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 $0.1375 per common share per month,
unchanged from the per share rate paid for the previous quarter. As of
April 4, 2014, the Fund’s market price was $27.76 per share and its net
asset value was $29.54 per share.
Ron Sorenson, CEO and CIO of Reaves Asset Management, advisor to the
Fund, recently noted that the outlook for utilities investments remains
quite bullish. “Sluggish economic growth and the measured pace of
Federal Reserve 'tapering' suggest a relatively benign interest rate
environment. In fact the rate on the ten-year Treasury declined from
3.02% to 2.78% during the first quarter. With its focus on
well-capitalized companies providing basic services to their customers,
and a rising dividend stream to their investors, the Fund is
well-positioned to grow shareholder value.”
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 utility companies. 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 dividend income and
capital appreciation.
The following dates apply to the upcoming dividends that have been
declared:
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Ex-Distribution Date: April 15, 2014
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Record Date: April 17, 2014
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Payable Date: April 30, 2014
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Ex-Distribution Date: May 14, 2014
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Record Date: May 16, 2014
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Payable Date: May 30, 2014
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Ex-Distribution Date: June 16, 2014
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Record Date: June 18, 2014
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Payable Date: June 30, 2014
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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 dividend
income and capital appreciation. There were approximately $1.1 billion
of total assets under management and 29.0 million common shares
outstanding as of April 4, 2014.
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:
ALPS
Tom Carter
303-623-2577
Source: Reaves Utility Income Fund
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