# Division of Investment Management

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URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3A5f29cdf904f65968

## Record

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

## Text

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.

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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

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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
355
173
502
26
***
128
2,626

Sep
2024
2,036
696
366
526
355
173
529
29
***
133
2,623

Oct
2024
2,032
678
366
525
344
172
532
26
9
134
2,599

Nov
2024
2,043
690
368
522
354
172
518
24
***
143
2,616

Dec
2024
2,060
699
370
548
374
172
560
25
***
132
2,650

May 8, 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

Jan
2024
4,228
103
42
31
9
4,411

Feb
2024
4,372
107
45
32
9
4,565

Mar
2024
4,503
114
47
32
10
4,707

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
4,910
117
69
29
13
5,137

Oct
2024
4,704
108
65
26
12
4,914

Nov
2024
4,709
111
71
25
12
4,927

Dec
2024
4,555
106
61
23
14
4,758

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

Jan
2024
2,115
185
141
58
34
2,136

Feb
2024
2,111
188
132
56
33
2,120

Mar
2024
2,104
202
147
58
35
2,114

Apr
2024
2,083
201
136
50
36
2,092

May
2024
2,086
176
133
47
33
2,094

22

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

Sep
2024
2,058
211
127
42
27
2,069

Oct
2024
2,050
171
127
41
25
2,062

Nov
2024
2,052
177
137
41
27
2,061

Dec
2024
2,054
179
131
39
34
2,068

May 8, 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

Jan
2024
961
12
13
2
2
990

Feb
2024
964
12
13
2
2
992

Mar
2024
970
11
11
3
2
997

Apr
2024
959
11
11
3
2
985

May
2024
963
10
13
3
2
990

Jun
2024
982
9
12
2
2
1,007

Jul
2024
994
12
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
1,034
13
9
2
2
1,061

Dec
2024
1,017
11
9
2
2
1,040

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

Jan
2024
743
50
52
***
13
743

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

Mar
2024
744
46
41
***
***
744

Apr
2024
745
53
42
12
12
745

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

23

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

Jul
2024
750
49
45
***
15
752

Aug
2024
753
48
42
***
14
753

Sep
2024
759
49
40
***
***
759

Oct
2024
756
50
29
***
13
756

Nov
2024
761
51
33
***
***
761

Dec
2024
761
49
33
***
***
761

May 8, 2025

5

Analytics Office

Fund Portfolio Investments by Currency5
Table 5.1: Aggregate Gross Value of Fund Investments, by Fund Type and
Currency ($Billions)
This table includes holdings reported by fund of funds and relies upon value reported (Form N-PORT,
Item C.2.c) by currency code (Form N-PORT, Item C.2.b). This table does not reflect the notional
value of derivatives but uses the value reported in Item C.2.c. Reported currency codes with a value
of “N/A” are aggregated with the “Other” category. Currency codes are reported pursuant to the
International Organization for Standardization (ISO) 4217 standard. Currency code mappings presented
below are derived from ISO 4217 mappings as of January 1, 2024.

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

Currency
USD - US Dollar
EUR - Euro
GBP - Pound Sterling
JPY - Yen
CAD - Canadian Dollar
HKD - Hong Kong Dollar
TWD - New Taiwan Dollar
INR - Indian Rupee
CHF - Swiss Franc
AUD - Australian Dollar
Other
Subtotal
USD - US Dollar
EUR - Euro
JPY - Yen
GBP - Pound Sterling
HKD - Hong Kong Dollar
INR - Indian Rupee
TWD - New Taiwan Dollar
CAD - Canadian Dollar
AUD - Australian Dollar
CHF - Swiss Franc
Other
Subtotal
USD - US Dollar
EUR - Euro
GBP - Pound Sterling
CAD - Canadian Dollar
JPY - Yen
INR - Indian Rupee
CHF - Swiss Franc
HKD - Hong Kong Dollar
AUD - Australian Dollar
TWD - New Taiwan Dollar
Other
Subtotal
Total

Jan
2024
21,038
878
370
391
182
134
111
149
162
87
527
24,030
6,952
263
203
109
77
71
57
63
63
63
242
8,165
453
19
6
2
2
1
1
1
1
1
5
493
32,688

Feb
2024
21,736
909
368
405
187
143
121
150
159
86
547
24,810
7,262
271
213
110
83
74
61
63
63
63
251
8,514
463
19
6
2
2
1
1
1
1
1
5
503
33,826

Mar
2024
22,259
937
386
407
196
143
129
151
159
89
557
25,413
7,527
284
219
115
84
76
65
66
65
64
256
8,821
472
20
6
2
2
1
1
1
1
1
5
513
34,747

Apr
2024
21,435
907
389
386
193
154
128
155
150
85
545
24,527
7,253
278
211
117
88
79
64
65
63
61
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
138
155
162
89
554
25,308
7,606
294
216
125
92
81
69
68
67
67
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
157
167
162
89
558
25,638
7,834
282
215
120
88
89
74
67
66
67
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
151
173
169
90
561
26,024
8,102
290
230
128
85
93
72
70
68
71
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
152
175
177
93
573
26,476
8,312
301
231
131
86
94
73
72
70
75
260
9,705
495
27
8
3
2
2
2
1
1
1
5
548
36,729

Sep
2024
23,485
963
436
415
206
183
153
179
172
96
569
26,858
8,527
309
229
132
104
98
74
75
74
74
266
9,962
505
27
7
3
2
2
2
2
1
1
5
556
37,377

Oct
2024
23,165
915
416
390
204
175
157
163
163
90
540
26,379
8,505
296
219
126
107
91
75
74
70
71
256
9,891
503
27
8
3
2
2
2
1
1
1
5
554
36,825

Nov
2024
24,093
898
419
400
212
169
155
161
161
93
528
27,287
9,126
290
224
127
100
91
74
78
72
70
249
10,504
512
27
9
3
2
2
2
1
1
1
5
565
38,356

Dec
2024
23,225
890
402
390
201
171
162
156
154
86
504
26,340
8,901
287
220
122
101
88
74
74
67
67
238
10,238
503
26
8
2
2
2
2
1
1
1
5
553
37,132

5
Per N-PORT General Instruction G, N-PORT filers must report applicable three-letter alphabetic currency codes
pursuant to the International Organization for Standardization (ISO) 4217 standard. Please refer to the ISO for additional
information on currency code definitions and mappings.

24

May 8, 2025

6

Analytics Office

Fund Portfolio Investments by Country6
Table 6.1: Aggregate Gross Value of Fund Investments, by Fund Type and
Country of Investment ($Billions)
This table includes holdings reported by fund of funds, relies upon value reported (Form N-PORT,
Item C.2.c) and aggregates by country of investment (Form N-PORT, Item C.5.a), adjusted for
consensus — see the appendix for more details. Reported country codes with a value of “N/A” are
aggregated with the “Other” category.

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

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

Jan
2024
19,703
486
417
353
322
246
254
246
193
173
1,638
24,030
6,609
214
130
107
80
84
86
65
62
46
680
8,165
401
20
11
8
6
3
3
2
2
2
35
493
32,688

Feb
2024
20,351
492
431
360
331
260
251
264
201
176
1,693
24,810
6,910
224
131
105
84
84
89
68
67
49
702
8,514
409
20
11
8
6
3
3
2
2
2
35
503
33,826

Mar
2024
20,848
510
432
372
340
266
251
272
207
181
1,734
25,413
7,161
230
137
112
91
86
92
71
70
50
722
8,821
416
21
11
9
6
3
4
2
2
2
36
513
34,747

Apr
2024
20,069
514
410
361
331
248
238
255
201
182
1,718
24,527
6,897
221
139
109
85
82
91
69
67
51
717
8,529
414
21
11
9
7
3
3
2
2
2
36
510
33,566

May
2024
20,699
535
420
367
341
247
257
271
209
187
1,776
25,308
7,236
227
146
115
87
90
95
73
71
55
745
8,939
418
21
11
8
7
3
4
2
2
2
37
516
34,763

Jun
2024
21,051
527
417
362
319
243
255
271
206
188
1,798
25,638
7,458
226
144
113
86
90
90
71
72
54
752
9,156
426
22
11
8
7
3
4
2
2
2
38
525
35,319

Jul
2024
21,352
551
441
371
322
254
265
262
213
181
1,813
26,024
7,710
240
152
120
93
96
92
73
71
53
764
9,464
430
22
11
9
7
3
4
2
3
2
38
532
36,020

Aug
2024
21,694
563
449
383
333
262
273
263
221
184
1,851
26,476
7,917
242
155
120
98
100
95
76
72
53
777
9,705
443
22
12
9
7
3
4
3
3
3
40
548
36,729

Sep
2024
22,013
560
441
388
337
283
259
254
228
203
1,892
26,858
8,118
241
158
125
104
96
98
80
71
63
808
9,962
450
23
12
10
7
4
4
3
3
2
40
556
37,377

Oct
2024
21,734
539
413
383
316
272
247
231
220
196
1,828
26,379
8,102
229
152
124
102
93
94
77
66
65
787
9,891
448
23
12
10
7
4
3
2
2
2
40
554
36,825

Nov
2024
22,621
546
424
402
307
282
245
230
220
197
1,812
27,287
8,703
236
155
129
109
93
91
77
66
64
782
10,504
457
24
12
10
7
4
3
2
2
3
41
565
38,356

Dec
2024
21,836
513
413
380
299
260
234
224
218
197
1,766
26,340
8,487
231
150
124
104
90
90
76
66
64
756
10,238
448
24
12
9
7
3
3
2
2
2
40
553
37,132

6
Per the N-PORT instructions to Item C.5.a. and C.5.b., filers must report country codes pursuant to the International
Organization for Standardization (ISO) standard. Please refer to the ISO for additional information on country code
definitions and mappings.

25

May 8, 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
India
France
Germany
Taiwan
Switzerland
Other
Subtotal
United States of America
United Kingdom
Canada
France
Germany
China
Japan
India
Switzerland
Taiwan
Other
Subtotal
Total

Jan
2024
20,095
438
423
331
323
188
213
135
162
166
1,555
24,030
6,757
215
105
112
101
73
80
70
61
49
542
8,165
407
10
8
6
3
2
2
2
2
1
50
493
32,688

Feb
2024
20,757
444
436
337
333
205
221
148
162
166
1,598
24,810
7,063
225
114
112
99
76
82
73
65
50
555
8,514
415
10
8
6
3
2
2
2
2
2
51
503
33,826

Mar
2024
21,268
459
437
345
343
205
227
158
164
165
1,640
25,413
7,326
231
115
118
104
79
85
76
70
50
568
8,821
423
10
8
6
3
2
2
2
2
2
52
513
34,747

Apr
2024
20,493
450
416
334
334
219
221
158
167
156
1,581
24,527
7,067
223
120
113
102
81
84
74
69
48
548
8,529
421
10
8
6
3
2
2
2
2
2
51
510
33,566

26

May
2024
21,135
469
425
340
342
228
229
172
167
169
1,634
25,308
7,413
229
126
119
108
83
87
77
74
52
571
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
1,629
25,638
7,637
227
121
118
106
91
82
76
80
52
566
9,156
433
10
8
6
3
2
2
2
2
2
54
525
35,319

Jul
2024
21,790
485
446
344
319
212
234
184
187
169
1,655
26,024
7,892
241
116
126
113
96
84
78
78
53
587
9,464
437
11
8
6
4
2
3
2
2
2
55
532
36,020

Aug
2024
22,138
500
454
356
328
213
241
187
190
174
1,695
26,476
8,103
244
114
129
113
97
87
82
80
55
602
9,705
450
11
9
6
4
2
3
2
2
2
57
548
36,729

Sep
2024
22,444
503
446
362
330
257
248
189
194
173
1,712
26,858
8,300
243
138
131
118
100
89
85
80
56
623
9,962
457
11
9
7
4
3
3
2
2
2
57
556
37,377

Oct
2024
22,151
481
419
357
311
247
239
198
177
171
1,628
26,379
8,280
231
143
126
117
94
85
82
81
57
595
9,891
455
11
9
7
4
2
2
2
2
2
57
554
36,825

Nov
2024
23,051
489
430
376
303
237
240
194
176
171
1,622
27,287
8,890
237
133
129
122
94
82
83
80
58
595
10,504
464
12
9
7
4
2
2
2
2
2
58
565
38,356

Dec
2024
22,219
472
419
357
296
239
238
204
171
161
1,564
26,340
8,664
233
133
126
118
91
82
81
80
57
574
10,238
454
11
9
7
4
2
2
2
2
2
58
553
37,132

May 8, 2025

Analytics Office

Fund Derivative Investments7

7

Table 7.1: Aggregate Notional of Fund Investments in Derivatives, by
Fund Type and Derivative Type ($Billions)
Relies on Form N-PORT, Item C.4 and Item C.11.

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

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

Jan
2024
1,113.2
902.4
790.9
187.8
154.1
160.4
105.5
140.8
66.6
60.2
35.4
3,717.3
154.1
180.4
126.2
24.8
17.0
6.9
10.3
4.8
***
0.9
***
526.5
34.1
32.8
21.4
8.0
***
***
***
2.7
1.3
***
***
112.8
4,356.6

Feb
2024
1,053.3
929.3
857.8
205.8
154.8
169.7
103.8
208.5
66.3
60.2
38.7
3,848.3
153.6
195.0
133.2
24.8
17.9
8.1
11.8
5.1
***
1.0
***
551.9
37.8
32.9
23.5
7.9
***
***
1.8
2.8
1.4
0.9
***
118.7
4,518.9

Mar
2024
952.8
927.0
828.0
196.7
162.7
164.1
90.5
234.5
67.8
43.5
39.1
3,706.8
150.9
202.7
132.0
30.1
19.0
12.1
12.2
5.0
***
0.9
***
566.0
39.8
33.2
22.1
7.6
***
2.7
***
3.0
1.2
***
***
119.2
4,391.9

Apr
2024
1,021.2
927.6
848.8
194.1
157.6
159.7
111.3
254.6
62.4
46.0
42.0
3,825.2
148.9
184.7
128.5
32.4
19.6
11.8
12.8
5.6
***
1.3
***
547.0
38.6
33.8
22.4
7.6
***
***
1.7
2.8
2.1
***
***
119.2
4,491.4

May
2024
1,021.2
920.9
936.7
200.3
160.5
159.0
98.9
322.6
59.2
37.3
40.8
3,957.5
159.5
196.2
141.2
35.9
21.9
12.6
13.1
6.3
***
1.4
***
589.7
38.8
34.2
25.0
8.5
***
***
1.7
2.3
2.0
0.8
***
122.1
4,669.3

Jun
2024
1,073.4
951.7
892.1
194.0
163.7
154.4
109.4
167.2
60.8
41.1
39.5
3,847.1
179.2
214.1
133.3
36.5
20.3
12.1
13.1
6.6
***
1.4
***
617.9
42.3
34.4
22.9
8.5
***
***
***
2.0
1.9
***
***
123.4
4,588.4

Jul
2024
1,034.8
940.6
920.4
204.4
162.8
153.6
87.8
160.4
60.9
34.5
39.7
3,799.7
185.6
213.4
138.1
36.8
18.8
12.8
12.7
6.4
***
1.6
***
627.7
43.2
34.7
24.7
8.7
***
***
2.0
2.0
1.8
***
***
127.9
4,555.3

Aug
2024
1,156.7
986.8
993.0
215.3
152.7
159.3
82.2
150.4
61.7
37.7
43.9
4,039.7
193.7
217.0
158.3
38.8
20.1
12.2
12.1
9.4
***
1.6
***
665.0
40.8
37.1
27.3
9.0
***
***
2.1
2.0
1.8
***
***
131.4
4,836.2

Sep
2024
1,208.1
989.6
951.7
215.5
157.1
159.2
86.9
130.0
62.7
32.1
39.2
4,032.2
200.9
232.4
149.7
43.7
21.3
10.0
12.0
10.8
***
1.8
***
684.3
43.9
36.7
26.4
9.0
***
3.0
***
1.9
1.9
***
***
132.4
4,848.9

Oct
2024
1,109.8
988.3
948.9
231.5
153.2
159.0
86.1
140.7
58.3
71.9
41.3
3,989.0
220.1
223.1
140.9
40.4
23.4
11.7
13.1
10.9
***
2.2
***
688.0
46.7
36.3
26.8
8.9
***
***
1.8
1.8
2.0
0.9
***
134.5
4,811.5

Nov
2024
1,052.4
975.2
955.1
215.7
165.2
167.6
108.4
128.5
63.2
45.6
41.8
3,918.7
237.2
243.1
162.8
39.6
27.0
15.3
14.7
11.2
***
2.1
***
755.5
44.5
36.2
27.9
8.5
***
***
1.8
1.8
1.7
0.9
***
128.5
4,802.6

Dec
2024
1,019.5
962.4
805.6
223.1
168.8
160.8
118.3
106.8
65.6
47.8
43.5
3,722.3
242.2
232.5
155.0
39.9
19.9
16.6
13.8
11.8
***
2.2
***
737.6
38.2
34.9
19.8
8.6
***
***
***
1.8
1.6
***
***
112.8
4,572.6

7
Non-USD-notional values are converted to USD using foreign-exchange rates sourced from Bloomberg. Notional
values are not delta or duration adjusted and include derivatives reported by fund of funds. The total notional value, as
a fraction of net assets, of each fund is winsorized at the 99th percentile across funds each month.

27

May 8, 2025

Analytics Office

Table 7.2: Number of Funds with Investments in Derivatives With a
Notional Value Exceeding Five Percent of Net Assets, by Fund
Type and Derivative Type
Relies on Form N-PORT, Item C.4 and Item C.11.

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

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

Jan
2024
1,081
394
667
216
437
251
80
203
263
78
101
2,040
353
206
59
121
57
53
53
24
***
17
***
816
55
51
84
58
***
***
***
29
14
***
***
198
3,053

Feb
2024
1,072
391
677
224
419
248
93
221
257
74
101
2,004
358
209
63
116
49
54
54
24
***
16
***
823
55
51
85
60
***
***
7
27
16
8
***
200
3,026

Mar
2024
1,067
386
662
208
428
231
83
213
260
68
102
1,980
376
214
62
120
55
55
54
24
***
14
***
843
53
52
89
56
***
5
***
24
14
***
***
208
3,030

Apr
2024
1,079
377
665
214
431
226
84
206
251
69
102
2,006
387
215
60
120
57
56
56
29
***
14
***
859
53
52
92
56
***
***
7
24
16
***
***
207
3,071

28

May
2024
1,072
392
678
211
422
234
84
204
256
68
103
2,001
415
219
61
129
55
60
58
32
***
16
***
898
52
54
97
68
***
***
8
25
14
9
***
216
3,114

Jun
2024
1,058
398
678
187
423
236
92
204
252
69
103
1,978
429
222
63
137
59
54
60
32
***
18
***
928
56
53
97
60
***
***
***
30
14
***
***
216
3,121

Jul
2024
1,043
406
682
195
428
225
85
202
253
64
108
1,980
452
224
64
135
54
51
59
32
***
20
***
945
60
55
94
60
***
***
8
26
14
***
***
218
3,142

Aug
2024
1,064
409
673
203
418
234
80
202
254
56
110
1,977
470
229
66
135
59
54
59
33
***
18
***
972
57
58
95
60
***
***
10
22
13
***
***
217
3,165

Sep
2024
1,070
399
660
190
418
232
94
212
250
53
110
1,971
486
243
67
131
61
48
58
33
***
16
***
995
58
55
96
58
***
5
***
23
15
***
***
213
3,178

Oct
2024
1,058
400
662
196
396
217
95
217
223
66
112
1,930
497
261
65
123
62
57
58
36
***
17
***
1,032
61
51
90
60
***
***
6
25
15
8
***
211
3,172

Nov
2024
1,007
402
656
191
415
223
102
201
263
65
110
1,936
511
264
65
127
63
59
54
39
***
17
***
1,042
60
51
88
60
***
***
6
23
10
8
***
211
3,188

Dec
2024
1,013
412
645
183
410
232
101
189
267
62
111
1,942
523
271
65
133
62
45
62
39
***
16
***
1,072
61
53
93
60
***
***
***
25
10
***
***
215
3,228

May 8, 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%

Jan
2024
62.23
76.10
86.26
96.13
61.70
76.52
86.85
96.45
56.25
70.18
82.19
95.26
48.42
59.94
71.58
87.44

Feb
2024
61.80
76.17
86.39
96.10
60.89
75.88
86.59
96.34
58.04
71.84
83.13
95.34
50.80
61.58
72.61
88.61

Mar
2024
61.76
75.78
86.02
96.04
61.20
75.99
86.41
96.28
56.97
71.18
83.09
95.33
50.57
62.61
73.04
88.96

Apr
2024
61.47
75.64
86.01
96.01
61.35
76.24
86.61
96.36
53.96
68.80
81.61
94.86
49.02
61.49
72.70
88.45

May
2024
62.38
76.24
86.39
96.14
62.15
76.77
86.94
96.48
54.63
69.84
82.13
95.06
50.06
61.97
73.65
89.15

Jun
2024
61.74
75.89
86.18
96.02
61.10
76.41
86.75
96.37
55.66
70.58
82.44
94.99
49.15
61.43
73.49
89.12

Jul
2024
60.65
75.23
85.64
95.81
60.23
75.89
86.28
96.17
55.22
70.06
82.10
94.87
48.36
60.36
73.06
89.02

Aug
2024
62.43
76.40
86.32
95.98
62.18
77.13
87.02
96.35
56.21
70.60
82.50
94.95
47.71
61.74
74.36
89.23

Sep
2024
62.04
76.24
86.22
95.93
61.90
77.09
87.00
96.29
55.75
70.85
82.69
94.95
48.15
62.21
73.57
88.67

Oct
2024
60.86
75.43
85.63
95.74
60.67
76.23
86.37
96.14
54.21
69.88
81.76
94.55
47.79
59.87
72.64
88.61

Nov
2024
59.96
74.86
85.45
95.67
59.63
75.55
86.15
96.13
55.11
70.62
81.96
94.50
46.70
57.93
71.04
87.77

Dec
2024
59.48
74.85
85.48
95.74
59.55
75.58
86.22
96.19
54.96
70.54
82.25
94.77
42.24
55.91
69.79
86.85

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

Jan
2024
8.9
50.8
128.4
24.9
186.7
285.6
16.9
40.3
66.3

Feb
2024
9.0
51.1
129.7
21.1
186.1
278.5
16.1
39.8
67.7

Mar
2024
8.4
49.1
125.5
21.5
186.2
273.7
14.7
40.5
63.5

Apr
2024
8.4
50.3
126.6
24.6
190.3
286.8
16.7
42.1
66.6

May
2024
8.3
51.1
131.8
28.4
193.1
282.9
15.3
38.2
68.9

29

Jun
2024
8.0
49.4
128.7
38.2
194.0
279.6
15.9
39.7
68.4

Jul
2024
8.5
49.8
130.7
48.0
198.1
282.6
15.5
41.1
70.1

Aug
2024
8.5
49.9
129.1
47.0
199.0
282.7
18.7
41.0
71.8

Sep
2024
8.5
49.7
128.2
49.9
195.6
280.5
19.0
43.9
76.6

Oct
2024
8.8
49.4
130.7
58.1
200.0
287.6
22.1
46.9
85.3

Nov
2024
8.6
49.4
124.8
59.2
196.5
281.0
20.5
44.4
80.4

Dec
2024
8.2
49.8
128.3
54.6
200.5
286.8
20.5
45.2
***

May 8, 2025

Analytics Office

Table 7.5: Aggregate Derivative Notional, by Counterparty ($Billions)
This table relies only on publicly-available information on Form N-PORT, Item C.11 corresponding to
the third month of the fiscal quarter of each fund and presents counterparty information (including
central counterparties) by legal identity. This table includes fund of funds and, for derivatives
reported with multiple counterparties, the notional value is divided equally among the
counterparties. Valid LEIs are mapped to their legal name using reference information sourced from
GLEIF. Each legal name in the table below is hyperlinked to the GLEIF website.

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

Jan
2024
685.8
411.2
457.4
174.3
175.1
107.7
119.3
102.6
104.4
91.8
74.8
102.0
44.2
99.5
104.9
58.4
116.7
54.3
68.6
63.6
52.2
51.0
16.0
27.0
19.3
46.9
27.3
23.3
33.4
23.2
68.0
3.3
31.6
12.8
16.8
15.8
13.7
10.3
10.1
0.4
32.3
14.2
5.1
22.0
12.2
2.8
8.5
17.4
1.2
13.4
236.1
190.0
4,274.5

Feb
2024
656.5
405.9
456.6
174.9
182.5
113.2
122.5
101.9
98.0
95.9
74.5
104.3
49.3
97.9
105.6
57.8
116.8
54.3
68.8
64.6
51.6
50.9
15.7
26.9
19.6
51.6
26.8
23.3
32.8
31.9
67.6
3.6
29.6
12.7
16.1
14.3
14.1
9.0
10.0
0.6
32.3
14.2
5.2
23.2
11.4
2.8
8.6
17.3
1.2
13.8
250.1
178.8
4,269.1

Mar
2024
531.0
416.5
491.6
193.3
147.9
124.0
151.5
92.3
98.7
113.1
65.6
121.9
51.1
164.3
97.9
60.7
57.4
75.0
68.5
62.5
54.7
40.3
17.8
27.5
35.9
112.5
27.5
25.5
28.2
32.5
69.2
3.4
32.2
15.2
15.9
15.3
12.3
13.8
10.8
0.6
44.3
14.1
6.3
23.2
11.6
3.1
8.6
9.2
0.5
6.6
283.3
184.0
4,370.7

Apr
2024
527.6
412.2
492.6
191.3
146.6
149.0
160.4
95.7
98.7
111.6
64.9
129.1
51.1
167.4
101.4
60.6
68.6
69.6
53.2
60.9
49.1
41.4
20.8
29.3
34.0
112.9
28.8
26.0
26.2
32.6
48.6
14.0
32.5
15.5
19.3
14.8
12.3
14.1
10.3
0.7
27.3
6.8
6.3
9.8
11.6
2.5
9.6
9.4
0.5
5.9
293.6
191.7
4,371.0

30

May
2024
556.9
405.2
490.5
192.1
149.0
151.6
160.1
93.6
99.7
109.6
66.4
135.5
57.3
167.4
101.5
63.0
68.9
69.1
52.9
53.6
49.1
41.7
22.5
29.4
34.0
111.0
29.4
26.0
26.3
31.1
48.8
13.8
37.7
15.6
19.8
16.4
13.5
16.6
10.6
0.5
27.3
6.8
5.9
10.5
10.5
2.4
10.0
9.9
0.8
6.0
295.7
200.9
4,424.8

Jun
2024
610.1
420.1
449.6
194.9
201.3
153.9
142.0
90.1
101.7
105.3
76.6
117.5
64.0
157.2
98.9
73.4
59.6
56.2
52.6
54.5
50.2
42.3
34.8
38.7
51.3
61.5
29.0
24.3
33.0
37.4
48.1
14.0
35.0
15.3
17.5
17.2
14.5
20.5
10.2
1.5
32.4
6.9
2.8
10.5
10.6
0.0
10.0
11.5
1.2
6.6
331.7
212.7
4,512.7

Jul
2024
608.9
416.8
424.5
205.1
185.2
146.9
148.6
84.2
108.0
106.5
76.1
111.9
64.3
137.1
95.7
61.8
54.9
57.2
51.6
54.4
65.9
43.1
39.4
40.0
52.9
61.0
29.5
36.9
31.0
38.0
25.7
25.5
34.5
18.6
27.0
17.1
14.5
20.0
10.3
1.5
33.4
5.9
2.8
11.1
10.6
0.0
9.9
11.0
1.2
7.7
330.5
257.1
4,513.0

Aug
2024
638.5
419.9
425.1
205.0
183.2
151.3
147.4
85.1
107.8
105.8
76.9
112.3
70.8
139.1
96.7
62.6
55.1
57.2
49.9
53.9
66.3
44.3
38.8
40.1
52.6
61.3
29.5
36.9
31.0
38.3
24.8
25.3
31.9
23.2
26.5
15.9
13.6
21.5
10.6
1.5
33.4
5.9
2.8
11.4
11.1
0.0
9.9
10.0
4.0
7.3
289.5
311.4
4,573.9

Sep
2024
682.4
457.3
426.8
213.2
179.9
141.8
127.1
110.8
106.6
106.5
92.1
128.8
67.6
99.3
110.0
72.1
60.0
53.1
51.5
51.6
66.6
43.6
33.0
48.5
44.4
54.9
30.8
36.4
29.6
40.3
21.8
25.3
32.6
22.6
25.8
14.9
19.6
14.6
11.7
1.3
49.6
6.3
6.5
11.7
11.1
0.0
9.9
10.6
3.8
9.4
221.1
460.6
4,757.1

Oct
2024
680.5
461.7
428.8
216.1
178.7
164.5
117.1
116.8
111.3
111.9
100.3
130.8
77.3
109.4
107.3
72.2
62.1
49.6
51.1
52.5
48.6
44.2
47.2
50.5
44.5
53.9
34.1
33.6
30.7
39.9
23.9
27.7
31.9
21.7
19.7
16.4
19.8
15.0
11.6
1.3
48.6
14.0
6.5
12.9
11.1
12.7
11.8
11.4
6.2
9.3
222.8
453.4
4,836.7

Nov
2024
660.2
463.6
429.5
215.8
179.2
155.9
122.5
118.9
117.9
111.5
103.7
132.2
81.4
109.2
106.4
72.3
61.6
50.6
50.9
51.0
48.8
43.0
51.2
50.4
47.5
53.9
34.3
33.6
31.0
39.4
25.1
27.4
28.1
22.0
20.1
17.1
20.9
15.5
11.4
1.4
48.6
14.0
6.8
12.9
12.8
12.7
11.5
11.8
10.9
9.8
218.4
450.3
4,836.7

Dec
2024
552.3
444.4
416.6
206.2
150.0
140.6
129.4
126.0
120.6
111.7
100.9
97.7
95.9
90.2
81.5
72.2
71.9
57.9
51.7
49.7
46.5
44.1
42.8
41.6
39.6
37.4
35.5
33.4
32.1
31.4
31.2
28.7
26.8
26.7
20.3
20.1
19.7
16.9
16.7
15.6
14.6
13.5
12.9
12.8
12.7
12.7
11.9
11.8
11.5
10.6
211.0
466.9
4,577.4

May 8, 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

Jan
2024
11,039
20
6
27
11,093
4,574
80
125
33
4,812
4,073
32
15
11
4,131
2,792
135
15
23
2,965
748
12
6
12
778
23,779

Feb
2024
11,591
26
5
29
11,650
4,529
125
129
34
4,817
4,173
31
14
11
4,229
2,890
149
6
25
3,071
751
13
5
12
781
24,549

Mar
2024
11,924
30
5
30
11,989
4,642
79
134
36
4,891
4,257
38
15
12
4,322
2,799
214
103
41
3,156
758
11
5
12
785
25,142

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

31

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

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
12,598
32
5
30
12,666
4,900
68
138
36
5,142
4,445
27
16
13
4,501
3,196
188
18
37
3,440
803
7
4
12
825
26,575

Oct
2024
12,413
34
5
33
12,484
4,871
72
138
38
5,119
4,353
26
17
13
4,410
3,034
207
15
25
3,281
794
8
5
11
817
26,111

Nov
2024
13,130
19
5
31
13,185
4,911
74
139
37
5,161
4,485
27
15
12
4,540
3,118
140
8
23
3,289
807
8
5
10
830
27,005

Dec
2024
12,544
20
9
35
12,608
4,799
73
145
35
5,052
4,357
30
22
13
4,421
2,842
118
195
19
3,174
793
7
4
10
814
26,069

May 8, 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

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

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

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

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

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

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

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

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

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

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
2,710
469
129
2,152
130
16
1,658
172
56
479
166
37

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

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

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

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

32

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

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

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

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

Oct
2024
765
102
39
565
70
22
443
47
15
288
39
27
195
63
17

Nov
2024
751
115
36
563
59
21
480
38
13
301
42
23
195
67
13

Dec
2024
764
106
36
543
69
24
447
42
17
295
42
25
196
68
19

May 8, 2025

8.2

Analytics Office

ETFs
Table 8.4: Aggregate Gross Value of ETF Investments by Liquidity
Classification ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) and
liquidity classifications (Form N-PORT, Item C.7). This table does not generally cover in-kind ETFs
as defined in Rule 22e-4 under the Investment Company Act of 1940 (17 CFR 270.22e-4).

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Municipal Bond

Multi-Asset

Total

Classification
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Total

Jan
2024
3,418
1
0
0
3,420
1,305
4
15
1
1,324
863
23
2
7
895
107
1
0
0
109
74
1
0
0
75
5,823

Feb
2024
3,624
1
0
0
3,625
1,301
7
20
1
1,329
893
24
1
9
927
107
1
0
0
108
84
1
0
0
85
6,073

Mar
2024
3,768
2
0
0
3,770
1,319
7
17
1
1,343
886
19
41
12
957
110
1
0
0
111
83
1
0
0
84
6,266

Apr
2024
3,720
0
0
2
3,723
1,304
8
17
1
1,330
1,027
119
16
9
1,171
109
1
0
0
110
96
1
0
0
97
6,432

May
2024
3,925
0
0
0
3,926
1,341
7
19
1
1,369
1,189
23
2
8
1,222
110
1
0
0
111
99
0
0
0
100
6,727

Jun
2024
4,067
0
0
0
4,068
1,366
9
19
1
1,395
1,156
51
1
8
1,216
112
1
0
0
114
103
0
0
0
103
6,896

Jul
2024
4,208
0
0
2
4,210
1,423
8
20
1
1,452
1,208
25
2
9
1,244
116
1
0
0
118
108
1
0
0
109
7,134

Aug
2024
4,329
3
0
1
4,333
1,475
6
18
1
1,500
1,256
4
2
9
1,271
120
0
0
0
120
109
0
0
0
110
7,334

Sep
2024
4,430
1
0
2
4,433
1,512
11
19
1
1,543
1,240
58
3
17
1,318
123
0
0
0
123
113
2
0
0
116
7,534

Oct
2024
4,431
5
0
1
4,436
1,504
12
20
1
1,537
1,181
81
3
9
1,274
123
0
0
0
123
110
1
0
0
111
7,482

Nov
2024
4,813
0
0
1
4,814
1,545
15
24
1
1,586
1,234
28
1
8
1,271
128
0
0
0
129
119
1
0
0
120
7,919

Dec
2024
4,694
0
0
0
4,694
1,499
15
25
1
1,541
1,120
38
69
7
1,234
124
0
0
0
125
121
2
0
0
123
7,717

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

Jan
2024
1,563
***
***
595
***
***
436
***
***
79
***
***
9
***
***

Feb
2024
1,631
***
***
584
***
***
442
***
***
79
***
***
3
***
***

Mar
2024
1,711
***
***
619
***
***
449
***
***
79
***
***
8
***
***

Apr
2024
1,912
***
***
849
160
***
435
***
***
76
***
***
***
7
***

33

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

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

Jul
2024
2,127
***
***
864
***
***
507
4
***
82
***
***
3
***
***

Aug
2024
1,995
***
***
920
***
***
524
***
***
86
***
***
***
***
***

Sep
2024
2,883
***
***
870
***
***
517
***
***
87
***
***
4
***
***

Oct
2024
2,191
***
***
892
***
***
522
6
***
89
***
***
4
***
***

Nov
2024
2,207
***
***
890
***
***
646
***
***
92
***
***
8
***
***

Dec
2024
2,140
***
***
927
***
***
534
15
***
91
***
***
36
***
***

May 8, 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

Jan
2024
176
***
***
110
***
***
110
***
***
15
***
***
14
***
***

Feb
2024
158
***
***
111
***
***
112
***
***
9
***
***
15
***
***

Mar
2024
146
***
***
112
***
***
110
***
***
11
***
***
15
***
***

34

Apr
2024
181
9
***
114
***
***
135
***
***
***
7
***
14
***
***

May
2024
172
***
***
103
***
***
136
***
***
***
***
***
14
***
***

Jun
2024
172
***
***
107
10
***
132
***
***
12
***
***
17
***
***

Jul
2024
169
***
***
121
7
***
139
***
***
14
***
***
18
***
***

Aug
2024
179
***
***
121
***
***
112
***
***
***
***
***
20
***
***

Sep
2024
170
***
***
122
***
***
160
***
***
12
***
***
19
***
***

Oct
2024
165
***
***
135
12
***
119
***
***
14
***
***
19
***
***

Nov
2024
164
***
***
148
***
***
125
***
***
12
***
***
15
***
***

Dec
2024
157
***
***
139
10
***
117
***
***
19
***
***
16
***
***

May 8, 2025

Analytics Office

9

Fair Value Levels8

9.1

Mutual Funds
Table 9.1: Aggregate Gross Value of Mutual Fund Investments, by
Prevalent Asset Class and Fair Value Level ($Billions)
This table includes fund of funds, relies upon value reported (Form N-PORT, Item C.2.c) and
aggregates by fair value level (Form N-PORT, Item C.8).

Prevalent Asset Class

US Equity

Taxable Bond

Multi-Asset

Global Equity

Municipal Bond

Total

8

Fair Value Level
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Total

Jan
2024
10,928
177
22
26
11,154
257
4,542
29
2
4,831
3,115
794
6
241
4,156
1,093
2,012
4
3
3,112
12
764
***
***
778
24,030

Feb
2024
11,548
118
23
27
11,716
255
4,551
27
2
4,836
3,272
726
6
249
4,252
1,746
1,470
4
4
3,224
12
768
***
***
782
24,810

Mar
2024
11,894
115
22
26
12,057
254
4,626
28
2
4,910
3,354
733
5
255
4,347
1,806
1,499
4
5
3,313
10
771
***
***
785
25,413

Apr
2024
11,258
180
22
24
11,485
263
4,565
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
12,508
197
25
7
12,737
256
4,874
31
2
5,162
3,447
804
6
270
4,527
1,596
2,003
4
5
3,607
11
814
***
***
825
26,858

Oct
2024
12,309
209
26
8
12,552
269
4,835
34
2
5,139
3,361
800
6
265
4,432
1,303
2,129
4
4
3,439
10
806
***
***
817
26,379

Nov
2024
13,026
197
27
7
13,257
263
4,882
34
2
5,181
3,474
812
6
273
4,566
1,513
1,933
4
3
3,453
11
817
***
***
830
27,287

Dec
2024
12,473
169
31
6
12,679
245
4,793
32
1
5,071
3,365
810
7
262
4,444
1,348
1,977
3
4
3,332
10
803
***
***
814
26,340

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

35

May 8, 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

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

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

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

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

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

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

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

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

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

Oct
2024
4,853
616
41
2,348
***
5
1,816
411
146
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
***
***
1,589
464
101
1,485
***
26
245
17
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

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

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

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

36

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
***
***

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

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

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

Oct
2024
519
67
29
439
52
12
334
***
4
201
12
10
103
***
***

Nov
2024
523
67
27
440
48
16
349
6
4
208
13
11
98
***
***

Dec
2024
531
66
22
419
***
***
332
***
***
200
***
12
96
2
1

May 8, 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

Jan
2024
5,138
70
0
5
5,213
59
1,397
0
0
1,457
437
824
0
1
1,263
79
30
0
0
109
1
121
***
***
122
8,165

Feb
2024
5,424
78
0
6
5,509
66
1,394
0
1
1,461
452
850
0
1
1,303
87
32
0
0
119
1
121
***
***
122
8,514

Mar
2024
5,657
82
0
7
5,746
63
1,413
0
1
1,477
489
861
0
1
1,352
92
31
0
0
124
1
122
***
***
123
8,821

Apr
2024
5,410
79
0
6
5,494
67
1,395
0
0
1,463
459
867
0
2
1,328
90
30
0
0
121
1
122
***
***
122
8,529

37

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
474
899
0
2
1,375
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

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
9,962

Oct
2024
6,374
112
5
5
6,495
77
1,606
1
0
1,684
494
942
0
1
1,438
102
36
0
0
138
1
135
***
***
135
9,891

Nov
2024
6,905
132
0
7
7,044
79
1,656
1
0
1,736
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
1,616
1
0
1,692
484
904
0
1
1,389
116
36
0
0
152
1
138
***
***
138
10,238

May 8, 2025

Analytics Office

Table 9.5: Aggregate Net Assets of ETFs Reporting Gross Level Three
Positions, by Prevalent Asset Class and Binned by Fraction
of Net Assets Classified as Level Three ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the
appendix for a review of interval notation used here.

Prevalent Asset Class
US Equity

Global Equity

Taxable Bond

Multi-Asset

Municipal Bond

Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more

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

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

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

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

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

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

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

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

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

Oct
2024
2,073
0
4
1,075
***
0
275
9
0
1
0
0
0
***
***

Nov
2024
2,253
0
0
1,082
0
0
392
10
0
2
0
0
0
***
***

Dec
2024
2,213
***
***
1,040
***
***
184
9
0
1
***
0
0
0
0

Table 9.6: Number of ETFs Reporting Gross Level Three Positions, by
Prevalent Asset Class and Binned by Fraction of Net Assets
Classified as Level Three
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the
appendix for a review of interval notation used here.

Prevalent Asset Class
Global Equity

US Equity

Taxable Bond

Multi-Asset

Municipal Bond

Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more

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

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

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

38

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
***
***

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

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

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

Oct
2024
151
***
1
102
0
1
63
8
1
4
0
0
0
***
***

Nov
2024
159
1
1
103
0
0
67
8
1
4
0
0
1
***
***

Dec
2024
146
***
***
103
***
***
71
4
3
2
***
0
2
0
0

May 8, 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

Jan
2024
8
108
51
5
173
26
15
30
49
121
79
4
4
0
88
1
85
***
***
87
15
10
1
0
25
493

Feb
2024
8
110
52
5
175
28
15
30
50
123
83
4
4
0
92
2
85
***
***
87
16
9
1
0
26
503

Mar
2024
8
111
55
5
179
28
16
30
52
126
86
4
5
0
95
1
85
***
***
86
17
9
1
0
26
513

Apr
2024
8
111
56
5
180
28
16
31
52
127
82
4
5
0
91
2
84
***
***
86
15
10
1
0
26
510

39

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
132
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

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
147
85
4
4
1
94
1
83
***
***
85
15
8
1
0
24
553

May 8, 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

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

Feb
2024
19
11
68
7
9
50
14
2
14
24
***
***
4
0
3

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

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

May
2024
22
10
75
7
9
54
16
3
15
20
***
***
6
0
3

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

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

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

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

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
***
***

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

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

Feb
2024
48
25
81
15
13
56
25
***
***
15
3
17
12
0
5

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

40

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

May
2024
54
20
89
14
9
60
27
***
***
17
3
17
13
1
7

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

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

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

Sep
2024
61
20
86
21
***
66
30
***
***
17
***
***
13
***
***

Oct
2024
58
18
92
23
10
64
27
***
***
18
2
15
13
***
4

Nov
2024
51
26
90
24
7
67
29
***
***
16
2
15
12
1
5

Dec
2024
60
14
93
22
***
69
27
3
1
14
***
***
12
***
***

May 8, 2025

10

Analytics Office

Interest Rate Risk9
Table 10.1: Aggregate Interest Rate Risk, by Prevalent Asset Class and
Fund Type ($Billions)
This table includes fund of funds, relies upon DV100 reported (Form N-PORT, Item B.3.b). The
aggregates are comprised of gross values trimmed at the 99th percentile relative to net assets.

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

Prevalent Asset Class
Taxable Bond
Municipal Bond
Multi-Asset
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

Jan
2024
194.2
45.0
34.7
0.1
0.4
274.3
74.8
6.9
0.4
***
***
82.2
3.2
5.4
0.4
***
***
9.1
365.6

Feb
2024
193.4
44.8
34.5
0.1
0.4
273.2
74.0
6.9
0.4
***
***
81.3
3.1
5.4
0.4
***
***
8.9
363.4

Mar
2024
197.4
45.2
34.1
0.1
0.3
277.1
75.7
7.0
0.4
0.0
0.0
83.2
3.1
4.3
0.5
0.1
0.0
8.0
368.3

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
82.0
6.9
0.5
***
***
89.5
3.3
3.6
0.5
***
***
7.5
383.4

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

Table 10.2: Aggregate Interest Rate Risk, by Prevalent Asset Class and
Fund Type (Percent of Aggregate NAV)
This table includes fund of funds, relies upon DV100 reported (Form N-PORT, Item B.3.b). The
aggregates are comprised of gross values trimmed at the 99th percentile relative to net assets.

Fund Type

Closed-End Fund

ETF

Mutual Fund

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

Jan
2024
10.83
3.00
1.61
***
***
5.53
4.53
3.43
***
***
5.92
4.90
2.10
0.50
0.61

Feb
2024
10.75
2.89
1.62
***
***
5.52
4.54
3.38
***
***
5.87
4.88
2.07
0.53
0.57

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

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

May
2024
10.09
2.81
1.66
***
***
5.67
4.53
3.36
***
***
6.15
4.92
2.10
0.93
0.81

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

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

Aug
2024
9.96
2.88
1.71
***
***
5.14
4.55
3.50
***
***
6.15
4.86
2.03
0.87
0.56

Sep
2024
10.03
2.76
1.65
1.53
0.81
5.66
4.58
3.74
1.87
0.70
6.10
4.92
2.05
0.88
1.56

Oct
2024
10.36
2.80
1.77
***
***
5.80
4.51
3.26
***
***
6.25
4.87
2.07
0.93
1.66

Nov
2024
10.20
2.72
1.71
***
***
5.69
4.51
3.22
***
***
6.09
4.90
2.05
0.92
2.09

Dec
2024
10.08
2.62
1.72
1.71
0.89
5.83
4.47
3.21
1.86
0.44
6.26
4.89
2.13
0.93
0.77

9
When not presenting individual maturities we aggregate DV100 values across all maturities reported. Aggregate NAV
used as denominator in percentage calculations only includes funds reporting DV100 in the given categories.

41

May 8, 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

Jan
2024
5.3
37.8
110.3
112.4
69.4
335.3
0.8
1.3
4.3
4.7
2.5
13.6
0.1
0.3
1.5
2.1
1.7
5.7
0.1
0.3
0.8
0.9
0.7
2.7
0.0
0.3
0.4
0.5
0.3
1.5
0.1
0.9
2.5
2.5
0.8
6.8
365.6

Feb
2024
5.3
36.8
111.3
111.1
68.3
332.9
1.0
1.3
4.3
4.7
2.5
13.8
0.1
0.3
1.4
2.1
1.7
5.6
0.1
0.3
0.8
1.0
0.7
2.9
0.0
0.3
0.4
0.5
0.3
1.5
0.1
0.8
2.5
2.4
0.8
6.7
363.4

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

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

May
2024
4.5
38.4
112.5
112.9
68.8
337.1
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

42

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
113.1
116.7
72.8
348.4
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
383.4

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

May 8, 2025

11

Analytics Office

Securities Lending
Table 11.1: Aggregate Gross Value of Securities on Loan by Funds, by
Fund Type and Investment Category of Security on Loan
($Billions)
This table reports the gross value of securities on loan (Form N-PORT, Item C.12.c). Investment
category from asset type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b),
adjusted for consensus — see the appendix for more details.

Fund Type

ETF

Mutual Fund

Closed-End Fund

Total

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

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

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3A5f29cdf904f65968. Public record. Not legal advice.