Endnotes/Disclosures

Reaves Asset Management is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training. Reaves is a privately held, independently-owned “S” corporation organized under the laws of the State of Delaware.

Reaves Asset Management claims compliance with the Global Investment Performance Standards (GIPS®). The verification reports are available upon request. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Reaves’ Long Term Value Strategy (LTV) seeks a high risk-adjusted total return. The strategy tends to be invested in relatively larger companies with strong balance sheets, good cash flow and a history of dividend growth. Core positions are accumulated in financially strong, high-quality companies and generally have the following characteristics: strong management, above industry-average growth rates, large/mid-market capitalization and low price-earnings multiples.

1Reaves’ performance data is the Reaves LTV ERISA Composite and, unless otherwise noted, all data is net of fees. The Reaves ERISA Composite reflects the dollar-weighted return of all corporate ERISA pension accounts with assets of at least $1,000,000 under management for all periods presented (the minimum was $900,000 during the period 08/31/10-06/22/12). Returns are time-weighted and include the reinvestment of all dividends and other earnings, net of commissions. The ERISA Composite does not reflect all of Reaves’ assets under management. Reaves’ ERISA Composite ended on 12/20/19.

Reaves’ portfolio characteristics, holdings and sector weightings are subject to change at any time and, unless otherwise noted, are based on our Long Term Value Strategy. Holdings, sector weightings and portfolio characteristics of individual client portfolios may differ, sometimes significantly, from those shown. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities and sectors listed.

Reaves maintains an employee Profit Sharing Trust (PST). Most current and some past employees are participants in the Trust. The PST may purchase or sell the same securities as Reaves transacts for its investment advisory clients.

Cash is cash and cash equivalents.

Past performance does not guarantee future performance. Further, the investment return and principal value of an investment will fluctuate; thus an investor’s equity, when liquidated, may be worth more or less than the original cost. The information presented on this website provides only impersonal advice and/or statistical data and is not intended to meet objectives or suitability requirements of any specific individual or account.

CFA- Chartered Financial Analyst is a professional designation issued by the CFA Institute. Upon successful completion of the program the candidate is awarded a “CFA charter” and becomes a “CFA Charterholder”. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

All data is presented in U.S. dollars.

Definitions:
The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The typical Reaves portfolio includes a significant percentage of assets that are also found in the S&P 500. However, Reaves’ portfolios are far less diversified, resulting in higher sector concentrations than found in the broad-based S&P 500 Index.

Rolling returns reflect the cumulative return on a continuously held investment over a number of consecutive periods. This is a powerful tool which will help you better understand how this strategy has performed across many different market and economic environments.

An investor cannot invest directly in an index.

Past performance is no guarantee of future results.

All investments involve risk, including loss of principal.

Important Tax Information: Reaves Asset Management and its employees are not in the business of providing tax or legal advice to taxpayers. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax adviser.

Fees: Net performance reflects the deduction of advisory fees which are described in detail in Reaves’ Form ADV Part 2A. For fee schedules, please contact Reaves Asset Management or your financial professional for a copy.