SEC Form N-Q

SEC Form N-Q is a document that is completed by registered management investment companies, such as mutual fund firms, to disclose their complete portfolio holdings. The form is then filed with the Securities and Exchange Commission (SEC). According to SEC regulations, Form N-Q must be filed within 60 days of the conclusion of the first and third quarters of each fiscal year.

SEC Form N-Q is titled “Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company.” The filing requirements for Form N-Q can be found under Section 30(b) of the Investment Company Act of 1940 and Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, which require registered investment companies and trusts to file semiannual and annual reports with the SEC and the companies’ shareholders. Form N-Q must be submitted electronically, unless the company applies for hardship exemption from electronic filing.

Although mutual fund companies are not required to mail their Form N-Q reports to shareholders, their complete portfolio holdings can be found online on the SEC’s Electronic Data Gathering, Analysis, and Retrieval system, better known as the EDGAR database. Proponents of portfolio holding disclosure believe that it helps investors make better and more informed investment decisions. The SEC may also use the information provided on a Form N-Q as part of its regulatory, disclosure review, inspection and policymaking roles.

Small business investment companies are not required to file Form N-Q. Instead, small businesses must submit Form N-5, which is also known as the Registration Statement of Small Business Investment Companies under The Securities Act of 1933 and the Investment Company Act of 1940.  To qualify for N-5 filings, a company needs to be registered under the Small Business Investment Act of 1958 or have the approval of the Small Business Administration to submit a license application.

In 2016, the SEC adopted new and amended reporting requirements that pertain to investment companies registered under the Investment Company Act of 1940. The updated requirements are intended to modernize investment company reporting. One of the proposed changes is to eliminate Form N-Q and replace it with Form N-PORT, which will provide the SEC with more up-to-date information about a fund’s portfolio holdings (not later than 30 days after the end of each month) along with further insights into how a portfolio manages risk, liquidity and the use of derivatives.

The rescission of Form N-Q was originally scheduled to occur on August 1, 2019. However, that date has been pushed back as Form N-PORT is refined and as the investment industry becomes more informed and comfortable with the transition. The revised date for the rescission of Form N-Q is now May 1, 2020.