One of the reasons might be, that the SEC mandated all filers to submit the reports in XBRL Format starting in 2009 (foreign private issuers using IFRS followed 2017). It’s called Interactive Data by SEC and requires to tag each and every value with an XML element to give it an accounting meaning. The XBRL tools have not been able at that time to convert PDF or InDesign files, so all reports look rather ugly since then. I’m head of development team that invented a PDF Tagger; we sold it like warm bread during last month, because all EU listed companies are also mandated to submit iXBRL now. Btw, the cover page always looks that ugly because it must be the „form“ template from SEC.

Here is a link to a more pretty report, also having XBRL tags: https://www.gleif.org/assets/components/xbrl-viewer/gleif-an...