How do you read Form N-PORT fund holdings?
Form N-PORT is the holdings report US mutual funds and most ETFs file with the SEC. Under the rule in force in October 2026, funds file 3 monthly reports within 60 days after each fiscal quarter, and only the third month becomes public (SEC interim final rule, 2019). The public holdings you read can be up to 60 days old.
What is Form N-PORT?
Form N-PORT is the portfolio report for registered management investment companies and ETFs organised as unit investment trusts. Money market funds and small business investment companies are excluded (SEC Form N-PORT). It replaced Form N-Q in the SEC's 2016 reporting overhaul (Shearman, November 2016). Unlike a 13F, which covers only long US equity positions, N-PORT lists every holding: stocks, bonds, loans, derivatives, cash and repurchase agreements.
How late is N-PORT data made public?
Public N-PORT data runs about 2 months behind. Since 2019, funds have filed all 3 monthly reports for a quarter no later than 60 days after the quarter ends; the first 2 months stay non-public and the third month becomes public on filing (SEC interim final rule, 2019).
The SEC voted on 28 August 2024 to require monthly filing within 30 days and to publish every month on a 60-day delay (SEC press release 2024-110). In April 2025 it moved the compliance date to 17 November 2027 for larger fund groups and 18 May 2028 for smaller ones (LexBlog, April 2025). In February 2026 it proposed giving funds 45 days to file and restoring quarterly publication; that proposal was not final when we checked (Davis Polk). Check the SEC's site for the current status.
Step 1. Find the fund's filing
Search the fund's trust name in SEC EDGAR, not the fund's marketing name: many funds sit inside one trust, and each fund is a series with its own series ID. Filter the filing type to NPORT-P. Amendments are filed as NPORT-P/A. Open the most recent filing and check the reporting period date on the first page.
For bulk work, the SEC publishes Form N-PORT data sets each quarter, flattened from the filed XML, covering filings from October 2019 onward (SEC Form N-PORT data sets). The SEC warns it cannot guarantee their accuracy.
Step 2. Read Part B for the fund as a whole
Part B covers the fund: total assets, liabilities and net assets, monthly returns, flows from sales and redemptions, and risk measures for debt and derivatives. Net assets give you the denominator for every position. Flows tell you whether investors were adding money or leaving during the quarter.
Step 3. Read Part C, the schedule of investments
Part C lists each holding with its name, identifiers such as LEI, CUSIP or ISIN, the balance and units, currency, value in US dollars and percentage of net assets. It also classifies each position by asset type, issuer type, country and fair value level, which shows how much of the portfolio is priced from observable markets and how much from models.
Sort by percentage of net assets to see the top positions. Then filter by fair value level 3 to find the holdings valued by the fund itself, often private loans or private company shares. For research on a private company, a mutual fund's N-PORT can be one of the few public records of the value an institution puts on a stake.
Step 4. Compare quarters and funds
Download the same fund's last 4 public filings and line up the positions by identifier. A new name, a doubled stake or an exit is the signal. To see which funds hold one security, search the SEC's N-PORT data sets by CUSIP or LEI. Note that a few items, such as some risk metrics, are reported only as of the third month of each quarter (SEC Form N-PORT).
What does N-PORT leave out?
N-PORT does not cover private funds, hedge funds or separately managed accounts, which file differently or not at all. The public copy is a quarter-end snapshot, so trading inside the quarter is invisible. Some items are non-public even in the third-month report. For listed equity positions of hedge funds and other managers, use a 13F; see how to read a 13F filing. For the managers behind private funds, see how to read Form ADV.
Where does Tamarly Intelligence fit?
Tamarly Intelligence is Tamarly's research platform on companies, funds, countries and markets, built from official filings and open data. It covers 2,888 funds, with holdings for 1,290 and country exposure for 2,696, and every figure links to the filing or record it came from. Tamarly does not provide fund performance benchmarks, market prices or an Excel data feed.
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Frequently asked questions
How often is Form N-PORT filed?
As of October 2026, funds file the 3 monthly reports for each quarter within 60 days after the quarter ends (SEC, 2019). Amendments adopted in 2024 would move this to monthly filing within 30 days, with compliance now set for 17 November 2027 for larger fund groups (LexBlog).
Are all N-PORT reports public?
No. Only the report for the third month of each fiscal quarter is public, and certain items in it stay confidential (SEC, 2019). The 2024 amendments would publish every monthly report 60 days after month end once they take effect (SEC press release 2024-110).
What is the difference between N-PORT and 13F?
A 13F is filed by institutional managers and lists only long positions in US-listed equities and some other 13(f) securities. N-PORT is filed by each registered fund and lists every holding, including bonds, loans and derivatives, with fair value levels.
About the author. Melvine Manchau is the founder of Tamarly and author of the Tamarly Newsletter. He previously worked at PwC, Salesforce, BlackRock/eFront and Lazard.
About Tamarly Research. Tamarly Research is part of Tamarly Media, which holds no investment positions. Tamarly is a New York research house that studies how AI is changing regulated institutions.