Included a new table illustrating significant additions and reductions to the fund's holdings. The first thing you should do when you receive your annual or semiannual report is to make sure the fund's still doing what it's supposed to do. To find all the details that matter to you, you may have to do a little digging. Look at the median market capitalization. This section provides a quick statistical snapshot of the fund's characteristics as of the date of the report.
Performance is the bottom line, but view performance in relative terms.
You should compare your fund's return with a relevant benchmark index and with peer-group competitor funds that have similar objectives and policies. The performance of your own portfolio will probably differ, depending on when you bought shares, what price you paid, and whether you reinvest distributions. Mutual funds report total returns for specific periods, reflecting the reinvestment of all income plus any capital appreciation. Remember that returns fluctuate from year to year, as will a fund's relative performance. However your fund performed during this period, you'll want to examine the past performance data to keep the current picture in context.