REAVES UTILITY INCOME FUND Reaves Utility Income Fund
FUND UPDATE 6/30/2023
www.utilityincomefund.com | NYSE American Symbol: UTG | NAV Symbol: XUTGX |
PORTFOLIO OBJECTIVE
The investment objective of the Fund is to provide a high level of after-tax total return consisting primarily of tax-advantaged dividend income and capital appreciation. It intends to invest at least 80% of its total assets in dividend-paying common and preferred stocks and debt instruments of companies within the utility industry. Up to 20% of the Fund may be invested in the securities of other industries.
DISTRIBUTION HISTORY PER SHARE
Since inception UTG has distributed over $1.2 billion to shareholders
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||
Qualified Dividend | Non-Qualified Dividend | Long-Term Capital Gain | ||||||||||||||||||||||
PORTFOLIO DATA as of 6/30/23
Total Net Assets | $2,065,013,170 |
Total Number of Holdings | 50 |
Common Shares Outstanding | 75,406,517 |
DISTRIBUTION DATA as of 6/30/23
Distribution Rate* | 8.32% |
Distributions per share - Q2 2023 | $0.57 |
Distributions per share - Last 12 months | $2.28 |
Market Price : $27.42Net Asset Value (NAV) per share: $27.39Premium: 0.11%
MONTHLY DISTRIBUTIONS** -2017 to 2023
2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
YEAR | $2.28 | $2.22 | $2.16 | $2.10 | $2.01 | $1.92 | |
JAN | $0.19 | $0.19 | $0.18 | $0.18 | $0.17 | $0.16 | $0.16 |
FEB | $0.19 | $0.19 | $0.18 | $0.18 | $0.17 | $0.16 | $0.16 |
MAR | $0.19 | $0.19 | $0.18 | $0.18 | $0.17 | $0.16 | $0.16 |
APR | $0.19 | $0.19 | $0.18 | $0.18 | $0.17 | $0.17 | $0.16 |
MAY | $0.19 | $0.19 | $0.18 | $0.18 | $0.17 | $0.17 | $0.16 |
JUN | $0.19 | $0.19 | $0.18 | $0.18 | $0.17 | $0.17 | $0.16 |
JUL | $0.19 | $0.19 | $0.18 | $0.18 | $0.17 | $0.16 | |
AUG | $0.19 | $0.19 | $0.18 | $0.18 | $0.17 | $0.16 | |
SEP | $0.19 | $0.19 | $0.18 | $0.18 | $0.17 | $0.16 | |
OCT | $0.19 | $0.19 | $0.18 | $0.18 | $0.17 | $0.16 | |
NOV | $0.19 | $0.19 | $0.18 | $0.18 | $0.17 | $0.16 | |
DEC | $0.19 | $0.19 | $0.18 | $0.18 | $0.17 | $0.16 |
* See disclosures for calculation of distribution rate. **There can be no guarantee that distributions will be paid or that the rate will remain the same.
Reaves Utility Income Fund
FUND UPDATE 6/30/2023
PERFORMANCE (%) | QTD | YTD | 1 Year | 3 Years* | 5 Years* | 10 Years* | Inception* |
Since | |||||||
Market Price | -1.37 | 0.37 | -4.28 | 4.03 | 5.96 | 7.80 | 9.05 |
NAV | -1.17 | -2.10 | -4.41 | 4.81 | 4.16 | 7.36 | 9.30 |
*Annualized, Inception date: 2/24/2004
INDUSTRY BREAKDOWN as of 6/30/23
5.4% | 2.2% | |||
6.1% | ||||
7.8% | Utilities | |||
Communication Services | ||||
Real Estate | |||
Industrials | |||
Energy | |||
Cash | |||
19.2% | 59.3% | ||
TOP 10 HOLDINGS as of 6/30/23
CMS Energy | 3.75% |
Entergy | 3.67% |
NiSource | 3.67% |
Ameren | 3.63% |
DT Telekom AG | 3.60% |
BCE | 3.43% |
Duke Energy | 3.32% |
Comcast | 3.22% |
NextEra Energy | 3.16% |
Telus | 3.14% |
Holdings are subject to change.
Percentages are based on gross assets under management.
ABOUT REAVES | PORTFOLIO MANAGERS |
Reaves Asset Management is an independently owned SEC-registered investment adviser with decades of experience investing in publicly listed infrastructure equities.
To learn more about Reaves please visit www.reavesam.com
Tim Porter, CFA
Vice President, Portfolio Manager, Analyst
27 years of investment experience
John Bartlett, CFA
President, Portfolio Manager, Analyst
29 years of investment experience
The chart on page one describes the annual tax status of the fund's distributions. Qualified dividends are defined as dividends from shares in domestic corporations and certain qualified foreign corporations which have been held for at least a specified minimum period of time, known as a holding period. A nonqualified dividend is one that doesn't meet IRS requirements to qualify for a lower tax rate. These dividends are also known as ordinary dividends and are taxed as ordinary income. Long-term capital gains tax is a tax on profits from the sale of an asset held for more than a year. The tax rate on such a gain is lower than that of a short-term capital gain held for less than a year. Please consult your tax advisor about the impact of qualified, non-qualified dividends and capital gains.
*The distribution rate calculation is based on the most current dividend rate per share of $0.19 annualized and divided by the 6/30/23 market price of $27.42. The fixed monthly amount distributed per share is subject to change at the discretion of the Fund's Board of Trustees. Sources of distributions to shareholders may include net investment income,net realized short-term capital gains, net realized long-term capital gains and return of capital. Based on current estimates, the first quarter 2023 distributions were paid from a combination of net realized long-term capital gains (68.4%), net investment income (28.4%), and net realized short-term capital gains (3.2%). The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time, available at www.utilityincomefund.com. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year. Distribution payments are not guaranteed and dividend rates can vary.
The net asset value (NAV) of a closed-end fund is the market value of the underlying investments (i.e., stocks and bonds) in the Fund's portfolio, minus liabilities, divided by the total number of Fund shares outstanding. However, the Fund also has a market price; the value at which it trades on an exchange. If the market price is above the NAV the Fund is trading at a premium. If the market price is below the NAV the Fund is trading at a discount.
This fact sheet is provided for informational purposes only and is not an offer to purchase or sell shares.The Reaves Utility Income Fund is a closed-end fund, which is traded on the New York Stock Exchange.
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.
Past performance does not guarantee future results and current performance may be lower or higher than the performance quoted.
RISKS: The Fund may have elements of risk, including the risk of loss of equity. There is no assurance that the investment proess will consistently lead to successful results. An Investment concentrated in sectors and industries may involved greater risk and volatility than a more diversified investment.
Paralel Distributors LLC: FINRA Member Firm.
REA000540
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Reaves Utility Income Fund published this content on 30 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2023 09:12:07 UTC.
