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        <fairValLevel>1</fairValLevel>
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        <name>TELUS Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>National Fuel Gas Co</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CenterPoint Energy Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>H2O America</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cheniere Energy Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MP Materials Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Royal Bank of Canada</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Service Enterprise Grou</name>
        <lei>PUSS41EMO3E6XXNV3U28</lei>
        <title>Public Service Enterprise Grou</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Albemarle Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ameren Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Federated Hermes Treasury Obli</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OGE Energy Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>American Tower Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Iron Mountain Inc</name>
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        <name>Lamar Advertising Co</name>
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        <name>TIC Solutions Inc</name>
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        <name>Pinnacle West Capital Corp</name>
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        <name>Old Dominion Freight Line Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GE Vernova Inc</name>
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        <title>GE Vernova Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>T-Mobile US Inc</name>
        <lei>549300QHIJYOHPACPG31</lei>
        <title>T-Mobile US Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Solv Energy Inc</name>
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        <title>Solv Energy Inc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Unitil Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Centrus Energy Corp</name>
        <lei>549300G6VDK9G8276661</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Crown Castle Inc</name>
        <lei>54930012H97VSM0I2R19</lei>
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          <isin value="US22822V1017"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Enterprise Products Partners LP</name>
        <lei>K4CDIF4M54DJZ6TB4Q48</lei>
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          <isin value="US2937921078"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Entergy Corp</name>
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          <isin value="US29364G1031"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rice Acquisition Corp 3</name>
        <lei>N/A</lei>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>USA Rare Earth Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Quanta Services Inc</name>
        <lei>SHVRXXEACT60MMH07S24</lei>
        <title>Quanta Services Inc</title>
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          <isin value="US74762E1029"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NiSource Inc</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource Inc</title>
        <cusip>65473P105</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CMS Energy Corp</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp</title>
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          <isin value="US1258961002"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Equinix Inc</name>
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        <title>Equinix Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>WEC Energy Group Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lithium Americas Corp</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Talen Energy Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>York Water Co/The</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Marathon Petroleum Corp</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Sempra</name>
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        <fairValLevel>1</fairValLevel>
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        <name>X-Energy Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Dycom Industries Inc</name>
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        <title>Dycom Industries Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Union Pacific Corp</name>
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        <title>Union Pacific Corp</title>
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        <fairValLevel>1</fairValLevel>
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        <name>DT Midstream Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>NextEra Energy Inc</name>
        <lei>254900RHL9MEUS5NKX63</lei>
        <title>NextEra Energy Inc</title>
        <cusip>65339F101</cusip>
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          <ticker value="NEE"/>
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        <fairValLevel>1</fairValLevel>
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        <name>IDACORP Inc</name>
        <lei>N134NUJDWN8UEFA8B673</lei>
        <title>IDACORP Inc</title>
        <cusip>451107106</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Tamboran Resources Corp</name>
        <lei>529900WBYBEP48BB5133</lei>
        <title>Tamboran Resources Corp</title>
        <cusip>87507T101</cusip>
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          <ticker value="TBN"/>
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        <curCd>USD</curCd>
        <valUSD>22201536.10000000</valUSD>
        <pctVal>0.547794605459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lumentum Holdings Inc</name>
        <lei>549300JLWRRC38DWEF52</lei>
        <title>Lumentum Holdings Inc</title>
        <cusip>55024U109</cusip>
        <identifiers>
          <isin value="US55024U1097"/>
          <ticker value="LITE"/>
        </identifiers>
        <balance>29785.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26875601.20000000</valUSD>
        <pctVal>0.663121204295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Telekom AG</name>
        <lei>549300V9QSIG4WX4GJ96</lei>
        <title>Deutsche Telekom AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0005557508"/>
          <ticker value="DTE"/>
        </identifiers>
        <balance>4161042.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204000"/>
        <valUSD>134641481.55000000</valUSD>
        <pctVal>3.322106944850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
        <cusip>55336V100</cusip>
        <identifiers>
          <isin value="US55336V1008"/>
          <ticker value="MPLX"/>
        </identifiers>
        <balance>670500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37729035.00000000</valUSD>
        <pctVal>0.930915849655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rogers Communications Inc</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>Rogers Communications Inc</title>
        <cusip>775109200</cusip>
        <identifiers>
          <isin value="CA7751092007"/>
          <ticker value="RCI/B"/>
        </identifiers>
        <balance>498000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>18129421.72000000</valUSD>
        <pctVal>0.447320373400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vistra Corp</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>Vistra Corp</title>
        <cusip>92840M102</cusip>
        <identifiers>
          <isin value="US92840M1027"/>
          <ticker value="VST"/>
        </identifiers>
        <balance>1060500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>167389320.00000000</valUSD>
        <pctVal>4.130118118607</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canadian Pacific Kansas City L</name>
        <lei>N/A</lei>
        <title>Canadian Pacific Kansas City Limited</title>
        <cusip>13646K108</cusip>
        <identifiers>
          <isin value="CA13646K1084"/>
          <ticker value="CP"/>
        </identifiers>
        <balance>1095000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>95221200.00000000</valUSD>
        <pctVal>2.349461742215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>SOFR FLT 200MM 04/23/27</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="22805563"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>443012.00000000</valUSD>
        <pctVal>0.010930756442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>RBC CAPITAL MARKETS</counterpartyName>
              <counterpartyLei>549300LCO2FLSSVFFR64</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Secured Overnight Financing Rate</indexName>
                <indexIdentifier>SOFR</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFR" floatingRtSpread="3.66" pmntAmt="-200000000.00">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="200000000.00" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.435"/>
            <terminationDt>2027-04-23</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-200000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>443012.00</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Reaves Utility Income Fund</ncom:nameOfApplicant>
      <ncom:signature>Jill Kerschen</ncom:signature>
      <ncom:signerName>Jill Kerschen</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
