REAVES UTIL INCOME FD

The Reaves Utility Income Fund (UTG), a closed-end fund managed by Reaves Asset Management that concentrates on regulated utilities and energy infrastructure with a distribution-focused mandate, carries approximately $476 million in institutional ownership across 235 holders — a small, steady, and almost unidirectionally constructive register in which the Q1 2026 flow is best characterized not as a rotation or a structural shift, but as consistent accumulation by the wealth-management and broker-dealer cohort that forms UTG's natural distribution channel. Every one of the fund's top-10 holders increased its position during the quarter, led by Bank of America's $13.0 million addition, Morgan Stanley's $5.6 million addition, LPL Financial's $3.7 million addition, and Wells Fargo Advisors, Raymond James, Stifel, and Captrust all adding between$1.8 and$2.1 million each. The one meaningful sell — Commonwealth Equity Services, a St. Louis–based RIA platform that reduced$2.7 million — was outweighed by nine simultaneous buyers at the top of the register. A new entry from Gerald Baker Financial Group ($9.3 million) adds a fresh wealth-management name to the roster. The net result is a utility-income fund whose holder base is growing in both size and diversity, consistent with a product that is still early in its institutional-adoption lifecycle and whose utility-plus-energy infrastructure mandate benefits from the current income-seeking allocation trend across the wealth-management channel.