How to read A Mutual Fund shareholder report

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1 Ivestor BulletI How to read A Mutual Fud shareholder report The SEC s Office of Ivestor Educatio ad Advocacy is issuig this Ivestor Bulleti to educate idividual ivestors about mutual fud shareholder reports. Aual ad Semiaual Reports Mutual fuds that are registered with the sec must sed reports to their shareholders o a semiaual basis. the semiaual report covers the first six moths of the fud s fiscal year, while the aual report covers the fud s etire fiscal year. Mutual fuds that are registered with the sec prepare their ow shareholder reports ad file them with the sec. so log as these fuds disclose the iformatio that the sec requires i the shareholder report, they ca decide how to orgaize ad preset the iformatio withi the report. this ivestor bulleti focuses primarily o the aual report; however, may of the cosideratios also apply to the semiaual report. thik of these shareholder reports as a report card o the fud s progress. Readig these reports ca help you determie how well a fud has met its goals ad ivestmet strategies durig the period covered i the report. What Iformatio Ca I Fid i a Shareholder Report? the table below idetifies select iformatio required to be disclosed i: (1) both the aual ad semiaual report; ad (2) the aual report oly. Aual ad Semiaual Report expese example showig the cost i dollars for a hypothetical $1,000 ivestmet over the period covered by the report. Graphical represetatio of holdigs table, chart, or graph of holdigs by category (e.g., type of security, idustry sector, geographic regio, credit quality, or maturity). Fiacial statemets: Aual report audited fiacial statemets, icludig a complete or summary (top 50) list of holdigs. semiaual report fiacial statemets eed ot be audited. Codesed fiacial iformatio (or fiacial highlights). remueratio or compesatio paid to directors, officers, ad others. statemet regardig basis for approval of ivestmet advisory cotract discussio of the reasos the board approved ay ivestmet advisory cotract durig the period covered by the report. Table cotiued o ext page Ivestor Assistace (800)

2 Cotiued from previous page Aual Report Oly Performace iformatio: Maagemet s discussio of fud performace; lie graph comparig the performace durig the last 10 years (or for the life of the fud, if shorter) of a hypothetical $10,000 iitial ivestmet agaist a idex; ad table showig the fud s returs for 1-, 5-, ad 10-year (or for the life of the fud, if shorter) periods. Note: Although performace iformatio is required for the aual report oly, may fuds iclude performace iformatio i their semiaual report as well. Maagemet iformatio about directors ad officers, icludig their ames, ages, legth of time at fud, pricipal occupatios over the past 5 years, ad resposibilities. Availability of additioal iformatio about fud directors: statemet explaiig that more iformatio about fud directors is available i the statemet of Additioal Iformatio or olie or by callig a toll-free telephoe umber. Ivestors geerally read the shareholder report to determie how well a fud has met its goals ad ivestmet strategies durig the past six-moth period (semiaual report) or the past fiscal year (aual report). Followig are descriptios of several items i a shareholder report. the order of the items listed may vary from oe report to aother. Performace Iformatio As show i the table above, the performace iformatio typically cosists of three compoets: (1) maagemet s discussio of fud performace; (2) a lie graph comparig the performace durig the last 10 years (or for the life of the fud, if shorter) of a hypothetical $10,000 iitial ivestmet agaist a idex; ad (3) a table showig the fud s returs for 1-, 5-, ad 10-year (or for the life of the fud, if shorter) periods. Maagemet s Discussio of Fud Performace. You will fid fud maagemet s discussio ear the frot of the aual report. this is maagemet s opportuity to discuss the fud s performace durig the fiscal year i light of market coditios ad other factors that may have iflueced the fud s ivestmet retur for the year. I that discussio, maagemet usually will poit out which holdigs of the fud cotributed sigificatly to the fud s performace ad which holdigs detracted sigificatly from that performace. Lie graph. Also ear the frot of the aual report is a lie graph comparig the performace durig the last 10 years (or for the life of the fud, if shorter) of a hypothetical $10,000 iitial ivestmet i the fud agaist a idex. the lie graph will be some variatio of the geeric lie graph pictured below: Ivestor Assistace (800)

3 the graph will show the progress of at least two lies over a te-year period. oe lie will represet the growth or declie i value of a hypothetical $10,000 iitial ivestmet i the fud durig the last 10 years (or for the life of the fud, if shorter). Aother lie will represet the performace of a appropriate broad-based securities market idex (for example, the s&p 500 idex) durig the last 10 years (showig the growth or declie i value of the hypothetical $10,000 had it bee ivested i a fud correspodig to that idex). there may be additioal lies represetig other idexes, icludig those more arrowly-based that reflect the market sectors i which the fud ivests or a o-securities idex such as the Cosumer Price Idex, so log as the compariso is ot misleadig. A quick glace at the graph will tell you whether the fud s performace has bee steady or volatile over the 10-year period (or over the life of the fud, if shorter). For example, if the slope of the lie is gradual, with occasioal ups ad dows, it suggests that fud performace has bee relatively stable. If, o the other had, the slope of the lie is choppy, with umerous peaks ad valleys, it suggests that the fud has bee volatile ad has experieced frequet variatios i performace. Compare the slope of that lie with the lie represetig the idex to which the fud is beig compared. How closely does the fud s performace track that of the idex? Ivestor Assistace (800)

4 Performace Table. udereath the lie graph is a table showig the fud s aualized (or average aual) returs for 1-, 5-, ad 10-year (or for the life of the fud, if shorter) periods. Below is a example of this type of table: Average Aual Total Returs Periods Eded December 31, 20XX oe Year Five Years te Years Fial value of a $10,000 ivestmet XYZ Fud 1.08% 0.31% 3.84% $14,575 Bechmark/Idex ,616 Pay close attetio to the fud s 5- ad 10-year returs. If the fud s returs were stellar i the past year but uimpressive i the past five or 10 years (or over the life of the fud, if shorter), it is possible that the past year s outperformace will ot last. o the other had, if the fud experieced steady returs i the past five or 10 years, but suffered a sharp loss i the past year, it may be uclear as to whether the recet loss sigals the begiig of a tred or is a isolated occurrece. Just because a fud had oe good year does ot mea that positive ivestmet returs will cotiue. Remember, past performace is ot ecessarily a idicatio of future results. Expese Example the expese example is calculated usig a fud s expese ratio for the precedig six moths but does ot iclude the impact of sales loads, if ay. the expese example cosists of two differet tables. the first table shows the actual cost i dollars for a hypothetical $1,000 ivestmet i the fud over a six-moth period. Below is a example of this type of table: Six Moths Eded Jauary 31, 2013 XYZ Fud Based o Actual Begiig Accout value edig Accout value expeses Paid Fud Retur 7/31/2012 1/31/2013 Durig Period ABC shares $1,000 $1, $1.23 DeF shares 1,000 1, Istitutioal shares 1,000 1, Accordig to the example above, if you owed class ABC shares i the hypothetical XYZ Fud, you would have paid $1.23 i expeses for every $1,000 that you owed i the fud durig the six-moth period idetified at the top of the table. to fid out how much your expese was durig that six-moth period, roud the value of the shares you ow to the earest multiple of $1,000 ad multiply by the expese amout. For example, if you had approximately $25,000 ivested i the ABC share class of the hypothetical XYZ Fud, your expeses would have bee: 25 x $1.23 = $30.75 over the six-moth period. Ivestor Assistace (800)

5 the secod table i the expese example shows the cost i dollars for a hypothetical $1,000 ivestmet i the fud over the six-moth period based o a hypothetical 5% yearly retur ad ot the actual retur of the fud durig that period. Below is a example of this type of table: Six Moths Eded Jauary 31, 2013 XYZ Fud Based o Hypothetical Begiig Accout value edig Accout value expeses Paid 5% Yearly Retur 7/31/2012 1/31/2013 Durig Period ABC shares $1,000 $1, $1.22 DeF shares 1,000 1, Istitutioal shares 1,000 1, Because fuds are required to use the same hypothetical performace i calculatig their expeses for the period covered by the shareholder report, this secod table makes it possible for you to compare the expeses of this fud with that of other fuds. For example, the table above shows that the expeses paid durig the six-moth period for class ABC shares assumig a 5% aual retur would have bee $1.22 per $1,000 ivested. You ca compare that expese with that of a completely differet fud to determie which fud has higher operatig expeses. If, for example, that other fud showed a expese ratio of $1.55 per $1,000 ivested i a similar share class, that other fud geerally would be cosidered more expesive tha the XYZ Fud (as stated above, these examples do ot iclude sales loads). Fiacial Statemets the aual report cotais audited fiacial statemets, icludig a complete or summary (top 50) list of portfolio holdigs. this is where you ca lear, amog other thigs, what assets the fud holds (or at least the 50 largest idividual holdigs), the umber of shares owed of each asset, ad their market value. regardless of whether the fiacial statemets iclude the complete list or a summary of portfolio holdigs, you ca fid the full list i the fud s sec filigs, which are publicly available through the sec s edgar database (www.sec.gov/edgar/searchedgar/mutualsearch.htm). Also, if the fud posts its complete list of portfolio holdigs olie, you may be able to locate that list o the fud s website idetified i its aual report. As you review the portfolio holdigs, cosider the followig questios: Are the fud s holdigs, as reflected i the fiacial statemets, cosistet with the fud s ivestmet objectives ad strategy as stated i the fud s prospectus? Are the fud s holdigs cosistet with your expectatios, based o the fud s ame, ivestmet objectives, strategy, ad pricipal risks as disclosed i the fud s prospectus? Ivestor Assistace (800)

6 Do you detect ay style drift, meaig the fud has strayed from its stated ivestmet objectives (for example, a iteratioal stock fud that is uusually cocetrated i domestic stocks, or a specific coutry fud that holds a lot of assets i a coutry other tha the oe idetified i the ame of the fud)? Do the fud s holdigs overlap or mirror those of other fuds that you ow? If so, your ivestmets may ot be sufficietly diversified. uless you ited to cocetrate your ivestmets i a few stocks or bods or idustry sectors, cosider adjustig your asset allocatio to achieve a more diversified portfolio. Graphical Represetatio of Holdigs the shareholder report cotais a table, chart, or graph of the fud s holdigs by category (for example, type of security, idustry sector, geographic regio, credit quality, or maturity). Below is a hypothetical example of what a table showig a fud s holdigs categorized by idustry sector might look like: Portfolio Allocatio as of, 20XX Percetage of Net Assets Cosumer Discretioary 12.0% Cosumer Staples 9.9 Eergy 10.0 Fiacials 15.4 Health Care 12.0 Idustrials 11.0 Iformatio Techology 19.2 Materials 3.9 Telecommuicatio Services 2.9 Utilities 3.7 Codesed Fiacial Iformatio/Fiacial Highlights the codesed fiacial iformatio or fiacial highlights sectio icludes a summary table of fiacial iformatio coverig the past five years (or sice the fud s iceptio, if less tha five years). the summary table cotais a breakdow of the chage i the fud s et asset value (Av) from oe year to aother over the five-year period. look at the lie item showig the fud s total retur over the past five years. What does the total retur tell you about the fud s performace tred durig the last five years? Have the fud s returs bee relatively steady from year to year or have they bee volatile? look at the lie item showig the fud s portfolio turover rate. the portfolio turover rate reveals the frequecy with which the fud turs over its portfolio by buyig ad sellig securities. the fud pays trasactio costs, such as commissios, whe it buys ad sells securities (or turs over its portfolio). A higher portfolio turover Ivestor Assistace (800)

7 rate may idicate higher trasactio costs ad may result i higher taxes whe fud shares are held i a taxable accout. these costs, which are ot reflected i aual fud operatig expeses or i the expese example, affect the fud s performace. the portfolio turover rate will vary depedig o the fud s ivestmet strategy. A actively-maaged fud may have a high portfolio turover rate because of its rapid tradig style, while a broad-based idex fud will ted to have a low portfolio turover rate due to its passive ivestmet style. Keep i mid that a higher turover rate may geerate higher commissios ad other tradig costs that ca cut ito a fud s performace; it may also trigger capital gais taxes which the fud will pass o to you. the issue of retur of capital distributios comes up occasioally with respect to ope ed fuds, ad the fiacial highlights sectio of the shareholder report provides iformatio about the fud s distributios to shareholders. Distributios to shareholders may come from et ivestmet icome, et realized gais, or retur of capital. If a fud does ot ear eough icome ad realized gais to cover its distributios to shareholders i a give year, the fud may retur capital to its shareholders. Ivestors should ot mistake ay retur of capital for yield or total retur o their ivestmet i the fud. shareholders who periodically receive a divided paymet or other distributio cosistig of a retur of capital may thik that they are receivig et profits whe, i fact, that is ot the case. uder this circumstace, you should ot assume that the source of a distributio from the fud is et profit. skim the Notes to Fiacial Statemets. these otes ca cotai useful iformatio about the fud, such as whether there are ay pedig lawsuits or other cotigecies that could affect the fud s performace or the operatio of the fud. Additioal Items the aual report cotais additioal items, some of which are summarized here. For example, you ca fid maagemet compesatio iformatio i a umber of places i the aual report. Fuds typically disclose maagemet compesatio iformatio i the Notes to Fiacial Statemets, usually i two differet locatios withi the aual report. Maagemet compesatio paid to the adviser usually is disclosed i a ote that discusses the advisory fee rate ad/or fees paid to affiliates. the amout paid to directors is geerally reported i a separate ote i the Notes to Fiacial Statemets. the aual report also cotais iformatio about the fud s directors ad officers, icludig their ames, ages, legth of time at the fud, their pricipal occupatios over the past five years, ad their resposibilities. I additio, either the aual or semiaual report will cotai a statemet regardig the basis for board approval of the ivestmet advisory cotract (discussig the reasos the board approved ay ivestmet advisory cotract durig the period covered by the report), as well as proxy-related iformatio. o rare occasios, aual ad semiaual reports will cotai iformatio regardig chages i ad disagreemets with accoutats (if applicable). Aual ad semiaual reports also iclude statemets regardig the availability of the quarterly portfolio schedule, proxy votig policies ad procedures, ad the fud s proxy votig record. Ivestor Assistace (800)

8 Related Iformatio For a explaatio of how mutual fuds work ad a descriptio of fees, expeses, ad share classes, see our publicatio: Mutual Fuds - A Guide for Ivestors (available at For additioal iformatio about the importace of mutual fud fees ad other cosideratios, see our publicatio: Mutual Fud Ivestig: look at More tha a Fud s Past Performace (available at ivestor/pubs/mfperform.htm). The Office of Ivestor Educatio ad Advocacy has provided this iformatio as a service to ivestors. It is either a legal iterpretatio or a statemet of SEC policy. If you have questios cocerig the meaig or applicatio of a particular law or rule, please cosult with a attorey who specializes i securities law. SEC Pub. No. 138 (4/13)

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