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the faces and names behind a fund, some investors may make their investment decisions based on certain fund managers. There are fund managers who have actually become famous, as their funds have been able to consistently deliver good returns. One such example is Peter Lynch who gained fame (and no doubt some fortune) during his management years of the famous Fidelity Magellan fund. All funds, one way or another, go through changes in their management teams. At best, a fund manager stays with a fund so long as she is alive and can function in that capacity. At worst the fund manager may get fired or leave within a few days of starting the job.

Other Information - There is plenty of other information about the fund in the prospectus. For example how to buy or sell (redeem) shares, transfer shares, tax considerations, contact information, relevant forms, and of course more legalese.

It is a given that no fund has the same set of information and data year after year since its portfolio, performance, and even its objectives change over time. So a fund's prospectus is updated at least once a year to keep up with all the changes that have taken place, not the least of which is the fund's historical performance. There is another way to stay updated on a fund: its reports. A fund usually has annual and semiannual reports for its investors in order to keep them up-to-date with the goings-on of the fund. The reports (like annual reports published by public companies) are equivalent to report cards on how the fund has been performing, but they also provide the investors with any changes that have recently taken place or may be imminent. Fund's reports could help an investor determine whether the fund is worth keeping or whether perhaps it is time to sell and move on. For new investors, a fund's recent reports could be used as a supplement to its prospectus to help them make an informed decision based on the latest data. Finally, most funds also provide a short document, known as a …