# EDGAR Filing Document

**Accession Number:** 0001263994
**File Stem:** 0001752724-25-157202
**Filing Date:** 2025-6
**Character Count:** 24078
**Document Hash:** c591acd9e1bc69346a1927a8c2530152
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-157202.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-157202

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REAVES UTILITY INCOME FUND
- **CENTRAL INDEX KEY:** 0001263994

**ORGANIZATION NAME:**
- **EIN:** 200223928
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21432
- **FILM NUMBER:** 251076023

**BUSINESS ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290
- **BUSINESS PHONE:** 3036232577

**MAIL ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UTILITY INCOME TRUST
- **DATE OF NAME CHANGE:** 20030917

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Reaves Utility Income Fund

- **b. Investment Company Act file number:** 811-21432

- **c. CIK number of Registrant:** 0001263994

- **d. LEI of Registrant:** 549300GS807NR3X3LH36

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1700 Broadway Suite 1850

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80290

  - **Telephone number:** 8006445571

**Item A.2. Information about the Series.**

- **a. Name of Series:** Reaves Utility Income Fund

- **c. LEI of Series:** 549300GS807NR3X3LH36

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3617849821.55

**Total Liabilities:** $712536542.68

**Net Assets:** $2905313278.87

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.36%                | -0.39%               | 1.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7202293.30              | $19571660.32                               |
| Month 2  | $14854093.74             | $-66855689.97                              |
| Month 3  | $23347374.08             | $10105337.24                               |

### Schedule of Portfolio Investments

| Name                            | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Telenor ASA                     | Telenor ASA                                | CUSIP: N/A<br>LEI: 549300IM1QSBY4SLPM26       | Long             | EC               | CORP              | NO        |   1012388 | NS      | $15200319.66  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co              | Vertiv Holdings Co                         | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |    348400 | NS      | $29746392.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                     | Cameco Corp                                | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |   1447200 | NS      | $65341080.00  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                | Exxon Mobil Corp                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    328900 | NS      | $34741707.00  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp         | SBA COMMUNICATIONS CORP CLASS A            | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |    389200 | NS      | $94731280.00  | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp             | Alliant Energy Corp                        | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |    527715 | NS      | $32211723.60  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc     | American Water Works Co Inc                | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |    246619 | NS      | $36255459.19  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                        | PPL Corp                                   | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |   3203846 | NS      | $116940379.00 | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc        | Digital Realty Trust Inc                   | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     49000 | NS      | $7866460.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp       | Constellation Energy Corp                  | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |    547736 | NS      | $122386132.62 | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                       | PG&E Corp                                  | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |   3121000 | NS      | $51558920.00  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                        | EQT Corp                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     40000 | NS      | $1977600.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The            | Williams Cos Inc/The                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    550000 | NS      | $32213500.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                   | DTE Energy Co                              | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |    556300 | NS      | $76213100.00  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc   | Everus Construction Group Inc              | CUSIP: 300426103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12500 | NS      | $503000.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp       | Chesapeake Utilities Corp                  | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |     30000 | NS      | $3950100.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc         | MDU Resources Group Inc                    | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $857000.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                 | Xcel Energy Inc                            | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |   1918600 | NS      | $135645020.00 | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SOFR 1MM 04/23/27               | SOFR 1MM 04/23/27                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DIR              |  | US        |         0 | NC      | $-3634.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TELUS Corp                      | TELUS Corp                                 | CUSIP: 87971M103<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | EC               | CORP              | CA        |   4004100 | NS      | $61632817.35  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc          | CenterPoint Energy Inc                     | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |   3331007 | NS      | $129176451.46 | 4.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International            | Edison International                       | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |    757500 | NS      | $40533825.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                       | ONEOK Inc                                  | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    339239 | NS      | $27871876.24  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Grou  | Public Service Enterprise Grou             | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |    945000 | NS      | $75533850.00  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Parent  | Frontier Communications Parent             | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    599200 | NS      | $21721000.00  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Treasury Obli  | FEDERATED HERMES TREASURY OBLIGATIONS FUND | CUSIP: 60934N500<br>LEI: 254900WUIGYHOH89FC60 | Long             | STIV             | RF                | US        | 107086672 | NS      | $107086671.92 | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp                 | OGE Energy Corp                            | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |   1098395 | NS      | $49845165.10  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp             | American Tower Corp                        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    192072 | NS      | $43294949.52  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co            | Lamar Advertising Co                       | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     25000 | NS      | $2845250.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp      | Pinnacle West Capital Corp                 | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |   1205000 | NS      | $114691900.00 | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc   | Old Dominion Freight Line Inc              | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     30000 | NS      | $4598400.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                        | Enel SpA                                   | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |   7085257 | NS      | $61354779.50  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                  | GE Vernova Inc                             | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     20000 | NS      | $7416400.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                 | T-Mobile US Inc                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |    135000 | NS      | $33338250.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc  | American Electric Power Co Inc             | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    154800 | NS      | $16771032.00  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings  | Cogent Communications Holdings             | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    632300 | NS      | $34365505.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc      | Charter Communications Inc                 | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |    134000 | NS      | $52509240.00  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc                 | TXNM Energy Inc                            | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |   2441722 | NS      | $129899610.40 | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrus Energy Corp             | Centrus Energy Corp                        | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |    201558 | NS      | $13965953.82  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners LP | Enterprise Products Partners LP            | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |   3593940 | NS      | $107458806.00 | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                    | Entergy Corp                               | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |   1633800 | NS      | $135883146.00 | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                    | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   1832400 | NS      | $62668080.00  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp           | Norfolk Southern Corp                      | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |    219300 | NS      | $49134165.00  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp               | Atmos Energy Corp                          | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |    332000 | NS      | $53329160.00  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc             | Quanta Services Inc                        | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |    248900 | NS      | $72850541.00  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                    | NiSource Inc                               | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |   2795100 | NS      | $109316361.00 | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                 | CMS Energy Corp                            | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    292000 | NS      | $21505800.00  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                     | Equinix Inc                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |    141241 | NS      | $121573190.75 | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp               | Talen Energy Corp                          | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1009796 | NS      | $217186923.68 | 7.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp         | Marathon Petroleum Corp                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    150000 | NS      | $20611500.00  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                          | Sempra Energy                              | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |   1416378 | NS      | $105194394.06 | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries Inc            | Dycom Industries Inc                       | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |    110000 | NS      | $18430500.00  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SCE TRUST IV                    | SCE TRUST IV EIX 5 3/8 PERP Class J        | CUSIP: 78409G206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     63125 | NS      | $1397587.50   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp              | Union Pacific Corp                         | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |    251100 | NS      | $54152226.00  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                | DT Midstream Inc                           | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    546563 | NS      | $53125923.60  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Co    | Northwest Natural Holding Co               | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |     20000 | NS      | $862000.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc              | NextEra Energy Inc                         | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    618000 | NS      | $41331840.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                     | IDACORP Inc                                | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |   1007100 | NS      | $118928439.00 | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG             | Deutsche Telekom AG                        | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |   4526042 | NS      | $162023412.82 | 5.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                         | MPLX LP                                    | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |    110000 | NS      | $5602300.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc      | VERIZON COMMUNICATIONS INC                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    250000 | NS      | $11015000.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Communications Inc       | Rogers Communications Inc                  | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               | CORP              | CA        |   1225000 | NS      | $31935659.36  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                     | Vistra Corp                                | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |   1140500 | NS      | $147843015.00 | 5.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SOFR 200MM 04/23/27             | SOFR 200MM 04/23/27                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DIR              |  | US        |         0 | NC      | $-446336.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** Reaves Utility Income Fund

**Signature:** Jill Kerschen

**Name of Signer:** Jill Kerschen

**Title:** Treasurer