SEC Form N-1A

DEFINITION of 'SEC Form N-1A '

A filing with the Securities and Exchange Commission (SEC) that must be submitted by mutual funds, except for insurance company separate accounts and small business investment companies licensed under the United States Small Business Administration. The form is designed to promote effective communication between funds and prospective investors by including information on the fund's fundamental characteristics and investment risks. The information must be presented clearly, so that the average investor, who may not have a strong legal or financial background, can understand it. It must also provide a balanced view of the fund, disclosing both its positives and negatives.

BREAKING DOWN 'SEC Form N-1A '

The filing should include a summary of the fund's risks and returns, fees, investment strategies and objectives, disclosure of holdings, management organization and structure, and fund history, among additional related information. This form is required under the Securities Act of 1933 and the Investment Company Act of 1940. The SEC substantially revised the form in 1998 to improve mutual fund disclosures for investors.

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