Uranium Focused Energy Fund - Investment Update



    TSX Symbol: UF.UN

    TORONTO, June 19 /CNW/ - Uranium Focused Energy Fund is a Toronto Stock
Exchange (TSX)-listed fund focused predominantly on the securities of issuers
that operate in or have exposure to the uranium sector, supplemented with
securities of other energy related issuers. The Fund has been designed to
capitalize on the view of the Advisor, Middlefield Capital Corporation, that
the uranium sector will continue to provide attractive opportunities for
investment over the next several years. The strong fundamentals underlying the
uranium business include rising demand for nuclear power on the back of
concerns over carbon emissions from coal-based power generation as well as the
high cost of alternative fuels like natural gas.
    The Fund's closing price on June 18, 2007 was $9.80 relative to its net
asset value of $9.73. As previously announced, the Fund will make quarterly
distributions of $0.125 per unit for the remainder of 2007 commencing with the
quarter ending June 30, 2007.
    Due to recent market conditions, the rights offering has been deferred
until further notice.

    Middlefield Capital Corporation, is a specialty investment manager with
over $4.0 billion in assets under management. Since its inception in 1979,
Middlefield has established a strong reputation as a creator and manager of
unique investment products designed to balance risk and return to meet the
demanding requirements of investment advisors and their clients. Middlefield
has developed particular expertise in the oil and gas, mining and uranium
sectors.
    Global Fuel Solutions, an independent uranium industry consultant based
in Los Altos, California, has been engaged to provide Middlefield with
analysis and opinion regarding uranium market supply-demand fundamentals and
associated pricing implications.

    
    Investment Update
    -------------------------------------------------------------------------
    Highlights
    ---------------------------------------
    Total Assets             $227,898,957
    TSX Symbol                      UF.UN
    Net Asset Value                 $9.73
    (June 18, 2007)

    Sector Allocation
    --------------------------------------
    79% Uranium Companies
    7%  Uranium Related
    13% Other Energy
    1%  Cash


    Top 25 Holdings Representing 80% of the Fund's Total Assets
    (as at June 15, 2007)
    ------------------------------------------------------
    Cameco Corporation                               7.8%
    Denison Mines Corp.                              6.9%
    SXR Uranium One Inc.                             6.0%
    Paladin Resources Ltd.                           6.0%
    Rio Tinto PLC                                    5.8%
    BHP Billiton Limited                             5.0%
    First UraniumCorporation                         3.8%
    UEX Corporation                                  3.6%
    Uranium Participation Corp.                      3.6%
    Energy Metals Corporation                        3.3%
    Ur-Energy Inc.                                   3.1%
    UraMin Inc.                                      2.8%
    Areva CI.                                        2.4%
    Major Drilling Group International Inc.          2.3%
    Aurora Energy Resources Inc.                     1.9%
    Energy Resources of Australia Ltd.               1.8%
    Energy Fuels Inc.                                1.7%
    Uranerz Energy Corporation                       1.7%
    General Electric Company                         1.6%
    Husky Energy Inc.                                1.6%
    Anglogold Ashanti Limited                        1.4%
    Mega Uranium Ltd.                                1.4%
    Laramide Resources Ltd.                          1.4%
    Forsys Metal Corp.                               1.4%
    Shaw Group Inc.                                  1.3%
    

    Certain statements in this press release may constitute forward-looking
information, including statements regarding cash distributions.
Forward-looking statements are subject to various risks and uncertainties that
could cause estimates to differ materially from the expectations expressed,
including the risk that the per Unit distributions may be less than previously
announced, which could occur for various reasons beyond the control of the
Fund such as a decrease in the distributions paid by the issuers of securities
included in the Fund's portfolio or a change in general economic conditions.
The forward-looking information contained in this press release constitutes
the Fund's current estimate, as of the date of this press release, with
respect to the matters covered hereby. Investors and others should not assume
that any forward-looking statement contained in this press release represents
the Fund's estimate as of any date other than the date of this press release.





For further information:

For further information: please visit www.middlefield.com or contact
Nancy Tham, Senior Vice-President, at (416) 847-5349

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URANIUM FOCUSED ENERGY FUND

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