The Reaves Utility Income Fund Announces Regular Monthly Dividend of $0.16 Per Share

DENVER–(BUSINESS WIRE)– The Reaves Utility Income Fund (NYSE MKT: UTG) announced today the next three monthly dividends at a rate of $0.16 per common share per month, unchanged from the per share rate paid for the previous quarter. As of December 14, 2017, the Fund’s market price was $31.30 per share and its net asset value was $33.89 per share.

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Ronald J. Sorenson, the Fund’s portfolio manager and Chief Investment Officer of Reaves Asset Management, the Fund’s investment adviser, commented on the outlook for the portfolio’s holdings in 2018. “We believe the companies we invest in can generate steady, sustainable growth in varying economic environments. We are confident, over time, our companies will grow shareholder value through increasing earnings, cash flows, and dividends. Regarding interest rates, post the Federal Reserves’ third increase in 2017 of the Federal Funds rate on December 13, 2017, we continue believe the current environment is hospitable for moderate earnings and dividend growth of the Fund’s investments.”

The Fund has formally implemented the 19b-1 exemption received from the Securities and Exchange Commission in 2009. A portion of each distribution may be treated as paid from sources other than net income, including, but not limited to, short-term capital gain, long-term capital gain and return of capital. The final determination of the source of these distributions, including the percentage of qualified dividend income, will be made after the Fund’s year end.

Not less than eighty percent of the Fund’s assets will continue to be invested in the securities of domestic and foreign companies involved to a significant extent in providing products, services or equipment for (i) the generation or distribution of electricity, gas or water, (ii) telecommunications activities or (iii) infrastructure operations, such as airports, toll roads and municipal services (“Utilities” or the “Utility Industry”). As a policy, the Fund continues to strive to provide a high level of after-tax income and total return consisting primarily of tax-advantaged distributions and capital appreciation.

The following dates apply to the upcoming dividends that have been declared:

Ex-Distribution Date: December 28, 2017
Record Date: December 29, 2017
Payable Date: January 16, 2018

Ex-Distribution Date: February 15, 2018
Record Date: February 16, 2018
Payable Date: February 28, 2018

Ex-Distribution Date: March 19, 2018
Record Date: March 20, 2018
Payable Date: March 29, 2018

The Reaves Utility Income Fund

The investment objective of the Fund is to provide a high level of income and total return consisting primarily of tax-advantaged distributions and capital appreciation. There were approximately $2.0 billion of total assets under management and 48.7 million common shares outstanding as of December 14, 2017.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, annual report or semi-annual report which contains this and other information visit www.utilityincomefund.com or call 1-800-644-5571. Read them carefully before investing.

The Reaves Utility Income Fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market’s value.

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Reaves Utility Income Fund

Ned Burke, ALPS

+1 303-623-2577

ned.burke@alpsinc.com

Source: Reaves Utility Income Fund