Evergreen Investments Announces Three Closed End Funds Have Repaid a Portion of Their Outstanding Borrowings
October 31 2008 - 4:33PM
PR Newswire (US)
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 . DATASOURCE:
Evergreen Investments CONTACT: Shareholder Inquiries:
+1-800-730-6001; Financial Advisor Inquiries: +1-800-343-2898;
Media Inquiries: Laura Fay, +1-617-210-3867, ; Lauren Sawyers,
+1-704-715-4561, Web site: http://www.evergreeninvestments.com/
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