Edgar Filing: EVERGREEN UTILITIES & HIGH INCOME 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 811-21507

Evergreen Utilities and High Income 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 Utilities and High Income Fund, for the quarter ended November 30, 2009. These series have August 31 fiscal year end.

Date of reporting period: November 30, 2009

Item 1 – Schedule of Investments

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS



November 30, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS 29.4%
CONSUMER DISCRETIONARY 3.9%
Auto Components 0.4%
Cooper Tire & Rubber Co., 7.625%, 03/15/2027	$	240,000	$	205,500
Goodyear Tire & Rubber Co.:
7.86%, 08/15/2011		140,000		144,200
8.625%, 12/01/2011		25,000		25,719
9.00%, 07/01/2015		25,000		25,687
10.50%, 05/15/2016		60,000		64,800


				465,906


Diversified Consumer Services 0.5%
Carriage Services, Inc., 7.875%, 01/15/2015		140,000		132,300
Service Corporation International:
6.75%, 04/01/2015		10,000		9,700
7.50%, 04/01/2027		70,000		61,950
8.00%, 11/15/2021		40,000		39,400
StoneMor Partners, LP, 10.25%, 12/01/2017 144A		255,000		253,725


				497,075


Hotels, Restaurants & Leisure 0.7%
Boyd Gaming Corp.:
7.125%, 02/01/2016		45,000		36,900
7.75%, 12/15/2012		15,000		15,000
Caesars Entertainment, Inc., 7.875%, 03/15/2010		95,000		95,000
Hyatt Hotels Corp., 6.875%, 08/15/2019 144A		125,000		129,454
Inn of the Mountain Gods Resort & Casino, 12.00%, 11/15/2010 + •		110,000		44,550
Landry’s Restaurants, Inc., 11.625%, 12/01/2015 144A		75,000		76,687
MGM MIRAGE, 11.125%, 11/15/2017 144A		35,000		38,500
Pokagon Gaming Authority, 10.375%, 06/15/2014 144A		7,000		7,333
Scientific Games Corp., 9.25%, 06/15/2019 144A		35,000		36,531
Seneca Gaming Corp., 7.25%, 05/01/2012		15,000		14,775
Shingle Springs Tribal Gaming Authority, 9.375%, 06/15/2015 144A		130,000		94,900
Speedway Motorsports, Inc., 8.75%, 06/01/2016		120,000		127,200
Wynn Resorts, Ltd., 7.875%, 11/01/2017 144A		5,000		5,000


				721,830


Household Durables 0.7%
D.R. Horton, Inc., 9.75%, 09/15/2010		290,000		303,050
Lennar Corp.:
5.125%, 10/01/2010		95,000		95,475
12.25%, 06/01/2017		5,000		6,000
Libbey, Inc., FRN, 8.26%, 06/01/2011		75,000		72,656
Meritage Homes Corp., 7.00%, 05/01/2014		50,000		47,750
Newell Rubbermaid, Inc., 10.60%, 04/15/2019		125,000		159,299
Sealy Corp., 10.875%, 04/15/2016 144A		10,000		11,050


				695,280


Internet & Catalog Retail 0.2%
Netflix, Inc., 8.50%, 11/15/2017 144A		10,000		10,300
QVC, Inc., 7.50%, 10/01/2019 144A		140,000		140,700
Ticketmaster Entertainment, Inc., 10.75%, 08/01/2016		60,000		62,400


				213,400


Media 0.8%
Belo Corp., Ser. A, 8.00%, 11/15/2016		10,000		10,113
Cablevision Systems Corp., 8.625%, 09/15/2017 144A		15,000		15,450
CBS Corp., 8.875%, 05/15/2019		5,000		5,819
Charter Communications, Inc., Step Bond:
10.00%, 04/30/2012 144A ††		90,000		92,025
10.875%, 09/15/2014 144A ††		375,000		419,531

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
CONSUMER DISCRETIONARY continued
Media continued
DirectTV Holdings, LLC, 7.625%, 05/15/2016	$	10,000	$	10,789
Dish Network Corp., 7.875%, 09/01/2019 144A		135,000		136,687
Lamar Media Corp.:
6.625%, 08/15/2015		10,000		9,550
7.25%, 01/01/2013		35,000		34,562
9.75%, 04/01/2014		5,000		5,475
Salem Communications Corp., 9.625%, 12/15/2016 144A		90,000		92,475
UPC Germany GmbH, 8.125%, 12/01/2017 144A		25,000		25,105
WMG Acquisition Corp., 9.50%, 06/15/2016 144A		5,000		5,400


				862,981


Multiline Retail 0.1%
Macy’s, Inc.:
5.90%, 12/01/2016		5,000		4,750
8.875%, 07/15/2015		75,000		80,063


				84,813


Specialty Retail 0.2%
American Achievement Corp., 8.25%, 04/01/2012 144A		240,000		239,400
Colt Defense, Inc., 8.75%, 11/15/2017 144A		20,000		20,200


				259,600


Textiles, Apparel & Luxury Goods 0.3%
Oxford Industries, Inc., 11.375%, 07/15/2015		195,000		213,525
Visant Corp., 7.625%, 10/01/2012		135,000		136,350


				349,875


CONSUMER STAPLES 0.9%
Food Products 0.6%
Del Monte Foods Co.:
6.75%, 02/15/2015		5,000		5,050
7.50%, 10/15/2019 144A		175,000		177,625
Dole Food Company, Inc.:
8.00%, 10/01/2016 144A		55,000		55,825
13.875%, 03/15/2014 144A		166,000		195,880
Smithfield Foods, Inc., 7.00%, 08/01/2011		115,000		113,562
Tyson Foods, Inc.:
7.85%, 04/01/2016		40,000		40,700
10.50%, 03/01/2014		5,000		5,675


				594,317


Tobacco 0.3%
Altria Group, Inc., 10.20%, 02/06/2039		235,000		309,851


ENERGY 5.2%
Energy Equipment & Services 1.5%
Bristow Group, Inc.:
6.125%, 06/15/2013		10,000		9,725
7.50%, 09/15/2017		240,000		233,280
Forbes Energy Services, Ltd., 11.00%, 02/15/2015		190,000		167,200
GulfMark Offshore, Inc., 7.75%, 07/15/2014		225,000		223,875
Hercules Offshore, Inc., 10.50%, 10/15/2017 144A		55,000		55,756
Hornbeck Offshore Services, Inc.:
8.00%, 09/01/2017 144A		185,000		184,075
Ser. B, 6.125%, 12/01/2014		250,000		234,688
Parker Drilling Co., 9.625%, 10/01/2013		104,000		106,600
PHI, Inc., 7.125%, 04/15/2013		235,000		226,481
Pride International, Inc., 8.50%, 06/15/2019		100,000		111,250
SEACOR Holdings, Inc., 7.375%, 10/01/2019		55,000		57,616


				1,610,546

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
ENERGY continued
Oil, Gas & Consumable Fuels 3.7%
Alon Refining Krotz Springs, Inc., 13.50%, 10/15/2014 144A	$	95,000	$	90,250
Arch Coal, Inc., 8.75%, 08/01/2016 144A		5,000		5,175
Chesapeake Energy Corp.:
6.875%, 01/15/2016		569,000		549,085
9.50%, 02/15/2015		145,000		152,612
Cloud Peak Enrgy, Inc., 8.25%, 12/15/2017 144A		5,000		5,075
El Paso Corp.:
7.42%, 02/15/2037		240,000		213,830
12.00%, 12/12/2013		45,000		51,637
Exco Resources, Inc., 7.25%, 01/15/2011		315,000		315,000
Ferrellgas Partners, LP:
8.75%, 06/15/2012		50,000		50,375
9.125%, 10/01/2017 144A		40,000		41,800
Forest Oil Corp.:
7.25%, 06/15/2019		120,000		114,300
8.50%, 02/15/2014 144A		75,000		77,062
Frontier Oil Corp., 6.625%, 10/01/2011		160,000		160,800
Holly Corp., 9.875%, 06/15/2017 144A		200,000		208,500
Newfield Exploration Co., 6.625%, 04/15/2016		15,000		14,850
North American Energy Alliance, LLC, 10.875%, 06/01/2016 144A		5,000		5,238
Nustar Logistics, LP, 7.65%, 04/15/2018		60,000		67,588
Peabody Energy Corp.:
5.875%, 04/15/2016		130,000		126,750
7.875%, 11/01/2026		370,000		366,300
Penn Virginia Corp., 10.375%, 06/15/2016		10,000		10,825
Petrohawk Energy Corp.:
7.875%, 06/01/2015		130,000		130,325
10.50%, 08/01/2014		60,000		65,250
Pioneer Natural Resources Co., 7.50%, 01/15/2020		100,000		98,750
Plains Exploration & Production Co., 8.625%, 10/15/2019		335,000		337,512
Range Resources Corp., 8.00%, 05/15/2019		5,000		5,250
Sabine Pass LNG, LP:
7.25%, 11/30/2013		180,000		160,650
7.50%, 11/30/2016		110,000		91,850
SandRidge Energy, Inc., 8.00%, 06/01/2018 144A		5,000		4,738
Southwestern Energy Co., 7.50%, 02/01/2018		140,000		145,250
Tesoro Corp.:
6.50%, 06/01/2017		55,000		49,638
7.50%, 07/17/2012		70,000		65,250
9.75%, 06/01/2019		95,000		96,900
Williams Cos.:
8.125%, 03/15/2012		60,000		66,136
8.75%, 01/15/2020		10,000		11,708


				3,956,259


FINANCIALS 4.5%
Capital Markets 0.1%
E*TRADE Financial Corp., 12.50%, 11/30/2017		64,000		72,320


Commercial Banks 0.2%
CapitalSource, Inc., 12.75%, 07/15/2014 144A		170,000		179,562
Discover Bank, 8.70%, 11/18/2019		25,000		26,389
Zions Bancorp, 7.75%, 09/23/2014		20,000		17,817


				223,768

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
FINANCIALS continued
Consumer Finance 2.8%
Calpine Construction Finance Corp., 8.00%, 06/01/2016 144A	$	5,000	$	5,050
Discover Financial Services, 10.25%, 07/15/2019		105,000		123,520
Ford Motor Credit Co., LLC:
9.75%, 09/15/2010		155,000		159,322
9.875%, 08/10/2011		235,000		243,978
GMAC, LLC:
6.75%, 12/01/2014 144A		36,000		32,580
6.875%, 09/15/2011 144A		76,000		73,910
6.875%, 08/28/2012 144A		351,000		336,082
8.00%, 12/31/2018 144A		101,000		84,840
8.00%, 11/01/2031 144A		275,000		238,563
International Lease Finance Corp.:
4.75%, 01/13/2012		70,000		59,737
5.125%, 11/01/2010		60,000		57,735
JBS USA Finance, Inc., 11.625%, 05/01/2014 144A		375,000		418,594
NiSource Finance Corp., 10.75%, 03/15/2016		410,000		496,521
Sprint Capital Corp.:
6.875%, 11/15/2028		645,000		486,975
7.625%, 01/30/2011		160,000		162,400


				2,979,807


Diversified Financial Services 0.7%
CEDC Financial Corporation International, Inc., 9.125%, 12/01/2016 144A		100,000		100,500
Citigroup, Inc., 8.50%, 05/22/2019		30,000		33,938
Leucadia National Corp.:
7.00%, 08/15/2013		65,000		65,569
7.125%, 03/15/2017		230,000		217,063
8.125%, 09/15/2015		313,000		318,477


				735,547


Real Estate Investment Trusts (REITs) 0.6%
Host Marriott Corp.:
7.125%, 11/01/2013		95,000		94,762
9.00%, 05/15/2017 144A		30,000		31,725
Omega Healthcare Investors, Inc., 7.00%, 04/01/2014		195,000		190,125
Potlatch Corp., 7.50%, 11/01/2019 144A		85,000		86,275
Ventas, Inc.:
6.75%, 04/01/2017		67,000		63,985
7.125%, 06/01/2015		196,000		194,040
9.00%, 05/01/2012		65,000		68,494


				729,406


Thrifts & Mortgage Finance 0.1%
Residential Capital, LLC, 8.50%, 05/15/2010		90,000		79,650


HEALTH CARE 1.3%
Biotechnology 0.1%
Talecris Biotherapeutics Holdings Corp., 7.75%, 11/15/2016 144A		55,000		56,375


Health Care Equipment & Supplies 0.0%
Biomet, Inc., 10.375%, 10/15/2017		30,000		32,325
Universal Hospital Services, Inc., 8.50%, 06/01/2015		12,000		11,880


				44,205


Health Care Providers & Services 1.0%
Apria Healthcare Group:
11.25%, 11/01/2014 144A		65,000		71,500
12.375%, 11/01/2014 144A		15,000		16,463

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
HEALTH CARE continued
Health Care Providers & Services continued
HCA, Inc.:
8.50%, 04/15/2019 144A	$	250,000	$	265,000
9.25%, 11/15/2016		400,000		424,000
9.625%, 11/15/2016		129,000		137,869
Omnicare, Inc., 6.125%, 06/01/2013		165,000		158,812


				1,073,644


Life Sciences Tools & Services 0.2%
Bio-Rad Laboratories, Inc.:
7.50%, 08/15/2013		15,000		15,375
8.00%, 09/15/2016 144A		145,000		151,525


				166,900


INDUSTRIALS 3.2%
Aerospace & Defense 1.8%
Alliant Techsystems, Inc., 6.75%, 04/01/2016		215,000		213,387
GeoEye, Inc., 9.625%, 10/01/2015 144A		20,000		20,850
Hexcel Corp., 6.75%, 02/01/2015		190,000		181,925
L-3 Communications Holdings, Inc.:
5.20%, 10/15/2019 144A		5,000		5,094
5.875%, 01/15/2015		1,071,000		1,054,935
6.375%, 10/15/2015		315,000		311,456
Spirit AeroSystems Holdings, Inc., 7.50%, 10/01/2017 144A		35,000		34,475
TransDigm Group, Inc., 7.75%, 07/15/2014 144A		35,000		35,350
Triumph Group, Inc., 8.00%, 11/15/2017 144A		35,000		35,175


				1,892,647


Airlines 0.1%
Delta Air Lines, Inc., 9.50%, 09/15/2014 144A		70,000		71,400
United Airlines, Inc., 10.40%, 05/01/2018		85,000		88,666


				160,066


Commercial Services & Supplies 0.7%
Allied Waste North America, Inc., 6.875%, 06/01/2017		5,000		5,302
Browning-Ferris Industries, Inc., 9.25%, 05/01/2021		185,000		230,199
Cornell Companies, Inc., 10.75%, 07/01/2012		15,000		15,375
Corrections Corporation of America:
6.25%, 03/15/2013		60,000		60,375
6.75%, 01/31/2014		35,000		35,087
7.75%, 06/01/2017		225,000		235,125
DigitalGlobe, Inc., 10.50%, 05/01/2014 144A		25,000		26,875
Geo Group, Inc., 7.75%, 10/15/2017 144A		90,000		91,800
SGS International, Inc., Sr. Note, 12.00%, 12/15/2013		70,000		71,400


				771,538


Machinery 0.5%
Commercial Vehicle Group, Inc., 11.00%, 02/15/2013 144A +		340,000		298,350
CPM Holdings, Inc., 10.625%, 09/01/2014 144A		105,000		110,250
Navistar International Corp., 8.25%, 11/01/2021		15,000		14,813
Viasystem Group, Inc., 12.00%, 01/15/2015 144A		115,000		117,587


				541,000


Trading Companies & Distributors 0.1%
United Rentals North America, Inc.:
6.50%, 02/15/2012		50,000		49,687
10.875%, 06/15/2016 144A		5,000		5,338


				55,025

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
INFORMATION TECHNOLOGY 1.3%
Communications Equipment 0.1%
EchoStar Corp.:
6.625%, 10/01/2014	$	15,000	$	14,737
7.75%, 05/31/2015		40,000		40,800


				55,537


Electronic Equipment, Instruments & Components 1.1%
Anixter International, Inc., 10.00%, 03/15/2014		190,000		208,525
Da-Lite Screen Co., Inc., 9.50%, 05/15/2011		165,000		162,937
Jabil Circuit, Inc., 8.25%, 03/15/2018		675,000		716,344
Sanmina-SCI Corp., 8.125%, 03/01/2016		50,000		48,875


				1,136,681


Internet Software & Services 0.1%
Terremark Worldwide, Inc., 12.00%, 06/15/2017 144A		115,000		126,069


Semiconductors & Semiconductor Equipment 0.0%
National Semiconductor Corp., 6.60%, 06/15/2017		5,000		5,103


MATERIALS 1.9%
Chemicals 0.7%
Dow Chemical Co., 8.55%, 05/15/2019		105,000		124,303
Huntsman International, LLC:
5.50%, 06/30/2016 144A		75,000		65,437
7.375%, 01/01/2015		10,000		9,350
Koppers Holdings, Inc.:
7.875%, 12/01/2019 144A		30,000		30,150
Sr. Disc. Note, Step Bond, 9.875%, 11/15/2014 †		265,000		278,250
Mosaic Co.:
7.30%, 01/15/2028		155,000		162,750
7.625%, 12/01/2016 144A		58,000		62,242
Nalco Holding Co., 8.25%, 05/15/2017 144A		5,000		5,238
SOLUTIA, Inc., 8.75%, 11/01/2017		5,000		5,225


				742,945


Construction Materials 0.3%
CPG International, Inc.:
10.50%, 07/01/2013		140,000		127,750
FRN, 7.87%, 07/01/2012		40,000		36,500
Headwaters, Inc., 11.375%, 11/01/2014 144A		60,000		61,650
Texas Industries, Inc., 7.25%, 07/15/2013		65,000		63,212


				289,112


Containers & Packaging 0.2%
Ball Corp., 7.125%, 09/01/2016		15,000		15,450
Exopack Holding Corp., 11.25%, 02/01/2014		215,000		220,913
Silgan Holdings, Inc., 7.25%, 08/15/2016		40,000		40,650


				277,013


Metals & Mining 0.3%
AK Steel Corp., 7.75%, 06/15/2012		45,000		45,450
Freeport-McMoRan Copper & Gold, Inc.:
8.25%, 04/01/2015		40,000		42,946
8.375%, 04/01/2017		185,000		199,844


				288,240


Paper & Forest Products 0.4%
Clearwater Paper Corp., 10.625%, 06/15/2016 144A		70,000		77,350
Georgia Pacific Corp.:
8.125%, 05/15/2011		120,000		126,900
8.25%, 05/01/2016 144A		5,000		5,325
8.875%, 05/15/2031		25,000		26,625

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
MATERIALS continued
Paper & Forest Products continued
International Paper Co.:
7.30%, 11/15/2039	$	40,000	$	39,896
9.375%, 05/15/2019		130,000		161,558


				437,654


TELECOMMUNICATION SERVICES 3.3%
Diversified Telecommunication Services 1.7%
Cincinnati Bell, Inc., 8.25%, 10/15/2017		120,000		119,700
Citizens Communications Co., 7.875%, 01/15/2027		220,000		200,200
Clearwire Corp., Class A, 12.00%, 12/01/2015 144A		130,000		128,050
FairPoint Communications, Inc., 13.125%, 04/01/2018		55,000		8,250
Frontier Communications Corp.:
8.125%, 10/01/2018		145,000		146,087
8.25%, 05/01/2014		140,000		144,550
Global Crossing, Ltd., 12.00%, 09/15/2015 144A		5,000		5,350
Qwest Corp.:
7.125%, 11/15/2043		120,000		92,400
7.25%, 09/15/2025		25,000		22,125
7.50%, 06/15/2023		180,000		165,600
8.875%, 03/15/2012		615,000		655,744
Sprint Capital Corp., 8.375%, 03/15/2012		65,000		66,788
Windstream Corp., 7.875%, 11/01/2017 144A		95,000		95,000


				1,849,844


Wireless Telecommunication Services 1.6%
CC Holdings GS V, LLC, 7.75%, 05/01/2017 144A		5,000		5,313
Centennial Communications Corp., 8.125%, 02/01/2014		440,000		458,700
Cricket Communications, Inc.:
7.75%, 05/15/2016 144A		105,000		104,212
9.375%, 11/01/2014		80,000		77,400
Crown Castle International Corp., 7.125%, 11/01/2019		10,000		9,975
MetroPCS Communications, Inc., 9.25%, 11/01/2014		190,000		191,425
Sprint Nextel Corp.:
6.90%, 05/01/2019		80,000		70,200
Ser. D, 7.375%, 08/01/2015		455,000		423,150
Ser. F, 5.95%, 03/15/2014		335,000		304,850


				1,645,225


UTILITIES 3.9%
Electric Utilities 2.3%
Aquila, Inc., Step Bond, 11.875%, 07/01/2012 ††		794,000		923,839
CMS Energy Corp.:
8.50%, 04/15/2011		65,000		68,098
8.75%, 06/15/2019		20,000		22,100
Energy Future Holdings Corp., 11.25%, 11/01/2017		215,710		133,740
Mirant Americas Generation, LLC, 8.50%, 10/01/2021		10,000		9,100
Mirant Mid-Atlantic, LLC, Ser. C, 10.06%, 12/30/2028		438,432		451,037
Mirant North America, LLC, 7.375%, 12/31/2013		170,000		168,300
NRG Energy, Inc.:
7.375%, 02/01/2016		110,000		109,725
8.50%, 06/15/2019		75,000		76,125
Orion Power Holdings, Inc., 12.00%, 05/01/2010		397,000		409,903
Public Service Company of New Mexico, 7.95%, 04/01/2015		15,000		15,725
Reliant Energy Mid-Atlantic Power Holdings, LLC, 9.24%, 07/02/2017		115,679		118,571


				2,506,263

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
UTILITIES continued
Gas Utilities 0.3%
National Fuel Gas Co., 8.75%, 05/01/2019	$	235,000	$	284,358


Independent Power Producers & Energy Traders 0.9%
AES Corp.:
8.00%, 06/01/2020		5,000		4,975
8.875%, 02/15/2011		95,000		98,563
Dynegy Holdings, Inc.:
6.875%, 04/01/2011		120,000		122,100
7.125%, 05/15/2018		25,000		18,875
7.625%, 10/15/2026		225,000		147,375
RRI Energy, Inc.:
6.75%, 12/15/2014		426,000		434,520
7.625%, 06/15/2014		145,000		141,375
7.875%, 06/15/2017		30,000		28,725


				996,508


Multi-Utilities 0.4%
PNM Resources, Inc., 9.25%, 05/15/2015		60,000		62,400
Texas-New Mexico Power Co., 9.50%, 04/01/2019 144A		270,000		335,052


				397,452


Total Corporate Bonds (cost $29,465,264)				31,241,635


YANKEE OBLIGATIONS – CORPORATE 2.7%
CONSUMER DISCRETIONARY 0.0%
Hotels, Restaurants & Leisure 0.0%
Norwegian Cruise Line, Ltd., 11.75%, 11/15/2016 144A		15,000		14,869


Media 0.0%
MDC Partners, Inc., 11.00%, 11/01/2016 144A		5,000		5,012
Videotron, Ltd.:
9.125%, 04/15/2018 144A		5,000		5,375
9.125%, 04/15/2018		15,000		16,125


				26,512


ENERGY 0.3%
Oil, Gas & Consumable Fuels 0.3%
Connacher Oil & Gas, Ltd.:
10.25%, 12/15/2015 144A		55,000		47,850
11.75%, 07/15/2014 144A		20,000		21,900
Griffin Coal Mining Co., Ltd., 9.50%, 12/01/2016 144A		281,000		148,930
OPTI Canada, Inc., 7.875%, 12/15/2014		100,000		80,000


				298,680


FINANCIALS 0.4%
Consumer Finance 0.1%
Petroplus Finance, Ltd., 6.75%, 05/01/2014 144A		5,000		4,725
Wind Acquisition Finance SA, 11.75%, 07/15/2017 144A		110,000		122,650


				127,375


Diversified Financial Services 0.3%
Dexus Property Group, Ltd., 7.125%, 10/15/2014 144A		35,000		35,547
FMG Finance Property, Ltd.:
10.625%, 09/01/2016 144A		175,000		191,625
FRN, 4.67%, 09/01/2011 144A		15,000		14,663
Ship Finance International, Ltd., 8.50%, 12/15/2013		70,000		65,712


				307,547

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2009 (unaudited)
	Principal Amount		Value


YANKEE OBLIGATIONS – CORPORATE continued
INDUSTRIALS 0.8%
Road & Rail 0.8%
Kansas City Southern de Mexico:
7.375%, 06/01/2014	$	685,000	$	661,025
12.50%, 04/01/2016 144A		100,000		114,500
TFM de CV, 9.375%, 05/01/2012		80,000		82,200


				857,725


Transportation Infrastructure 0.0%
Navios Maritime Holdings, Inc., 8.875%, 11/01/2017 144A		5,000		5,150


MATERIALS 0.6%
Chemicals 0.0%
NOVA Chemicals Corp.:
8.375%, 11/01/2016 144A		15,000		15,150
8.625%, 11/01/2019 144A		15,000		15,207


				30,357


Metals & Mining 0.5%
ArcelorMittal SA, 9.85%, 06/01/2019		30,000		37,023
Evraz Group SA:
8.875%, 04/24/2013		100,000		99,750
8.875%, 04/24/2013 144A		100,000		100,500
Novelis, Inc., 7.25%, 02/15/2015		79,000		71,692
Teck Resources, Ltd.:
9.75%, 05/15/2014		25,000		28,219
10.75%, 05/15/2019		55,000		64,488
Vedanta Resources plc, 9.50%, 07/18/2018 144A		70,000		69,825


				471,497


Paper & Forest Products 0.1%
Cascades, Inc.:
7.25%, 02/15/2013		30,000		30,675
7.75%, 12/15/2017 144A		10,000		9,975
Sappi, Ltd.:
6.75%, 06/15/2012 144A		40,000		37,242
7.50%, 06/15/2032 144A		100,000		62,752


				140,644


TELECOMMUNICATION SERVICES 0.6%
Wireless Telecommunication Services 0.6%
Digicel Group, Ltd., 8.25%, 09/01/2017 144A		35,000		34,396
Inmarsat, plc, Sr. Disc. Note, Step Bond, 10.375%, 11/15/2012 †		70,000		72,625
Intelsat, Ltd.:
8.50%, 01/15/2013		375,000		378,281
8.875%, 01/15/2015 144A		10,000		10,150
Vimpel Communications:
8.375%, 04/30/2013 144A		5,000		5,213
9.125%, 04/30/2018 144A		70,000		73,850


				574,515


UTILITIES 0.0%
Electric Utilities 0.0%
InterGen NV, 9.00%, 06/30/2017 144A		30,000		31,275


Total Yankee Obligations – Corporate (cost $2,600,714)				2,886,146


CONVERTIBLE DEBENTURES 0.1%
INFORMATION TECHNOLOGY 0.1%
Communications Equipment 0.1%
Lucent Technologies, Inc., 2.875%, 06/15/2025 (cost $33,562)		70,000		58,800

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2009 (unaudited)
	Shares		Value


COMMON STOCKS 64.6%
ENERGY 4.7%
Oil, Gas & Consumable Fuels 4.7%
El Paso Corp.		75,000	$	717,000
Southwestern Energy Co. *		30,000		1,318,800
Spectra Energy Corp.		100,000		1,941,000
Williams Cos.		50,000		994,500


				4,971,300


TELECOMMUNICATION SERVICES 10.5%
Diversified Telecommunication Services 8.6%
BCE, Inc.		16,000		424,000
Cbeyond, Inc.		17,400		224,634
France Telecom		50,000		1,300,719
Shenandoah Telecommunications Co. +		54,951		923,177
Tele2 AB, Ser. B		100,034		1,532,461
Telstra Corp., Ltd.		1,200,000		3,747,864
Windstream Corp.		100,000		992,000


				9,144,855


Wireless Telecommunication Services 1.9%
NTELOS Holdings Corp.		73,400		1,233,854
U.S. Cellular Corp. *		7,500		279,450
Vivo Participacoes SA, ADR		14,500		442,250


				1,955,554


UTILITIES 49.4%
Electric Utilities 35.3%
DPL, Inc.		125,000		3,357,500
Enel SpA		450,000		2,692,657
Exelon Corp.		70,000		3,372,600
FirstEnergy Corp.		25,000		1,077,000
Fortum Oyj		75,000		1,902,090
FPL Group, Inc.		50,000		2,598,500
Great Plains Energy, Inc.		350,000		6,230,000
Hera SpA		475,000		1,144,032
ITC Holdings Corp.		36,000		1,600,920
Maine & Maritimes Corp.		1,135		42,562
Northeast Utilities		200,000		4,822,000
Portland General Electric Co.		75,000		1,470,750
Red Electrica Corp. SA		20,000		1,093,129
Scottish & Southern Energy plc		190,000		3,491,394
Southern Co.		60,000		1,925,400
TERNA SpA		175,000		727,220


				37,547,754


Independent Power Producers & Energy Traders 3.0%
Constellation Energy Group, Inc.		100,000		3,182,000


Multi-Utilities 4.7%
National Grid plc		250,000		2,716,471
Public Service Enterprise Group, Inc.		50,000		1,568,000
Suez Environnement SA *		30,000		667,364
Wisconsin Energy Corp.		1,500		67,650


				5,019,485


Water Utilities 6.4%
American Water Works Co.		50,000		1,112,000
Pennichuck Corp. +		140,000		3,232,600
Pennon Group plc		300,000		2,454,817


				6,799,417


Total Common Stocks (cost $63,568,329)				68,620,365

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2009 (unaudited)
	Shares		Value


PREFERRED STOCKS 3.8%
UTILITIES 3.8%
Electric Utilities 3.8%
Dominion Resources Inc., Ser. A, 8.375%		55,000	$	1,485,460
Scana Corp., Ser. A, 7.70%		100,000		2,583,751


Total Preferred Stocks (cost $3,890,000)				4,069,211


ESCROW SHARES 0.0%
Mirant Corp. Escrow * + o (cost $0)		5,000,000		0


CLOSED END MUTUAL FUND SHARES 0.2%
Dreyfus High Yield Strategies Fund, Inc.		20,689		74,067
Eaton Vance Limited Duration Income Trust		1,739		25,476
ING Prime Rate Trust		1,133		5,824
LMP Corporate Loan Fund, Inc.		1,677		16,116
New America High Income Fund, Inc.		9,121		78,349


Total Closed End Mutual Fund Shares (cost $121,004)				199,832



	Principal Amount		Value


LOANS 2.2%
CONSUMER DISCRETIONARY 0.7%
Ford Motor Co., FRN, 3.24%-3.29%, 12/15/2013	$	62,739		55,430
MGM Mirage, N/A, 10/03/2011 <		38,438		35,444
Newsday, LLC, 10.50%, 08/01/2013		365,000		383,290
Sugarhouse HSP Gaming Properties, LP, FRN, 11.25%, 09/23/2014		95,000		93,886
Universal City Development, Ltd., N/A, 11/06/2014 <		150,000		149,563


				717,613


CONSUMER STAPLES 0.2%
Merisant Co., FRN, 3.74%, 01/11/2010		303,787		268,852


ENERGY 0.3%
Saint Acquisition Corp., FRN, 3.36%, 05/10/2014 <		155,000		136,978
Semgroup Energy Partners, FRN, 8.25%, 06/30/2011		155,000		151,339


				288,317


FINANCIALS 0.1%
Realogy Corp., FRN:
3.25%, 10/10/2013		36,653		31,477
3.29%, 10/10/2013		136,138		116,914


				148,391


HEALTH CARE 0.1%
HCA, Inc., FRN, 1.78%, 11/17/2012		105,765		98,509


INDUSTRIALS 0.3%
Commercial Vehicle Group, Inc., 15.00%, 11/01/2012		182,112		172,810
Neff Corp., FRN, 3.78%, 11/30/2014		705,000		142,762


				315,572


MATERIALS 0.5%
LyondellBasell, FRN:
3.74%, 12/20/2013		17,159		12,560
3.99%, 12/20/2014		10,416		7,611
5.79%-6.56%, 06/03/2010 <		240,609		237,000
7.00%, 12/20/2014		45,201		33,030
13.00%, 06/03/2010		240,966		250,604


				540,805


Total Loans (cost $2,730,126)				2,378,059

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2009 (unaudited)
	Shares		Value


SHORT-TERM INVESTMENTS 17.9%
MUTUAL FUND SHARES 17.9%
Evergreen Institutional Money Market Fund, Class I, 0.05% q ø ## (cost $19,075,301)		19,075,301	$	19,075,301


Total Investments (cost $121,484,300) 120.9%				128,529,349
Other Assets and Liabilities (20.9%)				(22,232,570	)


Net Assets 100.0%			$	106,296,779

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.
+	Security is deemed illiquid.
•	Security which has defaulted on payment of interest and/or principal. The Fund has stopped accruing interest on this security.
††	The rate shown is the stated rate at the current period end.
†	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.
*	Non-income producing security
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.
<	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, delayed delivery securities and/or unfunded loans.

Summary of Abbreviations
ADR	American Depository Receipt
FRN	Floating Rate Note

The following table shows the percent of total bonds by geographic location as of November 30, 2009:

United States	75.3%
United Kingdom	8.0%
Italy	4.2%
Australia	3.6%
France	1.8%
Finland	1.7%
Sweden	1.4%
Spain	1.0%
Mexico	0.8%
Canada	0.7%
Bermuda	0.5%
Brazil	0.4%
Luxembourg	0.3%
Austria	0.1%
Ireland	0.1%
Netherlands	0.1%


	100.0%

At November 30, 2009, the Fund had the following credit default swap contracts outstanding:

Credit default swaps on debt obligations – Buy protection

Expiration

Counterparty

Reference
Debt
Obligation

Rating of
Reference
Debt
Obligation*

Notional
Amount

Fixed
Payments
Made by
the Fund

Frequency
of
Payments
Made

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Gain (Loss)

06/20/2014

UBS

Expedia, 7.46%
08/15/2018#

BBB-

$160,000

5.00%

Quarterly

$(27,325)

$(4,455)

$(22,870)

*	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.

EVERGREEN UTILITIES AND HIGH INCOME FUND
SCHEDULE OF INVESTMENTS continued

November 30, 2009 (unaudited)

The total notional amount of credit default swaps in the tables above are representative of the volume of derivative activity during period ended November 30, 2009.

On November 30, 2009, the aggregate fair value of all derivative instruments with net asset contingent features that were in a liability position amounted to $27,325.

On November 30, 2009, the aggregate cost of securities for federal income tax purposes was $123,182,833. The gross unrealized appreciation and depreciation on securities based on tax cost was $8,524,947 and $3,178,431, respectively, with a net unrealized appreciation of $5,346,516.

Valuation of investments

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.

Foreign securities traded on an established exchange are valued at the last sales price on the exchange where the security is primarily traded. If there has been no sale, the securities are valued at the mean between bid and asked prices. Foreign securities may be valued at fair value according to procedures approved by the Board of Trustees if the closing price is not reflective of current market values due to trading or events occurring in the foreign markets between the close of the established exchange and the valuation time of the Fund. In addition, substantial changes in values in the U.S. markets subsequent to the close of a foreign market may also affect the values of securities traded in the foreign market. The value of foreign securities may be adjusted if such movements in the U.S. market exceed a specified threshold.

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.

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.

Foreign currency translation

All assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for that portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments.

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 November 30, 2009, the Fund had unfunded loan commitments of $158,225.

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. 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.

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.

EVERGREEN UTILITIES AND HIGH INCOME FUND
SCHEDULE OF INVESTMENTS continued

November 30, 2009 (unaudited)

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

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized 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 November 30, 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	$	68,620,365		$	0	$	0	$	68,620,365
Preferred stocks		0			4,069,211		0		4,069,211
Closed end mutual fund shares		199,832			0		0		199,832
Corporate debt securities		0			34,186,581		0		34,186,581
Loans		0			1,635,495		742,564		2,378,059
Short-term investments		19,075,301			0		0		19,075,301


	$	87,895,498		$	39,891,287	$	742,564	$	128,529,349

As of November 30, 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	$(22,870)	$0	$(22,870)

*	Other financial instruments include swap contracts.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

	Loans



Balance as of September 1, 2009		$	0
Realized gains or losses			0
Change in unrealized gains or losses			0
Amortization/Accretion			0
Net purchases (sales)			0
Transfers in and/or out of Level 3			742,564



Balance as of November 30, 2009		$	742,564



Change in unrealized gains or losses included in earnings relating to securities still held at November 30, 2009		$	0

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 Utilities and High Income Fund
By:	/s/ W. Douglas Munn
	W. Douglas Munn Principal Executive Officer

Date: January 29, 2010

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: January 29, 2010

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

Date: January 29, 2010