Reaves Utility Income Fund reports recurring closed-end fund updates centered on monthly common-share distributions, distribution-rate changes, market price and net asset value. The fund seeks a high level of after-tax income and total return through tax-advantaged distributions and capital appreciation.
The fund invests at least 80% of assets in domestic and foreign companies involved in electricity, gas, water, telecommunications and infrastructure operations, including airports, toll roads and municipal services. News also addresses the fund's 19b-1 distribution exemption and the possible classification of distributions as income, capital gains or return of capital.
On May 31, 2024, Reaves Utility Income Fund (NYSE American: UTG) announced a monthly distribution of $0.19 per share to shareholders of record on May 17, 2024. The sources of distribution include 25.95% from net investment income and 74.05% from net realized long-term capital gains. Fiscal year-to-date, the Fund has distributed $1.33 per share, with 24.61% from net investment income, 71.99% from net realized long-term capital gains, and 3.40% from return of capital. The annualized distribution rate as a percentage of NAV is 8.74%. Return figures show an 11.05% cumulative total return on NAV for the fiscal year to date and a 1.66% average annual total return over the past five years. The Fund's distribution policy is under regular review by the Board of Trustees and may be modified at any time. These distributions may be taxable and will be reported on Form 1099-DIV in January 2025.
Reaves Utility Income Fund (NYSE American: UTG) released a Section 19(a) Notice detailing its monthly distribution of $0.19 per share to shareholders. The distribution breakdown includes net investment income, short-term and long-term capital gains, and return of capital percentages. Fiscal year-to-date cumulative distributions and tax implications were also disclosed. The fund's performance, distribution rates, and total returns were provided, cautioning shareholders about not solely relying on NAV performance. The Board of Trustees will monitor distribution levels, subject to modification.
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