PR Newswire
DENVER , May 11, 2021 /PRNewswire/ -- The Reaves Utility Income Fund is pleased to announce the initiation of a breakpoint in fees. The advisory and administrative fee on gross assets greater than $2.5 billion will be 0.765%, down from the current rate of 0.84%. The reduction is in line with the Fund's goal of providing a monthly distribution and competitive long-term total returns while being amongst the lowest cost funds in its peer group.
Tim Porter , Chief Investment Officer of Reaves Asset Management and co-Portfolio Manager of the Reaves Utility Income Fund, remarked, "Successfully investing the Fund's assets has allowed us to increase the distribution 11 times while never having a return of capital on an annual basis. The breakpoint is another way to reward the owners of the Fund."
Brad Swenson , Head of Registered Fund Services at SS&C ALPS and President of the Reaves Utility Income Fund, added, "We are happy to initiate a fee breakpoint. We are committed to providing best-in-class service at competitive rates. As it grows, these actions will help ensure
that the Reaves Utility Income Fund remains amongst the highest quality choices in the closed-end fund market."
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 $2.3 billion of total assets under management and 57.6 million common shares outstanding as of April 6, 2021 .
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.
SOURCE Reaves Utility Income Fund