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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, 2005. This one series has an August 31 fiscal year end.

Date of reporting period:

May 31, 2005

Item 1 – Schedule of Investments

EVERGREEN UTILITIES AND HIGH INCOME FUND
SCHEDULE OF INVESTMENTS


May 31, 2005 (unaudited)

  Principal
Amount
  Value  

CORPORATE BONDS 37.3%            
CONSUMER DISCRETIONARY 11.3%    
Auto Components 0.4%    
Dura Operating Corp., Ser. B, 8.625%, 04/15/2012     $ 1,000,000   $ 905,000  

Diversified Consumer Services 0.4%    
Alderwoods Group, Inc., 7.75%, 09/15/2012 144A       1,000,000     1,050,000  

Hotels, Restaurants & Leisure 4.0%    
Ameristar Casinos, Inc., 10.75%, 02/15/2009       1,000,000     1,097,500  
Isle of Capri Casinos, Inc., 7.00%, 03/01/2014       1,000,000     987,500  
Las Vegas Sands Corp., 6.375%, 02/15/2015 144A       1,000,000     967,500  
MGM MIRAGE, Inc., 5.875%, 02/27/2014       1,000,000     967,500  
Seneca Gaming Corp., 7.25%, 05/01/2012       1,000,000     1,015,000  
Starwood Hotels & Resorts, Inc., 7.375%, 05/01/2007       1,000,000     1,047,500  
Station Casinos, Inc., 6.50%, 02/01/2014       1,350,000     1,373,625  
Town Sports International, Inc., 9.625%, 04/15/2011       1,000,000     1,030,000  
Wynn Resorts, Ltd., 6.625%, 12/01/2014 144A       1,250,000     1,206,250  

              9,692,375  

Household Durables 1.4%    
M/I Homes, Inc., 6.875%, 04/01/2012 144A       1,250,000     1,200,000  
Meritage Homes Corp., 6.25%, 03/15/2015 144A       325,000     305,500  
Technical Olympic USA, Inc., 7.50%, 01/15/2015       1,000,000     920,000  
WCI Communities, Inc., 9.125%, 05/01/2012       820,000     856,900  

              3,282,400  

Media 2.6%    
CSC Holdings, Inc., 7.625%, 04/01/2011       1,000,000     1,065,000  
Dex Media West LLC, 5.875%, 11/15/2011       1,500,000     1,492,500  
LIN TV Corp., 6.50%, 05/15/2013       650,000     633,750  
Mediacom LLC, 9.50%, 01/15/2013       1,000,000     997,500  
MediaNews Group, Inc., 6.375%, 04/01/2014       1,000,000     945,000  
R.H. Donnelley Corp., 10.875%, 12/15/2012       1,000,000     1,162,500  

              6,296,250  

Multi-line Retail 0.4%    
J.C. Penney Co., Inc., 7.375%, 08/15/2008       1,000,000     1,070,000  

Specialty Retail 1.2%    
Central Garden & Pet Co., 9.125%, 02/01/2013       1,500,000     1,605,000  
Group 1 Automotive, Inc., 8.25%, 08/15/2013       1,000,000     1,010,000  
Payless ShoeSource, Inc., 8.25%, 08/01/2013       300,000     312,750  

              2,927,750  

Textiles, Apparel & Luxury Goods 0.9%    
Oxford Industries, Inc., 8.875%, 06/01/2011       1,000,000     1,040,000  
Warnaco Group, Inc., 8.875%, 06/15/2013       1,000,000     1,095,000  

              2,135,000  

CONSUMER STAPLES 3.4%    
Food & Staples Retailing 1.7%    
Ingles Markets, Inc., 8.875%, 12/01/2011       1,000,000     1,011,250  
NeighborCare, Inc., 6.875%, 11/15/2013       1,000,000     1,025,000  
Rite Aid Corp., 8.125%, 05/01/2010       1,000,000     992,500  
Roundy’s, Inc., Ser. B, 8.875%, 06/15/2012       1,000,000     1,035,000  

              4,063,750  

Food Products 1.3%    
B&G Foods Holdings Corp., 8.00%, 10/01/2011       1,000,000     1,040,000  
Chiquita Brands International, Inc., 7.50%, 11/01/2014       590,000     563,450  
Del Monte Foods Co., 6.75%, 02/15/2015 144A       1,500,000     1,503,750  

              3,107,200  



1



EVERGREEN UTILITIES AND HIGH INCOME FUND
SCHEDULE OF INVESTMENTS
continued


May 31, 2005 (unaudited)

  Principal
Amount
  Value  

CORPORATE BONDS continued            
CONSUMER STAPLES continued    
Household Products 0.4%    
Church & Dwight Co., Inc., 6.00%, 12/15/2012 144A     $ 1,000,000   $ 1,005,000  

ENERGY 3.6%    
Energy Equipment & Services 1.2%    
Dresser, Inc., 9.375%, 04/15/2011       1,500,000     1,571,250  
Hornbeck Offshore Services, Ser. B, 6.125%, 12/01/2014       150,000     150,375  
Offshore Logistics, Inc., 6.125%, 06/15/2013       1,000,000     942,500  
Parker Drilling Co., 9.625%, 10/01/2013       315,000     355,950  

              3,020,075  

Oil, Gas & Consumable Fuels 2.4%    
Chesapeake Energy Corp., 6.875%, 01/15/2016       1,000,000     1,050,000  
Exco Resources, Inc., 7.25%, 01/15/2011       1,500,000     1,470,000  
Ferrellgas Partners LP, 6.75%, 05/01/2014       1,000,000     935,000  
Frontier Oil Corp., 6.625%, 10/01/2011       125,000     126,250  
Plains Exploration & Production Co., 8.75%, 07/01/2012       1,000,000     1,095,000  
Williams Companies, Inc., 7.125%, 09/01/2011       1,000,000     1,075,000  

              5,751,250  

FINANCIALS 3.1%    
Diversified Financial Services 0.4%    
Arch Western Finance LLC, 6.75%, 07/01/2013       1,000,000     1,025,000  

Insurance 0.7%    
Crum & Forster Holdings Corp., 10.375%, 06/15/2013       1,500,000     1,612,500  

Real Estate 2.0%    
CB Richard Ellis Group, Inc., 9.75%, 05/15/2010       650,000     728,812  
Host Marriott Corp., Ser. J, REIT, 7.125%, 11/01/2013       1,000,000     1,035,000  
La Quinta Properties, Inc., 7.00%, 08/15/2012       1,000,000     1,028,750  
Omega Healthcare Investors, Inc., REIT, 7.00%, 04/01/2014       1,000,000     1,002,500  
Thornburg Mortgage, Inc., REIT, 8.00%, 05/15/2013       1,000,000     1,000,000  

              4,795,062  

HEALTH CARE 1.5%    
Health Care Providers & Services 1.5%    
Extendicare, Inc., 6.875%, 05/01/2014       1,000,000     975,000  
HCA, Inc., 6.375%, 01/15/2015       1,000,000     1,024,263  
Omnicare, Inc., 6.125%, 06/01/2013       675,000     666,562  
Triad Hospitals, Inc., 7.00%, 11/15/2013       1,000,000     1,017,500  

              3,683,325  

INDUSTRIALS 5.5%    
Aerospace & Defense 1.1%    
Aviall, Inc., 7.625%, 07/01/2011       1,000,000     1,047,500  
DRS Technologies, Inc., 6.875%, 11/01/2013       1,500,000     1,537,500  

              2,585,000  

Commercial Services & Supplies 2.2%    
Adesa, Inc., 7.625%, 06/15/2012       1,000,000     1,000,000  
Allied Waste North America, Inc., 6.375%, 04/15/2011       1,250,000     1,200,000  
Corrections Corporation of America, 6.25%, 03/15/2013 144A       1,050,000     1,021,125  
Geo Group, Inc., 8.25%, 07/15/2013       1,000,000     967,500  
NationsRent West, Inc., 9.50%, 10/15/2010       1,000,000     1,077,500  

              5,266,125  



2



EVERGREEN UTILITIES AND HIGH INCOME FUND
SCHEDULE OF INVESTMENTS
continued


May 31, 2005 (unaudited)

  Principal
Amount
  Value  

CORPORATE BONDS continued            
INDUSTRIALS continued    
Machinery 1.7%    
Case New Holland, Inc., 9.25%, 08/01/2011 144A     $ 1,000,000   $ 1,060,000  
Manitowoc Co., Inc., 7.125%, 11/01/2013       1,000,000     1,040,000  
Navistar International Corp., 6.25%, 03/01/2012 144A       1,000,000     955,000  
Terex Corp., 7.375%, 01/15/2014       1,000,000     1,030,000  

              4,085,000  

Road & Rail 0.5%    
Progress Rail Services Corp., 7.75%, 04/01/2012 144A       1,250,000     1,243,750  

INFORMATION TECHNOLOGY 0.6%    
IT Services 0.6%    
Unisys Corp., 6.875%, 03/15/2010       1,500,000     1,477,500  

MATERIALS 5.9%    
Chemicals 2.1%    
Equistar Chemicals LP, 10.625%, 05/01/2011       1,000,000     1,107,500  
Huntsman Advanced Materials LLC:    
    11.00%, 07/15/2010 144A       1,000,000     1,145,000  
    11.625%, 10/15/2010       650,000     750,750  
Lyondell Chemical Co., 10.50%, 06/01/2013       1,000,000     1,146,250  
Scotts Co., 6.625%, 11/15/2013       1,000,000     1,015,000  

              5,164,500  

Containers & Packaging 1.1%    
Jefferson Smurfit Corp., 7.50%, 06/01/2013       1,000,000     940,000  
Owens-Brockway Glass Containers, Inc., 6.75%, 12/01/2014       1,000,000     1,015,000  
Plastipak Holdings, Inc., 10.75%, 09/01/2011       575,000     631,063  

              2,586,063  

Metals & Mining 1.7%    
Alaska Steel Corp., 7.75%, 06/15/2012       1,000,000     912,500  
Century Aluminum Co., 7.50%, 08/15/2014       1,000,000     985,000  
Foundation Pennsylvania Coal Co., 7.25%, 08/01/2014       1,000,000     1,035,000  
United States Steel Corp., 10.75%, 08/01/2008       1,000,000     1,135,000  

              4,067,500  

Paper & Forest Products 1.0%    
Boise Cascade LLC, 7.125%, 10/15/2014 144A       1,250,000     1,196,875  
Georgia Pacific Corp., 8.125%, 05/15/2011       1,000,000     1,132,500  

              2,329,375  

TELECOMMUNICATION SERVICES 1.6%    
Diversified Telecommunication Services 1.2%    
Citizens Communications Co., 6.25%, 01/15/2013       1,000,000     970,000  
Insight Midwest LP, 10.50%, 11/01/2010       1,000,000     1,070,000  
Qwest Communications International, Inc., 7.875%, 09/01/2011 144A       760,000     792,300  

              2,832,300  

Wireless Telecommunication Services 0.4%    
Rural Cellular Co., 8.25%, 03/15/2012       1,000,000     1,027,500  

UTILITIES 0.8%    
Electric Utilities 0.4%    
Reliant Energy, Inc., 6.75%, 12/15/2014       1,000,000     957,500  

Independent Power Producers & Energy Traders 0.4%    
NRG Energy, Inc., 8.00%, 12/15/2013 144A       782,000     828,920  

         Total Corporate Bonds (cost $92,113,016)             89,872,970  



3



EVERGREEN UTILITIES AND HIGH INCOME FUND
SCHEDULE OF INVESTMENTS
continued


May 31, 2005 (unaudited)

  Principal
Amount
  Value  

YANKEE OBLIGATIONS-CORPORATE 1.0%            
CONSUMER STAPLES 0.2%    
Food & Staples Retailing 0.2%    
The Jean Coutu Group (PJC), Inc., 8.50%, 08/01/2014     $ 475,000   $ 464,313  

MATERIALS 0.4%    
Paper & Forest Products 0.4%    
Millar Western Forest Products, Ltd., 7.75%, 11/15/2013       1,000,000     915,000  

TELECOMMUNICATION SERVICES 0.4%    
Wireless Telecommunication Services 0.4%    
Rogers Wireless, Inc., 6.375%, 03/01/2014       1,000,000     1,000,000  

         Total Yankee Obligations-Corporate (cost $2,463,953)             2,379,313  



  Shares   Value  

CONVERTIBLE PREFERRED STOCKS 1.5%            
UTILITIES 1.5%    
Electric Utilities 1.5%    
PNM Resources, Inc., 6.75%, 05/16/2008 (cost $3,300,000)       66,000     3,509,220  

COMMON STOCKS 94.2%    
ENERGY 6.4%    
Oil, Gas & Consumable    
Fuels 6.4%    
Crosstex Energy, Inc.       180,000     8,236,800  
ENI SpA, ADR *       29,050     3,726,534  
Southwestern Energy Co.       50,000     3,490,000  

              15,453,334  

FINANCIALS 6.5%    
Real Estate 6.5%    
Global Signal, Inc. REIT       450,000     15,673,500  

TELECOMMUNICATION SERVICES 6.8%    
Diversified Telecommunication Services 4.1%    
Alltel Corp.       1,000     58,170  
BellSouth Corp.       50,000     1,338,000  
SBC Communications, Inc.       25,000     584,500  
Shenandoah    
Telecommunications Co.       63,384     2,028,288  
Sprint Corp.       250,000     5,922,500  

              9,931,458  

Wireless Telecommunication Services 2.7%    
Bouygues SA       50,000     1,924,590  
Dobson Communications Corp. *       100,000     213,000  
SunCom Wireless Holdings, Inc. *       150,000     315,000  
Western Wireless Corp.,    
Class A *       100,000     3,981,000  

              6,433,590  

UTILITIES 74.5%    
Electric Utilities 43.9%    
Ameren Corp.       100,100     5,463,458  
American Electric Power Co., Inc.       10,000     356,900  
Central Vermont Public Service Corp.       500     10,500  
Cinergy Corp.       75,000     3,092,250  
Cleco Corp.       95,000     1,984,550  
DPL, Inc.       400,000     10,124,000  
E.ON AG       900,000     26,100,000  
Edison International       5,000     183,750  
Enel SpA       1,500,000     13,471,659  


4



EVERGREEN UTILITIES AND HIGH INCOME FUND
SCHEDULE OF INVESTMENTS
continued


May 31, 2005 (unaudited)

  Shares   Value  

COMMON STOCKS continued            
UTILITIES continued    
Electric Utilities continued    
Entergy Corp.       170,000   $ 12,211,100  
Exelon Corp.       290,000     13,586,500  
FirstEnergy Corp.       150,000     6,645,000  
Hawaiian Electric Industries, Inc.       100,000     2,580,000  
Maine & Maritimes Corp.       34,100     912,175  
MGE Energy, Inc.       70,100     2,523,600  
Progress Energy, Inc.       1,000     44,230  
Scottish and Southern Energy plc       50,000     892,528  
Southern Co.       3,000     101,850  
TERNA SpA       2,000,000     5,256,154  
TECO Energy, Inc.       1,000     17,680  
Westar Energy, Inc.       5,000     115,350  
Wisconsin Energy Corp.       1,500     54,450  
Xcel Energy, Inc.       4,500     82,935  

              105,810,619  

Gas Utilities 1.7%    
Atmos Energy Corp.       100,000     2,829,000  
NiSource, Inc.       50,000     1,205,000  
ONEOK, Inc.       5,000     154,250  
UGI Corp.       2,000     53,020  

              4,241,270  

Independent Power Producers & Energy Traders 8.5%    
Calpine Corp. *       500,000     1,490,000  
Constellation Energy Group, Inc.       1,000     53,450  
Duke Energy Corp.       400,000     10,992,000  
TXU Corp.       100,100     8,036,028  

              20,571,478  

Multi-Utilities 14.5%    
Energy East Corp.       15,000     420,000  
National Grid Transco plc       1,340,000     13,139,737  
RWE AG       50,000     3,052,779  
SCANA Corp.       240,000     10,111,200  
United Utilities plc       300,000     3,696,367  
Vectren Corp.       170,000     4,639,300  

              35,059,383  

Water Utilities 5.9%    
AWG plc       50,000     813,465  
Kelda Group plc       300,000     3,512,855  
Northumbrian Water Group plc       1,900,000     6,625,983  
Pennichuck Corp.       34,000     910,860  
Pennon Group plc       25,000     458,540  
Severn Trent plc       100,000     1,839,616  

              14,161,319  

         Total Common Stocks (cost $193,816,933)             227,335,951  



5



EVERGREEN UTILITIES AND HIGH INCOME FUND
SCHEDULE OF INVESTMENTS
continued


May 31, 2005 (unaudited)

  Shares   Value  

PREFERRED STOCKS 3.8%            
ENERGY 3.0%    
Oil, Gas & Consumable Fuels 3.0%    
El Paso Corp.       7,500   $ 7,327,500  

UTILITIES 0.8%    
Electric Utilities 0.8%    
Dayton Power & Light Co., Ser. A       9,416     716,204  
Dayton Power & Light Co., Ser. B       5,120     393,440  
Southern California Edison Co.       42,100     804,321  

              1,913,965  

         Total Preferred Stocks (cost $9,175,727)             9,241,465  

UNIT INVESTMENT TRUST 0.2%    
Kayne Anderson MLP Investment Co. (cost $375,000)       15,000     390,000  

SHORT-TERM INVESTMENTS 3.3%    
MUTUAL FUND SHARES 3.3%    
Evergreen Institutional Money Market Fund ø (cost $8,076,701)       8,076,701     8,076,701  

Total Investments (cost $309,321,330) 141.3%             340,805,620  
Other Assets and Liabilities (41.3%)             (99,550,120 )

Net Assets 100.0%           $ 241,255,500  


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.
* Non-income producing security
ø Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market fund.

Summary of Abbreviations

ADR American Depository Receipt
REIT Real Estate Investment Trust

At May 31, 2005, the Fund had the following open interest rate swap agreement:

Expiration
  Notional
Amount

  Counterparty
  Cash Flows
Paid by
the Fund

  Cash Flows Received
by the Fund

  Unrealized
Gain

 
11/16/07       $43,000,000   Royal Bank of Scotland Greenwich Capital       Fixed-3.525%     Floating-3.09%     $510,921  

On May 31, 2005, the aggregate cost of securities for federal income tax purposes was $309,321,330. The gross unrealized appreciation and depreciation on securities based on tax cost was $77,735,823 and $46,251,533, respectively, with a net unrealized appreciation of $31,484,290.



6


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-39(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-3(d) under the Investment Company Act of 1940, are attached as EX-99.CERT.

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

Date: July 29, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:   /s/ Dennis H. Ferro
        ——————————————
        Dennis H. Ferro,
        Principal Executive Officer

Date: July 29, 2005


By:   /s/ Carol A. Kosel
        ——————————————
        Carol A. Kosel
        Principal Financial Officer

Date: July 29, 2005