Course 109: Important Fund Documents, Part 2
Letter from the President
In this course
1 Introduction
2 Letter from the President
3 Letter from the Portfolio Manager
4 Recent Fund Performance
5 Portfolio Holdings
6 Footnotes
7 Financial Statements
8 What To Do Next

Typically, the first item you'll find in a shareholder report is a letter from the president of the company that advises or manages your fund. The best letters will contain straightforward, useful discussions of the economic trends that have affected the markets during the past six or 12 months and provides some context for evaluating your fund. Poor letters, in contrast, will discuss anything but the current financial climate and the performance of the fund family's offerings.

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