How mutual fund SEC filings compare to corporate issuer filings

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. 

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 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.

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