UTG Replaces ALPS with Paralel as Administrator and Sets New 8 Million Share Offering
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.
Key points
- 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
The filing
Written by AI on Nov 9, 2026, 8:36 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on 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.