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REAVES UTILITY INCOME FUND·4

Jun 26, 10:01 AM ET

Rhame Joseph Burns III 4

Research Summary

AI-generated summary

Updated

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.