-----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, UAokCq1k7Li1dkaKsZ3laNxqZm7IJSbUOjkLLEQoCDRGazcvPd/X9tKTBI+wte9C LYyueN8Jo3fLoPo8wRLBXQ== 0000936772-02-000134.txt : 20020415 0000936772-02-000134.hdr.sgml : 20020415 ACCESSION NUMBER: 0000936772-02-000134 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20010731 FILED AS OF DATE: 20020306 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASH RESOURCE TRUST /MA/ CENTRAL INDEX KEY: 0000908920 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-07862 FILM NUMBER: 02567880 BUSINESS ADDRESS: STREET 1: RIVERFRONT PLAZA, WEST TOWER STREET 2: 901 E. BYRD STREET CITY: RICHMOND STATE: VA ZIP: 23219 BUSINESS PHONE: 8047823294 MAIL ADDRESS: STREET 1: RIVERFRONT PLAZA, WEST TOWER STREET 2: 901 E BYRD STREET CITY: RICHMOND STATE: VA ZIP: 23219 FORMER COMPANY: FORMER CONFORMED NAME: IMG MONEY MARKET SERIES TRUST DATE OF NAME CHANGE: 19930709 N-30D 1 edg125071.htm EVERGREEN CRT MONEY MARKET FUNDS Evergreen CRT Money Market Funds
Annual Report as of July 31, 2001


Table of Contents
Letter to Shareholders 1
Fund at a Glance
    CRT California Tax-Exempt Money Market Fund 3
    CRT Money Market Fund 4
    CRT New York Tax-Exempt Money Market Fund 5
    CRT Tax-Exempt Money Market Fund 6
    U.S. Government Money Market Fund 7
Financial Highlights
    CRT California Tax-Exempt Money Market Fund 8
    CRT Money Market Fund 9
    CRT New York Tax-Exempt Money Market Fund 10
    CRT Tax-Exempt Money Market Fund 11
    U.S. Government Money Market Fund 12
Schedule of Investments
    CRT California Tax-Exempt Money Market Fund 13
    CRT Money Market Fund 16
    CRT New York Tax-Exempt Money Market Fund 21
    CRT Tax-Exempt Money Market Fund 23
    U.S. Government Money Market Fund 31
Combined Notes to Schedules of Investments 32
Statements of Assets and Liabilities 33
Statements of Operations 34
Statements of Changes in Net Assets 35
Combined Notes to Financial Statements 37
Independent Auditors’ Report 44
Additional Information 45


Evergreen Funds

Evergreen Funds is one of the nation’s fastest growing investment companies with more than $90 billion in assets under management.

With over 80 mutual funds to choose among and acclaimed service and operations capabilities, investors enjoy a broad range of quality investment products and services designed to meet their needs.

The Evergreen Funds employ intensive, research-driven investment strategies executed by over 90 research analysts and portfolio managers. The fund company remains dedicated to meeting the needs of investors and their advisors in a global economy. Look to Evergreen Funds to provide a distinctive level of service and excellence in investment management.


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


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


Evergreen Distributor, Inc.
Evergreen FundsSM is a service mark of Evergreen Investment Services, Inc.




Evergreen CRT Money Market Funds
Letter to Shareholders
September 2001

Dear Evergreen Shareholders,

Markets Close after National Tragedy

A tragedy of enormous proportion occurred in our nation on September 11, impacting our financial markets. The attack on prominent targets, including the World Trade Center in New York, temporarily suspended trading activity of the stock and bond exchanges. The bond market was closed September 11th and 12th, and trading in government bonds and some commodities resumed on September 13, 2001. The stock market remained closed from September 11th through the 14th, and finally opened to resume trading on Monday, September 17th. This was the longest shutdown for the U.S. equity markets since World War I.

An incident such as this will unavoidably impact the U.S. financial market’s ability to conduct business as usual. Fortunately, Central Banks worldwide cooperated to facilitate global liquidity needs. Despite sharp initial declines in many markets, European exchanges, the U.S. dollar and oil prices stabilized approximately 48 hours after the event.

Regardless of the temporary disruptions the markets faced, we want to assure you that this situation did not have a lasting effect on our management of your assets. Evergreen invests in securities of productive and financially solid corporations, and sound national and municipal governments. While a terrorist attack can create dislocation, it will not overcome the economic and financial opportunities of this nation and the world.

Rest assured our investment disciplines will not be interrupted by this sequence of events. Our systems and investment professionals are in place, and we continue to evaluate your portfolio and the financial markets. Our thoughts and prayers go out to all of you whose colleagues, friends and families were impacted by this terrible event. We remain committed to the continued management of your portfolio in this time of extreme challenge for the financial markets and for our country.


1



Market Update as of July 31, 2001

The year ending July 31 was one of the more disappointing ones in more than two decades of stock market activity. During this twelve-month period, the S&P 500 Index was off approximately 14% and most other major indices showed major declines. Leading the market lower was the technology sector, which was adjusting for a very overbought position built up during the previous two years. However, the market itself was not the only problem, the economy slowed markedly as a result of the monetary tightening policy implemented by the Federal Reserve Board.

As both the stock market and the economy continued to show a decline as the new calendar year began, the Federal Reserve Board changed policies and began an aggressive program of interest rate reductions. While these reductions in interest rates have helped the bond market, the economy and the stock market have yet to react to the new aggressive policy. We remain convinced that we were in a process of normal economic cyclical slowdown up until the events of September 11th. Although we had expected that the economy and corporate profits would react positively to the monetary and fiscal stimulation put into place, we believe now that the timetable for that recovery may stretch out further. History has shown us that after sudden external shocks, the markets may react negatively in the immediate days following, but tend to recover in the subsequent months.

We invite you to visit our enhanced website, www.EvergreenInvestments.com, for more information about Evergreen Funds. Thank you for your continued investment in Evergreen Funds.

Sincerely,


William M. Ennis
President & CEO
Evergreen Investment Company, Inc.



Dennis H. Ferro
Chief Investment Officer
Evergreen Investment Management Company


2



Evergreen CRT Money Market Funds
Evergreen CRT California Tax-Exempt Money Market Fund
Fund at a Glance as of July 31, 2001


Portfolio Management
Steven C. Shachat
Tenure: May 1999


Performance and Returns*1
Inception Date Class A
12/09/1996
Average Annual Returns
1 year 3.12%
Since Portfolio Inception 2.73%
7-day annualized yield 2.32%
30-day annualized yield 2.22%
12-month distributions per share $0.03
* The yield quotation more closely reflects the current earnings of the fund than the total return quotation.


ANNUALIZED 7-DAY YIELD

Total Net Assets: $ 171,666,610
Average Maturity: 7 days

1 Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Performance includes the reinvestment of income dividends and capital gain distributions.

The yield will fluctuate, and there can be no guarantee that the fund will achieve its objective or any particular tax-exempt yield. Income may be subject to federal alternative minimum tax.

An investment in the fund is not insured or guaranteed by 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.

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

The fund’s investment objective is non-fundamental and may be changed without the vote of the fund’s shareholders. All data is as of July 31, 2001 and subject to change.


3



Evergreen CRT Money Market Funds
Evergreen CRT Money Market Fund
Fund at a Glance as of July 31, 2001


Portfolio Management
J. Kellie Allen Bryan K. White, CFA
Tenure: May 1999 Tenure: May 1999


Performance and Returns*1
Inception Date Class A
12/20/1993
Average Annual Returns
1 year 5.07%
5 years 4.91%
Since Portfolio Inception 4.77%
7-day annualized yield 3.10%
30-day annualized yield 3.16%
12-month distributions per share $0.05
* The yield quotation more closely reflects the current earnings of the fund than the total return quotation.


ANNUALIZED 7-DAY YIELD


Total Net Assets: $ 7,214,953,302
Average Maturity: 49 days

1 Past performance is no guarantee of future results. 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. Performance includes the reinvestment of income dividends and capital gain distributions.

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

An investment in the fund is not insured or guaranteed by 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.

The fund’s investment objective is non-fundamental and may be changed without the vote of the fund’s shareholders.

All data is as of July 31, 2001 and subject to change.


4



Evergreen CRT Money Market Funds
Evergreen CRT New York Tax-Exempt Money Market Fund
Fund at a Glance as of July 31, 2001


Portfolio Management
Steven C. Shachat
Tenure: May 1999


Performance and Returns*1
Inception Date Class A
12/09/1996
Average Annual Returns
1 year 3.10%
Since Portfolio Inception 2.85%
7-day annualized yield 1.97%
30-day annualized yield 1.81%
12-month distributions per share $0.03
* The yield quotation more closely reflects the current earnings of the fund than the total return quotation.


ANNUALIZED 7-DAY YIELD


Total Net Assets: $ 89,294,215
Average Maturity: 3 days

1 Past performance is no guarantee of future results. 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. Performance includes the reinvestment of income dividends and capital gain distributions.

The yield will fluctuate, and there can be no guarantee that the fund will achieve its objective or any particular tax-exempt yield. Income may be subject to federal alternative minimum tax.

An investment in the fund is not insured or guaranteed by 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.

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

The fund’s investment objective is non-fundamental and may be changed without the vote of the fund’s shareholders. All data is as of July 31, 2001 and subject to change.


5



Evergreen CRT Money Market Funds
Evergreen CRT Tax-Exempt Money Market Fund
Fund at a Glance as of July 31, 2001


Portfolio Management
Steven C. Shachat
Tenure: May 1999


Performance and Returns*1
Inception Date Class A
12/20/1993
Average Annual Returns
1 year 3.24%
5 years 2.99%
Since Portfolio Inception 2.90%
7-day annualized yield 2.29%
30-day annualized yield 2.15%
12-month distributions per share $0.03
* The yield quotation more closely reflects the current earnings of the fund than the total return quotation.


ANNUALIZED 7-DAY YIELD


Total Net Assets: $931,072,229
Average Maturity: 5 days

1 Past performance is no guarantee of future results. 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. Performance includes the reinvestment of income dividends and capital gain distributions.

The yield will fluctuate, and there can be no guarantee that the fund will achieve its objective or any particular tax-exempt yield. Income may be subject to federal alternative minimum tax.

An investment in the fund is not insured or guaranteed by 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.

The fund’s investment objective is non-fundamental and may be changed without the vote of the fund’s shareholders. All data is as of July 31, 2001 and subject to change.


6



Evergreen CRT Money Market Funds
Evergreen U.S. Government Money Market Fund
Fund at a Glance as of July 31, 2001


Portfolio Management
J. Kellie Allen Bryan K. White, CFA
Tenure: May 1999 Tenure: May 1999


Performance and Returns*1
Inception Date Class A
12/20/1993
Average Annual Returns
1 year 4.89%
5 years 4.81%
Since Portfolio Inception 4.65%
7-day annualized yield 3.00%
30-day annualized yield 3.06%
12-month distributions per share $0.05
* The yield quotation more closely reflects the current earnings of the fund than the total return quotation.


ANNUALIZED 7-DAY YIELD


Total Net Assets: $ 3,914,813,481
Average Maturity: 44 days

1 Past performance is no guarantee of future results. 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. Performance includes the reinvestment of income dividends and capital gain distributions.

An investment in the 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.

U.S. government guarantees apply only to the underlying securities of the fund’s portfolio and not to the fund’s shares.

The fund’s investment objective is non-fundamental and may be changed without the vote of the fund’s shareholders.

All data is as of July 31, 2001 and subject to change.


7



Evergreen CRT Money Market Funds
Financial Highlights
(For a share outstanding throughout each period)


CRT California Tax-Exempt Money Market Fund
Year Ended July 31,
2001 2000 1999 1998 1997 (a)
Net asset value,
beginning of period
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.03 0.03 0.02 0.03 0.02
Distributions to shareholders
from net investment income
(0.03 ) (0.03 ) (0.02 ) (0.03 ) (0.02 )
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return 3.12% 2.84% 2.22% 2.74% 1.76%
Ratios and supplemental data
Net assets, end of period (millions) $ 172 $ 121 $ 106 $ 96 $ 89
Ratios to average net assets
    Expenses‡ 0.76% 0.78% 0.78% 0.75% 0.75%†
    Net investment income 3.06% 2.80% 2.24% 2.70% 2.70%†
(a) For the period from December 9, 1996 (commencement of operations) to July 31, 1997.

‡ The ratio of expenses to average net assets excludes expense reductions.

† Annualized.

See Combined Notes to Financial Statements.


8



Evergreen CRT Money Market Funds
Financial Highlights (continued)
(For a share outstanding throughout each period)


CRT Money Market Fund
Year Ended July 31,
2001 2000 1999 1998 1997
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.05 0.05 0.04 0.05 0.05 #
Distributions to shareholders
from net investment income
(0.05 ) (0.05 ) (0.04 ) (0.05 ) (0.05 )
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return 5.07% 5.26% 4.49% 4.95% 4.77%
Ratios and supplemental data
Net assets, end of period (millions) $7,215 $5,575 $4,849 $3,818 $2,942
Ratios to average net assets
    Expenses‡ 0.88% 0.88% 0.85% 0.84% 0.86%
    Net investment income 4.91% 5.16% 4.35% 4.84% 4.67%
# Includes net realized capital gains (losses) which were less than $0.01 per share.

‡ The ratio of expenses to average net assets excludes expense reductions.

See Combined Notes to Financial Statements.


9



Evergreen CRT Money Market Funds
Financial Highlights (continued)
(For a share outstanding throughout each period)


CRT New York Tax-Exempt Money Market Fund
Year Ended July 31,
2001 2000 1999 1998 1997 (a)
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00
Net investment income 0.03 0.03 0.02 0.03 0.02
Distributions to shareholders
from net investment income
(0.03 ) (0.03 ) (0.02 ) (0.03 ) (0.02 )
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return 3.10% 3.16% 2.44% 2.76% 1.77%
Ratios and supplemental data
Net assets, end of period (millions) $ 89 $ 41 $ 21 $ 15 $ 12
Ratios to average net assets
    Expenses‡ 0.84% 0.81% 0.80% 0.80% 0.80%†
    Net investment income 3.05% 3.21% 2.32% 2.72% 2.77%†
(a) For the period from December 9, 1996 (commencement of operations) to July 31, 1997.

‡ The ratio of expenses to average net assets excludes expense reductions.

† Annualized.

See Combined Notes to Financial Statements.


10



Evergreen CRT Money Market Funds
Financial Highlights (continued)
(For a share outstanding throughout each period)


CRT Tax-Exempt Money Market Fund
Year Ended July 31,
2001 2000 1999 1998 1997
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.03 0.03 0.03 0.03 0.03
Distributions to shareholders from
net investment income
(0.03 ) (0.03 ) (0.03 ) (0.03 ) (0.03 )
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return 3.24% 3.19% 2.63% 2.96% 2.91%
Ratios and supplemental data
Net assets, end of period (millions) $ 931 $ 823 $ 832 $ 815 $ 744
Ratios to average net assets
    Expenses‡ 0.74% 0.74% 0.73% 0.71% 0.71%
    Net investment income 3.17% 3.12% 2.53% 2.91% 2.88%
‡ The ratio of expenses to average net assets excludes expense reductions.

See Combined Notes to Financial Statements.


11



Evergreen CRT Money Market Funds
Financial Highlights (continued)
(For a share outstanding throughout each period)


U.S. Government Money Market Fund
Year Ended July 31,
2001 2000 1999 1998 1997
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.05 0.05 0.04 0.05 # 0.05 #
Distributions to shareholders
from net investment income
(0.05 ) (0.05 ) (0.04 ) (0.05 )# (0.05 )
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return 4.89% 5.12% 4.28% 4.92% 4.72%
Ratios and supplemental data
Net assets, end of period (millions) $ 3,915 $ 3,404 $ 3,577 $ 3,162 $ 2,919
Ratios to average net assets
    Expenses‡ 0.86% 0.82% 0.82% 0.81% 0.81%
    Net investment income 4.74% 4.99% 4.27% 4.80% 4.63%
# Includes net realized capital gains (losses) which were less than $0.01 per share.

‡ The ratio of expenses to average net assets excludes expense reductions.

See Combined Notes to Financial Statements.


12



Evergreen CRT Money Market Funds
CRT California Tax-Exempt Money Market Fund
Schedule of Investments
July 31, 2001


Principal
Amount
Value
Municipal Obligations - 99.6%
Airport - 1.9%
    San Francisco, CA City & Cnty. Arpt. RB, 2.56%, VRDN $3,345,000 $3,345,000
Capital Improvements - 0.6%
    Brentwood, CA Infrastructure Fin. Auth.
      RB, 3.60%, 8/2/2001
1,000,000 1,000,000
Community Development District - 4.1%
    Avalon, CA Community Impt. Agcy. Tax Allocation RB,
      (LOC: Union Bank of CA), 3.50%, VRDN
7,000,000 7,000,000
Education - 7.5%
    Midway, CA Sch. Dist. COP,
      Refining Proj., Ser. 2000,
      (LOC: Union Bank NA), 3.30%, VRDN
6,125,000 6,125,000
    San Diego Cnty. Sch. Dist.
      TRAN, 6.00%, 10/4/2001
6,725,000 6,747,122
12,872,122
General Obligation - Local - 4.1%
    Orange Cnty., CA COP, 6.70%, 8/1/2001 1,000,000 1,000,000
    West Costa Contra, CA Unified Sch. Dist.
      TRAN, 5.00%, 8/8/2001
6,000,000 6,000,861
7,000,861
General Obligation - State - 12.6%
    California GO:
       2.56%, VRDN 2,000,000 2,000,000
       2.76%, VRDN 4,120,000 4,120,000
    Eagle Tax Exempt Trust, 2.59%, 8/2/2001 15,580,000 15,580,000
21,700,000
Hospital - 4.7%
    Alameda Cnty., CA Hosp. COP,
      2.84%, VRDN
2,985,000 2,985,000
    California Hlth. Facs. Fin. Auth. RB, Kaiser Permanente, Ser. 1998-26,
       (Liq.: Morgan Stanley Dean Witter & Insd. by FSA), 2.51%, VRDN
2,300,000 2,300,000
    Illinois Dev. Fin. Auth.
      RB, 2.95%, 8/1/2001
2,800,000 2,800,000
8,085,000
Housing - 16.9%
    California Home Ownership Auth. RB,
      2.65%, 8/2/2001
7,135,000 7,135,000
    California Statewide Community Dev.
      Auth. MHRB, 2.90%, VRDN
8,500,000 8,500,000


13



Evergreen CRT Money Market Funds
CRT California Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2001


Principal
Amount
Value
Municipal Obligations (continued)
Housing (continued)
    Riverside San Bernadino, CA Hsg. Lease RB, 2.65%, 8/2/2001 $5,000,000 $5,000,000
    San Diego, CA HFA RB, 2.65%, 8/2/2001 4,000,000 4,000,000
    Simi Valley, CA MHRB, 2.85%, 8/1/2001 4,395,000 4,395,000
29,030,000
Industrial Development Revenue - 4.7%
    Lodi, CA Indl. Dev. Auth. RB, 2.75%, 8/1/2001 8,000,000 8,000,000
Lease - 9.6%
    Koch Floating Rate Trust, Ser. 1999-2, (SPA: State Street Bank &
      Trust Co. & Insd. by AMBAC), 2.64%, VRDN
11,880,977 11,880,977
    Pitney Bowes Credit Corp. Leasetops, Ser. 1998-1,
       (Liq.: Pitney Bowes Credit Corp. & Insd. by AMBAC), 2.95%, VRDN
4,627,974 4,627,974
16,508,951
Manufacturing - 13.1%
    Auburn, CA IDA RB, Coherent, Inc. Proj., (LOC: Bank of
       Tokyo-Mitsubishi, Ltd.), 4.65%, VRDN
1,500,000 1,500,000
    California Econ. Dev. Fin. RB, 4.15%, VRDN 3,000,000 3,000,000
    California EDA IDRB, Boyd Funiture Co. Proj., (LOC: Heller Financial, Inc.
      & Chase Manhattan Bank), 2.70%, VRDN
5,065,000 5,065,000
    California Infrastructure & Econ. Dev. Bank IDRB, Lance Camper Manufacturing Corp.:
       Ser. A, (LOC: Union Bank of CA), 3.40%, VRDN 6,000,000 6,000,000
       Ser. B, (LOC: Union Bank of CA), 3.40%, VRDN 2,920,000 2,920,000
    Glenn Cnty., CA IDA PCRB, Land O’Lakes, Inc.,
       (LOC: Norwest Bank NA), 2.95%, VRDN
1,900,000 1,900,000
    Puerto Rico Indl. Med. & Env. PCRB, Becton Dickinson & Co., 3.40%, 3/1/2002 2,200,000 2,200,000
22,585,000
Recreation - 0.9%
    Madera, CA Pub. Fin. Auth. RB, 3.60%, 8/2/2001 1,485,000 1,485,000
Utility - 11.7%
    California Infrastructure & Econ. Dev. RB, Independent
       Systems Operating Corp. Proj., 3.50%, VRDN
5,400,000 5,400,000


14



Evergreen CRT Money Market Funds
CRT California Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2001


Principal
Amount
Value
Municipal Obligations (continued)
Utility (continued)
    California Poll. Ctrl. Fin. Auth. RB, Pacific Gas & Elec. Proj., Ser. 96C,
       (SPA: Bank of America NA), 3.25%, VRDN
$12,625,000 $12,625,000
    Chula Vista, CA Indl. Dev. RB, San Diego Gas & Elec. Co., Ser. B, 3.60%, 8/1/2001 2,000,000 2,000,000
20,025,000
Water & Sewer - 7.2%
    California Dept. of Wtr. Resc. RB, 2.80%, 8/1/2001 5,000,000 5,000,000
    Los Angeles, CA Wastewater Munitops Master Trust, Ser. 1998-25,
       (SPA: ABN AMRO Bank NV & Insd. by FGIC), 2.65%, VRDN
5,000,000 5,000,000
    Olcese, CA Wtr. Dist. COP, 5.30%, 8/23/2001 2,400,000 2,400,000
12,400,000
Total Investments - (cost $171,036,934) - 99.6% 171,036,934
Other Assets and Liabilities - 0.4% 629,676
Net Assets - 100.0% $171,666,610

See Combined Notes to Schedules of Investments.


15



Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments
July 31, 2001


Principal
Amount
Value
Commercial Paper - 62.8%
Asset Backed - 53.8%
    Alpine Securitization Corp.:
       3.76%, 8/13/2001 $150,000,000 $149,812,000
       3.76%, 8/15/2001 100,000,000 99,853,778
    Asap Funding, Ltd.:
       3.78%, 8/23/2001 70,450,000 70,287,261
       3.82%, 8/6/2001 51,144,000 51,116,865
    Asset Backed Capital Finance, Inc.:
       3.825%, 8/1/2001 80,000,000 80,000,000
       3.895%, 8/1/2001 50,000,000 49,997,706
    Asset One Securities LLC:
       3.77%, 8/9/2001 50,000,000 49,958,111
       3.77%, 8/15/2001 75,000,000 74,890,042
       3.78%, 8/10/2001 47,000,000 46,955,585
    Atlantic Asset Securitization Corp.:
       3.75%, 8/15/2001 159,468,000 159,235,443
       3.76%, 8/15/2001 92,915,000 92,779,137
    Bavaria Finance Funding, 3.80%, 8/3/2001 99,060,000 99,039,087
    Bavaria Universal Funding:
       3.74%, 8/17/2001 50,159,000 50,075,625
       3.75%, 8/13/2001 72,340,000 72,249,575
    Brahms Funding Corp., 3.81%, 8/15/2001 25,000,000 24,962,958
    Broadway Capital Corp., 3.78%, 8/15/2001 43,911,000 43,846,451
    Clipper Receivables Corp., 3.81%, 8/2/2001 55,000,000 54,994,179
    Concord Minutemen Capital Corp.:
       3.76%, 8/10/2001 49,532,000 49,485,440
       3.76%, 8/16/2001 100,318,000 100,160,835
       3.78%, 8/2/2001 40,579,000 40,574,739
    Crown Point Capital Co., 3.77%, 8/10/2001 100,000,000 99,905,750
    Eiffel Funding LLC:
       3.76%, VRDN 50,000,000 49,968,667
       3.78%, VRDN 50,000,000 49,958,000
       3.80%, VRDN 123,624,000 123,624,000
    Four Winds Funding Corp.:
       3.75%, 8/15/2001 200,000,000 199,708,334
       3.81%, 8/6/2001 100,000,000 99,947,083
    Giro Balanced Funding:
       3.75%, 8/15/2001 77,600,000 77,486,834
       3.80%, 8/20/2001 100,000,000 99,799,444
    Giro Multi Funding Corp, 3.74%, 8/20/2001 125,000,000 124,753,263


16



Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments (continued)
July 31, 2001


Principal
Amount
Value
Commercial Paper (continued)
Asset Backed (continued)
    Greenwich Funding Corp., 3.76%, 8/1/2001 $56,908,000 $56,908,000
    Halogen Capital Co.:
       3.75%, 8/13/2001 82,297,000 82,194,129
       3.75%, 8/14/2001 70,430,000 70,334,626
       3.75%, 8/17/2001 62,457,000 62,352,905
    Lake Front Funding LLC, 3.76%, 8/24/2001 23,240,000 23,184,172
    Lexington Parker Capital Corp., 3.75%, 8/16/2001 50,000,000 49,921,875
    Moat Funding LLC, 3.75%, 8/15/2001 100,000,000 99,854,167
    Montauk Funding Corp.:
       3.75%, 8/17/2001 3,000,000 2,995,000
       3.76%, 8/10/2001 75,000,000 74,929,500
    Old Line Funding Corp., 3.81%, 8/3/2001 50,000,000 49,989,417
    Tannehill Capital Co.:
       3.75%, 8/17/2001 75,000,000 74,875,000
       3.76%, 8/8/2001 75,000,000 74,945,167
       3.78%, 8/17/2001 100,000,000 99,832,000
    Three Pillars Funding Corp.:
       3.74%, 8/23/2001 47,990,000 47,880,316
       3.74%, 8/27/2001 51,188,000 51,049,736
       3.75%, 8/16/2001 39,837,000 39,774,755
       3.78%, 8/2/2001 73,205,000 73,197,313
    Thunder Bay Funding, Inc., 3.75%, 8/13/2001 48,718,000 48,657,102
    Trident Capital Finance, Inc., 3.65%, 8/23/2001 50,000,000 49,888,472
    Twin Towers, Inc.:
       3.77%, 8/8/2001 148,992,000 148,882,781
       3.80%, 8/3/2001 63,751,000 63,737,541
       (LOC: Deutsche Bank), 3.75%, 8/17/2001 66,420,000 66,309,300
    Unilever Capital Corp., 3.97%, 9/7/2001 50,000,000 50,006,821
    Victory Receivable Corp., 3.76%, 8/24/2001 32,277,000 32,199,463
3,879,325,750
Banks - 3.5%
    National City Bank, 3.86%, 8/1/2001 150,000,000 150,000,000
    Ness LLC, 3.75%, 8/28/2001 100,000,000 99,718,750
249,718,750
Diversified Financials - 3.2%
    Countrywide Funding Corp., 3.82%, 8/2/2001 59,810,000 59,803,653
    Salomon Smith Barney Holdings, Inc., 3.75%, 8/22/2001 50,000,000 49,890,625


17



Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments (continued)
July 31, 2001


Principal
Amount
Value
Commercial Paper (continued)
Diversified Financials (continued)
    Verizon Global Funding Corp., 3.737%, 9/20/2001 $125,000,000 $124,945,826
234,640,104
Industrial Conglomerates - 2.3%
    Tyco International Group SA:
       3.73%, 9/18/2001 85,000,000 84,577,267
       3.82%, 8/16/2001 80,000,000 79,872,667
164,449,934
Total Commercial Paper 4,528,134,538
Corporate Bonds - 33.2%
Asset Backed - 4.4%
    CC USA, Inc., MTN, 4.156%, 8/7/2001 144A 100,000,000 100,000,000
    Evans Street Properties LLC, 3.86%, VRDN 2,900,000 2,900,000
    Morganite Industries, Inc., 3.86%, 8/1/2001 20,000,000 20,000,000
    RACERS, 3.86%, VRDN 144A 50,000,000 50,000,000
    Sigma Finance Inc.:
       3.84%, VRDN 50,000,000 50,000,000
       4.75%, VRDN 50,000,000 50,000,000
    Syndicated Loan Funding Trust, 6.885%, 11/13/2001 25,000,000 25,000,000
    Vistaone Metafolio LLC, 3.75%, 10/5/2001 18,250,000 18,126,432
316,026,432
Automobiles - 1.4%
    DaimlerChrysler Corp., 4.338%, 9/10/2001 100,000,000 100,000,000
Banks - 5.5%
    Bank One Corp., MTN:
       3.946%, 9/20/2001 5,000,000 5,003,009
       4.08%, 9/13/2001 100,000,000 100,090,701
    Bankamerica Corp., 3.81%, 9/28/2001 15,160,000 15,161,799
    Bayerische Hypotheken Union Bank, 3.87%, 7/29/2002 100,000,000 99,971,071
    Branch Banking & Trust Co., NC, 4.053%, 8/17/2001 100,000,000 99,999,247
    Marshall & Ilsley Bank, 6.75%, 12/3/2001 75,000,000 75,000,000
395,225,827
Diversified Financials - 17.4%
    Abacas Investor, Ltd., 4.285%, 6/17/2002 100,000,000 100,000,000
    Associates Corp., 3.71%, 9/29/2001 50,000,000 50,000,000


18



Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments (continued)
July 31, 2001


Principal
Amount
Value
Corporate Bonds (continued)
Diversified Financials (continued)
    Associates Corp. NA, 4.156%, 8/27/2001 $35,000,000 $35,004,221
    Bear Stearns Co., Inc.:
       3.92%, 9/12/2001 50,000,000 50,000,000
       3.96%, 7/29/2002 90,000,000 90,000,000
    CitiGroup, Inc. MTN, 3.84%, 10/18/2001 50,000,000 50,000,000
    Countrywide Funding Corp. MTN:
       3.80%, 9/26/2001 50,000,000 50,000,000
       3.95%, 3/28/2002 50,000,000 50,015,379
       6.90%, 10/2/2001 50,000,000 50,000,000
    Credit Suisse First Boston, Inc., 4.32%, 6/25/2002 75,000,000 75,000,000
    Dorada Finance, Inc., 3.695%, 3/5/2002 53,200,000 52,020,556
    Goldman Sachs Group LP:
       3.797%, 9/21/2001 MTN 75,000,000 75,000,000
       3.95%, 11/15/2001 100,000,000 100,126,358
    Household Finance Corp., 3.86%, 8/16/2001 100,000,000 100,000,000
    Lehman Brothers Holdings, Inc., MTN, 3.84%, 8/22/2001 100,000,000 100,000,000
    Morgan Stanley Group, Inc., 3.855%, 8/15/2001 75,000,000 75,000,000
    Restructured Asset Securities Corp., 3.845%, 8/1/2001 50,000,000 50,000,000
    VW Credit, Inc., 6.795%, 9/21/2001 100,000,000 100,000,000
    Walker & Associates, 3.86%, VRDN 2,600,000 2,600,000
1,254,766,514
Diversified Telecommunication Services - 2.1%
    Bellsouth Corp., 4.287%, 4/26/2002 150,000,000 149,985,643
Food & Drug Retailing - 0.7%
    Two Limited, 3.80%, 9/6/2001 50,000,000 49,810,000
Food Products - 1.0%
    H.J. Heinz Co., 6.82%, 11/15/2001 75,000,000 75,000,000
Health Care Providers & Services - 0.0%
    Barton Healthcare LLC, 3.85%, VRDN 3,600,000 3,600,000
Insurance - 0.7%
    Carolina Medi Plan, Inc., 3.86%, VRDN 49,400,000 49,400,000
Total Corporate Bonds 2,393,814,416


19



Evergreen CRT Money Market Funds
CRT Money Market Fund
Schedule of Investments (continued)
July 31, 2001


Principal
Amount
Value
Funding Agreements - 2.4%
    Jackson National Life, 3.952%, 7/1/2002 $25,000,000 $25,000,000
    New York Life, 3.79%, 10/1/2001 50,000,000 50,000,000
    Transamerica Occidental, 3.97%, 8/1/2001 100,000,000 100,000,000
Total Funding Agreements 175,000,000
Municipal Obligations - 1.1%
Hospital - 0.1%
    Massachusetts Nursing Homes RB, 3.85%, VRDN 5,665,000 5,665,000
Housing - 1.0%
    Virginia State Hsg. Dev. Auth. RB, 3.90%, VRDN 75,390,000 75,390,000
Total Municipal Obligations 81,055,000
Repurchase Agreement - 0.0%
    Warburg Dillon Reed LLC, 3.88%, dated 7/31/2001,
   maturing 8/1/2001, maturity value $1,780,033 (1)
1,779,841 1,779,841
 
Shares Value
Mutual Fund Shares - 0.2%
    Federated U.S. Treasury Cash Reserve Fund 13,346,137 13,346,137
Total Investments - (cost $7,193,129,932) - 99.7% 7,193,129,932
Other Assets and Liabilities - 0.3% 21,823,370
Net Assets - 100.0% $7,214,953,302
See Combined Notes to Schedules of Investments.


20



Evergreen CRT Money Market Funds
CRT New York Tax-Exempt Money Market Fund
Schedule of Investments
July 31, 2001


Principal
Amount
Value
Municipal Obligations - 99.4%
Capital Improvements - 14.2%
    New York, NY Transitional Fin. Auth. RB:
       2.54%, VRDN $5,000,000 $5,000,000
       Ser. 362, 2.82%, VRDN 5,167,500 5,167,500
       Ser. 408, (Liq.: Morgan Stanley & Insd. by FGIC), 2.89%, VRDN 2,495,000 2,495,000
12,662,500
Community Development District - 2.5%
    Seneca Cnty., NY IDA RB, Kids Peace
       National Centers Proj., 2.77%, VRDN
2,260,000 2,260,000
Education - 6.0%
    New York Dorm. Auth. RB, City University Proj.:
       Ser. 1997-1A, (SPA: Commerzbank AG
         & Insd. by FGIC), 2.74%, VRDN
1,000,000 1,000,000
       Ser. 340, (Liq.: Morgan Stanley & Insd. by MBIA), 2.84%, VRDN 4,382,500 4,382,500
5,382,500
General Obligation - Local - 3.5%
    Jefferson Cnty., AL GO, 2.80%, 8/1/2001 3,100,000 3,100,000
General Obligation - State - 7.8%
    New York GO, Ser. II-R-01-63, 2.59%, VRDN 3,995,000 3,995,000
    New York Local Govt. Assist. GO, 2.50%, 8/1/2001 3,000,000 3,000,000
6,995,000
Hospital - 10.0%
    Herkimer Cnty., NY IDA RB, Templeton
       Foundation Proj., 2.77%, VRDN
900,000 900,000
    Illinois Dev. Fin. Auth. RB, 2.95%, 8/1/2001 600,000 600,000
    New Hampshire Hlth. Ed. Auth. RB, Wentworth
       Douglas Hosp., 2.95%, VRDN
4,300,000 4,300,000
    Otsego Cnty., NY IDA RB, Templeton
       Foundation Proj., Ser. A, 2.77%, VRDN
3,130,000 3,130,000
8,930,000
Manufacturing - 18.6%
    Colonie, NY IDA RB, ALTX, Inc. Proj., Ser. A, 2.95%, VRDN 2,890,000 2,890,000
    Erie Cnty., NY IDA RB, MMARS
       Third Program - Gemcor Proj., 2.70%, VRDN
1,870,000 1,870,000


21



Evergreen CRT Money Market Funds
CRT New York Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2001


Principal
Amount
Value
Municipal Obligations (continued)
Manufacturing (continued)
    Lancaster, NY IDA RB, 2.90%, 8/2/2001 $1,400,000 $1,400,000
    Oswego Cnty., NY IDA RB, Crysteel
       Manufacturing, Inc. Proj., 2.95%, VRDN
5,955,000 5,955,000
    Rockland Cnty., NY IDA RB, MIC Technology, Ser. A, 2.95%, VRDN 1,000,000 1,000,000
    Ulster Cnty., NY IDA RB, Sunwize Technology, Inc., 2.90%, VRDN 1,980,000 1,980,000
    Zuntobel Staff, Ser. A, 2.95%, VRDN 1,500,000 1,500,000
16,595,000
Resource Recovery - 2.2%
    Suffolk Cnty., NY IDA Solid Wst. Disposal Facs. ROC, Ser. IIR 99-8,
       (Liq.: Salomon Smith Barney & Insd. by AMBAC), 2.79%, VRDN
2,000,000 2,000,000
Tobacco - 10.0%
    New York, NY Tobacco Trust RB, 2.89%, VRDN 8,900,000 8,900,000
Transportation - 11.8%
    New York Thruway Auth. RB:
       Ser. A, 2.54%, VRDN 144A 3,000,000 3,000,000
       Ser. 342, 2.84%, VRDN 6,700,000 6,700,000
       (LOC: Societe Generale), 2.85%, VRDN 800,000 800,000
10,500,000
Utility - 8.8%
    Long Island, NY Pwr. Auth. RB, 2.50%, 8/9/2001 3,000,000 3,000,000
    New York Pwr. Auth. RB, (Liq.: Bank of New York
       & Morgan Guaranty Trust), 4.30%, 9/4/2001
2,000,000 2,000,000
    St. Lucie Cnty., FL PCRB, Florida Pwr. & Light Co., Proj., 2.85%, VRDN 2,900,000 2,900,000
7,900,000
Water & Sewer - 4.0%
    New York, NY Muni. Wtr. Fin. Auth. RB, Ser. 364,
       (Liq.: Morgan Stanley & Insd. by MBIA), 2.82%, VRDN
3,560,000 3,560,000
Total Investments - (cost $88,785,000) - 99.4% 88,785,000
Other Assets and Liabilities - 0.6% 509,215
Net Assets - 100.0% $89,294,215
See Combined Notes to Schedules of Investments.


22



Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments
July 31, 2001


Principal
Amount
Value
Municipal Obligations - 98.3%
Airport - 0.6%
    Terre Haute, IN Intl. Arpt. Auth. RB, Tri Aerospace LLC
       Proj., 2.99%, 8/2/2001
$2,200,000 $2,200,000
    Tulsa, OK Muni. Arpt. Auth. RB, 2.89%, VRDN 3,300,000 3,300,000
5,500,000
Capital Improvements - 5.0%
    Koch Class A Certs. PFOTER, 2.94%, VRDN 39,100,000 39,100,000
    Montgomery, AL Taylor - Ryan Impt. Dist. RB,
       Columbus B&T Co., 2.85%, 8/2/2001
7,565,000 7,565,000
46,665,000
Community Development District - 0.5%
    Maine Fin. Auth. RB, York Cnty. Comm. Action Corp. Proj.,
       (LOC: Key Bank of Maine), 2.77%, VRDN
2,685,000 2,685,000
    Ozark, AL Motel Facs. RB, Ozark Motel Proj., 2.84%, VRDN 2,365,000 2,365,000
5,050,000
Education - 5.3%
    Adams Cnty., CO Sch. Dist. #12 RB, Ser. 9008, 2.82%, 8/1/2001 10,010,000 10,010,000
    Alamo Heights, TX Higher Ed. Facs. RB, Univ. Incarnate
       World Proj., (LOC: Bank One NA), 2.75%, VRDN
4,675,000 4,675,000
    Florida Board of Ed. RB, Ser. 1998-1999, 2.72%, 8/1/2001 144A 11,000,000 11,000,000
    Franklin Cnty., TN Hlth. & Ed. Facs. Board RB, St. Andrews -
      Sewanee Sch. Proj., (LOC: Amsouth Bank NA), 2.75%, VRDN
5,000,000 5,000,000
    Lowndes Cnty., GA Dev. Auth. RB, Valwood Sch.
       Scholarship, 2.82%, 8/2/2001
8,000,000 8,000,000
    Philadelphia, PA IDRB, Friends Select Sch. Proj., (LOC: PNC
       Bank NA), 2.85%, VRDN
3,500,000 3,500,000
    St. Joseph Cnty., IN Edl. Facs. RB, Holy Cross College Proj.,
       (LOC: Key Bank NA), 2.77%, VRDN
7,125,000 7,125,000
49,310,000
General Obligation - Local - 2.4%
    Birmingham, AL Tax Increment Warrants, (SPA: Southtrust Bank
       NA & Insd. by MBIA), 2.79%, VRDN
6,500,000 6,500,000


23



Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2001


Principal
Amount
Value
Municipal Obligations (continued)
General Obligation - Local (continued)
    Chicago, IL GO:
       Ser. 00-437, (LOC: Bank of New York & Insd.
          by AMBAC), 2.79%, VRDN
$2,520,000 $2,520,000
    Eagle Trust Cert. #2001-1303, 2.79%, 8/2/2001 144A 2,450,000 2,450,000
    Dove Valley, CO Metro. Dist. GO, Ser. 2000,
       (LOC: BNP Paribas Group), 4.40%, 11/1/2001
2,500,000 2,500,000
    Jefferson Cnty., AL GO, Ser. 2001-B, 2.80%, 8/1/2001 8,800,000 8,800,000
22,770,000
General Obligation - State - 6.2%
    California GO, 2.95%, 8/1/2001 4,195,000 4,195,000
    PFOTER, 2.89%, 8/2/2001 144A 12,600,000 12,600,000
    Texas TRAN, 5.25%, 8/31/2001 41,000,000 41,031,806
57,826,806
Hospital - 23.2%
    Alabama Spl. Care Facs. Fin. RB, Ascension Health
       Credit Group, 2.80%, VRDN
7,300,000 7,300,000
    Amarillo, TX Hlth. Facs. Corp. RB, Panhandle Pooled
       Hlth. Care, (LOC: BNP Paribas), 2.90%, VRDN
8,600,000 8,600,000
    Birmingham, AL Spl. Care Facs. Fin. Auth. PFOTER,
       2.91%, VRDN
10,000,000 10,000,000
    Canby, MN Community Hosp. Dist. RB, Sioux Valley
       Hosp. Proj., 2.95%, 8/3/2001
3,670,000 3,670,000
    Geneva City, AL Hlth. Care RB, 2.79%, 8/3/2001 2,667,000 2,667,000
    Hunt, TX Mem. Hosp. Dist. RB, (SPA: Chase Manhattan
       Bank NA & Insd. by FSA), 4.45%, 12/1/2001
4,960,000 4,960,000
    Illinois Hlth. Facs. Auth. RB, Lake Forest Hosp.
       Proj., 3.375%, VRDN
1,940,000 1,940,000
    Indiana Hlth. Facs. Hosp. RB, Ascension Health
       Credit Group, 2.80%, VRDN
31,400,000 31,400,000
    Lima, OH Hosp. RB, Lima Mem. Hosp. Proj.,
       (LOC: Bank One NA), 2.77%, VRDN
1,800,000 1,800,000
    Louisiana Pub. Facs. Auth. RB, Blood Center Proj.,
       (LOC: Union Planters Bank), 3.24%, VRDN
4,180,000 4,180,000
    Miami Beach, FL Hlth. Facs. Hosp. RB, PFOTER,
       2.89%, VRDN
12,410,000 12,410,000
    Montgomery Cnty., OH Hlth. Care RB, Widows
       Home Proj., 2.77%, VRDN
4,280,000 4,280,000


24



Evergreen CRT Money Market Funds CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2001


Principal
Amount
Value
Municipal Obligations (continued)
Hospital (continued)
    New Mexico Hosp. Equip. RB, Dialysis Clinic, Inc. Proj.,
       (LOC: Wachovia Bank NA), 2.79%, VRDN
$5,000,000 $5,000,000
    North Carolina Med. Care RB, Carol Woods Proj., 2.95%, 8/1/2001 29,130,000 29,130,000
    Otsego Cnty., NY IDA RB, Templeton Foundation Proj., Ser. A, 2.77%, VRDN 1,270,000 1,270,000
    Russell, KY RB, Bon Secours, PFOTER, (Liq.: Merrill Lynch), 2.91%, VRDN 5,995,000 5,995,000
    Salt Lake City, UT Hosp. Fin. Auth. RB, Ser. 1999-68A, 2.90%, 8/1/2001 3,000,000 3,000,000
    Sheldon, IA RB, Sioux Valley Hosp. Proj., 2.95%, 8/3/2001 3,065,000 3,065,000
    South Carolina Jobs EDA PFOTER, Bon Secours:
       2.91%, VRDN 27,095,000 27,095,000
       2.91%, 8/2/2001 35,000,000 35,000,000
    South Dakota Hlth. & Edl. Facs. RB, Sioux Valley Hosp Proj., 2.95%, 8/3/2001 5,975,000 5,975,000
    St. Joseph Cnty., IN Hlth. Care RB, South Bend Med.
      Foundation, (LOC: Key Bank NA), 2.77%, VRDN
7,200,000 7,200,000
215,937,000
Housing - 17.4%
    Atlanta, GA Urban Residential Fin. Auth. RB, Ser. 98-B, 2.94%, VRDN 7,566,000 7,566,000
    Chesapeake, VA Redev. & Hsg. Auth. RB, Tidewater House Proj.,
       (Insd.. by AIG), 3.44%, VRDN
3,131,000 3,131,000
    Clipper FL Tax Exempt Trust:
       Ser. 2000-1, (SPA: State Street Bank & Trust Co. &
          Insd. by FSA), 2.94%, VRDN
9,461,000 9,461,000
       Ser. 1997-1, (SPA: State Street Bank & Trust Co.), 2.99%, VRDN 9,765,000 9,765,000
    Clipper Tax Exempt Trust, Ser. 1999-3, (LOC: State Street
       Bank & Trust Co.), 2.99%, VRDN
10,099,000 10,099,000
    Dallas Cnty., AL Hsg. Dev. Corp. RB, Ser. 1999,
       (LOC: Southtrust Bank NA), 2.84%, VRDN
1,485,000 1,485,000
    Fort Collins, CO MHRB, Bull Run Townhomes Proj.,
       (Insd. by AIG), 3.44%, VRDN
8,300,000 8,300,000
    Fulton Cnty., GA MHRB, Riverview Apts., 2.94%, VRDN 10,660,000 10,660,000


25



Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2001


Principal
Amount
Value
Municipal Obligations (continued)
Housing (continued)
    Hawaii HFA & Dev. Corp. RB, Rental Hsg. Sys. Proj.:
       Ser. A, (LOC: Indl. Bank of Japan), 3.75%, VRDN $15,600,000 $15,600,000
       Ser. B, (LOC: Indl. Bank of Japan), 3.75%, VRDN 1,900,000 1,900,000
    Indianapolis, IN MHRB, 2.94%, 8/2/2001 3,615,000 3,615,000
    Jefferson Cnty., AL MHRB, Hickory Knolls Proj.,
       (LOC: Amsouth Bank NA), 2.75%, VRDN
3,305,000 3,305,000
    Kentucky EDA Hosp. RB, 2.91%, 8/2/2001 18,700,000 18,700,000
    Lenexa, KS MHRB, PFOTER, 2.91%, VRDN 7,175,000 7,175,000
    Macon Trust Pooled Variable Rate Cert.:
       Ser. 1998AA, 2.94%, 8/2/2001 10,145,000 10,145,000
       Ser. 1997 AMT, 2.99%, VRDN 7,205,000 7,205,000
    Maricopa Cnty., AZ IDA MHRB, 2.94%, VRDN 4,690,000 4,690,000
    Massachusetts Indl. Fin. Agcy. RB, 890 Commonwealth Ave. Realty,
       (LOC: State Street Bank & Trust Co.), 2.95%, VRDN
2,000,000 2,000,000
    Montgomery Cnty., MD Hsg. Opportunities RB, 2.94%, 8/2/2001 144A 7,995,000 7,995,000
    Morgan Keegan Muni. Prods., Ser. C, 2.94%, 8/2/2001 3,740,000 3,740,000
    PFOTER, 2.99%, VRDN 4,825,000 4,825,000
    Texas Dept. Hsg. & Community Affairs MHRB,
       PFOTER, 2.91%, VRDN
8,270,000 8,270,000
    West Oaks Apts. Corp., AL RB, (LOC: First
       Commercial Bank), 2.94%, VRDN
2,100,000 2,100,000
161,732,000
Industrial Development Revenue - 0.5%
    California EDA RB, Killion Industries Proj., 4.15%, 8/1/2001 3,140,000 3,140,000
    Gwinnett Cnty., GA IDRB, Price Co., Inc. Proj., 2.90%, 8/2/2001 2,000,000 2,000,000
5,140,000
Lease - 11.3%
    ABN Amro Chicago Corp. Leasetop, Ser. 1997, 3.00%, 8/1/2001 144A 4,133,318 4,133,318
    Greystone, DE Municipal Lease Cert. Trust, Ser. 2000A,
       (LOC: Fifth Third Bank OH), 2.81%, VRDN
2,115,000 2,115,000
    IBM Tax Exempt Trust PFOTER, 2.89%, 8/2/2001 9,530,000 9,530,000
    Koch Floating Rate Trust, Ser. 2000-1, (Liq.: State Street Bank
       & Trust Co. & Insd. by AMBAC), 2.99%, VRDN
63,256,486 63,256,486
    MBIA Capital Corp. PFOTER, 2.84%, 8/2/2001 26,355,000 26,355,000
105,389,804


26



Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2001


Principal
Amount
Value
Municipal Obligations (continued)
Manufacturing - 10.7%
    Albuquerque, NM IDA RB, General Technology Corp. Proj.,
       (LOC: Bank of America NA), 2.80%, VRDN
$3,865,000 $3,865,000
    Allendale Cnty., SC IDRB, King-Seeley Thermos Co. Proj.,
       (LOC: Bank of Nova Scotia), 2.84%, VRDN
9,250,000 9,250,000
    Boone Cnty., KY Indl. Bldg. RB, Lyon Magnus East Proj., Ser. 1999A,
       (LOC: Bank of America NA), 2.95%, VRDN
1,620,000 1,620,000
    Brazos River, TX Harbor Navigation Dist. RB, Hoffman-La Roche,
       Inc. Proj., (LOC: Wachovia Bank of NC), 2.825%, VRDN
2,750,000 2,750,000
    Clayton Cnty., GA IDA, Anasteel & Supply Co. Proj., Ser. 2000,
       (LOC: Branch Banking & Trust), 2.90%, VRDN
3,000,000 3,000,000
    De Kalb Cnty., GA IDRB, Vimco Proj., 2.89%, VRDN 1,850,000 1,850,000
    Douglas Cnty., NE IDRB, James Skinner Co. Proj.,
       (LOC: U.S. Bank NA), 3.05%, VRDN
2,925,000 2,925,000
    Franklin Cnty., IN EDRB, J & J Packaging Co. Proj.,
       (LOC: Fifth Third Bank OH), 2.95%, VRDN
2,055,000 2,055,000
    Guilford Cnty., NC Indl. Facs. RB, Bonset America Corp. Proj.,
       4.65%, VRDN
8,500,000 8,500,000
    Haleyville, AL Indl. Dev. Board RB, Winston Properties Proj.,
       (LOC: FleetBank NA), 2.89%, VRDN
3,575,000 3,575,000
    Indiana IDA RB, Goodwill Industries Proj.,
       (LOC: NBD Bank), 2.77%, VRDN
1,995,000 1,995,000
    Jasper Cnty., MO IDA RB, Leggett & Plant Proj., 2.75%, 8/1/2001 2,300,000 2,300,000
    Knox Cnty., TN Indl. Dev. Board RB, Moore Mccormack
       Resources, 2.84%, VRDN
6,500,000 6,500,000
    Lincoln Cnty., NC Indl. Facs. PCRB, Kawai Proj., 4.65%, VRDN 1,500,000 1,500,000
    Maricopa Cnty., AZ IDRB, Young Elec. Sign Proj., 2.95%, VRDN 3,300,000 3,300,000
    Minnesota Agriculture & EDA RB, Como Partnership Proj., Ser. 1996,
       (LOC: First Bank National Assn.), 3.00%, VRDN
2,115,000 2,115,000
    Onslow Cnty., NC Indl. Facs. PCRB, Mine Safety
       Appliances Co., 2.84%, VRDN
4,000,000 4,000,000
    Pennsylvania Econ. Dev. Fin. Auth. RB:
       First Street Partners Proj., Ser. H4, 2.85%, VRDN 1,700,000 1,700,000
       Gross-Given Manufacturing Proj., Ser. H5, 2.85%, VRDN 1,500,000 1,500,000
       Hamill Manufacturing Co. Proj., 2.85%, VRDN 1,700,000 1,700,000


27



Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2001


Principal
Amount
Value
Municipal Obligations (continued)
Manufacturing (continued)
    Pilchuck Dev. Pub. Corp. IDRB, Romac Industries, Inc., Ser. 1995,
       (LOC: Bank of California, NA), 4.65%, 8/1/2001
$5,600,000 $5,600,000
    Plymouth, WI IDRB, WI Plastic Prods., Inc. Proj., 2.95%, 8/2/2001 1,540,000 1,540,000
    Portland, ME RB, Barber Foods Proj., 2.95%, 8/1/2001 2,500,000 2,500,000
    South Carolina Jobs Economic Dev. RB, Ortec, Inc. Proj.,
       (LOC: Bank of America NA), 2.80%, VRDN
2,500,000 2,500,000
    Union Cnty., AR Indl. Board PCRB, Great Lakes, Inc. Proj., 2.88%, VRDN 9,000,000 9,000,000
    Vance Cnty., NC Indl. Facs. PCRB, Custom Molders, Inc. Proj.,
       (LOC: Bank of America NA), 2.80%, VRDN
2,450,000 2,450,000
    Wabash, IN EDRB, Martin Yale Industries Proj.,
       (LOC: Bank One NA), 3.00%, VRDN
2,700,000 2,700,000
    Waterloo, IA IDRB, O’Neal Metals, Inc. Proj., 2.80%, 8/2/2001 2,500,000 2,500,000
    Webb, AL IDRB, Qualico Steel Proj., 2.89%, 8/3/2001 3,500,000 3,500,000
    Will Cnty., IL IDRB, FXD-LPX, Inc. Proj., 3.60%, 8/1/2001 1,350,000 1,350,000
99,640,000
Public Facilities - 1.8%
    Memphis, TN Center City Fin. Corp. RB, Memphis Redbirds, 3.00%, 8/2/2001 16,400,000 16,400,000
Recreation - 0.8%
    Birmingham, AL Pub. Park & Recreation Board RB, McWane
       Center Proj., (LOC: Amsouth Bank NA), 2.75%, VRDN
7,300,000 7,300,000
Resource Recovery - 1.9%
    Delaware IDA RB, Delaware Clean Power Proj.,
       Ser. C, 2.87%, VRDN
10,000,000 10,000,000
    Matagorda Cnty., TX PCRB, PFOTER, 2.84%, VRDN 7,495,000 7,495,000
17,495,000
Tobacco - 1.9%
    New York Cnty. Tobacco Trust RB, PFOTER, 2.89%, VRDN 17,565,000 17,565,000
Transportation - 3.1%
    Delaware River & Bay Auth. RB, Ser. 00-438, (Liq.: Morgan
       Stanley Dean Witter & Insd. by AMBAC), 2.79%, VRDN
3,245,000 3,245,000


28



Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2001


Principal
Amount
Value
Municipal Obligations (continued)
Transportation (continued)
    Massachusetts Bay Trans. Auth. RB, Ser. 00-333, (Liq.: Morgan
       Stanley Dean Witter & Insd. by MBIA), 2.84%, VRDN
$10,905,000 $10,905,000
    New York Thruway Auth. RB, Ser. 00-342,
       (Liq.: Morgan Stanley Dean Witter), 2.84%, VRDN
1,792,500 1,792,500
    South Carolina Transit Infrastructure RB, Class A, 2.84%, 8/2/2001 13,250,000 13,250,000
29,192,500
Utility - 5.0%
    Brazos River Auth., TX PCRB, Texas Util. Elec. Co.,
       Ser. 96-A, 2.85%, 8/1/2001
6,000,000 6,000,000
    California Infrastructure & EDA RB, Independent Sys. Operator Proj.,
       (SPA: Westdeutsche Landesbank & Insd. by MBIA), 3.50%, VRDN
6,000,000 6,000,000
    Chula Vista, CA IDRB, San Diego Gas & Elec., 3.60%, 8/1/2001 2,100,000 2,100,000
    Illinois Dev. Fin. Auth. PCRB, Amerincips Proj.:
       Ser. C-1, 2.90%, 8/1/2001 1,400,000 1,400,000
       2.90%, 8/1/2001 2,900,000 2,900,000
    Jefferson Cnty., KY PCRB, Louisville Gas & Elec.
       Proj., 3.05%, 8/22/2001
4,500,000 4,500,000
    Omaha, NE Pub. Pwr. Dist. Elec. RB, Ser. 98-122,
       (Liq.: Morgan Stanley Dean Witter), 2.79%, VRDN 144A
8,045,000 8,045,000
    San Diego, CA IDRB, San Diego Gas and Elec. Proj.,
       Ser. B, 3.50%, 9/19/2001
11,300,000 11,300,000
    Trimble Cnty., KY PCRB, Louisville Gas & Elec.
       Proj., Ser. 1996-A, 3.05%, 8/22/2001
4,000,000 4,000,000
46,245,000
Water & Sewer - 0.7%
    New York, NY Muni. Wtr. Fin. RB, Ser. 00-364, (Liq.: Morgan
       Stanley Dean Witter & Insd. by MBIA), 2.82%, VRDN
3,000,000 3,000,000
    Philadelphia, PA Wtr. & Wastewater RB, Ser. 1999-1,
       (Liq.: Commerzbank AG & Insd. by AMBAC), 2.79%, VRDN
3,105,000 3,105,000
6,105,000
Total Municipal Obligations 915,263,110


29



Evergreen CRT Money Market Funds
CRT Tax-Exempt Money Market Fund
Schedule of Investments (continued)
July 31, 2001


Shares Value
Mutual Fund Shares - 1.3%
    Federated Municipal Obligations Fund 2,000,000 $2,000,000
    Federated Tax Free Obligations Fund 10,000,000 10,000,000
Total Mutual Fund Shares 12,000,000
Total Investments - (cost $927,263,110) - 99.6% 927,263,110
Other Assets and Liabilities - 0.4% 3,809,119
Net Assets - 100.0% $931,072,229


The following table shows for CRT Tax-Exempt Money Market Fund the percent of market value invested by geographic location as of July 31, 2001 (unaudited):

   Delaware 13.8%       
   South Carolina 9.4%       
   Texas 9.0%       
   Non-State Specific 8.0%       
   Alabama 7.2%       
   Indiana 6.3%       
   Georgia 5.4%       
   North Carolina 4.9%       
   Florida 4.6%       
   Kentucky 3.8%       
   Tennessee 3.0%       
   California 2.9%       
   New York 2.5%       
   Colorado 2.2%       
   Hawaii 1.9%       
   Illinois 1.4%       
   Massachusetts 1.4%       
   Nebraska 1.2%       
   Arkansas 1.0%       
   New Mexico 1.0%       
   Arizona 0.9%       
   Maryland 0.9%       
   Pennsylvania 0.9%       
   Kansas 0.8%       
   Ohio 0.7%       
   Iowa 0.6%       
   Maine 0.6%       
   Minnesota 0.6%       
   South Dakota 0.6%       
   Washington 0.6%       
   Louisiana 0.5%       
   Oklahoma 0.4%       
   Utah 0.3%       
   Virginia 0.3%       
   Missouri 0.2%       
   Wisconsin 0.2%       
      
   Total 100.0%       
See Combined Notes to Schedules of Investments.


30



Evergreen CRT Money Market Funds
U.S. Government Money Market Fund
Schedule of Investments
July 31, 2001


Principal
Amount
Value
U.S. Government & Agency Obligations - 70.3%
    FHLB:
       3.755%, 8/1/2001 $165,000,000 $164,942,751
       3.758%, 9/1/2001 200,000,000 200,000,000
       3.79%, 8/9/2002 115,000,000 115,000,000
       3.961%, 8/1/2001 150,000,000 150,000,000
       4.07%, 7/17/2002 50,000,000 50,000,000
       4.14%, 8/2/2001 100,000,000 100,000,000
       6.75%, 5/1/2002 150,000,000 152,765,803
    FHLMC, 3.70%, 8/1/2001 44,592,000 44,591,236
    FNMA:
       3.75%, 8/7/2001 250,000,000 250,000,000
       3.78%, 8/6/2001 200,000,000 200,000,000
       3.861%, 8/7/2001 100,000,000 99,973,850
       4.091%, 8/1/2001 125,000,000 125,000,000
       4.111%, 8/1/2001 100,000,000 100,000,000
       4.311%, 8/7/2001 150,000,000 150,000,000
       5.25%, 2/21/2002 165,000,000 165,000,000
    SLMA:
       3.76%, 7/16/2002 50,000,000 50,006,215
       3.981%, 8/7/2001 50,000,000 49,996,577
       4.001%, 8/7/2001 200,000,000 199,995,778
       4.061%, 8/7/2001 235,000,000 235,000,000
       4.071%, 8/7/2001 40,000,000 40,000,000
       4.081%, 8/7/2001 110,000,000 110,000,000
Total U.S. Government & Agency Obligations 2,752,272,210
Repurchase Agreements - 29.0%
    Bear Stearns Co., 3.89%, dated 07/31/2001,
       maturing 08/01/2001, maturity value $250,027,014 (2)
$250,000,000 $250,000,000
    Salomon Smith Barney, Inc., 3.88%, dated 07/31/2001,
       maturing 08/01/2001, maturity value $400,043,111 (3)
400,000,000 400,000,000
    Warburg Dillon Reed LLC, 3.88%, dated 07/31/2001,
       maturing 08/01/2001, maturity value $486,622,926 (4)
486,570,485 486,570,485
Total Repurchase Agreements 1,136,570,485
Total Investments (cost $3,888,842,695) - 99.3% 3,888,842,695
Other Assets and Liabilities - 0.7% 25,970,786
Net Assets - 100.0% $3,914,813,481
See Combined Notes to Schedules of Investments.


31



Evergreen CRT Money Market Funds
Combined Notes to Schedules of Investments
July 31, 2001




144A Security that may be sold to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Board of Trustees.

(1) The repurchase agreement is fully collateralized by $2,300,000 GNMA, 6.50%, 02/15/2029; value including accrued interest is $1,817,748.

(2) The repurchase agreement is fully collaterized by $395,452,981 FHLMC, 0.00%, 06/15/2029 - 06/01/2031; value including accrued interest is $255,002,831.

(3) The repurchase agreement is fully collaterized by $446,784,459 GNMA, 6.50%, 09/15/2029; value including accrued interest is $408,000,001.

(4) The repurchase agreement is fully collaterized by $643,576,902 GNMA, 6.00% - 11.50%, 03/15/2002 - 07/15/2031; value including accrued interest is $496,304,347.


Summary of Abbreviations:
AMBAC American Municipal Bond Assurance Corp.
AMT Alternative Minimum Tax
COP Certificates of Participation
EDA Economic Development Authority
EDRB Economic Development Revenue Bond
FGIC Financial Guaranty Insurance Co.
FHLB Federal Home Loan Banks
FHLMC Federal Home Loan Mortgage Corp.
FNMA Federal National Mortgage Association
FSA Financial Security Assurance, Inc.
GNMA Government National Mortgage Association
GO General Obligation
HFA Housing Finance Authority
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
MHRB Multifamily Housing Revenue Bond
MBIA Municipal Bond Investors Assurance Corp.
MTN Medium Term Note
PCRB Pollution Control Revenue Bond
PFOTER Puttable Floating Option Tax-Exempt Receipt
RACERS Restructured Asset Security Enhancement
RB Revenue Bond
ROC Reset Option Certificates
SLMA Student Loan Marketing Association
SPA Securities Purchase Agreement
TRAN Tax Revenue Anticipation Note
VRDN Variable Rate Demand Note

Variable Rate Demand Notes are payable on demand on no more than seven calendar days notice given by the Fund to the issuer or other parties not affiliated with the issuer. Interest rates are determined and reset by the issuer daily, weekly, or monthly, depending upon the terms of the security. Interest rates presented for these securities are those in effect at July 31, 2001.

See Combined Notes to Financial Statements.


32



Evergreen CRT Money Market Funds
Statements of Assets and Liabilities
July 31, 2001


CRT
California
Tax-Exempt
Fund
CRT
Money
Market
Fund
CRT
New York
Tax-Exempt
Fund
CRT
Tax-Exempt
Fund
U.S.
Government
Fund
Assets
    Investments in securities $171,036,934 $7,191,350,091 $88,785,000 $927,263,110 $2,752,272,210
    Investments in repurchase agreements 0 1,779,841 0 0 1,136,570,485
    Investments at amortized cost 171,036,934 7,193,129,932 88,785,000 927,263,110 3,888,842,695
    Cash 0 0 0 4,132 0
    Receivable for Fund shares sold 45,636 2,995,844 101,549 359,517 578,527
    Interest receivable 1,099,504 32,423,061 478,110 5,146,253 33,457,616
    Deferred organization expenses 528 0 134 0 0
    Prepaid expenses and other assets 100,775 2,624,718 137,050 299,551 1,574,555
       Total assets 172,283,377 7,231,173,555 89,501,843 933,072,563 3,924,453,393
Liabilities
    Distributions payable 180,312 9,925,774 81,721 965,666 5,255,450
    Payable for Fund shares redeemed 31,074 5,124,742 19,366 656,770 4,158,906
    Due to custodian bank 302,116 0 63,631 0 0
    Advisory fee payable 1,048 32,202 542 5,250 18,541
    Distribution Plan expenses payable 1,572 75,397 935 8,317 40,678
    Due to other related parties 96 4,007 49 515 2,184
    Accrued expenses and other liabilities 100,549 1,058,131 41,384 363,816 164,153
       Total liabilities 616,767 16,220,253 207,628 2,000,334 9,639,912
Net assets $171,666,610 $7,214,953,302 $89,294,215 $931,072,229 $3,914,813,481
Net assets represented by
    Paid-in capital $171,641,844 $7,217,006,053 $89,285,110 $930,982,176 $3,914,520,924
    Undistributed net investment income 24,766 275,257 9,105 90,053 292,557
    Accumulated net realized gains
       or losses on securities
0 (2,328,008) 0 0 0
Total net assets $171,666,610 $7,214,953,302 $89,294,215 $931,072,229 $3,914,813,481
Shares outstanding - Class A 171,641,058 7,217,005,956 89,285,110 930,980,808 3,914,520,958
Net asset value per share $1.00 $1.00 $1.00 $1.00 $1.00

See Combined Notes to Financial Statements.


33



Evergreen CRT Money Market Funds
Statements of Operations
Year Ended July 31, 2001


CRT
California
Tax-Exempt
Fund
CRT
Money
Market
Fund
CRT
New York
Tax-Exempt
Fund
CRT
Tax-Exempt
Fund
U.S.
Government
Fund
Investment income
    Interest $5,653,215 $391,122,582 $3,104,217 $37,099,641 $216,055,452
Expenses
    Advisory fee 326,162 11,024,147 176,948 1,977,782 6,688,339
    Distribution Plan expenses 489,243 25,615,566 305,637 3,133,115 14,624,238
    Administrative services fees 29,651 1,350,825 16,086 189,886 770,231
    Transfer agent fee 107,425 16,350,793 74,494 877,984 8,769,694
    Trustees’ fees and expenses 2,769 136,590 1,548 18,898 77,075
    Printing and postage expenses 19,954 684,876 7,214 83,773 392,742
    Custodian fee 45,571 1,731,556 16,391 298,828 1,041,893
    Registration and filing fees 17,780 2,013,038 39,982 252,109 598,612
    Professional fees 15,551 38,081 14,161 24,305 33,473
    Organization expenses 1,553 0 387 0 0
    Other 73,823 671,570 18,236 175,796 38,353
       Total expenses 1,129,482 59,617,042 671,084 7,032,476 33,034,650
    Less: Expense reductions (11,082) (257,447) (16,314) (45,864) (139,055)
       Net expenses 1,118,400 59,359,595 654,770 6,986,612 32,895,595
    Net investment income 4,534,815 331,762,987 2,449,447 30,113,029 183,159,857
    Net realized gains on securities 22,963 22,940 5,485 85,701 54,786
    Net increase in net assets
       resulting from operations
$4,557,778 $331,785,927 $2,454,932 $30,198,730 $183,214,643

See Combined Notes to Financial Statements.


34



Evergreen CRT Money Market Funds
Statements of Changes in Net Assets
Year Ended July 31, 2001


CRT
California
Tax-Exempt
Fund
CRT
Money
Market
Fund
CRT
New York
Tax-Exempt
Fund
CRT
Tax-Exempt
Fund
U.S.
Government
Fund
Operations
    Net investment income $4,534,815 $331,762,987 $2,449,447 $30,113,029 $183,159,857
    Net realized gains on securities 22,963 22,940 5,485 85,701 54,786
       Net increase in net assets
          resulting from operations
4,557,778 331,785,927 2,454,932 30,198,730 183,214,643
Distributions to shareholders from
    net investment income
(4,534,848) (331,487,730) (2,449,447) (30,113,029) (182,922,066)
Capital share transactions
    Proceeds from shares sold 637,494,978 30,648,271,411 368,386,324 4,249,032,578 17,531,057,476
    Net asset value of shares issued
       in reinvestment of distributions
4,523,522 334,804,260 2,428,065 30,380,384 185,593,769
    Payment for shares redeemed (591,091,369) (29,343,052,125) (322,026,513) (4,171,520,535) (17,206,131,279)
       Net increase in net assets resulting
          from capital share transactions
50,927,131 1,640,023,546 48,787,876 107,892,427 510,519,966
          Total increase in net assets 50,950,061 1,640,321,743 48,793,361 107,978,128 510,812,543
Net assets
    Beginning of period 120,716,549 5,574,631,559 40,500,854 823,094,101 3,404,000,938
    End of period $171,666,610 $7,214,953,302 $89,294,215 $931,072,229 $3,914,813,481
Undistributed net investment income $24,766 $275,257 $9,105 $90,053 $292,557
See Combined Notes to Financial Statements.


35



Evergreen CRT Money Market Funds
Statements of Changes in Net Assets
Year Ended July 31, 2000


CRT
California
Tax-Exempt
Fund
CRT
Money
Market
Fund
CRT
New York
Tax-Exempt
Fund
CRT
Tax-Exempt
Fund
U.S.
Government
Fund
Operations
    Net investment income $3,177,500 $271,020,218 $894,181 $25,595,064 $177,838,239
    Net realized gains or losses
       on securities
2,336 (2,309,713) 3,620 8,500 (20)
    Net increase in net assets
       resulting from operations
3,179,836 268,710,505 897,801 25,603,564 177,838,219
Distributions to shareholders from
    net investment income
(3,177,500) (271,020,218) (894,181) (25,595,064) (177,838,239)
Capital share transactions
    Proceeds from shares sold 223,062,531 13,432,237,694 137,576,204 2,796,364,526 12,626,674,787
    Net asset value of shares issued
       in reinvestment of distributions
3,146,353 266,922,018 855,558 25,387,568 176,531,057
    Payment for shares redeemed (211,391,960) (12,971,189,248) (118,576,359) (2,843,897,957) (12,976,003,301)
       Net increase (decrease) in net
          assets resulting from capital
          share transactions
14,816,924 727,970,464 19,855,403 (22,145,863) (172,797,457)
          Total increase (decrease)
             in net assets
14,819,260 725,660,751 19,859,023 (22,137,363) (172,797,477)
Net assets
    Beginning of period 105,897,289 4,848,970,808 20,641,831 845,231,464 3,576,798,415
    End of period $120,716,549 $5,574,631,559 $40,500,854 $823,094,101 $3,404,000,938
Undistributed (overdistributed)
    net investment income
$(500) $0 $3,620 $(1,250) $0

See Combined Notes to Financial Statements


36



Evergreen CRT Money Market Funds
Combined Notes to Financial Statements
July 31, 2001


1. ORGANIZATION
The Evergreen CRT Money Market Funds consist of Evergreen CRT California Tax-Exempt Money Market Fund (“CRT California Tax-Exempt Fund”), Evergreen CRT Money Market Fund (“CRT Money Market Fund”), Evergreen CRT New York Tax-Exempt Money Market Fund (“CRT New York Tax-Exempt Fund”), Evergreen CRT Tax-Exempt Money Market Fund (“CRT Tax-Exempt Fund”) and Evergreen U.S. Government Money Market Fund (“U.S. Government Fund”), (collectively, the “Funds”). Each Fund is a diversified series of Cash Resource Trust (the “Trust”), a Massachusetts business trust organized on June 14, 1993. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Funds offer Class A shares which are sold at net asset value without a front-end sales charge but pay an ongoing distribution fee.

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

a. Valuation of 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. Securities for which market quotations are not available are valued at fair value as determined in good faith, according to procedures approved by the Board of Trustees.

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. 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. Each Fund will only enter into repurchase agreements with banks and other financial institutions, which are deemed by the investment advisor to be creditworthy pursuant to guidelines established by the Board of Trustees.


37



Evergreen CRT Money Market Funds
Combined Notes to Financial Statements (continued)
July 31, 2001


c. Security Transactions and Investment Income
Security transactions are recorded no later than one business day after the 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
Each 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.

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. Organization Expenses
Organization expenses for CRT California Tax-Exempt Fund and CRT New York Tax-Exempt Fund are amortized to operations over a five-year period on a straight-line basis. In the event any of the initial shares of the Funds are redeemed by any holder during the five-year amortization period, redemption proceeds will be reduced by any unamortized organization expenses in the same proportion as the number of initial shares being redeemed bears to the number of initial shares outstanding at the time of the redemption.

3. ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES During the year ended July 31, 2001, the Funds’ Board of Trustees approved the transfer of the investment advisory contracts with Mentor Investment Advisors, LLC to Evergreen Investment Management Company, LLC (“EIMC”). Under Securities and Exchange Commission rules and no-action letters, this transfer did not require shareholder approval as the parties involved were all wholly owned subsidiaries of and controlled by First Union Corporation (“First Union”) and neither the fees nor services were changed.

EIMC, an indirect, wholly owned subsidiary of First Union, is the investment advisor to the Funds and is paid a management fee that is calculated and paid daily, based on the combined average daily net assets of each Fund and its comparable fund within Evergreen Reserve Money Market Funds, determined by applying percentage rates,


38



Evergreen CRT Money Market Funds
Combined Notes to Financial Statements (continued)
July 31, 2001


starting at 0.22% and declining to 0.15% per annum as net assets increase, to the average daily net assets of each Fund.

Evergreen Investment Services, Inc. (“EIS”), an indirect, wholly owned subsidiary of First Union, is the administrator to the Funds. As administrator, EIS provides the Funds with facilities, equipment and personnel and is paid an administrative fee of 0.02% of each Fund’s average daily net assets.

Evergreen Service Company, LLC (“ESC”), an indirect, wholly owned subsidiary of First Union, is the transfer and dividend disbursing agent for the Funds.

Officers of the Funds and affiliated Trustees receive no compensation directly from the Funds.

4. DISTRIBUTION PLANS
Evergreen Distributor, Inc. (“EDI”), a wholly owned subsidiary of BISYS Fund Services, Inc., serves as principal underwriter to the Funds. Each Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940 Act, for its Class A shares. Distribution plans permit a Fund to compensate its principal underwriter for costs related to selling shares of the Fund and for various other specified services. These costs consist primarily of commissions and service fees to broker-dealers who sell shares of the Fund. Under the Distribution Plans, Class A shares of the CRT California Tax-Exempt Fund and CRT Tax-Exempt Fund incur distribution fees of 0.33% of the average daily net assets of each Fund; Class A shares of CRT Money Market Fund and U.S. Government Fund incur distribution fees of 0.38% of the average daily net asset of each Fund, and Class A shares of CRT New York Tax-Exempt Fund may incur distribution fees up to 0.50%, however, payments are currently limited to 0.38% of the Fund’s average daily net assets. The Distribution Plan expenses are calculated and paid daily. Each of the Distribution Plans may be terminated at any time by vote of the independent Trustees or by vote of a majority of the outstanding voting shares of the respective class.

5. CAPITAL SHARE TRANSACTIONS
The Funds have an unlimited number of shares of beneficial interest with no par value authorized. Shares of beneficial interest of the Funds are currently designated as Class A. Transactions in shares (valued at $1.00 per share) of the Funds were as follows:


39



Evergreen CRT Money Market Funds
Combined Notes to Financial Statements (continued)
July 31, 2001


Year Ended July 31, 2001 Year Ended July 31, 2000
CRT California Tax-Exempt Fund Shares Shares
Shares sold 637,494,192 223,062,531
Shares issued in reinvestment of distributions 4,523,522 3,146,353
Shares redeemed (591,091,369) (211,391,960)
Net increase 50,926,345 14,816,924


Year Ended July 31, 2001 Year Ended July 31, 2000
CRT Money Market Fund Shares Shares
Shares sold 30,648,271,412 13,432,237,694
Shares issued in reinvestment of distributions 334,804,254 266,921,926
Shares redeemed (29,343,052,125) (12,971,189,248)
Net increase 1,640,023,541 727,970,372


Year Ended July 31, 2001 Year Ended July 31, 2000
CRT New York Tax-Exempt Fund Shares Shares
Shares sold 368,386,324 137,576,204
Shares issued in reinvestment of distributions 2,428,065 855,558
Shares redeemed (322,026,513) (118,576,359)
Net increase 48,787,876 19,855,403


40



Evergreen CRT Money Market Funds
Combined Notes to Financial Statements (continued)
July 31, 2001


Year Ended July 31, 2001 Year Ended July 31, 2000
CRT Tax-Exempt Fund Shares Shares
Shares sold 4,249,032,577 2,796,364,526
Shares issued in reinvestment of distributions 30,380,384 25,387,564
Shares redeemed (4,171,520,535) (2,843,897,957)
Net increase (decrease) 107,892,426 (22,145,867)


Year Ended July 31, 2001 Year Ended July 31, 2000
U.S. Government Fund Shares Shares
Shares Sold 17,531,057,476 12,626,674,787
Shares issued in reinvestment of distributions 185,593,771 176,531,089
Shares redeemed (17,206,131,279) (12,976,003,301)
Net increase (decrease) 510,519,968 (172,797,425)


6. SECURITIES TRANSACTIONS
On July 31, 2001, the cost of investments for federal income tax purposes of each Fund was the same as for financial reporting purposes.

As of July 31, 2001, CRT Money Market Fund had a capital loss carryover for federal income tax purposes of $2,325,906, of which $30,493, $10,742 and $2,284,671 will expire in 2006, 2007 and 2009, respectively.

For income tax purposes, capital losses incurred after October 31 within a Fund’s fiscal year are deemed to arise on the first business day of the Fund’s following fiscal year. On July 31, 2001, CRT Money Market Fund had incurred and will elect to defer post October losses of $2,102.

7. EXPENSE REDUCTIONS
Through expense offset arrangements with ESC and their custodian, a portion of the fund expenses have been reduced. The amount of expense reductions received by each Fund and the impact of the total expense reductions on each Fund’s annualized expense ratio represented as a percentage of its average net assets were as follows:


41



Evergreen CRT Money Market Funds
Combined Notes to Financial Statements (continued)
July 31, 2001


Total Expense Reductions % of Average Net Assets
CRT California Tax-Exempt Fund $11,082 0.01%
CRT Money Market Fund 257,447 0.00%
CRT New York Tax-Exempt Fund 16,314 0.02%
CRT Tax-Exempt Money Market Fund 45,864 0.00%
U.S. Government Fund 139,055 0.00%


8. DEFERRED TRUSTEES’ FEES
Each independent Trustee of each Fund may defer any or all compensation related to performance of their duties as Trustees. The Trustees’ deferred balances are allocated to deferral accounts, which are included in the accrued expenses for the Fund. The investment performance of the deferral accounts are based on the investment performance of certain Evergreen Funds. Any gains earned or losses incurred in the deferral accounts are reported in the Fund’s Trustees’ fees and expenses. At the election of the Trustees, the deferral account will be paid either in one lump sum or in quarterly installments for up to ten years.

9. FINANCING AGREEMENT
The Funds and certain other Evergreen Funds share in a $775 million unsecured revolving credit commitment to temporarily finance the purchase or sale of securities for prompt delivery, including funding redemption of their shares, as permitted by each Fund’s borrowing restrictions. Borrowings under this facility bear interest at 0.50% per annum above the Federal Funds rate. All of the Funds are charged an annual commitment fee of 0.10% of the unused balance, which is allocated pro rata. For its assistance in arranging the financing agreement, First Union Capital Markets Corp. was paid a one-time arrangement fee of $150,000, which was charged to the Funds and also allocated pro rata.

During the year ended July 31, 2001, the Funds had no borrowings under this agreement.

10. CONCENTRATION OF RISK
CRT California Tax-Exempt Fund and CRT New York Tax-Exempt Fund invest a substantial portion of their assets in issuers of municipal debt securities located in a single state, therefore, each Fund may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt mutual fund.


42



Evergreen CRT Money Market Funds
Combined Notes to Financial Statements (continued)
July 31, 2001


11. NEW ACCOUNTING PRONOUNCEMENT
In November 2000, the AICPA issued a revised Audit and Accounting Guide, Audits of Investment Companies, which is effective for fiscal years beginning after December 15, 2000. Among other things, the revised Guide amends certain accounting practices and disclosures presently used, such as treatment of payments by affiliates, excess expense plan accounting, reporting by multiple-class funds, and certain financial statement disclosures. While some of the Guide’s requirements will not be effective until the SEC amends its disclosure and reporting requirements, other requirements are effective presently. Adopting these requirement will not have a material impact on the Funds’ financial statements.

12. REORGANIZATION
On or about September 14, 2001, shares of the Funds will automatically be liquidated and replaced with Class A shares of a comparable Evergreen money market fund with the same investment goals and comparable strategies as follows:


Current Fund
(each a series of Evergreen Cash Resource Trust)
New Fund
(each a series of Evergreen Money Market Trust)
Evergreen CRT Money Market Fund Evergreen Money Market Fund
Evergreen U.S. Government Money Market Fund Evergreen U.S. Government Money Market Fund
Evergreen CRT Tax-Exempt Money Market Fund Evergreen Municipal Money Market Fund
Evergreen CRT California Tax-Exempt Money Market Fund Evergreen California Municipal Money Market Fund
Evergreen CRT New York Tax-Exempt Money Market Fund Evergreen New York MunicipalMoney Market Fund


43



Evergreen CRT Money Market Funds
Independent Auditors’ Report


Board of Trustees and Shareholders
Cash Resource Trust

We have audited the accompanying statements of assets and liabilities, including the schedules of investments of the Evergreen CRT California Tax-Exempt Money Market Fund, Evergreen CRT Money Market Fund, Evergreen CRT New York Tax-Exempt Money Market Fund, Evergreen CRT Tax-Exempt Money Market Fund and Evergreen U.S. Government Money Market Fund, portfolios of Cash Resource Trust, as of July 31, 2001, and the related statements of operations for the year then ended, statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform our audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2001 by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Evergreen CRT California Tax-Exempt Money Market Fund, Evergreen CRT Money Market Fund, Evergreen CRT New York Tax-Exempt Money Market Fund, Evergreen CRT Tax-Exempt Money Market Fund and Evergreen U.S. Government Money Market Fund as of July 31, 2001, the results of their operations, changes in their net assets and financial highlights for each of the years or periods described above in conformity with accounting principles generally accepted in the United States of America.



Boston, Massachusetts
September 7, 2001


44



Evergreen CRT Money Market Funds
Additional Information (unaudited)

Federal Tax Status of Dividends


For the fiscal year ended July 31, 2001, the following percentages represent the portion of distributions from net investment income, which are exempt from federal income tax, other than alternative minimum tax:


CRT California Tax-Exempt Fund 99.20%
CRT New York Tax-Exempt Fund 99.29%
CRT Tax-Exempt Fund 99.10%


45






200 Berkeley Street
Boston, MA 02116


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