The Securities and Exchange Commission (SEC) recently adopted amendments to the reporting requirements of Forms N-PORT and N-CEN and issued guidance related to registered open-end funds’ liquidity risk management programs (LRMPs). The amendments to Form N-PORT, and related Rule 30b1-9 under the Investment Company Act of 1940 (1940 Act), increase the frequency of information reported to the SEC and make that information public more frequently and more quickly. The Form N-CEN amendments require funds subject to Rule 22e-4 under the 1940 Act (Liquidity Rule) to include more information about the service providers used to fulfill the LRMP requirements.

Compliance Dates: Form N-PORT and Form N-CEN filings made on or after November 17, 2025 must comply with the amendments. Fund groups with net assets of less than $1 billion will have until May 18, 2026 to comply with the Form N-PORT amendments.

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