Reaves Utility Income Fund : Announces Regular Monthly Dividend Of $0.18 Per Share

REAVES UTILITY INCOME FUND	1290 Broadway
(NYSE MKT: UTG)	Suite 1000
	Denver, Colorado 80203
PRESS RELEASE	800-644-5571
	FOR IMMEDIATE RELEASE
	December 16, 2020

THE REAVES UTILITY INCOME FUND

ANNOUNCES REGULAR MONTHLY DIVIDEND OF $0.18 PER SHARE

Denver, Colorado - The Reaves Utility Income Fund (NYSE MKT: UTG) announced today the next three monthly dividends at a rate of $0.18 per common share per month, unchanged from the per share rate paid for the previous quarter. As of December 11, 2020, the Fund's market price was $32.75 per share and its net asset value was $32.40 per share.

Tim Porter, the Fund's portfolio manager and Chief Investment Officer of Reaves Asset Management, the Fund's investment adviser, commented, "high-quality utility and communications companies have weathered the economic storm of the past year and continue to pay consistent and growing income streams for Fund shareholders."

The Fund has formally implemented the 19b-1 exemption received from the Securities and Exchange Commission in 2009. A portion of each distribution may be treated as paid from sources other than net income, including but not limited to short-term capital gain, long-term capital gain and return of capital. The final determination of the source of these distributions, including the percentage of qualified dividend income, will be made after the Fund's year end.

Not less than eighty percent of the Fund's assets will continue to be invested in the securities of domestic and foreign companies involved to a significant extent in providing products, services or equipment for (i) the generation or distribution of electricity, gas or water, (ii) telecommunications activities or (iii) infrastructure operations, such as airports, toll roads and municipal services ("Utilities" or the "Utility Industry"). 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 distributions and capital appreciation.

The following dates apply to the upcoming dividends that have been declared:

Ex-Distribution Date: December 30, 2020

Record Date: December 31, 2020

Payable Date: January 15, 2021

Ex-Distribution Date: February 16, 2021

Record Date: February 17, 2021

Payable Date: February 26, 2021

Ex-Distribution Date: March 18, 2021

Record Date: March 19, 2021

Payable Date: March 31, 2021

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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 distributions and capital appreciation. There were approximately $2.1 billion of total assets under management and 54.9 million common shares outstanding as of December 11, 2020.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain an annual report or semi-annual report which contains this and other information visit www.utilityincomefund.comor call 1-800-644-5571. Read them carefully before investing.

ALPS Portfolio Solutions Distributor, Inc., FINRA Member Firm.

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.

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REA000476 12/16/2021