DENVER, July 11,
2022 /PRNewswire/ -- The Reaves Utility Income Fund
(NYSE American: 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 July 6,
2022, the Fund's market price was $30.92 per share and its net asset value was
$30.93 per share.
Tim Porter, the Fund's portfolio
manager and Chief Investment Officer of Reaves Asset Management,
the Fund's investment adviser, commented, "Our utility investments
should continue to generate stable and growing dividend income for
our investors regardless of the recent volatility in financial
markets."
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: July 21,
2022
Record Date: July 22, 2022
Payable Date: July 29, 2022
Ex-Distribution Date: August 18,
2022
Record Date: August 19, 2022
Payable Date: August 31, 2022
Ex-Distribution Date: September 19,
2022
Record Date: September 20, 2022
Payable Date: September 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
$2.7 billion of total assets under
management and 69.9 million common shares outstanding as of
July 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.
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SOURCE Reaves Utility Income Fund