Recently, the SEC adopted amendments (Amendments) to the current reporting requirements on Form N-PORT and Form N-CEN and provided guidance (Liquidity Rule Guidance) related to liquidity risk management programs adopted pursuant to Rule 22e-4 (Liquidity Rule) under the Investment Company Act of 1940.

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The Form N-PORT amendments will require funds that are required to report on the form—generally registered open-end funds, registered closed-end funds, and exchange-traded funds organized as unit investment trusts—to file reports on Form N-PORT on a monthly basis within 30 days after the end of the month to which they relate. Currently, funds file these monthly reports on a quarterly basis within 60 days after quarter-end. The amendments will also make funds’ monthly reports on Form N-PORT available to the public 60 days after the end of each month instead of every third month of a quarter only.

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In addition, the Commission adopted reporting amendments and provided guidance related to open-end fund liquidity risk management program requirements. Specifically, the Commission adopted amendments to Form N-CEN requiring open-end funds to report certain information about service providers used to fulfill liquidity risk management program requirements so that the Commission can track certain liquidity risk management practices. The Commission also provided guidance related to certain aspects of open-end fund liquidity risk management program requirements to address questions raised through outreach and monitoring.

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The amendments to Forms N-PORT and N-CEN will become effective on November 17, 2025. Funds generally will be required to comply with the amendments for reports filed on or after that date, except that fund groups with net assets of less than $1 billion will have until May 18, 2026, to comply with the Form N-PORT amendments.