N-CSRS

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08555

     Evergreen Money Market Trust
_____________________________________________________________
(Exact name of registrant as specified in charter)

     200 Berkeley Street Boston, Massachusetts 02116
_____________________________________________________________
(Address of principal executive offices) (Zip code)

     Michael H. Koonce, Esq. 200 Berkeley Street Boston, Massachusetts 02116
____________________________________________________________
(Name and address of agent for service)

Registrant's telephone number, including area code: (617) 210-3200

Date of fiscal year end: Registrant is making a semi-annualfiling for nine of its series, Evergreen California Municipal Money Market Fund, Evergreen Florida Municipal Money Market Fund, Evergreen Money Market Fund, Evergreen Municipal Money Market Fund, Evergreen New Jersey Municipal Money Market Fund, Evergreen New York Municipal Money Market Fund, Evergreen Pennsylvania Municipal Money Market Fund, Evergreen Treasury Money Market Fund and Evergreen U.S. Government Money Market Fund, for the six months ended July 31, 2007. These nine series have a January 31 fiscal year end.

Date of reporting period: July 31, 2007

Item 1 - Reports to Stockholders.

Evergreen California Municipal Money Market Fund

table of contents
1	LETTER TO SHAREHOLDERS
4	FUND AT A GLANCE
6	ABOUT YOUR FUND’S EXPENSES
7	FINANCIAL HIGHLIGHTS
10	SCHEDULE OF INVESTMENTS
15	STATEMENT OF ASSETS AND LIABILITIES
16	STATEMENT OF OPERATIONS
17	STATEMENTS OF CHANGES IN NET ASSETS
18	NOTES TO FINANCIAL STATEMENTS
24	TRUSTEES AND OFFICERS

This semiannual report must be preceded or accompanied by a prospectus of the Evergreen fund contained herein. The prospectus contains more complete information, including fees and expenses, and should be read carefully before investing or sending money.

The fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q will be available on the SEC’s Web site at http://www.sec.gov. In addition, the fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330.

A description of the fund’s proxy voting policies and procedures, as well as information regarding how the fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available by visiting our Web site at EvergreenInvestments.com or by visiting the SEC’s Web site at http://www.sec.gov. The fund’s proxy voting policies and procedures are also available without charge, upon request, by calling 800.343.2898.

Mutual Funds:

NOT FDIC INSURED  MAY LOSE VALUE  NOT BANK GUARANTEED 

Evergreen Investments^SM is a service mark of Evergreen Investment Management Company, LLC.
Copyright 2007, Evergreen Investment Management Company, LLC.

Evergreen Investment Management Company, LLC is a subsidiary of Wachovia Corporation and is an affiliate of Wachovia Corporation’s other Broker Dealer subsidiaries.

Evergreen mutual funds are distributed by Evergreen Investment Services, Inc.
200 Berkeley Street, Boston, MA 02116

LETTER TO SHAREHOLDERS
September 2007

Dennis H. Ferro

President and Chief Executive Officer

Dear Shareholder:

We are pleased to provide the Semiannual Report for Evergreen California Municipal Money Market Fund for the six-month period ended July 31, 2007.

The domestic equity and fixed income markets produced modest, but positive, returns during the six-month period. Stock prices tended to rise early in the period, sustaining the momentum of late 2006 and early 2007 in a rally driven by better-than-expected corporate profits, strong global growth trends and brisk activity by private equity investors. However, equities then fell back in a major sell-off in the period’s final month. A market reversal in July 2007 was brought on by concerns about weakness in the housing industry and by worries that problems in the subprime mortgage market could spread to the general economy and signal a more general deterioration in credit quality within the bond market. Interest rates of longer-maturity bonds rose as their prices declined. At the same time, the spreads — or yield advantages — of lower-quality corporate bonds began to widen as investors preferred higher-quality bonds, especially Treasuries. In this environment, conservative, shorter-duration portfolios tended to hold up relatively well, while higher-yielding, lower-rated corporate bonds produced negative returns.

Despite the weakness in the housing industry, and the related problems in the subprime mortgage market, the domestic economy maintained

1

LETTER TO SHAREHOLDERS continued

its growth trajectory during the six-month period. While Gross Domestic Product grew by a rate of only 0.6% in the first quarter of 2007, it accelerated to a rate of 4.0% in the second quarter of 2007. During the six-month period, the Federal Reserve Board (the “Fed”) kept the fed funds rate, a key short-term interest rate, unchanged at 5.25% . However, as the period progressed, speculation increased about possible future actions by the nation’s central bank. Shortly after the period ended, the Fed acted, injecting liquidity into the market by cutting the discount rate, which is the rate at which the Fed lends to banks.

Against this backdrop, the management teams of Evergreen’s money market funds continued to focus on capital preservation and competitive income through investments in high-quality, short-term securities.

As always, we encourage investors to maintain diversified investment portfolios in pursuit of their long-term investment goals.

2

LETTER TO SHAREHOLDERS continued

Please visit us at EvergreenInvestments.com for more information about our funds and other investment products available to you. Thank you for your continued support of Evergreen Investments.

Sincerely,

Dennis H. Ferro
President and Chief Executive Officer
Evergreen Investment Company, Inc.

Special Notice to Shareholders:

Please visit our Web site at EvergreenInvestments.com for statements from President and Chief Executive Officer, Dennis Ferro, regarding the firm’s recent settlement with the Securities and Exchange Commission (SEC) and prior settlement with the National Association of Securities Dealers (NASD).

3

FUND AT A GLANCE
as of July 31, 2007

MANAGEMENT TEAM

Investment Advisor:

• Evergreen Investment Management Company, LLC

Portfolio Managers:

• Diane C. Beaver
• Ladson Hart

PERFORMANCE AND RETURNS*
Portfolio inception date: 9/24/2001

	Class A	Class S	Class I
Class inception date	9/24/2001	9/24/2001	9/24/2001
Nasdaq symbol	ECMXX	N/A	ECUXX
6-month return	1.44%	1.32%	1.60%
Average annual return
1-year	2.88%	2.63%	3.20%
5-year	1.48%	1.24%	1.78%
Since portfolio inception	1.41%	1.16%	1.73%
7-day annualized yield	2.81%	2.56%	3.11%
30-day annualized yield	2.81%	2.56%	3.11%

* The yield quotation more closely reflects the current earnings of the fund than the total return quotation.

Past performance is no guarantee of future results. The performance quoted represents past performance and current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end for Classes A or I, please go to EvergreenInvestments.com/fundperformance. Please call 1.800.343.2898 for the most recent month-end performance information for Class S. The performance of each class may vary based on differences in fees and expenses paid by the shareholders investing in each class. Performance includes the reinvestment of income dividends and capital gain distributions.

The fund incurs a 12b-1 fee of 0.30% for Class A and 0.60% for Class S. Class I does not pay a 12b-1 fee. The advisor is reimbursing a portion of the 12b-1 fee for Class S. Had the fee not been reimbursed, returns for Class S would have been lower. Returns reflect expense limits previously in effect for all classes, without which returns would have been lower.

An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

4

FUND AT A GLANCE continued
7-DAY ANNUALIZED YIELD

Class I shares are only offered in the following manner: (1) to investment advisory clients of Evergreen Investment Management Company, LLC (or its advisory affiliates) when purchased by such advisor(s) on behalf of its clients, (2) through arrangements entered into on behalf of the Evergreen funds with certain financial services firms, (3) to certain institutional investors and (4) to persons who owned Class Y shares in registered name in an Evergreen fund on or before December 31, 1994 or who owned shares of any SouthTrust fund in registered name as of March 18, 2005 or shares of Vestaur Securities Fund as of May 20, 2005.

Class I shares are only available to institutional shareholders with a minimum of $1 million investment, which may be waived in certain situations.

Class S shares are sold through certain broker dealers and financial institutions which have selling agreements with the fund’s distributor.

The fund’s investment objective may be changed without a vote of the fund’s shareholders.

Funds that concentrate their investments in a single state may face increased risk of price fluctuation over less concentrated funds due to adverse developments within that state.

The fund’s yield will fluctuate and there can be no guarantee that the fund will achieve its objective or any particular tax-exempt yield. Income may be subject to federal alternative minimum tax as well as local income taxes.

Yields are based on net investment income for the stated periods and annualized.

All data is as of July 31, 2007, and subject to change.

5

ABOUT YOUR FUND’S EXPENSES

The Example below is intended to describe the fees and expenses borne by shareholders and the impact of those costs on your investment.

Example
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2007 to July 31, 2007.

The example illustrates your fund’s costs in two ways:

• Actual expenses
The section in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

• Hypothetical example for comparison purposes
The section in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the section in the table under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	2/1/2007	7/31/2007	Period*
Actual
Class A	$ 1,000.00	$ 1,014.41	$ 4.65
Class S	$ 1,000.00	$ 1,013.16	$ 5.89
Class I	$ 1,000.00	$ 1,015.96	$ 3.15
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,020.18	$ 4.66
Class S	$ 1,000.00	$ 1,018.94	$ 5.91
Class I	$ 1,000.00	$ 1,021.67	$ 3.16

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (0.93% for Class A, 1.18% for Class S and 0.63% for Class I), multiplied by the average account value over the period, multiplied by 181 / 365 days.

6

FINANCIALHIGHLIGHTS
(For a share outstandingthroughout each period)

	Six Months
	Ended	Year Ended January 31,
	July 31, 2007
CLASS A	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Income from investment operations
Net investment income (loss)	0.01	0.03	0.02	0.01	0	0.01
Distributions to shareholders from
Net investment income	(0.01)	(0.03)	(0.02)	(0.01)	01	(0.01)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total return	1.44%	2.74%	1.78%	0.56%	0.40%	0.92%
Ratios and supplemental data
Net assets, end of period (thousands)	$16,176	$17,635	$30,405	$56,228	$87,673	$122,687
Ratios to average net assets
Expenses including waivers/reimbursements but
excluding expense reductions	0.93%2	0.93%	0.94%	0.94%	0.94%	0.88%
Expenses excluding waivers/reimbursements and
expense reductions	0.93%2	0.93%	0.94%	0.96%	0.96%	0.96%
Net investment income (loss)	2.88%2	2.65%	1.68%	0.53%	0.41%	0.88%

¹ Amount represents less than $0.005 per share.
² Annualized
See Notes to FinancialStatements
7

FINANCIALHIGHLIGHTS
(For a share outstandingthroughout each period)

		Six Months
		Ended	Year Ended January 31,
		July 31, 2007
CLASS S		(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period		$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Income from investment operations
Net investment income (loss)		0.01	0.02	0.02	0	0	0.01
Distributions to shareholders from
Net investment income		(0.01)	(0.02)	(0.02)	01	01	(0.01)
Net asset value, end of period	$ 1.00		$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total return		1.32%	2.49%	1.56%	0.30%	0.19%	0.68%
Ratios and supplemental data
Net assets, end of period (thousands)		$205,516	$217,551	$191,144	$172,467	$25,427	$41,997
Ratios to average net assets
Expenses including waivers/reimbursements but
excluding expense reductions		1.18%2	1.18%	1.17%	1.16%	1.15%	1.11%
Expenses excluding waivers/reimbursements
and expense reductions		1.22%2	1.23%	1.25%	1.23%	1.26%	1.26%
Net investment income (loss)		2.62%2	2.43%	1.54%	0.53%	0.20%	0.65%

¹ Amount represents less than $0.005 per share.
² Annualized
See Notes to FinancialStatements
8

FINANCIALHIGHLIGHTS
(For a share outstandingthroughout each period)

	Six Months
	Ended	Year Ended January 31,
	July 31, 2007
CLASS I	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Income from investment operations
Net investment income (loss)	0.021	0.03	0.02	0.01	0.01	0.01
Distributions to shareholders from
Net investment income	(0.02)	(0.03)	(0.02)	(0.01)	(0.01)	(0.01)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total return	1.60%	3.05%	2.09%	0.87%	0.70%	1.22%
Ratios and supplemental data
Net assets, end of period (thousands)	$7,143	$1,289	$1,531	$3,622	$11,447	$20,169
Ratios to average net assets
Expenses including waivers/reimbursements but
excluding expense reductions	0.63%2	0.63%	0.64%	0.65%	0.64%	0.58%
Expenses excluding waivers/reimbursements and
expense reductions	0.63%2	0.63%	0.64%	0.67%	0.66%	0.66%
Net investment income (loss)	3.18%2	2.99%	1.95%	0.74%	0.69%	0.99%

¹ Net investment income (loss) per share is based on average shares outstanding during the period.
² Annualized
See Notes to FinancialStatements
9

SCHEDULE OF INVESTMENTS
July 31, 2007 (unaudited)	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS  99.4%
EDUCATION  2.7%
California CDA RB, Biola Univ., Ser. B, 5.35%, VRDN, (SPA: BNP Paribas SA)	$ 2,705,000	$  2,705,000
Coast Cmnty. College Dist. of California RB, Ser. 45, 3.67%, VRDN, (Liq.:
Goldman Sachs Group, Inc. & Insd. by FSA)	2,465,000		2,465,000
Merrill Lynch Puttable Floating Option Tax-Exempt Receipts, 3.68%, VRDN, (Insd.
by MBIA & SPA: Merrill Lynch & Co., Inc.)	1,135,000		1,135,000
			6,305,000
GENERAL OBLIGATION - LOCAL  7.0%
Clovis, CA Unified Sch. Dist. GO, 3.68%, VRDN, (Liq.: Merrill Lynch & Co., Inc. & Insd.
by FGIC)	445,000		445,000
Coast Cmnty. College Dist. of California GO, Ser. 58 Z, 3.67%, VRDN, (Insd. by
Goldman Sachs Group, Inc.)	5,005,000		5,005,000
Manteca, CA Unified Sch. Dist. GO, Ser. 166, 3.63%, VRDN, (Liq.: BNP Paribas SA
& Insd. by MBIA)	7,910,000		7,910,000
Reset Option Certificate Trust GO ROC RR-II-R-647, 3.62%, VRDN, (Insd. by MBIA
& Liq.: Wells Fargo & Co.)	2,650,000		2,650,000
			16,010,000
GENERAL OBLIGATION - STATE  11.1%
California GO ROC RR-II-R-622PB, 3.64%, VRDN, (Liq.: PB Capital Corp. & Insd.
by AMBAC)	2,470,000		2,470,000
California GO, PFOTER:
3.76%, VRDN, (Liq.: Societe Generale & Insd. by MBIA)	1,625,000		1,625,000
Ser. 1017, 3.67%, VRDN, (SPA: Merrill Lynch & Co., Inc.)	20,550,000		20,550,000
Massachusetts Bay Trans. Auth. MTC GO, Ser. SG-156, 3.72%, VRDN, (Liq.: Societe
Generale)	700,000		700,000
			25,345,000
HOSPITAL  1.1%
Glendale, CA Hospital RB, Ser. 590, 3.67%, VRDN, (LOC: MBIA & Liq.: Morgan
Stanley)	2,100,000		2,100,000
Pennsylvania Higher Edl. Facs. & Hosp. Auth. RB, 3.67%, VRDN, (LOC: Lloyds TSB
Group plc)	400,000		400,000
			2,500,000
HOUSING  12.9%
California Hsg. Fin. Agcy. RB, Ser. U, 3.70%, VRDN, (Insd. by FSA & Liq.: Dexia
Credit Local)	400,000		400,000
Charter Mac Floating Cert. Trust MHRB, Ser. 24TP, 3.71%, VRDN, (Liq.: Goldman
Sachs Group, Inc.)	3,500,000		3,500,000
Class B Revenue Bond Cert. Trust, Ser. 2002-01, 3.83%, VRDN, (Liq.: American Intl.
Group, Inc.)	7,000,000		7,000,000
FHLMC MHRB:
Ser. M001, Class A, 3.71%, VRDN, (Insd. by FHLMC)	2,933,801		2,933,801
Ser. M007, Class A, 3.71%, VRDN, (Liq.: FHLMC)	11,019,741		11,019,741

See Notes to Financial Statements
10

SCHEDULE OF INVESTMENTS continued
July 31, 2007 (unaudited)	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS  continued
HOUSING  continued
Merrill Lynch Puttable Floating Option Tax-Exempt Receipts:
3.81%, VRDN, (SPA: Merrill Lynch & Co., Inc.)	$ 428,000	$  428,000
Class A, 3.74%, VRDN, (Liq.: Merrill Lynch & Co., Inc.)	850,000		850,000
Class F, 3.81%, VRDN, (LOC: Lloyds TSB Group plc)	1,600,000		1,600,000
Simi Valley, CA MHRB, 3.78%, VRDN, (Liq.: Merrill Lynch & Co., Inc.)	1,695,000		1,695,000
			29,426,542
INDUSTRIAL DEVELOPMENT REVENUE  17.2%
California CDA IDRB, Santos Proj., Ser. A, 3.86%, VRDN, (LOC: California Bank
& Trust)	2,990,000		2,990,000
California CDA RB, Triple H Investors Proj., 3.81%, VRDN, (LOC: Union Bank of
California)	630,000		630,000
California Cmnty. Dev. RB, Deutsche Bank Spears Trust, 3.87%, VRDN,
(Liq.: Deutsche Bank AG)	10,000,000		10,000,000
California EDA RB, Killion Inds. Proj., 3.91%, VRDN, (LOC: Union Bank of
California)	2,580,000		2,580,000
California Infrastructure & Econ. Dev. Bank IDRB:
Bonny Doon Winery, Inc. Proj., Ser. A, 3.71%, VRDN, (LOC: Comerica, Inc.)	3,000,000		3,000,000
Haig Precision Manufacturing Corp., 3.84%, VRDN, (SPA: Bank of the West)	2,110,000		2,110,000
Surtec, Inc. Proj., Ser. A, 3.71%, VRDN, (LOC: Comerica, Inc.)	1,830,000		1,830,000
Douglas Cnty., GA IDRB, Electrical Fiber Sys. Proj., 3.86%, VRDN, (LOC: Regions
Finl. Corp.)	1,600,000		1,600,000
Frankfort, IN EDRB, Gen. Seating of America Proj., 4.18%, VRDN, (LOC: Dai-Ichi
Kangyo Bank, Ltd.)	1,275,000		1,275,000
Glenn Cnty., CA IDA PCRB, Land O’Lakes, Inc. Proj., Ser. 1995, 3.75%, VRDN,
(LOC: JPMorgan Chase & Co.)	1,900,000		1,900,000
Riverside Cnty., CA IDA Empowerment Zone Facs. RB, 3.82%, VRDN, (LOC:
California Bank & Trust)	6,185,000		6,185,000
Riverside Cnty., CA IDRB, Triple H Processors Proj., 3.86%, VRDN, (LOC: Union
Bank of California)	1,320,000		1,320,000
Riverside Cnty., CA IDRRB, Advance Business Graphics:
Ser. A, 3.73%, VRDN, (Gtd. by California State Teachers’ Retirement System)	1,450,000		1,450,000
Ser. B, 3.73%, VRDN, (Gtd. by California State Teachers’ Retirement System)	1,300,000		1,300,000
South Bend, IN EDRB, Deluxe Sheet Metal, Inc. Proj., 3.74%, VRDN, (LOC: Standard
Federal Bank)	1,300,000		1,300,000
			39,470,000
LEASE  2.8%
Branch Bank & Trust Co., Muni. Trust Floater RB, Ser. 1006, 3.79%, VRDN, (LOC:
Branch Bank & Trust Co.)	2,000,000		2,000,000
Midway, CA Sch. Dist. COP, Refinancing Proj., Ser. 2000, 3.72%, VRDN, (LOC:
Union Bank of California)	4,330,000		4,330,000
			6,330,000

See Notes to Financial Statements
11

SCHEDULE OF INVESTMENTS continued
July 31, 2007 (unaudited)		Principal
		Amount		Value
MUNICIPAL OBLIGATIONS  continued
MISCELLANEOUS REVENUE  14.4%
Brazoria Cnty., TX Harbor Navigation Dist. RRB, Dow Chemical Co. Proj., Ser. A-4,
5.20%, 05/15/2008, (Gtd. by Dow Chemical Co.)	$  1,500,000		$  1,513,721
California Infrastructure EDRB, Society for the Blind Proj., 3.79%, VRDN, (LOC: US
Bank, NA)		2,300,000		2,300,000
California Pollution Ctl. Fin. Auth. Solid Waste Disposal RB:
Atlantic Richfield Co. Proj., 3.73%, VRDN, (Gtd. by BP plc)		3,500,000		3,500,000
Carlos Echeverria & Sons Proj., 3.74%, VRDN, (LOC: KeyCorp)		3,500,000		3,500,000
Dairy & Poso Creek Proj., 3.74%, VRDN, (SPA: Bank of the West)		3,000,000		3,000,000
George & Jennifer Deboer Trust, 3.69%, VRDN, (LOC: Wells Fargo & Co.)		2,500,000		2,500,000
Heritage Dairy Proj., 3.69%, VRDN, (Liq.: Wells Fargo & Co.)		1,500,000		1,500,000
John B. & Ann M. Verwey Proj., 3.74%, VRDN, (LOC: Bank of America Corp.)		3,400,000		3,400,000
Milk Time Dairy Farms Proj., 3.74%, VRDN, (SPA: Bank of the West)		1,400,000		1,400,000
Gulf Coast Waste Disposal Auth. of Texas RB, BP Amoco Chemical Proj., Ser. B,
3.74%, VRDN, (Gtd. by BP plc)		4,700,000		4,700,000
Puerto Rico Med. & Env. Pollution Ctl. Facs. RB, Becton Dickinson & Co., 4.00%,
03/01/2008, (Gtd. by Becton Dickinson & Co.)		5,640,000		5,640,000
				32,953,721
PORT AUTHORITY  1.8%
Alameda Corridor Trans. Auth., California RB, 3.65%, VRDN, (Liq.: Merrill Lynch &
Co., Inc. & Insd. by AMBAC)		4,120,000		4,120,000
RESOURCE RECOVERY  6.0%
California Pollution Ctl. Fin. Auth. Solid Waste Disposal RB:
BLT Enterprises Proj., Ser. A, 3.72%, VRDN, (LOC: Union Bank of California)		7,280,000		7,280,000
Napa Recycling & Waste, Ser. A, 3.72%, VRDN, (LOC: Union Bank of
California)		4,675,000		4,675,000
Rewar-Penas Disposal Proj., Ser. A, 3.72%, VRDN, (LOC: Comerica, Inc.)		1,345,000		1,345,000
South Lake Refuse Co. Proj., Ser. A, 3.72%, VRDN, (LOC: Comerica, Inc.)		390,000		390,000
				13,690,000
SPECIAL TAX  2.4%
Bank of America Corp., Austin Trust Cert., Ser. 2007-315, 3.68%, VRDN, (LOC:
State Street Bank & Bank of America Corp.)		5,425,000		5,425,000
TOBACCO REVENUE  13.4%
Golden State Tobacco Securities Trust Cert., Ser. 7045, 3.67%, VRDN, (Liq.: Bear
Stearns Cos.)		16,500,000		16,500,000
Golden State Tobacco Securitization Corp. of California RB:
PFOTER, 3.65%, VRDN, (Liq.: Merrill Lynch & Co., Inc.)		4,500,000		4,500,000
Ser. DB195, 3.66%, VRDN, (Insd. by FGIC & LOC: Deutsche Bank AG)		2,075,000		2,075,000
Ser. Z5, 3.67%, VRDN, (Insd. by FSA & LOC: Goldman Sachs Group, Inc.)		2,659,000		2,659,000
Municipal Securities Trust Cert. RBB, Ser. 7021, Class A, 3.66%, VRDN, (Insd. by
FGIC & Liq.: Bear Stearns Cos.)		5,000,000		5,000,000
				30,734,000
TRANSPORTATION  1.7%
Foothill/Eastern Trans. Corridor Agcy., California Toll Road RB, 3.65%, VRDN, (Liq.:
Merrill Lynch & Co., Inc.)		3,870,000		3,870,000

See Notes to Financial Statements
12

SCHEDULE OF INVESTMENTS continued
July 31, 2007 (unaudited)		Principal
		Amount		Value
MUNICIPAL OBLIGATIONS  continued
UTILITY  3.5%
Delaware EDA RB, Delmarva Power & Light Co. Proj., 3.85%, VRDN, (Gtd. by
Delmarva Power & Light Co.)	$  1,800,000		$  1,800,000
Puerto Rico Elec. Power Auth. RB:
ROC RR-II-R-11101CE, 3.71%, VRDN, (Liq: CitiBank, NA)		900,000		900,000
ROC RR-II-R-11102CE, 3.71%, VRDN, (Liq: CitiBank, NA)		1,800,000		1,800,000
ROC RR-II-R-637CE, 3.67%, VRDN, (Liq.: Citigroup, Inc.)		3,500,000		3,500,000
				8,000,000
WATER & SEWER  1.4%
Hanford, CA Sewer RB, Ser. A, 3.68%, VRDN, (Gtd. by California State Teachers’
Retirement System)		995,000		995,000
Pennsylvania EDFA Wastewater Treatment RRB, Sunoco, Inc. Proj., 3.82%, VRDN,
(Gtd. by Sunoco, Inc.)		2,200,000		2,200,000
				3,195,000
Total Investments (cost $227,374,263)  99.4%				227,374,263
Other Assets and Liabilities  0.6%				1,461,435
Net Assets  100.0%			$  228,835,698

VRDN	Variable Rate Demand Note security which is payable on demand within seven calendar days after notice is given by the
	Fund to the issuer or other parties not affiliated with the issuer. Interest rates are determined and reset by the issuer
	daily, weekly, or monthly depending upon the terms of the security. Interest rates presented for these securities are
	those in effect at July 31, 2007.

Certain obligations held in the portfolio have credit enhancements or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements; and third party insurance (i.e. AMBAC, FGIC and MBIA). Adjustable rate bonds and variable rate demand notes held in the portfolio may be considered derivative securities within the standards imposed by the Securities and Exchange Commission under Rule 2a-7 which were designed to minimize both credit and market risk.

See Notes to Financial Statements

13

SCHEDULE OF INVESTMENTS continued
July 31, 2007 (unaudited)

Summary of Abbreviations

AMBAC	American Municipal Bond Assurance Corp.
CDA	Community Development Authority
COP	Certificates of Participation
EDA	Economic Development Authority
EDFA	Economic Development Finance Authority
EDRB	Economic Development Revenue Bond
FGIC	Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp.
FSA	Financial Security Assurance, Inc.
GO	General Obligation
IDA	Industrial Development Authority
IDRB	Industrial Development Revenue Bond
IDRRB	Industrial Development Refunding Revenue Bond
LOC	Letter of Credit
MBIA	Municipal Bond Investors Assurance Corp.
MHRB	Multifamily Housing Revenue Bond
MTC	Municipal Trust Certificates
PCRB	Pollution Control Revenue Bond
PFOTER	Puttable Floating Option Tax Exempt Receipts
RB	Revenue Bond
ROC	Reset Option Certificate
RRB	Refunding Revenue Bond
SPA	Securities Purchase Agreement

The following table shows the percent of total investments by geographic location as of July 31, 2007:

California	80.8%
Delaware	6.5%
Puerto Rico	5.2%
Texas	2.7%
Indiana	1.1%
Pennsylvania	1.1%
Georgia	0.7%
Massachusetts	0.3%
Non state-specific	1.6%
	100.0%

The following table shows the percent of total investments by credit quality as of July 31, 2007:

Tier 1	97.6%
Tier 2	2.4%
	100.0%

The following table shows the percent of total investments by maturity as of July 31, 2007:

2-7 days	96.8%
121-240 days	2.5%
241 + days	0.7%
	100.0%

See Notes to Financial Statements
14

STATEMENT OF ASSETS AND LIABILITIES
July 31, 2007 (unaudited)
Assets
Investments at amortized cost	$  227,374,263
Cash	42,448
Interest receivable	1,440,637
Receivable from investment advisor	2,030
Prepaid expenses and other assets	17,170
Total assets	228,876,548
Liabilities
Dividends payable	19,142
Due to related parties	750
Accrued expenses and other liabilities	20,958
Total liabilities	40,850
Net assets	$  228,835,698
Net assets represented by
Paid-in capital	$  228,758,771
Undistributed net investment income	11,051
Accumulated net realized gains on investments	65,876
Total net assets	$  228,835,698
Net assets consists of
Class A	$  16,176,392
Class S	205,516,412
Class I	7,142,894
Total net assets	$  228,835,698
Shares outstanding (unlimited number of shares authorized)
Class A	16,198,696
Class S	205,468,625
Class I	7,138,963
Net asset value per share
Class A	$  1.00
Class S	$  1.00
Class I	$  1.00

See Notes to Financial Statements
15

STATEMENT OF OPERATIONS
Six Months Ended July 31, 2007 (unaudited)
Investment income
Interest	$  4,075,279
Expenses
Advisory fee	482,155
Distribution Plan expenses
Class A	26,348
Class S	576,642
Administrative services fee	64,287
Transfer agent fees	46,383
Trustees’ fees and expenses	2,751
Printing and postage expenses	13,099
Custodian and accounting fees	33,348
Registration and filing fees	18,183
Professional fees	10,116
Other	2,510
Total expenses	1,275,822
Less: Expense reductions	(4,076)
Expense reimbursements	(42,461)
Net expenses	1,229,285
Net investment income	2,845,994
Net realized gains on investments	65,876
Net increase in net assets resulting from operations	$  2,911,870

See Notes to Financial Statements
16

STATEMENTS OF CHANGES IN NET ASSETS
	Six Months Ended
	July 31, 2007		Year Ended
	(unaudited)		January 31, 2007
Operations
Net investment income	$  2,845,994		$  5,378,093
Net realized gains on investments	65,876		89,160
Net increase in net assets resulting
from operations	2,911,870		5,467,253
Distributions to shareholders from
Net investment income
Class A	(254,335)		(676,413)
Class S	(2,532,872)		(4,698,857)
Class I	(71,950)		(73,112)
Total distributions to shareholders	(2,859,157)		(5,448,382)
	Shares		Shares
Capital share transactions
Proceeds from shares sold
Class A	62,968,672	62,968,672	129,259,831	129,259,831
Class S	672,652,144	672,652,144	1,175,180,081	1,175,180,081
Class I	60,171,627	60,171,627	21,763,074	21,763,074
	795,792,443		1,326,202,986
Net asset value of shares issued in
reinvestment of distributions
Class A	254,034	254,034	676,393	676,393
Class S	2,532,872	2,532,872	4,698,857	4,698,857
Class I	9,270	9,270	16,058	16,058
	2,796,176		5,391,308
Payment for shares redeemed
Class A	(64,685,285)	(64,685,285)	(142,711,813)	(142,711,813)
Class S	(687,266,015)	(687,266,015)	(1,153,485,437)	(1,153,485,437)
Class I	(54,329,133)	(54,329,133)	(22,020,847)	(22,020,847)
	(806,280,433)		(1,318,218,097)
Net increase (decrease) in net assets
resulting from capital share
transactions	(7,691,814)		13,376,197
Total increase (decrease) in net assets	(7,639,101)		13,395,068
Net assets
Beginning of period	236,474,799		223,079,731
End of period	$  228,835,698		$  236,474,799
Undistributed net investment income	$  11,051		$  24,214

See Notes to Financial Statements
17

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen California Municipal Money Market Fund (the “Fund”) is a non-diversified series of Evergreen Money Market Trust (the “Trust”), a Delaware statutory trust organized on September 18, 1997. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Fund offers Class A, Class S and Class I shares at net asset value without a front-end sales charge or contingent deferred sales charge. Each class of shares, except Class I shares, pays an ongoing distribution fee.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America, which require management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates.

a. Valuation of investments

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates market value.

b. Security transactions and investment income

Security transactions are recorded on trade date. Realized gains and losses are computed using the specific cost of the security sold. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

c. Federal taxes

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income, including any net capital gains (which have already been offset by available capital loss carryovers). Accordingly, no provision for federal taxes is required.

d. Distributions

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

e. Class allocations

Income, common expenses and realized and unrealized gains and losses are allocated to the classes based on the relative net assets of each class. Distribution fees, if any, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

18

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

3. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Evergreen Investment Management Company, LLC (“EIMC”), an indirect, wholly-owned subsidiary of Wachovia Corporation (“Wachovia”), is the investment advisor to the Fund and is paid an annual fee starting at 0.45% and declining to 0.30% as average daily net assets increase.

From time to time, EIMC may voluntarily or contractually waive its fee and/or reimburse expenses in order to limit operating expenses. During the six months ended July 31, 2007, EIMC voluntarily reimbursed Distribution Plan expenses (see Note 4) relating to Class S shares in the amount of $42,461.

Evergreen Investment Services, Inc. (“EIS”), an indirect, wholly-owned subsidiary of Wachovia, is the administrator to the Fund. As administrator, EIS provides the Fund with facilities, equipment and personnel and is paid an annual rate determined by applying percentage rates to the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund, starting at 0.06% and declining to 0.04% as the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund increase.

Evergreen Service Company, LLC (“ESC”), an indirect, wholly-owned subsidiary of Wachovia, is the transfer and dividend disbursing agent for the Fund. ESC receives account fees that vary based on the type of account held by the shareholders in the Fund.

4. DISTRIBUTION PLANS

EIS also serves as distributor of the Fund’s shares. The Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940 Act, for each class of shares, except Class I. Under the Distribution Plans, distribution fees are paid at an annual rate of 0.30% of the average daily net assets for Class A shares and 0.60% of the average daily net assets for Class S Shares.

5. INVESTMENT TRANSACTIONS

On July 31, 2007, the cost of investments for federal income tax purposes for the Fund was the same as for financial reporting purposes.

6. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, the Fund may participate in an interfund lending program with certain funds in the Evergreen fund family. This program allows the Fund to borrow from other participating funds. During the six months ended July 31, 2007, the Fund did not participate in the interfund lending program.

7. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

19

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

8. DEFERRED TRUSTEES’ FEES

Each Trustee of the 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 is based on the investment performance of certain Evergreen funds. Any gains earned or losses incurred in the deferral accounts are reported in the Fund’s Trustees’ fees and expenses. At the election of the Trustees, the deferral account will be paid either in one lump sum or in quarterly installments for up to ten years.

9. FINANCING AGREEMENT

The Fund and certain other Evergreen funds share in an unsecured revolving credit commitment for temporary and emergency purposes, including the funding of redemptions, as permitted by each participating fund’s borrowing restrictions. Borrowings under this facility bear interest at 0.50% per annum above the Federal Funds rate. All of the participating funds are charged an annual commitment fee on the unused balance, which is allocated pro rata. The credit facility is for $100 million with an annual commitment fee of 0.08% . During the six months ended July 31, 2007, the Fund had no borrowings.

10. CONCENTRATION OF RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state, therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt mutual fund.

11. REGULATORY MATTERS AND LEGAL PROCEEDINGS

Pursuant to an administrative order issued by the Securities and Exchange Commission (“SEC”) on September 19, 2007, EIMC, EIS, ESC (collectively, the “Evergreen Entities”), Wachovia Securities, LLC and the SEC have entered into an agreement settling allegations of (i) improper short-term trading arrangements in effect prior to May 2003 involving former officers and employees of EIMC and certain broker-dealers, (ii) insufficient systems for monitoring exchanges and enforcing exchange limitations as stated in certain funds’ prospectuses, and (iii) inadequate e-mail retention practices. Under the settlement, the Evergreen Entities were censured and will pay approximately $32 million in disgorgement and penalties. This amount, along with a fine assessed by the SEC against Wachovia Securities, LLC will be distributed pursuant to a plan to be developed by an independent distribution consultant and approved by the SEC. The Evergreen Entities neither admitted nor denied the allegations and findings set forth in its settlement with the SEC.

EIS has entered into an agreement with the NASD settling allegations that EIS (i) arranged for Evergreen fund portfolio trades to be directed to Wachovia Securities, LLC, an affiliate of EIS that sold Evergreen fund shares, during the period of January 2001 to December 2003 and (ii) provided non-cash compensation by sponsoring offsite meetings attended by Wachovia

20

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

Securities, LLC brokers during that period, where the eligibility of a broker to attend the meetings depended upon the broker meeting certain sales targets of Evergreen fund shares. Pursuant to the settlement agreement, EIS has agreed to a censure and a fine of $4,200,000. EIS neither admitted nor denied the allegations and findings set forth in its agreement with the NASD.

In addition, the Evergreen funds and EIMC and certain of its affiliates are involved in various legal actions, including private litigation and class action lawsuits. EIMC does not expect that any of such legal actions currently pending or threatened will have a material adverse impact on the financial position or operations of any of the Evergreen funds or on EIMC’s ability to provide services to the Evergreen funds.

Although EIMC believes that none of the matters discussed above will have a material adverse impact on the Evergreen funds, there can be no assurance that these matters and any publicity surrounding or resulting from them will not result in reduced sales or increased redemptions of Evergreen fund shares, which could increase Evergreen fund transaction costs or operating expenses, or that they will not have other adverse consequences on the Evergreen funds.

12. NEW ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109 (“FIN 48”). FIN 48 supplements FASB 109 by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Fund’s financial statements have not been impacted by the adoption of FIN 48. However, the conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from FASB, and on-going analysis of tax laws, regulations, and interpretations thereof.

In September 2006, FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 applies to fair value measurements already required or permitted by existing standards. The change to current generally accepted accounting principles from the application of FAS 157 relates to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management of the Fund does not believe the adoption of FAS 157 will materially impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years.

21

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23

TRUSTEES AND OFFICERS
TRUSTEES1
Charles A. Austin III	Investment Counselor, Anchor Capital Advisors, LLC. (investment advice); Director, The Andover
Trustee	Companies (insurance); Trustee, Arthritis Foundation of New England; Former Director, The
DOB: 10/23/1934	Francis Ouimet Society (scholarship program); Former Director, Executive Vice President and
Term of office since: 1991	Treasurer, State Street Research & Management Company (investment advice)
Other directorships: None
K. Dun Gifford	Chairman and President, Oldways Preservation and Exchange Trust (education); Trustee,
Trustee	Treasurer and Chairman of the Finance Committee, Cambridge College
DOB: 10/23/1938
Term of office since: 1974
Other directorships: None
Dr. Leroy Keith, Jr.	Managing Director, Almanac Capital Management (commodities firm); Trustee, Phoenix
Trustee	Fund Complex; Director, Diversapack Co. (packaging company); Former Partner, Stonington
DOB: 2/14/1939	Partners, Inc. (private equity fund); Former Director, Obagi Medical Products Co.; Former
Term of office since: 1983	Director, Lincoln Educational Services
Other directorships: Trustee,
Phoenix Fund Complex (consisting
of 60 portfolios)
Gerald M. McDonnell	Manager of Commercial Operations, CMC Steel (steel producer)
Trustee
DOB: 7/14/1939
Term of office since: 1988
Other directorships: None
Patricia B. Norris	President and Director of Buckleys of Kezar Lake, Inc. (real estate company); Former President
Trustee	and Director of Phillips Pond Homes Association (home community); Former Partner,
DOB: 4/9/1948	PricewaterhouseCoopers, LLP (independent registered public accounting firm)
Term of office since: 2006
Other directorships: None
William Walt Pettit	Partner and Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior Packaging Corp.
Trustee	(packaging company); Member, Superior Land, LLC (real estate holding company), Member,
DOB: 8/26/1955	K&P Development, LLC (real estate development); Former Director, National Kidney Foundation
Term of office since: 1984	of North Carolina, Inc. (non-profit organization)
Other directorships: None
David M. Richardson	President, Richardson, Runden LLC (executive recruitment business development/consulting
Trustee	company); Consultant, Kennedy Information, Inc. (executive recruitment information and
DOB: 9/19/1941	research company); Consultant, AESC (The Association of Executive Search Consultants);
Term of office since: 1982	Director, J&M Cumming Paper Co. (paper merchandising); Former Trustee, NDI Technologies, LLP
Other directorships: None	(communications)
Dr. Russell A. Salton III	President/CEO, AccessOne MedCard, Inc.; Former Medical Director, Healthcare Resource
Trustee	Associates, Inc.
DOB: 6/2/1947
Term of office since: 1984
Other directorships: None
Michael S. Scofield	Retired Attorney, Law Offices of Michael S. Scofield; Former Director and Chairman, Branded
Trustee	Media Corporation (multi-media branding company)
DOB: 2/20/1943
Term of office since: 1984
Other directorships: None

24

TRUSTEES AND OFFICERS continued
Richard J. Shima	Independent Consultant; Director, Hartford Hospital; Trustee, Greater Hartford YMCA; Former
Trustee	Director, Trust Company of CT; Former Director, Old State House Association; Former Trustee,
DOB: 8/11/1939	Saint Joseph College (CT)
Term of office since: 1993
Other directorships: None
Richard K. Wagoner, CFA2	Member and Former President, North Carolina Securities Traders Association; Member, Financial
Trustee	Analysts Society
DOB: 12/12/1937
Term of office since: 1999
Other directorships: None
OFFICERS
Dennis H. Ferro3	Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President	Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945	Evergreen Investment Company, Inc.
Term of office since: 2003
Jeremy DePalma4	Principal occupations: Vice President, Evergreen Investment Services, Inc.; Former Assistant Vice
Treasurer	President, Evergreen Investment Services, Inc.
DOB: 2/5/1974
Term of office since: 2005
Michael H. Koonce4	Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary	Services, Inc.; Secretary, Senior Vice President and General Counsel, Evergreen Investment
DOB: 4/20/1960	Management Company, LLC and Evergreen Service Company, LLC; Senior Vice President and
Term of office since: 2000	Assistant General Counsel, Wachovia Corporation
Robert Guerin4, 5	Principal occupations: Chief Compliance Officer, Evergreen Funds and Senior Vice President of
Chief Compliance Officer	Evergreen Investments Co, Inc; Former Managing Director and Senior Compliance Officer,
DOB: 9/20/1965	Babson Capital Management LLC; Former Principal and Director, Compliance and Risk
Term of office since: 2007	Management, State Street Global Advisors; Former Vice President and Manager, Sales Practice
	Compliance, Deutsche Asset Management.

1 Each Trustee, except Ms. Norris, serves until a successor is duly elected or qualified or until his death, resignation, retirement or removal from office. As a new Trustee, Ms. Norris’ initial term ends June 30, 2009, at which time she may be re-elected by Trustees to serve until a successor is duly elected or qualified or until her death, resignation, retirement or removal from office by the Trustees. Each Trustee oversees 92 Evergreen funds. Correspondence for each Trustee may be sent to Evergreen Board of Trustees, P.O. Box 20083, Charlotte, NC 28202.

2 Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the Fund’s investment advisor.

3 The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.

4 The address of the Officer is 200 Berkeley Street, Boston, MA 02116.

5 Mr. Guerin’s information is as of June 14, 2007, the effective date of his approval by the Board of Trustees as Chief Compliance Officer of the Evergreen funds.

Additional information about the Fund’s Board of Trustees and Officers can be found in the Statement of Additional Information (SAI) and is available upon request without charge by calling 800.343.2898.

25

567512  rv4    09/2007

Evergreen Florida Municipal Money Market Fund

table of contents
1	LETTER TO SHAREHOLDERS
4	FUND AT A GLANCE
6	ABOUT YOUR FUND’S EXPENSES
7	FINANCIAL HIGHLIGHTS
10	SCHEDULE OF INVESTMENTS
15	STATEMENT OF ASSETS AND LIABILITIES
16	STATEMENT OF OPERATIONS
17	STATEMENTS OF CHANGES IN NET ASSETS
18	NOTES TO FINANCIAL STATEMENTS
24	TRUSTEES AND OFFICERS

This semiannual report must be preceded or accompanied by a prospectus of the Evergreen fund contained herein. The prospectus contains more complete information, including fees and expenses, and should be read carefully before investing or sending money.

The fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q will be available on the SEC’s Web site at http://www.sec.gov. In addition, the fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330.

A description of the fund’s proxy voting policies and procedures, as well as information regarding how the fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available by visiting our Web site at EvergreenInvestments.com or by visiting the SEC’s Web site at http://www.sec.gov. The fund’s proxy voting policies and procedures are also available without charge, upon request, by calling 800.343.2898.

Mutual Funds:
NOT FDIC INSURED	MAY LOSE VALUE	NOT BANK GUARANTEED

Evergreen Investments^SM is a service mark of Evergreen Investment Management Company, LLC.
Copyright 2007, Evergreen Investment Management Company, LLC.

Evergreen Investment Management Company, LLC is a subsidiary of Wachovia Corporation
and is an affiliate of Wachovia Corporation’s other Broker Dealer subsidiaries.

Evergreen mutual funds are distributed by Evergreen Investment Services, Inc.
200 Berkeley Street, Boston, MA 02116

LETTER TO SHAREHOLDERS

September 2007

Dennis H. Ferro
President and Chief Executive Officer

Dear Shareholder:

We are pleased to provide the Semiannual Report for Evergreen Florida Municipal Money Market Fund for the six-month period ended July 31, 2007.

The domestic equity and fixed income markets produced modest, but positive, returns during the six-month period. Stock prices tended to rise early in the period, sustaining the momentum of late 2006 and early 2007 in a rally driven by better-than-expected corporate profits, strong global growth trends and brisk activity by private equity investors. However, equities then fell back in a major sell-off in the period’s final month. A market reversal in July 2007 was brought on by concerns about weakness in the housing industry and by worries that problems in the subprime mortgage market could spread to the general economy and signal a more general deterioration in credit quality within the bond market. Interest rates of longer-maturity bonds rose as their prices declined. At the same time, the spreads — or yield advantages — of lower-quality corporate bonds began to widen as investors preferred higher-quality bonds, especially Treasuries. In this environment, conservative, shorter-duration portfolios tended to hold up relatively well, while higher-yielding, lower-rated corporate bonds produced negative returns.

Despite the weakness in the housing industry, and the related problems in the subprime mortgage market, the domestic economy maintained

1

LETTER TO SHAREHOLDERS continued

its growth trajectory during the six-month period. While Gross Domestic Product grew by a rate of only 0.6% in the first quarter of 2007, it accelerated to a rate of 4.0% in the second quarter of 2007. During the six-month period, the Federal Reserve Board (the “Fed”) kept the fed funds rate, a key short-term interest rate, unchanged at 5.25%. However, as the period progressed, speculation increased about possible future actions by the nation’s central bank. Shortly after the period ended, the Fed acted, injecting liquidity into the market by cutting the discount rate, which is the rate at which the Fed lends to banks.

Against this backdrop, the management teams of Evergreen’s money market funds continued to focus on capital preservation and competitive income through investments in high-quality, short-term securities.

As always, we encourage investors to maintain diversified investment portfolios in pursuit of their long-term investment goals.

2

LETTER TO SHAREHOLDERS continued

Please visit us at EvergreenInvestments.com for more information about our funds and other investment products available to you. Thank you for your continued support of Evergreen Investments.

Sincerely,

Dennis H. Ferro
President and Chief Executive Officer
Evergreen Investment Company, Inc.

Notice to Shareholders:

The Board of Trustees has approved the liquidation and closure of the Fund. After the close of business on November 16, 2007, the Fund will be liquidated and existing shareholders of Class A, Class I and Class S will receive the corresponding class of shares of Evergreen Municipal Money Market Fund.

Special Notice to Shareholders:

Please visit our Web site at EvergreenInvestments.com for statements from President and Chief Executive Officer, Dennis Ferro, regarding the firm’s recent settlement with the Securities and Exchange Commission (SEC) and prior settlement with the National Association of Securities Dealers (NASD).

3

FUND AT A GLANCE

as of July 31, 2007

MANAGEMENT TEAM

Investment Advisor:

• Evergreen Investment Management Company, LLC

Portfolio Managers:

• Mathew M. Kiselak
• James Randazzo

PERFORMANCE AND RETURNS*

Portfolio inception date: 10/26/1998

	Class A	Class S	Class I
Class inception date	10/26/1998	6/30/2000	12/29/1998
Nasdaq symbol	EFIXX	N/A	EFMXX
6-month return	1.47%	1.32%	1.62%
Average annual return
1-year	2.93%	2.62%	3.24%
5-year	1.53%	1.24%	1.84%
Since portfolio inception	1.94%	1.70%	2.24%
7-day annualized yield	2.86%	2.56%	3.16%
30-day annualized yield	2.87%	2.57%	3.17%

* The yield quotation more closely reflects the current earnings of the fund than the total return quotation.

Past performance is no guarantee of future results. The performance quoted represents past performance and current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end for Classes A or I, please go to EvergreenInvestments.com/fundperformance. Please call 1.800.343.2898 for the most recent month-end performance information for Class S. The performance of each class may vary based on differences in fees and expenses paid by the shareholders investing in each class. Performance includes the reinvestment of income dividends and capital gain distributions.

Historical performance shown for Classes S and I prior to their inception is based on the performance of Class A, the original class offered. The historical returns for Classes S and I have not been adjusted to reflect the effect of each class’ 12b-1 fee. These fees are 0.30% for Class A and 0.60% for Class S. Class I does not pay a 12b-1 fee. If these fees had been reflected, returns for Class S would have been lower while returns for Class I would have been higher.

The advisor is waiving a portion of its advisory fee. Had the fee not been waived, returns would have been lower. Returns reflect expense limits previously in effect for Class S, without which returns for Class S would have been lower.

An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

4

FUND AT A GLANCE continued

7-DAY ANNUALIZED YIELD

Class I shares are only offered in the following manner: (1) to investment advisory clients of Evergreen Investment Management Company, LLC (or its advisory affiliates) when purchased by such advisor(s) on behalf of its clients, (2) through arrangements entered into on behalf of the Evergreen funds with certain financial services firms, (3) to certain institutional investors and (4) to persons who owned Class Y shares in registered name in an Evergreen fund on or before December 31, 1994 or who owned shares of any SouthTrust fund in registered name as of March 18, 2005 or shares of Vestaur Securities Fund as of May 20, 2005.

Class I shares are only available to institutional shareholders with a minimum of $1 million investment, which may be waived in certain situations.

Class S shares are sold through certain broker dealers and financial institutions which have selling agreements with the fund’s distributor.

The fund’s investment objective may be changed without a vote of the fund’s shareholders.

Funds that concentrate their investments in a single state may face increased risk of price fluctuation over less concentrated funds due to adverse developments within that state.

The fund’s yield will fluctuate and there can be no guarantee that the fund will achieve its objective or any particular tax-exempt yield. Income may be subject to federal alternative minimum tax as well as local income taxes.

Yields are based on net investment income for the stated periods and annualized.

All data is as of July 31, 2007, and subject to change.

5

ABOUT YOUR FUND’S EXPENSES

The Example below is intended to describe the fees and expenses borne by shareholders and the impact of those costs on your investment.

Example

As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2007 to July 31, 2007.

The example illustrates your fund’s costs in two ways:

• Actual expenses

The section in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

• Hypothetical example for comparison purposes

The section in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the section in the table under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	2/1/2007	7/31/2007	Period*
Actual
Class A	$ 1,000.00	$ 1,014.68	$ 4.15
Class S	$ 1,000.00	$ 1,013.18	$ 5.64
Class I	$ 1,000.00	$ 1,016.18	$ 2.65
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,020.68	$ 4.16
Class S	$ 1,000.00	$ 1,019.19	$ 5.66
Class I	$ 1,000.00	$ 1,022.17	$ 2.66

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (0.83% for Class A, 1.13% for Class S and 0.53% for Class I), multiplied by the average account value over the period, multiplied by 181 / 365 days.

6

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS A	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$  1.00	$ 1.00	$ 1.00	$   1.00	$ 1.00	$ 1.00
Income from investment operations
Net investment income (loss)	0.01	0.03	0.02	0.01	0	0.01
Distributions to shareholders from
Net investment income	(0.01)	(0.03)	(0.02)	(0.01)	01	(0.01)
Net asset value, end of period	$  1.00	$ 1.00	$ 1.00	$   1.00	$ 1.00	$ 1.00
Total return	1.47%	2.79%	1.88%	0.62%	0.49%	0.89%
Ratios and supplemental data
Net assets, end of period (thousands)	$13,321	$14,758	$17,386	$18,368	$27,758	$30,804
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	0.83%2	0.81%	0.81%	0.82%	0.83%	0.87%
Expenses excluding waivers/reimbursements
and expense reductions	0.85%2	0.83%	0.83%	0.84%	0.83%	0.87%
Net investment income (loss)	2.94%2	2.74%	1.84%	0.61%	0.48%	0.79%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

7

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended		Year Ended January 31,
	July 31, 2007
CLASS S	(unaudited)		2007	2006	2005		2004	2003
Net asset value, beginning of period		$ 1.00	$ 1.00	$ 1.00		$ 1.00	$ 1.00	$ 1.00
Income from investment operations
Net investment income (loss)		0.01	0.02	0.02		0	0	0.01
Distributions to shareholders from
Net investment income		(0.01)	(0.02)	(0.02)		01	01	(0.01)
Net asset value, end of period		$ 1.00	$ 1.00	$ 1.00		$ 1.00	$ 1.00	$ 1.00
Total return		1.32%	2.48%	1.58%		0.32%	0.20%	0.59%
Ratios and supplemental data
Net assets, end of period (thousands)	$270,247		$295,421	$460,726	$442,868		$259,620	$242,800
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions		1.13%2	1.11%	1.11%		1.11%	1.12%	1.17%
Expenses excluding waivers/reimbursements
and expense reductions		1.15%2	1.13%	1.13%		1.14%	1.14%	1.17%
Net investment income (loss)		2.64%2	2.44%	1.52%		0.37%	0.20%	0.52%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

8

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended		Year Ended January 31,
	July 31, 2007
CLASS I	(unaudited)		2007	2006	2005		2004	2003
Net asset value, beginning of period		$ 1.00	$ 1.00	$ 1.00		$ 1.00	$ 1.00	$ 1.00
Income from investment operations
Net investment income (loss)		0.02	0.03	0.02		0.01	0.01	0.01
Distributions to shareholders from
Net investment income		(0.02)	(0.03)	(0.02)		(0.01)	(0.01)	(0.01)
Net asset value, end of period		$ 1.00	$ 1.00	$ 1.00		$ 1.00	$ 1.00	$ 1.00
Total return		1.62%	3.09%	2.19%		0.92%	0.79%	1.20%
Ratios and supplemental data
Net assets, end of period (thousands)	$3,460		$9,773	$32,778	$37,692		$6,699	$2,785
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions		0.53%1	0.51%	0.51%		0.52%	0.56%	0.57%
Expenses excluding waivers/reimbursements
and expense reductions		0.55%1	0.53%	0.53%		0.54%	0.56%	0.57%
Net investment income (loss)		3.20%1	2.99%	2.16%		1.10%	0.78%	0.99%

¹ Annualized

See Notes to FinancialStatements

9

SCHEDULE OF INVESTMENTS

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS 99.4%
AIRPORT 12.9%
Greater Orlando Aviation Auth. RB, Flight Safety Proj.:
Ser. A, 3.68%, VRDN, (Gtd. by Berkshire Hathaway, Inc.)	$ 3,100,000	$	3,100,000
Ser. B, 3.68%, VRDN, (Gtd. by Berkshire Hathaway, Inc.)	3,000,000		3,000,000
Miami-Dade Cnty., FL IDA Arpt. Facs. RB, Flight Safety Proj.:
Ser. A, 3.88%, VRDN, (Gtd. by Boeing Co.)	16,910,000		16,910,000
Ser. B, 3.88%, VRDN, (Gtd. by Boeing Co.)	14,030,000		14,030,000
			37,040,000
CONTINUING CARE RETIREMENT COMMUNITY 3.0%
Bay Cnty., FL RB, Methodist Home for Aging, 3.76%, VRDN, (Insd. by FHLB)	7,885,000		7,885,000
Orange Cnty., FL Hlth. Facs. Auth. RB, 3.62%, VRDN, (LOC: SunTrust Banks, Inc.)	730,000		730,000
			8,615,000
EDUCATION 3.1%
Brevard Cnty., FL Sch. Board COP, Ser. 638, 3.68%, VRDN, (LOC: JPMorgan
Chase & Co.)	2,470,000		2,470,000
University of South Florida Research Foundation RB, Univ. Tech. Ctr. Research Proj.,
Ser. B, 3.64%, VRDN, (LOC: Bank of America Corp.)	700,000		700,000
Volusia Cnty., FL Edl. Facs. Auth. RB, ROC RR II R 440, 3.68%, VRDN, (LOC:
CitiBank, NA)	5,645,000		5,645,000
			8,815,000
GENERAL OBLIGATION - LOCAL 2.6%
Miami-Dade Cnty., FL GO, ROC RR II R 387, 3.68%, VRDN, (LOC: CitiBank, NA)	7,515,000		7,515,000
GENERAL OBLIGATION - STATE 8.2%
California State GO, PFOTER, Ser. 1017, 3.67%, VRDN, (Liq.: Merrill Lynch &
Co., Inc.)	11,860,000		11,860,000
Florida Board of Ed. GO:
ROC RR II R 482, 3.67%, VRDN, (LOC: CitiBank, NA)	7,145,000		7,145,000
Ser. 137, 3.67%, VRDN, (Liq.: JPMorgan Chase & Co.)	2,965,000		2,965,000
Florida Dept. of Trans. GO, ROC RR II R 1001, 3.67%, VRDN, (Liq.: Citigroup,
Inc.)	1,490,000		1,490,000
			23,460,000
HOSPITAL 6.7%
Halifax, FL Med. Ctr. RB, 3.67%, VRDN, (LOC: CitiBank, NA)	6,500,000		6,500,000
Highlands Cnty., FL Hlth. Facs. Auth. RB, Adventist Hlth. Sys. Proj.:
Ser. A, 3.60%, VRDN, (LOC: SunTrust Banks, Inc.)	300,000		300,000
Ser. C, 3.64%, VRDN, (Gtd. by Adventist Hlth. Sys.)	500,000		500,000
Highlands Cnty., FL Hlth. Facs. Auth. RRB, Adventist Hlth. Sys. Proj., Ser. B, 3.63%,
VRDN, (LOC: SunTrust Banks, Inc.)	5,750,000		5,750,000
Houston Cnty., AL Hlth. Care Facs. RB, PFOTER, 3.68%, VRDN, (Liq.: Merrill
Lynch & Co., Inc.)	3,000,000		3,000,000
Jacksonville, FL Hlth. Facs. Auth. Hosp. RB, Ser. A, 3.70%, VRDN, (LOC: Bank of
America Corp.)	240,000		240,000
Jacksonville, FL IDRB, Univ. of Florida Hlth. & Science Ctr., 3.68%, VRDN, (LOC:
Bank of America Corp.)	800,000		800,000

See Notes to Financial Statements

10

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS continued
HOSPITAL continued
Miami, FL Hlth. Facs. Auth. RB, PFOTER, Mercy Hosp. Proj., 3.70%, VRDN, (LOC:
WestLB AG)	$ 1,895,000	$	1,895,000
Palm Beach Cnty., FL Hlth. Facs. Auth. RB, Bethesda Hlth. Care Proj., 3.70%, VRDN,
(LOC: SunTrust Banks, Inc.)	365,000		365,000
			19,350,000
HOUSING 24.7%
Alachua Cnty., FL HFA RB, Hsg. Univ. Cove Apts. Proj., 3.66%, VRDN, (LOC:
SunTrust Banks, Inc.)	3,965,000		3,965,000
Brevard Cnty., FL HFA MHRB, Shore View Apts. Proj., 3.65%, VRDN, (LOC: Harris
Trust & Savings)	2,200,000		2,200,000
Broward Cnty., FL MHRB, Cypress Grove Apt., Ser. B, 4.10%, VRDN, (LOC:
CitiBank, NA)	4,270,000		4,270,000
California HFA RB, Home Mtge., Ser. J, 3.70%, VRDN, (LOC: Lloyds TSB Group
plc & Insd. by FSA)	6,000,000		6,000,000
Clipper Tax-Exempt Cert. Trust COP:
Ser. 1999-02, 3.73%, VRDN, (SPA: State Street Corp.)	100,989		100,989
Ser. 2000-01, 3.69%, VRDN, (SPA: State Street Corp.)	5,195,000		5,195,000
Florida Hsg. Fin. Corp. MHRB:
Lake Shore Apts. Proj., 3.68%, VRDN, (Insd. by FNMA)	5,900,000		5,900,000
Lee Vista Apts. Proj., 3.64%, VRDN, (Insd. by FHLMC)	6,705,000		6,705,000
Maitland Apts. Proj., 3.64%, VRDN, (Insd. by FHLMC)	9,435,000		9,435,000
Spring Haven Apts. Proj., 3.68%, VRDN, (LOC: CitiBank, NA)	5,690,000		5,690,000
Merrill Lynch Puttable Option Tax-Exempt Receipts, Class B, 3.85%, VRDN, (SPA:
Merrill Lynch & Co., Inc.)	2,545,000		2,545,000
Palm Beach, FL MMA Finl. MHRB, Ser. B, Class A, 3.73%, VRDN, (LOC: SunTrust
Banks, Inc.)	8,872,500		8,872,500
Pinellas Cnty., FL HFA RB, PFOTER, 3.70%, VRDN, (Liq.: Merrill Lynch & Co., Inc.)	210,000		210,000
Volusia Cnty., FL HFA RB, Sunrise Pointe Apts., Ser. A, 3.67%, VRDN, (LOC: Bank of
America Corp.)	7,300,000		7,300,000
Wisconsin Hsg. & EDA SFHRB, 3.73%, VRDN, (SPA: Merrill Lynch & Co., Inc.)	2,450,000		2,450,000
			70,838,489
INDUSTRIAL DEVELOPMENT REVENUE 11.0%
Alachua Cnty., FL IDRB, Florida Rock Proj., 3.67%, VRDN, (LOC: Bank of America
Corp.)	1,000,000		1,000,000
Colorado HFA EDRB, Corey Bldg. Proj., Ser. A, 3.77%, VRDN, (LOC: Wells
Fargo & Co.)	1,530,000		1,530,000
Dade Cnty., FL IDA RB, Quipp, Inc. Proj., 3.72%, VRDN, (LOC: Bank of America
Corp.)	250,000		250,000
Escambia Cnty., FL IDRB, Daw’s Manufacturing Co., Inc. Proj., 3.76%, VRDN, (LOC:
Bank of America Corp.)	2,885,000		2,885,000
Florida Dev. Fin. Corp. IDRB:
Enterprise Bldg. Proj., Ser. A-2, 3.73%, VRDN, (LOC: SunTrust Banks, Inc.)	550,000		550,000
Enterprise Triple Crown Trailers, Ser. 2002-C1, 3.78%, VRDN, (LOC: SunTrust
Banks, Inc.)	1,090,000		1,090,000
Fort Walton Proj., Ser. A-4, 3.73%, VRDN, (LOC: SunTrust Banks, Inc.)	570,000		570,000

See Notes to Financial Statements

11

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS continued
INDUSTRIAL DEVELOPMENT REVENUE continued
Florida Dev. Fin. Corp. IDRB:
Novelty Crystal Proj., 3.73%, VRDN, (LOC: SunTrust Banks, Inc.)	$ 1,100,000	$	1,100,000
Plastics Components Proj., 3.73%, VRDN, (LOC: SunTrust Banks, Inc.)	750,000		750,000
Suncoast Bakeries Proj., Ser. A-1, 3.73%, VRDN, (LOC: SunTrust Banks, Inc.)	520,000		520,000
Jacksonville, FL EDA IDRB, Crown Products Co. Proj., Ser. 1998, 3.73%, VRDN,
(LOC: SunTrust Banks, Inc.)	600,000		600,000
Massachusetts IFA IDRB, Portland Causeway Proj., 3.80%, VRDN, (LOC: Sovereign
Bancorp, Inc.)	600,000		600,000
Miami-Dade Cnty., FL IDA RB, Reflectone, Inc. Proj., 3.68%, VRDN, (LOC: Royal
Bank of Canada)	11,000,000		11,000,000
Pasco Cnty., FL IDRB, PAC-MED, Inc. Proj., 3.72%, VRDN, (LOC: Bank of America
Corp.)	1,400,000		1,400,000
Polk Cnty., FL IDA RB, Sun Orchard Florida, Inc. Proj., 3.95%, VRDN, (LOC: U.S.
Bancorp)	1,320,000		1,320,000
Sheboygan, WI IDRB, Vortex Liquid Color Proj., 3.86%, VRDN, (LOC: Associated
Banc-Corp.)	1,510,000		1,510,000
Volusia Cnty., FL IDA RB, Ideal Spot Properties Proj., Ser. A, 3.66%, VRDN, (LOC:
Bank of America Corp.)	4,865,000		4,865,000
			31,540,000
LEASE 4.8%
Broward Cnty., FL Sch. Board COP, 3.68%, VRDN, (Liq.: Merrill Lynch & Co., Inc.)	2,100,000		2,100,000
Hillsborough Cnty., FL Sch. Board COP, Ser. 2000-E, 3.67%, VRDN, (LOC: Bank of
America Corp.)	4,590,000		4,590,000
Miami-Dade Cnty., FL Sch. Board COP, 3.67%, VRDN, (Insd. by FGIC & Liq.:
Citigroup, Inc. )	4,520,000		4,520,000
Orange Cnty., FL Sch. Board COP, Ser. 2000-328, 3.66%, VRDN, (Liq.: Morgan
Stanley)	350,000		350,000
St. Lucie Cnty., FL Sch. Board COP, 3.66%, VRDN, (LOC: Bank of New York Co.)	2,286,500		2,286,500
			13,846,500
MISCELLANEOUS REVENUE 8.7%
Indiana Bond Bank RB, Ser. A, 4.25%, 01/31/2008, (LOC: Bank of New York Co.)	5,000,000		5,014,529
Merrill Lynch Puttable Option Tax-Exempt Receipts:
3.81%, VRDN, (SPA: Merrill Lynch & Co., Inc.)	575,000		575,000
Class F, 3.81%, VRDN, (SPA: Merrill Lynch & Co., Inc.)	495,000		495,000
Miami-Dade Cnty., FL TOC, Ser. Z-9, 3.67%, VRDN, (Gtd. by Goldman Sachs Group,
Inc.)	13,000,000		13,000,000
Palm Beach Cnty., FL RB, Jewish Cmnty. Campus Corp. Proj., 3.69%, VRDN, (LOC:
Northern Trust Corp.)	5,840,000		5,840,000
			24,924,529
SPECIAL TAX 3.8%
ABN AMRO Munitops RB, Ser. 2002-24, 3.66%, VRDN, (LOC: ABN AMRO Bank)	1,400,000		1,400,000
Boynton Beach, FL Cmnty. Redev. Agcy. RB, Ser. 657, 3.68%, VRDN, (Insd. by
AMBAC & LOC: JPMorgan Chase & Co.)	1,580,000		1,580,000

See Notes to Financial Statements

12

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS continued
SPECIAL TAX continued
Collier Cnty., FL Gas Tax RB, ROC RR II R 3041, 3.68%, VRDN, (Insd. by AMBAC &
Liq.: Citigroup, Inc.)	$ 5,320,000	$	5,320,000
Florida Board of Ed. Lottery RB, Eagle Trust Cert., Ser. 2001-0904, 3.68%, VRDN,
(LOC: CitiBank, NA)	2,600,000		2,600,000
			10,900,000
UTILITY 6.6%
Campbell Cnty., WY IDRB, Two Elk Power Generation Proj., 3.80%, 11/30/2007,
(Liq.: Citigroup, Inc.)	4,000,000		4,000,000
Decatur, AL IDRB, BP Amoco Chemical Co. Proj., 3.74%, VRDN, (Gtd. by BP plc)	700,000		700,000
Florida Util. Auth. RB, Ser. 327, 3.66%, VRDN, (Liq.: Morgan Stanley)	348,500		348,500
Gainesville, FL Util. Sys. RB, Ser. A, 3.63%, VRDN, (SPA: State Street Corp.)	10,000,000		10,000,000
Georgia Main Street Natural Gas RB, PFOTER, Ser. 1029, 3.72%, VRDN, (Liq.: Merrill
Lynch & Co., Inc.)	4,000,000		4,000,000
			19,048,500
WATER & SEWER 3.3%
Bay Cnty., FL Water Sys. RB, PFOTER, Ser. PT-2776, 3.68%, VRDN, (Insd. by
AMBAC & Liq.: Merrill Lynch & Co., Inc.)	1,800,000		1,800,000
Gulf Coast, Texas Waste Disposal Auth. RB, BP Products North America, Inc. Proj.,
Ser. 2004, 3.74%, VRDN, (Gtd. by BP plc)	20,000		20,000
Tampa Bay, FL Water Supply RB, ROC RR II R 4084, 3.67%, VRDN, (LOC:
CitiBank, NA)	7,655,000		7,655,000
			9,475,000
Total Investments (cost $285,368,018) 99.4%			285,368,018
Other Assets and Liabilities 0.6%			1,660,543
Net Assets 100.0%		$	287,028,561

VRDN	Variable Rate Demand Note security which is payable on demand within seven calendar days after notice is given by the
	Fund to the issuer or other parties not affiliated with the issuer. Interest rates are determined and reset by the issuer
	daily, weekly, or monthly depending upon the terms of the security. Interest rates presented for these securities are
	those in effect at July 31, 2007.

Certain obligations held in the portfolio have credit enhancements or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements, and third party insurance (i.e. AMBAC, FGIC and MBIA). Adjustable rate bonds and variable rate demand notes held in the portfolio may be considered derivative securities within the standards imposed by the Securities and Exchange Commission under Rule 2a-7 which were designed to minimize both credit and market risk.

See Notes to Financial Statements

13

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

Summary of Abbreviations
AMBAC	American Municipal Bond Assurance Corp.	IDRB	Industrial Development Revenue Bond
COP	Certificates of Participation	IFA	Industrial Finance Agency
EDA	Economic Development Authority	LOC	Letter of Credit
EDRB	Economic Development Revenue Bond	MHRB	Multifamily Housing Revenue Bond
FGIC	Financial Guaranty Insurance Co.	PFOTER	Puttable Floating Option Tax Exempt Receipts
FHLB	Federal Home Loan Bank	RB	Revenue Bond
FHLMC	Federal Home Loan Mortgage Corp.	ROC	Reset Option Certificate
FNMA	Federal National Mortgage Association	RRB	Refunding Revenue Bond
FSA	Financial Security Assurance, Inc.	SFHRB	Single Family Housing Revenue Bond
GO	General Obligation	SPA	Securities Purchase Agreement
HFA	Housing Finance Authority	TOC	Tender Option Certificate
IDA	Industrial Development Authority

The following table shows the percent of total investments by geographic location as of July 31, 2007:

Florida	84.4%
California	6.3%
Indiana	1.8%
Wyoming	1.4%
Georgia	1.4%
Wisconsin	1.4%
Alabama	1.3%
Colorado	0.5%
Massachusetts	0.2%
Non-state specific	1.3%
	100.0%

The following table shows the percent of total investments by credit quality as of July 31, 2007:

Tier 1	99.8%
Tier 2	0.2%
	100.0%

The following table shows the percent of total investments by maturity as of July 31, 2007:

2-7 days	96.8%
121-240 days	3.2%
	100.0%

See Notes to Financial Statements

14

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2007 (unaudited)

Assets
Investments at amortized cost	$	285,368,018
Cash		804
Interest receivable		1,691,130
Prepaid expenses and other assets		25,893
Total assets		287,085,845
Liabilities
Dividends payable		21,681
Advisory fee payable		2,982
Distribution Plan expenses payable		4,542
Due to other related parties		1,320
Accrued expenses and other liabilities		26,759
Total liabilities		57,284
Net assets	$	287,028,561
Net assets represented by
Paid-in capital	$	287,027,216
Undistributed net investment income		315
Accumulated net realized gains on investments		1,030
Total net assets	$	287,028,561
Net assets consists of
Class A	$	13,321,385
Class S		270,246,825
Class I		3,460,351
Total net assets	$	287,028,561
Shares outstanding (unlimited number of shares authorized)
Class A		13,325,105
Class S		270,239,089
Class I		3,462,920
Net asset value per share
Class A	$	1.00
Class S	$	1.00
Class I	$	1.00

See Notes to Financial Statements

15

STATEMENT OF OPERATIONS

Six Months Ended July 31, 2007 (unaudited)

Investment income
Interest	$	5,726,344
Expenses
Advisory fee		608,124
Distribution Plan expenses
Class A		21,699
Class S		855,380
Administrative services fee		91,218
Transfer agent fees		26,903
Trustees’ fees and expenses		2,689
Printing and postage expenses		19,480
Custodian and accounting fees		46,030
Registration and filing fees		24,601
Professional fees		11,201
Other		4,827
Total expenses		1,712,152
Less: Expense reductions		(6,505)
Fee waivers		(30,406)
Net expenses		1,675,241
Net investment income		4,051,103
Net realized gains on investments		1,030
Net increase in net assets resulting from operations	$	4,052,133

See Notes to Financial Statements

16

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	July 31, 2007		Year Ended
	(unaudited)		January 31, 2007
Operations
Net investment income	$	4,051,103	$	8,940,709
Net realized gains on investments		1,030		10,321
Net increase in net assets resulting
from operations		4,052,133		8,951,030
Distributions to shareholders from
Net investment income
Class A		(213,028)		(441,411)
Class S		(3,765,985)		(8,205,150)
Class I		(72,079)		(300,304)
Total distributions to shareholders		(4,051,092)		(8,946,865)
	Shares		Shares
Capital share transactions
Proceeds from shares sold
Class A	15,373,779	15,373,779	38,329,099	38,329,099
Class S	1,149,434,599	1,149,434,599	2,682,570,233	2,682,570,233
Class I	1,369,758	1,369,758	16,693,006	16,693,006
		1,166,178,136		2,737,592,338
Net asset value of shares issued in
reinvestment of distributions
Class A	127,931	127,931	278,293	278,293
Class S	3,765,985	3,765,985	8,205,150	8,205,150
Class I	4,641	4,641	193,163	193,163
		3,898,557		8,676,606
Payment for shares redeemed
Class A	(16,937,971)	(16,937,971)	(41,236,146)	(41,236,146)
Class S	(1,178,375,438)	(1,178,375,438)	(2,856,084,044)	(2,856,084,044)
Class I	(7,686,581)	(7,686,581)	(39,891,787)	(39,891,787)
		(1,202,999,990)		(2,937,211,977)
Net decrease in net assets resulting
from capital share transactions		(32,923,297)		(190,943,033)
Total decrease in net assets		(32,922,256)		(190,938,868)
Net assets
Beginning of period		319,950,817		510,889,685
End of period	$	287,028,561	$	319,950,817
Undistributed net investment income	$	315	$	304

See Notes to Financial Statements

17

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen Florida Municipal Money Market Fund (the “Fund”) is a non-diversified series of Evergreen Money Market Trust (the “Trust”), a Delaware statutory trust organized on September 18, 1997. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Fund offers Class A, Class S and Class I shares at net asset value without a front-end sales charge or contingent deferred sales charge. Each class of shares, except Class I shares, pays an ongoing distribution fee.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America, which require management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates.

a. Valuation of investments

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates market value.

b. Security transactions and investment income

Security transactions are recorded on trade date. Realized gains and losses are computed using the specific cost of the security sold. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

c. Federal taxes

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income, including any net capital gains (which have already been offset by available capital loss carryovers). Accordingly, no provision for federal taxes is required.

d. Distributions

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

e. Class allocations

Income, common expenses and realized and unrealized gains and losses are allocated to the classes based on the relative net assets of each class. Distribution fees, if any, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

18

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

3. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Evergreen Investment Management Company, LLC (“EIMC”), an indirect, wholly-owned subsidiary of Wachovia Corporation (“Wachovia”), is the investment advisor to the Fund and is paid an annual fee starting at 0.40% and declining to 0.30% as average daily net assets increase.

From time to time, EIMC may voluntarily or contractually waive its fee and/or reimburse expenses in order to limit operating expenses. During the six months ended July 31, 2007, EIMC voluntarily waived its advisory fee in the amount of $30,406.

Evergreen Investment Services, Inc. (“EIS”), an indirect, wholly-owned subsidiary of Wachovia, is the administrator to the Fund. As administrator, EIS provides the Fund with facilities, equipment and personnel and is paid an annual rate determined by applying percentage rates to the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund, starting at 0.06% and declining to 0.04% as the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund increase.

Evergreen Service Company, LLC (“ESC”), an indirect, wholly-owned subsidiary of Wachovia, is the transfer and dividend disbursing agent for the Fund. ESC receives account fees that vary based on the type of account held by the shareholders in the Fund.

4. DISTRIBUTION PLANS

EIS also serves as distributor of the Fund’s shares. The Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940 Act, for each class of shares, except Class I. Under the Distribution Plans, distribution fees are paid at an annual rate of 0.30% of the average daily net assets for Class A and 0.60% of the average daily net assets for Class S shares.

5. INVESTMENT TRANSACTIONS

On July 31, 2007, the cost of investments for federal income tax purposes for the Fund was the same as for financial reporting purposes.

6. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, the Fund may participate in an interfund lending program with certain funds in the Evergreen fund family. This program allows the Fund to borrow from other participating funds. During the six months ended July 31, 2007, the Fund did not participate in the interfund lending program.

7. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

19

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

8. DEFERRED TRUSTEES’ FEES

Each Trustee of the 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 is based on the investment performance of certain Evergreen funds. Any gains earned or losses incurred in the deferral accounts are reported in the Fund’s Trustees’ fees and expenses. At the election of the Trustees, the deferral account will be paid either in one lump sum or in quarterly installments for up to ten years.

9. FINANCING AGREEMENT

The Fund and certain other Evergreen funds share in an unsecured revolving credit commitment for temporary and emergency purposes, including the funding of redemptions, as permitted by each participating fund’s borrowing restrictions. Borrowings under this facility bear interest at 0.50% per annum above the Federal Funds rate. All of the participating funds are charged an annual commitment fee on the unused balance, which is allocated pro rata. The credit facility is for $100 million with an annual commitment fee of 0.08% . During the six months ended July 31, 2007, the Fund had no borrowings.

10. CONCENTRATION OF RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state, therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt mutual fund.

11. REGULATORY MATTERS AND LEGAL PROCEEDINGS

Pursuant to an administrative order issued by the Securities and Exchange Commission (“SEC”) on September 19, 2007, EIMC, EIS, ESC (collectively, the “Evergreen Entities”), Wachovia Securities, LLC and the SEC have entered into an agreement settling allegations of (i) improper short-term trading arrangements in effect prior to May 2003 involving former officers and employees of EIMC and certain broker-dealers, (ii) insufficient systems for monitoring exchanges and enforcing exchange limitations as stated in certain funds’ prospectuses, and (iii) inadequate e-mail retention practices. Under the settlement, the Evergreen Entities were censured and will pay approximately $32 million in disgorgement and penalties. This amount, along with a fine assessed by the SEC against Wachovia Securities, LLC will be distributed pursuant to a plan to be developed by an independent distribution consultant and approved by the SEC. The Evergreen Entities neither admitted nor denied the allegations and findings set forth in its settlement with the SEC.

EIS has entered into an agreement with the NASD settling allegations that EIS (i) arranged for Evergreen fund portfolio trades to be directed to Wachovia Securities, LLC, an affiliate of EIS that sold Evergreen fund shares, during the period of January 2001 to December 2003 and (ii) provided non-cash compensation by sponsoring offsite meetings attended by Wachovia Securities, LLC brokers during that period, where the eligibility of a broker to attend the meetings depended upon the broker meeting certain sales targets of Evergreen fund shares. Pursuant

20

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

to the settlement agreement, EIS has agreed to a censure and a fine of $4,200,000. EIS neither admitted nor denied the allegations and findings set forth in its agreement with the NASD.

In addition, the Evergreen funds and EIMC and certain of its affiliates are involved in various legal actions, including private litigation and class action lawsuits. EIMC does not expect that any of such legal actions currently pending or threatened will have a material adverse impact on the financial position or operations of any of the Evergreen funds or on EIMC’s ability to provide services to the Evergreen funds.

Although EIMC believes that none of the matters discussed above will have a material adverse impact on the Evergreen funds, there can be no assurance that these matters and any publicity surrounding or resulting from them will not result in reduced sales or increased redemptions of Evergreen fund shares, which could increase Evergreen fund transaction costs or operating expenses, or that they will not have other adverse consequences on the Evergreen funds.

12. NEW ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109 (“FIN 48”). FIN 48 supplements FASB 109 by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Fund’s financial statements have not been impacted by the adoption of FIN 48. However, the conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from FASB, and on-going analysis of tax laws, regulations, and interpretations thereof.

In September 2006, FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 applies to fair value measurements already required or permitted by existing standards. The change to current generally accepted accounting principles from the application of FAS 157 relates to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management of the Fund does not believe the adoption of FAS 157 will materially impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years.

13. LIQUIDATION

The Board of Trustees has approved the liquidation and closure of the Fund. After the close of business on November 16, 2007, the Fund will be liquidated and existing shareholders of Class A, Class I and Class S will receive the corresponding class of shares of Evergreen Municipal Money Market Fund.

21

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22

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23

TRUSTEES AND OFFICERS

TRUSTEES¹

Charles A. Austin III	Investment Counselor, Anchor Capital Advisors, LLC. (investment advice); Director, The Andover
Trustee	Companies (insurance); Trustee, Arthritis Foundation of New England; Former Director, The
DOB: 10/23/1934	Francis Ouimet Society (scholarship program); Former Director, Executive Vice President and
Term of office since: 1991	Treasurer, State Street Research & Management Company (investment advice)
Other directorships: None
K. Dun Gifford	Chairman and President, Oldways Preservation and Exchange Trust (education); Trustee,
Trustee	Treasurer and Chairman of the Finance Committee, Cambridge College
DOB: 10/23/1938
Term of office since: 1974
Other directorships: None
Dr. Leroy Keith, Jr.	Managing Director, Almanac Capital Management (commodities firm); Trustee, Phoenix
Trustee	Fund Complex; Director, Diversapack Co. (packaging company); Former Partner, Stonington
DOB: 2/14/1939	Partners, Inc. (private equity fund); Former Director, Obagi Medical Products Co.; Former
Term of office since: 1983	Director, Lincoln Educational Services
Other directorships: Trustee,
Phoenix Fund Complex (consisting
of 60 portfolios)
Gerald M. McDonnell	Manager of Commercial Operations, CMC Steel (steel producer)
Trustee
DOB: 7/14/1939
Term of office since: 1988
Other directorships: None
Patricia B. Norris	President and Director of Buckleys of Kezar Lake, Inc. (real estate company); Former President
Trustee	and Director of Phillips Pond Homes Association (home community); Former Partner,
DOB: 4/9/1948	PricewaterhouseCoopers, LLP (independent registered public accounting firm)
Term of office since: 2006
Other directorships: None
William Walt Pettit	Partner and Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior Packaging Corp.
Trustee	(packaging company); Member, Superior Land, LLC (real estate holding company), Member,
DOB: 8/26/1955	K&P Development, LLC (real estate development); Former Director, National Kidney Foundation
Term of office since: 1984	of North Carolina, Inc. (non-profit organization)
Other directorships: None
David M. Richardson	President, Richardson, Runden LLC (executive recruitment business development/consulting
Trustee	company); Consultant, Kennedy Information, Inc. (executive recruitment information and
DOB: 9/19/1941	research company); Consultant, AESC (The Association of Executive Search Consultants);
Term of office since: 1982	Director, J&M Cumming Paper Co. (paper merchandising); Former Trustee, NDI Technologies, LLP
Other directorships: None	(communications)
Dr. Russell A. Salton III	President/CEO, AccessOne MedCard, Inc.; Former Medical Director, Healthcare Resource
Trustee	Associates, Inc.
DOB: 6/2/1947
Term of office since: 1984
Other directorships: None
Michael S. Scofield	Retired Attorney, Law Offices of Michael S. Scofield; Former Director and Chairman, Branded
Trustee	Media Corporation (multi-media branding company)
DOB: 2/20/1943
Term of office since: 1984
Other directorships: None

24

TRUSTEES AND OFFICERS continued

Richard J. Shima	Independent Consultant; Director, Hartford Hospital; Trustee, Greater Hartford YMCA; Former
Trustee	Director, Trust Company of CT; Former Director, Old State House Association; Former Trustee,
DOB: 8/11/1939	Saint Joseph College (CT)
Term of office since: 1993
Other directorships: None
Richard K. Wagoner, CFA2	Member and Former President, North Carolina Securities Traders Association; Member, Financial
Trustee	Analysts Society
DOB: 12/12/1937
Term of office since: 1999
Other directorships: None
OFFICERS
Dennis H. Ferro3	Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President	Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945	Evergreen Investment Company, Inc.
Term of office since: 2003
Jeremy DePalma4	Principal occupations: Vice President, Evergreen Investment Services, Inc.; Former Assistant Vice
Treasurer	President, Evergreen Investment Services, Inc.
DOB: 2/5/1974
Term of office since: 2005
Michael H. Koonce4	Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary	Services, Inc.; Secretary, Senior Vice President and General Counsel, Evergreen Investment
DOB: 4/20/1960	Management Company, LLC and Evergreen Service Company, LLC; Senior Vice President and
Term of office since: 2000	Assistant General Counsel, Wachovia Corporation
Robert Guerin4,5	Principal occupations: Chief Compliance Officer, Evergreen Funds and Senior Vice President of
Chief Compliance Officer	Evergreen Investments Co, Inc; Former Managing Director and Senior Compliance Officer,
DOB: 9/20/1965	Babson Capital Management LLC; Former Principal and Director, Compliance and Risk
Term of office since: 2007	Management, State Street Global Advisors; Former Vice President and Manager, Sales Practice
	Compliance, Deutsche Asset Management.

1 Each Trustee, except Ms. Norris, serves until a successor is duly elected or qualified or until his death, resignation, retirement or removal from office. As a new Trustee, Ms. Norris’ initial term ends June 30, 2009, at which time she may be re-elected by Trustees to serve until a successor is duly elected or qualified or until her death, resignation, retirement or removal from office by the Trustees. Each Trustee oversees 92 Evergreen funds. Correspondence for each Trustee may be sent to Evergreen Board of Trustees, P.O. Box 20083, Charlotte, NC 28202.

2 Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the Fund’s investment advisor.

3 The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.

4 The address of the Officer is 200 Berkeley Street, Boston, MA 02116.

5 Mr. Guerin’s information is as of June 14, 2007, the effective date of his approval by the Board of Trustees as Chief Compliance Officer of the Evergreen funds.

Additional information about the Fund’s Board of Trustees and Officers can be found in the Statement of Additional Information (SAI) and is available upon request without charge by calling 800.343.2898.

25

567602 rv4    09/2007

Evergreen Money Market Fund

table of contents
1	LETTER TO SHAREHOLDERS
4	FUND AT A GLANCE
6	ABOUT YOUR FUND’S EXPENSES
7	FINANCIAL HIGHLIGHTS
13	SCHEDULE OF INVESTMENTS
18	STATEMENT OF ASSETS AND LIABILITIES
19	STATEMENT OF OPERATIONS
20	STATEMENTS OF CHANGES IN NET ASSETS
21	NOTES TO FINANCIAL STATEMENTS
28	TRUSTEES AND OFFICERS

This semiannual report must be preceded or accompanied by a prospectus of the Evergreen fund contained herein. The prospectus contains more complete information, including fees and expenses, and should be read carefully before investing or sending money.

The fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q will be available on the SEC’s Web site at http://www.sec.gov. In addition, the fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330.

A description of the fund’s proxy voting policies and procedures, as well as information regarding how the fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available by visiting our Web site at EvergreenInvestments.com or by visiting the SEC’s Web site at http://www.sec.gov. The fund’s proxy voting policies and procedures are also available without charge, upon request, by calling 800.343.2898.

Mutual Funds:
NOT FDIC INSURED	MAY LOSE VALUE	NOT BANK GUARANTEED

Evergreen Investments^SM is a service mark of Evergreen Investment Management Company, LLC.
Copyright 2007, Evergreen Investment Management Company, LLC.

Evergreen Investment Management Company, LLC is a subsidiary of Wachovia Corporation and is an affiliate of Wachovia Corporation’s other Broker Dealer subsidiaries.

Evergreen mutual funds are distributed by Evergreen Investment Services, Inc.
200 Berkeley Street, Boston, MA 02116

LETTER TO SHAREHOLDERS

September 2007

Dennis H. Ferro

President and Chief Executive Officer

Dear Shareholder:

We are pleased to provide the Semiannual Report for Evergreen Money Market Fund for the six-month period ended July 31, 2007.

The domestic equity and fixed income markets produced modest, but positive, returns during the six-month period. Stock prices tended to rise early in the period, sustaining the momentum of late 2006 and early 2007 in a rally driven by better-than-expected corporate profits, strong global growth trends and brisk activity by private equity investors. However, equities then fell back in a major sell-off in the period’s final month. A market reversal in July 2007 was brought on by concerns about weakness in the housing industry and by worries that problems in the subprime mortgage market could spread to the general economy and signal a more general deterioration in credit quality within the bond market. Interest rates of longer-maturity bonds rose as their prices declined. At the same time, the spreads — or yield advantages — of lower-quality corporate bonds began to widen as investors preferred higher-quality bonds, especially Treasuries. In this environment, conservative, shorter-duration portfolios tended to hold up relatively well, while higher-yielding, lower-rated corporate bonds produced negative returns.

Despite the weakness in the housing industry, and the related problems in the subprime mortgage market, the domestic economy maintained

1

LETTER TO SHAREHOLDERS continued

its growth trajectory during the six-month period. While Gross Domestic Product grew by a rate of only 0.6% in the first quarter of 2007, it accelerated to a rate of 4.0% in the second quarter of 2007. During the six-month period, the Federal Reserve Board (the “Fed”) kept the fed funds rate, a key short-term interest rate, unchanged at 5.25% . However, as the period progressed, speculation increased about possible future actions by the nation’s central bank. Shortly after the period ended, the Fed acted, injecting liquidity into the market by cutting the discount rate, which is the rate at which the Fed lends to banks.

Against this backdrop, the management teams of Evergreen’s money market funds continued to focus on capital preservation and competitive income through investments in high-quality, short-term securities.

As always, we encourage investors to maintain diversified investment portfolios in pursuit of their long-term investment goals.

2

LETTER TO SHAREHOLDERS continued

Please visit us at EvergreenInvestments.com for more information about our funds and other investment products available to you. Thank you for your continued support of Evergreen Investments.

Sincerely,

Dennis H. Ferro

President and Chief Executive Officer
Evergreen Investment Company, Inc.

Notice to Shareholders:

Effective on the close of business on November 16, 2007, Class S1 shares of the Fund will be liquidated and closed and existing shareholders on that date will become shareholders of Class S of the Fund.

Special Notice to Shareholders:

Please visit our Web site at EvergreenInvestments.com for statements from President and Chief Executive Officer, Dennis Ferro, regarding the firm’s recent settlement with the Securities and Exchange Commission (SEC) and prior settlement with the National Association of Securities Dealers (NASD).

3

FUND AT A GLANCE

as of July 31, 2007

MANAGEMENT TEAM

Investment Advisor:
• Evergreen Investment Management Company, LLC

Portfolio Managers:
• J. Kellie Allen
• Bryan K. White, CFA
• Sheila Nye

PERFORMANCE AND RETURNS*
Portfolio inception date: 11/2/1987
	Class A	Class B	Class C	Class S	Class S1	Class I
Class inception date	1/4/1995	1/26/1995	8/1/1997	6/30/2000	6/26/2001	11/2/1987
Nasdaq symbol	EMAXX	EMBXX	EMCXX	N/A	N/A	EGMXX
6-month return
with sales charge	N/A	-3.09%	0.91%	N/A	N/A	N/A
6-month return
w/o sales charge	2.26%	1.91%	1.91%	2.11%	2.11%	2.41%
Average annual
return**
1-year with sales
charge	N/A	-1.12%	2.88%	N/A	N/A	N/A
1-year w/o sales
charge	4.61%	3.88%	3.88%	4.29%	4.30%	4.91%
5-year	2.12%	1.17%	1.55%	1.84%	1.93%	2.41%
10-year	3.23%	2.58%	2.58%	3.11%	3.26%	3.53%
Maximum sales
charge	N/A	5.00%	1.00%	N/A	N/A	N/A
		CDSC	CDSC
7-day annualized
yield	4.52%	3.82%	3.82%	4.21%	4.22%	4.81%
30-day annualized
yield	4.51%	3.81%	3.81%	4.21%	4.21%	4.80%

* The yield quotation more closely reflects the current earnings of the fund than the total return quotation.

** Adjusted for maximum applicable sales charge, unless noted

Past performance is no guarantee of future results. The performance quoted represents past performance and current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end for Classes A, B, C or I, please go to EvergreenInvestments.com/fundperformance. Please call 1.800.343.2898 for the most recent month-end performance information for Classes S or S1. The performance of each class may vary based on differences in loads, fees and expenses paid by the shareholders investing in each class. Performance includes the reinvestment of income dividends and capital gain distributions.

Historical performance shown for Classes C, S and S1 prior to their inception is based on the performance of Class I, the original class offered. The historical returns for Classes C, S and S1 have not been adjusted to reflect the effect of each class’ 12b-1 fee. The fund incurs 12b-1 fees of 0.30% for Class A, 0.60% for Classes S and S1 and 1.00% for Classes B and C. Class I does not pay a 12b-1 fee. If these fees had been reflected, returns for Classes C, S and S1 would have been lower.

The advisor is reimbursing the fund for a portion of other expenses. Had expenses not been reimbursed, returns would have been lower. Returns reflect expense limits previously in effect for Classes A, B, C, S and S1 without which returns for Classes A, B, C, S and S1 would have been lower.

An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

4

FUND AT A GLANCE continued

7-DAY ANNUALIZED YIELD

Class I shares are only offered in the following manner: (1) to investment advisory clients of Evergreen Investment Management Company, LLC (or its advisory affiliates) when purchased by such advisor(s) on behalf of its clients, (2) through arrangements entered into on behalf of the Evergreen funds with certain financial services firms, (3) to certain institutional investors and (4) to persons who owned Class Y shares in registered name in an Evergreen fund on or before December 31, 1994 or who owned shares of any SouthTrust fund in registered name as of March 18, 2005 or shares of Vestaur Securities Fund as of May 20, 2005.

Class I shares are only available to institutional shareholders with a minimum of $1 million investment, which may be waived in certain situations.

Class S and S1 shares are sold through certain broker dealers and financial institutions which have selling agreements with the fund’s distributor.

The fund’s investment objective may be changed without a vote of the fund’s shareholders.

Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability and foreign currency fluctuations.

Yields are based on net investment income for the stated periods and annualized.

U.S. government guarantees apply only to certain securities held in the fund’s portfolio and not to the fund’s shares.

The yield will fluctuate and there can be no guarantee that the fund will achieve its objective.

All data is as of July 31, 2007, and subject to change.

5

ABOUT YOUR FUND’S EXPENSES

The Example below is intended to describe the fees and expenses borne by shareholders and the impact of those costs on your investment.

Example

As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2007 to July 31, 2007.

The example illustrates your fund’s costs in two ways:

• Actual expenses

The section in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

• Hypothetical example for comparison purposes

The section in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the section in the table under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	2/1/2007	7/31/2007	Period*
Actual
Class A	$ 1,000.00	$ 1,022.62	$ 4.46
Class B	$ 1,000.00	$ 1,019.07	$ 7.96
Class C	$ 1,000.00	$ 1,019.09	$ 7.96
Class S	$ 1,000.00	$ 1,021.07	$ 5.96
Class S1	$ 1,000.00	$ 1,021.11	$ 5.96
Class I	$ 1,000.00	$ 1,024.10	$ 2.96
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,020.38	$ 4.46
Class B	$ 1,000.00	$ 1,016.91	$ 7.95
Class C	$ 1,000.00	$ 1,016.91	$ 7.95
Class S	$ 1,000.00	$ 1,018.89	$ 5.96
Class S1	$ 1,000.00	$ 1,018.89	$ 5.96
Class I	$ 1,000.00	$ 1,021.87	$ 2.96

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (0.89% for Class A, 1.59% for Class B, 1.59% for Class C, 1.19% for Class S, 1.19% for Class S1 and 0.59% for Class I), multiplied by the average account value over the period, multiplied by 181 / 365 days.

6

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS A	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$  1.00	$ 1.00	$ 1.00	$  1.00	$ 1.00	$ 1.00
Income from investment operations
Net investment income (loss)	0.02	0.04	0.03	0.01	0	0.01
Distributions to shareholders from
Net investment income	(0.02)	(0.04)	(0.03)	(0.01)	01	(0.01)
Net asset value, end of period	$  1.00	$ 1.00	$ 1.00	$  1.00	$ 1.00	$ 1.00
Total return	2.26%	4.36%	2.56%	0.68%	0.32%	1.14%
Ratios and supplemental data
Net assets, end of period (millions)	$2,387	$2,886	$2,803	$3,027	$6,261	$10,628
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	0.89%2	0.89%	0.89%	0.94%	0.93%	0.89%
Expenses excluding waivers/reimbursements
and expense reductions	0.92%2	0.92%	0.92%	1.00%	0.99%	0.91%
Net investment income (loss)	4.52%2	4.28%	2.52%	0.60%	0.33%	1.12%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

7

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS B	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from investment operations
Net investment income (loss)	0.02	0.04	0.02	0	0	0
Distributions to shareholders from
Net investment income	(0.02)	(0.04)	(0.02)	01	01	01
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total return2	1.91%	3.64%	1.84%	0.21%	0.06%	0.44%
Ratios and supplemental data
Net assets, end of period (millions)	$ 21	$ 25	$ 33	$ 46	$ 70	$ 113
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	1.59%3	1.59%	1.59%	1.38%	1.20%	1.59%
Expenses excluding waivers/reimbursements
and expense reductions	1.62%3	1.62%	1.62%	1.70%	1.69%	1.60%
Net investment income (loss)	3.82%3	3.56%	1.77%	0.18%	0.06%	0.41%

¹ Amount represents less than $0.005 per share.

² Excludingapplicable sales charges

³ Annualized

See Notes to FinancialStatements

8

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS C	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from investment operations
Net investment income (loss)	0.02	0.04	0.02	0	0	0
Distributions to shareholders from
Net investment income	(0.02)	(0.04)	(0.02)	01	01	01
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total return2	1.91%	3.64%	1.84%	0.21%	0.06%	0.44%
Ratios and supplemental data
Net assets, end of period (millions)	$ 11	$ 10	$ 9	$ 16	$ 26	$ 23
Ratios to average net assets
Expenses including waivers/reimbursementse
but excluding expens reductions	1.59%3	1.59%	1.59%	1.37%	1.17%	1.59%
Expenses excluding waivers/reimbursements
and expense reductions	1.62%3	1.62%	1.62%	1.71%	1.70%	1.60%
Net investment income (loss)	3.82%3	3.62%	1.70%	0.15%	0.06%	0.42%

¹ Amount represents less than $0.005 per share.

² Excludingapplicable sales charges

³ Annualized

See Notes to FinancialStatements

9

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS S	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$  1.00	$ 1.00	$ 1.00	$  1.00	$ 1.00	$ 1.00
Income from investment operations
Net investment income (loss)	0.02	0.04	0.02	0	0	0.01
Distributions to shareholders from
Net investment income	(0.02)	(0.04)	(0.02)	01	01	(0.01)
Net asset value, end of period	$  1.00	$ 1.00	$ 1.00	$  1.00	$ 1.00	$ 1.00
Total return	2.11%	4.05%	2.25%	0.41%	0.09%	0.82%
Ratios and supplemental data
Net assets, end of period (millions)	$1,931	$1,776	$2,421	$2,477	$3,544	$7,302
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	1.19%2	1.19%	1.19%	1.20%	1.17%	1.21%
Expenses excluding waivers/reimbursements
and expense reductions	1.22%2	1.22%	1.22%	1.30%	1.28%	1.21%
Net investment income (loss)	4.21%2	3.96%	2.22%	0.39%	0.10%	0.83%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

10

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS S1	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$  1.00	$ 1.00	$ 1.00	$  1.00	$ 1.00	$ 1.00
Income from investment operations
Net investment income (loss)	0.02	0.04	0.02	0.01	0	0.01
Distributions to shareholders from
Net investment income	(0.02)	(0.04)	(0.02)	(0.01)	01	(0.01)
Net asset value, end of period	$  1.00	$ 1.00	$ 1.00	$  1.00	$ 1.00	$ 1.00
Total return	2.11%	4.05%	2.32%	0.52%	0.20%	1.18%
Ratios and supplemental data
Net assets, end of period (millions)	$1,916	$2,111	$2,133	$2,294	$1,057	$1,767
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	1.19%2	1.19%	1.11%	1.09%	1.05%	0.85%
Expenses excluding waivers/reimbursements
and expense reductions	1.22%2	1.22%	1.21%	1.27%	1.29%	1.21%
Net investment income (loss)	4.22%2	3.98%	2.30%	0.75%	0.21%	1.16%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

11

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS I	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$ 1.00	$ 1.00	$  1.00	$ 1.00	$ 1.00
Income from investment operations
Net investment income (loss)	0.02	0.05	0.03	0.01	0.01	0.01
Distributions to shareholders from
Net investment income	(0.02)	(0.05)	(0.03)	(0.01)	(0.01)	(0.01)
Net asset value, end of period	$1.00	$ 1.00	$ 1.00	$  1.00	$ 1.00	$ 1.00
Total return	2.41%	4.67%	2.86%	0.97%	0.57%	1.42%
Ratios and supplemental data
Net assets, end of period (millions)	$ 992	$1,334	$1,190	$1,531	$1,659	$2,334
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	0.59%1	0.59%	0.59%	0.65%	0.68%	0.61%
Expenses excluding waivers/reimbursements
and expense reductions	0.62%1	0.62%	0.62%	0.70%	0.69%	0.61%
Net investment income (loss)	4.81%1	4.57%	2.80%	0.94%	0.57%	1.41%

¹ Annualized

See Notes to FinancialStatements

12

SCHEDULE OF INVESTMENTS

July 31, 2007 (unaudited)

		Principal
		Amount		Value
CERTIFICATES OF DEPOSIT 4.7%
Abbey National plc, 5.35%, 10/24/2007	$	30,000,000	$	29,999,664
Barclays Bank plc:
5.35%, 01/25/2008		50,000,000		50,000,000
5.37%, 01/25/2008		100,000,000		100,000,000
Branch Bank & Trust Co., 5.31%, 08/10/2007		50,000,000		50,000,000
Credit Suisse First Boston Corp., 5.40%, 06/05/2008		50,000,000		50,000,000
Deutsche Bank AG:
5.35%, 08/31/2007		20,000,000		20,000,000
5.40%, 08/31/2007		40,000,000		40,000,000
Total Certificates of Deposit (cost $339,999,664)				339,999,664
COMMERCIAL PAPER 50.4%
Asset-Backed 49.4%
Anglesea Funding, LLC:
5.15%, 02/14/2008		50,000,000		48,590,903
5.17%, 09/05/2007		25,000,000		24,874,462
5.21%, 09/10/2007		35,000,000		34,797,389
5.29%, 10/10/2007		50,000,000		49,485,694
5.31%, 08/31/2007		50,000,000		49,778,750
Aquifer Funding, LLC:
5.30%, 08/06/2007		50,000,000		49,963,194
5.32%, 08/06/2007		61,260,000		61,214,736
Barton Capital Corp.:
5.26%, 08/07/2007		50,000,000		49,956,167
5.27%, 08/10/2007		54,957,000		54,884,594
Bavaria Trust Corp.:
5.29%, 08/13/2007		50,245,000		50,156,401
5.32%, 08/21/2007		50,010,000		49,913,915
Berkeley Square Finance, LLC, 5.30%, 08/10/2007		97,891,000		97,761,294
Brahms Funding Corp., 5.31%, 08/24/2007		81,056,000		80,785,462
Catapult-PMX Funding, LLC:
5.32%, 08/20/2007		90,000,000		90,000,000
5.40%, 08/29/2007		50,000,000		49,790,000
5.60%, 08/01/2007		93,016,000		93,016,000
Check Point Charlie, Inc., 5.31%, 08/23/2007		14,428,000		14,381,181
Chesham Finance, LLC:
5.12%, 01/04/2008		50,000,000		48,891,317
5.16%, 07/08/2008		25,000,000		23,775,688
5.28%, 10/05/2007		50,000,000		49,523,333
Concord Minutemen Capital Co., LLC, 5.32%, 08/01/2007		124,950,000		124,950,000
Crown Point Capital Co., 5.32%, 10/19/2007		50,000,000		49,416,278
East Fleet Finance, LLC:
5.30%, 08/13/2007		111,000,000		110,930,511
5.32%, 08/23/2007		42,482,000		42,343,886
Ebury Finance, LLC:
5.20%, 10/10/2007		50,000,000		49,494,445
5.31%, 08/06/2007		50,000,000		49,963,125

See Notes to Financial Statements

13

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
COMMERCIAL PAPER continued
Asset-Backed continued
Fenway Funding, LLC:
5.21%, 10/12/2007	$ 75,000,000	$	74,319,806
5.31%, 10/09/2007	50,000,000		49,491,125
5.32%, 10/11/2007	54,256,000		53,686,734
Foxboro Funding, Ltd.:
5.30%, 09/28/2007	50,000,000		49,573,056
5.32%, 08/15/2007	50,000,000		49,896,555
Giro Balanced Funding Corp.:
5.27%, 08/14/2007	35,000,000		34,933,393
5.28%, 08/13/2007	75,000,000		74,868,000
5.30%, 08/15/2007	81,274,000		81,199,235
Grampian Funding, LLC, 5.27%, 08/16/2007	50,000,000		49,890,313
KKR Pacific Funding Trust:
5.30%, 08/14/2007	50,000,000		49,904,305
5.31%, 08/16/2007	115,111,000		114,856,317
5.32%, 08/22/2007	50,000,000		49,844,833
Lexington Parker Capital Corp., LLC, 5.19%, 09/13/2007	51,155,000		50,837,882
Morrigan Trust Funding, LLC:
5.18%, 11/05/2007	50,000,000		49,309,333
5.36%, 08/13/2007	100,000,000		99,821,334
Neptune Funding Corp.:
5.31%, 08/15/2007	50,000,000		49,896,750
5.34%, 09/06/2007	99,053,000		98,524,057
Old Line Funding Corp., 5.27%, 08/02/2007	37,300,000		37,294,540
Ottimo Funding, Ltd., 5.30%, 09/12/2007	43,664,000		43,394,011
Park Granada, LLC, 5.35%, 08/01/2007	19,020,000		19,020,000
Ranger Funding Co., LLC, 5.30%, 08/02/2007	35,394,000		35,388,789
Rhineland Funding Capital Corp.:
5.24%, 08/09/2007	22,031,000		22,005,346
5.26%, 08/09/2007	42,203,000		42,153,669
5.27%, 08/09/2007	30,000,000		29,964,867
5.27%, 01/07/2008	41,420,000		40,455,915
5.30%, 10/05/2007	61,157,000		60,579,178
5.40%, 11/05/2007	15,421,000		15,198,938
Stratford Receivables Co., LLC:
5.30%, 08/10/2007	174,041,000		173,825,118
5.32%, 08/08/2007	7,209,000		7,201,543
5.35%, 08/24/2007	40,000,000		39,863,278
Thornburg Mortgage Capital Resources, LLC:
5.30%, 08/20/2007	50,000,000		49,860,139
5.32%, 08/02/2007	50,000,000		49,992,611
5.36%, 08/29/2007	20,800,000		20,713,287
5.45%, 08/10/2007	100,000,000		99,863,750

See Notes to Financial Statements

14

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
COMMERCIAL PAPER continued
Asset-Backed continued
Three Pillars Funding Corp.:
5.27%, 08/10/2007	$ 65,000,000	$	64,929,733
5.27%, 08/14/2007	35,000,000		34,933,393
Ticonderoga Funding, LLC:
5.27%, 08/16/2007	50,000,000		49,890,208
5.29%, 08/28/2007	65,000,000		64,742,112
			3,580,762,178
Diversified Financial Services 1.0%
Bank of America Corp., 5.14%, 11/13/2007	75,000,000		73,887,417
Total Commercial Paper (cost $3,654,649,595)			3,654,649,595
CORPORATE BONDS 28.3%
Capital Markets 9.6%
Bear Stearns Cos., FRN:
5.31%, 08/14/2007	50,000,000		50,000,000
5.33%, 08/01/2007	50,000,000		50,000,000
5.40%, 08/06/2007	50,000,000		50,000,000
5.51%, 10/29/2007	43,000,000		43,031,176
Credit Suisse First Boston Corp., 5.36%, 01/16/2008	50,000,000		50,000,000
Lehman Brothers Holdings, Inc., FRN, 5.35%, 09/27/2007	75,000,000		75,000,000
Merrill Lynch & Co., Inc.:
4.25%, 09/14/2007	25,000,000		24,967,298
FRN, 5.34%, 11/22/2007	50,000,000		50,000,000
Morgan Stanley, FRN:
5.36%, 08/03/2007	100,000,000		100,000,000
5.38%, 08/15/2007	200,000,000		200,000,000
			692,998,474
Commercial Banks 5.8%
Bank One Corp., 2.625%, 06/30/2008	15,000,000		14,636,287
Marshall & Ilsley Corp., 5.16%, 12/17/2007	55,000,000		54,968,644
Royal Bank of Canada:
5.40%, 10/16/2007	50,000,000		50,000,000
FRN, 5.29%, 08/06/2007 144A	100,000,000		100,000,000
Wells Fargo & Co., FRN, 5.37%, 08/10/2007	100,000,000		100,056,663
WestLB AG, FRN, 5.38%, 08/10/2007 144A	100,000,000		100,000,000
			419,661,594
Consumer Finance 7.1%
American Express Co., FRN:
5.29%, 08/13/2007	50,000,000		50,000,000
5.32%, 08/20/2007	70,000,000		70,000,000
BMW U.S. Capital Corp., LLC, FRN, 5.31%, 08/03/2007	75,000,000		75,000,000
General Electric Capital Corp., FRN, 5.45%, 08/17/2007	220,000,000		220,000,000
Toyota Motor Credit Corp., FRN, 5.30%, 08/01/2007	100,000,000		100,000,000
			515,000,000

See Notes to Financial Statements

15

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
CORPORATE BONDS continued
Diversified Financial Services  2.6%
Liberty Lighthouse U.S. Capital Corp., FRN, 5.32%, 08/01/2007 144A	$ 85,000,000	$	85,000,000
Sigma Finance, Inc., FRN:
5.34%, 08/07/2007 144A	50,000,000		50,000,000
5.38%, 04/23/2008 144A	50,000,000		50,000,000
			185,000,000
Food & Staples Retailing 1.7%
Wal-Mart Stores, Inc., 5.93%, 06/01/2008	125,000,000		125,601,146
Insurance 0.8%
Allstate Corp., FRN, 5.32%, 08/28/2007	35,000,000		35,000,000
Genworth Financial, Inc., FRN, 5.31%, 08/13/2007 144A	25,000,000		25,000,000
			60,000,000
Thrifts & Mortgage Finance 0.7%
Countrywide Financial Corp., FRN, 5.44%, 08/06/2007	50,000,000		50,000,000
Total Corporate Bonds (cost $2,048,261,214)			2,048,261,214
FUNDING AGREEMENTS 6.7%
Jackson National Life Funding Agreement, 5.37%, 08/01/2007 +	75,000,000		75,000,000
Metropolitan Life Funding Agreement, 5.43%, 10/15/2007 +	75,000,000		75,000,000
New York Life Funding Agreement, 5.37%, 08/01/2007 +	60,000,000		60,000,000
Transamerica Occidental Funding Agreement:
5.51%, 08/01/2007 +	135,000,000		135,000,000
5.54%, 08/01/2007 +	140,000,000		140,000,000
Total Funding Agreements  (cost $485,000,000)			485,000,000
MASTER NOTE 1.0%
Goldman Sachs Group, Inc., 5.35%, 04/18/2008 + (cost $75,000,000)	75,000,000		75,000,000
MUNICIPAL OBLIGATIONS 0.7%
Industrial Development Revenue 0.1%
Warren Cnty., KY IDA RB, Stupp Brothers, Inc. Proj., Ser. B-1, 5.35%, VRDN,
(LOC: Bank of America Corp.)	9,400,000		9,400,000
Miscellaneous Revenue 0.6%
Detroit, MI Econ. Dev. Corp. RB, Waterfront Recreation, Ser. B, 5.35%, VRDN,
(LOC: Bank of America Corp.)	41,830,000		41,830,000
Total Municipal Obligations  (cost $51,230,000)			51,230,000
REPURCHASE AGREEMENT ^^  0.1%
Societe Generale, 5.19%, dated 07/31/2007, maturing 08/01/2007, maturity
value $6,523,551 (cost $6,522,611)	6,522,611		6,522,611
TIME DEPOSIT 1.0%
SunTrust Banks, Inc., 5.32%, 08/01/2007 (cost $75,000,000)	75,000,000		75,000,000
U.S. GOVERNMENT & AGENCY OBLIGATIONS 0.7%
FHLB, 5.375%, 02/28/2008 (cost $50,000,000)	50,000,000		50,000,000

See Notes to Financial Statements

16

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
YANKEE OBLIGATIONS - CORPORATE 6.1%
Commercial Banks 4.2%
Bank of Ireland, FRN, 5.31%, 08/20/2007 144A	$110,000,000	$	110,000,000
HBOS plc, FRN, 5.43%, 08/20/2007 144A	150,000,000		150,000,000
HSH Nordbank AG, FRN, 5.33%, 08/21/2007 144A	50,000,000		50,000,000
			310,000,000
Diversified Financial Services 1.2%
Calyon, 5.40%, 05/14/2008	50,000,000		49,996,079
Liquid Funding, Ltd., FRN, 5.32%, 08/01/2007 144A	40,000,000		40,000,000
			89,996,079
Insurance 0.7%
Irish Life & Permanent plc, FRN, 5.34%, 08/22/2007 144A	50,000,000		50,000,000
Total Yankee Obligations - Corporate (cost $449,996,079)			449,996,079
	Shares		Value
MUTUAL FUND SHARES 0.0%
Federated Prime Value Obligation Fund, Class IS, 5.25% q (cost $74,591)	74,591		74,591
Total Investments (cost $7,235,733,754) 99.7%			7,235,733,754
Other Assets and Liabilities 0.3%			22,654,750
Net Assets 100.0%		$	7,258,388,504

144A	Security that may be sold to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. This
	security has been determined to be liquid under guidelines established by the Board of Trustees, unless otherwise noted.
+	Security is deemed illiquid.
^^	Collateralized by $5,882,000 U.S. Treasury Notes, 3.375% to 6.125%, 08/15/2007 to 11/15/2012, value including accrued
	interest is $5,913,456; $470,000 U.S. Treasury TIPS, 3.875%, 04/15/2029, value including accrued interest is $740,587.
q	Rate shown is the 7-day annualized yield at period end.
VRDN	Variable Rate Demand Note security which is payable on demand within seven calendar days after notice is given by the
	Fund to the issuer or other parties not affiliated with the issuer. Interest rates are determined and reset by the issuer
	daily, weekly, or monthly depending upon the terms of the security. Interest rates presented for these securities are
	those in effect at July 31, 2007.

Summary of Abbreviations
FHLB	Federal Home Loan Bank
FRN	Floating Rate Note
IDA	Industrial Development Authority
LOC	Letter of Credit
RB	Revenue Bond
TIPS	Treasury Inflation Protected Securities

The following table shows the percent of total investments by credit quality as of July 31, 2007:

Tier 1 100.0%

The following table shows the percentage of total investments by maturity as of July 31, 2007:

1 day	13.9%
2-7 days	11.2%
8-60 days	52.0%
61-120 days	11.4%
121-240 days	6.1%
241+ days	5.4%
	100.0%

See Notes to Financial Statements

17

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2007 (unaudited)

Assets
Investments at amortized cost	$	7,235,733,754
Cash		31,305
Receivable for Fund shares sold		360,748
Interest receivable		29,417,889
Prepaid expenses and other assets		204,331
Total assets		7,265,748,027
Liabilities
Dividends payable		5,423,525
Payable for Fund shares redeemed		840,676
Advisory fee payable		78,773
Distribution Plan expenses payable		83,504
Due to other related parties		126,061
Accrued expenses and other liabilities		806,984
Total liabilities		7,359,523
Net assets	$	7,258,388,504
Net assets represented by
Paid-in capital	$	7,263,028,839
Undistributed net investment income		132,235
Accumulated net realized losses on investments		(4,772,570)
Total net assets	$	7,258,388,504
Net assets consists of
Class A	$	2,387,468,110
Class B		20,741,407
Class C		10,725,686
Class S		1,930,528,209
Class S1		1,916,429,517
Class I		992,495,575
Total net assets	$	7,258,388,504
Shares outstanding (unlimited number of shares authorized)
Class A		2,388,682,813
Class B		20,764,372
Class C		10,728,274
Class S		1,933,538,392
Class S1		1,916,463,201
Class I		994,625,866
Net asset value per share
Class A	$	1.00
Class B	$	1.00
Class C	$	1.00
Class S	$	1.00
Class S1	$	1.00
Class I	$	1.00

See Notes to Financial Statements

18

STATEMENT OF OPERATIONS

Six Months Ended July 31, 2007 (unaudited)

Investment income
Interest	$	203,731,296
Expenses
Advisory fee		14,956,098
Distribution Plan expenses
Class A		4,013,147
Class B		110,253
Class C		46,216
Class S		5,091,237
Class S1		5,980,974
Administrative services fee		2,262,793
Transfer agent fees		4,590,293
Trustees’ fees and expenses		79,931
Printing and postage expenses		320,225
Custodian and accounting fees		944,797
Registration and filing fees		69,167
Professional fees		66,384
Other		71,310
Total expenses		38,602,825
Less: Expense reductions		(140,484)
Expense reimbursements		(1,128,000)
Net expenses		37,334,341
Net investment income		166,396,955
Net realized losses on investments		(4,639)
Net increase in net assets resulting from operations	$	166,392,316

See Notes to Financial Statements

19

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	July 31, 2007			Year Ended
	(unaudited)			January 31, 2007
Operations
Net investment income		$	166,396,955		$	349,098,481
Net realized gains or losses on
investments			(4,639)			20,429
Net increase in net assets resulting
from operations			166,392,316			349,118,910
Distributions to shareholders from
Net investment income
Class A			(60,440,611)			(121,332,985)
Class B			(420,187)			(1,056,744)
Class C			(176,326)			(393,043)
Class S			(35,739,392)			(90,346,414)
Class S1			(42,068,446)			(84,140,834)
Class I			(27,548,762)			(51,797,644)
Total distributions to shareholders			(166,393,724)			(349,067,664)
	Shares			Shares
Capital share transactions
Proceeds from shares sold
Class A	5,805,900,403		5,805,900,403	12,729,604,851		12,729,604,851
Class B	4,620,049		4,620,049	13,788,324		13,788,324
Class C	5,420,468		5,420,468	17,261,711		17,261,711
Class S	9,626,896,434		9,626,896,434	22,816,212,928		22,816,212,928
Class S1	8,536,227,991		8,536,227,991	16,858,182,896		16,858,182,896
Class I	1,930,857,423		1,930,857,423	4,578,750,371		4,578,750,371
			25,909,922,768			57,013,801,081
Net asset value of shares issued in
reinvestment of distributions
Class A	48,390,011		48,390,011	97,259,822		97,259,822
Class B	360,138		360,138	912,587		912,587
Class C	155,596		155,596	339,158		339,158
Class S	35,739,392		35,739,392	90,346,414		90,346,414
Class S1	42,068,446		42,068,446	84,140,825		84,140,825
Class I	2,454,362		2,454,362	4,751,862		4,751,862
			129,167,945			277,750,668
Automatic conversion of Class B
shares to Class A shares
Class A	2,131,862		2,131,862	4,549,142		4,549,142
Class B	(2,131,862)		(2,131,862)	(4,549,142)		(4,549,142)
			0			0
Payment for shares redeemed
Class A	(6,354,454,441)		(6,354,454,441)	(12,749,304,930)		(12,749,304,930)
Class B	(6,640,302)		(6,640,302)	(18,349,204)		(18,349,204)
Class C	(4,745,088)		(4,745,088)	(16,532,197)		(16,532,197)
Class S	(9,508,119,952)		(9,508,119,952)	(23,551,120,560)		(23,551,120,560)
Class S1	(8,773,345,881)		(8,773,345,881)	(16,964,252,786)		(16,964,252,786)
Class I	(2,275,055,942)		(2,275,055,942)	(4,438,985,887)		(4,438,985,887)
			(26,922,361,606)			(57,738,545,564)
Net decrease in net assets resulting
from capital share transactions			(883,270,893)			(446,993,815)
Total decrease in net assets			(883,272,301)			(446,942,569)
Net assets
Beginning of period			8,141,660,805			8,588,603,374
End of period		$	7,258,388,504		$	8,141,660,805
Undistributed net investment income		$	132,235		$	129,004

See Notes to Financial Statements

20

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen Money Market Fund (the “Fund”) is a diversified series of Evergreen Money Market Trust (the “Trust”), a Delaware statutory trust organized on September 18, 1997. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Fund offers Class A, Class B, Class C, Class S, Class S1 and Class I shares. Class A, Class S, Class S1 and Class I shares are sold at net asset value without a front-end sales charge or contingent deferred sales charge. Class B shares are sold without a front-end sales charge but are subject to a contingent deferred sales charge that is payable upon redemption and decreases depending on how long the shares have been held. Class C shares are sold without a front-end sales charge but are subject to a contingent deferred sales charge that is payable upon redemption within one year. Class B and Class C shares are only available for subsequent purchases by existing shareholders and prospective shareholders making an exchange from Class B or Class C shares of another Evergreen fund. Each class of shares, except Class I shares, pays an ongoing distribution fee.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America, which require management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates.

a. Valuation of investments

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates market value.

Investments in other mutual funds are valued at net asset value.

b. Repurchase agreements

Securities pledged as collateral for repurchase agreements are held by the custodian bank or in a segregated account in the Fund’s name until the agreements mature. 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 agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. However, in the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. The Fund will 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 recorded on trade date. Realized gains and losses are computed using the specific cost of the security sold. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

21

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

d. Federal taxes

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income, including any net capital gains (which have already been offset by available capital loss carryovers). Accordingly, no provision for federal taxes is required.

e. Distributions

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

f. Class allocations

Income, common expenses and realized and unrealized gains and losses are allocated to the classes based on the relative net assets of each class. Distribution fees, if any, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

3. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Evergreen Investment Management Company, LLC (“EIMC”), an indirect, wholly-owned subsidiary of Wachovia Corporation (“Wachovia”), is the investment advisor to the Fund and is paid an annual fee starting at 0.44% and declining to 0.39% as average daily net assets increase.

From time to time, EIMC may voluntarily or contractually waive its fee and/or reimburse expenses in order to limit operating expenses. During the six months ended July 31, 2007, EIMC voluntarily reimbursed other expenses in the amount of $1,128,000.

Evergreen Investment Services, Inc. (“EIS”), an indirect, wholly-owned subsidiary of Wachovia, is the administrator to the Fund. As administrator, EIS provides the Fund with facilities, equipment and personnel and is paid an annual rate determined by applying percentage rates to the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund, starting at 0.06% and declining to 0.04% as the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund increase.

Evergreen Service Company, LLC (“ESC”), an indirect, wholly-owned subsidiary of Wachovia, is the transfer and dividend disbursing agent for the Fund. ESC receives account fees that vary based on the type of account held by the shareholders in the Fund. For the six months ended July 31, 2007, the transfer agent fees were equivalent to an annual rate of 0.12% of the Fund’s average daily net assets.

4. DISTRIBUTION PLANS

EIS also serves as distributor of the Fund’s shares. The Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940 Act, for each class of shares, except Class I. Under the Distribution Plans, distribution fees are paid at an annual rate of 0.30% of the average daily net

22

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

assets for Class A shares, 0.60% of the average daily net assets for Class S and S1 shares and 1.00% of the average daily net assets for each of Class B and Class C shares.

For the six months ended July 31, 2007, EIS received $48,459 and $1,153 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

5. INVESTMENT TRANSACTIONS

On July 31, 2007, the cost of investments for federal income tax purposes for the Fund was the same as for financial reporting purposes.

As of January 31, 2007, the Fund had $4,767,814 in capital loss carryovers for federal income tax purposes expiring as follows:

Expiration
2008	2009	2011	2012	2013	2014
$139,955	$4,353,228	$137,629	$5,353	$19,886	$111,763

For income tax purposes, capital losses incurred after October 31 within the Fund’s fiscal year are deemed to arise on the first business day of the following fiscal year. As of January 31, 2007, the Fund incurred and elected to defer post-October losses of $117.

6. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, the Fund may participate in an interfund lending program with certain funds in the Evergreen fund family. This program allows the Fund to borrow from other participating funds. During the six months ended July 31, 2007, the Fund did not participate in the interfund lending program.

7. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

8. DEFERRED TRUSTEES’ FEES

Each Trustee of the 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 is based on the investment performance of certain Evergreen funds. Any gains earned or losses incurred in the deferral accounts are reported in the Fund’s Trustees’ fees and expenses. At the election of the Trustees, the deferral account will be paid either in one lump sum or in quarterly installments for up to ten years.

9. FINANCING AGREEMENT

The Fund and certain other Evergreen funds share in an unsecured revolving credit commitment for temporary and emergency purposes, including the funding of redemptions, as permitted by each participating fund’s borrowing restrictions. Borrowings under this facility bear interest at

23

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

0.50% per annum above the Federal Funds rate. All of the participating funds are charged an annual commitment fee on the unused balance, which is allocated pro rata. The credit facility is for $100 million with an annual commitment fee of 0.08% . During the six months ended July 31, 2007, the Fund had no borrowings.

10. REGULATORY MATTERS AND LEGAL PROCEEDINGS

Pursuant to an administrative order issued by the Securities and Exchange Commission (“SEC”) on September 19, 2007, EIMC, EIS, ESC (collectively, the “Evergreen Entities”), Wachovia Securities, LLC and the SEC have entered into an agreement settling allegations of (i) improper short-term trading arrangements in effect prior to May 2003 involving former officers and employees of EIMC and certain broker-dealers, (ii) insufficient systems for monitoring exchanges and enforcing exchange limitations as stated in certain funds’ prospectuses, and (iii) inadequate e-mail retention practices. Under the settlement, the Evergreen Entities were censured and will pay approximately $32 million in disgorgement and penalties. This amount, along with a fine assessed by the SEC against Wachovia Securities, LLC will be distributed pursuant to a plan to be developed by an independent distribution consultant and approved by the SEC. The Evergreen Entities neither admitted nor denied the allegations and findings set forth in its settlement with the SEC.

EIS has entered into an agreement with the NASD settling allegations that EIS (i) arranged for Evergreen fund portfolio trades to be directed to Wachovia Securities, LLC, an affiliate of EIS that sold Evergreen fund shares, during the period of January 2001 to December 2003 and (ii) provided non-cash compensation by sponsoring offsite meetings attended by Wachovia Securities, LLC brokers during that period, where the eligibility of a broker to attend the meetings depended upon the broker meeting certain sales targets of Evergreen fund shares. Pursuant to the settlement agreement, EIS has agreed to a censure and a fine of $4,200,000. EIS neither admitted nor denied the allegations and findings set forth in its agreement with the NASD.

In addition, the Evergreen funds and EIMC and certain of its affiliates are involved in various legal actions, including private litigation and class action lawsuits. EIMC does not expect that any of such legal actions currently pending or threatened will have a material adverse impact on the financial position or operations of any of the Evergreen funds or on EIMC’s ability to provide services to the Evergreen funds.

Although EIMC believes that none of the matters discussed above will have a material adverse impact on the Evergreen funds, there can be no assurance that these matters and any publicity surrounding or resulting from them will not result in reduced sales or increased redemptions of Evergreen fund shares, which could increase Evergreen fund transaction costs or operating expenses, or that they will not have other adverse consequences on the Evergreen funds.

24

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

11. NEW ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109 (“FIN 48”). FIN 48 supplements FASB 109 by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Fund’s financial statements have not been impacted by the adoption of FIN 48. However, the conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from FASB, and on-going analysis of tax laws, regulations, and interpretations thereof.

In September 2006, FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 applies to fair value measurements already required or permitted by existing standards. The change to current generally accepted accounting principles from the application of FAS 157 relates to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management of the Fund does not believe the adoption of FAS 157 will materially impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years.

12. SUBSEQUENT EVENT

On August 17, 2007, Wachovia purchased $93,664,000 of securities from the Fund at amortized cost (a price in excess of the securities’ current fair value). The excess of purchase price over current fair value amounted to $61,260 and will be treated as a reimbursement from affiliate for losses realized on securities.

25

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26

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27

TRUSTEES AND OFFICERS

TRUSTEES¹

Charles A. Austin III	Investment Counselor, Anchor Capital Advisors, LLC. (investment advice); Director, The Andover
Trustee	Companies (insurance); Trustee, Arthritis Foundation of New England; Former Director, The
DOB: 10/23/1934	Francis Ouimet Society (scholarship program); Former Director, Executive Vice President and
Term of office since: 1991	Treasurer, State Street Research & Management Company (investment advice)
Other directorships: None
K. Dun Gifford	Chairman and President, Oldways Preservation and Exchange Trust (education); Trustee,
Trustee	Treasurer and Chairman of the Finance Committee, Cambridge College
DOB: 10/23/1938
Term of office since: 1974
Other directorships: None
Dr. Leroy Keith, Jr.	Managing Director, Almanac Capital Management (commodities firm); Trustee, Phoenix
Trustee	Fund Complex; Director, Diversapack Co. (packaging company); Former Partner, Stonington
DOB: 2/14/1939	Partners, Inc. (private equity fund); Former Director, Obagi Medical Products Co.; Former
Term of office since: 1983	Director, Lincoln Educational Services
Other directorships: Trustee,
Phoenix Fund Complex (consisting
of 60 portfolios)
Gerald M. McDonnell	Manager of Commercial Operations, CMC Steel (steel producer)
Trustee
DOB: 7/14/1939
Term of office since: 1988
Other directorships: None
Patricia B. Norris	President and Director of Buckleys of Kezar Lake, Inc. (real estate company); Former President
Trustee	and Director of Phillips Pond Homes Association (home community); Former Partner,
DOB: 4/9/1948	PricewaterhouseCoopers, LLP (independent registered public accounting firm)
Term of office since: 2006
Other directorships: None
William Walt Pettit	Partner and Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior Packaging Corp.
Trustee	(packaging company); Member, Superior Land, LLC (real estate holding company), Member,
DOB: 8/26/1955	K&P Development, LLC (real estate development); Former Director, National Kidney Foundation
Term of office since: 1984	of North Carolina, Inc. (non-profit organization)
Other directorships: None
David M. Richardson	President, Richardson, Runden LLC (executive recruitment business development/consulting
Trustee	company); Consultant, Kennedy Information, Inc. (executive recruitment information and
DOB: 9/19/1941	research company); Consultant, AESC (The Association of Executive Search Consultants);
Term of office since: 1982	Director, J&M Cumming Paper Co. (paper merchandising); Former Trustee, NDI Technologies, LLP
Other directorships: None	(communications)
Dr. Russell A. Salton III	President/CEO, AccessOne MedCard, Inc.; Former Medical Director, Healthcare Resource
Trustee	Associates, Inc.
DOB: 6/2/1947
Term of office since: 1984
Other directorships: None
Michael S. Scofield	Retired Attorney, Law Offices of Michael S. Scofield; Former Director and Chairman, Branded
Trustee	Media Corporation (multi-media branding company)
DOB: 2/20/1943
Term of office since: 1984
Other directorships: None

28

TRUSTEES AND OFFICERS continued

Richard J. Shima	Independent Consultant; Director, Hartford Hospital; Trustee, Greater Hartford YMCA; Former
Trustee	Director, Trust Company of CT; Former Director, Old State House Association; Former Trustee,
DOB: 8/11/1939	Saint Joseph College (CT)
Term of office since: 1993
Other directorships: None
Richard K. Wagoner, CFA2	Member and Former President, North Carolina Securities Traders Association; Member, Financial
Trustee	Analysts Society
DOB: 12/12/1937
Term of office since: 1999
Other directorships: None
OFFICERS
Dennis H. Ferro3	Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President	Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945	Evergreen Investment Company, Inc.
Term of office since: 2003
Jeremy DePalma4	Principal occupations: Vice President, Evergreen Investment Services, Inc.; Former Assistant Vice
Treasurer	President, Evergreen Investment Services, Inc.
DOB: 2/5/1974
Term of office since: 2005
Michael H. Koonce4	Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary	Services, Inc.; Secretary, Senior Vice President and General Counsel, Evergreen Investment
DOB: 4/20/1960	Management Company, LLC and Evergreen Service Company, LLC; Senior Vice President and
Term of office since: 2000	Assistant General Counsel, Wachovia Corporation
Robert Guerin4, 5	Principal occupations: Chief Compliance Officer, Evergreen Funds and Senior Vice President of
Chief Compliance Officer	Evergreen Investments Co, Inc; Former Managing Director and Senior Compliance Officer,
DOB: 9/20/1965	Babson Capital Management LLC; Former Principal and Director, Compliance and Risk
Term of office since: 2007	Management, State Street Global Advisors; Former Vice President and Manager, Sales Practice
	Compliance, Deutsche Asset Management.

1 Each Trustee, except Ms. Norris, serves until a successor is duly elected or qualified or until his death, resignation, retirement or removal from office. As a new Trustee, Ms. Norris’ initial term ends June 30, 2009, at which time she may be re-elected by Trustees to serve until a successor is duly elected or qualified or until her death, resignation, retirement or removal from office by the Trustees. Each Trustee oversees 92 Evergreen funds. Correspondence for each Trustee may be sent to Evergreen Board of Trustees, P.O. Box 20083, Charlotte, NC 28202.

2 Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the Fund’s investment advisor.

3 The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.

4 The address of the Officer is 200 Berkeley Street, Boston, MA 02116.

5 Mr. Guerin’s information is as of June 14, 2007, the effective date of his approval by the Board of Trustees as Chief Compliance Officer of the Evergreen funds.

Additional information about the Fund’s Board of Trustees and Officers can be found in the Statement of Additional Information (SAI) and is available upon request without charge by calling 800.343.2898.

29

567601  rv4    09/2007

Evergreen Municipal Money Market Fund

	table of contents
1	LETTER TO SHAREHOLDERS
4	FUND AT A GLANCE
6	ABOUT YOUR FUND’S EXPENSES
7	FINANCIAL HIGHLIGHTS
11	SCHEDULE OF INVESTMENTS
27	STATEMENT OF ASSETS AND LIABILITIES
28	STATEMENT OF OPERATIONS
29	STATEMENTS OF CHANGES IN NET ASSETS
30	NOTES TO FINANCIAL STATEMENTS
36	TRUSTEES AND OFFICERS

This semiannual report must be preceded or accompanied by a prospectus of the Evergreen fund contained herein. The prospectus contains more complete information, including fees and expenses, and should be read carefully before investing or sending money.

The fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q will be available on the SEC’s Web site at http://www.sec.gov. In addition, the fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330.

A description of the fund’s proxy voting policies and procedures, as well as information regarding how the fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available by visiting our Web site at EvergreenInvestments.com or by visiting the SEC’s Web site at http://www.sec.gov. The fund’s proxy voting policies and procedures are also available without charge, upon request, by calling 800.343.2898.

Mutual Funds:
NOT FDIC INSURED	MAY LOSE VALUE	NOT BANK GUARANTEED

Evergreen Investments^SM is a service mark of Evergreen Investment Management Company, LLC.
Copyright 2007, Evergreen Investment Management Company, LLC.

Evergreen Investment Management Company, LLC is a subsidiary of Wachovia Corporation and is an affiliate of Wachovia Corporation’s other Broker Dealer subsidiaries.

Evergreen mutual funds are distributed by Evergreen Investment Services, Inc.
200 Berkeley Street, Boston, MA 02116

LETTER TO SHAREHOLDERS

September 2007

Dennis H. Ferro
President and Chief
Executive Officer

Dear Shareholder:

We are pleased to provide the Semiannual Report for Evergreen Municipal Money Market Fund for the six-month period ended July 31, 2007.

The domestic equity and fixed income markets produced modest, but positive, returns during the six-month period. Stock prices tended to rise early in the period, sustaining the momentum of late 2006 and early 2007 in a rally driven by better-than-expected corporate profits, strong global growth trends and brisk activity by private equity investors. However, equities then fell back in a major sell-off in the period’s final month. A market reversal in July 2007 was brought on by concerns about weakness in the housing industry and by worries that problems in the subprime mortgage market could spread to the general economy and signal a more general deterioration in credit quality within the bond market. Interest rates of longer-maturity bonds rose as their prices declined. At the same time, the spreads — or yield advantages — of lower-quality corporate bonds began to widen as investors preferred higher-quality bonds, especially Treasuries. In this environment, conservative, shorter-duration portfolios tended to hold up relatively well, while higher-yielding, lower-rated corporate bonds produced negative returns.

Despite the weakness in the housing industry, and the related problems in the subprime mortgage market, the domestic economy maintained

1

LETTER TO SHAREHOLDERS continued

its growth trajectory during the six-month period. While Gross Domestic Product grew by a rate of only 0.6% in the first quarter of 2007, it accelerated to a rate of 4.0% in the second quarter of 2007. During the six-month period, the Federal Reserve Board (the “Fed”) kept the fed funds rate, a key short-term interest rate, unchanged at 5.25%. However, as the period progressed, speculation increased about possible future actions by the nation’s central bank. Shortly after the period ended, the Fed acted, injecting liquidity into the market by cutting the discount rate, which is the rate at which the Fed lends to banks.

Against this backdrop, the management teams of Evergreen’s money market funds continued to focus on capital preservation and competitive income through investments in high-quality, short-term securities.

As always, we encourage investors to maintain diversified investment portfolios in pursuit of their long-term investment goals.

2

LETTER TO SHAREHOLDERS continued

Please visit us at EvergreenInvestments.com for more information about our funds and other investment products available to you. Thank you for your continued support of Evergreen Investments.

Sincerely,

Dennis H. Ferro
President and Chief Executive Officer
Evergreen Investment Company, Inc.

Notice to Shareholders:

Effective on the close of business on November 16, 2007, Class S1 shares of the Fund will be liquidated and closed and existing shareholders on that date will become shareholders of Class S of the Fund.

Special Notice to Shareholders:

Please visit our Web site at EvergreenInvestments.com for statements from President and Chief Executive Officer, Dennis Ferro, regarding the firm’s recent settlement with the Securities and Exchange Commission (SEC) and prior settlement with the National Association of Securities Dealers (NASD).

3

FUND AT A GLANCE

as of July 31, 2007

MANAGEMENT TEAM

Investment Advisor:

• Evergreen Investment Management Company, LLC

Portfolio Managers:

• Mathew M. Kiselak
• James Randazzo

PERFORMANCE AND RETURNS*

Portfolio inception date: 11/2/1988

	Class A	Class S	Class S1	Class I
Class inception date	1/5/1995	6/30/2000	6/26/2001	11/2/1988
Nasdaq symbol	EXAXX	N/A	N/A	EVTXX
6-month return	1.50%	1.35%	1.35%	1.65%
Average annual return
1-year	2.97%	2.67%	2.67%	3.28%
5-year	1.56%	1.26%	1.27%	1.87%
10-year	2.17%	2.04%	2.11%	2.48%
7-day annualized yield	2.93%	2.63%	2.63%	3.23%
30-day annualized yield	2.93%	2.63%	2.63%	3.23%

* The yield quotation more closely reflects the current earnings of the fund than the total return quotation.

Past performance is no guarantee of future results. The performance quoted represents past performance and current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end for Classes A or I, please go to EvergreenInvestments.com/fundperformance. Please call 1.800.343.2898 for the most recent month-end performance information for Classes S or S1. The performance of each class may vary based on differences in fees and expenses paid by the shareholders investing in each class. Performance includes the reinvestment of income dividends and capital gain distributions.

Historical performance shown for Classes S and S1 prior to their inception is based on the performance of Class I, the original class offered. The historical returns for Classes S and S1 have not been adjusted to reflect the effect of each class’ 12b-1 fee. The fund incurs 12b-1 fees of 0.30% for Class A and 0.60% for Classes S and S1. Class I does not pay a 12b-1 fee. If these fees had been reflected, returns for Classes S and S1 would have been lower.

The advisor is waiving a portion of its advisory fee. Had the fee not been waived, returns would have been lower. Returns reflect expense limits previously in effect for Classes S and S1, without which returns for Class S and S1 would have been lower.

An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

4

FUND AT A GLANCE continued

7-DAY ANNUALIZED YIELD

Class I shares are only offered in the following manner: (1) to investment advisory clients of Evergreen Investment Management Company, LLC (or its advisory affiliates) when purchased by such advisor(s) on behalf of its clients, (2) through arrangements entered into on behalf of the Evergreen funds with certain financial services firms, (3) to certain institutional investors and (4) to persons who owned Class Y shares in registered name in an Evergreen fund on or before December 31, 1994 or who owned shares of any SouthTrust fund in registered name as of March 18, 2005 or shares of Vestaur Securities Fund as of May 20, 2005.

Class I shares are only available to institutional shareholders with a minimum of $1 million investment, which may be waived in certain situations.

Class S and S1 shares are sold through certain broker dealers and financial institutions which have selling agreements with the fund’s distributor.

The fund’s investment objective may be changed without a vote of the fund’s shareholders.

The fund’s yield will fluctuate and there can be no guarantee that the fund will achieve its objective or any particular tax-exempt yield. Income may be subject to federal alternative minimum tax as well as local income taxes.

Yields are based on net investment income for the stated periods and annualized.

All data is as of July 31, 2007, and subject to change.

5

ABOUT YOUR FUND’S EXPENSES

The Example below is intended to describe the fees and expenses borne by shareholders and the impact of those costs on your investment.

Example

As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2007 to July 31, 2007.

The example illustrates your fund’s costs in two ways:

• Actual expenses

The section in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

• Hypothetical example for comparison purposes

The section in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the section in the table under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	2/1/2007	7/31/2007	Period*
Actual
Class A	$ 1,000.00	$ 1,014.97	$ 4.15
Class S	$ 1,000.00	$ 1,013.47	$ 5.64
Class S1	$ 1,000.00	$ 1,013.46	$ 5.64
Class I	$ 1,000.00	$ 1,016.48	$ 2.65
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,020.68	$ 4.16
Class S	$ 1,000.00	$ 1,019.19	$ 5.66
Class S1	$ 1,000.00	$ 1,019.19	$ 5.66
Class I	$ 1,000.00	$ 1,022.17	$ 2.66

*      For each class of the Fund, expenses are equal to the annualized expense ratio of each class
(0.83% for Class A, 1.13% for Class S, 1.13% for Class S1 and 0.53% for Class I), multiplied by
the average account value over the period, multiplied by 181 / 365 days.

6

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS A	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$ 1.00
Income from investment operations
Net investment income (loss)	0.01	0.03	0.02	0.01	0.01	0.01
Distributions to shareholders from
Net investment income	(0.01)	(0.03)	(0.02)	(0.01)	(0.01)	(0.01)
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$ 1.00
Total return	1.50%	2.80%	1.87%	0.68%	0.51%	0.95%
Ratios and supplemental data
Net assets, end of period (millions)	$ 349	$ 401	$ 482	$ 763	$ 958	$1,237
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	0.83%1	0.83%	0.82%	0.83%	0.85%	0.86%
Expenses excluding waivers/reimbursements
and expense reductions	0.86%1	0.86%	0.86%	0.87%	0.86%	0.86%
Net investment income (loss)	2.98%1	2.75%	1.78%	0.65%	0.50%	0.89%

¹ Annualized

See Notes to FinancialStatements

7

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS S	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from investment operations
Net investment income (loss)	0.01	0.02	0.02	0	0	0.01
Distributions to shareholders from
Net investment income	(0.01)	(0.02)	(0.02)	01	01	(0.01)
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total return	1.35%	2.50%	1.57%	0.38%	0.21%	0.65%
Ratios and supplemental data
Net assets, end of period (millions)	$ 347	$ 337	$ 315	$ 319	$ 463	$ 835
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	1.13%2	1.13%	1.12%	1.13%	1.13%	1.16%
Expenses excluding waivers/reimbursements
and expense reductions	1.16%2	1.16%	1.16%	1.17%	1.15%	1.16%
Net investment income (loss)	2.69%2	2.46%	1.54%	0.34%	0.22%	0.60%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

8

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended		Year Ended January 31,
	July 31, 2007
CLASS S1	(unaudited)		2007	2006	2005		2004	2003
Net asset value, beginning of period		$ 1.00	$ 1.00	$ 1.00		$ 1.00	$1.00	$1.00
Income from investment operations
Net investment income (loss)		0.01	0.02	0.02		0	0	0.01
Distributions to shareholders from
Net investment income		(0.01)	(0.02)	(0.02)		01	01	(0.01)
Net asset value, end of period		$ 1.00	$ 1.00	$ 1.00		$ 1.00	$1.00	$1.00
Total return		1.35%	2.50%	1.57%		0.37%	0.22%	0.72%
Ratios and supplemental data
Net assets, end of period (millions)	$1,031		$1,030	$1,089	$1,344		$ 274	$ 369
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions		1.13%2	1.13%	1.12%		1.10%	1.12%	1.09%
Expenses excluding waivers/reimbursements
and expense reductions		1.16%2	1.16%	1.16%		1.14%	1.15%	1.16%
Net investment income (loss)		2.68%2	2.46%	1.53%		0.57%	0.22%	0.67%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

9

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS I	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from investment operations
Net investment income (loss)	0.02	0.03	0.02	0.01	0.01	0.01
Distributions to shareholders from
Net investment income	(0.02)	(0.03)	(0.02)	(0.01)	(0.01)	(0.01)
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total return	1.65%	3.11%	2.18%	0.98%	0.81%	1.25%
Ratios and supplemental data
Net assets, end of period (millions)	$ 376	$ 375	$ 422	$ 492	$ 513	$ 561
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	0.53%1	0.53%	0.52%	0.52%	0.55%	0.56%
Expenses excluding waivers/reimbursements
and expense reductions	0.56%1	0.56%	0.56%	0.56%	0.56%	0.56%
Net investment income (loss)	3.29%1	3.06%	2.12%	0.96%	0.80%	1.20%

¹ Annualized

See Notes to FinancialStatements

10

SCHEDULE OF INVESTMENTS

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS 99.5%
AIRPORT 1.8%
Chicago, IL O’Hare Intl. Arpt. RB, PFOTER, 3.69%, VRDN, (Insd. by XL Capital,
Ltd. & Liq.: Merrill Lynch & Co., Inc.)	$ 675,000	$	675,000
Dallas-Fort Worth, TX Intl. Arpt. RB, Ser. 1019, 3.71%, VRDN, (Insd. by FGIC &
Liq.: JPMorgan Chase & Co.)	2,035,000		2,035,000
Hillsborough Cnty., FL Aviation Auth. RB, Ser. 930, 3.68%, VRDN, (Insd. by AMBAC
& Liq.: JPMorgan Chase & Co.)	3,745,000		3,745,000
Houston, TX Arpt. Sys. RB, Ser. 404, 3.66%, VRDN, (Insd. by FGIC & Liq.: Morgan
Stanley)	1,100,000		1,100,000
JPMorgan Chase & Co. RB, PUTTER, Ser. 1761, 3.88%, VRDN, (Liq.: JPMorgan
Chase & Co.)	15,850,000		15,850,000
Metropolitan Washington, DC Arpt. Auth. MSTR, 3.81%, VRDN, (SPA: Societe
Generale)	9,705,000		9,705,000
Miami-Dade Cnty., FL IDA Arpt. Facs. RB, Flight Safety Proj.:
Ser. A, 3.88%, VRDN, (Gtd. by Boeing Co.)	3,300,000		3,300,000
Ser. B, 3.88%, VRDN, (Gtd. by Boeing Co.)	1,200,000		1,200,000
			37,610,000
EDUCATION 4.1%
ABN AMRO Munitops Cert. Trust RB:
Ser. 2003-14, 3.64%, VRDN, (Insd. by FGIC & SPA: ABN AMRO Bank)	1,800,000		1,800,000
Ser. 2004-10, 3.60%, 08/02/2007, (Insd. by FSA)	1,000,000		1,000,000
Adams Cnty., CO MTC, Sch. Dist. 12, Ser. 9008, 3.66%, VRDN, (Insd. by MBIA &
Liq.: Bear Stearns Cos.)	10,010,000		10,010,000
Carrollton, GA Payroll Dev. Auth. RB, Oak Mountain Academy, 4.08%, VRDN, (LOC:
Columbus B&T Co.)	1,800,000		1,800,000
Colorado Edl. & Cultural Facs. Auth. RB:
Concordia Univ. of Irvine Proj., 3.74%, VRDN, (LOC: U.S. Bank)	2,275,000		2,275,000
Vail Mountain Sch. Proj., 3.70%, VRDN, (LOC: KeyCorp)	4,000,000		4,000,000
Columbus, GA Dev Auth. RB, Foundation Properties, Inc., Art & Theatre Bldg. Proj.,
Ser. 2007, 3.66%, VRDN, (LOC: Columbus B&T Co.)	2,200,000		2,200,000
Franklin Cnty., TN Hlth. & Edl. Facs. Board RB, St. Andrew’s Sewanee Sch. Proj.,
3.64%, VRDN, (LOC: AmSouth Bancorp)	1,685,000		1,685,000
Fulton Cnty., GA Dev. Auth. RB:
Deutsche Bank Spears Trust, 3.79%, VRDN, (Liq.: Deutsche Bank AG)	2,415,000		2,415,000
Mount Pisgah Christian Sch. Proj., 3.66%, VRDN, (LOC: Bank of North Georgia)	4,500,000		4,500,000
Georgia Private Colleges and Universities Auth. RB, Mercer Univ. Proj.:
3.67%, VRDN, (LOC: Branch Bank & Trust Co.)	11,555,000		11,555,000
Ser. A, 3.67%, VRDN, (LOC: Branch Bank & Trust Co.)	5,500,000		5,500,000
Lancaster, PA IDA RB, Student Lodging, Ser. A, 3.71%, VRDN, (LOC: Fulton Finl.
Corp.)	3,345,000		3,345,000
Lowndes Cnty., GA Dev. Auth. RB, Valwood Sch. Proj., 3.71%, VRDN, (LOC:
Columbus B&T Co.)	6,615,000		6,615,000
Nebraska Elementary & Secondary Sch. Fin. Auth. Edl. Facs. RB, Lutheran Sch. Proj.,
3.74%, VRDN, (LOC: Fifth Third Bancorp)	5,015,000		5,015,000
New York Dorm. Auth. RRB, 3.54%, VRDN , (Insd. by MBIA & Liq.: Dexia SA)	4,965,000		4,965,000

See Notes to Financial Statements

11

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

		Principal
		Amount		Value
MUNICIPAL OBLIGATIONS continued
EDUCATION continued
Oak Ridge, TN IDRB, Oak Ridge Univ. Proj., 3.64%, VRDN, (SPA: Allied Irish Banks
plc)	$	3,800,000	$	3,800,000
Pennsylvania Higher Edl. Facs. Auth. RB, Ser. 1412, 3.66%, VRDN, (Insd. by MBIA &
Liq.: Morgan Stanley)		799,000		799,000
Seneca Gardens, KY Edl. Facs. RB, Louisville Presbyterian Seminary Proj., Ser. 2005,
3.69%, VRDN, (LOC: Natl. City Bank of Kentucky)		5,145,000		5,145,000
South Carolina Edl. Facs. Auth. RB, Erskine College Proj., 3.65%, VRDN, (LOC: Natl.
Bank of South Carolina)		5,750,000		5,750,000
Summit Cnty., OH RB, Western Academy Reserve, 3.64%, VRDN, (LOC: KeyCorp)		235,000		235,000
Washington Hsg. Fin. Commission RB, Gonzaga Preparatory Sch., 3.67%, VRDN,
(LOC: Bank of America Corp.)		2,000,000		2,000,000
				86,409,000
GENERAL OBLIGATION - LOCAL 7.5%
ABN AMRO Munitops Cert. Trust:
Ser. 2003-18, 3.60%, VRDN, (Insd. by MBIA & SPA: ABN AMRO Bank)		9,495,000		9,495,000
Ser. 2006-07, 3.67%, VRDN, (Insd. by MBIA & SPA: ABN AMRO Bank)		6,055,000		6,055,000
Ser. 2006-39, 3.67%, VRDN, (Insd. by MBIA & SPA: ABN AMRO Bank)		9,730,000		9,730,000
Branch Bank & Trust Co., Muni. Trust Floater RB:
Ser. 1000, 3.79%, VRDN, (LOC: Branch Bank & Trust Co.)		48,400,000		48,400,000
Ser. 1002, 3.79%, VRDN, (LOC: Branch Bank & Trust Co.)		6,320,000		6,320,000
Ser. 1004, 3.79%, VRDN, (LOC: Branch Bank & Trust Co.)		11,560,000		11,560,000
Chattanooga, TN GO, ROC RR-II-R 1026, 21st Century Waterfront Proj., 3.67%,
VRDN, (Insd. by MBIA & Liq.: Citigroup, Inc.)		4,870,000		4,870,000
Chilton, WI Sch. Dist. GO, ROC RR-II-R 1017, 3.67%, VRDN, (Liq.: Citigroup Global
Markets)		5,325,000		5,325,000
Cook Cnty., IL GO, Ser. 559, 3.67%, VRDN, (Liq.: JPMorgan Chase & Co.)		3,000,000		3,000,000
DeSoto, TX Independent Sch. Dist. GO, PFOTER, 3.68%, VRDN, (Liq.: Merrill Lynch
& Co., Inc.)		855,000		855,000
Fort Bend Cnty., TX GO, PFOTER, Ser. 1326, 3.67%, VRDN, (Insd. by FGIC)		2,770,000		2,770,000
Harrison Cnty., MS GO, Dev. Bank Spl. Obl. Bond Program, 3.71%, VRDN, (Insd. by
AMBAC)		38,000,000		38,000,000
Honolulu, HI GO, PFOTER, 3.68%, VRDN, (Insd. by MBIA & SPA: Merrill Lynch &
Co., Inc.)		4,995,000		4,995,000
Kitsap Cnty., WA Sch. Dist. GO, ROC RR-II-R 1009, 3.67%, VRDN, (Liq.: Citigroup,
Inc.)		5,165,000		5,165,000
Will Cnty., IL Cmnty. High Sch. Dist. GO, PFOTER, 3.68%, VRDN, (SPA:
Merrill Lynch & Co., Inc.)		675,000		675,000
				157,215,000
GENERAL OBLIGATION - STATE 4.7%
California GO, PUTTER:
Ser. 1011, 3.67%, VRDN, (Liq.: Merrill Lynch & Co., Inc.)		8,000,000		8,000,000
Ser. 1017, 3.67%, VRDN, (SPA: Merrill Lynch & Co., Inc.)		34,010,000		34,010,000

See Notes to Financial Statements

12

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS continued
GENERAL OBLIGATION - STATE continued
Clipper Tax-Exempt Cert. Trust:
3.67%, VRDN, (Liq.: State Street Corp.)	$14,500,000	$	14,500,000
3.71%, VRDN, (Liq.: State Street Corp.)	30,000,000		30,000,000
Florida Dept. of Trans. GO, ROC RR-II-R 1001, 3.67%, VRDN, (Liq.: Citigroup, Inc.)	3,945,000		3,945,000
Texas GO:
Ser. 1016, 3.67%, VRDN, (Liq.: JPMorgan Chase & Co.)	3,295,000		3,295,000
Ser. PZ-108, 3.68%, VRDN, (Liq.: Merrill Lynch & Co., Inc.)	6,195,000		6,195,000
			99,945,000
HOSPITAL 10.3%
Allegheny Cnty., PA Hosp. Dev. Auth. RB, 3.79%, VRDN, (Liq.: Deutsche Bank AG)	5,000,000		5,000,000
Birmingham, AL Spl. Care Facs. Fin. Auth. RB:
Eye Foundation Hosp., Ser. A, 3.82%, VRDN, (LOC: Columbus B&T Co.)	17,120,000		17,120,000
Methodist Home for the Aging, 4.96%, VRDN, (LOC: Colonial BancGroup, Inc.)	6,000,000		6,000,000
Columbus, GA Hosp. Auth. RB, St. Francis Hosp., 4.01%, VRDN, (Gtd. by Columbus
B&T Co.)	8,245,000		8,245,000
Eustis, FL Hlth. Facs. Auth. RB, Waterman Med. Ctr. Proj., 3.63%, VRDN, (LOC:
SunTrust Banks, Inc.)	1,027,000		1,027,000
Everett, WA, Deutsche Bank Spears Trust RB, 3.79%, VRDN, (Liq.: Deutsche Bank AG)	6,865,000		6,865,000
Houston Cnty., AL Hlth. Care Facs. RB, PFOTER, 3.68%, VRDN, (Liq.: Merrill Lynch
& Co., Inc.)	17,195,000		17,195,000
Kentucky EDA, St. Luke’s Hosp. RB, PFOTER, 3.70%, VRDN, (Liq.: Merrill Lynch &
Co., Inc.)	500,000		500,000
Leesburg, FL Hosp. RB, The Villages Regl. Hosp. Proj., 3.67%, VRDN, (Insd. by
Radian Asset Assurance, Inc. & SPA: Bank of Nova Scotia)	12,000,000		12,000,000
Lima, OH Hosp. RB, Lima Mem. Hosp. Proj., 3.69%, VRDN, (LOC: Bank One)	920,000		920,000
Louisiana Pub. Facs. Auth. RB:
Blood Ctr. Proj., 3.65%, VRDN, (LOC: Union Planters Bank)	3,680,000		3,680,000
Cenikor Foundation Proj., 3.65%, VRDN, (LOC: Union Planters Bank)	2,815,000		2,815,000
Lowndes Cnty., GA Residential Care Facs. for the Elderly RB, South Georgia Hlth.
Alliance Proj., 3.62%, VRDN, (LOC: Bank of America Corp.)	1,111,000		1,111,000
Miami, FL Hlth. Facs. Auth. RB, PFOTER, Mercy Hosp. Proj., 3.70%, VRDN, (LOC:
WestLB AG)	2,000,000		2,000,000
Mobile, AL Infirmary Hlth. Sys. Spl. Care Facs. Fin. Auth. RB, 3.62%, VRDN, (LOC:
Regions Bank)	8,500,000		8,500,000
Mobile, AL Second Med. Clinic RB, Bridge, Inc. Proj., 3.81%, VRDN, (LOC: Regions
Bank)	1,080,000		1,080,000
New Hampshire Hlth. & Edl. Facs. RB, New London Hospital, Ser. 2007, 3.65%,
VRDN, (LOC: Fortis Bank)	10,000,000		10,000,000
Orange Cnty., FL Hlth. Facs. Auth. RB, 3.65%, 03/06/2008, (SPA: Bay Hypo-Und
Vereinsbank AG)	25,125,000		25,125,000
Pennsylvania EDFA Treasury Dept. Hosp. RB, Ser. A-2, 3.64%, VRDN, (LOC: Natl.
City Corp.)	3,000,000		3,000,000
Pennsylvania Higher Edl. Facs. & Hosp. Auth. RB, 3.67%, VRDN, (LOC: Lloyds TSB
Group plc)	6,400,000		6,400,000

See Notes to Financial Statements

13

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS continued
HOSPITAL continued
Rhode Island Hlth. & Edl. Bldg. Corp. MTC, Lifespan Proj.:
Ser. 1999-69A, Class A, 3.76%, VRDN, (Liq.: Bear Stearns Cos.)	$ 27,550,000	$	27,550,000
Ser. 1999-69B, Class B, 3.76%, VRDN, (Liq.: Bear Stearns Cos.)	27,550,000		27,550,000
Salt Lake City, UT Hosp. MTC, Ser. 1999-69B, 3.76%, VRDN, (Liq.: Bear Stearns Cos.)	2,805,000		2,805,000
South Carolina Jobs EDA Hosp. Facs. RB, Cannon Mem. Hosp., Ser. A, 3.68%, VRDN,
(LOC: Natl. Bank of South Carolina)	2,945,000		2,945,000
Springfield, TN Hlth. & Edl. Facs. RB, North Crest Med. Ctr. Proj., Ser. A, 3.67%,
VRDN, (LOC: Amsouth Bancorp)	3,000,000		3,000,000
St. Joseph Cnty., IL, Deutsche Bank Spears Trust RB, 3.89%, VRDN, (Liq.: Deutsche
Bank AG)	3,990,000		3,990,000
St. Paul, MN, Deutsche Bank Spears Trust RB, 3.87%, VRDN, (Liq.: Deutsche
Bank AG)	5,600,000		5,600,000
Sullivan Cnty., TN, Deutsche Bank Spears Trust RB, 3.79%, VRDN, (Liq.: Deutsche
Bank AG)	5,030,000		5,030,000
			217,053,000
HOUSING 28.9%
ABN AMRO Munitops Cert. Trust RB:
Ser. 2002-1, 3.73%, VRDN, (LOC: LaSalle Bank, NA)	2,605,000		2,605,000
Ser. 2005-68, 3.68%, VRDN, (Insd. by FGIC & SPA: ABN AMRO Bank)	17,085,000		17,085,000
Alaska Hsg. Fin. Corp. RB, Ser. 1020, 3.71%, VRDN, (Liq.: JPMorgan Chase & Co.)	4,845,000		4,845,000
Arlington Heights, IL MHRB, Dunton Tower Apts. Proj., 3.64%, VRDN, (LOC:
Marshall & Ilsley Corp.)	9,485,000		9,485,000
California HFA RB:
Home Mtge., Ser. F, 3.73%, VRDN, (LOC: Fortis Bank)	11,690,000		11,690,000
Ser. J, 3.70%, VRDN, (LOC: Lloyds TSB Bank plc)	300,000		300,000
Ser. U, 3.70%, VRDN, (Insd. by FSA & Liq.: Dexia Credit Local)	600,000		600,000
Chattanooga, TN Hlth., Edl. & Hsg. Facs. RB, Alexian Ct. Proj., 3.75%, VRDN, (LOC:
First Tennessee Bank)	1,300,000		1,300,000
Chicago, IL SFHRB, Ser 2B, 3.87%, 06/08/2008	6,500,000		6,500,000
Class B Revenue Bond Cert. Trust, Ser. 2001-02, 3.83%, VRDN, (Liq.: American Intl.
Group, Inc.)	16,300,000		16,300,000
Clipper Tax-Exempt Cert. Trust COP:
Ser. 1999-02, 3.73%, VRDN, (SPA: State Street Corp.)	3,109,066		3,109,066
Ser. 2000-01, 3.69%, VRDN, (SPA: State Street Corp.)	40,000		40,000
Ser. 2002-09, 3.73%, VRDN, (Insd. by FNMA & Liq.: State Street Corp.)	23,789,000		23,789,000
Ser. 2004-10, 3.73%, VRDN, (Insd. by FNMA & GNMA & Liq.: State Street
Corp.)	7,391,000		7,391,000
Ser. 2005-14, 3.70%, VRDN, (Insd. by GNMA & Liq.: State Street Corp.)	3,888,000		3,888,000
Ser. 2006-06, 3.70%, VRDN, (Liq.: State Street Corp.)	4,488,000		4,488,000
Ser. 2006-09, 3.65%, VRDN, (Liq.: State Street Corp.)	7,000,000		7,000,000
Collin Cnty., TX Hsg. Fin. Corp. RB, Huntington Apts. Proj., 3.71%, VRDN, (LOC:
Northern Trust Co.)	6,155,000		6,155,000
Columbus, GA MHRB, Quail Ridge Proj., 3.91%, VRDN, (LOC: Columbus B&T Co.)	4,250,000		4,250,000
DeKalb Cnty., GA Hsg. Auth. MHRB, Post Walk Proj., 2.62%, VRDN, (Liq.: FNMA)	14,800,000		14,800,000

See Notes to Financial Statements

14

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS continued
HOUSING continued
District of Columbia HFA MHRB:
Fort Lincoln Garden Proj., Ser. A, 3.78%, VRDN, (LOC: SunTrust Banks, Inc.)	$ 2,620,000	$	2,620,000
Tyler House Trust, Ser. 1995-A, 3.70%, VRDN, (SPA: Landesbank
Hessen-Thüringen Girozentrale)	14,200,000		14,200,000
Escambia Cnty., FL HFA RB, Macon Trust 2002, Ser. B, 3.70%, VRDN, (Insd. by
GNMA & LOC: Bank of America Corp.)	4,155,000		4,155,000
Fairfax Cnty, VA MHRRB, Ser 2007-67G, 3.70%, VRDN, (Liq.: Goldman Sachs
Group, Inc.)	19,995,000		19,995,000
FHLMC MHRB, Ser. M001, Class A, 3.71%, VRDN, (Liq: FHLMC)	11,735,203		11,735,203
Florida Hsg. Fin. Corp. MHRRB, College Park Apts., 3.66%, VRDN, (Liq.: FHLMC)	9,775,000		9,775,000
Goldman Sachs Pool Trust RB, Ser. 34, 3.71%, VRDN, (Liq.: Goldman Sachs Group,
Inc.)	6,716,164		6,716,164
Greystone Tax-Exempt COP, Cert. of Beneficial Ownership, Ser. 2002-1, 3.71%,
VRDN, (LOC: Bank of America Corp.)	5,410,000		5,410,000
Hamilton Cnty., OH MHRB, Forest Ridge Apt. Proj., 3.83%, VRDN, (Liq.: American
Intl. Group, Inc.)	10,610,000		10,610,000
Hamilton Cnty., OH Pub. Bldg. Corp. BAN, Ser. A, 3.90%, VRDN	4,600,000		4,600,000
Indiana CDA MHRB, Ser. E-2, 3.62%, 12/20/2007, (LOC: Rabobank Intl.)	6,425,000		6,425,000
Indianapolis, IN MHRB, Canal Square Proj., Ser. A, 3.66%, VRDN, (Insd. by FHLMC)	11,905,000		11,905,000
Kansas Dev. Fin. Auth. MHRB, Trails Garden City Proj., 3.83%, VRDN, (Liq.:
American Intl. Group, Inc.)	7,942,000		7,942,000
King Cnty., WA Hsg. Auth. RB, Auburn Courts Apts. Proj., 3.69%, VRDN, (LOC: U.S.
Bancorp)	8,075,000		8,075,000
Macon Trust Pooled Cert.:
Ser. 1997, 3.78%, VRDN, (Insd. by FSA & LOC: Bank of America Corp.)	2,245,000		2,245,000
Ser. 1998A, 3.62%, VRDN, (Insd. by AMBAC & LOC: Bank of America Corp.)	1,329,000		1,329,000
Macon-Bibb Cnty., GA Urban Dev. Auth. RRB, Hotel Investors Proj., 3.63%, VRDN,
(LOC: SunTrust Banks, Inc.)	218,000		218,000
Massachusetts Dev. Fin. Agcy. RB, Georgetown Vlg. Apts., Ser. A, 3.69%, VRDN,
(Insd. by FNMA)	3,800,000		3,800,000
Medium-Term Multifamily Hsg. MTC, Class A-1, 3.74%, VRDN, (SPA: Merrill Lynch
& Co., Inc.)	30,755,000		30,755,000
Merrill Lynch Puttable Floating Option Tax-Exempt Receipts:
3.81%, VRDN, (SPA: Merrill Lynch & Co., Inc.)	9,484,000		9,484,000
Class A:
3.71%, VRDN, (Liq.: Merrill Lynch & Co., Inc.)	4,180,000		4,180,000
3.74%, VRDN, (Liq.: Merrill Lynch & Co., Inc.)	77,515,000		77,515,000
Class B, 3.74%, VRDN, (LOC: Merrill Lynch & Co., Inc.)	47,840,000		47,840,000
Class C, 3.71%, VRDN, (LOC: Lloyds TSB Group plc)	3,405,000		3,405,000
Class F, 3.73%, VRDN, (LOC: Lloyds TSB Bank plc)	2,925,000		2,925,000
Class G, 3.71%, VRDN, (LOC: Lloyds TSB Group plc)	20,450,000		20,450,000
Class I, 3.71%, VRDN, (LOC: Lloyds TSB Group plc)	645,000		645,000
Metropolitan Govt. Nashville & Davidson Cnty., TN Hsg. Facs. MHRB, Meadow
Creek Apts. Proj., 3.85%, VRDN, (LOC: First Tennessee Bank)	5,000,000		5,000,000

See Notes to Financial Statements

15

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS continued
HOUSING continued
Metropolitan Govt. Nashville & Davidson Cnty., TN RRB, Hickory Trace Apts. Proj.,
3.71%, VRDN, (Insd. by FHLMC)	$ 4,750,000	$	4,750,000
Minneapolis, MN MHRB, Stone Arch Apts., 3.71%, VRDN, (Insd. by FHLB)	3,600,000		3,600,000
Minnesota Hsg. Fin. Agcy. RB, Residential Hsg. Fin. Proj.:
Ser. A, 3.65%, 03/04/2008, (SPA: State Street Corp.)	10,000,000		10,000,000
Ser. R, 3.58%, 11/29/2007, (LOC: Wells Fargo & Co.)	11,500,000		11,500,000
Montgomery Cnty., MD Hsg. Opportunities Cmnty. MHRB, 3.71%, VRDN, (SPA:
Danske Bank)	20,000,000		20,000,000
MuniMae Trust RB:
3.65%, VRDN, (Insd. by FHLMC & Liq.: Merrill Lynch & Co., Inc.)	7,190,000		7,190,000
Ser. 2002-1M, 3.66%, VRDN, (Insd. by MBIA & SPA: Bayerische Landesbanken)	11,590,000		11,590,000
Nebraska Investment Fin. Auth. MHRB:
Apple Creek Associates Proj., 3.88%, VRDN, (LOC: Northern Trust Corp.)	4,310,000		4,310,000
Bridgeport Apts. Proj., 3.83%, VRDN, (Liq.: American Intl. Group, Inc.)	8,615,000		8,615,000
Oakland, CA Redev. Agcy. MHRB, 3.70%, VRDN, (LOC: Lloyds TSB Group plc)	6,800,000		6,800,000
Ogden City, UT Hsg. Auth. MHRB, Madison Manor Browning Apts. Proj., 3.69%,
VRDN, (LOC: KeyCorp)	1,200,000		1,200,000
Olathe, KS MHRB:
Gardens Creekside Proj., 4.125%, 09/19/2007	3,335,000		3,335,000
Jefferson Place Apts. Proj., Ser. B, 3.67%, VRDN, (Insd. by FHLMC)	2,485,000		2,485,000
Park Trails, OH RB, Ser. TR, 3.83%, VRDN	1,800,000		1,800,000
Pinellas Cnty., FL HFA RB, PFOTER, 3.70%, VRDN, (SPA: Landesbank
Hessen-Thüringen Girozentrale)	410,000		410,000
Simi Valley, CA MHRB, 3.78%, VRDN, (Liq.: Merrill Lynch & Co., Inc.)	14,800,000		14,800,000
South Dakota HDA RB, PFOTER, 3.70%, VRDN, (Gtd. by Pallas Capital Corp. & Liq.:
Merrill Lynch & Co., Inc.)	870,000		870,000
Washington Hsg. Fin. Commission RB, Ser. 1335, 3.71%, VRDN, (Insd. by GNMA,
FNMA, FHLMC & Liq.: JPMorgan Chase & Co.)	4,465,000		4,465,000
Washington MHRB, Eaglepointe Apts., Ser. A, 3.83%, VRDN, (Liq.: American Intl.
Group, Inc.)	4,840,000		4,840,000
Waukesha, WI HFA RB, Park Place Apts. Proj., 3.71%, VRDN, (LOC: Marshall & Isley
Bank)	5,750,000		5,750,000
			607,884,433
INDUSTRIAL DEVELOPMENT REVENUE 15.8%
Alachua Cnty., FL IDRB, Florida Rock Proj., 3.67%, VRDN, (LOC: Bank of America
Corp.)	3,000,000		3,000,000
Allegheny Cnty., PA IDA RB, United Jewish Federation Proj., Ser. A, 3.64%, VRDN,
(LOC: PNC Finl. Svcs. Group, Inc.)	1,748,000		1,748,000
Allendale Cnty., SC IDRB, King Seeley Thermos Proj., 3.66%, VRDN, (SPA: Royal
Bank of Scotland)	9,250,000		9,250,000
Belgium, WI IDRB, Trimen Industries, Inc. Proj., 3.74%, VRDN, (LOC: U.S. Bancorp)	3,955,000		3,955,000
Boone Cnty., KY Indl. Bldg. RB, Lyons Magnus East Proj., Ser. A, 3.69%, VRDN,
(LOC: Bank of America Corp.)	720,000		720,000
Botetourt Cnty., VA IDRB, Altec Inds. Proj., 3.75%, VRDN, (LOC: AmSouth Bancorp)	2,700,000		2,700,000

See Notes to Financial Statements

16

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS continued
INDUSTRIAL DEVELOPMENT REVENUE continued
Brunswick & Glynn Cnty., GA EDRB, Epworth by the Sea Proj., 3.66%, VRDN, (LOC:
Columbus B&T Co.)	$ 1,109,000	$	1,109,000
Butler, WI IDRB, Western States Envelope Co. Proj., 3.69%, VRDN, (LOC: Marshall
& Ilsley Corp.)	1,295,000		1,295,000
California EDA RB, Killion Inds. Proj., 3.91%, VRDN, (LOC: Union Bank of California)	2,720,000		2,720,000
Chester Cnty., PA IDRB, YMCA Brandywine Proj., Ser. 2007, 3.69%, VRDN, (LOC:
Fulton Finl. Corp.)	3,500,000		3,500,000
Chesterfield Cnty., VA IDA RB, Allied Signal, Inc., 4.05%, VRDN, (Gtd. by Honeywell
Intl., Inc.)	3,000,000		3,000,000
Clayton Cnty., GA IDA RB, Anasteel Supply Co. Proj., 3.73%, VRDN, (LOC: Branch
Bank & Trust Co.)	3,000,000		3,000,000
Cobb Cnty., GA IDRB, Standex Intl. Corp. Proj., 3.69%, VRDN, (LOC: Bank of
America Corp.)	3,300,000		3,300,000
Colorado EDRB, Super Vacuum Manufacturing Co. Proj., Class A, 3.87%, VRDN,
(LOC: Wells Fargo & Co.)	1,925,000		1,925,000
Colorado HFA EDRB, Gressman Enterprises Proj., 3.78%, VRDN, (LOC: Wells Fargo
& Co.)	3,300,000		3,300,000
Colorado HFA IDRB, Worldwest, LLP Proj., 3.80%, VRDN, (LOC: Firstar Bank)	2,500,000		2,500,000
Dallam Cnty., TX Indl. Dev. Econ. RB, Hilmar Cheese Co., Inc. Proj., 3.73%, VRDN,
(LOC: Bank of the West)	12,250,000		12,250,000
Dallas, TX Indl. Dev. Corp. RB, Crane Plumbing Proj., 4.125%, VRDN, (LOC: LaSalle
Bank)	4,150,000		4,150,000
Demopolis, AL IDRB, Delaware Mesa Farms Proj., 3.69%, VRDN, (LOC: Wells Fargo
& Co.)	5,200,000		5,200,000
Devils Lake, ND IDRB, Noodles by Leonardo, 4.01%, VRDN, (LOC: U.S. Bancorp)	7,000,000		7,000,000
Dodge City, KS IDRB, Farmland Natl. Beef Proj., 3.73%, VRDN, (LOC: U.S. Bancorp)	1,000,000		1,000,000
Dooly Cnty., GA IDA RB, Flint River Svcs. Proj., 3.76%, VRDN, (LOC: Columbus
B&T Co.)	7,570,000		7,570,000
Douglas Cnty., NE IDRB, James Skinner Co. Proj., 3.86%, VRDN, (LOC: U.S. Bancorp)	1,795,000		1,795,000
Elkhart Cnty., IN EDRB:
Adorn, Inc. Proj., 3.78%, VRDN, (LOC: Harris Trust & Savings Bank)	1,920,000		1,920,000
Four Season Hsg., Inc. Proj., 3.79%, VRDN, (LOC: KeyCorp)	1,500,000		1,500,000
Eutaw, AL IDRB, South Fresh Aquaculture Proj., 3.76%, VRDN, (LOC: AmSouth
Bancorp)	3,580,000		3,580,000
Franklin Cnty., IN EDRB, J&J Packaging Co. Proj., 3.76%, VRDN, (LOC: Fifth Third
Bancorp)	765,000		765,000
Greenwood, IN EDA RB, Hutchinson Hayes Proj., 3.79%, VRDN, (LOC: Natl. City
Corp.)	1,060,000		1,060,000
Gwinnett Cnty., GA IDRB, Price Co., Inc. Proj., 3.73%, VRDN, (LOC: Bank of
America Corp.)	800,000		800,000
Hackleberg, AL IDRB, River Birch Homes Proj., 3.81%, VRDN, (LOC: AmSouth
Bancorp)	610,000		610,000
Haleyville, AL IDRB, Door Components, LLC Proj., 3.76%, VRDN, (SPA: Canadian
Imperial Bank)	1,420,000		1,420,000

See Notes to Financial Statements

17

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS continued
INDUSTRIAL DEVELOPMENT REVENUE continued
Hamilton, AL IDRB, Quality Hsg. Proj., 3.81%, VRDN, (SPA: Canadian Imperial Bank)	$ 715,000	$	715,000
Howard Cnty., MD EDRB, Concrete Pipe & Products Proj., 3.78%, VRDN, (LOC:
Crestar Bank)	860,000		860,000
Hull, WI IDRB, Welcome Dairy, Inc. Proj., 3.86%, VRDN, (LOC: Associated
Banc-Corp.)	1,505,000		1,505,000
Huntsville, AL IDRB, Brown Precision, Inc. Proj., 3.71%, VRDN, (LOC: First Comml.
Bank)	2,810,000		2,810,000
Illinois Dev. Fin. Auth. IDRB, Cook Composites & Polymers Proj., 3.91%, VRDN,
(LOC: BNP Paribas SA)	1,495,000		1,495,000
Illinois Dev. Fin. Auth. PCRB, A.E. Staley Manufacturing Co. Proj., 3.87%, VRDN,
(LOC: Rabobank Intl.)	6,900,000		6,900,000
Indiana Dev. Fin. Auth. IDRB, Goodwill Inds. Central Proj., 3.69%, VRDN, (LOC:
Bank One)	1,450,000		1,450,000
Iowa Fin. Auth. IDRB:
Embria Hlth. Sciences Proj., 3.71%, VRDN	2,000,000		2,000,000
Interwest Proj., 3.78%, VRDN, (SPA: Bay Hypo-Und Vereinsbank AG)	3,350,000		3,350,000
Jackson, TN IDRB, Gen. Cable Corp. Proj., 3.70%, VRDN, (LOC: JPMorgan Chase
& Co.)	9,000,000		9,000,000
Jasper Cnty., MO IDA RB, Leggett & Platt, Inc., 3.78%, VRDN, (LOC: JPMorgan
Chase & Co.)	2,300,000		2,300,000
Jerome Cnty., ID IDRB, Jerome Cheese Proj., 3.78%, VRDN, (LOC: Bank of Montreal)	19,420,000		19,420,000
Juab Cnty., UT IDRB, Intermountain Farmers Assn. Proj.: 3.78%, VRDN, (SPA: Bay
Hypo-Und Vereinsbank AG)	5,800,000		5,800,000
Kansas City, MO Land Clearance RB, Landmark Bank Proj., 3.75%, VRDN, (LOC:
U.S. Bancorp)	725,000		725,000
Lexington-Fayette Cnty., KY Government Industrial Bldg. RB, Cmnty. Action Council
Proj., Ser. 2003, 3.69%, VRDN, (LOC: Natl. City Bank of Indiana)	2,540,000		2,540,000
Manitowoc Cnty., WI RB, Lake Michigan Private Inds. Proj., 3.79%, VRDN, (LOC:
U.S. Bancorp)	2,375,000		2,375,000
Maricopa Cnty., AZ IDA RB, Young Elec. Sign Co. Proj., 3.76%, VRDN, (LOC:
KeyCorp)	2,635,000		2,635,000
Massachusetts IFA IDRB:
Portland Causeway Proj., 3.75%, VRDN, (LOC: Sovereign Bancorp, Inc.)	2,000,000		2,000,000
Portland Causeway Realty Trust Co., Ser. 1988, 3.75%, VRDN, (LOC: Sovereign
Bancorp, Inc.)	700,000		700,000
Michigan Jobs Dev. Auth. PCRB, Mazda Motor Manufacturing USA Corp., 6.13%,
VRDN, (SPA: Sumitomo Bank, Ltd.)	6,000,000		6,000,000
Michigan Strategic Fund, Ltd. Obl. RB:
Mibelloon Dairy Proj., 3.73%, VRDN, (LOC: Wells Fargo & Co.)	3,000,000		3,000,000
Quantum, Inc. Proj., 3.81%, VRDN, (LOC: Heller Finl., Inc.)	4,040,000		4,040,000
Wilden Adventures Proj., 3.79%, VRDN, (LOC: Comerica Bank)	3,080,000		3,080,000
Minnesota Agriculture & EDRB, Como Partnership Proj., Ser. 1996, 3.86%, VRDN,
(LOC: Firstbank Corp.)	1,270,000		1,270,000

See Notes to Financial Statements

18

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

		Principal
		Amount		Value
MUNICIPAL OBLIGATIONS continued
INDUSTRIAL DEVELOPMENT REVENUE continued
Missouri Dev. Fin. Board IDRB, Cook Composite Co. Proj., Ser. 1994, 3.91%, VRDN,
(SPA: Societe Generale)	$	3,265,000	$	3,265,000
Mobile Cnty., AL IDRB, FGDI, LLC Proj., 3.78%, VRDN, (SPA: Bay Hypo-Und
Vereinsbank AG)		3,300,000		3,300,000
Montgomery Cnty., OH Port Auth. Facs. RB, Sherman Dixie Proj., 3.71%, VRDN,
(LOC: Amsouth Bank, NA)		3,110,000		3,110,000
Moorhead, MN Solid Waste Disposal RB, American Crystal Sugar Proj., 3.73%,
VRDN, (LOC: Wells Fargo & Co.)		5,500,000		5,500,000
New Lisbon, WI IDRB, Leer, LP Proj., 3.86%, VRDN, (LOC: U.S. Bancorp)		2,220,000		2,220,000
Newton, WI IDRB, Stecker Machine Co., Inc. Proj., 3.76%, VRDN, (LOC: U.S.
Bancorp)		2,590,000		2,590,000
Oklahoma Dev. Fin. Auth. RB, Indl. Dev. Tracker Marine Proj., 3.67%, VRDN, (LOC:
Bank of America Corp.)		1,900,000		1,900,000
Olathe, KS IDRB, Insulite Proj., 3.86%, VRDN, (LOC: U.S. Bancorp)		1,210,000		1,210,000
Oregon EDRB, Beef Northwest Feeders, Inc., 3.78%, VRDN, (LOC: Bank of America
Corp.)		1,435,000		1,435,000
Osceola Vlg., WI IDRB, Johnson Family, LP, 3.71%, VRDN, (LOC: U.S. Bancorp)		2,115,000		2,115,000
Pilchuck, WA Dev. Pub. Corp. IDRB, Romac Inds., Inc., Ser. 1995, 3.76%, VRDN,
(LOC: Bank of California)		800,000		800,000
Pinal Cnty., AZ IDA RB, Solid Waste Disposal, Feenstra Investments, LLC Proj.,
3.78%, VRDN, (LOC: KeyCorp)		1,250,000		1,250,000
Plymouth, WI IDRB, Wisconsin Plastics Products, Inc., 3.86%, VRDN, (LOC:
Associated Banc-Corp.)		1,115,000		1,115,000
Portland, OR EDA RB, Broadway Proj., 3.64%, VRDN, (Insd. by AMBAC & LOC:
KeyCorp)		4,500,000		4,500,000
Rockingham Cnty., NC Indl. Facs. & PCRB, Innofa USA Proj., 3.75%, VRDN, (LOC:
Branch Bank & Trust Co.)		4,500,000		4,500,000
Rockwall, TX IDRB, Columbia Extrusion Corp., 3.87%, VRDN, (LOC: U.S. Bancorp)		1,700,000		1,700,000
Savannah, GA EDRB, Georgia Kaolin, Inc., 3.67%, VRDN, (LOC: Bank of America
Corp.)		2,250,000		2,250,000
Sheboygan, WI IDRB, Alaark Manufacturing Corp. Proj., 3.79%, VRDN, (LOC:
Associated Banc-Corp.)		1,835,000		1,835,000
Skokie, IL EDRB, Skokie Fashion Square Proj., 4.04%, VRDN, (LOC: LaSalle Bank)		1,850,000		1,850,000
South Carolina Jobs EDA RB:
Blue Ridge Log Cabins, LLC, 3.75%, VRDN, (LOC: Branch Bank & Trust Co.)		6,600,000		6,600,000
Compact Air Products, LLC, 3.76%, VRDN, (LOC: KeyCorp)		2,670,000		2,670,000
Ortec, Inc. Proj., Ser. B, 3.72%, VRDN, (LOC: Bank of America Corp.)		2,000,000		2,000,000
Roller Bearing Co. Proj., Ser. 1994-A, 3.81%, VRDN, (Liq.: Heller Finl., Inc.)		7,700,000		7,700,000
South Central, PA Gen. Auth. RB, 3.66%, VRDN, (Insd. by AMBAC & SPA: RBC
Centura Bank)		6,995,000		6,995,000
South Dakota EDFA IDRB, Lomar Dev. Co. Proj., 3.86%, VRDN, (LOC: U.S. Bancorp)		1,950,000		1,950,000
Springfield, MO IDA RB, SLH Investments, LLC Proj., 3.93%, VRDN, (LOC: U.S.
Bancorp)		1,180,000		1,180,000

See Notes to Financial Statements

19

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS continued
INDUSTRIAL DEVELOPMENT REVENUE continued
St. Charles Cnty., MO IDRB:
Craftsmen Inds. Proj., 3.76%, VRDN, (LOC: U.S. Bancorp)	$ 5,460,000	$	5,460,000
Kuenz Heating & Sheet Metal, 3.93%, VRDN, (LOC: U.S. Bancorp)	2,140,000		2,140,000
Summit Cnty., UT IDRB, Hornes’ Kimball Proj., Ser. 1985, 4.16%, VRDN, (LOC: U.S.
Bancorp)	350,000		350,000
Surry Cnty., VA IDA RB, Windsor Mill Proj., Ser. 2007, 3.71%, VRDN, (LOC: Wells
Fargo & Co.)	3,750,000		3,750,000
Sweetwater Cnty., WY Env. Impt. RB, Phosphates, Ltd. Co. Proj., 3.78%, VRDN,
(SPA: Rabobank Intl.)	21,500,000		21,500,000
Trumann, AR IDRB, Roach Manufacturing Corp. Proj., 3.81%, VRDN, (LOC: Regions
Bank)	4,000,000		4,000,000
Tulsa, OK Indl. Auth. IDRB, YMCA of Greater Tulsa Proj., 3.81%, VRDN, (LOC: Bank
of Oklahoma, NA)	5,510,000		5,510,000
Vanderburgh Cnty., IN EDRB, Pyrotek, Inc. Proj., 3.76%, VRDN, (LOC: KeyCorp)	2,220,000		2,220,000
Wabash, IN EDRB, Martin Yale Inds. Proj., 3.95%, VRDN, (LOC: Bank One)	2,700,000		2,700,000
Washington Fin. Auth. RB, Smith Brothers Farms, Inc., 3.78%, VRDN, (LOC: Bank
of America Corp.)	3,300,000		3,300,000
Washtenaw Cnty., MI Econ. Dev. Corp. IDRB, David & Lisa Frame, LLC, 3.76%,
VRDN, (LOC: KeyCorp)	1,285,000		1,285,000
Weber Cnty., UT IDRB, US Holdings Manufacturing Proj., Ser. 2007, 3.73%, VRDN,
(LOC: SunTrust Banks, Inc.)	4,500,000		4,500,000
West Virginia EDA IDRB, Coastal Lumber Products Proj.:
Ser. A, 3.88%, VRDN, (LOC: Crestar Bank)	1,810,000		1,810,000
Ser. B, 3.88%, VRDN, (LOC: Crestar Bank)	1,185,000		1,185,000
Wilson Cnty., TN IDRB, Knight Leasing Co. Proj., 3.76%, VRDN, (LOC: AmSouth
Bancorp)	8,000,000		8,000,000
Winnemucca, NV EDRB, Carry On Trailor, Inc. Proj., 3.78%, VRDN, (LOC: Regions
Bank)	1,500,000		1,500,000
Yakima Cnty., WA Pub. Corp. RB, Macro Plastics, Inc. Proj., 3.97%, VRDN, (LOC:
Bank of the West)	3,680,000		3,680,000
			332,042,000
LEASE 0.9%
ABN AMRO Chicago Corp. Leasetops Master Trust, Ser. 1997-1, 3.82%, VRDN,
(LOC: LaSalle Bank NA)	1,650,461		1,650,461
BB&T Muni. Trust, Ser. 1006, 3.79%, VRDN, (LOC & Liq.: Branch Bank &
Trust Co.)	7,000,000		7,000,000
Goat Hill Properties, Washington Lease RB, ROC RR-II-R 2173, 3.67%, VRDN, (Insd.
by MBIA)	1,330,000		1,330,000
Orange Cnty., FL Sch. Board COP, Ser. 2000-328, 3.66%, VRDN, (Liq.: Morgan
Stanley)	2,227,500		2,227,500
St. Lucie Cnty., FL Sch. Board RB, 3.66%, VRDN, (LOC: Bank of New York Mellon
Corp.)	6,197,000		6,197,000
			18,404,961

See Notes to Financial Statements

20

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

		Principal
		Amount		Value
MUNICIPAL OBLIGATIONS continued
MANUFACTURING 0.7%
Mount Jackson, VA IDA RB, Bowman Apple Products Proj., 3.68%, VRDN, (LOC:
SunTrust Banks, Inc.)	$	3,150,000	$	3,150,000
Pinellas Cnty., FL IDA RB, Sure-Feed Engineering, Inc. Proj., 3.67%, VRDN, (LOC:
Bank of America Corp.)		2,500,000		2,500,000
San Marcos, TX Indl. Dev. Corp. RB, Butler Manufacturing Co. Proj., 3.81%, VRDN,
(LOC: Bank of America Corp.)		6,250,000		6,250,000
Sylacauga, AL IDRB, Harrells Fertilizer, Inc., 3.72%, VRDN, (LOC: Bank of America
Corp.)		2,800,000		2,800,000
				14,700,000
MISCELLANEOUS REVENUE 12.1%
Brazoria Cnty., TX Harbor Navigation Dist. RRB, Dow Chemical Co. Proj., Ser. A-4,
5.20%, 05/15/2008, (Gtd. by Dow Chemical Co.)		6,000,000		6,054,884
Cassia Cnty., ID IDRB, Oak Valley Land Corp. Proj., 3.78%, VRDN, (LOC: Bank of
America Corp.)		3,500,000		3,500,000
Clarksville, TN Pub. Bldg. Auth. RB:
3.67%, VRDN, (LOC: Bank of America Corp.)		815,000		815,000
Colorado Agriculture Dev. Auth. RB, Garrett & Carla Devries Proj., 3.78%, VRDN,
(LOC: Bank of the West)		3,300,000		3,300,000
DeSoto, TX IDA RRB, Solar Turbines Proj., 3.65%, VRDN, (Insd. by Merrill Lynch &
Co., Inc.)		7,050,000		7,050,000
Gulf Coast, TX Waste Disposal Auth. RB, BP Amoco Chemical Co. Proj., 3.74%,
VRDN, (Gtd. by BP plc)		19,000,000		19,000,000
Hudson Yards Infrastructure Corp. of New York RB, 3.65%, VRDN, (Insd. by MBIA &
Liq.: JPMorgan Chase & Co.)		1,900,000		1,900,000
Indiana Bond Bank RB, Ser. A, 4.25%, 01/31/2008, (LOC: Bank of New York Mellon
Corp.)		5,000,000		5,014,529
JPMorgan Chase & Co., GO, PFOTER, Ser. 1750P, 3.81%, VRDN, (Insd. by MBIA &
Liq.: JPMorgan Chase & Co.)		42,595,000		42,595,000
Lehman Muni. Trust Receipts, Ser. 2007-P38W, 3.70%, VRDN		6,000,000		6,000,000
Louisiana Local Govt. Env. Facs. CDA RB, Honeywell Intl., Inc. Proj., 3.81%, VRDN,
(Gtd. by Honeywell Intl., Inc.)		4,000,000		4,000,000
Magnolia, AR IDRB, American Fuel Cell Proj., 4.01%, VRDN, (SPA: Commerce de
France)		800,000		800,000
Merrill Lynch Puttable Floating Option Tax-Exempt Receipts:
3.68%, VRDN, (SPA: Merrill Lynch & Co., Inc.)		175,000		175,000
3.71%, VRDN, (SPA: Merrill Lynch & Co., Inc.)		4,995,000		4,995,000
3.81%, VRDN, (SPA: Merrill Lynch & Co., Inc.)		9,310,000		9,310,000
Metropolitan Govt. Nashville & Davidson Cnty., TN RB, Commerce Street Ventures,
Ser. 2002-A, 3.71%, VRDN, (LOC: AmSouth Bancorp)		3,270,000		3,270,000
Miami-Dade Cnty., FL Spl. Obl. PFOTER, 3.68%, VRDN, (Insd. by MBIA)		5,000,000		5,000,000
Montgomery Cnty., TN Pub. Bldg. Auth. RB:
3.67%, VRDN, (LOC: Bank of America Corp.)		420,000		420,000

See Notes to Financial Statements

21

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS continued
MISCELLANEOUS REVENUE continued
Municipal Securities Pool Trust Receipts:
3.74%, VRDN, (SPA: Societe Generale & Insd. by MBIA)	$ 14,770,000	$	14,770,000
Municipal Securities Trust Cert., Ser. 2006-3017, Class A, 3.67%, VRDN, (Insd. by
AMBAC & Liq.: Bear Stearns Cos.)	5,290,000		5,290,000
Peoria Cnty., IL Sewage Facs. RB, Caterpillar, Inc. Proj., 3.73%, VRDN	4,300,000		4,300,000
Port Arthur, TX Navigation Dist. Env. Facs. RB, Fina Oil & Chemical Co. Proj., 3.82%,
VRDN, (Gtd. by Motiva Enterprises, LLC)	10,635,000		10,635,000
Port Corpus Christi, TX Nueces Cnty. Solid Waste Disposal RB, Flint Hills Resources
Proj.:
3.93%, VRDN, (Gtd. by Flint Hills Resources)	33,000,000		33,000,000
Ser. A, 3.91%, VRDN, (Gtd. by Flint Hills Resources)	25,000,000		25,000,000
Stephans Cnty., GA IDRB, Caterpillar, Inc. Proj., 3.81%, VRDN, (Gtd. by Caterpillar,
Inc.)	1,000,000		1,000,000
Traill Cnty., ND Solid Waste Disposal RB, American Crystal Sugar:
Ser. A, 3.73%, VRDN, (LOC: Wells Fargo & Co.)	16,000,000		16,000,000
Ser. B, 3.73%, VRDN, (LOC: Wells Fargo & Co.)	1,000,000		1,000,000
Ser. C, 3.73%, VRDN, (LOC: Wells Fargo & Co.)	1,000,000		1,000,000
West Baton Rouge, LA IDRB, Dow Chemical Co. Proj., Ser. 1995, 3.84%, VRDN,
(Gtd. by Dow Chemical Co.)	13,300,000		13,300,000
Wisconsin Hsg. & EDRRB, Zero Zone, Inc. Proj., 3.67%, VRDN, (LOC: U.S. Bancorp)	3,420,000		3,420,000
York Cnty., ME Fin. Auth. RB, Cmnty. Action Corp. Proj., 3.69%, VRDN, (LOC:
KeyCorp)	2,230,000		2,230,000
			254,144,413
PORT AUTHORITY 0.8%
Louisiana Pub. Facs. Auth. RB, International Matex Tank Terminals, 3.63%, VRDN,
(LOC: SunTrust Banks, Inc.)	10,000,000		10,000,000
Mississippi Dev. Bank Spl. Obl. RB, Harrison Cnty. Pub. Impt., 3.71%, VRDN, (Insd.
by AMBAC & LOC: AmSouth Bancorp)	6,800,000		6,800,000
			16,800,000
PUBLIC FACILITIES 0.5%
Memphis, TN City Fin. Corp. RB, Memphis Redbirds Foundation, 3.75%, VRDN,
(LOC: First Tennessee Bank)	10,915,000		10,915,000
RESOURCE RECOVERY 0.8%
Portage, IN EDRB, American Iron Oxide Co. Proj., Ser. B: 4.03%, VRDN, (LOC: Bank
One)	11,000,000		11,000,000
Spencer Cnty., IN PCRB, American Iron Oxide Co. Proj., 4.03%, VRDN, (SPA: Bank
of Tokyo-Mitsubishi, Ltd.)	5,000,000		5,000,000
			16,000,000

See Notes to Financial Statements

22

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS continued
SOLID WASTE 0.7%
Gulf Coast of Texas Waste Disposal Auth. RB, Amoco Oil Co. Proj., 3.74%, VRDN	$ 1,100,000	$	1,100,000
Iowa Fin. Auth. Solid Waste Disposal RB:
Jacksonville Farm Proj., 3.78%, VRDN, (LOC: SunTrust Banks, Inc.)	4,545,000		4,545,000
Real Estate Iowa One Proj., 3.73%, VRDN, (LOC: Rabobank Intl.)	7,700,000		7,700,000
Lincoln Cnty., WY PCRB, Exxon Proj., Ser. A, 3.64%, VRDN, (Liq.: Exxon Mobil
Corp.)	1,500,000		1,500,000
			14,845,000
SPECIAL TAX 3.4%
ABN AMRO Munitops RB, Ser. 2002-24, 3.66%, VRDN, (LOC: ABN AMRO Bank)	1,300,000		1,300,000
California Econ. Recovery GO, PUTTER, Ser. 452, 3.63%, VRDN, (Insd. by MBIA &
LOC: JPMorgan Chase & Co.)	1,480,000		1,480,000
Central Puget Sound, Washington Regl. Transit Auth. RB, ROC RR-II-R 7004, 3.67%,
VRDN, (Insd. by AMBAC)	18,404,000		18,404,000
Chicago, IL Tax Increment RRB, Stockyards Indl. Comml. Redev. Proj.:
Ser. A, 3.70%, VRDN, (LOC: Northern Trust Co.)	7,105,000		7,105,000
Ser. B, 3.70%, VRDN, (LOC: Northern Trust Co.)	9,620,000		9,620,000
Louisiana Gas & Fuels RB, ROC RR-II-R 661, 3.67%, VRDN, (Insd. by FSA & Liq.:
CitiBank, NA)	16,665,000		16,665,000
New Mexico Fin. Auth. Trans. RB, Ser. 435, 3.67%, VRDN, (Insd. by MBIA & Liq.:
JPMorgan Chase & Co.)	8,670,000		8,670,000
Reno, NV Sales Tax RB, Ser. 2006-3G, 3.67%, VRDN, (Liq.: Goldman Sachs & Co.)	5,825,000		5,825,000
Washington Motor Vehicle Tax, Ser. 2002-B, 3.68%, VRDN, (Insd. by FSA &
LOC: Bank of New York Co.) 144A	2,754,500		2,754,500
			71,823,500
TOBACCO REVENUE 1.2%
Badger Tobacco Asset Security Corp. RB, PFOTER:
3.67%, VRDN, (LOC: Lloyds TSB Group plc)	3,345,000		3,345,000
3.70%, VRDN, (Liq.: Merrill Lynch & Co., Inc.)	3,810,000		3,810,000
Golden State Tobacco Securities Trust Cert., Ser. 7045, 3.67%, VRDN, (Liq.: Bear
Stearns Cos.)	5,500,000		5,500,000
New York, NY TSASC, Inc. RB, ROC RR-II-R 519CE, 3.67%, VRDN, (Insd. by
Citigroup, Inc. & Liq.: CitiBank, NA)	5,600,000		5,600,000
Tobacco Settlement Funding Corp. of New Jersey RB, PFOTER, 3.66%, VRDN, (SPA:
Merrill Lynch & Co., Inc.)	6,400,000		6,400,000
			24,655,000
TRANSPORTATION 0.9%
Central Puget Sound, Washington Regl. Transit Auth. RB, PFOTER, Ser. 360, 3.66%,
VRDN, (Insd. by FGIC & Liq.: Morgan Stanley)	910,000		910,000
E 470 Pub. Highway, Colorado Auth. RB, PFOTER, 3.68%, VRDN, (Liq.: Merrill Lynch
& Co., Inc.)	5,425,000		5,425,000
Massachusetts Turnpike Auth. Metro. Hwy. Sys. RB, ROC RR-II-R 536, 3.66%, VRDN,
(Insd. by MBIA & Liq.: Citigroup, Inc.)	6,505,000		6,505,000
Metropolitan Trans. Auth. of New York RB, 3.65%, VRDN, (SPA: Merrill Lynch
& Co., Inc.)	300,000		300,000

See Notes to Financial Statements

23

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS continued
TRANSPORTATION continued
New Jersey TTFA RB, Ser. 038, 3.67%, VRDN, (Insd. by AMBAC & Liq.: Wells Fargo
& Co.)	$ 2,780,000	$	2,780,000
Puerto Rico Highway & Transportation RB, 3.66%, VRDN, (Liq.: Goldman Sachs
& Co.)	3,015,000		3,015,000
			18,935,000
UTILITY 2.4%
American Pub. Energy Agcy. RB, Nebraska Gas Supply Proj., Ser. A, 3.66%, VRDN,
(SPA: Societe Generale)	445,000		445,000
Campbell Cnty., WY IDRB, Two Elk Power Generation Proj., 3.80%, VRDN,
(Liq.: Citigroup, Inc.)	10,000,000		10,000,000
Coconino Cnty., AZ PCRB, Arizona Pub. Svc. Co. Proj., 3.85%, VRDN, (Gtd. by
Arizona Pub. Svc. Co.)	1,000,000		1,000,000
Delaware EDA RB, Delmarva Power & Light Co. Proj.: 3.85%, VRDN, (Gtd. by
Delmarva Power & Light Co.)	5,550,000		5,550,000
Florida Util. Auth. RB, Ser. 327, 3.66%, VRDN, (Liq.: Morgan Stanley)	500,000		500,000
Mississippi Dev. Spl. Obl. Gas Auth. RB, Natural Gas Proj., Ser. 2005, 3.61%, VRDN,
(SPA: Societe Generale)	11,306,000		11,306,000
San Antonio, TX Elec. & Gas RB, ROC RR-II-R 6064, 3.67%, VRDN, (Insd. by FSA &
Liq.: Citigroup, Inc.)	3,120,000		3,120,000
Southeast Alabama Gas Dist. RB, Alabama Supply Proj, Ser. A, 3.68%, VRDN, (SPA:
Societe Generale)	12,930,000		12,930,000
Texas Gas Acquisition & Supply Corp. I, RB, Ser. 1453-R, 3.69%, VRDN, (SPA:
Merrill Lynch & Co., Inc.)	5,000,000		5,000,000
			49,851,000
WATER & SEWER 2.0%
ABN AMRO Munitops Cert. Trust RB:
3.66%, VRDN, (Insd. by MBIA & SPA: ABN AMRO Bank)	5,700,000		5,700,000
3.67%, VRDN, (Insd. by FSA)	9,995,000		9,995,000
Colorado River, Texas Muni. Water Dist. RB, Republic Waste Svcs., Inc. Proj., 3.70%,
VRDN, (LOC: Bank of America Corp.)	4,000,000		4,000,000
Gulf Coast, TX Waste Disposal Auth. RB, Republic Waste Svcs., Inc. Proj., 3.72%,
VRDN, (LOC: Bank of America Corp.)	3,500,000		3,500,000
Houston, TX Water & Sewer Sys. RB, 3.68%, VRDN, (SPA: Merrill Lynch & Co., Inc.)	1,045,000		1,045,000
Las Vegas Valley, NV Water Dist., Ser. 3214, 3.68%, VRDN, (Insd. by FGIC & SPA:
Merrill Lynch & Co., Inc.)	5,195,000		5,195,000
Maricopa Cnty., AZ IDA Solid Waste Disposal RB, 3.78%, VRDN, (LOC: Bank of
America Corp.)	2,500,000		2,500,000
Niceville, FL Water & Sewer RB, Ser. B, 3.63%, VRDN, (Insd. by AMBAC & LOC:
Columbus B&T Co.)	1,255,000		1,255,000
Puerto Rico Aqueduct & Sewer Auth. RB, ROC RR-II-R 10001CE, 3.67%, VRDN,
(Liq.: CitiBank, NA)	5,000,000		5,000,000
Raleigh, NC Comb Enterprise Sys. RB, ROC RR-II-R 7524, 3.67%, VRDN, (Liq.:
CitiBank, NA)	4,945,000		4,945,000
			43,135,000

See Notes to Financial Statements

24

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

		Value
Total Investments (cost $2,092,367,307)  99.5%	$	2,092,367,307
Other Assets and Liabilities 0.5%		11,133,795
Net Assets 100.0%	$	2,103,501,102

144A	Security that may be sold to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended.
	This security has been determined to be liquid under guidelines established by the Board of Trustees, unless otherwise
	noted.
VRDN	Variable Rate Demand Note security which is payable on demand within seven calendar days after notice is given by the
	Fund to the issuer or other parties not affiliated with the issuer. Interest rates are determined and reset by the issuer
	daily, weekly, or monthly depending upon the terms of the security. Interest rates presented for these securities are
	those in effect at July 31, 2007.

Certain obligations held in the portfolio have credit enhancements or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements; and third party insurance (i.e. AMBAC, FGIC and MBIA). Adjustable rate bonds and variable rate demand notes held in the portfolio may be considered derivative securities within the standards imposed by the Securities and Exchange Commission under Rule 2a-7 which were designed to minimize both credit and market risk.

Summary of Abbreviations
AMBAC	American Municipal Bond Assurance Corp.	IDRB	Industrial Development Revenue Bond
BAN	Bond Anticipation Note	IFA	Industrial Finance Agency
CDA	Community Development Authority	LOC	Letter of Credit
COP	Certificates of Participation	MBIA	Municipal Bond Investors Assurance Corp.
EDA	Economic Development Authority	MHRB	Multifamily Housing Revenue Bond
EDFA	Economic Development Finance Authority	MHRRB	Multifamily Housing Refunding Revenue Bond
EDRB	Economic Development Revenue Bond	MSTR	Municipal Securities Trust Receipt
EDRRB	Economic Development Refunding Revenue Bond	MTC	Municipal Trust Certificates
FGIC	Financial Guaranty Insurance Co.	PCRB	Pollution Control Revenue Bond
FHLB	Federal Home Loan Bank	PFOTER	Puttable Floating Option Tax-Exempt Receipts
FHLMC	Federal Home Loan Mortgage Corp.	PUTTER	Puttable Tax-Exempt Receipts
FNMA	Federal National Mortgage Association	RB	Revenue Bond
FSA	Financial Security Assurance, Inc.	ROC	Reset Option Certificate
GNMA	Government National Mortgage Association	RRB	Refunding Revenue Bond
GO	General Obligation	SFHRB	Single Family Housing Revenue Bond
HDA	Housing Development Authority	SPA	Securities Purchase Agreement
HFA	Housing Finance Authority	TTFA	Transportation Trust Fund Authority
IDA	Industrial Development Authority

See Notes to Financial Statements

25

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

The following table shows the percent of total investments by geographic location as of July 31, 2007:

Texas	9.3%	Ohio	0.9%
California	7.4%	Missouri	0.9%
Delaware	5.7%	New York	0.9%
Florida	4.5%	Iowa	0.8%
Georgia	4.1%	Michigan	0.8%
Alabama	4.0%	Kansas	0.8%
Illinois	3.8%	Hawaii	0.7%
Tennessee	3.5%	Utah	0.7%
Colorado	3.0%	New Jersey	0.7%
Washington	3.0%	Massachusetts	0.6%
Indiana	2.8%	Nevada	0.6%
Mississippi	2.7%	New Hampshire	0.5%
Louisiana	2.7%	North Carolina	0.5%
Rhode Island	2.6%	Kentucky	0.4%
District of Columbia	2.0%	New Mexico	0.4%
Wisconsin	1.9%	Oklahoma	0.4%
Minnesota	1.8%	Arizona	0.4%
South Carolina	1.8%	Oregon	0.3%
Pennsylvania	1.6%	Alaska	0.2%
Wyoming	1.6%	Arkansas	0.2%
Virginia	1.6%	West Virginia	0.1%
North Dakota	1.2%	South Dakota	0.1%
Idaho	1.1%	Maine	0.1%
Maryland	1.0%	Non-state specific	11.4%
Nebraska	1.0%
Puerto Rico	0.9%		100.0%

The following table shows the percent of total investments by credit quality as of July 31, 2007:

Tier 1	98.3%
Tier 2	1.7%
	100.0%

The following table shows the percent of total investments by maturity as of July 31, 2007:

2-7 days	95.2%
8-60 days	0.2%
61-120 days	0.2%
121-240 days	3.8%
241+ days	0.6%
	100.0%

See Notes to Financial Statements

26

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2007 (unaudited)

Assets
Investments at amortized cost	$	2,092,367,307
Cash		199,716
Receivable for Fund shares sold		29,839
Interest receivable		12,073,147
Prepaid expenses and other assets		12,224
Total assets		2,104,682,233
Liabilities
Dividends payable		810,114
Payable for Fund shares redeemed		68,828
Advisory fee payable		22,076
Distribution Plan expenses payable		25,466
Due to other related parties		9,346
Accrued expenses and other liabilities		245,301
Total liabilities		1,181,131
Net assets	$	2,103,501,102
Net assets represented by
Paid-in capital	$	2,103,322,231
Overdistributed net investment income		(115,270)
Accumulated net realized gains on investments		294,141
Total net assets	$	2,103,501,102
Net assets consists of
Class A	$	349,361,220
Class S		346,789,828
Class S1		1,031,150,380
Class I		376,199,674
Total net assets	$	2,103,501,102
Shares outstanding (unlimited number of shares authorized)
Class A		349,426,456
Class S		346,646,920
Class S1		1,031,190,763
Class I		376,125,721
Net asset value per share
Class A	$	1.00
Class S	$	1.00
Class S1	$	1.00
Class I	$	1.00

See Notes to Financial Statements

27

STATEMENT OF OPERATIONS

Six Months Ended July 31, 2007 (unaudited)

Investment income
Interest	$	39,579,380
Expenses
Advisory fee		4,303,108
Distribution Plan expenses
Class A		548,838
Class S		1,041,448
Class S1		2,965,230
Administrative services fee		623,871
Transfer agent fees		390,696
Trustees’ fees and expenses		23,003
Printing and postage expenses		70,168
Custodian and accounting fees		297,360
Registration and filing fees		30,362
Professional fees		29,836
Other		15,389
Total expenses		10,339,309
Less: Expense reductions		(47,478)
Fee waivers		(311,936)
Net expenses		9,979,895
Net investment income		29,599,485
Net realized gains on investments		294,141
Net increase in net assets resulting from operations	$	29,893,626

See Notes to Financial Statements

28

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	July 31, 2007			Year Ended
	(unaudited)			January 31, 2007
Operations
Net investment income		$	29,599,485		$	57,686,473
Net realized gains on investments			294,141			239,678
Net increase in net assets resulting
from operations			29,893,626			57,926,151
Distributions to shareholders from
Net investment income
Class A			(5,482,911)			(12,118,184)
Class S			(4,691,540)			(8,034,040)
Class S1			(13,330,147)			(25,083,976)
Class I			(6,235,306)			(12,562,735)
Total distributions to shareholders			(29,739,904)			(57,798,935)
	Shares			Shares
Capital share transactions
Proceeds from shares sold
Class A	1,034,814,971		1,034,814,971	2,572,030,688		2,572,030,688
Class S	1,328,719,604		1,328,719,604	2,505,098,973		2,505,098,973
Class S1	2,928,144,524		2,928,144,524	5,410,761,504		5,410,761,504
Class I	136,943,395		136,943,395	384,930,107		384,930,107
			5,428,622,494			10,872,821,272
Net asset value of shares issued in
reinvestment of distributions
Class A	4,622,661		4,622,661	10,650,072		10,650,072
Class S	4,691,540		4,691,540	8,034,040		8,034,040
Class S1	13,330,147		13,330,147	25,083,970		25,083,970
Class I	2,127,817		2,127,817	4,374,884		4,374,884
			24,772,165			48,142,966
Payment for shares redeemed
Class A	(1,091,468,338)		(1,091,468,338)	(2,662,981,235)		(2,662,981,235)
Class S	(1,323,782,931)		(1,323,782,931)	(2,490,673,268)		(2,490,673,268)
Class S1	(2,940,028,831)		(2,940,028,831)	(5,494,764,165)		(5,494,764,165)
Class I	(138,224,221)		(138,224,221)	(435,556,318)		(435,556,318)
			(5,493,504,321)			(11,083,974,986)
Net decrease in net assets resulting
from capital share transactions			(40,109,662)			(163,010,748)
Total decrease in net assets			(39,955,940)			(162,883,532)
Net assets
Beginning of period			2,143,457,042			2,306,340,574
End of period		$	2,103,501,102		$	2,143,457,042
Undistributed (overdistributed) net
investment income		$	(115,270)		$	25,149

See Notes to Financial Statements

29

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen Municipal Money Market Fund (the “Fund”) is a diversified series of Evergreen Money Market Trust (the “Trust”), a Delaware statutory trust organized on September 18, 1997. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Fund offers Class A, Class S, Class S1 and Class I shares at net asset value without a front-end sales charge or contingent deferred sales charge. Each class of shares, except Class I shares, pays an ongoing distribution fee.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America, which require management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates.

a. Valuation of investments

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates market value.

b. Security transactions and investment income

Security transactions are recorded on trade date. Realized gains and losses are computed using the specific cost of the security sold. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

c. Federal taxes

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income, including any net capital gains (which have already been offset by available capital loss carryovers). Accordingly, no provision for federal taxes is required.

d. Distributions

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

e. Class allocations

Income, common expenses and realized and unrealized gains and losses are allocated to the classes based on the relative net assets of each class. Distribution fees, if any, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

30

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

3. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Evergreen Investment Management Company, LLC (“EIMC”), an indirect, wholly-owned subsidiary of Wachovia Corporation (“Wachovia”), is the investment advisor to the Fund and is paid an annual fee starting at 0.44% and declining to 0.39% as average daily net assets increase.

From time to time, EIMC may voluntarily or contractually waive its fee and/or reimburse expenses in order to limit operating expenses. During the six months ended July 31, 2007, EIMC voluntarily waived its advisory fee in the amount of $311,936.

Evergreen Investment Services, Inc. (“EIS”), an indirect, wholly-owned subsidiary of Wachovia, is the administrator to the Fund. As administrator, EIS provides the Fund with facilities, equipment and personnel and is paid an annual rate determined by applying percentage rates to the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund, starting at 0.06% and declining to 0.04% as the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund increase.

Evergreen Service Company, LLC (“ESC”), an indirect, wholly-owned subsidiary of Wachovia, is the transfer and dividend disbursing agent for the Fund. ESC receives account fees that vary based on the type of account held by the shareholders in the Fund.

4. DISTRIBUTION PLANS

EIS also serves as distributor of the Fund’s shares. The Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940 Act, for each class of shares, except Class I. Under the Distribution Plans, distribution fees are paid at an annual rate of 0.30% of the average daily net assets for Class A shares, 0.60% of the average daily net assets for Class S and Class S1 shares.

5. INVESTMENT TRANSACTIONS

On July 31, 2007, the cost of investments for federal income tax purposes for the Fund was the same as for financial reporting purposes.

6. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, the Fund may participate in an interfund lending program with certain funds in the Evergreen fund family. This program allows the Fund to borrow from other participating funds. During the six months ended July 31, 2007, the Fund did not participate in the interfund lending program.

7. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

31

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

8. DEFERRED TRUSTEES’ FEES

Each Trustee of the 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 is based on the investment performance of certain Evergreen funds. Any gains earned or losses incurred in the deferral accounts are reported in the Fund’s Trustees’ fees and expenses. At the election of the Trustees, the deferral account will be paid either in one lump sum or in quarterly installments for up to ten years.

9. FINANCING AGREEMENT

The Fund and certain other Evergreen funds share in an unsecured revolving credit commitment for temporary and emergency purposes, including the funding of redemptions, as permitted by each participating fund’s borrowing restrictions. Borrowings under this facility bear interest at 0.50% per annum above the Federal Funds rate. All of the participating funds are charged an annual commitment fee on the unused balance, which is allocated pro rata. The credit facility is for $100 million with an annual commitment fee of 0.08%. During the six months ended July 31, 2007, the Fund had no borrowings.

10. REGULATORY MATTERS AND LEGAL PROCEEDINGS

Pursuant to an administrative order issued by the Securities and Exchange Commission (“SEC”) on September 19, 2007, EIMC, EIS, ESC (collectively, the “Evergreen Entities”), Wachovia Securities, LLC and the SEC have entered into an agreement settling allegations of (i) improper short-term trading arrangements in effect prior to May 2003 involving former officers and employees of EIMC and certain broker-dealers, (ii) insufficient systems for monitoring exchanges and enforcing exchange limitations as stated in certain funds’ prospectuses, and (iii) inadequate e-mail retention practices. Under the settlement, the Evergreen Entities were censured and will pay approximately $32 million in disgorgement and penalties. This amount, along with a fine assessed by the SEC against Wachovia Securities, LLC will be distributed pursuant to a plan to be developed by an independent distribution consultant and approved by the SEC. The Evergreen Entities neither admitted nor denied the allegations and findings set forth in its settlement with the SEC.

EIS has entered into an agreement with the NASD settling allegations that EIS (i) arranged for Evergreen fund portfolio trades to be directed to Wachovia Securities, LLC, an affiliate of EIS that sold Evergreen fund shares, during the period of January 2001 to December 2003 and (ii) provided non-cash compensation by sponsoring offsite meetings attended by Wachovia Securities, LLC brokers during that period, where the eligibility of a broker to attend the meetings depended upon the broker meeting certain sales targets of Evergreen fund shares. Pursuant to the settlement agreement, EIS has agreed to a censure and a fine of $4,200,000. EIS neither admitted nor denied the allegations and findings set forth in its agreement with the NASD.

32

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

In addition, the Evergreen funds and EIMC and certain of its affiliates are involved in various legal actions, including private litigation and class action lawsuits. EIMC does not expect that any of such legal actions currently pending or threatened will have a material adverse impact on the financial position or operations of any of the Evergreen funds or on EIMC’s ability to provide services to the Evergreen funds.

Although EIMC believes that none of the matters discussed above will have a material adverse impact on the Evergreen funds, there can be no assurance that these matters and any publicity surrounding or resulting from them will not result in reduced sales or increased redemptions of Evergreen fund shares, which could increase Evergreen fund transaction costs or operating expenses, or that they will not have other adverse consequences on the Evergreen funds.

11. NEW ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109 (“FIN 48”). FIN 48 supplements FASB 109 by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Fund’s financial statements have not been impacted by the adoption of FIN 48. However, the conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from FASB, and on-going analysis of tax laws, regulations, and interpretations thereof.

In September 2006, FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 applies to fair value measurements already required or permitted by existing standards. The change to current generally accepted accounting principles from the application of FAS 157 relates to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management of the Fund does not believe the adoption of FAS 157 will materially impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years.

33

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34

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35

TRUSTEES AND OFFICERS

TRUSTEES1
Charles A. Austin III	Investment Counselor, Anchor Capital Advisors, LLC. (investment advice); Director, The Andover
Trustee	Companies (insurance); Trustee, Arthritis Foundation of New England; Former Director, The
DOB: 10/23/1934	Francis Ouimet Society (scholarship program); Former Director, Executive Vice President and
Term of office since: 1991	Treasurer, State Street Research & Management Company (investment advice)
Other directorships: None
K. Dun Gifford	Chairman and President, Oldways Preservation and Exchange Trust (education); Trustee,
Trustee	Treasurer and Chairman of the Finance Committee, Cambridge College
DOB: 10/23/1938
Term of office since: 1974
Other directorships: None
Dr. Leroy Keith, Jr.	Managing Director, Almanac Capital Management (commodities firm); Trustee, Phoenix Fund
Trustee	Complex; Director, Diversapack Co. (packaging company); Former Partner, Stonington Partners,
DOB: 2/14/1939	Inc. (private equity fund); Former Director, Obagi Medical Products Co.; Former Director, Lincoln
Term of office since: 1983	Educational Services
Other directorships: Trustee,
Phoenix Fund Complex (consisting
of 60 portfolios)
Gerald M. McDonnell	Manager of Commercial Operations, CMC Steel (steel producer)
Trustee
DOB: 7/14/1939
Term of office since: 1988
Other directorships: None
Patricia B. Norris	President and Director of Buckleys of Kezar Lake, Inc. (real estate company); Former President
Trustee	and Director of Phillips Pond Homes Association (home community); Former Partner,
DOB: 4/9/1948	PricewaterhouseCoopers, LLP (independent registered public accounting firm)
Term of office since: 2006
Other directorships: None
William Walt Pettit	Partner and Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior Packaging Corp.
Trustee	(packaging company); Member, Superior Land, LLC (real estate holding company), Member,
DOB: 8/26/1955	K&P Development, LLC (real estate development); Former Director, National Kidney Foundation
Term of office since: 1984	of North Carolina, Inc. (non-profit organization)
Other directorships: None
David M. Richardson	President, Richardson, Runden LLC (executive recruitment business development/consulting
Trustee	company); Consultant, Kennedy Information, Inc. (executive recruitment information and
DOB: 9/19/1941	research company); Consultant, AESC (The Association of Executive Search Consultants);
Term of office since: 1982	Director, J&M Cumming Paper Co. (paper merchandising); Former Trustee, NDI Technologies, LLP
Other directorships: None	(communications)
Dr. Russell A. Salton III	President/CEO, AccessOne MedCard, Inc.; Former Medical Director, Healthcare Resource
Trustee	Associates, Inc.
DOB: 6/2/1947
Term of office since: 1984
Other directorships: None
Michael S. Scofield	Retired Attorney, Law Offices of Michael S. Scofield; Former Director and Chairman, Branded
Trustee	Media Corporation (multi-media branding company)
DOB: 2/20/1943
Term of office since: 1984
Other directorships: None

36

TRUSTEES AND OFFICERS continued

Richard J. Shima	Independent Consultant; Director, Hartford Hospital; Trustee, Greater Hartford YMCA; Former
Trustee	Director, Trust Company of CT; Former Director, Old State House Association; Former Trustee,
DOB: 8/11/1939	Saint Joseph College (CT)
Term of office since: 1993
Other directorships: None
Richard K. Wagoner, CFA2	Member and Former President, North Carolina Securities Traders Association; Member, Financial
Trustee	Analysts Society
DOB: 12/12/1937
Term of office since: 1999
Other directorships: None
OFFICERS
Dennis H. Ferro3	Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President	Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945	Evergreen Investment Company, Inc.
Term of office since: 2003
Jeremy DePalma4	Principal occupations: Vice President, Evergreen Investment Services, Inc.; Former Assistant Vice
Treasurer	President, Evergreen Investment Services, Inc.
DOB: 2/5/1974
Term of office since: 2005
Michael H. Koonce4	Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary	Services, Inc.; Secretary, Senior Vice President and General Counsel, Evergreen Investment
DOB: 4/20/1960	Management Company, LLC and Evergreen Service Company, LLC; Senior Vice President and
Term of office since: 2000	Assistant General Counsel, Wachovia Corporation
Robert Guerin4, 5	Principal occupations: Chief Compliance Officer, Evergreen Funds and Senior Vice President of
Chief Compliance Officer	Evergreen Investments Co, Inc; Former Managing Director and Senior Compliance Officer,
DOB: 9/20/1965	Babson Capital Management LLC; Former Principal and Director, Compliance and Risk
Term of office since: 2007	Management, State Street Global Advisors; Former Vice President and Manager, Sales Practice
	Compliance, Deutsche Asset Management.

¹ Each Trustee, except Ms. Norris, serves until a successor is duly elected or qualified or until his death, resignation, retirement or 

  removal from office. As a new Trustee, Ms. Norris’ initial term ends June 30, 2009, at which time she may be re-elected by Trustees 

  to serve until a successor is duly elected or qualified or until her death, resignation, retirement or removal from office by the Trustees. 

  Each Trustee oversees 92 Evergreen funds. Correspondence for each Trustee may be sent to Evergreen Board of Trustees, 

  P.O. Box 20083, Charlotte, NC 28202. 

² Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the 

  Fund’s investment advisor. 

³ The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288. 

⁴ The address of the Officer is 200 Berkeley Street, Boston, MA 02116. 

⁵ Mr. Guerin’s information is as of June 14, 2007, the effective date of his approval by the Board of Trustees as Chief Compliance Officer 

  of the Evergreen funds. 

Additional information about the Fund’s Board of Trustees and Officers can be found in the Statement of Additional Information (SAI) and
is available upon request without charge by calling 800.343.2898.

37

567513  rv4  09/2007

Evergreen New Jersey Municipal Money Market Fund

table of contents
1	LETTER TO SHAREHOLDERS
4	FUND AT A GLANCE
6	ABOUT YOUR FUND’S EXPENSES
7	FINANCIAL HIGHLIGHTS
10	SCHEDULE OF INVESTMENTS
15	STATEMENT OF ASSETS AND LIABILITIES
16	STATEMENT OF OPERATIONS
17	STATEMENTS OF CHANGES IN NET ASSETS
18	NOTES TO FINANCIAL STATEMENTS
24	TRUSTEES AND OFFICERS

This semiannual report must be preceded or accompanied by a prospectus of the Evergreen fund contained herein. The prospectus contains more complete information, including fees and expenses, and should be read carefully before investing or sending money.

The fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q will be available on the SEC’s Web site at http://www.sec.gov. In addition, the fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330.

A description of the fund’s proxy voting policies and procedures, as well as information regarding how the fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available by visiting our Web site at EvergreenInvestments.com or by visiting the SEC’s Web site at http://www.sec.gov. The fund’s proxy voting policies and procedures are also available without charge, upon request, by calling 800.343.2898.

Mutual Funds:
NOT FDIC INSURED	MAY LOSE VALUE	NOT BANK GUARANTEED

Evergreen Investments^SM is a service mark of Evergreen Investment Management Company, LLC.
Copyright 2007, Evergreen Investment Management Company, LLC.

Evergreen Investment Management Company, LLC is a subsidiary of Wachovia Corporation and is an affiliate of Wachovia Corporation’s other Broker Dealer subsidiaries.

Evergreen mutual funds are distributed by Evergreen Investment Services, Inc.
200 Berkeley Street, Boston, MA 02116

LETTER TO SHAREHOLDERS

September 2007

Dennis H. Ferro
President and Chief
Executive Officer

Dear Shareholder:

We are pleased to provide the Semiannual Report for Evergreen New Jersey Municipal Money Market Fund for the six-month period ended July 31, 2007.

The domestic equity and fixed income markets produced modest, but positive, returns during the six-month period. Stock prices tended to rise early in the period, sustaining the momentum of late 2006 and early 2007 in a rally driven by better-than-expected corporate profits, strong global growth trends and brisk activity by private equity investors. However, equities then fell back in a major sell-off in the period’s final month. A market reversal in July 2007 was brought on by concerns about weakness in the housing industry and by worries that problems in the subprime mortgage market could spread to the general economy and signal a more general deterioration in credit quality within the bond market. Interest rates of longer-maturity bonds rose as their prices declined. At the same time, the spreads — or yield advantages — of lower-quality corporate bonds began to widen as investors preferred higher-quality bonds, especially Treasuries. In this environment, conservative, shorter-duration portfolios tended to hold up relatively well, while higher-yielding, lower-rated corporate bonds produced negative returns.

Despite the weakness in the housing industry, and the related problems in the subprime mortgage market, the domestic economy maintained

1

LETTER TO SHAREHOLDERS continued

its growth trajectory during the six-month period. While Gross Domestic Product grew by a rate of only 0.6% in the first quarter of 2007, it accelerated to a rate of 4.0% in the second quarter of 2007. During the six-month period, the Federal Reserve Board (the “Fed”) kept the fed funds rate, a key short-term interest rate, unchanged at 5.25% . However, as the period progressed, speculation increased about possible future actions by the nation’s central bank. Shortly after the period ended, the Fed acted, injecting liquidity into the market by cutting the discount rate, which is the rate at which the Fed lends to banks.

Against this backdrop, the management teams of Evergreen’s money market funds continued to focus on capital preservation and competitive income through investments in high-quality, short-term securities.

As always, we encourage investors to maintain diversified investment portfolios in pursuit of their long-term investment goals.

2

LETTER TO SHAREHOLDERS continued

Please visit us at EvergreenInvestments.com for more information about our funds and other investment products available to you. Thank you for your continued support of Evergreen Investments.

Sincerely,

Dennis H. Ferro
President and Chief Executive Officer
Evergreen Investment Company, Inc.

Special Notice to Shareholders:

Please visit our Web site at EvergreenInvestments.com for statements from President and Chief Executive Officer, Dennis Ferro, regarding the firm’s recent settlement with the Securities and Exchange Commission (SEC) and prior settlement with the National Association of Securities Dealers (NASD).

3

FUND AT A GLANCE

as of July 31, 2007

MANAGEMENT TEAM

Investment Advisor:

• Evergreen Investment Management Company, LLC

Portfolio Managers:

• Diane C. Beaver

• Ladson Hart

PERFORMANCE AND RETURNS*

Portfolio inception date: 10/26/1998

	Class A	Class S	Class I
Class inception date	10/26/1998	6/30/2000	4/5/1999
Nasdaq symbol	ENJXX	N/A	EJMXX
6-month return	1.49%	1.34%	1.64%
Average annual return
1-year	2.94%	2.63%	3.24%
5-year	1.55%	1.25%	1.85%
Since portfolio inception	1.94%	1.69%	2.22%
7-day annualized yield	3.11%	2.81%	3.41%
30-day annualized yield	3.11%	2.81%	3.41%

* The yield quotation more closely reflects the current earnings of the fund than the total return quotation.

Past performance is no guarantee of future results. The performance quoted represents past performance and current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end for Classes A or I, please go to EvergreenInvestments.com/fundperformance. Please call 1.800.343.2898 for the most recent month-end performance information for Class S. The performance of each class may vary based on differences in fees and expenses paid by the shareholders investing in each class. Performance includes the reinvestment of income dividends and capital gain distributions.

Historical performance shown for Classes S and I prior to their inception is based on the performance of Class A, the original class offered. The historical returns for Classes S and I have not been adjusted to reflect the effect of each class’ 12b-1 fee. These fees are 0.30% for Class A and 0.60% for Class S. Class I does not pay a 12b-1 fee. If these fees had been reflected, returns for Class S would have been lower while returns for Class I would have been higher.

Returns reflect expense limits previously in effect, without which returns would have been lower.

An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

4

FUND AT A GLANCE continued

7-DAY ANNUALIZED YIELD

Class I shares are only offered in the following manner: (1) to investment advisory clients of Evergreen Investment Management Company, LLC (or its advisory affiliates) when purchased by such advisor(s) on behalf of its clients, (2) through arrangements entered into on behalf of the Evergreen funds with certain financial services firms, (3) to certain institutional investors and (4) to persons who owned Class Y shares in registered name in an Evergreen fund on or before December 31, 1994 or who owned shares of any SouthTrust fund in registered name as of March 18, 2005 or shares of Vestaur Securities Fund as of May 20, 2005.

Class I shares are only available to institutional shareholders with a minimum of $1 million investment, which may be waived in certain situations.

Class S shares are sold through certain broker dealers and financial institutions which have selling agreements with the fund’s distributor.

The fund’s investment objective may be changed without a vote of the fund’s shareholders.

Funds that concentrate their investments in a single state may face increased risk of price fluctuation over less concentrated funds due to adverse developments within that state.

The fund’s yield will fluctuate and there can be no guarantee that the fund will achieve its objective or any particular tax-exempt yield. Income may be subject to federal alternative minimum tax as well as local income taxes.

Yields are based on net investment income for the stated periods and annualized.

All data is as of July 31, 2007, and subject to change.

5

ABOUT YOUR FUND’S EXPENSES

The Example below is intended to describe the fees and expenses borne by shareholders and the impact of those costs on your investment.

Example

As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2007 to July 31, 2007.

The example illustrates your fund’s costs in two ways:

• Actual expenses

The section in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

• Hypothetical example for comparison purposes

The section in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the section in the table under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	2/1/2007	7/31/2007	Period*
Actual
Class A	$ 1,000.00	$ 1,014.94	$ 4.40
Class S	$ 1,000.00	$ 1,013.42	$ 5.89
Class I	$ 1,000.00	$ 1,016.43	$ 2.90
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,020.43	$ 4.41
Class S	$ 1,000.00	$ 1,018.94	$ 5.91
Class I	$ 1,000.00	$ 1,021.92	$ 2.91

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (0.88% for Class A, 1.18% for Class S and 0.58% for Class I), multiplied by the average account value over the period, multiplied by 181 / 365 days.

6

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS A	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from investment operations
Net investment income (loss)	0.01	0.03	0.02	0.01	0.01	0.01
Distributions to shareholders from
Net investment income	(0.01)	(0.03)	(0.02)	(0.01)	(0.01)	(0.01)
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total return	1.49%	2.77%	1.83%	0.65%	0.53%	0.90%
Ratios and supplemental data
Net assets, end of period (millions)	$ 32	$ 22	$ 20	$ 23	$ 30	$ 42
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	0.88%1	0.87%	0.88%	0.89%	0.87%	0.86%
Expenses excluding waivers/
reimbursements and expense reductions	0.88%1	0.87%	0.88%	0.90%	0.88%	0.86%
Net investment income (loss)	2.87%1	2.74%	1.78%	0.62%	0.49%	0.81%

¹ Annualized

See Notes to FinancialStatements

7

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS S	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from investment operations
Net investment income (loss)	0.01	0.02	0.02	0	0	0.01
Distributions to shareholders from
Net investment income	(0.01)	(0.02)	(0.02)	01	01	(0.01)
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total return	1.34%	2.46%	1.54%	0.35%	0.24%	0.60%
Ratios and supplemental data
Net assets, end of period (millions)	$ 185	$ 169	$ 162	$ 171	$ 66	$ 108
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	1.18%2	1.17%	1.17%	1.16%	1.16%	1.16%
Expenses excluding waivers/
reimbursements and expense reductions	1.18%2	1.17%	1.18%	1.17%	1.18%	1.16%
Net investment income (loss)	2.57%2	2.42%	1.51%	0.48%	0.19%	0.51%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

8

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended
	July 31, 2007	Year Ended January 31,
CLASS I	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from investment operations
Net investment income (loss)	0.02	0.03	0.02	0.01	0.01	0.01
Distributions to shareholders from
Net investment income	(0.02)	(0.03)	(0.02)	(0.01)	(0.01)	(0.01)
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total return	1.64%	3.07%	2.13%	0.95%	0.83%	1.21%
Ratios and supplemental data
Net assets, end of period (millions)	$ 10	$ 15	$ 10	$ 5	$ 22	$ 21
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	0.58%1	0.57%	0.58%	0.59%	0.57%	0.56%
Expenses excluding waivers/
reimbursements and expense reductions	0.58%1	0.57%	0.58%	0.60%	0.58%	0.56%
Net investment income (loss)	3.17%1	3.02%	2.19%	0.89%	0.73%	1.04%

¹ Annualized

See Notes to FinancialStatements

9

SCHEDULE OF INVESTMENTS

July 31, 2007 (unaudited)

		Principal
		Amount		Value
MUNICIPAL OBLIGATIONS 99.4%
CONTINUING CARE RETIREMENT COMMUNITY 3.7%
New Jersey EDA RRB, Crane’s Mill Proj., Ser. B, 3.63%, VRDN, (LOC: Sovereign
Bank & UniCredito Italiano SpA)	$	2,895,000	$	2,895,000
New Jersey Hlth. Care Facs. Fin. Auth. RB:
Holland Christian Proj., Ser. A-2, 3.62%, VRDN, (LOC: Valley Natl. Bancorp)		2,700,000		2,700,000
Ser. A-6, 3.58%, VRDN, (Bank of America Corp.)		2,800,000		2,800,000
				8,395,000
EDUCATION 4.2%
California CDA RB, Biola Univ., Ser. B, 5.35%, VRDN, (SPA: BNP Paribas SA)		1,900,000		1,900,000
New Jersey EDA RB, Princeton Day Sch. Proj., 3.62%, VRDN, (LOC: Bank of
New York)		5,000,000		5,000,000
New Jersey Edl. Facs. Auth. RB, Princeton Univ. Proj., Ser. SG148, 3.63%, VRDN,
(Gtd. by Societe Generale)		2,650,000		2,650,000
				9,550,000
GENERAL OBLIGATION - LOCAL 9.1%
Bayonne, NJ Parking Authority RB, 3.79%, VRDN		2,000,000		2,000,000
Camden, NJ BAN, Ser. A, 4.00%, 11/21/2007		6,928,570		6,934,093
Chester Township, NJ BAN, 4.00%, 09/28/2007		1,234,000		1,234,596
Fair Haven, NJ Sch. Dist. GO, 4.00%, 10/04/2007		3,500,000		3,501,594
Flemington, NJ BAN, 3.875%, 04/11/2008		3,527,350		3,530,762
Mercer Cnty., NJ Washington Township Board of Ed. Refunding GO, Ser. 2808,
3.64%, VRDN, (Insd. by FSA & Liq.: Dexia SA)		3,300,000		3,300,000
				20,501,045
GENERAL OBLIGATION - STATE 5.9%
California GO, PFOTER, Ser. 1008, 3.67%, VRDN, (SPA: Merrill Lynch & Co., Inc.)		5,100,000		5,100,000
Massachusetts Bay Trans. Auth. MTC GO, Ser. SG-156, 3.72%, VRDN, (Liq.:
Societe Generale)		900,000		900,000
New Jersey GO, Ser. 1995-D, 3.66%, VRDN, (LOC: Chase Manhattan Bank)		6,130,000		6,130,000
New Jersey MTC GO, Ser. 2001-174, Class A, 3.73%, VRDN, (Liq.: Bear Stearns
Cos.)		1,200,000		1,200,000
				13,330,000
HOSPITAL 8.4%
Camden Cnty., NJ Impt. Auth. Hlth. Care Redev. RB, The Cooper Hlth. Sys. Proj.,
Ser. B, 3.71%, VRDN, (LOC: Commerce Bancorp, Inc.)		13,000,000		13,000,000
New Jersey Hlth. Care Facs. RRB, Ser. 1163, 3.64%, VRDN, (Insd. by Radian
Group, Inc. & Liq.: Morgan Stanley)		5,680,000		5,680,000
Pennsylvania Higher Edl. Facs. & Hosp. Auth. RB, 3.67%, VRDN, (LOC: Lloyds TSB
Group plc)		400,000		400,000
				19,080,000

See Notes to Financial Statements

10

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

		Principal
		Amount		Value
MUNICIPAL OBLIGATIONS continued
HOUSING 8.3%
Class B Revenue Bond Cert. Trust, Ser. 2001-01, 3.83%, VRDN, (Liq.: American
Intl. Group, Inc.)	$	2,600,000	$	2,600,000
Goldman Sachs Pool Trust, 3.71%, VRDN, (Liq.: Goldman Sachs Group, Inc.)		3,400,000		3,400,000
Memphis, TN Hlth. Edl. & Hsg. Facs. MHRB, Aspenwood Square Apts. Proj.,
3.73%, VRDN, (Insd. by Columbus B&T Co.)		4,040,000		4,040,000
Merrill Lynch Puttable Floating Option Tax-Exempt Receipts:
Class F:
3.81%, VRDN, (LOC: Lloyds TSB Bank plc)		1,060,000		1,060,000
3.81%, VRDN, (SPA: Merrill Lynch & Co., Inc.)		550,000		550,000
Class I, 3.71%, VRDN, (LOC: Lloyds TSB Group plc)		1,700,000		1,700,000
New Jersey EDA RB, Paddock Realty, LLC Proj., 3.81%, VRDN, (LOC: Wells Fargo
& Co.)		1,200,000		1,200,000
New Jersey Hsg. & Mtge. Fin. Agcy. MHRB, Ser. 1012, 3.67%, VRDN, (Liq.:
Morgan Stanley & Insd. by FGIC)		1,385,000		1,385,000
Newark, NJ Hsg. Auth. MHRB, 3.72%, VRDN, (Liq.: Merrill Lynch & Co., Inc.)		2,760,000		2,760,000
				18,695,000
INDUSTRIAL DEVELOPMENT REVENUE 5.5%
Frankfort, IN EDRB, Gen. Seating of America Proj., 4.18%, VRDN, (LOC: Dai-Ichi
Kangyo Bank, Ltd.)		1,355,000		1,355,000
Logan City, UT IDRB, Scientific Tech, Inc., 3.91%, VRDN, (LOC: Bank of the West)		1,700,000		1,700,000
New Jersey EDA RRB, Dieter Weissenrieder, Ser. A, 3.71%, VRDN, (LOC:
Washington Mutual, Inc.)		2,215,000		2,215,000
New Jersey EDRB:
El Dorado Terminals Proj., Ser. B, 3.65%, VRDN, (LOC: SunTrust Banks, Inc.)		4,950,000		4,950,000
Falcon Safety Products Proj., 3.63%, VRDN, (LOC: PNC Bank, NA)		2,305,000		2,305,000
				12,525,000
LEASE 0.9%
BB&T Muni. Trust, Ser. 1006, 3.79%, VRDN, (LOC & Liq.: Branch Bank & Trust
Co.)		2,000,000		2,000,000
MISCELLANEOUS REVENUE 16.6%
Brazoria Cnty., TX Harbor Navigation Dist. RRB, Dow Chemical Co. Proj., Ser. A-4,
5.20%, 05/15/2008, (Gtd. by Dow Chemical Co.)		500,000		504,574
Essex Cnty., NJ Impt. Auth. Lease RB, 3.65%, VRDN, (Insd. by FGIC & Liq.: Merrill
Lynch & Co., Inc.)		645,000		645,000
Montgomery Cnty., TN Pub. Bldg. Auth. RB, 3.67%, VRDN, (LOC: Bank of America
Corp.)		595,000		595,000
Municipal Securities Trust Cert.:
Ser. 2006-3017, Class A, 3.67%, VRDN, (Insd. by AMBAC & Liq.: Bear Stearns
Cos.)		6,885,000		6,885,000
Ser. 2006-5013, Class A, 3.67%, VRDN, (Insd. by AMBAC & Liq: Branch Bank &
Trust Co.)		5,385,000		5,385,000
Ser. 2006-7009, Class A, 3.63%, VRDN, (Insd. by MBIA & Liq.: Bear Stearns
Cos.)		5,000,000		5,000,000

See Notes to Financial Statements

11

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

		Principal
		Amount		Value
MUNICIPAL OBLIGATIONS  continued
MISCELLANEOUS REVENUE  continued
New Jersey EDRB, Bayonne Impt. Proj.:
Ser. A, 3.65%, VRDN, (LOC: SunTrust Banks, Inc.)	$	2,225,000	$	2,225,000
Ser. B, 3.65%, VRDN, (LOC: SunTrust Banks, Inc.)		3,975,000		3,975,000
Ser. C, 3.65%, VRDN, (LOC: SunTrust Banks, Inc.)		1,200,000		1,200,000
New Jersey Env. Infrastructure RB, MSTR, 3.66%, VRDN, (Liq.: JPMorgan Chase &
Co.)		9,635,000		9,635,000
West Baton Rouge, LA IDRB, Dow Chemical Co. Proj.:
Ser. 1995, 3.84%, VRDN, (Gtd. by Dow Chemical Co.)		400,000		400,000
Ser. A, 3.84%, VRDN, (Gtd. by Dow Chemical Co.)		1,150,000		1,150,000
				37,599,574
PORT AUTHORITY 1.4%
New Jersey EDA RB, Ser. 78G, 3.71%, VRDN, (Liq.: Goldman Sachs Group, Inc.)		3,100,000		3,100,000
SALES TAX 1.3%
Garden State Preservation Trust RB, Open Space & Farmland Proj., Ser. RR,
3.65%, VRDN, (Insd. by FSA & SPA: Merrill Lynch & Co., Inc.)		2,900,000		2,900,000
SPECIAL TAX 7.2%
New Jersey EDA RB, 3.65%, VRDN, (Liq.: Radian Group, Inc.)		6,345,000		6,345,000
New Jersey EDA ROC, 3.65%, VRDN, (Insd. by MBIA)		10,000,000		10,000,000
New York, NY TFA RB, Ser. 2, 3.65%, VRDN, (Liq.: Dexia SA)		45,000		45,000
				16,390,000
TOBACCO REVENUE 8.8%
Merrill Lynch Puttable Option Tax-Exempt Receipts, 3.67%, VRDN		14,500,000		14,500,000
Tobacco Settlement Funding Corp. of New Jersey RB, PFOTER, 3.66%, VRDN,
(SPA: Merrill Lynch & Co., Inc.)		5,465,000		5,465,000
				19,965,000
TRANSPORTATION 5.8%
New Jersey Trans. Auth. RB:
3.64%, VRDN, (Insd. by FGIC)		250,000		250,000
3.64%, VRDN, (Insd. by FSA & Liq.: Dexia SA)		1,980,000		1,980,000
PFOTER:
Ser. 1365, 3.65%, VRDN, (Insd. by MBIA & Liq.: JPMorgan Chase & Co.)		2,230,000		2,230,000
Ser. 1366, 3.65%, VRDN, (Insd. by MBIA & Liq.: JPMorgan Chase & Co.)		1,170,000		1,170,000
New Jersey TTFA RB:
Ser. 038, 3.67%, VRDN, (Insd. by AMBAC & Liq.: Wells Fargo & Co.)		6,100,000		6,100,000
Ser. 1403, 3.65%, VRDN, (Insd. by MBIA & Liq.: JPMorgan Chase & Co.)		1,500,000		1,500,000
				13,230,000
UTILITY 7.0%
Appling Cnty., GA Dev. Auth. PCRB, Georgia Power Hatch Plant Proj., Ser. 2,
3.74%, VRDN, (Gtd. by Georgia Power Co.)		1,000,000		1,000,000
Delaware EDA RB, Delmarva Power & Light Co. Proj., 3.85%, VRDN, (Gtd. by
Delmarva Power & Light Co.)		1,600,000		1,600,000

See Notes to Financial Statements

12

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

		Principal
		Amount		Value
MUNICIPAL OBLIGATIONS  continued
UTILITY continued
New Jersey EDA Thermal Energy Facs. RB, 3.63%, VRDN, (LOC: Bank One)	$	4,345,000	$	4,345,000
Puerto Rico Elec. Power Auth. RB, ROC RR-II-R 637CE, 3.67%, VRDN, (Liq.:
Citigroup, Inc.)		8,860,000		8,860,000
				15,805,000
WATER & SEWER 5.3%
Pennsylvania EDFA Wastewater Treatment RRB, Sunoco, Inc. Proj., 3.82%, VRDN,
(Gtd. by Sunoco, Inc.)		2,000,000		2,000,000
Puerto Rico Aqueduct & Sewer Auth. RB, ROCRR-II-R 10001CE, 3.67%, VRDN,
(CitiBank, NA)		10,000,000		10,000,000
				12,000,000
Total Investments (cost $225,065,619) 99.4%				225,065,619
Other Assets and Liabilities  0.6%				1,348,182
Net Assets 100.0%			$	226,413,801

VRDN Variable Rate Demand Note security which is payable on demand within seven calendar days after notice is given by the Fund to the issuer or other parties not affiliated with the issuer. Interest rates are determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. Interest rates presented for these securities are those in effect at July 31, 2007.

Certain obligations held in the portfolio have credit enhancements or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit, liquidity guarantees; security purchase agreements; tender option purchase agreements, and third party insurance (i.e. AMBAC, FGIC and MBIA). Adjustable rate bonds and variable rate demand notes held in the portfolio may be considered derivative securities within the standards imposed by the Securities and Exchange Commission under Rule 2a-7 which were designed to minimize both credit and market risk.

Summary of Abbreviations
AMBAC	American Municipal Bond Assurance Corp.
BAN	Bond Anticipation Note
CDA	Community Development Authority
EDA	Economic Development Authority
EDFA	Economic Development Finance Authority
EDRB	Economic Development Revenue Bond
FGIC	Financial Guaranty Insurance Co.
FSA	Financial Security Assurance, Inc.
GO	General Obligation
IDRB	Industrial Development Revenue Bond
LOC	Letter of Credit
MBIA	Municipal Bond Investors Assurance Corp.
MHRB	Multifamily Housing Revenue Bond
MSTR	Municipal Securities Trust Receipt
MTC	Municipal Trust Certificates
PCRB	Pollution Control Revenue Bond
PFOTER	Puttable Floating Option Tax Exempt Receipts
RB	Revenue Bond
ROC	Reset Option Certificate
RRB	Refunding Revenue Bond
SPA	Securities Purchase Agreement
TFA	Transitional Finance Authority
TTFA	Transportation Trust Fund Authority

See Notes to Financial Statements

13

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

The following table shows the percent of total investments by geographic location as of July 31, 2007:

New Jersey	76.5%
Puerto Rico	8.4%
California	4.3%
Tennessee	2.0%
Delaware	1.8%
New York	1.5%
Pennsylvania	1.1%
Utah	0.8%
Louisiana	0.7%
Indiana	0.6%
Massachusetts	0.4%
Georgia	0.4%
Texas	0.2%
Non-state specific	1.3%
	100.0%

The following table shows the percent of total investments by credit quality as of July 31, 2007:

Tier 1	95.9%
Tier 2	2.5%
NR	1.6%
	100.0%

The following table shows the percent of total investments based on maturity as of July 31, 2007:

2-7 days	93.0%
8-60 days	0.6%
61-120 days	4.6%
241+ days	1.8%
	100.0%

See Notes to Financial Statements

14

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2007 (unaudited)

Assets
Investments at amortized cost	$	225,065,619
Receivable for Fund shares sold		50,000
Interest receivable		1,382,659
Prepaid expenses and other assets		10,032
Total assets		226,508,310
Liabilities
Dividends payable		32,472
Payable for Fund shares redeemed		8,000
Due to custodian bank		25,612
Advisory fee payable		2,534
Distribution Plan expenses payable		3,282
Due to other related parties		1,053
Accrued expenses and other liabilities		21,556
Total liabilities		94,509
Net assets	$	226,413,801
Net assets represented by
Paid-in capital	$	226,093,048
Overdistributed net investment income		(38,900)
Accumulated net realized gains on investments		359,653
Total net assets	$	226,413,801
Net assets consists of
Class A	$	31,679,167
Class S		184,581,828
Class I		10,152,806
Total net assets	$	226,413,801
Shares outstanding (unlimited number of shares authorized)
Class A		31,624,486
Class S		184,333,158
Class I		10,135,404
Net asset value per share
Class A	$	1.00
Class S	$	1.00
Class I	$	1.00

See Notes to Financial Statements

15

STATEMENT OF OPERATIONS

Six Months Ended July 31, 2007 (unaudited)

Investment income
Interest	$	4,040,107
Expenses
Advisory fee		442,399
Distribution Plan expenses
Class A		40,307
Class S		524,520
Administrative services fee		64,741
Transfer agent fees		33,344
Trustees’ fees and expenses		2,900
Printing and postage expenses		9,598
Custodian and accounting fees		32,002
Registration and filing fees		23,809
Professional fees		10,098
Other		5,451
Total expenses		1,189,169
Less: Expense reductions		(7,523)
Net expenses		1,181,646
Net investment income		2,858,461
Net realized gains on investments		359,653
Net increase in net assets resulting from operations	$	3,218,114

See Notes to Financial Statements

16

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	July 31, 2007		Year Ended
	(unaudited)		January 31, 2007
Operations
Net investment income	$	2,858,461	$	5,353,530
Net realized gains on investments		359,653		88,781
Net increase in net assets resulting
from operations		3,218,114		5,442,311
Distributions to shareholders from
Net investment income
Class A		(404,427)		(620,826)
Class S		(2,351,751)		(4,149,106)
Class I		(229,864)		(597,243)
Total distributions to shareholders		(2,986,042)		(5,367,175)
	Shares		Shares
Capital share transactions
Proceeds from shares sold
Class A	61,366,349	61,366,349	74,693,040	74,693,040
Class S	619,232,124	619,232,124	1,035,748,927	1,035,748,927
Class I	38,993,883	38,993,883	125,953,531	125,953,531
		719,592,356		1,236,395,498
Net asset value of shares issued in
reinvestment of distributions
Class A	325,569	325,569	497,037	497,037
Class S	2,351,751	2,351,751	4,149,106	4,149,106
Class I	57,110	57,110	116,109	116,109
		2,734,430		4,762,252
Payment for shares redeemed
Class A	(52,180,931)	(52,180,931)	(73,075,168)	(73,075,168)
Class S	(605,996,599)	(605,996,599)	(1,033,380,981)	(1,033,380,981)
Class I	(44,231,139)	(44,231,139)	(120,438,312)	(120,438,312)
		(702,408,669)		(1,226,894,461)
Net increase in net assets resulting
from capital share transactions		19,918,117		14,263,289
Total increase in net assets		20,150,189		14,338,425
Net assets
Beginning of period		206,263,612		191,925,187
End of period	$	226,413,801	$	206,263,612
Undistributed (overdistributed) net
investment income	$	(38,900)	$	88,681

See Notes to Financial Statements

17

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen New Jersey Municipal Money Market Fund (the “Fund”) is a non-diversified series of Evergreen Money Market Trust (the “Trust”), a Delaware statutory trust organized on September 18, 1997. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Fund offers Class A, Class S and Class I shares at net asset value without a front-end sales charge or contingent deferred sales charge. Each class of shares, except Class I shares, pays an ongoing distribution fee.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America, which require management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates.

a. Valuation of investments

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates market value.

b. Security transactions and investment income

Security transactions are recorded on trade date. Realized gains and losses are computed using the specific cost of the security sold. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

c. Federal taxes

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income, including any net capital gains (which have already been offset by available capital loss carryovers). Accordingly, no provision for federal taxes is required.

d. Distributions

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

e. Class allocations

Income, common expenses and realized and unrealized gains and losses are allocated to the classes based on the relative net assets of each class. Distribution fees, if any, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

18

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

3. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Evergreen Investment Management Company, LLC (“EIMC”), an indirect, wholly-owned subsidiary of Wachovia Corporation (“Wachovia”), is the investment advisor to the Fund and is paid an annual fee starting at 0.41% and declining to 0.30% as average daily net assets increase.

Evergreen Investment Services, Inc. (“EIS”), an indirect, wholly-owned subsidiary of Wachovia, is the administrator to the Fund. As administrator, EIS provides the Fund with facilities, equipment and personnel and is paid an annual rate determined by applying percentage rates to the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund, starting at 0.06% and declining to 0.04% as the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund increase.

Evergreen Service Company, LLC (“ESC”), an indirect, wholly-owned subsidiary of Wachovia, is the transfer and dividend disbursing agent for the Fund. ESC receives account fees that vary based on the type of account held by the shareholders in the Fund.

4. DISTRIBUTION PLANS

EIS also serves as distributor of the Fund’s shares. The Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940 Act, for each class of shares, except Class I. Under the Distribution Plans, distribution fees are paid at an annual rate of 0.30% of the average daily net assets for Class A shares and 0.60% of the average daily net assets for Class S shares.

5. INVESTMENT TRANSACTIONS

On July 31, 2007, the cost of investments for federal income tax purposes for the Fund was the same as for financial reporting purposes.

6. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, the Fund may participate in an interfund lending program with certain funds in the Evergreen fund family. This program allows the Fund to borrow from other participating funds. During the six months ended July 31, 2007, the Fund did not participate in the interfund lending program.

7. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

8. DEFERRED TRUSTEES’ FEES

Each Trustee of the 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 is based on the investment performance of certain Evergreen funds. Any gains earned or losses

19

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

incurred in the deferral accounts are reported in the Fund’s Trustees’ fees and expenses. At the election of the Trustees, the deferral account will be paid either in one lump sum or in quarterly installments for up to ten years.

9. FINANCING AGREEMENT

The Fund and certain other Evergreen funds share in an unsecured revolving credit commitment for temporary and emergency purposes, including the funding of redemptions, as permitted by each participating fund’s borrowing restrictions. Borrowings under this facility bear interest at 0.50% per annum above the Federal Funds rate. All of the participating funds are charged an annual commitment fee on the unused balance, which is allocated pro rata. The credit facility is for $100 million with an annual commitment fee of 0.08% . During the six months ended July 31, 2007, the Fund had no borrowings.

10. CONCENTRATION OF RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state, therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt mutual fund.

11. REGULATORY MATTERS AND LEGAL PROCEEDINGS

Pursuant to an administrative order issued by the Securities and Exchange Commission (“SEC”) on September 19, 2007, EIMC, EIS, ESC (collectively, the “Evergreen Entities”), Wachovia Securities, LLC and the SEC have entered into an agreement settling allegations of (i) improper short-term trading arrangements in effect prior to May 2003 involving former officers and employees of EIMC and certain broker-dealers, (ii) insufficient systems for monitoring exchanges and enforcing exchange limitations as stated in certain funds’ prospectuses, and (iii) inadequate e-mail retention practices. Under the settlement, the Evergreen Entities were censured and will pay approximately $32 million in disgorgement and penalties. This amount, along with a fine assessed by the SEC against Wachovia Securities, LLC will be distributed pursuant to a plan to be developed by an independent distribution consultant and approved by the SEC. The Evergreen Entities neither admitted nor denied the allegations and findings set forth in its settlement with the SEC.

EIS has entered into an agreement with the NASD settling allegations that EIS (i) arranged for Evergreen fund portfolio trades to be directed to Wachovia Securities, LLC, an affiliate of EIS that sold Evergreen fund shares, during the period of January 2001 to December 2003 and (ii) provided non-cash compensation by sponsoring offsite meetings attended by Wachovia Securities, LLC brokers during that period, where the eligibility of a broker to attend the meetings depended upon the broker meeting certain sales targets of Evergreen fund shares. Pursuant to the settlement agreement, EIS has agreed to a censure and a fine of $4,200,000. EIS neither admitted nor denied the allegations and findings set forth in its agreement with the NASD.

20

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

In addition, the Evergreen funds and EIMC and certain of its affiliates are involved in various legal actions, including private litigation and class action lawsuits. EIMC does not expect that any of such legal actions currently pending or threatened will have a material adverse impact on the financial position or operations of any of the Evergreen funds or on EIMC’s ability to provide services to the Evergreen funds.

Although EIMC believes that none of the matters discussed above will have a material adverse impact on the Evergreen funds, there can be no assurance that these matters and any publicity surrounding or resulting from them will not result in reduced sales or increased redemptions of Evergreen fund shares, which could increase Evergreen fund transaction costs or operating expenses, or that they will not have other adverse consequences on the Evergreen funds.

12. NEW ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109 (“FIN 48”). FIN 48 supplements FASB 109 by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Fund’s financial statements have not been impacted by the adoption of FIN 48. However, the conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from FASB, and on-going analysis of tax laws, regulations, and interpretations thereof.

In September 2006, FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 applies to fair value measurements already required or permitted by existing standards. The change to current generally accepted accounting principles from the application of FAS 157 relates to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management of the Fund does not believe the adoption of FAS 157 will materially impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years.

21

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22

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23

TRUSTEES AND OFFICERS

TRUSTEES1
Charles A. Austin III	Investment Counselor, Anchor Capital Advisors, LLC. (investment advice); Director, The Andover
Trustee	Companies (insurance); Trustee, Arthritis Foundation of New England; Former Director, The
DOB: 10/23/1934	Francis Ouimet Society (scholarship program); Former Director, Executive Vice President and
Term of office since: 1991	Treasurer, State Street Research & Management Company (investment advice)
Other directorships: None
K. Dun Gifford	Chairman and President, Oldways Preservation and Exchange Trust (education); Trustee,
Trustee	Treasurer and Chairman of the Finance Committee, Cambridge College
DOB: 10/23/1938
Term of office since: 1974
Other directorships: None
Dr. Leroy Keith, Jr.	Managing Director, Almanac Capital Management (commodities firm); Trustee, Phoenix
Trustee	Fund Complex; Director, Diversapack Co. (packaging company); Former Partner, Stonington
DOB: 2/14/1939	Partners, Inc. (private equity fund); Former Director, Obagi Medical Products Co.; Former
Term of office since: 1983	Director, Lincoln Educational Services
Other directorships: Trustee,
Phoenix Fund Complex (consisting
of 60 portfolios)
Gerald M. McDonnell	Manager of Commercial Operations, CMC Steel (steel producer)
Trustee
DOB: 7/14/1939
Term of office since: 1988
Other directorships: None
Patricia B. Norris	President and Director of Buckleys of Kezar Lake, Inc. (real estate company); Former President
Trustee	and Director of Phillips Pond Homes Association (home community); Former Partner,
DOB: 4/9/1948	PricewaterhouseCoopers, LLP (independent registered public accounting firm)
Term of office since: 2006
Other directorships: None
William Walt Pettit	Partner and Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior Packaging Corp.
Trustee	(packaging company); Member, Superior Land, LLC (real estate holding company), Member,
DOB: 8/26/1955	K&P Development, LLC (real estate development); Former Director, National Kidney Foundation
Term of office since: 1984	of North Carolina, Inc. (non-profit organization)
Other directorships: None
David M. Richardson	President, Richardson, Runden LLC (executive recruitment business development/consulting
Trustee	company); Consultant, Kennedy Information, Inc. (executive recruitment information and
DOB: 9/19/1941	research company); Consultant, AESC (The Association of Executive Search Consultants);
Term of office since: 1982	Director, J&M Cumming Paper Co. (paper merchandising); Former Trustee, NDI Technologies, LLP
	(communications)
Other directorships: None
Dr. Russell A. Salton III	President/CEO, AccessOne MedCard, Inc.; Former Medical Director, Healthcare Resource
Trustee	Associates, Inc.
DOB: 6/2/1947
Term of office since: 1984
Other directorships: None
Michael S. Scofield	Retired Attorney, Law Offices of Michael S. Scofield; Former Director and Chairman, Branded
Trustee	Media Corporation (multi-media branding company)
DOB: 2/20/1943
Term of office since: 1984
Other directorships: None

24

TRUSTEES AND OFFICERS continued

Richard J. Shima	Independent Consultant; Director, Hartford Hospital; Trustee, Greater Hartford YMCA; Former
Trustee	Director, Trust Company of CT; Former Director, Old State House Association; Former Trustee,
DOB: 8/11/1939	Saint Joseph College (CT)
Term of office since: 1993
Other directorships: None
Richard K. Wagoner, CFA2	Member and Former President, North Carolina Securities Traders Association; Member, Financial
Trustee	Analysts Society
DOB: 12/12/1937
Term of office since: 1999
Other directorships: None
OFFICERS
Dennis H. Ferro3	Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President	Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945	Evergreen Investment Company, Inc.
Term of office since: 2003
Jeremy DePalma4	Principal occupations: Vice President, Evergreen Investment Services, Inc.; Former Assistant Vice
Treasurer	President, Evergreen Investment Services, Inc.
DOB: 2/5/1974
Term of office since: 2005
Michael H. Koonce4	Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary	Services, Inc.; Secretary, Senior Vice President and General Counsel, Evergreen Investment
DOB: 4/20/1960	Management Company, LLC and Evergreen Service Company, LLC; Senior Vice President and
Term of office since: 2000	Assistant General Counsel, Wachovia Corporation
Robert Guerin4, 5	Principal occupations: Chief Compliance Officer, Evergreen Funds and Senior Vice President of
Chief Compliance Officer	Evergreen Investments Co, Inc; Former Managing Director and Senior Compliance Officer,
DOB: 9/20/1965	Babson Capital Management LLC; Former Principal and Director, Compliance and Risk
Term of office since: 2007	Management, State Street Global Advisors; Former Vice President and Manager, Sales Practice
	Compliance, Deutsche Asset Management.

1 Each Trustee, except Ms. Norris, serves until a successor is duly elected or qualified or until his death, resignation, retirement or removal from office. As a new Trustee, Ms. Norris’ initial term ends June 30, 2009, at which time she may be re-elected by Trustees to serve until a successor is duly elected or qualified or until her death, resignation, retirement or removal from office by the Trustees. Each Trustee oversees 92 Evergreen funds. Correspondence for each Trustee may be sent to Evergreen Board of Trustees, P.O. Box 20083, Charlotte, NC 28202.

2 Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the Fund’s investment advisor.

3 The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.

4 The address of the Officer is 200 Berkeley Street, Boston, MA 02116.

5 Mr. Guerin’s information is as of June 14, 2007, the effective date of his approval by the Board of Trustees as Chief Compliance Officer of the Evergreen funds.

Additional information about the Fund’s Board of Trustees and Officers can be found in the Statement of Additional Information (SAI) and is available upon request without charge by calling 800.343.2898.

25

567514 rv4 09/2007

Evergreen New York Municipal Money Market Fund

table of contents
1	LETTER TO SHAREHOLDERS
4	FUND AT A GLANCE
6	ABOUT YOUR FUND’S EXPENSES
7	FINANCIAL HIGHLIGHTS
10	SCHEDULE OF INVESTMENTS
15	STATEMENT OF ASSETS AND LIABILITIES
16	STATEMENT OF OPERATIONS
17	STATEMENTS OF CHANGES IN NET ASSETS
18	NOTES TO FINANCIAL STATEMENTS
24	TRUSTEES AND OFFICERS

This semiannual report must be preceded or accompanied by a prospectus of the Evergreen fund contained herein. The prospectus contains more complete information, including fees and expenses, and should be read carefully before investing or sending money.

The fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q will be available on the SEC’s Web site at http://www.sec.gov. In addition, the fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330.

A description of the fund’s proxy voting policies and procedures, as well as information regarding how the fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available by visiting our Web site at EvergreenInvestments.com or by visiting the SEC’s Web site at http://www.sec.gov. The fund’s proxy voting policies and procedures are also available without charge, upon request, by calling 800.343.2898.

Mutual Funds:
NOT FDIC INSURED	MAY LOSE VALUE	NOT BANK GUARANTEED

Evergreen Investments^SM is a service mark of Evergreen Investment Management Company, LLC.
Copyright 2007, Evergreen Investment Management Company, LLC.

Evergreen Investment Management Company, LLC is a subsidiary of Wachovia Corporation and is an affiliate of Wachovia Corporation’s other Broker Dealer subsidiaries.

Evergreen mutual funds are distributed by Evergreen Investment Services, Inc.
200 Berkeley Street, Boston, MA 02116

LETTER TO SHAREHOLDERS

September 2007

Dennis H. Ferro
President and Chief
Executive Officer

Dear Shareholder:

We are pleased to provide the Semiannual Report for Evergreen New York Municipal Money Market Fund for the six-month period ended July 31, 2007.

The domestic equity and fixed income markets produced modest, but positive, returns during the six-month period. Stock prices tended to rise early in the period, sustaining the momentum of late 2006 and early 2007 in a rally driven by better-than-expected corporate profits, strong global growth trends and brisk activity by private equity investors. However, equities then fell back in a major sell-off in the period’s final month. A market reversal in July 2007 was brought on by concerns about weakness in the housing industry and by worries that problems in the subprime mortgage market could spread to the general economy and signal a more general deterioration in credit quality within the bond market. Interest rates of longer-maturity bonds rose as their prices declined. At the same time, the spreads — or yield advantages —of lower-quality corporate bonds began to widen as investors preferred higher-quality bonds, especially Treasuries. In this environment, conservative, shorter-duration portfolios tended to hold up relatively well, while higher-yielding, lower-rated corporate bonds produced negative returns.

Despite the weakness in the housing industry, and the related problems in the subprime mortgage market, the domestic economy maintained

1

LETTER TO SHAREHOLDERS continued

its growth trajectory during the six-month period. While Gross Domestic Product grew by a rate of only 0.6% in the first quarter of 2007, it accelerated to a rate of 4.0% in the second quarter of 2007. During the six-month period, the Federal Reserve Board (the “Fed”) kept the fed funds rate, a key short-term interest rate, unchanged at 5.25% . However, as the period progressed, speculation increased about possible future actions by the nation’s central bank. Shortly after the period ended, the Fed acted, injecting liquidity into the market by cutting the discount rate, which is the rate at which the Fed lends to banks.

Against this backdrop, the management teams of Evergreen’s money market funds continued to focus on capital preservation and competitive income through investments in high-quality, short-term securities.

As always, we encourage investors to maintain diversified investment portfolios in pursuit of their long-term investment goals.

2

LETTER TO SHAREHOLDERS continued

Please visit us at EvergreenInvestments.com for more information about our funds and other investment products available to you. Thank you for your continued support of Evergreen Investments.

Sincerely,

Dennis H. Ferro
President and Chief Executive Officer
Evergreen Investment Company, Inc.

Special Notice to Shareholders:

Please visit our Web site at EvergreenInvestments.com for statements from President and Chief Executive Officer, Dennis Ferro, regarding the firm’s recent settlement with the Securities and Exchange Commission (SEC) and prior settlement with the National Association of Securities Dealers (NASD).

3

FUND AT A GLANCE

as of July 31, 2007

MANAGEMENT TEAM

Investment Advisor:

• Evergreen Investment Management Company, LLC

Portfolio Managers:

• Diane C. Beaver

• Ladson Hart

PERFORMANCE AND RETURNS*

Portfolio inception date: 9/24/2001

	Class A	Class S	Class I
Class inception date	9/24/2001	9/24/2001	9/24/2001
Nasdaq symbol	ENYXX	N/A	ENIXX
6-month return	1.44%	1.29%	1.59%
Average annual return
1-year	2.98%	2.67%	3.29%
5-year	1.53%	1.23%	1.83%
Since portfolio inception	1.43%	1.13%	1.73%
7-day annualized yield	2.85%	2.55%	3.14%
30-day annualized yield	2.84%	2.54%	3.14%

* The yield quotation more closely reflects the current earnings of the fund than the total return quotation.

Past performance is no guarantee of future results. The performance quoted represents past performance and current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end for Classes A or I, please go to EvergreenInvestments.com/fundperformance. Please call 1.800.343.2898 for the most recent month-end performance information for Class S. The performance of each class may vary based on differences in fees and expenses paid by the shareholders investing in each class. Performance includes the reinvestment of income dividends and capital gain distributions.

The fund incurs a 12b-1 fee of 0.30% for Class A and 0.60% for Class S. Class I does not pay a 12b-1 fee.

Returns reflect expense limits previously in effect, without which returns would have been lower.

An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

4

FUND AT A GLANCE continued

7-DAY ANNUALIZED YIELD

Class I shares are only offered in the following manner: (1) to investment advisory clients of Evergreen Investment Management Company, LLC (or its advisory affiliates) when purchased by such advisor(s) on behalf of its clients, (2) through arrangements entered into on behalf of the Evergreen funds with certain financial services firms, (3) to certain institutional investors and (4) to persons who owned Class Y shares in registered name in an Evergreen fund on or before December 31, 1994 or who owned shares of any SouthTrust fund in registered name as of March 18, 2005 or shares of Vestaur Securities Fund as of May 20, 2005.

Class I shares are only available to institutional shareholders with a minimum of $1 million investment, which may be waived in certain situations.

Class S shares are sold through certain broker dealers and financial institutions which have selling agreements with the fund’s distributor.

The fund’s investment objective may be changed without a vote of the fund’s shareholders.

Funds that concentrate their investments in a single state may face increased risk of price fluctuation over less concentrated funds due to adverse developments within that state.

The fund’s yield will fluctuate and there can be no guarantee that the fund will achieve its objective or any particular tax-exempt yield. Income may be subject to federal alternative minimum tax as well as local income taxes.

Yields are based on net investment income for the stated periods and annualized.

All data is as of July 31, 2007, and subject to change.

5

ABOUT YOUR FUND’S EXPENSES

The Example below is intended to describe the fees and expenses borne by shareholders and the impact of those costs on your investment.

Example

As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2007 to July 31, 2007.

The example illustrates your fund’s costs in two ways:

• Actual expenses

The section in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

• Hypothetical example for comparison purposes

The section in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the section in the table under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	2/1/2007	7/31/2007	Period*
Actual
Class A	$ 1,000.00	$ 1,014.45	$ 4.30
Class S	$ 1,000.00	$ 1,012.93	$ 5.79
Class I	$ 1,000.00	$ 1,015.94	$ 2.80
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,020.53	$ 4.31
Class S	$ 1,000.00	$ 1,019.04	$ 5.81
Class I	$ 1,000.00	$ 1,022.02	$ 2.81

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (0.86% for Class A, 1.16% for Class S and 0.56% for Class I), multiplied by the average account value over the period, multiplied by 181 / 365 days.

6

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS A	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$  1.00	$ 1.00	$ 1.00	$   1.00	$ 1.00	$ 1.00
Income from investment operations
Net investment income (loss)	0.01	0.03	0.02	0.01	0	0.01
Distributions to shareholders from
Net investment income	(0.01)	(0.03)	(0.02)	(0.01)	01	(0.01)
Net asset value, end of period	$  1.00	$ 1.00	$ 1.00	$   1.00	$ 1.00	$ 1.00
Total return	1.44%	2.88%	1.84%	0.58%	0.46%	0.82%
Ratios and supplemental data
Net assets, end of period (thousands)	$43,563	$47,842	$40,856	$78,542	$82,110	$101,114
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	0.86%2	0.86%	0.86%	0.87%	0.91%	0.88%
Expenses excluding waivers/reimbursements
and expense reductions	0.86%2	0.86%	0.87%	0.91%	0.93%	0.93%
Net investment income (loss)	2.88%2	2.72%	1.71%	0.58%	0.39%	0.79%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

7

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS S	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$  1.00	$ 1.00	$ 1.00	$   1.00	$ 1.00	$ 1.00
Income from investment operations
Net investment income (loss)	0.01	0.03	0.02	0	0	0.01
Distributions to shareholders from
Net investment income	(0.01)	(0.03)	(0.02)	01	01	(0.01)
Net asset value, end of period	$  1.00	$ 1.00	$ 1.00	$   1.00	$ 1.00	$ 1.00
Total return	1.29%	2.57%	1.54%	0.30%	0.19%	0.52%
Ratios and supplemental data
Net assets, end of period (thousands)	$242,464	$249,845	$245,347	$289,872	$25,407	$35,817
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	1.16%2	1.16%	1.16%	1.11%	1.18%	1.18%
Expenses excluding waivers/reimbursements
and expense reductions	1.16%2	1.16%	1.17%	1.15%	1.23%	1.23%
Net investment income (loss)	2.58%2	2.41%	1.46%	0.54%	0.13%	0.49%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

8

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS I	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$  1.00	$ 1.00	$ 1.00	$  1.00	$ 1.00	$1.00
Income from investment operations
Net investment income (loss)	0.02	0.03	0.02	0.01	0	0.01
Distributions to shareholders from
Net investment income	(0.02)	(0.03)	(0.02)	(0.01)	01	(0.01)
Net asset value, end of period	$  1.00	$ 1.00	$ 1.00	$  1.00	$ 1.00	$1.00
Total return	1.59%	3.18%	2.15%	0.89%	0.76%	1.12%
Ratios and supplemental data
Net assets, end of period (thousands)	$17,262	$60,677	$11,915	$3,420	$2,200	$ 676
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense  reductions	0.56%2	0.56%	0.57%	0.56%	0.59%	0.57%
Expenses excluding waivers/reimbursements
and expense reductions	0.56%2	0.56%	0.58%	0.60%	0.61%	0.62%
Net investment income (loss)	3.16%2	2.98%	2.26%	0.92%	0.65%	1.08%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

9

SCHEDULE OF INVESTMENTS

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS 99.5%
COMMUNITY DEVELOPMENT DISTRICT 0.7%
Seneca Cnty., NY IDA RB, KidsPeace Natl. Centers Proj., 3.69%, VRDN,
(LOC: KeyCorp)	$ 2,035,000	$	2,035,000
EDUCATION 3.2%
New York Dorm. Auth. RB, Mount St. Mary’s College, 3.67%, VRDN, (SPA: Citizens
Banking Corp.)	7,150,000		7,150,000
St. Lawrence Cnty., NY Indl. Dev. Agcy. Civic Facs. RB, Potsdam Auxiliary College,
3.66%, VRDN, (LOC: Citizens Banking Corp.)	2,500,000		2,500,000
			9,650,000
GENERAL OBLIGATION - LOCAL 6.2%
New York, NY GO:
Ser. 601, 3.65%, VRDN, (Insd. by FSA & Liq.: JPMorgan Chase & Co.)	5,225,000		5,225,000
Ser. 603, 3.65%, VRDN, (Insd. by FSA & Liq.: JPMorgan Chase & Co.)	1,385,000		1,385,000
Ser. E4, 3.65%, VRDN, (Gtd. by State Street Corp.)	1,600,000		1,600,000
Ser. H-1, 3.64%, VRDN, (SPA: Dexia SA)	5,570,000		5,570,000
Ser. I, 3.62%, VRDN, (LOC: Bank of America Corp.)	5,000,000		5,000,000
			18,780,000
HOSPITAL 8.8%
Albany, NY Indl. Dev. Agcy. Civic Facs. RB, Albany Med. Ctr. Hosp. Proj., Ser. A,
3.62%, VRDN, (LOC: KeyCorp)	5,000,000		5,000,000
Herkimer Cnty., NY Indl. Dev. Agcy. Civic Facs. RB, Templeton Foundation Proj.,
3.69%, VRDN, (LOC: KeyCorp)	665,000		665,000
Lancaster Township, NY IDA RB, Greenfield Manor Proj., 3.66%, VRDN, (LOC: M&T
Bank Corp.)	4,425,000		4,425,000
New York Dorm. Auth. RB:
Eclipse Funding Trust, 3.61%, VRDN, (Insd. by AMBAC & Liq.: U.S. Bancorp)	3,330,000		3,330,000
Mental Hlth. Svcs. Facs., Ser. 340, 3.65%, VRDN, (Insd. by MBIA & Morgan
Stanley)	3,982,500		3,982,500
Ser. 1370, 3.65%, VRDN, (Liq.: Merrill Lynch & Co., Inc.)	2,400,000		2,400,000
Otsego Cnty., NY Indl. Dev. Agcy. RB, Templeton Foundation Proj., Ser. A, 3.69%,
VRDN, (LOC: KeyCorp)	2,875,000		2,875,000
Steuben Cnty., NY IDA RB:
Corning Hosp. Facs. Ctr. Proj., 3.70%, VRDN, (LOC: M&T Bank Corp.)	1,540,000		1,540,000
Guthrie Corning Dev. Facs. Proj., 3.70%, VRDN, (LOC: M&T Bank Corp.)	2,530,000		2,530,000
			26,747,500
HOUSING 14.2%
Albany, NY Hsg. Auth. Private Account RB, Historic Bleecker Terrace, 3.80%, VRDN,
(LOC: KeyCorp)	662,500		662,500
Class B Revenue Bond Cert. Trust, Ser. 2001-01, 3.83%, VRDN, (Liq.: American Intl.
Group, Inc.)	6,700,000		6,700,000
Goldman Sachs Pool Trust, 3.71%, VRDN, (Liq.: Goldman Sachs Group, Inc.)	3,740,000		3,740,000
Kenmore, NY Hsg. Auth. MHRB, PFOTER, 3.65%, VRDN, (Insd. by MBIA & Liq.:
Merrill Lynch & Co., Inc.)	1,580,000		1,580,000
Merrill Lynch Puttable Option Tax-Exempt Receipts, Class C, 3.71%, VRDN,
(LOC: Lloyds TSB Group plc)	2,560,000		2,560,000

See Notes to Financial Statements

10

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS continued
HOUSING continued
MMA Finl. MHRB, Ser. A, Class A, 3.73%, VRDN, (Liq.: SunTrust Banks, Inc.)	$ 7,200,000	$	7,200,000
New York, NY City Hsg. Dev. Corp. MHRB:
Connecticut Landing Ave. Apts. Proj., Ser. A, 3.65%, VRDN, (LOC: KeyCorp)	7,000,000		7,000,000
Louis Boulevard Apts. Proj., Ser. A, 3.65%, VRDN, (LOC: KeyCorp)	5,000,000		5,000,000
Newburgh, NY Indl. Dev. Agcy. MHRB, 3.72%, VRDN, (Liq.: Merrill Lynch & Co.,
Inc.)	3,110,000		3,110,000
Oakland, CA Redev. Agcy. MHRB, 3.70%, VRDN, (LOC: Lloyds TSB Group plc)	2,500,000		2,500,000
Sherburne Cnty., MN Hsg. & Redev. Auth. RB, Apperts, Inc. Proj., 4.20%, VRDN,
(LOC: LaSalle Bank Corp.)	3,135,000		3,135,000
			43,187,500
INDUSTRIAL DEVELOPMENT REVENUE 7.6%
Chenango Cnty., NY IDA RB, Baillie Lumber Proj., Ser. A, 3.80%, VRDN, (LOC:
Citizens Banking Corp.)	2,551,000		2,551,000
Frankfort, IN EDRB, Gen. Seating of America Proj., 4.18%, VRDN, (LOC: Dai-Ichi
Kangyo Bank, Ltd.)	875,000		875,000
Islip, NY Indl. Dev. Agcy. RB, Radiation Dynamics Proj., Ser. A, 3.71%, VRDN, (LOC:
Bank of New York Co.)	6,000,000		6,000,000
New York, NY IDA RB, Contractors Sheet Metal, Inc., 3.71%, VRDN, (LOC:
CitiBank, NA)	1,540,000		1,540,000
New York, NY IDRB, Liberty Bryant, LLC Proj., Ser. 2004- B, 3.67%, VRDN, (SPA:
Bayerische Landesbank)	4,100,000		4,100,000
Seneca Cnty., NY Indl. Dev. Agcy. Solid Waste Disposal RB, Ser. W, 3.71%, VRDN,
(LOC: Bank of America Corp.)	4,995,000		4,995,000
Sparks, NV EDRB, Rix Inds. Proj., 3.81%, VRDN, (LOC: Wells Fargo & Co.)	1,615,000		1,615,000
Ulster Cnty., NY Indl. Dev. Agcy. RB, Zumtobel Staff Proj., Ser. A, 3.76%, VRDN,
(LOC: Creditanstalt Bank)	1,500,000		1,500,000
			23,176,000
LEASE 0.7%
BB&T Muni. Trust, Ser. 1006, 3.79%, VRDN, (LOC: Branch B&T Co.)	2,000,000		2,000,000
MISCELLANEOUS REVENUE 5.2%
Brazoria Cnty., TX Harbor Navigation Dist. RRB, Dow Chemical Co. Proj., Ser. A-4,
5.20%, 05/15/2008, (Gtd. by Dow Chemical Co.)	2,000,000		2,018,295
Clipper Tax-Exempt Cert. Trust RB, Ser. 2007-03, 3.65%, VRDN, (Insd. by MBIA &
Gtd. by State Street Corp.)	5,000,000		5,000,000
Hudson Yards Infrastructure Corp. of New York RB, 3.65%, VRDN, (Insd. by MBIA &
Liq.: JPMorgan Chase & Co.)	1,100,000		1,100,000
Kentucky Pub. Energy Auth. RB, Gas Supply Proj., Ser. 2006-A, 3.68%, VRDN, (SPA:
Societe Generale)	3,800,000		3,800,000
Merrill Lynch Puttable Option Tax-Exempt Receipts, Class F, 3.81%, VRDN, (SPA:
Merrill Lynch & Co., Inc.)	487,000		487,000
New York, NY Indl. Dev. Agcy. Civic RB, Casa Proj., 3.68%, VRDN, (LOC: JPMorgan
Chase & Co.)	1,000,000		1,000,000

See Notes to Financial Statements

11

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS  continued
MISCELLANEOUS REVENUE  continued
Puerto Rico Med. & Env. Pollution Ctl. Facs. RB, Becton Dickinson & Co., 4.00%,
03/01/2008, (Gtd. by Becton Dickinson & Co.)	$ 2,100,000	$	2,100,000
West Baton Rouge, LA IDRB, Dow Chemical Co. Proj., Ser. 1995, 3.84%, VRDN,
(Gtd. by Dow Chemical Co.)	300,000		300,000
			15,805,295
SPECIAL TAX 13.5%
Metropolitan Trans. Auth. of New York RB, Dedicated Tax Fund, Class A, 3.67%,
VRDN, (LOC: CitiBank, NA)	6,000,000		6,000,000
New Mexico Fin. Auth. Trans. RB, Ser. 435, 3.67%, VRDN, (Insd. by MBIA & Liq.:
JPMorgan Chase & Co.)	2,695,000		2,695,000
New York, NY TFA RB:
Class A, 3.65%, VRDN, (LOC: CitiBank, NA)	12,060,000		12,060,000
Ser. 2, 3.65%, VRDN, (Liq.: Dexia SA)	215,000		215,000
Ser. 3, 3.65%, VRDN, (SPA: Landesbank Baden)	20,000,000		20,000,000
			40,970,000
TOBACCO REVENUE 10.5%
Erie Cnty., NY Tobacco Asset Securitization Corp. RB, 3.66%, VRDN, (SPA: Merrill
Lynch & Co., Inc.)	13,635,000		13,635,000
New York Tobacco Trust RB, PFOTER, 3.66%, VRDN, (Liq: Landesbank Hessen &
Gtd. by Merrill Lynch & Co., Inc.)	2,810,000		2,810,000
Rockland, NY Tobacco Asset Securitization Corp. RB, 3.66%, VRDN, (SPA: Merrill
Lynch & Co., Inc.)	2,000,000		2,000,000
Tobacco Settlement Fin. Corp. of New York RB, PFOTER:
3.65%, VRDN, (Insd. by AMBAC & SPA: Merrill Lynch & Co., Inc.)	1,380,000		1,380,000
3.70%, 10/11/2007, (Insd. by AMBAC & SPA: Merrill Lynch & Co., Inc.)	6,700,000		6,700,000
Westchester, NY Tobacco Asset Securitization Corp. RB, 3.66%, VRDN, (Liq.: Merrill
Lynch & Co., Inc.)	5,230,000		5,230,000
			31,755,000
TRANSPORTATION 3.8%
Metropolitan Trans. Auth. of New York RB, Class A, 3.66%, VRDN,
(LOC: CitiBank, NA)	4,000,000		4,000,000
Municipal Securities Trust Cert. RB, Ser. 7000, Class A, 3.61%, VRDN, (LOC: Bear
Stearns Cos.)	4,995,000		4,995,000
New Jersey TTFA RB, Ser. 038, 3.67%, VRDN, (Insd. by AMBAC & Liq.: Wells Fargo
& Co.)	1,400,000		1,400,000
New York Thruway Auth. RB, 3.66%, VRDN, (Liq.: Morgan Stanley)	1,042,500		1,042,500
			11,437,500
UTILITY 5.6%
ABN AMRO Munitops Cert. Trust RB, Ser. 2006-15, 3.65%, VRDN, (Liq.: XL Capital
Assurance & SPA: ABN AMRO Bank)	7,495,000		7,495,000
Appling Cnty., GA Dev. Auth. PCRB, Georgia Power Hatch Plant Proj., Ser. 2,
3.74%, VRDN, (Gtd. by Georgia Power Co.)	1,800,000		1,800,000

See Notes to Financial Statements

12

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount		Value
MUNICIPAL OBLIGATIONS continued
UTILITY continued
Delaware EDA RB, Delmarva Power & Light Co. Proj., 3.85%, VRDN, (Gtd. by
Delmarva Power & Light Co.)	$ 2,800,000	$	2,800,000
Monroe Cnty., NY Indl. Dev. Agcy. RB, Electric Navigation Inds., 3.80%,
07/01/2008, (Gtd. by Emerson Electric Co.)	4,990,000		4,990,000
			17,085,000
WATER & SEWER 19.5%
New York Env. Facs., Clean Water & Drinking RB, ROC RR-II-R- 293, 3.66%, VRDN,
(Liq.: CitiBank, NA)	5,185,000		5,185,000
New York, NY Muni. Water Trust Cert. RB, Ser. 2007-132, 3.65%, VRDN, (LOC:
Bank of America Corp.)	1,000,000		1,000,000
New York, NY Water & Sewer Sys. Fin. Auth. RB, Ser. 2004-37, Class A, 3.66%,
VRDN, (Liq.: Bayerische Landesbank)	16,280,000		16,280,000
New York, NY Water & Sewer Sys. Fin. Auth. RRB:
Ser. 115, 3.65%, VRDN, (LOC: Bank of America Corp.)	10,315,000		10,315,000
Ser. 1263, 3.65%, VRDN, (Insd. by JPMorgan Chase & Co.)	7,715,000		7,715,000
Ser. 1327, 3.65%, VRDN, (SPA: Merrill Lynch & Co., Inc.)	3,300,000		3,300,000
Ser. 2004-36, Class A, 3.67%, VRDN, (Insd. by MBIA & Liq.: CitiBank, NA)	9,900,000		9,900,000
Ser. 2616, 3.65%, VRDN, (Insd. by MBIA & SPA: Merrill Lynch & Co., Inc.)	2,300,000		2,300,000
Pennsylvania EDFA Wastewater Treatment RRB, Sunoco, Inc. Proj., 3.82%, VRDN,
(Gtd. by Sunoco, Inc.)	3,000,000		3,000,000
			58,995,000
Total Investments (cost $301,623,795) 99.5%			301,623,795
Other Assets and Liabilities 0.5%			1,665,317
Net Assets 100.0%		$	303,289,112

VRDN Variable Rate Demand Note security which is payable on demand within seven calendar days after notice is given by the Fund to the issuer or other parties not affiliated with the issuer. Interest rates are determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. Interest rates presented for these securities are those in effect at July 31, 2007. 

Certain obligations held in the portfolio have credit enhancements or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements; and third party insurance (i.e. AMBAC, FGIC and MBIA). Adjustable rate bonds and variable rate demand notes held in the portfolio may be considered derivative securities within the standards imposed by the Securities and Exchange Commission under Rule 2a-7 which were designed to minimize both credit and market risk.

See Notes to Financial Statements

13

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

Summary of Abbreviations
AMBAC	American Municipal Bond Assurance Corp.	MHRB	Multifamily Housing Revenue Bond
EDA	Economic Development Authority	PCRB	Pollution Control Revenue Bond
EDFA	Economic Development Finance Authority	PFOTER	Puttable Floating Option Tax Exempt Receipts
EDRB	Economic Development Revenue Bond	RB	Revenue Bond
FSA	Financial Security Assurance, Inc.	ROC	Reset Option Certificate
GO	General Obligation	RRB	Refunding Revenue Bond
IDA	Industrial Development Authority	SPA	Securities Purchase Agreement
IDRB	Industrial Development Revenue Bond	TFA	Transitional Finance Authority
LOC	Letter of Credit	TTFA	Transportation Trust Fund Authority
MBIA	Municipal Bond Investors Assurance Corp.

The following table shows the percent of total investments by geographic location as of July 31, 2007:

New York	84.4%
California	3.1%
Florida	2.4%
Kentucky	1.3%
Delaware	1.1%
Minnesota	1.0%
Pennsylvania	1.0%
New Mexico	0.9%
Puerto Rico	0.7%
Texas	0.7%
Georgia	0.6%
Nevada	0.5%
New Jersey	0.5%
Indiana	0.3%
Louisiana	0.1%
Non-state specific	1.4%
	100.0%

The following table shows the percent of total investments by credit quality as of July 31, 2007:

Tier 1	97.3%
Tier 2	2.7%
	100.0%

The following table shows the percent of total investments by maturity as of July 31, 2007:

2-7 days	96.4%
61-120 days	2.2%
121-240 days	0.7%
241+ days	0.7%
	100.0%

See Notes to Financial Statements

14

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2007 (unaudited)

Assets
Investments at amortized cost	$	301,623,795
Interest receivable		1,816,777
Prepaid expenses and other assets		11,050
Total assets		303,451,622
Liabilities
Dividends payable		28,239
Due to custodian bank		93,712
Advisory fee payable		3,317
Distribution Plan expenses payable		4,335
Due to other related parties		1,001
Accrued expenses and other liabilities		31,906
Total liabilities		162,510
Net assets	$	303,289,112
Net assets represented by
Paid-in capital	$	303,249,955
Overdistributed net investment income		(14,813)
Accumulated net realized gains on investments		53,970
Total net assets	$	303,289,112
Net assets consists of
Class A	$	43,562,940
Class S		242,464,383
Class I		17,261,789
Total net assets	$	303,289,112
Shares outstanding (unlimited number of shares authorized)
Class A		43,536,768
Class S		242,458,280
Class I		17,267,989
Net asset value per share
Class A	$	1.00
Class S	$	1.00
Class I	$	1.00

See Notes to Financial Statements

15

STATEMENT OF OPERATIONS

Six Months Ended July 31, 2007 (unaudited)

Investment income
Interest	$	5,773,827
Expenses
Advisory fee		618,191
Distribution Plan expenses
Class A		70,103
Class S		722,723
Administrative services fee		92,729
Transfer agent fees		59,923
Trustees’ fees and expenses		3,982
Printing and postage expenses		16,757
Custodian and accounting fees		41,950
Registration and filing fees		17,447
Professional fees		10,933
Other		3,445
Total expenses		1,658,183
Less: Expense reductions		(5,237)
Net expenses		1,652,946
Net investment income		4,120,881
Net realized gains on investments		53,970
Net increase in net assets resulting from operations	$	4,174,851

See Notes to Financial Statements

16

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	July 31, 2007			Year Ended
	(unaudited)			January 31, 2007
Operations
Net investment income		$	4,120,881		$	7,701,088
Net realized gains on investments			53,970			178,646
Net increase in net assets resulting
from operations			4,174,851			7,879,734
Distributions to shareholders from
Net investment income
Class A			(675,951)			(1,254,165)
Class S			(3,119,620)			(6,478,718)
Class I			(340,559)			(391,722)
Total distributions to shareholders			(4,136,130)			(8,124,605)
	Shares			Shares
Capital share transactions
Proceeds from shares sold
Class A	68,980,565		68,980,565	155,045,896		155,045,896
Class S	781,228,909		781,228,909	1,295,980,673		1,295,980,673
Class I	37,695,666		37,695,666	139,560,187		139,560,187
			887,905,140			1,590,586,756
Net asset value of shares issued in
reinvestment of distributions
Class A	637,789		637,789	1,174,666		1,174,666
Class S	3,119,620		3,119,620	6,478,718		6,478,718
Class I	224,398		224,398	158,415		158,415
			3,981,807			7,811,799
Payment for shares redeemed
Class A	(73,903,016)		(73,903,016)	(149,198,671)		(149,198,671)
Class S	(791,759,352)		(791,759,352)	(1,297,761,003)		(1,297,761,003)
Class I	(81,337,343)		(81,337,343)	(90,948,654)		(90,948,654)
			(946,999,711)			(1,537,908,328)
Net increase (decrease) in net assets
resulting from capital share
transactions			(55,112,764)			60,490,227
Total increase (decrease) in net assets			(55,074,043)			60,245,356
Net assets
Beginning of period			358,363,155			298,117,799
End of period		$	303,289,112		$	358,363,155
Undistributed (overdistributed) net
investment income		$	(14,813)		$	436

See Notes to Financial Statements

17

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen New York Municipal Money Market Fund (the “Fund”) is a non-diversified series of Evergreen Money Market Trust (the “Trust”), a Delaware statutory trust organized on September 18, 1997. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Fund offers Class A, Class S and Class I shares at net asset value without a front-end sales charge or contingent deferred sales charge. Each class of shares, except Class I shares, pays an ongoing distribution fee.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America, which require management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates.

a. Valuation of investments

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates market value.

b. Security transactions and investment income

Security transactions are recorded on trade date. Realized gains and losses are computed using the specific cost of the security sold. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

c. Federal taxes

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income, including any net capital gains (which have already been offset by available capital loss carryovers). Accordingly, no provision for federal taxes is required.

d. Distributions

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

e. Class allocations

Income, common expenses and realized and unrealized gains and losses are allocated to the classes based on the relative net assets of each class. Distribution fees, if any, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

18

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

3. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Evergreen Investment Management Company, LLC (“EIMC”), an indirect, wholly-owned subsidiary of Wachovia Corporation (“Wachovia”), is the investment advisor to the Fund and is paid a fee at an annual of starting at 0.40% and declining to 0.30% as average daily net assets increase.

Evergreen Investment Services, Inc. (“EIS”), an indirect, wholly-owned subsidiary of Wachovia, is the administrator to the Fund. As administrator, EIS provides the Fund with facilities, equipment and personnel and is paid an annual rate determined by applying percentage rates to the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund, starting at 0.06% and declining to 0.04% as the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund increase.

Evergreen Service Company, LLC (“ESC”), an indirect, wholly-owned subsidiary of Wachovia, is the transfer and dividend disbursing agent for the Fund. ESC receives account fees that vary based on the type of account held by the shareholders in the Fund.

4. DISTRIBUTION PLANS

EIS also serves as distributor of the Fund’s shares. The Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940 Act, for each class of shares, except Class I. Under the Distribution Plans, distribution fees are paid at an annual rate of 0.30% of the average daily net assets for Class A shares and 0.60% of the average daily net assets for Class S shares.

5. INVESTMENT TRANSACTIONS

On July 31, 2007, the cost of investments for federal income tax purposes for the Fund was the same as for financial reporting purposes.

6. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, the Fund may participate in an interfund lending program with certain funds in the Evergreen fund family. This program allows the Fund to borrow from other participating funds. During the six months ended July 31, 2007, the Fund did not participate in the interfund lending program.

7. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

8. DEFERRED TRUSTEES’ FEES

Each Trustee of the 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 is based on the investment performance of certain Evergreen funds. Any gains earned or losses

19

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

incurred in the deferral accounts are reported in the Fund’s Trustees’ fees and expenses. At the election of the Trustees, the deferral account will be paid either in one lump sum or in quarterly installments for up to ten years.

9. FINANCING AGREEMENT

The Fund and certain other Evergreen funds share in an unsecured revolving credit commitment for temporary and emergency purposes, including the funding of redemptions, as permitted by each participating fund’s borrowing restrictions. Borrowings under this facility bear interest at 0.50% per annum above the Federal Funds rate. All of the participating funds are charged an annual commitment fee on the unused balance, which is allocated pro rata. The credit facility is for $100 million with an annual commitment fee of 0.08% . During the six months ended July 31, 2007, the Fund had no borrowings.

10. CONCENTRATION OF RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state, therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt mutual fund.

11. REGULATORY MATTERS AND LEGAL PROCEEDINGS

Pursuant to an administrative order issued by the Securities and Exchange Commission (“SEC”) on September 19, 2007, EIMC, EIS, ESC (collectively, the “Evergreen Entities”), Wachovia Securities, LLC and the SEC have entered into an agreement settling allegations of (i) improper short-term trading arrangements in effect prior to May 2003 involving former officers and employees of EIMC and certain broker-dealers, (ii) insufficient systems for monitoring exchanges and enforcing exchange limitations as stated in certain funds’ prospectuses, and (iii) inadequate e-mail retention practices. Under the settlement, the Evergreen Entities were censured and will pay approximately $32 million in disgorgement and penalties. This amount, along with a fine assessed by the SEC against Wachovia Securities, LLC will be distributed pursuant to a plan to be developed by an independent distribution consultant and approved by the SEC. The Evergreen Entities neither admitted nor denied the allegations and findings set forth in its settlement with the SEC.

EIS has entered into an agreement with the NASD settling allegations that EIS (i) arranged for Evergreen fund portfolio trades to be directed to Wachovia Securities, LLC, an affiliate of EIS that sold Evergreen fund shares, during the period of January 2001 to December 2003 and (ii) provided non-cash compensation by sponsoring offsite meetings attended by Wachovia Securities, LLC brokers during that period, where the eligibility of a broker to attend the meetings depended upon the broker meeting certain sales targets of Evergreen fund shares. Pursuant to the settlement agreement, EIS has agreed to a censure and a fine of $4,200,000. EIS neither admitted nor denied the allegations and findings set forth in its agreement with the NASD.

In addition, the Evergreen funds and EIMC and certain of its affiliates are involved in various legal actions, including private litigation and class action lawsuits. EIMC does not expect that any

20

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

of such legal actions currently pending or threatened will have a material adverse impact on the financial position or operations of any of the Evergreen funds or on EIMC’s ability to provide services to the Evergreen funds.

Although EIMC believes that none of the matters discussed above will have a material adverse impact on the Evergreen funds, there can be no assurance that these matters and any publicity surrounding or resulting from them will not result in reduced sales or increased redemptions of Evergreen fund shares, which could increase Evergreen fund transaction costs or operating expenses, or that they will not have other adverse consequences on the Evergreen funds.

12. NEW ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109 (“FIN 48”). FIN 48 supplements FASB 109 by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Fund’s financial statements have not been impacted by the adoption of FIN 48. However, the conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from FASB, and on-going analysis of tax laws, regulations, and interpretations thereof.

In September 2006, FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 applies to fair value measurements already required or permitted by existing standards. The change to current generally accepted accounting principles from the application of FAS 157 relates to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management of the Fund does not believe the adoption of FAS 157 will materially impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years.

21

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23

TRUSTEES AND OFFICERS

TRUSTEES¹

Charles A. Austin III	Investment Counselor, Anchor Capital Advisors, LLC. (investment advice); Director, The Andover
Trustee	Companies (insurance); Trustee, Arthritis Foundation of New England; Former Director, The
DOB: 10/23/1934	Francis Ouimet Society (scholarship program); Former Director, Executive Vice President and
Term of office since: 1991	Treasurer, State Street Research & Management Company (investment advice)
Other directorships: None
K. Dun Gifford	Chairman and President, Oldways Preservation and Exchange Trust (education); Trustee,
Trustee	Treasurer and Chairman of the Finance Committee, Cambridge College
DOB: 10/23/1938
Term of office since: 1974
Other directorships: None
Dr. Leroy Keith, Jr.	Managing Director, Almanac Capital Management (commodities firm); Trustee, Phoenix
Trustee	Fund Complex; Director, Diversapack Co. (packaging company); Former Partner, Stonington
DOB: 2/14/1939	Partners, Inc. (private equity fund); Former Director, Obagi Medical Products Co.; Former
Term of office since: 1983	Director, Lincoln Educational Services
Other directorships: Trustee,
Phoenix Fund Complex (consisting
of 60 portfolios)
Gerald M. McDonnell	Manager of Commercial Operations, CMC Steel (steel producer)
Trustee
DOB: 7/14/1939
Term of office since: 1988
Other directorships: None
Patricia B. Norris	President and Director of Buckleys of Kezar Lake, Inc. (real estate company); Former President
Trustee	and Director of Phillips Pond Homes Association (home community); Former Partner,
DOB: 4/9/1948	PricewaterhouseCoopers, LLP (independent registered public accounting firm)
Term of office since: 2006
Other directorships: None
William Walt Pettit	Partner and Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior Packaging Corp.
Trustee	(packaging company); Member, Superior Land, LLC (real estate holding company), Member,
DOB: 8/26/1955	K&P Development, LLC (real estate development); Former Director, National Kidney Foundation
Term of office since: 1984	of North Carolina, Inc. (non-profit organization)
Other directorships: None
David M. Richardson	President, Richardson, Runden LLC (executive recruitment business development/consulting
Trustee	company); Consultant, Kennedy Information, Inc. (executive recruitment information and
DOB: 9/19/1941	research company); Consultant, AESC (The Association of Executive Search Consultants);
Term of office since: 1982	Director, J&M Cumming Paper Co. (paper merchandising); Former Trustee, NDI Technologies, LLP
Other directorships: None	(communications)
Dr. Russell A. Salton III	President/CEO, AccessOne MedCard, Inc.; Former Medical Director, Healthcare Resource
Trustee	Associates, Inc.
DOB: 6/2/1947
Term of office since: 1984
Other directorships: None
Michael S. Scofield	Retired Attorney, Law Offices of Michael S. Scofield; Former Director and Chairman, Branded
Trustee	Media Corporation (multi-media branding company)
DOB: 2/20/1943
Term of office since: 1984
Other directorships: None

24

TRUSTEES AND OFFICERS continued

Richard J. Shima	Independent Consultant; Director, Hartford Hospital; Trustee, Greater Hartford YMCA; Former
Trustee	Director, Trust Company of CT; Former Director, Old State House Association; Former Trustee,
DOB: 8/11/1939	Saint Joseph College (CT)
Term of office since: 1993
Other directorships: None
Richard K. Wagoner, CFA2	Member and Former President, North Carolina Securities Traders Association; Member, Financial
Trustee	Analysts Society
DOB: 12/12/1937
Term of office since: 1999
Other directorships: None
OFFICERS
Dennis H. Ferro3	Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President	Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945	Evergreen Investment Company, Inc.
Term of office since: 2003
Jeremy DePalma4	Principal occupations: Vice President, Evergreen Investment Services, Inc.; Former Assistant Vice
Treasurer	President, Evergreen Investment Services, Inc.
DOB: 2/5/1974
Term of office since: 2005
Michael H. Koonce4	Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary	Services, Inc.; Secretary, Senior Vice President and General Counsel, Evergreen Investment
DOB: 4/20/1960	Management Company, LLC and Evergreen Service Company, LLC; Senior Vice President and
Term of office since: 2000	Assistant General Counsel, Wachovia Corporation
Robert Guerin4, 5	Principal occupations: Chief Compliance Officer, Evergreen Funds and Senior Vice President of
Chief Compliance Officer	Evergreen Investments Co, Inc; Former Managing Director and Senior Compliance Officer,
DOB: 9/20/1965	Babson Capital Management LLC; Former Principal and Director, Compliance and Risk
Term of office since: 2007	Management, State Street Global Advisors; Former Vice President and Manager, Sales Practice
	Compliance, Deutsche Asset Management.

1 Each Trustee, except Ms. Norris, serves until a successor is duly elected or qualified or until his death, resignation, retirement or removal from office. As a new Trustee, Ms. Norris’ initial term ends June 30, 2009, at which time she may be re-elected by Trustees to serve until a successor is duly elected or qualified or until her death, resignation, retirement or removal from office by the Trustees. Each Trustee oversees 92 Evergreen funds. Correspondence for each Trustee may be sent to Evergreen Board of Trustees, P.O. Box 20083, Charlotte, NC 28202.

2 Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the Fund’s investment advisor.

3 The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.

4 The address of the Officer is 200 Berkeley Street, Boston, MA 02116.

5 Mr. Guerin’s information is as of June 14, 2007, the effective date of his approval by the Board of Trustees as Chief Compliance Officer of the Evergreen funds.

Additional information about the Fund’s Board of Trustees and Officers can be found in the Statement of Additional Information (SAI) and is available upon request without charge by calling 800.343.2898.

25

567603 rv4 09/2007

Evergreen Pennsylvania Municipal Money Market Fund

table of contents
1	LETTER TO SHAREHOLDERS
4	FUND AT A GLANCE
6	ABOUT YOUR FUND’S EXPENSES
7	FINANCIAL HIGHLIGHTS
10	SCHEDULE OF INVESTMENTS
16	STATEMENT OF ASSETS AND LIABILITIES
17	STATEMENT OF OPERATIONS
18	STATEMENTS OF CHANGES IN NET ASSETS
19	NOTES TO FINANCIAL STATEMENTS
24	TRUSTEES AND OFFICERS

This semiannual report must be preceded or accompanied by a prospectus of the Evergreen fund contained herein. The prospectus contains more complete information, including fees and expenses, and should be read carefully before investing or sending money.

The fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q will be available on the SEC’s Web site at http://www.sec.gov. In addition, the fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330.

A description of the fund’s proxy voting policies and procedures, as well as information regarding how the fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available by visiting our Web site at EvergreenInvestments.com or by visiting the SEC’s Web site at http://www.sec.gov. The fund’s proxy voting policies and procedures are also available without charge, upon request, by calling 800.343.2898.

Mutual Funds:
NOT FDIC INSURED	MAY LOSE VALUE	NOT BANK GUARANTEED

Evergreen Investments^SM is a service mark of Evergreen Investment Management Company, LLC.
Copyright 2007, Evergreen Investment Management Company, LLC.

Evergreen Investment Management Company, LLC is a subsidiary of Wachovia Corporation and is an affiliate of Wachovia Corporation’s other Broker Dealer subsidiaries.

Evergreen mutual funds are distributed by Evergreen Investment Services, Inc.
200 Berkeley Street, Boston, MA 02116

LETTER TO SHAREHOLDERS

September 2007

Dennis H. Ferro

President and Chief Executive Officer

Dear Shareholder:

We are pleased to provide the Semiannual Report for Evergreen Pennsylvania Municipal Money Market Fund for the six-month period ended July 31, 2007.

The domestic equity and fixed income markets produced modest, but positive, returns during the six-month period. Stock prices tended to rise early in the period, sustaining the momentum of late 2006 and early 2007 in a rally driven by better-than-expected corporate profits, strong global growth trends and brisk activity by private equity investors. However, equities then fell back in a major sell-off in the period’s final month. A market reversal in July 2007 was brought on by concerns about weakness in the housing industry and by worries that problems in the subprime mortgage market could spread to the general economy and signal a more general deterioration in credit quality within the bond market. Interest rates of longer-maturity bonds rose as their prices declined. At the same time, the spreads — or yield advantages — of lower-quality corporate bonds began to widen as investors preferred higher-quality bonds, especially Treasuries. In this environment, conservative, shorter-duration portfolios tended to hold up relatively well, while higher-yielding, lower-rated corporate bonds produced negative returns.

Despite the weakness in the housing industry, and the related problems in the subprime mortgage market, the domestic economy maintained

1

LETTER TO SHAREHOLDERS continued

its growth trajectory during the six-month period. While Gross Domestic Product grew by a rate of only 0.6% in the first quarter of 2007, it accelerated to a rate of 4.0% in the second quarter of 2007. During the six-month period, the Federal Reserve Board (the “Fed”) kept the fed funds rate, a key short-term interest rate, unchanged at 5.25% . However, as the period progressed, speculation increased about possible future actions by the nation’s central bank. Shortly after the period ended, the Fed acted, injecting liquidity into the market by cutting the discount rate, which is the rate at which the Fed lends to banks.

Against this backdrop, the management teams of Evergreen’s money market funds continued to focus on capital preservation and competitive income through investments in high-quality, short-term securities.

As always, we encourage investors to maintain diversified investment portfolios in pursuit of their long-term investment goals.

2

LETTER TO SHAREHOLDERS continued

Please visit us at EvergreenInvestments.com for more information about our funds and other investment products available to you. Thank you for your continued support of Evergreen Investments.

Sincerely,

Dennis H. Ferro

President and Chief Executive Officer
Evergreen Investment Company, Inc.

Special Notice to Shareholders:

Please visit our Web site at EvergreenInvestments.com for statements from President and Chief Executive Officer, Dennis Ferro, regarding the firm’s recent settlement with the Securities and Exchange Commission (SEC) and prior settlement with the National Association of Securities Dealers (NASD).

3

FUND AT A GLANCE

as of July 31, 2007

MANAGEMENT TEAM

Investment Advisor:

• Evergreen Investment Management Company, LLC

Portfolio Managers:

• Diane C. Beaver

• Ladson Hart

PERFORMANCE AND RETURNS*

Portfolio inception date: 8/15/1991

	Class A	Class S	Class I
Class inception date	8/22/1995	6/30/2000	8/15/1991
Nasdaq symbol	EPPXX	N/A	EPAXX
6-month return	1.49%	1.33%	1.64%
Average annual return
1-year	2.96%	2.65%	3.27%
5-year	1.61%	1.29%	1.90%
10-year	2.19%	1.97%	2.41%
7-day annualized yield	2.92%	2.62%	3.22%
30-day annualized yield	2.93%	2.62%	3.22%

* The yield quotation more closely reflects the current earnings of the fund than the total return quotation.

Past performance is no guarantee of future results. The performance quoted represents past performance and current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end for Classes A or I, please go to EvergreenInvestments.com/fundperformance. Please call 1.800.343.2898 for the most recent month-end performance information for Class S. The performance of each class may vary based on differences in fees and expenses paid by the shareholders investing in each class. Performance includes the reinvestment of income dividends and capital gain distributions.

Historical performance shown for Class S prior to its inception is based on the performance of Class I, the original class offered. The historical returns for Class S have not been adjusted to reflect the effect of its 12b-1 fee. The fund incurs 12b-1 fees of 0.30% for Class A and 0.60% for Class S. Class I does not pay a 12b-1 fee. If these fees had been reflected, returns for Class S would have been lower.

Returns reflect expense limits previously in effect, without which returns would have been lower.

An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

4

FUND AT A GLANCE continued

7-DAY ANNUALIZED YIELD

Class I shares are only offered in the following manner: (1) to investment advisory clients of Evergreen Investment Management Company, LLC (or its advisory affiliates) when purchased by such advisor(s) on behalf of its clients, (2) through arrangements entered into on behalf of the Evergreen funds with certain financial services firms, (3) to certain institutional investors and (4) to persons who owned Class Y shares in registered name in an Evergreen fund on or before December 31, 1994 or who owned shares of any SouthTrust fund in registered name as of March 18, 2005 or shares of Vestaur Securities Fund as of May 20, 2005.

Class I shares are only available to institutional shareholders with a minimum of $1 million investment, which may be waived in certain situations.

Class S shares are sold through certain broker dealers and financial institutions which have selling agreements with the fund’s distributor.

The fund’s investment objective may be changed without a vote of the fund’s shareholders.

Funds that concentrate their investments in a single state may face increased risk of price fluctuation over less concentrated funds due to adverse developments within that state.

The fund’s yield will fluctuate and there can be no guarantee that the fund will achieve its objective or any particular tax-exempt yield. Income may be subject to federal alternative minimum tax as well as local income taxes.

Yields are based on net investment income for the stated periods and annualized.

All data is as of July 31, 2007, and subject to change.

5

ABOUT YOUR FUND’S EXPENSES

The Example below is intended to describe the fees and expenses borne by shareholders and the impact of those costs on your investment.

Example

As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2007 to July 31, 2007.

The example illustrates your fund’s costs in two ways:

• Actual expenses
  The section in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
• Hypothetical example for comparison purposes
  The section in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the section in the table under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	2/1/2007	7/31/2007	Period*
Actual
Class A	$ 1,000.00	$ 1,014.85	$ 4.10
Class S	$ 1,000.00	$ 1,013.34	$ 5.59
Class I	$ 1,000.00	$ 1,016.35	$ 2.60
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,020.73	$ 4.11
Class S	$ 1,000.00	$ 1,019.24	$ 5.61
Class I	$ 1,000.00	$ 1,022.22	$ 2.61

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (0.82% for Class A, 1.12% for Class S and 0.52% for Class I), multiplied by the average account value over the period, multiplied by 181 / 365 days.

6

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS A	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from investment operations
Net investment income (loss)	0.01	0.03	0.02	0.01	0.01	0.01
Distributions to shareholders from
Net investment income	(0.01)	(0.03)	(0.02)	(0.01)	(0.01)	(0.01)
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total return	1.49%	2.83%	1.92%	0.71%	0.52%	1.10%
Ratios and supplemental data
Net assets, end of period (millions)	$ 17	$ 18	$ 37	$ 26	$ 32	$ 31
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	0.82%1	0.82%	0.83%	0.81%	0.81%	0.66%
Expenses excluding waivers/reimbursements
and expense reductions	0.82%1	0.82%	0.83%	0.84%	0.81%	0.77%
Net investment income (loss)	2.96%1	2.79%	1.94%	0.70%	0.53%	1.03%

¹ Annualized

See Notes to FinancialStatements

7

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS S	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from investment operations
Net investment income (loss)	0.01	0.02	0.02	0	0	0.01
Distributions to shareholders from
Net investment income	(0.01)	(0.02)	(0.02)	01	01	(0.01)
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total return	1.33%	2.53%	1.62%	0.41%	0.23%	0.69%
Ratios and supplemental data
Net assets, end of period (millions)	$ 123	$ 114	$ 109	$ 62	$ 71	$ 137
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	1.12%2	1.12%	1.13%	1.11%	1.11%	1.07%
Expenses excluding waivers/reimbursements
and expense reductions	1.12%2	1.12%	1.13%	1.14%	1.12%	1.07%
Net investment income (loss)	2.66%2	2.50%	1.63%	0.41%	0.23%	0.62%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

8

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS I	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from investment operations
Net investment income (loss)	0.02	0.03	0.02	0.01	0.01	0.01
Distributions to shareholders from
Net investment income	(0.02)	(0.03)	(0.02)	(0.01)	(0.01)	(0.01)
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total return	1.64%	3.14%	2.23%	1.01%	0.83%	1.29%
Ratios and supplemental data
Net assets, end of period (millions)	$ 87	$ 63	$ 75	$ 66	$ 76	$ 66
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	0.52%1	0.52%	0.53%	0.51%	0.51%	0.47%
Expenses excluding waivers/reimbursements
and expense reductions	0.52%1	0.52%	0.53%	0.54%	0.51%	0.47%
Net investment income (loss)	3.27%1	3.10%	2.18%	0.98%	0.81%	1.23%

¹ Annualized

See Notes to FinancialStatements

9

SCHEDULE OF INVESTMENTS

July 31, 2007 (unaudited)

	Principal
	Amount	Value
MUNICIPAL OBLIGATIONS 99.6%
AIRPORT 4.8%
Philadelphia, PA Arpt. IDA RB, Macon Trust, Ser. 1998 P-1, 3.70%, VRDN, (Insd. by
FGIC & SPA: Bank of America Corp.)	$ 2,000,000	$ 2,000,000
Philadelphia, PA Arpt. MSTR, 3.69%, VRDN, (Insd. by FGIC & SPA: Societe
Generale)	4,600,000	4,600,000
Springfield, IL Arpt. Auth. RB, Allied-Signal, Inc. Proj., 3.76%, VRDN, (Gtd. by
Honeywell Intl., Inc.)	4,375,000	4,375,000
		10,975,000
CONTINUING CARE RETIREMENT COMMUNITY 5.7%
Allegheny Cnty., PA IDA Hlth. & Hsg. Facs. RRB, Longwood at Oakmont, Inc.,
Ser. B, 3.70%, VRDN, (Liq.: Bank of America Corp. & Insd. by Radian
Group, Inc.)	2,600,000	2,600,000
Lancaster Cnty., PA Hosp. Auth. RB, Brethren Vlg. Retirement Cmnty., 3.66%,
VRDN, (LOC: Fulton Finl. Corp.)	4,750,000	4,750,000
Langhorne Manor Borough, PA Higher Ed. & Hlth. Auth. Retirement Cmnty. RRB,
Wesley Enhanced Living, Ser. A, 3.70%, VRDN, (Insd. by Radian Group, Inc.
& SPA: Citizens Banking Corp.)	4,200,000	4,200,000
South Central, Pennsylvania Gen. Auth. RB, York Cnty. Cerebral Palsy Proj., 3.71%,
VRDN, (LOC: Fulton Finl. Corp.)	1,445,000	1,445,000
		12,995,000
EDUCATION 13.8%
ABN AMRO Munitops Cert. Trust RB, Ser. 2003-14, 3.64%, VRDN, (Insd. by FGIC
& SPA: ABN AMRO Bank)	6,600,000	6,600,000
Allegheny Cnty., PA IDA RB, Pressley Ridge Sch. Proj., Ser. 2002, 3.69%, VRDN,
(LOC: Natl. City Corp.)	2,325,000	2,325,000
Latrobe, PA IDA RB, Greensburg Diocese, 3.65%, VRDN, (LOC: Allied Irish Banks
plc)	1,290,000	1,290,000
Pennsylvania Higher Edl. Facs. Auth. RB:
Honeysuckle Student Holding, Ser. A, 3.64%, VRDN, (LOC: Allied Irish
Banks plc)	1,070,000	1,070,000
Independent Colleges Assn., Ser. M3, 3.63%, 11/01/2007, (LOC: M&T Bank)	2,100,000	2,100,000
Ser. 1378, 3.68%, VRDN, (Insd. by Radian Group, Inc.)	1,400,000	1,400,000
Ser. 1412, 3.66%, VRDN, (Insd. by MBIA & Liq.: Morgan Stanley)	3,364,000	3,364,000
Pennsylvania Higher Edl. Facs. Auth. RRB, Independent Colleges Assn., Ser. I1,
3.63%, 11/01/2007, (LOC: Allied Irish Banks plc)	2,300,000	2,300,000
Philadelphia, PA Sch. Dist. RB, Ser. 345, 3.66%, VRDN, (Liq.: Morgan Stanley)	2,840,000	2,840,000
Washington Cnty., PA Auth. RRB, Univ. of Pennsylvania, 3.60%, VRDN, (Gtd. by
Univ. of Pennsylvania)	8,150,000	8,150,000
		31,439,000
GENERAL OBLIGATION - LOCAL 7.3%
Bethlehem, PA Sch. Dist. GO, Ser. 2007, 3.64%, VRDN, (Insd. by FSA & SPA: Dexia
Credit Local)	9,000,000	9,000,000
Central York, PA Sch. Dist. GO, Ser. A, 3.63%, VRDN, (Insd. by FSA & SPA: RBC
Centura)	6,500,000	6,500,000

See Notes to Financial Statements

10

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount	Value
MUNICIPAL OBLIGATIONS continued
GENERAL OBLIGATION - LOCAL continued
Erie Cnty., PA Convention Ctr. Auth. RB, 3.66%, VRDN, (Insd. by FGIC & SPA:
Merrill Lynch & Co., Inc.)	$ 1,195,000	$ 1,195,000
		16,695,000
GENERAL OBLIGATION - STATE 2.8%
Pennsylvania GO MSTR, 3.68%, VRDN, (LOC: JPMorgan Chase & Co.)	1,345,000	1,345,000
Pennsylvania GO MTC, Ser. 2000-110, Class A, 3.76%, VRDN, (Liq.: Bear Stearns
Cos.)	5,120,000	5,120,000
		6,465,000
HOSPITAL 10.1%
Allegheny Cnty., PA Hosp. Dev. Auth. RB, 3.79%, VRDN, (SPA: Deutsche Bank AG)	6,495,000	6,495,000
Lancaster, PA Muni. Auth. RB, Ephrata Cmnty. Hosp. Proj., 3.71%, VRDN, (LOC:
Fulton Finl. Corp.)	1,950,000	1,950,000
Merrill Lynch Puttable Option Tax-Exempt Receipts, St. Mary Hosp. Auth., Ser.
1485, 3.68%, VRDN, (SPA: Merrill Lynch & Co., Inc.)	4,500,000	4,500,000
Pennsylvania Higher Edl. Facs. & Hosp. Auth. RB, 3.67%, VRDN, (LOC: Lloyds TSB
Group plc)	5,575,000	5,575,000
Somerset Cnty., PA Hosp. Auth. RB, Somerset Cmnty. Hosp. Proj., Ser. A, 3.75%,
03/01/2008, (LOC: PNC Finl. Svcs. Group, Inc.)	4,435,000	4,435,000
		22,955,000
HOUSING 2.5%
Class B Revenue Bond Cert. Trust, Ser. 2001-01, 3.83%, VRDN, (Liq.: American Intl.
Group, Inc.)	2,648,000	2,648,000
Lancaster, PA IDA RB, Davco Family Proj., Class A, 3.81%, VRDN, (LOC: Fulton Finl.
Corp.)	1,280,000	1,280,000
Merrill Lynch Puttable Option Tax-Exempt Receipts:
3.81%, VRDN, (SPA: Merrill Lynch & Co., Inc.)	429,000	429,000
Class I, 3.71%, VRDN, (LOC: Lloyds TSB Group plc)	1,330,000	1,330,000
		5,687,000
INDUSTRIAL DEVELOPMENT REVENUE 23.8%
Allegheny Cnty., PA IDA RRB, Mine Safety Appliances Co. Proj., Ser. 1991, 3.64%,
VRDN, (LOC: JPMorgan Chase & Co.)	1,000,000	1,000,000
Blair Cnty., PA IDA RB, CCK, Inc. Proj., 3.81%, VRDN, (LOC: Fulton Finl. Corp.)	1,700,000	1,700,000
Butler Cnty., PA IDRB, Mine Safety Appliances Co.:
Ser. 1992-A, 3.70%, VRDN, (LOC: JPMorgan Chase & Co.)	3,000,000	3,000,000
Ser. 1992-B, 3.70%, VRDN, (LOC: JPMorgan Chase & Co.)	1,000,000	1,000,000
Butler Cnty., PA IDRRB, Mine Safety Appliances Co., Ser. 1991, 3.64%, VRDN, (LOC:
JPMorgan Chase & Co.)	1,000,000	1,000,000
Chester Cnty., PA IDRB:
KAC III Realty Corp. Proj., Ser. A, 3.74%, VRDN, (LOC: PNC Finl. Svcs. Group,
Inc.)	1,800,000	1,800,000
YMCA Brandywine Proj., Ser. 2007, 3.69%, VRDN, (LOC: Fulton Finl. Corp.)	2,000,000	2,000,000
Cumberland Cnty., PA IDA RB, Lane Enterprises, Inc. Proj., 3.74%, VRDN, (LOC: PNC
Finl. Svcs. Group, Inc.)	1,970,000	1,970,000

See Notes to Financial Statements

11

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount	Value
MUNICIPAL OBLIGATIONS continued
INDUSTRIAL DEVELOPMENT REVENUE continued
East Hempfield, PA IDA RB, BGT Realty Proj., 3.76%, VRDN, (LOC: Fulton Finl.
Corp.)	$ 2,700,000	$ 2,700,000
Franconia Township, PA IDA RB, Asher’s Chocolates Proj., Ser. A, 3.86%, VRDN,
(LOC: Mellon Bank)	2,720,000	2,720,000
Jefferson Cnty., PA IDA RB, Brookville Equipment Corp. Proj., 3.72%, VRDN, (Insd.
by Fifth Third Bank)	4,500,000	4,500,000
Jenkins, MN IDRB Pequot Tool & Manufacturing, Inc. Proj., 3.81%, VRDN,
(LOC: Wells Fargo & Co.)	1,230,000	1,230,000
Lancaster, PA IDA RB:
Purple Cow Partners, LLC Proj., 3.69%, VRDN, (LOC: First Tennessee Bank)	2,500,000	2,500,000
RIS Paper Co. Proj., 3.74%, VRDN, (LOC: PNC Finl. Svcs. Group, Inc.)	1,565,000	1,565,000
Montgomery Cnty., PA IDA RB, Vari Corp. Proj., Ser. C, 3.86%, VRDN, (LOC: M&T
Bank Corp.)	575,000	575,000
Pennsylvania EDFA RB:
Computer Components Proj., Ser. G-3, 3.70%, VRDN, (LOC: PNC Finl. Svcs.
Group, Inc.)	400,000	400,000
Del Grosso Foods, Inc. Proj., Ser. G-6, 3.70%, VRDN, (LOC: PNC Finl. Svcs.
Group, Inc.)	750,000	750,000
Donald Bernstein Proj.:
Ser. 2000-H3, 3.70%, VRDN, (LOC: PNC Finl. Svcs. Group, Inc.)	900,000	900,000
Ser. C-5, 3.70%, VRDN, (LOC: PNC Finl. Svcs. Group, Inc.)	2,100,000	2,100,000
EPT Associates Proj., Ser. B-5, 3.70%, VRDN, (LOC: PNC Finl. Svcs. Group,
Inc.)	700,000	700,000
First Street Partners Proj., Ser. H-4, 3.70%, VRDN, (LOC: PNC Finl. Svcs. Group,
Inc.)	1,100,000	1,100,000
Fitzpatrick Container Corp., Ser. A-1, 3.70%, VRDN, (LOC: PNC Finl. Svcs. Group,
Inc.)	2,600,000	2,600,000
Ganflec Corp. Proj., Ser. E, 3.70%, VRDN, (LOC: PNC Finl. Svcs. Group, Inc.)	1,600,000	1,600,000
Hamill Manufacturing Co. Proj., Ser. H-6, 3.70%, VRDN, (LOC: PNC Finl. Svcs.
Group, Inc.)	500,000	500,000
Johnston Welding & Fabric, Ser. B-1, 3.70%, VRDN, (LOC: PNC Finl. Svcs. Group,
Inc.)	600,000	600,000
Moosic Realty Partners, LP Proj., Ser. A-1, 3.70%, VRDN, (LOC: PNC Finl. Svcs.
Group, Inc.)	700,000	700,000
O’Neill Family, LLC, Ser. B-8, 3.70%, VRDN, (LOC: PNC Finl. Svcs. Group, Inc.)	1,600,000	1,600,000
Ser. 2001-B1, 3.70%, VRDN, (LOC: PNC Finl. Svcs. Group, Inc.)	700,000	700,000
Ser. 2001-B2, 3.70%, VRDN, (LOC: PNC Finl. Svcs. Group, Inc.)	800,000	800,000
Ser. G-12, 3.70%, VRDN, (LOC: PNC Finl. Svcs. Group, Inc.)	500,000	500,000
Philadelphia, PA IDRB, 1100 Walnut Associates Proj., 3.79%, VRDN, (LOC: PNC Finl.
Svcs. Group, Inc.)	1,400,000	1,400,000
Schuylkill Cnty., PA IDA RB, Highwood USA Proj., Ser. 2007, 3.68%, VRDN, (LOC:
Citizens Bank)	2,000,000	2,000,000
Westmoreland Cnty., PA IDA RB, White Consolidated Inds., Inc. Proj., 4.02%,
12/01/2007, (SPA: Bank of Nova Scotia)	5,875,000	5,875,000
		54,085,000

See Notes to Financial Statements

12

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount	Value
MUNICIPAL OBLIGATIONS continued
LEASE 1.5%
BB&T Muni. Trust, Ser. 1006, 3.79%, VRDN, (LOC : Branch B&T Co.)	$ 2,000,000	$ 2,000,000
Midway, CA Sch. Dist. COP, Refinancing Proj., Ser. 2000, 3.72%, VRDN, (LOC:
Union Bank of California)	1,405,000	1,405,000
		3,405,000
MISCELLANEOUS REVENUE 5.6%
Beaver Cnty., PA IDA RB Env. Impt., BASF Corp. Proj., 3.78%, VRDN, (Gtd. by BASF
Corp.)	4,100,000	4,100,000
Lancaster, PA IDA RB, Student Lodging, Inc. Proj., 3.71%, VRDN, (LOC: Fulton Finl.
Corp.)	2,500,000	2,500,000
Merrill Lynch Puttable Option Tax-Exempt Receipts, 3.81%, VRDN, (SPA:
Merrill Lynch & Co., Inc.)	100,000	100,000
Pennsylvania EDFA IDRB, Babcock & Wilcox Co., Ser. A-2, 3.86%, VRDN, (LOC: PNC
Finl. Svcs. Group, Inc.)	4,400,000	4,400,000
West Baton Rouge, LA IDRB, Dow Chemical Co. Proj., Ser. 1995, 3.84%, VRDN,
(Gtd. by Dow Chemical Co.)	1,600,000	1,600,000
		12,700,000
PORT AUTHORITY 0.9%
Pennsylvania EDFA RB, Port of Pittsburgh Commission, Ser. G-10, 3.70%, VRDN,
(LOC: PNC Finl. Svcs. Group, Inc.)	2,000,000	2,000,000
RESOURCE RECOVERY 6.6%
Pennsylvania Energy Dev. Auth. RB, B&W Ebensburg Proj., 3.67%, VRDN, (LOC:
Landesbank Hessen)	4,375,000	4,375,000
Washington Cnty., PA IDRB, Solid Waste Disposal, American Iron Oxide Co. Proj.,
4.03%, VRDN, (Liq.: Bank of Tokyo)	10,700,000	10,700,000
		15,075,000
SPECIAL TAX 1.4%
Puerto Rico Cmnwlth. Infrastructure Fin. Auth. TOC, Ser. Z6, 3.67%, VRDN, (Insd.
by FGIC & Liq.: Goldman Sachs Group, Inc.)	3,143,000	3,143,000
TOBACCO REVENUE 0.1%
Tobacco Settlement Funding Corp. of New Jersey RB, PFOTER, 3.66%, VRDN, (SPA:
Merrill Lynch & Co., Inc.)	100,000	100,000
UTILITY 2.9%
Delaware EDA RB, Delmarva Power & Light Co. Proj., 3.85%, VRDN, (Gtd. by
Delmarva Power & Light Co.)	2,000,000	2,000,000
Mobile, AL Indl. Dev. Board RB, Alabama Power Co. - Barry Plant Proj., Ser. B,
3.75%, VRDN, (Gtd. by Alabama Power Co.)	800,000	800,000
Puerto Rico Elec. Power Auth. RB, ROC RR-II-R 637CE, 3.67%, VRDN, (Liq.:
Citigroup, Inc.)	3,500,000	3,500,000
Sweetwater Cnty., WY Env. Impt. RB, Pacificorp Proj., Ser. 1995, 3.79%, VRDN,
(LOC: Barclays plc)	200,000	200,000
		6,500,000

See Notes to Financial Statements

13

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

	Principal
	Amount	Value
MUNICIPAL OBLIGATIONS  continued
WATER & SEWER 9.8%
Pennsylvania EDFA RB, Solid Waste Disposal, Ser. V, 3.71%, VRDN, (Liq.: Bank of
America Corp.)	$ 4,495,000	$ 4,495,000
Pennsylvania EDFA Wastewater Treatment RRB, Sunoco, Inc. Proj., 3.82%, VRDN,
(Gtd. by Sunoco, Inc.)	1,300,000	1,300,000
Philadelphia, PA Water & Wastewater Facs. RB, MTC, Ser. 1999-1, 3.71%, VRDN,
(Insd. by AMBAC & LOC: Commerzbank AG)	15,495,000	15,495,000
Pittsburgh, PA Water & Sewer Auth. RB, Ser. 346, 3.66%, VRDN, (Liq.: Morgan
Stanley)	995,000	995,000
		22,285,000
Total Investments (cost $226,504,000) 99.6%		226,504,000
Other Assets and Liabilities  0.4%		832,511
Net Assets 100.0%		$ 227,336,511

VRDN	Variable Rate Demand Note security which is payable on demand within seven calendar days after notice is given by the
	Fund to the issuer or other parties not affiliated with the issuer. Interest rates are determined and reset by the issuer
	daily, weekly, or monthly depending upon the terms of the security. Interest rates presented for these securities are
	those in effect at July 31, 2007.

Certain obligations held in the portfolio have credit enhancements or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements; and third party insurance (i.e. AMBAC, FGIC and MBIA). Adjustable rate bonds and variable rate demand notes held in the portfolio may be considered derivative securities within the standards imposed by the Securities and Exchange Commission under Rule 2a-7 which were designed to minimize both credit and market risk.

Summary of Abbreviations
AMBAC	American Municipal Bond Assurance Corp.
COP	Certificates of Participation
EDA	Economic Development Authority
EDFA	Economic Development Finance Authority
FGIC	Financial Guaranty Insurance Co.
FSA	Financial Security Assurance, Inc.
GO	General Obligation
IDA	Industrial Development Authority
IDRB	Industrial Development Revenue Bond
IDRRB	Industrial Development Refunding Revenue Bond
LOC	Letter of Credit
MBIA	Municipal Bond Investors Assurance Corp.
MSTR	Municipal Securities Trust Receipt
MTC	Municipal Trust Certificates
PFOTER	Puttable Floating Option Tax Exempt Receipts
RB	Revenue Bond
ROC	Reset Option Certificate
RRB	Refunding Revenue Bond
SPA	Securities Purchase Agreement
TOC	Tender Option Certificate

See Notes to Financial Statements

14

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

The following table shows the percent of total investments by geographic location as of July 31, 2007:
Pennsylvania	87.0%
Puerto Rico	2.9%
Delaware	2.0%
Illinois	1.9%
California	1.8%
Louisiana	0.7%
Minnesota	0.5%
Alabama	0.5%
Wyoming	0.1%
Non-state specific	2.6%
	100.0%
The following table shows the percent of total investments by credit quality as of July 31, 2007:
Tier 1	97.5%
Tier 2	2.5%
	100.0%
The following table shows the percent of total investments by maturity as of July 31, 2007:
2-7 days	93.5%
61-120 days	1.9%
121-240 days	2.0%
241+ days	2.6%
	100.0%

See Notes to Financial Statements

15

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2007 (unaudited)

Assets
Investments at amortized cost	$ 226,504,000
Cash	7,109
Interest receivable	1,054,877
Prepaid expenses and other assets	16,926
Total assets	227,582,912
Liabilities
Dividends payable	166,594
Payable for Fund shares redeemed	40,707
Advisory fee payable	2,239
Distribution Plan expenses payable	2,159
Due to other related parties	369
Accrued expenses and other liabilities	34,333
Total liabilities	246,401
Net assets	$ 227,336,511
Net assets represented by
Paid-in capital	$ 227,318,253
Overdistributed net investment income	(5,566)
Accumulated net realized gains on investments	23,824
Total net assets	$ 227,336,511
Net assets consists of
Class A	$ 17,340,507
Class S	122,948,288
Class I	87,047,716
Total net assets	$ 227,336,511
Shares outstanding (unlimited number of shares authorized)
Class A	17,333,757
Class S	122,937,347
Class I	87,048,884
Net asset value per share
Class A	$ 1.00
Class S	$ 1.00
Class I	$ 1.00

See Notes to Financial Statements

16

STATEMENT OF OPERATIONS

Six Months Ended July 31, 2007 (unaudited)

Investment income
Interest	$ 3,955,979
Expenses
Advisory fee	375,828
Distribution Plan expenses
Class A	26,716
Class S	369,914
Administrative services fee	62,638
Transfer agent fees	23,662
Trustees’ fees and expenses	3,121
Printing and postage expenses	13,289
Custodian and accounting fees	32,072
Registration and filing fees	21,231
Professional fees	11,542
Other	3,027
Total expenses	943,040
Less: Expense reductions	(4,551)
Net expenses	938,489
Net investment income	3,017,490
Net realized gains on investments	23,824
Net increase in net assets resulting from operations	$ 3,041,314

See Notes to Financial Statements

17

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	July 31, 2007		Year Ended
	(unaudited)		January 31, 2007
Operations
Net investment income	$ 3,017,490		$ 5,654,627
Net realized gains on investments		23,824		1,284
Net increase in net assets resulting
from operations		3,041,314		5,655,911
Distributions to shareholders from
Net investment income
Class A		(265,165)		(913,976)
Class S		(1,651,051)		(2,993,297)
Class I		(1,107,431)		(1,748,158)
Total distributions to shareholders		(3,023,647)		(5,655,431)
	Shares		Shares
Capital share transactions
Proceeds from shares sold
Class A	24,722,870	24,722,870	72,317,458	72,317,458
Class S	611,180,477	611,180,477	987,230,681	987,230,681
Class I	98,123,095	98,123,095	123,232,872	123,232,872
		734,026,442		1,182,781,011
Net asset value of shares issued in
reinvestment of distributions
Class A	263,567	263,567	910,593	910,593
Class S	1,651,051	1,651,051	2,993,297	2,993,297
Class I	199,373	199,373	194,197	194,197
		2,113,991		4,098,087
Payment for shares redeemed
Class A	(25,825,777)	(25,825,777)	(92,474,349)	(92,474,349)
Class S	(603,410,645)	(603,410,645)	(985,768,503)	(985,768,503)
Class I	(73,795,774)	(73,795,774)	(135,908,373)	(135,908,373)
		(703,032,196)		(1,214,151,225)
Net increase (decrease) in net assets
resulting from capital share
transactions		33,108,237		(27,272,127)
Total increase (decrease) in net assets		33,125,904		(27,271,647)
Net assets
Beginning of period		194,210,607		221,482,254
End of period	$ 227,336,511		$ 194,210,607
Undistributed (overdistributed) net
investment income	$ (5,566)		$ 591

See Notes to Financial Statements

18

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen Pennsylvannia Municipal Money Market Fund (the “Fund”) is a non-diversified series of Evergreen Money Market Trust (the “Trust”), a Delaware statutory trust organized on September 18, 1997. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Fund offers Class A, Class S and Class I shares at net asset value without a front-end sales charge or contingent deferred sales charge. Each class of shares, except Class I shares, pays an ongoing distribution fee.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America, which require management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates.

a. Valuation of investments

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates market value.

b. Repurchase agreements

Securities pledged as collateral for repurchase agreements are held by the custodian bank or in a segregated account in the Fund’s name until the agreements mature. 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 agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. However, in the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. The Fund will 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 recorded on trade date. Realized gains and losses are computed using the specific cost of the security sold. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

d. Federal taxes

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income, including any net capital gains (which have already been offset by available capital loss carryovers). Accordingly, no provision for federal taxes is required.

19

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

e. Distributions

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

f. Class allocations

Income, common expenses and realized and unrealized gains and losses are allocated to the classes based on the relative net assets of each class. Distribution fees, if any, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

3. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Evergreen Investment Management Company, LLC (“EIMC”), an indirect, wholly-owned subsidiary of Wachovia Corporation (“Wachovia”), is the investment advisor to the Fund and is paid an annual fee starting at 0.36% and declining to 0.24% as average daily net assets increase.

Evergreen Investment Services, Inc. (“EIS”), an indirect, wholly-owned subsidiary of Wachovia, is the administrator to the Fund. As administrator, EIS provides the Fund with facilities, equipment and personnel and is paid an annual rate determined by applying percentage rates to the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund, starting at 0.06% and declining to 0.04% as the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund increase.

Evergreen Service Company, LLC (“ESC”), an indirect, wholly-owned subsidiary of Wachovia, is the transfer and dividend disbursing agent for the Fund. ESC receives account fees that vary based on the type of account held by the shareholders in the Fund.

4. DISTRIBUTION PLANS

EIS also serves as distributor of the Fund’s shares. The Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940 Act, for each class of shares, except Class I. Under the Distribution Plans, distribution fees are paid at an annual rate of 0.30% of the average daily net assets for Class A shares and 0.60% of the average daily net assets for Class S shares.

5. INVESTMENT TRANSACTIONS

On July 31, 2007, the cost of investments for federal income tax purposes for the Fund was the same as for financial reporting purposes.

6. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, the Fund may participate in an interfund lending program with certain funds in the Evergreen fund family. This program allows the Fund to borrow from other participating funds. During the six months ended July 31, 2007, the Fund did not participate in the interfund lending program.

20

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

7. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

8. DEFERRED TRUSTEES’ FEES

Each Trustee of the 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 is based on the investment performance of certain Evergreen funds. Any gains earned or losses incurred in the deferral accounts are reported in the Fund’s Trustees’ fees and expenses. At the election of the Trustees, the deferral account will be paid either in one lump sum or in quarterly installments for up to ten years.

9. FINANCING AGREEMENT

The Fund and certain other Evergreen funds share in an unsecured revolving credit commitment for temporary and emergency purposes, including the funding of redemptions, as permitted by each participating fund’s borrowing restrictions. Borrowings under this facility bear interest at 0.50% per annum above the Federal Funds rate. All of the participating funds are charged an annual commitment fee on the unused balance, which is allocated pro rata. The credit facility is for $100 million with an annual commitment fee of 0.08% . During the six months ended July 31, 2007, the Fund had no borrowings.

10. CONCENTRATION OF RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state, therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt mutual fund.

11. REGULATORY MATTERS AND LEGAL PROCEEDINGS

Pursuant to an administrative order issued by the Securities and Exchange Commission (“SEC”) on September 19, 2007, EIMC, EIS, ESC (collectively, the “Evergreen Entities”), Wachovia Securities, LLC and the SEC have entered into an agreement settling allegations of (i) improper short-term trading arrangements in effect prior to May 2003 involving former officers and employees of EIMC and certain broker-dealers, (ii) insufficient systems for monitoring exchanges and enforcing exchange limitations as stated in certain funds’ prospectuses, and (iii) inadequate e-mail retention practices. Under the settlement, the Evergreen Entities were censured and will pay approximately $32 million in disgorgement and penalties. This amount, along with a fine assessed by the SEC against Wachovia Securities, LLC will be distributed pursuant to a plan to be developed by an independent distribution consultant and approved by the SEC. The Evergreen Entities neither admitted nor denied the allegations and findings set forth in its settlement with the SEC.

EIS has entered into an agreement with the NASD settling allegations that EIS (i) arranged for Evergreen fund portfolio trades to be directed to Wachovia Securities, LLC, an affiliate of EIS that

21

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

sold Evergreen fund shares, during the period of January 2001 to December 2003 and (ii) provided non-cash compensation by sponsoring offsite meetings attended by Wachovia Securities, LLC brokers during that period, where the eligibility of a broker to attend the meetings depended upon the broker meeting certain sales targets of Evergreen fund shares. Pursuant to the settlement agreement, EIS has agreed to a censure and a fine of $4,200,000. EIS neither admitted nor denied the allegations and findings set forth in its agreement with the NASD.

In addition, the Evergreen funds and EIMC and certain of its affiliates are involved in various legal actions, including private litigation and class action lawsuits. EIMC does not expect that any of such legal actions currently pending or threatened will have a material adverse impact on the financial position or operations of any of the Evergreen funds or on EIMC’s ability to provide services to the Evergreen funds.

Although EIMC believes that none of the matters discussed above will have a material adverse impact on the Evergreen funds, there can be no assurance that these matters and any publicity surrounding or resulting from them will not result in reduced sales or increased redemptions of Evergreen fund shares, which could increase Evergreen fund transaction costs or operating expenses, or that they will not have other adverse consequences on the Evergreen funds.

12. NEW ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109 (“FIN 48”). FIN 48 supplements FASB 109 by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Fund’s financial statements have not been impacted by the adoption of FIN 48. However, the conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from FASB, and on-going analysis of tax laws, regulations, and interpretations thereof.

In September 2006, FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 applies to fair value measurements already required or permitted by existing standards. The change to current generally accepted accounting principles from the application of FAS 157 relates to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management of the Fund does not believe the adoption of FAS 157 will materially impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years.

22

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23

TRUSTEES AND OFFICERS

TRUSTEES¹

Charles A. Austin III	Investment Counselor, Anchor Capital Advisors, LLC. (investment advice); Director, The Andover
Trustee	Companies (insurance); Trustee, Arthritis Foundation of New England; Former Director, The
DOB: 10/23/1934	Francis Ouimet Society (scholarship program); Former Director, Executive Vice President and
Term of office since: 1991	Treasurer, State Street Research & Management Company (investment advice)
Other directorships: None
K. Dun Gifford	Chairman and President, Oldways Preservation and Exchange Trust (education); Trustee,
Trustee	Treasurer and Chairman of the Finance Committee, Cambridge College
DOB: 10/23/1938
Term of office since: 1974
Other directorships: None
Dr. Leroy Keith, Jr.	Managing Director, Almanac Capital Management (commodities firm); Trustee, Phoenix Fund
Trustee	Complex; Director, Diversapack Co. (packaging company); Former Partner, Stonington Partners,
DOB: 2/14/1939	Inc. (private equity fund); Former Director, Obagi Medical Products Co.; Former Director, Lincoln
Term of office since: 1983	Educational Services
Other directorships: Trustee,
Phoenix Fund Complex (consisting
of 60 portfolios)
Gerald M. McDonnell	Manager of Commercial Operations, CMC Steel (steel producer)
Trustee
DOB: 7/14/1939
Term of office since: 1988
Other directorships: None
Patricia B. Norris	President and Director of Buckleys of Kezar Lake, Inc. (real estate company); Former President
Trustee	and Director of Phillips Pond Homes Association (home community); Former Partner,
DOB: 4/9/1948	PricewaterhouseCoopers, LLP (independent registered public accounting firm)
Term of office since: 2006
Other directorships: None
William Walt Pettit	Partner and Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior Packaging Corp.
Trustee	(packaging company); Member, Superior Land, LLC (real estate holding company), Member,
DOB: 8/26/1955	K&P Development, LLC (real estate development); Former Director, National Kidney Foundation
Term of office since: 1984	of North Carolina, Inc. (non-profit organization)
Other directorships: None
David M. Richardson	President, Richardson, Runden LLC (executive recruitment business development/consulting
Trustee	company); Consultant, Kennedy Information, Inc. (executive recruitment information and
DOB: 9/19/1941	research company); Consultant, AESC (The Association of Executive Search Consultants);
Term of office since: 1982	Director, J&M Cumming Paper Co. (paper merchandising); Former Trustee, NDI Technologies, LLP
	(communications)
Other directorships: None
Dr. Russell A. Salton III	President/CEO, AccessOne MedCard, Inc.; Former Medical Director, Healthcare Resource
Trustee	Associates, Inc.
DOB: 6/2/1947
Term of office since: 1984
Other directorships: None
Michael S. Scofield	Retired Attorney, Law Offices of Michael S. Scofield; Former Director and Chairman, Branded
Trustee	Media Corporation (multi-media branding company)
DOB: 2/20/1943
Term of office since: 1984
Other directorships: None

24

TRUSTEES AND OFFICERS continued

Richard J. Shima	Independent Consultant; Director, Hartford Hospital; Trustee, Greater Hartford YMCA; Former
Trustee	Director, Trust Company of CT; Former Director, Old State House Association; Former Trustee,
DOB: 8/11/1939	Saint Joseph College (CT)
Term of office since: 1993
Other directorships: None
Richard K. Wagoner, CFA2	Member and Former President, North Carolina Securities Traders Association; Member, Financial
Trustee	Analysts Society
DOB: 12/12/1937
Term of office since: 1999
Other directorships: None
OFFICERS
Dennis H. Ferro3	Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President	Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945	Evergreen Investment Company, Inc.
Term of office since: 2003
Jeremy DePalma4	Principal occupations: Vice President, Evergreen Investment Services, Inc.; Former Assistant Vice
Treasurer	President, Evergreen Investment Services, Inc.
DOB: 2/5/1974
Term of office since: 2005
Michael H. Koonce4	Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary	Services, Inc.; Secretary, Senior Vice President and General Counsel, Evergreen Investment
DOB: 4/20/1960	Management Company, LLC and Evergreen Service Company, LLC; Senior Vice President and
Term of office since: 2000	Assistant General Counsel, Wachovia Corporation
Robert Guerin4, 5	Principal occupations: Chief Compliance Officer, Evergreen Funds and Senior Vice President of
Chief Compliance Officer	Evergreen Investments Co, Inc; Former Managing Director and Senior Compliance Officer,
DOB: 9/20/1965	Babson Capital Management LLC; Former Principal and Director, Compliance and Risk
Term of office since: 2007	Management, State Street Global Advisors; Former Vice President and Manager, Sales Practice
	Compliance, Deutsche Asset Management.

1 Each Trustee, except Ms. Norris, serves until a successor is duly elected or qualified or until his death, resignation, retirement or removal from office. As a new Trustee, Ms. Norris’ initial term ends June 30, 2009, at which time she may be re-elected by Trustees to serve until a successor is duly elected or qualified or until her death, resignation, retirement or removal from office by the Trustees. Each Trustee oversees 92 Evergreen funds. Correspondence for each Trustee may be sent to Evergreen Board of Trustees, P.O. Box 20083, Charlotte, NC 28202.

2 Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the Fund’s investment advisor.

3 The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.

4 The address of the Officer is 200 Berkeley Street, Boston, MA 02116.

5 Mr. Guerin’s information is as of June 14, 2007, the effective date of his approval by the Board of Trustees as Chief Compliance Officer of the Evergreen funds.

Additional information about the Fund’s Board of Trustees and Officers can be found in the Statement of Additional Information (SAI) and is available upon request without charge by calling 800.343.2898.

25

567515 rv4 09/2007

Evergreen Treasury Money Market Fund

table of contents
1	LETTER TO SHAREHOLDERS
4	FUND AT A GLANCE
6	ABOUT YOUR FUND’S EXPENSES
7	FINANCIAL HIGHLIGHTS
10	SCHEDULE OF INVESTMENTS
12	STATEMENT OF ASSETS AND LIABILITIES
13	STATEMENT OF OPERATIONS
14	STATEMENTS OF CHANGES IN NET ASSETS
15	NOTES TO FINANCIAL STATEMENTS
20	TRUSTEES AND OFFICERS

This semiannual report must be preceded or accompanied by a prospectus of the Evergreen fund contained herein. The prospectus contains more complete information, including fees and expenses, and should be read carefully before investing or sending money.

The fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q will be available on the SEC’s Web site at http://www.sec.gov. In addition, the fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330.

A description of the fund’s proxy voting policies and procedures, as well as information regarding how the fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available by visiting our Web site at EvergreenInvestments.com or by visiting the SEC’s Web site at http://www.sec.gov. The fund’s proxy voting policies and procedures are also available without charge, upon request, by calling 800.343.2898.

Mutual Funds:
NOT FDIC INSURED	MAY LOSE VALUE	NOT BANK GUARANTEED

Evergreen Investments^SM is a service mark of Evergreen Investment Management Company, LLC.
Copyright 2007, Evergreen Investment Management Company, LLC.

Evergreen Investment Management Company, LLC is a subsidiary of Wachovia Corporation and is an affiliate of Wachovia Corporation’s other Broker Dealer subsidiaries.

Evergreen mutual funds are distributed by Evergreen Investment Services, Inc.
200 Berkeley Street, Boston, MA 02116

LETTER TO SHAREHOLDERS

September 2007

Dennis H. Ferro

President and Chief Executive Officer

Dear Shareholder:

We are pleased to provide the Semiannual Report for Evergreen Treasury Money Market Fund for the six-month period ended July 31, 2007.

The domestic equity and fixed income markets produced modest, but positive, returns during the six-month period. Stock prices tended to rise early in the period, sustaining the momentum of late 2006 and early 2007 in a rally driven by better-than-expected corporate profits, strong global growth trends and brisk activity by private equity investors. However, equities then fell back in a major sell-off in the period’s final month. A market reversal in July 2007 was brought on by concerns about weakness in the housing industry and by worries that problems in the subprime mortgage market could spread to the general economy and signal a more general deterioration in credit quality within the bond market. Interest rates of longer-maturity bonds rose as their prices declined. At the same time, the spreads — or yield advantages — of lower-quality corporate bonds began to widen as investors preferred higher-quality bonds, especially Treasuries. In this environment, conservative, shorter-duration portfolios tended to hold up relatively well, while higher-yielding, lower-rated corporate bonds produced negative returns.

Despite the weakness in the housing industry, and the related problems in the subprime mortgage market, the domestic economy maintained

1

LETTER TO SHAREHOLDERS continued

its growth trajectory during the six-month period. While Gross Domestic Product grew by a rate of only 0.6% in the first quarter of 2007, it accelerated to a rate of 4.0% in the second quarter of 2007. During the six-month period, the Federal Reserve Board (the “Fed”) kept the fed funds rate, a key short-term interest rate, unchanged at 5.25% . However, as the period progressed, speculation increased about possible future actions by the nation’s central bank. Shortly after the period ended, the Fed acted, injecting liquidity into the market by cutting the discount rate, which is the rate at which the Fed lends to banks.

Against this backdrop, the management teams of Evergreen’s money market funds continued to focus on capital preservation and competitive income through investments in high-quality, short-term securities.

As always, we encourage investors to maintain diversified investment portfolios in pursuit of their long-term investment goals.

2

LETTER TO SHAREHOLDERS continued

Please visit us at EvergreenInvestments.com for more information about our funds and other investment products available to you. Thank you for your continued support of Evergreen Investments.

Sincerely,

Dennis H. Ferro

President and Chief Executive Officer
Evergreen Investment Company, Inc.

Special Notice to Shareholders:

Please visit our Web site at EvergreenInvestments.com for statements from President and Chief Executive Officer, Dennis Ferro, regarding the firm’s recent settlement with the Securities and Exchange Commission (SEC) and prior settlement with the National Association of Securities Dealers (NASD).

3

FUND AT A GLANCE

as of July 31, 2007

MANAGEMENT TEAM

Investment Advisor:

• Evergreen Investment Management Company, LLC

Portfolio Managers:

• J. Kellie Allen

• Bryan K. White, CFA

• Sheila Nye

PERFORMANCE AND RETURNS*

Portfolio inception date: 3/6/1991

	Class A	Class S	Class I
Class inception date	3/6/1991	6/30/2000	3/6/1991
Nasdaq symbol	ETAXX	N/A	ETYXX
6-month return	2.25%	2.10%	2.41%
Average annual return
1-year	4.61%	4.30%	4.93%
5-year	2.14%	1.84%	2.44%
10-year	3.16%	2.95%	3.47%
7-day annualized yield	4.53%	4.23%	4.83%
30-day annualized yield	4.48%	4.18%	4.78%

* The yield quotation more closely reflects the current earnings of the fund than the total return quotation.

Past performance is no guarantee of future results. The performance quoted represents past performance and current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end for Classes A or I, please go to EvergreenInvestments.com/fundperformance. Please call 1.800.343.2898 for the most recent month-end performance information for Class S. The performance of each class may vary based on differences in fees and expenses paid by the shareholders investing in each class. Performance includes the reinvestment of income dividends and capital gain distributions.

Historical performance shown for Class S prior to its inception is based on the performance of Class A, one of the original classes offered along with Class I. The historical returns for Class S have not been adjusted to reflect the effect of each class’ 12b-1 fee. These fees are 0.30% for Class A and 0.60% for Class S. Class I does not pay a 12b-1 fee. If these fees had been reflected, returns for Class S would have been lower.

Returns reflect expense limits previously in effect, without which returns would have been lower.

An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

4

FUND AT A GLANCE continued

7-DAY ANNUALIZED YIELD

Class I shares are only offered in the following manner: (1) to investment advisory clients of Evergreen Investment Management Company, LLC (or its advisory affiliates) when purchased by such advisor(s) on behalf of its clients, (2) through arrangements entered into on behalf of the Evergreen funds with certain financial services firms, (3) to certain institutional investors and (4) to persons who owned Class Y shares in registered name in an Evergreen fund on or before December 31, 1994 or who owned shares of any SouthTrust fund in registered name as of March 18, 2005 or shares of Vestaur Securities Fund as of May 20, 2005.

Class I shares are only available to institutional shareholders with a minimum of $1 million investment, which may be waived in certain situations.

Class S shares are sold through certain broker dealers and financial institutions which have selling agreements with the fund’s distributor.

The fund’s investment objective may be changed without a vote of the fund’s shareholders.

Yields are based on net investment income for the stated periods and annualized.

U.S. government guarantees apply only to certain securities held in the fund’s portfolio and not to the fund’s shares.

The yield will fluctuate and there can be no guarantee that the fund will achieve its objective.

All data is as of July 31, 2007, and subject to change.

5

ABOUT YOUR FUND’S EXPENSES

The Example below is intended to describe the fees and expenses borne by shareholders and the impact of those costs on your investment.

Example

As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2007 to July 31, 2007.

The example illustrates your fund’s costs in two ways:

• Actual expenses
  The section in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
• Hypothetical example for comparison purposes
  The section in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the section in the table under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	2/1/2007	7/31/2007	Period*
Actual
Class A	$ 1,000.00	$ 1,022.53	$ 3.66
Class S	$ 1,000.00	$ 1,021.04	$ 5.16
Class I	$ 1,000.00	$ 1,024.07	$ 2.16
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,021.17	$ 3.66
Class S	$ 1,000.00	$ 1,019.69	$ 5.16
Class I	$ 1,000.00	$ 1,022.66	$ 2.16

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (0.73% for Class A, 1.03% for Class S and 0.43% for Class I), multiplied by the average account value over the period, multiplied by 181 / 365 days.

6

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS A	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from investment operations
Net investment income (loss)	0.02	0.04	0.03	0.01	0	0.01
Distributions to shareholders from
Net investment income	(0.02)	(0.04)	(0.03)	(0.01)	01	(0.01)
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total return	2.25%	4.34%	2.58%	0.73%	0.38%	1.14%
Ratios and supplemental data
Net assets, end of period (millions)	$ 277	$ 317	$ 482	$ 478	$ 525	$ 773
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	0.73%2	0.73%	0.72%	0.73%	0.75%	0.73%
Expenses excluding waivers/reimbursements
and expense reductions	0.73%2	0.73%	0.72%	0.73%	0.75%	0.73%
Net investment income (loss)	4.50%2	4.20%	2.57%	0.72%	0.38%	1.13%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

7

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS S	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$ 1.00
Income from investment operations
Net investment income (loss)	0.02	0.04	0.02	0	0	0.01
Distributions to shareholders from
Net investment income	(0.02)	(0.04)	(0.02)	01	01	(0.01)
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$ 1.00
Total return	2.10%	4.03%	2.28%	0.44%	0.11%	0.84%
Ratios and supplemental data
Net assets, end of period (millions)	$ 545	$ 596	$ 922	$ 761	$ 856	$1,484
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	1.03%2	1.03%	1.02%	1.01%	1.02%	1.03%
Expenses excluding waivers/reimbursements
and expense reductions	1.03%2	1.03%	1.02%	1.02%	1.05%	1.03%
Net investment income (loss)	4.21%2	3.91%	2.26%	0.43%	0.12%	0.85%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

8

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS I	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Income from investment operations
Net investment income (loss)	0.02	0.05	0.03	0.01	0.01	0.01
Distributions to shareholders from
Net investment income	(0.02)	(0.05)	(0.03)	(0.01)	(0.01)	(0.01)
Net asset value, end of period	$1.00	$1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total return	2.41%	4.65%	2.89%	1.03%	0.68%	1.44%
Ratios and supplemental data
Net assets, end of period (millions)	$ 653	$ 943	$1,306	$1,145	$1,652	$1,201
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	0.43%1	0.43%	0.42%	0.43%	0.45%	0.43%
Expenses excluding waivers/reimbursements
and expense reductions	0.43%1	0.43%	0.42%	0.43%	0.45%	0.43%
Net investment income (loss)	4.81%1	4.51%	2.87%	0.97%	0.66%	1.42%

¹ Annualized

See Notes to FinancialStatements

9

SCHEDULE OF INVESTMENTS

July 31, 2007 (unaudited)

	Principal
	Amount	Value
REPURCHASE AGREEMENTS ^^ 100.2%
ABN AMRO, Inc., Avg. rate of 5.14%, dated 7/30/2007, maturing 8/06/2007;
maturity value $80,079,933 (1) *	$ 80,000,000	$ 80,000,000
Bank of America Corp., Avg. rate of 5.13%, dated 7/30/2007, maturing
8/06/2007; maturity value $80,079,822 (2) *	80,000,000	80,000,000
Credit Suisse First Boston, LLC, Avg. rate of 5.16%, dated 7/30/2007, maturing
8/06/2007; maturity value $80,080,244 (3) *	80,000,000	80,000,000
Deutsche Bank AG:
5.12%, dated 7/31/2007, maturing 8/01/2007; maturity value $60,008,533 (4)	60,000,000	60,000,000
Avg. rate of 5.15%, dated 7/30/2007, maturing 8/06/2007; maturity value
$80,080,133 (4) *	80,000,000	80,000,000
Avg. rate of 5.24%, dated 7/30/2007, maturing 8/06/2007; maturity value
$80,081,533 (4) *	80,000,000	80,000,000
Greenwich Capital Markets, Inc.:
5.19%, dated 7/31/2007, maturing 8/01/2007; maturity value $60,008,650 (5)	60,000,000	60,000,000
Avg. rate of 5.15%, dated 7/30/2007, maturing 8/06/2007; maturity value
$80,080,111 (6) *	80,000,000	80,000,000
HSBC Holdings, plc, Avg. rate of 5.15%, dated 7/30/2007, maturing 8/06/2007;
maturity value $80,080,044 (7) *	80,000,000	80,000,000
Lehman Brothers Holdings, Inc., Avg. rate of 5.09%, dated 7/30/2007, maturing
8/06/2007; maturity value $80,079,133 (8) *	80,000,000	80,000,000
Merrill Lynch & Co., Inc., 5.13%, dated 7/31/2007, maturing 8/01/2007; maturity
value $80,011,400 (9)	80,000,000	80,000,000
Morgan Stanley, Avg. rate of 5.14%, dated 7/30/2007, maturing 8/06/2007;
maturity value $110,109,908 (10) *	110,000,000	110,000,000
RBC Dain Rauscher Corp., Avg. rate of 5.15%, dated 7/30/2007, maturing
8/06/2007; maturity value $180,180,400 (11) *	180,000,000	180,000,000
Societe Generale, 5.19%, dated 7/31/2007, maturing 8/01/2007; maturity value
$58,167,130 (12)	58,158,745	58,158,745
UBS AG:
5.11%, dated 7/31/2007, maturing 8/01/2007; maturity value
$105,014,904 (13)	105,000,000	105,000,000
5.24%, dated 7/31/2007, maturing 8/01/2007; maturity value
$185,026,928 (14)	185,000,000	185,000,000
Total Investments (cost $1,478,158,745) 100.2%		1,478,158,745
Other Assets and Liabilities (0.2%)		(3,275,505)
Net Assets 100.0%		$ 1,474,883,240

See Notes to Financial Statements

10

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

^^	Collateralized by:
	(1)	$81,079,000 U.S. Treasury Note, 5.125%, 6/30/2008, value including accrued interest is $81,600,115.
	(2)	$81,594,000 U.S. Treasury Note, 4.625%, 7/31/2009, value including accrued interest is $81,600,473.
	(3)	$83,375,000 U.S. Treasury Note, 2.625%, 3/15/2009, value including accrued interest is $81,603,484.
	(4)	$123,245,646 GNMA, 5.50% to 7.00%, 5/15/2033 to 9/15/2036, value including accrued interest is
		$83,126,650; $375,308,000 U.S. Treasury STRIPS, 0.00%, 11/15/2026, value is $141,273,437. This collateral was
		allocated on a pro-rata split basis such that sufficient collateral was applied to the respective repurchase
		agreements.
	(5)	$61,150,000 U.S. Treasury Note, 4.625%, 7/31/2009, value including accrued interest is $61,202,588.
	(6)	$81,220,000 U.S. Treasury Note, 4.75%, 12/31/2008, value including accrued interest is $81,604,353.
	(7)	$226,280,000 U.S. Treasury STRIPS, 0.00%, 11/15/2027, value is $81,601,092.
	(8)	$82,433,000 U.S. Treasury Bills, 0.00%, 8/02/2007 to 12/27/2007, value is $81,601,063.
	(9)	$81,295,000 U.S. Treasury Note, 4.50%, 11/30/2011, value including accrued interest is $81,602,867.
	(10)	$298,072,000 U.S. Treasury STRIPS, 0.00%, 11/15/2026, value is $112,200,262.
	(11)	$10,005,000 TIPS, 1.625% to 2.375%, 1/15/2015 to 1/15/2027, value including accrued interest is $10,237,304;
		$169,278,000 U.S. Treasury Note, 4.75%, 5/31/2012, value including accrued interest is $171,437,423;
		$2,271,000 U.S. Treasury STRIPS, 0.00%, 8/15/2009 to 11/15/2027, value is $1,926,133.
	(12)	$10,947,000 TIPS, 1.875% to 3.375%, 1/15/2012 to 1/15/2027, value including accrued interest is $11,861,429;
		$14,213,000 U.S. Treasury Bonds, 6.00% to 11.25%, 2/15/2015 to 2/15/2027, value including accrued interest is
		$18,070,485; $29,488,000 U.S. Treasury Notes, 2.625% to 4.75%, 9/15/2008 to 2/15/2016, value including
		accrued interest is $29,390,878.
	(13)	$69,665,000 TIPS, 3.625%, 4/15/2028, value including accrued interest is $107,101,560.
	(14)	$1,027,342,691 GNMA, 4.00% to 13.50%, 12/15/2007 to 12/15/2047, value including accrued interest is
		$188,700,761.
*	Variable rate repurchase agreement with rates which reset daily. The rate shown represents an average of the daily rates
	over the term of the agreement.

Summary of Abbreviations
GNMA	Government National Mortgage Association
STRIPS	Separately Traded Registered Interest and Principal Securities
TIPS	Treasury Inflation Protected Securities

The following table shows the percent of total investments by credit quality as of July 31, 2007:
Tier 1	100%
The following table shows the percent of total investments by maturity as of July 31, 2007:
1 day	37.1%
2-7 days	62.9%
	100.0%

See Notes to Financial Statements

11

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2007 (unaudited)

Assets
Investments in repurchase agreements at amortized cost	$ 1,478,158,745
Receivable for Fund shares sold	32,197
Interest receivable	344,508
Prepaid expenses and other assets	26,377
Total assets	1,478,561,827
Liabilities
Dividends payable	3,203,013
Payable for Fund shares redeemed	116,512
Advisory fee payable	12,520
Distribution Plan expenses payable	11,214
Due to other related parties	4,758
Accrued expenses and other liabilities	330,570
Total liabilities	3,678,587
Net assets	$ 1,474,883,240
Net assets represented by
Paid-in capital	$ 1,476,091,184
Undistributed net investment income	23,369
Accumulated net realized losses on investments	(1,231,313)
Total net assets	$ 1,474,883,240
Net assets consists of
Class A	$ 276,711,360
Class S	545,193,343
Class I	652,978,537
Total net assets	$ 1,474,883,240
Shares outstanding (unlimited number of shares authorized)
Class A	277,138,805
Class S	545,586,828
Class I	653,616,308
Net asset value per share
Class A	$ 1.00
Class S	$ 1.00
Class I	$ 1.00

See Notes to Financial Statements

12

STATEMENT OF OPERATIONS

Six Months Ended July 31, 2007 (unaudited)

Investment income
Interest	$ 41,184,716
Expenses
Advisory fee	2,438,979
Distribution Plan expenses
Class A	396,606
Class S	1,649,867
Administrative services fee	472,060
Transfer agent fees	162,865
Trustees’ fees and expenses	14,277
Printing and postage expenses	46,110
Custodian and accounting fees	162,110
Registration and filing fees	21,001
Professional fees	26,764
Other	27,926
Total expenses	5,418,565
Less: Expense reductions	(15,868)
Net expenses	5,402,697
Net investment income	35,782,019
Net increase in net assets resulting from operations	$ 35,782,019

See Notes to Financial Statements

13

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	July 31, 2007		Year Ended
	(unaudited)		January 31, 2007
Operations
Net investment income	$ 35,782,019		$ 96,631,011
Distributions to shareholders from
Net investment income
Class A		(5,949,510)		(15,015,489)
Class S		(11,572,515)		(32,386,414)
Class I		(18,258,453)		(49,228,210)
Total distributions to shareholders		(35,780,478)		(96,630,113)
	Shares		Shares
Capital share transactions
Proceeds from shares sold
Class A	636,760,387	636,760,387	1,095,198,607	1,095,198,607
Class S	2,873,707,153	2,873,707,153	7,743,101,622	7,743,101,622
Class I	1,244,523,698	1,244,523,698	4,146,486,912	4,146,486,912
		4,754,991,238		12,984,787,141
Net asset value of shares issued in
reinvestment of distributions
Class A	1,934,639	1,934,639	3,175,377	3,175,377
Class S	11,572,515	11,572,515	32,386,414	32,386,414
Class I	830,850	830,850	1,569,919	1,569,919
		14,338,004		37,131,710
Payment for shares redeemed
Class A	(678,623,216)	(678,623,216)	(1,263,718,806)	(1,263,718,806)
Class S	(2,935,848,836)	(2,935,848,836)	(8,101,780,413)	(8,101,780,413)
Class I	(1,535,622,866)	(1,535,622,866)	(4,510,380,418)	(4,510,380,418)
		(5,150,094,918)		(13,875,879,637)
Net decrease in net assets resulting
from capital share transactions		(380,765,676)		(853,960,786)
Total decrease in net assets		(380,764,135)		(853,959,888)
Net assets
Beginning of period		1,855,647,375		2,709,607,263
End of period	$ 1,474,883,240		$ 1,855,647,375
Undistributed net investment income	$ 23,369		$ 21,828

See Notes to Financial Statements

14

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen Treasury Money Market Fund (the “Fund”) is a diversified series of Evergreen Money Market Trust (the “Trust”), a Delaware statutory trust organized on September 18, 1997. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Fund offers Class A, Class S and Class I shares at net asset value without a front-end sales charge or contingent deferred sales charge. Each class of shares, except Class I shares, pays an ongoing distribution fee.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America, which require management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates.

a. Valuation of investments

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates market value.

b. Repurchase agreements

Securities pledged as collateral for repurchase agreements are held by the custodian bank or in a segregated account in the Fund’s name until the agreements mature. 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 agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. However, in the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. The Fund will 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 recorded on trade date. Realized gains and losses are computed using the specific cost of the security sold. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

d. Federal taxes

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income, including any net capital gains (which have already been offset by available capital loss carryovers). Accordingly, no provision for federal taxes is required.

15

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

e. Distributions

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

f. Class allocations

Income, common expenses and realized and unrealized gains and losses are allocated to the classes based on the relative net assets of each class. Distribution fees, if any, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

3. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Evergreen Investment Management Company, LLC (“EIMC”), an indirect, wholly-owned subsidiary of Wachovia Corporation (“Wachovia”), is the investment advisor to the Fund and is paid an annual fee starting at 0.31% and declining to 0.15% as average daily net assets increase.

Evergreen Investment Services, Inc. (“EIS”), an indirect, wholly-owned subsidiary of Wachovia, is the administrator to the Fund. As administrator, EIS provides the Fund with facilities, equipment and personnel and is paid an annual rate determined by applying percentage rates to the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund, starting at 0.06% and declining to 0.04% as the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund increase.

Evergreen Service Company, LLC (“ESC”), an indirect, wholly-owned subsidiary of Wachovia, is the transfer and dividend disbursing agent for the Fund. ESC receives account fees that vary based on the type of account held by the shareholders in the Fund.

4. DISTRIBUTION PLANS

EIS also serves as distributor of the Fund’s shares. The Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940 Act, for each class of shares, except Class I. Under the Distribution Plans, distribution fees are paid at an annual rate of 0.30% of the average daily net assets for Class A shares and 0.60% of the average daily net assets for Class S shares.

5. INVESTMENT TRANSACTIONS

On July 31, 2007, the cost of investments for federal income tax purposes for the Fund was the same as for financial reporting purposes.

As of January 31, 2007, the Fund had $1,231,313 in capital loss carryovers for federal income tax purposes with $15,544 expiring in 2013 and $1,215,769 expiring in 2014.

16

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

6. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, the Fund may participate in an interfund lending program with certain funds in the Evergreen fund family. This program allows the Fund to borrow from other participating funds. During the six months ended July 31, 2007, the Fund did not participate in the interfund lending program.

7. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

8. DEFERRED TRUSTEES’ FEES

Each Trustee of the 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 is based on the investment performance of certain Evergreen funds. Any gains earned or losses incurred in the deferral accounts are reported in the Fund’s Trustees’ fees and expenses. At the election of the Trustees, the deferral account will be paid either in one lump sum or in quarterly installments for up to ten years.

9. FINANCING AGREEMENT

The Fund and certain other Evergreen funds share in an unsecured revolving credit commitment for temporary and emergency purposes, including the funding of redemptions, as permitted by each participating fund’s borrowing restrictions. Borrowings under this facility bear interest at 0.50% per annum above the Federal Funds rate. All of the participating funds are charged an annual commitment fee on the unused balance, which is allocated pro rata. The credit facility is for $100 million with an annual commitment fee of 0.08% . During the six months ended July 31, 2007, the Fund had no borrowings.

10. REGULATORY MATTERS AND LEGAL PROCEEDINGS

Pursuant to an administrative order issued by the Securities and Exchange Commission (“SEC”) on September 19, 2007, EIMC, EIS, ESC (collectively, the “Evergreen Entities”), Wachovia Securities, LLC and the SEC have entered into an agreement settling allegations of (i) improper short-term trading arrangements in effect prior to May 2003 involving former officers and employees of EIMC and certain broker-dealers, (ii) insufficient systems for monitoring exchanges and enforcing exchange limitations as stated in certain funds’ prospectuses, and (iii) inadequate e-mail retention practices. Under the settlement, the Evergreen Entities were censured and will pay approximately $32 million in disgorgement and penalties. This amount, along with a fine assessed by the SEC against Wachovia Securities, LLC will be distributed pursuant to a plan to be developed by an independent distribution consultant and approved by the SEC. The Evergreen Entities neither admitted nor denied the allegations and findings set forth in its settlement with the SEC.

17

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

EIS has entered into an agreement with the NASD settling allegations that EIS (i) arranged for Evergreen fund portfolio trades to be directed to Wachovia Securities, LLC, an affiliate of EIS that sold Evergreen fund shares, during the period of January 2001 to December 2003 and (ii) provided non-cash compensation by sponsoring offsite meetings attended by Wachovia Securities, LLC brokers during that period, where the eligibility of a broker to attend the meetings depended upon the broker meeting certain sales targets of Evergreen fund shares. Pursuant to the settlement agreement, EIS has agreed to a censure and a fine of $4,200,000. EIS neither admitted nor denied the allegations and findings set forth in its agreement with the NASD.

In addition, the Evergreen funds and EIMC and certain of its affiliates are involved in various legal actions, including private litigation and class action lawsuits. EIMC does not expect that any of such legal actions currently pending or threatened will have a material adverse impact on the financial position or operations of any of the Evergreen funds or on EIMC’s ability to provide services to the Evergreen funds.

Although EIMC believes that none of the matters discussed above will have a material adverse impact on the Evergreen funds, there can be no assurance that these matters and any publicity surrounding or resulting from them will not result in reduced sales or increased redemptions of Evergreen fund shares, which could increase Evergreen fund transaction costs or operating expenses, or that they will not have other adverse consequences on the Evergreen funds.

11. NEW ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109 (“FIN 48”). FIN 48 supplements FASB 109 by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Fund’s financial statements have not been impacted by the adoption of FIN 48. However, the conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from FASB, and on-going analysis of tax laws, regulations, and interpretations thereof.

In September 2006, FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 applies to fair value measurements already required or permitted by existing standards. The change to current generally accepted accounting principles from the application of FAS 157 relates to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management of the Fund does not believe the adoption of FAS 157 will materially impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years.

18

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19

TRUSTEES AND OFFICERS

TRUSTEES¹

Charles A. Austin III	Investment Counselor, Anchor Capital Advisors, LLC. (investment advice); Director, The Andover
Trustee	Companies (insurance); Trustee, Arthritis Foundation of New England; Former Director, The
DOB: 10/23/1934	Francis Ouimet Society (scholarship program); Former Director, Executive Vice President and
Term of office since: 1991	Treasurer, State Street Research & Management Company (investment advice)
Other directorships: None
K. Dun Gifford	Chairman and President, Oldways Preservation and Exchange Trust (education); Trustee,
Trustee	Treasurer and Chairman of the Finance Committee, Cambridge College
DOB: 10/23/1938
Term of office since: 1974
Other directorships: None
Dr. Leroy Keith, Jr.	Managing Director, Almanac Capital Management (commodities firm); Trustee, Phoenix
Trustee	Fund Complex; Director, Diversapack Co. (packaging company); Former Partner, Stonington
DOB: 2/14/1939	Partners, Inc. (private equity fund); Former Director, Obagi Medical Products Co.; Former
Term of office since: 1983	Director, Lincoln Educational Services
Other directorships: Trustee,
Phoenix Fund Complex (consisting
of 60 portfolios)
Gerald M. McDonnell	Manager of Commercial Operations, CMC Steel (steel producer)
Trustee
DOB: 7/14/1939
Term of office since: 1988
Other directorships: None
Patricia B. Norris	President and Director of Buckleys of Kezar Lake, Inc. (real estate company); Former President
Trustee	and Director of Phillips Pond Homes Association (home community); Former Partner,
DOB: 4/9/1948	PricewaterhouseCoopers, LLP (independent registered public accounting firm)
Term of office since: 2006
Other directorships: None
William Walt Pettit	Partner and Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior Packaging Corp.
Trustee	(packaging company); Member, Superior Land, LLC (real estate holding company), Member,
DOB: 8/26/1955	K&P Development, LLC (real estate development); Former Director, National Kidney Foundation
Term of office since: 1984	of North Carolina, Inc. (non-profit organization)
Other directorships: None
David M. Richardson	President, Richardson, Runden LLC (executive recruitment business development/consulting
Trustee	company); Consultant, Kennedy Information, Inc. (executive recruitment information and
DOB: 9/19/1941	research company); Consultant, AESC (The Association of Executive Search Consultants);
Term of office since: 1982	Director, J&M Cumming Paper Co. (paper merchandising); Former Trustee, NDI Technologies, LLP
	(communications)
Other directorships: None
Dr. Russell A. Salton III	President/CEO, AccessOne MedCard, Inc.; Former Medical Director, Healthcare Resource
Trustee	Associates, Inc.
DOB: 6/2/1947
Term of office since: 1984
Other directorships: None
Michael S. Scofield	Retired Attorney, Law Offices of Michael S. Scofield; Former Director and Chairman, Branded
Trustee	Media Corporation (multi-media branding company)
DOB: 2/20/1943
Term of office since: 1984
Other directorships: None

20

TRUSTEES AND OFFICERS continued

Richard J. Shima	Independent Consultant; Director, Hartford Hospital; Trustee, Greater Hartford YMCA; Former
Trustee	Director, Trust Company of CT; Former Director, Old State House Association; Former Trustee,
DOB: 8/11/1939	Saint Joseph College (CT)
Term of office since: 1993
Other directorships: None
Richard K. Wagoner, CFA2	Member and Former President, North Carolina Securities Traders Association; Member, Financial
Trustee	Analysts Society
DOB: 12/12/1937
Term of office since: 1999
Other directorships: None
OFFICERS
Dennis H. Ferro3	Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President	Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945	Evergreen Investment Company, Inc.
Term of office since: 2003
Jeremy DePalma4	Principal occupations: Vice President, Evergreen Investment Services, Inc.; Former Assistant Vice
Treasurer	President, Evergreen Investment Services, Inc.
DOB: 2/5/1974
Term of office since: 2005
Michael H. Koonce4	Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary	Services, Inc.; Secretary, Senior Vice President and General Counsel, Evergreen Investment
DOB: 4/20/1960	Management Company, LLC and Evergreen Service Company, LLC; Senior Vice President and
Term of office since: 2000	Assistant General Counsel, Wachovia Corporation
Robert Guerin4, 5	Principal occupations: Chief Compliance Officer, Evergreen Funds and Senior Vice President of
Chief Compliance Officer	Evergreen Investments Co, Inc; Former Managing Director and Senior Compliance Officer,
DOB: 9/20/1965	Babson Capital Management LLC; Former Principal and Director, Compliance and Risk
Term of office since: 2007	Management, State Street Global Advisors; Former Vice President and Manager, Sales Practice
	Compliance, Deutsche Asset Management.

1 Each Trustee, except Ms. Norris, serves until a successor is duly elected or qualified or until his death, resignation, retirement or removal from office. As a new Trustee, Ms. Norris’ initial term ends June 30, 2009, at which time she may be re-elected by Trustees to serve until a successor is duly elected or qualified or until her death, resignation, retirement or removal from office by the Trustees. Each Trustee oversees 92 Evergreen funds. Correspondence for each Trustee may be sent to Evergreen Board of Trustees, P.O. Box 20083, Charlotte, NC 28202.

2 Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the Fund’s investment advisor.

3 The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.

4 The address of the Officer is 200 Berkeley Street, Boston, MA 02116.

5 Mr. Guerin’s information is as of June 14, 2007, the effective date of his approval by the Board of Trustees as Chief Compliance Officer of the Evergreen funds.

Additional information about the Fund’s Board of Trustees and Officers can be found in the Statement of Additional Information (SAI) and is available upon request without charge by calling 800.343.2898.

21

567516 rv4 09/2007

Evergreen U.S. Government Money Market Fund

table of contents
1	LETTER TO SHAREHOLDERS
4	FUND AT A GLANCE
6	ABOUT YOUR FUND’S EXPENSES
7	FINANCIAL HIGHLIGHTS
9	SCHEDULE OF INVESTMENTS
11	STATEMENT OF ASSETS AND LIABILITIES
12	STATEMENT OF OPERATIONS
13	STATEMENTS OF CHANGES IN NET ASSETS
14	NOTES TO FINANCIAL STATEMENTS
20	TRUSTEES AND OFFICERS

This semiannual report must be preceded or accompanied by a prospectus of the Evergreen fund contained herein. The prospectus contains more complete information, including fees and expenses, and should be read carefully before investing or sending money.

The fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q will be available on the SEC’s Web site at http://www.sec.gov. In addition, the fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330.

A description of the fund’s proxy voting policies and procedures, as well as information regarding how the fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available by visiting our Web site at EvergreenInvestments.com or by visiting the SEC’s Web site at http://www.sec.gov. The fund’s proxy voting policies and procedures are also available without charge, upon request, by calling 800.343.2898.

Mutual Funds:
NOT FDIC INSURED	MAY LOSE VALUE	NOT BANK GUARANTEED

Evergreen Investments is a service mark of Evergreen Investment Management Company, LLC.
Copyright 2007, Evergreen Investment Management Company, LLC.

Evergreen Investment Management Company, LLC is a subsidiary of Wachovia Corporation and is an affiliate of Wachovia Corporation’s other Broker Dealer subsidiaries.

Evergreen mutual funds are distributed by Evergreen Investment Services, Inc.
200 Berkeley Street, Boston, MA 02116

LETTER TO SHAREHOLDERS

September 2007

Dennis H. Ferro
President and Chief
Executive Officer

Dear Shareholder:

We are pleased to provide the Semiannual Report for Evergreen U.S. Government Money Market Fund for the six-month period ended July 31, 2007.

The domestic equity and fixed income markets produced modest, but positive, returns during the six-month period. Stock prices tended to rise early in the period, sustaining the momentum of late 2006 and early 2007 in a rally driven by better-than-expected corporate profits, strong global growth trends and brisk activity by private equity investors. However, equities then fell back in a major sell-off in the period’s final month. A market reversal in July 2007 was brought on by concerns about weakness in the housing industry and by worries that problems in the subprime mortgage market could spread to the general economy and signal a more general deterioration in credit quality within the bond market. Interest rates of longer-maturity bonds rose as their prices declined. At the same time, the spreads — or yield advantages — of lower-quality corporate bonds began to widen as investors preferred higher-quality bonds, especially Treasuries. In this environment, conservative, shorter-duration portfolios tended to hold up relatively well, while higher-yielding, lower-rated corporate bonds produced negative returns.

Despite the weakness in the housing industry, and the related problems in the subprime mortgage market, the domestic economy maintained

1

LETTER TO SHAREHOLDERS continued

its growth trajectory during the six-month period. While Gross Domestic Product grew by a rate of only 0.6% in the first quarter of 2007, it accelerated to a rate of 4.0% in the second quarter of 2007. During the six-month period, the Federal Reserve Board (the “Fed”) kept the fed funds rate, a key short-term interest rate, unchanged at 5.25% . However, as the period progressed, speculation increased about possible future actions by the nation’s central bank. Shortly after the period ended, the Fed acted, injecting liquidity into the market by cutting the discount rate, which is the rate at which the Fed lends to banks.

Against this backdrop, the management teams of Evergreen’s money market funds continued to focus on capital preservation and competitive income through investments in high-quality, short-term securities.

As always, we encourage investors to maintain diversified investment portfolios in pursuit of their long-term investment goals.

2

LETTER TO SHAREHOLDERS continued

Please visit us at EvergreenInvestments.com for more information about our funds and other investment products available to you. Thank you for your continued support of Evergreen Investments.

Sincerely,

Dennis H. Ferro
President and Chief Executive Officer
Evergreen Investment Company, Inc.

Notice to Shareholders:

Effective on the close of business on November 16, 2007, Class S1 shares of the Fund will be renamed as Class S.

Special Notice to Shareholders:

Please visit our Web site at EvergreenInvestments.com for statements from President and Chief Executive Officer, Dennis Ferro, regarding the firm’s recent settlement with the Securities and Exchange Commission (SEC) and prior settlement with the National Association of Securities Dealers (NASD).

3

FUND AT A GLANCE

as of July 31, 2007

MANAGEMENT TEAM

Investment Advisor:

• Evergreen Investment Management Company, LLC

Portfolio Managers:

• J. Kellie Allen
• Bryan K. White, CFA
• Sheila Nye

PERFORMANCE AND RETURNS*

Portfolio inception date: 6/26/2001

	Class A	Class S1
Class inception date	6/26/2001	6/26/2001
Nasdaq symbol	EGAXX	N/A
6-month return	2.29%	2.14%
Average annual return
1-year	4.66%	4.35%
5-year	2.12%	1.90%
Since portfolio inception	2.06%	1.86%
7-day annualized yield	4.55%	4.25%
30-day annualized yield	4.54%	4.24%

* The yield quotation more closely reflects the current earnings of the fund than the total return quotation.

Past performance is no guarantee of future results. The performance quoted represents past performance and current performance may be lower or higher. To obtain performance information current to the most recent month-end for Class A, please go to EvergreenInvestments.com/fundperformance. Please call 1.800.343.2898 for the most recent month-end performance information for Class S1. The performance of each class may vary based on differences in fees and expenses paid by the shareholders investing in each class. Performance includes the reinvestment of income dividends and capital gain distributions.

The fund incurs a 12b-1 fee of 0.30% for Class A and 0.60% for Class S1.

The advisor is waiving a portion of its advisory fee and reimbursing the fund for a portion of other expenses. Had the fees and expenses not been waived or reimbursed, returns would have been lower. Returns reflect expense limits previously in effect for Classes A and S1 without which returns for Classes A and S1 would have been lower.

An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

4

FUND AT A GLANCE continued

7-DAY ANNUALIZED YIELD

Class S1 shares are sold through certain broker dealers and financial institutions which have selling agreements with the fund’s distributor.

The fund’s investment objective may be changed without a vote of the fund’s shareholders.

Yields are based on net investment income for the stated periods and annualized.

U.S. government guarantees apply only to certain securities held in the fund’s portfolio and not to the fund’s shares.

The yield will fluctuate and there can be no guarantee that the fund will achieve its objective.

All data is as of July 31, 2007, and subject to change.

5

ABOUT YOUR FUND’S EXPENSES

The Example below is intended to describe the fees and expenses borne by shareholders and the impact of those costs on your investment.

Example

As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2007 to July 31, 2007.

The example illustrates your fund’s costs in two ways:

• Actual expenses

The section in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

• Hypothetical example for comparison purposes

The section in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the section in the table under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	2/1/2007	7/31/2007	Period*
Actual
Class A	$ 1,000.00	$ 1,022.90	$ 3.61
Class S1	$ 1,000.00	$ 1,021.39	$ 5.11
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,021.22	$ 3.61
Class S1	$ 1,000.00	$ 1,019.74	$ 5.11

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (0.72% for Class A and 1.02% for Class S1), multiplied by the average account value over the period, multiplied by 181 / 365 days.

6

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS A	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$ 1.00	$ 1.00
Income from investment operations
Net investment income (loss)	0.02	0.04	0.03	0.01	0	0.01
Distributions to shareholders from
Net investment income	(0.02)	(0.04)	(0.03)	(0.01)	01	(0.01)
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$ 1.00	$ 1.00
Total return	2.29%	4.40%	2.61%	0.68%	0.26%	1.01%
Ratios and supplemental data
Net assets, end of period (millions)	$ 649	$ 613	$ 645	$ 901	$2,115	$3,980
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	0.72%2	0.73%	0.74%	0.88%	0.93%	0.88%
Expenses excluding waivers/reimbursements
and expense reductions	0.89%2	0.93%	0.98%	1.08%	1.05%	1.04%
Net investment income (loss)	4.57%2	4.30%	2.50%	0.57%	0.27%	1.00%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

7

FINANCIALHIGHLIGHTS

(For a share outstandingthroughout each period)

	Six Months Ended	Year Ended January 31,
	July 31, 2007
CLASS S1	(unaudited)	2007	2006	2005	2004	2003
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from investment operations
Net investment income (loss)	0.02	0.04	0.02	0	0	0.01
Distributions to shareholders from
Net investment income	(0.02)	(0.04)	(0.02)	01	01	(0.01)
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total return	2.14%	4.09%	2.30%	0.45%	0.15%	0.99%
Ratios and supplemental data
Net assets, end of period (millions)	$ 353	$ 318	$ 373	$ 351	$ 267	$ 432
Ratios to average net assets
Expenses including waivers/reimbursements
but excluding expense reductions	1.02%2	1.03%	1.03%	1.10%	1.04%	0.90%
Expenses excluding waivers/reimbursements
and expense reductions	1.19%2	1.23%	1.27%	1.32%	1.35%	1.34%
Net investment income (loss)	4.27%2	4.01%	2.34%	0.61%	0.16%	0.97%

¹ Amount represents less than $0.005 per share.

² Annualized

See Notes to FinancialStatements

8

SCHEDULE OF INVESTMENTS

July 31, 2007 (unaudited)

	Principal
	Amount		Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS  55.2%
FFCB:
5.30%, 07/23/2008	$ 25,000,000	$	25,000,000
FRN, 5.16%, 08/01/2007	50,000,000		50,000,000
FHLB:
5.25%, 09/04/2007 - 04/11/2008	94,585,000		94,585,000
5.29%, 11/07/2007	7,845,000		7,844,466
5.30%, 05/29/2008	25,000,000		24,997,938
5.375%, 02/28/2008	55,000,000		55,000,000
FRN:
5.17%, 08/01/2007	18,000,000		18,000,000
5.23%, 08/01/2007	38,800,000		38,800,000
FHLMC:
4.00%, 08/17/2007	25,000,000		24,984,537
5.25%, 12/26/2007	15,000,000		15,000,000
FNMA:
5.24%, 08/01/2007 ±	54,283,000		54,283,000
5.25%, 08/01/2007 ±	19,495,000		19,495,000
5.26%, 09/04/2007 ±	90,500,000		90,058,536
5.34%, 11/01/2007 ±	35,000,000		34,535,336
Total U.S. Government & Agency Obligations  (cost $552,583,813)			552,583,813
REPURCHASE AGREEMENTS ^^ 47.8%
Bank of America Corp., 5.28%, dated 07/31/2007, maturing 08/01/2007,
maturity value $140,020,533 (1)	140,000,000		140,000,000
Barclays Capital, Inc., 5.30%, dated 07/31/2007, maturing 08/01/2007,
maturity value $172,002,397 (2)	171,977,078		171,977,078
Deutsche Bank AG, 5.29%, dated 07/31/2007, maturing 08/01/2007, maturity
value $167,024,540 (3)	167,000,000		167,000,000
Total Repurchase Agreements (cost $478,977,078)			478,977,078
Total Investments (cost $1,031,560,891) 103.0%			1,031,560,891
Other Assets and Liabilities (3.0%)			(29,892,624)
Net Assets 100.0%		$ 1,001,668,267

±	Zero coupon bond. The rate shown represents the yield to maturity at date of purchase.
^^	Collateralized by:
	(1) $95,332,000 FHLB, 0.00%, 08/17/2007 to 09/28/2007, value is $94,699,931; $49,198,000 FHLMC, 0.00%,
	01/07/2008, value is $48,100,845.
	(2) $100,000,000 FHLB, 5.25%, 04/15/2016, value including accrued interest is $100,358,833; $51,142,000 FHLMC,
	0.00%, 12/31/2007, value is $50,047,561; $22,391,000 FNMA, 0.00%, 04/25/2008, value is $21,571,489.
	(3) $114,700,000 FHLMC, 0.00% to 5.00%, 09/16/2008 to 02/25/2019, value including accrued interest is $110,135,144;
	$6,405,000 FNMA, 4.00% to 5.50%, 03/22/2010 to 02/25/2015, value including accrued interest is $6,351,101;
	$31,305,000 FHLB, 5.20%, 01/29/2009, value including accrued interest is $31,274,912; $22,400,000 FFCB, 5.25%,
	12/04/2007, value including accrued interest is $22,579,256.

See Notes to Financial Statements

9

SCHEDULE OF INVESTMENTS continued

July 31, 2007 (unaudited)

Summary of Abbreviations
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
FRN	Floating Rate Note

The following table shows the percent of total investments by credit quality as of July 31, 2007:

Tier 1  100% 

The following table shows the percent of total investments by maturity as of July 31, 2007:

1 day	63.9%
8 – 60 days	17.0%
61 – 120 days	5.3%
121 – 240 days	6.8%
241+ days	7.0%
	100.0%

See Notes to Financial Statements

10

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2007 (unaudited)

Assets
Investments in securities	$	552,583,813
Investments in repurchase agreements		478,977,078
Investments at amortized cost		1,031,560,891
Receivable for Fund shares sold		20,000
Interest receivable		4,836,054
Prepaid expenses and other assets		7,547
Total assets		1,036,424,492
Liabilities
Dividends payable		14,590
Payable for securities purchased		34,535,336
Advisory fee payable		8,343
Distribution Plan expenses payable		11,094
Due to other related parties		8,672
Accrued expenses and other liabilities		178,190
Total liabilities		34,756,225
Net assets	$	1,001,668,267
Net assets represented by
Paid-in capital	$	1,001,979,818
Overdistributed net investment income		(30,004)
Accumulated net realized losses on investments		(281,547)
Total net assets	$	1,001,668,267
Net assets consists of
Class A	$	648,996,626
Class S1		352,671,641
Total net assets	$	1,001,668,267
Shares outstanding (unlimited number of shares authorized)
Class A		649,242,948
Class S1		352,736,869
Net asset value per share
Class A	$	1.00
Class S1	$	1.00

See Notes to Financial Statements

11

STATEMENT OF OPERATIONS

Six Months Ended July 31, 2007 (unaudited)

Investment income
Interest	$	27,097,485
Expenses
Advisory fee		1,906,371
Distribution Plan expenses
Class A		934,910
Class S1		1,205,274
Administrative services fee		307,509
Transfer agent fees		557,630
Trustees’ fees and expenses		8,598
Printing and postage expenses		51,953
Custodian and accounting fees		118,899
Registration and filing fees		18,275
Professional fees		20,238
Other		11,342
Total expenses		5,140,999
Less: Expense reductions		(14,713)
Fee waivers and expense reimbursements		(868,761)
Net expenses		4,257,525
Net investment income		22,839,960
Net realized gains on investments		500
Net increase in net assets resulting from operations	$	22,840,460

See Notes to Financial Statements

12

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	July 31, 2007			Year Ended
	(unaudited)			January 31, 2007
Operations
Net investment income		$	22,839,960		$	42,820,380
Net realized gains on investments			500			6,923
Net increase in net assets resulting
from operations			22,840,460			42,827,303
Distributions to shareholders
from
Net investment income
Class A			(14,256,415)			(28,919,734)
Class S1			(8,588,071)			(13,998,272)
Total distributions to shareholders			(22,844,486)			(42,918,006)
	Shares			Shares
Capital share transactions
Proceeds from shares sold
Class A	1,907,732,443		1,907,732,443	4,658,908,365		4,658,908,365
Class S1	1,746,615,349		1,746,615,349	3,012,940,924		3,012,940,924
			3,654,347,792			7,671,849,289
Net asset value of shares issued in
reinvestment of distributions
Class A	14,074,728		14,074,728	28,376,388		28,376,388
Class S1	8,588,071		8,588,071	13,998,272		13,998,272
			22,662,799			42,374,660
Payment for shares redeemed
Class A	(1,886,151,765)		(1,886,151,765)	(4,718,630,300)		(4,718,630,300)
Class S1	(1,720,235,040)		(1,720,235,040)	(3,082,141,084)		(3,082,141,084)
			(3,606,386,805)			(7,800,771,384)
Net increase (decrease) in net assets
resulting from capital share
transactions			70,623,786			(86,547,435)
Total increase (decrease) in
net assets			70,619,760			(86,638,138)
Net assets
Beginning of period			931,048,507			1,017,686,645
End of period		$	1,001,668,267		$	931,048,507
Overdistributed net investment
income		$	(30,004)		$	(25,478)

See Notes to Financial Statements

13

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen U.S. Government Money Market Fund (the “Fund”) is a diversified series of Evergreen Money Market Trust (the “Trust”), a Delaware statutory trust organized on September 18, 1997. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Fund offers Class A and Class S1 shares at net asset value without a front-end sales charge or contingent deferred sales charge; however, Class S1 shares pay an ongoing distribution fee.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America, which require management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates.

a. Valuation of investments

As permitted under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates market value.

b. Repurchase agreements

Securities pledged as collateral for repurchase agreements are held by the custodian bank or in a segregated account in the Fund’s name until the agreements mature. 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 agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. However, in the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. The Fund will 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 recorded on trade date. Realized gains and losses are computed using the specific cost of the security sold. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

d. Federal taxes

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income, including any net capital gains (which have already been offset by available capital loss carryovers). Accordingly, no provision for federal taxes is required.

e. Distributions

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distribu-

14

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

tions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

f. Class allocations

Income, common expenses and realized and unrealized gains and losses are allocated to the classes based on the relative net assets of each class. Distribution fees, if any, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

3. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Evergreen Investment Management Company, LLC (“EIMC”), an indirect, wholly-owned subsidiary of Wachovia Corporation (“Wachovia”), is the investment advisor to the Fund and is paid an annual fee starting at 0.40% and declining to 0.30% as average daily net assets increase.

From time to time, EIMC may voluntarily or contractually waive its fee and/or reimburse expenses in order to limit operating expenses. During the six months ended July 31, 2007, EIMC voluntarily waived its advisory fee in the amount of $358,761 and reimbursed other expenses in the amount of $510,000.

Evergreen Investment Services, Inc. (“EIS”), an indirect, wholly-owned subsidiary of Wachovia, is the administrator to the Fund. As administrator, EIS provides the Fund with facilities, equipment and personnel and is paid an annual rate determined by applying percentage rates to the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund, starting at 0.06% and declining to 0.04% as the combined aggregate average daily net assets of the Evergreen money market funds and Evergreen Institutional Enhanced Income Fund increase.

Evergreen Service Company, LLC (“ESC”), an indirect, wholly-owned subsidiary of Wachovia, is the transfer and dividend disbursing agent for the Fund. ESC receives account fees that vary based on the type of account held by the shareholders in the Fund. For the six months ended July 31, 2007, the transfer agent fees were equivalent to an annual rate of 0.11% of the Fund’s average daily net assets.

4. DISTRIBUTION PLANS

EIS also serves as distributor of the Fund’s shares. The Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940 Act, for each class of shares. Under the Distribution Plans, distribution fees are paid at an annual rate of 0.30% of the average daily net assets for Class A shares and 0.60% of the average daily net assets for Class S1 shares.

5. INVESTMENT TRANSACTIONS

On July 31, 2007, the cost of investments for federal income tax purposes for the Fund was the same as for financial reporting purposes.

15

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

As of January 31, 2007, the Fund had $282,047 in capital loss carryovers for federal income tax purposes expiring as follows:

Expiration
2012	2013	2014	2015
$7,279	$116,744	$127,603	$30,421

6. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, the Fund may participate in an interfund lending program with certain funds in the Evergreen fund family. This program allows the Fund to borrow from other participating funds. During the six months ended July 31, 2007, the Fund did not participate in the interfund lending program.

7. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

8. DEFERRED TRUSTEES’ FEES

Each Trustee of the 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 is based on the investment performance of certain Evergreen funds. Any gains earned or losses incurred in the deferral accounts are reported in the Fund’s Trustees’ fees and expenses. At the election of the Trustees, the deferral account will be paid either in one lump sum or in quarterly installments for up to ten years.

9. FINANCING AGREEMENT

The Fund and certain other Evergreen funds share in an unsecured revolving credit commitment for temporary and emergency purposes, including the funding of redemptions, as permitted by each participating fund’s borrowing restrictions. Borrowings under this facility bear interest at 0.50% per annum above the Federal Funds rate. All of the participating funds are charged an annual commitment fee on the unused balance, which is allocated pro rata. The credit facility is for $100 million with an annual commitment fee of 0.08% . During the six months ended July 31, 2007, the Fund had no borrowings.

10. REGULATORY MATTERS AND LEGAL PROCEEDINGS

Pursuant to an administrative order issued by the Securities and Exchange Commission (“SEC”) on September 19, 2007, EIMC, EIS, ESC (collectively, the “Evergreen Entities”), Wachovia Securities, LLC and the SEC have entered into an agreement settling allegations of (i) improper short-term trading arrangements in effect prior to May 2003 involving former officers and employees of EIMC and certain broker-dealers, (ii) insufficient systems for monitoring exchanges and enforcing exchange limitations as stated in certain funds’ prospectuses, and (iii) inadequate

16

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

e-mail retention practices. Under the settlement, the Evergreen Entities were censured and will pay approximately $32 million in disgorgement and penalties. This amount, along with a fine assessed by the SEC against Wachovia Securities, LLC will be distributed pursuant to a plan to be developed by an independent distribution consultant and approved by the SEC. The Evergreen Entities neither admitted nor denied the allegations and findings set forth in its settlement with the SEC.

EIS has entered into an agreement with the NASD settling allegations that EIS (i) arranged for Evergreen fund portfolio trades to be directed to Wachovia Securities, LLC, an affiliate of EIS that sold Evergreen fund shares, during the period of January 2001 to December 2003 and (ii) provided non-cash compensation by sponsoring offsite meetings attended by Wachovia Securities, LLC brokers during that period, where the eligibility of a broker to attend the meetings depended upon the broker meeting certain sales targets of Evergreen fund shares. Pursuant to the settlement agreement, EIS has agreed to a censure and a fine of $4,200,000. EIS neither admitted nor denied the allegations and findings set forth in its agreement with the NASD.

In addition, the Evergreen funds and EIMC and certain of its affiliates are involved in various legal actions, including private litigation and class action lawsuits. EIMC does not expect that any of such legal actions currently pending or threatened will have a material adverse impact on the financial position or operations of any of the Evergreen funds or on EIMC’s ability to provide services to the Evergreen funds.

Although EIMC believes that none of the matters discussed above will have a material adverse impact on the Evergreen funds, there can be no assurance that these matters and any publicity surrounding or resulting from them will not result in reduced sales or increased redemptions of Evergreen fund shares, which could increase Evergreen fund transaction costs or operating expenses, or that they will not have other adverse consequences on the Evergreen funds.

11. NEW ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109 (“FIN 48”). FIN 48 supplements FASB 109 by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Fund’s financial statements have not been impacted by the adoption of FIN 48. However, the conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from FASB, and on-going analysis of tax laws, regulations, and interpretations thereof.

In September 2006, FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 applies to fair value measurements already required or permitted by

17

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

existing standards. The change to current generally accepted accounting principles from the application of FAS 157 relates to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management of the Fund does not believe the adoption of FAS 157 will materially impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years.

18

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19

TRUSTEES AND OFFICERS

TRUSTEES¹

Charles A. Austin III	Investment Counselor, Anchor Capital Advisors, LLC. (investment advice); Director, The Andover
Trustee	Companies (insurance); Trustee, Arthritis Foundation of New England; Former Director, The
DOB: 10/23/1934	Francis Ouimet Society (scholarship program); Former Director, Executive Vice President and
Term of office since: 1991	Treasurer, State Street Research & Management Company (investment advice)
Other directorships: None
K. Dun Gifford	Chairman and President, Oldways Preservation and Exchange Trust (education); Trustee,
Trustee	Treasurer and Chairman of the Finance Committee, Cambridge College
DOB: 10/23/1938
Term of office since: 1974
Other directorships: None
Dr. Leroy Keith, Jr.	Managing Director, Almanac Capital Management (commodities firm); Trustee, Phoenix
Trustee	Fund Complex; Director, Diversapack Co. (packaging company); Former Partner, Stonington
DOB: 2/14/1939	Partners, Inc. (private equity fund); Former Director, Obagi Medical Products Co.; Former
Term of office since: 1983	Director, Lincoln Educational Services
Other directorships: Trustee,
Phoenix Fund Complex (consisting
of 60 portfolios)
Gerald M. McDonnell	Manager of Commercial Operations, CMC Steel (steel producer)
Trustee
DOB: 7/14/1939
Term of office since: 1988
Other directorships: None
Patricia B. Norris	President and Director of Buckleys of Kezar Lake, Inc. (real estate company); Former President
Trustee	and Director of Phillips Pond Homes Association (home community); Former Partner,
DOB: 4/9/1948	PricewaterhouseCoopers, LLP (independent registered public accounting firm)
Term of office since: 2006
Other directorships: None
William Walt Pettit	Partner and Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior Packaging Corp.
Trustee	(packaging company); Member, Superior Land, LLC (real estate holding company), Member,
DOB: 8/26/1955	K&P Development, LLC (real estate development); Former Director, National Kidney Foundation
Term of office since: 1984	of North Carolina, Inc. (non-profit organization)
Other directorships: None
David M. Richardson	President, Richardson, Runden LLC (executive recruitment business development/consulting
Trustee	company); Consultant, Kennedy Information, Inc. (executive recruitment information and
DOB: 9/19/1941	research company); Consultant, AESC (The Association of Executive Search Consultants);
Term of office since: 1982	Director, J&M Cumming Paper Co. (paper merchandising); Former Trustee, NDI Technologies, LLP
Other directorships: None	(communications)
Dr. Russell A. Salton III	President/CEO, AccessOne MedCard, Inc.; Former Medical Director, Healthcare Resource
Trustee	Associates, Inc.
DOB: 6/2/1947
Term of office since: 1984
Other directorships: None
Michael S. Scofield	Retired Attorney, Law Offices of Michael S. Scofield; Former Director and Chairman, Branded
Trustee	Media Corporation (multi-media branding company)
DOB: 2/20/1943
Term of office since: 1984
Other directorships: None

20

TRUSTEES AND OFFICERS continued

Richard J. Shima	Independent Consultant; Director, Hartford Hospital; Trustee, Greater Hartford YMCA; Former
Trustee	Director, Trust Company of CT; Former Director, Old State House Association; Former Trustee,
DOB: 8/11/1939	Saint Joseph College (CT)
Term of office since: 1993
Other directorships: None
Richard K. Wagoner, CFA2	Member and Former President, North Carolina Securities Traders Association; Member, Financial
Trustee	Analysts Society
DOB: 12/12/1937
Term of office since: 1999
Other directorships: None
OFFICERS
Dennis H. Ferro3	Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President	Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945	Evergreen Investment Company, Inc.
Term of office since: 2003
Jeremy DePalma4	Principal occupations: Vice President, Evergreen Investment Services, Inc.; Former Assistant Vice
Treasurer	President, Evergreen Investment Services, Inc.
DOB: 2/5/1974
Term of office since: 2005
Michael H. Koonce4	Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary	Services, Inc.; Secretary, Senior Vice President and General Counsel, Evergreen Investment
DOB: 4/20/1960	Management Company, LLC and Evergreen Service Company, LLC; Senior Vice President and
Term of office since: 2000	Assistant General Counsel, Wachovia Corporation
Robert Guerin4,5	Principal occupations: Chief Compliance Officer, Evergreen Funds and Senior Vice President of
Chief Compliance Officer	Evergreen Investments Co, Inc; Former Managing Director and Senior Compliance Officer,
DOB: 9/20/1965	Babson Capital Management LLC; Former Principal and Director, Compliance and Risk
Term of office since: 2007	Management, State Street Global Advisors; Former Vice President and Manager, Sales Practice
	Compliance, Deutsche Asset Management.

1	Each Trustee, except Ms. Norris, serves until a successor is duly elected or qualified or until his death, resignation, retirement or
	removal from office. As a new Trustee, Ms. Norris’ initial term ends June 30, 2009, at which time she may be re-elected by Trustees
	to serve until a successor is duly elected or qualified or until her death, resignation, retirement or removal from office by the Trustees.
	Each Trustee oversees 92 Evergreen funds. Correspondence for each Trustee may be sent to Evergreen Board of Trustees,
	P.O. Box 20083, Charlotte, NC 28202.
2	Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the
	Fund’s investment advisor.
3	The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.
4	The address of the Officer is 200 Berkeley Street, Boston, MA 02116.
5	Mr. Guerin’s information is as of June 14, 2007, the effective date of his approval by the Board of Trustees as Chief Compliance Officer
	of the Evergreen funds.
Additional information about the Fund’s Board of Trustees and Officers can be found in the Statement of Additional Information (SAI) and
is available upon request without charge by calling 800.343.2898.

21

567517 rv4 09/2007

Item 2 - Code of Ethics

Not required for this semi-annual filing.

Item 3 - Audit Committee Financial Expert

Not required for this semi-annual filing.

Items 4 – Principal Accountant Fees and Services

Not required for this semi-annual filing.

Items 5 – Audit Committee of Listed Registrants

Not applicable.

Item 6 – Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 11 - Controls and Procedures

(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) within 90 days of this filing and have concluded that the Registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) There has been no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonable likely to affect, the Registrant’s internal control over financial reporting .

Item 12 - Exhibits

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

(b)(1) Separate certifications for the Registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as EX99.CERT.

(b)(2) Separate certifications for the Registrant's principal executive officer and principal financial officer, as required by Section 1350 of Title 18 of United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached as EX99.906CERT. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Evergreen Money Market Trust

By: _______________________
Dennis H. Ferro
Principal Executive Officer

Date: September 28, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: _______________________
Dennis H. Ferro
Principal Executive Officer

Date: September 28, 2007

By:
________________________
Jeremy DePalma
Principal Financial Officer

Date: September 28, 2007

EX-99.CODE ETH

EVERGREEN FUNDS

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND PRINCIPAL FINANCIAL OFFICERS

I.Covered Officers/Purpose of the Code

     This Code of Ethics (this “Code”) for the investment companies within the Evergreen Fund complex (the “Funds”) applies to the Funds’ Principal Executive Officer (President) and Principal Financial Officer (Treasurer) (the “Covered Officers”) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
• full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the SEC and in other public communications made by the Funds;
• compliance with applicable laws and governmental rules and regulations;
• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
• accountability for adherence to the Code.

     Each Covered Officer owes a duty to the Funds to adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II.Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

     Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds.

     Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. The Funds’ and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures.

     Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Funds and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the adviser, or for both), be involved in establishing policies and implementing decisions which will have different effects on the adviser and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically.

     Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under the Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive by covering every possible scenario. It follows that the overarching principle – that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds – should be the guiding principle in all circumstances.

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;
• not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds;
• not use material non-public knowledge of portfolio transactions made or contemplated for the Funds to profit personally or cause others to profit, by the market effect of such transactions;

     There are some conflict of interest situations that should always be approved by the Chief Compliance Officer if material. Examples of these include.

• any outside business activity that detracts from an individual’s ability to devote appropriate time and attention to his responsibilities with the Funds;
• service as a director on the board of any public company;
• the receipt of anything of more than de minimus value from any company with which the Funds have current or prospective business dealings, other than (i) business entertainment such as meals and sporting events involving no more than ordinary amenities, and (ii) unsolicited advertising or promotional materials that are generally available;
• any material ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;
• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III.Disclosure

• Each Covered Officer must familiarize himself/herself with the disclosure requirements applicable to the Funds and the Funds’ disclosure controls and procedures;
• each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Funds’ Trustees and auditors and to governmental regulators and self-regulatory organizations; and
• each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and the adviser and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds.

IV.Compliance

     It is the responsibility of each Covered Officer to promote adherence with the standards and restrictions imposed by applicable laws, rules and regulations.

V.Reporting and Accountability

Each Covered Officer must:

• upon adoption of the Code, affirm in writing to the Board that he/she has received, read, and understands the Code.
• annually thereafter affirm to the Board that he/she has complied with the requirements of the Code.
• notify the Chief Compliance Officer or the Chief Legal Officer promptly if he/she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

     The Chief Compliance Officer, with the advice of the Chief Legal Officer, is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. Interpretations made and waivers given under this Code will be reported to the Governance Committee of the Funds’ Board of Trustees.

The Funds will follow these procedures in investigating and enforcing this Code:

• the Chief Legal Officer will take all appropriate action to investigate any violations and potential violations reported to it;
• violations will be reported to the Governance Committee after such investigation;
• if the Governance Committee determines that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser; or recommending dismissal of the Covered Officer.
• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VI. Other Policies and Procedures

The Funds’ and their investment advisers’ codes of ethics under Rule 17j-1 under the Investment Company Act and any code of conduct adopted by Wachovia Corporation as a whole are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII. Amendments

This Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Funds’ Board.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Evergreen Board, it’s counsel and the Funds’ advisers.

X. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Date:_____________

EX-99.CERT

CERTIFICATIONS

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Evergreen Money Market Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: _September 28, 2007

____________________________________
Jeremy DePalma
Principal Financial Officer
Evergreen Money Market Trust

CERTIFICATIONS

I, Dennis H. Ferro, certify that:

1. I have reviewed this report on Form N-CSRS of Evergreen Money Market Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: _September 28, 2007

____________________________________
Dennis H. Ferro
Principal Executive Officer
Evergreen Money Market Trust

EX-99.906 CERT

CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002

In connection with the semiannual reports of Evergreen Money Market Trust (the “Registrant”) on Form N-CSRS for the period ended July 31, 2007, as filed with the Securities and Exchange Commission (the “Reports”), I, Jeremy DePalma, Principal Financial Officer of Evergreen Money Market Trust, hereby certify, pursuant to Section 1350 of Title 18 of United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Reports fully comply with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

2. The information contained in the Reports fairly present, in all material respects, the financial condition and results of operations of the Registrant.

Date: September 28, 2007

________________________
Jeremy DePalma
Principal Financial Officer
Evergreen Money Market Trust

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

In connection with the semiannual reports of Evergreen Money Market Trust (the “Registrant”) on Form N-CSRS for the period ended July 31, 2007, as filed with the Securities and Exchange Commission (the “Reports”), I, Dennis H. Ferro, Principal Executive Officer of Evergreen Money Market Trust, hereby certify, pursuant to Section 1350 of Title 18 of United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Reports fully comply with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

2. The information contained in the Reports fairly present, in all material respects, the financial condition and results of operations of the Registrant.

Date: September 28, 2007

________________________
Dennis H. Ferro
Principal Executive Officer
Evergreen Money Market Trust

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.