Ticker: UTG

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. The Fund's investment

objective is fundamental and may not be changed without

the vote of the Fund’s shareholders.

An investor should consider investment objectives, risks,

charges and expenses carefully before investing. To obtain a

prospectus which contains this and other information, visit

the following website: www.reavesutilityincomefund.com

or call 1-800-644-5571. Read the prospectus carefully before

investing or sending money.

Disclaimer: W.H. Reaves & Co., Inc. / Reaves Asset Management has provided the link
to the Reaves Utility Income Fund website as a convenience and this link does not imply
endorsement, sponsorship or approval of this site.

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. The Fund's investment objective is fundamental and may not be changed
without the vote of the Fund’s shareholders.

An investor should consider investment objectives, risks, charges and expenses carefully
before investing. To obtain a prospectus which contains this and other information, visit the
following website: www.reavesutilityincomefund.com or call 1-800-644-5571. Read the
prospectus carefully before investing or sending money.