The Reaves Utility Income Fund Announces Regular Monthly Dividend Of $0.18 Per Share

Rhea-AI Summary

The Reaves Utility Income Fund (NYSE MKT: UTG) has declared monthly dividends of $0.18 per share for the next three months, maintaining the previous rate. The market price as of December 11, 2020, was $32.75, while the net asset value stood at $32.40. The dividend ex-distribution and pay dates are set, with the first payment on January 15, 2021. The Fund, managing approximately $2.1 billion in assets, invests primarily in utility and communication sectors, with a focus on providing high after-tax income and total return.

Positive

• Monthly dividend maintained at $0.18 per share, providing consistent income for shareholders.
• Total assets under management of approximately $2.1 billion indicate strong fund stability.

Negative

• None.

DENVER, Dec. 16, 2020 /PRNewswire/ -- The Reaves Utility Income Fund (NYSE MKT: UTG) announced today the next three monthly dividends at a rate of $0.18 per common share per month, unchanged from the per share rate paid for the previous quarter. As of December 11, 2020, the Fund's market price was $32.75 per share and its net asset value was $32.40 per share.

Tim Porter, the Fund's portfolio manager and Chief Investment Officer of Reaves Asset Management, the Fund's investment adviser, commented, "high-quality utility and communications companies have weathered the economic storm of the past year and continue to 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: December 30, 2020
Record Date: December 31, 2020
Payable Date: January 15, 2021

Ex-Distribution Date: February 16, 2021
Record Date: February 17, 2021
Payable Date: February 26, 2021

Ex-Distribution Date: March 18, 2021
Record Date: March 19, 2021
Payable Date: March 31, 2021

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 $2.1 billion of total assets under management and 54.9 million common shares outstanding as of December 11, 2020.

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.

The Reaves Utility Income Fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market.  Investors wishing to buy or sell shares need to place orders through an intermediary or broker.  The share price of a closed-end fund is based on the market's value.

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SOURCE Reaves Utility Income Fund

FAQ

What is the monthly dividend amount declared by UTG?

The Reaves Utility Income Fund (UTG) has declared a monthly dividend of $0.18 per share.

When is the next dividend payment for UTG?

The next dividend payment for UTG is scheduled for January 15, 2021.

What are the ex-distribution dates for UTG's upcoming dividends?

The ex-distribution dates are December 30, 2020, February 16, 2021, and March 18, 2021.

What is the current market price of UTG?

As of December 11, 2020, the market price of UTG was $32.75 per share.

How does UTG ensure consistent income for shareholders?

UTG invests primarily in high-quality utility and communications companies, aiming to provide consistent income streams for its shareholders.