The Uranium Focused Energy Fund invests predominantly in securities of issuers that operate in or have exposure to the uranium sector, supplemented with securities of other energy related issuers that operate in or have exposure to the energy sector.

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.

The Fund generated a return of 60.9% in 2010, which was the result of increasing demand for uranium, associated with the growth in nuclear reactor construction activity as well as a lack of new supply.