0001133228-09-000370.txt : 20090528 0001133228-09-000370.hdr.sgml : 20090528 20090528135152 ACCESSION NUMBER: 0001133228-09-000370 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090331 FILED AS OF DATE: 20090528 DATE AS OF CHANGE: 20090528 EFFECTIVENESS DATE: 20090528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EVERGREEN VARIABLE ANNUITY TRUST /DE/ CENTRAL INDEX KEY: 0000928754 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-08716 FILM NUMBER: 09856947 BUSINESS ADDRESS: STREET 1: 200 BERKELEY STREET STREET 2: 26TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 6172103200 MAIL ADDRESS: STREET 1: 200 BERKELEY STREET CITY: BOSTON STATE: MA ZIP: 02116 FORMER COMPANY: FORMER CONFORMED NAME: EVERGREEN VARIABLE ANNUITY TRUST /OH/ DATE OF NAME CHANGE: 20010118 FORMER COMPANY: FORMER CONFORMED NAME: EVERGREEN VARIABLE TRUST /OH DATE OF NAME CHANGE: 19951201 FORMER COMPANY: FORMER CONFORMED NAME: FIRST UNION INVESTMENT TRUST DATE OF NAME CHANGE: 19940822

0000928754 S000000449 Evergreen VA Core Bond Fund

C000001262 1

C000001263 2

0000928754 S000000450 Evergreen VA Diversified Income Builder Fund

C000001264 1

C000001265 2

0000928754 S000000451 Evergreen VA Diversified Capital Builder Fund

C000001266 1

C000001267 2

0000928754 S000000453 Evergreen VA Growth Fund

C000001270 1

C000001271 2

0000928754 S000000454 Evergreen VA High Income Fund

C000001272 1

C000001273 2

0000928754 S000000455 Evergreen VA International Equity Fund

C000001274 1

C000001275 2

0000928754 S000000456 Evergreen VA Omega Fund

C000001276 1

C000001277 2

0000928754 S000000457 Evergreen VA Special Values Fund

C000001278 1

C000001279 2

0000928754 S000003471 Evergreen VA Fundamental Large Cap Fund

C000009608 1

C000009609 2

N-Q 1 e154837ev_h.htm EVERGREEN VARIABLE ANNUITY TRUST

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number 811-08716

Evergreen Variable Annuity Trust

(Exact name of registrant as specified in charter)

200 Berkeley Street

Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Michael H. Koonce, Esq.

200 Berkeley Street

Boston, Massachusetts 02116

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 210-3200

Date of fiscal year end:

Registrant is making a quarterly filing for nine of its series, Evergreen VA Core Bond Fund, Evergreen VA Diversified Capital Builder Fund, Evergreen VA Diversified Income Builder Fund, Evergreen VA Fundamental Large Cap Fund, Evergreen VA Growth Fund, Evergreen VA High Income Fund, Evergreen VA International Equity Fund, Evergreen VA Omega Fund and Evergreen VA Special Values Fund, for the quarter ended March 31, 2009. These series have December 31 fiscal year end.

Date of reporting period: March 31, 2009

Item 1 – Schedule of Investments

EVERGREEN VA CORE BOND FUND SCHEDULE OF INVESTMENTS



March 31, 2009 (unaudited)
	Principal Amount		Value


AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 10.8%
FIXED-RATE 9.7%
FNMA:
4.43%, 08/01/2009	$	295,178	$	294,783
4.59%, 06/01/2011		342,415		352,617
6.01%, 02/01/2012		311,465		331,807
6.20%, 01/01/2011-05/01/2011		681,494		715,362
6.32%, 01/01/2011 ¶		908,116		945,764


				2,640,333


FLOATING-RATE 1.1%
FNMA, 5.91%, 02/01/2012		290,238		308,958


Total Agency Commercial Mortgage-Backed Securities (cost $2,978,154)				2,949,291


AGENCY MORTGAGE-BACKED PASS THROUGH SECURITIES 26.4%
FIXED-RATE 24.2%
FHLMC 30 year:
5.00%, TBA #		1,235,000		1,273,786
5.50%, TBA #		980,000		1,016,903
6.00%, TBA #		660,000		690,010
FNMA:
4.50%, 04/01/2019		185,051		191,717
5.00%, 10/01/2020		168,323		175,201
FNMA 15 year:
4.00%, TBA #		540,000		549,112
4.50%, TBA #		905,000		931,868
5.00%, TBA #		1,195,000		1,239,252
5.50%, TBA #		525,000		547,394


				6,615,243


FLOATING-RATE 2.2%
FNMA:
5.45%, 01/01/2036		323,431		331,884
5.50%, 03/01/2036		243,280		252,653


				584,537


Total Agency Mortgage-Backed Pass Through Securities (cost $7,090,895)				7,199,780


AGENCY REPERFORMING MORTGAGE-BACKED COLLATERALIZED MORTGAGE OBLIGATIONS 2.1%
FIXED-RATE 2.1%
FNMA, Ser. 2003-W12, Class 1A8, 4.55%, 06/25/2043 (cost $522,781)		553,208		560,250


ASSET-BACKED SECURITIES 2.2%
American Home Mtge. Investment Trust, Ser. 2005-2, Class 5A4C, 5.41%, 09/25/2035		260,000		65,406
Deutsche Alt-A Securities, Inc., Mtge. Loan Trust, Ser. 2005-03, Class 4A5, 5.25%, 06/25/2035		290,000		175,882
Lehman XS Trust:
Ser. 2005-06, Class 3A2B, 5.42%, 11/25/2035		415,000		150,480
Ser. 2005-06, Class 3A3A, 5.76%, 11/25/2035		145,000		40,873
Morgan Stanley Mtge. Loan Trust, Ser. 2006-12XS, Class A3, 5.80%, 10/25/2036		260,000		83,776
Nomura Asset Acceptance Corp., Ser. 2006-AP1, Class A2, 5.52%, 02/25/2036		235,000		96,668


Total Asset-Backed Securities (cost $1,587,651)				613,085


COMMERCIAL MORTGAGE-BACKED SECURITIES 15.3%
FIXED-RATE 9.2%
Banc of America Comml. Mtge. Securities, Inc., Ser. 2006-04, Class AM, 5.68%, 07/10/2046		490,000		220,857
Commercial Mtge. Pass-Through Cert.:
Ser. 2004-LB4, Class A2, 4.05%, 10/15/2037		445,236		441,616
Ser. 2007-C9, Class B, 5.82%, 12/10/2049		235,000		33,980
Credit Suisse First Boston Mtge. Securities Corp., Ser. 2006-C4, Class A3, 5.47%, 09/15/2039		390,000		259,034
GE Capital Comml. Mtge. Corp., Ser. 2007-C1:
Class A4, 5.54%, 12/10/2049		510,000		329,128
Class C, 5.70%, 12/10/2049		350,000		45,065

EVERGREEN VA CORE BOND FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Principal Amount		Value


COMMERCIAL MORTGAGE-BACKED SECURITIES continued
FIXED-RATE continued
Goldman Sachs Mtge. Securities Corp., Ser. 2007-GG10, Class A2, 5.78%, 08/10/2045	$	320,000	$	270,687
JPMorgan Chase & Co. Comml. Mtge. Securities Corp.:
Ser. 2006-LDP9, Class A3, 5.34%, 05/15/2047		575,000		384,956
Ser. 2007-CB18, Class A4, 5.44%, 06/12/2047		350,000		227,032
LB-UBS Comml. Mtge. Trust, Ser. 2004-C1, Class A4, 4.57%, 01/15/2031		360,000		288,618


				2,500,973


FLOATING-RATE 6.1%
Citigroup Comml. Mtge. Trust, Ser. 2006-C4, Class AJ, 5.92%, 03/15/2049		80,000		20,593
Credit Suisse Mtge. Capital Cert., Ser. 2006-C1, Class AM, 5.73%, 02/15/2039		490,000		243,240
Goldman Sachs Mtge. Securities Corp., Ser. 2007-GG10, Class A4, 5.99%, 08/10/2045		885,000		606,810
Greenwich Capital Comml. Funding Corp., Ser. 2007-GG11, Class B, 6.30%, 12/10/2049		195,000		31,711
JPMorgan Chase & Co. Comml. Mtge. Securities Corp., Ser. 2007-CB19, Class A4, 5.94%, 02/12/2049		705,000		500,212
Morgan Stanley Capital I, Inc., Ser. 2007-IQ15, Class A4, 6.08%, 06/11/2049		380,000		274,720


				1,677,286


Total Commercial Mortgage-Backed Securities (cost $6,541,230)				4,178,259


CORPORATE BONDS 22.8%
CONSUMER DISCRETIONARY 4.0%
Hotels, Restaurants & Leisure 0.3%
McDonald’s Corp., 6.30%, 10/15/2037		90,000		92,478


Media 1.3%
News America, Inc., 6.65%, 11/15/2037		225,000		169,050
Time Warner, Inc., 7.625%, 04/15/2031		200,000		179,151


				348,201


Multiline Retail 1.0%
Kohl’s Corp., 6.875%, 12/15/2037		125,000		94,340
Macy’s, Inc., 6.375%, 03/15/2037		175,000		97,667
Target Corp., 6.50%, 10/15/2037		100,000		88,880


				280,887


Specialty Retail 1.4%
Home Depot, Inc., 5.875%, 12/16/2036		250,000		177,539
Lowe’s Cos., 6.65%, 09/15/2037		200,000		197,351


				374,890


CONSUMER STAPLES 0.4%
Tobacco 0.4%
Altria Group, Inc., 9.95%, 11/10/2038		100,000		100,028


ENERGY 0.7%
Oil, Gas & Consumable Fuels 0.7%
Kinder Morgan Energy Partners, LP, 7.40%, 03/15/2031		225,000		201,264


FINANCIALS 11.7%
Capital Markets 4.7%
Goldman Sachs Group, Inc.:
5.30%, 02/14/2012		250,000		241,388
6.75%, 10/01/2037		200,000		135,596
Merrill Lynch & Co., Inc.:
6.05%, 08/15/2012		275,000		236,137
7.75%, 05/14/2038		100,000		59,477
Morgan Stanley:
5.625%, 01/09/2012		200,000		192,564
5.95%, 12/28/2017		225,000		204,728
Northern Trust Corp., 7.10%, 08/01/2009		200,000		201,808


				1,271,698

EVERGREEN VA CORE BOND FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
FINANCIALS continued
Commercial Banks 2.2%
National City Corp., 4.50%, 03/15/2010	$	300,000	$	300,564
SunTrust Banks, Inc., 5.25%, 11/05/2012		300,000		291,846


				592,410


Consumer Finance 1.4%
American Water Capital Corp., 6.09%, 10/15/2017		125,000		116,866
HSBC Finance Corp.:
4.625%, 09/15/2010		150,000		135,373
5.70%, 06/01/2011		150,000		127,383


				379,622


Diversified Financial Services 1.2%
Bank of America Corp., 5.30%, 03/15/2017		50,000		36,796
Citigroup, Inc., 5.50%, 08/27/2012		150,000		133,798
JPMorgan Chase & Co., 6.40%, 05/15/2038		175,000		172,148


				342,742


Insurance 1.2%
American International Group, Inc., 4.70%, 10/01/2010		200,000		113,783
Prudential Financial, Inc., 6.10%, 06/15/2017		325,000		222,337


				336,120


Real Estate Investment Trusts (REITs) 1.0%
BRE Properties, Inc., 5.50%, 03/15/2017		175,000		115,749
ERP Operating, LP, 5.75%, 06/15/2017		200,000		158,537


				274,286


HEALTH CARE 2.1%
Biotechnology 0.8%
Amgen, Inc., 6.375%, 06/01/2037		225,000		216,453


Health Care Providers & Services 0.7%
UnitedHealth Group, Inc., 5.375%, 03/15/2016		225,000		203,101


Pharmaceuticals 0.6%
Pfizer, Inc., 4.45%, 03/15/2012		150,000		154,179


INDUSTRIALS 1.1%
Road & Rail 1.1%
Burlington Northern Santa Fe Corp., 6.75%, 07/15/2011		275,000		290,173


INFORMATION TECHNOLOGY 0.4%
Computers & Peripherals 0.4%
International Business Machines Corp., 8.00%, 10/15/2038		100,000		119,208


TELECOMMUNICATION SERVICES 1.6%
Diversified Telecommunication Services 0.4%
New Jersey Bell Telephone Co., 7.85%, 11/15/2029		125,000		116,626


Wireless Telecommunication Services 1.2%
AT&T Wireless, 8.125%, 05/01/2012		300,000		327,286


UTILITIES 0.8%
Electric Utilities 0.2%
Carolina Power & Light Co., 6.50%, 07/15/2012		50,000		52,855


Water Utilities 0.6%
American Water Works Co., Inc., 6.59%, 10/15/2037		200,000		158,501


Total Corporate Bonds (cost $7,148,111)				6,233,008

EVERGREEN VA CORE BOND FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)

	Principal Amount		Value


DEPOSITORY SHARES 1.0%
FINANCIALS 1.0%
Commercial Banks 0.3%
Wells Fargo Capital XIII, FRN, 7.70%, 12/29/2049 °	$	175,000	$	83,414


Diversified Financial Services 0.7%
Bank of America Corp., FRN, 8.00%, 12/29/2049		175,000		70,163
JPMorgan Chase & Co., FRN, 7.90%, 12/31/2049		175,000		112,691


				182,854


Total Depository Shares (cost $526,527)				266,268


U.S. TREASURY OBLIGATIONS 3.6%
U.S. Treasury Notes, 2.75%, 02/15/2019 (cost $966,823)		985,000		990,696


WHOLE LOAN MORTGAGE-BACKED COLLATERALIZED MORTGAGE OBLIGATIONS 0.9%
FLOATING-RATE 0.9%
Washington Mutual, Inc., Ser. 2005-AR10, Class 1A2, 4.83%, 09/25/2035 (cost $518,000)		525,000		259,682


WHOLE LOAN MORTGAGE-BACKED PASS THROUGH SECURITIES 7.5%
FIXED-RATE 1.5%
Countrywide Home Loans, Ser. 2005-HYB6, Class 4A1B, 5.37%, 10/20/2035		305,534		169,395
GSAA Home Equity Trust, Ser. 2007-10, Class A1A, 6.00%, 11/25/2037		209,319		93,463
Washington Mutual, Inc. Mtge. Pass-Through Cert., Ser. 2006-AR12, Class 2A3, 5.75%, 10/25/2036		263,910		135,329


				398,187


FLOATING-RATE 6.0%
American Home Mtge. Assets, Ser. 2006-2, Class 1A1, 3.01%, 09/25/2046		266,824		100,266
Banc of America Mtge. Securities, Inc., Ser. 2006-F, Class 1A1, 5.19%, 07/20/2036		392,420		223,287
Citigroup Mtge. Loan Trust, Inc., Ser. 2005-8, Class 1A2A, 5.04%, 10/25/2035		411,383		242,223
Countrywide Alternative Loan Trust, Inc., Ser. 2007-A2, Class 1A1, 2.89%, 03/25/2047		473,999		150,023
Residential Funding Mtge. Securities, Ser. 2006-SA2, Class 2A1, 5.84%, 08/25/2036		353,289		177,300
Structured Adjustable Rate Mtge. Loan Trust, Ser. 2007-3, Class 3A1, 5.71%, 04/25/2037		377,925		193,612
Washington Mutual, Inc. Mtge. Pass-Through Cert.:
Ser. 2007-HY6, Class 2A1, 5.68%, 06/25/2037		471,546		246,718
Ser. 2007-HY7, Class 3A2, 5.86%, 07/25/2037		466,841		247,494
Ser. 2007-OA5, Class 1A1B, 2.80%, 06/25/2047		404,521		68,658


				1,649,581


Total Whole Loan Mortgage-Backed Pass Through Securities (cost $4,224,386)				2,047,768


YANKEE OBLIGATIONS – CORPORATE 3.1%
ENERGY 0.2%
Oil, Gas & Consumable Fuels 0.2%
Encana Corp., 6.50%, 02/01/2038		75,000		64,663


FINANCIALS 0.5%
Commercial Banks 0.5%
Credit Suisse New York, 6.00%, 02/15/2018		150,000		131,046


HEALTH CARE 0.6%
Health Care Equipment & Supplies 0.3%
Covidien, Ltd., 6.55%, 10/15/2037		100,000		98,789


Pharmaceuticals 0.3%
AstraZeneca plc, 6.45%, 09/15/2037		70,000		72,850


MATERIALS 1.2%
Metals & Mining 1.2%
Alcan, Inc., 6.125%, 12/15/2033		245,000		164,772
ArcelorMittal SA, 5.375%, 06/01/2013		200,000		155,378


				320,150

EVERGREEN VA CORE BOND FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)

	Principal Amount		Value


YANKEE OBLIGATIONS – CORPORATE continued
TELECOMMUNICATION SERVICES 0.6%
Wireless Telecommunication Services 0.6%
Vodafone Group plc, 5.625%, 02/27/2017	$	150,000	$	148,898


Total Yankee Obligations – Corporate (cost $983,547)				836,396






	Shares		Value


CLOSED END MUTUAL FUND SHARES 2.3%
First Trust/FIDAC Mtge. Income Fund		5,450		86,764
MFS Charter Income Trust		13,400		97,552
MFS Intermediate Income Trust		7,200		45,288
MFS Multimarket Income Trust		18,400		94,208
Putnam Master Intermediate Income Trust		9,277		39,706
Putnam Premier Income Trust		17,590		74,582
Western Asset/Claymore U.S. Treasury Inflation Protected Securities Fund		4,968		57,082
Western Asset/Claymore U.S. Treasury Inflation Protected Securities Fund 2		12,898		138,395


Total Closed End Mutual Fund Shares (cost $714,888)				633,577


SHORT-TERM INVESTMENTS 24.1%
MUTUAL FUND SHARES 24.1%
Evergreen Institutional Money Market Fund, Class I, 0.76% q ø ## (cost $6,588,286)		6,588,286		6,588,286


Total Investments (cost $40,391,279) 122.1%				33,356,346
Other Assets and Liabilities (22.1%)				(6,044,136	)


Net Assets 100.0%			$	27,312,210

¶	All or a portion of this security has been segregated as collateral for swaps.

#	When-issued or delayed delivery security

°	Investment in non-controlled affiliate. At March 31, 2009, the Fund invested in securities issued by Wells Fargo & Co. with a cost basis of $175,000 and earned $23,327 of income for the period from January 1, 2009 to March 31, 2009.

q	Rate shown is the 7-day annualized yield at period end.

ø	Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market fund.

##	All or a portion of this security has been segregated for when-issued or delayed delivery securities.

Summary of Abbreviations
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
FRN	Floating Rate Note
TBA	To Be Announced

At March 31, 2009, the fund had the following credit default swap contract outstanding:

Credit default swaps on an index – Sell protection

Expiration

Counterparty

Reference
Index††

Rating of
Reference
Index*@

Notional
Amount

Fixed
Payments
Received
by the Fund

Frequency
of
Payments
Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Gain (Loss)

12/31/2051

Goldman Sachs

Markit CMBX
North America
AA.4 Index

$700,000

1.65%

Monthly

$(592,200)

$43,100

$(549,100)

*	A rating of D would most likely indicate a trigger event of default has occurred although circumstances including bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium, and restructuring may also cause a credit event to take place.

@	Rating represents an average rating for the underlying securities within the index.

††	The Fund entered into the swap contract for speculative purposes.

Certain of the Fund’s derivative transactions may contain provisions for early termination in the event the net assets of the Fund declines below specific levels identified by the counterparty. If these levels are triggered, the counterparty may terminate the transaction and seek payment or request full collaterization of the derivative transaction in net liability positions. On March 31, 2009, the aggregate fair value of all derivative instruments with net asset contingent features that were in a liability positions amounted to $549,100.

On March 31, 2009, the aggregate cost of securities for federal income tax purposes was $40,392,697. The gross unrealized appreciation and depreciation on securities based on tax cost was $242,060 and $7,278,411, respectively, with a net unrealized depreciation of $7,036,351.

EVERGREEN VA CORE BOND FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)

Valuation of investments

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.

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.

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.

When-issued and delayed delivery transactions

The Fund records when-issued or delayed delivery securities as of trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked-to-market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Dollar roll transactions

The Fund may enter into dollar roll transactions with respect to mortgage-backed securities. In a dollar roll transaction, the Fund sells mortgage-backed securities to financial institutions and simultaneously agrees to accept substantially similar (same type, coupon and maturity) securities at a later date at an agreed upon price. The Fund will use the proceeds generated from the transactions to invest in short-term investments, which may enhance the Fund’s current yield and total return. The Fund accounts for dollar roll transactions as purchases and sales. The Fund could be exposed to risks if the counterparty defaults on its obligation to perform under the terms of the agreement, if the Fund receives inferior securities in comparison to what was sold to the counterparty at redelivery or if there are variances in paydown speed between the mortgage-related pools.

Credit default swaps

The Fund is subject to credit risk in the normal course of pursuing its investment objectives through its investments in credit default swap contracts. The Fund may enter into credit default swap contracts to provide or receive a measure of protection against default on a referenced entity, obligation or index. Credit default swaps involve an exchange of a stream of payments for protection against the loss in value of an underlying security or index. Under the terms of the swap, one party acts as a guarantor (referred to as the seller of protection) and receives a periodic stream of payments, provided that there is no credit event, from another party (referred to as the buyer of protection) that is a fixed percentage applied to a notional principal amount over the term of the swap. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. A credit event includes bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium, and restructuring. The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index. The maximum potential amount of future payments (undiscounted) that the Fund as the seller of protection could be required to make under the credit default swap contract would be an amount equal to the notional amount of the swap contract. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. 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.

If the Fund is the seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of protection the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index. If the Fund is the buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will receive from the seller of protection the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index.

Any premiums paid or received on the transactions are recorded as an asset or liability on the Statement of Assets and Liabilities and amortized. The value of the swap contract is marked-to-market daily based on quotations from an independent pricing service or market makers and any change in value is recorded as an unrealized gain or loss. Periodic payments made or received are recorded as realized gains or losses. In addition, payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses.

Certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements. Any election by the counterparty to terminate early may impact the amounts reported on the financial statements.

Valuation hierarchy

Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 establishes a fair value hierarchy based upon the various inputs used 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.

As of March 31, 2009, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Valuation Inputs	Investments in Securities		Other Financial Instruments*


Level 1 – Quoted Prices	$	8,212,559		$	0
Level 2 – Other Significant Observable Inputs		25,143,787			(549,100	)
Level 3 – Significant Unobservable Inputs		0			0


Total	$	33,356,346		$	(549,100	)

*	Other financial instruments include swap contracts.

EVERGREEN VA DIVERSIFIED CAPITAL BUILDER FUND SCHEDULE OF INVESTMENTS


March 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS 18.3%
CONSUMER STAPLES 1.8%
Food & Staples Retailing 0.2%
Kroger Co., 6.40%, 08/15/2017	$	50,000	$	51,412


Food Products 0.7%
Kraft Foods, Inc., 6.125%, 02/01/2018		150,000		150,593


Household Products 0.9%
Church & Dwight Co., 6.00%, 12/15/2012		200,000		200,000


ENERGY 2.0%
Energy Equipment & Services 1.3%
Bristow Group, Inc., 7.50%, 09/15/2017		400,000		302,000


Oil, Gas & Consumable Fuels 0.7%
McMoRan Exploration Co., 11.875%, 11/15/2014		70,000		48,650
Patriot Coal Corp., 3.25%, 05/31/2013 144A		250,000		105,937


				154,587


FINANCIALS 0.3%
Real Estate Investment Trusts (REITs) 0.3%
Simon Property Group, Inc., 10.35%, 04/01/2019		75,000		73,002


INDUSTRIALS 9.0%
Aerospace & Defense 2.9%
L-3 Communications Holdings, Inc., 5.875%, 01/15/2015		700,000		652,750


Electrical Equipment 1.8%
Baldor Electric Co., 8.625%, 02/15/2017		500,000		398,750


Machinery 3.6%
Actuant Corp., 6.875%, 06/15/2017		500,000		426,250
SPX Corp., 7.625%, 12/15/2014		400,000		386,000


				812,250


Road & Rail 0.7%
Burlington Northern Santa Fe Corp., 7.00%, 02/01/2014		50,000		53,563
Union Pacific Corp., 5.45%, 01/31/2013		100,000		100,303


				153,866


INFORMATION TECHNOLOGY 1.1%
Electronic Equipment, Instruments & Components 1.1%
Agilent Technologies, Inc., 6.50%, 11/01/2017		300,000		246,207


MATERIALS 0.7%
Chemicals 0.4%
Cytec Industries, Inc., 4.60%, 07/01/2013		100,000		85,836


Metals & Mining 0.3%
Steel Dynamics, Inc., 7.75%, 04/15/2016 144A		100,000		69,000


TELECOMMUNICATION SERVICES 0.5%
Wireless Telecommunication Services 0.5%
Alltel Corp., 7.00%, 07/01/2012		100,000		104,231


UTILITIES 2.9%
Electric Utilities 2.9%
NRG Energy, Inc.:
7.375%, 02/01/2016		500,000		466,250
7.375%, 01/15/2017		200,000		186,500


				652,750


Total Corporate Bonds (cost $4,429,998)				4,107,234

EVERGREEN VA DIVERSIFIED CAPITAL BUILDER FUND SCHEDULE OF INVESTMENTS continued


March 31, 2009 (unaudited)
	Principal Amount		Value


YANKEE OBLIGATIONS – CORPORATE 2.5%
INDUSTRIALS 0.2%
Machinery 0.2%
Ingersoll-Rand Co., Ltd., 9.50%, 04/15/2014	$	50,000	$	49,996


MATERIALS 2.3%
Metals & Mining 2.3%
Barrick Gold Corp., 6.95%, 04/01/2019		500,000		503,178


Total Yankee Obligations – Corporate (cost $549,461)				553,174





	Shares		Value


COMMON STOCKS 57.9%
CONSUMER STAPLES 2.7%
Household Products 1.4%
Church & Dwight Co.		6,000		313,380


Personal Products 1.3%
Estee Lauder Cos., Class A		12,000		295,800


ENERGY 12.7%
Energy Equipment & Services 4.1%
Cameron International Corp. *		8,000		175,440
Halliburton Co.		500		7,735
National Oilwell Varco, Inc. *		7,000		200,970
Noble Corp.		9,000		216,810
Pride International, Inc. *		12,000		215,760
Transocean, Ltd. *		2,000		117,680


				934,395


Oil, Gas & Consumable Fuels 8.6%
Anadarko Petroleum Corp.		9,000		350,010
Apache Corp.		700		44,863
Consol Energy, Inc.		7,000		176,680
Devon Energy Corp.		1,500		67,035
EnCana Corp.		3,500		142,135
Foundation Coal Holdings, Inc.		4,000		57,400
Hess Corp.		3,500		189,700
Marathon Oil Corp.		3,000		78,870
Massey Energy Co.		6,000		60,720
Occidental Petroleum Corp.		8,000		445,200
Patriot Coal Corp. *		13,000		48,230
Peabody Energy Corp.		8,000		200,320
XTO Energy, Inc.		2,000		61,240


				1,922,403


FINANCIALS 1.4%
Commercial Banks 1.4%
U.S. Bancorp		22,000		321,420


HEALTH CARE 17.5%
Biotechnology 1.0%
Gen-Probe, Inc. *		5,000		227,900


Health Care Equipment & Supplies 9.3%
Baxter International, Inc.		18,000		921,960
St. Jude Medical, Inc. *		18,000		653,940
Varian Medical Systems, Inc. *		17,000		517,480


				2,093,380

EVERGREEN VA DIVERSIFIED CAPITAL BUILDER FUND SCHEDULE OF INVESTMENTS continued


March 31, 2009 (unaudited)
	Shares		Value


COMMON STOCKS continued
HEALTH CARE continued
Life Sciences Tools & Services 7.2%
Bio-Rad Laboratories, Inc., Class A *		3,500	$	230,650
Covance, Inc.		3,500		124,705
Illumina, Inc.		3,000		111,720
Life Technologies Corp. *		6,000		194,880
Thermo Fisher Scientific, Inc. *		26,500		945,255


				1,607,210


INDUSTRIALS 6.8%
Aerospace & Defense 0.2%
Esterline Technologies Corp. *		2,000		40,380


Electrical Equipment 0.7%
Ametek, Inc.		4,000		125,080
Roper Industries, Inc.		1,000		42,450


				167,530


Machinery 5.9%
Bucyrus International, Inc.		2,000		30,360
Danaher Corp.		2,000		108,440
Donaldson Co., Inc.		5,500		147,620
Flowserve Corp.		7,900		443,348
IDEX Corp.		3,000		65,610
Joy Global, Inc.		10,100		215,130
SPX Corp.		6,600		310,266


				1,320,774


INFORMATION TECHNOLOGY 2.3%
Electronic Equipment, Instruments & Components 2.3%
Amphenol Corp., Class A		18,000		512,820


MATERIALS 10.8%
Chemicals 7.0%
FMC Corp.		16,000		690,240
Monsanto Co.		9,300		772,830
Sigma-Aldrich Corp.		3,000		113,370


				1,576,440


Containers & Packaging 0.5%
Greif, Inc., Class A		3,300		109,857


Metals & Mining 3.3%
Barrick Gold Corp.		4,000		129,680
Cliffs Natural Resources, Inc.		6,300		114,408
Freeport-McMoRan Copper & Gold, Inc.		8,000		304,880
Nucor Corp.		3,300		125,961
Steel Dynamics, Inc.		7,300		64,313


				739,242


UTILITIES 3.7%
Electric Utilities 2.4%
NRG Energy, Inc. *		30,000		528,000


Gas Utilities 1.3%
Questar Corp.		10,000		294,300


Total Common Stocks (cost $21,992,714)				13,005,231

EVERGREEN VA DIVERSIFIED CAPITAL BUILDER FUND SCHEDULE OF INVESTMENTS continued


March 31, 2009 (unaudited)
	Principal Amount		Value


CONVERTIBLE DEBENTURES 7.9%
HEALTH CARE 3.1%
Health Care Equipment & Supplies 3.1%
Inverness Medical Innovations, Inc.:
3.00%, 05/15/2016	$	425,000	$	361,250
3.00%, 05/15/2016 144A		400,000		340,000


				701,250


INDUSTRIALS 4.8%
Electrical Equipment 4.8%
General Cable Corp., 1.00%, 10/15/2012		1,500,000		1,070,625


Total Convertible Debentures (cost $2,624,928)				1,771,875





	Shares		Value


SHORT-TERM INVESTMENTS 10.4%
MUTUAL FUND SHARES 10.4%
Evergreen Institutional U.S. Government Money Market Fund, Class I, 0.40% q ø (cost $2,336,937)		2,336,937		2,336,937


Total Investments (cost $31,934,038) 97.0%				21,774,451
Other Assets and Liabilities 3.0%				675,081


Net Assets 100.0%			$	22,449,532

144A	Security that may be sold to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Board of Trustees, unless otherwise noted.
*	Non-income producing security
q	Rate shown is the 7-day annualized yield at period end.
ø	Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market fund.

On March 31, 2009, the aggregate cost of securities for federal income tax purposes was $31,934,040. The gross unrealized appreciation and depreciation on securities based on tax cost was $195,061 and $10,354,650, respectively, with a net unrealized depreciation of $10,159,589.

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.

Valuation hierarchy

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.

As of March 31, 2009, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Valuation Inputs	Investments in Securities


Level 1 – Quoted Prices		$15,392,164
Level 2 – Other Significant Observable Inputs		6,382,287
Level 3 – Significant Unobservable Inputs		0


Total		$21,774,451

EVERGREEN VA DIVERSIFIED INCOME BUILDER FUND SCHEDULE OF INVESTMENTS


March 31, 2009 (unaudited)
		Principal Amount		Value


ASSET-BACKED SECURITIES 0.0%
NovaStar ABS CDO, Ltd., Ser. 2007-1A, Class A2, FRN, 1.70%, 02/08/2047 144A + o • (cost $1,500,000)	$	1,500,000	$	0


CORPORATE BONDS 70.3%
CONSUMER STAPLES 4.9%
Food & Staples Retailing 2.9%
Kroger Co., 6.40%, 08/15/2017		260,000		267,342
Safeway, Inc., 6.25%, 03/15/2014		200,000		210,089
Sysco Corp., 5.375%, 03/17/2019		750,000		759,229


				1,236,660


Food Products 2.0%
Archer Daniels Midland Co., 5.45%, 03/15/2018		500,000		501,212
General Mills, Inc., 5.65%, 02/15/2019		100,000		101,997
Kraft Foods, Inc., 6.125%, 02/01/2018		250,000		250,988


				854,197


ENERGY 6.4%
Energy Equipment & Services 2.3%
Bristow Group, Inc., 7.50%, 09/15/2017		1,300,000		981,500


Oil, Gas & Consumable Fuels 4.1%
Marathon Oil Corp., 7.50%, 02/15/2019		100,000		100,923
McMoRan Exploration Co., 11.875%, 11/15/2014		135,000		93,825
Peabody Energy Corp.:
5.875%, 04/15/2016		1,300,000		1,163,500
6.875%, 03/15/2013		200,000		196,000
Williams Cos., 7.50%, 01/15/2031		275,000		217,758


				1,772,006


FINANCIALS 2.1%
Consumer Finance 0.3%
Qwest Capital Funding, Inc., 6.50%, 11/15/2018		175,000		119,875


Real Estate Investment Trusts (REITs) 0.4%
Simon Property Group, Inc., 10.35%, 04/01/2019		200,000		194,671


Real Estate Management & Development 1.4%
Forest City Enterprises, Inc., 6.50%, 02/01/2017		1,590,000		596,250


HEALTH CARE 4.5%
Health Care Equipment & Supplies 0.6%
Boston Scientific Corp., 5.125%, 01/12/2017		300,000		256,500


Pharmaceuticals 3.9%
Pfizer, Inc., 5.35%, 03/15/2015		1,585,000		1,674,377


INDUSTRIALS 23.6%
Aerospace & Defense 5.4%
L-3 Communications Holdings, Inc.:
5.875%, 01/15/2015		2,100,000		1,958,250
6.375%, 10/15/2015		400,000		379,000


				2,337,250


Commercial Services & Supplies 5.0%
Allied Waste North America, Inc., 6.875%, 06/01/2017		1,800,000		1,640,471
Waste Management, Inc., 7.375%, 03/11/2019		500,000		510,856


				2,151,327


Electrical Equipment 5.2%
Baldor Electric Co., 8.625%, 02/15/2017		1,800,000		1,435,500
Belden, Inc., 7.00%, 03/15/2017		150,000		123,750
General Cable Corp., 7.125%, 04/01/2017		800,000		660,000


				2,219,250

EVERGREEN VA DIVERSIFIED INCOME BUILDER FUND SCHEDULE OF INVESTMENTS continued


March 31, 2009 (unaudited)
		Principal Amount		Value


CORPORATE BONDS continued
INDUSTRIALS continued
Machinery 6.8%
Actuant Corp., 6.875%, 06/15/2017	$	2,100,000	$	1,790,250
SPX Corp., 7.625%, 12/15/2014		1,150,000		1,109,750


				2,900,000


Road & Rail 1.2%
Burlington Northern Santa Fe Corp., 7.00%, 02/01/2014		300,000		321,378
Union Pacific Corp., 5.45%, 01/31/2013		200,000		200,606


				521,984


INFORMATION TECHNOLOGY 2.1%
Electronic Equipment, Instruments & Components 2.1%
Agilent Technologies, Inc., 6.50%, 11/01/2017		650,000		533,450
Anixter International, Inc., 5.95%, 03/01/2015		500,000		381,875


				915,325


MATERIALS 14.6%
Chemicals 0.2%
Cytec Industries, Inc., 4.60%, 07/01/2013		100,000		85,836


Containers & Packaging 10.7%
Ball Corp., 6.625%, 03/15/2018		2,000,000		1,950,000
Crown Holdings, Inc., 7.75%, 11/15/2015		1,700,000		1,717,000
Greif, Inc., 6.75%, 02/01/2017		1,000,000		912,500


				4,579,500


Metals & Mining 3.7%
Steel Dynamics, Inc., 7.75%, 04/15/2016 144A		2,300,000		1,587,000


TELECOMMUNICATION SERVICES 1.8%
Diversified Telecommunication Services 0.8%
Qwest Corp., 7.875%, 09/01/2011		375,000		371,250


Wireless Telecommunication Services 1.0%
Alltel Corp., 7.00%, 07/01/2012		400,000		416,922


UTILITIES 10.3%
Electric Utilities 8.4%
Edison Mission Energy, 7.00%, 05/15/2017		2,000,000		1,470,000
NRG Energy, Inc.:
7.375%, 02/01/2016		300,000		279,750
7.375%, 01/15/2017		2,000,000		1,865,000


				3,614,750


Gas Utilities 1.2%
Atmos Energy Corp., 8.50%, 03/15/2019		500,000		511,361


Independent Power Producers & Energy Traders 0.7%
AES Corp., 7.75%, 03/01/2014		300,000		270,000


Total Corporate Bonds (cost $34,340,560)				30,167,791


YANKEE OBLIGATIONS – CORPORATE 3.7%
INDUSTRIALS 0.1%
Machinery 0.1%
Ingersoll-Rand Co., Ltd., 9.50%, 04/15/2014		50,000		49,996


MATERIALS 3.6%
Metals & Mining 3.6%
Barrick Gold Corp., 6.95%, 04/01/2019		1,500,000		1,509,534


Total Yankee Obligations – Corporate (cost $1,548,317)				1,559,530

EVERGREEN VA DIVERSIFIED INCOME BUILDER FUND SCHEDULE OF INVESTMENTS continued


March 31, 2009 (unaudited)
	Shares		Value


COMMON STOCKS 16.4%
ENERGY 2.9%
Energy Equipment & Services 0.7%
Cameron International Corp. *	3,000	$	65,790
Halliburton Co.	500		7,735
National Oilwell Varco, Inc. *	3,000		86,130
Noble Corp.	2,000		48,180
Pride International, Inc. *	3,000		53,940
Transocean, Ltd. *	1,000		58,840


			320,615


Oil, Gas & Consumable Fuels 2.2%
Anadarko Petroleum Corp.	2,000		77,780
Consol Energy, Inc.	3,500		88,340
Devon Energy Corp.	1,500		67,035
EnCana Corp.	5,100		207,111
Foundation Coal Holdings, Inc.	3,000		43,050
Hess Corp.	1,500		81,300
Marathon Oil Corp.	2,000		52,580
Massey Energy Co.	6,000		60,720
Occidental Petroleum Corp.	1,500		83,475
Patriot Coal Corp. *	6,000		22,260
Peabody Energy Corp.	4,000		100,160
XTO Energy, Inc.	1,500		45,930


			929,741


FINANCIALS 0.5%
Commercial Banks 0.5%
U.S. Bancorp	15,000		219,150


HEALTH CARE 7.9%
Biotechnology 0.5%
Gen-Probe, Inc. *	5,000		227,900


Health Care Equipment & Supplies 5.4%
Baxter International, Inc.	19,000		973,180
St. Jude Medical, Inc. *	20,500		744,765
Varian Medical Systems, Inc. *	20,000		608,800


			2,326,745


Life Sciences Tools & Services 2.0%
Bio-Rad Laboratories, Inc., Class A *	2,000		131,800
Covance, Inc. *	4,500		160,335
Illumina, Inc. *	5,500		204,820
Life Technologies Corp. *	4,000		129,920
Thermo Fisher Scientific, Inc. *	6,000		214,020


			840,895


INDUSTRIALS 1.6%
Electrical Equipment 0.5%
Ametek, Inc.	4,000		125,080
Roper Industries, Inc.	2,000		84,900


			209,980


Machinery 1.1%
Danaher Corp.	1,100		59,642
Donaldson Co., Inc.	4,500		120,780
Flowserve Corp.	2,000		112,240
IDEX Corp.	6,000		131,220
Joy Global, Inc.	2,500		53,250


			477,132

EVERGREEN VA DIVERSIFIED INCOME BUILDER FUND SCHEDULE OF INVESTMENTS continued


March 31, 2009 (unaudited)
		Shares		Value


COMMON STOCKS continued
INFORMATION TECHNOLOGY 1.1%
Electronic Equipment, Instruments & Components 1.1%
Amphenol Corp., Class A		16,000	$	455,840


MATERIALS 1.8%
Chemicals 1.0%
FMC Corp.		2,000		86,280
Monsanto Co.		4,000		332,400


				418,680


Metals & Mining 0.8%
Cliffs Natural Resources, Inc.		8,500		154,360
Freeport-McMoRan Copper & Gold, Inc.		2,000		76,220
Nucor Corp.		1,500		57,255
Steel Dynamics, Inc.		8,000		70,480


				358,315


UTILITIES 0.6%
Electric Utilities 0.4%
NRG Energy, Inc. *		10,000		176,000


Gas Utilities 0.2%
Questar Corp.		3,000		88,290


Total Common Stocks (cost $11,583,642)				7,049,283





		Principal Amount		Value


CONVERTIBLE DEBENTURES 7.3%
HEALTH CARE 4.0%
Health Care Equipment & Supplies 4.0%
Inverness Medical Innovations, Inc., 3.00%, 05/15/2016 144A	$	2,000,000		1,700,000


INDUSTRIALS 3.3%
Electrical Equipment 3.3%
General Cable Corp., 1.00%, 10/15/2012		2,000,000		1,427,500


Total Convertible Debentures (cost $4,072,511)				3,127,500





		Shares		Value


SHORT-TERM INVESTMENTS 0.4%
MUTUAL FUND SHARES 0.4%
Evergreen Institutional Money Market Fund, Class I, 0.76% q ø (cost $184,310)		184,310		184,310


Total Investments (cost $53,229,340) 98.1%				42,088,414
Other Assets and Liabilities 1.9%				809,524


Net Assets 100.0%			$	42,897,938

144A	Security that may be sold to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Board of Trustees, unless otherwise noted.
+	Security is deemed illiquid.
o	Security is valued at fair value as determined by the investment advisor in good faith, according to procedures approved by the Board of Trustees.
•	Security which has defaulted on payment of interest and/or principal. The Fund has stopped accruing interest on this security.
*	Non-income producing security
q	Rate shown is the 7-day annualized yield at period end.
ø	Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market fund.

EVERGREEN VA DIVERSIFIED INCOME BUILDER FUND SCHEDULE OF INVESTMENTS continued


March 31, 2009 (unaudited)

Summary of Abbreviations

CDO	Collateralized Debt Obligation
FRN	Floating Rate Note

On March 31, 2009, the aggregate cost of securities for federal income tax purposes was $53,238,558. The gross unrealized appreciation and depreciation on securities based on tax cost was $402,734 and $11,552,878, respectively, with a net unrealized depreciation of $11,150,144.

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.

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.

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.

Valuation hierarchy

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.

As of March 31, 2009, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Valuation Inputs	Investments in Securities


Level 1 – Quoted Prices		$ 7,283,589
Level 2 – Other Significant Observable Inputs		34,804,825
Level 3 – Significant Unobservable Inputs		0


Total		$42,088,414

EVERGREEN VA FUNDAMENTAL LARGE CAP FUND
SCHEDULE OF INVESTMENTS

March 31, 2009 (unaudited)

	Shares		Value


COMMON STOCKS 98.9%
CONSUMER DISCRETIONARY 12.2%
Internet & Catalog Retail 6.8%
Amazon.com, Inc. *		56,958	$	4,182,995
Blue Nile, Inc. ρ *		46,324		1,396,669


				5,579,664


Media 1.4%
Omnicom Group, Inc.		47,969		1,122,475


Specialty Retail 1.6%
Home Depot, Inc.		54,821		1,291,583


Textiles, Apparel & Luxury Goods 2.4%
Timberland Co., Class A *		167,076		1,994,887


CONSUMER STAPLES 12.9%
Beverages 2.3%
Diageo plc		88,862		1,003,384
PepsiCo, Inc.		16,594		854,259


				1,857,643


Food & Staples Retailing 2.7%
CVS Caremark Corp.		81,409		2,237,933


Food Products 1.8%
McCormick & Co., Inc.		49,285		1,457,357


Household Products 4.1%
Clorox Co.		24,372		1,254,671
Procter & Gamble Co.		43,891		2,066,827


				3,321,498


Tobacco 2.0%
Philip Morris International, Inc.		45,382		1,614,692


ENERGY 10.2%
Energy Equipment & Services 1.2%
Schlumberger, Ltd.		11,516		467,780
Weatherford International, Ltd. *		45,726		506,187


				973,967


Oil, Gas & Consumable Fuels 9.0%
Apache Corp.		20,570		1,318,331
Chevron Corp.		14,166		952,522
ConocoPhillips		29,738		1,164,540
Exxon Mobil Corp.		57,093		3,888,033


				7,323,426


FINANCIALS 17.0%
Capital Markets 5.9%
Goldman Sachs Group, Inc.		21,906		2,322,474
State Street Corp.		38,508		1,185,276
T. Rowe Price Group, Inc. ρ		44,203		1,275,699


				4,783,449


Commercial Banks 1.9%
Wells Fargo & Co. °		111,924		1,593,798


Consumer Finance 4.5%
American Express Co.		34,957		476,464
Visa, Inc., Class A		58,280		3,240,368


				3,716,832

EVERGREEN VA FUNDAMENTAL LARGE CAP FUND
SCHEDULE OF INVESTMENTS continued

March 31, 2009 (unaudited)

	Shares		Value


COMMON STOCKS continued
FINANCIALS continued
Diversified Financial Services 3.5%
Apollo Global Management, LLC, Class A +		87,285	$	261,855
Bank of America Corp.		86,197		587,863
JPMorgan Chase & Co.		74,282		1,974,416


				2,824,134


Insurance 1.2%
Prudential Financial, Inc.		52,098		990,904


HEALTH CARE 10.5%
Biotechnology 2.3%
Amgen, Inc. *		38,491		1,906,075


Health Care Equipment & Supplies 1.5%
Medtronic, Inc.		40,817		1,202,877


Pharmaceuticals 6.7%
Johnson & Johnson		42,403		2,230,398
Merck & Co., Inc.		33,464		895,162
Novartis AG, ADR		62,080		2,348,486


				5,474,046


INDUSTRIALS 6.3%
Aerospace & Defense 2.3%
Lockheed Martin Corp.		18,285		1,262,213
United Technologies Corp.		13,906		597,680


				1,859,893


Air Freight & Logistics 2.0%
Expeditors International of Washington, Inc.		19,818		560,651
United Parcel Service, Inc., Class B		21,811		1,073,538


				1,634,189


Industrial Conglomerates 2.0%
General Electric Co.		166,237		1,680,656


INFORMATION TECHNOLOGY 26.8%
Communications Equipment 9.4%
Cisco Systems, Inc. *		163,072		2,734,717
QUALCOMM, Inc.		127,089		4,945,033


				7,679,750


Internet Software & Services 6.9%
Bankrate, Inc. * ρ		74,880		1,868,256
Google, Inc., Class A *		10,939		3,807,428


				5,675,684


IT Services 1.0%
Automatic Data Processing, Inc.		22,279		783,330


Semiconductors & Semiconductor Equipment 1.3%
Altera Corp.		60,311		1,058,458


Software 8.2%
FactSet Research Systems, Inc. ρ		35,650		1,782,144
Microsoft Corp.		69,644		1,279,360
Oracle Corp. *		201,530		3,641,647


				6,703,151


MATERIALS 1.1%
Chemicals 1.1%
Air Products & Chemicals, Inc.		15,995		899,719

EVERGREEN VA FUNDAMENTAL LARGE CAP FUND
SCHEDULE OF INVESTMENTS continued

March 31, 2009 (unaudited)

	Shares		Value


COMMON STOCKS continued
TELECOMMUNICATION SERVICES 1.9%
Diversified Telecommunication Services 1.9%
AT&T, Inc.		30,960	$	780,192
Verizon Communications, Inc.		26,157		789,941


				1,570,133


Total Common Stocks (cost $96,642,762)				80,812,203


SHORT-TERM INVESTMENTS 10.1%
MUTUAL FUND SHARES 10.1%
Evergreen Institutional Money Market Fund, Class I, 0.76% q ø ρρ		5,821,877		5,821,877
Evergreen Institutional U.S. Government Money Market Fund, Class I, 0.40% q ø		2,430,028		2,430,028


Total Short-Term Investments (cost $8,251,905)				8,251,905


Total Investments (cost $104,894,667) 109.0%				89,064,108
Other Assets and Liabilities (9.0%)				(7,326,940	)


Net Assets 100.0%			$	81,737,168

*	Non-income producing security

ρ	All or a portion of this security is on loan.

°	Investment in non-controlled affiliate. At March 31, 2009, the Fund owned shares of Wells Fargo & Co. with a cost basis of $3,055,038. The Fund earned $38,054 of income from Wells Fargo & Co. for the period from January 1, 2009 to March 31, 2009.

+	Security is deemed illiquid and is valued using market quotations when readily available, unless otherwise noted.

q	Rate shown is the 7-day annualized yield at period end.

ø	Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market fund.

ρρ	All or a portion of this security represents investment of cash collateral received from securities on loan.

Summary of Abbreviations

ADR	American Depository Receipt

On March 31, 2009, the aggregate cost of securities for federal income tax purposes was $105,359,776. The gross unrealized appreciation and depreciation on securities based on tax cost was $6,006,506 and $22,302,174, respectively, with a net unrealized depreciation of $16,295,668.

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.

Foreign currency translation

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. 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. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

EVERGREEN VA FUNDAMENTAL LARGE CAP FUND
SCHEDULE OF INVESTMENTS continued

March 31, 2009 (unaudited)

Valuation hierarchy

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.

As of March 31, 2009, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Valuation Inputs	Investments in Securities


Level 1 – Quoted Prices		$	88,802,253
Level 2 – Other Significant Observable Inputs			261,855
Level 3 – Significant Unobservable Inputs			0

Total		$	89,064,108

EVERGREEN VA GROWTH FUND SCHEDULE OF INVESTMENTS



March 31, 2009 (unaudited)
	Shares		Value


COMMON STOCKS 95.0%
CONSUMER DISCRETIONARY 15.5%
Distributors 1.0%
LKQ Corp. *		21,900	$	312,513


Diversified Consumer Services 1.7%
Capella Education Co. *		7,500		397,500
Strayer Education, Inc.		700		125,909


				523,409


Hotels, Restaurants & Leisure 4.2%
Chipotle Mexican Grill, Inc., Class A ρ *		5,000		331,900
P.F. Chang’s China Bistro, Inc. *		8,300		189,904
Penn National Gaming, Inc. *		24,100		582,015
Texas Roadhouse, Inc., Class A *		25,500		243,015


				1,346,834


Internet & Catalog Retail 1.9%
Blue Nile, Inc. * ρ		19,910		600,287


Media 2.4%
Marvel Entertainment, Inc. *		11,900		315,945
National CineMedia, Inc.		33,857		446,235


				762,180


Specialty Retail 2.7%
Aeropostale, Inc. *		12,200		324,032
Children’s Place Retail Stores, Inc. *		10,400		227,656
Hibbett Sports, Inc. *		16,500		317,130


				868,818


Textiles, Apparel & Luxury Goods 1.6%
Iconix Brand Group, Inc. *		37,000		327,450
The Warnaco Group, Inc. *		7,200		172,800


				500,250


CONSUMER STAPLES 1.8%
Food Products 1.1%
Flowers Foods, Inc.		6,500		152,620
TreeHouse Foods, Inc. *		6,500		187,135


				339,755


Personal Products 0.7%
Chattem, Inc. *		4,263		238,941


ENERGY 6.2%
Energy Equipment & Services 2.9%
Core Laboratories NV		2,493		182,388
Matrix Service Co. *		22,600		185,772
Natco Group, Inc., Class A *		11,500		217,695
Oceaneering International, Inc. *		8,624		317,967


				903,822


Oil, Gas & Consumable Fuels 3.3%
Newfield Exploration Co. *		2,500		56,750
Petrohawk Energy Corp. *		26,200		503,826
World Fuel Services Corp.		15,400		487,102


				1,047,678


FINANCIALS 9.6%
Capital Markets 4.4%
Greenhill & Co.		6,120		451,962
Stifel Financial Corp. *		12,704		550,210
Waddell & Reed Financial, Inc., Class A		22,600		408,382


				1,410,554

EVERGREEN VA GROWTH FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Shares		Value


COMMON STOCKS continued
FINANCIALS continued
Commercial Banks 2.2%
First Horizon National Corp.		37,542	$	403,196
Signature Bank *		5,400		152,442
TCF Financial Corp.		10,800		127,008


				682,646


Insurance 1.6%
HCC Insurance Holdings, Inc.		20,556		517,806


Real Estate Investment Trusts (REITs) 1.4%
Redwood Trust, Inc.		28,400		435,940


HEALTH CARE 16.3%
Biotechnology 3.2%
Alexion Pharmaceuticals, Inc. *		10,800		406,728
Myriad Genetics, Inc. *		9,300		422,871
United Therapeutics Corp. *		2,900		191,661


				1,021,260


Health Care Equipment & Supplies 6.9%
Haemonetics Corp. *		5,000		275,400
Immucor, Inc. *		9,000		226,350
Inverness Medical Innovations, Inc. *		11,500		306,245
Masimo Corp. *		15,624		452,783
Meridian Bioscience, Inc.		15,800		286,296
NuVasive, Inc. *		10,100		316,938
Wright Medical Group, Inc. *		11,100		144,633
Zoll Medical Corp. *		11,500		165,140


				2,173,785


Health Care Providers & Services 2.6%
Amedisys, Inc. *		3,600		98,964
CardioNet, Inc. *		12,900		361,974
HMS Holdings Corp. *		11,500		378,350


				839,288


Health Care Technology 0.4%
MedAssets, Inc. *		9,700		138,225


Life Sciences Tools & Services 3.2%
Icon plc *		16,538		267,089
Illumina, Inc. *		15,800		588,392
Sequenom, Inc. ρ *		11,100		157,842


				1,013,323


INDUSTRIALS 14.8%
Aerospace & Defense 2.7%
ARGON ST, Inc. *		25,036		474,933
Hexcel Corp. *		58,900		386,973


				861,906


Air Freight & Logistics 2.0%
Atlas Air Worldwide Holdings *		18,700		324,445
Forward Air Corp.		19,123		310,366


				634,811


Commercial Services & Supplies 4.4%
Clean Harbors, Inc. *		7,200		345,600
EnerNOC, Inc. *		12,234		177,882
Steiner Leisure, Ltd. *		9,900		241,659
Team, Inc. *		17,600		206,272
Waste Connections, Inc. *		16,700		429,190


				1,400,603

EVERGREEN VA GROWTH FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Shares		Value


COMMON STOCKS continued
INDUSTRIALS continued
Construction & Engineering 2.4%
Pike Electric Corp. *		27,500	$	254,375
Quanta Services, Inc. *		24,100		516,945


				771,320


Electrical Equipment 0.3%
Polypore International, Inc. *		26,240		105,485


Machinery 0.7%
RBC Bearings, Inc. *		14,000		213,920


Professional Services 0.5%
Resources Connection, Inc. *		11,100		167,388


Road & Rail 0.5%
Heartland Express, Inc.		10,800		159,948


Trading Companies & Distributors 1.3%
Interline Brands, Inc. *		25,500		214,965
MSC Industrial Direct Co., Class A		5,700		177,099


				392,064


INFORMATION TECHNOLOGY 25.0%
Communications Equipment 1.9%
Adtran, Inc.		21,600		350,136
Neutral Tandem, Inc. *		11,057		272,113


				622,249


Electronic Equipment, Instruments & Components 0.7%
Benchmark Electronics, Inc. *		18,722		209,686


Internet Software & Services 9.3%
Bankrate, Inc. ρ *		7,836		195,508
ComScore, Inc. *		18,700		226,083
Constant Contact, Inc. *		26,200		366,538
Digital River, Inc. *		6,100		181,902
Equinix, Inc. *		6,778		380,585
LivePerson, Inc. *		76,700		174,109
NIC, Inc.		96,807		503,396
Omniture, Inc. *		24,400		321,836
SupportSoft, Inc. *		94,800		182,016
Switch & Data Facilities Co., Inc. *		19,000		166,630
Vocus, Inc. *		18,750		249,188


				2,947,791


IT Services 1.8%
Alliance Data Systems Corp. ρ *		9,300		343,635
CyberSource Corp. *		16,200		239,922


				583,557


Semiconductors & Semiconductor Equipment 8.0%
Advanced Energy Industries, Inc. *		15,100		113,703
Atheros Communications, Inc. *		7,900		115,814
ATMI, Inc. *		14,574		224,877
Cavium Networks, Inc. ρ *		40,200		463,908
FormFactor, Inc. *		19,800		356,796
Mellanox Technologies, Ltd. *		38,400		319,872
NetLogic Microsystems, Inc. *		20,500		563,340
Power Integrations, Inc.		5,000		86,000
Tessera Technologies, Inc. *		23,000		307,510


				2,551,820

EVERGREEN VA GROWTH FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Shares		Value


COMMON STOCKS continued
INFORMATION TECHNOLOGY continued
Software 3.3%
Blackboard, Inc. *		16,900	$	536,406
Concur Technologies, Inc. *		11,664		223,832
Ultimate Software Group, Inc. *		16,200		279,612


				1,039,850


MATERIALS 2.8%
Chemicals 1.4%
Cytec Industries, Inc.		13,300		199,766
Intrepid Potash, Inc. *		13,300		245,385


				445,151


Containers & Packaging 0.9%
Silgan Holdings, Inc.		5,400		283,716


Metals & Mining 0.5%
Brush Engineered Materials, Inc. *		10,915		151,391


TELECOMMUNICATION SERVICES 3.0%
Diversified Telecommunication Services 0.6%
tw telecom, Inc., Class A *		21,900		191,625


Wireless Telecommunication Services 2.4%
Leap Wireless International, Inc. *		8,300		289,421
SBA Communications Corp., Class A *		20,800		484,640


				774,061


Total Common Stocks (cost $33,519,863)				30,185,656


EXCHANGE TRADED FUND 1.3%
iShares Russell 2000 Growth Index Fund (cost $414,914)		9,121		419,384


SHORT-TERM INVESTMENTS 11.4%
MUTUAL FUND SHARES 11.4%
BGI Prime Money Market Fund, Premium Shares, 0.40% q ρρ		130		130
BlackRock Liquidity TempFund, Institutional Class, 0.60% q ρρ		207,703		207,703
Evergreen Institutional Money Market Fund, Class I, 0.76% q ø ρρ		3,416,029		3,416,029
Morgan Stanley Institutional Liquidity Fund Money Market Portfolio, Institutional Class, 0.09% q ρρ		874		874


Total Short-Term Investments (cost $3,624,736)				3,624,736


Total Investments (cost $37,559,513) 107.7%				34,229,776
Other Assets and Liabilities (7.7%)				(2,460,577	)


Net Assets 100.0%			$	31,769,199

*	Non-income producing security
ρ	All or a portion of this security is on loan.
q	Rate shown is the 7-day annualized yield at period end.
ρρ	All or a portion of this security represents investment of cash collateral received from securities on loan.
ø	Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market fund.

On March 31, 2009, the aggregate cost of securities for federal income tax purposes was $38,367,641. The gross unrealized appreciation and depreciation on securities based on tax cost was $2,403,304 and $6,541,169, respectively, with a net unrealized depreciation of $4,137,865.

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.

Securities lending

EVERGREEN VA GROWTH FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)

Valuation hierarchy

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.

As of March 31, 2009, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Valuation Inputs	Investments in Securities


Level 1 – Quoted Prices	$	34,229,776
Level 2 – Other Significant Observable Inputs		0
Level 3 – Significant Unobservable Inputs		0


Total	$	34,229,776

EVERGREEN VA HIGH INCOME FUND SCHEDULE OF INVESTMENTS



March 31, 2009 (unaudited)
	Principal Amount		Value


COMMERCIAL MORTGAGE-BACKED SECURITIES 1.1%
FIXED-RATE 0.4%
Citigroup Comml. Mtge. Trust, Ser. 2007-C6, Class A4, 5.70%, 12/10/2049	$	115,000	$	79,365


FLOATING-RATE 0.7%
GE Comml. Mtge. Trust, Ser. 2007-C9, Class A4, 5.82%, 12/10/2049		75,000		54,774
Goldman Sachs Mtge. Securities Corp., Ser. 2007-GG10, Class A4, 5.80%, 08/10/2045		165,000		113,134


Total Commercial Mortgage-Backed Securities (cost $212,076)				247,273


CORPORATE BONDS 67.3%
CONSUMER DISCRETIONARY 10.5%
Auto Components 1.0%
Cooper Standard Automotive, Inc.:
7.00%, 12/15/2012		15,000		1,875
8.375%, 12/15/2014		40,000		3,000
Cooper Tire & Rubber Co., 7.625%, 03/15/2027		310,000		100,750
Goodyear Tire & Rubber Co.:
6.32%, 12/01/2009		60,000		57,600
7.86%, 08/15/2011		50,000		41,250
9.00%, 07/01/2015		25,000		19,375


				223,850


Automobiles 1.3%
Ford Motor Co.:
7.70%, 05/15/2097		265,000		72,875
FRN, 5.54%, 04/15/2009		215,000		212,904


				285,779


Diversified Consumer Services 0.2%
Carriage Services, Inc., 7.875%, 01/15/2015		45,000		37,125
Service Corporation International, 6.75%, 04/01/2015		5,000		4,425


				41,550


Hotels, Restaurants & Leisure 1.1%
Boyd Gaming Corp., 7.75%, 12/15/2012		5,000		4,050
Caesars Entertainment, Inc.:
7.875%, 03/15/2010		100,000		40,500
8.125%, 05/15/2011		40,000		13,200
Fontainebleau Las Vegas Holdings, LLC, 10.25%, 06/15/2015 144A		69,000		2,415
Inn of the Mountain Gods Resort & Casino, 12.00%, 11/15/2010		55,000		6,050
Pokagon Gaming Authority, 10.375%, 06/15/2014 144A		11,000		9,185
Seneca Gaming Corp., 7.25%, 05/01/2012		65,000		41,844
Shingle Springs Tribal Gaming Authority, 9.375%, 06/15/2015 144A		80,000		33,600
Six Flags, Inc.:
8.875%, 02/01/2010 ρ		14,000		1,610
12.25%, 07/15/2016 144A		8,000		4,360
Trump Entertainment Resorts, Inc., 8.50%, 06/01/2015 ••		404,000		34,340
Universal City Development Partners, Ltd., 11.75%, 04/01/2010		70,000		60,200


				251,354


Household Durables 3.1%
Black & Decker Corp., 8.95%, 04/15/2014		30,000		29,642
Centex Corp., 5.80%, 09/15/2009		90,000		89,100
D.R. Horton, Inc.:
4.875%, 01/15/2010		45,000		43,987
6.00%, 04/15/2011		10,000		9,300
9.75%, 09/15/2010		110,000		110,275
Hovnanian Enterprises, Inc.:
6.00%, 01/15/2010		62,000		56,110
8.00%, 04/01/2012 ρ		15,000		5,475
11.50%, 05/01/2013		10,000		7,013

EVERGREEN VA HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
CONSUMER DISCRETIONARY continued
Household Durables continued
Lennar Corp., 5.125%, 10/01/2010	$	110,000	$	96,800
Libbey, Inc., FRN, 9.57%, 06/01/2011		120,000		54,600
Meritage Homes Corp.:
6.25%, 03/15/2015		50,000		30,750
7.00%, 05/01/2014		65,000		41,925
Newell Rubbermaid, Inc., 10.60%, 04/15/2019		30,000		30,330
Pulte Homes, Inc.:
7.875%, 08/01/2011		40,000		38,600
8.125%, 03/01/2011		40,000		39,000


				682,907


Internet & Catalog Retail 0.2%
Ticketmaster Entertainment, Inc., 10.75%, 08/01/2016 144A		55,000		37,675


Media 2.2%
Charter Communications, Inc.:
8.00%, 04/30/2012 144A •		65,000		59,800
10.875%, 09/15/2014 144A •		180,000		175,500
CSC Holdings, Inc., 7.625%, 04/01/2011		25,000		24,937
DirectTV Holdings, LLC, 7.625%, 05/15/2016		5,000		4,925
Idearc, Inc., 8.00%, 11/15/2016 •		140,000		4,375
Ion Media Networks, Inc., FRN, 7.34%, 01/15/2013		131,646		1,514
Lamar Media Corp.:
6.625%, 08/15/2015		15,000		11,025
7.25%, 01/01/2013		10,000		8,663
Mediacom, LLC, 7.875%, 02/15/2011		30,000		28,650
R.H. Donnelley Corp., 11.75%, 05/15/2015 144A		77,000		10,395
Sinclair Broadcast Group, Inc., 8.00%, 03/15/2012		15,000		8,213
Sirius Satellite Radio, Inc., 9.625%, 08/01/2013		45,000		19,800
Time Warner, Inc., 8.25%, 04/01/2019		100,000		102,936
XM Satellite Radio Holdings, Inc., 13.00%, 08/01/2013 144A		70,000		32,375
Young Broadcasting, Inc.:
8.75%, 01/15/2014 •		110,000		12
10.00%, 03/01/2011 •		90,000		10


				493,130


Multiline Retail 0.0%
Neiman Marcus Group, Inc., 9.00%, 10/15/2015		15,000		4,894


Specialty Retail 0.6%
American Achievement Corp., 8.25%, 04/01/2012 144A		155,000		113,150
Best Buy Co., Inc., 6.75%, 07/15/2013		20,000		19,046


				132,196


Textiles, Apparel & Luxury Goods 0.8%
AAC Group Holdings Corp., Step Bond, 10.25%, 10/01/2012 ††		30,000		16,200
Oxford Industries, Inc., 8.875%, 06/01/2011		147,000		108,045
Visant Corp., 7.625%, 10/01/2012		60,000		57,150


				181,395


CONSUMER STAPLES 1.6%
Beverages 0.3%
Anheuser-Busch InBev, 7.75%, 01/15/2019 144A		50,000		49,940


Food Products 0.6%
Del Monte Foods Co.:
6.75%, 02/15/2015		15,000		14,175
8.625%, 12/15/2012		70,000		70,700

EVERGREEN VA HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
CONSUMER STAPLES continued
Food Products continued
Tyson Foods, Inc.:
7.85%, 04/01/2016	$	40,000	$	34,660
10.50%, 03/01/2014 144A		15,000		15,375


				134,910


Tobacco 0.7%
Altria Group, Inc., 10.20%, 02/06/2039		155,000		158,713


ENERGY 12.0%
Energy Equipment & Services 2.4%
Bristow Group, Inc., 7.50%, 09/15/2017		75,000		56,625
Forbes Energy Services, Ltd., 11.00%, 02/15/2015		250,000		150,000
GulfMark Offshore, Inc., 7.75%, 07/15/2014		75,000		55,875
Hornbeck Offshore Services, Inc., Ser. B, 6.125%, 12/01/2014		135,000		103,275
Parker Drilling Co., 9.625%, 10/01/2013		49,000		33,075
PHI, Inc., 7.125%, 04/15/2013		135,000		83,868
Smith International, Inc., 9.75%, 03/15/2019		55,000		57,543


				540,261


Oil, Gas & Consumable Fuels 9.6%
Chesapeake Energy Corp.:
6.875%, 01/15/2016		250,000		211,250
9.50%, 02/15/2015		95,000		92,862
Delta Petroleum Corp., 7.00%, 04/01/2015		115,000		37,375
El Paso Corp.:
7.42%, 02/15/2037		100,000		70,086
12.00%, 12/12/2013		25,000		26,438
Encore Acquisition Co., 6.00%, 07/15/2015		105,000		77,700
Exco Resources, Inc., 7.25%, 01/15/2011		155,000		120,900
Ferrellgas Partners, LP:
6.75%, 05/01/2014 144A		35,000		29,575
8.75%, 06/15/2012		20,000		16,900
Forest Oil Corp.:
7.25%, 06/15/2019		55,000		43,725
7.25%, 06/15/2019 144A		65,000		51,675
8.50%, 02/15/2014 144A		40,000		37,300
Frontier Oil Corp., 6.625%, 10/01/2011		50,000		49,000
Marathon Oil Corp., 7.50%, 02/15/2019		45,000		45,415
Newfield Exploration Co.:
6.625%, 04/15/2016		5,000		4,500
7.125%, 05/15/2018		70,000		62,300
Peabody Energy Corp.:
5.875%, 04/15/2016		155,000		138,725
7.875%, 11/01/2026		95,000		85,262
Petrohawk Energy Corp.:
7.875%, 06/01/2015 144A		170,000		150,450
10.50%, 08/01/2014 144A		30,000		30,000
Plains Exploration & Production Co., 7.625%, 06/01/2018		140,000		114,100
Range Resources Corp., 7.25%, 05/01/2018		10,000		9,000
Sabine Pass LNG, LP, 7.25%, 11/30/2013		240,000		170,400
SandRidge Energy, Inc., 8.00%, 06/01/2018 144A		20,000		14,800
Southwestern Energy Co., 7.50%, 02/01/2018 144A		15,000		14,550
Stallion Oilfield Services, Ltd., 9.75%, 02/01/2015 144A		45,000		5,850
Sunoco, Inc., 9.625%, 04/15/2015		5,000		5,154
Tennessee Gas Pipeline, 8.00%, 02/01/2016 144A		45,000		45,225
Tesoro Corp., 6.50%, 06/01/2017		130,000		98,800

EVERGREEN VA HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
ENERGY continued
Oil, Gas & Consumable Fuels continued
Valero Energy Corp.:
9.375%, 03/15/2019	$	20,000	$	20,681
10.50%, 03/15/2039		50,000		51,655
Williams Cos.:
8.125%, 03/15/2012		105,000		107,100
8.75%, 01/15/2020 144A		40,000		39,869
8.75%, 03/15/2032		55,000		50,028


				2,128,650


FINANCIALS 12.0%
Capital Markets 0.8%
E*TRADE Financial Corp.:
8.00%, 06/15/2011		20,000		8,600
12.50%, 11/30/2017		50,000		23,000
12.50%, 11/30/2017 144A		69,000		31,740
Goldman Sachs Group, Inc., 6.15%, 04/01/2018		58,000		53,067
Lehman Brothers Holdings, Inc., 6.875%, 05/02/2018 ••		15,000		1,875
Morgan Stanley:
6.625%, 04/01/2018		35,000		33,428
FRN, 1.57%, 10/15/2015		25,000		17,789


				169,499


Consumer Finance 7.8%
CCH II Capital Corp., 10.25%, 09/15/2010 •		185,000		167,425
Ford Motor Credit Co., LLC:
5.70%, 01/15/2010		400,000		342,683
9.75%, 09/15/2010		80,000		65,832
General Electric Capital Corp., 5.25%, 12/06/2017		15,000		13,896
General Motors Acceptance Corp., LLC:
2.49%, 05/15/2009		340,000		323,425
5.625%, 05/15/2009		100,000		94,655
6.75%, 12/01/2014 144A		15,000		8,726
6.875%, 09/15/2011 144A		25,000		17,774
6.875%, 08/28/2012 144A		199,000		133,734
7.50%, 12/31/2013 144A		45,000		21,648
7.75%, 01/19/2010		130,000		101,559
8.00%, 12/31/2018 144A		57,000		16,564
8.00%, 11/01/2031 144A		132,000		63,609
International Lease Finance Corp.:
4.375%, 11/01/2009		35,000		31,514
4.55%, 10/15/2009		10,000		9,238
4.75%, 07/01/2009		40,000		37,606
4.75%, 01/13/2012		40,000		23,356
4.875%, 09/01/2010		45,000		32,883
Sprint Capital Corp.:
6.875%, 11/15/2028		275,000		169,125
7.625%, 01/30/2011		65,000		60,450


				1,735,702


Diversified Financial Services 1.4%
Leucadia National Corp.:
7.125%, 03/15/2017		65,000		44,850
8.125%, 09/15/2015		245,000		195,081
NiSource Finance Corp., 10.75%, 03/15/2016		65,000		65,882


				305,813

EVERGREEN VA HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
FINANCIALS continued
Insurance 0.1%
Marsh & McLennan Cos., 9.25%, 04/15/2019	$	25,000	$	25,527


Real Estate Investment Trusts (REITs) 1.4%
Host Marriott Corp.:
7.125%, 11/01/2013		45,000		36,562
Ser. Q, 6.75%, 06/01/2016		55,000		40,425
Omega Healthcare Investors, Inc., 7.00%, 04/01/2014		85,000		78,625
Ventas, Inc.:
6.75%, 04/01/2017		85,000		73,100
7.125%, 06/01/2015		60,000		54,300
9.00%, 05/01/2012		35,000		35,088


				318,100


Thrifts & Mortgage Finance 0.5%
Residential Capital, LLC, 8.50%, 05/15/2010 144A		155,000		116,250


HEALTH CARE 3.3%
Health Care Equipment & Supplies 0.3%
Biomet, Inc.:
10.375%, 10/15/2017		35,000		29,750
11.625%, 10/15/2017		40,000		35,500


				65,250


Health Care Providers & Services 2.5%
HCA, Inc.:
6.30%, 10/01/2012		25,000		21,000
7.875%, 02/01/2011		35,000		34,037
8.75%, 09/01/2010		55,000		55,000
9.25%, 11/15/2016		135,000		123,187
9.625%, 11/15/2016		175,000		140,000
Humana, Inc., 7.20%, 06/15/2018		80,000		67,711
Omnicare, Inc., 6.125%, 06/01/2013		110,000		99,275
Symbion, Inc., 11.00%, 08/23/2015		27,159		10,864


				551,074


Pharmaceuticals 0.5%
Pfizer, Inc.:
6.20%, 03/15/2019		50,000		53,386
7.20%, 03/15/2039		50,000		53,792


				107,178


INDUSTRIALS 5.1%
Aerospace & Defense 2.3%
DAE Aviation Holdings, 11.25%, 08/01/2015 144A		5,000		1,275
L-3 Communications Holdings, Inc.:
5.875%, 01/15/2015		505,000		470,912
6.375%, 10/15/2015		5,000		4,738
Sequa Corp.:
11.75%, 12/01/2015 144A		5,000		775
13.50%, 12/01/2015 144A		22,994		2,644
Vought Aircraft Industries, Inc., 8.00%, 07/15/2011		75,000		29,625


				509,969


Commercial Services & Supplies 1.8%
Browning-Ferris Industries, Inc.:
7.40%, 09/15/2035		85,000		74,770
9.25%, 05/01/2021		140,000		141,042
Corrections Corporation of America, 7.50%, 05/01/2011		5,000		5,038
Geo Group, Inc., 8.25%, 07/15/2013		10,000		9,325

EVERGREEN VA HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
INDUSTRIALS continued
Commercial Services & Supplies continued
Mobile Mini, Inc., 6.875%, 05/01/2015	$	90,000	$	62,550
Toll Corp., 8.25%, 02/01/2011		110,000		107,800


				400,525


Machinery 0.4%
Commercial Vehicle Group, Inc., 8.00%, 07/01/2013		354,000		79,650


Road & Rail 0.3%
Kansas City Southern, 13.00%, 12/15/2013		60,000		61,500


Trading Companies & Distributors 0.3%
United Rentals, Inc., 6.50%, 02/15/2012		90,000		72,450


INFORMATION TECHNOLOGY 2.2%
Communications Equipment 0.4%
EchoStar Corp.:
6.625%, 10/01/2014		40,000		35,900
7.125%, 02/01/2016		10,000		9,000
7.75%, 05/31/2015		35,000		32,375


				77,275


Electronic Equipment, Instruments & Components 1.4%
Da-Lite Screen Co., Inc., 9.50%, 05/15/2011		40,000		34,600
Jabil Circuit, Inc., 8.25%, 03/15/2018		345,000		258,750
Sanmina-SCI Corp., 8.125%, 03/01/2016		40,000		14,200


				307,550


IT Services 0.1%
iPayment, Inc., 9.75%, 05/15/2014		60,000		31,500


Semiconductors & Semiconductor Equipment 0.3%
Spansion, Inc.:
11.25%, 01/15/2016 144A •		60,000		1,650
FRN, 5.33%, 06/01/2013 144A ••		315,000		72,450


				74,100


MATERIALS 6.6%
Chemicals 2.0%
Huntsman, LLC:
7.375%, 01/01/2015		25,000		10,375
11.625%, 10/15/2010		100,000		99,250
Koppers Holdings, Inc., Sr. Disc. Note, Step Bond, 0.00%, 11/15/2014 †		140,000		114,800
Lubrizol Corp., 8.875%, 02/01/2019		30,000		30,903
MacDermid, Inc., 9.50%, 04/15/2017 144A		17,000		5,950
Momentive Performance Materials, Inc.:
9.75%, 12/01/2014		20,000		6,000
10.125%, 12/01/2014		39,787		7,957
11.50%, 12/01/2016		15,000		2,888
Mosaic Co.:
7.30%, 01/15/2028		85,000		63,890
7.625%, 12/01/2016 144A		80,000		78,512
Tronox Worldwide, LLC, 9.50%, 12/01/2012 ••		195,000		26,813


				447,338


Construction Materials 1.3%
CPG International, Inc.:
10.50%, 07/01/2013		235,000		111,625
FRN, 8.56%, 07/01/2012		50,000		23,750

EVERGREEN VA HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
MATERIALS continued
Construction Materials continued
CRH America, Inc.:
5.625%, 09/30/2011	$	25,000	$	21,955
8.125%, 07/15/2018		95,000		74,184
Texas Industries, Inc., 7.25%, 07/15/2013 144A		55,000		41,800


				273,314


Containers & Packaging 0.9%
Exopack Holding Corp., 11.25%, 02/01/2014		210,000		96,600
Graham Packaging Co., 8.50%, 10/15/2012		85,000		65,663
Graphic Packaging International, Inc., 8.50%, 08/15/2011		50,000		43,500


				205,763


Metals & Mining 1.5%
AK Steel Corp., 7.75%, 06/15/2012		35,000		27,650
Freeport-McMoRan Copper & Gold, Inc.:
8.25%, 04/01/2015		40,000		38,344
8.375%, 04/01/2017		280,000		262,169
Indalex Holdings Corp., 11.50%, 02/01/2014 •		205,000		11,275


				339,438


Paper & Forest Products 0.9%
Georgia Pacific Corp., 8.125%, 05/15/2011		40,000		39,950
International Paper Co., 7.95%, 06/15/2018		155,000		118,314
Verso Paper Holdings, LLC:
9.125%, 08/01/2014		50,000		19,000
11.375%, 08/01/2016		105,000		25,200


				202,464


TELECOMMUNICATION SERVICES 3.9%
Diversified Telecommunication Services 1.8%
Citizens Communications Co., 7.875%, 01/15/2027		65,000		44,200
FairPoint Communications, Inc., FRN, 13.125%, 04/01/2018 144A		70,000		13,650
Qwest Corp.:
6.50%, 06/01/2017		14,000		11,690
7.50%, 06/15/2023		45,000		34,200
7.875%, 09/01/2011		195,000		193,050
8.875%, 03/15/2012		85,000		84,362
West Corp., 9.50%, 10/15/2014		40,000		28,050


				409,202


Wireless Telecommunication Services 2.1%
Centennial Communications Corp., 8.125%, 02/01/2014		155,000		160,425
Cricket Communications, Inc., 9.375%, 11/01/2014		20,000		19,150
MetroPCS Communications, Inc., 9.25%, 11/01/2014		130,000		126,750
Sprint Nextel Corp.:
6.90%, 05/01/2019		15,000		10,650
Ser. D, 7.375%, 08/01/2015		150,000		80,250
Ser. E, 6.875%, 10/31/2013		125,000		71,875


				469,100


UTILITIES 10.1%
Electric Utilities 6.5%
Allegheny Energy Supply Co., 8.25%, 04/15/2012 144A		210,000		212,538
Aquila, Inc., Step Bond, 11.875%, 07/01/2012 ††		447,000		469,667
CMS Energy Corp., 8.50%, 04/15/2011		20,000		20,206
Edison Mission Energy, 7.00%, 05/15/2017		5,000		3,675
Energy Future Holdings Corp.:
10.875%, 11/01/2017		30,000		19,500
11.25%, 11/01/2017		135,000		57,713

EVERGREEN VA HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
UTILITIES continued
Electric Utilities continued
Mirant Mid-Atlantic, LLC, Ser. C, 10.06%, 12/30/2028	$	151,016	$	143,465
Mirant North America, LLC, 7.375%, 12/31/2013		80,000		72,800
NRG Energy, Inc., 7.375%, 02/01/2016		220,000		205,150
Orion Power Holdings, Inc., 12.00%, 05/01/2010		200,000		207,250
Public Service Company of New Mexico, 7.95%, 04/01/2015		25,000		21,971


				1,433,935


Gas Utilities 0.6%
Atmos Energy Corp., 8.50%, 03/15/2019		55,000		56,250
ONEOK, Inc., 8.625%, 03/01/2019		80,000		80,858


				137,108


Independent Power Producers & Energy Traders 2.1%
AES Corp.:
8.00%, 06/01/2020 144A		50,000		40,750
9.75%, 04/15/2016 144A		15,000		14,175
Dynegy Holdings, Inc.:
6.875%, 04/01/2011		35,000		31,325
7.125%, 05/15/2018		25,000		13,375
7.50%, 06/01/2015		10,000		6,875
8.75%, 02/15/2012		25,000		21,875
Reliant Energy, Inc.:
6.75%, 12/15/2014		280,000		259,000
7.625%, 06/15/2014		70,000		57,050
7.875%, 06/15/2017		15,000		11,925


				456,350


Multi-Utilities 0.7%
NorthWestern Corp., 6.34%, 04/01/2019 144A		15,000		15,032
PNM Resources, Inc.:
9.25%, 05/15/2015		25,000		22,218
9.50%, 04/01/2019		120,000		118,320


				155,570


Water Utilities 0.2%
Nalco Co., 7.75%, 11/15/2011		40,000		50,487


Total Corporate Bonds (cost $19,006,787)				14,936,185


YANKEE OBLIGATIONS – CORPORATE 10.9%
CONSUMER DISCRETIONARY 0.0%
Media 0.0%
Videotron, Ltd., 9.125%, 04/15/2018 144A		10,000		10,231


CONSUMER STAPLES 0.7%
Beverages 0.7%
Bacardi, Ltd., 8.20%, 04/01/2019 144A		160,000		160,419


ENERGY 2.0%
Oil, Gas & Consumable Fuels 2.0%
Connacher Oil & Gas, Ltd., 10.25%, 12/15/2015 144A		115,000		36,800
Griffin Coal Mining Co., Ltd.:
9.50%, 12/01/2016 144A		575,000		205,562
9.50%, 12/01/2016		100,000		35,675
OPTI Canada, Inc.:
7.875%, 12/15/2014		195,000		86,288
8.25%, 12/15/2014		60,000		27,150
Petrobras International Finance Co., 7.875%, 03/15/2019		5,000		5,206
TransCanada Pipelines, Ltd., 7.625%, 01/15/2039		55,000		54,543


				451,224

EVERGREEN VA HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Principal Amount		Value


YANKEE OBLIGATIONS – CORPORATE continued
FINANCIALS 2.0%
Consumer Finance 0.2%
Petroplus Finance, Ltd.:
6.75%, 05/01/2014 144A	$	40,000	$	29,800
7.00%, 05/01/2017 144A		10,000		7,250
Virgin Media Finance plc, 9.125%, 08/15/2016		5,000		4,675


				41,725


Diversified Financial Services 1.8%
FMG Finance Property, Ltd.:
9.75%, 09/01/2013		75,000		77,225
10.625%, 09/01/2016 144A		210,000		177,450
FRN, 5.26%, 09/01/2011 144A		60,000		51,300
Ship Finance International, Ltd., 8.50%, 12/15/2013		130,000		89,050


				395,025


INDUSTRIALS 1.9%
Machinery 0.4%
Ingersoll-Rand Co., Ltd., 9.50%, 04/15/2014		85,000		85,558


Road & Rail 1.5%
Kansas City Southern de Mexico:
7.375%, 06/01/2014		260,000		206,700
9.375%, 05/01/2012		135,000		123,525


				330,225


MATERIALS 2.1%
Metals & Mining 2.0%
Barrick Gold Corp., 6.95%, 04/01/2019		35,000		35,223
BHP Billiton Ltd., 6.50%, 04/01/2019		60,000		60,899
Evraz Group SA:
8.875%, 04/24/2013 144A		60,000		38,400
9.50%, 04/24/2018 144A		125,000		70,000
Novelis, Inc., 7.25%, 02/15/2015		305,000		123,525
Vedanta Resources plc, 9.50%, 07/18/2018 144A		195,000		123,825


				451,872


Paper & Forest Products 0.1%
Cascades, Inc., 7.25%, 02/15/2013		30,000		16,875


TELECOMMUNICATION SERVICES 2.1%
Wireless Telecommunication Services 2.1%
Inmarsat, plc, Sr. Disc. Note, Step Bond, 10.375%, 11/15/2012 †		75,000		77,250
Intelsat, Ltd.:
8.50%, 04/15/2013 144A		130,000		123,175
8.875%, 01/15/2015 144A		50,000		46,850
Telesat Canada, Inc., 11.00%, 11/01/2015 144A		120,000		100,200
Vimpel Communications:
8.375%, 04/30/2013 144A		5,000		3,650
9.125%, 04/30/2018 144A		180,000		111,600


				462,725


UTILITIES 0.1%
Electric Utilities 0.1%
InterGen NV, 9.00%, 06/30/2017 144A		15,000		13,650


Total Yankee Obligations – Corporate (cost $3,309,058)				2,419,529


WHOLE LOAN MORTGAGE-BACKED PASS THROUGH SECURITIES 2.6%
FIXED-RATE 1.0%
Bear Stearns Securities Trust, Ser. 2007, Class AM, 5.92%, 06/11/2050		195,000		93,170
Countrywide Alternative Loan Trust, Inc., Ser. 2005-50CB, Class 1A1, 5.50%, 11/25/2035		54,515		30,978

EVERGREEN VA HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Principal Amount		Value


WHOLE LOAN MORTGAGE-BACKED PASS THROUGH SECURITIES continued
FIXED-RATE continued
Greenwich Capital Comml. Funding Corp., Ser. 2007-GG11, Class AM, 5.87%, 08/10/2017	$	205,000	$	89,132


				213,280


FLOATING-RATE 1.6%
American Home Mtge. Assets:
Ser. 2006-2, Class 1A1, 2.59%, 09/25/2046		223,555		84,007
Ser. 2007-1, Class A1, 2.33%, 02/25/2047		42,021		12,427
Banc of America Comml. Mtge., Inc., Ser. 2007-04, Class A4, 5.74%, 02/10/2051		190,000		135,528
GSR Mtge. Loan Trust, Ser. 2007-AR1, Class 2A1, 5.99%, 03/25/2037		121,777		61,569
Lehman XS Trust, Ser. 2006-18N, Class A5A, 0.69%, 12/25/2036		250,000		34,242
Washington Mutual, Inc. Mtge. Pass-Through Cert., Ser. 2006-AR09, Class 2A, 2.47%, 11/25/2046		80,624		24,585


				352,358


Total Whole Loan Mortgage-Backed Pass Through Securities (cost $880,026)				565,638





	Shares		Value


COMMON STOCKS 0.1%
ENERGY 0.0%
Oil, Gas & Consumable Fuels 0.0%
Newfield Exploration Co. *		103		2,338


INFORMATION TECHNOLOGY 0.0%
Software 0.0%
Microsoft Corp.		385		7,073


MATERIALS 0.1%
Chemicals 0.1%
Mosaic Co.		334		14,021


Total Common Stocks (cost $20,152)				23,432





	Principal
	Amount		Value


CONVERTIBLE DEBENTURES 0.2%
CONSUMER DISCRETIONARY 0.0%
Media 0.0%
Sinclair Broadcast Group, Inc., 3.00%, 05/15/2027	$	15,000		8,663


INFORMATION TECHNOLOGY 0.2%
Communications Equipment 0.2%
Lucent Technologies, Inc., 2.875%, 06/15/2025		80,000		37,700


Total Convertible Debentures (cost $46,564)				46,363





	Shares		Value


WARRANTS 0.0%
CONSUMER DISCRETIONARY 0.0%
Media 0.0%
Metricom, Inc., Expiring 02/15/2010 * o + (cost $10,603)		50		0





	Principal
	Amount		Value


LOANS 7.4%
CONSUMER DISCRETIONARY 2.7%
Abitibi Consolidated, Inc., FRN, 11.50%, 03/30/2010	$	141,768		114,832
Fontainebleau Resorts, LLC, FRN:
3.76%, 06/06/2014		38,999		6,922
4.53%, 06/06/2014		77,997		13,845

EVERGREEN VA HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Principal Amount		Value


LOANS continued
CONSUMER DISCRETIONARY continued
Ford Motor Co., FRN, 3.56%, 12/15/2013	$	113,808	$	54,554
General Motors Corp., FRN, 8.00%, 11/29/2013		144,239		60,761
Greektown Casino, LLC, FRN, 5.00%, 12/03/2012		40,000		8,400
Idearc, Inc., FRN:
2.02%-2.72%, 11/13/2013		15,000		6,122
3.22%, 11/17/2014		104,291		42,499
Ion Media Networks, Inc., FRN, 4.34%, 01/15/2012		235,000		37,602
Metaldyne Corp., FRN:
4.19%-5.125%, 01/11/2012 ^		51,153		12,661
7.875%-8.00%, 01/11/2014 ^		348,772		86,321
Newsday, LLC, 9.75%, 07/15/2013		100,000		92,554
Tropicana Entertainment, LLC, FRN, 6.50%, 01/03/2012 <		235,000		56,402


				593,475


CONSUMER STAPLES 0.8%
Merisant Co., FRN, 4.02%, 01/11/2010 <		231,100		182,569


ENERGY 0.8%
Alon Krotz Springs, Inc., FRN, 9.75%-10.75%, 07/03/2014		50,000		26,681
Saint Acquisition Corp., FRN, 3.75%, 06/05/2014 <		75,000		39,102
Semgroup Energy Partners, FRN, 8.25%, 07/20/2012 <		130,000		104,125


				169,908


FINANCIALS 0.1%
Realogy Corp., FRN:
3.52%, 09/01/2014 <		31,356		18,226
5.86%, 09/01/2014 <		8,442		4,907


				23,133


HEALTH CARE 0.2%
HCA, Inc., FRN, 2.72%, 11/18/2012		58,531		51,119


INDUSTRIALS 0.5%
Clarke American Corp., FRN, 3.02%-3.94%, 02/28/2014 <		93,231		56,045
Neff Corp., FRN:
4.03%, 11/30/2014		275,000		56,375
4.82%, 05/31/2013		2,250		958


				113,378


INFORMATION TECHNOLOGY 0.2%
iPayment, Inc., FRN, 2.51%-3.23%, 05/10/2013		66,995		35,512


MATERIALS 1.9%
Graham Packaging Co., FRN, 2.75%-6.31%, 10/07/2011 <		34,911		29,906
LyondellBasell, FRN:
1.50%, 12/22/2014		13,398		3,148
5.75%, 12/20/2013		32,870		7,725
5.75%, 12/22/2014		13,398		3,148
5.94%, 12/15/2009		206,181		110,822
6.00%, 12/20/2013		62,781		14,754
7.00%, 12/20/2013		33,343		7,836
7.00%, 12/22/2014		13,398		3,149
13.00%, 12/15/2009		176,181		174,997
Novelis, Inc., N/A, 07/06/2014 <		94,759		60,652


				416,137


TELECOMMUNICATION SERVICES 0.2%
FairPoint Communications, Inc., N/A, 03/08/2015 <		125,000		55,280


Total Loans (cost $2,726,836)				1,640,511

EVERGREEN VA HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Shares		Value


CLOSED END MUTUAL FUND SHARES 8.2%
Credit Suisse Asset Management Income Fund, Inc.		5,149	$	11,688
Dreyfus High Yield Strategies Fund, Inc.		124,989		306,223
DWS High Income Trust		12,320		36,221
DWS Multi-Market Income Trust		17,968		109,605
DWS Strategic Income Trust		3,262		26,683
Eaton Vance Limited Duration Income Trust		41,596		437,174
ING Prime Rate Trust		55,617		192,991
LMP Corporate Loan Fund, Inc.		17,985		118,701
MFS Multimarket Income Trust		2,311		11,832
Morgan Stanley High Yield Fund, Inc.		19,019		72,272
New America High Income Fund, Inc.		41,399		210,307
Nuveen Floating Rate Income Fund		6,542		38,401
Prudential High Yield Income Fund, Inc.		13,996		49,406
Van Kampen Senior Income Trust		13,958		33,220
Wellington High Yield Plus Fund, Inc.		22,702		54,031
Western Asset Global High Income Fund, Inc.		8,334		57,755
Zweig Total Return Fund, Inc.		20,123		63,186


Total Closed End Mutual Fund Shares (cost $1,751,122)				1,829,696


SHORT-TERM INVESTMENTS 2.2%
MUTUAL FUND SHARES 2.2%
Evergreen Institutional Money Market Fund, Class I, 0.76% ø ##		478,171		478,171
State Street Navigator Securities Lending Prime Portfolio, 0.98% ρρ §		5,063		5,063


Total Short-Term Investments (cost $483,234)				483,234


Total Investments (cost $28,446,458) 100.0%				22,191,861
Other Assets and Liabilities 0.0%				(5,846	)


Net Assets 100.0%			$	22,186,015

144A	Security that may be sold to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Board of Trustees, unless otherwise noted.
ρ	All or a portion of this security is on loan.
••	Security which has defaulted on payment of interest and/or principal. The Fund has stopped accruing interest on this security.
††	The rate shown is the stated rate at the current period end.
†	Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. An effective interest rate is applied to recognize interest income daily for the bond. This rate is based on total expected interest to be earned over the life of the bond which consists of the aggregate coupon-interest payments and discount at acquisition. The rate shown is the stated rate at the current period end.
•	Security which has defaulted on payment of interest and/or principal.
*	Non-income producing security
o	Security is valued at fair value as determined by the investment advisor in good faith, according to procedures approved by the Board of Trustees.
+	Security is deemed illiquid.
^	Security is currently paying interest in-kind.
<	All or a portion of the position represents an unfunded loan commitment. A coupon of “N/A” is indicated when the position is entirely unfunded.
ø	Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market fund.
##	All or a portion of this security has been segregated for when-issued, delayed delivery securities and/or unfunded loans.
ρρ	All or a portion of this security represents investment of cash collateral received from securities on loan.
§	Rate shown is the 1-day annualized yield at period end.

Summary of Abbreviations
FRN	Floating Rate Note

EVERGREEN VA HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)

At March 31, 2009, the Fund had the following credit default swap contracts outstanding:

Credit default swaps on debt obligations – Buy protection

Frequency

Rating of

Fixed

Upfront

Reference

Payments

Premiums

Debt

Notional

Made by

Market

Paid/

Unrealized

Expiration

Counterparty

Obligation

Obligation*

Amount

the Fund

Value

(Received)

Gain (Loss)

03/20/2014

UBS

Motorola,
Inc., 6.50%,
09/01/2025#

BB+

55,000

5.80%

Quarterly

(5,809)

03/20/2014

UBS

Expedia, Inc.,
7.46%,
08/15/2018#

65,000

6.60%

Quarterly

(4,420)

03/20/2014

UBS

Expedia, Inc.,
7.46%,
08/15/2018#

35,000

6.65%

Quarterly

(2,449)

03/20/2014

UBS

Pulte Homes,
Inc., 5.25%,
01/15/2014##

105,000

2.53%

Quarterly

312

03/20/2014

Goldman Sachs

Motorola, Inc.,
6.50%,
09/01/2025#

BB+

85,000

6.15%

Quarterly

(10,234)

03/20/2014

Deutsche Bank

Humana, Inc.,
6.30%,
08/01/2018#

BBB

10,000

3.85%

Quarterly

(92)

Credit default swaps on debt obligations – Sell protection

Frequency

Rating of

Fixed

Upfront

Reference

Payments

Premiums

Debt

Notional

Received

Received by

Market

Paid/

Unrealized

Expiration

Counterparty

Obligation

Obligation*

Amount

by the Fund

the Fund

Value

(Received)

Gain (Loss)

03/20/2014

Goldman Sachs

General Electric,
5.63%,
09/15/2017#

AA+

25,000

5.10%

Quarterly

(2,860)

12/20/2013

Citibank

General Electric,
5.63%,
09/15/2017#

AA+

40,000

6.65%

Quarterly

(1,059)

12/20/2013

Goldman Sachs

General Electric,
5.63%,
09/15/2017#

AA+

30,000

4.50%

Quarterly

(2,973)

09/20/2013

Citibank

General Electric,
5.63%,
09/15/2017#

AA+

10,000

4.30%

Quarterly

(1,070)

09/20/2013

Deutsche Bank

General Electric,
5.63%,
09/15/2017#

AA+

25,000

5.00%

Quarterly

(1,974)

03/20/2014

Credit Suisse

General Electric,
5.63%,
09/15/2017#

AA+

35,000

5.00%

Quarterly

2,803

*	A rating of D would most likely indicate a trigger event of default has occurred although circumstances including bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium and restructuring may also cause a credit event to take place.
#	The Fund entered into the swap contract for speculative purposes.
##	The Fund entered into the swap contract for hedging purposes.

EVERGREEN VA HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)

Credit default swaps on an index – Buy protection

Frequency

Fixed

Upfront

Rating of

Payments

Premiums

Reference

Notional

Made by

Market

Paid/

Unrealized

Expiration

Counterparty

Index

Index *@

Amount

the Fund

Value

(Received)

Gain (Loss)

12/20/2013

Deutsche Bank

Dow Jones CDX,
North America
Index EM.10##

175,000

3.35%

Quarterly

23,590

33,342

(9,752)

Credit default swaps on an index – Sell protection

Frequency

Fixed

Upfront

Rating of

Payments

Premiums

Reference

Notional

Received

Received by

Market

Paid/

Unrealized

Expiration

Counterparty

Index

Index *@

Amount

by the Fund

the Fund

Value

(Received)

Gain (Loss)

12/13/2049

Goldman Sachs

Markit CMBX,
North America
Index AAA 3#

AAA

435,000

0.08%

Monthly

(146,508)

(168,604)

22,096

12/13/2049

Credit Suisse

Markit CMBX,
North America
Index AAA 3#

AAA

50,000

0.08%

Monthly

(16,840)

(17,923)

1,083

*	A rating of D would most likely indicate a trigger event of default has occurred although circumstances including bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium and restructuring may also cause a credit event to take place.
@	Rating represents an average rating for the underlying securities within the index.
#	The Fund entered into the swap contract for speculative purposes.
##	The Fund entered into the swap contract for hedging purposes.

At March 31, 2009, the Fund had forward foreign currency exchange contracts outstanding as follows:

Forward Foreign Currency Exchange Contracts to Sell:

		U.S. Value at		In Exchange		Unrealized
Exchange Date	Contracts to Deliver	March 31, 2009		for U.S. $		Gain (Loss)



8/6/2009	30,000 EUR	$	39,871	$	39,060	$	(811)
8/6/2009	54,017 EUR		71,790		69,574		(2,216)
10/1/2009	10,185 EUR		13,485		13,505		20

On March 31, 2009, the aggregate cost of securities for federal income tax purposes was $28,698,235. The gross unrealized appreciation and depreciation on securities based on tax cost was $166,257 and $6,672,631, respectively, with a net unrealized depreciation of $6,506,374.

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.

Forward foreign currency contracts

The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives through its investments in forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on foreign currency related transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. 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.

EVERGREEN VA HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)

When-issued and delayed delivery transactions

Loans

The Fund may purchase loans through an agent, by assignment from another holder of the loan or as a participation interest in another holder’s portion of the loan. Loans are purchased on a when-issued or delayed delivery basis. Interest income is accrued based on the terms of the securities. Fees earned on loan purchasing activities are recorded as income when earned. Loans involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower.

As of March 31, 2009, the Fund had unfunded loan commitments of $379,666.

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. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

Credit default swaps

Valuation hierarchy

Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 establishes a fair value hierarchy based upon the various Inputs used 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.

As of March 31, 2009, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Valuation Inputs	Investments in Securities		Other Financial Instruments*


Level 1 – Quoted Prices	$	2,366,004		$	0
Level 2 – Other Significant Observable Inputs		19,825,857			(19,405	)
Level 3 – Significant Unobservable Inputs		0			0


Total	$	22,191,861		$	(19,405	)

*	Other financial instruments include forwards and swap contracts.

EVERGREEN VA INTERNATIONAL EQUITY FUND SCHEDULE OF INVESTMENTS



March 31, 2009 (unaudited)
	Country	Shares	Value


COMMON STOCKS 91.7%
CONSUMER DISCRETIONARY 6.8%
Automobiles 1.6%
Daimler AG	Germany	33,194	$	843,773
Toyota Motor Corp.	Japan	46,300		1,484,970


				2,328,743


Hotels, Restaurants & Leisure 2.8%
Compass Group plc	United Kingdom	420,517		1,921,540
Sodexo SA	France	51,283		2,335,018


				4,256,558


Media 2.0%
Toho Co., Ltd.	Japan	48,900		687,947
Vivendi SA	France	86,128		2,275,729


				2,963,676


Multiline Retail 0.2%
PPR SA	France	5,723		366,186


Textiles, Apparel & Luxury Goods 0.2%
adidas AG	Germany	9,897		330,103


CONSUMER STAPLES 11.8%
Beverages 1.1%
Diageo plc	United Kingdom	47,328		534,403
Heineken NV	Netherlands	18,536		527,860
Pernod Ricard SA	France	9,146		511,197


				1,573,460


Food & Staples Retailing 3.6%
FamilyMart Co., Ltd.	Japan	31,300		954,713
Lawson, Inc.	Japan	32,200		1,327,912
Seven & I Holdings Co., Ltd.	Japan	58,202		1,285,025
Sugi Holdings Co., Ltd.	Japan	57,900		1,065,487
Tesco plc	United Kingdom	159,802		764,808


				5,397,945


Food Products 3.1%
Lotte Confectionery Co., Ltd.	South Korea	595		443,975
Nestle SA	Switzerland	78,868		2,669,641
Unilever NV	Netherlands	76,478		1,511,919


				4,625,535


Household Products 0.7%
Uni-Charm Corp.	Japan	17,900		1,090,645


Tobacco 3.3%
British American Tobacco plc	United Kingdom	50,080		1,159,607
Imperial Tobacco Group plc	United Kingdom	94,454		2,121,292
Japan Tobacco, Inc.	Japan	461		1,231,159
Swedish Match AB	Sweden	34,258		495,253


				5,007,311


ENERGY 7.6%
Energy Equipment & Services 0.4%
Technip SA	France	15,355		541,157


Oil, Gas & Consumable Fuels 7.2%
BG Group plc	United Kingdom	87,838		1,331,378
BP plc	United Kingdom	439,359		2,940,405
ENI SpA	Italy	32,915		633,727
Royal Dutch Shell plc, Class A	United Kingdom	69,472		1,562,120
Total SA	France	54,728		2,714,282

EVERGREEN VA INTERNATIONAL EQUITY FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Country	Shares	Value


COMMON STOCKS continued
ENERGY continued
Oil, Gas & Consumable Fuels continued
Tullow Oil plc	United Kingdom	51,877	$	596,327
Woodside Petroleum, Ltd.	Australia	40,980		1,078,829


				10,857,068


FINANCIALS 17.2%
Commercial Banks 1.4%
DBS Group Holdings, Ltd.	Singapore	97,000		543,904
HSBC Holdings plc-London Exchange	United Kingdom	139,181		781,597
Nordea Bank AB	Sweden	154,405		748,516


				2,074,017


Diversified Financial Services 6.6%
ASX, Ltd.	Australia	68,814		1,407,158
Bolsas y Mercados Espanoles SA	Spain	22,279		514,473
Compagnie Nationale a Portefeuille	Belgium	7,658		355,638
Criteria Caixa Corp. SA	Spain	146,752		474,011
Deutsche Boerse AG	Germany	48,973		2,958,727
Groupe Bruxelles Lambert SA	Belgium	30,414		2,064,443
Hellenic Exchanges Holding SA	Greece	111,882		807,512
Hong Kong Exchanges & Clearing, Ltd.	Hong Kong	45,957		433,347
Pargesa Holdings SA	Switzerland	17,613		935,415


				9,950,724


Insurance 9.0%
Allianz SE	Germany	10,374		873,939
AMP, Ltd.	Australia	169,912		556,825
CNP Assurances	France	12,939		819,058
Muenchener Rueckversicherungs-Gesellschaft AG	Germany	23,494		2,869,612
PartnerRe, Ltd.	Bermuda	9,323		578,679
QBE Insurance Group, Ltd.	Australia	94,783		1,274,454
RenaissanceRe Holdings, Ltd.	Bermuda	21,272		1,051,688
Sampo Oyj, Class A	Finland	99,578		1,472,765
Scor SE	France	22,178		456,844
Sompo Japan Insurance, Inc.	Japan	121,900		638,313
T&D Holdings, Inc.	Japan	19,050		456,322
Zurich Financial Services AG	Switzerland	15,612		2,463,683


				13,512,182


Real Estate Management & Development 0.2%
IRSA Inversiones y Representaciones SA, GDR *	Argentina	70,284		276,919


HEALTH CARE 10.8%
Health Care Equipment & Supplies 1.9%
Grifols SA	Spain	100,577		1,450,768
Synthes, Inc.	United States	12,808		1,425,099


				2,875,867


Life Sciences Tools & Services 2.1%
Lonza Group AG	Switzerland	31,286		3,093,010


Pharmaceuticals 6.8%
Novartis AG	Switzerland	66,340		2,503,924
Novo Nordisk AS	Denmark	18,479		886,337
Ono Pharmaceutical Co., Ltd.	Japan	9,700		425,041
Roche Holding AG	Switzerland	30,616		4,203,408
Shionogi & Co., Ltd.	Japan	50,300		864,781
Teva Pharmaceutical Industries, Ltd., ADR	Israel	31,122		1,402,046


				10,285,537

EVERGREEN VA INTERNATIONAL EQUITY FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Country	Shares	Value


COMMON STOCKS continued
INDUSTRIALS 9.1%
Aerospace & Defense 1.3%
BAE Systems plc	United Kingdom	298,517	$	1,432,328
Thales SA	France	13,009		493,145


				1,925,473


Electrical Equipment 2.2%
ABB, Ltd.	Switzerland	66,297		925,007
Alstom SA	France	14,735		762,853
Mitsubishi Electric Corp.	Japan	93,000		423,298
Vestas Wind Systems AS *	Denmark	17,735		783,209
Yingli Green Energy Holding Co., Ltd. ADR *	Cayman Islands	78,944		475,243


				3,369,610


Industrial Conglomerates 0.9%
Siemens AG	Germany	9,320		533,729
Smiths Group plc	United Kingdom	79,532		761,798


				1,295,527


Machinery 0.7%
Fanuc, Ltd.	Japan	7,000		479,747
Kubota Corp.	Japan	101,000		554,884


				1,034,631


Professional Services 3.2%
Experian plc	United Kingdom	465,473		2,915,994
Intertek Group plc	United Kingdom	45,995		584,263
SGS SA	Switzerland	1,168		1,225,918


				4,726,175


Trading Companies & Distributors 0.8%
Mitsubishi Corp.	Japan	46,100		613,378
Mitsui & Co., Ltd.	Japan	62,000		631,195


				1,244,573


INFORMATION TECHNOLOGY 3.9%
Communications Equipment 0.3%
Research In Motion, Ltd. *	Canada	9,854		424,412


Internet Software & Services 1.1%
Baidu.com, Inc., ADR *	Cayman Islands	4,307		760,616
SINA Corp. *	Cayman Islands	41,043		954,250


				1,714,866


Office Electronics 1.0%
Neopost	France	19,749		1,530,340


Software 1.5%
Nintendo Co., Ltd.	Japan	5,200		1,525,342
SAP AG	Germany	19,908		706,982


				2,232,324


MATERIALS 8.8%
Chemicals 0.5%
BASF SE	Germany	7,826		237,571
Potash Corporation of Saskatchewan, Inc., ADR	Canada	6,249		504,982


				742,553


Containers & Packaging 0.5%
Rexam plc	United Kingdom	189,558		732,644


Metals & Mining 7.8%
Agnico-Eagle Mines, Ltd.	Canada	28,928		1,646,582
Barrick Gold Corp.	Canada	60,818		1,971,719
BHP Billiton plc	United Kingdom	60,927		1,206,299

EVERGREEN VA INTERNATIONAL EQUITY FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Country	Shares	Value


COMMON STOCKS continued
MATERIALS continued
Metals & Mining continued
Centennial Coal Co., Ltd.	Australia	11,393	$	15,874
Goldcorp, Inc., Class A	Canada	50,299		1,693,123
Kinross Gold Corp.	Canada	43,101		770,215
Newcrest Mining, Ltd.	Australia	67,877		1,539,367
POSCO, ADR	South Korea	5,942		397,104
Randgold Resources, Ltd., ADR	Channel Islands	33,351		1,812,627
Rio Tinto plc	United Kingdom	21,654		725,072


				11,777,982


TELECOMMUNICATION SERVICES 14.9%
Diversified Telecommunication Services 12.9%
Deutsche Telekom AG	Germany	349,298		4,345,384
France Telecom	France	149,354		3,396,454
Hellenic Telecommunications Organization SA	Greece	188,026		2,822,396
Koninklijke KPN NV	Netherlands	271,459		3,630,301
Swisscom AG	Switzerland	8,907		2,498,996
Telefonica SA	Spain	132,160		2,639,502


				19,333,033


Wireless Telecommunication Services 2.0%
China Mobile, Ltd., ADR	Hong Kong	26,034		1,132,999
KDDI Corp.	Japan	127		599,287
Vodafone Group plc	United Kingdom	753,824		1,316,933


				3,049,219


UTILITIES 0.8%
Electric Utilities 0.3%
E.ON AG	Germany	18,411		512,476


Multi-Utilities 0.5%
RWE AG	Germany	10,023		704,671


Total Common Stocks (cost $150,027,853)				137,757,152


PREFERRED STOCKS 3.7%
CONSUMER DISCRETIONARY 0.9%
Automobiles 0.9%
Volkswagen AG, Var. Rate Pfd.	Germany	25,177		1,451,694


HEALTH CARE 2.8%
Health Care Equipment & Supplies 2.8%
Fresenius AG, Var. Rate Pfd.	Germany	90,604		4,163,689


Total Preferred Stocks (cost $5,830,872)				5,615,383


RIGHTS 0.0%
INDUSTRIALS 0.0%
Industrial Conglomerates 0.0%
GP Bruxelles Lambert * (cost $0)	Belgium	2,043		19


SHORT-TERM INVESTMENTS 2.3%
MUTUAL FUND SHARES 2.3%
Evergreen Institutional U.S. Government Money Market Fund, Class I, 0.40% q ø (cost $3,415,625)	United States	3,415,625		3,415,625


Total Investments (cost $159,274,350) 97.7%				146,788,179
Other Assets and Liabilities 2.3%				3,398,164


Net Assets 100.0%			$	150,186,343

*	Non-income producing security
q	Rate shown is the 7-day annualized yield at period end.
ø	Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market fund.

EVERGREEN VA INTERNATIONAL EQUITY FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)

Summary of Abbreviations
ADR	American Depository Receipt
GDR	Global Depository Receipt

The following table shows the percent of total long-term investments by geographic location as of March 31, 2009:

United Kingdom	17.6	%
Germany	14.3	%
Switzerland	14.3	%
Japan	11.4	%
France	11.3	%
Canada	4.9	%
Australia	4.1	%
Netherlands	4.0	%
Spain	3.5	%
Greece	2.5	%
Belgium	1.7	%
Cayman Islands	1.5	%
Denmark	1.2	%
Bermuda	1.1	%
Hong Kong	1.1	%
Finland	1.0	%
Israel	1.0	%
United States	1.0	%
Sweden	0.9	%
South Korea	0.6	%
Italy	0.4	%
Singapore	0.4	%
Argentina	0.2	%


	100.0	%

At March 31, 2009, the Fund had forward foreign currency exchange contracts outstanding as follows:

Forward Foreign Currency Exchange Contracts to Buy:

	Contracts to	U.S. Value at	In Exchange for	Unrealized
Exchange Date	Receive	March 31, 2009	U.S. $	Gain (Loss)

6/19/2009	4,517,000 EUR	$6,001,890	$6,147,072	$(145,182)

Forward Foreign Currency Exchange Contracts to Sell:

	Contracts to	U.S. Value at	In Exchange for	Unrealized
Exchange Date	Deliver	March 31, 2009	U.S. $	Gain (Loss)

6/19/2009	9,034,000 EUR	$12,003,780	$11,736,611	$(267,169)

On March 31, 2009, the aggregate cost of securities for federal income tax purposes was $166,074,746. The gross unrealized appreciation and depreciation on securities based on tax cost was $0 and $19,286,567 respectively, with a net unrealized depreciation of $19,286,567.

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. Non-listed equity 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 fair market value obtained from yield data relating to investments or securities with similar characteristics.

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.

EVERGREEN VA INTERNATIONAL EQUITY FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)

Forward foreign currency contracts
The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives through its investments in forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on foreign currency related transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. 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
Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 establishes a fair value hierarchy based upon the various inputs used 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.

As of March 31, 2009, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

	Investments in		Other Financial
Valuation Inputs	Securities		Instruments*


Level 1 – Quoted Prices	$	19,268,828		$	0
Level 2 – Other Significant Observable Inputs		127,519,351			(412,351	)
Level 3 – Significant Unobservable Inputs		0			0


Total	$	146,788,179		$	(412,351	)

*	Other financial instruments include forwards.

EVERGREEN VA OMEGA FUND SCHEDULE OF INVESTMENTS



March 31, 2009 (unaudited)
	Shares		Value


COMMON STOCKS 97.9%
CONSUMER DISCRETIONARY 18.4%
Hotels, Restaurants & Leisure 0.4%
Carnival Corp.		9,974	$	215,438


Internet & Catalog Retail 11.4%
Amazon.com, Inc. *		54,363		3,992,419
Blue Nile, Inc. * ρ		88,661		2,673,129


				6,665,548


Media 1.7%
Omnicom Group, Inc.		41,214		964,408


Multiline Retail 0.9%
Target Corp.		15,062		517,982


Specialty Retail 1.0%
Home Depot, Inc.		25,200		593,712


Textiles, Apparel & Luxury Goods 3.0%
Timberland Co., Class A * ρ		147,000		1,755,180


CONSUMER STAPLES 4.9%
Beverages 0.9%
Coca-Cola Co.		12,193		535,883


Food Products 1.5%
McCormick & Co., Inc.		29,618		875,804


Household Products 2.5%
Clorox Co.		20,203		1,040,050
Procter & Gamble Co.		9,309		438,361


				1,478,411


ENERGY 5.2%
Energy Equipment & Services 1.7%
Schlumberger, Ltd.		13,200		536,184
Weatherford International, Ltd. *		43,400		480,438


				1,016,622


Oil, Gas & Consumable Fuels 3.5%
Chevron Corp.		18,339		1,233,114
ConocoPhillips		20,444		800,587


				2,033,701


FINANCIALS 10.9%
Capital Markets 2.5%
Legg Mason, Inc.		90,031		1,431,493


Consumer Finance 5.7%
Visa, Inc., Class A		60,200		3,347,120


Diversified Financial Services 1.6%
MSCI, Inc., Class A *		54,000		913,140


Insurance 1.1%
Marsh & McLennan Cos.		32,200		652,050


HEALTH CARE 18.5%
Biotechnology 7.7%
Amgen, Inc. *		29,336		1,452,719
Biogen Idec, Inc. *		58,222		3,051,997


				4,504,716


Health Care Equipment & Supplies 2.6%
Medtronic, Inc.		26,380		777,419
Zimmer Holdings, Inc. *		20,232		738,468


				1,515,887

EVERGREEN VA OMEGA FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)
	Shares		Value


COMMON STOCKS continued
HEALTH CARE continued
Health Care Providers & Services 1.5%
WellPoint, Inc. *		23,047	$	875,094


Pharmaceuticals 6.7%
Bristol-Myers Squibb Co.		43,153		945,914
Merck & Co., Inc.		40,210		1,075,617
Novartis AG, ADR		49,625		1,877,314


				3,898,845


INDUSTRIALS 6.1%
Air Freight & Logistics 5.8%
Expeditors International of Washington, Inc.		87,300		2,469,717
United Parcel Service, Inc., Class B		18,000		885,960


				3,355,677


Industrial Conglomerates 0.3%
Tyco International, Ltd.		9,358		183,043


INFORMATION TECHNOLOGY 33.9%
Communications Equipment 5.5%
Cisco Systems, Inc. *		74,103		1,242,707
QUALCOMM, Inc.		50,587		1,968,340


				3,211,047


Internet Software & Services 7.8%
Bankrate, Inc. * ρ		57,983		1,446,676
Google, Inc., Class A *		8,886		3,092,861


				4,539,537


IT Services 1.3%
Automatic Data Processing, Inc.		21,687		762,515


Semiconductors & Semiconductor Equipment 8.3%
Altera Corp.		195,538		3,431,692
KLA-Tencor Corp.		5,725		114,500
Linear Technology Corp.		44,900		1,031,802
Texas Instruments, Inc.		15,108		249,433


				4,827,427


Software 11.0%
FactSet Research Systems, Inc. ρ		52,000		2,599,480
Microsoft Corp.		55,239		1,014,740
Oracle Corp. *		155,764		2,814,656


				6,428,876


Total Common Stocks (cost $70,103,332)				57,099,156


SHORT-TERM INVESTMENTS 13.3%
MUTUAL FUND SHARES 13.3%
BGI Prime Money Market Fund, Premium Shares, 0.40% q ρρ		461		461
BlackRock Liquidity TempFund, Institutional Class, 0.60% q ρρ		738,767		738,767
Evergreen Institutional Money Market Fund, Class I, 0.76% q ρρ ø		5,757,992		5,757,992
Evergreen Institutional U.S. Government Money Market Fund, Class I, 0.40% q ø		1,256,313		1,256,313
Morgan Stanley Institutional Liquidity Money Market Portfolio, Institutional Class, 0.09% q ρρ		3,106		3,106


Total Short-Term Investments (cost $7,756,639)				7,756,639


Total Investments (cost $77,859,971) 111.2%				64,855,795
Other Assets and Liabilities (11.2%)				(6,520,023	)


Net Assets 100.0%			$	58,335,772

EVERGREEN VA OMEGA FUND SCHEDULE OF INVESTMENTS continued



March 31, 2009 (unaudited)

*	Non-income producing security
ρ	All or a portion of this security is on loan.
q	Rate shown is the 7-day annualized yield at period end.
ρρ	All or a portion of this security represents investment of cash collateral received from securities on loan.
ø	Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market fund.

Summary of Abbreviations
ADR	American Depository Receipt

On March 31, 2009, the aggregate cost of securities for federal income tax purposes was $78,108,858. The gross unrealized appreciation and depreciation on securities based on tax cost was $3,334,403 and $16,587,466, respectively, with a net unrealized depreciation of $13,253,063.

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.

Securities lending

Valuation hierarchy

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.

As of March 31, 2009, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Valuation Inputs	Investments in Securities


Level 1 – Quoted Prices	$	64,855,795
Level 2 – Other Significant Observable Inputs		0
Level 3 – Significant Unobservable Inputs		0


Total	$	64,855,795

EVERGREEN VA SPECIAL VALUES FUND SCHEDULE OF INVESTMENTS


March 31, 2009 (unaudited)
	Shares		Value


COMMON STOCKS 91.9%
CONSUMER DISCRETIONARY 10.8%
Auto Components 0.2%
Modine Manufacturing Co.		35,006	$	87,515


Diversified Consumer Services 1.0%
Hillenbrand, Inc.		34,000		544,340


Hotels, Restaurants & Leisure 2.7%
DineEquity, Inc.		12,945		153,528
Interval Leisure Group, Inc. *		12,240		64,872
Ruby Tuesday, Inc. *		101,215		295,548
Wendy’s/Arby’s Group, Inc.		179,534		903,056


				1,417,004


Household Durables 3.1%
BLYTH, Inc.		35,925		938,720
Cavco Industries, Inc. *		15,671		369,836
Dixie Group, Inc. * +		40,900		44,990
Ethan Allen Interiors, Inc.		7,200		81,072
Tupperware Brands Corp.		11,000		186,890


				1,621,508


Internet & Catalog Retail 0.2%
HSN, Inc. *		14,440		74,221
Ticketmaster Entertainment, Inc. *		14,540		53,653


				127,874


Media 0.2%
A. H. Belo Corp., Ser. A		58,900		57,722
Journal Communications, Inc., Class A		75,303		56,477


				114,199


Specialty Retail 2.5%
AnnTaylor Stores Corp. *		16,700		86,840
Christopher & Banks Corp.		32,800		134,152
Foot Locker, Inc.		24,900		260,952
Genesco, Inc.		33,500		630,805
Men’s Wearhouse, Inc.		9,600		145,344
Zale Corp. *		27,360		53,352


				1,311,445


Textiles, Apparel & Luxury Goods 0.9%
Delta Apparel Co. *		15,300		66,249
Fossil, Inc. *		3,800		59,660
Kenneth Cole Productions, Inc., Class A		39,800		254,322
Maidenform Brands, Inc. *		7,000		64,120


				444,351


CONSUMER STAPLES 6.5%
Food & Staples Retailing 3.2%
Casey’s General Stores, Inc.		61,113		1,629,273
Winn-Dixie Stores, Inc. *		4,100		39,196


				1,668,469


Food Products 1.5%
American Italian Pasta Co., Class A *		17,800		619,618
TreeHouse Foods, Inc. *		6,466		186,156


				805,774


Household Products 0.6%
WD-40 Co.		11,900		287,266

EVERGREEN VA SPECIAL VALUES FUND SCHEDULE OF INVESTMENTS continued


March 31, 2009 (unaudited)
	Shares		Value


COMMON STOCKS continued
CONSUMER STAPLES continued
Personal Products 0.3%
Prestige Brands Holdings, Inc. *		34,600	$	179,228


Tobacco 0.9%
Universal Corp.		15,500		463,760


ENERGY 4.2%
Energy Equipment & Services 2.2%
Atwood Oceanics, Inc. *		49,640		823,527
Carbo Ceramics, Inc.		3,600		102,384
Global Industries, Ltd. *		44,500		170,880
WSP Holdings, Ltd., ADR		23,400		85,644


				1,182,435


Oil, Gas & Consumable Fuels 2.0%
BioFuel Energy Corp. *		38,206		14,136
Mariner Energy, Inc. *		50,346		390,182
Rosetta Resources, Inc. *		21,962		108,712
Stone Energy Corp. *		12,100		40,293
Whiting Petroleum Corp. *		19,040		492,184


				1,045,507


FINANCIALS 26.0%
Capital Markets 3.3%
Deerfield Capital Corp.		13,753		13,753
Investment Technology Group, Inc. *		30,296		773,154
Knight Capital Group, Inc., Class A *		37,900		558,646
Kohlberg Capital Corp.		40,916		125,203
Virtus Investment Partners, Inc. *		3,175		20,669
Westwood Holdings Group, Inc. +		6,800		265,812


				1,757,237


Commercial Banks 11.2%
BancorpSouth, Inc. ρ		46,800		975,312
BOK Financial Corp.		9,200		317,860
First Citizens Bancshares, Inc., Class A		18,730		2,468,614
IBERIABANK Corp.		10,600		486,964
Sterling Bancshares, Inc.		47,300		309,342
SVB Financial Group *		8,600		172,086
UMB Financial Corp.		26,600		1,130,234


				5,860,412


Insurance 9.5%
Endurance Specialty Holdings, Ltd.		63,002		1,571,270
Flagstone Reinsurance Holdings, Ltd.		700		5,453
IPC Holdings, Ltd.		34,521		933,447
Stewart Information Services Corp.		59,680		1,163,760
Willis Group Holdings, Ltd.		59,332		1,305,304


				4,979,234


Thrifts & Mortgage Finance 2.0%
NewAlliance Bancshares, Inc.		89,328		1,048,711


HEALTH CARE 1.6%
Health Care Equipment & Supplies 0.6%
Hill-Rom Holdings, Inc.		13,300		131,537
ICU Medical, Inc. *		3,900		125,268
Syneron Medical, Ltd. *		10,700		63,451


				320,256

EVERGREEN VA SPECIAL VALUES FUND SCHEDULE OF INVESTMENTS continued


March 31, 2009 (unaudited)
	Shares		Value


COMMON STOCKS continued
HEALTH CARE continued
Health Care Providers & Services 0.3%
AMN Healthcare Services, Inc. *		24,400	$	124,440


Life Sciences Tools & Services 0.4%
Cambrex Corp. *		48,797		111,257
Varian, Inc. *		4,900		116,326


				227,583


Pharmaceuticals 0.3%
King Pharmaceuticals, Inc. *		20,300		143,521
Par Pharmaceutical Company, Inc. *		300		2,841


				146,362


INDUSTRIALS 15.5%
Aerospace & Defense 0.2%
GenCorp, Inc. *		46,048		97,622


Building Products 1.3%
Apogee Enterprises, Inc.		12,400		136,152
Quanex Building Products Corp.		67,238		511,009
Simpson Manufacturing Co.		2,200		39,644


				686,805


Commercial Services & Supplies 2.5%
ACCO Brands Corp. *		69,378		67,991
Courier Corp.		21,654		328,491
Ennis, Inc.		5,800		51,388
Viad Corp.		62,909		888,275


				1,336,145


Construction & Engineering 0.2%
Dycom Industries, Inc. *		16,500		95,535


Electrical Equipment 1.4%
Belden, Inc.		39,620		495,646
Franklin Electric Co., Inc.		11,200		247,856


				743,502


Machinery 5.8%
Circor International, Inc.		7,200		162,144
EnPro Industries, Inc. *		4,550		77,805
Kadant, Inc. * +		58,220		670,694
Mueller Industries, Inc.		97,904		2,123,538


				3,034,181


Professional Services 2.8%
Heidrick & Struggles International, Inc.		37,141		658,881
Korn/Ferry International *		45,882		415,691
Monster Worldwide, Inc. *		49,700		405,055


				1,479,627


Road & Rail 1.3%
Arkansas Best Corp.		35,594		676,998


INFORMATION TECHNOLOGY 17.8%
Communications Equipment 2.0%
Avocent Corp. *		7,700		93,478
Ciena Corp. *		33,210		258,374
CommScope, Inc. *		27,700		314,672
NETGEAR, Inc. *		21,200		255,460
Sycamore Networks, Inc. *		44,100		117,747


				1,039,731

EVERGREEN VA SPECIAL VALUES FUND SCHEDULE OF INVESTMENTS continued


March 31, 2009 (unaudited)
	Shares		Value


COMMON STOCKS continued
INFORMATION TECHNOLOGY continued
Computers & Peripherals 4.3%
Adaptec, Inc. *		182,600	$	438,240
Electronics for Imaging, Inc. *		49,800		488,040
Imation Corp.		134,836		1,031,495
Quantum Corp. *		402,772		269,857
Silicon Graphics, Inc. *		13,636		5,591


				2,233,223


Electronic Equipment, Instruments & Components 2.4%
AVX Corp.		43,000		390,440
Benchmark Electronics, Inc. *		19,900		222,880
Celestica, Inc. *		20,900		74,404
Coherent, Inc. *		17,800		307,050
Orbotech, Ltd. *		54,900		208,071
Vishay Intertechnology, Inc. *		21,400		74,472


				1,277,317


Internet Software & Services 2.0%
EarthLink, Inc. *		18,400		120,888
IAC/InterActiveCorp.		60,650		923,700


				1,044,588


Semiconductors & Semiconductor Equipment 4.6%
ANADIGICS, Inc. *		25,800		53,406
ATMI, Inc. *		30,400		469,072
Cabot Microelectronics Corp. *		18,500		444,555
DSP Group, Inc. *		48,024		207,463
Exar Corp. *		72,825		454,428
Lattice Semiconductor Corp. *		222,439		306,966
Standard Microsystems Corp. *		18,840		350,424
Trident Microsystems, Inc. *		37,700		55,042
Zoran Corp. *		7,500		66,000


				2,407,356


Software 2.5%
Borland Software Corp. *		196,599		90,436
Corel Corp. * +		51,179		91,610
i2 Technologies, Inc. *		5,300		41,870
Kenexa Corp. *		17,600		94,864
Lawson Software, Inc. *		76,400		324,700
Mentor Graphics Corp. *		25,800		114,552
Novell, Inc. *		123,200		524,832
Progress Software Corp. *		1,900		32,984


				1,315,848


MATERIALS 4.1%
Chemicals 1.6%
A. Schulman, Inc.		34,090		461,919
American Pacific Corp. * +		22,200		114,996
Arch Chemicals, Inc.		5,744		108,906
Innospec, Inc.		19,402		73,146
Minerals Technologies, Inc.		2,800		89,740


				848,707


Paper & Forest Products 2.5%
Clearwater Paper Corp. *		4,800		38,544
Glatfelter		40,503		252,739

EVERGREEN VA SPECIAL VALUES FUND SCHEDULE OF INVESTMENTS continued


March 31, 2009 (unaudited)
	Shares		Value


COMMON STOCKS continued
MATERIALS continued
Paper & Forest Products continued
Neenah Paper, Inc.		61,785	$	224,280
Schweitzer-Mauduit International, Inc.		42,611		786,599


				1,302,162


UTILITIES 5.4%
Electric Utilities 4.7%
Allete, Inc. ρ		59,876		1,598,090
El Paso Electric Co. *		58,900		829,901


				2,427,991


Gas Utilities 0.7%
Atmos Energy Corp.		16,400		379,168


Total Common Stocks (cost $80,938,771)				48,191,416


SHORT-TERM INVESTMENTS 9.7%
MUTUAL FUND SHARES 9.7%
BGI Prime Money Market Fund, Premium Shares, 0.40% q ρρ		60		60
BlackRock Liquidity TempFund, Institutional Class, 0.60% q ρρ		96,108		96,108
Evergreen Institutional Money Market Fund, Class I, 0.76% q ø ρρ		4,971,907		4,971,907
Morgan Stanley Institutional Liquidity Fund Money Market Portfolio, Institutional Class, 0.09% q ρρ		616		616


Total Short-Term Investments (cost $5,068,691)				5,068,691


Total Investments (cost $86,007,462) 101.6%				53,260,107
Other Assets and Liabilities (1.6%)				(857,384	)


Net Assets 100.0%			$	52,402,723

*	Non-income producing security
+	Security is deemed illiquid.
ρ	All or a portion of this security is on loan.
q	Rate shown is the 7-day annualized yield at period end.
ρρ	All or a portion of this security represents investment of cash collateral received from securities on loan.
ø	Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market fund.

Summary of Abbreviations

ADR	American Depository Receipt

On March 31, 2009, the aggregate cost of securities for federal income tax purposes was $87,318,568 gross unrealized appreciation and depreciation on securities based on tax cost was $703,814 and $34,762,275, respectively, with a net unrealized depreciation of $34,058,461.

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.

Securities lending

Valuation hierarchy

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)

EVERGREEN VA SPECIAL VALUES FUND SCHEDULE OF INVESTMENTS continued


March 31, 2009 (unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As of March 31, 2009, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Valuation Inputs	Investments in Securities


Level 1 – Quoted Prices	$	53,260,107
Level 2 – Other Significant Observable Inputs		0
Level 3 – Significant Unobservable Inputs		0


Total	$	53,260,107

Item 2 - Controls and Procedures

(a)

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b)

There has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonable likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 - Exhibits

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)

Separate certifications for the registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached as EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Evergreen Variable Annuity Trust


By:	/s/ W. Douglas Munn
	W. Douglas Munn
	Principal Executive Officer

Date: May 26, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:	/s/ W. Douglas Munn
	W. Douglas Munn
	Principal Executive Officer

Date: May 26, 2009


By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Principal Financial Officer

Date: May 26, 2009

EX-99.CERT 2 e154837ev_h-cert.htm CERTIFICATIONS

200 Berkeley Street
Boston, MA 02116-5034

CERTIFICATIONS

I, Jeremy DePalma, certify that:

1.	I have reviewed this report on Form N-Q of Evergreen Variable Annuity Trust;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedule(s) of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which this report is filed;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: May 26, 2009
			Jeremy DePalma Principal Financial Officer Evergreen Variable Annuity Trust

200 Berkeley Street
Boston, MA 02116-5034

CERTIFICATIONS

I, W. Douglas Munn, certify that:

1.	I have reviewed this report on Form N-Q of Evergreen Variable Annuity Trust;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which this report is filed;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: May 26, 2009			/s/ W. Douglas Munn
			W. Douglas Munn Principal Executive Officer Evergreen Variable Annuity Trust

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