,389 373,089 35,180 57,623 1,130,445
Transfer agent fee..... 4,608 2,839,039 191,230 4,810 11,878 400,526
Trustees' fees and
expenses.............. 1,335 124,636 12,446 1,172 1,961 37,722
Printing and postage
expenses.............. 10,830 326,553 31,357 3,240 14,237 92,265
Custodian fee.......... 17,887 1,324,151 138,518 10,532 24,466 370,337
Registration and filing
fees.................. 3,743 313,411 26,431 2,042 1,880 261,838
Professional fees...... 9,202 31,826 16,347 6,905 10,000 9,302
Other.................. 2,594 77,056 40,296 45 8,320 173,905
----------------------------------------------------------------------------------------------------------
Total expenses......... 591,435 51,499,265 4,730,574 497,208 714,125 13,049,482
Less: Expense
reductions............ (5,587) (295,453) (38,449) (3,605) (5,516) (70,041)
Fee waivers.......... 0 0 0 0 (89,843) 0
----------------------------------------------------------------------------------------------------------
Net expenses........... 585,848 51,203,812 4,692,125 493,603 618,766 12,979,441
----------------------------------------------------------------------------------------------------------
Net investment income.. 2,207,445 345,832,336 22,862,207 1,964,078 3,415,278 100,720,249
----------------------------------------------------------------------------------------------------------
Net realized gains or
losses on securities.. (42) (4,208,143) 380,451 3 0 0
----------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............ $2,207,403 $341,624,193 $23,242,658 $1,964,081 $3,415,278 $100,720,249
----------------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
36
<PAGE>
EVERGREEN
Money Market Funds
Statements of Changes in Net Assets
Six Months Ended July 31, 2000 (Unaudited)
<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.. $ 2,207,445 $ 345,832,336 $ 22,862,207 $ 1,964,078 $ 3,415,278 $ 100,720,249
Net realized gains or
losses on securities.. (42) (4,208,143) 380,451 3 0 0
-------------------------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations............ 2,207,403 341,624,193 23,242,658 1,964,081 3,415,278 100,720,249
-------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders from
Net investment income
Class A................ (1,921,156) (243,646,174) (11,377,012) (1,733,501) (2,146,472) (65,515,070)
Class B................ 0 (1,324,210) 0 0 0 0
Class C................ 0 (110,290) 0 0 0 0
Class S................ (285,039) (42,049,357) (1,479,241) (195,273) (297,897) (8,908,128)
Class Y................ (1,250) (58,703,557) (10,005,954) (35,304) (970,909) (26,297,051)
-------------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders.......... (2,207,445) (345,833,588) (22,862,207) (1,964,078) (3,415,278) (100,720,249)
-------------------------------------------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold.................. 112,526,445 9,502,511,392 1,103,621,829 196,433,600 267,232,522 3,327,133,101
Net asset value of
shares issued in
reinvestment of
distributions......... 301,070 37,933,450 6,232,905 581,823 704,443 10,989,392
Payment for shares
redeemed.............. (120,510,032) (6,806,693,719) (1,219,771,040) (188,770,692) (251,134,313) (3,526,059,805)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
resulting from capital
share transactions.... (7,682,517) 2,733,751,123 (109,916,306) 8,244,731 16,802,652 (187,937,312)
-------------------------------------------------------------------------------------------------------------------------
Total increase
(decrease) in
net assets........... (7,682,559) 2,729,541,728 (109,535,855) 8,244,734 16,802,652 (187,937,312)
Net assets
Beginning of period.... 140,508,098 10,912,340,965 1,298,572,609 112,950,630 187,084,761 3,862,343,077
-------------------------------------------------------------------------------------------------------------------------
End of period.......... $ 132,825,539 $13,641,882,693 $ 1,189,036,754 $ 121,195,364 $ 203,887,413 $ 3,674,405,765
-------------------------------------------------------------------------------------------------------------------------
Undistributed
(overdistributed) net
investment income...... $ 86 $ (16,394) $ 12,752 $ 18,772 $ 1,340 $ 17,371
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
37
<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.
38
<PAGE>
Combined Notes to Financial Statements(Unaudited)
1. ORGANIZATION
The Evergreen Money Market Funds consist of Evergreen Florida Municipal Money
Market Fund ("Florida Municipal Money Market Fund"), Evergreen Money Market
Fund ("Money Market Fund"), Evergreen Municipal Money Market Fund ("Municipal
Money Market Fund"), Evergreen New Jersey Municipal Money Market Fund ("New
Jersey Municipal Money Market Fund"), Evergreen Pennsylvania Municipal Money
Market Fund ("Pennsylvania Municipal Money Market Fund") and Evergreen Treasury
Money Market Fund ("Treasury Money Market Fund"), (collectively, the "Funds").
Each Fund, except for the Florida Municipal Money Market Fund, 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, Class S 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 a distribution fee. 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 redemption and decreases depending on how long the shares have been held.
Class B shares purchased after January 1, 1997 will automatically convert to
Class A shares after seven years. Class B shares purchased prior to January 1,
1997 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 two years after the month of purchase. Class S shares
are sold at net asset value and are not subject to any contingent deferred
sales charges, but pay an ongoing distribution fee. 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 clients
of First Union Corporation ("First Union") and its affiliates, certain institu-
tional investors or Class Y shareholders of record of certain other funds man-
aged 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, which approximates
market value. The amortized cost of an instrument is determined by valuing it
at its original cost and thereafter assuming a constant accretion of any dis-
count or amortization of any premium from its face value at a constant rate un-
til maturity.
Mutual fund shares held in a Fund are valued at the net asset value of each mu-
tual fund.
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.
39
<PAGE>
Combined Notes to Financial Statements(Unaudited) (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 qualified financial organizations.
The Funds' investment advisers will monitor the creditworthiness of such bor-
rowers. 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 bor-
rower 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 se-
curities 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 obtain the securities loaned at any time on five days' notice. Any gain or
loss in the market price of the loaned securities, which occurs during the term
of the loan, would affect a Fund and its investors. A Fund may pay fees in con-
nection 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.
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 AGREEMENTS AND OTHER AFFILIATED TRANSACTIONS
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 and
paid daily. The management fee for Money Market Fund and Municipal Money Market
Fund is calculated by applying percentage rates, starting at 0.44% and declin-
ing 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 of 0.50% and declining to 0.45% per annum as net assets increased,
to the average daily net assets of each Fund. The
40
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
management fee for Florida Municipal Money Market Fund and New Jersey Municipal
Money Market Fund is computed and paid daily 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 Mar-
ket Fund was computed at a rate of 0.45% of the average daily net assets of
each Fund.
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 and paid daily. 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 Penn-
sylvania 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 and paid daily at an annual rate of 0.31% of
the average daily net assets of the Fund. Prior to January 3, 2000, the manage-
ment fee for Treasury Money Market Fund was computed at an annual rate of 0.35%
of the average daily net assets of the Fund.
Evergreen Investment Services ("EIS"), an indirect, wholly owned subsidiary of
FUNB, is the administrator to the Funds. As administrator, EIS provides the
Funds with facilities, equipment and personnel. Prior to May 1, 2000, The BISYS
Group, Inc. ("BISYS") served as the sub-administrator to the Funds and provided
the officers of the Funds. Officers of the Funds and affiliated Trustees re-
ceive no compensation directly from the Funds.
The Funds pay the administrator a fee at the annual rate of 0.06% of each
Fund's average daily net assets. The sub-administrator was paid by the adminis-
trator out of its fees until the sub-administration agreement with BISYS was
terminated on April 30, 2000.
Prior to January 3, 2000, the administrator and sub-administrator for the Flor-
ida Municipal Money Market Fund, New Jersey Municipal Money Market Fund, Penn-
sylvania Municipal Money Market Fund and Treasury Money Market Fund were enti-
tled to an annual fee based on the combined average daily net assets of all the
funds administered by EIS for which First Union or its investment advisory sub-
sidiaries were also the investment advisors. The administration fee was calcu-
lated by applying percentage rates, which started at 0.05% and declined to
0.01% per annum as net assets increased, to the average daily net assets of
each Fund. The sub-administration 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.
Prior to January 3, 2000, the administration fee for the Money Market Fund and
Municipal Money Market Fund was paid by the investment advisor and was not a
fund expense. The sub-administration fee was also paid by the investment advi-
sor until the sub-administration agreement with BISYS was terminated on April
30, 2000.
For the six months ended July 31, 2000, the Funds paid or accrued to EIS the
following amounts for certain administrative services and sub-administrative
services:
<TABLE>
<CAPTION>
Administration Sub-administration
---------------------------------
<S> <C> <C>
Florida Municipal Money Market
Fund......................... $ 39,136 $ 764
Money Market Fund............. 3,742,389 0
Municipal Money Market Fund... 373,089 0
New Jersey Municipal Money
Market Fund.................. 34,534 646
Pennsylvania Municipal Money
Market Fund.................. 56,537 1,086
Treasury Money Market Fund.... 1,108,188 22,257
</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.
41
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
Each Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940
Act, for each class of shares, except Class Y. Distribution plans permit a Fund
to compensate its principal underwriter for costs related to
selling shares of the Fund and for various other services. These costs, which
consist primarily of commissions and service fees to broker-dealers who sell
shares of the Fund, are paid by the Fund through "Distribution Plan expenses".
Under the Distribution Plans, Class A incurs distributions fees equal to 0.30%
of the average daily net asset of the class, all of which is used to pay for
shareholder service fees. Class B and Class C incur distribution fees equal to
1.00% of the average daily net assets of each class. Of this amount, 0.25% is
used to pay for shareholder service fees and 0.75% is used to pay for distribu-
tion-related costs. Class S may incur distribution fees up to 0.75% of its av-
erage daily net assets. However, distribution fees are currently limited to
0.60% of the average daily net assets of the class, all of which is used to pay
for shareholder service fees. Distribution Plan expenses are calculated and
paid daily.
During the six months ended July 31, 2000, amounts paid or accrued to EDI pur-
suant to each Fund's Class A, Class B, Class C and Class S Distribution Plans,
as well as distribution fees waived and the impact of the waiver as a percent-
age of the average net assets of the class, were as follows:
<TABLE>
<CAPTION>
Distribution fees accrued Distribution % of
--------------------------------------- fees waived Average Net
Class A Class B Class C Class S Class A Assets
----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Florida Municipal Money
Market Fund............ $ 170,117 $ 0 $ 0 $ 58,566 $ 0 0.00%
Money Market Fund....... 13,338,813 276,444 23,148 4,507,634 0 0.00
Municipal Money Market
Fund................... 949,256 0 0 277,893 0 0.00
New Jersey Municipal
Money Market Fund...... 153,188 0 0 39,698 0 0.00
Pennsylvania Municipal
Money Market Fund...... 179,686 0 0 58,338 89,843 0.15
Treasury Money Market
Fund................... 3,744,071 0 0 988,438 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. 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, Class S 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>
Six Months Ended Year Ended
July 31, 2000 January 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold............................. 98,535,633 385,440,203
Shares issued in reinvestment of
distributions.......................... 299,862 286,961
Shares redeemed......................... (98,120,124) (329,667,588)
Conversion of Class A shares to Class S
shares................................. (125,807,511) 0
------------------------------------------------------------------------------
Net increase (decrease)................. (125,092,140) 56,059,576
------------------------------------------------------------------------------
<CAPTION>
June 30, 2000
(Commencement of
Class Operations) to
July 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class S
Shares sold............................. 13,990,812
Conversion of Class A shares to Class S
shares................................. 125,807,511
Shares issued in reinvestment of
distributions.......................... 3
Shares redeemed......................... (22,336,542)
------------------------------------------------------------------------------
Net increase............................ 117,461,784
------------------------------------------------------------------------------
</TABLE>
42
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
Florida Municipal Money Market Fund (continued)
<TABLE>
<CAPTION>
Six Months Ended Year Ended
July 31, 2000 January 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class Y
Shares sold............................. 0 6,737,256
Shares issued in reinvestment of
distributions.......................... 1,205 4,038
Shares redeemed......................... (53,366) (6,636,750)
------------------------------------------------------------------------------
Net increase (decrease)................. (52,161) 104,544
------------------------------------------------------------------------------
Money Market Fund
<CAPTION>
Six Months Year Ended
Ended July 31, 2000 January 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold............................. 5,834,223,650 13,770,733,714
Automatic conversion of Class B shares
to Class A shares...................... 6,569 0
Shares issued in reinvestment of
distributions.......................... 27,766,595 41,196,309
Shares redeemed......................... (3,775,334,515) (10,090,858,541)
Conversion of Class A shares to Class S
shares................................. (9,160,196,446) 0
------------------------------------------------------------------------------
Net increase (decrease)................. (7,073,534,147) 3,721,071,482
------------------------------------------------------------------------------
Class B
Shares sold............................. 36,367,265 265,655,898
Shares issued in reinvestment of
distributions.......................... 1,151,998 2,563,007
Shares redeemed......................... (57,892,038) (266,285,306)
Automatic conversion of Class B shares
to Class A shares...................... (6,569) 0
------------------------------------------------------------------------------
Net increase (decrease)................. (20,379,344) 1,933,599
------------------------------------------------------------------------------
Class C
Shares sold............................. 5,778,865 57,804,130
Shares issued in reinvestment of
distributions.......................... 91,085 179,299
Shares redeemed......................... (8,205,600) (56,524,269)
------------------------------------------------------------------------------
Net increase (decrease)................. (2,335,650) 1,459,160
------------------------------------------------------------------------------
<CAPTION>
June 30, 2000
(Commencement of
Class Operations) to
July 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class S
Shares sold............................. 630,429,475
Conversion of Class A shares to Class S
shares................................. 9,160,196,446
Shares issued in reinvestment of
distributions.......................... 5
Shares redeemed......................... (154,107,772)
------------------------------------------------------------------------------
Net increase............................ 9,636,518,154
------------------------------------------------------------------------------
<CAPTION>
Six Months Year Ended
Ended July 31, 2000 January 31, 1999
------------------------------------------------------------------------------
<S> <C> <C>
Class Y
Shares sold............................. 2,995,712,137 6,291,281,228
Shares issued in reinvestment of
distributions.......................... 8,923,750 15,448,855
Shares redeemed......................... (2,811,153,794) (6,143,031,885)
------------------------------------------------------------------------------
Net increase............................ 193,482,093 163,698,198
------------------------------------------------------------------------------
</TABLE>
43
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
Municipal Money Market Fund
<TABLE>
<CAPTION>
Six Months Ended Year Ended
July 31, 2000 January 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold................................ 615,195,458 1,398,400,166
Shares issued in reinvestment of
distributions............................. 1,653,457 3,050,633
Shares redeemed............................ (612,186,275) (1,431,236,942)
Conversion of Class A shares to Class S
shares.................................... (577,840,947) 0
------------------------------------------------------------------------------
Net decrease............................... (573,178,307) (29,786,143)
------------------------------------------------------------------------------
<CAPTION>
June 30, 2000
(Commencement of
Class Operations)
to July 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class S
Shares sold................................ 36,436,545
Conversion of Class A shares to Class S
shares.................................... 577,840,947
Shares issued in reinvestment of
distributions............................. 3
Shares redeemed............................ (45,274,789)
------------------------------------------------------------------------------
Net increase............................... 569,002,706
------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended
July 31, 2000 January 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class Y
Shares sold......................... 451,989,826 1,122,013,468
Shares issued in reinvestment of
distributions...................... 4,579,445 8,525,215
Shares redeemed..................... (562,309,976) (1,079,439,764)
------------------------------------------------------------------------------
Net increase (decrease)............. (105,740,705) 51,098,919
------------------------------------------------------------------------------
New Jersey Municipal Money Market Fund
<CAPTION>
Six Months Ended Year Ended
July 31, 2000 January 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold......................... 186,331,327 380,834,016
Shares issued in reinvestment of
distributions...................... 551,622 1,030,891
Shares redeemed..................... (182,381,445) (365,394,514)
Conversion of Class A shares to
Class S shares..................... (79,761,109) 0
------------------------------------------------------------------------------
Net increase (decrease)............. (75,259,605) 16,470,393
------------------------------------------------------------------------------
<CAPTION>
June 30, 2000
(Commencement of
Class Operations) to
July 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class S
Shares sold......................... 8,667,329
Conversion of Class A shares to
Class S shares..................... 79,761,109
Shares issued in reinvestment of
distributions...................... 3
Shares redeemed..................... (5,410,621)
------------------------------------------------------------------------------
Net increase........................ 83,017,820
------------------------------------------------------------------------------
<CAPTION>
April 5, 1999
(Commencement of
Six Months Ended Class Operations) to
July 31, 2000 January 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class Y
Shares sold......................... 1,434,944 1,864,063
Shares issued in reinvestment of
distributions...................... 30,198 14,819
Shares redeemed..................... (978,626) (60,097)
------------------------------------------------------------------------------
Net increase........................ 486,516 1,818,785
------------------------------------------------------------------------------
</TABLE>
44
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
Pennsylvania Municipal Money Market Fund
<TABLE>
<CAPTION>
Year
Six Months Ended Ended
July 31, 2000 January 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold............................. 114,367,454 232,591,355
Shares issued in reinvestment of
distributions.......................... 457,733 653,074
Shares redeemed......................... (96,277,359) (204,444,791)
Conversion of Class A shares to Class S
shares................................. (115,729,697) 0
------------------------------------------------------------------------------
Net increase (decrease)................. (97,181,869) 28,799,638
------------------------------------------------------------------------------
<CAPTION>
June 30, 2000
(Commencement of
Class Operations) to
July 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class S
Shares sold............................. 23,026,997
Conversion of Class A shares to Class S
shares................................. 115,729,697
Shares issued in reinvestment of
distributions.......................... 3
Shares redeemed......................... (14,465,445)
------------------------------------------------------------------------------
Net increase............................ 124,291,252
------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
July 31, 2000 January 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class Y
Shares sold................................... 129,838,071 138,709,596
Shares issued in reinvestment of
distributions................................ 246,707 368,189
Shares redeemed............................... (140,391,509) (116,961,704)
------------------------------------------------------------------------------
Net increase (decrease)....................... (10,306,731) 22,116,081
------------------------------------------------------------------------------
</TABLE>
Treasury Money Market Fund
<TABLE>
<CAPTION>
Six Months Ended Year Ended
July 31, 2000 January 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class A
Shares sold............................. 1,611,554,281 4,529,115,382
Shares issued in reinvestment of
distributions.......................... 6,713,737 13,666,350
Shares redeemed......................... (1,611,889,781) (5,080,912,982)
Conversion of Class A shares to Class S
shares................................. (2,122,302,999) 0
------------------------------------------------------------------------------
Net decrease............................ (2,115,924,762) (538,131,250)
------------------------------------------------------------------------------
<CAPTION>
June 30, 2000
(Commencement of
Class Operations) to
July 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class S
Shares sold............................. 46,671,026
Conversion of Class A shares to Class S
shares................................. 2,122,302,999
Shares issued in reinvestment of
distributions.......................... 5
Shares redeemed......................... (111,160,819)
------------------------------------------------------------------------------
Net increase............................ 2,057,813,211
------------------------------------------------------------------------------
<CAPTION>
Six Months Year Ended
Ended July 31, 2000 January 31, 2000
------------------------------------------------------------------------------
<S> <C> <C>
Class Y
Shares sold............................. 1,668,907,794 3,848,390,220
Shares issued in reinvestment of
distributions.......................... 4,275,650 5,757,324
Shares redeemed......................... (1,803,009,205) (3,865,127,116)
------------------------------------------------------------------------------
Net decrease............................ (129,825,761) (10,979,572)
------------------------------------------------------------------------------
</TABLE>
45
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
6. SECURITIES TRANSACTIONS
The Treasury Money Market Fund loaned securities during the six months ended
July 31, 2000 to certain brokers who paid the Fund a negotiated lenders' fee.
These fees are included in interest income. At July 31, 2000, the value of se-
curities on loan and the value of collateral including accrued interest
amounted to $399,471,752 and $406,308,881, respectively. During the six months
ended July 31, 2000, the Treasury Money Market Fund earned $362,511 in income
from securities lending transactions.
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.
7. 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 annualized 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..... $ 5,587 0.01%
Money Market Fund....................... 295,453 0.00
Municipal Money Market Fund............. 38,449 0.01
New Jersey Municipal Money Market Fund.. 3,605 0.01
Pennsylvania Municipal Money Market
Fund................................... 5,516 0.01
Treasury Money Market Fund.............. 70,041 0.00
</TABLE>
8. DEFERRED TRUSTEES' FEES
Each Independent Trustee of each Fund may defer any or all compensation related
to performance of their duties as Trustees. The Trustees' deferred balances are
allocated to deferral accounts, which are included in the accrued expenses for
the Fund. The investment performance of the deferral accounts are based on the
investment performance of certain Evergreen Funds. Any gains earned or losses
incurred in the deferral accounts are reported in the Fund's Trustees' fees and
expenses. 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.
9. FINANCING AGREEMENTS
On July 27, 1999, certain 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 bil-
lion. The credit facility is allocated, under the terms of the financing agree-
ment, among the Lenders. The credit facility is accessed by the Funds for tem-
porary or emergency purposes to fund the redemption of their shares or for gen-
eral working capital purposes as permitted by each Fund's borrowing restric-
tions. 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 during the
period from and including December 1, 1999 through and including January 31,
2000). A commitment fee of 0.10% per annum is incurred on the average daily un-
used portion of the revolving credit commitment. The commitment fee is allo-
cated to all funds. For
46
<PAGE>
Combined Notes to Financial Statements(Unaudited) (continued)
its assistance in arranging this financing agreement, First Union Capital Mar-
kets Corp. was paid a one-time arrangement fee of $250,000. State Street Bank
and Trust Co. ("State Street") serves as paying agent for the funds and as pay-
ing agent is entitled to a fee of $20,000 per annum which is allocated to all
the funds.
On July 25, 2000, this agreement was renewed, amended and restated among cer-
tain Evergreen Funds and the Lenders. Under this renewed agreement, the Lenders
provide an unsecured revolving credit commitment in the aggregate amount of
$755 million. The credit facility is allocated, under the terms of the financ-
ing agreement, among the Lenders. The credit facility is accessed by the Funds
to temporarily finance the purchase or sale of securities for prompt delivery,
including funding redemption of their shares, as permitted by each Fund's bor-
rowing restrictions. Borrowings under this facility bear interest at 0.50% per
annum above the Federal Funds rate. A commitment fee of 0.10% per annum contin-
ues to be incurred on the average daily unused portion of the revolving credit
commitment and is allocated to all funds. For its assistance in renewing this
financing agreement, First Union Capital Markets Corp. was paid a one-time ar-
rangement fee of $150,000. State Street continues as paying agent for the funds
and receives a fee of $20,000 per annum which is allocated to all the funds.
During the six months ended July 31, 2000, the Funds had no borrowings under
these agreements.
10. 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.
47
<PAGE>
Evergreen Funds
Money Market Funds
Florida Municipal Money Market Fund
Money Market Fund
Municipal Money Market Fund
New Jersey Municipal Money Market Fund
Pennsylvania Municipal Money Market Fund
Treasury Money Market Fund
State Municipal Bond Funds
Connecticut Municipal Bond Fund
Florida High Income Municipal Bond Fund
Florida 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
National Municipal
Bond Funds
High Grade Municipal Bond Fund
High Income Municipal Bond Fund
Municipal Bond Fund
Short Intermediate Municipal Fund
Short and Intermediate
Bond Funds
Intermediate Term Bond Fund
Short-Duration Income Fund
Intermediate and Long Term
Bond Funds
Diversified Bond Fund
High Yield Bond Fund
Quality Income Fund
Strategic Income Fund
U.S. Government Fund
Balanced Funds
Balanced Fund
Foundation Fund
Tax Strategic Foundation Fund
Growth & Income Funds
Blue Chip Fund
Equity Income Fund
Equity Index Fund
Growth and Income Fund
Small Cap Value Fund
Utility Fund
Value 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
27746 543696 9/2000
-------------
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U.S. POSTAGE
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Boston,MA 02116 LANCASTER, PA
PERMIT NO. 11
-------------
