Vault-13

REAVES UTIL INCOME FD UTG

COM SH BEN INT · Closed-End Fund · CUSIP 756158101

242 institutional holders +1 vs Q3 2025
12,455,56112.5m shares reported held*
$444.6mreported value*
23 new 97 added 51 reduced 28 sold out net sold ≈ $8.1m (-185.5k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $35.69.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 152Q4 22: 159Q1 23: 166Q2 23: 153Q3 23: 148Q4 23: 163Q1 24: 168Q2 24: 173Q3 24: 201Q4 24: 204Q1 25: 204Q2 25: 223Q3 25: 241Q4 25: 242242Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022152
Q4 2022159
Q1 2023166
Q2 2023153
Q3 2023148
Q4 2023163
Q1 2024168
Q2 2024173
Q3 2024201
Q4 2024204
Q1 2025204
Q2 2025223
Q3 2025241
Q4 2025242

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q1 24: 79 bought or addedQ1 24: 51 cut or sold outQ2 24: 82 bought or addedQ2 24: 57 cut or sold outQ2 24Q3 24: 106 bought or addedQ3 24: 45 cut or sold outQ4 24: 104 bought or addedQ4 24: 64 cut or sold outQ4 24Q1 25: 108 bought or addedQ1 25: 64 cut or sold outQ2 25: 124 bought or addedQ2 25: 60 cut or sold outQ2 25Q3 25: 127 bought or addedQ3 25: 68 cut or sold outQ4 25: 120 bought or addedQ4 25: 79 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20247951
Q2 20248257
Q3 202410645
Q4 202410464
Q1 202510864
Q2 202512460
Q3 202512768
Q4 202512079

Biggest buyers

Wealthspire Advisors, LLC New +144,310+144.3k
LPL Financial LLC Added +93,261+93.3k
HBW ADVISORY SERVICES LLC Added +72,369+72.4k
MORGAN STANLEY Added +67,615+67.6k
Corient Private Wealth LP Added +43,344+43.3k
Ascentis Wealth Management, LLC Added +33,414+33.4k
&PARTNERS Added +26,018+26.0k
Kovack Advisors, Inc. New +24,665+24.7k
COMMONWEALTH EQUITY SERVICES, LLC Added +21,938+21.9k
UBS Group AG Added +20,751+20.8k

Biggest sellers

Cornerstone Advisors, LLC Reduced -473,759-473.8k
ABSOLUTE INVESTMENT ADVISERS, LLC Sold out -129,661-129.7k
Consolidated Portfolio Review Corp Sold out -64,774-64.8k
Quarry LP Sold out -47,913-47.9k
NFSG Corp Sold out -29,296-29.3k
GUGGENHEIM CAPITAL LLC Reduced -28,206-28.2k
BANK OF AMERICA CORP /DE/ Reduced -25,391-25.4k
NewEdge Advisors, LLC Reduced -20,816-20.8k
XML Financial, LLC Reduced -20,025-20.0k
Sanctuary Advisors, LLC Reduced -15,028-15.0k

Insider purchases and sales in Q4 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
101Q1 24: 1 buyingQ1 24: 0 sellingQ2 24: 0 buyingQ2 24: 0 sellingQ2 24Q3 24: 1 buyingQ3 24: 0 sellingQ4 24: 1 buyingQ4 24: 0 sellingQ4 24Q1 25: 0 buyingQ1 25: 0 sellingQ2 25: 0 buyingQ2 25: 0 sellingQ2 25Q3 25: 0 buyingQ3 25: 0 sellingQ4 25: 0 buyingQ4 25: 0 sellingQ4 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q1 20241$50.0k0——
Q2 20240—0——
Q3 20241$9.8k0——
Q4 20241$29.4k0——
Q1 20250—0——
Q2 20250—0——
Q3 20250—0——
Q4 20250—0——
DateInsiderTradeSharesPrice ValueTheir holding
2025-10-23 Rhame Joseph Burns III Officer of Investment Advisor · Reaves Utility Income Fund Bought 2,700 $37.80 $102.1k2.7k shares +25%

Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,070,4591.1m $39.2m $39.2m 0.00% Reduced -25.4k -25,391
2 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,069,6941.1m $39.1m $39.1m 0.00% Added +67.6k +67,615
3 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 779,445779.4k $28.5m $28.5m 0.01% Added +93.3k +93,261
4 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 679,292679.3k $24.8m $24.8m 0.00% Added +18.9k +18,922
5 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 535,365535.4k $19.6m $19.6m 0.00% Added +15.0k +14,966
6 COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio WALTHAM, MA 530,176530.2k $19.4m $19.4m 0.03% Added +21.9k +21,938
7 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 368,935368.9k $13.5m $13.5m 0.00% Reduced -8.9k -8,901
8 J.W. COLE ADVISORS, INC. 0.06% of their portfolio TAMPA, FL 358,292358.3k $2.6m $2.6m 0.06% Reduced -7.5k -7,482
9 CAPTRUST FINANCIAL ADVISORS 0.02% of their portfolio RALEIGH, NC 343,166343.2k $12.6m $12.6m 0.02% Reduced -12.5k -12,525
10 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 328,542328.5k $12.0m $12.0m 0.00% Added +15.8k +15,800
11 Cornerstone Advisors, LLC 0.36% of their portfolio ASHEVILLE, NC 294,426294.4k $10.8m $10.8m 0.36% Reduced -473.8k -473,759
12 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 283,606283.6k $10.4m $10.4m 0.01% Added +20.0k +19,997
13 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 255,308255.3k $9.3m $9.3m 0.01% Added +10.4k +10,436
14 Magnus Financial Group LLC 0.65% of their portfolio NEW YORK, NY 231,728231.7k $8.5m $8.5m 0.65% Added +2.1k +2,059
15 OAK FAMILY ADVISORS, LLC 2.51% of their portfolio CHICAGO, IL 224,222224.2k $8.2m $8.2m 2.51% Added +3.0k +3,049
16 UBS Group AG 0.00% of their portfolio ZURICH, V8 221,141221.1k $8.1m $8.1m 0.00% Added +20.8k +20,751
17 Sterling Investment Advisors, Ltd. 1.28% of their portfolio BERWYN, PA 189,328189.3k $6.9m $6.9m 1.28% Reduced -1.5k -1,527
18 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 168,570168.6k $6.2m $6.2m 0.01% Reduced -11.0k -10,995
19 Lido Advisors, LLC 0.02% of their portfolio Los Angeles, CA 150,035150.0k $5.9m $5.9m 0.02% Unchanged
20 Wealthspire Advisors, LLC 0.04% of their portfolio NEW YORK, NY 144,310144.3k $5.3m $5.3m 0.04% New
21 JBR Co Financial Management Inc 2.18% of their portfolio ARDMORE, OK 142,112142.1k $5.2m $5.2m 2.18% Reduced -2.1k -2,102
22 Private Advisor Group, LLC 0.02% of their portfolio MORRISTOWN, NJ 139,147139.1k $5.1m $5.1m 0.02% Reduced -2.3k -2,274
23 GUGGENHEIM CAPITAL LLC 0.04% of their portfolio CHICAGO, IL 133,534133.5k $4.9m $4.9m 0.04% Reduced -28.2k -28,206
24 Mariner, LLC 0.01% of their portfolio Overland Park, KS 118,984119.0k $4.4m $4.4m 0.01% Reduced -10.3k -10,296
25 HBW ADVISORY SERVICES LLC 0.43% of their portfolio SIMI VALLEY, CA 109,016109.0k $4.0m $4.0m 0.43% Added +72.4k +72,369
26 Janney Montgomery Scott LLC 0.01% of their portfolio PHILADELPHIA, PA 107,242107.2k $3.9m $3.9m 0.01% Added +6.8k +6,839
27 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 95,86295.9k $3.5m $3.5m 0.01% Reduced -1.7k -1,743
28 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 91,80391.8k $3.4m $3.4m 0.01% Reduced -20.8k -20,816
29 INDEPENDENT FINANCIAL GROUP, LLC 0.07% of their portfolio SAN DIEGO, CA 87,74087.7k $3.2m $3.2m 0.07% Added +624 +624
30 REAVES W H & CO INC 0.05% of their portfolio JERSEY CITY, NJ 83,32683.3k $3.0m $3.0m 0.05% Added +1.3k +1,266
31 Tradition Wealth Management, LLC 0.22% of their portfolio EDINA, MN 82,34582.3k $3.0m $3.0m 0.22% Added +970 +970
32 WEALTH EFFECTS LLC 0.88% of their portfolio BOSTON, MA 77,11077.1k $2.8m $2.8m 0.88% Added +6.9k +6,865
33 Smith Asset Management Co., LLC 2.33% of their portfolio Chiefland, FL 77,00777.0k $2.8m $2.8m 2.33% Reduced -2.3k -2,253
34 LongView Wealth Management 0.60% of their portfolio ATLANTA, GA 67,31567.3k $2.5m $2.5m 0.60% Reduced -2.4k -2,430
35 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 66,34866.3k $2.5m $2.5m 0.00% Added +5.2k +5,223
36 OPPENHEIMER & CO INC 0.03% of their portfolio NEW YORK, NY 64,44764.4k $2.4m $2.4m 0.03% Added +4.0k +4,026
37 World Investment Advisors 0.04% of their portfolio LINCROFT, NJ 63,04163.0k $2.3m $2.3m 0.04% Added +17.6k +17,551
38 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 57,45057.5k $2.1m $2.1m 0.00% Added +1.1k +1,066
39 CENTAURUS FINANCIAL, INC. 0.09% of their portfolio ANAHEIM, CA 56,61756.6k $2.1m $2.1m 0.09% Added +2.5k +2,458
40 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 55,04255.0k $698.7k $698.7k 0.00% Added +43.3k +43,344
41 Sowell Financial Services LLC 0.07% of their portfolio NORTH LITTLE ROCK, AR 54,72654.7k $2.0m $2.0m 0.07% Reduced -4.1k -4,143
42 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 53,44053.4k $2.0m $2.0m 0.00% Added +4.8k +4,754
43 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 52,94252.9k $1.9m $1.9m 0.00% Added +8.6k +8,564
44 LANARK FINANCIAL, INC. 0.14% of their portfolio BIRMINGHAM, AL 52,13752.1k $1.9m $1.9m 0.14% Reduced -99 -99
45 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 50,81750.8k $1.9m $1.9m 0.01% Added +2.5k +2,535
46 GRIFFIN ASSET MANAGEMENT, INC. 0.20% of their portfolio New York, NY 49,80949.8k $1.8m $1.8m 0.20% Added +10.1k +10,059
47 Strategic Family Wealth Counselors, L.L.C. 0.41% of their portfolio FAIRFIELD, NJ 49,69149.7k $1.8m $1.8m 0.41% Added +11.9k +11,927
48 Stratos Wealth Partners, LTD. 0.02% of their portfolio BEACHWOOD, OH 49,66549.7k $1.8m $1.8m 0.02% Added +4.0k +4,036
49 Kercheville Advisors, LLC 0.48% of their portfolio San Antonio, TX 47,99048.0k $1.8m $1.8m 0.48% Added +5.0k +5,011
50 NWF Advisory Services Inc. 0.19% of their portfolio Los Angeles, CA 46,80946.8k $1.7m $1.7m 0.19% Added +7.1k +7,121
51 &PARTNERS 0.01% of their portfolio NASHVILLE, TN 45,57045.6k $1.7m $1.7m 0.01% Added +26.0k +26,018
52 Wright Wealth LLC 1.02% of their portfolio ATLANTA, GA 42,56542.6k $1.6m $1.6m 1.02% First filing
53 Aegis Wealth Management, Inc. 1.21% of their portfolio Guthrie Center, IA 42,26642.3k $1.5m $1.5m 1.21% First filing
54 INTEGRITY ALLIANCE, LLC. 0.05% of their portfolio Urbandale, IA 38,53338.5k $1.4m $1.4m 0.05% Added +2.6k +2,600
55 WEDBUSH SECURITIES INC 0.04% of their portfolio PASADENA, CA 37,39437.4k $1.4m $1.4m 0.04% Added +2.2k +2,173
56 Sigma Planning Corp 0.04% of their portfolio ANN ARBOR, MI 36,94836.9k $1.4m $1.4m 0.04% Added +5.0k +4,988
57 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 34,56834.6k $1.3m $1.3m 0.01% Added +3.0k +2,973
58 Beacon Capital Management, Inc. 0.07% of their portfolio DAYTON, OH 34,50034.5k $1.3m $1.3m 0.07% Unchanged
59 CreativeOne Wealth, LLC 0.03% of their portfolio OVERLAND PARK, KS 34,06534.1k $1.2m $1.2m 0.03% Reduced -7.0k -7,043
60 Ascentis Wealth Management, LLC 0.29% of their portfolio DALLAS, TX 34,01434.0k $1.2m $1.2m 0.29% Added +33.4k +33,414
61 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 31,44731.4k $1.2m $1.2m 0.01% Added +6.5k +6,545
62 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 30,85430.9k $1.1m $1.1m 0.00% Added +5.6k +5,618
63 STEPHENS INC /AR/ 0.01% of their portfolio LITTLE ROCK, AR 30,15730.2k $1.1m $1.1m 0.01% Added +2.3k +2,295
64 Edge Financial Advisors LLC 0.46% of their portfolio WHEATON, IL 29,70029.7k $1.1m $1.1m 0.46% Added +4.5k +4,483
65 Carnegie Lake Advisors LLC 0.40% of their portfolio PRINCETON, NJ 28,77228.8k $1.1m $1.1m 0.40% Added +49 +49
66 XML Financial, LLC 0.08% of their portfolio BETHESDA, MD 27,44527.4k $1.0m $1.0m 0.08% Reduced -20.0k -20,025
67 PMG Family Office LLC 1.08% of their portfolio PLANO, TX 25,46725.5k $931.6k $931.6k 1.08% Added +125 +125
68 Future Financial Wealth Managment LLC 0.63% of their portfolio CINCINNATI, OH 25,14225.1k $934.5k $934.5k 0.63% Reduced -453 -453
69 Merrion Investment Management Co, LLC 0.49% of their portfolio Cranford, NJ 25,00025.0k $914.5k $914.5k 0.49% Unchanged
70 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 24,73024.7k $904.6k $904.6k 0.00% Added +1.6k +1,564
71 Kovack Advisors, Inc. 0.04% of their portfolio FT. LAUDERDALE, FL 24,66524.7k $902.2k $902.2k 0.04% New
72 CWM, LLC 0.00% of their portfolio OMAHA, NE 23,78923.8k $870.0k $870.0k 0.00% Added +868 +868
73 Westbourne Investment Advisors, Inc. 0.24% of their portfolio ANNAPOLIS, MD 23,70023.7k $866.9k $866.9k 0.24% Added +500 +500
74 COMERICA BANK 0.00% of their portfolio DALLAS, TX 23,32823.3k $853.3k $853.3k 0.00% Added +3 +3
75 COHEN & STEERS, INC. 0.00% of their portfolio NEW YORK, NY 23,00023.0k $841.0k $841.0k 0.00% Unchanged
76 Atlanta Consulting Group Advisors, LLC 0.17% of their portfolio ATLANTA, GA 20,83820.8k $766.4k $766.4k 0.17% Added +53 +53
77 MONETARY MANAGEMENT GROUP INC 0.17% of their portfolio ST LOUIS, MO 20,50020.5k $749.9k $749.9k 0.17% Added +1.5k +1,500
78 Brookstone Capital Management 0.01% of their portfolio WHEATON, IL 20,25820.3k $741.0k $741.0k 0.01% Added +415 +415
79 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 20,06120.1k $733.8k $733.8k 0.00% Reduced -15.0k -15,028
80 MATRIX PRIVATE CAPITAL GROUP LLC 0.37% of their portfolio NEW YORK, NY 20,00720.0k $735.9k $735.9k 0.37% Added +3.3k +3,315
81 Welch Group, LLC 0.03% of their portfolio BIRMINGHAM, AL 19,72919.7k $721.7k $721.7k 0.03% Reduced -1.5k -1,500
82 Atlas Brown,Inc. 0.21% of their portfolio LOUISVILLE, KY 19,62119.6k $717.7k $717.7k 0.21% Added +22 +22
83 Advisory Services Network, LLC 0.01% of their portfolio ATLANTA, GA 19,40419.4k $709.8k $709.8k 0.01% Added +269 +269
84 Prospera Financial Services Inc 0.01% of their portfolio Dallas, TX 19,17819.2k $701.5k $701.5k 0.01% Reduced -96 -96
85 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 18,59018.6k $680.0k $680.0k 0.00% Added +948 +948
86 DAVENPORT & Co LLC 0.00% of their portfolio RICHMOND, VA 18,25118.3k $667.6k $667.6k 0.00% Added +1.0k +1,033
87 Castle Rock Wealth Management, LLC 0.15% of their portfolio WALNUT CREEK, CA 18,20118.2k $680.8k $680.8k 0.15% Reduced -45 -45
88 Sunpointe, LLC 0.22% of their portfolio ST. LOUIS, MO 17,82717.8k $655.7k $655.7k 0.22% Reduced -600 -600
89 Belpointe Asset Management LLC 0.02% of their portfolio RENO, NV 17,79017.8k $650.8k $650.8k 0.02% Added +774 +774
90 Compound Planning, Inc. 0.02% of their portfolio NEW YORK, NY 17,34317.3k $634.4k $634.4k 0.02% Added +822 +822
91 AlphaCore Capital LLC 0.01% of their portfolio LA JOLLA, CA 17,33017.3k $633.9k $633.9k 0.01% Reduced -12.7k -12,679
92 PFG Investments, LLC 0.03% of their portfolio WOODBURY, NY 17,26417.3k $631.5k $631.5k 0.03% Reduced -96 -96
93 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 17,10917.1k $625.9k $625.9k 0.00% Added +5.6k +5,600
94 Mission Hills Financial Advisory, LLC 0.33% of their portfolio SAN DIEGO, CA 16,88616.9k $617.7k $617.7k 0.33% Added +1.6k +1,619
95 AE Wealth Management LLC 0.00% of their portfolio TOPEKA, KS 16,71816.7k $611.5k $611.5k 0.00% Reduced -237 -237
96 Certified Advisory Corp 0.05% of their portfolio ALTAMONTE SPRINGS, FL 16,14616.1k $590.6k $590.6k 0.05% Reduced -132 -132
97 Samalin Investment Counsel, LLC 0.21% of their portfolio CHAPPAQUA, NY 16,09416.1k $588.7k $588.7k 0.21% Reduced -2.0k -2,034
98 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 15,75815.8k $576.4k $576.4k 0.00% Reduced -11 -11
99 DEBUSSY CAPITAL MANAGEMENT LP 0.08% of their portfolio CHICAGO, IL 15,75015.8k $576.1k $576.1k 0.08% Reduced -200 -200
100 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 15,64215.6k $589.9k $589.9k 0.00% Added +6.7k +6,677