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<SEC-DOCUMENT>0001263994-09-000004.txt : 20091230
<SEC-HEADER>0001263994-09-000004.hdr.sgml : 20091230
<ACCEPTANCE-DATETIME>20091230112501
ACCESSION NUMBER:		0001263994-09-000004
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091031
FILED AS OF DATE:		20091230
DATE AS OF CHANGE:		20091230
EFFECTIVENESS DATE:		20091230

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REAVES UTILITY INCOME FUND
		CENTRAL INDEX KEY:			0001263994
		IRS NUMBER:				200223928
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21432
		FILM NUMBER:		091265408

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
		BUSINESS PHONE:		3036232577

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UTILITY INCOME TRUST
		DATE OF NAME CHANGE:	20030917
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020 A000002 DIRECT TRADING INSTITUTIONAL
020 B000002 75-2921716
020 C000002     86
020 A000003 MERRILL LYNCH
020 B000003 13-2740599
020 C000003     72
020 A000004 JP MORGAN CHASE & CO
020 B000004 13-2624428
020 C000004     67
020 A000005 JEFFERIES COMPANY
020 B000005 95-2622900
020 C000005     55
020 A000006 GOLDMAN SACHS
020 B000006 13-5108880
020 C000006     52
020 A000007 WEEDON & CO.
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020 A000008 HOWARD WEIL INCORPORATED
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020 A000010 TUDOR, PICKERING, HOLT & CO. SECURITIES, INC.
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<PAGE>      PAGE  2
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SIGNATURE   JEREMY O. MAY
TITLE       TREASURER

</TEXT>
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<TYPE>EX-99.77B ACCT LTTR
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<DIV style="width:576px"><P style="line-height:14pt; margin:0px; font-size:12pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">To the Trustees and Shareholders of </P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Reaves Utility Income Fund:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">In planning and performing our audit of the financial statements of Reaves Utility Income Fund (the &#8220;Fund&#8221;), as of and for the year ended October 31, 2009, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund&#8217;s internal control over financial reporting, including control over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting.&#160; Accordingly, we express no such opinion.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.&#160; In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.&#160; A fund's internal control over financial reporting is a process designed 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.&#160; A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordanc
e with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a fund's assets that could have a material effect on the financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.&#160; Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.&#160; A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the fund's annual or interim financial statements will not be prevented or detected on a timely basis.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).&#160; However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of October 31, 2009.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">This report is intended solely for the information and use of management and the Board of Trustees of Reaves Utility Income Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt">/s/ DELOITTE &amp; TOUCHE LLP</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Denver, Colorado </P>
<P style="line-height:14pt; margin:0px; font-size:12pt">December 23, 2009</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
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