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Wells Fargo brand to liquidate international income fund

Evergreen Investments will close out fund due to changes in US tax code.

Evergreen Investments, one of the brand names under which Wells Fargo & Company conducts its investment management business, has said that the board of trustees of Evergreen International Balanced Income Fund has approved the liquidation of the fund.

According to Evergreen Investments, the liquidation is expected to occur after the close of business on August 16, 2010. Shares of the fund will cease to be traded on the New York Stock Exchange at that time. Shareholders at that time will receive a liquidating distribution equal to the net asset value of their investment in the fund as of the close of business on August 16, 2010.

The fund primarily invests in dividend-paying international stocks and other equity securities and international debt securities. The fund seeks to supplement its current income by writing call options on international indices.

The fund's investment adviser, Evergreen Investment Management Company said that it has informed the fund's trustees that it believes that declines over time in the current income available for distribution by the fund and the fund's recent investment performance have contributed to the discount at which the fund's shares trade to their net asset value.

Evergreen said it does not expect the fund's income available for distribution to increase for the foreseeable future due, in part, to anticipate changes to the US tax code. In light of these and other factors, and after reviewing various other strategic options, Evergreen recommended to the trustees that the fund be liquidated.

The fund is a closed-end, US-registered management investment company advised by Evergreen Investment Management Company with total net assets of $168mas of June 30, 2010.