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.