Reaves Utility Income Fund (NYSE:UTG) is a closed-end fund with an inception date going back to 2004 and $1.8 billion in total assets under management. The fund utilizes leverage to achieve a 5.7% yield through a monthly distribution consistent with its income focus. UTG has a very impressive return history that has been able to not only outperform its utility sector benchmark, but also the S&P 500 (SPY) since inception on a total return basis. We attribute this success to the investment manager's apparently superior stock picking ability and portfolio management