ˆ200F%ut93Jrse0Va>Š. RR Donnelley ProFile NBF REAVES N-Q. 0C Page 1 of F%ut93Jrse0Va> mardoc1

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1 ˆ200F%ut93Jrse0Va>Š 200F%ut93Jrse0Va> mardoc1 MAR 25-Sep :13 EST N-Q_2.CTL 4 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] [ SOI] [ NOTE] [ ITEM2] [ SIG] Document> Conformed Document Type>EX-99.CERT Description>Certification Html> [ EX99CERT]

2 ˆ200F%ut93JrZMrWcpŠ 200F%ut93JrZMrWcp MARPRFRS MARpf_rend 25-Sep :30 EST FS 1 6* 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, 2013 July 31, 2013

3 Item 1. Schedule of Investments. MARPRFRS MARpf_rend 25-Sep :30 EST ITEM1 1 6* -2-

4 REAVES UTILITY INCOME FUND STATEMENT OF INVESTMENTS July 31, 2013 (Unaudited) COMMON STOCKS % ˆ200F%ut93JrZo602Š 200F%ut93JrZo602 MARPRFRS MARpf_rend 25-Sep :31 EST SOI 1 5* SHARES VALUE Communications Equipment 0.69% QUALCOMM, Inc. 85,000 $5,486,750 Diversified Telecommunication Services 25.50% AT&T, Inc. (1)(2) 1,741,900 61,436,813 BCE, Inc. (1)(2) 1,065,000 43,973,850 BT Group PLC 950,000 4,923,785 CenturyLink, Inc. 374,000 13,407,900 Deutsche Telekom AG 400,000 4,868,029 Frontier Communications Corp. 399,231 1,740,647 TELUS Corp. 230,000 6,988,901 Verizon Communications, Inc. 1,060,000 52,448,800 Windstream Corp. 1,750,000 14,612, ,401,225 Electric Utilities 37.54% Cia Energetica de Minas Gerais - ADR 631,987 5,852,200 Duke Energy Corp. 546,999 38,836,929 Edison International (1)(2) 240,000 11,964,000 Entergy Corp. (1)(2) 485,000 32,737,500 ITC Holdings Corp. 455,000 41,755,350 NextEra Energy, Inc. 545,000 47,202,450 Northeast Utilities (1)(2) 220,000 9,770,200 Pinnacle West Capital Corp. (1)(2) 800,000 47,120,000 Portland General Electric Co. 110,000 3,487,000 PPL Corp. (1)(2) 807,000 25,638,390 Red Electrica Corp. S.A. 100,000 5,581,497 SSE PLC 200,000 4,791,968 The Southern Co. 585,000 26,231, ,968,884 Gas Utilities 3.69% National Fuel Gas Co. 75,000 4,862,250 ONEOK, Inc. (1)(2) 356,500 18,876,675 Snam SpA 204, ,899 South Jersey Industries, Inc. 80,000 4,888,000 29,589,824 Independent Power Producers & Energy Traders 0.10% NRG Yield, Inc. (3) 27, ,750 Media 1.41% Comcast Corp., Class A 100,000 4,508,000 Time Warner Cable, Inc. 60,000 6,844,200 11,352,200

5 ˆ200F%ut93JrZw6mc-Š 200F%ut93JrZw6mc- MARPRFRS MARpf_rend 25-Sep :31 EST SOI 2 5* SHARES VALUE Multi-Utilities 29.37% Ameren Corp. 140,000 $5,013,400 Dominion Resources, Inc. 337,000 19,987,470 DTE Energy Co. (1)(2) 719,000 50,833,300 Integrys Energy Group, Inc. (1)(2) 397,200 24,944,160 National Grid PLC 350,000 4,187,647 National Grid PLC - ADR (1)(2) 360,000 21,452,400 NiSource, Inc. 1,330,000 40,857,600 OGE Energy Corp. 50,000 1,870,000 PG & E Corp. 455,000 20,879,950 SCANA Corp. (1) 450,000 23,359,500 Sempra Energy 100,000 8,763,000 TECO Energy, Inc. 504,400 8,912,748 Wisconsin Energy Corp. 100,000 4,348, ,409,175 Oil, Gas & Consumable Fuels 7.05% Linn Energy LLC 345,000 9,332,250 Penn West Petroleum, Ltd. (1) 910,000 10,738,000 The Williams Cos., Inc. 1,000,000 34,170,000 TransCanada Corp. 50,000 2,286,000 56,526,250 Real Estate Investment Trusts (REITS) 4.35% American Tower Corp. (1) 240,000 16,989,600 Annaly Capital Management, Inc. (1) 1,500,000 17,880,000 34,869,600 Road & Rail 4.99% Union Pacific Corp. 252,000 39,964,680 Tobacco 1.49% Altria Group, Inc. 340,000 11,920,400 Water Utilities 5.10% American Water Works Co., Inc. 790,000 33,717,200 Aqua America, Inc. 160,000 5,417,600 Cia de Saneamento Basico do Estado de Sao Paulo - ADR 171,000 1,761,300 40,896,100 Wireless Telecommunication Services 4.56% Telefonica Brasil S.A. - ADR (1)(2) 468,000 10,047,960 Vodafone Group PLC - ADR 885,000 26,505,750 36,553,710 TOTAL COMMON STOCKS (Cost $817,041,993) 1,008,722,548

6 ˆ200F%ut93JrZ!MJ2gŠ 200F%ut93JrZ!MJ2g MARPRFRS MARpf_rend 25-Sep :31 EST SOI 3 5* PREFERRED STOCKS 0.41% SHARES VALUE Electric Utilities 0.23% Entergy Louisiana Holdings LLC, 6.950% 7,900 $801,604 Entergy Mississippi, Inc., 6.250% 10, , % 3, ,630 Entergy New Orleans, Inc., 4.360% 4, ,906 1,815,078 Multi-Utilities 0.11% Ameren Illinois Co., 4.250% 10, ,862 Oil, Gas & Consumable Fuels 0.07% Anglo Dutch Oil Well (4)(5) 1, ,000 TOTAL PREFERRED STOCKS (Cost $2,691,095) 3,311,940 LIMITED PARTNERSHIPS 6.19% Enbridge Energy Partners LP 250,000 7,905,000 Enterprise Products Partners LP 475,000 29,464,250 MarkWest Energy Partners LP 78,000 5,476,380 Williams Partners LP 135,000 6,779,700 TOTAL LIMITED PARTNERSHIPS (Cost $34,491,469) 49,625,330 CORPORATE BONDS 0.41% BOND RATING MOODY/S&P PRINCIPAL AMOUNT VALUE Diversified Telecommunication Services 0.41% Frontier Communications Corp %, 01/15/2023 Ba2/BB- $1,000, , %, 04/15/2017 Ba2/BB- 2,000,000 2,280,000 TOTAL CORPORATE BONDS (Cost $3,097,306) 3,275,000 SHARES VALUE MUTUAL FUNDS 0.56% Loomis Sayles Institutional High Income Fund 548,386 4,463,862 TOTAL MUTUAL FUNDS (Cost $4,000,000) 4,463,862

7 ˆ200F%ut93JrZ$o%c~Š 200F%ut93JrZ$o%c~ MARPRFRS MARpf_rend 25-Sep :31 EST SOI 4 10* SHARES VALUE MONEY MARKET FUNDS 1.64% Goldman Sachs Financial Square Treasury Instruments Fund, 0.001% (7-Day Yield) 13,131,547 $13,131,547 TOTAL MONEY MARKET FUNDS (Cost $13,131,547) 13,131,547 TOTAL INVESTMENTS % (Cost $874,453,410) $1,082,530,227 LEVERAGE FACILITY - (36.18%) (290,000,000) OTHER ASSETS IN EXCESS OF LIABILITIES % 9,101,399 NET ASSETS % $801,631,626 (1) Pledged security; a portion or all of the security is pledged as collateral for borrowings as of July 31, (See Note 4) (2) Loaned security; a portion or all of the security is on loan at July 31, (See Note 4) (3) Non Income Producing Security. (4) Restricted security. (See Note 5) (5) Security fair valued by management, pursuant to procedures approved by the Board of Trustees. (See Note 1) The Fund has engaged in a private purchase of preferred shares in an oil and gas well, operated by Anglo Dutch Corporation, a private company. The preferred shares have an expected life of 24 months, which would result in an effective maturity date of 11/30/2013. Common Abbreviations: ADR - American Depositary Receipt. AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by shareholders. 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. SpA - Societa Per Azioni is an Italian shared company. See Notes to Quarterly Statement of Investments.

8 Notes to Quarterly Statement of Investments July 31, 2013 (Unaudited) ˆ200F%ut93JrZy0r2fŠ 200F%ut93JrZy0r2f MARPRFRS MARpf_rend 25-Sep :31 EST NOTE 1 9* 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 non-diversified, closed-end 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 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 New York Stock Exchange ( 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 ˆ200F%ut93Jr=pnG2BŠ 200F%ut93Jr=pnG2B LANFBU-MWE-XN MARmuraa0dc 25-Sep :34 EST NOTE 2 14* 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, 2013: Valuation Inputs Investments in Securities Total at Value* Level 1 Level 2 Level 3 Common Stocks $ 1,008,722,548 $ $ $ 1,008,722,548 Preferred Stocks Electric Utilities 1,815,078 1,815,078 Multi-Utilities 930, ,862 Oil, Gas & Consumable Fuels 566, ,000 Limited Partnerships 49,625,330 49,625,330 Corporate Bonds 3,275,000 3,275,000 Mutual Funds 4,463,862 4,463,862 Money Market Funds 13,131,547 13,131,547 Total $ 1,075,943,287 $ 6,020,940 $ 566,000 $ 1,082,530,227 *See Statement of Investments for industry classifications. During the nine months ended July 31, 2013, 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 Balance Securities at as of Value* 10/31/2012 Accrued Discount/ Premium Realized gain/(loss) Change in unrealized appreciation/ (depreciation) Net purchases/ (sales) Transfer in and/or (out) of Level 3 Balance as of 7/31/2013 Net change in unrealized appreciation / (depreciation) attributable to Level 3 investments still held at 7/31/2013 Preferred Stocks $1,846,000 (1,162,110) (117,890) $566,000 $(117,890) TOTAL $1,846,000 (1,162,110) (117,890) $566,000 $(117,890) *See Statement of Investments for industry classifications. 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 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 losses on

10 ˆ200F%ut93JrZ&Jic$Š 200F%ut93JrZ&Jic$ MARPRFRS MARpf_rend 25-Sep :31 EST NOTE 3 8* 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. Investment Transactions: Investment security transactions are accounted for as of trade date. Dividend income is recorded on the ex-dividend 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) The differences between book-basis and tax-basis are primarily due to the deferral of wash sale losses. As of July 31, 2013, 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) $ 246,044,086 Gross unrealized depreciation (excess of tax cost over value) (26,273,717) Net unrealized appreciation $ 219,770,369 Cost of investments for income tax purposes $ 862,759, BORROWINGS As a result of the redemption of the preferred shares, the Fund entered into a financing package that includes a Committed Facility Agreement (the Agreement ) with BNP Paribas Prime Brokerage, Inc. ( BNP ) that allowed the Fund to borrow up to $240,000,000 ( Initial Maximum Commitment ) and a Lending Agreement, as defined below. The Fund paid an arrangement fee of 0.25% (the Arrangement Fee ) on the Initial Maximum Commitment. 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 Agreement, BNP was permitted, with 180 days advance notice (the Notice Period ), to reduce or call the entire Initial Maximum Commitment. 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. The Agreement was amended on September 14, 2012 )the Amendment ) to (i) increase the Initial Maximum Commitment to $290,000,000 (the Current Maximum Commitment ), (ii) expand the Notice Period to 270 days and (iii) waived the Arrangement Fee on the increased borrowing made available under the Current Maximum Commitment. For the nine months ended July 31, 2013, the average amount borrowed under the Agreement and the average interest rate for the amount borrowed were $290,000,000 and 1.30%, respectively. As of July 31, 2013, the amount of such outstanding borrowings is $290,000,000. The interest rate applicable to the borrowings on July 31, 2013 was 1.29%. As of July 31, 2013, the amount of pledged collateral was $647,446,702. 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 significantly 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 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

11 ˆ200F%ut93Jr=0Ty2ÀŠ 200F%ut93Jr=0Ty2 MARPRFRS MARpf_rend 25-Sep :31 EST NOTE 4 8* Fund shall also have the right to apply and set-off 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, 2013, the value of securities on loan was $274,058,832. 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, 2013, 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, 2013 were as follows: Description Maturity Date Acquisition Date Cost Market Value Market Value as Percentage of Net Assets Anglo Dutch Oil Well Preferred Stock 11/30/ /30/2011 $457,203 $566, % TOTAL $457,203 $566, %

12 Item 2. Controls and Procedures. ˆ200F%ut93JrZeCH2Š 200F%ut93JrZeCH2 MARPRFRS MARpf_rend 25-Sep :30 EST ITEM2 1 6* (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. -3-

13 ˆ200F%ut93JrZcKBc4Š 200F%ut93JrZcKBc4 MARPRFRS MARpf_rend 25-Sep :30 EST SIG 1 6* 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 27, 2013 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 27, 2013 By: /s/ Lauren E. Johnson Lauren E. Johnson Treasurer (principal financial officer) Date: September 27,

14 ˆ200F%ut93JrZsk%2kŠ 200F%ut93JrZsk%2k MARPRFRS MARpf_rend 25-Sep :31 EST EX99CERT 1 5* 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 27, 2013

15 ˆ200F%ut93JrZzB0c:Š 200F%ut93JrZzB0c: MARPRFRS MARpf_rend 25-Sep :31 EST EX99CERT 2 5* Exhibit 99.Cert CERTIFICATION I, Lauren E. Johnson, 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/ Lauren E. Johnson Lauren E. Johnson Treasurer (principal financial officer) Date: September 27, 2013