DENVER, April 6, 2020 /PRNewswire/ -- The Reaves Utility Income Fund (NYSE MKT: UTG) announced today the next three monthly dividends at a rate of $0.18 per common share per month, unchanged from the per share rate paid for the previous quarter. As of April 2, 2020, the Fund's market price was $26.08 per share and its net asset value was $27.01 per share.

(PRNewsfoto/Reaves Utility Income Fund)

Tim Porter, the Fund's portfolio manager and Chief Investment Officer of Reaves Asset Management, the Fund's investment adviser, commented, "The income generating capacity from our investments in high-quality utility and communications companies should have relatively little impact from the Covid-19 disruptions owing to the essential nature of the businesses. We expect these companies to continue to generate a growing income stream for investors." 

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 dividends that have been declared:

Ex-Distribution Date: April 17, 2020
Record Date: April 20, 2020
Payable Date: April 30, 2020

Ex-Distribution Date: May 18, 2020
Record Date: May 19, 2020
Payable Date: May 29, 2020

Ex-Distribution Date: June 18, 2020
Record Date: June 19, 2020
Payable Date: June 30, 2020

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 distributions and capital appreciation. There were approximately $1.8 billion of total assets under management and 49.3 million common shares outstanding as of April 2, 2020.

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.

ALPS Portfolio Solutions Distributor, Inc., FINRA Member Firm.

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.

REA000456 4/6/2021

Media Contact: Reaves Utility Income Fund, 800-644-5571

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SOURCE Reaves Utility Income Fund