REAVES UTILITY INCOME FUND

UTG is a closed-end investment fund that pools capital to invest in equity and fixed income securities, primarily within the U.S. utilities sector. Launched in September 2003 and managed by W. H. Reaves & Company, Inc., the fund targets dividend-paying stocks and debt instruments across utility companies of varying market capitalizations. The fund employs a dual analytical approach, combining quantitative methods with fundamental bottom-up stock selection to construct its portfolio.

The fund generates revenue through management fees charged to shareholders, with income distributed to investors through dividends derived from its underlying holdings' dividend payments and interest income from fixed income securities. As a closed-end fund structure, UTG issues a fixed number of shares traded on the NYSE, distinguishing it from open-end mutual funds that allow continuous share creation and redemption.

With approximately $3.7 billion in assets under management, UTG operates as a managed portfolio vehicle domiciled in the United States and managed from Jersey City, New Jersey. The fund's strategy concentrates on the utilities sector, which encompasses electric, gas, and water utilities that typically generate stable, recurring revenues from regulated operations.