[Form 4/A] REAVES UTILITY INCOME FUND Amended Insider Trading Activity

Rhea-AI Filing Summary

Reaves Utility Income Fund (UTG) reported a Form 4/A for an officer of the investment advisor, detailing routine dividend reinvestments and one open‑market purchase. Multiple small acquisitions were recorded under code J, explained as “cash reinvestment,” across monthly dates. On 10/23/2025, the insider purchased 2,700 shares at $37.80 (code P). Following these transactions, the insider directly beneficially owns 13,627.18 shares.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Rhame Joseph Burns III

(Last) (First) (Middle)

C/O W.H. REAVES & CO., INC.

10 EXCHANGE PLACE, 18TH FLOOR

(Street)

JERSEY CITY NJ 07302

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
REAVES UTILITY INCOME FUND [ UTG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Officer of Investment Advisor

3. Date of Earliest Transaction (Month/Day/Year)
11/30/2024

4. If Amendment, Date of Original Filed (Month/Day/Year)
10/27/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Reaves Utility Income Fund	12/02/2024		J(1)		34.133	A	$34.6	10,316.272	D
Reaves Utility Income Fund	12/02/2024		J(1)		21.726	A	$34.6	10,337.998	D
Reaves Utility Income Fund	12/30/2024		J(1)		37.821	A	$31.81	10,375.819	D
Reaves Utility Income Fund	12/30/2024		J(1)		24.074	A	$31.81	10,399.893	D
Reaves Utility Income Fund	01/21/2025		J(1)		36.333	A	$34.02	10,436.226	D
Reaves Utility Income Fund	01/21/2025		J(1)		23.126	A	$34.02	10,459.352	D
Reaves Utility Income Fund	02/27/2025		J(1)		36.991	A	$32.86	10,496.343	D
Reaves Utility Income Fund	02/27/2025		J(1)		23.546	A	$32.86	10,519.889	D
Reaves Utility Income Fund	03/31/2025		J(1)		37.655	A	$32.54	10,557.544	D
Reaves Utility Income Fund	03/31/2025		J(1)		23.968	A	$32.54	10,581.512	D
Reaves Utility Income Fund	04/30/2025		J(1)		37.601	A	$32.78	10,619.113	D
Reaves Utility Income Fund	04/30/2025		J(1)		23.933	A	$32.78	10,643.046	D
Reaves Utility Income Fund	05/30/2025		J(1)		35.983	A	$34.6	10,679.029	D
Reaves Utility Income Fund	05/30/2025		J(1)		22.904	A	$34.6	10,701.933	D
Reaves Utility Income Fund	06/28/2025		J(1)		34.654	A	$36.18	10,736.587	D
Reaves Utility Income Fund	06/28/2025		J(1)		22.058	A	$36.18	10,758.645	D
Reaves Utility Income Fund	07/31/2025		J(1)		34.445	A	$38.28	10,793.09	D
Reaves Utility Income Fund	07/31/2025		J(1)		21.925	A	$38.28	10,815.015	D
Reaves Utility Income Fund	08/29/2025		J(1)		34.581	A	$37.94	10,849.596	D
Reaves Utility Income Fund	08/29/2025		J(1)		22.011	A	$37.94	10,871.607	D
Reaves Utility Income Fund	09/30/2025		J(1)		33.958	A	$39.62	10,905.565	D
Reaves Utility Income Fund	09/30/2025		J(1)		21.615	A	$39.62	10,927.18	D
Reaves Utility Income Fund	10/23/2025		P		2,700	A	$37.8	13,627.18	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Reaves Utility Income Fund cash reinvestment.

	Joseph Burns Rhame III	10/27/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did UTG’s Form 4/A report?

It reported multiple dividend reinvestments (code J, “cash reinvestment”) and an open‑market purchase of 2,700 shares at $37.80 on 10/23/2025.

How many UTG shares does the insider now own?

Following the reported transactions, direct beneficial ownership is 13,627.18 shares.

What does transaction code J indicate in this filing?

Code J is explained as “cash reinvestment”, reflecting routine dividend reinvestments.

What was the open‑market purchase disclosed for UTG?

An acquisition of 2,700 shares at a price of $37.80 on 10/23/2025 (code P).

What is the insider’s relationship to UTG?

The filer is marked as Other, specified as an Officer of Investment Advisor to UTG.

Is the ownership direct or indirect after these transactions?

The filing shows Direct (D) beneficial ownership of the reported shares.

What is the earliest transaction date covered?

The earliest transaction date listed is 11/30/2024.