The Reaves Utility Income Fund Announces Regular Monthly Dividend of $0.17 Per Share
April 09 2019 - 8:00AM
Business Wire
The Reaves Utility Income Fund (NYSE MKT: UTG) announced today
the next three monthly dividends at a rate of $0.17 per common
share per month, unchanged from the per share rate paid for the
previous quarter. As of April 5, 2019, the Fund’s market price was
$33.95 per share and its net asset value was $34.53 per share.
Ronald J. Sorenson, the Fund's portfolio manager and Chief
Investment Officer of Reaves Asset Management, the Fund's
investment adviser, commented, “The 10-year U.S. Treasury yield
continued declining in the 1st Quarter. At just under 2.34% on
March 31st, the lower yield increased the relative attractiveness
of the Fund’s 6% plus yield and the portfolio’s dividend paying
securities. With the Federal Reserve pausing, the supportive
interest rate climate is likely to persist. Portfolio investments
continue to meet our expectations for periodic dividend increases.
Stock price increases and rising dividends underpin the Fund’s
distributions.”
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 18, 2019Record Date: April 22,
2019Payable Date: April 30, 2019Ex-Distribution Date: May 20,
2019Record Date: May 21, 2019Payable Date: May 31,
2019Ex-Distribution Date: June 17, 2019Record Date: June 18,
2019Payable Date: June 28, 2019
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
$2.1 billion of total assets under management and 48.7 million
common shares outstanding as of April 5, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190409005252/en/
Ned Burke, ALPS+1 (303) 623 2577ned.burke@alpsinc.com
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