Fund Description: Reaves Utility Income Fund is an exchange-traded closed-end fund (CEF) or a closed-end ETF that is officially described as a non-diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Reaves Utility Income Fund seeks to provide a high level of after-tax total return consisting primarily of tax-advantaged dividend income and capital appreciation. FUND STRATEGY: The Fund intends to invest at least 80% of its total assets in dividend-paying common and preferred stocks and debt instruments of companies within the utility industry. The remaining 20% of its 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. FUND MANAGEMENT: W.H. Reaves & Co., Inc. is the investment adviser of the Fund.