DENVER, April 6, 2020 /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 April 2,
2020, the Fund's market price was $26.08 per share and
its net asset value was $27.01 per
share.
Tim Porter, the Fund's portfolio
manager and Chief Investment Officer of Reaves Asset Management,
the Fund's investment adviser, commented, "The income generating
capacity from our investments in high-quality utility and
communications companies should have relatively little impact from
the Covid-19 disruptions owing to the essential nature of the
businesses. We expect these companies to continue to generate a
growing income stream for investors."
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: April 17,
2020
Record Date: April 20, 2020
Payable Date: April 30, 2020
Ex-Distribution Date: May 18,
2020
Record Date: May 19, 2020
Payable Date: May 29, 2020
Ex-Distribution Date: June 18,
2020
Record Date: June 19, 2020
Payable Date: June 30, 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 $1.8 billion of total assets under management and
49.3 million common shares outstanding as of April 2, 2020.
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.
REA000456 4/6/2021
Media Contact: Reaves Utility Income Fund, 800-644-5571
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SOURCE Reaves Utility Income Fund