Date Change Notification for Reaves Utility Income Fund Special Dividend.DENVER -- On December 22, 2006, the Reaves Utility Income Fund (AMEX AMEX See: American Stock Exchange : UTG (UnixWare Technology Group) An organization formed in 1994 to establish UnixWare as an open standard. UnixWare was then owned by Novell who later sold it to SCO. UTG has since folded. ) declared a long-term capital gain Long-term capital gain A profit on the sale of a security or mutual fund share that has been held for more than one year. distribution of $0.0549 per share. The distribution is being paid in addition to its regular monthly dividend to allow the Fund to meet its 2006 distribution requirement for federal excise tax Excise Tax 1. An indirect tax charged on the sale of a particular good. 2. A penalty tax applied to ineligible transactions in retirement accounts. This penalty is assessed by and paid to the IRS. Notes: 1. purposes. The payable, record and Ex-Distribution dates have been changed from those communicated in the press release dated December 22, 2006. The distributions will be payable on January 2, 2007 to shareholders of record on December 29, 2006. The Ex-Distribution date will be December 27, 2006. As of December 22, 2006, the Fund's net asset value was $26.87 per share and its market price was $24.48. The final determination of the sources of all distributions in 2006, including the percentage of qualified dividend income, will be made after year-end. 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. There were approximately $858 million of total assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and 22.7 million common shares outstanding as of December 21, 2006. An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus which contains this and other information visit www.utilityincomefund.com or call 800-644-5571. Read the prospectus carefully before investing or sending money. The Reaves Utility Income Fund is a closed-end fund Closed-end fund An investment company that issues shares like any other corporation and usually does not redeem its shares. A publicly traded fund sold on stock exchanges or over the counter that may trade above or below its net asset value. Related: Open-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. |
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