Gabelli Utility Trust Continues Monthly Distributions, Declares Distributions of $0.05 Per Share
RYE, N.Y., May 16, 2024 (GLOBE NEWSWIRE) -- The Board of Trustees of The Gabelli Utility Trust (NYSE:GUT) (the “Fund”) approved the continuation of its policy of paying fixed monthly cash
distributions. The Board of Trustees declared cash distributions of $0.05 per share for each of July, August, and September 2024.
Distribution Month | Record Date | Payable Date | Distribution Per Share |
July | July 17, 2024 | July 24, 2024 | $0.05 |
August | August 16, 2024 | August 23, 2024 | $0.05 |
September | September 16, 2024 | September 23, 2024 | $0.05 |
Additionally, the Board of Directors continues to evaluate potential strategic opportunities for the Fund in what we believe to be an attractive environment to invest in the broader equity markets.
Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized 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. If necessary, the Fund will pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the monthly distributions for that year to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The Fund’s distribution policy is subject to modification by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund. The Gabelli Utility Trust has paid a distribution to shareholders every month since October 1999.
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The Fund’s shares are currently trading at a premium to net asset value. The Board of Trustees believes that the premium at which the Fund shares trade relative to net asset value is not likely to be sustainable. Shareholders participating in the Fund’s dividend reinvestment plan should note that at the current market price, the reinvestment of distributions occurs at a premium to net asset value.