Court of Appeals for the Seventh Circuit May 15, 2007, 05-4612 (Securities and Exchange Commission v. National Presto Industries, Inc.)

EASTERBROOK, Chief Judge.

Most mutual funds and other investment companies come within the scope of the Investment Company Act of 1940 because they hold themselves out “as being engaged primarily, or propos[ing] to engage primarily, in the business of investing, reinvesting, or trading in securities”. 15 U.S.C. § 80a-3(a)(l)(A).