0001752724-20-002318.txt : 20200108 0001752724-20-002318.hdr.sgml : 20200108 20200108145830 ACCESSION NUMBER: 0001752724-20-002318 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20191031 FILED AS OF DATE: 20200108 DATE AS OF CHANGE: 20200108 EFFECTIVENESS DATE: 20200108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REAVES UTILITY INCOME FUND CENTRAL INDEX KEY: 0001263994 IRS NUMBER: 200223928 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-21432 FILM NUMBER: 20515485 BUSINESS ADDRESS: STREET 1: C/O ALPS FUND SERVICES, INC. STREET 2: P.O. BOX 328 CITY: DENVER STATE: CO ZIP: 80201-0328 BUSINESS PHONE: 3036232577 MAIL ADDRESS: STREET 1: C/O ALPS FUND SERVICES, INC. STREET 2: P.O. BOX 328 CITY: DENVER STATE: CO ZIP: 80201-0328 FORMER COMPANY: FORMER CONFORMED NAME: UTILITY INCOME TRUST DATE OF NAME CHANGE: 20030917 N-CEN 1 primary_doc.xml X0201 N-CEN LIVE 0001263994 XXXXXXXX 811-21432 false false false N-2 REAVES UTILITY INCOME FUND 811-21432 0001263994 549300GS807NR3X3LH36 1290 Broadway Suite 1000 Denver 80203 US-CO US (303) 623-2577 Reaves Utility Income Fund c/o ALPS Fund Services Inc. 1290 Broadway Suite 1000 Denver 80203 (303) 623-2577 All applicable accounts, books and documents required to be maintained by the Registrant by Section 31(a) of the 1940 Act and the Rules promulgated thereunder N N N N-2 Y Jeremy Deems N/A N Mary Anstine N/A N Larry Papasan N/A N Wayne Nordberg 000349020 N Jeremy May N/A Y Michael Holland N/A N Ted Uhl N/A 1290 Broadway Suite 1000 Denver 80203 XXXXXX N N N N N N N Deloitte & Touche LLP 34 N/A N N N N N N REAVES UTILITY INCOME FUND 549300GS807NR3X3LH36 N N/A N N N N N/A N/A N/A Rule 32a-4 (17 CFR 270.32a-4) N N N N Reaves Asset Management 801-13457 000003140 254900WN2TEVPDIY4S09 N DST Systems, Inc. 84-1963 N/A N N N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N N State Street Bank & Trust Company N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N DST Systems, Inc. 84-1963 N N N ALPS Fund Services N/A Y N N Morgan Stanley 8-68191 000149777 N/A 47539 Virtu Financial 8-51262 000045986 N/A 107521 Tuohy Brothers 8-66756 000133672 N/A 21900 UBS AG 8-16267 000008174 N/A 76296 Mediobanca Securities 8-67538 000143189 N/A 11084 RBC Capital Markets, LLC 8-45411 000031194 N/A 15500 Ladenburg Thalmann 8-17230 000000505 N/A 13400 US Capital 8-52285 000103789 N/A 14700 JP Morgan Chase 8-35008 000000079 N/A 39415 Williams Financial Group 8-37652 000019564 N/A 20240 390725 JP Morgan Chase 8-35008 000000079 N/A 1852000 Cantor Fitzgerald 8-201 000000134 N/A 58345025 60197025 N 1658948730 Common stock Common Stock N N N N N N 0.68 1.91 37.09 36.52 false false true false false false false false false false INTERNAL CONTROL RPT 2 fp0049026_g1aiii.htm INTERNAL CONTROL LETTER

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, 2019, 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-CEN, 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, 2019.

This report is intended solely for the information and use of management and the Board of Trustees of the 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 20, 2019