CURRENT MARKET COMMENTARY
Summer 2010

Newgate Emerging Markets Portfolio:
Newgate’s Emerging Markets Portfolio declined 10.1% in the second quarter and is down 8.6% for the year. The correction in emerging markets has been consistent with the pullback in other major market indices. (Read more)

Newgate Global Resources Portfolio:
The Newgate Global Resources Portfolio was down 20.8% during the second quarter. Despite the recent decline, the Portfolio is up 8.0% over the past 12 months, outperforming the Dow Jones-UBS Commodity Index (2.8%). (Read more)

Newgate Global Fixed Income Portfolio:
Even as the global economic recovery slows, investors have poured new money into the fixed income markets. Newgate’s Global Fixed Income Portfolio gained 1.6% during the quarter and is up 8.4% year to date. (Read more)

Newgate Municipal Income Portfolio:
Newgate’s Municipal Income Portfolio rose 2.3% during the second quarter and is up 6.7% year to date, compared to 1.7% and 3.3% for the Lipper Municipal Fund Index. (Read more)