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An abbreviated prospectus detailing the structure and goals of an investment company such as a mutual fund. The SEC requires that investment companies file prospecti before issuing shares. These often contain a great deal of information that many investors do not need in order to make an investment decision. Generally speaking, offering circulars contain relevant information, such as the terms of purchase, the amount of the load (if any), the fund's investment strategy, and perhaps historical financial statements. See also: Greensheet.
An abbreviated prospectus that describes a new securities issue.