<SEC-DOCUMENT>0001999371-26-003335.txt : 20260213
<SEC-HEADER>0001999371-26-003335.hdr.sgml : 20260213
<ACCEPTANCE-DATETIME>20260213164718
ACCESSION NUMBER:		0001999371-26-003335
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20260402
FILED AS OF DATE:		20260213
DATE AS OF CHANGE:		20260213

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21432
		FILM NUMBER:		26634042

	BUSINESS ADDRESS:	
		STREET 1:		1700 BROADWAY
		STREET 2:		SUITE 2100
		CITY:			DENVER
		STATE:			CO
		BUSINESS PHONE:		3036232577

	MAIL ADDRESS:	
		STREET 1:		1700 BROADWAY
		STREET 2:		SUITE 2100
		CITY:			DENVER
		STATE:			CO

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UTILITY INCOME TRUST
		DATE OF NAME CHANGE:	20030917
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>utg-def14a_040226.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of the
Securities<BR>
Exchange Act of 1934 (Amendment No. )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect; 240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REAVES UTILITY
INCOME FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified in its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement if other
than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">No fee required</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">Title of Each class of securities to which transaction applies:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="width: 88%"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REAVES UTILITY INCOME FUND<BR>
1700 Broadway, Suite 2100<BR>
Denver, CO 80290<BR>
(800) 644-5571</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON APRIL 2, 2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Shareholders of Reaves Utility Income Fund:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice is hereby given that the Annual Meeting
of Shareholders (the &ldquo;Meeting&rdquo;) of the Reaves Utility Income Fund (the &ldquo;Fund&rdquo;) will be held via virtual format
by conference call, on April 2, 2026 at 10:00 a.m. (Mountain Time), for the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To elect two (2) Trustees of the Fund, to be elected by the holders of the Fund&rsquo;s Shares (&ldquo;Shares&rdquo;) (PROPOSAL 1); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">To consider and vote upon such other matters, including adjournments, as may properly come before the Meeting or any adjournments thereof.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These items are discussed in greater detail in the attached Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The close of business on January 30, 2026, has
been fixed as the record date for the determination of shareholders entitled to notice of and to vote at the Meeting and any adjournments
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE
OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE EITHER VOTE VIA THE INTERNET OR COMPLETE
AND SIGN THE ENCLOSED PROXY CARD AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE, WHICH NEEDS NO POSTAGE IF MAILED IN THE UNITED STATES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">By Order of the Board of Trustees</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Joseph Rhame III</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">February 13, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REAVES UTILITY INCOME FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNUAL MEETING OF SHAREHOLDERS<BR>
APRIL 2, 2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Proxy Statement is furnished in connection
with the solicitation of proxies by the Board of Trustees (the &ldquo;Board&rdquo;) of the Reaves Utility Income Fund (the &ldquo;Fund&rdquo;)
for use at the Annual Meeting of Shareholders of the Fund to be held via virtual format by conference call on April 2, 2026 at 10:00 a.m.
(Mountain Time) and at any adjournments thereof (the &ldquo;Meeting&rdquo;). Shareholders who plan to attend the Meeting virtually and
vote should call 800-644-5571 or visit the Fund&rsquo;s website, at <U>www.utilityincomefund.com</U>, to obtain directions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To participate in the Meeting, you will need to
send an email to shareholdermeetings@computershare.com no later than March 27, 2026 at 5:00 p.m. EST, which includes your full name and
address. You will then receive an email back from Computershare Fund Services (&ldquo;Computershare&rdquo;) containing the dial&ndash;in
information and instructions for participating in the Meeting. If you hold your shares through an intermediary, such as a bank or broker,
you must register in advance to participate in the Meeting. To register, you must submit proof of your proxy power (legal proxy) reflecting
your Fund holdings, along with your name and email address to Computershare. You may forward an email from your intermediary or attach
an image of your legal proxy to shareholdermeetings@computershare.com. Requests for registration must be received no later than 5:00 p.m.
EST, on March 27, 2026. You will then receive an email back from Computershare containing the conference call dial-in information and
instructions for participating in the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other Methods of Proxy Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">In addition to the solicitation
of proxies by mail, officers of the Fund and employees of Paralel Technologies LLC (&ldquo;PTL&rdquo;) (the Fund&rsquo;s administrator)
or other representatives of the Fund also may solicit proxies by telephone or Internet. The expenses incurred in connection with preparing
the Proxy Statement and its enclosures will be paid by PTL. PTL will also reimburse brokerage firms and others for their expenses in forwarding
solicitation materials to the beneficial owners of Fund shares. In addition, the Fund has engaged Computershare to assist in the proxy
effort for the Fund. Under the terms of the engagement, Computershare will be providing a website for the dissemination of these proxy
materials and tabulation services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THE FUND&rsquo;S MOST RECENT ANNUAL REPORT INCLUDING
AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED OCTOBER 31, 2025, AND THE PROXY MATERIALS ARE AVAILABLE UPON REQUEST, WITHOUT CHARGE,
BY WRITING TO THE FUND AT 1700 BROADWAY, SUITE 2100, DENVER, COLORADO 80290 OR BY CALLING THE FUND AT 800-644-5571 OR VIA THE INTERNET
AT <I><U>WWW.UTILITYINCOMEFUND.COM</U></I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">If the enclosed proxy card
is properly executed and returned in time to be voted at the Meeting, the Shares (as defined below) represented thereby will be voted
&ldquo;FOR&rdquo; the proposal listed in the accompanying Notice of Annual Meeting of Shareholders, unless instructions to the contrary
are marked thereon, and in the discretion of the proxy holders as to the transaction of any other business that may properly come before
the Meeting. Any shareholder who has given a proxy has the right to revoke it at any time prior to its exercise either by virtually attending
the Meeting and voting his or her Shares by conference call or by submitting a letter of revocation or a later-dated proxy to the Fund
at the above address prior to the date of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">If a quorum is not present
at the Meeting, or if a quorum is present at the Meeting but sufficient votes to approve any of the proposed items are not received, the
persons named as proxies may propose one or more adjournments of such Meeting to permit further solicitation of proxies. A shareholder
vote may be taken on one or more of the proposals in this Proxy Statement prior to such adjournment if sufficient votes have been received
for approval and it is otherwise appropriate. Any such adjournment will require the affirmative vote of a majority of those Shares present
at the Meeting by conference call or by proxy. If a quorum is present, the persons named as proxies will vote those proxies which they
are entitled to vote &ldquo;FOR&rdquo; any proposal in favor of such adjournment and will vote those proxies required to be voted &ldquo;AGAINST&rdquo;
any proposal against such adjournment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The close of business on January
30, 2026 has been fixed as the &ldquo;Record Date&rdquo; for the determination of shareholders entitled to notice of and to vote at the
Meeting and all adjournments thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund has one class of capital
stock (common shares) which is referred to herein as the Shares (the &ldquo;Shares&rdquo;). The holders of Shares are each entitled to
one vote for each full Share and an appropriate fraction of a vote for each fractional Share held. As of the Record Date, there were 91,428,149.5770
outstanding Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table shows
the beneficial ownership of Shares by each of the Trustees and Executive Officers of the Fund as a group as of December 31, 2025. Beneficial
ownership is determined in accordance with Rule 13d-3 under the 1934 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trustees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 70%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt"><B>Name &amp; Addresses<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Percentage of <BR>
Shares Held<SUP>3</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Shares <BR>
Owned<SUP>3</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Mary K. Anstine</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1,779</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Jeremy W. Deems</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">--</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">--</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Michael F. Holland</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">E. Wayne Nordberg</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">6,439<SUP>4</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">JoEllen L. Legg</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">3,197</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Joseph Rhame III<B><SUP>2</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">13,662</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">All Other Executive Officers</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">--</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">--</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>All Trustees and Executive Officers as a group</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">26,032</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The mailing address for each Trustee and Executive Officer is 1700 Broadway, Suite 2100, Denver, Colorado 80290.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mr. Rhame serves as President of the Fund.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shares are held with sole power over voting and disposition, except as otherwise noted.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes 2,666 shares held directly and 3,773 shares held via trust of which the noted individual may be deemed to beneficially own.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Less than 1%.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">To the Fund&rsquo;s knowledge,
there was no entity or person that beneficially owned more than 5% of the Fund&rsquo;s voting securities as of the Record Date. This information
is based on publicly available Schedule 13D and 13G disclosures filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order that your Shares may be represented at the Meeting, you are
requested to vote on the following matters:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 1:<BR>
TO ELECT TWO (2) TRUSTEES OF THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOMINEES FOR THE BOARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Board is divided into three
classes, each class having a term of three years. Each year the term of office of one class of Trustees expires. Mary K. Anstine&rsquo;s
and Michael F. Holland&rsquo;s terms will expire at the Meeting. Mary K. Anstine and Michael F. Holland have been nominated by the Board
for three-year terms to expire at the Fund&rsquo;s 2029 Annual Meeting of Shareholders or until their successors are duly elected and
qualified. At a Board meeting held on December 18, 2025, the Board approved the nomination of Ms. Anstine and Mr. Holland to stand for
election as Trustees for three-year terms, to expire at the Fund&rsquo;s 2029 Annual Meeting of Shareholders, or until their successors
are duly elected or qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Unless authority is withheld,
it is the intention of the persons named in the proxy to vote the proxy &ldquo;FOR&rdquo; the election of the nominees named above. The
nominees have indicated that they have consented to be named in this Proxy Statement and to serve as Trustees if elected at the Meeting.
If the designated nominees decline or otherwise become unavailable for election, however, the proxy confers discretionary power on the
persons named therein to vote in favor of a substitute nominee or nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -4.5pt"><B>Information About the Nominee&rsquo;s Professional
Experience and Qualifications</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Provided below is a brief
summary of the specific experience, qualifications, attributes or skills for the Nominees that warranted their consideration as Trustee
candidates to the Board of the Fund which is registered under the Investment Company Act of 1940, as amended (&ldquo;1940 Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Mary K. Anstine</I></B> &ndash; Ms. Anstine
was President and Chief Executive Officer of HealthOne Alliance in Denver, Colorado from 1995 to 2004. Ms. Anstine has also served in
various executive positions with several philanthropic organizations such as the AV Hunter Trust and Colorado Uplift Board. Prior to
that, Ms. Anstine was an Executive Vice President of First Interstate Bank of Denver, Colorado and formerly a Director of Trust Bank
of Colorado (later purchased and now known as Northern Trust Bank). In addition, Ms. Anstine served on the Executive Committee of the
American Bankers Association. Ms. Anstine currently serves as a Trustee of Financial Investors Trust, and previously served as a Trustee
of ALPS ETF Trust and ALPS Variable Investment Trust. Ms. Anstine has served as a Trustee for the Fund since its inception. Ms. Anstine
also serves as a member of the Fund&rsquo;s Audit Committee and Nominating and Corporate Governance Committee. Ms. Anstine has further
enhanced her experience and skills, in conjunction with the other Trustees, through the Board&rsquo;s oversight of the Fund&rsquo;s officers
in dealing with a diverse range of topics, to include but not limited to, portfolio management, legal and regulatory matters, compliance
oversight, preparation of financial statements and oversight of the Fund&rsquo;s multiple service providers. The Board, in its judgment
of Ms. Anstine&rsquo;s professional experience in management and oversight of a variety corporate and nonprofit organization and as a
Trustee of several other investment companies, believes Ms. Anstine contributes a seasoned perspective to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Michael F. Holland</I></B> &ndash; Mr. Holland
is currently the Chairman of Holland &amp; Company, an investment management firm, since 1995 and has over 40 years of experience in the
financial services industry. Mr. Holland began his career at J.P. Morgan in 1968 spending twelve years managing both equity and fixed
income assets for major institutional clients and high net worth individuals. He also served as Chief Executive Officer of First Boston
Asset Management in the early 1980&rsquo;s and later served as Chairman of Salomon Brothers Asset Management. He has also been a General
Partner of the Blackstone Group, Chief Executive Officer of Blackstone Alternative Asset Management and a former Vice Chairman of Oppenheimer
&amp; Co., Inc. Mr. Holland has served as a Trustee for the Fund since its inception. Mr. Holland also serves as a member of the Fund&rsquo;s
Audit Committee and Nominating and Corporate Governance Committee. Mr. Holland has further enhanced his experience and skills, in conjunction
with the other Trustees, through the Board&rsquo;s oversight of the Fund officers in dealing with a diverse range of topics, to include
but not limited to, portfolio management, legal and regulatory matters, compliance oversight, preparation of financial statements and
oversight of the Fund&rsquo;s multiple service providers. The Board, in its judgment of Mr. Holland&rsquo;s professional experience in
efficient and effective operations of an investment adviser and oversight of closed- end investment companies, believes Mr. Holland contributes
a wealth of industry experience in investment company operations to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information About Each Other Trustee&rsquo;s Professional Experience
and Qualifications</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Provided below is a brief summary
of the specific experience, qualifications, attributes or skills for each Trustee that warranted their consideration as a Trustee to the
Board of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Jeremy W. Deems </I></B><I>&ndash; </I>Mr.
Deems is currently Co-Founder and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment adviser, and a Co-Portfolio
Manager of the AXS Green Alpha ETF. Mr. Deems was formerly the Chief Financial Officer and Treasurer of Forward Management, LLC, an investment
management firm, ReFlow Management Co., LLC, a liquidity resourcing company, and ReFlow Fund, LLC, a private investment fund. Mr. Deems
was also Chief Financial Officer and Treasurer of Sutton Place Management, LLC, an administrative services company, from 2004 and 2007.
Prior to that, Mr. Deems served as Controller of Forward Management, LLC, ReFlow Management Co., LLC, ReFlow Fund, LLC and Sutton Place
Management, LLC. Mr. Deems currently serves as a Trustee of ALPS ETF Trust, Financial Investors Trust, and ALPS Variable Investment Trust.
In addition, Mr. Deems held a Certified Public Accountant license from August 2001 to February 2017. Mr. Deems has been a Trustee since
2008 for the Fund. Mr. Deems also serves as a Chairman of the Fund&rsquo;s Audit Committee and as a member of the Fund&rsquo;s Nominating
&amp; Corporate Governance Committee. Mr. Deems has further enhanced his experience and skills, in conjunction with the other Trustees,
through the Board&rsquo;s oversight of the Fund officers in dealing with a diverse range of topics, to include but not limited to, portfolio
management, legal and regulatory matters, compliance oversight, preparation of financial statements and oversight of the Fund&rsquo;s
multiple service providers. The Board, in its judgment of Mr. Deems&rsquo; professional experience in management and oversight of firms
specializing in financial services and as a Trustee of several other investment companies with diverse product lines, believes Mr. Deems
contributes an extensive experience in investment company operations and accounting oversight to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>JoEllen L. Legg</I></B> &ndash; Ms. Legg
was formerly Counsel with Practus, LLP, a law firm (2017-2019). She previously served as Vice President and Assistant General Counsel
of ALPS Fund Services, Inc., an administrator and transfer agent, and of ALPS Distributors, Inc., a broker-dealer, as Senior Counsel (Corporate
and Securities) of Adelphia Communications Corporation, a public cable company, and held Associate positions at Fried, Frank, Harris,
Shriver &amp; Jacobson, LLP and Patton Boggs LLP, law firms. Ms. Legg has served a Trustee of the Fund since 2022. Ms. Legg also serves
as a member of the Fund&rsquo;s Audit Committee and Nominating and Corporate Governance Committee. Ms. Legg has further enhanced her experience
and skills, in conjunction with the other Trustees, through the Board&rsquo;s oversight of the Fund&rsquo;s officers in dealing with a
diverse range of topics, to include but not limited to, portfolio management, legal and regulatory matters, compliance oversight, preparation
of financial statements and oversight of the Fund&rsquo;s multiple service providers. The Board, in its judgment of Ms. Legg&rsquo;s professional
experience in management and oversight of firms specializing in corporate and legal administrative services, believes Ms. Legg contributes
an extensive experience in investment company legal operations to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>E. Wayne Nordberg </I></B>&ndash; Mr. Nordberg
is currently the Chairman and Co-Chief Investment Officer of Hollow Brook Wealth Management, LLC, a private investment management firm
serving family offices, foundations, charities and pensions and is a Director/Trustee for Riley Exploration Permian. He has over 50 years
of experience in investment research and portfolio management. Mr. Nordberg has served as a Director of Annaly Capital Management, Inc.,
the largest mortgage real estate investment trust listed on the New York Stock Exchange. In addition, he has also served on the Board
of Directors of PetroQuest Energy, Inc., an oil and gas exploration company. From 2003 to 2007, Mr. Nordberg was a Senior Director at
Ingalls &amp; Snyder LLC, a privately owned registered investment advisor. He also formerly served on the Board of Directors of Lord,
Abbett &amp; Co., a mutual fund family, from 1988 to 1998. Mr. Nordberg has served as Trustee of the Fund since 2012. Mr. Nordberg also
serves as a member of the Fund&rsquo;s Audit Committee and Nominating and Corporate Governance Committee. The Board, in its judgment of
Mr. Nordberg&rsquo;s extensive experience in senior management positions with a variety of portfolio management firms and as a board director
for a variety of companies, believes that Mr. Nordberg contributes a tenured perspective to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additional information regarding each Nominee&rsquo;s
and Trustee&rsquo;s current age, principal occupations and other directorships, if any, that have been held by the Trustees for the past
five years is provided in the table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Leadership Structure of the Board</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Board, which has overall
responsibility for the oversight of the Fund&rsquo;s investment programs and business affairs, believes that it has structured itself
in a manner that allows it to effectively perform its oversight obligations. Mr. Deems, the Chairman of the Board (&ldquo;Chairman&rdquo;),
is an Independent Trustee. The Trustees also complete an annual self-assessment during which the Trustees review their overall structure
and consider where and how its structure remains appropriate in light of the Fund&rsquo;s current circumstances. The Chairman&rsquo;s
role is to preside at all meetings of the Board and in between Board meetings to generally act as the liaison between the Board and the
Fund&rsquo;s officers, attorneys and various other service providers, including but not limited to, the Fund&rsquo;s investment adviser,
administrator and other such third parties servicing the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Board has two standing
committees, each of which enhances the leadership structure of the Board: the Audit Committee and the Nominating and Corporate Governance
Committee. The Audit Committee and the Nominating and Corporate Governance Committee are each chaired by, and composed of, members who
are Independent Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Oversight of Risk Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund is confronted with
a multitude of risks, such as investment risk, counter party risk, valuation risk, political risk, risk of operational failures, business
continuity risk, regulatory risk, legal risk and other risks not listed here. The Board recognizes that not all risk that may affect the
Fund can be known, eliminated or even mitigated. In addition, there are some risks that may not be cost effective or an efficient use
of the Fund&rsquo;s limited resources to moderate. As a result of these realities, the Board, through its oversight and leadership, has
and will continue to deem it necessary for shareholders of the Fund to bear certain and undeniable risks, such as investment risk, in
order for the Fund to operate in accordance with its prospectus, statement of additional information and other related documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">However, as required under
the 1940 Act, the Board has adopted on the Fund&rsquo;s behalf a risk program that mandates the Fund&rsquo;s various service providers,
including the investment adviser, to adopt a variety of processes, procedures and controls to identify various risks, mitigate the likelihood
of such adverse events from occurring and/or attempt to limit the effects of such adverse events on the Fund. The Board fulfills its leadership
role by receiving a variety of quarterly written reports prepared by the Fund&rsquo;s Chief Compliance Officer (&ldquo;CCO&rdquo;) that
(1) evaluate the operation, policies and procedures of the Fund&rsquo;s service providers, (2) makes known any material changes to the
policies and procedures adopted by the Fund or its service providers since the CCO&rsquo;s last report, and (3) disclose any material
compliance matters that occurred since the date of the last CCO report. In addition, the Independent Trustees meet quarterly in executive
sessions without the presence of any Interested Trustees, the investment adviser, the administrator, or any of their affiliates. This
configuration permits the Independent Trustees to effectively receive information and have private discussions necessary to perform its
risk oversight role, exercise independent judgment, and allocate areas of responsibility between the full Board, its various committees
and certain officers of the Fund. Furthermore, the Independent Trustees have engaged independent legal counsel and auditors to assist
the Independent Trustees in performing their oversight responsibilities. As discussed above and in consideration of other factors not
referenced herein, the Board has determined its leadership role concerning risk management, as one of oversight and not active management
of the Fund&rsquo;s day-to-day risk management operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>ADDITIONAL INFORMATION ABOUT
NOMINEES, TRUSTEES AND OFFICERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">Set forth in the tables
below are the Nominees for election to the Board of the Fund, existing Trustees and officers, including information relating to their
respective positions held with the Fund, a brief statement of their principal occupations during the past five years and other directorships,
if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt"><B>Name, Position(s) Held with the Fund, Address<SUP>1</SUP>, and Year of Birth</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt"><B>Term of Office and Length of Time Served<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="width: 36%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt"><B>Principal Occupation(s)</B><BR>
<B>During Past Five Years</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt"><B>Other Directorships Held by Trustee or Nominee<SUP>3</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-left: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Non-Interested Trustees</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jeremy W. Deems<BR>
Chairman and Trustee</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Class I<BR>
1976</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">Chairman Since 2017<B><BR>
</B>Trustee Since 2008***</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">Mr. Deems is the Co-Founder and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment adviser (since 2007), and Co-Portfolio Manager of the AXS Green Alpha ETF (since 2008). Prior to joining Green Alpha Advisors, Mr. Deems was Chief Financial Officer and Treasurer of Forward Management, LLC, ReFlow Management, Co., LLC, ReFlow Fund, LLC, a private investment fund, and Sutton Place Management, LLC, an administrative services company (2004-2007).</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.25pt; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Deems is a Trustee of ALPS ETF Trust (24 funds); Financial
Investors Trust (13 funds); and ALPS Variable Investment Trust (7 funds).</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">E. Wayne Nordberg<BR>
Trustee</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Class III<BR>
1938</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">Since 2012**</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">Mr. Nordberg is currently the Chairman and Co-Chief Investment Officer of Hollow Brook Wealth Management, LLC, a private investment management firm (since 2007), and is a Director/Trustee for Riley Exploration Permian (since 2021). Mr. Nordberg was formerly a Senior Director at Ingalls &amp; Snyder LLC, a privately owned registered investment adviser (2003-2007).</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">Mr. Nordberg is a Director/Trustee for Riley Exploration Permian.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mary K. Anstine<BR>
Trustee</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Class II<BR>
1940</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">Since Inception*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms. Anstine is also a trustee of A.V. Hunter Trust. Ms. Anstine was formerly a Director of the Bank of Colorado (later purchased and now known as Northern Trust Bank), and a member of The American Bankers Association and Trust Executive Committee. </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Anstine is a Trustee of Financial Investors Trust (13 funds)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael Holland<BR>
Trustee</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Class II<BR>
    1944</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">Since Inception*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">Mr. Holland is Chairman of Holland &amp; Company, an investment management company (since 1995).</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JoEllen L. Legg<BR>
Trustee</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Class I<BR>
1961</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">Since 2022***</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Legg was formerly Counsel with Practus, LLP, a law firm (2017-
2019). Prior to this, Ms. Legg served as Vice President and Assistant General Counsel with ALPS Fund Services, Inc., an administrator
and transfer agent, and of ALPS Distributors, Inc. a broker-dealer, and as Senior Counsel with Adelphia Communications Corporation, a
cable television company and held Associate positions at Fried Frank, Harris, Shriver &amp; Jacobson, LLP and Patton Boggs LLP, law firms.</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Ms. Legg is a Trustee of Principal Real Estate Income Fund (1 fund).</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="border-top: Black 1pt solid; vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt"><B><I>Officers</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid; width: 25%"><FONT STYLE="font-size: 10pt"><B>Name, Position(s) Held with the Fund, Address<SUP>1</SUP> and Year of Birth</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; width: 16%"><FONT STYLE="font-size: 10pt"><B>Term of Office and Length of Time Served<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; width: 36%"><FONT STYLE="font-size: 10pt"><B>Principal Occupation(s) Overseen by During Past Five Years</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid; width: 23%"><FONT STYLE="font-size: 10pt"><B>Other Directorships Held by Trustee or Nominee<SUP>3</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Joseph Rhame, III<BR>
President<BR>
1981</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">President Since 2021</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">Mr. Rhame is currently the CEO at Reaves Asset Management (since 2019). </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">Christopher Moore<BR>
Secretary<BR>
1984</FONT></TD>
    <TD STYLE="padding: 2.25pt"><FONT STYLE="font-size: 10pt">Secretary Since 2022</FONT></TD>
    <TD STYLE="padding: 2.25pt"><FONT STYLE="font-size: 10pt">Mr. Moore is General Counsel of Paralel Technologies LLC and Paralel Advisors LLC (since 2021). Mr. Moore served as Deputy General Counsel and Legal Operations Manager of RiverNorth Capital Management, LLC (2020-2021).</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">Jill Kerschen<BR>
Treasurer<BR>
1975</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">Treasurer Since 2022</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">Ms. Kerschen joined Paralel in 2021 and is currently Director of Client Engagement. Prior to joining Paralel she was Vice President at ALPS Advisors, Inc. (2019-2021).</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bradley J. Swenson<BR>
Chief Compliance Officer&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1972</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt">Chief Compliance Officer Since 2022</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Swenson is President and Chief Compliance Officer, Paralel
Distributors LLC, since May 2022; Chief Compliance Officer, Paralel Technologies, since May 2022; President, TruePeak Consulting, LLC,
since August 2021; President, ALPS Fund Services, Inc. (&ldquo;ALPS&rdquo;) June 2019 to June 2021; Chief Operating Officer, ALPS 2015
to 2019.</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Address: 1700 Broadway, Suite 2100, Denver, Colorado 80290.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Fund commenced operations on February 24, 2004. The Fund&rsquo;s Board of Trustees is divided into three classes, each class serves for a term of three years. Each year the term of office of one class expires and the successors elected to such class serve for a term of three years.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Term expires at the Fund&rsquo;s 2026 Annual Meeting of Shareholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">**</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Term expires at the Fund&rsquo;s 2027 Annual Meeting of Shareholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">***</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Term expires at the Fund&rsquo;s 2028 Annual Meeting of Shareholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The numbers enclosed in the parentheticals represent the number of funds overseen in each respective directorship held by the Trustee.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BENEFICIAL OWNERSHIP OF SHARES HELD IN THE FUND
AND THE FUND COMPLEX FOR<BR>
EACH TRUSTEE AND NOMINEE FOR ELECTION AS TRUSTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">Set forth in the table
below is the dollar range of equity securities held in the Fund by each of the Fund&rsquo;s Trustees. Since the Fund is not affiliated
or associated with any &ldquo;Fund Complex,&rdquo; as defined under the 1940 Act, the aggregate dollar range of equity securities in
the Fund Complex beneficially owned by each Trustee and nominee for election as Trustee is not applicable to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name of Trustee</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Trustees Dollar Range of Equity<BR>
Securities Held in the Fund<SUP>1,2</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Non-Interested Trustees</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Mary K. Anstine&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$10,001-$50,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Jeremy W. Deems&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Michael F. Holland&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$10,001-$50,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">E. Wayne Nordberg&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$100,001-$500,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">JoEllen L. Legg&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$100,001-$500,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This information has been furnished by each Trustee and Nominee for election as Trustee as of December 31, 2025. &ldquo;Beneficial Ownership&rdquo; is determined in accordance with Section 16a-1(a) of the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Ownership amount constitutes less than 1% of the total shares outstanding.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Independent Trustee Transactions/Relationships with Fund Affiliates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">As of December 31, 2025,
no Independent Trustees/Nominee (as such term is defined by the NYSE American LLC listing standards (&ldquo;NYSE American&rdquo;)) nor
members of their immediate families owned securities, beneficially or of record, of Reaves Asset Management (the &ldquo;Adviser&rdquo;),
or an affiliate or person directly or indirectly controlling, controlled by, or under common control with the Adviser. In addition, over
the past five years, no Independent Trustee/Nominee nor members of their immediate families have had any direct or indirect interest,
the value of which exceeds $120,000, in the Adviser or any of its affiliates. Further, during each of the last two fiscal years, no Independent
Trustees/Nominee nor members of their immediate families have conducted any transactions (or series or transactions) or maintained any
direct or indirect relationship in which the amount involved exceeds $120,000 and to which the Adviser or any of its affiliates was a
party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AUDIT COMMITTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The role of the Fund&rsquo;s
Audit Committee is to assist the Board in its oversight of (i) the quality and integrity of the Fund&rsquo;s financial statements, reporting
process and the independent registered public accounting firm (the &ldquo;independent accountants&rdquo;) and reviews thereof, (ii) the
Fund&rsquo;s accounting and financial reporting policies and practices, its internal controls and, as appropriate, the internal controls
of certain service providers, (iii) the Fund&rsquo;s compliance with legal and regulatory requirements, and (iv) the independent accountants&rsquo;
qualifications, independence and performance. The Audit Committee is also required to prepare an audit committee report pursuant to the
rules of the SEC for inclusion in the Fund&rsquo;s annual proxy statement. The Audit Committee operates pursuant to the Audit Committee
Charter (the &ldquo;Charter&rdquo;) that was most recently reviewed and approved by the Board on September 25, 2025. The Charter is available
at the Fund&rsquo;s website, <I><U>www.utilityincomefund.com</U></I>. As set forth in the Charter, management is responsible for maintaining
appropriate systems for accounting and internal control, and the Fund&rsquo;s independent accountants are responsible for planning and
carrying out proper audits and reviews. The independent accountants are ultimately accountable to the Board and to the Audit Committee,
as representatives of shareholders. The independent accountants for the Fund report directly to the Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Based on the findings of the
Board, the Board has determined that it has two &ldquo;audit committee financial experts,&rdquo; as defined in the rules promulgated by
the SEC, and as required by the NYSE American listing standards; namely, Messrs. Deems and Holland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Audit Committee met three
times during the fiscal year ended October 31, 2025. The Audit Committee is composed of all five of the Fund&rsquo;s Independent Trustees
(as such term is defined by the NYSE American listing standards); namely, Mss. Mary K. Anstine and JoEllen L. Legg and Messrs. Jeremy
W. Deems, Michael F. Holland and E. Wayne Nordberg. None of the members of the Audit Committee is an &ldquo;interested person&rdquo; of
the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Audit Committee Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At a meeting held on December 18, 2025, the Audit
Committee reviewed and discussed with management of the Fund and the independent accountants, Cohen &amp; Co., Ltd. (&ldquo;Cohen&rdquo;),
the audited financial statements of the Fund as of and for the fiscal year ended October 31, 2025 and discussed the audit of such financial
statements with Cohen. &#8239;In addition, the Audit Committee discussed with the independent accountants the matters required to be discussed
by the applicable requirements of the Public Company Accounting Oversight Board (&ldquo;PCAOB&rdquo;) and the SEC and received the written
disclosures and letter required by the PCAOB regarding the relationships between Cohen and the Fund and the impact that any such relationships
might have on the objectivity and independence of Cohen.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The members of the Audit Committee are
not, and do not represent themselves to be, professionally engaged in the practice of auditing or accounting and are not employed by
the Fund for accounting, financial management or internal control purposes. Moreover, the Audit Committee relies on and makes no independent
verification of the facts presented to it or representations made by management or the Fund&rsquo;s independent accountants. Accordingly, the Audit Committee&rsquo;s oversight
does not provide an independent basis to determine that management has maintained appropriate accounting and/or financial reporting principles
and policies, or internal controls and procedures, designed to assure compliance with accounting standards and applicable laws and regulations.
Furthermore, the Audit Committee&rsquo;s considerations and discussions referred to above do not provide assurance that the audit of
the Fund&rsquo;s financial statements has been carried out in accordance with generally accepted accounting standards or that the financial
statements are presented in accordance with generally accepted accounting principles.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on its consideration of the audited financial
statements and the discussions referred to above with management and the Fund&rsquo;s independent accountants, and subject to the limitations
on the responsibilities and role of the Audit Committee set forth in the Charter and those discussed above, the Audit Committee recommended
to the Board that the Fund&rsquo;s audited financial statements be included in the Fund&rsquo;s Annual Report for the fiscal year ended
October 31, 2025.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SUBMITTED BY THE AUDIT COMMITTEE OF THE FUND&rsquo;S
BOARD&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jeremy W. Deems, Chairman of the Audit Committee&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mary K. Anstine&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Michael F. Holland&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">E. Wayne Nordberg&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">JoEllen L. Legg&#8239;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 18, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 20pt"><B>NOMINATING AND CORPORATE
GOVERNANCE COMMITTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Board has a Nominating
and Corporate Governance Committee composed of all five Independent Trustees as such term is defined by the NYSE American listing standards;
namely, Mss. Mary K. Anstine and JoEllen L. Legg and Messrs. Jeremy W. Deems, Michael F. Holland, and E. Wayne Nordberg. The Nominating
and Corporate Governance Committee met one time during the fiscal year ended October 31, 2025. None of the members of the Nominating and
Corporate Governance Committee are &ldquo;interested persons&rdquo; of the Fund. The Nominating and Corporate Governance Committee is
responsible for identifying and recommending to the Board individuals believed to be qualified to become Trustees in the event that a
position is vacated or created.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Nominating and Corporate
Governance Committee will consider Trustee candidates recommended by shareholders. In considering candidates submitted by shareholders,
the Nominating and Corporate Governance Committee will take into consideration the needs of the Board, the qualifications of the candidate
and the interests of shareholders. The Nominating and Corporate Governance Committee has not determined any minimum qualifications necessary
to serve as a Trustee of the Fund, nor has it adopted a formal diversity policy, but it may consider diversity of professional experience,
education and skills when evaluating potential nominees. Any notice by a shareholder that the shareholder wishes to recommend a person
for election as a Trustee must include: (i) a brief description of the business desired to be brought before the annual or special meeting
and the reasons for conducting such business at the annual or special meeting; (ii) the name and address, as they appear on the Fund&rsquo;s
books, of the shareholder proposing such business or nomination; (iii) a representation that the shareholder is a holder of record of
stock of the Fund entitled to vote at such meeting and intends to appear by conference call or by proxy at the meeting to present such
proposal or nomination; (iv) the class and number of shares of the capital stock of the Fund, which are beneficially owned by the shareholder
and, if applicable, the proposed nominee to the Board; (v) any material interest of the shareholder or nominee in such business; (vi)
the extent to which such shareholder (including such shareholder&rsquo;s principals) or the proposed nominee to the Board has entered
into any hedging transaction or other arrangement with the effect or intent of mitigating or otherwise managing profit, loss or risk of
changes in the value of the common stock or the daily quoted market price of the Fund held by such shareholder (including such shareholder&rsquo;s
principals) or the proposed nominee, including independently verifiable information in support of the foregoing; and (vii) in the case
of a nomination of any person for election as a Trustee, such other information regarding such nominee proposed by such shareholder as
would be required to be included in a proxy statement filed pursuant to Regulation 14A under the 1934 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The shareholder recommendation
described above must be sent to the Fund&rsquo;s Secretary c/o Paralel Technologies LLC. The Fund&rsquo;s Nominating and Corporate Governance
Committee has adopted a charter and is available on the Fund&rsquo;s website <I><U>www.utilityincomefund.com</U>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>COMPENSATION COMMITTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The Fund does not have a compensation committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Board Related Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The Fund does not require Trustees to attend the
Meeting. No Trustees attended the Fund&rsquo;s Annual Meeting of Shareholders in 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The following table sets forth certain information
regarding the compensation of the Fund&rsquo;s Trustees for the fiscal year ended October 31, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2.25pt"><FONT STYLE="font-size: 10pt"><B>Name of person and Position </B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Aggregate Compensation Paid<BR>
from the Fund* </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Non-Interested Trustees</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mary K. Anstine,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Trustee</I></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$110,750</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jeremy W. Deems,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Chairman of the Board and Trustee</I></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$142,750</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael F. Holland,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Trustee</I></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$110,750</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">E. Wayne Nordberg</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Trustee</I></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$110,750</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 2.25pt; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JoEllen L. Legg</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Trustee</I></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2.25pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$113,250</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Represents the total compensation paid to such persons during the fiscal year ended October 31, 2025, by the Fund. The Fund is not a member or affiliate of any Fund Complex.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">Effective January 1, 2026,
the Fund paid each Independent Trustee and Interested Trustee an annual retainer of $79,000 plus $9,500 per meeting attended in person
and by telephone, together with the Trustee&rsquo;s actual out-of-pocket expenses relating to their attendance at such meetings. Mr. Deems
receives an additional per meeting fee equal to $5,000 per meeting attended in person and by telephone as Chairman of the Board and an
additional per meeting fee equal to $4,000 per meeting attended in person and by telephone as the Audit Committee Chairman. Ms. Legg receives
an additional per meeting fee equal to $2,500 per meeting attended in person and by telephone as Chairman of the Nominating and Corporate
Governance Committee. Each Independent Trustee will receive $2,500 per each special meeting attended in person and by telephone. The aggregate
remuneration (not including out-of-pocket expenses) paid by the Fund to all Trustees during the fiscal year ended October 31, 2025 amounted
to $558,250.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">The Fund does not have a
pension or retirement plan. Trustees and Officers of the Fund who are employed by PTL or the Adviser receive no compensation or expense
reimbursement from the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">During the fiscal year ended
October 31, 2025, the Trustees of the Fund met four times. Each Trustee then serving in such capacity attended at least 75% of the meetings
of Trustees and of any committee of which he or she is a member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>REQUIRED VOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The election of the listed
Nominee for Trustee of the Fund requires the affirmative vote of the holders of a plurality of the votes cast by the holders of Shares
represented at the Meeting, if a quorum is present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE BOARD, INCLUDING THE INDEPENDENT TRUSTEES,
UNANIMOUSLY RECOMMENDS THAT THE SHAREHOLDERS VOTE &ldquo;FOR&rdquo; THE ELECTION OF THE NOMINEE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADDITIONAL INFORMATION INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&#9;Cohen &amp; Company, Ltd.,
1350 Euclid Ave., Suite 800, Cleveland, Ohio 44115 was the Fund&rsquo;s independent registered public accounting firm for the Fund&rsquo;s
fiscal year ended October 31, 2025. The Board anticipates that it and the Audit Committee will select the Fund&rsquo;s independent registered
public accounting firm for the Fund&rsquo;s fiscal year ending October 31, 2026, prior to the date of the Meeting. &nbsp;The Fund knows
of no direct financial or material indirect financial interest of Cohen in the Fund. A representative of Cohen is not expected to be
present at the Meeting but should a representative of Cohen desire to do so, such representative will be given an opportunity to make
a statement and respond to appropriate questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Principal Accounting Fees and Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>Audit Fees</B>: The aggregate
fees billed for professional services rendered by Cohen &amp; Company, Ltd., the Registrant&rsquo;s principal accountant beginning with
the fiscal year ended October 31, 2024, for the audit of the Registrant&rsquo;s annual financial statements or services that are normally
provided by the accountant in connection with statutory and regulatory filings or engagements, was $35,000 and $35,000, for the fiscal
years-ended October 31, 2024 and October 31, 2025, respectively. The aggregate fees billed for professional services rendered by Deloitte
&amp; Touche LLP, the Registrant&rsquo;s principal accountant for the fiscal year ended October 31, 2023, for the audit of the Registrant&rsquo;s
annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings
or engagements was $20,000 and $0 for the fiscal years-ended October 31, 2024 and October 31, 2025, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>Audit-Related Fees</B>:
The aggregate fees billed for the fiscal years ended October 31, 2024 and October 31, 2025 for assurance and related services rendered
by Cohen &amp; Company Ltd. that are reasonably related to the performance of the audit of the Registrant&rsquo;s financial statements
and are not reported under paragraph (a) of this Item was $0 and $0, respectively. The aggregate fees billed for the fiscal years ended
October 31, 2024 and October 31, 2025 for assurance and related services rendered by Deloitte &amp; Touche LLP that are reasonably related
to the performance of the audit of the Registrant&rsquo;s financial statements and are not reported under paragraph (a) of this Item was
$0 and $0, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>Tax Fees</B>: The aggregate
fees billed for the fiscal years ended October 31, 2024 and October 31, 2025 for professional services rendered by Cohen &amp; Company
Ltd. for tax compliance, tax advice, and tax planning was $6,000 and $6,000, respectively. These fees are comprised of fees relating to
income tax return preparation fees, excise tax return preparation fees and review of dividend distribution calculation fees. The aggregate
fees billed for the fiscal years ended October 31, 2024 and October 31, 2025 for professional services rendered by Deloitte &amp; Touche
LLP for tax compliance, tax advice, and tax planning was $0 and $0, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>All Other Fees</B>: The
aggregate fees billed for the fiscal years ended October 31, 2024 and October 31, 2025 for products and services provided by Cohen &amp;
Company Ltd., other than the services reported in paragraphs (a) through (c) of this Item was $0 and $0, respectively. The aggregate fees
billed for the fiscal years ended October 31, 2024 and October 31, 2025 for products and services provided by Deloitte &amp; Touche LLP,
other than the services reported in paragraphs (a) through (c) of this Item was $0 and $0, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund&rsquo;s Audit Committee
Charter requires that the Audit Committee pre-approve all audit and non-audit services to be provided by the Fund&rsquo;s principal accountant
and all non-audit services to be provided by the Fund&rsquo;s principal accountant to the Adviser and service providers controlling, controlled
by or under common control with the Adviser (&ldquo;Affiliates&rdquo;) that provide on-going services to the Fund (a &ldquo;Covered Services
Provider&rdquo;), if the engagement relates directly to the operations and financial reporting of the Fund. The Audit Committee may delegate
its responsibility to pre-approve any such audit and permissible non-audit services to the Chairman of the Audit Committee, and the Chairman
must report to the Audit Committee, at its next regularly scheduled meeting after the Chairman&rsquo;s pre-approval of such services,
his decision(s). The Audit Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services
in accordance with applicable laws, including the delegation of some or all of the Audit Committee&rsquo;s pre-approval responsibilities
to other persons (other than the Adviser or the Fund&rsquo;s officers). Pre-approval by the Audit Committee of any permissible non-audit
services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser
and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the Fund to its independent accountants
during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized
by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the
Audit Committee and approved by the Audit Committee or the Chairman prior to the completion of the audit. All of the audit, audit-related,
tax services and all other services described above for which the Fund&rsquo;s principal accountant billed the Fund fees for the fiscal
years ended October 31, 2024, and October 31, 2025, were pre-approved by the Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE INVESTMENT ADVISER AND ADMINISTRATOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Reaves Asset Management is
the Fund&rsquo;s investment adviser, and its business address is 10 Exchange Place, Jersey City, New Jersey 07302.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Paralel Technologies LLC is
the Fund&rsquo;s administrator, and its business address is 1700 Broadway, Suite 2100, Denver, Colorado 80290.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Section 16(a) of the 1934 Act
and Section 30(h) of the 1940 Act, and the rules thereunder, require the Trustees and officers of the Fund, officers and Directors of
the Adviser, affiliated persons of the Adviser, and persons who beneficially own more than 10% of a registered class of the Fund&rsquo;s
Shares (&ldquo;Covered Persons&rdquo;), to file reports of ownership and changes in ownership with the SEC and the NYSE American and to
furnish the Fund with copies of all Section 16(a) forms they file. Based solely on a review of the reports filed with the SEC and upon
representations from all Covered Persons, the Fund believes that during the fiscal year ended October 31, 2025, all Section 16(a) filing
requirements applicable for Covered Persons were complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BROKER NON-VOTES AND ABSTENTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The affirmative vote of a plurality
of votes cast for the Nominee by the holders entitled to vote for such Nominee is necessary for the election of such Nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">For the purpose of electing
the Nominee, abstentions or broker non-votes will not be counted as votes cast and will have no effect on the result of the election.
Abstentions or broker non-votes, however, will be considered to be present at the Meeting for purposes of determining the existence of
a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Shareholders of the Fund will be informed of the
voting results of the Meeting in the Fund&rsquo;s Semi-Annual Report dated April 30, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>OTHER MATTERS TO COME BEFORE THE MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Trustees of the Fund do
not intend to present any other business at the Meeting, nor are they aware that any shareholder intends to do so. If, however, any other
matters, including adjournments, are properly brought before the Meeting, the persons named in the accompanying form of proxy will vote
thereon in accordance with their judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SHAREHOLDER COMMUNICATIONS WITH THE BOARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Shareholders may mail written
communications to the Board, to committees of the Board or to specified individual Trustees in care of the Secretary of the Fund, 1700
Broadway, Suite 2100, Denver, Colorado 80290. All shareholder communications received by the Secretary will be forwarded promptly to the
Board, the relevant Board committee or the specified individual Trustees, as applicable, except that the Secretary may, in good faith,
determine that a shareholder communication should not be so forwarded if it does not reasonably relate to the Fund or its operations,
management, activities, policies, service providers, board, officers, shareholders or other matters relating to an investment in the Fund
or is ministerial in nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SHAREHOLDER PROPOSALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Any shareholder proposal to
be considered for inclusion in the Fund&rsquo;s proxy statement and form of proxy for the annual meeting of shareholders to be held in
2027 should be received by the Secretary of the Fund no later than October 16, 2026. In addition, pursuant to the Fund&rsquo;s By-Laws,
a shareholder is required to give to the Fund notice of, and specified information with respect to, any proposals that such shareholder
intends to present at the 2027 annual meeting no earlier than September 16, 2026 and no later than October 16, 2026. Under the circumstances
described in, and upon compliance with, Rule 14a-4(c) under the 1934 Act, the Fund may solicit proxies in connection with the annual meeting
which confer discretionary authority to vote on any shareholder proposals of which the Secretary of the Fund does not receive notice in
accordance with the aforementioned dates. Timely submission of a proposal does not guarantee that such proposal will be included.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>HOUSEHOLDING OF PROXY MATERIALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Shareholders who share the
same address and last name may receive only one copy of the proxy materials unless Broadridge, in the case of shareholders of record,
or such shareholder&rsquo;s broker, bank or nominee, in the case of shareholders whose Shares are held in street name, has received contrary
instructions. This practice, known as &ldquo;householding,&rdquo; is designed to reduce printing and mailing costs. Shareholders desiring
to discontinue householding and receive a separate copy of the proxy materials, may (1) if their Shares are held in street name, notify
their broker, bank or nominee or (2) if they are shareholders of record, direct a written request to Broadridge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt"><B>IF VOTING BY MAIL, IT
IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. SHAREHOLDERS WHO DO NOT EXPECT TO ATTEND THE MEETING ARE THEREFORE URGED TO COMPLETE,
SIGN, DATE AND RETURN THE PROXY CARD AS SOON AS POSSIBLE IN THE ENCLOSED POSTAGE-PAID ENVELOPE</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 65%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><B>REAVES UTILITY INCOME FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><B>PO Box 43131</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Providence, RI 02940-3131</B></P>
</TD>
  <TD STYLE="width: 35%"><P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>EVERY VOTE IS IMPORTANT</B></P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD><FONT STYLE="font-size: 14pt"><B>EASY VOTING OPTIONS:</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 63%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;<IMG SRC="utgdef14a_001.jpg" ALT=""></TD>
  <TD STYLE="width: 27%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The QR code or visit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>www.proxy-direct.com</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">to vote your shares</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 63%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;<IMG SRC="utgdef14a_004.jpg" ALT=""></TD>
  <TD STYLE="width: 27%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1-800-337-3503</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Follow the recorded instructions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>available 24 hours</I></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 63%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;<IMG SRC="utgdef14a_003.jpg" ALT=""></TD>
  <TD STYLE="width: 27%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MAIL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Vote, Sign and Mail in the enclosed Business Reply
Envelope</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 63%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="width: 27%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>VOTE AT THE TELEPHONIC MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>on April 2, 2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>at 10:00 a.m. Mountain Time.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Please refer to the Proxy Statement for instructions
on how to participate in the Telephonic Meeting.</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: Red; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 64%"></TD><TD STYLE="width: 20%; text-align: left; background-color: Gainsboro; border: Black 1pt solid"></TD><TD STYLE="width: 4%"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
                                                                                                                                                                    <TD STYLE="width: 12%; border: Black 1pt solid"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Please detach at perforation before mailing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REAVES UTILITY INCOME FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROXY FOR THE ANNUAL MEETING OF SHAREHOLDERS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO BE HELD ON APRIL 2, 2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>This proxy is solicited on behalf of the Board
of Trustees</B>. The undersigned hereby appoints Christopher Moore, Jill Kerschen and Lily Dickson and each of them, attorneys and proxies
of the undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned
all shares of Reaves Utility Income Fund (the &quot;Fund&quot;) which the undersigned is entitled to vote at the Annual Meeting of Shareholders
of the Fund to be held via virtual format by conference call on April 2, 2026 at 10:00 a.m. (Mountain time) (the &ldquo;Meeting&rdquo;),
and at any adjournments or postponements thereof. Please refer to the Proxy Statement for instructions on how to participate in the Telephonic
Meeting. The undersigned hereby acknowledges receipt of the Notice of Annual Meeting and Proxy Statement and hereby instructs said attorneys
and proxies to vote said shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business
as may properly come before the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A majority of the proxies present and acting at the
Meeting in person or by substitute (or, if only one shall be so present, then that one) shall have and may exercise all of the power and
authority of said proxies hereunder. The undersigned hereby revokes any proxy previously given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>This proxy, if properly executed, will be voted
in the manner directed by the undersigned shareholder. If no direction is made, this proxy will be voted FOR the proposal and in the discretion
of the proxy holder as to any other matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion
of the Proposal.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 64%">&nbsp;</TD>
  <TD STYLE="width: 36%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"><B>VOTE
VIA THE INTERNET: www.proxy-direct.com</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"><B>VOTE
VIA THE TELEPHONE: 1-800-337-3503</B></P>

</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: Red; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 64%"></TD><TD STYLE="width: 20%; text-align: left; background-color: Gainsboro; border: Black 1pt solid"></TD><TD STYLE="width: 4%"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
                                                                                                                                                                    <TD STYLE="width: 12%; border: Black 1pt solid"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RUI_34983_012626</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PLEASE SIGN, DATE ON THE REVERSE SIDE AND RETURN
THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">xxxxxxxxxxxxxx</FONT></TD>
    <TD STYLE="text-align: center; width: 6%; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">code</FONT></TD>
    <TD STYLE="text-align: justify; width: 80%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt"></P>

<!-- Field: Page; Sequence: 14 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">EVERY SHAREHOLDER&rsquo;S VOTE IS IMPORTANT!</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">VOTE THIS PROXY CARD TODAY!</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Important Notice Regarding the Availability of Proxy
Materials for the </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Annual Meeting of Shareholders to be held on April
2, 2026.</B></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">The Meeting Notice, Proxy Statement and Proxy
Card for this Meeting are available at:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>https://www.proxy-direct.com/par-34983</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">IF YOU VOTE ON THE INTERNET OR BY TELEPHONE,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">YOU NEED NOT RETURN
THIS PROXY CARD</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Please detach at perforation before mailing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK. EXAMPLE:
<FONT STYLE="font-size: 14pt">&#9746;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; background-color: Black; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: White"><B>A</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: middle; width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Proposal&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;THE BOARD, INCLUDING THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT YOU VOTE &ldquo;FOR&rdquo; THE PROPOSAL.</B></FONT></TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;<B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: left; padding-right: 117pt">Election of two Nominees for Trustee</TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2in">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 0.75in"><FONT STYLE="font-size: 9pt">FOR</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 0.75in"><FONT STYLE="font-size: 9pt">WITHHOLD</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">01</TD>
    <TD STYLE="text-align: left">Mary K. Anstine</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&#9744;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&#9744;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">02</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Michael F. Holland</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&#9744;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&#9744;&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3.1pt 0 0; text-align: justify; text-indent: 135pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify; padding-right: 63pt">To consider and vote upon such other matters, including adjournments, as may properly
come before the Meeting or any adjournments thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%; text-align: center; padding-top: 2pt; padding-bottom: 2pt; background-color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: White"><B>B</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 97%; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Authorized
                                     Signatures &boxh; This section must be completed for your vote to be counted.&boxh; Sign and Date
                                     Below</B></FONT></TD>
</TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Note</B>:&nbsp;</FONT></TD>
    <TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Please sign
    exactly as your name(s) appear(s) on this Proxy Card, and date it. When shares are held jointly, each holder should sign. When signing
    as attorney, executor, guardian, administrator, trustee, officer of corporation or other entity or in another representative capacity,
    please give the full title under the signature.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Date (mm/dd/yyyy) &boxh; Please
    print date below</B></FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Signature 1 &boxh; Please keep
    signature within the box</B></FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Signature 2 &boxh; Please keep
    signature within the box</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt">&nbsp;&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="5" STYLE="text-align: center; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Scanner
    bar code</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 3pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 3pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 3pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 3pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 3pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">xxxxxxxxxxxxxx</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">RUI 34983</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">xxxxxxxx</FONT></TD></TR>
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