Evergreen - Prudential

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LETTER TO SHAREHOLDERS continued governors gave little indication that any reduction in short-term rates might be imminent. As confidence grew in the stamina of the economic expansion and the sustainability of corporate profit trends, domestic small-, mid- and large-cap stocks rallied in tandem, while value stocks generally retained a performance edge over growth stocks. In most foreign stock markets, returns were even higher than in the U.S. market, reflecting the more direct impact of robust growth throughout the world. In the domestic fixed income market, high-yield corporate bonds outperformed the investment-grade market, where investors focused on a flat-to-inverted yield curve which resulted in few opportunities to gain performance by extending duration. Against this backdrop, managers of Evergreen’s variable annuity funds implemented strategies for each of the funds, consistent with the asset class in which each fund invested. As always, we encourage investors to maintain diversified investment portfolios in pursuit of their long-term investment goals. 2
LETTER TO SHAREHOLDERS continued 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 statements 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. 3
Page 1 and 2: Evergreen VA BALANCED FUND Annual R
Page 3: LETTER TO SHAREHOLDERS February 200
Page 7 and 8: Notice to Shareholders: • The Fun
Page 9 and 10: PORTFOLIO MANAGER COMMENTARY The fu
Page 11 and 12: FINANCIAL HIGHLIGHTS (For a share o
Page 13 and 14: SCHEDULE OF INVESTMENTS December 31
Page 15 and 16: SCHEDULE OF INVESTMENTS continued D
Page 23 and 24: STATEMENT OF ASSETS AND LIABILITIES
Page 25 and 26: STATEMENTS OF CHANGES IN NET ASSETS
Page 27 and 28: NOTES TO FINANCIAL STATEMENTS conti
Page 33 and 34: REPORT OF INDEPENDENT REGISTERED PU
Page 35 and 36: ADDITIONAL INFORMATION (unaudited)
Page 41 and 42: This page left intentionally blank
Page 43 and 44: TRUSTEES AND OFFICERS continued Ric

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