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Evergreen Investments announces approval of new interim advisory agreements for closed-end funds

January 2, 2009

BOSTON – 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 (wellsfargo.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).

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