-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Qc+3dmAjj2sIeto7Sxy2yiQPOxmCO7iHxaSXsdnVWlZw69+xAkNhJDcbWBJoW9EG 4s4mbpWyVGDgkqUfg9zCFg== 0000907244-97-000270.txt : 19971029 0000907244-97-000270.hdr.sgml : 19971029 ACCESSION NUMBER: 0000907244-97-000270 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 19970831 FILED AS OF DATE: 19971028 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: EVERGREEN MUNICIPAL TRUST CENTRAL INDEX KEY: 0000836375 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: NY FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: SEC FILE NUMBER: 811-05579 FILM NUMBER: 97701989 BUSINESS ADDRESS: STREET 1: 200 BERKELEY ST CITY: BOSTON STATE: MA ZIP: 02116-5034 BUSINESS PHONE: 9146942020 MAIL ADDRESS: STREET 1: 2500 WESTCHESTER AVENUE CITY: PURCHASE STATE: NY ZIP: 10577 NSAR-B 1 N-SAR (3.0.A) PAGE 1 000 B000000 08/31/97 000 C000000 0000836375 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 3.0.a 000 J000000 A 001 A000000 EVERGREEN MUNICIPAL TRUST 001 B000000 811-5579 001 C000000 6172103533 002 A000000 200 BERKELEY STREET 002 B000000 BOSTON 002 C000000 MA 002 D010000 02116 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 8 007 C010100 1 007 C020100 THE EVERGREEN TAX EXEMPT MONEY MARKET FUND 007 C030100 N 007 C010200 2 007 C010300 3 007 C010400 4 007 C010500 5 007 C010600 6 007 C010700 7 007 C020700 THE EVERGREEN FL HIGH INCOME MUNI BOND FUND 007 C030700 N 007 C010800 8 007 C010900 9 007 C011000 10 010 A00AA01 EVERGREEN KEYSTONE INVESTMENT SERVICES 010 C01AA01 BOSTON 010 C02AA01 MA 010 C03AA01 02116 010 C04AA01 5034 010 A00AA02 BYSIS GROUP INC. 010 C01AA02 COLUMBUS 010 C02AA02 OH 010 C03AA02 43219 010 C04AA02 8025 011 A00AA01 EVERGREEN KEYSTONE DISTRIBTOR, INC. 011 B00AA01 8-46906 011 C01AA01 NEW YORK 011 C02AA01 NY 011 C03AA01 10017 PAGE 2 012 A00AA01 EVERGREEN KEYSTONE SERVICE COMPANY 012 B00AA01 84-1571 012 C01AA01 BOSTON 012 C02AA01 MA 012 C03AA01 02116 013 A00AA01 PRICE WATERHOUSE LLP 013 B01AA01 NEW YORK 013 B02AA01 NY 013 B03AA01 10036 014 A00AA01 FIRST UNION BROKERAGE SERVICES, INC. 014 B00AA01 8-24369 014 A00AA02 LIEBER & CO. 014 B00AA02 8-24369 015 A00AA01 STATE STREET BANK & TRUST COMPANY 015 B00AA01 C 015 C01AA01 NORTH QUINCY 015 C02AA01 MA 015 C03AA01 02171 015 E01AA01 X 018 00AA00 Y 019 A00AA00 Y 019 B00AA00 71 019 C00AA00 EVERGREENS 020 C000001 0 020 C000002 0 020 C000003 0 020 C000004 0 020 C000005 0 020 C000006 0 020 C000007 0 020 C000008 0 020 C000009 0 020 C000010 0 021 000000 0 022 A000001 FEDERATED SECURITIES 022 C000001 70844 022 D000001 68665 022 A000002 SMITH BARNEY 022 C000002 12118 022 D000002 14087 022 A000003 MERRILL LYNCH 022 C000003 8706 022 D000003 16444 022 A000004 BEAR, STEARNS SECURITIES 022 C000004 12523 022 D000004 7332 022 A000005 PRAGOR MCCATHY + LEWIS 022 C000005 18050 022 D000005 0 022 A000006 RAYMOND JAMES AND ASSOCIATES 022 C000006 11207 PAGE 3 022 D000006 5875 022 A000007 CORESTATES BANK 022 C000007 16335 022 D000007 0 022 A000008 WILLIAM R. HOUGH + CO. 022 C000008 11068 022 D000008 0 022 A000009 GOLDMAN SACHS 022 C000009 11058 022 D000009 0 022 A000010 SMITH BARNEY SHEARSON 022 C000010 9762 022 D000010 0 023 C000000 205156 023 D000000 127499 024 00AA00 N 025 D00AA01 0 025 D00AA02 0 025 D00AA03 0 025 D00AA04 0 025 D00AA05 0 025 D00AA06 0 025 D00AA07 0 025 D00AA08 0 026 A000000 N 026 B000000 N 026 C000000 N 026 D000000 Y 026 E000000 N 026 F000000 N 026 G010000 N 026 G020000 N 026 H000000 N 027 000000 Y 066 A00AA00 N 067 00AA00 N 068 A00AA00 N 068 B00AA00 N 069 00AA00 N 077 A000000 Y 077 B000000 Y 077 C000000 N 077 D000000 N 077 E000000 N 077 F000000 N 077 G000000 N 077 H000000 N 077 I000000 N 077 J000000 N 077 K000000 N 077 L000000 N PAGE 4 077 M000000 N 077 N000000 N 077 O000000 N 077 P000000 N 077 Q010000 Y 077 Q020000 N 077 Q030000 N 078 000000 N 080 A00AA00 ICI MUTUAL INSURANCE CO. 080 B00AA00 NONE 080 C00AA00 50000 081 B00AA00 71 082 A00AA00 N 082 B00AA00 0 083 A00AA00 N 083 B00AA00 0 084 A00AA00 N 084 B00AA00 0 085 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A000100 0 030 B000100 0.00 030 C000100 0.00 031 A000100 0 031 B000100 0 032 000100 0 033 000100 0 034 000100 N 035 000100 0 036 B000100 0 037 000100 N 038 000100 0 039 000100 N 040 000100 Y 041 000100 Y 042 A000100 0 042 B000100 0 042 C000100 100 042 D000100 0 042 E000100 0 042 F000100 0 042 G000100 0 042 H000100 0 043 000100 1989 044 000100 0 045 000100 Y PAGE 6 046 000100 N 047 000100 Y 048 000100 0.000 048 A010100 1000000 048 A020100 0.500 048 B010100 0 048 B020100 0.000 048 C010100 0 048 C020100 0.000 048 D010100 0 048 D020100 0.000 048 E010100 0 048 E020100 0.000 048 F010100 0 048 F020100 0.000 048 G010100 0 048 G020100 0.000 048 H010100 0 048 H020100 0.000 048 I010100 0 048 I020100 0.000 048 J010100 0 048 J020100 0.000 048 K010100 1000000 048 K020100 0.450 049 000100 N 050 000100 N 051 000100 N 052 000100 N 053 A000100 Y 053 B000100 Y 053 C000100 N 054 A000100 Y 054 B000100 Y 054 C000100 Y 054 D000100 N 054 E000100 N 054 F000100 N 054 G000100 N 054 H000100 Y 054 I000100 N 054 J000100 Y 054 K000100 N 054 L000100 Y 054 M000100 Y 054 N000100 N 054 O000100 N 055 A000100 Y 055 B000100 Y 056 000100 N 057 000100 N PAGE 7 058 A000100 N 059 000100 Y 060 A000100 Y 060 B000100 Y 061 000100 1000 062 A000100 Y 062 B000100 0.0 062 C000100 0.0 062 D000100 0.0 062 E000100 99.6 062 F000100 0.0 062 G000100 0.0 062 H000100 0.0 062 I000100 0.0 062 J000100 0.0 062 K000100 0.0 062 L000100 0.4 062 M000100 0.0 062 N000100 0.0 062 O000100 0.0 062 P000100 0.0 062 Q000100 0.0 062 R000100 0.0 063 A000100 36 063 B000100 0.0 064 A000100 Y 064 B000100 N 070 A010100 Y 070 A020100 N 070 B010100 N 070 B020100 N 070 C010100 N 070 C020100 N 070 D010100 N 070 D020100 N 070 E010100 N 070 E020100 N 070 F010100 N 070 F020100 N 070 G010100 N 070 G020100 N 070 H010100 N 070 H020100 N 070 I010100 N 070 I020100 N 070 J010100 Y 070 J020100 Y 070 K010100 Y 070 K020100 Y 070 L010100 N 070 L020100 N PAGE 8 070 M010100 N 070 M020100 N 070 N010100 Y 070 N020100 N 070 O010100 Y 070 O020100 Y 070 P010100 Y 070 P020100 N 070 Q010100 N 070 Q020100 N 070 R010100 N 070 R020100 N 071 A000100 0 071 B000100 0 071 C000100 0 071 D000100 0 072 A000100 12 072 B000100 45162 072 C000100 0 072 D000100 0 072 E000100 0 072 F000100 5695 072 G000100 0 072 H000100 0 072 I000100 213 072 J000100 238 072 K000100 0 072 L000100 34 072 M000100 26 072 N000100 16 072 O000100 0 072 P000100 0 072 Q000100 0 072 R000100 28 072 S000100 9 072 T000100 1989 072 U000100 0 072 V000100 0 072 W000100 75 072 X000100 8323 072 Y000100 184 072 Z000100 37023 072AA000100 0 072BB000100 3 072CC010100 0 072CC020100 0 072DD010100 20900 072DD020100 16123 072EE000100 0 073 A010100 0.0308 073 A020100 0.0338 PAGE 9 073 B000100 0.0000 073 C000100 0.0000 074 A000100 2703 074 B000100 0 074 C000100 1040039 074 D000100 0 074 E000100 0 074 F000100 0 074 G000100 0 074 H000100 0 074 I000100 0 074 J000100 0 074 K000100 0 074 L000100 20063 074 M000100 45 074 N000100 1062850 074 O000100 15750 074 P000100 837 074 Q000100 0 074 R010100 0 074 R020100 0 074 R030100 0 074 R040100 1837 074 S000100 0 074 T000100 1044426 074 U010100 666866 074 U020100 377782 074 V010100 1.00 074 V020100 1.00 074 W000100 0.9998 074 X000100 8995 074 Y000100 0 075 A000100 1154526 075 B000100 0 076 000100 0.00 008 A000701 CAPITAL MANAGEMENT GROUP 008 B000701 A 008 C000701 801-000000 008 D010701 CHARLOTTE 008 D020701 NC 008 D030701 28288 008 D040701 2555 028 A010700 12167 028 A020700 262 028 A030700 0 028 A040700 1964 028 B010700 10236 028 B020700 289 028 B030700 0 028 B040700 2483 028 C010700 10714 PAGE 10 028 C020700 317 028 C030700 0 028 C040700 1407 028 D010700 9630 028 D020700 340 028 D030700 0 028 D040700 2157 028 E010700 9070 028 E020700 367 028 E030700 0 028 E040700 1720 028 F010700 11297 028 F020700 400 028 F030700 0 028 F040700 1389 028 G010700 63114 028 G020700 1975 028 G030700 0 028 G040700 11120 028 H000700 34109 029 000700 Y 030 A000700 758 030 B000700 4.75 030 C000700 0.00 031 A000700 34 031 B000700 0 032 000700 724 033 000700 0 034 000700 Y 035 000700 0 036 A000700 N 036 B000700 0 042 A000700 0 042 B000700 0 042 C000700 100 042 D000700 0 042 E000700 0 042 F000700 0 042 G000700 0 042 H000700 0 043 000700 619 044 000700 0 045 000700 Y 046 000700 N 047 000700 Y 048 000700 0.600 048 A010700 0 048 A020700 0.000 048 B010700 0 048 B020700 0.000 048 C010700 0 PAGE 11 048 C020700 0.000 048 D010700 0 048 D020700 0.000 048 E010700 0 048 E020700 0.000 048 F010700 0 048 F020700 0.000 048 G010700 0 048 G020700 0.000 048 H010700 0 048 H020700 0.000 048 I010700 0 048 I020700 0.000 048 J010700 0 048 J020700 0.000 048 K010700 0 048 K020700 0.000 049 000700 N 050 000700 N 051 000700 N 052 000700 N 053 A000700 Y 053 B000700 Y 053 C000700 N 054 A000700 Y 054 B000700 Y 054 C000700 N 054 D000700 N 054 E000700 N 054 F000700 N 054 G000700 N 054 H000700 Y 054 I000700 N 054 J000700 Y 054 K000700 N 054 L000700 Y 054 M000700 Y 054 N000700 N 054 O000700 N 055 A000700 Y 055 B000700 N 056 000700 Y 057 000700 N 058 A000700 N 059 000700 Y 060 A000700 Y 060 B000700 Y 061 000700 1000 062 A000700 Y 062 B000700 0.0 062 C000700 0.0 PAGE 12 062 D000700 0.0 062 E000700 0.4 062 F000700 0.0 062 G000700 0.0 062 H000700 0.0 062 I000700 0.0 062 J000700 0.0 062 K000700 0.0 062 L000700 2.1 062 M000700 0.0 062 N000700 0.0 062 O000700 97.5 062 P000700 0.0 062 Q000700 0.0 062 R000700 0.0 063 A000700 0 063 B000700 23.0 064 A000700 Y 064 B000700 N 070 A010700 Y 070 A020700 N 070 B010700 N 070 B020700 N 070 C010700 N 070 C020700 N 070 D010700 N 070 D020700 N 070 E010700 N 070 E020700 N 070 F010700 N 070 F020700 N 070 G010700 N 070 G020700 N 070 H010700 N 070 H020700 N 070 I010700 N 070 I020700 N 070 J010700 Y 070 J020700 N 070 K010700 Y 070 K020700 Y 070 L010700 N 070 L020700 N 070 M010700 N 070 M020700 N 070 N010700 N 070 N020700 N 070 O010700 Y 070 O020700 N 070 P010700 Y 070 P020700 N PAGE 13 070 Q010700 N 070 Q020700 N 070 R010700 N 070 R020700 N 071 A000700 127058 071 B000700 43934 071 C000700 133755 071 D000700 32 072 A000700 12 072 B000700 9127 072 C000700 0 072 D000700 0 072 E000700 0 072 F000700 814 072 G000700 53 072 H000700 0 072 I000700 108 072 J000700 61 072 K000700 0 072 L000700 0 072 M000700 3 072 N000700 74 072 O000700 0 072 P000700 0 072 Q000700 0 072 R000700 23 072 S000700 3 072 T000700 619 072 U000700 4 072 V000700 0 072 W000700 33 072 X000700 1791 072 Y000700 331 072 Z000700 7660 072AA000700 146 072BB000700 0 072CC010700 6008 072CC020700 0 072DD010700 5491 072DD020700 2169 072EE000700 0 073 A010700 0.0000 073 A020700 0.0000 073 B000700 0.0000 073 C000700 0.0000 074 A000700 0 074 B000700 0 074 C000700 700 074 D000700 184987 074 E000700 0 074 F000700 0 PAGE 14 074 G000700 0 074 H000700 0 074 I000700 6310 074 J000700 0 074 K000700 0 074 L000700 5268 074 M000700 40 074 N000700 197305 074 O000700 6806 074 P000700 153 074 Q000700 0 074 R010700 0 074 R020700 0 074 R030700 0 074 R040700 603 074 S000700 0 074 T000700 189743 074 U010700 11104 074 U020700 6409 074 V010700 0.00 074 V020700 0.00 074 W000700 0.0000 074 X000700 3029 074 Y000700 0 075 A000700 0 075 B000700 135632 076 000700 0.00 031 A000800 0 031 B000800 0 032 000800 0 033 000800 0 SIGNATURE KEVIN KENELY TITLE VP FUND ADMIN. EX-27 2 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING RECORDS. 101 EVERGREEN FLORIDA HIGH INCOME MUNICIPAL BOND FUND CLASS A 12-MOS AUG-31-1997 SEPT-01-1996 AUG-31-1997 185,025,116 191,997,078 5,267,989 40,261 0 197,305,328 6,805,891 756,256 0 7,562,147 0 115,975,814 11,013,506 7,318,419 46,800 0 (1,312,299) 0 5,232,137 119,942,452 0 6,309,590 0 (818,411) 5,491,179 94,778 4,150,112 9,736,069 0 (5,491,178) 0 0 4,908,227 (1,431,303) 218,163 43,695,509 (7,286) (1,406,875) 0 0 (562,093) 0 (818,411) 93,682,847 10.42 0.62 0.47 (0.62) 0.00 0.00 10.89 0.88 0 0

EX-27 3 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING RECORDS. 102 EVERGREEN FLORIDA HIGH INCOME MUNICIPAL BOND FUND CLASS B 12-MOS AUG-31-1997 SEPT-01-1996 AUG-31-1997 185,025,116 191,997,078 5,267,989 40,261 0 197,305,328 6,805,891 756,256 0 7,562,147 0 61,827,749 5,828,551 1,844,017 22,263 0 28,995 0 1,595,539 63,474,546 0 2,582,869 0 (626,254) 1,956,615 45,931 1,703,642 3,706,188 0 (1,956,616) 0 0 4,247,193 (352,500) 89,841 44,238,381 63 (16,853) 0 0 (230,742) 0 (626,254) 38,546,618 10.42 0.54 0.47 (0.54) 0.00 0.00 10.89 1.63 0 0

EX-27 4 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING RECORDS. 103 EVERGREEN FLORIDA HIGH INCOME MUNICIPAL BOND FUND CLASS C 12-MOS AUG-31-1997 SEPT-01-1996 AUG-31-1997 185,025,116 191,997,078 5,267,989 40,261 0 197,305,328 6,805,891 756,256 0 7,562,147 0 6,176,002 580,894 189,005 2,016 0 3,879 0 144,286 6,326,183 0 234,226 0 (21,818) 212,408 5,042 154,718 372,168 0 (212,408) 0 0 443,071 (56,700) 5,518 4,354,130 0 (1,155) 0 0 (20,955) 0 (21,818) 3,492,277 10.42 0.65 0.47 (0.65) 0.00 0.00 10.89 0.63 0 0

EX-27 5
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING RECORDS. 101 EVERGREEN TAX EXEMPT MONEY MARKET FUND CLASS A 12-MOS AUG-31-1997 SEP-01-1996 AUG-31-1997 1,040,038,783 1,040,038,783 20,063,161 2,748,045 0 1,062,849,989 0 0 18,423,775 18,423,775 0 666,899,215 666,866,419 660,634,719 0 0 0 (153,383) 0 666,745,832 0 26,523,576 0 (5,623,217) 20,900,359 (1,864) 0 20,898,495 0 (20,900,359) 0 0 1,491,746,340 (1,488,596,189) 3,081,549 6,229,836 0 0 0 (134,098) (3,360,267) 0 (5,731,517) 675,954,663 1.00 0.03 0.00 (0.03) 0.00 0.00 1.00 0.83 0 0

EX-27 6
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING RECORDS. 102 EVERGREEN TAX EXEMPT MONEY MARKET FUND CLASS B 12-MOS AUG-31-1997 SEP-01-1996 AUG-31-1997 1,040,038,783 1,040,038,783 20,063,161 2,748,045 0 1,062,849,989 0 0 18,423,775 18,423,775 0 377,787,786 377,781,716 616,933,587 0 0 0 (107,404) 0 377,680,382 0 18,638,938 0 (2,516,065) 16,122,873 (1,043) 0 16,121,830 0 (16,122,873) 0 0 1,112,629,457 (1,363,487,668) 11,706,340 (239,152,845) 0 0 0 (123,782) (2,335,100) 0 (2,591,324) 478,571,345 1.00 0.03 0.00 (0.03) 0.00 0.00 1.00 0.53 0 0

EX-99 7 October 14, 1997 To the Trustees and Shareholders of Evergreen Florida High Income Municipal Fund In planning and performing our audit of the financial statements of Evergreen Florida High Income Municipal Fund (the "Fund") for the year ended August 31, 1997, we considered its internal control, including procedures for safeguarding securities, in order to determine our auditing procedures for the purposes of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, and not to provide assurance on the internal control structure. The management of the Fund is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of control activities. Generally, control activities that are relevant to an audit pertain to the entity's objective of preparing financial statements for external purposes that are fairly presented in conformity with generally accepted accounting principles. Those control activities include the safeguarding of assets against loss from unauthorized acquisition, use or disposition. Because of inherent limitations in any internal control structure, errors or irregularities may occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that it may become inadequate because of changes in conditions or that the effectiveness of the design and operation may deteriorate. Our consideration of internal control would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of any specific internal control components does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving the internal control, including control activities for safeguarding securities, that we consider to be material weaknesses as defined above as of August 31, 1997. This report is intended solely for the information and use of management and the Trustees of the Fund and the Securities and Exchange Commission. Price Waterhouse LLP EX-99 8 October 14, 1997 To the Trustees and Shareholders of Evergreen Tax Exempt Money Market Fund In planning and performing our audit of the financial statements of Evergreen Tax Exempt Money Market Fund (the "Fund") for the year ended August 31, 1997, we considered its internal control, including procedures for safeguarding securities, in order to determine our auditing procedures for the purposes of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, and not to provide assurance on the internal control structure. The management of the Fund is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of control activities. Generally, control activities that are relevant to an audit pertain to the entity's objective of preparing financial statements for external purposes that are fairly presented in conformity with generally accepted accounting principles. Those control activities include the safeguarding of assets against loss from unauthorized acquisition, use or disposition. Because of inherent limitations in any internal control structure, errors or irregularities may occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that it may become inadequate because of changes in conditions or that the effectiveness of the design and operation may deteriorate. Our consideration of internal control would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of any specific internal control components does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving the internal control, including control activities for safeguarding securities, that we consider to be material weaknesses as defined above as of August 31, 1997. This report is intended solely for the information and use of management and the Trustees of the Fund and the Securities and Exchange Commission. Price Waterhouse LLP ~~-----END PRIVACY-ENHANCED MESSAGE-----~~