Reaves Utility Income Fund (NYSE American: UTG) is pleased to announce today a 5% increase in its annual distribution to $2.52, to be paid monthly at the rate of $0.21 per common share. This is the fourteenth increase of the distribution since the Fund’s inception in February 2004. The increased dividend rate represents an annualized distribution rate of 6.12% based on the current market price. As of June 17, 2026, the Fund’s market price was $41.18 per share and its net asset value was $41.86 per share.

Tim Porter, the Fund’s co-portfolio manager and Chief Investment Officer of Reaves Asset Management, the Fund’s investment adviser, commented, “We are pleased to raise the Fund’s distribution rate and remain confident that our portfolio of utility and infrastructure companies will continue to support the Fund’s monthly distribution to 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.

Reaves Utility Income Fund