As part of the integration of the Evergreen Funds into the Wells
Fargo Advantage mutual fund family, Evergreen Investments announced
today that the Board of Trustees of the Evergreen Funds has
approved proposals for name changes, new advisory and subadvisory
arrangements, and the nomination of Trustees for each of the five
Evergreen closed-end funds: Evergreen Income Advantage Fund (NYSE
Amex: EAD), Evergreen Multi-Sector Income Fund (NYSE Amex: ERC),
Evergreen Utilities and High Income Fund (NYSE Amex: ERH),
Evergreen International Balanced Income Fund (NYSE: EBI) and
Evergreen Global Dividend Opportunity Fund (NYSE: EOD).
The proposed new advisory and subadvisory arrangements and the
election of trustees for each fund are subject to approval by the
Funds’ shareholders. Shareholders of the Funds on the record date
will receive a proxy statement relating to the proposals.
Shareholder meetings are expected to be held on July 9, 2010. The
name changes would be effective upon shareholder approval of the
new advisory and subadvisory arrangements. None of the Funds’
investment objectives or investment strategies will change as a
result of these proposals.
A more comprehensive overview of the announced proposals
follows. For more information about the Funds, please visit
EvergreenInvestments.com.
Evergreen Income Advantage Fund
Shareholders will be asked to approve a new advisory contract
with Wells Fargo Funds Management, LLC, and a new subadvisory
contract with Wells Capital Management, Inc., an institutional
asset management firm within Wells Fargo’s Asset Management Group,
to be effective July 9, 2010. Following approval of the new
contracts, Phil Susser and Niklas Nordenfelt of Wells Capital
Management are expected to assume portfolio management
responsibilities for the Fund, and the Fund will be renamed the
Wells Fargo Advantage Income Opportunities Fund.
The Fund’s primary investment objective is to seek a high level
of current income, with a secondary objective of capital
appreciation. The Fund invests primarily in below-investment-grade
(high-yield) debt securities, loans and preferred stock. As of
March 31, 2010, the Fund had net assets of $662.5 million.
Evergreen Multi-Sector Income Fund
Shareholders will be asked to approve a new advisory contract
with Wells Fargo Funds Management, a new subadvisory contract with
Wells Capital Management, and a new subadvisory contract with the
Fund’s current subadvisor, First International Advisors, LLC, to be
effective July 9, 2010. Following approval of the new contracts,
Susser and Nordenfelt of Wells Capital Management are expected to
assume portfolio management responsibilities for the high-yield
portion of the Fund. Tony Norris and Peter Wilson of First
International Advisors are expected to continue to manage the
foreign debt securities portion of the Fund. Norris is expected to
continue providing the asset allocation services to the Fund.
Richard Applebach and Christopher Kauffman of Wells Capital
Management will continue to manage the adjustable rate mortgage
portion of the Fund. Applebach and Kauffman currently provide the
same services to the Fund as portfolio managers at Tattersall
Advisory Group, a current subadvisor to the Fund. In addition, the
Fund will be renamed the Wells Fargo Advantage Multi-Sector Income
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. The Fund’s assets are allocated among
securities consisting of below-investment-grade (high-yield) U.S.
debt securities, loans and preferred stocks; investment-grade
foreign debt securities; and adjustable rate mortgage-backed
securities issued by the U.S. government, its agencies and
instrumentalities. As of March 31, 2010, the Fund had net assets of
$668.5 million.
Evergreen Utilities and High Income Fund
Shareholders will be asked to approve a new advisory contract
with Wells Fargo Funds Management, a new subadvisory contract with
Wells Capital Management, and a new subadvisory contract with the
Fund’s current subadvisor, Crow Point Partners, LLC, to be
effective July 9, 2010. Following approval of the new contracts,
Susser and Nordenfelt of Wells Capital Management are expected to
assume portfolio management responsibilities for the high-yield
portion of the Fund, and Tim O’Brien of Crow Point Partners is
expected to continue to manage the utilities portion of the Fund.
In addition, the Fund will be renamed the Wells Fargo Advantage
Utilities and High Income Fund.
The Fund’s primary investment objective is to seek a high level
of current income and moderate capital growth, with an emphasis on
providing tax-advantaged dividend income. The Fund allocates its
assets among common, preferred and convertible securities of
utilities companies, as well as U.S.-dollar-denominated
non-investment-grade securities. As of March 31, 2010, the Fund had
net assets of $106.1 million.
Evergreen International Balanced Income Fund
Shareholders will be asked to approve a new advisory contract
with Wells Fargo Funds Management, a new subadvisory contract with
Wells Capital Management, and a new subadvisory contract with the
Fund’s current subadvisor, First International Advisors, to be
effective July 9, 2010. Following approval of the new contracts,
Tim Stevenson, CFA, of Wells Capital Management is expected to
continue to manage the options overlay strategy for the Fund.
Stevenson currently provides the same services to the Fund as a
portfolio manager at Evergreen Investment Management Company, LLC,
current advisor to the Fund. Francis Claró, CFA, of Wells Capital
Management is expected to continue to manage the international
equities portion of the Fund. Claro currently provides the same
services to the Fund as a portfolio manager at Evergreen Investment
Management Company, LLC, current advisor to the Fund. Norris and
Wilson of First International Advisors are expected to continue to
manage the international bond portion of the Fund. Norris will also
continue to manage the asset allocation responsibilities of the
Fund. In addition, the Fund will be renamed the Wells Fargo
Advantage International Balanced Income Fund.
Evergreen International Balanced Income Fund’s primary
investment objective is to provide a high level of income. The Fund
invests primarily in dividend-paying international stocks and other
equity securities and international debt securities. In addition,
the Fund will write call options on international indices. As of
March 31, 2010, the Fund had net assets of $189.3 million.
Evergreen Global Dividend Opportunity Fund
Shareholders will be asked to approve a new advisory contract
with Wells Fargo Funds Management, a new subadvisory contract with
Wells Capital Management, and a new subadvisory contract with the
Fund’s current subadvisor, Crow Point Partners, to be effective
July 9, 2010. Following approval of the new contracts, Stevenson of
Wells Capital Management is expected to continue to manage the
options overlay strategy for the Fund. Stevenson currently provides
the same services to the Fund as a portfolio manager at Evergreen
Investment Management Company, LLC, current advisor to the Fund.
O’Brien of Crow Point Partners is expected to continue to manage
the Fund’s equity securities. In addition, the Fund will be renamed
the Wells Fargo Advantage Global Dividend Opportunity Fund.
The Fund’s primary objective is to seek a high level of current
income. The Fund’s secondary objective is long-term growth of
capital. The Fund primarily invests in U.S. and non-U.S. equities
believed to offer above-average potential for current and/or future
dividends. The Fund actively employs a dividend capture strategy
and also writes call options on a variety of U.S.-and
non-U.S.-based securities indices to generate additional
distributable income. As of March 31, 2010, the Fund had net assets
of $517.1 million.
All Funds
Shareholders will also be asked to vote on a proposal to elect
seven new Trustees and to re-elect two existing Trustees to the
Board of Trustees for each of the closed-end funds, to be effective
July 9, 2010. Each of the proposed seven new Trustees is a member
of the current Wells Fargo Advantage Funds Board of Trustees. The
two existing Trustees nominated for re-election are Mr. Michael S.
Scofield and Dr. Leroy Keith, Jr., each of whom is a current member
of the Evergreen Funds Board of Trustees. Scofield and Keith are
also expected to join the Wells Fargo Advantage Funds Board of
Trustees in early July 2010.
For more information about Evergreen’s closed-end funds, contact
your financial advisor, visit EvergreenInvestments.com, or call
800.343.2898.
The foregoing is not a solicitation of any proxy. Once a
definitive proxy statement relating to the proposals for each Fund
has been filed with the Securities and Exchange Commission (the
“SEC”), more information regarding the proposals will be available.
Once available, a free copy of each Fund’s proxy statement may be
obtained by calling 1-800-343-2898 or by visiting
www.EvergreenInvestments.com. Each proxy statement will
also be available for free on the SEC’s web site
www.sec.gov. You should read the proxy statement
carefully because it contains important information.
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 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.
Various statements contained in this press release are "forward
looking statements." All forward-looking statements involve risks
and uncertainties. In particular, any statement contained in this
press release regarding expectations or assumptions are subject to
risks, uncertainties and contingencies, including market risks,
which are beyond our control, and which may cause actual results or
achievements to differ materially and perhaps substantially from
anticipated results or achievements. Evergreen Investments and the
Evergreen Funds do not make any representations or warranties
(express or implied) about the accuracy of such forward looking
statements.
About Evergreen Investments
Evergreen Investments is one of the brand names under which
Wells Fargo & Company (NYSE:WFC) conducts its investment
management business and is part of the Wells Fargo Asset Management
Group. Wells Fargo & Company is a diversified financial
services company with $1.2 trillion in assets as of March 31, 2010,
providing banking, insurance, investments, mortgage and consumer
finance through almost 11,000 stores and the internet
(WellsFargo.com) across North America and internationally. The
Wells Fargo Asset Management Group serves individual and
institutional investors through a broad range of investment
products; strives to meet client investment objectives through
disciplined, team-based asset management; and manages more than
$465 billion in assets as of March 31, 2010. Evergreen
InvestmentsSM is a service mark of Evergreen Investment Management
Company, LLC. Copyright 2010. Evergreen Investment Management
Company, LLC. For more information on Evergreen, please visit
EvergreenInvestments.com.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of
Wells Fargo & Company, provides investment advisory and
administrative services for Wells Fargo Advantage Funds®. Other
affiliates of Wells Fargo & Company provide subadvisory and
other services for the Funds. The Funds are distributed by Wells
Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate
of Wells Fargo & Company.
Evergreen Investment Management Company, LLC, is a subsidiary of
Wells Fargo & Company and is an affiliate of Wells Fargo &
Company’s broker/dealer subsidiaries. Evergreen mutual funds are
distributed by Wells Fargo Funds Distributor, LLC, Member
FINRA/SIPC, an affiliate of Wells Fargo & Company. Evergreen
Investments(SM) is a service mark of Evergreen Investment
Management Company, LLC. Copyright 2010. Evergreen Investment
Management Company, LLC. 123041 05-10
NOT FDIC INSURED • NO BANK
GUARANTEE • MAY LOSE VALUE
Allspring Global Dividen... (NYSE:EOD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Allspring Global Dividen... (NYSE:EOD)
Historical Stock Chart
From Jul 2023 to Jul 2024