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The Reaves Utility Income Fund (UTG) announced a 5.56% increase in its annual distribution to $2.28, paid monthly at $0.19 per share. This marks the twelfth distribution increase since February 2004, representing an annualized rate of 6.47% based on a market price of $35.22 as of June 16, 2021. Tim Porter, the Fund's portfolio manager, attributes this growth to the stability of holdings and optimism in sectors like energy transition and telecommunications. The Fund holds approximately $2.5 billion in total assets and intends to maintain over 80% investment in utility-related sectors.
The Reaves Utility Income Fund has announced a new fee breakpoint effective for gross assets above $2.5 billion, reducing the advisory and administrative fee from 0.84% to 0.765%. This initiative aims to enhance monthly distributions and maintain competitive long-term returns. The Fund, with approximately $2.3 billion in total assets under management and 57.6 million common shares outstanding as of April 6, 2021, seeks to provide high income through tax-advantaged distributions and capital appreciation.
The Reaves Utility Income Fund (NYSE MKT: UTG) has announced its next three monthly dividends at a rate of $0.18 per share, consistent with the previous quarter. As of April 6, 2021, the fund's market price was $33.72, and its net asset value was $33.43. The ex-distribution dates for the upcoming dividends are April 22, May 18, and June 17, 2021. The fund aims to provide tax-advantaged income through investments primarily in utility and communication sectors, with total assets around $2.3 billion.
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