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 January 31, 2007 . This one series has an April 30 fiscal year end.

Date of reporting period: January 31, 2007

Item 1 – Schedule of Investments

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS



January 31, 2007 (unaudited)
	Principal Amount		Value



CORPORATE BONDS 135.1%
CONSUMER DISCRETIONARY 45.9%
Auto Components 6.9%
Accuride Corp., 8.50%, 02/01/2015 ρ	$	7,250,000	$	7,105,000
Goodyear Tire & Rubber Co., 9.00%, 07/01/2015		7,000,000		7,577,500
Lear Corp., 8.75%, 12/01/2016 ρ		14,000,000		14,035,000
Tenneco Automotive, Inc., 8.625%, 11/15/2014 ρ		14,350,000		14,959,875
TRW Automotive, Inc.:
9.375%, 02/15/2013		3,500,000		3,762,500
11.00%, 02/15/2013		10,500,000		11,550,000
Visteon Corp., 8.25%, 08/01/2010 ρ		8,100,000		8,140,500



				67,130,375



Automobiles 1.5%
Ford Motor Co., 7.45%, 07/16/2031 ρ		5,700,000		4,652,625
General Motors Corp., 8.375%, 07/15/2033 ρ		10,000,000		9,462,500



				14,115,125



Diversified Consumer Services 1.2%
Carriage Services, Inc., 7.875%, 01/15/2015		3,600,000		3,604,500
Education Management, LLC:
8.75%, 06/01/2014		3,750,000		3,956,250
10.25%, 06/01/2016 ρ		4,250,000		4,590,000



				12,150,750



Hotels, Restaurants & Leisure 6.0%
Inn of the Mountain Gods Resort & Casino, 12.00%, 11/15/2010		10,000,000		10,950,000
Mandalay Resort Group, Ser. B, 10.25%, 08/01/2007		15,000,000		15,356,250
MGM MIRAGE, Inc., 9.75%, 06/01/2007		13,750,000		13,973,437
Town Sports International, Inc., 9.625%, 04/15/2011		4,057,000		4,290,278
Universal City Development Partners, Ltd., 11.75%, 04/01/2010		12,750,000		13,658,438



				58,228,403



Household Durables 3.3%
Hovnanian Enterprises, Inc., 7.75%, 05/15/2013		7,000,000		7,000,000
Jarden Corp., 9.75%, 05/01/2012		9,125,000		9,706,719
Libbey, Inc., FRN, 12.35%, 06/01/2011 144A		7,100,000		7,703,500
Standard Pacific Corp., 9.25%, 04/15/2012 ρ		7,000,000		7,227,500



				31,637,719



Media 14.5%
AMC Entertainment, Inc.:
9.875%, 02/01/2012		5,000,000		5,281,250
Ser. B, 8.625%, 08/15/2012		11,430,000		12,072,937
American Media Operations, Inc., Ser. B, 10.25%, 05/01/2009		7,000,000		6,737,500
Cablevision Systems Corp., Ser. B, 8.00%, 04/15/2012		7,010,000		7,106,388
CCH I, LLC:
11.00%, 10/01/2015 ρ		2,750,000		2,846,250
13.50%, 01/15/2014 ρ		2,000,000		1,990,000
Cinemark USA, Inc., 9.00%, 02/01/2013		8,185,000		8,737,487
Dex Media East, LLC:
9.875%, 11/15/2009		11,500,000		12,103,750
12.125%, 11/15/2012		7,000,000		7,717,500
Mediacom Broadband, LLC, 8.50%, 10/15/2015 144A		5,000,000		5,087,500
Mediacom Communications Corp., 9.50%, 01/15/2013		21,250,000		21,940,625
Paxson Communications Corp., FRN, 11.61%, 01/15/2013 144A		9,000,000		9,405,000
R.H. Donnelley Corp., 10.875%, 12/15/2012		12,000,000		13,110,000
Sinclair Broadcast Group, Inc., 8.00%, 03/15/2012		12,500,000		12,906,250
Sirius Satellite Radio, Inc., 9.625%, 08/01/2013		6,200,000		6,200,000
Visant Corp., 7.625%, 10/01/2012		7,465,000		7,651,625



				140,894,062

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



January 31, 2007 (unaudited)
	Principal Amount		Value



CORPORATE BONDS continued
CONSUMER DISCRETIONARY continued
Multi-line Retail 1.6%
Neiman Marcus Group, Inc.:
9.00%, 10/15/2015	$	7,000,000	$	7,700,000
10.375%, 10/15/2015 ρ		7,000,000		7,857,500



				15,557,500



Specialty Retail 6.2%
American Achievement Corp., 8.25%, 04/01/2012		6,155,000		6,301,181
Baker & Taylor, Inc., 11.50%, 07/01/2013 144A		8,000,000		8,320,000
Central Garden & Pet Co., 9.125%, 02/01/2013		7,000,000		7,332,500
Linens ‘n Things, Inc., FRN, 11.00%, 01/15/2014 ρ		7,450,000		7,263,750
Michaels Stores, Inc.:
10.00%, 11/01/2014 144A		5,150,000		5,523,375
11.375%, 11/01/2016 144A ρ		3,900,000		4,231,500
Sally Beauty Holdings, Inc.:
9.25%, 11/15/2014 144A		3,625,000		3,738,281
10.50%, 11/15/2016 144A ρ		2,700,000		2,784,375
United Auto Group, Inc., 9.625%, 03/15/2012		13,500,000		14,242,500



				59,737,462



Textiles, Apparel & Luxury Goods 4.7%
Levi Strauss & Co.:
9.75%, 01/15/2015		14,025,000		15,217,125
12.25%, 12/15/2012		6,500,000		7,223,125
Norcross Safety Products, LLC, Ser. B, 9.875%, 08/15/2011o		2,750,000		2,942,500
Oxford Industries, Inc., 8.875%, 06/01/2011		12,000,000		12,480,000
Unifi, Inc., 11.50%, 05/15/2014		4,864,000		4,645,120
Warnaco Group, Inc., 8.875%, 06/15/2013		3,200,000		3,416,000



				45,923,870



CONSUMER STAPLES 3.9%
Food & Staples Retailing 0.8%
Ingles Markets, Inc., 8.875%, 12/01/2011		7,000,000		7,341,250



Food Products 1.8%
Del Monte Foods Co., 8.625%, 12/15/2012		13,220,000		14,013,200
Pilgrims Pride Corp., 8.375%, 05/01/2017 ρ		3,500,000		3,465,000



				17,478,200



Personal Products 1.3%
Playtex Products, Inc., 8.00%, 03/01/2011		12,100,000		12,720,125



ENERGY 13.3%
Energy Equipment & Services 3.1%
Dresser-Rand Group, Inc., 7.375%, 11/01/2014		5,616,000		5,658,120
GulfMark Offshore, Inc., 7.75%, 07/15/2014		4,100,000		4,161,500
Hanover Compressor Co., 8.75%, 09/01/2011		7,000,000		7,315,000
Parker Drilling Co., 9.625%, 10/01/2013		11,955,000		13,105,669



				30,240,289



Oil, Gas & Consumable Fuels 10.2%
ANR Pipeline Co., 8.875%, 03/15/2010		2,735,000		2,877,504
Chesapeake Energy Corp.:
7.50%, 09/15/2013 ρ		7,000,000		7,210,000
7.75%, 01/15/2015		7,750,000		7,982,500
El Paso Corp.:
7.75%, 06/01/2013		10,500,000		10,920,000
7.875%, 06/15/2012		7,000,000		7,437,500
Griffin Coal Mining Co., 9.50%, 12/01/2016 144A ρ		14,000,000		14,595,000
Overseas Shipholding Group, Inc., 8.25%, 03/15/2013		12,050,000		12,712,750

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



January 31, 2007 (unaudited)
	Principal Amount		Value



CORPORATE BONDS continued
ENERGY continued
Oil, Gas & Consumable Fuels continued
Premcor Refining Group, Inc., 9.50%, 02/01/2013	$	6,500,000	$	6,997,276
Regency Energy Partners, LP, 8.375%, 12/15/2013 144A ρ		3,125,000		3,148,438
Targa Resources, Inc., 8.50%, 11/01/2013 144A		7,250,000		7,304,375
Williams Cos.:
7.50%, 01/15/2031 ρ		6,750,000		7,053,750
8.125%, 03/15/2012		9,750,000		10,542,187



				98,781,280



FINANCIALS 11.2%
Consumer Finance 7.2%
CCH II Capital Corp., 10.25%, 09/15/2010		14,250,000		14,873,437
Ford Motor Credit Corp., 9.75%, 09/15/2010 144A		21,174,000		22,603,457
Hexion U.S. Finance Corp., 9.75%, 11/15/2014 144A		7,400,000		7,770,000
Northern Telecom Capital Corp., 7.875%, 06/15/2026		9,000,000		8,437,500
Terra Capital, Inc., 11.50%, 06/01/2010		9,300,000		10,044,000
Triad Financial Corp., Ser. B, 11.125%, 05/01/2013		6,500,000		6,272,500



				70,000,894



Insurance 1.0%
Crum & Forster Holdings Corp., 10.375%, 06/15/2013		8,750,000		9,493,750



Real Estate Investment Trusts 2.8%
Crescent Real Estate Equities Co., 9.25%, 04/15/2009		17,425,000		17,882,407
Omega Healthcare Investors, Inc., 7.00%, 04/01/2014		1,400,000		1,407,000
Thornburg Mortgage, Inc., 8.00%, 05/15/2013		7,825,000		7,825,000



				27,114,407



Real Estate Management & Development 0.2%
Buffalo Thunder Development Authority, 9.375%, 12/15/2014 144A		2,100,000		2,144,625



HEALTH CARE 7.5%
Health Care Equipment & Supplies 1.6%
Universal Hospital Services, Inc., 10.125%, 11/01/2011		14,715,000		15,708,262



Health Care Providers & Services 5.9%
HCA, Inc.:
8.75%, 09/01/2010		19,750,000		20,638,750
9.25%, 11/15/2016 144A		13,359,000		14,227,335
HealthSouth Corp., 10.75%, 06/15/2016 144A		3,525,000		3,890,719
IASIS Healthcare Corp., 8.75%, 06/15/2014		10,600,000		10,878,250
Select Medical Corp., 7.625%, 02/01/2015		8,150,000		7,335,000



				56,970,054



INDUSTRIALS 6.9%
Commercial Services & Supplies 1.8%
Allied Waste North America, Inc., 9.25%, 09/01/2012		16,500,000		17,551,875



Machinery 4.3%
Case New Holland, Inc., 9.25%, 08/01/2011		26,125,000		27,823,125
Commercial Vehicle Group, Inc., 8.00%, 07/01/2013		3,950,000		3,900,625
RBS Global, Inc., 9.50%, 08/01/2014 144A		9,250,000		9,620,000



				41,343,750



Road & Rail 0.8%
Hertz Corp., 10.50%, 01/01/2016		7,000,000		7,910,000

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



January 31, 2007 (unaudited)
	Principal Amount		Value



CORPORATE BONDS continued
INFORMATION TECHNOLOGY 8.1%
Electronic Equipment & Instruments 1.5%
Da-Lite Screen Co., Inc., 9.50%, 05/15/2011	$	8,850,000	$	9,336,750
NXP Funding, LLC, 9.50%, 10/15/2015 144A ρ		5,500,000		5,713,125



				15,049,875



IT Services 3.7%
CompuCom Systems, Inc., 12.00%, 11/01/2014 144A		8,625,000		8,970,000
SunGard Data Systems, Inc.:
9.125%, 08/15/2013		21,350,000		22,577,625
10.25%, 08/15/2015 ρ		4,150,000		4,482,000



				36,029,625



Semiconductors & Semiconductor Equipment 1.3%
Conexant Systems, Inc., 9.13%, 11/15/2010 144A		1,400,000		1,428,000
Freescale Semiconductor, Inc., 10.125%, 12/15/2016 144A ρ		3,500,000		3,500,000
Spansion, LLC, 11.25%, 01/15/2016 144A ρ		7,000,000		7,402,500



				12,330,500



Software 1.6%
UGS Corp., 10.00%, 06/01/2012		14,060,000		15,466,000



MATERIALS 19.7%
Chemicals 7.3%
Equistar Chemicals, LP, 10.625%, 05/01/2011		14,000,000		14,910,000
Huntsman Advanced Materials, LLC, 11.625%, 10/15/2010		7,000,000		7,665,000
Huntsman International, LLC, 11.50%, 07/15/2012		15,085,000		17,196,900
Lyondell Chemical Co.:
10.50%, 06/01/2013		11,565,000		12,822,693
11.125%, 07/15/2012		4,435,000		4,795,344
Tronox Worldwide, LLC, 9.50%, 12/01/2012		12,750,000		13,578,750



				70,968,687



Containers & Packaging 5.4%
Crown Americas, Inc., 7.75%, 11/15/2015		5,000,000		5,200,000
Graham Packaging Co., 9.875%, 10/15/2014 ρ		7,250,000		7,503,750
Graphic Packaging International, Inc.:
8.50%, 08/15/2011		5,000,000		5,212,500
9.50%, 08/15/2013 ρ		10,000,000		10,650,000
Owens-Brockway Glass Containers, Inc.:
8.25%, 05/15/2013		10,525,000		11,024,938
8.75%, 11/15/2012		12,150,000		12,909,375



				52,500,563



Metals & Mining 2.9%
Aleris International, Inc., 9.00%, 12/15/2014 144A ρ		2,525,000		2,632,313
Freeport-McMoRan Copper & Gold, Inc., 10.125%, 02/01/2010		9,680,000		10,224,500
Indalex Holding Corp., 11.50%, 02/01/2014 144A		9,000,000		9,585,000
Momentive Performance, 9.75%, 12/01/2014 144A ρ		5,600,000		5,768,000



				28,209,813



Paper & Forest Products 4.1%
Bowater, Inc., 9.375%, 12/15/2021		7,000,000		7,245,000
Buckeye Technologies, Inc., 8.50%, 10/01/2013		7,500,000		8,025,000
Georgia Pacific Corp.:
8.00%, 01/15/2024		4,170,000		4,211,700
8.125%, 05/15/2011		5,000,000		5,275,000
Verso Paper Holdings, LLC:
9.125%, 08/01/2014 144A		4,175,000		4,404,625
11.375%, 08/01/2016 144A		10,000,000		10,650,000



				39,811,325

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



January 31, 2007 (unaudited)

	Principal Amount		Value



CORPORATE BONDS continued
TELECOMMUNICATION SERVICES 11.1%
Diversified Telecommunication Services 4.4%
Citizens Communications Co., 9.25%, 05/15/2011	$	7,000,000	$	7,787,500
Consolidated Communications, Inc., 9.75%, 04/01/2012		7,800,000		8,326,500
Insight Midwest, LP, 9.75%, 10/01/2009		4,156,000		4,239,120
Qwest Communications International, Inc.:
7.875%, 09/01/2011		7,300,000		7,792,750
8.875%, 03/15/2012		13,000,000		14,495,000



				42,640,870



Wireless Telecommunication Services 6.7%
Alamosa Holdings, Inc., 11.00%, 07/31/2010		3,400,000		3,654,694
American Cellular Corp., 10.00%, 08/01/2011		5,500,000		5,857,500
Centennial Communications Corp.:
10.00%, 01/01/2013		3,500,000		3,771,250
10.125%, 06/15/2013		10,000,000		10,837,500
Cricket Communications, Inc., 9.375%, 11/01/2014 144A ρ		3,000,000		3,165,000
Dobson Communications Corp., 8.375%, 11/01/2011 ρ		3,500,000		3,714,375
Horizon PCS, Inc., 11.375%, 07/15/2012		4,975,000		5,547,125
Rural Cellular Corp.:
8.25%, 03/15/2012		13,500,000		14,141,250
9.75%, 01/15/2010 ρ		7,350,000		7,588,875
UbiquiTel, Inc., 9.875%, 03/01/2011		3,375,000		3,628,621
US Unwired, Inc., Ser. B, 10.00%, 06/15/2012		3,325,000		3,635,329



				65,541,519



UTILITIES 7.5%
Electric Utilities 3.4%
Mirant Americas Generation LLC, 8.50%, 10/01/2021		7,000,000		7,140,000
Mirant North America LLC, 7.375%, 12/31/2013		4,025,000		4,125,625
Reliant Energy, Inc.:
9.25%, 07/15/2010		7,000,000		7,385,000
9.50%, 07/15/2013		13,000,000		14,007,500



				32,658,125



Independent Power Producers & Energy Traders 4.1%
AES Corp., 9.00%, 05/15/2015 144A		16,250,000		17,468,750
Dynegy, Inc., 8.375%, 05/01/2016		21,250,000		22,578,125
				40,046,875



Total Corporate Bonds (cost $1,294,440,836)				1,311,427,804



YANKEE OBLIGATIONS-CORPORATE 8.2%
CONSUMER DISCRETIONARY 1.5%
Media 1.5%
IMAX Corp., 9.625%, 12/01/2010 ρ		9,950,000		9,154,000
National Cable plc, 9.125%, 08/15/2016		5,113,000		5,432,562



				14,586,562



FINANCIALS 0.9%
Diversified Financial Services 0.9%
Ship Finance International, Ltd., 8.50%, 12/15/2013		8,640,000		8,748,000



MATERIALS 2.3%
Chemicals 0.7%
Ineos Group Holdings plc, 8.50%, 02/15/2016 144A		7,500,000		7,218,750



Metals & Mining 1.6%
Novelis, Inc., FRN, 7.25%, 02/15/2015		14,750,000		15,192,500

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



January 31, 2007 (unaudited)
	Principal Amount		Value



YANKEE OBLIGATIONS-CORPORATE continued
TELECOMMUNICATION SERVICES 3.5%
Wireless Telecommunication Services 3.5%
Intelsat, Ltd.:
9.25%, 06/15/2016 144A	$	13,900,000	$	15,324,750
11.25%, 06/15/2016 144A		8,800,000		9,988,000
		7,000,000		7,945,000



Rogers Wireless, Inc., 9.625%, 05/01/2011				33,257,750



				79,003,562



Total Yankee Obligations-Corporate (cost $77,371,789)
DEBT OBLIGATIONS 1.3%
Blue Grass Energy Corp. Loan, FRN, 10.32%, 12/30/2013 (cost $12,450,000)		12,450,000		12,600,023



SHORT-TERM INVESTMENTS 18.7%
COMMERCIAL PAPER 5.8%
Aegis Finance, LLC, 5.32%, 02/09/2007 ρρ		3,978,840		3,978,840
Cancara Asset Securitization, LLC, 5.29%, 02/13/2007 ρρ		6,667,664		6,667,664
First Tennessee Bank, 5.33%, 02/20/2007 ρρ		6,000,006		6,000,006
Gemini Securitization Corp., 5.31%, 02/08/2007 ρρ		3,979,467		3,979,467
Gotham Funding Corp., 5.30%, 02/05/2007 ρρ		4,478,240		4,478,240
Lafayette Asset, 5.30%, 02/20/2007 ρρ		6,959,011		6,959,011
Legacy Capital Co., LLC, 5.29%, 02/20/2007 ρρ		3,983,019		3,983,019
Liberty Street Funding Co., 5.29%, 02/16/2007 ρρ		6,664,758		6,664,758
Metropolitan Life Global Funding, 5.31%, 02/22/2007 ρρ		6,500,000		6,500,000
Sheffield Receivables Corp., 5.29%, 02/15/2007 ρρ		6,665,737		6,665,737



				55,876,742



*REPURCHASE AGREEMENTS 7.4%**
Bank of America Corp., 5.33%, dated 01/31/2007, maturing 02/01/2007; maturity value is $21,991,220 ρρ		21,987,965		21,987,965
Cantor Fitzgerald & Co., 5.31%, dated 01/31/2007, maturing 02/01/2007; maturity value is $25,003,688 ρρ		25,000,000		25,000,000
Nomura Securities Co., 5.29%, dated 01/31/2007, maturing 02/01/2007; maturity value is $25,003,674 ρρ		25,000,000		25,000,000



				71,987,965



TIME DEPOSITS 1.8%
Dexia Credit Local, 5.34%, 02/01/2007 ρρ		5,000,000		5,000,000
Sun Trust Bank, Inc., 5.33%, 02/01/2007 ρρ		6,500,000		6,500,000
Ulster Bank, Ltd., 5.34%, 02/01/2007 ρρ		6,000,000		6,000,000



				17,500,000



YANKEE OBLIGATIONS-CORPORATE 0.9%
Natexis Banques Populaires, 5.34%, 02/01/2007 ρρ		5,000,000		5,000,000
Societe Generale, 5.33%, 02/01/2007 ρρ		4,000,000		4,000,000



				9,000,000







		Shares		Value



MUTUAL FUND SHARES 2.8%
Evergreen Institutional Money Market Fund, Class I, 5.21% q ø		27,253,083		27,253,083



Total Short Term Investments (cost $181,617,790)				181,617,790



Total Investments (cost $1,565,880,415) 163.3%				1,584,649,179
Other Assets and Liabilities and Preferred Shares (63.3%)				(613,971,213	)



Net Assets Applicable to Common Shareholders 100.0%			$	970,677,966

EVERGREEN INCOME ADVANTAGE FUND SCHEDULE OF INVESTMENTS continued



January 31, 2007 (unaudited)

ρ	All or a portion of this security is on loan.

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.

o	Security is valued at fair value as determined by the investment advisor in good faith, according to procedures approved by the Board of Trustees.

ρρ	Represents investment of cash collateral received from securities on loan.
*	Collateralized by U.S. Government Agency Obligations at period end.

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.

Summary of Abbreviations

FRN	Floating Rate Note

At January 31, 2007, the Fund had the following open interest rate swap agreements:

Expiration	Notional Amount	Counterparty	Cash Flows Paid by the Fund	Cash Flows Received by the Fund	Unrealized Gain

7/02/2008	100,000,000	JPMorgan Chase & Co.	Fixed – 2.74%	Floating-5.33%¹	$ 3,784,640
11/26/2008	65,000,000	Merrill Lynch & Co., Inc.	Fixed – 3.59%	Floating-5.32%²	1,870,574

¹	This rate represents the 1 month USD London InterBank Offered Rate (LIBOR) effective for the period of January 3, 2007 through February 2, 2007.

²	This rate represents the 1 month USD London InterBank Offered Rate (LIBOR) effective for the period of January 26, 2007 through February 26, 2007.

On January 31, 2007, the aggregate cost of securities for federal income tax purposes was $1,565,948,415. The gross unrealized appreciation and depreciation on securities based on tax cost was $36,028,328 and $17,327,564, respectively, with a net unrealized appreciation of $18,700,764.

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/ Dennis H. Ferro
        Dennis H. Ferro,
        Principal Executive Officer

Date: March 30, 2007

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/ Dennis H. Ferro
        Dennis H. Ferro,
        Principal Executive Officer

Date: March 30, 2007

By: /s/ Kasey Phillips
        Kasey Phillips
        Principal Financial Officer

Date: March 30, 2007