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3 Closed-End Funds Have Repaid a Portion of their Outstanding Borrowings

October 31, 2008

BOSTON – 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, either:

  • Contact your financial advisor
  • Visit the Closed-End Funds section of EvergreenInvestments.com, or
  • Call 1-800-343-2898.

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).

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