<PAGE> PAGE 1
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007 C030100 N
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007 C020200 THE EVERGREEN SMALL CAP EQUITY INCOME FUND
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007 C010700 7
007 C010800 8
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011 A00AA01 EVERGREEN KEYSTONE DISTRIBUTOR, INC.
011 B00AA01 8-46906
011 C01AA01 FALLS RIVER
011 C02AA01 NJ
011 C03AA01 00000
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
018 00AA00 Y
019 A00AA00 Y
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020 A000001 LIEBER & CO.
020 B000001 13-2639722
<PAGE> PAGE 2
020 C000001 12
020 A000002 DONALDSON, LUFKIN, & JENRETTE SEC CORP.
020 B000002 13-2741729
020 C000002 2
020 A000003 INSTINET CORP.
020 B000003 13-2596491
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022 A000002 CHASE CORP TRUST MTN.
022 B000002 13-3112953
022 C000002 10054
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022 C000003 7116
022 D000003 1998
022 A000004 BANK AMERICA NT & SA
022 B000004 94-1687665
022 C000004 4583
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022 C000005 3989
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022 C000006 2240
022 D000006 1036
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022 C000007 448
022 D000007 2192
022 A000008 BAIRD, PATRICK, & CO.
022 B000008 13-2766571
022 C000008 0
022 D000008 2500
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<PAGE> PAGE 3
022 A000010 BROWN (ALEX) & SONS, INC.
022 B000010 52-1319768
022 C000010 0
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
SIGNATURE J. KEVIN KENELY
TITLE V.P. FUND ADMIN.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> EVERGREEN AMERICAN RETIREMENT FUND CLASS A
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 117,617,860
<INVESTMENTS-AT-VALUE> 128,568,914
<RECEIVABLES> 4,137,029
<ASSETS-OTHER> 114,890
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132,820,833
<PAYABLE-FOR-SECURITIES> 2,000,900
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 433,544
<TOTAL-LIABILITIES> 2,434,444
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119,185,572
<SHARES-COMMON-STOCK> 1,062,020
<SHARES-COMMON-PRIOR> 801,904
<ACCUMULATED-NII-CURRENT> 11,347
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 238,416
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,951,054
<NET-ASSETS> 14,590,144
<DIVIDEND-INCOME> 683,306
<INTEREST-INCOME> 746,948
<OTHER-INCOME> 0
<EXPENSES-NET> 513,690
<NET-INVESTMENT-INCOME> 916,564
<REALIZED-GAINS-CURRENT> 274,144
<APPREC-INCREASE-CURRENT> (1,782,365)
<NET-CHANGE-FROM-OPS> (591,657)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (114,069)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 326,820
<NUMBER-OF-SHARES-REDEEMED> (74,356)
<SHARES-REINVESTED> 7,652
<NET-CHANGE-IN-ASSETS> 18,918,770
<ACCUMULATED-NII-PRIOR> 28,913
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (35,728)
<GROSS-ADVISORY-FEES> 225,438
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 603,690
<AVERAGE-NET-ASSETS> 12,896,676
<PER-SHARE-NAV-BEGIN> 13.86
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> (0.12)
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<PER-SHARE-NAV-END> 13.74
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> EVERGREEN AMERICAN RETIREMENT FUND CLASS B
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 117,617,860
<INVESTMENTS-AT-VALUE> 128,568,914
<RECEIVABLES> 4,137,029
<ASSETS-OTHER> 114,890
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132,820,833
<PAYABLE-FOR-SECURITIES> 2,000,900
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 433,544
<TOTAL-LIABILITIES> 2,434,444
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119,185,572
<SHARES-COMMON-STOCK> 5,617,901
<SHARES-COMMON-PRIOR> 4,176,659
<ACCUMULATED-NII-CURRENT> 11,347
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 238,416
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,951,054
<NET-ASSETS> 76,790,544
<DIVIDEND-INCOME> 683,306
<INTEREST-INCOME> 746,948
<OTHER-INCOME> 0
<EXPENSES-NET> 513,690
<NET-INVESTMENT-INCOME> 916,564
<REALIZED-GAINS-CURRENT> 274,144
<APPREC-INCREASE-CURRENT> (1,782,365)
<NET-CHANGE-FROM-OPS> (591,657)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (485,797)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,531,877
<NUMBER-OF-SHARES-REDEEMED> (124,007)
<SHARES-REINVESTED> 7,652
<NET-CHANGE-IN-ASSETS> 18,918,770
<ACCUMULATED-NII-PRIOR> 28,913
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (35,728)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 603,690
<AVERAGE-NET-ASSETS> 67,252,174
<PER-SHARE-NAV-BEGIN> 13.8
<PER-SHARE-NII> 0.09
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<PER-SHARE-DIVIDEND> (0.09)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> EVERGREEN AMERICAN RETIREMENT FUND CLASS C
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 117,617,860
<INVESTMENTS-AT-VALUE> 128,568,914
<RECEIVABLES> 4,137,029
<ASSETS-OTHER> 114,890
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132,820,833
<PAYABLE-FOR-SECURITIES> 2,000,900
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 433,544
<TOTAL-LIABILITIES> 2,434,444
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119,185,572
<SHARES-COMMON-STOCK> 129,121
<SHARES-COMMON-PRIOR> 107,549
<ACCUMULATED-NII-CURRENT> 11,347
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 238,416
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,951,054
<NET-ASSETS> 1,768,772
<DIVIDEND-INCOME> 683,306
<INTEREST-INCOME> 746,948
<OTHER-INCOME> 0
<EXPENSES-NET> 513,690
<NET-INVESTMENT-INCOME> 916,564
<REALIZED-GAINS-CURRENT> 274,144
<APPREC-INCREASE-CURRENT> (1,782,365)
<NET-CHANGE-FROM-OPS> (591,657)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,029)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,543
<NUMBER-OF-SHARES-REDEEMED> (4,726)
<SHARES-REINVESTED> 755
<NET-CHANGE-IN-ASSETS> 18,918,770
<ACCUMULATED-NII-PRIOR> 28,913
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (35,728)
<GROSS-ADVISORY-FEES> 225,438
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 603,690
<AVERAGE-NET-ASSETS> 1,619,387
<PER-SHARE-NAV-BEGIN> 13.83
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> (0.13)
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.7
<EXPENSE-RATIO> 2.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> EVERGREEN AMERICAN RETIREMENT FUND CLASS Y
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 117,617,860
<INVESTMENTS-AT-VALUE> 128,568,914
<RECEIVABLES> 4,137,029
<ASSETS-OTHER> 114,890
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132,820,833
<PAYABLE-FOR-SECURITIES> 2,000,900
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 433,544
<TOTAL-LIABILITIES> 2,434,444
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119,185,572
<SHARES-COMMON-STOCK> 2,710,150
<SHARES-COMMON-PRIOR> 2,974,648
<ACCUMULATED-NII-CURRENT> 11,347
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 238,416
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,951,054
<NET-ASSETS> 37,236,929
<DIVIDEND-INCOME> 683,306
<INTEREST-INCOME> 746,948
<OTHER-INCOME> 0
<EXPENSES-NET> 513,690
<NET-INVESTMENT-INCOME> 916,564
<REALIZED-GAINS-CURRENT> 274,144
<APPREC-INCREASE-CURRENT> (1,782,365)
<NET-CHANGE-FROM-OPS> (591,657)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (323,235)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 87,120
<NUMBER-OF-SHARES-REDEEMED> (370,659)
<SHARES-REINVESTED> 19,041
<NET-CHANGE-IN-ASSETS> 18,918,770
<ACCUMULATED-NII-PRIOR> 28,913
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (35,728)
<GROSS-ADVISORY-FEES> 225,438
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 603,690
<AVERAGE-NET-ASSETS> 40,135,374
<PER-SHARE-NAV-BEGIN> 13.86
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> (0.14)
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.74
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Trustees and Shareholders
The Evergreen American Retirement Trust
Evergreen Investment Trust
Evergreen Foundation Trust
In planning and performing our audit of the financial statements of the
Evergreen Balanced Funds (including Evergreen American Retirement Fund,
Evergreen Balanced Fund, Evergreen Foundation Fund and Evergreen Tax Strategic
Foundation Fund) for the three months ended March 31, 1997, we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of the Evergreen Balanced Funds is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risks that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
May 2, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
May 2, 1997
