The Division of Investment Management is examining possible enhancements to the forms used by registered investment companies to disclose information about fund operations and portfolio holdings. The purpose of this initiative is to improve the quality and usefulness of information that funds provide to investors and to the Commission, eliminate duplicative filings or disclosures, and modernize the method for submitting such filings. In particular, the Division intends to consider changes to the format and frequency of portfolio holdings disclosure, and explore ways to consolidate information that funds report on different forms, including Form N-SAR.

As a result, the existing project to modify the method of filing Form N-SAR from a DOS-based application to an XML-based application is no longer being pursued. The DRAFT Form N-SAR XML Technical Specifications will be removed from the website and the references to the new XML-based application will be removed from the EDGAR filer manual. Filers should continue to use the DOS-based application to create Form N-SAR submissions and the "EDGAR Filer Manual (Vollume III) NSAR Supplement" while comprehensive enhancements to the form are being considered.

If you have any questions on the Form N-SAR filing process please contact the Division of Investment Management's Form N-SAR Inquiry Line (202-551-6703).