Risk/Return (3) (net of fees) 01/01/78 to 9/30/08 (4)

.
CG 10 Yr. = Citigroup 10 Year Treasury. Inception of Index is 1/01/80.
CG 30 Yr. = Citigroup 30 Year Treasury. Inception of Index is 1/01/80.
DJUA = Dow Jones Utility Average
LB Agg = Lehman Brothers Aggregate Bond Index
R 1000 V = Russell 1000 Value Index. Inception of Index is 1/01/79.
Reaves = W. H. Reaves & Co., Inc. ERISA Composite
S&P 500 = S&P 500 Equity Index
T Bill = Ibbotson U.S. Treasury Bill

See endnotes for important disclosures and index definitions including ERISA comparisons.


A disciplined, consistent approach to risk management (3)

Reaves’ value style seeks to be disciplined and risk efficient, and has resulted in a 30-year track

record of uncorrelated excess returns with low volatility as compared to the broad market.

	1 Yr	3 Yrs	5 Yrs	10 Yrs	20 Yrs	30.75 Yrs
Beta	1.01	0.97	0.88	0.53	0.54	0.55
Annualized Alpha	5.57	3.84	8.79	4.80	3.94	4.84
Sharpe Ratio	-1.05	-0.03	0.79	0.30	0.53	0.62
Sortino Ratio	-1.00	0.31	1.50	0.80	1.45	1.89
Monthly data versus the S&P 500 Index (net of fees) 1/1/78 to 9/30/08. See endnotes for important disclosures and index definitions including ERISA comparisons.