Every material Form 8-K REAVES UTILITY INCOME FUND has filed with the SEC since September 19, 2022, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
The fund's Audit Committee and Board selected Cohen & Company Ltd. as independent registered public accounting firm for the fiscal year ending October 31, 2024, and Deloitte & Touche LLP was not reengaged. The filing states Deloitte's reports on fiscal 2022 and 2023 financial statements contained no adverse opinion or disclaimer and were not qualified, and that there were no disagreements or reportable events with Deloitte.
Board and Audit Committee voted to select Cohen & Company Ltd. on March 7, 2024
Deloitte & Touche LLP was not reengaged for the fiscal year ending October 31, 2024
Deloitte's reports for fiscal years ended October 31, 2022 and 2023 contained no adverse opinion, disclaimer or qualification
Deloitte's response letter, dated March 12, 2024, is filed as Exhibit 16.1
Reaves Utility Income Fund amended its distribution agreement with Paralel Distributors LLC on February 6, 2024, raising the maximum number of common shares it may sell through at-the-market offerings from 8,000,000 to 16,065,000. A corresponding amendment to the sub-placement agreement with UBS Securities LLC reflects the higher amount. Because the increase allows more new shares to be issued, existing shareholders could see their ownership diluted, although the fund may not sell shares below its net asset value.
Maximum at-the-market offering amount raised from 8,000,000 to 16,065,000 common shares.
Distribution Agreement Amendment and SPAA Amendment both dated February 6, 2024.
Offering made under a prospectus supplement dated February 6, 2024 and a shelf registration statement (File No. 333-261328).
Shares may not be sold below current net asset value, exclusive of any distributing commission or discount.
Reaves Utility Income Fund (UTG) signed a new distribution agreement for up to 8,000,000 common shares sold at the market through Paralel Distributors, and named Paralel Technologies as its administrator, replacing ALPS Fund Services, effective September 19, 2022. Three officer positions also changed hands, with Paralel employees appointed to Treasurer, Secretary and Chief Compliance Officer roles after the prior officers resigned. The filing describes the new terms as materially similar to the prior agreements, and the Fund's administration fee rate is lower under the new agreement.
New distribution agreement covers up to 8,000,000 common shares; commission is 1.00% of gross proceeds, with up to 0.80% paid to UBS Securities on UBS sales
Prior ADI and UBS agreements, which allowed up to 23,000,000 shares, terminated September 19, 2022; 5,077,802 shares were sold under them from November 24, 2021 through September 16, 2022
Paralel Technologies administration fee is 0.15% of average daily total assets on the first $2 billion, versus 0.265% on the first $2.5 billion under ALPS
Jill Kerschen, Christopher Moore and Bradley Swenson appointed Treasurer, Secretary and Chief Compliance Officer effective September 19, 2022
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every REAVES UTILITY INCOME FUND filing is on SEC EDGAR ↗. 8-K briefs of other companies →