Reaves Utility Income Fund (NYSE: UTG) insider buys 500 shares

Rhea-AI Filing Summary

Reaves Utility Income Fund insider Joseph Burns Rhame III reported an open-market purchase of 500 shares on June 26, 2026 at $41.20 per share. Following this trade, he directly owns 14,673.768 fund shares.

The Form 4 also lists multiple earlier small "J" code transactions labeled as other acquisitions or dispositions, described in a footnote as "Reaves Utility Income Fund cash reinvestment", indicating routine cash reinvestment activity rather than discretionary open-market trading.

Insider Trade Summary

Net Buyer: 500 shares ($20,600)

Net Buy 15 txns

Insider Rhame Joseph Burns III

Role Insider

Bought 500 shs ($21K)

Type	Security	Shares	Price	Value
Purchase	Reaves Utility Income Fund	500	$41.20	$21K
Other	Reaves Utility Income Fund	45.394	$42.45	$2K
Other	Reaves Utility Income Fund	20.605	$42.45	$874.68
Other	Reaves Utility Income Fund	45.899	$42.94	$2K
Other	Reaves Utility Income Fund	20.834	$42.94	$894.61
Other	Reaves Utility Income Fund	48.725	$39.28	$2K
Other	Reaves Utility Income Fund	22.117	$39.28	$868.76
Other	Reaves Utility Income Fund	45.861	$41.80	$2K
Other	Reaves Utility Income Fund	20.817	$41.80	$870.15
Other	Reaves Utility Income Fund	49.971	$38.20	$2K
Other	Reaves Utility Income Fund	22.683	$38.20	$866.49
Other	Reaves Utility Income Fund	51.129	$37.17	$2K
Other	Reaves Utility Income Fund	23.209	$37.17	$862.68
Other	Reaves Utility Income Fund	49.807	$38.53	$2K
Other	Reaves Utility Income Fund	22.609	$38.53	$871.12

Holdings After Transaction: Reaves Utility Income Fund — 14,673.768 shares (Direct)

Footnotes (1)

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Key Figures

Open-market purchase: 500 shares Purchase price: $41.20 per share Holdings after transaction: 14,673.768 shares +3 more

6 metrics

Open-market purchase 500 shares Bought at $41.20 per share on June 26, 2026

Purchase price $41.20 per share Open-market buy of Reaves Utility Income Fund shares

Holdings after transaction 14,673.768 shares Direct ownership following June 26, 2026 trade

Restructuring transactions 14 entries J-code other acquisitions or dispositions

Reinvestment shares 489.66 shares Total shares in J-code cash reinvestment activity

Example J-code price $42.45 per share J-code transactions on May 31, 2026

Key Terms

open-market purchase, transaction code J, other acquisition or disposition, cash reinvestment, +1 more

5 terms

open-market purchase financial

"transaction_action is described as an open-market purchase of 500 shares at $41.20"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

transaction code J financial

"multiple transactions use code J for other acquisition or disposition entries"

other acquisition or disposition financial

"transaction_code_description labels J-code entries as other acquisition or disposition"

cash reinvestment financial

"footnote states: Reaves Utility Income Fund cash reinvestment"

non-derivative financial

"each transaction lists security_type as non-derivative for fund shares"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/26/2026 - 10:02 AM Accepted by SEC EDGAR 06/26/2026 - 10:01 AM Learn about SEC filing dates

FAQ

What insider transaction did UTG report for Joseph Burns Rhame III?

Joseph Burns Rhame III reported buying 500 Reaves Utility Income Fund shares in the open market at $41.20 each. This transaction increased his direct holdings and is disclosed as a standard Form 4 insider purchase for the closed-end fund.

How many UTG shares does Joseph Burns Rhame III hold after the Form 4?

After the reported transactions, Joseph Burns Rhame III directly holds 14,673.768 Reaves Utility Income Fund shares. This figure includes the 500-share open-market purchase plus prior holdings adjusted for earlier cash reinvestment-related transactions recorded under transaction code J.

What price did the UTG insider pay for the latest share purchase?

For the June 26, 2026 trade, the insider paid $41.20 per share for 500 Reaves Utility Income Fund shares. The transaction is categorized as an open-market purchase, reflecting a direct cash investment into the fund’s common shares at that price.

What do the J code transactions mean in the UTG Form 4 filing?

The Form 4 lists several transactions with code J, described as other acquisitions or dispositions. A footnote identifies them as “Reaves Utility Income Fund cash reinvestment”, indicating routine reinvestment activity rather than typical open-market buying or selling by the insider.

How many restructuring or reinvestment shares are shown in UTG’s Form 4?

The transaction summary shows 14 J-code restructuring transactions totaling 489.66 shares. These entries are tied to cash reinvestment activity in Reaves Utility Income Fund, separate from the single 500-share open-market purchase reported for June 26, 2026.

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 NEW JERSEY 07302

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/30/2025

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

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

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

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	11/30/2025		J(1)		49.807	A	$38.53	13,733.915	D
Reaves Utility Income Fund	11/30/2025		J(1)		22.609	A	$38.53	13,756.524	D
Reaves Utility Income Fund	12/31/2025		J(1)		51.129	A	$37.17	13,807.653	D
Reaves Utility Income Fund	12/31/2025		J(1)		23.209	A	$37.17	13,830.862	D
Reaves Utility Income Fund	01/31/2026		J(1)		49.971	A	$38.2	13,880.833	D
Reaves Utility Income Fund	01/31/2026		J(1)		22.683	A	$38.2	13,903.516	D
Reaves Utility Income Fund	02/28/2026		J(1)		45.861	A	$41.8	13,949.377	D
Reaves Utility Income Fund	02/28/2026		J(1)		20.817	A	$41.8	13,970.194	D
Reaves Utility Income Fund	03/31/2026		J(1)		48.725	A	$39.28	14,018.919	D
Reaves Utility Income Fund	03/31/2026		J(1)		22.117	A	$39.28	14,041.036	D
Reaves Utility Income Fund	04/30/2026		J(1)		45.899	A	$42.94	14,086.935	D
Reaves Utility Income Fund	04/30/2026		J(1)		20.834	A	$42.94	14,107.769	D
Reaves Utility Income Fund	05/31/2026		J(1)		45.394	A	$42.45	14,153.163	D
Reaves Utility Income Fund	05/31/2026		J(1)		20.605	A	$42.45	14,173.768	D
Reaves Utility Income Fund	06/26/2026		P		500	A	$41.2	14,673.768	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	06/26/2026
	** 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.
* Form 4: SEC 1474 (03-26)