diff --git a/pep-0000.txt b/pep-0000.txt
index ec3663602..cb3e8fded 100644
--- a/pep-0000.txt
+++ b/pep-0000.txt
@@ -80,7 +80,6 @@ Index by Category
  S   256  Docstring Processing System Framework        Goodger
  S   258  Docutils Design Specification                Goodger
  SD  262  Database of Installed Python Packages        Kuchling
- S   265  Sorting Dictionaries by Value                Griffin
  S   266  Optimizing Global Variable/Attribute Access  Montanaro
  S   267  Optimized Access to Module Namespaces        Hylton
  S   268  Extended HTTP functionality and WebDAV       Stein
@@ -200,6 +199,7 @@ Index by Category
  SR  242  Numeric Kinds                                Dubois
  SR  244  The `directive' Statement                    von Loewis
  SR  259  Omit printing newline after newline          GvR
+ SR  265  Sorting Dictionaries by Value                Griffin
  SD  269  Pgen Module for Python                       Riehl
  SR  270  uniq method for list objects                 Petrone
  SR  271  Prefixing sys.path by command line option    Giacometti
@@ -307,7 +307,7 @@ Numerical Index
  SD  262  Database of Installed Python Packages        Kuchling
  SF  263  Defining Python Source Code Encodings        Lemburg
  SF  264  Future statements in simulated shells        Hudson
- S   265  Sorting Dictionaries by Value                Griffin
+ SR  265  Sorting Dictionaries by Value                Griffin
  S   266  Optimizing Global Variable/Attribute Access  Montanaro
  S   267  Optimized Access to Module Namespaces        Hylton
  S   268  Extended HTTP functionality and WebDAV       Stein
diff --git a/pep-0265.txt b/pep-0265.txt
index d3cd8f950..df6ee8ff8 100644
--- a/pep-0265.txt
+++ b/pep-0265.txt
@@ -2,7 +2,7 @@ PEP: 265
 Title: Sorting Dictionaries by Value
 Version: $Revision$
 Author: g2@iowegian.com (Grant Griffin)
-Status: Draft
+Status: Rejected
 Type: Standards Track
 Created: 8-Aug-2001
 Python-Version: 2.2
@@ -17,6 +17,25 @@ Abstract
     both difficult for beginners to understand and cumbersome for all
     to implement.
 
+BDFL Pronouncement
+
+    This PEP is rejected because the need for it has been largely
+    fulfilled by Py2.4's sorted() builtin function:
+
+        >>> sorted(d.iteritems(), key=itemgetter(1), reverse=True)
+        [('b', 23), ('d', 17), ('c', 5), ('a', 2), ('e', 1)]
+
+    or for just the keys:
+
+        sorted(d, key=d.__getitem__, reverse=True)
+        ['b', 'd', 'c', 'a', 'e']
+
+    Also, Python 2.5's heapq.nlargest() function addresses the common use
+    case of finding only a few of the highest valued items:
+
+        >>> nlargest(2, d.iteritems(), itemgetter(1))
+        [('b', 23), ('d', 17)]
+
 
 Motivation