Reaves Utility Income Fund Names Timothy O. Porter as Co-Portfolio Manager of the Fund
December 07, 2018 at 01:19 am IST
Share
Reaves Utility Income Fund announced 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.
Reaves Utility Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide a high level of after-tax income and total return consisting primarily of tax-advantaged dividend income and capital appreciation. Under normal market conditions, the Fund invests at least 80% of its total assets in dividend-paying common and preferred stocks of companies in the utility industry. The Fund pursues its investment objective by investing at least 80% of its total assets in the securities of domestic and foreign companies involved to a significant extent in providing products, services or equipment for the generation or distribution of electricity, gas or water; telecommunications activities, and infrastructure operations, such as airports, toll roads and municipal services. The Fund may invest in preferred stocks and bonds of below investment grade quality (junk bonds). The Fund's investment adviser is W.H. Reaves & Co. Inc.
REAVES UTILITY INCOME FUND 
