MARKET MONITOR SUMMARIES
Winter 2010

Newgate Emerging Markets Portfolio:
Newgate's Emerging Markets portfolio finished a strong year up 5.2% in the fourth quarter and 60.6% for 2009. (Read more)

Newgate Global Resources Portfolio:
Natural resource investments had a strong finish to what proved to be a solid year. The Portfolio rose 11.3% during the 4th quarter and 60.1% for the year. (Read more)

Newgate Global Fixed Income Portfolio:
Closed-end fixed income funds continued to rally in the fourth quarter, and by the end of 2009 had more than erased the prior year’s decline. Global central banks have been successful in injecting liquidity back into the credit markets, although not a full measure of confidence. (Read more)

Newgate Municipal Income Portfolio:
Closed-end municipal bond funds were down slightly during the fourth quarter, hardly surprising given the outsized returns during the first nine months of the year. The Newgate Municipal Income Portfolio lost 1.0% during the quarter and gained 37.7% for the year. (Read more)