EX-99.M 12B-1 PLAN 12 evtdistplanclassl.htm DISTRIBUTION PLAN - CLASS L

                                        DISTRIBUTION PLAN OF CLASS L SHARES

                                     THE EVERGREEN VARIABLE ANNUITY TRUST

                                                                             

SECTION 1.  The Evergreen Variable Annuity Trust (the "Trust") individually and/or on behalf of its series (each a "Fund") referred to in Exhibit A to this Rule 12b‑1 Plan of Distribution (the "Plan") may act as the distributor of securities which are issued in respect of the Fund's Class L shares ("Shares"), pursuant to Rule 12b‑1 under the Investment Company Act of 1940 (the "1940 Act") according to the terms of this Plan.

 

SECTION 2.  The Trust on behalf of each Fund may expend daily amounts at an annual rate of 1.00% of the average daily net asset value of Class L shares ("Shares") of the Fund.  Such amounts may be expended to finance activity which is principally intended to result in the sale of Shares including, without limitation, expenditures consisting of payments to a principal underwriter of the Fund ("Principal Underwriter") or others in order (i) to make payments to the Principal Underwriter or others of sales commissions, other fees or other compensation for services provided or to be provided, to enable payments to be made by the Principal Underwriter or others for any activity primarily intended to result in the sale of Shares, to pay interest expenses associated with payments in connection with the sale of Shares and to pay any expenses of financing permitted by this clause (i); (ii) to enable the Principal Underwriter or others to receive, pay or to have paid to others who have sold Shares, or who provide services to holders of Shares, a service fee, maintenance or other fee in respect of such services, at such intervals as the Principal Underwriter or such others may determine, in respect of Shares previously sold and remaining outstanding during the period in respect of which such fee is or has been paid; and/or (iii) to compensate the Principal Underwriter or others for efforts (including without limitation any financing of payments under (i) and (ii) for the sale of shares) in respect of sales of Shares since inception of the Plan or any predecessor plan.  Appropriate adjustments shall be made to the payments made pursuant to this Section 2 to the extent necessary to ensure that no payment is made by the Trust on behalf of any Fund with respect to the Class in excess of the applicable limit imposed on asset based, front end and deferred sales charges under subsection (d) of Rule 2830 of the Business Conduct Rules of the National Association of Securities Dealers Regulation, Inc.  (The "NASDR").  In addition, to the extent any amounts paid hereunder fall within the definition of an "asset based sales charge" under said NASDR Rule such payments shall be limited to 0.75 of 1% of the aggregate net asset value of the Shares on an annual basis and, to the extent that any such payments are made in respect of "shareholder services" as that term is defined in the NASDR Rule, such payments shall be limited to .25 of 1% of the aggregate net asset value of the Shares on an annual basis and shall only be made in respect of shareholder services rendered during the period in which such amounts are accrued.

 

SECTION 3.  This Plan shall not take effect until it has been approved together with any related agreements by votes of a majority of both (a) the Board of Trustees of the Trust and (b) those Trustees of the Trust who are not "interested persons" of the Trust (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operation of this Plan or any agreements of the Fund or any other person related to this Plan ("Rule 12b‑1 Trustees"), cast in person at a meeting called for the purpose of voting on this Plan or such agreements.

 


SECTION 4.  Unless sooner terminated pursuant to Section 6, this Plan shall continue in effect for a period of one year from the date it takes effect and thereafter shall continue in effect so long as such continuance is specifically approved at least annually in the manner provided for approval of this Plan in Section 3.

 

SECTION 5.  Any person authorized to direct the disposition of monies paid or payable by the Trust on behalf of each Fund pursuant to this Plan or any related agreement shall provide to the Trust's Board of Trustees and the Board shall review at least quarterly a written report of the amounts so expended and the purposes for which such expenditures were made.

 

SECTION 6.  This Plan may be terminated at any time with respect to any Fund by vote of a majority of the Rule 12b‑1 Trustees or by vote of a majority of such Fund's outstanding Shares.

 

SECTION 7.  Any agreement of the Fund related to this Plan shall be in writing and shall provide:

 

(a)        that such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of the Rule 12b‑1 Trustees or by a vote of a majority of such Fund's outstanding Shares on not more than sixty days written notice to any other party to the agreement; and

 

(b)        that such agreement shall terminate automatically in the event of its assignment.

 

SECTION 8.  This Plan may not be amended to increase materially the amount of distribution expenses provided for in Section 2 hereof unless such amendment is approved by a vote of at least a majority (as defined in the 1940 Act) of each Fund's outstanding Shares, and no material amendment to this Plan shall be made unless approved in the manner provided for in Section 3 hereof.

 

 


As of June 1, 2007

 

EXHIBIT A

 

 

EVERGREEN VARIABLE ANNUITY TRUST

 

Evergreen VA Balanced Fund

Evergreen VA Core Bond Fund

Evergreen VA Growth Fund

Evergreen VA Fundamental Large Cap Fund

Evergreen VA High Income Fund

Evergreen VA International Equity Fund

Evergreen VA Omega Fund

Evergreen VA Special Values Fund

Evergreen VA Diversified Income Builder Fund

(formerly Evergreen VA Strategic Income Fund)