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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number      811-08413

Evergreen Equity 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 semi-annual filing for three of its series, Evergreen Market Index Fund, Evergreen Market Index Growth Fund and Evergreen Market Index Value Fund, for the six months ended November 30, 2008. These series have May 31 fiscal year end.

Date of reporting period:   November 30, 2008

Item 1 - Reports to Stockholders.

Evergreen

MARKET INDEX FUNDS

Semiannual Report
as of November 30, 2008

This semiannual report must be preceded or accompanied by a prospectus of the Evergreen funds contained herein. The prospectus contains more complete information, including fees and expenses, and should be read carefully before investing or sending money. Each fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.

Each fund's Form N-Q will be available on the SEC's Web site at http://www.sec.gov. In addition, each fund's Form N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330.

A description of each fund's proxy voting policies and procedures, as well as information regarding how each fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available by visiting our Web site at EvergreenInvestments.com or by visiting the SEC's Web site at http://www.sec.gov. Each fund's proxy voting policies and procedures are also available without charge, upon request, by calling 800.343.2898.

Mutual Funds:

NOT FDIC INSURED MAY LOSE VALUE NOT BANK GUARUANTEED

Evergreen Investments^SM is a service mark of Evergreen Investment Management Company, LLC. Copyright 2008, Evergreen Investment Management Company, LLC.

Evergreen Investment Management Company, LLC is a subsidiary of Wachovia Corporation and is an affiliate of Wachovia Corporation's other Broker Dealer subsidiaries.

Evergreen mutual funds are distributed by Evergreen Investment Services, Inc. 200 Berkeley Street, Boston, MA 02116

Table of Contents

1	LETTER TO SHAREHOLDERS
MARKET INDEX FUND
4	FUND AT A GLANCE
6	ABOUT YOUR FUND'S EXPENSES
7	FINANCIAL HIGHLIGHTS
8	SCHEDULE OF INVESTMENTS
23	STATEMENT OF ASSETS AND LIABILITIES
24	STATEMENT OF OPERATIONS
25	STATEMENTS OF CHANGES IN NET ASSETS
MARKET INDEX GROWTH FUND
26	FUND AT A GLANCE
28	ABOUT YOUR FUND'S EXPENSES
29	FINANCIAL HIGHLIGHTS
30	SCHEDULE OF INVESTMENTS
48	STATEMENT OF ASSETS AND LIABILITIES
49	STATEMENT OF OPERATIONS
50	STATEMENTS OF CHANGES IN NET ASSETS
MARKET INDEX VALUE FUND
51	FUND AT A GLANCE
53	ABOUT YOUR FUND'S EXPENSES
54	FINANCIAL HIGHLIGHTS
55	SCHEDULE OF INVESTMENTS
73	STATEMENT OF ASSETS AND LIABILITIES
74	STATEMENT OF OPERATIONS
75	STATEMENTS OF CHANGES IN NET ASSETS
CLOSING PAGE
76	COMBINED NOTES TO FINANCIAL STATEMENTS
84	ADDITIONAL INFORMATION
111	TRUSTEES AND OFFICERS

LETTER TO SHAREHOLDERS

January 2009 

Dear Shareholder:

W. Douglas Munn
President and Chief Executive Officer

We are pleased to provide the Semiannual Report for the Evergreen Market Index Funds for the six-month period ended November 30, 2008 (the "period").

Growing concerns about a weakening economy, deteriorating corporate profitability and an uncertain future for the auto industry combined to cause domestic equity prices to plummet during the period. Few stocks escaped the damage that affected shares of growth companies, value companies and corporations of all sizes and industry groups. Well-recognized benchmarks for the general stock market as well as for specific subgroups typically fell by 30% or more during the period. In the bond markets, investors sought out quality and tried to minimize risk. Treasuries and higher quality short-term debt securities held up well, while corporate bond prices fell victim to the same forces undermining equity valuations. As sentiment in the fixed income markets moved from worries about inflation to concerns about deflation, investors appeared willing to accept virtually nothing for short-term loans to the federal government. The domestic trends extended to capital markets beyond the United States. Foreign sovereign government debt of industrialized nations held up relatively well, but equity prices and virtually all other asset classes suffered declines. Further signs of a global recession also pulled commodity and oil prices lower, while the market for gold strengthened.

Economic news seemed only to get worse during the period. After months of deceleration, the U.S. economy finally contracted in the third quarter of 2008. Real Gross Domestic Product ("GDP") fell by 0.5%, with consumer spending recording its greatest drop in three decades. Economists believed GDP for the fourth quarter of 2008 could drop by more and that the nation's unemployment rate could climb above 8% in 2009. The National Bureau of Economic Research announced that the domestic economy was officially in recession. Meanwhile, reports of slumping manufacturing production and weakening economic activity appeared throughout the world, signaling a global slowdown. The European Union's economic analysis bureau reported that GDP for the 15-nation Eurozone fell by 0.2% during the third quarter of 2008. The economic deceleration extended to China, where the central government announced a major fiscal program to stimulate growth while the central bank cut interest rates by one-half of a percentage point. Faced with widening evidence of economic deterioration, the central banks in the U.S. and other major industrialized nations injected added liquidity into the markets. These efforts continued into December 2008, after the fiscal period ended, when the U.S. Federal Reserve dropped official interest rates to an historically low range, slashing the target fed funds rate to a range of zero to 0.25%. Meanwhile, Congress and officials of both the outgoing and incoming administrations considered new spending plans to revive the economy and, perhaps, rescue the staggering domestic auto industry.

During a volatile and challenging period in the capital markets, the portfolio manager of Evergreen's market index funds continued to implement quantitative-based methodologies intended to produce results consistent with underlying stock market indexes of each portfolio. Evergreen Market Index Fund, for example, is designed to reflect the results of the Standard & Poor's 500 Index, a benchmark for the overall stock market. Evergreen Market Index Growth Fund, meanwhile, is designed to reflect the performance of the Russell 1000 Growth Index, a standard for large cap growth stocks, while the portfolio of Evergreen Market Index Value Fund is structured to be consistent with the Russell 1000 Value Index, which reflects the performance of large cap value stocks.

As we look back over the extraordinary series of events during the period, we believe it is vitally important for all investors to keep perspective and remain focused on their long-term strategies. Most importantly, we continue to urge investors to pursue fully diversified strategies to participate in future market gains and limit the risks of potential losses. If they haven't already done so, we encourage individual investors to work with their financial advisors to develop a diversified, long-term strategy and, most importantly, to adhere to it. Investors should keep in mind that the economy and the financial markets have had long and successful histories of adaptability, recovery, innovation and growth. Proper asset allocation decisions can have significant impacts on the returns of long-term portfolios.

Please visit us at EvergreenInvestments.com for more information about our funds and other investment products available to you. Thank you for your continued support of Evergreen Investments.
 
Sincerely,

W. Douglas Munn
President and Chief Executive Officer

Evergreen Funds

Notices to Shareholders:

• On December 31, 2008, Wachovia Corporation merged with and into Wells Fargo & Company ("Wells Fargo"). As a result of the merger, Evergreen Investment Management Company, LLC ("EIMC"), Tattersall Advisory Group, Inc., J.L. Kaplan Associates, LLC, First International Advisors, LLC, Metropolitan West Capital Management, LLC, Evergreen Investment Services, Inc. and Evergreen Service Company, LLC, are subsidiaries of Wells Fargo.

After the merger, new interim advisory agreements between the Evergreen Funds and EIMC went into effect, as did new interim sub-advisory agreements with each sub-advisor to the Evergreen Funds. These interim agreements will be in effect until no later than March 19, 2009. Shareholders of the Evergreen Funds will meet on or around February 12, 2009 to consider definitive advisory and sub-advisory agreements for the Evergreen Funds, which would replace the interim agreements.

• Effective January 1, 2009, W. Douglas Munn became President and Chief Executive Officer of the Evergreen Funds.

Market Index Fund
 
FUND AT A GLANCE

as of November 30, 2008

Management Team

Investment Advisor:

Evergreen Investment Management Company, LLC

Portfolio Manager:

William E. Zieff

CURRENT INVESTMENT STYLE

Source: Morningstar, Inc. Morningstar's style box is based on a portfolio date as of 9/30/2008. The Equity style box placement is based on 10 growth and valuation measures for each fund holding and the median size of the companies in which the fund invests.

PERFORMANCE AND RETURNS

Portfolio inception date: 10/15/2002
	Class I
Class inception date	10/15/2002
6-month return	-35.16	%
Average annual return
1-year	-38.06	%
5-year	-1.41	%
Since portfolio inception	2.19	%

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

The advisor is waiving its advisory fee and reimbursing the fund for a portion of other expenses. Had the fee not been waived and expenses not reimbursed, returns would have been lower.

The fund is only offered to certain pension plans having at least $100 million. Class I are sold without a front-end or deferred sales charge. The minimum initial investment for the fund is $100 million, which may be waived in certain situations. There is no minimum required for subsequent purchases.

LONG-TERM GROWTH

Comparison of a $100,000,000 investment in the Evergreen Market Index Fund Class I shares versus a similar investment in the S&P 500 Index (S&P) and the Consumer Price Index (CPI).

The S&P 500 is an unmanaged market index and does not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. The CPI is a commonly used measure of inflation and does not represent an investment return. It is not possible to invest directly in an index.

The fund's investment objective may be changed without a vote of the fund's shareholders.

"Standard & Poor's," "S&P," "S&P 500," "Standard & Poor's 500" and "500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Evergreen Investments. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the product.

All data is as of November 30, 2008, and subject to change.

Market Index Fund

ABOUT YOUR FUND'S EXPENSES

The Example below is intended to describe the fees and expenses borne by shareholders and the impact of those costs on your investment.

Example
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from  June 1, 2008 to November 30, 2008.

The example illustrates your fund's costs in two ways:

•  Actual expenses
  The section in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class, in the column entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
• Hypothetical example for comparison purposes
  The section in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the section in the table under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would havebeen higher.

	Beginning Account Value 6/1/2008	Ending Account Value 11/30/2008	Expenses Paid During Period*
Actual
Class I	$1,000.00	$648.36	$0.08
Hypothetical (5% return before expenses)
Class I	$1,000.00	$1,024.97	$0.10

*Expenses are equal to the fund's annualized expense ratio (0.02% for Class I), multiplied by the average account value over the period, multiplied by 183/365 days.

Market Index Fund

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

		Six Months Ended November 30, 2008			Year Ended May 31,
Class I	(unaudited)			2008			2007			2006			2005			2004
Net asset value, beginning of period	$	13.11		$	14.48		$	14.50		$	13.81		$	12.97		$	11.02
Income from investment operations
Net investment income (loss)		0.14			0.28	1		0.27	1		0.27	1		0.30			0.18
Net realized and unrealized gains or losses on investments		(4.75	)		(1.24	)		2.76			0.91			0.76			1.83
Total from investment operations		(4.61	)		(0.96	)		3.03			1.18			1.06			2.01
Distributions to shareholders from
Net investment income		0			(0.23	)		(0.30	)		(0.32	)		(0.20	)		(0.06	)
Net realized gains		0			(0.18	)		(2.75	)		(0.17	)		(0.02	)		0
Total distributions to shareholders		0			(0.41	)		(3.05	)		(0.49	)		(0.22	)		(0.06	)
Net asset value, end of period	$	8.50		$	13.11		$	14.48		$	14.50		$	13.81		$	12.97
Total return		(35.16	)%		(6.71	)%		22.78	%		8.56	%		8.24	%		18.25	%
Ratios and supplemental data
Net assets, end of period (thousands)	$	227,730		$	351,138		$	558,366		$	406,581		$	722,863		$	716,998
Ratios to average net assets
Expenses including waivers/reimbursements but excluding expense reductions		0.02	%2		0.03	%		0.03	%		0.03	%		0.03	%		0.02	%
Expenses excluding waivers/reimbursements and expense reductions		0.46	%2		0.46	%		0.46	%		0.46	%		0.46	%		0.45	%
Net investment income (loss)		2.55	%2		2.01	%		1.93	%		1.90	%		2.08	%		1.70	%
Portfolio turnover rate		2	%		7	%		5	%		6	%		6	%		2	%

1	Net investment income (loss) per share is based on average shares outstanding during the period.
2	Annualized

See Combined Notes to Financial Statements

Market Index Fund

SCHEDULE OF INVESTMENTS

November 30, 2008  (unaudited)

	Shares		Value
COMMON STOCKS   99.5%
CONSUMER DISCRETIONARY   8.0%
Auto Components   0.1%
Goodyear Tire & Rubber Co. *	6,978	$	44,868
Johnson Controls, Inc.	17,183		303,452
			348,320
Automobiles   0.2%
Ford Motor Co. * Þ	65,440		176,034
General Motors Corp. Þ	17,666		92,570
Harley-Davidson, Inc. Þ	6,810		115,838
			384,442
Distributors   0.1%
Genuine Parts Co.	4,682		183,300
Diversified Consumer Services   0.2%
Apollo Group, Inc., Class A *	3,073		236,129
H&R Block, Inc. Þ	9,494		181,620
			417,749
Hotels, Restaurants & Leisure   1.4%
Carnival Corp. Þ	12,645		265,545
Darden Restaurants, Inc. Þ	4,064		74,331
International Game Technology	8,959		95,951
Marriott International, Inc., Class A Þ	8,552		143,588
McDonald's Corp.	32,546		1,912,077
Starbucks Corp. *	21,142		188,798
Starwood Hotels & Resorts Worldwide, Inc. Þ	5,403		91,095
Wyndham Worldwide Corp.	5,136		24,550
Wynn Resorts, Ltd. Þ	1,779		70,840
Yum! Brands, Inc.	13,564		365,414
			3,232,189
Household Durables   0.4%
Black & Decker Corp. Þ	1,735		73,633
Centex Corp. Þ	3,576		32,756
D.R. Horton, Inc. Þ	7,971		54,761
Fortune Brands, Inc.	4,338		163,976
Harman International Industries, Inc. Þ	1,694		25,495
KB Home Þ	2,178		25,330
Leggett & Platt, Inc.	4,652		67,919
Lennar Corp., Class A Þ	4,091		29,087
Newell Rubbermaid, Inc.	8,019		107,134
Pulte Homes, Inc. Þ	6,183		65,849
Snap-On, Inc. Þ	1,662		59,915
Stanley Works	2,274		72,291
Whirlpool Corp. Þ	2,154		84,825
			862,971
Internet & Catalog Retail   0.2%
Amazon.com, Inc. * Þ	9,244		394,719
Expedia, Inc. *	6,056		50,870
			445,589
Leisure Equipment & Products   0.1%
Eastman Kodak Co. Þ	7,769		58,811
Hasbro, Inc. Þ	3,633		97,365

	Shares		Value
COMMON STOCKS   continued
CONSUMER DISCRETIONARY   continued
Leisure Equipment & Products   continued
Mattel, Inc.	10,433	$	142,619
			298,795
Media   2.5%
CBS Corp., Class B Þ	19,676		131,042
Comcast Corp., Class A	84,448		1,464,328
DIRECTV Group, Inc. * Þ	15,805		347,868
Gannett Co., Inc. Þ	6,601		57,495
Interpublic Group of Cos. * Þ	13,788		56,393
McGraw-Hill Cos. Þ	9,191		229,775
Meredith Corp. Þ	1,048		16,915
New York Times Co., Class A Þ	3,370		25,410
News Corp., Class A	66,442		524,892
Omnicom Group, Inc.	9,226		261,003
Scripps Networks Interactive, Inc., Class A Þ	2,601		72,282
Time Warner, Inc. Þ	103,681		938,313
Viacom, Inc., Class B *	17,968		286,051
Walt Disney Co. Þ	54,301		1,222,858
Washington Post Co., Class B Þ	173		68,491
			5,703,116
Multiline Retail   0.7%
Big Lots, Inc. * Þ	2,374		41,592
Family Dollar Stores, Inc. Þ	4,043		112,314
J.C. Penney Co., Inc.	6,427		122,049
Kohl's Corp. * Þ	8,813		287,833
Macy's, Inc. Þ	12,170		90,301
Nordstrom, Inc. Þ	4,615		52,473
Sears Holdings Corp. * Þ	1,646		59,667
Target Corp.	21,839		737,285
			1,503,514
Specialty Retail   1.7%
Abercrombie & Fitch Co., Class A Þ	2,519		48,692
AutoNation, Inc. * Þ	3,118		26,628
AutoZone, Inc. * Þ	1,107		120,907
Bed Bath & Beyond, Inc. * Þ	7,536		152,906
Best Buy Co., Inc. Þ	9,775		202,440
GameStop Corp., Class A * Þ	4,727		103,285
Gap, Inc. Þ	13,588		176,916
Home Depot, Inc. Þ	49,151		1,135,880
Limited Brands, Inc.	8,259		76,891
Lowe's Cos.	42,415		876,294
Office Depot, Inc. *	7,958		15,677
RadioShack Corp. Þ	3,795		37,381
Sherwin-Williams Co. Þ	2,855		168,245
Staples, Inc.	20,576		357,199
Tiffany & Co. Þ	3,589		71,026
TJX Cos.	12,137		276,966
			3,847,333

	Shares		Value
COMMON STOCKS   continued
CONSUMER DISCRETIONARY   continued
Textiles, Apparel & Luxury Goods   0.4%
Coach, Inc. *	9,749	$	174,507
Jones Apparel Group, Inc.	2,414		12,384
Liz Claiborne, Inc. Þ	2,743		7,818
Nike, Inc., Class B Þ	11,353		604,547
Polo Ralph Lauren Corp. Þ	1,645		71,064
VF Corp. Þ	2,521		131,823
			1,002,143
CONSUMER STAPLES   13.0%
Beverages   2.6%
Brown-Forman Corp., Class B	2,838		124,560
Coca-Cola Co.	57,526		2,696,243
Coca-Cola Enterprises, Inc.	9,176		84,235
Constellation Brands, Inc., Class A *	5,609		71,571
Dr. Pepper Snapple Group, Inc. *	7,341		118,484
Molson Coors Brewing Co., Class B	4,359		193,845
Pepsi Bottling Group, Inc.	3,952		71,492
PepsiCo, Inc.	45,304		2,568,737
			5,929,167
Food & Staples Retailing   3.3%
Costco Wholesale Corp.	12,582		647,596
CVS Caremark Corp.	41,532		1,201,521
Kroger Co.	18,952		524,212
Safeway, Inc.	12,600		274,680
SUPERVALU, Inc.	6,147		73,211
Sysco Corp.	17,421		408,522
Wal-Mart Stores, Inc.	64,891		3,626,109
Walgreen Co. Þ	28,646		708,702
Whole Foods Market, Inc. Þ	4,060		42,955
			7,507,508
Food Products   1.8%
Archer Daniels Midland Co.	18,644		510,473
Campbell Soup Co. Þ	6,128		196,402
ConAgra Foods, Inc.	13,109		193,358
Dean Foods Co. *	4,409		64,195
General Mills, Inc.	9,729		614,581
H.J. Heinz Co. Þ	9,038		351,036
Hershey Co. Þ	4,796		172,656
J.M. Smucker Co.	3,414		154,893
Kellogg Co.	7,246		314,694
Kraft Foods, Inc., Class A	43,932		1,195,390
McCormick & Co., Inc.	3,732		111,101
Sara Lee Corp.	20,442		187,657
Tyson Foods, Inc., Class A	8,683		58,263
			4,124,699
Household Products   3.3%
Clorox Co. Þ	3,996		236,403
Colgate-Palmolive Co.	14,635		952,299

	Shares		Value
COMMON STOCKS   continued
CONSUMER STAPLES   continued
Household Products   continued
Kimberly-Clark Corp.	12,016	$	694,405
Procter & Gamble Co. Þ	86,690		5,578,502
			7,461,609
Personal Products   0.1%
Avon Products, Inc.	12,319		259,931
Estee Lauder Cos., Class A Þ	3,323		92,712
			352,643
Tobacco   1.9%
Altria Group, Inc.	59,605		958,448
Lorillard, Inc. Þ	5,033		304,144
Philip Morris International, Inc.	59,648		2,514,760
Reynolds American, Inc. Þ	4,919		202,073
UST, Inc.	4,270		293,562
			4,272,987
ENERGY   14.2%
Energy Equipment & Services   2.0%
Baker Hughes, Inc.	8,920		310,684
BJ Services Co.	8,512		102,059
Cameron International Corp. * Þ	6,299		132,909
ENSCO International, Inc.	4,147		134,404
Halliburton Co.	25,375		446,600
Nabors Industries, Ltd. * Þ	8,107		117,551
National Oilwell Varco, Inc. *	12,078		341,687
Noble Corp. Þ	7,788		208,641
Rowan Companies, Inc.	3,270		56,734
Schlumberger, Ltd. Þ	34,715		1,761,439
Smith International, Inc.	6,251		182,779
Transocean, Inc.	9,232		617,436
Weatherford International, Ltd. *	19,697		251,531
			4,664,454
Oil, Gas & Consumable Fuels   12.2%
Anadarko Petroleum Corp. Þ	13,557		556,515
Apache Corp.	9,679		748,187
Cabot Oil & Gas Corp.	2,991		89,640
Chesapeake Energy Corp.	15,084		259,143
Chevron Corp.	59,453		4,697,382
ConocoPhillips Þ	43,981		2,309,882
Consol Energy, Inc.	5,301		153,570
Devon Energy Corp.	12,785		924,867
El Paso Corp. Þ	20,292		149,958
EOG Resources, Inc.	7,200		612,144
Exxon Mobil Corp.	150,307		12,047,106
Hess Corp.	8,191		442,642
Marathon Oil Corp.	20,418		534,543
Massey Energy Co.	2,447		38,222
Murphy Oil Corp.	5,511		242,760
Noble Energy, Inc.	4,998		261,295
Occidental Petroleum Corp.	23,645		1,280,140

	Shares		Value
COMMON STOCKS   continued
ENERGY   continued
Oil, Gas & Consumable Fuels   continued
Peabody Energy Corp.	7,870	$	184,394
Pioneer Natural Resources Co. Þ	3,463		69,537
Range Resources Corp.	4,488		186,117
Southwestern Energy Co. *	9,931		341,328
Spectra Energy Corp.	17,792		289,298
Sunoco, Inc. Þ	3,382		134,401
Tesoro Corp. Þ	3,990		36,668
Valero Energy Corp.	15,139		277,801
Williams Cos. Þ	16,676		270,485
XTO Energy, Inc.	15,897		607,901
			27,745,926
FINANCIALS   13.4%
Capital Markets   2.4%
American Capital, Ltd. Þ	5,990		25,398
Ameriprise Financial, Inc.	6,278		115,892
Bank of New York Mellon Corp.	33,166		1,001,945
Charles Schwab Corp. Þ	26,996		494,837
E*TRADE Financial Corp. * Þ	15,547		20,988
Federated Investors, Inc., Class B	2,543		50,479
Franklin Resources, Inc. Þ	4,406		267,664
Goldman Sachs Group, Inc.	12,572		993,062
INVESCO, Ltd. Þ	11,192		140,460
Janus Capital Group, Inc. Þ	4,625		37,694
Legg Mason, Inc. Þ	4,102		73,918
Merrill Lynch & Co., Inc.	44,318		585,884
Morgan Stanley	32,093		473,372
Northern Trust Corp.	6,397		293,558
State Street Corp.	12,494		526,122
T. Rowe Price Group, Inc. Þ	7,488		256,164
			5,357,437
Commercial Banks   3.2%
BB&T Corp. Þ	15,901		476,553
Comerica, Inc. Þ	4,354		98,183
Fifth Third Bancorp Þ	16,713		159,776
First Horizon National Corp. Þ	5,838		62,408
Huntington Bancshares, Inc. Þ	10,596		84,768
KeyCorp. Þ	14,315		134,275
M&T Bank Corp. Þ	2,232		143,406
Marshall & Ilsley Corp. Þ	7,508		115,998
National City Corp. Þ	60,567		121,740
PNC Financial Services Group, Inc.	10,027		529,125
Regions Financial Corp. Þ	20,106		204,880
SunTrust Banks, Inc.	10,235		324,756
U.S. Bancorp	50,412		1,360,116
Wachovia Corp. °	62,474		351,104
Wells Fargo & Co. Þ °	107,549		3,107,091
Zions Bancorp Þ	3,318		105,811
			7,379,990

	Shares		Value
COMMON STOCKS   continued
FINANCIALS   continued
Consumer Finance   0.8%
American Express Co.	33,551	$	782,074
Capital One Financial Corp. Þ	10,873		374,140
Discover Financial Services Þ	13,872		141,910
MasterCard, Inc., Class A Þ	2,093		304,113
SLM Corp. * Þ	13,523		124,547
			1,726,784
Diversified Financial Services   3.6%
Bank of America Corp. Þ	145,130		2,358,362
CIT Group, Inc. Þ	8,258		27,582
Citigroup, Inc.	157,581		1,306,346
CME Group, Inc., Class A Þ	1,942		411,607
IntercontinentalExchange, Inc. * Þ	2,181		160,522
JPMorgan Chase & Co.	106,608		3,375,209
Leucadia National Corp. Þ	5,121		100,116
Moody's Corp. Þ	5,712		124,008
NASDAQ OMX Group, Inc. * Þ	3,934		84,581
NYSE Euronext Þ	7,698		183,289
			8,131,622
Insurance   2.4%
AFLAC, Inc.	13,781		638,060
Allstate Corp.	15,671		398,670
American International Group, Inc. Þ	77,811		156,400
AON Corp.	8,035		363,986
Assurant, Inc.	3,432		74,715
Chubb Corp.	10,434		535,890
Cincinnati Financial Corp. Þ	4,699		137,399
Genworth Financial, Inc., Class A	12,532		18,171
Hartford Financial Services Group, Inc. Þ	8,719		73,676
Lincoln National Corp.	7,432		102,041
Loews Corp.	10,479		287,020
Marsh & McLennan Cos.	14,843		378,496
MBIA, Inc. Þ	5,658		33,099
MetLife, Inc. Þ	22,042		633,928
Principal Financial Group, Inc.	7,500		103,575
Progressive Corp. Þ	19,549		293,626
Prudential Financial, Inc.	12,357		268,147
Torchmark Corp. Þ	2,524		91,243
Travelers Companies, Inc.	17,097		746,284
UnumProvident Corp.	9,998		148,970
XL Capital, Ltd., Class A Þ	9,572		48,147
			5,531,543
Real Estate Investment Trusts (REITs)   0.8%
Apartment Investment & Management Co., Class A Þ	2,478		28,423
AvalonBay Communities, Inc. Þ	2,230		135,294
Boston Properties, Inc. Þ	3,467		185,138
Developers Diversified Realty Corp. Þ	3,480		16,704
Equity Residential Þ	7,840		238,571
HCP, Inc.	7,282		150,519

	Shares		Value
COMMON STOCKS   continued
FINANCIALS   continued
Real Estate Investment Trusts (REITs)   continued
Host Hotels & Resorts, Inc. Þ	15,033	$	113,048
Kimco Realty Corp. Þ	6,571		92,980
Plum Creek Timber Co., Inc. Þ	4,952		176,242
ProLogis Þ	7,596		29,093
Public Storage, Inc. Þ	3,624		253,281
Simon Property Group, Inc. Þ	6,512		309,320
Vornado Realty Trust Þ	3,963		211,822
			1,940,435
Real Estate Management & Development   0.0%
CB Richard Ellis Group, Inc., Class A * Þ	6,207		28,304
Thrifts & Mortgage Finance   0.2%
Hudson City Bancorp, Inc. Þ	15,039		251,301
People's United Financial, Inc. Þ	10,039		191,444
Sovereign Bancorp, Inc. Þ	15,727		38,846
			481,591
HEALTH CARE   14.0%
Biotechnology   2.0%
Amgen, Inc. *	30,618		1,700,524
Biogen Idec, Inc. *	8,400		355,404
Celgene Corp. *	13,164		685,844
Cephalon, Inc. Þ	1,967		144,535
Genzyme Corp. *	7,774		497,691
Gilead Sciences, Inc. *	26,621		1,192,355
			4,576,353
Health Care Equipment & Supplies   2.1%
Baxter International, Inc.	18,164		960,876
Becton, Dickinson & Co.	7,048		447,759
Boston Scientific Corp. *	43,426		267,938
C.R. Bard, Inc. Þ	2,875		235,836
Covidien, Ltd.	14,522		535,136
Dentsply International, Inc.	4,302		112,196
Hospira, Inc. *	4,614		138,558
Intuitive Surgical, Inc. * Þ	1,124		148,964
Medtronic, Inc.	32,651		996,509
St. Jude Medical, Inc. *	9,891		277,245
Stryker Corp.	7,159		278,628
Varian Medical Systems, Inc. * Þ	3,613		145,821
Zimmer Holdings, Inc. *	6,518		243,252
			4,788,718
Health Care Providers & Services   1.9%
Aetna, Inc.	13,647		297,778
AmerisourceBergen Corp.	4,586		143,771
Cardinal Health, Inc.	10,393		337,980
CIGNA Corp.	7,954		96,323
Coventry Health Care, Inc. *	4,286		53,446
DaVita, Inc. *	3,021		151,805
Express Scripts, Inc. * Þ	7,137		410,449
Humana, Inc. *	4,887		147,734

	Shares		Value
COMMON STOCKS   continued
HEALTH CARE   continued
Health Care Providers & Services   continued
Laboratory Corp. of America Holdings * Þ	3,218	$	203,893
McKesson Corp.	7,984		278,961
Medco Health Solutions, Inc. *	14,634		614,628
Patterson Companies, Inc. * Þ	2,636		49,610
Quest Diagnostics, Inc.	4,574		213,011
Tenet Healthcare Corp. * Þ	12,004		14,525
UnitedHealth Group, Inc.	35,237		740,329
WellPoint, Inc. *	14,797		526,773
			4,281,016
Health Care Technology   0.0%
IMS Health, Inc.	5,263		69,208
Life Sciences Tools & Services   0.4%
Life Technologies Corp. Þ	4,992		130,303
Millipore Corp. * Þ	1,597		80,904
PerkinElmer, Inc.	3,458		62,451
Thermo Fisher Scientific, Inc. * Þ	12,126		432,656
Waters Corp. * Þ	2,864		118,083
			824,397
Pharmaceuticals   7.6%
Abbott Laboratories Þ	44,610		2,337,118
Allergan, Inc.	8,899		335,314
Barr Pharmaceuticals, Inc. *	3,149		205,913
Bristol-Myers Squibb Co.	57,287		1,185,841
Eli Lilly & Co.	28,953		988,745
Forest Laboratories, Inc. *	8,822		213,316
Johnson & Johnson	80,868		4,737,247
King Pharmaceuticals, Inc. * Þ	7,133		68,548
Merck & Co., Inc.	62,000		1,656,640
Mylan Laboratories, Inc. * Þ	8,811		82,912
Pfizer, Inc.	195,074		3,205,066
Schering-Plough Corp.	47,042		790,776
Watson Pharmaceuticals, Inc. *	3,023		71,796
Wyeth	38,588		1,389,554
			17,268,786
INDUSTRIALS   11.0%
Aerospace & Defense   2.6%
Boeing Co.	21,422		913,220
General Dynamics Corp.	11,496		593,998
Goodrich Corp.	3,620		121,813
Honeywell International, Inc.	21,543		600,188
L-3 Communications Holdings, Inc.	3,514		236,035
Lockheed Martin Corp.	9,635		742,955
Northrop Grumman Corp.	9,768		400,000
Precision Castparts Corp.	4,033		252,869
Raytheon Co. Þ	12,065		588,772
Rockwell Collins Corp. Þ	4,613		157,211
United Technologies Corp.	27,907		1,354,327
			5,961,388

	Shares		Value
COMMON STOCKS   continued
INDUSTRIALS   continued
Air Freight & Logistics   1.2%
C.H. Robinson Worldwide, Inc. Þ	4,920	$	251,314
Expeditors International of Washington, Inc. Þ	6,165		206,096
FedEx Corp. Þ	9,005		636,203
United Parcel Service, Inc., Class B Þ	29,175		1,680,480
			2,774,093
Airlines   0.1%
Southwest Airlines Co.	21,239		183,717
Building Products   0.0%
Masco Corp. Þ	10,418		99,804
Commercial Services & Supplies   0.5%
Allied Waste Industries, Inc. *	9,807		105,327
Avery Dennison Corp. Þ	3,082		95,850
Cintas Corp. Þ	3,825		91,876
Pitney Bowes, Inc.	6,013		148,581
R.R. Donnelley & Sons Co.	6,077		77,543
Stericycle, Inc.	2,472		141,646
Waste Management, Inc.	14,193		414,436
			1,075,259
Construction & Engineering   0.2%
Fluor Corp.	5,180		235,897
Jacobs Engineering Group, Inc. *	3,543		158,620
			394,517
Electrical Equipment   0.5%
Cooper Industries, Inc.	5,035		121,545
Emerson Electric Co.	22,455		805,910
Rockwell Automation, Inc.	4,213		131,235
			1,058,690
Industrial Conglomerates   3.1%
3M Co. Þ	20,228		1,353,860
General Electric Co.	303,734		5,215,113
Textron, Inc. Þ	7,192		109,534
Tyco International, Ltd.	13,741		287,187
			6,965,694
Machinery   1.6%
Caterpillar, Inc.	17,615		722,039
Cummins, Inc.	5,866		150,052
Danaher Corp. Þ	7,384		410,846
Deere & Co.	12,357		430,147
Dover Corp.	5,436		162,156
Eaton Corp.	4,810		222,895
Flowserve Corp.	1,660		83,548
Illinois Tool Works, Inc. Þ	11,573		394,871
Ingersoll-Rand Co., Ltd., Class A	9,218		144,538
ITT Corp.	5,259		220,142
Manitowoc Co.	3,770		29,708
Paccar, Inc. Þ	10,515		293,053

	Shares		Value
COMMON STOCKS   continued
INDUSTRIALS   continued
Machinery   continued
Pall Corp.	3,469	$	95,432
Parker Hannifin Corp.	4,851		199,279
			3,558,706
Professional Services   0.1%
Equifax, Inc. Þ	3,711		94,445
Monster Worldwide, Inc. * Þ	3,588		41,154
Robert Half International, Inc. Þ	4,512		94,256
			229,855
Road & Rail   1.0%
Burlington Northern Santa Fe Corp.	8,173		626,134
CSX Corp.	11,797		439,320
Norfolk Southern Corp. Þ	10,858		537,145
Ryder System, Inc. Þ	1,634		58,677
Union Pacific Corp.	14,735		737,339
			2,398,615
Trading Companies & Distributors   0.1%
Fastenal Co. Þ	3,739		143,989
W.W. Grainger, Inc. Þ	1,875		132,319
			276,308
INFORMATION TECHNOLOGY   14.9%
Communications Equipment   2.5%
Ciena Corp. * Þ	2,614		19,343
Cisco Systems, Inc. *	170,944		2,827,414
Corning, Inc.	45,663		411,424
Harris Corp.	3,883		135,439
JDS Uniphase Corp. *	6,204		16,875
Juniper Networks, Inc. * Þ	15,729		273,370
Motorola, Inc. Þ	65,557		282,551
QUALCOMM, Inc.	47,487		1,594,138
Tellabs, Inc. * Þ	11,505		47,976
			5,608,530
Computers & Peripherals   4.3%
Apple, Inc. * Þ	25,636		2,375,688
Dell, Inc. *	50,438		563,393
EMC Corp. *	59,918		633,333
Hewlett-Packard Co. Þ	70,873		2,500,400
International Business Machines Corp.	39,207		3,199,291
Lexmark International, Inc., Class A * Þ	2,269		59,402
NetApp, Inc. * Þ	9,474		127,899
QLogic Corp. * Þ	3,796		40,314
SanDisk Corp. * Þ	6,511		52,088
Sun Microsystems, Inc. *	21,789		69,071
Teradata Corp. *	5,166		69,379
			9,690,258
Electronic Equipment & Instruments   0.3%
Agilent Technologies, Inc. *	10,347		194,834
Amphenol Corp., Class A	5,116		118,793
Jabil Circuit, Inc.	6,078		39,993

	Shares		Value
COMMON STOCKS   continued
INFORMATION TECHNOLOGY   continued
Electronic Equipment & Instruments   continued
Molex, Inc. Þ	4,128	$	56,141
Tyco Electronics, Ltd.	13,668		225,249
			635,010
Internet Software & Services   1.3%
Akamai Technologies, Inc. *	4,894		60,049
eBay, Inc. * Þ	31,615		415,105
Google, Inc., Class A *	6,916		2,026,111
VeriSign, Inc. *	5,591		120,710
Yahoo!, Inc. * Þ	40,103		461,586
			3,083,561
IT Services   0.8%
Affiliated Computer Services, Inc., Class A *	2,815		113,867
Automatic Data Processing, Inc.	14,726		604,649
Cognizant Technology Solutions Corp., Class A *	8,439		162,029
Computer Sciences Corp. *	4,380		122,027
Convergys Corp. *	3,525		22,172
Fidelity National Information Services, Inc.	5,490		94,318
Fiserv, Inc. *	4,747		162,063
Paychex, Inc.	9,285		262,394
Total System Services, Inc.	5,721		81,639
Western Union Co.	21,100		279,997
			1,905,155
Office Electronics   0.1%
Xerox Corp.	25,241		176,434
Semiconductors & Semiconductor Equipment   2.0%
Advanced Micro Devices, Inc. * Þ	17,571		41,468
Altera Corp. Þ	8,705		128,051
Analog Devices, Inc. Þ	8,405		143,725
Applied Materials, Inc.	38,826		371,953
Broadcom Corp., Class A *	12,772		195,539
Intel Corp. Þ	162,692		2,245,150
KLA-Tencor Corp. Þ	5,013		94,294
Linear Technology Corp. Þ	6,411		127,899
LSI Corp. * Þ	18,625		49,915
MEMC Electronic Materials, Inc. *	6,537		98,186
Microchip Technology, Inc. Þ	5,328		98,568
Micron Technology, Inc. * Þ	22,023		60,343
National Semiconductor Corp.	5,642		62,062
Novellus Systems, Inc. * Þ	2,869		35,547
NVIDIA Corp. *	16,107		120,319
Teradyne, Inc. *	4,887		18,522
Texas Instruments, Inc.	37,935		590,648
Xilinx, Inc.	8,000		130,880
			4,613,069
Software   3.6%
Adobe Systems, Inc. *	15,351		355,529
Autodesk, Inc. * Þ	6,510		108,001
BMC Software, Inc. *	5,499		137,255

	Shares		Value
COMMON STOCKS   continued
INFORMATION TECHNOLOGY   continued
Software   continued
CA, Inc.	11,398	$	191,942
Citrix Systems, Inc. *	5,278		140,712
Compuware Corp. *	7,376		46,838
Electronic Arts, Inc. *	9,226		175,848
Intuit, Inc. *	9,289		205,844
Microsoft Corp.	227,226		4,594,510
Novell, Inc. *	9,991		45,459
Oracle Corp. *	113,394		1,824,509
Salesforce.com, Inc. * Þ	3,011		86,175
Symantec Corp. * Þ	24,282		292,112
			8,204,734
MATERIALS   3.0%
Chemicals   1.9%
Air Products & Chemicals, Inc. Þ	6,130		292,769
CF Industries Holdings, Inc.	1,635		86,050
Dow Chemical Co. Þ	26,767		496,528
E.I. DuPont de Nemours & Co.	26,107		654,241
Eastman Chemical Co. Þ	2,099		69,057
Ecolab, Inc. Þ	5,080		195,021
International Flavors & Fragrances, Inc.	2,273		69,417
Monsanto Co.	15,916		1,260,547
PPG Industries, Inc.	4,749		208,576
Praxair, Inc. Þ	9,115		538,241
Rohm & Haas Co.	3,584		245,182
Sigma-Aldrich Corp. Þ	3,645		157,136
			4,272,765
Construction Materials   0.1%
Vulcan Materials Co. Þ	3,178		190,617
Containers & Packaging   0.1%
Ball Corp.	2,798		101,987
Bemis Co., Inc.	2,884		77,926
Pactiv Corp. *	3,789		94,687
Sealed Air Corp.	4,575		72,422
			347,022
Metals & Mining   0.7%
AK Steel Holding Corp. Þ	3,247		25,586
Alcoa, Inc. Þ	23,538		253,269
Allegheny Technologies, Inc. Þ	2,902		66,601
Freeport-McMoRan Copper & Gold, Inc. Þ	11,111		266,553
Newmont Mining Corp. Þ	13,216		444,718
NuCor Corp. Þ	9,161		326,865
Titanium Metals Corp. Þ	2,463		20,812
United States Steel Corp. Þ	3,400		103,360
			1,507,764
Paper & Forest Products   0.2%
International Paper Co. Þ	12,373		154,044

	Shares		Value
COMMON STOCKS   continued
MATERIALS   continued
Paper & Forest Products   continued
MeadWestvaco Corp. Þ	4,943	$	57,635
Weyerhaeuser Co. Þ	6,114		230,009
			441,688
TELECOMMUNICATION SERVICES   3.8%
Diversified Telecommunication Services   3.6%
AT&T, Inc. Þ	170,534		4,870,451
CenturyTel, Inc. Þ	2,962		78,671
Embarq Corp.	4,124		134,607
Frontier Communications Corp. Þ	9,143		79,727
Qwest Communications International, Inc. Þ	42,954		137,453
Verizon Communications, Inc.	82,409		2,690,654
Windstream Corp. Þ	12,722		112,717
			8,104,280
Wireless Telecommunication Services   0.2%
American Tower Corp., Class A *	11,400		310,536
Sprint Nextel Corp.	82,596		230,443
			540,979
UTILITIES   4.2%
Electric Utilities   2.7%
Allegheny Energy, Inc.	4,887		172,267
American Electric Power Co., Inc. Þ	11,641		364,247
Consolidated Edison, Inc. Þ	7,906		319,323
Duke Energy Corp.	36,604		569,558
Edison International	9,428		314,895
Entergy Corp.	5,544		471,794
Exelon Corp.	19,022		1,069,227
FirstEnergy Corp.	8,821		516,734
FPL Group, Inc. Þ	11,821		576,392
Pepco Holdings, Inc.	6,244		112,330
Pinnacle West Capital Corp.	2,915		88,616
PPL Corp. Þ	10,837		367,266
Progress Energy, Inc. Þ	7,582		300,930
Southern Co. Þ	22,288		809,500
			6,053,079
Gas Utilities   0.1%
Nicor, Inc. Þ	1,307		53,300
Questar Corp.	5,017		161,497
			214,797
Independent Power Producers & Energy Traders   0.1%
AES Corp. *	19,468		149,709
Constellation Energy Group, Inc.	5,161		126,289
Dynegy, Inc., Class A * Þ	14,630		32,625
			308,623
Multi-Utilities   1.3%
Ameren Corp. Þ	6,083		216,433
CenterPoint Energy, Inc.	9,892		127,904
CMS Energy Corp. Þ	6,519		66,233
Dominion Resources, Inc. Þ	16,783		617,950

		Shares		Value
COMMON STOCKS   continued
UTILITIES   continued
Multi-Utilities   continued
DTE Energy Co.		4,720	$	175,537
Integrys Energy Group, Inc.		2,212		97,726
NiSource, Inc.		7,936		95,629
PG&E Corp.		10,376		394,703
Public Service Enterprise Group, Inc.		14,715		454,693
Sempra Energy		7,130		332,757
TECO Energy, Inc. Þ		6,156		80,028
Wisconsin Energy Corp. Þ		3,383		147,025
Xcel Energy, Inc. Þ		12,907		242,781
				3,049,399
Total Common Stocks (cost $228,675,496)				226,599,048
		Principal Amount		Value
SHORT-TERM INVESTMENTS   23.4%
U.S. TREASURY OBLIGATION   0.1%
U.S. Treasury Bill, 0.85%, 12/04/2008 ƒ ß	$	150,000		150,000
		Shares		Value
MUTUAL FUND SHARES   23.3%
Evergreen Institutional Money Market Fund, Class I, 2.09% q ø		109,810		109,810
State Street Navigator Securities Lending Prime Portfolio, 1.99% § ÞÞ		53,090,268		53,090,268
				53,200,078
Total Short-Term Investments (cost $53,350,057)				53,350,078
Total Investments (cost $282,025,553) 122.9%				279,949,126
Other Assets and Liabilities (22.9%)				(52,218,914	)
Net Assets 100.0%			$	227,730,212

*	Non-income producing security
Þ	All or a portion of this security is on loan.
°	Investment in non-controlled affiliate. At November 30, 2008, the Fund owned shares of Wachovia Corporation with a cost basis of $6,066,590 and shares of Wells Fargo & Co. with a cost basis of $2,739,122. The Fund earned $6,188 of income from Wachovia Corporation for the six months ended November 30, 2008 and $32,412 of income from Wells Fargo & Co. for the period from October 3, 2008 to November 30, 2008, which is included in income from affiliates.
ƒ	All or a portion of this security was pledged to cover initial margin requirements for open futures contracts.
ß	Rate shown represents the yield to maturity at date of purchase.
q	Rate shown is the 7-day annualized yield at period end.
ÞÞ	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.
§	Rate shown is the 1-day annualized yield at period end.

The following table shows the percent of total long-term investments by sector as of November 30, 2008:

Information Technology	15.0	%
Energy	14.3	%
Health Care	14.1	%
Financials	13.5	%
Consumer Staples	13.1	%
Industrials	11.0	%
Consumer Discretionary	8.0	%
Utilities	4.2	%
Telecommunication Services	3.8	%
Materials	3.0	%
	100.0	%

Market Index Fund

STATEMENT OF ASSETS AND LIABILITIES

November 30, 2008 (unaudited)

Assets
Investments in securities, at value (cost $273,110,031) including $52,503,676 of securities loaned	$	276,381,121
Investments in affiliates, at value (cost $8,915,522)		3,568,005
Total investments		279,949,126
Receivable for securities sold		146,387
Dividends receivable		746,475
Receivable for daily variation margin on open futures contracts		10,465
Receivable for securities lending income		44,682
Receivable from investment advisor		2,336
Total assets		280,899,471
Liabilities
Payable for securities purchased		46,226
Payable for securities on loan		53,090,268
Due to related parties		1,973
Trustees' fees and expenses payable		15,426
Custodian and accounting fees payable		5,655
Accrued expenses and other liabilities		9,711
Total liabilities		53,169,259
Net assets	$	227,730,212
Net assets represented by
Paid-in capital	$	186,453,399
Undistributed net investment income		12,953,446
Accumulated net realized gains on investments		30,404,806
Net unrealized losses on investments		(2,081,439	)
Total net assets	$	227,730,212
Shares outstanding (unlimited number of shares authorized)
Class I		26,789,084
Net asset value per share
Class I	$	8.50

Market Index Fund

STATEMENT OF OPERATIONS

Six Months Ended November 30, 2008 (unaudited)

Investment income
Dividends	$	3,521,734
Securities lending		180,906
Income from affiliates		50,583
Interest		1,365
Total investment income		3,754,588
Expenses
Advisory fee		466,984
Administrative services fee		145,933
Transfer agent fees		31
Trustees' fees and expenses		2,977
Printing and postage expenses		4,899
Custodian and accounting fees		36,620
Registration and filing fees		941
Professional fees		17,051
Other		7,727
Total expenses		683,163
Less: Expense reductions		(632	)
Fee waivers and expense reimbursements		(646,778	)
Net expenses		35,753
Net investment income		3,718,835
Net realized and unrealized gains or losses on investments
Net realized losses on:
Securities		(3,941,556	)
Futures contracts		(402,706	)
Net realized losses on investments		(4,344,262	)
Net change in unrealized gains or losses on investments		(122,782,636	)
Net realized and unrealized gains or losses on investments		(127,126,898	)
Net decrease in net assets resulting from operations	$	(123,408,063	)

Market Index Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended November 30, 2008 (unaudited)				Year Ended May 31, 2008
Operations
Net investment income		$	3,718,835				$	9,425,929
Net realized gains or losses on investments			(4,344,262	)				35,363,590
Net change in unrealized gains or losses on investments			(122,782,636	)				(82,016,910	)
Net decrease in net assets resulting from operations			(123,408,063	)				(37,227,391	)
Distributions to shareholders from
Net investment income			0					(9,035,174	)
Net realized gains			0					(7,122,511	)
Total distributions to shareholders			0					(16,157,685	)
	Shares				Shares
Capital share transactions
Net asset value of shares issued in reinvestment of distributions	0		0		1,172,071			16,157,685
Payment for shares redeemed	0		0		(12,945,583	)		(170,000,000	)
Net increase (decrease) in net assets resulting from capital share transactions			0					(153,842,315	)
Total decrease in net assets			(123,408,063	)				(207,227,391	)
Net assets
Beginning of period			351,138,275					558,365,666
End of period		$	227,730,212				$	351,138,275
Undistributed net investment income		$	12,953,446				$	9,234,611

Market Index Growth Fund

FUND AT A GLANCE

as of November 30, 2008

Management Team

Investment Advisor:

Evergreen Investment Management Company, LLC

Portfolio Manager:

William E. Zieff

CURRENT INVESTMENT STYLE

Source: Morningstar, Inc. Morningstar's style box is based on a portfolio date as of 9/30/2008. The Equity style box placement is based on 10 growth and valuation measures for each fund holding and the median size of the companies in which the fund invests.

PERFORMANCE AND RETURNS

Portfolio inception date: 10/15/2002
	Class I
Class inception date	10/15/2002
6-month return	-38.24	%
Average annual return
1-year	-39.70	%
5-year	-3.10	%
Since portfolio inception	0.71	%

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

The advisor is waiving its advisory fee and reimbursing the fund for a portion of other expenses. Had the fee not been waived and expenses not reimbursed, returns would have been lower.

The fund is only offered to certain pension plans having at least $100 million. Class I shares are sold without a front-end or deferred sales charge. The minimum initial investment for the fund is $100 million, which may be waived in certain situations. There is no minimum amount required for subsequent purchases.

LONG-TERM GROWTH

Comparison of a $100,000,000 investment in the Evergreen Market Index Growth Fund Class I shares versus a similar investment in the Russell 1000 Growth Index (Russell 1000 Growth) and the Consumer Price Index (CPI).

 
The Russell 1000 Growth is an unmanaged market index and does not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. . The CPI is a commonly used measure of inflation and does not represent an investment return. It is not possible to invest directly in an index.

The Fund's investment objective may be charged without a vote of the fund's shareholders.

"Russell 1000 Growth Index" is a trademark and service mark of Frank Russell Company (FRC) and has been licensed for use by Evergreen Investments. The product is not sponsored, endorsed, sold or promoted by FRC and FRC makes no representation regarding the advisability of investing in the product.

All data is as of November 30, 2008, and subject to change.

Market Index Growth Fund

ABOUT YOUR FUND'S EXPENSES

The Example below is intended to describe the fees and expenses borne by shareholders and the impact of those costs on your investment.

Example
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from  June 1, 2008 to November 30, 2008.

The example illustrates your fund's costs in two ways:

•  Actual expenses
  The section in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class, in the column entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
• Hypothetical example for comparison purposes
  The section in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the section in the table under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would havebeen higher.

	Beginning Account Value 6/1/2008	Ending Account Value 11/30/2008	Expenses Paid During Period*
Actual
Class I	$1,000.00	$617.59	$0.12
Hypothetical (5% return before expenses)
Class I	$1,000.00	$1,024.92	$0.15

*Expenses are equal to the fund's annualized expense ratio (0.03% for Class I), multiplied by the average account value over the period, multiplied by 183/365 days.

Market Index Growth Fund

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

		Six Months Ended November 30, 2008			Year Ended May 31,
Class I	(unaudited)			2008			2007			2006			2005			2004
Net asset value, beginning of period	$	15.01		$	15.36		$	13.44		$	12.99		$	12.77		$	10.86
Income from investment operations
Net investment income (loss)		0.11			0.22			0.14			0.18			0.15			0.12
Net realized and unrealized gains or losses on investments		(5.85	)		(0.23	)		2.53			0.62			0.27			1.83
Total from investment operations		(5.74	)		(0.01	)		2.67			0.80			0.42			1.95
Distributions to shareholders from
Net investment income		0			(0.17	)		(0.16	)		(0.15	)		(0.12	)		(0.04	)
Net realized gains		0			(0.17	)		(0.59	)		(0.20	)		(0.08	)		0
Total distributions to shareholders		0			(0.34	)		(0.75	)		(0.35	)		(0.20	)		(0.04	)
Net asset value, end of period	$	9.27		$	15.01		$	15.36		$	13.44		$	12.99		$	12.77
Total return		(38.24	)%		(0.14	)%		20.34	%		6.11	%		3.28	%		17.97	%
Ratios and supplemental data
Net assets, end of period (thousands)	$	432,533		$	729,526		$	945,116		$	721,771		$	854,566		$	678,560
Ratios to average net assets
Expenses including waivers/reimbursements but excluding expense reductions		0.03	%1		0.03	%		0.03	%		0.03	%		0.03	%		0.02	%
Expenses excluding waivers/reimbursements and expense reductions		0.46	%1		0.46	%		0.46	%		0.46	%		0.46	%		0.45	%
Net investment income (loss)		1.56	%1		1.21	%		1.23	%		1.12	%		1.45	%		1.03	%
Portfolio turnover rate		20	%		24	%		18	%		25	%		15	%		9	%

1 Annualized

See Combined Notes to Financial Statements

Market Index Growth Fund

SCHEDULE OF INVESTMENTS

November 30, 2008 (unaudited)

	Shares		Value
COMMON STOCKS   98.8%
CONSUMER DISCRETIONARY   9.1%
Auto Components   0.2%
BorgWarner, Inc. Þ	9,910	$	234,471
Gentex Corp. Þ	13,962		122,447
Goodyear Tire & Rubber Co. *	15,124		97,247
Johnson Controls, Inc.	8,819		155,743
Wabco Holdings, Inc.	6,413		95,297
			705,205
Automobiles   0.1%
Harley-Davidson, Inc. Þ	20,538		349,351
Thor Industries, Inc. Þ	1,028		16,078
			365,429
Distributors   0.0%
LKQ Corp. Þ *	13,245		138,013
Diversified Consumer Services   0.7%
Apollo Group, Inc., Class A *	12,460		957,426
Brink's Home Security Holdings, Inc. *	3,967		79,340
DeVry, Inc. Þ	5,990		344,305
H&R Block, Inc. Þ	31,812		608,564
Hillenbrand, Inc.	6,104		97,176
ITT Educational Services, Inc. Þ *	3,796		341,944
Strayer Education, Inc. Þ	1,390		333,058
Weight Watchers International, Inc.	2,995		84,758
			2,846,571
Hotels, Restaurants & Leisure   2.5%
Boyd Gaming Corp. Þ	678		2,983
Brinker International, Inc.	9,900		65,736
Burger King Holdings, Inc. Þ	7,842		168,681
Carnival Corp.	8,699		182,679
Chipotle Mexican Grill, Inc., Class A Þ *	3,224		159,846
Choice Hotels International, Inc. Þ	1,027		25,788
Darden Restaurants, Inc.	13,693		250,445
International Game Technology	30,270		324,192
Interval Leisure Group, Inc. *	465		2,464
Las Vegas Sands Corp. Þ *	10,321		53,360
Marriott International, Inc., Class A	28,897		485,181
McDonald's Corp.	100,520		5,905,550
MGM MIRAGE Þ *	11,413		136,728
Orient Express Hotels, Ltd. Þ	3,526		24,153
Panera Bread Co., Class A Þ *	2,593		115,233
Penn National Gaming, Inc. Þ	7,251		153,721
Scientific Games Corp., Class A * Þ	6,311		94,728
Starbucks Corp. *	71,178		635,619
Starwood Hotels & Resorts Worldwide, Inc. Þ	18,253		307,746
Tim Hortons, Inc. Þ	18,059		449,488
Wynn Resorts, Ltd. Þ	5,589		222,554
Yum! Brands, Inc.	46,317		1,247,780
			11,014,655

	Shares		Value
COMMON STOCKS   continued
CONSUMER DISCRETIONARY   continued
Household Durables   0.1%
Garmin, Ltd. Þ *	12,525	$	213,927
Harman International Industries, Inc.	4,244		63,872
NVR, Inc. * Þ	32		13,896
Pulte Homes, Inc. Þ	4,837		51,514
			343,209
Internet & Catalog Retail   0.4%
Amazon.com, Inc. * Þ	30,791		1,314,776
HSN, Inc. * Þ	465		1,739
IAC/InteractiveCorp. Þ	1,163		17,201
priceline.com, Inc. * Þ	3,766		259,854
Ticketmaster Entertainment, Inc. *	465		1,855
			1,595,425
Leisure Equipment & Products   0.0%
Hasbro, Inc. Þ	5,049		135,313
Media   1.9%
Central European Media Enterprises, Ltd., Class A * Þ	3,521		54,118
Clear Channel Outdoor Holdings, Inc. Þ *	3,092		22,633
Comcast Corp., Class A	80,052		1,388,102
CTC Media, Inc. Þ *	5,147		21,875
DIRECTV Group, Inc. Þ *	58,256		1,282,215
DISH Network Corp., Class A Þ	19,942		220,957
DreamWorks Animation SKG, Inc., Class A *	7,812		180,457
Interpublic Group of Cos. Þ *	39,498		161,547
John Wiley & Sons, Inc., Class A Þ	3,938		141,610
Lamar Advertising Co., Class A Þ *	7,523		111,867
Liberty Global, Inc., Class A Þ *	15,331		222,146
Liberty Media Corp. - Liberty Entertainment, Ser. A *	50,516		599,625
McGraw-Hill Cos. Þ	15,644		391,100
Morningstar, Inc. * Þ	1,578		50,812
News Corp., Class A	90,578		715,566
Omnicom Group, Inc.	28,968		819,505
Sirius XM Radio, Inc. * Þ	290,284		60,466
Time Warner Cable, Inc. *	7,563		153,529
Time Warner, Inc. Þ	38,834		351,448
Viacom, Inc., Class B *	51,355		817,572
Walt Disney Co. Þ	21,608		486,612
Warner Music Group Corp. Þ	1,378		4,106
			8,257,868
Multiline Retail   0.9%
Big Lots, Inc. * Þ	7,956		139,389
Dollar Tree Stores, Inc. Þ *	8,798		372,683
Family Dollar Stores, Inc. Þ	1,065		29,586
Kohl's Corp. Þ *	23,015		751,670
Nordstrom, Inc. Þ	17,792		202,295
Target Corp. Þ	71,397		2,410,363
			3,905,986

	Shares		Value
COMMON STOCKS   continued
CONSUMER DISCRETIONARY   continued
Specialty Retail   1.6%
Abercrombie & Fitch Co., Class A Þ	8,452	$	163,377
Advance Auto Parts, Inc.	9,316		282,834
American Eagle Outfitters, Inc.	11,829		113,558
AnnTaylor Stores Corp. *	2,130		9,564
AutoZone, Inc. * Þ	3,788		413,725
Bed Bath & Beyond, Inc. * Þ	20,835		422,742
Best Buy Co., Inc. Þ	32,653		676,244
CarMax, Inc. Þ *	21,381		162,710
Dick's Sporting Goods, Inc. * Þ	8,257		104,121
GameStop Corp., Class A Þ *	15,962		348,770
Gap, Inc.	23,512		306,126
Guess?, Inc.	5,897		78,017
Limited Brands, Inc. Þ	18,214		169,572
Lowe's Cos.	7,147		147,657
O'Reilly Automotive, Inc. * Þ	4,781		124,641
PETsMART, Inc.	12,448		218,462
Ross Stores, Inc. Þ	13,031		345,322
Sherwin-Williams Co. Þ	9,839		579,812
Staples, Inc.	58,350		1,012,956
Tiffany & Co. Þ	12,328		243,971
TJX Cos.	41,524		947,578
Urban Outfitters, Inc. * Þ	11,101		201,705
Williams-Sonoma, Inc. Þ	1,398		9,800
			7,083,264
Textiles, Apparel & Luxury Goods   0.7%
Coach, Inc. *	33,369		597,305
Hanesbrands, Inc. Þ *	9,197		118,825
Nike, Inc., Class B	34,588		1,841,811
Phillips-Van Heusen Corp.	4,400		76,736
Polo Ralph Lauren Corp. Þ	5,482		236,823
			2,871,500
CONSUMER STAPLES   14.5%
Beverages   3.8%
Brown-Forman Corp., Class B	7,518		329,965
Central European Distribution Corp. *	3,982		94,134
Coca-Cola Co.	160,109		7,504,309
Hansen Natural Corp. Þ *	7,077		210,541
PepsiCo, Inc.	145,770		8,265,159
			16,404,108
Food & Staples Retailing   4.3%
Costco Wholesale Corp.	42,360		2,180,269
CVS Caremark Corp.	75,467		2,183,260
Kroger Co.	28,544		789,527
Sysco Corp.	58,725		1,377,101
Wal-Mart Stores, Inc.	177,028		9,892,325
Walgreen Co. Þ	89,479		2,213,711
Whole Foods Market, Inc. Þ	13,708		145,031
			18,781,224

	Shares		Value
COMMON STOCKS   continued
CONSUMER STAPLES   continued
Food Products   0.6%
Campbell Soup Co. Þ	10,649	$	341,300
Dean Foods Co. *	10,333		150,449
General Mills, Inc.	2,784		175,865
H.J. Heinz Co.	17,101		664,203
Hershey Co. Þ	7,574		272,664
J.M. Smucker Co.	2,287		103,761
Kellogg Co.	13,958		606,196
McCormick & Co., Inc.	4,116		122,533
Tyson Foods, Inc., Class A	3,194		21,432
			2,458,403
Household Products   2.8%
Church & Dwight Co. Þ	6,500		386,360
Clorox Co. Þ	4,164		246,342
Colgate-Palmolive Co.	49,649		3,230,661
Energizer Holdings, Inc. Þ *	5,621		244,064
Kimberly-Clark Corp.	16,814		971,681
Procter & Gamble Co. Þ	109,340		7,036,029
			12,115,137
Personal Products   0.3%
Alberto-Culver Co.	1,105		23,724
Avon Products, Inc.	41,725		880,397
Bare Escentuals, Inc. * Þ	5,930		27,990
Estee Lauder Cos., Class A Þ	9,572		267,059
Herbalife, Ltd. Þ	6,366		113,187
NBTY, Inc. *	2,559		37,285
			1,349,642
Tobacco   2.7%
Altria Group, Inc.	153,165		2,462,893
Lorillard, Inc. Þ	8,911		538,492
Philip Morris International, Inc.	206,231		8,694,699
			11,696,084
ENERGY   9.3%
Energy Equipment & Services   3.9%
Atwood Oceanics, Inc. *	5,464		98,898
Baker Hughes, Inc.	30,116		1,048,940
Cameron International Corp. Þ *	21,184		446,982
Diamond Offshore Drilling, Inc. Þ	6,724		496,231
Dresser-Rand Group, Inc. *	8,409		140,514
ENSCO International, Inc.	13,167		426,742
FMC Technologies, Inc.	12,520		343,924
Global Industries, Ltd. Þ *	7,191		21,213
Halliburton Co.	85,293		1,501,157
Key Energy Services, Inc. *	2,046		9,719
Nabors Industries, Ltd. * Þ	3,881		56,275
National Oilwell Varco, Inc. *	40,592		1,148,348
Noble Corp. Þ	26,277		703,961
Oceaneering International, Inc. *	5,389		139,144
Oil States International, Inc. *	3,212		68,801

	Shares		Value
COMMON STOCKS   continued
ENERGY   continued
Energy Equipment & Services   continued
Patterson-UTI Energy, Inc.	9,331	$	116,544
Pride International, Inc. *	11,761		190,646
Rowan Companies, Inc.	3,853		66,850
Schlumberger, Ltd. Þ	116,650		5,918,821
SEACOR Holdings, Inc. * Þ	236		15,607
Smith International, Inc.	21,094		616,789
Superior Energy Services, Inc. *	7,894		133,014
Tetra Technologies, Inc. *	7,292		35,147
Tidewater, Inc. Þ	266		10,502
Transocean, Inc.	31,177		2,085,118
Unit Corp. *	3,518		100,896
Weatherford International, Ltd. *	66,444		848,490
			16,789,273
Oil, Gas & Consumable Fuels   5.4%
Alpha Natural Resources, Inc. *	6,874		152,534
Arch Coal, Inc.	14,092		216,735
Cabot Oil & Gas Corp.	4,588		137,502
Chesapeake Energy Corp.	22,584		387,993
CNX Gas Corp. Þ *	2,700		83,889
Consol Energy, Inc.	17,870		517,694
Continental Resources, Inc. Þ *	2,909		56,871
Denbury Resources, Inc. *	24,051		229,206
El Paso Corp. Þ	14,695		108,596
Encore Aquisition Co. *	1,313		34,716
EOG Resources, Inc.	18,257		1,552,210
Exxon Mobil Corp.	95,570		7,659,936
Foundation Coal Holdings, Inc.	4,435		63,287
Frontier Oil Corp.	10,163		121,346
Frontline, Ltd. Þ	4,763		140,699
Helix Energy Solutions, Inc. Þ *	771		4,958
Hess Corp.	27,503		1,486,262
Holly Corp. Þ	4,174		75,925
Mariner Energy, Inc. *	6,266		68,863
Massey Energy Co.	7,878		123,054
Murphy Oil Corp. Þ	18,575		818,229
Noble Energy, Inc.	1,078		56,358
Occidental Petroleum Corp.	80,244		4,344,410
Patriot Coal Corp. * Þ	7,566		64,084
Peabody Energy Corp.	26,546		621,973
Petrohawk Energy Corp. * Þ	23,140		404,256
Plains Exploration & Production Co. *	9,586		221,916
Quicksilver Resources, Inc. * Þ	10,124		63,073
Range Resources Corp.	15,088		625,699
SandRidge Energy, Inc. Þ *	10,180		90,195
Southwestern Energy Co. *	33,434		1,149,127
St. Mary Land & Exploration Co. Þ	2,484		49,953
Sunoco, Inc. Þ	6,787		269,715
Tesoro Corp. Þ	3,918		36,006
W&T Offshore, Inc. Þ	2,949		41,286

	Shares		Value
COMMON STOCKS   continued
ENERGY   continued
Oil, Gas & Consumable Fuels   continued
Walter Industries, Inc.	5,450	$	99,408
Whiting Petroleum Corp. *	4,138		158,485
Williams Cos. Þ	57,139		926,795
XTO Energy, Inc.	5,896		225,463
			23,488,707
FINANCIALS   4.5%
Capital Markets   1.5%
Affiliated Managers Group, Inc. * Þ	4,002		112,056
BlackRock, Inc. Þ	1,243		156,258
Charles Schwab Corp. Þ	91,354		1,674,519
E*TRADE Financial Corp. Þ *	7,277		9,824
Eaton Vance Corp. Þ	10,018		191,544
Federated Investors, Inc., Class B	8,532		169,360
Franklin Resources, Inc. Þ	8,016		486,972
GLG Partners, Inc. Þ	4,798		12,187
Goldman Sachs Group, Inc.	4,085		322,674
INVESCO, Ltd. Þ	4,776		59,939
Investment Technology Group, Inc. *	3,912		65,448
Janus Capital Group, Inc. Þ	14,802		120,636
Lazard, Ltd. Þ	7,392		231,074
MF Global, Ltd. * Þ	4,390		11,502
Morgan Stanley	6,387		94,208
Northern Trust Corp.	19,435		891,872
SEI Investments Co.	13,166		203,546
State Street Corp.	11,013		463,757
T. Rowe Price Group, Inc. Þ	25,391		868,626
TD Ameritrade Holding Corp. *	23,769		316,128
Waddell & Reed Financial, Inc., Class A	8,475		113,904
			6,576,034
Consumer Finance   1.3%
American Express Co. Þ	82,577		1,924,870
MasterCard, Inc., Class A Þ	7,106		1,032,502
SLM Corp. * Þ	40,440		372,452
Visa, Inc., Class A Þ	43,769		2,300,499
			5,630,323
Diversified Financial Services   0.4%
CME Group, Inc., Class A Þ	4,622		979,633
IntercontinentalExchange, Inc. * Þ	6,900		507,840
MSCI, Inc., Class A *	4,303		66,395
NASDAQ OMX Group, Inc. * Þ	7,203		154,865
NYSE Euronext Þ	15,598		371,388
			2,080,121
Insurance   0.6%
AFLAC, Inc.	46,475		2,151,792
Axis Capital Holdings, Ltd.	3,389		85,776
Brown & Brown, Inc.	2,692		53,571
Erie Indemnity Co., Class A	250		9,360
Philadelphia Consolidated Holding Co. *	1,958		120,319

	Shares		Value
COMMON STOCKS   continued
FINANCIALS   continued
Insurance   continued
Prudential Financial, Inc.	7,295	$	158,302
TransAtlantic Holdings, Inc.	633		25,092
W.R. Berkley Corp.	715		20,327
			2,624,539
Real Estate Investment Trusts (REITs)   0.5%
Apartment Investment & Management Co., Class A Þ	2,720		31,198
Camden Property Trust Þ	3,289		87,060
Digital Realty Trust, Inc. Þ	4,782		130,836
Essex Property Trust, Inc. Þ	542		46,867
Federal Realty Investment Trust Þ	1,690		97,750
General Growth Properties, Inc. Þ	11,688		16,129
HCP, Inc.	2,903		60,005
Health Care REIT, Inc. Þ	1,124		42,712
Kilroy Realty Corp. Þ	285		8,684
Macerich Co. Þ	7,308		98,366
Nationwide Health Properties, Inc.	867		19,620
Plum Creek Timber Co., Inc. Þ	5,454		194,108
Rayonier, Inc. Þ	943		31,496
Simon Property Group, Inc. Þ	21,975		1,043,812
Taubman Centers, Inc. Þ	5,164		123,110
Ventas, Inc. Þ	2,231		51,268
			2,083,021
Real Estate Management & Development   0.1%
CB Richard Ellis Group, Inc., Class A Þ *	5,840		26,630
Forest City Enterprises, Inc., Class A Þ	7,257		43,252
St. Joe Co. * Þ	7,594		200,558
			270,440
Thrifts & Mortgage Finance   0.1%
Capitol Federal Financial	770		32,933
Freddie Mac Þ	57,983		68,420
Hudson City Bancorp, Inc. Þ	17,612		294,296
Tree.com, Inc. * Þ	77		141
			395,790
HEALTH CARE   14.8%
Biotechnology   3.2%
Abraxis BioScience, Inc. *	673		39,243
Amylin Pharmaceuticals, Inc. * Þ	13,402		99,309
Biogen Idec, Inc. *	28,383		1,200,885
BioMarin Pharmaceutical, Inc. Þ *	9,635		164,084
Celgene Corp. *	42,615		2,220,241
Cephalon, Inc. Þ *	6,623		486,658
Gen-Probe, Inc. *	5,280		194,568
Genentech, Inc. *	45,414		3,478,712
Genzyme Corp. *	26,136		1,673,227
Gilead Sciences, Inc. Þ *	90,191		4,039,655
Vertex Pharmaceuticals, Inc. Þ *	14,641		360,022
			13,956,604

	Shares		Value
COMMON STOCKS   continued
HEALTH CARE   continued
Health Care Equipment & Supplies   3.3%
Advanced Medical Optics, Inc. Þ *	4,357	$	25,314
Baxter International, Inc.	61,340		3,244,886
Beckman Coulter, Inc.	4,967		216,462
Becton, Dickinson & Co.	23,863		1,516,016
Boston Scientific Corp. *	9,509		58,671
C.R. Bard, Inc.	9,706		796,183
Dentsply International, Inc. Þ	14,552		379,516
Edwards Lifesciences Corp. * Þ	5,363		266,917
Hill-Rom Holdings, Inc. Þ	829		17,028
Hologic, Inc. Þ *	12,508		175,862
Hospira, Inc. *	2,240		67,267
IDEXX Laboratories, Inc. Þ *	5,896		182,245
Intuitive Surgical, Inc. * Þ	3,784		501,494
Inverness Medical Innovations, Inc. *	3,838		67,434
Kinetic Concepts, Inc. Þ *	5,527		119,604
Medtronic, Inc.	109,800		3,351,096
ResMed, Inc. *	7,554		274,512
St. Jude Medical, Inc. *	33,205		930,736
Stryker Corp. Þ	30,076		1,170,558
Varian Medical Systems, Inc. * Þ	12,282		495,702
Zimmer Holdings, Inc. *	15,210		567,637
			14,425,140
Health Care Providers & Services   2.3%
Aetna, Inc.	30,478		665,030
AmerisourceBergen Corp.	1,921		60,223
Cardinal Health, Inc.	26,099		848,739
CIGNA Corp.	3,816		46,212
Community Health Systems, Inc. *	2,117		27,648
Coventry Health Care, Inc. *	3,025		37,722
DaVita, Inc. *	8,517		427,979
Express Scripts, Inc. Þ *	20,577		1,183,383
Health Management Associates, Inc., Class A Þ *	15,745		22,988
Health Net, Inc. *	566		5,100
Henry Schein, Inc. *	8,190		292,629
Humana, Inc. *	9,397		284,071
Laboratory Corp. of America Holdings Þ *	10,882		689,484
Lincare Holdings, Inc. Þ *	6,520		156,024
McKesson Corp.	19,465		680,107
Medco Health Solutions, Inc. *	49,537		2,080,554
Omnicare, Inc. Þ	760		18,324
Patterson Companies, Inc. * Þ	11,863		223,262
Pediatrix Medical Group, Inc. *	3,944		122,737
Quest Diagnostics, Inc.	12,699		591,392
Tenet Healthcare Corp. * Þ	26,514		32,082
UnitedHealth Group, Inc.	44,329		931,352
VCA Antech, Inc. * Þ	8,247		157,105
Wellcare Group, Inc. * Þ	4,078		36,539
WellPoint, Inc. *	4,990		177,644
			9,798,330

	Shares		Value
COMMON STOCKS   continued
HEALTH CARE   continued
Health Care Technology   0.1%
Cerner Corp. * Þ	6,609	$	237,792
HLTH Corp. *	5,152		48,274
IMS Health, Inc.	3,865		50,824
WebMD Health Corp., Class A * Þ	760		14,577
			351,467
Life Sciences Tools & Services   0.6%
Charles River Laboratories International, Inc. Þ *	3,024		68,947
Covance, Inc. Þ *	6,146		240,186
Illumina, Inc. Þ *	11,992		263,944
Life Technologies Corp. Þ *	10,233		267,070
Millipore Corp. * Þ	5,386		272,855
PerkinElmer, Inc.	5,174		93,442
Pharmaceutical Product Development, Inc.	10,446		275,148
Techne Corp.	3,778		234,274
Thermo Fisher Scientific, Inc. * Þ	13,902		496,023
Waters Corp. *	9,787		403,518
			2,615,407
Pharmaceuticals   5.3%
Abbott Laboratories	150,891		7,905,179
Allergan, Inc.	29,820		1,123,618
Barr Pharmaceuticals, Inc. *	3,127		204,474
Bristol-Myers Squibb Co.	176,710		3,657,897
Eli Lilly & Co.	9,283		317,014
Endo Pharmaceuticals Holdings, Inc. *	10,662		234,457
Forest Laboratories, Inc. *	2,592		62,675
Fresenius Kabi Pharmaceuticals Holding, Inc. *	2,511		1,607
Johnson & Johnson	72,467		4,245,117
Merck & Co., Inc.	60,023		1,603,815
Mylan Laboratories, Inc. * Þ	5,477		51,539
Perrigo Co. Þ	7,616		262,067
Schering-Plough Corp.	158,528		2,664,856
Sepracor, Inc. * Þ	10,538		123,927
Warner Chilcott, Ltd., Class A Þ *	8,974		118,905
Watson Pharmaceuticals, Inc. *	5,044		119,795
			22,696,942
INDUSTRIALS   13.1%
Aerospace & Defense   3.2%
Alliant Techsystems, Inc. * Þ	1,397		114,833
BE Aerospace, Inc. *	9,013		73,726
Boeing Co.	73,471		3,132,069
Goodrich Corp.	12,229		411,506
Honeywell International, Inc.	72,500		2,019,850
L-3 Communications Holdings, Inc.	9,295		624,345
Lockheed Martin Corp.	32,151		2,479,164
Northrop Grumman Corp.	8,528		349,222
Precision Castparts Corp.	13,619		853,911
Raytheon Co.	15,013		732,634

	Shares		Value
COMMON STOCKS   continued
INDUSTRIALS   continued
Aerospace & Defense   continued
Rockwell Collins Corp. Þ	15,716	$	535,601
United Technologies Corp.	54,237		2,632,122
			13,958,983
Air Freight & Logistics   1.2%
C.H. Robinson Worldwide, Inc. Þ	16,674		851,708
Expeditors International of Washington, Inc. Þ	20,854		697,149
United Parcel Service, Inc., Class B Þ	66,873		3,851,885
UTi Worldwide, Inc.	8,796		94,293
			5,495,035
Airlines   0.1%
AMR Corp. * Þ	13,709		120,365
Copa Holdings SA, Class A	2,139		47,422
Delta Air Lines, Inc. * Þ	14,441		127,225
			295,012
Building Products   0.0%
Lennox International, Inc.	4,561		126,066
USG Corp. Þ *	3,624		34,247
			160,313
Commercial Services & Supplies   0.6%
Brink's Co.	3,967		86,362
Copart, Inc. *	6,180		164,821
Corrections Corporation of America *	10,831		195,933
Covanta Holding Corp. * Þ	11,793		235,270
IHS, Inc., Class A *	4,233		153,615
Pitney Bowes, Inc.	18,347		453,354
Republic Services, Inc. Þ	14,016		336,384
Stericycle, Inc. *	8,429		482,982
Waste Management, Inc.	13,625		397,850
			2,506,571
Construction & Engineering   0.6%
AECOM Technology Corp. *	8,859		234,675
Fluor Corp.	17,345		789,891
Foster Wheeler, Ltd. *	14,093		313,710
Jacobs Engineering Group, Inc. Þ *	11,909		533,166
KBR, Inc. Þ	13,463		185,386
Quanta Services, Inc. *	13,059		212,339
Shaw Group, Inc. * Þ	8,105		149,132
URS Corp. *	1,486		56,409
			2,474,708
Electrical Equipment   1.2%
Ametek, Inc.	10,431		364,355
Cooper Industries, Inc.	12,947		312,541
Emerson Electric Co.	76,337		2,739,735
First Solar, Inc. * Þ	4,367		545,176
General Cable Corp. Þ *	5,157		85,142
Hubbell, Inc., Class B	2,388		71,401
Rockwell Automation, Inc.	14,347		446,909

	Shares		Value
COMMON STOCKS   continued
INDUSTRIALS   continued
Electrical Equipment   continued
Roper Industries, Inc. Þ	8,741	$	400,076
SunPower Corp., Class A * Þ	8,050		279,576
			5,244,911
Industrial Conglomerates   1.3%
3M Co. Þ	68,859		4,608,733
Carlisle Cos. Þ	650		13,800
McDermott International, Inc. *	22,142		215,884
Textron, Inc.	24,369		371,140
Tyco International, Ltd.	24,471		511,444
			5,721,001
Machinery   2.6%
AGCO Corp. * Þ	6,511		160,301
Bucyrus International, Inc. Þ	7,321		142,979
Caterpillar, Inc.	60,143		2,465,262
Cummins, Inc.	19,859		507,993
Danaher Corp. Þ	17,525		975,091
Deere & Co.	42,135		1,466,719
Donaldson Co., Inc. Þ	7,616		260,620
Dover Corp.	16,201		483,276
Eaton Corp.	7,274		337,077
Flowserve Corp.	2,552		128,442
Graco, Inc. Þ	5,922		127,086
Harsco Corp.	8,238		207,186
IDEX Corp. Þ	7,156		164,588
Illinois Tool Works, Inc. Þ	2,338		79,773
Ingersoll-Rand Co., Ltd., Class A	5,361		84,060
ITT Corp.	13,465		563,645
John Bean Technologies Corp.	2,704		23,606
Joy Global, Inc. Þ	10,584		246,501
Kennametal, Inc.	1,585		29,639
Lincoln Electric Holdings, Inc. Þ	2,849		130,171
Manitowoc Co. Þ	12,712		100,171
Oshkosh Corp. Þ	5,078		35,546
Paccar, Inc. Þ	35,701		994,987
Pall Corp.	11,993		329,927
Parker Hannifin Corp.	16,399		673,671
SPX Corp.	5,222		194,885
Timken Co.	412		5,978
Toro Co. Þ	3,472		98,744
Valmont Industries, Inc. Þ	1,850		102,305
			11,120,229
Marine   0.0%
Kirby Corp. Þ *	5,273		134,092
Professional Services   0.3%
Corporate Executive Board Co.	3,334		76,882
Dun & Bradstreet Corp.	3,863		309,040
Equifax, Inc. Þ	6,750		171,787
FTI Consulting, Inc. Þ *	4,903		268,881

	Shares		Value
COMMON STOCKS   continued
INDUSTRIALS   continued
Professional Services   continued
Manpower, Inc.	590	$	18,573
Monster Worldwide, Inc. * Þ	11,690		134,084
Robert Half International, Inc. Þ	13,975		291,938
			1,271,185
Road & Rail   1.7%
Burlington Northern Santa Fe Corp.	27,519		2,108,230
Con-Way, Inc.	731		20,446
CSX Corp.	39,568		1,473,512
Hertz Global Holdings, Inc. Þ *	1,735		6,055
J.B. Hunt Transport Services, Inc. Þ	7,975		213,810
Kansas City Southern * Þ	7,279		159,556
Landstar System, Inc. Þ	5,156		165,714
Norfolk Southern Corp. Þ	10,617		525,223
Ryder System, Inc.	1,849		66,398
Union Pacific Corp.	50,523		2,528,171
			7,267,115
Trading Companies & Distributors   0.3%
Fastenal Co. Þ	12,626		486,227
GATX Corp. Þ	538		15,145
MSC Industrial Direct Co., Class A Þ	4,327		149,757
W.W. Grainger, Inc. Þ	7,480		527,864
Wesco International, Inc. *	3,019		44,651
			1,223,644
INFORMATION TECHNOLOGY   27.1%
Communications Equipment   4.2%
Brocade Communications Systems, Inc. *	5,185		16,696
Ciena Corp. * Þ	8,512		62,989
Cisco Systems, Inc. *	577,550		9,552,677
CommScope, Inc. * Þ	6,829		77,099
Corning, Inc.	153,981		1,387,369
EchoStar Corp. Þ *	295		5,036
F5 Networks, Inc. Þ *	8,008		199,399
Harris Corp.	13,170		459,370
JDS Uniphase Corp. *	10,967		29,830
Juniper Networks, Inc. Þ *	51,325		892,028
QUALCOMM, Inc.	158,262		5,312,855
			17,995,348
Computers & Peripherals   7.5%
Apple, Inc. * Þ	86,198		7,987,969
Dell, Inc. *	177,514		1,982,831
Diebold, Inc.	5,378		150,584
EMC Corp. *	141,078		1,491,194
Hewlett-Packard Co. Þ	241,036		8,503,750
International Business Machines Corp. Þ	134,287		10,957,819
NCR Corp. *	14,756		223,996
NetApp, Inc. Þ *	33,587		453,425
SanDisk Corp. * Þ	4,329		34,632
Seagate Technology, Inc.	22,936		96,561

	Shares		Value
COMMON STOCKS   continued
INFORMATION TECHNOLOGY   continued
Computers & Peripherals   continued
Teradata Corp. *	8,609	$	115,619
Western Digital Corp. *	21,646		264,081
			32,262,461
Electronic Equipment & Instruments   0.6%
Agilent Technologies, Inc. *	35,691		672,062
Amphenol Corp., Class A	17,146		398,130
Arrow Electronics, Inc. *	816		11,261
Avnet, Inc. *	6,441		91,720
AVX Corp. Þ	401		3,505
Dolby Laboratories, Inc., Class A *	4,931		147,042
Flir Systems, Inc. Þ *	13,426		416,475
Itron, Inc. * Þ	3,338		158,154
Jabil Circuit, Inc.	9,857		64,859
Mettler-Toledo International, Inc. *	3,396		279,321
Molex, Inc. Þ	3,748		50,973
National Instruments Corp. Þ	5,539		133,545
Tech Data Corp. *	734		12,801
Trimble Navigation, Ltd. * Þ	11,865		241,571
			2,681,419
Internet Software & Services   2.5%
Akamai Technologies, Inc. *	16,449		201,829
eBay, Inc. Þ *	108,493		1,424,513
Equinix, Inc. Þ *	3,197		145,176
Google, Inc., Class A *	23,155		6,783,489
Sohu.com, Inc. * Þ	2,769		134,407
VeriSign, Inc. * Þ	19,037		411,009
Yahoo!, Inc. * Þ	134,738		1,550,834
			10,651,257
IT Services   2.1%
Accenture, Ltd., Class A	58,392		1,808,984
Affiliated Computer Services, Inc., Class A *	2,430		98,294
Alliance Data Systems Corp. * Þ	6,578		284,893
Automatic Data Processing, Inc.	50,687		2,081,208
Broadridge Financial Solutions, Inc.	13,695		156,123
Cognizant Technology Solutions Corp., Class A Þ *	28,245		542,304
DST Systems, Inc. Þ *	3,549		134,188
Fidelity National Information Services, Inc.	4,330		74,389
Fiserv, Inc. *	16,028		547,196
Genpact, Ltd. *	5,648		44,789
Global Payments, Inc.	7,778		281,330
Hewitt Associates, Inc., Class A *	9,523		272,167
Iron Mountain, Inc. Þ *	17,494		380,145
Lender Processing Services, Inc.	2,165		47,760
Metavante Technologies, Inc.	8,779		151,613
NeuStar, Inc., Class A *	7,583		145,215
Paychex, Inc. Þ	31,639		894,118
SAIC, Inc. *	3,028		53,898
Total System Services, Inc.	15,986		228,120

	Shares		Value
COMMON STOCKS   continued
INFORMATION TECHNOLOGY   continued
IT Services   continued
Unisys Corp. *	19,192	$	12,859
Western Union Co.	72,348		960,058
			9,199,651
Office Electronics   0.0%
Zebra Technologies Corp., Class A * Þ	5,937		125,627
Semiconductors & Semiconductor Equipment   3.6%
Advanced Micro Devices, Inc. * Þ	7,413		17,495
Altera Corp.	29,311		431,165
Analog Devices, Inc. Þ	28,366		485,059
Applied Materials, Inc.	132,345		1,267,865
Atmel Corp. *	27,792		77,818
Broadcom Corp., Class A *	50,264		769,542
Cree, Inc. Þ *	3,621		57,501
Cypress Semiconductor Corp. Þ	14,721		54,909
Integrated Device Technology, Inc. *	7,536		38,961
Intel Corp. Þ	483,871		6,677,420
International Rectifier Corp. *	1,560		18,236
Intersil Corp., Class A	4,127		37,391
KLA-Tencor Corp. Þ	15,563		292,740
Lam Research Corp. Þ *	11,181		225,856
Linear Technology Corp. Þ	21,692		432,755
LSI Corp. Þ *	47,242		126,609
Marvell Technology Group, Ltd. *	47,425		275,065
MEMC Electronic Materials, Inc. *	22,267		334,450
Microchip Technology, Inc. Þ	18,083		334,535
Micron Technology, Inc. Þ *	9,298		25,477
National Semiconductor Corp.	22,426		246,686
Novellus Systems, Inc. *	2,939		36,414
NVIDIA Corp. *	54,237		405,150
ON Semiconductor Corp. * Þ	39,842		116,339
Rambus, Inc. * Þ	10,210		105,265
Silicon Laboratories, Inc. Þ *	4,762		99,812
Teradyne, Inc. *	10,518		39,863
Texas Instruments, Inc.	129,326		2,013,606
Varian Semiconductor Equipment Associates, Inc. * Þ	7,249		133,382
Xilinx, Inc. Þ	27,304		446,693
			15,624,059
Software   6.6%
Activision Blizzard, Inc. * Þ	58,027		678,916
Adobe Systems, Inc. *	51,997		1,204,250
Amdocs, Ltd. *	8,126		152,688
Ansys, Inc. *	8,279		238,932
Autodesk, Inc. * Þ	21,845		362,409
BMC Software, Inc. *	18,675		466,128
CA, Inc.	17,733		298,624
Citrix Systems, Inc. *	17,945		478,414
Compuware Corp. *	15,017		95,358
Electronic Arts, Inc. *	31,132		593,376

	Shares		Value
COMMON STOCKS   continued
INFORMATION TECHNOLOGY   continued
Software   continued
FactSet Research Systems, Inc. Þ	4,175	$	167,000
Intuit, Inc. *	31,385		695,492
McAfee, Inc. *	13,283		402,873
Microsoft Corp.	784,916		15,871,001
Novell, Inc. *	15,492		70,489
Nuance Communications, Inc. * Þ	18,133		166,461
Oracle Corp. *	380,777		6,126,702
Red Hat, Inc. * Þ	18,638		172,401
Salesforce.com, Inc. * Þ	10,279		294,185
VMware, Inc., Class A * Þ	4,055		78,464
			28,614,163
MATERIALS   3.6%
Chemicals   2.6%
Air Products & Chemicals, Inc. Þ	20,597		983,713
Airgas, Inc.	8,095		289,396
Albemarle Corp.	8,943		181,811
Ashland, Inc.	575		5,491
Celanese Corp., Ser. A Þ	12,198		140,887
CF Industries Holdings, Inc.	5,512		290,096
Chemtura Corp.	1,918		3,203
Ecolab, Inc.	17,060		654,933
FMC Corp.	2,831		123,715
Huntsman Corp. Þ	1,713		12,248
International Flavors & Fragrances, Inc.	7,871		240,380
Intrepid Potash, Inc. * Þ	1,910		36,672
Monsanto Co.	53,654		4,249,397
Mosaic Co.	15,182		460,774
Nalco Holding Co.	12,802		146,071
PPG Industries, Inc.	1,765		77,519
Praxair, Inc.	30,614		1,807,757
Rohm & Haas Co. Þ	10,946		748,816
Scotts Miracle-Gro Co., Class A	3,330		107,759
Sigma-Aldrich Corp. Þ	6,642		286,336
Terra Industries, Inc.	9,986		146,894
Valhi, Inc. Þ	222		3,108
			10,996,976
Construction Materials   0.1%
Eagle Materials, Inc. Þ	3,784		79,464
Martin Marietta Materials, Inc. Þ	3,742		327,949
			407,413
Containers & Packaging   0.1%
AptarGroup, Inc. Þ	1,237		41,365
Ball Corp.	1,434		52,269
Crown Holdings, Inc. *	15,693		251,873
Greif, Inc., Class A	3,258		108,003
Owens-Illinois, Inc. *	4,662		94,266
Packaging Corporation of America Þ	2,365		35,309
			583,085

	Shares		Value
COMMON STOCKS   continued
MATERIALS   continued
Metals & Mining   0.8%
AK Steel Holding Corp. Þ	10,952	$	86,302
Alcoa, Inc.	61,921		666,270
Allegheny Technologies, Inc. Þ	9,885		226,861
Carpenter Technology Corp.	286		4,765
Century Aluminum Co. * Þ	1,686		13,741
Cliffs Natural Resources, Inc.	11,097		263,554
Newmont Mining Corp. Þ	42,685		1,436,350
NuCor Corp.	6,586		234,988
Schnitzer Steel Industries, Inc., Class A Þ	272		7,344
Southern Copper Corp. Þ	21,506		295,922
Steel Dynamics, Inc.	4,319		35,675
Titanium Metals Corp. Þ	1,540		13,013
United States Steel Corp. Þ	10,899		331,330
			3,616,115
TELECOMMUNICATION SERVICES   0.7%
Diversified Telecommunication Services   0.2%
Embarq Corp.	7,256		236,836
Frontier Communications Corp. Þ	7,038		61,371
Level 3 Communications, Inc. Þ *	151,734		142,676
Qwest Communications International, Inc. Þ	73,085		233,872
Windstream Corp. Þ	21,778		192,953
			867,708
Wireless Telecommunication Services   0.5%
American Tower Corp., Class A *	38,774		1,056,204
Clearwire Corp. * Þ	5,864		38,820
Crown Castle International Corp. *	5,716		80,424
Leap Wireless International, Inc. Þ *	453		9,060
MetroPCS Communications, Inc. Þ *	23,817		348,681
NII Holdings, Inc. *	16,383		318,485
SBA Communications Corp., Class A *	10,624		167,753
Telephone & Data Systems, Inc.	4,321		140,216
U.S. Cellular Corp. *	679		26,773
			2,186,416
UTILITIES   2.1%
Electric Utilities   1.2%
Allegheny Energy, Inc.	16,429		579,122
DPL, Inc. Þ	855		17,801
Entergy Corp.	13,256		1,128,086
Exelon Corp.	32,069		1,802,599
Mirant Corp. * Þ	11,618		200,062
NRG Energy, Inc. * Þ	8,696		206,008
NV Energy, Inc.	6,038		57,240
PPL Corp. Þ	36,472		1,236,036
			5,226,954
Gas Utilities   0.2%
Energen Corp.	1,325		40,810

		Shares		Value
COMMON STOCKS   continued
UTILITIES   continued
Gas Utilities   continued
Equitable Resources, Inc.		12,795	$	426,969
Questar Corp.		6,421		206,692
				674,471
Independent Power Producers & Energy Traders   0.3%
AES Corp. *		65,684		505,110
Calpine Corp. Þ *		34,614		310,142
Constellation Energy Group, Inc.		15,958		390,492
				1,205,744
Multi-Utilities   0.4%
CenterPoint Energy, Inc.		20,316		262,686
Public Service Enterprise Group, Inc.		49,717		1,536,255
				1,798,941
Total Common Stocks (cost $478,613,446)				427,439,781
EXCHANGE TRADED FUND   0.8%
iShares Russell 1000 Growth Index Fund Þ (cost $4,355,557)		95,590		3,496,682
		Principal Amount		Value
SHORT-TERM INVESTMENTS   25.8%
U.S. TREASURY OBLIGATIONS   0.1%
U.S. Treasury Bills:
0.10%, 02/19/2009-02/26/2009 ß ƒ	$	115,000		114,990
0.75%, 01/29/2009 ß ƒ		25,000		24,999
1.64%, 12/11/2008 ß ƒ		50,000		50,000
				189,989
		Shares		Value
MUTUAL FUND SHARES   25.7%
Evergreen Institutional Money Market Fund, Class I, 2.09% q ø		121,699		121,699
State Street Navigator Securities Lending Prime Portfolio, 1.99% § ÞÞ		110,984,807		110,984,807
				111,106,506
Total Short-Term Investments (cost $111,296,415)				111,296,495
Total Investments (cost $594,265,418) 125.4%				542,232,958
Other Assets and Liabilities (25.4%)				(109,699,887	)
Net Assets 100.0%			$	432,533,071

Þ	All or a portion of this security is on loan.
*	Non-income producing security
ß	Rate shown represents the yield to maturity at date of purchase.
ƒ	All or a portion of this security was pledged to cover initial margin requirements for open futures contracts.
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.
§	Rate shown is the 1-day annualized yield at period end.
ÞÞ	All or a portion of this security represents investment of cash collateral received from securities on loan.

The following table shows the percent of total long-term investments by sector as of November 30, 2008:

Information Technology	27.2	%
Health Care	14.8	%
Consumer Staples	14.6	%
Industrials	13.2	%
Energy	9.3	%
Consumer Discretionary	9.1	%
Financials	4.6	%
Materials	3.6	%
Utilities	2.1	%
Telecommunication Services	0.7	%
Other	0.8	%
	100.0	%

Market Index Growth Fund

STATEMENT OF ASSETS AND LIABILITIES

November 30, 2008 (unaudited)

Assets
Investments in securities, at value (cost $594,143,719) including $108,541,811 of securities loaned	$	542,111,259
Investments in affiliated money market fund, at value (cost $121,699)		121,699
Total investments		542,232,958
Receivable for securities sold		575,105
Dividends receivable		940,890
Receivable for daily variation margin on open futures contracts		15,015
Receivable for securities lending income		86,271
Receivable from investment advisor		3,963
Total assets		543,854,202
Liabilities
Payable for securities purchased		278,403
Payable for securities on loan		110,984,807
Due to related parties		3,834
Trustees' fees and expenses payable		23,233
Accrued expenses and other liabilities		30,854
Total liabilities		111,321,131
Net assets	$	432,533,071
Net assets represented by
Paid-in capital	$	430,088,215
Undistributed net investment income		14,753,374
Accumulated net realized gains on investments		40,024,993
Net unrealized losses on investments		(52,333,511	)
Total net assets	$	432,533,071
Shares outstanding (unlimited number of shares authorized)
Class I		46,677,729
Net asset value per share
Class I	$	9.27

Market Index Growth Fund

STATEMENT OF OPERATIONS

Six Months Ended November 30, 2008 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $63)	$	4,345,194
Securities lending		336,395
Income from affiliate		6,533
Interest		627
Total investment income		4,688,749
Expenses
Advisory fee		947,809
Administrative services fee		296,190
Transfer agent fees		13
Trustees' fees and expenses		2,325
Printing and postage expenses		5,911
Custodian and accounting fees		70,377
Registration and filing fees		2,372
Professional fees		17,268
Interest expense		113
Other		8,885
Total expenses		1,351,263
Less: Expense reductions		(1,376	)
Fee waivers and expense reimbursements		(1,277,209	)
Net expenses		72,678
Net investment income		4,616,071
Net realized and unrealized gains or losses on investments
Net realized losses on:
Securities		(4,633,853	)
Futures contracts		(101,639	)
Net realized losses on investments		(4,735,492	)
Net change in unrealized gains or losses on investments		(271,873,847	)
Net realized and unrealized gains or losses on investments		(276,609,339	)
Net decrease in net assets resulting from operations	$	(271,993,268	)

Market Index Growth Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended November 30, 2008 (unaudited)					Year Ended May 31, 2008
Operations
Net investment income			$	4,616,071				$	10,261,326
Net realized gains or losses on investments				(4,735,492	)				45,127,926
Net change in unrealized gains or losses on investments				(271,873,847	)				(60,979,242	)
Net decrease in net assets resulting from operations				(271,993,268	)				(5,589,990	)
Distributions to shareholders from
Net investment income				0					(9,948,993	)
Net realized gains				0					(9,731,411	)
Total distributions to shareholders				0					(19,680,404	)
	Shares					Shares
Capital share transactions
Net asset value of shares issued in reinvestment of distributions	0			0		1,275,847			19,680,404
Payment for shares redeemed	(1,931,994	)		(25,000,000	)	(14,190,483	)		(210,000,000	)
Net decrease in net assets resulting from capital share transactions				(25,000,000	)				(190,319,596	)
Total decrease in net assets				(296,993,268	)				(215,589,990	)
Net assets
Beginning of period				729,526,339					945,116,329
End of period			$	432,533,071				$	729,526,339
Undistributed net investment income			$	14,753,374				$	10,137,303

Market Index Value Fund

FUND AT A GLANCE

as of November 30, 2008

Management Team

Investment Advisor:

Evergreen Investment Management Company, LLC

Portfolio Manager:

William E. Zieff

CURRENT INVESTMENT STYLE

Source: Morningstar, Inc. Morningstar's style box is based on a portfolio date as of 9/30/2008. The Equity style box placement is based on 10 growth and valuation measures for each fund holding and the median size of the companies in which the fund invests.

PERFORMANCE AND RETURNS

Portfolio inception date: 10/15/2002
	Class I
Class inception date	10/15/2002
6-month return	-34.80	%
Average annual return
1-year	-38.25	%
5-year	0.14	%
Since portfolio inception	3.72	%

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

The advisor is waiving its advisory fee and reimbursing the fund for a portion of other expenses. Had the fee not been waived and expenses not reimbursed, returns would have been lower.

The fund is only offered to certain pension plans having at least $100 million. Class I shares are sold without a front-end or deferred sales charge. The minimum initial investment for the fund is $100 million, which may be waived in certain situations. There is no minimum amount required for subsequent purchases.

LONG-TERM GROWTH

Comparison of a $100,000,000 investment in the Evergreen Market Index Value Fund Class I shares versus a similar investment in the Russell 1000 Value Index (Russell 1000 Value) and the Consumer Price Index (CPI).

The Russell 1000 Value is an unmanaged market index and does not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses or any taxes. The CPI is a commonly used measure of inflation and does not represent an investment return. It is not possible to invest directly in an index.

"Russell 1000 Value Index" is a trademark and service mark of Frank Russell Company (FRC) and has been licensed for use by Evergreen Investments. The product is not sponsored, endorsed, sold or promoted by FRC and FRC makes no representation regarding the advisability of investing in the product.

The fund's investment objective may be changed without a vote of the fund's shareholders.

All data is as of November 30, 2008, and subject to change.

Market Index Value Fund

ABOUT YOUR FUND'S EXPENSES

The Example below is intended to describe the fees and expenses borne by shareholders and the impact of those costs on your investment.

Example
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from  June 1, 2008 to November 30, 2008.

The example illustrates your fund's costs in two ways:

•  Actual expenses
  The section in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class, in the column entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
  
• Hypothetical example for comparison purposes
  The section in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the section in the table under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would havebeen higher.

	Beginning Account Value 6/1/2008	Ending Account Value 11/30/2008	Expenses Paid During Period*
Actual
Class I	$1,000.00	$652.04	$0.12
Hypothetical (5% return before expenses)
Class I	$1,000.00	$1,024.92	$0.15

*Expenses are equal to the fund's annualized expense ratio (0.03% for Class I), multiplied by the average account value over the period, multiplied by 183/365 days.

Market Index Value Fund

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

		Six Months Ended November 30, 2008			Year Ended May 31,
Class I	(unaudited)			2008			2007			2006			2005			2004
Net asset value, beginning of period	$	12.99		$	15.67		$	15.75		$	14.83		$	13.23		$	11.14
Income from investment operations
Net investment income (loss)		0.20			0.38			0.39	1		0.64			0.35			0.28
Net realized and unrealized gains or losses on investments		(4.72	)		(2.26	)		3.26			1.18			1.69			1.91
Total from investment operations		(4.52	)		(1.88	)		3.65			1.82			2.04			2.19
Distributions to shareholders from
Net investment income		0			(0.30	)		(0.38	)		(0.34	)		(0.28	)		(0.10	)
Net realized gains		0			(0.50	)		(3.35	)		(0.56	)		(0.16	)		0
Total distributions to shareholders		0			(0.80	)		(3.73	)		(0.90	)		(0.44	)		(0.10	)
Net asset value, end of period	$	8.47		$	12.99		$	15.67		$	15.75		$	14.83		$	13.23
Total return		(34.80	)%		(12.25	)%		25.57	%		12.53	%		15.51	%		19.73	%
Ratios and supplemental data
Net assets, end of period (thousands)	$	416,595		$	656,058		$	839,657		$	505,681		$	818,284		$	708,489
Ratios to average net assets
Expenses including waivers/reimbursements but excluding expense reductions		0.03	%2		0.03	%		0.03	%		0.03	%		0.03	%		0.02	%
Expenses excluding waivers/reimbursements and expense reductions		0.46	%2		0.46	%		0.46	%		0.46	%		0.45	%		0.46	%
Net investment income (loss)		3.40	%2		2.66	%		2.56	%		2.63	%		2.54	%		2.41	%
Portfolio turnover rate		22	%		27	%		17	%		27	%		16	%		10	%

1	Net investment income (loss) per share is based on average shares outstanding during the period.
2	Annualized

See Combined Notes to Financial Statements

Market Index Value Fund

SCHEDULE OF INVESTMENTS (unaudited)

November 30, 2008

	Shares		Value
COMMON STOCKS   98.3%
CONSUMER DISCRETIONARY   7.8%
Auto Components   0.3%
Autoliv, Inc.	6,767	$	129,182
BorgWarner, Inc.	1,373		32,485
Federal-Mogul Corp. * Þ	2,115		11,188
Goodyear Tire & Rubber Co. *	7,999		51,434
Johnson Controls, Inc.	46,868		827,689
TRW Automotive Holdings Corp. * Þ	4,676		16,647
			1,068,625
Automobiles   0.2%
Ford Motor Co. * Þ	201,922		543,170
General Motors Corp. Þ	45,400		237,896
Harley-Davidson, Inc. Þ	2,468		41,981
Thor Industries, Inc. Þ	2,329		36,425
			859,472
Distributors   0.1%
Genuine Parts Co.	15,258		597,351
Diversified Consumer Services   0.1%
Career Education Corp. Þ *	8,342		154,160
Service Corporation International	24,322		141,554
Weight Watchers International, Inc.	499		14,122
			309,836
Hotels, Restaurants & Leisure   0.4%
Boyd Gaming Corp. Þ	4,652		20,469
Carnival Corp.	32,335		679,035
Choice Hotels International, Inc. Þ	1,857		46,629
International Speedway Corp., Class A	3,020		78,369
Interval Leisure Group, Inc. *	2,990		15,847
McDonald's Corp.	9,818		576,808
MGM MIRAGE Þ *	682		8,170
Orient Express Hotels, Ltd. Þ	547		3,747
Royal Caribbean Cruises, Ltd. Þ	12,843		120,981
Wyndham Worldwide Corp.	16,474		78,746
			1,628,801
Household Durables   0.8%
Black & Decker Corp.	5,694		241,653
Centex Corp.	11,505		105,386
D.R. Horton, Inc. Þ	29,419		202,109
Fortune Brands, Inc.	14,314		541,069
Harman International Industries, Inc.	1,376		20,709
Jarden Corp. Þ *	6,330		78,998
KB Home Þ	7,033		81,794
Leggett & Platt, Inc. Þ	14,623		213,496
Lennar Corp., Class A Þ	12,697		90,276
M.D.C. Holdings, Inc.	3,190		98,890
Mohawk Industries, Inc. *	5,199		159,817
Newell Rubbermaid, Inc.	25,790		344,554
NVR, Inc. Þ *	356		154,593
Pulte Homes, Inc. Þ	15,168		161,539
Snap-On, Inc.	5,369		193,552

	Shares		Value
COMMON STOCKS   continued
CONSUMER DISCRETIONARY   continued
Household Durables   continued
Stanley Works	7,300	$	232,067
Toll Brothers, Inc. *	12,136		241,871
Whirlpool Corp. Þ	6,997		275,542
			3,437,915
Internet & Catalog Retail   0.1%
Expedia, Inc. *	19,329		162,364
HSN, Inc. Þ *	2,990		11,183
IAC/InteractiveCorp. Þ	7,474		110,540
Liberty Media Holding Corp. - Interactive, Ser. A *	55,309		145,463
Ticketmaster Entertainment, Inc. *	2,990		11,930
			441,480
Leisure Equipment & Products   0.2%
Eastman Kodak Co. Þ	26,843		203,202
Hasbro, Inc. Þ	6,669		178,729
Mattel, Inc.	33,708		460,788
			842,719
Media   3.2%
Ascent Media Corp., Ser. A *	1,310		26,200
Cablevision Systems Corp., Class A Þ	20,646		302,670
CBS Corp., Class B	54,929		365,827
Clear Channel Outdoor Holdings, Inc. Þ *	831		6,083
Comcast Corp., Class A	184,899		3,206,149
Discover Communications Inc., Ser. C *	26,193		396,300
E.W. Scripps Co., Class A Þ	2,694		7,893
Gannett Co., Inc. Þ	21,299		185,514
Hearst-Argyle Television, Inc. Þ	2,125		17,043
Interpublic Group of Cos. Þ *	6,330		25,890
Liberty Global, Inc., Class A Þ *	16,013		232,028
McClatchy Co., Class A	1		2
McGraw-Hill Cos. Þ	15,022		375,550
Meredith Corp. Þ	3,671		59,250
New York Times Co., Class A Þ	13,391		100,968
News Corp., Class A	129,426		1,022,465
Omnicom Group, Inc.	2,237		63,285
Regal Entertainment Group, Class A Þ	7,433		68,161
Scripps Networks Interactive, Inc., Class A Þ	8,086		224,710
Time Warner Cable, Inc. *	7,263		147,439
Time Warner, Inc. Þ	296,282		2,681,352
Viacom, Inc., Class B *	3,178		50,594
Virgin Media, Inc. Þ	27,380		129,507
Walt Disney Co. Þ	156,860		3,532,487
Warner Music Group Corp. Þ	3,896		11,610
Washington Post Co., Class B	573		226,851
			13,465,828
Multiline Retail   0.4%
Family Dollar Stores, Inc. Þ	11,996		333,249
J.C. Penney Co., Inc. Þ	20,659		392,314
Kohl's Corp. Þ *	6,848		223,656

	Shares		Value
COMMON STOCKS   continued
CONSUMER DISCRETIONARY   continued
Multiline Retail   continued
Macy's, Inc. Þ	39,244	$	291,190
Saks, Inc. * Þ	13,446		57,952
Sears Holdings Corp. * Þ	5,496		199,230
Target Corp.	5,435		183,486
			1,681,077
Specialty Retail   1.9%
American Eagle Outfitters, Inc.	4,852		46,579
AnnTaylor Stores Corp. *	3,470		15,580
AutoNation, Inc. Þ *	10,709		91,455
Barnes & Noble, Inc.	3,369		53,163
Bed Bath & Beyond, Inc. *	4,268		86,598
Foot Locker, Inc. Þ	14,415		97,013
Gap, Inc.	22,942		298,705
Home Depot, Inc.	157,405		3,637,630
Limited Brands, Inc.	9,179		85,456
Lowe's Cos.	129,358		2,672,536
O'Reilly Automotive, Inc. * Þ	7,958		207,465
Office Depot, Inc. *	25,436		50,109
OfficeMax, Inc. Þ	7,071		38,537
Penske Automotive Group, Inc. Þ	3,793		28,751
RadioShack Corp. Þ	12,219		120,357
Signet Jewelers, Ltd.	7,942		62,186
Staples, Inc.	9,809		170,284
Williams-Sonoma, Inc. Þ	7,486		52,477
			7,814,881
Textiles, Apparel & Luxury Goods   0.1%
Jones Apparel Group, Inc.	8,065		41,373
Liz Claiborne, Inc. Þ	8,828		25,160
Phillips-Van Heusen Corp.	593		10,342
VF Corp. Þ	8,131		425,170
			502,045
CONSUMER STAPLES   9.5%
Beverages   1.3%
Brown-Forman Corp., Class B	2,529		110,998
Coca-Cola Co.	63,820		2,991,243
Coca-Cola Enterprises, Inc.	29,654		272,224
Constellation Brands, Inc., Class A Þ *	17,227		219,817
Dr. Pepper Snapple Group, Inc. *	23,610		381,065
Molson Coors Brewing Co., Class B	10,760		478,497
Pepsi Bottling Group, Inc.	12,777		231,136
PepsiAmericas, Inc.	5,408		90,638
PepsiCo, Inc. Þ	8,863		502,532
			5,278,150
Food & Staples Retailing   1.5%
BJ's Wholesale Club, Inc. Þ *	5,564		199,080
CVS Caremark Corp.	61,239		1,771,644
Kroger Co.	34,327		949,485
Rite Aid Corp. * Þ	47,339		24,616

	Shares		Value
COMMON STOCKS   continued
CONSUMER STAPLES   continued
Food & Staples Retailing   continued
Safeway, Inc.	40,794	$	889,309
SUPERVALU, Inc.	19,771		235,473
Wal-Mart Stores, Inc.	40,331		2,253,697
Walgreen Co.	7,011		173,452
			6,496,756
Food Products   2.8%
Archer Daniels Midland Co.	59,973		1,642,061
Bunge, Ltd. Þ	11,320		480,647
Campbell Soup Co. Þ	10,185		326,429
ConAgra Foods, Inc.	42,192		622,332
Corn Products International, Inc.	6,904		189,169
Dean Foods Co. *	2,809		40,899
Del Monte Foods Co.	18,374		108,774
General Mills, Inc.	28,552		1,803,630
H.J. Heinz Co.	13,062		507,328
Hershey Co. Þ	7,101		255,636
Hormel Foods Corp.	6,619		175,801
J.M. Smucker Co.	8,882		402,976
Kellogg Co.	9,990		433,866
Kraft Foods, Inc., Class A Þ	136,903		3,725,131
McCormick & Co., Inc.	6,562		195,351
Sara Lee Corp.	65,783		603,888
Smithfield Foods, Inc. * Þ	10,865		73,991
Tyson Foods, Inc., Class A	24,372		163,536
			11,751,445
Household Products   3.2%
Clorox Co. Þ	8,871		524,808
Kimberly-Clark Corp.	22,954		1,326,512
Procter & Gamble Co. Þ	176,589		11,363,502
			13,214,822
Personal Products   0.0%
Alberto-Culver Co.	7,106		152,566
NBTY, Inc. *	2,517		36,672
			189,238
Tobacco   0.7%
Altria Group, Inc.	49,155		790,412
Lorillard, Inc. Þ	7,711		465,976
Reynolds American, Inc. Þ	15,953		655,349
UST, Inc. Þ	13,769		946,619
			2,858,356
ENERGY   17.6%
Energy Equipment & Services   0.4%
BJ Services Co.	27,370		328,166
ENSCO International, Inc.	901		29,201
Exterran Holdings, Inc. Þ *	6,113		107,283
Global Industries, Ltd. Þ *	3,887		11,467
Helmerich & Payne, Inc.	9,717		246,423
Hercules Offshore, Inc. Þ *	8,276		48,166

	Shares		Value
COMMON STOCKS   continued
ENERGY   continued
Energy Equipment & Services   continued
Key Energy Services, Inc. *	9,721	$	46,175
Nabors Industries, Ltd. Þ *	22,523		326,583
Oil States International, Inc. *	1,555		33,308
Patterson-UTI Energy, Inc.	5,494		68,620
Pride International, Inc. *	4,422		71,681
Rowan Companies, Inc.	6,817		118,275
SEACOR Holdings, Inc. * Þ	1,717		113,545
Tidewater, Inc. Þ	4,618		182,319
Unit Corp. *	1,041		29,856
			1,761,068
Oil, Gas & Consumable Fuels   17.2%
Anadarko Petroleum Corp.	43,600		1,789,780
Apache Corp.	31,070		2,401,711
Cabot Oil & Gas Corp.	5,256		157,522
Chesapeake Energy Corp.	32,270		554,399
Chevron Corp. Þ	192,644		15,220,802
Cimarex Energy Co. Þ	7,716		218,903
ConocoPhillips	143,659		7,544,971
Devon Energy Corp.	41,554		3,006,016
El Paso Corp.	51,414		379,949
Encore Aquisition Co. *	3,713		98,172
EOG Resources, Inc.	5,735		487,590
Exxon Mobil Corp.	401,068		32,145,600
Forest Oil Corp. * Þ	8,266		144,242
Helix Energy Solutions, Inc. Þ *	7,803		50,173
Marathon Oil Corp.	65,936		1,726,204
Mariner Energy, Inc. *	2,208		24,266
Newfield Exploration Co. *	12,271		277,079
Noble Energy, Inc.	15,013		784,880
Overseas Shipholding Group, Inc.	2,098		77,752
Petrohawk Energy Corp. * Þ	1,332		23,270
Pioneer Natural Resources Co. Þ	11,134		223,571
Plains Exploration & Production Co. *	881		20,395
Spectra Energy Corp.	58,952		958,560
St. Mary Land & Exploration Co.	3,363		67,630
Sunoco, Inc. Þ	4,419		175,611
Teekay Shipping Corp. Þ	3,933		64,462
Tesoro Corp. Þ	9,095		83,583
Valero Energy Corp.	49,223		903,242
XTO Energy, Inc.	45,908		1,755,522
			71,365,857
FINANCIALS   23.3%
Capital Markets   3.0%
Allied Capital Corp. Þ	16,643		38,945
American Capital, Ltd. Þ	18,897		80,123
Ameriprise Financial, Inc.	20,691		381,956
Bank of New York Mellon Corp.	106,532		3,218,332
BlackRock, Inc. Þ	440		55,312

	Shares		Value
COMMON STOCKS   continued
FINANCIALS   continued
Capital Markets   continued
E*TRADE Financial Corp. Þ *	32,230	$	43,511
Franklin Resources, Inc.	6,717		408,058
Goldman Sachs Group, Inc.	32,823		2,592,689
INVESCO, Ltd. Þ	31,560		396,078
Investment Technology Group, Inc. *	346		5,789
Janus Capital Group, Inc. Þ	1,061		8,647
Jefferies Group, Inc. Þ	11,720		145,797
Legg Mason, Inc. Þ	12,961		233,557
Merrill Lynch & Co., Inc.	142,405		1,882,594
MF Global, Ltd. Þ *	4,889		12,809
Morgan Stanley	97,034		1,431,251
Northern Trust Corp.	1,989		91,275
Raymond James Financial, Inc. Þ	8,900		195,533
State Street Corp.	29,248		1,231,633
			12,453,889
Commercial Banks   6.0%
Associated Banc-Corp.	11,864		257,805
BancorpSouth, Inc.	7,671		170,603
Bank of Hawaii Corp.	4,464		199,139
BB&T Corp.	50,931		1,526,402
BOK Financial Corp. Þ	2,073		96,166
City National Corp. Þ	3,731		163,716
Comerica, Inc. Þ	14,016		316,061
Commerce Bancshares, Inc.	5,772		252,891
Cullen/Frost Bankers, Inc.	5,475		296,800
Fifth Third Bancorp Þ	46,801		447,418
First Citizens Bancshares, Inc., Class A	563		79,130
First Horizon National Corp. Þ	18,791		200,876
Fulton Financial Corp. Þ	16,206		180,211
Huntington Bancshares, Inc. Þ	34,108		272,864
KeyCorp Þ	45,846		430,035
M&T Bank Corp. Þ	6,122		393,339
Marshall & Ilsley Corp. Þ	24,140		372,963
National City Corp. Þ	189,627		381,150
PNC Financial Services Group, Inc. Þ	32,211		1,699,774
Popular, Inc. Þ	26,174		163,588
Regions Financial Corp. Þ	64,712		659,415
SunTrust Banks, Inc. Þ	32,907		1,044,139
Synovus Financial Corp. Þ	26,163		217,676
TCF Financial Corp. Þ	11,780		196,726
U.S. Bancorp Þ	162,111		4,373,755
Valley National Bancorp Þ	12,462		240,890
Wachovia Corp. °	201,141		1,130,412
Wells Fargo & Co. Þ °	307,597		8,886,477
Whitney Holding Corp. Þ	5,973		104,707
Wilmington Trust Corp.	6,267		151,599
Zions Bancorp Þ	10,739		342,467
			25,249,194

	Shares		Value
COMMON STOCKS   continued
FINANCIALS   continued
Consumer Finance   0.5%
American Express Co.	15,095	$	351,864
AmeriCredit Corp. Þ *	10,730		78,866
Capital One Financial Corp. Þ	34,944		1,202,423
Discover Financial Services Þ	44,643		456,698
SLM Corp. * Þ	4,957		45,654
Student Loan Corp.	367		13,898
			2,149,403
Diversified Financial Services   6.0%
Bank of America Corp.	467,274		7,593,202
CIT Group, Inc. Þ	26,322		87,915
Citigroup, Inc. Þ	507,053		4,203,469
CME Group, Inc., Class A Þ	1,842		390,412
JPMorgan Chase & Co.	364,316		11,534,245
Leucadia National Corp. Þ	16,537		323,298
Liberty Media Corp. - Capital, Ser. A Þ	10,380		34,358
Moody's Corp. Þ	18,346		398,292
NASDAQ OMX Group, Inc. Þ *	5,729		123,174
NYSE Euronext Þ	9,823		233,886
			24,922,251
Insurance   5.0%
Alleghany Corp. *	475		125,875
Allied World Assurance Co. Holdings, Ltd.	4,549		160,853
Allstate Corp.	51,297		1,304,996
American International Group, Inc.	216,367		434,898
American National Insurance Co.	1,465		108,146
AON Corp.	25,861		1,171,503
Arch Capital Group, Ltd. *	4,283		290,345
Arthur J. Gallagher & Co. Þ	8,643		214,346
Assurant, Inc.	11,011		239,709
Axis Capital Holdings, Ltd.	10,626		268,944
Brown & Brown, Inc.	8,210		163,379
Chubb Corp.	34,040		1,748,294
Cincinnati Financial Corp. Þ	13,570		396,787
CNA Financial Corp. Þ	2,556		35,171
Conseco, Inc. *	17,198		57,957
Endurance Specialty Holdings, Ltd.	4,866		130,993
Erie Indemnity Co., Class A	2,739		102,548
Everest Re Group, Ltd.	5,768		452,557
Fidelity National Financial, Inc. Þ	19,922		245,638
First American Corp.	8,616		206,956
Genworth Financial, Inc., Class A	40,316		58,458
Hartford Financial Services Group, Inc.	29,311		247,678
HCC Insurance Holdings, Inc.	10,739		250,326
Lincoln National Corp.	24,151		331,593
Loews Corp.	29,238		800,829
Markel Corp. Þ *	925		284,900
Marsh & McLennan Cos.	47,647		1,214,998
MBIA, Inc. Þ	19,911		116,479

	Shares		Value
COMMON STOCKS   continued
FINANCIALS   continued
Insurance   continued
Mercury General Corp. Þ	2,477	$	112,679
MetLife, Inc.	40,707		1,170,733
Nationwide Financial Services, Inc., Class A Þ	4,299		218,389
Old Republic International Corp.	21,469		220,272
OneBeacon Insurance Group, Ltd. Þ	2,251		24,536
PartnerRe, Ltd.	5,055		353,648
Philadelphia Consolidated Holding Co. *	3,464		212,863
Principal Financial Group, Inc.	24,113		333,001
Progressive Corp. Þ	63,101		947,777
Protective Life Corp.	6,503		60,608
Prudential Financial, Inc.	33,455		725,973
Reinsurance Group of America, Inc.	5,491		222,935
RenaissanceRe Holdings, Ltd.	5,704		268,830
StanCorp Financial Group, Inc.	4,560		151,894
The Hanover Insurance Group, Inc.	4,787		193,012
Torchmark Corp. Þ	8,364		302,359
TransAtlantic Holdings, Inc.	1,909		75,673
Travelers Companies, Inc.	56,320		2,458,368
Unitrin, Inc. Þ	3,835		73,402
Universal American Financial Corp.	7,329		150,171
UnumProvident Corp.	32,258		480,644
W.R. Berkley Corp.	12,672		360,265
Wesco Financial Corp.	125		37,125
White Mountains Insurance Group, Ltd.	824		222,480
XL Capital, Ltd., Class A Þ	30,811		154,979
			20,697,772
Real Estate Investment Trusts (REITs)   2.2%
Alexandria Real Estate Equities, Inc.	2,988		132,309
AMB Property Corp. Þ	9,125		157,133
Annaly Capital Management, Inc.	50,081		719,664
Apartment Investment & Management Co., Class A Þ	5,767		66,148
AvalonBay Communities, Inc.	7,169		434,943
Boston Properties, Inc. Þ	11,149		595,357
Brandywine Realty Trust	8,159		40,142
BRE Properties, Inc.	4,485		131,680
Camden Property Trust Þ	1,817		48,096
CapitalSource, Inc. Þ	18,106		94,332
CBL & Associates Properties, Inc. Þ	6,177		25,140
Developers Diversified Realty Corp. Þ	11,156		53,549
Digital Realty Trust, Inc. Þ	2,144		58,660
Douglas Emmett, Inc. Þ	11,296		115,219
Duke Realty Corp. Þ	13,662		112,165
Equity Residential Þ	25,194		766,653
Essex Property Trust, Inc. Þ	1,862		161,007
Federal Realty Investment Trust Þ	3,866		223,609
General Growth Properties, Inc. Þ	9,993		13,790
HCP, Inc.	20,672		427,290
Health Care REIT, Inc. Þ	8,404		319,352
Hospitality Properties Trust	8,750		100,275

	Shares		Value
COMMON STOCKS   continued
FINANCIALS   continued
Real Estate Investment Trusts (REITs)   continued
Host Hotels & Resorts, Inc. Þ	48,639	$	365,765
HRPT Properties Trust	20,997		57,952
iStar Financial, Inc. Þ	12,518		16,899
Kilroy Realty Corp. Þ	2,777		84,615
Kimco Realty Corp. Þ	20,085		284,203
Liberty Property Trust	8,635		165,101
Mack-Cali Realty Corp.	6,118		116,058
Nationwide Health Properties, Inc. Þ	8,149		184,412
Plum Creek Timber Co., Inc. Þ	10,741		382,272
ProLogis Þ	24,416		93,513
Public Storage, Inc. Þ	11,784		823,584
Rayonier, Inc. Þ	6,407		213,994
Regency Centers Corp. Þ	6,513		231,928
SL Green Realty Corp. Þ	5,436		103,067
UDR, Inc. Þ	11,943		180,698
Ventas, Inc. Þ	10,088		231,822
Vornado Realty Trust	12,675		677,479
Weingarten Realty Investors Þ	6,927		98,779
			9,108,654
Real Estate Management & Development   0.0%
CB Richard Ellis Group, Inc., Class A *	10,423		47,529
Jones Lang LaSalle, Inc. Þ	2,966		70,680
St. Joe Co. * Þ	1,378		36,393
			154,602
Thrifts & Mortgage Finance   0.6%
Astoria Financial Corp.	7,839		144,708
Capitol Federal Financial	1,315		56,243
Fannie Mae	99,128		114,988
Freddie Mac Þ	4,999		5,899
Hudson City Bancorp, Inc. Þ	31,573		527,585
MGIC Investment Corp. Þ	11,648		31,683
New York Community Bancorp, Inc. Þ	31,930		416,686
People's United Financial, Inc. Þ	32,223		614,493
Sovereign Bancorp, Inc. Þ	41,324		102,070
TFS Financial Corp. Þ	9,687		124,284
Tree.com, Inc. * Þ	498		911
Washington Federal, Inc.	8,176		138,093
Webster Financial Corp. Þ	4,889		73,335
			2,350,978
HEALTH CARE   12.4%
Biotechnology   1.3%
Amgen, Inc. *	101,398		5,631,645
Health Care Equipment & Supplies   0.9%
Advanced Medical Optics, Inc. Þ *	664		3,858
Beckman Coulter, Inc.	1,124		48,984
Boston Scientific Corp. *	130,299		803,945
Cooper Cos. Þ	4,190		56,146
Covidien, Ltd.	46,529		1,714,593

	Shares		Value
COMMON STOCKS   continued
HEALTH CARE   continued
Health Care Equipment & Supplies   continued
Hill-Rom Holdings, Inc. Þ	5,018	$	103,070
Hologic, Inc. Þ *	11,915		167,525
Hospira, Inc. *	12,684		380,900
Inverness Medical Innovations, Inc. *	3,570		62,725
Zimmer Holdings, Inc. *	7,072		263,927
			3,605,673
Health Care Providers & Services   1.4%
Aetna, Inc.	16,120		351,738
AmerisourceBergen Corp.	13,167		412,785
Brookdale Senior Living, Inc. Þ	3,352		13,643
Cardinal Health, Inc.	8,376		272,388
CIGNA Corp.	22,519		272,705
Community Health Systems, Inc. *	6,946		90,715
Coventry Health Care, Inc. *	11,244		140,213
DaVita, Inc. *	1,638		82,309
Health Management Associates, Inc., Class A Þ *	7,658		11,181
Health Net, Inc. *	9,454		85,181
Henry Schein, Inc. *	605		21,617
Humana, Inc. *	6,808		205,806
Lifepoint Hospitals, Inc. Þ *	5,049		101,283
Lincare Holdings, Inc. Þ *	607		14,525
McKesson Corp.	7,283		254,468
Omnicare, Inc. Þ	9,200		221,812
Pediatrix Medical Group, Inc. *	637		19,823
Quest Diagnostics, Inc.	2,637		122,805
Tenet Healthcare Corp. * Þ	19,367		23,434
UnitedHealth Group, Inc.	72,210		1,517,132
Universal Health Services, Inc., Class B	4,396		163,311
WellPoint, Inc. *	44,253		1,575,407
			5,974,281
Health Care Technology   0.1%
HLTH Corp. *	12,193		114,249
IMS Health, Inc.	13,207		173,672
			287,921
Life Sciences Tools & Services   0.3%
Charles River Laboratories International, Inc. Þ *	3,465		79,002
Life Technologies Corp. Þ	5,724		149,396
PerkinElmer, Inc.	6,098		110,130
Thermo Fisher Scientific, Inc. * Þ	25,708		917,262
			1,255,790
Pharmaceuticals   8.4%
Barr Pharmaceuticals, Inc. *	7,086		463,353
Bristol-Myers Squibb Co.	16,041		332,049
Eli Lilly & Co.	84,239		2,876,762
Endo Pharmaceuticals Holdings, Inc. * Þ	1,041		22,892
Forest Laboratories, Inc. *	25,915		626,625
Fresenius Kabi Pharmaceuticals Holding, Inc. *	263		168
Johnson & Johnson	193,446		11,332,067

	Shares		Value
COMMON STOCKS   continued
HEALTH CARE   continued
Pharmaceuticals   continued
King Pharmaceuticals, Inc. Þ *	22,969	$	220,732
Merck & Co., Inc.	142,744		3,814,120
Mylan Laboratories, Inc. Þ *	23,138		217,728
Pfizer, Inc.	630,091		10,352,395
Watson Pharmaceuticals, Inc. * Þ	4,922		116,897
Wyeth	124,183		4,471,830
			34,847,618
INDUSTRIALS   8.7%
Aerospace & Defense   1.5%
Alliant Techsystems, Inc. *	1,735		142,617
BE Aerospace, Inc. *	646		5,284
General Dynamics Corp.	37,114		1,917,680
L-3 Communications Holdings, Inc.	2,570		172,627
Northrop Grumman Corp.	23,734		971,907
Raytheon Co. Þ	25,096		1,224,685
Spirit AeroSystems Holdings, Inc., Class A *	9,749		88,229
United Technologies Corp.	38,976		1,891,505
			6,414,534
Air Freight & Logistics   0.5%
FedEx Corp.	28,878		2,040,230
UTi Worldwide, Inc.	890		9,541
			2,049,771
Airlines   0.3%
AMR Corp. * Þ	12,903		113,288
Continental Airlines, Inc., Class B * Þ	10,226		150,118
Copa Holdings SA, Class A	742		16,450
Delta Air Lines, Inc. *	41,939		369,483
Southwest Airlines Co.	68,154		589,532
			1,238,871
Building Products   0.1%
Armstrong World Industries, Inc.	1,879		31,943
Masco Corp.	33,688		322,731
Owens Corning, Inc. * Þ	7,102		113,277
USG Corp. * Þ	2,813		26,583
			494,534
Commercial Services & Supplies   0.6%
Allied Waste Industries, Inc. *	35,444		380,669
Avery Dennison Corp.	9,917		308,419
Cintas Corp.	12,267		294,653
Corrections Corporation of America *	1,327		24,005
Pitney Bowes, Inc.	1,856		45,862
R.R. Donnelley & Sons Co.	19,773		252,303
Republic Services, Inc. Þ	1,067		25,608
Steelcase, Inc., Class A Þ	5,775		37,249
Waste Management, Inc.	32,721		955,453
			2,324,221

	Shares		Value
COMMON STOCKS   continued
INDUSTRIALS   continued
Construction & Engineering   0.1%
AECOM Technology Corp. *	990	$	26,225
KBR, Inc. Þ	2,989		41,159
Quanta Services, Inc. *	3,550		57,723
URS Corp. *	6,447		244,728
			369,835
Electrical Equipment   0.1%
Cooper Industries, Inc.	3,873		93,494
Hubbell, Inc., Class B	2,942		87,966
Thomas & Betts Corp. *	5,415		102,831
			284,291
Industrial Conglomerates   4.0%
Carlisle Cos. Þ	5,064		107,509
General Electric Co.	928,334		15,939,495
Teleflex, Inc.	3,688		174,737
Tyco International, Ltd.	21,604		451,524
			16,673,265
Machinery   1.0%
AGCO Corp. * Þ	2,341		57,635
Crane Co.	4,722		69,980
Danaher Corp. Þ	7,121		396,212
Dover Corp.	2,205		65,775
Eaton Corp.	8,401		389,302
Flowserve Corp.	2,935		147,719
Gardner Denver, Inc. *	4,889		121,003
IDEX Corp. Þ	851		19,573
Illinois Tool Works, Inc. Þ	41,448		1,414,206
Ingersoll-Rand Co., Ltd., Class A	24,076		377,512
ITT Corp.	4,095		171,417
Kennametal, Inc.	5,645		105,561
Lincoln Electric Holdings, Inc. Þ	1,265		57,798
Oshkosh Corp. Þ	2,103		14,721
Pentair, Inc.	9,229		229,433
Terex Corp. *	9,398		134,015
Timken Co.	7,300		105,923
Trinity Industries, Inc. Þ	7,539		112,105
			3,989,890
Marine   0.0%
Alexander & Baldwin, Inc.	3,847		99,445
Professional Services   0.1%
Dun & Bradstreet Corp.	1,518		121,440
Equifax, Inc. Þ	5,633		143,360
Manpower, Inc.	6,830		215,008
			479,808
Road & Rail   0.4%
Avis Budget Group, Inc. *	9,416		7,156
Con-Way, Inc.	3,550		99,294
Hertz Global Holdings, Inc. Þ *	28,400		99,116
Kansas City Southern * Þ	1,532		33,581

	Shares		Value
COMMON STOCKS   continued
INDUSTRIALS   continued
Road & Rail   continued
Norfolk Southern Corp.	24,883	$	1,230,962
Ryder System, Inc.	3,593		129,025
			1,599,134
Trading Companies & Distributors   0.0%
GATX Corp. Þ	4,023		113,247
United Rentals, Inc. * Þ	5,523		44,571
Wesco International, Inc. *	1,048		15,500
			173,318
INFORMATION TECHNOLOGY   2.5%
Communications Equipment   0.3%
ADC Telecommunications, Inc. * Þ	10,961		77,933
Brocade Communications Systems, Inc. *	30,089		96,886
EchoStar Corp. Þ *	3,623		61,845
JDS Uniphase Corp. *	9,043		24,597
Motorola, Inc. Þ	210,045		905,294
Tellabs, Inc. * Þ	37,015		154,352
			1,320,907
Computers & Peripherals   0.4%
Diebold, Inc.	1,005		28,140
EMC Corp. *	58,146		614,603
Lexmark International, Inc., Class A Þ *	8,194		214,519
NCR Corp. *	1,544		23,438
QLogic Corp. *	12,347		131,125
SanDisk Corp. * Þ	16,808		134,464
Seagate Technology, Inc.	23,293		98,064
Sun Microsystems, Inc. *	72,813		230,817
Teradata Corp. *	8,536		114,639
			1,589,809
Electronic Equipment & Instruments   0.4%
Arrow Electronics, Inc. *	10,652		146,998
Avnet, Inc. *	7,872		112,097
AVX Corp. Þ	4,223		36,909
Ingram Micro, Inc., Class A *	15,659		168,647
Jabil Circuit, Inc.	10,091		66,399
Molex, Inc. Þ	9,046		123,026
Tech Data Corp. *	4,225		73,684
Tyco Electronics, Ltd.	44,522		733,723
Vishay Intertechnology, Inc. *	17,356		75,672
			1,537,155
IT Services   0.3%
Affiliated Computer Services, Inc., Class A *	6,043		244,439
Computer Sciences Corp. *	14,077		392,185
Convergys Corp. *	11,508		72,385
DST Systems, Inc. * Þ	778		29,416
Fidelity National Information Services, Inc.	14,047		241,328
Genpact, Ltd. *	301		2,387
Lender Processing Services, Inc.	7,024		154,949

	Shares		Value
COMMON STOCKS   continued
INFORMATION TECHNOLOGY   continued
IT Services   continued
SAIC, Inc. *	14,287	$	254,309
Unisys Corp. *	14,898		9,982
			1,401,380
Office Electronics   0.2%
Xerox Corp.	83,742		585,357
Zebra Technologies Corp., Class A * Þ	400		8,464
			593,821
Semiconductors & Semiconductor Equipment   0.4%
Advanced Micro Devices, Inc. *	49,435		116,667
Atmel Corp. *	15,022		42,062
Cree, Inc. Þ *	4,902		77,844
Fairchild Semiconductor International, Inc. *	11,603		46,296
Integrated Device Technology, Inc. *	8,774		45,361
Intel Corp.	72,555		1,001,259
International Rectifier Corp. *	5,268		61,583
Intersil Corp., Class A	7,597		68,829
KLA-Tencor Corp.	1,014		19,073
Lam Research Corp. Þ *	989		19,978
LSI Corp. Þ *	14,368		38,506
Micron Technology, Inc. Þ *	62,004		169,891
Novellus Systems, Inc. * Þ	6,501		80,547
Teradyne, Inc. *	5,961		22,592
			1,810,488
Software   0.5%
Amdocs, Ltd. *	10,559		198,404
CA, Inc.	19,280		324,675
Cadence Design Systems, Inc. Þ *	24,016		92,702
Compuware Corp. *	10,065		63,913
McAfee, Inc. *	1,437		43,584
Novell, Inc. *	18,037		82,068
Symantec Corp. * Þ	78,247		941,311
Synopsys, Inc. *	13,203		211,644
			1,958,301
MATERIALS   3.0%
Chemicals   1.5%
Ashland, Inc.	6,294		60,108
Cabot Corp.	6,003		124,202
Celanese Corp., Ser. A Þ	1,736		20,051
Chemtura Corp.	20,728		34,616
Cytec Industries, Inc.	4,436		97,725
Dow Chemical Co.	86,657		1,607,487
E.I. DuPont de Nemours & Co.	83,889		2,102,258
Eastman Chemical Co. Þ	7,100		233,590
FMC Corp.	4,272		186,686
Huntsman Corp. Þ	13,479		96,375
Intrepid Potash, Inc. Þ *	1,395		26,784
Lubrizol Corp. Þ	6,345		222,836
Nalco Holding Co.	960		10,954

	Shares		Value
COMMON STOCKS   continued
MATERIALS   continued
Chemicals   continued
PPG Industries, Inc.	13,602	$	597,400
Rohm & Haas Co. Þ	1,913		130,868
RPM International, Inc.	12,024		144,168
Scotts Miracle-Gro Co., Class A	854		27,635
Sigma-Aldrich Corp. Þ	5,679		244,822
Valhi, Inc. Þ	339		4,746
Valspar Corp. Þ	9,331		183,074
			6,156,385
Construction Materials   0.1%
Eagle Materials, Inc. Þ	441		9,261
Martin Marietta Materials, Inc. Þ	285		24,977
Vulcan Materials Co. Þ	10,193		611,376
			645,614
Containers & Packaging   0.4%
AptarGroup, Inc.	5,156		172,417
Ball Corp.	7,741		282,159
Bemis Co., Inc.	9,281		250,773
Owens-Illinois, Inc. *	11,088		224,199
Packaging Corporation of America Þ	7,416		110,721
Pactiv Corp. *	12,181		304,403
Sealed Air Corp.	14,915		236,104
Smurfit-Stone Container Corp. *	23,829		13,583
Sonoco Products Co.	9,267		232,602
Temple-Inland, Inc. Þ	9,893		31,262
			1,858,223
Metals & Mining   0.6%
Alcoa, Inc.	16,929		182,156
Carpenter Technology Corp.	3,861		64,324
Century Aluminum Co. Þ *	1,632		13,301
Commercial Metals Co.	10,628		127,324
Freeport-McMoRan Copper & Gold, Inc. Þ	35,692		856,251
NuCor Corp.	23,179		827,027
Reliance Steel & Aluminum Co.	5,840		120,421
Schnitzer Steel Industries, Inc., Class A Þ	1,750		47,250
Steel Dynamics, Inc.	11,012		90,959
Titanium Metals Corp. Þ	6,507		54,984
United States Steel Corp. Þ	581		17,662
			2,401,659
Paper & Forest Products   0.4%
Domtar Corp. *	45,723		64,012
International Paper Co.	39,828		495,859
MeadWestvaco Corp.	16,180		188,659
Weyerhaeuser Co. Þ	19,676		740,211
			1,488,741
TELECOMMUNICATION SERVICES   6.5%
Diversified Telecommunication Services   6.2%
AT&T, Inc.	553,327		15,803,019
CenturyTel, Inc. Þ	9,821		260,846

	Shares		Value
COMMON STOCKS   continued
TELECOMMUNICATION SERVICES   continued
Diversified Telecommunication Services   continued
Embarq Corp.	6,830	$	222,931
Frontier Communications Corp.	23,495		204,877
Qwest Communications International, Inc. Þ	70,462		225,479
Verizon Communications, Inc.	265,499		8,668,542
Windstream Corp. Þ	20,913		185,289
			25,570,983
Wireless Telecommunication Services   0.3%
Clearwire Corp. * Þ	669		4,429
Crown Castle International Corp. *	20,859		293,486
Leap Wireless International, Inc. * Þ	4,471		89,420
Sprint Nextel Corp.	258,630		721,577
Telephone & Data Systems, Inc.	5,569		180,714
U.S. Cellular Corp. *	911		35,921
			1,325,547
UTILITIES   7.0%
Electric Utilities   4.0%
American Electric Power Co., Inc.	37,403		1,170,340
Consolidated Edison, Inc. Þ	25,392		1,025,583
DPL, Inc. Þ	9,767		203,349
Duke Energy Corp.	117,783		1,832,704
Edison International	30,345		1,013,523
Entergy Corp.	5,208		443,201
Exelon Corp.	30,549		1,717,159
FirstEnergy Corp.	28,391		1,663,145
FPL Group, Inc. Þ	38,011		1,853,416
Great Plains Energy, Inc.	11,041		207,460
Hawaiian Electric Industries, Inc. Þ	7,831		213,551
Mirant Corp. Þ *	6,225		107,195
Northeast Utilities	14,477		337,314
NRG Energy, Inc. * Þ	13,689		324,292
NV Energy, Inc.	16,037		152,031
Pepco Holdings, Inc.	18,757		337,438
Pinnacle West Capital Corp.	9,373		284,939
Progress Energy, Inc.	24,339		966,015
Southern Co. Þ	71,456		2,595,282
			16,447,937
Gas Utilities   0.4%
AGL Resources, Inc.	7,128		214,624
Atmos Energy Corp.	8,400		209,412
Energen Corp.	5,415		166,782
National Fuel Gas Co.	7,567		246,155
ONEOK, Inc.	9,712		284,950
Questar Corp.	10,023		322,640
Southern Union Co.	10,383		142,662
UGI Corp.	9,958		232,619
			1,819,844

		Shares		Value
COMMON STOCKS   continued
UTILITIES   continued
Independent Power Producers & Energy Traders   0.1%
Constellation Energy Group, Inc.		1,412	$	34,552
Dynegy, Inc., Class A Þ *		46,118		102,843
Reliant Energy, Inc. *		32,229		184,994
				322,389
Multi-Utilities   2.4%
Alliant Energy Corp.		10,286		327,815
Ameren Corp.		19,510		694,166
CenterPoint Energy, Inc.		11,221		145,088
CMS Energy Corp. Þ		20,982		213,177
Dominion Resources, Inc.		53,833		1,982,131
DTE Energy Co.		15,195		565,102
Integrys Energy Group, Inc.		7,118		314,473
MDU Resources Group, Inc.		17,032		346,261
NiSource, Inc.		25,539		307,745
NSTAR		9,948		353,154
OGE Energy Corp.		8,566		226,913
PG&E Corp.		33,274		1,265,743
Puget Energy, Inc.		12,078		295,669
SCANA Corp.		10,866		377,594
Sempra Energy		23,316		1,088,158
TECO Energy, Inc. Þ		19,629		255,177
Vectren Corp.		7,542		212,383
Wisconsin Energy Corp. Þ		10,890		473,279
Xcel Energy, Inc.		40,129		754,826
				10,198,854
Water Utilities   0.1%
American Water Works Co., Inc.		5,886		119,368
Aqua America, Inc. Þ		12,446		269,954
				389,322
Total Common Stocks (cost $565,098,668)				409,283,669
EXCHANGE TRADED FUND   1.2%
iShares Russell 1000 Value Index Fund Þ (cost $6,501,653)		104,762		5,153,243
		Principal Amount		Value
SHORT-TERM INVESTMENTS   26.9%
U.S. TREASURY OBLIGATIONS   0.1%
U.S. Treasury Bills:
0.07%, 02/26/2009 ß ƒ	$	165,000		164,986
0.13%, 02/12/2009 ß ƒ		30,000		29,998
0.18%, 01/08/2009 ß ƒ		30,000		29,999
0.53%, 01/15/2009 ß ƒ		20,000		19,999
1.09%, 01/22/2009 ß ƒ		25,000		24,999
				269,981

	Shares		Value
SHORT-TERM INVESTMENTS continued
MUTUAL FUND SHARES   26.8%
Evergreen Institutional Money Market Fund, Class I, 2.09% q ø	427,520	$	427,520
State Street Navigator Securities Lending Prime Portfolio, 1.99% § ÞÞ	111,509,353		111,509,353
			111,936,873
Total Short-Term Investments (cost $112,206,742)			112,206,854
Total Investments (cost $683,807,063) 126.4%			526,643,766
Other Assets and Liabilities (26.4%)			(110,049,250	)
Net Assets 100.0%		$	416,594,516

*	Non-income producing security
Þ	All or a portion of this security is on loan.
°	Investment in non-controlled affiliate. At November 30, 2008, the Fund owned shares of Wachovia Corporation with a cost basis of $8,154,812 and shares of Wells Fargo & Co. with a cost basis of $8,183,166. The Fund earned $20,299 of income from Wachovia Corporation for the six months ended November 30, 2008 and $104,035 of income from Wells Fargo & Co. for the period from October 3, 2008 to November 30, 2008, which is included in income from affiliates.
ß	Rate shown represents the yield to maturity at date of purchase.
ƒ	All or a portion of this security was pledged to cover initial margin requirements for open futures contracts.
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.
§	Rate shown is the 1-day annualized yield at period end.
ÞÞ	All or a portion of this security represents investment of cash collateral received from securities on loan.

The following table shows the percent of total long-term investments by sector as of November 30, 2008:

Financials	23.4	%
Energy	17.7	%
Health Care	12.5	%
Consumer Staples	9.6	%
Industrials	8.7	%
Consumer Discretionary	7.9	%
Utilities	7.0	%
Telecommunication Services	6.5	%
Materials	3.0	%
Information Technology	2.5	%
Other	1.2	%
	100.0	%

Market Index Value Fund

STATEMENT OF ASSETS AND LIABILITIES

November 30, 2008 (unaudited)

Assets
Investments in securities, at value (cost $667,041,565) including $110,176,723 of securities loaned	$	516,199,357
Investments in affiliates, at value (cost $16,765,498)		10,444,409
Total investments		526,643,766
Dividends receivable		1,645,241
Receivable for daily variation margin on open futures contracts		20,475
Receivable for securities lending income		85,752
Receivable from investment advisor		3,885
Total assets		528,399,119
Liabilities
Payable for securities purchased		225,996
Payable for securities on loan		111,509,353
Due to related parties		3,609
Trustees' fees and expenses payable		20,833
Custodian and accounting fees payable		22,022
Accrued expenses and other liabilities		22,790
Total liabilities		111,804,603
Net assets	$	416,594,516
Net assets represented by
Paid-in capital	$	498,591,811
Undistributed net investment income		28,351,778
Accumulated net realized gains on investments		47,117,218
Net unrealized losses on investments		(157,466,291	)
Total net assets	$	416,594,516
Shares outstanding (unlimited number of shares authorized)
Class I		49,186,620
Net asset value per share
Class I	$	8.47

Market Index Value Fund

STATEMENT OF OPERATIONS

Six Months Ended November 30, 2008 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $309)	$	8,636,959
Securities lending		435,460
Income from affiliates		131,734
Interest		889
Total investment income		9,205,042
Expenses
Advisory fee		861,028
Administrative services fee		269,072
Transfer agent fees		109
Trustees' fees and expenses		4,667
Printing and postage expenses		4,825
Custodian and accounting fees		64,647
Professional fees		19,771
Interest expense		470
Other		9,111
Total expenses		1,233,700
Less: Expense reductions		(1,237	)
Fee waivers and expense reimbursements		(1,166,071	)
Net expenses		66,392
Net investment income		9,138,650
Net realized and unrealized gains or losses on investments
Net realized gains or losses on:
Securities		11,311,979
Futures contracts		(175,352	)
Net realized gains on investments		11,136,627
Net change in unrealized gains or losses on investments		(244,738,619	)
Net realized and unrealized gains or losses on investments		(233,601,992	)
Net decrease in net assets resulting from operations	$	(224,463,342	)

Market Index Value Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended November 30, 2008 (unaudited)					Year Ended May 31, 2008
Operations
Net investment income			$	9,138,650				$	19,888,249
Net realized gains on investments				11,136,627					35,627,773
Net change in unrealized gains or losses on investments				(244,738,619	)				(159,115,269	)
Net decrease in net assets resulting from operations				(224,463,342	)				(103,599,247	)
Distributions to shareholders from
Net investment income				0					(16,404,231	)
Net realized gains				0					(26,889,734	)
Total distributions to shareholders				0					(43,293,965	)
	Shares					Shares
Capital share transactions
Net asset value of shares issued in reinvestment of distributions	0			0		3,138,747			43,293,965
Payment for shares redeemed	(1,325,088	)		(15,000,000	)	(6,213,595	)		(80,000,000	)
Net decrease in net assets resulting from capital share transactions				(15,000,000	)				(36,706,035	)
Total decrease in net assets				(239,463,342	)				(183,599,247	)
Net assets
Beginning of period				656,057,858					839,657,105
End of period			$	416,594,516				$	656,057,858
Undistributed net investment income			$	28,351,778				$	19,213,128

COMBINED NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION
Evergreen Market Index Fund ("Market Index Fund"), Evergreen Market Index Growth Fund ("Market Index Growth Fund") and Evergreen Market Index Value Fund ("Market Index Value Fund"), (collectively, the "Funds") are each a diversified series of Evergreen Equity Trust (the "Trust"), a Delaware statutory trust organized on September 18, 1997. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act").

Each Fund offers Class I shares. Class I shares are sold without a front-end sales charge or contingent deferred sales charge.

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

a. 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.

Short-term securities with remaining maturities of 60 days or less at the time of purchase are valued at amortized cost, which approximates market value.

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 market value are valued at fair value as determined by the investment advisor in good faith, according to procedures approved by the Board of Trustees.

b. Futures contracts
In order to gain exposure to, or protect against changes in, security values, each Fund may buy and sell futures contracts. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by each Fund and the prices of futures contracts, and the possibility of an illiquid market.

Futures contracts are valued based upon their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in each Fund's financial statements. Fluctuations in the value of the contracts are recorded in each Statement of Assets and Liabilities as an asset or liability and in each Statement of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts..

c. Securities lending
Each Fund may lend its securities to certain qualified brokers in order to earn additional income. The Funds receive compensation in the form of fees or interest earned on the investment of any cash collateral received. The Funds also continue to receive interest and dividends on the securities loaned. The Funds receive 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 Funds could experience delays and costs in recovering the loaned securities or in gaining access to the collateral. Each Fund has the right under the lending agreement to recover the securities from the borrower on demand.

d. Security transactions and investment income
Security transactions are recorded on trade date. Realized gains and losses are computed using the specific cost of the security sold. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Foreign income and capital gains realized on some securities may be subject to foreign taxes, which are accrued as applicable.

e. Federal and other taxes
Each Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income, including any net capital gains (which have already been offset by available capital loss carryovers). Accordingly, no provision for federal taxes is required. The Funds have adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes ("FIN 48") which prescribes a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Funds' financial statements have not been impacted by the adoption of FIN 48.

f. Distributions
Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles.

3. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Evergreen Investment Management Company, LLC ("EIMC"), an indirect, wholly-owned subsidiary of Wachovia Corporation ("Wachovia"), is the investment advisor to the Funds and is paid an annual fee starting at 0.32% and declining to 0.25% as the average daily net assets of each Fund increase. For the six months ended November 30, 2008, the advisory fee was equivalent to an annual rate of 0.32% of each Fund's average daily net assets.

On October 3, 2008, Wells Fargo & Company ("Wells Fargo") and Wachovia announced that Wells Fargo agreed to acquire Wachovia in a whole company transaction that will include all of Wachovia's banking and other businesses. In connection with this transaction, Wachovia issued preferred shares to Wells Fargo representing approximately a 40% voting interest in Wachovia. Due to its ownership of preferred shares, Wells Fargo may be deemed to control EIMC. If Wells Fargo is deemed to control EIMC, then the existing advisory agreement between the Funds and EIMC would have terminated automatically in connection with the issuance of preferred shares. To address this possibility, on October 20, 2008 the Board of Trustees approved an interim advisory agreement with EIMC with the same terms and conditions as the existing agreement which became effective upon the issuance of the preferred shares. EIMC's receipt of the advisory fees under the interim advisory agreement is subject to the approval by shareholders of the Funds of a new advisory agreement with EIMC.

From time to time, EIMC may voluntarily or contractually waive its fee and/or reimburse expenses in order to limit operating expenses. During the six months ended November 30, 2008, EIMC waived its advisory fees and reimbursed other expenses as follows:

	Fees Contractually Waived	Other Expenses Contractually Reimbursed	Other Expenses Voluntarily Reimbursed
Market Index Fund	$466,984	$121,424	$ 58,370
Market Index Growth Fund	947,809	122,076	207,324
Market Index Value Fund	861,028	116,707	188,336

Each Fund may invest in money market funds which are advised by EIMC. Income earned on these investments is included in income from affiliate(s) on each Fund's Statement of Operations.

EIMC also serves as the administrator to the Funds and is paid an annual rate determined by applying percentage rates to the aggregate average daily net assets of the Evergreen funds (excluding money market funds) starting at 0.10% and declining to 0.05% as the aggregate average daily net assets of the Evergreen funds (excluding money market funds) increase. For the six months ended November 30, 2008, the administrative services fee was equivalent to an annual rate of 0.10% of each Fund's average daily net assets.

Evergreen Service Company, LLC ("ESC"), an indirect, wholly-owned subsidiary of Wachovia, is the transfer and dividend disbursing agent for the Funds. ESC receives account fees that vary based on the type of account held by the shareholders in each Fund.

4. INVESTMENT TRANSACTIONS
Cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows for the six months ended November 30, 2008:

	Cost of Purchases		Proceeds from Sales
Market Index Fund	$	12,151,576	$	4,861,055
Market Index Growth Fund		118,963,333		132,784,569
Market Index Value Fund		119,368,335		119,324,459

At November 30, 2008, Market Index Fund had open long futures contracts outstanding as follows:

Expiration	Contracts	Initial Contract Amount		Value at November 30, 2008		Unrealized Gain (Loss)
December 2008	23 E-mini S&P 500 Futures	$	1,034,607	$	1,029,595	$	(5,012	)

At November 30, 2008, Market Index Growth Fund had open long futures contracts outstanding as follows:

Expiration	Contracts	Initial Contract Amount		Value at November 30, 2008		Unrealized Gain (Loss)
December 2008	23 E-mini S&P 500 Futures	$	1,367,718	$	1,029,595	$	(338,123	)
December 2008	2 S&P 500 Futures		410,564		447,650		37,086

At November 30, 2008, Market Index Value Fund had open long futures contracts outstanding as follows:

Expiration	Contracts	Initial Contract Amount		Value at November 30, 2008		Unrealized Gain (Loss)
December 2008	35 E-mini S&P 500 Futures	$	1,756,742	$	1,566,775	$	(189,967	)
December 2008	2 S&P 500 Futures		560,677		447,650		(113,027	)

During the six months ended November 30, 2008, each Fund loaned securities to certain brokers. At November 30, 2008, the value of securities on loan and the total value of collateral (including the market value of U.S. Treasury obligations and U.S. government agency obligations received as non-cash collateral) were as follows:

	Value of Securities on Loan			Total Value of Collateral		Value of Cash Collateral		Value of Non-Cash Collateral
Market Index Fund	$	52,503,676	$	53,230,099	$	53,090,268	$	139,831
Market Index Growth Fund		108,541,811		111,054,307		110,984,807		69,500
Market Index Value Fund		110,176,723		111,727,827		111,509,353		218,474

On November 30, 2008, composition of unrealized appreciation and depreciation on securities based on the aggregate cost of securities for federal income tax purposes was as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Depreciation
Market Index Fund	$	282,433,776	$	55,432,540	$	57,917,190	$	2,484,650
Market Index Growth Fund		594,767,047		59,498,250		112,032,339		52,534,089
Market Index Value Fund		685,658,061		49,983,856		208,998,151		159,014,295

On June 1, 2008, each Fund implemented Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"). 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 November 30, 2008, the inputs used in valuing Market Index Fund's assets, which are carried at fair value, were as follows:

Valuation Inputs	Investments in Securities	Other Financial Instruments*
Level 1 - Quoted Prices	$279,949,126	$(5,012)
Level 2 - Other Signifigant Observable Inputs	0	0
Level 3 - Other Signifigant Unobservable Inputs	0	0
Total	$279,949,126	$(5,012)
* Other financial instruments include futures.

As of November 30, 2008, the inputs used in valuing Market Index Growth Fund's assets, which are carried at fair value, were as follows:

Valuation Inputs	Investments in Securities	Other Financial Instruments*
Level 1 - Quoted Prices	$542,232,958	$(301,037)
Level 2 - Other Signifigant Observable Inputs	0	0
Level 3 - Other Signifigant Unobservable Inputs	0	0
Total	$542,232,958	$(301,037)
* Other financial instruments include futures.

As of November 30, 2008, the inputs used in valuing Market Index Value Fund's assets, which are carried at fair value, were as follows:

Valuation Inputs	Invesmtents in Securities	Other Financial Instruments*
Level 1 - Quoted Prices	$526,643,766	$(302,994)
Leve 2 - Other Significant Observable Inputs	0	0
Level 3 - Significant Unobservable Inputs	0	0
Total	$526,643,766	$(302,994)
* Other financial instruments include futures.

5. INTERFUND LENDING
Pursuant to an Exemptive Order issued by the SEC, the Funds may participate in an interfund lending program with certain funds in the Evergreen fund family. This program allows the Funds to borrow from, or lend money to, other participating funds. During the six months ended November 30, 2008, the Funds did not participate in the interfund lending program.

6. EXPENSE REDUCTIONS
Through expense offset arrangements with ESC and the Funds' custodian, a portion of fund expenses for each Fund has been reduced.

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

8. FINANCING AGREEMENT
The Funds and certain other Evergreen funds share in an unsecured revolving credit commitment for temporary and emergency purposes, including the funding of redemptions, as permitted by each participating fund's borrowing restrictions. Borrowings under this facility bear interest at 0.50% per annum above the Federal Funds rate. All of the participating funds are charged an annual commitment fee on the unused balance, which is allocated pro rata. The credit facility is for $100 million with an annual commitment fee of 0.08%.

During the six months ended November 30, 2008, Market Index Growth Fund had average borrowings outstanding of $3,177 (on an annualized basis) at an average rate of 3.55% and paid interest of $113 and Market Index Value Fund had average borrowings outstanding of $13,232 (on an annualized basis) at an average rate of 3.55% and paid interest of $470. During the six months ended November 30, 2008, Market Index Fund had no borrowings.

9. REGULATORY MATTERS AND LEGAL PROCEEDINGS
The Evergreen funds, EIMC and certain of EIMC's affiliates are involved in various legal actions, including private litigation and class action lawsuits. In addition, certain Evergreen funds, EIMC and certain of EIMC's affiliates are currently, and may in the future be, subject to regulatory inquiries and investigations.

The SEC and the Secretary of the Commonwealth, Securities Division, of the Commonwealth of Massachusetts are conducting separate investigations of EIMC and EIS concerning alleged issues surrounding the drop in net asset value of the Evergreen Ultra Short Opportunities Fund (the "Ultra Short Fund") in May and June 2008. In addition, three purported class actions have been filed in the U.S. District Court for the District of Massachusetts relating to the same events; defendants include various Evergreen entities and Evergreen Fixed Income Trust and its Trustees. The cases generally allege that investors in the Ultra Short Fund suffered losses as a result of (i) misleading statements in Ultra Short Fund's prospectus, (ii) the failure to accurately price securities in the Ultra Short Fund at different points in time and (iii) the failure of the Ultra Short Fund's risk disclosures and description of its investment strategy to inform investors adequately of the actual risks of the fund.

EIMC does not expect that any of the legal actions, inquiries or investigations currently pending or threatened will have a material adverse impact on the financial position or operations of any of the Evergreen funds to which these financial statements relate. Any publicity surrounding or resulting from any legal actions or regulatory inquiries involving EIMC or its affiliates or any of the Evergreen Funds could result in reduced sales or increased redemptions of Evergreen fund shares, which could increase Evergreen fund transaction costs or operating expenses or have other adverse consequences on the Evergreen funds.

10. NEW ACCOUNTING PRONOUNCEMENTS
In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities ("FAS 161"), an amendment of FASB Statement No. 133. FAS 161 requires enhanced disclosures about (a) how and why a fund uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for, and (c) how derivative instruments and related hedging activities affect a fund's financial position, financial performance, and cash flows. Management of the Funds does not believe the adoption of FAS 161 will materially impact the financial statement amounts, but will require additional disclosures. This will include qualitative and quantitative disclosures on derivative positions existing at period end and the effect of using derivatives during the reporting period. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008.

In September 2008, FASB issued FASB Staff Position No. FAS 133-1 and FIN 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161. This FASB Staff Position (1) amends FASB Statement No. 133 to require disclosures by sellers of credit derivatives, including credit derivatives embedded in a hybrid instrument (2) amends FASB Interpretation No. 45 to require additional disclosure about the current status of the payment/performance risk of a guarantee and (3) clarifies the effective date of FAS 161. This FASB Staff Position is effective for reporting periods (annual or interim) ending after November 15, 2008. The adoption of this FASB Staff Position did not require additional disclosures to each Fund's financial statements.

Market Index Fund

ADDITIONAL INFORMATION (unaudited)

INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT

     Each year, the Fund's Board of Trustees determines whether to approve the continuation of the Fund's investment advisory agreements. In September 2008, the Trustees, including a majority of the Trustees who are not "interested persons" (as that term is defined in the 1940 Act) of the Fund or EIMC (the "independent Trustees"), approved the continuation of the Fund's investment advisory agreements. (References below to the "Fund" are to Evergreen Market Index Fund; references to the "funds" are to the Evergreen funds generally.)

     At the same time, the Trustees considered the continuation of the investment advisory agreements for all of the funds. The description below refers in many cases to the Trustees' process for considering, and conclusions regarding, all of the funds' agreements. In all of its deliberations, the Board of Trustees and the independent Trustees were advised by independent counsel to the independent Trustees and counsel to the funds.

     The review process. In connection with its review of the funds' investment advisory agreements, the Board of Trustees requests and evaluates, and EIMC and any sub-advisors furnish, such information as the Trustees consider to be reasonably necessary in the circumstances. The Trustees began their 2008 review process at the time of the last advisory contract-renewal process in September 2007. In the course of their 2007 review, the Trustees identified a number of funds that had experienced either short-term or longer-term performance issues. During the 2008 review process, the Trustees monitored each of these funds in particular for changes in performance and for the results of any changes in a fund's investment process or investment team. In addition, during the course of the year, the Trustees regularly reviewed information regarding the investment performance of all of the funds, paying particular attention to funds whose performance since September 2007 indicated short-term or longer-term performance issues.

     In spring 2008, a committee of the Board of Trustees (the "Committee"), working with EIMC management, determined generally the types of information the Board would review as part of its 2008 review process and set a timeline detailing the information required and the dates for its delivery to the Trustees. The Board engaged the independent data provider Keil Fiduciary Strategies LLC ("Keil") to provide fund-specific and industry-wide data containing information of a nature and in a format generally prescribed by the Committee, and the Committee worked with Keil and EIMC to develop appropriate groups of peer funds for each fund. The Committee also identified a number of expense, performance, and other issues and requested specific information as to those issues.

     The Trustees reviewed, with the assistance of an independent industry consultant retained by the independent Trustees, the information that EIMC and Keil provided. The Trustees formed small groups to review individual funds in greater detail. In addition, the Trustees considered information regarding, among other things, brokerage practices of the funds, the use of derivatives by the funds, strategic planning for the funds, analyst and research support available to the portfolio management teams, and information regarding the various fall-out benefits received directly and indirectly by EIMC and its affiliates from the funds. The Trustees requested and received additional information following that review.

     The Committee met several times by telephone during the 2008 review process to consider the information provided by EIMC. The Committee then met with representatives of EIMC. In addition, over the period of this review, the independent Trustees discussed the continuation of the funds' advisory agreements with representatives of EIMC and in multiple private sessions with independent legal counsel at which no personnel of EIMC were present. At a meeting of the full Board of Trustees in September, the Committee reported the results of its discussions with EIMC, and the full Board met with representatives of EIMC and engaged in further review of the materials provided to it, and approved the continuation of each of the advisory and sub-advisory agreements.

     In considering the continuation of the agreements, the Trustees did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Trustees evaluated information provided to them both in terms of the funds generally and with respect to each fund, including the Fund, specifically as they considered appropriate. Although the Trustees considered the continuation of the agreements as part of the larger process of considering the continuation of the advisory contracts for all of the funds, their determination to continue the advisory agreements for each of the funds was ultimately made on a fund-by-fund basis.

     This summary describes a number of the most important, but not necessarily all, of the factors considered by the Board and the independent Trustees.

     Information reviewed. The Board of Trustees and committees of the Board of Trustees meet periodically during the course of the year. At those meetings, EIMC presents a wide variety of information regarding the services it performs, the investment performance of the funds, and other aspects of the business and operations of the funds. At those meetings, and in the process of considering the continuation of the agreements, the Trustees considered information regarding, for example, the funds' investment results; the portfolio management teams for the funds and the experience of the members of those teams, and any recent changes in the membership of the teams; portfolio trading practices; compliance by the funds and EIMC with applicable laws and regulations and with the funds' and EIMC's compliance policies and procedures; risk evaluation and oversight procedures at EIMC; services provided by affiliates of EIMC to the funds and shareholders of the funds; and other information relating to the nature, extent, and quality of services provided by EIMC. The Trustees considered a number of changes in portfolio management personnel at EIMC and its advisory affiliates in the year since September 2007. The Trustees also considered changes in personnel at the funds and EIMC, including the appointment of a new Chief Compliance Officer for the funds in June of 2007 and a new Chief Investment Officer at EIMC in August of 2008.

     The Trustees considered the rates at which the funds pay investment advisory fees, and the efforts generally by EIMC and its affiliates as sponsors of the funds. The data provided by Keil showed the management fees paid by each fund in comparison to the management fees of other peer mutual funds, in addition to data regarding the investment performance of the funds in comparison to other peer mutual funds. The Trustees were assisted by an independent industry consultant in reviewing the information presented to them.

     The Trustees noted that, in certain cases, EIMC and/or its affiliates provide advisory services to other clients that are comparable to the advisory services they provide to certain funds. The Trustees considered the information EIMC provided regarding the rates at which those other clients pay advisory fees to EIMC or its affiliates for such services. Fees charged to those other clients were generally lower than those charged to the respective funds. In respect of these other accounts, EIMC noted that the compliance, reporting, and other legal burdens of providing investment advice to mutual funds generally exceed those required to provide advisory services to non-mutual fund clients such as retirement or pension plans. The Trustees also considered the investment performance of those other accounts managed by EIMC and its affiliates, where applicable, and concluded that the performance of those accounts did not suggest any substantial difference in the quality of the service provided by EIMC and its affiliates to those accounts.

     The Trustees considered the transfer agency fees paid by the funds to an affiliate of EIMC. They reviewed information presented to them showing that the transfer agency fees charged to the funds were generally consistent with industry norms.

     The Trustees also considered that EIMC serves as administrator to the funds and receives a fee for its services as administrator. In their comparison of the advisory fee paid by the funds with those paid by other mutual funds, the Trustees considered administrative fees paid by the funds and those other mutual funds. The Board considered that EIS, an affiliate of EIMC, serves as distributor to the funds generally and receives fees from the funds for those services. They considered other so-called "fall-out" benefits to EIMC and its affiliates due to their other relationships with the funds, including, for example, soft-dollar services received by EIMC attributable to transactions entered into by EIMC for the benefit of the funds and brokerage commissions received by Wachovia Securities, LLC, an affiliate of EIMC, from transactions effected by it for the funds. The Trustees also noted that the funds pay sub-transfer agency fees to various financial institutions, including Wachovia Securities, LLC and its affiliates, that hold fund shares in omnibus accounts, and that an affiliate of EIMC receives fees for administering the sub-transfer agency payment program. In reviewing the services provided by an affiliate of EIMC, the Trustees noted that an affiliate of EIMC had won recognition from Dalbar customer service each year since 1998, and also won recognition from National Quality Review for customer service and for accuracy in processing transactions in 2008. They also considered that Wachovia Securities, LLC and its affiliates receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds' Rule 12b-1 plans) in respect of shares sold or held through it. The Trustees also noted that an affiliate of EIMC receives compensation for serving as a securities lending agent for a number of the funds.

     In the period leading up to the Trustees' approval of continuation of the investment advisory agreements, the Trustees were mindful of the financial condition of Wachovia Corporation ("Wachovia"), EIMC's parent company. They considered the possibility that a significant adverse change in Wachovia's financial condition could impair the ability of EIMC or its affiliates to perform services for the funds at the same level as in the past. The Trustees concluded that any change in Wachovia's financial condition had not to date had any such effect, but determined to monitor EIMC's and its affiliates' performance, and financial conditions generally, going forward in order to identify any such impairment that may develop and to take appropriate action.

     Nature and quality of the services provided. The Trustees considered that EIMC and its affiliates generally provide a comprehensive investment management service to the funds. They noted that EIMC formulates and implements an investment program for the Fund. They noted that EIMC makes its personnel available to serve as officers of the funds, and concluded that the reporting and management functions provided by EIMC with respect to the funds were generally satisfactory. The Trustees considered the investment philosophy of the Fund's portfolio management team, and considered the in-house research capabilities of EIMC and its affiliates, as well as other resources available to EIMC, including research services available to it from third parties. The Board considered the managerial and financial resources available to EIMC and its affiliates, and the commitment that the Wachovia organization has made to the funds generally. On the basis of these factors, they determined that the nature and scope of the services provided by EIMC were consistent with their respective duties under the investment advisory agreements and appropriate and consistent with the investment programs and best interests of the funds.

     The Trustees noted the resources EIMC and its affiliates have committed to the regulatory, compliance, accounting, tax and oversight of tax reporting, and shareholder servicing functions, and the number and quality of staff committed to those functions, which they concluded were appropriate and generally in line with EIMC's responsibilities to the Fund and to the funds generally. The Board and the disinterested Trustees concluded, within the context of their overall conclusions regarding the funds' advisory agreements, that they were generally satisfied with the nature, extent, and quality of the services provided by EIMC, including services provided by EIMC under its administrative services agreements with the funds.

     Investment performance. The Trustees considered the investment performance of each fund, both by comparison to other comparable mutual funds and to broad market indices. The Trustees noted that, for the one-year period ended December 31, 2007, the Fund's Class I shares (the Fund's only share class) had outperformed the Fund's benchmark index, the S&P 500 Index, and a majority of the mutual funds against which the Trustees compared the Fund's performance. The Trustees noted that, for the three- and five-year periods ended December 31, 2007, the Fund's Class I shares had underperformed the Fund's benchmark index, and outperformed a majority of the mutual funds against which the Trustees compared the Fund's performance.

     The Trustees discussed each fund's performance with representatives of EIMC. In each instance where a fund experienced a substantial period of underperformance relative to its benchmark index and/or the non-Evergreen fund peers against which the Trustees compared the fund's performance, the Trustees considered EIMC's explanation of the reasons for the relative underperformance and the steps being taken to address the relative underperformance. The Trustees also noted that EIMC had appointed a new Chief Investment Officer in August of 2008 who had not yet had sufficient time to evaluate and direct remedial efforts with respect to funds that have experienced a substantial period of relative underperformance. The Trustees emphasized that the continuation of the investment advisory agreement for a fund should not be taken as any indication that the Trustees did not believe investment performance for any specific fund might not be improved, and they noted that they would continue to monitor closely the investment performance of the funds going forward.

     Advisory and administrative fees. The Trustees recognized that EIMC does not seek to provide the lowest cost investment advisory service, but to provide a high quality, full-service investment management product at a reasonable price. They also noted that EIMC has in many cases sought to set its investment advisory fees at levels consistent with industry norms. The Trustees noted that, in certain cases, a fund's management fees were higher than many or most other mutual funds in the same Keil peer group. However, in each case, the Trustees determined on the basis of the information presented that the level of management fees was not excessive. The Trustees noted that the management fee paid by the Fund was lower than the management fees paid by a majority of the other mutual funds against which the Trustees compared the Fund's management fee, and that the level of profitability realized by EIMC in respect of the fee did not appear excessive.

     Economies of scale. The Trustees noted the possibility that economies of scale would be achieved by EIMC in managing the funds as the funds grow. The Trustees noted that the Fund had implemented breakpoints in its advisory fee structure. The Trustees noted that they would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward the realization of economies of scale by the Fund.

     Profitability. The Trustees considered information provided to them regarding the profitability to the EIMC organization of the investment advisory, administration, and transfer agency (with respect to the open-end funds only) fees paid to EIMC and its affiliates by each of the funds. They considered that the information provided to them was necessarily estimated, and that the profitability information provided to them, especially on a fund-by-fund basis, did not necessarily provide a definitive tool for evaluating the appropriateness of each fund's advisory fee. They noted that the levels of profitability of the funds to EIMC varied widely, depending on among other things the size and type of fund. They considered the profitability of the funds in light of such factors as, for example, the information they had received regarding the relation of the fees paid by the funds to those paid by other mutual funds, the investment performance of the funds, and the amount of revenues involved. In light of these factors, the Trustees concluded that the profitability of any of the funds, individually or in the aggregate, should not prevent the Trustees from approving the continuation of the agreements.

     Matters Relating to Approval of Interim Advisory and Sub-Advisory Agreements. Following the Trustees' approval of the continuation of the funds' investment advisory agreements, Wells Fargo & Company ("Wells Fargo") announced that it had agreed to acquire Wachovia in a whole company transaction that would include all of Wachovia's banking and other businesses, including EIMC. In connection with this transaction, on October 20, 2008, Wachovia issued preferred shares representing a 39.9% voting interest in Wachovia to Wells Fargo pursuant to a Share Exchange Agreement. Wells Fargo subsequently completed its acquisition of Wachovia on December 31, 2008.

     Under the 1940 Act, both the issuance of the preferred shares to Wells Fargo and the completion of the acquisition could be viewed as resulting in the termination of the funds' investment advisory and sub-advisory agreements. Accordingly, on October 20, 2008, the Board of Trustees approved interim investment advisory and sub-advisory agreements that would become effective upon Wachovia's issuance of preferred shares to Wells Fargo. On November 12, 2008, the Trustees approved a second set of interim investment advisory and sub-advisory agreements that would become effective upon the completion of the acquisition. (The first set of interim agreements approved on October 20, 2008, together with the second set of interim agreements approved November 12, 2008, are referred to as "Interim Agreements.") In addition, the Trustees approved on November 12, 2008, and again at an in-person meeting on December 3 and 4, 2008, definitive investment advisory and sub-advisory agreements (the "New Agreements") and recommended that shareholders of the funds approve them at meetings to be held in early 2009.

     In considering whether to approve the first set of Interim Agreements on October 20, 2008, the Trustees took into account that they had recently approved the annual continuation of all of the funds' existing investment advisory and sub-advisory agreements in September 2008. The Trustees reviewed the terms of the Interim Agreements, noting that the terms were generally identical to those of the funds' investment advisory agreements that were in effect before October 20, 2008 (but for provisions required by law to be included in the Interim Agreements). They also took into account current and anticipated market and economic conditions, the financial condition of EIMC and of Wachovia generally, and the likely effect of the merger on the financial condition of Wachovia. In general, the Trustees considered that the proposed merger of Wachovia with Wells Fargo would very likely improve substantially the financial condition of EIMC's parent company, increase the capital available to support the funds, and ensure that EIMC and its affiliates would have the resources to provide continuing services to the funds. In light principally of these considerations and their recent continuation of the funds' investment advisory arrangements in September, the Trustees unanimously approved the first set of Interim Agreements that became effective on October 20, 2008.

     In addition to the foregoing, at their meetings on November 12, 2008 and December 3 and 4, 2008 when the Trustees considered whether to approve the second set of Interim Agreements as well as the New Agreements, the Trustees considered presentations made to them on November 12, 2008 by representatives of EIMC and Wells Fargo regarding the anticipated implications of the merger for EIMC and the funds. The Trustees also considered:

•      Their understanding that the merger was not expected to result in any adverse effect on the funds, on the quality and level of services that EIMC would provide to the funds, or on the resources available to the funds and to EIMC, and that Wells Fargo is committed to continue providing the funds with high quality services;
•      Information about Wells Fargo's financial condition, reputation, and resources, and the likelihood that the merger would result in improved organizational stability for EIMC, benefiting the funds as well as offering the potential for the funds, over time, to access Wells Fargo's infrastructure, resources and capabilities;
•      That EIMC and Wells Fargo representatives have stated that there is no present intention to change the funds' existing advisory fees or expense limitations;
•      That the representatives of Wells Fargo have expressed their intention to pursue the integration of EIMC and the funds with corresponding Wells Fargo businesses and funds only after a deliberative process designed to identify and retain the relative strengths of both organizations;
•      That the Wells Fargo representatives expect that the deliberative process and any subsequent integration will take more than a year;
•      That, in the meantime, Wells Fargo expects to retain, largely in its current form, the existing EIMC management team and investment advisory and other key professionals and to operate EIMC following the merger as a separate business unit under the Evergreen brand;
•      That Wells Fargo and EIMC would consult with the Trustees before implementing any significant changes that would affect the funds or the services provided by EIMC or its affiliates to the funds;
•      Wells Fargo's experience and approach with respect to acquisitions of other fund complexes;    
•      The fact that, if the New Agreements were not approved, on March 19, 2009, the Subsequent Interim Agreements will expire and the funds will no longer have a contractual right to investment advisory services from EIMC or any sub-advisors;
•      That EIMC's management supports the merger; and
•     That representatives of EIMC have committed that the funds will not bear the expenses relating to Wells Fargo's acquisition of Wachovia, including the costs of soliciting fund shareholders to approve the New Agreements.

Based on the foregoing, the Trustees, including all of the Trustees who are not "interested persons" of the funds or EIMC, unanimously approved the second set of Interim Agreements and the New Agreements.

Market Index Growth Fund

ADDITIONAL INFORMATION (unaudited)

INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT

     Each year, the Fund's Board of Trustees determines whether to approve the continuation of the Fund's investment advisory agreements. In September 2008, the Trustees, including a majority of the Trustees who are not "interested persons" (as that term is defined in the 1940 Act) of the Fund or EIMC (the "independent Trustees"), approved the continuation of the Fund's investment advisory agreements. (References below to the "Fund" are to Evergreen Market Index Growth Fund; references to the "funds" are to the Evergreen funds generally.)

     At the same time, the Trustees considered the continuation of the investment advisory agreements for all of the funds. The description below refers in many cases to the Trustees' process for considering, and conclusions regarding, all of the funds' agreements. In all of its deliberations, the Board of Trustees and the independent Trustees were advised by independent counsel to the independent Trustees and counsel to the funds.

     The review process. In connection with its review of the funds' investment advisory agreements, the Board of Trustees requests and evaluates, and EIMC and any sub-advisors furnish, such information as the Trustees consider to be reasonably necessary in the circumstances. The Trustees began their 2008 review process at the time of the last advisory contract-renewal process in September 2007. In the course of their 2007 review, the Trustees identified a number of funds that had experienced either short-term or longer-term performance issues. During the 2008 review process, the Trustees monitored each of these funds in particular for changes in performance and for the results of any changes in a fund's investment process or investment team. In addition, during the course of the year, the Trustees regularly reviewed information regarding the investment performance of all of the funds, paying particular attention to funds whose performance since September 2007 indicated short-term or longer-term performance issues.

     In spring 2008, a committee of the Board of Trustees (the "Committee"), working with EIMC management, determined generally the types of information the Board would review as part of its 2008 review process and set a timeline detailing the information required and the dates for its delivery to the Trustees. The Board engaged the independent data provider Keil Fiduciary Strategies LLC ("Keil") to provide fund-specific and industry-wide data containing information of a nature and in a format generally prescribed by the Committee, and the Committee worked with Keil and EIMC to develop appropriate groups of peer funds for each fund. The Committee also identified a number of expense, performance, and other issues and requested specific information as to those issues.

     The Trustees reviewed, with the assistance of an independent industry consultant retained by the independent Trustees, the information that EIMC and Keil provided. The Trustees formed small groups to review individual funds in greater detail. In addition, the Trustees considered information regarding, among other things, brokerage practices of the funds, the use of derivatives by the funds, strategic planning for the funds, analyst and research support available to the portfolio management teams, and information regarding the various fall-out benefits received directly and indirectly by EIMC and its affiliates from the funds. The Trustees requested and received additional information following that review.

     The Committee met several times by telephone during the 2008 review process to consider the information provided by EIMC. The Committee then met with representatives of EIMC. In addition, over the period of this review, the independent Trustees discussed the continuation of the funds' advisory agreements with representatives of EIMC and in multiple private sessions with independent legal counsel at which no personnel of EIMC were present. At a meeting of the full Board of Trustees in September, the Committee reported the results of its discussions with EIMC, and the full Board met with representatives of EIMC and engaged in further review of the materials provided to it, and approved the continuation of each of the advisory and sub-advisory agreements.

     In considering the continuation of the agreements, the Trustees did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Trustees evaluated information provided to them both in terms of the funds generally and with respect to each fund, including the Fund, specifically as they considered appropriate. Although the Trustees considered the continuation of the agreements as part of the larger process of considering the continuation of the advisory contracts for all of the funds, their determination to continue the advisory agreements for each of the funds was ultimately made on a fund-by-fund basis.

     This summary describes a number of the most important, but not necessarily all, of the factors considered by the Board and the independent Trustees.

     Information reviewed. The Board of Trustees and committees of the Board of Trustees meet periodically during the course of the year. At those meetings, EIMC presents a wide variety of information regarding the services it performs, the investment performance of the funds, and other aspects of the business and operations of the funds. At those meetings, and in the process of considering the continuation of the agreements, the Trustees considered information regarding, for example, the funds' investment results; the portfolio management teams for the funds and the experience of the members of those teams, and any recent changes in the membership of the teams; portfolio trading practices; compliance by the funds and EIMC with applicable laws and regulations and with the funds' and EIMC's compliance policies and procedures; risk evaluation and oversight procedures at EIMC; services provided by affiliates of EIMC to the funds and shareholders of the funds; and other information relating to the nature, extent, and quality of services provided by EIMC. The Trustees considered a number of changes in portfolio management personnel at EIMC and its advisory affiliates in the year since September 2007. The Trustees also considered changes in personnel at the funds and EIMC, including the appointment of a new Chief Compliance Officer for the funds in June of 2007 and a new Chief Investment Officer at EIMC in August of 2008.

     The Trustees considered the rates at which the funds pay investment advisory fees, and the efforts generally by EIMC and its affiliates as sponsors of the funds. The data provided by Keil showed the management fees paid by each fund in comparison to the management fees of other peer mutual funds, in addition to data regarding the investment performance of the funds in comparison to other peer mutual funds. The Trustees were assisted by an independent industry consultant in reviewing the information presented to them.

     The Trustees noted that, in certain cases, EIMC and/or its affiliates provide advisory services to other clients that are comparable to the advisory services they provide to certain funds. The Trustees considered the information EIMC provided regarding the rates at which those other clients pay advisory fees to EIMC or its affiliates for such services. Fees charged to those other clients were generally lower than those charged to the respective funds. In respect of these other accounts, EIMC noted that the compliance, reporting, and other legal burdens of providing investment advice to mutual funds generally exceed those required to provide advisory services to non-mutual fund clients such as retirement or pension plans. The Trustees also considered the investment performance of those other accounts managed by EIMC and its affiliates, where applicable, and concluded that the performance of those accounts did not suggest any substantial difference in the quality of the service provided by EIMC and its affiliates to those accounts.

     The Trustees considered the transfer agency fees paid by the funds to an affiliate of EIMC. They reviewed information presented to them showing that the transfer agency fees charged to the funds were generally consistent with industry norms.

     The Trustees also considered that EIMC serves as administrator to the funds and receives a fee for its services as administrator. In their comparison of the advisory fee paid by the funds with those paid by other mutual funds, the Trustees considered administrative fees paid by the funds and those other mutual funds. The Board considered that EIS, an affiliate of EIMC, serves as distributor to the funds generally and receives fees from the funds for those services. They considered other so-called "fall-out" benefits to EIMC and its affiliates due to their other relationships with the funds, including, for example, soft-dollar services received by EIMC attributable to transactions entered into by EIMC for the benefit of the funds and brokerage commissions received by Wachovia Securities, LLC, an affiliate of EIMC, from transactions effected by it for the funds. The Trustees also noted that the funds pay sub-transfer agency fees to various financial institutions, including Wachovia Securities LLC and its affiliates, that hold fund shares in omnibus accounts, and that an affiliate of EIMC receives fees for administering the sub-transfer agency payment program. In reviewing the services provided by an affiliate of EIMC, the Trustees noted that an affiliate of EIMC had won recognition from Dalbar customer service each year since 1998, and also won recognition from National Quality Review for customer service and for accuracy in processing transactions in 2008. They also considered that Wachovia Securities, LLC and its affiliates receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds' Rule 12b-1 plans) in respect of shares sold or held through it. The Trustees also noted that an affiliate of EIMC receives compensation for serving as a securities lending agent for a number of the funds.

     In the period leading up to the Trustees' approval of continuation of the investment advisory agreements, the Trustees were mindful of the financial condition of Wachovia Corporation ("Wachovia"), EIMC's parent company. They considered the possibility that a significant adverse change in Wachovia's financial condition could impair the ability of EIMC or its affiliates to perform services for the funds at the same level as in the past. The Trustees concluded that any change in Wachovia's financial condition had not to date had any such effect, but determined to monitor EIMC's and its affiliates' performance, and financial conditions generally, going forward in order to identify any such impairment that may develop and to take appropriate action. 

     Nature and quality of the services provided. The Trustees considered that EIMC and its affiliates generally provide a comprehensive investment management service to the funds. They noted that EIMC formulates and implements an investment program for the Fund. They noted that EIMC makes its personnel available to serve as officers of the funds, and concluded that the reporting and management functions provided by EIMC with respect to the funds were generally satisfactory. The Trustees considered the investment philosophy of the Fund's portfolio management team, and considered the in-house research capabilities of EIMC and its affiliates, as well as other resources available to EIMC, including research services available to it from third parties. The Board considered the managerial and financial resources available to EIMC and its affiliates, and the commitment that the Wachovia organization has made to the funds generally. On the basis of these factors, they determined that the nature and scope of the services provided by EIMC were consistent with their respective duties under the investment advisory agreements and appropriate and consistent with the investment programs and best interests of the funds.

     The Trustees noted the resources EIMC and its affiliates have committed to the regulatory, compliance, accounting, tax and oversight of tax reporting, and shareholder servicing functions, and the number and quality of staff committed to those functions, which they concluded were appropriate and generally in line with EIMC's responsibilities to the Fund and to the funds generally. The Board and the disinterested Trustees concluded, within the context of their overall conclusions regarding the funds' advisory agreements, that they were generally satisfied with the nature, extent, and quality of the services provided by EIMC, including services provided by EIMC under its administrative services agreements with the funds.

     Investment performance. The Trustees considered the investment performance of each fund, both by comparison to other comparable mutual funds and to broad market indices. The Trustees noted that, for the one-, three-, and five-year periods ended December 31, 2007, the Fund's Class I shares (the Fund's only share class) had performed near and below the Fund's benchmark index, the Russell 1000 Growth Index. The Trustees also noted that the Fund's Class I shares' performance was in the third quintile for the three- and five-year periods ended December 31, 2007, and in the fourth quintile for the one-year period ended December 31, 2007, of the mutual funds against which the Trustees compared the Fund's performance.

     The Trustees discussed each fund's performance with representatives of EIMC. In each instance where a fund experienced a substantial period of underperformance relative to its benchmark index and/or the non-Evergreen fund peers against which the Trustees compared the fund's performance, the Trustees considered EIMC's explanation of the reasons for the relative underperformance and the steps being taken to address the relative underperformance. The Trustees also noted that EIMC had appointed a new Chief Investment Officer in August of 2008 who had not yet had sufficient time to evaluate and direct remedial efforts with respect to funds that have experienced a substantial period of relative underperformance. The Trustees emphasized that the continuation of the investment advisory agreement for a fund should not be taken as any indication that the Trustees did not believe investment performance for any specific fund might not be improved, and they noted that they would continue to monitor closely the investment performance of the funds going forward.

     Advisory and administrative fees. The Trustees recognized that EIMC does not seek to provide the lowest cost investment advisory service, but to provide a high quality, full-service investment management product at a reasonable price. They also noted that EIMC has in many cases sought to set its investment advisory fees at levels consistent with industry norms. The Trustees noted that, in certain cases, a fund's management fees were higher than many or most other mutual funds in the same Keil peer group. However, in each case, the Trustees determined on the basis of the information presented that the level of management fees was not excessive. The Trustees noted that the Fund's management fee was lower than the management fees paid by the other mutual funds against which the Trustees compared the Fund's management fee. The Trustees noted that the level of profitability realized by EIMC in respect of the fee did not appear excessive.

     Economies of scale. The Trustees noted the possibility that economies of scale would be achieved by EIMC in managing the funds as the funds grow. The Trustees noted that the Fund had implemented breakpoints in its advisory fee structure. The Trustees noted that they would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward the realization of economies of scale by the Fund.

     Profitability. The Trustees considered information provided to them regarding the profitability to the EIMC organization of the investment advisory, administration, and transfer agency (with respect to the open-end funds only) fees paid to EIMC and its affiliates by each of the funds. They considered that the information provided to them was necessarily estimated, and that the profitability information provided to them, especially on a fund-by-fund basis, did not necessarily provide a definitive tool for evaluating the appropriateness of each fund's advisory fee. They noted that the levels of profitability of the funds to EIMC varied widely, depending on among other things the size and type of fund. They considered the profitability of the funds in light of such factors as, for example, the information they had received regarding the relation of the fees paid by the funds to those paid by other mutual funds, the investment performance of the funds, and the amount of revenues involved. In light of these factors, the Trustees concluded that the profitability of any of the funds, individually or in the aggregate, should not prevent the Trustees from approving the continuation of the agreements.

     Matters Relating to Approval of Interim Advisory and Sub-Advisory Agreements. Following the Trustees' approval of the continuation of the funds' investment advisory agreements, Wells Fargo & Company ("Wells Fargo") announced that it had agreed to acquire Wachovia in a whole company transaction that would include all of Wachovia's banking and other businesses, including EIMC. In connection with this transaction, on October 20, 2008, Wachovia issued preferred shares representing a 39.9% voting interest in Wachovia to Wells Fargo pursuant to a Share Exchange Agreement. Wells Fargo subsequently completed its acquisition of Wachovia on December 31, 2008.

     Under the 1940 Act, both the issuance of the preferred shares to Wells Fargo and the completion of the acquisition could be viewed as resulting in the termination of the funds' investment advisory and sub-advisory agreements. Accordingly, on October 20, 2008, the Board of Trustees approved interim investment advisory and sub-advisory agreements that would become effective upon Wachovia's issuance of preferred shares to Wells Fargo. On November 12, 2008, the Trustees approved a second set of interim investment advisory and sub-advisory agreements that would become effective upon the completion of the acquisition. (The first set of interim agreements approved on October 20, 2008, together with the second set of interim agreements approved November 12, 2008, are referred to as "Interim Agreements.") In addition, the Trustees approved on November 12, 2008, and again at an in-person meeting on December 3 and 4, 2008, definitive investment advisory and sub-advisory agreements (the "New Agreements") and recommended that shareholders of the funds approve them at meetings to be held in early 2009.

     In considering whether to approve the first set of Interim Agreements on October 20, 2008, the Trustees took into account that they had recently approved the annual continuation of all of the funds' existing investment advisory and sub-advisory agreements in September 2008. The Trustees reviewed the terms of the Interim Agreements, noting that the terms were generally identical to those of the funds' investment advisory agreements that were in effect before October 20, 2008 (but for provisions required by law to be included in the Interim Agreements). They also took into account current and anticipated market and economic conditions, the financial condition of EIMC and of Wachovia generally, and the likely effect of the merger on the financial condition of Wachovia. In general, the Trustees considered that the proposed merger of Wachovia with Wells Fargo would very likely improve substantially the financial condition of EIMC's parent company, increase the capital available to support the funds, and ensure that EIMC and its affiliates would have the resources to provide continuing services to the funds. In light principally of these considerations and their recent continuation of the funds' investment advisory arrangements in September, the Trustees unanimously approved the first set of Interim Agreements that became effective on October 20, 2008.

     In addition to the foregoing, at their meetings on November 12, 2008 and December 3 and 4, 2008 when the Trustees considered whether to approve the second set of Interim Agreements as well as the New Agreements, the Trustees considered presentations made to them on November 12, 2008 by representatives of EIMC and Wells Fargo regarding the anticipated implications of the merger for EIMC and the funds. The Trustees also considered:

•     Their understanding that the merger was not expected to result in any adverse effect on the funds, on the quality and level of services that EIMC would provide to the funds, or on the resources available to the funds and to EIMC, and that Wells Fargo is committed to continue providing the funds with high quality services;
•      Information about Wells Fargo's financial condition, reputation, and resources, and the likelihood that the merger would result in improved organizational stability for EIMC, benefiting the funds as well as offering the potential for the funds, over time, to access Wells Fargo's infrastructure, resources and capabilities;
•      That EIMC and Wells Fargo representatives have stated that there is no present intention to change the funds' existing advisory fees or expense limitations;
•      That the representatives of Wells Fargo have expressed their intention to pursue the integration of EIMC and the funds with corresponding Wells Fargo businesses and funds only after a deliberative process designed to identify and retain the relative strengths of both organizations;
•      That the Wells Fargo representatives expect that the deliberative process and any subsequent integration will take more than a year;
•      That, in the meantime, Wells Fargo expects to retain, largely in its current form, the existing EIMC management team and investment advisory and other key professionals and to operate EIMC following the merger as a separate business unit under the Evergreen brand;
•      That Wells Fargo and EIMC would consult with the Trustees before implementing any significant changes that would affect the funds or the services provided by EIMC or its affiliates to the funds;
•      Wells Fargo's experience and approach with respect to acquisitions of other fund complexes;    
•      The fact that, if the New Agreements were not approved, on March 19, 2009, the Subsequent Interim Agreements will expire and the funds will no longer have a contractual right to investment advisory services from EIMC or any sub-advisors;
•      That EIMC's management supports the merger; and
•     That representatives of EIMC have committed that the funds will not bear the expenses relating to Wells Fargo's acquisition of Wachovia, including the costs of soliciting fund shareholders to approve the New Agreements.

Based on the foregoing, the Trustees, including all of the Trustees who are not "interested persons" of the funds or EIMC, unanimously approved the second set of Interim Agreements and the New Agreements.

Market Index Value Fund

ADDITIONAL INFORMATION (unaudited)

INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT

     Each year, the Fund's Board of Trustees determines whether to approve the continuation of the Fund's investment advisory agreements. In September 2008, the Trustees, including a majority of the Trustees who are not "interested persons" (as that term is defined in the 1940 Act) of the Fund or EIMC (the "independent Trustees"), approved the continuation of the Fund's investment advisory agreements. (References below to the "Fund" are to Evergreen Market Index Value Fund; references to the "funds" are to the Evergreen funds generally.)

     At the same time, the Trustees considered the continuation of the investment advisory agreements for all of the funds. The description below refers in many cases to the Trustees' process for considering, and conclusions regarding, all of the funds' agreements. In all of its deliberations, the Board of Trustees and the independent Trustees were advised by independent counsel to the independent Trustees and counsel to the funds.

     The review process. In connection with its review of the funds' investment advisory agreements, the Board of Trustees requests and evaluates, and EIMC and any sub-advisors furnish, such information as the Trustees consider to be reasonably necessary in the circumstances. The Trustees began their 2008 review process at the time of the last advisory contract-renewal process in September 2007. In the course of their 2007 review, the Trustees identified a number of funds that had experienced either short-term or longer-term performance issues. During the 2008 review process, the Trustees monitored each of these funds in particular for changes in performance and for the results of any changes in a fund's investment process or investment team. In addition, during the course of the year, the Trustees regularly reviewed information regarding the investment performance of all of the funds, paying particular attention to funds whose performance since September 2007 indicated short-term or longer-term performance issues.

     In spring 2008, a committee of the Board of Trustees (the "Committee"), working with EIMC management, determined generally the types of information the Board would review as part of its 2008 review process and set a timeline detailing the information required and the dates for its delivery to the Trustees. The Board engaged the independent data provider Keil Fiduciary Strategies LLC ("Keil") to provide fund-specific and industry-wide data containing information of a nature and in a format generally prescribed by the Committee, and the Committee worked with Keil and EIMC to develop appropriate groups of peer funds for each fund. The Committee also identified a number of expense, performance, and other issues and requested specific information as to those issues.

     The Trustees reviewed, with the assistance of an independent industry consultant retained by the independent Trustees, the information that EIMC and Keil provided. The Trustees formed small groups to review individual funds in greater detail. In addition, the Trustees considered information regarding, among other things, brokerage practices of the funds, the use of derivatives by the funds, strategic planning for the funds, analyst and research support available to the portfolio management teams, and information regarding the various fall-out benefits received directly and indirectly by EIMC and its affiliates from the funds. The Trustees requested and received additional information following that review.

     The Committee met several times by telephone during the 2008 review process to consider the information provided by EIMC. The Committee then met with representatives of EIMC. In addition, over the period of this review, the independent Trustees discussed the continuation of the funds' advisory agreements with representatives of EIMC and in multiple private sessions with independent legal counsel at which no personnel of EIMC were present. At a meeting of the full Board of Trustees in September, the Committee reported the results of its discussions with EIMC, and the full Board met with representatives of EIMC and engaged in further review of the materials provided to it, and approved the continuation of each of the advisory and sub-advisory agreements.

     In considering the continuation of the agreements, the Trustees did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Trustees evaluated information provided to them both in terms of the funds generally and with respect to each fund, including the Fund, specifically as they considered appropriate. Although the Trustees considered the continuation of the agreements as part of the larger process of considering the continuation of the advisory contracts for all of the funds, their determination to continue the advisory agreements for each of the funds was ultimately made on a fund-by-fund basis.

     This summary describes a number of the most important, but not necessarily all, of the factors considered by the Board and the independent Trustees.

     Information reviewed. The Board of Trustees and committees of the Board of Trustees meet periodically during the course of the year. At those meetings, EIMC presents a wide variety of information regarding the services it performs, the investment performance of the funds, and other aspects of the business and operations of the funds. At those meetings, and in the process of considering the continuation of the agreements, the Trustees considered information regarding, for example, the funds' investment results; the portfolio management teams for the funds and the experience of the members of those teams, and any recent changes in the membership of the teams; portfolio trading practices; compliance by the funds and EIMC with applicable laws and regulations and with the funds' and EIMC's compliance policies and procedures; risk evaluation and oversight procedures at EIMC; services provided by affiliates of EIMC to the funds and shareholders of the funds; and other information relating to the nature, extent, and quality of services provided by EIMC. The Trustees considered a number of changes in portfolio management personnel at EIMC and its advisory affiliates in the year since September 2007. The Trustees also considered changes in personnel at the funds and EIMC, including the appointment of a new Chief Compliance Officer for the funds in June of 2007 and a new Chief Investment Officer at EIMC in August of 2008.

     The Trustees considered the rates at which the funds pay investment advisory fees, and the efforts generally by EIMC and its affiliates as sponsors of the funds. The data provided by Keil showed the management fees paid by each fund in comparison to the management fees of other peer mutual funds, in addition to data regarding the investment performance of the funds in comparison to other peer mutual funds. The Trustees were assisted by an independent industry consultant in reviewing the information presented to them.

     The Trustees noted that, in certain cases, EIMC and/or its affiliates provide advisory services to other clients that are comparable to the advisory services they provide to certain funds. The Trustees considered the information EIMC provided regarding the rates at which those other clients pay advisory fees to EIMC or its affiliates for such services. Fees charged to those other clients were generally lower than those charged to the respective funds. In respect of these other accounts, EIMC noted that the compliance, reporting, and other legal burdens of providing investment advice to mutual funds generally exceed those required to provide advisory services to non-mutual fund clients such as retirement or pension plans. The Trustees also considered the investment performance of those other accounts managed by EIMC and its affiliates, where applicable, and concluded that the performance of those accounts did not suggest any substantial difference in the quality of the service provided by EIMC and its affiliates to those accounts.

     The Trustees considered the transfer agency fees paid by the funds to an affiliate of EIMC. They reviewed information presented to them showing that the transfer agency fees charged to the funds were generally consistent with industry norms.

     The Trustees also considered that EIMC serves as administrator to the funds and receives a fee for its services as administrator. In their comparison of the advisory fee paid by the funds with those paid by other mutual funds, the Trustees considered administrative fees paid by the funds and those other mutual funds. The Board considered that EIS, an affiliate of EIMC, serves as distributor to the funds generally and receives fees from the funds for those services. They considered other so-called "fall-out" benefits to EIMC and its affiliates due to their other relationships with the funds, including, for example, soft-dollar services received by EIMC attributable to transactions entered into by EIMC for the benefit of the funds and brokerage commissions received by Wachovia Securities, LLC, an affiliate of EIMC, from transactions effected by it for the funds. The Trustees also noted that the funds pay sub-transfer agency fees to various financial institutions, including Wachovia Securities LLC and its affiliates, that hold fund shares in omnibus accounts, and that an affiliate of EIMC receives fees for administering the sub-transfer agency payment program. In reviewing the services provided by an affiliate of EIMC, the Trustees noted that an affiliate of EIMC had won recognition from Dalbar customer service each year since 1998, and also won recognition from National Quality Review for customer service and for accuracy in processing transactions in 2008. They also considered that Wachovia Securities, LLC and its affiliates receive distribution-related fees and shareholder servicing payments (including amounts derived from payments under the funds' Rule 12b-1 plans) in respect of shares sold or held through it. The Trustees also noted that an affiliate of EIMC receives compensation for serving as a securities lending agent for a number of the funds.

     In the period leading up to the Trustees' approval of continuation of the investment advisory agreements, the Trustees were mindful of the financial condition of Wachovia Corporation ("Wachovia"), EIMC's parent company. They considered the possibility that a significant adverse change in Wachovia's financial condition could impair the ability of EIMC or its affiliates to perform services for the funds at the same level as in the past. The Trustees concluded that any change in Wachovia's financial condition had not to date had any such effect, but determined to monitor EIMC's and its affiliates' performance, and financial conditions generally, going forward in order to identify any such impairment that may develop and to take appropriate action.

     Nature and quality of the services provided. The Trustees considered that EIMC and its affiliates generally provide a comprehensive investment management service to the funds. They noted that EIMC formulates and implements an investment program for the Fund. They noted that EIMC makes its personnel available to serve as officers of the funds, and concluded that the reporting and management functions provided by EIMC with respect to the funds were generally satisfactory. The Trustees considered the investment philosophy of the Fund's portfolio management team, and considered the in-house research capabilities of EIMC and its affiliates, as well as other resources available to EIMC, including research services available to it from third parties. The Board considered the managerial and financial resources available to EIMC and its affiliates, and the commitment that the Wachovia organization has made to the funds generally. On the basis of these factors, they determined that the nature and scope of the services provided by EIMC were consistent with their respective duties under the investment advisory agreements and appropriate and consistent with the investment programs and best interests of the funds.

     The Trustees noted the resources EIMC and its affiliates have committed to the regulatory, compliance, accounting, tax and oversight of tax reporting, and shareholder servicing functions, and the number and quality of staff committed to those functions, which they concluded were appropriate and generally in line with EIMC's responsibilities to the Fund and to the funds generally. The Board and the disinterested Trustees concluded, within the context of their overall conclusions regarding the funds' advisory agreements, that they were generally satisfied with the nature, extent, and quality of the services provided by EIMC, including services provided by EIMC under its administrative services agreements with the funds.

     Investment performance. The Trustees considered the investment performance of each fund, both by comparison to other comparable mutual funds and to broad market indices. The Trustees noted that, for the one-year period ended December 31, 2007, the Fund's Class I shares' (the Fund's only share class) performance was comparable to the performance of the Fund's benchmark index, the Russell 1000 Value Index, and in the third quintile of mutual funds against which the Trustees compared the Fund's performance. The Trustees also noted that, for the three-year period ended December 31, 2007, the Fund's Class I shares had slightly outperformed the Fund's benchmark index, and had outperformed a majority of the mutual funds against which the Trustees compared the Fund's performance. The Trustees noted that, for the five-year period ended December 31, 2007, the Fund's Class I shares had slightly underperformed the Fund's benchmark index, and had outperformed a majority of the mutual funds against which the Trustees compared the Fund's performance.

     The Trustees discussed each fund's performance with representatives of EIMC. In each instance where a fund experienced a substantial period of underperformance relative to its benchmark index and/or the non-Evergreen fund peers against which the Trustees compared the fund's performance, the Trustees considered EIMC's explanation of the reasons for the relative underperformance and the steps being taken to address the relative underperformance. The Trustees also noted that EIMC had appointed a new Chief Investment Officer in August of 2008 who had not yet had sufficient time to evaluate and direct remedial efforts with respect to funds that have experienced a substantial period of relative underperformance. The Trustees emphasized that the continuation of the investment advisory agreement for a fund should not be taken as any indication that the Trustees did not believe investment performance for any specific fund might not be improved, and they noted that they would continue to monitor closely the investment performance of the funds going forward.

     Advisory and administrative fees. The Trustees recognized that EIMC does not seek to provide the lowest cost investment advisory service, but to provide a high quality, full-service investment management product at a reasonable price. They also noted that EIMC has in many cases sought to set its investment advisory fees at levels consistent with industry norms. The Trustees noted that, in certain cases, a fund's management fees were higher than many or most other mutual funds in the same Keil peer group. However, in each case, the Trustees determined on the basis of the information presented that the level of management fees was not excessive. The Trustees noted that the Fund's management fee was lower than the management fees paid by the other mutual funds against which the Trustees compared the Fund's management fee. The Trustees noted that the level of profitability realized by EIMC in respect of the fee did not appear excessive.

     Economies of scale. The Trustees noted the possibility that economies of scale would be achieved by EIMC in managing the funds as the funds grow. The Trustees noted that the Fund had implemented breakpoints in its advisory fee structure. The Trustees noted that they would continue to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward the realization of economies of scale by the Fund.

     Profitability. The Trustees considered information provided to them regarding the profitability to the EIMC organization of the investment advisory, administration, and transfer agency (with respect to the open-end funds only) fees paid to EIMC and its affiliates by each of the funds. They considered that the information provided to them was necessarily estimated, and that the profitability information provided to them, especially on a fund-by-fund basis, did not necessarily provide a definitive tool for evaluating the appropriateness of each fund's advisory fee. They noted that the levels of profitability of the funds to EIMC varied widely, depending on among other things the size and type of fund. They considered the profitability of the funds in light of such factors as, for example, the information they had received regarding the relation of the fees paid by the funds to those paid by other mutual funds, the investment performance of the funds, and the amount of revenues involved. In light of these factors, the Trustees concluded that the profitability of any of the funds, individually or in the aggregate, should not prevent the Trustees from approving the continuation of the agreements.

     Matters Relating to Approval of Interim Advisory and Sub-Advisory Agreements. Following the Trustees' approval of the continuation of the funds' investment advisory agreements, Wells Fargo & Company ("Wells Fargo") announced that it had agreed to acquire Wachovia in a whole company transaction that would include all of Wachovia's banking and other businesses, including EIMC. In connection with this transaction, on October 20, 2008, Wachovia issued preferred shares representing a 39.9% voting interest in Wachovia to Wells Fargo pursuant to a Share Exchange Agreement. Wells Fargo subsequently completed its acquisition of Wachovia on December 31, 2008.

     Under the 1940 Act, both the issuance of the preferred shares to Wells Fargo and the completion of the acquisition could be viewed as resulting in the termination of the funds' investment advisory and sub-advisory agreements. Accordingly, on October 20, 2008, the Board of Trustees approved interim investment advisory and sub-advisory agreements that would become effective upon Wachovia's issuance of preferred shares to Wells Fargo. On November 12, 2008, the Trustees approved a second set of interim investment advisory and sub-advisory agreements that would become effective upon the completion of the acquisition. (The first set of interim agreements approved on October 20, 2008, together with the second set of interim agreements approved November 12, 2008, are referred to as "Interim Agreements.") In addition, the Trustees approved on November 12, 2008, and again at an in-person meeting on December 3 and 4, 2008, definitive investment advisory and sub-advisory agreements (the "New Agreements") and recommended that shareholders of the funds approve them at meetings to be held in early 2009.

     In considering whether to approve the first set of Interim Agreements on October 20, 2008, the Trustees took into account that they had recently approved the annual continuation of all of the funds' existing investment advisory and sub-advisory agreements in September 2008. The Trustees reviewed the terms of the Interim Agreements, noting that the terms were generally identical to those of the funds' investment advisory agreements that were in effect before October 20, 2008 (but for provisions required by law to be included in the Interim Agreements). They also took into account current and anticipated market and economic conditions, the financial condition of EIMC and of Wachovia generally, and the likely effect of the merger on the financial condition of Wachovia. In general, the Trustees considered that the proposed merger of Wachovia with Wells Fargo would very likely improve substantially the financial condition of EIMC's parent company, increase the capital available to support the funds, and ensure that EIMC and its affiliates would have the resources to provide continuing services to the funds. In light principally of these considerations and their recent continuation of the funds' investment advisory arrangements in September, the Trustees unanimously approved the first set of Interim Agreements that became effective on October 20, 2008.

     In addition to the foregoing, at their meetings on November 12, 2008 and December 3 and 4, 2008 when the Trustees considered whether to approve the second set of Interim Agreements as well as the New Agreements, the Trustees considered presentations made to them on November 12, 2008 by representatives of EIMC and Wells Fargo regarding the anticipated implications of the merger for EIMC and the funds. The Trustees also considered:

•      Their understanding that the merger was not expected to result in any adverse effect on the funds, on the quality and level of services that EIMC would provide to the funds, or on the resources available to the funds and to EIMC, and that Wells Fargo is committed to continue providing the funds with high quality services;
•      Information about Wells Fargo's financial condition, reputation, and resources, and the likelihood that the merger would result in improved organizational stability for EIMC, benefiting the funds as well as offering the potential for the funds, over time, to access Wells Fargo's infrastructure, resources and capabilities;
•      That EIMC and Wells Fargo representatives have stated that there is no present intention to change the funds' existing advisory fees or expense limitations;
•      That the representatives of Wells Fargo have expressed their intention to pursue the integration of EIMC and the funds with corresponding Wells Fargo businesses and funds only after a deliberative process designed to identify and retain the relative strengths of both organizations;
•      That the Wells Fargo representatives expect that the deliberative process and any subsequent integration will take more than a year;
•      That, in the meantime, Wells Fargo expects to retain, largely in its current form, the existing EIMC management team and investment advisory and other key professionals and to operate EIMC following the merger as a separate business unit under the Evergreen brand;
•      That Wells Fargo and EIMC would consult with the Trustees before implementing any significant changes that would affect the funds or the services provided by EIMC or its affiliates to the funds;
•      Wells Fargo's experience and approach with respect to acquisitions of other fund complexes;    
•      The fact that, if the New Agreements were not approved, on March 19, 2009, the Subsequent Interim Agreements will expire and the funds will no longer have a contractual right to investment advisory services from EIMC or any sub-advisors;
•      That EIMC's management supports the merger; and
•     That representatives of EIMC have committed that the funds will not bear the expenses relating to Wells Fargo's acquisition of Wachovia, including the costs of soliciting fund shareholders to approve the New Agreements.

Based on the foregoing, the Trustees, including all of the Trustees who are not "interested persons" of the funds or EIMC, unanimously approved the second set of Interim Agreements and the New Agreements.

TRUSTEES AND OFFICERS

TRUSTEES1
Charles A. Austin III Trustee DOB: 10/23/1934 Term of office since: 1991 Other directorships: None	Investment Counselor, Anchor Capital Advisors, LLC. (investment advice); Director, The Andover Companies (insurance); Trustee, Arthritis Foundation of New England; Former Director, The Francis Ouimet Society (scholarship program); Former Director, Executive Vice President and Treasurer, State Street Research & Management Company (investment advice)
K. Dun Gifford Trustee DOB: 10/23/1938 Term of office since: 1974 Other directorships: None	Chairman and President, Oldways Preservation and Exchange Trust (education); Trustee, Chairman of the Finance Committee, Member of the Executive Committee, and Former Treasurer, Cambridge College
Dr. Leroy Keith, Jr. Trustee DOB: 2/14/1939 Term of office since: 1983 Other directorships: Trustee, Phoenix Fund Complex (consisting of 53 portfolios as of 12/31/2007)	Managing Director, Almanac Capital Management (commodities firm); Trustee, Phoenix Fund Complex; Director, Diversapack Co. (packaging company); Former Partner, Stonington Partners, Inc. (private equity fund); Former Director, Obagi Medical Products Co.; Former Director, Lincoln Educational Services
Carol A. Kosel1 Trustee DOB: 12/25/1963 Term of office since: 2008 Other directorships: None	Former Consultant to the Evergreen Boards of Trustees; Former Vice President and Senior Vice President, Evergreen Investments, Inc.: Former Treasurer, Evergreen Funds; Former Treasurer, Vestaur Securities Fund.
Gerald M. McDonald Trustee DOB: 7/14/1939 Term of office since: 1988 Other directorships: None	Former Manager of Commercial Operations, CMC Steel (steel producer)
Patricia B. Norris Trustee DOB: 4/9/1948 Term of office since: 2006 Other directorships: None	President and Director of Buckleys of Kezar Lake, Inc. (real estate company); Former President and Director Phillips Pond Homes Association (home community); Former Partner, PricewaterhouseCoopers, LLP (independent registered public accounting firm)
William Walt Pettit2 Trustee DOB: 8/26/1955 Term of office since: 1988 Other directorships: None	Partner and Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior Packaging Corp. (packaging company); Member, Superior Land, LLC (real estate holding company), Member, K&P Development, LLC (real estate development); Former Director, National Kidney Foundation of North Carolina, Inc. (non-profit organization)
David M. Richardson Trustee DOB: 9/19/1941 Term of office since: 1982 Other directorships: None	President, Richardson, Runden LLC (executive recruitment advisory services); Director, J&M Cumming Paper Co. (paper merchandising); Trustee, NDI Technologies, LLP (communications); Former Consultant, AESC (The Association of Executive Search Consultants)
Dr. Russell A. Salton III Trustee DOB: 6/2/1947 Term of office since: 1984 Other directorships: None	President/CEO, AccessOne MedCard, Inc.
Michael S. Scofield Trustee DOB: 2/20/1943 Term of office since: 1984 Other directorships: None	Retired Attorney, Law Offices of Michael S. Scofield; Former Director and Chairman, Branded Media Corporation (multi-media branding company)
Richard J. Shima Trustee DOB: 8/11/1939 Term of office since:1993 Other directorships: None	Independent Consultant; Director, Hartford Hospital; Trustee, Greater Hartford YMCA; Former Director, Trust Company of CT; Former Director, Old State House Association; Former Trustee, Saint Joseph College (CT)
Richard K. Wagoner,CFA3 Trustee DOB: 12/12/1937 Term of office since:1999 Other directorships: None	Member and Former President, North Carolina Securities Traders Association; Member, Financial Analysts Society
OFFICERS
W. Douglas Munn4 President DOB: 4/21/1963 Term of office since: 2009	Principal occupations: President and Chief Executive Officer, Evergreen Investment Company, Inc.; former Chief Operating Officer, Evergreen Investment Company, Inc.
Jeremy DePalma4 Treasurer DOB: 2/5/1974 Term of office since: 2005	Principal occupations: Senior Vice President, Evergreen Investment Management Company, LLC; Former Vice President, Evergreen Investment Services, Inc.; Former Assistant Vice President, Evergreen Investment Services, Inc.
Michael H. Koonce4 Secretary DOB: 4/20/1960 Term of office since: 2000	Principal occupations: Senior Vice President and General Counsel, Evergreen Investment Services, Inc.; Secretary, Senior Vice President and General Counsel; Evergreen Investment Management Company, LLC and Evergreen Service Company, LLC; Senior Vice President and Assistant General Counsel, Wachovia Corporation
Robert Guerin4 Chief Compliance Officer DOB: 9/20/1965 Term of office since: 2007	Principal occupations: Chief Compliance Officer, Evergreen Funds and Senior Vice President of Evergreen Investments Co., Inc.; Former Managing Director and Senior Compliance Officer, Babson Capital Management LLC; Former Principal and Director, Compliance and Risk Management, State Street Global Advisors; Former Vice President and Manager, Sales Practice Compliance, Deutsche Asset Management

1. Each Trustee serves until a successor is duly elected or qualified or until his or her death, resignation, retirement or removal from office. Each Trustee oversaw 77 Evergreen funds as of December 31, 2008. Correspondence for each Trustee may be sent to Evergreen Board of Trustees, P.O. Box 20083, Charlotte, NC 28202.

2. It is possible that Mr. Pettit may be viewed as an "interested person" of the Evergreen funds, as defined in the 1940 Act, because of his law firm's representation of affiliates of Wells Fargo & Company ("Wells Fargo"), the parent to the Evergreen funds' investment advisor, EIMC. The Trustees are treating Mr. Pettit as an interested trustee for the time being.

3. Mr.Wagoner is an "interested person"of the Evergreen funds because of his ownership of shares in Wells Fargo & Company, the parent to the Evergreen funds' investment advisor.

4. The address of the Officer is 200 Berkeley Street, Boston, MA 02116.

Additional information about the Fund's Board of Trustees and Officers can be found in the Statement of Additional Information (SAI) and is available upon request without charge by calling 800.343.2898.

INVESTMENTS THAT STAND THE TEST OF TIME

At Evergreen Investments, we remain steadfastly dedicated to four core principles that lead to success in today's financial world.

• Leadership — With more than $209 billion in assets as of September 30, 2008, Evergreen Investments has the scale and resources to help investors and financial professionals succeed
• Excellence — Our investments are built for long-term performance, through strategies designed in an effort to outperform their benchmarks and peers over a full market cycle.
• Experience — Our investment teams operate independently, performing their own original research, across a full range of investment disciplines.
• Commitment — We are dedicated to working with financial professionals, crafting innovative solutions that meet your needs and translate into successful investor-advisor partnerships.

Visit us online at EvergreenInvestments.com

FOR MORE INFORMATION

Evergreen Express Line 800.346.3858
Evergreen Investor Services 800.343.2898

     For the ninth consecutive year, Evergreen Investments has earned the Dalbar Mutual Fund Service Award, which recognizes those firms that exceed industry norms in key service areas. For 2007, Evergreen was ranked fifth overall out of 32 participating companies.

564618 RV 6 1/2009

Evergreen Investments
200 Berkeley Street
Boston, MA 02116-5034

Item 2 - Code of Ethics

Not required for this semi-annual filing.

Item 3 - Audit Committee Financial Expert

Not required for this semi-annual filing.

Items 4 – Principal Accountant Fees and Services

Not required for this semi-annual filing.

Items 5 – Audit Committee of Listed Registrants

Not applicable.

Item 6 – Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.
 

Item 8 – Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.
 

Item 10 – Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 11 - 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-CSR was recorded, processed, summarized, and reported timely.

(b) There has been no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonable likely to affect, the Registrant’s internal control over financial reporting .

Item 12 - Exhibits

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

(a) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

(b)(1) Separate certifications for the Registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as EX99.CERT.

(b)(2) Separate certifications for the Registrant's principal executive officer and principal financial officer, as required by Section 1350 of Title 18 of United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached as EX99.906CERT. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

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 Equity Trust

By: _______________________
W. Douglas Munn
Principal Executive Officer

Date: February 2, 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: _______________________
W. Douglas Munn
Principal Executive Officer
 
Date: February 2, 2009
 
By: ________________________
Jeremy DePalma
Principal Financial Officer
 
Date: February 2, 2009
 

EX-99.CERT

200 Berkeley Street
Boston, MA 02116-5034

CERTIFICATIONS

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Evergreen Equity 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. 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 second fiscal quarter of the period covered by this report 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: February 2, 2009                     

____________________________________
Jeremy DePalma
Principal Financial Officer
Evergreen Equity Trust

200 Berkeley Street
Boston, MA 02116-5034

CERTIFICATIONS

I, W. Douglas Munn, certify that: 

1. I have reviewed this report on Form N-CSRS of Evergreen Equity 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. 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 second fiscal quarter of the period covered by this report 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:   February 2, 2009                     

____________________________________
W. Douglas Munn
Principal Executive Officer
Evergreen Equity Trust

EX-99.906CERT

200 Berkeley Street
Boston, MA 02116-5034

CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002

In connection with the semiannual reports of Evergreen Equity Trust (the “Registrant”) on Form N-CSRS for the period ended November 30, 2008, as filed with the Securities and Exchange Commission (the “Reports”), I, Jeremy DePalma, Principal Financial Officer of Evergreen Equity Trust, hereby certify, pursuant to Section 1350 of Title 18 of United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Reports fully comply with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

2. The information contained in the Reports fairly present, in all material respects, the financial condition and results of operations of the Registrant.

Date: February 2, 2009 
                    
                                                       
Jeremy DePalma
Principal Financial Officer
Evergreen Equity Trust     

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.
 
In connection with the semiannual reports of Evergreen Equity Trust (the “Registrant”) on Form N-CSRS for the period ended November 30, 2008, as filed with the Securities and Exchange Commission (the “Reports”), I, W. Douglas Munn, Principal Executive Officer of Evergreen Equity Trust, hereby certify, pursuant to Section 1350 of Title 18 of United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Reports fully comply with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

2. The information contained in the Reports fairly present, in all material respects, the financial condition and results of operations of the Registrant.

Date: February 2, 2009
                    
                                                       
W. Douglas Munn
Principal Executive Officer
Evergreen Equity Trust

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99.CODE ETH

EVERGREEN FUNDS
 
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
PRINCIPAL FINANCIAL OFFICERS
 

I.      Covered Officers/Purpose of the Code

This Code of Ethics (this “Code”) for the investment companies within the Evergreen Fund complex (the “Funds”) applies to the Funds’ Principal Executive Officer (President) and Principal Financial Officer (Treasurer) (the “Covered Officers”) for the purpose of promoting:

·      honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

·      full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the SEC and in other public communications made by the Funds;

·      compliance with applicable laws and governmental rules and regulations;

·      the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

·      accountability for adherence to the Code.

     Each Covered Officer owes a duty to the Funds to adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II.     Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. The Funds’ and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Funds and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the adviser, or for both), be involved in establishing policies and implementing decisions which will have different effects on the adviser and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under the Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive by covering every possible scenario. It follows that the overarching principle – that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds – should be the guiding principle in all circumstances.

Each Covered Officer must:

·      not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

·      not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds;

·      not use material non-public knowledge of portfolio transactions made or contemplated for the Funds to profit personally or cause others to profit, by the market effect of such transactions;

         There are some conflict of interest situations that should always be approved by the Chief Compliance Officer if material. Examples of these include.

·      any outside business activity that detracts from an individual’s ability to devote appropriate time and attention to his responsibilities with the Funds;

·      service as a director on the board of any public company;

·      the receipt of anything of more than de minimus value from any company with which the Funds have current or prospective business dealings, other than (i) business entertainment such as meals and sporting events involving no more than ordinary amenities, and (ii) unsolicited advertising or promotional materials that are generally available;

·      any material ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

·      a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III.    Disclosure

·      Each Covered Officer must familiarize himself/herself with the disclosure requirements applicable to the Funds and the Funds’ disclosure controls and procedures;

·      each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Funds’ Trustees and auditors and to governmental regulators and self-regulatory organizations; and

·      each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and the adviser and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds.

IV.    Compliance

It is the responsibility of each Covered Officer to promote adherence with the standards and restrictions imposed by applicable laws, rules and regulations.

V.     Reporting and Accountability

Each Covered Officer must:

·      upon adoption of the Code, affirm in writing to the Board that he/she has received, read, and understands the Code.

·      annually thereafter affirm to the Board that he/she has complied with the requirements of the Code.

·      notify the Chief Compliance Officer or the Chief Legal Officer promptly if he/she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Chief Compliance Officer, with the advice of the Chief Legal Officer, is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. Interpretations made and waivers given under this Code will be reported to the Governance Committee of the Funds’ Board of Trustees.

The Funds will follow these procedures in investigating and enforcing this Code:

·      the Chief Legal Officer will take all appropriate action to investigate any violations and potential violations reported to it;

·      violations will be reported to the Governance Committee after such investigation;

·      if the Governance Committee determines that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser; or recommending dismissal of the Covered Officer.

·      any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VI.    Other Policies and Procedures

      The Funds’ and their investment advisers’ codes of ethics under Rule 17j-1 under the Investment Company Act and any code of conduct adopted by Wachovia Corporation as a whole are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII.   Amendments

     This Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Funds’ Board.

VIII. Confidentiality

     All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Evergreen Board, it’s counsel and the Funds’ advisers.

IX.    Internal Use

     The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion. 
  
Date:_____________