The Fund

Investment Objective

The Fund’s investment objective is to provide a high level of after-tax income and total return consisting primarily of tax-advantaged dividend income and capital appreciation. The Fund pursues this objective by investing at least 80% of its total assets in dividend-paying common and preferred stocks and debt instruments of companies within the utility industry. Up to 20% of the Fund may be invested in the securities of companies in other industries.

• Managed to seek tax-advantaged dividend income
• Focused on utilities and other essential infrastructure related companies
• Potential for enhanced yield with the use of leverage

To learn more about the Fund, please visit the Resources section.
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*The Distribution Rate calculation is based on the most current distribution rate per share of $0.19 annualized and divided by the market price of $27.49. The fixed monthly amount distributed per share is subject to change at the discretion of the Fund’s Board of Trustees. Sources of distributions to shareholders may include net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital. Based on current estimates, we anticipate the current distribution has been paid from net investment income and net realized long-term capital gain. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time, available at Reaves Utility Income Fund. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year. Distribution payments are not guaranteed and distribution rates can vary.