- 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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July 2010In July, the Barclay’s Municipal Bond Index rose by 1.25 percent as fund flows continued to move into the municipal sector. Broadly speaking, economic data was mixed but generally showed an economy in transition from rebounding to stabilizing and the baton passing hasn’t been smooth. Manufacturing indicators remained in healthy territory but have definitely slowed. Housing is still mired in a slump and has yet to make significant headway. The consumer struggles under sustained high unemployment levels and this appears to be negatively impacting confidence and spending. The 7- to 10-year portions of the municipal yield curve were the best performing spots on the curve with gains of about 1.65 percent. In specialty state trading, California, Massachusetts and New Jersey outperformed, while Illinois, Ohio and Pennsylvania lagged. As a group, revenue bonds performed in-line with general obligation credits; there were few outliers outperforming but housing and industrial development underperformed in July. High yield “junk” bonds modestly outperformed rising about 1.36 percent while other lower quality bonds generally underperformed, as BBB rated bonds rose 1.03 percent, while AAA rated bonds appreciated by 1.20 percent and in-line with the market overall. Central bankers and policy makers around the world remained accommodative, but it appears the worst may have passed with regard to the European sovereign debt crisis, at least for the time being. The Fed left interest rates unchanged during the month and the Fed seems to be in no hurry to change policy at the moment. Past performance does not guarantee future results. The Barclays Capital Municipal Bond Index is an unmanaged index representative of the tax-exempt bond market. |
Net Asset Value
as of 09/02/2010
- Global Resources Fund
PSPFX $8.72 +0.08 - Gold and Precious Metals Fund
USERX $17.25 +0.18 - World Precious Minerals Fund
UNWPX $19.21 +0.13 - China Region Fund
USCOX $8.50 No Change - Eastern European Fund
EUROX $9.05 +0.03 - Global Emerging Markets Fund
GEMFX $8.15 +0.01 - Global MegaTrends Fund
MEGAX $7.67 +0.03 - All American Equity Fund
GBTFX $19.86 +0.15 - Holmes Growth Fund
ACBGX $15.79 +0.19 - Tax Free Fund
USUTX $12.61 No Change - Near-Term Tax Free Fund
NEARX $2.27 No Change - U.S. Government Securities Savings Fund
UGSXX $1.00 No Change - U.S. Treasury Securities Cash Fund
USTXX $1.00 No Change
