EVERY SHAREHOLDER'S VOTE IS IMPORTANT!

             THE BOARD OF TRUSTEES RECOMMENDS A VOTE "FOR" EACH PROPOSAL.

                      PLEASE VOTE,  SIGN, DATE AND PROMPTLY RETURN
                      YOUR PROXY IN THE ENCLOSED ENVELOPE TODAY!

                     Please detach at perforation before mailing.

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                        THE TAX FREE MONEY MARKET FUND,
                         a series of The Virtus Funds


                     PROXY FOR THE MEETING OF SHAREHOLDERS
                        TO BE HELD ON FEBRUARY 20, 1998


   
         The undersigned, revoking all Proxies heretofore given, hereby appoints
C. Grant  Anderson,  Carol B. Kayworth,  Patricia F. Conner,  Ann M. Scanlon and
Catherine M. Ryan or any of them as Proxies of the undersigned,  with full power
of substitution, to vote on behalf of the undersigned all shares of The Tax Free
Money Market  Fund,  a series of The Virtus  Funds  ("Virtus Tax Free") that the
undersigned is entitled to vote at the special meeting of shareholders of Virtus
Tax Free to be held at 2:00 p.m. on Friday,  February 20, 1998 at the offices of
the Evergreen Funds, 200 Berkeley Street, Boston, Massachusetts 02116 and at any
adjournments  thereof,  as fully as the undersigned would be entitled to vote if
personally present.
    

                           NOTE:  PLEASE SIGN EXACTLY AS YOUR NAME(S)  APPEAR ON
                           THIS  PROXY.  If joint  owners,  EITHER may sign this
                           Proxy.   When   signing   as   attorney,    executor,
                           administrator,  trustee, guardian, or custodian for a
                           minor,  please give your full title.  When signing on
                           behalf  of a  corporation  or  as  a  partner  for  a
                           partnership,   please  give  the  full  corporate  or
                           partnership name and your title, if any.

                           Date                 , 199


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                           Signature(s) and Title(s), if applicable







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     THIS PROXY IS  SOLICITED  ON BEHALF OF THE BOARD OF  TRUSTEES OF THE VIRTUS
FUNDS. THIS PROXY WILL BE VOTED AS SPECIFIED BELOW WITH RESPECT TO THE ACTION TO
BE TAKEN ON THE FOLLOWING PROPOSALS. THE SHARES REPRESENTED HEREBY WILL BE VOTED
AS  INDICATED  OR FOR THE  PROPOSALS  IF NO  CHOICE IS  INDICATED.  THE BOARD OF
TRUSTEES OF THE VIRTUS FUNDS  RECOMMENDS A VOTE FOR THE  PROPOSALS.  PLEASE MARK
YOUR VOTE BELOW IN BLUE OR BLACK INK. DO NOT USE RED INK. EXAMPLE: X


         1. To approve an Agreement and Plan of Reorganization whereby Evergreen
Tax Exempt Money Market Fund, a series of Evergreen Money Market Trust, will (i)
acquire all of the assets of Virtus Tax Free in exchange for shares of Evergreen
Tax Exempt Money Market Fund; and (ii) assume certain identified  liabilities of
Virtus Tax Free, as substantially described in the accompanying Prospectus/Proxy
Statement.


- ---- FOR                      ---- AGAINST                          ---- ABSTAIN

         2. To approve the proposed Interim  Investment  Advisory Agreement with
Virtus Capital Management, Inc.


- ---- FOR                      ---- AGAINST                          ---- ABSTAIN

         3. To consider and vote upon such other  matters as may  properly  come
before said meeting or any adjournments thereof.