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 May 31, 2009. This series has August 31 fiscal year end.

Date of reporting period: May 31, 2009

Item 1 – Schedule of Investments

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS



May 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS 31.3%
CONSUMER DISCRETIONARY 4.6%
Auto Components 0.8%
Cooper Standard Automotive, Inc., 7.00%, 12/15/2012	$	45,000	$	9,225
Cooper Tire & Rubber Co., 7.625%, 03/15/2027		595,000		359,975
Goodyear Tire & Rubber Co.:
6.32%, 12/01/2009		125,000		125,000
7.86%, 08/15/2011		140,000		136,850
8.625%, 12/01/2011		25,000		24,437
9.00%, 07/01/2015		55,000		52,800
10.50%, 05/15/2016		60,000		60,000


				768,287


Diversified Consumer Services 0.1%
Carriage Services, Inc., 7.875%, 01/15/2015		145,000		112,375
Service Corporation International, 6.75%, 04/01/2015		10,000		9,275


				121,650


Hotels, Restaurants & Leisure 0.6%
Boyd Gaming Corp.:
7.125%, 02/01/2016		40,000		28,600
7.75%, 12/15/2012		15,000		13,875
Caesars Entertainment, Inc., 7.875%, 03/15/2010		105,000		96,863
Inn of the Mountain Gods Resort & Casino, 12.00%, 11/15/2010		145,000		34,800
MGM Mirage, 11.125%, 11/15/2017 144A		50,000		52,625
Pinnacle Entertainment, Inc., 8.75%, 10/01/2013		10,000		9,900
Pokagon Gaming Authority, 10.375%, 06/15/2014 144A		7,000		6,790
Seneca Gaming Corp., 7.25%, 05/01/2012		55,000		44,825
Shingle Springs Tribal Gaming Authority, 9.375%, 06/15/2015 144A		130,000		76,050
Speedway Motorsports, Inc., 8.75%, 06/01/2016 144A		65,000		65,163
Universal City Development Partners, Ltd., 11.75%, 04/01/2010		165,000		158,812


				588,303


Household Durables 1.3%
D.R. Horton, Inc.:
6.00%, 04/15/2011		15,000		14,513
9.75%, 09/15/2010		270,000		276,075
Hovnanian Enterprises, Inc., 11.50%, 05/01/2013		30,000		25,725
Lennar Corp.:
5.125%, 10/01/2010		280,000		264,600
5.60%, 05/31/2015		5,000		3,888
12.25%, 06/01/2017 144A		5,000		5,175
Libbey, Inc., FRN, 9.57%, 06/01/2011		165,000		103,331
Meritage Homes Corp.:
6.25%, 03/15/2015		65,000		49,237
7.00%, 05/01/2014		170,000		133,450
Newell Rubbermaid, Inc., 10.60%, 04/15/2019		45,000		50,443
Pulte Homes, Inc.:
7.875%, 08/01/2011		145,000		146,450
8.125%, 03/01/2011		95,000		95,950
Sealy Mattress Corp., 10.875%, 04/15/2016 144A		35,000		36,050
Whirlpool Corp., 8.60%, 05/01/2014		115,000		116,340


				1,321,227


Internet & Catalog Retail 0.1%
Ticketmaster Entertainment, Inc., 10.75%, 08/01/2016 144A		75,000		60,375


Media 1.1%
AMC Entertainment, Inc., 8.75%, 06/01/2019 144A #		10,000		9,675
CBS Corp., 8.875%, 05/15/2019		105,000		104,511

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



May 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
CONSUMER DISCRETIONARY continued
Media continued
Charter Communications, Inc.:
10.875%, 09/15/2014 144A	$	375,000	$	388,125
Step Bond, 10.00%, 04/30/2012 144A ††		90,000		86,850
CSC Holdings, Inc., 7.625%, 04/01/2011		80,000		80,200
DirectTV Holdings, LLC, 7.625%, 05/15/2016		55,000		53,487
Lamar Media Corp.:
6.625%, 08/15/2015		10,000		8,550
7.25%, 01/01/2013		35,000		32,200
Mediacom, LLC, 7.875%, 02/15/2011		100,000		98,000
R.H. Donnelley Corp., 11.75%, 05/15/2015 144A •		65,000		30,063
Sinclair Broadcast Group, Inc., 8.00%, 03/15/2012		25,000		16,375
Time Warner, Inc., 8.25%, 04/01/2019		40,000		44,890
WMG Acquisition Corp., 9.50%, 06/15/2016 144A		100,000		100,750


				1,053,676


Multiline Retail 0.0%
Neiman Marcus Group, Inc., 9.00%, 10/15/2015		25,609		13,829


Specialty Retail 0.2%
American Achievement Corp., 8.25%, 04/01/2012 144A		280,000		236,600


Textiles, Apparel & Luxury Goods 0.4%
Oxford Industries, Inc., 8.875%, 06/01/2011		255,000		228,225
Visant Corp., 7.625%, 10/01/2012		135,000		133,650


				361,875


CONSUMER STAPLES 0.7%
Beverages 0.1%
Anheuser-Busch InBev, 7.75%, 01/15/2019 144A		115,000		123,911


Food Products 0.3%
Del Monte Foods Co.:
6.75%, 02/15/2015		10,000		9,525
8.625%, 12/15/2012		160,000		161,600
Smithfield Foods, Inc., 7.00%, 08/01/2011		85,000		73,525
Tyson Foods, Inc.:
7.85%, 04/01/2016		80,000		75,704
10.50%, 03/01/2014 144A		20,000		21,300


				341,654


Tobacco 0.3%
Altria Group, Inc., 10.20%, 02/06/2039		215,000		246,368


ENERGY 6.3%
Energy Equipment & Services 1.5%
Bristow Group, Inc., 7.50%, 09/15/2017		240,000		210,000
Forbes Energy Services, Ltd., 11.00%, 02/15/2015		425,000		295,375
GulfMark Offshore, Inc., 7.75%, 07/15/2014		225,000		202,500
Hornbeck Offshore Services, Inc., Ser. B, 6.125%, 12/01/2014		325,000		286,813
Parker Drilling Co., 9.625%, 10/01/2013		104,000		91,520
PHI, Inc., 7.125%, 04/15/2013		190,000		155,800
Pride International, Inc., 8.50%, 06/15/2019		100,000		101,250
Smith International, Inc., 9.75%, 03/15/2019		120,000		132,792


				1,476,050


Oil, Gas & Consumable Fuels 4.8%
Chesapeake Energy Corp.:
6.875%, 01/15/2016		569,000		493,607
9.50%, 02/15/2015		160,000		158,800

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



May 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
ENERGY continued
Oil, Gas & Consumable Fuels continued
El Paso Corp.:
7.42%, 02/15/2037	$	240,000	$	175,174
12.00%, 12/12/2013		45,000		49,725
Encore Acquisition Co., 6.00%, 07/15/2015		185,000		153,550
Exco Resources, Inc., 7.25%, 01/15/2011		125,000		112,500
Ferrellgas Partners, LP, 8.75%, 06/15/2012		50,000		46,250
Florida Gas Transmission Co., LLC, 7.90%, 05/15/2019 144A		75,000		78,166
Forest Oil Corp.:
7.25%, 06/15/2019		325,000		281,125
8.50%, 02/15/2014 144A		75,000		72,750
Frontier Oil Corp., 6.625%, 10/01/2011		160,000		157,200
Newfield Exploration Co., 6.625%, 04/15/2016		75,000		68,250
Nustar Logistics, LP, 7.65%, 04/15/2018		260,000		243,403
Peabody Energy Corp.:
5.875%, 04/15/2016		315,000		277,988
7.875%, 11/01/2026		210,000		187,950
Petrohawk Energy Corp.:
7.875%, 06/01/2015		160,000		149,200
10.50%, 08/01/2014 144A		60,000		61,800
Plains Exploration & Production Co., 7.625%, 06/01/2018		290,000		257,375
Range Resources Corp., 8.00%, 05/15/2019		15,000		14,850
Sabine Pass LNG, LP, 7.25%, 11/30/2013		390,000		333,450
SandRidge Energy, Inc., 8.00%, 06/01/2018 144A		30,000		25,500
Southwestern Energy Co., 7.50%, 02/01/2018 144A		20,000		19,150
Tennessee Gas Pipeline, 8.00%, 02/01/2016 144A		100,000		102,250
Tesoro Corp., 6.50%, 06/01/2017		55,000		44,963
Valero Energy Corp.:
6.875%, 07/15/2012		125,000		121,734
9.375%, 03/15/2019		45,000		50,459
10.50%, 03/15/2039		115,000		134,715
Williams Cos.:
7.125%, 09/01/2011		485,000		490,082
8.125%, 03/15/2012		95,000		97,213
8.75%, 01/15/2020 144A		70,000		72,224
8.75%, 03/15/2032		155,000		149,157


				4,680,560


FINANCIALS 4.8%
Capital Markets 0.2%
E*TRADE Financial Corp.:
8.00%, 06/15/2011		40,000		27,000
12.50%, 11/30/2017 144A		223,000		148,852
12.50%, 11/30/2017		31,000		20,693
Lehman Brothers Holdings, Inc., 6.875%, 05/02/2018 •		20,000		3,400


				199,945


Consumer Finance 2.9%
Ford Motor Credit Co., LLC:
5.70%, 01/15/2010		635,000		607,330
9.75%, 09/15/2010		155,000		146,805
GMAC, LLC:
6.75%, 12/01/2014 144A		36,000		30,093
6.875%, 09/15/2011 144A		76,000		68,054
6.875%, 08/28/2012 144A		351,000		303,826

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



May 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
FINANCIALS continued
Consumer Finance continued
GMAC, LLC:
8.00%, 12/31/2018 144A	$	101,000	$	73,334
8.00%, 11/01/2031 144A		275,000		206,698
International Lease Finance Corp.:
4.375%, 11/01/2009		70,000		67,133
4.55%, 10/15/2009		30,000		28,800
4.75%, 07/01/2009		50,000		49,216
4.75%, 01/13/2012		65,000		51,177
4.875%, 09/01/2010		135,000		122,208
5.00%, 04/15/2010		5,000		4,602
5.125%, 11/01/2010		60,000		54,007
JBS USA Finance, Inc., 11.625%, 05/01/2014 144A		250,000		241,250
NiSource Finance Corp., 10.75%, 03/15/2016		195,000		212,724
Sprint Capital Corp.:
6.875%, 11/15/2028		620,000		437,100
7.625%, 01/30/2011		145,000		143,912


				2,848,269


Diversified Financial Services 0.7%
Citigroup, Inc., 8.50%, 05/22/2019		60,000		62,228
Leucadia National Corp.:
7.00%, 08/15/2013		70,000		64,663
7.125%, 03/15/2017		230,000		178,537
8.125%, 09/15/2015		438,000		390,915


				696,343


Insurance 0.2%
Aflac, Inc., 8.50%, 05/15/2019		20,000		20,747
Allegheny Technologies, 9.375%, 06/01/2019		150,000		153,309


				174,056


Real Estate Investment Trusts (REITs) 0.7%
Host Hotels & Resorts, LLP:
7.125%, 11/01/2013		95,000		88,825
9.00%, 05/15/2017 144A		35,000		33,075
Omega Healthcare Investors, Inc., 7.00%, 04/01/2014		195,000		180,375
Simon Property Group, Inc., 10.35%, 04/01/2019		30,000		33,843
Ventas, Inc.:
6.75%, 04/01/2017		67,000		62,143
7.125%, 06/01/2015		196,000		186,690
9.00%, 05/01/2012		65,000		67,275
WEA Finance, LLC, 7.50%, 06/02/2014 144A #		45,000		44,604


				696,830


Thrifts & Mortgage Finance 0.1%
Residential Capital, LLC, 8.50%, 05/15/2010 144A		120,000		108,600


HEALTH CARE 1.3%
Health Care Equipment & Supplies 0.1%
Biomet, Inc., 10.375%, 10/15/2017		75,000		71,625
Universal Hospital Services, Inc., 8.50%, 06/01/2015		12,000		11,580


				83,205


Health Care Providers & Services 1.1%
Apria Healthcare Group, 11.25%, 11/01/2014 144A		60,000		58,650
Cigna Corp., 8.50%, 05/01/2019		60,000		59,016
HCA, Inc.:
8.50%, 04/15/2019 144A		250,000		245,625
9.25%, 11/15/2016		215,000		211,775

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



May 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
HEALTH CARE continued
Health Care Providers & Services continued
HCA, Inc.:
9.625%, 11/15/2016	$	494,000	$	474,240
Omnicare, Inc., 6.125%, 06/01/2013		125,000		114,063


				1,163,369


Life Sciences Tools & Services 0.1%
Bio-Rad Laboratories, Inc.:
7.50%, 08/15/2013		15,000		14,887
8.00%, 09/15/2016 144A		40,000		40,200


				55,087


INDUSTRIALS 2.3%
Aerospace & Defense 1.0%
L-3 Communications Holdings, Inc.:
5.875%, 01/15/2015		976,000		873,520
6.375%, 10/15/2015		85,000		77,775


				951,295


Commercial Services & Supplies 0.8%
Allied Waste North America, Inc., 6.875%, 06/01/2017		5,000		4,832
Browning-Ferris Industries, Inc.:
7.40%, 09/15/2035		120,000		111,053
9.25%, 05/01/2021		225,000		235,615
Corrections Corporation of America:
6.25%, 03/15/2013		25,000		23,813
6.75%, 01/31/2014		25,000		24,125
7.50%, 05/01/2011		15,000		14,925
7.75%, 06/01/2017		100,000		98,500
DigitalGlobe, Inc., 10.50%, 05/01/2014 144A		25,000		25,813
Geo Group, Inc., 8.25%, 07/15/2013		30,000		29,400
Mobile Mini, Inc., 6.875%, 05/01/2015		170,000		139,825
Toll Corp., 8.91%, 10/15/2017		55,000		55,200


				763,101


Machinery 0.3%
Commercial Vehicle Group, Inc., 8.00%, 07/01/2013		715,000		307,450


Trading Companies & Distributors 0.2%
United Rentals, Inc., 6.50%, 02/15/2012		180,000		169,200


INFORMATION TECHNOLOGY 1.1%
Communications Equipment 0.1%
EchoStar Corp.:
6.625%, 10/01/2014		15,000		13,650
7.75%, 05/31/2015		100,000		95,000


				108,650


Electronic Equipment, Instruments & Components 0.9%
Anixter International, Inc., 10.00%, 03/15/2014		180,000		179,100
Da-Lite Screen Co., Inc., 9.50%, 05/15/2011		270,000		233,550
Jabil Circuit, Inc.:
5.875%, 07/15/2010		25,000		24,625
8.25%, 03/15/2018		450,000		418,500
Sanmina-SCI Corp., 8.125%, 03/01/2016		65,000		36,725


				892,500


Office Electronics 0.1%
Xerox Corp., 8.25%, 05/15/2014		45,000		45,719


Semiconductors & Semiconductor Equipment 0.0%
National Semiconductor Corp., 6.60%, 06/15/2017		50,000		42,337

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



May 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
MATERIALS 3.0%
Chemicals 1.0%
Ashland, Inc., 9.125%, 06/01/2017 144A	$	10,000	$	10,175
Dow Chemical Co., 8.55%, 05/15/2019		105,000		105,163
Huntsman, LLC:
7.375%, 01/01/2015		35,000		23,669
11.625%, 10/15/2010		150,000		152,625
Koppers Holdings, Inc., Sr. Disc. Note, Step Bond, 0.00%, 11/15/2014 †		265,000		234,525
Lubrizol Corp., 8.875%, 02/01/2019		50,000		55,218
Momentive Performance Materials, Inc.:
9.75%, 12/01/2014		25,000		9,625
10.125%, 12/01/2014		84,409		25,745
Mosaic Co.:
7.30%, 01/15/2028		365,000		297,475
7.625%, 12/01/2016 144A		53,000		52,735
Nalco Co., 8.25%, 05/15/2017 144A		5,000		5,050


				972,005


Construction Materials 0.8%
CPG International, Inc.:
10.50%, 07/01/2013		695,000		368,350
FRN, 8.56%, 07/01/2012		140,000		74,900
CRH America, Inc.:
5.625%, 09/30/2011		60,000		58,646
8.125%, 07/15/2018		215,000		201,597
Texas Industries, Inc., 7.25%, 07/15/2013 144A		135,000		116,775


				820,268


Containers & Packaging 0.3%
Exopack Holding Corp., 11.25%, 02/01/2014		260,000		209,625
Silgan Holdings, Inc., 7.25%, 08/15/2016 144A		40,000		38,800


				248,425


Metals & Mining 0.4%
AK Steel Corp., 7.75%, 06/15/2012		40,000		37,800
Freeport-McMoRan Copper & Gold, Inc.:
8.25%, 04/01/2015		260,000		260,297
8.375%, 04/01/2017		70,000		69,573


				367,670


Paper & Forest Products 0.5%
Georgia Pacific Corp.:
8.125%, 05/15/2011		120,000		121,200
8.25%, 05/01/2016 144A		5,000		4,950
8.875%, 05/15/2031		25,000		21,375
International Paper Co.:
7.95%, 06/15/2018		305,000		287,703
9.375%, 05/15/2019		30,000		30,246
Verso Paper Holdings, LLC, 11.50%, 07/01/2014 144A #		20,000		18,400


				483,874


TELECOMMUNICATION SERVICES 2.5%
Diversified Telecommunication Services 1.2%
Citizens Communications Co.:
7.875%, 01/15/2027		205,000		168,100
9.25%, 05/15/2011		130,000		135,363
FairPoint Communications, Inc., 13.125%, 04/01/2018		55,000		19,113
Frontier Communications Corp., 8.25%, 05/01/2014		140,000		137,550

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



May 31, 2009 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
TELECOMMUNICATION SERVICES continued
Diversified Telecommunication Services continued
Qwest Corp.:
7.50%, 06/15/2023	$	125,000	$	100,000
7.875%, 09/01/2011		370,000		370,462
8.875%, 03/15/2012		255,000		258,187


				1,188,775


Wireless Telecommunication Services 1.3%
Centennial Communications Corp., 8.125%, 02/01/2014		355,000		366,094
Cricket Communications, Inc.:
7.75%, 05/15/2016 144A #		105,000		101,981
9.375%, 11/01/2014		25,000		25,000
MetroPCS Communications, Inc., 9.25%, 11/01/2014		225,000		226,969
Sprint Nextel Corp.:
6.90%, 05/01/2019		30,000		24,450
Ser. D, 7.375%, 08/01/2015		195,000		155,513
Ser. E, 6.875%, 10/31/2013		365,000		305,687


				1,205,694


UTILITIES 4.7%
Electric Utilities 2.7%
Allegheny Energy Supply Co., 8.25%, 04/15/2012 144A		300,000		312,066
Aquila, Inc., Step Bond, 11.875%, 07/01/2012 ††		909,000		974,392
CMS Energy Corp., 8.50%, 04/15/2011		65,000		65,976
Energy Future Holdings Corp., 11.25%, 11/01/2017		238,500		125,809
Mirant Mid-Atlantic, LLC, Ser. C, 10.06%, 12/30/2028		350,746		347,239
Mirant North America, LLC, 7.375%, 12/31/2013		120,000		115,500
NRG Energy, Inc., 7.375%, 02/01/2016		230,000		217,062
Orion Power Holdings, Inc., 12.00%, 05/01/2010		367,000		380,762
Public Service Company of New Mexico, 7.95%, 04/01/2015		80,000		80,035


				2,618,841


Gas Utilities 0.6%
Atmos Energy Corp., 8.50%, 03/15/2019		100,000		110,914
EQT Corp., 8.125%, 06/01/2019		95,000		98,166
National Fuel Gas Co., 8.75%, 05/01/2019		235,000		247,736
ONEOK, Inc., 8.625%, 03/01/2019		135,000		149,159


				605,975


Independent Power Producers & Energy Traders 0.9%
AES Corp., 8.00%, 06/01/2020		5,000		4,425
Calpine Construction Finance, 8.00%, 06/01/2016 144A		20,000		19,125
Dynegy Holdings, Inc.:
6.875%, 04/01/2011		120,000		114,900
7.125%, 05/15/2018		60,000		38,700
RRI Energy, Inc.:
6.75%, 12/15/2014		585,000		565,987
7.625%, 06/15/2014		155,000		135,238
7.875%, 06/15/2017		30,000		25,350


				903,725


Multi-Utilities 0.5%
Ameren Corp, 8.875%, 05/15/2014		40,000		41,400
PNM Resources, Inc., 9.25%, 05/15/2015		60,000		54,975
Sempra Energy, 6.50%, 06/01/2016		60,000		61,302
Texas-New Mexico Power Co., 9.50%, 04/01/2019 144A		270,000		298,274


				455,951


Total Corporate Bonds (cost $32,160,419)				30,571,524

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



May 31, 2009 (unaudited)
	Principal Amount		Value


YANKEE OBLIGATIONS – CORPORATE 5.4%
CONSUMER DISCRETIONARY 0.1%
Media 0.1%
UPC Holdings BV, 9.875%, 04/15/2018 144A	$	45,000	$	43,650
Videotron, Ltd.:
9.125%, 04/15/2018 144A		5,000		5,250
9.125%, 04/15/2018		15,000		15,600


				64,500


CONSUMER STAPLES 0.3%
Beverages 0.3%
Bacardi, Ltd., 8.20%, 04/01/2019 144A		295,000		312,452


ENERGY 0.7%
Oil, Gas & Consumable Fuels 0.7%
Connacher Oil & Gas, Ltd., 10.25%, 12/15/2015 144A		180,000		115,200
Griffin Coal Mining Co., Ltd., 9.50%, 12/01/2016 144A		784,000		335,160
OPTI Canada, Inc., 7.875%, 12/15/2014		290,000		197,200
Talisman Energy, Inc., 7.75%, 06/01/2019		30,000		31,506


				679,066


FINANCIALS 1.0%
Consumer Finance 0.1%
Petroplus Finance, Ltd., 6.75%, 05/01/2014 144A		120,000		100,800


Diversified Financial Services 0.9%
FMG Finance Property, Ltd.:
10.625%, 09/01/2016 144A		610,000		544,425
FRN, 5.26%, 09/01/2011 144A		170,000		152,150
Ship Finance International, Ltd., 8.50%, 12/15/2013		300,000		226,500


				923,075


INDUSTRIALS 1.1%
Machinery 0.2%
Ingersoll-Rand Co., Ltd., 9.50%, 04/15/2014		225,000		244,106


Road & Rail 0.9%
Kansas City Southern de Mexico:
7.375%, 06/01/2014		685,000		544,575
9.375%, 05/01/2012		230,000		207,575
12.50%, 04/01/2016 144A		100,000		95,000


				847,150


MATERIALS 1.5%
Metals & Mining 1.4%
ArcelorMittal SA, 9.85%, 06/01/2019		165,000		169,722
Evraz Group SA:
8.875%, 04/24/2013 144A		100,000		80,000
8.875%, 04/24/2013		100,000		80,825
9.50%, 04/24/2018 144A		30,000		21,900
Novelis, Inc., 7.25%, 02/15/2015		314,000		208,025
Rio Tinto, Ltd., 9.00%, 05/01/2019		230,000		247,104
Teck Resources, Ltd.:
9.75%, 05/15/2014 144A		135,000		134,454
10.75%, 05/15/2019 144A		185,000		190,609
Vedanta Resources plc, 9.50%, 07/18/2018 144A		285,000		249,375


				1,382,014


Paper & Forest Products 0.1%
Cascades, Inc., 7.25%, 02/15/2013		95,000		82,412

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



May 31, 2009 (unaudited)
	Principal Amount		Value



YANKEE OBLIGATIONS – CORPORATE continued
TELECOMMUNICATION SERVICES 0.7%
Wireless Telecommunication Services 0.7%
Inmarsat, plc, Sr. Disc. Note, Step Bond, 10.375%, 11/15/2012 †	$	70,000	$	72,625
Intelsat, Ltd.:
8.50%, 04/15/2013 144A		375,000		369,375
8.875%, 01/15/2015 144A		10,000		9,850
Vimpel Communications:
8.375%, 04/30/2013 144A		5,000		4,575
9.125%, 04/30/2018 144A		255,000		213,562


				669,987


UTILITIES 0.0%
Electric Utilities 0.0%
InterGen NV, 9.00%, 06/30/2017 144A		30,000		28,800


Total Yankee Obligations – Corporate (cost $5,850,018)				5,334,362


CONVERTIBLE DEBENTURES 0.1%
INFORMATION TECHNOLOGY 0.1%
Communications Equipment 0.1%
Lucent Technologies, Inc., 2.875%, 06/15/2025 (cost $68,611)		145,000		93,525






		Shares		Value



COMMON STOCKS 68.6%
CONSUMER DISCRETIONARY 1.3%
Media 1.3%
Vivendi SA		50,000		1,320,014


ENERGY 4.1%
Oil, Gas & Consumable Fuels 4.1%
El Paso Corp.		75,000		731,250
Southwestern Energy Co. *		30,000		1,304,100
Spectra Energy Corp.		70,000		1,123,500
Williams Cos.		50,000		839,000


				3,997,850


INDUSTRIALS 0.4%
Construction & Engineering 0.4%
Bouygues SA		10,000		411,552


TELECOMMUNICATION SERVICES 16.8%
Diversified Telecommunication Services 11.1%
BCE, Inc.		21,000		480,900
D&E Communications, Inc.		50,000		487,500
France Telecom		102,900		2,516,042
Shenandoah Telecommunications Co. +		54,951		1,061,104
Tele2 AB, Ser. B		211,600		2,148,066
Telstra Corp., Ltd.		1,000,000		2,493,696
TELUS Corp.		27,900		826,714
Windstream Corp.		100,000		841,000


				10,855,022


Wireless Telecommunication Services 5.7%
American Tower Corp., Class A *		80,000		2,549,600
Rogers Communications, Inc., Class B		65,000		1,940,250
Sprint Nextel Corp.		200,500		1,032,575


				5,522,425

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



May 31, 2009 (unaudited)
	Shares		Value



COMMON STOCKS continued
UTILITIES 46.0%
Electric Utilities 29.6%
Allegheny Energy, Inc.		100,000	$	2,500,000
DPL, Inc.		190,000		4,134,400
E.ON AG		50,000		1,767,866
Edison International		75,000		2,193,000
El Paso Electric Co.		75,000		993,000
Enel SpA		500,000		2,983,282
Exelon Corp.		70,000		3,360,700
Fortum Oyj		25,000		614,226
Great Plains Energy, Inc.		100,000		1,507,000
Hera SpA		302,500		698,633
ITC Holdings Corp.		36,000		1,544,040
Maine & Maritimes Corp.		1,135		43,641
Northeast Utilities		71,900		1,494,801
Portland General Electric Co.		40,000		719,600
Southern Co.		120,000		3,409,200
TERNA SpA		250,000		918,769


				28,882,158


Independent Power Producers & Energy Traders 3.3%
Constellation Energy Group, Inc.		24,000		654,720
Ormat Technologies, Inc.		65,000		2,592,850


				3,247,570


Multi-Utilities 9.8%
National Grid plc		250,000		2,422,725
PNM Resources, Inc.		50,000		462,500
Sempra Energy		100,000		4,568,000
Suez Environnement SA *		40,000		727,166
United Utilities Group plc		150,000		1,301,491
Wisconsin Energy Corp.		1,500		59,190


				9,541,072


Water Utilities 3.3%
American States Water Co.		4,800		150,480
Pennichuck Corp. +		145,000		3,101,550


				3,252,030


Total Common Stocks (cost $74,078,197)				67,029,693


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		61,653
Eaton Vance Limited Duration Income Trust		1,739		21,564
ING Prime Rate Trust		1,133		4,668
LMP Corporate Loan Fund, Inc.		1,677		13,617
Morgan Stanley High Yield Fund, Inc.		610		2,794
New America High Income Fund, Inc.		9,121		60,016
Wellington High Yield Plus Fund, Inc.		470		1,349


Total Closed End Mutual Fund Shares (cost $123,946)				165,661

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



May 31, 2009 (unaudited)
	Principal Amount		Value



LOANS 2.1%
CONSUMER DISCRETIONARY 0.4%
Ford Motor Co., FRN, 3.35%-4.14%, 06/15/2009-07/15/2013	$	123,678	$	90,040
Idearc, Inc., FRN:
3.75%, 06/30/2009		24,269		9,806
6.25%, 11/17/2014		333,681		136,836
Newsday, LLC, 9.75%, 07/15/2013		185,000		184,358


				421,040


CONSUMER STAPLES 0.3%
Merisant Co., FRN, 3.93%, 01/11/2010		303,787		243,030


ENERGY 0.2%
Alon Krotz Springs, Inc., FRN, 11.75%, 07/03/2014 <		88,820		64,211
Semgroup Energy Partners, FRN, 9.50%, 06/30/2009		155,000		138,630


				202,841


FINANCIALS 0.1%
Realogy Corp., FRN:
3.50%, 09/01/2014		36,840		25,768
4.18%, 09/01/2014		136,834		95,710


				121,478


HEALTH CARE 0.1%
HCA, Inc., FRN, 2.47%, 11/18/2012		119,855		108,939


INDUSTRIALS 0.3%
Clarke American Corp., FRN, 2.82%-3.72%, 06/30/2009-07/01/2009		149,191		118,187
Neff Corp., FRN, 9.75%, 11/30/2014		705,000		123,375


				241,562


INFORMATION TECHNOLOGY 0.1%
iPayment, Inc., FRN, 2.32%-3.23%, 06/22/2009-06/30/2009		114,849		82,691


MATERIALS 0.6%
LyondellBasell, FRN:
5.75%, 12/15/2009		47,996		21,839
5.94%, 12/15/2009		240,847		197,497
6.00%, 12/15/2009		29,013		13,191
7.00%, 12/15/2009		125,901		57,237
12.25%, 12/15/2009 <		240,966		247,994
Novelis, Inc., FRN:
2.32%, 07/06/2014		23,936		20,051
3.22%, 07/06/2014		52,659		44,112


				601,921


Total Loans (cost $2,670,335)				2,023,502






		Shares		Value



SHORT-TERM INVESTMENTS 11.6%
MUTUAL FUND SHARES 11.6%
Evergreen Institutional Money Market Fund, Class I, 0.35% q ø ## (cost $11,308,743)		11,308,743		11,308,743


Total Investments (cost $126,260,269) 119.3%				116,527,010
Other Assets and Liabilities (19.3%)				(18,874,364	)


Net Assets 100.0%			$	97,652,646

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.

#	When-issued or delayed delivery security

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

•

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

†

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.

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



May 31, 2009 (unaudited)

*	Non-income producing security

+	Security is deemed illiquid.

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 or delayed delivery securities and/or unfunded loans.

Summary of Abbreviations

FRN	Floating Rate Note

The following table shows the percent of total long-term investments by geographic location as of May 31, 2009:

United States	73.1	%
France	4.7	%
Italy	4.4	%
United Kingdom	3.8	%
Canada	3.8	%
Australia	3.3	%
Sweden	2.0	%
Germany	1.7	%
Bermuda	1.2	%
Mexico	0.8	%
Finland	0.6	%
Luxembourg	0.3	%
Ireland	0.2	%
Netherlands	0.1	%

	100.0	%

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

Credit default swaps on debt obligations – Buy protection

Rating of

Fixed

Frequency

Upfront

Reference

Payments

Premiums

Debt

Notional

Made

Payments

Market

Paid/

Unrealized

Expiration

Counterparty

Obligation

Obligation*

Amount

by the Fund

Made

Value

(Received)

Gain (Loss)

06/14/2020

Goldman

Motorola, 6.50%,

BB+

$125,000

1.00%

Quarterly

$ 7,630

$12,384

$ (4,754)

Sachs

09/01/2015 #

06/14/2020

JPMorgan

Motorola, 6.50%,

BB+

65,000

1.00%

Quarterly

3,968

4,391

(423)

09/01/2015 #

06/14/2020

UBS

Motorola, 6.50%,

BB+

90,000

1.00%

Quarterly

5,494

8,415

(2,921)

09/01/2015 #

06/14/2020

UBS

Expedia, 7.46%,

250,000

5.00%

Quarterly

(30,723

)

(7,728)

(22,995)

08/15/2018 #

Credit default swaps on an index – Buy protection

Fixed

Frequency

Upfront

Rating of

Payments

Premiums

Reference

Notional

Made

Payments

Market

Paid/

Unrealized

Expiration

Counterparty

Reference Index

Index*@

Amount

by the Fund

Made

Value

(Received)

Gain (Loss)

03/14/2020

Credit Suisse

CDX North

$415,800

1.00%

Monthly

$76,590

$80,832

$(4,242)

America HY12
Index ##

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.

@	Rating represents an average rating for the underlying securities within the index.

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

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

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



May 31, 2009 (unaudited)

Credit default swaps on debt obligations – Sell protection

Rating of

Fixed

Frequency

Upfront

Reference

Payments

Premiums

Debt

Notional

Received

Payments

Market

Paid/

Unrealized

Expiration

Counterparty

Obligation

Obligation*

Amount

by the Fund

Received

Value

(Received)

Gain (Loss)

12/20/2013

Citigroup

General Electric,

AA+

$90,000

6.65%

Quarterly

$7,598

$ 0

$7,598

6.00%,

06/15/2012 #

12/20/2013

Goldman

General Electric,

AA+

75,000

4.50%

Quarterly

268

Sachs

6.00%,

06/15/2012 #

03/20/2014

Goldman

General Electric,

AA+

50,000

5.10%

Quarterly

1,369

Sachs

5.62%,

03/20/2014 #

06/14/2014

Deutsche

General Electric,

AA+

45,000

5.00%

Quarterly

1,311

(4,365)

5,676

Bank

5.62%,

09/15/2017 #

09/12/2020

Deutsche

General Electric,

AA+

65,000

4.00%

Quarterly

(960)

Bank

4.00%,

09/05/2017 #

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

The total notional amount of credit default swaps in the tables above are representative of the volume of derivative activity during period ended May 31, 2009.

On May 31, 2009, the aggregate fair value of all derivative instruments with net asset contingent features that were in a liability position amounted to $31,683.

On May 31, 2009, the aggregate cost of securities for federal income tax purposes was $128,361,377. The gross unrealized appreciation and depreciation on securities based on tax cost was $3,611,807 and $15,446,174, respectively, with a net unrealized depreciation of $11,834,367.

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.

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.

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 May 31, 2009, the Fund had unfunded loan commitments of $108,497.

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



May 31, 2009 (unaudited)

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.

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

On September 1, 2008, the Fund implemented Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). 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 May 31, 2009, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Valuation Inputs	Investments in Securities		Other Financial Instruments*


Level 1 – Quoted Prices	$	78,504,097		$	0
Level 2 – Other Significant Observable Inputs		38,022,913			(21,384)
Level 3 – Significant Unobservable Inputs		0			0


Total	$	116,527,010		$	(21,384)

*	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 Utilities and High Income Fund


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

Date: July 30, 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: July 30, 2009


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

Date: July 30, 2009