Reaves Utility Income Fund (the “Fund”)(NYSE MKT: UTG) will issue 5,892,187 new common shares as a result of the Rights Offering which closed on August 8, 2012 (the “Expiration Date”). The new common shares to be issued represent approximately 77% of the amount of the Primary Subscription. Since there were sufficient new common shares in the Primary Subscription to honor all subscription requests, the Fund will not issue new common shares in excess of the number of shares offered in the Primary Subscription. The subscription price of $24.41 per share was established on the Expiration Date, which represented 95% of the reported market price per share, based on the average of the last reported sales price of a common share on the NYSE MKT for the five trading days preceding the Expiration Date. Due to the estimated subscription price of $27.00 being greater than the actual subscription price of $24.41, the Fund’s agent, Computer Shareowner Services LLC, will begin refunding all excess subscription proceeds in the next 3 to 5 business days. 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 $853 million of total assets under management and 23.1 million shares outstanding as of August 13, 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.