SCHEDULE 13D
DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT
6/25/2010
1. NAME OF REPORTING PERSON
Bulldog Investors, Brooklyn Capital Management,
Phillip Goldstein and Andrew Dakos
2. CHECK THE BOX IF MEMBER OF A GROUP a[X]
b[]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e) []
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
___________________________________________________________
7. SOLE VOTING POWER
502,462
8. SHARED VOTING POWER
147,598
9. SOLE DISPOSITIVE POWER
650,060
_______________________________________________________
10. SHARED DISPOSITIVE POWER
0
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
650,060
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES
[]
___________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
5.62%
14. TYPE OF REPORTING PERSON
IA
_______________________________________________________
Item 1. SECURITY AND ISSUER
This Schedule 13D relates to the shares of Common Stock
of Evergreen International Balanced Income Fund.("EBI" or the "Issuer").
The principal executive offices of NNA are located at
200 BERKELEY STREET
BOSTON MA 02116-5034
Item 2. IDENTITY AND BACKGROUND
This statement is filed on behalf of Bulldog Investors,
Brooklyn Capital Mangement, Phillip Goldstein,
60 Heritage Drive Pleasantville, NY 10570 a principal of Bulldog Investors
and Andrew Dakos, Park 80 West,Saddle Brook, NJ 07663, also a principal
of Bulldog Investors. Mr.Goldstein and Mr. Dakos are self-employed
investment advisors.
On January 31, 2007 the Acting Director of the Securities Division of the
Massachusetts Secretary of State (the Securities Division) filed a complaint
against Bulldog Investors, Messrs. Goldstein, Samuels, Dakos and Das and
certain related parties (the Bulldog Parties) alleging that they violated
Massachusetts law by making information about certain unregistered investments
available on their website and by sending material about such investments to
an individual who requested it. On October 17, 2007 the Secretary issued a
cease and desist order based on the same allegations and ordered that a fine
be imposed on the Bulldog Parties of $25,000. On November 15, 2007 the
Bulldog Parties filed an appeal of the Secretary's October 17, 2007 order in
the Massachusetts Superior Court. On February 12, 2009, the Massachusetts
Superior Court upheld the Secretary's October 17, 2007 order. The Bulldog
Parties further appealed the ruling of the Massachusetts Superior Court to
Massachusetts Appeals Court. On October 21, 2009 the Massachusetts Supreme
Judicial Court, the state's highest court, unilaterally transferred the case
from the Massachusetts Appeals Court to the Supreme Judicial Court, which
will decide the appeal.
ITEM 3. SOURCE AND AMOUNT OF FUNDS AND OTHER CONSIDERATIONS
Shares of the Issuer have been accumulated on behalf of managed
accounts.
ITEM 4. PURPOSE OF TRANSACTION
On May 26, 2010, the group sent the letter in exhibit A to shareholders.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
As per the N-CSR filed on January 5, 2010 there were 11,572,378 shares
of common stock outstanding as of 10/31/2009 The percentage set forth in item 5
was derived using such number. Bulldog Investors, Brooklyn Capital Management,
Phillip Goldstein and Andrew Dakos beneficially own an aggregate of 578,463
shares of EBI or 5.00% of the outstanding shares.Power to dispose of and vote
securities resides either with Mr. Goldstein, Mr. Dakos or with clients.
c) During the past 60 days the following shares of EBI were purchased:
Date: Shares: Price:
05/06/10 10,000 13.0566
05/14/10 10,355 12.9065
05/17/10 20,053 12.7481
05/18/10 33,019 12.7971
05/19/10 9,242 12.4376
05/20/10 10,200 12.1135
05/21/10 2,500 11.9200
05/24/10 9,529 12.1902
05/25/10 9,900 11.8197
05/26/10 55,000 12.1790
05/27/10 20,038 12.3650
05/28/10 10,527 12.4683
06/01/10 13,100 12.4872
06/02/10 9,279 12.5774
06/03/10 47,137 12.7175
06/07/10 15,100 12.2337
06/08/10 3,827 12.2257
06/09/10 1,446 12.3772
06/10/10 18,893 12.5638
06/11/10 28,923 12.6539
06/14/10 24,402 12.8567
06/15/10 4,984 12.9872
06/16/10 19,191 13.0427
06/17/10 33,508 13.0080
06/18/10 15,683 13.0223
06/21/10 48,400 13.1155
06/22/10 8,597 12.9630
06/24/10 20,926 12.8985
06/25/10 14,157 12.9345
06/28/10 21,909 12.9450
06/29/10 2,700 12.6354
06/30/10 26,274 12.6413
07/01/10 7,414 12.5736
07/02/10 13,300 12.6955
d) Beneficiaries of managed accounts are entitled to receive any
dividends or sales proceeds.
e) NA
ITEM 6. CONTRACTS,ARRANGEMENTS,UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A
After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this
statement is true, complete and correct.
Dated: 07/06/2010
By: /s/ Phillip Goldstein
Name: Phillip Goldstein
By: /S/ Andrew Dakos
Name: Andrew Dakos
Exhibit A
Bulldog Investors, Park 80 West,
250 Pehle Avenue, Suite 708,
Saddle Brook, NJ 07663
(914) 747-5262 // pgoldstein@bulldoginvestors.com
May 26, 2010
Dear Fellow Shareholder of Evergreen International Balanced Income Fund (EBI):
Do you know that EBI's prospectus contains a so called "lifeboat" provision
designed to assure investors that the board of trustees would act if the
shares trade at a material discount from net asset value? The "lifeboat"
provision for EBI reads as follows:
Because shares of a closed-end investment company may frequently trade at
prices lower than net asset value, the fund's board of trustees may in the
future consider action that might be taken to reduce or eliminate any
material discount from net asset value in respect of common shares, which
may include the repurchase of such shares in the open market or in private
transactions, the making of a tender offer for such shares, or the
conversion of the fund to an open-end investment company.
Well, On May 21, 2010, the discount on EBI's shares was 17.4%! In fact, they
have been trading at a double-digit discount for quite awhile but the board
of trustees seems to have forgotten about the "lifeboat" provision. Yet, in
what appears to be a clear case of misplaced priorities, the board is now
asking shareholders to approve a lucrative management agreement with Wells
Fargo. That is great for Wells Fargo but does nothing for EBI's shareholders.
To make matters worse, the proposed management agreement provides that Wells
Fargo will be paid a percentage of EBI's total assets rather than of its net
assets. Thus, the more it leverages EBI, the higher Wells Fargo's fees will
be. A fund manager should not collect fees on leverage unless shareholders
actually benefit from the leverage. We do not believe that any trustee would
agree to pay a manager a fee to leverage his or her own money. Thus, the
board's failure to protect shareholders by agreeing to unconditionally pay
Wells Fargo a percentage of EBI's leveraged assets is inexcusable.
The good news is that if the proposed management agreement is voted down,
the trustees will probably get the message, i.e., that EBI's shareholders
want (1) action taken to address the discount and (2) elimination of the
perverse incentive for Wells Fargo to leverage EBI's portfolio. Therefore,
when you get management's proxy in the mail, we urge you to
JUST VOTE NO ON EACH PROPOSAL!
Very truly yours,
Phillip Goldstein
Principal