Reaves Global Utility & Energy Fund to target utility, energy stocks

By Toni Weeks

San Diego, Nov. 21 - The Reaves Global Utility & Energy Income Fund has registered 50,000 shares in an N-2 filing with the Securities and Exchange Commission.

The shares of the Denver-based, newly organized, diversified, closed-end management investment company will be offered at $20 each. The underwriters will have a 45-day over-allotment option.

The fund seeks a high level of after-tax yield and total return consisting primarily of dividend and interest income and capital appreciation. Under normal conditions, it will invest 80% or more of its total assets in common and preferred stocks, master limited partnerships and debt instruments of foreign and domestic companies and governments involved substantially in providing utility, energy, or other infrastructure services.

The fund will also invest at least 80% of its total assets in issuers located in at least three countries, including the United States. Foreign investments will constitute no less than 40% and no more than 80% of the fund's assets. The fund may invest up to 25% of its total assets in limited partnerships and limited liability companies that are publicly traded and treated as partnerships for federal income tax purposes.

Information about the fund's expected fees was not given in the filing.

The fund's investment adviser is Jersey City-based Reaves Asset Management.

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