DENVER,
Oct. 7, 2021 /PRNewswire/ -- The
Reaves Utility Income Fund (NYSE MKT: UTG) announced today the next
three monthly dividends at a rate of $0.19 per common share per month, unchanged from
the per share rate paid for the previous quarter. As of
October 4, 2021, the Fund's market
price was $32.71 per share and its
net asset value was $32.36 per
share.
Tim Porter, the
Fund's portfolio manager and Chief Investment Officer of Reaves
Asset Management, the Fund's investment adviser, commented,
"High-quality utility and communications companies continue to pay
consistent and growing income streams for Fund shareholders. We
remain optimistic about their outlook."
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: October 19,
2021
Record Date: October 20, 2021
Payable Date: October 29, 2021
Ex-Distribution Date: November 16,
2021
Record Date: November 17, 2021
Payable Date: November 30, 2021
Ex-Distribution Date: December 16,
2021
Record Date: December 17, 2021
Payable Date: December 30, 2021
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
$2.5 billion of total assets under
management and 63.9 million common shares outstanding as of
October 4, 2021.
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.
REA000511 10/07/2022
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SOURCE Reaves Utility Income Fund