The Reaves Utility Income Fund Declares Three Monthly Dividends

Business Wire,  July 8, 2004  

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DENVER -- The Reaves Utility Income Fund (AMEX: UTG) today declared three regular monthly dividends of $0.0967 per share for each of the months of July, August and September 2004. The dividends provide an annualized yield of approximately 6.9% based on the Fund's market price of $16.92 at yesterday's market close.

Dividends will be payable on July 30, August 31 and September 30, 2004, to shareholders of record on July 15, August 13 and September 15, 2004, respectively. As of July 7, 2004, the Fund's net asset value was $17.36 per share. Subject to market conditions, the Fund intends to distribute subsequent regular monthly dividends of $0.0967 per share.

The Reaves Utility Income Fund

The investment objective of the Fund is to provide a high level of income and total return consisting primarily of tax-advantaged dividend income and capital appreciation. There were approximately $641.4 million of total assets under management and 22.7 million common shares outstanding as of July 7, 2004. More information on the Reaves Utility Income Fund can be found at www.utilityincomefund.com or please call 800-644-5571.

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