EX-99.13.C 5 fp0071373_ex9913c.htm

Exhibit13(c)

 

REAVES UTILITY INCOME FUND SECTION 19(a) NOTICE

 

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940

 

On May 28, 2021, the Reaves Utility Income Fund (NYSE MKT: UTG) (the “Fund”), a closed-end sector fund, paid a monthly distribution on its common stock of $0.18 per share to shareholders of record at the close of business on May 19, 2021.

 

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. In accordance with generally accepted accounting principles (“GAAP”), the Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

 

Current Distribution from:        
    Per Share ($)              %
Net Investment Income   0.06004   33.36%
Net Realized Short-Term Capital Gain   0.06646   36.92%
Net Realized Long-Term Capital Gain   0.05350   29.72%
Return of Capital or other Capital Source   0.00000       0.00%
Total (per common share)   0.18000   100.00%
         
Fiscal Year-to-Date Cumulative        
Distributions from:        
    Per Share ($)             %
Net Investment Income   0.37832   30.06%
Net Realized Short-Term Capital Gain   0.26981   21.89%
Net Realized Long-Term Capital Gain   0.61187   48.05%
Return of Capital or other Capital Source   0.00000       0.00%
 Total (per common share)   1.26000   100.00%

 

The timing and character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. As such, all or a portion of this distribution may be reportable as taxable income on your 2020 federal income tax return. The final tax character of any distribution declared in 2021 will be determined in January 2022 and reported to you on IRS Form 1099-DIV.

 

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 

 

Presented below are return figures, based on the change in the Fund’s Net Asset Value per share (“NAV”), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.

 

Fund Performance & Distribution Information

 

Fiscal Year to Date (11/01/2020 through 4/30/2021)
Annualized Distribution Rate as a Percentage of NAV^ 6.28%
Cumulative Distribution Rate on NAV^ 3.66%
Cumulative Total Return on NAV* 15.51%
   
Average Annual Total Return on NAV for the 5 Year Period Ended 4/30/2021** 8.70%

 

^Based on the Fund’s NAV as of April 30, 2021.

 

*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2020 through April 30, 2021.

 

**The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

 

While the NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market. Past performance does not guarantee future results. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

 

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The Fund’s distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

 

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

 

 

Exhibit13(c)

 

REAVES UTILITY INCOME FUND SECTION 19(a) NOTICE

 

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940

 

On June 30, 2021, the Reaves Utility Income Fund (NYSE MKT: UTG) (the “Fund”), a closed-end sector fund, paid a monthly distribution on its common stock of $0.18 per share to shareholders of record at the close of business on June 18, 2021.

 

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. In accordance with generally accepted accounting principles (“GAAP”), the Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

 

Current Distribution from:        
    Per Share ($)              %
Net Investment Income   0.06477   35.98%
Net Realized Short-Term Capital Gain   0.00005   0.03%
Net Realized Long-Term Capital Gain   0.11518   63.99%
Return of Capital or other Capital Source   0.00000       0.00%
Total (per common share)   0.18000   100.00%
         
Fiscal Year-to-Date Cumulative        
Distributions from:        
    Per Share ($)             %
Net Investment Income   0.44309   30.77%
Net Realized Short-Term Capital Gain   0.26986   18.74%
Net Realized Long-Term Capital Gain   0.72705   50.49%
Return of Capital or other Capital Source   0.00000       0.00%
 Total (per common share)   1.44000   100.00%

 

The timing and character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. As such, all or a portion of this distribution may be reportable as taxable income on your 2021 federal income tax return. The final tax character of any distribution declared in 2021 will be determined in January 2022 and reported to you on IRS Form 1099-DIV.

 

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 

 

Presented below are return figures, based on the change in the Fund’s Net Asset Value per share (“NAV”), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.

 

Fund Performance & Distribution Information

 

Fiscal Year to Date (11/01/2020 through 5/31/2021)
Annualized Distribution Rate as a Percentage of NAV^ 6.33%
Cumulative Distribution Rate on NAV^ 4.22%
Cumulative Total Return on NAV* 15.27%
   
Average Annual Total Return on NAV for the 5 Year Period Ended 5/31/2021** 8.36%

 

^Based on the Fund’s NAV as of May 31, 2021.

 

*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2020 through May 31, 2021.

 

**The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

 

While the NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market. Past performance does not guarantee future results. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

 

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The Fund’s distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

 

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

 

 

Exhibit13(c)

 

REAVES UTILITY INCOME FUND SECTION 19(a) NOTICE

 

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940

 

On July 30, 2021, the Reaves Utility Income Fund (NYSE MKT: UTG) (the “Fund”), a closed-end sector fund, paid a monthly distribution on its common stock of $0.19 per share to shareholders of record at the close of business on July 23, 2021.

 

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. In accordance with generally accepted accounting principles (“GAAP”), the Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

 

Current Distribution from:        
    Per Share ($)              %
Net Investment Income   0.04203   22.12%
Net Realized Short-Term Capital Gain   0.00000   0.00%
Net Realized Long-Term Capital Gain   0.14797   77.88%
Return of Capital or other Capital Source   0.00000       0.00%
Total (per common share)   0.19000   100.00%
         
Fiscal Year-to-Date Cumulative        
Distributions from:        
    Per Share ($)             %
Net Investment Income   0.48512   29.76%
Net Realized Short-Term Capital Gain   0.26986   16.56%
Net Realized Long-Term Capital Gain   0.87502   53.68%
Return of Capital or other Capital Source   0.00000       0.00%
 Total (per common share)   1.63000   100.00%

 

The timing and character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. As such, all or a portion of this distribution may be reportable as taxable income on your 2021 federal income tax return. The final tax character of any distribution declared in 2021 will be determined in January 2022 and reported to you on IRS Form 1099-DIV.

 

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 

 

Presented below are return figures, based on the change in the Fund’s Net Asset Value per share (“NAV”), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.

 

Fund Performance & Distribution Information

 

Fiscal Year to Date (11/01/2020 through 6/30/2021)
Annualized Distribution Rate as a Percentage of NAV^ 6.81%
Cumulative Distribution Rate on NAV^ 4.87%
Cumulative Total Return on NAV* 13.62%
   
Average Annual Total Return on NAV for the 5 Year Period Ended 6/30/2021** 6.31%

 

^Based on the Fund’s NAV as of June 30, 2021.

 

*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2020 through June 30, 2021.

 

**The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

 

While the NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market. Past performance does not guarantee future results. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

 

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The Fund’s distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

 

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

 

 

Exhibit13(c)

 

REAVES UTILITY INCOME FUND SECTION 19(a) NOTICE

 

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940

 

On August 31, 2021, the Reaves Utility Income Fund (NYSE MKT: UTG) (the “Fund”), a closed-end sector fund, paid a monthly distribution on its common stock of $0.19 per share to shareholders of record at the close of business on August 20, 2021.

 

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. In accordance with generally accepted accounting principles (“GAAP”), the Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

 

Current Distribution from:        
    Per Share ($)              %
Net Investment Income   0.06122   32.22%
Net Realized Short-Term Capital Gain   0.00000   0.00%
Net Realized Long-Term Capital Gain   0.12878   67.78%
Return of Capital or other Capital Source   0.00000       0.00%
Total (per common share)   0.19000   100.00%
         
Fiscal Year-to-Date Cumulative        
Distributions from:        
    Per Share ($)             %
Net Investment Income   0.54634   30.02%
Net Realized Short-Term Capital Gain   0.26986   14.83%
Net Realized Long-Term Capital Gain   1.00380   55.15%
Return of Capital or other Capital Source   0.00000       0.00%
 Total (per common share)   1.82000   100.00%

 

The timing and character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. As such, all or a portion of this distribution may be reportable as taxable income on your 2021 federal income tax return. The final tax character of any distribution declared in 2021 will be determined in January 2022 and reported to you on IRS Form 1099-DIV.

 

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 

 

Presented below are return figures, based on the change in the Fund’s Net Asset Value per share (“NAV”), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.

 

Fund Performance & Distribution Information

 

Fiscal Year to Date (11/01/2020 through 7/31/2021)
Annualized Distribution Rate as a Percentage of NAV^ 6.63%
Cumulative Distribution Rate on NAV^ 5.29%
Cumulative Total Return on NAV* 17.38%
   
Average Annual Total Return on NAV for the 5 Year Period Ended 7/31/2021** 7.14%

 

^Based on the Fund’s NAV as of July 31, 2021.

 

*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2020 through July 31, 2021.

 

**The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

 

While the NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market. Past performance does not guarantee future results. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

 

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The Fund’s distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

 

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

 

 

Exhibit13(c)

 

REAVES UTILITY INCOME FUND SECTION 19(a) NOTICE

 

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940

 

On September 30, 2021, the Reaves Utility Income Fund (NYSE MKT: UTG) (the “Fund”), a closed-end sector fund, paid a monthly distribution on its common stock of $0.19 per share to shareholders of record at the close of business on September 17, 2021.

 

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. In accordance with generally accepted accounting principles (“GAAP”), the Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

 

Current Distribution from:        
    Per Share ($)              %
Net Investment Income   0.06196   32.61%
Net Realized Short-Term Capital Gain   0.00000   0.00%
Net Realized Long-Term Capital Gain   0.12804   67.39%
Return of Capital or other Capital Source   0.00000       0.00%
Total (per common share)   0.19000   100.00%
         
Fiscal Year-to-Date Cumulative        
Distributions from:        
    Per Share ($)             %
Net Investment Income   0.60830   30.26%
Net Realized Short-Term Capital Gain   0.26986   13.43%
Net Realized Long-Term Capital Gain   1.13184   56.31%
Return of Capital or other Capital Source   0.00000       0.00%
 Total (per common share)   2.01000   100.00%

 

The timing and character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. As such, all or a portion of this distribution may be reportable as taxable income on your 2021 federal income tax return. The final tax character of any distribution declared in 2021 will be determined in January 2022 and reported to you on IRS Form 1099-DIV.

 

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 

 

Presented below are return figures, based on the change in the Fund’s Net Asset Value per share (“NAV”), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.

 

Fund Performance & Distribution Information

 

Fiscal Year to Date (11/01/2020 through 8/31/2021)
Annualized Distribution Rate as a Percentage of NAV^ 6.46%
Cumulative Distribution Rate on NAV^ 5.69%
Cumulative Total Return on NAV* 21.17%
   
Average Annual Total Return on NAV for the 5 Year Period Ended 8/31/2021** 8.74%

 

^Based on the Fund’s NAV as of August 31, 2021.

 

*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2020 through August 31, 2021.

 

**The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

 

While the NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market. Past performance does not guarantee future results. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

 

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The Fund’s distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

 

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

 

 

Exhibit13(c)

 

REAVES UTILITY INCOME FUND SECTION 19(a) NOTICE

 

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940

 

On October 29, 2021, the Reaves Utility Income Fund (NYSE MKT: UTG) (the “Fund”), a closed-end sector fund, paid a monthly distribution on its common stock of $0.19 per share to shareholders of record at the close of business on October 20, 2021.

 

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. In accordance with generally accepted accounting principles (“GAAP”), the Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

 

Current Distribution from:        
    Per Share ($)              %
Net Investment Income   0.02991   15.74%
Net Realized Short-Term Capital Gain   0.00000   0.00%
Net Realized Long-Term Capital Gain   0.16009   84.26%
Return of Capital or other Capital Source   0.00000       0.00%
Total (per common share)   0.19000   100.00%
         
Fiscal Year-to-Date Cumulative        
Distributions from:        
    Per Share ($)             %
Net Investment Income   0.63821   29.01%
Net Realized Short-Term Capital Gain   0.26986   12.27%
Net Realized Long-Term Capital Gain   1.29193   58.72%
Return of Capital or other Capital Source   0.00000       0.00%
 Total (per common share)   2.20000   100.00%

 

The timing and character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. As such, all or a portion of this distribution may be reportable as taxable income on your 2021 federal income tax return. The final tax character of any distribution declared in 2021 will be determined in January 2022 and reported to you on IRS Form 1099-DIV.

 

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.  

 

 

Presented below are return figures, based on the change in the Fund’s Net Asset Value per share (“NAV”), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.

 

Fund Performance & Distribution Information

 

Fiscal Year to Date (11/01/2020 through 9/30/2021)
Annualized Distribution Rate as a Percentage of NAV^ 7.13%
Cumulative Distribution Rate on NAV^ 6.88%
Cumulative Total Return on NAV* 10.46%
   
Average Annual Total Return on NAV for the 5 Year Period Ended 9/30/2021** 6.40%

 

^Based on the Fund’s NAV as of September 30, 2021.

 

*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2020 through September 30, 2021.

 

**The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

 

While the NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market. Past performance does not guarantee future results. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

 

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The Fund’s distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

 

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

 

 

Exhibit13(c)

 

REAVES UTILITY INCOME FUND SECTION 19(a) NOTICE

 

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940

 

On November 30, 2021, the Reaves Utility Income Fund (NYSE MKT: UTG) (the “Fund”), a closed-end sector fund, paid a monthly distribution on its common stock of $0.19 per share to shareholders of record at the close of business on November 17, 2021.

 

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. In accordance with generally accepted accounting principles (“GAAP”), the Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

 

Current Distribution from:        
    Per Share ($)              %
Net Investment Income   0.06260   32.95%
Net Realized Short-Term Capital Gain   0.00000   0.00%
Net Realized Long-Term Capital Gain   0.12740   67.05%
Return of Capital or other Capital Source   0.00000       0.00%
Total (per common share)   0.19000   100.00%
         
Fiscal Year-to-Date Cumulative        
Distributions from:        
    Per Share ($)             %
Net Investment Income   0.06260   32.95%
Net Realized Short-Term Capital Gain   0.00000   0.00%
Net Realized Long-Term Capital Gain   0.12740   67.05%
Return of Capital or other Capital Source   0.00000       0.00%
 Total (per common share)   0.19000   100.00%

 

The timing and character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. As such, all or a portion of this distribution may be reportable as taxable income on your 2021 federal income tax return. The final tax character of any distribution declared in 2021 will be determined in January 2022 and reported to you on IRS Form 1099-DIV.

 

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 

 

Presented below are return figures, based on the change in the Fund’s Net Asset Value per share (“NAV”), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.

 

Fund Performance & Distribution Information

 

Fiscal Year to Date (11/01/2020 through 10/31/2021)
Annualized Distribution Rate as a Percentage of NAV^ 6.89%
Cumulative Distribution Rate on NAV^ 0.57%
Cumulative Total Return on NAV* 14.92%
   
Average Annual Total Return on NAV for the 5 Year Period Ended 10/31/2021** 7.58%

 

^Based on the Fund’s NAV as of October 31, 2021.

 

*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2020 through October 31, 2021.

 

**The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

 

While the NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market. Past performance does not guarantee future results. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

 

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The Fund’s distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

 

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