- 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
Tax Free Fund
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January 2010In January, the Barclay’s Municipal Bond Index rose by 0.52 percent as questions arose regarding the strength of the global economy. Broadly speaking, economic data was generally positive but trouble spots remain. Manufacturing indicators continue to improve and are a good early indicator that the economy is recovering. Housing is struggling to make significant headway and appears to be bouncing along with no clear confirmation of a recovery at hand. Consumer confidence has recovered some but still remains somewhat depressed as high unemployment takes its toll on consumer outlook. Returns in the municipal market were driven by the middle of the curve, as the 5- to 10- year portion of the curve outperformed. In specialty state trading, Puerto Rico, Ohio and California outperformed, while, Texas, Illinois and Arizona lagged. As a group, revenue bonds outperformed general obligation credits; with relative strength seen in hospitals and industrial development issues. Lower-quality bonds generally underperformed, as BBB-rated bonds rose one percent, while AAA-rated bonds appreciated just 40 basis points. Central bankers and policy makers around the world remain accommodative even as the global economy appears to be in recovery mode. The Fed left interest rates unchanged during the month and the Fed seems to be in no hurry to change policy at the moment. The Fed will likely wait until the economy is showing definitive signs of a recovery before taking action to raise interest rates. 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 03/15/2010
- Global Resources Fund
PSPFX $9.27 -0.07 - Gold and Precious Metals Fund
USERX $15.02 -0.10 - World Precious Minerals Fund
UNWPX $17.53 -0.10 - China Region Fund
USCOX $8.35 -0.04 - Eastern European Fund
EUROX $9.32 -0.09 - Global Emerging Markets Fund
GEMFX $8.04 -0.04 - Global MegaTrends Fund
MEGAX $8.03 -0.04 - All American Equity Fund
GBTFX $20.10 -0.01 - Holmes Growth Fund
ACBGX $16.09 -0.08 - Tax Free Fund
USUTX $12.32 No Change - Near-Term Tax Free Fund
NEARX $2.23 No Change - U.S. Government Securities Savings Fund
UGSXX $1.00 No Change - U.S. Treasury Securities Cash Fund
USTXX $1.00 No Change
