Evergreen Equity Trust NCSRS Certified semi-annual shareholder report (management investment company)

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

FORM N-CSR

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 semiannual filing for 8 of its series, Evergreen Aggressive Growth Fund, Evergreen Fund, Evergreen Growth Fund, Evergreen Large Cap Equity Fund, Evergreen Large Company Growth Fund, Evergreen Masters Fund, Evergreen Mid Cap Growth Fund, Evergreen Omega Fund for the year ended March 31, 2005. These 8 series have a 9/31 fiscal year end.

Date of reporting period: March 31, 2005

Item 1 - Reports to Stockholders.

Evergreen Aggressive Growth Fund

		table of contents
1		LETTER TO SHAREHOLDERS
4		FUND AT A GLANCE
6		ABOUT YOUR FUND’S EXPENSES
7		FINANCIAL HIGHLIGHTS
11		SCHEDULE OF INVESTMENTS
15		STATEMENT OF ASSETS AND LIABILITIES
16		STATEMENT OF OPERATIONS
17		STATEMENTS OF CHANGES IN NET ASSETS
18		NOTES TO FINANCIAL STATEMENTS
24		TRUSTEES AND OFFICERS

This semiannual report must be preceded or accompanied by a prospectus of the Evergreen fund contained herein. The prospectus contains more complete information, including fees and expenses, and should be read carefully before investing or sending money.

The 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. The fund’s Form N-Q will be available on the SEC’s Web site at http://www.sec.gov. In addition, the 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 the fund’s proxy voting policies and procedures, as well as information regarding how the 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. The 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 GUARANTEED

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

LETTER TO SHAREHOLDERS

May 2005

Dennis H. Ferro

President and Chief Executive Officer

Dear Shareholder,

We are pleased to provide the semiannual report for the Evergreen Aggressive Growth Fund, which covers the six-month period ended March 31, 2005.

After enduring volatile, range-bound trading for much of 2004, our equity portfolio teams entered the investment period with a continued focus on the fundamentals supporting more moderate levels of growth in Gross Domestic Product (GDP) and corporate profits. Yet this focus once again proved a challenging endeavor, as the markets were subject to further volatility due to uncertainty surrounding oil prices, the war on terrorism, monetary policy, and the presidential election. As clarity emerged on many of these issues, the equity markets finally responded favorably in the waning weeks of 2004. Typical of the recent trends, stocks resumed their roller coaster ride of volatility during the first three months of the new-year. Throughout this market turbulence, our investment teams maintained their commitment to long-term fundamentals, rather than short-term volatility, a process that we believe will continue to provide our investors with the diversification tools necessary for successful, long-term performance.

LETTER TO SHAREHOLDERS continued

typically surges from the previous recession’s period of weakness. As the recovery matures into expansion, the rates of growth appear less spectacular, as the percentage growth comparisons from prior periods become more difficult to maintain. Indeed, as indicators for manufacturing, services, consumption and investment pointed to more moderate, but in our opinion, still healthy, levels of growth, the equity markets frequently gyrated on the perceived weakness. Though slower, we still viewed the pace of expansion as sustainable, providing the backbone for many of our investment decisions.

The Federal Reserve (Fed) has continued to nudge interest rates higher during the past six months. Though the Fed Chairman was very transparent in his public statements, likely in an attempt to mollify market angst, market interest rates remained quite volatile throughout the investment period. Indeed, despite Mr. Greenspan’s efforts to push market rates higher with his now famous “conundrum” comments, long-term yields fell toward the end of the period. It is important to note that we continue to view the Fed’s current policy stance as one of less stimulation, rather than more restriction.

Despite the challenges of moderating economic growth and gradually higher interest rates, corporate profits continued to support equities throughout the investment period. All the massive cost cutting and refinancing of debt over the past few years has enabled many companies to significantly strengthen the operating leverage on their income statements. As a result, better than expected sales, with lower costs, have led to solid margin expansion. Similar to the transition in economic growth, our portfolio teams prepared for a downshift in corporate earnings. Indeed, after climbing in excess of 20% during the fourth quarter, it

LETTER TO SHAREHOLDERS continued

appeared earnings growth would moderate to the 10% range in the first three months of the year. As the markets anticipate higher interest rates in the months and quarters ahead, we are not planning on further P/E expansion.

In this environment, we continue to recommend a diversified equity strategy, including investment style, market capitalization, and region, in an attempt to participate in markets gains while limiting the potential for losses in long-term portfolios.

Please visit our Website, 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,

Dennis H. Ferro

President and Chief Executive Officer
Evergreen Investment Company, Inc.

Special Notice to Shareholders:

Please visit our Web site at EvergreenInvestments.com for statements from President and Chief Executive Officer, Dennis Ferro, and Chairman of the Board of the Evergreen Funds, Michael S. Scofield, addressing recent SEC actions involving the Evergreen Funds.

FUND AT A GLANCE

as of March 31, 2005

MANAGEMENT TEAM

Maureen E. Cullinane, CFA

Large Cap Core Growth Team Lead Manager

CURRENT INVESTMENT STYLE

Source: Morningstar, Inc.

Morningstar’s style box is based on a portfolio date as of 3/31/2005.

The domestic equity style box placement is based on 10 growth and valuation measures for each of the fund’s holdings, as well as the size of the companies in which it invests, or median market capitalization.

PERFORMANCE AND RETURNS

Portfolio inception date: 4/15/1983

	Class A	Class B	Class C	Class I
Class inception date	4/15/1983	7/7/1995	8/3/1995	7/11/1995

Nasdaq symbol	EAGAX	EAGBX	EAGCX	EAGYX

6-month return with sales charge	-1.98%	-1.36%	2.65%	N/A

6-month return w/o sales charge	4.00%	3.64%	3.65%	4.15%

Average annual return*

1-year with sales charge	-7.83%	-7.74%	-3.87%	N/A

1-year w/o sales charge	-2.21%	-2.89%	-2.90%	-1.96%

5-year	-9.38%	-9.20%	-8.95%	-8.05%

10-year	8.66%	8.56%	8.54%	9.61%

* Adjusted for maximum applicable sales charge, unless noted.

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. To obtain performance information current to the most recent month-end for Classes A, B, C or I, please go to EvergreenInvestments.com/fundperformance. The performance of each class may vary based on differences in loads, fees and expenses paid by the shareholders investing in each class. The maximum applicable sales charge is 5.75% for Class A, 5.00% for Class B and 1.00% for Class C. Class I is not subject to a sales charge. Performance includes the reinvestment of income dividends and capital gain distributions. Performance shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Historical performance shown for Classes B, C and I prior to their inception is based on the performance of Class A, the original class offered. The historical returns for Classes B, C and I have not been adjusted to reflect the effect of each class’ 12b-1 fee. These fees are 0.30% for Class A and 1.00% for Classes B and C. Class I does not pay a 12b-1 fee. If these fees had been reflected, returns for Classes B and C would have been lower while returns for Class I would have been higher.

Returns reflect expense limits previously in effect, without which returns would have been lower.

FUND AT A GLANCE continued

LONG-TERM GROWTH

Comparison of a $10,000 investment in the Evergreen Aggressive Growth Fund Class A 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 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.

Class I shares are only offered in the following manner: (1) to investment advisory clients of Evergreen Investment Management Company, LLC (or its advisory affiliates) when purchased by such advisor(s) on behalf of its clients, (2) through arrangements entered into on behalf of the Evergreen funds with certain financial services firms, (3) to certain institutional investors and (4) to persons who owned Class Y shares in registered name in an Evergreen fund on or before December 31, 1994 or who owned shares of any SouthTrust fund in registered name as of March 18, 2005. Class I shares are only available to institutional shareholders with a minimum of $1 million investment, which may be waived in certain situations.

The fund’s investment objective is nonfundamental and may be changed without the vote of the fund’s shareholders.

Smaller capitalization stock investing may offer the potential for greater long-term results; however, it is also generally associated with greater price volatility due to the higher risk of failure.

All data is as of March 31, 2005, and subject to change.

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 October 1, 2004 to March 31, 2005.

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 have been higher.

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	10/1/2004	3/31/2005	Period*

Actual
Class A	$ 1,000.00	$ 1,040.03	$	7.07
Class B	$ 1,000.00	$ 1,036.41	$ 10.61
Class C	$ 1,000.00	$ 1,036.54	$ 10.61
Class I	$ 1,000.00	$ 1,041.54	$	5.55
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,018.00	$	6.99
Class B	$ 1,000.00	$ 1,014.51	$ 10.50
Class C	$ 1,000.00	$ 1,014.51	$ 10.50
Class I	$ 1,000.00	$ 1,019.50	$	5.49

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (1.39% for Class A, 2.09% for Class B, 2.09% for Class C and 1.09% for Class I), multiplied by the average account value over the period, multiplied by 182 / 365 days

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS A	(unaudited)		2004	2003	2002		2001	2000

Net asset value, beginning of period	$	15.74	$ 14.40	$ 11.27	$	13.21	$ 38.14	$ 25.87

Income from investment operations				��
Net investment loss		(0.02)¹	(0.17)¹	(0.14)¹		(0.13)¹	(0.11)¹	(0.24)¹
Net realized and unrealized gains or losses on securities		0.65	1.51	3.27		(1.81)	(14.49)	15.78

Total from investment operations		0.63	1.34	3.13		(1.94)	(14.60)	15.54

Distributions to shareholders from
Net realized gains		0	0	0		0	(10.33)	(3.27)

Net asset value, end of period	$	16.37	$ 15.74	$ 14.40	$	11.27	$ 13.21	$ 38.14

Total return²		4.00%	9.31%	27.77%	(14.69%)		(47.31%)	64.76%

Ratios and supplemental data
Net assets, end of period (thousands)	$158,547		$172,791	$120,314	$108,274		$133,001	$284,984
Ratios to average net assets
Expenses³		1.39%⁴	1.48%	1.53%		1.42%	1.26%	1.12%
Net investment loss		(0.22%)⁴	(1.04%)	(1.12%)		(0.98%)	(0.58%)	(0.70%)
Portfolio turnover rate		74%	185%	229%		203%	224%	203%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS B	(unaudited)		2004	2003	2002		2001	2000

Net asset value, beginning of period	$	14.28	$ 13.16	$ 10.37	$	12.25	$ 36.50	$ 25.04

Income from investment operations
Net investment loss		(0.07)¹	(0.25)¹	(0.21)¹		(0.22)¹	(0.23)¹	(0.54)¹
Net realized and unrealized gains or losses on securities		0.59	1.37	3.00		(1.66)	(13.69)	15.27

Total from investment operations		0.52	1.12	2.79		(1.88)	(13.92)	14.73

Distributions to shareholders from
Net realized gains		0	0	0		0	(10.33)	(3.27)

Net asset value, end of period	$	14.80	$ 14.28	$ 13.16	$	10.37	$ 12.25	$ 36.50

Total return²		3.64%	8.51%	26.90%	(15.35%)		(47.68%)	63.56%

Ratios and supplemental data
Net assets, end of period (thousands)	$35,128		$41,219	$44,601	$44,162		$67,083	$134,252
Ratios to average net assets
Expenses³		2.09%⁴	2.18%	2.25%		2.17%	2.01%	1.88%
Net investment loss		(0.91%)⁴	(1.75%)	(1.84%)		(1.73%)	(1.33%)	(1.44%)
Portfolio turnover rate		74%	185%	229%		203%	224%	203%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended	Year Ended September 30,
	March 31, 2005
CLASS C	(unaudited)	2004	2003	2002	2001	2000

Net asset value, beginning of period	$14.23	$13.11	$10.33	$12.20	$36.42	$ 24.98

Income from investment operations
Net investment loss	(0.07)¹	(0.25)¹	(0.21)¹	(0.22)¹	(0.22)¹	(0.58)¹
Net realized and unrealized gains or losses on securities	0.59	1.37	2.99	(1.65)	(13.67)	15.29

Total from investment operations	0.52	1.12	2.78	(1.87)	(13.89)	14.71

Distributions to shareholders from
Net realized gains	0	0	0	0	(10.33)	(3.27)

Net asset value, end of period	$14.75	$14.23	$13.11	$10.33	$12.20	$ 36.42

Total return²	3.65%	8.54%	26.91%	(15.33%)	(47.72%)	63.64%

Ratios and supplemental data
Net assets, end of period (thousands)	$6,962	$8,361	$6,966	$6,034	$8,657	$15,736
Ratios to average net assets
Expenses³	2.09%⁴	2.18%	2.26%	2.17%	2.02%	1.91%
Net investment loss	(0.89%)⁴	(1.74%)	(1.84%)	(1.73%)	(1.32%)	(1.40%)
Portfolio turnover rate	74%	185%	229%	203%	224%	203%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS I¹	(unaudited)		2004	2003	2002		2001	2000

Net asset value, beginning of period	$	16.37	$ 14.94	$ 11.65	$	13.62	$ 38.86	$ 26.23

Income from investment operations
Net investment income (loss)		0.01²	(0.12)²	(0.10)²		(0.10)²	(0.06)²	(0.16)²
Net realized and unrealized gains or losses on securities		0.67	1.55	3.39		(1.87)	(14.85)	16.06

Total from investment operations		0.68	1.43	3.29		(1.97)	(14.91)	15.90

Distributions to shareholders from
Net realized gains		0	0	0		0	(10.33)	(3.27)

Net asset value, end of period	$	17.05	$ 16.37	$ 14.94	$	11.65	$ 13.62	$ 38.86

Total return		4.15%	9.57%	28.24%	(14.46%)		(47.20%)	65.30%

Ratios and supplemental data
Net assets, end of period (thousands)	$10,495		$11,170	$12,242	$13,711		$18,571	$48,523
Ratios to average net assets
Expenses³		1.09%⁴	1.18%	1.26%		1.17%	1.00%	0.88%
Net investment income (loss)		0.09%⁴	(0.74%)	(0.83%)		(0.73%)	(0.33%)	(0.44%)
Portfolio turnover rate		74%	185%	229%		203%	224%	203%

¹Effective at the close of business on May 11, 2001, Class Y sh ares were renamed as Institutional shares (Class I).

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

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS 98.7%
CONSUMER DISCRETIONARY 21.9%
Hotels, Restaurants & Leisure 8.7%
International Game Technology	75,000	$	1,999,500
Kerzner International, Ltd. *	20,000		1,224,600
Las Vegas Sands Corp. * (p)	25,000		1,125,000
Panera Bread Co., Class A * (p)	50,000		2,826,500
Shuffle Master, Inc. * (p)	164,999		4,778,371
Starwood Hotels & Resorts Worldwide, Inc., Class B	55,000		3,301,650
Wynn Resorts, Ltd. * (p)	45,000		3,048,300

			18,303,921

Internet & Catalog Retail 1.2%
eBay, Inc. *	70,600		2,630,556

Media 2.4%
Comcast Corp., Class A *	65,000		2,195,700
Omnicom Group, Inc.	32,000		2,832,640

			5,028,340

Specialty Retail 4.2%
Best Buy Co., Inc.	43,000		2,322,430
Chico’s FAS, Inc. * (p)	157,396		4,448,011
Steiner Leisure, Ltd. *	65,000		2,124,850

			8,895,291

Textiles, Apparel & Luxury Goods 5.4%
Coach, Inc. *	102,000		5,776,260
Deckers Outdoor Corp. * (p)	30,000		1,072,200
Quiksilver, Inc. *	107,500		3,120,725
Wolverine World Wide, Inc.	65,000		1,392,950

			11,362,135

CONSUMER STAPLES 7.2%
Food & Staples Retailing 1.7%
United Natural Foods, Inc. * (p)	123,400		3,532,942

Food Products 2.2%
McCormick & Co., Inc.	135,000		4,648,050

Household Products 1.6%
Rayovac Corp. *	80,000		3,328,000

Personal Products 1.7%
Estee Lauder Companies, Inc., Class A	80,000		3,598,400

ENERGY 7.8%
Energy Equipment & Services 2.1%
Diamond Offshore Drilling, Inc.	45,000		2,245,500
Weatherford International, Ltd. *	38,000		2,201,720

			4,447,220

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
ENERGY continued
Oil & Gas 5.7%
Anadarko Petroleum Corp.	20,000	$	1,522,000
Apache Corp.	50,000		3,061,500
Devon Energy Corp.	48,400		2,311,100
Spinnaker Exploration Co. * (p)	35,000		1,243,550
XTO Energy, Inc.	119,900		3,937,516

			12,075,666

HEALTH CARE 25.0%
Biotechnology 1.5%
Martek Biosciences Corp. * (p)	55,000		3,200,450

Health Care Equipment & Supplies 8.5%
Alcon, Inc.	40,000		3,571,600
Beckman Coulter, Inc.	30,000		1,993,500
Cooper Companies, Inc.	50,000		3,645,000
Kinetic Concepts, Inc. *	35,000		2,087,750
Medtronic, Inc.	52,900		2,695,255
St. Jude Medical, Inc. *	45,000		1,620,000
Stryker Corp.	51,000		2,275,110

			17,888,215

Health Care Providers & Services 10.4%
Aetna, Inc.	77,400		5,801,130
American Healthways, Inc. * (p)	80,000		2,641,600
Caremark Rx, Inc. *	129,000		5,131,620
Community Health Systems, Inc. *	65,000		2,269,150
Coventry Health Care, Inc. *	35,000		2,384,900
WellPoint, Inc. *	30,000		3,760,500

			21,988,900

Pharmaceuticals 4.6%
Eli Lilly & Co.	25,000		1,302,500
Endo Pharmaceuticals Holdings, Inc. *	155,000		3,495,250
Johnson & Johnson	25,000		1,679,000
Pfizer, Inc.	40,000		1,050,800
Salix Pharmaceuticals, Ltd. * (p)	137,499		2,267,359

			9,794,909

INDUSTRIALS 5.1%
Aerospace & Defense 1.2%
Lockheed Martin Corp.	40,000		2,442,400

Air Freight & Logistics 1.4%
EGL, Inc. *	130,000		2,964,000

Electrical Equipment 2.0%
Cooper Industries, Ltd., Class A	60,200		4,305,504

Trading Companies & Distributors 0.5%
Fastenal Co. (p)	18,000		995,580

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
INFORMATION TECHNOLOGY 27.8%
Communications Equipment 4.9%
Corning, Inc. *	203,000	$	2,259,390
F5 Networks, Inc. * (p)	55,000		2,776,950
Motorola, Inc.	140,000		2,095,800
QUALCOMM, Inc.	85,000		3,115,250

			10,247,390

Computers & Peripherals 3.1%
Apple Computer, Inc. *	70,000		2,916,900
Network Appliance, Inc. *	75,000		2,074,500
QLogic Corp. *	40,000		1,620,000

			6,611,400

Electronic Equipment & Instruments 0.6%
Cogent, Inc. * (p)	50,000		1,259,000

Internet Software & Services 4.5%
Google, Inc., Class A *	12,000		2,166,120
VeriSign, Inc. *	175,000		5,022,500
Yahoo!, Inc. *	70,000		2,373,000

			9,561,620

IT Services 4.2%
Affiliated Computer Services, Inc., Class A *	76,000		4,046,240
Cognizant Technology Solutions Corp., Class A *	105,000		4,851,000

			8,897,240

Office Electronics 1.0%
Zebra Technologies Corp., Class A *	45,000		2,137,050

Semiconductors & Semiconductor Equipment 4.9%
Altera Corp. *	150,000		2,967,000
Lam Research Corp. *	35,000		1,010,100
Marvell Technology Group, Ltd. *	115,000		4,409,100
Tessera Technologies, Inc. *	42,500		1,837,275

			10,223,475

Software 4.6%
Autodesk, Inc.	92,000		2,737,920
Cadence Design Systems, Inc. *	155,000		2,317,250
Cognos, Inc. *	35,000		1,467,900
Microsoft Corp.	130,100		3,144,517

			9,667,587

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
MATERIALS 3.9%
Chemicals 1.7%
Air Products & Chemicals, Inc.	57,000	$	3,607,530

Metals & Mining 2.2%
Massey Energy Co. (p)	92,900		3,719,716
United States Steel Corp.	20,000		1,017,000

			4,736,716

Total Common Stocks (cost $179,609,707)			208,379,487

SHORT-TERM INVESTMENTS 12.7%
MUTUAL FUND SHARES 12.7%
Evergreen Institutional U.S. Government Money Market Fund ø	2,586,405		2,586,405
Navigator Prime Portfolio (pp)	24,212,482		24,212,482

Total Short-Term Investments (cost $26,798,887)			26,798,887

Total Investments (cost $206,408,594) 111.4%			235,178,374
Other Assets and Liabilities (11.4%)			(24,047,013)

Net Assets 100.0%		$	211,131,361

*		Non-income producing security
(p)		All or a portion of this security is on loan.
ø		Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market
		fund.
(pp)		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 March 31, 2005:
Information Technology		28.1%
Health Care		25.4%
Consumer Discretionary		22.2%
Energy		7.9%
Consumer Staples		7.3%
Industrials		5.1%
Materials		4.0%

		100.0%

See Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2005 (unaudited)

Assets
Investments in securities, at value (cost $206,408,594) including $23,410,320
of securities loaned	$	235,178,374
Receivable for securities sold		1,112,677
Receivable for Fund shares sold		34,595
Dividends receivable		107,089
Receivable for securities lending income		6,778
Prepaid expenses and other assets		15,077

Total assets		236,454,590

Liabilities
Payable for securities purchased		668,270
Payable for Fund shares redeemed		385,937
Payable for securities on loan		24,212,482
Advisory fee payable		3,009
Distribution Plan expenses payable		2,459
Due to other related parties		1,289
Accrued expenses and other liabilities		49,783

Total liabilities		25,323,229

Net assets	$	211,131,361

Net assets represented by
Paid-in capital	$	285,615,253
Undistributed net investment loss		(414,535)
Accumulated net realized losses on securities		(102,839,137)
Net unrealized gains on securities		28,769,780

Total net assets	$	211,131,361

Net assets consists of
Class A	$	158,547,065
Class B		35,127,802
Class C		6,961,572
Class I		10,494,922

Total net assets	$	211,131,361

Shares outstanding
Class A		9,683,535
Class B		2,373,133
Class C		472,011
Class I		615,413

Net asset value per share
Class A	$	16.37
Class A — Offering price (based on sales charge of 5.75%)	$	17.37
Class B	$	14.80
Class C	$	14.75
Class I	$	17.05

See Notes to Financial Statements

STATEMENT OF OPERATIONS

Six Months Ended March 31, 2005 (unaudited)

Investment income
Dividends	$	1,341,848

Expenses
Advisory fee		594,189
Distribution Plan expenses
Class A		255,299
Class B		197,142
Class C		39,535
Administrative services fee		113,967
Transfer agent fees		484,463
Trustees’ fees and expenses		525
Printing and postage expenses		20,454
Custodian and accounting fees		30,244
Registration and filing fees		22,171
Professional fees		7,620
Other		2,313

Total expenses		1,767,922
Less: Expense reductions		(3,657)
Fee waivers and expense reimbursements		(26,394)

Net expenses		1,737,871

Net investment loss		(396,023)

Net realized and unrealized gains or losses on securities
Net realized gains on securities		11,122,443
Net change in unrealized gains or losses on securities		(1,201,426)

Net realized and unrealized gains or losses on securities		9,921,017

Net increase in net assets resulting from operations	$	9,524,994

See Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	March 31, 2005		Year Ended
	(unaudited)		September 30, 2004

Operations
Net investment loss	$	(396,023)	$	(2,903,355)
Net realized gains on securities		11,122,443		31,494,758
Net change in unrealized gains
or losses on securities		(1,201,426)		(12,600,842)

Net increase in net assets
resulting from operations		9,524,994		15,990,561

	Shares		Shares
Capital share transactions
Proceeds from shares sold
Class A	175,138	2,877,477	946,616	15,223,566
Class B	94,331	1,405,051	294,590	4,314,520
Class C	16,315	244,141	132,457	1,949,957
Class I	45,827	780,006	60,896	1,017,214

		5,306,675		22,505,257

Automatic conversion of Class B
shares to Class A shares
Class A	78,226	1,282,032	259,743	4,176,011
Class B	(86,361)	(1,282,032)	(285,165)	(4,176,011)

		0		0

Payment for shares redeemed
Class A	(1,550,351)	(25,564,785)	(2,275,355)	(36,320,431)
Class B	(522,037)	(7,773,437)	(885,265)	(12,902,639)
Class C	(132,089)	(1,974,371)	(181,411)	(2,618,269)
Class I	(112,962)	(1,929,596)	(199,907)	(3,287,657)

		(37,242,189)		(55,128,996)

Net asset value of shares issued
in acquisition
Class A	0	0	3,695,890	59,047,178
Class B	0	0	373,342	5,442,118
Class C	0	0	105,369	1,530,188
Class I	0	0	1,940	32,153

		0		66,051,637

Net increase (decrease) in net assets
resulting from capital share
transactions		(31,935,514)		33,427,898

Total increase (decrease) in net assets		(22,410,520)		49,418,459
Net assets
Beginning of period		233,541,881		184,123,422

End of period	$ 211,131,361		$ 233,541,881

Undistributed net investment loss	$	(414,535)	$	(18,512)

See Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen Aggressive Growth Fund (the “Fund”) is 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”).

The Fund offers Class A, Class B, Class C and Institutional (“Class I”) shares. Class A shares are sold with a front-end sales charge. However, Class A share investments of $1 million or more are not subject to a front-end sales charge but will be subject to a contingent deferred sales charge of 1.00% upon redemption within one year. Class B shares are sold without a front-end sales charge but are subject to a contingent deferred sales charge that is payable upon redemption and decreases depending on how long the shares have been held. Class C shares are sold without a front-end sales charge but are subject to a contingent deferred sales charge that is payable upon redemption within one year. Class I shares are sold without a front-end sales charge or contingent deferred sales charge. Each class of shares, except Class I shares, pays an ongoing distribution fee.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the 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.

Investments in other 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 in good faith, according to procedures approved by the Board of Trustees.

b. Securities lending

The Fund may lend its securities to certain qualified brokers in order to earn additional income. The Fund receives compensation in the form of fees or interest earned on the investment of any cash collateral received. The Fund also continues to receive interest and dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a market value at least equal to the market value of the securities on loan. In the event of default or bankruptcy by the borrower, the Fund could experience delays and costs in recovering the loaned securities or in gaining access to the collateral. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

c. 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. Dividend income is recorded on the ex-dividend date.

d. Federal taxes

The 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.

e. 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.

f. Class allocations

Income, common expenses and realized and unrealized gains and losses are allocated to the classes based on the relative net assets of each class. Distribution fees, if any, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

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 Fund and is paid an annual fee starting at 0.52% and declining to 0.50% as average daily net assets increase.

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 March 31, 2005, EIMC waived its fee in the amount of $26,350 and reimbursed expenses in the amount of $44 which combined represents 0.02% of the Fund’s average daily net assets (on an annualized basis).

Evergreen Investment Services, Inc. (“EIS”), an indirect, wholly-owned subsidiary of Wachovia, is the administrator to the Fund. As administrator, EIS provides the Fund with facilities, equipment and personnel 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.

Evergreen Service Company, LLC (“ESC”), an indirect, wholly-owned subsidiary of Wachovia, is the transfer and dividend disbursing agent for the Fund. ESC receives account fees that vary based on the type of account held by the shareholders in the Fund. For the six months ended March 31, 2005, the transfer agent fees were equivalent to an annual rate of 0.42% of the Fund’s average daily net assets.

The Fund has placed a portion of its portfolio transactions with brokerage firms that are affiliates of Wachovia. During the six months ended March 31, 2005, the Fund paid brokerage commissions of $61,078 to Wachovia Securities, LLC.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

4. DISTRIBUTION PLANS

EIS also serves as distributor of the Fund’s shares. The Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940 Act, for each class of shares, except Class I. Under the Distribution Plans, distribution fees are paid at an annual rate of 0.30% of the average daily net assets for Class A shares and 1.00% of the average daily net assets for each of Class B and Class C shares.

For the six months ended March 31, 2005, EIS received $3,480 from the sale of Class A shares and $58,055 and $473 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

5. ACQUISITION

Effective at the close of business on December 5, 2003, the Fund acquired the net assets of Evergreen Premier 20 Fund in a tax-free exchange for Class A, Class B, Class C and Class I shares of the Fund. Shares were issued to Class A, Class B, Class C and Class I shares of Evergreen Premier 20 Fund at an exchange ratio of 0.33, 0.36, 0.36 and 0.32 for Class A, Class B, Class C and Class I shares, respectively, of the Fund. The acquired net assets consisted primarily of portfolio securities with unrealized appreciation of $9,975,239. The aggregate net assets of the Fund and Evergreen Premier 20 Fund immediately prior to the acquisition were $200,880,668 and $66,051,637, respectively. The aggregate net assets of the Fund immediately after the acquisition were $266,932,305.

6. SECURITIES TRANSACTIONS

Cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were $164,977,596 and $197,508,939, respectively, for the six months ended March 31, 2005.

During the six months ended March 31, 2005, the Fund loaned securities to certain brokers. At March 31, 2005, the value of securities on loan and the value of collateral amounted to $23,410,320 and $24,212,482, respectively. During the six months ended March 31, 2005, the Fund earned $57,208 in income from securities lending which is included in dividend income on the Statement of Operations.

On March 31, 2005, the aggregate cost of securities for federal income tax purposes was $206,790,307. The gross unrealized appreciation and depreciation on securities based on tax cost was $32,408,549 and $4,020,482, respectively, with a net unrealized appreciation of $28,388,067.

As of September 30, 2004, the Fund had $113,095,524 in capital loss carryovers for federal income tax purposes with $15,676,195 expiring in 2009, $80,059,798 expiring in 2010 and $17,359,531 expiring in 2011.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

7. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, the Fund may participate in an interfund lending program with certain funds in the Evergreen fund family. This program allows the Fund to borrow from, or lend money to, other participating funds. During the six months ended March 31, 2005, the Fund did not participate in the interfund lending program.

8. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

9. DEFERRED TRUSTEES’ FEES

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

10. FINANCING AGREEMENT

The Fund and certain other Evergreen funds share in a $150 million 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 of 0.09% of the unused balance, which is allocated pro rata. During the six months ended March 31, 2005, the Fund had no borrowings under this agreement.

11. CONCENTRATION OF RISK

The Fund may invest a substantial portion of its assets in an industry or sector and, therefore, may be more affected by changes in that industry or sector than would be a comparable mutual fund that is not heavily weighted in any industry or sector.

12. REGULATORY MATTERS AND LEGAL PROCEEDINGS

Since September 2003, governmental and self-regulatory authorities have instituted numerous ongoing investigations of various practices in the mutual fund industry, including investigations relating to revenue sharing, market-timing, late trading and record retention, among other things. The investigations cover investment advisors, distributors and transfer agents to mutual funds, as well as other firms. EIMC, EIS and ESC (collectively, “Evergreen”) have received subpoenas and other requests for documents and testimony relating to these investigations, are endeavoring to comply with those requests, and are cooperating with the investigations. Evergreen is continuing

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

its own internal review of policies, practices, procedures and personnel, and is taking remedial action where appropriate.

In connection with one of these investigations, on July 28, 2004, the staff of the Securities and Exchange Commission (“SEC”) informed Evergreen that the staff intends to recommend to the SEC that it institute an enforcement action against Evergreen. The SEC staff’s proposed allegations relate to (i) an arrangement pursuant to which a broker at one of EIMC’s affiliated broker-dealers had been authorized, apparently by an EIMC officer (no longer with EIMC), to engage in short-term trading, on behalf of a client, in Evergreen Mid Cap Growth Fund (formerly Evergreen Emerging Growth Fund and prior to that, known as Evergreen Small Company Growth Fund) during the period from December 2000 through April 2003, in excess of the limitations set forth in the fund’s prospectus, (ii) short-term trading from September 2001 through January 2003, by a former Evergreen portfolio manager, of Evergreen Precious Metals Fund, a fund he managed at the time, (iii) the sufficiency of systems for monitoring exchanges and enforcing exchange limitations as stated in the fund’s prospectuses, and (iv) the adequacy of e-mail retention practices. In connection with the activity in Evergreen Mid Cap Growth Fund, EIMC reimbursed the fund $378,905, plus an additional $25,242, representing what EIMC calculated at that time to be the client’s net gain and the fees earned by EIMC and the expenses incurred by this fund on the client’s account. In connection with the activity in Evergreen Precious Metals Fund, EIMC reimbursed the fund $70,878, plus an additional $3,075, representing what EIMC calculated at that time to be the portfolio manager’s net gain and the fees earned by EIMC and expenses incurred by the fund on the portfolio manager’s account. Evergreen is currently engaged in discussions with the staff of the SEC concerning its recommendation.

Any resolution of these matters with regulatory authorities may include, but not be limited to, sanctions, penalties or injunctions regarding Evergreen, restitution to mutual fund shareholders and/or other financial penalties and structural changes in the governance or management of Evergreen’s mutual fund business. Any penalties or restitution will be paid by Evergreen and not by the Evergreen funds.

In addition, the Evergreen funds and EIMC and certain of its affiliates are involved in various legal actions, including private litigation and class action lawsuits. EIMC does not expect that any of such legal actions currently pending or threatened will have a material adverse impact on the financial position or operations of any of the Evergreen funds or on EIMC’s ability to provide services to the Evergreen funds.

Although Evergreen believes that neither the foregoing investigations nor any pending or threatened legal actions will have a material adverse impact on the Evergreen funds, there can be no assurance that these matters and any publicity surrounding or resulting from them will not 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.

This page left intentionally blank

TRUSTEES AND OFFICERS

TRUSTEES¹

Charles A. Austin III		Principal occupations: Investment Counselor, Anchor Capital Advisors, Inc. (investment advice);
Trustee		Director, The Andover Companies (insurance); Trustee, Arthritis Foundation of New England;
DOB: 10/23/1934		Director, The Francis Ouimet Society; Former Director, Health Development Corp.
Term of office since: 1991		(fitness-wellness centers); Former Director, Mentor Income Fund, Inc.; Former Trustee,
		Mentor Funds and Cash Resource Trust; Former Investment Counselor, Appleton Partners, Inc.
Other directorships: None		(investment advice); Former Director, Executive Vice President and Treasurer, State Street
		Research & Management Company (investment advice)

Shirley L. Fulton		Principal occupations: Partner, Tin, Fulton, Greene & Owen, PLLC (law firm); Former Partner,
Trustee		Helms, Henderson & Fulton, P.A. (law firm); Retired Senior Resident Superior Court Judge,
DOB: 1/10/1952		26th Judicial District, Charlotte, NC
Term of office since: 2004
Other directorships: None

K. Dun Gifford		Principal occupations: Chairman and President, Oldways Preservation and Exchange Trust
Trustee		(education); Trustee, Treasurer and Chairman of the Finance Committee, Cambridge College;
DOB: 10/23/1938		Former Chairman of the Board, Director, and Executive Vice President, The London Harness
Term of office since: 1974		Company (leather goods purveyor); Former Director, Mentor Income Fund, Inc.; Former Trustee,
		Mentor Funds and Cash Resource Trust
Other directorships: None

Dr. Leroy Keith, Jr.		Principal occupations: Partner, Stonington Partners, Inc. (private equity firm); Trustee,
Trustee		The Phoenix Group of Mutual Funds; Director, Obagi Medical Products Co.; Director,
DOB: 2/14/1939		Diversapack Co.; Former Director, Lincoln Educational Services; Former Chairman of the Board
Term of office since: 1983		and Chief Executive Officer, Carson Products Company (manufacturing); Former Director,
		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Other directorships: Trustee, The
Phoenix Group of Mutual Funds

Gerald M. McDonnell		Principal occupations: Manager of Commercial Operations, SMI Steel Co. – South Carolina
Trustee		(steel producer); Former Sales and Marketing Manager, Nucor Steel Company; Former Director,
DOB: 7/14/1939		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1988
Other directorships: None

William Walt Pettit		Principal occupations: Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior
Trustee		Packaging Corp.; Director, National Kidney Foundation of North Carolina, Inc.; Former Director,
DOB: 8/26/1955		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None

David M. Richardson		Principal occupations: President, Richardson, Runden LLC (executive recruitment business
Trustee		development/consulting company); Consultant, Kennedy Information, Inc. (executive
DOB: 9/19/1941		recruitment information and research company); Consultant, AESC (The Association of
Term of office since: 1982		Executive Search Consultants); Director, J&M Cumming Paper Co. (paper merchandising);
		Former Trustee, NDI Technologies, LLP (communications); Former Vice Chairman, DHR
Other directorships: None		International, Inc. (executive recruitment); Former Director, Mentor Income Fund, Inc.;
		Former Trustee, Mentor Funds and Cash Resource Trust

Dr. Russell A. Salton III		Principal occupations: President/CEO, AccessOne MedCard; Former Medical Director,
Trustee		Healthcare Resource Associates, Inc.; Former Medical Director, U.S. Health Care/Aetna Health
DOB: 6/2/1947		Services; Former Director, Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and
Term of office since: 1984		Cash Resource Trust
Other directorships: None

TRUSTEES AND OFFICERS continued

Michael S. Scofield	��	Principal occupations: Director, Branded Media Corporation (multi-media branding company);
Trustee		Attorney, Law Offices of Michael S. Scofield; Former Director, Mentor Income Fund, Inc.;
DOB: 2/20/1943		Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None

Richard J. Shima		Principal occupations: Independent Consultant; Director, Trust Company of CT; Trustee,
Trustee		Saint Joseph College (CT); Director, Hartford Hospital; Trustee, Greater Hartford YMCA;
DOB: 8/11/1939		Former Director, Enhance Financial Services, Inc.; Former Director, Old State House Association;
Term of office since: 1993		Former Director of CTG Resources, Inc. (natural gas); Former Director, Mentor Income Fund, Inc.;
		Former Trustee, Mentor Funds and Cash Resource Trust
Other directorships: None

Richard K. Wagoner, CFA²		Principal occupations: Member and Former President, North Carolina Securities Traders
Trustee		Association; Member, Financial Analysts Society; Former Consultant to the Boards of Trustees
DOB: 12/12/1937		of the Evergreen funds; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1999
Other directorships: None

OFFICERS
Dennis H. Ferro³		Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President		Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945		Evergreen Investment Company, Inc.
Term of office since: 2003

Carol Kosel⁴		Principal occupations: Senior Vice President, Evergreen Investment Services, Inc.
Treasurer
DOB: 12/25/1963
Term of office since: 1999

Michael H. Koonce⁴		Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary		Services, Inc.; Senior Vice President and Assistant General Counsel, Wachovia Corporation
DOB: 4/20/1960
Term of office since: 2000

James Angelos⁴		Principal occupations: Chief Compliance Officer and Senior Vice President, Evergreen Funds;
Chief Compliance Officer		Former Director of Compliance, Evergreen Investment Services, Inc.
DOB: 9/2/1947
Term of office since: 2004

1 Each Trustee serves until a successor is duly elected or qualified or until his death, resignation, retirement or removal from office. Each Trustee oversees 93 Evergreen funds. Correspondence for each Trustee may be sent to Evergreen Board of Trustees, P.O. Box 20083, Charlotte, NC 28202.

2 Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the Fund’s investment advisor.

3 The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.

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.

566375 rv2 5/2005

Evergreen Fund

table of contents
1		LETTER TO SHAREHOLDERS
4		FUND AT A GLANCE
6		ABOUT YOUR FUND’S EXPENSES
7		FINANCIAL HIGHLIGHTS
11		SCHEDULE OF INVESTMENTS
18		STATEMENT OF ASSETS AND LIABILITIES
19		STATEMENT OF OPERATIONS
20		STATEMENTS OF CHANGES IN NET ASSETS
21		NOTES TO FINANCIAL STATEMENTS
28		ADDITIONAL INFORMATION
32		TRUSTEES AND OFFICERS

Mutual Funds:
NOT FDIC INSURED		MAY LOSE VALUE		NOT BANK GUARANTEED

Evergreen Investments^SMis a service mark of Evergreen Investment Management Company, LLC.
Copyright 2005, Evergreen Investment Management Company, LLC.

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

LETTER TO SHAREHOLDERS

May 2005

Dennis H. Ferro
President and Chief
Executive Officer

Dear Shareholder,

We are pleased to provide the semiannual report for the Evergreen Fund, which covers the six-month period ended March 31, 2005.

The investment period began with signs of moderation in economic growth. While still solid, the pace of GDP growth had clearly moderated from the beginning of 2004. Economic reports were beginning to send mixed signals, a condition we believed was characteristic of the economy’s transition from recovery to expansion. During recovery, GDP typically surges from the previous recession’s period of weakness. As the recovery matures into expansion, the rates of growth appear less spectacular, as the percentage

LETTER TO SHAREHOLDERS continued

growth comparisons from prior periods become more difficult to maintain. Indeed, as indicators for manufacturing, services, consumption and investment pointed to more moderate, but in our opinion, still healthy, levels of growth, the equity markets frequently gyrated on the perceived weakness. Though slower, we still viewed the pace of expansion as sustainable, providing the backbone for many of our investment decisions.

LETTER TO SHAREHOLDERS continued

On May 20, 2005, the shareholders of Evergreen Fund approved the reorganization of the Fund into Evergreen Fundamental Large Cap Fund. The merger is scheduled to take place on or about June 10, 2005.

Sincerely,

Dennis H. Ferro
President and Chief Executive Officer
Evergreen Investment Company, Inc.

Special Notice to Shareholders:

FUND AT A GLANCE

as of March 31, 2005

MANAGEMENT TEAM

Maureen E. Cullinane, CFA
Large Cap Core Growth Team
Lead Manager

Timothy E. O’Grady
Value Equity Team
Lead Manager

CURRENT INVESTMENT STYLE

Source: Morningstar, Inc.
Morningstar’s style box is based on a portfolio date as of 3/31/2005.

PERFORMANCE AND RETURNS

Portfolio inception date: 10/15/1971

	Class A	Class B	Class C	Class I
Class inception date	1/3/1995	1/3/1995	1/3/1995	10/15/1971

Nasdaq symbol	EVRAX	EVRBX	EVRCX	EVGRX

6-month return with sales charge	-0.25%	0.50%	4.42%	N/A

6-month return w/o sales charge	5.79%	5.50%	5.42%	6.01%

Average annual return*

1-year with sales charge	-2.76%	-2.51%	1.41%	N/A

1-year w/o sales charge	3.15%	2.49%	2.41%	3.44%

5-year	-8.11%	-7.91%	-7.69%	-6.75%

10-year	4.50%	4.39%	4.38%	5.43%

* Adjusted for maximum applicable sales charge, unless noted.

Historical performance shown for Classes A, B and C prior to their inception is based on the performance of Class I, the original class offered. The historical returns for Classes A, B and C have not been adjusted to reflect the effect of each class’ 12b-1 fee. These fees are 0.30% for Class A and 1.00% for Classes B and C. Class I does not pay a 12b-1 fee. If these fees had been reflected, returns for Classes A, B and C would have been lower.

The advisor is waiving a portion of its advisory fee. Had the fee not been waived, returns would have been lower.

FUND AT A GLANCE continued

LONG-TERM GROWTH

Comparison of a $10,000 investment in the Evergreen Evergreen Fund Class A shares, versus a similar investment in the Russell 1000 Index (Russell 1000) and the Consumer Price Index (CPI).

The Russell 1000 is an unmanaged market index and does not include transaction costs associated with buying and selling securities, any mutual fund 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 is nonfundamental and may be changed without the vote of the fund’s shareholders. All data is as of March 31, 2005, and subject to change.

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

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

• Actual expenses

• Hypothetical example for comparison purposes

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	10/1/2004	3/31/2005	Period*

Actual
Class A	$ 1,000.00	$ 1,057.94		$	7.70
Class B	$ 1,000.00	$ 1,055.00		$	11.22
Class C	$ 1,000.00	$ 1,054.18		$	11.27
Class I	$ 1,000.00	$ 1,060.13		$	6.16
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,017.45		$	7.54
Class B	$ 1,000.00	$ 1,014.01		$	11.00
Class C	$ 1,000.00	$ 1,013.96		$	11.05
Class I	$ 1,000.00	$ 1,018.95		$	6.04

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (1.50% for Class A, 2.19% for Class B, 2.20% for Class C and 1.20% for Class I), multiplied by the average account value over the period, multiplied by 182 / 365 days.

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended	Year Ended September 30,
March 31, 2005
CLASS A	(unaudited)	2004	2003	2002	2001	2000

Net asset value, beginning of period	$11.71	$10.48	$ 8.92	$11.21	$16.88	$24.24

Income from investment operations
Net investment income (loss)	0.09¹	(0.02)¹	(0.02)¹	(0.01)¹	(0.03)¹	(0.12)¹
Net realized and unrealized gains or losses on
securities, futures contracts and foreign
currency related transactions	0.59	1.25	1.58	(2.28)	(5.43)	2.79

Total from investment operations	0.68	1.23	1.56	(2.29)	(5.46)	2.67

Distributions to shareholders from
Net investment income	(0.01)	0	0	0	0	0
Net realized gains	0	0	0	0	(0.21)	(10.03)

Total distributions to shareholders	(0.01)	0	0	0	(0.21)	(10.03)

Net asset value, end of period	$12.38	$11.71	$10.48	$ 8.92	$11.21	$16.88

Total return²	5.79%	11.74%	17.49%	(20.43%)	(32.68%)	11.07%

Ratios and supplemental data
Net assets, end of period (millions)	$ 143	$ 136	$ 110	$ 71	$ 85	$ 161
Ratios to average net assets
Expenses³	1.50%⁴	1.59%	1.76%	1.57%	1.51%	1.43%
Net investment income (loss)	0.67%⁴	(0.14%)	(0.23%)	(0.11%)	(0.20%)	(0.49%)
Portfolio turnover rate	41%	84%	125%	133%	160%	119%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended		Year Ended September 30,
March 31, 2005
CLASS B	(unaudited)		2004	2003	2002	2001	2000

Net asset value, beginning of period	$10.91		$ 9.84	$ 8.43	$10.68	$16.21	$23.80

Income from investment operations
Net investment (loss)		0¹	(0.09)¹	(0.09)¹	(0.09)¹	(0.13)¹	(0.28)¹
Net realized and unrealized gains or losses on
securities, futures contracts and foreign
currency related transactions		0.60	1.16	1.50	(2.16)	(5.19)	2.72

Total from investment operations		0.60	1.07	1.41	(2.25)	(5.32)	2.44

Distributions to shareholders from
Net realized gains		0	0	0	0	(0.21)	(10.03)

Net asset value, end of period	$11.51		$10.91	$ 9.84	$ 8.43	$10.68	$16.21

Total return²		5.50%	10.87%	16.73%	(21.07%)	(33.17%)	10.22%

Ratios and supplemental data
Net assets, end of period (millions)		$50	$ 74	$ 122	$ 168	$ 296	$ 553
Ratios to average net assets
Expenses³		2.19%⁴	2.30%	2.48%	2.32%	2.27%	2.18%
Net investment income (loss)		0.02%⁴	(0.87%)	(0.94%)	(0.86%)	(0.95%)	(1.23%)
Portfolio turnover rate		41%	84%	125%	133%	160%	119%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended		Year Ended September 30,
March 31, 2005
CLASS C	(unaudited)		2004	2003	2002	2001	2000

Net asset value, beginning of period	$10.89		$ 9.82	$ 8.42	$10.65	$16.18	$23.77

Income from investment operations
Net investment loss		0¹	(0.09)¹	(0.09)¹	(0.09)¹	(0.13)¹	(0.28)¹
Net realized and unrealized gains or losses on
securities, futures contracts and foreign
currency related transactions		0.59	1.16	1.49	(2.14)	(5.19)	2.72

Total from investment operations		0.59	1.07	1.40	(2.23)	(5.32)	2.44

Distributions to shareholders from
Net realized gains		0	0	0	0	(0.21)	(10.03)

Net asset value, end of period	$11.48		$10.89	$ 9.82	$ 8.42	$10.65	$16.18

Total return²		5.42%	10.90%	16.63%	(20.94%)	(33.23%)	10.23%

Ratios and supplemental data
Net assets, end of period (millions)		$ 4	$ 4	$ 4	$ 4	$ 6	$ 11
Ratios to average net assets
Expenses³		2.20%⁴	2.30%	2.48%	2.32%	2.27%	2.18%
Net investment loss		(0.02%)⁴	(0.85%)	(0.95%)	(0.86%)	(0.95%)	(1.24%)
Portfolio turnover rate		41%	84%	125%	133%	160%	119%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended	Year Ended September 30,
March 31, 2005
CLASS I¹	(unaudited)	2004	2003	2002	2001	2000

Net asset value, beginning of period	$12.06	$10.77	$ 9.14	$11.45	$17.20	$24.48

Income from investment operations
Net investment income (loss)	0.12²	0.02²	0.01²	0.02²	0.01²	(0.06)²
Net realized and unrealized gains or losses on
securities, futures contracts and foreign
currency related transactions	0.61	1.27	1.62	(2.33)	(5.55)	2.81

Total from investment operations	0.73	1.29	1.63	(2.31)	(5.54)	2.75

Distributions to shareholders from
Net investment income	(0.05)	0	0	0	0	0
Net realized gains	0	0	0	0	(0.21)	(10.03)

Total distributions to shareholders	(0.05)	0	0	0	(0.21)	(10.03)

Net asset value, end of period	$12.74	$12.06	$10.77	$ 9.14	$11.45	$17.20

Total return	6.01%	11.98%	17.83%	(20.17%)	(32.53%)	11.32%

Ratios and supplemental data
Net assets, end of period (millions)	$ 209	$ 214	$ 221	$ 216	$ 508	$ 887
Ratios to average net assets
Expenses³	1.20%⁴	1.29%	1.48%	1.32%	1.27%	1.18%
Net investment income (loss)	0.98%⁴	0.15%	0.05%	0.14%	0.05%	(0.23%)
Portfolio turnover rate	41%	84%	125%	133%	160%	119%

¹Effective at the close of business on May 11, 2001, Class Y sh ares were renamed as Institutional shares (Class I).

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

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS 98.4%
CONSUMER DISCRETIONARY 11.7%
Internet & Catalog Retail 1.3%
Amazon.com, Inc. *	50,500	$	1,730,635
eBay, Inc. *	93,500		3,483,810

			5,214,445

Media 5.2%
Comcast Corp., Class A *	185,511		6,196,068
News Corp., Class A	381,547		6,455,775
Omnicom Group, Inc.	33,000		2,921,160
Time Warner, Inc. *	319,855		5,613,455

			21,186,458

Multi-line Retail 1.5%
J.C. Penney Co., Inc.	76,693		3,981,901
Nordstrom, Inc.	37,000		2,049,060

			6,030,961

Specialty Retail 2.2%
Best Buy Co., Inc	69,500		3,753,695
Chico’s FAS, Inc. *	107,000		3,023,820
Lowe’s Companies, Inc	36,505		2,084,070

			8,861,585

Textiles, Apparel & Luxury Goods 1.5%
Coach, Inc. *	90,000		5,096,700
Nike, Inc., Class B	15,000		1,249,650

			6,346,350

CONSUMER STAPLES 8.0%
Beverages 2.1%
Diageo plc, ADR (p)	52,000		2,958,800
PepsiCo, Inc.	103,101		5,467,446

			8,426,246

Food & Staples Retailing 1.2%
Wal-Mart Stores, Inc.	101,053		5,063,766

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
CONSUMER STAPLES continued
Food Products 1.0%
General Mills, Inc.	83,202	$	4,089,378

Household Products 1.9%
Colgate-Palmolive Co.	93,874		4,897,407
Procter & Gamble Co.	55,000		2,915,000

			7,812,407

Tobacco 1.8%
Altria Group, Inc.	110,590		7,231,480

ENERGY 7.9%
Energy Equipment & Services 1.9%
Schlumberger, Ltd.	107,941		7,607,681

Oil & Gas 6.0%
Apache Corp.	53,860		3,297,848
Exxon Mobil Corp.	258,171		15,386,992
XTO Energy, Inc. (p)	177,353		5,824,283

			24,509,123

FINANCIALS 19.5%
Capital Markets 5.6%
Bank of New York Co.	91,191		2,649,098
Goldman Sachs Group, Inc.	32,000		3,519,680
Legg Mason, Inc.	33,176		2,592,373
Merrill Lynch & Co., Inc.	81,880		4,634,408
Morgan Stanley	103,789		5,941,920
State Street Corp.	72,973		3,190,380

			22,527,859

Commercial Banks 4.3%
Bank of America Corp.	196,546		8,667,679
North Fork Bancorp, Inc.	55,000		1,525,700
U.S. Bancorp	126,916		3,657,719
Wells Fargo & Co.	62,735		3,751,553

			17,602,651

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
FINANCIALS continued
Consumer Finance 1.8%
American Express Co.	142,013	$	7,295,208

Diversified Financial Services 4.2%
Citigroup, Inc.	263,492		11,841,330
JPMorgan Chase & Co.	146,700		5,075,820

			16,917,150

Insurance 2.3%
American International Group, Inc.	80,225		4,445,267
Hartford Financial Services Group, Inc.	35,231		2,415,437
Prudential Financial, Inc.	45,386		2,605,157

			9,465,861

Thrifts & Mortgage Finance 1.3%
Fannie Mae	15,000		816,750
Washington Mutual, Inc.	116,028		4,583,106

			5,399,856

HEALTH CARE 10.8%
Health Care Equipment & Supplies 3.2%
Baxter International, Inc.	106,144		3,606,773
Medtronic, Inc.	124,621		6,349,440
Stryker Corp.	25,800		1,150,938
Zimmer Holdings, Inc. *	25,000		1,945,250

			13,052,401

Health Care Providers & Services 2.1%
Aetna, Inc.	62,600		4,691,870
Caremark Rx, Inc. *	95,000		3,779,100

			8,470,970

Pharmaceuticals 5.5%
Abbott Laboratories	70,914		3,306,011
Eli Lilly & Co.	35,000		1,823,500
Johnson & Johnson	70,252		4,718,124
Pfizer, Inc.	294,842		7,745,500
Wyeth	111,685		4,710,873

			22,304,008

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
INDUSTRIALS 10.6%
Aerospace & Defense 1.8%
Honeywell International, Inc.	73,432	$	2,732,405
Lockheed Martin Corp.	75,000		4,579,500

			7,311,905

Air Freight & Logistics 0.6%
United Parcel Service, Inc., Class B	35,000		2,545,900

Electrical Equipment 1.3%
Cooper Industries, Ltd., Class A	72,500		5,185,200

Industrial Conglomerates 6.4%
3M Co	37,005		3,170,958
General Electric Co.	393,000		14,171,580
Tyco International, Ltd.	250,105		8,453,549

			25,796,087

Machinery 0.5%
Deere & Co.	31,635		2,123,658

INFORMATION TECHNOLOGY 19.5%
Communications Equipment 3.6%
Cisco Systems, Inc. *	188,100		3,365,109
Corning, Inc. *	340,124		3,785,580
Motorola, Inc.	265,000		3,967,050
QUALCOMM, Inc.	96,000		3,518,400

			14,636,139

Computers & Peripherals 2.9%
Dell, Inc. *	74,000		2,843,080
Hewlett-Packard Co.	100,000		2,194,000
International Business Machines Corp.	54,938		5,020,235
Lexmark International, Inc., Class A *	24,000		1,919,280

			11,976,595

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
INFORMATION TECHNOLOGY continued
Internet Software & Services 1.7%
Google, Inc., Class A *	10,500	$	1,895,355
VeriSign, Inc. *	75,000		2,152,500
Yahoo!, Inc. *	84,000		2,847,600

			6,895,455

IT Services 2.9%
Accenture, Ltd., Class A *	125,000		3,018,750
Affiliated Computer Services, Inc., Class A *	75,000		3,993,000
Cognizant Technology Solutions Corp., Class A *	105,000		4,851,000

			11,862,750

Semiconductors & Semiconductor Equipment 3.7%
Altera Corp. *	259,091		5,124,820
Intel Corp.	221,472		5,144,795
Texas Instruments, Inc.	180,580		4,602,984

			14,872,599

Software 4.7%
Microsoft Corp.	548,486		13,256,906
Oracle Corp. *	472,139		5,892,295

			19,149,201

MATERIALS 4.4%
Chemicals 2.3%
Air Products & Chemicals, Inc.	54,000		3,417,660
Dow Chemical Co.	63,587		3,169,812
PPG Industries, Inc.	35,000		2,503,200

			9,090,672

Metals & Mining 2.1%
Alcoa, Inc	37,767		1,147,739
Massey Energy Co.	23,000		920,920
Peabody Energy Corp.	68,334		3,167,964
Phelps Dodge Corp.	32,572		3,313,550

			8,550,173

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
TELECOMMUNICATION SERVICES 3.3%
Diversified Telecommunication Services 2.0%
SBC Communications, Inc.	108,148	$	2,562,026
Sprint Corp.	107,983		2,456,613
Verizon Communications, Inc.	84,748		3,008,554

			8,027,193

Wireless Telecommunication Services 1.3%
Western Wireless Corp., Class A *	138,650		5,263,154

UTILITIES 2.7%
Electric Utilities 2.2%
DPL, Inc.	101,134		2,528,350
Exelon Corp.	38,019		1,744,692
PG&E Corp. (p)	79,754		2,719,611
TXU Corp.	24,674		1,964,791

			8,957,444

Multi-Utilities & Unregulated Power 0.5%
MDU Resources Group, Inc.	75,178		2,076,416

Total Common Stocks (cost $350,962,676)			399,736,385

SHORT-TERM INVESTMENTS 2.4%
MUTUAL FUND SHARES 2.4%
Evergreen Institutional U.S. Government Money Market Fund ø	7,174,507		7,174,507
Navigator Prime Portfolio (pp)	8,120,948		8,120,948

Total Short-Term Investments (cost $15,295,455)			15,295,455

Total Investments (cost $366,258,131) 100.8%			415,031,840
Other Assets and Liabilities (0.8%)			(8,670,022)

Net Assets 100.0%		$	406,361,818

* Non-income producing security

(p) All or a portion of this security is on loan.

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

(pp) Represents investment of cash collateral received from securities on loan.

Summary of Abbreviations

ADR American Depository Receipt

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

The following table shows the percent of total long-term investments by sector as of March 31, 2005:

Information Technology		19.9%
Financials		19.8%
Consumer Discretionary		11.9%
Health Care		11.0%
Industrials		10.7%
Consumer Staples		8.2%
Energy		8.0%
Materials		4.4%
Telecommunication Services		3.3%
Utilities		2.8%

		100.0%

See Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2005 (unaudited)

Assets
Investments in securities, at value (cost $366,258,131)
including $8,052,978 of securities loaned	$	415,031,840
Receivable for Fund shares sold		19,805
Dividends receivable		568,037
Receivable for securities lending income		487
Prepaid expenses and other assets		3,847

Total assets		415,624,016

Liabilities
Payable for Fund shares redeemed		747,826
Payable for securities on loan		8,120,948
Advisory fee payable		6,236
Distribution Plan expenses payable		2,661
Due to other related parties		187,566
Accrued expenses and other liabilities		196,961

Total liabilities		9,262,198

Net assets	$	406,361,818

Net assets represented by
Paid-in capital	$	502,126,753
Undistributed net investment income		506,355
Accumulated net realized losses on securities, futures
contracts and foreign currency related transactions		(145,044,999)
Net unrealized gains on securities		48,773,709

Total net assets	$	406,361,818

Net assets consists of
Class A	$	143,097,006
Class B		50,182,772
Class C		3,904,496
Class I		209,177,544

Total net assets	$	406,361,818

Shares outstanding
Class A		11,554,818
Class B		4,361,587
Class C		339,981
Class I		16,418,302

Net asset value per share
Class A	$	12.38
Class A — Offering price (based on sales charge of 5.75%)	$	13.14
Class B	$	11.51
Class C	$	11.48
Class I	$	12.74

See Notes to Financial Statements

STATEMENT OF OPERATIONS

Six Months Ended March 31, 2005 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $3,379)	$	4,657,053

Expenses
Advisory fee		1,409,982
Distribution Plan expenses
Class A		213,820
Class B		318,966
Class C		20,608
Administrative services fee		213,071
Transfer agent fees		994,389
Trustees’ fees and expenses		8,011
Printing and postage expenses		28,112
Custodian and accounting fees		57,514
Registration and filing fees		49,640
Professional fees		2,793
Other		10,083

Total expenses		3,326,989
Less: Expense reductions		(1,637)
Fee waivers and expense reimbursements		(213,717)

Net expenses		3,111,635

Net investment income		1,545,418

Net realized and unrealized gains or losses on
securities and foreign currency related transactions
Net realized gains or losses on:
Securities		21,273,017
Foreign currency related transactions		(3,934)

Net realized gains on securities and foreign
currency related transactions		21,269,083
Net change in unrealized gains or losses on securities
and foreign currency related transactions		2,242,075

Net realized and unrealized gains or losses on
securities and foreign currency related transactions		23,511,158

Net increase in net assets resulting from operations	$	25,056,576

See Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	March 31, 2005			Year Ended
	(unaudited)			September 30, 2004

Operations
Net investment income (loss)		$	1,545,418		$	(766,913)
Net realized gains on securities and
foreign currency related transactions			21,269,083			38,611,276
Net change in unrealized gains or losses
on securities and foreign currency
related transactions			2,242,075			15,405,242

Net increase in net assets resulting from
operations			25,056,576			53,249,605

Distributions to shareholders from
Net investment income
Class A			(99,618)			0
Class I			(790,610)			0

Total distributions to shareholders			(890,228)			0

	Shares			Shares
Capital share transactions
Proceeds from shares sold
Class A	630,970		7,805,285	1,477,708		17,325,252
Class B	72,130		827,636	205,250		2,246,222
Class C	3,018		34,930	39,141		421,350
Class I	69,929		887,218	175,511		2,112,866

			9,555,069			22,105,690

Net asset value of shares issued in
reinvestment of distributions
Class A	7,750		97,646	0		0
Class I	53,907		698,097	0		0

			795,743			0

Automatic conversion of Class B shares
to Class A shares
Class A	1,012,154		12,522,991	2,348,503		27,500,948
Class B	(1,087,521)		(12,522,991)	(2,510,357)		(27,500,948)

			0			0

Payment for shares redeemed
Class A	(1,721,907)		(21,223,605)	(2,716,473)		(31,783,581)
Class B	(1,419,306)		(16,290,038)	(3,327,199)		(36,422,762)
Class C	(38,812)		(445,463)	(93,610)		(1,021,232)
Class I	(1,422,752)		(18,162,616)	(3,008,863)		(36,135,799)

			(56,121,722)			(105,363,374)

Net decrease in net assets resulting
from capital share transactions			(45,770,910)			(83,257,684)

Total decrease in net assets			(21,604,562)			(30,008,079)
Net assets
Beginning of period			427,966,380			457,974,459

End of period	$ 406,361,818			$ 427,966,380

Undistributed net investment income (loss)		$	506,355		$	(148,835)

See Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen Fund (the “Fund”) is 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”).

The Fund offers Class A, Class B, Class C and Institutional (“Class I”) shares. Class A shares are sold with a front-end sales charge. However, Class A share investments of $1 million or more are not subject to a front-end sales charge but will be subject to a contingent deferred sales charge of 1.00% upon redemption within one year. Class B shares are sold without a front-end sales charge but are subject to a contingent deferred sales charge that is payable upon redemption and decreases depending on how long the shares have been held. Class C shares are no longer sold with a front-end sales charge but are still subject to a contingent deferred sales charge that is payable upon redemption within one year. Class I shares are sold without a front-end sales charge or contingent deferred sales charge. Each class of shares, except Class I shares, pays an ongoing distribution fee.

2. SIGNIFICANT ACCOUNTING POLICIES

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 prices 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.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

b. Foreign currency translation

All assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for that portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on securities.

c. Securities lending

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. Dividend income is recorded on the ex-dividend date or in the case of some foreign securities, on the date when the Fund is made aware of the dividend. Foreign income and capital gains realized on some securities may be subject to foreign taxes, which are accrued as applicable.

e. Federal taxes

f. Distributions

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

g. Class allocations

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 Fund and is paid an annual fee starting at 0.66% and declining to 0.45% as average daily net assets increase.

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 March 31, 2005, EIMC waived its fee in the amount of $213,634 and reimbursed expenses in the amount of $83 which combined represents 0.10% of the Fund’s average daily net assets (on an annualized basis).

4. DISTRIBUTION PLANS

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

shares.

For the six months ended March 31, 2005, EIS received $1,819 from the sale of Class A shares and $38,831 and $22 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

5. SECURITIES TRANSACTIONS

Cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were $172,560,039 and $216,013,492, respectively, for the six months ended March 31, 2005.

During the six months ended March 31, 2005, the Fund loaned securities to certain brokers. At March 31, 2005, the value of securities on loan and the value of collateral amounted to $8,052,978 and $8,120,948, respectively. During the six months ended March 31, 2005, the Fund earned $1,716 in income from securities lending which is included in dividend income on the Statement of Operations.

On March 31, 2005, the aggregate cost of securities for federal income tax purposes was $372,784,893. The gross unrealized appreciation and depreciation on securities based on tax cost was $54,556,704 and $12,309,757, respectively, with a net unrealized appreciation of $42,246,947.

As of September 30, 2004, the Fund had $160,153,068 in capital loss carryovers for federal income tax purposes expiring as follows:

Expiration

2010	2011	2012

$86,236,766	$73,611,690	$304,612

For income tax purposes, currency losses incurred after October 31 within the Fund’s fiscal year are deemed to arise on the first business day of the following fiscal year. As of September 30, 2004, the Fund incurred and elected to defer post-October currency losses of $4,154.

6. INTERFUND LENDING

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

7. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

8. DEFERRED TRUSTEES’ FEES

9. FINANCING AGREEMENT

10. REGULATORY MATTERS AND LEGAL PROCEEDINGS

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

tions relate to (i) an arrangement pursuant to which a broker at one of EIMC’s affiliated broker-dealers had been authorized, apparently by an EIMC officer (no longer with EIMC), to engage in short-term trading, on behalf of a client, in Evergreen Mid Cap Growth Fund (formerly Evergreen Emerging Growth Fund and prior to that, known as Evergreen Small Company Growth Fund) during the period from December 2000 through April 2003, in excess of the limitations set forth in the fund’s prospectus, (ii) short-term trading from September 2001 through January 2003, by a former Evergreen portfolio manager, of Evergreen Precious Metals Fund, a fund he managed at the time, (iii) the sufficiency of systems for monitoring exchanges and enforcing exchange limitations as stated in the fund’s prospectuses, and (iv) the adequacy of e-mail retention practices. In connection with the activity in Evergreen Mid Cap Growth Fund, EIMC reimbursed the fund $378,905, plus an additional $25,242, representing what EIMC calculated at that time to be the client’s net gain and the fees earned by EIMC and the expenses incurred by this fund on the client’s account. In connection with the activity in Evergreen Precious Metals Fund, EIMC reimbursed the fund $70,878, plus an additional $3,075, representing what EIMC calculated at that time to be the portfolio manager’s net gain and the fees earned by EIMC and expenses incurred by the fund on the portfolio manager’s account. Evergreen is currently engaged in discussions with the staff of the SEC concerning its recommendation.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

11. SUBSEQUENT DISTRIBUTIONS

On April 12, 2005, the Fund declared distributions from net investment income to shareholders of record on April 11, 2005. The per share amounts payable on April 13, 2005 were as follows:

		Net
		Investment
		Income

Class A	$	0.0137
Class I		0.0137

These distributions are not reflected in the accompanying financial statements.

12. REORGANIZATION

At a regular meeting of the Board of Trustees held on December 8 and 9, 2004, the Trustees of the Fund approved a Plan of Reorganization (the “Plan”) pending shareholder approval. Under the Plan, Evergreen Fundamental Large Cap Fund, (formerly, Evergreen Growth and Income Fund), a series of Evergreen Equity Trust, will acquire the assets and assume the liabilities of the Fund in exchange for shares of Evergreen Fundamental Large Cap Fund.

A special meeting of shareholders of the Fund was held on April 1, 2005 and adjourned until May 20, 2005. At the special meeting of shareholders on May 20, 2005, shareholders approved the Plan to merge the Fund into Evergreen Fundamental Large Cap Fund. The merger is scheduled to take place on or about June 10, 2005.

ADDITIONAL INFORMATION (unaudited)

SPECIAL MEETING OF SHAREHOLDERS

On May 20, 2005, a Special Meeting of Shareholders for the Fund was held to consider a number of proposals. On January 14, 2005, the record date for the meeting, the Fund had $428,608,296 of net assets outstanding of which $256,863,669 (59.93%) of net assets were represented at the meeting.

Proposal 1— The proposed reorganization of the Fund into Evergreen Fundamental Large Cap Fund, a series of Evergreen Equity Trust, a Delaware business trust:

225,929,961 voted “For”
17,942,255 voted “Against”
12,991,453 voted “Abstain”

Proposal 2— To consider and vote upon such other matters as may properly come before said meeting or adjournment thereof:

220,142,316 voted “For”
18,256,755 voted “Against”
18,464,598 voted “Abstain”

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TRUSTEES AND OFFICERS

TRUSTEES¹
Charles A. Austin III		Principal occupations: Investment Counselor, Anchor Capital Advisors, Inc. (investment advice);
Trustee		Director, The Andover Companies (insurance); Trustee, Arthritis Foundation of New England;
DOB: 10/23/1934		Director, The Francis Ouimet Society; Former Director, Health Development Corp.
Term of office since: 1991		(fitness-wellness centers); Former Director, Mentor Income Fund, Inc.; Former Trustee,
		Mentor Funds and Cash Resource Trust; Former Investment Counselor, Appleton Partners, Inc.
Other directorships: None		(investment advice); Former Director, Executive Vice President and Treasurer, State Street
		Research & Management Company (investment advice)


Shirley L. Fulton		Principal occupations: Partner, Tin, Fulton, Greene & Owen, PLLC (law firm); Former Partner,
Trustee		Helms, Henderson & Fulton, P.A. (law firm); Retired Senior Resident Superior Court Judge,
DOB: 1/10/1952		26th Judicial District, Charlotte, NC
Term of office since: 2004
Other directorships: None


K. Dun Gifford		Principal occupations: Chairman and President, Oldways Preservation and Exchange Trust
Trustee		(education); Trustee, Treasurer and Chairman of the Finance Committee, Cambridge College;
DOB: 10/23/1938		Former Chairman of the Board, Director, and Executive Vice President, The London Harness
Term of office since: 1974		Company (leather goods purveyor); Former Director, Mentor Income Fund, Inc.; Former Trustee,
		Mentor Funds and Cash Resource Trust
Other directorships: None


Dr. Leroy Keith, Jr.		Principal occupations: Partner, Stonington Partners, Inc. (private equity firm); Trustee,
Trustee		The Phoenix Group of Mutual Funds; Director, Obagi Medical Products Co.; Director,
DOB: 2/14/1939		Diversapack Co.; Former Director, Lincoln Educational Services; Former Chairman of the Board
Term of office since: 1983		and Chief Executive Officer, Carson Products Company (manufacturing); Former Director,
		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Other directorships: Trustee, The
Phoenix Group of Mutual Funds


Gerald M. McDonnell		Principal occupations: Manager of Commercial Operations, SMI Steel Co. – South Carolina
Trustee		(steel producer); Former Sales and Marketing Manager, Nucor Steel Company; Former Director,
DOB: 7/14/1939		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1988
Other directorships: None


William Walt Pettit		Principal occupations: Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior
Trustee		Packaging Corp.; Director, National Kidney Foundation of North Carolina, Inc.; Former Director,
DOB: 8/26/1955		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None


David M. Richardson		Principal occupations: President, Richardson, Runden LLC (executive recruitment business
Trustee		development/consulting company); Consultant, Kennedy Information, Inc. (executive
DOB: 9/19/1941		recruitment information and research company); Consultant, AESC (The Association of
Term of office since: 1982		Executive Search Consultants); Director, J&M Cumming Paper Co. (paper merchandising);
		Former Trustee, NDI Technologies, LLP (communications); Former Vice Chairman, DHR
Other directorships: None		International, Inc. (executive recruitment); Former Director, Mentor Income Fund, Inc.;
		Former Trustee, Mentor Funds and Cash Resource Trust


Dr. Russell A. Salton III		Principal occupations: President/CEO, AccessOne MedCard; Former Medical Director,
Trustee		Healthcare Resource Associates, Inc.; Former Medical Director, U.S. Health Care/Aetna Health
DOB: 6/2/1947		Services; Former Director, Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and
Term of office since: 1984		Cash Resource Trust
Other directorships: None

TRUSTEES AND OFFICERS continued

Michael S. Scofield		Principal occupations: Director, Branded Media Corporation (multi-media branding company);
Trustee		Attorney, Law Offices of Michael S. Scofield; Former Director, Mentor Income Fund, Inc.;
DOB: 2/20/1943		Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None


Richard J. Shima		Principal occupations: Independent Consultant; Director, Trust Company of CT; Trustee,
Trustee		Saint Joseph College (CT); Director, Hartford Hospital; Trustee, Greater Hartford YMCA;
DOB: 8/11/1939		Former Director, Enhance Financial Services, Inc.; Former Director, Old State House Association;
Term of office since: 1993		Former Director of CTG Resources, Inc. (natural gas); Former Director, Mentor Income Fund, Inc.;
		Former Trustee, Mentor Funds and Cash Resource Trust
Other directorships: None


Richard K. Wagoner, CFA²		Principal occupations: Member and Former President, North Carolina Securities Traders
Trustee		Association; Member, Financial Analysts Society; Former Consultant to the Boards of Trustees
DOB: 12/12/1937		of the Evergreen funds; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1999
Other directorships: None



OFFICERS

Dennis H. Ferro³		Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President		Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945		Evergreen Investment Company, Inc.
Term of office since: 2003


Carol Kosel⁴		Principal occupations: Senior Vice President, Evergreen Investment Services, Inc.
Treasurer
DOB: 12/25/1963
Term of office since: 1999


Michael H. Koonce⁴		Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary		Services, Inc.; Senior Vice President and Assistant General Counsel, Wachovia Corporation
DOB: 4/20/1960
Term of office since: 2000


James Angelos⁴		Principal occupations: Chief Compliance Officer and Senior Vice President, Evergreen Funds;
Chief Compliance Officer		Former Director of Compliance, Evergreen Investment Services, Inc.
DOB: 9/2/1947
Term of office since: 2004

2 Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the Fund’s investment advisor.

3 The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.

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

566378 rv2 5/2005

Evergreen Growth Fund

		table of contents
1		LETTER TO SHAREHOLDERS
4		FUND AT A GLANCE
6		ABOUT YOUR FUND’S EXPENSES
7		FINANCIAL HIGHLIGHTS
11		SCHEDULE OF INVESTMENTS
17		STATEMENT OF ASSETS AND LIABILITIES
18		STATEMENT OF OPERATIONS
19		STATEMENTS OF CHANGES IN NET ASSETS
20		NOTES TO FINANCIAL STATEMENTS
28		TRUSTEES AND OFFICERS

Mutual Funds:
NOT FDIC INSURED		MAY LOSE VALUE		NOT BANK GUARANTEED

Evergreen Investments^SMis a service mark of Evergreen Investment Management Company, LLC.
Copyright 2005, Evergreen Investment Management Company, LLC.

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

LETTER TO SHAREHOLDERS

May 2005

Dennis H. Ferro

President and Chief Executive Officer

Dear Shareholder,

We are pleased to provide the semiannual report for the Evergreen Growth Fund, which covers the six-month period ended March 31, 2005.

LETTER TO SHAREHOLDERS continued

Sincerely,

Dennis H. Ferro

President and Chief Executive Officer
Evergreen Investment Company, Inc.

Special Notice to Shareholders:

FUND AT A GLANCE

as of March 31, 2005

MANAGEMENT TEAM

Theodore W. Price, CFA

Small Cap Growth Team Lead Manager

CURRENT INVESTMENT STYLE

Source: Morningstar, Inc.

Morningstar’s style box is based on a portfolio date as of 3/31/2005.

PERFORMANCE AND RETURNS

Portfolio inception date: 4/15/1985

	Class A	Class B	Class C	Class I
Class inception date	6/5/1995	10/18/1999	4/15/1985	11/19/1997

Nasdaq symbol	EGWAX	EGRBX	EGRTX	EGRYX

6-month return with sales charge	4.89%	5.90%	9.91%	N/A

6-month return w/o sales charge	11.29%	10.90%	10.91%	11.45%

Average annual return*

1-year with sales charge	0.29%	0.70%	4.64%	N/A

1-year w/o sales charge	6.39%	5.70%	5.64%	6.70%

5-year	-1.89%	-1.73%	-1.44%	-0.46%

10-year	9.82%	9.67%	9.66%	10.71%

* Adjusted for maximum applicable sales charge, unless noted.

Historical performance shown for Classes A, B and I prior to their inception is based on the performance of Class C, the original class offered. The historical returns for Classes A and I have not been adjusted to reflect the effect of each class’ 12b-1 fee. These fees are 0.30% for Class A and 1.00% for Classes B and C. Class I does not pay a 12b-1 fee. If these fees had been reflected, returns for Classes A and I would have been higher.

FUND AT A GLANCE continued

LONG-TERM GROWTH

Comparison of a $10,000 investment in the Evergreen Growth Fund Class A shares, versus a similar investment in the Russell 2000 Growth Index (Russell 2000 Growth) and the Consumer Price Index (CPI).

The Russell 2000 Growth is an unmanaged market index and does not include transaction costs associated with buying and selling securities, any mutual fund 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.

Class I shares are only offered in the following manner: (1) to investment advisory clients of Evergreen Investment Management

Company, LLC (or its advisory affiliates) when purchased by such advisor(s) on behalf of its clients, (2) through arrangements entered into on behalf of the Evergreen funds with certain financial services firms, (3) to certain institutional investors and (4) to persons who owned Class Y shares in registered name in an Evergreen fund on or before December 31, 1994 or who owned shares of any SouthTrust fund in registered name as of March 18, 2005. Class I shares are only available to institutional shareholders with a minimum of $1 million investment, which may be waived in certain situations.

The fund’s investment objective is nonfundamental and may be changed without the vote of the fund’s shareholders.

Smaller capitalization stock investing may offer the potential for greater long-term results; however, it is also generally associated with greater price volatility due to the higher risk of failure.

All data is as of March 31, 2005, and subject to change.

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

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

• Actual expenses

• Hypothetical example for comparison purposes

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	10/1/2004	3/31/2005	Period*

Actual
Class A	$ 1,000.00	$ 1,112.91	$	6.58
Class B	$ 1,000.00	$ 1,108.97	$ 10.25
Class C	$ 1,000.00	$ 1,109.13	$ 10.25
Class I	$ 1,000.00	$ 1,114.50	$	5.01
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,018.70	$	6.29
Class B	$ 1,000.00	$ 1,015.21	$	9.80
Class C	$ 1,000.00	$ 1,015.21	$	9.80
Class I	$ 1,000.00	$ 1,020.19	$	4.78

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (1.25% for Class A, 1.95% for Class B, 1.95% for Class C and 0.95% for Class I), multiplied by the average account value over the period, multiplied by 182 / 365 days.

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS A	(unaudited)		2004	2003	2002		2001	2000¹

Net asset value, beginning of period	$	15.41	$ 14.08	$ 10.66	$	12.35	$ 25.11	$ 15.99

Income from investment operations
Net investment loss		(0.09)²	(0.16)²	(0.13)²		(0.13)²	(0.23)	(0.20)
Net realized and unrealized gains or losses on securities		1.83	1.49	3.55		(1.56)	(6.84)	10.19

Total from investment operations		1.74	1.33	3.42		(1.69)	(7.07)	9.99

Distributions to shareholders from
Net realized gains		0	0	0		0	(5.69)	(0.87)

Net asset value, end of period	$	17.15	$ 15.41	$ 14.08	$	10.66	$ 12.35	$ 25.11

Total return³		11.29%	9.45%	32.08%	(13.68%)		(33.68%)	65.01%

Ratios and supplemental data
Net assets, end of period (thousands)	$86,091		$82,353	$66,586	$49,793		$64,885	$114,248
Ratios to average net assets
Expenses⁴		1.25%⁵	1.27%	1.36%		1.32%	1.34%	1.44%
Net investment loss		(1.01%)⁵	(1.03%)	(1.05%)		(0.95%)	(0.79%)	(0.91%)
Portfolio turnover rate		39%	87%	120%		89%	111%	137%

¹Effective at the close of business on October 18, 1999, Evergreen Growth Fund acquired the net assets of Mentor Growth Portfolio. Mentor Growth Portfolio was the accounting and performance survivor in this transaction . The financial highlights for the periods prior to October 19, 1999 are those of Class A shares of Mentor Growth Portfolio.

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

³Excluding applicable sales charges

⁴The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements .

⁵Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS B	(unaudited)		2004	2003	2002		2001	2000¹

Net asset value, beginning of period	$	14.04	$ 12.91	$ 9.86	$	11.50	$23.97	$14.88

Income from investment operations
Net investment loss		(0.13)²	(0.25)²	(0.20)²		(0.21)²	(0.20)	(0.35)
Net realized and unrealized gains or losses on securities		1.66	1.38	3.25		(1.43)	(6.58)	10.31

Total from investment operations		1.53	1.13	3.05		(1.64)	(6.78)	9.96

Distributions to shareholders from
Net realized gains		0	0	0		0	(5.69)	(0.87)

Net asset value, end of period	$	15.57	$ 14.04	$ 12.91	$	9.86	$11.50	$23.97

Total return³		10.90%	8.75%	30.93%	(14.26%)		(34.19%)	69.62%

Ratios and supplemental data
Net assets, end of period (thousands)	$21,425		$20,926	$19,127	$12,073		$6,252	$6,155
Ratios to average net assets
Expenses⁴		1.95%⁵	1.98%	2.08%		2.08%	2.09%	2.14%⁵
Net investment loss		(1.71%)⁵	(1.73%)	(1.77%)		(1.71%)	(1.55%)	(1.60%)⁵
Portfolio turnover rate		39%	87%	120%		89%	111%	137%

¹For the period from October 18, 1999 (commencem ent of class operations), to September 30, 2000.

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

³Excluding applicable sales charges

⁴The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁵Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS C	(unaudited)		2004	2003	2002		2001	2000¹

Net asset value, beginning of period	$	14.02	$ 12.90	$ 9.84	$	11.49	$ 23.94	$ 15.39

Income from investment operations
Net investment loss		(0.13)²	(0.25)²	(0.20)²		(0.22)²	(0.19)	(0.35)
Net realized and unrealized gains or losses on securities		1.66	1.37	3.26		(1.43)	(6.57)	9.77

Total from investment operations		1.53	1.12	3.06		(1.65)	(6.76)	9.42

Distributions to shareholders from
Net realized gains		0	0	0		0	(5.69)	(0.87)

Net asset value, end of period	$	15.55	$ 14.02	$ 12.90	$	9.84	$ 11.49	$ 23.94

Total return³		10.91%	8.68%	31.10%	(14.36%)		(34.13%)	63.79%

Ratios and supplemental data
Net assets, end of period (thousands)	$201,290		$202,086	$220,442	$199,078		$263,292	$439,879
Ratios to average net assets
Expenses⁴		1.95%⁵	1.97%	2.09%		2.07%	2.09%	2.20%
Net investment loss		(1.71%)⁵	(1.73%)	(1.77%)		(1.70%)	(1.54%)	(1.67%)
Portfolio turnover rate		39%	87%	120%		89%	111%	137%

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

³Excluding applicable sales charges

⁴The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁵Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS I¹	(unaudited)		2004	2003	2002		2001	2000²

Net asset value, beginning of period	$	15.72	$ 14.32	$ 10.82	$	12.50	$ 25.28	$ 16.05

Income from investment operations
Net investment loss		(0.06)	(0.12)³	(0.10)³		(0.10)³	(0.15)	(0.15)
Net realized and unrealized gains or losses on securities		1.86	1.52	3.60		(1.58)	(6.94)	10.25

Total from investment operations		1.80	1.40	3.50		(1.68)	(7.09)	10.10

Distributions to shareholders from
Net realized gains		0	0	0		0	(5.69)	(0.87)

Net asset value, end of period	$	17.52	$ 15.72	$ 14.32	$	10.82	$ 12.50	$ 25.28

Total return		11.45%	9.78%	32.35%	(13.44%)		(33.49%)	65.47%

Ratios and supplemental data
Net assets, end of period (thousands)	$654,213		$623,418	$497,489	$139,378		$116,217	$136,704
Ratios to average net assets
Expenses⁴		0.95%⁵	0.98%	1.07%		1.07%	1.09%	1.18%
Net investment loss		(0.71%)⁵	(0.73%)	(0.77%)		(0.70%)	(0.55%)	(0.65%)
Portfolio turnover rate		39%	87%	120%		89%	111%	137%

¹Effective at the close of business on May 11, 2001, Class Y sh ares were renamed as Institutional shares (Class I).

²Effective at the close of business on October 18, 1999, Evergreen Growth Fund acquired the net assets of Mentor Growth Portfolio. Mentor Growth Portfolio was the accounting and performance survivor in this transaction . The financial highlights for the periods prior to October 19, 1999 are those of Class I shares of Mentor Growth Portfolio.

³Net investment income (loss) per share is based on average shares outstanding during the period.

⁴The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁵Annualized

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS 97.5%
CONSUMER DISCRETIONARY 14.4%
Automobiles 0.5%
Monaco Coach Corp. (p)	313,800	$	5,067,870

Hotels, Restaurants & Leisure 4.5%
Aztar Corp. * (p)	140,600		4,015,536
Gaylord Entertainment Co. (p)	137,736		5,564,534
Great Wolf Resorts, Inc.	200,000		4,990,000
P.F. Chang’s China Bistro, Inc. * (p)	106,100		6,344,780
Penn National Gaming, Inc. *	283,900		8,340,982
Rare Hospitality International, Inc. *	208,661		6,443,452
Shuffle Master, Inc. * (p)	256,573		7,430,354

			43,129,638

Leisure Equipment & Products 1.8%
Marvel Enterprises, Inc. * (p)	558,499		11,169,980
SCP Pool Corp.	197,707		6,298,945

			17,468,925

Media 1.4%
ADVO, Inc.	135,600		5,078,220
Radio One, Inc., Class D * (p)	535,008		7,891,368

			12,969,588

Multi-line Retail 0.5%
Conn’s, Inc. * (p)	273,100		5,134,280

Specialty Retail 4.6%
Aeropostale, Inc. * (p)	146,600		4,801,150
America’s Car-Mart, Inc. * (p)	165,445		5,800,502
Guitar Center, Inc. * (p)	75,600		4,145,148
Hibbett Sporting Goods, Inc. *	157,237		4,723,399
Monro Muffler Brake, Inc. * (p)	247,650		6,391,847
Stage Stores, Inc. *	213,272		8,187,512
Steiner Leisure, Ltd. *	145,400		4,753,126
West Marine, Inc. * (p)	255,900		5,440,434

			44,243,118

Textiles, Apparel & Luxury Goods 1.1%
Carter’s, Inc.	123,100		4,893,225
Warnaco Group, Inc. *	231,496		5,565,164

			10,458,389

CONSUMER STAPLES 2.1%
Food & Staples Retailing 2.1%
Central European Distribution Corp. (p)	166,500		5,542,785
Performance Food Group Co. * (p)	211,100		5,843,248
United Natural Foods, Inc. * (p)	298,700		8,551,781

			19,937,814

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
ENERGY 6.6%
Energy Equipment & Services 4.3%
Atwood Oceanics, Inc. *	39,300	$	2,615,022
Core Laboratories N.V. *	151,700		3,894,139
Grey Wolf, Inc. * (p)	760,900		5,006,722
Oceaneering International, Inc. * (p)	177,750		6,665,625
Pioneer Drilling Co	215,300		2,964,681
Superior Energy Services, Inc. *	647,450		11,136,140
Unit Corp. *	216,150		9,763,495

			42,045,824

Oil & Gas 2.3%
Comstock Resources, Inc. *	282,550		8,120,487
InterOil Corp. * (p)	166,412		5,817,764
Ultra Petroleum Corp. *	156,350		7,942,580

			21,880,831

FINANCIALS 8.5%
Capital Markets 0.8%
Investors Financial Services Corp. (p)	151,400		7,404,974

Commercial Banks 2.8%
Boston Private Financial Holdings, Inc. (p)	227,600		5,405,500
East West Bancorp, Inc. (p)	293,560		10,838,235
Silicon Valley Bancshares * (p)	128,500		5,661,710
Southwest Bancorp of Texas, Inc.	307,000		5,633,450

			27,538,895

Consumer Finance 0.7%
Asta Funding, Inc. (p)	309,346		6,548,855

Insurance 3.3%
Argonaut Group, Inc. * (p)	327,500		6,949,550
HCC Insurance Holdings, Inc.	229,050		8,282,448
Hub International, Ltd.	310,500		5,992,650
Markel Corp. *	31,760		10,963,870

			32,188,518

Thrifts & Mortgage Finance 0.9%
BankAtlantic Bancorp, Inc., Class A	492,700		8,572,980

HEALTH CARE 19.7%
Biotechnology 2.7%
DOV Pharmaceutical, Inc. * (p)	435,300		5,954,904
Martek Biosciences Corp. * (p)	98,600		5,737,534
Protein Design Labs, Inc. * (p)	310,000		4,956,900
Serologicals Corp. (p)	209,100		5,110,404
Telik, Inc. * (p)	264,900		3,994,692

			25,754,434

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
HEALTH CARE continued
Health Care Equipment & Supplies 6.0%
American Medical Systems Holdings, Inc. *	486,100	$	8,351,198
Animas Corp. * (p)	331,943		6,708,568
ArthroCare Corp. * (p)	176,500		5,030,250
Gen-Probe, Inc. *	165,300		7,365,768
Kensey Nash Corp. * (p)	57,427		1,555,123
Kyphon, Inc. * (p)	273,100		6,873,927
ResMed, Inc. * (p)	105,000		5,922,000
Respironics, Inc. * (p)	135,050		7,869,364
Wright Medical Group, Inc. *	338,000		8,112,000

			57,788,198

Health Care Providers & Services 6.5%
Advisory Board Co. * (p)	191,000		8,346,700
Centene Corp. *	217,400		6,519,826
LabOne, Inc. * (p)	183,750		6,335,700
Pediatrix Medical Group, Inc. * (p)	122,200		8,381,698
PSS World Medical, Inc. * (p)	475,400		5,405,298
Psychiatric Solutions, Inc. * (p)	181,649		8,355,854
Symbion, Inc. * (p)	271,200		5,795,544
United Surgical Partners International, Inc. * (p)	123,800		5,666,326
VCA Antech, Inc. * (p)	384,827		7,785,050

			62,591,996

Pharmaceuticals 4.5%
Andrx Corp. *	293,300		6,649,111
Connetics Corp. * (p)	350,800		8,871,732
Impax Laboratories, Inc. (p)	341,900		5,470,400
Medicis Pharmaceutical Corp., Class A	122,800		3,681,544
MGI Pharma, Inc. *	273,600		6,913,872
Noven Pharmaceuticals, Inc. * (p)	349,200		5,922,432
Salix Pharmaceuticals, Ltd. * (p)	387,800		6,394,822

			43,903,913

INDUSTRIALS 17.4%
Aerospace & Defense 2.8%
Applied Signal Technology, Inc. (p)	194,287		4,449,172
Argon ST, Inc. * (p)	230,074		7,592,442
Engineered Support Systems, Inc. (p)	184,600		9,879,792
Essex Corp.	279,000		4,556,070

			26,477,476

Air Freight & Logistics 2.0%
EGL, Inc. * (p)	200,345		4,567,866
Forward Air Corp. *	180,200		7,672,916
UTi Worldwide, Inc. (p)	107,100		7,438,095

			19,678,877

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
INDUSTRIALS continued
Airlines 0.5%
Airtran Holdings, Inc. (p)	520,200	$	4,707,810

Commercial Services & Supplies 4.4%
Corrections Corp. of America * (p)	247,800		9,565,080
DiamondCluster International, Inc., Class A *	525,050		8,453,305
Heidrick & Struggles International, Inc. * (p)	249,900		9,188,823
Kforce, Inc. * (p)	560,753		6,162,675
Stericycle, Inc. * (p)	196,100		8,667,620

			42,037,503

Electrical Equipment 0.4%
Acuity Brands, Inc. (p)	17,500		472,500
Power-One, Inc. * (p)	759,250		3,689,955

			4,162,455

Machinery 4.3%
A.S.V., Inc. * (p)	152,700		6,053,792
Briggs & Stratton Corp. (p)	216,500		7,882,765
IDEX Corp.	235,900		9,518,565
Oshkosh Truck Corp.	148,800		12,200,112
Wabash National Corp. * (p)	246,300		6,009,720

			41,664,954

Road & Rail 1.4%
Old Dominion Freight Line, Inc. *	276,200		8,603,630
Overnite Corp.	148,416		4,747,828

			13,351,458

Trading Companies & Distributors 1.6%
Hughes Supply, Inc.	313,900		9,338,525
Interline Brands, Inc. * (p)	318,109		6,079,063

			15,417,588

INFORMATION TECHNOLOGY 26.6%
Communications Equipment 3.4%
Avocent Corp. *	250,650		6,431,679
Packeteer, Inc. * (p)	488,000		7,510,320
Powerwave Technologies, Inc. * (p)	1,229,250		9,514,395
Tekelec * (p)	556,700		8,873,798

			32,330,192

Computers & Peripherals 1.1%
Stratasys, Inc. * (p)	198,348		5,619,199
Synaptics, Inc. * (p)	207,200		4,807,040

			10,426,239

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
INFORMATION TECHNOLOGY continued
Electronic Equipment & Instruments 3.0%
Aeroflex, Inc. * (p)	856,650	$	7,992,545
Applied Films Corp. * (p)	177,000		4,092,240
BEI Technologies, Inc. (p)	73,200		1,754,604
Benchmark Electronics, Inc. *	240,675		7,660,685
FLIR Systems, Inc. *	233,000		7,059,900

			28,559,974

Internet Software & Services 4.0%
Blue Coat Systems, Inc. * (p)	282,650		6,642,275
Equinix, Inc. * (p)	256,435		10,857,458
Interwoven, Inc. * (p)	537,700		4,188,683
NIC, Inc. * (p)	994,000		4,741,380
S1 Corp. (p)	691,300		4,797,622
ValueClick, Inc. * (p)	729,400		7,738,934

			38,966,352

IT Services 3.7%
Cognizant Technology Solutions Corp., Class A *	120,000		5,544,000
eFunds Corp. *	221,350		4,940,532
Euronet Worldwide, Inc. * (p)	272,800		7,788,440
Global Payments, Inc. (p)	169,550		10,934,279
MPS Group, Inc. *	642,100		6,748,471

			35,955,722

Semiconductors & Semiconductor Equipment 6.9%
ATMI, Inc. * (p)	510,550		12,784,172
August Technology Corp. * (p)	776,000		9,094,720
Exar Corp. *	649,600		8,704,640
Genesis Microchip, Inc. * (p)	570,500		8,243,725
LTX Corp. * (p)	659,850		2,929,734
PDF Solutions, Inc.	191,000		2,674,000
Power Integrations, Inc. * (p)	247,500		5,170,275
Rudolph Technologies, Inc. * (p)	362,700		5,462,262
Semtech Corp. *	146,100		2,610,807
Trident Microsystems, Inc. * (p)	486,750		8,605,740

			66,280,075

Software 4.5%
Agile Software Corp. * (p)	1,260,150		9,173,892
ANSYS, Inc. *	28,100		961,301
Concur Technologies, Inc. * (p)	663,650		5,388,838
JAMDAT Mobile, Inc. * (p)	234,350		4,040,194
Kronos, Inc. * (p)	139,150		7,111,956
Moldflow Corp. *	566,950		9,065,530
RSA Security, Inc. * (p)	299,850		4,752,623
Sonic Solutions * (p)	218,000		3,280,900

			43,775,234

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
MATERIALS 1.4%
Construction Materials 0.9%
Headwaters, Inc. * (p)	257,000	$	8,434,740

Metals & Mining 0.5%
AMCOL International Corp.	254,500		4,774,420

TELECOMMUNICATION SERVICES 0.8%
Wireless Telecommunication Services 0.8%
Alamosa Holdings, Inc. * (p)	662,000		7,725,540

Total Common Stocks (cost $759,685,750)			939,355,649

SHORT-TERM INVESTMENTS 28.2%
MUTUAL FUND SHARES 28.2%
Evergreen Institutional Money Market Fund ø	24,559,909		24,559,909
Evergreen Prime Cash Management Money Market Fund ø (pp)	247,015,842		247,015,842

Total Short-Term Investments (cost $271,575,751)			271,575,751

Total Investments (cost $1,031,261,501) 125.7%			1,210,931,400
Other Assets and Liabilities (25.7%)			(247,911,722)

Net Assets 100.0%		$	963,019,678

(p)		All or a portion of this security is on loan.
*		Non-income producing security
ø		Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market
		fund.
(pp)		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 March 31, 2005:
Information Technology		27.4%
Health Care		20.2%
Industrials		17.8%
Consumer Discretionary		14.7%
Financials		8.8%
Energy		6.8%
Consumer Staples		2.1%
Materials		1.4%
Telecommunication Services		0.8%

		100.0%

See Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2005 (unaudited)

Assets
Investments in securities, at value (cost $759,685,750)
including $241,064,316 of securities loaned	$	939,355,649
Investments in affiliate, at value (cost $271,575,751)		271,575,751
Receivable for securities sold		4,576,911
Receivable for Fund shares sold		600,277
Dividends receivable		200,862
Receivable for securities lending income		16,427
Prepaid expenses and other assets		31,199

Total assets		1,216,357,076

Liabilities
Payable for securities purchased		4,271,292
Payable for Fund shares redeemed		1,909,456
Payable for securities on loan		247,015,842
Advisory fee payable		18,455
Distribution Plan expenses payable		6,804
Due to other related parties		28,443
Accrued expenses and other liabilities		87,106

Total liabilities		253,337,398

Net assets	$	963,019,678

Net assets represented by
Paid-in capital	$	774,057,564
Undistributed net investment loss		(4,827,310)
Accumulated net realized gains on securities		14,119,525
Net unrealized gains on securities		179,669,899

Total net assets	$	963,019,678

Net assets consists of
Class A	$	86,091,094
Class B		21,424,821
Class C		201,290,307
Class I		654,213,456

Total net assets	$	963,019,678

Shares outstanding
Class A		5,019,659
Class B		1,376,463
Class C		12,948,511
Class I		37,338,895

Net asset value per share
Class A	$	17.15
Class A — Offering price (based on sales charge of 5.75%)	$	18.20
Class B	$	15.57
Class C	$	15.55
Class I	$	17.52

See Notes to Financial Statements

STATEMENT OF OPERATIONS

Six Months Ended March 31, 2005 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $5,303)	$	696,587
Income from affiliate		532,038

Total investment income		1,228,625

Expenses
Advisory fee		3,485,733
Distribution Plan expenses
Class A		132,523
Class B		109,661
Class C		1,053,918
Administrative services fee		497,206
Transfer agent fees		545,040
Trustees’ fees and expenses		6,705
Printing and postage expenses		24,779
Custodian and accounting fees		126,449
Registration and filing fees		43,433
Professional fees		11,071
Other		16,571

Total expenses		6,053,089
Less: Expense reductions		(5,429)
Expense reimbursements		(207)

Net expenses		6,047,453

Net investment loss		(4,818,828)

Net realized and unrealized gains or losses on securities
Net realized gains on securities		84,567,717
Net change in unrealized gains or losses on securities		26,264,000

Net realized and unrealized gains or losses on securities		110,831,717

Net increase in net assets resulting from operations	$	106,012,889

See Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	March 31, 2005		Year Ended
	(unaudited)		September 30, 2004

Operations
Net investment loss	$	(4,818,828)	$	(9,527,855)
Net realized gains on securities		84,567,717		74,560,371
Net change in unrealized gains
on securities		26,264,000		11,300,679

Net increase in net assets resulting
from operations		106,012,889		76,333,195

	Shares		Shares
Capital share transactions
Proceeds from shares sold
Class A	755,935	12,818,082	2,115,592	33,082,570
Class B	65,506	1,020,462	330,122	4,703,190
Class C	134,533	2,085,557	531,112	7,631,783
Class I	6,406,263	112,092,909	14,869,677	236,422,138

		128,017,010		281,839,681

Automatic conversion of Class B
shares to Class A shares
Class A	15,543	258,240	27,338	429,564
Class B	(17,093)	(258,240)	(29,930)	(429,564)

		0		0

Payment for shares redeemed
Class A	(1,094,657)	(18,520,295)	(1,530,004)	(23,822,676)
Class B	(162,681)	(2,504,494)	(290,824)	(4,120,181)
Class C	(1,600,283)	(24,731,210)	(3,211,166)	(45,796,627)
Class I	(8,717,296)	(154,037,867)	(9,965,022)	(159,293,288)

		(199,793,866)		(233,032,772)

Net increase (decrease) in net
assets resulting from capital
share transactions		(71,776,856)		48,806,909

Total increase in net assets		34,236,033		125,140,104
Net assets
Beginning of period		928,783,645		803,643,541

End of period	$ 963,019,678		$ 928,783,645

Undistributed net investment loss	$	(4,827,310)	$	(8,482)

See Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen Growth Fund (the “Fund”) is 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”).

2. SIGNIFICANT ACCOUNTING POLICIES

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.

b. Securities lending

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

c. 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. 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.

d. Federal taxes

e. Distributions

f. Class allocations

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 Fund and is paid an annual fee starting at 0.70% and declining to 0.65% as average daily net assets increase.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

4. DISTRIBUTION PLANS

For the six months ended March 31, 2005, EIS received $4,240 from the sale of Class A shares and $37,849 and $2,963 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

5. SECURITIES TRANSACTIONS

Cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were $380,561,054 and $440,369,621, respectively, for the six months ended March 31, 2005.

During the six months ended March 31, 2005, the Fund loaned securities to certain brokers. At March 31, 2005, the value of securities on loan and the value of collateral amounted to $241,064,316 and $247,015,842, respectively. During the six months ended March 31, 2005, the Fund earned $181,668 in income from securities lending which is included in income from affiliate on the Statement of Operations.

On March 31, 2005, the aggregate cost of securities for federal income tax purposes was $1,035,786,237. The gross unrealized appreciation and depreciation on securities based on tax cost was $199,370,493 and $24,225,330, respectively, with a net unrealized appreciation of $175,145,163.

As of September 30, 2004, the Fund had $66,098,461 in capital loss carryovers for federal income tax purposes expiring as follows:

		Expiration

2007	2008	2009	2010	2011

$23,880	$26,328,013	$111,919	$3,349,192	$36,285,457

6. INTERFUND LENDING

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

7. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

8. DEFERRED TRUSTEES’ FEES

9. FINANCING AGREEMENT

10. CONCENTRATION OF RISK

11. REGULATORY MATTERS AND LEGAL PROCEEDINGS

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

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TRUSTEES AND OFFICERS

TRUSTEES¹

Charles A. Austin III		Principal occupations: Investment Counselor, Anchor Capital Advisors, Inc. (investment advice);
Trustee		Director, The Andover Companies (insurance); Trustee, Arthritis Foundation of New England;
DOB: 10/23/1934		Director, The Francis Ouimet Society; Former Director, Health Development Corp.
Term of office since: 1991		(fitness-wellness centers); Former Director, Mentor Income Fund, Inc.; Former Trustee,
		Mentor Funds and Cash Resource Trust; Former Investment Counselor, Appleton Partners, Inc.
Other directorships: None		(investment advice); Former Director, Executive Vice President and Treasurer, State Street
		Research & Management Company (investment advice)

Shirley L. Fulton		Principal occupations: Partner, Tin, Fulton, Greene & Owen, PLLC (law firm); Former Partner,
Trustee		Helms, Henderson & Fulton, P.A. (law firm); Retired Senior Resident Superior Court Judge,
DOB: 1/10/1952		26th Judicial District, Charlotte, NC
Term of office since: 2004
Other directorships: None

K. Dun Gifford		Principal occupations: Chairman and President, Oldways Preservation and Exchange Trust
Trustee		(education); Trustee, Treasurer and Chairman of the Finance Committee, Cambridge College;
DOB: 10/23/1938		Former Chairman of the Board, Director, and Executive Vice President, The London Harness
Term of office since: 1974		Company (leather goods purveyor); Former Director, Mentor Income Fund, Inc.; Former Trustee,
		Mentor Funds and Cash Resource Trust
Other directorships: None

Dr. Leroy Keith, Jr.		Principal occupations: Partner, Stonington Partners, Inc. (private equity firm); Trustee,
Trustee		The Phoenix Group of Mutual Funds; Director, Obagi Medical Products Co.; Director,
DOB: 2/14/1939		Diversapack Co.; Former Director, Lincoln Educational Services; Former Chairman of the Board
Term of office since: 1983		and Chief Executive Officer, Carson Products Company (manufacturing); Former Director,
		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Other directorships: Trustee, The
Phoenix Group of Mutual Funds

Gerald M. McDonnell		Principal occupations: Manager of Commercial Operations, SMI Steel Co. – South Carolina
Trustee		(steel producer); Former Sales and Marketing Manager, Nucor Steel Company; Former Director,
DOB: 7/14/1939		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1988
Other directorships: None

William Walt Pettit		Principal occupations: Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior
Trustee		Packaging Corp.; Director, National Kidney Foundation of North Carolina, Inc.; Former Director,
DOB: 8/26/1955		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None

David M. Richardson		Principal occupations: President, Richardson, Runden LLC (executive recruitment business
Trustee		development/consulting company); Consultant, Kennedy Information, Inc. (executive
DOB: 9/19/1941		recruitment information and research company); Consultant, AESC (The Association of
Term of office since: 1982		Executive Search Consultants); Director, J&M Cumming Paper Co. (paper merchandising);
		Former Trustee, NDI Technologies, LLP (communications); Former Vice Chairman, DHR
Other directorships: None		International, Inc. (executive recruitment); Former Director, Mentor Income Fund, Inc.;
		Former Trustee, Mentor Funds and Cash Resource Trust

Dr. Russell A. Salton III		Principal occupations: President/CEO, AccessOne MedCard; Former Medical Director,
Trustee		Healthcare Resource Associates, Inc.; Former Medical Director, U.S. Health Care/Aetna Health
DOB: 6/2/1947		Services; Former Director, Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and
Term of office since: 1984		Cash Resource Trust
Other directorships: None

TRUSTEES AND OFFICERS continued

Michael S. Scofield		Principal occupations: Director, Branded Media Corporation (multi-media branding company);
Trustee		Attorney, Law Offices of Michael S. Scofield; Former Director, Mentor Income Fund, Inc.;
DOB: 2/20/1943		Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None

Richard J. Shima		Principal occupations: Independent Consultant; Director, Trust Company of CT; Trustee,
Trustee		Saint Joseph College (CT); Director, Hartford Hospital; Trustee, Greater Hartford YMCA;
DOB: 8/11/1939		Former Director, Enhance Financial Services, Inc.; Former Director, Old State House Association;
Term of office since: 1993		Former Director of CTG Resources, Inc. (natural gas); Former Director, Mentor Income Fund, Inc.;
		Former Trustee, Mentor Funds and Cash Resource Trust
Other directorships: None

Richard K. Wagoner, CFA²		Principal occupations: Member and Former President, North Carolina Securities Traders
Trustee		Association; Member, Financial Analysts Society; Former Consultant to the Boards of Trustees
DOB: 12/12/1937		of the Evergreen funds; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1999
Other directorships: None

OFFICERS
Dennis H. Ferro³		Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President		Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945		Evergreen Investment Company, Inc.
Term of office since: 2003

Carol Kosel⁴		Principal occupations: Senior Vice President, Evergreen Investment Services, Inc.
Treasurer
DOB: 12/25/1963
Term of office since: 1999

Michael H. Koonce⁴		Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary		Services, Inc.; Senior Vice President and Assistant General Counsel, Wachovia Corporation
DOB: 4/20/1960
Term of office since: 2000

James Angelos⁴		Principal occupations: Chief Compliance Officer and Senior Vice President, Evergreen Funds;
Chief Compliance Officer		Former Director of Compliance, Evergreen Investment Services, Inc.
DOB: 9/2/1947
Term of office since: 2004

2 Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the Fund’s investment advisor.

3 The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.

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

566379 rv2 5/2005

Evergreen Large Cap Equity Fund

		table of contents
1		LETTER TO SHAREHOLDERS
4		FUND AT A GLANCE
6		ABOUT YOUR FUND’S EXPENSES
7		FINANCIAL HIGHLIGHTS
12		SCHEDULE OF INVESTMENTS
19		STATEMENT OF ASSETS AND LIABILITIES
20		STATEMENT OF OPERATIONS
21		STATEMENTS OF CHANGES IN NET ASSETS
23		NOTES TO FINANCIAL STATEMENTS
32		TRUSTEES AND OFFICERS

Mutual Funds:
NOT FDIC INSURED		MAY LOSE VALUE		NOT BANK GUARANTEED

Evergreen Investments^SMis a service mark of Evergreen Investment Management Company, LLC.
Copyright 2005, Evergreen Investment Management Company, LLC.

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

LETTER TO SHAREHOLDERS

May 2005

Dennis H. Ferro
President and Chief
Executive Officer

Dear Shareholder,

We are pleased to provide the semiannual report for the Evergreen Large Cap Equity Fund, which covers the six-month period ended March 31, 2005.

ity emerged on many of these issues, the equity markets finally responded favorably in the waning weeks of 2004. Typical of the recent trends, stocks resumed their roller coaster ride of volatility during the first three months of the new-year. Throughout this market turbulence, our investment teams maintained their commitment to long-term fundamentals, rather than short-term volatility, a process that we believe will continue to provide our investors with the diversification tools necessary for successful, long-term performance.

LETTER TO SHAREHOLDERS continued

Sincerely,

Dennis H. Ferro
President and Chief Executive Officer
Evergreen Investment Company, Inc.

Special Notice to Shareholders:

FUND AT A GLANCE

as of March 31, 2005

MANAGEMENT TEAM

William E. Zieff
Global Structured
Products Team
Lead Manager

CURRENT INVESTMENT STYLE

Source: Morningstar, Inc.

Morningstar’s style box is based on a portfolio date as of 3/31/2005.

PERFORMANCE AND RETURNS

Portfolio inception date: 2/28/1990

	Class A	Class B	Class C	Class I	Class IS
Class inception date	2/28/1990	11/7/1997	6/30/1999	2/21/1995	6/30/2000

Nasdaq symbol	EVSAX	EVSBX	EVSTX	EVSYX	EVSSX

6-month return with sales charge	2.85%	3.76%	7.77%	N/A	N/A

6-month return w/o sales charge	9.15%	8.76%	8.77%	9.32%	9.09%

Average annual return*

1-year with sales charge	2.25%	2.70%	6.72%	N/A	N/A

1-year w/o sales charge	8.45%	7.70%	7.72%	8.80%	8.50%

5-year	-3.86%	-3.77%	-3.44%	-2.47%	-2.72%

10-year	8.84%	7.93%	9.01%	9.74%	9.49%

* Adjusted for maximum applicable sales charge, unless noted.

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. To obtain performance information current to the most recent month-end for Classes A, B, C, I or IS, please go to EvergreenInvestments.com/fundperformance. The performance of each class may vary based on differences in loads, fees and expenses paid by the shareholders investing in each class. The maximum applicable sales charge is 5.75% for Class A, 5.00% for Class B and 1.00% for Class C. Classes I and IS are not subject to sales charges. Performance includes the reinvestment of income dividends and capital gain distributions. Performance shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Historical performance shown for Classes B, C, I and IS prior to their inception is based on the performance of Class A, the original class offered. The historical returns for Classes B, C and I have not been adjusted to reflect the effect of each class’ 12b-1 fee. These fees are 0.25% for Class IS, 0.30% for Class A and 1.00% for Classes B and C. Class I does not pay a 12b-1 fee. If these fees had been reflected, returns for Classes B and C would have been lower while returns for Class I would have been higher. The historical returns for Class IS prior to its inception reflect the same 0.25% 12b-1 fee in effect for Class A at that time.

The advisor is waiving a portion of its advisory fee. Had the fee not been waived, returns would have been lower.

FUND AT A GLANCE continued

LONG-TERM GROWTH

Comparison of a $10,000 investment in the Evergreen Large Cap Equity Fund Class A shares, versus a similar investment in the Standard & Poor’s 500 Index (S&P 500) 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 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.

Class I shares are only offered in the following manner: (1) to investment advisory clients of Evergreen Investment Management Company, LLC (or its advisory affiliates) when purchased by such advisor(s) on behalf of its clients, (2) through arrangements entered into on behalf of the Evergreen funds with certain financial services firms, (3) to certain institutional investors and (4) to persons who owned Class Y shares in registered name in an Evergreen fund on or before December 31, 1994 or who owned shares of any SouthTrust fund in registered name as of March 18, 2005. Class I and IS shares are only available to institutional shareholders with a minimum of $1 million investment, which may be waived in certain situations.

The fund’s investment objective is nonfundamental and may be changed without the vote of the fund’s shareholders.

Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability and foreign currency fluctuations.

Smaller capitalization stock investing may offer the potential for greater long-term results; however, it is also generally associated with greater price volatility due to the higher risk of failure.

“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 Investment Management Company, LLC. 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 March 31, 2005, and subject to change.

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

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

• Actual expenses

• Hypothetical example for comparison purposes

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	10/1/2004	3/31/2005	Period*

Actual
Class A	$ 1,000.00	$ 1,091.46	$ 5.74
Class B	$ 1,000.00	$ 1,087.64	$ 9.37
Class C	$ 1,000.00	$ 1,087.69	$ 9.37
Class I	$ 1,000.00	$ 1,093.22	$ 4.17
Class IS	$ 1,000.00	$ 1,090.86	$ 5.47
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,019.45	$ 5.54
Class B	$ 1,000.00	$ 1,015.96	$ 9.05
Class C	$ 1,000.00	$ 1,015.96	$ 9.05
Class I	$ 1,000.00	$ 1,020.94	$ 4.03
Class IS	$ 1,000.00	$ 1,019.70	$ 5.29

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (1.10% for Class A, 1.80% for Class B, 1.80% for Class C, 0.80% for Class I and 1.05% for Class IS), multiplied by the average account value over the period, multiplied by 182 / 365 days.

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS A	(unaudited)		2004	2003	2002	2001	2000

Net asset value, beginning of period		$13.56	$ 11.93	$ 9.70	$12.23	$ 17.69	$ 20.06

Income from investment operations
Net investment income (loss)		0.10¹	0.07	0.05¹	0.07¹	0.04¹	(0.01)
Net realized and unrealized gains or losses
on securities and futures contracts		1.14	1.62	2.23	(2.53)	(4.81)	2.47

Total from investment operations		1.24	1.69	2.28	(2.46)	(4.77)	2.46

Distributions to shareholders from
Net investment income		(0.10)	(0.06)	(0.05)	(0.07)	(0.04)	0
Net realized gains		0	0	0	0	(0.65)	(4.83)

Total distributions to shareholders		(0.10)	(0.06)	(0.05)	(0.07)	(0.69)	(4.83)

Net asset value, end of period		$14.70	$ 13.56	$ 11.93	$9.70	$ 12.23	$ 17.69

Total return²		9.15%	14.16%	23.61%	(20.25%)	(27.82%)	12.31%

Ratios and supplemental data
Net assets, end of period (thousands)		$54,962	$51,209	$40,373	$35,214	$15,410	$22,908
Ratios to average net assets
Expenses³		1.10%⁴	1.15%	1.12%	1.00%	0.96%	1.08%
Net investment income (loss)		1.32%⁴	0.47%	0.47%	0.60%	0.25%	(0.08%)
Portfolio turnover rate		17%	54%	49%	67%	54%	67%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements .

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS B	(unaudited)		2004	2003	2002		2001	2000

Net asset value, beginning of period		$ 13.01	$ 11.48	$ 9.36		$ 11.82	$ 17.21	$ 19.77

Income from investment operations
Net investment income (loss)		0.04¹	(0.04)	(0.03)¹		(0.01)¹	(0.07)¹	(0.13)
Net realized and unrealized gains or losses
on securities and futures contracts		1.10	1.57	2.15		(2.45)	(4.67)	2.40

Total from investment operations		1.14	1.53	2.12		(2.46)	(4.74)	2.27

Distributions to shareholders from
Net investment income		(0.06)	0²	0²		0	0	0
Net realized gains		0	0	0		0	(0.65)	(4.83)

Total distributions to shareholders		(0.06)	0	0		0	(0.65)	(4.83)

Net asset value, end of period		$ 14.09	$ 13.01	$ 11.48		$ 9.36	$ 11.82	$ 17.21

Total return³		8.76%	13.34%	22.68%	(20.81%)		(28.44%)	11.42%

Ratios and supplemental data
Net assets, end of period (thousands)	$10,014		$11,177	$10,211	$11,221		$2,017	$2,704
Ratios to average net assets
Expenses⁴		1.80%⁵	1.85%	1.85%		1.76%	1.73%	1.84%
Net investment income (loss)		0.62%⁵	(0.24%)	(0.25%)		(0.13%)	(0.47%)	(0.84%)
Portfolio turnover rate		17%	54%	49%		67%	54%	67%

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

²Amount represents less than $0.005 per share.

³Excluding applicable sales charges

⁴The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements .

⁵Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended	Year Ended September 30,
	March 31, 2005
CLASS C	(unaudited)	2004	2003	2002	2001	2000

Net asset value, beginning of period	$13.24	$11.69	$ 9.53	$12.03	$17.50	$20.02

Income from investment operations
Net investment income (loss)	0.04	(0.03)¹	(0.02)¹	(0.01)¹	(0.08)¹	(0.12)
Net realized and unrealized gains or losses
on securities and futures contracts	1.12	1.58	2.18	(2.49)	(4.74)	2.43

Total from investment operations	1.16	1.55	2.16	(2.50)	(4.82)	2.31

Distributions to shareholders from
Net investment income	(0.06)	0²	0	0	0	0
Net realized gains	0	0	0	0	(0.65)	(4.83)

Total distributions to shareholders	(0.06)	0	0	0	(0.65)	(4.83)

Net asset value, end of period	$14.34	$13.24	$11.69	$ 9.53	$12.03	$17.50

Total return³	8.77%	13.27%	22.67%	(20.78%)	(28.42%)	11.49%

Ratios and supplemental data
Net assets, end of period (thousands)	$2,545	$2,518	$ 460	$ 504	$ 88	$ 409
Ratios to average net assets
Expenses⁴	1.80%⁵	1.84%	1.85%	1.75%	1.72%	1.84%
Net investment income (loss)	0.63%⁵	(0.24%)	(0.21%)	(0.11%)	(0.54%)	(0.82%)
Portfolio turnover rate	17%	54%	49%	67%	54%	67%

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

²Amount represents less than $0.005 per share.

³Excluding applicable sales charges

⁴The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements

⁵Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS I¹	(unaudited)		2004	2003		2002	2001	2000

Net asset value, beginning of period		$ 13.61	$ 11.99	$ 9.74		$12.28	$ 17.78	$ 20.11

Income from investment operations
Net investment income		0.12	0.10	0.08²	��	0.10²	0.08²	0.03
Net realized and unrealized gains or losses
on securities and futures contracts		1.15	1.62	2.25		(2.54)	(4.85)	2.48

Total from investment operations		1.27	1.72	2.33		(2.44)	(4.77)	2.51

Distributions to shareholders from
Net investment income		(0.12)	(0.10)	(0.08)		(0.10)	(0.08)	(0.01)
Net realized gains		0	0	0		0	(0.65)	(4.83)

Total distributions to shareholders		(0.12)	(0.10)	(0.08)		(0.10)	(0.73)	(4.84)

Net asset value, end of period		$ 14.76	$ 13.61	$ 11.99		$ 9.74	$ 12.28	$ 17.78

Total return		9.32%	14.40%	24.04%		(20.05%)	(27.72%)	12.62%

Ratios and supplemental data
Net assets, end of period (thousands)	$1,451,673		$1,455,039	$528,160	$805,341		$843,929	$1,062,608
Ratios to average net assets
Expenses³		0.80%⁴	0.84%	0.85%		0.74%	0.73%	0.81%
Net investment income		1.62%⁴	0.76%	0.76%		0.83%	0.52%	0.24%
Portfolio turnover rate		17%	54%	49%		67%	54%	67%

¹Effective at the close of business on May 11, 2001, Class Y sh ares were renamed as Institutional shares (Class I).

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

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements .

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS IS	(unaudited)		2004	2003	2002	2001	2000¹

Net asset value, beginning of period		$13.57	$ 11.93	$ 9.70	$12.23	$17.69	$19.83

Income from investment operations
Net investment income		0.10	0.07	0.05²	0.07²	0.04²	0.01
Net realized and unrealized gains or losses
on securities and futures contracts		1.13	1.63	2.24	(2.53)	(4.81)	0.34

Total from investment operations		1.23	1.70	2.29	(2.46)	(4.77)	0.35

Distributions to shareholders from
Net investment income		(0.10)	(0.06)	(0.06)	(0.07)	(0.04)	0
Net realized gains		0	0	0	0	(0.65)	(2.49)

Total distributions to shareholders		(0.10)	(0.06)	(0.06)	(0.07)	(0.69)	(2.49)

Net asset value, end of period		$14.70	$ 13.57	$11.93	$ 9.70	$12.23	$17.69

Total return		9.09%	14.23%	23.64%	(20.25%)	(27.85%)	1.56%

Ratios and supplemental data
Net assets, end of period (thousands)	$77,672		$80,111	$ 915	$ 771	$ 967	$1,435
Ratios to average net assets
Expenses³		1.05%⁴	1.08%	1.10%	0.99%	0.98%	1.00%⁴
Net investment income		1.37%⁴	0.51%	0.49%	0.58%	0.27%	0.21%⁴
Portfolio turnover rate		17%	54%	49%	67%	54%	67%

¹For the period from June 30, 2000 (commencement of class operations), to September 30, 2000.

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

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements .

⁴Annualized

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS 99.6%
CONSUMER DISCRETIONARY 11.0%
Hotels, Restaurants & Leisure 1.8%
Carnival Corp.	166,161	$	8,608,801
Darden Restaurants, Inc.	345,673		10,605,248
Yum! Brands, Inc.	193,853		10,043,524

			29,257,573

Household Durables 0.6%
Fortune Brands, Inc.	124,741		10,057,867

Media 3.6%
McGraw-Hill Companies, Inc.	102,169		8,914,245
News Corp., Class A	423,608		7,167,448
Omnicom Group, Inc.	4,308		381,344
Time Warner, Inc. *	1,272,810		22,337,816
Walt Disney Co.	677,305		19,458,973

			58,259,826

Multi-line Retail 1.7%
J.C. Penney Co., Inc.	258,890		13,441,569
Nordstrom, Inc.	232,992		12,903,097

			26,344,666

Specialty Retail 2.3%
Best Buy Co., Inc.	186,946		10,096,954
Home Depot, Inc.	378,868		14,487,912
Michaels Stores, Inc.	334,428		12,139,736

			36,724,602

Textiles, Apparel & Luxury Goods 1.0%
Coach, Inc. *	112,488		6,370,195
VF Corp.	151,150		8,939,011

			15,309,206

CONSUMER STAPLES 10.5%
Beverages 1.5%
Coca-Cola Co.	216,488		9,021,055
Pepsi Bottling Group, Inc.	395,118		11,004,036
PepsiCo, Inc.	67,357		3,571,942

			23,597,033

Food & Staples Retailing 3.3%
Costco Wholesale Corp.	223,651		9,880,901
CVS Corp.	103,503		5,446,328
Kroger Co. *	361,008		5,786,958
SUPERVALU, Inc.	222,167		7,409,270
Wal-Mart Stores, Inc.	484,017		24,254,092

			52,777,549

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
CONSUMER STAPLES continued
Food Products 1.8%
Archer-Daniels-Midland Co.	751,782	$	18,478,802
Smithfield Foods, Inc. *	132,966		4,195,077
Tyson Foods, Inc., Class A (p)	376,977		6,287,976

			28,961,855

Household Products 1.8%
Procter & Gamble Co.	550,662		29,185,086

Personal Products 0.6%
Avon Products, Inc.	218,553		9,384,666

Tobacco 1.5%
Altria Group, Inc.	355,022		23,214,888

ENERGY 8.7%
Energy Equipment & Services 0.4%
Rowan Companies, Inc. (p)	203,110		6,079,082

Oil & Gas 8.3%
Anadarko Petroleum Corp.	164,216		12,496,838
Apache Corp.	161,599		9,894,707
ChevronTexaco Corp.	280,240		16,340,794
ConocoPhillips	205,376		22,147,748
Exxon Mobil Corp.	718,942		42,848,943
Marathon Oil Corp.	194,235		9,113,506
Valero Energy Corp.	267,682		19,613,060

			132,455,596

FINANCIALS 19.2%
Capital Markets 3.3%
Bear Stearns Companies, Inc.	89,850		8,976,015
Goldman Sachs Group, Inc.	142,599		15,684,464
Lehman Brothers Holdings, Inc.	128,548		12,104,080
Merrill Lynch & Co., Inc.	136,666		7,735,296
Morgan Stanley	130,582		7,475,819

			51,975,674

Commercial Banks 4.3%
Bank of America Corp.	826,882		36,465,496
National City Corp.	253,196		8,482,066
SunTrust Banks, Inc.	93,209		6,717,572
U.S. Bancorp	615,479		17,738,105

			69,403,239

Consumer Finance 0.6%
Capital One Financial Corp.	130,096		9,727,278

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
FINANCIALS continued
Diversified Financial Services 4.0%
CIT Group, Inc.	212,184	$	8,062,992
Citigroup, Inc.	903,870		40,619,918
JPMorgan Chase & Co.	417,652		14,450,759

			63,133,669

Insurance 4.3%
ACE, Ltd.	136,313		5,625,638
Allstate Corp.	259,332		14,019,488
American International Group, Inc.	282,680		15,663,299
Chubb Corp.	125,912		9,981,044
Loews Corp.	127,378		9,367,378
MetLife, Inc.	359,172		14,043,625

			68,700,472

Real Estate 0.3%
Equity Office Properties Trust REIT	185,705		5,595,292

Thrifts & Mortgage Finance 2.4%
Countrywide Financial Corp.	334,737		10,865,563
Fannie Mae	136,448		7,429,594
Golden West Financial Corp.	187,632		11,351,736
MGIC Investment Corp.	56,154		3,463,017
PMI Group, Inc.	154,591		5,876,004

			38,985,914

HEALTH CARE 12.9%
Biotechnology 1.4%
Amgen, Inc. *	175,443		10,212,537
Genzyme Corp. *	167,476		9,586,326
Millennium Pharmaceuticals, Inc. *	363,886		3,063,920

			22,862,783

Health Care Equipment & Supplies 2.2%
Bausch & Lomb, Inc.	145,554		10,669,108
Becton, Dickinson & Co.	169,782		9,918,665
C.R. Bard, Inc.	106,322		7,238,402
Fisher Scientific International, Inc. *	114,085		6,493,718

			34,319,893

Health Care Providers & Services 3.0%
Aetna, Inc.	188,332		14,115,483
CIGNA Corp.	54,853		4,898,373
McKesson Corp.	213,793		8,070,686
Medco Health Solutions, Inc. *	203,748		10,099,788
WellPoint, Inc. *	83,496		10,466,224

			47,650,554

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
HEALTH CARE continued
Pharmaceuticals 6.3%
Bristol-Myers Squibb Co.	339,271	$	8,637,840
Forest Laboratories, Inc. *	137,292		5,072,939
Johnson & Johnson	657,489		44,156,961
Merck & Co., Inc.	133,058		4,307,088
Pfizer, Inc.	981,109		25,773,733
Wyeth	303,204		12,789,145

			100,737,706

INDUSTRIALS 12.3%
Aerospace & Defense 1.8%
General Dynamics Corp.	73,846		7,905,214
Goodrich Corp.	166,566		6,377,812
L-3 Communications Holdings, Inc.	89,738		6,373,193
Northrop Grumman Corp.	149,827		8,087,662

			28,743,881

Air Freight & Logistics 1.5%
FedEx Corp.	155,336		14,593,817
Ryder System, Inc.	209,819		8,749,453

			23,343,270

Building Products 0.7%
Masco Corp.	296,817		10,290,645

Commercial Services & Supplies 0.8%
Cendant Corp.	647,062		13,290,653

Industrial Conglomerates 3.0%
General Electric Co.	1,065,020		38,404,621
Tyco International, Ltd.	274,980		9,294,324

			47,698,945

Machinery 3.8%
Caterpillar, Inc	173,315		15,847,924
Cummins, Inc. (p)	51,919		3,652,502
Eaton Corp	148,086		9,684,824
Ingersoll-Rand Co., Ltd., Class A	157,774		12,566,699
Paccar, Inc	168,686		12,211,180
Parker Hannifin Corp	117,485		7,157,186

			61,120,315

Road & Rail 0.7%
Burlington Northern Santa Fe Corp	209,993		11,324,922

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
INFORMATION TECHNOLOGY 15.1%
Communications Equipment 1.9%
Cisco Systems, Inc. *	901,851	$	16,134,114
Motorola, Inc.	559,231		8,371,688
QUALCOMM, Inc.	168,760		6,185,054

			30,690,856

Computers & Peripherals 4.2%
Dell, Inc. *	413,146		15,873,069
EMC Corp. *	98,712		1,216,132
Hewlett-Packard Co.	652,830		14,323,090
International Business Machines Corp.	284,698		26,015,703
Lexmark International, Inc., Class A *	35,334		2,825,660
NCR Corp. *	69,166		2,333,661
SanDisk Corp. *	150,958		4,196,633

			66,783,948

Electronic Equipment & Instruments 0.3%
Jabil Circuit, Inc. *	127,296		3,630,482
Solectron Corp. *	490,019		1,700,366

			5,330,848

Internet Software & Services 0.1%
Yahoo!, Inc. *	74,233		2,516,499

IT Services 1.3%
Accenture, Ltd., Class A *	181,325		4,378,999
Affiliated Computer Services, Inc., Class A *	104,558		5,566,668
Computer Sciences Corp. *	111,193		5,098,199
Fiserv, Inc. *	130,622		5,198,755

			20,242,621

Office Electronics 0.3%
Xerox Corp. *	302,926		4,589,329

Semiconductors & Semiconductor Equipment 2.7%
Applied Materials, Inc. *	204,325		3,320,281
Intel Corp.	1,111,338		25,816,382
LSI Logic Corp. * (p)	503,931		2,816,974
National Semiconductor Corp.	89,008		1,834,455
Texas Instruments, Inc.	391,395		9,976,659

			43,764,751

Software 4.3%
Adobe Systems, Inc.	118,297		7,946,009
Electronic Arts, Inc. *	79,939		4,139,241
Microsoft Corp.	1,563,853		37,798,327
Oracle Corp. *	1,027,294		12,820,629
Symantec Corp. *	256,735		5,476,158

			68,180,364

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
MATERIALS 3.5%
Chemicals 1.4%
Dow Chemical Co.	276,557	$	13,786,367
PPG Industries, Inc.	109,145		7,806,050

			21,592,417

Containers & Packaging 0.6%
Ball Corp.	228,146		9,463,496

Metals & Mining 0.8%
Nucor Corp. (p)	230,051		13,241,735

Paper & Forest Products 0.7%
Georgia-Pacific Corp.	330,904		11,743,783

TELECOMMUNICATION SERVICES 3.0%
Diversified Telecommunication Services 3.0%
AT&T Corp.	117,756		2,207,925
BellSouth Corp.	202,430		5,321,885
CenturyTel, Inc.	183,010		6,010,048
SBC Communications, Inc.	244,754		5,798,222
Sprint Corp.	353,750		8,047,813
Verizon Communications, Inc.	586,598		20,824,229

			48,210,122

UTILITIES 3.4%
Electric Utilities 2.4%
American Electric Power Co., Inc.	193,867		6,603,110
CenterPoint Energy, Inc. (p)	868,802		10,451,688
Edison International	283,839		9,854,890
TXU Corp.	144,392		11,497,935

			38,407,623

Multi-Utilities & Unregulated Power 1.0%
Duke Energy Corp. (p)	244,158		6,838,866
Sempra Energy	217,469		8,663,965

			15,502,831

Total Common Stocks (cost $1,107,787,353)			1,590,775,823

SHORT-TERM INVESTMENTS 2.8%
U.S. TREASURY OBLIGATIONS 0.1%
U.S. Treasury Bills:
2.39%, 04/28/2005 ƒ †	500,000		499,115
2.58%, 05/12/2005 ƒ †	1,000,000		997,187

			1,496,302

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

SHORT-TERM INVESTMENTS continued
MUTUAL FUND SHARES 2.7%
Evergreen Institutional Money Market Fund ø	5,545,419	$	5,545,419
Navigator Prime Portfolio (p)(p)	38,032,683		38,032,683

			43,578,102

Total Short-Term Investments (cost $45,074,404)			45,074,404

Total Investments (cost $1,152,861,757) 102.4%			1,635,850,227
Other Assets and Liabilities (2.4%)			(38,984,265)

Net Assets 100.0%		$	1,596,865,962

* Non-income producing security

(p) All or a portion of this security is on loan.

ƒ All or a portion of the principal amount of this security was pledged to cover initial margin requirements for open futures contracts.

† Rate shown represents the yield to maturity at date of purchase.

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

(p)(p) Represents investment of cash collateral received from securities on loan.

Summary of Abbreviations

REIT Real Estate Investment Trust

The following table shows the percent of total long-term investments by sector as of March 31, 2005:

Financials		19.3%
Information Technology		15.2%
Health Care		12.9%
Industrials		12.3%
Consumer Discretionary		11.1%
Consumer Staples		10.5%
Energy		8.7%
Materials		3.5%
Utilities		3.4%
Telecommunication Services		3.1%

		100.0%

See Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2005 (unaudited)

Assets
Investments in securities, at value (cost $1,152,861,757)
including $34,129,472 of securities loaned	$	1,635,850,227
Receivable for Fund shares sold		539,348
Dividends receivable		1,891,887
Receivable for securities lending income		2,389
Prepaid expenses and other assets		33,931

Total assets		1,638,317,782

Liabilities
Dividends payable		893,145
Payable for Fund shares redeemed		2,152,899
Payable for securities on loan		38,032,683
Payable for daily variation margin on open futures contracts		8,625
Advisory fee payable		27,281
Distribution Plan expenses payable		1,328
Due to other related parties		4,539
Accrued expenses and other liabilities		331,320

Total liabilities		41,451,820

Net assets	$	1,596,865,962

Net assets represented by
Paid-in capital	$	1,333,602,078
Overdistributed net investment income		(259,935)
Accumulated net realized losses on securities and futures contracts		(219,338,740)
Net unrealized gains on securities and futures contracts		482,862,559

Total net assets	$	1,596,865,962

Net assets consists of
Class A	$	54,962,120
Class B		10,013,917
Class C		2,544,615
Class I		1,451,673,290
Class IS		77,672,020

Total net assets	$	1,596,865,962

Shares outstanding
Class A		3,739,125
Class B		710,867
Class C		177,476
Class I		98,373,489
Class IS		5,282,679

Net asset value per share
Class A	$	14.70
Class A—Offering price (based on sales charge of 5.75%)	$	15.60
Class B	$	14.09
Class C	$	14.34
Class I	$	14.76
Class IS	$	14.70

See Notes to Financial Statements

STATEMENT OF OPERATIONS

Six Months Ended March 31, 2005 (unaudited)

Investment income
Dividends	$	19,619,157

Expenses
Advisory fee		5,284,915
Distribution Plan expenses
Class A		82,290
Class B		54,161
Class C		12,827
Class IS		101,473
Administrative services fee		809,160
Transfer agent fees		251,932
Trustees’ fees and expenses		11,717
Printing and postage expenses		35,291
Custodian and accounting fees		190,329
Registration and filing fees		29,563
Professional fees		18,674
Interest expense		2,412
Other		96,089

Total expenses		6,980,833
Less: Expense reductions		(5,885)
Fee waivers and expense reimbursements		(243,705)

Net expenses		6,731,243

Net investment income		12,887,914

Net realized and unrealized gains or losses on securities and futures contracts
Net realized gains on:
Securities		54,304,706
Futures contracts		1,066,449

Net realized gains on securities and futures contracts		55,371,155
Net change in unrealized gains or losses on securities and futures contracts		75,611,278

Net realized and unrealized gains or losses on securities and futures contracts		130,982,433

Net increase in net assets resulting from operations	$	143,870,347

See Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	March 31, 2005			Year Ended
	(unaudited)			September 30, 2004

Operations
Net investment income		$	12,887,914		$	11,439,588
Net realized gains on securities
and futures contracts			55,371,155			199,822,865
Net change in unrealized gains or
losses on securities and
futures contracts			75,611,278			(41,948,456)

Net increase in net assets
resulting from operations			143,870,347			169,313,997

Distributions to
shareholders from
Net investment income
Class A			(377,733)			(216,657)
Class B			(46,934)			(1,636)
Class C			(11,125)			(288)
Class I			(11,911,284)			(10,958,480)
Class IS			(572,253)			(383,210)

Total distributions to shareholders			(12,919,329)			(11,560,271)

	Shares			Shares
Capital share transactions
Proceeds from shares sold
Class A	790,338		11,381,821	1,514,500		20,294,321
Class B	63,537		885,711	100,616		1,292,326
Class C	13,034		183,303	47,386		622,093
Class I	6,592,662		96,936,222	8,113,548		108,542,969
Class IS	22,807		330,207	103,095		1,376,467

			109,717,264			132,128,176

Net asset value of shares issued in
reinvestment of distributions
Class A	23,411		339,958	14,641		195,870
Class B	2,989		41,549	116		1,500
Class C	693		9,796	18		241
Class I	129,981		1,895,650	128,551		1,724,131
Class IS	32,568		473,030	23,457		315,559

			2,759,983			2,237,301

Automatic conversion of Class B
shares to Class A shares
Class A	69,024		999,354	284,710		3,788,174
Class B	(71,984)		(999,354)	(296,543)		(3,788,174)

			0			0

Payment for shares redeemed
Class A	(919,118)		(13,302,367)	(1,629,225)		(21,823,724)
Class B	(142,642)		(1,973,298)	(307,628)		(3,930,653)
Class C	(26,366)		(370,249)	(79,653)		(1,044,964)
Class I	(15,236,658)		(221,104,657)	(38,536,219)		(519,410,280)
Class IS	(677,740)		(9,863,932)	(2,098,458)		(28,164,714)

			(246,614,503)			(574,374,335)

Net asset value of shares
issued in acquisition
Class A	0		0	207,685		2,647,485
Class B	0		0	473,118		5,799,909
Class C	0		0	183,004		2,283,228
Class I	0		0	93,116,546		1,191,947,205
Class IS	0		0	7,800,217		99,509,700

			0			1,302,187,527

See Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS continued

	Six Months Ended
	March 31, 2005			Year Ended
	(unaudited)			September 30, 2004

Capital share transactions
(continued)
Net increase (decrease) in net assets
resulting from capital share
transactions		$	(134,137,256)		$	862,178,669

Total increase (decrease) in net assets			(3,186,238)			1,019,932,395
Net assets
Beginning of period			1,600,052,200			580,119,805

End of period		$	1,596,865,962		$	1,600,052,200

Overdistributed net investment income		$	(259,935)		$	(228,520)

See Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen Large Cap Equity Fund (the “Fund”) is 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”).

The Fund offers Class A, Class B, Class C, Institutional (“Class I”) and Institutional Service (“Class IS”) shares. Class A shares are sold with a front-end sales charge. However, Class A share investments of $1 million or more are not subject to a front-end sales charge but will be subject to a contingent deferred sales charge of 1.00% upon redemption within one year. Class B shares are sold without a front-end sales charge but are subject to a contingent deferred sales charge that is payable upon redemption and decreases depending on how long the shares have been held. Class C shares are sold without a front-end sales charge but are subject to a contingent deferred sales charge that is payable upon redemption within one year. Class I and Class IS shares are sold without a front-end sales charge or contingent deferred sales charge. Each class of shares, except Class I shares, pays an ongoing distribution fee.

2. SIGNIFICANT ACCOUNTING POLICIES

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.

Portfolio debt securities acquired with more than 60 days to maturity are valued at prices obtained from an independent pricing service which takes into consideration such factors as similar security prices, yields, maturities, liquidity and ratings. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of market value obtained from yield data relating to investments or securities with similar characteristics.

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.

b. Futures contracts

In order to gain exposure to or protect against changes in security values, the Fund may buy and sell futures contracts. The primary risks associated with the use of futures contracts are the imper-

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

fect correlation between changes in market values of securities held by the 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 the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset or liability and in the 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

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.

e. Federal taxes

f. Distributions

g. Class allocations

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 Fund and is paid an annual fee starting at 0.66% and declining to 0.45% as average daily net assets increase.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

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 March 31, 2005, EIMC waived its fee in the amount of $243,392 and reimbursed expenses in the amount of $313 which combined represents 0.03% and of the Fund’s average daily net assets (on an annualized basis).

4. DISTRIBUTION PLANS

EIS also serves as distributor of the Fund’s shares. The Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940 Act, for each class of shares, except Class I. Under the Distribution Plans, distribution fees are paid at an annual rate of 0.25% of the average daily net assets for Class IS shares, 0.30% of the average daily net assets for Class A shares, and 1.00% of the average daily net assets for each of Class B and Class C shares.

For the six months ended March 31, 2005, EIS received $15,537 from the sale of Class B shares.

5. ACQUISITION

Effective at the close of business on December 5, 2003, the Fund acquired the net assets of Evergreen Core Equity Fund in a tax-free exchange for Class A, Class B, Class C, Class I and Class IS shares of the Fund. Shares were issued to Class A, Class B, Class C, Class I and Class IS shares of Evergreen Core Equity Fund at an exchange ratio of 4.54, 4.72, 4.64, 4.52 and 4.20 for Class A, Class B, Class C, Class I and Class IS shares, respectively, of the Fund. The acquired net assets consisted primarily of portfolio securities with unrealized appreciation of $306,963,595. The aggregate net assets of the Fund and Evergreen Core Equity Fund immediately prior to the acquisition were $599,467,930 and $1,302,187,527, respectively. The aggregate net assets of the Fund immediately after the acquisition were $1,901,655,457.

6. SECURITIES TRANSACTIONS

Cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were $279,840,382 and $399,270,793, respectively, for the six months ended March 31, 2005.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

At March 31, 2005, the Fund had open futures contracts outstanding as follows:

		Initial
		Contract	Value at	Unrealized
Expiration	Contracts	Amount	March 31, 2005	Loss

June 2005	23 S&P 500 Index	$6,933,336	$6,807,425	$125,911

During the six months ended March 31, 2005, the Fund loaned securities to certain brokers. At March 31, 2005, the value of securities on loan and the value of collateral amounted to $34,129,472 and $38,032,683, respectively. During the six months ended March 31, 2005, the Fund earned $9,980 in income from securities lending which is included in dividend income on the Statement of Operations.

On March 31, 2005, the aggregate cost of securities for federal income tax purposes was $1,155,562,273. The gross unrealized appreciation and depreciation on securities based on tax cost was $497,951,779 and $17,663,825, respectively, with a net unrealized appreciation of $480,287,954.

As of September 30, 2004, the Fund had $272,281,720 in capital loss carryovers for federal income tax purposes expiring as follows:

Expiration

2008	2009	2010	2011

$12,175,701	$75,281,960	$65,124,485	$119,699,574

7. INTERFUND LENDING

8. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

9. DEFERRED TRUSTEES’ FEES

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

10. FINANCING AGREEMENT

During the six months ended March 31, 2005, the Fund had average borrowings outstanding of $91,350 on an annualized basis at an average rate of 2.64% and paid interest of $2,412.

11. REGULATORY MATTERS AND LEGAL PROCEEDINGS

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

12. SUBSEQUENT DISTRIBUTIONS

On April 29, 2005, the Fund declared distributions from net investment income to shareholders of record on April 28, 2005. The per share amounts payable on May 2, 2005 were as follows:

		Net
		Investment
		Income

Class A		$ 0.0030
Class I		0.0055
Class IS		0.0026

These distributions are not reflected in the accompanying financial statements.

13. SUBSEQUENT EVENT

Effective at the close of business on April 15, 2005, the Fund acquired the net assets of Evergreen Masters Fund in a tax-free exchange for shares of the Fund. Shareholders of Class A, Class B, Class C and Class I shares of Evergreen Masters Fund received corresponding shares of the Fund.

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TRUSTEES AND OFFICERS

TRUSTEES¹

Other directorships: None

Charles A. Austin III		Principal occupations: Investment Counselor, Anchor Capital Advisors, Inc. (investment advice);
Trustee		Director, The Andover Companies (insurance); Trustee, Arthritis Foundation of New England;
DOB: 10/23/1934		Director, The Francis Ouimet Society; Former Director, Health Development Corp.
Term of office since: 1991		(fitness-wellness centers); Former Director, Mentor Income Fund, Inc.; Former Trustee,
Other directorships: None		Mentor Funds and Cash Resource Trust; Former Investment Counselor, Appleton Partners, Inc.
		(investment advice); Former Director, Executive Vice President and Treasurer, State Street
		Research & Management Company (investment advice)


Shirley L. Fulton		Principal occupations: Partner, Tin, Fulton, Greene & Owen, PLLC (law firm); Former Partner,
Trustee		Helms, Henderson & Fulton, P.A. (law firm); Retired Senior Resident Superior Court Judge,
DOB: 1/10/1952		26th Judicial District, Charlotte, NC
Term of office since: 2004
Other directorships: None


K. Dun Gifford		Principal occupations: Chairman and President, Oldways Preservation and Exchange Trust
Trustee		(education); Trustee, Treasurer and Chairman of the Finance Committee, Cambridge College;
DOB: 10/23/1938		Former Chairman of the Board, Director, and Executive Vice President, The London Harness
Term of office since: 1974		Company (leather goods purveyor); Former Director, Mentor Income Fund, Inc.; Former Trustee,
Other directorships: None		Mentor Funds and Cash Resource Trust


Dr. Leroy Keith, Jr.		Principal occupations: Partner, Stonington Partners, Inc. (private equity firm); Trustee,
Trustee		The Phoenix Group of Mutual Funds; Director, Obagi Medical Products Co.; Director,
DOB: 2/14/1939		Diversapack Co.; Former Director, Lincoln Educational Services; Former Chairman of the Board
Term of office since: 1983		and Chief Executive Officer, Carson Products Company (manufacturing); Former Director,
Other directorships: Trustee, The		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Phoenix Group of Mutual Funds


Gerald M. McDonnell		Principal occupations: Manager of Commercial Operations, SMI Steel Co. – South Carolina
Trustee		(steel producer); Former Sales and Marketing Manager, Nucor Steel Company; Former Director,
DOB: 7/14/1939		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1988
Other directorships: None


William Walt Pettit		Principal occupations: Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior
Trustee		Packaging Corp.; Director, National Kidney Foundation of North Carolina, Inc.; Former Director,
DOB: 8/26/1955		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None


David M. Richardson		Principal occupations: President, Richardson, Runden LLC (executive recruitment business
Trustee		development/consulting company); Consultant, Kennedy Information, Inc. (executive
DOB: 9/19/1941		recruitment information and research company); Consultant, AESC (The Association of
Term of office since: 1982		Executive Search Consultants); Director, J&M Cumming Paper Co. (paper merchandising);
		Former Trustee, NDI Technologies, LLP (communications); Former Vice Chairman, DHR
		International, Inc. (executive recruitment); Former Director, Mentor Income Fund, Inc.;
		Former Trustee, Mentor Funds and Cash Resource Trust


Dr. Russell A. Salton III		Principal occupations: President/CEO, AccessOne MedCard; Former Medical Director,
Trustee		Healthcare Resource Associates, Inc.; Former Medical Director, U.S. Health Care/Aetna Health
DOB: 6/2/1947		Services; Former Director, Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and
Term of office since: 1984		Cash Resource Trust
Other directorships: None

TRUSTEES AND OFFICERS continued

Michael S. Scofield		Principal occupations: Director, Branded Media Corporation (multi-media branding company);
Trustee		Attorney, Law Offices of Michael S. Scofield; Former Director, Mentor Income Fund, Inc.;
DOB: 2/20/1943		Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None


Richard J. Shima		Principal occupations: Independent Consultant; Director, Trust Company of CT; Trustee,
Trustee		Saint Joseph College (CT); Director, Hartford Hospital; Trustee, Greater Hartford YMCA;
DOB: 8/11/1939		Former Director, Enhance Financial Services, Inc.; Former Director, Old State House Association;
Term of office since: 1993		Former Director of CTG Resources, Inc. (natural gas); Former Director, Mentor Income Fund, Inc.;
Other directorships: None		Former Trustee, Mentor Funds and Cash Resource Trust


Richard K. Wagoner, CFA²		Principal occupations: Member and Former President, North Carolina Securities Traders
Trustee		Association; Member, Financial Analysts Society; Former Consultant to the Boards of Trustees
DOB: 12/12/1937		of the Evergreen funds; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1999
Other directorships: None



OFFICERS

Dennis H. Ferro³		Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President		Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945		Evergreen Investment Company, Inc.
Term of office since: 2003


Carol Kosel⁴		Principal occupations: Senior Vice President, Evergreen Investment Services, Inc.
Treasurer
DOB: 12/25/1963
Term of office since: 1999


Michael H. Koonce⁴		Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary		Services, Inc.; Senior Vice President and Assistant General Counsel, Wachovia Corporation
DOB: 4/20/1960
Term of office since: 2000


James Angelos⁴		Principal occupations: Chief Compliance Officer and Senior Vice President, Evergreen Funds;
Chief Compliance Officer		Former Director of Compliance, Evergreen Investment Services, Inc.
DOB: 9/2/1947
Term of office since: 2004

2 Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the Fund’s investment advisor.

3 The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.

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

569843 rv1 5/2005

Evergreen Large Company Growth Fund

		table of contents
1		LETTER TO SHAREHOLDERS
4		FUND AT A GLANCE
6		ABOUT YOUR FUND’S EXPENSES
7		FINANCIAL HIGHLIGHTS
11		SCHEDULE OF INVESTMENTS
15		STATEMENT OF ASSETS AND LIABILITIES
16		STATEMENT OF OPERATIONS
17		STATEMENTS OF CHANGES IN NET ASSETS
18		NOTES TO FINANCIAL STATEMENTS
24		TRUSTEES AND OFFICERS

Mutual Funds:

NOT FDIC INSURED

MAY LOSE VALUE

NOT BANK GUARANTEED

Evergreen Investments^SMis a service mark of Evergreen Investment Management Company, LLC.
Copyright 2005, Evergreen Investment Management Company, LLC.

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

LETTER TO SHAREHOLDERS

May 2005

Dennis H. Ferro
President and Chief
Executive Officer

Dear Shareholder,

We are pleased to provide the semiannual report for the Evergreen Large Company Growth Fund, which covers the six-month period ended March 31, 2005.

LETTER TO SHAREHOLDERS continued

Sincerely,

Dennis H. Ferro

President and Chief Executive Officer
Evergreen Investment Company, Inc.

Special Notice to Shareholders:

FUND AT A GLANCE

as of March 31, 2005

MANAGEMENT TEAM

Maureen E. Cullinane, CFA

Large Cap Core Growth Team
Lead Manager

CURRENT INVESTMENT STYLE

Source: Morningstar, Inc.

Morningstar’s style box is based on a portfolio date as of 3/31/2005.

PERFORMANCE AND RETURNS

Portfolio inception date: 9/11/1935

	Class A	Class B	Class C	Class I
Class inception date	1/20/1998	9/11/1935	1/22/1998	6/30/1999

Nasdaq symbol	EKJAX	EKJBX	EKJCX	EKJYX

6-month return with sales charge	-2.37%	-1.79%	2.21%	N/A

6-month return w/o sales charge	3.52%	3.21%	3.21%	3.87%

Average annual return*

1-year with sales charge	-8.05%	-7.86%	-3.98%	N/A

1-year w/o sales charge	-2.37%	-3.02%	-3.02%	-1.91%

5-year	-11.26%	-11.12%	-10.87%	-9.95%

10-year	7.16%	7.23%	7.23%	7.86%

* Adjusted for maximum applicable sales charge, unless noted.

Historical performance shown for Classes A, C and I prior to their inception is based on the performance of Class B, the original class offered. The historical returns for Classes A and I have not been adjusted to reflect the effect of each class’ 12b-1 fee. These fees are 0.30% for Class A and 1.00% for Classes B and C. Class I does not pay a 12b-1 fee. If these fees had been reflected, returns for Classes A and I would have been higher.

FUND AT A GLANCE continued

LONG-TERM GROWTH

Comparison of a $10,000 investment in the Evergreen Large Company Growth Fund Class A shares, versus a similar investment in the Russell 1000 Growth Index (Russell 1000 Growth) and the Consumer Price Index (CPI).

The fund’s investment objective is nonfundamental and may be changed without the vote of the fund’s shareholders.

Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability and foreign currency fluctuations.

All data is as of March 31, 2005, and subject to change.

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

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

• Actual expenses

• Hypothetical example for comparison purposes

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	10/1/2004	3/31/2005	Period*

Actual
Class A	$ 1,000.00	$ 1,035.23	$ 5.84
Class B	$ 1,000.00	$ 1,032.09	$ 9.37
Class C	$ 1,000.00	$ 1,032.09	$ 9.37
Class I	$ 1,000.00	$ 1,038.72	$ 4.32
Hypothetical
(5% return before
expenses)
Class A	$ 1,000.00	$ 1,019.20	$ 5.79
Class B	$ 1,000.00	$ 1,015.71	$ 9.30
Class C	$ 1,000.00	$ 1,015.71	$ 9.30
Class I	$ 1,000.00	$ 1,020.69	$ 4.28

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (1.15% for Class A, 1.85% for Class B, 1.85% for Class C and 0.85% for Class I), multiplied by the average account value over the period, multiplied by 182 / 365 days.

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended	Year Ended September 30,
	March 31, 2005
CLASS A	(unaudited)	2004	2003	2002	2001	2000

Net asset value, beginning of period	$5.96	$5.52	$ 4.68	$ 5.60	$12.64	$11.03

Income from investment operations
Net investment income (loss)	0.02¹	(0.02)¹	(0.02)¹	(0.02)¹	(0.01)	(0.05)
Net realized and unrealized gains or losses on securities and foreign
currency related transactions	0.19	0.46	0.86	(0.90)	(4.40)	3.46

Total from investment operations	0.21	0.44	0.84	(0.92)	(4.41)	3.41

Distributions to shareholders from
Net realized gains	0	0	0	0	(2.63)	(1.80)

Net asset value, end of period	$6.17	$5.96	$ 5.52	$4.68	$ 5.60	$12.64

Total return²	3.52%	7.97%	17.95%	(16.43%)	(41.80%)	33.16%

Ratios and supplemental data
Net assets, end of period (millions)	$ 376	$ 400	$ 413	$392	$ 534	$1,090
Ratios to average net assets
Expenses³	1.15%⁴	1.18%	1.20%	1.12%	1.01%	0.95%
Net investment income (loss)	0.59%⁴	(0.36%)	(0.35%)	(0.32%)	(0.15%)	(0.34%)
Portfolio turnover rate	71%	106%	206%	163%	184%	147%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements .

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended	Year Ended September 30,
	March 31, 2005
CLASS B	(unaudited)	2004	2003	2002		2001	2000

Net asset value, beginning of period	$5.61	$5.23	$ 4.47		$ 5.38	$12.34	$10.89

Income from investment operations
Net investment loss	0¹	(0.06)¹	(0.05)¹		(0.06)¹	(0.02)	(0.21)
Net realized and unrealized gains or losses on securities and foreign currency related transactions	0.18	0.44	0.81		(0.85)	(4.31)	3.46

Total from investment operations	0.18	0.38	0.76		(0.91)	(4.33)	3.25

Distributions to shareholders from
Net realized gains	0	0	0		0	(2.63)	(1.80)

Net asset value, end of period	$5.79	$5.61	$ 5.23		$4.47	$ 5.38	$12.34

Total return²	3.21%	7.27%	17.00%		(16.91%)	(42.28%)	31.99%

Ratios and supplemental data
Net assets, end of period (millions)	$ 24	$ 27	$ 27		$24	$ 43	$ 86
Ratios to average net assets
Expenses³	1.85%⁴	1.88%	1.92%		1.86%	1.76%	1.71%
Net investment loss	(0.10%)⁴	(1.07%)	(1.07%)		(1.07%)	(0.90%)	(1.09%)
Portfolio turnover rate	71%	106%	206%		163%	184%	147%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements .

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS C	(unaudited)		2004	2003	2002		2001	2000

Net asset value, beginning of period		$5.61	$ 5.24	$ 4.47		$5.39	$12.35	$10.89

Income from investment operations
Net investment loss		0¹	(0.06)¹	(0.05)¹		(0.06)¹	(0.03)	(0.04)
Net realized and unrealized gains or losses on securities and foreign
currency related transactions		0.18	0.43	0.82		(0.86)	(4.30)	3.30

Total from investment operations		0.18	0.37	0.77		(0.92)	(4.33)	3.26

Distributions to shareholders from
Net realized gains		0	0	0		0	(2.63)	(1.80)

Net asset value, end of period		$5.79	$ 5.61	$ 5.24		$4.47	$ 5.39	$12.35

Total return²		3.21%	7.06%	17.23%		(17.07%)	(42.22%)	32.08%

Ratios and supplemental data
Net assets, end of period (thousands)		$8,548	$8,778	$8,059		$5,491	$5,690	$7,176
Ratios to average net assets
Expenses³		1.85%⁴	1.88%	1.92%		1.87%	1.76%	1.71%
Net investment loss		(0.11%)⁴	(1.06%)	(1.08%)		(1.06%)	(0.88%)	(1.11%)
Portfolio turnover rate		71%	106%	206%		163%	184%	147%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements .

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS I¹	(unaudited)		2004	2003		2002	2001	2000

Net asset value, beginning of period		$5.94	$ 5.49	$ 4.64		$5.54	$12.51	$10.92

Income from investment operations
Net investment income (loss)		0.03²	0²	(0.01)²		0²	0	(0.01)
Net realized and unrealized gains or losses on securities and foreign
currency related transactions		0.20	0.45	0.86		(0.90)	(4.34)	3.40

Total from investment operations		0.23	0.45	0.85		(0.90)	(4.34)	3.39

Distributions to shareholders from
Net realized gains		0	0	0		0	(2.63)	(1.80)

Net asset value, end of period		$6.17	$ 5.94	$ 5.49		$4.64	$ 5.54	$12.51

Total return		3.87%	8.20%	18.32%	(16.25%)		(41.65%)	33.34%

Ratios and supplemental data
Net assets, end of period (thousands)	$14,985		$15,323	$9,793	$2,166		$1,604	$2,602
Ratios to average net assets
Expenses³		0.85%⁴	0.88%	0.92%		0.88%	0.76%	0.71%
Net investment income (loss)		0.89%⁴	(0.05%)	(0.13%)		(0.05%)	0.11%	(0.14%)
Portfolio turnover rate		71%	106%	206%		163%	184%	147%

¹Effective at the close of business on May 11, 2001, Class Y sh ares were renamed as Institutional shares (Class I).

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

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements .

⁴Annualized

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS

March 31, 2005 (unaudited)

2.8%

	Shares		Value


COMMON STOCKS 97.1%
CONSUMER DISCRETIONARY 18.1%
Hotels, Restaurants & Leisure 3.8%
International Game Technology	148,000	$	3,945,680
Starwood Hotels & Resorts Worldwide, Inc., Class B	110,000		6,603,300
Wynn Resorts, Ltd. *(p)	80,000		5,419,200

			15,968,180

Internet & Catalog Retail 1.2%
eBay, Inc. *	143,000		5,328,180

Media 2.3%
Comcast Corp., Class A *	125,000		4,222,500
Omnicom Group, Inc.	62,500		5,532,500

			9,755,000

Multi-line Retail
J.C. Penney Co., Inc.	155,000		8,047,600
Target Corp.	75,000		3,751,500

			11,799,100

Specialty Retail 3.4%
Best Buy Co., Inc.	85,500		4,617,855
Chico’s FAS, Inc. *	245,000		6,923,700
Lowe’s Companies, Inc.	50,000		2,854,500

			14,396,055

Textiles, Apparel & Luxury Goods 4.6%
Coach, Inc. *	191,000		10,816,330
Nike, Inc., Class B	52,500		4,373,775
Quiksilver, Inc. *(p)	143,000		4,151,290

			19,341,395

CONSUMER STAPLES 8.4%
Beverages 2.9%
Diageo plc, ADR (p)	115,000		6,543,500
PepsiCo, Inc.	111,000		5,886,330

			12,429,830

Food & Staples Retailing 1.7%
Wal-Mart Stores, Inc.	62,000		3,106,820
Walgreen Co.	90,000		3,997,800

			7,104,620

Food Products 1.2%
General Mills, Inc.	105,000		5,160,750

Household Products 2.6%
Colgate-Palmolive Co.	125,000		6,521,250
Procter & Gamble Co.	85,000		4,505,000

			11,026,250

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
ENERGY 8.4%
Energy Equipment & Services 1.8%
Halliburton Co.	55,000	$	2,378,750
Schlumberger, Ltd.	72,000		5,074,560

			7,453,310

Oil & Gas 6.6%
Anadarko Petroleum Corp.	33,000		2,511,300
Apache Corp.	98,110		6,007,275
Devon Energy Corp.	89,000		4,249,750
Exxon Mobil Corp.	70,000		4,172,000
Unocal Corp.	55,000		3,392,950
XTO Energy, Inc. (p)	232,133		7,623,259

			27,956,534

FINANCIALS 2.9%
Capital Markets 1.0%
Goldman Sachs Group, Inc.	38,000		4,179,620

Consumer Finance 0.9%
American Express Co.	80,000		4,109,600

Insurance 1.0%
American International Group, Inc.	75,000		4,155,750

HEALTH CARE 19.5%
Biotechnology 0.7%
Genentech, Inc. *	50,000		2,830,500

Health Care Equipment & Supplies 5.8%
Alcon, Inc.	35,000		3,125,150
Baxter International, Inc.	130,000		4,417,400
Medtronic, Inc.	109,300		5,568,835
St. Jude Medical, Inc. *	86,000		3,096,000
Stryker Corp.	90,000		4,014,900
Zimmer Holdings, Inc. *	55,000		4,279,550

			24,501,835

Health Care Providers & Services 6.1%
Aetna, Inc.	147,000		11,017,650
Caremark Rx, Inc. *	210,000		8,353,800
UnitedHealth Group, Inc.	70,000		6,676,600

			26,048,050

Pharmaceuticals 6.9%
Abbott Laboratories	145,000		6,759,900
Eli Lilly & Co.	50,000		2,605,000
Johnson & Johnson	160,000		10,745,600
Novartis AG, ADR (p)	50,000		2,339,000
Pfizer, Inc.	255,300		6,706,731

			29,156,231


See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
INDUSTRIALS 10.6%
Aerospace & Defense 1.4%
Lockheed Martin Corp.	95,000	$	5,800,700

Air Freight & Logistics 0.9%
United Parcel Service, Inc., Class B	55,000		4,000,700

Electrical Equipment 2.4%
Cooper Industries, Ltd., Class A	145,000		10,370,400

Industrial Conglomerates 5.9%
3M Co.	75,000		6,426,750
General Electric Co.	396,300		14,290,578
Tyco International, Ltd.	123,000		4,157,400

			24,874,728

INFORMATION TECHNOLOGY 23.0%
Communications Equipment 3.5%
Corning, Inc. *	395,000		4,396,350
Motorola, Inc.	280,000		4,191,600
QUALCOMM, Inc.	165,000		6,047,250

			14,635,200

Computers & Peripherals 3.9%
Apple Computer, Inc. *	110,000		4,583,700
Dell, Inc. *	110,000		4,226,200
Hewlett-Packard Co.	220,000		4,826,800
Network Appliance, Inc. *	110,000		3,042,600

			16,679,300

Electronic Equipment & Instruments 0.4%
Flextronics International, Ltd. *	150,000		1,806,000

Internet Software & Services 3.3%
Google, Inc., Class A *	24,000		4,332,240
VeriSign, Inc. *(p)	170,000		4,879,000
Yahoo!, Inc. *	141,000		4,779,900

			13,991,140

IT Services 4.8%
Accenture, Ltd., Class A *	170,000		4,105,500
Affiliated Computer Services, Inc., Class A *(p)	150,000		7,986,000
Cognizant Technology Solutions Corp., Class A *	180,000		8,316,000

			20,407,500

Semiconductors & Semiconductor Equipment 3.0%
Altera Corp. *	300,000		5,934,000
Intel Corp.	197,000		4,576,310
Marvell Technology Group, Ltd. *	60,000		2,300,400

			12,810,710

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
INFORMATION TECHNOLOGY continued
Software 4.1%
Cadence Design Systems, Inc. *	305,000	$	4,559,750
Microsoft Corp.	350,700		8,476,419
Oracle Corp. *	332,500		4,149,600

			17,185,769

MATERIALS 6.2%
Chemicals 4.3%
Air Products & Chemicals, Inc.	119,900		7,588,471
Dow Chemical Co.	40,000		1,994,000
Lyondell Chemical Co.	70,000		1,954,400
PPG Industries, Inc.	92,000		6,579,840

			18,116,711

Metals & Mining 1.9%
Nucor Corp. (p)	45,000		2,590,200
Peabody Energy Corp.	120,000		5,563,200

			8,153,400

Total Common Stocks (cost $366,354,055)			411,533,048

SHORT-TERM INVESTMENTS 7.2%
MUTUAL FUND SHARES 7.2%
Evergreen Institutional U.S. Government Money Market Fund ø	13,501,669		13,501,669
Navigator Prime Portfolio (p)(p)	16,781,078		16,781,078

Total Short-Term Investments (cost $30,282,747)			30,282,747

Total Investments (cost $396,636,802) 104.3%			441,815,795
Other Assets and Liabilities (4.3%)			(18,187,260)

Net Assets 100.0%		$	423,628,535

*		Non-income producing security
(p)		All or a portion of this security is on loan.
ø		Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market
		fund.
(p)(p)		Represents investment of cash collateral received from securities on loan.

Summary of Abbreviations
ADR		American Depository Receipt

The following table shows the percent of total long-term investments by sector as of March 31, 2005:

Information Technology		23.7%
Health Care		20.1%
Consumer Discretionary		18.6%
Industrials		10.9%
Consumer Staples		8.7%
Energy		8.6%
Materials		6.4%
Financials		3.0%

		100.0%

See Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2005 (unaudited)

Assets
Investments in securities, at value (cost $396,636,802)
including $16,384,781 of securities loaned	$	441,815,795
Foreign currency, at value (cost $15)		15
Receivable for Fund shares sold		62,378
Dividends receivable		472,226
Receivable for securities lending income		954
Prepaid expenses and other assets		88,467

Total assets		442,439,835

Liabilities
Payable for securities purchased		1,450,450
Payable for Fund shares redeemed		479,932
Payable for securities on loan		16,781,078
Advisory fee payable		5,923
Distribution Plan expenses payable		3,987
Due to other related parties		3,008
Accrued expenses and other liabilities		86,922

Total liabilities		18,811,300

Net assets	$	423,628,535

Net assets represented by
Paid-in capital	$	544,969,359
Undistributed net investment income		1,189,047
Accumulated net realized losses on securities and foreign currency related transactions		(167,708,864)
Net unrealized gains on securities		45,178,993

Total net assets	$	423,628,535

Net assets consists of
Class A	$	375,934,684
Class B		24,160,890
Class C		8,547,865
Class I		14,985,096

Total net assets	$	423,628,535

Shares outstanding
Class A		60,922,022
Class B		4,173,997
Class C		1,477,005
Class I		2,430,492

Net asset value per share
Class A	$	6.17
Class A — Offering price (based on sales charge of 5.75%)	$	6.55
Class B	$	5.79
Class C	$	5.79
Class I	$	6.17

See Notes to Financial Statements

STATEMENT OF OPERATIONS

Six Months Ended March 31, 2005 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $11,132)	$	3,922,436

Expenses
Advisory fee		1,148,254
Distribution Plan expenses
Class A		598,145
Class B		132,256
Class C		44,054
Administrative services fee		224,556
Transfer agent fees		405,561
Trustees’ fees and expenses		6,112
Printing and postage expenses		30,294
Custodian and accounting fees		58,664
Registration and filing fees		20,628
Professional fees		11,357
Other		5,189

Total expenses		2,685,070
Less: Expense reductions		(1,575)
Expense reimbursements		(87)

Net expenses		2,683,408

Net investment income		1,239,028

Net realized and unrealized gains or losses on securities and
foreign currency related transactions
Net realized gains or losses on:
Securities		22,560,629
Foreign currency related transactions		(8,675)

Net realized gains on securities and foreign currency related transactions		22,551,954
Net change in unrealized gains or losses on securities and foreign currency
related transactions		(7,112,549)

Net realized and unrealized gains or losses on securities and foreign currency
related transactions		15,439,405

Net increase in net assets resulting from operations	$	16,678,433

See Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	March 31, 2005			Year Ended
	(unaudited)			September 30, 2004

Operations
Net investment income (loss)		$	1,239,028		$	(1,986,848)
Net realized gains on securities and
foreign currency related transactions			22,551,954			34,305,596
Net change in unrealized gains or losses
on securities and foreign currency
related transactions			(7,112,549)			4,331,871

Net increase in net assets resulting from
operations			16,678,433			36,650,619

	Shares			Shares
Capital share transactions
Proceeds from shares sold
Class A	647,651		4,029,192	1,698,389		10,366,054
Class B	226,989		1,330,729	783,610		4,523,107
Class C	127,535		751,621	441,384		2,530,311
Class I	328,668		2,042,196	1,347,148		8,190,419

			8,153,738			25,609,891

Automatic conversion of Class B shares
to Class A shares
Class A	142,259		890,286	104,487		635,763
Class B	(151,461)		(890,286)	(110,607)		(635,763)

			0			0

Payment for shares redeemed
Class A	(6,988,981)		(43,625,340)	(9,554,455)		(58,084,189)
Class B	(729,490)		(4,261,556)	(978,621)		(5,640,633)
Class C	(216,477)		(1,272,993)	(414,466)		(2,404,071)
Class I	(476,875)		(2,983,256)	(551,353)		(3,366,337)

			(52,143,145)			(69,495,230)

Net decrease in net assets resulting
from capital share transactions			(43,989,407)			(43,885,339)

Total decrease in net assets			(27,310,974)			(7,234,720)
Net assets
Beginning of period			450,939,509			458,174,229

End of period		$	423,628,535		$	450,939,509

Undistributed net investment
income (loss)		$	1,189,047		$	(49,981)

See Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen Large Company Growth Fund (the “Fund”) is 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”).

2. SIGNIFICANT ACCOUNTING POLICIES

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.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

b. Foreign currency translation

c. Securities lending

d. Security transactions and investment income

e. Federal taxes

f. Distributions

g. Class allocations

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

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 Fund and is paid an annual fee starting at 0.51% and declining to 0.26% as average daily net assets increase.

4. DISTRIBUTION PLANS

For the six months ended March 31, 2005, EIS received $2,399 from the sale of Class A shares and $36,466 and $153 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

5. SECURITIES TRANSACTIONS

Cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were $307,418,951 and $339,379,696, respectively, for the six months ended March 31, 2005.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

During the six months ended March 31, 2005, the Fund loaned securities to certain brokers. At March 31, 2005, the value of securities on loan and the value of collateral amounted to $16,384,781 and $16,781,078, respectively. During the six months ended March 31, 2005, the Fund earned $2,854 in income from securities lending which is included in dividend income on the Statement of Operations.

On March 31, 2005, the aggregate cost of securities for federal income tax purposes was $398,892,559. The gross unrealized appreciation and depreciation on securities based on tax cost was $52,396,966 and $9,473,730, respectively, with a net unrealized appreciation of $42,923,236.

As of September 30, 2004, the Fund had $186,177,265 in capital loss carryovers for federal income tax purposes with $148,301,038 expiring in 2010 and $37,876,227 expiring in 2011.

6. INTERFUND LENDING

7. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

8. DEFERRED TRUSTEES’ FEES

9. FINANCING AGREEMENT

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

bear interest at 0.50% per annum above the Federal Funds rate. All of the participating funds are charged an annual commitment fee of 0.09% of the unused balance, which is allocated pro rata. During the six months ended March 31, 2005, the Fund had no borrowings under this agreement.

10. REGULATORY MATTERS AND LEGAL PROCEEDINGS

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

TRUSTEES AND OFFICERS

TRUSTEES¹
Charles A. Austin III		Principal occupations: Investment Counselor, Anchor Capital Advisors, Inc. (investment advice);
Trustee		Director, The Andover Companies (insurance); Trustee, Arthritis Foundation of New England;
DOB: 10/23/1934		Director, The Francis Ouimet Society; Former Director, Health Development Corp.
Term of office since: 1991		(fitness-wellness centers); Former Director, Mentor Income Fund, Inc.; Former Trustee,
Other directorships: None		Mentor Funds and Cash Resource Trust; Former Investment Counselor, Appleton Partners, Inc.
		(investment advice); Former Director, Executive Vice President and Treasurer, State Street
		Research & Management Company (investment advice)


Shirley L. Fulton		Principal occupations: Partner, Tin, Fulton, Greene & Owen, PLLC (law firm); Former Partner,
Trustee		Helms, Henderson & Fulton, P.A. (law firm); Retired Senior Resident Superior Court Judge,
DOB: 1/10/1952		26th Judicial District, Charlotte, NC
Term of office since: 2004
Other directorships: None


K. Dun Gifford		Principal occupations: Chairman and President, Oldways Preservation and Exchange Trust
Trustee		(education); Trustee, Treasurer and Chairman of the Finance Committee, Cambridge College;
DOB: 10/23/1938		Former Chairman of the Board, Director, and Executive Vice President, The London Harness
Term of office since: 1974		Company (leather goods purveyor); Former Director, Mentor Income Fund, Inc.; Former Trustee,
Other directorships: None		Mentor Funds and Cash Resource Trust


Dr. Leroy Keith, Jr.		Principal occupations: Partner, Stonington Partners, Inc. (private equity firm); Trustee,
Trustee		The Phoenix Group of Mutual Funds; Director, Obagi Medical Products Co.; Director,
DOB: 2/14/1939		Diversapack Co.; Former Director, Lincoln Educational Services; Former Chairman of the Board
Term of office since: 1983		and Chief Executive Officer, Carson Products Company (manufacturing); Former Director,
Other directorships: Trustee, The		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Phoenix Group of Mutual Funds


Gerald M. McDonnell		Principal occupations: Manager of Commercial Operations, SMI Steel Co. – South Carolina
Trustee		(steel producer); Former Sales and Marketing Manager, Nucor Steel Company; Former Director,
DOB: 7/14/1939		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1988
Other directorships: None


William Walt Pettit		Principal occupations: Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior
Trustee		Packaging Corp.; Director, National Kidney Foundation of North Carolina, Inc.; Former Director,
DOB: 8/26/1955		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None


David M. Richardson		Principal occupations: President, Richardson, Runden LLC (executive recruitment business
Trustee		development/consulting company); Consultant, Kennedy Information, Inc. (executive
DOB: 9/19/1941		recruitment information and research company); Consultant, AESC (The Association of
Term of office since: 1982		Executive Search Consultants); Director, J&M Cumming Paper Co. (paper merchandising);
Other directorships: None		Former Trustee, NDI Technologies, LLP (communications); Former Vice Chairman, DHR
		International, Inc. (executive recruitment); Former Director, Mentor Income Fund, Inc.;
		Former Trustee, Mentor Funds and Cash Resource Trust


Dr. Russell A. Salton III		Principal occupations: President/CEO, AccessOne MedCard; Former Medical Director,
Trustee		Healthcare Resource Associates, Inc.; Former Medical Director, U.S. Health Care/Aetna Health
DOB: 6/2/1947		Services; Former Director, Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and
Term of office since: 1984		Cash Resource Trust
Other directorships: None

TRUSTEES AND OFFICERS continued

Michael S. Scofield		Principal occupations: Director, Branded Media Corporation (multi-media branding company);
Trustee		Attorney, Law Offices of Michael S. Scofield; Former Director, Mentor Income Fund, Inc.;
DOB: 2/20/1943		Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None


Richard J. Shima		Principal occupations: Independent Consultant; Director, Trust Company of CT; Trustee,
Trustee		Saint Joseph College (CT); Director, Hartford Hospital; Trustee, Greater Hartford YMCA;
DOB: 8/11/1939		Former Director, Enhance Financial Services, Inc.; Former Director, Old State House Association;
Term of office since: 1993		Former Director of CTG Resources, Inc. (natural gas); Former Director, Mentor Income Fund, Inc.;
Other directorships: None		Former Trustee, Mentor Funds and Cash Resource Trust



Richard K. Wagoner, CFA²		Principal occupations: Member and Former President, North Carolina Securities Traders
Trustee		Association; Member, Financial Analysts Society; Former Consultant to the Boards of Trustees
DOB: 12/12/1937		of the Evergreen funds; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1999
Other directorships: None



OFFICERS

Dennis H. Ferro³		Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President		Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945		Evergreen Investment Company, Inc.
Term of office since: 2003


Carol Kosel⁴		Principal occupations: Senior Vice President, Evergreen Investment Services, Inc.
Treasurer
DOB: 12/25/1963
Term of office since: 1999


Michael H. Koonce⁴		Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary		Services, Inc.; Senior Vice President and Assistant General Counsel, Wachovia Corporation
DOB: 4/20/1960
Term of office since: 2000


James Angelos⁴		Principal occupations: Chief Compliance Officer and Senior Vice President, Evergreen Funds;
Chief Compliance Officer		Former Director of Compliance, Evergreen Investment Services, Inc.
DOB: 9/2/1947
Term of office since: 2004

2 Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the Fund’s investment advisor.

3 The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.

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

566380 rv2 5/2005

Evergreen Masters Fund

		table of contents
1		LETTER TO SHAREHOLDERS
4		FUND AT A GLANCE
6		ABOUT YOUR FUND’S EXPENSES
7		FINANCIAL HIGHLIGHTS
11		SCHEDULE OF INVESTMENTS
30		STATEMENT OF ASSETS AND LIABILITIES
31		STATEMENT OF OPERATIONS
32		STATEMENTS OF CHANGES IN NET ASSETS
33		NOTES TO FINANCIAL STATEMENTS
38		ADDITIONAL INFORMATION
40		TRUSTEES AND OFFICERS

Mutual Funds:
NOT FDIC INSURED		MAY LOSE VALUE		NOT BANK GUARANTEED

Evergreen Investments^SMis a service mark of Evergreen Investment Management Company, LLC.
Copyright 2005, Evergreen Investment Management Company, LLC.

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

LETTER TO SHAREHOLDERS

May 2005

Dennis H. Ferro
President and Chief
Executive Officer

Dear Shareholder,

We are pleased to provide the semiannual report for the Evergreen Masters Fund, which covers the six-month period ended March 31, 2005.

LETTER TO SHAREHOLDERS continued

On April 1, 2005, the shareholders of Evergreen Masters Fund approved the reorganization of the Fund into Evergreen Large Cap Equity Fund.

Effective at the close of business on April 15, 2005, the merger was successfully completed.

Sincerely,

Dennis H. Ferro
President and Chief Executive Officer
Evergreen Investment Company, Inc.

Special Notice to Shareholders:

FUND AT A GLANCE

as of March 31, 2005

MANAGEMENT TEAM

Evergreen Team

MFS Team

Oppenheimer Team

CURRENT INVESTMENT STYLE

Source: Morningstar, Inc.

Morningstar’s style box is based on a portfolio date as of 3/31/2005.

The domestic equity style box placement is based on 10 growth and valuation measures for each of the fund's holdings, as well as the size of the companies in which it invests, or median market capitalization.

PERFORMANCE AND RETURNS

Portfolio inception date: 12/31/1998

	Class A	Class B	Class C	Class I
Class inception date	12/31/1998	12/31/1998	12/31/1998	12/31/1998

Nasdaq symbol	EMFAX	EMFBX	EVMCX	EMFYX

6-month return with sales charge	2.25%	3.15%	7.16%	N/A

6-month return w/o sales charge	8.55%	8.15%	8.16%	8.67%

Average annual return*

1-year with sales charge	-0.58%	-0.29%	3.71%	N/A

1-year w/o sales charge	5.50%	4.71%	4.71%	5.79%

5-year	-6.42%	-6.33%	-6.00%	-5.07%

Since portfolio inception	-0.79%	-0.56%	-0.58%	0.41%

* Adjusted for maximum applicable sales charge, unless noted.

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. To obtain performance information current to the most recent month-end for Classes A, B, C or I, please go to EvergreenInvestments.com/fundperformance. The performance of each class may vary based on differences in loads, fees and expenses paid by the shareholders investing in each class.The maximum applicable sales charge is 5.75% for Class A, 5.00% for Class B and 1.00% for Class C. Class I is not subject to a sales charge. Performance includes the reinvestment of income dividends and capital gain distributions. Performance shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The fund incurs a 12b-1 fee of 0.30% for Class A and 1.00% for Classes B and C. Class I does not pay a 12b-1 fee.

The advisor is waiving a portion of its advisory fee. Had the fee not been waived, returns would have been lower.

FUND AT A GLANCE continued

LONG-TERM GROWTH

Comparison of a $10,000 investment in the Evergreen Masters Fund Class A shares, versus a similar investment in the Standard & Poor’s 500 Index (S&P 500), the Standard & Poor’s MidCap 400 Index (S&P 400) and the Consumer Price Index (CPI).

The S&P 500 and the S&P 400 are unmanaged market indexes and do not include transaction costs associated with buying and selling securities, any mutual fund 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 is nonfundamental and may be changed without the vote of the fund’s shareholders.

Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability and foreign currency fluctuations. Risks of international investing are magnified in emerging or developing markets.

Smaller capitalization stock investing may offer the potential for greater long-term results; however, it is also generally associated with greater price volatility due to the higher risk of failure.

All data is as of March 31, 2005, and subject to change.

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

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

• Actual expenses

• Hypothetical example for comparison purposes

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	10/1/2004	3/31/2005	Period*

Actual
Class A	$ 1,000.00	$ 1,085.53		$ 6.76
Class B	$ 1,000.00	$ 1,081.47	$10.43
Class C	$ 1,000.00	$ 1,081.58	$10.38
Class I	$ 1,000.00	$ 1,086.74		$ 5.20
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,018.45		$ 6.54
Class B	$ 1,000.00	$ 1,014.91	$10.10
Class C	$ 1,000.00	$ 1,014.96	$10.05
Class I	$ 1,000.00	$ 1,019.95		$ 5.04

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (1.30% for Class A, 2.01% for Class B, 2.00% for Class C and 1.00% for Class I), multiplied by the average account value over the period, multiplied by 182 / 365 days.

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS A	(unaudited)		2004	2003	2002		2001	2000

Net asset value, beginning of period		$ 7.95	$ 6.99	$ 5.70		$ 7.24	$ 13.22	$ 10.05

Income from investment operations
Net investment income (loss)		0.01¹	(0.05)¹	(0.06)¹		(0.06)¹	(0.08)	(0.10)¹
Net realized and unrealized gains or losses on securities and foreign
currency related transactions		0.67	1.01	1.35		(1.48)	(4.13)	3.27

Total from investment operations		0.68	0.96	1.29		(1.54)	(4.21)	3.17

Distributions to shareholders from
Net realized gains		0	0	0		0	(1.77)	0

Net asset value, end of period		$ 8.63	$ 7.95	$ 6.99		$ 5.70	$ 7.24	$ 13.22

Total return²		8.55%	13.73%	22.63%	(21.27%)		(35.91%)	31.54%

Ratios and supplemental data
Net assets, end of period (thousands)	$47,962		$52,556	$57,809	$57,482		$100,713	$192,473
Ratios to average net assets
Expenses³		1.30%⁴	1.74%	2.12%		1.86%	1.63%	1.58%
Net investment income (loss)		0.22%⁴	(0.61%)	(0.90%)		(0.86%)	(0.77%)	(0.78%)
Portfolio turnover rate		31%	101%	97%		114%	80%	111%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS B	(unaudited)		2004	2003	2002		2001	2000

Net asset value, beginning of period		$ 7.61	$ 6.74	$ 5.53		$ 7.08	$ 13.07	$ 10.01

Income from investment operations
Net investment loss		(0.02)¹	(0.10)¹	(0.10)¹		(0.12)¹	(0.13)	(0.19)¹
Net realized and unrealized gains or losses on securities and foreign
currency related transactions		0.64	0.97	1.31		(1.43)	(4.09)	3.25

Total from investment operations		0.62	0.87	1.21		(1.55)	(4.22)	3.06

Distributions to shareholders from
Net realized gains		0	0	0		0	(1.77)	0

Net asset value, end of period		$ 8.23	$ 7.61	$ 6.74		$ 5.53	$ 7.08	$ 13.07

Total return²		8.15%	12.91%	21.88%	(21.89%)		(36.46%)	30.57%

Ratios and supplemental data
Net assets, end of period (thousands)	$51,312		$55,186	$60,221	$59,195		$92,928	$133,637
Ratios to average net assets
Expenses³		2.01%⁴	2.44%	2.85%		2.62%	2.38%	2.34%
Net investment loss		(0.48%)⁴	(1.31%)	(1.62%)		(1.61%)	(1.52%)	(1.54%)
Portfolio turnover rate		31%	101%	97%		114%	80%	111%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS C	(unaudited)		2004	2003	2002		2001	2000

Net asset value, beginning of period		$ 7.60	$ 6.73	$ 5.53		$ 7.07	$13.05	$ 10.00

Income from investment operations
Net investment loss		(0.02)¹	(0.10)¹	(0.10)¹		(0.12)¹	(0.11)	(0.19)¹
Net realized and unrealized gains or losses on securities and foreign
currency related transactions		0.64	0.97	1.30		(1.42)	(4.10)	3.24

Total from investment operations		0.62	0.87	1.20		(1.54)	(4.21)	3.05

Distributions to shareholders from
Net realized gains		0	0	0		0	(1.77)	0

Net asset value, end of period		$ 8.22	$ 7.60	$ 6.73		$ 5.53	$ 7.07	$ 13.05

Total return²		8.16%	12.93%	21.70%	(21.78%)		(36.44%)	30.50%

Ratios and supplemental data
Net assets, end of period (thousands)	$3,783		$4,118	$4,955	$5,983		$9,450	$11,387
Ratios to average net assets
Expenses³		2.00%⁴	2.45%	2.85%		2.62%	2.39%	2.35%
Net investment loss		(0.47%)⁴	(1.32%)	(1.62%)		(1.61%)	(1.52%)	(1.55%)
Portfolio turnover rate		31%	101%	97%		114%	80%	111%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended	Year Ended September 30,
	March 31, 2005
CLASS I¹	(unaudited)	2004	2003	2002		2001	2000

Net asset value, beginning of period	$8.07	$7.08	$5.75		$7.29	$13.27	$10.07

Income from investment operations
Net investment income (loss)	0.02²	(0.02)²	(0.04)²		(0.05)²	(0.05)	(0.07)²
Net realized and unrealized gains or losses on securities and foreign
currency related transactions	0.68	1.01	1.37		(1.49)	(4.16)	3.27

Total from investment operations	0.70	0.99	1.33		(1.54)	(4.21)	3.20

Distributions to shareholders from
Net realized gains	0	0	0		0	(1.77)	0

Net asset value, end of period	$8.77	$8.07	$7.08		$5.75	$7.29	$13.27

Total return	8.67%	13.98%	23.13%	(21.12%)		(35.76%)	31.78%

Ratios and supplemental data
Net assets, end of period (thousands)	$573	$802	$767		$605	$2,228	$4,479
Ratios to average net assets
Expenses³	1.00%⁴	1.43%	1.84%		1.59%	1.37%	1.34%
Net investment income (loss)	0.54%⁴	(0.30%)	(0.63%)		(0.61%)	(0.52%)	(0.53%)
Portfolio turnover rate	31%	101%	97%		114%	80%	111%

¹Effective at the close of business on May 11, 2001, Class Y shares were renamed as Institutional shares (Class I).

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

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS 99.8%
CONSUMER DISCRETIONARY 13.4%
Auto Components 0.0%
Autoliv, Inc.	400	$	19,060
BorgWarner, Inc.	100		4,868
Dana Corp.	100		1,279
Goodyear Tire & Rubber Co. *	700		9,345

			34,552

Automobiles 0.1%
Ford Motor Co.	5,872		66,530
General Motors Corp.	200		5,878
Harley-Davidson, Inc.	600		34,656
Winnebago Industries, Inc.	200		6,320

			113,384

Distributors 0.0%
Genuine Parts Co.	200		8,698

Hotels, Restaurants & Leisure 2.5%
Caesars Entertainment, Inc. *	1,000		19,790
Carnival Corp.	300		15,543
CBRL Group, Inc.	200		8,260
CEC Entertainment, Inc.	350		12,810
Cheesecake Factory, Inc. *	11,180		396,331
Darden Restaurants, Inc.	400		12,272
Harrah’s Entertainment, Inc.	6,700		432,686
International Game Technology	9,000		239,940
Mandalay Resort Group	400		28,196
Marriott International, Inc., Class A	800		53,488
McDonald’s Corp.	3,900		121,446
MGM Mirage *	700		49,574
Outback Steakhouse, Inc.	3,300		151,107
Penn National Gaming, Inc. *	100		2,938
Royal Caribbean Cruises Ltd.	6,100		272,609
Starbucks Corp. *	700		36,162
Starwood Hotels & Resorts Worldwide, Inc., Class B	400		24,012
Station Casinos, Inc.	1,825		123,279
Triarc Companies, Inc., Class A	25,000		355,000
WMS Industries, Inc.	5,190		146,150
Yum! Brands, Inc.	1,100		56,991

			2,558,584

Household Durables 0.1%
American Greetings Corp. Class A	200		5,096
Beazer Homes USA, Inc.	300		14,958
Cavco Industries, Inc. *	130		3,144
Centex Corp.	100		5,727
D.R. Horton, Inc.	1,333		38,977
Ethan Allen Interiors, Inc.	100		3,200

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
CONSUMER DISCRETIONARY continued
Household Durables continued
Furniture Brands International, Inc.	100	$	2,181
KB Home	200		23,492
Lennar Corp., Class A	200		11,336
Newell Rubbermaid, Inc.	400		8,776
Pulte Homes, Inc.	100		7,363
Ryland Group, Inc.	100		6,202
Toll Brothers, Inc. *	100		7,885
WCI Communities, Inc.	200		6,016

			144,353

Internet & Catalog Retail 0.5%
eBay, Inc. *	7,200		268,272
IAC/InterActiveCorp *	12,135		270,246

			538,518

Leisure Equipment & Products 0.5%
Action Performance Companies, Inc.	1,000		13,230
Eastman Kodak Co.	15,900		517,545
Marvel Enterprises, Inc. *	400		8,000
Mattel, Inc.	400		8,540
Polaris Industries, Inc.	100		7,023
SCP Pool Corp.	100		3,186
The Nautilus Group, Inc.	200		4,752

			562,276

Media 4.3%
Catalina Marketing Corp.	100		2,590
Citadel Broadcasting Corp. *	30,980		425,355
Clear Channel Communications, Inc.	1,000		34,470
Comcast Corp., Class A *	4,708		159,036
EchoStar Communications Corp., Class A *	1,100		32,175
Gannett Co., Inc.	200		15,816
Gemstar-TV Guide International, Inc. *	42,300		184,005
Getty Images, Inc. *	15,825		1,125,316
Grupo Televisa SA de CV, ADR	5,800		341,040
Interpublic Group of Companies, Inc. *	35,100		431,028
Knight Ridder, Inc.	100		6,725
Liberty Media Corp., Class A *	1,400		14,518
Liberty Media International, Inc., Class A *	100		4,374
McGraw-Hill Companies, Inc.	2,650		231,213
News Corp., Class A	1,400		23,688
NTL, Inc. *	2,935		186,871
Omnicom Group, Inc.	1,900		168,188
Radio One, Inc. Class A	8,000		117,440
Radio One, Inc., Class D *	2,800		41,300
Time Warner, Inc. *	9,800		171,990

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
CONSUMER DISCRETIONARY continued
Media continued
Univision Communications, Inc., Class A *	9,600	$	265,824
Viacom, Inc., Class B	2,673		93,101
Walt Disney Co.	2,900		83,317
Washington Post Co., Class B	300		268,200

			4,427,580

Multi-line Retail 1.2%
99 Cents Only Stores	9,700		127,749
Dillards, Inc., Class A	500		13,450
Family Dollar Stores, Inc.	8,000		242,880
Federated Department Stores, Inc.	1,000		63,640
J.C. Penney Co., Inc.	1,400		72,688
May Department Stores Co.	11,000		407,220
Nordstrom, Inc.	1,900		105,222
Sears Holdings Corp. *	220		29,297
Target Corp.	2,500		125,050

			1,187,196

Specialty Retail 3.0%
Abercrombie & Fitch Co., Class A	300		17,172
Advance Auto Parts, Inc. *	100		5,045
Aeropostale, Inc. *	250		8,187
American Eagle Outfitters, Inc.	700		20,685
AutoNation, Inc. *	500		9,470
Barnes & Noble, Inc. *	500		17,245
Bebe Stores, Inc.	50		1,698
Bed Bath & Beyond, Inc. *	700		25,578
Best Buy Co., Inc.	7,000		378,070
Blockbuster, Inc., Class A	200		1,766
Blockbuster, Inc., Class B	893		7,465
Borders Group, Inc.	600		15,972
Chico’s FAS, Inc. *	9,600		271,296
Children’s Place Retail Stores, Inc.	100		4,775
Circuit City Stores, Inc.	1,100		17,655
Electronics Boutique Holdings Corp.	100		4,297
Gap, Inc.	2,700		58,968
Hollywood Entertainment Corp.	300		3,951
Home Depot, Inc.	6,650		254,296
Limited Brands, Inc.	1,400		34,020
Lowe’s Companies, Inc.	3,471		198,159
Mens Wearhouse Inc.	200		8,442
Michaels Stores, Inc.	7,925		287,678
Office Depot, Inc. *	1,200		26,616
Pacific Sunwear of California, Inc. *	775		21,685
PETsMART, Inc.	9,390		269,963
Rent-A-Center, Inc. *	100		2,731

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
CONSUMER DISCRETIONARY continued
Specialty Retail continued
Sherwin-Williams Co.	200	$	8,798
Staples, Inc.	1,500		47,145
TBC Corp.	10,500		292,530
Tiffany & Co.	9,760		336,915
TJX Companies, Inc.	12,300		302,949
Too, Inc.	300		7,401
Toys “R” Us, Inc. *	700		18,032
Weight Watchers International, Inc. *	1,700		73,066
Zale Corp. *	200		5,944

			3,065,665

Textiles, Apparel & Luxury Goods 1.2%
Coach, Inc. *	6,400		362,432
Jones Apparel Group, Inc.	17,700		592,773
Nike, Inc., Class B	500		41,655
Polo Ralph Lauren Corp., Class A	6,000		232,800
Timberland Co., Class A *	300		21,279
VF Corp.	400		23,656

			1,274,595

CONSUMER STAPLES 6.6%
Beverages 1.0%
Anheuser-Busch Companies, Inc.	1,500		71,085
Coca-Cola Co.	5,700		237,519
Diageo plc	30,000		422,512
Pepsi Bottling Group, Inc.	700		19,495
PepsiCo, Inc.	5,640		299,089

			1,049,700

Food & Staples Retailing 1.8%
BJ’s Wholesale Club, Inc. *	21,000		652,260
Costco Wholesale Corp.	1,100		48,598
CVS Corp.	7,775		409,121
Kroger Co. *	600		9,618
Rite Aid Corp. *	1,000		3,960
SUPERVALU, Inc.	500		16,675
SYSCO Corp.	200		7,160
Wal-Mart Stores, Inc.	12,037		603,174
Walgreen Co.	1,600		71,072

			1,821,638

Food Products 1.7%
Archer-Daniels-Midland Co.	14,300		351,494
Bunge, Ltd.	5,800		312,504
Chiquita Brands International, Inc.	100		2,678
ConAgra Foods, Inc.	100		2,702
Dean Foods Co. *	6,200		212,660

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
CONSUMER STAPLES continued
Food Products continued
General Mills, Inc.	900	$	44,235
H.J. Heinz Co.	8,300		305,772
Hershey Foods Corp.	700		42,322
Hormel Foods Corp.	100		3,111
Kellogg Co.	4,650		201,205
Pilgrim’s Pride Corp.	300		10,716
Sara Lee Corp.	11,900		263,704
Smithfield Foods, Inc. *	100		3,155

			1,756,258

Household Products 0.6%
Clorox Co.	300		18,897
Colgate-Palmolive Co.	100		5,217
Energizer Holdings, Inc. *	400		23,920
Kimberly-Clark Corp.	1,000		65,730
Procter & Gamble Co.	10,247		543,091
Rayovac Corp. *	300		12,480

			669,335

Personal Products 0.9%
Avon Products, Inc.	6,775		290,919
Estee Lauder Companies, Inc., Class A	9,200		413,816
Gillette Co.	3,400		171,632
Nu Skin Enterprises, Inc. Class A	300		6,753

			883,120

Tobacco 0.6%
Altria Group, Inc.	9,175		599,953
Reynolds American, Inc.	600		48,354
UST, Inc.	200		10,340

			658,647

ENERGY 9.1%
Energy Equipment & Services 1.8%
Baker Hughes, Inc.	900		40,041
BJ Services Co.	7,540		391,175
Cal Dive International, Inc.	300		13,590
Diamond Offshore Drilling, Inc.	300		14,970
GlobalSantaFe Corp.	10,200		377,808
Halliburton Co.	4,600		198,950
Helmerich & Payne, Inc.	100		3,969
Maverick Tube Corp. *	300		9,753
National Oilwell Varco, Inc. *	5,300		247,510
Offshore Logistics, Inc.	15,000		499,800
Oil States International, Inc.	100		2,055
Precision Drilling Corp.	200		14,962
Pride International, Inc. *	200		4,968

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
ENERGY continued
Energy Equipment & Services continued
Transocean, Inc. *	800	$	41,168
Universal Compression Holdings, Inc. *	200		7,574

			1,868,293

Oil & Gas 7.3%
Amerada Hess Corp.	300		28,863
Anadarko Petroleum Corp.	900		68,490
Apache Corp.	1,000		61,230
Ashland, Inc.	6,500		438,555
Burlington Resources, Inc.	1,200		60,084
Canadian Natural Resources, Ltd.	826		46,675
Chesapeake Energy Corp.	43,600		956,584
ChevronTexaco Corp.	9,689		564,966
ConocoPhillips	1,937		208,886
Devon Energy Corp.	7,300		348,575
EnCana Corp.	7,900		556,318
Energy Partners Ltd.	200		5,194
EOG Resources, Inc.	800		38,992
Exxon Mobil Corp.	24,124		1,437,790
Forest Oil Corp. *	300		12,150
Frontier Oil Corp.	200		7,252
General Maritime Corp. *	100		4,844
Holly Corp.	100		3,727
Houston Exploration Co.	100		5,695
Kerr-McGee Corp.	7,000		548,310
Kinder Morgan, Inc.	300		22,710
Marathon Oil Corp.	700		32,844
Murphy Oil Corp.	8,500		839,205
Newfield Exploration Co. *	100		7,426
Noble Energy, Inc.	200		13,604
Occidental Petroleum Corp.	5,100		362,967
OMI Corp.	100		1,915
Paramount Resources, Ltd. *	3,600		92,221
Patina Oil & Gas Corp.	100		4,000
Petroleum Development Corp. *	100		3,769
Plains Exploration & Production Co.	400		13,960
Premcor, Inc.	100		5,968
Sunoco, Inc.	300		31,056
Talisman Energy, Inc.	1,500		51,321
Tesoro Corp.	500		18,510
Unocal Corp	1,300		80,197
Valero Energy Corp.	500		36,635
Vintage Petroleum, Inc.	100		3,146
Whiting Petroleum Corp. *	100		4,078
Williams Companies, Inc.	1,800		33,858

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
ENERGY continued
Oil & Gas continued
XTO Energy, Inc.	16,300	$	535,292

			7,597,862

FINANCIALS 15.5%
Capital Markets 3.9%
A.G. Edwards, Inc.	9,000		403,200
Affiliated Managers Group, Inc. *	200		12,406
American Capital Strategies, Ltd.	300		9,423
Ameritrade Holding Corp. *	11,600		118,436
Bank of New York Co.	2,500		72,625
Bear Stearns Companies, Inc.	700		69,930
Charles Schwab Corp.	2,400		25,224
ETRADE Financial Corp.	1,000		12,000
Franklin Resources, Inc.	8,675		595,539
Goldman Sachs Group, Inc.	100		10,999
Investors Financial Services Corp.	4,970		243,083
Knight Trading Group, Inc.	41,500		400,060
Legg Mason, Inc.	5,200		406,328
Lehman Brothers Holdings, Inc.	1,000		94,160
Merrill Lynch & Co., Inc.	4,100		232,060
Morgan Stanley	4,000		229,000
SEI Investments Co.	11,200		404,992
State Street Corp.	6,700		292,924
T. Rowe Price Group, Inc.	6,975		414,175

			4,046,564

Commercial Banks 2.8%
Bank of America Corp.	12,774		563,333
BB&T Corp.	1,000		39,080
Colonial BancGroup, Inc.	18,000		369,360
Comerica, Inc.	500		27,540
Compass Bancshares, Inc.	300		13,620
Fifth Third Bancorp	600		25,788
Hibernia Corp., Class A	400		12,804
Huntington Bancshares, Inc.	100		2,390
KeyCorp	1,900		61,655
M&T Bank Corp.	300		30,618
National City Corp.	1,600		53,600
North Fork Bancorp, Inc.	1,300		36,062
PNC Financial Services Group, Inc.	800		41,184
Regions Financial Corp.	1,117		36,191
Silicon Valley Bancshares *	100		4,406
SunTrust Banks, Inc.	900		64,863
TD Banknorth, Inc.	4,018		125,522
Toronto-Dominion Bank	2,091		86,463
U.S. Bancorp	8,392		241,858

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
FINANCIALS continued
Commercial Banks continued
UnionBanCal Corp	500	$	30,625
Wells Fargo & Co	5,000		299,000
Zions Bancorp	10,200		704,004

			2,869,966

Consumer Finance 1.1%
American Express Co	5,059		259,881
AmeriCredit Corp. *	500		11,720
Capital One Financial Corp	3,100		231,787
First Marblehead Corp. *	4,000		230,120
MBNA Corp	3,000		73,650
MoneyGram International, Inc	15,125		285,711
SLM Corp	1,000		49,840

			1,142,709

Diversified Financial Services 1.1%
CIT Group, Inc	400		15,200
Citigroup, Inc	15,715		706,232
GATX Corp	100		3,319
JPMorgan Chase & Co	9,788		338,665
Moody’s Corp	300		24,258
Principal Financial Group, Inc	1,500		57,735

			1,145,409

Insurance 3.9%
ACE, Ltd	600		24,762
AFLAC, Inc	600		22,356
Allstate Corp	2,300		124,338
AMBAC Financial Group, Inc	6,285		469,804
American Financial Group, Inc	300		9,240
American International Group, Inc	6,810		377,342
AmerUs Group Co	200		9,450
Assured Guaranty, Ltd	35,000		628,250
Chubb Corp	700		55,489
Cincinnati Financial Corp	200		8,722
Everest Re Group Ltd	5,100		434,061
Fidelity National Financial, Inc	501		16,503
First American Financial Corp	400		13,176
Genworth Financial, Inc., Class A	7,100		195,392
Hartford Financial Services Group, Inc	8,700		596,472
LandAmerica Financial Group, Inc	100		5,003
Lincoln National Corp	4,900		221,186
Loews Corp	800		58,832
Loews Corp. – Carolina Group	10,400		344,240
Marsh & McLennan Co	500		15,210
MBIA, Inc	100		5,228

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
FINANCIALS continued
Insurance continued
MetLife, Inc	1,500	$	58,650
Nationwide Financial Services., Inc., Class A	100		3,590
Old Republic International Corp	200		4,658
PartnerRe Ltd	100		6,460
Progressive Corp	400		36,704
Protective Life Corp	100		3,930
Prudential Financial, Inc	200		11,480
Reinsurance Group of America, Inc	200		8,516
SAFECO Corp	500		24,355
St. Paul Travelers Companies, Inc	300		11,019
StanCorp Financial Group, Inc	100		8,478
UnumProvident Corp	200		3,404
XL Capital, Ltd., Class A	2,700		195,399

			4,011,699

Real Estate 0.7%
Boston Properties, Inc. REIT	2,700		162,621
Global Signal, Inc. REIT	6,659		199,503
New Century Financial Corp. REIT	8,500		397,970

			760,094

Thrifts & Mortgage Finance 2.0%
Astoria Financial Corp	350		8,855
Countrywide Financial Corp	13,998		454,375
Fannie Mae	2,900		157,905
Freddie Mac	1,900		120,080
Fremont General Corp	300		6,597
Golden West Financial Corp	600		36,300
IndyMac Bancorp, Inc	300		10,200
MGIC Investment Corp	100		6,167
New York Community Bancorp, Inc	17,777		322,830
PMI Group, Inc	21,980		835,460
Washington Mutual, Inc	2,100		82,950

			2,041,719

HEALTH CARE 15.0%
Biotechnology 1.9%
Amgen, Inc. *	2,000		116,420
Applied Biosystems Group – Applera Corp	600		11,844
Celgene Corp. *	4,280		145,734
Genzyme Corp. *	9,580		548,359
Gilead Sciences, Inc. *	17,345		620,951
ImClone Systems, Inc. *	7,800		269,100
MedImmune, Inc. *	8,340		198,576
Oscient Pharmaceuticals Corp. *	41,100		96,174

			2,007,158

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
HEALTH CARE continued
Health Care Equipment & Supplies 5.2%
Baxter International, Inc	14,500	$	492,710
Becton, Dickinson & Co	1,100		64,262
Boston Scientific Corp. *	500		14,645
C.R. Bard, Inc	13,940		949,035
Cytyc Corp. *	24,200		556,842
DENTSPLY International, Inc	7,460		405,899
Fisher Scientific International, Inc. *	4,390		249,879
Gen-Probe, Inc. *	3,980		177,349
Guidant Corp	300		22,170
Hospira, Inc. *	11,000		354,970
Inamed Corp. *	2,500		174,700
Medtronic, Inc	2,900		147,755
Millipore Corp. *	4,110		178,374
PerkinElmer, Inc	400		8,252
Smith & Nephew plc, ADR	5,000		235,100
St. Jude Medical, Inc. *	7,200		259,200
Thermo Electron Corp. *	500		12,645
Thoratec Corp	14,720		179,878
VISX, Inc	300		7,032
Waters Corp. *	13,190		472,070
Zimmer Holdings, Inc. *	5,850		455,188

			5,417,955

Health Care Providers & Services 4.2%
Aetna, Inc	1,200		89,940
American Healthways, Inc. *	100		3,302
AmerisourceBergen Corp	100		5,729
Apria Healthcare Group, Inc	100		3,210
Beverly Enterprises, Inc. *	100		1,238
Caremark Rx, Inc. *	15,400		612,612
Cerner Corp	200		10,502
CIGNA Corp	600		53,580
Community Health Systems, Inc. *	10,740		374,933
Coventry Health Care, Inc. *	400		27,256
eResearch Technology, Inc	100		1,178
Express Scripts, Inc. *	100		8,719
HCA, Inc	900		48,213
Humana, Inc. *	700		22,358
Kindred Healthcare, Inc	100		3,510
LCA-Vision, Inc	300		9,990
LifePoint Hospitals, Inc	3,500		153,440
Lincare Holdings, Inc. *	200		8,846
McKesson Corp	1,000		37,750
Medco Health Solutions, Inc. *	1,390		68,902
Patterson Companies, Inc. *	5,910		295,205
Pediatrix Medical Group, Inc. *	200		13,718

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
HEALTH CARE continued
Health Care Providers & Services continued
Province Healthcare Co	3,100	$	74,679
Quest Diagnostics, Inc	400		42,052
Sierra Health Services, Inc. *	200		12,768
Triad Hospitals, Inc. *	100		5,010
UnitedHealth Group, Inc	8,944		853,079
VCA Antech, Inc. *	5,350		108,231
WellChoice, Inc. *	200		10,662
WellPoint, Inc. *	10,600		1,328,710

			4,289,322

Pharmaceuticals 3.7%
Abbott Laboratories	4,400		205,128
Allergan, Inc	4,020		279,270
Alpharma, Inc., Class A	100		1,232
Andrx Corp. *	100		2,267
Barr Pharmaceuticals, Inc. *	400		19,532
Bristol-Myers Squibb Co	3,100		78,926
Eli Lilly & Co	900		46,890
Endo Pharmaceuticals Holdings, Inc. *	10,300		232,265
Forest Laboratories, Inc. *	700		25,865
Johnson & Johnson	13,282		892,019
Medicis Pharmaceutical Corp., Class A	16,280		488,074
Merck & Co., Inc	9,200		297,804
Novartis AG, ADR	4,630		216,591
Pfizer, Inc	30,721		807,041
Teva Pharmaceutical Industries, Ltd., ADR	4,300		133,300
Wyeth	3,300		139,194

			3,865,398

INDUSTRIALS 12.5%
Aerospace & Defense 1.5%
Boeing Co	1,900		111,074
General Dynamics Corp	300		32,115
Goodrich Corp	100		3,829
Honeywell International, Inc	800		29,768
Lockheed Martin Corp	1,400		85,484
Northrop Grumman Corp	1,400		75,572
Precision Castparts Corp	100		7,701
Raytheon Co	1,000		38,700
Rockwell Collins, Inc	15,200		723,368
United Defense Industries, Inc	100		7,342
United Technologies Corp	4,280		435,105

			1,550,058

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
INDUSTRIALS continued
Air Freight & Logistics 0.3%
EGL, Inc. *	200	$	4,560
Expeditors International of Washington, Inc	2,980		159,579
FedEx Corp	1,000		93,950
Ryder System, Inc	200		8,340
United Parcel Service, Inc., Class B	1,000		72,740

			339,169

Airlines 0.6%
Alaska Air Group Inc	200		5,888
Continental Airlines, Inc., Class B	100		1,204
Southwest Airlines Co	45,200		643,648

			650,740

Building Products 0.7%
American Standard Companies, Inc	6,080		282,598
Masco Corp	10,700		370,969
USG Corp	400		13,264

			666,831

Commercial Services & Supplies 3.4%
Adesa, Inc	26,300		614,368
Apollo Group, Inc., Class A *	5,400		399,924
Brinks Co	100		3,460
Career Education Corp. *	18,050		618,393
CDI Corp	16,400		362,932
Cendant Corp	100		2,054
Copart, Inc. *	100		2,356
Corporate Executive Board Co	5,700		364,515
Dun & Bradstreet Corp	100		6,145
Equifax, Inc	400		12,276
Heidrick & Struggles International, Inc. *	7,500		275,775
ITT Educational Services, Inc. *	100		4,850
Korn / Ferry International	100		1,903
Monster Worldwide, Inc. *	7,850		220,193
PHH Corp. *	115		2,515
Pitney Bowes, Inc	100		4,512
R. R. Donnelley & Sons Co	14,000		442,680
Republic Services, Inc., Class A	200		6,696
Robert Half International, Inc	6,050		163,108
Sotheby’s Holdings, Inc., Class A	300		5,088
Waste Management, Inc	800		23,080

			3,536,823

Construction & Engineering 0.0%
Shaw Group, Inc	400		8,720

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
INDUSTRIALS continued
Electrical Equipment 0.4%
Cooper Industries, Ltd., Class A	200	$	14,304
Emerson Electric Co	1,000		64,930
Rockwell Automation, Inc	800		45,312
Roper Industries, Inc	4,800		314,400
Thomas & Betts Corp. *	100		3,230

			442,176

Industrial Conglomerates 1.8%
3M Co	3,100		265,639
General Electric Co	36,799		1,326,972
Textron, Inc	700		52,234
Tyco International, Ltd	6,700		226,460

			1,871,305

Machinery 2.3%
Actuant Corp., Class A *	100		4,492
AGCO Corp. *	13,700		250,025
Caterpillar, Inc	1,000		91,440
Cummins, Inc	200		14,070
Deere & Co	300		20,139
Eaton Corp	2,600		170,040
Illinois Tool Works, Inc	500		44,765
Ingersoll-Rand Co., Ltd., Class A	3,190		254,083
ITT Industries, Inc	2,900		261,696
Joy Global, Inc	9,550		334,823
Mueller Industries, Inc	200		5,630
Navistar International Corp. *	300		10,920
Paccar, Inc	8,300		600,837
Pall Corp	10,000		271,200
SPX Corp	300		12,984
Terex Corp. *	200		8,660
Toro Co	200		17,700
Wabash National Corp. *	100		2,440

			2,375,944

Road & Rail 1.5%
Arkansas Best Corp	100		3,778
Burlington Northern Santa Fe Corp	1,100		59,323
CNF, Inc	6,200		290,098
CSX Corp	400		16,660
J.B. Hunt Transport Services, Inc	200		8,754
Laidlaw International, Inc	28,100		584,480
Norfolk Southern Corp	14,700		544,635
Swift Transportation Co., Inc	500		11,070
Yellow Roadway Corp. *	100		5,854

			1,524,652

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
INDUSTRIALS continued
Trading Companies & Distributors 0.0%
W.W. Grainger, Inc	200	$	12,454

INFORMATION TECHNOLOGY 17.2%
Communications Equipment 2.1%
3Com Corp. *	1,400		4,984
ADTRAN, Inc	300		5,292
Cisco Systems, Inc. *	25,086		448,789
Comverse Technology, Inc. *	16,640		419,661
Corning, Inc. *	300		3,339
Lucent Technologies, Inc. *	118,800		326,700
Motorola, Inc	25,900		387,723
QUALCOMM, Inc	13,288		487,005
Research In Motion, Ltd. *	1,125		85,972

			2,169,465

Computers & Peripherals 2.0%
Apple Computer, Inc. *	1,600		66,672
Avid Technology, Inc. *	3,125		169,125
Brocade Communications Systems, Inc. *	1,200		7,104
Dell, Inc. *	20,750		797,215
EMC Corp. *	5,000		61,600
Hewlett-Packard Co	7,200		157,968
International Business Machines Corp	5,200		475,176
Lexmark International, Inc., Class A *	3,100		247,907
Maxtor Corp. *	900		4,788
NCR Corp. *	700		23,618
palmOne, Inc. *	200		5,076
Storage Technology Corp. *	600		18,480
Sun Microsystems, Inc. *	1,300		5,252
Western Digital Corp. *	1,300		16,575

			2,056,556

Electronic Equipment & Instruments 0.3%
Agilent Technologies, Inc. *	400		8,880
Amphenol Corp., Class A *	500		18,520
Ingram Micro, Inc., Class A *	800		13,336
Molex, Inc., Class A	475		11,210
Symbol Technologies, Inc	13,000		188,370
Tech Data Corp. *	200		7,412

			247,728

Internet Software & Services 0.5%
Earthlink, Inc	1,300		11,700
J2 Global Communications, Inc	100		3,431
United Online, Inc	800		8,376
ValueClick, Inc. *	400		4,244
VeriSign, Inc. *	6,580		188,846

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
INFORMATION TECHNOLOGY continued
Internet Software & Services continued
WebEx Communications, Inc. *	100	$	2,159
Websense, Inc	200		10,760
Yahoo!, Inc. *	9,270		314,253

			543,769

IT Services 1.4%
Acxiom Corp	300		6,279
Alliance Data Systems Corp. *	9,200		371,680
Automatic Data Processing, Inc	600		26,970
Ceridian Corp. *	1,270		21,654
CheckFree Corp. *	300		12,228
Computer Sciences Corp. *	100		4,585
Convergys Corp. *	200		2,986
DST Systems, Inc. *	7,200		332,496
Electronic Data Systems Corp	1,100		22,737
First Data Corp	700		27,517
Hewitt Associates, Inc. *	6,900		183,540
Iron Mountain, Inc. *	14,000		403,760
Sabre Holdings, Inc., Class A	400		8,752

			1,425,184

Semiconductors & Semiconductor Equipment 3.6%
Altera Corp. *	15,400		304,612
Analog Devices, Inc	10,000		361,400
Applied Materials, Inc. *	3,100		50,375
Atmel Corp. *	3,000		8,850
ATMI, Inc. *	200		5,008
Broadcom Corp., Class A *	9,000		269,280
Cypress Semiconductor Corp. *	100		1,260
Freescale Semiconductor, Inc., Class A	800		13,560
Freescale Semiconductor, Inc., Class B *	529		9,125
Integrated Circuit System, Inc. *	10,810		206,687
Integrated Device Technology, Inc	600		7,218
Intel Corp	22,800		529,644
Intersil Holding Corp., Class A	300		5,196
KLA-Tencor Corp	11,100		510,711
Lam Research Corp. *	100		2,886
Linear Technology Corp	5,700		218,367
LSI Logic Corp. *	900		5,031
Marvell Technology Group, Ltd. *	7,280		279,115
Maxim Integrated Products, Inc	4,365		178,398
Micrel, Inc	300		2,766
National Semiconductor Corp	100		2,061
Omnivision Technologies, Inc	700		10,605
PMC-Sierra, Inc. *	29,990		263,912
Texas Instruments, Inc	4,300		109,607

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
INFORMATION TECHNOLOGY continued
Semiconductors & Semiconductor Equipment continued
Varian Semiconductor Equipment Associates, Inc	200	$	7,602
Xilinx, Inc	13,500		394,605

			3,757,881

Software 7.3%
Activision, Inc. *	300		4,440
Adobe Systems, Inc	500		33,585
Amdocs, Ltd. *	19,720		560,048
Autodesk, Inc	200		5,952
BEA Systems, Inc. *	89,500		713,315
BMC Software, Inc. *	300		4,500
Cadence Design Systems, Inc. *	37,800		565,110
Check Point Software Technologies, Ltd. *	13,000		282,620
Citrix Systems, Inc. *	33,500		797,970
Computer Associates International, Inc	300		8,130
Electronic Arts, Inc. *	7,100		367,638
Hyperion Solutions Corp	200		8,822
Internet Security Systems, Inc	400		7,320
McAfee, Inc. *	400		9,024
Mercury Interactive Corp. *	8,600		407,468
Microsoft Corp	49,374		1,193,370
NAVTEQ Corp. *	730		31,645
Oracle Corp. *	126,805		1,582,526
Sybase, Inc. *	800		14,768
Symantec Corp. *	22,940		489,310
Synopsys, Inc. *	1,100		19,910
Take Two Interactive Software	300		11,730
Veritas Software Corp. *	20,090		466,490

			7,585,691

MATERIALS 4.9%
Chemicals 2.6%
Agrium, Inc	300		5,475
Air Products & Chemicals, Inc	11,700		740,493
Cabot Corp	100		3,343
Dow Chemical Co	3,300		164,505
E. I. du Pont de Nemours & Co	4,600		235,704
Eastman Chemical Co	400		23,600
FMC Corp. *	100		5,345
Georgia Gulf Corp	200		9,196
Lyondell Chemical Co	12,500		349,000
Monsanto Co	5,900		380,550
Mosaic Co	200		3,412
OM Group, Inc	200		6,084
PPG Industries, Inc	6,500		464,880
Praxair, Inc	4,700		224,942

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
MATERIALS continued
Chemicals continued
Rohm & Haas Co	800	$	38,400
W.R. Grace & Co	400		3,408

			2,658,337

Construction Materials 0.0%
Eagle Materials, Inc. Class B	193		15,209
Texas Industries, Inc	100		5,375

			20,584

Containers & Packaging 0.7%
Ball Corp	7,800		323,544
Crown Holdings, Inc	600		9,336
Owens-Illinois, Inc. *	900		22,626
Packaging Corporation of America	14,000		340,060
Pactiv Corp. *	100		2,335
Temple-Inland, Inc	100		7,255

			705,156

Metals & Mining 1.0%
Alcoa, Inc	7,700		234,003
Carpenter Technology Corp	200		11,882
Foundation Coal Holdings, Inc	3,100		72,881
Massey Energy Co	6,600		264,264
Nucor Corp	900		51,804
Oregon Steel Mills, Inc	200		4,600
Phelps Dodge Corp	3,658		372,128
Quanex Corp	100		5,332
Reliance Steel & Aluminum Co	100		4,001
Schnitzer Steel Industries, Inc. Class A	100		3,373
Southern Peru Copper Corp	200		11,092
United States Steel Corp	200		10,170
Worthington Industries, Inc	300		5,784

			1,051,314

Paper & Forest Products 0.6%
Georgia-Pacific Corp	700		24,843
International Paper Co	400		14,716
Louisiana-Pacific Corp	600		15,084
MeadWestvaco Corp	10,500		334,110
Neenah Paper, Inc	39		1,311
Potlatch Corp	100		4,707
Weyerhaeuser Co	4,000		274,000

			668,771

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value


COMMON STOCKS continued
TELECOMMUNICATION SERVICES 3.0%
Diversified Telecommunication Services 1.0%
ALLTEL Corp	800	$	43,880
AT&T Corp	2,000		37,500
BellSouth Corp	3,800		99,902
CenturyTel, Inc	600		19,704
Citizens Communications Co	300		3,882
SBC Communications, Inc	10,600		251,114
Sprint Corp	900		20,475
Verizon Communications, Inc	15,950		566,225

			1,042,682

Wireless Telecommunication Services 2.0%
American Tower Systems Corp., Class A *	27,410		499,684
Crown Castle International Corp. *	5,070		81,424
Leap Wireless International, Inc. *	20,000		521,000
Nextel Communications, Inc., Class A *	5,000		142,100
SpectraSite, Inc. *	4,740		274,778
Western Wireless Corp., Class A *	15,000		569,400

			2,088,386

UTILITIES 2.6%
Electric Utilities 2.1%
Allete, Inc	8,766		366,857
Ameren Corp	300		14,703
American Electric Power Co., Inc	1,100		37,466
DPL, Inc	20,000		500,000
Edison International	1,300		45,136
Entergy Corp	500		35,330
Exelon Corp	1,500		68,835
FirstEnergy Corp	10,200		427,890
FPL Group, Inc	11,000		441,650
PG&E Corp	1,600		54,560
PPL Corp	300		16,197
Progress Energy, Inc	3,000		8,754
Southern Co	900		28,647
TXU Corp	900		71,667

			2,117,692

Gas Utilities 0.0%
Atmos Energy Corp	300		8,100

Multi-Utilities & Unregulated Power 0.5%
Aquila, Inc	59,400		227,502
CMS Energy Corp. *	500		6,520
Constellation Energy Group, Inc	200		10,340

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
UTILITIES continued
Multi-Utilities & Unregulated Power continued
Dominion Resources, Inc	300	$	22,329
Duke Energy Corp	7,625		213,576
Dynegy, Inc., Class A *	500		1,955
Public Service Enterprise Group, Inc	700		38,073
Sempra Energy	200		7,968

			528,263

Total Common Stocks (cost $87,065,112)			103,472,678

WARRANTS 0.0%
FINANCIALS 0.0%
Commercial Banks 0.0%
Dime Bancorp, Inc., Expiring 11/22/2005 * (cost $277)	1,000		120

SHORT-TERM INVESTMENTS 0.6%
MUTUAL FUND SHARES 0.6%
Evergreen Institutional U.S. Government Money Market Fund ø (cost $571,692)	571,692		571,692

Total Investments (cost $87,637,081) 100.4%			104,044,490
Other Assets and Liabilities (0.4%)			(414,191)

Net Assets 100.0%		$	103,630,299

* Non-income producing security

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

Summary of Abbreviations
ADR		American Depository Receipt
REIT		Real Estate Investment Trust

The following table shows the percent of total long-term investments by sector as of March 31, 2005:

Information Technology	17.2%	Energy	9.2%
Financials	15.1%	Consumer Staples	6.9%
Health Care	15.1%	Materials	4.9%
Consumer Discretionary	13.4%	Telecommunication Services	3.0%
Industrials	12.6%	Utilities	2.6%

			100.0%

See Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2005 (unaudited)

Assets
Investments in securities, at value (cost $87,637,081)	$	104,044,490
Receivable for securities sold		247,937
Receivable for Fund shares sold		12,103
Dividends receivable		106,734

Total assets		104,411,264

Liabilities
Payable for securities purchased		339,622
Payable for Fund shares redeemed		350,741
Advisory fee payable		455
Distribution Plan expenses payable		1,906
Due to other related parties		44,239
Accrued expenses and other liabilities		44,002

Total liabilities		780,965

Net assets	$	103,630,299

Net assets represented by
Paid-in capital	$	169,620,917
Undistributed net investment loss		(86,030)
Accumulated net realized losses on securities and foreign currency related transactions		(82,311,914)
Net unrealized gains on securities and foreign currency related transactions		16,407,326

Total net assets	$	103,630,299

Net assets consists of
Class A	$	47,962,295
Class B		51,311,823
Class C		3,783,268
Class I		572,913

Total net assets	$	103,630,299

Shares outstanding
Class A		5,559,765
Class B		6,236,293
Class C		460,494
Class I		65,330

Net asset value per share
Class A	$	8.63
Class A — Offering price (based on sales charge of 5.75%)	$	9.16
Class B	$	8.23
Class C	$	8.22
Class I	$	8.77

See Notes to Financial Statements

STATEMENT OF OPERATIONS

Six Months Ended March 31, 2005 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $1,840)	$	854,009

Expenses
Advisory fee		369,140
Distribution Plan expenses
Class A		77,982
Class B		274,693
Class C		20,802
Administrative services fee		55,784
Transfer agent fees		314,397
Trustees’ fees and expenses		849
Printing and postage expenses		24,693
Custodian and accounting fees		15,544
Registration and filing fees		52,757
Professional fees		3,103
Other		3,704

Total expenses		1,213,448
Less: Expense reductions		(447)
Fee waivers and expense reimbursements		(277,821)

Net expenses		935,180

Net investment loss		(81,171)

Net realized and unrealized gains or losses on securities
and foreign currency related transactions
Net realized gains or losses on:
Securities		5,866,860
Foreign currency related transactions		(32)

Net realized gains on securities and foreign currency related transactions		5,866,828
Net change in unrealized gains or losses on securities and foreign currency related
transactions		3,368,070

Net realized and unrealized gains or losses on securities and foreign currency related
transactions		9,234,898

Net increase in net assets resulting from operations	$	9,153,727

See Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	March 31, 2005		Year Ended
	(unaudited)		September 30, 2004

Operations
Net investment loss	$	(81,171)	$	(1,236,389)
Net realized gains on securities and
foreign currency related transactions		5,866,828		20,433,946
Net change in unrealized gains or
losses on securities and foreign
currency related transactions		3,368,070		(2,961,337)

Net increase in net assets resulting
from operations		9,153,727		16,236,220

	Shares		Shares
Capital share transactions
Proceeds from shares sold
Class A	59,730	511,892	162,349	1,277,724
Class B	71,900	589,309	225,276	1,703,612
Class C	23,841	186,169	46,392	347,829
Class I	3,793	32,872	60,329	484,973

		1,320,242		3,814,138

Automatic conversion of Class B shares
to Class A shares
Class A	101,426	865,020	161,063	1,271,240
Class B	(106,164)	(865,020)	(167,785)	(1,271,240)

		0		0

Payment for shares redeemed
Class A	(1,208,590)	(10,334,923)	(1,982,349)	(15,574,191)
Class B	(977,931)	(7,973,352)	(1,742,998)	(13,181,577)
Class C	(105,021)	(860,476)	(240,858)	(1,837,188)
Class I	(37,798)	(336,528)	(69,344)	(547,515)

		(19,505,279)		(31,140,471)

Net decrease in net assets resulting from
capital share transactions		(18,185,037)		(27,326,333)

Total decrease in net assets		(9,031,310)		(11,090,113)
Net assets
Beginning of period		112,661,609		123,751,722

End of period	$	103,630,299	$	112,661,609

Undistributed net investment loss	$	(86,030)	$	(4,859)

See Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen Masters Fund (the “Fund”) is 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”).

2. SIGNIFICANT ACCOUNTING POLICIES

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.

b. Foreign currency translation

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

actions. The Fund does not separately account for that portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on securities.

c. Security transactions and investment income

d. Federal taxes

e. Distributions

f. Class allocations

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 Fund and is paid an annual fee starting at 0.66% and declining to 0.45% as average daily net assets increase.

MFS Institutional Advisors, Inc. and OppenheimerFunds, Inc. are investment sub-advisors to the Fund. Subject to the supervision of EIMC, each investment sub-advisor manages a segment of the Fund’s portfolio in accordance with the Fund’s investment objective and policies. Each investment sub-advisor is paid by EIMC for its services to the Fund.

From time to time, EIMC may voluntarily or contractually waive its fee and/or reimburse expenses in order to limit operating expenses. During the year ended March 31, 2005, EIMC waived its fee in the amount of $277,799 and reimbursed expenses in the amount of $22 which combined represents 0.50% of the Fund’s average daily net assets (on an annualized basis).

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

Evergreen Service Company, LLC (“ESC”), an indirect, wholly-owned subsidiary of Wachovia, is the transfer and dividend disbursing agent for the Fund. ESC receives account fees that vary based on the type of account held by the shareholders in the Fund. For the year ended March 31, 2005, the transfer agent fees were equivalent to an annual rate of 0.56% of the Fund’s average daily net assets.

The Fund has placed a portion of its portfolio transactions with brokerage firms that are affiliates of Wachovia. During the year ended March 31, 2005, the Fund paid brokerage commissions of $1,928 to Wachovia Securities, LLC.

4. DISTRIBUTION PLANS

For the six months ended March 31, 2005, EIS received $960 from the sale of Class A shares and $57,277 and $158 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

5. SECURITIES TRANSACTIONS

Cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were $34,402,135 and $51,606,774, respectively, for the six months ended March 31, 2005.

On March 31, 2005, the aggregate cost of securities for federal income tax purposes was $88,727,857. The gross unrealized appreciation and depreciation on securities based on tax cost was $18,286,991 and $2,970,358, respectively, with a net unrealized appreciation of $15,316,633.

As of September 30, 2004, the Fund had $86,670,403 in capital loss carryovers for federal income tax purposes with $10,340,935 expiring in 2010, and $76,329,468 expiring in 2011.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

6. INTERFUND LENDING

7. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

8. DEFERRED TRUSTEES’ FEES

9. FINANCING AGREEMENT

10. REGULATORY MATTERS AND LEGAL PROCEEDINGS

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

engage in short-term trading, on behalf of a client, in Evergreen Mid Cap Growth Fund (formerly Evergreen Emerging Growth Fund and prior to that, known as Evergreen Small Company Growth Fund) during the period from December 2000 through April 2003, in excess of the limitations set forth in the fund’s prospectus, (ii) short-term trading from September 2001 through January 2003, by a former Evergreen portfolio manager, of Evergreen Precious Metals Fund, a fund he managed at the time, (iii) the sufficiency of systems for monitoring exchanges and enforcing exchange limitations as stated in the fund’s prospectuses, and (iv) the adequacy of e-mail retention practices. In connection with the activity in Evergreen Mid Cap Growth Fund, EIMC reimbursed the fund $378,905, plus an additional $25,242, representing what EIMC calculated at that time to be the client’s net gain and the fees earned by EIMC and the expenses incurred by this fund on the client’s account. In connection with the activity in Evergreen Precious Metals Fund, EIMC reimbursed the fund $70,878, plus an additional $3,075, representing what EIMC calculated at that time to be the portfolio manager’s net gain and the fees earned by EIMC and expenses incurred by the fund on the portfolio manager’s account. Evergreen is currently engaged in discussions with the staff of the SEC concerning its recommendation.

11. SUBSEQUENT EVENT

Effective at the close of business on April 15, 2005, Evergreen Large Cap Equity Fund acquired the net assets of the Fund in a tax-free exchange for shares of Evergreen Large Cap Equity Fund. Shareholders of Class A, Class B, Class C and Class I shares of the Fund received corresponding shares of Evergreen Large Cap Equity Fund.

ADDITIONAL INFORMATION (unaudited)

SPECIAL MEETING OF SHAREHOLDERS

On April 1, 2005, a Special Meeting of Shareholders for the Fund was held to consider a number of proposals. On January 14, 2005, the record date for the meeting, the Fund had $112,337,192 of net assets outstanding of which $34,118,306 (30.37%) of net assets were represented at the meeting.

Proposal 1– The proposed reorganization of the Fund into Evergreen Large Cap Equity Fund, a series of Evergreen Equity Trust, a Delaware business trust:

$31,235,352 voted “For”

$ 1,291,515 voted “Against”

$ 1,591,439 voted “Abstain”

Proposal 2– To consider and vote upon such other matters as may properly come before said meeting or adjournment thereof:

$30,788,911 voted “For”

$ 1,475,043 voted “Against”

$ 1,854,352 voted “Abstain”

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TRUSTEES AND OFFICERS

TRUSTEES¹

Charles A. Austin III		Principal occupations: Investment Counselor, Anchor Capital Advisors, Inc. (investment advice);
Trustee		Director, The Andover Companies (insurance); Trustee, Arthritis Foundation of New England;
DOB: 10/23/1934		Director, The Francis Ouimet Society; Former Director, Health Development Corp.
Term of office since: 1991		(fitness-wellness centers); Former Director, Mentor Income Fund, Inc.; Former Trustee,
Other directorships: None		Mentor Funds and Cash Resource Trust; Former Investment Counselor, Appleton Partners, Inc.
		(investment advice); Former Director, Executive Vice President and Treasurer, State Street
		Research & Management Company (investment advice)


Shirley L. Fulton		Principal occupations: Partner, Tin, Fulton, Greene & Owen, PLLC (law firm); Former Partner,
Trustee		Helms, Henderson & Fulton, P.A. (law firm); Retired Senior Resident Superior Court Judge,
DOB: 1/10/1952		26th Judicial District, Charlotte, NC
Term of office since: 2004
Other directorships: None


K. Dun Gifford		Principal occupations: Chairman and President, Oldways Preservation and Exchange Trust
Trustee		(education); Trustee, Treasurer and Chairman of the Finance Committee, Cambridge College;
DOB: 10/23/1938		Former Chairman of the Board, Director, and Executive Vice President, The London Harness
Term of office since: 1974		Company (leather goods purveyor); Former Director, Mentor Income Fund, Inc.; Former Trustee,
Other directorships: None		Mentor Funds and Cash Resource Trust



Dr. Leroy Keith, Jr.		Principal occupations: Partner, Stonington Partners, Inc. (private equity firm); Trustee,
Trustee		The Phoenix Group of Mutual Funds; Director, Obagi Medical Products Co.; Director,
DOB: 2/14/1939		Diversapack Co.; Former Director, Lincoln Educational Services; Former Chairman of the Board
Term of office since: 1983		and Chief Executive Officer, Carson Products Company (manufacturing); Former Director,
Other directorships: Trustee, The		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Phoenix Group of Mutual Funds



Gerald M. McDonnell		Principal occupations: Manager of Commercial Operations, SMI Steel Co. – South Carolina
Trustee		(steel producer); Former Sales and Marketing Manager, Nucor Steel Company; Former Director,
DOB: 7/14/1939		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1988
Other directorships: None


William Walt Pettit		Principal occupations: Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior
Trustee		Packaging Corp.; Director, National Kidney Foundation of North Carolina, Inc.; Former Director,
DOB: 8/26/1955		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None


David M. Richardson		Principal occupations: President, Richardson, Runden LLC (executive recruitment business
Trustee		development/consulting company); Consultant, Kennedy Information, Inc. (executive
DOB: 9/19/1941		recruitment information and research company); Consultant, AESC (The Association of
Term of office since: 1982		Executive Search Consultants); Director, J&M Cumming Paper Co. (paper merchandising);
Other directorships: None		Former Trustee, NDI Technologies, LLP (communications); Former Vice Chairman, DHR
		International, Inc. (executive recruitment); Former Director, Mentor Income Fund, Inc.;
		Former Trustee, Mentor Funds and Cash Resource Trust



Dr. Russell A. Salton III		Principal occupations: President/CEO, AccessOne MedCard; Former Medical Director,
Trustee		Healthcare Resource Associates, Inc.; Former Medical Director, U.S. Health Care/Aetna Health
DOB: 6/2/1947		Services; Former Director, Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and
Term of office since: 1984		Cash Resource Trust
Other directorships: None

TRUSTEES AND OFFICERS continued

Michael S. Scofield		Principal occupations: Director, Branded Media Corporation (multi-media branding company);
Trustee		Attorney, Law Offices of Michael S. Scofield; Former Director, Mentor Income Fund, Inc.;
DOB: 2/20/1943		Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None


Richard J. Shima		Principal occupations: Independent Consultant; Director, Trust Company of CT; Trustee,
Trustee		Saint Joseph College (CT); Director, Hartford Hospital; Trustee, Greater Hartford YMCA;
DOB: 8/11/1939		Former Director, Enhance Financial Services, Inc.; Former Director, Old State House Association;
Term of office since: 1993		Former Director of CTG Resources, Inc. (natural gas); Former Director, Mentor Income Fund, Inc.;
		Former Trustee, Mentor Funds and Cash Resource Trust
Other directorships: None


Richard K. Wagoner, CFA²		Principal occupations: Member and Former President, North Carolina Securities Traders
Trustee		Association; Member, Financial Analysts Society; Former Consultant to the Boards of Trustees
DOB: 12/12/1937		of the Evergreen funds; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1999
Other directorships: None



OFFICERS

Dennis H. Ferro³		Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President		Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945		Evergreen Investment Company, Inc.
Term of office since: 2003


Carol Kosel⁴		Principal occupations: Senior Vice President, Evergreen Investment Services, Inc.
Treasurer
DOB: 12/25/1963
Term of office since: 1999


Michael H. Koonce⁴		Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary		Services, Inc.; Senior Vice President and Assistant General Counsel, Wachovia Corporation
DOB: 4/20/1960
Term of office since: 2000


James Angelos⁴		Principal occupations: Chief Compliance Officer and Senior Vice President, Evergreen Funds;
Chief Compliance Officer		Former Director of Compliance, Evergreen Investment Services, Inc.
DOB: 9/2/1947
Term of office since: 2004

2 Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the Fund’s investment advisor.

3 The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.

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

566381 rv2 5/2005

Evergreen Mid Cap Growth Fund

		table of contents
1		LETTER TO SHAREHOLDERS
4		FUND AT A GLANCE
6		ABOUT YOUR FUND’S EXPENSES
7		FINANCIAL HIGHLIGHTS
11		SCHEDULE OF INVESTMENTS
16		STATEMENT OF ASSETS AND LIABILITIES
17		STATEMENT OF OPERATIONS
18		STATEMENTS OF CHANGES IN NET ASSETS
19		NOTES TO FINANCIAL STATEMENTS
28		TRUSTEES AND OFFICERS

Mutual Funds:
NOT FDIC INSURED		MAY LOSE VALUE		NOT BANK GUARANTEED

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

LETTER TO SHAREHOLDERS

May 2005

Dennis H. Ferro

President and Chief Executive Officer

Dear Shareholder,

We are pleased to provide the semiannual report for the Evergreen Mid Cap Growth Fund, which covers the six-month period ended March 31, 2005.

LETTER TO SHAREHOLDERS continued

Sincerely,

Dennis H. Ferro

President and Chief Executive Officer
Evergreen Investment Company, Inc.

Special Notice to Shareholders:

FUND AT A GLANCE

as of March 31, 2005

MANAGEMENT TEAM

J. Gary Craven, CFA, CPA

Small/Mid Cap Growth Team Lead Manager

CURRENT INVESTMENT STYLE

Source: Morningstar, Inc.

Morningstar’s style box is based on a portfolio date as of 3/31/2005.

PERFORMANCE AND RETURNS

Portfolio inception date: 9/11/1935

	Class A	Class B	Class C	Class I
Class inception date	1/20/1998	9/11/1935	1/26/1998	1/26/1998

Nasdaq symbol	EKAAX	EKABX	EKACX	EKAYX

6-month return with sales charge	3.25%	4.15%	8.15%	N/A

6-month return w/o sales charge	9.46%	9.15%	9.15%	9.66%

Average annual return*

1-year with sales charge	-4.14%	-3.73%	0.27%	N/A

1-year w/o sales charge	1.80%	1.27%	1.27%	2.15%

5-year	-7.04%	-6.80%	-6.58%	-5.67%

10-year	5.92%	6.02%	6.02%	6.76%

* Adjusted for maximum applicable sales charge, unless noted.

Historical performance shown for Classes A, C and I prior to their inception is based on the performance of Class B, the original class offered. The historical returns for Classes A and I have not been adjusted to reflect the effect of each class' 12b-1 fee. These fees are 0.30% for Class A and 1.00% for Classes B and C. Class I does not pay a 12b-1 fee. If these fees had been reflected, returns for Classes A and I would have been higher.

FUND AT A GLANCE continued

LONG-TERM GROWTH

Comparison of a $10,000 investment in the Evergreen Mid Cap Growth Fund Class A shares, versus a similar investment in the Russell Midcap Growth Index (Russell Midcap Growth) and the Consumer Price Index (CPI).

The Russell Midcap Growth is an unmanaged market index and does not include transaction costs associated with buying and selling securities, any mutual fund 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 is nonfundamental and may be changed without the vote of the fund's shareholders.

Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability and foreign currency fluctuations.

Smaller capitalization stock investing may offer the potential for greater long-term results; however, it is also generally associated with greater price volatility due to the higher risk of failure.

Mid-cap securities may be subject to special risks associated with narrower product lines and limited financial resources than compared to their large-cap counterparts and, as a result, mid-cap securities may decline significantly in market downturns.

All data is as of March 31, 2005, and subject to change.

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

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

• Actual expenses

• Hypothetical example for comparison purposes

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	10/1/2004	3/31/2005	Period*

Actual
Class A	$ 1,000.00	$ 1,094.62	$ 5.90
Class B	$ 1,000.00	$ 1,091.53	$ 9.54
Class C	$ 1,000.00	$ 1,091.53	$ 9.54
Class I	$ 1,000.00	$ 1,096.64	$ 4.34
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,019.30	$ 5.69
Class B	$ 1,000.00	$ 1,015.81	$ 9.20
Class C	$ 1,000.00	$ 1,015.81	$ 9.20
Class I	$ 1,000.00	$ 1,020.79	$ 4.18

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (1.13% for Class A, 1.83% for Class B, 1.83% for Class C and 0.83% for Class I), multiplied by the average account value over the period, multiplied by 182 / 365

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended	Year Ended September 30,
	March 31, 2005
CLASS A	(unaudited)	2004	2003	2002		2001	2000

Net asset value, beginning of period	$4.65	$4.25	$ 2.98	$	3.48	$10.57	$ 6.47

Income from investment operations
Net investment loss	(0.02)¹	(0.03)	(0.03)¹		(0.03)¹	(0.02)¹	(0.04)¹
Net realized and unrealized gains or losses on securities and foreign
currency related transactions	0.46	0.43	1.30		(0.47)	(3.73)	4.14

Total from investment operations	0.44	0.40	1.27		(0.50)	(3.75)	4.10

Distributions to shareholders from
Net realized gains	0	0	0		0	(3.34)	0

Net asset value, end of period	$5.09	$4.65	$ 4.25	$	2.98	$ 3.48	$10.57

Total return²	9.46%	9.41%	42.62%	(14.37%)		(46.35%)	63.37%

Ratios and supplemental data
Net assets, end of period (millions)	$ 554	$ 549	$ 544	$	460	$ 574	$1,110
Ratios to average net assets
Expenses³	1.13%⁴	1.16%	1.22%		1.18%	1.05%	1.01%
Net investment loss	(0.67%)⁴	(0.75%)	(0.84%)		(0.67%)	(0.41%)	(0.46%)
Portfolio turnover rate	70%	140%	221%		179%	181%	220%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended	Year Ended September 30,
	March 31, 2005
CLASS B	(unaudited)	2004	2003	2002		2001	2000

Net asset value, beginning of period	$4.37	$4.02	$ 2.84	$	3.35	$10.35	$ 6.39

Income from investment operations
Net investment loss	(0.03)¹	(0.08)	(0.05)¹		(0.05)¹	(0.06)¹	(0.11)¹
Net realized and unrealized gains or losses on securities and foreign
currency related transactions	0.43	0.43	1.23		(0.46)	(3.60)	4.07

Total from investment operations	0.40	0.35	1.18		(0.51)	(3.66)	3.96

Distributions to shareholders from
Net realized gains	0	0	0		0	(3.34)	0

Net asset value, end of period	$4.77	$4.37	$ 4.02	$	2.84	$ 3.35	$10.35

Total return²	9.15%	8.71%	41.55%	(15.22%)		(46.54%)	61.97%

Ratios and supplemental data
Net assets, end of period (millions)	$ 29	$ 30	$ 28	$	21	$ 35	$ 81
Ratios to average net assets
Expenses³	1.83%⁴	1.86%	1.94%		1.92%	1.80%	1.77%
Net investment loss	(1.37%)⁴	(1.45%)	(1.56%)		(1.43%)	(1.17%)	(1.23%)
Portfolio turnover rate	70%	140%	221%		179%	181%	220%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended	Year Ended September 30,
	March 31, 2005
CLASS C	(unaudited)	2004	2003	2002		2001	2000

Net asset value, beginning of period	$4.37	$4.02	$ 2.85	$	3.35	$10.36	$ 6.39

Income from investment operations
Net investment loss	(0.03)¹	(0.07)	(0.05)¹		(0.05)¹	(0.06)¹	(0.12)¹
Net realized and unrealized gains or losses on securities and foreign
currency related transactions	0.43	0.42	1.22		(0.45)	(3.61)	4.09

Total from investment operations	0.40	0.35	1.17		(0.50)	(3.67)	3.97

Distributions to shareholders from
Net realized gains	0	0	0		0	(3.34)	0

Net asset value, end of period	$4.77	$4.37	$ 4.02	$	2.85	$ 3.35	$10.36

Total return²	9.15%	8.71%	41.05%	(14.93%)		(46.60%)	62.13%

Ratios and supplemental data
Net assets, end of period (millions)	$ 8	$ 8	$ 8	$	4	$ 4	$ 9
Ratios to average net assets
Expenses³	1.83%⁴	1.86%	1.94%		1.92%	1.80%	1.76%
Net investment loss	(1.37%)⁴	(1.45%)	(1.56%)		(1.43%)	(1.18%)	(1.20%)
Portfolio turnover rate	70%	140%	221%		179%	181%	220%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended	Year Ended September 30,
	March 31, 2005
CLASS I¹	(unaudited)	2004	2003	2002		2001	2000

Net asset value, beginning of period	$4.76	$4.33	$ 3.03	$	3.54	$10.64	$ 6.51

Income from investment operations
Net investment loss	(0.01)²	(0.02)²	(0.02)²		(0.02)²	(0.01)²	(0.02)²
Net realized and unrealized gains or losses on securities and foreign
currency related transactions	0.47	0.45	1.32		(0.49)	(3.75)	4.15

Total from investment operations	0.46	0.43	1.30		(0.51)	(3.76)	4.13

Distributions to shareholders from
Net realized gains	0	0	0		0	(3.34)	0

Net asset value, end of period	$5.22	$4.76	$ 4.33	$	3.03	$ 3.54	$10.64

Total return	9.66%	9.93%	42.90%	(14.41%)		(46.06%)	63.44%

Ratios and supplemental data
Net assets, end of period (millions)	$ 75	$ 41	$ 4	$	2	$ 2	$ 5
Ratios to average net assets
Expenses³	0.83%⁴	0.86%	0.94%		0.93%	0.80%	0.77%
Net investment loss	(0.36%)⁴	(0.42%)	(0.54%)		(0.43%)	(0.18%)	(0.21%)
Portfolio turnover rate	70%	140%	221%		179%	181%	220%

¹Effective at the close of business on May 11, 2001, Class Y sh ares were renamed as Institutional shares (Class I).

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

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS 99.4%
CONSUMER DISCRETIONARY 21.0%
Hotels, Restaurants & Leisure 5.2%
Darden Restaurants, Inc.	242,000	$	7,424,560
International Game Technology	218,103		5,814,626
Shuffle Master, Inc. * (p)	310,833		9,001,724
Starwood Hotels & Resorts Worldwide, Inc., Class B	126,600		7,599,798
Wynn Resorts, Ltd. * (p)	74,990		5,079,822

			34,920,530

Household Durables 1.5%
Pulte Homes, Inc.	132,400		9,748,612

Media 1.3%
Washington Post Co., Class B	9,900		8,850,600

Multi-line Retail 1.4%
Family Dollar Stores, Inc.	316,500		9,608,940

Specialty Retail 8.2%
American Eagle Outfitters, Inc.	220,200		6,506,910
Chico’s FAS, Inc. *	282,600		7,986,276
Claire’s Stores, Inc.	414,700		9,554,688
Pacific Sunwear of California, Inc. *	340,124		9,516,670
PETCO Animal Supplies, Inc. *	271,000		9,975,510
Rent-A-Center, Inc. *	397,400		10,852,994

			54,393,048

Textiles, Apparel & Luxury Goods 3.4%
Coach, Inc. *	300,211		17,000,949
Columbia Sportswear Co. * (p)	100,700		5,360,261

			22,361,210

CONSUMER STAPLES 5.2%
Food & Staples Retailing 1.8%
United Natural Foods, Inc. * (p)	412,643		11,813,969

Food Products 1.3%
McCormick & Co., Inc.	255,100		8,783,093

Household Products 1.2%
Rayovac Corp. *	194,800		8,103,680

Personal Products 0.9%
Estee Lauder Companies, Inc., Class A	127,800		5,748,444

ENERGY 4.9%
Energy Equipment & Services 1.8%
Diamond Offshore Drilling, Inc. (p)	245,300		12,240,470

Oil & Gas 3.1%
Chesapeake Energy Corp.	444,300		9,747,942
InterOil Corp. * (p)	153,845		5,378,421
Premcor, Inc.	88,546		5,284,425

			20,410,788

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
FINANCIALS 5.5%
Capital Markets 1.8%
Affiliated Managers Group, Inc. * (p)	115,049	$	7,136,489
Janus Capital Group, Inc.	359,100		5,009,445

			12,145,934

Diversified Financial Services 0.7%
Chicago Mercantile Exchange Holdings, Inc.	23,651		4,589,004

Real Estate 1.8%
Forest City Enterprises, Inc. (p)	99,100		6,322,580
ProLogis REIT	156,100		5,791,310

			12,113,890

Thrifts & Mortgage Finance 1.2%
People’s Bank (p)	193,600		7,927,920

HEALTH CARE 24.9%
Biotechnology 6.0%
Amylin Pharmaceuticals, Inc. * (p)	208,000		3,637,920
Charles River Laboratories International, Inc. * (p)	146,200		6,877,248
Chiron Corp. *	122,980		4,311,679
Genzyme Corp. *	133,100		7,618,644
Martek Biosciences Corp. * (p)	300,100		17,462,819

			39,908,310

Health Care Equipment & Supplies 6.2%
Cytyc Corp. *	664,300		15,285,543
Inamed Corp. *	137,700		9,622,476
Smith & Nephew plc	937,597		8,806,196
St. Jude Medical, Inc. *	201,000		7,236,000

			40,950,215

Health Care Providers & Services 6.0%
AmerisourceBergen Corp. (p)	239,800		13,738,142
Community Health Systems, Inc. *	256,400		8,950,924
Coventry Health Care, Inc. *	157,119		10,706,088
Renal Care Group, Inc. *	172,250		6,535,165

			39,930,319

Pharmaceuticals 6.7%
Allergan, Inc. (p)	105,800		7,349,926
Barr Pharmaceuticals, Inc. *	193,700		9,458,371
Endo Pharmaceuticals Holdings, Inc. *	365,800		8,248,790
Medicis Pharmaceutical Corp., Class A	215,100		6,448,698
Mylan Laboratories, Inc. (p)	220,757		3,911,814
Sepracor, Inc. *	163,100		9,363,571

			44,781,170

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
INDUSTRIALS 10.7%
Aerospace & Defense 0.9%
Rockwell Collins, Inc.	132,100	$	6,286,639

Air Freight & Logistics 1.6%
EGL, Inc. *	466,700		10,640,760

Commercial Services & Supplies 5.9%
Career Education Corp. *	475,600		16,294,056
ChoicePoint, Inc. *	213,584		8,566,854
HNI Corp.	174,900		7,861,755
Monster Worldwide, Inc. *	229,600		6,440,280

			39,162,945

Electrical Equipment 1.1%
Rockwell Automation, Inc.	126,300		7,153,632

Machinery 1.2%
Parker Hannifin Corp.	134,500		8,193,740

INFORMATION TECHNOLOGY 19.8%
Communications Equipment 1.9%
F5 Networks, Inc. * (p)	143,600		7,250,364
Juniper Networks, Inc. *	242,174		5,342,358

			12,592,722

Computers & Peripherals 3.7%
Avid Technology, Inc. *	173,337		9,380,998
Network Appliance, Inc. *	232,400		6,428,184
QLogic Corp. *	218,300		8,841,150

			24,650,332

Internet Software & Services 3.9%
InfoSpace, Inc. * (p)	82,925		3,385,828
SINA Corp. * (p)	373,195		11,591,437
VeriSign, Inc. *	387,100		11,109,770

			26,087,035

IT Services 3.2%
Alliance Data Systems Corp. *	266,400		10,762,560
Cognizant Technology Solutions Corp., Class A *	222,100		10,261,020

			21,023,580

Office Electronics 0.2%
Zebra Technologies Corp., Class A *	24,593		1,167,922

Semiconductors & Semiconductor Equipment 5.6%
Lam Research Corp. * (p)	402,202		11,607,550
Marvell Technology Group, Ltd. *	259,300		9,941,562
Xilinx, Inc.	533,500		15,594,205

			37,143,317

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
INFORMATION TECHNOLOGY continued
Software 1.3%
Autodesk, Inc.	195,400	$	5,815,104
Cognos, Inc. *	75,880		3,182,407

			8,997,511

MATERIALS 3.9%
Chemicals 1.2%
Scotts Miracle-Gro Co., Class A *	112,100		7,872,783

Metals & Mining 1.5%
Alpha Natural Resources, Inc. *	173,809		4,983,104
United States Steel Corp. (p)	102,000		5,186,700

			10,169,804

Paper & Forest Products 1.2%
Louisiana-Pacific Corp.	309,100		7,770,774

TELECOMMUNICATION SERVICES 2.4%
Wireless Telecommunication Services 2.4%
Leap Wireless International, Inc. * (p)	333,399		8,685,044
Vimpel Communications, ADR * (p)	221,173		7,612,775

			16,297,819

UTILITIES 1.1%
Multi-Utilities & Unregulated Power 1.1%
AES Corp. *	443,400		7,262,892

Total Common Stocks (cost $559,928,682)			661,804,353

SHORT-TERM INVESTMENTS 12.6%
MUTUAL FUND SHARES 12.6%
Evergreen Institutional Money Market Fund ø	2,421,455		2,421,455
Navigator Prime Portfolio (pp)	81,769,469		81,769,469

Total Short-Term Investments (cost $84,190,924)			84,190,924

Total Investments (cost $644,119,606) 112.0%			745,995,277
Other Assets and Liabilities (12.0%)			(80,178,778)

Net Assets 100.0%		$	665,816,499

*		Non-income producing securities
(p)		All or a portion of these securities are on loan.
ø		Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market
		fund.
(pp)		Represents investment of cash collateral received from securities on loan.
Summary of Abbreviations
ADR		American Depository Receipt
REIT		Real Estate Investment Trust

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

The following table shows the percent of total long-term investments by sector as of March 31, 2005:
Health Care		25.0%
Consumer Discretionary		21.1%
Information Technology		19.9%
Industrials		10.8%
Financials		5.6%
Consumer Staples		5.2%
Energy		4.9%
Materials		3.9%
Telecommunication Services		2.5%
Utilities		1.1%

		100.0%

See Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2005 (unaudited)

Assets
Investments in securities, at value (cost $644,119,606) including $78,346,029 of
securities loaned	$	745,995,277
Foreign currency, at value (cost $19)		19
Receivable for securities sold		6,659,190
Receivable for Fund shares sold		1,386,072
Dividends receivable		132,659
Receivable for securities lending income		32,588
Prepaid expenses and other assets		114,232

Total assets		754,320,037

Liabilities
Payable for securities purchased		4,946,544
Payable for Fund shares redeemed		1,540,626
Payable for securities on loan		81,769,469
Advisory fee payable		8,601
Distribution Plan expenses payable		5,547
Due to other related parties		97,670
Accrued expenses and other liabilities		135,081

Total liabilities		88,503,538

Net assets	$	665,816,499

Net assets represented by
Paid-in capital	$	712,887,669
Undistributed net investment loss		(2,335,790)
Accumulated net realized losses on securities and foreign currency related transactions		(146,611,051)
Net unrealized gains on securities		101,875,671

Total net assets	$	665,816,499

Net assets consists of
Class A	$	553,977,535
Class B		28,713,345
Class C		7,917,507
Class I		75,208,112

Total net assets	$	665,816,499

Shares outstanding
Class A		108,858,524
Class B		6,023,878
Class C		1,660,622
Class I		14,414,490

Net asset value per share
Class A	$	5.09
Class A — Offering price (based on sales charge of 5.75%)	$	5.40
Class B	$	4.77
Class C	$	4.77
Class I	$	5.22

See Notes to Financial Statements

STATEMENT OF OPERATIONS

Six Months Ended March 31, 2005 (unaudited)

Investment income
Dividends	$	1,365,883
Securities lending income		197,586

Total investment income		1,563,469

Expenses
Advisory fee		1,586,323
Distribution Plan expenses
Class A		849,938
Class B		150,720
Class C		42,233
Administrative services fee		335,869
Transfer agent fees		612,789
Trustees’ fees and expenses		4,610
Printing and postage expenses		74,979
Custodian and accounting fees		91,487
Registration and filing fees		52,813
Professional fees		29,885
Other		14,020

Total expenses		3,845,666
Less: Expense reductions		(5,196)
Expense reimbursements		(132)

Net expenses		3,840,338

Net investment loss		(2,276,869)

Net realized and unrealized gains or losses on securities and foreign currency
related transactions
Net realized gains on securities and foreign currency related transactions		31,946,590
Net change in unrealized gains or losses on securities and foreign currency related transactions		30,550,617

Net realized and unrealized gains or losses on securities and foreign currency related transactions		62,497,207

Net increase in net assets resulting from operations	$	60,220,338

See Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	March 31, 2005		Year Ended
	(unaudited)		September 30, 2004

Operations
Net investment loss	$	(2,276,869)	$	(5,039,391)
Net realized gains on securities and
foreign currency related
transactions		31,946,590		100,149,493
Net change in unrealized gains or
losses on securities and foreign
currency related transactions		30,550,617		(39,922,475)

Net increase in net assets resulting
from operations		60,220,338		55,187,627

	Shares		Shares
Capital share transactions
Proceeds from shares sold
Class A	2,674,147	13,194,948	11,484,711	54,865,945
Class B	347,978	1,642,001	1,480,368	6,642,087
Class C	122,832	571,265	709,918	3,197,369
Class I	9,813,257	49,207,991	8,587,675	41,981,199

		64,616,205		106,686,600

Automatic conversion of
Class B shares to
Class A shares
Class A	202,886	1,017,987	159,705	754,924
Class B	(216,290)	(1,017,987)	(169,237)	(754,924)

		0		0

Payment for shares redeemed			��
Class A	(11,994,378)	(60,165,775)	(21,915,114)	(104,169,140)
Class B	(864,748)	(4,065,057)	(1,444,724)	(6,450,017)
Class C	(373,457)	(1,750,355)	(670,961)	(2,963,312)
Class I	(3,999,181)	(20,502,575)	(883,514)	(4,337,299)

		(86,483,762)		(117,919,768)

Net decrease in net assets
resulting from capital share
transactions		(21,867,557)		(11,233,168)

Total increase in net assets		38,352,781		43,954,459
Net assets
Beginning of period		627,463,718		583,509,259

End of period	$	665,816,499	$	627,463,718

Undistributed net investment loss	$	(2,335,790)	$	(58,921)

See Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen Mid Cap Growth Fund (the “Fund”), is 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”).

2. SIGNIFICANT ACCOUNTING POLICIES

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.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

b. Foreign currency translation

c. Securities lending

d. Security transactions and investment income

e. Federal taxes

f. Distributions

g. Class allocations

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

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 Fund and is paid an annual fee starting at 0.51% and declining to 0.26% as average daily net assets increase.

4. DISTRIBUTION PLANS

For the six months ended March 31, 2005, EIS received $5,353 from the sale of Class A shares and $26,116 and $570 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

5. SECURITIES TRANSACTIONS

Cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were $463,506,024 and $474,426,252, respectively, for the six months ended March 31, 2005.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

During the six months ended March 31, 2005, the Fund loaned securities to certain brokers. At March 31, 2005 the value of securities on loan and the value of collateral amounted to $78,346,029 and $81,769,469, respectively.

On March 31, 2005, the aggregate cost of securities for federal income tax purposes was $646,019,842. The gross unrealized appreciation and depreciation on securities based on tax cost was $114,371,009 and $14,395,574, respectively, with a net unrealized appreciation of $99,975,435.

As of September 30, 2004, the Fund had $176,946,793 in capital loss carryovers for federal income tax purposes with $169,397,937 expiring in 2010 and $7,548,856 expiring in 2011.

6. INTERFUND LENDING

7. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

8. DEFERRED TRUSTEES’ FEES

9. FINANCING AGREEMENT

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

10. REGULATORY MATTERS AND LEGAL PROCEEDINGS

In connection with one of these investigations, on July 28, 2004, the staff of the Securities and Exchange Commission (“SEC”) informed Evergreen that the staff intends to recommend to the SEC that it institute an enforcement action against Evergreen. The SEC staff’s proposed allegations relate to (i) an arrangement pursuant to which a broker at one of EIMC’s affiliated broker-dealers had been authorized, apparently by an EIMC officer (no longer with EIMC), to engage in short-term trading, on behalf of a client, in the Fund during the period from December 2000 through April 2003, in excess of the limitations set forth in the fund’s prospectus, (ii) short-term trading from September 2001 through January 2003, by a former Evergreen portfolio manager, of Evergreen Precious Metals Fund, a fund he managed at the time, (iii) the sufficiency of systems for monitoring exchanges and enforcing exchange limitations as stated in the fund’s prospectuses, and (iv) the adequacy of e-mail retention practices. In connection with the activity in the Fund, EIMC reimbursed the fund $378,905, plus an additional $25,242, representing what EIMC calculated at that time to be the client’s net gain and the fees earned by EIMC and the expenses incurred by this fund on the client’s account. In connection with the activity in Evergreen Precious Metals Fund, EIMC reimbursed the fund $70,878, plus an additional $3,075, representing what EIMC calculated at that time to be the portfolio manager’s net gain and the fees earned by EIMC and expenses incurred by the fund on the portfolio manager’s account. Evergreen is currently engaged in discussions with the staff of the SEC concerning its recommendation.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

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TRUSTEES AND OFFICERS

TRUSTEES¹

Charles A. Austin III		Principal occupations: Investment Counselor, Anchor Capital Advisors, Inc. (investment advice);
Trustee		Director, The Andover Companies (insurance); Trustee, Arthritis Foundation of New England;
DOB: 10/23/1934		Director, The Francis Ouimet Society; Former Director, Health Development Corp.
Term of office since: 1991		(fitness-wellness centers); Former Director, Mentor Income Fund, Inc.; Former Trustee,
		Mentor Funds and Cash Resource Trust; Former Investment Counselor, Appleton Partners, Inc.
Other directorships: None		(investment advice); Former Director, Executive Vice President and Treasurer, State Street
		Research & Management Company (investment advice)

Shirley L. Fulton		Principal occupations: Partner, Tin, Fulton, Greene & Owen, PLLC (law firm); Former Partner,
Trustee		Helms, Henderson & Fulton, P.A. (law firm); Retired Senior Resident Superior Court Judge,
DOB: 1/10/1952		26th Judicial District, Charlotte, NC
Term of office since: 2004
Other directorships: None

K. Dun Gifford		Principal occupations: Chairman and President, Oldways Preservation and Exchange Trust
Trustee		(education); Trustee, Treasurer and Chairman of the Finance Committee, Cambridge College;
DOB: 10/23/1938		Former Chairman of the Board, Director, and Executive Vice President, The London Harness
Term of office since: 1974		Company (leather goods purveyor); Former Director, Mentor Income Fund, Inc.; Former Trustee,
		Mentor Funds and Cash Resource Trust
Other directorships: None

Dr. Leroy Keith, Jr.		Principal occupations: Partner, Stonington Partners, Inc. (private equity firm); Trustee,
Trustee		The Phoenix Group of Mutual Funds; Director, Obagi Medical Products Co.; Director,
DOB: 2/14/1939		Diversapack Co.; Former Director, Lincoln Educational Services; Former Chairman of the Board
Term of office since: 1983		and Chief Executive Officer, Carson Products Company (manufacturing); Former Director,
		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Other directorships: Trustee, The
Phoenix Group of Mutual Funds

Gerald M. McDonnell		Principal occupations: Manager of Commercial Operations, SMI Steel Co. – South Carolina
Trustee		(steel producer); Former Sales and Marketing Manager, Nucor Steel Company; Former Director,
DOB: 7/14/1939		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1988
Other directorships: None

William Walt Pettit		Principal occupations: Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior
Trustee		Packaging Corp.; Director, National Kidney Foundation of North Carolina, Inc.; Former Director,
DOB: 8/26/1955		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None

David M. Richardson		Principal occupations: President, Richardson, Runden LLC (executive recruitment business
Trustee		development/consulting company); Consultant, Kennedy Information, Inc. (executive
DOB: 9/19/1941		recruitment information and research company); Consultant, AESC (The Association of
Term of office since: 1982		Executive Search Consultants); Director, J&M Cumming Paper Co. (paper merchandising);
		Former Trustee, NDI Technologies, LLP (communications); Former Vice Chairman, DHR
Other directorships: None		International, Inc. (executive recruitment); Former Director, Mentor Income Fund, Inc.;
		Former Trustee, Mentor Funds and Cash Resource Trust

Dr. Russell A. Salton III		Principal occupations: President/CEO, AccessOne MedCard; Former Medical Director,
Trustee		Healthcare Resource Associates, Inc.; Former Medical Director, U.S. Health Care/Aetna Health
DOB: 6/2/1947		Services; Former Director, Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and
Term of office since: 1984		Cash Resource Trust
Other directorships: None

TRUSTEES AND OFFICERS continued

Michael S. Scofield		Principal occupations: Director, Branded Media Corporation (multi-media branding company);
Trustee		Attorney, Law Offices of Michael S. Scofield; Former Director, Mentor Income Fund, Inc.;
DOB: 2/20/1943		Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None

Richard J. Shima		Principal occupations: Independent Consultant; Director, Trust Company of CT; Trustee,
Trustee		Saint Joseph College (CT); Director, Hartford Hospital; Trustee, Greater Hartford YMCA;
DOB: 8/11/1939		Former Director, Enhance Financial Services, Inc.; Former Director, Old State House Association;
Term of office since: 1993		Former Director of CTG Resources, Inc. (natural gas); Former Director, Mentor Income Fund, Inc.;
		Former Trustee, Mentor Funds and Cash Resource Trust
Other directorships: None

Richard K. Wagoner, CFA²		Principal occupations: Member and Former President, North Carolina Securities Traders
Trustee		Association; Member, Financial Analysts Society; Former Consultant to the Boards of Trustees
DOB: 12/12/1937		of the Evergreen funds; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1999
Other directorships: None

OFFICERS
Dennis H. Ferro³		Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President		Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945		Evergreen Investment Company, Inc.
Term of office since: 2003

Carol Kosel⁴		Principal occupations: Senior Vice President, Evergreen Investment Services, Inc.
Treasurer
DOB: 12/25/1963
Term of office since: 1999

Michael H. Koonce⁴		Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary		Services, Inc.; Senior Vice President and Assistant General Counsel, Wachovia Corporation
DOB: 4/20/1960
Term of office since: 2000

James Angelos⁴		Principal occupations: Chief Compliance Officer and Senior Vice President, Evergreen Funds;
Chief Compliance Officer		Former Director of Compliance, Evergreen Investment Services, Inc.
DOB: 9/2/1947
Term of office since: 2004

2 Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the Fund’s investment advisor.

3 The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.

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

569842 rv1 5/2005

Evergreen Omega Fund

		table of contents
1		LETTER TO SHAREHOLDERS
4		FUND AT A GLANCE
6		ABOUT YOUR FUND’S EXPENSES
7		FINANCIAL HIGHLIGHTS
12		SCHEDULE OF INVESTMENTS
18		STATEMENT OF ASSETS AND LIABILITIES
20		STATEMENT OF OPERATIONS
21		STATEMENTS OF CHANGES IN NET ASSETS
22		NOTES TO FINANCIAL STATEMENTS
32		TRUSTEES AND OFFICERS

Mutual Funds:
NOT FDIC INSURED		MAY LOSE VALUE		NOT BANK GUARANTEED

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

LETTER TO SHAREHOLDERS

May 2005

Dennis H. Ferro

President and Chief Executive Officer

Dear Shareholder,

We are pleased to provide the semiannual report for the Evergreen Omega Fund, which covers the six-month period ended March 31, 2005.

LETTER TO SHAREHOLDERS continued

Sincerely,

Dennis H. Ferro

President and Chief Executive Officer
Evergreen Investment Company, Inc.

Special Notice to Shareholders:

FUND AT A GLANCE

as of March 31, 2005

MANAGEMENT TEAM

Maureen E. Cullinane, CFA

Large Cap Core Growth Team Lead Manager

CURRENT INVESTMENT STYLE

Source: Morningstar, Inc.

Morningstar’s style box is based on a portfolio date as of 3/31/2005.

PERFORMANCE AND RETURNS

Portfolio inception date: 4/29/1968

	Class A	Class B	Class C	Class I	Class R
Class inception date	4/29/1968	8/2/1993	8/2/1993	1/13/1997	10/10/2003

Nasdaq symbol	EKOAX	EKOBX	EKOCX	EOMYX	EKORX

6-month return with sales
charge	-2.17%	-1.54%	2.40%	N/A	N/A

6-month return w/o sales charge	3.78%	3.46%	3.40%	3.97%	3.70%

Average annual return*

1-year with sales charge	-7.87%	-7.74%	-3.89%	N/A	N/A

1-year w/o sales charge	-2.25%	-2.88%	-2.92%	-1.89%	-2.42%

5-year	-10.14%	-10.08%	-9.73%	-8.83%	-9.11%

10-year	8.81%	8.61%	8.61%	9.67%	9.43%

* Adjusted for maximum applicable sales charge, unless noted.

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. To obtain performance information current to the most recent month-end for Classes A, B, C or I, please go to EvergreenInvestments.com/fundperformance. Please call 1.800.847.5397 for the most recent month-end performance information for Class R. The performance of each class may vary based on differences in loads, fees and expenses paid by the shareholders investing in each class. The maximum applicable sales charge is 5.75% for Class A, 5.00% for Class B and 1.00% for Class C. Classes I and R are not subject to sales charges. Performance includes the reinvestment of income dividends and capital gain distributions. Performance shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Historical performance shown for Classes B, C, I and R prior to their inception is based on the performance of Class A, the original class offered. The historical returns for Classes B, C, I and R have not been adjusted to reflect the effect of each class’ 12b-1 fee. These fees are 0.30% for Class A, 0.50% for Class R and 1.00% for Classes B and C. Class I does not pay a 12b-1 fee. If these fees had been reflected, returns for Classes B, C and R would have been lower while returns for Class I would have been higher.

The advisor is waiving a portion of its advisory fee. Had the fee not been waived, returns would have been lower.

FUND AT A GLANCE continued

LONG-TERM GROWTH

Comparison of a $10,000 investment in the Evergreen Omega Fund Class A shares, versus a similar investment in the Russell 1000 Growth Index (Russell 1000 Growth) and the Consumer Price Index (CPI).

Class R shares generally are available only to 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans.

The fund’s investment objective is nonfundamental and may be changed without the vote of the fund’s shareholders.

Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability and foreign currency fluctuations.

Smaller capitalization stock investing may offer the potential for greater long-term results; however, it is also generally associated with greater price volatility due to the higher risk of failure.

All data is as of March 31, 2005, and subject to change.

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

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

• Actual expenses

• Hypothetical example for comparison purposes

	Beginning	Ending
	Account	Account	Expenses
	Value	Value	Paid During
	10/1/2004	3/31/2005	Period*

Actual
Class A	$ 1,000.00	$ 1,037.83	$	7.32
Class B	$ 1,000.00	$ 1,034.62	$ 10.86
Class C	$ 1,000.00	$ 1,034.03	$ 10.85
Class I	$ 1,000.00	$ 1,039.68	$	5.80
Class R	$ 1,000.00	$ 1,037.00	$	8.18
Hypothetical
(5% return
before expenses)
Class A	$ 1,000.00	$ 1,017.75	$	7.24
Class B	$ 1,000.00	$ 1,014.26	$ 10.75
Class C	$ 1,000.00	$ 1,014.26	$ 10.75
Class I	$ 1,000.00	$ 1,019.25	$	5.74
Class R	$ 1,000.00	$ 1,016.90	$	8.10

* For each class of the Fund, expenses are equal to the annualized expense ratio of each class (1.44% for Class A, 2.14% for Class B, 2.14% for Class C, 1.14% for Class I and 1.61% for Class R), multiplied by the average account value over the period, multiplied by 182 / 365 days.

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS A	(unaudited)		2004	2003	2002		2001	2000

Net asset value, beginning of period	$	23.00	$ 21.07	$ 16.69	$	20.43	$ 38.93	$ 26.82

Income from investment operations
Net investment loss		(0.02)¹	(0.22)	(0.20)¹		(0.20)¹	(0.19)¹	(0.22)¹
Net realized and unrealized gains or losses on securities		0.89	2.15	4.58		(3.54)	(16.67)	13.32

Total from investment operations		0.87	1.93	4.38		(3.74)	(16.86)	13.10

Distributions to shareholders from
Net realized gains		0	0	0		0	(1.64)	(0.99)

Net asset value, end of period	$	23.87	$ 23.00	$ 21.07	$	16.69	$ 20.43	$ 38.93

Total return²		3.78%	9.16%	26.24%	(18.31%)		(44.67%)	49.83%

Ratios and supplemental data
Net assets, end of period (thousands)	$464,534		$485,315	$441,808	$374,196		$504,419	$865,958
Ratios to average net assets
Expenses³		1.44%⁴	1.49%	1.67%		1.52%	1.31%	1.18%
Net investment loss		(0.13%)⁴	(0.92%)	(1.11%)		(0.97%)	(0.74%)	(0.59%)
Portfolio turnover rate		75%	159%	206%		170%	198%	152%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS B	(unaudited)		2004	2003	2002		2001	2000

Net asset value, beginning of period	$	20.51	$ 18.92	$ 15.10	$	18.62	$ 35.92	$ 24.99

Income from investment operations
Net investment loss		(0.09)¹	(0.34)¹	(0.30)¹		(0.33)¹	(0.36)¹	(0.46)¹
Net realized and unrealized gains or losses on securities		0.80	1.93	4.12		(3.19)	(15.30)	12.38

Total from investment operations		0.71	1.59	3.82		(3.52)	(15.66)	11.92

Distributions to shareholders from
Net realized gains		0	0	0		0	(1.64)	(0.99)

Net asset value, end of period	$	21.22	$ 20.51	$ 18.92	$	15.10	$ 18.62	$ 35.92

Total return²		3.46%	8.40%	25.30%	(18.90%)		(45.09%)	48.72%

Ratios and supplemental data
Net assets, end of period (thousands)	$484,323		$542,897	$578,129	$535,527		$778,976	$1,349,647
Ratios to average net assets
Expenses³		2.14%⁴	2.19%	2.39%		2.27%	2.06%	1.94%
Net investment loss		(0.83%)⁴	(1.62%)	(1.83%)		(1.73%)	(1.49%)	(1.35%)
Portfolio turnover rate		75%	159%	206%		170%	198%	152%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS C	(unaudited)		2004	2003	2002		2001	2000

Net asset value, beginning of period	$	20.57	$ 18.97	$ 15.14	$	18.67	$ 36.01	$ 25.05

Income from investment operations
Net investment loss		(0.09)¹	(0.34)¹	(0.30)¹		(0.33)¹	(0.36)¹	(0.47)¹
Net realized and unrealized gains or losses on securities		0.79	1.94	4.13		(3.20)	(15.34)	12.42

Total from investment operations		0.70	1.60	3.83		(3.53)	(15.70)	11.95

Distributions to shareholders from
Net realized gains		0	0	0		0	(1.64)	(0.99)

Net asset value, end of period	$	21.27	$ 20.57	$ 18.97	$	15.14	$ 18.67	$ 36.01

Total return²		3.40%	8.43%	25.30%	(18.91%)		(45.09%)	48.73%

Ratios and supplemental data
Net assets, end of period (thousands)	$106,296		$128,964	$133,551	$126,367		$189,191	$285,022
Ratios to average net assets
Expenses³		2.14%⁴	2.19%	2.39%		2.27%	2.07%	1.95%
Net investment loss		(0.80%)⁴	(1.62%)	(1.83%)		(1.73%)	(1.49%)	(1.37%)
Portfolio turnover rate		75%	159%	206%		170%	198%	152%

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

²Excluding applicable sales charges

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Six Months Ended		Year Ended September 30,
	March 31, 2005
CLASS I¹	(unaudited)		2004	2003	2002		2001	2000

Net asset value, beginning of period	$	23.44	$ 21.40	$ 16.91	$	20.65	$ 39.23	$ 26.96

Income from investment operations
Net investment income (loss)		0.02²	(0.15)	(0.16)²		(0.15)²	(0.13)²	(0.13)²
Net realized and unrealized gains or losses on securities		0.91	2.19	4.65		(3.59)	(16.81)	13.39

Total from investment operations		0.93	2.04	4.49		(3.74)	(16.94)	13.26

Distributions to shareholders from
Net realized gains		0	0	0		0	(1.64)	(0.99)

Net asset value, end of period	$	24.37	$ 23.44	$ 21.40	$	16.91	$ 20.65	$ 39.23

Total return		3.97%	9.53%	26.55%	(18.11%)		(44.53%)	50.17%

Ratios and supplemental data
Net assets, end of period (thousands)	$12,222		$15,127	$13,913	$11,519		$14,151	$23,520
Ratios to average net assets
Expenses³		1.14%⁴	1.19%	1.39%		1.28%	1.06%	0.94%
Net investment income (loss)		0.20%⁴	(0.62%)	(0.83%)		(0.72%)	(0.49%)	(0.36%)
Portfolio turnover rate		75%	159%	206%		170%	198%	152%

¹Effective at the close of business on May 11, 2001, Class Y sh ares were renamed as Institutional shares (Class I).

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

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six Months Ended
	March 31, 2005	Year Ended
CLASS R	(unaudited)	September 30, 2004

Net asset value, beginning of period	$22.97	$22.31¹

Income from investment operations
Net investment loss	(0.10)²		(0.22)²
Net realized and unrealized gains or losses on securities	0.95		0.88

Total from investment operations	0.85		0.66

Net asset value, end of period	$23.82	$22.97

Total return	3.70%		2.96%

Ratios and supplemental data
Net assets, end of period (thousands)	$ 288	$	7
Ratios to average net assets
Expenses³	1.61%⁴		1.64%⁴
Net investment loss	(0.83%)⁴		(1.00%)⁴
Portfolio turnover rate	75%		159%

¹For the period from October 10, 2003 (commencem ent of class operations), to September 30, 2004.

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

³The ratio of expenses to average net assets excludes expense reductions but includes fee waivers and/or expense reimbursements.

⁴Annualized

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS 97.6%
CONSUMER DISCRETIONARY 17.3%
Hotels, Restaurants & Leisure 5.0%
International Game Technology	375,000	$	9,997,500
Shuffle Master, Inc. * (p)	450,000		13,032,000
Starwood Hotels & Resorts Worldwide, Inc., Class B	280,000		16,808,400
Wynn Resorts, Ltd. * (p)	200,000		13,548,000

			53,385,900

Internet & Catalog Retail 1.3%
eBay, Inc. *	360,000		13,413,600

Media 2.3%
Comcast Corp., Class A *	320,000		10,809,600
Omnicom Group, Inc	160,000		14,163,200

			24,972,800

Specialty Retail 4.0%
Best Buy Co., Inc	215,000		11,612,150
Chico’s FAS, Inc. * (p)	730,000		20,629,800
Steiner Leisure, Ltd. * (p)	310,000		10,133,900

			42,375,850

Textiles, Apparel & Luxury Goods 4.7%
Coach, Inc. *	490,000		27,748,700
Quiksilver, Inc. *	545,000		15,821,350
Wolverine World Wide, Inc	330,000		7,071,900

			50,641,950

CONSUMER STAPLES 8.1%
Beverages 1.0%
PepsiCo, Inc	205,000		10,871,150

Food & Staples Retailing 1.8%
BJ’s Wholesale Club, Inc. * (p)	170,000		5,280,200
United Natural Foods, Inc. * (p)	139,900		4,005,337
Walgreen Co	230,000		10,216,600

			19,502,137

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
CONSUMER STAPLES continued
Food Products 2.2%
McCormick & Co., Inc	670,000	$	23,068,100

Household Products 1.4%
Rayovac Corp. *	355,000		14,768,000

Personal Products 1.7%
Estee Lauder Companies, Inc., Class A	400,000		17,992,000

ENERGY 7.6%
Energy Equipment & Services 2.1%
Diamond Offshore Drilling, Inc	115,000		5,738,500
Halliburton Co	130,000		5,622,500
Weatherford International, Ltd. *	185,000		10,718,900

			22,079,900

Oil & Gas 5.5%
Anadarko Petroleum Corp	85,000		6,468,500
Apache Corp	248,000		15,185,040
Devon Energy Corp	231,350		11,046,963
Spinnaker Exploration Co. *	175,000		6,217,750
XTO Energy, Inc	597,067		19,607,669

			58,525,922

FINANCIALS 1.0%
Consumer Finance 1.0%
American Express Co	205,000		10,530,850

HEALTH CARE 23.4%
Biotechnology 2.1%
Genentech, Inc. *	130,000		7,359,300
Martek Biosciences Corp. * (p)	270,000		15,711,300

			23,070,600

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
HEALTH CARE continued
Health Care Equipment & Supplies 9.2%
Alcon, Inc	180,000	$	16,072,200
Baxter International, Inc	325,000		11,043,500
Beckman Coulter, Inc	155,000		10,299,750
Cooper Companies, Inc. (p)	250,000		18,225,000
Kinetic Concepts, Inc. *	180,000		10,737,000
Medtronic, Inc	269,001		13,705,601
St. Jude Medical, Inc. *	220,000		7,920,000
Stryker Corp	225,000		10,037,250

			98,040,301

Health Care Providers & Services 8.4%
Aetna, Inc	375,500		28,143,725
American Healthways, Inc. * (p)	375,250		12,390,755
Caremark Rx, Inc. *	650,000		25,857,000
Community Health Systems, Inc. * (p)	330,000		11,520,300
Coventry Health Care, Inc. *	175,000		11,924,500

			89,836,280

Pharmaceuticals 3.7%
Eli Lilly & Co	120,000		6,252,000
Endo Pharmaceuticals Holdings, Inc. *	740,000		16,687,000
Johnson & Johnson	120,000		8,059,200
Pfizer, Inc	210,000		5,516,700
Salix Pharmaceuticals, Ltd. * (p)	170,000		2,803,300

			39,318,200

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
INDUSTRIALS 8.1%
Aerospace & Defense 1.2%
Lockheed Martin Corp	220,000	$	13,433,200

Electrical Equipment 2.5%
Cooper Industries, Ltd., Class A	370,000		26,462,400

Industrial Conglomerates 3.9%
General Electric Co	840,000		30,290,400
Tyco International, Ltd	330,000		11,154,000

			41,444,400

Trading Companies & Distributors 0.5%
Fastenal Co. (p)	100,000		5,531,000

INFORMATION TECHNOLOGY 28.1%
Communications Equipment 3.5%
Corning, Inc. *	1,010,000		11,241,300
Motorola, Inc	715,000		10,703,550
QUALCOMM, Inc	425,000		15,576,250

			37,521,100

Computers & Peripherals 3.9%
Apple Computer, Inc. *	355,000		14,792,850
Dell, Inc. *	280,000		10,757,600
Network Appliance, Inc. *	275,000		7,606,500
QLogic Corp. *	200,000		8,100,000

			41,256,950

Electronic Equipment & Instruments 1.4%
Cogent, Inc. * (p)	115,000		2,895,700
Flextronics International, Ltd. * (p)	1,015,000		12,220,600

			15,116,300

Internet Software & Services 4.5%
Google, Inc., Class A *	60,000		10,830,600
VeriSign, Inc. *	865,000		24,825,500
Yahoo!, Inc. *	355,000		12,034,500

			47,690,600

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

COMMON STOCKS continued
INFORMATION TECHNOLOGY continued
IT Services 4.2%
Affiliated Computer Services, Inc., Class A *	380,000	$	20,231,200
Cognizant Technology Solutions Corp., Class A *	530,000		24,486,000

			44,717,200

Office Electronics 1.0%
Zebra Technologies Corp., Class A *	217,500		10,329,075

Semiconductors & Semiconductor Equipment 5.8%
Altera Corp. *	755,000		14,933,900
Intel Corp	516,195		11,991,210
Lam Research Corp. *	180,000		5,194,800
Marvell Technology Group, Ltd. *	555,000		21,278,700
Tessera Technologies, Inc. * (p)	205,000		8,862,150

			62,260,760

Software 3.8%
Autodesk, Inc	265,000		7,886,400
Cadence Design Systems, Inc. * (p)	765,000		11,436,750
Cognos, Inc. *	135,000		5,661,900
Microsoft Corp	666,186		16,101,715

			41,086,765

MATERIALS 4.0%
Chemicals 1.7%
Air Products & Chemicals, Inc	285,000		18,037,650

Metals & Mining 2.3%
Massey Energy Co. (p)	453,600		18,162,144
Nucor Corp	115,000		6,619,401

			24,781,545

Total Common Stocks (cost $908,036,576)			1,042,062,485

See Notes to Financial Statements

SCHEDULE OF INVESTMENTS continued

March 31, 2005 (unaudited)

	Shares		Value

SHORT-TERM INVESTMENTS 12.3%
MUTUAL FUND SHARES 12.3%
Evergreen Institutional U.S. Government Money Market Fund ø	27,785,016	$	27,785,016
Navigator Prime Portfolio (pp)	103,541,129		103,541,129

Total Short-Term Investments (cost $131,326,145)			131,326,145

Total Investments (cost $1,039,362,721) 109.9%			1,173,388,630
Other Assets and Liabilities (9.9%)			(105,724,926)

Net Assets 100.0%		$	1,067,663,704

*		Non-income producing security
(p)		All or a portion of this security is on loan.
ø		Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market
		fund.
(pp)		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 March 31, 2005:
Information Technology		28.9%
Health Care		24.0%
Consumer Discretionary		17.7%
Consumer Staples		8.3%
Industrials		8.3%
Energy		7.7%
Materials		4.1%
Financials		1.0%

		100.0%

See Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2005 (unaudited)

Assets
Investments in securities, at value (cost $1,039,362,721)
including $100,924,543 of securities loaned	$	1,173,388,630
Cash		30,027
Receivable for securities sold		5,007,048
Receivable for Fund shares sold		641,225
Dividends receivable		891,699
Receivable for securities lending income		17,927
Prepaid expenses and other assets		54,924

Total assets		1,180,031,480

Liabilities
Payable for securities purchased		6,004,990
Payable for Fund shares redeemed		2,542,331
Payable for securities on loan		103,541,129
Advisory fee payable		15,114
Distribution Plan expenses payable		20,018
Due to other related parties		2,384
Accrued expenses and other liabilities		241,810

Total liabilities		112,367,776

Net assets	$	1,067,663,704

Net assets represented by
Paid-in capital	$	1,608,194,185
Undistributed net investment loss		(2,980,147)
Accumulated net realized losses on securities		(671,576,243)
Net unrealized gains on securities		134,025,909

Total net assets	$	1,067,663,704

Net assets consists of
Class A	$	464,534,485
Class B		484,323,429
Class C		106,295,690
Class I		12,222,351
Class R		287,749

Total net assets	$	1,067,663,704

Shares outstanding
Class A		19,457,352
Class B		22,825,654
Class C		4,996,950
Class I		501,573
Class R		12,078

See Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES continued

March 31, 2005 (unaudited)

Net asset value per share
Class A	$	23.87
Class A — Offering price (based on sales charge of 5.75%)	$	25.33
Class B	$	21.22
Class C	$	21.27
Class I	$	24.37
Class R	$	23.82

See Notes to Financial Statements

STATEMENT OF OPERATIONS

Six Months Ended March 31, 2005 (unaudited)

Investment income
Dividends	$	7,546,445

Expenses
Advisory fee		3,134,758
Distribution Plan expenses
Class A		731,403
Class B		2,633,959
Class C		603,311
Class R		475
Administrative services fee		573,041
Transfer agent fees		2,754,517
Trustees’ fees and expenses		7,633
Printing and postage expenses		79,851
Custodian and accounting fees		145,853
Registration and filing fees		39,597
Professional fees		18,144
Interest expense		207
Other		15,985

Total expenses		10,738,734
Less: Expense reductions		(4,110)
Fee waivers and expense reimbursements		(230,040)

Net expenses		10,504,584

Net investment loss		(2,958,139)

Net realized and unrealized gains or losses on securities
Net realized gains on securities		59,846,017
Net change in unrealized gains or losses on securities		(13,539,602)

Net realized and unrealized gains or losses on securities		46,306,415

Net increase in net assets resulting from operations	$	43,348,276

See Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	March 31, 2005		Year Ended
	(unaudited)		September 30, 2004 (a)

Operations
Net investment loss	$	(2,958,139)	$	(16,770,323)
Net realized gains on securities		59,846,017		166,447,887
Net change in unrealized gains or
losses on securities		(13,539,602)		(47,762,990)

Net increase in net assets resulting
from operations		43,348,276		101,914,574

	Shares		Shares
Capital share transactions
Proceeds from shares sold
Class A	1,036,264	24,971,421	3,229,819	76,200,679
Class B	508,353	10,912,622	2,097,134	44,149,409
Class C	157,011	3,370,561	999,941	21,052,376
Class I	89,624	2,180,547	217,868	5,200,403
Class R	13,456	327,938	321	7,218

		41,763,089		146,610,085

Automatic conversion of Class B
shares to Class A shares
Class A	659,288	15,811,976	1,192,104	28,047,678
Class B	(740,509)	(15,811,976)	(1,331,927)	(28,047,678)

		0		0

Payment for shares redeemed
Class A	(3,337,220)	(80,406,845)	(4,295,302)	(100,038,574)
Class B	(3,406,556)	(72,770,888)	(4,856,350)	(101,226,479)
Class C	(1,430,637)	(30,823,689)	(1,769,951)	(37,076,023)
Class I	(233,360)	(5,714,401)	(222,565)	(5,274,597)
Class R	(1,699)	(41,914)	0	0

		(189,757,737)		(243,615,673)

Net decrease in net assets resulting
from capital share transactions		(147,994,648)		(97,005,588)

Total increase (decrease)
in net assets		(104,646,372)		4,908,986
Net assets
Beginning of period		1,172,310,076		1,167,401,090

End of period	$	1,067,663,704	$	1,172,310,076

Undistributed net investment loss	$	(2,980,147)	$	(22,008)

(a) For Class R shares, for the period from October 10, 2003 (commencement of class operations), to September 30, 2004.

See Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION

Evergreen Omega Fund (the “Fund”) is 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”).

The Fund offers Class A, Class B, Class C, Class R and Institutional (“Class I”) shares. Class A shares are sold with a front-end sales charge. However, Class A share investments of $1 million or more are not subject to a front-end sales charge but will be subject to a contingent deferred sales charge of 1.00% upon redemption within one year. Class B shares are sold without a front-end sales charge but are subject to a contingent deferred sales charge that is payable upon redemption and decreases depending on how long the shares have been held. Class C shares are sold without a front-end sales charge but are subject to a contingent deferred sales charge that is payable upon redemption within one year. Class R shares are only available to participants in certain retirement plans and are sold without a front-end sales charge or contingent deferred sales charge. Class I shares are sold without a front-end sales charge or contingent deferred sales charge. Each class of shares, except Class I shares, pays an ongoing distribution fee.

2. SIGNIFICANT ACCOUNTING POLICIES

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.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

b. Securities lending

c. 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. Dividend income is recorded on the ex-dividend date.

d. Federal taxes

e. Distributions

f. Class allocations

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 Fund and is paid an annual fee starting at 0.66% and declining to 0.41% as average daily net assets increase.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

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 March 31, 2005, EIMC waived its fee in the amount of $229,820 and reimbursed expenses in the amount of $220 which combined represents 0.04% of the Fund’s average daily net assets (on an annualized basis).

4. DISTRIBUTION PLANS

EIS also serves as distributor of the Fund’s shares. The Fund has adopted Distribution Plans, as allowed by Rule 12b-1 of the 1940 Act, for each class of shares, except Class I. Under the Distribution Plans, distribution fees are paid at an annual rate of 0.30% of the average daily net assets for Class A shares, 0.50% of the average daily net assets for Class R shares and 1.00% of the average daily net assets for each of Class B and Class C shares.

For the six months ended March 31, 2005, EIS received $22,541 from the sale of Class A shares and $153, $768,316 and $6,978 in contingent deferred sales charges from redemptions of Class A, Class B and Class C shares, respectively.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

5. SECURITIES TRANSACTIONS

Cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were $833,468,661 and $969,836,239, respectively, for the six months ended March 31, 2005.

During the six months ended March 31, 2005, the Fund loaned securities to certain brokers. At March 31, 2005, the value of securities on loan and the value of collateral amounted to $100,924,543 and $103,541,129, respectively. During the six months ended March 31, 2005, the Fund earned $130,155 in income from securities lending which is included in dividend income on the Statement of Operations.

On March 31, 2005, the aggregate cost of securities for federal income tax purposes was $1,041,004,328. The gross unrealized appreciation and depreciation on securities based on tax cost was $148,815,655 and $16,431,353, respectively, with a net unrealized appreciation of $132,384,302.

As of September 30, 2004, the Fund had $722,345,560 in capital loss carryovers for federal income tax purposes with $259,350 expiring in 2009, $522,665,183 expiring in 2010 and $199,421,027 expiring in 2011.

6. INTERFUND LENDING

7. EXPENSE REDUCTIONS

Through expense offset arrangements with ESC and the Fund’s custodian, a portion of fund expenses has been reduced.

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

8. DEFERRED TRUSTEES’ FEES

9. FINANCING AGREEMENT

During the six months ended March 31, 2005, the Fund had average borrowings outstanding of $7,964 on an annualized basis at an average rate of 2.60% and paid interest of $207.

10. CONCENTRATION OF RISK

11. REGULATORY MATTERS AND LEGAL PROCEEDINGS

NOTES TO FINANCIAL STATEMENTS (unaudited) continued

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TRUSTEES AND OFFICERS

TRUSTEES¹

Charles A. Austin III		Principal occupations: Investment Counselor, Anchor Capital Advisors, Inc. (investment advice);
Trustee		Director, The Andover Companies (insurance); Trustee, Arthritis Foundation of New England;
DOB: 10/23/1934		Director, The Francis Ouimet Society; Former Director, Health Development Corp.
Term of office since: 1991		(fitness-wellness centers); Former Director, Mentor Income Fund, Inc.; Former Trustee,
		Mentor Funds and Cash Resource Trust; Former Investment Counselor, Appleton Partners, Inc.
Other directorships: None		(investment advice); Former Director, Executive Vice President and Treasurer, State Street
		Research & Management Company (investment advice)

Shirley L. Fulton		Principal occupations: Partner, Tin, Fulton, Greene & Owen, PLLC (law firm); Former Partner,
Trustee		Helms, Henderson & Fulton, P.A. (law firm); Retired Senior Resident Superior Court Judge,
DOB: 1/10/1952		26th Judicial District, Charlotte, NC
Term of office since: 2004
Other directorships: None

K. Dun Gifford		Principal occupations: Chairman and President, Oldways Preservation and Exchange Trust
Trustee		(education); Trustee, Treasurer and Chairman of the Finance Committee, Cambridge College;
DOB: 10/23/1938		Former Chairman of the Board, Director, and Executive Vice President, The London Harness
Term of office since: 1974		Company (leather goods purveyor); Former Director, Mentor Income Fund, Inc.; Former Trustee,
		Mentor Funds and Cash Resource Trust
Other directorships: None

Dr. Leroy Keith, Jr.		Principal occupations: Partner, Stonington Partners, Inc. (private equity firm); Trustee,
Trustee		The Phoenix Group of Mutual Funds; Director, Obagi Medical Products Co.; Director,
DOB: 2/14/1939		Diversapack Co.; Former Director, Lincoln Educational Services; Former Chairman of the Board
Term of office since: 1983		and Chief Executive Officer, Carson Products Company (manufacturing); Former Director,
		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Other directorships: Trustee, The
Phoenix Group of Mutual Funds

Gerald M. McDonnell		Principal occupations: Manager of Commercial Operations, SMI Steel Co. �� South Carolina
Trustee		(steel producer); Former Sales and Marketing Manager, Nucor Steel Company; Former Director,
DOB: 7/14/1939		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1988
Other directorships: None

William Walt Pettit		Principal occupations: Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior
Trustee		Packaging Corp.; Director, National Kidney Foundation of North Carolina, Inc.; Former Director,
DOB: 8/26/1955		Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None

David M. Richardson		Principal occupations: President, Richardson, Runden LLC (executive recruitment business
Trustee		development/consulting company); Consultant, Kennedy Information, Inc. (executive
DOB: 9/19/1941		recruitment information and research company); Consultant, AESC (The Association of
Term of office since: 1982		Executive Search Consultants); Director, J&M Cumming Paper Co. (paper merchandising);
		Former Trustee, NDI Technologies, LLP (communications); Former Vice Chairman, DHR
Other directorships: None		International, Inc. (executive recruitment); Former Director, Mentor Income Fund, Inc.;
		Former Trustee, Mentor Funds and Cash Resource Trust

Dr. Russell A. Salton III		Principal occupations: President/CEO, AccessOne MedCard; Former Medical Director,
Trustee		Healthcare Resource Associates, Inc.; Former Medical Director, U.S. Health Care/Aetna Health
DOB: 6/2/1947		Services; Former Director, Mentor Income Fund, Inc.; Former Trustee, Mentor Funds and
Term of office since: 1984		Cash Resource Trust
Other directorships: None

TRUSTEES AND OFFICERS continued

Michael S. Scofield		Principal occupations: Director, Branded Media Corporation (multi-media branding company);
Trustee		Attorney, Law Offices of Michael S. Scofield; Former Director, Mentor Income Fund, Inc.;
DOB: 2/20/1943		Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1984
Other directorships: None

Richard J. Shima		Principal occupations: Independent Consultant; Director, Trust Company of CT; Trustee,
Trustee		Saint Joseph College (CT); Director, Hartford Hospital; Trustee, Greater Hartford YMCA;
DOB: 8/11/1939		Former Director, Enhance Financial Services, Inc.; Former Director, Old State House Association;
Term of office since: 1993		Former Director of CTG Resources, Inc. (natural gas); Former Director, Mentor Income Fund, Inc.;
		Former Trustee, Mentor Funds and Cash Resource Trust
Other directorships: None

Richard K. Wagoner, CFA²		Principal occupations: Member and Former President, North Carolina Securities Traders
Trustee		Association; Member, Financial Analysts Society; Former Consultant to the Boards of Trustees
DOB: 12/12/1937		of the Evergreen funds; Former Trustee, Mentor Funds and Cash Resource Trust
Term of office since: 1999
Other directorships: None

OFFICERS
Dennis H. Ferro³		Principal occupations: President and Chief Executive Officer, Evergreen Investment Company,
President		Inc. and Executive Vice President, Wachovia Bank, N.A.; former Chief Investment Officer,
DOB: 6/20/1945		Evergreen Investment Company, Inc.
Term of office since: 2003

Carol Kosel⁴		Principal occupations: Senior Vice President, Evergreen Investment Services, Inc.
Treasurer
DOB: 12/25/1963
Term of office since: 1999

Michael H. Koonce⁴		Principal occupations: Senior Vice President and General Counsel, Evergreen Investment
Secretary		Services, Inc.; Senior Vice President and Assistant General Counsel, Wachovia Corporation
DOB: 4/20/1960
Term of office since: 2000

James Angelos⁴		Principal occupations: Chief Compliance Officer and Senior Vice President, Evergreen Funds;
Chief Compliance Officer		Former Director of Compliance, Evergreen Investment Services, Inc.
DOB: 9/2/1947
Term of office since: 2004

2 Mr. Wagoner is an “interested person” of the Fund because of his ownership of shares in Wachovia Corporation, the parent to the Fund’s investment advisor.

3 The address of the Officer is 401 S. Tryon Street, 20th Floor, Charlotte, NC 28288.

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

566382 rv2 5/2005

Item 2 - Code of Ethics

(a) The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer.

(b) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in 2.(a) above.

(c) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in 2.(a) above.

Item 3 - Audit Committee Financial Expert

Charles A. Austin III and K. Dun Gifford have been determined by the Registrant's Board of Trustees to be audit committee financial experts within the meaning of Section 407 of the Sarbanes-Oxley Act. These financial experts are independent of management.

Items 4 – Principal Accountant Fees and Services

Applicable for annual reports only.

Items 5 – Audit Committee of Listed Registrants

If applicable, not applicable at this time. Applicable for annual reports covering periods ending on or after the compliance date for the listing standards applicable to the particular issuer. Listed issuers must be in compliance with the new listing rules by the earlier of the registrant’s first annual shareholders meeting after January 15, 2004 or October 31, 2004.

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.

If applicable, not applicable at this time. Applicable for annual reports filed on or after July 1, 2003.

Item 8 - Controls and Procedures

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have evaluated the Registrant's disclosure controls and procedures 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 were no significant changes in the Registrant's internal controls or other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 9 - 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: _______________________
Dennis H. Ferro,
Principal Executive Officer

Date: May 27, 2005

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: _______________________
Dennis H. Ferro,
Principal Executive Officer

Date: May 27, 2005

By: ________________________
Carol A. Kosel
Principal Financial Officer

Date: May 27, 2005

Evergreen Equity Trust Inactive N-CSRSCertified semi-annual shareholder report (management investment company)

Evergreen Aggressive Growth Fund

Evergreen Fund

Evergreen Growth Fund

Evergreen Large Cap Equity Fund

Evergreen Large Company Growth Fund

Evergreen Masters Fund

Evergreen Mid Cap Growth Fund

Evergreen Omega Fund