Rhame Joseph Burns III has filed 39 Form 4 transactions, all tied to a single issuer: Reaves Utility Income Fund (UTG). The pattern is unambiguous on the buying side. Burns has executed two open-market purchases totaling $122,660, with the most recent coming on June 26, 2026, at $20,600. That followed a larger $102,060 purchase on October 23, 2025. There are no open-market sales on record, and no dispositions of any kind—total sell value is zero. The remaining 37 filings are coded "J," which typically reflects a non-discretionary adjustment such as a dividend reinvestment or in-kind distribution, not a discretionary trade. Those "J" transactions are small, ranging from roughly $800 to $1,970, and occur on a near-monthly cadence, consistent with automatic reinvestment rather than active positioning.
The absence of any "S" or "D" codes is notable. Burns has not sold a single share back to the fund or on the open market across the entire filing history, which spans at least from June 2025 through June 2026. The two "P" purchases are the only discretionary signals, and both were substantial relative to the recurring "J" amounts. The October 2025 purchase was roughly 50 times the size of a typical monthly "J" credit, and the June 2026 purchase was about 10 times that baseline. That skew—large, deliberate buys layered on top of small automatic accruals—points to a consistent accumulation bias. The most recent activity, a fresh purchase in late June 2026, reinforces that direction. Burns is adding exposure to UTG, not trimming it.
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