Proposed Amendments to Form

FACT SHEET

Proposed Amendments to Form

N-PORT Reporting; Extension of

Compliance Dates for Names

Rule Reporting

On Feb. 18, 2026, the Securities and Exchange Commission proposed amendments to certain

registered investment company (fund) reporting requirements on Form N-PORT to:

•

Provide funds with an additional 15 days to file monthly reports of portfolio-related

information

•

Reduce the publication of reports from monthly to quarterly

•

Streamline or remove certain reported information

•

Require certain additional information for funds, including certain identifying information

and information about funds with share classes that operate as exchange-traded funds

(ETFs)

The Commission also extended the compliance dates for amendments to Form N-PORT that

relate to the rule under the Investment Company Act of 1940 (the “Investment Company Act”)

that addresses investment company names that are likely to mislead investors about an

investment company’s investments and risks (the “Names Rule”).

Background

Currently, registered management investment companies (other than money market funds

and small business investment companies) and exchange-traded funds organized as unit

investment trusts are required to file periodic reports on Form N-PORT to provide their

monthly portfolio holdings and related information. In 2024, the Commission adopted

amendments to Form N-PORT that required more frequent filing and publication of these

reports. Developments following the adoption of the amendments, including a Presidential

Memorandum and feedback from market participants, caused the Commission to extend the

effective and compliance dates for these requirements in April 2025. The extension was

designed to provide time for the Commission to complete its review of the amendments in

accordance with a Presidential Memorandum and take any further appropriate actions.

Prior to the 2024 amendments, the Commission added new reporting requirements to Form

N-PORT related to the Names Rule in 2023. The Commission extended the compliance date

for those requirements in March 2025 to address certain challenges that funds and their

service providers were experiencing associated with the timing of the initial compliance

dates.

Highlights of the Proposing Release and Extension

The Commission has reviewed the 2024 amendments to Form N-PORT, including

developments and other information available following adoption of those amendments, and

has considered the overall effectiveness and usability of information reported on the form.

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FACT SHEET | Form N-PORT Reporting; Extension of Compliance Dates for Names Rule Reporting

Based on that review, the Commission is proposing amendments designed to reduce

reporting burdens without significantly affecting the Commission’s use of the data and the

public’s ability to assess relevant information about a fund.

The proposal includes the following key elements:

•

The proposed amendments would provide registered funds with an additional 15 days to

file Form N-PORT reports, up to 45 days after the end of the relevant month. This change

is designed to alleviate the burdens of filing Form N-PORT reports within 30 days of

month end, as required by the 2024 amendments, and reduce the potential for errors

and resubmissions.

•

The proposed amendments would restore the quarterly publication frequency that had

been in place for over two decades. The proposal would require public disclosure of

registered funds’ portfolio holdings for the third month of each fiscal quarter with a 60day delay, instead of requiring public disclosure for every month with a 60-day delay as

adopted in 2024. This change is designed to reduce the risks of more frequent public

disclosure, such as external parties using information about a fund’s portfolio holdings in

ways that increase costs for the fund and its shareholders.

•

The proposed amendments would streamline the information registered funds provide

while maintaining the usability and reliability of Form N-PORT data by: (1) narrowing the

scope of certain information collected on portfolio level risk metrics and returns; and

(2) eliminating certain information collected on compliance with names-related regulatory

requirements, payoff profiles of non-derivatives instruments, convertible bonds, and the

reason a single holding has multiple liquidity classifications.

•

The proposed amendments would provide the Commission and the public on Form NPORT information on net assets and shareholder flows separately for ETF share classes

and certain additional identifying information, such as ticker symbols.

In addition to the proposal, the Commission is extending the compliance dates for the names

rule-related reporting requirements on Form N-PORT to provide time to consider the

proposed amendments to Form N-PORT and avoid certain costs associated with regulatory

requirements that the Commission is proposing to eliminate. The compliance dates for the

Form N-PORT names rule-related requirements are extended to Nov. 17, 2027, for fund

groups with net assets of $10 billion or more as of the end of their most recent fiscal year;

and to May 18, 2028, for fund groups with less than $10 billion in net assets as of the end of

their most recent fiscal year.

What’s Next?

The proposing release for Form N-PORT amendments is published on the SEC’s website

and will be published in the Federal Register. The comment period will remain open for 60

days after the Federal Register publication date.

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