Global Dividend Opportunity Fund
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22005

     Global Dividend Opportunity Fund
_____________________________________________________________
(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: October 31, 2007

Date of reporting period: October 31, 2007

Item 1 - Reports to Stockholders.



Evergreen Global Dividend Opportunity Fund



    table of contents 
1    LETTER TO SHAREHOLDERS 
4    FINANCIAL HIGHLIGHTS 
5    SCHEDULE OF INVESTMENTS 
10    STATEMENT OF ASSETS AND LIABILITIES 
11    STATEMENT OF OPERATIONS 
12    STATEMENT OF CHANGES IN NET ASSETS 
13    NOTES TO FINANCIAL STATEMENTS 
20    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
21    ADDITIONAL INFORMATION 
22    AUTOMATIC DIVIDEND REINVESTMENT PLAN 
24    TRUSTEES AND OFFICERS 

The fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q will be available on the SEC’s Web site at http://www.sec.gov. In addition, the fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330.

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

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

Evergreen InvestmentsSM is a service mark of Evergreen Investment Management Company, LLC.
Copyright 2007, Evergreen Investment Management Company, LLC.

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


LETTER TO SHAREHOLDERS

December 2007


Dennis H. Ferro
President and Chief
Executive Officer

Dear Shareholder:

We are pleased to provide the Annual Report for Evergreen Global Dividend Opportunity Fund for the period ended October 31, 2007.

Equity markets throughout the world delivered solid returns during the twelve-month period ended October 31, 2007, with stock values driven higher by the sustained, global economic and persistently improving corporate profitability. After producing very strong results in the first half of the twelve-month period, the markets became more volatile, however, as weakness in the U.S. housing industry led to rapidly deteriorating conditions in the subprime mortgage market, raising anxieties in credit markets throughout the globe and roiling equity markets. Stability was restored late in the twelve-month period, however, when the U.S. Federal Reserve Board (the “Fed”) and other major central banks intervened and injected additional liquidity into the capital markets. These actions restored confidence and equity markets regained their upward price momentum over the final two and a half months of the fiscal year.

Fixed income markets produced more modest but positive returns, despite increasing volatility in the final months related to the U.S. housing and mortgage markets. There was a general flight to quality in fixed income markets as investors sought out the highest-quality securities, especially U.S. Treasuries and other sovereign debt.

1


LETTER TO SHAREHOLDERS continued

Economies throughout the world continued to expand over the twelve-month period, propelled by explosive growth in China, India and other emerging markets, improving prospects in Europe and steady growth in the U.S. Among the major industrialized nations, only Japan’s economy exhibited any signs of sluggishness. Despite the problems in housing and subprime mortgages, the domestic economy continued to grow. Solid growth in exports and in business investment helped offset declining residential values, while steadily increasing employment levels and moderately rising wages increased prospects that healthy consumer spending patterns would be sustained. U.S. Gross Domestic Product grew at an annual rate of 4.9% in the third quarter of 2007 as personal spending climbed by 3% — twice the level of the second quarter of 2007, when the economy expanded at a brisk rate of 3.8% . Nevertheless the capital markets, influenced by the subprime and housing industry concerns, appeared increasingly volatile, leading the major central banks, including the Fed, to adjust their policies late in the fiscal period and begin injecting additional liquidity into the financial system.

Since the fund’s inception on March 28, 2007, the management team for Evergreen Global Dividend Opportunity Fund pursued a primary goal of a high level of current income, with a secondary objective of long-term growth in capital. This closed-end fund sought investments in the stocks of foreign and domestic companies with either above-average dividend yields or strong potential for improving dividends. To add to income potential, the fund also wrote call options on U.S. and foreign securities indexes.

2


LETTER TO SHAREHOLDERS continued

As always, we encourage investors to maintain diversified investment portfolios in pursuit of their long-term investment goals.

Please visit us at EvergreenInvestments.com for more information about our funds and other investment products available to you. From the Web site, you may also access details about daily fund prices, yields, dividend rates and fund facts about Evergreen closed-end funds. 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, regarding the firm’s recent settlement with the Securities and Exchange Commission (SEC) and prior settlement with the National Association of Securities Dealers (NASD).

3


FINANCIAL HIGHLIGHTS

(For a common share outstanding throughout the period)

    Year Ended 
    October 31, 20071 

Net asset value, beginning of period       $    19.102 

Income from investment operations         
Net investment income (loss)        1.31 
Net realized and unrealized gains or losses on investments        0.46 

Total from investment operations        1.77 

Distributions to common shareholders from         
Net investment income        (1.00) 

Offering costs charged to capital        (0.04) 

Net asset value, end of period       $    19.83 

Market value, end of period       $    17.29 

Total return based on market value3        (8.66%) 

Ratios and supplemental data         
Net assets of common shareholders, end of period (thousands)    $968,376 
Ratios to average net assets applicable to common shareholders         
    Expenses including waivers/reimbursements
        but excluding expense reductions
 
      1.22%4 
    Expenses excluding waivers/reimbursements
        and expense reductions
 
      1.22%4 
    Net investment income (loss)        11.79%4 
Portfolio turnover rate        102% 


1 For the period from March 28, 2007 (commencement of operations), to October 31, 2007.

2 Initial public offering price of $20.00 per share less underwriting discount of $0.90 per share.

3 Total return is calculated assuming a purchase of common stock on the first day and a sale on the last day of the period reported. Dividends and distributions, if any, are assumed for the purposes of these calculations to be reinvested at prices obtained under the Fund’s Automatic Dividend Reinvestment Plan. Total return does not reflect brokerage commissions or sales charges.

4 Annualized

See Notes to Financial Statements

4


SCHEDULE OF INVESTMENTS

October 31, 2007

            Country    Shares             Value 

 
COMMON STOCKS 89.3%                         
ENERGY 14.4%                         
Energy Equipment & Services  2.9%                     
Transocean, Inc. *            Cayman Islands    233,000    $    27,813,210 

Oil, Gas & Consumable Fuels  11.5%                     
Copano Energy, LLC            United States    991,000        38,361,610 
Enterprise Products Partners, LP            United States    51,000        1,631,490 
Martin Midstream Partners, LP            United States    150,000        5,655,000 
NuSTAR GP Holdings, LLC            United States    428,000        13,832,960 
Southwestern Energy Co. *            United States    900,000        46,557,000 
USEC, Inc. *            United States    125,000        1,100,000 
Williams Partners, LP            United States    100,000        4,575,000 

                        111,713,060 

FINANCIALS 0.1%                         
Real Estate Investment Trusts  0.1%                     
Dupont Fabros Technology, Inc. *            United States    57,603        1,237,312 

INDUSTRIALS 1.2%                         
Machinery 0.3%                         
RBC Bearings, Inc. *            United States    75,000        3,014,250 

Transportation Infrastructure  0.9%                     
Macquarie Infrastructure Co., LLC            United States    200,000        8,352,000 

INFORMATION TECHNOLOGY  1.0%                     
IT Services 1.0%                         
Maximus, Inc.            United States    210,000        10,063,200 

MATERIALS 0.7%                         
Chemicals 0.7%                         
Albemarle Corp.            United States    75,000        3,582,000 
Koppers Holdings, Inc.            United States    75,000        3,360,000 

                        6,942,000 

TELECOMMUNICATION SERVICES 17.9%                     
Diversified Telecommunication Services  8.1%                 
AT&T, Inc. (p)            United States    300,000        12,537,000 
BT Group plc            United Kingdom    1,500,000        10,198,111 
Elisa Oyj            Finland    1,062,075        31,557,719 
Shenandoah Telecommunications Co. +        United States    87,260        2,085,514 
Telecom Italia SpA            Italy    4,000,000        10,344,233 
Telstra Corp., ADR            Australia    3,000,000        8,903,567 
Verizon Communications, Inc.            United States    60,000        2,764,200 

                        78,390,344 


See Notes to Financial Statements

5


SCHEDULE OF INVESTMENTS continued

October 31, 2007

        Country     Shares        Value 

 
COMMON STOCKS continued                     
TELECOMMUNICATION SERVICES continued                     
Wireless Telecommunication Services 9.8%                     
Leap Wireless International, Inc. *        United States    169,000    $    12,051,390 
MetroPCS Communications, Inc. *        United States    174,000        3,915,000 
NII Holdings, Inc. *        United States    225,400        13,073,200 
Virgin Mobile USA, Inc., Class A *        United States    543,000        6,597,450 
Vodafone Group plc        United Kingdom    15,000,000        59,155,780 

                    94,792,820 

UTILITIES 54.0%                     
Electric Utilities 24.3%                     
Allegheny Energy, Inc. *        United States    129,500        7,855,470 
Drax Group plc        United Kingdom    2        21 
E.ON AG        Germany    125,000        24,407,956 
Edison International        United States    185,000        10,757,750 
Enel SpA        Italy    168,750        2,018,898 
Entergy Corp.        United States    195,000        23,374,650 
Exelon Corp.        United States    290,000        24,006,200 
FirstEnergy Corp. (p)        United States    650,000        45,305,000 
Maine & Maritimes Corp. *        United States    18,500        562,585 
Portland General Electric Co.        United States    350,000        9,852,500 
PPL Corp.        United States    78,400        4,053,280 
Red Electrica de Espana SA        Spain    550,000        30,888,906 
Scottish & Southern Energy plc        United Kingdom    1,500,000        48,635,950 
TERNA SpA        Italy    1,000,000        3,916,928 

                    235,636,094 

Gas Utilities 4.0%                     
Enagas SA        Spain    1,375,000        39,085,679 

Independent Power Producers & Energy Traders  4.8%                 
Calpine Corp. *        United States    4,729,900        7,189,448 
Constellation Energy Group, Inc. (p)        United States    325,000        30,777,500 
Dynegy, Inc., Class A *        United States    280,000        2,578,800 
Ormat Technologies, Inc.        United States    100,000        5,393,000 

                    45,938,748 

Multi-Utilities 16.3%                     
Avista Corp.        United States    101,900        2,246,895 
National Grid plc        United Kingdom    2,000,000        33,406,755 
Public Service Enterprise Group, Inc.        United States    300,000        28,680,000 
RWE AG        Germany    325,000        44,392,647 
SUEZ        France    750,000        48,875,117 

                    157,601,414 


See Notes to Financial Statements

6


SCHEDULE OF INVESTMENTS continued

October 31, 2007

        Country    Shares             Value 

 
COMMON STOCKS continued                 
UTILITIES continued                     
Water Utilities 4.6%                     
Kelda Group plc        United Kingdom    2,000,001    $    39,561,972 
Pennichuck Corp.        United States    59,200        1,523,808 
Pennon Group plc        United Kingdom    268,618        3,514,879 

                    44,600,659 

           Total Common Stocks (cost $812,239,996)                865,180,790 

PREFERRED STOCKS 4.6%                     
FINANCIALS 2.7%                     
Real Estate Investment Trusts  2.6%                 
Thornburg Mortgage, Inc., 7.50%        United States    1,590,800        25,516,432 

Thrifts & Mortgage Finance  0.1%                 
Freddie Mac, 5.00%        United States    9,000        371,250 

MATERIALS 0.0%                     
Metals & Mining 0.0%                     
Ryerson, Inc., Ser. A, 2.40% (h)       United States    5,012        172,914 

UTILITIES 1.9%                     
Electric Utilities 1.8%                     
Carolina Power & Light Co., 5.00%    United States    2,000        179,250 
Connecticut Light & Power Co., 2.20%    United States    36,625        1,481,023 
Consolidated Edison, Inc., 5.00%        United States    33,250        2,967,562 
Entergy Gulf States, Inc., 4.20%        United States    788        57,228 
Entergy Gulf States, Inc., 4.40%        United States    14,520        1,568,160 
Entergy Gulf States, Inc., 4.44%        United States    1,219        105,063 
Entergy Gulf States, Inc., 4.52%        United States    1,240        126,480 
Entergy Gulf States, Inc., 5.08%        United States    5,165        526,830 
Entergy Gulf States, Inc., 6.08%        United States    2,223        212,158 
Entergy Gulf States, Inc., 7.56%        United States    1,118        114,211 
Entergy Gulf States, Inc., Ser. A, Var. Rate Pfd.    United States    4,000        405,500 
Florida Power Corp., 4.60%        United States    10,900        963,287 
Indianapolis Power & Light Co., 4.20%    United States    20,000        1,835,000 
MidAmerican Energy Co., 4.35%        United States    13,017        1,101,564 
Pacific Enterprises, 4.40%        United States    10,300        861,660 
Pacific Gas & Electric Co., 4.80%        United States    185,600        3,846,560 
Peco Energy Co., 4.68%        United States    7,240        623,509 
South Carolina Electric & Gas Co., 5.00%    United States    2,000        89,500 
Southern California Edison Co., 4.78%    United States    30,000        633,750 
Southern California Edison Co., Ser. B, 4.08%    United States    2,200        41,547 

                    17,739,842 

Gas Utilities 0.1%                     
Public Service Electric & Gas Co., 5.28%    United States    5,900        550,175 

           Total Preferred Stocks (cost $58,757,177)                44,350,613 


See Notes to Financial Statements

7


SCHEDULE OF INVESTMENTS continued

October 31, 2007

                Country    Shares        Value 

CLOSED-END MUTUAL FUND SHARES 0.1%                     
Tortoise Energy Capital Corp.  (cost $700,700)        United States    22,000    $    594,880 

EXCHANGE TRADED FUND  0.8%                     
Genesis Energy, LP (cost $8,937,993)        United States    311,229        7,936,340 

Total Investments (cost $880,635,866) 94.8%                    918,062,623 

SECURITIES SOLD SHORT  (1.8%)                     
MATERIALS (0.3%)                             
Chemicals (0.3%)                             
Cabot Corp.                United States    80,000        (2,800,800) 

TELECOMMUNICATION SERVICES (0.5%)                     
Diversified Telecommunication Services (0.5%)                     
Manitoba Telecom Services, Inc.            Canada    100,000        (4,947,629) 

UTILITIES (1.0%)                             
Multi-Utilities (1.0%)                             
PNM Resources, Inc.                United States    200,000        (5,002,000) 
DTE Energy Co.                United States    100,000        (4,960,000) 

                            (9,962,000) 

           Total Securities Sold Short  (proceeds $16,716,355)                (17,710,429) 

Other Assets and Liabilities  7.0%                    68,023,530 

Net Assets Applicable to Common Shareholders  100.0%            $    968,375,724 


* Non-income producing security

+ Security is deemed illiquid and is valued using market quotations when readily available, unless otherwise noted.

(h) Security is valued at fair value as determined by the investment advisor in good faith, according to procedures approved by the Board of Trustees.

(p) All or a portion of this security is pledged as collateral for written call options.

Summary of Abbreviations

ADR    American Depository Receipt 

The following table shows the percent of total long-term investments by geographic location as of October 31, 2007:

United States    49.2% 
United Kingdom    21.2% 
Spain    7.6% 
Germany    7.5% 
France    5.3% 
Finland    3.4% 
Cayman Islands    3.0% 
Italy    1.8% 
Australia    1.0% 

    100.0%
   

See Notes to Financial Statements

8


SCHEDULE OF INVESTMENTS continued

October 31, 2007

The following table shows the percent of total long-term investments by industry as of October 31, 2007:

Electric Utilities    27.9% 
Multi-Utilities    16.9% 
Oil, Gas & Consumable Fuels    13.0% 
Wireless Telecommunication Services    10.3% 
Diversified Telecommunication Services    8.6% 
Independent Power Producers & Energy Traders    5.0% 
Water Utilities    4.9% 
Gas Utilities    4.3% 
Energy Equipment & Services    3.0% 
Real Estate Investment Trusts    2.9% 
IT Services    1.1% 
Transportation Infrastructure    0.9% 
Chemicals    0.8% 
Machinery    0.3% 
Mutual Funds    0.1% 

    100.0%
   

See Notes to Financial Statements

9


STATEMENT OF ASSETS AND LIABILITIES

October 31, 2007

Assets         
Investments in securities, at value (cost $880,635,866)    $    918,062,623 
Deposits for securities sold short        20,887,827 
Foreign currency, at value (cost $16,945,750)        17,457,756 
Receivable for securities sold        94,547,465 
Dividends and interest receivable        2,190,831 

   Total assets        1,053,146,502 

Liabilities         
Dividends payable applicable to common shareholders        24,422,422 
Payable for securities purchased        27,606,065 
Written options, at value (premiums received $2,034,385)        2,664,090 
Payable for securities sold short, at value (proceeds $16,716,355)        17,710,429 
Dividends payable on securities sold short        218,792 
Due to custodian bank        10,891,611 
Advisory fee payable        24,980 
Due to other related parties        1,315 
Offering costs payable        962,926 
Accrued expenses and other liabilities        268,148 

   Total liabilities        84,770,778 

Net assets applicable to common shareholders    $    968,375,724 

Net assets applicable to common shareholders represented by         
Paid-in capital    $    930,831,262 
Undistributed net investment income        15,354,015 
Accumulated net realized losses on investments        (14,206,793) 
Net unrealized gains on investments        36,397,240 

Net assets applicable to common shareholders    $    968,375,724 

Net asset value per share applicable to common shareholders         
   Based on $968,375,724 divided by 48,844,844 common shares issued and outstanding         
   (unlimited number of common shares authorized)    $    19.83 


See Notes to Financial Statements

10


STATEMENT OF OPERATIONS

Year Ended October 31, 2007 (a)

Investment income         
Dividends (net of foreign withholding taxes of $4,094,141)    $    68,610,662 
Income from affiliate        1,067,847 
Interest        451,000 

Total investment income        70,129,509 

Expenses         
Advisory fee        5,139,369 
Administrative services fee        270,493 
Transfer agent fees        22,092 
Trustees’ fees and expenses        12,126 
Dividends on securities sold short        218,792 
Printing and postage expenses        86,000 
Custodian and accounting fees        609,939 
Professional fees        57,289 

Other        197,074 

   Total expenses        6,613,174 
   Less: Expense reductions        (290,319) 

   Net expenses        6,322,855 

Net investment income        63,806,654 

Net realized and unrealized gains or losses on investments         
Net realized gains or losses on:         
   Securities        (16,002,859) 
   Foreign currency related transactions        297,403 
   Written options        1,796,066 

Net realized losses on investments        (13,909,390) 
Net change in unrealized gains or losses on investments        36,397,240 

Net realized and unrealized gains or losses on investments        22,487,850 

Net increase in net assets resulting from operations    $    86,294,504 


(a) For the period from March 28, 2007 (commencement of operations), to October 31, 2007.

See Notes to Financial Statements

11


STATEMENT OF CHANGES IN NET ASSETS

    Year Ended 
    October 31, 2007 (a) 

Operations         
Net investment income     $    63,806,654 
Net realized losses on investments        (13,909,390) 
Net change in unrealized gains or losses on investments        36,397,240 

Net increase in net assets resulting from operations        86,294,504 

Distributions to common shareholders from net investment income        (48,750,042) 

Capital share transactions         
Net asset value of common shares issued under the Automatic Dividend Reinvestment Plan        3,462,178 
Net proceeds from issuance of common shares        929,069,000 
Common share offering expenses charged to paid-in capital        (1,800,000) 

Net increase in net assets resulting from capital share transactions        930,731,178 

Total increase in net assets applicable to common shareholders        968,275,640 
Net assets applicable to common shareholders         
Beginning of period        100,084 

End of period     $    968,375,724 

Undistributed net investment income     $    15,354,015 


(a) For the period from March 28, 2007 (commencement of operations), to October 31, 2007.

See Notes to Financial Statements

12


NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION

Evergreen Global Dividend Opportunity Fund (the “Fund”) was organized as a statutory trust under the laws of the state of Delaware on December 21, 2006 and is registered as a diversified closed-end management investment company under the Investment Company Act of 1940, as amended. The primary investment objective of the Fund is to seek a high level of current income. The Fund’s secondary objective is long-term growth of capital.

2. SIGNIFICANT ACCOUNTING POLICIES

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

a. Valuation of investments

Listed equity securities are usually valued at the last sales price or official closing price on the national securities exchange where the securities are principally traded.

Foreign securities traded on an established exchange are valued at the last sales price on the exchange where the security is primarily traded. If there has been no sale, the securities are valued at the mean between bid and asked prices. Foreign securities may be valued at fair value according to procedures approved by the Board of Trustees if the closing price is not reflective of current market values due to trading or events occurring in the foreign markets between the close of the established exchange and the valuation time of the Fund. In addition, substantial changes in values in the U.S. markets subsequent to the close of a foreign market may also affect the values of securities traded in the foreign market. The value of foreign securities may be adjusted if such movements in the U.S. market exceed a specified threshold.

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

Investments in open-end mutual funds are valued at net asset value. Securities for which market quotations are not readily available or not reflective of current market value are valued at fair value as determined by the investment advisor in good faith, according to procedures approved by the Board of Trustees.

b. Repurchase agreements

Securities pledged as collateral for repurchase agreements are held by the custodian bank or in a segregated account in the Fund’s name until the agreements mature. Collateral for certain tri-party repurchase agreements is held at the counterparty’s custodian in a segregated account for the benefit of the Fund and the counterparty. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. However, in the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. The Fund will only enter into repurchase agreements with banks and

13


NOTES TO FINANCIAL STATEMENTS continued

other financial institutions, which are deemed by the investment advisor to be creditworthy pursuant to guidelines established by the Board of Trustees.

c. Foreign currency translation

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

d. Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on foreign currency related transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably.

e. Options

The Fund may write covered put or call options. When a Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options, which expire unexercised, are recognized as realized gains from investments on the expiration date. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

The Fund may also purchase call or put options. The premium is included in the Statement of Assets and Liabilities as an investment which is subsequently adjusted to the current market value of the option. Premiums paid for purchased options which expire are recognized as realized losses from investments on the expiration date. Premiums paid for purchased options which are exercised or closed are added to the amount paid or offset against the proceeds on the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid.

14


NOTES TO FINANCIAL STATEMENTS continued

f. Short sales

The Fund may sell a security it does not own in anticipation of a decline in the market value of that security (short sale). When the Fund makes a short sale, it must borrow the security sold short and deliver it to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. Any interest or dividends accrued on such borrowed securities during the period of the loan is recorded as an expense on the Statement of Operations. To borrow the security, the Fund may be required to pay a premium, which would decrease the proceeds of the security sold. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the closing of a short sale if the market price at the closing is less than or greater than, respectively, the proceeds originally received. Until the short sale is closed or the borrowed security is replaced, the Fund maintains a segregated account of cash or liquid securities, the dollar value of which is at least equal to the market value of the security at the time of the short sale.

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

h. Federal taxes

The Fund intends to qualify as a regulated investment company and distribute all of its taxable income, including any net capital gains. Accordingly, no provision for federal taxes is required.

i. 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.

Reclassifications have been made to the Fund’s components of net assets to reflect income and gains available for distribution (or available capital loss carryovers, as applicable) under income tax regulations. The primary permanent differences causing such reclassifications are due to net realized foreign currency gains or losses. During the period ended October 31, 2007, the following amounts were reclassified:


Undistributed net investment income    $ 297,403 
Accumulated net realized losses on investments    (297,403) 


15


NOTES TO FINANCIAL STATEMENTS continued

3. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Evergreen Investment Management Company, LLC (“EIMC”), an indirect, wholly-owned subsidiary of Wachovia Corporation (“Wachovia”), is the investment advisor to the Fund and is paid an annual fee of 0.95% of the Fund’s average daily total assets. Total assets consist of the net assets of the Fund plus borrowings, reverse repurchase agreements, dollar rolls or the issuance of debt securities to the extent excluded in calculating net assets.

Crow Point Partners, LLC is the investment sub-advisor to the Fund and is paid by EIMC for its services to the Fund.

The Fund may invest in money market funds which are advised by EIMC. Income earned on these investments is included in income from affiliate on the Statement of Operations.

Evergreen Investment Services, Inc. (“EIS”), an indirect, wholly-owned subsidiary of Wachovia, is the administrator to the Fund. As administrator, EIS provides the Fund with facilities, equipment and personnel and is paid an annual administrative fee of 0.05% of the Fund’s average daily total assets.

The Fund has placed a portion of its portfolio transactions with brokerage firms that are affiliates of Wachovia. During the period ended October 31, 2007, the Fund paid brokerage commissions of $34,955 to Wachovia Securities, LLC.

4. CAPITAL SHARE TRANSACTIONS

The Fund has authorized an unlimited number of common shares with no par value. For the period from March 28, 2007 to October 31, 2007, the Fund issued 48,839,604 common shares.

5. INVESTMENT TRANSACTIONS

Cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were $1,847,635,087 and $984,850,025, respectively, for the period from March 28, 2007 to October 31, 2007.

During the period from March 28, 2007 to October 31, 2007, the Fund had written option activities as follows:

    Number of    Premiums 
    Contracts     Received 

Options outstanding at March 28, 2007    0    $ 0 
Options written    165,981    12,980,838 
Options expired    (114,587)     (8,762,513) 
Options closed    (21,729)     (2,183,940) 

Options outstanding October 31, 2007    29,665    $ 2,034,385 


16


NOTES TO FINANCIAL STATEMENTS continued

Open call options written at October 31, 2007 were as follows:

Expiration        Number of    Strike    Market    Premiums 
Date    Index/ETF    Contracts    Price     Value    Received 

11/15/2007    AMEX Airline                 
    Index    7,802    48 USD    $ 741,190    $ 714,663 
11/15/2007    Biotech HOLDRs                 
    Trust    2,001    189 USD    84,042    90,045 
11/15/2007    CAC 40 Index    433    6,046 EUR    115,817    60,481 
11/15/2007    Financial Select                 
    Sector SPDR    10,677    35 USD    487,202    338,781 
11/15/2007    iShares Russell                 
    2000 Value Index    4,677    79 USD    521,610    290,348 
11/15/2007    Retail HOLDRs                 
    Trust    3,636    103 USD    152,704    201,980 
11/15/2007    Russell 2000                 
    Index    439    834 USD    561,525    338,087 


On October 31, 2007, the aggregate cost of securities for federal income tax purposes was $882,972,235. The gross unrealized appreciation and depreciation on securities based on tax cost was $79,358,294 and $44,267,906, respectively, with a net unrealized appreciation of $35,090,388.

As of October 31, 2007, the Fund had $10,672,947 in capital loss carryovers for federal income tax purposes expiring in 2015.

6. DISTRIBUTIONS TO SHAREHOLDERS

As of October 31, 2007, the components of distributable earnings on a tax basis were as follows:

Undistributed    Unrealized    Capital Loss    Temporary Book/ 
Ordinary Income    Appreciation    Carryovers    Tax Differences 

$38,666,428    $33,975,855    $10,672,947    ($24,424,874) 


The differences between the components of distributable earnings on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales, forwards, options contracts and partnership investments. The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses.

The tax character of distributions paid for the period from March 28, 2007 to October 31, 2007 was $48,750,042 of ordinary income.

7. EXPENSE REDUCTIONS

Through expense offset arrangements with the Fund’s custodian, a portion of fund expenses has been reduced. The Fund received expense reductions in the amount of $290,319, which represents 0.05% of its average daily net assets.

17


NOTES TO FINANCIAL STATEMENTS continued

8. DEFERRED TRUSTEES’ FEES

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

9. CONCENTRATION OF RISK

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

10. REGULATORY MATTERS AND LEGAL PROCEEDINGS

Pursuant to an administrative order issued by the SEC on September 19, 2007, EIMC, EIS, Evergreen Service Company, LLC (collectively, the “Evergreen Entities”), Wachovia Securities, LLC and the SEC have entered into an agreement settling allegations of (i) improper short-term trading arrangements in effect prior to May 2003 involving former officers and employees of EIMC and certain broker-dealers, (ii) insufficient systems for monitoring exchanges and enforcing exchange limitations as stated in certain funds’ prospectuses, and (iii) inadequate e-mail retention practices. Under the settlement, the Evergreen Entities were censured and will pay approximately $32 million in disgorgement and penalties. This amount, along with a fine assessed by the SEC against Wachovia Securities, LLC will be distributed pursuant to a plan to be developed by an independent distribution consultant and approved by the SEC. The Evergreen Entities neither admitted nor denied the allegations and findings set forth in its settlement with the SEC.

EIS has entered into an agreement with the NASD (now known as the Financial Industry Regulatory Authority (“FINRA”)) settling allegations that EIS (i) arranged for Evergreen fund portfolio trades to be directed to 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, where the eligibility of a broker to attend the meetings depended upon the broker meeting certain sales targets of Evergreen fund shares. Pursuant to the settlement agreement, EIS has agreed to a censure and a fine of $4,200,000. EIS neither admitted nor denied the allegations and findings set forth in its agreement with the NASD.

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.

18


NOTES TO FINANCIAL STATEMENTS continued

Although EIMC believes that none of the matters discussed above 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 that they will not have other adverse consequences on the Evergreen funds.

11. NEW ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109 (“FIN 48”). FIN 48 supplements FASB 109 by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FIN 48 is effective for fiscal years beginning after December 15, 2006. The adoption of FIN 48 is not expected to have a material impact on the Fund’s financial statements. However, the conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from FASB, and on-going analysis of tax laws, regulations, and interpretations thereof.

In September 2006, FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 applies to fair value measurements already required or permitted by existing standards. The change to current generally accepted accounting principles from the application of FAS 157 relates to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management of the Fund does not believe the adoption of FAS 157 will materially impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years.

12. SUBSEQUENT DISTRIBUTION

On November 16, 2007, the Fund declared a distribution from net investment income of $0.50 per common share payable on January 2, 2008 to shareholders of record on December 17, 2007. This distribution is not reflected in the accompanying financial statements.

19


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Trustees and Shareholders

Evergreen Global Dividend Opportunity Fund

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Evergreen Global Dividend Opportunity Fund as of October 31, 2007 and the related statements of operations, changes in net assets, and financial highlights for the period from March 28, 2007 (commencement of operations) to October 31, 2007. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2007 by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Evergreen Global Dividend Opportunity Fund as of October 31, 2007, the results of its operations, changes in its net assets and financial highlights for the period described above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 27, 2007

20


ADDITIONAL INFORMATION (unaudited)

FEDERAL TAX DISTRIBUTIONS

For corporate shareholders, 11.26% of ordinary income dividends paid during the fiscal year ended October 31, 2007 qualified for the dividends received deduction.

With respect to dividends paid from investment company taxable income during the fiscal year ended October 31, 2007 the Fund designates 89.82% of ordinary income and any short-term capital gain distributions as Qualified Dividend Income in accordance with the Internal Revenue Code. Complete 2007 year-end tax information will be reported on your 2007 Form 1099-DIV, which shall be provided to you in early 2008.

Pursuant to Section 853 of the Internal Revenue Code, the Fund elects to pass through foreign taxes that have been withheld at the fund level to its shareholders so that they may take a foreign tax credit. For the period ended October 31, 2007, the total amount of foreign taxes expected to be passed through to shareholders was $4,094,141 on foreign source income of $72,673,559. Complete information regarding the Fund’s foreign tax credit pass through to shareholders for 2007 will be reported in conjunction with Form 1099-DIV.

21


AUTOMATIC DIVIDEND REINVESTMENT PLAN (unaudited)

All common shareholders are eligible to participate in the Automatic Dividend Reinvestment Plan (“the Plan”). Pursuant to the Plan, unless a common shareholder is ineligible or elects otherwise, all cash dividends and capital gains distributions are automatically reinvested by Computershare Trust Company, N.A., as agent for shareholders in administering the Plan (“Plan Agent”), in additional common shares of the Fund. Whenever the Fund declares an ordinary income dividend or a capital gain dividend (collectively referred to as “dividends”) payable either in shares or in cash, nonparticipants in the Plan will receive cash, and participants in the Plan will receive the equivalent in shares of common shares. The shares are acquired by the Plan Agent for the participant’s account, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common shares from the Fund (“newly issued common shares”) or (ii) by purchase of outstanding common shares on the open market (open-market purchases) on the New York Stock Exchange or elsewhere. If, on the payment date for any dividend or distribution, the net asset value per share of the common shares is equal to or less than the market price per common share plus estimated brokerage commissions (“market premium”), the Plan Agent will invest the amount of such dividend or distribution in newly issued shares on behalf of the participant. The number of newly issued common shares to be credited to the participant’s account will be determined by dividing the dollar amount of the dividend by the net asset value per share on the date the shares are issued, provided that the maximum discount from the then current market price per share on the date of issuance may not exceed 5%. If on the dividend payment date the net asset value per share is greater than the market value or market premium (“market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participant in open-market purchases. There will be no brokerage charges with respect to shares issued directly by the Fund as a result of dividends or capital gains distributions payable either in shares or in cash. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open-market purchases in connection with the reinvestment of dividends. The automatic reinvestment of dividends and distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends. All correspondence concerning the Plan should be directed to the Plan Agent at P.O. Box 43010, Providence, Rhode Island 02940-3010 or by calling 1-800-730-6001.

22


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23


TRUSTEES AND OFFICERS

TRUSTEES1     
Charles A. Austin III    Investment Counselor, Anchor Capital Advisors, LLC. (investment advice); Director, The Andover 
Trustee    Companies (insurance); Trustee, Arthritis Foundation of New England; Former Director, The 
DOB: 10/23/1934    Francis Ouimet Society (scholarship program); Former Director, Executive Vice President and 
Term of office since: 1991    Treasurer, State Street Research & Management Company (investment advice) 
Other directorships: None     

 
K. Dun Gifford    Chairman and President, Oldways Preservation and Exchange Trust (education); Trustee, 
Trustee    Treasurer and Chairman of the Finance Committee, Cambridge College 
DOB: 10/23/1938     
Term of office since: 1974     
Other directorships: None     

 
Dr. Leroy Keith, Jr.    Managing Director, Almanac Capital Management (commodities firm); Trustee, Phoenix 
Trustee    Fund Complex; Director, Diversapack Co. (packaging company); Former Partner, Stonington 
DOB: 2/14/1939    Partners, Inc. (private equity fund); Former Director, Obagi Medical Products Co.; Former 
Term of office since: 1983    Director, Lincoln Educational Services 
Other directorships: Trustee,     
Phoenix Fund Complex (consisting     
of 60 portfolios as of 12/31/2006)     

 
Gerald M. McDonnell    Manager of Commercial Operations, CMC Steel (steel producer) 
Trustee     
DOB: 7/14/1939     
Term of office since: 1988     
Other directorships: None     

 
Patricia B. Norris    President and Director of Buckleys of Kezar Lake, Inc. (real estate company); Former President 
Trustee    and Director of Phillips Pond Homes Association (home community); Former Partner, 
DOB: 4/9/1948    PricewaterhouseCoopers, LLP (independent registered public accounting firm) 
Term of office since: 2006     
Other directorships: None     

 
William Walt Pettit    Partner and Vice President, Kellam & Pettit, P.A. (law firm); Director, Superior Packaging Corp. 
Trustee    (packaging company); Member, Superior Land, LLC (real estate holding company), Member, 
DOB: 8/26/1955    K&P Development, LLC (real estate development); Former Director, National Kidney Foundation 
Term of office since: 1988    of North Carolina, Inc. (non-profit organization) 
Other directorships: None     

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

 
Dr. Russell A. Salton III    President/CEO, AccessOne MedCard, Inc.; Former Medical Director, Healthcare Resource 
Trustee    Associates, Inc. 
DOB: 6/2/1947     
Term of office since: 1984     
Other directorships: None     

 
Michael S. Scofield    Retired Attorney, Law Offices of Michael S. Scofield; Former Director and Chairman, Branded 
Trustee    Media Corporation (multi-media branding company) 
DOB: 2/20/1943     
Term of office since: 1984     
Other directorships: None     


24


TRUSTEES AND OFFICERS continued

Richard J. Shima    Independent Consultant; Director, Hartford Hospital; Trustee, Greater Hartford YMCA; Former 
Trustee    Director, Trust Company of CT; Former Director, Old State House Association; Former Trustee, 
DOB: 8/11/1939    Saint Joseph College (CT) 
Term of office since: 1993     
Other directorships: None     

 
Richard K. Wagoner, CFA2    Member and Former President, North Carolina Securities Traders Association; Member, Financial 
Trustee    Analysts Society 
DOB: 12/12/1937     
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     

 
Kasey Phillips4    Principal occupations: Senior Vice President, Evergreen Investment Services, Inc.; Former Vice 
Treasurer    President, Evergreen Investment Services, Inc.; Former Assistant Vice President, Evergreen 
DOB: 12/12/1970    Investment Services, Inc. 
Term of office since: 2005     

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

 
Robert Guerin4, 5    Principal occupations: Chief Compliance Officer, Evergreen Funds and Senior Vice President of 
Chief Compliance Officer    Evergreen Investments Co, Inc; Former Managing Director and Senior Compliance Officer, 
DOB: 9/20/1965    Babson Capital Management LLC; Former Principal and Director, Compliance and Risk 
Term of office since: 2007    Management, State Street Global Advisors; Former Vice President and Manager, Sales Practice 
    Compliance, Deutsche Asset Management. 

1 The Board of Trustees is classified into three classes of which one class is elected annually. Each Trustee serves a three-year term concurrent with the class from which the Trustee is elected. Each Trustee oversees 91 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.

5 Mr. Guerin’s information is as of June 14, 2007, the effective date of his approval by the Board of Trustees as Chief Compliance Officer of the Evergreen funds.

25



XXXXXX rv1 12/2007




Item 2 - Code of Ethics

(a) The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer.

(b) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in 2.(a) above.

(c) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in 2.(a) above.

Item 3 - Audit Committee Financial Expert

Charles A. Austin III and Patricia B. Norris have been determined by the Registrant's Board of Trustees to be audit committee financial experts within the meaning of Section 407 of the Sarbanes-Oxley Act. These financial experts are independent of management.

Items 4 – Principal Accountant Fees and Services

For the fiscal year ended October 31, 2007 the fund had no fees billed for services rendered by KPMG LLP.

Evergreen Funds
Evergreen Income Advantage Fund
Evergreen Managed Income Fund
Evergreen Utilities and High Income Fund
Evergreen International Balanced Income Fund
Evergreen Global Dividend Opportunity Fund

Audit and Non-Audit Services Pre-Approval Policy

I. Statement of Principles

Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Trustees/Directors is responsible for the appointment, compensation and oversight of the work of the independent auditor. As part of this responsibility, the Audit Committee is required to pre-approve the audit and non-audit services performed by the independent auditor in order to assure that they do not impair the auditor’s independence from the Funds. To implement these provisions of the Act, the Securities and Exchange Commission (the “SEC”) has issued rules specifying the types of services that an independent auditor may not provide to its audit client, as well as the audit committee’s administration of the engagement of the independent auditor. Accordingly, the Audit Committee has adopted, and the Board of Trustees/Directors has ratified, the Audit and Non-Audit Services Pre Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor may be pre-approved.

The SEC’s rules establish two different approaches to pre-approving services, which the SEC considers to be equally valid. Proposed services either: may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”); or require the specific pre-approval of the Audit Committee (“specified pre-approval”). The Audit Committee believes that the combination of these two approaches in this Policy will result in an effective and efficient procedure to pre-approve services performed by the independent auditor. As set forth in this Policy, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent auditor. Any proposed services exceeding pre-approved cost levels or budgeted amounts will also require specific pre-approval by the Audit Committee.

For both types of pre-approval, the Audit Committee will consider whether such services are consistent with the SEC’s rules on auditor independence. The Audit Committee will also consider whether the independent auditor is best positioned to provide the most effective and efficient service, for reasons such as its familiarity with the Funds’ business people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Funds’ ability to manage or control risk or improve audit quality. All such factors will be considered as a whole, and no one factor should necessarily be determinative.

The Audit Committee is also mindful of the relationship between fees for audit and non-audit services in deciding whether to pre-approve any such services and may determine, for each fiscal year, the ratio between the total amount of fees for Audit, Audit-related and Tax services and the total amount of fees for certain permissible non-audit services classified as All Other services.

The term of any general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee. The Audit Committee will add or subtract to the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of this Policy is to set forth the procedures by which the Audit Committee intends to fulfill its responsibilities. It does not delegate the Audit Committee’s responsibilities to pre-approve services performed by the independent auditor to management.

The independent auditor has reviewed this Policy and believes that implementation of the policy will not adversely affect the auditor’s independence.

II. Delegation

As provided in the Act and the SEC’s rules, the Audit Committee may delegate either type of pre-approval authority to one or more of its members. The member to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions of the Audit Committee at its next scheduled meeting.

III. Audit Services

The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. These other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control, and consultations relating to the audit. Audit services also include the attestation engagement for the independent auditor’s report on management’s report on internal controls for financial reporting. The Audit Committee will monitor the Audit services engagement as necessary, but no less than on a quarterly basis, and will also approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, Fund service providers or other items.

In addition to the annual Audit services engagement approved by the Audit Committee, the Audit Committee may grant general pre-approval to other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with mergers or acquisitions.

IV. Audit-related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Because the Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor and is consistent with SEC’s rules on auditor independence, the Audit Committee may grant general pre-approval to Audit-related services. Audit-related services include, among others, due diligence services pertaining to potential business acquisitions/dispositions; accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures related to accounting records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements.

V. Tax Services

The Audit Committee believes that the independent auditor can provide Tax services to the Funds such as tax compliance, tax planning and tax advice without impairing the auditor’s independence, and the SEC has stated that the independent auditor may provide such services. Hence, the Audit Committee believes it may grant general pre-approval to those Tax services that have historically been provided by the auditor, that the Audit Committee has reviewed and believes would not impair the independence of the auditor, and that are consistent with the SEC’s rules on auditor independence. The Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Director of Fund Administration, the Vice President of Tax Services or outside counsel to determine that the tax planning and reporting positions are consistent with this policy.

All Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee, including: tax services proposed to be provide by the independent auditor to any executive officer or director of the Funds, in his or her individual capacity, where such services are paid for by the Funds or the investment advisor.

VI. All Other Services

The Audit Committee believes, based on the SEC’s rules prohibiting the independent auditor from providing specific non-audit services, that other types of non-audit services are permitted. Accordingly, the Audit Committee believes it may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, would not impair the independence of the auditor and are consistent with the SEC’s rules on auditor independence.

The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of the SEC’s prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.

VII. Pre-Approval Fee Levels or Budgeted Amounts

Pre-approval fee levels or budgeted amounts for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee is mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services. For each fiscal year, the Audit Committee may determine to ratio between the total amount of fees for Audit, Audit-related and Tax services, and the total amount of fees for services classified as All Other services.

VIII. Procedures

All requests or applications for services to be provided by the independent auditor that do not require specific approval by the Audit Committee will be submitted to the Director of Fund Administration or Assistant Director of Fund Administration and must include a detailed description of the services to be rendered. The Director/Assistant Director of Fund Administration will determine whether such services are included within the list of services that have received the general pre-approval of the Audit Committee. The Audit Committee will be informed on a quarterly basis (or more frequent if requested by the audit committee) of any such services rendered by the independent auditor.

Request or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Director/Assistant Director of Fund Administration, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.

The Audit Committee has designated the Chief Compliance Officer to monitor the performance of all services provided by the independent auditor and to determine whether such services are in compliance with this policy. The Chief Compliance Officer will report to the Audit Committee on a periodic basis on the results of its monitoring. Both the Chief Compliance Officer and management will immediately report to the chairman of the Audit Committee any breach of this policy that comes to the attention of the Chief Compliance Officer or any member of management.

The Audit Committee will also review the internal auditor’s annual internal audit plan to determine that the plan provides for the monitoring of the independent auditor’s services.

IX. Additional Requirements

The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Funds, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Funds, the Funds’ investment advisor and related parties of the investment advisor, consistent with Independence Standards Board Standard No. 1, and discussing with the independent auditor its methods and procedures for ensuring independence.

Items 5 – Audit Committee of Listed Registrants

The Fund has a separately designated standing audit committee established in accordance with

Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee of the Fund is comprised of Russell A. Salton, III, Patricia B. Norris and the Chairman of the Committee, Charles A. Austin III, each of whom is an Independent Trustee.

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.

The Registrant has delegated the voting of proxies relating to its voting securities to its investment advisor, Evergreen Investment Management Company, LLC (the “Advisor”).

Proxy Voting Policy and Procedures

Evergreen Investment Management Company, LLC — February 1, 2007

Statement of Principles

Evergreen Investment Management Company (Evergreen) recognizes it has a fiduciary duty to vote proxies on behalf of clients who have delegated such responsibility to Evergreen, and that in all cases proxies should be voted in a manner reasonably believed to be in the clients' best interest.

Proxy Committee

Evergreen has established a proxy committee (Committee) which is a sub-committee of Evergreen's Investment Policy Committee. The Committee is responsible for approving Evergreen's proxy voting policies, procedures and guidelines, for overseeing the proxy voting process, and for reviewing proxy voting on a regular basis. The Committee will meet quarterly to review reports of all proxies voted for the prior period and to conduct other business as required.

Share Blocking

Evergreen does not vote global proxies, with share blocking restrictions, requiring shares to be prohibited from sale.

Conflicts of Interest

Evergreen recognizes that under certain circumstances it may have a conflict of interest in voting proxies on behalf of its clients. Such circumstances may include, but are not limited to, situations where Evergreen or one or more of its affiliates has a client or customer relationship with the issuer of the security that is the subject of the proxy vote.

In most cases, structural and informational barriers within Evergreen and Wachovia Corporation will prevent Evergreen from becoming aware of the relationship giving rise to the potential conflict of interest. In such circumstances, Evergreen will vote the proxy according to its standard guidelines and procedures described above.

If persons involved in proxy voting on behalf of Evergreen become aware of a potential conflict of interest, the Committee shall consult with Evergreen's Legal Department and consider whether to implement special procedures with respect to the voting of that proxy, including whether an independent third party should be retained to vote the proxy.

Concise Domestic Proxy Voting Guidelines

The following is a concise summary of the Evergreen Investments Management Company LLC proxy voting policy guidelines for 2007.

1. Auditors

Ratifying Auditors

Vote FOR proposals to ratify auditors, unless:

2. Board of Directors

Voting on Director Nominees in Uncontested Elections

Vote CASE-BY-CASE on director nominees, examining, but not limited to, the following factors:

WITHHOLD from individual directors who:

WITHHOLD from the entire board (except for new nominees, who should be considered on a CASE-BY-CASE basis) if:

WITHHOLD from inside directors and affiliated outside directors when:

WITHHOLD from the members of the Audit Committee if:

WITHHOLD from the members of the Compensation Committee if:

WITHHOLD from directors, individually or the entire board, for egregious actions or failure to replace management as appropriate.

Classification/Declassification of the Board

Vote AGAINST proposals to classify the board. Vote FOR proposals to repeal classified boards and to elect all directors annually.

Independent Chair (Separate Chair/CEO)

Generally vote FOR shareholder proposals requiring the position of chair be filled by an independent director unless there are compelling reasons to recommend against the proposal, such as a counterbalancing governance structure. This should include all of the following:

  o Presiding at all meetings of the board at which the chairman is not present, including
    executive sessions of the independent directors,
o Serving as liaison between the chairman and the independent directors,
o Approving information sent to the board,
o Approving meeting agendas for the board,
o Approves meetings schedules to assure that there is sufficient time for discussion of all
    agenda items,
o Having the authority to call meetings of the independent directors,
o If requested by major shareholders, ensuring that he is available for consultation and
    direct communication;

Majority Vote Shareholder Proposals

Generally vote FOR precatory and binding resolutions requesting that the board change the company’s bylaws to stipulate that directors need to be elected with an affirmative majority of votes cast, provided it does not conflict with the state law where the company is incorporated. Binding resolutions need to allow for a carve-out for a plurality vote standard when there are more nominees than board seats. Companies are strongly encouraged to also adopt a post-election policy (also know as a director resignation policy) that will provide guidelines so that the company will promptly address the situation of a holdover director.

3. Proxy Contests

Voting for Director Nominees in Contested Elections

Vote CASE-BY-CASE on the election of directors in contested elections, considering the following factors:

Reimbursing Proxy Solicitation Expenses

Vote CASE-BY-CASE on proposals to reimburse proxy solicitation expenses. When voting in conjunction with support of a dissident slate, vote FOR the reimbursement of all appropriate proxy solicitation expenses associated with the election.

4. Takeover Defenses

Poison Pills

Vote FOR shareholder proposals requesting that the company submit its poison pill to a shareholder vote or redeem it UNLESS the company has: (1) A shareholder approved poison pill in place; or (2) The company has adopted a policy concerning the adoption of a pill in the future specifying that the board will only adopt a shareholder rights plan if either:

Vote FOR shareholder proposals calling for poison pills to be put to a vote within a time period of less than one year after adoption. If the company has no non-shareholder approved poison pill in place and has adopted a policy with the provisions outlined above, vote AGAINST the proposal. If these conditions are not met, vote FOR the proposal, but with the caveat that a vote within twelve months would be considered sufficient.

Vote CASE-by-CASE on management proposals on poison pill ratification, focusing on the features of the shareholder rights plan. Rights plans should contain the following attributes:

Supermajority Vote Requirements

Vote AGAINST proposals to require a supermajority shareholder vote.

Vote FOR proposals to lower supermajority vote requirements.

5. Mergers and Corporate Restructurings

For mergers and acquisitions, review and evaluate the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including:

6. State of Incorporation

Reincorporation Proposals

Vote CASE-BY-CASE on proposals to change a company's state of incorporation, taking into consideration both financial and corporate governance concerns, including the reasons for reincorporating, a comparison of the governance provisions, comparative economic benefits, and a comparison of the jurisdictional laws. Vote FOR reincorporation when the economic factors outweigh any neutral or negative governance changes.

7. Capital Structure

Common Stock Authorization

Vote CASE-BY-CASE on proposals to increase the number of shares of common stock authorized for issuance. Vote FOR proposals to approve increases beyond the allowable increase when a company's shares are in danger of being de-listed or if a company's ability to continue to operate as a going concern is uncertain. In addition, for capital requests less than or equal to 300 percent of the current authorized shares that marginally fail the calculated allowable cap (i.e., exceed the allowable cap by no more than 5 percent), on a CASE-BY-CASE basis, vote FOR the increase based on the company's performance and whether the company’s ongoing use of shares has shown prudence.

Issue Stock for Use with Rights Plan

Vote AGAINST proposals that increase authorized common stock for the explicit purpose of implementing a non-shareholder approved shareholder rights plan (poison pill).

Preferred Stock

Vote AGAINST proposals authorizing the creation of new classes of preferred stock with unspecified voting, conversion, dividend distribution, and other rights ("blank check" preferred stock). Vote AGAINST proposals to increase the number of blank check preferred stock authorized for issuance when no shares have been issued or reserved for a specific purpose.

Vote FOR proposals to create "de-clawed" blank check preferred stock (stock that cannot be used as a takeover defense). Vote FOR proposals to authorize preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and the terms of the preferred stock appear reasonable. Vote CASE-BY-CASE on proposals to increase the number of blank check preferred shares after analyzing the number of preferred shares available for issue given a company's industry and performance in terms of shareholder returns.

8. Executive and Director Compensation

Poor Pay Practices

WITHHOLD from compensation committee members, CEO, and potentially the entire board, if the company has poor compensation practices, such as:

Equity Compensation Plans

Vote CASE-BY-CASE on equity-based compensation plans. Vote AGAINST the plan if:

Director Compensation

Vote CASE-BY-CASE on compensation plans for non-employee directors, based on the cost of the plans against the company’s allowable cap. Vote for the plan if ALL of the following qualitative factors in the board’s compensation plan are met and disclosed in the proxy statement:

  o A minimum vesting of three years for stock options or restricted stock; or
o Deferred stock payable at the end of a three-year deferral period.

Employee Stock Purchase Plans--Qualified Plans

Vote CASE-BY-CASE on qualified employee stock purchase plans. Vote FOR plans if:

Employee Stock Purchase Plans--Non-Qualified Plans

Vote CASE-by-CASE on nonqualified employee stock purchase plans. Vote FOR plans with:

Options Backdating

In cases where a company has practiced options backdating, WITHHOLD on a CASE-BY-CASE basis from the members of the compensation committee, depending on the severity of the practices and the subsequent corrective actions on the part of the board. WITHHOLD from the compensation committee members who oversaw the questionable options grant practices or from current compensation committee members who fail to respond to the issue proactively, depending on several factors, including, but not limited to:

Severance Agreements for Executives/Golden Parachutes

Vote FOR shareholder proposals to require golden parachutes or executive severance agreements to be submitted for shareholder ratification, unless the proposal requires shareholder approval prior to entering into employment contracts. Vote on a CASE-BY-CASE basis on proposals to ratify or cancel golden parachutes. An acceptable parachute should include:

9. Corporate Responsibility

Animal Rights

Generally vote AGAINST proposals to phase out the use of animals in product testing unless:

Generally vote FOR proposals seeking a report on the company’s animal welfare standards.

Drug Pricing and Re-importation

Generally vote AGAINST proposals requesting that companies implement specific price restraints on pharmaceutical products unless the company fails to adhere to legislative guidelines or industry norms in its product pricing. Vote CASE-BY-CASE on proposals requesting that the company evaluate their product pricing considering:

Generally vote FOR proposals requesting that companies report on the financial and legal impact of their policies regarding prescription drug re-importation unless such information is already publicly disclosed. Generally vote AGAINST proposals requesting that companies adopt specific policies to encourage or constrain prescription drug re-importation.

Genetically Modified Foods

Vote AGAINST proposals asking companies to voluntarily label genetically engineered (GE) ingredients in their products or alternatively to provide interim labeling and eventually eliminate GE ingredients due to the costs and feasibility of labeling and/or phasing out the use of GE ingredients.

Tobacco

Most tobacco-related proposals (such as on second-hand smoke, advertising to youth and spin-offs of tobacco-related business) should be evaluated on a CASE-BY-CASE basis.

Toxic Chemicals

Generally vote FOR resolutions requesting that a company discloses its policies related to toxic chemicals. Vote CASE-BY-CASE on resolutions requesting that companies evaluate and disclose the potential financial and legal risks associated with utilizing certain chemicals. Generally vote AGAINST resolutions requiring that a company reformulate its products within a certain timeframe unless such actions are required by law in specific markets.

Arctic National Wildlife Refuge

Generally vote AGAINST request for reports outlining potential environmental damage from drilling in the Arctic National Wildlife Refuge (ANWR) unless:

Concentrated Area Feeding Operations (CAFOs)

Vote FOR resolutions requesting that companies report to shareholders on the risks and liabilities associated with CAFOs unless:

Global Warming and Kyoto Protocol Compliance

Generally vote FOR proposals requesting a report on greenhouse gas emissions from company operations and/or products unless this information is already publicly disclosed or such factors are not integral to the company’s line of business. Generally vote AGAINST proposals that call for reduction in greenhouse gas emissions by specified amounts or within a restrictive time frame unless the company lags industry standards and has been the subject of recent, significant fines or litigation resulting from greenhouse gas emissions.

Generally vote FOR resolutions requesting that companies outline their preparations to comply with standards established by Kyoto Protocol signatory markets unless:

Political Contributions

Vote CASE-BY-CASE on proposals to improve the disclosure of a company's political contributions considering: any recent significant controversy or litigation related to the company’s political contributions or governmental affairs; and the public availability of a policy on political contributions. Vote AGAINST proposals barring the company from making political contributions.

Link Executive Compensation to Social Performance

Vote CASE-BY-CASE on proposals to review ways of linking executive compensation to social factors, such as corporate downsizings, customer or employee satisfaction, community involvement, human rights, environmental performance, predatory lending, and executive/employee pay disparities.

Outsourcing/Offshoring

Vote CASE-BY-CASE on proposals calling for companies to report on the risks associated with outsourcing, considering: the risks associated with certain international markets; the utility of such a report; and the existence of a publicly available code of corporate conduct that applies to international operations.

Human Rights Reports

Vote CASE-BY-CASE on requests for reports detailing the company’s operations in a particular country and on proposals to implement certain human rights standards at company facilities or those of its suppliers and to commit to outside, independent monitoring.

10. Mutual Fund Proxies

Election of Directors

Vote CASE-BY-CASE on the election of directors and trustees, following the same guidelines for uncontested directors for public company shareholder meetings. However, mutual fund boards do not usually have compensation committees, so do not withhold for the lack of this committee.

Converting Closed-end Fund to Open-end Fund

Vote CASE-BY-CASE on conversion proposals, considering the following factors:

Establish Director Ownership Requirement

Generally vote AGAINST shareholder proposals that mandate a specific minimum amount of stock that directors must own in order to qualify as a director or to remain on the board.

Reimburse Shareholder for Expenses Incurred

Vote CASE-BY-CASE on shareholder proposals to reimburse proxy solicitation expenses. When supporting the dissidents, vote FOR the reimbursement of the solicitation expenses.

Concise Global Proxy Voting Guidelines

Following is a concise summary of general policies for voting global proxies. In addition, country- and market-specific policies, which are not captured below.

Financial Results/Director and Auditor Reports

Vote FOR approval of financial statements and director and auditor reports, unless:

Appointment of Auditors and Auditor Compensation

Vote FOR the reelection of auditors and proposals authorizing the board to fix auditor fees, unless:

Vote AGAINST the appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

Appointment of Internal Statutory Auditors

Vote FOR the appointment or reelection of statutory auditors, unless:

Allocation of Income

Vote FOR approval of the allocation of income, unless:

Stock (Scrip) Dividend Alternative

Vote FOR most stock (scrip) dividend proposals.

Vote AGAINST proposals that do not allow for a cash option unless management demonstrates that the cash option is harmful to shareholder value.

Amendments to Articles of Association

Vote amendments to the articles of association on a CASE-BY-CASE basis.

Change in Company Fiscal Term

Vote FOR resolutions to change a company's fiscal term unless a company's motivation for the change is to postpone its AGM.

Lower Disclosure Threshold for Stock Ownership

Vote AGAINST resolutions to lower the stock ownership disclosure threshold below five percent unless specific reasons exist to implement a lower threshold.

Amend Quorum Requirements

Vote proposals to amend quorum requirements for shareholder meetings on a CASE-BY-CASE basis.

Transact Other Business

Vote AGAINST other business when it appears as a voting item.

Director Elections

Vote FOR management nominees in the election of directors, unless:

Vote FOR individual nominees unless there are specific concerns about the individual, such as criminal wrongdoing or breach of fiduciary responsibilities.

Vote AGAINST shareholder nominees unless they demonstrate a clear ability to contribute positively to board deliberations.

Vote AGAINST individual directors if repeated absences at board meetings have not been explained (in countries where this information is disclosed).

Vote AGAINST labor representatives if they sit on either the audit or compensation committee, as they are not required to be on those committees.

Director Compensation

Vote FOR proposals to award cash fees to nonexecutive directors unless the amounts are excessive relative to other companies in the country or industry.

Vote nonexecutive director compensation proposals that include both cash and share-based components on a CASE-BY-CASE basis.

Vote proposals that bundle compensation for both nonexecutive and executive directors into a single resolution on a CASE-BY-CASE basis.

Vote AGAINST proposals to introduce retirement benefits for nonexecutive directors.

Discharge of Board and Management

Vote FOR discharge of the board and management, unless:

Vote AGAINST proposals to remove approval of discharge of board and management from the agenda.

Director, Officer, and Auditor Indemnification and Liability Provisions

Vote proposals seeking indemnification and liability protection for directors and officers on a CASE-BY-CASE basis.

Vote AGAINST proposals to indemnify auditors.

Board Structure

Vote FOR proposals to fix board size.

Vote AGAINST the introduction of classified boards and mandatory retirement ages for directors. Vote AGAINST proposals to alter board structure or size in the context of a fight for control of the company or the board.

Share Issuance Requests General Issuances

Vote FOR issuance requests with preemptive rights to a maximum of 100 percent over currently issued capital.

Vote FOR issuance requests without preemptive rights to a maximum of 20 percent of currently issued capital.

Specific Issuances

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

Increases in Authorized Capital

Vote FOR nonspecific proposals to increase authorized capital up to 100 percent over the current authorization unless the increase would leave the company with less than 30 percent of its new authorization outstanding.

Vote FOR specific proposals to increase authorized capital to any amount, unless:

Vote AGAINST proposals to adopt unlimited capital authorizations.

Reduction of Capital

Vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

Capital Structures

Vote FOR resolutions that seek to maintain or convert to a one share, one vote capital structure.

Vote AGAINST requests for the creation or continuation of dual class capital structures or the creation of new or additional supervoting shares.

Preferred Stock

Vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50 percent of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

Vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common shares that could be issued upon conversion meets established guidelines on equity issuance requests.

Vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

Vote proposals to increase blank check preferred authorizations on a CASE-BY-CASE basis.

Debt Issuance Requests

Vote nonconvertible debt issuance requests on a CASE-BY-CASE basis, with or without preemptive rights.

Vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets established guidelines on equity issuance requests.

Vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would adversely affect the rights of shareholders.

Pledging of Assets for Debt

Vote proposals to approve the pledging of assets for debt on a CASE-BY-CASE basis.

Increase in Borrowing Powers

Vote proposals to approve increases in a company's borrowing powers on a CASE-BY-CASE basis.

Share Repurchase Plans

Vote FOR share repurchase plans, unless:

Reissuance of Shares Repurchased

Vote FOR requests to reissue any repurchased shares unless there is clear evidence of abuse of this authority in the past.

Capitalization of Reserves for Bonus Issues/Increase In Par Value

Vote FOR requests to capitalize reserves for bonus issues of shares or to increase par value.

Reorganizations/Restructurings

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

Mergers and Acquisitions

Vote CASE-BY-CASE on mergers and acquisitions taking into account the following:

For every M&A analysis, we review publicly available information as of the date of the report and evaluates the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including:

Vote AGAINST if the companies do not provide sufficient information upon request to make an informed voting decision.

Mandatory Takeover Bid Waivers

Vote proposals to waive mandatory takeover bid requirements on a CASE-BY-CASE basis.

Reincorporation Proposals

Vote reincorporation proposals on a CASE-BY-CASE basis.

Expansion of Business Activities

Vote FOR resolutions to expand business activities unless the new business takes the company into risky areas.

Related-Party Transactions

Vote related-party transactions on a CASE-BY-CASE basis.

Compensation Plans

Vote compensation plans on a CASE-BY-CASE basis.

Antitakeover Mechanisms

Vote AGAINST all antitakeover proposals unless they are structured in such a way that they give shareholders the ultimate decision on any proposal or offer.

Shareholder Proposals

Vote all shareholder proposals on a CASE-BY-CASE basis.

Vote FOR proposals that would improve the company's corporate governance or business profile at a reasonable cost.

Vote AGAINST proposals that limit the company's business activities or capabilities or result in significant costs being incurred with little or no benefit.

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

Timothy P. O’Brien, CFA is a co-founder and principal at Crow Point. Prior to founding Crow Point, he was a Senior Portfolio Manager and Managing Director at EIMC.

Joseph Desantis is a Chief Investment Officer and Managing Director with Evergreen’s Fundamental Equity group. Prior to joining Evergreen in 2005, Joe served as a Managing Director and Head of Equities-Americas with Deutsche Asset Management in New York (2000-2005)

Tim Stevenson, CFA, CMT is a Managing Director and the Head of Evergreen’s Derivative and Alternative Strategies group. Tim has been with Evergreen or one of its predecessor firms since 1994. Prior to assuming his current responsibilities, Tim serves as the Head of the Special Equity Group (2002-2005), the Head of Quantitative Equity Strategies Group (2001-2002), the Head of Equity Investments for the Evergreen Institutional Asset Management Company (2000-2001) and as President and CIO of Meridian Investment Company, a wholly owned subsidiary of Evergreen (1999-2001). Additionally, he managed the First Union Market Neutral Trust, a hedge fund (1998-2000) and the Select Strategic Growth Fund (1994-1997).

Gary Li is a Director and Analyst with Evergreen’s Derivative and Alternative Strategies group. He has been with Evergreen since 2006. Previously, he served as a Director of Quantitative Research-Derivatives Trading with SunTrust CIB (2005-2006), as a Senior Quantitative Analyst with Evergreen Investments (2003-2005), as an Equity Derivative Analyst with First Union National Bank (1998-2002) and as a Senior Credit Analyst with Bank One (1996-1998)

David E. Phillips, CFA is a Director and Analyst with Evergreen’s Derivative and Alternative Strategies group. He has been with Evergreen since 2006. Previously, David served as the Head of Equities with Eastover Capital Management (2002-2005), as an Analyst with Evergreen Private Asset Management (1998-2002), as Assistant Director of Equities with Retirement Systems of Alabama (1997-1998) and as an Accounting Officer and Financial Analyst with Town North Bank (1994-1997).

Other Funds and Accounts Managed. The following table provides information about the registered investment companies and other pooled investment vehicles and accounts managed by the portfolio managers of the Fund as of the Fund’s most recent fiscal year ended October 31, 2007.

Portfolio Manager        (Assets in 
        thousands) 
Joseph DeSantis    Assets of registered investment companies managed     
 
    Evergreen International Balanced Income Fund    $262,092 
    Evergreen Global Dividend Opportunity Fund    968,795 
    TOTAL    $1,230,887 
    Those subject to performance fee    $961,118 
    Number of other pooled investment vehicles managed    0 
    Assets of other pooled investment vehicles managed    $0 
    Number of those subject to performance fee    0 
    Assets of those subject to performance fee    $0 
    Number of separate accounts managed    0 
    Assets of separate accounts managed    $0 
    Number of those subject to performance fee    0 
    Assets of those subject to performance fee    $0 
         
Portfolio Manager        (Assets in 
        thousands) 
Tim O’Brien    Assets of registered investment companies managed     
    Evergreen Utility and Telecommunications Fund*    $302,913 
    Evergreen Utilities and High Income Fund    712,001 
    Evergreen Global Dividend Opportunity Fund*    968,795 
    TOTAL    $1,983,709 
           Those subject to performance fee    $961,118 
    Number of other pooled investment vehicles managed    0 
           Assets of other pooled investment vehicles managed    $0 
             Number of those subject to performance fee    0 
           Assets of those subject to performance fee     $0 
    Number of separate accounts managed       0 
           Assets of separate accounts managed     $0 
           Number of those subject to performance fee       0 
           Assets of those subject to performance fee     $0 
    * Mr. O’Brien is not fully responsible for the management of the     
entire portfolios of the Evergreen Utilities & High Income Fund
and the Evergreen Global Dividend Opportunity Fund. As of
October 31, 2007, he was responsible only for approximately
    $1,166.9 million of the $1,271.7 million in assets in these funds.     
         
Portfolio Manager        (Assets in 
        thousands) 
Tim Stevenson    Assets of registered investment companies managed     
    Evergreen Global Dividend Opportunity Fund*    $968,795 
    TOTAL    $968,795 
    Those subject to performance fee    $961,118 
    Number of other pooled investment vehicles managed    0 
    Assets of other pooled investment vehicles managed    $0 
    Number of those subject to performance fee    0 
             Assets of those subject to performance fee    $0 
    Number of separate accounts managed    0 
    Assets of separate accounts managed    $0 
    Number of those subject to performance fee    0 
    Assets of those subject to performance fee    0 
    * Mr. Stevenson is not fully responsible for the management of the     
entire Evergreen Global Dividend Opportunity Fund. As of
    October 31, 2007, he was responsible only for approximately $7.7     
    million of the $968.8 million in assets in this fund.     
         
Portfolio Manager         
Gary Li    Assets of registered investment companies managed     
    Evergreen Global Dividend Opportunity Fund*    $968,795 
    TOTAL    $968,795 
    Those subject to performance fee    $961,118 
    Number of other pooled investment vehicles managed    0 
    Assets of other pooled investment vehicles managed    $0 
    Number of those subject to performance fee    0 
             Assets of those subject to performance fee    $0 
    Number of separate accounts managed    0 
    Assets of separate accounts managed    $0 
    Number of those subject to performance fee    0 
    Assets of those subject to performance fee    0 
    * Mr. Li is not fully responsible for the management of the entire     
    Evergreen Global Dividend Opportunity Fund. As of October 31,     
    2007, he was responsible only for approximately $7.7 million of     
    the $968.8 million in assets in this fund.     
 
Portfolio Manager         
David Philips    Assets of registered investment companies managed     
    Evergreen Global Dividend Opportunity Fund*    $968,795 
    TOTAL    $968,795 
    Those subject to performance fee    $961,118 
    Number of other pooled investment vehicles managed    0 
    Assets of other pooled investment vehicles managed    $0 
    Number of those subject to performance fee    0 
    Assets of those subject to performance fee    $0 
    Number of separate accounts managed    0 
    Assets of separate accounts managed    $0 
    Number of those subject to performance fee    0 
    Assets of those subject to performance fee    0 
* Mr. Philips is not fully responsible for the management of the
entire Evergreen Global Dividend Opportunity Fund. As of
    October 31, 2007, he was responsible only for approximately $7.7     
    million of the $968.8 million in assets in this fund.     

Conflicts of Interest. EIMC. Portfolio managers may experience certain conflicts of interest in managing the Funds’ investments, on the one hand, and the investments of other accounts, including other Evergreen funds, on the other. For example, if a portfolio manager identifies a limited investment opportunity, such as an initial public offering, that may be suitable for more than one Fund or other account, a Fund may not be able to take full advantage of that opportunity due to an allocation of that investment across all eligible funds and accounts. EIMC’s policies and procedures relating to the allocation of investment opportunities address these potential conflicts by limiting portfolio manager discretion and are intended to result in fair and equitable allocations among all products managed by that portfolio manager or team that might be eligible for a particular investment. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

The management of multiple Funds and other accounts may give rise to potential conflicts of interest, particularly if the Funds and accounts have different objectives, benchmarks and time horizons, as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. For example, in certain instances, a portfolio manager may take conflicting positions in a particular security for different accounts, by selling a security for one account and continuing to hold it for another account. In addition, the management of other accounts may require the portfolio manager to devote less than all of his or her time to a Fund, which may constitute a conflict with the interest of the Fund. EIMC seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline, such as investing in large capitalization equity securities. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest.

EIMC does not receive a performance fee for its management of the Funds, other than Evergreen Large Cap Equity Fund. EIMC and/or a portfolio manager may have an incentive to allocate favorable or limited opportunity investments or structure the timing of investments to favor accounts other than the Funds – for instance, those that pay a higher advisory fee and/or have a performance fee. The policies of EIMC, however, require that portfolio managers treat all accounts they manage equitably and fairly.

EIMC has a policy allowing it to aggregate sale and purchase orders of securities for all accounts with similar orders if, in EIMC’s reasonable judgment, such aggregation is reasonably likely to result generally in lower per-share brokerage commission costs. In such an event, each client may be charged or credited, as the case may be, the average transaction price of all securities purchased or sold in such transaction. As a result, however, the price may be less favorable to a client than it would be if similar transactions were not being executed concurrently for other accounts. In addition, in many instances, the purchase or sale of securities for accounts will be effected simultaneously with the purchase or sale of like securities for other accounts. Such transactions may be made at slightly different prices, due to the volume of securities purchased or sold. EIMC has also adopted policies and procedures in accordance with Rule 17a-7 under the 1940 Act relating to transfers effected without a broker-dealer between registered investment companies or a registered investment company client and another advisory client, to ensure compliance with the rule and fair and equitable treatment of both clients involved in such transactions.

Portfolio managers may also experience certain conflicts between their own personal interests and the interests of the accounts they manage, including the Funds. One potential conflict arises from the weighting methodology used in determining bonuses, as described below, which may give a portfolio manager an incentive to allocate a particular investment opportunity to a product that has a greater weighting in determining his or her bonus. Another potential conflict may arise if a portfolio manager were to have a larger personal investment in one fund than he or she does in another, giving the portfolio manager an incentive to allocate a particular investment opportunity to the fund in which he or she holds a larger stake. EIMC’s Code of Ethics addresses potential conflicts of interest that may arise in connection with a portfolio manager’s activities outside EIMC by prohibiting, without prior written approval from the Code of Ethics Compliance Officer, portfolio managers from participating in investment clubs and from providing investment advice to, or managing, any account or portfolio in which the portfolio manager does not have a beneficial interest and that is not a client of EIMC.

Conflicts of Interest. Crow Point. Crow Point manages other investment vehicles, including some that may have investment objectives and strategies similar to the Fund’s. The management of multiple funds and other accounts may require the portfolio manager to devote less than all of his or her time to the Fund, particularly if the other funds and accounts have different objectives, benchmarks and time horizons. The portfolio manager may also be required to allocate his or her investment ideas across multiple funds and accounts. In addition, if a portfolio manger identifies a limited investment opportunity, such as an initial public offering, that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that investment across all eligible funds and accounts. Further, security purchase and sale orders for multiple accounts often are aggregated for purpose of execution. Although such aggregation generally benefits clients, it may cause the price or brokerage costs to be less favorable to a particular client than if similar transactions were not being executed concurrently for other accounts. It may also happen that the Fund’s advisor or subadvisor will determine that it would be in the best interest, and consistent with the investment policies, of another account to sell a security (including by means of a short sale) that the Fund holds long, potentially resulting in a decrease in the market value of the security held by the Fund.

The structure of a portfolio manager’s or an investment advisor’s compensation may create an incentive for the portfolio manager or investment advisor to favor accounts whose performance has a greater impact on such compensation. The portfolio manager may, for example, have an incentive to allocate favorable or limited opportunity investments or structure the timing of investments to favor such accounts. Similarly, if a portfolio manager holds a larger personal investment in one fund than he or she does in another, the portfolio manager may have an incentive to favor the fund in which he or she holds a larger stake.

In general, Crow Point has policies and procedures that attempt to address the various potential conflicts of interest described above. However, there is no guarantee that such procedures will detect or address each and every situation where a conflict arises.

All employees of Crow Point are bound by the company’s Code of Ethics and compliance policies and procedures. Crow Point’s chief compliance officer monitors and reviews compliance regularly. Crow Point’s Code of Ethics and compliance procedures have been reviewed and accepted by EIMC. In addition, side-by-side trading rules have been agreed between EIMC and Crow Point as part of existing sub-advisory arrangements which are intended to ensure that shareholders of the sub-advised Evergreen funds are not disadvantaged in favor of other clients or investors of Crow Point in any investment, trading or allocations.

Compensation. EIMC. For EIMC, portfolio managers’ compensation consists primarily of a base salary and an annual bonus. Each portfolio manager’s base salary is reviewed annually and adjusted based on consideration of various factors specific to the individual portfolio manager, including, among others, experience, quality of performance record and breadth of management responsibility, and based on a comparison to competitive market data provided by external compensation consultants.

The annual bonus pool for portfolio managers and other employees that are eligible to receive bonuses is determined based on the overall profitability of the firm during the relevant year. The annual bonus has an investment performance component, which accounts for a majority of the annual bonus, and a subjective evaluation component. The amount of the investment performance component is based on the pre-tax investment performance of the funds and accounts managed by the individual (or one or more appropriate composites of such funds and accounts) over the prior five years compared to the performance over the same time period of an appropriate benchmark (typically a broadbased index or universe of external funds or managers with similar characteristics). See the information below relating to other funds and accounts managed by the portfolio managers for the specific benchmarks used in evaluating performance. In calculating the amount of the investment performance component, performance for the most recent year is weighted 25%, performance for the most recent three-year period is weighted 50% and performance for the most recent five-year period is weighted 25%. In general, the investment performance component is determined using a weighted average of investment performance of each product managed by the portfolio manager, with the weighting done based on the amount of assets the portfolio manager is responsible for in each such product. For example, if a portfolio manager was to manage a mutual fund with $400 million in assets and separate accounts totaling $100 million in assets, performance with respect to the mutual fund would be weighted 80% and performance with respect to the separate accounts would be weighted 20%. In certain cases, portfolio weights within the composite may differ from the actual weights as determined by assets. For example, a very small fund’s weight within a composite may be increased to create a meaningful contribution.

To be eligible for an investment performance related bonus, the time-weighted average percentile rank must be above the 50th percentile. A portfolio manager has the opportunity to maximize the investment component of the incentive payout by generating performance at or above the 25th percentile level.

In determining the subjective evaluation component of the bonus, each manager is measured against predetermined objectives and evaluated in light of other discretionary considerations. Objectives are set in several categories, including teamwork, participation in various assignments, leadership, and development of staff.

For calendar year 2007, the investment performance component of each portfolio manager’s bonus will be determined based on comparisons to the benchmarks (either to the individual benchmark or one or more composites of all or some of such benchmarks) indicated below. The benchmarks may change for purposes of calculating bonus compensation for calendar year 2007.


Portfolio Manager    Benchmark 
 
Joseph Desantis    Lipper Equity Income Funds 
    Lipper Large Cap Core Funds 
    Lipper Large Cap Growth Funds 
    Lipper Multi Cap Growth Funds 
    Lipper Mid-Cap Growth Funds 
    Lipper Large-Cap Growth Funds 
    Lipper Small-Cap Value Funds 
    Lipper Health/Biotechnology Funds 
    Lipper Mixed-Asset Target Alloc Consv Funds 
    Lipper Mixed-Asset Target Alloc Growth Funds 
    Lipper Global Small/Mid-Cap Growth 
    Lipper Small-Cap Growth Funds 
    Callan CAl SMID Cap Growth Univ 
    Lipper Emerging Markets 
    Callan Blend 65% CAl Intl Small Cap Equity 35% CAl SMID Cap 
    Growth 
    Callan Cal Intl Eq Core Univ 
    Lipper Gold Oriented Funds 
    Lipper Utility Funds 

In addition, portfolio managers may participate, at their election, in various benefits programs, including the following:

• medical, dental, vision and prescription benefits,

• life, disability and long-term care insurance,

• before-tax spending accounts relating to dependent care, health care, transportation and parking, and

• various other services, such as family counseling and employee assistance programs, prepaid or discounted legal services, health care advisory programs and access to discount retail services.

These benefits are broadly available to EIMC employees. Senior level employees, including many portfolio managers but also including many other senior level executives, may pay more or less than employees that are not senior level for certain benefits, or be eligible for, or required to participate in, certain benefits programs not available to employees who are not senior level. For example, only senior level employees above a certain compensation level are eligible to participate in the Wachovia Corporation deferred compensation plan, and certain senior level employees are required to participate in the deferred compensation plan.

Compensation. Crow Point. Portfolio managers at Crow Point are paid a fixed salary and participate in the profits of the firm in proportion to their equity ownership in the firm.

Fund Holdings. The tables below presents the dollar range of investment each portfolio manager beneficially holds in each fund he manages as well as the dollar range of total exposure to the Evergreen family of funds (including both open-end and closed-end funds) as of the Funds’ fiscal year ended October 31, 2007. Total exposure equals the sum of (i) the portfolio manager’s beneficial ownership in direct Evergreen fund holdings, plus (ii) the portfolio manager’s Evergreen fund holdings through the Wachovia Corporation 401(k) plan, plus (iii) the portfolio manager’s Wachovia Corporation deferred compensation plan exposure to Evergreen funds.

Evergreen Global Dividend Opportunity Fund 
                   Joseph Desantis    $10,001-$50,000 
                   Timothy O’Brien    $10,001-$50,000 
                   Tim Stevenson    None 
                   Gary Li    None 
                   David E. Phillips    None 
Evergreen Family of Funds     
                   Joseph Desantis    $100,001-$500,000 
                   Timothy O’Brien    $50,001-$100,000 
                   Tim Stevenson    None 
                   Gary Li    $10,001-$50,000 
                   David E. Phillips    None 

The table below presents the dollar range of total exposure to the Evergreen family of funds (including both open-end and closed-end funds) by certain members of senior management of EIMC and its affiliates that are involved in Evergreen’s mutual fund business as of October 31, 2007. Total exposure equals the sum of (i) the individual’s beneficial ownership in direct Evergreen fund holdings, plus (ii) the individual’s Evergreen fund holdings through the Wachovia Corporation 401(k) plan, plus (iii) the individual’s Wachovia Corporation deferred compensation plan exposure to Evergreen funds.

Peter Cziesko    $100,001 – $500,000 
Executive Managing Director and     
President of Global Distribution, EIMC     
 
Dennis Ferro    Over $1,000,000 
Chief Executive Officer and Chief     
Investment Officer, EIMC     
 
Richard Gershen    $500,001 – $1,000,000 
Head of Business Strategy, Risk and     
Product Management, EIMC     
 
W. Douglas Munn    $500,001 – $1,000,000 
Chief Operating Officer, EIMC     
 
Patrick O’Brien    Over $1,000,000 
President, Institutional Division, EIMC     

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

If applicable/not applicable at this time.

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 Global Dividend Opportunity Fund

By: _______________________
Dennis H. Ferro
Principal Executive Officer

Date: December 28, 2007

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: December 28, 2007

By: ________________________
Kasey Phillips
Principal Financial Officer

Date: December 28, 2007