RHAME JOSEPH BURNS III purchased 3.5% of their position (500.00 shares) of REAVES UTILITY INCOME FUND on the open market

Open‑market purchase worth $20.6K — a small addition. The strongest form of insider conviction signal.

P · 1 purchase

RHAME JOSEPH BURNS III

Filed: 6/26/2026ACC: 0001717520-26-000001

InsiderRHAME JOSEPH BURNS IIICIK 1717520

→

IssuerREAVES UTILITY INCOME FUNDCIK 1263994

Other

Since Oct 2017

+989.66

Net shares

Net buyer

$40.2K

Total acquired

Open market trades

1B · 0S

Total transactions

989.66 acquired

Non-Derivative Transactions15

Reaves Utility Income Fund

Direct

J · J

+49.81

Price / share

$38.53

Trade value

$1.92K

% of position

0.4%

11/30/2025

13.68K→13.73K

Reaves Utility Income Fund

Direct

J · J

+22.61

Price / share

$38.53

Trade value

$871.12

% of position

0.2%

11/30/2025

13.73K→13.76K

Reaves Utility Income Fund

Direct

J · J

+51.13

Price / share

$37.17

Trade value

$1.90K

% of position

0.4%

12/31/2025

13.76K→13.81K

Reaves Utility Income Fund

Direct

J · J

+23.21

Price / share

$37.17

Trade value

$862.68

% of position

0.2%

12/31/2025

13.81K→13.83K

Reaves Utility Income Fund

Direct

J · J

+49.97

Price / share

$38.20

Trade value

$1.91K

% of position

0.4%

1/31/2026

13.83K→13.88K

Reaves Utility Income Fund

Direct

J · J

+22.68

Price / share

$38.20

Trade value

$866.49

% of position

0.2%

1/31/2026

13.88K→13.90K

Reaves Utility Income Fund

Direct

J · J

+45.86

Price / share

$41.80

Trade value

$1.92K

% of position

0.3%

2/28/2026

13.90K→13.95K

Reaves Utility Income Fund

Direct

J · J

+20.82

Price / share

$41.80

Trade value

$870.15

% of position

0.1%

2/28/2026

13.95K→13.97K

Reaves Utility Income Fund

Direct

J · J

+48.73

Price / share

$39.28

Trade value

$1.91K

% of position

0.3%

3/31/2026

13.97K→14.02K

Reaves Utility Income Fund

Direct

J · J

+22.12

Price / share

$39.28

Trade value

$868.76

% of position

0.2%

3/31/2026

14.02K→14.04K

Reaves Utility Income Fund

Direct

J · J

+45.90

Price / share

$42.94

Trade value

$1.97K

% of position

0.3%

4/30/2026

14.04K→14.09K

Reaves Utility Income Fund

Direct

J · J

+20.83

Price / share

$42.94

Trade value

$894.61

% of position

0.1%

4/30/2026

14.09K→14.11K

Reaves Utility Income Fund

Direct

J · J

+45.39

Price / share

$42.45

Trade value

$1.93K

% of position

0.3%

5/31/2026

14.11K→14.15K

Reaves Utility Income Fund

Direct

J · J

+20.61

Price / share

$42.45

Trade value

$874.68

% of position

0.1%

5/31/2026

14.15K→14.17K

Reaves Utility Income Fund

Direct

P · Purchase

+500.00

Price / share

$41.20

Trade value

$20.60K

% of position

3.5%

6/26/2026

14.17K→14.67K

Total

Net shares

+989.66

Net value

$40.17K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Reaves Utility Income Fund Direct	11/30/2025	J · J	+49.81	$38.53	$1.92K	0.4%	13.68K	13.73K
Reaves Utility Income Fund Direct	11/30/2025	J · J	+22.61	$38.53	$871.12	0.2%	13.73K	13.76K
Reaves Utility Income Fund Direct	12/31/2025	J · J	+51.13	$37.17	$1.90K	0.4%	13.76K	13.81K
Reaves Utility Income Fund Direct	12/31/2025	J · J	+23.21	$37.17	$862.68	0.2%	13.81K	13.83K
Reaves Utility Income Fund Direct	1/31/2026	J · J	+49.97	$38.20	$1.91K	0.4%	13.83K	13.88K
Reaves Utility Income Fund Direct	1/31/2026	J · J	+22.68	$38.20	$866.49	0.2%	13.88K	13.90K
Reaves Utility Income Fund Direct	2/28/2026	J · J	+45.86	$41.80	$1.92K	0.3%	13.90K	13.95K
Reaves Utility Income Fund Direct	2/28/2026	J · J	+20.82	$41.80	$870.15	0.1%	13.95K	13.97K
Reaves Utility Income Fund Direct	3/31/2026	J · J	+48.73	$39.28	$1.91K	0.3%	13.97K	14.02K
Reaves Utility Income Fund Direct	3/31/2026	J · J	+22.12	$39.28	$868.76	0.2%	14.02K	14.04K
Reaves Utility Income Fund Direct	4/30/2026	J · J	+45.90	$42.94	$1.97K	0.3%	14.04K	14.09K
Reaves Utility Income Fund Direct	4/30/2026	J · J	+20.83	$42.94	$894.61	0.1%	14.09K	14.11K
Reaves Utility Income Fund Direct	5/31/2026	J · J	+45.39	$42.45	$1.93K	0.3%	14.11K	14.15K
Reaves Utility Income Fund Direct	5/31/2026	J · J	+20.61	$42.45	$874.68	0.1%	14.15K	14.17K
Reaves Utility Income Fund Direct	6/26/2026	P · Purchase	+500.00	$41.20	$20.60K	3.5%	14.17K	14.67K
Total			+989.66		$40.17K

Derivative Transactions0

No derivative transactions reported