|
EVERGREEN
INTERNATIONAL BALANCED INCOME FUND
SCHEDULE OF INVESTMENTS
continued
|
|
|
|
|
|
|
|
January
31, 2010 (unaudited)
|
|
Summary of Abbreviations
|
|
ADR
|
American
Depository Receipt
|
|
AUD
|
Australian Dollar
|
|
BRL
|
Brazil Real
|
|
EUR
|
Euro
|
|
FRN
|
Floating Rate Note
|
|
GBP
|
Great British Pound
|
|
GDR
|
Global Depository Receipt
|
|
HUF
|
Hungarian Forint
|
|
KRW
|
Republic of Korea Won
|
|
MXN
|
Mexican Peso
|
|
MYR
|
Malaysian Ringgit
|
|
NOK
|
Norwegian Krone
|
|
NZD
|
New Zealand Dollar
|
The following table shows the percent of total long-term investments by geographic location as of January 31, 2010:
|
United
Kingdom
|
17.6
|
%
|
|
France
|
7.1
|
%
|
|
Netherlands
|
6.2
|
%
|
|
Germany
|
6.0
|
%
|
|
Norway
|
5.9
|
%
|
|
Canada
|
5.7
|
%
|
|
South
Korea
|
4.1
|
%
|
|
United
States
|
3.7
|
%
|
|
Australia
|
3.6
|
%
|
|
Mexico
|
3.5
|
%
|
|
Switzerland
|
3.1
|
%
|
|
Japan
|
2.9
|
%
|
|
Sweden
|
2.8
|
%
|
|
Spain
|
2.5
|
%
|
|
Brazil
|
2.5
|
%
|
|
Italy
|
2.1
|
%
|
|
Belgium
|
2.0
|
%
|
|
Malaysia
|
1.9
|
%
|
|
Bermuda
|
1.7
|
%
|
|
Israel
|
1.6
|
%
|
|
Hungary
|
1.5
|
%
|
|
Austria
|
1.5
|
%
|
|
Greece
|
1.4
|
%
|
|
Finland
|
1.1
|
%
|
|
Hong
Kong
|
1.0
|
%
|
|
Luxembourg
|
1.0
|
%
|
|
Morocco
|
0.8
|
%
|
|
Cayman
Islands
|
0.7
|
%
|
|
Denmark
|
0.6
|
%
|
|
Singapore
|
0.6
|
%
|
|
New
Zealand
|
0.5
|
%
|
|
Taiwan
|
0.5
|
%
|
|
Colombia
|
0.4
|
%
|
|
Croatia
|
0.3
|
%
|
|
Georgia
|
0.3
|
%
|
|
South
Africa
|
0.3
|
%
|
|
Kazakhstan
|
0.3
|
%
|
|
Philippines
|
0.2
|
%
|
|
Peru
|
0.2
|
%
|
|
Liberia
|
0.2
|
%
|
|
Ukraine
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
During the period ended January 31, 2010, the Fund entered into written options for speculative purposes.
Open call options written at January 31, 2010 were as follows:
|
|
Expiration
Date
|
|
Index
|
|
Number
of
Contracts
|
|
Strike
Price
|
|
Market
Value
|
|
Premiums
Received
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
02/19/2010
|
|
AEX
Index
|
|
175
|
|
|
357
|
EUR
|
|
$
4,780
o
|
|
|
$40,236
|
|
|
|
02/19/2010
|
|
CAC
40 Index
|
|
149
|
|
|
4,196
|
EUR
|
|
1,277
o
|
|
|
39,388
|
|
|
|
02/19/2010
|
|
DAX
Index
|
|
200
|
|
|
6,233
|
EUR
|
|
2,249
o
|
|
|
42,681
|
|
|
|
02/19/2010
|
|
DJ
Euro Stoxx 50 Index
|
|
200
|
|
|
3,122
|
EUR
|
|
2,303
o
|
|
|
42,762
|
|
|
|
02/19/2010
|
|
FTSE
100 Index
|
|
95
|
|
|
5,776
|
GBP
|
|
247
o
|
|
|
22,937
|
|
|
|
02/19/2010
|
|
NASDAQ
100 Index
|
|
45
|
|
|
1,966
|
USD
|
|
1,368
o
|
|
|
28,787
|
|
|
|
02/19/2010
|
|
NYSE
Arca Airline Index
|
|
2,383
|
|
|
37
|
USD
|
|
8,293
o
|
|
|
184,587
|
|
|
|
02/19/2010
|
|
OMX
Stockholm 30 Index
|
|
617
|
|
|
1,028
|
SEK
|
|
9,166
o
|
|
|
50,435
|
|
|
|
02/19/2010
|
|
Russell
2000 Index
|
|
132
|
|
|
690
|
USD
|
|
3,414
o
|
|
|
48,349
|
|
|
|
02/19/2010
|
|
S&P
400 MidCap Index
|
|
113
|
|
|
782
|
USD
|
|
1,731
o
|
|
|
37,853
|
|
|
o
|
Valued at fair value as determined by the investment advisor using third party marketing tools, according to procedures approved by the Board of Trustees.
|
The Fund had average premiums received on written call options in the amount of $454,109 during the period from November 1, 2009 through January 31, 2010.
On January 31, 2010, the aggregate cost of securities for federal income tax purposes was $191,286,444. The gross unrealized appreciation and depreciation on securities based on tax cost was $8,103,503 and $11,963,375, respectively, with a net unrealized depreciation of $3,859,872.
Valuation of investments
Listed equity securities are usually valued at the last sales price or official closing price on the national securities exchange where the securities are principally traded. If there has been no sale, the securities are valued at the mean between bid and asked prices. Non-listed preferred securities are valued using evaluated prices determined by an independent pricing service which takes into consideration such factors as similar security prices, spreads, liquidity, benchmark quotes and market conditions. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers who use prices provided by market makers or estimates of market value obtained from yield data relating to investments or securities with similar characteristics.
|
EVERGREEN
INTERNATIONAL BALANCED INCOME FUND
SCHEDULE OF INVESTMENTS
continued
|
|
|
|
|
|
|
|
January
31, 2010 (unaudited)
|
Foreign securities traded on an established exchange are valued at the last sales price on the exchange where the security is primarily traded. If there has been no sale, the securities are valued at the mean between bid and asked prices. Foreign securities may be valued at fair value according to procedures approved by the Board of Trustees if the closing price is not reflective of current market values due to trading or events occurring in the foreign markets between the close of the established exchange and the valuation time of the Fund. In addition, substantial changes in values in the U.S. markets subsequent to the close of a foreign market may also affect the values of securities traded in the foreign market. The value of foreign securities may be adjusted if such movements in the U.S. market exceed a specified threshold.
Portfolio debt securities acquired with more than 60 days to maturity are fair valued using matrix pricing methods determined by an independent pricing service which takes into consideration such factors as similar security prices, yields, maturities, liquidity and ratings. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of fair market value obtained from yield data relating to investments or securities with similar characteristics.
Investments in open-end mutual funds are valued at net asset value. Securities for which market quotations are not readily available or not reflective of current fair value are valued at fair value as determined by the investment advisor in good faith, according to procedures approved by the Board of Trustees.
The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.
Foreign currency translation
All assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for that portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments.
Securities lending
The Fund may lend its securities to certain qualified brokers in order to earn additional income. The Fund receives compensation in the form of fees or interest earned on the investment of any cash collateral received. The Fund also continues to receive interest and dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a market value at least equal to the market value of the securities on loan, including accrued interest. In the event of default or bankruptcy by the borrower, the Fund could experience delays and costs in recovering the loaned securities or in gaining access to the collateral. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.
Options
The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may write covered put or call options. When a Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options, which expire unexercised, are recognized as realized gains from investments on the expiration date. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased.
The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.
The Fund may also purchase call or put options. The premium is included in the Statement of Assets and Liabilities as an investment which is subsequently adjusted to the current market value of the option. Premiums paid for purchased options which expire are recognized as realized losses from investments on the expiration date. Premiums paid for purchased options which are exercised or closed are added to the amount paid or offset against the proceeds on the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid.
Options traded on an exchange are regulated and terms of the options are standardized. Options traded over the counter expose the Fund to counterparty risk in the event the counterparty does not perform. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.
Valuation hierarchy
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. These inputs are summarized into three broad levels as follows:
|
Level
1 –
quoted prices in active markets for identical securities
Level
2 –
other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level
3 –
significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
|
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
|
EVERGREEN
INTERNATIONAL BALANCED INCOME FUND
SCHEDULE OF INVESTMENTS
continued
|
|
|
|
|
|
|
|
January
31, 2010 (unaudited)
|
As of January 31, 2010, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:
|
Investments
in Securities
|
|
Quoted
Prices
(Level 1)
|
|
Significant
Other Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stocks
|
|
$
|
7,844,220
|
|
|
$
|
107,176,349
|
|
|
$
|
0
|
|
$
|
115,020,569
|
|
|
Preferred
stocks
|
|
|
225,450
|
|
|
|
2,328,537
|
|
|
|
0
|
|
|
2,553,987
|
|
|
Corporate
debt securities
|
|
|
0
|
|
|
|
29,002,414
|
|
|
|
|
|
|
29,002,414
|
|
|
Debt
securities issued by foreign governments
|
|
|
0
|
|
|
|
28,446,111
|
|
|
|
0
|
|
|
28,446,111
|
|
|
Other
|
|
|
3,100,679
|
|
|
|
128,369
|
|
|
|
0
|
|
|
3,229,048
|
|
|
Short-term
investments
|
|
|
9,174,443
|
|
|
|
0
|
|
|
|
0
|
|
|
9,174,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
20,344,792
|
|
|
$
|
167,081,780
|
|
|
$
|
0
|
|
$
|
187,426,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of January 31, 2010, the inputs used in valuing the Fund’s other financial instruments, which are carried at fair value, were as follows:
|
|
|
Quoted
Prices
(Level 1)
|
|
Significant
Other Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
financial instruments*
|
|
|
$0
|
|
|
$(34,828)
|
|
|
$
|
0
|
|
|
$(34,828)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Other financial instruments include written options.
|
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
Other
financial
instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
as of November 1, 2009
|
|
$
|
(17,962
|
)
|
|
Realized
gains or losses
|
|
|
67,333
|
|
|
Change
in unrealized gains or losses
|
|
|
(49,371
|
)
|
|
Net
purchases (sales)
|
|
|
0
|
|
|
Transfers
in and/or out of Level 3
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
as of January 31, 2010
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
in unrealized gains or losses included in earnings relating to securities
still held at January 31, 2010
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|