Reaves Utility Income Fund Announces Regular Monthly Distributions of $0.19 Per Share

Rhea-AI Summary

Reaves Utility Income Fund (UTG) has declared monthly distributions of $0.19 per common share for the next three months, maintaining the previous quarter's rate. As of December 9, 2024, the Fund's market price was $33.62 per share with a net asset value of $33.58 per share.

The Fund, managing approximately $3.66 billion in total assets with 87.80 million common shares outstanding, maintains its investment focus on utility and infrastructure companies. At least 80% of assets are invested in companies involved in electricity/gas/water generation/distribution, telecommunications, and infrastructure operations.

The upcoming distributions are scheduled for payment on January 17, February 28, and March 31, 2025. The Fund continues its strategy of providing high after-tax income and total return through tax-advantaged distributions and capital appreciation.

DENVER, CO / ACCESSWIRE / December 16, 2024 / Reaves Utility Income Fund (NYSE American:UTG) announced today the next three, monthly, distributions at a rate of $0.19 per common share per month, unchanged from the per share rate paid for the previous quarter. As of December 9, 2024, the Fund's market price was $33.62 per share and its net asset value was $33.58 per share.

Tim Porter, the Fund's co-portfolio manager and Chief Investment Officer of Reaves Asset Management, the Fund's investment adviser, commented, "We remain confident that our portfolio of utility and infrastructure companies will continue to support the Fund's monthly distribution to shareholders."

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 distributions that have been declared:

Ex-Date: December 31, 2024
Record Date: December 31, 2024
Payable Date: January 17, 2025

Ex-Date: February 18, 2025
Record Date: February 18, 2025
Payable Date: February 28, 2025

Ex-Date: March 18, 2025
Record Date: March 18, 2025
Payable Date: March 31, 2025

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 $3.66 billion of total assets under management and 87.80 million common shares outstanding as of December 9, 2024.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain an 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.

There is no guarantee that distributions will be paid or that the rate will remain the same.
Paralel Distributors LLC, FINRA Member Firm.

SOURCE: Reaves Utility Income Fund

View the original press release on accesswire.com

FAQ

What is the monthly distribution amount announced by UTG for early 2025?

UTG announced a monthly distribution of $0.19 per common share for the next three months, unchanged from the previous quarter.

What are the payment dates for UTG's recently announced distributions?

The payment dates are January 17, 2025, February 28, 2025, and March 31, 2025.

What was UTG's market price and NAV as of December 9, 2024?

As of December 9, 2024, UTG's market price was $33.62 per share and its net asset value was $33.58 per share.

How much assets under management does UTG have as of December 2024?

UTG had approximately $3.66 billion of total assets under management as of December 9, 2024.

What is the minimum percentage of UTG's assets invested in utility and infrastructure companies?

Not less than 80% of UTG's assets are invested in domestic and foreign companies involved in utilities and infrastructure operations.

What sectors does UTG primarily invest in?

UTG primarily invests in companies involved in electricity/gas/water generation/distribution, telecommunications activities, and infrastructure operations like airports, toll roads, and municipal services.