Cumulative annual performance (3) (net of fees) 01/01/78 - 9/30/08

Since inception, Reaves’ cumulative return has outperformed

the S&P 500 Index and the other indexes shown.

Base Year = 100 Russell 1000 Value Index inception date is 1/1/79.
See endnotes for important disclosures and index definitions including
ERISA comparisons.

Annualized rates of return (%) (3) as of 9/30/08
	YTD	1 Yr	3 Yrs	5 Yrs	10 Yrs	20 Yrs	30.75 Yrs
Reaves (gross of fees)	-21.78	-18.13	4.10	14.20	8.17	11.81	14.99
Reaves (net of fees)	-22.08	-18.54	3.57	13.62	7.62	11.22	14.18
S&P Utilities Index	--20-27	-14.25	2.86	12.54	4.38	9.34	11.78
S&P 500 Index	--19.27	-21.98	0.22	5.17	3.06	9.94	11.84
See endnotes for important disclosures and index definitions including ERISA comparisons.