Evergreen Closed-End Funds Declare Monthly Dividends

• Press Release
• Source: Wells Fargo & Company
• On 5:31 pm EDT, Thursday September 24, 2009

BOSTON--(BUSINESS WIRE)--Evergreen Investments today announced the dividend declaration for Evergreen Income Advantage Fund (NYSE Amex:EAD), Evergreen Utilities and High Income Fund (NYSE Amex:ERH), Evergreen International Balanced Income Fund (NYSE:EBI - News), and Evergreen Multi-Sector Income Fund (NYSE Amex:ERC). Evergreen also announced a reduction in the monthly dividend rate of Evergreen International Balanced Income Fund and a shift in portfolio management responsibilities for Evergreen Multi-Sector Income Fund.

Related Quotes

Symbol	Price	Change
EAD	9.11	+0.03

{"s" : "ead,ebi,erc,erh,wfc","k" : "c10,l10,p20,t10","o" : "","j" : ""}

Evergreen Income Advantage Fund is a closed-end high-yield bond fund. The Fund's investment objective is to seek a high level of current income. The Fund may, as a secondary objective, seek capital appreciation to the extent it is consistent with its investment objective.

Evergreen Income Advantage Fund declared the following monthly dividend from ordinary income:

Evergreen Utilities and High Income Fund is a closed-end equity and high-yield bond fund. The Fund’s primary investment objective is to seek a high level of current income and moderate capital growth, with emphasis on providing tax-advantaged dividend income.

Evergreen Utilities and High Income Fund declared the following monthly dividend from ordinary income:

Evergreen International Balanced Income Fund is a closed-end fund investing primarily in international stocks and bonds. The Fund's investment objective is to seek to provide a high level of income. The dividend below is a reduction in the stable dividend rate equal to $0.02025 per common share. The reduction in the dividend rate is primarily attributable to changing conditions in the international equity markets. At the new distribution rate of $0.06475 per common share, the common share distribution yield will be 3.89% as a percent of the initial offer price.

Evergreen International Balanced Income Fund declared the following monthly dividend from ordinary income:

Evergreen Multi-Sector Income Fund is a closed-end bond fund. The Fund’s primary investment objective is to seek a high level of current income consistent with limiting its overall exposure to domestic interest rate risk.

Evergreen Multi-Sector Income Fund declared the following monthly dividend from ordinary income:

Portfolio Management Announcement

Effective immediately, senior portfolio manager Tony Norris will expand his responsibilities to include oversight of Evergreen Multi-Sector Income Fund’s asset allocation strategy. Norris, CIO of Evergreen sub-advisor First International Advisors, LLC, has been a portfolio manager on the fund since its inception in 2003. In his oversight of Evergreen Multi-Sector Income Fund, Tony will work closely with the other managers on the fund to determine the appropriate mix of international equity and fixed income exposure.

To make changes to your account, please contact your financial advisor, brokerage firm, bank, or other nominee with whom your shares are registered. If your shares are registered with the funds’ transfer agent, Computershare, please contact them directly at 800.730.6001 or visit www.computershare.com.

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 - News) conducts its investment management business. Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets (as of June 30, 2009), 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. Evergreen Investments serves 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 $162.5 billion in assets (as of June 30, 2009). Evergreen Investments^SM is a service mark of Evergreen Investment Management Company, LLC. Copyright 2009. Evergreen Investment Management Company, LLC. For more information on Evergreen, please visit EvergreenInvestments.com.

Funds: NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE

Evergreen Investments
Shareholder Inquiries:
800-730-6001
or
Media Inquiries:
Laura Fay, 617-210-3867
lfay@EvergreenInvestments.com
or
Financial Advisor Inquiries:
800-343-2898