Company Website:
http://www.utilityincomefund.com
DENVER -- (Business Wire)
The Reaves Utility Income Fund (NYSE MKT: UTG) announced today the next
three monthly dividends at a rate of $0.15125 per common share per
month, unchanged from the per share rate paid for the previous quarter.
As of April 6, 2015, the Fund’s market price was $30.81 per share and
its net asset value was $32.29 per share.
Ronald J. Sorenson, the Fund's portfolio manager and Chief Investment
Officer of Reaves Asset Management, the Fund's investment adviser, was
not surprised by the pullback in utilities’ share prices during the
quarter, “Frankly given all of the commentary around the anticipated Fed
Funds rate increase later in the year, we were surprised that the
retreat was as mild as it was.” Mr. Sorenson noted that share price
decline had no impact on the Fund's ability to meet its distribution
commitment and added, “. . .fundamentally, the portfolio is positioned
to take advantage of long-term opportunities attendant with continued
development of the national infrastructure to reliably meet the demand
for electric power, water, natural gas, and broadband to fuel economic
growth.”
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: April 15, 2015
Record Date: April 17, 2015
Payable
Date: April 30, 2015
Ex-Distribution Date: May 14, 2015
Record Date: May 18, 2015
Payable
Date: May 29, 2015
Ex-Distribution Date: June 16, 2015
Record Date: June 18, 2015
Payable
Date: June 30, 2015
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 $1.2
billion of total assets under management and 29.0 million common shares
outstanding as of April 6, 2015.
An investor should consider investment objectives, risks, charges and
expenses carefully before investing. To obtain a prospectus, 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.
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.
Contacts:
Reaves Utility Income Fund
Tom Carter, 303-623-2577
tom.carter@alpsinc.com
Source: Reaves Utility Income Fund
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