- Choose A Fund
- Global Resources Fund
- Gold and Precious Metals Fund
- World Precious Minerals Fund
- China Region Fund
- Eastern European Fund
- Global Emerging Markets Fund
- Global MegaTrends Fund
- All American Equity Fund
- Holmes Growth Fund
- Tax Free Fund
- Near-Term Tax Free Fund
- US Gov't Savings Fund
- US Treasury Securities Cash Fund
Near-Term Tax Free Fund
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Third Quarter 2009The municipal market exhibited very strong performance during the third quarter, as the Barclays Capital Municipal Bond Index rose 7.12 percent. Credit factors on the long end of the municipal yield curve were the primary drivers of performance in the quarter. Lower-quality bonds and maturities greater than 15 years continued the rebound which began in the first quarter, rebounding from the dismal performance in the second half of 2008. Bonds with maturities 22 years and longer rose by 12.75 percent during the quarter and were far and away the best spot on the yield curve. Generally speaking, bonds 15 years and longer outperformed the index while short and intermediate maturities underperformed. Revenue-backed municipals outperformed general obligation bonds as lower quality outperformed. Credit quality and total returns were highly inversely correlated, as high quality underperformed while low quality outperformed. Also, high-yield and lower-quality municipals were among the best-performing areas. Non-investment grade municipals rose by 13.6 percent in the quarter and even low-quality BBB-rated investment grade bonds rose 12.3 percent. The best performers were industrial-development-backed bonds, rising by more than 18 percent, followed by hospital and transportation issues. In specialty state trading, Puerto Rico, California and Ohio outperformed, while Pennsylvania, Connecticut and Illinois underperformed. The Fed has announced its intention to keep interest rates low for an extended period and did not change policy during the quarter. The global economy is displaying signs that a recovery is in the works and while deflation appears to be the main concern at the present time, that could change rapidly with the occurrence of a synchronized global recovery. Past performance does not guarantee future results. All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. The Barclays Capital Municipal Bond Index is an unmanaged index representative of the tax-exempt bond market. |
Net Asset Value
as of 11/20/2009
- Global Resources Fund
PSPFX $8.53 -0.06 - Gold and Precious Metals Fund
USERX $16.05 -0.08 - World Precious Minerals Fund
UNWPX $17.97 -0.02 - China Region Fund
USCOX $8.24 No Change - Eastern European Fund
EUROX $8.97 -0.10 - Global Emerging Markets Fund
GEMFX $7.94 -0.02 - Global MegaTrends Fund
MEGAX $7.94 -0.04 - All American Equity Fund
GBTFX $19.21 -0.10 - Holmes Growth Fund
ACBGX $15.12 -0.06 - Tax Free Fund
USUTX $12.24 +0.01 - Near-Term Tax Free Fund
NEARX $2.22 No Change - U.S. Government Securities Savings Fund
UGSXX $1.00 No Change - U.S. Treasury Securities Cash Fund
USTXX $1.00 No Change
