Reaves Utility Income Fund has appointed State Street Bank and Trust Company as the fund’s new custodian.
In this capacity, State Street will maintain custody of the fund’s securities, cash and other assets.
In addition, the fund has appointed DST Systems as the fund’s new stock transfer agent, dividend paying agent and registrar. DST will also serve as the new plan administrator for the fund’s dividend reinvestment plan.
The fund’s investment objective is to provide a high level of after-tax income and total return consisting primarily of tax-advantaged dividend income and capital appreciation. The fund has approximately USD1bn in total assets under management, and 29 million shares outstanding, as of 30 November 2013.
