Not less than eighty percent of the Fund’s assets will continue to be invested in the securities of utility companies. 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 dividend income and capital appreciation.The following dates apply to the upcoming dividends that have been declared:
|Special CapitalGainDistribution||MonthlyDistribution –January 2012||MonthlyDistribution –February 2012||MonthlyDistribution –March 2012|
|Per share amount||$0.332||$0.125||$0.125||$0.125|
|Ex-Date||December 28, 2011||December 28, 2011||February 15, 2012||March 15, 2012|
|Record Date||December 30, 2011||December 30, 2011||February 17, 2012||March 19, 2012|
|Payable Date||January 13, 2012||January 13, 2012||February 29, 2012||March 30, 2012|
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.Past performance does not guarantee future results. 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.