How to read the yearly report in ten minutes

The report is long. Six pages of it answer the questions a holder actually has. Here is where they are.

The papers call it the "annual report" or "N-CSR"; the table to find is the "Financial Highlights".

The one table that matters

Near the middle of the report is a table with one column per year for five years: the value of the holdings per share at the start and end of the year, what was paid out and from what source, the total cost as a percentage, and the return. Read it across: is the value per share rising or falling over five years? Is the payout being covered by income? Our fund page shows three of those years in plain words.

The letter at the front

The manager's letter says what went well and badly in the manager's own words. Read it once, then compare with the table: a letter that talks about 'opportunities' above a table that shows a falling value is worth a second look.

The list of holdings

Every bond and share the fund owns, with its value. You do not need to read it all - the first page shows the biggest positions and how spread out the fund is. Our fund page shows the top of that list from the quarterly report.

Where to find it

Your broker sends it or a notice that it is online; the fund's website has it; and the regulator's site has every one ever filed. The funds below filed theirs most recently - each line opens the original document.

Yearly reports filed most recently

The newest yearly reports among the funds we cover, at the U.S. Securities and Exchange Commission; each line opens the original. Checked Sept 18, 2026.

Check your own fund

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