Company Website: http://www.utilityincomefund.com
DENVER -- (Business Wire)

Reaves Utility Income Fund (NYSE MKT: UTG) announced that it filed a preliminary registration statement with the Securities and Exchange Commission (“SEC”) relating to the offering of additional common shares of the Fund pursuant to a rights offering.

The Fund is issuing transferable subscription rights (“Rights”) to its common shareholders on a record date to be set by the Fund’s Board of Trustees (the “Record Date” and such shareholders, “Record Date Shareholders”) who will be allowed to subscribe for new common shares of the Fund (the “Primary Subscription”). Record Date Shareholders will receive one Right for each common share held on the Record Date. For every three Rights held, a holder of Rights may buy one new common 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 common shares that are not purchased by other Record Date Shareholders. In addition, the Fund, in its sole discretion, may elect to issue additional common shares in an amount of up to 25% of the common shares issued in the Primary Subscription.

The rights offering is subject to the effectiveness of the Fund’s Registration Statement currently on file with the SEC and will be made only by means of a prospectus.

A final Registration Statement relating to the securities has not been made with the SEC as of the date of this release. These securities may not be sold nor may offers to purchase be accepted prior to the time the Registration Statement becomes effective with the SEC.

This press release shall not constitute an offer to sell or constitute a solicitation of an offer to buy. Investors should read the prospectus, when available, and consider the investment objective, risks, fees and expenses of the Fund carefully before investing.

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 $1.1 billion of total assets under management and 29 million common shares outstanding as of September 30, 2015.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, annual report or semi-annual report which contains this and other information, visit www.utilityincomefund.com or call 1-800-6445571. Read them carefully before investing.

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151006005429/en/

Contacts:

ALPS
Tom Carter, +1-303-623-2577
tom.carter@alpsinc.com
or
Reaves Utility Income Fund (the “Fund”)
1-800-644-5571
www.utilityincomefund.com

Source: Reaves Utility Income Fund