Reaves Utility Income Fund, a popular investment fund focused on utility and infrastructure companies, has announced its regular monthly distribution of $0.19 per share. This distribution rate remains unchanged from the previous quarter. The fund’s portfolio manager, Tim Porter, expressed confidence in the ability of the fund’s holdings to support the monthly distribution to shareholders.
The fund has received a 19b-1 exemption from the Securities and Exchange Commission, which allows a portion of each distribution to be sourced from other than net income. This includes sources such as short-term and long-term capital gains, as well as return of capital. The final determination of the distribution sources will be made after the fund’s year-end.
At least eighty percent of the fund’s assets will continue to be invested in domestic and foreign companies involved in the provision of products, services, or equipment related to the generation or distribution of electricity, gas or water, telecommunications activities, and infrastructure operations. The fund’s objective is to provide a high level of after-tax income and total return primarily through tax-advantaged distributions and capital appreciation.
The upcoming distributions have been declared for the following dates:
– Ex-Distribution Date: July 20, 2023
Record Date: July 21, 2023
Payable Date: July 31, 2023
– Ex-Distribution Date: August 17, 2023
Record Date: August 18, 2023
Payable Date: August 31, 2023
– Ex-Distribution Date: September 18, 2023
Record Date: September 19, 2023
Payable Date: September 29, 2023
The Reaves Utility Income Fund currently has approximately $2.63 billion in total assets under management and 75.67 million common shares outstanding as of July 5, 2023.
Investors are encouraged to carefully consider the fund’s investment objectives, risks, charges, and expenses before investing. Annual and semi-annual reports containing this information can be obtained from the fund’s website or by calling the provided contact number.
It is important to note that there is no guarantee that distributions will be paid or that the rate will remain the same. The fund’s strategy aims to provide a balance of income and total return, but it is subject to market fluctuations and other factors that may affect performance.
The announcement from Reaves Utility Income Fund provides valuable information for investors interested in the utility and infrastructure sector. With the unchanged monthly distribution rate and the fund’s focus on tax-advantaged income and capital appreciation, it may be an appealing opportunity for those seeking stable returns in this sector. However, it is always advisable to conduct thorough research and consider individual investment goals before making any decisions.
Overall, Reaves Utility Income Fund’s regular monthly distribution announcement highlights the fund’s commitment to providing income and potential growth to shareholders, serving as a useful update for investors in the utility and infrastructure industry.
