Division of Investment Management

Division of Investment Management

Analytics Office

Registered Fund Statistics

Form N-PORT Data, period ending December 2024

This is a report of the Staff of the Division of Investment Management’s Analytics Office of the U.S.

Securities and Exchange Commission. The Commission has expressed no view regarding the analysis,

findings, or conclusions contained herein.

Information presented in this report reflects staff’s compilation and analysis of data reported to

the Commission on Form N-PORT, certain other filings (e.g., Form N-CEN), and supplemental

third-party data. The presented information does not reflect any filings or amended filings

submitted after May 08, 2025.

May 8, 2025

Analytics Office

Introduction

This report provides statistics and trends for SEC-registered investment companies that file

reports of portfolio holdings on Form N-PORT each month, reflecting data collected through Form

N-CEN and Form N-PORT filings received through May 08, 2025 for reporting periods from March

2019 through December 2024. The table below provides information on investment companies which

are required to file on Form N-PORT and are captured in this report.

Fund Type

Mutual Funds registered on Form N-1A (excluding money market funds)

Exchange-Traded Funds (ETFs) registered on

Form N-1A, or as a unit investment trust on

Form N-8B-2

Closed-End Funds registered on Form N-2 as a

management investment company (including interval funds and non-traded funds registered on

Form N-2)

Seperate accounts offering variable annuity contracts on Form N-3

Business Development Companies (BDCs)

Money Market Funds regulated under rule 2a-7

Small business investment companies registered

on Form N-5

Unit Investment Trusts registered on Form N-4

or N-6

Unit Investment Trusts registered on Forms S-6

and N-8B-2 (excluding ETFs)

Required to File Form N-PORT?

Yes

No

X

X

X

X

X

X

X

X

X

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

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

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

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

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

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

Please see the Appendix to this report for definitions of capitalized terms and other technical

descriptions including explanation of consensus categories, prevalent asset classes, and techniques

used to minimize the effects of outliers.

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

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

Form N-PORT filings received through May 08, 2025.

1

May 8, 2025

Analytics Office

Funds must file reports on Form N-PORT with the Commission for each month in the fiscal

quarter not later than 60 days after the end of that fiscal quarter. A complete picture of registered

fund exposures for a given calendar quarter is therefore not available to Commission Staff until

approximately four months following the end of that period. As noted on Form N-PORT, the

Commission does not intend to make public information reported on Form N-PORT for the first and

second month of each fund’s fiscal quarter and certain other information that is identifiable to any

particular fund or adviser. Accordingly, statistics involving non-public Form N-PORT data provided

in this report are anonymized, and are aggregated, rounded, and/or masked. Masked data in this

report is denoted by “***”.

Commission Staff works with the reported information and with filers to identify and

correct filing errors and employs certain methodologies and assumptions in aggregating

the data. Commission Staff updates reported statistics from time to time to reflect

corrected and amended filings and any adjustments to methodologies and assumptions,

which may result in changes to previously reported statistics. A downloadable Excel

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

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

changes.

If you have any questions or comments about Registered Fund Statistics

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

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

2

May 8, 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

May 8, 2025

1

Analytics Office

Number of Funds1

Table 1.1: Number of Funds, by Fund Type and Prevalent Asset Class

This table includes fund of funds. “Fund of fund” is defined in the appendix.

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

Prevalent Asset Class

US Equity

Multi-Asset

Taxable Bond

Global Equity

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

Taxable Bond

Multi-Asset

Municipal Bond

US Equity

Global Equity

Subtotal

Total

Jan

2024

2,938

2,097

1,838

1,392

542

8,807

1,394

702

692

373

86

3,247

198

188

115

91

52

644

12,698

Feb

2024

2,931

2,058

1,826

1,388

543

8,746

1,400

712

678

360

86

3,236

200

188

115

90

54

647

12,629

Mar

2024

2,935

2,048

1,824

1,382

541

8,730

1,429

716

678

360

87

3,270

199

194

116

92

54

655

12,655

Apr

2024

2,936

2,045

1,816

1,362

542

8,701

1,447

718

677

368

87

3,297

200

194

116

92

53

655

12,653

May

2024

2,931

2,037

1,814

1,359

541

8,682

1,474

724

682

376

89

3,345

202

177

117

88

53

637

12,664

Jun

2024

2,929

2,018

1,780

1,356

540

8,623

1,495

744

684

381

92

3,396

205

201

117

90

49

662

12,681

Jul

2024

2,923

2,026

1,769

1,351

537

8,606

1,518

756

682

389

98

3,443

206

199

117

92

48

662

12,711

Aug

2024

2,913

2,024

1,767

1,344

535

8,583

1,543

761

676

401

101

3,482

206

201

117

92

48

664

12,729

Sep

2024

2,911

2,032

1,731

1,336

535

8,545

1,584

815

686

392

107

3,584

203

199

117

89

47

655

12,784

Oct

2024

2,888

2,014

1,713

1,324

534

8,473

1,614

825

690

390

104

3,623

207

195

118

90

48

658

12,754

Nov

2024

2,904

2,024

1,722

1,321

534

8,505

1,636

824

693

397

110

3,660

207

195

117

90

47

656

12,821

Dec

2024

2,892

2,022

1,724

1,319

534

8,491

1,668

840

701

431

109

3,749

207

197

118

88

48

658

12,898

Table 1.2: Number of Index and Non-Index Funds, by Prevalent Asset

Class

This table includes fund of funds. “Fund of fund” is defined in the appendix. Index fund

indication drawn from Form N-CEN, Item C.3.

Fund Type

Non-Index

Index

Total

Prevalent Asset Class

US Equity

Multi-Asset

Taxable Bond

Global Equity

Municipal Bond

Subtotal

US Equity

Global Equity

Taxable Bond

Multi-Asset

Municipal Bond

Subtotal

Total

Jan

2024

3,280

2,423

2,224

1,497

698

10,122

1,143

639

514

235

45

2,576

12,698

Feb

2024

3,277

2,384

2,223

1,493

699

10,076

1,144

627

515

222

45

2,553

12,629

Mar

2024

3,298

2,382

2,222

1,488

699

10,089

1,158

626

517

220

45

2,566

12,655

Apr

2024

3,312

2,385

2,218

1,468

700

10,083

1,163

624

516

222

45

2,570

12,653

May

2024

3,333

2,356

2,229

1,468

701

10,087

1,160

626

511

234

46

2,577

12,664

Jun

2024

3,348

2,369

2,211

1,465

703

10,096

1,166

624

518

231

46

2,585

12,681

Jul

2024

3,366

2,380

2,211

1,459

706

10,122

1,167

622

520

234

46

2,589

12,711

Aug

2024

3,382

2,388

2,216

1,448

707

10,141

1,166

620

518

238

46

2,588

12,729

Sep

2024

3,410

2,390

2,226

1,448

713

10,187

1,174

621

523

233

46

2,597

12,784

Oct

2024

3,443

2,376

2,232

1,452

710

10,213

1,149

610

513

223

46

2,541

12,754

Nov

2024

3,459

2,384

2,229

1,453

715

10,240

1,171

608

524

232

46

2,581

12,821

Dec

2024

3,477

2,422

2,249

1,459

717

10,324

1,171

609

522

228

44

2,574

12,898

1

“Mutual Funds” exclude ETFs. “Closed-End Funds” include interval funds and non-traded funds registered on Form

N-2. Please see Appendix 13.5 for definitions of other capitalized terms used in this report.

4

May 8, 2025

2

Analytics Office

Total Fund Assets2

Table 2.1: Aggregate Total Assets ($Billions), by Fund Type and

Prevalent Asset Class

This table excludes fund of funds and removes any observations with non-positive total assets (Form

N-PORT, Item B.1.a). Because funds can invest a limited amount in other funds without being

considered a fund of fund, there is some limited amount of double-counting of assets.

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Municipal Bond

Multi-Asset

Subtotal

Taxable Bond

Multi-Asset

US Equity

Municipal Bond

Global Equity

Subtotal

Total

Jan

2024

10,387

4,232

3,134

1,612

774

20,139

5,227

1,494

1,274

124

68

8,186

134

95

86

86

26

428

28,754

Feb

2024

10,924

4,216

3,244

1,621

777

20,783

5,526

1,491

1,316

123

78

8,534

137

97

91

86

26

438

29,754

Mar

2024

11,244

4,299

3,342

1,653

782

21,320

5,767

1,510

1,368

125

78

8,847

139

100

94

86

27

447

30,614

Apr

2024

10,696

4,240

3,236

1,605

772

20,549

5,505

1,493

1,343

124

74

8,539

141

101

89

85

26

443

29,531

May

2024

11,125

4,317

3,452

1,524

774

21,192

5,811

1,528

1,406

124

78

8,946

142

101

91

86

27

448

30,586

Jun

2024

11,388

4,312

3,433

1,531

787

21,449

6,003

1,554

1,389

127

83

9,157

145

106

92

87

27

456

31,062

Jul

2024

11,540

4,358

3,489

1,564

795

21,745

6,202

1,613

1,421

131

88

9,456

147

107

94

87

26

461

31,662

Aug

2024

11,746

4,419

3,566

1,574

806

22,111

6,362

1,664

1,455

134

88

9,703

151

111

94

87

26

468

32,282

Sep

2024

11,928

4,478

3,629

1,579

821

22,435

6,512

1,713

1,506

137

93

9,959

155

114

96

88

26

479

32,873

Oct

2024

11,757

4,475

3,459

1,557

814

22,062

6,499

1,709

1,453

137

87

9,885

156

114

94

86

26

475

32,423

Nov

2024

12,443

4,498

3,473

1,602

826

22,841

7,047

1,755

1,447

143

96

10,487

159

116

98

87

26

485

33,813

Dec

2024

11,883

4,404

3,344

1,554

809

21,993

6,874

1,714

1,398

140

117

10,244

162

115

93

85

25

480

32,716

Table 2.2: Aggregate Index Fund and Non-Index Fund Total Assets

($Billions), by Prevalent Asset Class

This table excludes fund of funds and removes any observations with non-positive total assets (Form

N-PORT, Item B.1.a). Index fund indication drawn from Form N-CEN, Item C.3. Because funds can invest

a limited amount in other funds without being considered a fund of fund, there is some limited

amount of double-counting of assets.

Fund Type

Index

Non-Index

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

Total

Jan

2024

9,277

2,361

1,944

126

111

13,818

6,424

3,500

2,490

1,649

873

14,936

28,754

Feb

2024

9,782

2,348

2,014

137

110

14,391

6,759

3,496

2,573

1,660

876

15,364

29,754

Mar

2024

10,143

2,384

2,087

138

111

14,864

6,962

3,564

2,649

1,694

881

15,750

30,614

Apr

2024

9,675

2,342

2,039

130

110

14,297

6,615

3,531

2,567

1,650

871

15,234

29,531

May

2024

10,164

2,384

2,125

135

110

14,918

6,863

3,602

2,761

1,568

874

15,668

30,586

Jun

2024

10,468

2,415

2,105

140

112

15,240

7,015

3,596

2,744

1,579

888

15,822

31,062

Jul

2024

10,731

2,499

2,152

146

114

15,641

7,105

3,619

2,784

1,614

899

16,021

31,662

Aug

2024

10,974

2,553

2,204

146

116

15,993

7,227

3,682

2,842

1,626

911

16,288

32,282

Sep

2024

11,206

2,607

2,269

149

118

16,349

7,329

3,739

2,892

1,636

927

16,524

32,873

Oct

2024

11,115

2,580

2,174

144

118

16,131

7,235

3,760

2,763

1,615

918

16,291

32,423

Nov

2024

11,932

2,620

2,170

159

123

17,004

7,656

3,791

2,775

1,655

933

16,810

33,813

Dec

2024

11,577

2,583

2,105

172

120

16,556

7,272

3,697

2,662

1,614

914

16,160

32,716

2

As of December 2024, there are 13 N-3 funds reporting an aggregate $263.32 billion in net assets (roughly 1.02%

of aggregate mutual fund net assets). Additionally, there are 106 Interval funds registered on Form N-2 reporting an

aggregate $91.85 billion in net assets (roughly 22.04% of aggregate closed-end fund net assets).

5

May 8, 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

Jan

2024

10,290

3,895

3,093

1,513

754

19,545

5,155

1,404

1,247

123

64

7,993

97

83

74

57

22

334

27,871

Feb

2024

10,825

3,900

3,201

1,533

758

20,217

5,447

1,400

1,288

123

72

8,329

98

84

77

57

23

339

28,885

Mar

2024

11,147

3,949

3,288

1,562

761

20,708

5,681

1,424

1,336

124

73

8,638

100

86

79

57

23

346

29,692

Apr

2024

10,606

3,884

3,186

1,507

752

19,934

5,433

1,408

1,313

123

69

8,346

101

87

76

56

23

343

28,623

May

2024

11,042

3,948

3,408

1,435

753

20,585

5,739

1,448

1,373

123

73

8,756

103

87

78

56

24

349

29,690

Jun

2024

11,293

3,972

3,387

1,445

766

20,862

5,911

1,477

1,358

126

77

8,950

105

92

78

57

23

355

30,167

Jul

2024

11,461

4,039

3,448

1,469

774

21,192

6,122

1,534

1,393

130

82

9,261

107

93

80

58

23

360

30,813

Aug

2024

11,668

4,094

3,523

1,487

785

21,557

6,279

1,576

1,424

132

81

9,492

107

97

80

58

23

365

31,413

Sep

2024

11,843

4,156

3,577

1,500

797

21,873

6,419

1,619

1,473

135

82

9,728

110

99

81

58

23

372

31,972

Oct

2024

11,676

4,115

3,419

1,474

791

21,475

6,414

1,613

1,423

136

80

9,667

111

100

80

57

23

370

31,512

Nov

2024

12,360

4,160

3,435

1,515

806

22,275

6,958

1,648

1,420

141

87

10,255

113

102

84

57

23

378

32,908

Dec

2024

11,816

4,120

3,311

1,475

792

21,514

6,786

1,625

1,372

140

89

10,012

113

100

80

55

22

370

31,896

Table 2.4: Aggregate Index Fund and Non-Index Fund Net Assets

($Billions)

This table excludes fund of funds and removes any observations with non-positive net assets (Form

N-PORT, Item B.1.c). Index fund indication drawn from Form N-CEN, Item C.3. Because funds can invest

a limited amount in other funds without being considered a fund of fund, there is some limited

amount of double-counting of assets.

Fund Type

Index

Non-Index

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

Total

Jan

2024

9,186

2,274

1,911

121

110

13,602

6,333

3,123

2,451

1,539

824

14,269

27,871

Feb

2024

9,688

2,263

1,977

131

110

14,167

6,662

3,135

2,534

1,558

829

14,718

28,885

Mar

2024

10,044

2,301

2,043

133

110

14,631

6,863

3,172

2,604

1,590

832

15,061

29,692

Apr

2024

9,590

2,259

1,999

125

110

14,082

6,524

3,134

2,522

1,538

822

14,540

28,623

6

May

2024

10,082

2,310

2,084

131

109

14,717

6,777

3,189

2,720

1,464

823

14,973

29,690

Jun

2024

10,364

2,343

2,064

135

111

15,017

6,918

3,211

2,704

1,479

838

15,150

30,167

Jul

2024

10,649

2,420

2,115

139

113

15,436

7,015

3,260

2,748

1,505

848

15,376

30,813

Aug

2024

10,892

2,468

2,164

139

115

15,778

7,135

3,310

2,805

1,525

860

15,635

31,413

Sep

2024

11,113

2,516

2,228

141

117

16,114

7,230

3,368

2,845

1,540

874

15,858

31,972

Oct

2024

11,039

2,490

2,141

137

118

15,924

7,131

3,349

2,725

1,517

867

15,588

31,512

Nov

2024

11,855

2,530

2,140

148

122

16,795

7,547

3,391

2,737

1,556

883

16,113

32,908

Dec

2024

11,503

2,497

2,075

143

119

16,338

7,179

3,361

2,630

1,521

868

15,558

31,896

May 8, 2025

Analytics Office

Table 2.5: Aggregate Net Assets ($Billions), by Fund Type and Bucketed

by Net Assets

This table excludes fund of funds and removes any observations with non-positive net assets (Form

N-PORT, Item B.1.c). See the appendix for a review of interval notation used here.

Fund Size

$10 billion or more

[$500 million,$10 billion)

[$50 million,$500 million)

($0,$50 million)

Total

Fund Type

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Total

Jan

2024

12,846

***

***

18,894

6,078

1,749

226

8,053

596

207

76

879

25

20

1

46

27,871

Feb

2024

13,407

***

***

19,777

6,190

1,761

230

8,181

595

211

77

883

25

19

1

45

28,885

Mar

2024

13,854

6,625

33

20,511

6,240

1,778

236

8,253

590

216

77

883

24

19

1

45

29,692

Apr

2024

13,187

***

***

19,529

6,139

1,803

229

8,172

584

215

78

877

25

19

1

45

28,623

May

2024

13,854

***

***

20,574

6,124

1,832

237

8,193

582

220

76

878

24

19

1

44

29,690

Jun

2024

14,109

6,872

36

21,018

6,150

1,833

240

8,223

579

224

78

881

24

20

1

45

30,167

Jul

2024

14,386

***

***

21,585

6,206

1,852

246

8,305

577

226

76

879

23

20

1

44

30,813

Aug

2024

14,727

***

***

22,144

6,232

1,864

249

8,345

575

228

77

881

23

20

1

44

31,413

Sep

2024

15,009

7,583

38

22,630

6,267

1,893

256

8,416

575

232

76

883

22

20

1

44

31,972

Oct

2024

14,701

***

***

22,253

6,176

1,902

252

8,329

575

232

78

885

23

21

2

45

31,512

Nov

2024

15,324

***

***

23,388

6,363

1,974

260

8,597

565

236

77

878

23

21

1

45

32,908

Dec

2024

14,791

7,798

40

22,629

6,128

1,958

252

8,339

571

234

76

881

23

22

2

47

31,896

Table 2.6: Number of Funds, by Fund Type and Bucketed by Net Assets

This table excludes fund of funds and removes any observations with non-positive net assets (Form

N-PORT, Item B.1.c). See the appendix for a review of interval notation used here.

Fund Size

$10 billion or more

[$500 million,$10 billion)

[$50 million,$500 million)

($0,$50 million)

Total

Fund Type

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Total

Jan

2024

321

***

***

464

2,775

709

177

3,661

2,765

1,105

338

4,208

1,288

1,128

40

2,456

10,789

Feb

2024

328

***

***

478

2,795

722

176

3,693

2,750

1,119

341

4,210

1,247

1,084

41

2,372

10,753

Mar

2024

338

154

2

494

2,820

733

180

3,733

2,724

1,143

341

4,208

1,224

1,074

45

2,343

10,778

Apr

2024

324

***

***

473

2,792

743

176

3,711

2,725

1,151

344

4,220

1,236

1,089

46

2,371

10,775

7

May

2024

343

***

***

498

2,799

754

179

3,732

2,703

1,166

335

4,204

1,211

1,104

45

2,360

10,794

Jun

2024

345

155

2

502

2,796

756

179

3,731

2,683

1,186

343

4,212

1,189

1,130

50

2,369

10,814

Jul

2024

351

***

***

514

2,814

774

185

3,773

2,672

1,198

339

4,209

1,155

1,133

48

2,336

10,832

Aug

2024

358

***

***

524

2,817

780

185

3,782

2,666

1,205

339

4,210

1,133

1,156

50

2,339

10,855

Sep

2024

363

167

2

532

2,826

791

188

3,805

2,663

1,221

330

4,214

1,074

1,228

52

2,354

10,905

Oct

2024

357

***

***

525

2,796

800

183

3,779

2,655

1,238

336

4,229

1,061

1,234

54

2,349

10,882

Nov

2024

362

***

***

535

2,854

821

187

3,862

2,620

1,252

331

4,203

1,066

1,225

53

2,344

10,944

Dec

2024

356

166

2

524

2,785

824

185

3,794

2,650

1,256

328

4,234

1,097

1,294

60

2,451

11,003

May 8, 2025

Analytics Office

Table 2.7: Distribution of Net Assets, by Fund Type ($Billions)

This exhibit includes fund of funds and removes any observations with non-positive net assets (Form

N-PORT, Item B.1.c).

Fund Type

Mutual Fund

ETF

Closed-End Fund

Percentile

10th

25th

50th

75th

90th

10th

25th

50th

75th

90th

10th

25th

50th

75th

90th

Jan

2024

0.019

0.083

0.356

1.287

4.332

0.005

0.023

0.109

0.601

3.373

0.052

0.116

0.268

0.611

1.433

Feb

2024

0.020

0.087

0.366

1.319

4.428

0.006

0.025

0.117

0.611

3.471

0.051

0.116

0.265

0.612

1.485

Mar

2024

0.021

0.090

0.375

1.355

4.547

0.006

0.026

0.119

0.623

3.528

0.049

0.115

0.268

0.616

1.493

Apr

2024

0.021

0.088

0.364

1.311

4.413

0.006

0.025

0.117

0.608

3.361

0.049

0.117

0.264

0.606

1.447

May

2024

0.021

0.089

0.375

1.336

4.536

0.006

0.025

0.120

0.623

3.441

0.052

0.123

0.270

0.623

1.534

Jun

2024

0.023

0.093

0.381

1.361

4.601

0.006

0.024

0.119

0.625

3.373

0.043

0.114

0.269

0.616

1.504

Jul

2024

0.023

0.094

0.389

1.390

4.677

0.006

0.025

0.120

0.632

3.513

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

3.570

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

0.615

3.471

0.044

0.120

0.282

0.646

1.600

Oct

2024

0.025

0.101

0.404

1.418

4.767

0.005

0.023

0.110

0.621

3.351

0.043

0.118

0.278

0.647

1.593

Nov

2024

0.026

0.103

0.412

1.458

4.891

0.006

0.024

0.115

0.640

3.462

0.043

0.124

0.283

0.652

1.652

Dec

2024

0.025

0.098

0.394

1.407

4.704

0.005

0.022

0.106

0.610

3.110

0.038

0.116

0.277

0.636

1.573

Table 2.8: Percent of Aggregate Net Assets Reported, by Fund Type and

Cumulative Percentile

This exhibit includes fund of funds and removes any observations with non-positive net assets (Form

N-PORT, Item B.1.c).

Fund Type

All Funds

Mutual Fund

ETF

Closed-End Fund

Percentile

Top 2%

Top 5%

Top 10%

Top 25%

Top 2%

Top 5%

Top 10%

Top 25%

Top 2%

Top 5%

Top 10%

Top 25%

Top 2%

Top 5%

Top 10%

Top 25%

Jan

2024

54.92

70.01

81.08

92.77

50.94

66.35

78.06

91.12

60.31

77.38

88.28

96.63

20.79

33.94

48.43

71.82

Feb

2024

55.08

70.29

81.25

92.81

51.08

66.69

78.30

91.18

60.37

77.28

88.20

96.57

20.80

34.06

48.75

72.03

Mar

2024

55.25

70.38

81.31

92.83

51.13

66.75

78.32

91.19

60.59

77.35

88.24

96.56

21.49

34.02

49.15

72.28

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

51.29

66.86

78.40

91.23

60.75

77.52

88.29

96.54

21.44

34.39

49.16

72.52

8

Jun

2024

55.61

70.74

81.58

92.94

51.34

66.96

78.48

91.26

61.27

77.93

88.56

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

96.62

22.30

35.39

50.04

73.05

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

Sep

2024

56.01

71.06

81.77

93.03

51.55

67.03

78.48

91.23

62.24

78.74

88.98

96.80

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

96.77

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

67.39

78.73

91.37

63.41

79.41

89.25

96.89

23.58

36.16

50.75

73.69

May 8, 2025

Analytics Office

3

Flows and Returns

3.1

Fund Flows

Table 3.1: Aggregate Inflows, Outflows, and Net Flows of Index and NonIndex Funds ($Billions)

This table excludes flows from fund of funds (Form N-PORT, Item B.6), index fund indication drawn

from Form N-CEN, Item C.3. Since both ETFs and Mutual Funds can be index funds, both contribute to

the rows in this table.

Fund Type

All

Index

Non-Index

Flow Type

Inflow

Net

Outflow

Inflow

Net

Outflow

Inflow

Net

Outflow

Jan

2024

773

15

-758

448

33

-415

325

-18

-343

Feb

2024

730

54

-676

415

56

-359

315

-1

-316

Mar

2024

834

54

-780

529

84

-445

305

-30

-335

Apr

2024

726

-32

-758

399

11

-388

326

-43

-370

May

2024

665

54

-611

368

77

-291

297

-23

-320

Jun

2024

724

36

-688

461

65

-397

263

-29

-291

Jul

2024

747

59

-689

436

87

-349

311

-28

-340

Aug

2024

723

12

-711

400

47

-352

324

-35

-359

Sep

2024

814

47

-766

496

59

-436

318

-12

-330

Oct

2024

823

73

-750

463

85

-377

360

-13

-373

Nov

2024

885

93

-792

531

125

-406

354

-32

-386

Dec

2024

1,115

56

-1,059

730

118

-612

385

-63

-447

Table 3.2: Aggregate Inflows, Outflows, and Net Flows of Index and NonIndex Funds (Percent of Net Assets)

This table excludes flows from fund of funds (Form N-PORT, Item B.6), index fund indication drawn

from Form N-CEN, Item C.3. Since both ETFs and Mutual Funds can be index funds, both contribute to

the rows in this table. Percentages are calculated using lagged net assets (Form N-PORT, Item

B.1.c.).

Fund Type

All

Index

Non-Index

Flow Type

Inflow

Net

Outflow

Inflow

Net

Outflow

Inflow

Net

Outflow

Jan

2024

2.82

0.05

-2.76

3.31

0.24

-3.06

2.34

-0.13

-2.47

Feb

2024

2.65

0.20

-2.45

3.05

0.41

-2.64

2.26

-0.01

-2.27

Mar

2024

2.92

0.19

-2.73

3.73

0.59

-3.14

2.12

-0.21

-2.33

Apr

2024

2.47

-0.11

-2.58

2.73

0.08

-2.65

2.22

-0.29

-2.51

May

2024

2.35

0.19

-2.16

2.61

0.55

-2.07

2.10

-0.16

-2.26

9

Jun

2024

2.47

0.12

-2.35

3.14

0.44

-2.70

1.80

-0.20

-1.99

Jul

2024

2.51

0.20

-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

-2.39

Sep

2024

2.62

0.15

-2.47

3.14

0.38

-2.76

2.09

-0.08

-2.16

Oct

2024

2.61

0.23

-2.37

2.87

0.53

-2.34

2.33

-0.08

-2.41

Nov

2024

2.84

0.30

-2.54

3.33

0.79

-2.55

2.33

-0.21

-2.54

Dec

2024

3.43

0.17

-3.26

4.35

0.70

-3.64

2.45

-0.40

-2.85

May 8, 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

Taxable Bond

Municipal Bond

Multi-Asset

Global Equity

US Equity

Subtotal

Total

Jan

2024

12

20

5

0

0

36

30

6

-9

-7

-41

-21

15

Feb

2024

35

11

8

0

0

54

37

3

-8

-3

-28

1

54

Mar

2024

67

16

9

0

1

94

14

3

-11

-14

-33

-40

54

Apr

2024

12

15

4

1

1

33

7

-1

-10

-13

-47

-65

-32

May

2024

58

26

10

0

1

94

11

0

-10

-11

-29

-40

54

Jun

2024

46

25

12

0

1

84

-4

-1

-9

-3

-31

-48

36

Jul

2024

77

35

-1

2

3

117

12

2

-9

-13

-50

-58

59

Aug

2024

39

30

-2

1

2

70

-7

3

-8

-10

-36

-58

12

Sep

2024

41

27

14

2

2

86

12

6

-10

-12

-34

-38

47

Oct

2024

59

28

21

2

3

113

36

5

-1

-17

-63

-41

73

Nov

2024

123

24

-1

-1

4

150

6

3

-8

-2

-56

-57

93

Dec

2024

108

19

12

3

1

142

10

-2

-10

-18

-66

-87

56

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

US Equity

Taxable Bond

Global Equity

Municipal Bond

Subtotal

Taxable Bond

Municipal Bond

US Equity

Global Equity

Multi-Asset

Subtotal

Total

Jan

2024

0.73

0.23

1.41

0.36

-0.32

0.45

0.77

0.78

-0.40

-0.22

-0.57

-0.11

0.05

Feb

2024

0.64

0.67

0.81

0.61

-0.13

0.68

0.95

0.34

-0.27

-0.11

-0.54

0.00

0.20

Mar

2024

-0.45

1.24

1.17

0.69

1.00

1.12

0.35

0.43

-0.30

-0.42

-0.69

-0.20

0.19

Apr

2024

1.16

0.21

1.04

0.28

0.85

0.38

0.17

-0.16

-0.43

-0.39

-0.64

-0.31

-0.11

10

May

2024

-0.42

1.06

1.82

0.76

0.64

1.12

0.28

0.05

-0.27

-0.36

-0.69

-0.20

0.19

Jun

2024

0.17

0.80

1.70

0.90

0.87

0.96

-0.09

-0.12

-0.28

-0.09

-0.61

-0.23

0.12

Jul

2024

3.05

1.31

2.36

-0.08

2.71

1.30

0.31

0.32

-0.45

-0.40

-0.63

-0.28

0.20

Aug

2024

0.79

0.64

1.94

-0.11

1.40

0.75

-0.16

0.36

-0.31

-0.29

-0.54

-0.27

0.04

Sep

2024

2.06

0.66

1.72

0.98

1.27

0.90

0.28

0.70

-0.29

-0.34

-0.65

-0.18

0.15

Oct

2024

1.97

0.92

1.75

1.42

2.37

1.17

0.87

0.62

-0.53

-0.48

-0.08

-0.19

0.23

Nov

2024

-0.79

1.92

1.51

-0.04

2.60

1.55

0.15

0.42

-0.48

-0.05

-0.56

-0.26

0.30

Dec

2024

2.93

1.55

1.18

0.83

0.67

1.39

0.24

-0.31

-0.53

-0.54

-0.65

-0.39

0.17

May 8, 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

Municipal Bond

Multi-Asset

Global Equity

US Equity

Taxable Bond

Municipal Bond

Global Equity

Multi-Asset

US Equity

Taxable Bond

Municipal Bond

Multi-Asset

Global Equity

US Equity

Jan

2024

0.29

-0.05

0.32

-1.58

0.44

0.08

***

-1.77

-0.82

0.04

0.33

-0.04

0.40

-1.50

0.53

Feb

2024

-0.30

0.15

2.07

3.07

4.73

-1.09

***

2.81

4.28

5.17

-0.15

0.16

1.93

3.23

4.61

Mar

2024

0.94

0.09

2.42

3.01

3.26

0.76

***

2.88

3.02

3.34

0.97

0.10

2.41

3.08

3.23

Apr

2024

-1.25

-1.05

-2.73

-2.59

-4.70

-1.19

***

-2.33

-4.62

-4.85

-1.27

-1.05

-2.64

-2.68

-4.66

May

2024

1.39

0.07

2.92

4.01

3.96

1.18

***

3.73

3.54

4.39

1.42

0.08

2.87

4.10

3.78

Jun

2024

0.77

1.60

0.88

-0.99

0.80

0.75

***

-1.52

-0.23

0.61

0.78

1.63

0.96

-0.77

0.85

Jul

2024

1.76

0.85

1.79

2.45

3.14

1.88

***

2.45

2.02

3.89

1.73

0.85

1.75

2.45

3.00

Aug

2024

1.32

0.76

1.60

2.48

1.90

1.33

***

2.18

0.25

2.06

1.31

0.76

1.68

2.54

1.84

Sep

2024

1.28

1.03

1.48

1.91

1.52

1.25

***

2.25

1.44

1.96

1.29

1.04

1.48

1.80

1.42

Oct

2024

-1.07

-1.33

-1.39

-4.23

-0.93

-1.33

***

-4.66

-1.39

-0.96

-1.01

-1.33

-1.40

-4.09

-0.92

Nov

2024

1.01

1.52

2.91

0.00

6.36

0.77

***

-0.25

4.09

6.64

1.05

1.53

2.84

0.17

6.24

Dec

2024

-0.62

-1.25

-2.30

-2.70

-5.30

-0.70

***

-2.60

-3.75

-5.96

-0.60

-1.26

-2.26

-2.74

-5.13

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

Municipal Bond

Multi-Asset

Global Equity

US Equity

Municipal Bond

Taxable Bond

Global Equity

US Equity

Multi-Asset

Taxable Bond

Municipal Bond

Multi-Asset

Global Equity

US Equity

Jan

2024

0.06

0.01

0.28

-1.37

0.92

***

-0.18

-1.84

0.81

-0.59

0.23

0.04

0.35

-1.01

1.08

Feb

2024

-0.75

0.22

2.07

3.35

5.26

***

-1.09

2.96

5.19

4.77

-0.51

0.25

1.86

3.66

5.38

Mar

2024

0.95

0.16

2.65

3.25

3.30

***

0.82

3.19

3.30

2.91

1.04

0.19

2.62

3.31

3.29

Apr

2024

-1.71

-1.03

-2.99

-2.40

-4.50

***

-1.99

-2.08

-4.54

-6.51

-1.52

-1.04

-2.70

-2.65

-4.44

11

May

2024

1.45

0.10

3.12

3.99

4.48

***

1.40

3.94

4.67

5.86

1.48

0.14

2.89

4.04

4.20

Jun

2024

0.82

1.67

1.75

-0.48

2.60

***

0.85

-0.85

2.76

4.33

0.80

1.71

1.52

-0.20

2.38

Jul

2024

1.92

0.88

2.11

2.38

2.02

***

2.09

2.67

2.14

2.29

1.80

0.89

2.10

2.16

1.85

Aug

2024

1.25

0.79

1.72

2.48

2.06

***

1.26

2.43

2.03

1.07

1.25

0.79

1.78

2.52

2.11

Sep

2024

1.31

1.01

1.75

2.18

1.86

***

1.32

2.53

1.98

3.30

1.31

1.02

1.61

1.91

1.68

Oct

2024

-1.70

-1.28

-1.42

-4.04

-0.89

***

-1.99

-4.58

-0.92

-2.86

-1.47

-1.28

-1.29

-3.61

-0.85

Nov

2024

1.11

1.51

3.45

0.33

6.42

***

1.04

-0.32

6.54

8.32

1.15

1.52

3.01

0.85

6.24

Dec

2024

-1.13

-1.22

-2.26

-2.73

-3.47

***

-1.43

-2.59

-3.41

-3.57

-0.91

-1.23

-2.13

-2.84

-3.55

May 8, 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

FX Derivative

Structured Note

Other Types

Commodity

Credit Derivative

Commodity Derivative

Asset-Backed CP

Other Derivative

Total

Jan

2024

21,283

2,542

2,295

1,843

1,441

1,006

760

381

195

171

179

80

114

101

84

72

84

46

22

22

17

***

5

5

***

1

32,760

Feb

2024

22,310

2,614

2,297

1,843

1,432

1,008

767

385

203

175

179

101

118

102

86

75

74

43

23

23

17

***

5

9

***

1

33,901

Mar

2024

23,049

2,677

2,321

1,872

1,476

1,015

775

388

210

183

184

98

112

104

87

89

71

42

19

25

18

***

5

5

***

1

34,836

Apr

2024

22,089

2,576

2,276

1,844

1,452

1,002

757

380

215

182

184

88

107

100

88

85

92

41

27

24

17

***

4

7

***

1

33,651

May

2024

23,067

2,663

2,312

1,883

1,500

1,006

745

394

222

192

188

99

102

100

84

88

74

42

23

26

17

***

5

6

***

1

34,851

12

Jun

2024

23,487

2,691

2,317

1,899

1,510

1,026

756

393

224

196

195

114

119

98

87

92

73

43

24

25

17

***

4

5

***

1

35,411

Jul

2024

23,978

2,739

2,368

1,945

1,522

1,039

761

407

228

195

199

118

112

99

89

85

83

43

28

25

17

***

4

6

***

1

36,105

Aug

2024

24,484

2,775

2,398

2,011

1,567

1,050

743

416

225

196

201

124

118

102

90

94

76

43

42

27

18

***

5

5

***

1

36,822

Sep

2024

24,907

2,818

2,457

2,053

1,570

1,068

783

423

225

202

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

410

230

205

217

128

126

104

96

89

93

40

38

27

18

***

4

5

***

1

36,914

Nov

2024

25,765

2,835

2,422

2,065

1,604

1,077

786

419

237

215

217

153

129

106

98

97

78

39

39

28

19

***

6

4

***

1

38,454

Dec

2024

24,876

2,755

2,374

2,038

1,557

1,060

721

415

241

216

214

127

111

107

96

93

83

38

35

28

18

***

5

4

***

1

37,225

May 8, 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

FX Derivative

Structured Note

Other Types

Commodity

Credit Derivative

Commodity Derivative

Asset-Backed CP

Other Derivative

Total

Jan

2024

7,109

2,251

2,233

1,858

1,231

793

1,908

435

360

485

528

549

480

206

389

585

186

141

64

24

24

***

12

42

***

14

12,698

Feb

2024

7,092

2,238

2,223

1,847

1,224

790

1,933

437

380

489

531

595

479

200

391

514

156

122

77

26

23

***

13

45

***

16

12,629

Mar

2024

7,099

2,242

2,223

1,843

1,231

790

1,925

432

392

504

550

584

496

200

388

530

152

145

61

***

***

10

***

45

***

16

12,655

Apr

2024

7,096

2,238

2,217

1,857

1,233

792

1,954

426

404

514

556

599

486

196

385

552

207

138

92

26

28

***

***

58

***

***

12,653

May

2024

7,096

2,260

2,213

1,866

1,230

791

1,845

428

403

520

562

591

464

191

374

497

155

139

77

24

24

***

13

43

***

13

12,664

13

Jun

2024

7,116

2,241

2,211

1,837

1,233

792

1,834

426

414

529

561

584

483

191

366

537

143

145

70

25

***

10

***

41

***

***

12,681

Jul

2024

7,119

2,272

2,204

1,851

1,234

792

1,806

429

415

503

565

653

481

192

376

524

162

126

93

25

28

***

***

52

***

16

12,711

Aug

2024

7,094

2,245

2,199

1,859

1,232

794

1,776

425

406

502

564

655

486

188

381

518

135

124

106

26

24

***

13

44

***

14

12,729

Sep

2024

7,099

2,257

2,208

1,875

1,236

800

1,866

424

401

501

560

690

489

187

386

510

134

139

74

26

***

10

***

52

***

14

12,784

Oct

2024

7,068

2,259

2,210

1,843

1,234

797

1,888

437

406

498

573

702

462

194

385

524

162

121

99

26

33

***

***

47

***

***

12,754

Nov

2024

7,119

2,277

2,208

1,853

1,236

801

1,880

445

418

508

571

759

496

194

397

543

147

129

101

26

34

***

***

36

8

10

12,821

Dec

2024

7,130

2,286

2,220

1,873

1,248

805

1,846

442

430

518

568

713

493

199

378

573

151

128

85

26

***

10

***

49

4

***

12,898

May 8, 2025

4.2

Analytics Office

Mutual Funds3

Table 4.3: Aggregate Gross Value of Mutual Fund Investments by

Investment Category ($Billions)

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).

Investment Type

Common Equity

Registered Fund

Corporate Debt

Mortgage-Backed Security

US Treasury Debt

Municipal Debt

STIV

Non US Sovereign Debt

Other Types

Other Asset-Backed Security

Collateralized Obligation

Loan

Repurchase Agreement

Preferred Equity

Equity Derivative

Private Fund

Total

Jan

2024

14,839

2,482

1,734

1,267

1,215

797

596

293

230

165

148

127

93

52

24

24

24,087

Feb

2024

15,534

2,552

1,739

1,258

1,216

800

598

298

220

165

150

132

99

53

31

25

24,868

Mar

2024

15,989

2,611

1,753

1,299

1,235

806

607

301

225

169

156

136

93

54

25

23

25,480

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

1,743

1,318

1,239

798

574

302

229

172

161

142

83

51

23

24

25,373

Jun

2024

16,178

2,620

1,738

1,325

1,237

815

584

302

231

178

163

142

99

50

21

23

25,706

Jul

2024

16,423

2,665

1,767

1,330

1,264

824

587

312

242

182

161

143

91

51

24

24

26,090

Aug

2024

16,749

2,699

1,785

1,366

1,302

832

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

322

236

190

166

140

94

53

25

25

26,926

Oct

2024

16,630

2,668

1,774

1,371

1,309

840

579

313

254

197

167

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

27,360

Dec

2024

16,691

2,674

1,743

1,340

1,320

838

540

318

237

194

171

144

91

58

25

22

26,406

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

Jan

2024

4,978

1,889

1,664

1,030

1,410

587

1,353

352

603

433

359

211

326

92

136

115

8,807

Feb

2024

4,964

1,875

1,655

1,020

1,395

585

1,367

349

550

431

360

225

325

90

164

117

8,746

Mar

2024

4,953

1,873

1,648

1,025

1,383

582

1,331

347

583

443

371

230

334

89

143

118

8,730

Apr

2024

4,942

1,868

1,640

1,021

1,376

583

1,333

341

628

444

379

238

331

84

130

113

8,701

May

2024

4,935

1,886

1,636

1,016

1,377

580

1,252

344

543

449

389

238

313

81

119

115

8,682

Jun

2024

4,938

1,859

1,622

1,009

1,339

578

1,237

338

554

440

392

238

319

80

105

102

8,623

Jul

2024

4,929

1,875

1,618

1,007

1,331

571

1,196

338

560

443

368

241

323

82

130

115

8,606

Aug

2024

4,896

1,856

1,609

1,006

1,344

570

1,176

333

544

444

373

235

321

77

125

115

8,583

Sep

2024

4,885

1,864

1,612

1,010

1,305

570

1,216

333

545

440

370

229

315

75

125

110

8,545

Oct

2024

4,832

1,859

1,611

1,010

1,289

569

1,242

344

576

451

368

233

287

81

116

110

8,473

Nov

2024

4,867

1,868

1,609

1,012

1,308

569

1,219

350

551

451

372

240

319

83

152

109

8,505

Dec

2024

4,847

1,859

1,611

1,012

1,310

572

1,191

345

559

440

375

249

320

85

121

100

8,491

3

“Mutual Funds” exclude ETFs. Please see Appendix 13.5 for a more detailed definition and definitions of other

capitalized terms used in this report.

14

May 8, 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

Preferred Equity

Collateralized Obligation

Loan

Other Asset-Backed Security

Repurchase Agreement

Total

Jan

2024

6,311

623

499

153

152

123

54

85

51

43

39

13

14

10

8

8,177

Feb

2024

6,640

622

496

152

156

122

67

84

53

49

39

15

15

11

6

8,526

Mar

2024

6,918

631

504

156

155

123

70

84

57

48

40

16

16

11

7

8,838

Apr

2024

6,648

622

493

156

158

123

63

83

56

49

39

18

17

12

7

8,543

May

2024

7,007

639

506

161

158

123

73

88

59

49

39

20

18

12

6

8,957

Jun

2024

7,166

658

515

164

160

125

90

88

61

51

38

22

19

12

7

9,175

Jul

2024

7,409

677

536

171

159

129

92

92

64

48

38

23

20

12

8

9,478

Aug

2024

7,587

705

548

177

163

131

96

95

66

51

40

23

17

13

10

9,722

Sep

2024

7,776

722

566

184

177

134

103

96

67

52

41

24

18

13

8

9,982

Oct

2024

7,717

708

562

184

173

135

103

93

68

52

40

27

20

15

11

9,907

Nov

2024

8,245

724

574

193

177

140

121

96

72

58

40

31

23

15

15

10,524

Dec

2024

8,041

714

569

193

168

138

99

93

71

58

38

33

24

15

8

10,261

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

Preferred Equity

Collateralized Obligation

Loan

Other Asset-Backed Security

Repurchase Agreement

Total

Jan

2024

1,948

412

360

128

436

87

407

54

309

445

55

51

20

60

104

3,247

Feb

2024

1,940

417

358

130

438

86

425

58

311

398

53

55

22

65

102

3,236

Mar

2024

1,958

423

364

132

460

88

433

54

315

381

54

56

22

67

109

3,270

Apr

2024

1,970

448

363

136

468

89

463

55

316

411

53

59

24

69

100

3,297

May

2024

1,981

457

368

138

457

91

465

54

321

401

52

54

23

70

***

3,345

15

Jun

2024

1,997

464

378

145

473

94

474

57

329

393

51

59

25

75

***

3,396

Jul

2024

2,010

486

378

146

465

101

514

58

338

373

50

57

25

74

104

3,443

Aug

2024

2,016

486

381

145

459

104

522

60

335

371

53

54

25

74

***

3,482

Sep

2024

2,039

538

392

144

506

111

557

59

342

382

54

57

26

74

***

3,584

Oct

2024

2,060

531

391

142

493

108

577

57

347

390

52

56

25

77

119

3,623

Nov

2024

2,076

524

389

143

510

113

596

59

356

427

52

61

30

76

120

3,660

Dec

2024

2,110

540

400

154

519

113

583

63

372

442

52

67

31

83

115

3,749

May 8, 2025

4.4

Analytics Office

Closed-End Funds4

Table 4.7: Aggregate Gross Value of Closed-End Fund Investments by

Investment Category ($Billions)

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).

Investment Type

Common Equity

Other Types

Municipal Debt

Loan

Corporate Debt

Mortgage-Backed Security

STIV

Repurchase Agreement

Collateralized Obligation

Preferred Equity

Registered Fund

Other Asset-Backed Security

US Treasury Debt

Non US Sovereign Debt

Equity Derivative

Total

Jan

2024

133

73

86

54

62

21

12

13

10

10

9

3

5

4

2

497

Feb

2024

137

74

86

56

62

21

13

13

10

10

9

4

5

4

3

507

Mar

2024

142

76

86

58

63

21

13

13

11

10

9

4

5

4

3

518

Apr

2024

137

78

85

60

63

21

14

13

11

10

9

4

5

4

3

515

May

2024

141

76

85

62

64

21

14

13

11

10

9

4

5

4

3

521

Jun

2024

143

80

86

63

64

21

13

13

11

10

9

5

5

4

3

530

Jul

2024

145

81

86

64

65

21

15

13

11

10

10

5

5

4

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

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

US Treasury Debt

Non US Sovereign Debt

Equity Derivative

Total

Jan

2024

237

191

120

129

218

75

120

50

75

59

53

35

45

31

***

644

Feb

2024

241

195

120

133

219

76

129

52

74

57

52

35

44

32

***

647

Mar

2024

242

200

121

140

220

76

134

53

77

57

***

40

46

33

***

655

Apr

2024

237

202

121

142

223

78

154

55

76

59

54

43

42

32

***

655

May

2024

233

178

121

142

218

78

136

55

77

58

53

43

41

32

***

637

Jun

2024

234

206

121

151

220

81

124

54

78

60

***

46

43

33

***

662

Jul

2024

234

213

121

149

217

83

145

54

78

60

59

48

43

35

***

662

Aug

2024

236

208

121

146

218

83

141

55

75

58

54

46

38

34

***

664

Sep

2024

228

212

120

146

213

84

144

55

74

58

***

46

41

34

***

655

Oct

2024

230

203

121

148

217

84

153

56

74

61

53

45

32

38

***

658

Nov

2024

230

203

120

148

219

83

151

57

75

59

53

44

30

38

***

656

Dec

2024

226

204

121

150

218

84

136

58

76

62

***

45

***

36

***

658

4

“Closed-End Funds” include interval funds and non-traded funds registered on Form N-2. Please see Appendix 13.5

for definitions of other capitalized terms used in this report.

16

May 8, 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

Equity Derivative

Repurchase Agreement

Preferred Equity

Total

Jan

2024

10,221

2,439

1,617

1,163

886

766

572

321

189

169

176

163

64

103

60

18,912

Feb

2024

10,690

2,507

1,626

1,160

889

765

571

322

196

173

176

165

76

107

60

19,484

Mar

2024

11,001

2,564

1,635

1,198

895

778

584

320

203

180

181

165

78

102

61

19,944

Apr

2024

10,537

2,468

1,608

1,179

883

771

556

350

208

180

182

160

72

97

59

19,311

May

2024

10,939

2,550

1,629

1,221

887

784

555

329

214

189

186

164

79

91

59

19,878

Jun

2024

11,084

2,574

1,627

1,228

905

781

561

330

217

194

193

164

89

109

58

20,115

Jul

2024

11,244

2,619

1,654

1,230

917

793

564

349

219

192

196

167

94

102

59

20,399

Aug

2024

11,464

2,652

1,672

1,272

926

824

555

357

218

194

199

170

98

107

60

20,768

Sep

2024

11,598

2,694

1,715

1,269

942

842

573

354

219

199

206

176

102

107

61

21,058

Oct

2024

11,345

2,622

1,669

1,282

934

829

564

375

223

203

214

172

106

115

63

20,716

Nov

2024

11,812

2,703

1,676

1,301

947

854

577

369

228

212

214

174

125

117

66

21,376

Dec

2024

11,326

2,627

1,640

1,255

932

841

512

364

232

214

211

172

108

101

68

20,603

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

Equity Derivative

Repurchase Agreement

Preferred Equity

Total

Jan

2024

5,268

2,084

2,006

1,166

746

1,606

1,587

1,026

358

485

526

396

397

255

168

10,122

Feb

2024

5,258

2,069

1,996

1,159

744

1,594

1,602

968

378

489

528

396

430

261

165

10,076

Mar

2024

5,257

2,071

1,995

1,165

744

1,578

1,596

986

390

503

546

394

421

273

164

10,089

Apr

2024

5,252

2,067

1,990

1,167

746

1,574

1,616

1,046

402

513

551

387

426

266

161

10,083

May

2024

5,250

2,084

1,985

1,164

744

1,577

1,518

951

401

519

558

390

433

250

157

10,087

17

Jun

2024

5,267

2,062

1,981

1,167

745

1,539

1,511

975

412

528

557

387

429

264

158

10,096

Jul

2024

5,270

2,093

1,973

1,168

745

1,545

1,488

1,002

413

502

561

389

473

259

160

10,122

Aug

2024

5,247

2,066

1,969

1,167

747

1,554

1,473

984

403

502

560

385

483

261

153

10,141

Sep

2024

5,248

2,079

1,978

1,172

753

1,554

1,529

993

398

501

556

384

508

263

152

10,187

Oct

2024

5,259

2,083

1,981

1,171

750

1,529

1,554

1,031

404

498

568

397

517

253

160

10,213

Nov

2024

5,283

2,100

1,982

1,173

754

1,541

1,561

1,013

416

508

566

405

556

261

160

10,240

Dec

2024

5,295

2,109

1,995

1,185

760

1,559

1,537

1,017

428

518

563

402

558

266

165

10,324

May 8, 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

Municipal Debt

Registered Fund

Other Types

Preferred Equity

Equity Derivative

Repurchase Agreement

Loan

Other Asset-Backed Security

Collateralized Obligation

Total

Jan

2024

11,062

1,077

677

278

218

188

120

102

47

41

16

11

***

3

***

13,849

Feb

2024

11,621

1,078

671

272

220

197

119

107

45

42

24

11

***

3

***

14,417

Mar

2024

12,048

1,094

686

279

223

191

120

113

53

42

20

11

***

3

***

14,892

Apr

2024

11,552

1,072

668

273

220

201

119

108

49

41

16

10

***

3

***

14,340

May

2024

12,128

1,099

683

279

230

190

119

114

49

41

20

10

***

3

***

14,973

Jun

2024

12,403

1,118

690

282

229

195

121

117

54

40

25

10

***

3

***

15,296

Jul

2024

12,734

1,152

714

291

241

197

122

121

46

40

24

10

***

3

***

15,706

Aug

2024

13,020

1,187

726

295

245

188

124

123

56

42

26

12

***

3

***

16,054

Sep

2024

13,308

1,211

742

301

246

209

126

124

51

42

29

9

***

3

***

16,411

Oct

2024

13,147

1,192

732

297

239

205

126

123

49

41

22

11

***

3

***

16,198

Nov

2024

13,954

1,211

746

303

245

209

131

132

54

40

28

12

***

3

***

17,077

Dec

2024

13,549

1,197

734

302

244

209

128

128

49

38

19

10

***

3

***

16,622

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

Municipal Debt

Registered Fund

Other Types

Preferred Equity

Equity Derivative

Repurchase Agreement

Loan

Other Asset-Backed Security

Collateralized Obligation

Total

Jan

2024

1,841

252

227

65

39

321

47

167

313

38

***

225

***

***

0

2,576

Feb

2024

1,834

253

227

65

41

331

46

169

274

35

165

218

***

***

0

2,553

Mar

2024

1,842

265

228

66

38

329

46

171

277

36

***

***

***

***

***

2,566

Apr

2024

1,844

283

227

66

39

338

46

171

285

35

173

220

***

***

1

2,570

May

2024

1,846

289

228

66

38

327

47

176

267

34

158

214

***

***

***

2,577

18

Jun

2024

1,849

298

230

66

39

323

47

179

261

33

***

***

***

***

***

2,585

Jul

2024

1,849

306

231

66

40

318

47

179

239

32

180

222

***

***

1

2,589

Aug

2024

1,847

305

230

65

40

303

47

179

235

35

172

225

***

***

0

2,588

Sep

2024

1,851

321

230

64

40

337

47

178

233

35

***

***

***

***

0

2,597

Oct

2024

1,809

314

229

63

40

334

47

176

229

34

185

209

***

***

0

2,541

Nov

2024

1,836

312

226

63

40

319

47

177

258

34

203

235

***

***

0

2,581

Dec

2024

1,835

314

225

63

40

309

45

177

268

34

***

***

***

***

0

2,574

May 8, 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

Jan

2024

16,037

229

54

50

46

26

***

6

7

***

16,473

Feb

2024

16,879

232

65

52

47

29

***

6

6

***

17,334

Mar

2024

17,457

232

69

54

47

30

17

7

6

0

17,919

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

18,222

230

86

54

47

30

***

7

6

***

18,697

Aug

2024

18,541

224

90

54

48

18

***

7

6

***

19,005

Sep

2024

18,850

235

93

76

49

19

17

13

11

0

19,365

Oct

2024

18,661

222

97

74

51

18

***

12

11

***

19,163

Nov

2024

19,885

231

114

78

53

21

***

13

12

***

20,425

Dec

2024

19,184

212

97

61

54

21

15

14

***

***

19,665

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

Jan

2024

4,187

381

270

298

49

84

82

43

35

0

4,423

Feb

2024

4,184

410

276

277

47

91

80

44

34

0

4,421

Mar

2024

4,209

386

286

256

46

84

86

53

37

0

4,456

Apr

2024

4,221

378

288

297

50

88

80

48

39

0

4,475

May

2024

4,219

377

310

272

48

90

75

50

37

0

4,493

19

Jun

2024

4,232

356

322

259

49

89

82

49

40

0

4,514

Jul

2024

4,237

361

342

267

50

89

89

47

37

0

4,533

Aug

2024

4,244

338

352

255

47

80

86

49

36

0

4,548

Sep

2024

4,248

341

376

283

46

89

***

60

36

0

4,584

Oct

2024

4,238

351

388

291

48

88

79

57

36

0

4,592

Nov

2024

4,269

353

416

307

49

90

86

58

38

0

4,630

Dec

2024

4,271

323

406

297

53

83

86

68

39

***

4,648

May 8, 2025

4.8

Analytics Office

Taxable Bond Funds

Table 4.15: Aggregate Gross Value of Taxable Bond Fund Investments by

Investment Category ($Billions)

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).

Investment Type

Corporate Debt

US Treasury Debt

Mortgage-Backed Security

Non US Sovereign Debt

STIV

Other Types

Loan

Other Asset-Backed Security

Collateralized Obligation

Repurchase Agreement

Total

Jan

2024

2,018

1,679

1,321

362

277

251

179

163

154

83

6,486

Feb

2024

2,020

1,680

1,312

367

281

246

186

163

157

87

6,498

Mar

2024

2,043

1,709

1,349

370

277

246

192

167

164

81

6,599

Apr

2024

2,004

1,684

1,328

362

282

268

197

167

164

76

6,532

May

2024

2,038

1,723

1,372

376

278

257

203

170

172

72

6,663

Jun

2024

2,045

1,735

1,381

376

278

255

206

177

176

86

6,715

Jul

2024

2,090

1,778

1,392

390

281

262

209

180

174

79

6,835

Aug

2024

2,114

1,839

1,438

398

277

271

206

182

175

85

6,986

Sep

2024

2,163

1,873

1,433

403

293

257

206

189

179

84

7,081

Oct

2024

2,119

1,846

1,434

391

302

281

211

196

182

93

7,056

Nov

2024

2,138

1,880

1,458

400

305

276

218

197

191

93

7,154

Dec

2024

2,106

1,844

1,418

397

274

267

222

195

192

81

6,996

Table 4.16: Number of Taxable Bond Funds Reporting Gross Value of Each

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset

type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —

see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The

“Total” row below indicates the number of Taxable Bond Funds, and not the sum of the preceding

rows.

Investment Type

Corporate Debt

US Treasury Debt

Mortgage-Backed Security

Non US Sovereign Debt

STIV

Other Types

Loan

Other Asset-Backed Security

Collateralized Obligation

Repurchase Agreement

Total

Jan

2024

1,798

1,435

1,053

384

735

796

318

511

456

300

2,738

Feb

2024

1,795

1,423

1,050

391

769

767

337

515

461

299

2,738

Mar

2024

1,790

1,412

1,057

388

787

789

351

534

475

308

2,739

Apr

2024

1,784

1,430

1,056

383

765

822

361

539

484

308

2,734

May

2024

1,784

1,431

1,055

387

770

766

363

546

488

289

2,740

20

Jun

2024

1,782

1,399

1,057

385

761

757

370

546

497

300

2,729

Jul

2024

1,780

1,424

1,058

388

726

792

370

547

473

288

2,731

Aug

2024

1,781

1,433

1,055

384

734

768

362

551

476

291

2,734

Sep

2024

1,791

1,437

1,057

383

736

785

357

546

471

300

2,749

Oct

2024

1,791

1,424

1,056

396

784

825

364

556

471

283

2,745

Nov

2024

1,784

1,419

1,058

402

781

828

375

555

483

299

2,753

Dec

2024

1,793

1,413

1,070

401

735

804

382

552

493

304

2,771

May 8, 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

Municipal Debt

Equity Derivative

Total

Jan

2024

2,487

994

265

189

152

119

139

18

21

17

4,400

Feb

2024

2,556

1,033

265

190

150

119

136

18

20

23

4,512

Mar

2024

2,617

1,064

265

194

149

126

141

19

21

19

4,615

Apr

2024

2,520

1,024

260

202

148

123

137

18

20

16

4,468

May

2024

2,600

980

260

198

143

118

127

19

20

18

4,483

Jun

2024

2,631

1,002

258

201

145

120

126

20

20

21

4,544

Jul

2024

2,677

1,025

264

208

150

121

132

20

20

22

4,639

Aug

2024

2,723

1,106

266

213

153

120

127

21

21

24

4,773

Sep

2024

2,765

1,119

269

216

156

118

124

21

21

27

4,835

Oct

2024

2,695

1,102

261

220

153

120

126

21

20

22

4,739

Nov

2024

2,780

1,144

258

220

162

126

126

22

20

28

4,886

Dec

2024

2,698

1,110

254

219

171

131

118

24

20

20

4,765

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

Municipal Debt

Equity Derivative

Total

Jan

2024

2,029

711

381

554

351

174

557

28

9

117

2,658

Feb

2024

2,006

695

373

534

349

171

509

28

***

146

2,606

Mar

2024

2,010

690

372

533

346

171

504

29

***

132

2,602

Apr

2024

2,009

694

371

526

347

174

557

30

8

142

2,607

May

2024

2,018

692

373

510

352

171

482

31

***

130

2,590

21

Jun

2024

2,009

697

374

533

361

172

491

32

***

117

2,600

Jul

2024

2,032

703

372

534

357

172

506

30

8

134

2,614

Aug

2024

2,029

696

367

530