[Form 4] REAVES UTILITY INCOME FUND Insider Trading Activity

Rhea-AI Filing Summary

Reaves Utility Income Fund (UTG) reported an insider transaction on Form 4. On 10/30/2025, a person identified as an officer of the investment advisor acquired fund shares via cash reinvestment (Transaction Code J). The filing lists two acquisitions: 34.786 shares at $38.22 and 22.142 shares at $38.22, recorded as direct ownership. Following these transactions, beneficial ownership was reported as 13,684.108 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

OMB APPROVAL

OMB Number:			3235-0287
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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).

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 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)
10/30/2025

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)
			Code	V	Amount	(A) or (D)	Price
Reaves Utility Income Fund	10/30/2025		J(1)		34.786	A	$38.22	13,661.966	D
Reaves Utility Income Fund	10/30/2025		J(1)		22.142	A	$38.22	13,684.108	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 cash reinvestment.

	Joseph Burns Rhame III	11/12/2025
	** 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.

FAQ

What did UTG disclose in this Form 4 filing?

An officer of the investment advisor reported acquiring shares via cash reinvestment (Code J).

When did the UTG transactions occur?

On 10/30/2025.

How many UTG shares were acquired and at what price?

Two acquisitions: 34.786 shares at $38.22 and 22.142 shares at $38.22.

What is the post-transaction UTG share ownership?

Beneficial ownership following the reported transactions is 13,684.108 shares.

What does Transaction Code J indicate for UTG?

Code J here is explained as Reaves Utility Income cash reinvestment.

Is the UTG ownership direct or indirect?

The filing indicates Direct (D) ownership.

What is the reporter’s relationship to UTG?

Listed as Other — Officer of Investment Advisor.