Reaves Utility Income Fund

On January 13, 2012, the Reaves Utility Income Fund (NYSE AMEX: UTG) (the “Fund”), a closed-end sector fund, paid a monthly distribution on its common stock of $0.125 per share to shareholders of record at the close of business on December 30, 2011.

On January 13, 2012, the Fund also paid a special capital gains distribution on its common stock of $0.332 per share to shareholders of record at the close of business on December 30, 2011.

The aggregate per share distribution paid on January 13, 2012 was $0.457 (monthly distribution of $0.125 plus special capital gains distribution of $0.332).

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted there under. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.
Current Distribution from:        

Per Share($ )

%
Net Investment Income 0.1204 26.35%
Net Realized Short-Term Capital Gain 0.2916 63.80%
Net Realized Long-Term Capital Gain 0.0450 9.85%
Return of Capital or other Capital Source

0.00

0.00%
Total (per common share) 0.4570 100.00%
 
Fiscal Year-to-Date Cumulative
Distributions from:

Per Share($)

%
Net Investment Income 0.3175 44.91%
Net Realized Short-Term Capital Gain 0.3445 48.73%
Net Realized Long-Term Capital Gain 0.0450 6.36%
Return of Capital or other Capital Source

0.00

0.00%
Total (per common share) 0.7070 100.00%

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Presented below are return figures, based on the change in the Fund’s Net Asset Value per share (“NAV”), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.

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