-----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, UY9iAMgWhzZ9Ek/ouQwmACeeEiTbNJfv4CnPqAMk47VrmIH7WGDb2nwb6PCuTX+C OSKimJ0otYjyxU23jMMk8A== 0000950109-00-001091.txt : 20000323 0000950109-00-001091.hdr.sgml : 20000323 ACCESSION NUMBER: 0000950109-00-001091 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000131 FILED AS OF DATE: 20000322 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASH RESOURCE TRUST /MA/ CENTRAL INDEX KEY: 0000908920 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07862 FILM NUMBER: 575553 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 CASH RESOURCE TRUST/MA [GRAPHIC] Semiannual Report as of January 31, 2000 Evergreen CRT Money Market Funds [LOGO OF EVERGREEN FUNDS] [SEAL] Table of Contents Letter to Shareholders ................................................... 1 Fund at a Glance CRT California Tax-Exempt Money Market Fund.......................... 2 CRT Money Market Fund................................................ 3 CRT New York Tax-Exempt Money Market Fund............................ 4 CRT Tax-Exempt Money Market Fund..................................... 5 U.S. Government Money Market Fund.................................... 6 Financial Highlights CRT California Tax-Exempt Money Market Fund.......................... 7 CRT Money Market Fund................................................ 8 CRT New York Tax-Exempt Money Market Fund............................ 9 CRT Tax-Exempt Money Market Fund..................................... 10 U.S. Government Money Market Fund.................................... 11 Schedule of Investments CRT California Tax-Exempt Money Market Fund.......................... 12 CRT Money Market Fund................................................ 16 CRT New York Tax-Exempt Money Market Fund............................ 22 CRT Tax-Exempt Money Market Fund..................................... 25 U.S. Government Money Market Fund.................................... 35 Combined Notes to Schedules of Investments................................ 38 Statements of Assets and Liabilities...................................... 39 Statements of Operations.................................................. 40 Statements of Changes in Net Assets....................................... 41 Combined Notes to Financial Statements.................................... 43 - -------------------------------------------------------------------------------- Evergreen Funds - -------------------------------------------------------------------------------- Evergreen Funds is one of the nation's fastest growing investment companies with approximately $80 billion in assets under management. With over 80 mutual funds to choose among and acclaimed service and operations capabilities, investors enjoy a broad range of quality investment products and services designed to meet their needs. The Evergreen Funds employ intensive, research-driven investment strategies executed by over 90 research analysts and portfolio managers. The fund company remains dedicated to meeting the needs of investors and their advisors in a global economy. Look to the Evergreen Funds to provide a distinctive level of service and excellence in investment management. This semiannual report must be preceded or accompanied by a prospectus of an Evergreen fund contained herein. The prospectus contains more complete information, including fees and expenses, and should be read carefully before investing or sending money. --------------------------------------------------------------- Mutual Funds: ARE NOT FDIC INSURED . May lose value . Are not bank guaranteed --------------------------------------------------------------- Evergreen Distributor, Inc. Evergreen Funds(SM) is a service mark of Evergreen Investment Services, Inc. Evergreen CRT Money Market Funds Letter to Shareholders March 2000 Dear Evergreen Shareholders, We are pleased to provide the Evergreen CRT Money Market Funds semiannual report, which covers the six-month period ended January 31, 2000. Continued Strength in the Domestic Economy During the final part of 1999, a handful of large capitalization growth stocks, technology stocks in particular, dominated market performance. The stock market's dramatic movement during the past year has occurred despite continuing concern about rising interest rates and a Federal Reserve policy that appears focused on containing the high rate of economic expansion. It is this combination of stretched valuations and rising interest rates that has us entering a new year with a tone of caution and greater focus on risk management in portfolio structuring. Despite any short-term turbulence in the domestic and global marketplace, we believe the long-term fundamentals-historically low inflation, a resurgence of productivity as a result of the high-tech revolution, and the globalization of economies and financial markets-are well-positioned to drive the markets in the years and decades ahead. Website Enhancements Please visit our enhanced website, evergreen-funds.com, for more information about Evergreen Funds. The site offers an array of helpful information including 1999 tax information, an investment education center, interactive calculators to assist your investment planning and general information about Evergreen Funds. We believe that sound investing is about taking steps to meet your long-term financial needs and goals. We remind you to take advantage of your financial advisor's expertise to develop and refine a financial plan that will enable you to meet your objectives. Evergreen Funds offers a broad mix of stock, bond and money market funds that should assist you in choosing the most appropriate for your portfolio. Thank you for your continued investment in Evergreen Funds. Sincerely, /s/ William M. Ennis William M. Ennis President and CEO Evergreen Investment Company, Inc. 1 Evergreen CRT Money Market Funds Evergreen CRT California Tax-Exempt Money Market Fund Fund at a Glance as of January 31, 2000 Portfolio Management Steven C. Shachat Tenure: May 1999 - -------------------------------------------------------------------------------- Performance and Returns* - -------------------------------------------------------------------------------- Class A Inception Date 12/09/1996 6 month return 1.28% Average Annual Returns 1 year 2.37% 3 years 2.54% Since Portfolio Inception 2.54% 7-day annualized yield 2.44% 30-day annualized yield 2.52% 6-month distributions per share $0.013 * The yield quotation more closely reflects the earnings of the Fund than the total return quotation. - -------------------------------------------------------------------------------- ANNUALIZED 7-DAY YIELD - -------------------------------------------------------------------------------- [GRAPH] Class A 8/99 2.34% 9/99 2.61% 10/99 2.45% 11/99 2.81% 12/99 3.34% 1/00 2.44% Total Net Assets: $ 114,720,616 Average Maturity: 63 days An investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Yields will fluctuate. Past performance is no guarantee of future results. 2 Evergreen CRT Money Market Funds Evergreen CRT Money Market Fund Fund at a Glance as of January 31, 2000 Portfolio Management Kellie Allen Bryan K. White Tenure: May 1999 Tenure: May 1999 - -------------------------------------------------------------------------------- Performance and Returns* - -------------------------------------------------------------------------------- Class A Inception Date 12/20/1993 6 month return 2.44% Average Annual Returns 1 year 4.59% 3 years 4.76% 5 years 4.86% Since Portfolio Inception 4.65% 7-day annualized yield 5.08% 30-day annualized yield 5.15% 6-month distributions per share $0.024 * The yield quotation more closely reflects the earnings of the fund than the total return quotation. - -------------------------------------------------------------------------------- ANNUALIZED 7-DAY YIELD - -------------------------------------------------------------------------------- [GRAPH] Class A 8/99 4.47% 9/99 4.58% 10/99 4.66% 11/99 4.92% 12/99 5.24% 1/00 5.08% Total Net Assets: $ 5,323,973,812 Average Maturity: 70 days An investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Yields will fluctuate. Past performance is no guarantee of future results. 3 Evergreen CRT Money Market Funds Evergreen CRT New York Tax-Exempt Money Market Fund Fund at a Glance as of January 31, 2000 Portfolio Management Steven C. Shachat Tenure: May 1999 - -------------------------------------------------------------------------------- Performance and Returns* - -------------------------------------------------------------------------------- Class A Inception Date 12/09/1996 6 month return 1.43% Average Annual Returns 1 year 2.60% 3 years 2.67% Since Portfolio Inception 2.68% 7-day annualized yield 2.81% 30-day annualized yield 2.85% 6-month distributions per share $0.014 * The yield quotation more closely reflects the earnings of the fund than the total return quotation. - -------------------------------------------------------------------------------- ANNUALIZED 7-DAY YIELD - -------------------------------------------------------------------------------- [GRAPH] Class A 8/99 2.58% 9/99 2.93% 10/99 2.71% 11/99 3.09% 12/99 3.56% 1/00 2.81% Total Net Assets: $ 28,006,990 Average Maturity: 55 days An investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Yields will fluctuate. Past performance is no guarantee of future results. 4 Evergreen CRT Money Market Funds Evergreen CRT Tax-Exempt Money Market Fund Fund at a Glance as of January 31, 2000 Portfolio Management Steven C. Shachat Tenure: May 1999 - -------------------------------------------------------------------------------- Performance and Returns* - -------------------------------------------------------------------------------- Class A Inception Date 12/20/1993 6 month return 1.43% Average Annual Returns 1 year 2.67% 3 years 2.84% 5 years 2.90% Since Portfolio Inception 2.79% 7-day annualized yield 2.62% 30-day annualized yield 2.74% 6-month distributions per share $0.014 * The yield quotation more closely reflects the earnings of the fund than the total return quotation. - -------------------------------------------------------------------------------- ANNUALIZED 7-DAY YIELD - -------------------------------------------------------------------------------- [GRAPH] Class A 8/99 2.56% 9/99 3.00% 10/99 2.70% 11/99 3.12% 12/99 4.12% 1/00 2.62% Total Net Assets: $ 825,655,535 Average Maturity: 17 days An investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Yields will fluctuate. Past performance is no guarantee of future results. 5 Evergreen CRT Money Market Funds Evergreen U.S. Government Money Market Fund Fund at a Glance as of January 31, 2000 Portfolio Management Kellie Allen Bryan K. White Tenure: May 1999 Tenure: May 1999 - -------------------------------------------------------------------------------- Performance and Returns* - -------------------------------------------------------------------------------- Class A Inception Date 12/20/1993 6 month return 2.36% Average Annual Returns 1 year 4.48% 3 years 4.69% 5 years 4.75% Since Portfolio Inception 4.55% 7-day annualized yield 4.89% 30-day annualized yield 4.89% 6-month distributions per share $0.023 *The yield quotation more closely reflects the earnings of the fund than the total return quotation. - -------------------------------------------------------------------------------- ANNUALIZED 7-DAY YIELD - -------------------------------------------------------------------------------- [GRAPH] Class A 8/99 4.40% 9/99 4.53% 10/99 4.62% 11/99 4.83% 12/99 4.79% 1/00 4.89% Total Net Assets: $ 3,643,712,267 Average Maturity: 71 days An investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Yields will fluctuate. Past performance is no guarantee of future results. 6 Evergreen CRT Money Market Funds Financial Highlights (For a share outstanding throughout each period)
CRT California Tax-Exempt Money Market Fund ----------------------------------------- Six Months Ended Year Ended July 31, January 31, 2000 ------------------------ (Unaudited) 1999 1998 1997 (a) - ------------------------------------------------------------------------------- Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------- Net investment income 0.01 0.02 0.03 0.02 Distributions to shareholders from net investment income (0.01) (0.02) (0.03) (0.02) - ------------------------------------------------------------------------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------- Total return 1.28% 2.22% 2.74% 1.76% - ------------------------------------------------------------------------------- Ratios and supplemental data - ------------------------------------------------------------------------------- Net assets, end of period (millions) $115 $106 $96 $89 Ratios to average net assets Expenses++ 0.78%+ 0.78% 0.75% 0.75%+ Net investment income 2.47%+ 2.24% 2.70% 2.70%+ - -------------------------------------------------------------------------------
+ Annualized. ++ The ratio of expenses to average net assets excludes expense reductions. (a) For the period from December 9, 1996 (commencement of operations) to July 31, 1997. See Combined Notes to Financial Statements. 7 Evergreen CRT Money Market Funds Financial Highlights (continued) (For a share outstanding throughout each period)
CRT Money Market Fund ------------------------------------------------------- Six Months Ended Year Ended July 31, January 31, 2000 -------------------------------------- (Unaudited) 1999 1998 1997 1996 1995 - ---------------------------------------------------------------------------------- Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ---------------------------------------------------------------------------------- Net investment income 0.02 0.04 0.05 0.05# 0.05 0.05 # Distributions to shareholders from net investment income (0.02) (0.04) (0.05) (0.05) (0.05) (0.05)# - ---------------------------------------------------------------------------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ---------------------------------------------------------------------------------- Total return 2.44% 4.49% 4.95% 4.77% 4.91% 4.97% - ---------------------------------------------------------------------------------- Ratios and supplemental data - ---------------------------------------------------------------------------------- Net assets, end of period (millions) $5,324 $4,849 $3,818 $2,942 $647 $423 Ratios to average net assets Expenses++ 0.87%+ 0.85% 0.84% 0.86% 0.82% 0.82% Net investment income 4.81%+ 4.35% 4.84% 4.67% 4.77% 4.96% - ----------------------------------------------------------------------------------
+ Annualized. ++ The ratio of expenses to average net assets excludes expense reductions. # Includes net realized capital gains (losses) which were less than $0.001 per share. See Combined Notes to Financial Statements. 8 Evergreen CRT Money Market Funds Financial Highlights (continued) (For a share outstanding throughout each period)
CRT New York Tax-Exempt Money Market Fund ----------------------------------------- Six Months Ended Year Ended July 31, January 31, 2000 ------------------------ (Unaudited) 1999 1998 1997 (a) - ------------------------------------------------------------------------------- Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------- Net investment income 0.01 0.02 0.03 0.02 Distributions to shareholders from net investment income (0.01) (0.02) (0.03) (0.02) - ------------------------------------------------------------------------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------- Total return 1.43% 2.44% 2.76% 1.77% - ------------------------------------------------------------------------------- Ratios and supplemental data - ------------------------------------------------------------------------------- Net assets, end of period (millions) $28 $21 $15 $12 Ratios to average net assets Expenses++ 0.81%+ 0.80% 0.80% 0.80%+ Net investment income 2.85%+ 2.32% 2.72% 2.77%+ - -------------------------------------------------------------------------------
+ Annualized. ++ The ratio of expenses to average net assets excludes expense reductions. (a) For the period from December 9, 1996 (commencement of operations) to July 31, 1997. See Combined Notes to Financial Statements. 9 Evergreen CRT Money Market Funds Financial Highlights (continued) (For a share outstanding throughout each period)
CRT Tax-Exempt Money Market Fund ------------------------------------------------------- Six Months Ended Year Ended July 31, January 31, 2000 -------------------------------------- (Unaudited) 1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------- Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - --------------------------------------------------------------------------------- Net investment income 0.01 0.03 0.03 0.03 0.03 0.03# Distributions to shareholders from net investment income (0.01) (0.03) (0.03) (0.03) (0.03) (0.03) - --------------------------------------------------------------------------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - --------------------------------------------------------------------------------- Total return 1.43% 2.63% 2.96% 2.91% 2.90% 3.05% - --------------------------------------------------------------------------------- Ratios and supplemental data - --------------------------------------------------------------------------------- Net assets, end of period (millions) $826 $832 $815 $744 $291 $267 Ratios to average net assets Expenses++ 0.74%+ 0.73% 0.71% 0.71% 0.76% 0.72% Net investment income 2.79%+ 2.53% 2.91% 2.88% 2.85% 3.01% - ---------------------------------------------------------------------------------
+ Annualized. ++ The ratio of expenses to average net assets excludes expense reductions. # Includes net realized capital gains (losses) which were less than $0.001 per share. See Combined Notes to Financial Statements. 10 Evergreen CRT Money Market Funds Financial Highlights (continued) (For a share outstanding throughout each period)
U.S. Government Money Market Fund -------------------------------------------------------- Six Months Ended Year Ended July 31, January 31, 2000 --------------------------------------- (Unaudited) 1999 1998 1997 1996 1995 - ---------------------------------------------------------------------------------- Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ---------------------------------------------------------------------------------- Net investment income 0.02 0.04 0.05 0.05# 0.05 0.05# Distributions to shareholders from net investment income (0.02) (0.04) (0.05)# (0.05) (0.05) (0.05) - ---------------------------------------------------------------------------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ---------------------------------------------------------------------------------- Total return 2.36% 4.28% 4.92% 4.72% 4.74% 4.82% - ---------------------------------------------------------------------------------- Ratios and supplemental data - ---------------------------------------------------------------------------------- Net assets, end of period (millions) $3,644 $3,577 $3,162 $2,919 $1,402 $1,217 Ratios to average net assets Expenses++ 0.82%+ 0.82% 0.81% 0.81% 0.93% 0.88% Net investment income 4.65%+ 4.27% 4.80% 4.63% 4.63% 4.75% - ----------------------------------------------------------------------------------
+ Annualized. ++ The ratio of expenses to average net assets excludes expense reductions. # Includes net realized capital gains (losses) which were less than $0.001 per share. See Combined Notes to Financial Statements. 11 Evergreen CRT Money Market Funds CRT California Tax-Exempt Money Market Fund Schedule of Investments January 31, 2000 (Unaudited)
Principal Amount Value - -------------------------------------------------------------------------------- Municipal Obligations - 99.1% California - 84.5% Auburn, CA IDA RB, Coherent, Inc. Proj., (LOC: Bank of Tokyo-Mitsubishi, Ltd.), 4.65%, VRDN $1,600,000 $ 1,600,000 California CDA COP: Continuing Care Univ. Proj., (LOC: Bank of Scotland), 2.95%, VRDN 1,500,000 1,500,000 Mount Diablo Health Proj., (SPA: Chase Manhattan Bank & Ins. by AMBAC), 2.95%, VRDN 500,000 500,000 California CDA MHRB (LOC: Merrill Lynch & Co., Inc.), 3.25%, VRDN 7,800,000 7,800,000 California CDA TRAN, Ser. A-1, (Ins. by FSA), 4.00%, 6/30/2000 5,000,000 5,015,883 California Dept. Wtr. Resources Ctr. RB, Ser. I, 6.95%, 6/1/2000 1,000,000 1,025,971 California EDA Indl. Dev. RB, Boyd Funiture Co. Proj., (LOC: Heller Finl., Inc. & Chase Manhattan Bank), 3.30%, VRDN 6,000,000 6,000,000 California Edl. Facs. Auth. RB, College & Univ. Impt., Ser. B, 3.60%, 4/10/2000 3,500,000 3,500,000 California GO: 3.55%, 2/18/2000 900,000 900,000 6.90%, 8/1/2000 250,000 253,867 California HFA RB, (LOC: Merrill Lynch & Co., Inc.): Ser. PA-58, 2.80%, VRDN 300,000 300,000 Ser. PA-539R, 3.50%, 2/10/2000 5,605,000 5,605,000 California Hlth. Facs. Fin. Auth. RB Kaiser Permanente: Ser. 1998-26, (LIQ: Morgan Stanley Dean Witter, Inc. & Ins. by FSA), 2.80%, VRDN 4,300,000 4,300,000 Ser. 1998-152, (LIQ: Morgan Stanley Dean Witter, Inc. & Ins. by FSA), 2.80%, VRDN 1,990,000 1,990,000
12 Evergreen CRT Money Market Funds CRT California Tax-Exempt Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------------ Municipal Obligations (continued) California (continued) California Hlth. Facs. Fin. Auth. RB Scripps Hlth. Proj., Ser. A, (SPA: Bank of America, NA & Ins. by MBIA), 2.45%, VRDN $1,500,000 $ 1,500,000 Contra Costa, CA Wtr. Master Trust Certificates, Ser. 1999- 8, (SPA: ABN AMRO Bank & Ins. by FGIC), 3.50%, 4/26/2000 (a) 500,000 500,000 Eagle Trust, Certificate 990501, 3.05%, VRDN 3,000,000 3,000,000 East Bay, CA Muni. Util. Wtr. Sys. RB, (Ins. by MBIA), 7.50%, 6/1/2000 1,750,000 1,807,404 Long Beach, CA Harbor RB, Ser. A, 5.00%, 5/15/2000 4,835,000 4,854,506 Los Angeles Cnty., CA Metro. Trans. Auth. Sales Tax RB, (LOC: Societe Generale & Ins. by MBIA), 2.80%, VRDN 3,000,000 3,000,000 Los Angeles, CA Dept. of Wtr. & Pwr. RB, (LOC: Morgan Gty. Trust Co.), 3.60%, 2/15/2000 2,200,000 2,200,000 Los Angeles, CA MHRB, Ser. 1985-K, (LOC: Coast Savings & Loan & Ins. by FHLB), 2.60%, VRDN 3,150,000 3,150,000 Los Angeles, CA Unified Sch. Dist. Master Trust Certificates, Ser. 1999-7, (SPA: ABN AMRO Bank & Ins. by MBIA), 3.07%, VRDN (a) 4,800,000 4,800,000 Los Angeles, CA Wst. Wtr. Sys. RB, (LOC: Morgan Gty. Trust Co.), 3.55%, 2/23/2000 3,000,000 3,000,000 Northern California Trans. Auth. RB, Ser. B, 3.55%, 2/7/2000 2,000,000 2,000,000 Orange Cnty., CA Community Facs. Tax Spl. Assmt., No. 87-4 Ser. A, 8.00%, 8/15/2000 1,000,000 1,035,687 Oxnard, CA IDA RB, Van R Dental Products, Inc., 3.10%, VRDN 100,000 100,000 Palo Alto, CA Unified Sch. Dist. GO, Ser. B, 5.25%, 8/1/2000 500,000 504,229 Pasadena, CA COP, Rose Bowl Impt. Proj., (LOC: Canadian Imperial Bank), 2.45%, VRDN 2,100,000 2,100,000 Richmond, CA TRAN, 4.75%, 12/7/2000 5,000,000 5,010,107 San Bernardino Cnty., CA COP, Med. Ctr. Fin. Auth. Proj., (SPA: Landesbank Hessen & Ins. by MBIA), 2.45%, VRDN 1,600,000 1,600,000 San Diego, CA Unified Port Dist. RB, Lindburg Field, (LOC: Canadian Imperial Bank): 3.60%, 2/28/2000 1,419,000 1,419,000 Ser. B, 3.25%, 2/23/2000 2,000,000 2,000,000
13 Evergreen CRT Money Market Funds CRT California Tax-Exempt Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------ Municipal Obligations (continued) California (continued) San Francisco, CA City & Cnty. Edl. Facs. GO: Ser. B, 6.00%, 6/15/2000 $1,790,000 $ 1,806,723 Community College, Ser. A, 6.00%, 6/15/2000 605,000 610,652 Zoo Facs., Ser. C, 6.00%, 6/15/2000 500,000 504,672 San Francisco, CA City & Cnty. GO, (Ins. by FGIC), 7.25%, 6/15/2000 1,050,000 1,064,156 San Jose, CA Redev. Agcy. Tax Allocation, Merged Area Redev. Proj., (Ins. by AMBAC), 4.50%, 8/1/2000 250,000 250,598 San Juan, CA Unified Sch. Dist. GO, (Ins. by FSA), 4.75%, 8/1/2000 1,800,000 1,807,375 Santa Monica-Malibu, CA Sch. Dist. GO, 4.35%, 8/1/2000 200,000 200,333 Santa Paula, CA Pub. Fin. Auth. RB, Variable Wtr. Sys. Acquistion Proj., (LOC: Union Bank of CA & Sumitomo Trust & Banking), 2.50%, VRDN 2,600,000 2,600,000 Sonoma Cnty., CA TRAN, 3.50%, 2/1/2000 200,000 200,000 Southern California Metro. Wtr. Dist. RB, Ser. 116, (LOC: Morgan Gty. Trust Co.), 2.93%, VRDN 1,995,000 1,995,000 Southern California Pub. Pwr. Auth. RB, Ser. SG-35, (LOC: Societe Generale & Ins. by AMBAC), 2.80%, VRDN 1,200,000 1,200,000 Univ. of California RB, Ser. 98-159, (LIQ: Morgan Stanley Dean Witter, Inc. & Ins. by FGIC), 2.80%, VRDN 845,000 845,000 - ------------------------------------------------------------------------------ 96,956,163 - ------------------------------------------------------------------------------ Puerto Rico - 5.4% Puerto Rico Muni. Fin. Agcy. GO, Ser. A, 5.00%, 8/1/2000 6,135,000 6,167,831 - ------------------------------------------------------------------------------ U. S. Virgin Islands - 1.7% Virgin Islands HFA SFHRB, Ser. B, (Ins. by FNMA, FHLMC, & GNMA), 4.00%, 6/1/2000 2,000,000 1,999,885 - ------------------------------------------------------------------------------ Other - 7.5% Koch Certificates Trust RB, Ser. 1999-2, (SPA: State Street Bank & Trust & Ins. by AMBAC), 3.20%, VRDN 4,608,143 4,608,143
14 Evergreen CRT Money Market Funds CRT California Tax-Exempt Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------ Municipal Obligations (continued) Other (continued) Pitney Bowes Credit Corp. Leasetops, Certificate Ser. 1999-1, (Ins. by AMBAC), 3.80%, 7/12/2000 (a) $3,983,106 $ 3,983,106 - ------------------------------------------------------------------------------ 8,591,249 - ------------------------------------------------------------------------------ Total Investments (cost $113,715,128) - 99.1% 113,715,128 Other Assets and Liabilities - net - 0.9 1,005,488 - ------------------------------------------------------------------------------ Net Assets - 100.0% $114,720,616 - ------------------------------------------------------------------------------
See Notes to Schedules of Investments. 15 Evergreen CRT Money Market Funds CRT Money Market Fund Schedule of Investments January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------ Commercial Paper - 63.0% Asset Backed - 29.1% Alpine Securitization Corp., 5.70%, 2/15/2000 $150,000,000 $ 149,667,500 Asset Backed Capital Fin., Inc., 5.73%, 2/28/2000 45,000,000 44,806,613 Atlantic Asset Securitization Corp.: 5.70%, 2/14/2000 75,699,000 75,543,186 6.05%, 2/3/2000 46,000,000 45,984,539 Bavaria Universal Funding, 5.68%, 2/1/2000 50,000,000 50,000,000 Concord Minutemen: 5.70%, 2/7/2000 30,000,000 29,971,500 5.72%, 2/17/2000 55,000,000 54,860,178 6.06%, 2/4/2000 100,000,000 99,949,500 Four Winds Funding Corp.: 5.72%, 2/17/2000 50,000,000 49,872,889 5.88%, 4/13/2000 50,000,000 49,412,000 6.03%, 2/7/2000 50,000,000 49,949,750 Gotham Funding Corp., (LOC: Bank of Tokyo- Mitsubishi Ltd.) 5.71%, 2/8/2000 55,435,000 55,373,452 Harley Davidson Dealer Funding, 6.30%, 2/25/2000 61,100,000 60,843,380 Lexington Parker Capital Corp., 5.98%, 2/25/2000 61,000,000 61,000,000 Moat Funding, LLC: 5.89%, 2/11/2000 60,000,000 60,000,000 5.90%, 4/6/2000 50,000,000 49,467,361 Park Avenue Recreation Corp.: 5.48%, 2/7/2000 100,000,000 99,999,190 5.70%, 2/16/2000 63,880,000 63,728,285 Sheffield Receivables Corp.: 5.68%, 2/11/2000 50,100,000 50,020,953 5.71%, 2/18/2000 100,000,000 99,730,361 Special Purpose Accounts Receivables Co.: 5.70%, 2/11/2000 75,000,000 74,881,250 5.80%, 3/2/2000 75,000,000 74,637,500 6.10%, 2/11/2000 99,000,000 98,832,250 - ------------------------------------------------------------------------------ 1,548,531,637 - ------------------------------------------------------------------------------
16 Evergreen CRT Money Market Funds CRT Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ----------------------------------------------------------------------------- Commercial Paper (continued) Banks - 2.3% Commerzbank AG: 5.08%, 2/11/2000 $ 20,000,000 $ 19,999,545 5.17%, 4/19/2000 100,000,000 99,993,827 - ----------------------------------------------------------------------------- 119,993,372 - ----------------------------------------------------------------------------- Brokers - 0.9% Donaldson Luftkin & Jenrette, Inc., 6.10%, 3/7/2000 50,000,000 49,703,472 - ----------------------------------------------------------------------------- Finance & Insurance - 29.8% Aetna Svcs., Inc.: 5.80%, 3/10/2000 50,000,000 49,693,889 6.06%, 2/10/2000 75,000,000 74,886,375 Barton Capital Corp.: 5.69%, 2/8/2000 73,616,000 73,534,552 5.70%, 2/16/2000 41,367,000 41,268,754 6.04%, 2/3/2000 50,000,000 49,983,222 Barton Healthcare, LLC, 5.94%, VRDN 4,035,000 4,035,000 Beta Fin., Inc., 5.75%, 7/21/2000 25,000,000 24,940,421 Bills Securitization, 5.79%, 3/23/2000 100,000,000 99,179,750 Corporate Receivables Corp., 5.72%, 3/2/2000 84,500,000 84,097,217 Eiffel Funding, LLC, 5.88%, 2/1/2000 35,000,000 35,000,000 Enterprise Funding Corp., (LOC: NationsBank, NA) 5.68%, 2/4/2000 97,224,000 97,177,981 Metris Owner Trust, 5.69%, 2/10/2000 33,160,000 33,112,830 Montauk Funding Corp., 5.73%, 2/24/2000 100,000,000 99,633,916 MPF, Ltd., 6.10%, 2/10/2000 50,000,000 49,923,750 Old Line Funding Corp., 5.70%, 2/22/2000 100,000,000 99,667,500 Receivables Capital Co., 5.70%, 2/24/2000 45,682,000 45,515,641 Thames Asset Global, FRN: 5.70%, 2/15/2000 93,620,000 93,412,476 5.75%, 2/28/2000 40,000,000 39,827,500 Trident Capital Fin., Inc., 5.77%, 3/16/2000 50,000,000 49,647,389
17 Evergreen CRT Money Market Funds CRT Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ---------------------------------------------------------------------------- Commercial Paper (continued) Finance & Insurance (continued) Triple A One Funding Corp.: 5.70%, 2/22/2000 $ 50,000,000 $ 49,833,750 5.71%, 2/18/2000 42,533,000 42,418,315 5.71%, 2/24/2000 50,000,000 49,817,597 Westways Funding: 5.73%, 2/14/2000 56,326,000 56,209,452 5.78%, 3/15/2000 106,951,000 106,212,622 6.10%, 2/11/2000 35,000,000 34,940,694 Windmill Funding Corp., 5.68%, 2/11/2000 100,000,000 99,842,222 - ---------------------------------------------------------------------------- 1,583,812,815 - ---------------------------------------------------------------------------- Telecommunication Services & Equipment - 0.9% GTE Corp., Deb., 6.13%, 4/11/2000 50,000,000 49,964,013 - ---------------------------------------------------------------------------- Total Commercial Paper (cost $3,352,005,309) 3,352,005,309 - ---------------------------------------------------------------------------- Corporate Bonds & Notes - 32.0% Advertising & Related Services - 0.1% Walker & Associates, 5.82%, VRDN 4,200,000 4,200,000 - ---------------------------------------------------------------------------- Asset Backed - 1.3% Capital Fin., Inc., 6.67%, 2/13/2001 50,000,000 50,000,000 Morganite Inds., Inc., 5.82%, VRDN 20,000,000 20,000,000 - ---------------------------------------------------------------------------- 70,000,000 - ---------------------------------------------------------------------------- Banks - 2.6% First USA Bank, NA Wilmington, 5.95%, 9/29/2000 40,000,000 39,987,381 NationsBank, NA, FRN, 5.67%, 3/16/2000 50,000,000 49,998,223 Natl. Bank Commerce Memphis, TN, FRN, 5.99%, 2/20/2000 50,000,000 49,975,000 - ---------------------------------------------------------------------------- 139,960,604 - ----------------------------------------------------------------------------
18 Evergreen CRT Money Market Funds CRT Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ---------------------------------------------------------------------------- Corporate Bonds & Notes (continued) Brokers - 12.2% Bear Stearns Co., Inc., MTN: 5.74%, 7/16/2000 $ 25,000,000 $ 25,000,000 6.30%, 1/12/2001 75,000,000 74,960,682 6.60%, 1/19/2001 50,000,000 50,000,000 Donaldson Lufkin & Jenrette, Inc., MTN, 6.45%, 1/8/2001 35,000,000 35,000,000 Goldman Sachs Group, Inc., MTN, 6.00%, 8/7/2000 50,000,000 50,000,000 Goldman Sachs Group, LP, MTN: 5.41%, 2/25/2000 (a) 50,000,000 50,000,000 6.12%, 4/18/2000 (a) 100,000,000 98,922,319 Lehman Brothers Holdings, Inc., MTN: 6.12%, 4/28/2000 3,500,000 3,499,110 6.33%, 8/1/2000 9,510,000 9,511,137 6.47%, 7/21/2000 3,800,000 3,803,219 6.50%, 7/18/2000 50,460,000 50,529,616 6.50%, 9/25/2000 31,000,000 30,996,742 6.50%, 12/1/2000 25,000,000 25,012,731 6.65%, 11/8/2000 22,500,000 22,533,700 Paine Webber Group, Inc., MTN: 5.93%, 7/21/2000 45,000,000 45,000,000 5.95%, 8/14/2000 45,000,000 45,000,000 7.00%, 3/1/2000 19,500,000 19,517,463 7.31%, 8/9/2000 4,500,000 4,526,757 8.00%, 5/9/2000 4,000,000 4,022,160 - ---------------------------------------------------------------------------- 647,835,636 - ---------------------------------------------------------------------------- Finance & Insurance - 15.8% Associates Corp. of North America, 6.375%, 8/15/2000 47,500,000 47,593,042 Associates Pass Through Asset Trust, 6.45%, 9/15/2000 (a) 131,000,000 131,082,670 AT&T Capital Corp., MTN, 7.50%, 11/15/2000 19,700,000 19,889,443 Carolina Medi Plan, Inc., 5.82%, VRDN 50,000,000 50,000,000 Caterpillar Finl. Svcs., MTN, 5.77%, 7/21/2000 50,000,000 50,000,000 CC USA, Inc., FRN, 6.32%, 2/3/2000 50,000,000 50,000,000
19 Evergreen CRT Money Market Funds CRT Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------ Corporate Bonds & Notes (continued) Finance & Insurance (continued) Chrysler Finl. Corp.: 6.625%, 6/26/2000 $ 50,000,000 $ 50,116,086 MTN 5.80%, 4/10/2000 5,000,000 4,997,198 Evans Street Properties, LLC, 5.82%, VRDN 3,200,000 3,200,000 Finova Capital Corp., MTN, 5.875%, 7/20/2000 25,000,000 24,996,749 General Electric Capital Corp., MTN, 6.12%, 8/15/2000 23,000,000 23,012,704 GMAC, MTN: 6.375%, 4/4/2000 10,000,000 10,011,435 6.625%, 6/8/2000 24,000,000 24,071,527 7.50%, 4/11/2000 18,000,000 18,053,883 Heller Finl., Inc., MTN, 6.51%, 9/25/2000 31,950,000 31,964,601 Household Fin. Corp.: 6.375%, 6/30/2000 4,100,000 4,104,341 6.75%, 6/1/2000 6,250,000 6,263,086 7.45%, 4/1/2000 10,000,000 10,022,323 IBM Corp., 6.375%, 6/15/2000 16,000,000 16,026,045 RACERS, FRN, 5.56%, 12/15/2000 (a) 50,000,000 50,000,000 Sigma Fin. Corp., FRN, 6.47%, 2/2/2000 125,000,000 125,000,000 Syndicated Loan Funding Trust, FRN, 6.03%, 2/1/2000 25,000,000 25,000,000 Textron Fin. Corp., MTN, FRN, 6.10%, 5/2/2000 (a) 30,000,000 30,000,000 Transamerica Fin. Corp., MTN, 6.215%, 3/2/2000 25,000,000 25,000,000 Xerox Credit Corp., 5.40%, 9/11/2000 12,550,000 12,480,034 - ------------------------------------------------------------------------------ 842,885,167 - ------------------------------------------------------------------------------ Total Corporate Bonds & Notes (cost $1,704,881,407) 1,704,881,407 - ------------------------------------------------------------------------------ Municipal Obligations - 1.5% Massachusetts Nursing Homes Tax Adj. Demand Healthcare RB, 5.94%, VRDN 5,910,000 5,910,000 Virginia Hsg. Dev. Auth. RB, 5.70%, VRDN 75,390,000 75,390,000 - ------------------------------------------------------------------------------ Total Municipal Obligations (cost $81,300,000) 81,300,000 - ------------------------------------------------------------------------------
20 Evergreen CRT Money Market Funds CRT Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------- U.S. Agency Obligations - 3.9% FHLB: 4.95%, 2/4/2000 $ 20,000,000 $ 19,999,786 4.98%, 3/29/2000 60,000,000 59,986,451 5.10%, 3/3/2000 20,000,000 19,998,695 FHLMC, 5.61%, 2/3/2000 105,000,000 104,989,014 - ------------------------------------------------------------------------------- Total U.S. Agency Obligations (cost $204,973,946) 204,973,946 - ------------------------------------------------------------------------------- Total Investments (cost $5,343,160,662) - 100.4% 5,343,160,662 Other Assets and Liabilities - net - (0.4) (19,186,850) - ------------------------------------------------------------------------------- Net Assets - 100.0% $5,323,973,812 - -------------------------------------------------------------------------------
See Notes to Schedules of Investments. 21 Evergreen CRT Money Market Funds CRT New York Tax-Exempt Money Market Fund Schedule of Investments January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------ Municipal Obligations - 98.1% New York - 94.6% Amherst, NY IDA RB, (LOC: Marine Midland Bank), 3.55%, VRDN $ 940,000 $ 940,000 Babylon, NY IDA RB, Lambro Inds. Inc. Proj., (LOC: Fleet Bank), 3.20%, VRDN 660,000 660,000 Battery Park City, NY Auth. Hsg. RB, Marina Towers Tender Corp., (LOC: Sumitomo Bank): Ser. A, 4.75%, VRDN 595,000 595,000 Ser. B, 4.75%, VRDN 765,000 765,000 Erie Cnty., NY IDA RB, Luminescent Systems, Inc. Proj., 3.20%, VRDN 1,000,000 1,000,000 Long Island, NY Pwr. Auth. RB, Ser. 3, (LOC: Bayerische Landesbanken), 3.80%, 2/9/2000 400,000 400,000 Madrid Waddington, NY Central Sch. Dist. GO, (Ins. by FGIC), 4.50%, 6/15/2000 500,000 501,522 Metropolitan Trans. Auth., NY Munitops Certificates Trust, Columbus McKinnon Corp. Proj., Ser. 1999-2, (SPA: ABN AMRO Bank), 3.30%, 5/10/2000 (a) 800,000 800,000 Nassau Cnty., NY RAN GO, (LOC: Bank of New York), 4.25%, 3/15/2000 1,000,000 1,000,746 New York COP, 4.50%, 9/1/2000 1,000,000 999,943 New York Dormitory Auth. RB: 7.00%, 5/15/2000 500,000 514,348 7.38%, 5/15/2000 1,775,000 1,826,952 Ser. 1997-1A, (SPA: Commerzbank AG & Ins. by FGIC), 3.30%, VRDN 1,000,000 1,000,000 University Edl. Facs., Ser. B: 7.00%, 5/15/2000 1,220,000 1,254,272 7.20%, 5/15/2000 500,000 514,629 New York GO, Ser. B, 6.38%, 8/15/2000 1,000,000 1,011,840 New York Mtge. Agcy. RB, Ser. PA-87, (LIQ: Merrill Lynch & Co., Inc.), 3.75%, 2/24/2000 267,000 267,000
22 Evergreen CRT Money Market Funds CRT New York Tax-Exempt Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------ Municipal Obligations (continued) New York (continued) New York Pwr. Auth. RB, 3.55%, 3/1/2000 $1,000,000 $ 1,000,000 New York Thruway Auth. General RB, (LOC: Societe Generale), 3.85%, VRDN 3,100,000 3,100,000 New York Thruway Auth. Svc. Contract RB, Local Hwy. & Bridge, Ser. A-1, 4.50%, 4/1/2000 1,000,000 1,001,590 New York Thruway Auth. Svc. Contract ROC RB, Ser. 1999-8, (LOC: Toronto Dominion & Ins. by MBIA), 3.27%, VRDN (a) 200,000 200,000 New York, NY City Hlth. & Hosp. Corp. RB, Ser. A, 3.75%, 2/1/2000 500,000 500,000 New York, NY City Transitional Fin. Auth. RB: Future Tax Secd., Sub. Ser. B-1, (SPA: Morgan Gty. Trust Co.), 3.55%, VRDN 600,000 600,000 PFOTER, Ser. 1998-27, (LIQ: Bank of America, NA), 3.28%, VRDN 1,400,000 1,400,000 New York, NY City Trust Cultural Res. RB, Soloman R. Guggenheim, 3.55%, VRDN 300,000 300,000 New York, NY GO: Ser. A, 5.40%, 8/1/2000 200,000 201,496 Sub. Ser. A-5, (LOC: Kredietbank NV), 3.60%, VRDN 500,000 500,000 Port Auth. NY & NJ RB, Ser. 115, 3.88%, 8/1/2000 500,000 500,000 Port Auth. NY & NJ Spl. Obl. RB, Ser. 157, (LIQ: Morgan Stanley Dean Witter, Inc. & Ins. by MBIA), 3.25%, VRDN 2,080,000 2,080,000 South Glens Falls, NY Central Sch. Dist. GO, (Ins. by FSA), 5.25%, 6/15/2000 570,000 573,267 Suffolk Cnty., NY IDA Solid Wst. Disposal Facs. ROC RB, (LIQ: Salomon Smith Barney & Ins. by AMBAC), 4.00%, 5/4/2000 500,000 500,000 - ------------------------------------------------------------------------------ 26,507,605 - ------------------------------------------------------------------------------
23 Evergreen CRT Money Market Funds CRT New York Tax-Exempt Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------- Municipal Obligations (continued) Other - 3.5% PFOTER, (LOC: Credit Suisse First Boston Corp.), 3.60%, 5/4/2000 $ 970,000 $ 970,000 - ------------------------------------------------------------------------- Total Investments (cost $27,477,605) - 98.1% 27,477,605 Other Assets and Liabilities - net - 1.9 529,385 - ------------------------------------------------------------------------- Net Assets - 100.0% $ 28,006,990 - -------------------------------------------------------------------------
See Notes to Schedules of Investments. 24 Evergreen CRT Money Market Funds CRT Tax-Exempt Money Market Fund Schedule of Investments January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations - 99.5% Alabama - 1.8% Dallas Cnty., AL Hsg. Dev. Corp. RB, Ser. A, (LOC: SouthTrust Bank NA), 3.40%, VRDN $ 1,485,000 $ 1,485,000 Demopolis, AL IDA RB, Mesa Farms Proj., 3.45%, VRDN 8,000,000 8,000,000 Montgomery, AL Spl. Care Facs. RB, VHA Program, (LOC: Mellon Bank, NA & Ins. by AMBAC), 3.35%, VRDN 5,400,000 5,400,000 - ------------------------------------------------------------------------------- 14,885,000 - ------------------------------------------------------------------------------- Arkansas - 1.1% Union Cnty., AR Indl. Board PCRB, Great Lakes Chemical Corp., 3.35%, VRDN 9,000,000 9,000,000 - ------------------------------------------------------------------------------- Colorado - 3.7% Arapahoe Cnty., CO IDA RB, Cottrell Printing, Ser. A, (LOC: Key Bank, NA), 3.65%, VRDN 2,000,000 2,000,000 Arapahoe Cnty., CO MHRB, Rental Hsg. Hunters Run, 3.35%, VRDN 25,600,000 25,600,000 Colorado HFA IDA RB, Worldwest, LLC Proj., (LOC: Mercantile Bank), 3.55%, VRDN 2,500,000 2,500,000 - ------------------------------------------------------------------------------- 30,100,000 - ------------------------------------------------------------------------------- District of Columbia - 0.4% Washington DC GO, Ser. A-3, (LOC: Societe Generale), 3.70%, VRDN 3,400,000 3,400,000 - ------------------------------------------------------------------------------- Florida - 3.1% Dade Cnty., FL IDA RB, 3.60%, VRDN 2,300,000 2,300,000 Florida Hsg. Fin. Agcy. MHRB, Bainbridge, 3.33%, VRDN 5,275,000 5,275,000 Jacksonville, FL EDA, Hartley Press Inc., Ser. A, 3.45%, VRDN 4,500,000 4,500,000 Orange Cnty., FL Hlth. Facs. Auth. RB, Presbyterian Retirement Proj., (LOC: Bank of America, NA), 3.35%, VRDN 10,700,000 10,700,000
25 Evergreen CRT Money Market Funds CRT Tax-Exempt Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations (continued) Florida (continued) Pasco Cnty., FL Edl. Facs. Auth. RB, Saint Leo Univ. Proj., 3.30%, VRDN $ 3,000,000 $ 3,000,000 - ------------------------------------------------------------------------------- 25,775,000 - ------------------------------------------------------------------------------- Georgia - 5.2% Cobb Cnty., GA RB, Kennestone Hosp. Auth., (SPA: Suntrust Bank, Atlanta), 3.35%, VRDN 10,000,000 10,000,000 Fulton Cnty., GA Dev. Auth. RB, Alfred & Adele Davis, (LOC: Wachovia Bank, NA), 3.30%, VRDN 4,900,000 4,900,000 Georgia GO: Ser. 74, 3.30%, VRDN 6,790,000 6,790,000 Ser. B, 5.50%, 3/1/2000 2,250,000 2,254,177 Georgia Local Government COP, (LIQ: Bank of America NA), 3.28%, VRDN 8,000,000 8,000,000 Georgia Muni. Elec. Auth. Pwr. RB, 3.28%, VRDN 11,300,000 11,300,000 - ------------------------------------------------------------------------------- 43,244,177 - ------------------------------------------------------------------------------- Idaho - 1.1% Minidoka Cnty., ID IDA RB, Natures Best Produce, Inc., 3.35%, VRDN 5,000,000 5,000,000 Power Cnty., ID PCRB, FMC Corp. Proj., 3.60%, VRDN 3,800,000 3,800,000 - ------------------------------------------------------------------------------- 8,800,000 - ------------------------------------------------------------------------------- Illinois - 6.3% Arcola, IL IDA RB, Herff Jones Inc., Proj., (LOC: Lasalle National Bank), 3.50%, VRDN 3,500,000 3,500,000 Chicago, IL GO, ABN AMRO Munitops, Ser. 1998-3, (SPA: ABN AMRO Bank), 3.31%, VRDN (a) 16,000,000 16,000,000 Franklin Park, IL GO RB, (LIQ: Societe Generale & Ins. by AMBAC), 3.30%, VRDN (a) 7,055,000 7,055,000 Gurnee, IL IDA RB, Kenall Manufacturing Co. Proj., (LOC: Harris Trust & Savings Bank), 3.35%, VRDN 5,200,000 5,200,000 Illinois Dev. Fin. Auth. RB, 3.80%, VRDN (a) 2,900,000 2,900,000
26 Evergreen CRT Money Market Funds CRT Tax-Exempt Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------ Municipal Obligations (continued) Illinois (continued) Illinois GO, 3.50%, 3/1/2000 $ 5,000,000 $ 5,001,539 Illinois Hlth. Facs. Auth. RB, Resurrection Hlth., Ser. A, 3.65%, VRDN 7,100,000 7,100,000 Illinois Metro. Pier & Expo. Auth. RB, PFOTER, (LOC: Merrill Lynch & Co., Inc. & Ins. by MBIA), 3.65%, VRDN (a) 5,115,000 5,115,000 - ------------------------------------------------------------------------------ 51,871,539 - ------------------------------------------------------------------------------ Indiana - 6.9% Indiana Hlth. Facs. Fin. Auth. RB: Ascension Hlth., Ser. B, 3.80%, 2/9/2000 7,000,000 7,000,000 PFOTER, 3.40%, VRDN 27,895,000 27,895,000 Indiana Hlth. Facs. Hosp. RB, Mary Sherman Hosp. Proj., 3.35%, VRDN 12,000,000 12,000,000 Indianapolis, IN MHRB, Canal Square Proj., (LOC: National City Bank), 3.40%, VRDN 10,130,000 10,130,000 - ------------------------------------------------------------------------------ 57,025,000 - ------------------------------------------------------------------------------ Kansas - 0.9% Lenexa, KS MHRB, PFOTER, 3.45%, VRDN 7,320,000 7,320,000 - ------------------------------------------------------------------------------ Kentucky - 0.2% Boone Cnty., KY Indl. Bldg. RB, Lyon Magnus Proj., (LOC: Bank of America, NA), 3.60%, VRDN 1,620,000 1,620,000 - ------------------------------------------------------------------------------ Louisiana - 1.8% Louisiana Pub. Facs. Auth. Hosp. RB, Willis-Knighton Med. Ctr. Proj., 3.30%, VRDN 12,700,000 12,700,000 Saint Charles Parish, LA PCRB, Monsanto Co. Proj., 3.30%, VRDN 1,900,000 1,900,000 - ------------------------------------------------------------------------------ 14,600,000 - ------------------------------------------------------------------------------ Maine - 0.1% Lewiston, ME Pub. Impt. GO, Ser. A, (Ins. by MBIA), 4.20%, 5/15/2000 345,000 345,668 - ------------------------------------------------------------------------------
27 Evergreen CRT Money Market Funds CRT Tax-Exempt Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations (continued) Maryland - 1.5% Howard Cnty., MD MHRB, Sherwood Crossing Proj., (Coll. by GNMA), 3.30%, 6/1/2000 $ 6,000,000 $ 6,000,000 Montgomery Cnty., MD Pub. Impt. GO, Cons. Pub. Impt., Ser. A, 4.00%, 5/1/2000 6,000,000 6,013,828 - ------------------------------------------------------------------------------- 12,013,828 - ------------------------------------------------------------------------------- Massachusetts - 1.2% Massachusetts Bay Trans. Auth. GO, Ser. A, 3.50%, 2/25/2000 7,700,000 7,702,899 Massachusetts Indl. Fin. Agcy. RB, Commonwealth Ave. Realty Proj., (LOC: State Street Bank & Trust Co.), 3.45%, VRDN 2,500,000 2,500,000 - ------------------------------------------------------------------------------- 10,202,899 - ------------------------------------------------------------------------------- Michigan - 0.5% Royal Oak, MI Hosp. Fin. Auth. RB, William Beaumont Hosp., Ser. L, 3.60%, VRDN 4,000,000 4,000,000 - ------------------------------------------------------------------------------- Minnesota - 0.8% Bloomington, MN Port Auth. RB, Mall of America Proj., Ser. A, (Ins. by FSA), 4.00%, 2/1/2000 1,800,000 1,800,000 Minnesota Pub. Facs. ROC PCRB, (LIQ: Commerzbank AG), 3.30%, VRDN 2,700,000 2,700,000 Saint Paul, MN Port Auth. RB, Pub. Hsg. Agcy. Proj., Ser. 5, 3.60%, VRDN 1,750,000 1,750,000 - ------------------------------------------------------------------------------- 6,250,000 - ------------------------------------------------------------------------------- Mississippi - 0.7% Jackson Cnty., MS Port Facs. RB, Chevron USA, Inc. Proj., 3.85%, 5/1/2000 6,000,000 6,000,000 - ------------------------------------------------------------------------------- Missouri - 1.0% Missouri Hsg. Dev. Commission Mtge. RB, (LOC: Banco Santander, SA & Coll. by GNMA), 3.32%, VRDN 7,245,000 7,245,000
28 Evergreen CRT Money Market Funds CRT Tax-Exempt Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value ------------------------------------------------------------------------------ Municipal Obligations (continued) Missouri (continued) Springfield, MO Hwy. Impt. RB, (Ins. by: AMBAC), 3.60%, 8/1/2000 $ 535,000 $ 535,000 - ------------------------------------------------------------------------------ 7,780,000 - ------------------------------------------------------------------------------ Nebraska - 1.2% Douglas Cnty., NE Ind. Dev. RB, James Skinner Co. Proj., (LOC: U.S. Bank NA), 3.55%, VRDN 3,050,000 3,050,000 Omaha Pub. Pwr. Dist., NE Elec. RB, Ser. 122, (LIQ: Morgan Stanley Dean Witter, Inc.), 3.30%, VRDN (a) 6,745,000 6,745,000 - ------------------------------------------------------------------------------ 9,795,000 - ------------------------------------------------------------------------------ Nevada - 0.6% Nevada GO, ABN AMRO Munitops, Ser. 1998-A, (SPA: ABN AMRO Bank), 3.31%, VRDN 5,000,000 5,000,000 - ------------------------------------------------------------------------------ New Hampshire - 1.5% New Hampshire Higher Edl. & Hlth. RB: VHA New England Prog., (LOC: Mellon Bank, NA & Ins. by AMBAC): Ser. B, 3.35%, VRDN 4,400,000 4,400,000 Ser. D, 3.35%, VRDN 1,600,000 1,600,000 Ser. G, 3.35%, VRDN 6,725,000 6,725,000 - ------------------------------------------------------------------------------ 12,725,000 - ------------------------------------------------------------------------------ New Jersey - 0.1% New Jersey Hlth. Care Facs. RB, 3.10%, VRDN 1,000,000 1,000,000 - ------------------------------------------------------------------------------ New Mexico - 0.5% Albuquerque, NM IDA RB, General Technology Corp. Proj., 3.45%, VRDN 4,100,000 4,100,000 - ------------------------------------------------------------------------------ New York - 1.8% New York Dorm. Auth. RB, PFOTER, (LOC: Merrill Lynch & Co., Inc. & Ins. by AMBAC), 3.25%, VRDN 4,670,000 4,670,000
29 Evergreen CRT Money Market Funds CRT Tax-Exempt Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations (continued) New York (continued) New York State Thruway Auth. RB, (LOC: Societe Generale), 3.85%, VRDN $10,500,000 $ 10,500,000 - ------------------------------------------------------------------------------- 15,170,000 - ------------------------------------------------------------------------------- North Carolina - 3.3% Charlotte, NC GO, 5.00%, 2/1/2000 5,895,000 5,895,000 Lincoln Cnty., NC Indl. Facs. PCRB, Barre Natl. Proj., (LOC: Bank of America, NA), 3.40%, VRDN 4,000,000 4,000,000 Mecklenburg Cnty., NC GO, 3.75%, 4/1/2000 3,000,000 3,002,964 North Carolina State GO: Pub. Sch. Bldg., 4.50%, 4/1/2000 10,000,000 10,023,385 Ser. A, 6.10%, 3/1/2000 1,470,000 1,473,395 Vance Cnty., NC Ind. Facs. PCRB, Custom Molders, Inc. Proj., 3.45%, VRDN 3,135,000 3,135,000 - ------------------------------------------------------------------------------- 27,529,744 - ------------------------------------------------------------------------------- Ohio - 1.3% Ohio Wtr. Dev. PCRB, Philip Morris Co., Inc., 3.35%, VRDN 11,000,000 11,000,000 - ------------------------------------------------------------------------------- Oregon - 0.7% Umatilla Cnty., OR Sch. Dist. ROC RB, Hermiston, 3.30%, VRDN 5,950,000 5,950,000 - ------------------------------------------------------------------------------- Pennsylvania - 14.0% Clinton Cnty., PA IDA RB, Ser. 1992-A, 4.70%, 1/15/2001 1,600,000 1,600,000 Emmaus, PA Gen. Auth. RB: Local Government, (LOC: KBC Bank NV): Ser. B-20, 1999, 3.30%, VRDN 14,700,000 14,700,000 Ser. G-11, 1998, 3.30%, VRDN 9,800,000 9,800,000 Ser. A-8, 1999, (LOC: KBC Bank NV), 3.30%, VRDN 10,000,000 10,000,000 Ser. B-19, 1999, (LOC: KBC Bank NV), 3.30%, VRDN 5,700,000 5,700,000 Ser. B-21, 1999, (LOC: KBC Bank NV), 3.30%, VRDN 6,400,000 6,400,000 Ser. C-17, 1999, (LOC: KBC Bank NV), 3.30%, VRDN 10,000,000 10,000,000
30 Evergreen CRT Money Market Funds CRT Tax-Exempt Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations (continued) Pennsylvania (continued) Emmaus, PA Gen. Auth. RB: Ser. C-18, 1999, (LOC: Bayerische Landesbanken), 3.30%, VRDN $12,500,000 $ 12,500,000 Ser. D-18, 1999, (LOC: KBC Bank NV), 3.30%, VRDN 6,300,000 6,300,000 Ser. F-15, 1999, 3.30%, VRDN 12,400,000 12,400,000 Ser. G, 1997, 3.30%, VRDN 6,300,000 6,300,000 Geisinger, PA Hlth. Sys. RB, 3.60%, VRDN 9,475,000 9,475,000 Montgomery Cnty., PA Ed. & Hlth. RB, St. Joseph's Univ. Proj., 8.30%, 6/1/2000 5,500,000 5,693,743 Pennsylvania Intergovernmental Coop. Auth. RB, Liquidation Facs. w/ Toronto Dominion, 3.30%, VRDN 4,975,000 4,975,000 - ------------------------------------------------------------------------------- 115,843,743 - ------------------------------------------------------------------------------- South Carolina - 3.3% Allendale Cnty., SC Ind. RB, King-Seeley Thermos Co. Proj., (LOC: Bank of Nova Scotia), 3.36%, VRDN 9,250,000 9,250,000 Piedmont, SC Muni. Pwr. Agcy. RB: Ser. B, (LOC: Credit Suisse First Boston & Ins. by MBIA), 3.25%, VRDN 9,900,000 9,900,000 Ser. C, (LOC: Morgan Gty. Trust Co. & Ins. by MBIA), 3.25%, VRDN 4,000,000 4,000,000 York Cnty., SC PCRB, Duke Pwr. Co. Proj., (Gtd. by Duke Power Co.), 3.40%, 2/24/2000 3,700,000 3,700,000 - ------------------------------------------------------------------------------- 26,850,000 - ------------------------------------------------------------------------------- South Dakota - 1.9% South Dakota Hsg. Dev. Auth. RB, PFOTER, (LOC: Merrill Lynch & Co., Inc.), 3.55%, 5/11/2000 15,515,000 15,515,000 - ------------------------------------------------------------------------------- Tennessee - 2.0% Franklin Cnty., TN Hlth. & Ed. Facs. Board RB, St. Andrews, Sewanee Sch. Proj., (LOC: Amsouth Bank of Alabama), 3.20%, VRDN 5,000,000 5,000,000
31 Evergreen CRT Money Market Funds CRT Tax-Exempt Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations (continued) Tennessee (continued) Memphis Shelby Cnty., TN IDA RB, Utah Med. Group Inc., (LOC: National Bank of Commerce), 3.30%, VRDN $11,550,000 $ 11,550,000 - ------------------------------------------------------------------------------- 16,550,000 - ------------------------------------------------------------------------------- Texas - 13.3% Brazos River, TX Harbor Navigation Dist. RB: Brazoria Cnty. Env. Proj., (LOC: Chase Manhattan Bank), 3.75%, VRDN 2,300,000 2,300,000 Hoffman-La Roche, Inc. Proj., (LOC: Wachovia Bank of NC), 3.23%, VRDN 2,750,000 2,750,000 Calhoun Cnty., TX Navigation IDA RB, Formosa Plastics Corp. Proj., (LOC: Bank of America, NA), 3.30%, VRDN 28,500,000 28,500,000 Dallas, TX GO, Ser. 93, (LIQ: Morgan Stanley Dean Witter, Inc.), 3.30%, VRDN 21,620,000 21,620,000 Harris Cnty., TX GO, 3.28%, VRDN 9,600,000 9,600,000 Harris Cnty., TX Hsg. Fin. Corp., MHRB, Methodist Hosp., Ser. 1994, (LOC: Morgan Gty. Trust Co.), 3.60%, VRDN 5,500,000 5,500,000 Hunt, TX Mem. Hosp. Dist. RB, (SPA: Chase Bank of Texas & Ins. by FSA), 4.00%, VRDN 10,700,000 10,700,000 Lower Neches Valley, TX RB, Mobil Oil Refining Corp. Proj., 3.70%, VRDN 4,200,000 4,200,000 Matagorda Cnty., TX PCRB, 3.45%, VRDN 7,495,000 7,495,000 Texas A&M Univ. RB, ABN AMRO Munitops, Ser. 1999-5, (SPA: ABN AMRO Bank), 3.60%, 5/17/2000 (a) 7,000,000 7,000,000 Travis Cnty., TX Hlth. Facs. RB, 3.28%, VRDN 5,000,000 5,000,000 Yoakum Cnty., TX IDA PCRB, Amoco Proj., 3.85%, 5/1/2000 5,265,000 5,265,000 - ------------------------------------------------------------------------------- 109,930,000 - ------------------------------------------------------------------------------- Virginia - 2.9% King George Cnty, VA IDA RB, Birchwood Pwr., 3.75%, VRDN 3,900,000 3,900,000
32 Evergreen CRT Money Market Funds CRT Tax-Exempt Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------------------------- Municipal Obligations (continued) Virginia (continued) Lynchburg, VA IDA Hosp. Facs. RB: (LOC: Mellon Bank, NA & Ins. by AMBAC), VHA Mid-Atlantic States: Ser. D, 3.35%, VRDN $ 2,400,000 $ 2,400,000 Ser. F, 3.35%, VRDN 2,400,000 2,400,000 Ser. G, 3.35%, VRDN 500,000 500,000 Newport News, VA MHRB, Newport-Oxford Proj., (LOC: Bank of America, NA), 3.35%, VRDN 9,700,000 9,700,000 Richmond, VA Redev. MHRB, 3.45%, VRDN 5,300,000 5,300,000 - ------------------------------------------------------------------------------- 24,200,000 - ------------------------------------------------------------------------------- Washington - 1.7% Port of Seattle, WA, ABN AMRO Munitops, Ser. 1998-16, (SPA: ABN AMRO Bank), 3.31%, VRDN (a) 10,000,000 10,000,000 Seattle, WA GO, (LOC: Merrill Lynch & Co., Inc.), 3.60%, 7/20/2000 4,370,000 4,370,000 - ------------------------------------------------------------------------------- 14,370,000 - ------------------------------------------------------------------------------- West Virginia - 2.5% West Virginia Hosp. Fin. Auth. RB: 3.45%, VRDN 13,995,000 13,995,000 VHA Mid-Atlantic States, Ser. G, (LOC: Mellon Bank, NA & Ins. by AMBAC), 3.35%, VRDN 5,400,000 5,400,000 West Virginia Hsg. Dev. Fund, 3.50%, 6/18/2000 1,000,000 1,000,000 - ------------------------------------------------------------------------------- 20,395,000 - ------------------------------------------------------------------------------- Wisconsin - 0.5% Wisconsin GO, Ser. A, 4.00%, 5/1/2000 4,340,000 4,348,856 - ------------------------------------------------------------------------------- Other - 8.1% Charter Mac Certificate Trust I, (LOC: MBIA), 3.50%, VRDN 7,000,000 7,000,000 Clipper Tax Exempt Trust, Ser. 1998-1, (LOC: State Street Bank & Trust, Co. & Ins. by MBIA), 3.55%, VRDN (a) 5,482,000 5,482,000 Koch Trust, PFOTER, 3.80%, VRDN 3,000,000 3,000,000
33 Evergreen CRT Money Market Funds CRT Tax-Exempt Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ----------------------------------------------------------- Municipal Obligations (continued) Other (continued) Morgan Keegan Muni. Prods., Inc.: Ser. D, 3.50%, VRDN $17,420,000 $ 17,420,000 Ser. F, 3.70%, VRDN 28,850,000 28,850,000 PFOTER, 3.55%, VRDN 5,260,000 5,260,000 - ----------------------------------------------------------- 67,012,000 - ----------------------------------------------------------- Total Investments (cost $821,517,454) - 99.5% 821,517,454 Other Assets and Liabilities - net - 0.5 4,138,081 - ----------------------------------------------------------- Net Assets - 100.0% $825,655,535 - -----------------------------------------------------------
See Notes to Schedules of Investments. 34 Evergreen CRT Money Market Funds U.S. Government Money Market Fund Schedule of Investments January 31, 2000 (Unaudited)
Principal Amount Value - ------------------------------------------------------------ U.S. Agency Obligations - 84.0% FAMC Disc. Notes: 5.48%, 2/23/2000 $ 40,000,000 $ 39,866,044 5.53%, 2/23/2000 26,200,000 26,111,459 - ------------------------------------------------------------ FFCA: 4.90%, 11/16/2000 10,000,000 9,901,506 5.45%, 8/2/2000 14,965,000 14,945,279 5.78%, 4/3/2000 150,000,000 150,000,000 - ------------------------------------------------------------ FHLB: 4.90%, 2/4/2000 115,000,000 114,999,953 4.95%, 2/24/2000 50,000,000 49,996,207 4.98%, 3/29/2000 50,000,000 49,988,709 5.00%, 8/14/2000 18,000,000 17,874,753 5.10%, 3/3/2000 50,000,000 49,996,739 5.11%, 5/5/2000 25,000,000 24,997,817 5.125%, 5/19/2000 50,000,000 49,982,968 5.20%, 6/1/2000 25,000,000 24,994,463 5.71%, 8/9/2000 100,000,000 99,995,016 5.75%, 9/15/2000 25,000,000 24,991,604 5.875%, 9/7/2000 35,000,000 34,997,068 6.04%, 9/1/2000-10/25/2000 69,000,000 69,000,000 6.05%, 11/3/2000 28,580,000 28,547,218 6.21%, 2/2/2000 150,000,000 150,000,000 6.26%, 2/2/2000 75,000,000 74,965,234 6.35%, 2/1/2001 30,000,000 29,981,310 Disc. Notes: 5.53%, 2/23/2000 125,000,000 124,577,570 5.60%, 2/25/2000 125,000,000 124,533,333 - ------------------------------------------------------------ FHLMC Deb.: 5.51%, 7/14/2000 20,000,000 19,966,321 5.61%, 2/21/2000 100,000,000 99,989,537 5.62%, 7/7/2000 100,000,000 100,000,000 Disc. Notes 5.62%, 3/14/2000 50,000,000 49,672,167
35 Evergreen CRT Money Market Funds U.S. Government Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ---------------------------------------------------------------- U.S. Agency Obligations (continued) FHLMC Deb. (continued) MTN: 5.99%, 12/6/2000 $ 50,000,000 $ 49,965,807 6.35%, 1/5/2001 100,000,000 99,993,478 - ---------------------------------------------------------------- FNMA Disc. Notes: 5.26%, 6/19/2000 60,000,000 58,781,433 5.53%, 2/28/2000 26,743,000 26,632,083 5.55%, 2/2/2000 50,000,000 49,992,292 5.70%, 4/13/2000 135,781,000 134,233,097 5.72%, 4/6/2000 30,000,000 29,690,167 MTN: 5.10%, 5/19/2000 20,000,000 19,962,347 5.62%, 2/9/2000 35,000,000 34,990,915 5.66%, 9/7/2000 50,000,000 49,989,379 5.80%, 8/17/2000 60,000,000 59,975,977 5.93%, 3/20/2000 150,000,000 150,000,000 6.20%, 12/27/2000 50,000,000 49,954,918 - ---------------------------------------------------------------- Intermediate American Dev. Bank, Disc. Notes 5.50%, 2/11/2000 28,700,000 28,656,153 - ---------------------------------------------------------------- SLMA MTN: 5.25%, 6/30/2000 17,500,000 17,494,406 5.90%, 6/8/2000 55,000,000 54,997,754 5.95%, 6/29/2000 100,000,000 100,000,000 6.20%, 2/11/2000 39,820,000 39,820,310 6.25%, 9/1/2000-10/12/2000 200,000,000 199,932,176 6.41%, 7/27/2000 50,000,000 49,995,164 - ---------------------------------------------------------------- TVA Disc. Notes 5.53%, 2/3/2000 100,000,000 99,969,278 - ---------------------------------------------------------------- Total U.S. Agency Obligations (cost $3,059,899,409) 3,059,899,409 - ----------------------------------------------------------------
36 Evergreen CRT Money Market Funds U.S. Government Money Market Fund Schedule of Investments (continued) January 31, 2000 (Unaudited)
Principal Amount Value - ---------------------------------------------------------------------------- Repurchase Agreement - 16.4% Societe Generale Bank, SA, 5.69%, dated 1/31/2000, maturing 2/1/2000, maturity value $599,167,285 (cost $599,072,598)(b) $599,072,598 $ 599,072,598 - ---------------------------------------------------------------------------- Total Investments (cost $3,658,972,007) - 100.4% 3,658,972,007 Other Assets and Liabilities - net - (0.4) (15,347,214) - ---------------------------------------------------------------------------- Net Assets - 100.0% $3,643,624,793 - ----------------------------------------------------------------------------
See Notes to Schedules of Investments. 37 Evergreen CRT Funds Money Market Funds Combined Notes to Schedules of Investments January 31, 2000 (Unaudited) - -------------------------------------------------------------------------------- (a) Securities that may be resold to "qualified institutional buyers" under Rule 144A or securities offered pursuant to Section 4(2) of the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. (b) The repurchase agreement is fully collateralized by $667,076,886 GNMA, 6.00% - 8.00%, 6/15/2028 - 11/15/2029; value including accrued interest $616,525,427. Summary of Abbreviations: AMBAC - American Municipal Bond Assurance Corp. CDA - Community Development Authority COP - Certificates of Participation EDA - Economic Development Authority FAMC - Federal Agriculture Mortgage Corp. FFCA - Federal Farm Credit Association FGIC - Financial Guaranty Insurance Co. FHLB - Federal Home Loan Bank FHLMC - Federal Home Loan Mortgage Corp. FNMA - Federal National Mortgage Association FRN - Floating Rate Note FSA - Financial Security Assurance, Inc. GMAC - General Motors Acceptance Corp. GNMA - Government National Mortgage Association GO - General Obligation HFA - Housing Finance Authority IDA - Industrial Development Authority LIQ - Liquidity Provider LLC - Limited Liability Corp. LOC - Letter of Credit LP - Limited Partnership MHRB - Multifamily Housing Revenue Bond MBIA - Municipal Bond Investors Assurance Corp. MTN - Medium Term Notes NA - National Association PCRB - Pollution Control Revenue Bond PFOTER - Puttable Floating Option Tax Exempt Receipt RACERS - Restructured Asset Security Enhancement RAN - Revenue Anticipation Note RB - Revenue Bond ROC - Reset Option Certificates SFHRB - Single Family Housing Revenue Bond SLMA - Student Loan Marketing Association SPA - Securities Purchase Agreement TRAN - Tax Revenue Anticipation Note TVA - Tennessee Valley Authority VHA - Veterans Housing Authority VRDN - Variable Rate Demand Note Variable Rate Demand Notes are payable on demand on no more than seven calendar days notice given by the Fund to the issuer or other parties not affiliated with the issuer. Interest rates are determined and reset by the issuer daily, weekly, or monthly, depending upon the terms of the security. Interest rates presented for these securities are those in effect at January 31, 2000. See Combined Notes to Financial Statements. 38 Evergreen CRT Money Market Funds Statements of Assets and Liabilities January 31, 2000 (Unaudited)
CRT CRT California CRT New York CRT U.S. Tax-Exempt Money Market Tax-Exempt Tax-Exempt Government Fund Fund Fund Fund Fund - -------------------------------------------------------------------------------------------------------- Assets Investments in securities $113,715,128 $5,343,160,662 $27,477,605 $821,517,454 $3,059,899,409 Investments in repurchase agreements 0 0 0 0 599,072,598 - -------------------------------------------------------------------------------------------------------- Investments at amortized cost 113,715,128 5,343,160,662 27,477,605 821,517,454 3,658,972,007 Cash 47,942 0 203,272 305,386 0 Receivable for Fund shares sold 103,647 3,217,823 0 1,140,023 920,152 Interest receivable 995,420 34,362,336 315,814 4,744,045 26,195,101 Deferred organization expenses 2,854 0 714 0 0 Prepaid expenses and other assets 68,697 1,244,578 67,146 62,577 630,627 - -------------------------------------------------------------------------------------------------------- Total assets 114,933,688 5,381,985,399 28,064,551 827,769,485 3,686,717,887 - -------------------------------------------------------------------------------------------------------- Liabilities Distributions payable 106,365 10,548,972 28,629 837,993 6,923,167 Payable for securities purchased 0 37,170,707 0 0 29,981,310 Payable for Fund shares redeemed 12,313 5,661,780 6,782 804,516 3,047,022 Due to custodian bank 0 604,996 0 0 0 Advisory fee payable 19,589 710,506 4,350 138,023 503,263 Distribution Plan expenses payable 526 648,519 3,029 113,374 512,249 Due to other related parties 1,764 84,418 395 12,903 56,854 Accrued expenses and other liabilities 72,515 2,581,689 14,376 207,141 2,069,229 - -------------------------------------------------------------------------------------------------------- Total liabilities 213,072 58,011,587 57,561 2,113,950 43,093,094 - -------------------------------------------------------------------------------------------------------- Net assets $114,720,616 $5,323,973,812 $28,006,990 $825,655,535 $3,643,624,793 - -------------------------------------------------------------------------------------------------------- Net assets represented by Paid-in capital $114,719,369 $5,325,094,581 $28,003,370 $825,656,833 $3,643,624,813 Undistributed (overdistributed) net investment income (500) 0 0 (1,250) 0 Accumulated net realized gains or losses on securities 1,747 (1,120,769) 3,620 (48) (20) - -------------------------------------------------------------------------------------------------------- Total net assets $114,720,616 $5,323,973,812 $28,006,990 $825,655,535 $3,643,624,793 - -------------------------------------------------------------------------------------------------------- Shares outstanding - Class A 114,719,369 5,325,094,489 28,003,370 825,655,469 3,643,624,846 Net asset value per share $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - --------------------------------------------------------------------------------------------------------
See Combined Notes to Financial Statements. 39 Evergreen CRT Money Market Funds Statements of Operations Six Months Ended January 31, 2000 (Unaudited)
CRT CRT California CRT New York CRT U.S. Tax-Exempt Money Market Tax-Exempt Tax-Exempt Government Fund Fund Fund Fund Fund - --------------------------------------------------------------------------------------- Investment income Interest $1,731,877 $143,181,014 $388,615 $14,270,255 $99,066,931 - --------------------------------------------------------------------------------------- Expenses Advisory fee 117,722 4,243,429 23,365 854,366 3,163,149 Distribution Plan expenses 176,583 9,580,133 40,357 1,332,401 6,886,189 Administrative services fees 10,702 504,217 2,124 80,752 362,226 Transfer agent fee 46,381 4,790,825 5,598 332,774 3,202,599 Trustees' fees and expenses 1,053 50,127 204 7,996 36,236 Printing and postage expenses 5,503 204,816 1,319 8,363 149,406 Custodian fee 21,486 739,119 4,449 114,817 568,596 Registration and filing fees 10,057 484,518 1,171 124,455 351,964 Professional fees 8,847 93,447 4,985 14,740 44,729 Organization expenses 780 0 195 0 0 Other 16,311 1,323,569 2,543 127,838 142,378 - --------------------------------------------------------------------------------------- Total expenses 415,425 22,014,200 86,310 2,998,502 14,907,472 Less: Expense reductions (3,399) (111,413) (1,348) (16,032) (41,054) - --------------------------------------------------------------------------------------- Net expenses 412,026 21,902,787 84,962 2,982,470 14,866,418 - --------------------------------------------------------------------------------------- Net investment income 1,319,851 121,278,227 303,653 11,287,785 84,200,513 - --------------------------------------------------------------------------------------- Net realized gains or losses on securities 1,747 (1,079,534) 3,620 2,850 (20) - --------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $1,321,598 $120,198,693 $307,273 $11,290,635 $84,200,493 - ---------------------------------------------------------------------------------------
See Combined Notes to Financial Statements. 40 Evergreen CRT Money Market Funds Statements of Changes in Net Assets Six Months Ended January 31, 2000 (Unaudited)
CRT CRT CRT California Money New York CRT U.S. Tax-Exempt Market Tax-Exempt Tax-Exempt Government Fund Fund Fund Fund Fund - ---------------------------------------------------------------------------------------------------- Operations Net investment income $ 1,319,851 $ 121,278,227 $ 303,653 $ 11,287,785 $ 84,200,513 Net realized gains or losses on securities 1,747 (1,079,534) 3,620 2,850 (20) - ---------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations 1,321,598 120,198,693 307,273 11,290,635 84,200,493 - ---------------------------------------------------------------------------------------------------- Distributions to shareholders from net investment income (1,319,851) (121,278,227) (303,653) (11,287,785) (84,200,513) - ---------------------------------------------------------------------------------------------------- Capital share transactions Proceeds from shares sold 112,136,335 6,423,412,212 61,233,306 1,208,374,293 5,828,551,049 Net asset value of shares issued in reinvestment of distributions 1,350,421 119,878,473 296,062 11,470,651 83,868,279 Payment for shares redeemed (104,665,176) (6,067,208,147) (54,167,829) (1,239,423,723) (5,845,592,930) - ---------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from capital share transactions 8,821,580 476,082,538 7,361,539 (19,578,779) 66,826,398 - ---------------------------------------------------------------------------------------------------- Total increase (decrease) in net assets 8,823,327 475,003,004 7,365,159 (19,575,929) 66,826,398 Net assets Beginning of period 105,897,289 4,848,970,808 20,641,831 845,231,464 3,576,798,415 - ---------------------------------------------------------------------------------------------------- End of period $114,720,616 $5,323,973,812 $28,006,990 $ 825,655,535 $3,643,624,793 - ---------------------------------------------------------------------------------------------------- Undistributed (overdistributed) net investment income $ (500) $ 0 $ 0 $ (1,250) $ 0 - ----------------------------------------------------------------------------------------------------
See Combined Notes to Financial Statements. 41 Evergreen CRT Money Market Funds Statements of Changes in Net Assets Year Ended July 31, 1999
CRT CRT CRT California Money New York CRT U.S. Tax-Exempt Market Tax-Exempt Tax-Exempt Government Fund Fund Fund Fund Fund - ---------------------------------------------------------------------------------------------------------- Operations Net investment income $ 2,228,501 $ 196,862,117 $ 463,538 $ 22,144,619 $ 155,744,742 Net realized gains or losses on securities 0 (10,742) 0 0 0 - ---------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations 2,228,501 196,851,375 463,538 22,144,619 155,744,742 - ---------------------------------------------------------------------------------------------------------- Distributions to shareholders from net investment income (2,228,501) (196,862,117) (463,538) (22,144,619) (155,744,742) - ---------------------------------------------------------------------------------------------------------- Capital share transactions Proceeds from shares sold 396,996,499 18,089,898,378 82,706,823 3,090,851,626 12,533,705,976 Net asset value of shares issued in reinvestment of distributions 2,194,969 195,748,017 461,633 22,151,139 155,710,250 Payment for shares redeemed (388,991,731) (17,254,369,398) (77,816,205) (3,082,828,293) (12,274,994,726) - ---------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from capital share transactions 10,199,737 1,031,276,997 5,352,251 30,174,472 414,421,500 - ---------------------------------------------------------------------------------------------------------- Total increase in net assets 10,199,737 1,031,266,255 5,352,251 30,174,472 414,421,500 Net assets Beginning of period 95,697,552 3,817,704,553 15,289,580 815,056,992 3,162,376,915 - ---------------------------------------------------------------------------------------------------------- End of period $ 105,897,289 $ 4,848,970,808 $ 20,641,831 $ 845,231,464 $ 3,576,798,415 - ---------------------------------------------------------------------------------------------------------- Overdistributed net investment income $ (500) $ 0 $ 0 $ (1,250) $ 0 - ----------------------------------------------------------------------------------------------------------
See Combined Notes to Financial Statements. 42 Evergreen CRT Money Market Funds Combined Notes to Financial Statements (Unaudited) 1. Organization The Evergreen CRT Money Market Funds (formerly Cash Resource Trust) consist of Evergreen CRT California Tax-Exempt Money Market Fund ("CRT California Tax- Exempt Fund") (formerly Cash Resource California Tax-Exempt Money Market Fund), Evergreen CRT Money Market Fund ("CRT Money Market Fund") (formerly Cash Resource Money Market Fund), Evergreen CRT New York Tax-Exempt Money Market Fund ("CRT New York Tax-Exempt Fund") (formerly Cash Resource New York Tax- Exempt Money Market Fund), Evergreen CRT Tax-Exempt Money Market Fund ("CRT Tax-Exempt Fund") (formerly Cash Resource Tax-Exempt Money Market Fund) and Evergreen U.S. Government Money Market Fund ("U.S. Government Fund") (formerly Cash Resource U.S. Government Money Market Fund), (collectively, the "Funds"). Each Fund is a diversified series of Cash Resource Trust (the "Trust") organized on June 14, 1993. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Funds offer Class A shares which are sold at net asset value without a front-end sales charge but pay distribution fees. 2. Significant Accounting Policies The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with generally accepted accounting principles, which require management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates. a. Valuation of Securities As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued utilizing the amortized cost method. The amortized cost of an instrument is determined by valuing it at cost originally and thereafter assuming a constant accretion of any discount or amortization of any premium from its face value at a constant rate until maturity. Short-term investments with remaining maturities of 60 days or less are carried at amortized cost, which approximates market value. 43 Evergreen CRT Money Market Funds Combined Notes to Financial Statements (Unaudited) (continued) b. Repurchase Agreements Each Fund may invest in repurchase agreements. Securities pledged as collateral for repurchase agreements are held in a segregated account by the custodian on the Fund's behalf. Collateral for certain tri-party repurchase agreements is held at the counterparty's custodian in a segregated account for the benefit of the Fund and the counterparty. Each Fund monitors the adequacy of the collateral daily and will require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. Each Fund will only enter into repurchase agreements with banks and other financial institutions, which are deemed by the investment advisor to be creditworthy pursuant to guidelines established by the Board of Trustees. c. Security Transactions and Investment Income Security transactions are accounted for no later than one business day after the trade date. Realized gains and losses are computed on the identified cost basis. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. d. Federal Taxes The Funds have qualified and intend to continue to qualify as regulated investment companies under the Internal Revenue Code of 1986, as amended (the "Code"). Thus, the Funds will not incur any federal income tax liability since they are expected to distribute all of their net investment company taxable income, net tax-exempt income and net capital gains, if any, to their shareholders. The Funds also intend to avoid any excise tax liability by making the required distributions under the Code. Accordingly, no provision for federal taxes is required. To the extent that realized capital gains can be offset by capital loss carryforwards, it is each Fund's policy not to distribute such gains. e. Distributions Distributions from net investment income for the Funds are declared daily and paid monthly. Distributions from net realized capital gains, if any, are paid at least annually. Distributions to shareholders are recorded at the close of business on the ex-dividend date. 44 Evergreen CRT Money Market Funds Combined Notes to Financial Statements (Unaudited) (continued) Income and capital gains distributions to shareholders are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. On July 31, 1999, the Funds had capital loss carryovers for federal income tax purposes as follows:
Capital Expiration Loss ---------------------- Carryforwad 2004 2006 2007 - --------------------------------------------------------- CRT Money Market Fund $41,235 $ 0 $30,493 $10,742 CRT Tax-Exempt Fund 2,898 2,898 0 0
f. Organization Expenses Organization expenses for CRT California Tax-Exempt Fund and CRT New York Tax- Exempt Fund are amortized to operations over a five-year period on a straight- line basis. In the event any of the initial shares of the Funds are redeemed by any holder during the five-year amortization period, redemption proceeds will be reduced by any unamortized organization expenses in the same proportion as the number of initial shares being redeemed bears to the number of initial shares outstanding at the time of the redemption. 3. Investment Advisory Agreements and Other Affiliated Transactions Mentor Investment Advisors, LLC ("Mentor Advisors"), a subsidiary of First Union Corp. ("First Union"), serves as the investment advisor for each Fund and is paid a management fee that is computed daily and paid monthly. Each Fund pays Mentor Advisors a fee at the following annual rates expressed as a percentage of each Fund's average daily net assets: 0.22% of the first $500 million, 0.20% of the next $500 million, 0.175% of the next $1 billion, 0.16% of the next $1 billion, and 0.15% of any amounts over $3 billion. Mentor Advisors may from time to time voluntarily waive some or all of its investment advisory fee and may terminate any such voluntary waiver at any time at its sole discretion. 45 Evergreen CRT Money Market Funds Combined Notes to Financial Statements (Unaudited) (continued) Evergreen Investment Services ("EIS"), an indirect, wholly-owned subsidiary of First Union National Bank ("FUNB"), is the administrator to the Funds. As administrator, EIS provides the Funds with facilities, equipment and personnel. EIS is entitled to a fee at an annual rate of 0.02% of the average daily net assets of the Funds. Evergreen Service Company ("ESC"), an indirectly, wholly owned subsidiary of FUNB, serves as the transfer and dividend disbursing agent for the Funds. Prior to September 13, 1999 Investors Fiduciary Trust Company ("IFTC") served as transfer and dividend disbursing agent for the Funds.
The Funds paid or accrued the following amounts to ESC for transfer agent fees for the six months ended January 31, 2000: - ------------------------------------------ CRT California Tax-Exempt Fund $ 24,374 CRT Money Market Fund 2,114,712 CRT New York Tax-Exempt Fund 3,465 CRT Tax-Exempt Fund 147,152 U.S. Government Fund 2,394,073 - ------------------------------------------
4. Distribution Plans Evergreen Distributor, Inc. ("EDI"), a wholly owned subsidiary of The BISYS Group, Inc. ("BISYS"), serves as principal underwriter to the Funds. Each Fund has adopted a Distribution Plan, as allowed by Rule 12b-1 of the 1940 Act, for its Class A shares. Distribution plans permit a Fund to compensate its principal underwriter for costs related to selling shares of the Fund and for various other services. These costs, which consist primarily of commissions and service fees to broker-dealers who sell shares of the Fund, are paid by the Fund through "Distribution Plan expenses". Under the Distribution Plan, Class A shares of the CRT California Tax-Exempt Fund and the CRT Tax-Exempt Fund incur distributions fees equal to 0.33% of the average daily net assets of each Fund; Class A shares of the CRT Money Market Fund and U.S. Government Fund incur distribution fees equal to 0.38% of the average daily net assets of each Fund, and Class A shares of CRT New York Tax-Exempt Fund incurs distribution fees up to 0.50% of the Fund's average daily net assets. The Distribution Plan expenses are calculated daily and paid at least quarterly. 46 Evergreen CRT Money Market Funds Combined Notes to Financial Statements (Unaudited) (continued) The Distribution Plan may be terminated at any time by vote of the Independent Trustees or by vote of a majority of the outstanding voting shares. Prior to October 18, 1999, Mentor Distributors, LLC ("Mentor Distributors") served as principal underwriter to the Funds. Mentor Distributors is a wholly owned subsidiary of BISYS Fund Services, Inc. During the six months ended January 31, 2000, amounts paid or accrued to EDI and Mentor pursuant to each Fund's Class A Distribution Plan were as follows:
EDI Mentor - ----------------------------------------------------- CRT California Tax-Exempt Fund $ 104,691 $ 71,892 CRT Money Market Fund 5,775,801 3,804,332 CRT New York Tax-Exempt Fund 24,870 15,487 CRT Tax-Exempt Fund 777,743 554,658 U.S. Government Fund 3,845,467 3,040,722 - -----------------------------------------------------
5. Capital Share Transactions The Funds have an unlimited number of shares of beneficial interest with no par value authorized. Shares of beneficial interest of the Funds are currently designated as Class A. Transactions in shares (valued at $1.00 per share) of the Funds were as follows: CRT California Tax-Exempt Fund
Six Months Ended Year Ended January 31, 2000 July 31, 1999 - ------------------------------------------------------------------- Shares sold 112,136,335 396,996,499 Shares issued in reinvestment of distributions 1,350,421 2,194,969 Shares redeemed (104,665,176) (388,991,731) - ------------------------------------------------------------------- Total increase 8,821,580 10,199,737 - ------------------------------------------------------------------- CRT Money Market Fund Six Months Ended Year Ended January 31, 2000 July 31, 1999 - ------------------------------------------------------------------- Shares sold 6,423,412,212 18,089,898,378 Shares issued in reinvestment of distributions 119,878,381 195,748,017 Shares redeemed (6,067,208,147) (17,254,369,398) - ------------------------------------------------------------------- Total increase 476,082,446 1,031,276,997 - -------------------------------------------------------------------
47 Evergreen CRT Money Market Funds Combined Notes to Financial Statements (Unaudited) (continued) CRT New York Tax-Exempt Fund
Six Months Ended January 31, Year Ended 2000 July 31, 1999 - --------------------------------------------------- Shares sold 61,233,306 82,706,823 Shares issued in reinvestment of distributions 296,062 461,633 Shares redeemed (54,167,829) (77,816,205) - --------------------------------------------------- Total increase 7,361,539 5,352,251 - ---------------------------------------------------
CRT Tax Exempt Fund
Six Months Ended January 31, Year Ended 2000 July 31, 1999 - --------------------------------------------------- Shares sold 1,208,374,293 3,090,851,626 Shares issued in reinvestment of distributions 11,470,651 22,151,139 Shares redeemed (1,239,423,723) (3,082,828,293) - --------------------------------------------------- Total increase (decrease) (19,578,779) 30,174,472 - ---------------------------------------------------
U.S. Government Fund
Six Months Ended January 31, Year Ended 2000 July 31, 1999 - --------------------------------------------------- Shares sold 5,828,551,049 12,533,705,976 Shares issued in reinvestment of distributions 83,868,312 155,710,250 Shares redeemed (5,845,592,930) (12,274,994,726) - --------------------------------------------------- Total increase 66,826,431 414,421,500 - ---------------------------------------------------
6. Expense Reductions The Funds have entered into expense offset arrangements with ESC on September 13, 1999 and with their custodian whereby credits realized as a result of uninvested cash balances were used to reduce a portion of each Fund's related expenses. The assets deposited with ESC and the custodian under these expense offset arrangements could have been invested in income-producing assets. The amount of expense reductions received by each Fund 48 Evergreen CRT Money Market Funds Combined Notes to Financial Statements (Unaudited) (continued) and the impact of the total expense reductions on each Fund's expense ratio represented as a percentage of its average net assets were as follows:
Total Expense % of Average Reductions Net Assets - ------------------------------------------------------- CRT California Tax-Exempt Fund $ 3,399 0.01% CRT Money Market Fund 111,413 0.00% CRT New York Tax-Exempt Fund 1,348 0.01% CRT Tax-Exempt Fund 16,032 0.00% US Government Fund 41,054 0.00% - -------------------------------------------------------
7. Deferred Trustees' Fees Each Independent Trustee of each Fund may defer any or all compensation related to performance of their duties as Trustees. The Trustees' deferred balances are allocated to deferral accounts, which are included in the accrued expenses for the Fund. The investment performance of the deferral accounts are based on the investment performance of certain Evergreen Funds. Any gains earned or losses incurred in the deferral accounts are reported in the Fund's Trustees' fees and expenses. At the election of the Trustees, the deferral account will be paid either in one lump sum or in quarterly installments for up to ten years. 8. Financing Agreement On July 27, 1999, certain Evergreen Funds and a group of banks (the "Lenders") entered into a credit agreement. Under this agreement, effective for certain Evergreen Funds on July 27, 1999, the Lenders provide an unsecured revolving credit commitment in the aggregate amount of $1.050 billion. On August 6, 1999 the Funds became party to this agreement. The credit facility is allocated, under the terms of the financing agreement, among the Lenders. The credit facility is accessed by the Funds for temporary or emergency purposes to fund the redemption of their shares or a general working capital as permitted by each Fund's borrowing restrictions. Borrowings under this facility bear interest at 0.75% per annum above the Federal Funds rate (1.50% per annum above the Federal Funds rate during the period from and including December 1, 1999 through and including January 31, 2000). A commitment fee of 0.10% per annum is incurred on the average daily unused portion of the revolving credit commitment. The commitment fee is allocated to all funds. For its assistance in arranging this financing agreement, First Union Capital Markets Corp. 49 Evergreen CRT Money Market Funds Combined Notes to Financial Statements (Unaudited) (continued) was paid a one-time arrangement fee of $250,000. State Street Bank and Trust Company serves as paying agent for the funds and as paying agent is entitled to a fee of $20,000 per annum, which is allocated to all the funds. The Funds did not borrow under this agreement during the six months ended January 31, 2000. 9. Concentration of Risk CRT California Tax-Exempt Fund and CRT New York Tax-Exempt Fund invest a substantial portion of their assets in obligations located in a single state, and therefore they may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt mutual fund. 50 Evergreen CRT Money Market Funds Additional Information (Unaudited) - -------------------------------------------------------------------------------- On December 15, 1999, a special meeting of shareholders for the Funds was held to consider a number of proposals. On October 15, 1999, the record date of the meeting, the Funds had:
CRT CRT CRT California Money New York CRT U.S. Tax-Exempt Market Tax-Exempt Tax-Exempt Government Fund Fund Fund Fund Fund ---------- ------------- ----------- ----------- ------------- Record Date Shares Outstanding 20,336,279 4,961,399,986 101,918,714 785,943,247 3,577,861,820 Shares represented at the meeting 20,332,011 4,696,804,171 101,893,076 701,467,413 3,165,404,996 Percentage of record date shares represented at the meeting 99.92% 94.66% 99.97% 89.25% 88.47% The votes recorded at the meeting, by proposal, were as follows: Proposal 1 Election of Directors Laurence B. Ashkin Shares voted "For" 20,283,963 4,657,083,006 101,182,690 694,848,234 3,142,743,930 Shares voted "Against" 0 0 0 0 0 Shares voted "Abstain" 38,048 39,721,165 710,386 6,589,179 22,661,066 Charles A. Austin III Shares voted "For" 20,283,963 4,659,404,643 101,217,429 694,714,199 3,145,611,288 Shares voted "Against" 0 0 0 0 0 Shares voted "Abstain" 38,048 37,399,528 675,647 6,753,214 19,793,708 K. Dun Gifford Shares voted "For" 20,283,963 4,660,891,208 101,190,471 695,128,137 3,146,183,384 Shares voted "Against" 0 0 0 0 0 Shares voted "Abstain" 38,048 35,912,963 702,605 6,339,276 19,221,612 Leroy Keith, Jr. Shares voted "For" 20,283,963 4,661,302,135 101,134,159 695,094,032 3,144,941,808 Shares voted "Against" 0 0 0 0 0 Shares voted "Abstain" 38,048 35,502,036 758,917 6,373,381 20,463,188 Gerald M. McDonnell Shares voted "For" 20,283,963 4,661,376,329 101,179,747 695,184,317 3,144,795,531 Shares voted "Against" 0 0 0 0 0 Shares voted "Abstain" 38,048 35,427,842 713,329 6,283,096 20,609,465
51 Evergreen CRT Money Market Funds Additional Information (Unaudited) (continued)
CRT CRT CRT California Money New York CRT U.S. Tax-Exempt Market Tax-Exempt Tax-Exempt Government Fund Fund Fund Fund Fund ---------- ------------- ----------- ----------- ------------- Thomas L. McVerry Shares voted "For" 20,283,963 4,661,597,453 101,217,429 695,115,626 3,145,122,433 Shares voted "Against" 0 0 0 0 0 Shares voted "Abstain" 38,048 35,206,718 675,647 6,351,787 20,282,563 William Walt Pettit Shares voted "For" 20,283,963 4,661,231,726 101,149,439 694,075,420 3,146,300,145 Shares voted "Against" 0 0 0 0 0 Shares voted "Abstain"" 38,048 35,572,445 743,637 7,391,993 19,104,851 David M. Richardson Shares voted "For" 20,283,963 4,661,418,913 101,217,429 695,157,876 3,145,013,497 Shares voted "Against" 0 0 0 0 0 Shares voted "Abstain" 38,048 35,385,258 675,647 6,309,537 20,391,499 Russell A. Salton, III MD Shares voted "For" 20,283,963 4,660,738,958 101,190,471 694,834,827 3,146,164,947 Shares voted "Against" 0 0 0 0 0 Shares voted "Abstain" 38,048 36,065,213 702,605 6,632,586 19,240,049 Michael S. Scofield Shares voted "For" 20,283,963 4,661,111,085 101,193,430 693,955,374 3,146,309,131 Shares voted "Against" 0 0 0 0 0 Shares voted "Abstain" 38,048 35,693,086 699,646 7,512,039 19,095,865 Richard J. Shima Shares voted "For" 20,283,963 4,661,216,758 101,193,430 695,095,809 3,146,241,867 Shares voted "Against" 0 0 0 0 0 Shares voted "Abstain" 38,048 35,587,413 699,646 6,371,604 19,163,129 Arnold H. Dreyfuss Shares voted "For" 20,283,963 4,658,333,922 101,107,541 695,100,064 3,144,441,269 Shares voted "Against" 0 0 0 0 0 Shares voted "Abstain" 38,048 38,470,249 785,535 6,367,349 20,963,727 Louis W. Moelchert, Jr. Shares voted "For" 20,283,963 4,661,379,020 101,190,471 695,122,732 3,146,814,627 Shares voted "Against" 0 0 0 0 0 Shares voted "Abstain" 38,048 35,425,151 702,605 6,344,681 18,590,369
52 Evergreen CRT Money Market Funds Additional Information (Unaudited) (continued) Proposal 2 -- To transact any other business that may properly come before the meeting or any adjournment thereof:
CRT CRT CRT California Money New York CRT U.S. Tax-Exempt Market Tax-Exempt Tax-Exempt Government Fund Fund Fund Fund Fund ---------- ------------- ----------- ----------- ------------- Shares voted "For" 20,266,608 4,627,907,913 100,362,236 687,855,788 3,109,606,702 Shares voted "Against" 15,363 31,592 835 168,205 5,503,128 27,300,659 Shares voted "Abstain" 40,040 37,303,425 1,362,635 8,108,497 28,497,635
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