RHAME JOSEPH BURNS III purchased 24.9% of their position (2.70K shares) of REAVES UTILITY INCOME FUND on the open market

Open‑market purchase worth $102.1K — a significant purchase. The strongest form of insider conviction signal.

P · 1 purchase

RHAME JOSEPH BURNS III

Filed: 10/27/2025ACC: 0001717520-25-000002

InsiderRHAME JOSEPH BURNS IIICIK 1717520

→

IssuerREAVES UTILITY INCOME FUNDCIK 1263994

Other

Since Oct 2017

+3.32K

Net shares

Net buyer

$123.8K

Total acquired

Open market trades

1B · 0S

Total transactions

3.32K acquired

Non-Derivative Transactions22

Reaves Utility Income Fund

Direct

J · J

+34.13

Price / share

$34.60

Trade value

$1.18K

% of position

0.3%

12/2/2024

10.28K→10.32K

Reaves Utility Income Fund

Direct

J · J

+21.73

Price / share

$34.60

Trade value

$751.72

% of position

0.2%

12/2/2024

10.36K→10.38K

Reaves Utility Income Fund

Direct

J · J

+37.82

Price / share

$31.81

Trade value

$1.20K

% of position

0.4%

12/30/2024

10.34K→10.38K

Reaves Utility Income Fund

Direct

J · J

+24.07

Price / share

$31.81

Trade value

$765.79

% of position

0.2%

12/30/2024

10.38K→10.40K

Reaves Utility Income Fund

Direct

J · J

+36.33

Price / share

$34.02

Trade value

$1.24K

% of position

0.3%

1/21/2025

10.40K→10.44K

Reaves Utility Income Fund

Direct

J · J

+23.13

Price / share

$34.02

Trade value

$786.75

% of position

0.2%

1/21/2025

10.44K→10.46K

Reaves Utility Income Fund

Direct

J · J

+36.99

Price / share

$32.86

Trade value

$1.22K

% of position

0.4%

2/27/2025

10.46K→10.50K

Reaves Utility Income Fund

Direct

J · J

+23.55

Price / share

$32.86

Trade value

$773.72

% of position

0.2%

2/27/2025

10.50K→10.52K

Reaves Utility Income Fund

Direct

J · J

+37.66

Price / share

$32.54

Trade value

$1.23K

% of position

0.4%

3/31/2025

10.52K→10.56K

Reaves Utility Income Fund

Direct

J · J

+23.97

Price / share

$32.54

Trade value

$779.92

% of position

0.2%

3/31/2025

10.56K→10.58K

Reaves Utility Income Fund

Direct

J · J

+37.60

Price / share

$32.78

Trade value

$1.23K

% of position

0.4%

4/30/2025

10.58K→10.62K

Reaves Utility Income Fund

Direct

J · J

+23.93

Price / share

$32.78

Trade value

$784.52

% of position

0.2%

4/30/2025

10.62K→10.64K

Reaves Utility Income Fund

Direct

J · J

+35.98

Price / share

$34.60

Trade value

$1.25K

% of position

0.3%

5/30/2025

10.64K→10.68K

Reaves Utility Income Fund

Direct

J · J

+22.90

Price / share

$34.60

Trade value

$792.48

% of position

0.2%

5/30/2025

10.68K→10.70K

Reaves Utility Income Fund

Direct

J · J

+34.65

Price / share

$36.18

Trade value

$1.25K

% of position

0.3%

6/28/2025

10.70K→10.74K

Reaves Utility Income Fund

Direct

J · J

+22.06

Price / share

$36.18

Trade value

$798.06

% of position

0.2%

6/28/2025

10.74K→10.76K

Reaves Utility Income Fund

Direct

J · J

+34.45

Price / share

$38.28

Trade value

$1.32K

% of position

0.3%

7/31/2025

10.76K→10.79K

Reaves Utility Income Fund

Direct

J · J

+21.93

Price / share

$38.28

Trade value

$839.29

% of position

0.2%

7/31/2025

10.79K→10.82K

Reaves Utility Income Fund

Direct

J · J

+34.58

Price / share

$37.94

Trade value

$1.31K

% of position

0.3%

8/29/2025

10.82K→10.85K

Reaves Utility Income Fund

Direct

J · J

+33.98

Price / share

$39.62

Trade value

$1.35K

% of position

0.3%

9/30/2025

10.80K→10.84K

Reaves Utility Income Fund

Direct

J · J

+21.61

Price / share

$39.62

Trade value

$856.39

% of position

0.2%

9/30/2025

10.84K→10.86K

Reaves Utility Income Fund

Direct

P · Purchase

+2.70K

Price / share

$37.80

Trade value

$102.06K

% of position

24.9%

10/23/2025

10.86K→13.56K

Total

Net shares

+3.32K

Net value

$123.76K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Reaves Utility Income Fund Direct	12/2/2024	J · J	+34.13	$34.60	$1.18K	0.3%	10.28K	10.32K
Reaves Utility Income Fund Direct	12/2/2024	J · J	+21.73	$34.60	$751.72	0.2%	10.36K	10.38K
Reaves Utility Income Fund Direct	12/30/2024	J · J	+37.82	$31.81	$1.20K	0.4%	10.34K	10.38K
Reaves Utility Income Fund Direct	12/30/2024	J · J	+24.07	$31.81	$765.79	0.2%	10.38K	10.40K
Reaves Utility Income Fund Direct	1/21/2025	J · J	+36.33	$34.02	$1.24K	0.3%	10.40K	10.44K
Reaves Utility Income Fund Direct	1/21/2025	J · J	+23.13	$34.02	$786.75	0.2%	10.44K	10.46K
Reaves Utility Income Fund Direct	2/27/2025	J · J	+36.99	$32.86	$1.22K	0.4%	10.46K	10.50K
Reaves Utility Income Fund Direct	2/27/2025	J · J	+23.55	$32.86	$773.72	0.2%	10.50K	10.52K
Reaves Utility Income Fund Direct	3/31/2025	J · J	+37.66	$32.54	$1.23K	0.4%	10.52K	10.56K
Reaves Utility Income Fund Direct	3/31/2025	J · J	+23.97	$32.54	$779.92	0.2%	10.56K	10.58K
Reaves Utility Income Fund Direct	4/30/2025	J · J	+37.60	$32.78	$1.23K	0.4%	10.58K	10.62K
Reaves Utility Income Fund Direct	4/30/2025	J · J	+23.93	$32.78	$784.52	0.2%	10.62K	10.64K
Reaves Utility Income Fund Direct	5/30/2025	J · J	+35.98	$34.60	$1.25K	0.3%	10.64K	10.68K
Reaves Utility Income Fund Direct	5/30/2025	J · J	+22.90	$34.60	$792.48	0.2%	10.68K	10.70K
Reaves Utility Income Fund Direct	6/28/2025	J · J	+34.65	$36.18	$1.25K	0.3%	10.70K	10.74K
Reaves Utility Income Fund Direct	6/28/2025	J · J	+22.06	$36.18	$798.06	0.2%	10.74K	10.76K
Reaves Utility Income Fund Direct	7/31/2025	J · J	+34.45	$38.28	$1.32K	0.3%	10.76K	10.79K
Reaves Utility Income Fund Direct	7/31/2025	J · J	+21.93	$38.28	$839.29	0.2%	10.79K	10.82K
Reaves Utility Income Fund Direct	8/29/2025	J · J	+34.58	$37.94	$1.31K	0.3%	10.82K	10.85K
Reaves Utility Income Fund Direct	9/30/2025	J · J	+33.98	$39.62	$1.35K	0.3%	10.80K	10.84K
Reaves Utility Income Fund Direct	9/30/2025	J · J	+21.61	$39.62	$856.39	0.2%	10.84K	10.86K
Reaves Utility Income Fund Direct	10/23/2025	P · Purchase	+2.70K	$37.80	$102.06K	24.9%	10.86K	13.56K
Total			+3.32K		$123.76K

Derivative Transactions0

No derivative transactions reported