Rhame Joseph Burns III

Insider buys 2,700 shares of UTG at $37.80; holdings rise 24.9% to 13,559 shares

Rhame Joseph Burns III purchased 2,700 shares of Reaves Utility Income Fund at $37.80, increasing his position by 24.9% from 10,859 to 13,559 shares. The purchase occurred near the top of the fund's 52-week range ($29.08–$41.42), with the current price at $38.91 sitting 6.1% below the 52-week high. The transaction represents a material increase in insider holdings and suggests accumulated exposure to this utility-focused closed-end fund. Without track record context or stated rationale, the near-peak timing and fund's recent modest 90-day appreciation of 2.8% provide limited additional signal about underlying conviction or forward outlook.