BOSTON, Nov. 3 /PRNewswire-FirstCall/ -- The Board of Trustees for the
Evergreen Investments closed-end funds announced approval of 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 (Amex: EAD)
-- International Balanced Income Fund (NYSE: EBI)
-- Multi-Sector Income Fund (Amex: ERC)
-- Utilities and High Income Fund (Amex: ERH)
Wells Fargo & Company (Wells Fargo) and Wachovia Corporation (Wachovia),
parent company of Evergreen Investments, announced that Wells Fargo agreed to
acquire Wachovia in a whole company transaction that will include all of
Wachovia's banking and other businesses, including Evergreen Investments. The
transaction is expected to close during the fourth quarter of 2008, subject to
receipt of regulatory approvals and Wachovia shareholder approval. In
connection with this transaction, Wachovia issued preferred shares
representing approximately a 39.9% voting interest in Wachovia to Wells Fargo.
Due to the issuance of the preferred shares, Wells Fargo may be deemed to
control EIMC, and therefore the Advisory Agreements between the Funds and EIMC
and the Sub-Advisory Agreements between EIMC and the Funds' sub-advisers may
have terminated automatically in connection with the issuance of preferred
shares. To address this possibility, the Board of Trustees approved interim
Advisory Agreements with EIMC and interim Sub-Advisory Agreements with each
sub-adviser, which became effective upon the issuance of the preferred shares.
The interim advisory agreements are substantially identical to the terms and
provisions of the original agreements. The interim advisory agreements will
be in effect for a period of up to 150 days. EIMC's receipt of the advisory
fees under an interim advisory agreement is subject to the approval by
shareholders of the fund of a new advisory agreement with EIMC. The Funds
expect no change in portfolio management, investment objectives or policies as
a result of the interim agreements.
A prospectus supplement was filed with the Securities and Exchange
Commission (SEC) notifying open-end shareholders of 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 the brand name under which Wachovia Corporation
(NYSE: WB) conducts its investment management business. 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
EvergreenInvestments.com .
SOURCE Evergreen Investments
