DENVER, April 11, 2022 /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 April 6,
2022, the Fund's market price was $34.54 per share and its net asset value was
$35.83 per share.
Tim Porter, the Fund's portfolio
manager and Chief Investment Officer of Reaves Asset Management,
the Fund's investment adviser, commented, "We continue to favor
high-quality utility and communications companies that pay
consistent and growing income streams for Fund shareholders."
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 21,
2022
Record Date: April 22, 2022
Payable Date: April 29, 2022
Ex-Distribution Date: May 18,
2022
Record Date: May 19, 2022
Payable Date: May 31, 2022
Ex-Distribution Date: June 16,
2022
Record Date: June 17, 2022
Payable Date: June 30, 2022
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 $2.9 billion of total assets under management and
68.5 million common shares outstanding as of April 6, 2022.
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.
REA000524 4/11/2023
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SOURCE Reaves Utility Income Fund