ˆ200GSk1hXzHKgTialŠ. RR Donnelley ProFile NBF REAVES FORM N-Q DAT. 0C Page 1 of GSk1hXzHKgTial. mardoc1

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1 ˆ200GSk1hXzHKgTialŠ 200GSk1hXzHKgTial mardoc1 MAR 23-Sep :20 EST N-Q_2.CTL 3 0C Edgar Submission Flags> Confirming Copy Flag>false Submission Type>N-Q Contact> Name>R. R. DONNELLEY EDGAR SERVICES Phone Number> Filer> Filer Id> Filer Ccc>9hn@qiem Sros> Sro Id>AMEX Period Of Report> Inv Company> Inv Company Type>N-2 Notifications> Internet Notification Address>NPBCCS@rrdfsg.com Documents> Document> Conformed Document Type>N-Q Description>Reaves Utility Income Fund Html> [ FS] [ ITEM1] [ TX] [ ITEM2] [ SIG] Document> Conformed Document Type>EX-99.CERT Description>Certifications Html> [ EX99CERT]

2 ˆ200GSk1hXz8a9BCc,Š 200GSk1hXz8a9BCc, MARsekas2dc 23-Sep :00 EST FS 1 2* UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: REAVES UTILITY INCOME FUND (Exact name of Registrant as specified in charter) 1290 Broadway, Suite 1100, Denver, Colorado (Address of principal executive offices) (Zip code) J. Tison Cory Reaves Utility Income Fund 1290 Broadway, Suite 1100 Denver, Colorado (Name and address of agent for service) Registrant s telephone number, including area code: (303) Date of fiscal year end: October 31 Date of reporting period: May 1, 2014 July 31, 2014

3 Item 1. Schedule of Investments. START PAGE MARsekas2dc ˆ200GSk1hXz8d4Y=2QŠ 200GSk1hXz8d4Y=2Q 23-Sep :02 EST ITEM1 1 3*

4 REAVES UTILITY INCOME FUND STATEMENT OF INVESTMENTS July 31, 2014 (Unaudited) START PAGE MARsekas2dc ˆ200GSk1hXzFa4BecÄŠ 200GSk1hXzFa4Bec 23-Sep :20 EST TX 1 9* COMMON STOCKS % SHARES VALUE Diversified Telecommunication Services 21.08% AT&T, Inc. 1,161,900 41,352,021 BCE, Inc. (1)(2) 985,000 44,600,800 BT Group PLC 1,845,000 12,101,476 BT Group PLC - Sponsored ADR 80,000 5,241,600 CenturyLink, Inc. 100,000 3,924,000 TELUS Corp. 30,000 1,047,000 TELUS Corp., Canadian Shares 330,000 11,519,053 Verizon Communications, Inc. (1)(2) 1,302,680 65,681, ,467,076 Electric Utilities 35.25% Duke Energy Corp. (1) 591,999 42,700,888 Edison International 80,000 4,384,000 Entergy Corp. (1) 430,000 31,316,900 Exelon Corp. 130,000 4,040,400 ITC Holdings Corp. (1)(2) 1,500,000 54,150,000 NextEra Energy, Inc. (1)(2) 600,000 56,334,000 Northeast Utilities 560,000 24,584,000 Pinnacle West Capital Corp. (1) 660,000 35,303,400 Portland General Electric Co. 140,000 4,470,200 PPL Corp. (1) 750,000 24,742,500 The Southern Co. 650,000 28,138, ,164,788 Gas Utilities 2.38% National Fuel Gas Co. 60,000 4,134,600 ONE Gas, Inc. (1) 350,000 12,600,000 South Jersey Industries, Inc. 70,000 3,749,900 Southwest Gas Corp. 10, ,300 20,979,800 Independent Power and Renewable Electricity Producers 0.66% NRG Energy, Inc. 70,000 2,167,200 NRG Yield, Inc., Class A 27,500 1,436,875 Pattern Energy Group, Inc. 62,000 1,921,380 TerraForm Power, Inc., Class A* 10, ,500 5,832,955 Media 4.75% Charter Communications, Inc., Class A* (1)(2) 160,000 24,723,200 Comcast Corp., Class A 125,000 6,716,250 Liberty Global PLC, Class A* 20, ,000 Liberty Global PLC, Series C* 20, ,800 Time Warner Cable, Inc. 60,000 8,706,000 41,777,250

5 ˆ200GSk1hXzFa5mGcWŠ 200GSk1hXzFa5mGcW MARsekas2dc 23-Sep :20 EST TX 2 6* Multi-Utilities 34.45% Ameren Corp. (1) 400,000 15,380,000 Dominion Resources, Inc. 540,000 36,525,600 DTE Energy Co. (1) 730,000 53,888,600 Infraestructura Energetica Nova SAB de CV 550,000 3,111,952 Integrys Energy Group, Inc. (1)(2) 420,000 27,535,200 National Grid PLC 350,000 5,055,207 National Grid PLC - Sponsored ADR (1) 402,000 28,859,580 NiSource, Inc. 730,000 27,506,400 OGE Energy Corp. 30,000 1,078,500 PG & E Corp. (1)(2) 550,000 24,568,500 SCANA Corp. (1)(2) 800,000 40,704,000 Sempra Energy (1) 275,000 27,420,250 TECO Energy, Inc. 160,000 2,793,600 Wisconsin Energy Corp. (1) 200,000 8,716, ,143,389 Oil, Gas & Consumable Fuels 7.11% Energen Corp. 20,000 1,632,600 ONEOK, Inc. 300,000 19,329,000 Royal Dutch Shell PLC - ADR 50,000 4,091,500 The Williams Cos., Inc. (1)(2) 575,000 32,562,250 TransCanada Corp. 100,000 5,017,000 62,632,350 Real Estate Investment Trusts (REITS) 3.20% American Tower Corp. 240,000 22,653,600 Annaly Capital Management, Inc. (1) 500,000 5,550,000 28,203,600 Road & Rail 6.37% Union Pacific Corp. (1)(2) 570,000 56,036,700 Semiconductors 0.29% First Solar, Inc.* 40,000 2,524,400 Water Utilities 5.69% American Water Works Co., Inc. (1)(2) 880,000 42,037,600 Aqua America, Inc. 190,000 4,518,200 Cia de Saneamento Basico do Estado de Sao Paulo - ADR 392,100 3,489,690 50,045,490 Wireless Telecommunication Services 3.72% Telefonica Brasil S.A. - ADR 207,500 4,181,125 Vodafone Group PLC 1,090,909 3,648,581 Vodafone Group PLC - Sponsored ADR (1)(2) 750,911 24,945,263 32,774,969 TOTAL COMMON STOCKS 1,099,582,767 (Cost $842,648,885) PREFERRED STOCKS 0.30% Electric Utilities 0.20% Entergy Louisiana Holdings LLC, 6.950% 7, ,875

6 ˆ200GSk1hXzGQ1&=c1Š 200GSk1hXzGQ1&=c MARsekas2dc 23-Sep :09 EST TX 3 11* Entergy Mississippi, Inc.: 6.250% 10, , % 3, ,280 Entergy New Orleans, Inc., 4.360% 4, ,203 1,779,358 Multi-Utilities 0.10% Ameren Illinois Co., 4.250% 10, ,466 TOTAL PREFERRED STOCKS (Cost $2,233,892) 2,655,824 LIMITED PARTNERSHIPS 5.71% Enbridge Energy Partners LP 150,000 5,167,500 Enterprise Products Partners LP 475,000 35,435,000 MarkWest Energy Partners LP 60,000 4,188,000 NextEra Energy Partners LP* 27, ,080 Talara Opportunities II, LP (3)(4) 29,129 2,475,968 Williams Partners LP 40,000 2,025,600 TOTAL LIMITED PARTNERSHIPS (Cost $29,433,974) 50,211,148 BOND RATING MOODY/S&P PRINCIPAL AMOUNT VALUE CORPORATE BONDS 0.12% Diversified Telecommunication Services 0.12% Frontier Communications Corp., 7.125%, 01/15/2023 Ba2/BB- $ 1,000,000 1,040,000 TOTAL CORPORATE BONDS (Cost $1,046,460) 1,040,000 SHARES VALUE MUTUAL FUNDS 0.51% Loomis Sayles Institutional High Income Fund 548,386 4,535,152 TOTAL MUTUAL FUNDS (Cost $4,000,000) 4,535,152 MONEY MARKET FUNDS 0.81% Federated Treasury Obligations Money Market Fund, 0.010% (7-Day Yield) 7,136,328 7,136,328 TOTAL MONEY MARKET FUNDS (Cost $7,136,328) 7,136,328

7 ˆ200GSk1hXzGVpp12IŠ 200GSk1hXzGVpp12I MARsekas2dc 23-Sep :20 EST TX 4 6* TOTAL INVESTMENTS % (Cost $886,499,539) LEVERAGE FACILITY - (32.95%) $1,165,161,219 (290,000,000) OTHER ASSETS IN EXCESS OF LIABILITIES % 4,845,840 NET ASSETS % $880,007,059 * Non Income Producing Security. (1) Pledged security; a portion or all of the security is pledged as collateral for borrowings as of July 31, (See Note 3) (2) Loaned security; a portion or all of the security is on loan at July 31, (See Note 3) (3) Restricted security. (See Note 4) (4) Security fair valued by management, pursuant to procedures approved by the Board of Trustees. (See Note 1) Excludes an unfunded commitment of $2,087,096 representing an agreement which obligates the Fund to meet capital calls in the future. Capital calls can only be made if and when certain requirements have been fulfilled; thus, the timing and the amount of such capital calls cannot readily be determined. Common Abbreviations: ADR - American Depositary Receipt. LLC - Limited Liability Company. LP - Limited Partnership. PLC - Public Limited Company. S.A. - Generally designates corporations in various countries, mostly those employing the civil law. This translates literally in all languages mentioned as anonymous company. SAB de CV - A variable rate company. See Notes to Quarterly Statement of Investments.

8 Notes to Quarterly Statement of Investments July 31, 2014 (Unaudited) ˆ200GSk1hXzFu#4hccŠ 200GSk1hXzFu#4hcc MARsekas2dc 23-Sep :33 EST TX 5 4* 1. SIGNIFICANT ACCOUNTING AND OPERATING POLICIES Reaves Utility Income Fund (the Fund ) is registered under the Investment Company Act of 1940, as amended (the 1940 Act ) as a closedend management investment company. The Fund was organized under the laws of the state of Delaware by an Agreement and Declaration of Trust dated September 15, The Fund s investment objective is to provide a high level of after-tax income and total return consisting primarily of tax-advantaged dividend income and capital appreciation. The Fund was previously registered as a non-diversified investment company for purpose of the 1940 Act. As a result of ongoing operations, the Fund became a diversified company. The Fund may not resume operating in a non-diversified manner without first obtaining shareholder approval. The Declaration of Trust provides that the Trustees may authorize separate classes of shares of beneficial interest. The Fund s common shares are listed on the NYSE MKT ( Exchange ) and trade under the ticker symbol UTG. The Fund may have elements of risk, including the risk of loss of equity. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. The following is a summary of significant accounting policies followed by the Fund in the preparation of its Statement of Investments. The preparation of the Statement of Investments is in accordance with generally accepted accounting principles in the United States of America ( U.S. GAAP ), which requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Investment Valuation: The net asset value per common share ( NAV ) of the Fund is determined no less frequently than daily, on each day that the Exchange is open for trading, as of the close of regular trading on the Exchange (normally, 4:00 p.m. New York time). For equity securities and funds that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange. In the case of equity securities not traded on an exchange, or if such closing prices are not otherwise available, the mean of the closing bid and asked price will be used. The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board of Trustees (the Board ), which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Short-term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment s fair value. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more brokers-dealers that make a market in the security. Investments in non-exchange traded funds are fair valued at their respective net asset values. Securities for which market quotations or valuations are not available are valued at fair value in good faith by or at the direction of the Board. Various factors may be reviewed in order to make a good faith determination of a security s fair value. These factors may include, but are not limited to, the type and cost of the security; the fundamental analytical data relating to the investment; an evaluation of the forces which influence the market in which the security is sold, including the liquidity and depth of the market; information as to any transactions or offers with respect to the security; price, yield and the extent of public or private trading in similar securities of the issuer or comparable companies. The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. Various inputs are used in determining the value of the Fund s investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards: Level 1 Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has ability to access at the measurement date;

9 ˆ200GSk1hXzGW&592AŠ 200GSk1hXzGW&592A LANFBU-MWE-XN MARegans0dc 23-Sep :23 EST TX 6 8* Level 2 Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and Level 3 Significant unobservable prices or inputs (including the Fund s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. The following is a summary of the Fund s investments in the fair value hierarchy as of July 31, 2014: Valuation Inputs Investments in Securities at Value* Level 1 Level 2 Level 3 Total Common Stocks $ 1,099,582,767 $ $ $ 1,099,582,767 Preferred Stocks 2,655,824 2,655,824 Limited Partnerships 47,735,180 2,475,968 50,211,148 Corporate Bonds 1,040,000 1,040,000 Mutual Funds 4,535,152 4,535,152 Money Market Funds 7,136,328 7,136,328 Total $ 1,158,989,427 $ 3,695,824 $ 2,475,968 $ 1,165,161,219 *See Statement of Investments for industry classification. As of July 31, 2014, the Fund applied the cost approach to value its Level 3 securities, with an additional liquidity discount. The fair valuation procedures used to value Level 3 securities are in accordance with the Fund s Board approved fair valuation policies. During the nine months ended July 31, 2014, there were no significant transfers between Level 1 and 2 securities. The Fund evaluates transfers into or out of Level 1, Level 2 and 3 as of the end of the reporting period. The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value: Investments in Securities at Value* Balance as of 10/31/2013 *See Statement of Investments for industry classifications. Realized gain/ (loss) Change in unrealized appreciation/ (depreciation) Transfer in and/or (out) of Level 3 Balance as of 7/31/2014 Net change in unrealized appreciation/ (depreciation) attributable to Level 3 investments held at 7/31/2014 Return of capital Purchases Preferred Stocks $ 139,000 $(154,560) $ - $ 15,560 $ - $ - $ - $ - Limited Partnerships 2,417, (10,285) 68,568-2,475,968 (10,285) Total $ 2,556,685 $(154,560) $ - $ 5,275 $ 68,568 $ - $ 2,475,968 $ (10,285) Foreign Securities: The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible reevaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers. Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day the Exchange is open into U.S. dollars based upon current exchange rates. Prevailing foreign exchange rates may generally be obtained at the close of the New York Stock Exchange (normally, 4:00 p.m. New York time). The portion of realized and unrealized gains or

10 ˆ200GSk1hXzGPmiMc&Š 200GSk1hXzGPmiMc& MARsekas2dc 23-Sep :08 EST TX 7 7* losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable. As of and during the nine months ended July 31, 2014, the Fund had no outstanding forward foreign currency contracts Investment Transactions: Investment security transactions are accounted for as of trade date. Dividend income is recorded on the exdividend date, or as soon as information is available to the Fund. Interest income, which includes amortization of premium and accretion of discount, is accrued as earned. Realized gains and losses from investment transactions and unrealized appreciation and depreciation of securities are determined using the first-in first-out basis for both financial reporting and income tax purposes. 2. UNREALIZED APPRECIATION / (DEPRECIATION) As of July 31, 2014, the cost of securities on a tax basis and gross unrealized appreciation/(depreciation) on investments for federal income tax purposes were as follows: Gross unrealized appreciation (excess of value over tax cost) $ 302,464,357 Gross unrealized depreciation (excess of tax cost over value) (10,167,276) Net unrealized appreciation $ 292,297,081 Cost of investments for income tax purposes $ 872,864, BORROWINGS In December 2010, as approved by the Board of Trustees, all Auction Market Preferred Shares ( Preferred Shares ) were redeemed at their liquidation value plus accrued dividends. Concurrently, the Fund entered into a financing package in December 2010 that includes a Committed Facility Agreement (the Agreement ) with BNP Paribas Prime Brokerage, Inc. ( BNP ) that allowed for borrowing up to a specified amount (the Maximum Commitment ) and a Lending Agreement, as defined below. Borrowings under the Agreement are secured by assets of the Fund that are held by the Fund s custodian in a separate account (the pledged collateral ). Under the terms of the current Agreement, dated October 25, 2013, BNP is permitted, with 270 days advance notice (the Notice Period ), to reduce or call the entire Maximum Commitment of $290,000,000. The Agreement allows for fixed rate (the Fixed Commitment ) and variable rate (the Variable Commitment ) borrowing. The Fixed Commitment, $72,500,000, is at a rate of % for three years. The Fund paid a 0.20% arrangement fee on the Fixed Commitment. The fund paid a renewal fee of 0.25% on the Variable Commitment on October 25, Interest on the borrowing is charged at the one month LIBOR (London Inter-bank Offered Rate) plus 1.10% on the amount borrowed and 1.00% on any undrawn balance. For the nine months ended July 31, 2014, the average amount borrowed under the Agreement for the Fixed Commitment was $72,500,000 and $217,500,000 for the Variable Commitment. The average interest rate on the Variable Commitment was 1.26%. The interest rate applicable to the Variable Commitment on July 31, 2014 was 1.26%. As of July 31, 2014, the amount of outstanding borrowings was $290,000,000 and the amount of pledged collateral was $627,637,090. The Lending Agreement is a separate side-agreement between the Fund and BNP pursuant to which BNP may borrow a portion of the pledged collateral (the Lent Securities ) in an amount not to exceed the outstanding borrowings owed by the Fund to BNP under the Agreement. The Lending Agreement is intended to permit the Fund to reduce the cost of its borrowings under the Agreement. BNP has the ability to reregister the Lent Securities in its own name or in another name other than the Fund to pledge, re-pledge, sell, lend or otherwise transfer or use the collateral with all attendant rights of ownership. The Fund may designate any security within the pledged collateral as ineligible to be a Lent Security, provided there are eligible securities within the pledged collateral in an amount equal to the outstanding borrowing owed by the Fund. During the period in which the Lent Securities are outstanding, BNP must remit payment to the Fund equal to the amount of all dividends, interest or other distributions earned or made by the Lent Securities. The Fund receives income from BNP based on the value of the Lent Securities. Under the terms of the Lending Agreement, the Lent Securities are marked to market daily, and if the value of the Lent Securities exceeds the value of the then-outstanding borrowings owed by the Fund to BNP under the Agreement (the Current Borrowings ), BNP must, on that day, either (1) return Lent Securities to the Fund s custodian in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings; or (2) post cash collateral with the Fund s custodian equal to the difference between the value of the Lent Securities and the value of the Current Borrowings. If BNP fails to perform either of these actions as required, the Fund will recall securities, as discussed below, in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings. The Fund can recall any of the Lent Securities and BNP shall, to the extent commercially possible, return such security or equivalent security to the Fund s custodian no later than three business days after such request. If the Fund recalls a Lent Security

11 ˆ200GSk1hXzFSo$Kc{Š 200GSk1hXzFSo$Kc{ MARsekas2dc 23-Sep :06 EST TX 8 5* pursuant to the Lending Agreement, and BNP fails to return the Lent Securities or equivalent securities in a timely fashion, BNP shall remain liable to the Fund s custodian for the ultimate delivery of such Lent Securities, or equivalent securities, and for any buy-in costs that the executing broker for the sales transaction may impose with respect to the failure to deliver. The Fund shall also have the right to apply and setoff an amount equal to one hundred percent (100%) of the then-current fair market value of such Lent Securities against the Current Borrowings. As of July 31, 2014, the value of securities on loan was $258,789,620. The Board of Trustees has approved the Agreement, as amended, and the Lending Agreement. No violations of the Agreement or the Lending Agreement occurred during the nine months ended July 31, RESTRICTED SECURITIES As of July 31, 2014, investments in securities included issues that are considered restricted. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the Board of Trustees as reflecting fair value. Restricted securities as of July 31, 2014 were as follows: Market Value Description Acquisition Date Cost Market Value as Percentage of Net Assets Talara Opportunities II, LP 8/30/2013-7/21/2014 $2,912,904 $2,475, % TOTAL $2,912,904 $2,475, %

12 Item 2. Controls and Procedures. START PAGE MARsekas2dc ˆ200GSk1hXzDtX6=2JŠ 200GSk1hXzDtX6=2J 23-Sep :27 EST ITEM2 1 7* (a) (b) The Registrant s principal executive officer and principal financial officer have evaluated the Registrant s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act ) (17 CFR a-3(c)) within 90 days of the filing date of this report and have concluded that the Registrant s disclosure controls and procedures were effective as of that date. There were no changes in the Registrant s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR a-3(d)) that occurred during the Registrant s last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant s internal control over financial reporting. Item 3. Exhibits. Separate certifications for the Registrant s principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the 1940 Act, are attached as Exhibit 99.Cert.

13 START PAGE MARsekas2dc ˆ200GSk1hXzDt#blc0Š 200GSk1hXzDt#blc0 23-Sep :28 EST SIG 1 7* SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. REAVES UTILITY INCOME FUND By: /s/ Jeremy O. May Jeremy O. May President (principal executive officer) Date: September 29, 2014 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By: /s/ Jeremy O. May Jeremy O. May President (principal executive officer) Date: September 29, 2014 By: /s/ Jill A. Kerschen Jill A. Kerschen Treasurer (principal financial officer) Date: September 29, 2014

14 START PAGE MARsekas2dc ˆ200GSk1hXzDs4pkcÅŠ 200GSk1hXzDs4pkc 23-Sep :26 EST EX99CERT 1 12* Exhibit 99.Cert CERTIFICATION I, Jeremy O. May, certify that: 1. I have reviewed this report on Form N-Q of Reaves Utility Income Fund (the Registrant ); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed; 4. The Registrant s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c. Evaluated the effectiveness of the Registrant s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d. Disclosed in this report any change in the Registrant s internal control over financial reporting that occurred during the Registrant s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant s internal control over financial reporting; and 5. The Registrant s other certifying officer and I have disclosed to the Registrant s auditors and the audit committee of the Registrant s board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant s ability to record, process, summarize, and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant s internal control over financial reporting. By: /s/ Jeremy O. May Jeremy O. May President (principal executive officer) Date: September 29, 2014

15 ˆ200GSk1hXzDsmt92qŠ 200GSk1hXzDsmt92q MARsekas2dc 23-Sep :27 EST EX99CERT 2 7* Exhibit 99.Cert CERTIFICATION I, Jill A. Kerschen, certify that: 1. I have reviewed this report on Form N-Q of Reaves Utility Income Fund (the Registrant ); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed; 4. The Registrant s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) ) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c. Evaluated the effectiveness of the Registrant s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d. Disclosed in this report any change in the Registrant s internal control over financial reporting that occurred during the Registrant s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant s internal control over financial reporting; and 5. The Registrant s other certifying officer and I have disclosed to the Registrant s auditors and the audit committee of the Registrant s board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant s ability to record, process, summarize, and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant s internal control over financial reporting. By: /s/ Jill A. Kerschen Jill A. Kerschen Treasurer (principal financial officer) Date: September 29, 2014