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Form NSAR-B REAVES UTILITY INCOME For: Oct 31

December 28, 2017 10:48 AM EST
      PAGE  1
000 B000000 10/31/2017
000 C000000 0001263994
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 REAVES UTILITY INCOME FUND
001 B000000 811-21432
001 C000000 8006445571
002 A000000 1290 BROADWAY, SUITE 1100
002 B000000 DENVER
002 C000000 CO
002 D010000 80203
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
008 A000001 W.H. REAVES & CO., INC.
008 B000001 A
008 C000001 801-13457
008 D010001 JERSEY CITY
008 D020001 NJ
008 D030001 07302
010 A000001 ALPS FUND SERVICES, INC.
010 B000001 84-5730
010 C010001 DENVER
010 C020001 CO
010 C030001 80203
011 A000001 MERRILL LYNCH & CO.
011 B000001 8-0114235
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10080
012 A000001 DST SYSTEMS, INC.
012 B000001 84-1963
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64105
013 A000001 DELOITTE AND TOUCHE LLP
013 B010001 DENVER
013 B020001 CO
013 B030001 80202
014 A000001 W.H. REAVES
014 B000001 8-22142
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
      PAGE  2
015 C010001 BOSTON
015 C020001 MA
015 C030001 02111
015 E010001 X
015 A000002 DEUTSCHE BANK AG AMSTERDAM
015 B000002 S
015 C010002 AMSTERDAM
015 D010002 NETHERLANDS
015 E040002 X
015 A000003 CITIBANK NA MEXICO
015 B000003 S
015 C010003 MEXICO CITY
015 D010003 MEXICO
015 E040003 X
015 A000004 DEUTSCHE BANK S.P.A.
015 B000004 S
015 C010004 MILAN
015 D010004 ITALY
015 E040004 X
015 A000005 DEUTSCHE BANK SAE
015 B000005 S
015 C010005 MADRID
015 D010005 SPAIN
015 E040005 X
015 A000006 STATE STREET BANK AND TRUST COMPANY
015 B000006 S
015 C010006 EDINBURGH
015 D010006 SCOTLAND
015 E040006 X
015 A000007 ROYAL BANK OF CANADA
015 B000007 S
015 C010007 TORONTO
015 D010007 CANADA
015 E040007 X
015 A000008 NORDEA BANK NORGE ASA
015 B000008 S
015 C010008 OSLO
015 D010008 NORWAY
015 E040008 X
015 A000009 HSBC BANK
015 B000009 S
015 C010009 AUCKLAND
015 D010009 NEW ZEALAND
015 E040009 X
015 A000010 NORDEA BANK DENMARK A.S.
015 B000010 S
015 C010010 COPENHAGEN
015 D010010 DENMARK
015 E040010 X
018  000000 Y
019 A000000 N
      PAGE  3
019 B000000    0
020 A000001 UBS FINANCIAL SERVICES, INC.
020 B000001 13-2638166
020 C000001      54
020 A000002 JP MORGAN CHASE & CO.
020 B000002 13-2624428
020 C000002      40
020 A000003 KCG AMERICAS, LLC
020 B000003 26-4219373
020 C000003      36
020 A000004 TUOHY BROTHERS INVESTMENT RESEARCH, INC.
020 B000004 20-1810763
020 C000004      27
020 A000005 CANTOR FITZGERALD & CO.
020 B000005 13-3680184
020 C000005      20
020 A000006 MORGAN STANLEY & CO., INC.
020 B000006 13-2655998
020 C000006      14
020 A000007 U.S. CAPITAL ADVISORS, LLC
020 B000007 27-1135667
020 C000007      14
020 A000008 MEDIOBANCA SECURITIES USA, LLC
020 B000008 36-4594125
020 C000008       9
020 A000009 LANDENBURG THALMANN & CO. INC.
020 B000009 13-2700032
020 C000009       8
020 A000010 THE WILLIAMS CAPITAL GROUP, L.P.
020 B000010 13-3747879
020 C000010       5
021  000000       236
022 A000001 ALEX BROWN INVESTMENT MANAGEMENT LLC
022 B000001 52-1349876
022 C000001      59728
022 D000001          0
022 A000002 JP MORGAN CHASE & CO.
022 B000002 13-2624428
022 C000002      15805
022 D000002          0
022 A000003 CANTOR FITZGERALD & CO.
022 B000003 13-3680184
022 C000003       7595
022 D000003       2303
022 A000004 MORGAN STANLEY & CO., INC.
022 B000004 13-2655998
022 C000004        624
022 D000004          0
023 C000000       83752
023 D000000        2303
024  000000 N
      PAGE  4
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 N
045  000000 Y
046  000000 N
047  000000 Y
048  000000  0.575
048 A010000         0
048 A020000 0.000
048 B010000         0
048 B020000 0.000
048 C010000         0
048 C020000 0.000
048 D010000         0
048 D020000 0.000
048 E010000         0
048 E020000 0.000
048 F010000         0
048 F020000 0.000
048 G010000         0
048 G020000 0.000
048 H010000         0
048 H020000 0.000
048 I010000         0
048 I020000 0.000
048 J010000         0
048 J020000 0.000
048 K010000         0
048 K020000 0.000
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 Y
054 E000000 Y
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
      PAGE  5
054 K000000 Y
054 L000000 N
054 M000000 Y
054 N000000 Y
054 O000000 Y
055 A000000 N
055 B000000 Y
056  000000 Y
057  000000 N
058 A000000 N
059  000000 Y
060 A000000 Y
060 B000000 Y
061  000000         0
062 A000000 N
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   0.0
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000   0.0
062 Q000000   0.0
062 R000000   0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 Y
066 G000000 N
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
      PAGE  6
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 Y
070 O010000 Y
070 O020000 Y
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000     379709
071 B000000     221992
071 C000000    1479132
071 D000000   15
072 A000000 12
072 B000000       439
072 C000000     54492
072 D000000         0
072 E000000        19
072 F000000      8699
072 G000000      4007
072 H000000        39
072 I000000         0
072 J000000         0
072 K000000         0
072 L000000         0
072 M000000       165
072 N000000         0
072 O000000         0
072 P000000      6756
072 Q000000         0
072 R000000         0
072 S000000         0
      PAGE  7
072 T000000         0
072 U000000         0
072 V000000         0
072 W000000        42
072 X000000     19708
072 Y000000         0
072 Z000000     35242
072AA000000     38417
072BB000000         0
072CC010000     93309
072CC020000         0
072DD010000     36543
072DD020000         0
072EE000000     63249
073 A010000    1.0400
073 A020000    0.0000
073 B000000    1.8000
073 C000000    0.0000
074 A000000       717
074 B000000         0
074 C000000     59741
074 D000000      1546
074 E000000         0
074 F000000   1631568
074 G000000         0
074 H000000         0
074 I000000    254076
074 J000000         0
074 K000000         0
074 L000000      2390
074 M000000         0
074 N000000   1950038
074 O000000     15194
074 P000000       936
074 Q000000         0
074 R010000         0
074 R020000         0
074 R030000         0
074 R040000    321043
074 S000000         0
074 T000000   1612865
074 U010000     48670
074 U020000         0
074 V010000     33.14
074 V020000      0.00
074 W000000    0.0000
074 X000000        21
074 Y000000    520563
075 A000000         0
075 B000000   1193281
076  000000     31.02
      PAGE  8
077 A000000 Y
077 B000000 Y
077 Q020000 Y
078  000000 N
080 A000000 Axis Insurance Company
080 C000000      1250
081 A000000 N
081 B000000    0
082 A000000 Y
082 B000000         5
083 A000000 N
083 B000000         0
084 A000000 N
084 B000000         0
085 A000000 Y
085 B000000 N
086 A010000   14346
086 A020000  429112
086 B010000       0
086 B020000       0
086 C010000       0
086 C020000       0
086 D010000       0
086 D020000       0
086 E010000       0
086 E020000       0
086 F010000       0
086 F020000       0
087 A010000 COMMON STOCK
087 A020000 756158101
087 A030000 UTG
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE   Jill Kerschen
TITLE       Treasurer


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Shareholders and Board of Trustees of Reaves Utility Income Fund:

 

In planning and performing our audit of the financial statements of Reaves Utility Income Fund (the “Fund”), as of and for the year ended October 31, 2017, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.

However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls for safeguarding securities that we consider to be a material weakness, as defined above, as of October 31, 2017.

 

 

 

 


 

This report is intended solely for the information and use of management and the Board of Trustees of Reaves Utility Income Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

 

/s/DELOITTE & TOUCHE LLP

 

 

Denver, Colorado

December 21, 2017

Exhibit Q2(a)

 

Section 16(a) of the 1934 Act and Section 30(h) of the 1940 Act, and the rules thereunder, require the Fund’s officers, portfolio managers and Trustees, the Adviser, affiliated persons of the Adviser, and persons who beneficially own more than 10% of a registered class of a Fund’s Shares to file reports of ownership and changes in ownership with the SEC and the NYSE and to furnish the Fund with copies of all Section 16(a) forms they file.  Based solely on a review of the reports filed with the SEC and upon representations that no applicable Section 16(a) forms were required to be filed, the Fund believes that during the six month period ended September 30, 2017, all Section 16(a) filing requirements applicable to the Fund’s officers, Trustees and greater than 10% beneficial owners were complied with, except in the following instance. A statement of change of beneficial ownership on Form 4 of Jeremy O. May, Trustee and President of the Reaves Utility Income Fund was not filed before the end of the second business day following the day on which a transaction resulting in a change in beneficial ownership was executed.  The statement of change of beneficial ownership of Mr. May has since been filed with the SEC.

 



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