Division of Investment Management

Division of Investment Management

Analytics Office

Registered Fund Statistics

Form N-PORT and Form N-CEN Data, period ending December 2025

This is a report of the Staff of the Division of Investment Management’s Analytics Office of the U.S.

Securities and Exchange Commission. The Commission has expressed no view regarding the analysis,

findings, or conclusions contained herein.

Information presented in this report reflects staff’s compilation and analysis of data reported to

the Commission on Form N-PORT, certain other filings (e.g., Form N-CEN), and supplemental

third-party data. The presented information does not reflect any filings or amended filings

submitted after May 04, 2026.

December 2025

Analytics Office

Introduction

This report provides statistics and trends for SEC-registered investment companies that file

reports of portfolio holdings on Form N-PORT each month, reflecting data collected from Form

N-PORT and Form N-CEN filings received through May 04, 2026, for reporting periods from

January 2025 through December 2025. A downloadable Excel file published alongside this report

provides the most recently updated historical data beginning with the March 2019 reporting period

for Large Entities, and beginning with the March 2020 reporting period for non-Large Entities.1 The

table below provides information on investment companies which are required to file on Form

N-PORT and are captured in this report.

Fund Type

Mutual Funds registered on Form N-1A (excluding money market funds)

Exchange-Traded Funds (ETFs) registered on

Form N-1A, or as a unit investment trust on

Form N-8B-2

Closed-End Funds registered on Form N-2 as a

management investment company (including interval funds and non-traded funds registered on

Form N-2)

Seperate accounts offering variable annuity contracts on Form N-3

Business Development Companies (BDCs)

Money Market Funds regulated under rule 2a-7

Small business investment companies registered

on Form N-5

Unit Investment Trusts registered on Form N-4

or N-6

Unit Investment Trusts registered on Forms S-6

and N-8B-2 (excluding ETFs)

Required to File Form N-PORT?

Yes

No

X

X

X

X

X

X

X

X

X

For information and statistics relating to investment companies and advisers that are not

presented in this report, please see SEC.gov for additional reports of the Division of Investment

Management’s Analytics Office.

1

Please see the Appendix to this report for definitions of capitalized terms and other technical descriptions including

explanation of consensus categories, prevalent asset classes, and techniques used to minimize the effects of outliers.

1

December 2025

Analytics Office

Funds must file reports on Form N-PORT with the Commission for each month in the fiscal

quarter not later than 60 days after the end of that fiscal quarter. As a result, a complete picture of

registered fund exposures for a given calendar quarter is therefore not available to Commission Staff

until approximately four months following the end of that period. Many funds must file Form

N-CEN within 75 days after the end of their respective fiscal years. As funds have different fiscal

years, information filed on Form N-CEN may be asynchronous across funds.

Additionally, Funds may file amendments to previously filed reports on Form N-CEN and Form

N-PORT at any time, including amendments to correct mistakes or errors in previously filed reports

— for more details, see the Form N-CEN and Form N-PORT General Instructions. This report

utilizes the most recently reported data for each fund for a given report period, based on Form

N-PORT filings received through May 04, 2026.

As noted on Form N-PORT, the Commission does not intend to make public information

reported on Form N-PORT for the first and second month of each fund’s fiscal quarter and certain

other information that is identifiable to any particular fund or adviser. Statistics involving

non-public Form N-PORT data provided in this report are anonymized, and are aggregated,

rounded, and/or masked. Masked data in this report is denoted by “***”.

Commission Staff works with the reported information and with filers to identify and correct filing errors and employs certain methodologies and assumptions in aggregating the

data. Commission Staff updates reported statistics from time to time to reflect corrected

and amended filings and any adjustments to methodologies and assumptions, which may

result in changes to previously reported statistics. Where appropriate, Commission Staff

may remove filings that appear to be erroneous to ensure the accuracy of information

presented. A downloadable Excel file published alongside this report provides the most

recently updated historical data and includes methodological notes and assumptions.

If you have any questions or comments about Registered Fund Statistics

(December 2025), please contact: Tim Dulaney, PhD, Juan Carlos Forero Penaranda, or Trevor

Tatum with subject line “Registered Fund Statistics (December 2025)”.

2

December 2025

Analytics Office

Contents

1 Number of Funds

4

2 Total Fund Assets

5

3 Flows and Returns

9

4 Fund Portfolio Investments by Category

12

5 Fund Portfolio Investments by Currency

24

6 Fund Portfolio Investments by Country

25

7 Fund Derivative Investments

27

8 Liquidity Classifications

31

9 Fair Value Levels

35

10 Interest Rate Risk

41

11 Securities Lending

43

12 Borrowing

47

13 Appendices

48

3

December 2025

1

Analytics Office

Number of Funds2

Table 1.1: Number of Funds, by Fund Type and Prevalent Asset Class

This table includes fund of funds. “Fund of fund” is defined in the appendix.

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

Prevalent Asset Class

US Equity

Multi-Asset

Taxable Bond

Global Equity

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

Taxable Bond

Multi-Asset

Municipal Bond

US Equity

Global Equity

Subtotal

Total

Jan

2025

2,897

2,015

1,718

1,302

534

8,466

1,691

854

704

449

111

3,809

210

199

117

91

47

664

12,939

Feb

2025

2,891

1,997

1,709

1,292

532

8,421

1,708

871

712

461

112

3,864

213

200

117

91

46

667

12,952

Mar

2025

2,885

1,988

1,703

1,287

533

8,396

1,726

897

717

484

117

3,941

212

203

118

92

45

670

13,007

Apr

2025

2,871

1,981

1,696

1,275

528

8,351

1,754

903

715

497

122

3,991

216

200

118

93

48

675

13,017

May

2025

2,869

1,973

1,694

1,268

524

8,328

1,776

905

718

507

125

4,031

219

201

117

94

48

679

13,038

Jun

2025

2,865

1,971

1,699

1,268

523

8,326

1,808

942

727

522

124

4,123

222

201

117

92

49

681

13,130

Jul

2025

2,855

1,950

1,689

1,263

521

8,278

1,845

942

723

560

126

4,196

224

204

117

94

47

686

13,160

Aug

2025

2,844

1,952

1,685

1,260

519

8,260

1,862

965

720

575

133

4,255

224

211

111

94

47

687

13,202

Sep

2025

2,831

1,936

1,685

1,261

520

8,233

1,905

958

730

600

136

4,329

226

209

111

96

47

689

13,251

Oct

2025

2,829

1,930

1,682

1,260

513

8,214

1,938

970

737

643

145

4,433

244

209

110

99

45

707

13,354

Nov

2025

2,801

1,952

1,673

1,255

504

8,185

1,936

981

710

750

152

4,529

245

210

110

98

45

708

13,422

Dec

2025

2,796

1,938

1,676

1,252

502

8,164

2,011

1,017

761

685

154

4,628

243

217

111

95

46

712

13,504

Table 1.2: Number of Index and Non-Index Funds, by Prevalent Asset

Class

This table includes fund of funds. “Fund of fund” is defined in the appendix. Index fund

indication drawn from Form N-CEN, Item C.3.

Fund Type

Non-Index

Index

Total

Prevalent Asset Class

US Equity

Multi-Asset

Taxable Bond

Global Equity

Municipal Bond

Subtotal

US Equity

Global Equity

Taxable Bond

Multi-Asset

Municipal Bond

Subtotal

Total

Jan

2025

3,473

2,429

2,249

1,443

715

10,309

1,206

610

533

234

47

2,630

12,939

Feb

2025

3,487

2,426

2,254

1,438

714

10,319

1,203

612

539

232

47

2,633

12,952

Mar

2025

3,502

2,441

2,263

1,437

720

10,363

1,201

612

549

234

48

2,644

13,007

Apr

2025

3,518

2,436

2,259

1,433

719

10,365

1,200

605

556

242

49

2,652

13,017

May

2025

3,537

2,444

2,261

1,431

715

10,388

1,202

603

557

237

51

2,650

13,038

Jun

2025

3,566

2,452

2,295

1,445

713

10,471

1,199

599

568

242

51

2,659

13,130

Jul

2025

3,584

2,464

2,285

1,437

713

10,483

1,210

596

570

250

51

2,677

13,160

Aug

2025

3,594

2,484

2,303

1,433

709

10,523

1,206

594

571

254

54

2,679

13,202

Sep

2025

3,616

2,489

2,296

1,440

713

10,554

1,216

598

573

256

54

2,697

13,251

Oct

2025

3,654

2,512

2,328

1,443

714

10,651

1,212

599

568

270

54

2,703

13,354

Nov

2025

3,644

2,575

2,345

1,433

713

10,710

1,191

577

554

337

53

2,712

13,422

Dec

2025

3,692

2,572

2,365

1,455

716

10,800

1,210

604

571

268

51

2,704

13,504

2

“Mutual Funds” exclude ETFs. “Closed-End Funds” include interval funds and non-traded funds registered on Form

N-2. Please see Appendix 13.5 for definitions of other capitalized terms used in this report.

4

December 2025

2

Analytics Office

Total Fund Assets3

Table 2.1: Aggregate Total Assets ($Billions), by Fund Type and

Prevalent Asset Class

This table excludes fund of funds and removes any observations with non-positive total assets (Form

N-PORT, Item B.1.a). Because funds can invest a limited amount in other funds without being

considered a fund of fund, there is some limited amount of double-counting of assets.

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Municipal Bond

Multi-Asset

Subtotal

Taxable Bond

Multi-Asset

US Equity

Municipal Bond

Global Equity

Subtotal

Total

Jan

2025

12,251

4,488

3,453

1,487

820

22,499

7,123

1,787

1,446

144

107

10,608

167

120

99

85

24

494

33,601

Feb

2025

11,947

4,584

3,478

1,496

830

22,335

7,044

1,850

1,483

149

109

10,634

170

122

97

85

23

498

33,467

Mar

2025

11,220

4,598

3,431

1,457

819

21,524

6,677

1,862

1,501

145

108

10,293

173

125

94

84

23

498

32,315

Apr

2025

11,122

4,574

3,499

1,450

800

21,447

6,635

1,890

1,550

147

109

10,331

176

123

92

83

24

498

32,276

May

2025

11,773

4,582

3,658

1,484

805

22,303

7,053

1,909

1,649

149

137

10,897

180

128

96

82

25

512

33,712

Jun

2025

12,303

4,653

3,792

1,489

814

23,051

7,428

1,959

1,722

154

137

11,399

184

134

99

82

27

526

34,976

Jul

2025

12,171

4,652

3,742

1,523

815

22,903

7,611

1,976

1,727

155

138

11,606

185

138

99

81

27

530

35,040

Aug

2025

12,367

4,740

3,861

1,542

818

23,328

7,838

2,035

1,813

161

152

11,998

187

143

101

81

27

539

35,865

Sep

2025

12,647

4,828

3,986

1,583

843

23,886

8,165

2,086

1,907

167

159

12,484

190

151

104

82

28

556

36,927

Oct

2025

12,755

4,840

4,025

1,590

848

24,059

8,376

2,142

1,961

179

172

12,830

194

154

104

83

29

564

37,453

Nov

2025

12,703

4,853

4,060

1,600

852

24,068

8,432

2,158

1,957

185

248

12,981

197

158

104

83

29

571

37,620

Dec

2025

12,983

4,855

4,094

1,581

849

24,362

8,176

2,183

2,050

189

147

12,746

194

165

101

82

31

574

37,681

Table 2.2: Aggregate Index Fund and Non-Index Fund Total Assets

($Billions), by Prevalent Asset Class

This table excludes fund of funds and removes any observations with non-positive total assets (Form

N-PORT, Item B.1.a). Index fund indication drawn from Form N-CEN, Item C.3. Because funds can invest

a limited amount in other funds without being considered a fund of fund, there is some limited

amount of double-counting of assets.

Fund Type

Index

Non-Index

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

Total

Jan

2025

11,947

2,622

2,172

164

122

17,027

7,526

3,820

2,751

1,551

926

16,574

33,601

Feb

2025

11,767

2,693

2,218

159

124

16,960

7,321

3,911

2,766

1,569

940

16,507

33,467

Mar

2025

11,122

2,693

2,230

154

120

16,319

6,868

3,940

2,725

1,535

928

15,996

32,315

Apr

2025

11,056

2,704

2,294

156

121

16,331

6,793

3,936

2,779

1,527

910

15,945

32,276

May

2025

11,732

2,712

2,420

170

121

17,155

7,191

3,960

2,912

1,579

915

16,557

33,712

Jun

2025

12,297

2,771

2,519

184

125

17,896

7,532

4,025

3,021

1,576

926

17,080

34,976

Jul

2025

12,276

2,782

2,507

183

125

17,873

7,606

4,031

2,988

1,616

926

17,167

35,040

Aug

2025

12,575

2,838

2,622

185

127

18,346

7,730

4,124

3,079

1,653

932

17,519

35,865

Sep

2025

13,001

2,894

2,738

200

131

18,965

7,915

4,210

3,182

1,694

961

17,962

36,927

Oct

2025

13,272

2,940

2,800

212

135

19,359

7,963

4,236

3,215

1,704

975

18,094

37,453

Nov

2025

13,323

2,956

2,795

281

137

19,493

7,916

4,252

3,251

1,725

983

18,127

37,620

Dec

2025

13,002

2,990

2,904

183

138

19,218

8,258

4,241

3,272

1,710

982

18,463

37,681

As of December 2025, there are 13 N-3 funds reporting an aggregate $283.06 billion in net assets (roughly 0.99%

of aggregate mutual fund net assets). Additionally, there are 147 Interval Funds registered on Form N-2 reporting an

aggregate $130.36 billion in net assets (roughly 26.04% of aggregate closed-end fund net assets). Finally, there are 3 ETFs

organized as Unit Investment Trusts reporting an aggregate $780.68 billion in net assets (roughly 6.22% of aggregate

ETF net assets).

3

5

December 2025

Analytics Office

Table 2.3: Aggregate Net Assets ($Billions), by Fund Type and

Prevalent Asset Class

This table excludes fund of funds and removes any observations with non-positive net assets (Form

N-PORT, Item B.1.c). Because funds can invest a limited amount in other funds without being

considered a fund of fund, there is some limited amount of double-counting of assets.

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Municipal Bond

Multi-Asset

Subtotal

Multi-Asset

Taxable Bond

US Equity

Municipal Bond

Global Equity

Subtotal

Total

Jan

2025

12,175

4,137

3,415

1,392

799

21,919

7,041

1,679

1,422

142

102

10,387

106

117

85

55

21

383

32,688

Feb

2025

11,876

4,219

3,428

1,395

809

21,727

6,965

1,740

1,455

147

98

10,404

108

119

84

56

20

386

32,518

Mar

2025

11,140

4,201

3,370

1,354

797

20,861

6,591

1,757

1,472

144

97

10,060

108

119

80

54

20

382

31,303

Apr

2025

11,044

4,170

3,435

1,341

781

20,771

6,550

1,768

1,521

146

102

10,086

108

123

78

53

21

383

31,240

May

2025

11,689

4,182

3,594

1,378

784

21,627

6,967

1,794

1,613

148

113

10,634

112

126

82

52

22

394

32,656

Jun

2025

12,205

4,269

3,723

1,400

791

22,388

7,319

1,848

1,684

152

121

11,124

116

128

84

52

23

404

33,916

Jul

2025

12,090

4,283

3,684

1,413

791

22,262

7,516

1,862

1,694

154

124

11,350

120

130

85

51

23

410

34,021

Aug

2025

12,288

4,351

3,802

1,430

798

22,669

7,741

1,917

1,779

159

126

11,722

125

132

86

51

24

418

34,808

Sep

2025

12,557

4,407

3,918

1,454

821

23,158

8,042

1,966

1,868

166

137

12,179

133

132

89

53

25

430

35,767

Oct

2025

12,674

4,448

3,957

1,464

827

23,370

8,277

2,014

1,924

177

145

12,537

135

135

89

53

25

438

36,345

Nov

2025

12,622

4,474

3,993

1,477

829

23,395

8,336

2,033

1,930

183

226

12,708

139

136

90

53

25

443

36,546

Dec

2025

12,904

4,475

4,030

1,467

831

23,707

8,066

2,067

2,019

187

138

12,477

146

132

87

53

27

445

36,629

Table 2.4: Aggregate Index Fund and Non-Index Fund Net Assets

($Billions)

This table excludes fund of funds and removes any observations with non-positive net assets (Form

N-PORT, Item B.1.c). Index fund indication drawn from Form N-CEN, Item C.3. Because funds can invest

a limited amount in other funds without being considered a fund of fund, there is some limited

amount of double-counting of assets.

Fund Type

Index

Non-Index

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

Total

Jan

2025

11,867

2,532

2,145

156

121

16,822

7,434

3,400

2,713

1,444

875

15,866

32,688

Feb

2025

11,690

2,603

2,188

151

123

16,756

7,234

3,474

2,715

1,449

889

15,762

32,518

Mar

2025

11,034

2,608

2,196

145

119

16,102

6,776

3,469

2,666

1,414

876

15,201

31,303

Apr

2025

10,970

2,602

2,261

147

120

16,100

6,702

3,458

2,716

1,403

860

15,140

31,240

6

May

2025

11,646

2,617

2,381

157

121

16,922

7,092

3,486

2,848

1,446

863

15,734

32,656

Jun

2025

12,196

2,674

2,478

168

124

17,640

7,412

3,571

2,952

1,469

872

16,276

33,916

Jul

2025

12,185

2,690

2,472

168

124

17,639

7,507

3,585

2,929

1,490

872

16,382

34,021

Aug

2025

12,486

2,743

2,585

169

126

18,110

7,629

3,656

3,019

1,513

881

16,699

34,808

Sep

2025

12,900

2,799

2,696

178

130

18,703

7,788

3,706

3,115

1,546

909

17,064

35,767

Oct

2025

13,184

2,852

2,758

185

134

19,114

7,856

3,744

3,147

1,559

924

17,231

36,345

Nov

2025

13,235

2,865

2,766

262

136

19,264

7,812

3,778

3,183

1,581

929

17,282

36,546

Dec

2025

12,921

2,898

2,869

177

138

19,002

8,136

3,777

3,206

1,574

933

17,626

36,629

December 2025

Analytics Office

Table 2.5: Aggregate Net Assets ($Billions), by Fund Type and Bucketed

by Net Assets

This table excludes fund of funds and removes any observations with non-positive net assets (Form

N-PORT, Item B.1.c). See the appendix for a review of interval notation used here.

Fund Size

$10 billion or more

[$500 million,$10 billion)

[$50 million,$500 million)

($0,$50 million)

Total

Fund Type

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

ETF

Mutual Fund

Closed-End Fund

Subtotal

Total

Jan

2025

15,102

***

***

23,252

6,225

2,017

262

8,504

570

239

77

886

23

22

2

47

32,688

Feb

2025

14,939

***

***

23,119

6,197

2,001

265

8,462

569

243

77

889

23

22

2

47

32,518

Mar

2025

14,226

7,778

44

22,048

6,049

2,015

261

8,325

563

244

76

883

24

23

2

48

31,303

Apr

2025

14,201

***

***

22,071

5,986

1,989

259

8,233

562

247

78

887

25

22

2

48

31,240

May

2025

14,926

***

***

23,277

6,115

2,050

267

8,432

563

254

80

897

25

22

1

49

32,656

Jun

2025

15,547

8,734

46

24,327

6,259

2,105

279

8,643

560

260

77

898

26

22

2

49

33,916

Jul

2025

15,418

***

***

24,392

6,263

2,145

271

8,679

559

262

81

901

25

21

2

48

34,021

Aug

2025

15,781

***

***

25,049

6,310

2,218

279

8,808

557

267

79

903

26

21

2

48

34,808

Sep

2025

16,226

9,574

59

25,858

6,362

2,306

290

8,958

550

273

80

903

26

20

2

48

35,767

Oct

2025

16,424

***

***

26,382

6,377

2,335

296

9,008

548

277

81

906

27

20

2

49

36,345

Nov

2025

16,440

***

***

26,530

6,384

2,368

302

9,055

551

282

79

912

27

20

2

49

36,546

Dec

2025

16,757

9,801

58

26,616

6,381

2,364

304

9,049

550

283

80

913

28

20

2

50

36,629

Table 2.6: Number of Funds, by Fund Type and Bucketed by Net Assets

This table excludes fund of funds and removes any observations with non-positive net assets (Form

N-PORT, Item B.1.c). See the appendix for a review of interval notation used here.

Fund Size

$10 billion or more

[$500 million,$10 billion)

[$50 million,$500 million)

($0,$50 million)

Total

Fund Type

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

ETF

Mutual Fund

Closed-End Fund

Subtotal

Total

Jan

2025

356

***

***

529

2,799

839

189

3,827

2,641

1,286

334

4,261

1,305

1,056

57

2,418

11,035

Feb

2025

352

***

***

528

2,785

842

192

3,819

2,645

1,314

332

4,291

1,325

1,050

58

2,433

11,071

Mar

2025

344

169

2

515

2,759

846

192

3,797

2,643

1,321

333

4,297

1,395

1,065

60

2,520

11,129

Apr

2025

344

***

***

518

2,739

845

190

3,774

2,623

1,327

346

4,296

1,435

1,067

57

2,559

11,147

7

May

2025

352

***

***

533

2,761

863

191

3,815

2,605

1,338

352

4,295

1,439

1,036

54

2,529

11,172

Jun

2025

357

185

2

544

2,791

884

199

3,874

2,585

1,372

344

4,301

1,468

1,026

58

2,552

11,271

Jul

2025

358

***

***

548

2,783

907

197

3,887

2,578

1,409

352

4,339

1,477

1,008

55

2,540

11,314

Aug

2025

366

***

***

558

2,801

930

202

3,933

2,562

1,438

342

4,342

1,480

976

55

2,511

11,344

Sep

2025

373

192

3

568

2,819

956

206

3,981

2,540

1,475

344

4,359

1,479

955

57

2,491

11,399

Oct

2025

374

***

***

575

2,805

977

209

3,991

2,527

1,511

347

4,385

1,506

964

69

2,539

11,490

Nov

2025

372

***

***

573

2,792

981

214

3,987

2,523

1,532

343

4,398

1,573

955

69

2,597

11,555

Dec

2025

370

202

3

575

2,784

987

214

3,985

2,519

1,540

348

4,407

1,637

947

69

2,653

11,620

December 2025

Analytics Office

Table 2.7: Distribution of Net Assets, by Fund Type ($Billions)

This exhibit includes fund of funds and removes any observations with non-positive net assets (Form

N-PORT, Item B.1.c).

Fund Type

Mutual Fund

ETF

Closed-End Fund

Percentile

10th

25th

50th

75th

90th

10th

25th

50th

75th

90th

10th

25th

50th

75th

90th

Jan

2025

0.025

0.102

0.404

1.455

4.829

0.006

0.022

0.109

0.599

3.255

0.041

0.119

0.280

0.643

1.643

Feb

2025

0.026

0.101

0.403

1.459

4.809

0.006

0.023

0.110

0.592

3.162

0.042

0.114

0.279

0.642

1.633

Mar

2025

0.025

0.098

0.395

1.401

4.667

0.005

0.022

0.105

0.567

3.079

0.044

0.114

0.274

0.633

1.571

Apr

2025

0.025

0.098

0.397

1.403

4.634

0.005

0.021

0.103

0.567

2.907

0.045

0.116

0.272

0.621

1.544

May

2025

0.026

0.103

0.410

1.453

4.783

0.006

0.022

0.106

0.585

3.047

0.048

0.118

0.275

0.637

1.595

Jun

2025

0.026

0.106

0.417

1.491

4.926

0.006

0.022

0.106

0.578

3.060

0.048

0.122

0.282

0.651

1.616

Jul

2025

0.027

0.108

0.423

1.519

5.009

0.006

0.023

0.105

0.574

3.069

0.050

0.125

0.282

0.645

1.624

Aug

2025

0.028

0.110

0.430

1.551

5.136

0.006

0.023

0.109

0.600

3.100

0.050

0.129

0.295

0.667

1.621

Sep

2025

0.030

0.113

0.440

1.590

5.231

0.006

0.024

0.113

0.612

3.195

0.048

0.127

0.304

0.689

1.638

Oct

2025

0.029

0.111

0.439

1.589

5.258

0.006

0.025

0.112

0.608

3.123

0.042

0.121

0.303

0.675

1.633

Nov

2025

0.029

0.112

0.440

1.610

5.261

0.006

0.023

0.108

0.591

3.036

0.043

0.119

0.305

0.679

1.576

Dec

2025

0.028

0.113

0.441

1.600

5.287

0.005

0.023

0.105

0.578

2.982

0.042

0.117

0.305

0.677

1.603

Table 2.8: Percent of Aggregate Net Assets Reported, by Fund Type and

Cumulative Percentile

This exhibit includes fund of funds and removes any observations with non-positive net assets (Form

N-PORT, Item B.1.c).

Fund Type

All Funds

Mutual Fund

ETF

Closed-End Fund

Percentile

Top 2%

Top 5%

Top 10%

Top 25%

Top 2%

Top 5%

Top 10%

Top 25%

Top 2%

Top 5%

Top 10%

Top 25%

Top 2%

Top 5%

Top 10%

Top 25%

Jan

2025

56.81

71.67

82.16

93.25

51.95

67.38

78.73

91.37

63.64

79.42

89.24

96.92

23.52

36.63

51.09

73.90

Feb

2025

56.82

71.69

82.19

93.26

51.83

67.39

78.71

91.35

63.65

79.49

89.32

96.92

23.58

36.74

51.13

73.84

Mar

2025

56.65

71.54

82.07

93.23

51.69

67.20

78.53

91.30

63.42

79.43

89.28

96.91

24.02

37.19

51.40

74.04

Apr

2025

56.77

71.67

82.16

93.27

51.72

67.27

78.59

91.31

63.69

79.59

89.33

96.92

24.53

37.67

52.07

74.07

May

2025

56.98

71.86

82.29

93.32

51.89

67.43

78.73

91.36

63.86

79.62

89.35

96.92

24.65

37.81

52.25

74.34

8

Jun

2025

57.27

72.09

82.48

93.42

52.11

67.63

78.89

91.45

64.21

79.87

89.49

96.96

24.58

38.23

52.49

74.48

Jul

2025

57.16

72.03

82.44

93.42

51.68

67.37

78.70

91.37

64.39

79.95

89.53

96.97

24.66

38.35

52.51

74.36

Aug

2025

57.15

72.04

82.46

93.42

51.69

67.35

78.68

91.35

64.63

80.00

89.54

96.96

24.77

38.50

52.60

74.33

Sep

2025

57.31

72.18

82.56

93.48

51.84

67.47

78.77

91.38

64.73

80.06

89.58

96.96

24.66

38.56

52.49

74.50

Oct

2025

57.66

72.39

82.77

93.57

51.91

67.59

78.86

91.45

65.12

80.26

89.79

97.00

25.29

38.96

52.92

74.82

Nov

2025

57.78

72.53

82.88

93.63

51.97

67.58

78.87

91.44

65.48

80.57

90.01

97.08

25.51

39.28

53.11

74.98

Dec

2025

57.94

72.67

82.99

93.69

52.51

68.02

79.17

91.55

64.89

80.25

89.92

97.06

25.40

39.16

53.26

74.99

December 2025

Analytics Office

3

Flows and Returns

3.1

Fund Flows

Table 3.1: Aggregate Inflows, Outflows, and Net Flows of Index and NonIndex Funds ($Billions)

This table excludes flows from fund of funds (Form N-PORT, Item B.6), index fund indication drawn

from Form N-CEN, Item C.3. Since both ETFs and Mutual Funds can be index funds, both contribute to

the rows in this table.

Fund Type

All

Index

Non-Index

Flow Type

Inflow

Net

Outflow

Inflow

Net

Outflow

Inflow

Net

Outflow

Jan

2025

837

45

-792

473

57

-415

364

-12

-377

Feb

2025

768

67

-701

413

72

-341

355

-5

-360

Mar

2025

989

-2

-992

619

46

-574

370

-48

-418

Apr

2025

990

-37

-1,027

595

30

-565

395

-67

-462

May

2025

761

45

-716

421

50

-371

340

-5

-345

Jun

2025

820

28

-792

502

56

-445

319

-29

-347

Jul

2025

828

-239

-1,067

450

-230

-680

378

-9

-387

Aug

2025

789

51

-737

433

57

-376

356

-5

-361

Sep

2025

1,059

76

-984

672

70

-602

387

6

-381

Oct

2025

957

69

-888

550

99

-451

407

-30

-437

Nov

2025

898

84

-813

542

104

-438

356

-19

-375

Dec

2025

1,288

79

-1,209

833

160

-673

455

-80

-536

Table 3.2: Aggregate Inflows, Outflows, and Net Flows of Index and NonIndex Funds (Percent of Net Assets)

This table excludes flows from fund of funds (Form N-PORT, Item B.6), index fund indication drawn

from Form N-CEN, Item C.3. Since both ETFs and Mutual Funds can be index funds, both contribute to

the rows in this table. Percentages are calculated using lagged net assets (Form N-PORT, Item

B.1.c.).

Fund Type

All

Index

Non-Index

Flow Type

Inflow

Net

Outflow

Inflow

Net

Outflow

Inflow

Net

Outflow

Jan

2025

2.67

0.14

-2.52

2.89

0.35

-2.54

2.42

-0.08

-2.50

Feb

2025

2.38

0.21

-2.17

2.45

0.43

-2.03

2.30

-0.03

-2.33

Mar

2025

3.08

-0.01

-3.09

3.70

0.27

-3.42

2.41

-0.31

-2.73

Apr

2025

3.20

-0.12

-3.32

3.69

0.19

-3.51

2.67

-0.45

-3.12

May

2025

2.47

0.15

-2.32

2.62

0.31

-2.31

2.31

-0.03

-2.34

9

Jun

2025

2.54

0.09

-2.46

2.96

0.33

-2.63

2.08

-0.19

-2.27

Jul

2025

2.47

-0.71

-3.19

2.55

-1.31

-3.86

2.38

-0.06

-2.44

Aug

2025

2.35

0.15

-2.19

2.45

0.32

-2.13

2.23

-0.03

-2.26

Sep

2025

3.08

0.22

-2.86

3.71

0.39

-3.33

2.38

0.04

-2.34

Oct

2025

2.71

0.20

-2.51

2.94

0.53

-2.41

2.45

-0.18

-2.63

Nov

2025

2.50

0.23

-2.27

2.83

0.54

-2.29

2.12

-0.12

-2.24

Dec

2025

3.61

0.22

-3.39

4.42

0.85

-3.57

2.70

-0.48

-3.18

December 2025

Analytics Office

Table 3.3: Aggregate Net Flows, by Prevalent Asset Class and Fund Type

($Billions)

This table excludes flows from fund of funds (Form N-PORT, Item B.6). Closed-End Funds generally do

not report flows and are therefore excluded.

Fund Type

ETF

Mutual Fund

Total

Prevalent Asset Class

US Equity

Global Equity

Taxable Bond

Municipal Bond

Multi-Asset

Subtotal

Taxable Bond

Municipal Bond

Multi-Asset

Global Equity

US Equity

Subtotal

Total

Jan

2025

56

2

37

2

0

98

9

4

-7

-14

-46

-53

45

Feb

2025

51

12

41

2

0

107

18

4

-6

-20

-37

-40

67

Mar

2025

36

14

24

0

6

81

-10

-1

-8

-22

-42

-83

-2

Apr

2025

28

7

12

3

7

57

-41

-9

-7

-19

-18

-94

-37

May

2025

26

20

37

2

-1

83

20

4

-6

-15

-42

-38

45

Jun

2025

32

26

28

3

-1

88

18

3

-7

-11

-63

-60

28

Jul

2025

50

22

22

2

-1

96

30

4

-6

-7

-356

-335

-239

Aug

2025

49

12

44

5

-3

108

19

1

-5

-10

-61

-57

51

Sep

2025

71

21

37

3

-4

127

22

5

-6

-11

-62

-52

76

Oct

2025

74

28

48

7

0

156

17

5

-6

-14

-89

-87

69

Nov

2025

78

23

40

4

4

149

8

2

-5

-8

-62

-65

84

Dec

2025

122

45

39

6

-2

210

7

1

-11

-30

-97

-130

79

Table 3.4: Aggregate Net Flows, by Prevalent Asset Class and Fund Type

(Percent)

This table excludes flows from fund of funds (Form N-PORT, Item B.6). Closed-End Funds generally do

not report flows and are therefore excluded. Percentages are calculated using lagged net assets

(Form N-PORT, Item B.1.c.).

Fund Type

ETF

Mutual Fund

Total

Prevalent Asset Class

Municipal Bond

Global Equity

Taxable Bond

US Equity

Multi-Asset

Subtotal

Municipal Bond

Taxable Bond

Multi-Asset

Global Equity

US Equity

Subtotal

Total

Jan

2025

1.64

0.15

2.29

0.83

-0.03

0.98

0.52

0.23

-0.49

-0.42

-0.39

-0.25

0.14

Feb

2025

1.45

0.88

2.46

0.73

-0.47

1.03

0.55

0.43

-0.40

-0.57

-0.30

-0.18

0.21

Mar

2025

-0.20

0.96

1.40

0.52

6.64

0.78

-0.10

-0.25

-0.58

-0.65

-0.35

-0.38

-0.01

Apr

2025

1.97

0.51

0.66

0.42

7.53

0.57

-1.14

-0.97

-0.55

-0.55

-0.16

-0.45

-0.12

10

May

2025

1.67

1.29

2.07

0.39

-0.94

0.83

0.56

0.49

-0.43

-0.45

-0.38

-0.18

0.15

Jun

2025

2.37

1.59

1.56

0.45

-1.02

0.82

0.38

0.43

-0.50

-0.30

-0.54

-0.28

0.09

Jul

2025

1.62

1.33

1.17

0.69

-1.03

0.86

0.50

0.71

-0.41

-0.20

-2.92

-1.50

-0.71

Aug

2025

3.27

0.73

2.38

0.66

-2.58

0.95

0.10

0.44

-0.34

-0.27

-0.51

-0.25

0.15

Sep

2025

1.99

1.16

1.91

0.91

-3.00

1.09

0.66

0.51

-0.39

-0.30

-0.51

-0.23

0.22

Oct

2025

4.16

1.50

2.42

0.92

0.07

1.28

0.58

0.38

-0.39

-0.36

-0.71

-0.38

0.20

Nov

2025

2.16

1.21

1.99

0.94

2.53

1.19

0.30

0.19

-0.37

-0.20

-0.49

-0.28

0.23

Dec

2025

3.05

2.35

1.91

1.53

-0.73

1.71

0.16

0.15

-0.76

-0.76

-0.77

-0.56

0.22

December 2025

3.2

Analytics Office

Total Returns

Table 3.5: Median Total Return of Index and Non-Index Funds, by

Prevalent Asset Class (Percent)

This table relies on Form N-PORT Item B.5 and excludes fund of funds. Index fund indication is drawn

from Form N-CEN, Item C.3.

Fund Type

All

Index

Non-Index

Prevalent Asset Class

Global Equity

Multi-Asset

Taxable Bond

Municipal Bond

US Equity

Global Equity

Municipal Bond

Taxable Bond

Multi-Asset

US Equity

Global Equity

Multi-Asset

Taxable Bond

Municipal Bond

US Equity

Jan

2025

3.55

2.11

0.67

0.38

3.28

3.47

***

0.54

3.11

3.12

3.58

2.08

0.71

0.38

3.32

Feb

2025

1.00

0.10

0.98

1.05

-2.06

1.04

***

1.34

-1.08

-1.92

0.98

0.13

0.94

1.05

-2.10

Mar

2025

-0.05

-1.98

-0.03

-1.68

-5.33

0.04

***

0.24

-4.75

-5.63

-0.12

-1.91

-0.08

-1.68

-5.16

Apr

2025

2.58

-0.14

0.27

-0.66

-1.06

3.15

***

0.33

-1.35

-1.31

2.43

-0.08

0.26

-0.68

-0.99

May

2025

4.84

2.78

0.24

-0.24

5.31

4.59

***

-0.26

5.96

5.70

4.94

2.57

0.34

-0.25

5.11

Jun

2025

3.78

3.01

1.54

0.67

4.23

3.73

***

1.38

5.06

4.47

3.81

2.91

1.58

0.67

4.15

Jul

2025

-0.54

0.68

0.16

-0.47

1.48

-0.15

***

0.03

1.30

1.71

-0.62

0.65

0.19

-0.51

1.38

Aug

2025

3.42

1.72

1.14

0.84

2.36

4.07

0.80

1.08

2.37

2.85

3.15

1.70

1.15

0.84

2.23

Sep

2025

2.86

2.07

0.76

2.56

1.78

2.73

2.09

0.55

2.63

2.14

2.91

2.03

0.80

2.61

1.70

Oct

2025

0.88

0.94

0.44

1.18

0.74

1.01

***

0.38

0.73

0.77

0.82

0.95

0.46

1.19

0.74

Nov

2025

0.57

0.47

0.54

0.28

0.87

0.67

***

0.50

0.09

0.97

0.45

0.49

0.55

0.29

0.83

Dec

2025

2.22

0.30

0.26

0.16

0.04

2.52

***

0.15

0.04

0.00

2.13

0.33

0.28

0.15

0.08

Table 3.6: Weighted-Average Total Return of Index and Non-Index Funds,

by Prevalent Asset Class (Percent)

This table relies on Form N-PORT Item B.5 and excludes fund of funds, index fund indication drawn

from Form N-CEN, Item C.3. Total returns are weighted by lagged fund net assets from Form N-PORT,

Item B.1.c.

Fund Type

All

Index

Non-Index

Prevalent Asset Class

Global Equity

Multi-Asset

Municipal Bond

US Equity

Taxable Bond

Global Equity

Municipal Bond

Multi-Asset

US Equity

Taxable Bond

Global Equity

Multi-Asset

US Equity

Taxable Bond

Municipal Bond

Jan

2025

3.73

2.53

0.39

3.29

0.72

3.59

***

3.11

3.01

0.58

3.84

2.47

3.74

0.83

0.41

Feb

2025

1.22

-0.16

1.06

-1.96

1.60

1.69

***

-4.27

-1.76

1.86

0.86

0.28

-2.30

1.41

1.07

Mar

2025

-0.58

-2.79

-1.52

-5.67

-0.06

0.28

***

-9.47

-5.63

-0.04

-1.28

-2.09

-5.73

-0.08

-1.51

Apr

2025

2.51

-0.36

-0.75

-0.79

0.32

3.01

***

-3.34

-0.90

0.43

2.10

-0.06

-0.61

0.24

-0.77

11

May

2025

4.96

3.91

-0.18

6.14

-0.11

4.65

***

11.23

6.11

-0.46

5.22

3.14

6.19

0.16

-0.19

Jun

2025

3.94

4.03

0.70

5.02

1.39

3.81

***

9.96

4.94

1.30

4.06

3.38

5.15

1.47

0.70

Jul

2025

-0.74

0.97

-0.42

1.98

0.03

-0.87

***

2.15

2.08

-0.11

-0.63

0.83

1.81

0.13

-0.46

Aug

2025

3.66

1.92

0.83

2.24

1.08

4.21

0.76

3.04

2.34

0.98

3.20

1.80

2.09

1.15

0.84

Sep

2025

3.55

2.84

2.39

3.03

0.92

3.80

2.09

10.57

3.31

0.93

3.33

1.98

2.58

0.91

2.43

Oct

2025

1.41

1.47

1.04

1.82

0.59

1.50

***

5.90

1.95

0.61

1.33

0.97

1.59

0.57

1.05

Nov

2025

0.51

0.47

0.27

0.36

0.49

0.42

***

-3.18

0.28

0.48

0.59

0.91

0.49

0.50

0.28

Dec

2025

2.27

0.34

0.12

0.06

-0.03

2.60

***

0.03

0.00

-0.22

1.97

0.39

0.16

0.12

0.11

December 2025

Analytics Office

4

Fund Portfolio Investments by Category

4.1

All Funds

Table 4.1: Aggregate Gross Value of Fund Investments by Investment

Category ($Billions)

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).

Investment Type

Common Equity

Registered Fund

Corporate Debt

US Treasury Debt

Mortgage-Backed Security

Municipal Debt

STIV

Non US Sovereign Debt

Loan

Collateralized Obligation

Other Asset-Backed Security

Equity Derivative

Repurchase Agreement

Preferred Equity

Private Fund

Cash

Rate Derivative

Other Debt

Structured Note

FX Derivative

Other Types

Commodity

Credit Derivative

Commodity Derivative

Asset-Backed CP

Other Derivative

Total

Jan

2025

25,691

2,815

2,414

2,045

1,602

1,072

772

429

248

217

218

131

127

110

94

97

80

38

28

24

19

***

5

5

***

1

38,294

Feb

2025

25,343

2,822

2,462

2,106

1,649

1,088

780

440

256

226

222

131

130

110

94

100

78

39

30

34

19

***

5

5

***

1

38,183

Mar

2025

24,120

2,741

2,466

2,124

1,660

1,070

805

441

255

228

226

123

121

111

96

95

76

39

30

28

19

***

5

5

***

1

36,898

Apr

2025

24,066

2,727

2,434

2,113

1,706

1,054

863

446

245

220

220

129

137

111

97

101

83

40

28

42

19

***

5

6

***

0

36,906

May

2025

25,465

2,835

2,461

2,110

1,652

1,059

856

445

252

225

220

178

159

114

101

104

77

38

29

25

18

***

6

4

***

0

38,447

12

Jun

2025

26,652

2,930

2,503

2,172

1,653

1,076

856

466

257

231

225

193

147

117

103

104

86

38

31

32

19

***

6

4

***

0

39,914

Jul

2025

26,706

2,940

2,493

2,182

1,670

1,075

844

462

261

236

227

196

140

120

106

98

77

39

30

33

19

***

6

4

***

0

39,978

Aug

2025

27,370

2,999

2,517

2,251

1,726

1,085

857

477

264

243

231

202

167

125

106

109

75

40

31

22

19

***

6

4

***

0

40,939

Sep

2025

28,197

3,065

2,580

2,291

1,740

1,116

878

484

267

249

235

225

147

129

112

112

73

39

32

17

19

***

6

5

***

0

42,033

Oct

2025

28,686

3,097

2,594

2,320

1,757

1,135

888

495

269

247

239

229

149

130

117

113

77

40

33

27

19

***

6

5

***

1

42,688

Nov

2025

28,812

3,105

2,620

2,356

1,774

1,142

867

508

269

247

247

205

162

130

119

121

72

40

33

22

21

***

6

5

***

1

42,900

Dec

2025

29,018

3,112

2,616

2,372

1,785

1,144

841

519

271

250

238

189

139

139

122

108

73

40

33

22

21

***

6

5

***

0

43,078

December 2025

Analytics Office

Table 4.2: Number of Funds Reporting Gross Value of Each Investment

Category, With an Aggregate Gross Value Exceeding Five

Percent of Net Assets

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The

“Total” row below indicates the number of Funds, and not the sum of the preceding rows.

Investment Type

Common Equity

Registered Fund

Corporate Debt

US Treasury Debt

Mortgage-Backed Security

Municipal Debt

STIV

Non US Sovereign Debt

Loan

Collateralized Obligation

Other Asset-Backed Security

Equity Derivative

Repurchase Agreement

Preferred Equity

Private Fund

Cash

Rate Derivative

Other Debt

Structured Note

FX Derivative

Other Types

Commodity

Credit Derivative

Commodity Derivative

Asset-Backed CP

Other Derivative

Total

Jan

2025

7,136

2,276

2,220

1,879

1,263

803

1,932

451

437

506

578

742

499

198

360

616

136

120

27

72

35

***

***

41

***

***

12,939

Feb

2025

7,127

2,292

2,208

1,884

1,265

804

1,994

445

447

510

578

773

510

197

359

587

130

124

27

83

35

***

***

49

***

10

12,952

Mar

2025

7,110

2,297

2,213

1,904

1,273

808

2,043

441

451

501

582

808

522

202

359

615

134

132

27

64

***

10

5

46

***

***

13,007

Apr

2025

7,103

2,302

2,199

1,871

1,270

809

2,109

437

444

488

569

873

533

207

368

670

135

126

27

94

39

***

***

61

***

***

13,017

May

2025

7,122

2,320

2,210

1,861

1,269

807

2,037

434

450

489

565

881

526

207

370

648

119

124

28

74

38

***

***

38

***

8

13,038

13

Jun

2025

7,148

2,319

2,201

1,864

1,265

804

2,019

442

450

499

577

922

544

208

361

680

126

125

28

47

***

11

***

36

***

***

13,130

Jul

2025

7,140

2,340

2,211

1,827

1,260

803

2,031

439

445

503

570

919

518

206

373

700

112

120

26

67

45

***

***

38

***

***

13,160

Aug

2025

7,145

2,359

2,198

1,875

1,258

802

1,999

453

447

517

578

966

538

210

366

696

116

113

26

51

42

***

***

32

***

9

13,202

Sep

2025

7,158

2,350

2,207

1,874

1,256

803

2,033

461

438

512

578

994

511

206

366

761

110

118

26

40

***

11

***

48

***

***

13,251

Oct

2025

7,173

2,373

2,194

1,880

1,265

824

2,110

466

442

493

574

1,101

513

221

370

800

111

132

27

51

46

***

***

53

***

***

13,354

Nov

2025

7,158

2,397

2,192

1,892

1,258

824

2,075

465

430

486

591

1,150

532

214

368

832

107

128

27

49

48

***

12

38

***

7

13,422

Dec

2025

7,216

2,413

2,197

1,892

1,271

821

1,998

476

429

504

589

1,033

544

219

358

864

107

138

30

34

***

11

***

48

***

***

13,504

December 2025

4.2

Analytics Office

Mutual Funds4

Table 4.3: Aggregate Gross Value of Mutual Fund Investments by

Investment Category ($Billions)

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).

Investment Type

Common Equity

Registered Fund

Corporate Debt

Mortgage-Backed Security

US Treasury Debt

Municipal Debt

STIV

Non US Sovereign Debt

Other Asset-Backed Security

Collateralized Obligation

Other Types

Loan

Repurchase Agreement

Preferred Equity

Cash

Equity Derivative

Total

Jan

2025

17,193

2,731

1,767

1,376

1,321

847

577

330

196

167

180

146

104

60

69

25

27,088

Feb

2025

16,889

2,735

1,799

1,414

1,354

857

584

338

200

173

181

151

103

60

74

26

26,938

Mar

2025

16,023

2,654

1,797

1,420

1,353

845

602

339

202

174

180

152

99

62

67

21

25,991

Apr

2025

15,965

2,642

1,776

1,458

1,322

828

650

342

196

168

197

144

113

62

74

24

25,961

May

2025

16,849

2,748

1,785

1,404

1,320

831

647

338

196

171

178

148

122

64

73

64

26,940

Jun

2025

17,597

2,838

1,808

1,398

1,359

844

638

353

199

175

192

151

122

66

69

67

27,875

Jul

2025

17,452

2,847

1,797

1,406

1,386

843

619

351

200

177

183

153

114

67

66

66

27,728

Aug

2025

17,814

2,902

1,801

1,452

1,416

847

625

362

204

181

172

153

124

71

75

71

28,270

Sep

2025

18,253

2,966

1,845

1,461

1,438

871

636

366

206

184

170

153

119

73

70

71

28,883

Oct

2025

18,450

2,993

1,844

1,471

1,463

877

651

375

209

182

183

152

117

75

76

71

29,190

Nov

2025

18,438

2,999

1,858

1,487

1,463

880

635

382

216

180

174

149

122

78

82

72

29,215

Dec

2025

18,790

3,004

1,846

1,494

1,480

879

605

391

207

184

172

148

111

86

72

68

29,538

Table 4.4: Number of Mutual Funds Reporting Gross Value of Each

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The

“Total” row below indicates the number of Mutual Funds, and not the sum of the preceding rows.

Investment Type

Common Equity

Registered Fund

Corporate Debt

Mortgage-Backed Security

US Treasury Debt

Municipal Debt

STIV

Non US Sovereign Debt

Other Asset-Backed Security

Collateralized Obligation

Other Types

Loan

Repurchase Agreement

Preferred Equity

Cash

Equity Derivative

Total

Jan

2025

4,818

1,846

1,604

1,021

1,302

569

1,259

353

445

362

376

253

332

81

307

113

8,466

Feb

2025

4,789

1,851

1,590

1,015

1,302

567

1,265

347

445

362

362

261

327

80

309

120

8,421

Mar

2025

4,754

1,857

1,585

1,022

1,303

568

1,315

343

444

355

356

260

342

84

296

116

8,396

Apr

2025

4,733

1,857

1,565

1,015

1,272

564

1,337

338

431

341

387

251

347

86

314

129

8,351

May

2025

4,724

1,867

1,573

1,010

1,267

558

1,289

333

427

344

344

253

326

85

300

127

8,328

Jun

2025

4,719

1,863

1,554

1,003

1,240

555

1,262

339

437

353

333

253

346

84

274

126

8,326

Jul

2025

4,681

1,841

1,555

999

1,252

552

1,271

338

435

357

327

247

325

83

271

118

8,278

Aug

2025

4,678

1,850

1,541

996

1,262

551

1,200

346

442

363

304

247

331

83

267

130

8,260

Sep

2025

4,659

1,832

1,542

988

1,255

552

1,194

352

437

356

316

242

306

83

293

105

8,233

Oct

2025

4,644

1,846

1,532

994

1,235

546

1,257

355

434

338

315

243

299

88

303

132

8,214

Nov

2025

4,614

1,862

1,527

985

1,228

537

1,188

353

444

331

320

230

320

85

288

137

8,185

Dec

2025

4,607

1,854

1,522

988

1,221

535

1,147

363

438

343

311

228

329

86

293

97

8,164

4

“Mutual Funds” exclude ETFs. Please see Appendix 13.5 for a more detailed definition and definitions of other

capitalized terms used in this report.

14

December 2025

4.3

Analytics Office

ETFs

Table 4.5: Aggregate Gross Value of ETF Investments by Investment

Category ($Billions)

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).

Investment Type

Common Equity

US Treasury Debt

Corporate Debt

Mortgage-Backed Security

STIV

Municipal Debt

Non US Sovereign Debt

Equity Derivative

Registered Fund

Other Types

Collateralized Obligation

Preferred Equity

Other Asset-Backed Security

Loan

Repurchase Agreement

Total

Jan

2025

8,348

720

583

201

180

141

95

103

74

58

38

39

16

27

11

10,634

Feb

2025

8,305

748

599

209

181

146

98

102

77

58

41

39

16

27

15

10,662

Mar

2025

7,952

768

605

213

187

142

98

100

76

60

42

38

18

23

9

10,331

Apr

2025

7,957

786

595

221

198

144

100

102

75

60

40

38

18

20

11

10,364

May

2025

8,465

786

611

219

194

146

102

111

77

59

41

38

18

21

23

10,912

Jun

2025

8,898

810

631

226

201

151

108

124

81

64

44

39

19

21

11

11,429

Jul

2025

9,097

792

632

235

208

152

106

126

82

64

47

40

20

22

13

11,635

Aug

2025

9,396

831

651

242

215

157

110

128

86

64

50

41

21

22

29

12,042

Sep

2025

9,781

849

668

249

223

163

113

150

88

70

52

42

22

22

14

12,506

Oct

2025

10,070

853

683

255

220

175

116

153

93

69

53

42

23

21

17

12,844

Nov

2025

10,207

889

695

256

214

180

121

129

95

71

54

38

24

21

25

13,021

Dec

2025

10,062

889

703

259

221

183

123

117

96

66

53

38

24

21

13

12,868

Table 4.6: Number of ETFs Reporting Gross Value of Each Investment

Category, With an Aggregate Gross Value Exceeding Five

Percent of Net Assets

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The

“Total” row below indicates the number of ETFs, and not the sum of the preceding rows.

Investment Type

Common Equity

US Treasury Debt

Corporate Debt

Mortgage-Backed Security

STIV

Municipal Debt

Non US Sovereign Debt

Equity Derivative

Registered Fund

Other Types

Collateralized Obligation

Preferred Equity

Other Asset-Backed Security

Loan

Repurchase Agreement

Total

Jan

2025

2,139

553

407

158

525

114

61

616

376

461

68

55

87

31

111

3,809

Feb

2025

2,158

555

413

163

566

117

59

640

388

439

73

56

88

31

126

3,864

Mar

2025

2,175

574

421

165

575

121

58

679

381

471

71

58

89

34

124

3,941

Apr

2025

2,185

567

427

165

618

125

59

726

388

505

69

58

88

36

126

3,991

May

2025

2,211

564

428

169

614

129

60

735

395

502

69

58

86

36

141

4,031

15

Jun

2025

2,244

598

439

170

609

129

63

778

401

554

70

59

90

36

139

4,123

Jul

2025

2,270

547

445

169

608

131

60

782

438

591

70

58

87

36

133

4,196

Aug

2025

2,277

587

447

171

651

138

66

815

445

587

76

58

88

37

147

4,255

Sep

2025

2,306

593

454

176

678

139

67

869

457

616

79

56

89

35

143

4,329

Oct

2025

2,337

619

456

178

685

149

70

944

470

653

83

56

90

34

136

4,433

Nov

2025

2,352

636

460

179

720

158

72

991

475

675

83

54

96

36

135

4,529

Dec

2025

2,421

647

468

186

701

158

73

914

496

710

85

55

99

35

136

4,628

December 2025

4.4

Analytics Office

Closed-End Funds5

Table 4.7: Aggregate Gross Value of Closed-End Fund Investments by

Investment Category ($Billions)

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).

Investment Type

Common Equity

Other Types

Loan

Municipal Debt

Corporate Debt

Mortgage-Backed Security

STIV

Repurchase Agreement

Preferred Equity

Collateralized Obligation

Registered Fund

Other Asset-Backed Security

Non US Sovereign Debt

US Treasury Debt

Equity Derivative

Total

Jan

2025

150

98

75

84

64

26

15

12

11

12

10

6

4

4

3

572

Feb

2025

149

104

78

85

63

26

16

12

11

12

10

6

5

4

2

583

Mar

2025

145

102

79

83

63

27

15

13

11

12

10

6

5

4

2

577

Apr

2025

144

103

81

82

63

27

16

13

11

12

10

6

5

4

3

581

May

2025

150

106

83

81

64

28

15

14

12

12

10

6

5

4

3

594

Jun

2025

156

112

84

81

64

29

16

14

13

12

11

6

5

4

3

610

Jul

2025

157

113

86

80

65

29

17

14

13

12

11

6

5

4

3

615

Aug

2025

159

116

89

80

65

32

18

13

13

12

11

7

5

4

3

627

Sep

2025

164

121

92

82

67

30

19

14

14

12

11

7

5

4

4

644

Oct

2025

166

126

97

82

67

30

16

14

13

12

11

7

5

4

4

655

Nov

2025

166

129

99

82

66

31

18

15

13

12

11

7

5

4

4

664

Dec

2025

166

136

102

82

67

32

15

15

14

13

12

6

5

4

4

672

Table 4.8: Number of Closed-End Funds Reporting Gross Value of Each

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The

“Total” row below indicates the number of Closed-End Funds, and not the sum of the preceding rows.

Investment Type

Common Equity

Other Types

Loan

Municipal Debt

Corporate Debt

Mortgage-Backed Security

STIV

Repurchase Agreement

Preferred Equity

Collateralized Obligation

Registered Fund

Other Asset-Backed Security

Non US Sovereign Debt

US Treasury Debt

Equity Derivative

Total

Jan

2025

232

206

153

121

218

86

148

56

62

76

54

46

39

33

***

664

Feb

2025

233

206

155

121

214

89

163

57

61

75

53

45

41

36

***

667

Mar

2025

234

208

157

120

216

88

154

56

60

75

***

49

42

36

***

670

Apr

2025

238

223

157

121

216

92

155

60

63

78

57

50

42

41

***

675

May

2025

240

213

161

121

218

92

135

59

64

76

58

52

43

39

19

679

Jun

2025

239

219

161

121

217

94

148

59

65

76

***

50

42

35

***

681

Jul

2025

242

223

162

121

220

94

152

60

65

76

61

48

43

37

***

686

Aug

2025

243

229

163

114

219

93

148

60

69

78

64

48

43

35

21

687

Sep

2025

246

224

161

113

220

94

161

62

67

77

61

52

44

35

***

689

Oct

2025

246

247

165

130

215

95

169

78

77

72

57

50

43

35

***

707

Nov

2025

245

247

164

130

214

96

167

77

75

72

60

51

42

37

22

708

Dec

2025

242

253

166

129

216

99

150

79

78

76

***

52

42

33

***

712

5

“Closed-End Funds” include interval funds and non-traded funds registered on Form N-2. Please see Appendix 13.5

for definitions of other capitalized terms used in this report.

16

December 2025

4.5

Analytics Office

Non-Index Funds

Table 4.9: Aggregate Gross Value of Non-Index Fund Investments by

Investment Category ($Billions)

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).

Index fund indication drawn from Form N-CEN, Item C.3.

Investment Type

Common Equity

Registered Fund

Corporate Debt

Mortgage-Backed Security

Municipal Debt

US Treasury Debt

STIV

Other Types

Loan

Collateralized Obligation

Non US Sovereign Debt

Other Asset-Backed Security

Equity Derivative

Repurchase Agreement

Preferred Equity

Total

Jan

2025

11,698

2,677

1,670

1,297

942

836

558

357

238

215

182

215

100

114

70

21,170

Feb

2025

11,486

2,683

1,701

1,336

956

853

574

367

247

224

188

219

101

117

70

21,122

Mar

2025

10,912

2,606

1,703

1,348

942

855

580

356

247

225

188

223

94

111

72

20,462

Apr

2025

10,860

2,592

1,690

1,397

926

833

631

376

239

217

190

217

99

125

72

20,464

May

2025

11,457

2,694

1,707

1,344

929

831

627

363

245

222

191

218

143

147

75

21,196

Jun

2025

11,975

2,784

1,730

1,341

943

864

612

381

250

228

203

222

154

135

78

21,899

Jul

2025

12,056

2,794

1,723

1,353

942

876

599

375

254

233

207

224

158

126

80

21,999

Aug

2025

12,313

2,848

1,730

1,404

949

914

614

376

257

241

210

229

163

153

84

22,484

Sep

2025

12,619

2,911

1,776

1,410

977

924

619

378

260

246

214

232

174

133

86

22,960

Oct

2025

12,758

2,939

1,779

1,425

991

928

629

402

264

245

222

236

180

134

88

23,220

Nov

2025

12,762

2,946

1,796

1,444

998

938

618

399

263

244

227

244

178

146

91

23,294

Dec

2025

13,142

2,952

1,788

1,455

997

955

580

400

264

247

236

235

174

126

99

23,651

Table 4.10: Number of Non-Index Funds Reporting Gross Value of Each

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).

Index fund indication drawn from Form N-CEN, Item C.3. The “Total” row below indicates the number

of Non-Index Funds, and not the sum of the preceding rows.

Investment Type

Common Equity

Registered Fund

Corporate Debt

Mortgage-Backed Security

Municipal Debt

US Treasury Debt

STIV

Other Types

Loan

Collateralized Obligation

Non US Sovereign Debt

Other Asset-Backed Security

Equity Derivative

Repurchase Agreement

Preferred Equity

Total

Jan

2025

5,272

2,092

1,998

1,201

755

1,560

1,604

974

435

505

411

575

570

271

163

10,309

Feb

2025

5,263

2,110

1,985

1,203

756

1,569

1,659

1,005

445

509

405

576

582

268

163

10,319

Mar

2025

5,248

2,122

1,987

1,211

759

1,575

1,681

1,002

449

500

402

580

621

281

165

10,363

Apr

2025

5,242

2,125

1,971

1,208

759

1,547

1,730

1,078

442

487

398

567

667

285

171

10,365

May

2025

5,258

2,137

1,980

1,207

755

1,542

1,661

1,025

448

488

394

564

668

275

171

10,388

17

Jun

2025

5,286

2,137

1,968

1,203

752

1,546

1,648

1,036

448

498

402

576

695

296

172

10,471

Jul

2025

5,273

2,147

1,977

1,198

751

1,549

1,681

1,054

443

502

399

569

692

273

171

10,483

Aug

2025

5,281

2,171

1,966

1,197

747

1,591

1,630

1,032

445

516

413

577

731

291

175

10,523

Sep

2025

5,289

2,159

1,971

1,193

748

1,589

1,654

1,062

436

511

420

577

758

268

172

10,554

Oct

2025

5,300

2,182

1,959

1,202

769

1,596

1,727

1,133

440

492

424

573

844

276

187

10,651

Nov

2025

5,284

2,201

1,960

1,196

770

1,599

1,707

1,164

429

485

423

589

880

296

181

10,710

Dec

2025

5,342

2,220

1,965

1,207

769

1,609

1,649

1,192

428

503

434

587

872

306

186

10,800

December 2025

4.6

Analytics Office

Index Funds

Table 4.11: Aggregate Gross Value of Index Fund Investments by

Investment Category ($Billions)

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).

Index fund indication drawn from Form N-CEN, Item C.3.

Investment Type

Common Equity

US Treasury Debt

Corporate Debt

Mortgage-Backed Security

Non US Sovereign Debt

STIV

Registered Fund

Municipal Debt

Other Types

Preferred Equity

Equity Derivative

Repurchase Agreement

Loan

Other Asset-Backed Security

Collateralized Obligation

Total

Jan

2025

13,993

1,209

744

305

247

213

138

130

47

40

30

13

***

3

***

17,124

Feb

2025

13,857

1,253

760

313

252

206

139

132

50

40

30

13

***

3

***

17,060

Mar

2025

13,207

1,269

763

312

254

225

134

128

53

39

30

10

***

3

***

16,436

Apr

2025

13,206

1,280

744

309

256

232

135

128

59

39

30

12

***

3

***

16,442

May

2025

14,007

1,279

754

307

254

229

141

129

54

39

35

12

***

3

***

17,251

Jun

2025

14,677

1,308

774

312

264

244

146

133

56

40

40

12

***

3

***

18,015

Jul

2025

14,651

1,306

770

317

255

245

146

133

52

40

38

14

***

3

***

17,979

Aug

2025

15,057

1,338

787

321

267

243

151

135

51

41

39

13

***

3

***

18,455

Sep

2025

15,578

1,367

805

330

270

259

154

139

53

42

52

13

***

3

***

19,073

Oct

2025

15,928

1,392

815

332

273

259

158

143

51

43

49

14

***

3

***

19,468

Nov

2025

16,050

1,418

823

330

281

249

159

145

57

39

28

15

***

3

***

19,606

Dec

2025

15,875

1,417

828

330

284

261

159

147

46

39

15

13

***

3

***

19,427

Table 4.12: Number of Index Funds Reporting Gross Value of Each

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).

Index fund indication drawn from Form N-CEN, Item C.3. The “Total” row below indicates the number

of Index Funds, and not the sum of the preceding rows.

Investment Type

Common Equity

US Treasury Debt

Corporate Debt

Mortgage-Backed Security

Non US Sovereign Debt

STIV

Registered Fund

Municipal Debt

Other Types

Preferred Equity

Equity Derivative

Repurchase Agreement

Loan

Other Asset-Backed Security

Collateralized Obligation

Total

Jan

2025

1,864

319

222

62

40

328

184

48

321

35

***

228

***

***

***

2,630

Feb

2025

1,864

315

223

62

40

335

182

48

271

34

191

242

***

***

***

2,633

Mar

2025

1,862

329

226

62

39

362

175

49

284

37

***

***

***

***

1

2,644

Apr

2025

1,861

324

228

62

39

379

177

50

299

36

206

248

***

***

***

2,652

May

2025

1,864

319

230

62

40

376

183

52

287

36

213

251

***

***

***

2,650

18

Jun

2025

1,862

318

233

62

40

371

182

52

304

36

227

***

***

1

1

2,659

Jul

2025

1,867

278

234

62

40

350

193

52

327

35

227

245

***

***

***

2,677

Aug

2025

1,864

284

232

61

40

369

188

55

316

35

235

247

***

***

***

2,679

Sep

2025

1,869

285

236

63

41

379

191

55

336

34

236

***

***

1

1

2,697

Oct

2025

1,873

284

235

63

42

383

191

55

339

34

257

237

***

***

***

2,703

Nov

2025

1,874

293

232

62

42

368

196

54

322

33

270

236

1

***

***

2,712

Dec

2025

1,874

283

232

64

42

349

193

52

330

33

***

***

***

***

1

2,704

December 2025

4.7

Analytics Office

US Equity Funds

Table 4.13: Aggregate Gross Value of US Equity Fund Investments by

Investment Category ($Billions)

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).

Investment Type

Common Equity

STIV

Equity Derivative

Preferred Equity

Other Types

Registered Fund

US Treasury Debt

Repurchase Agreement

Corporate Debt

Municipal Debt

Total

Jan

2025

19,810

227

101

55

60

21

8

***

6

***

20,305

Feb

2025

19,424

221

97

56

61

21

9

***

6

***

19,912

Mar

2025

18,298

239

90

55

58

23

11

14

6

0

18,795

Apr

2025

18,150

249

98

55

56

22

11

***

6

***

18,663

May

2025

19,246

244

103

56

54

23

8

***

6

***

19,760

Jun

2025

20,174

240

111

56

60

21

19

19

6

0

20,707

Jul

2025

20,308

236

114

58

58

35

7

***

7

***

20,843

Aug

2025

20,745

235

113

60

58

35

8

***

7

***

21,279

Sep

2025

21,341

244

123

63

67

38

23

17

7

0

21,922

Oct

2025

21,705

256

123

63

62

38

8

***

7

***

22,278

Nov

2025

21,708

234

116

65

64

38

9

***

6

***

22,257

Dec

2025

21,734

222

111

72

62

36

22

16

6

0

22,282

Table 4.14: Number of US Equity Funds Reporting Gross Value of Each

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The

“Total” row below indicates the number of US Equity Funds, and not the sum of the preceding rows.

Investment Type

Common Equity

STIV

Equity Derivative

Preferred Equity

Other Types

Registered Fund

US Treasury Debt

Repurchase Agreement

Corporate Debt

Municipal Debt

Total

Jan

2025

4,294

339

425

50

299

82

61

80

40

***

4,679

Feb

2025

4,296

384

431

50

302

81

65

85

41

0

4,690

Mar

2025

4,295

409

446

55

301

90

81

93

41

0

4,703

Apr

2025

4,292

395

478

55

334

83

64

104

40

0

4,718

May

2025

4,308

385

483

56

303

95

59

98

41

0

4,739

19

Jun

2025

4,318

362

497

53

313

94

79

111

39

0

4,765

Jul

2025

4,326

369

506

52

326

92

49

100

42

0

4,794

Aug

2025

4,322

357

516

50

312

95

56

89

40

0

4,800

Sep

2025

4,320

373

550

49

337

92

81

92

39

0

4,832

Oct

2025

4,336

385

585

48

376

94

63

86

36

0

4,866

Nov

2025

4,294

333

590

51

356

99

60

97

33

0

4,835

Dec

2025

4,353

345

578

53

363

98

78

***

31

0

4,902

December 2025

4.8

Analytics Office

Taxable Bond Funds

Table 4.15: Aggregate Gross Value of Taxable Bond Fund Investments by

Investment Category ($Billions)

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).

Investment Type

Corporate Debt

US Treasury Debt

Mortgage-Backed Security

Non US Sovereign Debt

STIV

Other Types

Loan

Collateralized Obligation

Other Asset-Backed Security

Repurchase Agreement

Total

Jan

2025

2,135

1,860

1,458

411

298

259

228

193

198

94

7,135

Feb

2025

2,181

1,920

1,499

422

299

262

235

201

202

90

7,312

Mar

2025

2,187

1,932

1,508

423

286

255

233

203

206

91

7,323

Apr

2025

2,168

1,927

1,540

427

318

280

224

196

200

103

7,383

May

2025

2,192

1,923

1,497

427

317

308

231

200

201

108

7,403

Jun

2025

2,230

1,972

1,516

447

316

322

234

206

206

109

7,557

Jul

2025

2,217

1,981

1,533

443

329

274

238

211

208

103

7,537

Aug

2025

2,241

2,036

1,580

457

338

274

240

219

212

120

7,718

Sep

2025

2,299

2,068

1,597

464

341

258

242

224

216

112

7,821

Oct

2025

2,312

2,107

1,614

476

344

283

243

223

220

114

7,934

Nov

2025

2,335

2,115

1,626

488

332

280

244

223

226

119

7,988

Dec

2025

2,333

2,140

1,640

499

333

271

244

227

217

106

8,011

Table 4.16: Number of Taxable Bond Funds Reporting Gross Value of Each

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The

“Total” row below indicates the number of Taxable Bond Funds, and not the sum of the preceding

rows.

Investment Type

Corporate Debt

US Treasury Debt

Mortgage-Backed Security

Non US Sovereign Debt

STIV

Other Types

Loan

Collateralized Obligation

Other Asset-Backed Security

Repurchase Agreement

Total

Jan

2025

1,799

1,436

1,086

410

782

805

385

482

563

309

2,782

Feb

2025

1,791

1,429

1,085

405

777

790

394

484

561

306

2,793

Mar

2025

1,795

1,433

1,084

401

755

788

398

476

567

320

2,812

Apr

2025

1,791

1,433

1,083

396

799

824

393

462

554

317

2,815

May

2025

1,802

1,434

1,083

391

794

815

400

462

548

324

2,818

20

Jun

2025

1,805

1,421

1,089

400

815

836

398

473

560

318

2,863

Jul

2025

1,807

1,393

1,087

397

836

833

396

478

556

310

2,855

Aug

2025

1,800

1,428

1,084

413

822

834

394

491

560

324

2,874

Sep

2025

1,814

1,412

1,082

418

815

832

386

488

563

305

2,869

Oct

2025

1,805

1,403

1,086

423

855

876

388

470

559

307

2,896

Nov

2025

1,797

1,390

1,077

419

829

892

380

463

575

313

2,899

Dec

2025

1,807

1,404

1,098

430

791

875

380

479

571

322

2,936

December 2025

4.9

Analytics Office

Multi-Asset Funds

Table 4.17: Aggregate Gross Value of Multi-Asset Fund Investments by

Investment Category ($Billions)

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).

Investment Type

Registered Fund

Common Equity

Other Types

Corporate Debt

US Treasury Debt

STIV

Mortgage-Backed Security

Equity Derivative

Collateralized Obligation

Municipal Debt

Total

Jan

2025

2,758

1,154

219

265

166

128

137

20

23

21

4,891

Feb

2025

2,764

1,125

233

267

165

139

142

23

24

22

4,903

Mar

2025

2,680

1,080

225

265

169

136

144

23

24

20

4,767

Apr

2025

2,668

1,072

228

253

163

149

158

21

23

20

4,756

May

2025

2,770

1,124

242

255

167

143

147

26

24

20

4,918

Jun

2025

2,866

1,176

238

261

168

143

130

28

24

21

5,054

Jul

2025

2,862

1,121

240

262

180

138

128

72

23

20

5,047

Aug

2025

2,917

1,144

256

262

193

143

136

77

23

21

5,173

Sep

2025

2,980

1,174

256

267

185

143

133

91

23

21

5,274

Oct

2025

3,012

1,195

264

267

189

143

132

94

23

22

5,340

Nov

2025

3,019

1,278

275

270

216

150

138

78

23

22

5,468

Dec

2025

3,028

1,219

270

268

194

141

134

68

22

22

5,367

Table 4.18: Number of Multi-Asset Funds Reporting Gross Value of Each

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The

“Total” row below indicates the number of Multi-Asset Funds, and not the sum of the preceding

rows.

Investment Type

Registered Fund

Common Equity

Other Types

Corporate Debt

US Treasury Debt

STIV

Mortgage-Backed Security

Equity Derivative

Collateralized Obligation

Municipal Debt

Total

Jan

2025

2,050

698

552

364

356

553

169

143

24

8

2,663

Feb

2025

2,058

693

555

359

361

573

170

152

26

***

2,658

Mar

2025

2,055

695

564

358

366

601

177

173

***

***

2,675

Apr

2025

2,056

692

590

347

357

639

175

194

26

9

2,678

May

2025

2,050

696

575

346

349

605

174

198

27

***

2,681

21

Jun

2025

2,055

700

594

336

348

591

165

205

***

***

2,694

Jul

2025

2,074

692

599

341

359

598

163

215

25

***

2,714

Aug