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Reaves Utility Income Fund

Reaves Utility Income Fund (NYSE MKT: UTG) has appointed State Street Bank and Trust Company (“State Street”), 2 Avenue de Lafayette, Boston, MA 02111, to become the Fund’s new custodian, effective today. In this capacity, State Street will maintain custody of the Fund’s securities, cash and other assets.

In addition, the Fund has appointed DST Systems, Inc. (“DST”) as the Fund’s new stock transfer agent, dividend paying agent and registrar. DST will also serve as the new plan administrator for the Fund’s Dividend Reinvestment Plan. DST may be contacted by calling 1-866-230-0315, or by writing to: Reaves Asset Management, PO Box 219576, Kansas City, MO 64121-9576.

The Reaves Utility Income Fund

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 has approximately $1 billion in total assets under management, and 29 million shares outstanding, as of November 30, 2013.

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.

Copyright Business Wire 2010

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