The Reaves Utility Income Fund Announces Regular Monthly Dividend of $0.17 Per Share

The Reaves Utility Income Fund (NYSE MKT: UTG) announced today the next three monthly dividends at a rate of $0.17 per common share per month, unchanged from the per share rate paid for the previous quarter. As of April 5, 2019, the Fund’s market price was $33.95 per share and its net asset value was $34.53 per share.

Ronald J. Sorenson, the Fund's portfolio manager and Chief Investment Officer of Reaves Asset Management, the Fund's investment adviser, commented, “The 10-year U.S. Treasury yield continued declining in the 1st Quarter. At just under 2.34% on March 31st, the lower yield increased the relative attractiveness of the Fund’s 6% plus yield and the portfolio’s dividend paying securities. With the Federal Reserve pausing, the supportive interest rate climate is likely to persist. Portfolio investments continue to meet our expectations for periodic dividend increases. Stock price increases and rising dividends underpin the Fund’s distributions.”

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: April 18, 2019Record Date: April 22, 2019Payable Date: April 30, 2019Ex-Distribution Date: May 20, 2019Record Date: May 21, 2019Payable Date: May 31, 2019Ex-Distribution Date: June 17, 2019Record Date: June 18, 2019Payable Date: June 28, 2019

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 $2.1 billion of total assets under management and 48.7 million common shares outstanding as of April 5, 2019.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain an 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.

ALPS Portfolio Solutions Distributor, Inc., FINRA Member Firm.

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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Ned Burke, ALPS+1 (303) 623 [e-mail]