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The Reaves Utility Income Fund (UTG) is quite a popular fund for closed-end fund investors. This fund has been able to deliver solid returns since its inception. It is also well known for its continuous distribution increases. This is a rarity amongst many CEFs that generally see distributions flat or cut consistently. Of course, this isn't anything against other CEFs as it comes with the nature of the structure. However, it is still quite the selling point for UTG. So let's take a dive into its latest Annual Report and see