In mid-March, ISI Total Return U.S. Treasury
Fund (TRUSX) and North American Government
Bond Fund (NOAMX, which had 15 % each in Canadian and Mexican bonds) reorganized into Centre Active U.S. Treasury Fund (DHTRX, which has no such exposure to explain its parlous performance); ISI Strategy Fund (STRTX, which holds a 10 % bond stake) merged into Centre American Select Equity Fund (DHAMX, which doesn't but which still manages to trail STRTX, its peers and the S&P 500); and, finally, Managed Municipal Fund (MUNIX, which was also a substantial laggard) was absorbed by Centre Active U.S. Tax Exempt Fund (DHB
Bond Fund (NOAMX, which had 15 % each in Canadian and Mexican
bonds) reorganized into Centre Active U.S. Treasury
Fund (DHTRX, which has no such exposure to explain its parlous performance); ISI Strategy
Fund (STRTX, which
holds a 10 %
bond stake) merged into Centre American Select Equity Fund (DHAMX, which doesn't but which still manages to trail STRTX, its peers and the S&P 500); and, finally, Managed Municipal Fund (MUNIX, which was also a substantial laggard) was absorbed by Centre Active U.S. Tax Exempt Fund (DHB
bond stake) merged into Centre American Select Equity
Fund (DHAMX, which doesn't but which still manages to trail STRTX, its peers and the S&P 500); and, finally, Managed
Municipal Fund (MUNIX, which was also a substantial laggard) was absorbed
by Centre Active U.S. Tax Exempt
Fund (DHBIX).
We own only
municipal bonds (purchased in 10/2008, average yield 4.84 %, tax and AMT free, in our taxable accounts), a
municipal bond fund (YTD return = 24.12 %), FDIC insured CDs (purchased in 10/2008, yielding as much as 5.5 %, in our IRAs), and a
fund holding mortgage securities backed
by the US government, also in IRAs (YTD return = 19.36 %).