Reaves Utility Income Fund Announces Regular Monthly Distributions 0f $0.19 Per Share

Rhea-AI Summary

The Reaves Utility Income Fund (NYSE American: UTG) has announced its upcoming regular monthly distributions of $0.19 per share, consistent with the previous quarter. The fund's market price was $27.16 per share and its net asset value was $26.86 per share as of July 2, 2024.

Tim Porter, the Fund's co-portfolio manager and Chief Investment Officer, expressed confidence in the portfolio's ability to continue supporting monthly distributions. The fund, adhering to the 19b-1 exemption from the SEC, may source distributions from various income types, including capital gains and return of capital.

Focusing on utility and infrastructure investments, the fund maintains at least 80% of its assets in companies involved in electricity, gas, water generation, telecommunications, and infrastructure operations. The upcoming distribution dates are July 31, August 30, and September 30, 2024.

With $2.83 billion in assets and 83.30 million shares outstanding as of early July 2024, the fund aims for high after-tax income and total return through tax-advantaged distributions and capital appreciation.

DENVER, CO / ACCESSWIRE / July 9, 2024 / Reaves Utility Income Fund (NYSE American:UTG) announced today the next three, monthly, distributions 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 2, 2024, the Fund's market price was $27.16 per share and its net asset value was $26.86 per share.

Tim Porter, the Fund's co-portfolio manager and Chief Investment Officer of Reaves Asset Management, the Fund's investment adviser, commented, "We remain confident that our portfolio of utility and infrastructure companies will continue to support the Fund's monthly distribution to 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 distributions that have been declared:

Ex-Date: July 19, 2024
Record Date: July 19, 2024
Payable Date: July 31, 2024

Ex-Date: August 16, 2024
Record Date: August 16, 2024
Payable Date: August 30, 2024

Ex-Date: September 17, 2024
Record Date: September 17, 2024
Payable Date: September 30, 2024

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 $2.83 billion of total assets under management and 83.30 million common shares outstanding as of July 2, 2024.

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.

There is no guarantee that distributions will be paid or that the rate will remain the same.
Paralel Distributors LLC, FINRA Member Firm.

SOURCE: Reaves Utility Income Fund

View the original press release on accesswire.com

FAQ

What are the upcoming distribution dates for UTG?

The upcoming distribution dates for Reaves Utility Income Fund (UTG) are July 31, August 30, and September 30, 2024.

What is the distribution rate of UTG for the next quarter?

The distribution rate for Reaves Utility Income Fund (UTG) for the next quarter is $0.19 per share, per month.

What was UTG's market price and net asset value as of July 2, 2024?

As of July 2, 2024, UTG's market price was $27.16 per share, and its net asset value was $26.86 per share.

What percentage of UTG's assets are invested in utilities and infrastructure?

UTG invests at least 80% of its assets in utilities and infrastructure companies.

How much are the total assets under management for UTG as of July 2024?

As of July 2, 2024, Reaves Utility Income Fund (UTG) had $2.83 billion in total assets under management.

How many shares are outstanding for UTG as of July 2024?

As of July 2, 2024, there were 83.30 million common shares outstanding for Reaves Utility Income Fund (UTG).

What types of income may UTG's distributions include?

UTG's distributions may include net income, short-term capital gains, long-term capital gains, and return of capital.

What is the investment objective of UTG?

The investment objective of Reaves Utility Income Fund (UTG) is to provide high after-tax income and total return through tax-advantaged distributions and capital appreciation.