Reaves Utility Income Fund Announces Portfolio Management Transition
DENVER–(BUSINESS WIRE)–The Reaves Utility Income Fund (NYSE MKT: UTG) (the “Fund”) is pleased
to announce that Timothy O. Porter has been named a co-portfolio manager
of the Fund, serving with senior managers Ronald J. Sorenson and John P.
Bartlett. Mr. Sorenson, who helped establish the Fund in 2004, will
continue in his role as co-portfolio manager through the end of 2019.
Mr. Porter joined Reaves Asset Management, the Fund’s investment
adviser, in 2004 as an energy analyst and became a portfolio manager in
2007. His portfolio responsibilities include management of
high-net-worth individual accounts and the Reaves Utilities and Energy
Infrastructure Fund (RSRFX). In addition, Mr. Porter is a member of the
Firm’s Risk Committee.
“I have worked with Tim as an analyst and a portfolio manager for most
of his career at Reaves,” said Mr. Sorenson. He added that “I am
confident that Tim and John will continue to apply the investment
principles that have contributed to the Fund’s success over the years: a
long-term perspective, independent and disciplined thinking, and a clear
focus on the fundamental drivers of earning and dividend growth.”
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 dividend
income and capital appreciation. The Fund had approximately $1.59
billion of net assets under management and 48.6 million common shares
outstanding as of November 30, 2018.
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.
ALPS Portfolio Solutions Distributor, Inc., FINRA Member.
Contacts
Reaves Utility Income Fund
Ned Burke, ALPS, +1 303-623-2577
ned.burke@alpsinc.com
or
1-800-644-5571
www.utilityincomefund.com
