Commodity futures trading - Giving copies of these booklets here would be a waste of book space, for a reader can obtain samples free from a broker or direct from the mutual funds.
An investment company reports to its shareholders at least twice a year. Most funds make a report for each of the first three quarters of then- fiscal year, followed by a larger annual report. Each report is apt to start with a brief discussion of what the fund has accomplished recently. As to how the fund is invested, a report has a table of the stocks and bonds owned, with their market value, and another list of the items bought and sold since the previous report. In the accounting section, a report summarizes the fund's income and expenses, its assets at the close of the period, and the changes in assets during the period, including gains or losses on sales of stock it had owned. These reports are easier to understand than those of other corporations, partly because of a mutual fund's simple organization and uniform activities, but also because a fund makes an effort to explain itself to laymen, hoping thus to sell more shares of its own issue and so to increase the fund's assets.
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