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.
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The Reaves Utility Income Fund (UTG) announced a monthly dividend of $0.19 per common share, maintaining the same rate as the previous quarter. As of October 4, 2021, the market price was $32.71 per share, with a net asset value of $32.36. The fund focuses on high-quality utility and communications companies that offer consistent income streams. Notably, it holds approximately $2.5 billion in assets under management. Upcoming dividend dates include ex-distribution on October 19, November 16, and December 16, with respective payable dates.
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The Reaves Utility Income Fund (UTG) announced a 5.56% increase in its annual distribution to $2.28, paid monthly at $0.19 per share. This marks the twelfth distribution increase since February 2004, representing an annualized rate of 6.47% based on a market price of $35.22 as of June 16, 2021. Tim Porter, the Fund's portfolio manager, attributes this growth to the stability of holdings and optimism in sectors like energy transition and telecommunications. The Fund holds approximately $2.5 billion in total assets and intends to maintain over 80% investment in utility-related sectors.
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The Reaves Utility Income Fund has announced a new fee breakpoint effective for gross assets above $2.5 billion, reducing the advisory and administrative fee from 0.84% to 0.765%. This initiative aims to enhance monthly distributions and maintain competitive long-term returns. The Fund, with approximately $2.3 billion in total assets under management and 57.6 million common shares outstanding as of April 6, 2021, seeks to provide high income through tax-advantaged distributions and capital appreciation.
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