BOSTON, Oct. 31 /PRNewswire/ -- Evergreen Investments today announced
Evergreen Utilities and High Income Fund (Amex: ERH), Evergreen Income
Advantage Fund (Amex: EAD), and Evergreen Multi-Sector Income Fund (Amex:
ERC), three of its closed end funds, have repaid a portion of their borrowings
secured April 30, 2008 from a multi-seller commercial paper conduit
administered by a major financial institution. ERH has repaid $38 million; EAD
has repaid $20 million; and ERC has repaid $20 million.
For more information about Evergreen's closed-end funds, contact your
financial advisor, visit EvergreenInvestments.com, or call 800.343.2898.
These closed-end funds are no longer offered as an initial public offering
and are only offered through broker/dealers on the secondary market. Unlike an
open-end mutual fund, a closed-end fund (CEF) offers a fixed number of shares
for sale. After the initial public offering, shares are bought and sold in the
secondary marketplace and the market price of the shares is determined by
supply and demand, not by net asset value, often at a lower price than the
NAV. A closed-end fund is not required to buy its shares back from investors
upon request.
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
