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 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.
Closed-end Funds: Not FDIC Insured No Bank or Other Guarantee May Lose Money