DENVER, Dec. 18, 2019 /PRNewswire/ -- The Reaves
Utility Income Fund (NYSE MKT: UTG) announced today the next three
monthly dividends at a rate of $0.18
per common share per month, unchanged from the per share rate paid
for the previous quarter. As of December 16,
2019, the Fund's market price was $36.79 per share and
its net asset value was $36.71 per
share.
Ronald J. Sorenson, the Fund's
portfolio manager and Chief Investment Officer of Reaves Asset
Management, the Fund's investment adviser, commented, "We are
confident that the high-quality companies underpinning our
portfolio will continue to prosper, generating a growing income
stream for investors. In the context of U.S. treasury yields at the
low end of history, the nearly 6% yield of the fund is highly
attractive."
The Fund has formally implemented the 19b-1 exemption received from the Securities and
Exchange Commission in 2009. A portion of each distribution may be
treated as paid from sources other than net income, including but
not limited to short-term capital gain, long-term capital gain and
return of capital. The final determination of the source of these
distributions, including the percentage of qualified dividend
income, will be made after the Fund's year end.
Not less than eighty percent of the Fund's assets will continue
to be invested in the securities of domestic and foreign companies
involved to a significant extent in providing products, services or
equipment for (i) the generation or distribution of
electricity, gas or water, (ii) telecommunications activities
or (iii) infrastructure operations, such as airports, toll
roads and municipal services ("Utilities" or the "Utility
Industry"). As a policy, the Fund continues to strive to
provide a high level of after-tax income and total return
consisting primarily of tax-advantaged distributions and capital
appreciation.
The following dates apply to the upcoming dividends that have
been declared:
Ex-Distribution Date: December 30,
2019
Record Date: December 31, 2019
Payable Date: January 16, 2020
Ex-Distribution Date: February 13,
2020
Record Date: February 14, 2020
Payable Date: February 28, 2020
Ex-Distribution Date: March 19,
2020
Record Date: March 20, 2020
Payable Date: March 31, 2020
The Reaves Utility Income Fund
The investment
objective of the Fund is to provide a high level of income and
total return consisting primarily of tax-advantaged distributions
and capital appreciation. There were approximately $2.2 billion of total assets under management and
48.9 million common shares outstanding as of December 16, 2019.
An investor should consider investment objectives, risks,
charges and expenses carefully before investing. To obtain an
annual report or semi-annual report which contains this and other
information visit www.utilityincomefund.com or call
1-800-644-5571. Read them carefully before
investing.
ALPS Portfolio Solutions Distributor, Inc., FINRA Member
Firm.
The Reaves Utility Income Fund is a closed-end fund and
closed-end funds do not continuously issue shares for sale as
open-end mutual funds do. Since the initial public offering, the
Fund now trades in the secondary market. Investors wishing to
buy or sell shares need to place orders through an intermediary or
broker. The share price of a closed-end fund is based on the
market's value.
REA000445 12/18/2020
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SOURCE Reaves Utility Income Fund