Evergreen Announces Approval of Interim Advisory Agreements for Closed-End Funds
03 Novembre 2008 - 11:19PM
PR Newswire (US)
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 . DATASOURCE:
Evergreen Investments CONTACT: Laura Fay, +1-617-210-3867, ; Lauren
Sawyers, +1-704-715-4561, , both of Evergreen Investments Web site:
http://www.evergreeninvestments.com/
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