|
OMB APPROVAL |
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OMB Number: 3235-0578 |
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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
Wells Fargo Advantage Utilities and High Income Fund
(formerly, 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
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Date of fiscal year end: |
Registrant is making a quarterly filing for one of its series, Wells Fargo Advantage Utilities and High Income Fund, for the quarter ended May 31, 2010. This series has August 31 fiscal year end. |
Date of reporting period: May 31, 2010
Item 1 – Schedule of Investments
|
EVERGREEN UTILITIES AND HIGH INCOME FUND1 |
|||||||
|
May 31, 2010 (unaudited) |
|||||||
|
|
|
|
Principal |
|
|
Value |
|
|
CORPORATE BONDS 30.4% |
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY 5.4% |
|
|
|
|
|
|
|
|
Auto Components 0.7% |
|
|
|
|
|
|
|
|
Cooper Tire & Rubber Co., 7.625%, 03/15/2027 |
|
$ |
215,000 |
|
$ |
195,650 |
|
|
Goodyear Tire & Rubber Co.: |
|
|
|
|
|
|
|
|
8.75%, 08/15/2020 |
|
|
141,000 |
|
|
141,000 |
|
|
9.00%, 07/01/2015 |
|
|
55,000 |
|
|
56,375 |
|
|
10.50%, 05/15/2016 |
|
|
310,000 |
|
|
328,600 |
|
|
|
|
|
|
|
|
721,625 |
|
|
Diversified Consumer Services 0.9% |
|
|
|
|
|
|
|
|
Carriage Services, Inc., 7.875%, 01/15/2015 |
|
|
185,000 |
|
|
179,450 |
|
|
Service Corporation International: |
|
|
|
|
|
|
|
|
7.50%, 04/01/2027 |
|
|
465,000 |
|
|
426,637 |
|
|
8.00%, 11/15/2021 |
|
|
40,000 |
|
|
40,200 |
|
|
StoneMor Partners, LP, 10.25%, 12/01/2017 144A |
|
|
290,000 |
|
|
295,800 |
|
|
|
|
|
|
|
|
942,087 |
|
|
Hotels, Restaurants & Leisure 0.4% |
|
|
|
|
|
|
|
|
Boyd Gaming Corp., 7.75%, 12/15/2012 |
|
|
15,000 |
|
|
14,925 |
|
|
Inn of the Mountain Gods Resort & Casino, 12.00%, 11/15/2010 • + |
|
|
110,000 |
|
|
52,800 |
|
|
Pokagon Gaming Authority, 10.375%, 06/15/2014 144A |
|
|
7,000 |
|
|
7,245 |
|
|
Scientific Games Corp., 9.25%, 06/15/2019 144A |
|
|
60,000 |
|
|
61,950 |
|
|
Seneca Gaming Corp., 7.25%, 05/01/2012 |
|
|
15,000 |
|
|
14,738 |
|
|
Shingle Springs Tribal Gaming Authority, 9.375%, 06/15/2015 144A |
|
|
90,000 |
|
|
70,200 |
|
|
Speedway Motorsports, Inc., 8.75%, 06/01/2016 |
|
|
120,000 |
|
|
125,400 |
|
|
|
|
|
|
|
|
347,258 |
|
|
Household Durables 0.0% |
|
|
|
|
|
|
|
|
Lennar Corp., 12.25%, 06/01/2017 |
|
|
5,000 |
|
|
5,850 |
|
|
Sealy Corp., 10.875%, 04/15/2016 144A |
|
|
9,000 |
|
|
9,855 |
|
|
|
|
|
|
|
|
15,705 |
|
|
Media 2.7% |
|
|
|
|
|
|
|
|
Cablevision Systems Corp., 8.625%, 09/15/2017 144A |
|
|
145,000 |
|
|
145,725 |
|
|
CCH II, LLC, 13.50%, 11/30/2016 |
|
|
760,000 |
|
|
871,150 |
|
|
Charter Communications, Inc., Step Bond: |
|
|
|
|
|
|
|
|
8.00%, 04/30/2012 144A †† |
|
|
90,000 |
|
|
93,937 |
|
|
10.875%, 09/15/2014 144A †† |
|
|
595,000 |
|
|
650,037 |
|
|
Clear Channel Communications, Inc., 9.25%, 12/15/2017 144A |
|
|
30,000 |
|
|
30,525 |
|
|
DISH DBS Corp., 7.875%, 09/01/2019 |
|
|
115,000 |
|
|
116,150 |
|
|
Lamar Media Corp., 9.75%, 04/01/2014 |
|
|
5,000 |
|
|
5,413 |
|
|
New Communications Holdings: |
|
|
|
|
|
|
|
|
8.25%, 04/15/2017 144A |
|
|
180,000 |
|
|
178,200 |
|
|
8.50%, 04/15/2020 144A |
|
|
215,000 |
|
|
211,775 |
|
|
8.75%, 04/15/2022 144A |
|
|
340,000 |
|
|
334,050 |
|
|
Salem Communications Corp., 9.625%, 12/15/2016 |
|
|
24,000 |
|
|
24,300 |
|
|
WMG Acquisition Corp., 9.50%, 06/15/2016 144A |
|
|
5,000 |
|
|
5,175 |
|
|
|
|
|
|
|
|
2,666,437 |
|
|
Specialty Retail 0.4% |
|
|
|
|
|
|
|
|
American Achievement Corp., 8.25%, 04/01/2012 144A |
|
|
365,000 |
|
|
360,438 |
|
|
Textiles, Apparel & Luxury Goods 0.3% |
|
|
|
|
|
|
|
|
Oxford Industries, Inc., 11.375%, 07/15/2015 |
|
|
180,000 |
|
|
196,200 |
|
|
Visant Corp., 7.625%, 10/01/2012 |
|
|
135,000 |
|
|
134,983 |
|
|
|
|
|
|
|
|
331,183 |
|
|
CONSUMER STAPLES 0.3% |
|
|
|
|
|
|
|
|
Food Products 0.3% |
|
|
|
|
|
|
|
|
Dole Food Company, Inc., 13.875%, 03/15/2014 |
|
|
166,000 |
|
|
191,730 |
|
|
Smithfield Foods, Inc., 7.00%, 08/01/2011 |
|
|
115,000 |
|
|
116,150 |
|
|
|
|
|
|
|
|
307,880 |
|
|
|
1 |
|
EVERGREEN UTILITIES AND HIGH INCOME FUND1 |
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|
May 31, 2010 (unaudited) |
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|
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|
Principal |
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|
Value |
|
|
CORPORATE BONDS continued |
|
|
|
|
|
|
|
|
ENERGY 5.3% |
|
|
|
|
|
|
|
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Energy Equipment & Services 1.5% |
|
|
|
|
|
|
|
|
Bristow Group, Inc.: |
|
|
|
|
|
|
|
|
6.125%, 06/15/2013 |
|
$ |
10,000 |
|
$ |
9,700 |
|
|
7.50%, 09/15/2017 |
|
|
100,000 |
|
|
97,000 |
|
|
Cleaver-Brooks, Inc., 12.25%, 05/01/2016 144A |
|
|
55,000 |
|
|
55,413 |
|
|
Forbes Energy Services, Ltd., 11.00%, 02/15/2015 |
|
|
190,000 |
|
|
175,750 |
|
|
GulfMark Offshore, Inc., 7.75%, 07/15/2014 |
|
|
225,000 |
|
|
221,062 |
|
|
Hercules Offshore, Inc., 10.50%, 10/15/2017 144A |
|
|
170,000 |
|
|
158,100 |
|
|
Hornbeck Offshore Services, Inc., Ser. B: |
|
|
|
|
|
|
|
|
6.125%, 12/01/2014 |
|
|
250,000 |
|
|
235,000 |
|
|
8.00%, 09/01/2017 |
|
|
190,000 |
|
|
186,200 |
|
|
PHI, Inc., 7.125%, 04/15/2013 |
|
|
320,000 |
|
|
316,000 |
|
|
Pride International, Inc., 8.50%, 06/15/2019 |
|
|
10,000 |
|
|
10,950 |
|
|
|
|
|
|
|
|
1,465,175 |
|
|
Oil, Gas & Consumable Fuels 3.8% |
|
|
|
|
|
|
|
|
Alon Refining Krotz Springs, Inc., 13.50%, 10/15/2014 |
|
|
50,000 |
|
|
46,500 |
|
|
Atlas Energy Resources, LLC, 12.125%, 08/01/2017 |
|
|
65,000 |
|
|
72,150 |
|
|
Chesapeake Energy Corp.: |
|
|
|
|
|
|
|
|
6.875%, 01/15/2016 |
|
|
534,000 |
|
|
546,015 |
|
|
9.50%, 02/15/2015 |
|
|
255,000 |
|
|
276,037 |
|
|
Consol Energy, Inc.: |
|
|
|
|
|
|
|
|
8.00%, 04/01/2017 144A |
|
|
75,000 |
|
|
76,219 |
|
|
8.25%, 04/01/2020 144A |
|
|
165,000 |
|
|
168,506 |
|
|
El Paso Corp.: |
|
|
|
|
|
|
|
|
7.42%, 02/15/2037 |
|
|
240,000 |
|
|
205,919 |
|
|
12.00%, 12/12/2013 |
|
|
45,000 |
|
|
51,975 |
|
|
Forest Oil Corp.: |
|
|
|
|
|
|
|
|
7.25%, 06/15/2019 |
|
|
95,000 |
|
|
89,419 |
|
|
8.50%, 02/15/2014 |
|
|
65,000 |
|
|
66,787 |
|
|
Holly Corp., 9.875%, 06/15/2017 144A |
|
|
220,000 |
|
|
222,200 |
|
|
Newfield Exploration Co., 6.875%, 02/01/2020 |
|
|
55,000 |
|
|
53,075 |
|
|
Peabody Energy Corp., 7.875%, 11/01/2026 |
|
|
390,000 |
|
|
405,600 |
|
|
Penn Virginia Corp., 10.375%, 06/15/2016 |
|
|
10,000 |
|
|
10,650 |
|
|
Petrohawk Energy Corp.: |
|
|
|
|
|
|
|
|
7.875%, 06/01/2015 |
|
|
95,000 |
|
|
92,031 |
|
|
10.50%, 08/01/2014 |
|
|
60,000 |
|
|
63,450 |
|
|
Pioneer Natural Resources Co., 7.50%, 01/15/2020 |
|
|
145,000 |
|
|
144,992 |
|
|
Plains Exploration & Production Co., 8.625%, 10/15/2019 |
|
|
295,000 |
|
|
289,100 |
|
|
Sabine Pass LNG, LP, 7.25%, 11/30/2013 |
|
|
250,000 |
|
|
230,000 |
|
|
SandRidge Energy, Inc.: |
|
|
|
|
|
|
|
|
8.00%, 06/01/2018 144A |
|
|
5,000 |
|
|
4,475 |
|
|
8.75%, 01/15/2020 144A |
|
|
270,000 |
|
|
244,350 |
|
|
Southwestern Energy Co., 7.50%, 02/01/2018 |
|
|
60,000 |
|
|
63,000 |
|
|
Stallion Oilfield Holdings, Inc., 10.50%, 02/15/2015 144A |
|
|
55,000 |
|
|
52,388 |
|
|
Tesoro Corp.: |
|
|
|
|
|
|
|
|
6.50%, 06/01/2017 |
|
|
70,000 |
|
|
62,300 |
|
|
7.50%, 07/17/2012 |
|
|
125,000 |
|
|
118,921 |
|
|
9.75%, 06/01/2019 |
|
|
110,000 |
|
|
112,475 |
|
|
|
|
|
|
|
|
3,768,534 |
|
|
FINANCIALS 5.7% |
|
|
|
|
|
|
|
|
Capital Markets 0.1% |
|
|
|
|
|
|
|
|
E*TRADE Financial Corp., 12.50%, 11/30/2017 |
|
|
68,000 |
|
|
75,480 |
|
|
Commercial Banks 0.1% |
|
|
|
|
|
|
|
|
CapitalSource, Inc., 12.75%, 07/15/2014 144A |
|
|
170,000 |
|
|
187,425 |
|
|
2 |
|
|
EVERGREEN UTILITIES AND HIGH INCOME FUND1 |
|||||||
|
May 31, 2010 (unaudited) |
|||||||
|
|
|
|
Principal |
|
|
Value |
|
|
CORPORATE BONDS continued |
|
|
|
|
|
|
|
|
FINANCIALS continued |
|
|
|
|
|
|
|
|
Consumer Finance 4.0% |
|
|
|
|
|
|
|
|
Clearwire Communications Finance Corp., 12.00%, 12/01/2015 144A |
|
$ |
130,000 |
|
$ |
126,100 |
|
|
Discover Financial Services, 10.25%, 07/15/2019 |
|
|
85,000 |
|
|
100,122 |
|
|
Ford Motor Credit Co., LLC, 9.875%, 08/10/2011 |
|
|
235,000 |
|
|
245,063 |
|
|
GMAC, LLC: |
|
|
|
|
|
|
|
|
6.75%, 12/01/2014 |
|
|
36,000 |
|
|
34,290 |
|
|
6.875%, 09/15/2011 |
|
|
6,000 |
|
|
6,000 |
|
|
6.875%, 08/28/2012 |
|
|
146,000 |
|
|
144,175 |
|
|
8.00%, 12/31/2018 |
|
|
101,000 |
|
|
94,940 |
|
|
8.00%, 03/15/2020 144A |
|
|
130,000 |
|
|
126,100 |
|
|
8.00%, 11/01/2031 |
|
|
310,000 |
|
|
282,100 |
|
|
8.30%, 02/12/2015 144A |
|
|
780,000 |
|
|
782,925 |
|
|
Homer City Funding, LLC, 8.73%, 10/01/2026 |
|
|
122,746 |
|
|
112,926 |
|
|
International Lease Finance Corp.: |
|
|
|
|
|
|
|
|
4.75%, 01/13/2012 |
|
|
75,000 |
|
|
70,125 |
|
|
5.30%, 05/01/2012 |
|
|
275,000 |
|
|
254,375 |
|
|
5.75%, 06/15/2011 |
|
|
50,000 |
|
|
48,375 |
|
|
8.625%, 09/15/2015 144A |
|
|
75,000 |
|
|
69,000 |
|
|
JBS USA Finance, Inc., 11.625%, 05/01/2014 |
|
|
420,000 |
|
|
461,202 |
|
|
LBI Escrow Corp., 8.00%, 11/01/2017 144A |
|
|
100,000 |
|
|
101,750 |
|
|
Sprint Capital Corp.: |
|
|
|
|
|
|
|
|
6.875%, 11/15/2028 |
|
|
740,000 |
|
|
615,125 |
|
|
8.375%, 03/15/2012 |
|
|
285,000 |
|
|
293,550 |
|
|
|
|
|
|
|
|
3,968,243 |
|
|
Diversified Financial Services 0.4% |
|
|
|
|
|
|
|
|
Leucadia National Corp., 8.125%, 09/15/2015 |
|
|
313,000 |
|
|
320,042 |
|
|
Penson Worldwide, Inc., 12.50%, 05/15/2017 144A |
|
|
70,000 |
|
|
69,388 |
|
|
|
|
|
|
|
|
389,430 |
|
|
Real Estate Investment Trusts (REITs) 0.8% |
|
|
|
|
|
|
|
|
Dupont Fabros Technology, Inc., 8.50%, 12/15/2017 144A |
|
|
510,000 |
|
|
515,100 |
|
|
Host Marriott Corp., 9.00%, 05/15/2017 144A |
|
|
30,000 |
|
|
31,800 |
|
|
Omega Healthcare Investors, Inc., 7.00%, 04/01/2014 |
|
|
180,000 |
|
|
178,650 |
|
|
Ventas, Inc., 9.00%, 05/01/2012 |
|
|
85,000 |
|
|
90,385 |
|
|
|
|
|
|
|
|
815,935 |
|
|
Real Estate Management & Development 0.1% |
|
|
|
|
|
|
|
|
Icahn Enterprises, LP, 7.75%, 01/15/2016 144A |
|
|
60,000 |
|
|
56,400 |
|
|
Thrifts & Mortgage Finance 0.2% |
|
|
|
|
|
|
|
|
Provident Funding Associates, LP, 10.25%, 04/15/2017 144A |
|
|
200,000 |
|
|
199,000 |
|
|
HEALTH CARE 1.0% |
|
|
|
|
|
|
|
|
Biotechnology 0.1% |
|
|
|
|
|
|
|
|
Talecris Biotherapeutics Holdings Corp., 7.75%, 11/15/2016 144A |
|
|
55,000 |
|
|
53,625 |
|
|
Health Care Equipment & Supplies 0.1% |
|
|
|
|
|
|
|
|
Biomet, Inc., 10.375%, 10/15/2017 |
|
|
60,000 |
|
|
63,825 |
|
|
Health Care Providers & Services 0.7% |
|
|
|
|
|
|
|
|
Apria Healthcare Group, 11.25%, 11/01/2014 144A |
|
|
110,000 |
|
|
115,775 |
|
|
HCA, Inc.: |
|
|
|
|
|
|
|
|
9.25%, 11/15/2016 |
|
|
400,000 |
|
|
419,000 |
|
|
9.625%, 11/15/2016 |
|
|
129,000 |
|
|
135,773 |
|
|
Omnicare, Inc., 7.75%, 06/01/2020 |
|
|
80,000 |
|
|
80,200 |
|
|
|
|
|
|
|
|
750,748 |
|
|
Life Sciences Tools & Services 0.1% |
|
|
|
|
|
|
|
|
Bio-Rad Laboratories, Inc., 8.00%, 09/15/2016 |
|
|
95,000 |
|
|
98,681 |
|
|
|
3 |
|
EVERGREEN UTILITIES AND HIGH INCOME FUND1 |
|||||||
|
May 31, 2010 (unaudited) |
|||||||
|
|
|
|
Principal |
|
|
Value |
|
|
CORPORATE BONDS continued |
|
|
|
|
|
|
|
|
INDUSTRIALS 2.8% |
|
|
|
|
|
|
|
|
Aerospace & Defense 1.3% |
|
|
|
|
|
|
|
|
Alliant Techsystems, Inc., 6.75%, 04/01/2016 |
|
$ |
225,000 |
|
$ |
221,625 |
|
|
GeoEye, Inc., 9.625%, 10/01/2015 144A |
|
|
55,000 |
|
|
55,275 |
|
|
Hexcel Corp., 6.75%, 02/01/2015 |
|
|
190,000 |
|
|
185,725 |
|
|
Kratos Defense & Security, 10.00%, 06/01/2017 144A |
|
|
130,000 |
|
|
128,700 |
|
|
L-3 Communications Holdings, Inc.: |
|
|
|
|
|
|
|
|
5.875%, 01/15/2015 |
|
|
216,000 |
|
|
214,380 |
|
|
6.375%, 10/15/2015 |
|
|
360,000 |
|
|
360,000 |
|
|
Wyle Services Corp., 10.50%, 04/01/2018 144A |
|
|
145,000 |
|
|
142,100 |
|
|
|
|
|
|
|
|
1,307,805 |
|
|
Commercial Services & Supplies 0.9% |
|
|
|
|
|
|
|
|
Casella Waste Systems, Inc., 11.00%, 07/15/2014 144A |
|
|
220,000 |
|
|
231,000 |
|
|
Cornell Companies, Inc., 10.75%, 07/01/2012 |
|
|
15,000 |
|
|
15,113 |
|
|
Corrections Corporation of America: |
|
|
|
|
|
|
|
|
6.25%, 03/15/2013 |
|
|
60,000 |
|
|
60,075 |
|
|
7.75%, 06/01/2017 |
|
|
135,000 |
|
|
139,387 |
|
|
DigitalGlobe, Inc., 10.50%, 05/01/2014 144A |
|
|
35,000 |
|
|
37,450 |
|
|
Geo Group, Inc., 7.75%, 10/15/2017 144A |
|
|
90,000 |
|
|
89,662 |
|
|
Interface, Inc., Class A, 11.375%, 11/01/2013 |
|
|
5,000 |
|
|
5,588 |
|
|
Iron Mountain, Inc., 8.375%, 08/15/2021 |
|
|
155,000 |
|
|
157,325 |
|
|
SGS International, Inc., 12.00%, 12/15/2013 |
|
|
155,000 |
|
|
161,006 |
|
|
|
|
|
|
|
|
896,606 |
|
|
Industrial Conglomerates 0.3% |
|
|
|
|
|
|
|
|
Otter Tail Corp., 9.00%, 12/15/2016 |
|
|
220,000 |
|
|
229,900 |
|
|
Machinery 0.3% |
|
|
|
|
|
|
|
|
Commercial Vehicle Group, Inc., 13.00%, 02/15/2013 144A |
|
|
155,000 |
|
|
158,100 |
|
|
CPM Holdings, Inc., 10.625%, 09/01/2014 144A |
|
|
150,000 |
|
|
159,938 |
|
|
|
|
|
|
|
|
318,038 |
|
|
INFORMATION TECHNOLOGY 2.0% |
|
|
|
|
|
|
|
|
Communications Equipment 0.2% |
|
|
|
|
|
|
|
|
Lucent Technologies, Inc., 6.45%, 03/15/2029 |
|
|
261,000 |
|
|
177,480 |
|
|
Electronic Equipment, Instruments & Components 1.4% |
|
|
|
|
|
|
|
|
Da-Lite Screen Co., Inc., 12.50%, 04/01/2015 144A |
|
|
290,000 |
|
|
289,275 |
|
|
Intcomex, Inc., 13.25%, 12/15/2014 144A |
|
|
115,000 |
|
|
117,875 |
|
|
Jabil Circuit, Inc., 8.25%, 03/15/2018 |
|
|
620,000 |
|
|
646,350 |
|
|
Kemet Corp., 10.50%, 05/01/2018 144A |
|
|
160,000 |
|
|
158,000 |
|
|
Sanmina-SCI Corp., 8.125%, 03/01/2016 |
|
|
50,000 |
|
|
47,625 |
|
|
Viasystem Group, Inc., 12.00%, 01/15/2015 144A |
|
|
115,000 |
|
|
126,644 |
|
|
|
|
|
|
|
|
1,385,769 |
|
|
Internet Software & Services 0.3% |
|
|
|
|
|
|
|
|
Equinix, Inc., 8.125%, 03/01/2018 |
|
|
95,000 |
|
|
96,425 |
|
|
Terremark Worldwide, Inc., 12.25%, 06/15/2017 144A |
|
|
150,000 |
|
|
170,250 |
|
|
|
|
|
|
|
|
266,675 |
|
|
IT Services 0.1% |
|
|
|
|
|
|
|
|
Unisys Corp.: |
|
|
|
|
|
|
|
|
12.75%, 10/15/2014 144A |
|
|
70,000 |
|
|
80,150 |
|
|
14.25%, 09/15/2015 144A |
|
|
55,000 |
|
|
64,350 |
|
|
|
|
|
|
|
|
144,500 |
|
|
MATERIALS 1.7% |
|
|
|
|
|
|
|
|
Chemicals 0.3% |
|
|
|
|
|
|
|
|
Huntsman International, LLC, 5.50%, 06/30/2016 144A |
|
|
100,000 |
|
|
87,000 |
|
|
Lyondell Chemical Co., 11.00%, 04/30/2018 |
|
|
240,241 |
|
|
254,655 |
|
|
|
|
|
|
|
|
341,655 |
|
|
4 |
|
|
EVERGREEN UTILITIES AND HIGH INCOME FUND1 |
|||||||
|
May 31, 2010 (unaudited) |
|||||||
|
|
|
|
Principal |
|
|
Value |
|
|
CORPORATE BONDS continued |
|
|
|
|
|
|
|
|
MATERIALS continued |
|
|
|
|
|
|
|
|
Construction Materials 0.5% |
|
|
|
|
|
|
|
|
CPG International, Inc.: |
|
|
|
|
|
|
|
|
10.50%, 07/01/2013 |
|
$ |
140,000 |
|
$ |
141,400 |
|
|
FRN, 7.87%, 07/01/2012 |
|
|
40,000 |
|
|
39,400 |
|
|
Headwaters, Inc., 11.375%, 11/01/2014 |
|
|
165,000 |
|
|
166,237 |
|
|
Texas Industries, Inc., 7.25%, 07/15/2013 |
|
|
115,000 |
|
|
111,263 |
|
|
|
|
|
|
|
|
458,300 |
|
|
Containers & Packaging 0.3% |
|
|
|
|
|
|
|
|
Exopack Holding Corp., 11.25%, 02/01/2014 |
|
|
255,000 |
|
|
265,519 |
|
|
Metals & Mining 0.4% |
|
|
|
|
|
|
|
|
California Steel Industries, Inc., 6.125%, 03/15/2014 |
|
|
95,000 |
|
|
87,875 |
|
|
Freeport-McMoRan Copper & Gold, Inc., 8.375%, 04/01/2017 |
|
|
295,000 |
|
|
320,812 |
|
|
|
|
|
|
|
|
408,687 |
|
|
Paper & Forest Products 0.2% |
|
|
|
|
|
|
|
|
Clearwater Paper Corp., 10.625%, 06/15/2016 144A |
|
|
70,000 |
|
|
76,825 |
|
|
Georgia Pacific Corp., 8.875%, 05/15/2031 |
|
|
125,000 |
|
|
131,875 |
|
|
|
|
|
|
|
|
208,700 |
|
|
TELECOMMUNICATION SERVICES 3.0% |
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 2.0% |
|
|
|
|
|
|
|
|
Cincinnati Bell, Inc., 8.25%, 10/15/2017 |
|
|
185,000 |
|
|
174,363 |
|
|
Citizens Communications Co., 7.875%, 01/15/2027 |
|
|
475,000 |
|
|
434,625 |
|
|
Frontier Communications Corp.: |
|
|
|
|
|
|
|
|
8.125%, 10/01/2018 |
|
|
235,000 |
|
|
230,300 |
|
|
8.25%, 05/01/2014 |
|
|
140,000 |
|
|
143,675 |
|
|
Global Crossing, Ltd., 12.00%, 09/15/2015 144A |
|
|
5,000 |
|
|
5,450 |
|
|
Qwest Corp.: |
|
|
|
|
|
|
|
|
6.875%, 07/15/2028 |
|
|
25,000 |
|
|
21,000 |
|
|
7.125%, 11/15/2043 |
|
|
120,000 |
|
|
101,700 |
|
|
7.25%, 09/15/2025 |
|
|
125,000 |
|
|
122,500 |
|
|
7.50%, 06/15/2023 |
|
|
180,000 |
|
|
174,600 |
|
|
7.625%, 08/03/2021 |
|
|
20,000 |
|
|
18,200 |
|
|
8.875%, 03/15/2012 |
|
|
350,000 |
|
|
374,062 |
|
|
Windstream Corp., 7.875%, 11/01/2017 |
|
|
265,000 |
|
|
249,763 |
|
|
|
|
|
|
|
|
2,050,238 |
|
|
Wireless Telecommunication Services 1.0% |
|
|
|
|
|
|
|
|
Cricket Communications, Inc., 9.375%, 11/01/2014 |
|
|
70,000 |
|
|
70,525 |
|
|
Crown Castle International Corp., 7.125%, 11/01/2019 |
|
|
10,000 |
|
|
9,700 |
|
|
MetroPCS Communications, Inc., 9.25%, 11/01/2014 |
|
|
165,000 |
|
|
169,950 |
|
|
Sprint Nextel Corp.: |
|
|
|
|
|
|
|
|
6.90%, 05/01/2019 |
|
|
80,000 |
|
|
72,300 |
|
|
Ser. D, 7.375%, 08/01/2015 |
|
|
470,000 |
|
|
442,975 |
|
|
Ser. F, 5.95%, 03/15/2014 |
|
|
240,000 |
|
|
221,400 |
|
|
|
|
|
|
|
|
986,850 |
|
|
UTILITIES 3.2% |
|
|
|
|
|
|
|
|
Electric Utilities 2.2% |
|
|
|
|
|
|
|
|
Aquila, Inc., Step Bond, 11.875%, 07/01/2012 †† |
|
|
794,000 |
|
|
914,688 |
|
|
CMS Energy Corp., 8.50%, 04/15/2011 |
|
|
65,000 |
|
|
67,698 |
|
|
Edison Mission Energy, 7.20%, 05/15/2019 |
|
|
110,000 |
|
|
71,500 |
|
|
Energy Future Holdings Corp., FRN, 12.00%, 11/01/2017 |
|
|
228,652 |
|
|
146,909 |
|
|
Mirant Mid-Atlantic, LLC, Ser. C, 10.06%, 12/30/2028 |
|
|
438,432 |
|
|
476,795 |
|
|
Mirant North America, LLC, 7.375%, 12/31/2013 |
|
|
230,000 |
|
|
230,575 |
|
|
NRG Energy, Inc.: |
|
|
|
|
|
|
|
|
7.375%, 02/01/2016 |
|
|
110,000 |
|
|
106,425 |
|
|
8.50%, 06/15/2019 |
|
|
185,000 |
|
|
178,988 |
|
|
Public Service Company of New Mexico, 7.95%, 04/01/2015 |
|
|
15,000 |
|
|
15,668 |
|
|
|
|
|
|
|
|
2,209,246 |
|
|
|
5 |
|
EVERGREEN UTILITIES AND HIGH INCOME FUND1 |
|||||||
|
May 31, 2010 (unaudited) |
|||||||
|
|
|
|
Principal |
|
|
Value |
|
|
CORPORATE BONDS continued |
|
|
|
|
|
|
|
|
UTILITIES continued |
|
|
|
|
|
|
|
|
Independent Power Producers & Energy Traders 1.0% |
|
|
|
|
|
|
|
|
AES Corp., 8.875%, 02/15/2011 |
|
$ |
95,000 |
|
$ |
97,137 |
|
|
Dynegy Holdings, Inc.: |
|
|
|
|
|
|
|
|
6.875%, 04/01/2011 |
|
|
120,000 |
|
|
120,600 |
|
|
7.625%, 10/15/2026 |
|
|
180,000 |
|
|
117,000 |
|
|
Reliant Energy, Inc.: |
|
|
|
|
|
|
|
|
6.75%, 12/15/2014 |
|
|
391,000 |
|
|
392,955 |
|
|
7.625%, 06/15/2014 |
|
|
100,000 |
|
|
96,000 |
|
|
7.875%, 06/15/2017 |
|
|
30,000 |
|
|
27,750 |
|
|
9.24%, 07/02/2017 |
|
|
115,679 |
|
|
120,306 |
|
|
9.68%, 07/02/2026 |
|
|
10,000 |
|
|
10,463 |
|
|
|
|
|
|
|
|
982,211 |
|
|
Total Corporate Bonds (cost $29,270,594) |
|
|
|
|
|
30,223,293 |
|
|
YANKEE OBLIGATIONS – CORPORATE 2.1% |
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY 0.1% |
|
|
|
|
|
|
|
|
Household Durables 0.1% |
|
|
|
|
|
|
|
|
Desarrolladora Homex SAB de CV, 9.50%, 12/11/2019 144A |
|
|
50,000 |
|
|
48,750 |
|
|
ENERGY 0.3% |
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 0.3% |
|
|
|
|
|
|
|
|
Connacher Oil & Gas, Ltd.: |
|
|
|
|
|
|
|
|
11.75%, 07/15/2014 144A |
|
|
20,000 |
|
|
20,900 |
|
|
10.25%, 12/15/2015 144A |
|
|
55,000 |
|
|
52,800 |
|
|
Griffin Coal Mining Co., Ltd., 0.00%, 12/01/2016 144A • |
|
|
286,000 |
|
|
165,880 |
|
|
OPTI Canada, Inc., 7.875%, 12/15/2014 |
|
|
60,000 |
|
|
51,000 |
|
|
|
|
|
|
|
|
290,580 |
|
|
FINANCIALS 0.3% |
|
|
|
|
|
|
|
|
Consumer Finance 0.1% |
|
|
|
|
|
|
|
|
Wind Acquisition Finance SA, 11.75%, 07/15/2017 144A |
|
|
110,000 |
|
|
112,200 |
|
|
Diversified Financial Services 0.2% |
|
|
|
|
|
|
|
|
FMG Finance Property, Ltd., 10.625%, 09/01/2016 144A |
|
|
80,000 |
|
|
88,000 |
|
|
Ship Finance International, Ltd., 8.50%, 12/15/2013 |
|
|
105,000 |
|
|
101,325 |
|
|
|
|
|
|
|
|
189,325 |
|
|
INDUSTRIALS 0.8% |
|
|
|
|
|
|
|
|
Road & Rail 0.8% |
|
|
|
|
|
|
|
|
Kansas City Southern de Mexico: |
|
|
|
|
|
|
|
|
7.375%, 06/01/2014 |
|
|
725,000 |
|
|
717,750 |
|
|
12.50%, 04/01/2016 |
|
|
65,000 |
|
|
75,075 |
|
|
|
|
|
|
|
|
792,825 |
|
|
MATERIALS 0.2% |
|
|
|
|
|
|
|
|
Chemicals 0.0% |
|
|
|
|
|
|
|
|
Nova Chemicals Corp.: |
|
|
|
|
|
|
|
|
8.375%, 11/01/2016 |
|
|
15,000 |
|
|
15,075 |
|
|
8.625%, 11/01/2019 |
|
|
15,000 |
|
|
15,075 |
|
|
|
|
|
|
|
|
30,150 |
|
|
Metals & Mining 0.1% |
|
|
|
|
|
|
|
|
Teck Resources, Ltd., 10.75%, 05/15/2019 |
|
|
55,000 |
|
|
66,275 |
|
|
Paper & Forest Products 0.1% |
|
|
|
|
|
|
|
|
Sappi, Ltd.: |
|
|
|
|
|
|
|
|
6.75%, 06/15/2012 144A |
|
|
55,000 |
|
|
53,350 |
|
|
7.50%, 06/15/2032 144A |
|
|
105,000 |
|
|
84,000 |
|
|
|
|
|
|
|
|
137,350 |
|
|
6 |
|
|
EVERGREEN UTILITIES AND HIGH INCOME FUND1 |
|||||||
|
May 31, 2010 (unaudited) |
|||||||
|
|
|
|
Principal |
|
|
Value |
|
|
YANKEE OBLIGATIONS – CORPORATE continued |
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES 0.4% |
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 0.4% |
|
|
|
|
|
|
|
|
Digicel Group, Ltd., 12.00%, 04/01/2014 144A |
|
$ |
20,000 |
|
$ |
22,200 |
|
|
Intelsat, Ltd., 8.50%, 01/15/2013 |
|
|
375,000 |
|
|
377,812 |
|
|
|
|
|
|
|
|
400,012 |
|
|
Total Yankee Obligations – Corporate (cost $1,978,919) |
|
|
|
|
|
2,067,467 |
|
|
CONVERTIBLE DEBENTURES 0.1% |
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY 0.1% |
|
|
|
|
|
|
|
|
Communications Equipment 0.1% |
|
|
|
|
|
|
|
|
Lucent Technologies, Inc., 2.875%, 06/15/2025 (cost $112,548) |
|
|
160,000 |
|
|
134,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
CONVERTIBLE PREFERRED STOCKS 3.0% |
|
|
|
|
|
|
|
|
UTILITIES 3.0% |
|
|
|
|
|
|
|
|
Electric Utilities 3.0% |
|
|
|
|
|
|
|
|
Great Plains Energy, Inc., 12.00%, 06/12/2012 (cost $3,297,500) |
|
|
50,000 |
|
|
3,000,000 |
|
|
COMMON STOCKS 67.4% |
|
|
|
|
|
|
|
|
ENERGY 4.4% |
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 4.4% |
|
|
|
|
|
|
|
|
El Paso Corp. |
|
|
25,000 |
|
|
283,500 |
|
|
Southwestern Energy Co. * |
|
|
30,000 |
|
|
1,128,300 |
|
|
Spectra Energy Corp. |
|
|
100,000 |
|
|
2,001,000 |
|
|
Williams Cos. |
|
|
50,000 |
|
|
987,500 |
|
|
|
|
|
|
|
|
4,400,300 |
|
|
FINANCIALS 2.3% |
|
|
|
|
|
|
|
|
Consumer Finance 2.3% |
|
|
|
|
|
|
|
|
MasterCard, Inc., Class A |
|
|
7,500 |
|
|
1,513,275 |
|
|
Visa, Inc., Class A |
|
|
10,000 |
|
|
724,600 |
|
|
|
|
|
|
|
|
2,237,875 |
|
|
MATERIALS 0.1% |
|
|
|
|
|
|
|
|
Chemicals 0.1% |
|
|
|
|
|
|
|
|
LyondellBasell Industries NV, Class A * |
|
|
1,997 |
|
|
35,487 |
|
|
LyondellBasell Industries NV, Class B * |
|
|
1,829 |
|
|
32,373 |
|
|
|
|
|
|
|
|
67,860 |
|
|
TELECOMMUNICATION SERVICES 5.9% |
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 5.3% |
|
|
|
|
|
|
|
|
BCE, Inc. |
|
|
16,000 |
|
|
467,360 |
|
|
France Telecom |
|
|
50,000 |
|
|
954,366 |
|
|
Qwest Communications International, Inc. |
|
|
75,000 |
|
|
393,000 |
|
|
Shenandoah Telecommunications Co. + |
|
|
53,926 |
|
|
912,967 |
|
|
Tele2 AB, Ser. B |
|
|
100,034 |
|
|
1,463,209 |
|
|
Windstream Corp. |
|
|
100,000 |
|
|
1,067,000 |
|
|
|
|
|
|
|
|
5,257,902 |
|
|
Wireless Telecommunication Services 0.6% |
|
|
|
|
|
|
|
|
U.S. Cellular Corp. * |
|
|
7,500 |
|
|
311,325 |
|
|
Vivo Participacoes SA, ADR |
|
|
12,100 |
|
|
330,572 |
|
|
|
|
|
|
|
|
641,897 |
|
|
|
7 |
|
EVERGREEN UTILITIES AND HIGH INCOME FUND1 |
|||||||
|
May 31, 2010 (unaudited) |
|||||||
|
|
|
|
|
|
|
Value |
|
|
COMMON STOCKS continued |
|
|
|
|
|
|
|
|
UTILITIES 54.7% |
|
|
|
|
|
|
|
|
Electric Utilities 34.8% |
|
|
|
|
|
|
|
|
China Hydroelectric Corp., ADS * |
|
|
10,000 |
|
$ |
80,100 |
|
|
DPL, Inc. |
|
|
125,000 |
|
|
3,130,000 |
|
|
Enel SpA |
|
|
450,000 |
|
|
2,064,827 |
|
|
Exelon Corp. |
|
|
70,000 |
|
|
2,702,000 |
|
|
FirstEnergy Corp. |
|
|
25,000 |
|
|
880,250 |
|
|
Fortum Oyj |
|
|
75,000 |
|
|
1,694,218 |
|
|
FPL Group, Inc. |
|
|
20,000 |
|
|
998,600 |
|
|
Great Plains Energy, Inc. |
|
|
325,000 |
|
|
5,703,750 |
|
|
Hawaiian Electric Industries, Inc. |
|
|
75,000 |
|
|
1,647,000 |
|
|
Hera SpA |
|
|
475,000 |
|
|
891,016 |
|
|
ITC Holdings Corp. |
|
|
36,000 |
|
|
1,897,560 |
|
|
Northeast Utilities |
|
|
200,000 |
|
|
5,190,000 |
|
|
Portland General Electric Co. |
|
|
75,000 |
|
|
1,418,250 |
|
|
Red Electrica Corp. SA |
|
|
20,000 |
|
|
789,863 |
|
|
Scottish & Southern Energy plc |
|
|
190,000 |
|
|
2,903,755 |
|
|
Southern Co. |
|
|
60,000 |
|
|
1,962,000 |
|
|
TERNA SpA |
|
|
175,000 |
|
|
655,296 |
|
|
|
|
|
|
|
|
34,608,485 |
|
|
Gas Utilities 6.0% |
|
|
|
|
|
|
|
|
EQT Corp. |
|
|
25,000 |
|
|
979,750 |
|
|
Niska Gas Storage Partners LLC * |
|
|
100,000 |
|
|
1,885,000 |
|
|
Oneok Partners LP |
|
|
48,500 |
|
|
2,905,635 |
|
|
PAA Natural Gas Storage LP * |
|
|
6,000 |
|
|
142,500 |
|
|
|
|
|
|
|
|
5,912,885 |
|
|
Independent Power Producers & Energy Traders 3.6% |
|
|
|
|
|
|
|
|
Constellation Energy Group, Inc. |
|
|
100,000 |
|
|
3,538,000 |
|
|
Multi-Utilities 4.0% |
|
|
|
|
|
|
|
|
National Grid plc |
|
|
250,000 |
|
|
1,898,192 |
|
|
Public Service Enterprise Group, Inc. |
|
|
50,000 |
|
|
1,531,500 |
|
|
Suez Environnement SA * |
|
|
30,000 |
|
|
518,219 |
|
|
Wisconsin Energy Corp. |
|
|
1,500 |
|
|
73,500 |
|
|
|
|
|
|
|
|
4,021,411 |
|
|
Water Utilities 6.3% |
|
|
|
|
|
|
|
|
American Water Works Co. |
|
|
50,000 |
|
|
1,017,000 |
|
|
Pennichuck Corp. + |
|
|
140,000 |
|
|
2,984,800 |
|
|
Pennon Group plc |
|
|
300,000 |
|
|
2,281,651 |
|
|
|
|
|
|
|
|
6,283,451 |
|
|
Total Common Stocks (cost $66,276,402) |
|
|
|
|
|
66,970,066 |
|
|
PREFERRED STOCKS 7.0% |
|
|
|
|
|
|
|
|
UTILITIES 7.0% |
|
|
|
|
|
|
|
|
Electric Utilities 4.4% |
|
|
|
|
|
|
|
|
Scana Corp., Ser. A, 7.70% |
|
|
165,000 |
|
|
4,354,350 |
|
|
Independent Power Producers & Energy Traders 2.6% |
|
|
|
|
|
|
|
|
Constellation Energy Group, Inc., Ser. A, 8.625% |
|
|
100,000 |
|
|
2,627,000 |
|
|
Total Preferred Stocks (cost $6,776,000) |
|
|
|
|
|
6,981,350 |
|
|
ESCROW SHARES 0.0% |
|
|
|
|
|
|
|
|
Mirant Corp. Escrow * + o (cost $0) |
|
|
5,000,000 |
|
|
0 |
|
|
RIGHTS 0.2% |
|
|
|
|
|
|
|
|
UTILITIES 0.2% |
|
|
|
|
|
|
|
|
Multi-Utilities 0.2% |
|
|
|
|
|
|
|
|
National Grid plc * (cost $0) |
|
|
100,000 |
|
|
199,390 |
|
|
8 |
|
|
EVERGREEN UTILITIES AND HIGH INCOME FUND1 |
|||||||
|
May 31, 2010 (unaudited) |
|||||||
|
|
|
|
|
|
|
Value |
|
|
WARRANTS 0.0% |
|
|
|
|
|
|
|
|
UTILITIES 0.0% |
|
|
|
|
|
|
|
|
Electric Utilities 0.0% |
|
|
|
|
|
|
|
|
China Hydroelectric Corp., ADS, Expiring 01/25/2014 * (cost $12,000) |
|
|
10,000 |
|
$ |
5,700 |
|
|
CLOSED END MUTUAL FUND SHARES 0.2% |
|
|
|
|
|
|
|
|
Dreyfus High Yield Strategies Fund, Inc. |
|
|
12,211 |
|
|
49,821 |
|
|
Eaton Vance Limited Duration Income Trust |
|
|
1,739 |
|
|
27,111 |
|
|
LMP Corporate Loan Fund, Inc. |
|
|
1,677 |
|
|
19,151 |
|
|
New America High Income Fund, Inc. |
|
|
7,858 |
|
|
71,979 |
|
|
Total Closed End Mutual Fund Shares (cost $90,615) |
|
|
|
|
|
168,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
Value |
|
|
LOANS 1.7% |
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY 0.6% |
|
|
|
|
|
|
|
|
Newsday, LLC, 10.50%, 07/15/2013 |
|
$ |
365,000 |
|
|
385,389 |
|
|
Sugarhouse HSP Gaming Properties, LP, FRN, 11.25%, 09/11/2014 |
|
|
95,000 |
|
|
92,962 |
|
|
Universal City Development, Ltd, FRN, 7.75%, 10/29/2014 |
|
|
149,625 |
|
|
148,792 |
|
|
|
|
|
|
|
|
627,143 |
|
|
CONSUMER STAPLES 0.3% |
|
|
|
|
|
|
|
|
Merisant Co., FRN, 7.75%, 01/08/2014 |
|
|
261,220 |
|
|
252,163 |
|
|
ENERGY 0.6% |
|
|
|
|
|
|
|
|
Saint Acquisition Corp., FRN, 8.25%, 06/05/2014 |
|
|
295,008 |
|
|
274,865 |
|
|
Semgroup Energy Partners, FRN, 8.25%, 07/20/2012 < |
|
|
301,390 |
|
|
299,464 |
|
|
|
|
|
|
|
|
574,329 |
|
|
FINANCIALS 0.1% |
|
|
|
|
|
|
|
|
Realogy Corp., FRN: |
|
|
|
|
|
|
|
|
3.375%, 09/01/2014 |
|
|
36,465 |
|
|
30,852 |
|
|
3.29%, 09/01/2014 |
|
|
135,442 |
|
|
114,595 |
|
|
|
|
|
|
|
|
145,447 |
|
|
UTILITIES 0.1% |
|
|
|
|
|
|
|
|
Scorpion Holding Co., Ltd., FRN, 7.85%, 05/08/2014 |
|
|
55,000 |
|
|
54,159 |
|
|
Total Loans (cost $1,614,906) |
|
|
|
|
|
1,653,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
SHORT-TERM INVESTMENTS 9.3% |
|
|
|
|
|
|
|
|
MUTUAL FUND SHARES 9.3% |
|
|
|
|
|
|
|
|
Evergreen Institutional Money Market Fund, Class I, 0.08% q ø (cost $9,223,889) |
|
|
9,223,889 |
|
|
9,223,889 |
|
|
Total Investments (cost $118,653,373) 121.4% |
|
|
|
|
|
120,626,458 |
|
|
Other Assets and Liabilities (21.4%) |
|
|
|
|
|
(21,277,670 |
) |
|
Net Assets 100.0% |
|
|
|
|
$ |
99,348,788 |
|
|
1 |
The Fund changed its name to Wells Fargo Advantage Utilities and High Income Fund effective July 9, 2010. |
|
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 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. |
|
* |
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. |
|
|
9 |
|
EVERGREEN UTILITIES AND HIGH INCOME FUND1 |
|||||||
|
May 31, 2010 (unaudited) |
|||||||
|
Summary of Abbreviations |
|
|
ADR |
American Depository Receipt |
|
ADS |
American Depository Shares |
|
FRN |
Floating Rate Note |
The following table shows the percent of total long term investments by geographic location as of May 31, 2010:
|
United States |
|
82.8 |
% |
|
United Kingdom |
|
6.5 |
% |
|
Italy |
|
3.2 |
% |
|
Finland |
|
1.5 |
% |
|
France |
|
1.3 |
% |
|
Sweden |
|
1.3 |
% |
|
Mexico |
|
0.8 |
% |
|
Spain |
|
0.7 |
% |
|
Canada |
|
0.6 |
% |
|
Bermuda |
|
0.5 |
% |
|
Brazil |
|
0.3 |
% |
|
Australia |
|
0.1 |
% |
|
Austria |
|
0.1 |
% |
|
Cayman Islands |
|
0.1 |
% |
|
Luxembourg |
|
0.1 |
% |
|
Netherlands |
|
0.1 |
% |
|
|
|
100.0 |
% |
On May 31, 2010, the aggregate cost of securities for federal income tax purposes was $119,829,332. The gross unrealized appreciation and depreciation on securities based on tax cost was $6,966,144 and $6,169,018, respectively, with a net unrealized appreciation of $797,126.
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.
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 May 31, 2010, the Fund had unfunded loan commitments of $30,078.
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. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The 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.
|
10 |
|
|
EVERGREEN UTILITIES AND HIGH INCOME FUND1 |
|||||||
|
May 31, 2010 (unaudited) |
|||||||
As of May 31, 2010, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:
|
Investments in Securities |
|
Quoted Prices |
|
Significant |
|
Significant |
|
Total |
|
||||
|
Equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stocks |
|
$ |
66,970,066 |
|
$ |
0 |
|
$ |
0 |
|
$ |
66,970,066 |
|
|
Preferred stocks |
|
|
9,981,350 |
|
|
0 |
|
|
0 |
|
|
9,981,350 |
|
|
Mutual fund shares |
|
|
168,062 |
|
|
0 |
|
|
0 |
|
|
168,062 |
|
|
Rights |
|
|
199,390 |
|
|
0 |
|
|
0 |
|
|
199,390 |
|
|
Warrants |
|
|
5,700 |
|
|
0 |
|
|
0 |
|
|
5,700 |
|
|
Corporate bonds |
|
|
0 |
|
|
30,223,293 |
|
|
0 |
|
|
30,223,293 |
|
|
Yankee Obligations – Corporate |
|
|
0 |
|
|
2,067,467 |
|
|
0 |
|
|
2,067,467 |
|
|
Convertible Debentures |
|
|
0 |
|
|
134,000 |
|
|
0 |
|
|
134,000 |
|
|
Loans |
|
|
0 |
|
|
1,357,328 |
|
|
295,913 |
|
|
1,653,241 |
|
|
Short-term investments |
|
|
9,223,889 |
|
|
0 |
|
|
0 |
|
|
9,223,889 |
|
|
|
|
$ |
86,548,457 |
|
$ |
33,782,088 |
|
$ |
295,913 |
|
$ |
120,626,458 |
|
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
Warrants |
|
Loans |
|
Total |
|
|||
|
Balance as of August 31, 2009 |
|
$ |
45,615 |
|
$ |
0 |
|
$ |
45,615 |
|
|
Realized gain (loss) |
|
|
(6,521 |
) |
|
2 |
|
|
(6,519 |
) |
|
Change in unrealized appreciation (depreciation) |
|
|
21,521 |
|
|
4,633 |
|
|
26,154 |
|
|
Amortization |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
Net purchases (sales) |
|
|
(60,615 |
) |
|
291,278 |
|
|
230,663 |
|
|
Transfers in and/or out of Level 3 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
Balance as of May 31, 2010 |
|
$ |
0 |
|
$ |
295,913 |
|
$ |
295,913 |
|
|
Change in unrealized gains or losses included in earnings relating to securities still held at May 31, 2010. |
|
$ |
0 |
|
$ |
4,633 |
|
$ |
4,633 |
|
|
|
11 |
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.
Wells Fargo Advantage Utilities and High Income Fund
|
By: |
|
|
|
|
|
|
W. Douglas Munn |
|
|
|
Date: July 27, 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: |
|
|
|
|
|
|
W. Douglas Munn |
|
|
|
Date: July 27, 2010
|
By: |
|
|
|
|
|
|
Kasey Phillips |
|
|
|
Date: July 27, 2010