Reaves Utility Income Fund (the Fund) is closed-end management investment company. The Fund's investment objective is to provide a high level of after-tax income and total return consisting primarily of tax-advantaged dividend income and capital appreciation. The Fund intends to invest approximately 80% of its total assets in dividend-paying common and preferred stocks and debt instruments of companies within the utility industry. Approximately 20% of its remaining assets may be invested in other securities, including stocks, money market instruments and debt instruments, as well as certain derivative instruments in the utility industry or other industries. The Fund invests in various sectors, including multi-utilities; electric utilities; telecommunication services; media; oil, gas and consumable fuels; real estate investment trusts; road and rail; wireless telecommunication services; food products, and gas utilities. Reaves Asset Management is the Fund's investment advisor.