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Division of Investment Management
Analytics Office
Registered Fund Statistics
Form N-PORT and Form N-CEN Data, period ending March 2025
This is a report of the Staff of the Division of Investment Management’s Analytics Office of the U.S.
Securities and Exchange Commission. The Commission has expressed no view regarding the analysis,
findings, or conclusions contained herein.
Information presented in this report reflects staff’s compilation and analysis of data reported to
the Commission on Form N-PORT, certain other filings (e.g., Form N-CEN), and supplemental
third-party data. The presented information does not reflect any filings or amended filings
submitted after August 14, 2025.
March 2025
Analytics Office
Introduction
This report provides statistics and trends for SEC-registered investment companies that file
reports of portfolio holdings on Form N-PORT each month, reflecting data collected from Form
N-PORT and Form N-CEN filings received through August 14, 2025, for reporting periods from
April 2024 through March 2025. A downloadable Excel file published alongside this report provides
the most recently updated historical data beginning with the March 2019 reporting period for Large
Entities, and beginning with the March 2020 reporting period for non-Large Entities.1 The table
below provides information on investment companies which are required to file on Form N-PORT
and are captured in this report.
Fund Type
Mutual Funds registered on Form N-1A (excluding money market funds)
Exchange-Traded Funds (ETFs) registered on
Form N-1A, or as a unit investment trust on
Form N-8B-2
Closed-End Funds registered on Form N-2 as a
management investment company (including interval funds and non-traded funds registered on
Form N-2)
Seperate accounts offering variable annuity contracts on Form N-3
Business Development Companies (BDCs)
Money Market Funds regulated under rule 2a-7
Small business investment companies registered
on Form N-5
Unit Investment Trusts registered on Form N-4
or N-6
Unit Investment Trusts registered on Forms S-6
and N-8B-2 (excluding ETFs)
Required to File Form N-PORT?
Yes
No
X
X
X
X
X
X
X
X
X
For information and statistics relating to investment companies and advisers that are not
presented in this report, please see SEC.gov for additional reports of the Division of Investment
Management’s Analytics Office.
1
Please see the Appendix to this report for definitions of capitalized terms and other technical descriptions including
explanation of consensus categories, prevalent asset classes, and techniques used to minimize the effects of outliers.
1
March 2025
Analytics Office
Funds must file reports on Form N-PORT with the Commission for each month in the fiscal
quarter not later than 60 days after the end of that fiscal quarter. As a result, a complete picture of
registered fund exposures for a given calendar quarter is therefore not available to Commission Staff
until approximately four months following the end of that period. Many funds must file Form
N-CEN within 75 days after the end of their respective fiscal years. As funds have different fiscal
years, information filed on Form N-CEN may be asynchronous across funds.
Additionally, Funds may file amendments to previously filed reports on Form N-CEN and Form
N-PORT at any time, including amendments to correct mistakes or errors in previously filed reports
— for more details, see the Form N-CEN and Form N-PORT General Instructions. This report
utilizes the most recently reported data for each fund for a given report period, based on Form
N-PORT filings received through August 14, 2025.
As noted on Form N-PORT, the Commission does not intend to make public information
reported on Form N-PORT for the first and second month of each fund’s fiscal quarter and certain
other information that is identifiable to any particular fund or adviser. Statistics involving
non-public Form N-PORT data provided in this report are anonymized, and are aggregated,
rounded, and/or masked. Masked data in this report is denoted by “***”.
Commission Staff works with the reported information and with filers to identify and correct filing errors and employs certain methodologies and assumptions in aggregating the
data. Commission Staff updates reported statistics from time to time to reflect corrected
and amended filings and any adjustments to methodologies and assumptions, which may
result in changes to previously reported statistics. Where appropriate, Commission Staff
may remove filings that appear to be erroneous to ensure the accuracy of information
presented. A downloadable Excel file published alongside this report provides the most
recently updated historical data and includes methodological notes and assumptions.
If you have any questions or comments about Registered Fund Statistics (March
2025), please contact: Tim Dulaney, PhD, Juan Carlos Forero Penaranda, or Trevor Tatum with
subject line “Registered Fund Statistics (March 2025)”.
2
March 2025
Analytics Office
Contents
1 Number of Funds
4
2 Total Fund Assets
5
3 Flows and Returns
9
4 Fund Portfolio Investments by Category
12
5 Fund Portfolio Investments by Currency
24
6 Fund Portfolio Investments by Country
25
7 Fund Derivative Investments
27
8 Liquidity Classifications
31
9 Fair Value Levels
35
10 Interest Rate Risk
41
11 Securities Lending
43
12 Borrowing
47
13 Appendices
48
3
March 2025
1
Analytics Office
Number of Funds2
Table 1.1: Number of Funds, by Fund Type and Prevalent Asset Class
This table includes fund of funds. “Fund of fund” is defined in the appendix.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Prevalent Asset Class
US Equity
Multi-Asset
Taxable Bond
Global Equity
Municipal Bond
Subtotal
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
Taxable Bond
Multi-Asset
Municipal Bond
US Equity
Global Equity
Subtotal
Total
Apr
2024
2,936
2,045
1,816
1,362
542
8,701
1,447
718
677
368
87
3,297
200
195
116
91
53
655
12,653
May
2024
2,931
2,037
1,814
1,358
541
8,681
1,474
724
683
376
89
3,346
202
178
117
87
53
637
12,664
Jun
2024
2,929
2,018
1,780
1,355
540
8,622
1,495
744
685
381
92
3,397
205
202
117
89
49
662
12,681
Jul
2024
2,923
2,026
1,769
1,350
537
8,605
1,518
756
683
389
98
3,444
206
200
117
91
48
662
12,711
Aug
2024
2,913
2,024
1,767
1,343
535
8,582
1,543
761
677
401
101
3,483
206
202
117
91
48
664
12,729
Sep
2024
2,912
2,032
1,730
1,334
535
8,543
1,584
816
687
392
107
3,586
203
200
117
88
47
655
12,784
Oct
2024
2,889
2,014
1,712
1,322
534
8,471
1,614
826
691
390
104
3,625
207
196
118
89
48
658
12,754
Nov
2024
2,905
2,024
1,721
1,319
534
8,503
1,636
825
694
397
110
3,662
207
196
117
89
47
656
12,821
Dec
2024
2,894
2,022
1,723
1,316
534
8,489
1,667
841
704
431
109
3,752
207
198
118
87
48
658
12,899
Jan
2025
2,894
2,014
1,722
1,306
534
8,470
1,693
850
700
450
111
3,804
210
199
117
91
47
664
12,938
Feb
2025
2,888
1,995
1,715
1,296
532
8,426
1,710
865
708
463
112
3,858
213
200
117
91
46
667
12,951
Mar
2025
2,883
1,988
1,711
1,295
533
8,410
1,726
890
709
483
117
3,925
212
203
118
92
45
670
13,005
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
Apr
2024
3,311
2,384
2,218
1,468
700
10,081
1,163
624
516
224
45
2,572
12,653
May
2024
3,331
2,357
2,229
1,467
701
10,085
1,161
627
511
234
46
2,579
12,664
Jun
2024
3,346
2,368
2,212
1,464
703
10,093
1,167
625
517
233
46
2,588
12,681
Jul
2024
3,363
2,381
2,210
1,458
706
10,118
1,169
623
521
234
46
2,593
12,711
Aug
2024
3,377
2,389
2,215
1,447
707
10,135
1,170
621
519
238
46
2,594
12,729
Sep
2024
3,404
2,392
2,224
1,445
713
10,178
1,180
623
525
232
46
2,606
12,784
Oct
2024
3,433
2,378
2,229
1,449
710
10,199
1,159
612
516
222
46
2,555
12,754
Nov
2024
3,449
2,386
2,226
1,450
715
10,226
1,181
610
527
231
46
2,595
12,821
Dec
2024
3,467
2,424
2,246
1,457
717
10,311
1,181
611
525
227
44
2,588
12,899
Jan
2025
3,492
2,436
2,255
1,446
716
10,345
1,186
607
527
227
46
2,593
12,938
Feb
2025
3,509
2,433
2,265
1,441
715
10,363
1,180
609
528
225
46
2,588
12,951
Mar
2025
3,524
2,451
2,284
1,441
722
10,422
1,177
608
529
223
46
2,583
13,005
2
“Mutual Funds” exclude ETFs. “Closed-End Funds” include interval funds and non-traded funds registered on Form
N-2. Please see Appendix 13.5 for definitions of other capitalized terms used in this report.
4
March 2025
2
Analytics Office
Total Fund Assets3
Table 2.1: Aggregate Total Assets ($Billions), by Fund Type and
Prevalent Asset Class
This table excludes fund of funds and removes any observations with non-positive total assets (Form
N-PORT, Item B.1.a). Because funds can invest a limited amount in other funds without being
considered a fund of fund, there is some limited amount of double-counting of assets.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
US Equity
Taxable Bond
Global Equity
Municipal Bond
Multi-Asset
Subtotal
Taxable Bond
Multi-Asset
US Equity
Municipal Bond
Global Equity
Subtotal
Total
Apr
2024
10,696
4,280
3,236
1,606
772
20,590
5,505
1,493
1,343
124
74
8,538
141
101
89
85
26
443
29,571
May
2024
11,125
4,357
3,452
1,525
774
21,233
5,811
1,528
1,406
124
77
8,946
142
101
91
86
27
448
30,626
Jun
2024
11,388
4,350
3,433
1,531
787
21,488
6,003
1,554
1,389
127
83
9,156
145
106
92
87
27
456
31,100
Jul
2024
11,540
4,395
3,489
1,564
795
21,782
6,202
1,613
1,422
131
88
9,456
147
107
94
87
26
461
31,699
Aug
2024
11,746
4,459
3,566
1,574
806
22,151
6,362
1,664
1,455
134
87
9,702
151
111
94
87
26
468
32,321
Sep
2024
11,929
4,518
3,628
1,580
821
22,476
6,512
1,713
1,506
137
92
9,959
155
114
96
88
26
479
32,914
Oct
2024
11,759
4,511
3,458
1,557
814
22,098
6,499
1,710
1,453
137
87
9,886
156
115
93
86
26
476
32,459
Nov
2024
12,444
4,531
3,471
1,602
826
22,874
7,047
1,755
1,447
143
95
10,487
159
117
98
87
26
486
33,848
Dec
2024
11,884
4,436
3,343
1,554
809
22,025
6,874
1,715
1,398
140
117
10,244
162
116
93
85
25
480
32,750
Jan
2025
12,253
4,521
3,453
1,597
820
22,643
7,124
1,778
1,446
144
107
10,598
166
120
99
85
24
493
33,734
Feb
2025
11,948
4,617
3,478
1,605
830
22,479
7,045
1,839
1,483
149
107
10,622
169
122
97
85
23
498
33,598
Mar
2025
11,221
4,631
3,431
1,560
819
21,661
6,677
1,852
1,501
145
106
10,281
172
125
94
84
23
497
32,439
Table 2.2: Aggregate Index Fund and Non-Index Fund Total Assets
($Billions), by Prevalent Asset Class
This table excludes fund of funds and removes any observations with non-positive total assets (Form
N-PORT, Item B.1.a). Index fund indication drawn from Form N-CEN, Item C.3. Because funds can invest
a limited amount in other funds without being considered a fund of fund, there is some limited
amount of double-counting of assets.
Fund Type
Index
Non-Index
Total
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
Total
Apr
2024
9,675
2,342
2,039
130
110
14,297
6,614
3,572
2,567
1,650
871
15,275
29,571
May
2024
10,164
2,384
2,125
135
110
14,918
6,863
3,643
2,761
1,568
874
15,708
30,626
Jun
2024
10,468
2,415
2,105
140
112
15,240
7,014
3,634
2,744
1,580
888
15,861
31,100
Jul
2024
10,731
2,499
2,152
145
114
15,640
7,105
3,656
2,784
1,614
899
16,059
31,699
Aug
2024
10,974
2,553
2,204
145
116
15,993
7,227
3,721
2,842
1,627
911
16,328
32,321
Sep
2024
11,206
2,607
2,269
149
118
16,348
7,331
3,780
2,891
1,637
927
16,566
32,914
Oct
2024
11,115
2,580
2,174
143
118
16,131
7,236
3,797
2,762
1,615
918
16,328
32,459
Nov
2024
11,932
2,620
2,170
158
123
17,004
7,657
3,825
2,773
1,656
933
16,844
33,848
Dec
2024
11,577
2,583
2,105
171
120
16,556
7,273
3,730
2,661
1,615
914
16,194
32,750
Jan
2025
11,954
2,621
2,172
163
122
17,032
7,521
3,843
2,750
1,661
927
16,703
33,734
Feb
2025
11,774
2,691
2,218
158
124
16,965
7,316
3,935
2,766
1,676
940
16,633
33,598
Mar
2025
11,127
2,690
2,230
153
120
16,320
6,866
3,964
2,724
1,638
928
16,119
32,439
As of March 2025, there are 13 N-3 funds reporting an aggregate $248.16 billion in net assets (roughly 0.98% of
aggregate mutual fund net assets). Additionally, there are 128 Interval Funds registered on Form N-2 reporting an
aggregate $106.37 billion in net assets (roughly 24.68% of aggregate closed-end fund net assets). Finally, there are
4 ETFs organized as Unit Investment Trusts reporting an aggregate $932.09 billion in net assets (roughly 9.21% of
aggregate ETF net assets).
3
5
March 2025
Analytics Office
Table 2.3: Aggregate Net Assets ($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
Apr
2024
10,606
3,896
3,186
1,507
752
19,947
5,433
1,408
1,313
123
68
8,345
101
87
76
56
23
343
28,635
May
2024
11,042
3,960
3,408
1,435
753
20,598
5,739
1,448
1,373
123
72
8,755
103
87
78
56
24
349
29,702
Jun
2024
11,293
3,984
3,387
1,445
766
20,874
5,911
1,477
1,358
126
77
8,949
105
92
78
57
23
355
30,179
Jul
2024
11,461
4,051
3,448
1,469
774
21,203
6,122
1,534
1,393
130
81
9,260
107
93
80
58
23
360
30,824
Aug
2024
11,668
4,104
3,523
1,487
785
21,567
6,279
1,576
1,424
132
80
9,491
107
97
80
58
23
365
31,423
Sep
2024
11,844
4,166
3,576
1,500
797
21,883
6,419
1,619
1,473
135
82
9,727
110
99
81
58
23
372
31,982
Oct
2024
11,677
4,123
3,418
1,474
791
21,483
6,414
1,613
1,423
136
79
9,667
111
100
80
57
23
371
31,521
Nov
2024
12,361
4,169
3,433
1,515
806
22,283
6,958
1,648
1,420
141
87
10,254
113
103
84
57
23
379
32,917
Dec
2024
11,818
4,127
3,309
1,475
792
21,522
6,786
1,625
1,372
140
89
10,012
113
101
80
55
22
371
31,904
Jan
2025
12,177
4,168
3,415
1,502
799
22,061
7,041
1,672
1,422
142
102
10,379
116
106
85
55
21
383
32,823
Feb
2025
11,877
4,251
3,427
1,503
809
21,869
6,965
1,731
1,455
147
96
10,394
119
108
84
56
20
386
32,649
Mar
2025
11,141
4,232
3,370
1,457
797
20,996
6,591
1,748
1,472
144
95
10,050
119
108
80
54
20
382
31,428
Table 2.4: Aggregate Index Fund and Non-Index Fund Net Assets
($Billions)
This table excludes fund of funds and removes any observations with non-positive net assets (Form
N-PORT, Item B.1.c). Index fund indication drawn from Form N-CEN, Item C.3. Because funds can invest
a limited amount in other funds without being considered a fund of fund, there is some limited
amount of double-counting of assets.
Fund Type
Index
Non-Index
Total
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
Total
Apr
2024
9,590
2,259
1,999
124
110
14,082
6,524
3,147
2,522
1,538
822
14,553
28,635
May
2024
10,082
2,310
2,084
130
109
14,716
6,777
3,201
2,720
1,464
823
14,986
29,702
Jun
2024
10,364
2,343
2,064
134
111
15,017
6,918
3,223
2,704
1,479
838
15,162
30,179
Jul
2024
10,649
2,420
2,116
139
113
15,436
7,015
3,272
2,748
1,505
848
15,388
30,824
6
Aug
2024
10,892
2,468
2,164
138
115
15,777
7,135
3,320
2,805
1,526
860
15,646
31,423
Sep
2024
11,113
2,516
2,228
140
117
16,114
7,231
3,379
2,844
1,541
874
15,869
31,982
Oct
2024
11,039
2,490
2,141
136
118
15,923
7,132
3,358
2,723
1,518
867
15,598
31,521
Nov
2024
11,855
2,530
2,140
147
122
16,795
7,548
3,399
2,735
1,557
883
16,122
32,917
Dec
2024
11,504
2,497
2,075
142
119
16,338
7,180
3,368
2,629
1,522
868
15,567
31,904
Jan
2025
11,880
2,531
2,145
155
121
16,832
7,423
3,425
2,712
1,555
875
15,991
32,823
Feb
2025
11,703
2,601
2,188
150
123
16,765
7,224
3,499
2,715
1,557
889
15,884
32,649
Mar
2025
11,044
2,605
2,196
143
119
16,108
6,769
3,494
2,666
1,516
876
15,320
31,428
March 2025
Analytics Office
Table 2.5: Aggregate Net Assets ($Billions), by Fund Type and Bucketed
by Net Assets
This table excludes fund of funds and removes any observations with non-positive net assets (Form
N-PORT, Item B.1.c). See the appendix for a review of interval notation used here.
Fund Size
$10 billion or more
[$500 million,$10 billion)
[$50 million,$500 million)
($0,$50 million)
Total
Fund Type
Mutual Fund
ETF
Closed-End Fund
Subtotal
Mutual Fund
ETF
Closed-End Fund
Subtotal
Mutual Fund
ETF
Closed-End Fund
Subtotal
ETF
Mutual Fund
Closed-End Fund
Subtotal
Total
Apr
2024
13,174
***
***
19,517
6,162
1,803
229
8,195
586
214
78
878
19
25
1
45
28,635
May
2024
13,842
***
***
20,561
6,148
1,832
237
8,217
584
220
76
879
19
24
1
44
29,702
Jun
2024
14,096
6,872
36
21,005
6,173
1,833
240
8,247
581
224
78
883
20
24
1
45
30,179
Jul
2024
14,373
***
***
21,572
6,229
1,852
246
8,328
578
226
76
880
20
23
1
44
30,824
Aug
2024
14,714
***
***
22,131
6,254
1,864
249
8,367
577
228
77
882
20
23
1
44
31,423
Sep
2024
14,995
7,583
38
22,616
6,290
1,893
256
8,438
577
231
76
885
20
22
1
44
31,982
Oct
2024
14,688
***
***
22,240
6,196
1,902
252
8,350
577
231
79
887
20
23
2
44
31,521
Nov
2024
15,311
***
***
23,374
6,383
1,974
260
8,617
567
236
78
880
21
23
1
45
32,917
Dec
2024
14,777
7,798
40
22,616
6,147
1,958
253
8,358
574
234
76
883
22
23
2
47
31,904
Jan
2025
15,223
***
***
23,374
6,243
2,010
262
8,515
573
238
77
888
22
22
2
46
32,823
Feb
2025
15,060
***
***
23,240
6,215
1,993
265
8,473
571
242
77
890
23
22
2
47
32,649
Mar
2025
14,341
7,778
44
22,163
6,067
2,007
261
8,335
566
242
76
883
23
22
2
47
31,428
Table 2.6: Number of Funds, by Fund Type and Bucketed by Net Assets
This table excludes fund of funds and removes any observations with non-positive net assets (Form
N-PORT, Item B.1.c). See the appendix for a review of interval notation used here.
Fund Size
$10 billion or more
[$500 million,$10 billion)
[$50 million,$500 million)
($0,$50 million)
Total
Fund Type
Mutual Fund
ETF
Closed-End Fund
Subtotal
Mutual Fund
ETF
Closed-End Fund
Subtotal
Mutual Fund
ETF
Closed-End Fund
Subtotal
ETF
Mutual Fund
Closed-End Fund
Subtotal
Total
Apr
2024
323
***
***
472
2,801
743
176
3,720
2,731
1,149
344
4,224
1,083
1,236
46
2,365
10,781
May
2024
342
***
***
497
2,809
754
179
3,742
2,708
1,164
335
4,207
1,100
1,210
44
2,354
10,800
Jun
2024
344
155
2
501
2,806
756
179
3,741
2,687
1,185
343
4,215
1,126
1,183
49
2,358
10,815
Jul
2024
350
***
***
513
2,824
774
185
3,783
2,675
1,197
339
4,211
1,129
1,155
48
2,332
10,839
7
Aug
2024
357
***
***
523
2,827
780
185
3,792
2,670
1,204
340
4,214
1,152
1,132
49
2,333
10,862
Sep
2024
362
167
2
531
2,836
791
188
3,815
2,667
1,221
331
4,219
1,224
1,072
51
2,347
10,912
Oct
2024
356
***
***
524
2,805
800
183
3,788
2,659
1,238
338
4,235
1,231
1,060
53
2,344
10,891
Nov
2024
361
***
***
534
2,863
821
187
3,871
2,625
1,251
333
4,209
1,223
1,064
52
2,339
10,953
Dec
2024
355
166
2
523
2,793
824
186
3,803
2,656
1,255
329
4,240
1,293
1,095
60
2,448
11,014
Jan
2025
360
***
***
533
2,805
839
189
3,833
2,651
1,280
334
4,265
1,289
1,063
56
2,408
11,039
Feb
2025
356
***
***
532
2,791
841
192
3,824
2,652
1,306
332
4,290
1,303
1,059
57
2,419
11,065
Mar
2025
348
169
2
519
2,765
846
192
3,803
2,652
1,314
333
4,299
1,363
1,076
59
2,498
11,119
March 2025
Analytics Office
Table 2.7: Distribution of Net Assets, by Fund Type ($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
Apr
2024
0.021
0.088
0.364
1.311
4.413
0.006
0.025
0.117
0.608
3.361
0.049
0.117
0.264
0.606
1.447
May
2024
0.021
0.089
0.375
1.337
4.537
0.006
0.025
0.120
0.622
3.441
0.052
0.123
0.270
0.623
1.534
Jun
2024
0.023
0.093
0.382
1.361
4.602
0.006
0.024
0.119
0.624
3.372
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
0.120
0.631
3.511
0.045
0.116
0.272
0.635
1.557
Aug
2024
0.023
0.096
0.393
1.406
4.751
0.006
0.024
0.118
0.636
3.565
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
3.468
0.044
0.120
0.282
0.646
1.600
Oct
2024
0.025
0.101
0.404
1.420
4.768
0.005
0.023
0.110
0.621
3.340
0.043
0.118
0.278
0.647
1.593
Nov
2024
0.026
0.103
0.413
1.458
4.892
0.006
0.024
0.115
0.639
3.458
0.043
0.124
0.283
0.652
1.652
Dec
2024
0.025
0.098
0.394
1.408
4.704
0.005
0.022
0.106
0.609
3.109
0.038
0.116
0.277
0.636
1.573
Jan
2025
0.025
0.101
0.403
1.454
4.829
0.006
0.023
0.109
0.601
3.260
0.041
0.119
0.280
0.643
1.643
Feb
2025
0.026
0.101
0.402
1.458
4.803
0.006
0.023
0.110
0.601
3.178
0.042
0.114
0.279
0.642
1.633
Mar
2025
0.025
0.097
0.392
1.398
4.659
0.006
0.022
0.106
0.573
3.085
0.044
0.114
0.274
0.633
1.571
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%
Apr
2024
55.16
70.28
81.24
92.78
51.10
66.68
78.25
91.17
60.35
77.15
88.11
96.49
22.03
34.50
49.31
72.27
May
2024
55.36
70.52
81.40
92.86
51.20
66.86
78.38
91.23
60.75
77.52
88.29
96.54
21.44
34.39
49.16
72.52
Jun
2024
55.61
70.74
81.58
92.94
51.34
66.96
78.48
91.26
61.27
77.93
88.55
96.61
22.32
35.38
50.00
73.05
Jul
2024
55.71
70.81
81.58
92.94
51.37
66.92
78.42
91.22
61.49
78.14
88.58
96.63
22.30
35.39
50.04
73.06
Aug
2024
55.88
70.98
81.71
93.00
51.53
67.04
78.53
91.27
61.86
78.39
88.73
96.68
22.35
35.46
50.09
73.01
8
Sep
2024
56.01
71.06
81.77
93.03
51.55
67.03
78.48
91.23
62.24
78.74
88.98
96.79
22.63
35.26
49.94
72.96
Oct
2024
56.11
71.09
81.78
93.02
51.48
67.03
78.46
91.20
62.51
78.76
88.98
96.78
23.01
35.63
50.21
73.26
Nov
2024
56.41
71.32
81.91
93.09
51.74
67.17
78.56
91.26
62.89
78.98
89.02
96.80
22.85
35.58
50.45
73.44
Dec
2024
56.71
71.60
82.12
93.21
51.93
67.35
78.72
91.37
63.65
79.41
89.28
96.89
23.58
36.16
50.75
73.69
Jan
2025
56.81
71.67
82.16
93.25
51.95
67.42
78.75
91.37
63.63
79.41
89.23
96.91
23.52
36.63
51.09
73.90
Feb
2025
56.82
71.69
82.19
93.26
51.83
67.39
78.71
91.36
63.64
79.40
89.28
96.90
23.58
36.74
51.13
73.84
Mar
2025
56.65
71.54
82.07
93.23
51.69
67.20
78.56
91.32
63.41
79.34
89.21
96.88
24.02
37.19
51.40
74.04
March 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
Apr
2024
726
-33
-759
399
11
-388
327
-44
-370
May
2024
666
54
-612
368
77
-291
298
-23
-321
Jun
2024
724
35
-689
462
65
-397
263
-29
-292
Jul
2024
748
58
-690
436
87
-349
312
-29
-340
Aug
2024
723
11
-713
400
47
-352
324
-37
-361
Sep
2024
814
47
-767
496
59
-436
319
-12
-331
Oct
2024
823
72
-751
463
86
-377
360
-14
-374
Nov
2024
887
93
-794
531
125
-406
356
-32
-389
Dec
2024
1,114
56
-1,059
730
119
-612
384
-63
-447
Jan
2025
840
45
-794
471
57
-415
368
-12
-380
Feb
2025
768
65
-703
411
71
-341
357
-6
-362
Mar
2025
992
-4
-996
617
45
-573
374
-49
-423
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
Apr
2024
2.47
-0.11
-2.58
2.73
0.08
-2.65
2.22
-0.30
-2.52
May
2024
2.36
0.19
-2.16
2.61
0.55
-2.07
2.10
-0.16
-2.26
Jun
2024
2.47
0.12
-2.35
3.14
0.44
-2.70
1.80
-0.20
-2.00
Jul
2024
2.51
0.19
-2.31
2.90
0.58
-2.33
2.11
-0.19
-2.30
Aug
2024
2.38
0.04
-2.34
2.59
0.31
-2.28
2.16
-0.24
-2.40
9
Sep
2024
2.62
0.15
-2.47
3.14
0.38
-2.76
2.09
-0.08
-2.17
Oct
2024
2.60
0.23
-2.38
2.87
0.53
-2.34
2.32
-0.09
-2.41
Nov
2024
2.85
0.30
-2.55
3.33
0.79
-2.55
2.34
-0.21
-2.55
Dec
2024
3.43
0.17
-3.26
4.35
0.71
-3.64
2.44
-0.40
-2.85
Jan
2025
2.66
0.14
-2.52
2.89
0.35
-2.54
2.42
-0.08
-2.50
Feb
2025
2.37
0.20
-2.17
2.44
0.42
-2.02
2.29
-0.04
-2.32
Mar
2025
3.08
-0.01
-3.09
3.68
0.27
-3.42
2.42
-0.32
-2.74
March 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
Multi-Asset
Municipal Bond
Subtotal
Municipal Bond
Multi-Asset
Taxable Bond
Global Equity
US Equity
Subtotal
Total
Apr
2024
12
15
4
1
1
33
-1
-10
6
-13
-47
-65
-33
May
2024
58
26
10
0
1
94
0
-10
11
-12
-29
-40
54
Jun
2024
46
25
12
0
1
84
-1
-9
-4
-3
-31
-48
35
Jul
2024
77
35
-1
2
3
117
2
-9
12
-13
-50
-59
58
Aug
2024
39
30
-2
1
2
70
3
-8
-8
-10
-36
-59
11
Sep
2024
41
27
14
2
2
86
6
-10
11
-12
-34
-39
47
Oct
2024
59
28
21
2
3
113
5
-1
35
-17
-63
-42
72
Nov
2024
123
25
-1
-1
4
150
3
-8
6
-2
-56
-57
93
Dec
2024
108
19
12
3
1
142
-2
-10
9
-18
-66
-87
56
Jan
2025
57
37
2
0
2
98
4
-7
10
-14
-46
-53
45
Feb
2025
51
41
12
-1
2
105
4
-6
18
-20
-37
-40
65
Mar
2025
36
24
14
6
0
80
-1
-9
-11
-22
-41
-84
-4
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
Global Equity
US Equity
Municipal Bond
Subtotal
Municipal Bond
Taxable Bond
US Equity
Multi-Asset
Global Equity
Subtotal
Total
Apr
2024
1.22
1.04
0.28
0.21
0.85
0.38
-0.16
0.16
-0.43
-0.64
-0.39
-0.31
-0.11
May
2024
-0.37
1.82
0.77
1.06
0.64
1.12
0.05
0.27
-0.27
-0.69
-0.36
-0.20
0.19
Jun
2024
0.21
1.70
0.90
0.80
0.87
0.96
-0.12
-0.10
-0.28
-0.61
-0.09
-0.24
0.12
Jul
2024
3.06
2.36
-0.08
1.31
2.71
1.30
0.32
0.30
-0.45
-0.63
-0.40
-0.28
0.19
10
Aug
2024
0.79
1.94
-0.11
0.64
1.40
0.75
0.36
-0.19
-0.31
-0.54
-0.29
-0.28
0.04
Sep
2024
2.08
1.72
0.98
0.66
1.27
0.90
0.70
0.27
-0.29
-0.65
-0.34
-0.18
0.15
Oct
2024
1.99
1.75
1.42
0.92
2.37
1.17
0.62
0.85
-0.54
-0.08
-0.48
-0.19
0.23
Nov
2024
-0.77
1.52
-0.04
1.92
2.60
1.55
0.42
0.13
-0.48
-0.56
-0.05
-0.27
0.30
Dec
2024
3.10
1.18
0.83
1.55
0.67
1.39
-0.31
0.23
-0.53
-0.65
-0.54
-0.39
0.17
Jan
2025
-0.01
2.26
0.15
0.84
1.64
0.98
0.52
0.25
-0.39
-0.46
-0.42
-0.24
0.14
Feb
2025
-1.04
2.43
0.87
0.73
1.45
1.02
0.55
0.44
-0.30
-0.40
-0.58
-0.18
0.20
Mar
2025
6.63
1.37
0.99
0.52
-0.20
0.77
-0.10
-0.25
-0.35
-0.62
-0.65
-0.39
-0.01
March 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
Taxable Bond
Global Equity
Municipal Bond
Multi-Asset
US Equity
Taxable Bond
Global Equity
Municipal Bond
Multi-Asset
US Equity
Taxable Bond
Global Equity
Municipal Bond
Multi-Asset
US Equity
Apr
2024
-1.26
-2.59
-1.05
-2.75
-4.70
-1.19
-2.33
***
-4.69
-4.85
-1.28
-2.68
-1.05
-2.64
-4.66
May
2024
1.39
4.01
0.07
2.92
3.96
1.18
3.73
***
3.54
4.39
1.42
4.10
0.08
2.88
3.78
Jun
2024
0.77
-0.99
1.60
0.89
0.79
0.75
-1.52
***
-0.14
0.62
0.78
-0.78
1.63
0.98
0.85
Jul
2024
1.76
2.45
0.85
1.79
3.15
1.88
2.45
***
2.00
3.89
1.74
2.45
0.85
1.77
3.00
Aug
2024
1.31
2.48
0.76
1.59
1.90
1.33
2.17
***
0.00
2.06
1.31
2.54
0.76
1.68
1.84
Sep
2024
1.28
1.91
1.03
1.48
1.52
1.25
2.25
***
1.44
1.96
1.29
1.80
1.04
1.48
1.42
Oct
2024
-1.08
-4.23
-1.33
-1.40
-0.93
-1.34
-4.66
***
-1.39
-0.95
-1.02
-4.09
-1.33
-1.40
-0.91
Nov
2024
1.01
0.00
1.52
2.90
6.36
0.77
-0.25
***
4.43
6.64
1.05
0.17
1.53
2.80
6.24
Dec
2024
-0.64
-2.69
-1.25
-2.29
-5.32
-0.70
-2.60
***
-3.78
-5.96
-0.60
-2.74
-1.26
-2.25
-5.15
Jan
2025
0.67
3.54
0.38
2.11
3.28
0.54
3.47
***
3.12
3.11
0.71
3.58
0.38
2.08
3.32
Feb
2025
0.99
1.00
1.05
0.10
-2.07
1.38
1.04
***
***
-1.91
0.94
0.97
1.06
0.14
-2.12
Mar
2025
-0.03
-0.04
-1.67
-2.00
-5.35
0.21
0.05
***
***
-5.63
-0.08
-0.10
-1.67
-1.94
-5.18
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
Taxable Bond
Global Equity
Municipal Bond
Multi-Asset
US Equity
Global Equity
Taxable Bond
Municipal Bond
US Equity
Multi-Asset
Taxable Bond
Global Equity
Municipal Bond
Multi-Asset
US Equity
Apr
2024
-1.71
-2.40
-1.03
-3.00
-4.50
-2.08
-1.99
***
-4.54
-6.55
-1.52
-2.65
-1.04
-2.70
-4.44
May
2024
1.45
3.99
0.10
3.12
4.48
3.94
1.40
***
4.67
5.87
1.49
4.04
0.14
2.90
4.20
Jun
2024
0.82
-0.48
1.67
1.75
2.60
-0.85
0.85
***
2.76
4.37
0.79
-0.20
1.71
1.52
2.38
Jul
2024
1.92
2.38
0.88
2.12
2.02
2.67
2.09
***
2.14
2.32
1.80
2.16
0.89
2.10
1.85
11
Aug
2024
1.25
2.48
0.79
1.72
2.06
2.43
1.26
***
2.03
1.06
1.24
2.52
0.79
1.78
2.11
Sep
2024
1.31
2.18
1.01
1.75
1.86
2.53
1.32
***
1.98
3.32
1.31
1.91
1.02
1.61
1.68
Oct
2024
-1.71
-4.04
-1.28
-1.42
-0.89
-4.58
-1.99
***
-0.92
-2.88
-1.49
-3.61
-1.28
-1.29
-0.84
Nov
2024
1.10
0.33
1.51
3.45
6.42
-0.32
1.04
***
6.54
8.37
1.15
0.84
1.52
3.01
6.24
Dec
2024
-1.14
-2.74
-1.22
-2.25
-3.50
-2.59
-1.43
***
-3.42
-3.58
-0.92
-2.85
-1.23
-2.13
-3.62
Jan
2025
0.72
3.73
0.39
2.53
3.29
3.59
0.58
***
3.01
3.13
0.83
3.84
0.41
2.48
3.75
Feb
2025
1.60
1.22
1.06
-0.20
-1.97
1.69
1.87
***
-1.76
***
1.40
0.86
1.08
0.21
-2.30
Mar
2025
-0.06
-0.58
-1.52
-2.87
-5.68
0.29
-0.04
***
-5.64
***
-0.08
-1.28
-1.51
-2.22
-5.75
March 2025
Analytics Office
4
Fund Portfolio Investments by Category
4.1
All Funds
Table 4.1: Aggregate Gross Value of Fund Investments by Investment
Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Common Equity
Registered Fund
Corporate Debt
US Treasury Debt
Mortgage-Backed Security
Municipal Debt
STIV
Non US Sovereign Debt
Loan
Collateralized Obligation
Other Asset-Backed Security
Equity Derivative
Repurchase Agreement
Preferred Equity
Private Fund
Cash
Rate Derivative
Other Debt
Structured Note
FX Derivative
Other Types
Commodity
Credit Derivative
Commodity Derivative
Asset-Backed CP
Other Derivative
Total
Apr
2024
22,089
2,576
2,275
1,844
1,453
1,002
757
380
215
182
185
88
107
100
88
85
92
41
24
27
17
***
4
7
***
1
33,651
May
2024
23,067
2,663
2,312
1,883
1,500
1,006
745
394
222
191
189
99
102
100
84
88
74
41
26
23
17
***
5
6
***
1
34,851
Jun
2024
23,487
2,691
2,317
1,899
1,510
1,026
756
394
224
196
196
114
119
98
87
92
73
43
25
24
17
***
4
5
***
1
35,411
Jul
2024
23,977
2,739
2,368
1,945
1,522
1,039
760
408
228
194
199
118
112
99
89
85
83
43
25
28
17
***
4
6
***
1
36,105
Aug
2024
24,484
2,775
2,398
2,011
1,567
1,050
743
416
225
196
202
124
118
101
90
94
76
43
27
42
18
***
5
5
***
1
36,822
12
Sep
2024
24,907
2,818
2,457
2,053
1,571
1,068
782
423
225
201
209
131
116
103
96
92
76
43
28
28
18
***
4
5
***
1
37,469
Oct
2024
24,492
2,745
2,401
2,021
1,579
1,060
769
411
230
205
217
128
126
104
96
89
93
40
27
38
18
***
4
5
***
1
36,914
Nov
2024
25,765
2,835
2,422
2,065
1,605
1,078
786
419
237
214
217
153
129
106
98
97
78
39
28
39
19
***
6
4
***
1
38,454
Dec
2024
24,876
2,755
2,374
2,038
1,558
1,061
721
416
241
216
214
127
111
107
96
93
83
38
28
35
18
***
5
4
***
1
37,225
Jan
2025
25,691
2,815
2,414
2,045
1,601
1,071
769
428
248
220
216
131
127
110
96
97
80
39
28
24
19
***
5
5
***
1
38,294
Feb
2025
25,343
2,822
2,462
2,106
1,648
1,088
778
439
256
230
220
131
130
110
97
100
78
39
30
34
19
***
5
5
***
1
38,183
Mar
2025
24,120
2,740
2,466
2,124
1,658
1,070
804
440
255
231
224
123
121
111
97
95
76
40
30
28
19
***
5
5
***
1
36,898
March 2025
Analytics Office
Table 4.2: Number of Funds Reporting Gross Value of Each Investment
Category, With an Aggregate Gross Value Exceeding Five
Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The
“Total” row below indicates the number of Funds, and not the sum of the preceding rows.
Investment Type
Common Equity
Registered Fund
Corporate Debt
US Treasury Debt
Mortgage-Backed Security
Municipal Debt
STIV
Non US Sovereign Debt
Loan
Collateralized Obligation
Other Asset-Backed Security
Equity Derivative
Repurchase Agreement
Preferred Equity
Private Fund
Cash
Rate Derivative
Other Debt
Structured Note
FX Derivative
Other Types
Commodity
Credit Derivative
Commodity Derivative
Asset-Backed CP
Other Derivative
Total
Apr
2024
7,096
2,238
2,217
1,857
1,235
792
1,954
426
404
514
556
599
486
196
385
552
207
138
26
92
29
***
***
58
***
***
12,653
May
2024
7,096
2,260
2,213
1,866
1,232
791
1,845
428
403
520
563
591
464
191
374
497
155
139
24
77
25
***
13
43
***
13
12,664
Jun
2024
7,116
2,241
2,210
1,837
1,234
792
1,834
426
414
527
563
584
483
191
366
537
143
145
25
70
***
10
***
41
***
***
12,681
Jul
2024
7,119
2,272
2,204
1,851
1,236
792
1,806
429
415
501
564
653
481
192
376
524
162
126
25
93
29
***
***
52
***
16
12,711
Aug
2024
7,094
2,245
2,199
1,859
1,233
794
1,776
425
406
499
565
655
486
188
381
518
135
124
26
106
25
***
13
44
***
14
12,729
13
Sep
2024
7,099
2,257
2,207
1,874
1,238
800
1,865
424
401
501
562
690
489
187
386
510
134
139
26
74
***
10
***
52
***
14
12,784
Oct
2024
7,068
2,259
2,209
1,843
1,236
797
1,888
437
406
497
575
702
462
194
385
524
162
121
26
99
33
***
***
47
***
***
12,754
Nov
2024
7,119
2,277
2,208
1,853
1,238
801
1,879
445
419
507
572
759
496
194
397
543
147
129
26
101
34
***
***
36
8
10
12,821
Dec
2024
7,130
2,287
2,219
1,872
1,250
805
1,847
442
430
517
570
713
493
199
378
574
151
128
26
85
***
10
***
49
4
***
12,899
Jan
2025
7,138
2,275
2,220
1,879
1,261
803
1,913
453
437
507
574
742
499
199
385
616
136
120
27
72
35
***
***
41
***
***
12,938
Feb
2025
7,126
2,290
2,208
1,885
1,262
804
1,971
446
447
512
576
773
510
199
384
587
130
124
27
83
35
***
***
49
***
10
12,951
Mar
2025
7,110
2,291
2,213
1,904
1,267
808
2,034
443
451
504
579
808
522
202
375
615
134
131
27
64
***
10
5
46
***
***
13,005
March 2025
4.2
Analytics Office
Mutual Funds4
Table 4.3: Aggregate Gross Value of Mutual Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Common Equity
Registered Fund
Corporate Debt
Mortgage-Backed Security
US Treasury Debt
Municipal Debt
STIV
Non US Sovereign Debt
Other Types
Other Asset-Backed Security
Collateralized Obligation
Loan
Repurchase Agreement
Preferred Equity
Equity Derivative
Private Fund
Total
Apr
2024
15,304
2,511
1,719
1,275
1,217
795
585
293
249
169
154
139
87
52
22
24
24,593
May
2024
15,918
2,595
1,742
1,319
1,239
799
574
303
229
173
160
142
83
51
23
24
25,373
Jun
2024
16,178
2,620
1,738
1,326
1,237
815
584
302
231
179
163
142
99
50
21
23
25,705
Jul
2024
16,423
2,665
1,767
1,330
1,264
824
587
312
242
182
160
143
91
51
24
24
26,090
Aug
2024
16,749
2,699
1,785
1,367
1,302
833
565
317
248
184
162
141
95
52
26
24
26,548
Sep
2024
16,982
2,741
1,824
1,362
1,327
847
590
323
236
190
166
140
94
52
25
25
26,926
Oct
2024
16,630
2,668
1,774
1,371
1,309
840
578
313
254
197
166
143
102
54
22
25
26,448
Nov
2024
17,369
2,753
1,783
1,387
1,336
852
593
319
245
197
172
144
101
56
29
23
27,359
Dec
2024
16,691
2,674
1,743
1,340
1,320
838
540
318
237
194
171
144
91
58
25
22
26,405
Jan
2025
17,192
2,730
1,767
1,374
1,321
846
575
329
233
195
170
146
104
60
25
18
27,087
Feb
2025
16,888
2,734
1,799
1,412
1,354
857
582
337
239
198
176
151
103
60
27
18
26,937
Mar
2025
16,022
2,653
1,798
1,418
1,353
845
602
338
232
200
178
152
99
62
22
16
25,990
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
Preferred Equity
Equity Derivative
Private Fund
Total
Apr
2024
4,942
1,868
1,640
1,023
1,376
583
1,333
341
628
444
379
238
331
84
130
113
8,701
May
2024
4,934
1,886
1,636
1,018
1,377
580
1,252
344
543
449
389
238
313
81
119
115
8,681
Jun
2024
4,937
1,859
1,622
1,010
1,339
578
1,237
338
554
441
390
238
319
80
105
102
8,622
Jul
2024
4,928
1,875
1,618
1,009
1,331
571
1,196
338
560
442
366
241
323
82
130
115
8,605
Aug
2024
4,895
1,856
1,609
1,007
1,344
570
1,176
333
544
445
370
235
321
77
125
115
8,582
Sep
2024
4,884
1,864
1,611
1,011
1,305
570
1,215
333
545
442
369
229
314
75
125
110
8,543
Oct
2024
4,831
1,859
1,610
1,011
1,289
569
1,242
344
576
452
366
233
286
81
116
110
8,471
Nov
2024
4,866
1,868
1,609
1,013
1,308
569
1,218
350
551
452
371
241
319
83
152
109
8,503
Dec
2024
4,846
1,859
1,610
1,013
1,310
572
1,191
345
559
442
374
249
320
85
121
100
8,489
Jan
2025
4,824
1,846
1,606
1,019
1,300
569
1,243
355
579
441
362
253
332
84
113
93
8,470
Feb
2025
4,793
1,849
1,592
1,012
1,301
567
1,249
348
565
443
364
261
327
84
126
89
8,426
Mar
2025
4,765
1,851
1,587
1,016
1,301
568
1,316
345
544
441
358
260
339
85
125
77
8,410
4
“Mutual Funds” exclude ETFs. Please see Appendix 13.5 for a more detailed definition and definitions of other
capitalized terms used in this report.
14
March 2025
4.3
Analytics Office
ETFs
Table 4.5: Aggregate Gross Value of ETF Investments by Investment
Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Common Equity
US Treasury Debt
Corporate Debt
Mortgage-Backed Security
STIV
Municipal Debt
Equity Derivative
Non US Sovereign Debt
Registered Fund
Other Types
Collateralized Obligation
Preferred Equity
Loan
Other Asset-Backed Security
Repurchase Agreement
Total
Apr
2024
6,648
622
493
156
158
123
63
83
56
49
18
39
17
12
7
8,543
May
2024
7,007
639
506
161
158
123
73
88
59
49
20
39
18
12
6
8,957
Jun
2024
7,166
658
515
164
160
126
90
88
61
51
22
38
19
12
7
9,175
Jul
2024
7,409
677
536
171
158
129
92
92
64
48
23
38
20
12
8
9,478
Aug
2024
7,587
705
548
177
163
132
96
95
66
51
23
40
17
13
10
9,722
Sep
2024
7,776
722
566
184
177
134
103
96
67
52
24
41
18
13
8
9,982
Oct
2024
7,717
708
562
185
173
135
103
93
68
52
27
40
20
15
11
9,908
Nov
2024
8,245
724
574
194
177
140
121
96
72
58
31
40
23
15
16
10,524
Dec
2024
8,041
714
569
193
168
138
99
94
71
58
33
38
24
15
8
10,261
Jan
2025
8,349
720
583
201
180
141
103
95
74
58
38
39
27
16
11
10,634
Feb
2025
8,306
748
599
209
180
146
102
98
78
58
41
39
27
16
15
10,662
Mar
2025
7,953
768
605
213
187
142
100
98
76
60
42
38
23
18
9
10,332
Table 4.6: Number of ETFs Reporting Gross Value of Each Investment
Category, With an Aggregate Gross Value Exceeding Five
Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The
“Total” row below indicates the number of ETFs, and not the sum of the preceding rows.
Investment Type
Common Equity
US Treasury Debt
Corporate Debt
Mortgage-Backed Security
STIV
Municipal Debt
Equity Derivative
Non US Sovereign Debt
Registered Fund
Other Types
Collateralized Obligation
Preferred Equity
Loan
Other Asset-Backed Security
Repurchase Agreement
Total
Apr
2024
1,970
448
363
136
468
89
463
55
316
411
59
53
24
69
100
3,297
May
2024
1,982
457
368
138
457
91
465
54
321
401
54
52
23
71
***
3,346
Jun
2024
1,998
464
377
145
473
94
474
57
329
393
59
51
25
76
***
3,397
Jul
2024
2,011
486
378
146
465
101
514
58
338
373
57
50
25
74
104
3,444
Aug
2024
2,017
486
381
145
459
104
522
60
335
371
54
53
25
74
***
3,483
15
Sep
2024
2,040
538
392
145
506
111
557
59
342
382
58
54
26
74
***
3,586
Oct
2024
2,061
531
391
143
493
108
577
57
347
390
57
52
25
78
120
3,625
Nov
2024
2,077
524
389
144
510
113
596
59
356
427
61
52
30
76
120
3,662
Dec
2024
2,111
540
400
155
520
113
583
63
373
443
67
52
31
83
115
3,752
Jan
2025
2,134
555
405
158
524
114
616
61
376
461
69
53
31
87
111
3,804
Feb
2025
2,153
557
411
163
561
117
634
59
389
442
73
54
31
88
126
3,858
Mar
2025
2,163
576
419
165
567
121
670
58
382
475
71
57
34
89
127
3,925
March 2025
4.4
Analytics Office
Closed-End Funds5
Table 4.7: Aggregate Gross Value of Closed-End Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Common Equity
Other Types
Municipal Debt
Loan
Corporate Debt
Mortgage-Backed Security
STIV
Repurchase Agreement
Collateralized Obligation
Preferred Equity
Registered Fund
Other Asset-Backed Security
Non US Sovereign Debt
US Treasury Debt
Equity Derivative
Total
Apr
2024
137
78
85
60
63
21
14
13
11
10
9
4
4
5
3
515
May
2024
141
76
85
62
64
21
14
13
11
10
9
4
4
5
3
521
Jun
2024
143
80
86
63
64
21
13
13
11
10
9
5
4
5
3
530
Jul
2024
145
81
86
64
65
21
15
13
11
10
10
5
4
5
2
537
Aug
2024
148
90
86
66
65
24
15
13
11
10
9
5
4
4
2
552
Sep
2024
148
91
87
67
67
24
16
14
12
10
9
5
4
4
3
561
Oct
2024
145
93
85
68
65
24
17
13
11
10
9
5
4
4
3
558
Nov
2024
151
97
86
70
65
24
16
13
12
11
10
6
4
4
3
570
Dec
2024
144
97
84
73
62
25
13
13
12
11
10
6
4
4
2
559
Jan
2025
150
98
84
75
64
26
15
12
12
11
10
6
4
4
3
572
Feb
2025
149
104
85
78
63
26
16
12
12
11
10
6
5
4
2
583
Mar
2025
145
102
83
79
63
27
15
13
12
11
10
6
5
4
2
577
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
Loan
Corporate Debt
Mortgage-Backed Security
STIV
Repurchase Agreement
Collateralized Obligation
Preferred Equity
Registered Fund
Other Asset-Backed Security
Non US Sovereign Debt
US Treasury Debt
Equity Derivative
Total
Apr
2024
237
203
121
142
223
78
154
55
76
59
54
43
32
42
***
655
May
2024
233
179
121
142
218
78
136
55
77
58
53
43
32
41
***
637
Jun
2024
234
207
121
151
220
81
124
54
78
60
***
46
33
43
***
662
Jul
2024
234
214
121
149
217
83
145
54
78
60
59
48
35
43
***
662
Aug
2024
236
209
121
146
218
83
141
55
75
58
54
46
34
38
***
664
Sep
2024
228
213
120
146
213
84
144
55
74
58
***
46
34
40
***
655
Oct
2024
230
203
121
148
217
84
153
56
74
61
53
45
38
32
***
658
Nov
2024
230
203
120
148
219
83
151
57
75
59
53
44
38
30
***
656
Dec
2024
226
204
121
150
218
84
136
58
76
62
***
45
36
***
***
658
Jan
2025
233
206
121
153
218
86
146
56
76
62
53
46
39
33
***
664
Feb
2025
233
206
121
155
214
89
161
57
75
61
52
45
41
36
***
667
Mar
2025
235
208
120
157
216
88
152
56
75
60
***
49
42
***
***
670
5
“Closed-End Funds” include interval funds and non-traded funds registered on Form N-2. Please see Appendix 13.5
for definitions of other capitalized terms used in this report.
16
March 2025
4.5
Analytics Office
Non-Index Funds
Table 4.9: Aggregate Gross Value of Non-Index Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Index fund indication drawn from Form N-CEN, Item C.3.
Investment Type
Common Equity
Registered Fund
Corporate Debt
Mortgage-Backed Security
Municipal Debt
US Treasury Debt
STIV
Other Types
Loan
Collateralized Obligation
Other Asset-Backed Security
Non US Sovereign Debt
Repurchase Agreement
Equity Derivative
Preferred Equity
Total
Apr
2024
10,537
2,461
1,608
1,180
883
771
556
350
208
179
182
160
97
72
59
19,304
May
2024
10,939
2,543
1,629
1,221
887
784
555
329
214
189
186
164
91
79
59
19,871
Jun
2024
11,084
2,568
1,626
1,229
905
781
561
330
217
193
193
164
109
89
58
20,108
Jul
2024
11,244
2,612
1,654
1,231
917
793
564
349
219
192
197
167
102
94
59
20,392
Aug
2024
11,464
2,645
1,672
1,272
926
824
555
357
218
194
199
171
107
98
60
20,761
Sep
2024
11,598
2,687
1,715
1,270
942
842
573
354
219
199
206
176
107
102
61
21,051
Oct
2024
11,345
2,615
1,669
1,282
934
829
564
375
223
202
214
172
115
106
63
20,709
Nov
2024
11,811
2,696
1,676
1,302
947
854
577
368
228
212
214
174
117
125
66
21,369
Dec
2024
11,326
2,620
1,640
1,255
932
841
512
364
232
213
212
172
101
108
68
20,595
Jan
2025
11,685
2,676
1,670
1,296
941
838
557
362
238
218
214
182
114
111
70
21,170
Feb
2025
11,474
2,683
1,701
1,334
956
854
573
372
247
227
218
188
117
110
70
21,123
Mar
2025
10,903
2,605
1,702
1,346
942
857
580
359
247
229
221
188
111
103
72
20,466
Table 4.10: Number of Non-Index Funds Reporting Gross Value of Each
Investment Category, With an Aggregate Gross Value Exceeding
Five Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Index fund indication drawn from Form N-CEN, Item C.3. The “Total” row below indicates the number
of Non-Index Funds, and not the sum of the preceding rows.
Investment Type
Common Equity
Registered Fund
Corporate Debt
Mortgage-Backed Security
Municipal Debt
US Treasury Debt
STIV
Other Types
Loan
Collateralized Obligation
Other Asset-Backed Security
Non US Sovereign Debt
Repurchase Agreement
Equity Derivative
Preferred Equity
Total
Apr
2024
5,252
2,065
1,990
1,169
746
1,574
1,616
1,047
402
513
551
387
266
426
161
10,081
May
2024
5,248
2,084
1,985
1,166
744
1,577
1,518
952
401
519
559
390
250
433
157
10,085
Jun
2024
5,265
2,062
1,980
1,168
745
1,539
1,512
974
412
526
559
387
263
429
158
10,093
Jul
2024
5,267
2,094
1,973
1,170
745
1,543
1,488
1,003
413
500
560
389
257
473
160
10,118
Aug
2024
5,242
2,067
1,969
1,168
747
1,554
1,473
984
403
499
561
385
259
483
153
10,135
17
Sep
2024
5,240
2,080
1,977
1,174
753
1,553
1,528
993
398
501
558
384
260
508
152
10,178
Oct
2024
5,247
2,084
1,980
1,173
750
1,526
1,554
1,030
404
497
570
397
251
517
160
10,199
Nov
2024
5,271
2,101
1,982
1,175
754
1,540
1,560
1,011
417
507
567
405
259
556
160
10,226
Dec
2024
5,283
2,111
1,994
1,187
760
1,557
1,538
1,016
428
517
565
402
263
558
165
10,311
Jan
2025
5,290
2,099
1,994
1,198
756
1,563
1,591
996
435
507
569
413
271
578
165
10,345
Feb
2025
5,282
2,116
1,981
1,199
757
1,576
1,646
1,029
445
512
572
406
268
597
166
10,363
Mar
2025
5,272
2,124
1,985
1,204
761
1,585
1,689
1,022
449
504
575
404
281
640
166
10,422
March 2025
4.6
Analytics Office
Index Funds
Table 4.11: Aggregate Gross Value of Index Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Index fund indication drawn from Form N-CEN, Item C.3.
Investment Type
Common Equity
US Treasury Debt
Corporate Debt
Mortgage-Backed Security
Non US Sovereign Debt
STIV
Registered Fund
Municipal Debt
Other Types
Preferred Equity
Equity Derivative
Repurchase Agreement
Loan
Other Asset-Backed Security
Collateralized Obligation
Total
Apr
2024
11,552
1,072
667
273
220
201
114
119
49
41
16
10
***
3
***
14,346
May
2024
12,128
1,099
683
279
230
190
120
119
49
41
20
10
***
3
***
14,980
Jun
2024
12,403
1,118
690
282
229
195
123
121
54
40
25
10
***
3
***
15,303
Jul
2024
12,734
1,152
714
291
241
196
127
122
46
40
24
10
***
3
***
15,712
Aug
2024
13,020
1,187
726
295
245
188
129
124
56
42
26
12
***
3
***
16,062
Sep
2024
13,308
1,211
742
301
247
209
131
127
51
42
29
9
***
3
***
16,418
Oct
2024
13,147
1,192
732
297
239
205
131
127
49
41
22
11
***
3
***
16,205
Nov
2024
13,954
1,211
746
303
245
209
139
131
54
40
28
12
***
3
***
17,085
Dec
2024
13,550
1,197
734
302
244
209
135
128
49
38
19
10
***
3
***
16,630
Jan
2025
14,006
1,208
745
305
247
213
139
130
45
40
20
13
***
3
***
17,124
Feb
2025
13,869
1,251
761
313
252
205
139
132
48
40
21
13
***
3
***
17,060
Mar
2025
13,217
1,267
764
312
253
224
135
128
51
39
21
10
***
3
***
16,433
Table 4.12: Number of Index Funds Reporting Gross Value of Each
Investment Category, With an Aggregate Gross Value Exceeding
Five Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Index fund indication drawn from Form N-CEN, Item C.3. The “Total” row below indicates the number
of Index Funds, and not the sum of the preceding rows.
Investment Type
Common Equity
US Treasury Debt
Corporate Debt
Mortgage-Backed Security
Non US Sovereign Debt
STIV
Registered Fund
Municipal Debt
Other Types
Preferred Equity
Equity Derivative
Repurchase Agreement
Loan
Other Asset-Backed Security
Collateralized Obligation
Total
Apr
2024
1,844
283
227
66
39
338
173
46
285
35
173
220
***
***
1
2,572
May
2024
1,848
289
228
66
38
327
176
47
267
34
158
214
***
***
***
2,579
Jun
2024
1,851
298
230
66
39
322
179
47
263
33
***
***
***
***
***
2,588
Jul
2024
1,852
308
231
66
40
318
178
47
239
32
180
224
***
***
1
2,593
Aug
2024
1,852
305
230
65
40
303
178
47
236
35
172
227
***
***
0
2,594
18
Sep
2024
1,859
321
230
64
40
337
177
47
234
35
***
***
***
***
0
2,606
Oct
2024
1,821
317
229
63
40
334
175
47
230
34
185
211
***
***
0
2,555
Nov
2024
1,848
313
226
63
40
319
176
47
260
34
203
237
***
***
0
2,595
Dec
2024
1,847
315
225
63
40
309
176
45
270
34
***
***
***
***
0
2,588
Jan
2025
1,848
316
226
63
40
322
176
47
309
34
***
228
***
***
0
2,593
Feb
2025
1,844
309
227
63
40
325
174
47
258
33
176
242
***
***
0
2,588
Mar
2025
1,838
319
228
63
39
345
167
47
268
36
***
***
***
***
0
2,583
March 2025
4.7
Analytics Office
US Equity Funds
Table 4.13: Aggregate Gross Value of US Equity Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Common Equity
STIV
Equity Derivative
Other Types
Preferred Equity
Registered Fund
Repurchase Agreement
US Treasury Debt
Corporate Debt
Municipal Debt
Total
Apr
2024
16,654
217
63
54
46
27
***
7
6
***
17,089
May
2024
17,409
223
71
53
46
30
***
6
6
***
17,859
Jun
2024
17,840
230
85
57
46
28
18
9
6
0
18,320
Jul
2024
18,221
230
86
54
47
30
***
7
6
***
18,697
Aug
2024
18,541
224
90
54
48
18
***
7
6
***
19,005
Sep
2024
18,851
235
93
76
49
19
17
13
11
0
19,366
Oct
2024
18,662
222
97
74
51
18
***
12
11
***
19,164
Nov
2024
19,886
231
114
78
53
21
***
13
12
***
20,426
Dec
2024
19,186
212
97
61
54
21
15
14
***
***
19,667
Jan
2025
19,810
226
101
61
55
21
***
8
6
***
20,305
Feb
2025
19,424
220
97
62
56
21
***
9
6
***
19,912
Mar
2025
18,298
239
90
59
55
23
14
11
6
0
18,795
Table 4.14: Number of US Equity Funds Reporting Gross Value of Each
Investment Category, With an Aggregate Gross Value Exceeding
Five Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The
“Total” row below indicates the number of US Equity Funds, and not the sum of the preceding rows.
Investment Type
Common Equity
STIV
Equity Derivative
Other Types
Preferred Equity
Registered Fund
Repurchase Agreement
US Treasury Debt
Corporate Debt
Municipal Debt
Total
Apr
2024
4,220
377
288
297
49
88
80
48
39
0
4,474
May
2024
4,218
376
310
272
47
90
75
50
37
0
4,492
Jun
2024
4,231
355
322
259
48
89
82
49
40
0
4,513
Jul
2024
4,236
361
342
267
49
89
89
47
37
0
4,532
Aug
2024
4,243
338
352
255
46
80
86
49
36
0
4,547
19
Sep
2024
4,248
341
376
283
45
89
***
60
36
0
4,584
Oct
2024
4,238
351
388
290
47
88
79
57
36
0
4,592
Nov
2024
4,269
353
416
306
48
90
86
58
38
0
4,630
Dec
2024
4,271
323
406
296
52
84
86
68
39
***
4,648
Jan
2025
4,293
338
425
301
50
82
80
61
40
***
4,678
Feb
2025
4,295
383
431
303
50
81
85
65
41
0
4,689
Mar
2025
4,294
411
446
301
54
89
93
81
40
0
4,701
March 2025
4.8
Analytics Office
Taxable Bond Funds
Table 4.15: Aggregate Gross Value of Taxable Bond Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Corporate Debt
US Treasury Debt
Mortgage-Backed Security
Non US Sovereign Debt
STIV
Other Types
Loan
Collateralized Obligation
Other Asset-Backed Security
Repurchase Agreement
Total
Apr
2024
2,003
1,684
1,328
363
282
268
197
164
167
76
6,532
May
2024
2,038
1,723
1,372
377
278
257
203
172
171
72
6,663
Jun
2024
2,044
1,735
1,382
376
278
255
206
176
177
86
6,715
Jul
2024
2,090
1,778
1,392
390
281
262
209
174
180
79
6,835
Aug
2024
2,114
1,839
1,438
398
277
271
206
175
182
85
6,986
Sep
2024
2,163
1,873
1,434
404
293
257
206
178
189
84
7,081
Oct
2024
2,119
1,846
1,435
392
302
281
211
181
196
93
7,056
Nov
2024
2,138
1,880
1,458
400
305
276
218
190
197
93
7,154
Dec
2024
2,106
1,844
1,419
397
274
266
222
191
195
81
6,996
Jan
2025
2,142
1,860
1,457
410
299
264
229
196
197
94
7,148
Feb
2025
2,188
1,920
1,498
421
300
267
236
204
200
90
7,326
Mar
2025
2,194
1,932
1,506
422
287
259
234
206
204
91
7,336
Table 4.16: Number of Taxable Bond Funds Reporting Gross Value of Each
Investment Category, With an Aggregate Gross Value Exceeding
Five Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The
“Total” row below indicates the number of Taxable Bond Funds, and not the sum of the preceding
rows.
Investment Type
Corporate Debt
US Treasury Debt
Mortgage-Backed Security
Non US Sovereign Debt
STIV
Other Types
Loan
Collateralized Obligation
Other Asset-Backed Security
Repurchase Agreement
Total
Apr
2024
1,784
1,430
1,057
383
765
822
361
484
539
308
2,734
May
2024
1,784
1,431
1,056
387
770
766
363
488
547
289
2,740
Jun
2024
1,781
1,399
1,058
385
761
757
370
497
548
300
2,729
Jul
2024
1,780
1,424
1,059
388
726
792
370
473
546
288
2,731
Aug
2024
1,781
1,433
1,056
384
734
768
362
475
552
291
2,734
20
Sep
2024
1,790
1,437
1,058
383
735
785
357
473
548
300
2,749
Oct
2024
1,790
1,424
1,057
396
784
825
364
471
558
283
2,745
Nov
2024
1,784
1,419
1,059
402
781
828
376
483
556
299
2,753
Dec
2024
1,792
1,413
1,071
401
735
804
382
493
554
304
2,771
Jan
2025
1,799
1,436
1,084
412
772
810
386
483
559
309
2,782
Feb
2025
1,791
1,430
1,082
406
766
797
395
486
559
306
2,793
Mar
2025
1,796
1,433
1,078
403
749
789
399
479
563
320
2,813
March 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
Mortgage-Backed Security
STIV
Collateralized Obligation
Equity Derivative
Municipal Debt
Total
Apr
2024
2,520
1,024
260
202
148
123
137
18
16
20
4,468
May
2024
2,600
980
260
198
143
119
127
19
18
20
4,483
Jun
2024
2,631
1,002
258
201
145
120
126
20
21
20
4,544
Jul
2024
2,677
1,025
264
208
150
121
132
20
22
20
4,639
Aug
2024
2,723
1,106
266
213
153
121
127
20
24
21
4,773
Sep
2024
2,765
1,119
269
216
156
118
124
21
27
21
4,835
Oct
2024
2,695
1,102
260
220
153
120
126
21
22
20
4,739
Nov
2024
2,780
1,144
258
220
162
127
126
22
28
20
4,887
Dec
2024
2,698
1,110
254
219
171
131
118
23
20
20
4,765
Jan
2025
2,758
1,151
258
218
166
136
126
24
20
21
4,877
Feb
2025
2,763
1,122
260
232
165
141
136
25
23
22
4,890
Mar
2025
2,679
1,077
259
224
169
144
134
25
23
20
4,754
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
Mortgage-Backed Security
STIV
Collateralized Obligation
Equity Derivative
Municipal Debt
Total
Apr
2024
2,009
695
371
527
347
175
558
30
142
8
2,608
May
2024
2,018
693
373
511
352
172
483
31
130
***
2,591
Jun
2024
2,009
698
374
534
361
172
492
30
117
***
2,601
Jul
2024
2,032
704
372
535
357
173
506
28
134
8
2,615
Aug
2024
2,029
697
367
531
355
173
502
24
128
***
2,627
21
Sep
2024
2,036
697
366
527
354
174
529
27
133
***
2,624
Oct
2024
2,032
679
366
526
344
173
532
25
134
9
2,600
Nov
2024
2,043
691
368
523
354
173
518
23
143
***
2,617
Dec
2024
2,060
700
370
549
373
173
560
***
132
***
2,651
Jan
2025
2,049
700
364
552
356
169
548
24
143
8
2,663
Feb
2025
2,057
692
359
555
361
170
567
26
152
***
2,658
Mar
2025
2,054
695
358
565
366
177
595
***
173
***
2,674
March 2025
4.10
Analytics Office
Global Equity Funds
Table 4.19: Aggregate Gross Value of Global Equity Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Common Equity
STIV
Other Types
Preferred Equity
Registered Fund
Total
Apr
2024
4,380
110
46
30
11
4,577
May
2024
4,642
107
64
29
12
4,855
Jun
2024
4,609
113
63
28
12
4,825
Jul
2024
4,702
107
62
28
12
4,911
Aug
2024
4,807
105
70
29
12
5,024
Sep
2024
4,908
117
69
29
13
5,136
Oct
2024
4,703
108
65
26
12
4,913
Nov
2024
4,707
111
71
25
12
4,926
Dec
2024
4,553
106
61
23
14
4,757
Jan
2025
4,704
104
61
25
14
4,907
Feb
2025
4,771
107
65
24
15
4,983
Mar
2025
4,721
131
66
25
16
4,959
Table 4.20: Number of Global Equity Funds Reporting Gross Value of Each
Investment Category, With an Aggregate Gross Value Exceeding
Five Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The
“Total” row below indicates the number of Global Equity Funds, and not the sum of the preceding
rows.
Investment Type
Common Equity
STIV
Other Types
Preferred Equity
Registered Fund
Total
Apr
2024
2,083
201
136
50
36
2,092
May
2024
2,086
176
133
47
33
2,094
Jun
2024
2,080
184
132
46
32
2,089
Jul
2024
2,070
164
135
45
32
2,081
Aug
2024
2,059
154
133
45
29
2,068
22
Sep
2024
2,057
211
127
42
27
2,068
Oct
2024
2,049
171
127
41
25
2,061
Nov
2024
2,051
177
137
41
27
2,060
Dec
2024
2,053
180
132
39
34
2,068
Jan
2025
2,044
184
133
39
35
2,053
Feb
2025
2,041
191
158
38
44
2,050
Mar
2025
2,037
232
139
42
45
2,049
March 2025
4.11
Analytics Office
Municipal Bond Funds
Table 4.21: Aggregate Gross Value of Municipal Bond Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Municipal Debt
STIV
Other Types
Corporate Debt
Registered Fund
Total
Apr
2024
959
11
11
3
2
985
May
2024
963
10
13
3
2
990
Jun
2024
982
8
12
2
2
1,007
Jul
2024
994
11
12
2
2
1,022
Aug
2024
1,008
11
12
2
2
1,035
Sep
2024
1,025
12
10
2
2
1,051
Oct
2024
1,018
11
8
2
2
1,041
Nov
2024
1,035
13
9
2
2
1,061
Dec
2024
1,017
11
9
2
2
1,040
Jan
2025
1,028
14
10
2
2
1,056
Feb
2025
1,044
14
10
2
2
1,072
Mar
2025
1,028
13
9
2
2
1,054
Table 4.22: Number of Municipal Bond Funds Reporting Gross Value of Each
Investment Category, With an Aggregate Gross Value Exceeding
Five Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The
“Total” row below indicates the number of Municipal Bond Funds, and not the sum of the preceding
rows.
Investment Type
Municipal Debt
STIV
Other Types
Corporate Debt
Registered Fund
Total
Apr
2024
745
53
42
12
12
745
May
2024
747
40
46
***
***
747
Jun
2024
748
42
42
***
***
749
Jul
2024
750
49
45
***
15
752
Aug
2024
753
48
42
***
14
753
23
Sep
2024
759
49
40
***
***
759
Oct
2024
756
50
29
***
13
756
Nov
2024
761
50
33
***
***
761
Dec
2024
761
49
33
***
***
761
Jan
2025
761
71
46
***
12
762
Feb
2025
761
64
52
***
***
761
Mar
2025
768
47
46
***
***
768
March 2025
5
Analytics Office
Fund Portfolio Investments by Currency6
Table 5.1: Aggregate Gross Value of Fund Investments, by Fund Type and
Currency ($Billions)
This table includes holdings reported by fund of funds and relies upon value reported (Form N-PORT,
Item C.2.c) by currency code (Form N-PORT, Item C.2.b). This table does not reflect the notional
value of derivatives but uses the value reported in Item C.2.c. Reported currency codes with a value
of “N/A” are aggregated with the “Other” category. Currency codes are reported pursuant to the
International Organization for Standardization (ISO) 4217 standard. Currency code mappings presented
below are derived from ISO 4217 mappings as of January 1, 2024.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Currency
USD - US Dollar
EUR - Euro
GBP - Pound Sterling
JPY - Yen
CAD - Canadian Dollar
HKD - Hong Kong Dollar
CHF - Swiss Franc
INR - Indian Rupee
TWD - New Taiwan Dollar
AUD - Australian Dollar
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
AUD - Australian Dollar
TWD - New Taiwan Dollar
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
AUD - Australian Dollar
TWD - New Taiwan Dollar
Other
Subtotal
Total
Apr
2024
21,435
907
389
386
193
154
150
155
128
85
545
24,527
7,253
278
211
117
88
79
65
61
63
64
250
8,529
469
20
6
2
2
1
1
1
1
1
5
510
33,566
May
2024
22,097
948
411
395
198
160
162
155
138
89
554
25,308
7,606
294
216
125
92
81
68
67
67
69
255
8,939
473
21
6
2
2
2
1
1
1
1
5
516
34,763
Jun
2024
22,453
910
403
391
194
153
162
167
157
89
558
25,638
7,834
282
215
120
88
89
67
67
66
74
253
9,156
483
21
6
2
2
2
1
1
1
1
5
525
35,319
Jul
2024
22,767
925
424
417
199
148
169
173
151
90
561
26,024
8,102
290
230
128
85
93
70
71
68
72
257
9,464
488
22
7
2
2
2
1
1
1
1
5
532
36,020
Aug
2024
23,139
953
436
423
204
151
177
175
152
93
573
26,476
8,312
301
231
131
86
94
72
75
70
73
260
9,705
495
27
8
3
2
2
1
2
1
1
5
548
36,729
Sep
2024
23,485
963
436
415
206
183
172
179
153
96
569
26,858
8,528
309
229
132
104
98
75
74
74
74
266
9,963
505
27
7
3
2
2
2
2
1
1
5
556
37,377
Oct
2024
23,165
915
416
390
204
175
163
163
157
90
540
26,379
8,506
296
219
126
107
91
74
71
70
75
256
9,892
503
27
8
3
2
2
1
2
1
1
5
554
36,825
Nov
2024
24,092
898
419
400
212
169
161
161
155
93
528
27,287
9,127
290
224
127
100
91
78
70
72
74
249
10,504
512
27
9
3
2
2
1
2
1
1
5
565
38,356
Dec
2024
23,225
890
402
390
201
171
154
156
162
86
504
26,340
8,901
287
220
122
101
88
74
67
67
74
238
10,239
503
26
8
2
2
2
1
2
1
1
5
553
37,132
Jan
2025
23,813
936
420
399
201
168
166
145
164
89
518
27,018
9,228
305
226
128
102
83
76
72
70
75
246
10,611
518
26
8
3
2
1
1
1
1
1
5
567
38,197
Feb
2025
23,606
965
437
398
201
186
173
134
154
86
524
26,863
9,223
321
228
133
115
77
76
76
69
73
250
10,641
522
30
9
3
2
1
1
2
1
1
6
579
38,083
Mar
2025
22,681
976
434
390
199
191
170
145
139
84
513
25,922
8,875
333
227
133
118
84
77
76
67
67
252
10,309
520
28
9
3
2
1
1
1
1
1
5
572
36,803
6
Per N-PORT General Instruction G, N-PORT filers must report applicable three-letter alphabetic currency codes
pursuant to the International Organization for Standardization (ISO) 4217 standard. Please refer to the ISO for additional
information on currency code definitions and mappings.
24
March 2025
6
Analytics Office
Fund Portfolio Investments by Country7
Table 6.1: Aggregate Gross Value of Fund Investments, by Fund Type and
Country of Investment ($Billions)
This table includes holdings reported by fund of funds, relies upon value reported (Form N-PORT,
Item C.2.c) and aggregates by country of investment (Form N-PORT, Item C.5.a), adjusted for
consensus — see the appendix for more details. Reported country codes with a value of “N/A” are
aggregated with the “Other” category.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Country
United States of America
United Kingdom
Japan
Canada
France
Ireland
Switzerland
Germany
Netherlands
Cayman Islands
Other
Subtotal
United States of America
Japan
United Kingdom
Canada
Ireland
France
Switzerland
Germany
Cayman Islands
Netherlands
Other
Subtotal
United States of America
Cayman Islands
United Kingdom
Canada
France
Germany
Netherlands
Ireland
Japan
Switzerland
Other
Subtotal
Total
Apr
2024
20,069
515
410
361
331
247
238
201
255
182
1,718
24,527
6,897
221
139
109
85
91
82
69
51
67
716
8,529
414
21
11
9
7
3
3
2
2
2
36
510
33,566
May
2024
20,699
536
420
367
341
246
257
209
271
187
1,775
25,308
7,236
227
146
115
86
95
90
73
55
71
745
8,939
418
21
11
8
7
3
4
2
2
2
37
516
34,763
Jun
2024
21,052
528
417
362
319
242
255
206
271
188
1,798
25,638
7,458
226
144
113
86
90
90
71
54
72
752
9,156
426
22
11
8
7
3
4
2
2
2
38
525
35,319
Jul
2024
21,352
552
441
371
322
253
265
213
262
181
1,812
26,024
7,710
240
152
120
92
92
96
73
54
71
764
9,464
430
22
11
9
7
3
4
3
2
2
38
532
36,020
Aug
2024
21,695
564
449
383
333
261
273
221
263
184
1,851
26,476
7,917
242
155
120
97
95
100
76
53
72
777
9,705
443
22
12
9
7
3
4
3
3
3
40
548
36,729
Sep
2024
22,014
561
441
388
337
281
259
228
254
203
1,892
26,858
8,118
241
158
125
104
98
96
80
64
71
808
9,963
450
23
12
10
7
4
4
3
3
2
40
556
37,377
Oct
2024
21,734
540
413
383
316
270
247
220
231
196
1,827
26,379
8,102
229
152
124
101
94
93
77
66
66
787
9,892
448
23
12
9
7
4
3
2
2
2
40
554
36,825
Nov
2024
22,622
548
424
402
307
280
245
220
230
197
1,812
27,287
8,703
236
155
129
108
91
93
77
64
66
782
10,504
457
24
12
10
7
4
3
2
2
3
41
565
38,356
Dec
2024
21,837
514
413
380
299
257
234
218
224
197
1,766
26,340
8,488
231
151
124
104
90
90
76
65
66
756
10,239
448
24
12
9
7
3
3
2
2
2
40
553
37,132
Jan
2025
22,374
537
423
388
321
267
247
235
229
200
1,798
27,018
8,797
238
158
128
110
96
95
82
68
69
770
10,611
458
25
12
10
7
4
3
2
2
2
42
567
38,197
Feb
2025
22,156
559
422
391
327
268
254
243
231
211
1,803
26,863
8,788
240
164
130
111
100
100
87
74
69
780
10,641
466
25
13
10
7
4
3
2
3
3
43
579
38,083
Mar
2025
21,259
566
414
384
326
254
251
242
222
212
1,791
25,922
8,444
239
164
132
106
102
99
92
75
67
788
10,309
460
24
13
10
7
4
3
3
3
2
43
572
36,803
7
Per the N-PORT instructions to Item C.5.a. and C.5.b., filers must report country codes pursuant to the International
Organization for Standardization (ISO) standard. Please refer to the ISO for additional information on country code
definitions and mappings.
25
March 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
China
Germany
Taiwan
India
Switzerland
Other
Subtotal
United States of America
Japan
China
United Kingdom
Canada
Germany
France
India
Taiwan
Switzerland
Other
Subtotal
United States of America
United Kingdom
Canada
France
Germany
China
Japan
India
Switzerland
Taiwan
Other
Subtotal
Total
Apr
2024
20,493
450
416
334
334
218
221
158
167
156
1,580
24,527
7,067
223
120
114
102
74
84
81
69
48
548
8,529
421
10
8
6
3
2
2
2
2
2
51
510
33,566
May
2024
21,135
469
424
340
342
228
229
172
167
169
1,633
25,308
7,413
229
126
119
108
77
87
83
74
52
570
8,939
425
10
8
6
3
3
2
2
2
2
53
516
34,763
Jun
2024
21,485
462
422
336
316
219
227
194
181
168
1,628
25,638
7,637
227
121
118
106
76
82
91
80
52
566
9,156
433
10
8
6
3
2
2
2
2
2
54
525
35,319
Jul
2024
21,790
486
446
344
319
212
234
184
187
169
1,654
26,024
7,892
241
116
126
113
78
84
96
78
53
587
9,464
437
11
8
6
4
2
3
2
2
2
55
532
36,020
26
Aug
2024
22,138
501
454
356
328
213
241
187
190
174
1,694
26,476
8,103
244
114
129
113
82
87
97
80
55
602
9,705
450
11
9
6
4
2
3
2
2
2
57
548
36,729
Sep
2024
22,445
503
446
362
330
257
248
189
194
173
1,711
26,858
8,300
243
138
132
118
85
89
100
80
56
623
9,963
457
11
9
7
4
3
3
2
2
2
57
556
37,377
Oct
2024
22,151
482
419
357
311
247
239
198
177
170
1,627
26,379
8,280
231
143
126
117
82
85
94
81
57
595
9,892
455
11
9
7
4
2
2
2
2
2
57
554
36,825
Nov
2024
23,052
490
429
376
303
237
240
194
176
170
1,621
27,287
8,890
237
133
130
122
83
82
94
80
58
595
10,504
464
12
9
7
4
2
2
2
2
2
58
565
38,356
Dec
2024
22,220
473
419
357
296
239
238
204
171
160
1,563
26,340
8,664
233
133
127
118
81
82
91
80
57
574
10,239
454
11
9
7
4
2
2
2
2
2
58
553
37,132
Jan
2025
22,786
492
429
361
317
239
255
208
160
157
1,615
27,018
8,991
239
135
132
122
88
88
86
81
51
599
10,611
465
12
9
7
4
2
2
2
2
2
60
567
38,197
Feb
2025
22,579
512
427
361
322
263
263
192
148
160
1,635
26,863
8,985
241
150
138
123
93
91
79
79
53
610
10,641
473
12
10
7
4
3
3
2
2
2
62
579
38,083
Mar
2025
21,681
508
420
352
322
269
264
173
160
154
1,619
25,922
8,637
240
153
138
124
98
94
87
72
51
613
10,309
467
12
10
8
4
3
3
2
2
1
61
572
36,803
March 2025
Analytics Office
Fund Derivative Investments8
7
Table 7.1: Aggregate Notional of Fund Investments in Derivatives, by
Fund Type and Derivative Type ($Billions)
Relies on Form N-PORT, Item C.4 and Item C.11.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Derivative Type
Interest Rate Future
Foreign Exchange Forward
Interest Rate Swap
Equity Option
Credit Swap
Equity Future
Interest Rate Swaption
Other
Foreign Exchange Option
Equity Swap
Commodity Future
Subtotal
Equity Option
Equity Swap
Foreign Exchange Forward
Interest Rate Future
Equity Future
Commodity Future
Interest Rate Swap
Other
Interest Rate Swaption
Credit Swap
Foreign Exchange Option
Subtotal
Equity Option
Interest Rate Swap
Foreign Exchange Forward
Interest Rate Future
Foreign Exchange Option
Credit Swap
Other
Equity Swap
Interest Rate Swaption
Equity Future
Commodity Future
Subtotal
Total
Apr
2024
1,021.2
848.8
927.6
194.1
159.7
157.6
111.3
254.6
46.0
62.4
42.0
3,825.2
148.9
184.7
128.5
32.4
19.6
12.8
5.6
11.8
***
1.3
***
547.0
38.6
33.8
22.4
7.6
***
2.8
2.1
1.7
***
***
***
119.2
4,491.4
May
2024
1,021.2
936.7
920.9
200.3
159.0
160.5
98.9
322.6
37.3
59.2
40.8
3,957.5
159.5
196.2
141.2
35.9
21.9
13.1
6.3
12.6
***
1.4
***
589.7
38.8
34.2
25.0
8.5
***
2.3
2.0
1.7
***
0.8
***
122.1
4,669.3
Jun
2024
1,073.4
892.0
951.7
194.0
154.4
163.7
109.4
167.2
41.1
60.8
39.5
3,847.0
179.2
214.1
133.4
36.5
20.3
13.1
6.6
12.1
***
1.4
***
618.0
42.3
34.4
22.9
8.5
***
2.0
1.9
***
***
***
***
123.4
4,588.4
Jul
2024
1,034.8
920.3
940.6
204.4
153.6
162.8
87.8
160.4
34.5
60.9
39.7
3,799.7
185.6
213.4
138.1
36.8
18.8
12.7
6.4
12.8
***
1.6
***
627.7
43.2
34.7
24.7
8.7
***
2.0
1.8
2.0
***
***
***
127.9
4,555.3
Aug
2024
1,156.7
992.9
986.8
215.3
159.3
152.7
82.2
150.4
37.7
61.7
43.9
4,039.7
193.7
217.0
158.3
38.8
20.1
12.1
9.4
12.2
***
1.6
***
665.1
40.8
37.1
27.3
9.0
***
2.0
1.8
2.1
***
***
***
131.4
4,836.2
Sep
2024
1,208.1
951.7
989.6
215.5
159.2
157.1
86.9
130.0
32.1
62.7
39.2
4,032.1
200.9
232.4
149.7
43.7
21.3
12.0
10.8
10.0
***
1.8
***
684.3
43.9
36.7
26.4
9.0
***
1.9
1.9
***
3.0
***
***
132.4
4,848.9
Oct
2024
1,109.8
948.8
988.3
231.5
159.0
153.2
86.1
140.7
71.9
58.3
41.3
3,989.0
220.1
223.1
141.0
40.4
23.4
13.1
10.9
11.7
***
2.2
***
688.1
46.7
36.3
26.8
8.9
***
1.8
2.0
1.8
***
0.9
***
134.5
4,811.5
Nov
2024
1,052.4
955.0
975.2
215.7
167.6
165.2
108.4
128.5
45.6
63.2
41.9
3,918.7
237.2
243.1
162.9
39.6
27.0
14.7
11.2
15.3
***
2.1
***
755.6
44.5
36.2
27.9
8.5
***
1.8
1.7
1.8
***
0.9
***
128.5
4,802.8
Dec
2024
1,019.5
805.6
962.3
223.1
160.8
168.8
118.3
106.8
47.8
65.6
43.9
3,722.5
242.2
232.5
155.1
39.9
19.9
13.8
11.8
16.6
***
2.2
***
737.7
38.2
34.9
19.8
8.6
***
1.8
1.6
***
***
***
***
112.8
4,572.9
Jan
2025
1,029.4
931.4
860.3
225.5
161.1
165.3
116.7
119.3
59.3
64.5
46.8
3,779.5
252.7
238.3
155.3
46.1
24.5
14.6
12.0
17.2
***
2.6
***
767.2
38.7
34.8
30.0
9.1
***
1.8
1.7
1.9
***
1.0
***
123.7
4,670.4
Feb
2025
959.8
1,053.8
866.9
228.9
169.0
170.0
153.1
129.9
55.7
63.8
47.3
3,898.3
250.0
212.0
172.4
46.3
25.0
15.0
13.4
14.8
***
3.2
***
755.5
38.4
34.5
32.7
8.5
***
2.2
1.6
1.9
***
1.3
***
125.7
4,779.6
Mar
2025
1,075.8
1,058.5
879.6
216.5
182.9
159.9
148.5
144.0
76.7
62.4
49.2
4,054.0
278.7
194.0
165.1
52.7
25.1
14.6
14.5
12.8
***
3.6
***
765.3
39.2
36.5
33.4
8.3
***
2.2
1.9
***
***
***
***
129.2
4,948.5
8
Non-USD-notional values are converted to USD using foreign-exchange rates sourced from Bloomberg. Notional
values are not delta or duration adjusted and include derivatives reported by fund of funds. The total notional value, as
a fraction of net assets, of each fund is winsorized at the 99th percentile across funds each month.
27
March 2025
Analytics Office
Table 7.2: Number of Funds with Investments in Derivatives With a
Notional Value Exceeding Five Percent of Net Assets, by Fund
Type and Derivative Type
Relies on Form N-PORT, Item C.4 and Item C.11.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Derivative Type
Interest Rate Future
Foreign Exchange Forward
Interest Rate Swap
Equity Option
Credit Swap
Equity Future
Interest Rate Swaption
Other
Foreign Exchange Option
Equity Swap
Commodity Future
Subtotal
Equity Option
Equity Swap
Foreign Exchange Forward
Interest Rate Future
Equity Future
Commodity Future
Interest Rate Swap
Other
Interest Rate Swaption
Credit Swap
Foreign Exchange Option
Subtotal
Equity Option
Interest Rate Swap
Foreign Exchange Forward
Interest Rate Future
Foreign Exchange Option
Credit Swap
Other
Equity Swap
Interest Rate Swaption
Equity Future
Commodity Future
Subtotal
Total
Apr
2024
1,079
665
377
214
226
431
84
206
69
251
102
2,006
387
215
60
120
57
56
29
56
***
14
***
859
53
52
92
56
***
24
16
7
***
***
***
207
3,071
May
2024
1,072
677
392
211
234
422
84
204
68
256
103
2,000
415
219
62
129
55
58
32
60
***
16
***
899
52
54
97
68
***
25
14
8
***
9
***
216
3,114
Jun
2024
1,058
677
398
187
236
423
92
204
69
252
103
1,977
429
222
64
137
59
60
32
54
***
18
***
929
56
53
97
60
***
30
14
***
***
***
***
216
3,121
Jul
2024
1,043
681
406
195
225
428
85
202
64
253
108
1,979
452
224
65
135
54
59
32
51
***
20
***
946
60
55
94
60
***
26
14
8
***
***
***
218
3,142
28
Aug
2024
1,064
672
409
203
234
418
80
202
56
254
110
1,976
470
229
67
135
59
59
33
54
***
18
***
973
57
58
95
60
***
22
13
10
***
***
***
217
3,165
Sep
2024
1,070
659
398
190
232
418
94
212
53
250
110
1,969
486
243
68
131
61
58
34
48
***
16
***
997
58
55
96
58
***
23
15
***
5
***
***
213
3,178
Oct
2024
1,057
661
399
196
217
396
95
217
66
223
112
1,928
497
261
66
124
62
58
37
57
***
17
***
1,034
61
51
90
60
***
25
15
6
***
8
***
211
3,172
Nov
2024
1,006
655
402
191
223
415
102
201
65
263
111
1,935
511
264
66
128
63
54
39
59
***
17
***
1,044
60
51
88
60
***
23
10
6
***
8
***
211
3,189
Dec
2024
1,012
644
412
183
232
410
101
189
62
267
112
1,941
523
271
66
134
62
62
39
45
***
16
***
1,074
61
53
93
60
***
25
10
***
***
***
***
215
3,229
Jan
2025
1,016
656
403
184
229
408
106
197
74
264
111
1,926
547
280
72
139
62
64
38
56
***
16
***
1,109
59
53
96
68
***
27
11
7
***
10
***
225
3,259
Feb
2025
1,004
659
401
186
239
424
106
190
69
262
114
1,940
559
282
75
140
66
63
39
56
***
19
***
1,125
60
54
96
65
***
26
12
7
***
11
***
219
3,283
Mar
2025
1,023
669
414
179
258
421
110
192
76
265
111
1,961
587
304
80
145
69
65
39
62
***
24
***
1,184
59
54
98
58
***
25
12
***
***
***
***
214
3,358
March 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%
Apr
2024
60.93
75.51
85.96
96.02
60.36
75.86
86.45
96.34
53.58
68.90
81.62
94.86
49.02
61.49
72.70
88.45
May
2024
61.80
76.02
86.34
96.15
61.16
76.37
86.77
96.44
54.71
69.69
82.14
95.08
50.06
61.97
73.65
89.15
Jun
2024
61.33
75.72
86.15
96.02
60.42
75.99
86.56
96.33
55.71
70.64
82.51
95.03
49.15
61.43
73.49
89.12
Jul
2024
60.05
75.06
85.59
95.82
59.22
75.43
86.13
96.13
55.28
70.14
82.19
94.88
48.36
60.36
73.06
89.02
Aug
2024
61.76
76.13
86.23
95.98
61.42
76.63
86.82
96.31
56.28
70.68
82.60
94.96
47.71
61.74
74.36
89.23
Sep
2024
61.60
76.05
86.19
95.93
60.85
76.62
86.79
96.24
55.80
70.91
82.66
94.99
48.15
62.21
73.57
88.67
Oct
2024
60.28
75.24
85.60
95.75
59.98
75.76
86.21
96.11
54.27
69.95
81.84
94.59
47.79
59.87
72.64
88.61
Nov
2024
59.43
74.67
85.38
95.67
58.98
75.06
85.98
96.09
55.15
70.68
82.02
94.52
46.70
57.93
71.04
87.77
Dec
2024
59.11
74.63
85.39
95.73
58.65
74.97
85.98
96.13
54.98
70.56
82.28
94.80
42.24
55.91
69.79
86.85
Jan
2025
57.88
73.74
84.92
95.66
57.35
74.14
85.49
96.03
54.24
70.00
81.78
94.75
43.93
57.75
71.14
87.76
Feb
2025
57.38
73.36
84.50
95.44
56.84
73.58
85.24
95.89
52.33
68.23
80.51
94.20
44.87
57.35
71.17
88.09
Mar
2025
59.06
74.76
85.45
95.76
58.11
75.34
86.41
96.23
51.98
68.45
80.90
94.42
43.21
56.32
70.40
87.63
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
Apr
2024
8.5
51.1
128.7
23.7
189.5
287.0
16.7
42.1
66.6
May
2024
8.5
51.7
136.0
27.9
193.0
283.0
15.3
38.2
68.9
Jun
2024
8.6
50.1
132.2
37.1
193.8
279.7
15.9
39.7
68.4
Jul
2024
8.7
51.2
134.3
46.8
197.1
282.6
15.5
41.1
70.1
Aug
2024
8.8
51.2
132.2
46.4
198.9
282.7
18.7
41.0
71.8
29
Sep
2024
8.7
51.5
129.7
48.9
195.6
280.5
19.0
43.9
76.6
Oct
2024
8.9
50.5
137.6
56.8
199.9
287.6
22.1
46.9
85.3
Nov
2024
8.8
50.2
128.4
59.0
196.5
281.4
20.5
44.4
80.4
Dec
2024
8.5
50.1
129.8
53.2
200.5
286.8
20.5
45.2
***
Jan
2025
8.1
51.5
128.7
61.5
201.4
284.8
18.4
42.2
80.6
Feb
2025
9.1
51.4
135.1
65.0
207.2
289.8
17.9
38.5
78.3
Mar
2025
8.8
50.4
132.6
61.5
204.9
297.9
19.6
46.3
***
March 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
CBOE GLOBAL MARKETS INC
INTERCONTINENTAL EXCHANGE INC
CME GROUP INC
BNP PARIBAS
CITIBANK NA
BANK OF AMERICA NA
STATE STREET BANK
GOLDMAN SACHS CO LLC
MORGAN STANLEY CO LLC
JPMORGAN CHASE BANK NA
BARCLAYS BANK PLC
TORONTODOMINION BANK
GOLDMAN SACHS INTL
MORGAN STANLEY CO INTL PLC
DEUTSCHE BANK AG
JP MORGAN SECURITIES LLC
HSBC UK BANK PLC
ROYAL BANK OF CANADA
JPMORGAN CHASE CO
LCH GROUP HOLDINGS LTD
UBS AG
MORGAN STANLEY CAPITAL...
WELLS FARGO BANK NA
GOLDMAN SACHS BANK USA
EUREX CLEARING AG
HSBC BANK PLC
UK CLEARING HOUSE LTD
SOCIETE GENERALE
CITIGROUP GLOBAL MARKETS INC
STANDARD CHARTERED BANK
ICE FUTURES US INC
EUREX FRANKFURT AG
BOFA SECURITIES INC
CANADIAN IMPERIAL BANK OF...
UBS SECURITIES LLC
SG AMERICAS SECURITIES LLC
ICE FUTURES EUROPE
MERRILL LYNCH PIERCE FENNER...
BANK OF NEW YORK MELLON
BANCO SANTANDER SA
STATE STREET CORP
LONDON METAL EXCHANGE
HSBC BANK USA NA
UBS AG
NOMURA GLOBAL FINANCIAL...
BARCLAYS CAPITAL INC
Other Counterparties
Invalid LEI
Total
Apr
2024
527.6
412.2
492.6
191.3
51.1
95.7
146.6
167.4
160.4
149.0
101.4
111.6
98.7
129.1
64.9
49.1
60.6
112.9
69.6
60.9
26.0
20.8
0.7
41.4
68.6
48.6
27.3
32.6
28.8
34.0
26.2
53.2
32.5
29.3
15.5
12.3
14.8
14.0
9.4
9.8
14.1
12.0
19.3
2.0
0.9
9.6
10.3
11.6
0.5
12.6
294.2
191.7
4,377.6
May
2024
556.9
405.2
490.5
192.1
57.3
93.6
149.0
167.4
160.1
151.6
101.5
109.6
99.7
135.5
66.4
49.1
63.0
111.0
69.1
53.6
26.0
22.5
0.5
41.7
68.9
48.8
27.3
31.1
29.4
34.0
26.3
52.9
37.7
29.4
15.6
13.5
16.4
13.8
9.9
10.5
16.6
10.6
19.8
2.0
0.7
10.0
10.6
10.5
0.8
12.3
297.4
200.9
4,431.0
Jun
2024
610.1
420.1
449.6
194.9
64.0
90.1
201.3
157.2
142.0
153.9
98.9
105.3
101.7
117.5
76.6
50.2
73.4
61.5
56.2
54.5
24.3
34.8
1.5
42.3
59.6
48.1
32.4
37.4
29.0
51.3
33.0
52.6
35.0
38.7
15.3
14.5
17.2
14.0
11.5
10.5
20.5
11.0
17.5
1.4
0.9
10.0
10.2
10.6
1.2
13.5
328.2
212.7
4,519.7
Jul
2024
608.9
416.8
424.5
205.1
64.3
84.2
185.2
137.1
148.6
146.9
95.7
106.5
108.0
111.9
76.1
65.9
61.8
61.0
57.2
54.4
36.9
39.4
1.5
43.1
54.9
25.7
33.4
38.0
29.5
52.9
31.0
51.6
34.5
40.0
18.6
14.5
17.1
25.5
11.0
11.1
20.0
11.0
27.0
1.4
1.1
9.9
10.3
10.6
1.2
13.3
325.7
257.1
4,518.6
30
Aug
2024
638.5
419.9
425.1
205.0
70.8
85.1
183.2
139.1
147.4
151.3
96.7
105.8
107.8
112.3
76.9
66.3
62.6
61.3
57.2
53.9
36.9
38.8
1.5
44.3
55.1
24.8
33.4
38.3
29.5
52.6
31.0
49.9
31.9
40.1
23.2
13.6
15.9
25.3
10.0
11.4
21.5
15.5
26.5
1.4
1.1
9.9
10.6
11.1
4.0
9.7
280.2
311.4
4,576.3
Sep
2024
682.4
457.3
426.8
213.2
67.6
110.8
179.9
99.3
127.1
141.8
110.0
106.5
106.6
128.8
92.1
66.6
72.1
54.9
53.1
51.6
36.4
33.0
1.3
43.6
60.0
21.8
49.6
40.3
30.8
44.4
29.6
51.5
32.6
48.5
22.6
19.6
14.9
25.3
10.6
11.7
14.6
13.6
25.8
2.9
1.0
9.9
11.7
11.1
3.8
8.1
216.4
460.6
4,755.9
Oct
2024
680.5
461.7
428.8
216.1
77.3
116.8
178.7
109.4
117.1
164.5
107.3
111.9
111.3
130.8
100.3
48.6
72.2
53.9
49.6
52.5
33.6
47.2
1.3
44.2
62.1
23.9
48.6
39.9
34.1
44.5
30.7
51.1
31.9
50.5
21.7
19.8
16.4
27.7
11.4
12.9
15.0
13.0
19.7
2.9
1.3
11.8
11.6
11.1
6.2
7.8
238.8
453.4
4,835.3
Nov
2024
660.2
463.6
429.5
215.8
81.4
118.9
179.2
109.2
122.5
155.9
106.4
111.5
117.9
132.2
103.7
48.8
72.3
53.9
50.6
51.0
33.6
51.2
1.4
43.0
61.6
25.1
48.6
39.4
34.3
47.5
31.0
50.9
28.1
50.4
22.0
20.9
17.1
27.4
11.8
12.9
15.5
9.1
20.1
2.9
1.3
11.5
11.4
12.8
10.9
8.1
238.5
450.3
4,835.1
Dec
2024
552.3
444.4
416.6
206.2
95.9
126.0
150.0
90.2
129.4
140.6
81.5
111.7
120.6
97.7
100.9
46.5
72.2
37.4
57.9
49.7
33.4
42.8
15.6
44.1
71.9
31.2
14.6
31.4
35.5
39.6
32.1
51.7
26.8
41.6
26.7
19.7
20.1
28.7
11.8
12.8
16.9
9.9
20.3
1.9
1.3
11.9
16.7
12.7
11.5
10.3
236.9
466.6
4,576.8
Jan
2025
542.4
446.2
423.7
203.3
181.3
144.8
153.2
104.3
124.0
105.3
100.4
113.9
117.3
95.6
104.4
87.3
73.7
35.9
53.0
53.1
56.9
48.5
15.6
44.5
56.3
32.5
20.6
32.6
32.9
38.0
33.5
33.3
26.4
39.8
27.3
19.8
20.3
17.7
13.1
13.6
16.4
9.8
13.3
1.9
0.9
12.0
17.3
12.7
12.2
9.9
217.0
397.6
4,607.1
Feb
2025
518.6
446.8
425.4
204.5
196.4
145.0
150.5
102.9
116.7
108.1
101.0
112.9
107.6
96.2
99.2
87.2
71.8
33.4
52.4
54.7
56.9
47.6
15.5
44.6
56.5
36.0
20.6
32.4
34.1
36.2
34.4
33.2
26.5
39.8
27.0
20.4
19.7
17.5
13.1
14.7
16.4
10.4
14.5
1.9
0.9
11.8
17.4
11.3
11.6
10.0
222.3
379.4
4,565.9
Mar
2025
540.6
452.7
430.8
214.2
187.1
162.7
157.9
151.2
148.4
138.1
125.8
112.2
108.5
103.5
96.7
88.3
86.1
66.0
61.0
57.9
57.0
53.8
48.7
46.3
45.5
45.3
43.8
40.2
39.4
37.4
33.6
32.7
30.6
29.6
27.9
22.1
17.1
17.1
15.4
15.0
14.9
14.9
14.7
12.6
12.5
12.3
11.9
11.3
10.9
10.8
243.5
294.5
4,852.9
March 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
Apr
2024
11,352
31
5
34
11,422
4,585
84
136
34
4,838
4,117
33
16
12
4,178
2,674
300
58
26
3,058
746
12
6
11
775
24,271
May
2024
11,832
15
3
30
11,880
4,690
65
136
37
4,929
4,137
26
15
10
4,189
3,113
121
12
22
3,268
755
7
4
12
778
25,044
Jun
2024
12,089
17
3
32
12,139
4,702
69
138
38
4,947
4,188
27
15
11
4,240
3,062
158
8
22
3,249
768
6
5
13
792
25,367
Jul
2024
12,265
15
5
33
12,318
4,758
72
139
37
5,005
4,271
27
15
12
4,325
3,125
146
12
24
3,306
778
7
4
13
802
25,757
31
Aug
2024
12,404
30
3
31
12,468
4,849
67
140
35
5,091
4,389
30
15
13
4,448
3,301
38
16
26
3,382
789
6
4
14
813
26,201
Sep
2024
12,600
32
5
30
12,668
4,899
68
138
36
5,142
4,445
27
16
13
4,501
3,195
188
18
37
3,438
803
7
4
12
825
26,574
Oct
2024
12,414
34
5
33
12,485
4,871
72
138
38
5,119
4,353
26
17
13
4,410
3,033
207
15
25
3,279
794
8
5
11
817
26,110
Nov
2024
13,132
19
5
31
13,187
4,910
74
139
37
5,160
4,485
27
15
12
4,540
3,117
140
8
23
3,288
807
8
5
10
830
27,005
Dec
2024
12,545
20
9
35
12,609
4,798
73
145
35
5,051
4,357
30
22
13
4,421
2,840
118
195
19
3,173
793
7
4
10
814
26,069
Jan
2025
12,932
20
5
36
12,993
4,884
70
142
37
5,133
4,452
37
14
15
4,518
3,086
114
55
19
3,274
803
7
5
11
826
26,744
Feb
2025
12,618
16
5
47
12,685
4,994
67
148
36
5,244
4,458
25
15
13
4,512
3,261
29
5
20
3,314
814
7
4
12
837
26,593
Mar
2025
11,880
10
5
47
11,941
4,999
59
143
41
5,242
4,325
23
15
14
4,378
3,194
44
11
29
3,278
805
4
3
11
824
25,663
March 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
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
Oct
2024
5,982
649
75
2,691
285
295
1,747
597
17
1,699
150
65
480
154
40
Nov
2024
5,465
660
69
2,760
529
94
2,016
481
19
1,774
153
58
491
165
35
Dec
2024
5,395
689
88
2,709
469
130
2,152
130
16
1,658
172
56
479
166
37
Jan
2025
7,554
724
76
2,773
493
131
2,288
133
15
1,760
166
68
482
156
52
Feb
2025
5,661
1,059
74
2,906
400
152
2,214
124
15
1,779
149
51
458
181
55
Mar
2025
4,626
994
77
2,747
565
134
1,745
636
15
1,721
162
57
455
168
55
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
Apr
2024
760
134
39
599
67
24
483
46
16
301
41
23
185
54
18
May
2024
775
131
36
581
70
20
502
38
15
301
40
22
179
62
16
Jun
2024
760
124
41
581
67
18
480
40
16
301
42
20
177
65
19
32
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
760
99
42
580
62
18
425
57
33
289
41
24
200
64
18
Oct
2024
764
102
39
565
70
22
443
47
15
288
39
27
195
63
17
Nov
2024
750
115
36
563
59
21
480
38
13
301
42
23
195
67
13
Dec
2024
763
105
37
543
69
24
447
42
17
295
42
25
196
68
19
Jan
2025
764
119
34
716
71
19
462
45
19
325
42
25
194
68
23
Feb
2025
769
92
40
559
76
17
426
38
12
304
32
21
187
69
26
Mar
2025
748
105
40
530
83
22
442
75
21
300
41
25
183
62
23
March 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
Multi-Asset
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
Apr
2024
3,943
0
0
2
3,945
1,317
8
17
1
1,343
1,039
119
16
9
1,183
96
1
0
0
97
109
1
0
0
110
6,679
May
2024
4,159
0
0
0
4,159
1,355
7
19
1
1,382
1,201
23
2
8
1,233
99
0
0
0
100
110
1
0
0
111
6,986
Jun
2024
4,312
0
0
0
4,313
1,379
9
19
1
1,409
1,166
51
1
8
1,226
103
0
0
0
104
112
1
0
0
114
7,165
Jul
2024
4,455
0
0
2
4,457
1,437
8
20
1
1,467
1,218
25
2
9
1,254
109
1
0
0
110
116
1
0
0
118
7,405
Aug
2024
4,583
3
0
1
4,587
1,489
6
18
1
1,515
1,267
4
2
9
1,282
109
0
0
0
110
120
0
0
0
120
7,614
Sep
2024
4,687
1
0
2
4,691
1,527
11
19
1
1,558
1,251
58
3
17
1,329
113
2
0
0
116
123
0
0
0
123
7,817
Oct
2024
4,687
5
0
1
4,692
1,519
12
20
1
1,552
1,192
81
3
9
1,285
110
1
0
0
111
123
0
0
0
124
7,764
Nov
2024
5,089
0
0
1
5,090
1,560
15
24
1
1,601
1,245
28
1
8
1,283
119
1
0
0
120
129
0
0
0
129
8,222
Dec
2024
4,962
0
0
0
4,963
1,514
15
25
1
1,556
1,131
38
69
7
1,245
121
2
0
0
124
125
0
0
0
125
8,012
Jan
2025
5,154
0
0
1
5,155
1,564
18
28
1
1,610
1,212
27
39
7
1,285
133
0
0
0
133
128
0
0
0
128
8,312
Feb
2025
5,080
0
0
1
5,081
1,617
21
28
1
1,666
1,304
5
0
8
1,317
143
0
0
0
143
132
0
0
0
133
8,341
Mar
2025
4,853
0
0
1
4,854
1,630
20
24
2
1,676
1,305
11
2
14
1,332
144
2
0
0
146
129
0
0
0
130
8,138
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
Apr
2024
2,044
***
***
851
160
***
435
***
***
76
***
***
***
7
***
May
2024
1,916
***
***
870
***
***
464
***
***
76
***
***
***
***
***
Jun
2024
2,013
***
***
868
***
***
470
9
***
79
***
***
8
***
***
Jul
2024
2,272
***
***
864
***
***
507
4
***
82
***
***
3
***
***
33
Aug
2024
2,145
***
***
924
***
***
524
***
***
86
***
***
***
***
***
Sep
2024
3,114
***
***
870
***
***
517
***
***
87
***
***
4
***
***
Oct
2024
2,341
***
***
892
***
***
522
6
***
89
***
***
4
***
***
Nov
2024
2,370
***
***
890
***
***
646
***
***
92
***
***
8
***
***
Dec
2024
2,258
***
***
927
***
***
534
15
***
91
***
***
36
***
***
Jan
2025
3,387
***
***
963
***
***
573
6
***
92
***
***
8
***
***
Feb
2025
2,578
***
***
988
***
***
592
***
***
94
***
***
3
***
***
Mar
2025
2,093
***
***
841
212
***
617
***
***
90
***
***
4
***
***
March 2025
Analytics Office
Table 8.6: Number of ETFs Reporting Illiquid Gross Positions, by
Prevalent Asset Class and Binned by Fraction of Net Assets
Classified as Illiquid
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and liquidity classifications (Form N-PORT, Item C.7). See
the appendix for a review of interval notation used here.
Prevalent Asset Class
Global Equity
Taxable Bond
US Equity
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
Apr
2024
183
9
***
114
***
***
139
***
***
***
7
***
14
***
***
May
2024
172
***
***
103
***
***
140
***
***
***
***
***
14
***
***
Jun
2024
172
***
***
107
10
***
137
***
***
12
***
***
17
***
***
34
Jul
2024
169
***
***
121
7
***
143
***
***
14
***
***
18
***
***
Aug
2024
180
***
***
121
***
***
116
***
***
***
***
***
20
***
***
Sep
2024
170
***
***
123
***
***
168
***
***
12
***
***
19
***
***
Oct
2024
165
***
***
136
12
***
122
***
***
14
***
***
20
***
***
Nov
2024
164
***
***
149
***
***
128
***
***
12
***
***
16
***
***
Dec
2024
157
***
***
140
10
***
119
***
***
19
***
***
17
***
***
Jan
2025
164
***
***
134
10
***
171
***
***
13
***
***
19
***
***
Feb
2025
172
***
***
146
***
***
127
***
***
11
***
***
20
***
***
Mar
2025
148
22
***
143
***
***
122
***
***
14
***
***
19
***
***
March 2025
Analytics Office
9
Fair Value Levels9
9.1
Mutual Funds
Table 9.1: Aggregate Gross Value of Mutual Fund Investments, by
Prevalent Asset Class and Fair Value Level ($Billions)
This table includes fund of funds, relies upon value reported (Form N-PORT, Item C.2.c) and
aggregates by fair value level (Form N-PORT, Item C.8).
Prevalent Asset Class
US Equity
Taxable Bond
Multi-Asset
Global Equity
Municipal Bond
Total
9
Fair Value Level
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Total
Apr
2024
11,258
180
22
24
11,485
263
4,565
27
2
4,857
3,145
804
5
247
4,201
1,123
2,077
4
5
3,210
10
761
***
***
775
24,527
May
2024
11,706
191
23
26
11,946
253
4,662
30
2
4,948
3,178
772
5
257
4,212
1,181
2,236
4
4
3,425
9
766
***
***
778
25,308
Jun
2024
11,978
182
24
25
12,209
255
4,677
32
2
4,966
3,235
765
5
258
4,263
1,382
2,018
4
4
3,409
8
780
***
***
792
25,638
Jul
2024
12,163
172
24
26
12,385
262
4,726
34
2
5,025
3,290
789
5
264
4,348
1,439
2,018
4
3
3,465
10
789
***
***
802
26,024
Aug
2024
12,297
190
24
26
12,537
255
4,822
31
2
5,110
3,400
800
5
267
4,472
1,380
2,156
4
4
3,544
16
794
***
***
813
26,476
Sep
2024
12,510
197
25
7
12,738
256
4,874
31
2
5,162
3,447
804
6
270
4,527
1,594
2,003
4
5
3,606
11
814
***
***
825
26,858
Oct
2024
12,310
209
26
8
12,553
269
4,834
34
2
5,139
3,361
800
6
265
4,432
1,301
2,129
4
4
3,437
10
806
***
***
817
26,379
Nov
2024
13,027
197
27
7
13,258
263
4,881
34
2
5,180
3,474
812
6
273
4,566
1,512
1,933
4
3
3,452
11
817
***
***
830
27,287
Dec
2024
12,474
169
31
6
12,680
245
4,792
32
1
5,071
3,365
810
7
262
4,444
1,347
1,977
3
4
3,331
10
803
***
***
814
26,340
Jan
2025
12,840
176
41
8
13,064
259
4,861
32
2
5,153
3,434
829
9
268
4,540
1,255
2,145
31
4
3,435
13
812
***
***
826
27,018
Feb
2025
12,525
190
32
8
12,754
254
4,977
32
2
5,264
3,423
837
7
268
4,534
1,255
2,210
4
5
3,474
13
823
***
***
837
26,863
Mar
2025
11,789
177
31
8
12,005
238
4,988
35
1
5,262
3,303
830
7
261
4,400
1,232
2,188
4
6
3,431
12
812
***
***
824
25,922
See U.S. Generally Accepted Accounting Principles (ASC 820, Fair Value Measurement) for more information.
35
March 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
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
5
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
***
***
Oct
2024
4,853
616
41
2,348
***
5
1,816
411
145
1,482
25
25
303
***
***
Nov
2024
5,163
641
27
2,387
5
5
2,156
461
114
1,519
26
28
248
***
***
Dec
2024
4,956
***
***
2,277
***
***
1,588
464
101
1,485
***
26
245
17
0
Jan
2025
7,304
688
47
1,690
476
229
1,506
464
101
1,559
45
25
254
***
***
Feb
2025
4,691
674
67
2,239
11
***
1,797
395
157
1,521
45
25
257
***
***
Mar
2025
4,295
612
***
2,196
***
***
1,561
182
374
1,461
***
24
247
***
0
Table 9.3: Number of Mutual Funds Reporting Gross Level Three
Positions, by Prevalent Asset Class and Binned by Fraction
of Net Assets Classified as Level Three
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the
appendix for a review of interval notation used here.
Prevalent Asset Class
Taxable Bond
US Equity
Global Equity
Multi-Asset
Municipal Bond
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Apr
2024
529
62
27
442
42
12
361
10
4
200
11
12
97
***
***
May
2024
548
70
92
454
44
11
366
9
4
202
11
11
94
***
***
Jun
2024
519
72
32
448
42
***
351
***
***
201
12
10
98
***
***
36
Jul
2024
518
66
33
441
46
11
352
10
4
200
13
10
102
***
***
Aug
2024
473
67
58
429
42
11
341
8
5
198
9
10
107
***
***
Sep
2024
485
69
25
433
***
***
345
***
***
204
***
10
104
***
***
Oct
2024
519
67
28
439
52
12
334
***
4
201
12
10
103
***
***
Nov
2024
523
66
27
440
48
16
349
6
4
208
13
11
98
***
***
Dec
2024
530
66
22
419
***
***
332
***
***
200
***
12
96
2
1
Jan
2025
524
62
21
551
54
13
323
14
13
234
12
9
97
***
***
Feb
2025
531
53
26
402
58
15
303
7
***
211
12
10
92
***
***
Mar
2025
525
51
28
372
65
***
299
***
***
211
***
10
90
***
1
March 2025
9.2
Analytics Office
ETFs
Table 9.4: Aggregate Gross Value of ETF Investments, by Prevalent Asset
Class and Fair Value Level ($Billions)
This table includes fund of funds, relies upon value reported (Form N-PORT, Item C.2.c) and
aggregates by fair value level (Form N-PORT, Item C.8).
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Total
Fair Value Level
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Total
Apr
2024
5,410
79
0
6
5,494
67
1,395
0
0
1,463
459
867
0
2
1,328
90
30
0
0
121
1
122
***
***
122
8,529
May
2024
5,708
87
0
6
5,801
65
1,437
0
1
1,503
476
910
0
2
1,387
92
33
0
0
125
1
122
***
***
123
8,939
Jun
2024
5,884
104
0
5
5,994
65
1,467
0
0
1,533
475
899
0
2
1,376
92
36
0
1
129
0
125
***
***
125
9,156
Jul
2024
6,086
104
0
7
6,196
67
1,525
0
0
1,593
482
925
0
1
1,409
99
36
0
1
136
1
129
***
***
130
9,464
37
Aug
2024
6,239
107
0
7
6,353
69
1,574
0
0
1,644
496
941
0
1
1,439
99
37
0
1
137
1
131
***
***
132
9,705
Sep
2024
6,386
113
0
6
6,504
77
1,612
0
0
1,690
518
971
0
2
1,490
102
40
0
0
143
1
134
***
***
135
9,963
Oct
2024
6,374
112
5
5
6,495
77
1,607
1
0
1,685
494
942
0
1
1,438
102
36
0
0
138
1
135
***
***
135
9,892
Nov
2024
6,905
132
0
7
7,044
79
1,657
1
0
1,737
515
918
1
1
1,435
109
39
0
0
149
1
140
***
***
141
10,504
Dec
2024
6,738
123
0
5
6,867
75
1,617
1
0
1,692
484
904
0
1
1,389
116
36
0
0
152
1
138
***
***
138
10,239
Jan
2025
6,987
124
0
5
7,116
79
1,673
1
0
1,753
500
935
0
2
1,438
129
34
0
0
163
2
140
***
***
142
10,611
Feb
2025
6,906
121
0
5
7,033
82
1,731
1
0
1,815
509
961
0
2
1,473
134
40
0
0
174
1
145
***
***
147
10,641
Mar
2025
6,546
118
0
5
6,670
76
1,749
1
0
1,827
523
967
0
2
1,492
134
43
0
0
177
1
142
***
***
143
10,309
March 2025
Analytics Office
Table 9.5: Aggregate Net Assets of ETFs Reporting Gross Level Three
Positions, by Prevalent Asset Class and Binned by Fraction
of Net Assets Classified as Level Three ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the
appendix for a review of interval notation used here.
Prevalent Asset Class
US Equity
Global Equity
Taxable Bond
Municipal Bond
Multi-Asset
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Apr
2024
1,738
0
0
980
0
0
149
3
0
0
***
***
1
0
0
May
2024
1,903
0
0
1,017
0
0
125
4
0
0
***
***
3
0
0
Jun
2024
1,902
0
***
1,026
***
***
126
5
0
0
***
***
2
0
0
Jul
2024
1,977
0
0
1,041
0
0
138
6
0
0
***
***
1
0
0
Aug
2024
2,015
0
0
1,075
0
0
127
5
1
0
***
***
2
0
0
Sep
2024
2,062
***
***
1,118
***
***
150
7
1
0
***
***
2
***
0
Oct
2024
2,073
0
4
1,075
***
0
275
9
0
0
***
***
1
0
0
Nov
2024
2,253
0
0
1,082
0
0
392
10
0
0
***
***
2
0
0
Dec
2024
2,213
***
***
1,040
***
***
184
9
0
0
0
0
1
***
0
Jan
2025
2,660
0
0
1,069
3
1
167
12
0
1
***
***
2
0
0
Feb
2025
2,219
0
0
1,104
0
***
324
13
0
2
***
***
2
0
0
Mar
2025
2,019
0
***
1,110
***
***
228
18
0
2
***
0
2
***
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
Apr
2024
155
2
1
101
0
0
50
2
1
2
1
0
0
***
***
May
2024
159
1
1
110
2
0
48
5
1
7
1
0
0
***
***
Jun
2024
158
***
***
101
1
***
51
7
3
4
1
0
1
***
***
38
Jul
2024
153
1
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
3
6
***
0
0
***
***
Oct
2024
151
***
1
102
0
1
63
8
2
4
0
0
0
***
***
Nov
2024
159
1
1
103
0
0
67
9
1
4
0
0
1
***
***
Dec
2024
146
***
***
103
***
***
72
4
3
2
***
0
2
0
0
Jan
2025
142
3
5
177
1
2
60
9
0
8
0
0
2
***
***
Feb
2025
156
3
***
102
1
0
72
10
2
5
0
0
2
***
***
Mar
2025
153
***
***
98
2
***
72
7
5
5
***
1
2
***
0
March 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 ($Billions)
This table includes fund of funds, relies upon value reported (Form N-PORT, Item C.2.c) and
aggregates by fair value level (Form N-PORT, Item C.8).
Prevalent Asset Class
Taxable Bond
Multi-Asset
US Equity
Municipal Bond
Global Equity
Total
Fair Value Level
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Total
Apr
2024
8
111
56
5
180
28
16
31
52
127
82
4
5
0
90
2
84
***
***
86
15
10
1
0
26
510
May
2024
8
111
59
5
182
28
16
32
50
126
84
4
5
0
93
2
84
***
***
87
16
10
1
0
27
516
Jun
2024
7
111
61
6
185
30
17
32
54
133
84
4
5
0
94
1
86
***
***
88
16
9
1
0
26
525
Jul
2024
8
111
63
6
188
31
17
33
54
135
86
4
5
1
96
2
86
***
***
88
15
10
1
0
25
532
39
Aug
2024
8
112
67
6
193
38
17
35
55
145
87
4
4
1
96
2
86
***
***
88
14
10
1
0
25
548
Sep
2024
9
114
68
6
197
37
18
33
59
147
89
4
4
1
98
2
87
***
***
88
16
9
1
0
26
556
Oct
2024
10
113
69
6
198
36
17
35
60
149
86
5
4
1
96
2
85
***
***
87
15
9
1
0
25
554
Nov
2024
9
112
72
6
199
39
18
35
62
153
91
4
4
1
100
2
85
***
***
87
16
9
1
0
25
565
Dec
2024
9
112
75
7
202
33
17
36
60
148
85
4
4
1
94
1
83
***
***
85
15
8
1
0
24
553
Jan
2025
9
114
78
7
208
30
18
38
65
151
90
5
5
1
100
1
83
***
***
85
14
9
1
0
23
567
Feb
2025
9
116
80
7
212
37
18
39
65
160
89
5
5
1
99
1
84
***
***
85
13
9
1
0
23
579
Mar
2025
8
117
82
7
215
30
18
38
69
155
86
5
5
1
96
1
83
***
***
84
13
8
1
0
22
572
March 2025
Analytics Office
Table 9.8: Aggregate Net Assets of Closed-End Funds Reporting Gross
Level Three Positions, by Prevalent Asset Class and Binned
by Fraction of Net Assets Classified as Level Three
($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
Apr
2024
20
9
72
7
8
54
12
2
14
19
***
***
4
0
3
May
2024
22
10
75
7
9
54
16
3
14
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
3
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
***
***
Oct
2024
28
9
82
13
13
57
18
1
14
23
***
***
7
***
3
Nov
2024
26
12
82
13
10
62
18
1
14
24
***
***
6
0
3
Dec
2024
28
8
84
11
***
61
17
***
***
23
3
0
6
***
***
Jan
2025
30
7
86
10
11
67
15
1
16
23
***
***
6
0
2
Feb
2025
29
7
88
11
12
68
16
1
16
23
***
***
4
0
***
Mar
2025
28
6
91
11
***
68
13
4
***
22
***
0
4
***
***
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
Municipal Bond
US Equity
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
Apr
2024
50
20
86
13
10
66
26
***
***
14
4
16
12
1
5
May
2024
54
20
89
14
9
61
27
***
***
17
3
16
13
1
7
Jun
2024
58
17
89
15
12
65
28
***
***
15
3
***
13
***
***
40
Jul
2024
49
20
93
17
8
69
26
***
***
17
1
16
12
2
5
Aug
2024
53
19
91
18
8
70
27
***
***
16
2
15
12
1
6
Sep
2024
61
20
86
21
***
67
30
***
***
17
***
***
13
***
***
Oct
2024
58
18
92
23
10
65
27
***
***
18
2
14
13
***
4
Nov
2024
51
26
90
24
7
68
29
***
***
16
2
14
12
1
5
Dec
2024
60
14
93
22
***
70
27
3
1
14
***
***
12
***
***
Jan
2025
58
17
92
19
9
71
26
***
***
13
2
15
12
2
3
Feb
2025
57
15
92
19
11
67
26
***
***
13
1
15
11
2
***
Mar
2025
58
12
98
20
***
67
26
***
2
10
4
***
11
***
***
March 2025
10
Analytics Office
Interest Rate Risk10
Table 10.1: Aggregate Interest Rate Risk, by Prevalent Asset Class and
Fund Type ($Billions)
This table includes fund of funds, relies upon DV100 reported (Form N-PORT, Item B.3.b). The
aggregates are comprised of gross values trimmed at the 99th percentile relative to net assets.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Prevalent Asset Class
Taxable Bond
Municipal Bond
Multi-Asset
Global Equity
US Equity
Subtotal
Taxable Bond
Municipal Bond
Multi-Asset
US Equity
Global Equity
Subtotal
Taxable Bond
Municipal Bond
Multi-Asset
US Equity
Global Equity
Subtotal
Total
Apr
2024
193.4
45.2
33.9
0.1
0.4
273.0
73.5
7.1
0.4
***
***
81.0
3.1
3.4
0.5
***
***
7.1
361.1
May
2024
197.3
47.2
32.8
1.1
0.5
278.9
75.7
7.1
0.4
***
***
83.3
3.1
3.3
0.5
***
***
7.0
369.2
Jun
2024
197.5
47.4
32.4
1.1
0.4
278.9
76.7
7.2
0.4
0.0
0.0
84.4
3.1
4.0
0.5
0.1
0.0
7.7
371.0
Jul
2024
200.6
48.0
32.4
1.1
0.4
282.5
80.0
7.5
0.5
***
***
88.0
3.2
3.7
0.5
***
***
7.5
378.0
Aug
2024
202.9
49.2
32.8
1.1
0.4
286.3
82.1
6.9
0.5
***
***
89.6
3.3
3.6
0.5
***
***
7.5
383.5
Sep
2024
208.6
49.6
33.2
1.1
1.5
294.1
84.6
7.8
0.5
0.0
0.0
92.9
3.3
4.0
0.5
0.1
0.0
7.9
394.9
Oct
2024
204.1
50.5
33.0
1.2
1.6
290.4
83.0
8.1
0.5
***
***
91.5
3.4
3.8
0.5
***
***
7.8
389.7
Nov
2024
206.9
50.1
33.3
1.2
2.1
293.5
84.9
8.2
0.5
***
***
93.6
3.3
3.9
0.5
***
***
7.9
395.0
Dec
2024
204.5
50.7
33.6
1.1
0.6
290.5
83.9
8.3
0.5
0.0
0.0
92.8
3.2
3.0
0.5
0.1
0.0
6.9
390.2
Jan
2025
205.4
51.1
33.7
1.1
0.6
291.9
85.0
8.5
0.5
***
***
94.0
3.4
3.0
0.5
***
***
7.0
392.9
Feb
2025
207.2
51.1
34.4
1.4
0.4
294.5
87.5
8.7
0.5
***
***
96.8
3.4
3.0
0.5
***
***
7.0
398.3
Mar
2025
209.2
51.9
34.2
***
***
297.2
88.6
8.7
0.6
***
***
98.0
3.4
2.4
0.6
***
***
6.4
401.5
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
ETF
Closed-End Fund
Mutual Fund
Prevalent Asset Class
Municipal Bond
Taxable Bond
Multi-Asset
US Equity
Global Equity
Municipal Bond
Taxable Bond
US Equity
Multi-Asset
Global Equity
Municipal Bond
Taxable Bond
Multi-Asset
Global Equity
US Equity
Apr
2024
5.61
4.48
3.26
***
***
10.09
2.85
***
1.69
***
5.97
4.90
2.08
0.41
0.79
May
2024
5.67
4.53
3.36
***
***
10.09
2.81
***
1.66
***
6.15
4.92
2.10
0.93
0.81
Jun
2024
5.64
4.50
3.24
0.63
2.99
10.24
2.74
1.75
1.69
0.86
6.07
4.89
2.06
0.94
0.78
Jul
2024
5.66
4.54
3.53
***
***
9.93
2.82
***
1.55
***
6.08
4.88
2.03
0.90
0.57
Aug
2024
5.14
4.56
3.50
***
***
9.96
2.88
***
1.71
***
6.15
4.86
2.03
0.87
0.56
Sep
2024
5.66
4.58
3.74
0.70
1.87
10.03
2.76
1.53
1.65
0.81
6.10
4.92
2.05
0.88
1.56
Oct
2024
5.80
4.51
3.26
***
***
10.36
2.80
***
1.77
***
6.25
4.87
2.07
0.93
1.66
Nov
2024
5.69
4.51
3.22
***
***
10.20
2.72
***
1.71
***
6.09
4.90
2.05
0.92
2.09
Dec
2024
5.84
4.47
3.21
0.44
1.86
10.08
2.62
1.71
1.72
0.89
6.26
4.89
2.13
0.93
0.77
Jan
2025
5.85
4.40
3.19
***
***
9.98
2.68
***
1.97
***
6.26
4.86
2.09
0.91
0.82
Feb
2025
5.82
4.40
3.23
***
***
9.92
2.62
***
1.55
***
6.18
4.80
2.11
1.10
0.64
Mar
2025
5.96
4.41
2.99
***
***
9.84
2.62
***
1.60
***
6.37
4.89
2.16
***
***
10
When not presenting individual maturities we aggregate DV100 values across all maturities reported. Aggregate NAV
used as denominator in percentage calculations only includes funds reporting DV100 in the given categories.
41
March 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
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
337.1
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
369.2
Jun
2024
5.3
38.6
112.4
113.2
69.2
338.6
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
0.1
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
42
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
Oct
2024
4.8
40.2
116.8
120.7
73.0
355.5
0.6
1.5
4.7
5.0
2.8
14.5
0.1
0.3
1.4
2.1
1.7
5.6
0.2
0.4
1.0
2.2
0.8
4.6
0.1
0.2
0.5
0.6
0.4
1.7
0.2
1.0
3.0
2.7
1.0
7.8
389.7
Nov
2024
4.5
40.9
118.7
122.2
73.9
360.2
0.4
1.5
4.6
5.2
3.1
14.7
0.1
0.3
1.3
2.1
1.8
5.6
0.2
0.5
1.0
2.4
0.8
4.9
0.0
0.2
0.5
0.6
0.4
1.7
0.2
1.0
3.0
2.7
1.0
7.9
395.0
Dec
2024
4.9
39.8
118.2
121.4
71.4
355.7
0.5
1.5
4.6
5.1
2.8
14.6
0.2
0.4
1.3
2.1
1.8
5.8
0.3
0.5
1.0
2.1
0.8
4.7
0.0
0.2
0.4
0.6
0.4
1.7
0.2
0.9
2.9
2.7
1.0
7.7
390.2
Jan
2025
4.9
40.2
119.0
122.1
71.6
357.8
0.7
1.4
4.7
5.1
2.7
14.7
0.2
0.4
1.3
2.2
1.8
5.9
0.2
0.5
1.1
2.3
0.8
4.8
0.1
0.2
0.5
0.6
0.4
1.8
0.1
1.0
3.1
2.7
1.0
7.9
392.9
Feb
2025
4.4
41.3
120.0
123.7
73.8
363.3
0.6
1.4
4.7
5.2
2.8
14.7
0.2
0.4
1.3
2.2
1.8
5.8
0.2
0.4
1.1
2.3
0.8
4.8
0.1
0.2
0.5
0.7
0.4
1.8
0.1
0.9
3.1
2.8
1.0
8.0
398.3
Mar
2025
5.0
41.0
119.8
125.3
74.7
365.8
0.9
1.5
5.0
5.1
2.9
15.4
0.1
0.4
1.2
2.2
1.8
5.7
0.2
0.4
1.0
2.4
0.8
4.9
0.1
0.2
0.5
0.6
0.4
1.7
0.2
1.0
3.1
2.8
1.0
8.1
401.5
March 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
Mutual Fund
ETF
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
Apr
2024
99
13
5
12
129
79
***
***
4
112
4
***
0
***
5
246
May
2024
97
13
4
12
126
83
20
7
4
114
4
1
***
***
5
246
Jun
2024
101
12
5
10
128
83
19
7
3
113
4
***
***
***
5
246
Jul
2024
86
12
3
10
112
80
***
***
4
111
4
1
0
0
5
228
Aug
2024
91
11
5
9
117
84
23
5
3
116
4
1
0
0
5
238
Sep
2024
93
13
4
11
122
89
23
14
4
130
4
***
0
***
5
257
Oct
2024
81
14
9
13
116
77
26
9
4
115
3
1
0
0
4
236
Nov
2024
88
13
8
12
122
84
24
8
3
119
3
1
0
0
5
246
Dec
2024
84
12
5
13
115
80
23
8
4
115
3
***
0
***
4
235
Jan
2025
82
15
3
12
112
80
27
6
3
117
3
1
***
***
4
233
Feb
2025
92
15
3
12
122
86
27
8
4
124
3
1
0
0
5
251
Mar
2025
111
15
3
12
140
92
25
6
4
127
3
***
0
***
4
272
Table 11.2: Number of Funds with Securities on Loan, by Fund Type and
Investment Category of Security on Loan
This table reports the number of funds with 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
Mutual Fund
ETF
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
Apr
2024
1,962
500
110
640
2,623
1,050
***
***
178
1,309
41
***
0
***
48
3,933
May
2024
1,971
503
105
649
2,625
1,055
165
29
184
1,304
40
19
***
***
50
3,932
Jun
2024
1,947
508
137
626
2,611
1,071
168
24
168
1,316
35
***
***
***
46
3,927
Jul
2024
1,880
511
92
632
2,542
1,057
***
***
186
1,316
37
19
1
18
48
3,857
43
Aug
2024
1,859
486
123
594
2,508
1,076
178
21
169
1,326
35
21
0
16
49
3,834
Sep
2024
1,944
501
120
655
2,608
1,086
177
28
189
1,349
35
***
0
***
48
3,959
Oct
2024
1,887
519
154
638
2,579
1,051
181
39
193
1,331
35
22
0
15
48
3,913
Nov
2024
1,864
513
154
608
2,539
1,067
185
41
199
1,359
37
21
0
15
48
3,897
Dec
2024
1,837
509
118
654
2,536
1,090
186
38
221
1,393
35
***
0
***
44
3,928
Jan
2025
1,814
507
95
616
2,492
1,102
185
33
210
1,397
35
20
***
***
44
3,887
Feb
2025
1,854
492
80
624
2,512
1,123
184
31
209
1,420
36
20
0
16
44
3,929
Mar
2025
1,868
492
83
643
2,521
1,111
187
36
228
1,417
35
***
0
***
42
3,933
March 2025
Analytics Office
Table 11.3: Distribution of the Ratio of Aggregate Loaned Value to Fund
Total Assets (Percent)
Funds which do not report securities on loan or report non-positive total assets are excluded (Form
N-PORT, Item B.1.a. and C.12.c).
Fund Type
Mutual Fund
ETF
Closed-End Fund
Percentile
10th
25th
50th
75th
90th
95th
10th
25th
50th
75th
90th
95th
10th
25th
50th
75th
90th
95th
Apr
2024
0.09
0.34
1.17
3.30
7.40
11.47
0.16
0.60
2.49
6.74
13.11
18.70
***
0.49
***
***
13.65
***
May
2024
0.08
0.33
1.09
3.14
7.03
11.37
0.12
0.53
2.18
6.51
12.90
18.08
***
0.43
2.56
8.01
***
***
Jun
2024
0.08
0.32
1.14
3.32
7.18
11.49
0.11
0.50
2.11
6.10
11.89
15.99
0.10
***
***
7.91
***
24.84
Jul
2024
0.06
0.30
1.02
3.04
7.22
11.82
0.09
0.49
2.06
6.07
12.46
16.08
***
0.50
***
***
16.32
***
Aug
2024
0.07
0.31
1.06
3.06
7.33
11.70
0.09
0.47
2.01
5.93
12.55
16.34
***
0.44
2.24
7.64
***
***
44
Sep
2024
0.08
0.37
1.23
3.27
7.69
12.12
0.15
0.59
2.29
6.83
13.20
17.21
0.12
***
***
***
***
21.56
Oct
2024
0.06
0.31
1.13
3.10
7.61
11.56
0.11
0.50
1.99
6.64
13.45
17.75
***
0.43
2.68
***
13.02
***
Nov
2024
0.09
0.33
1.14
3.13
7.61
11.32
0.11
0.51
2.04
6.45
13.72
18.16
***
0.44
2.87
***
***
***
Dec
2024
0.08
0.33
1.07
3.31
7.47
10.86
0.15
0.60
2.19
6.06
12.57
16.73
0.12
***
***
***
***
25.36
Jan
2025
0.07
0.30
1.07
3.09
6.98
10.38
0.13
0.54
2.20
6.49
13.15
17.93
***
***
***
***
12.44
***
Feb
2025
0.08
0.34
1.11
3.12
7.12
10.83
0.14
0.57
2.25
6.50
13.47
17.74
***
0.49
2.81
***
***
***
Mar
2025
0.07
0.39
1.20
3.51
7.77
11.82
0.13
0.61
2.45
6.70
13.69
17.83
0.24
***
***
***
***
19.09
March 2025
Analytics Office
Table 11.4: Aggregate Borrowing of Securities from Funds, by
Counterparty ($Billions)
Relies only on publicly-available information reported on Form N-PORT, Item B.4 corresponding to the
third month of the fiscal quarter of each fund and presents counterparty information by legal
identity. 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
MORGAN STANLEY CO LLC
GOLDMAN SACHS CO LLC
BOFA SECURITIES INC
BARCLAYS BANK PLC
JP MORGAN SECURITIES LLC
CITIGROUP GLOBAL MARKETS INC
BARCLAYS CAPITAL INC
STATE STREET BANK
BNP PARIBAS PRIME BROKERAGE...
BNP PARIBAS SECURITIES CORP
UBS AG
WELLS FARGO SECURITIES LLC
WELLS FARGO BANK NA
NATIONAL FINANCIAL SERVICES...
NOMURA SECURITIES INTL INC
JP MORGAN SECURITIES PLC
MORGAN STANLEY CO INTL PLC
JEFFERIES LLC
RBC CAPITAL MARKETS LLC
UBS SECURITIES LLC
BMO CAPITAL MARKETS CORP
SCOTIA CAPITAL USA INC
HSBC BANK PLC
BNP PARIBAS
GOLDMAN SACHS INTL
DEUTSCHE BANK SECURITIES INC
TD PRIME SERVICES LLC
PERSHING LLC
SG AMERICAS SECURITIES LLC
BANK OF NOVA SCOTIA
CITIGROUP GLOBAL MARKETS LTD
BMO NESBITT BURNS INC
BARCLAYS CAPITAL SECURITIES...
MERRILL LYNCH INTL
MIZUHO SECURITIES USA LLC
NBC GLOBAL FINANCE LTD
DAIWA CAPITAL MARKETS AMERICA...
SOCIETE GENERALE
JANNEY MONTGOMERY SCOTT LLC
SCOTIA CAPITAL INC
RBC DOMINION SECURITIES INC
NATIXIS SECURITIES AMERICAS...
CITADEL CLEARING LLC
CANADIAN IMPERIAL BANK OF...
CANADIAN IMPERIAL BANK OF...
BANK OF NEW YORK MELLON
BNP PARIBAS FINANCIAL MARKETS
CLEAR STREET LLC
HSBC SECURITIES USA INC
NATIONAL BANK FINANCIAL INC
Other Borrowers
Invalid LEI
Total
Apr
2024
24.9
29.2
27.2
17.4
26.7
20.5
14.1
6.8
7.8
7.5
4.2
4.3
3.3
3.6
3.7
3.1
3.3
3.9
3.9
2.3
3.3
2.8
2.0
2.5
2.3
1.1
4.7
1.1
0.7
0.5
0.8
0.8
0.8
0.6
1.3
0.4
0.2
0.6
0.9
0.9
0.6
0.7
0.9
0.4
0.8
0.4
0.6
0.2
0.2
0.2
7.5
0.1
258.5
May
2024
24.7
26.8
27.0
16.9
23.8
20.0
11.3
7.0
7.3
7.1
4.2
4.2
3.0
3.6
3.4
3.5
3.5
3.7
3.7
2.3
3.1
2.9
1.9
2.5
2.4
1.0
4.7
1.1
0.8
0.5
1.1
0.8
0.8
0.6
1.4
0.4
0.2
0.6
0.9
0.9
0.6
0.6
0.9
0.4
0.7
0.5
0.6
0.2
0.3
0.2
6.8
0.1
247.6
Jun
2024
25.8
25.5
26.9
16.8
23.4
21.3
12.2
7.4
7.7
6.3
4.6
4.0
3.3
3.1
2.7
3.7
3.5
3.6
3.1
2.1
2.8
2.9
2.2
2.8
2.4
0.8
3.1
1.0
0.9
0.4
1.3
0.7
0.9
0.6
1.6
0.4
1.3
0.6
0.9
0.0
0.6
0.8
0.5
0.5
0.7
0.4
0.6
0.2
0.3
0.1
5.8
0.0
245.2
Jul
2024
25.7
24.3
25.8
17.5
23.2
19.6
11.2
8.5
7.7
5.8
4.0
3.7
3.2
3.6
3.1
3.8
3.8
3.1
3.0
2.1
2.3
2.9
2.5
2.5
2.4
0.8
3.1
1.1
0.8
0.3
1.0
0.7
0.9
0.6
1.4
0.4
1.3
0.5
0.8
0.0
0.6
0.8
0.5
0.4
0.7
0.6
0.4
0.2
0.3
0.1
5.4
0.0
239.1
45
Aug
2024
25.3
24.2
24.3
17.5
22.8
19.9
11.2
8.7
7.6
5.6
4.2
3.6
3.1
3.5
3.3
3.5
3.7
3.1
2.9
2.1
2.1
2.7
2.5
2.5
2.2
1.3
2.7
1.2
0.8
0.3
1.1
0.7
0.9
1.0
1.4
0.4
1.3
0.5
0.8
0.0
0.5
0.8
0.5
0.4
0.6
0.5
0.4
0.2
0.4
0.1
5.6
0.0
236.2
Sep
2024
24.7
25.4
25.7
19.9
26.1
17.1
11.7
9.5
7.9
5.6
4.1
4.6
3.7
4.3
3.8
3.5
3.7
3.0
1.7
2.0
2.3
2.0
2.6
2.5
2.4
1.4
3.1
1.3
0.8
0.5
0.8
0.6
0.7
1.0
1.4
0.4
0.1
0.4
0.5
0.0
0.4
1.3
0.6
0.4
0.6
0.5
0.3
0.1
0.3
0.2
6.1
0.0
243.4
Oct
2024
24.0
24.8
24.8
20.5
24.6
16.9
12.1
9.2
8.0
5.6
4.2
4.7
3.6
3.9
3.7
3.7
3.0
2.9
1.6
2.2
2.6
2.1
2.7
2.3
2.4
1.5
3.0
1.2
0.7
0.8
0.8
0.8
0.9
0.8
1.5
0.4
0.1
0.3
0.5
0.0
0.4
1.3
0.6
0.4
0.6
0.4
0.4
0.3
0.4
0.2
5.3
0.0
239.7
Nov
2024
24.3
25.5
26.0
20.7
26.2
17.0
12.6
8.9
7.8
5.5
4.1
4.8
3.8
4.2
3.4
3.7
3.0
2.9
1.6
2.3
2.4
2.3
2.7
2.3
2.4
1.8
3.1
1.2
0.7
0.8
0.7
0.8
0.8
0.8
1.4
0.4
0.1
0.4
0.5
0.0
0.4
1.3
0.7
0.4
0.3
0.5
0.4
0.3
0.4
0.2
5.3
0.0
244.3
Dec
2024
23.7
23.0
24.4
20.2
24.2
18.0
11.1
8.4
5.9
5.9
4.3
4.4
3.9
3.9
3.3
3.2
2.9
2.8
1.6
2.8
1.9
2.5
2.6
2.4
1.8
1.8
1.9
1.3
1.2
0.6
0.7
0.9
0.8
0.7
1.2
0.4
0.1
0.4
0.5
0.0
0.4
0.7
0.3
0.4
0.3
0.5
0.4
0.4
0.4
0.2
4.7
0.0
230.4
Jan
2025
24.5
23.3
23.0
21.0
23.9
18.1
11.0
9.1
5.9
6.6
4.4
4.3
4.5
4.0
3.3
3.4
3.1
2.5
2.1
2.8
1.8
2.6
1.8
2.4
2.1
1.9
2.0
1.4
1.3
1.0
0.7
0.8
0.8
0.9
0.6
0.7
0.1
0.7
0.6
0.1
0.5
0.7
0.3
0.3
0.2
0.4
0.3
0.4
0.4
0.2
4.5
0.0
232.9
Feb
2025
24.4
23.7
21.7
21.9
23.7
18.3
9.9
9.6
5.9
6.7
4.6
4.4
4.6
3.8
3.6
3.1
3.1
2.6
2.7
2.9
2.0
2.6
1.9
2.5
2.0
1.9
1.9
1.3
1.3
1.0
0.7
0.8
0.8
0.8
0.6
0.7
0.1
0.5
0.5
0.2
0.5
0.7
0.3
0.5
0.4
0.4
0.3
0.4
0.3
0.2
4.4
0.0
233.7
Mar
2025
25.8
24.1
23.7
23.1
21.7
18.5
10.6
10.2
6.8
6.6
4.5
4.5
4.4
3.9
3.6
3.6
3.3
3.0
2.6
2.5
2.5
2.4
2.4
2.2
2.0
2.0
1.8
1.3
1.0
1.0
0.9
0.8
0.8
0.8
0.7
0.7
0.6
0.6
0.6
0.6
0.6
0.6
0.5
0.4
0.4
0.4
0.4
0.3
0.3
0.3
4.4
0.0
241.4
March 2025
Analytics Office
Table 11.5: Aggregate Collateral Received from Borrowers for Securities
Lent by Funds ($Billions)
This table reports aggregate cash collateral (Form N-PORT, Item C.12.a) and non-cash collateral
(Form N-PORT, Item B.4.b.ii and Item C.12.b), by fund type.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Collateral Type
Cash
Non-Cash
Subtotal
Cash
Non-Cash
Subtotal
Cash
Non-Cash
Subtotal
Total
Apr
2024
113
23
136
106
11
118
4
0
4
258
May
2024
107
23
130
107
12
118
***
***
4
252
Jun
2024
107
27
134
105
12
117
***
***
4
255
Jul
2024
93
22
116
104
12
116
4
0
4
236
Aug
2024
97
23
120
107
13
120
***
***
4
243
Sep
2024
107
28
135
117
17
134
***
***
4
273
Oct
2024
101
22
123
110
13
123
4
0
4
250
Nov
2024
106
24
130
111
13
125
***
***
4
258
Dec
2024
97
23
120
107
14
121
***
***
4
244
Jan
2025
96
21
117
109
13
121
4
0
4
242
Feb
2025
104
23
126
114
16
130
***
***
4
260
Mar
2025
121
27
148
119
16
135
***
***
4
287
Table 11.6: Distribution of Total Collateral Provided by Borrowers of
Securities to Aggregate Gross Value of those Securities on
Loan by Funds
This table reports aggregate collateral (Form N-PORT, Items C.12.a, B.4.b.ii and C.12.b) as a
fraction of securities on loan (Form N-PORT, Item C.12.c), by fund type. Funds which do not report
securities on loan are excluded.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Percentile
25th
50th
75th
25th
50th
75th
25th
50th
75th
Apr
2024
102
104
106
103
104
107
***
***
106
May
2024
102
102
104
102
103
105
101
102
105
Jun
2024
102
103
105
102
104
106
***
***
***
Jul
2024
102
102
104
102
103
105
***
***
105
46
Aug
2024
102
102
104
102
103
105
***
102
104
Sep
2024
102
103
105
102
103
105
***
***
***
Oct
2024
102
103
106
103
104
106
***
***
106
Nov
2024
102
102
105
102
103
105
***
102
103
Dec
2024
102
103
105
102
104
106
***
***
***
Jan
2025
102
103
105
102
103
105
***
***
104
Feb
2025
102
103
105
102
103
106
101
102
***
Mar
2025
102
103
106
102
104
107
***
***
***
March 2025
12
Analytics Office
Borrowing
Table 12.1: Aggregate Fund Borrowings, by Fund Type ($Billions)
This table relies upon borrowings reported pursuant to Rule 6-04(13)(a) of Regulation S-X (Form
N-PORT, Item B.2.c) and includes borrowing from Funds of Funds.
Fund Type
Closed-End Fund
Mutual Fund
ETF
Total
Notes Payable
Within One Year
After One Year
Subtotal
Within One Year
After One Year
Subtotal
Within One Year
After One Year
Subtotal
Total
Apr
2024
27.0
17.1
44.1
31.7
4.1
35.8
***
0.0
***
81.0
May
2024
26.7
19.1
45.8
38.6
4.2
42.8
1.0
0.6
1.6
90.1
Jun
2024
27.2
19.6
46.8
38.9
4.2
43.1
***
***
2.6
92.5
Jul
2024
26.3
23.2
49.5
32.6
4.0
36.6
***
0.0
***
87.3
Aug
2024
26.5
24.4
50.9
50.6
4.0
54.6
4.5
0.5
5.1
110.5
Sep
2024
27.4
24.7
52.1
40.7
4.1
44.8
***
***
3.1
100.0
Oct
2024
27.2
24.3
51.5
36.0
4.4
40.4
1.4
0.0
1.4
93.3
Nov
2024
27.3
24.3
51.6
38.9
4.5
43.4
8.6
0.0
8.6
103.6
Dec
2024
27.6
27.5
55.2
35.4
4.6
40.0
***
***
3.2
98.4
Jan
2025
27.1
26.6
53.7
35.6
4.7
40.3
1.4
0.0
1.4
95.4
Feb
2025
28.3
25.4
53.7
33.2
4.7
37.9
9.0
0.0
9.0
100.6
Mar
2025
28.3
27.2
55.5
40.2
5.0
45.2
***
***
3.8
104.4
Table 12.2: Aggregate Payables for Investments Purchased by Funds, by
Fund Type and Basis of Purchase ($Billions)
This table relies upon aggregate payables for investments purchased (Form N-PORT, Item B.2.d).
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Basis of Purchase
Delayed Delivery
Standby Commitment
Subtotal
Delayed Delivery
Standby Commitment
Subtotal
Delayed Delivery
Standby Commitment
Subtotal
Total
Apr
2024
117.0
26.2
143.2
9.4
3.6
13.0
***
***
3.4
159.5
May
2024
131.3
30.9
162.2
7.7
4.0
11.6
***
***
3.1
177.0
Jun
2024
121.2
23.2
144.5
7.3
2.8
10.1
***
***
3.0
157.6
Jul
2024
114.1
20.2
134.4
7.0
4.5
11.5
***
***
3.8
149.7
Aug
2024
115.0
23.3
138.3
6.9
4.2
11.1
***
***
3.3
152.7
Sep
2024
120.8
20.5
141.2
8.5
4.7
13.2
***
***
3.4
157.7
Oct
2024
136.8
23.5
160.2
9.6
5.5
15.1
***
***
3.3
178.6
Nov
2024
134.8
24.3
159.1
13.4
4.7
18.2
3.1
0.2
3.3
180.6
Dec
2024
112.2
18.1
130.3
10.3
4.1
14.4
***
***
3.4
148.1
Jan
2025
129.1
19.8
148.9
15.8
4.3
20.1
***
***
3.9
172.9
Feb
2025
119.5
20.4
139.8
12.9
4.2
17.1
***
***
3.5
160.5
Mar
2025
129.2
19.7
148.9
11.2
4.6
15.7
***
***
4.2
168.8
Table 12.3: Distribution of Total Assets to Net Assets, by Fund Type
(Percent)
Relies on Form N-PORT, Item B.1.a. and B.1.c. and removes any observations with non-positive net
assets, or total assets less than net assets.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Percentile
10th
25th
50th
75th
90th
10th
25th
50th
75th
90th
10th
25th
50th
75th
90th
Apr
2024
100.1
100.1
100.5
102.2
108.3
100.0
100.1
100.8
104.4
114.4
100.3
101.9
118.1
147.7
166.4
May
2024
100.0
100.1
100.4
102.0
107.9
100.0
100.1
100.7
104.5
114.0
100.4
102.0
118.5
147.5
166.0
Jun
2024
100.0
100.1
100.4
102.1
107.9
100.0
100.1
100.9
104.8
113.7
100.4
102.1
118.0
146.4
165.6
Jul
2024
100.0
100.1
100.4
101.9
107.5
100.0
100.1
100.8
104.6
114.2
100.3
101.5
116.1
145.8
165.3
Aug
2024
100.0
100.1
100.3
101.7
108.1
100.0
100.1
100.7
104.3
114.4
100.2
101.5
115.9
145.2
164.5
47
Sep
2024
100.0
100.1
100.5
102.2
108.3
100.0
100.1
101.0
105.0
116.2
100.3
101.9
115.9
147.2
164.3
Oct
2024
100.0
100.1
100.4
102.0
108.6
100.0
100.1
100.8
104.6
116.8
100.3
101.5
115.7
147.0
164.5
Nov
2024
100.0
100.1
100.4
102.0
109.5
100.0
100.1
100.8
104.9
116.4
100.4
101.9
116.3
147.4
163.0
Dec
2024
100.0
100.1
100.4
101.9
108.8
100.0
100.1
100.9
104.2
114.3
100.4
102.1
117.3
148.2
164.4
Jan
2025
100.0
100.1
100.4
102.1
108.9
100.0
100.1
100.8
104.3
114.3
100.3
101.9
115.4
148.7
165.5
Feb
2025
100.0
100.1
100.4
102.1
109.5
100.0
100.1
100.8
104.4
114.5
100.3
101.5
114.7
147.1
164.3
Mar
2025
100.0
100.1
100.4
102.2
110.0
100.0
100.1
100.8
104.3
114.2
100.3
101.9
117.2
149.8
168.0
March 2025
13
Appendices
13.1
Interval Notation
Analytics Office
Interval notation (e.g., [a, b], [a, b), (a, b], and (a, b)) is a way to describe the range of values
specified 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.
13.2
Mitigating the Effects of Outliers
Regulatory filing data occasionally contains inconsistent reporting or spurious outliers. While
Analytics Office staff actively engages in outreach to identify and correct such values, not all
aberrant values have been corrected as of this writing. To reduce the effect of these outliers on the
aggregate measures reported here, we have chosen to winsorize or trim some data sets.
Winsorization is a technique for reducing the effect of outliers by reducing the size of the largest
and smallest values in a distribution.11 For example, to calculate a 95%/5% winsorized data set, all
the values above the ninety-fifth percentile are set to the value of the ninety-fifth percentile, and all
the values below the fifth percentile are set to the value of the fifth percentile. Effectively, this
procedure makes the very largest values smaller (but still large), and all the smallest values larger
(but still small). This approach can be more effective than trimming (simply removing the largest
and/or smallest values) because it does not change the number of data points and does not change
the median or other percentile values within the 95%/5% range. All instances of winsorization or
trimming have been noted and include the affected percentiles.
13.3
Consensus Categories
For all positions with either an ISIN or CUSIP reported for the position, we collect the most
recently reported value for asset type (Item C.4.a), issuer type (Item C.4.b), country of investment
(Item C.5.a), and country of risk (Item C.5.b) for each fund. For any one of these categories, we
determine the consensus category (ignoring any funds that report “Other” or “N/A”) by requiring at
least 80% agreement with 95% confidence. We then apply the consensus categories to all reported
holdings of the same position by all funds over time.
For example, consider a particular CUSIP/ISIN that is currently reported by 25 funds. Assume
further that nineteen report the holding as “Debt” in Item C.4.a, five report the holding as “Other,”
while one reports the positions as “Equity.” We would drop from consideration the “Other”
reporting and find that 95% of funds currently report the position as “Debt.” Further, the margin of
11
Such techniques are known as ‘robust statistics’, reviewed for example in Wilcox (2012), Introduction to Robust
Estimation & Hypothesis Testing, 3rd Edition.
48
March 2025
Analytics Office
p
error in this measurement is 1.645 (0.8)(1 − 0.8)/20 = 14.7%. We find the consensus category for
this position is Debt and apply this category to all reported holdings of this CUSIP/ISIN over time.
13.4
Prevalent Asset Class
For each fund, and each reporting period, we collect the aggregate reported value for asset type
(Item C.4.a), and value (Item C.2.c) using the consensus categories for all positions. We then
aggregate the gross market value by three broad asset classes (Equity, Fixed Income, and
Multi-Asset) and calculate the respective allocations as a percent of the aggregate gross value
reported. We then compute the rolling average (12 months ending on the relevant reporting period).
If the largest fractional allocation is greater than 75%, we assign the fund’s prevalent asset class as
this broad asset class for the reporting period in question. For those cases where the 75% threshold
is not exceeded, we assign the prevalent asset class as “Multi-Asset”.
For the fund observations that have an Equity broad asset class, if the fraction of equity
holdings allocated to US-issued equities exceeds 67% then we define the fund’s prevalent asset class
as “US Equity” for that reporting period and “Global Equity” otherwise. For the fund observations
that have an Fixed-Income broad asset class, if the fraction of fixed-income holdings allocated to
municipal debt exceeds 67% then we define the fund’s prevalent asset class as “Municipal Bond” for
that reporting period and “Taxable Bond” otherwise.
49
March 2025
13.5
Analytics Office
Definitions
Included by reference are all definitions included in the General Instructions or question specific instructions of
Form N-CEN and Form N-PORT.
Closed-End Fund
Any Fund registered on Form N-2 as a closed-end management investment company. This includes, for example, any interval funds (Form
N-CEN, Item C.3.d) or non-traded fund registered on Form N-2.
DV100
Measure of interest rate risk that indicates the change in value of the
portfolio resulting from a 100 basis point change in interest rates.
ETF
Any Fund, or shareclass, that is part of an open-end management investment company registered on Form N-1A that is identified as an
exchange-traded fund on Form N-CEN, Item C.3 or as a unit investment trust on Form N-8B-2.
Fund(s)
Each separate series of an individual registrant reported on Form NCEN and Form N-PORT or, if an individual registrant does not offer a
separate series, the registrant.
Fund of Fund
Any Fund that is identified as a fund of fund or a feeder fund on Form
N-CEN, Item C.3. A fund that acquires securities issued by any other
investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)),
but does not include a fund that acquires securities issued by another investment company solely in reliance on rule 12d1-1 under the Act (CFR
270.12d1-1).
Index Fund
Any Fund that is identified as an index fund or that seeks to achieve a
multiple of an index on Form N-CEN, Item C.3 or is registered under the
Act on Form N-8B-2. Additionally, any fund that has the term“index”
in the fund name and has not yet reported on Form N-CEN.
Large Entity
Funds that together with other investment companies in the same group
of related investment companies have net assets of $1 billion or more as
of the end of the most recent fiscal year of the fund.
Mutual Fund
Any Fund that is part of an open-end management investment company
registered on Form N-1A or N-3, excluding ETFs registered on Form N1A as indicated on Form N-CEN, Item C.3. This includes, for example,
underlying funds of a variable annuity or variable life insurance contract
(Form N-CEN, Item C.3.i) that are registered on Form N-1A or separate
accounts offering variable annuity contracts registered on Form N-3.
Non-Index Fund
Any Fund that is not an Index Fund.
50
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.