Our ETF and mutual fund teams are experts with the intricacies (and deadlines) of mutual fund reporting e.g. keeping track of the very subtle changes, prospectus-by-prospectus, across a trust.
Although the SEC filings for ’40 Act documents are no more “accurate” than ’33 and ’34 Acts, the process and volume of work, per client, can be much greater. Our WorkStream process diagram illustrates that. Request our 2017 MF & ETF Calendar for even more clarity.
Corporate SEC filings compared with mutual fund SEC filings:
|Corporate Issuer Filings
Securities Act Of 1933
|Mutual Fund Filings
Securities Act Of 1933 and 1940
|S-1: Initial IPO registration||N-1A: Initial fund registration|
|S-1/A: Pre-effective amendments
|N-1A/A: Pre-effective amendments|
|POS AM: Post-effective amendments||485APOS: Post-effective amendments|
|NA||485BPOS: Post-effective amendments with XBRL risk/return reporting|
|8-K: Current report||497: Supplement report|
|10-Q: Quarterly report with XBRL||N-Q: Filed Q1 and Q3 reporting|
|NA||N-CSRS: First six-month report including non-financial information|
|NA||NSAR-A: First six-month financial-based report|
|10-K: Annual report with XBRL||N-CSR: Year-end report including non-financial information|
|NA||NSAR-B: Year-end financial-based report|
|DEF 14A: Definitive proxy statement||DEF 14A: Definitive proxy statement|
|NA||N-PX: Annual proxy voting record|
|S-4: Merger||N-14: Merger|
|NA||40-17G: Fidelity bond filing|
Another differentiation is that, unlike a corporate S-1 issuer with its single “stock,” N-1A funds have a three-tiered structure
- Trust – corporation: this is the entity that gets a CIK on the EDGAR system.
- Series – fund: this is the specific fund
- Class: most funds also have different share classes based on audience for that fund
Lastly, a cost difference between the S-1 and N-1A filing processes is that N-1A don’t have a SEC filing fee nor do they typically work through the “aesthetic” typesetting and financial “ink on paper” printing process. This generally happens when the fund is ready to be marketed – at the 485APOS and 485BPOS (post-effective) stage.
Request our 2017 MF & ETF Calendar now. Each month is sorted by FYE.