<PAGE>
[GRAPHIC]
Semiannual Report
as of January 31, 2000
Evergreen
CRT Money Market Funds
[LOGO OF EVERGREEN FUNDS] [SEAL]
<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................................................ 16
CRT New York Tax-Exempt Money Market Fund............................ 22
CRT Tax-Exempt Money Market Fund..................................... 25
U.S. Government Money Market Fund.................................... 35
Combined Notes to Schedules of Investments................................ 38
Statements of Assets and Liabilities...................................... 39
Statements of Operations.................................................. 40
Statements of Changes in Net Assets....................................... 41
Combined Notes to Financial Statements.................................... 43
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Evergreen Funds
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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 semiannual report must be preceded or accompanied by a prospectus of an
Evergreen fund contained herein. The prospectus contains more complete
information, including fees and expenses, and should be read carefully before
investing or sending money.
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Mutual Funds: ARE NOT FDIC INSURED . May lose value . Are not bank guaranteed
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Evergreen Distributor, Inc.
Evergreen Funds(SM) is a service mark of Evergreen Investment Services, Inc.
<PAGE>
Evergreen CRT Money Market Funds
Letter to Shareholders
March 2000
Dear Evergreen Shareholders,
We are pleased to provide the Evergreen CRT Money Market Funds semiannual
report, which covers the six-month period ended January 31, 2000.
Continued Strength in the Domestic Economy
During the final part of 1999, a handful of large capitalization growth stocks,
technology stocks in particular, dominated market performance. The stock
market's dramatic movement during the past year has occurred despite continuing
concern about rising interest rates and a Federal Reserve policy that appears
focused on containing the high rate of economic expansion. It is this
combination of stretched valuations and rising interest rates that has us
entering a new year with a tone of caution and greater focus on risk management
in portfolio structuring.
Despite any short-term turbulence in the domestic and global marketplace, we
believe the long-term fundamentals-historically low inflation, a resurgence of
productivity as a result of the high-tech revolution, and the globalization of
economies and financial markets-are well-positioned to drive the markets in the
years and decades ahead.
Website Enhancements
Please visit our enhanced website, evergreen-funds.com, for more information
about Evergreen Funds. The site offers an array of helpful information including
1999 tax information, an investment education center, interactive calculators to
assist your investment planning and general information about Evergreen Funds.
We believe that sound investing is about taking steps to meet your long-term
financial needs and goals. We remind you to take advantage of your financial
advisor's expertise to develop and refine a financial plan that will enable you
to meet your objectives. Evergreen Funds offers a broad mix of stock, bond and
money market funds that should assist you in choosing the most appropriate for
your portfolio.
Thank you for your continued investment in Evergreen Funds.
Sincerely,
/s/ 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 January 31, 2000
Portfolio Management
Steven C. Shachat
Tenure: May 1999
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Performance and Returns*
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Class A
Inception Date 12/09/1996
6 month return 1.28%
Average Annual Returns
1 year 2.37%
3 years 2.54%
Since Portfolio Inception 2.54%
7-day annualized yield 2.44%
30-day annualized yield 2.52%
6-month distributions per share $0.013
* The yield quotation more closely reflects the earnings of the Fund than the
total return quotation.
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ANNUALIZED 7-DAY YIELD
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[GRAPH]
Class A
8/99 2.34%
9/99 2.61%
10/99 2.45%
11/99 2.81%
12/99 3.34%
1/00 2.44%
Total Net Assets: $ 114,720,616
Average Maturity: 63 days
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. Yields will fluctuate. Past
performance is no guarantee of future results.
2
<PAGE>
Evergreen CRT Money Market Funds
Evergreen CRT Money Market Fund
Fund at a Glance as of January 31, 2000
Portfolio Management
Kellie Allen Bryan K. White
Tenure: May 1999 Tenure: May 1999
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Performance and Returns*
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Class A
Inception Date 12/20/1993
6 month return 2.44%
Average Annual Returns
1 year 4.59%
3 years 4.76%
5 years 4.86%
Since Portfolio Inception 4.65%
7-day annualized yield 5.08%
30-day annualized yield 5.15%
6-month distributions per share $0.024
* The yield quotation more closely reflects the earnings of the fund than the
total return quotation.
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ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[GRAPH]
Class A
8/99 4.47%
9/99 4.58%
10/99 4.66%
11/99 4.92%
12/99 5.24%
1/00 5.08%
Total Net Assets: $ 5,323,973,812
Average Maturity: 70 days
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. Yields will fluctuate. Past
performance is no guarantee of future results.
3
<PAGE>
Evergreen CRT Money Market Funds
Evergreen CRT New York Tax-Exempt Money Market Fund
Fund at a Glance as of January 31, 2000
Portfolio Management
Steven C. Shachat
Tenure: May 1999
- --------------------------------------------------------------------------------
Performance and Returns*
- --------------------------------------------------------------------------------
Class A
Inception Date 12/09/1996
6 month return 1.43%
Average Annual Returns
1 year 2.60%
3 years 2.67%
Since Portfolio Inception 2.68%
7-day annualized yield 2.81%
30-day annualized yield 2.85%
6-month distributions per share $0.014
* The yield quotation more closely reflects the earnings of the fund than the
total return quotation.
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[GRAPH]
Class A
8/99 2.58%
9/99 2.93%
10/99 2.71%
11/99 3.09%
12/99 3.56%
1/00 2.81%
Total Net Assets: $ 28,006,990
Average Maturity: 55 days
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. Yields will fluctuate. Past
performance is no guarantee of future results.
4
<PAGE>
Evergreen CRT Money Market Funds
Evergreen CRT Tax-Exempt Money Market Fund
Fund at a Glance as of January 31, 2000
Portfolio Management
Steven C. Shachat
Tenure: May 1999
- --------------------------------------------------------------------------------
Performance and Returns*
- --------------------------------------------------------------------------------
Class A
Inception Date 12/20/1993
6 month return 1.43%
Average Annual Returns
1 year 2.67%
3 years 2.84%
5 years 2.90%
Since Portfolio Inception 2.79%
7-day annualized yield 2.62%
30-day annualized yield 2.74%
6-month distributions per share $0.014
* The yield quotation more closely reflects the earnings of the fund than the
total return quotation.
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[GRAPH]
Class A
8/99 2.56%
9/99 3.00%
10/99 2.70%
11/99 3.12%
12/99 4.12%
1/00 2.62%
Total Net Assets: $ 825,655,535
Average Maturity: 17 days
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. Yields will fluctuate. Past
performance is no guarantee of future results.
5
<PAGE>
Evergreen CRT Money Market Funds
Evergreen U.S. Government Money Market Fund
Fund at a Glance as of January 31, 2000
Portfolio Management
Kellie Allen Bryan K. White
Tenure: May 1999 Tenure: May 1999
- --------------------------------------------------------------------------------
Performance and Returns*
- --------------------------------------------------------------------------------
Class A
Inception Date 12/20/1993
6 month return 2.36%
Average Annual Returns
1 year 4.48%
3 years 4.69%
5 years 4.75%
Since Portfolio Inception 4.55%
7-day annualized yield 4.89%
30-day annualized yield 4.89%
6-month distributions per share $0.023
*The yield quotation more closely reflects the earnings of the fund than the
total return quotation.
- --------------------------------------------------------------------------------
ANNUALIZED 7-DAY YIELD
- --------------------------------------------------------------------------------
[GRAPH]
Class A
8/99 4.40%
9/99 4.53%
10/99 4.62%
11/99 4.83%
12/99 4.79%
1/00 4.89%
Total Net Assets: $ 3,643,712,267
Average Maturity: 71 days
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. Yields will fluctuate. Past
performance is no guarantee of future results.
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
-----------------------------------------
Six Months Ended Year Ended July 31,
January 31, 2000 ------------------------
(Unaudited) 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 0.01 0.02 0.03 0.02
Distributions to shareholders from
net investment income (0.01) (0.02) (0.03) (0.02)
- -------------------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
- -------------------------------------------------------------------------------
Total return 1.28% 2.22% 2.74% 1.76%
- -------------------------------------------------------------------------------
Ratios and supplemental data
- -------------------------------------------------------------------------------
Net assets, end of period (millions) $115 $106 $96 $89
Ratios to average net assets
Expenses++ 0.78%+ 0.78% 0.75% 0.75%+
Net investment income 2.47%+ 2.24% 2.70% 2.70%+
- -------------------------------------------------------------------------------
</TABLE>
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions.
(a) For the period from December 9, 1996 (commencement of operations) to July
31, 1997.
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
-------------------------------------------------------
Six Months Ended Year Ended July 31,
January 31, 2000 --------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ----------------------------------------------------------------------------------
Net investment income 0.02 0.04 0.05 0.05# 0.05 0.05 #
Distributions to
shareholders from net
investment income (0.02) (0.04) (0.05) (0.05) (0.05) (0.05)#
- ----------------------------------------------------------------------------------
Net asset value, end
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ----------------------------------------------------------------------------------
Total return 2.44% 4.49% 4.95% 4.77% 4.91% 4.97%
- ----------------------------------------------------------------------------------
Ratios and supplemental
data
- ----------------------------------------------------------------------------------
Net assets, end of
period (millions) $5,324 $4,849 $3,818 $2,942 $647 $423
Ratios to average net
assets
Expenses++ 0.87%+ 0.85% 0.84% 0.86% 0.82% 0.82%
Net investment income 4.81%+ 4.35% 4.84% 4.67% 4.77% 4.96%
- ----------------------------------------------------------------------------------
</TABLE>
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions.
# Includes net realized capital gains (losses) which were less than $0.001
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
-----------------------------------------
Six Months Ended Year Ended July 31,
January 31, 2000 ------------------------
(Unaudited) 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 0.01 0.02 0.03 0.02
Distributions to shareholders from
net investment income (0.01) (0.02) (0.03) (0.02)
- -------------------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
- -------------------------------------------------------------------------------
Total return 1.43% 2.44% 2.76% 1.77%
- -------------------------------------------------------------------------------
Ratios and supplemental data
- -------------------------------------------------------------------------------
Net assets, end of period (millions) $28 $21 $15 $12
Ratios to average net assets
Expenses++ 0.81%+ 0.80% 0.80% 0.80%+
Net investment income 2.85%+ 2.32% 2.72% 2.77%+
- -------------------------------------------------------------------------------
</TABLE>
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions.
(a) For the period from December 9, 1996 (commencement of operations) to July
31, 1997.
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
-------------------------------------------------------
Six Months Ended Year Ended July 31,
January 31, 2000 --------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------
Net investment income 0.01 0.03 0.03 0.03 0.03 0.03#
Distributions to
shareholders from net
investment income (0.01) (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 $ 1.00
- ---------------------------------------------------------------------------------
Total return 1.43% 2.63% 2.96% 2.91% 2.90% 3.05%
- ---------------------------------------------------------------------------------
Ratios and supplemental
data
- ---------------------------------------------------------------------------------
Net assets, end of
period (millions) $826 $832 $815 $744 $291 $267
Ratios to average net
assets
Expenses++ 0.74%+ 0.73% 0.71% 0.71% 0.76% 0.72%
Net investment income 2.79%+ 2.53% 2.91% 2.88% 2.85% 3.01%
- ---------------------------------------------------------------------------------
</TABLE>
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions.
# Includes net realized capital gains (losses) which were less than $0.001
per share.
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
--------------------------------------------------------
Six Months Ended Year Ended July 31,
January 31, 2000 ---------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ----------------------------------------------------------------------------------
Net investment income 0.02 0.04 0.05 0.05# 0.05 0.05#
Distributions to
shareholders from net
investment income (0.02) (0.04) (0.05)# (0.05) (0.05) (0.05)
- ----------------------------------------------------------------------------------
Net asset value, end
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ----------------------------------------------------------------------------------
Total return 2.36% 4.28% 4.92% 4.72% 4.74% 4.82%
- ----------------------------------------------------------------------------------
Ratios and supplemental
data
- ----------------------------------------------------------------------------------
Net assets, end of
period (millions) $3,644 $3,577 $3,162 $2,919 $1,402 $1,217
Ratios to average net
assets
Expenses++ 0.82%+ 0.82% 0.81% 0.81% 0.93% 0.88%
Net investment income 4.65%+ 4.27% 4.80% 4.63% 4.63% 4.75%
- ----------------------------------------------------------------------------------
</TABLE>
+ Annualized.
++ The ratio of expenses to average net assets excludes expense reductions.
# Includes net realized capital gains (losses) which were less than $0.001
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
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations - 99.1%
California - 84.5%
Auburn, CA IDA RB, Coherent, Inc. Proj., (LOC: Bank of
Tokyo-Mitsubishi, Ltd.), 4.65%, VRDN $1,600,000 $ 1,600,000
California CDA COP:
Continuing Care Univ. Proj., (LOC: Bank of Scotland),
2.95%, VRDN 1,500,000 1,500,000
Mount Diablo Health Proj., (SPA: Chase Manhattan Bank
& Ins. by AMBAC), 2.95%, VRDN 500,000 500,000
California CDA MHRB (LOC: Merrill Lynch & Co., Inc.),
3.25%, VRDN 7,800,000 7,800,000
California CDA TRAN, Ser. A-1, (Ins. by FSA),
4.00%, 6/30/2000 5,000,000 5,015,883
California Dept. Wtr. Resources Ctr. RB, Ser. I,
6.95%, 6/1/2000 1,000,000 1,025,971
California EDA Indl. Dev. RB, Boyd Funiture Co. Proj.,
(LOC: Heller Finl., Inc. & Chase Manhattan Bank),
3.30%, VRDN 6,000,000 6,000,000
California Edl. Facs. Auth. RB, College & Univ. Impt.,
Ser. B, 3.60%, 4/10/2000 3,500,000 3,500,000
California GO:
3.55%, 2/18/2000 900,000 900,000
6.90%, 8/1/2000 250,000 253,867
California HFA RB, (LOC: Merrill Lynch & Co., Inc.):
Ser. PA-58, 2.80%, VRDN 300,000 300,000
Ser. PA-539R, 3.50%, 2/10/2000 5,605,000 5,605,000
California Hlth. Facs. Fin. Auth. RB
Kaiser Permanente:
Ser. 1998-26, (LIQ: Morgan Stanley Dean Witter, Inc.
& Ins. by FSA), 2.80%, VRDN 4,300,000 4,300,000
Ser. 1998-152, (LIQ: Morgan Stanley Dean Witter, Inc.
& Ins. by FSA), 2.80%, VRDN 1,990,000 1,990,000
</TABLE>
12
<PAGE>
Evergreen CRT Money Market Funds
CRT California Tax-Exempt Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations (continued)
California (continued)
California Hlth. Facs. Fin. Auth. RB
Scripps Hlth. Proj., Ser. A, (SPA: Bank of America, NA &
Ins. by MBIA), 2.45%, VRDN $1,500,000 $ 1,500,000
Contra Costa, CA Wtr. Master Trust Certificates, Ser. 1999-
8, (SPA: ABN AMRO Bank & Ins. by FGIC), 3.50%, 4/26/2000
(a) 500,000 500,000
Eagle Trust, Certificate 990501, 3.05%, VRDN 3,000,000 3,000,000
East Bay, CA Muni. Util. Wtr. Sys. RB, (Ins. by MBIA),
7.50%, 6/1/2000 1,750,000 1,807,404
Long Beach, CA Harbor RB, Ser. A, 5.00%, 5/15/2000 4,835,000 4,854,506
Los Angeles Cnty., CA Metro. Trans. Auth. Sales Tax RB,
(LOC: Societe Generale & Ins. by MBIA), 2.80%, VRDN 3,000,000 3,000,000
Los Angeles, CA Dept. of Wtr. & Pwr. RB, (LOC: Morgan Gty.
Trust Co.), 3.60%, 2/15/2000 2,200,000 2,200,000
Los Angeles, CA MHRB, Ser. 1985-K, (LOC: Coast Savings &
Loan & Ins. by FHLB), 2.60%, VRDN 3,150,000 3,150,000
Los Angeles, CA Unified Sch. Dist. Master Trust
Certificates, Ser. 1999-7, (SPA: ABN AMRO Bank & Ins. by
MBIA), 3.07%, VRDN (a) 4,800,000 4,800,000
Los Angeles, CA Wst. Wtr. Sys. RB, (LOC: Morgan Gty.
Trust Co.), 3.55%, 2/23/2000 3,000,000 3,000,000
Northern California Trans. Auth. RB, Ser. B, 3.55%,
2/7/2000 2,000,000 2,000,000
Orange Cnty., CA Community Facs. Tax Spl. Assmt., No. 87-4
Ser. A, 8.00%, 8/15/2000 1,000,000 1,035,687
Oxnard, CA IDA RB, Van R Dental Products, Inc., 3.10%, VRDN 100,000 100,000
Palo Alto, CA Unified Sch. Dist. GO, Ser. B, 5.25%,
8/1/2000 500,000 504,229
Pasadena, CA COP, Rose Bowl Impt. Proj., (LOC: Canadian
Imperial Bank), 2.45%, VRDN 2,100,000 2,100,000
Richmond, CA TRAN, 4.75%, 12/7/2000 5,000,000 5,010,107
San Bernardino Cnty., CA COP, Med. Ctr. Fin. Auth. Proj.,
(SPA: Landesbank Hessen & Ins. by MBIA), 2.45%, VRDN 1,600,000 1,600,000
San Diego, CA Unified Port Dist. RB, Lindburg Field, (LOC:
Canadian Imperial Bank):
3.60%, 2/28/2000 1,419,000 1,419,000
Ser. B, 3.25%, 2/23/2000 2,000,000 2,000,000
</TABLE>
13
<PAGE>
Evergreen CRT Money Market Funds
CRT California Tax-Exempt Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations (continued)
California (continued)
San Francisco, CA City & Cnty. Edl. Facs. GO:
Ser. B, 6.00%, 6/15/2000 $1,790,000 $ 1,806,723
Community College, Ser. A, 6.00%, 6/15/2000 605,000 610,652
Zoo Facs., Ser. C, 6.00%, 6/15/2000 500,000 504,672
San Francisco, CA City & Cnty. GO, (Ins. by FGIC),
7.25%, 6/15/2000 1,050,000 1,064,156
San Jose, CA Redev. Agcy. Tax Allocation, Merged Area
Redev. Proj., (Ins. by AMBAC), 4.50%, 8/1/2000 250,000 250,598
San Juan, CA Unified Sch. Dist. GO, (Ins. by FSA),
4.75%, 8/1/2000 1,800,000 1,807,375
Santa Monica-Malibu, CA Sch. Dist. GO, 4.35%,
8/1/2000 200,000 200,333
Santa Paula, CA Pub. Fin. Auth. RB, Variable Wtr.
Sys. Acquistion Proj., (LOC: Union Bank of CA &
Sumitomo Trust & Banking), 2.50%, VRDN 2,600,000 2,600,000
Sonoma Cnty., CA TRAN, 3.50%, 2/1/2000 200,000 200,000
Southern California Metro. Wtr. Dist. RB, Ser. 116,
(LOC: Morgan Gty. Trust Co.), 2.93%, VRDN 1,995,000 1,995,000
Southern California Pub. Pwr. Auth. RB, Ser. SG-35,
(LOC: Societe Generale & Ins. by AMBAC), 2.80%,
VRDN 1,200,000 1,200,000
Univ. of California RB, Ser. 98-159, (LIQ: Morgan
Stanley Dean Witter, Inc. & Ins. by FGIC), 2.80%,
VRDN 845,000 845,000
- ------------------------------------------------------------------------------
96,956,163
- ------------------------------------------------------------------------------
Puerto Rico - 5.4%
Puerto Rico Muni. Fin. Agcy. GO, Ser. A, 5.00%,
8/1/2000 6,135,000 6,167,831
- ------------------------------------------------------------------------------
U. S. Virgin Islands - 1.7%
Virgin Islands HFA SFHRB, Ser. B, (Ins. by FNMA,
FHLMC, & GNMA), 4.00%, 6/1/2000 2,000,000 1,999,885
- ------------------------------------------------------------------------------
Other - 7.5%
Koch Certificates Trust RB, Ser. 1999-2, (SPA: State
Street Bank & Trust & Ins. by AMBAC), 3.20%, VRDN 4,608,143 4,608,143
</TABLE>
14
<PAGE>
Evergreen CRT Money Market Funds
CRT California Tax-Exempt Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations (continued)
Other (continued)
Pitney Bowes Credit Corp. Leasetops, Certificate Ser.
1999-1, (Ins. by AMBAC), 3.80%, 7/12/2000 (a) $3,983,106 $ 3,983,106
- ------------------------------------------------------------------------------
8,591,249
- ------------------------------------------------------------------------------
Total Investments (cost $113,715,128) - 99.1% 113,715,128
Other Assets and Liabilities - net - 0.9 1,005,488
- ------------------------------------------------------------------------------
Net Assets - 100.0% $114,720,616
- ------------------------------------------------------------------------------
</TABLE>
See Notes to Schedules of Investments.
15
<PAGE>
Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------
<S> <C> <C>
Commercial Paper - 63.0%
Asset Backed - 29.1%
Alpine Securitization Corp., 5.70%, 2/15/2000 $150,000,000 $ 149,667,500
Asset Backed Capital Fin., Inc., 5.73%, 2/28/2000 45,000,000 44,806,613
Atlantic Asset Securitization Corp.:
5.70%, 2/14/2000 75,699,000 75,543,186
6.05%, 2/3/2000 46,000,000 45,984,539
Bavaria Universal Funding, 5.68%, 2/1/2000 50,000,000 50,000,000
Concord Minutemen:
5.70%, 2/7/2000 30,000,000 29,971,500
5.72%, 2/17/2000 55,000,000 54,860,178
6.06%, 2/4/2000 100,000,000 99,949,500
Four Winds Funding Corp.:
5.72%, 2/17/2000 50,000,000 49,872,889
5.88%, 4/13/2000 50,000,000 49,412,000
6.03%, 2/7/2000 50,000,000 49,949,750
Gotham Funding Corp., (LOC: Bank of Tokyo-
Mitsubishi Ltd.) 5.71%, 2/8/2000 55,435,000 55,373,452
Harley Davidson Dealer Funding, 6.30%, 2/25/2000 61,100,000 60,843,380
Lexington Parker Capital Corp., 5.98%, 2/25/2000 61,000,000 61,000,000
Moat Funding, LLC:
5.89%, 2/11/2000 60,000,000 60,000,000
5.90%, 4/6/2000 50,000,000 49,467,361
Park Avenue Recreation Corp.:
5.48%, 2/7/2000 100,000,000 99,999,190
5.70%, 2/16/2000 63,880,000 63,728,285
Sheffield Receivables Corp.:
5.68%, 2/11/2000 50,100,000 50,020,953
5.71%, 2/18/2000 100,000,000 99,730,361
Special Purpose Accounts Receivables Co.:
5.70%, 2/11/2000 75,000,000 74,881,250
5.80%, 3/2/2000 75,000,000 74,637,500
6.10%, 2/11/2000 99,000,000 98,832,250
- ------------------------------------------------------------------------------
1,548,531,637
- ------------------------------------------------------------------------------
</TABLE>
16
<PAGE>
Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- -----------------------------------------------------------------------------
<S> <C> <C>
Commercial Paper (continued)
Banks - 2.3%
Commerzbank AG:
5.08%, 2/11/2000 $ 20,000,000 $ 19,999,545
5.17%, 4/19/2000 100,000,000 99,993,827
- -----------------------------------------------------------------------------
119,993,372
- -----------------------------------------------------------------------------
Brokers - 0.9%
Donaldson Luftkin & Jenrette, Inc.,
6.10%, 3/7/2000 50,000,000 49,703,472
- -----------------------------------------------------------------------------
Finance & Insurance - 29.8%
Aetna Svcs., Inc.:
5.80%, 3/10/2000 50,000,000 49,693,889
6.06%, 2/10/2000 75,000,000 74,886,375
Barton Capital Corp.:
5.69%, 2/8/2000 73,616,000 73,534,552
5.70%, 2/16/2000 41,367,000 41,268,754
6.04%, 2/3/2000 50,000,000 49,983,222
Barton Healthcare, LLC, 5.94%, VRDN 4,035,000 4,035,000
Beta Fin., Inc., 5.75%, 7/21/2000 25,000,000 24,940,421
Bills Securitization, 5.79%, 3/23/2000 100,000,000 99,179,750
Corporate Receivables Corp., 5.72%, 3/2/2000 84,500,000 84,097,217
Eiffel Funding, LLC, 5.88%, 2/1/2000 35,000,000 35,000,000
Enterprise Funding Corp., (LOC: NationsBank, NA)
5.68%, 2/4/2000 97,224,000 97,177,981
Metris Owner Trust, 5.69%, 2/10/2000 33,160,000 33,112,830
Montauk Funding Corp., 5.73%, 2/24/2000 100,000,000 99,633,916
MPF, Ltd., 6.10%, 2/10/2000 50,000,000 49,923,750
Old Line Funding Corp., 5.70%, 2/22/2000 100,000,000 99,667,500
Receivables Capital Co., 5.70%, 2/24/2000 45,682,000 45,515,641
Thames Asset Global, FRN:
5.70%, 2/15/2000 93,620,000 93,412,476
5.75%, 2/28/2000 40,000,000 39,827,500
Trident Capital Fin., Inc., 5.77%, 3/16/2000 50,000,000 49,647,389
</TABLE>
17
<PAGE>
Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ----------------------------------------------------------------------------
<S> <C> <C>
Commercial Paper (continued)
Finance & Insurance (continued)
Triple A One Funding Corp.:
5.70%, 2/22/2000 $ 50,000,000 $ 49,833,750
5.71%, 2/18/2000 42,533,000 42,418,315
5.71%, 2/24/2000 50,000,000 49,817,597
Westways Funding:
5.73%, 2/14/2000 56,326,000 56,209,452
5.78%, 3/15/2000 106,951,000 106,212,622
6.10%, 2/11/2000 35,000,000 34,940,694
Windmill Funding Corp., 5.68%, 2/11/2000 100,000,000 99,842,222
- ----------------------------------------------------------------------------
1,583,812,815
- ----------------------------------------------------------------------------
Telecommunication Services & Equipment - 0.9%
GTE Corp., Deb., 6.13%, 4/11/2000 50,000,000 49,964,013
- ----------------------------------------------------------------------------
Total Commercial Paper (cost $3,352,005,309) 3,352,005,309
- ----------------------------------------------------------------------------
Corporate Bonds & Notes - 32.0%
Advertising & Related Services - 0.1%
Walker & Associates, 5.82%, VRDN 4,200,000 4,200,000
- ----------------------------------------------------------------------------
Asset Backed - 1.3%
Capital Fin., Inc., 6.67%, 2/13/2001 50,000,000 50,000,000
Morganite Inds., Inc., 5.82%, VRDN 20,000,000 20,000,000
- ----------------------------------------------------------------------------
70,000,000
- ----------------------------------------------------------------------------
Banks - 2.6%
First USA Bank, NA Wilmington, 5.95%, 9/29/2000 40,000,000 39,987,381
NationsBank, NA, FRN, 5.67%, 3/16/2000 50,000,000 49,998,223
Natl. Bank Commerce Memphis, TN, FRN,
5.99%, 2/20/2000 50,000,000 49,975,000
- ----------------------------------------------------------------------------
139,960,604
- ----------------------------------------------------------------------------
</TABLE>
18
<PAGE>
Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ----------------------------------------------------------------------------
<S> <C> <C>
Corporate Bonds & Notes (continued)
Brokers - 12.2%
Bear Stearns Co., Inc., MTN:
5.74%, 7/16/2000 $ 25,000,000 $ 25,000,000
6.30%, 1/12/2001 75,000,000 74,960,682
6.60%, 1/19/2001 50,000,000 50,000,000
Donaldson Lufkin & Jenrette, Inc., MTN, 6.45%,
1/8/2001 35,000,000 35,000,000
Goldman Sachs Group, Inc., MTN, 6.00%, 8/7/2000 50,000,000 50,000,000
Goldman Sachs Group, LP, MTN:
5.41%, 2/25/2000 (a) 50,000,000 50,000,000
6.12%, 4/18/2000 (a) 100,000,000 98,922,319
Lehman Brothers Holdings, Inc., MTN:
6.12%, 4/28/2000 3,500,000 3,499,110
6.33%, 8/1/2000 9,510,000 9,511,137
6.47%, 7/21/2000 3,800,000 3,803,219
6.50%, 7/18/2000 50,460,000 50,529,616
6.50%, 9/25/2000 31,000,000 30,996,742
6.50%, 12/1/2000 25,000,000 25,012,731
6.65%, 11/8/2000 22,500,000 22,533,700
Paine Webber Group, Inc., MTN:
5.93%, 7/21/2000 45,000,000 45,000,000
5.95%, 8/14/2000 45,000,000 45,000,000
7.00%, 3/1/2000 19,500,000 19,517,463
7.31%, 8/9/2000 4,500,000 4,526,757
8.00%, 5/9/2000 4,000,000 4,022,160
- ----------------------------------------------------------------------------
647,835,636
- ----------------------------------------------------------------------------
Finance & Insurance - 15.8%
Associates Corp. of North America, 6.375%,
8/15/2000 47,500,000 47,593,042
Associates Pass Through Asset Trust, 6.45%,
9/15/2000 (a) 131,000,000 131,082,670
AT&T Capital Corp., MTN, 7.50%, 11/15/2000 19,700,000 19,889,443
Carolina Medi Plan, Inc., 5.82%, VRDN 50,000,000 50,000,000
Caterpillar Finl. Svcs., MTN, 5.77%, 7/21/2000 50,000,000 50,000,000
CC USA, Inc., FRN, 6.32%, 2/3/2000 50,000,000 50,000,000
</TABLE>
19
<PAGE>
Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------
<S> <C> <C>
Corporate Bonds & Notes (continued)
Finance & Insurance (continued)
Chrysler Finl. Corp.:
6.625%, 6/26/2000 $ 50,000,000 $ 50,116,086
MTN 5.80%, 4/10/2000 5,000,000 4,997,198
Evans Street Properties, LLC, 5.82%, VRDN 3,200,000 3,200,000
Finova Capital Corp., MTN, 5.875%, 7/20/2000 25,000,000 24,996,749
General Electric Capital Corp., MTN, 6.12%,
8/15/2000 23,000,000 23,012,704
GMAC, MTN:
6.375%, 4/4/2000 10,000,000 10,011,435
6.625%, 6/8/2000 24,000,000 24,071,527
7.50%, 4/11/2000 18,000,000 18,053,883
Heller Finl., Inc., MTN, 6.51%, 9/25/2000 31,950,000 31,964,601
Household Fin. Corp.:
6.375%, 6/30/2000 4,100,000 4,104,341
6.75%, 6/1/2000 6,250,000 6,263,086
7.45%, 4/1/2000 10,000,000 10,022,323
IBM Corp., 6.375%, 6/15/2000 16,000,000 16,026,045
RACERS, FRN, 5.56%, 12/15/2000 (a) 50,000,000 50,000,000
Sigma Fin. Corp., FRN, 6.47%, 2/2/2000 125,000,000 125,000,000
Syndicated Loan Funding Trust, FRN, 6.03%,
2/1/2000 25,000,000 25,000,000
Textron Fin. Corp., MTN, FRN, 6.10%, 5/2/2000 (a) 30,000,000 30,000,000
Transamerica Fin. Corp., MTN, 6.215%, 3/2/2000 25,000,000 25,000,000
Xerox Credit Corp., 5.40%, 9/11/2000 12,550,000 12,480,034
- ------------------------------------------------------------------------------
842,885,167
- ------------------------------------------------------------------------------
Total Corporate Bonds & Notes (cost
$1,704,881,407) 1,704,881,407
- ------------------------------------------------------------------------------
Municipal Obligations - 1.5%
Massachusetts Nursing Homes Tax Adj. Demand
Healthcare RB, 5.94%, VRDN 5,910,000 5,910,000
Virginia Hsg. Dev. Auth. RB, 5.70%, VRDN 75,390,000 75,390,000
- ------------------------------------------------------------------------------
Total Municipal Obligations (cost $81,300,000) 81,300,000
- ------------------------------------------------------------------------------
</TABLE>
20
<PAGE>
Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- -------------------------------------------------------------------------------
<S> <C> <C>
U.S. Agency Obligations - 3.9%
FHLB:
4.95%, 2/4/2000 $ 20,000,000 $ 19,999,786
4.98%, 3/29/2000 60,000,000 59,986,451
5.10%, 3/3/2000 20,000,000 19,998,695
FHLMC,
5.61%, 2/3/2000 105,000,000 104,989,014
- -------------------------------------------------------------------------------
Total U.S. Agency Obligations (cost $204,973,946) 204,973,946
- -------------------------------------------------------------------------------
Total Investments (cost $5,343,160,662) - 100.4% 5,343,160,662
Other Assets and Liabilities - net - (0.4) (19,186,850)
- -------------------------------------------------------------------------------
Net Assets - 100.0% $5,323,973,812
- -------------------------------------------------------------------------------
</TABLE>
See Notes to Schedules of Investments.
21
<PAGE>
Evergreen CRT Money Market Funds
CRT New York Tax-Exempt Money Market Fund
Schedule of Investments
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations - 98.1%
New York - 94.6%
Amherst, NY IDA RB, (LOC: Marine Midland Bank),
3.55%, VRDN $ 940,000 $ 940,000
Babylon, NY IDA RB, Lambro Inds. Inc. Proj., (LOC:
Fleet Bank), 3.20%, VRDN 660,000 660,000
Battery Park City, NY Auth. Hsg. RB, Marina Towers
Tender Corp., (LOC: Sumitomo Bank):
Ser. A, 4.75%, VRDN 595,000 595,000
Ser. B, 4.75%, VRDN 765,000 765,000
Erie Cnty., NY IDA RB, Luminescent Systems, Inc.
Proj., 3.20%, VRDN 1,000,000 1,000,000
Long Island, NY Pwr. Auth. RB, Ser. 3, (LOC:
Bayerische Landesbanken), 3.80%, 2/9/2000 400,000 400,000
Madrid Waddington, NY Central Sch. Dist. GO, (Ins. by
FGIC), 4.50%, 6/15/2000 500,000 501,522
Metropolitan Trans. Auth., NY Munitops Certificates
Trust, Columbus McKinnon Corp. Proj., Ser. 1999-2,
(SPA: ABN AMRO Bank), 3.30%, 5/10/2000 (a) 800,000 800,000
Nassau Cnty., NY RAN GO, (LOC: Bank of New York),
4.25%, 3/15/2000 1,000,000 1,000,746
New York COP, 4.50%, 9/1/2000 1,000,000 999,943
New York Dormitory Auth. RB:
7.00%, 5/15/2000 500,000 514,348
7.38%, 5/15/2000 1,775,000 1,826,952
Ser. 1997-1A, (SPA: Commerzbank AG & Ins. by FGIC),
3.30%, VRDN 1,000,000 1,000,000
University Edl. Facs., Ser. B:
7.00%, 5/15/2000 1,220,000 1,254,272
7.20%, 5/15/2000 500,000 514,629
New York GO, Ser. B, 6.38%, 8/15/2000 1,000,000 1,011,840
New York Mtge. Agcy. RB, Ser. PA-87, (LIQ: Merrill
Lynch & Co., Inc.), 3.75%, 2/24/2000 267,000 267,000
</TABLE>
22
<PAGE>
Evergreen CRT Money Market Funds
CRT New York Tax-Exempt Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations (continued)
New York (continued)
New York Pwr. Auth. RB, 3.55%, 3/1/2000 $1,000,000 $ 1,000,000
New York Thruway Auth. General RB, (LOC: Societe
Generale), 3.85%, VRDN 3,100,000 3,100,000
New York Thruway Auth. Svc. Contract RB, Local Hwy. &
Bridge, Ser. A-1, 4.50%, 4/1/2000 1,000,000 1,001,590
New York Thruway Auth. Svc. Contract ROC RB, Ser.
1999-8, (LOC: Toronto Dominion & Ins. by MBIA),
3.27%, VRDN (a) 200,000 200,000
New York, NY City Hlth. & Hosp. Corp. RB, Ser. A,
3.75%, 2/1/2000 500,000 500,000
New York, NY City Transitional Fin. Auth. RB:
Future Tax Secd., Sub. Ser. B-1, (SPA: Morgan Gty.
Trust Co.), 3.55%, VRDN 600,000 600,000
PFOTER, Ser. 1998-27, (LIQ: Bank of America, NA),
3.28%, VRDN 1,400,000 1,400,000
New York, NY City Trust Cultural Res. RB, Soloman R.
Guggenheim, 3.55%, VRDN 300,000 300,000
New York, NY GO:
Ser. A, 5.40%, 8/1/2000 200,000 201,496
Sub. Ser. A-5, (LOC: Kredietbank NV), 3.60%, VRDN 500,000 500,000
Port Auth. NY & NJ RB, Ser. 115, 3.88%, 8/1/2000 500,000 500,000
Port Auth. NY & NJ Spl. Obl. RB, Ser. 157, (LIQ:
Morgan Stanley Dean Witter, Inc. & Ins. by MBIA),
3.25%, VRDN 2,080,000 2,080,000
South Glens Falls, NY Central Sch. Dist. GO, (Ins. by
FSA), 5.25%, 6/15/2000 570,000 573,267
Suffolk Cnty., NY IDA Solid Wst. Disposal Facs. ROC
RB, (LIQ: Salomon Smith Barney & Ins. by AMBAC),
4.00%, 5/4/2000 500,000 500,000
- ------------------------------------------------------------------------------
26,507,605
- ------------------------------------------------------------------------------
</TABLE>
23
<PAGE>
Evergreen CRT Money Market Funds
CRT New York Tax-Exempt Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- -------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations (continued)
Other - 3.5%
PFOTER, (LOC: Credit Suisse First Boston Corp.),
3.60%, 5/4/2000 $ 970,000 $ 970,000
- -------------------------------------------------------------------------
Total Investments (cost $27,477,605) - 98.1% 27,477,605
Other Assets and Liabilities - net - 1.9 529,385
- -------------------------------------------------------------------------
Net Assets - 100.0% $ 28,006,990
- -------------------------------------------------------------------------
</TABLE>
See Notes to Schedules of Investments.
24
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- -------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations - 99.5%
Alabama - 1.8%
Dallas Cnty., AL Hsg. Dev. Corp. RB, Ser. A,
(LOC: SouthTrust Bank NA), 3.40%, VRDN $ 1,485,000 $ 1,485,000
Demopolis, AL IDA RB, Mesa Farms Proj., 3.45%, VRDN 8,000,000 8,000,000
Montgomery, AL Spl. Care Facs. RB, VHA Program,
(LOC: Mellon Bank, NA & Ins. by AMBAC), 3.35%,
VRDN 5,400,000 5,400,000
- -------------------------------------------------------------------------------
14,885,000
- -------------------------------------------------------------------------------
Arkansas - 1.1%
Union Cnty., AR Indl. Board PCRB, Great Lakes
Chemical Corp., 3.35%, VRDN 9,000,000 9,000,000
- -------------------------------------------------------------------------------
Colorado - 3.7%
Arapahoe Cnty., CO IDA RB, Cottrell Printing, Ser.
A, (LOC: Key Bank, NA), 3.65%, VRDN 2,000,000 2,000,000
Arapahoe Cnty., CO MHRB, Rental Hsg. Hunters Run,
3.35%, VRDN 25,600,000 25,600,000
Colorado HFA IDA RB, Worldwest, LLC Proj.,
(LOC: Mercantile Bank), 3.55%, VRDN 2,500,000 2,500,000
- -------------------------------------------------------------------------------
30,100,000
- -------------------------------------------------------------------------------
District of Columbia - 0.4%
Washington DC GO, Ser. A-3, (LOC: Societe Generale),
3.70%, VRDN 3,400,000 3,400,000
- -------------------------------------------------------------------------------
Florida - 3.1%
Dade Cnty., FL IDA RB, 3.60%, VRDN 2,300,000 2,300,000
Florida Hsg. Fin. Agcy. MHRB, Bainbridge, 3.33%,
VRDN 5,275,000 5,275,000
Jacksonville, FL EDA, Hartley Press Inc., Ser. A,
3.45%, VRDN 4,500,000 4,500,000
Orange Cnty., FL Hlth. Facs. Auth. RB, Presbyterian
Retirement Proj., (LOC: Bank of America, NA),
3.35%, VRDN 10,700,000 10,700,000
</TABLE>
25
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- -------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations (continued)
Florida (continued)
Pasco Cnty., FL Edl. Facs. Auth. RB, Saint Leo Univ.
Proj., 3.30%, VRDN $ 3,000,000 $ 3,000,000
- -------------------------------------------------------------------------------
25,775,000
- -------------------------------------------------------------------------------
Georgia - 5.2%
Cobb Cnty., GA RB, Kennestone Hosp. Auth., (SPA:
Suntrust Bank, Atlanta), 3.35%, VRDN 10,000,000 10,000,000
Fulton Cnty., GA Dev. Auth. RB, Alfred & Adele Davis,
(LOC: Wachovia Bank, NA), 3.30%, VRDN 4,900,000 4,900,000
Georgia GO:
Ser. 74, 3.30%, VRDN 6,790,000 6,790,000
Ser. B, 5.50%, 3/1/2000 2,250,000 2,254,177
Georgia Local Government COP, (LIQ: Bank of America
NA), 3.28%, VRDN 8,000,000 8,000,000
Georgia Muni. Elec. Auth. Pwr. RB, 3.28%, VRDN 11,300,000 11,300,000
- -------------------------------------------------------------------------------
43,244,177
- -------------------------------------------------------------------------------
Idaho - 1.1%
Minidoka Cnty., ID IDA RB, Natures Best Produce,
Inc., 3.35%, VRDN 5,000,000 5,000,000
Power Cnty., ID PCRB, FMC Corp. Proj., 3.60%, VRDN 3,800,000 3,800,000
- -------------------------------------------------------------------------------
8,800,000
- -------------------------------------------------------------------------------
Illinois - 6.3%
Arcola, IL IDA RB, Herff Jones Inc., Proj.,
(LOC: Lasalle National Bank), 3.50%, VRDN 3,500,000 3,500,000
Chicago, IL GO, ABN AMRO Munitops, Ser. 1998-3,
(SPA: ABN AMRO Bank), 3.31%, VRDN (a) 16,000,000 16,000,000
Franklin Park, IL GO RB, (LIQ: Societe Generale &
Ins. by AMBAC), 3.30%, VRDN (a) 7,055,000 7,055,000
Gurnee, IL IDA RB, Kenall Manufacturing Co. Proj.,
(LOC: Harris Trust & Savings Bank), 3.35%, VRDN 5,200,000 5,200,000
Illinois Dev. Fin. Auth. RB, 3.80%, VRDN (a) 2,900,000 2,900,000
</TABLE>
26
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations (continued)
Illinois (continued)
Illinois GO, 3.50%, 3/1/2000 $ 5,000,000 $ 5,001,539
Illinois Hlth. Facs. Auth. RB, Resurrection Hlth.,
Ser. A, 3.65%, VRDN 7,100,000 7,100,000
Illinois Metro. Pier & Expo. Auth. RB, PFOTER,
(LOC: Merrill Lynch & Co., Inc. & Ins. by MBIA),
3.65%, VRDN (a) 5,115,000 5,115,000
- ------------------------------------------------------------------------------
51,871,539
- ------------------------------------------------------------------------------
Indiana - 6.9%
Indiana Hlth. Facs. Fin. Auth. RB:
Ascension Hlth., Ser. B, 3.80%, 2/9/2000 7,000,000 7,000,000
PFOTER, 3.40%, VRDN 27,895,000 27,895,000
Indiana Hlth. Facs. Hosp. RB, Mary Sherman Hosp.
Proj., 3.35%, VRDN 12,000,000 12,000,000
Indianapolis, IN MHRB, Canal Square Proj., (LOC:
National City Bank), 3.40%, VRDN 10,130,000 10,130,000
- ------------------------------------------------------------------------------
57,025,000
- ------------------------------------------------------------------------------
Kansas - 0.9%
Lenexa, KS MHRB, PFOTER, 3.45%, VRDN 7,320,000 7,320,000
- ------------------------------------------------------------------------------
Kentucky - 0.2%
Boone Cnty., KY Indl. Bldg. RB, Lyon Magnus Proj.,
(LOC: Bank of America, NA), 3.60%, VRDN 1,620,000 1,620,000
- ------------------------------------------------------------------------------
Louisiana - 1.8%
Louisiana Pub. Facs. Auth. Hosp. RB, Willis-Knighton
Med. Ctr. Proj., 3.30%, VRDN 12,700,000 12,700,000
Saint Charles Parish, LA PCRB, Monsanto Co. Proj.,
3.30%, VRDN 1,900,000 1,900,000
- ------------------------------------------------------------------------------
14,600,000
- ------------------------------------------------------------------------------
Maine - 0.1%
Lewiston, ME Pub. Impt. GO, Ser. A, (Ins. by MBIA),
4.20%, 5/15/2000 345,000 345,668
- ------------------------------------------------------------------------------
</TABLE>
27
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- -------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations (continued)
Maryland - 1.5%
Howard Cnty., MD MHRB, Sherwood Crossing Proj.,
(Coll. by GNMA), 3.30%, 6/1/2000 $ 6,000,000 $ 6,000,000
Montgomery Cnty., MD Pub. Impt. GO, Cons. Pub. Impt.,
Ser. A, 4.00%, 5/1/2000 6,000,000 6,013,828
- -------------------------------------------------------------------------------
12,013,828
- -------------------------------------------------------------------------------
Massachusetts - 1.2%
Massachusetts Bay Trans. Auth. GO, Ser. A,
3.50%, 2/25/2000 7,700,000 7,702,899
Massachusetts Indl. Fin. Agcy. RB, Commonwealth Ave.
Realty Proj., (LOC: State Street Bank & Trust Co.),
3.45%, VRDN 2,500,000 2,500,000
- -------------------------------------------------------------------------------
10,202,899
- -------------------------------------------------------------------------------
Michigan - 0.5%
Royal Oak, MI Hosp. Fin. Auth. RB, William Beaumont
Hosp., Ser. L, 3.60%, VRDN 4,000,000 4,000,000
- -------------------------------------------------------------------------------
Minnesota - 0.8%
Bloomington, MN Port Auth. RB, Mall of America Proj.,
Ser. A, (Ins. by FSA), 4.00%, 2/1/2000 1,800,000 1,800,000
Minnesota Pub. Facs. ROC PCRB, (LIQ: Commerzbank AG),
3.30%, VRDN 2,700,000 2,700,000
Saint Paul, MN Port Auth. RB, Pub. Hsg. Agcy. Proj.,
Ser. 5, 3.60%, VRDN 1,750,000 1,750,000
- -------------------------------------------------------------------------------
6,250,000
- -------------------------------------------------------------------------------
Mississippi - 0.7%
Jackson Cnty., MS Port Facs. RB, Chevron USA, Inc.
Proj., 3.85%, 5/1/2000 6,000,000 6,000,000
- -------------------------------------------------------------------------------
Missouri - 1.0%
Missouri Hsg. Dev. Commission Mtge. RB, (LOC: Banco
Santander, SA & Coll. by GNMA), 3.32%, VRDN 7,245,000 7,245,000
</TABLE>
28
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations (continued)
Missouri (continued)
Springfield, MO Hwy. Impt. RB, (Ins. by: AMBAC),
3.60%, 8/1/2000 $ 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), 3.55%, VRDN 3,050,000 3,050,000
Omaha Pub. Pwr. Dist., NE Elec. RB, Ser. 122, (LIQ:
Morgan Stanley Dean Witter, Inc.), 3.30%, VRDN (a) 6,745,000 6,745,000
- ------------------------------------------------------------------------------
9,795,000
- ------------------------------------------------------------------------------
Nevada - 0.6%
Nevada GO, ABN AMRO Munitops, Ser. 1998-A, (SPA: ABN
AMRO Bank), 3.31%, VRDN 5,000,000 5,000,000
- ------------------------------------------------------------------------------
New Hampshire - 1.5%
New Hampshire Higher Edl. & Hlth. RB:
VHA New England Prog., (LOC: Mellon Bank, NA & Ins.
by AMBAC):
Ser. B, 3.35%, VRDN 4,400,000 4,400,000
Ser. D, 3.35%, VRDN 1,600,000 1,600,000
Ser. G, 3.35%, VRDN 6,725,000 6,725,000
- ------------------------------------------------------------------------------
12,725,000
- ------------------------------------------------------------------------------
New Jersey - 0.1%
New Jersey Hlth. Care Facs. RB, 3.10%, VRDN 1,000,000 1,000,000
- ------------------------------------------------------------------------------
New Mexico - 0.5%
Albuquerque, NM IDA RB, General Technology Corp.
Proj., 3.45%, VRDN 4,100,000 4,100,000
- ------------------------------------------------------------------------------
New York - 1.8%
New York Dorm. Auth. RB, PFOTER, (LOC: Merrill Lynch
& Co., Inc. & Ins. by AMBAC), 3.25%, VRDN 4,670,000 4,670,000
</TABLE>
29
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- -------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations (continued)
New York (continued)
New York State Thruway Auth. RB, (LOC: Societe
Generale), 3.85%, VRDN $10,500,000 $ 10,500,000
- -------------------------------------------------------------------------------
15,170,000
- -------------------------------------------------------------------------------
North Carolina - 3.3%
Charlotte, NC GO, 5.00%, 2/1/2000 5,895,000 5,895,000
Lincoln Cnty., NC Indl. Facs. PCRB, Barre Natl.
Proj., (LOC: Bank of America, NA), 3.40%, VRDN 4,000,000 4,000,000
Mecklenburg Cnty., NC GO, 3.75%, 4/1/2000 3,000,000 3,002,964
North Carolina State GO:
Pub. Sch. Bldg., 4.50%, 4/1/2000 10,000,000 10,023,385
Ser. A, 6.10%, 3/1/2000 1,470,000 1,473,395
Vance Cnty., NC Ind. Facs. PCRB, Custom Molders, Inc.
Proj., 3.45%, VRDN 3,135,000 3,135,000
- -------------------------------------------------------------------------------
27,529,744
- -------------------------------------------------------------------------------
Ohio - 1.3%
Ohio Wtr. Dev. PCRB, Philip Morris Co., Inc., 3.35%,
VRDN 11,000,000 11,000,000
- -------------------------------------------------------------------------------
Oregon - 0.7%
Umatilla Cnty., OR Sch. Dist. ROC RB, Hermiston,
3.30%, VRDN 5,950,000 5,950,000
- -------------------------------------------------------------------------------
Pennsylvania - 14.0%
Clinton Cnty., PA IDA RB, Ser. 1992-A, 4.70%,
1/15/2001 1,600,000 1,600,000
Emmaus, PA Gen. Auth. RB:
Local Government, (LOC: KBC Bank NV):
Ser. B-20, 1999, 3.30%, VRDN 14,700,000 14,700,000
Ser. G-11, 1998, 3.30%, VRDN 9,800,000 9,800,000
Ser. A-8, 1999, (LOC: KBC Bank NV), 3.30%, VRDN 10,000,000 10,000,000
Ser. B-19, 1999, (LOC: KBC Bank NV), 3.30%, VRDN 5,700,000 5,700,000
Ser. B-21, 1999, (LOC: KBC Bank NV), 3.30%, VRDN 6,400,000 6,400,000
Ser. C-17, 1999, (LOC: KBC Bank NV), 3.30%, VRDN 10,000,000 10,000,000
</TABLE>
30
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- -------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations (continued)
Pennsylvania (continued)
Emmaus, PA Gen. Auth. RB:
Ser. C-18, 1999, (LOC: Bayerische Landesbanken),
3.30%, VRDN $12,500,000 $ 12,500,000
Ser. D-18, 1999, (LOC: KBC Bank NV), 3.30%, VRDN 6,300,000 6,300,000
Ser. F-15, 1999, 3.30%, VRDN 12,400,000 12,400,000
Ser. G, 1997, 3.30%, VRDN 6,300,000 6,300,000
Geisinger, PA Hlth. Sys. RB, 3.60%, VRDN 9,475,000 9,475,000
Montgomery Cnty., PA Ed. & Hlth. RB, St. Joseph's
Univ. Proj., 8.30%, 6/1/2000 5,500,000 5,693,743
Pennsylvania Intergovernmental Coop. Auth. RB,
Liquidation Facs. w/ Toronto Dominion, 3.30%, VRDN 4,975,000 4,975,000
- -------------------------------------------------------------------------------
115,843,743
- -------------------------------------------------------------------------------
South Carolina - 3.3%
Allendale Cnty., SC Ind. RB, King-Seeley Thermos Co.
Proj., (LOC: Bank of Nova Scotia), 3.36%, VRDN 9,250,000 9,250,000
Piedmont, SC Muni. Pwr. Agcy. RB:
Ser. B, (LOC: Credit Suisse First Boston & Ins. by
MBIA), 3.25%, VRDN 9,900,000 9,900,000
Ser. C, (LOC: Morgan Gty. Trust Co. & Ins. by MBIA),
3.25%, VRDN 4,000,000 4,000,000
York Cnty., SC PCRB, Duke Pwr. Co. Proj.,
(Gtd. by Duke Power Co.), 3.40%, 2/24/2000 3,700,000 3,700,000
- -------------------------------------------------------------------------------
26,850,000
- -------------------------------------------------------------------------------
South Dakota - 1.9%
South Dakota Hsg. Dev. Auth. RB, PFOTER,
(LOC: Merrill Lynch & Co., Inc.), 3.55%, 5/11/2000 15,515,000 15,515,000
- -------------------------------------------------------------------------------
Tennessee - 2.0%
Franklin Cnty., TN Hlth. & Ed. Facs. Board RB, St.
Andrews, Sewanee Sch. Proj., (LOC: Amsouth Bank of
Alabama), 3.20%, VRDN 5,000,000 5,000,000
</TABLE>
31
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<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), 3.30%, VRDN $11,550,000 $ 11,550,000
- -------------------------------------------------------------------------------
16,550,000
- -------------------------------------------------------------------------------
Texas - 13.3%
Brazos River, TX Harbor Navigation Dist. RB:
Brazoria Cnty. Env. Proj., (LOC: Chase Manhattan
Bank), 3.75%, VRDN 2,300,000 2,300,000
Hoffman-La Roche, Inc. Proj., (LOC: Wachovia Bank of
NC), 3.23%, VRDN 2,750,000 2,750,000
Calhoun Cnty., TX Navigation IDA RB, Formosa Plastics
Corp. Proj., (LOC: Bank of America, NA), 3.30%,
VRDN 28,500,000 28,500,000
Dallas, TX GO, Ser. 93, (LIQ: Morgan Stanley Dean
Witter, Inc.), 3.30%, VRDN 21,620,000 21,620,000
Harris Cnty., TX GO, 3.28%, VRDN 9,600,000 9,600,000
Harris Cnty., TX Hsg. Fin. Corp., MHRB, Methodist
Hosp., Ser. 1994, (LOC: Morgan Gty. Trust Co.),
3.60%, VRDN 5,500,000 5,500,000
Hunt, TX Mem. Hosp. Dist. RB, (SPA: Chase Bank of
Texas & Ins. by FSA), 4.00%, VRDN 10,700,000 10,700,000
Lower Neches Valley, TX RB, Mobil Oil Refining Corp.
Proj., 3.70%, VRDN 4,200,000 4,200,000
Matagorda Cnty., TX PCRB, 3.45%, VRDN 7,495,000 7,495,000
Texas A&M Univ. RB, ABN AMRO Munitops, Ser. 1999-5,
(SPA: ABN AMRO Bank), 3.60%, 5/17/2000 (a) 7,000,000 7,000,000
Travis Cnty., TX Hlth. Facs. RB, 3.28%, VRDN 5,000,000 5,000,000
Yoakum Cnty., TX IDA PCRB, Amoco Proj.,
3.85%, 5/1/2000 5,265,000 5,265,000
- -------------------------------------------------------------------------------
109,930,000
- -------------------------------------------------------------------------------
Virginia - 2.9%
King George Cnty, VA IDA RB, Birchwood Pwr.,
3.75%, VRDN 3,900,000 3,900,000
</TABLE>
32
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- -------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations (continued)
Virginia (continued)
Lynchburg, VA IDA Hosp. Facs. RB: (LOC: Mellon Bank,
NA & Ins. by AMBAC), VHA Mid-Atlantic States:
Ser. D, 3.35%, VRDN $ 2,400,000 $ 2,400,000
Ser. F, 3.35%, VRDN 2,400,000 2,400,000
Ser. G, 3.35%, VRDN 500,000 500,000
Newport News, VA MHRB, Newport-Oxford Proj., (LOC:
Bank of America, NA), 3.35%, VRDN 9,700,000 9,700,000
Richmond, VA Redev. MHRB, 3.45%, VRDN 5,300,000 5,300,000
- -------------------------------------------------------------------------------
24,200,000
- -------------------------------------------------------------------------------
Washington - 1.7%
Port of Seattle, WA, ABN AMRO Munitops, Ser. 1998-16,
(SPA: ABN AMRO Bank), 3.31%, VRDN (a) 10,000,000 10,000,000
Seattle, WA GO, (LOC: Merrill Lynch & Co., Inc.),
3.60%, 7/20/2000 4,370,000 4,370,000
- -------------------------------------------------------------------------------
14,370,000
- -------------------------------------------------------------------------------
West Virginia - 2.5%
West Virginia Hosp. Fin. Auth. RB:
3.45%, VRDN 13,995,000 13,995,000
VHA Mid-Atlantic States, Ser. G,
(LOC: Mellon Bank, NA & Ins. by AMBAC), 3.35%, VRDN 5,400,000 5,400,000
West Virginia Hsg. Dev. Fund, 3.50%, 6/18/2000 1,000,000 1,000,000
- -------------------------------------------------------------------------------
20,395,000
- -------------------------------------------------------------------------------
Wisconsin - 0.5%
Wisconsin GO, Ser. A, 4.00%, 5/1/2000 4,340,000 4,348,856
- -------------------------------------------------------------------------------
Other - 8.1%
Charter Mac Certificate Trust I, (LOC: MBIA), 3.50%,
VRDN 7,000,000 7,000,000
Clipper Tax Exempt Trust, Ser. 1998-1, (LOC: State
Street Bank & Trust, Co. & Ins. by MBIA), 3.55%,
VRDN (a) 5,482,000 5,482,000
Koch Trust, PFOTER, 3.80%, VRDN 3,000,000 3,000,000
</TABLE>
33
<PAGE>
Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- -----------------------------------------------------------
<S> <C> <C>
Municipal Obligations (continued)
Other (continued)
Morgan Keegan Muni. Prods., Inc.:
Ser. D, 3.50%, VRDN $17,420,000 $ 17,420,000
Ser. F, 3.70%, VRDN 28,850,000 28,850,000
PFOTER, 3.55%, VRDN 5,260,000 5,260,000
- -----------------------------------------------------------
67,012,000
- -----------------------------------------------------------
Total Investments (cost $821,517,454) - 99.5% 821,517,454
Other Assets and Liabilities - net - 0.5 4,138,081
- -----------------------------------------------------------
Net Assets - 100.0% $825,655,535
- -----------------------------------------------------------
</TABLE>
See Notes to Schedules of Investments.
34
<PAGE>
Evergreen CRT Money Market Funds
U.S. Government Money Market Fund
Schedule of Investments
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------
<S> <C> <C>
U.S. Agency Obligations - 84.0%
FAMC Disc. Notes:
5.48%, 2/23/2000 $ 40,000,000 $ 39,866,044
5.53%, 2/23/2000 26,200,000 26,111,459
- ------------------------------------------------------------
FFCA:
4.90%, 11/16/2000 10,000,000 9,901,506
5.45%, 8/2/2000 14,965,000 14,945,279
5.78%, 4/3/2000 150,000,000 150,000,000
- ------------------------------------------------------------
FHLB:
4.90%, 2/4/2000 115,000,000 114,999,953
4.95%, 2/24/2000 50,000,000 49,996,207
4.98%, 3/29/2000 50,000,000 49,988,709
5.00%, 8/14/2000 18,000,000 17,874,753
5.10%, 3/3/2000 50,000,000 49,996,739
5.11%, 5/5/2000 25,000,000 24,997,817
5.125%, 5/19/2000 50,000,000 49,982,968
5.20%, 6/1/2000 25,000,000 24,994,463
5.71%, 8/9/2000 100,000,000 99,995,016
5.75%, 9/15/2000 25,000,000 24,991,604
5.875%, 9/7/2000 35,000,000 34,997,068
6.04%, 9/1/2000-10/25/2000 69,000,000 69,000,000
6.05%, 11/3/2000 28,580,000 28,547,218
6.21%, 2/2/2000 150,000,000 150,000,000
6.26%, 2/2/2000 75,000,000 74,965,234
6.35%, 2/1/2001 30,000,000 29,981,310
Disc. Notes:
5.53%, 2/23/2000 125,000,000 124,577,570
5.60%, 2/25/2000 125,000,000 124,533,333
- ------------------------------------------------------------
FHLMC Deb.:
5.51%, 7/14/2000 20,000,000 19,966,321
5.61%, 2/21/2000 100,000,000 99,989,537
5.62%, 7/7/2000 100,000,000 100,000,000
Disc. Notes
5.62%, 3/14/2000 50,000,000 49,672,167
</TABLE>
35
<PAGE>
Evergreen CRT Money Market Funds
U.S. Government Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ----------------------------------------------------------------
<S> <C> <C>
U.S. Agency Obligations (continued)
FHLMC Deb. (continued)
MTN:
5.99%, 12/6/2000 $ 50,000,000 $ 49,965,807
6.35%, 1/5/2001 100,000,000 99,993,478
- ----------------------------------------------------------------
FNMA Disc. Notes:
5.26%, 6/19/2000 60,000,000 58,781,433
5.53%, 2/28/2000 26,743,000 26,632,083
5.55%, 2/2/2000 50,000,000 49,992,292
5.70%, 4/13/2000 135,781,000 134,233,097
5.72%, 4/6/2000 30,000,000 29,690,167
MTN:
5.10%, 5/19/2000 20,000,000 19,962,347
5.62%, 2/9/2000 35,000,000 34,990,915
5.66%, 9/7/2000 50,000,000 49,989,379
5.80%, 8/17/2000 60,000,000 59,975,977
5.93%, 3/20/2000 150,000,000 150,000,000
6.20%, 12/27/2000 50,000,000 49,954,918
- ----------------------------------------------------------------
Intermediate American Dev. Bank,
Disc. Notes
5.50%, 2/11/2000 28,700,000 28,656,153
- ----------------------------------------------------------------
SLMA MTN:
5.25%, 6/30/2000 17,500,000 17,494,406
5.90%, 6/8/2000 55,000,000 54,997,754
5.95%, 6/29/2000 100,000,000 100,000,000
6.20%, 2/11/2000 39,820,000 39,820,310
6.25%, 9/1/2000-10/12/2000 200,000,000 199,932,176
6.41%, 7/27/2000 50,000,000 49,995,164
- ----------------------------------------------------------------
TVA Disc. Notes
5.53%, 2/3/2000 100,000,000 99,969,278
- ----------------------------------------------------------------
Total U.S. Agency Obligations
(cost $3,059,899,409) 3,059,899,409
- ----------------------------------------------------------------
</TABLE>
36
<PAGE>
Evergreen CRT Money Market Funds
U.S. Government Money Market Fund
Schedule of Investments (continued)
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ----------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement - 16.4%
Societe Generale Bank, SA, 5.69%, dated
1/31/2000, maturing 2/1/2000, maturity value
$599,167,285
(cost $599,072,598)(b) $599,072,598 $ 599,072,598
- ----------------------------------------------------------------------------
Total Investments (cost $3,658,972,007) - 100.4% 3,658,972,007
Other Assets and Liabilities - net - (0.4) (15,347,214)
- ----------------------------------------------------------------------------
Net Assets - 100.0% $3,643,624,793
- ----------------------------------------------------------------------------
</TABLE>
See Notes to Schedules of Investments.
37
<PAGE>
Evergreen CRT Funds Money Market Funds
Combined Notes to Schedules of Investments
January 31, 2000 (Unaudited)
- --------------------------------------------------------------------------------
(a) Securities that may be resold to "qualified institutional buyers" under
Rule 144A or securities offered pursuant to Section 4(2) of the
Securities Act of 1933, as amended. These securities have been determined
to be liquid under guidelines established by the Board of Trustees.
(b) The repurchase agreement is fully collateralized by $667,076,886 GNMA,
6.00% - 8.00%, 6/15/2028 - 11/15/2029; value including accrued interest
$616,525,427.
Summary of Abbreviations:
AMBAC - American Municipal Bond Assurance Corp.
CDA - Community Development Authority
COP - Certificates of Participation
EDA - Economic Development Authority
FAMC - Federal Agriculture Mortgage Corp.
FFCA - Federal Farm Credit Association
FGIC - Financial Guaranty Insurance Co.
FHLB - Federal Home Loan Bank
FHLMC - Federal Home Loan Mortgage Corp.
FNMA - Federal National Mortgage Association
FRN - Floating Rate Note
FSA - Financial Security Assurance, Inc.
GMAC - General Motors Acceptance Corp.
GNMA - Government National Mortgage Association
GO - General Obligation
HFA - Housing Finance Authority
IDA - Industrial Development Authority
LIQ - Liquidity Provider
LLC - Limited Liability Corp.
LOC - Letter of Credit
LP - Limited Partnership
MHRB - Multifamily Housing Revenue Bond
MBIA - Municipal Bond Investors Assurance Corp.
MTN - Medium Term Notes
NA - National Association
PCRB - Pollution Control Revenue Bond
PFOTER - Puttable Floating Option Tax Exempt Receipt
RACERS - Restructured Asset Security Enhancement
RAN - Revenue Anticipation Note
RB - Revenue Bond
ROC - Reset Option Certificates
SFHRB - Single Family Housing Revenue Bond
SLMA - Student Loan Marketing Association
SPA - Securities Purchase Agreement
TRAN - Tax Revenue Anticipation Note
TVA - Tennessee Valley Authority
VHA - Veterans Housing Authority
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 January 31, 2000.
See Combined Notes to Financial Statements.
38
<PAGE>
Evergreen CRT Money Market Funds
Statements of Assets and Liabilities
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
CRT CRT
California CRT New York CRT U.S.
Tax-Exempt Money Market Tax-Exempt Tax-Exempt Government
Fund Fund Fund Fund Fund
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities $113,715,128 $5,343,160,662 $27,477,605 $821,517,454 $3,059,899,409
Investments in repurchase
agreements 0 0 0 0 599,072,598
- --------------------------------------------------------------------------------------------------------
Investments at amortized cost 113,715,128 5,343,160,662 27,477,605 821,517,454 3,658,972,007
Cash 47,942 0 203,272 305,386 0
Receivable for Fund shares sold 103,647 3,217,823 0 1,140,023 920,152
Interest receivable 995,420 34,362,336 315,814 4,744,045 26,195,101
Deferred organization expenses 2,854 0 714 0 0
Prepaid expenses and other
assets 68,697 1,244,578 67,146 62,577 630,627
- --------------------------------------------------------------------------------------------------------
Total assets 114,933,688 5,381,985,399 28,064,551 827,769,485 3,686,717,887
- --------------------------------------------------------------------------------------------------------
Liabilities
Distributions payable 106,365 10,548,972 28,629 837,993 6,923,167
Payable for securities
purchased 0 37,170,707 0 0 29,981,310
Payable for Fund shares
redeemed 12,313 5,661,780 6,782 804,516 3,047,022
Due to custodian bank 0 604,996 0 0 0
Advisory fee payable 19,589 710,506 4,350 138,023 503,263
Distribution Plan expenses
payable 526 648,519 3,029 113,374 512,249
Due to other related parties 1,764 84,418 395 12,903 56,854
Accrued expenses and other
liabilities 72,515 2,581,689 14,376 207,141 2,069,229
- --------------------------------------------------------------------------------------------------------
Total liabilities 213,072 58,011,587 57,561 2,113,950 43,093,094
- --------------------------------------------------------------------------------------------------------
Net assets $114,720,616 $5,323,973,812 $28,006,990 $825,655,535 $3,643,624,793
- --------------------------------------------------------------------------------------------------------
Net assets represented by
Paid-in capital $114,719,369 $5,325,094,581 $28,003,370 $825,656,833 $3,643,624,813
Undistributed (overdistributed)
net investment income (500) 0 0 (1,250) 0
Accumulated net realized gains
or losses on securities 1,747 (1,120,769) 3,620 (48) (20)
- --------------------------------------------------------------------------------------------------------
Total net assets $114,720,616 $5,323,973,812 $28,006,990 $825,655,535 $3,643,624,793
- --------------------------------------------------------------------------------------------------------
Shares outstanding - Class A 114,719,369 5,325,094,489 28,003,370 825,655,469 3,643,624,846
Net asset value per share $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
39
<PAGE>
Evergreen CRT Money Market Funds
Statements of Operations
Six Months Ended January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
CRT CRT
California CRT New York CRT U.S.
Tax-Exempt Money Market Tax-Exempt Tax-Exempt Government
Fund Fund Fund Fund Fund
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment income
Interest $1,731,877 $143,181,014 $388,615 $14,270,255 $99,066,931
- ---------------------------------------------------------------------------------------
Expenses
Advisory fee 117,722 4,243,429 23,365 854,366 3,163,149
Distribution Plan
expenses 176,583 9,580,133 40,357 1,332,401 6,886,189
Administrative services
fees 10,702 504,217 2,124 80,752 362,226
Transfer agent fee 46,381 4,790,825 5,598 332,774 3,202,599
Trustees' fees and
expenses 1,053 50,127 204 7,996 36,236
Printing and postage
expenses 5,503 204,816 1,319 8,363 149,406
Custodian fee 21,486 739,119 4,449 114,817 568,596
Registration and filing
fees 10,057 484,518 1,171 124,455 351,964
Professional fees 8,847 93,447 4,985 14,740 44,729
Organization expenses 780 0 195 0 0
Other 16,311 1,323,569 2,543 127,838 142,378
- ---------------------------------------------------------------------------------------
Total expenses 415,425 22,014,200 86,310 2,998,502 14,907,472
Less: Expense reductions (3,399) (111,413) (1,348) (16,032) (41,054)
- ---------------------------------------------------------------------------------------
Net expenses 412,026 21,902,787 84,962 2,982,470 14,866,418
- ---------------------------------------------------------------------------------------
Net investment income 1,319,851 121,278,227 303,653 11,287,785 84,200,513
- ---------------------------------------------------------------------------------------
Net realized gains or
losses on securities 1,747 (1,079,534) 3,620 2,850 (20)
- ---------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations $1,321,598 $120,198,693 $307,273 $11,290,635 $84,200,493
- ---------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
40
<PAGE>
Evergreen CRT Money Market Funds
Statements of Changes in Net Assets
Six Months Ended January 31, 2000 (Unaudited)
<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 $ 1,319,851 $ 121,278,227 $ 303,653 $ 11,287,785 $ 84,200,513
Net realized gains or
losses on securities 1,747 (1,079,534) 3,620 2,850 (20)
- ----------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations 1,321,598 120,198,693 307,273 11,290,635 84,200,493
- ----------------------------------------------------------------------------------------------------
Distributions to
shareholders from net
investment income (1,319,851) (121,278,227) (303,653) (11,287,785) (84,200,513)
- ----------------------------------------------------------------------------------------------------
Capital share
transactions
Proceeds from shares
sold 112,136,335 6,423,412,212 61,233,306 1,208,374,293 5,828,551,049
Net asset value of
shares issued in
reinvestment of
distributions 1,350,421 119,878,473 296,062 11,470,651 83,868,279
Payment for shares
redeemed (104,665,176) (6,067,208,147) (54,167,829) (1,239,423,723) (5,845,592,930)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
resulting from capital
share transactions 8,821,580 476,082,538 7,361,539 (19,578,779) 66,826,398
- ----------------------------------------------------------------------------------------------------
Total increase
(decrease) in net
assets 8,823,327 475,003,004 7,365,159 (19,575,929) 66,826,398
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 $114,720,616 $5,323,973,812 $28,006,990 $ 825,655,535 $3,643,624,793
- ----------------------------------------------------------------------------------------------------
Undistributed
(overdistributed) net
investment income $ (500) $ 0 $ 0 $ (1,250) $ 0
- ----------------------------------------------------------------------------------------------------
</TABLE>
See Combined Notes to Financial Statements.
41
<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.
42
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
(Unaudited)
1. Organization
The Evergreen CRT Money Market Funds (formerly Cash Resource Trust) 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.
Short-term investments with remaining maturities of 60 days or less are carried
at amortized cost, which approximates market value.
43
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
(Unaudited) (continued)
b. Repurchase Agreements
Each Fund may invest in repurchase agreements. Securities pledged as collateral
for repurchase agreements are held in a segregated account by the custodian on
the Fund's behalf. Collateral for certain tri-party repurchase agreements is
held at the counterparty's custodian in a segregated account for the benefit of
the Fund and the counterparty. Each Fund monitors the adequacy of the
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.
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 have qualified and intend to continue to qualify as regulated
investment companies under the Internal Revenue Code of 1986, as amended (the
"Code"). Thus, the Funds will not incur any federal income tax liability since
they are expected to distribute all of their net investment company taxable
income, net tax-exempt income and net capital gains, if any, to their
shareholders. The Funds also intend to avoid any excise tax liability by making
the required distributions under the Code. Accordingly, no provision for
federal taxes is required. To the extent that realized capital gains can be
offset by capital loss carryforwards, it is each Fund's policy not to
distribute such gains.
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. Distributions to shareholders are recorded at the close of
business on the ex-dividend date.
44
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
(Unaudited) (continued)
Income and capital gains distributions to shareholders are determined in
accordance with income tax regulations, which may differ from generally
accepted accounting principles.
On July 31, 1999, the Funds had capital loss carryovers for federal income tax
purposes as follows:
<TABLE>
<CAPTION>
Capital Expiration
Loss ----------------------
Carryforwad 2004 2006 2007
- ---------------------------------------------------------
<S> <C> <C> <C> <C>
CRT Money Market Fund $41,235 $ 0 $30,493 $10,742
CRT Tax-Exempt Fund 2,898 2,898 0 0
</TABLE>
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 Corp. ("First Union"), serves as the investment advisor for each Fund and
is paid a management fee that is computed daily and paid monthly. Each Fund
pays Mentor Advisors a fee at the following annual rates expressed as a
percentage of each Fund's average daily net assets: 0.22% of the first $500
million, 0.20% of the next $500 million, 0.175% of the next $1 billion, 0.16%
of the next $1 billion, and 0.15% of any amounts over $3 billion.
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.
45
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
(Unaudited) (continued)
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 the Funds.
Evergreen Service Company ("ESC"), an indirectly, wholly owned subsidiary of
FUNB, serves as the transfer and dividend disbursing agent for the Funds. Prior
to September 13, 1999 Investors Fiduciary Trust Company ("IFTC") served as
transfer and dividend disbursing agent for the Funds.
<TABLE>
<CAPTION>
The Funds paid or accrued the following amounts to ESC for transfer agent fees
for the six months ended January 31, 2000:
- ------------------------------------------
<S> <C>
CRT California Tax-Exempt Fund $ 24,374
CRT Money Market Fund 2,114,712
CRT New York Tax-Exempt Fund 3,465
CRT Tax-Exempt Fund 147,152
U.S. Government Fund 2,394,073
- ------------------------------------------
</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 equal to 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 equal to 0.38% of the average daily net assets of each Fund,
and Class A shares of CRT New York Tax-Exempt Fund incurs distribution fees up
to 0.50% of the Fund's average daily net assets. The Distribution Plan expenses
are calculated daily and paid at least quarterly.
46
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
(Unaudited) (continued)
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. Mentor Distributors is a wholly
owned subsidiary of BISYS Fund Services, Inc.
During the six months ended January 31, 2000, amounts paid or accrued to EDI
and Mentor pursuant to each Fund's Class A Distribution Plan were as follows:
<TABLE>
<CAPTION>
EDI Mentor
- -----------------------------------------------------
<S> <C> <C>
CRT California Tax-Exempt Fund $ 104,691 $ 71,892
CRT Money Market Fund 5,775,801 3,804,332
CRT New York Tax-Exempt Fund 24,870 15,487
CRT Tax-Exempt Fund 777,743 554,658
U.S. Government Fund 3,845,467 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>
Six Months
Ended Year Ended
January 31, 2000 July 31, 1999
- -------------------------------------------------------------------
<S> <C> <C>
Shares sold 112,136,335 396,996,499
Shares issued in reinvestment of
distributions 1,350,421 2,194,969
Shares redeemed (104,665,176) (388,991,731)
- -------------------------------------------------------------------
Total increase 8,821,580 10,199,737
- -------------------------------------------------------------------
CRT Money Market Fund
<CAPTION>
Six Months
Ended Year Ended
January 31, 2000 July 31, 1999
- -------------------------------------------------------------------
<S> <C> <C>
Shares sold 6,423,412,212 18,089,898,378
Shares issued in reinvestment of
distributions 119,878,381 195,748,017
Shares redeemed (6,067,208,147) (17,254,369,398)
- -------------------------------------------------------------------
Total increase 476,082,446 1,031,276,997
- -------------------------------------------------------------------
</TABLE>
47
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
(Unaudited) (continued)
CRT New York Tax-Exempt Fund
<TABLE>
<CAPTION>
Six Months
Ended
January 31, Year Ended
2000 July 31, 1999
- ---------------------------------------------------
<S> <C> <C>
Shares sold 61,233,306 82,706,823
Shares issued in
reinvestment of
distributions 296,062 461,633
Shares redeemed (54,167,829) (77,816,205)
- ---------------------------------------------------
Total increase 7,361,539 5,352,251
- ---------------------------------------------------
</TABLE>
CRT Tax Exempt Fund
<TABLE>
<CAPTION>
Six Months
Ended
January 31, Year Ended
2000 July 31, 1999
- ---------------------------------------------------
<S> <C> <C>
Shares sold 1,208,374,293 3,090,851,626
Shares issued in
reinvestment of
distributions 11,470,651 22,151,139
Shares redeemed (1,239,423,723) (3,082,828,293)
- ---------------------------------------------------
Total increase
(decrease) (19,578,779) 30,174,472
- ---------------------------------------------------
</TABLE>
U.S. Government Fund
<TABLE>
<CAPTION>
Six Months
Ended
January 31, Year Ended
2000 July 31, 1999
- ---------------------------------------------------
<S> <C> <C>
Shares sold 5,828,551,049 12,533,705,976
Shares issued in
reinvestment of
distributions 83,868,312 155,710,250
Shares redeemed (5,845,592,930) (12,274,994,726)
- ---------------------------------------------------
Total increase 66,826,431 414,421,500
- ---------------------------------------------------
</TABLE>
6. Expense Reductions
The Funds have entered into expense offset arrangements with ESC on September
13, 1999 and with 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
48
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
(Unaudited) (continued)
and the impact of the total expense reductions on each Fund's expense ratio
represented as a percentage of its average net assets were as follows:
<TABLE>
<CAPTION>
Total
Expense % of Average
Reductions Net Assets
- -------------------------------------------------------
<S> <C> <C>
CRT California Tax-Exempt Fund $ 3,399 0.01%
CRT Money Market Fund 111,413 0.00%
CRT New York Tax-Exempt Fund 1,348 0.01%
CRT Tax-Exempt Fund 16,032 0.00%
US Government Fund 41,054 0.00%
- -------------------------------------------------------
</TABLE>
7. 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.
8. Financing Agreement
On July 27, 1999, certain Evergreen Funds and a group of banks (the "Lenders")
entered into a credit agreement. Under this agreement, effective for certain
Evergreen Funds on July 27, 1999, the Lenders provide an unsecured revolving
credit commitment in the aggregate amount of $1.050 billion. On August 6, 1999
the Funds became party to this agreement. The credit facility is allocated,
under the terms of the financing agreement, among the Lenders. The credit
facility is accessed by the Funds for temporary or emergency purposes to fund
the redemption of their shares or a general working capital as permitted by
each Fund's borrowing restrictions. Borrowings under this facility bear
interest at 0.75% per annum above the Federal Funds rate (1.50% per annum above
the Federal Funds rate during the period from and including December 1, 1999
through and including January 31, 2000). A commitment fee of 0.10% per annum is
incurred on the average daily unused portion of the revolving credit
commitment. The commitment fee is allocated to all funds. For its assistance in
arranging this financing agreement, First Union Capital Markets Corp.
49
<PAGE>
Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
(Unaudited) (continued)
was paid a one-time arrangement fee of $250,000. State Street Bank and Trust
Company serves as paying agent for the funds and as paying agent is entitled to
a fee of $20,000 per annum, which is allocated to all the funds.
The Funds did not borrow under this agreement during the six months ended
January 31, 2000.
9. 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.
50
<PAGE>
Evergreen CRT Money Market Funds
Additional Information (Unaudited)
- --------------------------------------------------------------------------------
On December 15, 1999, a special meeting of shareholders for the Funds was held
to consider a number of proposals. On October 15, 1999, the record date of the
meeting, the Funds had:
<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>
Record Date
Shares Outstanding 20,336,279 4,961,399,986 101,918,714 785,943,247 3,577,861,820
Shares represented
at the meeting 20,332,011 4,696,804,171 101,893,076 701,467,413 3,165,404,996
Percentage of
record date
shares represented
at the meeting 99.92% 94.66% 99.97% 89.25% 88.47%
The votes recorded at the meeting, by proposal, were as follows:
Proposal 1 Election of Directors
Laurence B. Ashkin
Shares voted "For" 20,283,963 4,657,083,006 101,182,690 694,848,234 3,142,743,930
Shares voted "Against" 0 0 0 0 0
Shares voted "Abstain" 38,048 39,721,165 710,386 6,589,179 22,661,066
Charles A. Austin III
Shares voted "For" 20,283,963 4,659,404,643 101,217,429 694,714,199 3,145,611,288
Shares voted "Against" 0 0 0 0 0
Shares voted "Abstain" 38,048 37,399,528 675,647 6,753,214 19,793,708
K. Dun Gifford
Shares voted "For" 20,283,963 4,660,891,208 101,190,471 695,128,137 3,146,183,384
Shares voted "Against" 0 0 0 0 0
Shares voted "Abstain" 38,048 35,912,963 702,605 6,339,276 19,221,612
Leroy Keith, Jr.
Shares voted "For" 20,283,963 4,661,302,135 101,134,159 695,094,032 3,144,941,808
Shares voted "Against" 0 0 0 0 0
Shares voted "Abstain" 38,048 35,502,036 758,917 6,373,381 20,463,188
Gerald M. McDonnell
Shares voted "For" 20,283,963 4,661,376,329 101,179,747 695,184,317 3,144,795,531
Shares voted "Against" 0 0 0 0 0
Shares voted "Abstain" 38,048 35,427,842 713,329 6,283,096 20,609,465
</TABLE>
51
<PAGE>
Evergreen CRT Money Market Funds
Additional Information (Unaudited)
(continued)
<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>
Thomas L. McVerry
Shares voted "For" 20,283,963 4,661,597,453 101,217,429 695,115,626 3,145,122,433
Shares voted "Against" 0 0 0 0 0
Shares voted "Abstain" 38,048 35,206,718 675,647 6,351,787 20,282,563
William Walt Pettit
Shares voted "For" 20,283,963 4,661,231,726 101,149,439 694,075,420 3,146,300,145
Shares voted "Against" 0 0 0 0 0
Shares voted "Abstain"" 38,048 35,572,445 743,637 7,391,993 19,104,851
David M. Richardson
Shares voted "For" 20,283,963 4,661,418,913 101,217,429 695,157,876 3,145,013,497
Shares voted "Against" 0 0 0 0 0
Shares voted "Abstain" 38,048 35,385,258 675,647 6,309,537 20,391,499
Russell A. Salton, III MD
Shares voted "For" 20,283,963 4,660,738,958 101,190,471 694,834,827 3,146,164,947
Shares voted "Against" 0 0 0 0 0
Shares voted "Abstain" 38,048 36,065,213 702,605 6,632,586 19,240,049
Michael S. Scofield
Shares voted "For" 20,283,963 4,661,111,085 101,193,430 693,955,374 3,146,309,131
Shares voted "Against" 0 0 0 0 0
Shares voted "Abstain" 38,048 35,693,086 699,646 7,512,039 19,095,865
Richard J. Shima
Shares voted "For" 20,283,963 4,661,216,758 101,193,430 695,095,809 3,146,241,867
Shares voted "Against" 0 0 0 0 0
Shares voted "Abstain" 38,048 35,587,413 699,646 6,371,604 19,163,129
Arnold H. Dreyfuss
Shares voted "For" 20,283,963 4,658,333,922 101,107,541 695,100,064 3,144,441,269
Shares voted "Against" 0 0 0 0 0
Shares voted "Abstain" 38,048 38,470,249 785,535 6,367,349 20,963,727
Louis W. Moelchert, Jr.
Shares voted "For" 20,283,963 4,661,379,020 101,190,471 695,122,732 3,146,814,627
Shares voted "Against" 0 0 0 0 0
Shares voted "Abstain" 38,048 35,425,151 702,605 6,344,681 18,590,369
</TABLE>
52
<PAGE>
Evergreen CRT Money Market Funds
Additional Information (Unaudited)
(continued)
Proposal 2 -- To transact any other business that may properly come before the
meeting or any adjournment thereof:
<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>
Shares voted "For" 20,266,608 4,627,907,913 100,362,236 687,855,788 3,109,606,702
Shares voted "Against" 15,363 31,592 835 168,205 5,503,128 27,300,659
Shares voted "Abstain" 40,040 37,303,425 1,362,635 8,108,497 28,497,635
</TABLE>
53
<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
---------------
60341 553285 03/2000
