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Stock Trading History of Ferer William Avrum

The following table details the trading activities (stock purchases, stock sales, and stock option exercises) reported to the Securities and Exchange Commission (SEC) by insider Ferer William Avrum since year 2005. The trader's CIK number is 1329437. At the time of this reporting, Ferer William Avrum is the Other of Reaves Utility Income Fund (stock ticker symbol UTG).

Stock purchases, sales, and option exercises reported by *Ferer William Avrum* since 2005.
Trade Date	Symbol	Company Name (Issuer)	Trade Type	Shares	Price ($)	Value ($)
2006-10-13	UTG	Reaves Utility Income Fund	Purchase	500	21.57	10,783
2004-07-20	UTG	Reaves Utility Income Fund	Purchase	1,500	16.78	25,170

Insider trading activities including stock purchases, stock sales, and option exercises listed in the above table cannot be completely guaranteed as to their accuracy. For more information regarding the trades made by Ferer William Avrum (Other of Reaves Utility Income Fund at the time of this reporting) see the Securities and Exchange Commission (SEC) website.