0001263994 2025-11-01 2026-04-30 0001263994 us-gaap:CommonStockMember 2026-04-30 2026-04-30 0001263994 us-gaap:CommonStockMember 2026-04-30 0001263994 us-gaap:CommonStockMember 2025-10-31 0001263994 us-gaap:CommonStockMember 2024-10-31 0001263994 us-gaap:CommonStockMember 2023-10-31 0001263994 us-gaap:CommonStockMember 2022-10-31 0001263994 us-gaap:CommonStockMember 2021-10-31 0001263994 us-gaap:CommonStockMember 2020-10-31 0001263994 us-gaap:BorrowingsMember 2026-04-30 0001263994 us-gaap:BorrowingsMember 2025-10-31 0001263994 us-gaap:BorrowingsMember 2024-10-31 0001263994 us-gaap:BorrowingsMember 2023-10-31 0001263994 us-gaap:BorrowingsMember 2022-10-31 0001263994 us-gaap:BorrowingsMember 2021-10-31 0001263994 us-gaap:CommonStockMember 2019-10-31 0001263994 us-gaap:CommonStockMember 2018-10-31 0001263994 us-gaap:CommonStockMember 2017-10-31 0001263994 us-gaap:CommonStockMember 2016-10-31 0001263994 us-gaap:CommonStockMember 2015-10-31 0001263994 us-gaap:BorrowingsMember 2020-10-31 0001263994 us-gaap:BorrowingsMember 2019-10-31 0001263994 us-gaap:BorrowingsMember 2018-10-31 0001263994 us-gaap:BorrowingsMember 2017-10-31 0001263994 us-gaap:BorrowingsMember 2016-10-31 0001263994 utg:ConcentrationRiskMember 2025-11-01 2026-04-30 0001263994 utg:RiskOfForeignSecuritiesMember 2025-11-01 2026-04-30 0001263994 utg:MarketDisruptionAndGeopoliticalRiskMember 2025-11-01 2026-04-30 0001263994 us-gaap:CommonStockMember 2025-10-31 2025-10-31 0001263994 us-gaap:CommonStockMember 2024-10-31 2024-10-31 iso4217:USD shares iso4217:USD shares false N-2 0001263994 N-CSRS Reaves Utility Income Fund 2026-04-30 92109160

44.00

38.85

32.60

24.53

27.71

33.09

30.77

44.00

38.85

32.60

24.53

27.71

33.09

42.94

38.22

32.52

24.56

27.62

33.96

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36.52

31.74

33.14

32.53

30.29

30.77

36.52

31.74

33.14

32.53

31.45

37.09

30.36

31.02

30.00

345000000 445000000 445000000 320000000 320000000 5811 5000 4472 6040 4489 NOTE 2. RISKS <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> The Fund may have elements of risk, including the risk of loss of equity. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more broadly diversified investment. Concentration Risk. The Fund invests a significant portion of its total assets in securities of utility companies, which may include companies in the electric, gas, water, and telecommunications sectors, as well as other companies engaged in other infrastructure operations. This may make the Fund particularly susceptible to adverse economic, political or regulatory occurrences affecting those sectors. As concentration of the Fund’s investments in a sector increases, so does the potential for fluctuation in the net asset value of common shares. Risk of Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers. <p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDisruptionAndGeopoliticalRiskMember_dU_zRgqh1QBJhA8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">Market Disruption and Geopolitical Risk. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, wars, the actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments), conflicts and social unrest, may occur and could significantly impact issuers, industries, governments and other systems, including the financial markets. The value of the Fund’s investment may decrease as a result of such events, particularly if these events adversely impact the operations and effectiveness of the Adviser or other key service providers. Concentration Risk. The Fund invests a significant portion of its total assets in securities of utility companies, which may include companies in the electric, gas, water, and telecommunications sectors, as well as other companies engaged in other infrastructure operations. This may make the Fund particularly susceptible to adverse economic, political or regulatory occurrences affecting those sectors. As concentration of the Fund’s investments in a sector increases, so does the potential for fluctuation in the net asset value of common shares. Risk of Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers. <p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDisruptionAndGeopoliticalRiskMember_dU_zRgqh1QBJhA8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">Market Disruption and Geopolitical Risk. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, wars, the actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments), conflicts and social unrest, may occur and could significantly impact issuers, industries, governments and other systems, including the financial markets. The value of the Fund’s investment may decrease as a result of such events, particularly if these events adversely impact the operations and effectiveness of the Adviser or other key service providers. NOTE 4. CAPITAL TRANSACTIONS <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> Common Shares: There are an unlimited number of no par value common shares of beneficial interest authorized. The Fund has a registration statement on file with the SEC (the “Shelf Registration Statement”), pursuant to which the Fund may offer common shares, from time to time, in one or more offerings, up to a maximum aggregate offering price of $900,000,000 on terms to be determined at the time of the offering. On September 5, 2024, the Fund entered into a distribution agreement (the “Distribution Agreement”) with Paralel Distributors LLC (“Paralel Distributors”), pursuant to which the Fund may offer and sell up to 10,000,000 of the Fund’s common shares from time to time through Paralel Distributors and a sub-placement agent in transactions deemed to be “at the market” as defined in Rule 415 under the Securities Act of 1933, as amended. During the six months ended April 30, 2026, 1,384,573 common shares were sold totaling $52,178,246 in proceeds to the Fund, net of offering costs of $34,348. For the shares sold during the six months ended April 30, 2026, commissions totaling $527,401 were paid, of which $105,480 was retained by Paralel Distributors with the remainder paid to a sub-placement agent. Offering costs paid as a result of the Fund’s Shelf Registration Statement but not yet incurred as of April 30, 2026 are $301,767 and are reflected on the Statement of Assets and Liabilities as prepaid offering costs. Offering costs are charged to paid-in-capital upon the issuance of shares. For the six months ended April 30, 2026, the Fund deducted $34,348 of offering costs from paid-in capital. Transactions in common shares were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended April 30, 2026</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended October 31, 2025</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; padding-left: 1pt">Common Shares outstanding - beginning of period</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">90,682,852</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">87,765,422</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 1pt">Common Shares issued from sale of shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,384,573</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,809,544</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-left: 1pt">Common Shares issued as reinvestment of dividends</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41,735</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">107,886</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-left: 1pt">Common Shares outstanding - end of period</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">92,109,160</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">90,682,852</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table> 90682852 87765422 92109160 90682852 NOTE 5. BORROWINGS <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> 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”). For the period November 1, 2024 to November 18, 2024, the Commitment Amount was $650,000,000. For the period November 19, 2024 to August 17, 2025, the Commitment Amount was $800,000,000. Effective August 18, 2025, the Commitment Amount was increased to $1,000,000,000. 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. The Fund, on at least three business days’ written notice, may terminate the Credit Agreement or reduce the Commitment Amount. On at least 360 days’ notice to the Fund, State Street Bank and Trust Company may reduce or terminate the Commitment Amount. For the six months ended April 30, 2026, the average amount borrowed under the Credit Agreement was $892,127,072, at an average rate of 4.42%. As of April 30, 2026, the amount of outstanding borrowings was $950,000,000, the interest rate was 4.30% and the value of pledged collateral was $1,900,004,432. Calculated by subtracting the Fund’s total liabilities (excluding the principal amount of Leverage Facility) from the Fund’s total assets and dividing by the principal amount of the Leverage Facility and then multiplying by $1,000.