Reaves Utility Income Fund: directors' dealings · United States · SEC (Form 4)

About Reaves Utility Income Fund

Reaves Utility Income Fund (NYSE American: UTG) is a U.S.-listed closed-end fund organized under Delaware law and registered as a closed-end management investment company under the Investment Company Act of 1940. The trust was established on September 15, 2003, and its common shares began trading on NYSE American on February 24, 2004. The fund’s operating address is in Denver, Colorado, United States, while its investment adviser, Reaves Asset Management, is based in Jersey City, New Jersey. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1263994/000126399426000013/fp0097921-1_nportex.htm)) UTG’s core objective is to provide a high level of after-tax income and total return, with an emphasis on tax-advantaged dividend income and capital appreciation. Strategically, the fund is built around essential infrastructure businesses. Its mandate requires at least 80% of assets to be invested in securities of domestic and foreign companies materially involved in the generation or distribution of electricity, gas, or water, telecommunications activities, or infrastructure operations such as airports, toll roads, and municipal services. In practice, the portfolio has long been tilted toward utilities, but it also includes natural gas infrastructure, telecom, and related infrastructure assets. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1263994/000126399426000013/fp0097921-1_nportex.htm)) The adviser’s history is a meaningful part of UTG’s competitive positioning. Reaves Asset Management traces its roots to 1961, when William H. Reaves founded the firm with a research focus on the utilities sector. The firm began managing dedicated institutional utility, energy, and telecom portfolios in 1978, which gives UTG a long operating record in sector-specific infrastructure investing. That legacy supports a differentiated, research-driven approach in the U.S. closed-end fund universe, especially for income-focused investors seeking defensive characteristics and lower volatility over a full market cycle. ([reavesam.com](https://reavesam.com/about-us/?utm_source=openai)) From a product and distribution standpoint, UTG is known for its monthly payout policy. In 2025, the fund increased its monthly distribution to $0.20 per share, equal to an annualized distribution rate of $2.40 per share. The latest annual report also highlighted strong fiscal-year performance, driven principally by utilities and natural gas infrastructure. Management specifically pointed to accelerating electricity demand tied to artificial intelligence and data-center buildouts as an important positive driver for holdings in regulated utilities and gas-fired generation. The fund also uses leverage, which can enhance income and total return but increases NAV sensitivity and downside risk. ([nasdaq.com](https://www.nasdaq.com/press-release/reaves-utility-income-fund-increases-its-monthly-distribution-526-020-share-2025-06?utm_source=openai)) In competitive terms, UTG occupies a recognizable niche among U.S. listed closed-end funds: a listed income vehicle focused on essential infrastructure with a long track record and a sector-concentrated mandate. Its NYSE American listing, more than two decades of trading history, and emphasis on utilities and infrastructure make it a familiar name for investors who want exposure to regulated cash flows, telecom networks, and energy infrastructure rather than broad market growth. Recent disclosures also show that communications holdings were a weaker contributor, while utilities and gas infrastructure did the heavy lifting in fiscal 2025. For investors looking at U.S. listed income funds, UTG remains a specialized, infrastructure-oriented income strategy with a clear U.S. market presence. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001263994/000199937126000301/utg_ncsr-103125.htm))