# Division of Investment Management

> Briefs, arguments, decisions, and more.

URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3A1701cbfa5135fefe

## Record

- **Collection:** Agency decision
- **Document type:** Agency decision

## Text

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

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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
352
481
171
38
40
49
2,590

Jun
2024
2,009
697
374
540
361
490
172
42
40
48
2,600

Jul
2024
2,032
703
372
553
357
506
172
43
40
46
2,614

Aug
2024
2,029
696
367
537
355
502
173
42
40
47
2,626

Sep
2024
2,036
696
366
546
355
529
172
42
39
44
2,623

February 4, 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
Cash
Total

Oct
2023
3,771
105
41
27
14
3,957

Nov
2023
4,100
104
43
30
17
4,293

Dec
2023
4,297
101
39
32
12
4,481

Jan
2024
4,228
103
39
31
11
4,411

Feb
2024
4,372
107
43
32
12
4,565

Mar
2024
4,503
114
43
32
15
4,706

Apr
2024
4,380
110
43
30
13
4,577

May
2024
4,642
107
61
29
16
4,855

Jun
2024
4,609
113
60
28
15
4,825

Jul
2024
4,702
107
61
28
13
4,911

Aug
2024
4,807
105
67
29
16
5,024

Sep
2024
4,909
117
68
29
14
5,137

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
Cash
Total

Oct
2023
2,132
221
144
56
54
2,142

Nov
2023
2,133
196
139
58
42
2,143

Dec
2023
2,137
196
130
57
37
2,149

Jan
2024
2,115
185
128
58
50
2,136

Feb
2024
2,109
188
129
56
36
2,118

22

Mar
2024
2,101
202
137
58
42
2,111

Apr
2024
2,083
201
137
50
35
2,092

May
2024
2,086
176
130
47
34
2,094

Jun
2024
2,080
184
119
46
41
2,089

Jul
2024
2,070
164
126
45
41
2,081

Aug
2024
2,059
154
127
45
35
2,068

Sep
2024
2,057
211
122
42
31
2,068

February 4, 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
Cash
Corporate Debt
Total

Oct
2023
888
9
10
2
2
911

Nov
2023
936
8
10
2
2
959

Dec
2023
955
8
11
3
2
979

Jan
2024
961
12
11
3
2
990

Feb
2024
964
12
12
2
2
992

Mar
2024
970
11
11
2
3
997

Apr
2024
959
11
11
2
3
985

May
2024
963
10
12
3
3
990

Jun
2024
982
9
12
3
2
1,007

Jul
2024
994
12
12
2
2
1,022

Aug
2024
1,007
11
12
2
2
1,035

Sep
2024
1,025
12
9
3
2
1,051

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
Cash
Corporate Debt
Total

Oct
2023
738
61
44
11
***
739

Nov
2023
740
37
43
10
***
740

Dec
2023
741
30
41
***
***
741

Jan
2024
743
50
45
13
***
743

Feb
2024
744
57
48
***
***
744

23

Mar
2024
744
46
44
***
***
744

Apr
2024
745
53
45
***
12
745

May
2024
747
40
46
***
***
747

Jun
2024
748
42
43
***
***
749

Jul
2024
750
49
44
***
***
752

Aug
2024
753
48
40
***
***
753

Sep
2024
759
49
37
***
***
759

February 4, 2025

5

Analytics Office

Fund Portfolio Investments by Currency5
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
HKD - Hong Kong Dollar
INR - Indian Rupee
CHF - Swiss Franc
TWD - New Taiwan Dollar
KRW - Won
Other
Subtotal
USD - US Dollar
EUR - Euro
JPY - Yen
GBP - Pound Sterling
HKD - Hong Kong Dollar
INR - Indian Rupee
CAD - Canadian Dollar
CHF - Swiss Franc
TWD - New Taiwan Dollar
KRW - Won
Other
Subtotal
USD - US Dollar
EUR - Euro
GBP - Pound Sterling
CAD - Canadian Dollar
JPY - Yen
INR - Indian Rupee
HKD - Hong Kong Dollar
CHF - Swiss Franc
TWD - New Taiwan Dollar
KRW - Won
Other
Subtotal
Total

Oct
2023
18,848
788
332
345
165
151
130
147
91
83
470
21,552
5,921
228
174
99
87
56
55
55
49
37
237
6,998
419
17
5
2
2
1
1
1
1
0
5
456
29,006

Nov
2023
20,132
863
356
370
175
151
137
157
103
95
507
23,045
6,479
253
187
106
87
61
60
60
55
43
257
7,650
438
19
6
2
2
1
1
1
1
0
6
477
31,172

Dec
2023
20,930
894
372
387
182
147
148
166
109
100
539
23,975
6,878
264
196
111
86
68
64
64
58
45
272
8,107
448
19
6
2
2
1
1
1
1
0
6
488
32,570

Jan
2024
21,039
878
370
391
182
134
149
162
111
92
522
24,030
6,952
263
203
109
77
71
63
63
57
41
263
8,164
451
19
6
2
2
1
1
1
1
0
6
491
32,685

Feb
2024
21,736
909
368
405
187
143
150
159
121
99
535
24,810
7,262
271
213
110
83
74
63
63
61
45
269
8,513
460
19
6
2
2
1
1
1
1
0
6
500
33,824

Mar
2024
22,259
937
386
407
196
143
151
159
129
105
541
25,413
7,527
284
219
115
84
76
66
64
65
47
274
8,821
472
20
6
2
2
1
1
1
1
1
6
513
34,747

Apr
2024
21,436
907
389
386
193
154
155
150
128
101
529
24,528
7,252
278
211
117
88
79
65
61
64
45
268
8,528
468
20
6
2
2
1
1
1
1
0
6
509
33,565

May
2024
22,098
948
411
395
198
160
155
162
138
100
543
25,309
7,605
294
216
125
92
81
68
67
69
45
276
8,938
471
21
6
2
2
2
1
1
1
0
6
513
34,760

Jun
2024
22,454
910
403
391
194
153
167
162
157
109
538
25,639
7,833
282
215
120
88
89
67
67
74
48
272
9,155
480
21
6
2
2
2
1
1
1
0
5
522
35,316

Jul
2024
22,768
925
424
417
199
148
173
169
151
109
542
26,025
8,101
290
230
128
85
93
70
71
72
48
276
9,463
487
22
7
2
2
2
1
1
1
0
5
531
36,019

Aug
2024
23,140
953
436
423
204
151
175
177
152
105
561
26,477
8,311
301
231
131
86
94
72
75
73
47
283
9,704
495
27
8
3
2
2
1
2
1
0
6
548
36,728

Sep
2024
23,486
963
436
415
206
183
179
172
153
98
567
26,859
8,526
309
229
132
104
98
75
74
74
46
295
9,961
502
27
7
3
2
2
2
2
1
0
6
553
37,374

5
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

February 4, 2025

6

Analytics Office

Fund Portfolio Investments by Country6
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
Netherlands
Germany
Cayman Islands
Other
Subtotal
United States of America
Japan
United Kingdom
Canada
Ireland
France
Switzerland
Germany
Netherlands
Cayman Islands
Other
Subtotal
United States of America
Cayman Islands
United Kingdom
Canada
France
Netherlands
Germany
Japan
Ireland
Switzerland
Other
Subtotal
Total

Oct
2023
17,632
456
372
315
293
213
228
206
174
174
1,489
21,552
5,627
185
119
92
66
77
72
57
50
48
606
6,998
371
18
10
7
5
3
2
2
2
2
33
456
29,006

Nov
2023
18,844
478
398
338
315
233
246
230
190
176
1,598
23,045
6,155
198
126
101
74
84
80
63
57
51
661
7,650
388
19
10
8
6
3
3
2
2
2
35
477
31,172

Dec
2023
19,612
494
414
353
326
243
256
240
197
177
1,663
23,975
6,538
207
131
106
79
87
85
66
61
51
695
8,107
396
20
10
8
6
3
3
2
2
2
35
488
32,570

Jan
2024
19,706
485
417
351
322
246
254
246
193
173
1,638
24,030
6,609
214
130
106
80
86
84
65
62
46
680
8,164
398
20
11
8
6
3
3
2
2
2
35
491
32,685

Feb
2024
20,355
492
431
357
331
260
251
264
201
176
1,693
24,810
6,911
224
131
104
84
89
84
68
67
49
702
8,513
406
20
11
8
6
3
3
2
2
2
35
500
33,824

Mar
2024
20,852
510
432
370
340
266
251
272
207
181
1,734
25,413
7,162
230
137
110
91
92
86
71
70
50
722
8,821
416
21
11
9
6
4
3
2
2
2
36
513
34,747

Apr
2024
20,072
514
410
358
332
248
238
255
201
182
1,718
24,528
6,897
221
139
108
85
91
82
69
67
51
717
8,528
413
21
11
9
7
3
3
2
2
2
36
509
33,565

May
2024
20,702
535
420
364
341
247
257
271
209
187
1,776
25,309
7,236
227
146
114
87
95
90
73
71
55
745
8,938
415
21
11
8
7
4
3
2
2
2
37
513
34,760

Jun
2024
21,055
527
417
360
319
243
255
271
206
188
1,798
25,639
7,459
226
144
111
86
90
90
71
72
54
752
9,155
423
22
11
8
7
4
3
2
2
2
38
522
35,316

Jul
2024
21,356
551
441
368
322
254
265
262
213
181
1,813
26,025
7,710
240
152
118
93
92
96
73
71
53
764
9,463
430
22
11
9
7
4
3
2
3
2
38
531
36,019

Aug
2024
21,698
563
449
380
333
262
273
263
220
184
1,851
26,477
7,917
242
155
119
98
95
100
76
72
53
777
9,704
443
22
12
9
7
4
3
3
3
3
40
548
36,728

Sep
2024
22,017
560
441
385
337
283
259
254
228
202
1,892
26,859
8,119
241
158
123
104
98
96
80
71
63
808
9,961
448
23
12
10
7
4
4
3
3
2
40
553
37,374

6
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

February 4, 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
Germany
Switzerland
Netherlands
Ireland
Cayman Islands
Other
Subtotal
United States of America
Japan
United Kingdom
Canada
France
Germany
Switzerland
Netherlands
Ireland
Cayman Islands
Other
Subtotal
United States of America
Cayman Islands
United Kingdom
Canada
France
Germany
Netherlands
Japan
Switzerland
Ireland
Other
Subtotal
Total

Oct
2023
17,977
403
377
296
296
192
148
159
60
68
1,577
21,552
5,750
186
100
88
71
61
41
40
14
6
639
6,998
378
13
9
6
5
3
3
2
2
1
34
456
29,006

Nov
2023
19,209
426
402
320
318
211
159
175
66
67
1,694
23,045
6,290
199
107
96
77
68
46
44
16
6
700
7,650
394
13
10
7
6
3
3
2
2
1
36
477
31,172

Dec
2023
19,994
439
419
333
327
217
169
183
70
67
1,758
23,975
6,685
208
111
101
80
71
50
47
17
7
731
8,107
402
14
10
8
6
3
3
2
2
1
36
488
32,570

Jan
2024
20,096
438
423
331
323
213
166
187
65
69
1,720
24,030
6,757
215
112
101
80
70
49
48
17
7
709
8,164
405
15
10
8
6
3
3
2
2
1
36
491
32,685

26

Feb
2024
20,758
444
436
337
333
221
166
199
66
68
1,781
24,810
7,062
225
112
99
82
73
50
51
18
7
734
8,513
412
15
10
8
6
3
3
2
2
1
37
500
33,824

Mar
2024
21,269
459
437
345
343
227
165
206
67
70
1,825
25,413
7,326
231
118
104
85
76
50
53
18
7
753
8,821
423
16
10
8
6
3
3
2
2
1
38
513
34,747

Apr
2024
20,494
450
416
334
334
221
156
171
64
69
1,821
24,528
7,067
223
113
102
84
74
48
41
17
7
753
8,528
420
16
10
8
6
3
3
2
2
1
37
509
33,565

May
2024
21,136
469
424
340
342
229
169
183
64
71
1,882
25,309
7,413
229
119
108
87
77
52
45
17
9
784
8,938
422
16
10
8
6
3
3
2
2
1
39
513
34,760

Jun
2024
21,486
462
422
336
316
227
168
188
63
72
1,901
25,639
7,636
227
118
106
82
76
52
46
17
9
786
9,155
430
16
10
8
6
3
3
2
2
1
39
522
35,316

Jul
2024
21,790
485
446
344
319
234
169
179
85
68
1,907
26,025
7,890
241
126
113
84
78
53
45
29
9
795
9,463
437
17
11
8
6
4
3
3
2
1
40
531
36,019

Aug
2024
22,137
500
454
356
328
241
174
179
86
69
1,952
26,477
8,102
244
129
113
87
82
55
45
30
8
810
9,704
450
17
11
9
6
4
3
3
2
1
41
548
36,728

Sep
2024
22,444
503
446
362
330
248
173
172
98
71
2,012
26,859
8,298
243
131
118
89
85
56
45
36
9
852
9,961
454
17
11
9
7
4
3
3
2
1
42
553
37,374

February 4, 2025

Analytics Office

Fund Derivative Investments7

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
Interest Rate Swap
Foreign Exchange Forward
Equity Option
Credit Swap
Equity Future
Other
Interest Rate Swaption
Equity Swap
Commodity Future
Foreign Exchange Option
Subtotal
Equity Swap
Equity Option
Foreign Exchange Forward
Interest Rate Future
Equity Future
Commodity Future
Interest Rate Swap
Other
Credit Swap
Interest Rate Swaption
Foreign Exchange Option
Subtotal
Equity Option
Interest Rate Swap
Foreign Exchange Forward
Interest Rate Future
Foreign Exchange Option
Interest Rate Swaption
Credit Swap
Equity Swap
Other
Equity Future
Commodity Future
Subtotal
Total

Oct
2023
1,202.1
894.5
748.7
189.7
159.7
139.7
97.1
130.5
63.5
36.5
69.3
3,731.3
139.5
126.6
113.5
21.6
17.0
11.4
3.9
6.5
0.9
***
***
442.7
38.2
32.1
18.3
8.5
***
***
2.4
***
1.5
***
***
115.1
4,289.1

Nov
2023
1,162.6
880.6
805.8
189.4
166.6
147.2
84.4
120.3
63.4
35.1
49.3
3,704.8
171.0
133.3
126.0
25.5
19.2
11.6
4.5
6.8
0.9
***
***
500.7
36.6
31.5
22.1
8.2
6.7
***
2.6
2.0
1.5
***
***
114.8
4,320.3

Dec
2023
1,099.9
891.0
730.9
195.2
159.1
156.6
140.5
89.7
66.8
31.8
59.5
3,621.0
189.5
140.2
132.2
24.6
17.3
10.3
4.6
7.2
0.9
***
***
527.6
32.8
32.2
15.3
8.0
6.8
3.0
2.6
***
1.3
***
***
104.6
4,253.2

Jan
2024
1,113.4
902.4
790.9
187.8
160.4
154.7
141.2
105.5
66.6
35.4
60.2
3,718.5
180.4
154.1
126.2
24.6
16.4
10.3
4.8
6.5
0.9
***
***
525.3
34.1
32.8
21.4
8.0
***
***
2.7
***
1.3
***
***
112.8
4,356.6

Feb
2024
1,054.1
929.3
857.8
205.8
169.7
155.7
209.7
103.8
66.3
38.8
60.2
3,851.3
195.0
153.6
133.2
24.0
17.0
11.7
5.1
6.9
1.0
***
***
549.0
37.8
32.9
23.5
7.9
***
***
2.8
1.8
1.4
0.9
***
118.7
4,518.9

Mar
2024
954.2
927.0
828.0
196.7
164.1
163.6
235.9
90.5
67.8
39.4
43.5
3,710.6
202.7
150.9
132.0
28.8
18.1
11.9
5.0
10.7
0.9
***
***
562.1
39.8
33.2
22.1
7.6
***
2.7
3.0
***
1.2
***
***
119.2
4,391.9

Apr
2024
1,022.6
927.6
848.8
194.1
159.7
158.2
255.9
111.3
62.4
42.3
46.0
3,828.8
184.7
148.9
128.5
31.0
19.0
12.5
5.6
10.5
1.3
***
***
543.5
38.6
33.8
22.4
7.6
***
***
2.8
1.7
2.1
***
***
119.2
4,491.4

May
2024
1,022.8
921.0
936.8
200.3
159.0
160.9
323.8
98.9
59.2
41.1
37.3
3,961.1
196.2
159.5
141.2
34.3
21.5
12.8
6.3
11.6
1.4
***
***
586.4
38.8
34.2
25.0
8.5
***
***
2.3
1.7
2.0
0.8
***
122.1
4,669.6

Jun
2024
1,074.8
951.7
892.1
194.0
154.4
164.3
168.2
109.4
60.8
39.8
41.1
3,850.4
214.1
179.2
133.3
35.0
19.7
12.8
6.6
11.1
1.4
***
***
614.6
42.3
34.4
22.9
8.5
***
***
2.0
***
1.9
***
***
123.4
4,588.4

Jul
2024
1,036.3
940.6
920.4
204.4
153.6
163.4
161.0
87.8
60.9
39.9
34.5
3,802.7
213.4
185.6
138.1
35.4
18.2
12.5
6.4
12.2
1.6
***
***
624.7
43.2
34.7
24.7
8.7
***
***
2.0
2.0
1.8
***
***
127.9
4,555.3

Aug
2024
1,156.8
986.8
993.0
215.3
159.3
153.0
150.8
82.2
61.7
44.0
37.7
4,040.6
217.0
193.7
158.3
38.7
19.8
12.0
9.4
11.9
1.6
***
***
664.1
40.8
37.1
27.3
9.0
***
***
2.0
2.1
1.8
***
***
131.4
4,836.2

Sep
2024
1,209.7
989.7
951.8
215.5
159.2
157.5
130.5
86.9
62.7
39.4
32.1
4,035.1
232.4
200.9
149.7
42.3
20.9
11.9
10.8
9.5
1.8
***
***
681.8
43.9
36.7
26.4
9.0
***
3.0
1.9
***
1.9
***
***
132.4
4,849.2

7
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

February 4, 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
Interest Rate Swap
Foreign Exchange Forward
Equity Option
Credit Swap
Equity Future
Other
Interest Rate Swaption
Equity Swap
Commodity Future
Foreign Exchange Option
Subtotal
Equity Swap
Equity Option
Foreign Exchange Forward
Interest Rate Future
Equity Future
Commodity Future
Interest Rate Swap
Other
Credit Swap
Interest Rate Swaption
Foreign Exchange Option
Subtotal
Equity Option
Interest Rate Swap
Foreign Exchange Forward
Interest Rate Future
Foreign Exchange Option
Interest Rate Swaption
Credit Swap
Equity Swap
Other
Equity Future
Commodity Future
Subtotal
Total

Oct
2023
1,149
404
682
246
291
475
207
83
263
105
67
2,149
198
328
57
106
49
55
23
46
17
***
***
762
56
52
81
74
***
***
23
***
12
***
***
212
3,122

Nov
2023
1,102
408
687
237
274
448
189
84
261
104
69
2,085
202
342
58
103
44
56
23
45
13
***
***
780
51
51
84
71
6
***
25
6
12
***
***
204
3,068

Dec
2023
1,097
409
662
226
249
441
184
70
262
100
70
2,073
202
338
56
111
55
54
27
48
13
***
***
789
51
50
82
58
4
5
28
***
14
***
***
195
3,056

Jan
2024
1,082
394
667
216
251
438
204
80
263
101
78
2,041
206
353
59
120
56
53
24
52
17
***
***
815
55
51
84
58
***
***
29
***
14
***
***
198
3,053

28

Feb
2024
1,073
391
677
224
248
420
222
93
257
102
74
2,005
209
358
63
115
48
53
24
53
16
***
***
822
55
51
85
60
***
***
27
7
16
8
***
200
3,026

Mar
2024
1,068
386
662
208
231
429
214
83
260
103
68
1,981
214
376
62
119
54
53
24
54
14
***
***
842
53
52
89
56
***
5
24
***
14
***
***
208
3,030

Apr
2024
1,080
377
665
214
226
432
207
84
251
103
69
2,007
215
387
60
119
56
55
29
55
14
***
***
858
53
52
92
56
***
***
24
7
16
***
***
207
3,071

May
2024
1,073
392
678
211
234
423
205
84
256
104
68
2,002
219
415
61
128
54
57
32
59
16
***
***
897
52
54
97
68
***
***
25
8
14
9
***
216
3,114

Jun
2024
1,059
398
678
187
236
424
205
92
252
104
69
1,979
222
429
63
136
58
59
32
53
18
***
***
927
56
53
97
60
***
***
30
***
14
***
***
216
3,121

Jul
2024
1,044
406
682
195
225
429
203
85
253
109
64
1,981
224
452
64
134
53
58
32
50
20
***
***
944
60
55
94
60
***
***
26
8
14
***
***
218
3,142

Aug
2024
1,065
409
673
203
234
419
203
80
254
111
56
1,978
229
470
66
134
58
58
33
53
18
***
***
971
57
58
95
60
***
***
22
10
13
***
***
217
3,165

Sep
2024
1,071
399
660
190
232
419
213
94
250
111
53
1,972
243
486
67
130
60
57
33
47
16
***
***
994
58
55
96
58
***
5
23
***
15
***
***
213
3,178

February 4, 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%

Oct
2023
62.15
76.28
86.38
96.21
61.88
76.65
87.03
96.56
***
67.85
81.16
95.09
***
63.09
73.54
88.71

Nov
2023
61.59
75.83
86.05
96.06
61.69
75.97
86.55
96.39
55.64
69.67
82.12
95.01
***
62.54
73.69
88.68

Dec
2023
62.17
76.12
86.31
96.18
61.88
76.27
86.70
96.40
57.56
71.44
83.47
95.68
45.66
***
***
87.93

Jan
2024
62.23
76.26
86.33
96.15
61.88
76.73
86.96
96.47
***
70.35
82.26
95.28
***
59.96
70.92
87.47

Feb
2024
61.97
76.28
86.46
96.11
61.03
76.04
86.71
96.36
58.27
71.92
83.15
95.34
***
61.61
72.64
88.39

Mar
2024
61.77
75.88
86.09
96.05
61.33
76.17
86.54
96.31
57.11
71.23
83.08
95.32
50.57
***
73.04
88.96

Apr
2024
61.64
75.81
86.07
96.02
61.48
76.41
86.72
96.38
54.10
68.85
81.61
94.83
***
61.49
72.70
88.45

May
2024
62.38
76.34
86.46
96.16
62.28
76.93
87.05
96.49
54.85
69.72
82.08
95.05
***
61.98
73.66
88.93

Jun
2024
61.89
76.00
86.26
96.03
61.21
76.56
86.86
96.40
55.88
70.74
82.54
94.99
49.16
***
73.50
88.91

Jul
2024
60.63
75.40
85.73
95.83
60.35
76.04
86.40
96.20
55.48
70.24
82.19
94.86
***
60.36
73.06
89.02

Aug
2024
62.41
76.52
86.40
96.00
62.34
77.32
87.09
96.38
55.96
70.79
82.59
94.99
***
61.74
74.36
89.23

Sep
2024
62.21
76.36
86.30
95.95
62.03
77.26
87.06
96.31
56.06
71.10
82.76
94.98
48.17
***
73.59
88.69

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

Oct
2023
9.0
53.9
133.2
20.6
179.9
298.6
16.1
39.8
67.5

Nov
2023
8.9
52.9
125.4
23.2
182.5
286.5
15.4
38.0
69.9

Dec
2023
8.7
51.1
121.8
16.6
172.2
284.1
15.6
37.3
***

Jan
2024
8.8
50.7
126.8
24.8
187.0
285.6
17.1
40.4
66.5

Feb
2024
8.9
50.9
129.4
20.9
185.2
278.4
16.2
39.9
68.1

29

Mar
2024
8.3
49.1
124.2
21.5
186.1
273.6
14.7
40.5
63.5

Apr
2024
8.4
50.2
126.4
24.3
189.8
286.6
16.7
42.1
66.6

May
2024
8.2
51.0
130.9
28.1
192.6
282.4
15.6
38.2
69.0

Jun
2024
7.9
49.0
128.1
37.1
193.8
279.0
16.3
40.2
68.6

Jul
2024
8.3
49.7
129.6
47.7
197.3
282.5
15.5
41.1
70.1

Aug
2024
8.4
49.8
128.5
46.9
199.0
282.5
18.7
41.0
71.8

Sep
2024
8.5
49.3
128.0
49.2
194.9
280.3
19.3
43.9
76.7

February 4, 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 MERCANTILE EXCHANGE...
CHICAGO BOARD OF TRADE
LCH LTD
OPTIONS CLEARING CORP
CME GROUP INC
BANK OF AMERICA NA
JPMORGAN CHASE BANK NA
CITIBANK NA
INTERCONTINENTAL EXCHANGE INC
STATE STREET BANK
MORGAN STANLEY CO LLC
GOLDMAN SACHS CO LLC
BNP PARIBAS
BARCLAYS BANK PLC
GOLDMAN SACHS INTL
CBOE GLOBAL MARKETS INC
TORONTODOMINION BANK
UBS AG
MORGAN STANLEY CO INTL PLC
DEUTSCHE BANK AG
JP MORGAN SECURITIES LLC
SOCIETE GENERALE
WELLS FARGO BANK NA
STANDARD CHARTERED BANK
HSBC BANK PLC
LCH GROUP HOLDINGS LTD
GOLDMAN SACHS BANK USA
HSBC UK BANK PLC
ROYAL BANK OF CANADA
CITIGROUP GLOBAL MARKETS INC
EUREX CLEARING AG
UK CLEARING HOUSE LTD
BANK OF NEW YORK MELLON
CANADIAN IMPERIAL BANK OF...
ICE FUTURES US INC
MORGAN STANLEY CAPITAL...
EUREX FRANKFURT AG
BOFA SECURITIES INC
ICE FUTURES EUROPE
MERRILL LYNCH PIERCE FENNER...
HSBC BANK USA NA
SG AMERICAS SECURITIES LLC
UBS AG
UBS SECURITIES LLC
LONDON METAL EXCHANGE
UBS ASSET MANAGEMENT AMERICAS...
BNP PARIBAS SECURITIES CORP
HSBC SECURITIES USA INC
ICE CLEAR US INC
ASX CLEAR FUTURES PTY LTD
Other Counterparties
Invalid LEI
Total

Oct
2023
697.0
428.7
464.8
180.3
149.2
118.9
123.4
140.9
93.8
81.4
88.6
63.3
111.2
62.9
66.0
37.0
56.2
69.7
45.7
35.2
70.5
18.2
29.1
22.6
28.6
38.9
17.3
24.0
32.1
29.5
26.5
44.0
11.0
2.8
13.2
53.6
17.8
9.2
13.9
8.6
12.7
16.1
12.3
17.7
7.7
6.2
11.8
4.3
7.9
7.4
250.5
249.4
4,229.8

Nov
2023
711.2
427.2
463.3
178.0
148.5
116.7
122.1
138.3
92.7
82.1
95.7
62.3
114.0
62.6
67.1
42.8
56.9
69.7
43.7
35.7
68.2
18.1
29.1
22.5
28.7
39.0
17.8
24.0
28.8
29.6
26.3
44.1
11.4
2.9
13.0
53.8
17.8
10.6
12.6
8.5
12.6
16.5
11.7
18.3
8.1
6.7
11.7
4.8
7.6
7.4
256.4
256.1
4,255.0

Dec
2023
684.9
398.8
460.9
175.7
174.3
105.3
110.6
109.4
104.4
101.8
102.1
73.8
95.6
65.2
58.7
43.6
47.5
118.9
44.8
51.0
63.3
19.6
30.9
23.8
19.4
51.7
22.6
24.1
15.8
29.7
26.1
35.3
12.7
3.2
12.9
52.8
13.6
16.1
10.2
11.1
11.2
16.6
12.2
16.2
8.6
6.7
8.6
12.9
7.3
5.5
260.3
190.7
4,178.8

Jan
2024
685.8
411.2
457.4
174.3
175.1
107.7
102.1
119.3
102.6
104.9
104.4
91.8
99.5
74.8
58.4
44.2
52.2
116.7
46.9
54.3
63.6
68.6
32.3
27.0
19.3
51.0
23.2
23.3
16.0
31.6
27.3
33.4
16.8
3.3
12.8
68.0
13.7
15.8
10.3
10.7
10.1
22.0
12.2
17.4
8.5
6.7
7.1
13.5
7.2
5.4
214.6
190.0
4,266.4

30

Feb
2024
656.5
405.9
456.6
174.9
182.5
113.2
104.3
122.5
101.9
105.6
98.0
95.9
97.9
74.5
57.8
49.3
51.6
116.8
51.6
54.3
64.6
68.8
32.3
26.9
19.6
50.9
31.9
23.3
15.7
29.6
26.8
32.8
16.1
3.6
12.7
67.6
14.1
14.3
9.0
11.8
10.0
23.2
11.4
17.3
8.6
8.2
6.7
13.8
7.3
5.2
226.3
178.8
4,260.6

Mar
2024
531.0
416.5
491.6
193.3
147.9
124.0
121.9
151.5
92.3
97.9
98.7
113.1
164.3
65.6
60.7
51.1
54.7
57.4
112.5
75.0
62.5
68.5
44.3
27.5
35.9
40.3
32.5
25.5
17.8
32.2
27.5
28.2
15.9
3.4
15.2
69.2
12.3
15.3
13.8
11.9
10.8
23.2
11.6
9.2
8.6
8.2
5.8
6.6
7.9
6.9
267.6
184.0
4,371.0

Apr
2024
527.6
412.2
492.6
191.3
146.6
149.0
129.1
160.4
95.7
101.4
98.7
111.6
167.4
64.9
60.6
51.1
49.1
68.6
112.9
69.6
60.9
53.2
27.3
29.3
34.0
41.4
32.6
26.0
20.8
32.5
28.8
26.2
19.3
14.0
15.5
48.6
12.3
14.8
14.1
12.0
10.3
9.8
11.6
9.4
9.6
8.2
7.7
5.9
8.0
7.1
268.5
191.7
4,372.2

May
2024
556.9
405.2
490.5
192.1
149.0
151.6
135.5
160.1
93.6
101.5
99.7
109.6
167.4
66.4
63.0
57.3
49.1
68.9
111.0
69.1
53.7
52.9
27.3
29.4
34.0
41.7
31.1
26.0
22.5
37.7
29.4
26.3
19.8
13.8
15.6
48.8
13.5
16.4
16.6
10.6
10.6
10.5
10.5
9.9
10.0
8.8
8.3
6.0
8.3
7.1
270.1
200.9
4,425.8

Jun
2024
610.1
420.1
449.6
194.9
201.3
153.9
117.5
142.0
90.1
98.9
101.7
105.3
157.2
76.6
73.4
64.0
50.2
59.6
61.5
56.2
54.5
52.6
32.4
38.7
51.3
42.3
37.4
24.3
34.8
35.0
29.0
33.0
17.5
14.0
15.3
48.0
14.5
17.2
20.5
11.0
10.2
10.5
10.6
11.5
10.0
8.8
10.7
6.6
9.8
6.8
297.3
212.7
4,512.9

Jul
2024
608.9
416.8
424.5
205.1
185.2
146.9
111.9
148.6
84.2
95.7
108.0
106.5
137.1
76.1
61.8
64.3
65.9
54.9
61.0
57.2
54.4
51.6
33.4
40.0
52.9
43.1
38.0
36.9
39.4
34.5
29.5
31.0
27.0
25.5
18.6
25.7
14.5
17.1
20.0
11.0
10.3
11.1
10.6
11.0
9.9
8.8
8.7
7.7
9.5
7.9
296.1
257.1
4,513.2

Aug
2024
638.5
419.9
425.1
205.0
183.2
151.3
112.3
147.4
85.1
96.7
107.8
105.8
139.1
76.9
62.6
70.8
66.3
55.1
61.3
57.2
53.9
49.9
33.4
40.1
52.6
44.3
38.3
36.9
38.8
31.9
29.5
31.0
26.5
25.3
23.2
24.8
13.6
15.9
21.5
15.5
10.6
11.4
11.1
10.0
9.9
9.9
8.5
7.3
9.2
7.9
253.3
311.4
4,574.5

Sep
2024
682.5
457.3
426.8
213.2
179.9
141.8
128.8
127.1
110.8
110.0
106.6
106.5
99.3
92.1
72.1
67.6
66.6
60.0
54.9
53.1
51.6
51.5
49.6
48.5
44.4
43.6
40.3
36.4
33.0
32.6
30.8
29.6
25.8
25.3
22.6
21.8
19.6
14.9
14.6
13.6
11.7
11.7
11.1
10.6
9.9
9.8
9.7
9.4
8.8
8.5
187.7
461.4
4,757.1

February 4, 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

Oct
2023
9,626
23
4
33
9,686
4,274
78
127
35
4,515
3,686
29
15
12
3,742
2,449
182
13
23
2,666
695
9
4
11
720
21,329

Nov
2023
10,443
28
6
29
10,506
4,431
80
128
37
4,676
3,925
31
15
11
3,981
2,713
137
14
23
2,887
723
12
4
12
752
22,802

Dec
2023
10,970
19
10
28
11,027
4,548
77
126
34
4,785
4,068
32
18
11
4,128
2,723
120
141
27
3,011
738
11
5
13
767
23,719

Jan
2024
11,039
20
6
27
11,093
4,575
80
125
33
4,812
4,073
32
15
11
4,131
2,792
135
15
23
2,965
748
12
6
12
778
23,780

31

Feb
2024
11,591
26
5
29
11,651
4,530
125
129
34
4,818
4,173
31
14
11
4,229
2,890
149
6
25
3,071
751
13
5
12
781
24,550

Mar
2024
11,925
30
5
30
11,989
4,643
79
134
36
4,891
4,257
38
15
12
4,322
2,799
214
103
41
3,156
758
11
5
12
785
25,143

Apr
2024
11,352
31
5
34
11,422
4,586
84
136
34
4,839
4,117
33
16
12
4,178
2,675
300
58
26
3,058
746
12
6
11
775
24,272

May
2024
11,832
15
3
30
11,880
4,691
65
136
37
4,930
4,137
26
15
10
4,189
3,113
121
12
22
3,268
755
7
4
12
778
25,045

Jun
2024
12,089
17
3
32
12,139
4,703
69
138
38
4,947
4,188
27
15
11
4,240
3,062
158
8
22
3,249
768
6
5
13
792
25,368

Jul
2024
12,265
15
5
33
12,318
4,759
72
139
37
5,006
4,271
27
15
12
4,325
3,125
146
12
24
3,306
778
7
4
13
802
25,758

Aug
2024
12,404
30
3
31
12,468
4,850
67
140
35
5,091
4,389
30
15
13
4,448
3,302
38
16
26
3,382
789
6
4
14
813
26,202

Sep
2024
12,598
32
5
30
12,666
4,900
68
138
36
5,143
4,445
27
16
13
4,501
3,197
188
18
37
3,440
803
7
4
12
825
26,576

February 4, 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

Oct
2023
4,777
588
79
2,303
464
212
1,463
511
35
1,504
36
92
387
143
40

Nov
2023
4,668
544
80
2,402
374
241
1,582
594
19
1,568
59
74
385
179
37

Dec
2023
4,853
576
38
2,506
497
105
1,638
574
25
1,599
102
42
407
154
58

Jan
2024
4,867
551
59
2,596
445
124
1,602
595
22
1,599
93
42
441
139
46

Feb
2024
5,084
616
40
2,605
449
121
1,659
570
20
1,657
93
40
444
128
54

Mar
2024
5,285
608
48
2,636
483
111
1,669
176
377
1,713
80
54
437
133
61

Apr
2024
5,527
581
79
2,565
446
129
1,758
561
20
1,642
78
59
432
152
39

May
2024
5,176
604
68
2,592
343
259
2,017
450
22
1,583
80
60
437
139
49

Jun
2024
5,879
660
55
2,590
362
299
1,944
472
21
1,594
83
55
427
154
55

Jul
2024
5,619
625
57
2,678
288
304
1,796
586
23
1,591
68
77
431
150
67

Aug
2024
5,455
623
71
2,676
445
155
1,833
668
23
1,775
78
69
452
168
49

Sep
2024
6,050
615
70
2,703
461
115
1,717
692
88
1,707
148
64
474
156
50

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

Oct
2023
754
144
45
640
73
26
490
61
19
306
32
37
173
59
22

Nov
2023
764
146
45
585
71
21
497
49
22
298
30
33
171
62
18

Dec
2023
767
134
45
566
69
16
472
47
21
293
45
20
177
57
21

32

Jan
2024
764
131
43
576
65
20
500
43
20
298
40
21
180
55
21

Feb
2024
762
127
41
578
69
16
455
52
16
292
40
22
182
51
23

Mar
2024
778
125
41
578
68
16
442
47
16
298
41
22
183
53
21

Apr
2024
760
134
39
599
67
24
482
46
16
301
41
23
185
54
18

May
2024
775
131
36
581
70
20
501
38
15
301
40
22
179
62
16

Jun
2024
760
124
41
581
67
18
479
40
16
301
42
20
177
65
19

Jul
2024
758
120
37
598
70
19
458
47
20
297
40
24
182
65
19

Aug
2024
750
105
47
569
65
18
464
49
19
295
39
25
198
65
19

Sep
2024
761
99
42
580
62
18
425
57
33
289
41
24
200
64
18

February 4, 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

Oct
2023
2,854
1
0
2
2,857
1,176
4
12
1
1,193
723
68
1
7
799
96
1
0
0
97
65
1
0
0
66
5,012

Nov
2023
3,160
2
0
0
3,163
1,237
4
17
1
1,259
837
22
1
7
868
105
1
0
0
106
69
1
0
0
70
5,466

Dec
2023
3,376
0
0
0
3,376
1,279
5
15
1
1,299
830
14
58
8
911
107
1
0
0
109
74
1
0
0
74
5,769

Jan
2024
3,418
1
0
0
3,419
1,303
4
15
1
1,323
863
23
2
7
895
107
1
0
0
109
74
1
0
0
75
5,821

Feb
2024
3,623
1
0
0
3,625
1,300
7
20
1
1,327
893
24
1
9
926
107
1
0
0
108
84
1
0
0
85
6,071

Mar
2024
3,767
2
0
0
3,769
1,317
7
17
1
1,341
885
19
41
12
956
110
1
0
0
111
83
1
0
0
84
6,263

Apr
2024
3,720
0
0
2
3,722
1,302
8
17
1
1,328
1,027
119
16
9
1,171
109
1
0
0
110
96
1
0
0
97
6,429

May
2024
3,925
0
0
0
3,925
1,340
7
19
1
1,367
1,188
23
2
8
1,221
110
1
0
0
111
99
0
0
0
100
6,724

Jun
2024
4,067
0
0
0
4,067
1,364
9
19
1
1,394
1,156
51
1
8
1,215
112
1
0
0
114
103
0
0
0
103
6,893

Jul
2024
4,208
0
0
2
4,210
1,421
8
20
1
1,450
1,207
25
2
9
1,244
116
1
0
0
118
108
1
0
0
109
7,131

Aug
2024
4,329
3
0
1
4,333
1,472
6
18
1
1,498
1,256
4
2
9
1,271
120
0
0
0
120
109
0
0
0
110
7,332

Sep
2024
4,430
1
0
2
4,433
1,510
11
19
1
1,541
1,240
58
3
17
1,318
123
0
0
0
123
113
2
0
0
116
7,531

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

Oct
2023
1,580
***
***
515
133
***
427
***
***
71
***
***
8
***
***

Nov
2023
1,509
***
***
569
***
***
440
***
***
78
***
***
2
***
***

Dec
2023
1,613
***
***
576
***
***
429
***
***
81
***
***
7
***
***

Jan
2024
1,563
***
***
595
***
***
435
***
***
79
***
***
9
***
***

33

Feb
2024
1,631
***
***
584
***
***
441
***
***
79
***
***
3
***
***

Mar
2024
1,711
***
***
619
***
***
448
***
***
79
***
***
8
***
***

Apr
2024
1,912
***
***
849
160
***
434
***
***
76
***
***
***
7
***

May
2024
1,778
***
***
870
***
***
464
***
***
76
***
***
***
***
***

Jun
2024
1,867
***
***
868
***
***
470
9
***
79
***
***
8
***
***

Jul
2024
2,127
***
***
864
***
***
506
4
***
82
***
***
3
***
***

Aug
2024
1,995
***
***
920
***
***
523
***
***
86
***
***
***
***
***

Sep
2024
2,883
***
***
870
***
***
516
***
***
87
***
***
4
***
***

February 4, 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

US 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

Oct
2023
171
10
***
124
***
***
105
***
***
13
***
***
8
***
***

Nov
2023
176
***
***
113
***
***
112
***
***
14
***
***
8
***
***

Dec
2023
171
***
***
106
***
***
104
***
***
16
***
***
15
***
***

34

Jan
2024
178
***
***
110
***
***
108
***
***
14
***
***
15
***
***

Feb
2024
159
***
***
112
***
***
109
***
***
15
***
***
9
***
***

Mar
2024
146
***
***
110
***
***
110
***
***
15
***
***
11
***
***

Apr
2024
183
9
***
135
***
***
112
***
***
14
***
***
***
7
***

May
2024
174
***
***
136
***
***
101
***
***
14
***
***
***
***
***

Jun
2024
173
***
***
132
***
***
105
10
***
17
***
***
12
***
***

Jul
2024
169
***
***
140
***
***
119
7
***
18
***
***
14
***
***

Aug
2024
180
***
***
113
***
***
119
***
***
20
***
***
***
***
***

Sep
2024
170
***
***
160
***
***
120
***
***
19
***
***
12
***
***

February 4, 2025

Analytics Office

9

Fair Value Levels8

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

8

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

Oct
2023
9,533
161
21
24
9,740
251
4,251
28
2
4,533
2,779
758
6
220
3,763
991
1,798
4
4
2,797
8
709
***
***
720
21,552

Nov
2023
10,410
109
21
25
10,566
242
4,420
30
2
4,694
3,046
719
5
234
4,004
1,673
1,349
4
4
3,029
8
742
***
***
752
23,045

Dec
2023
10,880
162
22
27
11,091
254
4,518
30
2
4,804
3,117
790
5
241
4,154
1,388
1,764
4
3
3,160
9
756
***
***
767
23,975

Jan
2024
10,928
177
22
26
11,154
257
4,543
29
2
4,831
3,115
794
6
241
4,156
1,093
2,012
4
3
3,112
12
764
***
***
778
24,030

Feb
2024
11,548
118
23
27
11,716
255
4,552
27
2
4,837
3,272
726
6
249
4,252
1,746
1,470
4
4
3,224
12
768
***
***
782
24,810

Mar
2024
11,894
115
22
26
12,057
254
4,627
28
2
4,911
3,354
733
5
255
4,347
1,806
1,499
4
5
3,313
10
771
***
***
785
25,413

Apr
2024
11,258
180
22
24
11,485
263
4,566
27
2
4,858
3,145
804
5
247
4,201
1,124
2,077
4
5
3,210
10
761
***
***
775
24,528

May
2024
11,706
191
23
26
11,946
253
4,663
30
2
4,949
3,178
772
5
257
4,212
1,181
2,236
4
4
3,425
9
766
***
***
778
25,309

Jun
2024
11,978
182
24
25
12,209
255
4,678
32
2
4,967
3,235
765
5
258
4,263
1,383
2,018
4
4
3,409
8
780
***
***
792
25,639

Jul
2024
12,163
172
24
26
12,385
262
4,727
34
2
5,026
3,290
789
5
264
4,348
1,439
2,018
4
3
3,465
10
789
***
***
802
26,025

Aug
2024
12,297
190
24
26
12,537
255
4,823
31
2
5,111
3,400
800
5
267
4,472
1,380
2,156
4
4
3,544
16
794
***
***
813
26,477

Sep
2024
12,508
197
25
7
12,737
256
4,875
31
2
5,163
3,447
804
6
270
4,527
1,596
2,003
4
5
3,607
11
814
***
***
825
26,859

See U.S. Generally Accepted Accounting Principles (ASC 820, Fair Value Measurement) for more information.

35

February 4, 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

Oct
2023
3,790
411
55
1,923
35
***
1,890
223
239
1,175
21
43
194
***
***

Nov
2023
4,134
464
44
2,042
39
3
1,508
237
246
1,239
17
37
233
***
***

Dec
2023
4,389
***
***
2,150
***
***
1,494
231
261
1,281
24
38
247
***
***

Jan
2024
4,436
496
40
2,122
31
2
1,548
384
108
1,317
19
38
246
***
***

Feb
2024
4,695
559
16
2,166
34
4
1,594
324
136
1,348
18
36
276
***
***

Mar
2024
4,830
***
***
2,222
33
***
1,626
334
125
1,374
***
32
256
***
***

Apr
2024
4,549
469
52
2,169
31
5
1,560
339
122
1,328
25
31
249
***
***

May
2024
4,761
511
38
2,355
31
5
1,618
430
105
1,262
19
31
234
***
***

Jun
2024
4,880
527
***
2,358
***
***
1,459
274
284
1,279
22
31
246
***
***

Jul
2024
4,922
539
39
2,381
31
***
1,514
246
290
1,380
24
31
251
***
***

Aug
2024
4,877
557
39
2,394
29
5
1,453
448
97
1,469
20
31
264
***
***

Sep
2024
4,975
***
***
2,464
***
***
1,496
449
110
1,493
***
31
284
***
***

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

Oct
2023
519
69
29
446
40
16
386
9
***
200
14
17
82
***
***

Nov
2023
525
75
26
422
44
13
368
8
6
203
10
11
92
***
***

Dec
2023
500
67
34
433
***
***
371
***
***
197
10
11
93
***
***

36

Jan
2024
515
66
32
439
43
11
368
9
5
214
8
11
91
***
***

Feb
2024
524
66
32
441
44
10
354
11
4
207
9
11
97
***
***

Mar
2024
537
58
28
447
***
***
353
9
***
198
***
11
99
***
***

Apr
2024
529
62
27
442
42
12
359
10
4
200
11
12
97
***
***

May
2024
548
70
92
454
44
11
364
9
4
202
11
11
94
***
***

Jun
2024
519
72
32
448
42
***
351
***
***
201
12
10
98
***
***

Jul
2024
518
66
33
441
46
11
352
10
***
200
13
10
102
***
***

Aug
2024
473
67
58
429
42
11
341
8
5
198
9
10
107
***
***

Sep
2024
485
69
26
433
***
***
345
***
***
204
***
10
104
***
***

February 4, 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

Taxable Bond

Global Equity

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

Oct
2023
4,297
54
0
5
4,356
59
1,256
0
0
1,315
390
732
0
1
1,123
66
28
0
0
94
1
109
***
***
110
6,998

Nov
2023
4,754
61
0
6
4,821
62
1,325
0
0
1,387
429
792
0
1
1,222
72
28
0
0
101
1
119
***
***
119
7,650

Dec
2023
5,096
65
0
5
5,166
57
1,372
0
0
1,429
431
852
0
1
1,284
75
31
0
0
106
1
122
***
***
123
8,107

Jan
2024
5,138
70
0
5
5,213
58
1,397
0
0
1,456
437
824
0
1
1,263
79
30
0
0
109
1
121
***
***
122
8,164

37

Feb
2024
5,424
78
0
6
5,509
66
1,393
0
1
1,460
452
850
0
1
1,303
87
32
0
0
119
1
121
***
***
122
8,513

Mar
2024
5,657
82
0
7
5,746
63
1,412
0
1
1,476
489
861
0
1
1,352
92
31
0
0
124
1
122
***
***
123
8,821

Apr
2024
5,410
79
0
6
5,494
67
1,394
0
0
1,462
459
867
0
2
1,328
90
30
0
0
121
1
122
***
***
122
8,528

May
2024
5,708
87
0
6
5,801
65
1,436
0
1
1,502
476
910
0
2
1,387
92
33
0
0
125
1
122
***
***
123
8,938

Jun
2024
5,884
104
0
5
5,993
65
1,466
0
0
1,532
474
899
0
2
1,375
92
36
0
1
129
0
125
***
***
125
9,155

Jul
2024
6,086
104
0
7
6,196
67
1,524
0
0
1,592
482
925
0
1
1,409
99
36
0
1
136
1
129
***
***
130
9,463

Aug
2024
6,239
107
0
7
6,353
69
1,573
0
0
1,643
496
941
0
1
1,439
99
37
0
1
137
1
131
***
***
132
9,704

Sep
2024
6,386
113
0
6
6,504
77
1,611
0
0
1,689
518
971
0
2
1,490
102
40
0
0
143
1
134
***
***
135
9,961

February 4, 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

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

Oct
2023
1,392
0
0
805
1
***
170
1
0
0
0
0
0
***
***

Nov
2023
1,475
0
0
874
1
0
85
1
0
2
0
0
0
***
***

Dec
2023
1,591
***
***
925
***
***
114
1
0
2
0
0
0
***
***

Jan
2024
1,642
0
0
913
0
0
124
1
0
0
0
0
0
***
***

Feb
2024
1,745
0
0
953
0
0
140
4
0
2
0
0
0
***
***

Mar
2024
1,816
***
***
982
0
***
118
4
0
1
***
0
0
***
***

Apr
2024
1,738
0
0
980
0
0
149
3
0
1
0
0
0
***
***

May
2024
1,903
0
0
1,017
0
0
125
4
0
3
0
0
0
***
***

Jun
2024
1,902
0
***
1,026
***
***
126
5
0
2
0
0
0
***
***

Jul
2024
1,977
0
0
1,041
0
***
138
6
0
1
0
0
0
***
***

Aug
2024
2,015
0
0
1,075
0
0
127
5
1
2
0
0
0
***
***

Sep
2024
2,062
***
***
1,118
***
***
150
7
1
2
***
0
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

Oct
2023
147
4
***
102
2
1
44
2
1
4
1
0
1
***
***

Nov
2023
151
4
1
95
0
0
49
1
1
5
1
0
1
***
***

Dec
2023
157
***
***
103
***
***
48
4
2
8
1
0
2
***
***

38

Jan
2024
148
1
3
103
0
1
50
3
0
4
1
0
1
***
***

Feb
2024
145
2
0
102
1
0
57
5
1
4
1
0
1
***
***

Mar
2024
145
1
***
102
***
***
49
3
3
3
***
0
1
***
***

Apr
2024
157
2
1
101
0
0
50
2
1
2
1
0
0
***
***

May
2024
161
1
1
110
2
0
48
5
1
7
1
0
0
***
***

Jun
2024
158
***
***
101
1
***
51
7
3
4
1
0
1
***
***

Jul
2024
153
1
***
100
1
0
53
6
1
3
1
0
0
***
***

Aug
2024
160
1
1
98
2
0
54
3
2
4
2
0
0
***
***

Sep
2024
171
***
***
100
***
***
59
7
2
6
***
0
0
***
***

February 4, 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

Oct
2023
6
104
44
4
158
25
14
26
47
112
71
4
5
2
82
2
78
***
***
80
15
8
1
0
24
456

Nov
2023
7
106
46
4
163
27
15
28
47
117
76
4
5
2
88
1
83
***
***
85
16
9
1
0
25
477

Dec
2023
8
107
48
5
168
29
15
29
49
122
77
4
4
0
86
1
85
***
***
87
16
9
1
0
26
488

Jan
2024
8
108
49
5
170
26
15
30
49
121
79
4
4
0
88
1
85
***
***
87
15
10
1
0
25
491

39

Feb
2024
8
110
49
5
172
28
15
30
50
123
83
4
4
0
92
2
85
***
***
87
16
9
1
0
26
500

Mar
2024
8
111
54
5
179
28
16
30
52
126
86
4
5
0
95
1
85
***
***
86
17
9
1
0
26
513

Apr
2024
8
111
56
5
180
28
16
31
52
127
81
4
5
0
90
2
84
***
***
86
15
10
1
0
26
509

May
2024
8
111
56
5
180
28
16
32
50
126
84
4
5
0
93
2
84
***
***
87
16
10
1
0
27
513

Jun
2024
7
111
58
6
182
30
17
32
54
132
84
4
5
0
94
1
86
***
***
88
16
9
1
0
26
522

Jul
2024
8
111
63
6
187
31
17
33
54
135
86
4
5
1
96
2
86
***
***
88
15
10
1
0
25
531

Aug
2024
8
112
67
6
193
38
17
35
55
145
87
4
4
1
96
2
86
***
***
88
14
10
1
0
25
548

Sep
2024
9
114
65
6
194
37
18
33
59
147
89
4
4
1
98
2
87
***
***
88
16
9
1
0
26
553

February 4, 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

Oct
2023
19
8
62
5
7
44
11
2
14
19
***
***
4
0
***

Nov
2023
19
9
61
6
4
50
12
2
15
22
***
***
4
0
2

Dec
2023
22
7
65
6
10
48
13
***
***
23
***
***
4
***
***

Jan
2024
20
8
67
7
10
49
14
2
13
21
***
***
4
0
2

Feb
2024
19
13
66
7
9
50
14
2
14
24
***
***
4
0
3

Mar
2024
19
10
69
8
***
51
13
***
***
21
***
***
4
0
***

Apr
2024
20
9
72
7
8
54
12
2
14
19
***
***
4
0
3

May
2024
22
12
73
7
9
54
16
3
15
20
***
***
6
0
3

Jun
2024
26
6
76
6
6
60
13
3
***
20
***
***
6
***
***

Jul
2024
21
10
79
10
5
59
16
0
15
20
***
***
6
0
***

Aug
2024
23
9
79
8
6
64
15
1
14
20
***
***
6
0
3

Sep
2024
31
8
79
12
***
62
16
***
***
25
***
***
7
***
***

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

Oct
2023
54
23
81
17
10
50
13
3
19
22
***
***
13
2
***

Nov
2023
49
21
79
17
10
54
12
2
19
23
***
***
12
2
2

Dec
2023
50
21
80
17
12
54
13
***
***
24
***
***
12
***
***

40

Jan
2024
47
19
80
18
12
54
17
3
18
21
***
***
12
2
2

Feb
2024
48
26
80
15
13
56
15
3
17
25
***
***
12
0
5

Mar
2024
45
22
83
15
***
60
14
***
***
27
***
***
12
2
***

Apr
2024
50
20
86
13
10
65
14
4
17
26
***
***
12
1
5

May
2024
54
21
88
14
9
60
17
3
17
27
***
***
13
1
7

Jun
2024
58
17
89
15
12
64
15
3
***
28
***
***
13
***
***

Jul
2024
49
20
93
17
8
68
17
1
17
26
***
***
12
2
***

Aug
2024
53
19
91
18
8
69
16
2
16
27
***
***
12
1
6

Sep
2024
61
20
85
21
***
66
17
***
***
30
***
***
13
***
***

February 4, 2025

10

Analytics Office

Interest Rate Risk9
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
US Equity
Global Equity
Subtotal
Taxable Bond
Municipal Bond
Multi-Asset
US Equity
Global Equity
Subtotal
Municipal Bond
Taxable Bond
Multi-Asset
US Equity
Global Equity
Subtotal
Total

Oct
2023
180.8
44.9
31.8
0.3
0.0
257.8
66.1
6.6
0.3
***
***
73.0
1.5
3.1
0.4
***
***
5.1
335.9

Nov
2023
190.1
45.2
33.8
***
***
269.7
70.5
6.9
0.4
***
***
77.7
3.5
3.0
0.4
***
***
7.0
354.4

Dec
2023
195.3
44.9
34.5
0.4
0.1
275.2
74.4
7.0
0.4
0.0
0.0
81.9
5.7
3.1
0.5
0.1
0.0
9.3
366.4

Jan
2024
194.2
45.0
34.7
0.4
0.1
274.3
74.8
6.9
0.4
***
***
82.2
5.6
3.2
0.4
***
***
9.3
365.8

Feb
2024
193.8
44.8
34.5
0.4
0.1
273.6
73.9
6.9
0.4
***
***
81.3
5.6
3.1
0.4
***
***
9.2
364.0

Mar
2024
197.5
45.2
34.1
0.3
0.1
277.1
75.7
7.0
0.4
0.0
0.0
83.2
4.3
3.1
0.5
0.1
0.0
8.0
368.3

Apr
2024
193.4
45.2
33.9
0.4
0.1
273.0
73.5
7.1
0.4
***
***
81.0
3.4
3.1
0.5
***
***
7.1
361.1

May
2024
197.4
47.2
32.8
0.5
1.1
278.9
75.8
7.1
0.4
***
***
83.4
3.3
3.1
0.5
***
***
7.0
369.3

Jun
2024
197.6
47.4
32.4
0.4
1.1
278.9
76.6
7.2
0.4
0.0
0.0
84.4
4.0
3.1
0.5
0.1
0.0
7.7
371.0

Jul
2024
200.7
48.0
32.4
0.4
1.1
282.6
79.9
7.5
0.5
***
***
88.0
3.7
3.2
0.5
***
***
7.5
378.0

Aug
2024
202.9
49.2
32.8
0.4
1.1
286.3
82.1
6.9
0.5
***
***
89.6
3.6
3.3
0.5
***
***
7.5
383.5

Sep
2024
208.7
49.6
33.2
1.5
1.1
294.2
84.5
7.8
0.5
0.0
0.0
92.9
4.0
3.3
0.5
0.1
0.0
7.8
394.9

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

ETF

Mutual Fund

Prevalent Asset Class
Municipal Bond
Taxable Bond
Multi-Asset
US Equity
Global Equity
Municipal Bond
Taxable Bond
Multi-Asset
Global Equity
US Equity
Municipal Bond
Taxable Bond
Multi-Asset
US Equity
Global Equity

Oct
2023
9.11
3.24
1.91
***
***
5.89
4.28
2.69
***
***
6.39
4.89
2.08
0.72
0.25

Nov
2023
10.33
3.10
1.86
***
***
5.61
4.45
3.57
***
***
6.13
4.97
2.11
***
***

Dec
2023
10.92
3.02
1.75
1.51
0.65
5.54
4.57
3.63
1.99
3.78
5.97
4.96
2.10
0.58
0.47

Jan
2024
10.92
3.00
1.61
***
***
5.53
4.53
3.43
***
***
5.92
4.90
2.10
0.61
0.50

Feb
2024
10.85
2.89
1.62
***
***
5.52
4.54
3.38
***
***
5.87
4.89
2.07
0.57
0.53

Mar
2024
10.38
2.87
1.64
1.62
0.71
5.55
4.47
3.64
1.94
2.30
5.89
4.91
2.02
0.50
0.53

Apr
2024
10.09
2.85
1.69
***
***
5.61
4.48
3.26
***
***
5.97
4.90
2.08
0.79
0.41

May
2024
10.09
2.81
1.66
***
***
5.67
4.54
3.36
***
***
6.15
4.92
2.10
0.81
0.93

Jun
2024
10.24
2.74
1.69
1.75
0.86
5.64
4.50
3.24
2.99
0.63
6.07
4.89
2.06
0.78
0.94

Jul
2024
9.93
2.82
1.55
***
***
5.66
4.54
3.53
***
***
6.08
4.88
2.03
0.57
0.90

Aug
2024
9.96
2.88
1.71
***
***
5.14
4.56
3.50
***
***
6.15
4.86
2.03
0.56
0.87

Sep
2024
10.03
2.75
1.65
1.53
0.81
5.66
4.58
3.74
1.87
0.70
6.10
4.92
2.05
1.56
0.88

9
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

February 4, 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

JPY

GBP

CAD

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

Oct
2023
5.5
35.2
102.7
103.9
60.8
308.1
1.0
1.2
4.2
4.0
2.0
12.4
0.1
0.2
1.3
2.0
1.6
5.3
0.1
0.2
0.6
0.9
0.6
2.4
0.1
0.3
0.4
0.4
0.3
1.4
0.2
0.9
2.3
2.2
0.7
6.3
335.9

Nov
2023
5.5
36.3
107.8
108.7
66.5
324.8
0.7
1.3
4.3
4.5
2.4
13.2
0.1
0.3
1.5
2.1
1.7
5.7
0.1
0.2
0.6
0.9
0.6
2.5
0.1
0.3
0.4
0.5
0.3
1.6
0.2
0.9
2.4
2.5
0.8
6.8
354.4

Dec
2023
5.4
37.5
109.4
112.3
70.4
335.0
0.6
1.3
4.4
4.7
2.7
13.7
0.1
0.3
1.6
2.2
1.8
6.0
0.1
0.3
0.8
1.0
0.8
3.0
0.1
0.3
0.4
0.5
0.4
1.6
0.1
0.9
2.5
2.6
0.9
7.0
366.4

Jan
2024
5.3
37.8
110.4
112.5
69.5
335.5
0.8
1.3
4.3
4.7
2.5
13.6
0.1
0.3
1.5
2.1
1.7
5.7
0.1
0.3
0.8
0.9
0.7
2.7
0.0
0.3
0.4
0.5
0.3
1.5
0.1
0.9
2.5
2.5
0.8
6.8
365.8

Feb
2024
5.3
36.9
111.4
111.4
68.5
333.5
1.0
1.3
4.3
4.7
2.5
13.8
0.1
0.3
1.4
2.1
1.7
5.6
0.1
0.3
0.8
1.0
0.7
2.9
0.0
0.3
0.4
0.5
0.3
1.5
0.1
0.8
2.5
2.4
0.8
6.7
364.0

42

Mar
2024
4.5
37.9
111.8
112.8
69.8
336.8
0.8
1.4
4.4
4.9
2.7
14.1
0.1
0.3
1.4
2.1
1.7
5.7
0.1
0.3
0.9
1.1
0.8
3.2
0.1
0.3
0.4
0.5
0.3
1.5
0.1
0.9
2.6
2.4
0.9
6.9
368.3

Apr
2024
4.8
37.6
111.5
109.9
65.9
329.6
1.2
1.4
4.5
4.6
2.5
14.2
0.1
0.3
1.3
2.0
1.6
5.3
0.2
0.4
1.1
1.0
0.7
3.4
0.1
0.2
0.4
0.5
0.3
1.4
0.2
1.0
2.6
2.3
0.8
6.9
361.1

May
2024
4.5
38.4
112.5
112.9
68.8
337.2
1.0
1.5
4.6
4.7
2.7
14.5
0.1
0.3
1.2
1.9
1.6
5.1
0.2
0.5
1.1
1.1
0.8
3.6
0.1
0.2
0.4
0.5
0.3
1.6
0.2
1.0
2.7
2.4
0.9
7.2
369.3

Jun
2024
5.3
38.6
112.4
113.2
69.2
338.7
1.1
1.4
4.6
4.8
2.6
14.5
0.1
0.3
1.2
1.9
1.5
5.1
0.2
0.4
1.2
1.1
0.8
3.7
0.1
0.2
0.4
0.6
0.4
1.6
0.2
1.0
2.7
2.6
0.9
7.4
371.0

Jul
2024
4.8
40.0
113.0
115.5
71.2
344.5
0.4
1.4
4.8
5.0
2.8
14.5
0.2
0.3
1.5
2.2
1.7
5.8
0.1
0.4
1.3
1.2
0.9
3.9
0.1
0.2
0.5
0.6
0.4
1.8
0.2
1.0
2.7
2.7
1.0
7.5
378.0

Aug
2024
4.9
40.7
113.2
116.8
72.9
348.5
0.7
1.4
4.9
5.1
2.9
14.9
0.1
0.3
1.6
2.3
1.8
6.0
0.2
0.4
0.9
2.0
0.9
4.4
0.1
0.2
0.5
0.6
0.4
1.8
0.2
1.0
2.8
2.9
1.0
7.9
383.5

Sep
2024
4.9
41.7
115.7
120.6
75.8
358.7
0.6
1.5
4.8
5.2
2.9
15.0
0.1
0.3
1.6
2.3
1.8
6.1
0.2
0.4
1.1
2.3
0.9
5.0
0.1
0.2
0.5
0.7
0.4
1.8
0.2
1.0
3.1
3.0
1.0
8.3
394.9

February 4, 2025

11

Analytics Office

Securities Lending
Table 11.1: Aggregate Gross Value of Securities on Loan by Funds, by
Fund Type and Investment Category of Security on Loan
($Billions)
This table reports the gross value of securities on loan (Form N-PORT, Item C.12.c). Investment
category from 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.

Fund Type

ETF

Mutual Fund

Closed-End Fund

Total

Investment Category
Common Equity
Corporate Debt
US Treasury Debt
Other
Subtotal
Common Equity
Corporate Debt
US Treasury Debt
Other
Subtotal
Common Equity
Corporate Debt
US Treasury Debt
Other
Subtotal
Total

Oct
2023
74
***
***
3
101
89
12
9
11
121
4
***
0
***
5
227

Nov
2023
80
17
6
3
107
101
13
10
10
134
4
1
***
***
5
246

Dec
2023
77
17
7
2
103
103
12
5
9
130
4
***
***
***
5
238

Jan
2024
74
***
***
4
109
88
13
8
9
118
4
1
***
***
5
232

Feb
2024
80
24
8
3
115
102
13
12
10
137
3
1
***
***
4
256

Mar
2024
85
19
9
5
118

[Text truncated at 120,000 characters. The full text is on the page linked above.]

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3A1701cbfa5135fefe. Public record. Not legal advice.