This dissertation investigates investment companies’ financial statements as a source of information for analyzing their performance. In the first chapter, I isolate ten financial statement components that reflect investment companies’ portfolio management and operating actions that may be predictive of future fund performance. I test these components in a large sample of domestic active equity mutual funds and find that they improve prediction of future fund performance to 2.4% annually out-of-sample. Despite the usefulness of the information, fund investors do not appear to significantly react to the financial report filings: investor flows for open-end funds and premiums/discounts for closed-end funds do not significantly change after filings or in filing months. The observed inaction appears further unrelated to investors’ investment frictions and is weakly associated with their sophistication. In the second chapter, I reproduce my analyses for fixed income investment companies, which represent a different asset class with potentially differing portfolio management and operating actions. In a large sample of domestic active fixed income mutual funds, I find that these financial statement components improve prediction of future performance to 1.3% annually out-of-sample. However, fixed income fund investors also do not appear to significantly react to funds’ financial report filings. Altogether, this dissertation presents new evidence on the information content of investment companies’ financial statements and the value-relevance of financial reporting in the investment company marketplace.