Rhame Joseph Burns III 4
4 · REAVES UTILITY INCOME FUND · Filed Jun 26, 2026
Research Summary
AI-generated summary of this filing
Reaves Utility Income Fund (UTG) Officer Rhame Burns Buys Shares
What Happened Rhame Joseph Burns III, an officer of the fund's investment advisor, made a series of purchases of REAVES UTILITY INCOME FUND (UTG) shares. He acquired 500 shares in an open-market purchase on 2026-06-26 at $41.20 ($20,600). Between 2025-11-30 and 2026-05-31 he also acquired ~489.66 shares via dividend cash reinvestments (coded "J") in multiple monthly transactions totaling $19,566. In total the filing shows about 989.66 shares acquired for roughly $40,166. These were purchases (buying shares), not sales.
Key Details
- Open-market purchase:
- 2026-06-26: 500 shares @ $41.20 = $20,600 (code P: purchase)
- Dividend reinvestments (code J; footnote F1 = cash reinvestment):
- 2025-11-30: 49.807 @ $38.53 = $1,919; 22.609 @ $38.53 = $871
- 2025-12-31: 51.129 @ $37.17 = $1,900; 23.209 @ $37.17 = $863
- 2026-01-31: 49.971 @ $38.20 = $1,909; 22.683 @ $38.20 = $866
- 2026-02-28: 45.861 @ $41.80 = $1,917; 20.817 @ $41.80 = $870
- 2026-03-31: 48.725 @ $39.28 = $1,914; 22.117 @ $39.28 = $869
- 2026-04-30: 45.899 @ $42.94 = $1,971; 20.834 @ $42.94 = $895
- 2026-05-31: 45.394 @ $42.45 = $1,927; 20.605 @ $42.45 = $875
- Total shares acquired in this filing: ~989.66 shares for ≈ $40,166.
- Shares owned after the transactions: not specified in the provided excerpt.
- Footnote: F1 indicates these J-coded entries are cash dividend reinvestments (DRIP).
- Filing timeliness: Form filed 2026-06-26 covering transactions from 2025-11-30 through 2026-06-26 — this appears to be filed late relative to the typical 2-business-day Form 4 reporting requirement.
Context
- The repeated J-coded entries are routine dividend reinvestments (automatic purchases using dividends), which are common and typically indicate the insider is reinvesting distributions rather than initiating new discretionary buys.
- The 500-share open-market purchase (P) is a direct cash purchase and is the largest single buy here; purchases are generally more informative than sales but do not, by themselves, indicate motive.
Insider Transaction Report
- Other
Reaves Utility Income Fund
[F1]2025-11-30$38.53/sh+49.807$1,919→ 13,733.915 total - Other
Reaves Utility Income Fund
[F1]2025-11-30$38.53/sh+22.609$871→ 13,756.524 total - Other
Reaves Utility Income Fund
[F1]2025-12-31$37.17/sh+51.129$1,900→ 13,807.653 total - Other
Reaves Utility Income Fund
[F1]2025-12-31$37.17/sh+23.209$863→ 13,830.862 total - Other
Reaves Utility Income Fund
[F1]2026-01-31$38.20/sh+49.971$1,909→ 13,880.833 total - Other
Reaves Utility Income Fund
[F1]2026-01-31$38.20/sh+22.683$866→ 13,903.516 total - Other
Reaves Utility Income Fund
[F1]2026-02-28$41.80/sh+45.861$1,917→ 13,949.377 total - Other
Reaves Utility Income Fund
[F1]2026-02-28$41.80/sh+20.817$870→ 13,970.194 total - Other
Reaves Utility Income Fund
[F1]2026-03-31$39.28/sh+48.725$1,914→ 14,018.919 total - Other
Reaves Utility Income Fund
[F1]2026-03-31$39.28/sh+22.117$869→ 14,041.036 total - Other
Reaves Utility Income Fund
[F1]2026-04-30$42.94/sh+45.899$1,971→ 14,086.935 total - Other
Reaves Utility Income Fund
[F1]2026-04-30$42.94/sh+20.834$895→ 14,107.769 total - Other
Reaves Utility Income Fund
[F1]2026-05-31$42.45/sh+45.394$1,927→ 14,153.163 total - Other
Reaves Utility Income Fund
[F1]2026-05-31$42.45/sh+20.605$875→ 14,173.768 total - Purchase
Reaves Utility Income Fund
2026-06-26$41.20/sh+500$20,600→ 14,673.768 total
Footnotes (1)
- [F1]Reaves Utility Income Fund cash reinvestment.