The Reaves Utility Income Fund is a closed-end fund with an investment objective to provide a high level of after-tax income and total return consisting primarily of tax-advantaged dividend income and capital appreciation. UTG pursues this objective by investing at least 80% of its total assets in dividend-paying common and preferred stocks and debt instruments of companies within the utility industry. Up to 20% of the Fund may be invested in the securities of companies in other industries. UTG provides a monthly distribution of .19 a share or $2.28 per year. Since the Fundâs inception in February 2004, shareholders have received more than $1.2 billion of cash distributions. Income from Tax-Advantaged Monthly Distributions Since 2004. Income, Income funds, fixed income, retirement income, best retirement funds, defensive equities, yield, high yield, mutual funds producing income, best high yield income funds, high yield closed-end funds.