Division of Investment Management

Division of Investment Management

Analytics Office

Registered Fund Statistics

Form N-PORT Data, period ending September 2024

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 February 04, 2025.

February 4, 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 through Form

N-CEN and Form N-PORT filings received through February 04, 2025 for reporting periods from

March 2019 through September 2024. 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

Please see the Division of Investment Management’s “Money Market Fund Statistics” report on

SEC.gov for information and statistics relating to money market funds reporting on Form N-MFP.

The Commission began receiving Form N-PORT filings from Large Entities — funds that

together with other investment companies in the same group of related investment companies have

net assets of $1 billion or more — for the March 2019 reporting period. A full data set, including

information from non-Large Entities, was not collected until the March 2020 reporting period.

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.

Filers may file amendments to current or historical Form N-PORT filings at any time. This

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

Form N-PORT filings received through February 04, 2025.

1

February 4, 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. 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. 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. Accordingly, 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. A downloadable Excel

file published alongside this report provides the most recently updated historical data

and includes methodological notes and assumptions, including a description of significant

changes.

If you have any questions or comments about Registered Fund Statistics

(September 2024), please contact: Tim Dulaney, PhD, Juan Carlos Forero Penaranda, or

Trevor Tatum with subject line “Registered Fund Statistics (September 2024)”.

2

February 4, 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

February 4, 2025

1

Analytics Office

Number of Funds1

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

Oct

2023

2,958

2,136

1,793

1,402

543

8,832

1,329

659

688

366

81

3,123

201

189

115

89

52

646

12,601

Nov

2023

2,939

2,109

1,788

1,401

543

8,780

1,360

673

690

362

82

3,167

199

189

115

89

52

644

12,591

Dec

2023

2,935

2,097

1,778

1,397

542

8,749

1,380

681

700

359

84

3,204

197

192

115

89

52

645

12,598

Jan

2024

2,939

2,097

1,839

1,391

542

8,808

1,393

701

693

373

86

3,246

198

188

115

91

52

644

12,698

Feb

2024

2,934

2,058

1,827

1,385

543

8,747

1,399

711

679

360

86

3,235

200

188

115

90

54

647

12,629

Mar

2024

2,938

2,048

1,825

1,379

541

8,731

1,429

715

678

360

87

3,269

199

194

116

92

54

655

12,655

Apr

2024

2,936

2,045

1,817

1,361

542

8,701

1,447

717

678

368

87

3,297

200

194

116

91

53

654

12,652

May

2024

2,931

2,037

1,815

1,358

541

8,682

1,474

723

683

376

89

3,345

202

177

117

88

53

637

12,664

Jun

2024

2,929

2,018

1,781

1,355

540

8,623

1,494

743

685

381

92

3,395

205

201

117

90

49

662

12,680

Jul

2024

2,924

2,026

1,770

1,350

537

8,607

1,517

755

683

389

98

3,442

206

199

117

92

48

662

12,711

Aug

2024

2,914

2,024

1,768

1,343

535

8,584

1,542

760

677

401

101

3,481

206

201

117

92

48

664

12,729

Sep

2024

2,912

2,032

1,732

1,335

535

8,546

1,583

814

686

392

107

3,582

202

199

117

89

47

654

12,782

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

Oct

2023

3,241

2,455

2,141

1,496

695

10,028

1,135

646

512

236

44

2,573

12,601

Nov

2023

3,257

2,429

2,148

1,500

697

10,031

1,131

643

512

231

43

2,560

12,591

Dec

2023

3,271

2,420

2,150

1,504

698

10,043

1,133

645

506

228

43

2,555

12,598

Jan

2024

3,287

2,424

2,224

1,498

699

10,132

1,136

638

514

234

44

2,566

12,698

Feb

2024

3,286

2,385

2,223

1,492

700

10,086

1,137

626

515

221

44

2,543

12,629

Mar

2024

3,308

2,383

2,222

1,487

700

10,100

1,151

624

517

219

44

2,555

12,655

Apr

2024

3,318

2,386

2,218

1,470

701

10,093

1,156

622

516

221

44

2,559

12,652

May

2024

3,340

2,357

2,229

1,470

702

10,098

1,153

624

511

233

45

2,566

12,664

Jun

2024

3,354

2,370

2,211

1,467

704

10,106

1,159

622

518

230

45

2,574

12,680

Jul

2024

3,373

2,382

2,212

1,461

707

10,135

1,160

620

519

232

45

2,576

12,711

Aug

2024

3,389

2,390

2,217

1,451

708

10,155

1,159

617

517

236

45

2,574

12,729

Sep

2024

3,417

2,392

2,228

1,450

714

10,201

1,167

618

520

231

45

2,581

12,782

1

“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

February 4, 2025

2

Analytics Office

Total Fund Assets2

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

Oct

2023

9,055

3,967

2,818

1,481

722

18,042

4,369

1,350

1,136

111

57

7,022

125

88

80

80

24

397

25,461

Nov

2023

9,837

4,110

3,049

1,554

753

19,302

4,846

1,414

1,235

121

63

7,679

129

92

86

85

26

417

27,398

Dec

2023

10,313

4,184

3,174

1,590

765

20,026

5,187

1,458

1,294

125

69

8,131

132

97

85

86

26

427

28,584

Jan

2024

10,385

4,234

3,134

1,613

777

20,142

5,227

1,493

1,274

124

67

8,185

134

95

86

86

26

428

28,755

Feb

2024

10,922

4,218

3,244

1,623

779

20,786

5,525

1,490

1,316

123

77

8,532

137

97

91

86

26

438

29,756

Mar

2024

11,241

4,300

3,342

1,655

784

21,323

5,767

1,509

1,368

125

78

8,845

139

100

94

86

27

447

30,615

Apr

2024

10,693

4,242

3,236

1,607

774

20,553

5,505

1,492

1,343

124

73

8,537

141

101

89

85

26

443

29,532

May

2024

11,122

4,319

3,452

1,526

776

21,196

5,811

1,527

1,406

124

76

8,944

142

101

91

86

27

448

30,588

Jun

2024

11,385

4,313

3,433

1,533

789

21,452

6,003

1,553

1,389

127

82

9,154

145

106

92

87

27

456

31,063

Jul

2024

11,537

4,359

3,489

1,566

797

21,749

6,202

1,612

1,421

131

87

9,454

147

107

94

87

26

461

31,663

Aug

2024

11,743

4,421

3,566

1,576

809

22,115

6,362

1,663

1,455

134

86

9,700

151

111

94

87

26

468

32,283

Sep

2024

11,926

4,478

3,629

1,582

823

22,438

6,512

1,712

1,505

137

91

9,957

155

114

96

88

26

478

32,873

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

Non-Index

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

Oct

2023

5,652

3,294

2,239

1,525

812

13,521

7,852

2,147

1,739

101

101

11,940

25,461

Nov

2023

6,143

3,402

2,423

1,597

849

14,415

8,626

2,250

1,887

111

109

12,983

27,398

Dec

2023

6,423

3,449

2,519

1,637

864

14,891

9,163

2,324

1,975

119

112

13,693

28,584

Jan

2024

6,465

3,500

2,492

1,659

876

14,992

9,233

2,361

1,942

117

111

13,763

28,755

Feb

2024

6,803

3,497

2,575

1,670

878

15,423

9,735

2,348

2,012

127

110

14,333

29,756

Mar

2024

7,007

3,564

2,651

1,705

884

15,810

10,095

2,384

2,085

128

111

14,804

30,615

Apr

2024

6,656

3,532

2,569

1,661

874

15,292

9,630

2,342

2,037

121

110

14,241

29,532

May

2024

6,907

3,604

2,763

1,578

877

15,728

10,117

2,384

2,123

126

110

14,860

30,588

Jun

2024

7,061

3,596

2,746

1,590

891

15,884

10,419

2,415

2,103

130

112

15,179

31,063

Jul

2024

7,151

3,620

2,786

1,625

902

16,084

10,682

2,499

2,150

136

114

15,580

31,663

Aug

2024

7,274

3,682

2,845

1,637

913

16,352

10,925

2,553

2,202

135

116

15,931

32,283

Sep

2024

7,377

3,738

2,894

1,648

930

16,587

11,156

2,607

2,267

139

118

16,286

32,873

2

As of September 2024, there are 13 N-3 funds reporting an aggregate $268.73 billion in net assets (roughly 1.03%

of aggregate mutual fund net assets). Additionally, there are 99 Interval funds registered on Form N-2 reporting an

aggregate $90.33 billion in net assets (roughly 21.64% of aggregate closed-end fund net assets).

5

February 4, 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

Taxable Bond

Multi-Asset

US Equity

Municipal Bond

Global Equity

Subtotal

Total

Oct

2023

8,965

3,643

2,781

1,383

700

17,472

4,302

1,276

1,108

110

52

6,848

89

76

67

50

21

304

24,624

Nov

2023

9,740

3,772

3,011

1,459

735

18,716

4,768

1,337

1,207

120

59

7,492

92

80

72

56

22

322

26,530

Dec

2023

10,219

3,880

3,138

1,510

749

19,497

5,110

1,385

1,267

124

64

7,949

94

84

72

58

23

331

27,777

Jan

2024

10,287

3,898

3,093

1,514

757

19,549

5,155

1,404

1,247

123

63

7,991

97

83

74

57

22

334

27,874

Feb

2024

10,823

3,902

3,201

1,535

761

20,221

5,447

1,399

1,288

123

71

8,327

98

84

77

57

23

339

28,888

Mar

2024

11,145

3,952

3,288

1,564

764

20,713

5,681

1,423

1,336

124

73

8,636

100

86

79

57

23

346

29,695

Apr

2024

10,603

3,887

3,186

1,509

754

19,939

5,433

1,407

1,313

123

68

8,344

101

87

76

56

23

343

28,626

May

2024

11,039

3,951

3,408

1,437

755

20,590

5,739

1,447

1,373

123

71

8,754

103

87

78

56

24

349

29,693

Jun

2024

11,290

3,976

3,387

1,447

768

20,868

5,911

1,476

1,358

126

76

8,947

105

92

78

57

23

355

30,170

Jul

2024

11,459

4,043

3,449

1,471

776

21,197

6,122

1,533

1,393

130

81

9,258

107

93

80

58

23

360

30,816

Aug

2024

11,666

4,097

3,523

1,489

788

21,563

6,279

1,575

1,423

132

79

9,489

107

97

80

58

23

365

31,416

Sep

2024

11,840

4,159

3,578

1,502

800

21,879

6,419

1,618

1,472

135

81

9,725

110

99

81

58

23

371

31,976

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

Oct

2023

7,763

2,076

1,704

97

100

11,740

5,571

2,932

2,206

1,415

761

12,885

24,624

Nov

2023

8,530

2,172

1,851

107

109

12,769

6,051

3,029

2,388

1,491

802

13,761

26,530

Dec

2023

9,065

2,254

1,940

114

112

13,485

6,336

3,105

2,488

1,544

819

14,292

27,777

Jan

2024

9,142

2,274

1,909

112

110

13,548

6,374

3,125

2,453

1,548

827

14,326

27,874

6

Feb

2024

9,641

2,263

1,975

121

110

14,109

6,706

3,137

2,537

1,568

831

14,779

28,888

Mar

2024

9,997

2,301

2,041

123

110

14,572

6,908

3,174

2,606

1,600

834

15,123

29,695

Apr

2024

9,546

2,259

1,997

115

109

14,026

6,566

3,136

2,525

1,548

824

14,599

28,626

May

2024

10,035

2,310

2,082

121

109

14,658

6,821

3,191

2,723

1,474

825

15,035

29,693

Jun

2024

10,315

2,343

2,062

125

111

14,956

6,964

3,213

2,707

1,490

840

15,214

30,170

Jul

2024

10,600

2,420

2,113

129

113

15,376

7,061

3,263

2,751

1,516

851

15,441

30,816

Aug

2024

10,843

2,468

2,162

129

115

15,716

7,182

3,312

2,807

1,536

863

15,700

31,416

Sep

2024

11,062

2,516

2,226

131

117

16,051

7,278

3,371

2,848

1,551

877

15,924

31,976

February 4, 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

Mutual Fund

ETF

Closed-End Fund

Subtotal

Total

Oct

2023

11,045

***

***

16,124

5,790

1,584

197

7,570

610

195

77

882

27

20

1

47

24,624

Nov

2023

12,097

***

***

17,721

5,993

1,685

214

7,892

601

193

78

871

26

20

1

47

26,530

Dec

2023

12,755

5,998

30

18,783

6,120

1,729

224

8,073

597

202

76

875

25

20

1

46

27,777

Jan

2024

12,846

***

***

18,894

6,083

1,747

226

8,056

595

207

76

878

25

20

1

46

27,874

Feb

2024

13,407

***

***

19,777

6,195

1,759

230

8,184

594

211

77

882

25

19

1

45

28,888

Mar

2024

13,854

6,625

33

20,511

6,245

1,776

236

8,257

589

216

77

882

24

19

1

45

29,695

Apr

2024

13,187

***

***

19,530

6,144

1,801

229

8,175

583

214

78

876

25

19

1

45

28,626

May

2024

13,855

***

***

20,575

6,130

1,830

237

8,197

581

220

76

877

24

19

1

44

29,693

Jun

2024

14,109

6,872

36

21,018

6,156

1,832

240

8,227

578

224

78

880

24

20

1

45

30,170

Jul

2024

14,386

***

***

21,585

6,212

1,850

246

8,309

576

226

76

878

23

20

1

44

30,816

Aug

2024

14,727

***

***

22,144

6,238

1,862

249

8,349

575

228

77

879

23

20

1

44

31,416

Sep

2024

15,009

7,583

38

22,630

6,274

1,891

256

8,420

574

231

76

881

22

20

1

44

31,976

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

Mutual Fund

ETF

Closed-End Fund

Subtotal

Total

Oct

2023

286

***

***

417

2,689

664

160

3,513

2,836

1,038

349

4,223

1,332

1,135

46

2,513

10,666

Nov

2023

306

***

***

444

2,752

701

167

3,620

2,789

1,051

343

4,183

1,258

1,118

43

2,419

10,666

Dec

2023

319

143

2

464

2,782

708

176

3,666

2,768

1,074

338

4,180

1,211

1,116

42

2,369

10,679

Jan

2024

321

***

***

464

2,776

707

177

3,660

2,758

1,104

338

4,200

1,288

1,128

40

2,456

10,780

7

Feb

2024

328

***

***

478

2,796

720

176

3,692

2,743

1,118

341

4,202

1,247

1,084

41

2,372

10,744

Mar

2024

338

154

2

494

2,821

731

180

3,732

2,717

1,141

341

4,199

1,224

1,073

45

2,342

10,767

Apr

2024

324

***

***

473

2,793

741

176

3,710

2,718

1,149

343

4,210

1,235

1,089

46

2,370

10,763

May

2024

343

***

***

498

2,800

752

179

3,731

2,696

1,162

335

4,193

1,210

1,104

45

2,359

10,781

Jun

2024

345

155

2

502

2,797

754

179

3,730

2,676

1,182

343

4,201

1,188

1,128

50

2,366

10,799

Jul

2024

351

***

***

514

2,815

772

185

3,772

2,665

1,194

339

4,198

1,155

1,132

48

2,335

10,819

Aug

2024

358

***

***

524

2,818

778

185

3,781

2,659

1,200

339

4,198

1,133

1,154

50

2,337

10,840

Sep

2024

363

167

2

532

2,827

789

188

3,804

2,656

1,216

329

4,201

1,074

1,224

52

2,350

10,887

February 4, 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

Oct

2023

0.018

0.078

0.326

1.168

3.935

0.005

0.021

0.104

0.530

2.981

0.046

0.110

0.243

0.551

1.286

Nov

2023

0.021

0.085

0.348

1.246

4.168

0.005

0.023

0.107

0.579

3.268

0.048

0.117

0.259

0.596

1.357

Dec

2023

0.022

0.089

0.363

1.308

4.358

0.005

0.024

0.110

0.605

3.472

0.050

0.118

0.267

0.613

1.389

Jan

2024

0.019

0.083

0.356

1.287

4.332

0.005

0.023

0.109

0.599

3.374

0.052

0.116

0.268

0.611

1.433

Feb

2024

0.020

0.087

0.366

1.319

4.428

0.006

0.025

0.117

0.610

3.472

0.051

0.116

0.265

0.612

1.485

Mar

2024

0.021

0.090

0.375

1.355

4.546

0.006

0.025

0.119

0.623

3.534

0.049

0.115

0.268

0.616

1.493

Apr

2024

0.021

0.088

0.364

1.311

4.413

0.006

0.024

0.117

0.608

3.361

0.049

0.117

0.265

0.606

1.447

May

2024

0.021

0.090

0.375

1.336

4.536

0.006

0.025

0.120

0.621

3.441

0.052

0.123

0.270

0.623

1.534

Jun

2024

0.023

0.093

0.382

1.361

4.601

0.006

0.024

0.119

0.624

3.373

0.043

0.114

0.269

0.616

1.504

Jul

2024

0.023

0.095

0.389

1.390

4.677

0.006

0.025

0.119

0.630

3.514

0.045

0.116

0.272

0.635

1.557

Aug

2024

0.023

0.096

0.393

1.405

4.751

0.006

0.024

0.118

0.636

3.575

0.041

0.117

0.273

0.639

1.565

Sep

2024

0.025

0.100

0.408

1.433

4.845

0.005

0.022

0.112

0.614

3.473

0.044

0.120

0.282

0.646

1.600

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%

Oct

2023

54.30

69.40

80.59

92.51

50.51

65.86

77.63

90.89

59.34

76.85

87.91

96.49

21.38

34.22

48.32

71.67

Nov

2023

54.49

69.61

80.74

92.60

50.57

66.02

77.75

90.95

59.79

76.99

88.02

96.56

20.85

33.90

48.34

71.58

Dec

2023

54.64

69.72

80.85

92.65

50.71

66.05

77.80

90.97

60.13

77.10

88.13

96.60

***

33.58

48.07

71.57

Jan

2024

54.92

70.01

81.08

92.77

50.94

66.35

78.06

91.11

60.32

77.39

88.29

96.64

20.79

33.94

48.43

71.82

Feb

2024

55.08

70.29

81.25

92.81

51.08

66.68

78.30

91.18

60.38

77.28

88.21

96.57

20.80

34.06

48.75

72.03

8

Mar

2024

55.25

70.38

81.31

92.83

51.13

66.74

78.32

91.18

60.60

77.36

88.21

96.57

***

34.02

49.15

72.28

Apr

2024

55.16

70.28

81.24

92.79

51.10

66.68

78.25

91.17

60.36

77.16

88.12

96.50

22.04

34.52

49.34

72.32

May

2024

55.36

70.52

81.40

92.86

51.29

66.86

78.39

91.22

60.76

77.53

88.30

96.54

21.44

34.39

49.16

72.52

Jun

2024

55.61

70.74

81.58

92.94

51.34

66.96

78.47

91.25

61.28

77.94

88.57

96.61

***

35.38

50.00

73.05

Jul

2024

55.71

70.81

81.58

92.94

51.37

66.92

78.42

91.22

61.50

78.15

88.59

96.63

22.30

35.39

50.04

73.05

Aug

2024

55.88

70.98

81.71

93.00

51.53

67.03

78.53

91.27

61.87

78.40

88.74

96.69

22.35

35.46

50.09

73.01

Sep

2024

56.01

71.06

81.77

93.03

51.55

67.03

78.47

91.23

62.25

78.75

88.99

96.80

***

35.29

49.98

73.02

February 4, 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

Oct

2023

622

-49

-671

348

17

-331

274

-65

-340

Nov

2023

701

43

-658

403

90

-312

298

-47

-346

Dec

2023

863

34

-829

548

116

-432

315

-82

-397

Jan

2024

773

14

-759

447

33

-414

326

-19

-345

Feb

2024

730

55

-676

415

56

-359

316

-1

-317

Mar

2024

834

54

-780

528

84

-444

306

-30

-336

Apr

2024

726

-32

-758

399

11

-388

327

-43

-370

May

2024

665

54

-611

368

77

-291

298

-23

-321

Jun

2024

724

36

-688

461

65

-397

263

-29

-292

Jul

2024

748

59

-689

435

87

-349

312

-28

-340

Aug

2024

723

12

-711

399

48

-352

324

-36

-360

Sep

2024

814

47

-767

495

60

-435

319

-12

-331

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

Oct

2023

2.49

-0.20

-2.68

2.88

0.14

-2.75

2.12

-0.51

-2.62

Nov

2023

2.88

0.18

-2.71

3.43

0.77

-2.66

2.37

-0.38

-2.75

Dec

2023

3.29

0.13

-3.16

4.30

0.91

-3.38

2.34

-0.61

-2.95

Jan

2024

2.82

0.05

-2.77

3.32

0.24

-3.07

2.34

-0.13

-2.47

Feb

2024

2.65

0.20

-2.45

3.06

0.41

-2.65

2.26

-0.01

-2.27

9

Mar

2024

2.92

0.19

-2.73

3.74

0.59

-3.15

2.12

-0.21

-2.33

Apr

2024

2.47

-0.11

-2.58

2.74

0.08

-2.66

2.21

-0.29

-2.51

May

2024

2.35

0.19

-2.16

2.62

0.55

-2.07

2.09

-0.16

-2.25

Jun

2024

2.47

0.12

-2.35

3.15

0.44

-2.71

1.79

-0.20

-1.99

Jul

2024

2.51

0.20

-2.31

2.91

0.58

-2.33

2.10

-0.19

-2.29

Aug

2024

2.38

0.04

-2.34

2.60

0.31

-2.29

2.15

-0.24

-2.39

Sep

2024

2.62

0.15

-2.47

3.15

0.38

-2.77

2.08

-0.08

-2.16

February 4, 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

Taxable Bond

Global Equity

Municipal Bond

Multi-Asset

Subtotal

Taxable Bond

Municipal Bond

Multi-Asset

Global Equity

US Equity

Subtotal

Total

Oct

2023

22

13

-3

3

1

36

-18

-11

-12

-11

-33

-85

-49

Nov

2023

72

26

6

5

0

109

-7

-4

-7

-11

-37

-66

43

Dec

2023

88

21

19

2

-1

129

-11

-2

-10

-20

-52

-95

34

Jan

2024

12

20

4

0

0

35

30

6

-9

-7

-41

-21

14

Feb

2024

35

11

8

0

0

54

37

3

-8

-3

-28

1

55

Mar

2024

67

16

9

1

0

93

14

3

-11

-14

-33

-40

54

Apr

2024

12

15

4

1

1

32

7

-1

-10

-13

-47

-65

-32

May

2024

58

26

10

1

-1

93

11

0

-10

-11

-29

-39

54

Jun

2024

46

25

12

1

0

84

-4

-1

-9

-3

-31

-48

36

Jul

2024

77

35

-1

3

2

117

12

3

-9

-13

-50

-58

59

Aug

2024

39

30

-2

2

1

70

-7

3

-8

-10

-36

-58

12

Sep

2024

41

27

14

2

2

86

12

5

-10

-12

-34

-38

47

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

Multi-Asset

Taxable Bond

Municipal Bond

Global Equity

US Equity

Subtotal

Municipal Bond

Taxable Bond

US Equity

Global Equity

Multi-Asset

Subtotal

Total

Oct

2023

1.13

0.99

2.70

-0.24

0.50

0.51

-1.47

-0.49

-0.36

-0.38

-0.82

-0.47

-0.20

Nov

2023

-0.30

2.06

4.35

0.56

1.66

1.59

-0.60

-0.19

-0.41

-0.38

-0.49

-0.38

0.18

Dec

2023

-1.00

1.59

1.45

1.58

1.84

1.72

-0.27

-0.30

-0.53

-0.66

-0.67

-0.51

0.13

Jan

2024

-0.02

1.42

-0.32

0.35

0.23

0.44

0.79

0.77

-0.40

-0.22

-0.57

-0.11

0.05

10

Feb

2024

0.63

0.81

-0.13

0.61

0.67

0.67

0.35

0.95

-0.27

-0.10

-0.54

0.00

0.20

Mar

2024

-0.47

1.17

1.00

0.69

1.24

1.12

0.43

0.35

-0.30

-0.42

-0.69

-0.20

0.19

Apr

2024

1.17

1.03

0.85

0.28

0.21

0.38

-0.16

0.17

-0.43

-0.39

-0.64

-0.31

-0.11

May

2024

-0.77

1.82

0.64

0.76

1.06

1.12

0.06

0.28

-0.27

-0.36

-0.69

-0.20

0.19

Jun

2024

0.10

1.70

0.87

0.90

0.79

0.96

-0.12

-0.09

-0.28

-0.09

-0.61

-0.23

0.12

Jul

2024

3.05

2.36

2.71

-0.08

1.31

1.30

0.33

0.31

-0.45

-0.40

-0.63

-0.28

0.20

Aug

2024

0.66

1.95

1.40

-0.12

0.64

0.75

0.36

-0.17

-0.31

-0.29

-0.54

-0.27

0.04

Sep

2024

2.05

1.72

1.27

0.98

0.66

0.90

0.69

0.29

-0.29

-0.34

-0.65

-0.18

0.15

February 4, 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

US Equity

Multi-Asset

Taxable Bond

Municipal Bond

Global Equity

US Equity

Multi-Asset

Taxable Bond

Municipal Bond

Global Equity

Multi-Asset

US Equity

Taxable Bond

Municipal Bond

Oct

2023

-3.61

-3.14

-1.99

-1.03

-1.34

-3.74

-3.58

-4.02

-0.85

***

-3.55

-1.90

-3.00

-1.07

-1.39

Nov

2023

8.50

8.74

6.13

4.03

6.23

8.44

9.12

8.90

3.38

***

8.52

5.94

8.54

4.13

6.29

Dec

2023

5.02

5.63

3.99

3.29

2.47

5.29

6.12

5.72

2.80

***

4.95

3.88

5.56

3.35

2.49

Jan

2024

-1.58

0.44

0.34

0.29

-0.04

-1.77

0.07

-0.84

0.08

***

-1.50

0.41

0.52

0.33

-0.03

Feb

2024

3.07

4.73

2.05

-0.30

0.15

2.81

5.17

4.29

-1.09

***

3.22

1.91

4.61

-0.15

0.16

Mar

2024

3.01

3.26

2.42

0.93

0.10

2.88

3.34

3.06

0.76

***

3.08

2.41

3.23

0.97

0.11

Apr

2024

-2.59

-4.70

-2.73

-1.25

-1.05

-2.33

-4.83

-4.65

-1.19

***

-2.68

-2.64

-4.66

-1.26

-1.05

May

2024

4.01

3.96

2.92

1.39

0.07

3.73

4.38

3.55

1.18

***

4.10

2.87

3.78

1.42

0.08

Jun

2024

-0.99

0.80

0.90

0.78

1.60

-1.51

0.62

-0.27

0.75

***

-0.79

0.98

0.86

0.78

1.62

Jul

2024

2.45

3.15

1.76

1.76

0.85

2.45

3.89

2.02

1.88

***

2.45

1.72

3.01

1.73

0.85

Aug

2024

2.48

1.91

1.61

1.32

0.76

2.18

2.06

***

1.33

***

2.54

1.70

1.84

1.32

0.76

Sep

2024

1.90

1.52

1.48

1.28

1.03

2.24

1.95

***

1.25

***

1.80

1.48

1.42

1.29

1.04

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

US Equity

Multi-Asset

Taxable Bond

Municipal Bond

Multi-Asset

Global Equity

US Equity

Taxable Bond

Municipal Bond

Global Equity

US Equity

Multi-Asset

Taxable Bond

Municipal Bond

Oct

2023

-3.39

-2.84

-2.09

-1.09

-1.28

-5.15

-3.57

-2.83

-1.15

***

-3.24

-2.86

-1.85

-1.05

-1.32

Nov

2023

8.43

9.14

6.61

3.71

5.97

12.18

8.38

9.26

3.83

***

8.48

8.98

6.23

3.62

6.04

Dec

2023

5.09

5.64

4.51

3.18

2.46

8.38

4.99

5.63

3.34

***

5.16

5.66

4.23

3.06

2.50

Jan

2024

-1.37

0.92

0.28

0.06

0.02

-0.68

-1.84

0.80

-0.18

***

-1.01

1.09

0.35

0.23

0.04

11

Feb

2024

3.35

5.27

2.07

-0.75

0.22

4.94

2.96

5.18

-1.09

***

3.66

5.39

1.86

-0.51

0.25

Mar

2024

3.25

3.30

2.65

0.95

0.16

3.01

3.19

3.31

0.82

***

3.30

3.28

2.62

1.04

0.19

Apr

2024

-2.40

-4.50

-2.99

-1.71

-1.03

-6.81

-2.08

-4.54

-1.99

***

-2.65

-4.44

-2.70

-1.52

-1.03

May

2024

3.99

4.48

3.12

1.45

0.10

6.16

3.94

4.66

1.40

***

4.04

4.21

2.89

1.48

0.14

Jun

2024

-0.48

2.60

1.75

0.82

1.66

4.48

-0.85

2.74

0.85

***

-0.20

2.40

1.53

0.80

1.70

Jul

2024

2.39

2.02

2.11

1.92

0.88

2.39

2.67

2.16

2.09

***

2.17

1.83

2.09

1.80

0.89

Aug

2024

2.48

2.06

1.72

1.25

0.79

***

2.43

2.03

1.26

***

2.51

2.11

1.78

1.25

0.79

Sep

2024

2.18

1.86

1.75

1.31

1.00

***

2.54

1.98

1.32

***

1.91

1.68

1.61

1.31

1.01

February 4, 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

Other Asset-Backed Security

Collateralized Obligation

Equity Derivative

Repurchase Agreement

Preferred Equity

Private Fund

Cash

Rate Derivative

Other Debt

Structured Note

FX Derivative

Other Types

Commodity

Commodity Derivative

Credit Derivative

Asset-Backed CP

Other Derivative

Total

Oct

2023

18,476

2,268

2,096

1,742

1,307

931

747

350

186

171

164

70

97

91

79

84

105

48

21

19

16

***

5

3

***

1

29,090

Nov

2023

20,139

2,436

2,208

1,783

1,396

981

752

370

188

174

168

76

104

97

81

82

81

47

22

27

18

***

9

4

***

1

31,254

Dec

2023

21,242

2,543

2,263

1,840

1,425

1,002

735

382

191

175

171

82

104

101

82

81

97

47

22

25

17

***

6

5

***

1

32,651

Jan

2024

21,283

2,542

2,295

1,843

1,441

1,006

760

380

193

179

172

80

114

101

84

72

84

46

22

22

17

***

5

5

***

1

32,758

Feb

2024

22,310

2,614

2,297

1,843

1,431

1,008

767

384

200

179

176

101

118

102

86

75

74

43

23

23

17

***

9

5

***

1

33,898

12

Mar

2024

23,049

2,677

2,321

1,872

1,476

1,015

775

388

209

184

183

98

112

104

87

89

71

42

25

19

18

***

5

5

***

1

34,836

Apr

2024

22,089

2,576

2,276

1,844

1,452

1,002

757

380

215

184

183

88

107

100

88

85

92

41

24

27

17

***

7

4

***

1

33,650

May

2024

23,067

2,663

2,313

1,883

1,500

1,006

745

394

219

188

192

99

102

100

84

88

74

42

26

23

17

***

6

5

***

1

34,848

Jun

2024

23,487

2,691

2,317

1,899

1,510

1,026

756

393

222

195

197

114

119

98

87

92

73

43

25

24

17

***

5

4

***

1

35,408

Jul

2024

23,978

2,739

2,369

1,945

1,522

1,039

761

407

227

199

195

118

112

99

89

85

83

43

25

28

17

***

6

4

***

1

36,104

Aug

2024

24,484

2,775

2,399

2,011

1,567

1,050

743

415

224

201

197

124

118

101

90

94

76

43

27

42

18

***

5

5

***

1

36,822

Sep

2024

24,906

2,818

2,458

2,053

1,570

1,068

783

422

223

208

202

131

116

103

96

92

76

43

28

28

18

***

5

4

***

1

37,466

February 4, 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

Other Asset-Backed Security

Collateralized Obligation

Equity Derivative

Repurchase Agreement

Preferred Equity

Private Fund

Cash

Rate Derivative

Other Debt

Structured Note

FX Derivative

Other Types

Commodity

Commodity Derivative

Credit Derivative

Asset-Backed CP

Other Derivative

Total

Oct

2023

7,086

2,272

2,236

1,809

1,230

793

2,043

435

379

526

504

587

482

207

434

565

228

146

23

74

23

***

34

***

***

14

12,601

Nov

2023

7,109

2,271

2,222

1,768

1,231

792

1,964

432

367

524

494

565

484

204

431

535

172

146

23

74

21

***

41

***

8

12

12,591

Dec

2023

7,122

2,243

2,224

1,788

1,230

792

1,807

426

364

506

492

535

471

202

392

539

203

163

***

77

***

11

47

***

***

***

12,598

Jan

2024

7,108

2,251

2,233

1,858

1,230

793

1,908

435

360

528

484

549

480

206

389

585

186

141

24

64

25

***

42

12

***

14

12,698

Feb

2024

7,091

2,238

2,223

1,847

1,222

790

1,933

437

379

529

487

595

479

200

391

514

156

122

26

77

24

***

45

13

***

16

12,629

13

Mar

2024

7,099

2,242

2,223

1,843

1,230

790

1,925

432

392

548

504

584

496

200

388

530

152

146

***

61

***

10

45

***

***

16

12,655

Apr

2024

7,095

2,238

2,216

1,857

1,232

792

1,954

426

404

555

514

599

486

196

385

552

207

138

26

92

28

***

58

***

***

***

12,652

May

2024

7,095

2,260

2,212

1,866

1,230

791

1,843

428

402

563

519

591

464

191

374

497

155

139

24

77

24

***

43

13

***

13

12,664

Jun

2024

7,114

2,241

2,210

1,837

1,233

792

1,833

425

414

562

529

584

483

191

366

537

143

145

25

70

***

10

41

***

***

***

12,680

Jul

2024

7,119

2,272

2,204

1,851

1,234

792

1,806

428

415

564

503

653

481

192

376

524

162

127

25

93

29

***

52

***

***

16

12,711

Aug

2024

7,094

2,245

2,199

1,859

1,232

794

1,776

424

406

560

501

655

486

188

381

518

135

124

26

106

25

***

44

13

***

14

12,729

Sep

2024

7,098

2,257

2,208

1,875

1,234

800

1,866

423

401

558

501

689

489

187

385

509

134

139

26

74

***

10

52

***

***

14

12,782

February 4, 2025

4.2

Analytics Office

Mutual Funds3

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 Types

Other Asset-Backed Security

Collateralized Obligation

Loan

Repurchase Agreement

Cash

Preferred Equity

Private Fund

Total

Oct

2023

13,024

2,219

1,616

1,155

1,145

743

587

270

218

160

144

126

75

67

48

23

21,619

Nov

2023

14,125

2,382

1,689

1,233

1,171

777

590

284

202

161

146

126

85

63

51

23

23,108

Dec

2023

14,824

2,485

1,717

1,253

1,214

793

578

293

219

162

148

126

87

62

53

23

24,037

Jan

2024

14,839

2,482

1,734

1,267

1,215

797

596

292

197

165

148

127

93

57

52

24

24,087

Feb

2024

15,534

2,552

1,739

1,258

1,217

800

598

297

193

165

150

132

99

58

53

25

24,868

Mar

2024

15,989

2,611

1,754

1,299

1,236

806

607

300

182

169

156

136

93

68

54

23

25,481

Apr

2024

15,304

2,511

1,720

1,275

1,218

795

585

293

205

169

154

139

87

66

52

24

24,594

May

2024

15,919

2,595

1,743

1,318

1,240

798

574

302

188

172

161

142

83

65

51

24

25,374

Jun

2024

16,178

2,620

1,739

1,325

1,237

815

584

302

184

178

164

142

99

68

50

23

25,707

Jul

2024

16,424

2,665

1,768

1,330

1,264

824

587

312

200

181

161

143

91

66

51

24

26,091

Aug

2024

16,749

2,699

1,786

1,366

1,302

832

565

316

202

183

163

141

95

73

52

24

26,549

Sep

2024

16,982

2,741

1,825

1,362

1,328

847

590

322

193

190

167

140

94

68

52

25

26,928

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 Types

Other Asset-Backed Security

Collateralized Obligation

Loan

Repurchase Agreement

Cash

Preferred Equity

Private Fund

Total

Oct

2023

5,003

1,933

1,685

1,040

1,383

591

1,456

350

522

432

380

225

329

304

94

135

8,832

Nov

2023

4,990

1,917

1,672

1,036

1,343

589

1,391

345

471

429

366

216

331

284

96

139

8,780

Dec

2023

4,980

1,888

1,666

1,030

1,362

588

1,266

341

519

412

363

212

332

274

93

112

8,749

Jan

2024

4,978

1,889

1,664

1,030

1,411

587

1,353

352

465

433

359

211

326

288

92

115

8,808

Feb

2024

4,964

1,875

1,655

1,019

1,396

585

1,367

349

452

429

359

225

326

278

90

117

8,747

Mar

2024

4,953

1,873

1,648

1,024

1,384

582

1,331

347

458

441

371

230

334

292

89

118

8,731

Apr

2024

4,941

1,868

1,640

1,020

1,377

583

1,333

341

488

443

379

238

332

292

84

113

8,701

May

2024

4,934

1,886

1,636

1,016

1,378

580

1,251

344

426

450

389

238

313

252

81

115

8,682

Jun

2024

4,937

1,859

1,622

1,009

1,340

578

1,236

337

396

441

393

238

319

276

80

102

8,623

Jul

2024

4,929

1,875

1,618

1,007

1,332

571

1,196

337

434

442

368

241

323

280

82

115

8,607

Aug

2024

4,896

1,856

1,609

1,006

1,345

570

1,176

332

406

440

373

235

321

283

77

115

8,584

Sep

2024

4,885

1,863

1,612

1,009

1,306

570

1,216

332

412

439

371

229

315

269

75

110

8,546

3

“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

February 4, 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

Other Types

Municipal Debt

Non US Sovereign Debt

Registered Fund

Preferred Equity

Collateralized Obligation

Cash

Loan

Other Asset-Backed Security

Repurchase Agreement

Total

Oct

2023

5,331

592

423

132

149

72

110

76

41

34

11

14

12

8

8

7,011

Nov

2023

5,884

607

459

142

150

84

120

83

46

37

12

15

12

9

6

7,665

Dec

2023

6,284

621

483

151

145

84

123

86

50

38

13

14

14

9

4

8,121

Jan

2024

6,311

623

499

153

152

85

123

84

51

39

13

12

14

10

8

8,176

Feb

2024

6,640

621

496

152

156

103

122

83

53

39

15

12

15

11

6

8,526

Mar

2024

6,918

631

504

156

155

102

123

84

57

40

16

16

16

11

7

8,837

Apr

2024

6,648

621

493

156

158

97

123

83

56

39

18

14

17

12

7

8,542

May

2024

7,007

639

506

161

158

104

123

88

59

39

20

18

18

12

6

8,956

Jun

2024

7,166

657

515

164

160

122

125

88

61

38

22

19

19

12

7

9,174

Jul

2024

7,409

676

537

171

159

126

129

92

64

38

23

14

20

12

8

9,477

Aug

2024

7,587

704

548

177

163

130

131

95

66

40

23

17

17

12

10

9,721

Sep

2024

7,776

721

566

184

177

136

134

96

67

41

24

19

18

13

8

9,981

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

Other Types

Municipal Debt

Non US Sovereign Debt

Registered Fund

Preferred Equity

Collateralized Obligation

Cash

Loan

Other Asset-Backed Security

Repurchase Agreement

Total

Oct

2023

1,905

387

345

119

441

663

83

55

294

52

51

213

21

59

***

3,123

Nov

2023

1,936

387

347

124

439

642

84

57

308

54

54

197

20

60

***

3,167

Dec

2023

1,957

392

351

128

422

609

85

57

307

54

53

212

20

59

86

3,204

Jan

2024

1,948

411

360

127

436

635

87

54

309

55

51

247

20

60

104

3,246

Feb

2024

1,940

416

358

129

438

659

86

58

311

53

55

188

22

65

101

3,235

15

Mar

2024

1,958

422

364

132

460

649

88

54

315

54

56

188

22

67

109

3,269

Apr

2024

1,971

447

362

136

468

700

89

55

316

53

59

206

24

69

99

3,297

May

2024

1,982

456

367

138

457

683

91

54

321

52

54

197

23

70

***

3,345

Jun

2024

1,997

463

377

145

473

683

94

57

329

51

59

208

25

75

***

3,395

Jul

2024

2,010

485

378

146

465

730

101

58

338

50

57

185

25

74

104

3,442

Aug

2024

2,016

485

381

145

459

733

104

60

335

53

54

183

25

74

***

3,481

Sep

2024

2,039

537

392

143

506

773

111

59

343

54

57

184

26

74

***

3,582

February 4, 2025

4.4

Analytics Office

Closed-End Funds4

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

Municipal Debt

Corporate Debt

Loan

Mortgage-Backed Security

STIV

Repurchase Agreement

Collateralized Obligation

Preferred Equity

Registered Fund

Other Asset-Backed Security

Cash

US Treasury Debt

Non US Sovereign Debt

Total

Oct

2023

121

67

79

57

48

20

12

14

9

9

8

3

4

5

4

459

Nov

2023

130

69

84

59

50

20

11

13

10

10

9

3

4

5

4

481

Dec

2023

133

70

86

62

51

21

11

13

10

10

9

3

5

5

3

493

Jan

2024

133

71

86

62

52

21

12

13

10

10

9

3

4

5

4

495

Feb

2024

137

73

86

62

53

21

13

13

10

10

9

4

4

5

4

504

Mar

2024

142

74

86

63

57

21

13

13

11

10

9

4

5

5

4

517

Apr

2024

137

76

85

63

59

21

14

13

11

10

9

4

5

5

4

514

May

2024

141

73

85

64

59

21

14

13

11

10

9

4

5

4

4

518

Jun

2024

143

77

86

64

61

21

13

13

11

10

9

5

5

5

4

528

Jul

2024

145

79

86

65

64

21

15

13

11

10

10

5

5

5

4

537

Aug

2024

148

88

86

65

65

24

15

13

11

10

9

5

4

4

4

552

Sep

2024

148

89

87

67

65

24

16

14

12

10

9

5

5

4

4

558

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

Municipal Debt

Corporate Debt

Loan

Mortgage-Backed Security

STIV

Repurchase Agreement

Collateralized Obligation

Preferred Equity

Registered Fund

Other Asset-Backed Security

Cash

US Treasury Debt

Non US Sovereign Debt

Total

Oct

2023

232

171

120

215

133

73

148

56

73

61

45

35

48

48

32

646

Nov

2023

237

165

120

212

131

73

135

53

74

54

46

35

55

47

32

644

Dec

2023

238

163

120

216

132

74

120

53

76

55

***

35

53

43

30

645

Jan

2024

236

163

120

218

129

75

120

50

74

59

53

35

50

45

31

644

Feb

2024

240

166

120

219

132

76

129

52

73

57

52

35

48

44

32

647

Mar

2024

242

170

121

220

140

76

134

53

77

57

***

40

50

46

33

655

Apr

2024

236

169

121

223

142

78

154

55

76

59

54

43

54

42

32

654

May

2024

232

154

121

218

141

78

135

55

76

58

53

43

48

41

32

637

Jun

2024

233

177

121

220

151

81

124

54

77

60

***

46

53

43

33

662

Jul

2024

234

181

121

217

149

83

145

54

78

60

59

48

59

43

35

662

Aug

2024

236

179

121

218

146

83

141

55

74

58

54

46

52

38

34

664

Sep

2024

227

180

120

213

146

84

144

55

73

58

***

45

56

41

34

654

4

“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

February 4, 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

Other Asset-Backed Security

Collateralized Obligation

Non US Sovereign Debt

Repurchase Agreement

Cash

Preferred Equity

Total

Oct

2023

9,049

2,181

1,510

1,057

827

728

568

331

181

169

162

148

86

71

55

17,122

Nov

2023

9,810

2,340

1,575

1,131

868

737

571

324

183

171

165

155

94

64

58

18,246

Dec

2023

10,284

2,441

1,598

1,149

886

765

556

342

185

172

168

160

97

63

60

18,925

Jan

2024

10,270

2,440

1,617

1,163

891

766

572

324

187

176

169

163

103

62

60

18,964

Feb

2024

10,742

2,508

1,626

1,160

893

765

571

336

194

176

173

165

107

63

60

19,539

Mar

2024

11,055

2,565

1,635

1,197

900

778

584

328

203

181

180

165

102

69

61

20,003

Apr

2024

10,587

2,468

1,608

1,179

888

771

556

349

208

182

180

160

97

73

59

19,366

May

2024

10,992

2,550

1,629

1,220

892

784

555

337

212

185

190

164

92

71

59

19,933

Jun

2024

11,139

2,575

1,627

1,228

910

781

562

348

215

192

194

164

109

71

58

20,173

Jul

2024

11,299

2,619

1,654

1,230

922

793

564

369

219

196

193

167

102

74

59

20,460

Aug

2024

11,520

2,653

1,673

1,272

931

824

555

380

218

198

195

170

107

75

60

20,829

Sep

2024

11,655

2,694

1,715

1,269

947

842

574

382

217

205

200

176

107

74

61

21,118

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

Other Asset-Backed Security

Collateralized Obligation

Non US Sovereign Debt

Repurchase Agreement

Cash

Preferred Equity

Total

Oct

2023

5,237

2,098

2,009

1,164

748

1,543

1,697

1,097

377

523

504

393

264

448

171

10,028

Nov

2023

5,270

2,093

2,001

1,166

749

1,517

1,624

1,044

365

522

494

391

268

424

166

10,031

Dec

2023

5,272

2,075

2,004

1,165

749

1,529

1,500

1,052

362

504

492

385

270

421

166

10,043

Jan

2024

5,273

2,084

2,006

1,165

748

1,606

1,587

1,040

358

526

484

396

255

442

168

10,132

Feb

2024

5,263

2,069

1,996

1,157

746

1,594

1,601

1,042

377

526

487

396

261

411

165

10,086

17

Mar

2024

5,264

2,071

1,995

1,164

746

1,578

1,595

1,034

390

544

503

394

273

430

164

10,100

Apr

2024

5,258

2,067

1,989

1,166

748

1,574

1,614

1,100

402

550

513

387

266

443

161

10,093

May

2024

5,256

2,084

1,984

1,164

746

1,577

1,515

1,026

400

559

518

390

250

407

157

10,098

Jun

2024

5,272

2,062

1,980

1,167

747

1,539

1,510

1,013

412

558

528

386

264

445

158

10,106

Jul

2024

5,277

2,093

1,973

1,168

747

1,545

1,490

1,102

413

560

502

388

259

448

160

10,135

Aug

2024

5,255

2,066

1,969

1,167

749

1,554

1,474

1,082

403

556

501

384

261

443

153

10,155

Sep

2024

5,255

2,078

1,978

1,170

755

1,557

1,530

1,099

398

554

501

383

263

451

152

10,201

February 4, 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

Cash

Repurchase Agreement

Loan

Other Asset-Backed Security

Collateralized Obligation

Total

Oct

2023

9,427

1,015

586

250

202

179

87

104

49

36

14

10

***

2

***

11,968

Nov

2023

10,329

1,045

633

264

216

181

96

113

55

39

18

10

***

2

***

13,009

Dec

2023

10,959

1,075

665

276

222

179

103

116

54

41

17

8

***

2

***

13,725

Jan

2024

11,013

1,077

677

278

217

188

102

115

53

41

11

11

***

3

***

13,794

Feb

2024

11,568

1,078

671

272

219

196

106

114

58

42

12

11

***

3

***

14,360

Mar

2024

11,995

1,094

686

279

223

191

112

115

54

42

20

10

***

3

***

14,833

Apr

2024

11,501

1,072

668

273

219

201

108

114

53

41

12

10

***

3

***

14,284

May

2024

12,075

1,099

683

279

229

190

113

113

53

41

16

10

***

3

***

14,915

Jun

2024

12,347

1,118

691

282

229

195

116

116

58

40

21

10

***

3

***

15,235

Jul

2024

12,679

1,152

714

291

240

196

120

117

59

40

11

10

***

3

***

15,645

Aug

2024

12,964

1,187

727

295

245

188

122

119

63

42

18

12

***

3

***

15,993

Sep

2024

13,251

1,211

743

301

246

209

123

121

62

42

18

9

***

3

***

16,348

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

Cash

Repurchase Agreement

Loan

Other Asset-Backed Security

Collateralized Obligation

Total

Oct

2023

1,849

266

227

66

42

346

174

45

379

36

117

218

***

***

0

2,573

Nov

2023

1,839

251

221

65

41

340

178

43

358

38

111

216

***

***

0

2,560

Dec

2023

1,850

259

220

65

41

307

168

43

337

36

118

***

***

***

0

2,555

Jan

2024

1,835

252

227

65

39

321

167

45

325

38

143

225

***

***

0

2,566

Feb

2024

1,828

253

227

65

41

332

169

44

336

35

103

218

***

***

0

2,543

18

Mar

2024

1,835

265

228

66

38

330

171

44

345

36

100

***

***

***

***

2,555

Apr

2024

1,837

283

227

66

39

340

171

44

351

35

109

220

***

***

1

2,559

May

2024

1,839

289

228

66

38

328

176

45

335

34

90

214

***

***

***

2,566

Jun

2024

1,842

298

230

66

39

323

179

45

328

33

92

***

***

***

***

2,574

Jul

2024

1,842

306

231

66

40

316

179

45

341

32

76

222

***

***

1

2,576

Aug

2024

1,839

305

230

65

40

302

179

45

333

35

75

225

***

***

0

2,574

Sep

2024

1,843

318

230

64

40

336

179

45

355

35

58

***

***

***

0

2,581

February 4, 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

Other Types

Preferred Equity

Cash

Registered Fund

Repurchase Agreement

US Treasury Debt

Corporate Debt

Loan

Total

Oct

2023

13,786

228

74

42

27

23

13

5

6

1

14,204

Nov

2023

15,064

236

79

44

21

23

15

6

6

1

15,496

Dec

2023

15,924

232

85

46

20

26

***

7

7

***

16,362

Jan

2024

16,037

229

85

46

18

26

***

6

7

***

16,473

Feb

2024

16,879

232

99

47

18

29

18

6

6

0

17,334

Mar

2024

17,457

232

102

47

21

30

17

7

***

***

17,919

Apr

2024

16,654

217

97

46

19

27

16

7

6

0

17,089

May

2024

17,409

223

104

46

19

30

15

6

6

0

17,859

Jun

2024

17,840

230

118

46

23

28

18

9

***

***

18,320

Jul

2024

18,222

230

120

47

19

30

17

7

6

0

18,697

Aug

2024

18,541

224

125

48

19

18

18

7

6

0

19,005

Sep

2024

18,850

235

143

49

26

19

17

13

***

***

19,365

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

Other Types

Preferred Equity

Cash

Registered Fund

Repurchase Agreement

US Treasury Debt

Corporate Debt

Loan

Total

Oct

2023

4,149

468

451

52

129

93

83

57

38

***

4,376

Nov

2023

4,159

423

433

50

120

84

81

47

33

***

4,388

Dec

2023

4,173

379

445

50

114

83

***

48

32

1

4,404

Jan

2024

4,187

381

439

49

130

84

82

43

35

1

4,423

Feb

2024

4,186

410

434

47

117

91

80

44

34

1

4,423

19

Mar

2024

4,212

386

441

46

100

84

86

53

37

1

4,459

Apr

2024

4,220

378

463

50

123

88

80

48

39

***

4,474

May

2024

4,219

377

471

48

111

90

75

50

37

1

4,493

Jun

2024

4,231

356

468

49

112

89

82

49

40

1

4,513

Jul

2024

4,237

361

491

50

119

89

89

47

37

1

4,533

Aug

2024

4,244

338

496

47

110

80

86

49

36

1

4,548

Sep

2024

4,249

341

529

46

126

89

***

60

36

1

4,584

February 4, 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

Other Asset-Backed Security

Collateralized Obligation

Repurchase Agreement

Total

Oct

2023

1,841

1,582

1,194

332

275

266

169

156

148

70

6,033

Nov

2023

1,937

1,625

1,270

352

268

261

172

158

151

76

6,270

Dec

2023

1,989

1,675

1,308

364

256

277

174

159

154

76

6,432

Jan

2024

2,018

1,679

1,321

362

277

251

177

163

154

83

6,483

Feb

2024

2,020

1,680

1,312

366

281

246

183

163

158

87

6,495

Mar

2024

2,043

1,709

1,349

370

277

246

192

167

164

81

6,598

Apr

2024

2,004

1,684

1,328

362

282

268

196

167

164

76

6,532

May

2024

2,038

1,723

1,372

376

278

257

201

170

172

72

6,661

Jun

2024

2,045

1,735

1,381

375

278

255

204

176

176

86

6,712

Jul

2024

2,091

1,778

1,392

390

281

262

208

179

175

79

6,835

Aug

2024

2,115

1,839

1,438

397

277

271

206

181

176

85

6,985

Sep

2024

2,164

1,873

1,433

402

294

257

204

188

179

84

7,078

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

Other Asset-Backed Security

Collateralized Obligation

Repurchase Agreement

Total

Oct

2023

1,803

1,346

1,046

379

695

800

333

509

471

290

2,653

Nov

2023

1,798

1,334

1,049

377

728

778

324

508

462

296

2,660

Dec

2023

1,800

1,356

1,053

375

674

791

320

492

463

297

2,656

Jan

2024

1,798

1,435

1,052

384

735

795

318

511

455

300

2,738

Feb

2024

1,795

1,423

1,048

391

769

766

336

513

459

299

2,738

20

Mar

2024

1,790

1,412

1,056

388

787

789

351

532

475

308

2,739

Apr

2024

1,783

1,430

1,055

383

765

822

361

538

484

308

2,734

May

2024

1,783

1,431

1,055

387

769

765

362

547

487

289

2,740

Jun

2024

1,781

1,399

1,057

384

761

756

370

547

497

300

2,729

Jul

2024

1,780

1,424

1,058

387

726

793

370

546

473

288

2,731

Aug

2024

1,781

1,433

1,055

383

734

768

362

547

475

291

2,734

Sep

2024

1,791

1,437

1,056

382

736

783

357

544

471

300

2,748

February 4, 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

Corporate Debt

Other Types

US Treasury Debt

STIV

Mortgage-Backed Security

Loan

Non US Sovereign Debt

Preferred Equity

Total

Oct

2023

2,216

897

243

196

151

129

112

16

15

12

3,984

Nov

2023

2,382

951

256

198

147

136

124

15

16

12

4,237

Dec

2023

2,487

996

261

202

153

137

117

16

16

12

4,397

Jan

2024

2,487

994

265

200

152

139

119

16

16

12

4,400

Feb

2024

2,556

1,033

265

208

150

136

119

16

15

12

4,512

Mar

2024

2,617

1,064

265

207

149

141

126

17

16

13

4,615

Apr

2024

2,520

1,024

260

212

148

137

123

17

15

13

4,468

May

2024

2,600

980

260

210

143

127

118

17

15

13

4,483

Jun

2024

2,631

1,002

258

218

145

126

120

17

15

12

4,544

Jul

2024

2,677

1,025

264

226

150

132

121

18

15

12

4,639

Aug

2024

2,723

1,106

266

232

153

127

120

18

16

13

4,773

Sep

2024

2,765

1,119

269

238

156

124

118

18

16

13

4,835

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

Corporate Debt

Other Types

US Treasury Debt

STIV

Mortgage-Backed Security

Loan

Non US Sovereign Debt

Preferred Equity

Total

Oct

2023

2,041

720

378

600

380

598

181

43

55

47

2,691

Nov

2023

2,047

721

375

584

360

580

179

41

54

50

2,660

Dec

2023

2,025

720

375

559

359

528

173

43

50

48

2,648

Jan

2024

2,029

711

381

559

351

557

174

41

50

51

2,658

Feb

2024

2,006

695

373

566

349

509

171

41

45

49

2,606

21

Mar

2024

2,010

690

372

554

346

504

171

39

43

48

2,602

Apr

2024

2,009

694

371

556

347

557

174

40

42

48

2,607

May

2024

2,018

692

373

528