Reaves Utility Income Fund : Announces Regular Monthly Dividend of $0.19 per Share

REAVES UTILITY INCOME FUND	1290 Broadway
(NYSE MKT: UTG)	Suite 1000
	Denver, Colorado 80203
PRESS RELEASE	800-644-5571
	FOR IMMEDIATE RELEASE
	October 7, 2021

THE REAVES UTILITY INCOME FUND

ANNOUNCES REGULAR MONTHLY DIVIDEND OF $0.19 PER SHARE

Denver, Colorado - The Reaves Utility Income Fund (NYSE MKT: UTG) announced today the next three monthly dividends at a rate of $0.19 per common share per month, unchanged from the per share rate paid for the previous quarter. As of October 4, 2021, the Fund's market price was $32.71 per share and its net asset value was $32.36 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 continue to pay consistent and growing income streams for Fund shareholders. We remain optimistic about their outlook."

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: October 19, 2021

Record Date: October 20, 2021

Payable Date: October 29, 2021

Ex-Distribution Date: November 16, 2021

Record Date: November 17, 2021

Payable Date: November 30, 2021

Ex-Distribution Date: December 16, 2021

Record Date: December 17, 2021

Payable Date: December 30, 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 $2.5 billion of total assets under management and 63.9 million common shares outstanding as of October 4, 2021.

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.

REA000511 10/07/2022