The Reaves Utility Income Fund Announces Regular Monthly Dividend Of $0.115 Per Share
The Reaves Utility Income Fund (NYSE Amex: UTG) today announced the next three monthly dividends at a rate of $0.115 per common share per month, unchanged from the per share rate paid for the previous quarter. The dividend represents an annualized yield of 6.4% based on the current market price. As of October 7, 2010, the Fund’s market price was $21.71 per share and its net asset value was $21.35 per share.
A portion of the 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 all distributions in 2010, including the percentage of qualified dividend income, will be made after year end.
Not less than eighty percent of the Fund’s assets will continue to be invested in the securities of utility companies. 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 dividend income and capital appreciation.
Ronald Sorenson, CEO, Chief Investment Officer of W. H. Reaves and portfolio manager recently noted that the recovery in equity markets over the past several months permitted the Fund to realize capital gains sufficient to recover nearly all prior year realized capital losses carried into the 2010 fiscal year, which ends October 31. Mr. Sorenson reiterated the Fund’s long-term goal of growing the dividend over time commensurate with the rising earnings power of the Fund’s underlying investments.The following dates apply to the upcoming dividends that have been declared: Ex-Distribution Date: October 18, 2010Record Date: October 20, 2010Payable Date: October 29, 2010 Ex-Distribution Date: November 17, 2010Record Date: November 19, 2010Payable Date: November 30, 2010 Ex-Distribution Date: December 15, 2010Record Date: December 17, 2010Payable Date: December 31, 2010
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV