Edgar Filing: EVERGREEN INCOME ADVANTAGE FUND

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-21269

Evergreen Income Advantage Fund

(Exact name of registrant as specified in charter)

200 Berkeley Street

Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Michael H. Koonce, Esq.

200 Berkeley Street

Boston, Massachusetts 02116

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 210-3200

Date of fiscal year end:

Registrant is making a quarterly filing for one of its series, Evergreen Income Advantage Fund, for the quarter ended July 31, 2009. This series has April 30 fiscal year end.

Date of reporting period: July 31, 2009

Item 1 - Schedule of Investments

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS



July 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS 118.0%
CONSUMER DISCRETIONARY 16.7%
Auto Components 2.2%
Cooper Standard Automotive, Inc.:
7.00%, 12/15/2012 •	$	630,000	$	144,900
8.375%, 12/15/2014 •		1,520,000		98,800
Cooper Tire & Rubber Co., 7.625%, 03/15/2027		6,405,000		4,579,575
Goodyear Tire & Rubber Co.:
7.86%, 08/15/2011		2,545,000		2,545,000
8.625%, 12/01/2011		1,420,000		1,444,850
9.00%, 07/01/2015		497,000		506,940
10.50%, 05/15/2016		1,320,000		1,422,300
FRN, 5.01%, 12/01/2009		2,390,000		2,392,987


				13,135,352


Diversified Consumer Services 0.7%
Carriage Services, Inc., 7.875%, 01/15/2015		3,645,000		3,061,800
Service Corporation International:
6.75%, 04/01/2015		760,000		718,200
7.50%, 04/01/2027		366,000		297,375


				4,077,375


Hotels, Restaurants & Leisure 3.1%
Boyd Gaming Corp.:
7.125%, 02/01/2016		810,000		652,050
7.75%, 12/15/2012		235,000		229,713
Caesars Entertainment, Inc., 7.875%, 03/15/2010		1,620,000		1,555,200
Harrah’s Entertainment Corp., 11.25%, 06/01/2017 144A		3,340,000		3,398,450
Inn of the Mountain Gods Resort & Casino, 12.00%, 11/15/2010 •		2,350,000		963,500
MGM MIRAGE:
6.625%, 07/15/2015		410,000		299,300
8.50%, 09/15/2010		1,405,000		1,331,238
11.125%, 11/15/2017 144A		995,000		1,099,475
Pinnacle Entertainment, Inc.:
8.625%, 08/01/2017 144A		805,000		809,025
8.75%, 10/01/2013		145,000		150,075
Pokagon Gaming Authority, 10.375%, 06/15/2014 144A		120,000		120,000
Seneca Gaming Corp., 7.25%, 05/01/2012		1,260,000		1,171,800
Shingle Springs Tribal Gaming Authority, 9.375%, 06/15/2015 144A		2,265,000		1,460,925
Speedway Motorsports, Inc., 8.75%, 06/01/2016 144A		1,435,000		1,474,462
Trump Entertainment Resorts, Inc., 8.50%, 06/01/2015 •		4,516,000		609,660
Universal City Development Partners, Ltd., 11.75%, 04/01/2010		2,965,000		2,957,587


				18,282,460


Household Durables 4.2%
D.R. Horton, Inc.:
6.00%, 04/15/2011		285,000		283,575
9.75%, 09/15/2010		4,385,000		4,500,106
Hovnanian Enterprises, Inc., 11.50%, 05/01/2013		475,000		440,563
Lennar Corp.:
5.125%, 10/01/2010		5,125,000		5,022,500
5.60%, 05/31/2015		125,000		105,625
12.25%, 06/01/2017 144A		125,000		140,625
Libbey, Inc., FRN, 8.26%, 06/01/2011		3,515,000		2,583,525
Meritage Homes Corp.:
6.25%, 03/15/2015		2,136,000		1,756,860
7.00%, 05/01/2014		2,185,000		1,857,250
Newell Rubbermaid, Inc., 10.60%, 04/15/2019		855,000		1,010,788

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



July 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
CONSUMER DISCRETIONARY continued
Household Durables continued
Pulte Homes, Inc.:
7.875%, 08/01/2011	$	2,680,000	$	2,767,100
8.125%, 03/01/2011		1,712,000		1,763,360
Sealy Corp., 10.875%, 04/15/2016 144A		370,000		405,150
Whirlpool Corp., 8.60%, 05/01/2014		2,180,000		2,342,340


				24,979,367


Internet & Catalog Retail 0.3%
Ticketmaster Entertainment, Inc., 10.75%, 08/01/2016		1,830,000		1,711,050


Media 3.5%
AMC Entertainment, Inc., 8.75%, 06/01/2019 144A		235,000		232,650
CBS Corp., 8.875%, 05/15/2019		2,545,000		2,654,084
Charter Communications, Inc.:
12.875%, 09/15/2014 144A •		7,565,000		8,208,025
Step Bond, 8.00%, 04/30/2012 144A †† •		3,145,000		3,152,862
CSC Holdings, Inc.:
7.625%, 04/01/2011		25,000		25,438
8.50%, 04/15/2014 144A		50,000		51,750
DirectTV Holdings, LLC, 7.625%, 05/15/2016		835,000		849,612
Interpublic Group of Companies, Inc., 10.00%, 07/15/2017 144A		360,000		378,000
Lamar Media Corp., 7.25%, 01/01/2013		440,000		426,800
Mediacom, LLC, 7.875%, 02/15/2011		1,440,000		1,436,400
R.H. Donnelley Corp., 11.75%, 05/15/2015 144A •		416,000		218,400
Regal Cinemas, Inc., 8.625%, 07/15/2019 144A		205,000		212,175
Sinclair Broadcast Group, Inc., 8.00%, 03/15/2012		433,000		334,493
Sirius Satellite Radio, Inc., 9.625%, 08/01/2013		315,000		265,388
WMG Acquisition Corp., 9.50%, 06/15/2016 144A		1,540,000		1,643,950
XM Satellite Radio Holdings, Inc., 13.00%, 08/01/2013 144A		615,000		555,037
Young Broadcasting, Inc.:
8.75%, 01/15/2014 •		4,739,000		4,739
10.00%, 03/01/2011 •		3,455,000		3,455


				20,653,258


Multiline Retail 0.1%
Neiman Marcus Group, Inc., 9.00%, 10/15/2015 @		446,217		332,432
Saks, Inc., 9.875%, 10/01/2011		225,000		219,375


				551,807


Specialty Retail 1.1%
American Achievement Corp.:
8.25%, 04/01/2012 144A		5,040,000		4,964,400
Step Bond, 10.25%, 10/01/2012 ††		1,055,000		907,300
Freedom Group, Inc., 10.25%, 08/01/2015 144A		805,000		829,150
Limited Brands, Inc., 8.50%, 06/15/2019 144A		90,000		90,732


				6,791,582


Textiles, Apparel & Luxury Goods 1.5%
Oxford Industries, Inc., 11.375%, 07/15/2015 144A		5,195,000		5,441,762
Visant Corp., 7.625%, 10/01/2012		3,235,000		3,267,350


				8,709,112


CONSUMER STAPLES 2.9%
Beverages 0.4%
Cott Beverages, Inc., 8.00%, 12/15/2011		2,190,000		2,168,100


Food Products 1.7%
Del Monte Foods Co.:
6.75%, 02/15/2015		185,000		180,837
8.625%, 12/15/2012		2,946,000		3,019,650

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



July 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
CONSUMER STAPLES continued
Food Products continued
Smithfield Foods, Inc.:
7.00%, 08/01/2011	$	3,035,000	$	2,898,425
10.00%, 07/15/2014 144A		2,500,000		2,618,750
Tyson Foods, Inc.:
7.85%, 04/01/2016		830,000		842,450
10.50%, 03/01/2014 144A		350,000		390,250


				9,950,362


Tobacco 0.8%
Altria Group, Inc.:
9.25%, 08/06/2019		2,100,000		2,515,605
9.70%, 11/10/2018		1,975,000		2,405,475


				4,921,080


ENERGY 20.0%
Energy Equipment & Services 4.4%
Basic Energy Services, Inc., 11.625%, 08/01/2014 144A		1,260,000		1,260,000
Bristow Group, Inc., 7.50%, 09/15/2017		3,105,000		2,918,700
Forbes Energy Services, Ltd., 11.00%, 02/15/2015		6,880,000		4,953,600
GulfMark Offshore, Inc., 7.75%, 07/15/2014		3,155,000		2,965,700
Hornbeck Offshore Services, Inc., Ser. B, 6.125%, 12/01/2014		4,565,000		4,268,275
Parker Drilling Co., 9.625%, 10/01/2013		1,850,000		1,803,750
PHI, Inc., 7.125%, 04/15/2013		4,240,000		3,869,000
Pride International, Inc., 8.50%, 06/15/2019		2,755,000		2,961,625
Smith International, Inc., 9.75%, 03/15/2019		805,000		975,242


				25,975,892


Oil, Gas & Consumable Fuels 15.6%
Arch Coal, Inc., 8.75%, 08/01/2016 144A		2,200,000		2,233,000
Atlas Energy Resources, LLC, 12.125%, 08/01/2017		1,390,000		1,469,925
Bill Barrett Corp., 9.875%, 07/15/2016		675,000		707,063
Chesapeake Energy Corp.:
6.875%, 01/15/2016		1,400,000		1,323,000
7.50%, 09/15/2013		8,500,000		8,500,000
9.50%, 02/15/2015		2,790,000		2,974,837
Delta Petroleum Corp., 7.00%, 04/01/2015		905,000		497,750
El Paso Corp.:
7.00%, 06/15/2017		95,000		91,751
7.42%, 02/15/2037		2,960,000		2,522,494
8.25%, 02/15/2016		1,165,000		1,199,950
12.00%, 12/12/2013		815,000		929,100
Encore Acquisition Co., 6.00%, 07/15/2015		3,775,000		3,303,125
Exco Resources, Inc., 7.25%, 01/15/2011		6,281,000		6,186,785
Ferrellgas Partners, LP, 8.75%, 06/15/2012		975,000		956,719
Forest Oil Corp.:
7.25%, 06/15/2019		2,345,000		2,242,406
8.50%, 02/15/2014 144A		1,365,000		1,392,300
Frontier Oil Corp., 6.625%, 10/01/2011		2,140,000		2,161,400
Holly Corp., 9.875%, 06/15/2017 144A		1,095,000		1,089,525
Newfield Exploration Co.:
6.625%, 04/15/2016		80,000		77,600
7.125%, 05/15/2018		600,000		586,500
Nustar Logistics, LP, 7.65%, 04/15/2018		5,355,000		5,430,291
Peabody Energy Corp.:
5.875%, 04/15/2016		6,915,000		6,465,525
7.875%, 11/01/2026		3,515,000		3,251,375

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



July 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
ENERGY continued
Oil, Gas & Consumable Fuels continued
Penn Virginia Corp., 10.375%, 06/15/2016	$	715,000	$	765,944
Petrohawk Energy Corp.:
7.875%, 06/01/2015		3,885,000		3,787,875
10.50%, 08/01/2014 144A		1,065,000		1,144,875
Plains Exploration & Production Co., 7.625%, 06/01/2018		5,410,000		5,261,225
Range Resources Corp., 8.00%, 05/15/2019		365,000		373,213
Sabine Pass LNG, LP:
7.25%, 11/30/2013		2,725,000		2,346,906
7.50%, 11/30/2016		6,395,000		5,187,944
SandRidge Energy, Inc., 8.00%, 06/01/2018 144A		495,000		452,925
Southwestern Energy Co., 7.50%, 02/01/2018 144A		485,000		488,638
Stallion Oilfield Services, Ltd., 9.75%, 02/01/2015 144A		720,000		262,800
Tesoro Corp.:
6.25%, 11/01/2012		1,085,000		1,052,450
6.50%, 06/01/2017		1,210,000		1,064,800
9.75%, 06/01/2019		1,450,000		1,468,125
Valero Energy Corp., 6.875%, 07/15/2012		2,210,000		2,279,067
Williams Cos.:
7.50%, 01/15/2031		5,520,000		5,534,639
8.125%, 03/15/2012		3,700,000		3,972,616
8.75%, 01/15/2020 144A		1,300,000		1,471,584


				92,508,047


FINANCIALS 19.9%
Capital Markets 1.2%
E*TRADE Financial Corp.:
7.375%, 09/15/2013		820,000		695,975
12.50%, 144A		3,188,000		3,967,262
12.50%,		2,086,000		2,440,625


				7,103,862


Consumer Finance 12.9%
Bunge Limited Finance Co., 8.50%, 06/15/2019		655,000		725,936
Calpine Construction Finance Corp., 8.00%, 06/01/2016 144A		235,000		237,350
CCH II Capital Corp., 10.25%, 09/15/2010 •		5,435,000		5,842,625
Discover Finl. Svcs., 10.25%, 07/15/2019		1,790,000		1,887,585
Ford Motor Credit Co., LLC:
5.70%, 01/15/2010		12,140,000		11,955,387
9.75%, 09/15/2010		5,377,000		5,353,255
GMAC, LLC:
6.75%, 12/01/2014 144A		2,344,000		2,039,280
6.875%, 09/15/2011 144A		3,690,000		3,440,925
6.875%, 08/28/2012 144A		4,327,000		3,959,205
7.00%, 02/01/2012 144A		167,000		152,805
7.50%, 12/31/2013 144A		5,820,000		5,005,200
7.75%, 01/19/2010 144A		5,060,000		5,034,700
8.00%, 12/31/2018 144A		5,122,000		3,943,940
8.00%, 11/01/2031		810,000		617,589
International Lease Finance Corp.:
4.375%, 11/01/2009		945,000		920,343
4.55%, 10/15/2009		220,000		215,814
4.75%, 01/13/2012		1,160,000		828,133
4.875%, 09/01/2010		2,095,000		1,793,152
5.125%, 11/01/2010		155,000		129,547
JBS USA Finance, Inc., 11.625%, 05/01/2014 144A		5,820,000		5,921,850
Nielsen Financial LLC, Co., 11.50%, 05/01/2016		235,000		247,338

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



July 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
FINANCIALS continued
Consumer Finance continued
NiSource Finance Corp., 10.75%, 03/15/2016	$	6,475,000	$	7,550,964
Pinnacle Foods Finance, LLC, 10.625%, 04/01/2017		820,000		746,200
Sprint Capital Corp.:
6.875%, 11/15/2028		6,190,000		4,704,400
7.625%, 01/30/2011		2,715,000		2,748,938


				76,002,461


Diversified Financial Services 3.0%
CapitalSource, Inc., 12.75%, 07/15/2014 144A		2,790,000		2,765,587
Citigroup, Inc., 8.50%, 05/22/2019		995,000		1,061,163
Leucadia National Corp.:
7.00%, 08/15/2013		2,600,000		2,502,500
7.125%, 03/15/2017		1,190,000		1,059,100
8.125%, 09/15/2015		9,230,000		8,930,025
WEA Finance, LLC, 7.50%, 06/02/2014 144A		1,525,000		1,549,833


				17,868,208


Real Estate Investment Trusts (REITs) 2.3%
Host Marriott Corp.:
7.125%, 11/01/2013		1,670,000		1,628,250
9.00%, 05/15/2017 144A		895,000		906,188
Omega Healthcare Investors, Inc., 7.00%, 04/01/2014		3,465,000		3,283,087
Simon Property Group, Inc., 10.35%, 04/01/2019		680,000		814,704
Ventas, Inc.:
6.75%, 04/01/2017		3,855,000		3,642,975
7.125%, 06/01/2015		2,516,000		2,484,550
9.00%, 05/01/2012		985,000		1,039,175


				13,798,929


Thrifts & Mortgage Finance 0.5%
Residential Capital, LLC, 8.50%, 05/15/2010		3,270,000		2,893,950


HEALTH CARE 5.8%
Health Care Equipment & Supplies 0.3%
Biomet, Inc.:
10.375%, 10/15/2017		920,000		989,000
11.625%, 10/15/2017		340,000		370,600
Universal Hospital Services, Inc., 8.50%, 06/01/2015		189,000		184,275


				1,543,875


Health Care Providers & Services 5.1%
Apria Healthcare Group, 11.25%, 11/01/2014 144A		2,165,000		2,213,713
Cigna Corp., 8.50%, 05/01/2019		1,480,000		1,578,905
HCA, Inc.:
6.30%, 10/01/2012		920,000		869,400
7.875%, 02/01/2011		1,830,000		1,839,150
7.875%, 02/15/2020 144A		3,175,000		3,123,406
8.50%, 04/15/2019 144A		4,525,000		4,660,750
8.75%, 09/01/2010		2,165,000		2,197,475
9.25%, 11/15/2016		5,070,000		5,298,150
9.625%, 11/15/2016		3,732,000		3,899,940
Omnicare, Inc., 6.125%, 06/01/2013		2,960,000		2,782,400
Prospect Medical Holdings, Inc., 12.75%, 07/15/2014 144A		1,415,000		1,344,250
Symbion, Inc., 11.00%, 08/23/2015		787,633		551,343


				30,358,882

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



July 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
HEALTH CARE continued
Life Sciences Tools & Services 0.4%
Bio-Rad Laboratories, Inc.:
7.50%, 08/15/2013	$	1,450,000	$	1,479,000
8.00%, 09/15/2016 144A		875,000		896,875


				2,375,875


INDUSTRIALS 12.9%
Aerospace & Defense 5.2%
Alliant Techsystems, Inc., 6.75%, 04/01/2016		3,425,000		3,270,875
Hexcel Corp., 6.75%, 02/01/2015		1,680,000		1,591,800
L-3 Communications Holdings, Inc.:
5.875%, 01/15/2015		20,565,000		19,588,162
6.375%, 10/15/2015		2,586,000		2,495,490
Vought Aircraft Industries, Inc., 8.00%, 07/15/2011		3,865,000		3,671,750


				30,618,077


Commercial Services & Supplies 3.5%
Allied Waste North America, Inc., 6.875%, 06/01/2017		990,000		1,016,277
Browning-Ferris Industries, Inc., 9.25%, 05/01/2021		5,815,000		6,387,080
Casella Waste Systems, Inc., 11.00%, 07/15/2014 144A		895,000		935,275
Corrections Corporation of America:
6.25%, 03/15/2013		2,905,000		2,861,425
6.75%, 01/31/2014		390,000		385,125
7.75%, 06/01/2017		2,190,000		2,206,425
DigitalGlobe, Inc., 10.50%, 05/01/2014 144A		455,000		481,163
Geo Group, Inc., 8.25%, 07/15/2013		1,135,000		1,123,650
Interface, Inc., 11.375%, 11/01/2013 144A		465,000		491,737
Iron Mountain, Inc.:
6.625%, 01/01/2016		1,175,000		1,089,812
7.75%, 01/15/2015		875,000		866,250
Mobile Mini, Inc., 6.875%, 05/01/2015		3,465,000		2,979,900
Toll Corp., 8.91%, 10/15/2017		250,000		265,053


				21,089,172


Machinery 1.3%
Commercial Vehicle Group, Inc., 8.00%, 07/01/2013		13,531,000		7,780,325


Marine 0.1%
Commercial Barge Line Co., 12.50%, 07/15/2017 144A		740,000		712,250


Road & Rail 2.1%
Kansas City Southern:
8.00%, 06/01/2015		10,570,000		10,305,750
13.00%, 12/15/2013		1,770,000		1,991,250


				12,297,000


Trading Companies & Distributors 0.7%
RSC Equipment Rental, Inc., 10.00%, 07/15/2017 144A		1,275,000		1,348,313
United Rentals North America, Inc.:
6.50%, 02/15/2012		2,235,000		2,167,950
10.875%, 06/15/2016 144A		455,000		457,275


				3,973,538


INFORMATION TECHNOLOGY 5.2%
Communications Equipment 0.4%
EchoStar Corp.:
6.625%, 10/01/2014		1,675,000		1,612,188
7.125%, 02/01/2016		685,000		667,875


				2,280,063

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



July 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
INFORMATION TECHNOLOGY continued
Electronic Equipment, Instruments & Components 3.4%
Anixter International, Inc., 10.00%, 03/15/2014	$	3,160,000	$	3,286,400
Da-Lite Screen Co., Inc., 9.50%, 05/15/2011		3,655,000		3,234,675
Jabil Circuit, Inc.:
5.875%, 07/15/2010		475,000		490,437
8.25%, 03/15/2018		11,452,000		11,280,220
Sanmina-SCI Corp., 8.125%, 03/01/2016		1,925,000		1,713,250


				20,004,982


Internet Software & Services 0.4%
Terremark Worldwide, Inc., 12.00%, 06/15/2017 144A		2,785,000		2,826,775


IT Services 0.1%
iPayment, Inc., 9.75%, 05/15/2014		1,055,000		622,450


Semiconductors & Semiconductor Equipment 0.9%
National Semiconductor Corp., 6.60%, 06/15/2017		860,000		784,502
Spansion, Inc.:
11.25%, 01/15/2016 144A •		825,000		552,750
FRN, 3.79%, 06/01/2013 144A •		4,645,000		3,925,025


				5,262,277


MATERIALS 11.0%
Chemicals 3.4%
Ashland, Inc., 9.125%, 06/01/2017 144A		230,000		243,225
Cytec Industries, Inc., 8.95%, 07/01/2017		1,185,000		1,257,293
Dow Chemical Co., 8.55%, 05/15/2019		2,465,000		2,708,892
Huntsman, LLC, 7.375%, 01/01/2015		965,000		796,125
Koppers Holdings, Inc., Sr. Disc. Note, Step Bond, 0.00%, 11/15/2014 †		6,195,000		5,761,350
MacDermid, Inc., 9.50%, 04/15/2017 144A		609,000		471,975
Momentive Performance Materials, Inc.:
9.75%, 12/01/2014		100,000		65,500
10.125%, 12/01/2014		41,635		24,981
11.50%, 12/01/2016		610,000		308,050
Mosaic Co.:
7.30%, 01/15/2028		5,025,000		4,535,063
7.625%, 12/01/2016 144A		3,410,000		3,546,400
Nalco Holding Co., 8.25%, 05/15/2017 144A		120,000		125,400
Tronox Worldwide, LLC, 9.50%, 12/01/2012 •		2,300,000		391,000


				20,235,254


Construction Materials 1.9%
CPG International, Inc.:
10.50%, 07/01/2013		3,085,000		2,205,775
FRN, 7.87%, 07/01/2012		1,355,000		955,275
CRH America, Inc.:
5.625%, 09/30/2011		1,125,000		1,115,729
8.125%, 07/15/2018		4,140,000		4,170,980
Texas Industries, Inc., 7.25%, 07/15/2013 144A		2,745,000		2,539,125


				10,986,884


Containers & Packaging 2.0%
Exopack Holding Corp., 11.25%, 02/01/2014		5,795,000		5,186,525
Graham Packaging Co., 8.50%, 10/15/2012		3,120,000		3,112,200
Graphic Packaging International, Inc.:
8.50%, 08/15/2011		834,000		840,255
9.50%, 06/15/2017 144A		500,000		500,000
Greif, Inc., 7.75%, 08/01/2019 144A		885,000		882,787
Sealed Air Corp., 7.875%, 06/15/2017 144A		230,000		243,250
Silgan Holdings, Inc., 7.25%, 08/15/2016 144A		990,000		994,950


				11,759,967

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



July 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
MATERIALS continued
Metals & Mining 1.4%
AK Steel Corp., 7.75%, 06/15/2012	$	955,000	$	959,775
Freeport-McMoRan Copper & Gold, Inc.:
8.25%, 04/01/2015		4,245,000		4,494,164
8.375%, 04/01/2017		2,590,000		2,749,293
Indalex Holdings Corp., 11.50%, 02/01/2014 •		5,985,000		329,175


				8,532,407


Paper & Forest Products 2.3%
Clearwater Paper Corp., 10.625%, 06/15/2016 144A		1,300,000		1,378,000
Domtar Corp., 10.75%, 06/01/2017		205,000		209,100
Georgia Pacific Corp.:
8.125%, 05/15/2011		1,970,000		2,029,100
8.25%, 05/01/2016 144A		125,000		130,000
8.875%, 05/15/2031		495,000		472,725
International Paper Co., 9.375%, 05/15/2019		7,570,000		8,870,132
Verso Paper Holdings, LLC, 11.375%, 08/01/2016		1,930,000		665,850


				13,754,907


TELECOMMUNICATION SERVICES 8.8%
Diversified Telecommunication Services 3.9%
Citizens Communications Co.:
7.875%, 01/15/2027		3,570,000		3,132,675
9.25%, 05/15/2011		4,255,000		4,409,244
FairPoint Communications, Inc., 13.125%, 04/01/2018		1,090,000		288,850
Qwest Corp.:
7.50%, 06/15/2023		1,725,000		1,466,250
7.875%, 09/01/2011		1,155,000		1,183,875
8.875%, 03/15/2012		10,225,000		10,659,562
SBA Telecommunications, Inc.:
8.00%, 08/15/2016 144A		1,035,000		1,050,525
8.25%, 08/15/2019 144A		700,000		714,000
West Corp., 9.50%, 10/15/2014		115,000		109,825


				23,014,806


Wireless Telecommunication Services 4.9%
Centennial Communications Corp., 8.125%, 02/01/2014		8,015,000		8,075,113
Cricket Communications, Inc.:
7.75%, 05/15/2016 144A		2,425,000		2,425,000
9.375%, 11/01/2014		255,000		260,100
MetroPCS Communications, Inc., 9.25%, 11/01/2014		4,310,000		4,482,400
Sprint Nextel Corp.:
6.90%, 05/01/2019		4,025,000		3,597,344
Ser. D, 7.375%, 08/01/2015		2,930,000		2,644,325
Ser. E, 6.875%, 10/31/2013		7,180,000		6,587,650
Ser. F, 5.95%, 03/15/2014		820,000		713,400


				28,785,332


UTILITIES 14.8%
Electric Utilities 9.6%
Allegheny Energy Supply Co., 8.25%, 04/15/2012 144A		6,945,000		7,430,178
Aquila, Inc., Step Bond, 11.875%, 07/01/2012 ††		17,244,000		19,411,571
CMS Energy Corp., 8.50%, 04/15/2011		860,000		890,245
Edison Mission Energy, 7.00%, 05/15/2017		140,000		112,175
Energy Future Holdings Corp., 11.25%, 11/01/2017		3,247,400		2,419,313
Mirant Americas Generation, LLC, 8.50%, 10/01/2021		235,000		199,750
Mirant Mid-Atlantic, LLC, Ser. C, 10.06%, 12/30/2028		6,598,415		6,532,431
Mirant North America, LLC, 7.375%, 12/31/2013		2,085,000		2,069,363

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



July 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
UTILITIES continued
Electric Utilities continued
NRG Energy, Inc.:
7.25%, 02/01/2014	$	1,305,000	$	1,285,425
7.375%, 02/01/2016		4,600,000		4,462,000
8.50%, 06/15/2019		2,830,000		2,798,162
Orion Power Holdings, Inc., 12.00%, 05/01/2010		8,385,000		8,720,400
Public Service Company of New Mexico, 7.95%, 04/01/2015		285,000		281,839


				56,612,852


Gas Utilities 1.2%
EQT Corp., 8.125%, 06/01/2019		2,115,000		2,389,919
National Fuel Gas Co., 8.75%, 05/01/2019		4,130,000		4,752,205


				7,142,124


Independent Power Producers & Energy Traders 3.1%
AES Corp.:
8.00%, 06/01/2020		105,000		100,800
8.875%, 02/15/2011		2,045,000		2,101,237
Dynegy Holdings, Inc.:
6.875%, 04/01/2011		2,135,000		2,113,650
7.125%, 05/15/2018		1,440,000		997,200
Reliant Energy, Inc.:
6.75%, 12/15/2014		8,776,000		8,710,180
7.625%, 06/15/2014		3,775,000		3,529,625
7.875%, 06/15/2017		703,000		652,033


				18,204,725


Multi-Utilities 0.9%
Ameren Corp., 8.875%, 05/15/2014		880,000		942,783
CMS Energy Corp., 8.75%, 06/15/2019		435,000		459,035
PNM Resources, Inc., 9.25%, 05/15/2015		1,145,000		1,116,375
Texas-New Mexico Power Co., 9.50%, 04/01/2019 144A		2,435,000		2,814,724


				5,332,917


Total Corporate Bonds (cost $704,498,775)				698,189,970


YANKEE OBLIGATIONS – CORPORATE 7.0%
CONSUMER DISCRETIONARY 0.3%
Hotels, Restaurants & Leisure 0.0%
Royal Caribbean Cruises, Ltd., 11.875%, 07/15/2015		90,000		92,250


Media 0.3%
UPC Holdings BV, 9.875%, 04/15/2018 144A		35,000		35,000
Videotron, Ltd., 9.125%, 04/15/2018 144A		145,000		151,887
Virgin Media, Inc., 9.50%, 08/15/2016		1,250,000		1,287,500


				1,474,387


CONSUMER STAPLES 0.0%
Beverages 0.0%
Bacardi, Ltd., 8.20%, 04/01/2019 144A		130,000		147,891


ENERGY 1.4%
Oil, Gas & Consumable Fuels 1.4%
Connacher Oil & Gas, Ltd.:
10.25%, 12/15/2015 144A		1,540,000		985,600
11.75%, 07/15/2014 144A		550,000		554,125
Griffin Coal Mining Co., Ltd., 9.50%, 12/01/2016 144A		10,116,000		5,209,740
OPTI Canada, Inc.:
7.875%, 12/15/2014		1,310,000		864,600
8.25%, 12/15/2014		1,065,000		708,225


				8,322,290

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



July 31, 2009 (unaudited)
	Principal Amount		Value


YANKEE OBLIGATIONS – CORPORATE continued
FINANCIALS 1.1%
Consumer Finance 0.0%
Petroplus Finance, Ltd., 6.75%, 05/01/2014 144A	$	15,000	$	13,425


Diversified Financial Services 1.1%
FMG Finance Property, Ltd.:
10.625%, 09/01/2016 144A		4,691,500		4,867,431
FRN, 4.67%, 09/01/2011 144A		350,000		360,938
Preferred Term Securities XII, Ltd., FRN, 2.23%, 12/24/2033 • +		1,540,000		15
Ship Finance International, Ltd., 8.50%, 12/15/2013		1,450,000		1,363,000


				6,591,384


INDUSTRIALS 1.0%
Machinery 0.1%
Ingersoll-Rand Co., Ltd., 9.50%, 04/15/2014		250,000		290,444


Road & Rail 0.9%
Kansas City Southern de Mexico:
7.375%, 06/01/2014		5,484,000		4,853,340
12.50%, 04/01/2016 144A		535,000		572,806


				5,426,146


MATERIALS 1.6%
Metals & Mining 1.2%
ArcelorMittal SA, 9.85%, 06/01/2019		975,000		1,130,150
Evraz Group SA:
8.875%, 04/24/2013 144A		330,000		288,750
8.875%, 04/24/2013		1,350,000		1,184,625
9.50%, 04/24/2018 144A		275,000		233,750
Novelis, Inc., 7.25%, 02/15/2015		2,425,000		1,988,500
Vedanta Resources plc, 9.50%, 07/18/2018		2,500,000		2,287,500


				7,113,275


Paper & Forest Products 0.4%
PE Paper Escrow GmbH, 12.00%, 08/01/2014 144A		500,000		477,191
Sappi, Ltd.:
6.75%, 06/15/2012 144A		705,000		569,982
7.50%, 06/15/2032 144A		2,090,000		1,090,604


				2,137,777


TELECOMMUNICATION SERVICES 1.6%
Wireless Telecommunication Services 1.6%
Digicel SA, 12.00%, 04/01/2014 144A		355,000		376,300
Inmarsat, plc, Sr. Disc. Note, Step Bond, 10.375%, 11/15/2012 †		100,000		105,000
Intelsat, Ltd.:
8.50%, 01/15/2013		4,155,000		4,217,325
8.875%, 01/15/2015 144A		205,000		208,075
Millicom International Cellular SA, 10.00%, 12/01/2013		190,000		198,550
Telesat Canada, Inc., 11.00%, 11/01/2015 144A		975,000		1,014,000
Vimpel Communications, 9.125%, 04/30/2018 144A		800,000		728,000
Wind Acquisition Finance SA, 11.75%, 07/15/2017 144A		2,640,000		2,838,000


				9,685,250


Total Yankee Obligations – Corporate (cost $43,450,853)				41,294,519

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



July 31, 2009 (unaudited)
	Shares		Value


COMMON STOCKS 0.0%
ENERGY 0.0%
Oil, Gas & Consumable Fuels 0.0%
Newfield Exploration Co. * (cost $73,261)		3,844	$	151,185



	Principal Amount		Value


CONVERTIBLE DEBENTURES 0.3%
CONSUMER DISCRETIONARY 0.1%
Media 0.1%
Sinclair Broadcast Group, Inc., 3.00%, 05/15/2027	$	460,000		380,650


INFORMATION TECHNOLOGY 0.2%
Communications Equipment 0.2%
Lucent Technologies, Inc., 2.875%, 06/15/2025		1,825,000		1,425,781


Total Convertible Debentures (cost $1,136,155)				1,806,431



	Shares		Value


CLOSED END MUTUAL FUND SHARES 0.8%
Dreyfus High Yield Strategies Fund, Inc.		411,242		1,369,436
Eaton Vance Limited Duration Income Trust		99,227		1,363,379
ING Prime Rate Trust		22,959		103,774
LMP Corporate Loan Fund, Inc.		30,704		275,108
New America High Income Fund, Inc.		185,498		1,474,709


Total Closed End Mutual Fund Shares (cost $3,053,948)				4,586,406



	Principal Amount		Value


LOANS 7.6%
CONSUMER DISCRETIONARY 2.2%
Fontainebleau Resorts, LLC, FRN:
6.00%, 06/06/2014 •	$	516,610		165,672
6.25%, 06/06/2014 •		1,033,219		331,343
Ford Motor Co., FRN, 3.29%-3.51%, 12/15/2013		2,407,263		2,054,407
Idearc, Inc., FRN:
5.75%, 11/13/2013 •		446,557		204,170
6.25%, 11/17/2014 •		1,380,094		630,965
Metaldyne Corp., FRN:
4.19%-8.75%, 01/11/2012 • <		2,166,704		292,505
6.19%-8.00%, 01/11/2014 • <		14,823,631		2,001,339
MGM Mirage, N/A, 10/03/2011 <		1,005,000		806,784
Newsday, LLC, 9.75%, 07/15/2013		5,245,000		5,309,618
Tower Automotive Holdings, FRN, 4.56%-4.94%, 07/31/2013 <		965,270		381,291
Tropicana Entertainment, LLC, FRN, 6.50%, 01/03/2012		3,645,000		1,075,311


				13,253,405


CONSUMER STAPLES 1.0%
Merisant Co., FRN, 3.79%, 01/11/2010		6,925,371		5,644,246


ENERGY 1.2%
Alon Krotz Springs, Inc., FRN:
12.75%, 07/03/2014 <		1,184,688		962,440
13.75%, 07/03/2014 <		520,424		423,115
Saint Acquisition Corp., FRN, 3.56%, 06/05/2014		974,495		743,394
Semgroup Energy Partners, FRN, 8.25%, 07/20/2012		5,385,000		4,974,986


				7,103,935

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



July 31, 2009 (unaudited)
	Principal Amount		Value


LOANS continued
FINANCIALS 0.4%
Realogy Corp., FRN, 3.31%, 09/01/2014	$	2,883,402	$	2,218,489


HEALTH CARE 0.3%
HCA, Inc., FRN, 2.35%, 11/18/2012		2,165,953		2,062,248


INDUSTRIALS 0.9%
Clarke American Corp., FRN, 2.79%-3.10%, 02/28/2014		2,900,727		2,324,787
Neff Corp., FRN:
3.80%, 11/30/2014		12,345,000		2,345,550
4.13%, 05/31/2013 <		1,152,250		761,338


				5,431,675


MATERIALS 1.1%
LyondellBasell, FRN:
3.79%, 12/20/2013		416,025		179,743
4.04%, 12/22/2014		252,015		109,007
5.81%-5.94%, 12/15/2009		3,580,805		3,034,768
7.00%, 12/20/2013		1,093,569		473,013
13.00%, 12/15/2009		2,808,904		2,911,260


				6,707,791


TELECOMMUNICATION SERVICES 0.5%
FairPoint Communications, Inc., FRN, 5.00%, 03/08/2015 <		3,602,499		2,782,462


Total Loans (cost $63,193,451)				45,204,251



	Shares		Value


SHORT-TERM INVESTMENTS 5.4%
MUTUAL FUND SHARES 5.4%
Evergreen Institutional Money Market Fund, Class I, 0.22% q ø ## (cost $31,803,691)		31,803,691		31,803,691


Total Investments (cost $847,210,134) 139.1%				823,036,453
Other Assets and Liabilities and Preferred Shares (39.1%)				(231,470,733	)


Net Assets Applicable to Common Shareholders 100.0%			$	591,565,720

•	Security which has defaulted on payment of interest and/or principal. The Fund has stopped accruing interest on this security.

144A	Security that may be sold to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Board of Trustees, unless otherwise noted.

††	The rate shown is the stated rate at the current period end.

@	Security is currently paying interest in-kind.

†

Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. An effective interest rate is applied to recognize interest income daily for the bond. This rate is based on total expected interest to be earned over the life of the bond which consists of the aggregate coupon-interest payments and discount at acquisition. The rate shown is the stated rate at the current period end.

+	Security is deemed illiquid.

*	Non-income producing security

<	All or a portion of the position represents an unfunded loan commitment.

q	Rate shown is the 7-day annualized yield at period end.

ø	Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market fund.

##	All or a portion of this security has been segregated for when-issued or delayed delivery securities.

Summary of Abbreviations

FRN	Floating Rate Note

EVERGREEN INCOME ADVANTAGE FUND
SCHEDULE OF INVESTMENTS continued

July 31, 2009 (unaudited)

At July 31, 2009, the Fund had the following credit default swap contracts outstanding:

Credit default swaps on debt obligations – Sell protection

Expiration	Counterparty	Reference Debt Obligation	Rating of Reference Debt Obligation*	Notional Amount	Fixed Payments Received by the Fund	Frequency of Payments Received	Market Value	Upfront Premiums Paid/ (Received)	Unrealized Gain (Loss)


06/20/2014	Goldman Sachs	Expedia, 7.46%, 08/15/2018 #	BB	$ 970,000	5.00%	Quarterly	$(203,904)	$(145,420)	$ (58,484)
06/20/2014	UBS	Expedia, 7.46%, 08/15/2018 #	BB	2,465,000	5.00%	Quarterly	(369,547)	(73,593)	(295,954)
06/20/2014	Goldman Sachs	Motorola, 6.50%, 09/01/2025 #	BB+	2,005,000	1.00%	Quarterly	(77,239)	57,310	(134,549)
06/20/2014	JPMorgan	Motorola, 6.50%, 09/01/2025 #	BB+	2,215,000	1.00%	Quarterly	(17,980)	63,313	(81,293)

Reflects the ratings of a nationally recognized ratings agency at period end. A rating of D would most likely indicate a trigger event of default has occurred although circumstances including bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium and restructuring may also cause a credit event to take place.

#	The Fund entered into the swap contract for speculative purposes.

On July 31, 2009, the aggregate cost of securities for federal income tax purposes was $854,171,395. The gross unrealized appreciation and depreciation on securities based on tax cost was $40,148,487 and $71,283,429, respectively, with a net unrealized depreciation of $31,134,942.

Valuation of investments

Portfolio debt securities acquired with more than 60 days to maturity are fair valued using matrix pricing methods determined by an independent pricing service which takes into consideration such factors as similar security prices, yields, maturities, liquidity and ratings. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of fair market value obtained from yield data relating to investments or securities with similar characteristics.

Listed equity securities are usually valued at the last sales price or official closing price on the national securities exchange where the securities are principally traded. If there has been no sale, the securities are valued at the mean between bid and asked prices.

Short-term securities of sufficient credit quality with remaining maturities of 60 days or less at the time of purchase are valued at amortized cost, which approximates fair value.

Investments in open-end mutual funds are valued at net asset value. Securities for which market quotations are not readily available or not reflective of current fair value are valued at fair value as determined by the investment advisor in good faith, according to procedures approved by the Board of Trustees.

The valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

When-issued and delayed delivery transactions

The Fund records when-issued or delayed delivery securities as of trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked-to-market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Loans

The Fund may purchase loans through an agent, by assignment from another holder of the loan or as a participation interest in another holder’s portion of the loan. Loans are purchased on a when-issued or delayed delivery basis. Interest income is accrued based on the terms of the securities. Fees earned on loan purchasing activities are recorded as income when earned. Loans involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower.

As of July 31, 2009, the Fund had unfunded loan commitments of $7,778,371.

Credit default swaps

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund may enter into credit default swap contracts for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or for investment gains. Credit default swaps involve an exchange of a stream of payments for protection against the loss in value of an underlying security or index. Under the terms of the swap, one party acts as a guarantor (referred to as the seller of protection) and receives a periodic stream of payments, provided that there is no credit event, from another party (referred to as the buyer of protection) that is a fixed percentage applied to a notional principal amount over the term of the swap. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. A credit event includes bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium, and restructuring. The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index. The maximum potential amount of future payments (undiscounted) that the Fund as the seller of protection could be required to make under the credit default swap contract would be an amount equal to the notional amount of the swap contract. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

EVERGREEN INCOME ADVANTAGE FUND
SCHEDULE OF INVESTMENTS continued

July 31, 2009 (unaudited)

If the Fund is the seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of protection the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index. If the Fund is the buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will receive from the seller of protection the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index.

Any premiums paid or received on the transactions are recorded as an asset or liability on the Statement of Assets and Liabilities and amortized. The value of the swap contract is marked-to-market daily based on quotations from an independent pricing service or market makers and any change in value is recorded as an unrealized gain or loss. Periodic payments made or received are recorded as realized gains or losses. In addition, payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses.

Certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements. Any election by the counterparty to terminate early may impact the amounts reported on the financial statements.

Valuation hierarchy

Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 establishes a fair value hierarchy based upon the various inputs used in determining the value of the Fund’s investments. These inputs are summarized into three broad levels as follows:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As of July 31, 2009, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)	Total


Equity securities
Common stocks	$	151,185	$	0	$0	$	151,185
Mutual fund shares		4,586,406		0	0		4,586,406
Corporate debt securities		0		786,495,171	0		786,495,171
Short-term investments		31,803,691		0	0		31,803,691


	$	36,541,282	$	786,495,171	$0	$	823,036,453

As of July 31, 2009, the inputs used in valuing the Fund’s other financial instruments, which are carried at fair value, were as follows:

	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)	Total


Other financial instruments*		$0		$(570,280)	$0	$	(570,280)

*	Other financial instruments include swap contracts.

Item 2 - Controls and Procedures

(a)

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b)

There has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonable likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 - Exhibits

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)	Separate certifications for the registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached as EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Evergreen Income Advantage Fund

By:	/s/ W. Douglas Munn
	W. Douglas Munn
	Principal Executive Officer

Date: September 28, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ W. Douglas Munn
	W. Douglas Munn
	Principal Executive Officer

Date: September 28, 2009

By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Principal Financial Officer

Date: September 28, 2009