TORONTO, ONTARIO--(Marketwired - March 21, 2014) - Canadian Utilities & Telecom Income Fund (the "Fund") (TSX:UTE.UN) announces results of operations for the year ended December 31, 2013. Net increase in net assets from operations amounted to $1.9 million or $0.47 per unit. Net assets were $45.0 million or $11.76 per unit, net of distributions to unitholders in the amount of $3.5 million or $0.85 per unit.

The Fund's investment objectives are (i) to pay unitholders monthly distributions in an amount targeted to be 7.0% per annum on the net asset value ("NAV") of the Fund; and (ii) to preserve and enhance the Fund's NAV while reducing portfolio volatility.

The Fund achieves its investment objectives by investing in a portfolio consisting principally of equity securities of large capitalization (over $1 billion) Utilities and, to a lesser degree, Telecommunications issuers listed on the Toronto Stock Exchange ("TSX"). Issuers selected for inclusion in the portfolio must have a minimum distribution yield of 2.0% per annum.

The Fund may also invest up to 20% of the Fund's NAV in equity securities of other Utilities and Telecommunications issuers listed on a North American stock exchange, subject to a minimum market capitalization of $250 million and a minimum distribution yield of 2.0% per annum.

The Fund employs a proprietary investment strategy, Strathbridge Selective Overwriting ("SSO"), to enhance the income generat ed by the portfolio and to reduce volatility. The Fund may, from time to time, selectively write covered call options in respect of up to a maximum of 25 percent of the securities in the portfolio. In addition, the Fund may write cash covered put options in respect of securities in which it is permitted to invest.

The Fund's investment portfolio is managed by its investment manager, Strathbridge Asset Management Inc. The Fund's units are listed on TSX under the symbol UTE.UN.

Selected Financial Information : ($ Millions)
Statement of Net Assets 2013
Assets $ 45.1
Liabilities (0.1 )
Net Assets (Unitholders' Equity) $ 45.0
Statement of Financial Operations
Revenue $ 2.1
Expenses (1.2 )
Net Investment Income $ 0.9
Net Gain on Investments 1.0
Net Increase in Net Assets from Operations $ 1.9

Aaron Ho, Vice-President, Finance

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Contact Information:

Strathbridge Asset Management Inc.
Investor Relations
416.681.3966; 1.800.725.7172