Reaves Utility Income Fund Announces Investor Conference Call For July 19, 2012

W. H. Reaves and Co., Inc. (“Reaves Asset Management”) and ALPS Fund Services, Inc. announces on behalf of the Fund (NYSE MKT: UTG) a conference call scheduled for Thursday, July 19, 2012 at 3:00 PM EDT to discuss the Fund’s rights offering to shareholders and interested parties (the “Rights Offering”). We encourage those who would like to participate in this conference call to dial-in 5-10 minutes prior to the start time. The telephone number to access the conference call is 800-852-8156. The conference call code for the call is 99066965.

Ronald J. Sorenson, Chairman and Chief Investment Officer of Reaves Asset Management and the Fund’s Portfolio Manager; Louis F. Cimino, Chief Operating Officer, Portfolio Manager of Reaves Asset Management in conjunction with Kevin McNally, Director of Closed-End Funds for ALPS Fund Services, Inc. will be present on the Conference Call and be available for questions. During the Conference Call, the Fund’s management will discuss the terms of the Rights Offering and the Fund’s current investment strategies.

As more fully described in the prospectus, each shareholder of the Fund on July 9, 2012 (“Record Date”) will be issued transferable subscription rights (“Rights”) (NYSE MKT: UTG RT) and such Record Date shareholders will be allowed to subscribe for new shares of the Fund (the “Primary Subscription”). Record Date shareholders will receive one Right for each share of the Fund held as of the Record Date. For every three Rights held, a holder of such Rights may buy one new share of the Fund.

Record Date shareholders who fully exercise all Rights initially issued to them in the Primary Subscription will be entitled to buy those shares that are not purchased by other Record Date shareholders. In addition, the Fund, in its sole discretion, may elect to issue additional shares in an amount of up to 25% of the shares issued in the Primary Subscription.

The subscription price per share will be determined based upon a formula equal to 95% of the reported net asset value or 95% of the market price per share, whichever is lower on the Expiration Date (as defined below). Market price per share will be determined based on the average of the last reported sales price of a share on the NYSE MKT for the five trading days preceding the Expiration Date which has been established to occur on August 8, 2012 (“Expiration Date”). The Rights will expire if they are not exercised by 5:00 PM EDT on the Expiration Date, unless the Fund extends the Rights Offering as set forth in the prospectus.

This is a transferrable offering, meaning Rights holders have the opportunity to sell their rights on the exchange under the symbol UTGRT once said rights are distributed.

In addition to the prospectus being mailed to shareholders, the prospectus can also be found at the Securities and Exchange Commission’s website at www.sec.gov or the Fund’s website at www.utilityincomefund.com under the Literature tab.

The Rights Offering is only made by means of the prospectus and this press release shall not constitute an offer to sell or constitute a solicitation of an offer to buy. Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The Fund’s prospectus contains this and other information about the Fund and should be read carefully before investing. For further information regarding the Rights Offering, or to obtain a prospectus, please contact the Fund’s Information Agent:

Georgeson Inc.199 Water Street 26th FloorNew York, NY 10038(888) 877-5373

The Reaves Utility Income Fund

The investment objective of the Fund is to provide a high level of income and total return consisting primarily of tax-advantaged dividend income and capital appreciation. There were approximately $837 million of total assets under management and 23.1 million shares outstanding as of July 5, 2012.

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

More from Press Releases

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

21st Century Fox Scoops Up Local News Stations

21st Century Fox Scoops Up Local News Stations

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Three-Part FREE Webinar Series

Three-Part FREE Webinar Series

March 24 Full-Day Course Offering: Professional Approach to Trading SPX

March 24 Full-Day Course Offering: Professional Approach to Trading SPX