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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08413
Evergreen Equity Trust
_____________________________________________________________
(Exact name of registrant as specified in charter)
200 Berkeley Street Boston, Massachusetts 02116
_____________________________________________________________
(Address of principal executive offices) (Zip code)
Michael H. Koonce, Esq. 200 Berkeley Street Boston, Massachusetts 02116
____________________________________________________________
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 210-3200
Date of fiscal year end: Registrant is making a semi-annual filing for three of its series, Evergreen Market Index Growth Fund, Evergreen Market Index Value Fund and Evergreen Market Index Fund for the six months ended November 30, 2005. These three series have a May 31 fiscal year end.
Date of reporting period: November 30, 2005
Item 1 - Reports to Stockholders.
Evergreen Market Index Funds
This semiannual report must be preceded or accompanied by a prospectus of the Evergreen funds contained herein. The prospectus contains more complete information, including fees and expenses, and should be read carefully before investing or sending money.
The funds will file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q will be available on the SEC’s Web site at http://www.sec.gov. In addition, the funds' Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330.
A description of each fund's proxy voting policies and procedures, as well as information regarding how each fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available by visiting our Web site at EvergreenInvestments.com or by visiting the SEC’s Web site at http://www.sec.gov. Each fund's proxy voting policies and procedures are also available without charge, upon request, by calling 800.343.2898.
| Mutual Funds: | ||||
| NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED |
Evergreen InvestmentsSM is a service mark of Evergreen Investment Management Company, LLC.
Copyright 2006, Evergreen Investment Management Company, LLC.
Evergreen mutual funds are distributed by Evergreen Investment Services, Inc.
200 Berkeley Street, Boston, MA 02116
LETTER TO SHAREHOLDERS
JANUARY 2006
Dear Shareholder,
We are pleased to provide the semiannual report for the Evergreen Market Index Funds, which covers the six-month period ended November 30, 2005.
After experiencing volatile trading in the early months of 2005, we anticipated the return of a fundamentally-driven equity market. Relative to historical averages, corporate earnings were still solid and long-term interest rates remained attractive. The uncertainty related to monetary policy and energy prices, though, continued to weigh heavily on investor sentiment, which was further pressured by the devastating hurricanes in the Gulf region. The economy proved resilient, the Federal Reserve (Fed) maintained its policy stance, and corporate profits continued to exceed expectations. Even with surging energy prices and concerns about increased federal spending in the aftermath of the hurricanes, investors bid-up stocks based on their strong long-term return potential. Throughout it all, Evergreen’s equity management teams strictly adhered to the market fundamentals when making investment decisions, providing our clients with a disciplined approach for their long-term portfolios.
The investment period began with expectations for a moderation in U.S. economic growth. After all, the rapid pace of growth experienced during the recovery had transitioned to the more normalized Gross Domestic Product (GDP) levels typically associated with economic expansion. Yet energy prices continued to soar amid rising levels for employment, housing and production. The post-Katrina federal spending plans exacerbated these concerns resulting from rising energy prices and long-term interest rates began to crawl higher. Despite this, the U.S. consumer kept spending and businesses were investing some of their record cash balances, enabling the economy to overcome some extremely challenging obstacles.
Recognizing the strength in GDP and the attendant inflation fears, the Fed maintained its “measured removal of policy accommodation” throughout this timeframe. Since rates had been low for such a lengthy period, Evergreen’s Investment Strategy Committee concluded that the central bank was simply attempting to remove stimulus, rather than restrict growth, for the U.S. economy. Fed Chairman Alan Greenspan remained very transparent in his public statements about the direction of monetary policy and long-term market interest rates responded, once again, by moving lower.
The lower long-term market yields improved the relative attractiveness of equities as the period progressed. The solid growth in GDP translated into better than forecasted profit growth, further supporting equities, especially during their November rally. The gradual easing of oil prices as well as the market’s expectation of an end to Fed tightening supported this trend. During this time, our equity analysts continued to search for companies with promising outlooks consistent with their investment styles. Positive earnings, solid balance sheets and strong cash flows attracted the most attention from our portfolio managers, while the trend for dividends improved. Interestingly, after several years of underperforming, large caps and growth indexes made up some ground relative to small caps and value indexes, respectively, in the waning weeks of the investment period.
We continue to recommend a fully diversified, long-term approach for equity investors.
Please visit our Web site, 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 a statement from President and Chief Executive Officer, Dennis Ferro, addressing NASD actions involving Evergreen Investment Services, Inc. (EIS), Evergreen’s mutual fund distributor or statements from Dennis Ferro and Chairman of the Board of the Evergreen funds, Michael S. Scofield, addressing SEC actions involving the Evergreen funds.
Market Index Fund
FUND AT A GLANCE
as of November 30, 2005
MANAGEMENT TEAM
Investment Advisor:
Evergreen Investment Management Company, LLC
Portfolio Manager:
William E. Zieff
CURRENT INVESTMENT STYLE
Source: Morningstar, Inc.
Morningstar’s style box is based on a portfolio date as of 9/30/2005.
The Equity style box placement is based on 10 growth and valuation measures for each fund holding and the median size of the companies in which the fund invests.
The advisor is waiving its advisory fee and reimbursing the fund for other expenses. Had the fee not been waived and expenses not reimbursed, returns would have been lower.
PERFORMANCE AND RETURNS
Portfolio inception date: 10/15/2002
| Class I | ||
| Class inception date | 10/15/2002 | |
| 6-month return | 5.87% | |
| Average annual return | ||
| 1-year | 8.41% | |
| Since portfolio inception | 13.83% |
Past performance is no guarantee of future results. The performance quoted represents past performance and current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Performance includes the reinvestment of income dividends and capital gain distributions.
LONG-TERM GROWTH
Comparison of a $100,000,000 investment in the Evergreen Market Index Fund Class I shares, versus a similar investment in the 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.
The fund is only offered to certain pension plans having at least $100 million. Class I shares are sold without a front-end or deferred sales charge. The minimum initial investment for the fund is $100 million, which may be waived in certain situations. There is no minimum amount required for subsequent purchases.
The fund's investment objective is nonfundamental and may be changed without the vote of the fund's shareholders.
“Standard & Poor’s,” “S&P,” “S&P 500,” “Standard & Poor’s 500” and “500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Evergreen Investments. The product is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the product.
All data is as of November 30, 2005, and subject to change.
Market Index Growth Fund
FUND AT A GLANCE
as of November 30, 2005
MANAGEMENT TEAM
Investment Advisor:
Evergreen Investment Management Company, LLC
Portfolio Manager:
William E. Zieff
CURRENT INVESTMENT STYLE
Source: Morningstar, Inc.
Morningstar’s style box is based on a portfolio date as of 9/30/2005.
The Equity style box placement is based on 10 growth and valuation measures for each fund holding and the median size of the companies in which the fund invests.
The advisor is waiving its advisory fee and reimbursing the fund for other expenses. Had the fee not been waived and expenses not reimbursed, returns would have been lower.
PERFORMANCE AND RETURNS
Portfolio inception date: 10/15/2002
| Class I | ||
| Class inception date | 10/15/2002 | |
| 6-month return | 7.01% | |
| Average annual return | ||
| 1-year | 9.66% | |
| Since portfolio inception | 11.85% |
Past performance is no guarantee of future results. The performance quoted represents past performance and current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Performance includes the reinvestment of income dividends and capital gain distributions.
LONG-TERM GROWTH
Comparison of a $100,000,000 investment in the Evergreen Market Index Growth Fund Class I shares, versus a similar investment in the Russell 1000 Growth Index (Russell 1000 Growth) and the Consumer Price Index (CPI).
The Russell 1000 Growth is an unmanaged market index and does not include transaction costs associated with buying and selling securities, any mutual fund 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 is only offered to certain pension plans having at least $100 million. Class I shares are sold without a front-end or deferred sales charge. The minimum initial investment for the fund is $100 million, which may be waived in certain situations. There is no minimum amount required for subsequent purchases.
The fund's investment objective is nonfundamental and may be changed without the vote of the fund's shareholders.
“Russell 1000 Growth Index” is a trademark and service mark of Frank Russell Company (FRC) and has been licensed for use by Evergreen Investments. The product is not sponsored, endorsed, sold or promoted by FRC and FRC makes no representation regarding the advisability of investing in the product.
All data is as of November 30, 2005, and subject to change.
Market Index Value Fund
FUND AT A GLANCE
as of November 30, 2005
MANAGEMENT TEAM
Investment Advisor:
Evergreen Investment Management Company, LLC
Portfolio Manager:
William E. Zieff
CURRENT INVESTMENT STYLE
Source: Morningstar, Inc.
Morningstar’s style box is based on a portfolio date as of 9/30/2005.
The Equity style box placement is based on 10 growth and valuation measures for each fund holding and the median size of the companies in which the fund invests.
The advisor is waiving its advisory fee and reimbursing the fund for other expenses. Had the fee not been waived and expenses not reimbursed, returns would have been lower.
PERFORMANCE AND RETURNS
Portfolio inception date: 10/15/2002
| Class I | ||
| Class inception date | 10/15/2002 | |
| 6-month return | 5.66% | |
| Average annual return | ||
| 1-year | 10.00% | |
| Since portfolio inception | 17.02% |
Past performance is no guarantee of future results. The performance quoted represents past performance and current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Performance includes the reinvestment of income dividends and capital gain distributions.
LONG-TERM GROWTH
Comparison of a $100,000,000 investment in the Evergreen Market Index Value Fund Class I shares, versus a similar investment in the Russell 1000 Value Index (Russell 1000 Value) and the Consumer Price Index (CPI).
The Russell 1000 Value is an unmanaged market index and does not include transaction costs associated with buying and selling securities, any mutual fund 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 is only offered to certain pension plans having at least $100 million. Class I shares are sold without a front-end or deferred sales charge. The minimum initial investment for the fund is $100 million, which may be waived in certain situations. There is no minimum amount required for subsequent purchases.
The fund's investment objective is nonfundamental and may be changed without the vote of the fund's shareholders.
Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.
“Russell 1000 Value Index” is a trademark and service mark of Frank Russell Company (FRC) and has been licensed for use by Evergreen Investments. The product is not sponsored, endorsed, sold or promoted by FRC and FRC makes no representation regarding the advisability of investing in the product.
All data is as of November 30, 2005, and subject to change.
Market Index Fund
ABOUT YOUR FUND’S EXPENSES
The Example below is intended to describe the fees and expenses borne by shareholders and the impact of those costs on your investment.
Example
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2005 to November 30, 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 | Expenses | ||||
| Account | Account | Paid During | ||||
| Value | Value | Period* | ||||
| 6/1/2005 | 11/30/2005 | |||||
| Actual | ||||||
| Class I | $1,000.00 | $1,058.65 | $0.15 | |||
| Hypothetical | ||||||
| (5% return before expenses) | ||||||
| Class I | $1,000.00 | $1,024.92 | $0.15 |
*Expenses are equal to the Fund's annualized expense ratio (0.03% for Class I), multiplied by the average account value over the period, multiplied by 183 / 365 days.
Market Index Growth Fund
ABOUT YOUR FUND’S EXPENSES
The Example below is intended to describe the fees and expenses borne by shareholders and the impact of those costs on your investment.
Example
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2005 to November 30, 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 | Expenses | ||||
| Account | Account | Paid During | ||||
| Value | Value | Period* | ||||
| 6/1/2005 | 11/30/2005 | |||||
| Actual | ||||||
| Class I | $1,000.00 | $1,070.05 | $0.16 | |||
| Hypothetical | ||||||
| (5% return before expenses) | ||||||
| Class I | $1,000.00 | $1,024.92 | $0.15 |
*Expenses are equal to the Fund's annualized expense ratio (0.03% for Class I), multiplied by the average account value over the period, multiplied by 183 / 365 days.
Market Index Value Fund
ABOUT YOUR FUND’S EXPENSES
The Example below is intended to describe the fees and expenses borne by shareholders and the impact of those costs on your investment.
Example
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2005 to November 30, 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 | Expenses | ||||
| Account | Account | Paid During | ||||
| Value | Value | Period* | ||||
| 6/1/2005 | 11/30/2005 | |||||
| Actual | ||||||
| Class I | $1,000.00 | $1,056.64 | $0.15 | |||
| Hypothetical | ||||||
| (5% return before expenses) | ||||||
| Class I | $1,000.00 | $1,024.92 | $0.15 |
*Expenses are equal to the Fund's annualized expense ratio (0.03% for Class I), multiplied by the average account value over the period, multiplied by 183 / 365 days.
Market Index Fund
FINANCIAL HIGHLIGHTS - CLASS I
(For a share outstanding throughout each period)
| Six Months Ended | Year Ended May 31, | |||||||
| November 30, 2005 | ||||||||
| (unaudited) | 2005 | 2004 | 20031 | |||||
| Net asset value, beginning of period | $13.81 | $12.97 | $11.02 | $10.00 | ||||
| Income from investment operations | ||||||||
| Net investment income (loss) | 0.19 | 0.30 | 0.18 | 0.12 | ||||
| Net realized and unrealized gains or losses on | ||||||||
| investments | 0.62 | 0.76 | 1.83 | 0.94 | ||||
| Total from investment operations | 0.81 | 1.06 | 2.01 | 1.06 | ||||
| Distributions to shareholders from | ||||||||
| Net investment income | 0 | (0.20) | (0.06) | (0.04) | ||||
| Net realized gains | 0 | (0.02) | 0 | 0 | ||||
| Total distributions to shareholders | 0 | (0.22) | (0.06) | (0.04) | ||||
| Net asset value, end of period | $14.62 | $13.81 | $12.97 | $11.02 | ||||
| Total return | 5.87% | 8.24% | 18.25% | 10.63% | ||||
| Ratios and supplemental data | ||||||||
| Net assets, end of period (thousands) | $663,499 | $722,863 | $716,998 | $477,477 | ||||
| Ratios to average net assets | ||||||||
| Expenses including waivers/reimbursements but | ||||||||
| excluding expense reductions | 0.03%2 | 0.03% | 0.02% | 0.02%2 | ||||
| Expenses excluding waivers/reimbursements | ||||||||
| and expense reductions | 0.46%2 | 0.47% | 0.45% | 0.47%2 | ||||
| Net investment income (loss) | 1.93%2 | 2.08% | 1.70% | 1.84%2 | ||||
| Portfolio turnover rate | 3% | 6% | 2% | 3% | ||||
| 1 For the period from October 15, 2002 (commencement of operations), to May 31, 2003. | ||||||||
| 2 Annualized | ||||||||
See Combined Notes to Financial Statements
Market Index Growth Fund
FINANCIAL HIGHLIGHTS - CLASS I
(For a share outstanding throughout each period)
| Six Months Ended | Year Ended May 31, | |||||||||
| November 30, 2005 | ||||||||||
| (unaudited) | 2005 | 2004 | 20031 | |||||||
| Net asset value, beginning of period | $12.99 | $12.77 | $10.86 | $10.00 | ||||||
| Income from investment operations | ||||||||||
| Net investment income (loss) | 0.07 | 0.15 | 0.12 | 0.072 | ||||||
| Net realized and unrealized gains or losses on | ||||||||||
| investments | 0.84 | 0.27 | 1.83 | 0.81 | ||||||
| Total from investment operations | 0.91 | 0.42 | 1.95 | 0.88 | ||||||
| Distributions to shareholders from | ||||||||||
| Net investment income | 0 | (0.12) | (0.04) | (0.02) | ||||||
| Net realized gains | 0 | (0.08) | 0 | 0 | ||||||
| Total distributions to shareholders | 0 | (0.20) | (0.04) | (0.02) | ||||||
| Net asset value, end of period | $13.90 | $12.99 | $12.77 | $10.86 | ||||||
| Total return | 7.01% | 3.28% | 17.97% | 8.83% | ||||||
| Ratios and supplemental data | ||||||||||
| Net assets, end of period (thousands) | $914,694 | $854,566 | $678,560 | $529,545 | ||||||
| Ratios to average net assets | ||||||||||
| Expenses including waivers/reimbursements but | ||||||||||
| excluding expense reductions | 0.03%3 | 0.03% | 0.02% | 0.02%3 | ||||||
| Expenses excluding waivers/reimbursements | ||||||||||
| and expense reductions | 0.46%3 | 0.47% | 0.45% | 0.47%3 | ||||||
| Net investment income (loss) | 1.03%3 | 1.45% | 1.03% | 1.16%3 | ||||||
| Portfolio turnover rate | 20% | 15% | 9% | 2% | ||||||
| 1 For the period from October 15, 2002 (commencement of operations), to May 31, 2003. | ||||||||||
| 2 Net investment income (loss) per share is based on average shares outstanding during the period. | ||||||||||
| 3 Annualized | ||||||||||
See Combined Notes to Financial Statements
Market Index Value Fund
FINANCIAL HIGHLIGHTS - CLASS I
(For a share outstanding throughout each period)
| Six Months Ended | Year Ended May 31, | |||||||||||
| November 30, 2005 | ||||||||||||
| (unaudited) | 2005 | 2004 | 20031 | |||||||||
| Net asset value, beginning of period | $14.83 | $13.23 | $11.14 | $10.00 | ||||||||
| Income from investment operations | ||||||||||||
| Net investment income (loss) | 0.21 | 0.35 | 0.28 | 0.15 | ||||||||
| Net realized and unrealized gains or losses on | ||||||||||||
| investments | 0.63 | 1.69 | 1.91 | 1.03 | ||||||||
| Total from investment operations | 0.84 | 2.04 | 2.19 | 1.18 | ||||||||
| Distributions to shareholders from | ||||||||||||
| Net investment income | 0 | (0.28) | (0.10) | (0.04) | ||||||||
| Net realized gains | 0 | (0.16) | 0 | 0 | ||||||||
| Total distributions to shareholders | 0 | (0.44) | (0.10) | (0.04) | ||||||||
| Net asset value, end of period | $15.67 | $14.83 | $13.23 | $11.14 | ||||||||
| Total return | 5.66% | 15.51% | 19.73% | 11.85% | ||||||||
| Ratios and supplemental data | ||||||||||||
| Net assets, end of period (thousands) | $865,151 | $818,284 | $708,489 | $544,427 | ||||||||
| Ratios to average net assets | ||||||||||||
| Expenses including waivers/reimbursements but | ||||||||||||
| excluding expense reductions | 0.03%2 | 0.03% | 0.02% | 0.02%2 | ||||||||
| Expenses excluding waivers/reimbursements | ||||||||||||
| and expense reductions | 0.46%2 | 0.46% | 0.45% | 0.47%2 | ||||||||
| Net investment income (loss) | 2.79%2 | 2.54% | 2.41% | 2.67%2 | ||||||||
| Portfolio turnover rate | 20% | 16% | 10% | 5% | ||||||||
| 1 For the period from October 15, 2002 (commencement of operations), to May 31, 2003. | ||||||||||||
| 2 Annualized | ||||||||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS
Market Index Fund
November 30, 2005 (unaudited)
| Shares | Value | |||||
| COMMON STOCKS 99.1% | ||||||
| CONSUMER DISCRETIONARY 10.8% | ||||||
| Auto Components 0.2% | ||||||
| Cooper Tire & Rubber Co. | 3,565 | $ 52,441 | ||||
| Dana Corp. | 8,754 | 61,015 | ||||
| Goodyear Tire & Rubber Co. * | 10,250 | 175,583 | ||||
| Johnson Controls, Inc. | 11,208 | 778,396 | ||||
| Visteon Corp. | 7,491 | 50,639 | ||||
| 1,118,074 | ||||||
| Automobiles 0.4% | ||||||
| Ford Motor Co. | 107,871 | 876,991 | ||||
| General Motors Corp. | 32,919 | 720,926 | ||||
| Harley-Davidson, Inc. | 15,974 | 860,360 | ||||
| 2,458,277 | ||||||
| Distributors 0.1% | ||||||
| Genuine Parts Co. | 10,133 | 448,993 | ||||
| Diversified Consumer Services 0.1% | ||||||
| Apollo Group, Inc., Class A * | 8,513 | 606,126 | ||||
| H&R Block, Inc. | 18,899 | 461,891 | ||||
| 1,068,017 | ||||||
| Hotels, Restaurants & Leisure 1.5% | ||||||
| Carnival Corp. | 25,124 | 1,369,007 | ||||
| Darden Restaurants, Inc. | 7,820 | 279,800 | ||||
| Harrah's Entertainment, Inc. | 10,688 | 727,746 | ||||
| Hilton Hotels Corp. | 19,072 | 418,058 | ||||
| International Game Technology | 19,855 | 582,744 | ||||
| Marriott International, Inc., Class A | 9,966 | 643,903 | ||||
| McDonald's Corp. | 72,769 | 2,463,231 | ||||
| Starbucks Corp. * | 44,734 | 1,362,150 | ||||
| Starwood Hotels & Resorts Worldwide, Inc., Class B | 12,672 | 766,656 | ||||
| Wendy's International, Inc. | 6,725 | 341,495 | ||||
| Yum! Brands, Inc. | 16,615 | 810,646 | ||||
| 9,765,436 | ||||||
| Household Durables 0.7% | ||||||
| Black & Decker Corp. | 4,684 | 411,302 | ||||
| Centex Corp. | 7,471 | 536,791 | ||||
| D.R. Horton, Inc. | 15,846 | 561,582 | ||||
| Fortune Brands, Inc. | 8,498 | 662,504 | ||||
| KB Home | 4,515 | 315,012 | ||||
| Leggett & Platt, Inc. | 10,978 | 257,763 | ||||
| Lennar Corp., Class A | 7,792 | 449,443 | ||||
| Maytag Corp. | 4,649 | 82,659 | ||||
| Newell Rubbermaid, Inc. | 16,026 | 369,720 | ||||
| Pulte Homes, Inc. | 12,488 | 519,876 | ||||
| Snap-On, Inc. | 3,366 | 125,787 | ||||
| Stanley Works | 4,226 | 202,848 | ||||
| Whirlpool Corp. | 3,888 | 318,233 | ||||
| 4,813,520 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Fund
November 30, 2005 (unaudited)
| Internet & Catalog Retail 0.6% | ||||||
| Amazon.com, Inc. * | 17,854 | $ | 865,205 | |||
| eBay, Inc. * | 64,627 | 2,895,936 | ||||
| 3,761,141 | ||||||
| Leisure Equipment & Products 0.2% | ||||||
| Brunswick Corp. | 5,663 | 222,499 | ||||
| Eastman Kodak Co. | 16,719 | 400,755 | ||||
| Hasbro, Inc. | 10,420 | 212,776 | ||||
| Mattel, Inc. | 23,501 | 391,292 | ||||
| 1,227,322 | ||||||
| Media 3.3% | ||||||
| Clear Channel Communications, Inc. | 31,589 | 1,028,538 | ||||
| Comcast Corp., Class A * | 127,833 | 3,374,791 | ||||
| Dow Jones & Co., Inc. | 3,425 | 116,827 | ||||
| Gannett Co., Inc. | 14,205 | 875,312 | ||||
| Interpublic Group of Cos. * | 24,618 | 229,440 | ||||
| Knight Ridder, Inc. | 4,040 | 244,016 | ||||
| McGraw-Hill Companies, Inc. | 21,760 | 1,154,368 | ||||
| Meredith Corp. | 2,440 | 124,440 | ||||
| New York Times Co., Class A | 8,457 | 232,567 | ||||
| News Corp., Class A | 142,602 | 2,111,936 | ||||
| Omnicom Group, Inc. | 10,601 | 896,420 | ||||
| Time Warner, Inc. | 273,259 | 4,913,197 | ||||
| Tribune Co. | 15,435 | 493,457 | ||||
| Univision Communications, Inc., Class A * | 13,401 | 405,112 | ||||
| Viacom, Inc., Class B | 92,284 | 3,082,286 | ||||
| Walt Disney Co. | 117,015 | 2,917,184 | ||||
| 22,199,891 | ||||||
| Multi-line Retail 1.1% | ||||||
| Big Lots, Inc. * | 6,627 | 81,446 | ||||
| Dillard's, Inc., Class A | 3,747 | 78,575 | ||||
| Dollar General Corp. | 18,686 | 353,352 | ||||
| Family Dollar Stores, Inc. | 9,017 | 202,973 | ||||
| Federated Department Stores, Inc. | 15,435 | 994,477 | ||||
| J.C. Penney Co., Inc. | 14,577 | 764,855 | ||||
| Kohl's Corp. * | 20,064 | 922,944 | ||||
| Nordstrom, Inc. | 12,889 | 475,346 | ||||
| Sears Holdings Corp. * | 5,950 | 684,369 | ||||
| Target Corp. | 51,499 | 2,755,712 | ||||
| 7,314,049 | ||||||
| Specialty Retail 2.2% | ||||||
| AutoNation, Inc. * | 10,497 | 217,498 | ||||
| AutoZone, Inc. * | 3,237 | 288,287 | ||||
| Bed Bath & Beyond, Inc. * | 17,216 | 734,434 | ||||
| Best Buy Co., Inc. | 23,565 | 1,136,776 | ||||
| Circuit City Stores, Inc. | 9,576 | 200,426 | ||||
| Gap, Inc. | 33,733 | 586,279 | ||||
| Home Depot, Inc. | 124,594 | 5,205,537 | ||||
| Limited Brands, Inc. | 20,324 | 452,209 | ||||
| Lowe's Companies, Inc. | 45,386 | 3,062,647 | ||||
| Office Depot, Inc. * | 18,416 | 546,587 | ||||
| OfficeMax, Inc. | 4,117 | 120,134 | ||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Fund
November 30, 2005 (unaudited)
| RadioShack Corp. | 7,817 | $ | 178,306 | |||||
| Sherwin-Williams Co. | 6,627 | 290,528 | ||||||
| Staples, Inc. | 42,778 | 988,172 | ||||||
| Tiffany & Co. | 8,291 | 337,444 | ||||||
| TJX Companies, Inc. | 27,123 | 607,826 | ||||||
| 14,953,090 | ||||||||
| Textiles, Apparel & Luxury Goods 0.4% | ||||||||
| Coach, Inc. * | 22,127 | 761,832 | ||||||
| Jones Apparel Group, Inc. | 6,892 | 198,214 | ||||||
| Liz Claiborne, Inc. | 6,247 | 217,895 | ||||||
| NIKE, Inc., Class B | 11,119 | 948,451 | ||||||
| Reebok International, Ltd. | 3,060 | 176,195 | ||||||
| VF Corp. | 5,200 | 294,580 | ||||||
| 2,597,167 | ||||||||
| CONSUMER STAPLES 9.4% | ||||||||
| Beverages 2.2% | ||||||||
| Anheuser-Busch Companies, Inc. | 45,218 | 1,977,835 | ||||||
| Brown-Forman Corp., Class B | 4,830 | 332,594 | ||||||
| Coca-Cola Co. | 120,872 | 5,160,026 | ||||||
| Coca-Cola Enterprises, Inc. | 17,546 | 337,234 | ||||||
| Constellation Brands, Inc., Class A * | 11,408 | 269,457 | ||||||
| Molson Coors Brewing Co., Class B | 3,330 | 221,745 | ||||||
| Pepsi Bottling Group, Inc. | 8,082 | 238,419 | ||||||
| PepsiCo, Inc. | 97,205 | 5,754,536 | ||||||
| 14,291,846 | ||||||||
| Food & Staples Retailing 2.4% | ||||||||
| Albertsons, Inc. | 21,446 | 503,981 | ||||||
| Costco Wholesale Corp. | 27,895 | 1,394,192 | ||||||
| CVS Corp. | 47,321 | 1,278,613 | ||||||
| Kroger Co. * | 42,145 | 820,142 | ||||||
| Safeway, Inc. | 26,120 | 607,290 | ||||||
| SUPERVALU, Inc. | 7,911 | 258,848 | ||||||
| SYSCO Corp. | 36,851 | 1,191,024 | ||||||
| Wal-Mart Stores, Inc. | 145,393 | 7,060,284 | ||||||
| Walgreen Co. | 59,516 | 2,718,691 | ||||||
| 15,833,065 | ||||||||
| Food Products 1.0% | ||||||||
| Archer-Daniels-Midland Co. | 37,869 | 892,572 | ||||||
| Campbell Soup Co. | 10,767 | 325,271 | ||||||
| ConAgra Foods, Inc. | 30,148 | 648,182 | ||||||
| General Mills, Inc. | 21,307 | 1,012,722 | ||||||
| H.J. Heinz Co. | 19,842 | 688,914 | ||||||
| Kellogg Co. | 14,912 | 657,172 | ||||||
| McCormick & Co., Inc. | 7,794 | 243,329 | ||||||
| Sara Lee Corp. | 45,671 | 824,818 | ||||||
| The Hershey Co. | 10,686 | 579,395 | ||||||
| Tyson Foods, Inc., Class A | 14,632 | 246,257 | ||||||
| Wm. Wrigley Jr. Co. | 10,465 | 717,794 | ||||||
| 6,836,426 | ||||||||
| Household Products 2.3% | ||||||||
| Clorox Co. | 8,832 | 479,401 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Fund
November 30, 2005 (unaudited)
| Colgate-Palmolive Co. | 30,237 | $ | 1,648,521 | |||||
| Kimberly-Clark Corp. | 27,726 | 1,635,280 | ||||||
| Procter & Gamble Co. | 199,981 | 11,436,913 | ||||||
| 15,200,115 | ||||||||
| Personal Products 0.1% | ||||||||
| Alberto-Culver Co. | 4,389 | 190,833 | ||||||
| Avon Products, Inc. | 27,405 | 749,527 | ||||||
| 940,360 | ||||||||
| Tobacco 1.4% | ||||||||
| Altria Group, Inc. | 120,815 | 8,794,124 | ||||||
| Reynolds American, Inc. | 4,976 | 442,964 | ||||||
| UST, Inc. | 9,568 | 369,133 | ||||||
| 9,606,221 | ||||||||
| ENERGY 9.2% | ||||||||
| Energy Equipment & Services 1.7% | ||||||||
| Baker Hughes, Inc. | 19,832 | 1,137,365 | ||||||
| BJ Services Co. | 18,764 | 687,701 | ||||||
| Halliburton Co. | 29,590 | 1,883,404 | ||||||
| Nabors Industries, Ltd. * | 9,166 | 641,712 | ||||||
| National Oilwell Varco, Inc. * | 10,094 | 611,898 | ||||||
| Noble Corp. | 7,958 | 573,533 | ||||||
| Rowan Companies, Inc. | 6,340 | 227,479 | ||||||
| Schlumberger, Ltd. | 34,247 | 3,278,465 | ||||||
| Transocean, Inc. * | 19,139 | 1,221,834 | ||||||
| Weatherford International, Ltd. * | 9,591 | 666,670 | ||||||
| 10,930,061 | ||||||||
| Oil, Gas & Consumable Fuels 7.5% | ||||||||
| Amerada Hess Corp. | 4,650 | 569,718 | ||||||
| Anadarko Petroleum Corp. | 13,758 | 1,246,612 | ||||||
| Apache Corp. | 19,143 | 1,249,655 | ||||||
| Burlington Resources, Inc. | 22,182 | 1,602,650 | ||||||
| Chevron Corp. | 131,090 | 7,512,768 | ||||||
| ConocoPhillips | 81,030 | 4,903,125 | ||||||
| Devon Energy Corp. | 26,383 | 1,588,257 | ||||||
| El Paso Corp. | 38,381 | 421,807 | ||||||
| EOG Resources, Inc. | 13,977 | 1,002,850 | ||||||
| Exxon Mobil Corp. | 367,038 | 21,299,215 | ||||||
| Kerr-McGee Corp. | 6,716 | 580,598 | ||||||
| Kinder Morgan, Inc. | 5,562 | 503,917 | ||||||
| Marathon Oil Corp. | 21,307 | 1,263,292 | ||||||
| Murphy Oil Corp. | 9,555 | 472,590 | ||||||
| Occidental Petroleum Corp. | 23,273 | 1,845,549 | ||||||
| Sunoco, Inc. | 7,951 | 613,817 | ||||||
| Valero Energy Corp. | 17,790 | 1,711,398 | ||||||
| Williams Cos. | 33,308 | 716,122 | ||||||
| XTO Energy, Inc. | 21,031 | 855,752 | ||||||
| 49,959,692 | ||||||||
| FINANCIALS 21.0% | ||||||||
| Capital Markets 3.2% | ||||||||
| Ameriprise Financial, Inc. | 14,447 | 607,496 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Fund
November 30, 2005 (unaudited)
| Bank of New York Co. | 45,314 | $ | 1,468,174 | |||||
| Bear Stearns Cos. | 6,548 | 726,763 | ||||||
| Charles Schwab Corp. | 60,498 | 922,594 | ||||||
| E*TRADE Financial Corp. * | 23,675 | 462,136 | ||||||
| Federated Investors, Inc., Class B | 4,931 | 180,179 | ||||||
| Franklin Resources, Inc. | 8,642 | 802,669 | ||||||
| Goldman Sachs Group, Inc. | 27,068 | 3,490,689 | ||||||
| Janus Capital Group, Inc. | 12,975 | 248,731 | ||||||
| Lehman Brothers Holdings, Inc. | 15,842 | 1,996,092 | ||||||
| Mellon Financial Corp. | 24,342 | 818,865 | ||||||
| Merrill Lynch & Co., Inc. | 53,925 | 3,581,698 | ||||||
| Morgan Stanley | 63,226 | 3,542,553 | ||||||
| Northern Trust Corp. | 10,805 | 569,315 | ||||||
| State Street Corp. | 19,262 | 1,111,225 | ||||||
| T. Rowe Price Group, Inc. | 7,555 | 543,582 | ||||||
| 21,072,761 | ||||||||
| Commercial Banks 5.7% | ||||||||
| AmSouth Bancorp, Inc. | 20,400 | 542,436 | ||||||
| Bank of America Corp. | 233,894 | 10,733,396 | ||||||
| BB&T Corp. | 31,872 | 1,356,154 | ||||||
| Comerica, Inc. | 9,737 | 561,533 | ||||||
| Compass Bancshares, Inc. | 7,239 | 350,802 | ||||||
| Fifth Third Bancorp | 32,374 | 1,303,701 | ||||||
| First Horizon National Corp. | 7,283 | 283,454 | ||||||
| Huntington Bancshares, Inc. | 13,437 | 321,950 | ||||||
| KeyCorp | 23,827 | 790,103 | ||||||
| M&T Bank Corp. | 4,703 | 508,959 | ||||||
| Marshall & Ilsley Corp. | 12,061 | 518,382 | ||||||
| National City Corp. | 33,104 | 1,122,557 | ||||||
| North Fork Bancorp, Inc. | 27,849 | 751,923 | ||||||
| PNC Financial Services Group, Inc. | 16,926 | 1,079,371 | ||||||
| Regions Financial Corp. | 26,807 | 903,128 | ||||||
| SunTrust Banks, Inc. | 21,104 | 1,535,105 | ||||||
| Synovus Financial Corp. | 18,149 | 510,894 | ||||||
| U.S. Bancorp | 106,393 | 3,221,580 | ||||||
| Wachovia Corp. ° | 91,821 | 4,903,241 | ||||||
| Wells Fargo & Co. | 98,265 | 6,175,955 | ||||||
| Zions Bancorp | 5,244 | 396,604 | ||||||
| 37,871,228 | ||||||||
| Consumer Finance 1.3% | ||||||||
| American Express Co. | 72,236 | 3,714,375 | ||||||
| Capital One Financial Corp. | 16,806 | 1,395,907 | ||||||
| MBNA Corp. | 73,222 | 1,960,153 | ||||||
| SLM Corp. | 24,306 | 1,277,280 | ||||||
| 8,347,715 | ||||||||
| Diversified Financial Services 3.7% | ||||||||
| CIT Group, Inc. | 11,742 | 581,229 | ||||||
| Citigroup, Inc. | 300,964 | 14,611,802 | ||||||
| JPMorgan Chase & Co. | 204,492 | 7,821,819 | ||||||
| Moody's Corp. | 14,714 | 885,047 | ||||||
| Principal Financial Group, Inc. | 16,282 | 825,009 | ||||||
| 24,724,906 | ||||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Fund
November 30, 2005 (unaudited)
| Insurance 4.8% | ||||||
| ACE, Ltd. | 18,452 | $ | 1,024,086 | |||
| AFLAC, Inc. | 29,205 | 1,401,840 | ||||
| Allstate Corp. | 38,233 | 2,144,871 | ||||
| Ambac Financial Group, Inc. | 6,227 | 477,549 | ||||
| American International Group, Inc. | 151,066 | 10,142,571 | ||||
| AON Corp. | 18,542 | 675,114 | ||||
| Chubb Corp. | 11,546 | 1,118,115 | ||||
| Cincinnati Financial Corp. | 10,175 | 453,093 | ||||
| Hartford Financial Services Group, Inc. | 17,434 | 1,523,209 | ||||
| Jefferson-Pilot Corp. | 7,845 | 435,790 | ||||
| Lincoln National Corp. | 10,041 | 521,931 | ||||
| Loews Corp. | 7,891 | 762,113 | ||||
| Marsh & McLennan Cos. | 31,160 | 962,532 | ||||
| MBIA, Inc. | 7,803 | 482,069 | ||||
| MetLife, Inc. | 44,037 | 2,265,263 | ||||
| Progressive Corp. | 11,480 | 1,411,925 | ||||
| Prudential Financial, Inc. | 29,863 | 2,311,396 | ||||
| SAFECO Corp. | 7,281 | 409,556 | ||||
| St. Paul Travelers Companies, Inc. | 39,321 | 1,829,606 | ||||
| Torchmark Corp. | 6,073 | 328,671 | ||||
| UnumProvident Corp. | 17,341 | 381,502 | ||||
| XL Capital, Ltd., Class A | 8,173 | 542,524 | ||||
| 31,605,326 | ||||||
| Real Estate 0.7% | ||||||
| Apartment Investment & Management Co., Class A REIT | 5,560 | 215,339 | ||||
| Archstone-Smith Trust REIT | 12,327 | 515,392 | ||||
| Equity Office Properties Trust REIT | 23,900 | 745,202 | ||||
| Equity Residential REIT | 16,715 | 681,303 | ||||
| Plum Creek Timber Co., Inc. REIT | 10,709 | 417,223 | ||||
| Prologis REIT | 14,380 | 652,277 | ||||
| Public Storage, Inc. REIT | 4,811 | 339,656 | ||||
| Simon Property Group, Inc. REIT | 10,658 | 823,970 | ||||
| Vornado Realty Trust REIT | 6,863 | 585,757 | ||||
| 4,976,119 | ||||||
| Thrifts & Mortgage Finance 1.6% | ||||||
| Countrywide Financial Corp. | 34,613 | 1,204,879 | ||||
| Fannie Mae | 56,344 | 2,707,329 | ||||
| Freddie Mac | 40,225 | 2,512,051 | ||||
| Golden West Financial Corp. | 14,875 | 963,751 | ||||
| MGIC Investment Corp. | 5,416 | 352,582 | ||||
| Sovereign Bancorp, Inc. | 21,054 | 460,241 | ||||
| Washington Mutual, Inc. | 58,070 | 2,391,903 | ||||
| 10,592,736 | ||||||
| HEALTH CARE 12.7% | ||||||
| Biotechnology 1.6% | ||||||
| Amgen, Inc. * | 71,823 | 5,812,636 | ||||
| Applera Corp. - Applied Biosystems Group | 11,371 | 313,612 | ||||
| Biogen Idec, Inc. * | 19,695 | 843,143 | ||||
| Chiron Corp. * | 6,343 | 280,995 | ||||
| Genzyme Corp. * | 14,942 | 1,110,788 | ||||
| Gilead Sciences, Inc. * | 26,541 | 1,345,363 | ||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Fund
November 30, 2005 (unaudited)
| MedImmune, Inc. * | 14,340 | $ | 514,950 | |||||
| 10,221,487 | ||||||||
| Health Care Equipment & Supplies 2.1% | ||||||||
| Bausch & Lomb, Inc. | 3,130 | 254,344 | ||||||
| Baxter International, Inc. | 36,238 | 1,409,296 | ||||||
| Becton, Dickinson & Co. | 14,550 | 847,247 | ||||||
| Biomet, Inc. | 14,528 | 517,487 | ||||||
| Boston Scientific Corp. * | 34,377 | 910,303 | ||||||
| C.R. Bard, Inc. | 6,129 | 397,588 | ||||||
| Fisher Scientific International, Inc. * | 7,097 | 457,615 | ||||||
| Guidant Corp. | 19,212 | 1,184,996 | ||||||
| Hospira, Inc. * | 9,307 | 410,904 | ||||||
| Medtronic, Inc. | 70,499 | 3,917,629 | ||||||
| Millipore Corp. * | 3,001 | 191,644 | ||||||
| PerkinElmer, Inc. | 7,582 | 172,945 | ||||||
| St. Jude Medical, Inc. * | 21,224 | 1,013,870 | ||||||
| Stryker Corp. | 16,912 | 732,290 | ||||||
| Thermo Electron Corp. * | 9,408 | 290,237 | ||||||
| Waters Corp. * | 6,695 | 262,645 | ||||||
| Zimmer Holdings, Inc. * | 14,399 | 902,385 | ||||||
| 13,873,425 | ||||||||
| Health Care Providers & Services 3.0% | ||||||||
| Aetna, Inc. | 16,879 | 1,561,139 | ||||||
| AmerisourceBergen Corp. | 6,042 | 485,475 | ||||||
| Cardinal Health, Inc. | 24,847 | 1,588,966 | ||||||
| Caremark Rx, Inc. * | 26,195 | 1,346,161 | ||||||
| CIGNA Corp. | 7,484 | 842,100 | ||||||
| Coventry Health Care, Inc. * | 9,376 | 558,528 | ||||||
| Express Scripts, Inc. * | 8,652 | 730,748 | ||||||
| HCA, Inc. | 24,636 | 1,256,189 | ||||||
| Health Management Associates, Inc. | 14,390 | 337,014 | ||||||
| Humana, Inc. * | 9,455 | 433,323 | ||||||
| IMS Health, Inc. | 13,143 | 321,346 | ||||||
| Laboratory Corporation of America Holdings * | 7,866 | 408,167 | ||||||
| Manor Care, Inc. | 4,604 | 181,536 | ||||||
| McKesson Corp. | 17,950 | 902,885 | ||||||
| Medco Health Solutions, Inc. * | 17,719 | 950,624 | ||||||
| Patterson Companies, Inc. * | 8,029 | 280,533 | ||||||
| Quest Diagnostics, Inc. | 9,689 | 485,322 | ||||||
| Tenet Healthcare Corp. * | 27,276 | 213,298 | ||||||
| UnitedHealth Group, Inc. | 73,530 | 4,401,506 | ||||||
| WellPoint, Inc. * | 35,720 | 2,744,367 | ||||||
| 20,029,227 | ||||||||
| Pharmaceuticals 6.0% | ||||||||
| Abbott Laboratories | 90,487 | 3,412,265 | ||||||
| Allergan, Inc. | 7,613 | 761,300 | ||||||
| Bristol-Myers Squibb Co. | 113,856 | 2,458,151 | ||||||
| Eli Lilly & Co. | 66,002 | 3,333,101 | ||||||
| Forest Laboratories, Inc. * | 19,786 | 773,039 | ||||||
| Johnson & Johnson | 173,165 | 10,692,939 | ||||||
| King Pharmaceuticals, Inc. * | 14,072 | 221,353 | ||||||
| Merck & Co., Inc. | 127,811 | 3,757,643 | ||||||
| Mylan Laboratories, Inc. | 12,725 | 265,825 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Fund
November 30, 2005 (unaudited)
| Pfizer, Inc. | 429,056 | $ | 9,095,987 | |||||
| Schering-Plough Corp. | 85,944 | 1,660,438 | ||||||
| Watson Pharmaceuticals, Inc. * | 6,067 | 202,395 | ||||||
| Wyeth | 78,073 | 3,244,714 | ||||||
| 39,879,150 | ||||||||
| INDUSTRIALS 11.2% | ||||||||
| Aerospace & Defense 2.2% | ||||||||
| Boeing Co. | 47,769 | 3,257,368 | ||||||
| General Dynamics Corp. | 11,702 | 1,337,539 | ||||||
| Goodrich Corp. | 7,077 | 272,606 | ||||||
| Honeywell International, Inc. | 49,780 | 1,818,961 | ||||||
| L-3 Communications Holdings, Inc. | 6,908 | 514,646 | ||||||
| Lockheed Martin Corp. | 21,184 | 1,283,750 | ||||||
| Northrop Grumman Corp. | 20,787 | 1,192,550 | ||||||
| Raytheon Co. | 26,274 | 1,009,447 | ||||||
| Rockwell Collins, Inc. | 10,285 | 470,025 | ||||||
| United Technologies Corp. | 59,654 | 3,211,771 | ||||||
| 14,368,663 | ||||||||
| Air Freight & Logistics 1.0% | ||||||||
| FedEx Corp. | 17,628 | 1,720,846 | ||||||
| Ryder System, Inc. | 3,738 | 158,603 | ||||||
| United Parcel Service, Inc., Class B | 64,457 | 5,021,200 | ||||||
| 6,900,649 | ||||||||
| Airlines 0.1% | ||||||||
| Southwest Airlines Co. | 40,330 | 665,445 | ||||||
| Building Products 0.2% | ||||||||
| American Standard Companies, Inc. | 10,677 | 406,580 | ||||||
| Masco Corp. | 25,055 | 745,887 | ||||||
| 1,152,467 | ||||||||
| Commercial Services & Supplies 0.7% | ||||||||
| Allied Waste Industries, Inc. * | 12,701 | 106,815 | ||||||
| Avery Dennison Corp. | 6,430 | 378,020 | ||||||
| Cendant Corp. | 60,909 | 1,082,353 | ||||||
| Cintas Corp. | 8,035 | 359,325 | ||||||
| Equifax, Inc. | 7,582 | 290,391 | ||||||
| Monster Worldwide, Inc. * | 7,090 | 275,801 | ||||||
| Pitney Bowes, Inc. | 13,322 | 554,994 | ||||||
| R.R. Donnelley & Sons Co. | 12,498 | 427,432 | ||||||
| Robert Half International, Inc. | 9,856 | 377,091 | ||||||
| Waste Management, Inc. | 32,721 | 978,685 | ||||||
| 4,830,907 | ||||||||
| Construction & Engineering 0.1% | ||||||||
| Fluor Corp. | 5,049 | 374,131 | ||||||
| Electrical Equipment 0.5% | ||||||||
| American Power Conversion Corp. | 9,955 | 223,092 | ||||||
| Cooper Industries, Inc., Class A | 5,392 | 392,214 | ||||||
| Emerson Electric Co. | 24,047 | 1,818,194 | ||||||
| Rockwell Automation, Inc. | 10,571 | 596,521 | ||||||
| 3,030,021 | ||||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Fund
November 30, 2005 (unaudited)
| Industrial Conglomerates 4.4% | ||||||||
| 3M Co. | 44,537 | $ | 3,495,264 | |||||
| General Electric Co. | 617,100 | 22,042,812 | ||||||
| Textron, Inc. | 7,787 | 614,394 | ||||||
| Tyco International, Ltd. | 117,815 | 3,360,084 | ||||||
| 29,512,554 | ||||||||
| Machinery 1.4% | ||||||||
| Caterpillar, Inc. | 39,397 | 2,276,359 | ||||||
| Cummins, Inc. | 2,706 | 240,834 | ||||||
| Danaher Corp. | 13,833 | 767,731 | ||||||
| Deere & Co. | 14,040 | 973,674 | ||||||
| Dover Corp. | 11,788 | 476,825 | ||||||
| Eaton Corp. | 8,581 | 546,781 | ||||||
| Illinois Tool Works, Inc. | 12,153 | 1,072,745 | ||||||
| Ingersoll-Rand Co., Ltd., Class A | 19,636 | 778,175 | ||||||
| ITT Industries, Inc. | 5,397 | 586,978 | ||||||
| Navistar International Corp. * | 3,591 | 101,877 | ||||||
| Paccar, Inc. | 9,980 | 717,163 | ||||||
| Pall Corp. | 7,241 | 201,010 | ||||||
| Parker Hannifin Corp. | 6,967 | 476,612 | ||||||
| 9,216,764 | ||||||||
| Road & Rail 0.6% | ||||||||
| Burlington Northern Santa Fe Corp. | 21,739 | 1,438,687 | ||||||
| CSX Corp. | 12,630 | 614,323 | ||||||
| Norfolk Southern Corp. | 23,549 | 1,041,808 | ||||||
| Union Pacific Corp. | 15,355 | 1,175,272 | ||||||
| 4,270,090 | ||||||||
| Trading Companies & Distributors 0.0% | ||||||||
| W.W. Grainger, Inc. | 4,409 | 309,644 | ||||||
| INFORMATION TECHNOLOGY 15.4% | ||||||||
| Communications Equipment 2.8% | ||||||||
| ADC Telecommunications, Inc. * | 6,782 | 138,556 | ||||||
| Andrew Corp. * | 9,457 | 103,365 | ||||||
| Avaya, Inc. * | 24,689 | 294,293 | ||||||
| Ciena Corp. * | 33,645 | 100,598 | ||||||
| Cisco Systems, Inc. * | 372,018 | 6,525,196 | ||||||
| Comverse Technology, Inc. * | 11,718 | 307,129 | ||||||
| Corning, Inc. * | 85,693 | 1,735,283 | ||||||
| JDS Uniphase Corp. * | 95,942 | 246,571 | ||||||
| Lucent Technologies, Inc. * | 258,746 | 721,901 | ||||||
| Motorola, Inc. | 143,730 | 3,462,456 | ||||||
| QUALCOMM, Inc. | 94,911 | 4,315,603 | ||||||
| Scientific-Atlanta, Inc. | 8,918 | 377,410 | ||||||
| Tellabs, Inc. * | 26,050 | 267,273 | ||||||
| 18,595,634 | ||||||||
| Computers & Peripherals 3.8% | ||||||||
| Apple Computer, Inc. * | 48,306 | 3,276,113 | ||||||
| Dell, Inc. * | 139,561 | 4,209,160 | ||||||
| EMC Corp. * | 140,329 | 1,954,783 | ||||||
| Gateway, Inc. * | 15,341 | 46,637 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Fund
November 30, 2005 (unaudited)
| Hewlett-Packard Co. | 166,778 | $ | 4,948,303 | |||||
| International Business Machines Corp. | 92,895 | 8,258,366 | ||||||
| Lexmark International, Inc., Class A * | 6,911 | 329,102 | ||||||
| NCR Corp. * | 10,816 | 367,203 | ||||||
| Network Appliance, Inc. * | 21,418 | 623,692 | ||||||
| QLogic Corp. * | 4,684 | 154,853 | ||||||
| Sun Microsystems, Inc. * | 198,507 | 748,371 | ||||||
| 24,916,583 | ||||||||
| Electronic Equipment & Instruments 0.3% | ||||||||
| Agilent Technologies, Inc. * | 28,767 | 1,025,831 | ||||||
| Jabil Circuit, Inc. * | 10,011 | 331,564 | ||||||
| Molex, Inc. | 8,436 | 226,001 | ||||||
| Sanmina-SCI Corp. * | 30,598 | 126,676 | ||||||
| Solectron Corp. * | 56,597 | 203,183 | ||||||
| Symbol Technologies, Inc. | 14,148 | 161,712 | ||||||
| Tektronix, Inc. | 4,919 | 125,877 | ||||||
| 2,200,844 | ||||||||
| Internet Software & Services 0.4% | ||||||||
| Yahoo!, Inc. * | 72,997 | 2,936,669 | ||||||
| IT Services 1.1% | ||||||||
| Affiliated Computer Services, Inc., Class A * | 7,312 | 407,863 | ||||||
| Automatic Data Processing, Inc. | 33,775 | 1,587,425 | ||||||
| Computer Sciences Corp. * | 10,757 | 540,324 | ||||||
| Convergys Corp. * | 8,153 | 135,340 | ||||||
| Electronic Data Systems Corp. | 30,209 | 696,317 | ||||||
| First Data Corp. | 44,914 | 1,943,429 | ||||||
| Fiserv, Inc. * | 10,951 | 498,380 | ||||||
| Paychex, Inc. | 19,387 | 822,203 | ||||||
| Sabre Holdings Corp., Class A | 7,633 | 174,567 | ||||||
| Unisys Corp. * | 19,824 | 121,918 | ||||||
| 6,927,766 | ||||||||
| Office Electronics 0.1% | ||||||||
| Xerox Corp. * | 55,854 | 793,127 | ||||||
| Semiconductors & Semiconductor Equipment 3.3% | ||||||||
| Advanced Micro Devices, Inc. * | 23,189 | 607,088 | ||||||
| Altera Corp. * | 21,688 | 396,023 | ||||||
| Analog Devices, Inc. | 21,679 | 822,068 | ||||||
| Applied Materials, Inc. | 94,449 | 1,710,471 | ||||||
| Applied Micro Circuits Corp. * | 17,782 | 46,945 | ||||||
| Broadcom Corp., Class A * | 16,456 | 765,862 | ||||||
| Freescale Semiconductor, Inc., Class B * | 23,582 | 608,416 | ||||||
| Intel Corp. | 354,689 | 9,463,103 | ||||||
| KLA-Tencor Corp. | 11,502 | 588,787 | ||||||
| Linear Technology Corp. | 17,859 | 666,319 | ||||||
| LSI Logic Corp. * | 22,745 | 186,737 | ||||||
| Maxim Integrated Products, Inc. | 19,088 | 697,666 | ||||||
| Micron Technology, Inc. * | 35,867 | 511,463 | ||||||
| National Semiconductor Corp. | 19,982 | 517,134 | ||||||
| Novellus Systems, Inc. * | 8,068 | 199,038 | ||||||
| NVIDIA Corp. * | 9,820 | 355,189 | ||||||
| PMC-Sierra, Inc. * | 10,609 | 83,493 | ||||||
| Teradyne, Inc. * | 11,453 | 167,557 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Fund
November 30, 2005 (unaudited)
| Texas Instruments, Inc. | 94,482 | $ | 3,068,775 | |||||
| Xilinx, Inc. | 20,345 | 537,922 | ||||||
| 22,000,056 | ||||||||
| Software 3.6% | ||||||||
| Adobe Systems, Inc. | 28,617 | 933,200 | ||||||
| Autodesk, Inc. | 13,296 | 554,709 | ||||||
| BMC Software, Inc. * | 12,687 | 259,957 | ||||||
| Citrix Systems, Inc. * | 9,918 | 269,174 | ||||||
| Computer Associates International, Inc. | 26,971 | 768,943 | ||||||
| Compuware Corp. * | 22,590 | 208,506 | ||||||
| Electronic Arts, Inc. * | 17,669 | 995,825 | ||||||
| Intuit, Inc. * | 10,551 | 565,217 | ||||||
| Mercury Interactive Corp. * | 5,041 | 140,140 | ||||||
| Microsoft Corp. | 536,308 | 14,861,095 | ||||||
| Novell, Inc. * | 22,237 | 173,004 | ||||||
| Oracle Corp. * | 219,538 | 2,759,593 | ||||||
| Parametric Technology Corp. * | 15,852 | 92,734 | ||||||
| Siebel Systems, Inc. * | 30,406 | 319,263 | ||||||
| Symantec Corp. * | 62,956 | 1,112,432 | ||||||
| 24,013,792 | ||||||||
| MATERIALS 3.0% | ||||||||
| Chemicals 1.5% | ||||||||
| Air Products & Chemicals, Inc. | 12,905 | 763,589 | ||||||
| Ashland, Inc. | 4,319 | 240,784 | ||||||
| Dow Chemical Co. | 56,151 | 2,540,833 | ||||||
| E.I. DuPont de Nemours & Co. | 53,500 | 2,287,125 | ||||||
| Eastman Chemical Co. | 4,743 | 262,430 | ||||||
| Ecolab, Inc. | 10,719 | 356,621 | ||||||
| Engelhard Corp. | 6,993 | 206,293 | ||||||
| Hercules, Inc. * | 6,565 | 77,204 | ||||||
| International Flavors & Fragrances, Inc. | 4,753 | 154,663 | ||||||
| Monsanto Co. | 15,638 | 1,145,796 | ||||||
| PPG Industries, Inc. | 9,890 | 600,620 | ||||||
| Praxair, Inc. | 18,821 | 978,692 | ||||||
| Rohm & Haas Co. | 8,462 | 370,636 | ||||||
| Sigma-Aldrich Corp. | 3,929 | 259,471 | ||||||
| 10,244,757 | ||||||||
| Construction Materials 0.1% | ||||||||
| Vulcan Materials Co. | 5,955 | 397,199 | ||||||
| Containers & Packaging 0.2% | ||||||||
| Ball Corp. | 6,353 | 261,871 | ||||||
| Bemis Co., Inc. | 6,223 | 171,444 | ||||||
| Pactiv Corp. * | 8,718 | 176,452 | ||||||
| Sealed Air Corp. * | 4,824 | 249,449 | ||||||
| Temple-Inland, Inc. | 6,577 | 275,379 | ||||||
| 1,134,595 | ||||||||
| Metals & Mining 0.7% | ||||||||
| Alcoa, Inc. | 50,785 | 1,392,017 | ||||||
| Allegheny Technologies, Inc. | 4,897 | 161,503 | ||||||
| Freeport-McMoRan Copper & Gold, Inc., Class B | 10,324 | 537,984 | ||||||
| Newmont Mining Corp. | 25,975 | 1,197,967 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Fund
November 30, 2005 (unaudited)
| NuCor Corp. | 9,095 | $ | 610,092 | |||||
| Phelps Dodge Corp. | 5,644 | 765,721 | ||||||
| United States Steel Corp. | 6,651 | 316,588 | ||||||
| 4,981,872 | ||||||||
| Paper & Forest Products 0.5% | ||||||||
| Georgia-Pacific Corp. | 15,148 | 716,349 | ||||||
| International Paper Co. | 28,553 | 900,276 | ||||||
| Louisiana-Pacific Corp. | 6,453 | 174,037 | ||||||
| MeadWestvaco Corp. | 10,711 | 299,801 | ||||||
| Weyerhaeuser Co. | 14,260 | 945,581 | ||||||
| 3,036,044 | ||||||||
| TELECOMMUNICATION SERVICES 3.1% | ||||||||
| Diversified Telecommunication Services 2.4% | ||||||||
| Alltel Corp. | 22,225 | 1,485,297 | ||||||
| AT&T Inc. | 228,720 | 5,697,404 | ||||||
| BellSouth Corp. | 106,666 | 2,907,715 | ||||||
| CenturyTel, Inc. | 7,565 | 250,402 | ||||||
| Citizens Communications Co. | 19,977 | 260,700 | ||||||
| Qwest Communications International, Inc. * | 88,777 | 465,191 | ||||||
| Verizon Communications, Inc. | 160,969 | 5,147,789 | ||||||
| 16,214,498 | ||||||||
| Wireless Telecommunication Services 0.7% | ||||||||
| Sprint Nextel Corp. | 170,739 | 4,275,304 | ||||||
| UTILITIES 3.3% | ||||||||
| Electric Utilities 1.6% | ||||||||
| Allegheny Energy, Inc. * | 9,474 | 263,661 | ||||||
| American Electric Power Co., Inc. | 22,888 | 836,328 | ||||||
| Cinergy Corp. | 11,577 | 475,583 | ||||||
| Edison International | 18,966 | 855,746 | ||||||
| Entergy Corp. | 12,084 | 845,880 | ||||||
| Exelon Corp. | 39,035 | 2,031,381 | ||||||
| FirstEnergy Corp. | 19,201 | 901,679 | ||||||
| FPL Group, Inc. | 22,937 | 972,299 | ||||||
| Pinnacle West Capital Corp. | 5,749 | 238,526 | ||||||
| PPL Corp. | 22,092 | 649,505 | ||||||
| Progress Energy, Inc. | 14,625 | 654,908 | ||||||
| Southern Co. | 43,474 | 1,508,983 | ||||||
| 10,234,479 | ||||||||
| Gas Utilities 0.0% | ||||||||
| Nicor, Inc. | 2,570 | 103,057 | ||||||
| Peoples Energy Corp. | 2,220 | 79,765 | ||||||
| 182,822 | ||||||||
| Independent Power Producers & Energy Traders 0.6% | ||||||||
| AES Corp. * | 38,023 | 599,623 | ||||||
| Calpine Corp. * | 33,063 | 16,862 | ||||||
| Constellation Energy Group, Inc. | 10,361 | 549,029 | ||||||
| Duke Energy Corp. | 53,927 | 1,448,479 | ||||||
| Dynegy, Inc., Class A * | 16,675 | 79,873 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Fund
November 30, 2005 (unaudited)
| TXU Corp. | 13,974 | $ 1,434,152 | ||
| 4,128,018 | ||||
| Multi- Utilities 1.1% | ||||
| Ameren Corp. | 11,862 | 622,281 | ||
| CenterPoint Energy, Inc. | 18,020 | 238,224 | ||
| CMS Energy Corp. * | 12,764 | 178,441 | ||
| Consolidated Edison, Inc. | 14,224 | 647,761 | ||
| Dominion Resources, Inc. | 19,838 | 1,506,696 | ||
| DTE Energy Co. | 10,352 | 451,761 | ||
| KeySpan Corp. | 10,145 | 340,466 | ||
| NiSource, Inc. | 15,862 | 341,509 | ||
| PG&E Corp. | 21,716 | 798,715 | ||
| Public Service Enterprise Group, Inc. | 13,914 | 872,686 | ||
| Sempra Energy | 14,911 | 655,338 | ||
| TECO Energy, Inc. | 12,100 | 211,629 | ||
| Xcel Energy, Inc. | 23,445 | 433,967 | ||
| 7,299,474 | ||||
| Total Common Stocks (cost $477,161,464) | 657,661,711 | |||
| Principal | ||||
| SHORT-TERM INVESTMENTS 0.7% | Amount | Value | ||
| U.S. TREASURY OBLIGATIONS 0.1% | �� | |||
| U.S. Treasury Bills, 3.98%, 02/09/2006 ƒ + | $ 500,000 | 496,223 | ||
| Shares | Value | |||
| MUTUAL FUND SHARES 0.6% | ||||
| Evergreen Institutional Money Market Fund ø | 3,874,514 | 3,874,514 | ||
| Total Short-Term Investments (cost $4,370,737) | 4,370,737 | |||
| Total Investments (cost $481,532,201) 99.8% | 662,032,448 | |||
| Other Assets and Liabilities 0.2% | 1,466,928 | |||
| Net Assets 100.0% | $ 663,499,376 | |||
| * | Non-income producing security | |
| ° | Investment in non-controlled affiliate. The Fund owns shares of Wachovia Corporation with a cost basis of $3,113,610 | |
| at November 30, 2005. The Fund earned $99,703 of income from Wachovia Corporation during the six months ended | ||
| November 30, 2005, which is included in income from affiliates. | ||
| ƒ | All or a portion of this security was pledged to cover initial margin requirements for open futures contracts. | |
| + | Rate shown represents the yield to maturity at date of purchase. | |
| ø | Evergreen Investment Management Co mpany, LLC is the investment advisor to both the Fund and the money market | |
| fund. | ||
| Summary of Abbreviations | ||
| REIT | Real Estate Investment Trust | |
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Fund
November 30, 2005 (unaudited)
| The following table shows the percent of total long-term investments by sector as of November 30, 2005: | |||
| Financials | 21.2% | ||
| Information Technology | 15.6% | ||
| Health Care | 12.8% | ||
| Industrials | 11.3% | ||
| Consumer Discretionary | 10.9% | ||
| Consumer Staples | 9.5% | ||
| Energy | 9.3% | ||
| Utilities | 3.3% | ||
| Telecommunication Services | 3.1% | ||
| Materials | 3.0% | ||
| 100.0% | |||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS
Market Index Growth Fund
November 30, 2005 (unaudited)
| Shares | Value | |||||||
| COMMON STOCKS 99.4% | ||||||||
| CONSUMER DISCRETIONARY 14.6% | ||||||||
| Auto Components 0.1% | ||||||||
| Autoliv, Inc. | 2,131 | $ | 93,253 | |||||
| BorgWarner, Inc. | 2,417 | 145,020 | ||||||
| Gentex Corp. | 22,025 | 414,731 | ||||||
| Goodyear Tire & Rubber Co. * | 10,571 | 181,081 | ||||||
| Johnson Controls, Inc. | 5,099 | 354,125 | ||||||
| 1,188,210 | ||||||||
| Automobiles 0.3% | ||||||||
| Harley-Davidson, Inc. | 40,202 | 2,165,280 | ||||||
| Diversified Consumer Services 0.5% | ||||||||
| Apollo Group, Inc., Class A * | 20,265 | 1,442,868 | ||||||
| Career Education Corp. * | 14,507 | 541,111 | ||||||
| Education Management Corp. * | 10,495 | 354,206 | ||||||
| H&R Block, Inc. | 46,677 | 1,140,786 | ||||||
| ITT Educational Services, Inc. * | 6,520 | 400,132 | ||||||
| Laureate Education, Inc. * | 6,307 | 318,945 | ||||||
| ServiceMaster Co. | 25,117 | 299,144 | ||||||
| Weight Watchers International, Inc. * | 5,450 | 260,510 | ||||||
| 4,757,702 | ||||||||
| Hotels, Restaurants & Leisure 2.0% | ||||||||
| Applebee's International, Inc. | 11,457 | 262,594 | ||||||
| Boyd Gaming Corp. | 5,965 | 288,587 | ||||||
| Brinker International, Inc. | 12,529 | 497,151 | ||||||
| CBRL Group, Inc. | 3,208 | 118,664 | ||||||
| Cheesecake Factory, Inc. * | 11,027 | 404,029 | ||||||
| Choice Hotels International, Inc. | 4,308 | 156,079 | ||||||
| Darden Restaurants, Inc. | 22,125 | 791,633 | ||||||
| GTECH Holdings Corp. | 17,666 | 540,580 | ||||||
| Harrah's Entertainment, Inc. | 16,100 | 1,096,249 | ||||||
| Hilton Hotels Corp. | 53,929 | 1,182,124 | ||||||
| International Game Technology | 48,550 | 1,424,942 | ||||||
| International Speedway Corp., Class A | 553 | 30,177 | ||||||
| Las Vegas Sands Corp. * | 3,351 | 139,770 | ||||||
| Marriott International, Inc., Class A | 24,837 | 1,604,719 | ||||||
| MGM MIRAGE * | 17,057 | 650,042 | ||||||
| Outback Steakhouse, Inc. | 8,307 | 334,606 | ||||||
| Panera Bread Co., Class A * | 3,812 | 259,216 | ||||||
| Penn National Gaming, Inc. * | 9,566 | 317,304 | ||||||
| Scientific Games Corp., Class A * | 8,494 | 240,635 | ||||||
| Sonic Corp. * | 8,524 | 252,225 | ||||||
| Starbucks Corp. * | 110,098 | 3,352,484 | ||||||
| Starwood Hotels & Resorts Worldwide, Inc., Class B | 18,771 | 1,135,645 | ||||||
| Station Casinos, Inc. | 7,863 | 545,220 | ||||||
| Wendy's International, Inc. | 8,376 | 425,333 | ||||||
| Wynn Resorts, Ltd. * | 6,744 | 376,518 | ||||||
| Yum! Brands, Inc. | 40,920 | 1,996,487 | ||||||
| 18,423,013 | ||||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Growth Fund
November 30, 2005 (unaudited)
| Household Durables 1.0% | ||||||
| Beazer Homes USA, Inc. | 2,476 | $ | 173,246 | |||
| Black & Decker Corp. | 6,227 | 546,793 | ||||
| Centex Corp. | 9,455 | 679,342 | ||||
| D.R. Horton, Inc. | 27,964 | 991,044 | ||||
| Fortune Brands, Inc. | 20,541 | 1,601,376 | ||||
| Harman International Industries, Inc. | 9,512 | 927,420 | ||||
| Hovnanian Enterprises, Inc., Class A * | 4,738 | 236,142 | ||||
| KB Home | 9,496 | 662,536 | ||||
| Leggett & Platt, Inc. | 7,391 | 173,541 | ||||
| Lennar Corp., Class A | 10,904 | 628,943 | ||||
| M.D.C Holdings, Inc. | 2,829 | 192,740 | ||||
| Mohawk Industries, Inc. * | 1,707 | 150,182 | ||||
| Newell Rubbermaid, Inc. | 6,959 | 160,544 | ||||
| NVR, Inc. * | 761 | 522,997 | ||||
| Ryland Group, Inc. | 5,276 | 377,445 | ||||
| Standard Pacific Corp. | 1,216 | 45,831 | ||||
| Stanley Works | 7,612 | 365,376 | ||||
| Tempur-Pedic International, Inc. * | 6,072 | 68,917 | ||||
| Toll Brothers, Inc. * | 14,974 | 515,105 | ||||
| 9,019,520 | ||||||
| Internet & Catalog Retail 1.1% | ||||||
| Amazon.com, Inc. * | 43,115 | 2,089,353 | ||||
| eBay, Inc. * | 153,834 | 6,893,302 | ||||
| Expedia, Inc. * | 13,941 | 345,597 | ||||
| IAC/InterActiveCorp * | 13,941 | 384,911 | ||||
| 9,713,163 | ||||||
| Leisure Equipment & Products 0.1% | ||||||
| Brunswick Corp. | 10,225 | 401,740 | ||||
| Marvel Entertainment, Inc. * | 9,436 | 153,524 | ||||
| Mattel, Inc. | 6,511 | 108,408 | ||||
| Polaris Industries, Inc. | 6,014 | 297,332 | ||||
| SCP Pool Corp. | 7,415 | 288,666 | ||||
| 1,249,670 | ||||||
| Media 3.0% | ||||||
| Cablevision Systems Corp., Class A * | 28,226 | 667,827 | ||||
| CKX, Inc. * | 3,073 | 39,826 | ||||
| Clear Channel Communications, Inc. | 25,624 | 834,317 | ||||
| Comcast Corp., Class A * | 136,121 | 3,593,594 | ||||
| Dex Media, Inc. | 21,243 | 578,235 | ||||
| DIRECTV Group, Inc. * | 90,525 | 1,194,025 | ||||
| Discovery Holding Co., Class A * | 14,439 | 225,393 | ||||
| Dow Jones & Co., Inc. | 7,454 | 254,256 | ||||
| DreamWorks Animation SKG, Inc. * | 5,704 | 144,711 | ||||
| E.W. Scripps Co., Class A | 11,512 | 533,581 | ||||
| EchoStar Communications Corp., Class A * | 32,495 | 839,671 | ||||
| Getty Images, Inc. * | 6,876 | 627,710 | ||||
| Harte-Hanks, Inc. | 7,990 | 209,817 | ||||
| Interactive Data Corp. | 2,491 | 55,151 | ||||
| Interpublic Group of Cos. * | 52,019 | 484,817 | ||||
| John Wiley & Sons, Inc., Class A | 6,559 | 271,084 | ||||
| Lamar Advertising Co., Class A * | 9,869 | 457,428 | ||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Growth Fund
November 30, 2005 (unaudited)
| Liberty Global, Inc., Class A * | 28,369 | $ | 632,912 | |||
| Liberty Media Corp., Class A * | 144,387 | 1,108,892 | ||||
| McGraw-Hill Companies, Inc. | 52,903 | 2,806,504 | ||||
| Meredith Corp. | 6,027 | 307,377 | ||||
| News Corp., Class A | 132,308 | 1,959,482 | ||||
| Omnicom Group, Inc. | 25,898 | 2,189,935 | ||||
| Pixar, Inc. * | 7,574 | 419,903 | ||||
| R.H. Donnelley Corp. * | 3,734 | 235,167 | ||||
| Regal Entertainment Group, Class A | 6,193 | 125,284 | ||||
| Sirius Satellite Radio, Inc. * | 186,960 | 1,336,764 | ||||
| Time Warner, Inc. | 34,984 | 629,012 | ||||
| Univision Communications, Inc., Class A * | 15,640 | 472,797 | ||||
| Viacom, Inc., Class B | 36,190 | 1,208,746 | ||||
| Walt Disney Co. | 69,189 | 1,724,882 | ||||
| Washington Post Co., Class B | 678 | 499,686 | ||||
| Westwood One, Inc. | 1,919 | 34,811 | ||||
| XM Satellite Radio Holdings, Inc., Class A * | 29,912 | 875,225 | ||||
| 27,578,822 | ||||||
| Multi-line Retail 1.4% | ||||||
| Dollar General Corp. | 46,394 | 877,310 | ||||
| Dollar Tree Stores, Inc. * | 10,565 | 242,572 | ||||
| Family Dollar Stores, Inc. | 18,063 | 406,598 | ||||
| J.C. Penney Co., Inc. | 10,968 | 575,491 | ||||
| Kohl's Corp. * | 43,259 | 1,989,914 | ||||
| Nordstrom, Inc. | 31,024 | 1,144,165 | ||||
| Saks, Inc. * | 2,456 | 40,598 | ||||
| Sears Holdings Corp. * | 6,584 | 757,292 | ||||
| Target Corp. | 125,064 | 6,692,175 | ||||
| 12,726,115 | ||||||
| Specialty Retail 4.6% | ||||||
| Abercrombie & Fitch Co., Class A | 12,181 | 746,939 | ||||
| Advance Auto Parts, Inc. * | 15,146 | 641,282 | ||||
| American Eagle Outfitters, Inc. | 16,794 | 382,231 | ||||
| AnnTaylor Stores Corp. * | 4,844 | 146,919 | ||||
| AutoZone, Inc. * | 7,972 | 709,986 | ||||
| Barnes & Noble, Inc. | 1,944 | 78,421 | ||||
| bebe stores, inc. | 2,664 | 43,077 | ||||
| Bed Bath & Beyond, Inc. * | 41,536 | 1,771,926 | ||||
| Best Buy Co., Inc. | 57,147 | 2,756,771 | ||||
| CarMax, Inc. * | 14,740 | 404,171 | ||||
| Chico's FAS, Inc. * | 25,407 | 1,120,703 | ||||
| Circuit City Stores, Inc. | 11,300 | 236,509 | ||||
| Claire's Stores, Inc. | 11,477 | 327,439 | ||||
| Dick's Sporting Goods, Inc. * | 4,905 | 172,215 | ||||
| Foot Locker, Inc. | 11,527 | 251,519 | ||||
| Gap, Inc. | 84,085 | 1,461,397 | ||||
| Home Depot, Inc. | 304,863 | 12,737,176 | ||||
| Limited Brands, Inc. | 48,805 | 1,085,911 | ||||
| Lowe's Companies, Inc. | 109,369 | 7,380,220 | ||||
| Men's Wearhouse, Inc. * | 6,819 | 199,797 | ||||
| Michaels Stores, Inc. | 19,277 | 720,960 | ||||
| O'Reilly Automotive, Inc. * | 14,119 | 429,782 | ||||
| PETsMART, Inc. | 20,294 | 483,403 | ||||
| RadioShack Corp. | 19,009 | 433,595 | ||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Growth Fund
November 30, 2005 (unaudited)
| Rent-A-Center, Inc. * | 7,030 | $ | 137,436 | |||||
| Ross Stores, Inc. | 20,864 | 573,760 | ||||||
| Sherwin-Williams Co. | 16,382 | 718,187 | ||||||
| Staples, Inc. | 104,030 | 2,403,093 | ||||||
| Tiffany & Co. | 8,141 | 331,339 | ||||||
| TJX Companies, Inc. | 67,887 | 1,521,348 | ||||||
| Urban Outfitters, Inc. * | 15,184 | 468,578 | ||||||
| Williams-Sonoma, Inc. * | 16,301 | 707,300 | ||||||
| 41,583,390 | ||||||||
| Textiles, Apparel & Luxury Goods 0.5% | ||||||||
| Coach, Inc. * | 53,260 | 1,833,742 | ||||||
| Columbia Sportswear Co. * | 460 | 21,381 | ||||||
| NIKE, Inc., Class B | 26,509 | 2,261,218 | ||||||
| Polo Ralph Lauren Corp., Class A | 1,880 | 100,768 | ||||||
| Quiksilver, Inc. * | 16,664 | 204,634 | ||||||
| Reebok International, Ltd. | 1,723 | 99,210 | ||||||
| Timberland Co., Class A * | 7,424 | 245,660 | ||||||
| 4,766,613 | ||||||||
| CONSUMER STAPLES 11.9% | ||||||||
| Beverages 2.8% | ||||||||
| Anheuser-Busch Companies, Inc. | 67,760 | 2,963,822 | ||||||
| Brown-Forman Corp., Class B | 7,311 | 503,436 | ||||||
| Coca-Cola Co. | 183,247 | 7,822,814 | ||||||
| Constellation Brands, Inc., Class A * | 6,788 | 160,333 | ||||||
| Pepsi Bottling Group, Inc. | 4,862 | 143,429 | ||||||
| PepsiCo, Inc. | 236,492 | 14,000,326 | ||||||
| 25,594,160 | ||||||||
| Food & Staples Retailing 3.5% | ||||||||
| Costco Wholesale Corp. | 25,634 | 1,281,187 | ||||||
| CVS Corp. | 114,401 | 3,091,115 | ||||||
| SYSCO Corp. | 89,403 | 2,889,505 | ||||||
| Wal-Mart Stores, Inc. | 355,698 | 17,272,695 | ||||||
| Walgreen Co. | 144,389 | 6,595,689 | ||||||
| Whole Foods Market, Inc. | 9,227 | 1,358,953 | ||||||
| 32,489,144 | ||||||||
| Food Products 0.7% | ||||||||
| Campbell Soup Co. | 16,364 | 494,356 | ||||||
| General Mills, Inc. | 2,192 | 104,186 | ||||||
| H.J. Heinz Co. | 26,499 | 920,045 | ||||||
| Kellogg Co. | 23,950 | 1,055,477 | ||||||
| McCormick & Co., Inc. | 12,909 | 403,019 | ||||||
| Sara Lee Corp. | 41,695 | 753,012 | ||||||
| The Hershey Co. | 22,309 | 1,209,594 | ||||||
| Wm. Wrigley Jr. Co. | 24,731 | 1,696,299 | ||||||
| 6,635,988 | ||||||||
| Household Products 3.6% | ||||||||
| Church & Dwight Co., Inc. | 8,966 | 297,850 | ||||||
| Colgate-Palmolive Co. | 53,863 | 2,936,611 | ||||||
| Energizer Holdings, Inc. * | 8,288 | 436,860 | ||||||
| Kimberly-Clark Corp. | 30,472 | 1,797,239 | ||||||
| Procter & Gamble Co. | 475,642 | 27,201,966 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Growth Fund
November 30, 2005 (unaudited)
| Spectrum Brands, Inc. * | 3,751 | $ | 67,518 | |||||
| 32,738,044 | ||||||||
| Personal Products 0.3% | ||||||||
| Alberto-Culver Co. | 2,915 | 126,744 | ||||||
| Avon Products, Inc. | 66,661 | 1,823,179 | ||||||
| Estee Lauder Companies, Inc., Class A | 19,231 | 634,815 | ||||||
| 2,584,738 | ||||||||
| Tobacco 1.0% | ||||||||
| Altria Group, Inc. | 118,159 | 8,600,794 | ||||||
| UST, Inc. | 12,303 | 474,650 | ||||||
| 9,075,444 | ||||||||
| ENERGY 3.4% | ||||||||
| Energy Equipment & Services 1.7% | ||||||||
| Baker Hughes, Inc. | 47,847 | 2,744,026 | ||||||
| BJ Services Co. | 45,734 | 1,676,151 | ||||||
| Cooper Cameron Corp. * | 6,315 | 502,863 | ||||||
| Diamond Offshore Drilling, Inc. | 8,262 | 517,036 | ||||||
| Dresser-Rand Group, Inc. * | 3,234 | 71,698 | ||||||
| ENSCO International, Inc. | 15,322 | 725,650 | ||||||
| FMC Technologies, Inc. * | 9,769 | 401,408 | ||||||
| Grant Prideco, Inc. * | 17,579 | 674,858 | ||||||
| Halliburton Co. | 62,996 | 4,009,695 | ||||||
| Helmerich & Payne, Inc. | 4,749 | 275,537 | ||||||
| National Oilwell Varco, Inc. * | 14,142 | 857,288 | ||||||
| Patterson-UTI Energy, Inc. | 23,949 | 748,167 | ||||||
| Pride International, Inc. * | 11,943 | 355,782 | ||||||
| Rowan Companies, Inc. | 8,991 | 322,597 | ||||||
| Smith International, Inc. | 29,991 | 1,133,360 | ||||||
| Tidewater, Inc. | 3,125 | 141,250 | ||||||
| Unit Corp. * | 6,146 | 332,867 | ||||||
| 15,490,233 | ||||||||
| Oil, Gas & Consumable Fuels 1.7% | ||||||||
| Arch Coal, Inc. | 3,151 | 242,753 | ||||||
| Chesapeake Energy Corp. | 18,357 | 531,435 | ||||||
| Consol Energy, Inc. | 9,001 | 582,545 | ||||||
| Denbury Resources, Inc. * | 16,032 | 362,964 | ||||||
| EOG Resources, Inc. | 33,788 | 2,424,289 | ||||||
| Kinder Morgan, Inc. | 12,546 | 1,136,668 | ||||||
| Massey Energy Co. | 10,840 | 411,378 | ||||||
| Murphy Oil Corp. | 23,285 | 1,151,676 | ||||||
| Newfield Exploration Co. * | 12,978 | 600,362 | ||||||
| Noble Energy, Inc. | 3,099 | 115,810 | ||||||
| Peabody Energy Corp. | 18,467 | 1,456,308 | ||||||
| Pioneer Natural Resources Co. | 1,098 | 55,921 | ||||||
| Plains Exploration & Production Co. * | 10,931 | 463,474 | ||||||
| Quicksilver Resources, Inc. * | 7,944 | 300,760 | ||||||
| Range Resources Corp. | 12,198 | 454,253 | ||||||
| Southwestern Energy Co. * | 23,542 | 802,076 | ||||||
| Sunoco, Inc. | 15,263 | 1,178,304 | ||||||
| Tesoro Corp. | 5,411 | 297,984 | ||||||
| Western Gas Resources, Inc. | 7,450 | 355,216 | ||||||
| Williams Cos. | 47,886 | 1,029,549 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Growth Fund
November 30, 2005 (unaudited)
| XTO Energy, Inc. | 50,974 | $ | 2,074,132 | |||
| 16,027,857 | ||||||
| FINANCIALS 6.5% | ||||||
| Capital Markets 1.7% | ||||||
| Affiliated Managers Group, Inc. * | 4,733 | 373,150 | ||||
| Ameriprise Financial, Inc. | 30,897 | 1,299,219 | ||||
| AmeriTrade Holding Corp. * | 12,860 | 300,410 | ||||
| Blackrock, Inc., Class A | 2,794 | 301,305 | ||||
| Charles Schwab Corp. | 148,530 | 2,265,082 | ||||
| Eaton Vance Corp. | 18,809 | 516,871 | ||||
| Federated Investors, Inc., Class B | 10,882 | 397,628 | ||||
| Franklin Resources, Inc. | 22,814 | 2,118,964 | ||||
| Goldman Sachs Group, Inc. | 7,792 | 1,004,856 | ||||
| Investors Financial Services Corp. | 9,434 | 356,134 | ||||
| Legg Mason, Inc. | 14,959 | 1,834,721 | ||||
| Mellon Financial Corp. | 4,423 | 148,790 | ||||
| Morgan Stanley | 15,163 | 849,583 | ||||
| Northern Trust Corp. | 15,618 | 822,912 | ||||
| Nuveen Investments, Inc., Class A | 7,317 | 303,363 | ||||
| SEI Investments Co. | 8,964 | 366,179 | ||||
| State Street Corp. | 13,649 | 787,411 | ||||
| T. Rowe Price Group, Inc. | 18,389 | 1,323,089 | ||||
| 15,369,667 | ||||||
| Commercial Banks 0.5% | ||||||
| Bank of Hawaii Corp. | 865 | 44,643 | ||||
| Commerce Bancorp, Inc. | 20,236 | 681,751 | ||||
| Cullen/Frost Bankers, Inc. | 549 | 29,569 | ||||
| East West Bancorp, Inc. | 7,439 | 281,492 | ||||
| Fifth Third Bancorp | 4,686 | 188,705 | ||||
| Synovus Financial Corp. | 43,936 | 1,236,798 | ||||
| TCF Financial Corp. | 13,736 | 377,190 | ||||
| Wells Fargo & Co. | 24,068 | 1,512,674 | ||||
| Westcorp, Inc. | 1,362 | 91,581 | ||||
| 4,444,403 | ||||||
| Consumer Finance 1.4% | ||||||
| American Express Co. | 154,488 | 7,943,773 | ||||
| AmeriCredit Corp. * | 8,255 | 204,724 | ||||
| Capital One Financial Corp. | 11,935 | 991,321 | ||||
| First Marblehead Corp. | 3,679 | 124,350 | ||||
| Nelnet, Inc., Class A * | 2,450 | 93,223 | ||||
| SLM Corp. | 59,250 | 3,113,587 | ||||
| Student Loan Corp. | 565 | 119,277 | ||||
| 12,590,255 | ||||||
| Diversified Financial Services 0.4% | ||||||
| CapitalSource, Inc. * | 7,913 | 189,121 | ||||
| Chicago Mercantile Exchange Holdings, Inc. | 4,838 | 1,713,378 | ||||
| Instinet Group, Inc. | 4,645 | 23,550 | ||||
| Moody's Corp. | 35,570 | 2,139,535 | ||||
| 4,065,584 | ||||||
| Insurance 1.6% | ||||||
| AFLAC, Inc. | 56,399 | 2,707,152 | ||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Growth Fund
November 30, 2005 (unaudited)
| Allmerica Financial Corp. * | 528 | $ | 21,094 | |||
| Ambac Financial Group, Inc. | 3,380 | 259,212 | ||||
| American International Group, Inc. | 96,247 | 6,462,023 | ||||
| Arthur J. Gallagher & Co. | 10,820 | 329,469 | ||||
| Brown & Brown, Inc. | 15,450 | 450,831 | ||||
| Erie Indemnity Co., Class A | 1,193 | 63,229 | ||||
| HCC Insurance Holdings, Inc. | 7,216 | 220,449 | ||||
| Markel Corp. * | 609 | 193,205 | ||||
| MBIA, Inc. | 1,186 | 73,271 | ||||
| Philadelphia Consolidated Holding Corp. * | 2,023 | 196,049 | ||||
| Progressive Corp. | 25,605 | 3,149,159 | ||||
| Prudential Financial, Inc. | 4,974 | 384,988 | ||||
| TransAtlantic Holdings, Inc. | 264 | 18,467 | ||||
| Unitrin, Inc. | 3,297 | 156,278 | ||||
| W.R. Berkley Corp. | 2,837 | 132,261 | ||||
| 14,817,137 | ||||||
| Real Estate 0.6% | ||||||
| CB Richard Ellis Group, Inc., Class A * | 7,070 | 392,385 | ||||
| CenterPoint Properties Trust REIT | 688 | 31,435 | ||||
| Federal Realty Investment Trust REIT | 2,855 | 179,808 | ||||
| Forest City Enterprises, Inc. | 9,315 | 362,167 | ||||
| General Growth Properties, Inc. REIT | 12,479 | 569,292 | ||||
| Global Signal, Inc. REIT | 2,118 | 91,815 | ||||
| KKR Financial Corp., REIT | 642 | 15,248 | ||||
| Macerich Co. | 2,526 | 171,717 | ||||
| New Century Financial Corp. REIT | 3,462 | 125,221 | ||||
| Prologis REIT | 2,975 | 134,946 | ||||
| Public Storage, Inc. REIT | 9,165 | 647,049 | ||||
| Simon Property Group, Inc. REIT | 8,828 | 682,493 | ||||
| SL Green Realty Corp. REIT | 531 | 39,214 | ||||
| The Mills Corp. REIT | 7,922 | 339,854 | ||||
| The St. Joe Co. | 10,730 | 712,472 | ||||
| United Dominion Realty Trust, Inc. REIT | 8,103 | 181,426 | ||||
| Ventas, Inc. REIT | 14,540 | 458,446 | ||||
| 5,134,988 | ||||||
| Thrifts & Mortgage Finance 0.3% | ||||||
| Countrywide Financial Corp. | 6,806 | 236,917 | ||||
| Golden West Financial Corp. | 14,910 | 966,019 | ||||
| Hudson City Bancorp, Inc. | 84,403 | 1,005,240 | ||||
| IndyMac Bancorp, Inc. | 4,641 | 177,657 | ||||
| People's Bank | 8,347 | 259,759 | ||||
| 2,645,592 | ||||||
| HEALTH CARE 19.1% | ||||||
| Biotechnology 3.6% | ||||||
| Affymetrix, Inc. * | 8,912 | 438,827 | ||||
| Amgen, Inc. * | 174,765 | 14,143,731 | ||||
| Biogen Idec, Inc. * | 21,950 | 939,679 | ||||
| Celgene Corp. * | 23,562 | 1,435,397 | ||||
| Cephalon, Inc. * | 8,197 | 416,817 | ||||
| Charles River Laboratories International, Inc. * | 4,734 | 215,681 | ||||
| Chiron Corp. * | 14,304 | 633,667 | ||||
| Genentech, Inc. * | 65,498 | 6,262,919 | ||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Growth Fund
November 30, 2005 (unaudited)
| Genzyme Corp. * | 35,629 | $ | 2,648,660 | |||||
| Gilead Sciences, Inc. * | 63,808 | 3,234,428 | ||||||
| ImClone Systems, Inc. * | 9,768 | 316,581 | ||||||
| Invitrogen Corp. * | 3,420 | 227,943 | ||||||
| MedImmune, Inc. * | 34,991 | 1,256,527 | ||||||
| Millennium Pharmaceuticals, Inc. * | 21,808 | 229,202 | ||||||
| OSI Pharmaceuticals, Inc. * | 7,827 | 189,805 | ||||||
| Protein Design Labs, Inc. * | 15,929 | 443,623 | ||||||
| Techne Corp. | 5,430 | 300,062 | ||||||
| 33,333,549 | ||||||||
| Health Care Equipment & Supplies 4.2% | ||||||||
| Advanced Medical Optics, Inc. * | 9,180 | 389,324 | ||||||
| Bausch & Lomb, Inc. | 6,677 | 542,573 | ||||||
| Baxter International, Inc. | 87,663 | 3,409,214 | ||||||
| Beckman Coulter, Inc. | 8,733 | 486,341 | ||||||
| Becton, Dickinson & Co. | 35,662 | 2,076,598 | ||||||
| Biomet, Inc. | 35,570 | 1,267,003 | ||||||
| Boston Scientific Corp. * | 93,189 | 2,467,645 | ||||||
| C.R. Bard, Inc. | 14,845 | 962,995 | ||||||
| Cooper Cos. | 4,955 | 271,534 | ||||||
| Cytyc Corp. * | 16,096 | 442,801 | ||||||
| Dade Behring Holdings, Inc. | 12,504 | 511,289 | ||||||
| DENTSPLY International, Inc. | 11,351 | 631,456 | ||||||
| Edwards Lifesciences Corp. * | 8,408 | 336,236 | ||||||
| Fisher Scientific International, Inc. * | 8,923 | 575,355 | ||||||
| Gen-Probe, Inc. * | 7,138 | 329,562 | ||||||
| Guidant Corp. | 45,898 | 2,830,989 | ||||||
| Hillenbrand Industries, Inc. | 2,640 | 128,304 | ||||||
| Hospira, Inc. * | 10,783 | 476,069 | ||||||
| IDEXX Laboratories, Inc. * | 4,603 | 329,345 | ||||||
| Inamed Corp. * | 5,104 | 427,919 | ||||||
| Kinetic Concepts, Inc. * | 6,792 | 264,548 | ||||||
| Medtronic, Inc. | 170,817 | 9,492,301 | ||||||
| Millipore Corp. * | 7,054 | 450,468 | ||||||
| PerkinElmer, Inc. | 9,577 | 218,451 | ||||||
| ResMed, Inc. * | 9,860 | 402,288 | ||||||
| Respironics, Inc. * | 10,108 | 390,977 | ||||||
| St. Jude Medical, Inc. * | 51,167 | 2,444,248 | ||||||
| Stryker Corp. | 41,390 | 1,792,187 | ||||||
| Thermo Electron Corp. * | 8,309 | 256,333 | ||||||
| Varian Medical Systems, Inc. * | 18,661 | 948,352 | ||||||
| Waters Corp. * | 15,710 | 616,303 | ||||||
| Zimmer Holdings, Inc. * | 34,877 | 2,185,742 | ||||||
| 38,354,750 | ||||||||
| Health Care Providers & Services 4.8% | ||||||||
| Aetna, Inc. | 32,815 | 3,035,059 | ||||||
| AMERIGROUP Corp. * | 7,225 | 134,819 | ||||||
| Cardinal Health, Inc. | 39,253 | 2,510,229 | ||||||
| Caremark Rx, Inc. * | 57,338 | 2,946,600 | ||||||
| Cerner Corp. * | 4,222 | 407,001 | ||||||
| Community Health Systems, Inc. * | 10,202 | 408,998 | ||||||
| Covance, Inc. * | 8,900 | 423,106 | ||||||
| Coventry Health Care, Inc. * | 22,746 | 1,354,979 | ||||||
| DaVita, Inc. * | 14,137 | 742,051 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Growth Fund
November 30, 2005 (unaudited)
| Emdeon Corp. * | 38,510 | $ | 294,602 | |||
| Express Scripts, Inc. * | 17,558 | 1,482,949 | ||||
| HCA, Inc. | 62,305 | 3,176,932 | ||||
| Health Management Associates, Inc. | 31,302 | 733,093 | ||||
| Health Net, Inc., Class A * | 9,389 | 479,121 | ||||
| Henry Schein, Inc. * | 12,251 | 522,505 | ||||
| Humana, Inc. * | 17,211 | 788,780 | ||||
| IMS Health, Inc. | 32,001 | 782,424 | ||||
| Laboratory Corporation of America Holdings * | 19,011 | 986,481 | ||||
| LifePoint Hospitals, Inc. * | 7,741 | 294,545 | ||||
| Lincare Holdings, Inc. * | 12,980 | 557,231 | ||||
| Manor Care, Inc. | 11,122 | 438,540 | ||||
| McKesson Corp. | 16,734 | 841,720 | ||||
| Medco Health Solutions, Inc. * | 30,570 | 1,640,081 | ||||
| Omnicare, Inc. | 4,640 | 264,248 | ||||
| PacifiCare Health Systems, Inc., Class A * | 7,272 | 625,683 | ||||
| Patterson Companies, Inc. * | 19,406 | 678,046 | ||||
| Pharmaceutical Product Development, Inc. | 6,824 | 397,771 | ||||
| Quest Diagnostics, Inc. | 22,660 | 1,135,039 | ||||
| Renal Care Group, Inc. * | 9,603 | 450,861 | ||||
| Sierra Health Services, Inc. * | 2,906 | 227,307 | ||||
| Tenet Healthcare Corp. * | 9,661 | 75,549 | ||||
| Triad Hospitals, Inc. * | 4,476 | 190,946 | ||||
| UnitedHealth Group, Inc. | 178,815 | 10,703,866 | ||||
| Universal Health Services, Inc., Class B | 4,797 | 229,872 | ||||
| VCA Antech, Inc. * | 11,621 | 324,923 | ||||
| WellChoice, Inc. * | 3,845 | 297,795 | ||||
| WellPoint, Inc. * | 44,903 | 3,449,898 | ||||
| 44,033,650 | ||||||
| Pharmaceuticals 6.5% | ||||||
| Abbott Laboratories | 191,622 | 7,226,066 | ||||
| Allergan, Inc. | 18,420 | 1,842,000 | ||||
| American Pharmaceutical Partners, Inc. * | 2,893 | 109,992 | ||||
| Barr Pharmaceuticals, Inc. * | 14,583 | 836,335 | ||||
| Bristol-Myers Squibb Co. | 111,777 | 2,413,265 | ||||
| Eli Lilly & Co. | 129,295 | 6,529,397 | ||||
| Endo Pharmaceuticals Holdings, Inc. * | 7,211 | 215,753 | ||||
| Forest Laboratories, Inc. * | 49,624 | 1,938,810 | ||||
| IVAX Corp. * | 28,453 | 852,452 | ||||
| Johnson & Johnson | 419,944 | 25,931,542 | ||||
| Kos Pharmaceuticals, Inc. * | 1,895 | 126,169 | ||||
| Merck & Co., Inc. | 71,873 | 2,113,066 | ||||
| Mylan Laboratories, Inc. | 8,768 | 183,163 | ||||
| Schering-Plough Corp. | 208,321 | 4,024,762 | ||||
| Sepracor, Inc. * | 14,796 | 813,484 | ||||
| Valeant Pharmaceuticals International | 13,069 | 215,377 | ||||
| Wyeth | 94,137 | 3,912,334 | ||||
| 59,283,967 | ||||||
| INDUSTRIALS 14.0% | ||||||
| Aerospace & Defense 2.5% | ||||||
| Alliant Techsystems, Inc. * | 3,737 | 283,564 | ||||
| Boeing Co. | 116,699 | 7,957,705 | ||||
| Goodrich Corp. | 17,024 | 655,764 | ||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Growth Fund
November 30, 2005 (unaudited)
| L-3 Communications Holdings, Inc. | 9,771 | $ | 727,940 | |||
| Lockheed Martin Corp. | 52,169 | 3,161,441 | ||||
| Precision Castparts Corp. | 6,289 | 320,676 | ||||
| Raytheon Co. | 14,178 | 544,719 | ||||
| Rockwell Collins, Inc. | 25,161 | 1,149,858 | ||||
| United Technologies Corp. | 144,566 | 7,783,433 | ||||
| 22,585,100 | ||||||
| Air Freight & Logistics 1.4% | ||||||
| C.H. Robinson Worldwide, Inc. | 24,186 | 978,324 | ||||
| Expeditors International of Washington, Inc. | 15,061 | 1,069,481 | ||||
| FedEx Corp. | 42,661 | 4,164,567 | ||||
| Ryder System, Inc. | 3,316 | 140,698 | ||||
| United Parcel Service, Inc., Class B | 86,681 | 6,752,450 | ||||
| 13,105,520 | ||||||
| Airlines 0.2% | ||||||
| AMR Corp. * | 22,793 | 384,974 | ||||
| JetBlue Airways Corp. * | 13,234 | 244,035 | ||||
| Southwest Airlines Co. | 54,638 | 901,527 | ||||
| 1,530,536 | ||||||
| Building Products 0.3% | ||||||
| American Standard Companies, Inc. | 26,435 | 1,006,645 | ||||
| Masco Corp. | 48,755 | 1,451,436 | ||||
| 2,458,081 | ||||||
| Commercial Services & Supplies 1.0% | ||||||
| ACCO Brands Corp. * | 5,706 | 131,523 | ||||
| Allied Waste Industries, Inc. * | 9,404 | 79,088 | ||||
| ARAMARK Corp., Class B | 10,120 | 262,310 | ||||
| Avery Dennison Corp. | 10,639 | 625,467 | ||||
| Brink's Co. | 5,905 | 272,575 | ||||
| Cendant Corp. | 14,554 | 258,625 | ||||
| ChoicePoint, Inc. * | 12,740 | 550,750 | ||||
| Cintas Corp. | 19,832 | 886,887 | ||||
| Copart, Inc. * | 9,488 | 238,908 | ||||
| Corporate Executive Board Co. | 5,842 | 505,391 | ||||
| Dun & Bradstreet Corp. * | 9,618 | 625,170 | ||||
| Equifax, Inc. | 13,695 | 524,519 | ||||
| Herman Miller, Inc. | 9,936 | 303,942 | ||||
| HNI Corp. | 7,773 | 391,759 | ||||
| Manpower, Inc. | 3,397 | 157,791 | ||||
| Monster Worldwide, Inc. * | 14,580 | 567,162 | ||||
| Pitney Bowes, Inc. | 17,055 | 710,511 | ||||
| Robert Half International, Inc. | 24,217 | 926,542 | ||||
| Steelcase, Inc. | 4,096 | 60,580 | ||||
| Stericycle, Inc. * | 6,241 | 382,698 | ||||
| Waste Management, Inc. | 21,981 | 657,452 | ||||
| West Corp. * | 2,891 | 114,686 | ||||
| 9,234,336 | ||||||
| Construction & Engineering 0.1% | ||||||
| Fluor Corp. | 12,228 | 906,095 | ||||
| Jacobs Engineering Group, Inc. * | 6,489 | 421,590 | ||||
| 1,327,685 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Growth Fund
November 30, 2005 (unaudited)
| Electrical Equipment 0.7% | ||||||||
| American Power Conversion Corp. | 23,539 | $ | 527,509 | |||||
| Ametek, Inc. | 9,837 | 419,155 | ||||||
| Emerson Electric Co. | 49,315 | 3,728,707 | ||||||
| Hubbell, Inc., Class B | 548 | 26,583 | ||||||
| Rockwell Automation, Inc. | 25,981 | 1,466,108 | ||||||
| Roper Industries, Inc. | 10,336 | 407,238 | ||||||
| Thomas & Betts Corp. * | 3,813 | 152,673 | ||||||
| 6,727,973 | ||||||||
| Industrial Conglomerates 5.4% | ||||||||
| 3M Co. | 108,684 | 8,529,520 | ||||||
| Carlisle Cos. | 2,278 | 156,271 | ||||||
| General Electric Co. | 1,135,361 | 40,555,095 | ||||||
| Textron, Inc. | 3,923 | 309,525 | ||||||
| 49,550,411 | ||||||||
| Machinery 2.1% | ||||||||
| Caterpillar, Inc. | 96,513 | 5,576,521 | ||||||
| Cummins, Inc. | 3,687 | 328,143 | ||||||
| Danaher Corp. | 33,318 | 1,849,149 | ||||||
| Deere & Co. | 3,551 | 246,262 | ||||||
| Donaldson Co., Inc. | 10,494 | 350,919 | ||||||
| Dover Corp. | 19,277 | 779,755 | ||||||
| Eaton Corp. | 5,980 | 381,046 | ||||||
| Graco, Inc. | 9,771 | 355,469 | ||||||
| Harsco Corp. | 5,152 | 342,350 | ||||||
| IDEX Corp. | 5,758 | 254,158 | ||||||
| Illinois Tool Works, Inc. | 33,172 | 2,928,092 | ||||||
| ITT Industries, Inc. | 11,939 | 1,298,486 | ||||||
| Joy Global, Inc. | 11,335 | 599,508 | ||||||
| Navistar International Corp. * | 8,762 | 248,578 | ||||||
| Oshkosh Truck Corp. | 10,271 | 461,476 | ||||||
| Paccar, Inc. | 21,409 | 1,538,451 | ||||||
| Pall Corp. | 1,511 | 41,945 | ||||||
| Parker Hannifin Corp. | 7,367 | 503,977 | ||||||
| Pentair, Inc. | 12,086 | 461,685 | ||||||
| Timken Co. | 5,625 | 174,263 | ||||||
| Toro Co. | 6,106 | 245,400 | ||||||
| 18,965,633 | ||||||||
| Road & Rail 0.2% | ||||||||
| CNF, Inc. | 7,433 | 423,681 | ||||||
| J.B. Hunt Transport Services, Inc. | 16,580 | 371,226 | ||||||
| Landstar System, Inc. | 8,434 | 363,000 | ||||||
| Norfolk Southern Corp. | 8,393 | 371,306 | ||||||
| Swift Transportation Co., Inc. * | 2,783 | 54,491 | ||||||
| 1,583,704 | ||||||||
| Trading Companies & Distributors 0.1% | ||||||||
| Fastenal Co. | 17,638 | 700,228 | ||||||
| MSC Industrial Direct Co., Inc., Class A | 6,569 | 256,782 | ||||||
| W.W. Grainger, Inc. | 2,003 | 140,671 | ||||||
| 1,097,681 | ||||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Growth Fund
November 30, 2005 (unaudited)
| INFORMATION TECHNOLOGY 26.6% | ||||||||||
| Communications Equipment 4.6% | ||||||||||
| Andrew Corp. * | 5,827 | $ | 63,689 | |||||||
| Avaya, Inc. * | 47,834 | 570,181 | ||||||||
| Cisco Systems, Inc. * | 912,882 | 16,011,950 | ||||||||
| Comverse Technology, Inc. * | 25,194 | 660,335 | ||||||||
| Corning, Inc. * | 200,960 | 4,069,440 | ||||||||
| F5 Networks, Inc. * | 5,307 | 280,369 | ||||||||
| Harris Corp. | 15,808 | 704,721 | ||||||||
| JDS Uniphase Corp. * | 113,005 | 290,423 | ||||||||
| Juniper Networks, Inc. * | 55,952 | 1,258,360 | ||||||||
| Motorola, Inc. | 277,402 | 6,682,614 | ||||||||
| QUALCOMM, Inc. | 230,707 | 10,490,247 | ||||||||
| Scientific-Atlanta, Inc. | 18,336 | 775,980 | ||||||||
| 41,858,309 | ||||||||||
| Computers & Peripherals 5.1% | ||||||||||
| Apple Computer, Inc. * | 116,361 | 7,891,603 | ||||||||
| Avid Technology, Inc. * | 5,520 | 278,650 | ||||||||
| Dell, Inc. * | 347,277 | 10,473,874 | ||||||||
| Diebold, Inc. | 9,153 | 355,686 | ||||||||
| EMC Corp. * | 339,335 | 4,726,936 | ||||||||
| International Business Machines Corp. | 192,984 | 17,156,278 | ||||||||
| Lexmark International, Inc., Class A * | 17,474 | 832,112 | ||||||||
| NCR Corp. * | 6,542 | 222,101 | ||||||||
| Network Appliance, Inc. * | 51,709 | 1,505,766 | ||||||||
| QLogic Corp. * | 12,971 | 428,821 | ||||||||
| SanDisk Corp. * | 19,392 | 990,155 | ||||||||
| Sun Microsystems, Inc. * | 283,802 | 1,069,933 | ||||||||
| Western Digital Corp. * | 30,067 | 448,600 | ||||||||
| 46,380,515 | ||||||||||
| Electronic Equipment & Instruments 0.7% | ||||||||||
| Agilent Technologies, Inc. * | 58,614 | 2,090,175 | ||||||||
| Amphenol Corp., Class A | 12,457 | 520,329 | ||||||||
| Avnet, Inc. * | 6,252 | 140,670 | ||||||||
| AVX Corp. | 1,615 | 22,126 | ||||||||
| CDW Corp. | 8,775 | 514,654 | ||||||||
| Dolby Laboratories, Inc., Class A * | 3,879 | 66,137 | ||||||||
| FLIR Systems, Inc. * | 8,620 | 213,086 | ||||||||
| Ingram Micro, Inc., Class A * | 9,100 | 170,898 | ||||||||
| Jabil Circuit, Inc. * | 23,086 | 764,608 | ||||||||
| Mettler-Toledo International, Inc. * | 4,641 | 264,908 | ||||||||
| Molex, Inc. | 9,930 | 266,025 | ||||||||
| National Instruments Corp. | 7,778 | 200,750 | ||||||||
| Sanmina-SCI Corp. * | 37,260 | 154,256 | ||||||||
| Solectron Corp. * | 66,454 | 238,570 | ||||||||
| Symbol Technologies, Inc. | 29,143 | 333,105 | ||||||||
| Tech Data Corp. * | 2,532 | 99,533 | ||||||||
| Tektronix, Inc. | 2,873 | 73,520 | ||||||||
| Trimble Navigation, Ltd. * | 7,452 | 242,786 | ||||||||
| Vishay Intertechnology, Inc. * | 6,877 | 88,232 | ||||||||
| 6,464,368 | ||||||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Growth Fund
November 30, 2005 (unaudited)
| Internet Software & Services 1.9% | ||||||||
| Akamai Technologies, Inc. * | 17,426 | $ | 347,823 | |||||
| Google, Inc., Class A * | 23,281 | 9,428,572 | ||||||
| VeriSign, Inc. * | 37,355 | 830,402 | ||||||
| Yahoo!, Inc. * | 170,987 | 6,878,807 | ||||||
| 17,485,604 | ||||||||
| IT Services 1.9% | ||||||||
| Affiliated Computer Services, Inc., Class A * | 10,898 | 607,890 | ||||||
| Alliance Data Systems Corp. * | 11,774 | 454,123 | ||||||
| Automatic Data Processing, Inc. | 82,384 | 3,872,048 | ||||||
| BISYS Group, Inc. * | 7,285 | 97,619 | ||||||
| CACI International, Inc., Class A * | 4,228 | 234,062 | ||||||
| Ceridian Corp. * | 10,171 | 244,104 | ||||||
| Certegy, Inc. | 8,007 | 321,961 | ||||||
| CheckFree Corp. * | 9,903 | 463,956 | ||||||
| Cognizant Technology Solutions Corp., Class A * | 19,122 | 929,138 | ||||||
| DST Systems, Inc. * | 10,431 | 620,332 | ||||||
| Electronic Data Systems Corp. | 16,854 | 388,485 | ||||||
| First Data Corp. | 109,965 | 4,758,186 | ||||||
| Fiserv, Inc. * | 27,015 | 1,229,453 | ||||||
| Global Payments, Inc. | 9,262 | 405,490 | ||||||
| Hewitt Associates, Inc. * | 3,062 | 78,602 | ||||||
| Iron Mountain, Inc. * | 15,464 | 637,890 | ||||||
| Paychex, Inc. | 46,874 | 1,987,926 | ||||||
| SRA International, Inc., Class A * | 4,131 | 126,532 | ||||||
| Total Systems Services, Inc. | 5,260 | 113,406 | ||||||
| 17,571,203 | ||||||||
| Office Electronics 0.1% | ||||||||
| Zebra Technologies Corp., Class A * | 10,166 | 458,792 | ||||||
| Semiconductors & Semiconductor Equipment 5.8% | ||||||||
| Advanced Micro Devices, Inc. * | 29,283 | 766,629 | ||||||
| Agere Systems, Inc. * | 25,521 | 336,367 | ||||||
| Altera Corp. * | 52,478 | 958,248 | ||||||
| Analog Devices, Inc. | 52,254 | 1,981,472 | ||||||
| Applied Materials, Inc. | 235,541 | 4,265,647 | ||||||
| Broadcom Corp., Class A * | 39,077 | 1,818,644 | ||||||
| Cree, Inc. * | 10,627 | 285,122 | ||||||
| Freescale Semiconductor, Inc., Class B * | 7,036 | 181,529 | ||||||
| Intel Corp. | 871,792 | 23,259,411 | ||||||
| International Rectifier Corp. * | 7,836 | 277,865 | ||||||
| Intersil Corp., Class A | 10,341 | 265,247 | ||||||
| KLA-Tencor Corp. | 27,804 | 1,423,287 | ||||||
| Lam Research Corp. * | 19,574 | 734,808 | ||||||
| Linear Technology Corp. | 43,214 | 1,612,314 | ||||||
| LSI Logic Corp. * | 20,264 | 166,367 | ||||||
| Maxim Integrated Products, Inc. | 46,318 | 1,692,923 | ||||||
| MEMC Electronic Materials, Inc. * | 19,522 | 436,902 | ||||||
| Microchip Technology, Inc. | 29,444 | 982,252 | ||||||
| Micron Technology, Inc. * | 41,281 | 588,667 | ||||||
| National Semiconductor Corp. | 49,299 | 1,275,858 | ||||||
| Novellus Systems, Inc. * | 8,947 | 220,722 | ||||||
| NVIDIA Corp. * | 23,998 | 868,008 | ||||||
| Teradyne, Inc. * | 19,218 | 281,159 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Growth Fund
November 30, 2005 (unaudited)
| Texas Instruments, Inc. | 234,742 | $ | 7,624,420 | |||
| Xilinx, Inc. | 49,219 | 1,301,350 | ||||
| 53,605,218 | ||||||
| Software 6.5% | ||||||
| Activision, Inc. * | 33,704 | 448,600 | ||||
| Adobe Systems, Inc. | 69,059 | 2,252,014 | ||||
| Autodesk, Inc. | 32,200 | 1,343,384 | ||||
| BEA Systems, Inc. * | 3,472 | 30,449 | ||||
| BMC Software, Inc. * | 13,641 | 279,504 | ||||
| Cadence Design Systems, Inc. * | 17,989 | 308,331 | ||||
| Citrix Systems, Inc. * | 23,905 | 648,782 | ||||
| Computer Associates International, Inc. | 47,460 | 1,353,085 | ||||
| Compuware Corp. * | 24,506 | 226,190 | ||||
| Electronic Arts, Inc. * | 43,489 | 2,451,040 | ||||
| Fair Isaac Corp. | 7,193 | 329,583 | ||||
| Hyperion Solutions Corp. * | 5,704 | 302,027 | ||||
| Intuit, Inc. * | 23,279 | 1,247,056 | ||||
| Macromedia, Inc. * | 10,648 | 477,669 | ||||
| McAfee, Inc. * | 22,983 | 639,157 | ||||
| Mercury Interactive Corp. * | 12,231 | 340,022 | ||||
| Microsoft Corp. | 1,307,664 | 36,235,369 | ||||
| NAVTEQ Corp. * | 12,663 | 531,846 | ||||
| Oracle Corp. * | 534,409 | 6,717,521 | ||||
| Red Hat, Inc. * | 24,961 | 588,331 | ||||
| Reynolds & Reynolds Co., Class A | 932 | 25,388 | ||||
| Salesforce.com, Inc. * | 9,656 | 307,544 | ||||
| Siebel Systems, Inc. | 8,683 | 91,172 | ||||
| Symantec Corp. * | 112,273 | 1,983,864 | ||||
| Synopsys, Inc. * | 3,402 | 66,407 | ||||
| Take-Two Interactive Software, Inc. * | 8,531 | 155,691 | ||||
| 59,380,026 | ||||||
| MATERIALS 2.0% | ||||||
| Chemicals 1.4% | ||||||
| Air Products & Chemicals, Inc. | 3,335 | 197,332 | ||||
| Airgas, Inc. | 485 | 15,084 | ||||
| Cabot Corp. | 622 | 21,801 | ||||
| Chemtura Corp. | 12,022 | 144,865 | ||||
| Dow Chemical Co. | 128,152 | 5,798,878 | ||||
| E.I. DuPont de Nemours & Co. | 23,491 | 1,004,240 | ||||
| Ecolab, Inc. | 25,860 | 860,362 | ||||
| International Flavors & Fragrances, Inc. | 13,302 | 432,847 | ||||
| Monsanto Co. | 29,731 | 2,178,390 | ||||
| Nalco Holding Co. * | 11,744 | 197,534 | ||||
| Praxair, Inc. | 39,974 | 2,078,648 | ||||
| Rohm & Haas Co. | 1,656 | 72,533 | ||||
| Scotts Miracle-Gro Co., Class A | 970 | 45,513 | ||||
| Sigma-Aldrich Corp. | 904 | 59,700 | ||||
| 13,107,727 | ||||||
| Construction Materials 0.2% | ||||||
| Florida Rock Industries, Inc. | 6,612 | 329,741 | ||||
| Martin Marietta Materials, Inc. | 5,470 | 410,852 | ||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Growth Fund
November 30, 2005 (unaudited)
| Vulcan Materials Co. | 9,562 | $ | 637,785 | |||||
| 1,378,378 | ||||||||
| Containers & Packaging 0.1% | ||||||||
| Ball Corp. | 2,194 | 90,437 | ||||||
| Crown Holdings, Inc. * | 23,461 | 434,967 | ||||||
| Pactiv Corp. * | 2,297 | 46,491 | ||||||
| Sealed Air Corp. * | 4,126 | 213,355 | ||||||
| 785,250 | ||||||||
| Metals & Mining 0.3% | ||||||||
| Allegheny Technologies, Inc. | 13,631 | 449,550 | ||||||
| Freeport-McMoRan Copper & Gold, Inc., Class B | 25,375 | 1,322,291 | ||||||
| Phelps Dodge Corp. | 7,320 | 993,105 | ||||||
| Southern Copper Corp. | 3,659 | 232,749 | ||||||
| 2,997,695 | ||||||||
| TELECOMMUNICATION SERVICES 0.7% | ||||||||
| Diversified Telecommunication Services 0.1% | ||||||||
| Alltel Corp. | 6,220 | 415,683 | ||||||
| PanAmSat Holding Corp. | 2,952 | 71,586 | ||||||
| 487,269 | ||||||||
| Wireless Telecommunication Services 0.6% | ||||||||
| Alamosa Holdings, Inc. * | 18,788 | 347,202 | ||||||
| American Tower Corp., Class A * | 52,787 | 1,440,557 | ||||||
| Crown Castle International Corp. * | 20,049 | 549,343 | ||||||
| Nextel Partners, Inc., Class A * | 21,538 | 570,757 | ||||||
| NII Holdings, Inc., Class B * | 17,558 | 762,895 | ||||||
| Sprint Nextel Corp. | 68,430 | 1,713,487 | ||||||
| Telephone & Data Systems, Inc. | 1,826 | 66,740 | ||||||
| U.S. Cellular Corp. * | 713 | 36,221 | ||||||
| 5,487,202 | ||||||||
| UTILITIES 0.6% | ||||||||
| Gas Utilities 0.1% | ||||||||
| Equitable Resources, Inc. | 15,502 | 579,620 | ||||||
| Questar Corp. | 2,863 | 213,465 | ||||||
| 793,085 | ||||||||
| Independent Power Producers & Energy Traders 0.5% | ||||||||
| AES Corp. * | 92,246 | 1,454,719 | ||||||
| TXU Corp. | 33,849 | 3,473,923 | ||||||
| 4,928,642 | ||||||||
| Water Utilities 0.0% | ||||||||
| Aqua America, Inc. | 1,420 | 52,526 | ||||||
| Total Common Stocks (cost $720,788,813) | 909,269,117 | |||||||
| EXCHANGE TRADED FUND 0.5% | ||||||||
| iShares Russell 1000 Growth Index Fund (cost $3,887,405) | 82,620 | 4,249,147 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Growth Fund
November 30, 2005 (unaudited)
| Principal | ||||
| SHORT-TERM INVESTMENTS 0.0% | Amount | Value | ||
| U.S. TREASURY OBLIGATIONS 0.0% | ||||
| U.S. Treasury Bills: | ||||
| 3.61%, 01/12/2006 ƒ + | $ 30,000 | $ 29,874 | ||
| 3.75%, 01/19/2006 ƒ + | 10,000 | 9,949 | ||
| 3.84%, 02/23/2006 ƒ + | 25,000 | 24,776 | ||
| 64,599 | ||||
| Shares | Value | |||
| MUTUAL FUND SHARES 0.0% | ||||
| Evergreen Institutional Money Market Fund ø | 47,319 | 47,319 | ||
| Total Short-Term Investments (cost $111,918) | 111,918 | |||
| Total Investments (cost $724,788,136) 99.9% | 913,630,182 | |||
| Other Assets and Liabilities 0.1% | 1,063,992 | |||
| Net Assets 100.0% | $ 914,694,174 | |||
| * | Non-income producing security | |
| ƒ | All or a portion 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. | ||
| Summary of Abbreviations | ||
| REIT | Real Estate Investment Trust | |
| The following table shows the percent of total long-term investments by sector as of November 30, 2005: | |||
| Information Technology | 26.6% | ||
| Health Care | 19.2% | ||
| Consumer Discretionary | 14.6% | ||
| Industrials | 14.0% | ||
| Consumer Staples | 11.9% | ||
| Financials | 6.5% | ||
| Energy | 3.4% | ||
| Materials | 2.0% | ||
| Telecommunication Services | 0.7% | ||
| Utilities | 0.6% | ||
| Other | 0.5% | ||
| 100.0% | |||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS
Market Index Value Fund
November 30, 2005 (unaudited)
| Shares | Value | |||||||
| COMMON STOCKS 98.8% | ||||||||
| CONSUMER DISCRETIONARY 8.9% | ||||||||
| Auto Components 0.3% | ||||||||
| Autoliv, Inc. | 10,501 | $ | 459,524 | |||||
| BorgWarner, Inc. | 5,415 | 324,900 | ||||||
| Dana Corp. | 20,663 | 144,021 | ||||||
| Goodyear Tire & Rubber Co. * | 10,974 | 187,985 | ||||||
| Johnson Controls, Inc. | 21,444 | 1,489,286 | ||||||
| Lear Corp. | 9,226 | 256,852 | ||||||
| TRW Automotive Holdings Corp. * | 5,908 | 148,881 | ||||||
| 3,011,449 | ||||||||
| Automobiles 0.4% | ||||||||
| Ford Motor Co. | 243,217 | 1,977,354 | ||||||
| General Motors Corp. | 63,534 | 1,391,395 | ||||||
| 3,368,749 | ||||||||
| Distributors 0.1% | ||||||||
| Genuine Parts Co. | 23,991 | 1,063,041 | ||||||
| Diversified Consumer Services 0.1% | ||||||||
| Laureate Education, Inc. * | 652 | 32,972 | ||||||
| Service Corporation International | 42,628 | 349,976 | ||||||
| ServiceMaster Co. | 15,571 | 185,450 | ||||||
| 568,398 | ||||||||
| Hotels, Restaurants & Leisure 0.9% | ||||||||
| CBRL Group, Inc. | 3,411 | 126,173 | ||||||
| Harrah's Entertainment, Inc. | 9,327 | 635,076 | ||||||
| International Speedway Corp., Class A | 4,274 | 233,232 | ||||||
| McDonald's Corp. | 174,305 | 5,900,224 | ||||||
| Outback Steakhouse, Inc. | 590 | 23,765 | ||||||
| Starwood Hotels & Resorts Worldwide, Inc., Class B | 11,442 | 692,241 | ||||||
| Wendy's International, Inc. | 7,650 | 388,467 | ||||||
| 7,999,178 | ||||||||
| Household Durables 0.8% | ||||||||
| American Greetings Corp., Class A | 8,848 | 231,818 | ||||||
| Beazer Homes USA, Inc. | 3,303 | 231,111 | ||||||
| Black & Decker Corp. | 4,941 | 433,869 | ||||||
| Centex Corp. | 8,197 | 588,954 | ||||||
| D.R. Horton, Inc. | 10,174 | 360,567 | ||||||
| KB Home | 1,894 | 132,144 | ||||||
| Leggett & Platt, Inc. | 18,881 | 443,326 | ||||||
| Lennar Corp., Class A | 7,816 | 450,827 | ||||||
| M.D.C Holdings, Inc. | 1,639 | 111,665 | ||||||
| Meritage Homes Corp. * | 3,097 | 205,858 | ||||||
| Mohawk Industries, Inc. * | 5,502 | 484,066 | ||||||
| Newell Rubbermaid, Inc. | 31,083 | 717,085 | ||||||
| Pulte Homes, Inc. | 29,511 | 1,228,543 | ||||||
| Ryland Group, Inc. | 1,341 | 95,935 | ||||||
| Snap-On, Inc. | 7,948 | 297,017 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| Standard Pacific Corp. | 8,141 | $ | 306,834 | |||
| Stanley Works | 3,974 | 190,752 | ||||
| Whirlpool Corp. | 8,390 | 686,721 | ||||
| 7,197,092 | ||||||
| Internet & Catalog Retail 0.1% | ||||||
| Expedia, Inc. * | 11,288 | 279,829 | ||||
| IAC/InterActiveCorp * | 11,288 | 311,662 | ||||
| 591,491 | ||||||
| Leisure Equipment & Products 0.3% | ||||||
| Brunswick Corp. | 3,390 | 133,193 | ||||
| Eastman Kodak Co. | 39,483 | 946,407 | ||||
| Hasbro, Inc. | 21,554 | 440,133 | ||||
| Mattel, Inc. | 50,268 | 836,962 | ||||
| 2,356,695 | ||||||
| Media 4.6% | ||||||
| Belo Corp. | 13,189 | 287,520 | ||||
| Clear Channel Communications, Inc. | 50,431 | 1,642,033 | ||||
| Comcast Corp., Class A * | 147,091 | 3,883,202 | ||||
| DIRECTV Group, Inc. * | 8,400 | 110,796 | ||||
| Discovery Holding Co., Class A * | 24,460 | 381,821 | ||||
| Gannett Co., Inc. | 34,157 | 2,104,754 | ||||
| Hearst-Argyle Television, Inc. | 4,059 | 97,578 | ||||
| Interactive Data Corp. | 2,639 | 58,427 | ||||
| Interpublic Group of Cos. * | 7,502 | 69,919 | ||||
| Knight Ridder, Inc. | 10,231 | 617,952 | ||||
| Lamar Advertising Co., Class A * | 1,940 | 89,919 | ||||
| Lee Enterprises, Inc. | 6,239 | 239,702 | ||||
| Liberty Global, Inc., Class A * | 37,070 | 827,032 | ||||
| Liberty Media Corp., Class A | 244,603 | 1,878,551 | ||||
| McClatchy Co., Class A | 2,802 | 172,631 | ||||
| New York Times Co., Class A | 19,895 | 547,113 | ||||
| News Corp., Class A | 191,653 | 2,838,381 | ||||
| NTL, Inc. * | 10,251 | 596,916 | ||||
| Time Warner, Inc. | 596,785 | 10,730,194 | ||||
| Tribune Co. | 32,744 | 1,046,826 | ||||
| Univision Communications, Inc., Class A * | 15,108 | 456,715 | ||||
| Viacom, Inc., Class B | 160,542 | 5,362,103 | ||||
| Walt Disney Co. | 213,350 | 5,318,816 | ||||
| Warner Music Group Corp. * | 4,491 | 81,063 | ||||
| Washington Post Co., Class B | 101 | 74,437 | ||||
| Westwood One, Inc. | 8,628 | 156,512 | ||||
| 39,670,913 | ||||||
| Multi-line Retail 0.6% | ||||||
| Dillard's, Inc., Class A | 9,260 | 194,182 | ||||
| Dollar Tree Stores, Inc. * | 4,709 | 108,119 | ||||
| Family Dollar Stores, Inc. | 5,343 | 120,271 | ||||
| Federated Department Stores, Inc. | 35,649 | 2,296,865 | ||||
| J.C. Penney Co., Inc. | 20,639 | 1,082,928 | ||||
| Saks, Inc. * | 14,691 | 242,842 | ||||
| Sears Holdings Corp. * | 7,201 | 828,259 | ||||
| 4,873,466 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| Specialty Retail 0.4% | ||||||||
| AnnTaylor Stores Corp. * | 5,319 | $ | 161,325 | |||||
| AutoNation, Inc. * | 24,456 | 506,728 | ||||||
| Barnes & Noble, Inc. | 5,171 | 208,598 | ||||||
| Borders Group, Inc. | 10,038 | 204,675 | ||||||
| Circuit City Stores, Inc. | 14,888 | 311,606 | ||||||
| Claire's Stores, Inc. | 985 | 28,102 | ||||||
| Foot Locker, Inc. | 10,278 | 224,266 | ||||||
| Office Depot, Inc. * | 43,435 | 1,289,151 | ||||||
| OfficeMax, Inc. | 9,723 | 283,717 | ||||||
| Rent-A-Center, Inc. * | 3,433 | 67,115 | ||||||
| Tiffany & Co. | 11,942 | 486,040 | ||||||
| 3,771,323 | ||||||||
| Textiles, Apparel & Luxury Goods | 0.3% | |||||||
| Columbia Sportswear Co. * | 1,609 | 74,786 | ||||||
| Jones Apparel Group, Inc. | 16,588 | 477,071 | ||||||
| Liz Claiborne, Inc. | 15,034 | 524,386 | ||||||
| Polo Ralph Lauren Corp., Class A | 5,766 | 309,058 | ||||||
| Reebok International, Ltd. | 4,980 | 286,748 | ||||||
| VF Corp. | 11,996 | 679,574 | ||||||
| 2,351,623 | ||||||||
| CONSUMER STAPLES 5.5% | ||||||||
| Beverages 1.0% | ||||||||
| Anheuser-Busch Companies, Inc. | 40,785 | 1,783,936 | ||||||
| Brown-Forman Corp., Class B | 586 | 40,352 | ||||||
| Coca-Cola Co. | 107,980 | 4,609,666 | ||||||
| Coca-Cola Enterprises, Inc. | 41,470 | 797,054 | ||||||
| Constellation Brands, Inc., Class A * | 19,726 | 465,928 | ||||||
| Molson Coors Brewing Co., Class B | 6,448 | 429,372 | ||||||
| Pepsi Bottling Group, Inc. | 14,434 | 425,803 | ||||||
| PepsiAmericas, Inc. | 9,359 | 213,947 | ||||||
| 8,766,058 | ||||||||
| Food & Staples Retailing 0.9% | ||||||||
| Albertsons, Inc. | 50,648 | 1,190,228 | ||||||
| BJ's Wholesale Club, Inc. * | 9,501 | 251,682 | ||||||
| Costco Wholesale Corp. | 40,727 | 2,035,535 | ||||||
| Kroger Co. * | 100,222 | 1,950,320 | ||||||
| Rite Aid Corp. * | 71,641 | 264,355 | ||||||
| Safeway, Inc. | 61,637 | 1,433,060 | ||||||
| SUPERVALU, Inc. | 18,715 | 612,355 | ||||||
| 7,737,535 | ||||||||
| Food Products 1.5% | ||||||||
| Archer-Daniels-Midland Co. | 90,281 | 2,127,923 | ||||||
| Campbell Soup Co. | 15,808 | 477,560 | ||||||
| ConAgra Foods, Inc. | 71,222 | 1,531,273 | ||||||
| Dean Foods Co. * | 20,696 | 790,380 | ||||||
| Del Monte Foods Co. * | 27,406 | 270,771 | ||||||
| General Mills, Inc. | 38,132 | 1,812,414 | ||||||
| H.J. Heinz Co. | 22,337 | 775,541 | ||||||
| Hormel Foods Corp. | 10,185 | 334,068 | ||||||
| J.M. Smucker Co. | 7,069 | 320,579 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| Kellogg Co. | 11,127 | $ | 490,367 | |||||
| Kraft Foods, Inc., Class A | 34,434 | 996,520 | ||||||
| McCormick & Co., Inc. | 6,025 | 188,101 | ||||||
| Pilgrim's Pride Corp. | 2,068 | 66,176 | ||||||
| Sara Lee Corp. | 67,669 | 1,222,102 | ||||||
| Smithfield Foods, Inc. * | 11,893 | 347,632 | ||||||
| The Hershey Co. | 1,761 | 95,481 | ||||||
| TreeHouse Foods, Inc. * | 4,139 | 81,621 | ||||||
| Tyson Foods, Inc., Class A | 33,261 | 559,783 | ||||||
| 12,488,292 | ||||||||
| Household Products 0.5% | ||||||||
| Clorox Co. | 21,199 | 1,150,682 | ||||||
| Colgate-Palmolive Co. | 19,498 | 1,063,031 | ||||||
| Energizer Holdings, Inc. * | 1,759 | 92,717 | ||||||
| Kimberly-Clark Corp. | 36,120 | 2,130,357 | ||||||
| Spectrum Brands, Inc. * | 1,427 | 25,686 | ||||||
| 4,462,473 | ||||||||
| Personal Products 0.0% | ||||||||
| Alberto-Culver Co. | 7,410 | 322,187 | ||||||
| Tobacco 1.6% | ||||||||
| Altria Group, Inc. | 169,741 | 12,355,447 | ||||||
| Carolina Group | 9,351 | 376,378 | ||||||
| Reynolds American, Inc. | 11,755 | 1,046,430 | ||||||
| UST, Inc. | 10,753 | 414,851 | ||||||
| 14,193,106 | ||||||||
| ENERGY 13.5% | ||||||||
| Energy Equipment & Services | 0.2% | |||||||
| Cooper Cameron Corp. * | 1,405 | 111,880 | ||||||
| Dresser-Rand Group, Inc. * | 564 | 12,504 | ||||||
| ENSCO International, Inc. | 5,947 | 281,650 | ||||||
| Helmerich & Payne, Inc. | 2,414 | 140,060 | ||||||
| National Oilwell Varco, Inc. * | 9,890 | 599,532 | ||||||
| Pride International, Inc. * | 10,108 | 301,117 | ||||||
| Rowan Companies, Inc. | 6,135 | 220,124 | ||||||
| Tidewater, Inc. | 5,295 | 239,334 | ||||||
| Unit Corp. * | 322 | 17,440 | ||||||
| 1,923,641 | ||||||||
| Oil, Gas & Consumable Fuels | 13.3% | |||||||
| Amerada Hess Corp. | 10,741 | 1,315,987 | ||||||
| Anadarko Petroleum Corp. | 32,415 | 2,937,123 | ||||||
| Apache Corp. | 45,133 | 2,946,282 | ||||||
| Arch Coal, Inc. | 5,649 | 435,199 | ||||||
| Burlington Resources, Inc. | 53,012 | 3,830,117 | ||||||
| Chesapeake Energy Corp. | 28,675 | 830,141 | ||||||
| Chevron Corp. | 311,648 | 17,860,547 | ||||||
| ConocoPhillips | 191,471 | 11,585,910 | ||||||
| Consol Energy, Inc. | 3,792 | 245,418 | ||||||
| Devon Energy Corp. | 65,149 | 3,921,970 | ||||||
| El Paso Corp. | 88,640 | 974,154 | ||||||
| Exxon Mobil Corp. | 875,423 | 50,800,797 | ||||||
| Forest Oil Corp. * | 7,264 | 325,500 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| Kerr-McGee Corp. | 15,829 | $ | 1,368,417 | |||
| Kinder Morgan, Inc. | 711 | 64,417 | ||||
| Marathon Oil Corp. | 49,954 | 2,961,773 | ||||
| Newfield Exploration Co. * | 4,745 | 219,504 | ||||
| Noble Energy, Inc. | 20,935 | 782,341 | ||||
| Occidental Petroleum Corp. | 54,768 | 4,343,102 | ||||
| Overseas Shipholding Group, Inc. | 4,079 | 207,866 | ||||
| Pioneer Natural Resources Co. | 18,732 | 954,021 | ||||
| Pogo Producing Co. | 8,388 | 411,012 | ||||
| Sunoco, Inc. | 4,071 | 314,281 | ||||
| Tesoro Corp. | 4,090 | 225,236 | ||||
| Valero Energy Corp. | 40,766 | 3,921,689 | ||||
| Vintage Petroleum, Inc. | 7,412 | 388,240 | ||||
| Western Gas Resources, Inc. | 554 | 26,415 | ||||
| Williams Cos. | 31,871 | 685,226 | ||||
| 114,882,685 | ||||||
| FINANCIALS 36.7% | ||||||
| Capital Markets 4.7% | ||||||
| A.G. Edwards, Inc. | 10,591 | 466,745 | ||||
| Allied Capital Corp. | 18,375 | 555,844 | ||||
| American Capital Strategies, Ltd. | 13,924 | 534,125 | ||||
| AmeriTrade Holding Corp. * | 20,519 | 479,324 | ||||
| Bank of New York Co. | 106,796 | 3,460,190 | ||||
| Bear Stearns Cos. | 15,632 | 1,734,996 | ||||
| E*TRADE Financial Corp. * | 50,675 | 989,176 | ||||
| Federated Investors, Inc., Class B | 909 | 33,215 | ||||
| Goldman Sachs Group, Inc. | 46,224 | 5,961,047 | ||||
| Janus Capital Group, Inc. | 31,199 | 598,085 | ||||
| Jefferies Group, Inc. | 7,051 | 310,314 | ||||
| Lehman Brothers Holdings, Inc. | 38,038 | 4,792,788 | ||||
| Mellon Financial Corp. | 53,893 | 1,812,960 | ||||
| Merrill Lynch & Co., Inc. | 129,624 | 8,609,626 | ||||
| Morgan Stanley | 135,903 | 7,614,645 | ||||
| Northern Trust Corp. | 11,852 | 624,482 | ||||
| Raymond James Financial, Inc. | 8,686 | 314,781 | ||||
| State Street Corp. | 32,226 | 1,859,118 | ||||
| 40,751,461 | ||||||
| Commercial Banks 10.9% | ||||||
| AmSouth Bancorp, Inc. | 48,540 | 1,290,679 | ||||
| Associated Banc-Corp. | 18,794 | 616,067 | ||||
| Bank of America Corp. | 553,051 | 25,379,510 | ||||
| Bank of Hawaii Corp. | 6,357 | 328,085 | ||||
| BB&T Corp. | 75,135 | 3,196,994 | ||||
| BOK Financial Corp. | 3,126 | 148,704 | ||||
| City National Corp. | 5,686 | 415,249 | ||||
| Colonial Bancgroup, Inc. | 21,362 | 532,127 | ||||
| Comerica, Inc. | 23,214 | 1,338,751 | ||||
| Commerce Bancorp, Inc. | 2,586 | 87,122 | ||||
| Commerce Bancshares, Inc. | 8,664 | 448,339 | ||||
| Compass Bancshares, Inc. | 17,043 | 825,904 | ||||
| Cullen/Frost Bankers, Inc. | 6,596 | 355,261 | ||||
| Fifth Third Bancorp | 60,621 | 2,441,208 | ||||
| First Horizon National Corp. | 17,071 | 664,403 | ||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| FirstMerit Corp. | 11,499 | $ | 306,563 | |||||
| Fulton Financial Corp. | 21,839 | 379,562 | ||||||
| Huntington Bancshares, Inc. | 31,945 | 765,402 | ||||||
| International Bancshares Corp. | 6,312 | 189,360 | ||||||
| KeyCorp | 56,063 | 1,859,049 | ||||||
| M&T Bank Corp. | 10,505 | 1,136,851 | ||||||
| Marshall & Ilsley Corp. | 31,486 | 1,353,268 | ||||||
| Mercantile Bankshares Corp. | 10,932 | 649,470 | ||||||
| National City Corp. | 77,930 | 2,642,606 | ||||||
| North Fork Bancorp, Inc. | 65,680 | 1,773,360 | ||||||
| PNC Financial Services Group, Inc. | 38,990 | 2,486,392 | ||||||
| Popular, Inc. | 36,723 | 814,516 | ||||||
| Regions Financial Corp. | 63,797 | 2,149,321 | ||||||
| Sky Financial Group, Inc. | 13,182 | 391,242 | ||||||
| South Financial Group, Inc. | 9,888 | 293,377 | ||||||
| SunTrust Banks, Inc. | 49,710 | 3,615,905 | ||||||
| TCF Financial Corp. | 5,227 | 143,533 | ||||||
| TD Banknorth, Inc. | 10,604 | 314,727 | ||||||
| U.S. Bancorp | 252,042 | 7,631,832 | ||||||
| UnionBanCal Corp. | 7,781 | 538,445 | ||||||
| Valley National Bancorp | 14,920 | 367,480 | ||||||
| Wachovia Corp. ° | 216,792 | 11,576,693 | ||||||
| Wells Fargo & Co. | 208,608 | 13,111,013 | ||||||
| Westcorp, Inc. | 1,981 | 133,203 | ||||||
| Whitney Holding Corp. | 8,651 | 253,474 | ||||||
| Wilmington Trust Corp. | 9,287 | 376,031 | ||||||
| Zions Bancorp | 12,334 | 932,821 | ||||||
| 94,253,899 | ||||||||
| Consumer Finance 0.9% | ||||||||
| AmeriCredit Corp. * | 11,146 | 276,421 | ||||||
| Capital One Financial Corp. | 29,468 | 2,447,644 | ||||||
| MBNA Corp. | 174,330 | 4,666,814 | ||||||
| WFS Financial, Inc. * | 903 | 70,091 | ||||||
| 7,460,970 | ||||||||
| Diversified Financial Services | 6.6% | |||||||
| CapitalSource, Inc. * | 2,665 | 63,693 | ||||||
| CIT Group, Inc. | 28,946 | 1,432,827 | ||||||
| Citigroup, Inc. | 715,409 | 34,733,107 | ||||||
| Instinet Group, Inc. | 13,284 | 67,350 | ||||||
| JPMorgan Chase & Co. | 483,896 | 18,509,022 | ||||||
| Leucadia National Corp. | 11,160 | 528,761 | ||||||
| Principal Financial Group, Inc. | 40,400 | 2,047,068 | ||||||
| 57,381,828 | ||||||||
| Insurance 7.2% | ||||||||
| AFLAC, Inc. | 14,075 | 675,600 | ||||||
| Alleghany Corp. * | 673 | 197,990 | ||||||
| Allmerica Financial Corp. | 6,833 | 272,978 | ||||||
| Allstate Corp. | 91,898 | 5,155,478 | ||||||
| Ambac Financial Group, Inc. | 11,601 | 889,681 | ||||||
| American Financial Group, Inc. | 6,474 | 240,509 | ||||||
| American International Group, Inc. | 221,839 | 14,894,271 | ||||||
| American National Insurance Co. | 1,096 | 128,385 | ||||||
| AmerUs Group Co. | 5,387 | 316,379 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| AON Corp. | 43,706 | $ | 1,591,336 | |||
| Arthur J. Gallagher & Co. | 2,281 | 69,456 | ||||
| Assurant, Inc. | 16,087 | 709,758 | ||||
| Chubb Corp. | 26,864 | 2,601,510 | ||||
| Cincinnati Financial Corp. | 24,126 | 1,074,331 | ||||
| CNA Financial Corp. * | 3,168 | 107,870 | ||||
| Commerce Group, Inc. | 3,612 | 209,713 | ||||
| Conseco, Inc. * | 20,774 | 465,753 | ||||
| Erie Indemnity Co., Class A | 4,736 | 251,008 | ||||
| Fidelity National Financial, Inc. | 22,238 | 841,041 | ||||
| Fidelity National Title Group, Inc., Class A * | 3,891 | 88,715 | ||||
| First American Corp. | 11,324 | 532,794 | ||||
| Genworth Financial, Inc., Class A | 31,235 | 1,076,046 | ||||
| Hartford Financial Services Group, Inc. | 40,792 | 3,563,997 | ||||
| HCC Insurance Holdings, Inc. | 7,372 | 225,215 | ||||
| Jefferson-Pilot Corp. | 18,694 | 1,038,452 | ||||
| Lincoln National Corp. | 23,888 | 1,241,698 | ||||
| Loews Corp. | 20,475 | 1,977,476 | ||||
| Markel Corp. * | 761 | 241,427 | ||||
| Marsh & McLennan Cos. | 73,283 | 2,263,712 | ||||
| MBIA, Inc. | 17,467 | 1,079,111 | ||||
| Mercury General Corp. | 3,608 | 213,954 | ||||
| MetLife, Inc. | 57,281 | 2,946,535 | ||||
| Nationwide Financial Services, Inc., Class A | 7,847 | 330,751 | ||||
| Old Republic International Corp. | 25,125 | 668,576 | ||||
| Philadelphia Consolidated Holding Corp. * | 395 | 38,279 | ||||
| Progressive Corp. | 2,406 | 295,914 | ||||
| Protective Life Corp. | 9,574 | 422,979 | ||||
| Prudential Financial, Inc. | 66,382 | 5,137,967 | ||||
| Reinsurance Group of America, Inc. | 4,056 | 191,768 | ||||
| SAFECO Corp. | 17,531 | 986,119 | ||||
| St. Paul Travelers Companies, Inc. | 92,658 | 4,311,377 | ||||
| StanCorp Financial Group, Inc. | 3,849 | 396,601 | ||||
| Torchmark Corp. | 14,320 | 774,998 | ||||
| TransAtlantic Holdings, Inc. | 3,418 | 239,089 | ||||
| Unitrin, Inc. | 3,423 | 162,250 | ||||
| UnumProvident Corp. | 40,954 | 900,988 | ||||
| W.R. Berkley Corp. | 12,092 | 563,729 | ||||
| Wesco Financial Corp. | 195 | 70,005 | ||||
| 62,673,569 | ||||||
| Real Estate 3.2% | ||||||
| AMB Property Corp. REIT | 11,560 | 540,546 | ||||
| American Financial Realty Trust REIT | 17,427 | 217,838 | ||||
| Annaly Mortgage Management, Inc. REIT | 16,678 | 195,967 | ||||
| Apartment Investment & Management Co., Class A REIT | 13,104 | 507,518 | ||||
| Archstone-Smith Trust REIT | 27,345 | 1,143,294 | ||||
| Arden Realty Group, Inc. REIT | 9,182 | 417,597 | ||||
| AvalonBay Communities, Inc. REIT | 10,028 | 917,061 | ||||
| Boston Properties, Inc. REIT | 15,231 | 1,145,524 | ||||
| BRE Properties, Inc. REIT | 6,990 | 325,454 | ||||
| Camden Property Trust REIT | 6,408 | 378,072 | ||||
| CarrAmerica Realty Corp. | 7,592 | 267,998 | ||||
| CBL & Associates Properties, Inc. REIT | 6,099 | 245,485 | ||||
| CenterPoint Properties Trust REIT | 6,102 | 278,800 | ||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| Crescent Real Estate Equities Co. REIT | 10,671 | $ | 221,637 | |||
| Developers Diversified Realty Corp. REIT | 14,931 | 676,374 | ||||
| Duke Realty Corp. REIT | 19,729 | 670,786 | ||||
| Equity Office Properties Trust REIT | 56,047 | 1,747,546 | ||||
| Equity Residential REIT | 39,416 | 1,606,596 | ||||
| Essex Property Trust, Inc. | 3,171 | 290,781 | ||||
| Federal Realty Investment Trust REIT | 4,441 | 279,694 | ||||
| Friedman, Billings, Ramsey Group, Inc., Class A REIT | 19,422 | 206,650 | ||||
| General Growth Properties, Inc. REIT | 12,250 | 558,845 | ||||
| Health Care Property Investors, Inc. REIT | 18,472 | 485,259 | ||||
| Health Care REIT, Inc. REIT | 7,355 | 253,012 | ||||
| Healthcare Realty Trust, Inc. | 6,560 | 229,731 | ||||
| Hospitality Properties Trust REIT | 9,861 | 406,175 | ||||
| Host Marriott Corp. REIT | 48,471 | 867,631 | ||||
| HRPT Properties Trust REIT | 28,855 | 315,674 | ||||
| iStar Financial, Inc. REIT | 15,470 | 574,865 | ||||
| Kimco Realty Corp. REIT | 27,309 | 858,868 | ||||
| KKR Financial Corp. REIT | 4,415 | 104,856 | ||||
| Liberty Property Trust REIT | 11,970 | 508,246 | ||||
| Macerich Co. | 5,740 | 390,205 | ||||
| Mack-Cali Realty Corp. REIT | 8,466 | 373,943 | ||||
| New Century Financial Corp. REIT | 3,344 | 120,953 | ||||
| New Plan Excel Realty Trust, Inc. REIT | 14,190 | 338,857 | ||||
| Pan Pacific Retail Properties, Inc. REIT | 5,587 | 376,005 | ||||
| Plum Creek Timber Co., Inc. REIT | 25,297 | 985,571 | ||||
| Prologis REIT | 30,406 | 1,379,216 | ||||
| Public Storage, Inc. REIT | 2,444 | 172,546 | ||||
| Rayonier, Inc. REIT | 10,366 | 411,945 | ||||
| Realty Income Corp. REIT | 11,510 | 260,586 | ||||
| Reckson Associates Realty Corp. REIT | 11,226 | 412,331 | ||||
| Regency Centers Corp. REIT | 8,681 | 503,932 | ||||
| Shurgard Storage Centers, Inc., Class A REIT | 6,416 | 375,464 | ||||
| Simon Property Group, Inc. REIT | 15,086 | 1,166,299 | ||||
| SL Green Realty Corp. REIT | 5,231 | 386,309 | ||||
| Thornburg Mortgage, Inc. REIT | 13,837 | 366,819 | ||||
| Trizec Properties, Inc. REIT | 12,679 | 285,024 | ||||
| United Dominion Realty Trust, Inc. REIT | 10,941 | 244,969 | ||||
| Vornado Realty Trust REIT | 16,503 | 1,408,531 | ||||
| Weingarten Realty Investors REIT | 10,961 | 413,997 | ||||
| 27,817,882 | ||||||
| Thrifts & Mortgage Finance 3.2% | ||||||
| Astoria Financial Corp. | 13,467 | 380,847 | ||||
| Capitol Federal Financial | 3,018 | 103,034 | ||||
| Countrywide Financial Corp. | 74,193 | 2,582,658 | ||||
| Downey Financial Corp. | 2,842 | 183,877 | ||||
| Fannie Mae | 133,107 | 6,395,791 | ||||
| Freddie Mac | 94,679 | 5,912,704 | ||||
| Golden West Financial Corp. | 20,382 | 1,320,550 | ||||
| Independence Community Bank Corp. | 11,542 | 457,525 | ||||
| IndyMac Bancorp, Inc. | 4,072 | 155,876 | ||||
| MGIC Investment Corp. | 12,978 | 844,868 | ||||
| New York Community Bancorp, Inc. | 36,519 | 608,041 | ||||
| PMI Group, Inc. | 12,860 | 522,116 | ||||
| Radian Group, Inc. | 11,850 | 670,236 | ||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| Sovereign Bancorp, Inc. | 50,151 | $ | 1,096,301 | |||||
| Washington Federal, Inc. | 11,927 | 289,468 | ||||||
| Washington Mutual, Inc. | 136,019 | 5,602,623 | ||||||
| Webster Financial Corp. | 7,395 | 353,925 | ||||||
| 27,480,440 | ||||||||
| HEALTH CARE 6.5% | ||||||||
| Biotechnology 0.3% | ||||||||
| Applera Corp. - Applied Biosystems Group | 27,138 | 748,466 | ||||||
| Biogen Idec, Inc. * | 26,019 | 1,113,873 | ||||||
| Charles River Laboratories International, Inc. * | 5,261 | 239,691 | ||||||
| Chiron Corp. * | 921 | 40,800 | ||||||
| Invitrogen Corp. * | 3,412 | 227,410 | ||||||
| Millennium Pharmaceuticals, Inc. * | 21,066 | 221,404 | ||||||
| 2,591,644 | ||||||||
| Health Care Equipment & Supplies | 0.2% | |||||||
| Bausch & Lomb, Inc. | 861 | 69,965 | ||||||
| Cooper Cos. | 1,214 | 66,527 | ||||||
| Fisher Scientific International, Inc. * | 7,830 | 504,878 | ||||||
| Hillenbrand Industries, Inc. | 5,035 | 244,701 | ||||||
| Hospira, Inc. * | 11,239 | 496,202 | ||||||
| PerkinElmer, Inc. | 8,505 | 193,999 | ||||||
| Thermo Electron Corp. * | 14,076 | 434,245 | ||||||
| 2,010,517 | ||||||||
| Health Care Providers & Services | 1.5% | |||||||
| Aetna, Inc. | 7,988 | 738,810 | ||||||
| AmerisourceBergen Corp. | 14,331 | 1,151,496 | ||||||
| Cardinal Health, Inc. | 20,672 | 1,321,974 | ||||||
| Caremark Rx, Inc. * | 6,550 | 336,605 | ||||||
| CIGNA Corp. | 18,000 | 2,025,360 | ||||||
| Community Health Systems, Inc. * | 2,330 | 93,410 | ||||||
| Emdeon Corp. * | 9,670 | 73,976 | ||||||
| Health Management Associates, Inc. | 3,424 | 80,190 | ||||||
| Health Net, Inc., Class A * | 6,327 | 322,867 | ||||||
| Humana, Inc. * | 5,497 | 251,928 | ||||||
| McKesson Corp. | 24,958 | 1,255,387 | ||||||
| Medco Health Solutions, Inc. * | 11,692 | 627,276 | ||||||
| Omnicare, Inc. | 9,917 | 564,773 | ||||||
| PacifiCare Health Systems, Inc., Class A * | 4,901 | 421,682 | ||||||
| Sierra Health Services, Inc. * | 588 | 45,993 | ||||||
| Tenet Healthcare Corp. * | 55,030 | 430,335 | ||||||
| Triad Hospitals, Inc. * | 7,390 | 315,257 | ||||||
| Universal Health Services, Inc., Class B | 1,983 | 95,025 | ||||||
| WellChoice, Inc. * | 661 | 51,194 | ||||||
| WellPoint, Inc. * | 40,523 | 3,113,382 | ||||||
| 13,316,920 | ||||||||
| Pharmaceuticals 4.5% | ||||||||
| Abbott Laboratories | 26,656 | 1,005,198 | ||||||
| Bristol-Myers Squibb Co. | 159,907 | 3,452,392 | ||||||
| Eli Lilly & Co. | 9,041 | 456,571 | ||||||
| King Pharmaceuticals, Inc. * | 33,243 | 522,912 | ||||||
| Merck & Co., Inc. | 232,989 | 6,849,877 | ||||||
| Mylan Laboratories, Inc. | 21,525 | 449,657 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| Pfizer, Inc. | 1,022,517 | $ | 21,677,360 | |||||
| Watson Pharmaceuticals, Inc. * | 14,334 | 478,182 | ||||||
| Wyeth | 92,403 | 3,840,269 | ||||||
| 38,732,418 | ||||||||
| INDUSTRIALS 6.5% | ||||||||
| Aerospace & Defense 1.5% | ||||||||
| Alliant Techsystems, Inc. * | 1,436 | 108,964 | ||||||
| General Dynamics Corp. | 27,556 | 3,149,651 | ||||||
| Honeywell International, Inc. | 117,310 | 4,286,507 | ||||||
| L-3 Communications Holdings, Inc. | 6,805 | 506,972 | ||||||
| Northrop Grumman Corp. | 49,381 | 2,832,988 | ||||||
| Precision Castparts Corp. | 12,048 | 614,328 | ||||||
| Raytheon Co. | 48,384 | 1,858,913 | ||||||
| 13,358,323 | ||||||||
| Air Freight & Logistics 0.0% | ||||||||
| Ryder System, Inc. | 5,618 | 238,372 | ||||||
| Airlines 0.1% | ||||||||
| Southwest Airlines Co. | 54,716 | 902,814 | ||||||
| Building Products 0.1% | ||||||||
| Masco Corp. | 12,167 | 362,212 | ||||||
| USG Corp. * | 5,066 | 310,039 | ||||||
| 672,251 | ||||||||
| Commercial Services & Supplies | 0.9% | |||||||
| Adesa, Inc. | 12,284 | 292,728 | ||||||
| Allied Waste Industries, Inc. * | 19,913 | 167,468 | ||||||
| Avery Dennison Corp. | 4,831 | 284,014 | ||||||
| Brink's Co. | 2,052 | 94,720 | ||||||
| Cendant Corp. | 130,440 | 2,317,919 | ||||||
| Deluxe Corp. | 6,950 | 225,388 | ||||||
| Equifax, Inc. | 4,517 | 173,001 | ||||||
| Manpower, Inc. | 9,080 | 421,766 | ||||||
| Pitney Bowes, Inc. | 15,026 | 625,983 | ||||||
| R.R. Donnelley & Sons Co. | 29,333 | 1,003,189 | ||||||
| Republic Services, Inc., Class A | 18,873 | 676,597 | ||||||
| Steelcase, Inc. | 4,835 | 71,510 | ||||||
| Waste Management, Inc. | 56,714 | 1,696,316 | ||||||
| 8,050,599 | ||||||||
| Construction & Engineering 0.0% | ||||||||
| Jacobs Engineering Group, Inc. * | 1,570 | 102,003 | ||||||
| Electrical Equipment 0.2% | ||||||||
| Emerson Electric Co. | 9,283 | 701,888 | ||||||
| Hubbell, Inc., Class B | 7,937 | 385,024 | ||||||
| Roper Industries, Inc. | 1,652 | 65,089 | ||||||
| Thomas & Betts Corp. * | 4,538 | 181,701 | ||||||
| 1,333,702 | ||||||||
| Industrial Conglomerates 1.6% | ||||||||
| Carlisle Cos. | 2,064 | 141,590 | ||||||
| General Electric Co. | 352,966 | 12,607,946 | ||||||
| Teleflex, Inc. | 5,035 | 333,166 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| Textron, Inc. | 12,437 | $ | 981,279 | |||||
| 14,063,981 | ||||||||
| Machinery 0.8% | ||||||||
| Cummins, Inc. | 2,787 | 248,043 | ||||||
| Deere & Co. | 30,442 | 2,111,153 | ||||||
| Dover Corp. | 9,246 | 374,001 | ||||||
| Eaton Corp. | 14,901 | 949,492 | ||||||
| Harsco Corp. | 704 | 46,781 | ||||||
| IDEX Corp. | 1,419 | 62,635 | ||||||
| Illinois Tool Works, Inc. | 2,282 | 201,432 | ||||||
| ITT Industries, Inc. | 1,066 | 115,938 | ||||||
| Paccar, Inc. | 3,060 | 219,891 | ||||||
| Pall Corp. | 15,643 | 434,250 | ||||||
| Parker Hannifin Corp. | 9,355 | 639,975 | ||||||
| Pentair, Inc. | 2,208 | 84,346 | ||||||
| SPX Corp. | 10,334 | 486,525 | ||||||
| Terex Corp. * | 6,794 | 418,646 | ||||||
| Timken Co. | 5,433 | 168,314 | ||||||
| 6,561,422 | ||||||||
| Marine 0.0% | ||||||||
| Alexander & Baldwin, Inc. | 6,019 | 301,070 | ||||||
| Road & Rail 1.2% | ||||||||
| Burlington Northern Santa Fe Corp. | 51,783 | 3,426,999 | ||||||
| CSX Corp. | 29,782 | 1,448,596 | ||||||
| Laidlaw International, Inc. | 13,781 | 297,945 | ||||||
| Norfolk Southern Corp. | 47,424 | 2,098,038 | ||||||
| Swift Transportation Co., Inc. * | 3,208 | 62,813 | ||||||
| Union Pacific Corp. | 36,166 | 2,768,146 | ||||||
| Yellow Roadway Corp. * | 7,959 | 374,948 | ||||||
| 10,477,485 | ||||||||
| Trading Companies & Distributors 0.1% | ||||||||
| W.W. Grainger, Inc. | 8,650 | 607,490 | ||||||
| INFORMATION TECHNOLOGY | 4.6% | |||||||
| Communications Equipment | 0.7% | |||||||
| ADC Telecommunications, Inc. * | 15,928 | 325,409 | ||||||
| Andrew Corp. * | 16,666 | 182,159 | ||||||
| Avaya, Inc. * | 19,025 | 226,778 | ||||||
| Comverse Technology, Inc. * | 2,909 | 76,245 | ||||||
| Harris Corp. | 2,976 | 132,670 | ||||||
| JDS Uniphase Corp. * | 109,163 | 280,549 | ||||||
| Juniper Networks, Inc. * | 20,460 | 460,145 | ||||||
| Lucent Technologies, Inc. * | 609,240 | 1,699,780 | ||||||
| Motorola, Inc. | 67,109 | 1,616,656 | ||||||
| Scientific-Atlanta, Inc. | 3,102 | 131,277 | ||||||
| Tellabs, Inc. * | 61,648 | 632,508 | ||||||
| 5,764,176 | ||||||||
| Computers & Peripherals 1.9% | ||||||||
| Avid Technology, Inc. * | 307 | 15,497 | ||||||
| Diebold, Inc. | 903 | 35,091 | ||||||
| Hewlett-Packard Co. | 398,200 | 11,814,594 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| International Business Machines Corp. | 33,945 | $ | 3,017,710 | |||||
| NCR Corp. * | 19,318 | 655,846 | ||||||
| SanDisk Corp. * | 6,029 | 307,841 | ||||||
| Sun Microsystems, Inc. * | 192,044 | 724,006 | ||||||
| 16,570,585 | ||||||||
| Electronic Equipment & Instruments 0.3% | ||||||||
| Agilent Technologies, Inc. * | 10,469 | 373,325 | ||||||
| Arrow Electronics, Inc. * | 16,183 | 501,673 | ||||||
| Avnet, Inc. * | 13,808 | 310,680 | ||||||
| AVX Corp. | 5,544 | 75,953 | ||||||
| Ingram Micro, Inc., Class A * | 8,790 | 165,076 | ||||||
| Mettler-Toledo International, Inc. * | 1,380 | 78,770 | ||||||
| Molex, Inc. | 9,554 | 255,952 | ||||||
| Sanmina-SCI Corp. * | 35,993 | 149,011 | ||||||
| Solectron Corp. * | 68,989 | 247,670 | ||||||
| Symbol Technologies, Inc. | 5,008 | 57,241 | ||||||
| Tech Data Corp. * | 5,646 | 221,944 | ||||||
| Tektronix, Inc. | 8,667 | 221,789 | ||||||
| Vishay Intertechnology, Inc. * | 16,395 | 210,348 | ||||||
| 2,869,432 | ||||||||
| IT Services 0.5% | ||||||||
| Affiliated Computer Services, Inc., Class A * | 5,892 | 328,656 | ||||||
| BISYS Group, Inc. * | 9,519 | 127,555 | ||||||
| Ceridian Corp. * | 10,687 | 256,488 | ||||||
| CheckFree Corp. * | 1,688 | 79,083 | ||||||
| Computer Sciences Corp. * | 26,280 | 1,320,044 | ||||||
| Convergys Corp. * | 19,559 | 324,679 | ||||||
| Electronic Data Systems Corp. | 54,945 | 1,266,482 | ||||||
| Hewitt Associates, Inc. * | 2,268 | 58,220 | ||||||
| Sabre Holdings Corp., Class A | 18,031 | 412,369 | ||||||
| Unisys Corp. * | 46,598 | 286,578 | ||||||
| 4,460,154 | ||||||||
| Office Electronics 0.2% | ||||||||
| Xerox Corp. * | 131,771 | 1,871,148 | ||||||
| Semiconductors & Semiconductor Equipment | 0.4% | |||||||
| Advanced Micro Devices, Inc. * | 25,799 | 675,418 | ||||||
| Freescale Semiconductor, Inc., Class B * | 48,404 | 1,248,823 | ||||||
| International Rectifier Corp. * | 2,090 | 74,111 | ||||||
| Intersil Corp., Class A | 10,953 | 280,945 | ||||||
| LSI Logic Corp. * | 33,598 | 275,840 | ||||||
| Micron Technology, Inc. * | 39,878 | 568,660 | ||||||
| Novellus Systems, Inc. * | 8,818 | 217,540 | ||||||
| Teradyne, Inc. * | 8,212 | 120,142 | ||||||
| 3,461,479 | ||||||||
| Software 0.6% | ||||||||
| BEA Systems, Inc. * | 45,626 | 400,140 | ||||||
| BMC Software, Inc. * | 17,182 | 352,059 | ||||||
| Cadence Design Systems, Inc. * | 20,481 | 351,044 | ||||||
| Computer Associates International, Inc. | 17,706 | 504,798 | ||||||
| Compuware Corp. * | 29,403 | 271,390 | ||||||
| Fair Isaac Corp. | 2,273 | 104,149 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| Novell, Inc. * | 52,116 | $ | 405,463 | |||
| Reynolds & Reynolds Co., Class A | 7,738 | 210,783 | ||||
| Siebel Systems, Inc. * | 62,598 | 657,279 | ||||
| Sybase, Inc. * | 12,337 | 276,966 | ||||
| Symantec Corp. * | 54,336 | 960,117 | ||||
| Synopsys, Inc. * | 16,645 | 324,910 | ||||
| Take-Two Interactive Software, Inc. * | 1,352 | 24,674 | ||||
| 4,843,772 | ||||||
| MATERIALS 4.3% | ||||||
| Chemicals 1.9% | ||||||
| Air Products & Chemicals, Inc. | 28,283 | 1,673,505 | ||||
| Airgas, Inc. | 8,120 | 252,532 | ||||
| Albemarle Corp. | 5,028 | 185,030 | ||||
| Ashland, Inc. | 8,949 | 498,907 | ||||
| Cabot Corp. | 8,050 | 282,153 | ||||
| Celanese Corp., Ser. A | 6,868 | 118,816 | ||||
| Chemtura Corp. | 20,366 | 245,410 | ||||
| Cytec Industries, Inc. | 5,525 | 250,227 | ||||
| Dow Chemical Co. | 7,403 | 334,986 | ||||
| E.I. DuPont de Nemours & Co. | 114,102 | 4,877,861 | ||||
| Eastman Chemical Co. | 11,050 | 611,397 | ||||
| Engelhard Corp. | 16,588 | 489,346 | ||||
| FMC Corp. * | 5,159 | 274,304 | ||||
| Huntsman Corp. * | 8,304 | 157,776 | ||||
| Lubrizol Corp. | 9,321 | 393,439 | ||||
| Lyondell Chemical Co. | 27,408 | 696,985 | ||||
| Monsanto Co. | 7,929 | 580,958 | ||||
| Mosaic Co. * | 17,720 | 239,929 | ||||
| PPG Industries, Inc. | 23,607 | 1,433,653 | ||||
| Praxair, Inc. | 5,561 | 289,172 | ||||
| Rohm & Haas Co. | 20,482 | 897,112 | ||||
| RPM International, Inc. | 16,160 | 300,576 | ||||
| Scotts Miracle-Gro Co., Class A | 5,270 | 247,268 | ||||
| Sigma-Aldrich Corp. | 8,590 | 567,284 | ||||
| Valhi, Inc. | 1,274 | 22,384 | ||||
| Valspar Corp. | 13,994 | 351,949 | ||||
| 16,272,959 | ||||||
| Construction Materials 0.1% | ||||||
| Lafarge North America, Inc. | 4,698 | 258,390 | ||||
| Martin Marietta Materials, Inc. | 1,083 | 81,344 | ||||
| Vulcan Materials Co. | 4,733 | 315,691 | ||||
| 655,425 | ||||||
| Containers & Packaging 0.5% | ||||||
| AptarGroup, Inc. | 4,881 | 267,723 | ||||
| Ball Corp. | 13,014 | 536,437 | ||||
| Bemis Co., Inc. | 14,737 | 406,004 | ||||
| Owens-Illinois, Inc. * | 20,927 | 455,162 | ||||
| Packaging Corporation of America | 8,525 | 197,695 | ||||
| Pactiv Corp. * | 18,285 | 370,088 | ||||
| Sealed Air Corp. * | 7,494 | 387,515 | ||||
| Smurfit-Stone Container Corp. * | 34,910 | 442,310 | ||||
| Sonoco Products Co. | 13,645 | 391,339 | ||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| Temple-Inland, Inc. | 15,392 | $ | 644,463 | |||||
| 4,098,736 | ||||||||
| Metals & Mining 1.0% | ||||||||
| Alcoa, Inc. | 119,938 | 3,287,501 | ||||||
| Newmont Mining Corp. | 56,696 | 2,614,819 | ||||||
| NuCor Corp. | 22,030 | 1,477,772 | ||||||
| Phelps Dodge Corp. | 6,195 | 840,476 | ||||||
| United States Steel Corp. | 15,703 | 747,463 | ||||||
| 8,968,031 | ||||||||
| Paper & Forest Products 0.8% | ||||||||
| Georgia-Pacific Corp. | 35,774 | 1,691,752 | ||||||
| International Paper Co. | 67,453 | 2,126,793 | ||||||
| Louisiana-Pacific Corp. | 15,245 | 411,158 | ||||||
| MeadWestvaco Corp. | 25,303 | 708,231 | ||||||
| Weyerhaeuser Co. | 33,387 | 2,213,892 | ||||||
| 7,151,826 | ||||||||
| TELECOMMUNICATION SERVICES 5.6% | ||||||||
| Diversified Telecommunication Services | 4.2% | |||||||
| AT&T Inc. | 540,103 | 13,453,977 | ||||||
| BellSouth Corp. | 251,804 | 6,864,177 | ||||||
| CenturyTel, Inc. | 18,055 | 597,620 | ||||||
| Citizens Communications Co. | 46,839 | 611,249 | ||||||
| MCI, Inc. | 38,689 | 768,364 | ||||||
| PanAmSat Holding Corp. | 4,003 | 97,073 | ||||||
| Qwest Communications International, Inc. * | 207,460 | 1,087,090 | ||||||
| Telewest Global, Inc. * | 33,704 | 751,262 | ||||||
| Verizon Communications, Inc. | 380,544 | 12,169,797 | ||||||
| 36,400,609 | ||||||||
| Wireless Telecommunication Services 1.4% | ||||||||
| Alltel Corp. | 41,636 | 2,782,534 | ||||||
| American Tower Corp., Class A * | 3,397 | 92,704 | ||||||
| Crown Castle International Corp. * | 10,605 | 290,577 | ||||||
| Sprint Nextel Corp. | 316,324 | 7,920,753 | ||||||
| Telephone & Data Systems, Inc. | 13,164 | 481,144 | ||||||
| U.S. Cellular Corp. * | 1,462 | 74,270 | ||||||
| 11,641,982 | ||||||||
| UTILITIES 6.7% | ||||||||
| Electric Utilities 3.1% | ||||||||
| Allegheny Energy, Inc. * | 22,352 | 622,056 | ||||||
| American Electric Power Co., Inc. | 52,811 | 1,929,714 | ||||||
| Cinergy Corp. | 27,274 | 1,120,416 | ||||||
| DPL, Inc. | 17,397 | 444,493 | ||||||
| Edison International | 44,806 | 2,021,647 | ||||||
| Entergy Corp. | 29,154 | 2,040,780 | ||||||
| Exelon Corp. | 91,934 | 4,784,245 | ||||||
| FirstEnergy Corp. | 45,359 | 2,130,059 | ||||||
| FPL Group, Inc. | 54,027 | 2,290,205 | ||||||
| Great Plains Energy, Inc. | 10,256 | 298,039 | ||||||
| Hawaiian Electric Industries, Inc. | 11,112 | 293,801 | ||||||
| Northeast Utilities | 17,795 | 330,631 | ||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| Pepco Holdings, Inc. | 25,962 | $ | 562,597 | |||||
| Pinnacle West Capital Corp. | 13,525 | 561,152 | ||||||
| PPL Corp. | 52,190 | 1,534,386 | ||||||
| Progress Energy, Inc. | 34,199 | 1,531,431 | ||||||
| Reliant Energy, Inc. * | 41,382 | 379,059 | ||||||
| Southern Co. | 102,360 | 3,552,916 | ||||||
| Westar Energy, Inc. | 11,912 | 269,450 | ||||||
| 26,697,077 | ||||||||
| Gas Utilities 0.4% | ||||||||
| AGL Resource, Inc. | 10,604 | 375,063 | ||||||
| Atmos Energy Corp. | 10,993 | 292,084 | ||||||
| Energen Corp. | 10,077 | 369,826 | ||||||
| Equitable Resources, Inc. | 1,659 | 62,030 | ||||||
| National Fuel Gas Co. | 11,490 | 370,552 | ||||||
| ONEOK, Inc. | 14,025 | 384,706 | ||||||
| Piedmont Natural Gas Co. | 10,545 | 247,702 | ||||||
| Questar Corp. | 8,878 | 661,944 | ||||||
| Southern Union Co. * | 13,158 | 310,529 | ||||||
| UGI Corp. | 14,264 | 313,808 | ||||||
| 3,388,244 | ||||||||
| Independent Power Producers & Energy Traders | 0.6% | |||||||
| Constellation Energy Group, Inc. | 24,414 | 1,293,698 | ||||||
| Duke Energy Corp. | 127,443 | 3,423,119 | ||||||
| Dynegy, Inc., Class A * | 39,146 | 187,509 | ||||||
| NRG Energy, Inc. * | 11,098 | 484,650 | ||||||
| 5,388,976 | ||||||||
| Multi-Utilities 2.5% | ||||||||
| Alliant Energy Corp. | 15,983 | 453,118 | ||||||
| Ameren Corp. | 26,941 | 1,413,325 | ||||||
| CenterPoint Energy, Inc. | 42,500 | 561,850 | ||||||
| CMS Energy Corp. * | 30,087 | 420,616 | ||||||
| Consolidated Edison, Inc. | 33,432 | 1,522,493 | ||||||
| Dominion Resources, Inc. | 46,826 | 3,556,435 | ||||||
| DTE Energy Co. | 23,953 | 1,045,309 | ||||||
| Energy East Corp. | 20,255 | 474,980 | ||||||
| KeySpan Corp. | 23,967 | 804,332 | ||||||
| MDU Resources Group, Inc. | 16,285 | 534,637 | ||||||
| NiSource, Inc. | 37,385 | 804,899 | ||||||
| NSTAR | 14,672 | 412,136 | ||||||
| OGE Energy Corp. | 12,404 | 331,931 | ||||||
| PG&E Corp. | 50,895 | 1,871,918 | ||||||
| PNM Resources, Inc. | 9,453 | 245,494 | ||||||
| Public Service Enterprise Group, Inc. | 32,830 | 2,059,098 | ||||||
| Puget Energy, Inc. | 13,759 | 285,912 | ||||||
| SCANA Corp. | 15,609 | 618,429 | ||||||
| Sempra Energy | 35,225 | 1,548,139 | ||||||
| TECO Energy, Inc. | 28,464 | 497,835 | ||||||
| Vectren Corp. | 10,463 | 284,070 | ||||||
| Wisconsin Energy Corp. | 16,088 | 610,540 | ||||||
| WPS Resources Corp. | 5,201 | 279,710 | ||||||
| Xcel Energy, Inc. | 55,319 | 1,023,955 | ||||||
| 21,661,161 | ||||||||
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| Water Utilities 0.1% | ||||
| Aqua America, Inc. | 11,791 | $ 436,149 | ||
| Total Common Stocks (cost $659,855,852) | 855,342,376 | |||
| EXCHANGE TRADED FUND 0.8% | ||||
| iShares Russell 1000 Value Index Fund (cost $6,437,276) | 96,666 | 6,706,687 | ||
| Principal | ||||
| SHORT-TERM INVESTMENTS 0.1% | Amount | Value | ||
| U.S. TREASURY OBLIGATIONS 0.0% | ||||
| U.S. Treasury Bills: | ||||
| 3.73%, 12/01/2005 ƒ + | $ 25,000 | 25,000 | ||
| 3.88%, 02/09/2006 ƒ + | 20,000 | 19,849 | ||
| 3.41%, 12/01/2005 ƒ + | 10,000 | 10,000 | ||
| 3.61%, 01/12/2006 ƒ + | 50,000 | 49,790 | ||
| 3.69%, 01/12/2006 ƒ + | 10,000 | 9,957 | ||
| 3.84%, 02/23/2006 ƒ + | 25,000 | 24,776 | ||
| 139,372 | ||||
| Shares | Value | |||
| MUTUAL FUND SHARES 0.1% | ||||
| Evergreen Institutional Money Market Fund ø | 534,632 | 534,632 | ||
| Total Short-Term Investments (cost $674,004) | 674,004 | |||
| Total Investments (cost $666,967,132) 99.7% | 862,723,067 | |||
| Other Assets and Liabilities 0.3% | 2,427,998 | |||
| Net Assets 100.0% | $ 865,151,065 | |||
| * | Non-income producing security | |
| ° | Investment in non-controlled affiliate. The Fund owns shares of Wachovia Corporation with a cost basis of $7,581,878 at | |
| November 30, 2005. The Fund earned $219,954 of income from Wachovia Corporation during the period ended | ||
| November 30, 2005, which is included in income from affiliates. | ||
| ƒ | All or a portion of this security was pledged to cover initial margin requirements for open futures contracts. | |
| + | 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. | ||
| Summary of Abbreviations | ||
| REIT | Real Estate Investment Trust | |
See Combined Notes to Financial Statements
SCHEDULE OF INVESTMENTS continued
Market Index Value Fund
November 30, 2005 (unaudited)
| The following table shows the percent of total long-term investments by sector as of November 30, 2005: | |||
| Financials | 36.8% | ||
| Energy | 13.5% | ||
| Consumer Discretionary | 8.9% | ||
| Utilities | 6.7% | ||
| Industrials | 6.6% | ||
| Health Care | 6.6% | ||
| Telecommunication Services | 5.6% | ||
| Consumer Staples | 5.6% | ||
| Information Technology | 4.6% | ||
| Materials | 4.3% | ||
| Other | 0.8% | ||
| 100.0% | |||
Market Index Fund
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2005 (unaudited)
| Assets | ||||
| Investments in securities, at value (cost $474,544,077) | $ | 653,254,693 | ||
| Investments in affiliates, at value (cost $6,988,124) | 8,777,755 | |||
| Total investments | 662,032,448 | |||
| Dividends receivable | 1,524,669 | |||
| Receivable from investment advisor | 1,998 | |||
| Prepaid expenses and other assets | 9,137 | |||
| Total assets | 663,568,252 | |||
| Liabilities | ||||
| Payable for daily variation margin on open futures contracts | 36,080 | |||
| Due to related parties | 2,126 | |||
| Accrued expenses and other liabilities | 30,670 | |||
| Total liabilities | 68,876 | |||
| Net assets | $ | 663,499,376 | ||
| Net assets represented by | ||||
| Paid-in capital | $ | 439,645,507 | ||
| Undistributed net investment income | 21,424,662 | |||
| Accumulated net realized gains on investments | 21,827,147 | |||
| Net unrealized gains on investments | 180,602,060 | |||
| Total net assets | $ | 663,499,376 | ||
| Shares outstanding (unlimited number of shares authorized) – Class I | 45,384,057 | |||
| Net asset value per share – Class I | $ | 14.62 | ||
See Combined Notes to Financial Statements
Market Index Growth Fund
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2005 (unaudited)
| Assets | ||||
| Investments in securities, at value (cost $724,740,817) | $ | 913,582,863 | ||
| Investments in affiliated money market fund, at value (cost $47,319) | 47,319 | |||
| Total investments | 913,630,182 | |||
| Dividends receivable | 1,110,088 | |||
| Receivable from investment advisor | 2,718 | |||
| Prepaid expenses and other assets | 218 | |||
| Total assets | 914,743,206 | |||
| Liabilities | ||||
| Payable for daily variation margin on open futures contracts | 6,970 | |||
| Due to related parties | 2,797 | |||
| Accrued expenses and other liabilities | 39,265 | |||
| Total liabilities | 49,032 | |||
| Net assets | $ | 914,694,174 | ||
| Net assets represented by | ||||
| Paid-in capital | $ | 698,524,913 | ||
| Undistributed net investment income | 14,475,553 | |||
| Accumulated net realized gains on investments | 12,827,546 | |||
| Net unrealized gains on investments | 188,866,162 | |||
| Total net assets | $ | 914,694,174 | ||
| Shares outstanding (unlimited number of shares authorized) - Class I | 65,786,913 | |||
| Net asset value per share - Class I | $ | 13.90 | ||
See Combined Notes to Financial Statements
Market Index Value Fund
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2005 (unaudited)
| Assets | ||||
| Investments in securities, at value (cost $658,850,622) | $ | 850,611,742 | ||
| Investments in affiliates, at value (cost $8,116,510) | 12,111,325 | |||
| Total investments | 862,723,067 | |||
| Dividends receivable | 2,621,443 | |||
| Receivable from investment advisor | 2,590 | |||
| Prepaid expenses and other assets | 19,056 | |||
| Total assets | 865,366,156 | |||
| Liabilities | ||||
| Payable for securities purchased | 155,254 | |||
| Payable for daily variation margin on open futures contracts | 16,400 | |||
| Due to related parties | 2,525 | |||
| Accrued expenses and other liabilities | 40,912 | |||
| Total liabilities | 215,091 | |||
| Net assets | $ | 865,151,065 | ||
| Net assets represented by | ||||
| Paid-in capital | $ | 565,958,867 | ||
| Undistributed net investment income | 30,987,627 | |||
| Accumulated net realized gains on investments | 72,379,039 | |||
| Net unrealized gains on investments | 195,825,532 | |||
| Total net assets | $ | 865,151,065 | ||
| Shares outstanding (unlimited number of shares authorized) - Class I | 55,196,067 | |||
| Net asset value per share - Class I | $ | 15.67 | ||
See Combined Notes to Financial Statements
Market Index Fund
STATEMENT OF OPERATIONS
Six Months Ended November 30, 2005 (unaudited)
| Investment income | ||||
| Dividends | $ | 6,632,847 | ||
| Income from affiliates | 183,110 | |||
| Interest | 8,562 | |||
| Total investment income | 6,824,519 | |||
| Expenses | ||||
| Advisory fee | 1,116,552 | |||
| Administrative services fee | 347,266 | |||
| Transfer agent fees | 31 | |||
| Trustees' fees and expenses | 4,990 | |||
| Printing and postage expenses | 3,367 | |||
| Custodian and accounting fees | 91,138 | |||
| Registration and filing fees | 946 | |||
| Professional fees | 14,726 | |||
| Other | 8,185 | |||
| Total expenses | 1,587,201 | |||
| Less: Expense reductions | (4,817) | |||
| Fee waivers and expense reimbursements | (1,496,898) | |||
| Net expenses | 85,486 | |||
| Net investment income | 6,739,033 | |||
| Net realized and unrealized gains or losses on investments | ||||
| Net realized gains on: | ||||
| Securities | 14,236,427 | |||
| Futures contracts | 145,947 | |||
| Net realized gains on investments | 14,382,374 | |||
| Net change in unrealized gains or losses on investments | 19,515,449 | |||
| Net realized and unrealized gains or losses on investments | 33,897,823 | |||
| Net increase in net assets resulting from operations | $ | 40,636,856 | ||
See Combined Notes to Financial Statements
Market Index Growth Fund
STATEMENT OF OPERATIONS
Six Months Ended November 30, 2005 (unaudited)
| Investment income | ||||
| Dividends | $ | 4,660,217 | ||
| Income from affiliate | 3,524 | |||
| Total investment income | 4,663,741 | |||
| Expenses | ||||
| Advisory fee | 1,408,834 | |||
| Administrative services fee | 438,170 | |||
| Transfer agent fees | 13 | |||
| Trustees' fees and expenses | 6,183 | |||
| Printing and postage expenses | 4,590 | |||
| Custodian and accounting fees | 113,239 | |||
| Registration and filing fees | 2,250 | |||
| Professional fees | 15,821 | |||
| Other | 11,852 | |||
| Total expenses | 2,000,952 | |||
| Less: Expense reductions | (6,224) | |||
| Fee waivers and expense reimbursements | (1,886,864) | |||
| Net expenses | 107,864 | |||
| Net investment income | 4,555,877 | |||
| Net realized and unrealized gains or losses on investments | ||||
| Net realized gains or losses on: | ||||
| Securities | (442,679) | |||
| Futures contracts | (6,651) | |||
| Net realized losses on investments | (449,330) | |||
| Net change in unrealized gains or losses on investments | 56,021,492 | |||
| Net realized and unrealized gains or losses on investments | 55,572,162 | |||
| Net increase in net assets resulting from operations | $ | 60,128,039 | ||
See Combined Notes to Financial Statements
Market Index Value Fund
STATEMENT OF OPERATIONS
Six Months Ended November 30, 2005 (unaudited)
| Investment income | ||||
| Dividends (net of foreign withholding taxes of $1,490) | $ | 11,658,514 | ||
| Income from affiliates | 228,658 | |||
| Total investment income | 11,887,172 | |||
| Expenses | ||||
| Advisory fee | 1,352,911 | |||
| Administrative services fee | 420,776 | |||
| Transfer agent fees | 110 | |||
| Trustees' fees and expenses | 5,901 | |||
| Printing and postage expenses | 5,351 | |||
| Custodian and accounting fees | 108,929 | |||
| Registration and filing fees | 1,356 | |||
| Professional fees | 15,813 | |||
| Other | 11,179 | |||
| Total expenses | 1,922,326 | |||
| Less: Expense reductions | (5,860) | |||
| Fee waivers and expense reimbursements | (1,812,884) | |||
| Net expenses | 103,582 | |||
| Net investment income | 11,783,590 | |||
| Net realized and unrealized gains or losses on investments | ||||
| Net realized gains on: | ||||
| Securities | 41,495,575 | |||
| Futures contracts | 2,297 | |||
| Net realized gains on investments | 41,497,872 | |||
| Net change in unrealized gains or losses on investments | (6,414,382) | |||
| Net realized and unrealized gains or losses on investments | 35,083,490 | |||
| Net increase in net assets resulting from operations | $ | 46,867,080 | ||
See Combined Notes to Financial Statements
Market Index Fund
STATEMENTS OF CHANGES IN NET ASSETS
| Six Months Ended | ||||||||
| November 30, 2005 | Year Ended | |||||||
| (unaudited) | May 31, 2005 | |||||||
| Operations | ||||||||
| Net investment income | $ | 6,739,033 | $ | 14,764,998 | ||||
| Net realized gains on investments | 14,382,374 | 7,470,206 | ||||||
| Net change in unrealized gains or losses | ||||||||
| on investments | 19,515,449 | 33,629,105 | ||||||
| Net increase in net assets resulting from | ||||||||
| operations | 40,636,856 | 55,864,309 | ||||||
| Distributions to shareholders from | ||||||||
| Net investment income | 0 | (10,558,336) | ||||||
| Net realized gains | 0 | (1,246,028) | ||||||
| Total distributions to shareholders | 0 | (11,804,364) | ||||||
| Shares | Shares | |||||||
| Capital share transactions | ||||||||
| Net asset value of shares issued in | ||||||||
| reinvestment of distributions | 0 | 0 | 854,256 | 11,804,364 | ||||
| Payment for shares redeemed | (6,958,943) | (100,000,000) | (3,785,011) | (50,000,000) | ||||
| Net decrease in net assets resulting from | ||||||||
| capital share transactions | (100,000,000) | (38,195,636) | ||||||
| Total increase (decrease) in net assets | (59,363,144) | 5,864,309 | ||||||
| Net assets | ||||||||
| Beginning of period | 722,862,520 | 716,998,211 | ||||||
| End of period | $ | 663,499,376 | $ | 722,862,520 | ||||
| Undistributed net investment income | $ | 21,424,662 | $ | 14,685,629 | ||||
See Combined Notes to Financial Statements
Market Index Growth Fund
STATEMENTS OF CHANGES IN NET ASSETS
| Six Months Ended | ||||||||
| November 30, 2005 | Year Ended | |||||||
| (unaudited) | May 31, 2005 | |||||||
| Operations | ||||||||
| Net investment income | $ | 4,555,877 | $ | 9,924,570 | ||||
| Net realized gains or losses on | ||||||||
| investments | (449,330) | 13,415,809 | ||||||
| Net change in unrealized gains or | ||||||||
| losses on investments | 56,021,492 | 2,665,330 | ||||||
| Net increase in net assets resulting from | ||||||||
| operations | 60,128,039 | 26,005,709 | ||||||
| Distributions to shareholders from | ||||||||
| Net investment income | 0 | (6,447,796) | ||||||
| Net realized gains | 0 | (4,145,191) | ||||||
| Total distributions to shareholders | 0 | (10,592,987) | ||||||
| Shares | Shares | |||||||
| Capital share transactions | ||||||||
| Proceeds from shares sold | 0 | 0 | 11,829,653 | 150,000,000 | ||||
| Net asset value of shares issued in | ||||||||
| reinvestment of distributions | 0 | 0 | 813,786 | 10,592,987 | ||||
| Net increase in net assets resulting from | ||||||||
| capital share transactions | 0 | 160,592,987 | ||||||
| Total increase in net assets | 60,128,039 | 176,005,709 | ||||||
| Net assets | ||||||||
| Beginning of period | 854,566,135 | 678,560,426 | ||||||
| End of period | $ | 914,694,174 | $ | 854,566,135 | ||||
| Undistributed net investment income | $ | 14,475,553 | $ | 9,919,676 | ||||
See Combined Notes to Financial Statements
Market Index Value Fund
STATEMENTS OF CHANGES IN NET ASSETS
| Six Months Ended | ||||||||
| November 30, 2005 | Year Ended | |||||||
| (unaudited) | May 31, 2005 | |||||||
| Operations | ||||||||
| Net investment income | $ | 11,783,590 | $ | 19,574,166 | ||||
| Net realized gains on investments | 41,497,872 | 30,789,298 | ||||||
| Net change in unrealized gains or | ||||||||
| losses on investments | (6,414,382) | 59,431,621 | ||||||
| Net increase in net assets resulting | ||||||||
| from operations | 46,867,080 | 109,795,085 | ||||||
| Distributions to shareholders from | ||||||||
| Net investment income | 0 | (15,317,151) | ||||||
| Net realized gains | 0 | (8,425,285) | ||||||
| Total distributions to shareholders | 0 | (23,742,436) | ||||||
| Shares | Shares | |||||||
| Capital share transactions | ||||||||
| Net asset value of shares issued in | ||||||||
| reinvestment of distributions | 0 | 0 | 1,634,180 | 23,742,436 | ||||
| Total increase in net assets | 46,867,080 | 109,795,085 | ||||||
| Net assets | ||||||||
| Beginning of period | 818,283,985 | 708,488,900 | ||||||
| End of period | $ | 865,151,065 | $ | 818,283,985 | ||||
| Undistributed net investment income | $ | 30,987,627 | $ | 19,204,037 | ||||
See Combined Notes to Financial Statements
COMBINED NOTES TO FINANCIAL STATEMENTS (unaudited)
1. ORGANIZATION
Evergreen Market Index Fund (“Market Index Fund”), Evergreen Market Index Growth Fund (“Market Index Growth Fund”) and Evergreen Market Index Value Fund (“Market Index Value Fund”), (collectively, the “Funds”) are each a diversified series of Evergreen Equity Trust (the “Trust”), a Delaware statutory trust organized on September 18, 1997. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).
Each Fund offers Institutional (“Class I”) shares. Class I shares are sold without a front-end sales charge or contingent deferred sales charge.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their 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.
Portfolio debt securities acquired with more than 60 days to maturity are fair valued using matrix pricing methods determined by an independent pricing service which takes into consideration such factors as similar security prices, yields, maturities, liquidity and ratings. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of 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.
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 by the investment advisor in good faith, according to procedures approved by the Board of Trustees.
b. Futures contracts
In order to gain exposure to or protect against changes in security values, each Fund may buy and sell futures contracts. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by each Fund and the prices of futures contracts, and the possibility of an illiquid market.
Futures contracts are valued based upon their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the financial statements. Any fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset or liability and in the Statements 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. Security transactions and investment income
Security transactions are recorded on trade date. Realized gains and losses are computed using the specific cost of the security sold. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Foreign income and capital gains realized on some securities may be subject to foreign taxes, which are accrued as applicable.
d. Federal taxes
Each Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income, including any net capital gains (which have already been offset by available capital loss carryovers). Accordingly, no provision for federal taxes is required.
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.
COMBINED 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 each Fund and is paid an annual fee of 0.32% of each Fund’s average daily net assets.
From time to time, EIMC may voluntarily or contractually waive its fee and/or reimburse expenses in order to limit operating expenses. During the six months ended November 30, 2005, EIMC waived its advisory fees and reimbursed other expenses as follows:
| Other | ||||||||
| Fees Waived | Expenses Reimbursed | |||||||
| Market Index Fund | $ | 1,116,552 | $ | 380,346 | ||||
| Market Index Growth Fund | 1,408,834 | 478,030 | ||||||
| Market Index Value Fund | 1,352,911 | 459,973 | ||||||
Evergreen Investment Services, Inc. (“EIS”), an indirect, wholly-owned subsidiary of Wachovia, is the administrator to the Funds. As administrator, EIS provides the Funds 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 Funds. ESC receives account fees that vary based on the type of account held by the shareholders in each Fund.
4. SECURITIES TRANSACTIONS
Cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows for the six months ended November 30, 2005:
| Cost of Purchases | Proceeds from Sales | |||||
| Market Index Fund | $ 20,578,929 | $ | 110,674,758 | |||
| Market Index Growth Fund | 181,981,577 | 174,319,249 | ||||
| Market Index Value Fund | 181,318,933 | 166,120,593 | ||||
At November 30, 2005, Market Index Fund had open long futures contracts outstanding as follows:
| Initial Contract | Value at | Unrealized | ||||||
| Expiration | Contracts | Amount | November 30, 2005 | Gain | ||||
| December 2005 | 33 E-mini S&P 500 Futures | $ 2,015,075 | $ 2,064,215 | $ 49,140 | ||||
| December 2005 | 11 S&P 500 Futures | 3,387,775 | 3,440,448 | 52,673 | ||||
At November 30, 2005, Market Index Growth Fund had open long futures contracts outstanding as follows:
| Initial Contract | Value at | Unrealized | ||||||
| Expiration | Contracts | Amount | November 30, 2005 | Gain | ||||
| December 2005 | 12 E-mini S&P 500 Futures | $ 740,186 | $ 750,659 | $ 10,473 | ||||
| December 2005 | 1 S&P 500 Futures | 299,132 | 312,775 | 13,643 | ||||
COMBINED NOTES TO FINANCIAL STATEMENTS (unaudited) continued
At November 30, 2005, Market Index Value Fund had open long futures contracts outstanding as follows:
| Initial Contract | Value at | Unrealized | ||||||
| Expiration | Contracts | Amount | November 30, 2005 | Gain | ||||
| December 2005 | 15 E-mini S&P 500 Futures | $ 914,793 | $ 938,325 | $ 23,532 | ||||
| December 2005 | 5 S&P 500 Futures | 1,517,810 | 1,563,875 | 46,065 | ||||
On November 30, 2005, the composition of unrealized appreciation and depreciation on securities based on the aggregate cost of securities for federal income tax purposes was as follows:
| Gross | Gross | |||||||
| Unrealized | Unrealized | Net Unrealized | ||||||
| Tax Cost | Appreciation | Depreciation | Appreciation | |||||
| Market Index Fund | $482,121,891 | $199,836,699 | $19,926,142 | $179,910,557 | ||||
| Market Index Growth Fund | 724,823,796 | 204,241,499 | 15,435,113 | 188,806,386 | ||||
| Market Index Value Fund | 667,167,579 | 220,709,891 | 25,154,403 | 195,555,488 | ||||
5. INTERFUND LENDING
Pursuant to an Exemptive Order issued by the SEC, the Funds may participate in an interfund lending program with certain funds in the Evergreen fund family. This program allows the Funds to borrow from, or lend money to, other participating funds. During the six months ended November 30, 2005, the Funds did not participate in the interfund lending program.
6. EXPENSE REDUCTIONS
Through expense offset arrangements with ESC and the Funds’ custodian, a portion of fund expenses has been reduced.
7. DEFERRED TRUSTEES’ FEES
The Trustees of each 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 Funds. The investment performance of the deferral accounts is based on the investment performance of certain Evergreen funds. Any gains earned or losses incurred in the deferral accounts are reported in each Fund’s Trustees’ fees and expenses. At the election of the Trustees, the deferral account will be paid either in one lump sum or in quarterly installments for up to ten years.
8. FINANCING AGREEMENT
The Funds and certain other Evergreen funds share in 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 November 30, 2005, the Funds had no borrowings under this agreement.
9. CONCENTRATION OF RISK
Each Fund may invest a substantial portion of their 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.
10. 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 its own internal review of policies, practices, procedures and personnel, and is taking remedial action where appropriate.
COMBINED NOTES TO FINANCIAL STATEMENTS (unaudited) continued
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.
The staff of the National Association of Securities Dealers (“NASD”) had notified EIS that it has made a preliminary determination to recommend that disciplinary action be brought against EIS for certain violations of the NASD’s rules. The recommendation relates principally to allegations that EIS (i) arranged for fund portfolio trades to be directed to broker-dealers (including Wachovia Securities, LLC, an affiliate of EIS) that sold Evergreen fund shares during the period of January 2001 to December 2003 and (ii) provided non-cash compensation by sponsoring offsite meetings attended by Wachovia Securities, LLC brokers during that period. EIS is cooperating with the NASD staff in its review of these matters.
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.
11. SUBSEQUENT DISTRIBUTIONS
On December 15, 2005, the Funds declared distributions from net investment income to shareholders of record on December 14, 2005. The per share amounts payable on December 16, 2005 were as follows:
| Net Investment | ||||
| Income – Class I | ||||
| Market Index Fund | $ | 0.3201 | ||
| Market Index Growth Fund | 0.1488 | |||
| Market Index Value Fund | 0.3358 | |||
These distributions are not reflected in the accompanying financial statements.
ADDITIONAL INFORMATION (unaudited)
INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE MARKET INDEX FUND’S INVESTMENT ADVISORY AGREEMENT
Each year, the Fund’s Board of Trustees is required to consider whether to continue in place the Fund’s investment advisory agreement. In September 2005, the Trustees, including a majority of the Trustees who are not interested persons (as that term is defined in the 1940 Act) of the Fund or of EIMC, approved the continuation of the Fund’s investment advisory agreement.
At the same time, the Trustees considered the continuation of the investment advisory agreements for all of the Evergreen funds, and the description below refers in many cases to the Trustees’ process and conclusions in connection with their consideration of this matter for all of the Evergreen funds. In all of its deliberations, the Board of Trustees and the disinterested Trustees were advised by independent counsel to the disinterested Trustees and counsel to the Evergreen funds.
The review process. The 1940 Act requires that the Board of Trustees request and evaluate, and that EIMC furnish, such information as may reasonably be necessary to evaluate the terms of the Fund’s advisory agreement. The review process began formally in spring 2005, when a committee of the Board (the “Committee”), working with EIMC management, determined generally the types of information the Board would review and set a timeline for the review process. In late spring, counsel to the disinterested Trustees sent to EIMC a formal request for information to be furnished to the Trustees. In addition, the independent data provider Lipper Inc. (“Lipper”) was engaged to provide fund-specific and industry-wide data to the Board containing information of a nature and in a format generally prescribed by the Committee.
The Trustees reviewed EIMC’s responses to the request for information, with the assistance of counsel for the disinterested Trustees and for the Evergreen funds and an independent industry consultant retained by the disinterested Trustees, and requested and received additional information following that review. The Committee met in person with the representatives of EIMC in early September. At a meeting of the full Board of Trustees later in September, the Committee reported the results of its discussions with EIMC, and the full Board met with representatives of EIMC, engaged in further review of the materials provided to them, and approved the continuation of each of the advisory and sub-advisory agreements.
The disinterested Trustees discussed the continuation of the Fund’s advisory agreement with representatives of EIMC and in multiple private sessions with legal counsel at which no personnel of EIMC were present. In considering the continuation of the agreement, the Trustees did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Trustees evaluated information provided to them both in terms of the Evergreen mutual funds generally and with respect to the Fund specifically as they considered appropriate; although the Trustees considered the continuation of the agreement as part of the larger process of considering the continuation of the advisory contracts for all of the Evergreen funds, their determination to continue the advisory agreement for each of the Evergreen funds was ultimately made on a fund-by-fund basis.
This summary describes the most important, but not necessarily all, of the factors considered by the Board and the disinterested Trustees.
Information reviewed. The Board of Trustees and committees of the Board of Trustees meet periodically during the course of the year. At those meetings, the Board receives a wide variety of information regarding the services performed by EIMC, the investment performance of the Fund and the other Evergreen funds, and other aspects of the business and operations of the funds. At those meetings, and in the process of considering the continuation of the agreements, the Trustees considered information regarding, for example, the Fund’s investment results; the portfolio management team for the Fund and the experience of the members of that team, and any recent changes in the membership of the team; portfolio trading practices; compliance by the Fund and EIMC with applicable laws and regulations and with the Fund’s and EIMC’s compliance policies and procedures; services provided by affiliates of EIMC to the Fund and shareholders of the Fund; and other information relating to the nature, extent, and quality of services provided by EIMC. The Trustees considered the rates at which the Fund pays investment advisory fees, the total expense ratio of the Fund, and the efforts generally by EIMC and its affiliates as sponsors of the Fund. The
ADDITIONAL INFORMATION (unaudited) continued
data provided by Lipper showed the fees paid by the Fund and the Fund’s total expense ratio in comparison to other similar mutual funds, in addition to data regarding the investment performance by the Fund in comparison to other similar mutual funds. The Trustees were assisted by the independent industry consultant in reviewing the information presented to them.
The Board also considered that EIS serves as administrator to the Fund and receives a fee for its services as administrator. In their comparison of the advisory fee paid by the Fund with those paid by other mutual funds, the Board took into account administrative fees paid by the Fund and those other mutual funds. The Board considered that affiliates of EIMC serve as transfer agent and distributor to the Fund and receive fees from the Fund for those services, and received information regarding recent reductions in the transfer agency fees paid by the Fund. They considered other so-called “fall-out” benefits to EIMC and its affiliates due to their other relationships with the Evergreen funds, including, for example, soft-dollar services received by EIMC attributable to transactions entered into by EIMC for the benefit of the Evergreen funds and brokerage commissions received by Wachovia Securities LLC, an affiliate of EIMC, from transactions effected by it for the Evergreen funds.
Nature and quality of the services provided. The Trustees considered that EIMC and its affiliates provide a comprehensive investment management service to the Fund. They noted that EIMC formulates and implements an investment program for the Fund. They noted that EIMC makes its personnel available to serve as officers of the Evergreen funds, and concluded that the reporting and management functions provided by EIMC with respect to the Fund and the Evergreen funds overall were generally satisfactory. The Trustees considered the investment philosophy of the Fund’s portfolio management team, and considered the in-house research capabilities of EIMC and its affiliates, as well as other resources available to EIMC, including research services available to it from third parties. The Board considered the managerial and financial resources available to EIMC, and the commitment that the Wachovia organization has made to the Fund and the Evergreen funds generally. On the basis of these factors, they determined that the nature and scope of the services provided by EIMC were consistent with their duties under the investment advisory agreements and appropriate and consistent with the investment programs and best interests of the Fund.
The Trustees noted the commitment and resources EIMC and its affiliates have committed to the regulatory, compliance, accounting, tax and tax reporting, and shareholder servicing functions, and the number and quality of staff committed to those functions, which they concluded were appropriate and generally in line with EIMC’s responsibilities to the Fund and to the Evergreen funds generally. They noted that EIMC had enhanced a number of these functions in recent periods and continued to do so, in light of regulatory developments in the investment management and mutual fund industries generally and in light of regulatory matters involving EIMC and its affiliates. They concluded that those enhancements appeared generally appropriate, but considered that the enhancement process is an on-going one and determined to continue to monitor developments in these functions in coming periods for appropriateness and consistency with regulatory and industry developments. The Board and the disinterested Trustees concluded, within the context of their overall conclusions regarding the Fund’s advisory agreement, that they were satisfied with the nature, extent, and quality of the services provided by EIMC, including services provided by EIS under its administrative services agreement with the Fund.
Investment performance. The Trustees considered the investment performance of each of the Evergreen funds, both by comparison to other comparable mutual funds and to broad market indices. The Trustees emphasized that the continuation of the investment advisory agreement for an Evergreen fund should not be taken as any indication that the Trustees did not believe investment performance for any specific fund might not be improved, and they noted that they would continue to monitor closely the investment performance of the Evergreen funds going forward. Specifically with respect to the Fund, the Trustees noted that the Class I shares of the Fund performed in the first quintile over the recently completed one-year period.
Advisory and administrative fees. The Trustees recognized that EIMC does not seek to provide the lowest cost investment advisory service, but to provide a high quality, full-service investment management product at a reasonable price. They also noted that EIMC has generally attempted to make its investment advisory fees consistent with industry norms. The Trustees noted that, from the materials presented, it appeared that the combination of investment advisory and administrative fees of the Fund with respect to Class I shares was above the median of fees paid by comparable funds on a contractual basis, but were being reduced to zero (0.00) by a fee waiver implemented by EIMC. The Trustees also noted that EIMC has contractually agreed to waive its
ADDITIONAL INFORMATION (unaudited) continued
management fee and reimburse expenses until May 31, 2013, at a rate that is below the total expenses paid by comparable funds for the previous period.
The Trustees noted that EIMC does not provide services to other clients using the same investment strategy as it uses in managing the Fund.
Economies of scale. The Trustees noted that, although it was possible that economies of scale would be realized over time as the Fund grows, for the foreseeable future, the applicable fee waivers and expense limitations would likely result in the Fund enjoying benefits at least approximately equivalent to breakpoints in its advisory fee.
Profitability. The Trustees considered information provided to them regarding the profitability to the EIMC organization of the investment advisory, administration, and transfer agency fees paid to EIMC and its affiliates by each of the Evergreen funds. They considered that the information provided to them was necessarily estimated. They noted that the levels of profitability of the Evergreen funds to EIMC varied widely, depending on among other things the size and type of fund. They noted that all of the estimates provided to them were calculated on a pre-tax basis. They considered the profitability of the Evergreen funds in light of such factors as, for example, the information they had received regarding the relation of the fees paid by the Evergreen funds to those paid by other mutual funds, the investment performance of the Evergreen funds, and the amount of revenues involved. In light of these factors, the Trustees did not consider that the profitability of any of the Evergreen funds, individually or in the aggregate, was such as to prevent their approving the continuation of the agreements. In addition, the Trustees noted that, as a result of current waivers of the Fund’s entire advisory and administrative fees, it was unlikely EIMC was realizing any profit by managing the Fund.
In connection with their review of the Fund's investment advisory and administrative fees, the Trustees also considered the transfer agency fees paid by the Evergreen funds to an affiliate of EIMC. They reviewed information presented to them showing generally that the transfer agency fees charged to the Evergreen funds were generally consistent with industry norms, and that transfer agency fees for a number of Evergreen funds had recently declined, or were expected to in the near future.
ADDITIONAL INFORMATION (unaudited) continued
INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE MARKET INDEX GROWTH FUND’S INVESTMENT ADVISORY AGREEMENT
Each year, the Fund’s Board of Trustees is required to consider whether to continue in place the Fund’s investment advisory agreement. In September 2005, the Trustees, including a majority of the Trustees who are not interested persons (as that term is defined in the 1940 Act) of the Fund or of EIMC, approved the continuation of the Fund’s investment advisory agreement.
At the same time, the Trustees considered the continuation of the investment advisory agreements for all of the Evergreen funds, and the description below refers in many cases to the Trustees’ process and conclusions in connection with their consideration of this matter for all of the Evergreen funds. In all of its deliberations, the Board of Trustees and the disinterested Trustees were advised by independent counsel to the disinterested Trustees and counsel to the Evergreen funds.
The review process. The 1940 Act requires that the Board of Trustees request and evaluate, and that EIMC furnish, such information as may reasonably be necessary to evaluate the terms of the Fund’s advisory agreement. The review process began formally in spring 2005, when a committee of the Board (the “Committee”), working with EIMC management, determined generally the types of information the Board would review and set a timeline for the review process. In late spring, counsel to the disinterested Trustees sent to EIMC a formal request for information to be furnished to the Trustees. In addition, the independent data provider Lipper Inc. (“Lipper”) was engaged to provide fund-specific and industry-wide data to the Board containing information of a nature and in a format generally prescribed by the Committee.
The Trustees reviewed EIMC’s responses to the request for information, with the assistance of counsel for the disinterested Trustees and for the Evergreen funds and an independent industry consultant retained by the disinterested Trustees, and requested and received additional information following that review. The Committee met in person with the representatives of EIMC in early September. At a meeting of the full Board of Trustees later in September, the Committee reported the results of its discussions with EIMC, and the full Board met with representatives of EIMC, engaged in further review of the materials provided to them, and approved the continuation of each of the advisory and sub-advisory agreements.
The disinterested Trustees discussed the continuation of the Fund’s advisory agreement with representatives of EIMC and in multiple private sessions with legal counsel at which no personnel of EIMC were present. In considering the continuation of the agreement, the Trustees did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Trustees evaluated information provided to them both in terms of the Evergreen mutual funds generally and with respect to the Fund specifically as they considered appropriate; although the Trustees considered the continuation of the agreement as part of the larger process of considering the continuation of the advisory contracts for all of the Evergreen funds, their determination to continue the advisory agreement for each of the Evergreen funds was ultimately made on a fund-by-fund basis.
This summary describes the most important, but not necessarily all, of the factors considered by the Board and the disinterested Trustees.
Information reviewed. The Board of Trustees and committees of the Board of Trustees meet periodically during the course of the year. At those meetings, the Board receives a wide variety of information regarding the services performed by EIMC, the investment performance of the Fund and the other Evergreen funds, and other aspects of the business and operations of the funds. At those meetings, and in the process of considering the continuation of the agreements, the Trustees considered information regarding, for example, the Fund’s investment results; the portfolio management team for the Fund and the experience of the members of that team, and any recent changes in the membership of the team; portfolio trading practices; compliance by the Fund and EIMC with applicable laws and regulations and with the Fund’s and EIMC’s compliance policies and procedures; services provided by affiliates of EIMC to the Fund and shareholders of the Fund; and other information relating to the nature, extent, and quality of services provided by EIMC. The Trustees considered the rates at which the Fund pays investment advisory fees, the total expense ratio of the Fund, and the efforts generally by EIMC and its affiliates as sponsors of the Fund. The
ADDITIONAL INFORMATION (unaudited) continued
data provided by Lipper showed the fees paid by the Fund and the Fund’s total expense ratio in comparison to other similar mutual funds, in addition to data regarding the investment performance by the Fund in comparison to other similar mutual funds. The Trustees were assisted by the independent industry consultant in reviewing the information presented to them.
The Board also considered that EIS serves as administrator to the Fund and receives a fee for its services as administrator. In their comparison of the advisory fee paid by the Fund with those paid by other mutual funds, the Board took into account administrative fees paid by the Fund and those other mutual funds. The Board considered that affiliates of EIMC serve as transfer agent and distributor to the Fund and receive fees from the Fund for those services, and received information regarding recent reductions in the transfer agency fees paid by the Fund. They considered other so-called “fall-out” benefits to EIMC and its affiliates due to their other relationships with the Evergreen funds, including, for example, soft-dollar services received by EIMC attributable to transactions entered into by EIMC for the benefit of the Evergreen funds and brokerage commissions received by Wachovia Securities LLC, an affiliate of EIMC, from transactions effected by it for the Evergreen funds.
Nature and quality of the services provided. The Trustees considered that EIMC and its affiliates provide a comprehensive investment management service to the Fund. They noted that EIMC formulates and implements an investment program for the Fund. They noted that EIMC makes its personnel available to serve as officers of the Evergreen funds, and concluded that the reporting and management functions provided by EIMC with respect to the Fund and the Evergreen funds overall were generally satisfactory. The Trustees considered the investment philosophy of the Fund’s portfolio management team, and considered the in-house research capabilities of EIMC and its affiliates, as well as other resources available to EIMC, including research services available to it from third parties. The Board considered the managerial and financial resources available to EIMC, and the commitment that the Wachovia organization has made to the Fund and the Evergreen funds generally. On the basis of these factors, they determined that the nature and scope of the services provided by EIMC were consistent with their duties under the investment advisory agreements and appropriate and consistent with the investment programs and best interests of the Fund.
The Trustees noted the commitment and resources EIMC and its affiliates have committed to the regulatory, compliance, accounting, tax and tax reporting, and shareholder servicing functions, and the number and quality of staff committed to those functions, which they concluded were appropriate and generally in line with EIMC’s responsibilities to the Fund and to the Evergreen funds generally. They noted that EIMC had enhanced a number of these functions in recent periods and continued to do so, in light of regulatory developments in the investment management and mutual fund industries generally and in light of regulatory matters involving EIMC and its affiliates. They concluded that those enhancements appeared generally appropriate, but considered that the enhancement process is an on-going one and determined to continue to monitor developments in these functions in coming periods for appropriateness and consistency with regulatory and industry developments. The Board and the disinterested Trustees concluded, within the context of their overall conclusions regarding the Fund’s advisory agreement, that they were satisfied with the nature, extent, and quality of the services provided by EIMC, including services provided by EIS under its administrative services agreement with the Fund.
Investment performance. The Trustees considered the investment performance of each of the Evergreen funds, both by comparison to other comparable mutual funds and to broad market indices. The Trustees emphasized that the continuation of the investment advisory agreement for an Evergreen fund should not be taken as any indication that the Trustees did not believe investment performance for any specific fund might not be improved, and they noted that they would continue to monitor closely the investment performance of the Evergreen funds going forward. Specifically with respect to the Fund, the Trustees noted that the Class I shares of the Fund performed in the fifth quintile over the recently completed one-year period. The Trustees noted that the Fund had been in operation a relatively short period of time and determined to continue to review the Fund’s performance as it grows and matures.
Advisory and administrative fees. The Trustees recognized that EIMC does not seek to provide the lowest cost investment advisory service, but to provide a high quality, full-service investment management product at a reasonable price. They also noted that EIMC has generally attempted to make its investment advisory fees consistent with industry norms. The Trustees noted that, from the materials presented, it appeared that the combination of investment advisory and administrative fees of the Fund with respect to Class I shares was above the
ADDITIONAL INFORMATION (unaudited) continued
median of fees paid by comparable funds on a contractual basis, but were being reduced to zero (0.00) by a fee waiver implemented by EIMC. The Trustees also noted that EIMC has contractually agreed to waive its management fee and reimburse expenses until May 31, 2013, at a rate that is below the total expenses paid by comparable funds for the previous period.
The Trustees noted that EIMC does not provide services to other clients using the same investment strategy as it uses in managing the Fund.
Economies of scale. The Trustees noted that, although it was possible that economies of scale would be realized over time as the Fund grows, for the foreseeable future, the applicable fee waivers and expense limitations would likely result in the Fund enjoying benefits at least approximately equivalent to breakpoints in its advisory fee.
Profitability. The Trustees considered information provided to them regarding the profitability to the EIMC organization of the investment advisory, administration, and transfer agency fees paid to EIMC and its affiliates by each of the Evergreen funds. They considered that the information provided to them was necessarily estimated. They noted that the levels of profitability of the Evergreen funds to EIMC varied widely, depending on among other things the size and type of fund. They noted that all of the estimates provided to them were calculated on a pre-tax basis. They considered the profitability of the Evergreen funds in light of such factors as, for example, the information they had received regarding the relation of the fees paid by the Evergreen funds to those paid by other mutual funds, the investment performance of the Evergreen funds, and the amount of revenues involved. In light of these factors, the Trustees did not consider that the profitability of any of the Evergreen funds, individually or in the aggregate, was such as to prevent their approving the continuation of the agreements. In addition, the Trustees noted that, as a result of current waivers of the Fund’s entire advisory and administrative fees, it was unlikely EIMC was realizing any profit by managing the Fund.
In connection with their review of the Fund's investment advisory and administrative fees, the Trustees also considered the transfer agency fees paid by the Evergreen funds to an affiliate of EIMC. They reviewed information presented to them showing generally that the transfer agency fees charged to the Evergreen funds were generally consistent with industry norms, and that transfer agency fees for a number of Evergreen funds had recently declined, or were expected to in the near future.
ADDITIONAL INFORMATION (unaudited) continued
INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE MARKET INDEX VALUE FUND’S INVESTMENT ADVISORY AGREEMENT
Each year, the Fund’s Board of Trustees is required to consider whether to continue in place the Fund’s investment advisory agreement. In September 2005, the Trustees, including a majority of the Trustees who are not interested persons (as that term is defined in the 1940 Act) of the Fund or of EIMC, approved the continuation of the Fund’s investment advisory agreement.
At the same time, the Trustees considered the continuation of the investment advisory agreements for all of the Evergreen funds, and the description below refers in many cases to the Trustees’ process and conclusions in connection with their consideration of this matter for all of the Evergreen funds. In all of its deliberations, the Board of Trustees and the disinterested Trustees were advised by independent counsel to the disinterested Trustees and counsel to the Evergreen funds.
The review process. The 1940 Act requires that the Board of Trustees request and evaluate, and that EIMC furnish, such information as may reasonably be necessary to evaluate the terms of the Fund’s advisory agreement. The review process began formally in spring 2005, when a committee of the Board (the “Committee”), working with EIMC management, determined generally the types of information the Board would review and set a timeline for the review process. In late spring, counsel to the disinterested Trustees sent to EIMC a formal request for information to be furnished to the Trustees. In addition, the independent data provider Lipper Inc. (“Lipper”) was engaged to provide fund-specific and industry-wide data to the Board containing information of a nature and in a format generally prescribed by the Committee.
The Trustees reviewed EIMC’s responses to the request for information, with the assistance of counsel for the disinterested Trustees and for the Evergreen funds and an independent industry consultant retained by the disinterested Trustees, and requested and received additional information following that review. The Committee met in person with the representatives of EIMC in early September. At a meeting of the full Board of Trustees later in September, the Committee reported the results of its discussions with EIMC, and the full Board met with representatives of EIMC, engaged in further review of the materials provided to them, and approved the continuation of each of the advisory and sub-advisory agreements.
The disinterested Trustees discussed the continuation of the Fund’s advisory agreement with representatives of EIMC and in multiple private sessions with legal counsel at which no personnel of EIMC were present. In considering the continuation of the agreement, the Trustees did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors. The Trustees evaluated information provided to them both in terms of the Evergreen mutual funds generally and with respect of to Fund specifically as they considered appropriate; although the Trustees considered the continuation of the agreement as part of the larger process of considering the continuation of the advisory contracts for all of the Evergreen funds, their determination to continue the advisory agreement for each of the Evergreen funds was ultimately made on a fund-by-fund basis.
This summary describes the most important, but not necessarily all, of the factors considered by the Board and the disinterested Trustees.
Information reviewed. The Board of Trustees and committees of the Board of Trustees meet periodically during the course of the year. At those meetings, the Board receives a wide variety of information regarding the services performed by EIMC, the investment performance of the Fund and the other Evergreen funds, and other aspects of the business and operations of the funds. At those meetings, and in the process of considering the continuation of the agreements, the Trustees considered information regarding, for example, the Fund’s investment results; the portfolio management team for the Fund and the experience of the members of that team, and any recent changes in the membership of the team; portfolio trading practices; compliance by the Fund and EIMC with applicable laws and regulations and with the Fund’s and EIMC’s compliance policies and procedures; services provided by affiliates of EIMC to the Fund and shareholders of the Fund; and other information relating to the nature, extent, and quality of services provided by EIMC. The Trustees considered the rates at which the Fund pays investment advisory fees, the total expense ratio of the Fund, and the efforts generally by EIMC and its affiliates as sponsors of the Fund. The
ADDITIONAL INFORMATION (unaudited) continued
data provided by Lipper showed the fees paid by the Fund and the Fund’s total expense ratio in comparison to other similar mutual funds, in addition to data regarding the investment performance by the Fund in comparison to other similar mutual funds. The Trustees were assisted by the independent industry consultant in reviewing the information presented to them.
The Board also considered that EIS serves as administrator to the Fund and receives a fee for its services as administrator. In their comparison of the advisory fee paid by the Fund with those paid by other mutual funds, the Board took into account administrative fees paid by the Fund and those other mutual funds. The Board considered that affiliates of EIMC serve as transfer agent and distributor to the Fund and receive fees from the Fund for those services, and received information regarding recent reductions in the transfer agency fees paid by the Fund. They considered other so-called “fall-out” benefits to EIMC and its affiliates due to their other relationships with the Evergreen funds, including, for example, soft-dollar services received by EIMC attributable to transactions entered into by EIMC for the benefit of the Evergreen funds and brokerage commissions received by Wachovia Securities LLC, an affiliate of EIMC, from transactions effected by it for the Evergreen funds.
Nature and quality of the services provided. The Trustees considered that EIMC and its affiliates provide a comprehensive investment management service to the Fund. They noted that EIMC formulates and implements an investment program for the Fund. They noted that EIMC makes its personnel available to serve as officers of the Evergreen funds, and concluded that the reporting and management functions provided by EIMC with respect to the Fund and the Evergreen funds overall were generally satisfactory. The Trustees considered the investment philosophy of the Fund’s portfolio management team, and considered the in-house research capabilities of EIMC and its affiliates, as well as other resources available to EIMC, including research services available to it from third parties. The Board considered the managerial and financial resources available to EIMC, and the commitment that the Wachovia organization has made to the Fund and the Evergreen funds generally. On the basis of these factors, they determined that the nature and scope of the services provided by EIMC were consistent with their duties under the investment advisory agreements and appropriate and consistent with the investment programs and best interests of the Fund.
The Trustees noted the commitment and resources EIMC and its affiliates have committed to the regulatory, compliance, accounting, tax and tax reporting, and shareholder servicing functions, and the number and quality of staff committed to those functions, which they concluded were appropriate and generally in line with EIMC’s responsibilities to the Fund and to the Evergreen funds generally. They noted that EIMC had enhanced a number of these functions in recent periods and continued to do so, in light of regulatory developments in the investment management and mutual fund industries generally and in light of regulatory matters involving EIMC and its affiliates. They concluded that those enhancements appeared generally appropriate, but considered that the enhancement process is an on-going one and determined to continue to monitor developments in these functions in coming periods for appropriateness and consistency with regulatory and industry developments. The Board and the disinterested Trustees concluded, within the context of their overall conclusions regarding the Fund’s advisory agreement, that they were satisfied with the nature, extent, and quality of the services provided by EIMC, including services provided by EIS under its administrative services agreement with the Fund.
Investment performance. The Trustees considered the investment performance of each of the Evergreen funds, both by comparison to other comparable mutual funds and to broad market indices. The Trustees emphasized that the continuation of the investment advisory agreement for an Evergreen fund should not be taken as any indication that the Trustees did not believe investment performance for any specific fund might not be improved, and they noted that they would continue to monitor closely the investment performance of the Evergreen funds going forward. Specifically with respect to the Fund, the Trustees noted that the Class I shares of the Fund performed in the first quintile over the recently completed one-year period.
Advisory and administrative fees. The Trustees recognized that EIMC does not seek to provide the lowest cost investment advisory service, but to provide a high quality, full-service investment management product at a reasonable price. They also noted that EIMC has generally attempted to make its investment advisory fees consistent with industry norms. The Trustees noted that, from the materials presented, it appeared that the combination of investment advisory and administrative fees of the Fund with respect to Class I shares was above the median of fees paid by comparable funds on a contractual basis, but were being reduced to zero (0.00) by a fee waiver implemented by EIMC. The Trustees also noted that EIMC has contractually agreed to waive its
ADDITIONAL INFORMATION (unaudited) continued
management fee and reimburse expenses until May 31, 2013, at a rate that is below the total expenses paid by comparable funds for the previous period.
The Trustees noted that EIMC does not provide services to other clients using the same investment strategy as it uses in managing the Fund.
Economies of scale. The Trustees noted that, although it was possible that economies of scale would be realized over time as the Fund grows, for the foreseeable future, the applicable fee waivers and expense limitations would likely result in the Fund enjoying benefits at least approximately equivalent to breakpoints in its advisory fee.
Profitability. The Trustees considered information provided to them regarding the profitability to the EIMC organization of the investment advisory, administration, and transfer agency fees paid to EIMC and its affiliates by each of the Evergreen funds. They considered that the information provided to them was necessarily estimated. They noted that the levels of profitability of the Evergreen funds to EIMC varied widely, depending on among other things the size and type of fund. They noted that all of the estimates provided to them were calculated on a pre-tax basis. They considered the profitability of the Evergreen funds in light of such factors as, for example, the information they had received regarding the relation of the fees paid by the Evergreen funds to those paid by other mutual funds, the investment performance of the Evergreen funds, and the amount of revenues involved. In light of these factors, the Trustees did not consider that the profitability of any of the Evergreen funds, individually or in the aggregate, was such as to prevent their approving the continuation of the agreements. In addition, the Trustees noted that, as a result of current waivers of the Fund’s entire advisory and administrative fees, it was unlikely EIMC was realizing any profit by managing the Fund.
In connection with their review of the Fund's investment advisory and administrative fees, the Trustees also considered the transfer agency fees paid by the Evergreen funds to an affiliate of EIMC. They reviewed information presented to them showing generally that the transfer agency fees charged to the Evergreen funds were generally consistent with industry norms, and that transfer agency fees for a number of Evergreen funds had recently declined, or were expected to in the near future.
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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 | Former 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 and Chairman, Branded Media Corporation (multi-media | |
| Trustee | branding company); Attorney, Law Offices of Michael S. Scofield; Former Director, Mentor | |
| DOB: 2/20/1943 | Income Fund, Inc.; 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 | ||
| Jeremy DePalma4 | Principal occupations: Vice President, Evergreen Investment Services, Inc.; Former Assistant Vice | |
| Treasurer | President, Evergreen Investment Services, Inc. | |
| DOB: 2/5/1974 | ||
| Term of office since: 2005 | ||
| 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/her death, resignation, retirement or removal from office. Each Trustee oversees 89 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.
575348 1/2006
Item 2 - Code of Ethics
Not required for this semi-annual filing.
Item 3 - Audit Committee Financial Expert
Not required for this semi-annual filing.
Items 4 – Principal Accountant Fees and Services
Not required for this semi-annual filing.
Items 5 – Audit Committee of Listed Registrants
Not applicable.
Item 6 – Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8 – Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10 – Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.
Item 11 - Controls and Procedures
(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) within 90 days of this filing and have concluded that the Registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) There has been no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonable likely to affect, the Registrant’s internal control over financial reporting .
Item 12 - Exhibits
File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
(b)(1) Separate certifications for the Registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as EX99.CERT.
(b)(2) Separate certifications for the Registrant's principal executive officer and principal financial officer, as required by Section 1350 of Title 18 of United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached as EX99.906CERT. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Evergreen Equity Trust
By: _______________________
Dennis H. Ferro,
Principal Executive Officer
Date: February 1, 2006
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: February 1, 2006
By: ________________________
Jeremy DePalma
Principal Financial Officer
Date: February 1, 2006