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
October 6, 2014, the Fund’s market price was $28.96 per share and its
net asset value was $30.76 per share.
Ron Sorenson, Portfolio Manager and Chief Investment Officer at Reaves
Asset Management, commented recently that the outlook for utilities
remains generally favorable: “State and federal regulation remains
broadly supportive of the utility industry. There is broad-based
recognition of the need for new investments in grid enhancement,
renewable energy, storm hardening, and compliance with state and federal
environmental standards.”
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-Date: October 15, 2014
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Record Date: October 17, 2014
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Payable Date: October 31, 2014
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Ex-Date: November 14, 2014
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Record Date: November 18, 2014
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Payable Date: November 26, 2014
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Ex-Date: December 17, 2014
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Record Date: December 19, 2014
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Payable Date: December 31, 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 $1.2 billion of total assets
under management and 29.0 million common shares outstanding as of
October 6, 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, +1-303-623-2577
tom.carter@alpsinc.com
Source: The Reaves Utility Income Fund
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