[Form 4] REAVES UTILITY INCOME FUND Insider Trading Activity

Q: How many UTG shares does the reporting person own after these transactions?

Following the 10/23/2025 transaction, the reporting person beneficially owns 13,559.264 shares , held directly.

Q: What does Transaction Code J indicate in the UTG Form 4?

The filing explains Code J entries as “Reaves Utility Income Fund cash reinvestment” , consistent with dividend reinvestment purchases across listed dates.

Q: Are the UTG holdings reported as direct or indirect?

The holdings are reported as Direct (D) ownership.

Q: Over what period did the cash reinvestment transactions occur for UTG?

The listed cash reinvestment transactions span from 12/02/2024 through 09/30/2025 , with amounts and prices shown for each date.

Filing Impact

(Moderate)

Filing Sentiment

(Positive)

Form Type

Rhea-AI Filing Summary

Reaves Utility Income Fund (UTG) reported insider activity by an officer of its investment advisor. On 10/23/2025, the reporting person purchased 2,700 shares at $37.80 (Transaction Code P), bringing beneficial ownership to 13,559.264 shares, held directly.

The filing also lists recurring small acquisitions labeled Code J from 12/02/2024 through 09/30/2025, noted as “Reaves Utility Income Fund cash reinvestment,” reflecting ongoing dividend reinvestment transactions at prices shown on each date.

Insider Trade Summary

Net Buyer: 2,700 shares ($102,060)

Net Buy 22 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	33.985	$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	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 — 13,559.264 shares (Direct)

Footnotes (1)

[object Object]

Form 4 Insider Transactions: What Each Field Means →

10/27/2025 - 10:59 AM

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
12/02/2024

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

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	10,377.998	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	09/30/2025		J⁽¹⁾		33.985	A	$39.62	10,837.649	D
Reaves Utility Income Fund	09/30/2025		J⁽¹⁾		21.615	A	$39.62	10,859.264	D
Reaves Utility Income Fund	10/23/2025		P		2,700	A	$37.8	13,559.264	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

FAQ

What did UTG disclose on this Form 4?

An officer of the fund’s investment advisor reported multiple acquisitions, including a purchase of 2,700 shares at $37.80 on 10/23/2025, and ongoing cash reinvestment entries (Code J).

How many UTG shares does the reporting person own after these transactions?

Following the 10/23/2025 transaction, the reporting person beneficially owns 13,559.264 shares, held directly.

What is the significance of Transaction Code P on 10/23/2025 for UTG?

Code P denotes an open-market or private purchase; here it reflects 2,700 shares at $37.80.

What does Transaction Code J indicate in the UTG Form 4?

The filing explains Code J entries as “Reaves Utility Income Fund cash reinvestment”, consistent with dividend reinvestment purchases across listed dates.

Are the UTG holdings reported as direct or indirect?

The holdings are reported as Direct (D) ownership.

Over what period did the cash reinvestment transactions occur for UTG?

The listed cash reinvestment transactions span from 12/02/2024 through 09/30/2025, with amounts and prices shown for each date.