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 and intermediary or broker. The share price of a closed-end fund is based on the market's value. The Fund's investment objective is fundamental and may not be changed without the vote of the Fund's shareholders.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus which contains this and other information, click here, or call
1-800-644-5571. Read the prospectus carefully before investing or sending money.

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Closed-end Funds: Not FDIC Insured No Bank or Other Guarantee May Lose Money

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