Third Quarter 2017

For the quarter, the Barclays U.S. Treasury Bills 6-9 Months Index returned 0.27 percent, while the U.S. Government Securities Ultra-Short Bond Fund returned 0.19 percent. See complete fund performance here.

Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

The synchronized expansion in global economic activity, along with low inflation and accommodative monetary policies, continued to provide a steady backdrop for asset markets in the third quarter of 2017. Credit spreads tightened further amid the "risk-on" tone, and U.S. Treasury bonds posted solid gains even as the Federal Reserve announced that it will begin reducing its $4.5 trillion balance sheet in October. Strong demand from investors helped to support bond prices in the face of tighter monetary policy in the U.S. and indications that Europe may follow a similar path in in the near-term.

Firming U.S. inflation and global growth have given the Fed confidence to continue gradually hiking its short-term policy rate. The Fed's unwinding of its balance sheet, and the European Central Bank’s (ECB) likely tapering of asset purchases next year, could pose a liquidity challenge to markets. Going forward, a shift toward global monetary policy normalization may boost market volatility.

The U.S. economy remains in expansion, between the mid- and late-cycle phases. Tight labor markets are supporting wage growth and the U.S. consumer, keeping recession risk low. U.S. fiscal policy is supportive of growth and the prospect for tax-cut legislation represents a potential upside for corporate earnings. Nonetheless, escalating tensions in the Korean peninsula represent a potential catalyst for meaningful market risk as the U.S. and China are the world's two economies that are most central to global trade.

The Barclays U.S. Treasury Bills 6-9 Months Total Return Index tracks the performance of U.S. Treasury Bills with a maturity of six to nine months.


Net Asset Value
as of 03/16/2018

Global Resources Fund PSPFX $6.09 -0.03 Gold and Precious Metals Fund USERX $6.76 0.02 World Precious Minerals Fund UNWPX $4.08 0.04 China Region Fund USCOX $12.27 0.09 Emerging Europe Fund EUROX $7.63 No Change All American Equity Fund GBTFX $25.48 0.08 Holmes Macro Trends Fund MEGAX $19.86 0.05 Near-Term Tax Free Fund NEARX $2.20 No Change U.S. Government Securities Ultra-Short Bond Fund UGSDX $1.99 No Change