diff --git a/msdos/ChangeLog b/msdos/ChangeLog
index 34f7b802de0..b057a06bbd6 100644
--- a/msdos/ChangeLog
+++ b/msdos/ChangeLog
@@ -1,3 +1,9 @@
+2012-02-04  Eli Zaretskii  <eliz@gnu.org>
+
+	* sed3v2.inp (insrcdir): Use $(<F) rather than $<, as
+	command.com's "if not exist" doesn't grok forward slashes in file
+	names.
+
 2012-01-14  Eli Zaretskii  <eliz@gnu.org>
 
 	* sed4.inp (PATH_DUMPLOADSEARCH): Edit to "../lisp", for when the
diff --git a/msdos/sed3v2.inp b/msdos/sed3v2.inp
index 80adad45fbf..c147ad64cf9 100644
--- a/msdos/sed3v2.inp
+++ b/msdos/sed3v2.inp
@@ -50,5 +50,5 @@ s!^	\./!	!
   s/movemail[^ ]* *//
 }
 /^insrcdir=/s/^.*$/\#&/
-/^	 *\$(insrcdir) ||/s,\$(insrcdir) ||,command.com /c if not exist $<,
+/^	 *\$(insrcdir) ||/s,\$(insrcdir) ||,command.com /c if not exist $(<F),