REAVES UTILITY INCOME FUND

This Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Trustees (the “Board”) of the Reaves Utility Income Fund (the “Fund”) for use at the Annual Meeting of Shareholders of the Fund to be held via virtual format by conference call on April 2, 2026 at 10:00 a.m. (Mountain Time) and at any adjournments thereof (the “Meeting”). Shareholders who plan to attend the Meeting virtually and vote should call 800-644-5571 or visit the Fund’s website, atwww.utilityincomefund.com, to obtain directions.

To participate in the Meeting, you will need to send an email to shareholdermeetings@computershare.com no later than March 27, 2026 at 5:00 p.m. EST, which includes your full name and address. You will then receive an email back from Computershare Fund Services (“Computershare”) containing the dial–in information and instructions for participating in the Meeting. If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to participate in the Meeting. To register, you must submit proof of your proxy power (legal proxy) reflecting your Fund holdings, along with your name and email address to Computershare. You may forward an email from your intermediary or attach an image of your legal proxy to shareholdermeetings@computershare.com. Requests for registration must be received no later than 5:00 p.m. EST, on March 27, 2026. You will then receive an email back from Computershare containing the conference call dial-in information and instructions for participating in the Meeting.