Mutual Fund Annual Reports
 
 
Footnotes to the Financial Statements:  Mutual fund financial reports include footnotes similar to those found in other annual reports.  Footnotes include significant accounting policies, and related party and affiliate transactions.
Significant Accounting Policies:  Related party and affiliate transactions typically include three types of transactions.  The first occurs when payment of fees is made to portfolio managers and financial advisors.  The second occurs when a mutual fund accumulates an ownership stake of a least 5% of the company.  The third occurs when one mutual fund sells some of its investments to another mutual fund sponsored by the same mutual fund family.