Reaves Utility Income Fund Announces Unchanged Monthly Distributions

The Reaves Utility Income Fund (NYSE:UTG) has recently declared the next three monthly distributions at a rate of $0.19 per common share per month, maintaining the same per share rate as the previous quarter. The Fund’s market price was reported at $23.75 per share, with a net asset value of $23.38 per share as of October 2, 2023.

Tim Porter, the Fund’s co-portfolio manager and Chief Investment Officer of Reaves Asset Management, expressed confidence in the Fund’s ability to sustain its monthly distribution to shareholders despite recent volatility in the utilities market. The Fund primarily invests in utility and infrastructure companies, which are expected to continue supporting the distribution.

The Fund has implemented the 19b-1 exemption received from the Securities and Exchange Commission in 2009. It is worth noting that a portion of each distribution may be treated as paid from sources other than net income, including short-term capital gain, long-term capital gain, and return of capital. The final determination of the distribution source will be made after the Fund’s year-end.

The Fund’s investment objective is to provide a high level of after-tax income and total return, primarily consisting of tax-advantaged distributions and capital appreciation. It aims to invest at least 80% of its assets in domestic and foreign companies involved in the Utilities industry, such as electricity, gas, water, telecommunications, and infrastructure operations.

The upcoming distributions have the following dates:

– Ex-Distribution Date: October 19, 2023
Record Date: October 20, 2023
Payable Date: October 31, 2023

– Ex-Distribution Date: November 15, 2023
Record Date: November 16, 2023
Payable Date: November 30, 2023

– Ex-Distribution Date: December 14, 2023
Record Date: December 15, 2023
Payable Date: December 29, 2023

With approximately $2.32 billion of total assets under management and 75.67 million common shares outstanding as of October 2, 2023, the Reaves Utility Income Fund offers investors an opportunity to benefit from tax-advantaged distributions and potential capital appreciation.

Investors are advised to carefully consider the Fund’s investment objectives, risks, charges, and expenses before making any investment decisions. Annual and semi-annual reports containing detailed information can be obtained from the Fund’s website or by calling 1-800-644-5571.

In conclusion, the Reaves Utility Income Fund remains committed to providing a consistent and attractive level of income and total return to its shareholders, supported by its portfolio of utility and infrastructure companies.