<PAGE>
Annual Report
as of July 31, 2000
Evergreen CRT Money Market Funds
[LOGO OF MUTUAL FUND SERVICE AWARD]
[LOGO OF EVERGREEN FUNDS]
<PAGE>
Table of Contents
Letter to Shareholders ...................................................... 1
Fund at a Glance
CRT California Tax-Exempt Money Market Fund............................. 2
CRT Money Market Fund................................................... 3
CRT New York Tax-Exempt Money Market Fund............................... 4
CRT Tax-Exempt Money Market Fund........................................ 5
U.S. Government Money Market Fund....................................... 6
Financial Highlights
CRT California Tax-Exempt Money Market Fund............................. 7
CRT Money Market Fund................................................... 8
CRT New York Tax-Exempt Money Market Fund............................... 9
CRT Tax-Exempt Money Market Fund........................................ 10
U.S. Government Money Market Fund....................................... 11
Schedule of Investments
CRT California Tax-Exempt Money Market Fund............................. 12
CRT Money Market Fund................................................... 15
CRT New York Tax-Exempt Money Market Fund............................... 22
CRT Tax-Exempt Money Market Fund........................................ 24
U.S. Government Money Market Fund....................................... 33
Combined Notes to Schedules of Investments................................... 35
Statements of Assets and Liabilities......................................... 36
Statements of Operations..................................................... 37
Statements of Changes in Net Assets.......................................... 38
Combined Notes to Financial Statements....................................... 40
Report of Independent Auditors............................................... 48
Additional Information....................................................... 49
--------------------------------------------------------------------------------
Evergreen Funds
--------------------------------------------------------------------------------
Evergreen Funds is one of the nation's fastest growing investment companies
with approximately $80 billion in assets under management.
With over 80 mutual funds to choose among and acclaimed service and operations
capabilities, investors enjoy a broad range of quality investment products and
services designed to meet their needs.
The Evergreen Funds employ intensive, research-driven investment strategies
executed by over 90 research analysts and portfolio managers. The fund company
remains dedicated to meeting the needs of investors and their advisors in a
global economy. Look to the Evergreen Funds to provide a distinctive level of
service and excellence in investment management.
This annual report must be preceded or accompanied by a prospectus of an
Evergreen fund contained herein. The prospectus contains more complete
information, including fees and expenses, and should be read carefully before
investing or sending money.
Mutual Funds: ARE NOT FDIC INSURED MAY LOSE VALUE NOT BANK GUARANTEED
Evergreen Distributor, Inc.
Evergreen Funds(SM) is a service mark of Evergreen Investment Services, Inc.
<PAGE>
Evergreen CRT Money Market Funds
Letter to Shareholders
September 2000
Dear Evergreen Shareholders,
We are pleased to provide the Evergreen Cash Resource Trust Money Markets annual
report, which covers the twelve-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 four months of
the period. Although these sectors have experienced sharp corrections, they
remain favored sectors.
The Federal Reserve Board increased interest rates six times during the
twelve-month period resulting in the highest Fed funds rate since May 1995.
Normally, the tightening of the money supply would curtail consumer spending,
however, investors in stocks and equity funds seemed to be ignoring the Federal
Reserve Board's actions to insulate the economy from the threat of inflation.
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 CRT Money Market Funds
Evergreen CRT California Tax-Exempt Money Market Fund
Fund at a Glance as of July 31, 2000
Portfolio Management
Steven C. Shachat
Tenure: May 1999
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*1
--------------------------------------------------------------------------------
Class A
Inception Date 12/09/1996
Average Annual Returns
1 year 2.84%
Since Portfolio Inception 2.63%
7-day annualized yield 3.36%
30-day annualized yield 3.12%
12-month distributions per share $0.03
* The yield quotation more closely reflects the current earnings of the fund
than the total return quotation.
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
8/99 2.34%
9/99 2.61%
10/99 2.45%
11/99 2.81%
12/99 3.34%
1/00 2.44%
2/00 2.77%
3/00 2.70%
4/00 3.50%
5/00 3.13%
6/00 3.57%
7/00 3.36%
Class A Shares
Total Net Assets: $ 120,716,549
Average Maturity: 33 days
1 Past performance is no guarantee of future results. The investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost. Performance
includes the reinvestment of income dividends and capital gain distributions.
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 FDIC 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.
The Fund's investment objective is non-fundamental and may be changed without
the vote of the Fund's shareholders.
All data is as of July 31, 2000 and subject to change.
2
<PAGE>
Evergreen CRT Money Market Funds
Evergreen CRT Money Market Fund
Fund at a Glance as of July 31, 2000
Portfolio Management
J. Kellie Allen Bryan K. White, CFA
Tenure: May 1999 Tenure: May 1999
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*1
--------------------------------------------------------------------------------
Class A
Inception Date 12/20/1993
Average Annual Returns
1 year 5.26%
5 years 4.88%
Since Portfolio Inception 4.73%
7-day annualized yield 5.80%
30-day annualized yield 5.79%
12-month distributions per share $0.05
* The yield quotation more closely reflects the current earnings of the fund
than the total return quotation.
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
8/99 4.47%
9/99 4.58%
10/99 4.66%
11/99 4.92%
12/99 5.24%
1/00 5.08%
2/00 5.29%
3/00 5.28%
4/00 5.39%
5/00 5.57%
6/00 5.78%
7/00 5.80%
Class A Shares
Total Net Assets: $ 5,574,631,559
Average Maturity: 57 days
1 Past performance is no guarantee of future results. The investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost. Performance
includes the reinvestment of income dividends and capital gain distributions.
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 FDIC 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.
The Fund's investment objective is non-fundamental and may be changed without
the vote of the Fund's shareholders.
All data is as of July 31, 2000 and subject to change.
3
<PAGE>
Evergreen CRT Money Market Funds
Evergreen CRT New York Tax-Exempt Money Market Fund
Fund at a Glance as of July 31, 2000
Portfolio Management
Steven C. Shachat Tenure:
May 1999
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*1
--------------------------------------------------------------------------------
Class A
Inception Date 12/09/1996
Average Annual Returns
1 year 3.16%
Since Portfolio Inception 2.78%
7-day annualized yield 3.43%
30-day annualized yield 3.27%
12-month distributions per share $0.03
* The yield quotation more closely reflects the current earnings of the fund
than the total return quotation.
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
8/99 2.58%
9/99 2.93%
10/99 2.71%
11/99 3.09%
12/99 3.56%
1/00 2.81%
2/00 3.33%
3/00 3.10%
4/00 3.68%
5/00 3.51%
6/00 3.96%
7/00 3.43%
Class A Shares
Total Net Assets: $ 40,500,854
Average Maturity: 75 days
1 Past performance is no guarantee of future results. The investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost. Performance
includes the reinvestment of income dividends and capital gain distributions.
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 FDIC 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.
The Fund's investment objective is non-fundamental and may be changed without
the vote of the Fund's shareholders.
All data is as of July 31, 2000 and subject to change.
4
<PAGE>
Evergreen CRT Money Market Funds
Evergreen CRT Tax-Exempt Money Market Fund
Fund at a Glance as of July 31, 2000
Portfolio Management
Steven C. Shachat Tenure:
May 1999
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*1
--------------------------------------------------------------------------------
Class A
Inception Date 12/20/1993
Average Annual Returns
1 year 3.19%
5 years 2.92%
Since Portfolio Inception 2.85%
7-day annualized yield 3.60%
30-day annualized yield 3.35%
12-month distributions per share $0.03
* The yield quotation more closely reflects the current earnings of the fund
than the total return quotation.
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
8/99 2.56%
9/99 3.00%
10/99 2.70%
11/99 3.12%
12/99 4.12%
1/00 2.62%
2/00 3.19%
3/00 3.11%
4/00 4.07%
5/00 3.65%
6/00 4.04%
7/00 3.60%
Class A Shares
Total Net Assets: $ 823,094,101
Average Maturity: 7 days
1 Past performance is no guarantee of future results. The investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost. Performance
includes the reinvestment of income dividends and capital gain distributions.
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 FDIC 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.
The Fund's investment objective is non-fundamental and may be changed without
the vote of the Fund's shareholders.
All data is as of July 31, 2000 and subject to change.
5
<PAGE>
Evergreen CRT Money Market Funds
Evergreen U.S. Government Money Market Fund
Fund at a Glance as of July 31, 2000
Portfolio Management
J. Kellie Allen Bryan K. White, CFA
Tenure: May 1999 Tenure: May 1999
--------------------------------------------------------------------------------
PERFORMANCE AND RETURNS*1
--------------------------------------------------------------------------------
Class A
Inception Date 12/20/1993
Average Annual Returns
1 year 5.12%
5 years 4.78%
Since Portfolio Inception 4.62%
7-day annualized yield 5.61%
30-day annualized yield 5.60%
12-month distributions per share $0.05
* The yield quotation more closely reflects the current earnings of the fund
than the total return quotation.
--------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
--------------------------------------------------------------------------------
[GRAPH]
8/99 4.40%
9/99 4.53%
10/99 4.62%
11/99 4.83%
12/99 4.79%
1/00 4.89%
2/00 5.23%
3/00 5.17%
4/00 5.28%
5/00 5.41%
6/00 5.56%
7/00 5.61%
Class A Shares
Total Net Assets: $ 3,404,000,938
Average Maturity: 69 days
1 Past performance is no guarantee of future results. The investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost. Performance
includes the reinvestment of income dividends and capital gain distributions.
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 FDIC 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.
The Fund's investment objective is non-fundamental and may be changed without
the vote of the Fund's shareholders.
All data is as of July 31, 2000 and subject to change.
6
<PAGE>
Evergreen CRT Money Market Funds
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
CRT California Tax-Exempt
Money Market Fund
--------------------------------
Year Ended July 31,
--------------------------------
2000 1999 1998 1997 (a)
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------------------------------------------------------------------
Net investment income 0.03 0.02 0.03 0.02
Distributions to shareholders from net
investment income (0.03) (0.02) (0.03) (0.02)
------------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------------------------------------------------------------------
Total return 2.84% 2.22% 2.74% 1.76%
------------------------------------------------------------------------
Ratios and supplemental data
------------------------------------------------------------------------
Net assets, end of period (millions) $121 $106 $96 $89
Ratios to average net assets
Expenses++ 0.78% 0.78% 0.75% 0.75%+
Net investment income 2.80% 2.24% 2.70% 2.70%+
------------------------------------------------------------------------
</TABLE>
(a) For the period from December 9, 1996 (commencement of operations) to July
31, 1997.
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions.
See Combined Notes to Financial Statements.
7
<PAGE>
Evergreen CRT Money Market Funds
Financial Highlights (continued)
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
CRT Money Market Fund
--------------------------------------
Year Ended July 31,
--------------------------------------
2000 1999 1998 1997 1996
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------------------------------------------------------------------------
Net investment income 0.05 0.04 0.05 0.05# 0.05
Distributions to shareholders from
net investment income (0.05) (0.04) (0.05) (0.05) (0.05)
--------------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------------------------------------------------------------------------
Total return 5.26% 4.49% 4.95% 4.77% 4.91%
--------------------------------------------------------------------------
Ratios and supplemental data
--------------------------------------------------------------------------
Net assets, end of period
(millions) $5,575 $4,849 $3,818 $2,942 $647
Ratios to average net assets
Expenses++ 0.88% 0.85% 0.84% 0.86% 0.82%
Net investment income 5.16% 4.35% 4.84% 4.67% 4.77%
--------------------------------------------------------------------------
</TABLE>
++ The ratio of expenses to average net assets excludes expense reductions.
# Includes net realized capital gains (losses) which were less than $0.01 per
share.
See Combined Notes to Financial Statements.
8
<PAGE>
Evergreen CRT Money Market Funds
Financial Highlights (continued)
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
CRT New York Tax-Exempt
Money Market Fund
--------------------------------
Year Ended July 31,
--------------------------------
2000 1999 1998 1997 (a)
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------------------------------------------------------------------
Net investment income 0.03 0.02 0.03 0.02
Distributions to shareholders from net
investment income (0.03) (0.02) (0.03) (0.02)
------------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------------------------------------------------------------------
Total return 3.16% 2.44% 2.76% 1.77%
------------------------------------------------------------------------
Ratios and supplemental data
------------------------------------------------------------------------
Net assets, end of period (millions) $41 $21 $15 $12
Ratios to average net assets
Expenses++ 0.81% 0.80% 0.80% 0.80%+
Net investment income 3.21% 2.32% 2.72% 2.77%+
------------------------------------------------------------------------
</TABLE>
(a) For the period from December 9, 1996 (commencement of operations) to July
31, 1997.
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions.
See Combined Notes to Financial Statements.
9
<PAGE>
Evergreen CRT Money Market Funds
Financial Highlights (continued)
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
CRT Tax-Exempt Money Market Fund
--------------------------------------
Year Ended July 31,
--------------------------------------
2000 1999 1998 1997 1996
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------------------------------------------------------------------------------
Net investment income 0.03 0.03 0.03 0.03 0.03
Distributions to shareholders from net
investment income (0.03) (0.03) (0.03) (0.03) (0.03)
-------------------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------------------------------------------------------------------------------
Total return 3.19% 2.63% 2.96% 2.91% 2.90%
-------------------------------------------------------------------------------
Ratios and supplemental data
-------------------------------------------------------------------------------
Net assets, end of period (millions) $823 $832 $815 $744 $291
Ratios to average net assets
Expenses++ 0.74% 0.73% 0.71% 0.71% 0.76%
Net investment income 3.12% 2.53% 2.91% 2.88% 2.85%
-------------------------------------------------------------------------------
</TABLE>
++ The ratio of expenses to average net assets excludes expense reductions.
See Combined Notes to Financial Statements.
10
<PAGE>
Evergreen CRT Money Market Funds
Financial Highlights (continued)
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
U.S. Government Money Market Fund
---------------------------------------
Year Ended July 31,
---------------------------------------
2000 1999 1998 1997 1996
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-----------------------------------------------------------------------
Net investment income 0.05 0.04 0.05 0.05# 0.05
Distributions to shareholders
from net investment income (0.05) (0.04) (0.05)# (0.05) (0.05)
-----------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-----------------------------------------------------------------------
Total return 5.12% 4.28% 4.92% 4.72% 4.74%
-----------------------------------------------------------------------
Ratios and supplemental data
-----------------------------------------------------------------------
Net assets, end of period
(millions) $3,404 $3,577 $3,162 $2,919 $1,402
Ratios to average net assets
Expenses++ 0.82% 0.82% 0.81% 0.81% 0.93%
Net investment income 4.99% 4.27% 4.80% 4.63% 4.63%
-----------------------------------------------------------------------
</TABLE>
++ The ratio of expenses to average net assets excludes expense reductions.
# Includes net realized capital gains (losses) which were less than $0.01 per
share.
See Combined Notes to Financial Statements.
11
<PAGE>
Evergreen CRT Money Market Funds
CRT California Tax-Exempt Money Market Fund
Schedule of Investments
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
-------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations - 99.2%
California - 74.8%
Auburn, CA IDA RB, Coherent, Inc. Proj., (LOC: Bank of
Tokyo-Mitsubishi, Ltd.), 5.75%, VRDN $1,600,000 $ 1,600,000
California CDA MHRB:
(Liq. Merrill Lynch & Co.), 4.03%, VRDN 3,000,000 3,000,000
Sunrise Fresno Proj., (Coll. by FNMA), 4.05%, VRDN 1,300,000 1,300,000
California Dept. Wtr. Res. RB, Ser. Q, 4.10%,
12/1/2000 900,000 900,859
California EDA Indl. Dev. RB:
Boyd Furniture Co. Proj., (LOC: Heller Finl., Inc. &
Chase Manhattan Bank), 4.35%, VRDN 5,700,000 5,700,000
Vorteck Engineering, Inc. Proj., (LOC: Bank of
Hawaii), 5.00%, VRDN 3,040,000 3,040,000
California GO:
5.60%, 9/1/2000 500,000 500,783
6.90%, 8/1/2000 250,000 250,000
California Hlth. Facs. Fin. Auth. RB, Kaiser
Permanente
(Liq. Morgan Stanley Dean Witter, Inc. & Ins. by FSA):
Ser. 1998-26, 3.83%, VRDN 2,300,000 2,300,000
Ser. 1998-152, 3.83%, VRDN 1,135,000 1,135,000
California Hsg. Fin. Agcy. MHRB:
(LOC: Citibank, N.A. & Ins. by MBIA), 4.20%, 8/1/2000 1,000,000 1,000,000
Ser. B, (SPA: Landesbank Hessen), 4.15%, VRDN 1,000,000 1,000,000
California Hsg. Fin. Agcy. RB, Ser. 1996-A, 3.93%,
VRDN 485,000 485,000
California Infrastructure & EDRB:
Gold Coast Baking Co. Proj., (LOC: Comerica Bank),
4.25%, VRDN 1,000,000 1,000,000
Haig Precision Manufacturing Corp. Proj., (LOC: Bank
of the West), 4.35%, VRDN 3,500,000 3,500,000
California Pollution Ctl. Fin. Auth. RB, Pacific Gas &
Elec. Proj.:
(LOC: Morgan Guaranty Trust Co.), 4.30%, VRDN 1,800,000 1,800,000
Ser. 96C, (SPA: Bank of America), 4.05%, VRDN 1,300,000 1,300,000
Contra Costa, CA Wtr. Master Trust Cert., Ser. 1999-8
(SPA: ABN Amro Bank & Ins. by FGIC), 3.75%,
11/1/2000 144A 500,000 500,000
</TABLE>
12
<PAGE>
Evergreen CRT Money Market Funds
CRT California Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2000
Principal
Amount Value
-------------------------------------------------------------------------------
Municipal Obligations (continued)
California (continued)
Fremont, CA MHRB, Mission Wells Proj., Ser. E, (LOC:
Bayerische Landesbank & Credit Lyonnais), 4.10%,
VRDN $2,910,000 $ 2,910,000
Glenn Cnty., CA IDA RB, Land O'Lakes, Inc., (LOC:
Norwest Bank, MN), 4.55%, VRDN 1,900,000 1,900,000
Las Virgenes, CA Muni. Wtr. Dist. COP, Capital Impt.
Proj., 8.75%, 11/1/2000 1,575,000 1,594,714
Los Angeles, CA MHRB, Ser. B, (Liq. FHLB), 4.10%, VRDN 3,000,000 3,000,000
Los Angeles, CA Unified Sch. Dist. Master Trust Cert.,
Ser. 1999-7, (SPA: ABN Amro Bank & Ins. by MBIA),
4.05%, VRDN 144A 4,800,000 4,800,000
Midway, CA Sch. Dist. COP, Refinancing Proj., Ser.
2000, (LOC: Union Bank of California), 4.35%, VRDN 6,125,000 6,125,000
Newport Beach, CA RB, Hoag Mem. Hosp. Proj., (SPA:
Bank of America):
4.05%, VRDN 1,600,000 1,600,000
Ser. A, 4.05%, VRDN 5,500,000 5,500,000
Ontario, CA IDA RB, Erenberg Brothers Proj., Ser.
1988-A, (LOC: Tokai Bank, Ltd.), 5.85%, VRDN 900,000 900,000
Orange Cnty., CA Community Facs. Tax Spl. Assmt. RB,
No. 87-4 Ser. A, 8.00%, 8/15/2000 1,000,000 1,002,549
Orange Cnty., CA Local Trans. Auth. Sales Tax RB,
5.50%, 2/15/2001 500,000 504,187
Palo Alto, CA Unified Sch. Dist. GO, Ser. B, 5.25%,
8/1/2000 500,000 500,000
Richmond, CA TRAN, 4.75%, 12/7/2000 5,000,000 5,004,173
Sacramento Cnty., CA MHRB, Point Natomas Holdings,
Ser. H1, (LOC: Dai Ichi Kangyo Bank), 4.80%,
12/15/2000 4,000,000 4,000,000
Sacramento, CA Transit Dist. COP, Ser. A, 6.25%,
3/1/2001 940,000 951,639
San Diego Cnty. & Sch. Dist. RB, P-Floats-PT 1247,
(Liq. Merrill Lynch & Co.), 4.23%, VRDN 9,000,000 9,000,000
San Diego Cnty., CA COP, San Diego Museum of Art,
(LOC: Allied Irish Bank PLC), 3.85%, VRDN 2,000,000 2,000,000
San Diego, CA Certs., P-Floats-PT 1076, (SPA: Bank of
America & Ins. by FGIC), 3.88%, VRDN 3,000,000 3,000,000
13
<PAGE>
Evergreen CRT Money Market Funds
CRT California Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
-------------------------------------------------------------------------------
Municipal Obligations (continued)
California (continued)
San Diego, CA Unified Port Dist. CP, Lindburg Field,
Ser. B, (LOC: Canadian Imperial Bank), 4.00%,
10/20/2000 $1,419,000 $ 1,419,000
San Jose, CA Redev. Agcy. Tax Allocation, Merged Area
Redev. Proj., (Ins. by AMBAC), 4.50%, 8/1/2000 250,000 250,000
San Juan, CA Unified Sch. Dist. GO, (Ins. by FSA),
4.75%, 8/1/2000 1,800,000 1,800,000
Santa Monica, CA Malibu Sch. Dist. GO, 4.35%, 8/1/2000 200,000 200,000
Southern California Metro. Wtr. Dist. RB, Ser. 116,
(LOC: Morgan Gty. Trust Co.), 3.90%, VRDN 1,995,000 1,995,000
-------------------------------------------------------------------------------
90,267,904
-------------------------------------------------------------------------------
Puerto Rico - 8.9%
Puerto Rico Cmmwlth. Hwy. & Trans. Auth. RB, (Liq.
Salomon Smith Barney & Ins. by MBIA-IBC), 3.93%,
VRDN 2,400,000 2,400,000
Puerto Rico Indl. Med. & Env. PCRB, Becton Dickinson &
Co., 4.10%, 3/1/2001 2,200,000 2,200,000
Puerto Rico Muni. Fin. Agcy. GO, Ser. A, 5.00%,
8/1/2000 6,135,000 6,135,000
-------------------------------------------------------------------------------
10,735,000
-------------------------------------------------------------------------------
Other - 15.5%
Koch Certificates Trust RB, Ser. 1999-2, (SPA: State
Street Bank & Trust & Ins. by AMBAC), 4.23%, VRDN 10,996,849 10,996,849
Pitney Bowes Credit Corp. Leasetops, Ser. 1999-1,
(Ins. by AMBAC), 4.25%, 1/24/2001 144A 7,699,218 7,699,218
-------------------------------------------------------------------------------
18,696,067
-------------------------------------------------------------------------------
Total Investments - (cost $119,698,971) - 99.2% 119,698,971
Other Assets and Liabilities - net - 0.8 1,017,578
-------------------------------------------------------------------------------
Net Assets - 100.0% $120,716,549
-------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Schedules of Investments.
14
<PAGE>
Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
-----------------------------------------------------------------
Commercial Paper - 53.5%
Asset Backed - 26.2%
Asset One Securitization LLC:
6.54%, 8/11/2000 $ 70,000,000 $ 69,872,834
6.55%, 8/11/2000 34,838,000 34,774,614
Atlantic Asset Securitization Corp.:
6.53%, 8/15/2000 96,756,000 96,510,294
6.54%, 8/28/2000 23,084,000 22,970,773
Bavaria Universal Funding,
6.55%, 8/11/2000 50,000,000 49,909,028
Broadway Capital Corp.,
6.64%, 9/13/2000 20,340,000 20,178,681
Concord Minutemen Capital Corp.:
6.54%, 8/17/2000 75,000,000 74,782,000
6.56%, 10/16/2000 58,456,000 57,646,449
6.57%, 10/16/2000 30,498,000 30,074,993
Crown Point Capital Co.:
6.54%, 9/18/2000 46,006,000 45,604,828
6.55%, 8/11/2000 30,133,000 30,078,175
6.56%, 10/6/2000 54,849,000 54,189,349
6.60%, 10/6/2000 58,577,000 57,868,218
Galaxy Funding Inc.:
6.60%, 10/10/2000 55,000,000 54,294,167
6.61%, 8/17/2000 200,000,000 199,412,444
Halogen Capital Co., LLC,
6.54%, 8/17/2000 100,000,000 99,709,333
Lexington Parker Capital Corp.:
6.64%, 8/29/2000 45,000,000 44,995,680
6.69%, 8/24/2000 50,000,000 49,786,292
Moat Funding, LLC:
6.54%, 8/30/2000 50,000,000 49,736,583
6.66%, 8/11/2000 20,860,000 20,821,409
Sheffield Receivables Corp.:
6.52%, 8/23/2000 50,000,000 49,800,778
6.54%, 8/4/2000 75,000,000 74,959,125
</TABLE>
15
<PAGE>
Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
---------------------------------------------------------------------
Commercial Paper (continued)
Asset Backed (continued)
Special Purpose Accounts Receivable Co.,
6.52%, 8/4/2000 $100,000,000 $ 99,945,667
Tannehill Capital Co.,
6.58%, 9/11/2000 75,000,000 74,437,958
---------------------------------------------------------------------
1,462,359,672
---------------------------------------------------------------------
Automobiles - 0.2%
BMW UK Capital PLC,
6.84%, 2/9/2001 11,770,000 11,741,855
---------------------------------------------------------------------
Brokers - 1.4%
Donaldson Lufkin & Jenrette, Inc., MTN,
6.60%, 8/8/2000 75,000,000 74,903,750
---------------------------------------------------------------------
Diversified Financials - 15.6%
ASAP Funding Ltd.,
6.60%, 9/11/2000 50,000,000 49,624,167
Barton Capital Corp.,
6.54%, 9/8/2000 155,815,000 154,739,357
Bills Securitization,
6.63%, 9/12/2000 60,000,000 59,535,900
Check Point Charlie, Inc.,
6.57%, 10/24/2000 91,250,000 89,851,138
Cooperative Assn. Tractor Dealers,
6.70%, 8/1/2000 100,000,000 100,000,000
Moriarty, Ltd.,
6.56%, 10/11/2000 47,000,000 46,391,925
Seven Hills Funding Corp.,
6.55%, 8/17/2000 45,000,000 44,869,000
Trident Capital Fin., Inc.,
6.52%, 8/14/2000 77,000,000 76,818,708
6.54%, 8/9/2000 100,000,000 99,854,666
Westways Funding Corp. V,
6.66%, 8/1/2000 25,000,000 25,000,000
</TABLE>
16
<PAGE>
Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
--------------------------------------------------------------------------
Commercial Paper (continued)
Diversified Financials (continued)
Westways Funding Corp. I,
6.68%, 8/1/2000 $ 26,289,000 $ 26,289,000
Westways Funding Corp. II,
6.68%, 8/1/2000 41,500,000 41,500,000
Westways Funding Corp. III,
6.58%, 10/10/2000 44,000,000 43,437,044
Xerox Credit Corp.,
5.40%, 9/11/2000 12,550,000 12,537,136
--------------------------------------------------------------------------
870,448,041
--------------------------------------------------------------------------
Diversified Telecommunication Services - 5.4%
AT&T Corp.:
7.09%, 7/13/2001 50,000,000 50,000,000
7.27%, 6/14/2001 100,000,000 100,000,000
MCI Worldcom, Inc.:
6.35%, 1/29/2001 50,000,000 48,404,686
6.69%, 8/7/2000 50,000,000 50,000,000
Vodafone Airtouch PLC, 6.86%, 9/21/2000 50,000,000 50,000,000
--------------------------------------------------------------------------
298,404,686
--------------------------------------------------------------------------
Food & Drug Retailing - 1.9%
Two Limited:
6.58%, 8/4/2000 39,585,000 39,563,294
6.62%, 8/18/2000 68,000,000 67,787,425
--------------------------------------------------------------------------
107,350,719
--------------------------------------------------------------------------
Insurance - 2.8%
Countrywide Funding Corp.:
6.54%, 8/3/2000 75,000,000 74,972,750
6.55%, 8/28/2000 50,000,000 49,754,375
Lake Front Co., 6.57%, 8/10/2000 32,888,000 32,833,981
--------------------------------------------------------------------------
157,561,106
--------------------------------------------------------------------------
Total Commercial Paper (cost $2,982,769,829) 2,982,769,829
--------------------------------------------------------------------------
</TABLE>
17
<PAGE>
Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
-------------------------------------------------------------------------------
Corporate Bonds - 41.8%
Asset Backed - 4.4%
Asset Backed Capital, 7.36%, 5/15/2001 $ 25,000,000 $ 25,000,000
CC USA Inc. MTN Bank Entry, 6.83%, 8/1/2000 75,000,000 75,000,000
Evans Street Properties, LLC, 6.62%, 8/2/2000 3,200,000 3,200,000
Morganite Inds. Inc., 6.62%, 8/2/2000 20,000,000 20,000,000
Strategic Money Market Trust Notes, 6.81%,
9/13/2000 100,000,000 100,000,000
Syndicated Loan Funding Trust, 6.875%, 8/16/2000 25,000,000 25,000,000
-------------------------------------------------------------------------------
248,200,000
-------------------------------------------------------------------------------
Banks - 5.6%
Bank One Corp., MTN:
6.71%, 8/7/2000 25,000,000 25,009,512
6.86%, 10/17/2000 75,000,000 75,075,313
FCC Natl. Bank Wilmington DE, FRN, 6.90%, 9/5/2000 55,000,000 55,014,552
First USA Bank NA, 5.95%, 9/29/2000 40,000,000 39,996,911
Natl. Bank Commerce Memphis, TN FRN,
6.81%, 9/20/2000 50,000,000 49,975,000
U.S. Bank Natl. Assn., Minneapolis, 6.72%,
2/8/2001 30,000,000 29,990,632
Union Planters Bank Natl. Assn., 6.97%, 8/22/2000 35,000,000 35,001,313
-------------------------------------------------------------------------------
310,063,233
-------------------------------------------------------------------------------
Brokers - 13.4%
Bear Stearns Co., Inc., MTN:
6.30%, 1/12/2001 75,000,000 74,981,364
6.60%, 1/19/2001 50,000,000 50,000,000
6.79%, 2/26/2001 25,000,000 25,000,000
6.92%, 8/28/2000 50,000,000 50,062,358
Donaldson Lufkin & Jenrette, Inc., MTN:
6.45%, 1/8/2001 35,000,000 35,000,000
6.81%, 8/18/2000 15,000,000 15,004,753
7.35%, 7/9/2001 25,000,000 25,000,000
7.60%, 6/22/2001 25,000,000 25,000,000
Goldman Sachs Group, Inc. LP MTN:
6.00%, 8/7/2000 50,000,000 50,000,000
6.86%, 10/16/2000 100,000,000 100,333,805
</TABLE>
18
<PAGE>
Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
------------------------------------------------------------------
Corporate Bonds (continued)
Brokers (continued)
Lehman Brothers Holdings, Inc., MTN:
6.00%, 2/26/2001 $ 12,900,000 $ 12,840,402
6.33%, 8/1/2000 9,510,000 9,510,000
6.375%, 3/15/2001 20,000,000 19,950,745
6.50%, 9/25/2000 31,000,000 30,999,244
6.50%, 12/1/2000 25,000,000 25,005,109
6.65%, 11/8/2000 22,500,000 22,511,873
Morgan Stanley Group Inc., FRN,
6.65%, 8/15/2000 75,000,000 75,000,000
Northern Rock PLC,
6.87%, 4/20/2001 50,000,000 50,000,000
Paine Webber Group Inc., MTN:
5.95%, 8/14/2000 45,000,000 45,000,000
7.31%, 8/9/2000 4,500,000 4,501,127
------------------------------------------------------------------
745,700,780
------------------------------------------------------------------
Commercial Services & Supplies - 0.1%
Walker & Associates,
6.62%, 8/2/2000 3,400,000 3,400,000
------------------------------------------------------------------
Diversified Financials - 14.3%
Associates Corp. of North America,
6.375%, 8/15/2000 47,500,000 47,506,646
Associates Pass Through Asset Trust,
6.45%, 9/15/2000 144A 131,000,000 131,016,388
Capital Fin., Inc.,
6.67%, 2/13/2001 50,000,000 50,000,000
CitiGroup, Inc.,
6.68%, 10/16/2000 50,000,000 49,953,908
General Electric Capital Corp., MTN,
6.12%, 8/15/2000 23,000,000 23,000,907
</TABLE>
19
<PAGE>
Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
--------------------------------------------------------------------------
Corporate Bonds (continued)
Diversified Financials (continued)
General Mtrs. Acceptance Corp., MTN,
6.10%, 1/22/2001 $ 5,000,000 $ 4,988,161
Greenwich Funding Corp.,
6.54%, 9/19/2000 70,000,000 69,376,883
Heller Finl., Inc., MTN,
7.10%, 9/25/2000 31,950,000 32,024,092
John Deere Capital Corp., MTN,
7.14%, 6/20/2001 25,000,000 24,989,602
RACERS, FRN,
6.73%, 12/15/2000 50,000,000 50,000,000
Sigma Finance, FRN,
7.11%, 8/1/2000 125,000,000 125,000,000
Textron Finl. Corp. MTN,
6.41%, 8/2/2000 30,000,000 30,000,000
Transamerica Fin. Corp., MTN:
6.70%, 8/18/2000 135,000,000 135,000,000
6.96%, 9/5/2000 25,000,000 25,000,000
--------------------------------------------------------------------------
797,856,587
--------------------------------------------------------------------------
Diversified Telecommunication Services - 1.2%
AT&T Capital Corp., MTN,
7.50%, 11/15/2000 19,700,000 19,769,726
GTE Corp.,
6.76%, 10/11/2000 50,000,000 49,983,333
--------------------------------------------------------------------------
69,753,059
--------------------------------------------------------------------------
Insurance - 2.8%
Barton Healthcare, LLC,
6.70%, 8/2/2000 3,915,000 3,915,000
Carolina Medi Plan Inc.,
6.62%, 8/2/2000 50,000,000 50,000,000
</TABLE>
20
<PAGE>
Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments (continued)
July 31, 2000
Principal
Amount Value
-------------------------------------------------------------------------------
Corporate Bonds (continued)
Insurance (continued)
Peoples Security Life, FRN,
6.77%, 10/2/2000 $100,000,000 $ 100,000,000
-------------------------------------------------------------------------------
153,915,000
-------------------------------------------------------------------------------
Total Corporate Bonds (cost $2,328,888,659) 2,328,888,659
-------------------------------------------------------------------------------
Funding Agreements - 1.8%
Allstate Life Insurance Co.,
6.91%, 3/15/2001 25,000,000 25,000,000
Brahms Funding Corp.,
6.65%, 9/18/2000 50,000,000 49,556,867
Jackson Natl. Life Funding, LLC,
7.29%, 6/29/2001 25,000,000 25,000,000
-------------------------------------------------------------------------------
Total Funding Agreements (cost $99,556,867) 99,556,867
-------------------------------------------------------------------------------
Municipal - 1.4%
Massachusetts Nursing Homes,
6.70%, VRDN 5,910,000 5,910,000
Virginia State Hsg. Dev. Auth.,
6.60%, VRDN 75,390,000 75,390,000
-------------------------------------------------------------------------------
Total Municipal (cost $81,300,000) 81,300,000
-------------------------------------------------------------------------------
Repurchase Agreements - 1.1%
Societe Generale,
6.58%, dated 7/31/2000, maturing 8/1/2000,
maturity value $60,530,007, (cost $60,518,945) #1 60,518,945 60,518,945
-------------------------------------------------------------------------------
60,518,945
-------------------------------------------------------------------------------
Total Investments (cost $5,553,034,300) - 99.6% 5,553,034,300
Other Assets and Liabilities - net - 0.4 21,597,259
-------------------------------------------------------------------------------
Net Assets - 100.0% $5,574,631,559
--------------------------------------------------------------------------------
See Combined Notes to Schedules of Investments.
21
<PAGE>
Evergreen CRT Money Market Funds
CRT New York Tax-Exempt Money Market Fund
Schedule of Investments
July 31, 2000
Principal
Amount Value
----------------------------------------------------------------------------
Municipal Obligations - 99.1%
New York - 94.2%
Herkimer Cnty., NY IDA RB, 4.35%, VRDN $1,000,000 $ 1,000,000
Katonah Lewisboro, NY Union Free Sch. GO, 4.63%,
7/27/2001 1,516,000 1,517,779
Long Island, NY Power Auth. RB, 4.38%, VRDN 1,700,000 1,700,000
Longwood, NY Central Sch. Dist. GO, 5.00%, 6/29/2001 2,000,000 2,006,088
Metropolitan Trans. Auth., NY Munitops Certs. Trust,
Ser. 1999-2, (SPA: ABN Amro Bank), 4.23%, VRDN 800,000 800,000
New York COP, 4.50%, 9/1/2000 1,000,000 999,992
New York Dormitory Auth. RB:
4.20%, VRDN 900,000 900,000
4.43%, VRDN 4,000,000 4,000,000
Ser. 1997-1A, (SPA: Commerzbank AG & Ins. by FGIC),
4.33%, VRDN 1,000,000 1,000,000
New York GO:
6.75%, 11/15/2000 1,000,000 1,006,888
Ser. A, 4.40%, 2/8/2001 1,000,000 1,000,000
Ser. B, 6.38%, 8/15/2000 1,710,000 1,711,389
New York Hsg. Fin. Agcy. RB, 4.33%, VRDN 890,000 890,000
New York Mtg. Agcy. RB, 4.25%, VRDN 500,000 500,000
New York Pwr. Auth. RB, 4.00%, 9/1/2000 2,000,000 2,000,000
New York Thruway Auth. General RB, (LOC: Societe
Generale), 4.45%, VRDN 100,000 100,000
New York, NY City Transitional Fin. Auth. RB:
Ser. 1998-27, (Liq. Bank of America, NA), 4.40%,
1/25/2001 4,000,000 4,000,000
Ser. A, 4.00%, 11/15/2000 1,000,000 999,981
New York, NY GO:
4.38%, VRDN 2,400,000 2,400,000
Ser. A, 5.40%, 8/1/2000 200,000 200,000
Oswego Cnty., NY IDA RB, 4.45%, VRDN 1,595,000 1,595,000
Port Auth. NY & NJ RB, Ser. 115, 3.88%, 8/1/2000 500,000 500,000
Rockland Cnty., NY IDA RB, 4.40%, VRDN 1,000,000 1,000,000
Seneca Cnty., NY IDA RB, 4.35%, VRDN 2,300,000 2,300,000
22
<PAGE>
Evergreen CRT Money Market Funds
CRT New York Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
-------------------------------------------------------------------------------
Municipal Obligations (continued)
New York (continued)
Suffolk Cnty., NY IDA Solid Wst. Disposal Facs. ROC RB,
(Liq. Salomon Smith Barney & Ins. by AMBAC), 4.38%,
VRDN $2,000,000 $ 2,000,000
Ulster Cnty., NY IDA RB, 4.50%, VRDN 2,000,000 2,000,000
-------------------------------------------------------------------------------
38,127,117
-------------------------------------------------------------------------------
Other - 4.9%
PFOTER, PPT-5, (LOC: Credit Suisse First Boston Corp.),
4.65%, 4/11/2001 2,000,000 2,000,000
-------------------------------------------------------------------------------
Total Investments - (cost $40,127,117) - 99.1% 40,127,117
Other Assets and Liabilities - net - 0.9 373,737
-------------------------------------------------------------------------------
Net Assets - 100.0% $40,500,854
-------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Schedules of Investments.
23
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
------------------------------------------------------------------------------
Municipal Obligations - 99.4%
Alabama - 5.3%
Birmingham, AL Baptist Med. Ctr. RB, 4.43%, VRDN $10,000,000 $ 10,000,000
Columbia, AL Ind. PCRB, Alabama Pwr. Co. Proj., Ser.
C, 4.38%, VRDN 5,600,000 5,600,000
Dallas Cnty., AL Hsg. Dev. Corp. RB, Ser. A,
(LOC: SouthTrust Bank NA), 4.43%, VRDN 1,485,000 1,485,000
Demopolis, AL IDA RB, Mesa Farms Proj., 4.40%, VRDN 8,000,000 8,000,000
Jefferson Cnty., AL Swr. RB, Ser. 352, 4.33%, VRDN 15,870,000 15,870,000
Ozark, AL Motel Facs. RB, Ozark Motel Proj., 4.37%,
VRDN 2,415,000 2,415,000
------------------------------------------------------------------------------
43,370,000
------------------------------------------------------------------------------
Arizona - 1.7%
Casa Grande, AZ IDA RB, Ser. A, 4.45%, VRDN 6,100,000 6,100,000
Maricopa Cnty., AZ IDA RB:
4.48%, VRDN 4,690,000 4,690,000
Young Elec. Sign Co. Proj., 4.45%, VRDN 3,300,000 3,300,000
------------------------------------------------------------------------------
14,090,000
------------------------------------------------------------------------------
Arkansas - 1.1%
Union Cnty., AR Indl. Board PCRB, Great Lakes
Chemical Corp., 4.40%, VRDN 9,000,000 9,000,000
------------------------------------------------------------------------------
Colorado - 3.4%
Arapahoe Cnty., CO MHRB, Rental Hsg. Hunters Run,
4.35%, VRDN 25,600,000 25,600,000
Colorado HFA IDA RB, Worldwest, LLC Proj.,
(LOC: Mercantile Bank), 4.60%, VRDN 2,500,000 2,500,000
------------------------------------------------------------------------------
28,100,000
------------------------------------------------------------------------------
Connecticut - 1.3%
Connecticut Hlth. & Edl. RB, Ascension Hlth. Credit,
Ser. B, 4.40%, VRDN 10,400,000 10,400,000
------------------------------------------------------------------------------
</TABLE>
24
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
-------------------------------------------------------------------------------
Municipal Obligations (continued)
District of Columbia - 1.3%
District of Columbia HFA RB, Tyler House Trust Cert.
Participation, Ser. A, 4.45%, VRDN $10,800,000 $ 10,800,000
-------------------------------------------------------------------------------
Florida - 5.8%
Broward Cnty., FL IDA RB, 4.40%, VRDN 1,600,000 1,600,000
Escambia Cnty., FL Single Family Mtg. RB, PFOTER,
4.36%, VRDN 1,130,000 1,130,000
Florida Board of Ed., ABN Amro Munitops Certificates
Trust, Ser. 1998-9, 4.31%, VRDN 3,000,000 3,000,000
Florida Board of Ed. Capital Outlay RB, Ser. 190,
4.33%, VRDN 1,100,000 1,100,000
Florida Turnpike Auth. RB, Ser. 1, 4.33%, VRDN 1,600,000 1,600,000
Jacksonville, FL EDA RB, Hartley Press, Inc., Ser. A,
4.40%, VRDN 4,500,000 4,500,000
Lee Cnty., FL Arpt., ABN Amro Munitops Certificates
Trust, 4.36%, VRDN 5,000,000 5,000,000
Niceville, FL Wtr. & Swr. RB, Ser. B, 4.35%, VRDN 1,700,000 1,700,000
Orange Cnty., FL Hlth. Facs. Auth. RB:
Muni. Secs. Trust Receipt, Ser. 11, 4.41%, VRDN 4,535,000 4,535,000
Presbyterian Retirement Proj., (LOC: Bank of
America), 4.30%, VRDN 10,700,000 10,700,000
Palm Beach Cnty., FL HFA RB, 4.46%, VRDN 7,830,000 7,830,000
Pasco Cnty., FL Edl. Facs. Auth. RB, Saint Leo Univ.
Proj., 4.43%, VRDN 3,000,000 3,000,000
Titusville, FL Multi-Purpose RB, 4.30%, VRDN 2,200,000 2,200,000
-------------------------------------------------------------------------------
47,895,000
-------------------------------------------------------------------------------
Georgia - 4.4%
Bibb Cnty., GA GO, Class A, Ser. C, 4.40%, VRDN 21,285,000 21,285,000
Cobb Cnty., GA RB, Kennestone Hosp. Auth.,
(SPA: Suntrust Bank), 4.40%, VRDN 10,000,000 10,000,000
Georgia Muni. Elec. Auth. RB, Muni. Secs. Trust
Receipts, Ser. 15, 4.41%, VRDN 5,040,000 5,040,000
-------------------------------------------------------------------------------
36,325,000
-------------------------------------------------------------------------------
</TABLE>
25
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
------------------------------------------------------------------------------
Municipal Obligations (continued)
Hawaii - 0.8%
Hawaii Arpt. Sys. RB, Ser. 238, 4.36%, VRDN $ 6,170,000 $ 6,170,000
------------------------------------------------------------------------------
Illinois - 10.3%
Arcola, IL IDA RB, Herff Jones Inc., Proj., (LOC:
Lasalle National Bank), 4.56%, VRDN 3,500,000 3,500,000
Chicago, IL GO:
ABN Amro Munitops, Ser. 1998-3, (SPA: ABN Amro
Bank), 4.33%, VRDN 31,000,000 31,000,000
Ser. 1984, (Liq. Societe Generale & Ins. by AMBAC),
4.41%, VRDN 2,900,000 2,900,000
Franklin Park, IL GO RB, (Liq. Societe Generale &
Ins. by AMBAC), 4.33%, VRDN 7,055,000 7,055,000
Illinois Dev. Fin. Auth. RB, 4.43%, VRDN 10,100,000 10,100,000
Illinois Fin. Dev. Auth. Indl. RB, Supervalu Inc.
Proj., 4.45%, VRDN 5,000,000 5,000,000
Illinois Fin. Dev. Auth. PCRB, Amerencips Proj.,
Ser. A, 4.30%, VRDN 25,000,000 25,000,000
------------------------------------------------------------------------------
84,555,000
------------------------------------------------------------------------------
Indiana - 6.8%
Indiana Hlth. Facs. Hosp. RB, Mary Sherman Hosp.
Proj., 4.40%, VRDN 11,590,000 11,590,000
Indiana IDA RB, Goodwill Industries Central IN
Proj., 4.35%, VRDN 2,190,000 2,190,000
Indianapolis, IN MHRB, Canal Square Proj., (LOC:
National City Bank), 4.35%, VRDN 10,130,000 10,130,000
Jasper Cnty., IN PCRB
4.50%, VRDN 12,940,000 12,940,000
Northern IN Pub. Ser. D, 4.50%, VRDN 11,900,000 11,900,000
St. Joseph Cnty., IN Edl. Facs. RB, Holy Cross
College Proj., 4.35%, VRDN 7,200,000 7,200,000
------------------------------------------------------------------------------
55,950,000
------------------------------------------------------------------------------
</TABLE>
26
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
-------------------------------------------------------------------------------
Municipal Obligations (continued)
Iowa - 1.9%
Municipal Secs. Trust Certificates, Iowa Hlth. Sys.,
Class A, 4.34%, VRDN $15,370,000 $ 15,370,000
-------------------------------------------------------------------------------
Kansas - 0.9%
Lenexa, KS MHRB, PFOTER, 4.46%, VRDN 7,275,000 7,275,000
-------------------------------------------------------------------------------
Kentucky - 1.1%
Boone Cnty., KY Indl. Bldg. RB, Lyon Magnus Proj.,
(LOC: Bank of America), 4.55%, VRDN 1,620,000 1,620,000
Carroll Cnty., KY Solid Wst. RB, Kentucky Util. Co.
Proj., Ser. A, 4.50%, VRDN 7,700,000 7,700,000
-------------------------------------------------------------------------------
9,320,000
-------------------------------------------------------------------------------
Louisiana - 0.9%
Bastrop, LA IDA RB, International Paper, 4.90%,
10/16/2000 1,210,000 1,210,000
Louisiana Pub. Facs. Auth. RB, Blood Center Proj.,
4.38%, VRDN 4,250,000 4,250,000
Saint Charles Parish, LA PCRB, Monsanto Co. Proj.,
4.40%, VRDN 1,900,000 1,900,000
-------------------------------------------------------------------------------
7,360,000
-------------------------------------------------------------------------------
Massachusetts - 1.0%
Massachusetts Ind. Fin. Agcy. RB, Commonwealth Ave.
Realty Proj., (LOC: State Street Bank & Trust Co.),
4.50%, VRDN 2,300,000 2,300,000
Municipal Secs. Trust Certificates, Massachusetts
HFA, Class A, 4.34%, VRDN 5,785,000 5,785,000
-------------------------------------------------------------------------------
8,085,000
-------------------------------------------------------------------------------
Minnesota - 0.5%
Minnesota Pub. Facs. ROC PCRB, (LOC: Commerzbank AG),
4.33%, VRDN 2,700,000 2,700,000
</TABLE>
27
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
------------------------------------------------------------------------------
Municipal Obligations (continued)
Minnesota (continued)
Saint Paul, MN Port Auth. RB, Pub. Hsg. Agcy. Proj.,
Ser. 5, 4.30%, VRDN $ 1,750,000 $ 1,750,000
------------------------------------------------------------------------------
4,450,000
------------------------------------------------------------------------------
Mississippi - 1.1%
Mississippi Hosp. Equipment & Facs. Auth. RB, North
MS Hlth. Svcs., Ser. 1, 4.35%, 8/15/2000 9,200,000 9,200,000
------------------------------------------------------------------------------
Missouri - 0.9%
Missouri Hsg. Dev. Commission Mtge. RB, (LOC: Banco
Santander, SA & Coll. by GNMA), 4.36%, VRDN 7,245,000 7,245,000
Springfield, MO Hwy. Impt. RB, (Ins. by AMBAC),
3.60%, VRDN 535,000 535,000
------------------------------------------------------------------------------
7,780,000
------------------------------------------------------------------------------
Nebraska - 1.2%
Douglas Cnty., NE Ind. Dev. RB, James Skinner Co.
Proj., (LOC: U.S. Bank NA), 4.80%, VRDN 3,050,000 3,050,000
Omaha Pub. Pwr. Dist., NE Elec. RB, Ser. 122, (Liq.
Morgan Stanley Dean Witter), 4.33%, VRDN 6,745,000 6,745,000
------------------------------------------------------------------------------
9,795,000
------------------------------------------------------------------------------
Nevada - 0.8%
Nevada GO:
ABN Amro Munitops, Ser. 1998-A, (SPA: ABN Amro
Bank), 4.33%, VRDN 5,000,000 5,000,000
Municipal Bond Bank Proj., 6.50%, 3/1/2001 1,590,000 1,609,647
------------------------------------------------------------------------------
6,609,647
------------------------------------------------------------------------------
New Hampshire - 0.4%
New Hampshire Higher Edl. & Hlth. RB, Hunt Community
Issue, 4.35%, VRDN 3,620,000 3,620,000
------------------------------------------------------------------------------
</TABLE>
28
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
------------------------------------------------------------------------------
Municipal Obligations (continued)
New Mexico - 1.1%
Albuquerque, NM IDA RB, General Technology Corp.
Proj., 4.40%, VRDN $ 3,985,000 $ 3,985,000
New Mexico Hosp. Equipment RB, Dialysis Clinic,
Inc., Proj., 4.38%, VRDN 5,000,000 5,000,000
------------------------------------------------------------------------------
8,985,000
------------------------------------------------------------------------------
New York - 1.8%
New York Thruway Auth. RB:
(Liq. Societe Generale), 4.45%, VRDN 1,400,000 1,400,000
Ser. 342, 4.43%, VRDN 8,492,500 8,492,500
Otsego Cnty., NY IDA RB, Templeton Foundation Proj.,
Ser. A, 4.35%, VRDN 4,650,000 4,650,000
------------------------------------------------------------------------------
14,542,500
------------------------------------------------------------------------------
North Carolina - 0.8%
Onslow Cnty., NC Indl. Facs. PCRB, 4.47%, VRDN 4,000,000 4,000,000
Vance Cnty., NC Indl. Facs. PCRB, Custom Molders,
Inc. Proj., 4.40%, VRDN 2,835,000 2,835,000
------------------------------------------------------------------------------
6,835,000
------------------------------------------------------------------------------
Ohio - 1.3%
Lima, OH Hosp. RB, Lima Mem. Hosp., 4.35%, VRDN 1,900,000 1,900,000
Montgomery Cnty., OH Hlth. Care RB, Windows Home
Proj., 4.35%, VRDN 4,500,000 4,500,000
Ohio Higher Edl. Facs. RB, Xavier Univ. Proj.,
4.30%, VRDN 4,000,000 4,000,000
------------------------------------------------------------------------------
10,400,000
------------------------------------------------------------------------------
Oregon - 0.7%
Umatilla Cnty., OR Sch. Dist. ROC RB, Hermiston,
4.33%, VRDN 5,950,000 5,950,000
------------------------------------------------------------------------------
</TABLE>
29
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
-------------------------------------------------------------------------------
Municipal Obligations (continued)
Pennsylvania - 11.5%
Allegheny Cnty., PA Hosp. Dev. Auth. RB, Hlth. Ctr.
St. Francis, 4.40%, VRDN $15,900,000 $ 15,900,000
Clinton Cnty., PA IDA RB, Ser.1992-A, 4.70%,
1/15/2001 1,600,000 1,600,000
Delaware Valley, PA Regl. Fin. RB, PFOTER, 4.38%,
VRDN 2,600,000 2,600,000
Emmaus, PA Gen. Auth. RB:
Local Government, Ser. B-20, 1999, (LOC: KBC Bank
NV), 4.25%, VRDN 11,400,000 11,400,000
Local Government, Ser. G-11, 1998, (LOC: KBC Bank
NV), 4.25%, VRDN 9,800,000 9,800,000
Ser. A-8, 1999, (LOC: KBC Bank NV), 4.25%, VRDN 10,000,000 10,000,000
Ser. B-21, 1999, (LOC: KBC Bank NV), 4.25%, VRDN 6,400,000 6,400,000
Ser. C-17, 1999, (LOC: KBC Bank NV), 4.25%, VRDN 10,000,000 10,000,000
Ser. D-18, 1999, (LOC: KBC Bank NV), 4.25%, VRDN 6,300,000 6,300,000
Ser. F-15, 1999, 4.25%, VRDN 12,400,000 12,400,000
Pennsylvania Intergovernmental Coop. Auth. RB,
Liquidation Facs. with Toronto Dominion, 4.33%,
VRDN 4,975,000 4,975,000
Philadelphia, PA IDA RB, Friends Select Sch., 4.45%,
VRDN 3,500,000 3,500,000
-------------------------------------------------------------------------------
94,875,000
-------------------------------------------------------------------------------
South Carolina - 3.9%
Allendale Cnty., SC Indl. RB, King-Seeley Thermos Co.
Proj., (LOC: Bank of Nova Scotia), 4.37%, VRDN 9,250,000 9,250,000
South Carolina Jobs EDA RB, 4.43%, VRDN 23,100,000 23,100,000
-------------------------------------------------------------------------------
32,350,000
-------------------------------------------------------------------------------
Tennessee - 4.6%
Franklin Cnty., TN Hlth. & Ed. Facs. Board RB, St.
Andrews, Sewanee Sch. Proj., (LOC: Amsouth Bank of
Alabama), 4.35%, VRDN 5,000,000 5,000,000
Knox Cnty., TN Indl. Dev. Board RB, Moore McCormack
Resources, 4.42%, VRDN 6,500,000 6,500,000
</TABLE>
30
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
-------------------------------------------------------------------------------
Municipal Obligations (continued)
Tennessee (continued)
Memphis Shelby Cnty., TN IDA RB, Utah Med. Group
Inc., (LOC: National Bank of Commerce), 4.35%, VRDN $11,550,000 $ 11,550,000
Sumner Cnty., TN Hlth. Edl. RB, Hosp. Alliance,
4.36%, VRDN 15,000,000 15,000,000
-------------------------------------------------------------------------------
38,050,000
-------------------------------------------------------------------------------
Texas - 11.1%
Alamo Heights, TX Higher Ed. Facs. RB, Univ.
Incarnate Word, 4.35%, VRDN 4,675,000 4,675,000
Amarillo, TX Hlth. Facs. Corp. RB, Panhandle Hlth.
Care, 4.50%, VRDN 8,600,000 8,600,000
Brazos River, TX Harbor Navigation Dist. RB:
Dow Chemical Co. Proj., 4.45%, VRDN 7,800,000 7,800,000
Hoffman-La Roche, Inc. Proj., (LOC: Wachovia Bank of
NC), 4.43%, VRDN 2,750,000 2,750,000
Calhoun Cnty., TX Navigation IDA RB, Formosa Plastics
Corp. Proj., (LOC: Bank of America, NA), 4.35%,
VRDN 20,000,000 20,000,000
Dallas, TX GO, Ser. 93, (Liq. Morgan Stanley Dean
Witter), 4.33%, VRDN 5,000,000 5,000,000
Harris Cnty., TX GO, 4.31%, VRDN 9,600,000 9,600,000
Hunt, TX Mem. Hosp. Dist. RB, (SPA: Chase Bank of
Texas & Ins. by FSA), 4.00%, VRDN 10,700,000 10,700,000
Matagorda Cnty., TX PCRB, 4.35%, VRDN 7,495,000 7,495,000
Montgomery Cnty., TX IDA RB, Houston Research,
4.35%, VRDN 7,000,000 7,000,000
Texas A&M Univ. RB, ABN Amro Munitops Certificates
Trust, Ser. 1999-5, 4.40%, 11/15/2000 7,400,000 7,400,000
-------------------------------------------------------------------------------
91,020,000
-------------------------------------------------------------------------------
</TABLE>
31
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
-------------------------------------------------------------------------------
Municipal Obligations (continued)
Virginia - 1.8%
Newport News, VA MHRB, Newport-Oxford Proj., (LOC:
Bank of America, NA), 4.35%, VRDN $ 9,700,000 $ 9,700,000
Richmond, VA Redev. MHRB, 4.35%, VRDN 5,200,000 5,200,000
-------------------------------------------------------------------------------
14,900,000
-------------------------------------------------------------------------------
Washington - 2.2%
Port of Seattle, WA, ABN Amro Munitops, Ser. 1998-16,
(SPA: ABN Amro Bank), 4.34%, VRDN 17,676,000 17,676,000
-------------------------------------------------------------------------------
Wyoming - 3.5%
Carbon Cnty., WY PCRB, Amoco Proj., 4.30%, 11/1/2000 4,800,000 4,800,000
Lincoln Cnty., WY Env. Impt. RB, Pacificorp Proj.,
4.50%, VRDN 6,100,000 6,100,000
Lincoln Cnty., WY PCRB, Pacificorp Proj., 4.40%, VRDN 15,000,000 15,000,000
Sweetwater Cnty., WY Env. RB, Pacificorp Proj.,
4.50%, VRDN 3,000,000 3,000,000
-------------------------------------------------------------------------------
28,900,000
-------------------------------------------------------------------------------
Other - 2.2%
Charter Mac Certificate Trust I, (LOC: MBIA), 4.53%,
VRDN 7,000,000 7,000,000
Morgan Keegan Muni. Prods., Inc., Ser. F, 4.53%, VRDN 6,230,000 6,230,000
PFOTER, 4.58%, VRDN 5,195,000 5,195,000
-------------------------------------------------------------------------------
18,425,000
-------------------------------------------------------------------------------
Total Investments (cost $818,428,147) - 99.4% 818,428,147
Other Assets and Liabilities - net - 0.6 4,665,954
-------------------------------------------------------------------------------
Net Assets - 100.0% $823,094,101
-------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Schedules of Investments.
32
<PAGE>
Evergreen CRT Money Market Funds
U.S. Government Money Market Fund
Schedule of Investments
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
-------------------------------------------------------------
U. S. Agency Obligations - 89.7%
Federal Farm Credit Bank:
4.90%, 11/16/2000 $ 10,000,000 $ 9,963,534
5.45%, 8/2/2000 14,965,000 14,964,892
-------------------------------------------------------------
FHLB:
5.00%, 8/14/2000 18,000,000 17,991,650
5.71%, 8/9/2000 100,000,000 99,999,790
5.75%, 9/15/2000 25,000,000 24,998,336
5.875%, 9/7/2000 35,000,000 34,999,505
6.04%, 9/1/2000-10/25/2000 69,000,000 69,000,000
6.05%, 11/3/2000 28,580,000 28,568,835
6.35%, 2/1/2001 30,000,000 29,990,604
6.43%, 10/26/2000 116,421,000 114,632,708
6.47%, 2/16/2001 30,000,000 29,993,002
6.55%, 2/15/2001 5,000,000 5,000,000
6.58%, 8/4/2000 150,000,000 150,000,000
6.59%, 8/2/2000 150,000,000 150,000,000
6.60%, 2/2/2001 5,000,000 5,000,000
6.80%, 8/23/2000 FRN 100,000,000 100,000,000
6.80%, 5/16/2001 10,000,000 9,984,429
6.85%, 8/4/2000 150,000,000 150,000,000
6.90%, 8/2/2000 75,000,000 74,990,748
6.98%, 5/25/2001 30,000,000 30,000,000
7.15%, 7/13/2001 9,965,000 9,965,000
-------------------------------------------------------------
FHLMC:
5.99%, 12/6/2000 50,000,000 49,985,947
6.35%, 1/5/2001 100,000,000 99,996,979
6.40%, 2/8/2001 52,000,000 51,857,684
6.41%, 9/12/2000 250,000,000 248,131,876
6.61%, 4/17/2001 50,000,000 49,996,097
6.75%, 3/30/2001 60,000,000 60,000,000
6.80%, 5/16/2001 100,000,000 99,981,507
6.86%, 7/24/2001 50,000,000 50,003,423
-------------------------------------------------------------
FNMA:
5.66%, 9/7/2000 50,000,000 49,998,206
</TABLE>
33
<PAGE>
Evergreen CRT Money Market Funds
U.S. Government Money Market Fund
Schedule of Investments (continued)
July 31, 2000
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
-------------------------------------------------------------------------
U. S. Agency Obligations (continued)
FNMA: (continued)
5.80%, 8/17/2000 $ 60,000,000 $ 59,998,059
6.00%, 7/17/2001 10,000,000 9,908,462
6.20%, 12/27/2000 50,000,000 49,979,781
6.43%, 10/26/2000 51,843,000 51,046,663
6.53%, 8/24/2000 170,000,000 170,000,000
6.57%, 2/22/2001 50,000,000 49,984,877
6.62%, 8/9/2000 35,000,000 34,999,617
6.82%, 8/29/2000 FRN 125,000,000 125,000,000
6.84%, 7/18/2001 42,000,000 42,003,635
6.94%, 8/1/2000 150,000,000 150,000,000
7.26%, 5/24/2001 48,500,000 48,500,000
9.20%, 9/11/2000 40,000,000 40,118,468
-------------------------------------------------------------------------
SLMA
6.89%, 8/1/2000-8/2/2000 301,500,000 301,495,773
-------------------------------------------------------------------------
Total U. S. Agency Obligations
(cost $3,053,030,087) 3,053,030,087
-------------------------------------------------------------------------
Repurchase Agreement - 16.0%
Societe Generale, 6.58%, dated 07/31/2000,
maturing 08/01/2000, maturity value
$546,483,113 (cost $546,383,246)#2 546,383,246 546,383,246
-------------------------------------------------------------------------
Total Investments - (cost $3,599,413,333) -
105.7% 3,599,413,333
Other Assets and Liabilities - net - (5.7) (195,412,395)
-------------------------------------------------------------------------
Net Assets - 100.0% $3,404,000,938
-------------------------------------------------------------------------
</TABLE>
See Combined Notes to Schedules of Investments.
34
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Schedules of Investments
July 31, 2000
--------------------------------------------------------------------------------
144A Security that may be sold to qualified institutional buyers under Rule
144A of the Securities Act of 1933, as amended. This security has been
determined to be liquid under guidelines established by the Board of
Trustees.
#1 The repurchase agreement is fully collateralized by $73,000,000 GNMA, 8.00%
07/15/2029, value including accrued interest is $62,580,325.
#2 The repurchase agreement is fully collateralized by $778,397,903 GNMA,
5.50% - 9.50% 11/15/2017 - 07/20/2030, value including accrued interest is
$557,695,695.
Summary of Abbreviations:
AMBAC - American Municipal Bond Assurance Corp.
CDA - Community Development Authority
COP - Certificates of Participation
CP - Commercial Paper
EDA - Economic Development Authority
EDRB - Economic Development Revenue Bond
FGIC - Financial Guaranty Insurance Co.
FHLB - Federal Home Loan Bank
FHLMC - Federal Home Loan Mortgage Corp.
FNMA - Federal National Mortgage Assn.
FRN - Floating Rate Note
FSA - Financial Security Assurance, Inc.
GNMA - Government National Mortgage Assn.
GO - General Obligation
HFA - Housing Finance Authority
IBC - Insured Bond Certification
IDA - Industrial Development Authority
LOC - Letter of Credit
MHRB - Multifamily Housing Revenue Bond
MBIA - Municipal Bond Investors Assurance Corp.
MTN - Medium Term Notes
PCRB - Pollution Control Revenue Bond
PFOTER - Putable Floating Option Tax-Exempt Receipts
RACERS - Restructured Asset Security Enhancement
RB - Revenue Bond
ROC - Reset Option Certificates
SLMA - Student Loan Mortgage Assn.
SPA - Securities Purchase Agreement
TRAN - Tax Revenue Anticipation Note
VRDN - Variable Rate Demand Note
Variable Rate Demand Notes are payable on demand on no more than seven calendar
days notice given by the Fund to the issuer or other parties not affiliated
with the issuer. Interest rates are determined and reset by the issuer daily,
weekly, or monthly, depending upon the terms of the security. Interest rates
presented for these securities are those in effect at July 31, 2000.
See Combined Notes to Financial Statements.
35
<PAGE>
Evergreen CRT Money Market Funds
Statements of Assets and Liabilities
July 31, 2000
<TABLE>
<CAPTION>
CRT CRT CRT
California Money New York CRT U.S.
Tax-Exempt Market Tax-Exempt Tax-Exempt Government
Fund Fund Fund Fund Fund
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in
securities $119,698,971 $5,492,515,355 $40,127,117 $818,428,147 $3,053,030,087
Investments in
repurchase agreements 0 60,518,945 0 0 546,383,246
------------------------------------------------------------------------------------------------
Investments at
amortized cost 119,698,971 5,553,034,300 40,127,117 818,428,147 3,599,413,333
Cash 80,923 0 0 1,903,378 0
Receivable for
securities sold 0 0 0 0 806,421
Receivable for Fund
shares sold 107,631 2,923,764 0 625,058 0
Interest receivable 1,035,233 37,050,834 408,370 4,268,460 39,315,388
Deferred organization
expenses 2,081 0 521 0 0
Prepaid expenses and
other assets 46,683 843,130 73,258 32,795 872,540
------------------------------------------------------------------------------------------------
Total assets 120,971,522 5,593,852,028 40,609,266 825,257,838 3,640,407,682
------------------------------------------------------------------------------------------------
Liabilities
Distributions payable 168,093 13,254,286 59,665 1,220,814 7,886,735
Payable for securities
purchased 0 0 0 0 225,000,000
Payable for Fund shares
redeemed 51,921 5,382,059 9,347 832,720 3,311,517
Due to custodian bank 0 0 28,270 0 0
Advisory fee payable 731 25,226 244 4,732 16,358
Distribution Plan
expenses payable 1,096 60,785 421 7,411 36,883
Due to other related
parties 67 3,078 22 460 1,887
Accrued expenses and
other liabilities 33,065 495,035 10,443 97,600 153,364
------------------------------------------------------------------------------------------------
Total liabilities 254,973 19,220,469 108,412 2,163,737 236,406,744
------------------------------------------------------------------------------------------------
Net assets $120,716,549 $5,574,631,559 $40,500,854 $823,094,101 $3,404,000,938
------------------------------------------------------------------------------------------------
Net assets represented
by
Paid-in capital $120,714,713 $5,576,982,507 $40,497,234 $823,089,749 $3,404,000,958
Undistributed
(overdistributed) net
investment income (500) 0 3,620 (1,250) 0
Accumulated net
realized gains or
losses on securities 2,336 (2,350,948) 0 5,602 (20)
------------------------------------------------------------------------------------------------
Total net assets $120,716,549 $5,574,631,559 $40,500,854 $823,094,101 $3,404,000,938
------------------------------------------------------------------------------------------------
Shares outstanding -
Class A 120,714,713 5,576,982,415 40,497,234 823,088,381 3,404,000,990
Net asset value per
share $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
36
<PAGE>
Evergreen CRT Money Market Funds
Statements Of Operations
Year Ended July 31, 2000
<TABLE>
<CAPTION>
CRT CRT CRT
California Money New York CRT U.S.
Tax-Exempt Market Tax-Exempt Tax-Exempt Government
Fund Fund Fund Fund Fund
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment income
Interest $4,052,898 $317,006,223 $1,116,552 $31,638,035 $207,101,091
-----------------------------------------------------------------------------------------
Expenses
Advisory fee 250,114 8,782,947 61,152 1,727,786 6,239,091
Distribution Plan
expenses 375,171 20,299,963 105,624 2,697,188 13,882,621
Administrative services
fees 22,738 1,050,250 5,559 163,468 712,148
Transfer agent fee 97,445 12,671,228 13,528 775,920 5,674,535
Trustees' fees and
expenses 1,945 105,179 547 14,363 84,459
Printing and postage
expenses 28,280 997,406 5,880 250,481 819,727
Custodian fee 46,255 1,389,978 12,938 248,185 1,107,298
Registration and filing
fees 26,890 767,301 8,249 138,320 718,058
Professional fees 15,060 31,476 11,565 17,363 23,568
Organization expenses 1,553 0 388 0 0
Other 17,516 117,764 424 49,845 109,437
-----------------------------------------------------------------------------------------
Total expenses 882,967 46,213,492 225,854 6,082,919 29,370,942
Less: Expense
reductions (7,569) (227,487) (3,483) (39,948) (108,090)
-----------------------------------------------------------------------------------------
Net expenses 875,398 45,986,005 222,371 6,042,971 29,262,852
-----------------------------------------------------------------------------------------
Net investment income 3,177,500 271,020,218 894,181 25,595,064 177,838,239
-----------------------------------------------------------------------------------------
Net realized gains or
losses on securities 2,336 (2,309,713) 3,620 8,500 (20)
-----------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations $3,179,836 $268,710,505 $ 897,801 $25,603,564 $177,838,219
-----------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
37
<PAGE>
Evergreen CRT Money Market Funds
Statements of Changes in Net Assets
Year Ended July 31, 2000
<TABLE>
<CAPTION>
CRT CRT CRT
California Money New York CRT U.S.
Tax-Exempt Market Tax-Exempt Tax-Exempt Government
Fund Fund Fund Fund Fund
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Operations
Net investment income $ 3,177,500 $ 271,020,218 $ 894,181 $ 25,595,064 $ 177,838,239
Net realized gains or
losses on securities 2,336 (2,309,713) 3,620 8,500 (20)
------------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations 3,179,836 268,710,505 897,801 25,603,564 177,838,219
------------------------------------------------------------------------------------------------------------
Distributions to
shareholders from net
investment income (3,177,500) (271,020,218) (894,181) (25,595,064) (177,838,239)
------------------------------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold 223,062,531 13,432,237,694 137,576,204 2,796,364,526 12,626,674,787
Net asset value of
shares issued in
reinvestment of
distributions 3,146,353 266,922,018 855,558 25,387,568 176,531,057
Payment for shares
redeemed (211,391,960) (12,971,189,248) (118,576,359) (2,843,897,957) (12,976,003,301)
------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
resulting from capital
share transactions 14,816,924 727,970,464 19,855,403 (22,145,863) (172,797,457)
------------------------------------------------------------------------------------------------------------
Total increase
(decrease) in net
assets 14,819,260 725,660,751 19,859,023 (22,137,363) (172,797,477)
Net assets
Beginning of period 105,897,289 4,848,970,808 20,641,831 845,231,464 3,576,798,415
------------------------------------------------------------------------------------------------------------
End of period $ 120,716,549 $ 5,574,631,559 $ 40,500,854 $ 823,094,101 $ 3,404,000,938
------------------------------------------------------------------------------------------------------------
Undistributed
(overdistributed) net
investment income $ (500) $ 0 $ 3,620 $ (1,250) $ 0
------------------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
38
<PAGE>
Evergreen CRT Money Market Funds
Statements of Changes in Net Assets
Year Ended July 31, 1999
<TABLE>
<CAPTION>
CRT CRT CRT
California Money New York CRT U.S.
Tax-Exempt Market Tax-Exempt Tax-Exempt Government
Fund Fund Fund Fund Fund
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Operations
Net investment income $ 2,228,501 $ 196,862,117 $ 463,538 $ 22,144,619 $ 155,744,742
Net realized gains or
losses on securities 0 (10,742) 0 0 0
----------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations 2,228,501 196,851,375 463,538 22,144,619 155,744,742
----------------------------------------------------------------------------------------------------------
Distributions to
shareholders from net
investment income (2,228,501) (196,862,117) (463,538) (22,144,619) (155,744,742)
----------------------------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold 396,996,499 18,089,898,378 82,706,823 3,090,851,626 12,533,705,976
Net asset value of
shares issued in
reinvestment of
distributions 2,194,969 195,748,017 461,633 22,151,139 155,710,250
Payment for shares
redeemed (388,991,731) (17,254,369,398) (77,816,205) (3,082,828,293) (12,274,994,726)
----------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
capital share
transactions 10,199,737 1,031,276,997 5,352,251 30,174,472 414,421,500
----------------------------------------------------------------------------------------------------------
Total increase in net
assets 10,199,737 1,031,266,255 5,352,251 30,174,472 414,421,500
Net assets
Beginning of period 95,697,552 3,817,704,553 15,289,580 815,056,992 3,162,376,915
----------------------------------------------------------------------------------------------------------
End of period $ 105,897,289 $ 4,848,970,808 $ 20,641,831 $ 845,231,464 $ 3,576,798,415
----------------------------------------------------------------------------------------------------------
Overdistributed net
investment income $ (500) $ 0 $ 0 $ (1,250) $ 0
----------------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
39
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
1. Organization
The Evergreen CRT Money Market Funds consist of Evergreen CRT California Tax-
Exempt Money Market Fund ("CRT California Tax-Exempt Fund") (formerly Cash
Resource California Tax-Exempt Money Market Fund), Evergreen CRT Money Market
Fund ("CRT Money Market Fund") (formerly Cash Resource Money Market Fund),
Evergreen CRT New York Tax-Exempt Money Market Fund ("CRT New York Tax-Exempt
Fund") (formerly Cash Resource New York Tax-Exempt Money Market Fund),
Evergreen CRT Tax-Exempt Money Market Fund ("CRT Tax-Exempt Fund") (formerly
Cash Resource Tax-Exempt Money Market Fund) and Evergreen U.S. Government Money
Market Fund ("U.S. Government Fund") (formerly Cash Resource U.S. Government
Money Market Fund), (collectively, the "Funds"). Each Fund is a diversified
series of Cash Resource Trust (the "Trust"), organized on June 14, 1993. 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 shares which are sold at net asset value without a
front-end sales charge but pay distribution fees.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. The
policies are in conformity with generally accepted accounting principles, which
require management to make estimates and assumptions that affect amounts
reported herein. Actual results could differ from these estimates.
a. Valuation of Securities
As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein,
securities are valued utilizing the amortized cost method. The amortized cost
of an instrument is determined by valuing it at cost originally and thereafter
assuming a constant accretion of any discount or amortization of any premium
from its face value at a constant rate until maturity.
b. Repurchase Agreements
Each Fund may invest in repurchase agreements. Securities pledged as collateral
for repurchase agreements are held in a segregated account by the custodian on
the Fund's behalf. Collateral for certain tri-party repurchase agreements is
held at the
40
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
(continued)
counterparty's custodian in a segregated account for the benefit of the Fund
and the counterparty. Each Fund monitors the adequacy of the collateral daily
and will require the seller to provide additional collateral in the event the
market value of the securities pledged falls below the carrying value of the
repurchase agreement, including accrued interest. Each Fund will only enter
into repurchase agreements with banks and other financial institutions, which
are deemed by the investment advisor to be creditworthy pursuant to guidelines
established by the Board of Trustees.
Pursuant to an exemptive order issued by the Securities and Exchange
Commission, the Funds may transfer uninvested cash balances into a joint
trading account. These balances are invested in one or more repurchase
agreements that are fully collateralized by U.S. Treasury and/or federal agency
obligations.
c. Security Transactions and Investment Income
Security 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.
d. Federal Taxes
The Funds intend to comply with the provisions of the Internal Revenue Code
applicable to regulated investment companies and to distribute all of their net
investment company taxable income, net tax-exempt income and net capital gains,
if any, to their shareholders. Accordingly, no provision for federal income or
excise tax is required.
e. 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. 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. Distributions to shareholders are recorded at the close of business on
the ex-dividend date.
41
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
(continued)
Income and capital gains distributions to shareholders are determined in
accordance with income tax regulations, which may differ from generally
accepted accounting principles.
f. Organization Expenses
Organization expenses for CRT California Tax-Exempt Fund and CRT New York Tax-
Exempt Fund are amortized to operations over a five-year period on a straight-
line basis. In the event any of the initial shares of the Funds are redeemed by
any holder during the five-year amortization period, redemption proceeds will
be reduced by any unamortized organization expenses in the same proportion as
the number of initial shares being redeemed bears to the number of initial
shares outstanding at the time of the redemption.
3. Investment Advisory Agreements and Other Affiliated Transactions
Mentor Investment Advisors, LLC ("Mentor Advisors"), a subsidiary of First
Union Corporation ("First Union"), serves as the investment advisor to each
Fund and is paid a management fee that is computed and paid daily based on the
combined average daily net assets of each Fund and its comparable fund within
Evergreen Reserve Money Market Funds determined by applying percentage rates,
starting at 0.22% and declining to 0.15% per annum as net assets increase, to
the average daily net assets of each Fund.
Mentor Advisors may from time to time voluntarily waive some or all of its
investment advisory fee and may terminate any such voluntary waiver at any time
at its sole discretion.
Evergreen Investment Services ("EIS"), an indirect, wholly-owned subsidiary of
First Union National Bank ("FUNB"), is the administrator to the Funds. As
administrator, EIS provides the Funds with facilities, equipment and personnel.
EIS is entitled to a fee at an annual rate of 0.02% of the average daily net
assets of each Fund.
Officers of the Funds and affiliated Trustees receive no compensation directly
from the Funds.
Evergreen Service Company ("ESC"), an indirect, wholly owned subsidiary of
FUNB, serves as the transfer and dividend disbursing agent for the Funds. Prior
to
42
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
(continued)
September 13, 1999 Investors Fiduciary Trust Company served as transfer and
dividend disbursing agent for the Funds.
For the year ended July 31, 2000, the Funds paid or accrued the following
amounts to ESC:
<TABLE>
------------------------------------------
<S> <C>
CRT California Tax-Exempt Fund $ 53,599
CRT Money Market Fund 9,616,420
CRT New York Tax-Exempt Fund 12,148
CRT Tax-Exempt Fund 532,436
U.S. Government Fund 4,201,722
------------------------------------------
</TABLE>
4. Distribution Plans
Evergreen Distributor, Inc. ("EDI"), a wholly owned subsidiary of The BISYS
Group, Inc. ("BISYS"), serves as principal underwriter to the Funds.
Each Fund has adopted a Distribution Plan, as allowed by Rule 12b-1 of the 1940
Act, for its Class A shares. 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 Plan, Class A
shares of the CRT California Tax-Exempt Fund and the CRT Tax-Exempt Fund incur
distributions fees of 0.33% of the average daily net assets of each Fund; Class
A shares of the CRT Money Market Fund and U.S. Government Fund incur
distribution fees of 0.40% of the average daily net assets of each Fund, and
Class A shares of CRT New York Tax-Exempt Fund may incur distribution fees up
to 0.50%, however, payments are currently limited to 0.38% of the Fund's
average daily net assets. The Distribution Plan expenses are calculated and
paid daily.
The Distribution Plan may be terminated at any time by vote of the Independent
Trustees or by vote of a majority of the outstanding voting shares.
Prior to October 18, 1999, Mentor Distributors, LLC ("Mentor Distributors")
served as principal underwriter to the Funds and was paid the same rate as
currently paid to EDI, except for CRT Money Market Fund and U.S. Government
Fund which paid distribution fees of 0.38% of the average daily net assets of
each Fund. Mentor Distributors is a wholly owned subsidiary of BISYS Fund
Services, Inc.
43
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
(continued)
During the year ended July 31, 2000, amounts paid or accrued to EDI and Mentor
Distributors pursuant to each Fund's Class A Distribution Plan were as follows:
<TABLE>
<CAPTION>
Mentor
EDI Distributors
--------------------------------------------------------
<S> <C> <C>
CRT California Tax-Exempt Fund $ 303,279 $ 71,892
CRT Money Market Fund 16,495,631 3,804,332
CRT New York Tax-Exempt Fund 90,137 15,487
CRT Tax-Exempt Fund 2,142,530 554,658
U.S. Government Fund 10,841,899 3,040,722
--------------------------------------------------------
</TABLE>
5. Capital Share Transactions
The Funds have an unlimited number of shares of beneficial interest with no par
value authorized. Shares of beneficial interest of the Funds are currently
designated as Class A. Transactions in shares (valued at $1.00 per share) of
the Funds were as follows:
CRT California Tax-Exempt Fund
<TABLE>
<CAPTION>
Year Ended Year Ended
July 31, 2000 July 31, 1999
-------------------------------------------------------------------
<S> <C> <C>
Shares sold 223,062,531 396,996,499
Shares issued in reinvestment of
distributions 3,146,353 2,194,969
Shares redeemed (211,391,960) (388,991,731)
-------------------------------------------------------------------
Total increase 14,816,924 10,199,737
-------------------------------------------------------------------
CRT Money Market Fund
<CAPTION>
Year Ended Year Ended
July 31, 2000 July 31, 1999
-------------------------------------------------------------------
<S> <C> <C>
Shares sold 13,432,237,694 18,089,898,378
Shares issued in reinvestment of
distributions 266,921,926 195,748,017
Shares redeemed (12,971,189,248) (17,254,369,398)
-------------------------------------------------------------------
Total increase 727,970,372 1,031,276,997
-------------------------------------------------------------------
</TABLE>
44
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
(continued)
CRT New York Tax-Exempt Fund
<TABLE>
<CAPTION>
Year Ended Year Ended
July 31, 2000 July 31, 1999
-------------------------------------------------------------------
<S> <C> <C>
Shares sold 137,576,204 82,706,823
Shares issued in reinvestment of
distributions 855,558 461,633
Shares redeemed (118,576,359) (77,816,205)
-------------------------------------------------------------------
Total increase 19,855,403 5,352,251
-------------------------------------------------------------------
CRT Tax-Exempt Fund
<CAPTION>
Year Ended Year Ended
July 31, 2000 July 31, 1999
-------------------------------------------------------------------
<S> <C> <C>
Shares sold 2,796,364,526 3,090,851,626
Shares issued in reinvestment of
distributions 25,387,564 22,151,139
Shares redeemed (2,843,897,957) (3,082,828,293)
-------------------------------------------------------------------
Total increase (decrease) (22,145,867) 30,174,472
-------------------------------------------------------------------
U.S. Government Fund
<CAPTION>
Year Ended Year Ended
July 31, 2000 July 31, 1999
-------------------------------------------------------------------
<S> <C> <C>
Shares sold 12,626,674,787 12,533,705,976
Shares issued in reinvestment of
distributions 176,531,089 155,710,250
Shares redeemed (12,976,003,301) (12,274,994,726)
-------------------------------------------------------------------
Total increase (decrease) (172,797,425) 414,421,500
-------------------------------------------------------------------
</TABLE>
6. Securities Transactions
On July 31, 2000 the cost of investments for federal income tax purposes of
each Fund was the same as for financial reporting purposes.
As of July 31, 2000 CRT Money Market Fund had capital loss carryovers for
federal income tax purposes of $30,493 and $10,742 which expire in 2006 and
2007, respectively.
45
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
(continued)
Capital 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. CRT
Money Market Fund and the U.S. Government Fund have incurred and will elect to
defer post October losses of $2,309,713 and $20, respectively.
7. Expense Reductions
The Funds have entered into expense offset arrangements with ESC and their
custodian 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
received by each Fund and the impact of the total expense reductions on each
Fund's expense ratio represented as a percentage of its average net assets were
as follows:
<TABLE>
<CAPTION>
Total Total
Expense % of Average
Reductions Net Assets
-------------------------------------------------------
<S> <C> <C>
CRT California Tax-Exempt Fund $ 7,569 0.01%
CRT Money Market Fund 227,487 0.00%
CRT New York Tax-Exempt Fund 3,483 0.01%
CRT Tax-Exempt Fund 39,948 0.00%
US Government Fund 108,090 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 Agreement
On July 27, 1999, certain Evergreen Funds and a group of banks (the "Lenders")
entered into a credit agreement. Under this agreement, the Lenders provided an
unsecured revolving credit commitment in the aggregate amount of $1.050
billion. On
46
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
(continued)
August 6, 1999, the Funds became party to this agreement. The credit facility
was allocated, under the terms of the financing agreement, among the Lenders.
The credit facility was accessed by the Funds for temporary or emergency
purposes to fund the redemption of their shares or for general working capital
purposes as permitted by each Fund's borrowing restrictions. Borrowings under
this facility bore 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 was incurred on the average daily unused
portion of the revolving credit commitment. The commitment fee was allocated to
all funds. For its assistance in arranging this financing agreement, First
Union Capital Markets Corp. was paid a one-time arrangement fee of $250,000.
State Street Bank & Trust ("State Street") served as paying agent for the funds
and as paying agent was entitled to a fee of $20,000 per annum which was
allocated to all the funds.
On July 25, 2000, this agreement was renewed, amended and restated among
certain 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 financing 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 borrowing 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 continues 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 arrangement 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.
The Funds did not borrow under these agreements during the year ended July 31,
2000.
10. Concentration of Risk
CRT California Tax-Exempt Fund and CRT New York Tax-Exempt Fund invest a
substantial portion of their assets in obligations located in a single state,
and therefore they may be more affected by economic and political developments
in that state or region than would be a comparable general tax-exempt mutual
fund.
47
<PAGE>
INDEPENDENT AUDITORS' REPORT
Board of Trustees and Shareholders
Cash Resource Trust
We have audited the accompanying statements of assets and liabilities,
including the schedules of investments of the Evergreen CRT California Tax-
Exempt Money Market Fund (formerly, Cash Resource California Tax-Exempt Money
Market Fund), Evergreen CRT Money Market Fund (formerly, Cash Resource Money
Market Fund), Evergreen CRT New York Tax-Exempt Money Market Fund (formerly,
Cash Resource New York Tax-Exempt Money Market Fund), Evergreen CRT Tax-Exempt
Money Market Fund (formerly, Cash Resource Tax-Exempt Money Market Fund) and
Evergreen U.S. Government Money Market Fund (formerly, Cash Resource U.S.
Government Money Market Fund), portfolios of Cash Resource Trust, as of July
31, 2000, and the related statements of operations for the year then ended,
statements of changes in net assets for each of the years in the two-year
period then ended, and the financial highlights for each of the years or
periods in the five-year period then ended. These financial statements and
financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform our audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures
included confirmation of securities owned as of July 31, 2000 by correspondence
with the custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Evergreen CRT California Tax-Exempt Money Market Fund, Evergreen CRT Money
Market Fund, Evergreen CRT New York Tax-Exempt Money Market Fund, Evergreen CRT
Tax-Exempt Money Market Fund and Evergreen U.S. Government Money Market Fund as
of July 31, 2000, the results of their operations, changes in their net assets
and financial highlights for each of the years or periods described above in
conformity with accounting principles generally accepted in the United States
of America.
/s/ KPMG LLP
Boston, Massachusetts
September 8, 2000
48
<PAGE>
Additional Information (unaudited)
Federal Tax Status of Dividends
For the year ended July 31, 2000, the following distributions paid from net
investment income are exempt from federal income tax, other than alternative
minimum tax:
<TABLE>
---------------------------------------
<S> <C>
CRT California Tax-Exempt Fund 99.37%
CRT New York Tax-Exempt Fund 99.89%
CRT Tax-Exempt Fund 100.00%
---------------------------------------
</TABLE>
49
<PAGE>
NOTES
50
<PAGE>
NOTES
51
<PAGE>
NOTES
52
<PAGE>
NOTES
53
<PAGE>
NOTES
54
<PAGE>
NOTES
55
<PAGE>
NOTES
56
<PAGE>
[LOGO OF EVERGREEN FUNDS]
------------------
200 Berkeley Street BULK RATE
Boston, MA 02116 U.S. Postage
1-800-343-2898 PAID
Permit No. 225
Farmingdale, NY
------------------
27749 550965 09/2000
