# EDGAR Filing Document

**Accession Number:** 0001263994
**File Stem:** 0001263994-26-000013
**Filing Date:** 2026-3
**Character Count:** 56118
**Document Hash:** 8c2f4fda7deb3c752eb034b9bc52559f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001263994-26-000013.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001263994-26-000013

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20261031

**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:** 26817294

**BUSINESS ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 2100
- **CITY:** DENVER
- **STATE:** CO
- **BUSINESS PHONE:** 3036232577

**MAIL ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 2100
- **CITY:** DENVER
- **STATE:** CO

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

## Nport-Ex

![](fp0097921-1_01.jpg)

Statement of Investments

January 31, 2026

Reaves Utility Income Fund Statement of Investments <br> *January 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **COMMON STOCKS - 116.97%** |  |  |
| ***Diversified Telecommunications Services - 6.45%*** |  |  |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc.<sup>(a)</sup> | 35626 | $865712 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG<sup>(a)</sup> | 4261042 | 142282225 |
| &nbsp;&nbsp;&nbsp;Rogers Communications, Inc., Class B<sup>(a)</sup> | 648000 | 24460911 |
| &nbsp;&nbsp;&nbsp;Telus Corp.<sup>(a)</sup> | 3873400 | 54048103 |
|  |  | 221656951 |
| ***Electric Utilities - 15.08%*** |  |  |
| &nbsp;&nbsp;&nbsp;Entergy Corp.<sup>(a)</sup> | 1534600 | 147152794 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc.<sup>(a)</sup> | 1287100 | 170914009 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc.<sup>(a)</sup> | 305500 | 26853450 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp.<sup>(a)</sup> | 822000 | 76906320 |
| &nbsp;&nbsp;&nbsp;PPL Corp.<sup>(a)</sup> | 2668846 | 96745668 |
|  |  | 518572241 |
| ***Electronic Equipment, Instruments & Components - 0.33%*** |  |  |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co.<sup>(a)</sup> | 60000 | 11170800 |
| ***Gas Utilities - 0.88%*** |  |  |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp.<sup>(a)</sup> | 30000 | 3860400 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 314465 | 26336444 |
|  |  | 30196844 |
| ***Independent Power and Renewable Electricity Producers - 20.77%*** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp.<sup>(a)</sup> | 587820 | 164989319 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | 188500 | 28770755 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.<sup>(a)(b)</sup> | 1009796 | 351772534 |
| &nbsp;&nbsp;&nbsp;Vistra Corp.<sup>(a)</sup> | 1060500 | 167930175 |
|  |  | 713462783 |
| ***Industrials - 8.15%*** |  |  |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)(b)</sup> | 120000 | 43726800 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc.<sup>(a)</sup> | 159204 | 115641010 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc.<sup>(a)</sup> | 218900 | 103896507 |
| &nbsp;&nbsp;&nbsp;TIC Solutions, Inc.<sup>(a)(b)</sup> | 1669703 | 16864000 |
|  |  | 280128317 |
| ***Information Technology - 3.13%*** |  |  |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(a)(b)</sup> | 85700 | 12147118 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.<sup>(a)(b)</sup> | 36000 | 7638480 |
| &nbsp;&nbsp;&nbsp;Corning, Inc.<sup>(a)</sup> | 694800 | 71738100 |

---

*See Accompanying Notes to Statement of Investments.*

www.utilityincomefund.com 2

Reaves Utility Income Fund Statement of Investments <br> *January 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **COMMON STOCKS - 116.97% (continued)** |  |  |
| ***Information Technology - 3.13% (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 40600 | $15908704 |
|  |  | 107432402 |
| ***Materials - 10.47%*** |  |  |
| &nbsp;&nbsp;&nbsp;Cameco Corp.<sup>(a)</sup> | 997200 | 123044508 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp.<sup>(a)(b)</sup> | 146558 | 40784160 |
| &nbsp;&nbsp;&nbsp;Lithium Americas Corp.<sup>(a)(b)</sup> | 1040000 | 5064800 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.<sup>(a)(b)</sup> | 2455909 | 144333772 |
| &nbsp;&nbsp;&nbsp;USA Rare Earth, Inc.<sup>(b)(c)(d)(e)</sup> | 2320000 | 46812960 |
|  |  | 360040200 |
| ***Media - 0.64%*** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A<sup>(a)</sup> | 603900 | 17966025 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A<sup>(a)</sup> | 25000 | 3207750 |
| &nbsp;&nbsp;&nbsp;Versant Media Group, Inc.<sup>(a)(b)</sup> | 26556 | 865194 |
|  |  | 22038969 |
| ***Multi-Utilities - 31.16%*** |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp.<sup>(a)</sup> | 1862715 | 122771546 |
| &nbsp;&nbsp;&nbsp;Ameren Corp.<sup>(a)</sup> | 516500 | 53344120 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc.<sup>(a)</sup> | 5061007 | 200871368 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp.<sup>(a)</sup> | 1446361 | 103400348 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co.<sup>(a)</sup> | 410000 | 55095800 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc.<sup>(a)</sup> | 3321100 | 147091519 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp.<sup>(a)</sup> | 1570730 | 68609486 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc.<sup>(a)</sup> | 155000 | 12765800 |
| &nbsp;&nbsp;&nbsp;Sempra Energy<sup>(a)</sup> | 1206378 | 104966950 |
| &nbsp;&nbsp;&nbsp;Unitil Corp.<sup>(a)</sup> | 275000 | 14000250 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc.<sup>(a)</sup> | 236000 | 26118120 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc.<sup>(a)</sup> | 2133600 | 162281616 |
|  |  | 1071316923 |
| ***Oil, Gas & Consumable Fuels - 10.58%*** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp.<sup>(a)</sup> | 15000 | 2653500 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | 784563 | 98870629 |
| &nbsp;&nbsp;&nbsp;EQT Corp.<sup>(a)</sup> | 1089000 | 62867970 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp.<sup>(a)</sup> | 277000 | 48804630 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc.<sup>(a)</sup> | 449600 | 35603824 |
| &nbsp;&nbsp;&nbsp;Tamboran Resources Corp.<sup>(a)(b)</sup> | 100000 | 2994000 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc.<sup>(a)</sup> | 1655313 | 111336352 |
|  |  | 363130905 |

---

*See Accompanying Notes to Statement of Investments.*

Statement of Investments \| January 31, 2026 3

Reaves Utility Income Fund Statement of Investments <br> *January 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **COMMON STOCKS - 116.97% (continued)** |  |  |
| ***Real Estate Investment Trusts (REITs) - 7.16%*** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp.<sup>(a)</sup> | 97072 | $17403068 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc.<sup>(a)</sup> | 245000 | 21268450 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc.<sup>(a)</sup> | 69000 | 11450550 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc.<sup>(a)</sup> | 156741 | 128673389 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.<sup>(a)</sup> | 40000 | 3685200 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp., Class A<sup>(a)</sup> | 345200 | 63554772 |
|  |  | 246035429 |
| ***Road & Rail - 1.33%*** |  |  |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp.<sup>(a)</sup> | 116000 | 33783840 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp.<sup>(a)</sup> | 50000 | 11755000 |
|  |  | 45538840 |
| ***Water Utilities - 0.29%*** |  |  |
| &nbsp;&nbsp;&nbsp;WaterBridge Infrastructure LLC, Class A<sup>(a)(b)</sup> | 450000 | 9873000 |
| ***Wireless Telecommunication Services - 0.55%*** |  |  |
| &nbsp;&nbsp;&nbsp;Telenor ASA<sup>(a)</sup> | 342388 | 5759499 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc.<sup>(a)</sup> | 67000 | 13213070 |
|  |  | 18972569 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,053,461,766) |  | 4019567173 |
| **LIMITED PARTNERSHIPS - 4.46%** |  |  |
| ***Oil, Gas & Consumable Fuels - 4.46%*** |  |  |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP<sup>(a)</sup> | 3493940 | 115963869 |
| &nbsp;&nbsp;&nbsp;MPLX LP<sup>(a)</sup> | 670500 | 37480950 |
|  |  | 153444819 |
| **TOTAL LIMITED PARTNERSHIPS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $133,388,981) |  | 153444819 |
| **PREFERRED STOCKS - 0.80%** |  |  |
| ***Independent Power and Renewable Electricity Producers - 0.80%*** |  |  |
| &nbsp;&nbsp;&nbsp;X-Energy Reactor Co., LLC, Series D Preferred<sup>(c)(d)(f)</sup> | 1891802 | 27499991 |
| **TOTAL PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $27,499,991) |  | 27499991 |

---

*See Accompanying Notes to Statement of Investments.*

www.utilityincomefund.com 4

Reaves Utility Income Fund Statement of Investments <br> *January 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 0.73%** | | |
| ***Independent Power and Renewable Electricity Producers - 0.73%*** |  |  |
| &nbsp;&nbsp;&nbsp;Rice Acquisition Corp. 3<sup>(a)(b)</sup> | 2400000 | $25200000 |
| **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS)** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,000,000) |  | 25200000 |
| **MONEY MARKET FUNDS - 2.30%** |  |  |
| &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Class, 3.530% (7-Day Yield) | 78973622 | 78973622 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $78,973,622) |  | 78973622 |
| **TOTAL INVESTMENTS - 125.26%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $3,317,324,360)** |  | 4304685605 |
| **Leverage Facility - (25.46)%** |  | (875000000) |
| Other Assets in Excess of Liabilities - **0.20%** **<sup>(g)</sup>** |  | 7051915 |
| **NET ASSETS - 100%** |  | $3436737520 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for borrowings. As of January 31, 2026, the aggregate value of those securities was $1,750,002,602, representing 50.92% of net assets.*

*<sup>(b)</sup>* *Non-income producing security.*

*<sup>(c)</sup>* *Restricted security.*

*<sup>(d)</sup>* *Private Placement; these securities may only be resold in transactions exempt from registration under the Securities Act of 1933. As of January 31, 2026, these securities had an aggregate value of $74,312,951 or 2.16% of net assets.*

*<sup>(e)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026, the aggregate market value of those securities was $46,812,960, representing 1.36% of net assets.*

*<sup>(f)</sup>* *As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.*

*<sup>(g)</sup>* *Includes cash which is being held as collateral for interest rate swaps.*

*Percentages are stated as a percent of the net assets applicable to common shareholders.*

 

*See Accompanying Notes to Statement of Investments.*

Statement of Investments \| January 31, 2026 5

Reaves Utility Income Fund Statement of Investments <br> *January 31, 2026 (Unaudited)*

**Interest Rate Swap Contracts (Centrally Cleared)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate**<br>**Index Received** | **Payment**<br>**Frequency** | **Expiration**<br>**Date** | **Fixed**<br>**Rate Paid** |<br>**Notional Amount** |<br>**Value** | **Unrealized**<br>**Depreciation** |
| SOFR | Monthly | 04/23/27 | 3.435% | $(200000000) | $(141850) | $(141850) |
| SOFR | Monthly | 07/23/27 | 3.463% | (50000000) | (86768) | (86768) |
| SOFR | Monthly | 04/23/27 | 3.508% | (1000000) | (1591) | (1591) |
|  |  |  |  | $(251000000) | $(230209) | $(230209) |

---

*See Accompanying Notes to Statement of Investments.*

www.utilityincomefund.com 6

Reaves Utility Income Fund Notes to Statement of Investments <br> *January 31, 2026 (Unaudited)*

 

NOTE 1. SIGNIFICANT ACCOUNTING AND OPERATING POLICIES

Reaves Utility Income Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company. The Fund was organized under the laws of the state of Delaware by an Agreement and Declaration of Trust dated September 15, 2003. The Fund's investment objective is to provide a high level of after-tax income and total return consisting primarily of tax-advantaged dividend income and capital appreciation. The Fund is a diversified investment company for purpose of the 1940 Act. The Agreement and Declaration of Trust provides that the Board of Trustees (the "Board" or "Trustees") may authorize separate classes of shares of beneficial interest. The Fund's common shares are listed on the NYSE American LLC (the "Exchange") and trade under the ticker symbol "UTG".

The following is a summary of significant accounting policies followed by the Fund in the preparation of its Statement of Investments. The preparation of the Statement of Investments is in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), which requires management to make estimates and assumptions that affect the reported amounts and disclosures in the Statement of Investments. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

**Investment Valuation:** Investments in the Fund are recorded at their estimated fair value. The net asset value per common share ("NAV") of the Fund is determined no less frequently than daily, on each day that the Exchange is open for trading, as of the close of regular trading on the Exchange (normally 4:00 p.m. New York time). The NAV is determined by dividing the value of the Fund's total assets less its liabilities by the number of shares outstanding.

The Board has established the following procedures for valuation of the Fund's asset values under normal market conditions. For domestic equity securities, foreign equity securities and funds that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange. In the case of a domestic and foreign equity security not traded on an exchange, or if such closing prices are not otherwise available, the mean of the closing bid and ask price will be used. The fair value for debt obligations is generally the evaluated mean price supplied by the Fund's primary and/or secondary independent third-party pricing service, approved by the Board. An evaluated mean is considered to be a daily fair valuation price which may use a matrix, formula or other objective method that takes into consideration various factors, including, but not limited to: structured product markets, fixed income markets, interest rate movements, new issue information, trading, cash flows, yields, spreads, credit quality and other pertinent information as determined by the pricing services evaluators and methodologists. If the Fund's primary and/or secondary independent third-party pricing services are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more broker-dealers that make a market in the security. Investments in non-exchange traded funds are fair valued at their respective net asset values. Interest rate swaps are priced based on valuations provided by a Board approved independent third party pricing agent. If an interest rate swap price cannot be obtained from an independent third party pricing agent the Fund shall seek to obtain a bid price from at least one independent and/or executing broker.

Statement of Investments \| January 31, 2026 7

Reaves Utility Income Fund Notes to Statement of Investments <br> *January 31, 2026 (Unaudited)*

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Fund's investment adviser, Reaves Asset Management ("Reaves" or the "Adviser"), as the valuation designee with respect to the fair valuation of the Fund's portfolio securities, subject to oversight by and periodic reporting to the Board. Fair valued securities are those for which market quotations are not readily available, including circumstances under which the Adviser determines that prices received are not reflective of their market values. In fair valuing the Fund's investments, consideration is given to several factors, which may include, among others, the following: the fundamental business data relating to the issuer, borrower or counterparty; an evaluation of the forces which influence the market in which the investments are purchased and sold; the type, size and cost of the investment; the information as to any transactions in or offers for the investment; the price and extent of public trading in similar securities (or equity securities) of the issuer, or comparable companies; the coupon payments, yield data/cash flow data; the quality, value and saleability of collateral, if any, securing the investment; the business prospects of the issuer, borrower or counterparty, as applicable, including any ability to obtain money or resources from a parent or affiliate and an assessment of the issuer's, borrower's or counterparty's management; the prospects for the industry of the issuer, borrower or counterparty, as applicable, and multiples (of earnings and/or cash flow) being paid for similar businesses in that industry; one or more non-affiliated independent broker quotes for the sale price of the portfolio security; and other relevant factors.

The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 — | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; |
| Level 2 — | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 — | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

www.utilityincomefund.com 8

Reaves Utility Income Fund Notes to Statement of Investments <br> *January 31, 2026 (Unaudited)*

The following is a summary of the Fund's investments in the fair value hierarchy as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>\*</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Telecommunications Services | $221656951 | $– | $– | $221656951 |
| &nbsp;&nbsp;&nbsp;Electric Utilities | 518572241 |  |  | 518572241 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components | 11170800 |  |  | 11170800 |
| &nbsp;&nbsp;&nbsp;Gas Utilities | 30196844 |  |  | 30196844 |
| &nbsp;&nbsp;&nbsp;Independent Power and Renewable Electricity Producers | 713462783 |  |  | 713462783 |
| &nbsp;&nbsp;&nbsp;Industrials | 280128317 |  |  | 280128317 |
| &nbsp;&nbsp;&nbsp;Information Technology | 107432402 |  |  | 107432402 |
| &nbsp;&nbsp;&nbsp;Materials | 313227240 | 46812960 |  | 360040200 |
| &nbsp;&nbsp;&nbsp;Media | 22038969 |  |  | 22038969 |
| &nbsp;&nbsp;&nbsp;Multi-Utilities | 1071316923 |  |  | 1071316923 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 363130905 |  |  | 363130905 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts (REITs) | 246035429 |  |  | 246035429 |
| &nbsp;&nbsp;&nbsp;Road & Rail | 45538840 |  |  | 45538840 |
| &nbsp;&nbsp;&nbsp;Water Utilities | 9873000 |  |  | 9873000 |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services | 18972569 |  |  | 18972569 |
| Limited Partnerships | 153444819 |  |  | 153444819 |
| Preferred Stocks |  |  | 27499991 | 27499991 |
| Special Purpose Acquisition Companies (SPACS) | 25200000 |  |  | 25200000 |
| Money Market Funds | 78973622 | – | – | 78973622 |
| TOTAL | $4230372654 | $46812960 | $27499991 | $4304685605 |
| **Other Financial Instruments\*\*** |  |  |  |  |
| Interest Rate Swaps | $– | $(230209) | $– | $(230209) |
| TOTAL | $– | $(230209) | $– | $(230209) |

---

\* *For detailed descriptions and other security classifications, see the accompanying Statement of Investments.*

\*\* *Other financial instruments are derivative instruments reflected in the Statement of Investments.*

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of January 31, 2026, the Fund's outstanding borrowings of $875,000,000 under its Credit Agreement are categorized as Level 2 within the fair value hierarchy.

Statement of Investments \| January 31, 2026 9

Reaves Utility Income Fund Notes to Statement of Investments

*January 31, 2026 (Unaudited)*

**Cash and Cash Equivalents:** Cash and cash equivalents may include demand deposits and highly liquid investments, typically with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value.

**Foreign Currency Translation:** The books and records of the Fund are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day the Exchange is open into U.S. dollars based upon current exchange rates. Prevailing foreign exchange rates may generally be obtained at the close of the Exchange (normally, 4:00 p.m. New York time). The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

**Distributions to Shareholders:** The Fund intends to make a level distribution each month to common shareholders after payment of interest on any outstanding borrowings. The level dividend rate may be modified by the Board of Trustees from time to time. Any net capital gains earned by the Fund are distributed at least annually. Distributions to shareholders are recorded by the Fund on the ex-dividend date.

**Security Transactions and Investment Income:** Security transactions are accounted for as of trade date. Interest income, which includes amortization of premium and accretion of discount, is accrued as earned. Realized gains and losses from investment transactions are determined using the indentified cost basis for both financial reporting and income tax purposes. Dividend income is recorded on the ex-dividend date, or as soon as information is available to the Fund. Distributions from real estate investment trusts ("REITs") are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the REITs and management's estimates of such amounts based on historical information. Distributions from Limited Partnerships ("LPs") are recorded as income and return of capital based on information reported by the LPs and management's estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the REITs and LPs and actual amounts may differ from the estimated amounts.

**Swap Agreements:** The Fund invested in swap agreements during the period. Swap agreements are bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter market ("OTC swaps") or may be executed in a multilateral or other trade facility platform, such as a registered exchange ("centrally cleared swaps"). In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Swaps are marked-to-market daily and changes in value, including the accrual of periodic amounts of interest, are recorded daily within net change in unrealized appreciation/depreciation on swaps. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate ("variation margin"). Each day the Fund may pay or receive cash, equal to the variation margin of the centrally cleared swap.

www.utilityincomefund.com 10

Reaves Utility Income Fund Notes to Statement of Investments

*January 31, 2026 (Unaudited)*

 

**Interest Rate Swap Contracts:** The Fund invested in centrally-cleared interest rate swap agreements during the period ended January 31, 2026. Interest rate swap agreements involve the exchange by the Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero costs and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

**Restricted Securities:** Although the Fund will invest primarily in publicly traded securities, it may invest a portion of its assets (up to 10% of its value) in restricted securities. Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act of 1933, as amended (the "Securities Act") or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an exemption from registration.

Restricted securities as of January 31, 2026, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Issuer Description** | **Acquisition**<br>**Date** | **% of Net**<br>**Assets** | **Principal**<br>**Amount** |<br>**Cost** |<br>**Value** |
| USA Rare Earth, Inc. | 1/27/2026 | 1.36% | $2320000 | $49880000 | $46812960 |
| X-Energy Reactor Co., LLC | 11/24/2025 | 0.80% | 1891802 | 27499991 | 27499991 |
| TOTAL |  | 2.16% | $4211802 | $77379991 | $74312951 |

---

NOTE 2. BORROWINGS

The Fund has entered into a Credit Agreement with State Street Bank and Trust Company. Under the terms of the Credit Agreement, the Fund is allowed to borrow up to $1,000,000,000 ("Commitment Amount"). Interest is charged at a rate of the one month SOFR ("Secured Overnight Financing Rate") plus 0.65%. Borrowings under the Credit Agreement are secured by all or a portion of assets of the Fund that are held by the Fund's custodian in a memo-pledged account (the "pledged collateral"). Under the terms of the Credit Agreement, a commitment fee applies when the amount outstanding is less than 80% of the Commitment Amount. This commitment fee is equal to 0.15% times the Commitment Amount less the amount outstanding under the Credit Agreement and is computed daily and payable quarterly in arrears.

As of January 31, 2026, the amount of outstanding borrowings was $875,000,000, the interest rate was 4.32% and the value of pledged collateral was $1,750,002,602.

Statement of Investments \| January 31, 2026 11

## 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 2100

  - **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:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $4314647933.90

**Total Liabilities:** $877908325.35

**Net Assets:** $3436739608.55

**Cash Not Reported:** $1137.76

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.34%                | -4.02%               | 3.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-45530728.85            | $48500455.16                               |
| Month 2  | $-9993622.14             | $-185764846.27                             |
| Month 3  | $73613685.26             | $56525688.77                               |

### 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        |    342388 | NS      | $5759499.09   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                           | Vertiv Holdings Co                           | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     60000 | NS      | $11170800.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                                  | Cameco Corp                                  | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |    997200 | NS      | $123044508.00 | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                 | Chevron Corp                                 | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15000 | NS      | $2653500.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                      | SBA COMMUNICATIONS CORP CLASS A              | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |    345200 | NS      | $63554772.00  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| X-ENERGY REACTOR CO., LLC, SERIES D PFD UNIT | X-ENERGY REACTOR CO., LLC, SERIES D PFD UNIT | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |   1891802 | NS      | $27499990.59  | 0.80%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Alliant Energy Corp                          | Alliant Energy Corp                          | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |   1862715 | NS      | $122771545.65 | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                                     | PPL Corp                                     | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |   2668846 | NS      | $96745667.50  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                     | Digital Realty Trust Inc                     | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     69000 | NS      | $11450550.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp                    | Constellation Energy Corp                    | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |    587820 | NS      | $164989318.58 | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                                  | Corning Inc                                  | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |    694800 | NS      | $71738100.00  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                     | EQT Corp                                     | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |   1089000 | NS      | $62867970.00  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                         | Williams Cos Inc/The                         | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |   1655313 | NS      | $111336352.38 | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                                | DTE Energy Co                                | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |    410000 | NS      | $55095800.00  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC               | WaterBridge Infrastructure LLC               | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    450000 | NS      | $9873000.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp                    | Chesapeake Utilities Corp                    | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |     30000 | NS      | $3860400.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                          | Arista Networks Inc                          | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     85700 | NS      | $12147118.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                              | Xcel Energy Inc                              | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |   2133600 | NS      | $162281616.00 | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                                | Coherent Corp                                | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     36000 | NS      | $7638480.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SOFR FLT 1MM 04/23/27                        | SOFR FLT 1MM 04/23/27                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DIR              | CORP              | US        |         1 | PA      | $-1590.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NRG Energy Inc                               | NRG Energy Inc                               | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    188500 | NS      | $28770755.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| TELUS Corp                                   | TELUS Corp                                   | CUSIP: 87971M103<br>LEI: 894500WE70KKZRQMBU11 | Long             | EC               | CORP              | CA        |   3873400 | NS      | $54048103.40  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc                       | CenterPoint Energy Inc                       | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |   5061007 | NS      | $200871367.83 | 5.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                                    | ONEOK Inc                                    | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    449600 | NS      | $35603824.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                            | MP Materials Corp                            | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |   2455909 | NS      | $144333771.93 | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SOFR FLT 50MM 07/23/27                       | SOFR FLT 50MM 07/23/27                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DIR              | CORP              | US        |         1 | PA      | $-86768.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Public Service Enterprise Grou               | Public Service Enterprise Grou               | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |    155000 | NS      | $12765800.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS CO - RESTRICTED SHARES     | NATIONAL FUEL GAS CO - RESTRICTED SHARES     | CUSIP: 636180999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    314465 | NS      | $26336443.75  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Ameren Corp                                  | Ameren Corp                                  | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |    516500 | NS      | $53344120.00  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Treasury Obli               | FEDERATED HERMES TREASURY OBLIGATIONS FUND   | CUSIP: 60934N500<br>LEI: 254900WUIGYHOH89FC60 | Long             | STIV             | RF                | US        |  78391861 | NS      | $78391860.90  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp                              | OGE Energy Corp                              | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |   1570730 | NS      | $68609486.40  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                          | American Tower Corp                          | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     97072 | NS      | $17403068.16  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                            | Iron Mountain Inc                            | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     40000 | NS      | $3685200.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co                         | Lamar Advertising Co                         | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     25000 | NS      | $3207750.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TIC Solutions Inc                            | TIC Solutions Inc                            | CUSIP: 00510N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1669703 | NS      | $16864000.30  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp                   | Pinnacle West Capital Corp                   | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |    822000 | NS      | $76906320.00  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                               | GE Vernova Inc                               | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |    159204 | NS      | $115641009.48 | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Versant Media Group Inc                      | VERSANT MEDIA GROUP INC                      | CUSIP: 925283103<br>LEI: 254900D2Q5F5F229PU30 | Long             | EC               | CORP              | US        |     26556 | NS      | $865194.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                              | T-Mobile US Inc                              | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     67000 | NS      | $13213070.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings               | Cogent Communications Holdings               | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35626 | NS      | $865711.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                                  | Unitil Corp                                  | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    275000 | NS      | $14000250.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrus Energy Corp                          | Centrus Energy Corp                          | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |    146558 | NS      | $40784160.24  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                             | Crown Castle International Corp              | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    245000 | NS      | $21268450.00  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners LP              | Enterprise Products Partners LP              | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |   3493940 | NS      | $115963868.60 | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                                 | Entergy Corp                                 | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |   1534600 | NS      | $147152794.00 | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                 | Comcast Corp                                 | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    603900 | NS      | $17966025.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp                        | Norfolk Southern Corp                        | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |    116000 | NS      | $33783840.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Rice Acquisition Corp 3                      | Rice Acquisition Corp 3                      | CUSIP: G7553X122<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   2400000 | NS      | $25200000.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                          | Quanta Services Inc                          | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |    218900 | NS      | $103896507.00 | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                                 | NiSource Inc                                 | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |   3321100 | NS      | $147091519.00 | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                              | CMS Energy Corp                              | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |   1446361 | NS      | $103400347.89 | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                  | Equinix Inc                                  | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |    156741 | NS      | $128673389.13 | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                         | WEC Energy Group Inc                         | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |    236000 | NS      | $26118120.00  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithium Americas Corp                        | Lithium Americas Corp                        | CUSIP: 53681J103<br>LEI: 529900Q9ENG7EHHZ5R75 | Long             | EC               | CORP              | CA        |   1040000 | NS      | $5064800.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp                            | Talen Energy Corp                            | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1009796 | NS      | $351772534.56 | 10.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                      | Marathon Petroleum Corp                      | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    277000 | NS      | $48804630.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                       | Sempra Energy                                | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |   1206378 | NS      | $104966949.78 | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries Inc                         | Dycom Industries Inc                         | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |    120000 | NS      | $43726800.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                           | Union Pacific Corp                           | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     50000 | NS      | $11755000.00  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                             | DT Midstream Inc                             | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    784563 | NS      | $98870629.26  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                           | NextEra Energy Inc                           | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    305500 | NS      | $26853450.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                                  | IDACORP Inc                                  | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |   1287100 | NS      | $170914009.00 | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Tamboran Resources Corp                      | Tamboran Resources Corp                      | CUSIP: 87507T101<br>LEI: 529900WBYBEP48BB5133 | Long             | EC               | CORP              | US        |    100000 | NS      | $2994000.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc                        | Lumentum Holdings Inc                        | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |     40600 | NS      | $15908704.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                          | Deutsche Telekom AG                          | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |   4261042 | NS      | $142282224.60 | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                      | MPLX LP                                      | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |    670500 | NS      | $37480950.00  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Communications Inc                    | Rogers Communications Inc                    | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               | CORP              | CA        |    648000 | NS      | $24460911.39  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                  | Vistra Corp                                  | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |   1060500 | NS      | $167930175.00 | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| USA RARE EARTH, INC. - RESTRICTED SHARES     | USA RARE EARTH, INC. - RESTRICTED SHARES     | CUSIP: 91733P999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2320000 | NS      | $46812960.00  | 1.36%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SOFR FLT 200MM 04/23/27                      | SOFR FLT 200MM 04/23/27                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DIR              | CORP              | US        |         1 | PA      | $-141850.00   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-02

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

**Signature:** Jill Kerschen

**Name of Signer:** Jill Kerschen

**Title:** Treasurer