Reaves Utility Income Fund
US ˙ NYSEAM

SecurityUTG / Reaves Utility Income Fund
InstitutionCwm, Llc
Latest Disclosed Ownership22,081 shares
Latest Disclosed Value $ 867,322
Cwm, Llc reports 7.18% decrease in ownership of UTG / Reaves Utility Income Fund

On May 14, 2026 - Cwm, Llc filed a 13F-HR form disclosing ownership of 22,081 shares of Reaves Utility Income Fund (US:UTG) valued at $867,342 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 26, 2026 disclosing 23,789 shares of Reaves Utility Income Fund. The current value of the position is $925,636 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-14 2026-03-31 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 22,081 -1,708 -7.18 867 0.0023
2026-01-26 2025-12-31 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 23,789 868 3.79 1 0.0024
2025-10-15 2025-09-30 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 22,921 152 0.67 1 0.0027
2025-07-25 2025-06-30 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 22,769 525 2.36 1 0.0029
2025-05-01 2025-03-31 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 22,244 0 0.00 1 0.0029
2025-02-04 2024-12-31 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 22,244 2,000 9.88 1 0.0029
2024-10-08 2024-09-30 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 20,244 1,300 6.86 1 0.0029
2024-07-10 2024-06-30 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 18,944 18,944 1 0.0024
2024-02-01 2023-12-31 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 0 -1,055 -100.00 0 0.0000
2023-10-11 2023-09-30 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 1,055 -89 -7.78 0 0.0002
2023-08-03 2023-06-30 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 1,144 664 138.33 0 0.0002
2023-05-01 2023-03-31 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 480 6 1.27 0 0.0001
2023-02-01 2022-12-31 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 474 144 43.64 0 -100.00 0.0001
2022-10-27 2022-09-30 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 330 6 1.85 9 -10.00 0.0001
2022-07-28 2022-06-30 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 324 6 1.89 10 -9.09 0.0001
2022-04-21 2022-03-31 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 318 5 1.60 11 0.00 0.0001
2022-01-31 2021-12-31 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 313 194 163.03 11 175.00 0.0001
2021-09-15 2021-06-30 13F/A-1 REAVES UTIL INCOME FD COM SH BEN INT 756158101 119 0 0.00 4 0.00 0.0000
2021-07-29 2021-06-30 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 119 0 4 0.0000
2021-09-15 2021-03-31 13F/A-1 REAVES UTIL INCOME FD COM SH BEN INT 756158101 119 0 0.00 4 0.00 0.0000
2021-09-15 2020-12-31 13F/A-1 REAVES UTIL INCOME FD COM SH BEN INT 756158101 119 0 0.00 4 0.00 0.0000
2021-09-15 2020-09-30 13F/A-1 REAVES UTIL INCOME FD COM SH BEN INT 756158101 119 0 0.00 4 0.00 0.0000
2020-10-19 2020-09-30 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 302 183 9 0.0001
2021-09-15 2020-06-30 13F/A-1 REAVES UTIL INCOME FD COM SH BEN INT 756158101 119 0 0.00 4 0.00 0.0000
2020-07-22 2020-06-30 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 97 -22 3 0.0000
2021-09-15 2020-03-31 13F/A-1 REAVES UTIL INCOME FD COM SH BEN INT 756158101 119 0 0.00 4 0.00 0.0000
2020-04-28 2020-03-31 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 324 205 9 0.0001
2021-09-14 2019-12-31 13F/A-1 REAVES UTIL INCOME FD COM SH BEN INT 756158101 119 0 0.00 4 0.00 0.0000
2020-01-27 2019-12-31 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 97 -22 4 0.0001
2021-09-14 2019-09-30 13F/A-1 REAVES UTIL INCOME FD COM SH BEN INT 756158101 119 0 0.00 4 0.00 0.0000
2019-10-22 2019-09-30 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 97 -22 4 0.0001
2021-09-14 2019-06-30 13F/A-1 REAVES UTIL INCOME FD COM SH BEN INT 756158101 119 0 0.00 4 0.00 0.0000
2019-07-31 2019-06-30 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 97 -22 3 0.0000
2021-09-02 2019-03-31 13F/A-1 REAVES UTIL INCOME FD COM SH BEN INT 756158101 119 22 22.68 4 33.33 0.0000
2019-04-22 2019-03-31 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 97 0 3 0.0001
2019-01-25 2018-12-31 13F REAVES UTIL INCOME FD COM SH BEN INT 756158101 97 97 3 0.0001
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.