BOSTON, Jan. 2 /PRNewswire-FirstCall/ -- The Board of Trustees for the
Evergreen Investments closed-end funds announced approval of new interim
advisory agreements between the following Funds and Evergreen Investment
Management Company, LLC. (EIMC) and interim sub-advisory agreements with each
Fund's sub-advisor(s), if any:
-- Global Dividend Opportunity Fund (NYSE: EOD)
-- Income Advantage Fund (NYSE: EAD)
-- International Balanced Income Fund (NYSE: EBI)
-- Multi-Sector Income Fund (NYSE: ERC)
-- Utilities and High Income Fund (NYSE: ERH)
On December 31, 2008, Wachovia Corporation (Wachovia), parent company of
Evergreen Investments, merged with and into Wells Fargo & Company (Wells
Fargo). As a result of the merger, Evergreen Investment Management Company,
LLC, Tattersall Advisory Group, Inc., First International Advisors, LLC, and
Evergreen Investment Services, Inc. became subsidiaries of Wells Fargo. As a
result of the merger, new interim advisory agreements between the Funds and
EIMC went into effect, as well as new interim sub-advisory agreements with
each sub-adviser to the Funds. These interim agreements will be in effect
until no later than March 19, 2009. Shareholders of Evergreen Utilities and
High Income Fund will meet on January 8, 2009, and shareholders of Evergreen
Global Dividend Opportunity Fund, Evergreen Income Advantage Fund, Evergreen
International Balanced Income Fund and Evergreen Multi-Sector Income Fund will
meet on January 16, 2009, to consider definitive advisory and sub-advisory
agreements for the Funds, which would replace the interim agreements.
A prospectus supplement was filed with the Securities and Exchange
Commission (SEC) notifying open-end shareholders of the consummation of the
merger with Wells Fargo as well as the interim Advisory and Sub-Advisory
Agreements for all Evergreen Funds.
These closed-end funds are no longer offered as an initial public offering
and are only offered through broker/dealers on the secondary market.
About Evergreen Investments
Evergreen Investments is one of the brand names under which Wells Fargo &
Company (NYSE: WFC) conducts its investment management business. Wells Fargo &
Company is a diversified financial services company with $1.4 trillion in
assets, providing banking, insurance, investments, mortgage and consumer
finance through almost 11,000 stores and the internet (wellfargo.com) across
North America and internationally. Wachovia Global Asset Management is the
brand name under which Evergreen Investments conducts sales and distribution
business outside of the United States. Combined, the groups serve more than
four million individual and institutional investors through a broad range of
investment products. Led by more than 300 investment professionals, Evergreen
Investments strives to meet client investment objectives through disciplined,
team-based asset management. Evergreen Investments manages more than $209
billion in assets (as of September 30, 2008). For more information on
Evergreen, please visit http://www.EvergreenInvestments.com .
Contact:
Laura Fay 617.210.3867
lfay@EvergreenInvestments.com
Lauren Sawyers 704.715.4561
lsawyers@EvergreenInvestments.com
SOURCE Evergreen Investments