# SEC Reference Data Fields vs. openfunds Data Model

## 1. Overview of SEC Structured Data Sources

The SEC provides **four distinct structured data sources** that contain reference data for US-registered funds. Each covers different aspects:

| Source | Form | Content | Format | Granularity |
|--------|------|---------|--------|-------------|
| **Series/Class CSV** | — | Identity & identifiers | CSV/XML | Trust → Series → Class |
| **XBRL Risk/Return** | N-1A (485BPOS, 497K) | Prospectus-derived structured data | XBRL → flat files | Series & Class level |
| **N-PORT Data Sets** | NPORT-P | Portfolio holdings & fund financials | XML → flat files | Series & Holding level |
| **Submissions API** | — | Filing history metadata | JSON | Entity (CIK) level |

---

## 2. Complete Field Inventory by SEC Source

### 2.1 Series/Class Reference CSV

This is the **identity backbone** — maps the hierarchy of trust → fund → share class.

| Field | Description | openfunds Equivalent |
|-------|-------------|---------------------|
| `Reporting File Number` | 811-XXXXX Investment Co. Act number | — (no direct equivalent) |
| `CIK Number` | 10-digit SEC entity identifier | — (SEC-specific) |
| `Entity Name` | Trust/investment company name | OFST005010 Umbrella Name |
| `Entity Org Type` | Organization type code | OFST160100 Legal Form |
| `Series ID` | S###### fund series identifier | — (SEC-specific) |
| `Series Name` | Fund name | OFST010110 Legal Fund Name Only |
| `Class ID` | C###### share class identifier | — (SEC-specific) |
| `Class Name` | Share class name (e.g. "Admiral Shares") | OFST020060 Full Share Class Name |
| `Class Ticker` | Exchange ticker symbol | OFST020020 Bloomberg Code (partial) |
| `Address_1, Address_2, City, State, Zip Code` | Registrant address | — |

**Coverage**: ~15,000+ investment company trusts, ~50,000+ series, ~100,000+ classes.

### 2.2 XBRL Risk/Return Summary (from Prospectus — the richest source)

This dataset is **extracted from prospectus XBRL filings** and is the closest to what openfunds covers. It contains the structured data that prospectuses specify.

#### A. Fund Identity & Structure

| XBRL Element | Description | Data Type | openfunds Equivalent |
|-------------|-------------|-----------|---------------------|
| `RiskReturnHeading` | Prospectus section heading | Text | — |
| `ObjectiveHeading` | Heading of objectives section | Text | — |
| `ObjectivePrimaryTextBlock` | Investment objective narrative | Text Block | OFST010300 Investment Objective |
| `ObjectiveSecondaryTextBlock` | Additional objective detail | Text Block | OFST010300 Investment Objective |
| `StrategyHeading` | Heading of strategy section | Text | — |
| `StrategyNarrativeTextBlock` | Principal investment strategies | Text Block | — (no single openfunds equivalent) |

#### B. Fee & Expense Data (Shareholder Fees — paid directly by investor)

| XBRL Element | Description | Data Type | openfunds Equivalent |
|-------------|-------------|-----------|---------------------|
| `MaximumSalesChargeImposedOnPurchasesOverOfferingPrice` | Front-end load | Ratio | OFST451320 Max Subscription Fee In Favour Of Distributor |
| `MaximumDeferredSalesChargeOverOfferingPrice` | Back-end load (CDSC) | Ratio | OFST451391 Contingent Deferred Sales Charge Exit Fee |
| `MaximumDeferredSalesChargeOverOther` | CDSC on other basis | Ratio | OFST451392 Contingent Deferred Sales Charge Upfront Fee |
| `MaximumSalesChargeOnReinvestedDividendsAndDistributions` | Load on reinvested dividends | Ratio | — |
| `RedemptionFeeOverRedemption` | Redemption fee (% of amount) | Ratio | OFST451440 Max Redemption Fee In Favour Of Fund |
| `RedemptionFee` | Redemption fee (flat $) | Monetary | OFST451439 Min Redemption Fee In Favour Of Fund |
| `ExchangeFeeOverRedemption` | Exchange fee (% of amount) | Ratio | — |
| `ExchangeFee` | Exchange fee (flat $) | Monetary | — |
| `MaximumAccountFeeOverAssets` | Account maintenance fee (%) | Ratio | — |
| `MaximumAccountFee` | Account maintenance fee ($) | Monetary | — |
| `MaximumCumulativeSalesChargeOverOfferingPrice` | Cumulative max sales charge | Ratio | — |

#### C. Annual Fund Operating Expenses (ongoing costs deducted from fund assets)

| XBRL Element | Description | Data Type | openfunds Equivalent |
|-------------|-------------|-----------|---------------------|
| `ManagementFeesOverAssets` | Management fee | Ratio | OFST452010 Management Fee Maximum |
| `DistributionAndService12b1FeesOverAssets` | 12b-1 distribution fee | Ratio | OFST454165 Distribution Fee Maximum |
| `Component1OtherExpensesOverAssets` | Other expense component 1 | Ratio | — |
| `Component2OtherExpensesOverAssets` | Other expense component 2 | Ratio | — |
| `Component3OtherExpensesOverAssets` | Other expense component 3 | Ratio | — |
| `OtherExpensesOverAssets` | Total other expenses | Ratio | — |
| `AcquiredFundFeesAndExpensesOverAssets` | Acquired fund fees (fund-of-funds) | Ratio | — |
| `ExpensesOverAssets` | **Total Annual Fund Operating Expenses** | Ratio | OFST452100 TER Excluding Performance Fee |
| `FeeWaiverOrReimbursementOverAssets` | Fee waiver/reimbursement | Ratio | — |
| `NetExpensesOverAssets` | Net expenses after waivers | Ratio | OFST452200 Ongoing Charges |

#### D. Expense Example (hypothetical cost projections)

| XBRL Element | Description | Data Type | openfunds Equivalent |
|-------------|-------------|-----------|---------------------|
| `ExpenseExampleYear01` | Cost for $10K after 1 year | Monetary | — |
| `ExpenseExampleYear03` | Cost for $10K after 3 years | Monetary | — |
| `ExpenseExampleYear05` | Cost for $10K after 5 years | Monetary | — |
| `ExpenseExampleYear10` | Cost for $10K after 10 years | Monetary | — |
| `ExpenseExampleNoRedemptionYear01` | Cost if no redemption, 1 year | Monetary | — |
| `ExpenseExampleNoRedemptionYear03` | Cost if no redemption, 3 years | Monetary | — |
| `ExpenseExampleNoRedemptionYear05` | Cost if no redemption, 5 years | Monetary | — |
| `ExpenseExampleNoRedemptionYear10` | Cost if no redemption, 10 years | Monetary | — |

#### E. Performance Data

| XBRL Element | Description | Data Type | openfunds Equivalent |
|-------------|-------------|-----------|---------------------|
| `AnnualReturn[YYYY]` | Annual return for calendar year | Ratio | OFDY025000-range (Performance data) |
| `BarChartHighestQuarterlyReturn` | Best quarter return | Ratio | — |
| `BarChartLowestQuarterlyReturn` | Worst quarter return | Ratio | — |
| `BarChartHighestQuarterlyReturnDate` | Date of best quarter | Date | — |
| `BarChartLowestQuarterlyReturnDate` | Date of worst quarter | Date | — |
| `AverageAnnualReturnYear01` | Average annual return, 1 year | Ratio | OFDY025000-range |
| `AverageAnnualReturnYear05` | Average annual return, 5 years | Ratio | OFDY025000-range |
| `AverageAnnualReturnYear10` | Average annual return, 10 years | Ratio | OFDY025000-range |
| `AverageAnnualReturnSinceInception` | Return since inception | Ratio | — |
| `AverageAnnualReturnInceptionDate` | Inception date | Date | OFST020560 Share Class Launch Date |
| Performance dimensions: Before Taxes, After Taxes on Distributions, After Taxes on Distributions and Sales | | | — |

#### F. Risk Disclosures

| XBRL Element | Description | Data Type | openfunds Equivalent |
|-------------|-------------|-----------|---------------------|
| `RiskHeading` | Risk section heading | Text | — |
| `RiskNarrativeTextBlock` | Principal risks narrative | Text Block | — |
| `RiskLoseMoney` | "You may lose money" statement | String | — |
| `RiskMoneyMarketFundMayImposeFeesOrSuspendSales` | MMF gate/fee risk | Boolean | — |
| `RiskMoneyMarketFundPriceFluctuates` | MMF NAV fluctuation risk | Boolean | — |
| `BarChartAndPerformanceTableHeading` | Performance section heading | Text | — |
| `PerformanceNarrativeTextBlock` | Performance context narrative | Text Block | — |

#### G. Portfolio Turnover

| XBRL Element | Description | Data Type | openfunds Equivalent |
|-------------|-------------|-----------|---------------------|
| `PortfolioTurnoverHeading` | Section heading | Text | — |
| `PortfolioTurnoverTextBlock` | Turnover narrative | Text Block | — |
| `PortfolioTurnoverRate` | Turnover rate (%) | Ratio | OFRE000025-range (Fund Ratios) |

### 2.3 N-PORT Data Sets (Portfolio Holdings — quarterly)

This provides **dynamic portfolio data** not typically in openfunds static fields.

#### A. Fund-Level Information (`FUND_REPORTED_INFO`)

| Field | Description | openfunds Equivalent |
|-------|-------------|---------------------|
| `SERIES_NAME` | Fund name | OFST010110 Legal Fund Name Only |
| `SERIES_ID` | SEC series identifier | — |
| `SERIES_LEI` | LEI of the fund series | OFST010030 LEI Of Fund |
| `TOTAL_ASSETS` | Total assets (USD) | OFDY000010-range (AuM/TNA) |
| `TOTAL_LIABILITIES` | Total liabilities | — |
| `NET_ASSETS` | Net assets (TNA) | OFDY000010-range |
| `SALES_FLOW_MON1/2/3` | Monthly inflows | — |
| `REDEMPTION_FLOW_MON1/2/3` | Monthly outflows | — |
| Credit spread sensitivities (3m,1y,5y,10y,30y) | Risk measures | — |

#### B. Interest Rate Risk (`INTEREST_RATE_RISK`)

| Field | Description | openfunds Equivalent |
|-------|-------------|---------------------|
| `CURRENCY_CODE` | Currency of exposure | OFST010410 Fund Currency |
| `INTRST_RATE_CHANGE_*_DV01` | DV01 by maturity bucket | — |
| `INTRST_RATE_CHANGE_*_DV100` | Impact of 100bp shift | — |

#### C. Monthly Returns (`MONTHLY_TOTAL_RETURN`)

| Field | Description | openfunds Equivalent |
|-------|-------------|---------------------|
| `CLASS_ID` | Share class identifier | — |
| `MONTHLY_TOTAL_RETURN1/2/3` | Monthly returns per class | OFDY025000-range |

#### D. Portfolio Holdings (`FUND_REPORTED_HOLDING`)

| Field | Description | openfunds Equivalent |
|-------|-------------|---------------------|
| `ISSUER_NAME` | Holding issuer name | OFPH-range (Portfolio Holdings) |
| `ISSUER_LEI` | LEI of issuer | OFPH-range |
| `ISSUER_TITLE` | Security title/description | OFPH-range |
| `ISSUER_CUSIP` | CUSIP of holding | OFPH-range |
| `BALANCE` | Position size | OFPH-range |
| `UNIT` | Shares/principal/other | OFPH-range |
| `CURRENCY_CODE` | **Currency of holding** | OFPH-range |
| `CURRENCY_VALUE` | Value in reporting currency | OFPH-range |
| `EXCHANGE_RATE` | FX rate applied | — |
| `PERCENTAGE` | % of net assets | OFPH-range |
| `PAYOFF_PROFILE` | Long/Short/N/A | OFPH-range |
| `ASSET_CAT` | **Asset type classification** | OFST350000 MiFID Securities Classification (concept) |
| `ISSUER_TYPE` | Corporate/Government/etc. | — |
| `INVESTMENT_COUNTRY` | **Country of issuer (ISO)** | OFPH-range |
| `IS_RESTRICTED_SECURITY` | Restricted security flag | — |
| `FAIR_VALUE_LEVEL` | Fair value hierarchy (1/2/3) | — |

#### E. Holding Identifiers (`IDENTIFIERS`)

| Field | Description | openfunds Equivalent |
|-------|-------------|---------------------|
| `IDENTIFIER_ISIN` | **ISIN** | OFST020000 ISIN |
| `IDENTIFIER_TICKER` | Ticker | — |
| `OTHER_IDENTIFIER` | SEDOL, etc. | OFST020040 SEDOL |

---

## 3. Mapping: What openfunds Fields CAN Be Found in SEC Data?

### Fully Available (structured, machine-readable)

| openfunds Category | openfunds OF-ID | openfunds Field | SEC Source | SEC Field |
|--------------------|-----------------|-----------------|-----------|-----------| 
| **Key Fact: Company** | OFST001000 | Fund Group Name | Series/Class CSV | Entity Name |
| **Key Fact: Umbrella** | OFST005010 | Umbrella Name | Series/Class CSV | Entity Name |
| **Key Fact: Fund** | OFST010030 | LEI Of Fund | N-PORT | SERIES_LEI |
| | OFST010110 | Legal Fund Name Only | Series/Class CSV + N-PORT | Series Name |
| | OFST010300 | Investment Objective | XBRL R/R | ObjectivePrimaryTextBlock |
| | OFST010410 | Fund Currency | N-PORT | CURRENCY_CODE (inferred) |
| **Key Fact: Share Class** | OFST020000 | ISIN | N-PORT Holdings | IDENTIFIER_ISIN |
| | OFST020005 | CUSIP | N-PORT Holdings | ISSUER_CUSIP |
| | OFST020040 | SEDOL | N-PORT Holdings | OTHER_IDENTIFIER |
| | OFST020060 | Full Share Class Name | Series/Class CSV | Class Name |
| **Classification** | OFST350000 | Securities Classification | N-PORT | ASSET_CAT |
| **Fees** | OFST451320 | Max Subscription Fee (Distributor) | XBRL R/R | MaximumSalesChargeImposedOnPurchasesOverOfferingPrice |
| | OFST451391 | CDSC Exit Fee | XBRL R/R | MaximumDeferredSalesChargeOverOfferingPrice |
| | OFST451440 | Max Redemption Fee | XBRL R/R | RedemptionFeeOverRedemption |
| | OFST452010 | Management Fee Maximum | XBRL R/R | ManagementFeesOverAssets |
| | OFST452100 | TER Excl. Performance Fee | XBRL R/R | ExpensesOverAssets |
| | OFST452200 | Ongoing Charges | XBRL R/R | NetExpensesOverAssets |
| | OFST454165 | Distribution Fee Maximum | XBRL R/R | DistributionAndService12b1FeesOverAssets |
| **Performance** | OFDY025xxx | Return periods | XBRL R/R | AverageAnnualReturnYear01/05/10 |
| **Dynamic: AuM** | OFDY000xxx | TNA / AuM | N-PORT | NET_ASSETS, TOTAL_ASSETS |

### Partially Available (derivable from prospectus text, not structured)

These fields exist in the **text of the prospectus** but are NOT in the SEC structured datasets. They would need to be extracted by an LLM — which is exactly the use case:

| openfunds OF-ID | openfunds Field | Where in Prospectus |
|-----------------|-----------------|---------------------|
| OFST010420 | Open-ended Or Closed-ended Fund Structure | Registration form type implies this (N-1A = open-end) |
| OFST010440 | Fiscal Year End | Mentioned in prospectus text, in Submissions JSON |
| OFST010500 | Is Fund Of Funds | Inferred from `AcquiredFundFeesAndExpensesOverAssets > 0` |
| OFST010580 | Is ETF | Inferred from form type or share class structure |
| OFST010720 | Is Passive Fund | Strategy narrative mentions "index" tracking |
| OFST010730 | Management Approach Type | Strategy narrative (active/passive/enhanced) |
| OFST020300 | Valuation Frequency | Prospectus "Pricing of Fund Shares" section |
| OFST020400 | Distribution Policy | Prospectus "Dividends and Distributions" section |
| OFST020540 | Share Class Currency | Inferred; US funds typically USD |
| OFST020558 | Subscription Period Start Date | Only for closed-end or interval funds |
| OFST400xxx | Minimum Investment | Prospectus "Purchase and Sale of Fund Shares" |
| OFST451027 | Has Performance Fee | Prospectus fee table |
| OFST451100 | Hurdle Rate | Prospectus fee table |
| OFST013000 | Prospectus Date | Filing date in submissions API |

### NOT Available in SEC Data

These openfunds fields are **European/international-specific** or **distribution-channel-specific** and have no SEC equivalent:

| openfunds Category | Examples |
|--------------------|---------| 
| UCITS/AIFMD fields | OFST160100 Legal Form (SICAV/FCP), OFST011200 Is UCITS With Leveraged Benchmark |
| European regulatory | OFST350100 EFAMA EFC Category, OFST010075 CSSF Code |
| Distribution-specific | OFST453151 Is Trailer Fee Clean, OFST451305 Applied Subscription Fee |
| MiFID/PRIIPs/KID | OFEM-range (MiFID Template), OFEP-range (PRIIPs Template) |
| ESG/Sustainability | OFST820xxx, OFEE-range (EU sustainability regulation specific) |
| Country registrations | OFST6000XX (country-specific registration fields) |
| Solvency II | OFST500xxx |
| Swiss/German/UK specific | OFST700xxx |

---

## 4. Summary: Is Asset Class, Currencies, Fees, Risk Data in the SEC Dataset?

| Data Category | In SEC Structured Data? | Source | Notes |
|--------------|------------------------|--------|-------|
| **Asset Class** | **YES** | N-PORT `ASSET_CAT` field | Values: equity, debt, derivative, etc. |
| **Currencies** | **YES** | N-PORT `CURRENCY_CODE` per holding; interest rate risk by currency | Per-holding currency + fund-level |
| **Fees (sales loads)** | **YES** | XBRL R/R | Front-end load, back-end load, redemption fee |
| **Fees (operating expenses)** | **YES** | XBRL R/R | Management fee, 12b-1, TER, net expense ratio |
| **Risk data (narrative)** | **YES** | XBRL R/R | Principal risks text block |
| **Risk data (quantitative)** | **YES** | N-PORT | DV01, credit spread sensitivity, VaR |
| **Performance** | **YES** | XBRL R/R + N-PORT | Annual returns, avg annual returns, monthly returns |
| **Investment Objective** | **YES** | XBRL R/R | Full text of objective |
| **Strategy** | **YES** | XBRL R/R | Full text of principal strategies |
| **Portfolio Turnover** | **YES** | XBRL R/R | Turnover rate |
| **Portfolio Holdings** | **YES** | N-PORT | Security-level: name, CUSIP, ISIN, country, asset type, value |
| **Country of Issuer** | **YES** | N-PORT `INVESTMENT_COUNTRY` | ISO country code per holding |
| **Minimum Investment** | **PARTIAL** | In prospectus text, not structured | LLM extraction target |
| **Distribution Policy** | **PARTIAL** | In prospectus text, not structured | LLM extraction target |
| **ESG/Sustainability** | **NO** | Not in SEC structured data | European regulation specific |
| **UCITS Classification** | **NO** | N/A for US funds | European regulation specific |

---

## 5. Implication for LLM Training Dataset

The SEC provides an excellent foundation for your LLM training dataset:

### Ground Truth (structured) — available directly from SEC:
- Fee tables (management fee, expense ratio, loads, 12b-1)
- Performance data (1yr, 5yr, 10yr returns)
- Investment objective text
- Principal risks text
- Portfolio turnover rate
- Total net assets
- Fund/class identifiers (CIK, Series ID, Class ID, Ticker, CUSIP)

### Extraction Targets (in prospectus text, to be derived by LLM):
- Minimum initial investment amounts
- Distribution frequency and policy
- Share class currency
- Open/closed-end structure
- Active vs. passive management
- Benchmark index name
- Tax status information
- Purchase/redemption cut-off times
- Settlement cycle

This creates a natural supervised learning setup: the XBRL structured data serves as **labels/ground truth**, and the prospectus HTML/text serves as **input**, enabling the LLM to learn the mapping from legal language to structured reference data.