Risk/Return (3) (net of fees) 01/01/78 to 06/30/10 (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
BC Agg = Barclays Capital 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 32-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	32.50 Yrs
Beta	0.81	0.77	0.79	0.63	0.56	0.57
Annualized Alpha	-4.26	-0.60	2.48	5.38	3.31	4.19
Sharpe Ratio	0.47	-0.49	-0.03	0.16	0.39	0.51
Sortino Ratio	0.70	-0.58	-0.04	0.22	0.57	0.77
W. H. Reaves & Co., Inc. ERISA Composite (Net of fees) Monthly data versus the S&P 500 Index (net of fees) 1/1/78 to 06/30/10. See endnotes for important disclosures and index definitions including ERISA comparisons.