# Division of Investment Management > Briefs, arguments, decisions, and more. URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3A028fb5a1b2efa7c4 ## Record - **Collection:** Agency decision - **Document type:** Agency decision ## Text 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 2025 2,085 700 611 339 365 609 166 237 26 *** 2,738 Sep 2025 2,081 702 625 335 356 600 163 237 *** *** 2,745 Oct 2025 2,096 699 648 333 386 629 170 270 22 *** 2,782 Nov 2025 2,103 755 692 345 414 672 173 308 22 *** 2,912 Dec 2025 2,119 700 698 343 382 623 163 255 *** *** 2,840 December 2025 4.10 Analytics Office Global Equity Funds Table 4.19: Aggregate Gross Value of Global 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 Other Types Preferred Equity Registered Fund Total Jan 2025 4,704 104 61 25 14 4,907 Feb 2025 4,771 107 65 24 15 4,983 Mar 2025 4,721 131 66 25 16 4,959 Apr 2025 4,820 136 70 26 17 5,068 May 2025 5,069 139 71 27 17 5,323 Jun 2025 5,278 144 71 28 17 5,539 Jul 2025 5,255 126 67 28 17 5,492 Aug 2025 5,458 127 69 30 17 5,701 Sep 2025 5,660 135 72 31 19 5,917 Oct 2025 5,761 130 76 32 18 6,018 Nov 2025 5,801 135 78 29 18 6,061 Dec 2025 6,039 129 74 29 17 6,288 Table 4.20: Number of Global 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 Global Equity Funds, and not the sum of the preceding rows. Investment Type Common Equity STIV Other Types Preferred Equity Registered Fund Total Jan 2025 2,044 186 132 39 35 2,053 Feb 2025 2,041 196 157 38 44 2,050 Mar 2025 2,037 232 139 42 45 2,049 Apr 2025 2,030 233 137 43 53 2,038 May 2025 2,030 210 139 40 45 2,034 22 Jun 2025 2,039 203 147 42 41 2,044 Jul 2025 2,024 168 136 41 37 2,033 Aug 2025 2,021 171 139 43 42 2,027 Sep 2025 2,032 200 143 40 40 2,038 Oct 2025 2,035 193 139 44 36 2,042 Nov 2025 2,005 187 130 39 37 2,010 Dec 2025 2,055 194 143 38 37 2,059 December 2025 4.11 Analytics Office Municipal Bond Funds Table 4.21: Aggregate Gross Value of Municipal Bond Fund Investments by Investment Category ($Billions) This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus — see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). Investment Type Municipal Debt STIV Other Types Registered Fund Corporate Debt Total Jan 2025 1,028 14 10 2 2 1,056 Feb 2025 1,044 14 10 2 2 1,072 Mar 2025 1,028 13 9 2 2 1,054 Apr 2025 1,012 12 9 2 2 1,037 May 2025 1,016 13 9 2 2 1,041 Jun 2025 1,033 12 8 2 2 1,057 Jul 2025 1,032 14 9 2 2 1,059 Aug 2025 1,042 13 9 2 2 1,067 Sep 2025 1,072 14 9 2 2 1,099 Oct 2025 1,089 15 9 2 2 1,117 Nov 2025 1,097 16 9 2 2 1,126 Dec 2025 1,099 16 10 2 2 1,130 Table 4.22: Number of Municipal Bond Funds Reporting Gross Value of Each Investment Category, With an Aggregate Gross Value Exceeding Five Percent of Net Assets This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus — see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The “Total” row below indicates the number of Municipal Bond Funds, and not the sum of the preceding rows. Investment Type Municipal Debt STIV Other Types Registered Fund Corporate Debt Total Jan 2025 761 72 45 12 9 762 Feb 2025 761 64 51 13 *** 761 Mar 2025 768 46 46 *** *** 768 Apr 2025 768 43 47 13 12 768 May 2025 766 43 46 *** *** 766 23 Jun 2025 763 48 35 *** *** 764 Jul 2025 764 60 53 12 12 764 Aug 2025 763 40 41 *** *** 763 Sep 2025 767 45 43 *** *** 767 Oct 2025 768 48 36 15 13 768 Nov 2025 766 54 35 *** *** 766 Dec 2025 767 *** 41 *** *** 767 December 2025 5 Analytics Office Fund Portfolio Investments by Currency6 Table 5.1: Aggregate Gross Value of Fund Investments, by Fund Type and Currency ($Billions) This table includes holdings reported by fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by currency code (Form N-PORT, Item C.2.b). This table does not reflect the notional value of derivatives but uses the value reported in Item C.2.c. Reported currency codes with a value of “N/A” are aggregated with the “Other” category. Currency codes are reported pursuant to the International Organization for Standardization (ISO) 4217 standard. Currency code mappings presented below are derived from ISO 4217 mappings as of January 1, 2024. Fund Type Mutual Fund ETF Closed-End Fund Total Currency USD - US Dollar EUR - Euro GBP - Pound Sterling JPY - Yen CAD - Canadian Dollar TWD - New Taiwan Dollar HKD - Hong Kong Dollar CHF - Swiss Franc INR - Indian Rupee AUD - Australian Dollar Other Subtotal USD - US Dollar EUR - Euro JPY - Yen GBP - Pound Sterling HKD - Hong Kong Dollar TWD - New Taiwan Dollar CAD - Canadian Dollar INR - Indian Rupee CHF - Swiss Franc AUD - Australian Dollar Other Subtotal USD - US Dollar EUR - Euro GBP - Pound Sterling CAD - Canadian Dollar JPY - Yen AUD - Australian Dollar INR - Indian Rupee HKD - Hong Kong Dollar CHF - Swiss Franc TWD - New Taiwan Dollar Other Subtotal Total Jan 2025 23,814 936 420 399 201 164 168 166 145 89 518 27,019 9,228 305 226 128 102 75 76 83 72 70 246 10,611 518 26 8 3 2 1 1 1 1 1 5 567 38,197 Feb 2025 23,607 965 437 398 201 154 186 173 134 86 524 26,864 9,222 321 228 133 115 73 76 77 76 69 250 10,640 522 30 9 3 2 1 1 1 2 1 6 579 38,083 Mar 2025 22,682 976 434 391 199 139 191 170 145 84 513 25,923 8,874 333 227 133 118 67 77 84 76 67 252 10,308 520 28 9 3 2 1 1 1 1 1 5 572 36,803 Apr 2025 22,563 1,006 447 410 205 139 180 176 153 88 519 25,887 8,855 352 240 139 111 67 81 89 80 71 258 10,342 522 29 9 3 2 1 2 1 1 1 5 575 36,804 May 2025 23,407 1,037 465 431 216 157 189 179 156 93 536 26,867 9,318 372 251 147 117 76 86 91 83 75 271 10,888 532 30 9 3 2 1 2 1 1 1 5 588 38,343 Jun 2025 24,206 1,079 471 445 227 176 199 179 161 97 566 27,806 9,756 389 256 151 125 84 90 96 85 78 289 11,399 545 33 10 3 2 1 2 1 1 1 6 604 39,810 Jul 2025 24,118 1,049 467 439 223 184 210 172 150 97 553 27,662 9,960 385 254 152 134 87 91 92 83 78 292 11,609 551 32 9 3 2 1 1 1 1 1 5 609 39,880 Aug 2025 24,540 1,074 479 465 234 182 223 181 146 101 570 28,195 10,288 400 274 159 142 88 97 90 88 84 304 12,014 562 32 10 3 2 1 1 1 1 1 5 621 40,830 Sep 2025 25,051 1,098 482 476 243 204 236 180 146 102 593 28,813 10,670 413 281 163 155 97 104 91 88 86 322 12,471 576 33 10 3 2 1 1 2 1 1 5 637 41,921 Oct 2025 25,257 1,101 483 492 237 225 229 179 154 101 655 29,114 10,954 423 292 167 152 105 108 96 90 87 340 12,813 586 35 10 3 2 1 1 1 1 1 6 648 42,574 Nov 2025 25,293 1,103 487 489 248 213 227 187 155 101 629 29,133 11,099 431 298 170 152 103 113 97 94 86 344 12,989 593 36 10 3 2 2 1 1 1 1 6 657 42,779 Dec 2025 25,543 1,123 498 489 255 223 220 195 152 103 665 29,465 10,799 447 299 177 174 131 120 117 99 89 389 12,840 598 38 11 4 2 2 1 1 1 1 6 665 42,970 6 Per N-PORT General Instruction G, N-PORT filers must report applicable three-letter alphabetic currency codes pursuant to the International Organization for Standardization (ISO) 4217 standard. Please refer to the ISO for additional information on currency code definitions and mappings. 24 December 2025 6 Analytics Office Fund Portfolio Investments by Country7 Table 6.1: Aggregate Gross Value of Fund Investments, by Fund Type and Country of Investment ($Billions) This table includes holdings reported by fund of funds, relies upon value reported (Form N-PORT, Item C.2.c) and aggregates by country of investment (Form N-PORT, Item C.5.a), adjusted for consensus — see the appendix for more details. Reported country codes with a value of “N/A” are aggregated with the “Other” category. Fund Type Mutual Fund ETF Closed-End Fund Total Country United States of America United Kingdom Japan Canada France Ireland Switzerland Germany Netherlands Cayman Islands Other Subtotal United States of America Japan United Kingdom Canada Ireland France Switzerland Germany Cayman Islands Netherlands Other Subtotal United States of America Cayman Islands United Kingdom Canada France Germany Netherlands Ireland Japan Switzerland Other Subtotal Total Jan 2025 22,370 536 423 388 321 272 247 235 229 200 1,798 27,019 8,794 238 157 128 112 96 95 82 70 68 770 10,611 458 25 12 10 7 4 3 2 2 2 42 567 38,197 Feb 2025 22,154 558 422 388 327 274 254 243 231 212 1,803 26,864 8,783 240 163 129 113 100 100 87 77 69 780 10,640 466 25 13 10 7 4 3 2 3 3 43 579 38,083 Mar 2025 21,255 566 414 382 326 261 251 242 222 213 1,792 25,923 8,437 239 164 132 108 102 99 92 78 67 788 10,308 460 24 13 10 7 4 3 3 3 2 43 572 36,803 Apr 2025 21,163 578 434 382 329 261 253 254 220 198 1,816 25,887 8,428 252 170 133 109 106 102 99 74 68 802 10,342 462 24 13 10 7 4 3 3 3 2 43 575 36,804 May 2025 21,954 597 455 398 334 277 260 266 231 201 1,894 26,867 8,869 264 178 145 114 110 107 105 76 73 846 10,888 471 25 13 11 8 4 3 3 3 2 45 588 38,343 Jun 2025 22,714 606 470 414 341 284 260 272 241 207 1,997 27,806 9,285 270 185 152 118 114 109 108 80 79 901 11,399 481 26 14 11 8 5 3 3 3 2 48 604 39,810 Jul 2025 22,640 601 466 411 345 281 247 264 216 214 1,977 27,662 9,478 268 186 157 119 114 107 107 85 77 911 11,609 488 26 14 11 8 4 3 3 3 2 47 609 39,880 Aug 2025 23,030 617 493 431 350 284 257 265 223 225 2,020 28,195 9,787 288 194 169 121 116 113 110 92 81 944 12,014 498 26 15 11 8 4 3 3 3 2 47 621 40,830 Sep 2025 23,508 621 505 446 356 285 257 260 242 238 2,096 28,813 10,146 296 200 181 124 120 114 110 102 88 989 12,471 510 27 15 12 8 4 4 3 3 2 49 637 41,921 Oct 2025 23,729 623 519 439 359 282 252 253 243 231 2,183 29,114 10,424 307 206 187 124 122 115 109 99 91 1,028 12,813 520 27 15 12 8 4 3 3 3 2 50 648 42,574 Nov 2025 23,771 631 516 453 359 286 261 251 239 228 2,139 29,133 10,559 313 210 197 126 125 121 111 98 90 1,041 12,989 527 27 15 13 8 4 3 3 3 2 52 657 42,779 Dec 2025 24,009 638 515 464 357 291 271 257 244 225 2,195 29,465 10,256 315 215 201 127 127 126 115 111 90 1,155 12,840 532 27 16 13 8 4 3 3 3 2 54 665 42,970 7 Per the N-PORT instructions to Item C.5.a. and C.5.b., filers must report country codes pursuant to the International Organization for Standardization (ISO) standard. Please refer to the ISO for additional information on country code definitions and mappings. 25 December 2025 Analytics Office Table 6.2: Aggregate Gross Value of Fund Investments, by Fund Type and Country of Risk ($Billions) This table includes holdings reported by fund of funds, relies upon value reported (Form N-PORT, Item C.2.c) and aggregates by country of risk (Form N-PORT, Item C.5.b), adjusted for consensus — see the appendix for more details. Reported country codes with a value of “N/A” are aggregated with the “Other” category. Fund Type Mutual Fund ETF Closed-End Fund Total Country United States of America United Kingdom Japan Canada France Taiwan Germany China Switzerland India Other Subtotal United States of America Japan China Canada United Kingdom Taiwan France Germany India Switzerland Other Subtotal United States of America United Kingdom Canada France Germany Japan Taiwan China India Switzerland Other Subtotal Total Jan 2025 22,780 492 429 361 317 208 255 239 157 160 1,622 27,019 8,986 239 135 122 132 81 88 88 86 51 603 10,611 465 12 9 7 4 2 2 2 2 2 60 567 38,197 Feb 2025 22,574 512 427 361 322 192 263 262 160 148 1,643 26,864 8,980 241 150 122 138 79 91 93 79 53 615 10,640 473 12 10 7 4 3 2 3 2 2 62 579 38,083 Mar 2025 21,674 508 420 352 322 173 264 268 154 160 1,629 25,923 8,631 240 153 124 137 72 94 98 87 51 619 10,308 467 12 10 8 4 3 1 3 2 2 62 572 36,803 Apr 2025 21,569 524 440 355 322 172 275 235 157 168 1,669 25,887 8,618 253 135 126 145 73 98 104 91 54 645 10,342 469 13 10 8 5 3 1 2 2 2 61 575 36,804 26 May 2025 22,376 540 461 372 328 196 288 241 162 171 1,731 26,867 9,067 265 141 138 152 82 102 111 94 57 680 10,888 478 13 10 8 5 3 2 2 2 2 64 588 38,343 Jun 2025 23,144 554 478 388 336 223 295 248 165 176 1,798 27,806 9,489 271 150 144 159 91 106 114 99 60 716 11,399 489 14 10 8 5 3 2 2 2 2 67 604 39,810 Jul 2025 23,055 551 474 386 329 234 286 260 163 165 1,758 27,662 9,683 270 159 150 161 95 108 113 95 61 715 11,609 495 14 10 8 5 3 2 2 2 2 66 609 39,880 Aug 2025 23,453 563 500 403 335 230 287 280 168 161 1,813 28,195 9,998 290 171 161 167 95 110 116 93 64 749 12,014 506 14 11 8 5 3 2 2 2 2 67 621 40,830 Sep 2025 23,926 564 512 416 342 263 282 302 169 160 1,877 28,813 10,356 297 187 172 172 106 114 116 95 66 789 12,471 518 14 12 8 5 3 2 3 2 2 68 637 41,921 Oct 2025 24,168 562 528 412 344 286 275 289 167 168 1,916 29,114 10,647 308 184 179 175 115 116 116 99 68 804 12,813 526 14 12 9 5 3 3 2 2 2 71 648 42,574 Nov 2025 24,228 564 524 422 344 268 272 281 166 168 1,896 29,133 10,760 314 180 187 185 114 122 117 101 85 824 12,989 533 14 12 9 5 3 2 2 2 2 72 657 42,779 Dec 2025 24,473 572 522 430 343 280 277 276 172 165 1,955 29,465 10,461 316 206 191 189 142 125 122 120 89 880 12,840 537 15 12 9 5 3 2 2 2 2 76 665 42,970 December 2025 Analytics Office Fund Derivative Investments8 7 Table 7.1: Aggregate Notional of Fund Investments in Derivatives, by Fund Type and Derivative Type ($Billions) Relies on Form N-PORT, Item C.4 and Item C.11. Fund Type Mutual Fund ETF Closed-End Fund Total Derivative Type Interest Rate Future Foreign Exchange Forward Interest Rate Swap Interest Rate Swaption Equity Option Credit Swap Equity Future Other Equity Swap Foreign Exchange Option Commodity Future Subtotal Equity Option Equity Swap Foreign Exchange Forward Interest Rate Future Interest Rate Swap Equity Future Other Commodity Future Credit Swap Interest Rate Swaption Foreign Exchange Option Subtotal Equity Option Interest Rate Swap Foreign Exchange Forward Interest Rate Future Foreign Exchange Option Credit Swap Equity Swap Interest Rate Swaption Other Equity Future Commodity Future Subtotal Total Jan 2025 1,029.4 931.4 860.3 116.7 225.5 161.1 165.3 118.2 64.5 59.3 46.8 3,778.4 252.7 238.3 155.3 46.1 12.0 24.5 17.3 14.6 2.6 *** *** 767.4 38.7 34.8 30.0 9.1 *** 1.8 1.9 *** 1.7 1.0 *** 123.7 4,669.4 Feb 2025 959.8 1,053.8 866.9 153.1 229.2 169.0 170.0 128.6 63.5 55.7 47.3 3,897.0 250.0 212.3 172.4 46.3 13.4 25.0 14.9 15.0 3.2 *** *** 755.9 38.4 34.5 32.7 8.5 *** 2.2 1.9 *** 1.6 1.3 *** 125.7 4,778.6 Mar 2025 1,075.8 1,058.5 879.6 148.5 216.5 182.9 159.9 142.5 61.9 76.7 49.2 4,052.0 278.7 194.4 165.1 52.7 14.5 25.1 12.8 14.6 3.6 *** *** 765.8 39.2 36.5 33.4 8.3 *** 2.2 *** *** 1.9 *** *** 129.2 4,947.0 Apr 2025 1,148.7 1,044.9 872.8 155.1 211.5 179.3 157.7 136.0 61.8 77.7 47.2 4,092.8 270.4 203.9 166.5 57.5 15.3 25.9 12.8 14.9 3.5 *** *** 775.4 37.3 40.9 33.1 8.6 *** 2.2 1.9 *** 1.9 1.4 *** 131.9 5,000.2 May 2025 1,131.2 1,030.1 886.4 164.0 225.5 175.7 154.2 128.8 65.4 83.3 46.4 4,090.9 295.5 236.3 172.6 51.0 15.1 25.7 14.8 15.0 3.8 *** *** 834.5 41.2 41.5 36.4 8.2 *** 2.1 2.4 *** 1.8 1.3 *** 142.9 5,068.3 Jun 2025 1,200.1 945.4 919.7 176.6 220.9 182.5 159.5 134.5 67.4 47.5 44.7 4,098.7 297.9 260.4 167.0 56.2 16.2 26.0 17.5 15.7 3.9 *** *** 866.8 49.6 41.0 39.0 7.9 *** 1.8 *** *** 2.0 *** *** 153.0 5,118.5 Jul 2025 1,230.2 933.7 932.3 194.0 239.3 186.1 160.7 152.0 69.3 80.2 47.6 4,225.6 322.5 266.3 165.2 59.6 16.8 22.0 22.0 17.2 4.4 *** *** 904.9 53.3 40.1 40.1 7.8 *** 2.2 2.4 *** 2.0 0.8 *** 157.6 5,288.1 Aug 2025 1,245.9 985.0 931.2 168.4 232.0 179.8 165.2 159.3 70.5 75.3 47.8 4,260.3 321.8 262.8 181.9 65.5 17.7 26.4 24.1 17.2 5.3 *** *** 928.9 56.8 40.0 39.8 7.6 5.0 2.2 2.4 *** 2.0 0.8 *** 160.2 5,349.4 Sep 2025 1,180.0 973.1 845.1 135.7 241.9 189.4 173.5 174.1 73.3 79.4 44.8 4,110.4 345.4 289.1 177.3 67.3 17.7 28.1 24.7 18.3 5.7 *** *** 979.1 56.9 39.0 38.5 7.4 *** 2.2 *** *** 1.9 *** *** 156.0 5,245.4 Oct 2025 1,215.3 1,003.6 864.1 160.9 248.7 181.2 163.1 189.4 76.2 74.8 48.5 4,225.8 343.1 305.4 180.1 68.0 21.3 27.2 25.3 17.6 6.1 *** *** 999.5 60.4 39.1 39.4 7.5 *** 2.3 2.2 *** 3.8 0.8 *** 162.7 5,388.0 Nov 2025 1,160.5 1,091.2 896.0 343.7 233.0 186.0 166.9 180.7 82.5 80.7 52.8 4,473.9 370.7 288.2 199.3 69.9 26.2 29.6 19.9 17.8 6.8 *** *** 1,034.7 54.9 39.6 40.5 6.7 5.1 2.3 2.4 *** 3.7 0.8 *** 158.3 5,666.9 Dec 2025 1,161.2 951.1 923.3 336.5 231.7 187.2 174.9 139.3 79.2 73.1 47.9 4,305.5 354.0 278.5 212.1 71.7 33.7 26.2 20.9 17.0 8.0 *** *** 1,030.0 44.4 40.4 32.1 6.7 *** 2.7 *** *** 2.0 *** *** 136.7 5,472.2 8 Non-USD-notional values are converted to USD using foreign-exchange rates sourced from Bloomberg. Notional values are not delta or duration adjusted and include derivatives reported by fund of funds. The total notional value, as a fraction of net assets, of each fund is winsorized at the 99th percentile across funds each month. 27 December 2025 Analytics Office Table 7.2: Number of Funds with Investments in Derivatives With a Notional Value Exceeding Five Percent of Net Assets, by Fund Type and Derivative Type Relies on Form N-PORT, Item C.4 and Item C.11. Fund Type Mutual Fund ETF Closed-End Fund Total Derivative Type Interest Rate Future Foreign Exchange Forward Interest Rate Swap Interest Rate Swaption Equity Option Credit Swap Equity Future Other Equity Swap Foreign Exchange Option Commodity Future Subtotal Equity Option Equity Swap Foreign Exchange Forward Interest Rate Future Interest Rate Swap Equity Future Other Commodity Future Credit Swap Interest Rate Swaption Foreign Exchange Option Subtotal Equity Option Interest Rate Swap Foreign Exchange Forward Interest Rate Future Foreign Exchange Option Credit Swap Equity Swap Interest Rate Swaption Other Equity Future Commodity Future Subtotal Total Jan 2025 1,016 656 403 106 184 229 408 192 264 74 111 1,923 547 280 72 139 38 62 59 64 16 *** *** 1,112 59 53 96 68 *** 27 7 *** 11 10 *** 225 3,259 Feb 2025 1,004 659 401 106 186 239 424 186 256 69 114 1,933 559 288 75 140 39 66 57 63 19 *** *** 1,132 60 54 96 65 *** 26 7 *** 12 11 *** 219 3,283 Mar 2025 1,023 669 414 110 179 258 421 191 255 76 111 1,953 587 314 80 145 39 69 61 66 24 *** *** 1,192 59 54 98 58 *** 25 *** *** 12 *** *** 214 3,358 Apr 2025 1,016 658 412 108 181 252 459 195 252 63 114 1,966 605 326 76 151 38 68 66 67 21 *** *** 1,224 62 55 94 62 *** 28 8 *** 14 10 *** 223 3,412 28 May 2025 1,002 657 405 104 190 244 422 182 259 78 112 1,933 616 333 80 146 38 67 67 68 17 *** *** 1,237 65 57 96 59 *** 28 8 *** 15 10 *** 225 3,394 Jun 2025 1,012 651 408 104 177 244 427 193 262 58 110 1,939 634 363 83 159 40 70 68 68 20 *** *** 1,300 66 57 95 60 *** 27 *** *** 15 *** *** 223 3,461 Jul 2025 1,009 643 402 110 190 250 408 220 260 78 112 1,930 647 396 94 163 38 71 73 70 18 *** *** 1,368 71 53 97 61 *** 23 9 *** 16 9 *** 225 3,522 Aug 2025 995 653 402 103 195 251 398 213 260 73 119 1,922 677 418 98 170 40 77 73 72 19 *** *** 1,417 74 52 95 60 6 25 9 *** 18 8 *** 224 3,562 Sep 2025 987 649 400 110 193 252 402 207 263 72 120 1,922 702 450 93 167 43 79 81 72 19 *** *** 1,477 71 52 98 60 *** 20 *** *** 16 *** *** 226 3,624 Oct 2025 1,003 652 402 120 194 253 399 219 264 68 117 1,917 732 480 92 165 45 76 83 73 22 *** *** 1,540 68 53 94 59 *** 22 9 *** 20 7 *** 220 3,676 Nov 2025 1,029 648 394 120 176 249 407 198 270 57 119 1,913 759 514 99 177 47 79 81 77 22 *** *** 1,615 64 52 96 58 5 21 9 *** 18 8 *** 214 3,741 Dec 2025 1,002 633 398 120 175 251 428 197 271 57 116 1,939 769 537 104 181 49 86 83 79 26 *** *** 1,663 61 53 94 54 *** 21 *** *** 16 *** *** 207 3,808 December 2025 Analytics Office Table 7.3: Percent of Aggregate Derivative Notional Reported, by Cumulative Percentile Relies on Form N-PORT, Item C.11. and B.1.a. This figure excludes fund of funds and removes any observations without derivative exposure or non-positive total assets. 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 57.65 73.77 84.96 95.67 57.43 74.13 85.51 96.03 54.19 70.02 81.91 94.82 43.60 57.31 70.79 87.70 Feb 2025 57.33 73.40 84.55 95.46 56.93 73.57 85.28 95.90 52.27 68.45 80.72 94.27 44.53 56.92 70.74 88.03 Mar 2025 59.00 74.81 85.49 95.77 58.20 75.33 86.47 96.23 51.91 68.65 81.06 94.49 42.89 55.90 69.96 87.54 Apr 2025 57.91 74.27 85.15 95.67 57.25 74.51 85.86 95.97 52.20 69.02 81.54 94.67 41.83 55.01 68.93 87.07 May 2025 57.82 74.45 85.34 95.73 56.44 74.14 85.91 96.08 54.13 70.06 82.02 94.72 45.30 59.50 71.74 88.30 Jun 2025 59.13 75.19 85.71 95.78 58.48 75.17 86.34 96.12 54.82 70.84 82.36 94.90 48.26 60.67 72.89 88.59 Jul 2025 59.55 75.85 86.14 95.97 59.31 76.17 86.86 96.32 54.46 70.76 82.47 94.95 48.85 62.85 74.59 89.42 Aug 2025 58.76 75.26 85.86 95.81 58.03 75.12 86.39 96.21 54.38 70.51 81.96 94.51 48.67 63.82 75.20 89.70 Sep 2025 57.83 74.31 85.16 95.58 56.48 74.18 85.79 96.00 54.25 70.10 81.67 94.44 48.86 62.89 74.52 89.25 Oct 2025 57.91 74.45 85.24 95.67 56.56 74.31 85.88 96.10 53.77 70.12 81.54 94.36 49.23 63.60 75.57 89.89 Nov 2025 60.06 75.92 86.33 96.03 58.84 75.80 86.91 96.47 54.21 70.51 82.00 94.56 50.22 65.00 75.93 90.39 Dec 2025 60.24 75.92 86.30 96.09 58.81 75.42 86.66 96.44 54.96 71.09 82.43 94.76 49.27 64.00 75.32 90.97 Table 7.4: Distribution of the Ratio of Aggregate Derivative Notional to Total Assets, by Fund Type (Percent) Relies on Form N-PORT, Item C.11. and B.1.a. This figure excludes fund of funds and removes any observations without derivative exposure or non-positive total assets. Fund Type Mutual Fund ETF Closed-End Fund Percentile 50th 75th 90th 50th 75th 90th 50th 75th 90th Jan 2025 8.0 51.5 126.9 61.5 201.1 285.1 18.4 42.2 76.2 Feb 2025 9.0 51.0 133.0 65.6 207.0 290.0 17.9 38.5 78.3 Mar 2025 8.6 50.2 130.6 62.5 204.9 298.1 19.6 46.3 *** Apr 2025 9.7 51.5 129.4 63.8 202.2 295.6 19.1 46.8 88.1 May 2025 9.4 52.0 133.7 64.2 200.8 287.1 19.6 49.1 83.6 29 Jun 2025 8.7 52.6 130.8 66.4 195.8 281.3 21.2 48.7 *** Jul 2025 8.6 53.7 134.2 79.7 198.2 284.2 19.8 50.6 93.2 Aug 2025 9.0 52.9 137.6 84.1 197.2 280.6 18.4 50.8 93.5 Sep 2025 9.3 52.6 133.4 94.0 195.6 277.9 17.6 50.4 *** Oct 2025 8.7 54.1 134.4 90.1 192.9 275.0 17.1 51.1 98.8 Nov 2025 8.6 55.5 135.8 93.2 194.9 281.1 15.9 48.3 104.0 Dec 2025 8.4 52.5 132.8 94.2 197.7 283.2 9.0 42.2 86.8 December 2025 Analytics Office Table 7.5: Aggregate Derivative Notional, by Counterparty ($Billions) This table relies only on publicly-available information on Form N-PORT, Item C.11 corresponding to the third month of the fiscal quarter of each fund and presents counterparty information (including central counterparties) by legal identity. This table includes fund of funds and, for derivatives reported with multiple counterparties, the notional value is divided equally among the counterparties. Valid LEIs are mapped to their legal name using reference information sourced from GLEIF. Each legal name in the table below is hyperlinked to the GLEIF website. Counterparty CHICAGO BOARD OF TRADE CHICAGO MERCANTILE EXCHANGE... LCH LTD BANK OF AMERICA NA CBOE GLOBAL MARKETS INC OPTIONS CLEARING CORP CME GROUP INC INTERCONTINENTAL EXCHANGE INC CITIBANK NA JPMORGAN CHASE BANK NA GOLDMAN SACHS INTL MORGAN STANLEY CO LLC GOLDMAN SACHS CO LLC LCH GROUP HOLDINGS LTD BARCLAYS BANK PLC STATE STREET BANK SOCIETE GENERALE BNP PARIBAS DEUTSCHE BANK AG TORONTODOMINION BANK EUREX CLEARING AG GOLDMAN SACHS BANK USA STANDARD CHARTERED BANK CITIGROUP GLOBAL MARKETS INC HSBC UK BANK PLC MORGAN STANLEY CO INTL PLC MORGAN STANLEY CAPITAL... UBS AG ROYAL BANK OF CANADA HSBC BANK PLC JP MORGAN SECURITIES LLC WELLS FARGO BANK NA BANK OF NEW YORK MELLON ICE FUTURES US INC CANADIAN IMPERIAL BANK OF... EUREX FRANKFURT AG JPMORGAN CHASE CO SAPPORO LTD UBS ASSET MANAGEMENT AMERICAS... BOFA SECURITIES INC UBS SECURITIES LLC ICE FUTURES EUROPE NOMURA GLOBAL FINANCIAL... MERRILL LYNCH PIERCE FENNER... UBS AG ICE CLEAR US INC SG AMERICAS SECURITIES LLC LONDON METAL EXCHANGE ASX CLEAR FUTURES PTY LTD BANK OF AMERICA CORP Other Counterparties Invalid LEI Total Jan 2025 446.2 542.4 423.7 105.3 181.3 203.3 153.2 144.8 124.0 95.6 73.7 117.3 113.9 44.5 104.4 100.4 33.3 104.3 53.0 87.3 32.9 32.6 39.8 26.4 56.9 35.9 32.5 56.3 48.5 38.0 53.1 20.6 13.3 27.3 17.7 19.8 15.6 33.5 8.5 20.3 13.1 16.4 12.2 9.8 12.7 9.7 13.6 12.0 8.0 12.9 223.4 397.6 4,622.5 Feb 2025 446.8 518.6 425.4 108.1 196.4 204.5 150.5 145.0 116.7 96.2 71.8 107.6 112.9 44.6 99.2 101.0 33.2 102.9 52.4 87.2 34.1 32.4 39.8 26.5 56.9 33.4 36.0 56.5 47.6 36.2 54.7 20.6 14.5 27.0 17.5 20.4 15.5 34.4 10.2 19.7 13.1 16.4 11.6 10.4 11.3 9.6 14.7 11.8 8.1 12.8 227.2 378.7 4,580.7 Mar 2025 452.7 540.6 430.8 138.1 187.1 214.2 157.9 162.7 148.4 103.5 86.1 108.5 112.2 46.3 96.7 125.8 32.7 151.2 61.0 88.3 39.4 40.2 29.6 30.6 57.0 66.0 45.3 45.5 53.8 37.4 57.9 43.8 14.7 27.9 17.1 22.1 48.7 33.6 10.2 17.1 15.4 14.9 10.9 14.9 11.3 10.2 15.0 12.3 9.6 7.4 263.0 292.9 4,860.4 Apr 2025 451.3 540.1 424.0 137.5 197.9 218.7 158.9 161.1 154.0 106.7 88.2 108.1 104.6 48.3 109.7 128.9 38.3 135.8 63.2 64.5 41.2 40.6 50.0 33.1 43.9 69.5 47.7 39.5 56.9 38.3 74.5 44.9 20.8 28.5 12.2 22.0 49.1 35.3 10.2 17.1 12.7 15.2 10.2 15.2 11.3 11.4 15.8 13.3 11.2 7.4 284.6 291.6 4,914.8 30 May 2025 464.2 545.3 422.3 135.7 201.7 214.7 166.6 164.2 154.3 105.1 93.1 108.2 104.7 49.2 111.9 127.6 39.6 138.4 62.9 64.2 40.2 42.1 50.4 42.0 43.9 69.0 48.3 39.3 57.0 37.4 72.5 44.9 23.7 29.3 12.8 21.3 49.1 35.1 14.9 17.1 12.5 15.8 10.7 15.3 11.5 11.3 15.7 13.1 11.1 7.3 284.2 308.0 4,980.6 Jun 2025 513.0 578.7 448.1 121.9 209.6 214.2 158.7 167.2 126.3 108.5 68.6 127.4 109.7 91.8 125.1 123.9 44.4 98.3 66.4 60.5 38.4 33.3 52.4 39.6 44.1 73.1 45.7 40.8 57.8 37.1 73.6 17.9 23.9 26.1 12.9 26.1 30.1 30.9 14.9 16.2 11.5 14.6 11.4 10.6 11.5 10.7 15.6 12.7 10.8 21.1 364.7 283.9 5,076.4 Jul 2025 515.3 582.6 447.1 125.1 233.6 227.8 175.8 190.7 129.5 114.6 72.8 124.4 112.7 103.3 108.3 111.4 69.9 101.0 70.3 73.7 39.3 32.4 32.2 39.0 35.4 77.8 44.0 46.4 40.5 39.2 73.5 19.9 30.6 26.3 21.9 26.1 30.5 24.1 14.9 16.4 13.9 14.2 13.2 10.7 11.5 11.6 15.4 11.8 11.5 21.1 367.0 288.0 5,190.3 Aug 2025 516.8 601.7 446.6 127.1 246.1 231.4 178.3 192.5 132.3 129.5 70.8 135.1 113.9 104.4 110.8 111.9 71.5 102.5 71.4 74.2 40.8 32.4 32.1 35.0 35.4 76.4 43.5 46.4 33.7 40.5 76.0 19.9 32.0 27.1 21.3 25.6 30.5 24.3 12.6 16.2 13.8 14.5 14.1 10.6 11.8 11.6 16.2 11.2 11.5 21.1 369.1 283.7 5,259.6 Sep 2025 536.9 587.6 406.4 142.8 240.7 244.3 180.7 186.4 132.8 156.6 77.9 145.0 111.0 73.7 130.4 92.9 97.2 98.5 56.7 76.0 43.1 41.0 41.5 35.5 35.0 57.3 40.1 40.1 35.8 25.6 74.7 22.0 32.2 26.9 22.0 22.1 29.0 22.8 12.6 19.4 14.9 16.0 14.9 14.0 11.8 13.8 16.4 10.9 13.2 6.7 356.4 310.1 5,251.8 Oct 2025 533.0 577.0 408.2 146.7 229.7 236.4 180.2 185.9 140.1 159.9 83.2 148.1 112.2 70.5 132.7 96.2 98.0 84.0 66.2 75.1 43.8 42.7 49.0 34.7 41.9 50.5 40.7 40.1 37.9 25.1 62.1 32.6 31.5 26.6 23.8 22.1 28.7 21.7 12.6 17.7 15.5 15.6 14.8 14.1 11.8 13.5 16.9 9.9 10.3 7.0 371.2 309.8 5,259.8 Nov 2025 553.9 551.7 407.0 147.2 239.3 241.4 183.8 183.3 143.4 147.2 87.6 135.9 111.2 74.1 134.4 95.2 99.1 84.3 66.9 74.7 44.3 44.6 49.3 34.5 41.9 52.2 42.5 40.3 45.7 25.2 55.2 32.7 30.8 27.2 23.9 22.5 29.1 21.6 17.5 20.4 15.8 16.4 14.6 13.7 14.1 13.6 13.7 11.3 10.7 7.0 371.2 321.7 5,286.8 Dec 2025 579.7 509.0 423.6 308.0 254.1 240.6 185.1 174.1 141.6 134.0 131.8 115.3 109.4 101.4 101.3 100.1 92.0 88.2 75.8 73.8 51.9 46.4 46.2 42.2 41.9 41.5 41.0 40.7 40.5 35.7 35.4 33.2 31.0 24.7 24.1 23.7 23.5 23.2 17.5 16.3 15.8 15.4 15.2 15.1 14.2 14.0 13.6 13.2 13.2 12.5 342.7 343.4 5,447.6 December 2025 Analytics Office 8 Liquidity Classifications 8.1 Mutual Funds Table 8.1: Aggregate Gross Value of Mutual Fund Investments by Liquidity Classification ($Billions) This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) and liquidity classifications (Form N-PORT, Item C.7). Prevalent Asset Class US Equity Taxable Bond Multi-Asset Global Equity Municipal Bond Total Classification Highly Liquid Moderately Liquid Less Liquid Illiquid Subtotal Highly Liquid Moderately Liquid Less Liquid Illiquid Subtotal Highly Liquid Moderately Liquid Less Liquid Illiquid Subtotal Highly Liquid Moderately Liquid Less Liquid Illiquid Subtotal Highly Liquid Moderately Liquid Less Liquid Illiquid Subtotal Total Jan 2025 12,932 20 5 36 12,993 4,872 70 141 36 5,119 4,464 37 16 15 4,532 3,086 114 55 19 3,274 803 7 5 11 826 26,744 Feb 2025 12,617 16 5 47 12,685 4,982 67 146 35 5,229 4,470 25 17 14 4,526 3,261 29 5 20 3,314 814 7 4 12 837 26,592 Mar 2025 11,880 10 5 47 11,941 4,987 59 141 41 5,229 4,337 23 17 15 4,391 3,194 44 11 29 3,278 805 4 3 11 824 25,663 Apr 2025 11,772 16 20 47 11,855 5,009 67 134 38 5,249 4,313 32 18 17 4,379 3,006 293 23 18 3,340 787 4 4 11 806 25,629 31 May 2025 12,456 27 6 38 12,528 5,027 50 136 39 5,253 4,456 28 18 15 4,517 3,403 64 7 19 3,493 791 4 3 12 810 26,600 Jun 2025 13,017 21 7 42 13,086 5,120 53 137 43 5,353 4,587 22 19 17 4,644 3,511 87 7 18 3,624 801 3 4 12 820 27,528 Jul 2025 12,971 23 5 41 13,040 5,072 62 139 41 5,315 4,572 26 18 16 4,632 3,521 28 6 18 3,574 802 4 4 12 822 27,382 Aug 2025 13,184 21 5 44 13,253 5,180 55 138 47 5,420 4,661 26 17 16 4,721 3,639 28 7 19 3,692 803 4 4 13 824 27,911 Sep 2025 13,485 18 5 44 13,553 5,250 59 139 46 5,494 4,756 26 19 15 4,816 3,638 116 23 34 3,810 827 5 4 13 848 28,521 Oct 2025 13,633 23 5 45 13,706 5,299 61 138 44 5,542 4,804 25 18 16 4,863 3,696 129 5 21 3,851 830 6 4 14 854 28,815 Nov 2025 13,561 17 5 47 13,630 5,313 66 139 45 5,563 4,837 27 17 17 4,899 3,830 33 5 20 3,889 833 6 4 13 857 28,838 Dec 2025 13,827 27 8 58 13,920 5,314 68 139 49 5,570 4,815 45 18 17 4,895 3,530 357 20 23 3,930 835 5 4 13 856 29,172 December 2025 Analytics Office Table 8.2: Aggregate Net Assets of Mutual Funds Reporting Illiquid Gross Positions, by Prevalent Asset Class and Binned by Fraction of Net Assets Classified as Illiquid ($Billions) This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative to net assets (Form N-PORT, Item B.1.c) and liquidity classifications (Form N-PORT, Item C.7). See the appendix for a review of interval notation used here. Prevalent Asset Class US Equity Taxable Bond Global Equity Multi-Asset Municipal Bond Fraction of Net Assets (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more Jan 2025 7,554 724 76 2,773 479 131 2,288 133 15 1,760 180 68 482 156 52 Feb 2025 5,661 1,059 74 2,906 387 152 2,214 124 15 1,779 162 51 458 181 55 Mar 2025 4,626 994 77 2,747 552 134 1,745 636 15 1,721 175 57 455 168 55 Apr 2025 4,448 1,086 113 2,789 349 310 2,315 82 50 1,623 238 78 436 184 45 May 2025 5,060 686 114 2,741 603 137 2,501 91 54 1,774 166 59 439 180 53 Jun 2025 5,856 766 93 2,710 412 331 2,554 123 14 1,497 239 61 452 160 66 Jul 2025 5,539 796 75 2,762 591 131 2,525 84 14 1,473 168 57 447 173 52 Aug 2025 6,062 793 121 2,708 457 353 2,652 119 15 1,540 195 58 459 155 72 Sep 2025 5,882 805 119 2,819 424 325 2,209 649 75 1,583 169 59 473 159 72 Oct 2025 7,299 878 35 2,924 617 121 2,822 132 16 1,617 174 58 472 172 70 Nov 2025 6,629 887 49 2,781 703 151 2,768 122 17 1,647 173 61 498 159 64 Dec 2025 6,271 536 412 2,774 738 164 2,692 197 15 1,552 208 64 494 145 64 Table 8.3: Number of Mutual Funds Reporting Illiquid Gross Positions, by Prevalent Asset Class and Binned by Fraction of Net Assets Classified as Illiquid This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative to net assets (Form N-PORT, Item B.1.c) and liquidity classifications (Form N-PORT, Item C.7). See the appendix for a review of interval notation used here. Prevalent Asset Class Taxable Bond US Equity Global Equity Multi-Asset Municipal Bond Fraction of Net Assets (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more Jan 2025 764 117 34 717 71 19 462 45 19 325 43 25 194 68 23 Feb 2025 769 90 40 559 76 17 425 38 12 304 33 21 187 69 26 Mar 2025 748 104 40 530 83 22 442 75 21 300 42 25 183 62 23 32 Apr 2025 751 99 33 543 83 21 440 37 13 274 46 31 179 67 16 May 2025 741 96 39 535 78 21 472 33 13 293 39 29 188 65 23 Jun 2025 716 105 38 538 82 15 444 26 13 277 40 28 186 56 22 Jul 2025 724 100 41 564 79 15 417 29 13 284 39 26 183 55 22 Aug 2025 716 101 44 581 89 26 460 34 13 286 38 35 193 53 25 Sep 2025 718 93 40 597 79 19 484 62 40 282 40 30 187 44 30 Oct 2025 734 91 38 605 82 12 465 48 13 286 43 28 188 49 26 Nov 2025 701 115 39 612 83 20 468 45 12 307 41 43 195 40 23 Dec 2025 706 121 41 588 78 27 434 47 13 288 49 32 183 40 26 December 2025 8.2 Analytics Office ETFs Table 8.4: Aggregate Gross Value of ETF Investments by Liquidity Classification ($Billions) This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) and liquidity classifications (Form N-PORT, Item C.7). This table does not generally cover in-kind ETFs as defined in Rule 22e-4 under the Investment Company Act of 1940 (17 CFR 270.22e-4). Prevalent Asset Class US Equity Taxable Bond Global Equity Municipal Bond Multi-Asset Total Classification Highly Liquid Moderately Liquid Less Liquid Illiquid Subtotal Highly Liquid Moderately Liquid Less Liquid Illiquid Subtotal Highly Liquid Moderately Liquid Less Liquid Illiquid Subtotal Highly Liquid Moderately Liquid Less Liquid Illiquid Subtotal Highly Liquid Moderately Liquid Less Liquid Illiquid Subtotal Total Jan 2025 5,146 0 0 1 5,147 1,555 18 28 1 1,602 1,212 27 39 7 1,286 128 0 0 0 128 130 0 0 0 131 8,293 Feb 2025 5,071 0 0 1 5,072 1,609 21 28 1 1,658 1,304 5 0 8 1,317 132 0 0 0 133 140 0 0 0 140 8,320 Mar 2025 4,845 0 0 1 4,846 1,623 20 24 2 1,668 1,305 11 2 14 1,332 129 0 0 0 130 140 2 0 0 142 8,118 Apr 2025 4,824 1 0 1 4,826 1,658 17 20 1 1,696 1,228 133 8 6 1,375 132 0 0 0 132 137 0 0 0 138 8,166 May 2025 5,122 0 0 0 5,123 1,666 19 21 1 1,707 1,440 12 1 6 1,459 134 0 0 0 134 157 1 0 0 158 8,581 Jun 2025 5,395 0 0 1 5,397 1,715 19 22 2 1,757 1,475 46 0 6 1,527 140 0 0 0 141 153 3 0 0 157 8,979 Jul 2025 5,523 0 0 1 5,524 1,728 20 22 2 1,771 1,519 2 0 7 1,528 142 0 0 0 142 154 0 0 0 154 9,120 Aug 2025 5,697 1 0 1 5,699 1,792 20 22 2 1,836 1,589 2 0 6 1,598 147 0 0 0 148 179 0 0 0 180 9,459 Sep 2025 5,944 1 0 0 5,945 1,824 21 22 2 1,870 1,569 80 4 18 1,671 153 0 0 0 153 174 1 0 0 175 9,815 Oct 2025 6,072 0 0 3 6,075 1,874 22 21 2 1,918 1,627 81 0 8 1,717 165 0 0 0 165 189 0 0 0 190 10,065 Nov 2025 6,156 0 0 3 6,159 1,891 26 21 2 1,941 1,715 6 0 7 1,728 170 0 0 0 171 222 0 0 0 223 10,222 Dec 2025 6,243 1 1 1 6,245 1,915 25 22 2 1,964 1,762 118 1 8 1,888 173 0 0 0 174 169 1 0 0 171 10,442 Table 8.5: Aggregate Net Assets of ETFs Reporting Illiquid Gross Positions, by Prevalent Asset Class and Binned by Fraction of Net Assets Classified as Illiquid ($Billions) This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative to net assets (Form N-PORT, Item B.1.c) and liquidity classifications (Form N-PORT, Item C.7). See the appendix for a review of interval notation used here. Prevalent Asset Class US Equity Global Equity Taxable Bond Municipal Bond Multi-Asset Fraction of Net Assets (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more Jan 2025 3,388 *** *** 963 *** *** 573 6 *** 92 *** *** 8 *** *** Feb 2025 2,578 *** *** 988 *** *** 592 5 *** 94 *** *** 3 *** *** Mar 2025 2,093 *** *** 841 212 *** 617 *** *** 90 *** *** 4 *** *** Apr 2025 2,087 *** *** 1,053 96 *** 584 13 *** 89 *** *** 7 *** *** 33 May 2025 2,212 *** *** 1,101 *** *** 596 8 *** 90 *** *** 4 *** *** Jun 2025 2,957 *** *** 1,148 *** *** 638 5 *** 96 *** *** 8 *** *** Jul 2025 2,791 *** *** 1,134 *** *** 664 *** *** 96 *** *** 8 *** *** Aug 2025 2,903 *** *** 1,258 *** *** 664 *** *** 100 *** *** 9 *** *** Sep 2025 2,677 *** *** 1,095 194 *** 814 30 *** 100 *** *** 9 *** *** Oct 2025 3,983 *** *** 1,325 *** *** 826 *** *** 106 *** *** 8 *** *** Nov 2025 3,408 *** *** 1,304 *** *** 872 20 *** 118 *** *** *** *** *** Dec 2025 3,248 *** *** 1,368 *** *** 876 30 *** 111 *** *** *** *** *** December 2025 Analytics Office Table 8.6: Number of ETFs Reporting Illiquid Gross Positions, by Prevalent Asset Class and Binned by Fraction of Net Assets Classified as Illiquid This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative to net assets (Form N-PORT, Item B.1.c) and liquidity classifications (Form N-PORT, Item C.7). See the appendix for a review of interval notation used here. Prevalent Asset Class Global Equity Taxable Bond US Equity Municipal Bond Multi-Asset Fraction of Net Assets (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more Jan 2025 164 *** *** 135 11 *** 171 *** *** 19 *** *** 12 *** *** Feb 2025 173 *** *** 147 10 *** 128 *** *** 20 *** *** 10 *** *** Mar 2025 149 22 *** 143 *** *** 122 *** *** 19 *** *** 14 *** *** 34 Apr 2025 172 9 *** 141 9 *** 124 *** *** 20 *** *** 10 *** *** May 2025 181 *** *** 145 8 *** 115 *** *** 21 *** *** 12 *** *** Jun 2025 169 *** *** 149 8 *** 145 *** *** 25 *** *** 11 *** *** Jul 2025 164 *** *** 152 *** *** 133 *** *** 23 *** *** 8 *** *** Aug 2025 177 *** *** 147 *** *** 129 *** *** 23 *** *** 10 *** *** Sep 2025 178 10 *** 153 12 *** 121 *** *** 21 *** *** 10 *** *** Oct 2025 187 *** *** 156 *** *** 147 *** *** 25 *** *** 9 *** *** Nov 2025 169 *** *** 149 13 *** 131 *** *** 28 *** *** *** *** *** Dec 2025 184 *** *** 158 15 *** 128 *** *** 27 *** *** *** *** *** December 2025 Analytics Office 9 Fair Value Levels9 9.1 Mutual Funds Table 9.1: Aggregate Gross Value of Mutual Fund Investments, by Prevalent Asset Class and Fair Value Level ($Billions) This table includes fund of funds, relies upon value reported (Form N-PORT, Item C.2.c) and aggregates by fair value level (Form N-PORT, Item C.8). Prevalent Asset Class US Equity Taxable Bond Multi-Asset Global Equity Municipal Bond Total 9 Fair Value Level Level One Level Two Level Three No Level Subtotal Level One Level Two Level Three No Level Subtotal Level One Level Two Level Three No Level Subtotal Level One Level Two Level Three No Level Subtotal Level One Level Two Level Three No Level Subtotal Total Jan 2025 12,840 176 41 8 13,065 254 4,852 32 2 5,139 3,439 838 10 268 4,554 1,255 2,145 31 4 3,435 13 812 *** *** 826 27,019 Feb 2025 12,526 190 32 8 12,755 249 4,967 32 2 5,250 3,428 846 7 268 4,549 1,255 2,210 4 5 3,474 13 823 *** *** 837 26,864 Mar 2025 11,789 177 31 8 12,006 233 4,979 35 1 5,249 3,307 839 7 261 4,414 1,232 2,188 4 6 3,431 12 812 *** *** 824 25,923 Apr 2025 11,698 180 31 8 11,917 248 4,984 36 1 5,270 3,305 831 7 260 4,404 1,316 2,164 4 6 3,490 11 794 *** *** 806 25,887 May 2025 12,418 137 31 9 12,595 257 4,974 40 2 5,274 3,472 788 8 270 4,539 1,885 1,756 4 6 3,650 12 798 *** *** 810 26,867 Jun 2025 12,998 119 31 8 13,157 267 5,068 39 1 5,374 3,598 783 7 278 4,667 2,015 1,763 4 6 3,787 11 809 *** *** 820 27,806 Jul 2025 12,882 191 33 7 13,113 261 5,036 38 1 5,336 3,483 885 8 279 4,655 1,379 2,350 4 5 3,737 12 809 *** *** 822 27,662 Aug 2025 13,107 178 35 7 13,327 268 5,129 42 1 5,441 3,551 899 8 285 4,744 1,548 2,302 4 5 3,859 11 812 *** *** 824 28,195 Sep 2025 13,454 131 38 7 13,629 271 5,192 50 2 5,515 3,682 857 8 293 4,839 1,972 2,000 4 6 3,982 12 835 *** *** 848 28,813 Oct 2025 13,560 180 39 7 13,785 277 5,242 42 2 5,563 3,688 893 9 296 4,886 1,810 2,205 5 5 4,025 13 840 *** *** 854 29,114 Nov 2025 13,545 117 41 6 13,708 269 5,268 46 1 5,584 3,745 872 9 295 4,922 2,187 1,865 4 6 4,061 13 843 *** *** 857 29,133 Dec 2025 13,746 192 53 7 13,997 265 5,278 47 2 5,592 3,737 875 10 296 4,917 1,572 2,521 4 6 4,103 13 842 *** *** 856 29,465 See U.S. Generally Accepted Accounting Principles (ASC 820, Fair Value Measurement) for more information. 35 December 2025 Analytics Office Table 9.2: Aggregate Net Assets of Mutual Funds Reporting Gross Level Three Positions, by Prevalent Asset Class and Binned by Fraction of Net Assets Classified as Level Three ($Billions) This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the appendix for a review of interval notation used here. Prevalent Asset Class US Equity Global Equity Taxable Bond Multi-Asset Municipal Bond Fraction of Net Assets (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more Jan 2025 7,304 688 47 1,690 476 229 1,492 464 101 1,573 45 25 254 *** *** Feb 2025 4,691 674 67 2,239 11 *** 1,783 395 157 1,534 45 25 257 *** *** Mar 2025 4,295 612 *** 2,196 *** *** 1,548 182 374 1,474 *** 24 247 *** *** Apr 2025 4,437 601 73 2,350 10 4 1,493 201 375 1,443 48 25 229 *** *** May 2025 4,730 641 76 2,422 9 *** 1,509 183 415 1,430 113 26 233 *** *** Jun 2025 4,877 644 *** 2,514 *** *** 1,556 192 394 1,236 110 27 239 *** *** Jul 2025 4,905 737 49 2,475 *** *** 1,679 196 400 1,310 100 26 231 *** *** Aug 2025 5,018 729 57 2,595 11 *** 1,689 222 414 1,215 97 26 238 *** *** Sep 2025 5,336 757 *** 2,652 *** *** 1,631 225 429 1,225 *** 27 247 6 *** Oct 2025 5,211 792 48 2,673 25 *** 1,760 173 437 1,233 119 27 251 *** *** Nov 2025 5,169 842 38 2,660 14 8 1,562 312 434 1,254 122 29 222 *** *** Dec 2025 5,094 614 *** 2,664 *** *** 1,686 274 435 1,182 *** 30 236 0 *** Table 9.3: Number of Mutual Funds Reporting Gross Level Three Positions, by Prevalent Asset Class and Binned by Fraction of Net Assets Classified as Level Three This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the appendix for a review of interval notation used here. Prevalent Asset Class Taxable Bond US Equity Global Equity Multi-Asset Municipal Bond Fraction of Net Assets (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more Jan 2025 523 62 21 552 54 13 323 14 13 235 12 9 97 *** *** Feb 2025 530 53 26 402 58 15 305 7 *** 212 12 10 92 *** *** Mar 2025 524 51 28 372 65 *** 299 *** *** 212 *** 10 90 *** *** 36 Apr 2025 498 54 34 393 61 16 324 6 5 194 16 11 82 *** *** May 2025 503 61 39 401 59 15 324 6 *** 198 14 12 83 *** *** Jun 2025 516 54 29 396 59 *** 317 *** *** 196 16 13 85 *** *** Jul 2025 518 55 28 425 62 9 313 *** *** 202 13 13 83 *** *** Aug 2025 517 48 31 433 62 13 324 10 *** 195 12 12 84 *** *** Sep 2025 508 57 34 437 62 *** 339 *** *** 199 *** 13 87 1 *** Oct 2025 509 57 34 427 62 12 343 14 *** 192 17 13 78 *** *** Nov 2025 497 68 34 431 62 14 333 11 5 201 16 17 81 *** *** Dec 2025 510 64 32 440 57 *** 320 *** *** 201 *** 17 81 1 *** December 2025 9.2 Analytics Office ETFs Table 9.4: Aggregate Gross Value of ETF Investments, by Prevalent Asset Class and Fair Value Level ($Billions) This table includes fund of funds, relies upon value reported (Form N-PORT, Item C.2.c) and aggregates by fair value level (Form N-PORT, Item C.8). Prevalent Asset Class US Equity Global Equity Taxable Bond Multi-Asset Municipal Bond Total Fair Value Level Level One Level Two Level Three No Level Subtotal Level One Level Two Level Three No Level Subtotal Level One Level Two Level Three No Level Subtotal Level One Level Two Level Three No Level Subtotal Level One Level Two Level Three No Level Subtotal Total Jan 2025 6,986 124 0 5 7,115 500 935 0 2 1,438 79 1,673 1 0 1,753 129 34 0 0 163 2 140 *** *** 142 10,611 Feb 2025 6,906 121 0 5 7,032 509 961 0 2 1,473 83 1,731 1 0 1,815 133 40 0 0 174 1 145 *** *** 147 10,640 Mar 2025 6,545 119 0 5 6,669 523 967 0 2 1,492 77 1,749 1 0 1,827 134 43 0 0 176 1 142 *** *** 143 10,308 Apr 2025 6,503 125 0 1 6,629 531 1,007 0 1 1,539 89 1,767 1 0 1,857 134 39 0 0 173 1 144 *** *** 145 10,342 37 May 2025 6,913 129 0 2 7,045 569 1,062 0 1 1,632 87 1,779 2 0 1,868 141 56 0 0 196 1 146 *** *** 147 10,888 Jun 2025 7,270 148 0 1 7,419 599 1,109 0 0 1,708 85 1,836 1 0 1,922 150 48 0 0 198 2 150 *** *** 152 11,399 Jul 2025 7,460 143 0 2 7,605 595 1,118 0 0 1,715 89 1,847 1 0 1,938 153 46 0 0 199 2 151 *** *** 153 11,609 Aug 2025 7,682 142 0 1 7,825 639 1,162 0 0 1,801 96 1,905 1 0 2,003 155 71 0 0 227 2 157 *** *** 159 12,014 Sep 2025 7,985 166 0 1 8,152 683 1,207 0 1 1,891 89 1,949 2 0 2,040 160 62 0 0 223 2 163 *** *** 165 12,471 Oct 2025 8,208 150 0 1 8,359 703 1,244 1 1 1,949 91 1,997 2 0 2,090 168 68 0 0 237 2 175 *** *** 177 12,813 Nov 2025 8,266 145 0 2 8,413 694 1,258 0 2 1,955 86 2,025 2 0 2,113 239 86 0 0 325 2 180 *** *** 183 12,989 Dec 2025 7,994 159 0 1 8,155 740 1,399 0 2 2,140 92 2,043 2 0 2,137 178 43 0 0 221 2 184 *** *** 186 12,840 December 2025 Analytics Office Table 9.5: Aggregate Net Assets of ETFs Reporting Gross Level Three Positions, by Prevalent Asset Class and Binned by Fraction of Net Assets Classified as Level Three ($Billions) This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the appendix for a review of interval notation used here. Prevalent Asset Class US Equity Global Equity Taxable Bond Municipal Bond Multi-Asset Fraction of Net Assets (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more Jan 2025 2,660 0 0 1,069 3 1 167 12 0 1 *** *** 2 0 0 Feb 2025 2,219 0 0 1,104 0 *** 324 13 0 2 *** *** 2 0 0 Mar 2025 2,019 0 *** 1,110 *** *** 228 18 0 2 *** *** 2 *** 0 Apr 2025 2,034 0 0 1,149 0 0 217 20 1 2 *** *** 1 0 0 May 2025 2,171 0 0 1,221 0 *** 218 18 4 2 *** *** 8 0 0 Jun 2025 2,276 0 *** 1,266 *** *** 255 26 2 3 *** *** 8 0 0 Jul 2025 2,444 0 0 1,263 *** *** 219 24 3 3 *** *** 7 0 0 Aug 2025 2,517 0 0 1,341 0 *** 232 19 3 7 *** *** 9 0 0 Sep 2025 2,618 0 *** 1,411 *** *** 248 23 15 7 0 *** 9 *** 0 Oct 2025 2,690 1 0 1,427 0 *** 251 13 20 7 *** *** 7 0 1 Nov 2025 2,860 0 0 1,439 0 0 245 28 20 17 *** *** 24 0 0 Dec 2025 2,875 0 *** 1,507 *** *** 262 25 21 13 0 *** 8 *** 0 Table 9.6: Number of ETFs Reporting Gross Level Three Positions, by Prevalent Asset Class and Binned by Fraction of Net Assets Classified as Level Three This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the appendix for a review of interval notation used here. Prevalent Asset Class Global Equity US Equity Taxable Bond Multi-Asset Municipal Bond Fraction of Net Assets (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more Jan 2025 143 3 5 176 1 2 60 9 0 8 0 0 2 *** *** Feb 2025 154 3 *** 102 1 0 72 10 2 5 0 0 2 *** *** Mar 2025 153 *** *** 98 2 *** 72 7 5 5 *** 1 2 *** *** 38 Apr 2025 146 2 0 99 1 2 66 10 3 5 0 1 2 *** *** May 2025 160 1 *** 99 1 0 76 10 7 6 0 1 2 *** *** Jun 2025 152 *** *** 101 1 *** 76 9 4 7 1 0 3 *** *** Jul 2025 148 *** *** 106 0 1 79 7 3 5 0 2 3 *** *** Aug 2025 161 2 *** 110 1 1 78 5 5 8 0 1 4 *** *** Sep 2025 171 *** *** 114 2 *** 81 5 8 7 *** 4 5 0 *** Oct 2025 173 1 *** 112 4 1 85 5 11 6 0 5 3 *** *** Nov 2025 156 3 2 115 1 2 84 9 8 21 0 5 8 *** *** Dec 2025 168 *** *** 117 1 *** 91 9 7 6 *** 5 8 0 *** December 2025 9.3 Analytics Office Closed-End Funds Table 9.7: Aggregate Gross Value of Closed-End Fund Investments, by Prevalent Asset Class and Fair Value Level ($Billions) This table includes fund of funds, relies upon value reported (Form N-PORT, Item C.2.c) and aggregates by fair value level (Form N-PORT, Item C.8). Prevalent Asset Class Taxable Bond Multi-Asset US Equity Municipal Bond Global Equity Total Fair Value Level Level One Level Two Level Three No Level Subtotal Level One Level Two Level Three No Level Subtotal Level One Level Two Level Three No Level Subtotal Level One Level Two Level Three No Level Subtotal Level One Level Two Level Three No Level Subtotal Total Jan 2025 9 114 78 7 208 30 18 38 65 151 90 5 5 1 100 1 83 *** *** 85 14 9 1 0 23 567 Feb 2025 9 116 80 7 212 37 18 39 65 160 89 5 5 1 99 1 84 *** *** 85 13 9 1 0 23 579 Mar 2025 8 117 82 7 215 30 18 38 69 155 86 5 5 1 96 1 83 *** *** 84 13 8 1 0 22 572 Apr 2025 9 116 85 10 219 30 18 40 67 155 84 5 5 1 94 1 82 *** *** 83 14 9 1 0 24 575 39 May 2025 8 119 87 10 224 30 18 42 69 159 89 5 5 1 99 1 80 *** *** 82 15 8 1 0 24 588 Jun 2025 8 121 88 10 228 32 19 44 71 166 91 5 5 1 102 1 81 *** *** 82 17 9 0 1 26 604 Jul 2025 9 121 90 10 231 33 18 46 72 169 91 5 5 1 102 1 79 *** *** 81 16 9 0 1 26 609 Aug 2025 9 120 95 10 234 34 19 48 74 175 92 5 5 1 103 1 80 *** *** 81 17 8 0 1 27 621 Sep 2025 9 121 95 10 236 36 18 50 80 183 96 5 5 1 107 1 82 *** *** 83 18 9 0 1 28 637 Oct 2025 9 125 98 10 242 35 18 53 81 187 96 6 5 1 108 1 82 *** *** 84 18 9 0 1 28 648 Nov 2025 8 127 100 11 246 36 18 54 83 191 96 5 5 1 108 1 82 *** *** 83 19 8 0 1 29 657 Dec 2025 8 130 102 8 249 34 17 56 91 198 92 5 5 1 103 2 82 *** *** 84 20 9 0 1 31 665 December 2025 Analytics Office Table 9.8: Aggregate Net Assets of Closed-End Funds Reporting Gross Level Three Positions, by Prevalent Asset Class and Binned by Fraction of Net Assets Classified as Level Three ($Billions) This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the appendix for a review of interval notation used here. Prevalent Asset Class Taxable Bond Multi-Asset US Equity Municipal Bond Global Equity Fraction of Net Assets (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more Jan 2025 30 7 86 10 11 67 15 1 16 23 *** *** 6 0 2 Feb 2025 29 7 88 11 12 68 16 1 16 23 *** *** 4 0 *** Mar 2025 28 6 91 11 *** 68 13 4 *** 22 *** *** 4 *** *** Apr 2025 28 6 93 11 13 71 13 4 12 21 *** *** 4 1 2 May 2025 26 9 95 10 14 74 14 3 12 21 *** *** 5 0 *** Jun 2025 31 6 95 10 15 79 14 3 *** 13 *** *** 5 *** *** Jul 2025 33 4 97 13 16 80 14 3 12 12 *** *** 5 *** *** Aug 2025 30 6 100 12 16 86 15 3 12 12 *** *** 5 1 *** Sep 2025 32 4 103 17 *** 90 15 3 *** 13 1 *** 5 *** *** Oct 2025 27 8 106 14 14 93 15 3 14 13 *** *** 5 1 *** Nov 2025 29 8 104 13 16 94 15 4 13 16 *** *** 5 1 2 Dec 2025 31 6 105 13 *** 99 15 4 *** 15 0 *** 5 *** *** Table 9.9: Number of Closed-End Funds Reporting Gross Level Three Positions, by Prevalent Asset Class and Binned by Fraction of Net Assets Classified as Level Three This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the appendix for a review of interval notation used here. Prevalent Asset Class Taxable Bond Multi-Asset US Equity Municipal Bond Global Equity Fraction of Net Assets (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more (0,2%) [2%,5%) 5% or more Jan 2025 58 17 92 19 9 71 13 2 15 26 *** *** 12 2 3 Feb 2025 57 15 92 19 11 67 13 1 15 26 *** *** 11 2 *** Mar 2025 58 12 98 20 *** 67 10 4 *** 26 *** *** 11 *** *** 40 Apr 2025 55 13 101 20 12 69 10 3 14 23 *** *** 11 4 3 May 2025 55 18 101 16 12 74 11 2 15 27 *** *** 13 3 *** Jun 2025 59 17 99 15 12 79 11 2 *** 25 *** *** 14 *** *** Jul 2025 65 12 100 17 13 80 10 3 15 21 *** *** 13 *** *** Aug 2025 60 13 107 17 12 83 11 3 15 17 *** *** 13 2 *** Sep 2025 62 13 108 20 *** 82 10 2 *** 17 1 *** 14 *** *** Oct 2025 59 20 114 21 8 86 10 2 18 19 *** *** 13 1 *** Nov 2025 60 17 112 20 12 82 10 4 17 21 *** *** 14 1 2 Dec 2025 61 18 117 20 *** 90 10 3 *** 18 2 *** 12 *** *** December 2025 10 Analytics Office Interest Rate Risk10 Table 10.1: Aggregate Interest Rate Risk, by Prevalent Asset Class and Fund Type ($Billions) This table includes fund of funds, relies upon DV100 reported (Form N-PORT, Item B.3.b). The aggregates are comprised of gross values trimmed at the 99th percentile relative to net assets. Fund Type Mutual Fund ETF Closed-End Fund Total Prevalent Asset Class Taxable Bond Municipal Bond Multi-Asset Global Equity US Equity Subtotal Taxable Bond Municipal Bond Multi-Asset US Equity Global Equity Subtotal Taxable Bond Municipal Bond Multi-Asset US Equity Global Equity Subtotal Total Jan 2025 205.2 51.1 34.0 1.1 0.6 291.9 85.0 8.5 0.5 *** *** 94.0 3.4 3.0 0.5 *** *** 7.0 392.9 Feb 2025 206.9 51.1 34.6 1.4 0.4 294.5 88.5 8.7 0.5 *** *** 97.8 3.4 3.0 0.5 *** *** 7.0 399.4 Mar 2025 209.0 51.9 34.4 *** *** 297.2 88.6 8.7 0.6 *** *** 98.0 3.4 2.4 0.6 *** *** 6.4 401.6 Apr 2025 208.8 51.5 33.8 1.3 0.6 295.9 88.2 8.9 0.7 *** *** 97.8 3.5 2.2 0.5 *** *** 6.4 400.1 May 2025 206.4 51.4 33.8 1.4 0.6 293.6 88.6 9.1 0.8 *** *** 98.6 3.6 1.9 0.6 *** *** 6.2 398.4 Jun 2025 212.4 53.5 33.4 *** *** 301.3 91.4 9.5 0.7 0.1 0.0 101.6 3.4 1.8 0.6 *** *** 5.8 408.8 Jul 2025 214.5 52.3 33.7 1.5 0.6 302.7 91.1 9.5 0.8 *** *** 101.4 3.6 1.7 0.6 *** *** 6.0 410.0 Aug 2025 215.7 53.7 33.7 1.5 0.6 305.2 93.2 10.0 0.7 *** *** 104.0 3.7 1.7 0.5 *** *** 6.1 415.3 Sep 2025 219.9 54.1 33.8 *** *** 310.1 96.1 9.9 0.8 *** *** 106.8 3.5 2.0 0.6 *** *** 6.2 423.1 Oct 2025 221.1 53.7 34.0 1.4 0.7 310.9 98.3 10.5 0.7 *** *** 109.5 3.9 2.3 0.6 *** *** 6.9 427.3 Nov 2025 223.8 54.3 35.0 1.4 0.8 315.4 100.0 10.5 0.9 *** *** 111.4 3.8 2.2 0.6 *** *** 6.7 433.5 Dec 2025 223.8 54.4 35.7 *** *** 316.1 100.7 11.1 0.7 0.1 0.0 112.5 3.9 1.9 0.6 *** *** 6.5 435.0 Table 10.2: Aggregate Interest Rate Risk, by Prevalent Asset Class and Fund Type (Percent of Aggregate NAV) This table includes fund of funds, relies upon DV100 reported (Form N-PORT, Item B.3.b). The aggregates are comprised of gross values trimmed at the 99th percentile relative to net assets. Fund Type Closed-End Fund Mutual Fund ETF Prevalent Asset Class Municipal Bond Taxable Bond US Equity Multi-Asset Global Equity Municipal Bond Taxable Bond Multi-Asset Global Equity US Equity Municipal Bond Taxable Bond Multi-Asset Global Equity US Equity Jan 2025 9.98 2.68 *** 1.97 *** 6.26 4.87 2.09 0.91 0.82 5.85 4.40 3.21 *** *** Feb 2025 9.92 2.62 *** 1.55 *** 6.18 4.81 2.10 1.10 0.64 5.82 4.43 3.24 *** *** Mar 2025 9.84 2.62 *** 1.60 *** 6.37 4.90 2.15 *** *** 5.96 4.41 2.99 *** *** Apr 2025 9.82 2.73 *** 1.54 *** 6.44 4.91 2.15 1.01 0.87 5.98 4.37 3.07 *** *** May 2025 9.64 2.69 *** 1.48 *** 6.49 4.84 2.10 1.02 0.85 6.07 4.35 3.53 *** *** Jun 2025 9.43 2.52 *** 1.43 *** 6.61 4.89 2.01 *** *** 6.12 4.27 2.88 3.73 0.66 Jul 2025 9.19 2.64 *** 1.41 *** 6.53 4.91 2.01 1.11 0.87 6.09 4.33 3.05 *** *** Aug 2025 9.40 2.69 *** 1.73 *** 6.57 4.86 1.99 1.08 0.83 6.15 4.31 2.86 *** *** Sep 2025 9.52 2.53 *** 1.69 *** 6.44 4.89 1.98 *** *** 5.87 4.35 3.03 *** *** Oct 2025 9.61 2.71 *** 1.38 *** 6.34 4.87 1.98 0.96 1.33 5.81 4.35 2.67 *** *** Nov 2025 9.51 2.65 *** 1.43 *** 6.40 4.90 2.08 0.97 1.04 5.74 4.39 1.91 *** *** Dec 2025 9.19 2.67 *** 1.39 *** 6.40 4.88 2.08 *** *** 5.82 4.36 2.50 1.79 0.63 10 When not presenting individual maturities we aggregate DV100 values across all maturities reported. Aggregate NAV used as denominator in percentage calculations only includes funds reporting DV100 in the given categories. 41 December 2025 Analytics Office Table 10.3: Aggregate Interest Rate Risk, by Currency and Maturity ($Billions) This table includes fund of funds, relies upon DV100 reported (Form N-PORT, Item B.3.b). The aggregates are comprised of gross values trimmed at the 99th percentile relative to net assets. Currency USD EUR GBP JPY AUD Other Total Maturity 3M 1Y 5Y 10Y 30Y Subtotal 3M 1Y 5Y 10Y 30Y Subtotal 3M 1Y 5Y 10Y 30Y Subtotal 3M 1Y 5Y 10Y 30Y Subtotal 3M 1Y 5Y 10Y 30Y Subtotal 3M 1Y 5Y 10Y 30Y Subtotal Total Jan 2025 4.9 40.2 119.0 122.1 71.6 357.8 0.7 1.4 4.7 5.1 2.7 14.7 0.2 0.5 1.1 2.3 0.8 4.8 0.2 0.4 1.3 2.2 1.8 5.9 0.1 0.2 0.6 0.6 0.1 1.5 0.2 0.9 3.0 2.8 1.3 8.2 392.9 Feb 2025 4.4 41.3 120.1 124.2 74.3 364.3 0.6 1.4 4.7 5.2 2.8 14.7 0.2 0.4 1.1 2.3 0.8 4.8 0.2 0.4 1.3 2.2 1.8 5.8 0.1 0.2 0.6 0.7 0.1 1.6 0.1 0.9 3.0 2.8 1.4 8.2 399.4 Mar 2025 5.0 41.0 119.8 125.3 74.7 365.8 0.9 1.5 5.0 5.1 2.9 15.4 0.2 0.4 1.0 2.4 0.8 4.9 0.1 0.4 1.2 2.2 1.8 5.7 0.1 0.2 0.6 0.7 0.1 1.7 0.2 1.0 3.0 2.7 1.3 8.1 401.6 Apr 2025 5.1 40.8 119.9 123.6 73.1 362.6 0.9 1.6 5.2 5.5 3.1 16.3 0.2 0.5 1.2 2.5 0.8 5.2 0.1 0.4 1.4 2.2 1.9 6.1 0.1 0.2 0.7 0.8 0.1 1.8 0.1 0.9 3.1 2.6 1.4 8.2 400.1 May 2025 5.1 40.4 120.2 123.8 71.4 361.0 0.5 1.6 5.2 5.5 3.0 15.9 0.2 0.6 1.3 2.5 0.8 5.4 0.1 0.4 1.3 2.2 1.8 5.8 0.1 0.2 0.7 0.9 0.1 1.9 0.1 1.0 3.2 2.7 1.4 8.4 398.4 42 Jun 2025 5.4 41.7 121.1 127.4 74.1 369.7 0.6 1.7 5.5 5.8 3.1 16.6 0.2 0.6 1.4 2.5 0.8 5.5 0.1 0.4 1.3 2.2 1.9 6.0 0.2 0.2 0.8 0.8 0.1 2.0 0.2 1.1 3.4 2.9 1.4 8.9 408.8 Jul 2025 5.5 42.0 122.4 129.2 73.4 372.5 0.5 1.6 5.4 5.5 2.9 15.8 0.3 0.5 1.4 2.3 0.8 5.2 0.1 0.4 1.2 2.2 1.7 5.6 0.1 0.2 0.8 0.8 0.1 2.0 0.2 1.1 3.3 2.9 1.4 8.8 410.0 Aug 2025 5.4 43.0 123.0 130.6 74.7 376.7 0.5 1.7 5.5 5.3 2.5 15.7 0.3 0.5 1.5 2.6 0.8 5.7 0.1 0.5 1.3 2.3 1.7 5.9 0.2 0.2 0.8 1.0 0.1 2.2 0.1 1.1 3.5 3.0 1.4 9.1 415.3 Sep 2025 5.5 44.6 124.9 132.4 76.6 384.1 0.7 1.7 5.4 5.2 2.6 15.7 0.3 0.4 1.7 2.5 0.7 5.6 0.2 0.4 1.2 2.2 1.7 5.8 0 [Text truncated at 120,000 characters. The full text is on the page linked above.] --- Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3A028fb5a1b2efa7c4. Public record. Not legal advice.