Separately Managed Accounts

30-year AIMR-PPS® compliant track record for our Long Term

Value Strategy's ERISA Composite with a focus on equity income

and capital appreciation.(1)

Reaves Select Research Fund

The Reaves Select Research Fund is a registered, open-end

mutual fund. The philosophy and management of the Fund

remains consistent with our Firm's Long Term Value strategy.

Reaves Utility Income Fund

Created in 2004, the Reaves Utility Income Fund is a closed-end,

non-diversified management investment company.