REAVES UTIL INCOME FD

CUSIP: 756158101 Class: COM

Note: Option positions (PUT/CALL) are excluded.

InstitutionSharesValue ($000)
BANK OF AMERICA CORP /DE/1,070,459$39,157
MORGAN STANLEY1,069,694$39,129
LPL Financial LLC779,445$28,512
WELLS FARGO & COMPANY/MN679,292$24,848
ROYAL BANK OF CANADA535,365$19,583
COMMONWEALTH EQUITY SERVICES, LLC530,176$19,394
AMERIPRISE FINANCIAL INC368,935$13,495
J.W. COLE ADVISORS, INC.358,292$2,635
CAPTRUST FINANCIAL ADVISORS343,166$12,553
RAYMOND JAMES FINANCIAL INC328,542$12,018
Cornerstone Advisors, LLC294,426$10,770
STIFEL FINANCIAL CORP283,606$10,375
OSAIC HOLDINGS, INC.255,308$9,340
Magnus Financial Group LLC231,728$8,477
OAK FAMILY ADVISORS, LLC224,222$8,202
UBS Group AG221,141$8,089
Sterling Investment Advisors, Ltd.189,328$6,926
Cetera Investment Advisers168,570$6,166
Lido Advisors, LLC150,035$5,944
Wealthspire Advisors, LLC144,310$5,279
JBR Co Financial Management Inc142,112$5,198
Private Advisor Group, LLC139,147$5,090
GUGGENHEIM CAPITAL LLC133,534$4,885
Mariner, LLC118,984$4,352
HBW ADVISORY SERVICES LLC109,016$3,988
Janney Montgomery Scott LLC107,242$4
Cambridge Investment Research Advisors, Inc.95,862$4
NewEdge Advisors, LLC91,803$3,358
REAVES W H & CO INC83,326$3,048
Tradition Wealth Management, LLC82,345$3,012
WEALTH EFFECTS LLC77,110$2,821
Smith Asset Management Co., LLC77,007$2,817
LongView Wealth Management67,315$2,470
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC66,348$2,473
OPPENHEIMER & CO INC64,447$2,357
World Investment Advisors63,041$2,306
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO57,450$2,102
CENTAURUS FINANCIAL, INC.56,617$2
Sowell Financial Services LLC54,726$2,002
FIRST TRUST ADVISORS LP53,440$1,955
PNC Financial Services Group, Inc.52,942$1,937
NBC SECURITIES, INC.52,137$1,907
Kestra Advisory Services, LLC50,817$1,859
GRIFFIN ASSET MANAGEMENT, INC.49,809$1,822
Strategic Family Wealth Counselors, L.L.C.49,691$1,847
Stratos Wealth Partners, LTD.49,665$1,817
Kercheville Advisors, LLC47,990$1,818
NWF Advisory Services Inc.46,809$1,712
&PARTNERS45,570$1,667
Corient Private Wealth LLC45,492$349
Wright Wealth LLC42,565$1,557
Aegis Wealth Management, Inc.42,266$1,546
INTEGRITY ALLIANCE, LLC.38,533$1,410
WEDBUSH SECURITIES INC37,394$1
Sigma Planning Corp36,948$1,352
Steward Partners Investment Advisory, LLC34,568$1,265
Beacon Capital Management, Inc.34,500$1,262
CreativeOne Wealth, LLC34,065$1,246
ORG Wealth Partners, LLC34,014$1,244
Jefferies Financial Group Inc.31,447$1,150
MML INVESTORS SERVICES, LLC30,854$1,129
STEPHENS INC /AR/30,157$1,103
Edge Financial Advisors LLC29,700$1,086
Carnegie Lake Advisors LLC28,772$1,052
XML Financial, LLC27,445$1,004
PMG Family Office LLC25,467$932
Future Financial Wealth Managment LLC25,142$935
Merrion Investment Management Co, LLC25,000$915
Creative Planning24,730$905
Kovack Advisors, Inc.24,665$902
CWM, LLC23,789$1
Westbourne Investment Advisors, Inc.23,700$867
COMERICA BANK23,328$853
COHEN & STEERS, INC.23,000$1
Atlanta Consulting Group Advisors, LLC20,838$766
MONETARY MANAGEMENT GROUP INC20,500$750
Brookstone Capital Management20,258$741
Sanctuary Advisors, LLC20,061$734
Welch Group, LLC19,729$722
Atlas Brown,Inc.19,621$718
Advisory Services Network, LLC19,404$710
Prospera Financial Services Inc19,178$702
HighTower Advisors, LLC18,590$680
DAVENPORT & Co LLC18,251$668
Castle Rock Wealth Management, LLC18,201$681
Sunpointe, LLC17,827$656
Belpointe Asset Management LLC17,790$651
Compound Planning, Inc.17,343$634
AlphaCore Capital LLC17,330$634
PFG Investments, LLC17,264$632
MAI Capital Management17,109$626
Mission Hills Financial Advisory, LLC16,886$618
AE Wealth Management LLC16,718$612
Certified Advisory Corp16,146$591
Samalin Investment Counsel, LLC16,094$589
MERCER GLOBAL ADVISORS INC /ADV15,758$576
Vivaldi Capital Management LP15,750$576
Focus Partners Wealth15,642$590
NATIONS FINANCIAL GROUP INC, /IA/ /ADV15,575$570
WALLED LAKE PLANNING & WEALTH MANAGEMENT, LLC15,385$563
133 other institutions672,188$23,790
Total (233 institutions)12,325,319$426,366