John Derrick Discusses Global Growth with Morningstar
July 20, 2010
Morningstar’s annual investment conference in Chicago last month pulled together some of the top minds in the investment industry to discuss everything from bonds to investing for retirement. One member of the industry brass was U.S. Global’s director of research John Derrick who sat down with Jason Stipp from Morningstar to discuss global growth and the possibility of the U.S. falling back into recession (first video). In the second video, John, who manages the Near-Term Tax Free Fund (NEARX) and the Tax Free Fund (USUTX), offers his opinion on the value of municipal bonds in a risk-averse environment.
Derrick: No Double Dip, But Growth Will Slow
Derrick: Munis Are Still Attractive
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Tax-exempt income is federal income tax free. A portion of this income may be subject to state and local income taxes, and if applicable, may subject certain investors to the Alternative Minimum Tax as well. Each tax free fund may invest up to 20% of its assets in securities that pay taxable interest. Income or fund distributions attributable to capital gains are usually subject to both state and federal income taxes. Bond funds are subject to interest-rate risk; their value declines as interest rates rise. The tax free funds may be exposed to risks related to a concentration of investments in a particular state or geographic area. These investments present risks resulting from changes in economic conditions of the region or issuer.
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