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

mutual fund. W. H. Reaves' role is as the Investment Advisor to

the Fund. The philosophy and management of the Fund remains

consistent with the Firm's Long Term Value strategy.

Investment Objective

The Fund seeks to provide long-term growth of capital through

capital appreciation and dividend income.

Investment Strategy

The Fund normally invests in securities of domestic and foreign

public utilities and energy companies involved to a significant extent

in providing products, services or equipment for the utilities, energy

and telecom industries.

Portfolio Positioning

Intended for investors seeking a low correlated, conservative, dividend

generating portfolio, to complement other investments or asset classes.

To determine if this Fund is an appropriate investment for you, carefully consider the
Fund’s investment objectives, risk factors, charges and expenses before investing.
This and other information can be found in the Fund’s prospectus, which may be obtained
by calling 1-866-342-7058. Please read the prospectus carefully before investing.

Mutual fund investing involves risk, including possible loss of principal. In addition to the
normal risks associated with investing, narrowly focused investments typically exhibit
higher volatility. There can be no assurance that the Fund will achieve its stated objective.

The Reaves Select Research Fund is distributed by SEI Investments Distribution Co.,
which is not affiliated with W. H. Reaves & Co., Inc.