# Division of Investment Management

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URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3A594fa3a38b08f884

## Record

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

## Text

Division of Investment Management
Analytics Ofce

Annual Registered Investment Company Update
Form N-CEN Data, period ending December 2024

This is a report of the Staf of the Division of Investment Management’s Analytics Ofce of the U.S.
Securities and Exchange Commission. The Commission has expressed no view regarding the analysis,
fndings, or conclusions contained herein.

Information presented in this report refects staf’s compilation and analysis of data reported to
the Commission on Form N-CEN. The presented information does not refect any flings or
amended flings submitted after April 04, 2025.

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Introduction
This report provides statistics and trends for SEC-Registered Investment Companies (“RICs”)
that fle annual reports on Form N-CEN, refecting data collected through April 04, 2025 for
reporting periods from December 2019 through December 2024.1 Please see the Appendix to this
report for defnitions of capitalized terms and other technical descriptions.
Many RICs must fle Form N-CEN within 75 days after the end of their respective fscal years.2
As a result, information fled on Form N-CEN may be asynchronous across RICs. Additionally, RICs
may fle an amendment to a previously fled report at any time, including an amendment to correct a
mistake or error in a previously fled report — for more details, see the Form N-CEN.
Commission Staf works with the reported information and with flers to identify and correct fling errors and employs certain methodologies and assumptions in aggregating the
data. Commission Staf updates reported statistics from time to time to refect corrected
and amended flings and any adjustments to methodologies and assumptions, which may
result in changes to previously reported statistics. Where appropriate, Commission Staf
may remove erroneous flings to ensure the accuracy of information presented. A downloadable Excel fle published alongside this report provides the most recently updated
historical data and includes methodological notes and assumptions, including a description of signifcant changes.
If you have any questions or comments about the Annual Registered Investment
Company Update (December 2024), please contact: Tim Dulaney, PhD, Juan Carlos Forero
Penaranda, or Trevor Tatum with subject line “Annual Registered Investment Company Update
(December 2024)”.
Please see the Division of Investment Management’s “Registered Fund Statistics” report on
SEC.gov for additional information and statistics relating to certain RICs that fle annual reports on
Form N-CEN.

1
2

The compliance date for Form N-CEN was June 1, 2018.
Unit Investment Trusts (“UITs”) fle Form N-CEN within 75 days of calendar-year end.

1

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Contents
1 Number of Funds

3

2 Aggregate Average Total Net Assets

5

3 Exemptions and Rules Relied Upon

7

4 Securities Lending

9

5 Lines of Credit

11

6 Service Providers

13

6.1

Investment Advisers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13

6.2

Transfer Agents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15

6.3

Pricing Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16

6.4

Custodians . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17

6.5

Administrators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19

6.6

Brokers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20

6.7

Securities Lending Agents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22

6.8

Cash Collateral Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23

6.9

Authorized Participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24

7 Appendices

26

7.1

Interval Notation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26

7.2

Methodology for Timeseries Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26

7.3

Form N-CEN Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27

7.4

Defnitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28

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Number of Funds3
Table 1.1: Number of Funds, by Registrant Type and Fund Category
Relies on Form N-CEN, Item C.3. Some Fund categories are not mutually exclusive. “Uncategorized
Funds” represent funds which did not indicate they were one of the Fund categories enumerated in
Item C.3. The “Total” row represents the total number of unique Funds, irrespective of fund type.
Registrant Type

N-1A

N-2

N-4
N-6
N-8B-2

N-3

Total

Fund Category
Uncategorized Fund
Exchange-Traded Fund
Index Fund
Underlying Fund for VA
Fund of Funds
Target Date Fund
Money Market Fund
Leveraged Fund
Feeder Fund
Master Fund
Exchange-Traded Managed Fund
Subtotal
Uncategorized Fund
Interval Fund
Fund of Funds
Feeder Fund
Master Fund
Index Fund
Target Date Fund
Leveraged Fund
Exchange-Traded Fund
Underlying Fund for VA
Subtotal
Subtotal
Subtotal
Uncategorized Fund
Exchange-Traded Fund
Subtotal
Underlying Fund for VA
Fund of Funds
Uncategorized Fund
Money Market Fund
Index Fund
Subtotal
Total

2019
6,043
2,222
2,427
1,879
1,727
736
413
316
187
144
17
12,323
518
64
44
43
27
0
2
1
1
0
692
428
243
40
8
48
3
3
8
1
2
14
13,748

2020
5,767
2,428
2,425
1,898
1,717
683
378
289
152
112
13
12,172
509
60
41
35
25
1
2
1
0
0
699
417
237
42
5
47
3
3
8
1
2
14
13,586

2021
5,586
2,809
2,555
1,908
1,726
685
346
306
149
121
18
12,329
512
72
39
33
25
1
3
1
0
1
686
416
241
40
5
45
9
9
8
2
2
20
13,737

2022
5,466
3,092
2,563
2,012
1,744
649
336
299
135
116
28
12,551
497
81
39
34
25
1
1
1
0
0
682
418
240
39
5
44
6
6
6
2
2
15
13,950

2023
5,168
3,520
2,622
2,070
1,778
640
329
302
137
114
40
12,680
474
100
56
28
22
1
1
1
0
0
688
416
239
37
5
42
6
6
6
2
2
15
14,080

2024
4,934
3,469
2,557
1,999
1,691
613
308
307
133
111
38
12,298
462
109
56
28
23
1
1
1
0
0
672
415
239
36
4
40
6
6
6
2
2
15
13,679

Table 1.2: Number of Funds per Family of Investment Companies
Relies on Form N-CEN, Item B.5. Funds not a part of a Family of Investment Companies are grouped by
the Central Index Key (“CIK”) of the registrant.
Funds per Family of Investment Companies
1
[2,5)
[5,10)
10 or more

2019
470
149
127
204

2020
482
155
116
207

2021
478
148
113
206

2022
491
136
110
209

2023
486
149
100
214

2024
498
142
106
209

3
For UITs that are not separate accounts of an insurance company, the number of UITs is used to calculate Fund totals
instead of number of Series reported on Form N-CEN, Item F.6. If information reported on Form N-CEN, Item F.6 is
used instead, the total number of Funds is 17,400 as of December 2024.

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Table 1.3: Number of Registrants, by Registrant Type
Relies on Form N-CEN, Item B.6.
Registrant Type
N-1A
N-2
N-4
N-6
N-8B-2
N-3
Total

2019
1,434
702
428
243
45
5
2,857

2020
1,414
705
416
236
47
5
2,823

2021
1,409
691
416
241
45
6
2,808

2022
1,391
690
418
240
44
4
2,787

2023
1,379
697
416
239
42
3
2,776

2024
1,355
674
416
239
40
3
2,727

Table 1.4: Number of Registrants per Family of Investment Companies
Relies on Form N-CEN, Item B.5. Registrants not a part of a Family of Investment Companies are
grouped by the Central Index Key (“CIK”) of the registrant.
Registrants per Family of Investment Companies
1
[2,5)
[5,10)
10 or more
Total

4

2019
764
94
48
49
955

2020
780
98
43
50
971

2021
778
95
42
49
964

2022
778
93
44
49
964

2023
776
101
39
48
964

2024
778
98
39
49
964

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Aggregate Average Total Net Assets (“ATNA”)4
Table 2.1: Aggregate ATNA, by Registrant Type and Fund Category
($Billions)
Relies on Form N-CEN, Item C.3. Fund categories are not mutually exclusive. “Uncategorized Funds”
represent Funds which did not indicate they were one of the Fund categories enumerated in Item C.3.
The “Total” column represents total ATNA for all Funds, irrespective of fund type.
Registrant Type

N-1A

N-4
N-8B-2

N-2

N-3

N-6
Total

Fund Category
Index Fund
Uncategorized Fund
Exchange-Traded Fund
Money Market Fund
Fund of Funds
Underlying Fund for VA
Master Fund
Target Date Fund
Feeder Fund
Leveraged Fund
Exchange-Traded Managed Fund
Subtotal
Subtotal
Exchange-Traded Fund
Uncategorized Fund
Subtotal
Uncategorized Fund
Interval Fund
Fund of Funds
Master Fund
Feeder Fund
Target Date Fund
Underlying Fund for VA
Subtotal
Uncategorized Fund
Index Fund
Money Market Fund
Fund of Funds
Underlying Fund for VA
Subtotal
Subtotal
Total

2019
7,607
11,469
5,944
4,494
2,488
1,941
1,057
1,359
518
100
17
27,778
1,562
437
73
510
244
32
19
14
8
2
0
310
196
20
10
0
0
226
166
30,550

2020
9,089
12,969
7,174
5,298
3,147
2,122
1,402
1,641
566
118
0
32,474
1,670
523
75
598
264
34
16
12
6
2
0
325
198
20
12
0
0
230
188
35,486

2021
11,171
13,283
8,851
5,394
3,761
2,317
1,711
1,854
589
132
1
35,724
1,801
724
88
812
290
49
16
14
7
2
1
370
242
25
9
1
1
278
215
39,200

2022
10,897
11,556
8,737
5,564
3,239
2,078
1,646
1,572
602
123
2
33,233
1,390
550
69
619
255
62
17
16
8
2
0
350
205
22
8
0
0
237
175
36,004

2023
12,180
11,857
9,954
6,458
3,375
2,273
1,783
1,795
620
146
3
36,257
1,496
749
73
822
246
71
32
17
9
2
0
365
202
22
9
0
0
234
204
39,378

2024
13,369
12,104
10,895
6,709
3,355
2,432
1,847
1,751
707
146
2
38,001
1,548
1,005
85
1,089
252
77
32
18
9
2
0
376
218
40
10
0
0
268
231
41,513

4
On Form N-CEN, a measure of fund size is not generally a point-in-time measurement. Point-in-time aggregates of
mutual fund, ETF, and closed-end fund assets can be found in Registered Fund Statistics available on the SEC Website.

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Table 2.2: Fund ATNA Percentiles ($Billions)
Funds with non-positive ATNA are removed from this table.
Percentile
10th
20th
30th
40th
50th
60th
70th
80th
90th

2019
0.011
0.033
0.072
0.136
0.237
0.417
0.740
1.409
3.582

2020
0.013
0.039
0.084
0.161
0.276
0.474
0.837
1.608
4.388

2021
0.013
0.038
0.086
0.168
0.297
0.510
0.893
1.694
4.489

2022
0.010
0.033
0.076
0.144
0.256
0.447
0.775
1.464
3.919

2023
0.011
0.035
0.077
0.148
0.256
0.445
0.778
1.490
4.053

2024
0.011
0.038
0.082
0.158
0.272
0.475
0.825
1.582
4.265

Table 2.3: Percentiles of ATNA Aggregated by Family of Investment
Companies ($Billions)
Relies on Form N-CEN, Item B.5. Funds not a part of a Family of Investment Companies are grouped by
the Central Index Key (“CIK”) of the registrant.
Percentile
10th
20th
30th
40th
50th
60th
70th
80th
90th

2019
0.011
0.044
0.121
0.220
0.463
1.201
2.676
7.331
34.452

2020
0.010
0.048
0.119
0.240
0.531
1.159
2.718
7.917
39.906

2021
0.012
0.054
0.137
0.274
0.527
1.390
2.947
8.412
41.754

6

2022
0.010
0.042
0.111
0.239
0.493
1.239
2.721
6.908
35.164

2023
0.010
0.047
0.124
0.256
0.534
1.311
2.957
8.269
37.611

2024
0.013
0.050
0.124
0.256
0.552
1.326
3.121
7.923
38.268

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Exemptions and Rules Relied Upon5
Table 3.1: Number of Series Relying on Statutory Exemptions or Rules
Under the Investment Company Act
Relies on Form N-CEN, Item C.7. Funds may rely on one or more statutory exemptions and, as a
result, may contribute more than once.
Exemption
Rule 32a-4
Rule 18f-4
Rule 12d1-1
Rule 18f-4(c)(4)
Rule 12d1-4
Rule 22d-1
Rule 6c-11
Rule 17a-7
Rule 18f-4(f)
Rule 17e-1
Rule 10f-3
Section 12(d)(1)(G) of the Act
Rule 18f-4(e)
Rule 17a-6
Rule 18f-4(d)(ii)
Rule 18f-4(c)(2)
Rule 18f-4(d)(i)
Rule 17a-8
Rule 23c-1
Rule 15a-4

2019
10,224
0
6,229
0
0
3,629
87
3,578
0
1,892
950
0
0
343
0
0
0
149
63
43

2020
10,416
0
6,307
0
0
3,336
1,471
3,320
0
1,682
960
20
0
342
0
0
0
140
52
62

2021
10,909
3,110
6,424
2,221
2,460
3,234
2,290
3,286
477
1,712
858
925
91
305
111
137
82
117
63
55

2022
11,302
7,967
6,387
5,725
3,723
3,228
2,596
3,001
1,893
1,670
750
716
325
314
382
303
178
96
57
24

2023
11,470
8,650
6,418
5,918
3,969
3,266
3,102
2,578
2,173
1,741
702
547
424
327
321
160
163
100
83
25

2024
11,300
8,754
6,415
5,896
3,924
3,164
3,083
2,510
2,191
1,706
652
484
428
325
297
164
158
103
81
27

Table 3.2: ATNA of Funds Relying on Statutory Exemptions or Rules Under
the Investment Company Act ($Billions)
Relies on Form N-CEN, Item C.7. Funds may rely on one or more statutory exemptions and, as a
result, may contribute more than once.
Exemption
Rule 32a-4
Rule 18f-4(c)(4)
Rule 18f-4
Rule 12d1-4
Rule 17a-7
Rule 12d1-1
Rule 18f-4(f)
Rule 22d-1
Rule 17e-1
Rule 6c-11
Rule 18f-4(e)
Rule 10f-3
Rule 17a-6
Section 12(d)(1)(G) of the Act
Rule 18f-4(d)(ii)
Rule 17a-8
Rule 18f-4(d)(i)
Rule 18f-4(c)(2)
Rule 23c-1
Rule 15a-4

2019
26,011
0
0
0
15,691
15,968
0
8,862
4,236
31
0
1,282
926
0
0
199
0
0
39
17

2020
30,689
0
0
0
18,667
16,390
0
9,644
4,649
2,872
0
1,761
1,321
66
0
366
0
0
36
26

5

2021
34,436
8,510
7,154
11,035
19,950
17,427
2,829
9,266
5,153
3,915
552
1,409
1,186
1,841
90
258
180
67
29
15

2022
32,161
20,646
18,066
17,309
17,874
16,054
9,209
8,447
4,739
3,901
1,305
921
867
1,098
582
161
274
100
25
8

2023
35,284
22,762
20,186
19,362
17,777
17,558
10,461
9,228
5,681
4,716
1,665
1,167
801
734
660
385
251
64
43
13

2024
37,197
24,250
20,991
20,636
19,812
18,134
11,065
9,344
5,774
4,716
1,747
1,189
826
725
628
341
234
64
45
11

On Form N-CEN, management investment companies — i.e., investment companies registered on Forms N-1A, N-2,
or N-3 — report relying on the following statutory exemption(s) or any of the rule(s) under the Investment Company
Act. See the appendix for Form N-CEN changes that may impact the availability of historical information for some of
these exemptions.

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Table 3.3: Number of Funds Binned by Number of Exemptions
Relies on Form N-CEN, Item C.7.
Exemptions per Series
0
1
2
3
4
5
[6,10)
Total

2019
1,296
3,266
4,129
2,440
1,287
475
136
13,029

2020
1,204
2,807
3,980
2,857
1,483
493
62
12,886

2021
701
2,173
2,943
2,668
2,007
1,293
1,250
13,035

2022
436
1,161
1,914
2,489
2,675
1,891
2,681
13,247

2023
401
1,085
1,911
2,403
2,655
2,128
2,800
13,383

2024
359
993
1,624
2,282
2,786
2,153
2,790
12,987

Table 3.4: Aggregate ATNA of Funds Binned by Number of Exemptions
($Billions)
Relies on Form N-CEN, Item C.7.
Exemptions per Series
0
1
2
3
4
5
[6,10)
Total

2019
747
5,409
6,904
8,479
5,452
1,130
192
28,313

2020
640
6,217
10,053
6,269
8,101
1,586
164
33,029

8

2021
596
4,773
8,512
6,407
6,152
5,123
4,807
36,372

2022
206
2,658
2,391
5,706
7,787
4,179
10,890
33,816

2023
156
2,508
2,921
6,124
8,790
3,758
12,597
36,854

2024
149
2,481
2,995
6,084
9,596
4,358
12,983
38,646

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Securities Lending6
Table 4.1: Number of Funds Paying Fees to Securities Lending Agents or
Cash Collateral Managers
Relies on Form N-CEN, Item C.6.e. Funds may pay more than one type of fee as part of their
securities lending and cash collateral management arrangements and, as a result, may contribute more
than once. The “Total” row represents the number of Funds lending securities, and not the sum of
the preceeding rows.
Payment Type
Revenue Sharing Split
Cash Collateral Fee
Other Fee
Administrative Fee
Non-Revenue Sharing Split
Not Applicable
Indemnifcation Fee
Total

2019
4,545
2,314
666
179
301
322
13
5,113

2020
4,694
2,383
692
178
330
254
13
5,267

2021
4,742
2,407
702
427
345
236
13
5,438

2022
4,822
2,438
728
428
354
223
15
5,522

2023
4,839
2,427
764
371
364
246
0
5,565

2024
4,733
2,393
763
367
361
222
0
5,435

Table 4.2: Aggregate ATNA of Series, by Type of Fee Paid to Securities
Lending Agents or Cash Collateral Managers ($Billions)
Relies on Form N-CEN, Item C.6.e. Funds may pay more than one type of fee as part of their
securities lending and cash collateral management arrangements and, as a result, may contribute more
than once. The “Total” row represents the aggregate ATNA of Funds lending securities, and not the
sum of the preceeding rows.
Payment Type
Cash Collateral Fee
Revenue Sharing Split
Administrative Fee
Other Fee
Non-Revenue Sharing Split
Not Applicable
Indemnifcation Fee
Total

2019
8,499
10,238
3,821
2,370
1,601
271
12
13,910

2020
9,945
12,649
4,315
2,849
2,013
308
13
17,371

2021
11,814
13,377
5,532
3,497
2,385
157
16
19,911

2022
11,478
12,155
5,325
3,260
2,418
154
15
18,924

2023
12,429
13,124
5,809
3,541
2,820
417
0
20,894

2024
13,449
13,422
6,780
3,644
2,893
461
0
22,220

Table 4.3: Aggregate Average Value of Portfolio Securities on Loan
(“AVSL”), by Type of Fee Paid to Securities Lending Agents
or Cash Collateral Managers ($Billions)
Relies on Form N-CEN, Item C.6.(e-f). Funds may pay more than one type of fee as part of their
securities lending and cash collateral management arrangements and, as a result, may contribute more
than once. The “Total” row represents the aggregate AVSL reported, and not the sum of the
preceeding rows.
Payment Type
Revenue Sharing Split
Cash Collateral Fee
Other Fee
Administrative Fee
Non-Revenue Sharing Split
Not Applicable
Indemnifcation Fee
Total

2019
213
147
62
22
19
6
1
234

2020
203
145
61
22
24
4
1
235

2021
210
152
69
35
30
6
1
259

2022
214
160
72
38
32
5
1
263

2023
227
156
74
36
26
9
0
272

2024
222
152
76
34
25
10
0
268

6
In this section, we focus on funds that reported a positive monthly average of the value of portfolio securities on loan
— Form N-CEN, Item C.6.f.

9

April 4, 2025

Analytics Ofce

Table 4.4: Percentiles of Fund AVSL ($Billions)
Relies on Form N-CEN, Item C.6.f.
Percentile
10th
20th
30th
40th
50th
60th
70th
80th
90th

2019
0.000
0.000
0.001
0.002
0.004
0.008
0.016
0.031
0.082

2020
0.000
0.000
0.001
0.003
0.005
0.009
0.016
0.033
0.081

2021
0.000
0.000
0.001
0.003
0.005
0.010
0.018
0.036
0.086

10

2022
0.000
0.000
0.001
0.002
0.005
0.009
0.017
0.035
0.087

2023
0.000
0.000
0.001
0.002
0.004
0.008
0.015
0.031
0.082

2024
0.000
0.000
0.001
0.002
0.004
0.008
0.016
0.033
0.085

April 4, 2025

5

Analytics Ofce

Lines of Credit7
Table 5.1: Number of Funds with Lines of Credit Available
Relies on Form N-CEN, Item C.20.a. The “Total” row represents the total number of Funds of openend management investment companies with lines of credit available and not the sum of the prior
rows. Some funds report both committed and uncommitted lines of credit.
Line of Credit Type
Committed
Uncommitted
Total

2019
5,137
2,670
6,159

2020
5,138
2,775
6,110

2021
5,267
2,780
6,276

2022
5,347
2,834
6,378

2023
5,326
2,907
6,385

2024
5,128
2,843
6,183

Table 5.2: Aggregate Value of Available Lines of Credit ($Billions)
Relies on Form N-CEN, Item C.20.a. Since funds often share, and report, the same line of credit on
Form N-CEN, prior to aggregation we divide the size of the line of credit by the number of funds
sharing the credit line.
Line of Credit Type
Committed
Uncommitted
Total

2019
126
45
169

2020
129
49
175

2021
135
45
177

2022
86
43
127

2023
92
40
128

2024
74
40
110

Table 5.3: Number of Funds Drawing on Lines of Credit
Relies on Form N-CEN, Item C.20.a.v. The “Total” row represents the total number of Funds of openend management investment companies drawing on lines of credit and not the sum of the prior rows.
Line of Credit Type
Committed
Uncommitted
Total

2019
1,122
513
1,622

2020
1,234
587
1,784

2021
1,254
669
1,882

2022
1,335
720
1,997

2023
1,334
752
2,027

2024
1,306
732
1,984

Table 5.4: Aggregate Average Amount of Drawn Lines of Credit
($Billions)
Relies on Form N-CEN, Item C.20.a.v and C.20.a.vi. The aggregate amounts presented represent the sum
of the average amount outstanding when the line of credit was in use for each Fund.
Line of Credit Type
Committed
Uncommitted
Total

2019
44
1
46

2020
28
1
30

2021
18
3
22

2022
19
2
22

2023
12
1
13

2024
12
1
13

7
Only open-end management investment companies are required to report information on their lines of credit on Form
N-CEN Item C.20. We assume that reported lines of credit are not contemporaneously reported, but can not determine
from Form N-CEN reporting when a fund drew on each individual line of credit.

11

April 4, 2025

Analytics Ofce

Table 5.5: Number of Funds Drawing on Lines of Credit, by Average Line
of Credit Usage Duration (Days)
Relies on Form N-CEN, Item C.20.a.v and C.20.a.vii. For each Fund, the average number of days their
line(s) of credit was in use is calculated. Funds are then bucketed by their average line of credit
usage duration, and the number of Funds in each bucket is then calculated.
Days
7 or Less
[8,31)
[31,61)
[61,91)
[91,181)
More than 180

2019
891
430
127
56
60
58

2020
1,007
509
126
45
42
55

2021
1,113
477
130
58
54
50

12

2022
1,159
499
154
51
66
68

2023
1,254
467
129
59
51
67

2024
1,234
460
123
53
59
55

April 4, 2025

Analytics Ofce

6

Service Providers

6.1

Investment Advisers8
Table 6.1: Most Frequently Reported Investment Advisers, by Number of
Funds
Relies on Form N-CEN, Item C.9 — excludes sub-advisers and terminated advisers. Note that each
Fund may report more than one investment adviser and, as a result, could contribute to the aggregate
for multiple advisers.
Investment Adviser
FIDELITY MGMT AND RESEARCH COMPANY
BLACKROCK FUND ADVISORS
FIRST TRUST ADVISORS
INVESCO CAPITAL MGMT
BLACKROCK ADVISORS
SSGA FUNDS MGMT
T ROWE PRICE ASSOCIATES
PGIM INVESTMENTS
PACIFIC INVESTMENT MGMT COMPANY
VANGUARD GROUP
FRANKLIN ADVISERS
JP MORGAN INVESTMENT MGMT
DIMENSIONAL FUND ADVISORS
INVESCO ADVISERS
COLUMBIA MGMT INVESTMENT ADVISERS
GOLDMAN SACHS ASSET MGMT
INNOVATOR CAPITAL MGMT
AMERICAN CENTURY INVESTMENT MGMT
NUVEEN FUND ADVISORS
MASSACHUSETTS FINANCIAL SERVICES COMPANY

2019
537
441
182
236
235
199
186
203
176
182
117
164
131
227
192
143
59
124
161
134

2020
595
435
207
216
229
203
191
194
176
181
117
162
139
197
177
142
81
140
156
135

2021
619
448
220
220
214
198
204
189
177
184
117
171
148
189
177
150
89
149
153
137

2022
616
468
243
224
209
191
205
182
183
171
117
172
157
191
176
142
110
146
144
137

2023
638
489
273
211
203
193
210
194
185
173
165
168
163
167
161
154
149
153
142
136

2024
634
482
269
211
196
193
193
187
185
173
169
164
163
161
161
148
145
142
137
136

Table 6.2: Aggregate ATNA for Funds Reporting Each Investment Adviser
($Billions)
Relies on Form N-CEN, Item C.9 — excludes sub-advisers and terminated advisers. Note that each
Fund may report more than one investment adviser and, as a result, could contribute to the aggregate
for multiple advisers.
Investment Adviser
VANGUARD GROUP
FIDELITY MGMT AND RESEARCH COMPANY
CAPITAL RESEARCH AND MGMT COMPANY
BLACKROCK FUND ADVISORS
JP MORGAN INVESTMENT MGMT
SSGA FUNDS MGMT
CHARLES SCHWAB INVESTMENT MGMT
T ROWE PRICE ASSOCIATES
BLACKROCK ADVISORS
DIMENSIONAL FUND ADVISORS
GOLDMAN SACHS ASSET MGMT
WELLINGTON MGMT COMPANY
PACIFIC INVESTMENT MGMT COMPANY
FEDERATED ADVISORY SERVICES COMPANY
FEDERATED INVESTMENT MGMT COMPANY
MASSACHUSETTS FINANCIAL SERVICES COMPANY
INVESCO ADVISERS
STRATEGIC ADVISERS
PGIM INVESTMENTS
COLUMBIA MGMT INVESTMENT ADVISERS
8

2019
5,491
2,808
2,187
1,805
848
566
430
841
657
517
426
439
513
381
345
331
431
189
373
296

2020
6,288
3,374
2,557
2,142
939
773
541
926
789
615
495
506
538
397
354
412
448
224
414
328

2021
7,524
3,761
2,797
2,628
1,040
868
563
1,072
855
581
558
522
581
382
343
448
443
314
407
377

2022
7,086
3,579
2,640
2,522
979
931
606
897
755
570
581
492
485
410
375
398
439
309
349
325

2023
7,749
4,187
2,824
2,817
1,219
1,011
908
886
780
650
580
506
491
467
433
425
427
354
347
325

2024
8,798
4,273
2,937
2,848
1,218
1,147
1,054
900
759
650
577
507
491
469
435
426
426
354
338
329

CRD numbers, SEC fle numbers, and LEIs are used to promote consistency of reported names.

13

April 4, 2025

Analytics Ofce

Table 6.3: Number of Funds Binned by Number of Investment Advisers
Reported
Relies on Form N-CEN, Item C.9 — excludes sub-advisers and terminated advisers. Funds not
reporting Investment Advisers are excluded from this table.
Investment Advisers per Series
1
2
3
4 or more
Total

2019
12,811
190
4
2
13,007

2020
12,678
187
4
1
12,870

14

2021
12,802
206
8
2
13,018

2022
13,057
168
8
2
13,235

2023
13,192
164
10
1
13,367

2024
12,816
146
12
1
12,975

April 4, 2025

6.2

Analytics Ofce

Transfer Agents9
Table 6.4: Most Frequently Reported Transfer Agents, by Number of Funds
Relies on Form N-CEN, Item C.10 — excludes sub-transfer agents. Note that each Fund may report
more than one transfer agent and, as a result, could contribute to the aggregate for multiple
transfer agents.
Transfer Agent
STATE STREET BANK AND TRUST COMPANY
US BANCORP FUND SERVICES
BNY MELLON INVESTMENT SERVICING (US)
SS AND C GIDS
BANK OF NEW YORK MELLON
FIDELITY INVESTMENTS INSTITUTIONAL OPERATIONS COMPANY
ULTIMUS FUND SOLUTIONS
DST ASSET MANAGER SOLUTIONS
BROWN BROTHERS HARRIMAN AND CO
FIS INVESTOR SERVICES

2019
1,300
866
1,250
396
506
579
156
1,359
232
241

2020
1,280
934
1,205
382
494
569
235
1,267
280
301

2021
1,240
1,001
1,202
367
621
585
459
1,210
346
294

2022
1,196
1,151
1,202
943
799
587
508
575
325
297

2023
1,242
1,249
1,145
1,047
930
598
553
437
331
250

2024
1,239
1,225
1,095
1,003
902
594
558
412
300
246

Table 6.5: Aggregate ATNA for Funds Reporting Each Transfer Agent
($Billions)
Relies on Form N-CEN, Item C.10 — excludes sub-transfer agents. Note that each Fund may report
more than one transfer agent and, as a result, could contribute to the aggregate for multiple
transfer agents.
Transfer Agent
VANGUARD GROUP
FIDELITY INVESTMENTS INSTITUTIONAL OPERATIONS COMPANY
STATE STREET BANK AND TRUST COMPANY
AMERICAN FUNDS SERVICE COMPANY
BNY MELLON INVESTMENT SERVICING (US)
SS AND C GIDS
DST ASSET MANAGER SOLUTIONS
T ROWE PRICE SERVICES
BANK OF NEW YORK MELLON
US BANCORP FUND SERVICES

2019
6,025
3,036
3,124
2,187
1,576
825
3,258
840
228
553

2020
6,921
3,581
3,720
2,557
1,926
1,235
3,546
926
287
658

2021
8,145
4,051
3,834
2,796
2,228
894
3,917
1,071
390
705

2022
7,677
3,861
2,769
2,639
2,103
2,042
2,233
896
748
647

2023
8,376
4,492
3,052
2,824
2,391
2,332
2,249
884
869
735

2024
9,426
4,578
3,132
2,937
2,550
2,455
2,280
894
871
757

Table 6.6: Number of Funds Binned by Number of Transfer Agents Reported
Relies on Form N-CEN, Item C.10 — excludes sub-transfer agents. Funds not reporting Transfer
Agents are excluded from this table.
Transfer Agents per Series
1
2
3
Total

9

2019
12,595
120
0
12,715

2020
12,529
105
0
12,634

2021
12,606
200
0
12,806

2022
12,825
232
0
13,057

2023
12,943
263
7
13,213

SEC fle numbers and LEIs are used to promote consistency of reported names.

15

2024
12,602
242
9
12,853

April 4, 2025

6.3

Analytics Ofce

Pricing Services10
Table 6.7: Most Frequently Reported Pricing Services, by Number of
Funds
Relies on Form N-CEN, Item C.11. Note that each Fund may report more than one pricing service and,
as a result, could contribute to the aggregate for multiple pricing services.
Pricing Service
BLOOMBERG
PRICINGDIRECT
ICE DATA PRICING REFERENCE DATA
SP GLOBAL
ICE DATA SERVICES
INTERCONTINENTAL EXCHANGE
BLOOMBERG FINANCE
IHS MARKIT
REFINITIV US
REFINITIV US HOLDINGS

2019
6,025
4,882
3,746
294
4,435
3,119
2,091
5,661
997
4,275

2020
6,018
4,978
3,841
306
4,339
3,136
2,086
5,499
1,497
4,656

2021
6,169
5,178
4,273
558
4,204
2,988
1,958
5,118
1,731
4,581

2022
6,257
5,449
4,865
1,835
4,091
2,964
1,993
4,149
1,827
4,725

2023
6,413
5,623
5,286
4,510
4,144
2,852
2,186
1,967
1,248
1,089

2024
6,318
5,609
5,218
4,591
4,006
2,701
2,124
1,696
945
903

Table 6.8: Aggregate ATNA for Funds Reporting Each Pricing Service
($Billions)
Relies on Form N-CEN, Item C.11. Note that each Fund may report more than one pricing service and,
as a result, could contribute to the aggregate for multiple pricing services.
Pricing Service
ICE DATA PRICING REFERENCE DATA
BLOOMBERG
PRICINGDIRECT
BLOOMBERG FINANCE
SP GLOBAL
JPMORGAN CHASE BANK NA
ITG ANALYTICS
ICE DATA SERVICES
INTERCONTINENTAL EXCHANGE
IHS MARKIT

2019
7,512
12,097
9,566
9,212
699
6,216
6,046
7,499
5,248
16,537

2020
8,914
14,149
11,684
10,709
728
7,123
6,938
8,716
6,216
18,823

2021
10,072
16,193
12,544
11,419
1,127
8,240
8,169
9,327
6,216
20,195

2022
10,142
14,245
12,510
10,521
2,859
7,798
7,693
8,201
5,625
17,252

2023
14,860
15,419
13,706
11,565
9,253
8,560
8,378
8,926
6,302
9,885

2024
20,650
15,951
15,056
12,903
9,767
9,608
9,429
9,303
6,390
5,821

Table 6.9: Number of Funds Binned by Number of Pricing Services
Reported
Relies on Form N-CEN, Item C.11. Funds not reporting Pricing Services are excluded from this table.
Pricing Services per Series
1
2
3
4 or more
Total

10

2019
2,308
1,494
1,876
4,770
10,448

2020
2,261
1,464
2,023
4,651
10,399

LEIs are used to promote consistency of reported names.

16

2021
2,365
1,545
2,147
4,735
10,792

2022
2,267
1,857
2,026
5,016
11,166

2023
2,285
1,687
2,080
5,283
11,335

2024
2,209
1,612
1,958
5,300
11,079

April 4, 2025

6.4

Analytics Ofce

Custodians11
Table 6.10: Most Frequently Reported Custodians, by Number of Funds
Relies on Form N-CEN, Item C.12 — excludes sub-custodians. Note that each Fund may report more
than one custodian and, as a result, could contribute to the aggregate for multiple custodians.
Custodian
STATE STREET BANK
BANK OF NEW YORK MELLON
US BANK NA
JPMORGAN CHASE BANK NA
BROWN BROTHERS HARRIMAN CO
CITIBANK NA
GOLDMAN SACHS CO
CREDIT SUISSE SECURITIES (USA)
MORGAN STANLEY AND CO INTERNATIONAL
BANK OF AMERICA MERRILL LYNCH INTL

2019
5,265
2,616
1,084
1,476
804
268
419
414
414
414

2020
5,165
2,564
1,218
1,462
898
292
410
409
409
409

2021
5,008
2,699
1,369
1,345
915
378
408
405
405
405

2022
4,861
2,844
1,534
1,370
892
431
417
411
411
411

2023
4,860
2,895
1,616
1,546
887
469
375
374
374
374

2024
4,720
2,705
1,566
1,514
831
471
369
368
368
368

Table 6.11: Aggregate ATNA for Funds Reporting Each Custodian
($Billions)
Relies on Form N-CEN, Item C.12 — excludes sub-custodians. Note that each Fund may report more
than one custodian and, as a result, could contribute to the aggregate for multiple custodians.
Custodian
STATE STREET BANK
JPMORGAN CHASE BANK NA
BANK OF NEW YORK MELLON
JPMORGAN CHASE BANK, NA
BROWN BROTHERS HARRIMAN CO
CITIBANK NA
US BANK NA
STATE STREET BANK AND TRUST CO
NORTHERN TRUST COMPANY
GOLDMAN SACHS CO

2019
11,726
6,613
5,445
1,637
993
479
516
526
606
486

2020
13,489
7,568
6,656
1,896
1,363
640
617
656
738
586

2021
14,810
7,850
6,729
2,094
1,397
930
733
702
775
617

2022
12,801
7,763
7,236
1,980
1,261
1,086
653
661
651
625

2023
13,747
9,154
7,768
2,107
1,383
1,221
740
718
738
645

2024
14,623
9,756
7,796
2,178
1,459
1,231
767
761
760
643

Table 6.12: Number of Funds Binned by Number of Custodians Reported
Relies on Form N-CEN, Item C.12 — excludes sub-custodians. Funds not reporting Custodians are
excluded from this table.
Custodians per Series
1
2
3
4 or more
Total

11

2019
11,994
517
54
427
12,992

2020
11,751
641
43
425
12,860

LEIs are used to promote consistency of reported names.

17

2021
12,106
472
20
422
13,020

2022
12,352
394
54
433
13,233

2023
12,346
543
87
386
13,362

2024
12,014
527
53
378
12,972

April 4, 2025

Analytics Ofce

Table 6.13: Number of Funds Reporting a Custodian, by Type of Custody
Relies on Form N-CEN, Item C.12.a.vii.
Custody Type
Bank
Self
Futures commission merchants and commodity clearing organizations
Securities depository
Foreign custodian
Foreign securities depository
Other
Member national securities exchange

18

2019
12,281
758
458
39
216
46
0
33

2020
12,129
740
457
52
244
51
2
12

2021
12,247
695
447
131
129
47
2
14

2022
12,443
731
462
175
124
48
0
20

2023
12,585
727
422
201
126
87
0
11

2024
12,238
699
412
197
92
82
17
10

April 4, 2025

6.5

Analytics Ofce

Administrators12
Table 6.14: Most Frequently Reported Administrators, by Number of Funds
Relies on Form N-CEN, Item C.14 — excludes sub-administrators. Note that each Fund may report
more than one administrator and, as a result, could contribute to the aggregate for multiple
administrators.
Administrator
STATE STREET BANK
BANK OF NEW YORK MELLON
US BANCORP
FIDELITY SERVICE COMPANY
ULTIMUS FUND SOLUTIONS
CITI FUND SERVICES OHIO
US BANCORP FUND SERVICES
SEI INVESTMENTS GLOBAL FUNDS SERVICES
JPMORGAN CHASE BANK NA
BLACKROCK ADVISORS

2019
986
627
746
611
169
320
96
343
207
295

2020
1,000
650
670
611
256
334
199
301
203
269

2021
976
685
716
636
502
384
225
338
201
259

2022
908
784
825
639
556
411
230
339
237
256

2023
901
840
736
664
597
437
337
334
289
252

2024
885
815
733
660
630
422
320
311
281
245

Table 6.15: Aggregate ATNA for Funds Reporting Each Administrator
($Billions)
Relies on Form N-CEN, Item C.14 — excludes sub-administrators. Note that each Fund may report
more than one administrator and, as a result, could contribute to the aggregate for multiple
administrators.
Administrator
VANGUARD GROUP
FIDELITY SERVICE COMPANY
CAPITAL RESEARCH AND MGMT COMPANY
STATE STREET BANK
JP MORGAN INVESTMENT MGMT
BLACKROCK ADVISORS
SSGA FUNDS MGMT
CHARLES SCHWAB INVESTMENT MGMT
BANK OF NEW YORK MELLON
T ROWE PRICE ASSOCIATES

2019
6,025
3,052
2,185
2,621
848
904
566
428
343
840

2020
6,921
3,606
2,555
3,051
938
1,055
773
539
450
926

2021
8,145
4,083
2,794
3,320
1,039
1,199
868
560
510
1,072

2022
7,677
3,894
2,638
2,078
979
1,095
931
604
816
897

2023
8,376
4,548
2,822
2,167
1,218
1,143
1,011
906
932
885

2024
9,426
4,634
2,936
2,160
1,217
1,163
1,147
1,052
934
899

Table 6.16: Number of Funds Binned by Number of Administrators Reported
Relies on Form N-CEN, Item C.14 — excludes sub-administrators. Funds not reporting Administrators
are excluded from this table.
Administrators per Series
1
2
3
Total

12

2019
11,738
437
37
12,212

2020
11,707
381
44
12,132

LEIs are used to promote consistency of reported names.

19

2021
11,964
344
40
12,348

2022
12,193
376
38
12,607

2023
12,265
459
42
12,766

2024
11,869
475
37
12,381

April 4, 2025

6.6

Analytics Ofce

Brokers13
Table 6.17: Most Frequently Reported Brokers, by Number of Funds
Form N-CEN, Items C.15-16. With respect to unafliated brokers, Funds are instructed to report
each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding
dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s
portfolio transactions. Note that each Fund may report more than one broker and, as a result, could
contribute to the aggregate for multiple brokers.
Broker
GOLDMAN SACHS AND CO
JP MORGAN SECURITIES
MORGAN STANLEY AND CO
BOFA SECURITIES
CITIGROUP GLOBAL MARKETS
UBS SECURITIES
JEFFERIES
BARCLAYS CAPITAL
RBC CAPITAL MARKETS
MERRILL LYNCH, PIERCE, FENNER AND SMITH
SANFORD C BERNSTEIN AND CO
VIRTU AMERICAS
INSTINET
COWEN AND CO
WELLS FARGO SECURITIES
BNP PARIBAS SECURITIES CORP
PIPER SANDLER AND CO
BTIG
LIQUIDNET
NOMURA SECURITIES INTERNATIONAL

2019
4,608
4,633
4,226
2,444
4,011
3,379
2,402
2,367
1,735
2,030
1,662
701
1,730
1,274
1,211
165
587
640
997
187

2020
4,689
4,543
4,237
2,865
3,959
3,331
2,531
2,201
1,819
1,922
1,562
1,175
1,673
1,281
1,241
207
656
719
932
175

2021
4,860
4,479
4,305
3,041
3,809
3,243
2,849
2,283
1,896
1,822
1,505
1,272
1,791
1,255
1,048
371
698
856
835
186

2022
5,153
4,673
4,488
3,437
3,737
3,392
3,097
2,530
2,261
1,789
1,469
1,252
1,395
1,119
1,054
606
819
819
717
545

2023
5,196
4,771
4,368
3,649
3,630
3,374
3,268
2,621
2,296
1,715
1,326
1,186
1,136
1,079
1,083
825
853
857
752
784

2024
5,026
4,634
4,225
3,564
3,464
3,334
3,272
2,484
2,212
1,619
1,120
1,119
1,061
1,015
1,006
891
868
796
748
741

Table 6.18: Aggregate ATNA for Funds Reporting Each Broker ($Billions)
Form N-CEN, Items C.15-16. With respect to unafliated brokers, Funds are instructed to report
each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding
dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s
portfolio transactions. Note that each Fund may report more than one broker and, as a result, could
contribute to the aggregate for multiple brokers.
Broker
JP MORGAN SECURITIES
GOLDMAN SACHS AND CO
MORGAN STANLEY AND CO
BOFA SECURITIES
JEFFERIES
CITIGROUP GLOBAL MARKETS
CITIGROUP
MORGAN STANLEY
GOLDMAN SACHS GROUP
UBS SECURITIES
BANK OF AMERICA CORP
RBC CAPITAL MARKETS
BARCLAYS
BARCLAYS CAPITAL
MIZUHO SECURITIES USA
VIRTU AMERICAS
CITADEL SECURITIES INSTITUTIONAL
MERRILL LYNCH, PIERCE, FENNER AND SMITH
COWEN AND CO
BLACKROCK INVESTMENTS

13

2019
12,119
12,713
12,888
5,244
6,343
10,459
1,988
2,558
2,407
5,582
2,357
3,073
812
6,745
189
972
1
6,114
3,116
2,518

2020
13,929
15,624
15,198
8,414
8,920
12,103
2,297
3,014
2,865
6,961
2,638
3,836
1,072
6,299
365
2,221
35
6,426
3,110
2,984

2021
15,441
18,122
17,333
13,848
7,673
13,817
2,793
3,413
3,345
7,192
3,095
6,286
1,436
9,611
1,492
2,189
313
5,244
4,228
3,530

2022
15,326
17,315
16,440
13,481
8,216
12,782
3,433
2,572
2,440
7,352
2,431
9,031
1,323
9,714
2,812
2,020
157
3,861
3,894
3,324

2023
17,101
18,183
16,510
14,312
8,889
9,113
7,667
3,913
3,744
7,303
2,840
8,745
2,516
10,609
4,593
5,591
131
3,847
3,768
3,637

2024
18,441
15,309
13,450
11,192
9,448
9,447
8,770
8,525
7,947
7,479
7,459
7,282
7,099
6,790
5,491
4,994
4,419
4,061
3,978
3,651

CRD numbers, SEC fle numbers, and LEIs are used to promote consistency of reported names.

20

April 4, 2025

Analytics Ofce

Table 6.19: Number of Funds Binned by Number of Brokers Reported
Form N-CEN, Items C.15-16. Funds not reporting Brokers are excluded from this table.
Brokers per Series
1
2
3
4 or more
Total

2019
1,623
1,031
796
8,038
11,488

2020
1,678
999
818
8,007
11,502

2021
1,739
1,021
871
7,994
11,625

21

2022
1,867
1,087
835
8,056
11,845

2023
1,997
1,196
801
7,988
11,982

2024
1,994
1,173
734
7,706
11,607

April 4, 2025

6.7

Analytics Ofce

Securities Lending Agents14
Table 6.20: Most Frequently Reported Securities Lending Agents, by
Number of Funds
Relies on Form N-CEN, Item C.6. Note that each Fund may report more than one securities lending
agent and, as a result, could contribute to the aggregate for multiple securities lending agents.
Securities Lending Agent
STATE STREET BANK
BANK OF NEW YORK MELLON
JPMORGAN CHASE BANK NA
CITIBANK NA
GOLDMAN SACHS BANK USA
BLACKROCK INSTITUTIONAL TRUST COMPANY,, NA
US BANK NA
NATIONAL FINANCIAL SERVICES
BROWN BROTHERS HARRIMAN CO
BLACKROCK INVESTMENT MGMT

2019
1,734
1,300
584
571
689
454
287
299
541
217

2020
1,764
1,264
631
593
592
448
325
330
564
211

2021
1,698
1,274
736
620
472
457
367
342
565
200

2022
1,715
1,294
749
598
462
477
426
408
465
196

2023
1,745
1,285
772
616
536
498
475
456
438
190

2024
1,657
1,220
759
608
554
492
464
457
405
183

Table 6.21: Aggregate ATNA for Funds Reporting Each Securities Lending
Agent ($Billions)
Relies on Form N-CEN, Item C.6. Note that each Fund may report more than one securities lending
agent and, as a result, could contribute to the aggregate for multiple securities lending agents.
Securities Lending Agent
VANGUARD GROUP
STATE STREET BANK
NATIONAL FINANCIAL SERVICES
JPMORGAN CHASE BANK NA
BLACKROCK INSTITUTIONAL TRUST COMPANY,, NA
CITIBANK NA
BANK OF NEW YORK MELLON
GOLDMAN SACHS BANK USA
BROWN BROTHERS HARRIMAN CO
BLACKROCK INVESTMENT MGMT

2019
3,729
3,054
1,600
2,254
1,825
1,566
1,172
2,116
1,106
635

2020
4,217
3,668
2,008
2,636
2,162
1,776
1,642
1,913
1,317
767

2021
5,164
4,029
2,383
2,974
2,652
1,979
1,373
1,388
1,353
821

2022
4,978
3,659
2,476
2,689
2,545
1,848
1,240
941
1,183
730

2023
5,429
3,705
2,919
2,790
2,841
2,087
1,341
1,299
1,273
753

2024
6,397
3,878
2,996
2,921
2,876
2,132
1,366
1,346
1,299
729

Table 6.22: Number of Funds Binned by Number of Securities Lending
Agents Reported
Relies on Form N-CEN, Item C.6. Funds not reporting Securities Lending Agents are excluded from
this table.
Securities Lending Agents per Series
1
2
Total

14

2019
6,561
339
6,900

LEIs are used to promote consistency of reported names.

22

2020
6,704
268
6,972

2021
6,600
482
7,082

2022
6,763
416
7,179

2023
6,692
562
7,254

2024
6,549
541
7,090

April 4, 2025

6.8

Analytics Ofce

Cash Collateral Managers15
Table 6.23: Most Frequently Reported Cash Collateral Managers, by Number
of Funds
Relies on Form N-CEN, Item C.6. Note that each Fund may report more than one cash collateral
manager and, as a result, could contribute to the aggregate for multiple cash collateral managers.
Collateral Manager
BLACKROCK FUND ADVISORS
US BANCORP ASSET MGMT
FIDELITY MGMT AND RESEARCH COMPANY
JPMORGAN CHASE BANK NA
INVESCO ADVISERS
SSGA FUNDS MGMT
BANK OF NEW YORK MELLON
STATE STREET BANK
JP MORGAN INVESTMENT MGMT
GOLDMAN SACHS TRUST - FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

2019
454
292
280
276
298
188
196
163
134
87

2020
448
335
344
265
323
195
185
171
134
130

2021
457
391
359
328
331
243
188
171
143
144

2022
477
426
359
328
332
240
214
164
145
151

2023
619
479
360
355
298
241
203
166
151
148

2024
671
468
357
351
295
242
183
159
149
148

Table 6.24: Aggregate ATNA for Funds Reporting Each Cash Collateral
Manager ($Billions)
Relies on Form N-CEN, Item C.6. Note that each Fund may report more than one cash collateral
manager and, as a result, could contribute to the aggregate for multiple cash collateral managers.
Collateral Manager
BLACKROCK FUND ADVISORS
FIDELITY MGMT AND RESEARCH COMPANY
SSGA FUNDS MGMT
STATE STREET BANK
JP MORGAN INVESTMENT MGMT
T ROWE PRICE ASSOCIATES
INVESCO ADVISERS
DIMENSIONAL FUND ADVISORS
PGIM
JPMORGAN CHASE BANK NA

2019
1,825
1,514
463
548
544
574
364
482
370
212

2020
2,162
2,198
629
711
551
637
461
544
411
220

2021
2,652
2,619
1,115
800
627
754
509
486
404
292

2022
2,545
2,413
1,173
712
596
649
524
447
340
260

2023
3,459
2,818
1,348
728
717
615
564
477
339
281

2024
3,580
2,892
1,427
765
718
688
564
477
330
290

Table 6.25: Number of Funds Binned by Number of Cash Collateral Managers
Reported
Relies on Form N-CEN, Item C.6. Funds not reporting Cash Collateral Managers are excluded from this
table.
Collateral Managers per Series
1
2
Total

15

2019
4,139
179
4,318

2020
4,240
165
4,405

LEIs are used to promote consistency of reported names.

23

2021
4,319
216
4,535

2022
4,403
167
4,570

2023
4,548
165
4,713

2024
4,485
168
4,653

April 4, 2025

6.9

Analytics Ofce

Authorized Participants16
Table 6.26: Most Frequently Reported Authorized Participants, by Number
of Funds
Relies on Form N-CEN, Item E.2 — excludes authorized participants without creation and redemption
activity during the reported period. Note that each Fund may report more than one authorized
participant and, as a result, could contribute to the aggregate for multiple authorized
participants.
Authorized Participant
GOLDMAN SACHS CO
JP MORGAN SECURITIES
VIRTU AMERICAS
BOFA SECURITIES
JANE STREET CAPITAL
MERRILL LYNCH PROFESSIONAL CLEARING CORP
RBC CAPITAL MARKETS
CITADEL SECURITIES
UBS SECURITIES
CITIGROUP GLOBAL MARKETS
ABN AMRO CLEARING USA
MERRILL LYNCH PIERCE FENNER SMITH
MORGAN STANLEY CO
HRT FINANCIAL
MIZUHO SECURITIES USA

2019
1,156
1,079
940
102
255
1,469
606
655
425
263
379
348
379
124
60

2020
1,527
1,224
1,236
310
260
1,590
639
698
512
307
456
195
357
227
57

2021
1,791
1,522
1,501
374
355
1,821
681
777
540
330
422
205
338
234
69

2022
2,058
1,685
1,617
515
649
1,904
780
704
490
294
421
292
264
235
59

2023
2,368
1,905
1,726
1,520
1,378
1,305
895
678
520
428
354
311
298
189
169

2024
2,340
1,877
1,717
1,537
1,410
1,289
890
661
519
437
357
304
294
188
179

Table 6.27: Aggregate ATNA for Funds Reporting Each Authorized
Participant ($Billions)
Relies on Form N-CEN, Item E.2 — excludes authorized participants without creation and redemption
activity during the reported period. Note that each Fund may report more than one authorized
participant and, as a result, could contribute to the aggregate for multiple authorized
participants.
Authorized Participant
GOLDMAN SACHS CO
JP MORGAN SECURITIES
JANE STREET CAPITAL
MERRILL LYNCH PROFESSIONAL CLEARING CORP
RBC CAPITAL MARKETS
VIRTU AMERICAS
MORGAN STANLEY CO
CITADEL SECURITIES
ABN AMRO CLEARING USA
CITIGROUP GLOBAL MARKETS
BARCLAYS CAPITAL
UBS SECURITIES
HRT FINANCIAL
MIZUHO SECURITIES USA
JEFFERIES

16

2019
5,349
5,491
3,852
6,020
5,303
4,405
4,291
3,844
3,740
3,525
2,346
2,259
538
948
1,004

2020
6,581
6,917
4,006
6,457
5,825
5,260
4,948
4,530
4,488
4,267
2,522
3,362
2,942
2,040
1,270

2021
8,438
8,496
4,731
8,946
7,010
6,790
6,729
6,150
5,980
6,305
2,170
3,040
4,315
4,274
1,028

2022
8,761
8,292
5,786
8,647
6,953
7,288
6,116
5,790
5,678
5,306
4,803
3,393
3,747
3,671
643

2023
10,389
9,470
9,686
9,279
8,578
7,961
6,983
6,617
6,292
5,398
5,984
3,361
4,385
3,926
1,021

2024
11,391
10,707
10,501
10,105
9,693
9,140
7,886
7,731
7,466
7,389
6,916
5,697
5,081
4,994
4,199

CRD numbers, SEC fle numbers, and LEIs are used to promote consistency of reported names.

24

April 4, 2025

Analytics Ofce

Table 6.28: Most Active Authorized Participants, by Creation and
Redemption Activity ($Billions)
Relies on Form N-CEN, Item E.2.
Authorized Participant
MERRILL LYNCH PROFESSIONAL CLEARING CORP
GOLDMAN SACHS CO
JP MORGAN SECURITIES
ABN AMRO CLEARING USA
BOFA SECURITIES
MORGAN STANLEY CO
JANE STREET CAPITAL
CITADEL SECURITIES
HRT FINANCIAL
CITIGROUP GLOBAL MARKETS
RBC CAPITAL MARKETS
VIRTU AMERICAS
BARCLAYS CAPITAL
BNP PARIBAS PRIME BROKERAGE
SG AMERICAS SECURITIES

2019
1,006
685
417
451
17
273
39
222
44
112
103
71
93
82
197

2020
1,273
1,140
586
522
81
279
35
298
189
170
151
161
88
113
286

2021
1,468
1,093
739
509
95
426
60
434
376
219
162
223
133
106
192

2022
1,454
1,159
779
576
100
355
137
451
290
181
133
213
195
131
162

2023
1,209
1,146
730
614
485
393
326
353
265
196
185
196
158
123
96

2024
1,268
1,236
835
766
676
575
350
336
273
244
244
205
203
167
161

Table 6.29: Number of Funds Binned by Number of Active Authorized
Participants Reported
Relies on Form N-CEN, Item E.2 — “Active AP” excludes authorized participants without creation
and redemption activity during the reported period.
Active APs
1
2
3
4
[5,10)
[10,15)
15 or more
Total

2019
219
329
397
366
695
92
45
2,143

2020
203
373
473
424
760
114
39
2,386

2021
250
433
508
540
894
104
31
2,760

25

2022
319
493
537
541
988
102
24
3,004

2023
330
560
710
579
1,082
125
33
3,419

2024
313
542
703
565
1,095
124
36
3,378

April 4, 2025

7

Appendices

7.1

Interval Notation

Analytics Ofce

Interval notation (e.g., [a, b], [a, b), (a, b], and (a, b)) is a way to describe the range of values
specifed by an ordered pair (in this case, a and b). In particular, [a, b] includes all values from a to b
including both a and b. [a, b) includes all values from a to b including a, but not b. (a, b] includes all
values from a to b including b, but not a. (a, b) includes all values from a to b excluding both a and b.

7.2

Methodology for Timeseries Analysis

Each Form N-CEN fling has an associated reporting period, or as-of date – Item A.1.a. We
gather all Form N-CEN flings and keep only the most recently fled Form N-CEN for each fund, and
for each reporting period — Form N-CEN flings received through April 04, 2025. In general, Form
N-CEN flings are not synchronous due to the fact that funds have diferent fscal years.
For each fund, a timeseries of fund status is constructed by “flling forward” the fund’s
reporting status from their initial Form N-CEN fling until the fnal fling (for a registrant) or the
termination date (for a series). Values reported on Form N-CEN are then associated with each of the
months on and following a report period, until another Form N-CEN report period is found or the
fund is no longer active.
Aggregate statistics in this report represent observations as of the end of each calendar year but,
given the asynchronous nature of Form N-CEN flings, these aggregates refect diferent as-of dates.

26

April 4, 2025

7.3

Analytics Ofce

Form N-CEN Changes

Below we include a brief summary of certain changes made to Form N-CEN since 2018 that may impact the
availability, or meaning of, historical information collected in certain data elements presented here in this
report.17

Release Number
IC-35308

Efective Date
November 17, 2025

IC-34084

February 19, 2021

Form N-CEN Amendments Refect
The amendments require more frequent reporting of monthly portfolio
holdings and related information to the Commission and the public,
amend certain reporting requirements relating to entity identifers, and
require open-end funds to report information about service providers
used to comply with liquidity risk management program requirements.
The amendments require a fund to identify whether it relied on rule
18f-4 during the reporting period and also whether a fund relied on any
of the exceptions from various requirements under rule 18f-4.

17
This summary only covers changes to Form N-CEN that could afect the data used in compiling this report. Therefore,
this summary is purposefully not a comprehensive list of all changes made to Form N-CEN over the time period shown.
In addition, item references refer to the version of Form N-CEN in efect as of the date of a particular rulemaking.

27

April 4, 2025

7.4

Analytics Ofce

Defnitions

Included by reference are all defnitions included in the General Instructions or question specifc instructions of
Form N-CEN.
ATNA

Average Total Net Assets is defned in this report by monthly average total net
assets for management investment companies that are not money market funds (Item
C.19.a), daily average total net assets for money market funds (Item C.19.b), and
total assets for UITs (Item F.11 and F.14.c).

CRD Number

Central Registration Depository number.

Family of Investment Companies

Except for insurance company separate accounts, any two or more registered investment companies that (i) share the same investment adviser or principal underwriter;
and (ii) hold themselves out to investors as related companies for purposes of investment and investor services.

Fund(s)

Each separate series of an individual registrant reported on Form N-CEN or, if an
individual registrant does not ofer a separate series, the registrant.

LEI

With respect to any company, the “legal entity identifer” as assigned by a utility
endorsed by the Global LEI Regulatory Oversight Committee or accredited by the
Global LEI Foundation.

N-1A

Open end management investment company registered under the Act on Form N1A.

N-2

Closed-end management investment company registered under the Act on Form N-2.

N-3

Separate account ofering variable annuity contracts which is registered under the
Act as a management investment company on Form N-3.

N-4

Separate account ofering variable annuity contracts which is registered under the
Act as a unit investment trust on Form N-4.

N-5

Small business investment company registered under the Act on Form N-5.

N-6

Separate account ofering variable life insurance contracts which is registered under
the Act as a unit investment trust on Form N-6.

N-8B-2

Unit investment trust registered under the Act on Form N-8B-2.

Registrant

The investment company fling this report or on whose behalf the report is fled.

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Analytics Ofce

Series

Shares ofered by a Registrant that represent undivided interests in a portfolio of
investments and that are preferred over all other Series of shares for assets specifcally
allocated to that Series in accordance with rule 18f-2(a) (17 CFR 270.18f-2(a)).

UIT

Unit Investment Trust.

Underlying Fund for VA

Underlying fund to a variable annuity or variable life insurance contract, (Form NCEN, Item C.3.i).

VA

Variable Annuity.

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3A594fa3a38b08f884. Public record. Not legal advice.