Reaves Utilities and Energy Infrastructure Fund

Ticker: (RSRFX)

The Reaves Utilities and Energy Infrastructure Fund is a registered, open-end mutual fund. Reaves Asset Management is the Investment Adviser to the Fund. The philosophy and management of the Fund is consistent with the Firm's Long Term Value Strategy employed in managing our separately managed accounts.

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 clicking the prospectus link on the left or 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. Fund holdings in the energy sector are subject to significant volatility and entail substantial risks. The Reaves Utilities and Energy Infrastructure Fund is distributed by SEI Investments Distribution Co., which is not affiliated with W.H. Reaves & Co., Inc./Reaves Asset Management.