The Uranium Focused Metals Fund invests predominantly in equity-related securities that are engaged in the exploration and production of metals and minerals including uranium, molybdenum, nickel, copper, lead, gold, diamonds, zinc and other base and precious metals and minerals, supplemented by the securities of resource service companies.

Notwithstanding near-term volatility, we believe that the long-term demand outlook for uranium will be strong based upon the anticipated growth in the global consumption of nuclear energy. For example, China's demand for uranium is increasing as its nuclear-generating capacity is expected to grow nine-fold by 2020. Moreover, utilities continue to be concerned about security of supply as 60% of the world's production comes from only ten mines. We believe that diversified, active management in uranium and uranium-related companies will provide investors with an excellent opportunity for exposure to this promising area.