|IMPORTANT: Uranium Focused Energy Fund (UF.UN) announces
accelerated redemption to July 31, 2013.
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.