<PAGE> PAGE 1
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020 B000001 13-2639722
020 C000001 153
020 A000002 INSTINET CORP.
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020 C000002 12
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020 C000004 0
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<PAGE> PAGE 2
022 C000001 1829
022 D000001 5073
022 A000002 LEHMAN BROTHERS
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022 C000006 1622
022 D000006 53
022 A000007 SMITH BARNEY INC.
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022 C000007 1529
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<PAGE> PAGE 3
077 Q010000 Y
078 000000 N
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
053 C000100 N
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<PAGE> PAGE 7
066 G000100 N
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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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 U.S. REAL ESTATE EQUITY FUND CLASS A
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEPT-30-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> SEPT-30-1997
<INVESTMENTS-AT-COST> 20,722,324
<INVESTMENTS-AT-VALUE> 26,871,169
<RECEIVABLES> 1,680,612
<ASSETS-OTHER> 241,410
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,793,191
<PAYABLE-FOR-SECURITIES> 1,345,104
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92,078
<TOTAL-LIABILITIES> 1,437,182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,403,899
<SHARES-COMMON-STOCK> 143,621
<SHARES-COMMON-PRIOR> 21,053
<ACCUMULATED-NII-CURRENT> 94,223
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,709,042
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,148,845
<NET-ASSETS> 27,356,009
<DIVIDEND-INCOME> 402,951
<INTEREST-INCOME> 6,392
<OTHER-INCOME> 0
<EXPENSES-NET> (254,250)
<NET-INVESTMENT-INCOME> 155,093
<REALIZED-GAINS-CURRENT> 4,054,572
<APPREC-INCREASE-CURRENT> 5,804,070
<NET-CHANGE-FROM-OPS> 10,013,735
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,261
<DISTRIBUTIONS-OF-GAINS> 38,196
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 184,220
<NUMBER-OF-SHARES-REDEEMED> (64,718)
<SHARES-REINVESTED> 3,065
<NET-CHANGE-IN-ASSETS> 3,587,510
<ACCUMULATED-NII-PRIOR> 197,030
<ACCUMULATED-GAINS-PRIOR> 1,102,519
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (156,812)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (254,250)
<AVERAGE-NET-ASSETS> 729,674
<PER-SHARE-NAV-BEGIN> 12.49
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 8.57
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> (1.58)
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<PER-SHARE-NAV-END> 19.34
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<AVG-DEBT-OUTSTANDING> 0
<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 U.S. REAL ESTATE EQUITY FUND CLASS A
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEPT-30-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> SEPT-30-1997
<INVESTMENTS-AT-COST> 20,722,324
<INVESTMENTS-AT-VALUE> 26,871,169
<RECEIVABLES> 1,680,612
<ASSETS-OTHER> 241,410
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,793,191
<PAYABLE-FOR-SECURITIES> 1,345,104
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92,078
<TOTAL-LIABILITIES> 1,437,182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,403,899
<SHARES-COMMON-STOCK> 179,988
<SHARES-COMMON-PRIOR> 34,708
<ACCUMULATED-NII-CURRENT> 94,223
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,709,042
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,148,845
<NET-ASSETS> 27,356,009
<DIVIDEND-INCOME> 402,951
<INTEREST-INCOME> 6,392
<OTHER-INCOME> 0
<EXPENSES-NET> (254,250)
<NET-INVESTMENT-INCOME> 155,093
<REALIZED-GAINS-CURRENT> 4,054,572
<APPREC-INCREASE-CURRENT> 5,804,070
<NET-CHANGE-FROM-OPS> 10,013,735
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,714
<DISTRIBUTIONS-OF-GAINS> 78,705
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 154,550
<NUMBER-OF-SHARES-REDEEMED> (16,358)
<SHARES-REINVESTED> 7,088
<NET-CHANGE-IN-ASSETS> 2,229,478
<ACCUMULATED-NII-PRIOR> 197,030
<ACCUMULATED-GAINS-PRIOR> 1,102,519
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (156,812)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (254,250)
<AVERAGE-NET-ASSETS> 1,223,212
<PER-SHARE-NAV-BEGIN> 12.49
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 8.57
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> (1.58)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.34
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<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 U.S. REAL ESTATE EQUITY FUND CLASS A
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEPT-30-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> SEPT-30-1997
<INVESTMENTS-AT-COST> 20,722,324
<INVESTMENTS-AT-VALUE> 26,871,169
<RECEIVABLES> 1,680,612
<ASSETS-OTHER> 241,410
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,793,191
<PAYABLE-FOR-SECURITIES> 1,345,104
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92,078
<TOTAL-LIABILITIES> 1,437,182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,403,899
<SHARES-COMMON-STOCK> 87,415
<SHARES-COMMON-PRIOR> 10,050
<ACCUMULATED-NII-CURRENT> 94,223
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,709,042
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,148,845
<NET-ASSETS> 27,356,009
<DIVIDEND-INCOME> 402,951
<INTEREST-INCOME> 6,392
<OTHER-INCOME> 0
<EXPENSES-NET> (254,250)
<NET-INVESTMENT-INCOME> 155,093
<REALIZED-GAINS-CURRENT> 4,054,572
<APPREC-INCREASE-CURRENT> 5,804,070
<NET-CHANGE-FROM-OPS> 10,013,735
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,723
<DISTRIBUTIONS-OF-GAINS> 45,396
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 103,769
<NUMBER-OF-SHARES-REDEEMED> (27,945)
<SHARES-REINVESTED> 1,541
<NET-CHANGE-IN-ASSETS> 1,266,292
<ACCUMULATED-NII-PRIOR> 197,030
<ACCUMULATED-GAINS-PRIOR> 1,102,519
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (156,812)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (254,250)
<AVERAGE-NET-ASSETS> 491,716
<PER-SHARE-NAV-BEGIN> 12.49
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 8.57
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> (1.58)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.34
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<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 U.S. REAL ESTATE EQUITY FUND CLASS A
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEPT-30-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> SEPT-30-1997
<INVESTMENTS-AT-COST> 20,722,324
<INVESTMENTS-AT-VALUE> 26,871,169
<RECEIVABLES> 1,680,612
<ASSETS-OTHER> 241,410
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,793,191
<PAYABLE-FOR-SECURITIES> 1,345,104
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92,078
<TOTAL-LIABILITIES> 1,437,182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,403,899
<SHARES-COMMON-STOCK> 998,433
<SHARES-COMMON-PRIOR> 844,133
<ACCUMULATED-NII-CURRENT> 94,223
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,709,042
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,148,845
<NET-ASSETS> 27,356,009
<DIVIDEND-INCOME> 402,951
<INTEREST-INCOME> 6,392
<OTHER-INCOME> 0
<EXPENSES-NET> (254,250)
<NET-INVESTMENT-INCOME> 155,093
<REALIZED-GAINS-CURRENT> 4,054,572
<APPREC-INCREASE-CURRENT> 5,804,070
<NET-CHANGE-FROM-OPS> 10,013,735
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 227,570
<DISTRIBUTIONS-OF-GAINS> 1,293,384
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 137,476
<NUMBER-OF-SHARES-REDEEMED> (87,776)
<SHARES-REINVESTED> 104,600
<NET-CHANGE-IN-ASSETS> 2,083,236
<ACCUMULATED-NII-PRIOR> 197,030
<ACCUMULATED-GAINS-PRIOR> 1,102,519
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (156,812)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (254,250)
<AVERAGE-NET-ASSETS> 13,236,678
<PER-SHARE-NAV-BEGIN> 12.49
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 8.57
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> (1.58)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.34
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
November 11, 1997
To the Trustees and Shareholders of
Evergreen U.S. Real Estate Equity Fund
In planning and performing our audit of the financial statements of
Evergreen U.S. Real Estate Equity Fund (the "Fund") for the year
ended September 30, 1997, we considered its internal control,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Fund 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 control
activities. Generally, control activities that are relevant to an
audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those
control activities include the safeguarding of assets against loss
from unauthorized acquisition, use or disposition.
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 risk that it may become inadequate because of changes
in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control 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 any specific internal control
components 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, including control activities for
safeguarding securities, that we consider to be material weaknesses
as defined above as of September 30, 1997.
This report is intended solely for the information and use of
management and the Trustees of the Fund and the Securities and
Exchange Commission.
Price Waterhouse LLP
