UTG - Reaves Utility Income Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

Nothing on file yet. No large investor has reported a stake in this fund, and the fund has not announced a buy-back, a vote or a closing.

About this fund

• Run by Reaves Asset Management. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $3.52 billion of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 22% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -13.8%; at +10%, about +10.8%. As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs: 0.7% a year in management fees; 2.1% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 10 funds we follow that invest in utilities and infrastructure, one charges a lower management fee and 4 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $21 in the first year and about $243 over 10 years, assuming the holdings return 5% a year. As of Oct 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $2.32 a share. $0.25 of that was income; $2.07 came from gains. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $38.85. The shares traded at $38.22, about 1.6% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 6% below to 2.8% above. As of Oct 31, 2025, from the fund's annual report. Original document →
• How the holdings did: down 9.1% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2003.

How this has changed

• Payouts per share: $2.32 in the fiscal year ended Oct 31, 2025; $2.28 in the year ended Oct 31, 2024; $2.28 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.09% a year in the fiscal year ended Oct 31, 2025; 2.43% a year in the year ended Oct 31, 2024; 2.32% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $3.52 billion at Oct 31, 2025; $2.86 billion at Oct 31, 2024; $1.89 billion at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 20% on top of its own money at Oct 31, 2025; 19% at Oct 31, 2024; 22% at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 90.7 million shares at Oct 31, 2025, up 17.5% from Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +25.5%, counting payouts; the holdings +27.3%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +43.7%, counting payouts; the holdings +44.2%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned -3.4%, counting payouts; the holdings -3.8%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -12.6%, counting payouts; the holdings -10.1%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +15.4%, counting payouts; the holdings +14.9%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +75.6%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $17,600 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +6.8%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 9 funds that invest in utilities and infrastructure with a fiscal year ending within six months of this one, 3 reported a higher share return for that year and 5 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Almost all shares (99%). About 92% issued in the U.S.

1. Talen Energy - 9.6%
2. Entergy - 6.8%
3. Constellation Energy - 5.3%
4. CenterPoint Energy - 5%
5. Vistra - 4.8%
6. Idacorp - 4.7%
7. Xcel Energy - 4.6%
8. Equinix - 4.5%
9. Quanta Services - 4.1%
10. GE Vernova - 4.1%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →