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, 2007. This one series has a August 31 fiscal year end.

Date of reporting period: November 30, 2007

Item 1 – Schedule of Investments

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS



November 30, 2007 (unaudited)
	Principal Amount		Value


CORPORATE BONDS 35.7%
CONSUMER DISCRETIONARY 6.9%
Auto Components 0.7%
Cooper Tire & Rubber Co., 7.625%, 03/15/2027	$	530,000	$	471,700
Goodyear Tire & Rubber Co.:
9.00%, 07/01/2015 ρ		630,000		674,100
11.25%, 03/01/2011		375,000		401,250


				1,547,050


Automobiles 0.2%
Ford Motor Co., 7.875%, 06/15/2010		380,000		352,909


Diversified Consumer Services 0.0%
Service Corporation International, 6.75%, 04/01/2015		70,000		68,250


Hotels, Restaurants & Leisure 2.0%
Caesars Entertainment, Inc.:
7.875%, 03/15/2010		315,000		322,875
8.125%, 05/15/2011		135,000		134,325
Inn of the Mountain Gods Resort & Casino, 12.00%, 11/15/2010		770,000		809,462
Isle of Capri Casinos, Inc., 7.00%, 03/01/2014		1,431,000		1,230,660
Pokagon Gaming Authority, 10.375%, 06/15/2014 144A		415,000		446,125
Seneca Gaming Corp., 7.25%, 05/01/2012		370,000		373,700
Shingle Springs Tribal Gaming Authority, 9.375%, 06/15/2015 144A		505,000		497,425
Universal City Development Partners, Ltd., 11.75%, 04/01/2010		265,000		274,938


				4,089,510


Household Durables 0.5%
Centex Corp., 4.875%, 08/15/2008		115,000		110,542
Hovnanian Enterprises, Inc.:
6.00%, 01/15/2010		90,000		59,400
6.50%, 01/15/2014		61,000		42,700
Libbey, Inc., FRN, 12.38%, 06/01/2011		380,000		404,700
Meritage Homes Corp., 6.25%, 03/15/2015		100,000		72,750
Pulte Homes, Inc., 4.875%, 07/15/2009		370,000		334,850
Standard Pacific Corp., 5.125%, 04/01/2009		150,000		113,250


				1,138,192


Media 2.4%
Cablevision Systems Corp., Ser. B, 8.00%, 04/15/2012		510,000		488,325
CSC Holdings, Inc., 7.625%, 04/01/2011		1,000,000		985,000
Dex Media West, LLC, 8.50%, 08/15/2010		420,000		429,450
Idearc, Inc., 8.00%, 11/15/2016		205,000		192,700
Lamar Media Corp.:
6.625%, 08/15/2015		1,130,000		1,079,150
Ser. B, 6.625%, 08/15/2015		70,000		66,850
Ser. C, 6.625%, 08/15/2015 144A		120,000		114,600
Mediacom Broadband, LLC, 8.50%, 10/15/2015		60,000		53,700
Mediacom Communications Corp., 9.50%, 01/15/2013		785,000		733,975
R.H. Donnelley Corp., Ser. A-4, 8.875%, 10/15/2017 144A		770,000		700,700
Sinclair Broadcast Group, Inc., 8.00%, 03/15/2012		90,000		92,250


				4,936,700


Multi-line Retail 0.1%
Neiman Marcus Group, Inc., 9.00%, 10/15/2015		100,000		104,500


Specialty Retail 0.3%
Home Depot, Inc., 5.875%, 12/16/2036		75,000		63,725
Payless ShoeSource, Inc., 8.25%, 08/01/2013		615,000		575,025


				638,750

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2007 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
CONSUMER DISCRETIONARY continued
Textiles, Apparel & Luxury Goods 0.7%
Oxford Industries, Inc., 8.875%, 06/01/2011	$	815,000	$	812,963
Warnaco Group, Inc., 8.875%, 06/15/2013		725,000		746,750


				1,559,713


CONSUMER STAPLES 1.7%
Beverages 0.1%
Constellation Brands, Inc., 8.375%, 12/15/2014 #		250,000		253,125


Food & Staples Retailing 0.7%
Ingles Markets, Inc., 8.875%, 12/01/2011		495,000		502,425
Rite Aid Corp., 8.125%, 05/01/2010		1,000,000		1,005,000


				1,507,425


Food Products 0.4%
Del Monte Foods Co.:
6.75%, 02/15/2015		475,000		448,875
8.625%, 12/15/2012		240,000		243,600
Pilgrim’s Pride Corp.:
7.625%, 05/01/2015		125,000		123,125
8.375%, 05/01/2017		35,000		34,475
Smithfield Foods, Inc., 7.75%, 07/01/2017		20,000		19,500


				869,575


Household Products 0.2%
Church & Dwight Co., 6.00%, 12/15/2012		345,000		338,100


Personal Products 0.3%
Central Garden & Pet Co., 9.125%, 02/01/2013		620,000		554,900


ENERGY 5.4%
Energy Equipment & Services 1.1%
Bristow Group, Inc.:
6.125%, 06/15/2013		10,000		9,575
7.50%, 09/15/2017 144A		240,000		242,100
Dresser-Rand Group, Inc., 7.375%, 11/01/2014		110,000		109,175
Hornbeck Offshore Services, Inc., Ser. B, 6.125%, 12/01/2014		700,000		666,750
Parker Drilling Co., 9.625%, 10/01/2013		395,000		422,650
PHI, Inc., 7.125%, 04/15/2013		885,000		862,875


				2,313,125


Oil, Gas & Consumable Fuels 4.3%
Chesapeake Energy Corp., 6.875%, 01/15/2016		980,000		967,750
El Paso Corp., 7.00%, 06/15/2017		190,000		191,362
Encore Acquisition Co.:
6.00%, 07/15/2015		235,000		212,675
6.25%, 04/15/2014		120,000		111,600
Exco Resources, Inc., 7.25%, 01/15/2011		575,000		562,063
Forest Oil Corp., 7.75%, 05/01/2014		1,000,000		1,020,000
Frontier Oil Corp., 6.625%, 10/01/2011		150,000		149,625
Mariner Energy, Inc., 8.00%, 05/15/2017		80,000		76,000
Overseas Shipholding Group, Inc., 8.25%, 03/15/2013		625,000		642,188
Peabody Energy Corp.:
5.875%, 04/15/2016		120,000		114,600
6.875%, 03/15/2013		875,000		881,562
Plains Exploration & Production Co., 7.75%, 06/15/2015		180,000		179,100
Regency Energy Partners, LP, 8.375%, 12/15/2013		525,000		551,250
Sabine Pass LNG, LP, 7.25%, 11/30/2013		750,000		725,625
Targa Resources, Inc., 8.50%, 11/01/2013 144A		475,000		467,875
Tesoro Corp., 6.625%, 11/01/2015		500,000		497,500

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2007 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
ENERGY continued
Oil, Gas & Consumable Fuels continued
Williams Cos., 7.125%, 09/01/2011	$	1,000,000	$	1,055,000
Williams Partners, LP, 7.25%, 02/01/2017		545,000		561,350


				8,967,125


FINANCIALS 5.6%
Consumer Finance 3.0%
Ford Motor Credit Co., LLC:
5.70%, 01/15/2010		880,000		794,582
7.375%, 10/28/2009		1,360,000		1,288,199
9.75%, 09/15/2010		400,000		388,771
General Motors Acceptance Corp., LLC:
5.125%, 05/09/2008		155,000		150,440
5.625%, 05/15/2009		285,000		269,510
6.12%, 05/15/2009		470,000		440,537
6.875%, 09/15/2011		1,330,000		1,162,949
6.875%, 08/28/2012		930,000		791,392
7.25%, 03/02/2011		90,000		79,768
7.75%, 01/19/2010		300,000		284,932
8.00%, 11/01/2031		770,000		654,883
Qwest Capital Funding, Inc., 6.50%, 11/15/2018		145,000		123,612


				6,429,575


Diversified Financial Services 0.4%
Leucadia National Corp., 8.125%, 09/15/2015		810,000		810,000


Insurance 0.0%
Crum & Forster Holdings Corp., 7.75%, 05/01/2017		105,000		102,375


Real Estate Investment Trusts 1.5%
Host Marriott Corp.:
7.125%, 11/01/2013		455,000		458,413
Ser. O, 6.375%, 03/15/2015		105,000		103,163
Ser. Q, 6.75%, 06/01/2016		605,000		603,487
Omega Healthcare Investors, Inc., 7.00%, 04/01/2014		1,000,000		995,000
Ventas, Inc., 7.125%, 06/01/2015		1,000,000		1,000,000


				3,160,063


Thrifts & Mortgage Finance 0.7%
Residential Capital, LLC:
7.625%, 11/21/2008		310,000		243,350
7.875%, 06/30/2010		1,690,000		1,153,425


				1,396,775


HEALTH CARE 1.1%
Health Care Equipment & Supplies 0.0%
Universal Hospital Services, Inc., 8.50%, 06/01/2015 144A		57,000		57,285


Health Care Providers & Services 1.1%
HCA, Inc., 9.25%, 11/15/2016		1,510,000		1,566,625
Omnicare, Inc.:
6.125%, 06/01/2013		320,000		289,600
6.875%, 12/15/2015		490,000		453,250


				2,309,475

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2007 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
INDUSTRIALS 3.5%
Aerospace & Defense 2.0%
Alliant Techsystems, Inc., 6.75%, 04/01/2016	$	110,000	$	109,450
DRS Technologies, Inc.:
6.625%, 02/01/2016		310,000		306,900
7.625%, 02/01/2018		215,000		219,837
Hexcel Corp., 6.75%, 02/01/2015		120,000		118,200
L-3 Communications Holdings, Inc.:
5.875%, 01/15/2015		2,260,000		2,180,900
6.375%, 10/15/2015		1,275,000		1,268,625


				4,203,912


Commercial Services & Supplies 0.6%
Browning-Ferris Industries, Inc.:
7.40%, 09/15/2035		610,000		564,250
9.25%, 05/01/2021		315,000		337,050
Corrections Corporation of America, 6.25%, 03/15/2013		35,000		34,737
Geo Group, Inc., 8.25%, 07/15/2013		250,000		251,250
Mobile Mini, Inc., 6.875%, 05/01/2015		130,000		118,300
Norcross Safety Products, LLC, Ser. B, 9.875%, 08/15/2011		80,000		82,600


				1,388,187


Machinery 0.5%
Commercial Vehicle Group, Inc., 8.00%, 07/01/2013		810,000		733,050
Manitowoc Co., 7.125%, 11/01/2013		135,000		133,988
Terex Corp., 8.00%, 11/15/2017		190,000		191,900


				1,058,938


Road & Rail 0.3%
Avis Budget Car Rental, LLC:
7.625%, 05/15/2014		435,000		419,775
7.75%, 05/15/2016		30,000		28,463
Hertz Global Holdings, Inc.:
8.875%, 01/01/2014		145,000		145,725
10.50%, 01/01/2016		20,000		20,800


				614,763


Trading Companies & Distributors 0.1%
United Rentals, Inc., 6.50%, 02/15/2012		170,000		162,775


INFORMATION TECHNOLOGY 1.1%
Electronic Equipment & Instruments 0.3%
Da-Lite Screen Co., Inc., 9.50%, 05/15/2011		430,000		430,000
Sanmina-SCI Corp., FRN:
8.44%, 06/15/2010 144A		140,000		140,700
8.44%, 06/15/2014 144A		105,000		102,375


				673,075


IT Services 0.6%
First Data Corp., 9.875%, 09/24/2015 144A		405,000		377,156
SunGard Data Systems, Inc., 4.875%, 01/15/2014		705,000		613,350
Unisys Corp., 7.875%, 04/01/2008		165,000		164,794


				1,155,300


Semiconductors & Semiconductor Equipment 0.2%
Freescale Semiconductor, Inc., 8.875%, 12/15/2014		535,000		491,531

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2007 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
MATERIALS 5.2%
Chemicals 2.5%
ARCO Chemical Co.:
9.80%, 02/01/2020	$	170,000	$	169,150
10.25%, 11/01/2010		30,000		32,250
Equistar Chemicals, LP, 10.625%, 05/01/2011		571,000		599,550
Koppers Holdings, Inc.:
9.875%, 10/15/2013		45,000		47,475
Sr. Disc. Note, Step Bond, 0.00%, 11/15/2014 †		450,000		384,750
Lyondell Chemical Co.:
6.875%, 06/15/2017		420,000		478,800
10.50%, 06/01/2013		1,000,000		1,075,000
Millenium America, Inc., 7.625%, 11/15/2026		330,000		295,350
Momentive Performance Materials, Inc., 9.75%, 12/01/2014 144A		575,000		536,187
Mosaic Co.:
7.30%, 01/15/2028		260,000		258,700
7.625%, 12/01/2016 144A		410,000		440,750
Tronox Worldwide, LLC, 9.50%, 12/01/2012		975,000		936,000


				5,253,962


Construction Materials 0.3%
CPG International, Inc., 10.50%, 07/01/2013		600,000		579,000


Containers & Packaging 1.0%
Berry Plastics Holding Corp., 8.875%, 09/15/2014		200,000		194,000
Exopack Holding Corp., 11.25%, 02/01/2014		605,000		598,950
Graphic Packaging International, Inc.:
8.50%, 08/15/2011		380,000		376,200
9.50%, 08/15/2013		245,000		243,775
Smurfit-Stone Container Corp., 8.375%, 07/01/2012		710,000		697,575


				2,110,500


Metals & Mining 0.5%
Freeport-McMoRan Copper & Gold, Inc.:
6.875%, 02/01/2014		420,000		428,400
8.375%, 04/01/2017		515,000		557,488


				985,888


Paper & Forest Products 0.9%
Buckeye Technologies, Inc., 8.50%, 10/01/2013		25,000		25,375
Georgia Pacific Corp.:
8.00%, 01/15/2024		360,000		341,100
8.875%, 05/15/2031		370,000		360,750
Glatfelter, 7.125%, 05/01/2016		800,000		788,000
Verso Paper Holdings, LLC, 9.125%, 08/01/2014		465,000		464,419


				1,979,644


TELECOMMUNICATION SERVICES 1.8%
Diversified Telecommunication Services 0.9%
Citizens Communications Co., 7.875%, 01/15/2027		465,000		448,725
Consolidated Communications, Inc., 9.75%, 04/01/2012		303,000		312,090
Qwest Corp.:
6.50%, 06/01/2017 144A		260,000		248,950
7.875%, 09/01/2011		625,000		648,437
8.875%, 03/15/2012		265,000		285,869


				1,944,071

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2007 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
TELECOMMUNICATION SERVICES continued
Wireless Telecommunication Services 0.9%
Dobson Cellular Systems, Inc.:
8.375%, 11/01/2011	$	410,000	$	441,775
9.875%, 11/01/2012		300,000		329,250
Rural Cellular Corp., 8.25%, 03/15/2012		1,000,000		1,042,500


				1,813,525


UTILITIES 3.4%
Electric Utilities 2.9%
Allegheny Energy Supply Co., 8.25%, 04/15/2012 144A		785,000		845,837
Aquila, Inc., 11.875%, 07/01/2012		1,070,000		1,353,550
CMS Energy Corp.:
6.55%, 07/17/2017		50,000		48,798
8.50%, 04/15/2011		100,000		108,153
Edison Mission Energy:
7.00%, 05/15/2017		130,000		125,125
7.20%, 05/15/2019		230,000		220,800
Mirant North America, LLC, 7.375%, 12/31/2013		1,030,000		1,037,725
NRG Energy, Inc., 7.375%, 02/01/2016		845,000		830,213
Orion Power Holdings, Inc., 12.00%, 05/01/2010		422,000		462,090
PSEG Energy Holdings, LLC, 10.00%, 10/01/2009		105,000		111,132
Reliant Energy, Inc.:
6.75%, 12/15/2014		1,045,000		1,047,612
7.875%, 06/15/2017		15,000		14,606


				6,205,641


Independent Power Producers & Energy Traders 0.5%
AES Corp., 8.00%, 10/15/2017 144A		540,000		540,000
Dynegy Holdings, Inc., 7.50%, 06/01/2015		480,000		444,000


				984,000


Total Corporate Bonds (cost $77,264,919)				75,109,209


YANKEE OBLIGATIONS – CORPORATE 3.7%
ENERGY 1.0%
Oil, Gas & Consumable Fuels 1.0%
Connacher Oil & Gas, Ltd., 10.25%, 12/15/2015 144A #		210,000		211,050
Griffin Coal Mining Co., Ltd., 9.50%, 12/01/2016 144A		930,000		888,150
OPTI Canada, Inc., 7.875%, 12/15/2014 144A		1,010,000		989,800


				2,089,000


FINANCIALS 0.5%
Consumer Finance 0.3%
Avago Technologies Finance, Ltd., 10.125%, 12/01/2013		105,000		111,037
NXP Funding, LLC, 7.875%, 10/15/2014		30,000		28,950
Virgin Media Finance plc, 9.125%, 08/15/2016		440,000		440,000


				579,987


Diversified Financial Services 0.2%
Ship Finance International, Ltd., 8.50%, 12/15/2013		535,000		546,369


INDUSTRIALS 0.5%
Road & Rail 0.5%
Kansas City Southern de Mexico:
7.375%, 06/01/2014 144A		455,000		449,313
9.375%, 05/01/2012		490,000		519,400


				968,713

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2007 (unaudited)
	Principal Amount		Value


YANKEE OBLIGATIONS – CORPORATE continued
INFORMATION TECHNOLOGY 0.4%
Communications Equipment 0.4%
Nortel Networks Corp., 10.125%, 07/15/2013 144A	$	870,000	$	898,275


Semiconductors & Semiconductor Equipment 0.0%
Sensata Technologies, Inc., 8.00%, 05/01/2014		30,000		28,050


MATERIALS 1.2%
Metals & Mining 1.1%
Novelis, Inc., 7.25%, 02/15/2015		2,400,000		2,250,000


Paper & Forest Products 0.1%
Corporacion Durango SAB de CV, 10.50%, 10/05/2017 144A		300,000		273,000


TELECOMMUNICATION SERVICES 0.1%
Wireless Telecommunication Services 0.1%
Intelsat, Ltd., 9.25%, 06/15/2016		180,000		184,275


UTILITIES 0.0%
Electric Utilities 0.0%
InterGen NV, 9.00%, 06/30/2017 144A		35,000		36,925


Total Yankee Obligations – Corporate (cost $8,188,141)				7,854,594




	Shares		Value

CONVERTIBLE PREFERRED STOCKS 2.5%
ENERGY 2.5%
Oil, Gas & Consumable Fuels 2.5%
El Paso Corp., 4.99%, 12/31/2049 (cost $4,534,687)		4,000		5,348,500


COMMON STOCKS 78.1%
CONSUMER DISCRETIONARY 0.1%
Media 0.1%
Idearc, Inc .		15,000		283,800


ENERGY 17.4%
Oil, Gas & Consumable Fuels 17.4%
Boardwalk Pipeline Partners, LP		40,000		1,278,000
Copano Energy, LLC ρ		300,000		11,700,000
Crosstex Energy, Inc. ρ		170,000		6,103,000
El Paso Pipeline Partners, LP		16,933		394,539
ENI SpA		200,000		7,164,748
Genesis Energy, LP ρ		45,557		1,011,365
McMoRan Exploration Co.		4,931		57,989
NuSTAR GP Holdings, LLC ρ		268,480		7,635,571
Southwestern Energy Co. *		25,000		1,244,250


				36,589,462


TELECOMMUNICATION SERVICES 24.8%
Diversified Telecommunication Services 17.5%
AT&T, Inc.		100,000		3,821,000
BT Group plc		1,000,000		5,894,651
Elisa Oyj		200,000		6,240,914
Shenandoah Telecommunications Co. ρ +		478,410		11,802,375
TELUS Corp.		75,000		3,515,543
Verizon Communications, Inc.		100,000		4,321,000
Windstream Corp.		100,000		1,295,000


				36,890,483

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2007 (unaudited)
	Shares		Value


COMMON STOCKS continued
TELECOMMUNICATION SERVICES continued
Wireless Telecommunication Services 7.3%
American Tower Corp., Class A *		100,000	$	4,554,000
Bouygues SA		50,000		4,497,530
Rogers Communications, Inc., Class B		150,000		6,279,000


				15,330,530


UTILITIES 35.8%
Electric Utilities 23.7%
Allegheny Energy, Inc. * ρ		50,000		3,037,500
DPL, Inc. ρ		300,000		9,084,000
E.ON AG, ADR		100,000		6,770,000
Edison International		75,000		4,198,500
Entergy Corp.		56,000		6,694,240
Exelon Corp.		57,000		4,620,990
FirstEnergy Corp.		47,000		3,222,320
Fortum Oyj		100,000		4,314,797
ITC Holdings Corp.		36,000		1,837,440
Maine & Maritimes Corp. *		1,135		39,271
Mirant Corp. ρ		80,920		3,122,703
Westar Energy, Inc. ρ		111,714		2,894,509


				49,836,270


Independent Power Producers & Energy Traders 4.0%
Calpine Corp. *		50,000		39,750
Constellation Energy Group, Inc.		84,500		8,467,745


				8,507,495


Multi-Utilities 6.3%
SUEZ		200,000		13,282,223
Wisconsin Energy Corp.		1,500		71,760


				13,353,983


Water Utilities 1.8%
Pennichuck Corp.		150,000		3,775,500


Total Common Stocks (cost $119,136,816)				164,567,523


PREFERRED STOCKS 9.1%
UTILITIES 9.1%
Electric Utilities 8.7%
Carolina Power & Light Co., 5.00%		9,217		827,514
Connecticut Light & Power Co., Ser. 1947, 2.00%		22,000		862,814
Connecticut Light & Power Co., Ser. 1949, 2.04%		9,600		384,000
Consolidated Edison, Inc., 5.00%		27,820		2,487,108
Dayton Power & Light Co., Ser. A, 3.75%		9,416		702,080
Dayton Power & Light Co., Ser. B, 3.75%		5,120		419,680
Dayton Power & Light Co., Ser. C, 3.90%		17,500		1,312,500
Entergy Arkansas, Inc., 6.08%		644		74,825
Hawaiian Electric Industries, Inc., Ser. K, 4.65%		27,000		477,562
Pacific Gas & Electric Co., Ser. D, 5.00%		126,000		2,677,500
Pacific Gas & Electric Co., Ser. H, 4.50%		33,800		697,970
Pacific Gas & Electric Co., Ser. I, 4.36%		34,800		687,300
PECO Energy Co., Ser. C, 4.40%		29,590		2,400,785
Southern California Edison Co., Ser. B, 4.08%		45,900		867,510
Southern California Edison Co., Ser. D, 4.32%		54,000		1,062,720
Union Electric Co., 4.50%		14,600		1,209,610
Union Electric Co., 4.56%		11,190		957,976
Union Electric Co., Ser. 1969, 4.00%		4,200		306,474


				18,415,928

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2007 (unaudited)
	Shares		Value


PREFERRED STOCKS continued
UTILITIES continued
Water Utilities 0.4%
Hackensack Water Co., 4.99% o		10,469	$	837,520


Total Preferred Stocks (cost $19,269,147)				19,253,448


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


MUTUAL FUND SHARES 0.8%
Kayne Anderson MLP Investment Co. ρ		15,006		424,219
Tortoise Capital Resources Corp.		65,000		754,000
Tortoise Energy Capital Corp.		21,000		534,870


Total Mutual Fund Shares (cost $2,019,090)				1,713,089





	Principal Amount		Value


INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LOANED 16.7%
CORPORATE BONDS 2.8%
Capital Markets 0.5%
Bear Stearns Cos., FRN, 4.83%, 01/10/2008	$	1,000,488		999,181


Consumer Finance 2.3%
Cullinan Finance Corp., FRN, 4.57%, 01/11/2008		4,999,028		4,993,756


				5,992,937





	Shares		Value


MUTUAL FUND SHARES 0.1%
AIM Short-Term Investment Trust Government & Agency Portfolio, Class I, 4.58% q		105,161		105,161





	Principal Amount		Value


REPURCHASE AGREEMENTS ^ 13.8%
ABN Amro, Inc., 4.77%, dated 11/30/2007, maturing 12/03/2007, maturity value $2,000,795	$	2,000,000		2,000,000
Banc of America Securities, LLC, 4.76%, dated 11/30/2007, maturing 12/03/2007, maturity value $6,002,380		6,000,000		6,000,000
BNP Paribas SA, 4.77%, dated 11/30/2007, maturing 12/03/2007, maturity value $5,001,988		5,000,000		5,000,000
Credit Suisse First Boston, LLC, 4.77%, dated 11/30/2007, maturing 12/03/2007, maturity value $7,002,783		7,000,000		7,000,000
Deutsche Bank Securities, Inc., 4.77%, dated 11/30/2007, maturing 12/03/2007, maturity value $1,000,398		1,000,000		1,000,000
Dresdner Kleinwort Wasserstein Securities, LLC, 4.77%, dated 11/30/2007, maturing 12/03/2007, maturity value $5,001,988		5,000,000		5,000,000
Greenwich Capital Markets, Inc., 4.77%, dated 11/30/2007, maturing 12/03/2007, maturity value $1,000,398		1,000,000		1,000,000
Lehman Brothers, Inc., 4.76%, dated 11/30/2007, maturing 12/03/2007, maturity value $1,000,397		1,000,000		1,000,000
Merrill Lynch Pierce Fenner & Smith, Inc., 4.76%, dated 11/30/2007, maturing 12/03/2007, maturity value $1,000,397		1,000,000		1,000,000


				29,000,000


Total Investments of Cash Collateral from Securities Loaned (cost $35,098,098)				35,098,098


LOANS 1.1%
CONSUMER DISCRETIONARY 0.1%
Catalina Marketing Corp., 8.23%, 10/11/2014		115,000		112,101


ENERGY 0.4%
Blue Grass Energy Corp., FRN, 10.50%, 12/30/2013		975,000		974,669

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2007 (unaudited)
	Principal Amount		Value


LOANS continued
INDUSTRIALS 0.2%
Clarke American Corp., FRN, 7.32%, 02/28/2014	$	115,000	$	106,374
Neff Corp., FRN, 9.20%, 11/30/2014		315,000		256,353


				362,727


INFORMATION TECHNOLOGY 0.3%
First Data Corp., FRN, 7.98%, 09/24/2014		300,000		283,841
Flextonics International, Ltd., FRN, 7.47%, 10/01/2014		300,000		294,264


				578,105


TELECOMMUNICATION SERVICES 0.1%
Telesat, FRN, 8.20%, 09/01/2014		245,000		240,330


Total Loans (cost $2,291,490)				2,267,932





	Shares		Value


SHORT-TERM INVESTMENTS 9.7%
MUTUAL FUND SHARES 9.7%
Evergreen Institutional Money Market Fund, Class I, 4.88% q ## ø µ (cost $20,431,042)		20,431,042		20,431,042


Total Investments (cost $288,233,430) 157.4%				331,643,435
Other Assets and Liabilities and Preferred Shares (57.4%)				(120,984,288	)


Net Assets Applicable to Common Shareholders 100.0%			$	210,659,147

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

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

#	When-issued or delayed delivery 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.

*	Non-income producing security

+	Security is deemed illiquid and is valued using market quotations when readily available, unless otherwise noted.

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

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

^	Collateral is pooled with the collateral of other Evergreen funds and allocated on a pro-rata basis into 147 issues of high grade short-term securities such that sufficient collateral is applied to the respective repurchase agreement.

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

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

µ	All or a portion of this security has been segregated as collateral for reverse repurchase agreements.

Summary of Abbreviations

ADR	American Depository Receipt
FRN	Floating Rate Note

The following table shows the percent of total long-term investments by geographic location as of November 30, 2007:

United States	77.0	%
France	6.4	%
Canada	5.1	%
Finland	3.8	%
Italy	2.6	%
Germany	2.5	%
United Kingdom	2.3	%
Mexico	0.2	%
Cayman Islands	0.1	%


	100.0	%

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2007 (unaudited)

At November 30, 2007, reverse repurchase agreements outstanding were as follows:

Repurchase		Interest	Maturity
Amount	Counterparty	Rate	Date



$6,498,709	Lehman Brothers Holdings, Inc.	5.74%	01/09/2008

At November 30, 2007, the Fund had the following open credit default swap contracts outstanding:

Expiration

Counterparty

Reference Index

Notional

Amount

Fixed

Payments

Made by

the Fund

Frequency

of Payments

Made

Unrealized

Gain (Loss)

12/20/2012

Goldman Sachs
Group, Inc.

Down Jones CDX
North America
Investment Grade
Index

$695,000

3.75%

Quarterly

$484

12/13/2049

Goldman Sachs
Group, Inc.

CMBX North America Index

210,000

0.27%

Monthly

(14,265)

On November 30, 2007, the aggregate cost of securities for federal income tax purposes was $288,452,836. The gross unrealized appreciation and depreciation on securities based on tax cost was $47,573,136 and $4,382,537, respectively, with a net unrealized appreciation of $43,190,599.

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 market value obtained from yield data relating to investments or securities with similar characteristics.

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

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

Repurchase agreements

Securities pledged as collateral for repurchase agreements are held by the custodian bank or in a segregated account in the Fund’s name until the agreements mature. Collateral for certain tri-party repurchase agreements is held at the counterparty’s custodian in a segregated account for the benefit of the Fund and the counterparty. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. However, in the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. The Fund will enter into repurchase agreements with banks and other financial institutions, which are deemed by the investment advisor to be creditworthy pursuant to guidelines established by the Board of Trustees. In certain instances, the Fund’s securities lending agent may provide collateral in the form of repurchase agreements.

Reverse repurchase agreements

To obtain short-term financing, the Fund may enter into reverse repurchase agreements with banks and other financial institutions, which are deemed by the investment advisor to be creditworthy. At the time the Fund enters into a reverse repurchase agreement, it will establish a segregated account with the custodian containing qualified assets having a value not less than the repurchase price, including accrued interest. If the counterparty to the transaction is rendered insolvent, the Fund may be delayed or limited in the repurchase of the collateral securities.

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.

Securities lending

The Fund may lend its securities to certain qualified brokers in order to earn additional income. The Fund receives compensation in the form of fees or interest earned on the investment of any cash collateral received. The Fund also continues to receive interest and dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a market value at least equal to the market value of the securities on loan, including accrued interest. In the event of default or bankruptcy by the borrower, the Fund could experience delays and costs in recovering the loaned securities or in gaining access to the collateral. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2007 (unaudited)

Credit default swaps

Swaps are marked-to-market daily based on quotations from market makers and any change in value is recorded as an unrealized gain or loss. The Fund may enter into credit default swaps. Credit default swaps involve an exchange of a fixed rate premium for protection against the loss in value of an underlying debt instrument in the event of default or bankruptcy. Under the terms of the swap, one party acts as a “guarantor” and receives a periodic stream of payments that is a fixed percentage applied to a notional principal amount over the term of the swap. In return, the party agrees to purchase the notional amount of the underlying instrument, at par, if a credit event occurs during the term of the swap. Periodic payments are recorded as realized gains or losses. Any premiums or discounts received on the transactions are recorded as an asset or liability on the Statement of Assets and Liabilities and amortized. The Fund may enter into credit default swaps as either the guarantor or the counterparty.

Payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses. The Fund could be exposed to risks if the counterparty 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.

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:
	Dennis H. Ferro, Principal Executive Officer

Date: January 29, 2008

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:
	Dennis H. Ferro, Principal Executive Officer

Date: January 29, 2008

By:
	Kasey Phillips Principal Financial Officer

Date: January 29, 2008