Follow-The-Filings
  • 70trades · 3 yrs
  • 41buys
  • 29sells
  • 25dmedian wait
  • 10filed late

John Fetterman disclosed 70 trades made since Oct 4, 2023: 41 buys and 29 sales. The most traded name was ERIE (2 trades). The latest, made Aug 18, 2026, was filed Sep 9, 2026.

Trades over time

Buys above the line, sells below · bigger dots, bigger ranges · tails run to the filing date

Buys Sells Oct 26, 2023 · Buy · Barclays Bank PLC Index-Lin... · $15K–$50K · disclosed 292d laterOct 26, 2023 · Buy · Barclays Bank PLC Index-Lin... · $15K–$50K · disclosed 292d laterAug 18, 2026 · Buy · TRANSCANADA PIPELINES LTD S... · $1K–$15K · disclosed 22d laterJul 24, 2026 · Sale · Hasbro Inc Note Rate/Coupon... · $1K–$15K · disclosed 17d laterJul 24, 2026 · Sale · Freeport McMoran Rate/Coupo... · $1K–$15K · disclosed 17d laterJul 7, 2026 · Sale · Venus Tex Independent Sch D... · $1K–$15K · disclosed 34d laterJun 24, 2026 · Sale · Cheniere Energy Partners L ... · $1K–$15K · disclosed 15d laterJun 16, 2026 · Buy · EVERSOURCE ENERGY SER A NOT... · $1K–$15K · disclosed 23d laterJun 16, 2026 · Buy · NISOURCE INC NOTE Rate/Coup... · $1K–$15K · disclosed 23d laterMay 6, 2026 · Buy · EXPEDIA GROUP INC NOTE Rate... · $1K–$15K · disclosed 37d laterApr 13, 2026 · Sale · BLACKSTONE SECD LENDING FD ... · $1K–$15K · disclosed 23d laterApr 10, 2026 · Buy · ATHENE HOLDING LTD BOND Rat... · $1K–$15K · disclosed 26d laterApr 10, 2026 · Sale · Nationwide Finl Svcs Inc No... · $1K–$15K · disclosed 26d laterMar 30, 2026 · Buy · AMZN · $1K–$15K · disclosed 4d laterMar 30, 2026 · Buy · GOOG · $1K–$15K · disclosed 4d laterMar 30, 2026 · Buy · ERIE · $1K–$15K · disclosed 4d laterMar 30, 2026 · Buy · MSFT · $1K–$15K · disclosed 4d laterMar 30, 2026 · Buy · MU · $1K–$15K · disclosed 4d laterMar 27, 2026 · Buy · ERIE · $1K–$15K · disclosed 7d laterMar 27, 2026 · Buy · MSFT · $1K–$15K · disclosed 7d laterMar 27, 2026 · Sale · T · $1K–$15K · disclosed 7d laterMar 11, 2026 · Sale · Concentrix Corp Note Rate/C... · $1K–$15K · disclosed 23d laterFeb 18, 2026 · Sale · PARAMOUNT GLOBAL BOND Rate/... · $1K–$15K · disclosed 15d laterFeb 4, 2026 · Sale · Celanese US Hldgs LLC Note ... · $1K–$15K · disclosed 29d laterFeb 3, 2026 · Sale · V F CORP NOTE CALL MAKE WHO... · $1K–$15K · disclosed 30d laterDec 22, 2025 · Sale · Steel Dynamics Inc Ser B No... · $1K–$15K · disclosed 15d laterNov 18, 2025 · Buy · GXO LOGISTICS INCORPORATED ... · $1K–$15K · disclosed 24d laterSep 19, 2025 · Sale · ELEVANCE HEALTH INC NOTE Ra... · $1K–$15K · disclosed 18d laterSep 9, 2025 · Buy · ARES CAPITAL CORP NOTE Rate... · $1K–$15K · disclosed 28d laterSep 4, 2025 · Sale · ARES CAPITAL CORP NOTE Rate... · $1K–$15K · disclosed 33d laterAug 27, 2025 · Buy · VENUS TEX INDPT SCH DIST Ra... · $1K–$15K · disclosed 8d laterAug 26, 2025 · Sale · Dell Inc Note Rate/Coupon: ... · $1K–$15K · disclosed 9d laterAug 26, 2025 · Sale · Leidos Inc Note Rate/Coupon... · $1K–$15K · disclosed 9d laterJun 17, 2025 · Buy · JPMORGAN CHASE & CO · $1K–$15K · disclosed 28d laterMay 15, 2025 · Buy · GOOG · $1K–$15K · disclosed 25d laterMay 5, 2025 · Buy · HASBRO INC NOTE Rate/Coupon... · $1K–$15K · disclosed 35d laterApr 24, 2025 · Buy · FIRST CTZNS BANCSHARES INC ... · $1K–$15K · disclosed 386d laterApr 24, 2025 · Buy · BAKER HUGHES HLDGS LLC Rate... · $1K–$15K · disclosed 82d laterApr 23, 2025 · Sale · Nokia Corp Note Rate/Coupon... · $1K–$15K · disclosed 22d laterApr 22, 2025 · Sale · Florida Pwr & Lt Co Bond Ra... · $1K–$15K · disclosed 23d laterApr 22, 2025 · Sale · Kinder Morgan Inc Rate/Coup... · $1K–$15K · disclosed 23d laterApr 22, 2025 · Sale · Viatris Inc Ser B Note Rate... · $1K–$15K · disclosed 23d laterFeb 18, 2025 · Buy · ARES CAPITAL CORP NOTE Rate... · $1K–$15K · disclosed 22d laterFeb 18, 2025 · Buy · TRANSCANADA TRUST SER 2016-... · $1K–$15K · disclosed 22d laterFeb 6, 2025 · Sale · National Fin Auth N H Fed L... · $1K–$15K · disclosed 34d laterJan 29, 2025 · Sale · ENSTAR FINANCE LLC NOTE Rat... · $1K–$15K · disclosed 9d laterJan 13, 2025 · Buy · BANK NEW YORK MELLON CORP B... · $1K–$15K · disclosed 25d laterJan 13, 2025 · Buy · CELANESE US HLDGS LLC NOTE ... · $1K–$15K · disclosed 25d laterJan 13, 2025 · Buy · ELEVANCE HEALTH INC NOTE Ra... · $1K–$15K · disclosed 25d laterJan 13, 2025 · Buy · SEMPRA NOTE Rate/Coupon: 4.... · $1K–$15K · disclosed 25d laterJan 13, 2025 · Buy · PARAMOUNT GLOBAL BOND Rate/... · $1K–$15K · disclosed 25d laterNov 21, 2024 · Buy · IKON OFFICE SOLUTIONS INC B... · $1K–$15K · disclosed 12d laterOct 25, 2024 · Buy · Kyndryl Hldgs Inc. Ser B No... · $1K–$15K · disclosed 18d laterOct 25, 2024 · Sale · Kyndryl Hldgs Inc Ser B Not... · $1K–$15K · disclosed 18d laterOct 24, 2024 · Sale · Kyndryl Holdings Inc. Note ... · $1K–$15K · disclosed 19d laterOct 24, 2024 · Buy · V F Corp Note Call Make Who... · $1K–$15K · disclosed 19d laterOct 17, 2024 · Buy · General Motors Company Note... · $1K–$15K · disclosed 26d laterOct 17, 2024 · Sale · Yamana Gold Inc Ser B Note ... · $1K–$15K · disclosed 26d laterOct 17, 2024 · Sale · Autodesk Inc Note Rate/Coup... · $1K–$15K · disclosed 26d laterOct 17, 2024 · Buy · Enstar Finance LLC Rate/Cou... · $1K–$15K · disclosed 26d laterOct 15, 2024 · Buy · Blackstone Secd Lending FD ... · $1K–$15K · disclosed 28d laterOct 15, 2024 · Sale · First Horizon Corporation N... · $1K–$15K · disclosed 28d laterJul 19, 2024 · Buy · CONCENTRIX CORP NOTE Rate/C... · $1K–$15K · disclosed 27d laterJul 19, 2024 · Sale · CONCENTRIX CORP NOTE Rate/C... · $1K–$15K · disclosed 27d laterNov 30, 2023 · Buy · Viatris Inc Ser B Note Rate... · $1K–$15K · disclosed 257d laterNov 27, 2023 · Sale · Duke Energy Corp New Bond R... · $1K–$15K · disclosed 260d laterNov 20, 2023 · Buy · JPMorgan Chase & Co Bond Ra... · $1K–$15K · disclosed 267d laterNov 20, 2023 · Buy · Wells Fargo & CO Bond Rate/... · $1K–$15K · disclosed 267d laterNov 20, 2023 · Buy · First Horizon Corporation N... · $1K–$15K · disclosed 267d laterNov 20, 2023 · Buy · Autodesk Inc Note Rate/Coup... · $1K–$15K · disclosed 267d later
  • ERIE 2 trades 2 buy · 0 sell
  • GOOG 2 trades 2 buy · 0 sell
  • MSFT 2 trades 2 buy · 0 sell
  • AMZN 1 trade 1 buy · 0 sell
  • MU 1 trade 1 buy · 0 sell
  • T 1 trade 0 buy · 1 sell

Trades

70 trades since Oct 4, 2023 · newest first · 6 in an industry a committee of theirs oversees

  1. TRANSCANADA PIPELINES LTD SER 2026-A Rate/Coupon: 6.125% Matures: 2056-10-17
    BondChild
    Buy
    $1K–$15K
    Traded Aug 18Filed Sep 9 22d
  2. Hasbro Inc Note Rate/Coupon: 3.55% Matures: 2026-11-19
    BondChild
    Sell
    $1K–$15K
    Traded Jul 24Filed Aug 10 17d
  3. Freeport McMoran Rate/Coupon: 9.5% Matures: 2031-06-01
    BondChild
    Sell
    $1K–$15K
    Traded Jul 24Filed Aug 10 17d
  4. Venus Tex Independent Sch Dist Rate/Coupon: 5.25% Matures: 2055-08-15
    BondChild
    Sell
    $1K–$15K
    Traded Jul 7Filed Aug 10 34d
  5. Cheniere Energy Partners L P Note Rate/Coupon: 4.5% Matures: 2029-10-01
    BondChild
    Sell
    $1K–$15K
    Traded Jun 24Filed Jul 9 15d
  6. EVERSOURCE ENERGY SER A NOTE Rate/Coupon: 6.1% Matures: 2056-08-15
    BondChild
    Buy
    $1K–$15K
    Traded Jun 16Filed Jul 9 23d
  7. NISOURCE INC NOTE Rate/Coupon: 6.95% Matures: 2054-11-30
    BondChild
    Buy
    $1K–$15K
    Traded Jun 16Filed Jul 9 23d
  8. EXPEDIA GROUP INC NOTE Rate/Coupon: 5.5% Matures: 2036-04-15
    BondChild
    Buy
    $1K–$15K
    Traded May 6Filed Jun 12 37d
  9. BLACKSTONE SECD LENDING FD NOTE Rate/Coupon: 5.35% Matures: 2038-04-13
    BondChild
    Sell
    $1K–$15K
    Traded Apr 13Filed May 6 23d
  10. ATHENE HOLDING LTD BOND Rate/Coupon: 6.875% Matures: 2055-06-28
    BondChild
    Buy
    $1K–$15K
    Traded Apr 10Filed May 6 26d
  11. Nationwide Finl Svcs Inc Note Rate/Coupon: 6.75% Matures: 2087-05-15
    BondChild
    Sell
    $1K–$15K
    Traded Apr 10Filed May 6 26d
  12. AMZNAmazon.com, Inc.
    Child
    Buy
    $1K–$15K
    Traded Mar 30Filed Apr 3 4d
  13. GOOGAlphabet Inc. - Class C Capital Stock
    ChildCommittee
    Buy
    $1K–$15K
    Traded Mar 30Filed Apr 3 4d
  14. ERIEErie Indemnity Company
    Child
    Buy
    $1K–$15K
    Traded Mar 30Filed Apr 3 4d
  15. MSFTMicrosoft Corporation
    ChildCommittee
    Buy
    $1K–$15K
    Traded Mar 30Filed Apr 3 4d
  16. MUMicron Technology, Inc.
    ChildCommittee
    Buy
    $1K–$15K
    Traded Mar 30Filed Apr 3 4d
  17. ERIEErie Indemnity Company
    Child
    Buy
    $1K–$15K
    Traded Mar 27Filed Apr 3 7d
  18. MSFTMicrosoft Corporation
    ChildCommittee
    Buy
    $1K–$15K
    Traded Mar 27Filed Apr 3 7d
  19. TAT&T Inc.
    ChildCommittee
    Sell
    $1K–$15K
    Traded Mar 27Filed Apr 3 7d
  20. Concentrix Corp Note Rate/Coupon: 6.85% Matures: 2033-08-02
    BondChild
    Sell
    $1K–$15K
    Traded Mar 11Filed Apr 3 23d
  21. PARAMOUNT GLOBAL BOND Rate/Coupon: 6.875% Matures: 04/30/2036
    BondChild
    Sell
    $1K–$15K
    Traded Feb 18Filed Mar 5 15d
  22. Celanese US Hldgs LLC Note Rate/Coupon: 7.33% Matures: 07/15/2029
    BondChild
    Sell
    $1K–$15K
    Traded Feb 4Filed Mar 5 29d
  23. V F CORP NOTE CALL MAKE WHOLE Rate/Coupon: 2.95% Matures: 04/23/2030
    BondChild
    Sell
    $1K–$15K
    Traded Feb 3Filed Mar 5 30d
  24. Steel Dynamics Inc Ser B Note Rate/Coupon: 5.0% Matures: 12/15/2026
    BondChild
    Sell
    $1K–$15K
    Traded Dec 22, 2025Filed Jan 6 15d
  25. GXO LOGISTICS INCORPORATED Rate/Coupon: 6.25% Matures: 05/06/2029
    BondChild
    Buy
    $1K–$15K
    Traded Nov 18, 2025Filed Dec 12, 2025 24d
  26. ELEVANCE HEALTH INC NOTE Rate/Coupon: 4.9% Matures: 02/08/2026
    BondChild
    Sell
    $1K–$15K
    Traded Sep 19, 2025Filed Oct 7, 2025 18d
  27. ARES CAPITAL CORP NOTE Rate/Coupon: 5.8% Matures: 03/08/2032
    BondChild
    Buy
    $1K–$15K
    Traded Sep 9, 2025Filed Oct 7, 2025 28d
  28. ARES CAPITAL CORP NOTE Rate/Coupon: 2.15% Matures: 07/15/2026
    BondChild
    Sell
    $1K–$15K
    Traded Sep 4, 2025Filed Oct 7, 2025 33d
  29. VENUS TEX INDPT SCH DIST Rate/Coupon: 5.25% Matures: 08/15/2055
    BondChild
    Buy
    $1K–$15K
    Traded Aug 27, 2025Filed Sep 4, 2025 8d
  30. Dell Inc Note Rate/Coupon: 6.5% Matures: 04/15/2038
    BondChild
    Sell
    $1K–$15K
    Traded Aug 26, 2025Filed Sep 4, 2025 9d
  31. Leidos Inc Note Rate/Coupon: 5.75% Matures: 03/15/2033
    BondChild
    Sell
    $1K–$15K
    Traded Aug 26, 2025Filed Sep 4, 2025 9d
  32. JPMORGAN CHASE & CO
    Child
    Buy
    $1K–$15K
    Traded Jun 17, 2025Filed Jul 15, 2025 28d
  33. GOOGAlphabet Inc. - Class C Capital Stock
    ChildCommittee
    Buy
    $1K–$15K
    Traded May 15, 2025Filed Jun 9, 2025 25d
  34. HASBRO INC NOTE Rate/Coupon: 3.55% Matures: 11/19/2026
    BondChild
    Buy
    $1K–$15K
    Traded May 5, 2025Filed Jun 9, 2025 35d
  35. FIRST CTZNS BANCSHARES INC N C Rate/Coupon: 6.76428% Matures: 2030-03-15
    BondChild
    Buy
    $1K–$15K
    Traded Apr 24, 2025Filed May 15 386d
  36. BAKER HUGHES HLDGS LLC Rate/Coupon: 4.486% Matures: 2030-05-01
    BondChild
    Buy
    $1K–$15K
    Traded Apr 24, 2025Filed Jul 15, 2025 82d
  37. Nokia Corp Note Rate/Coupon: 6.625% Matures: 05/15/2039
    BondChild
    Sell
    $1K–$15K
    Traded Apr 23, 2025Filed May 15, 2025 22d
  38. Florida Pwr & Lt Co Bond Rate/Coupon: 3.8% Matures: 12/15/2042
    BondChild
    Sell
    $1K–$15K
    Traded Apr 22, 2025Filed May 15, 2025 23d
  39. Kinder Morgan Inc Rate/Coupon: 5.55% Matures: 06/01/2045
    BondChild
    Sell
    $1K–$15K
    Traded Apr 22, 2025Filed May 15, 2025 23d
  40. Viatris Inc Ser B Note Rate/Coupon: 3.85% Matures: 06/22/2040
    BondChild
    Sell
    $1K–$15K
    Traded Apr 22, 2025Filed May 15, 2025 23d
  41. ARES CAPITAL CORP NOTE Rate/Coupon: 2.15% Matures: 07/15/2026
    BondChild
    Buy
    $1K–$15K
    Traded Feb 18, 2025Filed Mar 12, 2025 22d
  42. TRANSCANADA TRUST SER 2016-A Rate/Coupon: 5.875% Matures: 08/15/2076
    BondChild
    Buy
    $1K–$15K
    Traded Feb 18, 2025Filed Mar 12, 2025 22d
  43. National Fin Auth N H Fed Lease Rate/Coupon: 3.25% Matures: 04/01/2028
    BondChild
    Sell
    $1K–$15K
    Traded Feb 6, 2025Filed Mar 12, 2025 34d
  44. ENSTAR FINANCE LLC NOTE Rate/Coupon: 5.5% Matures: 01/15/2042
    BondChild
    Sell
    $1K–$15K
    Traded Jan 29, 2025Filed Feb 7, 2025 9d
  45. BANK NEW YORK MELLON CORP BOND Rate/Coupon: 3.75% Matures: 12/20/2026
    BondChild
    Buy
    $1K–$15K
    Traded Jan 13, 2025Filed Feb 7, 2025 25d
  46. CELANESE US HLDGS LLC NOTE Rate/Coupon: 6.33% Matures: 07/15/2029
    BondChild
    Buy
    $1K–$15K
    Traded Jan 13, 2025Filed Feb 7, 2025 25d
  47. ELEVANCE HEALTH INC NOTE Rate/Coupon: 4.9% Matures: 02/08/2026
    BondChild
    Buy
    $1K–$15K
    Traded Jan 13, 2025Filed Feb 7, 2025 25d
  48. SEMPRA NOTE Rate/Coupon: 4.125% Matures: 04/01/2052
    BondChild
    Buy
    $1K–$15K
    Traded Jan 13, 2025Filed Feb 7, 2025 25d
  49. PARAMOUNT GLOBAL BOND Rate/Coupon: 6.875% Matures: 04/30/2036
    BondChild
    Buy
    $1K–$15K
    Traded Jan 13, 2025Filed Feb 7, 2025 25d
  50. IKON OFFICE SOLUTIONS INC BOND Rate/Coupon: 6.75% Matures: 12/01/2025
    BondChild
    Buy
    $1K–$15K
    Traded Nov 21, 2024Filed Dec 3, 2024 12d

Reported holdings

2025 annual report · filed May 15, 2026 · values at year end, in the ranges disclosed · changes vs 2024

Original
$547.1K–$2.3M sum of 107 disclosed ranges
  • Cash 9
  • Bond 51
  • Stock 27
  • Fund 20
  1. Morgan Stanley BK N Index-Linked A CD (0%) 4/28/2028CashChild$100K–$250KSame band
  2. Morgan Stanley BK N Index-Linked A CD 0% 4/28/2028CashChild$100K–$250KSame band
  3. PNC BankCashJoint$100K–$250K▲ $15K–$50K
  4. Dollar BankCashSpouse$50K–$100K▼ $250K–$500K
  5. The Huntington National BankCashSpouse$50K–$100KSame band
  6. Barclays Bank PLC Index-LinkedBondChild$15K–$50KSame band
  7. Barclays Bank PLC Index-LinkedBondChild$15K–$50KSame band
  8. Merrill Lynch Direct Deposit ProgramCashChild$15K–$50KSame band
  9. Merrill Lynch Direct Deposit ProgramCashChild$15K–$50KSame band
  10. UNITED STATES TREAS SER BG-2027BondChild$15K–$50KNew
  11. TAT&T IncChild$1K–$15KSame band
  12. TAT&T Inc.Child$1K–$15KSame band
  13. ADBEAdobe Systems IncChild$1K–$15KSame band
  14. GOOGAlphabet Cl CChild$1K–$15KSame band
  15. GOOGAlphabet Cl CChild$1K–$15KSame band
  16. AMZNAmazon.com IncChild$1K–$15KSame band
  17. AMZNAmazon.com IncChild$1K–$15KSame band
  18. Ares Capital Corp NoteBondChild$1K–$15KNew
  19. BROIXBLACKROCK ADVANTAGE INTERNATIONAL INSTLFundChild$1K–$15KNew
  20. BLACKSTONE SECD LENDING FD NOTEBondChild$1K–$15KSame band
  21. Baker Hughes Holdings LLCBondChild$1K–$15KNew
  22. Bank New York Mellon Corp BondBondChild$1K–$15KNew
  23. Bank of America Corp BondBondChild$1K–$15KSame band
  24. BINCBlackRock ETF Trust II BlackRock Flexible Income EFundChild$1K–$15KSame band
  25. BDHIXBlackrock Dynamic High Income Portfolio - InstitFundChild$1K–$15KSame band
  26. BFRIXBlackrock Floating Rate Income Portfolio - InstiFundChild$1K–$15K▲ Under $1K
  27. BMCIXBlackrock High Equity Income Fund - InstitutionaFundChild$1K–$15KSame band
  28. BHYIXBlackrock High Yield Bond Portfolio - InstitutioFundChild$1K–$15KSame band
  29. BXBlackstone IncChild$1K–$15KSame band
  30. Celanese US Hldgs LLC Note 6.33% 7/15/2029BondChild$1K–$15KSame band
  31. Cheniere Energy Partners L P NoteBondChild$1K–$15KSame band
  32. CCitigroup IncChild$1K–$15KSame band
  33. Citizens Private BankCashSpouse$1K–$15K▼ $50K–$100K
  34. Citizens Securities Inc.CashChild$1K–$15KSame band
  35. COINCoinbase Global, Inc.Child$1K–$15KNew
  36. Concentrix Corp NoteBondChild$1K–$15KSame band
  37. DGICBDonegal Group, Inc.Child$1K–$15KSame band
  38. ERIEErie Indemnity CompanyChild$1K–$15KSame band
  39. FDXFedex CorpChild$1K–$15KSame band
  40. Ford Mtr Co DEL NoteBondChild$1K–$15KSame band

Source filings

Every report we read for this page · newest first

  1. Sep 9, 2026 Periodic transaction report 1 trade View original
  2. Aug 10, 2026 Periodic transaction report 3 trades View original
  3. Jul 9, 2026 Periodic transaction report 3 trades View original
  4. Jun 12, 2026 Periodic transaction report 1 trade View original
  5. May 15, 2026 2025 annual report 107 assets View original
  6. May 15, 2026 Periodic transaction report · amended 2 trades View original
  7. May 15, 2026 Periodic transaction report 1 trade View original
  8. May 6, 2026 Periodic transaction report 3 trades View original
  9. Apr 3, 2026 Periodic transaction report 9 trades View original
  10. Mar 5, 2026 Periodic transaction report 3 trades View original
  11. Jan 6, 2026 Periodic transaction report 1 trade View original
  12. Dec 12, 2025 Periodic transaction report 1 trade View original
  13. Oct 7, 2025 Periodic transaction report 3 trades View original
  14. Sep 4, 2025 Periodic transaction report 3 trades View original
  15. Jun 9, 2025 Periodic transaction report 2 trades View original
  16. May 15, 2025 2024 annual report 102 assets View original
  17. May 15, 2025 Periodic transaction report 4 trades View original
  18. Mar 12, 2025 Periodic transaction report 3 trades View original
  19. Feb 7, 2025 Periodic transaction report 6 trades View original
  20. Dec 3, 2024 Periodic transaction report 1 trade View original
  21. Nov 12, 2024 Periodic transaction report 10 trades View original
  22. Aug 15, 2024 Periodic transaction report 2 trades View original
  23. Aug 13, 2024 2023 annual report 80 assets View original
  24. Aug 13, 2024 Periodic transaction report 31 trades View original
  25. Jul 12, 2024 Periodic transaction report Paper filing View original

From STOCK Act disclosures filed with the Secretary of the Senate. Amounts are the disclosed ranges. Trades cover the last three years; holdings come from the latest annual report. How we read these reports.