UTG insider buys 2,700 shares at $37.80; holds 13,627.18

Q: What does transaction code J indicate in this filing?

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

Q: 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).

Q: What is the insider’s relationship to UTG?

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

Q: Is the ownership direct or indirect after these transactions?

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

Q: What is the earliest transaction date covered?

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

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.

Accepted by SEC EDGAR 10/27/2025 - 02:10 PM EDT

Filing Impact

(Moderate)

Filing Sentiment

(Positive)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

4/A

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.

Insider Trade Summary

Net Buyer: 2,700 shares

Net Buy 23 txns

Insider Rhame Joseph Burns III

Role Insider

Bought 2,700 shs ($102K)

Type	Security	Shares	Price	Value
Purchase	Reaves Utility Income Fund	2,700	$37.80	$102K
Other	Reaves Utility Income Fund	33.958	$39.62	$1K
Other	Reaves Utility Income Fund	21.615	$39.62	$856.39
Other	Reaves Utility Income Fund	34.581	$37.94	$1K
Other	Reaves Utility Income Fund	22.011	$37.94	$835.10
Other	Reaves Utility Income Fund	34.445	$38.28	$1K
Other	Reaves Utility Income Fund	21.925	$38.28	$839.29
Other	Reaves Utility Income Fund	34.654	$36.18	$1K
Other	Reaves Utility Income Fund	22.058	$36.18	$798.06
Other	Reaves Utility Income Fund	35.983	$34.60	$1K
Other	Reaves Utility Income Fund	22.904	$34.60	$792.48
Other	Reaves Utility Income Fund	37.601	$32.78	$1K
Other	Reaves Utility Income Fund	23.933	$32.78	$784.52
Other	Reaves Utility Income Fund	37.655	$32.54	$1K
Other	Reaves Utility Income Fund	23.968	$32.54	$779.92
Other	Reaves Utility Income Fund	36.991	$32.86	$1K
Other	Reaves Utility Income Fund	23.546	$32.86	$773.72
Other	Reaves Utility Income Fund	36.333	$34.02	$1K
Other	Reaves Utility Income Fund	23.126	$34.02	$786.75
Other	Reaves Utility Income Fund	37.821	$31.81	$1K
Other	Reaves Utility Income Fund	24.074	$31.81	$765.79
Other	Reaves Utility Income Fund	34.133	$34.60	$1K
Other	Reaves Utility Income Fund	21.726	$34.60	$751.72

Holdings After Transaction: Reaves Utility Income Fund — 13,627.18 shares (Direct)

Footnotes (1)

F1. Reaves Utility Income Fund cash reinvestment.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR