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Fund Performance Review (3Q2006)

Energy and commodity prices continue to be headline-catching during the third quarter. Oil prices dipped over 20 percent from $77 in July to less than $60 per barrel recently ....

Energy and commodity prices continue to be headline-catching during the third quarter. Oil prices dipped over 20 percent from $77 in July to less than $60 per barrel recently. Other commodity prices, including natural gas and gold, plummeted too. The softening oil prices were certainly welcomed to central banks because the pressure of inflation was reduced. The US Federal Reserve paused its seventeen consecutive inertest-rate increase in the past two years.

Sluggish oil and gold prices, and the Federal Reserve's decision to halt interest rate hikes have together buoyed the stock market worldwide except Japan. The Dow Jones industrial average hit record high, advancing around 4.74 percent during the thir

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